Archive for December, 2009

China Valves Technology, Inc. (CVVT) Raises Additional $21.7 Million in Registered Direct Offering

KAIFENG, China, Dec. 31 /PRNewswire-Asia-FirstCall/ — China Valves Technology, Inc. (Nasdaq: CVVT) (“China Valves” or the “Company”), a leading metal valve manufacturer with operations in the People’s Republic of China (the “PRC”), today announced that the Company has entered into definitive agreements with certain accredited investors to sell in a registered direct offering an aggregate of 2,414,113 shares of its common stock at a price of $9.00 per share for gross proceeds of approximately $21.7 million. In addition, the Company will issue at closing to the investors warrants to purchase 362,116 shares of common stock, in the aggregate, at a price of $9.00 per share, exercisable for 30 days beginning on the date of the initial issuance of the warrants.

Combined with the closing of the Company’s initial registered direct offering on December 28, 2009, the Company will receive aggregate gross proceeds of approximately $24.7 million, which will be used for working capital and certain identified acquisitions.

“The gross proceeds raised in this offering will enable us to complete two near-term acquisition opportunities that we believe will be accretive in 2010 and further strengthens our confidence that we will meet or exceed our make good targets for net income and earnings per share for 2010,” said Mr. Siping Fang, chairman and CEO of China Valves.

Rodman & Renshaw, LLC, a wholly owned subsidiary of Rodman & Renshaw Capital Group, Inc. (Nasdaq: RODM), acted as the lead placement agent and Brean Murray, Carret & Co., LLC acted as co-placement agent in connection with the offering. The shares and warrants in this offering are being issued under a shelf registration statement declared effective by the Securities and Exchange Commission on December 14, 2009. A prospectus supplement related to the public offering will be filed with the Securities and Exchange Commission. Copies of the final prospectus supplement and accompanying prospectus relating to the offering may be obtained from Rodman & Renshaw, LLC, 1251 Avenue of the Americas 20th Floor, New York, NY 10020 or by calling (212) 356-0502. An electronic copy of such prospectus is also available on the web site of the Securities and Exchange Commission (the “SEC”) at http://www.sec.gov .

For more detailed information on this financing, please refer to the Company’s Form 8-K and related exhibits filed with the Securities and Exchange Commission on Thursday, December 31, 2009.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About China Valves Technology, Inc.

China Valves Technology, Inc. through its subsidiaries, Zhengzhou Zhengdie Valve Co, Ltd., Henan Kaifeng High Pressure Valve Co., Ltd., and Tai Zhou Tai De Valve Co., Ltd. is engaged in development, manufacture and sale of high-quality metal valves for the electricity, petroleum, chemical, water, gas and metallurgy industries. The Company has one of the best known brand names in China’s valve industry, and its history can be traced back to 1959 when it was formed as a state-owned enterprise. The Company develops valve products by extensive research and development and owns a number of patents. It enjoys significant domestic market shares and exports to Asia and Europe. For more information, visit http://www.cvalve.com .

Safe Harbor Statements

Any statements set forth above that are not historical facts are forward- looking statements that involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such factors include, but are not limited to, the Company’s ability to develop and market new products, the ability to meet make good targets for net income and earnings per share, the ability to acquire other companies, changes from anticipated levels of sales, changes in national or regional economic and competitive conditions, changes in relationships with customers, changes in principal product profits and other factors detailed from time to time in the Company’s filings with the United States Securities and Exchange Commission and other regulatory authorities. The Company undertakes no obligation to update or revise to the public any forward-looking statements, whether as a result of new information, future events or otherwise. This press release was developed by China Valves, and is intended solely for informational purposes and is not to be construed as an offer or solicitation of an offer to buy or sell the Company’s stock. This press release is based upon information available to the public, as well as other information from sources which management believes to be reliable, but it is not guaranteed by China Valves to be accurate, nor does China Valves purport it to be complete. Opinions expressed herein are those of management as of the date of publication and are subject to change without notice.

Thursday, December 31st, 2009 Uncategorized Comments Off on China Valves Technology, Inc. (CVVT) Raises Additional $21.7 Million in Registered Direct Offering

Morningstar, Inc. (MORN) Completes Acquisition of Chicago-based Logical Information Machines

CHICAGO, Dec. 31 /PRNewswire-FirstCall/ — Morningstar, Inc. (Nasdaq: MORN), a leading provider of independent investment research, has completed its previously announced acquisition of Logical Information Machines, Inc. (LIM), a leading provider of data and analytics for the energy, financial, and agriculture sectors, for $51.5 million, subject to post-closing adjustments.

LIM provides market pricing data, securities reference data, historical event data, predictive analytics, and advanced data management solutions that help customers manage large sets of time-series data. The company collects, unifies, and conducts quality assurance on data from more than 180 providers in the energy, financial, and agriculture sectors and provides clients with one central source for data intelligence and analysis.

About Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offers an extensive line of Internet, software, and print-based products and services for individuals, financial advisors, and institutions. Morningstar provides data on more than 325,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 4 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. The company has operations in 20 countries and minority ownership positions in companies based in two other countries.

Caution Concerning Forward-Looking Statements

This press release contains forward-looking statements as that term is used in the Private Securities Litigation Reform Act of 1995. These statements are based on our current expectations about future events or future financial performance. Forward-looking statements by their nature address matters that are, to different degrees, uncertain, and often contain words such as “may,” “could,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” or “continue.” These statements involve known and unknown risks and uncertainties that may cause the events we discussed not to occur or to differ significantly from what we expected. For us, these risks and uncertainties include, among others, general industry conditions and competition, including the global financial crisis that began in 2007; the impact of market volatility on revenue from asset-based fees; damage to our reputation resulting from claims made about possible conflicts of interest; liability for any losses that result from an actual or claimed breach of our fiduciary duties; financial services industry consolidation; a prolonged outage of our database and network facilities; challenges faced by our non-U.S. operations; and the availability of free or low-cost investment information. A more complete description of these risks and uncertainties can be found in our filings with the SEC, including our Annual Report on Form 10-K for the year ended December 31, 2008. If any of these risks and uncertainties materialize, our actual future results may vary significantly from what we expected. We do not undertake to update our forward-looking statements as a result of new information or future events.

Thursday, December 31st, 2009 Uncategorized Comments Off on Morningstar, Inc. (MORN) Completes Acquisition of Chicago-based Logical Information Machines

Intellicheck (IDN) Mobilisa’s CEO Nelson Ludlow Interviewed on TheStreet.com

Dec. 31, 2009 (Business Wire) — CEO of Intellicheck Mobilisa, Inc. (NYSE Amex:IDN), Dr. Nelson Ludlow, was featured on TheStreet.com in an interview with Debra Borchardt called “Airlines Checking Out Intellicheck.”

During the course of the interview, Dr. Ludlow explains that the Defense ID device looks just like a bar code scanner common in most retail stores but “we have modified it to be able to read drivers’ licenses, passports and military IDs and to check if you’re on a ‘bad guy’ list and to do it very quickly.”

He pointed out that the military already uses it to protect Andrews Air Force Base, home of Air Force One, and West Point. In fact, some 80 federal locations utilize the scanner as part of their security measures. He mentioned that it is used at “Quantico, where the FBI Training Center is, and they just caught some bad guys using this system.”

With regard to airports, Dr. Ludlow points out that people already have to present an ID along with their boarding passes to embark. “Do something useful, actually scan the ID and check if you’re on a bad guy list, and we can do a much better job.” He also points out, rather than checking against a single list, Intellicheck Mobilisa’s scanner currently uses 140 different lists, and can handle up to 1,000 lists. The December 25 bomber was on a couple of lists but not on the “right” one. By matching against 140 lists, security actions become much more effective.

Moreover, the scanner has commercial functionality and is in use at major retail stores for instant, secure credit card applications. The new credit card reforms coming in early 2010 will not affect this.

To watch the segment online please visit http://www.thestreet.com/_yahoo/video/10654045/airlines-checking-out-intellicheck.html?cm_ven=YAHOOV&cm_cat=FREE&cm_ite=NA&s=1#59690116001

About Intellicheck Mobilisa, Inc.

Intellicheck Mobilisa is a leading technology company, developing and marketing wireless technology and identity systems for various applications including: mobile and handheld wireless devices for the government, military and commercial markets. Products include the Defense ID system, an advanced ID card access control product currently protecting over 70 military and federal locations, and ID-Check, patented technology that instantly reads, analyzes, and verifies encoded data in magnetic stripes and barcodes on government-issue IDs from U.S. and Canadian jurisdictions for the financial, hospitality and retail markets.

Safe Harbor Statement

Certain statements in this press release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. When used in this press release, words such as “will,” “believe,” “expect,” “anticipate,” “encouraged,” and similar expressions, as they relate to the company or its management, as well as assumptions made by and information currently available to the company’s management identify forward-looking statements. Actual results may differ materially from the information presented here. Additional information concerning forward-looking statements is contained under the heading of risk factors listed from time to time in the company’s filings with the SEC. We do not assume any obligation to update the forward-looking information.

Thursday, December 31st, 2009 Uncategorized Comments Off on Intellicheck (IDN) Mobilisa’s CEO Nelson Ludlow Interviewed on TheStreet.com

Intellicheck Mobilisa, Inc. (IDN) Featured on Fox Business News

Dec. 30, 2009 (Business Wire) — Intellicheck Mobilisa, Inc. (NYSE Amex:IDN) was featured on Fox Business News discussing how its Defense ID® access control product could have prevented the terrorist attack aboard an airliner in Detroit.

In the segment titled “Minimizing The Threat”, Cheryl Casone interviews Steve Williams, Chief Operating Officer of Intellicheck Mobilisa, and asks him how Defense ID could have prevented the attack on the Detroit bound plane, since the attempted bomber had identification.

Mr. Williams commented, “We would have scanned his ID and run the ID against multiple databases. He was previously turned away in London and as a result we could have used those databases, literally an unlimited number of data sources to validate that person and make sure they weren’t on a watch list, or a no fly list, or a wanted list for that matter. Just like a TSA officer, you would scan a drivers license or a passport and it would run a ‘bad guy’ check in about a second.”

When asked if the company is getting more interest in its product, Mr. Williams replied, “Absolutely. We have about 80 locations already in the US, and we are including more data sources every day. We are obviously getting more requests today, our stock is up 16%, and we speculate it is due to the interest by TSA.”

Ms. Casone asked Mr. Williams how quickly he could get a device to an airport if they called up tomorrow. Mr. Williams replied, “By the time they hang up the phone we can have a device to them. We have a national distribution channel of major vendors throughout the country.”

When Ms. Casone asked how this gentleman was able to travel from Lagos, to Amsterdam, to Detroit with a bomb strapped to his body, Mr. Williams answered, “You can add bomb detection machinery, but a bomb is a bomb, and it takes a bomber to detonate it. Whether it be a bomb or anything else, you have to screen individuals, that is the way you are going to catch the bad guy.”

To watch the segment online please visit: http://icmobil.com/home.aspx

About Intellicheck Mobilisa, Inc.

Intellicheck Mobilisa is a leading technology company, developing and marketing wireless technology and identity systems for various applications including: mobile and handheld wireless devices for the government, military and commercial markets. Products include the Defense ID system, an advanced ID card access control product currently protecting over 70 military and federal locations, and ID-Check, patented technology that instantly reads, analyzes, and verifies encoded data in magnetic stripes and barcodes on government-issue IDs from U.S. and Canadian jurisdictions for the financial, hospitality and retail markets.

Safe Harbor Statement

Certain statements in this press release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. When used in this press release, words such as “will,” “believe,” “expect,” “anticipate,” “encouraged,” and similar expressions, as they relate to the company or its management, as well as assumptions made by and information currently available to the company’s management identify forward-looking statements. Actual results may differ materially from the information presented here. Additional information concerning forward-looking statements is contained under the heading of risk factors listed from time to time in the company’s filings with the SEC. We do not assume any obligation to update the forward-looking information.

Wednesday, December 30th, 2009 Uncategorized Comments Off on Intellicheck Mobilisa, Inc. (IDN) Featured on Fox Business News

Seven Arts (SAPX) Announces Completion of Production and Distribution Agreement With UK Investors

HOLLYWOOD, CA — (Marketwire) — 12/30/09 — Seven Arts Pictures plc (the Company) (NASDAQ: SAPX) announced today that it has closed the balance of investment with three UK based film corporations, created to raise capital for investment into the production and distribution costs of certain existing and future motion picture productions and acquisitions (the “Transaction”). The Company closed the first tranche of this investment on Wednesday, August 26, 2009 and closed the balance of the investment on December 27, 2009. The Company will record net revenues of approximately $3 million from the Transaction which it intends to use to pay back indebtedness.

The Company has been finishing its audit of the 2009 year end financial statements and expects to release its earnings figures to the public no later than January 16, 2010, and does not expect any material changes to its previously reported profit and loss statements.

In more somber news, Company Chairman Anthony Bryan passed away the morning of December 29, 2009. He was 86 years old. CEO Peter Hoffman will act as interim Chairman for the Company. The Company wishes Mr. Bryan’s family all the best in this difficult time.

About Seven Arts

Seven Arts Pictures plc (“SAP,” “7 Arts” or the “Company”) was founded in 2002 as an independent motion picture production and distribution company engaged in the development, acquisition, financing, production, and licensing of theatrical motion pictures for exhibition in domestic (i.e., the United States and Canada) and foreign theatrical markets, and for subsequent worldwide release in other forms of media, including home video and pay and free television.

Cautionary Information Regarding Forward-Looking Statements:

Forward-looking statements contained in this press release are made under the Safe Harbor Provision of the Private Securities Litigation Reform Act of 1995. Any such statements are subject to risks and uncertainties that could cause actual results to differ materially from the anticipated.

Seven Arts Pictures plc US contact:
Patrick Garstin
323-692-5002
pgarstin@7artspictures.com

Or

Seven Arts Pictures plc UK contact:
Kate Hoffman
203-006-8226
khoffman@7artspictures.com

Or

Acorn Management Partners, LLC contact:
John R. Exley III
678-368-4002
Jre@acornmanagementpartners.com

Wednesday, December 30th, 2009 Uncategorized Comments Off on Seven Arts (SAPX) Announces Completion of Production and Distribution Agreement With UK Investors

Luna Strengthens its Position in Nanomedicine

Dec. 29, 2009 (Business Wire) — Luna Innovations Incorporated (NASDAQ: LUNA) has acquired certain intellectual property assets of Tego Biosciences, its main competitor in developing medicines based on carbon nanomaterials. Tego Biosciences, Inc. is a wholly owned subsidiary of Arrowhead Research Corporation (NASDAQ:ARWR). This acquisition integrates the patent assets of the two leading companies and provides Luna a dominant intellectual property portfolio in carbon nanomaterial-based pharmaceuticals.

“We are pleased to add Tego’s portfolio of intellectual property to enhance our exciting program in nanomedicines,” stated Dr. Kent Murphy, Chairman and CEO of Luna Innovations. “The acquisition of Tego’s fullerene assets for use in pharmaceuticals demonstrates Luna’s continued commitment to novel therapeutics using carbon nanomaterials to treat a variety of inflammatory diseases that address significant markets such as arthritis, allergies and asthma. In addition, Luna’s technology is being used to improve diagnostic imaging by developing agents targeted to reveal brain cancer and plaque on arterial walls.”

With this acquisition, Luna’s intellectual property portfolio for carbon nanomaterials now includes seven owned patents, 10 licensed patents and 44 U.S. and foreign applications. In addition, Luna acquired the research programs Tego has sponsored in radiation protection, anti-viral therapies and macular degeneration, the leading cause of blindness in the elderly. Luna also acquired Tego’s license to The Bronx Project (TBP), a program for developing new medicines based on carbon nanomaterials for Parkinson’s and other neurodegenerative diseases. As a result of this transaction, Luna and Tego will equally share in the net proceeds from activities related to the TBP license.

Luna has had an ongoing program to identify novel therapeutic candidates based on the unique properties of carbon nanospheres since 2003. These nanospheres, called buckminister fullerenes, must be chemically modified to make them compatible with living tissues. During this work, Luna has made a number of discoveries, funded in part by government contracts and awards. Luna’s business strategy for developing pharmaceutical products is to form partnerships with established companies to underwrite the expensive development programs.

“Tego accrued the combined fruits of most of the pioneering research on fullerene therapeutics that have been discovered over the last decade. Combining these assets with our own discoveries provides Luna with extensive intellectual property covering therapeutics based on carbon nanomaterials,” said Dr. Robert Lenk, President of Luna’s nanoWorks Division based in Danville, VA. “Our combined patent portfolio consists of 61 patents and pending applications covering classes of fullerene derivatives, methods for synthesizing these compounds and treatments for specific diseases. This acquisition strengthens our position in carbon nanomaterial-based nanomedicines and opens additional markets to attract potential partners as we move forward.”

About Luna Innovations & Luna nanoWorks:

Luna Innovations Incorporated (www.lunainnovations.com) develops and manufactures new-generation products for the healthcare, telecommunications, energy and defense markets. Our products are used to measure, monitor, protect and improve critical processes in the markets we serve. nanoWorks (www.lunananoworks.com) is a division of Luna Innovations housed in a world-class nanomaterial manufacturing facility in Danville, VA, where scientists are developing pharmaceutical products empowered by nanomaterials with applications in diagnostics and therapeutics.

Forward Looking Statements:

This release includes information that constitutes “forward-looking statements” made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995, including statements regarding, but not limited to (i) Luna’s intellectual property portfolio in carbon nanomaterial-based pharmaceuticals, (ii) the use of carbon nanomaterials to treat inflammatory diseases and to improve diagnostic imaging, (iii) scientific discoveries, (iv) strategy for developing pharmaceutical products, and (v) potential commercial markets for Luna’s products. Statements that describe the Company’s business strategy, goals, prospects, opportunities, outlook, plans or intentions are also forward looking statements. Actual results may differ materially from the expectations expressed in such forward-looking statements as a result of various factors, including, without limitation, the enforceability of certain patent rights, the failure of certain patent application claims to issue, problems with the use of certain nanomaterials to treat diseases or improve imaging, other scientific issues, and the failure to find partners to commercialize certain technologies, and risks and uncertainties set forth in the company’s periodic reports and other filings with the Securities and Exchange Commission. Such filings are available at the SEC’s website at http://www.sec.gov, and at the company’s website at http://www.lunainnovations.com. The statements made in this release are based on information available to the company as of the date of this release and Luna Innovations undertakes no obligation to update any of the forward-looking statements after the date of this release.

Wednesday, December 30th, 2009 Uncategorized Comments Off on Luna Strengthens its Position in Nanomedicine

Origin Agritech Limited (SEED) Announces Completion of the Second Notes Repurchase Agreement

Dec. 30, 2009 (Business Wire) — Origin Agritech Limited (NASDAQ: SEED) (“Origin” or the “Company”) today announced that it completed its Second Notes Repurchase Agreement (the “Agreement”) as of December 30, 2009 with Citadel Equity Fund Ltd. (“Citadel”) of the remaining portion of the Company’s outstanding 1% Guaranteed Senior Secured Convertible Notes due 2012 (the “Notes”) by full repayment in cash of the agreed upon purchase price due to Citadel.

Liang Yuan, Chief Executive Officer of Origin Agritech, stated, “Origin has never been in a stronger position strategically, technologically, and, most appropriately, financially, in this situation. We are repurchasing our notes based on this strength. Our current cash receipts from this FY 2010 selling season are again the highest in our history, and this should continue to be evident in the first quarters on our balance sheet. We repaid our debt to eliminate any possible dilution and demonstrate our upcoming confidence in the near term future.”

The Company issued the Notes to Citadel in an aggregate principle amount of US$40 million in June 2007, and repurchased $23.4 million in principle of those notes in July 2008 and January 2009. This composes the last tranche of the aggregate principle amount of the remaining US$16.6 million, for a repurchase price of US$104,000 for each principal amount of US$100,000 of such Notes. These repurchased notes have been cancelled.

This Note repurchase provides the Company with the opportunity to eliminate expensive debt on our balance sheet, receive favorable financial terms, and limits company liability going forward in light the current global capital market conditions, which should provide the company with significant flexibility for future growth and capital opportunities.

About Origin

Founded in 1997 and headquartered in Beijing, Origin Agritech Limited (NASDAQ GS: SEED) is China’s leading, vertically-integrated agricultural biotechnology company specializing in research, development and production to supply the growing populations of China. Origin develops, grows, processes, and markets high quality, hybrid crop seeds to farmers throughout China and parts of Southeast Asia via a network of approximately 3,800 first-level distributors and 65,000 second-level distributors and retailers, and possesses a pipeline of genetically modified seed products including glyphosate resistant corn and Bt Corn. This first genetically modified corn seed product for China, Phytase corn, was approved in November 2009 which Origin possesses exclusive rights. For further information, please log on www.originagritech.com.

Forward Looking Statement

This release contains forward-looking statements. All forward-looking statements included in this release are based on information available to us on the date hereof. These statements involve known and unknown risks, uncertainties and other factors, which may cause our actual results to differ materially from those implied by the forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “could,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential,” “targets,” “goals,” “projects,” “continue,” or variations of such words, similar expressions, or the negative of these terms or other comparable terminology. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. Therefore, actual results may differ materially and adversely from those expressed in any forward-looking statements. Neither we nor any other person can assume responsibility for the accuracy and completeness of forward-looking statements. Important factors that may cause actual results to differ from expectations include, but are not limited to, those risk factors discussed in Origin’s filings with the SEC including its annual report on Form 20-F filed with the SEC on March 23, 2009. We undertake no obligation to revise or update publicly any forward-looking statements for any reason.

Wednesday, December 30th, 2009 Uncategorized Comments Off on Origin Agritech Limited (SEED) Announces Completion of the Second Notes Repurchase Agreement

Gulf Resources (GFRE) Announces the Completion of Upgrades to its Pesticide Additive Production Line

NEW YORK & SHANDONG, China, Dec. 29 /PRNewswire-Asia-FirstCall/ — Gulf Resources, Inc. (Nasdaq: GFRE) (“Gulf Resources” or the “Company”), a leading manufacturer of bromine, crude salt and specialty chemical products in China, today announced that the Company completed upgrades to its chemical production line focused on producing pesticide additives.

The updated production line is expected to increase the production capacity of pesticide additives from 1,800 metric tons to 3,000 metric tons annually and improve the quality of the pesticide additives.

“The pesticide industry has been growing at a phenomenal pace in China and with the ongoing domestic upgrades in raw materials, human capital and production techniques, we believe that China will be the global leader in the industry going forward.” said Mr. Xiaobin Liu, Chief Executive Officer of Gulf Resources. “Driven by the fast-growth of domestic and international pesticide markets, we believe that the demand for pesticide additives will continue its rapid growth. Gulf Resources strives to produce high quality pesticide additives that will meet the demands of our customers. The timely completion of the production line will enhance our top and bottom lines for 2010. We are pleased that we have received positive feedback from our current customers about the quality of the pesticide additives produced by the upgraded production line.”

About Gulf Resources, Inc.

Gulf Resources, Inc. operates through two wholly-owned subsidiaries, Shouguang City Haoyuan Chemical Company Limited (“SCHC”) and Shouguang Yuxin Chemical Industry Co., Limited (“SYCI”). The Company believes that it is one of the largest producers of bromine in China. Elemental Bromine is used to manufacture a wide variety of compounds utilized in industry and agriculture. Through SYCI, the Company manufactures chemical products utilized in a variety of applications, including oil & gas field explorations and as papermaking chemical agents. For more information about the Company, please visit http://www.gulfresourcesinc.cn .

Forward-Looking Statements

Certain statements in this news release contain forward-looking information about Gulf Resources and its subsidiaries business and products within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. The actual results may differ materially depending on a number of risk factors including, but not limited to, the general economic and business conditions in the PRC, future product development and production capabilities, shipments to end customers, market acceptance of new and existing products, additional competition from existing and new competitors for bromine and other oilfield and power production chemicals, changes in technology, the ability to make future bromine asset purchases, and various other factors beyond its control. All forward-looking statements are expressly qualified in their entirety by this Cautionary Statement and the risks factors detailed in the Company’s reports filed with the Securities and Exchange Commission. Gulf Resources undertakes no duty to revise or update any forward-looking statements to reflect events or circumstances after the date of this release.

Tuesday, December 29th, 2009 Uncategorized Comments Off on Gulf Resources (GFRE) Announces the Completion of Upgrades to its Pesticide Additive Production Line

Intellicheck Mobilisa, Inc. (IDN) Receives US Air Force-Wide Authority to Operate (ATO) for Defense ID®

PORT TOWNSEND, Wash.–(BUSINESS WIRE)–Intellicheck Mobilisa, Inc. (NYSE Amex:IDN), a global leader in access control and wireless security systems, has received a US Air Force-wide Authority to Operate (ATO) for its Defense ID® product, an advanced access control system. This government designation follows ATOs the company has recently received with the US Army, Navy and Marine Corps.

“We believe the United States Air Force-wide ATO is a testament to the value and importance of our security system,” said Dr. Nelson Ludlow, CEO of Intellicheck Mobilisa. “It is especially rewarding to note that this is the fourth ATO we have received in nine months, following accreditations by the US Army, Navy and Marine Corps.” The Air Force-wide certification allows installations to access the benefits of the Defense ID system. The Air Force has recognized Defense ID as a solution for anti-terrorism, force protection, and access control. Intellicheck Mobilisa’s system screens individuals prior to arriving at a base, runs a “bad guy” check against most wanted lists, and identifies an individual as authorized to enter a base.

While Defense ID has been in use at several Air Force bases across the country, including Andrews Air Force Base and the Air Force Academy, the award of this system-wide certification now allows for procurement by all US Air Force bases nationwide.

For more news and information on Intellicheck Mobilisa, Inc. please visit www.IRGnews.com/coi/IDN where you can find the CEO’s video, a fact sheet on the company, investor presentations, and more.

About Intellicheck Mobilisa, Inc.

Intellicheck Mobilisa is a leading technology company, developing and marketing wireless technology and identity systems for various applications including: mobile and handheld wireless devices for the government, military and commercial markets. Products include the Defense ID system, an advanced ID card access control product currently protecting over 70 military and federal locations, and ID-Check, patented technology that instantly reads, analyzes, and verifies encoded data in magnetic stripes and barcodes on government-issue IDs from U.S. and Canadian jurisdictions for the financial, hospitality and retail markets.

Safe Harbor Statement

Certain statements in this press release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. When used in this press release, words such as “will,” “believe,” “expect,” “anticipate,” “encouraged,” and similar expressions, as they relate to the company or its management, as well as assumptions made by and information currently available to the company’s management identify forward-looking statements. Actual results may differ materially from the information presented here. Additional information concerning forward-looking statements is contained under the heading of risk factors listed from time to time in the company’s filings with the SEC. We do not assume any obligation to update the forward-looking information.

Tuesday, December 29th, 2009 Uncategorized Comments Off on Intellicheck Mobilisa, Inc. (IDN) Receives US Air Force-Wide Authority to Operate (ATO) for Defense ID®

AspenBio Pharma (APPY) Reports Progress on the Supplemental Clinical Trial

CASTLE ROCK, CO–(Marketwire – 12/29/09) – AspenBio Pharma, Inc. (NASDAQ:APPYNews), an emerging bio-science company dedicated to the development of novel diagnostics and drugs for humans and animals, reported on its progress and plans for the Premarket Notification 510(k) submission of its ELISA format AppyScore(TM) test. AppyScore is the first blood-based test designed to aid in the evaluation of patients suspected of having acute appendicitis.

The previously announced AppyScore supplemental clinical trial continues to advance, with over 400 patients enrolled to-date from the emergency departments of more than a dozen well-known hospitals across the United States. Based upon additional analysis of prior trial data, as well as input from a panel of clinical experts assembled by AspenBio’s regulatory consultants, the Statistical Analysis Plan (“SAP”) for this supplemental trial has now been finalized. This SAP defines a study end point for the AppyScore test alone, and additionally, adds two alternative end points which evaluate the AppyScore result in combination with either white blood cell count (“WBC”) or neutrophil count.

Applying the parameters of this SAP in a retrospective analysis of the previous pivotal clinical trial data improved the negative predictive value (“NPV”) of AppyScore to more than 95% in the subset of patients who have negative results for either the combination of AppyScore/WBC or AppyScore/neutrophil count. While there can be no absolute assurance that these results will be repeated in the current supplemental clinical trial, the company believes such results, if repeated would substantially enhance the clinical utility and value of AppyScore in the emergency department setting.

The SAP provides for, and AspenBio has scheduled, an interim analysis of the clinical trial data to validate the required supplemental trial sample size necessary to achieve statistical significance for all study endpoints. Achieving statistical significance is essential for the inclusion of these important study end points in the submission of the Premarket Notification 510(k) information to the FDA, as well as describing clinical utility to physicians. This interim analysis was initially planned to be conducted with data from 250 patients; however, with the addition of the two new alternative study end points, a 400 patient interim data analysis will provide better predictive results of the final sample size needed. While patient recruitment continues uninterrupted, the interim analysis will be conducted in the upcoming weeks and is expected to be completed by late January or early February 2010. This analysis may demonstrate that the previously planned trial size is sufficient, or it may indicate a need to expand the size in order to achieve statistical significance of all end points. If an expansion of the trial is determined to be necessary, the timing for advancing the Premarket Notification 510(k) through the FDA will be evaluated and adjusted to ensure that the quality of the trial is not compromised and the clinical and statistical results are sound and compelling.

In recent weeks a panel of clinical experts was convened to evaluate AppyScore’s clinical utility and offer an independent opinion about its usefulness. Considering the currently available diagnostic modalities for appendicitis, the panel identified a strong need for better diagnostic tools to help identify a group of patients that is at low risk of having acute appendicitis. For this low-risk group, the panel indicated that a test with NPVs as high as those seen in the previous trial data when analyzed using the combination AppyScore/WBC or AppyScore/neutrophil count would provide compelling clinical evidence for the test to be widely used in evaluating patients suspected of having acute appendicitis. This panel also prepared a consensus paper expressing their opinion about the expected use of AppyScore in clinical practice. The clinical and regulatory direction the company is currently pursuing is in line with the opinions expressed in this paper.

AppyScore is anticipated to be used as a diagnostic tool to aid emergency department physicians in identifying a subset of patients for whom the risk of acute appendicitis is sufficiently low to support consideration for delaying or eliminating the need for computed tomography (commonly known as a CAT scan) and/or immediate surgical consultation.

To address the 510(k) and related matters, the company has scheduled a meeting with the FDA in January 2010. One of the objectives of the meeting is to ensure alignment with the FDA with respect to the data requirements necessary to support the proposed intended use and clinical utility of the AppyScore test.

Following the meeting with the FDA and the completion of the interim data analysis, the company expects to be in a position to provide a further update to shareholders regarding the supplemental clinical trial patient size and plans for advancing 510(k) clearance.

Dr. Robert Caspari, COO and CMO of AspenBio, commented: “We have received a clear message from our outside clinical experts, which is supported by our Medical Advisory Board, that the clinical value of AppyScore will be significantly enhanced by data that demonstrate that AppyScore achieves a negative predictive value substantially higher than current diagnostic modalities when used in conjunction with other commonly ordered diagnostic tests. We believe that taking the steps necessary to accomplish this objective will be well worth the time and costs and will result in added value.”

While the ELISA-based supplemental AppyScore trial has been preceding, AspenBio has also been advancing the development of its new stand alone, state-of-the-art cassette and reader instrument platform that provides AppyScore results more rapidly and efficiently than the ELISA format. This platform offers many benefits over an ELISA-based test. It can produce results in approximately 15 minutes, which in turn can be rapidly and accurately uploaded to a hospital’s Laboratory Information System (“LIS”) via a built-in electronic interface. More importantly, as a fully integrated, stand alone assay system, it can significantly reduce an operator’s processing steps and the corresponding potential for errors.

Clinical trials of the rapid assay are planned for 2010 and will be designed to support a 510(k) submission for this rapid assay platform using the ELISA test as a predicate, assuming the ELISA test is cleared by the FDA. In addition, these trials will provide AspenBio and physicians with additional information on the product’s potential utility. The company expects to announce the execution of supply agreements with internationally recognized manufacturers for the rapid assay device and reader instrument as they are finalized.

About AspenBio Pharma, Inc.

AspenBio Pharma is an emerging bio-science company dedicated to the discovery, development and commercialization of novel products that address unmet diagnostic and therapeutic needs in both human and animal health. The company’s AppyScore blood-based test addresses the difficult challenge of diagnosing human appendicitis in the hospital emergency department. The company is also advancing unique therapeutic proteins designed to improve reproduction in non-companion animals of economic importance. For more information, go to www.aspenbiopharma.com.

Forward-Looking Statements

This news release includes “forward-looking statements” of AspenBio Pharma, Inc. (“APPY”) as defined by the Securities and Exchange Commission (“SEC”). All statements, other than statements of historical fact, included in the press release that address activities, events or developments that APPY believes or anticipates will or may occur in the future are forward-looking statements. These statements are based on certain assumptions made based on experience, expected future developments and other factors APPY believes are appropriate in the circumstances. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of APPY. Investors are cautioned that any such statements are not guarantees of future performance. Actual results or developments may differ materially from those projected in the forward-looking statements as a result of many factors, including statements regarding the ability to successfully complete the clinical trial data assessments required for FDA submission, obtain FDA approval for, cost effectively manufacture and generate revenues from the appendicitis test as well as the animal products and other new products, execute agreements required to successfully advance the company’s objectives, retain the scientific management team to advance the products, overcome adverse changes in market conditions and the regulatory environment, fluctuations in sales volumes, obtain and enforce intellectual property rights, and realization of intangible assets. Furthermore, APPY does not intend (and is not obligated) to update publicly any forward-looking statements. The contents of this news release should be considered in conjunction with the warnings and cautionary statements contained in APPY’s recent filings with the SEC.

Tuesday, December 29th, 2009 Uncategorized Comments Off on AspenBio Pharma (APPY) Reports Progress on the Supplemental Clinical Trial

Magic Software (MGIC) Announces Distribution of Cash Dividend

OR-YEHUDA, Israel, Dec. 29 /PRNewswire-FirstCall/ — Magic Software Enterprises Ltd. (Nasdaq: MGIC), a global provider of application platforms and business and process integration solutions, announced today that its board of directors has declared a cash dividend in the amount of US$0.50 per share and in the aggregate amount of approximately US$16.0 million.

The dividend is payable January 25, 2010 to all of the Company’s shareholders of record at the close of the NASDAQ Global Market on January 11, 2010. In accordance with Israeli tax law, the Company will deduct 20% withholding tax of the dividend amount payable to each shareholder, subject to applicable exemptions. The Company has not established a dividend policy with respect to future dividend distributions.

The dividend will be paid in US dollars on the ordinary shares of Magic Software Enterprises that are traded on the Tel Aviv Stock Exchange (TASE), and on the ordinary shares of Magic Software Enterprises that are traded on the NASDAQ Global Market.

About Magic Software

Magic Software Enterprises Ltd. (NASDAQ: MGIC) is a global provider of multiple-mode application platform solutions – including Full Client, Rich Internet Applications (RIA), Mobile or Software-as-a-Service (SaaS) modes – and business and process integration solutions. Magic Software has offices in 10 countries and a presence in over 50, as well as a global network of ISV’s, system integrators, value-added distributors and resellers, and consulting and OEM partners. The company’s award-winning code-free solutions give partners and customers the power to leverage existing IT resources, enhance business agility and focus on core business priorities.  Magic Software’s technological approach, product roadmap and corporate strategy are recognized by leading industry analysts. Magic Software has partnerships with global IT leaders including SAP AG, salesforce.com, IBM and Oracle. For more information about Magic Software and its products and services, visit www.magicsoftware.com, and for more about our industry related news, business issues and trends, read the Magic Software Blog.

Except for the historical information contained herein, the matters discussed in this news release include forward-looking statements that may involve a number of risks and uncertainties. Actual results may vary significantly based upon a number of factors including, but not limited to, risks in product and technology development, market acceptance of new products and continuing product conditions, both here and abroad, release and sales of new products by strategic resellers and customers, and other risk factors detailed in the Company’s most recent annual report and other filings with the Securities and Exchange Commission.

Magic is the trademark of Magic Software Enterprises Ltd. All other trademarks are the trademarks of their respective owners.

Tuesday, December 29th, 2009 Uncategorized 1 Comment

China Valves Technology, Inc. (CVVT) Raises $3.0 Million in Registered Direct Offering

China Valves Technology, Inc. (Nasdaq: CVVT) (“China Valves” or the “Company”), a leading metal valve manufacturer with operations in the People’s Republic of China (the “PRC”), today announced that the Company has entered into a definitive agreement with a certain accredited investor to sell in a registered direct offering an aggregate of 333,334 shares of its common stock at a price of $9.00 per share for gross proceeds of approximately $3.0 million. The net proceeds of the financing will be used for the acquisition of an identified business target and for working capital. In addition, the Company will issue to the investor a warrant to purchase 50,000 shares of common stock, in the aggregate, at a price of $9.00 per share, exercisable for 30 days beginning on the date of the initial issuance of the warrant.

The transaction is expected to close on or about December 31, 2009, subject to the satisfaction of customary closing conditions.

Rodman & Renshaw, LLC, a wholly owned subsidiary of Rodman & Renshaw Capital Group, Inc. (Nasdaq: RODM), acted as the exclusive placement agent in connection with the offering. The shares in this offering are being issued under a shelf registration statement declared effective by the Securities and Exchange Commission on December 14, 2009. A prospectus supplement related to the public offering will be filed with the Securities and Exchange Commission. Copies of the final prospectus supplement and accompanying prospectus relating to the offering may be obtained from Rodman & Renshaw, LLC, 1251 Avenue of the Americas 20th Floor, New York, NY 10020 or by calling (212)356-0502. An electronic copy of such prospectus is also available on the web site of the Securities and Exchange Commission (the “SEC”) at http://www.sec.gov .

For more detailed information on this financing, please refer to our Form 8-K and related exhibits to be filed with the Securities and Exchange Commission on Tuesday, December 29, 2009.

“With the $3 million raised in this transaction and our current cash balance, we anticipate to further consolidate the valve industry in China through the acquisition of an identified target,” said Mr. Siping Fang, Chairman and CEO of China Valves. “The dilution of common shares is minimized, and we expect to achieve our make good target in net income and earnings per share for 2009.”

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About China Valves Technology, Inc.

China Valves Technology, Inc. through its subsidiaries, Zhengzhou Zhengdie Valve Co, Ltd., Henan Kaifeng High Pressure Valve Co., Ltd., and Tai Zhou Tai De Valve Co., Ltd. is engaged in development, manufacture and sale of high-quality metal valves for the electricity, petroleum, chemical, water, gas and metallurgy industries. The Company has one of the best known brand names in China’s valve industry, and its history can be traced back to 1959 when it was formed as a state-owned enterprise. The Company develops valve products by extensive research and development and owns a number of patents. It enjoys significant domestic market shares and exports to Asia and Europe. For more information, visit http://www.cvalve.com .

Safe Harbor Statements

Any statements set forth above that are not historical facts are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such factors include, but are not limited to, the Company’s ability to develop and market new products, the ability to access capital for expansion, the ability to acquire other companies, changes from anticipated levels of sales, changes in national or regional economic and competitive conditions, changes in relationships with customers, changes in principal product profits and other factors detailed from time to time in the Company’s filings with the United States Securities and Exchange Commission and other regulatory authorities. The Company undertakes no obligation to update or revise to the public any forward-looking statements, whether as a result of new information, future events or otherwise. This press release was developed by China Valves, and is intended solely for informational purposes and is not to be construed as an offer or solicitation of an offer to buy or sell the Company’s stock. This press release is based upon information available to the public, as well as other information from sources which management believes to be reliable, but it is not guaranteed by China Valves to be accurate, nor does China Valves purport it to be complete. Opinions expressed herein are those of management as of the date of publication and are subject to change without notice.

Monday, December 28th, 2009 Uncategorized Comments Off on China Valves Technology, Inc. (CVVT) Raises $3.0 Million in Registered Direct Offering

Radware (RDWR) Raises Guidance for Q4 2009 Financial Results (PRN)

TEL AVIV, Israel, Dec. 28 /PRNewswire-FirstCall/ — Radware (Nasdaq: RDWR), the leading provider of integrated application delivery solutions for business-smart networking, today raised its guidance for the fourth quarter of 2009. The company anticipates quarterly revenues to be at a record level, of approximately $31 million to $32 million, higher than the previous guidance of $30 million stated by executive management during the third quarter 2009 earnings call. EPS on a Non-GAAP basis is also expected to increase and is now estimated at 19-21 cents per diluted share vs. 15-16 cents per share as previously indicated.

“We are pleased to report continued momentum in our business with yet another record quarter of sales,” stated Roy Zisapel, CEO Radware. “This continued sales growth coupled with our industry-high gross margins allows us to increase our operational profitability significantly.”

About Radware

Radware (Nasdaq: RDWR), the global leader in integrated application delivery solutions, assures the full availability, maximum performance, and complete security of business-critical applications for nearly 10,000 enterprises and carriers worldwide. With APSolute®, Radware’s comprehensive and award-winning suite of application delivery and network security products, companies in every industry can drive business productivity, improve profitability, and reduce IT operating and infrastructure costs by making their networks “business smart”. For more information, please visit www.radware.com.

This press release may contain forward-looking statements that are subject to risks and uncertainties. Factors that could cause actual results to differ materially from these forward-looking statements include, but are not limited to, general business conditions in the Application Switching or Network Security industry, changes in demand for Application Switching or Network Security products, the timing and amount or cancellation of orders and other risks detailed from time to time in Radware’s filings with the Securities and Exchange Commission, including Radware’s Form 20-F.

Monday, December 28th, 2009 Uncategorized Comments Off on Radware (RDWR) Raises Guidance for Q4 2009 Financial Results (PRN)

China Agritech, Inc. (CAGC) Achieves 2009 Sales Target of 80,000 Metric Tons of Organic Granular Fertilizer

BEIJING /PRNewswire-Asia-FirstCall/ — China Agritech, Inc. (Nasdaq: CAGC) (“China Agritech”, or the “Company”), a leading national organic fertilizer manufacturer and distributor in China, today announced that it has achieved its 2009 goal of selling 80,000 metric tons of its new organic granular fertilizer products.

The Company successfully implemented its plan to introduce new organic granular fertilizer products during the 2009 second quarter, which not only solidified China Agritech’s organic fertilizer branding and geographic penetration in China, but also propelled the sales growth of its classic liquid organic fertilizer. These encouraging results validate China Agritech’s earlier decision to complete 200,000 metric tons of granular fertilizer capacity in diversified locations in China, and attract leading partners such as Sinochem and Odyssey Trading to accelerate the Company’s growth.

Mr. Yu Chang, Chairman and Chief Executive Officer of China Agritech, commented, “We are very pleased to reach this new milestone as our new granular product expansion progresses as we expected. In addition, we are bullish on the prospects for 2010. As a pure-play organic fertilizer producer in the vast Chinese agricultural market, where green products are encouraged by the government, we believe our further growth is sustainable and rapid.”

About China Agritech, Inc.

China Agritech, Inc. is engaged in the development, manufacture and distribution of liquid and granular organic compound fertilizers and related products in China. The Company has developed proprietary formulas that provide a continuous supply of high-quality agricultural products while maintaining soil fertility. The Company sells its products to farmers located in 28 provinces of China.

For more information about the Company, please visit http://www.chinaagritechinc.com .

Safe Harbor Statement

This release may contain certain “forward-looking statements” relating to the business of China Agritech and its subsidiary companies, which can be identified by the use of forward-looking terminology such as “believes,” “expects,” “anticipates,” “estimates” or similar expressions, including, but not limited to, statements regarding the continued demand for China Agritech’s products, China Agritech’s ability to sustain growth for the balance of the year and China Agritech’s ability to generally meet all of its objectives. Such forward-looking statements involve known and unknown risks and uncertainties, including all business uncertainties relating to product development, marketing, concentration in a single customer, raw material costs, market acceptance, future capital requirements, and competition in general and other factors that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. Certain of these risks and uncertainties are or will be described in greater detail in our filings with the SEC. Except as required by law, China Agritech is under no obligation to update or alter its forward-looking statements whether as a result of new information, future events or otherwise.

Wednesday, December 23rd, 2009 Uncategorized Comments Off on China Agritech, Inc. (CAGC) Achieves 2009 Sales Target of 80,000 Metric Tons of Organic Granular Fertilizer

Global-Tech Advanced Innovations (GAI) Reports Second Quarter Results for Fiscal 2010

Dec. 23, 2009 (Business Wire) — Global-Tech Advanced Innovations Inc. (NASDAQ:GAI) today announced its net sales and earnings for the fiscal quarter ended September 30, 2009 (the Company’s second quarter of fiscal 2010).

Net sales for the second quarter of fiscal 2010 increased marginally to $29.0 million, when compared to $28.6 million for the corresponding quarter in fiscal 2009. For the second quarter of fiscal 2010, net sales of floor care products declined approximately 10%, while sales of electronic components increased approximately 7%, when compared to the corresponding period in fiscal 2009. Net revenues from telecommunication manufacturing services increased significantly in the second quarter of fiscal 2010, when compared to the second quarter of fiscal 2009.

Net income for the second quarter of fiscal 2010 was $1.6 million, or $0.51 per share, compared to a net loss of $1.8 million, or $0.60 per share, for the second quarter of fiscal 2009.

Net sales for the six months ended September 30, 2009 were $54.6 million, compared to $55.4 million in the corresponding six-month period in fiscal 2009. Net sales for the first half of fiscal 2010 included, in part, sales of approximately $19.5 million of electronic components and $3.2 million of revenues from telecommunication manufacturing services. Net income for the first six months of fiscal 2010 increased over 280% to $2.7 million, or $0.89 per share, compared to a net income of $0.8 million, or $0.03 per share, for the first half of fiscal 2009. Included in net income for the first half of fiscal 2009 was a non-recurring gain of $1.8 million related to pending litigation.

John C.K. Sham, the Company’s President and Chief Executive Officer, said: “We are pleased to report that our business in the first half of fiscal 2010 has improved considerably from the prior corresponding period. Our gross profit margins for the first half of fiscal 2010, when compared to the corresponding period in fiscal 2009, improved from 9% to 16% due primarily to the implementation of the Company’s strategy to change its mix of business. As a result of this strategy, the collection of a note receivable and our continuing cost control measures, our cash and cash equivalents, including other cash-related instruments, increased approximately $10.2 million from year end to approximately $46.3 million at the end of the second quarter of fiscal 2010.”

Mr. Sham continued, “While we are pleased with the progress that we are making in the electronic components and telecommunication manufacturing services businesses, we remain cautious in our expectations with respect to our floor care export business as the U.S. dollar continues to weaken, particularly since the current retail environment is likely to have an adverse impact on most distribution and sales participants in North America.”

Mr. Sham concluded, “Despite rising labor costs in China and escalating commodity prices, our cost control measures together with the diversification of our businesses, including the expansion of our electronic component business in the domestic Chinese market, have had positive impacts on our financial results. We believe that in order to achieve success in the current economic climate and achieve long-term growth, it remains essential that we continue to implement our business diversification strategy. As such, we are currently exploring new projects and other ventures in an effort to augment and further expand our business.”

Global-Tech Advanced Innovations Inc. is a holding company, owning subsidiaries that manufacture and market a diversified portfolio of products, such as complementary metal oxide semiconductor (CMOS) camera modules (CCMs) and floor care products. The primary focus of its subsidiaries is to develop and market high-quality products for the communications industry in China and export such products to markets in North America, Europe, and other countries throughout the world.

Except for historical information, certain statements contained herein are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “should,” “estimates,” or variations of such words and similar expressions are intended to identify such forward-looking statements. These forward-looking statements are subject to risks and uncertainties, including but not limited to, the impact of competitive products and pricing, demand for new and existing products in our core business, the financial condition of the Company’s customers, product demand and market acceptance especially of our new products, the success of new product development especially in the area of cellular phone components and solutions, compact camera modules and other pending projects, reliance on material customers, suppliers and key strategic alliances, the terms and conditions of customer contracts and purchase orders, availability and cost of raw materials, the timely and proper execution of certain business plans, including the plan to diversify and transform a portion of manufacturing capacity to higher-value, technology-oriented products, currency fluctuations, including the revaluation of the Chinese Renminbi, the imposition by China’s trading partners of economic sanctions and/or protective tariffs on Chinese manufactured goods, uncertainties associated with investments, the regulatory environment, fluctuations in operating results, the impact of changing global, political and economic conditions and other risks detailed from time to time in the Company’s filings with the U.S. Securities and Exchange Commission including its most recent Report on Form 20-F. The Company does not undertake to update its forward-looking information, or any other information contained or referenced in this press release to reflect future events or circumstances.

GLOBAL-TECH APPLIANCES INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts expressed in thousands of United States dollars, except per share data)
Three Months Ended Six Months Ended
September 30, September 30,
2009 2008 2009 2008
(unaudited) (unaudited) (unaudited) (unaudited)
Net sales $ 28,977 $ 28,624 $ 54,640 $ 55,401
Cost of goods sold (24,475 ) (26,199 ) (45,775 ) (50,511 )
Gross profit 4,502 2,425 8,865 4,890
Selling, general and administrative expenses (3,467 ) (3,094 ) (6,681 ) (6,171 )
Other operating income (expense) (42 ) 114 (94 ) 1,819
Operating income (loss) 993 (555 ) 2,090 538
Interest expense (7 ) (13 ) (1 )
Interest income 55 184 154 367
Other income (expense), net 520 (1,457 ) 504 (820 )
Income (loss) from operations before income taxes 1,561 (1,828 ) 2,735 84
Provision for income taxes (44 ) (1 )
Net income (loss) $ 1,561 $ (1,828 ) $ 2,691 $ 83
Basic earnings (loss) per common share $ 0.51 $ (0.60 ) $ 0.89 $ 0.03
Diluted earnings (loss) per common share $ 0.51 $ (0.60 ) $ 0.89 $ 0.03
Basic weighted average number of shares outstanding 3,038 3,057 3,038 3,057
Diluted weighted average number of shares outstanding 3,038 3,057 3,038 3,057
GLOBAL-TECH ADVANCED INNOVATIONS INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Amounts expressed in thousands of United States dollars)
September 30, March 31,
2009 2009
(unaudited) (audited)
ASSETS
Current assets:
Cash and cash equivalents $ 23,431 $ 11,313
Time deposits 4,411
Restricted cash 6,883 4,390
Available-for-sale investments 15,993 15,985
Accounts and bills receivable, net 30,282 18,438
Inventories 8,839 8,448
Prepaid expenses 127 264
Deposits and other assets 2,764 1,493
Legal claims receivable 5,091 5,100
Amount due from a related party 29 33
Amount due from a jointly-controlled entity 22 70
Convertible note 5,599
Interest receivable 504
Total current assets 93,461 76,048
Interests in jointly-controlled entities
Property, plant and equipment, net 23,770 24,592
Land use rights, net 3,107 3,073
Deposits paid for purchase of property, plant and equipment 86 201
Total assets $ 120,424 $ 103,914
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts and bills payable 18,319 7,963
Discounted bills 2,327
Temporary receipts 959 717
Accrued salaries, allowances and other employee benefits 3,582 3,194
Accrual for loss contingencies 6,163 6,077
Other accrued liabilities 6,680 6,234
Income tax payable 5,446 5,501
Total current liabilities 43,476 29,686
Deferred tax liabilities 27 27
Total liabilities 43,503 29,713
Shareholders’ equity:
Common stock, par value $0.04 per share; 12,500,000 shares authorized; 3,228,090 and 3,227,064 shares issued and outstanding as of September 30 and March 31, 2009 129 129
Additional paid-in capital 84,267 84,266
Accumulated deficit (7,864 ) (10,555 )
Accumulated other comprehensive income 5,052 5,022
Less: Treasury stock, at cost, 189,587 and 189,387 shares as of September 30 and March 31, 2009 (4,663 ) (4,661 )
Total shareholders’ equity 76,921 74,201
Total liabilities and shareholders’ equity $ 120,424 $ 103,914
Wednesday, December 23rd, 2009 Uncategorized 1 Comment

pSivida (PSDV) Announces Positive Results from the Two Phase 3 FAME(TM) Trials of Iluvien(R)

Dec. 23, 2009 (Business Wire) — pSivida Corp. (NASDAQ:PSDV)(ASX:PVA)(FF:PV3), a drug delivery company with two of the only three ophthalmic sustained release delivery products approved by the FDA for treatment of back of the eye diseases, today reported top-line 24 month results from the Phase III FAME™ study of Iluvien® for the treatment of Diabetic Macular Edema (DME) being conducted by pSivida’s collaborative partner Alimera Sciences. The Company will host a conference call and webcast today at 4:30 pm Eastern Time (details follow below). More detailed information is available in the Company’s Form 8-K filed today with the Securities & Exchange Commission.

The FAME study was designed as two Phase 3 pivotal clinical trials (Trial A and Trial B). 956 patients with DME were enrolled and randomized to receive either a high dose Iluvien (0.45 µg/day), a low dose Iluvien (0.23 µg/day) or a sham insertion. The primary efficacy endpoint for the FAME Study is the difference in the percentage of patients whose best corrected visual acuity (BCVA) improved by 15 or more letters from baseline on the Early Treatment Diabetic Retinopathy Study (ETDRS) eye chart at month 24 between the treatment and control groups.

Based on Alimera’s analysis of the Full Analysis Set, as described by the International Conference on Harmonization (ICH) Guidance E9 and adopted by the FDA, the primary efficacy endpoint was met with statistical significance for both doses of Iluvien in each of Trial A and Trial B, as well as on a combined basis, as shown below:

Trial A Trial B Combined
Individual Percentage p-value Individual Percentage p-value Individual Percentage p-value
Control 14/95 14.7% 16/90 17.8% 30/185 16.2%
Low Dose 51/190 26.8% 0.029 57/186 30.6% 0.030 108/376 28.7% 0.002
High Dose 51/196 26.0% 0.034 62/199 31.2% 0.027 113/395 28.6% 0.002

The Full Analysis Set includes all 956 patients randomized into the FAME Study, with data imputation employed using Last Observation Carried Forward (LOCF) for data missing because of patients who discontinued the trial or were unavailable for follow up. This data set is commonly referred to as the “intent to treat” population.

In addition, both the low and high dose Iluvien showed greater numerical efficacy at month 24 than at month 18, a requirement for approval with 24 month data.

Safety was assessed from all patients enrolled in the study. Intraocular pressure (IOP) increases to 30 millimeters of mercury (mmHg) or greater at any time point, a key adverse event studied in the trial, were seen in 21.6% of the high dose patients and 16.3% of the low dose patients. Over the 24 month period 5.1% of patients receiving the high dose and 2.1% of the patients receiving the low dose had received a trabeculectomy (filter surgery) to reduce their eye pressure.

Based on these and other data, Alimera plans to file for approval of the low dose of Iluvien for the treatment of DME in the second quarter of 2010, followed by registration filings in various European countries and Canada. Submission of the NDA will be based on the month 24 safety and efficacy data while the FAME Study will continue to month 36.

“We are very encouraged by these data and look forward to our collaborative partner Alimera filing the NDA for potentially the first ophthalmic drug therapy approved for DME,” said Dr. Paul Ashton, President and CEO of pSivida. “These data further validate our drug delivery technology.”

In addition to the analysis described above, as prospectively planned in the protocol, Alimera also conducted several other analyses of the 24 month data. These included (a) an All Randomized and Treated (ART) analysis of the 24 month data that includes data from all subjects randomized and treated and imputes values for all missing data using the LOCF method and (b) a Modified ART analysis that utilizes the ART population but excludes data collected subsequent to the use of treatments prohibited by protocol (such as intravitreal injections of Avastin, Lucentis or triamcinolone acetonide) with the last observation prior to protocol violation imputed to month 24 using the LOCF method. The results of these separate analyses are described below:

By the ART analysis, in Trial A 26.8% of low dose patients and 26.2% of high dose patients gained 15 or more letters at 24 months compared with 14.7% of patients randomized to control (p = 0.029 and 0.032, respectively). In Trial B of the ART analysis 30.8% of low dose patients and 31.3% of high dose patients gained 15 or more letters compared with 17.8% of control patients (p = 0.028 and 0.026, respectively). The results for both doses in both trials were statistically significant. By the Modified ART method, in Trial A 22.6% of patients in the low dose and 24.1% of patients in the high dose gained 15 or more letters compared with 12.6% of control patients (p = 0.057 and 0.026, respectively). Trial A was not statistically significant for either dose. In Trial B by Modified ART, 29.7% of patients in the low dose and 29.3% of patients in the high dose gained 15 or more letters compared with 13.3% of control patients (p = 0.004 and 0.005, respectively). The results for both doses were statistically significant.

The FAME study protocol provides that the primary assessment of efficacy will be based on the Modified ART dataset and that the other datasets will be considered secondary; the protocol did not specify the Full Analysis Set as a dataset for analyzing the study. However, we believe that the FDA will consider the Full Analysis Set to be the most relevant population for determining safety and efficacy in Trials A and B.

“We look forward to the continued benefits of our agreement with Alimera, including a $25 million milestone payment that would be due on approval of Iluvien, profit participation on sales of Iluvien and payment of the $15 million conditional note from Alimera. If the note is not paid by April 2010, the annual interest rate increases to 20% (to be paid quarterly) and Alimera is to begin monthly principal payments of $500,000,” Dr. Ashton continued.

More detailed analyses will be presented in February 2010 at the Angiogenesis, Exudation and Degeneration 2010 Meeting in Miami, Florida.

Conference Call Information

pSivida will host a conference call and live webcast to discuss the FAME Study results at 4:30 p.m. ET today, December 23, 2009. The conference call may be accessed by dialing (800) 901-5218 from the U.S. and Canada, or (617) 786-4511 from international locations, passcode 11287634. Listeners are encouraged to login at least 15 minutes prior to the start of the scheduled presentation to register, download and install any necessary audio software.

A replay of the call will be available approximately two hours following the end of the call through December 30, 2009. The replay may be accessed by dialing (888) 286-8010 within the U.S. and Canada or (617) 801-6888 from international locations, passcode 28531673.

The conference call will also be available via the internet at www.psivida.com and will be distributed through the Thomson StreetEvents Network. Individual investors can listen to the call via www.earnings.com and Institutional investors can access the call via www.streetevents.com. The call will be archived and accessible on the Web site for approximately 30 days.

About the FAME Study

The Phase 3 FAME Study consists of two multi-center, randomized, double-masked trials for Iluvien in sites across the United States, Canada, Europe and India. The two trials have identical protocols and enrolled 956 patients across 101 academic and private practice centers. Patients in each trial were randomly assigned to one of three groups in a 2:2:1 randomization, respectively. One group received a high dose of Iluvien (an approximate initial 0.45 micrograms (µg) per day dose), a second received a low dose of Iluvien (an approximate initial 0.23 micrograms (µg) per day dose) and the third group received sham. The sham included all the steps involved in the insertion procedure with the exception that patients in this group had a blunt inserter without a needle to apply pressure to the anesthetized eye in order to simulate an insertion. This procedure mimics an intravitreal insertion and helps to maintain proper patient masking.

In addition to comparing the incidence of improvement in BCVA of 15 letters or greater from baseline between the treated and control arms, a numerical comparison of improvement of BCVA of 15 or more letters versus baseline was made between the month 24 and month 18 data, within each treatment arm. The results showed that the incidence of improvement at month 24 is numerically greater than that at month 18. Submission of the NDA will be based on the month 24 safety and efficacy data while the study will continue to month 36.

About DME

DME, the primary cause of vision loss associated with diabetic retinopathy, is a disease affecting the macula, the part of the retina responsible for central vision. When the blood vessel leakage of diabetic retinopathy causes swelling in the macula, the condition is called DME. The onset of DME is painless and may go undetected by the patient until it manifests with the blurring of central vision or acute vision loss. The severity of this blurring may range from mild to profound loss of vision. The Wisconsin Epidemiologic Study of Diabetic Retinopathy found that over a ten-year period approximately 19% of diabetics studied were diagnosed with DME. Based on this study and the current U.S. diabetic population, Alimera estimates that there will be an incidence of approximately 340,000 cases of DME annually in the United States. As the population of diabetics increases, Alimera expects the annual incidence of diagnosed DME to increase.

About Iluvien®

Iluvien is an investigative, extended release intravitreal insert that Alimera is developing for the treatment of DME. Each Iluvien insert is designed to provide a therapeutic effect for up to 36 months by delivering sustained sub-microgram levels of fluocinolone acetonide (FA). Iluvien is inserted in the back of the patient’s eye to a position that takes advantage of the eye’s natural fluid dynamics. Iluvien is inserted with a device that employs a 25-gauge needle, which allows for a self-sealing wound.

About pSivida Corp.

pSivida is a world leader in the development of tiny, sustained release, drug delivery products that are administered by implantation, injection or insertion. pSivida’s lead development product delivers fluocinolone acetonide (FA) for the treatment of diabetic macular edema (DME). This product candidate, formerly known as Medidur™ FA for DME, is licensed to Alimera, which is conducting fully-recruited Phase III clinical trials and intends to commercialize the product under the name Iluvien®. pSivida also has two products approved by the Food and Drug Administration (FDA): Retisert® for the treatment of posterior uveitis and Vitrasert® for the treatment of AIDS-related cytomegalovirus (CMV) retinitis. pSivida has licensed both of these products and the technologies underlying them to Bausch & Lomb Incorporated. pSivida has a worldwide collaborative research and license agreement with Pfizer Inc. under which Pfizer may develop additional ophthalmic products.

pSivida owns the rights to develop and commercialize a modified form of silicon known as BioSilicon™, which has potential therapeutic applications. The most advanced BioSilicon product candidate, BrachySil™, delivers a therapeutic P32, a radioactive form of phosphorus used to treat cancer, directly to solid tumors. pSivida conducted an initial safety clinical trial of BrachySil for the treatment of pancreatic cancer and in October 2009 completed a follow-on dose-ranging clinical trial.

pSivida’s intellectual property portfolio consists of 62 patent families, over 100 granted patents, including patents accepted for issuance, and over 200 patent applications. pSivida conducts its operations from Boston in the United States and Malvern in the United Kingdom.

SAFE HARBOR STATEMENTS UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: Various statements made in this release are forward-looking, and are inherently subject to risks, uncertainties and potentially inaccurate assumptions. All statements that address activities, events or developments that we intend, expect or believe may occur in the future are forward-looking statements. The following are some of the factors that could cause actual results to differ materially from the forward-looking statements: inability to commercialize Iluvien or significant delays in the commercialization of Iluvien; inability to obtain regulatory approvals of Iluvien; failure to achieve an appropriate relationship between the benefits of Iluvien’s efficacy and the risks of its side effect profile; regulatory agency imposition of limitations on the uses for which Iluvien may be marketed, subsequent withdrawal of approval or other actions adverse to our business; failure of Iluvien to be granted priority review or receive approval within the six month priority review/approval cycle; continued losses and lack of profitability; inability to derive revenue from Retisert; impairment of intangibles; fluctuations in the fair values of certain outstanding warrants; fluctuations in operating results; inability to raise capital; termination of license agreements; inability to obtain regulatory approvals for products; inability to obtain partners to develop and market products; competition; insufficient third-party reimbursement for products; inability to protect intellectual property or infringement of others’ intellectual property; failure to retain key personnel; consolidation in the pharmaceutical and biotechnology industries; failure to comply with laws and regulations; manufacturing problems; risks and costs of international business operations; volatility of stock price; possible dilution through exercise of outstanding warrants and stock options; possible influence by Pfizer; payment of registration penalties; nonpayment of dividends; and other factors that may be described in our filings with the Securities and Exchange Commission. Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Our forward-looking statements speak only as of the dates on which they are made. We do not undertake any obligation to publicly update or revise our forward-looking statements even if experience or future changes makes it clear that any projected results expressed or implied in such statements will not be realized.

Wednesday, December 23rd, 2009 Uncategorized Comments Off on pSivida (PSDV) Announces Positive Results from the Two Phase 3 FAME(TM) Trials of Iluvien(R)

Compugen (CGEN) Announces “Discovery on Demand” Therapeutic Peptide Collaboration with Pfizer

Dec. 23, 2009 (Business Wire) — Compugen Ltd. (NASDAQ:CGEN) announced today that it has signed a collaboration agreement with Pfizer for the predictive discovery by Compugen of therapeutic peptide product candidates for three drug targets of interest to Pfizer. The discovery process, which will be based on various Compugen discovery platforms and funded by Pfizer, is expected to take a few months, following which the predicted molecules will be synthesized and delivered to Pfizer. Following an evaluation period, Pfizer will have the right to exercise options for worldwide exclusive milestone and royalty bearing licenses to develop and commercialize the selected product candidates or further optimize them to obtain final potent, selective product candidates with favorable pharmacokinetic properties.

“Although use of our various discovery platforms is now providing us with a growing inventory of novel drug and target candidates for further development and licensing, the most unique aspect of our capabilities is the ability to systematically and within a short timeframe provide, what we call, discovery on demand product candidates for selected areas of interest to our partners,” Dr. Anat Cohen-Dayag, president and co-CEO of Compugen said. “We are extremely pleased to be entering into this multi-target collaboration with Pfizer, and we look forward to entering into similar agreements with additional pharmaceutical and biopharmaceutical companies.”

About Compugen’s Discovery Platforms

During the past few years, Compugen has designed, developed, validated and disclosed ten product candidate discovery platforms directed at various important areas of drug and diagnostic discovery. The development of this diverse range of discovery platforms in such a short period of time was possible only due to Compugen’s commitment since 1997 to understand deeply the science underlying various important biological phenomena. Utilizing this continuously growing base of scientific understanding, Compugen has created, and continues to create, predictive models, algorithms and other computational biology methodologies that provide a unique and rich infrastructure for the design of systematic platforms for the predictive discovery of novel drug, target and biomarker candidates.

Most of Compugen’s ten discovery platforms developed to date are based on a process of in silico prediction and selection, followed by synthesis and experimental validation. The initial in silico predictions usually involve a large number – often in the thousands or more – of possible candidates, with the selection step resulting in a very small subset – usually dozens of molecules or less – which are predicted to have the highest probability of success. These molecules are then prioritized, synthesized, and experimentally validated. Among the Compugen platforms developed to date based on this prediction-selection-validation process are platforms designed for the discovery of therapeutic proteins and peptides, targets for monoclonal antibodies, and both molecular and genetic biomarkers.

One of the key Compugen platforms to be utilized in the Pfizer collaboration announced today was recently developed, and has not yet been publicly disclosed. This undisclosed platform is based on a process which is different from the prediction-selection-validation process underlying most of Compugen’s previously announced discovery platforms as described above. In this second process, Compugen’s multidisciplinary scientific team uses its understandings of certain basic biological phenomena and advanced computational biology capabilities to “design”, in silico, molecules that should meet the specific requirements needed for them to become optimal therapeutic candidates for the relevant target. As with all of our in silico platforms, these predicted molecular sequences are then synthesized and experimentally validated. This prediction-design-validation approach is also the process utilized by Compugen’s previously disclosed Disease Associated Conformations (“DAC”) Blockers Platform, but in this case employing different discovery principles and models.

About Compugen

Compugen is a leading drug and diagnostic product candidate discovery company. Unlike traditional high throughput trial and error experimental based discovery, Compugen’s discovery efforts are based on in silico (by computer) prediction and selection utilizing a growing number of field focused proprietary discovery platforms accurately modeling biological processes at the molecular level. The resulting product candidates are then validated through in vitro and in vivo experimental studies and out-licensed for further development and commercialization under various forms of revenue sharing agreements. Compugen’s collaborations to date include Bayer Schering Pharma, Biosite, Medarex, Inc., Merck & Co., Inc., Merck Serono, Ortho-Clinical Diagnostics (a Johnson & Johnson company), Pfizer, Roche, Siemens Healthcare Diagnostics, Inc., and Teva Pharmaceutical Industries. In 2002, Compugen established an affiliate, Evogene Ltd. www.evogene.com (TASE:EVGN.TA), to utilize certain of the Company’s in silico predictive discovery capabilities in agricultural biotechnology. For additional information, please visit Compugen’s corporate website at www.cgen.com.

This press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include words such as “may”, “expects”, “anticipates”, “believes”, and “intends”, and describe opinions about future events. These forward-looking statements involve known and unknown risks and uncertainties that may cause the actual results, performance or achievements of Compugen to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Some of these risks are: changes in relationships with collaborators; the impact of competitive products and technological changes; risks relating to the development of new products; and the ability to implement technological improvements. These and other factors are identified and more fully explained under the heading “Risk Factors” in Compugen’s annual reports filed with the Securities and Exchange Commission.

Wednesday, December 23rd, 2009 Uncategorized Comments Off on Compugen (CGEN) Announces “Discovery on Demand” Therapeutic Peptide Collaboration with Pfizer

NetSol Technologies, Inc. (NTWK) Up Over 30% Since Being Featured by TraderPower

Wednesday of last week, TraderPower initiated coverage of NetSol Technologies, Inc. (NASDAQ: NTWK). Since then the stock has risen from $0.80 to a high of $1.08 for gains of 35%! Volume has also increased substantially from a daily average of 105,657 to as high as 673,500 traded shares in a single day.

NetSol Technologies, Inc. leverages its BestShoring(TM) practices and highly experienced resources to deliver high-quality, cost-effective solutions. Their suite of products and services include credit and finance portfolio management systems, hospital/healthcare information management systems (HIMS), SAP consulting and services, custom development, systems integration, and technical services.

NetSol’s commitment to quality is demonstrated by its achievement of the ISO 9001, ISO 27001, and SEI (Software Engineering Institute) CMMI (Capability Maturity Model) Maturity Level 5 assessments, a distinction shared by less than 100 companies worldwide. These distinctions are a result of adhering to rigorous quality standards, resulting in the delivery of solutions that are secure, reliable, properly planned, and meticulously executed.

Analysts are very supportive of the company with an average price target of $2.25. NetSol Technologies recently issued improved financial guidance expectations for its full year fiscal 2010 period ending June 30, 2010. Revenues are anticipated to be between $33.0 million and $35.0 million, representing growth of between 25% and 32%. The company also projects a return to GAAP net income versus a GAAP net loss of $0.30 per diluted share for fiscal year 2009.

NetSol’s years of capital investment in its offerings has the company extremely well positioned as demand amongst fortune 500 clients surges worldwide. Looking forward, the company is very optimistic of its short-term and long-term outlook as it sees strong growth in Asia Pacific as well as the South East Asian markets, while also envisioning unlimited potential for its niche solutions and services in the Americas.

Wednesday, December 23rd, 2009 Uncategorized Comments Off on NetSol Technologies, Inc. (NTWK) Up Over 30% Since Being Featured by TraderPower

Universal Power Group (UPG) Announces Early Repayment of Notes

Dec. 22, 2009 (Business Wire) — Universal Power Group, Inc. (NYSE Amex: UPG), a Texas-based distributor and supplier of batteries and related power accessories, and provider of third-party logistics, today announced that it has negotiated a 7.5 percent principal reduction in exchange for the early repayment of its outstanding 6-percent notes, due June 20, 2012 and has prepaid the remaining $4.0 million in principal less the discount.

The fixed-rate notes were originally issued to Zunicom, Inc., a significant shareholder in UPG, in conjunction with UPG’s initial public offering in 2006. The original principal amount of the notes was $5.85 million, with quarterly principal payments of approximately $365,000 which began in the third quarter of 2008, as stipulated by the payment schedule.

“The early repayment of our Zunicom notes marks another important and positive step in the growth of UPG,” said Ian Edmonds, UPG’s President and Chief Executive Officer. “With the retirement of this debt, we will receive approximately $300,000 in benefit through the negotiated principal discount we were able to secure. Also as a result, we will significantly reduce our annual interest costs and eliminate nearly $1.5 million in principal payments annually.”

About Universal Power Group, Inc.

Universal Power Group, Inc. (NYSE Amex: UPG), is a leading provider of third-party logistics and supply chain management services, and a supplier and distributor of batteries and power accessories. UPG’s supply chain services include procurement, warehousing, inventory management, distribution, fulfillment and value-added services such as sourcing, battery pack assembly, coordination of battery recycling efforts, and product design and development. UPG’s range of product offerings includes proprietary brands of industrial and consumer batteries of all chemistries, chargers, jump-starters, 12-volt accessories, solar and security products. For more information, please visit the UPG website at www.upgi.com.

Forward-Looking Statements

Statements in this press release that are not statements of historical or current fact constitute “forward-looking statements.” Such forward-looking statements involve known and unknown risks, uncertainties and other unknown factors that could cause the Company’s actual operating results to be materially different from any historical results or from any future results expressed or implied by such forward-looking statements. In addition to statements that explicitly describe these risks and uncertainties, readers are urged to consider statements that contain terms such as “believes,” “belief,” “expects,” “expect,” “intends,” “intend,” “anticipate,” “anticipates,” “plans,” “plan,” to be uncertain and forward-looking. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in the Company’s filings with Securities and Exchange Commission. Historical financial results are not necessarily indicative of future performance.

Tuesday, December 22nd, 2009 Uncategorized Comments Off on Universal Power Group (UPG) Announces Early Repayment of Notes

NovaGold (NG) Agrees to Purchase Ambler Copper-Zinc-Gold-Silver Project

VANCOUVER, BRITISH COLUMBIA — (Marketwire) — 12/22/09 — NovaGold Resources Inc. (TSX: NG)(NYSE Amex: NG) today announced that it has entered into an agreement to purchase a 100% interest in the Ambler property in northern Alaska, which hosts the high-grade copper-zinc-gold-silver Arctic deposit.

The Ambler property comprises 36,670 hectares (90,614 acres) of Federal patented and unpatented mining claims and State of Alaska mining claims, covering a major portion of the precious-metal-rich Ambler volcanogenic massive sulfide (“VMS”) belt. The Arctic deposit is the most advanced deposit on the property, located approximately 290 kilometers (180 miles) southeast of Red Dog mine, the world’s largest zinc mine.

A resource estimate completed in 2008 confirmed the Arctic deposit as one of the world’s largest undeveloped copper-zinc VMS deposits, with very high grades and significant precious metal credits. On an equivalent metal basis, the average metal content exceeds 8% copper equivalent. The Arctic deposit is one of a number of VMS deposits along the 70-kilometer-long Ambler Schist Belt. The current resource estimate for the deposit is outlined below.

Resource Estimate for Arctic Deposit (1)

                          -------------------------------------------------
                            In Situ Grade           Total Contained Metal
---------------------------------------------------------------------------
Resource     Tonnes   Cu  Zn    Au    Ag   Pb    Cu    Zn    Au    Ag    Pb
Category  (Millions)  (%) (%) (g/t) (g/t)  (%) (Mlb) (Mlb) (Moz) (Moz) (Mlb)
---------------------------------------------------------------------------
Indicated      16.8  4.1 6.0  0.83  59.6 0.94 1,538 2,237  0.45  32.3   350
---------------------------------------------------------------------------
Inferred(2)    11.9  3.6 5.0  0.67  48.4 0.80   937 1,313  0.26  18.6   210
---------------------------------------------------------------------------

(1) Mineral resources that are not mineral reserves do not have
    demonstrated economic viability.
(2) Inferred resources are in addition to measured and indicated resources.
    Inferred resources have a great amount of uncertainty as to their
    existence and whether they can be mined legally or economically. It
    cannot be assumed that all or any part of the inferred resources will
    ever be upgraded to a higher category. See "Cautionary Note Regarding
    Reserve & Resource Estimates".
(3) US$100 gross metal value/tonne cutoff. Gross metal value was calculated
    based on metal prices of Cu US$2.25/lb, Zn US$1.05/lb, Au US$525/oz, Ag
    US$9.5/oz and Pb US$0.55/lb applied to each individual grade. The gross
    metal value is equal to the sum of each grade multiplied by the value of
    the metal unit. No metallurgical recovery has been applied. The resource
    estimate for the Arctic deposit is based on the technical report titled
    "NI 43-101 Technical Report on Resources, Ambler Project, Arctic
    Deposit" dated January 31, 2008, a copy of which is available on SEDAR
    at www.sedar.com and on EDGAR at www.sec.gov. The report was authored by
    Russ White, PGeo, a qualified person as defined by NI 43-101.

“The Arctic deposit ranks among the largest and richest known VMS deposits in the world, based on both total contained metal and value per tonne. And considerable opportunity exists to identify similar deposits in the region,” said Rick Van Nieuwenhuyse, President & CEO of NovaGold. “NovaGold is really going back to its roots by acquiring Ambler. We have a solid record in identifying opportunities, expanding resources and advancing those resources to reserves. NovaGold’s exploration team tripled the size of both the Donlin Creek and Galore Creek deposits through focused exploration campaigns. With those projects now at a more advanced stage, we can focus our exploration efforts on Ambler with the goal of adding another world-class property to NovaGold’s portfolio.”

Under the Purchase Agreement between NovaGold and its wholly-owned subsidiary, Alaska Gold Company (collectively “NovaGold”) and Kennecott Exploration Company and Kennecott Arctic Company (collectively “Kennecott”), NovaGold has agreed to pay Kennecott a total purchase price of US$29 million for the Ambler property to be paid as: US$5 million by the issuance of NovaGold shares, calculated by the volume weighted average price per share on the five trading days immediately preceding the effective date of the transaction; and two installments of US$12 million each, due 12 months and 24 months, respectively, after the effective date of the transaction. Kennecott will retain a 1% net smelter return royalty that can be purchased at any time for a one-time payment of US$10 million. The closing of the transaction is subject to normal conditions including obtaining regulatory approvals. The Purchase Agreement terminates the exploration agreement between NovaGold and Kennecott dated March 22, 2004, as amended, under which NovaGold had the ability to earn a 51% interest in the Ambler property. The securities described herein have not been registered under the U.S. Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States or to U.S. persons unless an exemption from registration is available. This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States.

Developing the Ambler Project

Work at the Ambler property throughout 2008-2009 has focused primarily on community engagement, realizing broad support for the project in the region. NovaGold has participated in the Northwestern Alaska Resource Transportation Study, working closely with the Kobuk River villages, the Northwest Arctic Borough, NANA Corporation and the State of Alaska to discuss and evaluate various transportation alternatives, specifically identifying opportunities for synergies in the region. As at all of its projects, NovaGold is committed to working with local communities and Alaska Native corporations to build a collaborative relationship, ensuring the project is developed in a manner that protects the environment and traditional cultures and brings tangible, lasting benefits to local communities.

NovaGold will continue its community engagement programs in 2010, and has appointed a project team to plan exploration activities, advance environmental baseline studies and conduct engineering and technical studies at the Ambler project with the goal of gaining a better understanding of the true size and potential of the district as well as the continuity and mineability of the other deposits in the Ambler VMS belt.

About NovaGold

NovaGold is a growth-focused precious metals company engaged in the exploration and development of mineral properties in North America. The Company has a portfolio of mineral properties located in Alaska, USA, and British Columbia, Canada. The Company’s largest projects are being advanced with major mining companies. The Donlin Creek project is held by a limited liability company owned equally by NovaGold and Barrick Gold U.S. Inc. The Galore Creek project is held by a partnership owned equally by NovaGold and Teck Resources Limited. NovaGold owns a 100% interest in the Rock Creek, Big Hurrah and Nome Gold deposits in Nome, Alaska. NovaGold has one of the largest reserve/resource bases of any junior or mid-tier level producing gold company, and trades on the TSX and NYSE-AMEX under the symbol NG. More information is available at www.novagold.net or by email at info@novagold.net.

Cautionary Note Regarding Forward-Looking Statements

This press release includes certain “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, included herein including, without limitation, completion of the acquisition, exploration plans at Ambler and resource estimates, and NovaGold’s future operating or financial performance, are forward-looking statements. Forward-looking statements involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from NovaGold’s expectations include the uncertainties involving the need for additional financing to explore and develop properties and availability of financing in the debt and capital markets; uncertainties involved in the interpretation of drilling results and geological tests and the estimation of reserves and resources; the need for continued cooperation with Barrick Gold and Teck Resources in the exploration and development of the Donlin Creek and Galore Creek properties; the need for cooperation of government agencies and native groups in the development and operation of properties; the need to obtain permits and governmental approvals; risks of construction and mining projects such as accidents, equipment breakdowns, bad weather, non-compliance with environmental and permit requirements, unanticipated variation in geological structures, ore grades or recovery rates; unexpected cost increases; fluctuations in metal prices and currency exchange rates; the outcome of litigation pending against the company; and other risk and uncertainties disclosed in NovaGold’s Annual Information Form for the year ended November 30, 2008, filed with the Canadian securities regulatory authorities, and NovaGold’s annual report on Form 40-F filed with the United States Securities and Exchange Commission and in other NovaGold reports and documents filed with applicable securities regulatory authorities from time to time. NovaGold’s forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made. NovaGold assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change.

Cautionary Note Regarding Reserve and Resource Estimates

This press release has been prepared in accordance with the requirements of the securities laws in effect in Canada, which differ from the requirements of U.S. securities laws. Unless otherwise indicated, all resource and reserve estimates included in this press release have been prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”) and the Canadian Institute of Mining and Metallurgy Classification System. NI 43-101 is a rule developed by the Canadian Securities Administrators which establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. Canadian standards, including NI 43-101, differ significantly from the requirements of the United States Securities and Exchange Commission (“SEC”), and resource and reserve information contained herein may not be comparable to similar information disclosed by U.S. companies. In particular, and without limiting the generality of the foregoing, the term “resource” does not equate to the term “reserves”. Under U.S. standards, mineralization may not be classified as a “reserve” unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made. The SEC’s disclosure standards normally do not permit the inclusion of information concerning “measured mineral resources”, “indicated mineral resources” or “inferred mineral resources” or other descriptions of the amount of mineralization in mineral deposits that do not constitute “reserves” by U.S. standards in documents filed with the SEC. U.S. investors should also understand that “inferred mineral resources” have a great amount of uncertainty as to their existence and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an “inferred mineral resource” will ever be upgraded to a higher category. Under Canadian rules, estimated “inferred mineral resources” may not form the basis of feasibility or pre-feasibility studies except in rare cases. Investors are cautioned not to assume that all or any part of an “inferred mineral resource” exists or is economically or legally mineable. Disclosure of “contained ounces” in a resource is permitted disclosure under Canadian regulations; however, the SEC normally only permits issuers to report mineralization that does not constitute “reserves” by SEC standards as in-place tonnage and grade without reference to unit measures. The requirements of NI 43-101 for identification of “reserves” are also not the same as those of the SEC, and reserves reported by the Company in compliance with NI 43-101 may not qualify as “reserves” under SEC standards. Accordingly, information concerning mineral deposits set forth herein may not be comparable with information made public by companies that report in accordance with U.S. standards.

Tuesday, December 22nd, 2009 Uncategorized Comments Off on NovaGold (NG) Agrees to Purchase Ambler Copper-Zinc-Gold-Silver Project

ADA Carbon Solutions (ADES) Signs Two Contracts for Activated Carbon

Dec. 22, 2009 (Business Wire) — ADA Carbon Solutions, LLC (“ACS”), the joint venture owned by ADA-ES, Inc. (NASDAQ: ADES) and Energy Capital Partners (“ECP”), today announced that it has signed two contracts with coal-fired power companies to provide activated carbon (“AC”) to control mercury emissions. ACS will supply these power plant customers with approximately 25 to 30 million pounds of AC under these contracts.

Marilyn Treacy, Senior Vice President of Sales and Marketing at ACS, stated, “These AC contracts will enable our customers to meet mercury regulations in the U.S. Midwest and Western Canada. As a result of these contracts, ACS intends to utilize trans-loading facilities in those regions to better serve these customers by providing local product storage and deliveries.”

ACS is currently building the largest AC production line in North America. The plant, which is being constructed in Coushatta, LA, is designed to produce 150 million pounds of AC per year. The plant is expected to start up at half capacity in April 2010. Earlier in the month, the U.S. Department of Energy (“DOE”) announced it had approved a conditional loan guarantee of $245 million which will be used to help finance the plant. ACS currently supplies AC to some of the largest U.S. power companies from its own 60 million pound per year processing facility located in Natchitoches, Louisiana. For additional information please visit www.ada-cs.com.

About ADA-ES

ADA-ES is a leader in clean coal technology and the associated specialty chemicals. The Company develops and implements proprietary environmental technology and specialty chemicals that enable coal-fueled power plants to enhance existing air pollution control equipment, maximize capacity and improve operating efficiencies. Through its largest segment, Mercury Emission Control, ADA-ES supplies activated carbon injection systems, mercury measurement instrumentation, and related services. To meet the needs of the power industry for mercury control, a joint venture of ADA-ES, ACS, is developing state-of-the-art facilities to produce AC with the first plant projected to come on-line in 2010. In addition, ADA-ES, through its Clean Coal Solutions joint venture, provides its patented refined coal technology, CyClean, to utilities to enhance combustion of and reduce emissions from Powder River Basin coals in cyclone boilers. ADA-ES is also developing technologies for power plants to address issues related to the emissions of carbon dioxide. For more information, visit: www.adaes.com.

About Energy Capital Partners

ECP is a private equity firm focused on investing in the power generation, midstream gas, renewable and electric transmission sectors of North America’s energy infrastructure. ECP’s management has substantial experience leading successful energy companies and energy infrastructure investments. ECP has offices in Short Hills, N.J., and San Diego, CA. For more information, visit www.ecpartners.com.

This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, which provides a “safe harbor” for such statements in certain circumstances. The forward-looking statements included in this release include statements regarding future AC sales, ability of customers to meet regulations based on AC sales, the DOE loan guarantee and expected size, capacity and timing of operations at ACS’ first AC plant. These statements are based on current expectations, estimates, projections, beliefs and assumptions of our management. Such statements involve significant risks and uncertainties. Actual events or results could differ materially from those discussed in the forward-looking statements as a result of various factors, including but not limited to termination of DOE’s conditional commitment, changes in the costs and timing of construction; impact of litigation and competition; changes in laws and regulations, prices, economic conditions and market demand; operational difficulties; and availability of debt and equity financing, raw materials, equipment, and skilled personnel. You are cautioned not to place undue reliance on our forward-looking statements. Our forward-looking statements are presented as of the date made, and we disclaim any duty to update such statements unless required by law to do so.

Tuesday, December 22nd, 2009 Uncategorized Comments Off on ADA Carbon Solutions (ADES) Signs Two Contracts for Activated Carbon

Athersys (ATHX) Enters Into Global Agreement With Pfizer to Develop and Market MultiStem(R)

CLEVELAND, Dec. 21, 2009 (GLOBE NEWSWIRE) — Athersys, Inc. (Nasdaq:ATHX) announced today that it has entered into an agreement with Pfizer Inc. (PFE) to develop and commercialize MultiStem(R) for the treatment of Inflammatory Bowel Disease (“IBD”). MultiStem is an investigational stem cell therapy currently in development by Athersys for several other conditions, including acute myocardial infarction, bone marrow transplant support, and ischemic stroke.

Under the terms of the agreement, Athersys will receive an up-front cash payment of $6 million from Pfizer, as well as research funding and support during the initial phase of the collaboration. In addition, Athersys is also eligible to receive milestone payments of up to $105 million upon the successful achievement of certain development, regulatory and commercial milestones. Pfizer will have responsibility for development, regulatory and commercialization and will pay Athersys tiered royalties on worldwide commercial sales of MultiStem IBD products. Alternatively, in lieu of royalties and certain commercialization milestones, Athersys may elect to co-develop with Pfizer and the parties will share development and commercialization expenses and profits/losses on an agreed basis beginning at phase III clinical development.

Inflammatory Bowel Disease is a group of inflammatory and autoimmune conditions that affect the colon and small intestine, typically resulting in severe abdominal pain, weight loss, vomiting and diarrhea. The most common forms of the disease include Ulcerative Colitis and Crohn’s disease, which are estimated to affect more than two million people in the U.S., major European countries and Japan. Chronic IBD can be a severely debilitating condition, and advanced cases may require surgery to remove the affected region of the bowel, and may also require temporary or permanent colostomy or iliostomy. In many cases, surgery does not achieve a permanent cure, and patients suffer a return of the disease.

“Pfizer is committed to the development of new medicines that have the potential to fundamentally improve the quality of clinical care in areas of need. We are delighted to work with Athersys to develop MultiStem for inflammatory bowel disease,” said Dr. Ruth McKernan, Head of Pfizer Regenerative Medicine. “This is an innovative new area and our collaboration with Athersys represents a cornerstone of Pfizer’s stem cell and regenerative medicine strategy.”

“We have been systematically evaluating potential partnering opportunities in multiple areas, and we believe that Pfizer represents the ideal partner for this program,” said Dr. Gil Van Bokkelen, Chairman and Chief Executive Officer at Athersys. “Their longstanding global leadership in development and commercialization of new medicines, focus on best-in-class therapies, and their growing commitment to regenerative medicine provide a great foundation for working together.”

About MultiStem

MultiStem is a patented and proprietary cell therapy product consisting of a special class of stem cells that are obtained from the bone marrow of healthy, consenting adult donors, and which have the demonstrated ability to produce a range of factors, as well as form multiple cell types. MultiStem appears to promote tissue repair and healing in multiple ways, such as through the production of multiple therapeutic factors produced in response to signals of inflammation and tissue damage. Athersys believes that MultiStem represents a unique “off-the-shelf” stem cell product based on the apparent ability to deliver multiple mechanisms of therapeutic benefit, administration of the product without tissue matching or immunosuppression, and its capacity for large scale production. Athersys maintains rights to develop and commercialize MultiStem for areas outside of the Pfizer collaboration. In 2008 Athersys was awarded the Frost & Sullivan North American Product Innovation of the Year Award for MultiStem, which cited the product as having best-in-class potential among stem cell and regenerative medicine technologies.

Conference Call Information

Athersys will hold a conference call today at 11:00 a.m. Eastern Time (8:00 a.m. Pacific Time) to discuss this announcement. To participate in the conference call, please call 800-273-1254 in the U.S. and Canada, or 973-638-3440 from abroad. In addition, this call is being Webcast and can be accessed at Athersys’ website at www.Athersys.com.

A replay will be available for on-demand listening shortly after the completion of the call until Midnight (Eastern Time) on January 10, 2010, at the aforementioned URL, or by dialing 800-642-1687 in the U.S. and Canada, or 706-645-9291 from abroad, and entering access code 48354037.

About Athersys, Inc.

Athersys is a clinical stage biopharmaceutical company engaged in the discovery and development of therapeutic product candidates designed to extend and enhance the quality of human life. The company is developing MultiStem, a patented, adult-derived “off-the-shelf” stem cell product platform for multiple disease indications, including damage caused by myocardial infarction, bone marrow transplantation and oncology treatment support, ischemic stroke and other indications. The company is also developing a portfolio of other therapeutic programs, including orally active pharmaceutical product candidates for the treatment of metabolic and central nervous system disorders, utilizing proprietary technologies, including Random Activation of Gene Expression (RAGE(R)).

The Athersys, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=4548

Forward Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties. We have attempted to identify forward-looking statements by using such words as “anticipates,” “believes,” “can,” “continue,” “could,” “estimates,” “expects,” “intends,” “may,” “plans,” “potential,” “should,” “will,” or other similar expressions. These forward-looking statements are only predictions and are largely based on our current expectations. A number of known and unknown risks, uncertainties, and other factors could affect the accuracy of these statements. Some of the more significant known risks that we face are the risks and uncertainties inherent in the process of discovering, developing, and commercializing products that are safe and effective for use as human therapeutics, including the uncertainty regarding market acceptance of our product candidates and our ability to generate revenues, including MultiStem for the treatment of Inflammatory Bowel Disease or other indications. These risks may cause our actual results, levels of activity, performance, or achievements to differ materially from any future results, levels of activity, performance, or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements contained in this press release, and we undertake no obligation to publicly update forward-looking statements, whether as a result of new information, future events or otherwise.

Tuesday, December 22nd, 2009 Uncategorized 1 Comment

NetSol Technologies (NTWK) Wins a Major Information Security Contract

CALABASAS, CA — (Marketwire) — 12/22/09 — NetSol Technologies, Inc. “NetSol” (NASDAQ: NTWK) (NASDAQ DUBAI: NTWK), a U.S. corporation providing global business services and enterprise application solutions to private and public sector organizations worldwide, announced today that the company has won a major contract in the area of Information Security with a leading mobile telecommunications company in Pakistan. This contract award further strengthens NetSol’s position as a leader in the information security services sector in Pakistan. The client selected NetSol based on the company’s strong information security practices, technical expertise and proven track record in deploying large scale information security solutions for information sensitive organizations.

The client required a highly scalable and high performance solution, selecting NetSol after a rigorous selection amongst competitive vendors. NetSol offered a cutting-edge and high performance scalable solution that will help the client to protect its data centers against security threats coming from the Internet or Intranet. The solution comes with impressive security effectiveness, comprehensive coverage for the critical vulnerabilities, and extremely strong electronic defensive measures to thwart typical evasion techniques.

As part of the contract, NetSol’s Information Security team will ensure the provisioning of hardware and software, lead the design and implementation, as well as train appropriate staff. The award of this contract reaffirms NetSol’s position in the market as a trusted partner for enterprise security management.

About NetSol Technologies, Inc.

NetSol Technologies, Inc. (NASDAQ: NTWK) (NASDAQ DUBAI: NTWK) is a worldwide provider of global business services and enterprise application solutions. Since its inception in 1995, NetSol has used its BestShoring(TM) practices and highly experienced resources in analysis, development, quality assurance, and implementation to deliver high-quality, cost-effective solutions. Specialized by industry, these product and services offerings include credit and finance portfolio management systems, hospital/healthcare information management systems (HIMS), SAP consulting and services, custom development, systems integration, and technical services for the global Financial, Healthcare, Insurance, Energy, and Technology markets. NetSol’s commitment to quality is demonstrated by its achievement of the ISO 9001, ISO 27001, and SEI (Software Engineering Institute) CMMI (Capability Maturity Model) Maturity Level 5 assessments, a distinction shared by fewer than 100 companies worldwide. NetSol Technologies’ clients include Fortune 500 manufacturers, global automakers, financial institutions, utilities, technology providers, and government agencies. Headquartered in Calabasas, California, NetSol Technologies has operations and offices in Adelaide, Bangkok, Beijing, Lahore, London, and San Pedro Sula.

To learn more about NetSol Technologies, Inc., visit www.netsoltech.com

To join the NetSol Technologies, Inc. email communications list, visit: http://www.b2i.us/irpass.asp?BzID=897&to=ea&s=0

NetSol Technologies, Inc. Forward-looking Statement

This press release may contain forward-looking statements relating to the development of the Company’s products and services and future operation results, including statements regarding the Company that are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. The words “believe,” “expect,” “anticipate,” “intend,” variations of such words, and similar expressions, identify forward looking statements, but their absence does not mean that the statement is not forward looking. These statements are not guarantees of future performance and are subject to certain risks, uncertainties, and assumptions that are difficult to predict. Factors that could affect the Company’s actual results include the progress and costs of the development of products and services and the timing of the market acceptance.

Tuesday, December 22nd, 2009 Uncategorized Comments Off on NetSol Technologies (NTWK) Wins a Major Information Security Contract

Entree Gold (EGI) 2009 Exploration and Corporate Update

VANCOUVER, Canada, December 21 /PRNewswire-FirstCall/ — Entree Gold Inc. (TSX:ETG; NYSE Amex:EGI; Frankfurt:EKA – “Entree” or the “Company”) reached a number of milestones in 2009. These include the conversion of key concessions at Lookout Hill, Mongolia into long term mining licences as part of the Oyu Tolgoi Investment Agreement; acquisition and consolidation of strategic exploration properties in the Yerington copper camp in Nevada, USA; and continued exploration and testing of porphyry copper targets in New Mexico and Arizona, USA.

    Exploration and corporate highlights of 2009 include:

    - Signing of the long-awaited Oyu Tolgoi Investment Agreement between
      the Mongolian government and Entree's joint venture partner, Ivanhoe
      Mines Ltd. (TSX: IVN; NYSE: IVN; NASDAQ: IVN - "Ivanhoe Mines") and
      largest shareholder, Rio Tinto (NYSE: RTP; LSE: RIO.L; ASX: RIO.AX);

    - The conversion of Entree's Shivee Tolgoi and Javhlant exploration
      licences into mining licences;

    - Acquisition and consolidation of a large, underexplored and highly
      prospective porphyry copper land package in the Yerington district of
      Nevada;

    - Entree's agreement with PacMag Metals Ltd. (ASX:PMH - "PacMag") to
      acquire all of their outstanding shares and options, as part of the
      Yerington area consolidation;

    - Expansion of porphyry copper-gold mineralization at Lordsburg, New
      Mexico;

    - Continued exploration of Togoot coal deposits through additional
      drilling and the preparation of a Mongolian resource report in advance
      of a mining licence application;

    - Drill testing copper-gold targets on the Huaixi project in China.

    Mongolia
    Entree-Ivanhoe Joint Venture

The successful conclusion to negotiations that culminated in the signing of the Oyu Tolgoi Investment Agreement in October 2009 provides stability to Entree’s Lookout Hill portion of the Oyu Tolgoi project and sets the stage for future project development. Entree’s Hugo North Extension and Heruga deposits are key elements for consideration as the Oyu Tolgoi project advances towards production. Ivanhoe Mines is preparing an updated Integrated Development Plan that is expected to provide a projected timeline and work program related to the construction and completion of the massive Oyu Tolgoi mining complex.

Abolition of the 68% windfall tax, to take effect in January 2011, was also announced in August 2009. This move by the Mongolian government signaled an awareness that the mining industry has an important role to play as Mongolia recovers from the economic crisis. The Mongolian mining industry welcomed this decision by the government leaders, as the tax was perceived to be a deterrent to future mine exploration and development by both domestic and foreign investors.

Further studies along the Oyu Tolgoi mineralized trend indicate several target areas could be drill tested in order to expand known resources. Geophysical data, including the deep penetrating ZEUS induced polarization (IP) survey, gathered over the areas surrounding the Heruga and Hugo North Extension deposits indicate promising trends suggesting the continuation of mineralization associated with each deposit. A possible southern extension of the Heruga deposit is suggested by IP anomalies southwest of Heruga. The rich Hugo North Extension deposit is interpreted to continue along strike to the north, towards drill hole EGD081B which encountered Hugo North style mineralization 1,300 metres from the property boundary. Approximately 8 kilometres of relatively untested ground lies to north of the Hugo North Extension on the Shivee Tolgoi mining licence, between the Hugo North Extension deposit and the near surface Ulaan Khud copper showing.

100%-Owned Entree Licence Areas

Exploration programs are being prepared for 2010 to seek new mineralization on Entree’s 100%-owned western portion of the Shivee Tolgoi mining licence (“Shivee West”). Exploration was temporarily suspended in 2009 to accommodate the protracted mining licence conversion process. Mining licences carry an initial term of 30 years with two possible extensions of 20 years. Entree may now continue investigating the potential of this prospective region of Lookout Hill without facing imminent licence expiry.

Shivee West is geologically similar to the Devonian-aged setting of the Oyu Tolgoi deposits. It is common in very large porphyry copper-gold systems, such as those found in South America, for mineralization to occur along parallel structural trends and be comprised of numerous separate ore bodies. Strong geophysical signatures, in combination with copper-gold-molybdenum geochemical evidence, make Shivee West highly prospective. An exploration program involving drilling of geophysical and soil geochemical targets within prospective Devonian rocks is expected to be finalized in preparation for budget approvals in January 2010.

On Entree’s 100%-owned Togoot exploration licence, in-fill drilling continued at the Nomkhon Bohr coal deposit in 2009. Drill testing of other coal targets in the northwest corner of the Togoot exploration licence was also conducted. The Permian rocks hosting Nomkhon Bohr are similar to those at the giant Tavan Tolgoi coal deposit, 70 kilometres to the northwest. Multiple thin seams of bituminous to anthracite coal up to several metres thick, are present over a strike length of 1200 metres. A resource report is being prepared by Mongolian consultants in collaboration with Entree’s technical team in preparation for submission of an application to convert all or part of Togoot to a mining licence.

Yerington, Nevada

In August and September 2009, Entree optioned two large contiguous properties in the historic Yerington porphyry copper district through agreements with HoneyBadger Exploration Ltd. and Bronco Creek Exploration. These included the Blackjack and Roulette land packages. Entree’s strategy was to begin the acquisition of and eventual consolidation of key targets in this emerging, underexplored copper camp. Exploration and drill programs are being prepared for 2010 on these properties.

Entree Gold and PacMag Agreement

On November 29, 2009 Entree announced an agreement with PacMag Metals Limited to implement Australian Schemes of Arrangement to acquire all of the issued shares and options of PacMag (see news release dated November 29, 2009). PacMag holds the rights to a sizeable tract of land that is contiguous with the Blackjack and Roulette properties and hosts the Ann Mason copper-molybdenum deposit. PacMag has acquired a portfolio of several other copper, gold, and uranium projects in the US and Australia.

Entree believes the combination of the two companies will be very advantageous for their respective shareholders. Entree investors will now have access to a diversified project portfolio that includes the Ann Mason deposit. Ann Mason is a copper-molybdenum porphyry which has a JORC compliant inferred resource of 810 million tonnes grading 0.40% copper and 0.004% molybdenum at a 0.30% copper cut-off grade, containing more than 7 billion pounds of copper. The PacMag properties in Yerington host other significant, relatively untested copper prospects such as the Blue Hills discovery, Shamrock high-grade copper target and the Minnesota copper-iron target.

The acquisition of PacMag, including the Ann Mason copper deposit, should more than double Entree’s current worldwide copper assets. The agreement will be subject to an independent assessment on behalf of PacMag, a PacMag shareholder vote and regulatory approval by the Australian Stock Exchange and governing bodies.

Lordsburg, New Mexico

Drilling in 2009 continued to successfully expand the mineralized zone at the Lordsburg copper-gold discovery. Six additional drill holes were completed. Significant copper and gold intervals were intersected in four of the six drill holes. One hole in particular, EG-L-09-012, returned potentially economic grades of 0.25% copper and 0.15 g/t gold (0.35% copper equivalent) over 94 metres. Furthermore, this same interval hosts a higher grade zone of 60 metres averaging 0.31% copper and 0.21 g/t gold (0.44% copper equivalent). Significant results are compiled in the table below.

                       Significant Lordsburg Drill Results
    -------------------------------------------------------------------------
                        Interval        Length       Cu       Au      CuEq(x)
      Hole No.            (m)            (m)        (%)     (g/t)      (%)
    -------------------------------------------------------------------------
    EG-L-08-002       156.0 - 466.0      310.0      0.14      0.08      0.19
    -------------------------------------------------------------------------
      including       182.0 - 211.3       29.3      0.21      0.12      0.29
    -------------------------------------------------------------------------
      including       240.0 - 254.0       14.0      0.33      0.26      0.50
    -------------------------------------------------------------------------
    EG-L-08-005         0.0 - 134.0      134.0      0.13      0.12      0.21
    -------------------------------------------------------------------------
    EG-L-08-006        11.2 - 130.0      118.8      0.20      0.20      0.33
    -------------------------------------------------------------------------
    EG-L-08-007         6.0 - 152.0      146.0      0.13      0.16      0.23
    -------------------------------------------------------------------------
    EG-L-08-008       280.0 - 332.0       52.0      0.18      0.05      0.21
    -------------------------------------------------------------------------
    EG-L-09-010A        34.0 - 84.0       50.0      0.18      0.21      0.31
    -------------------------------------------------------------------------
        And           216.0 - 256.0       40.0      0.15      0.13      0.23
    -------------------------------------------------------------------------
    EG-L-09-011         28.0 - 66.0       38.0      0.15      0.20      0.28
    -------------------------------------------------------------------------
    EG-L-09-012        96.0 - 252.0      156.0      0.19      0.12      0.27
    -------------------------------------------------------------------------
      including       118.0 - 212.0       94.0      0.25      0.15      0.35
    -------------------------------------------------------------------------
       including      152.0 - 212.0       60.0      0.31      0.21      0.44
    -------------------------------------------------------------------------
    (x) Copper Equivalent (CuEq) has been calculated using assumed metal
        prices (US$1.35/pound for copper and US$650/ounce for gold) and no
        metallurgical factor; % CuEq. equals % Cu + (g/t Au(x)18.98)/29.76.

The Lordsburg project lies in an area of known copper porphyry deposits, several of which are past or current producers. Freeport-MacMoRan’s Safford, Tyrone and Morenci open-pit copper deposits are producing through SX/EW extraction methods from ore averaging 0.35%, 0.29% and 0.28% copper respectively. The currently suspended Chino deposit was also a commercially viable near-surface open-pit conventional mining-milling operation with an average copper grade of 0.52% Cu.

Entree is currently applying for additional drill permits for the 2010 field season. Any additional drilling will be directed towards expanding the existing drill defined copper and gold zone.

Huaixi, China

A drill program to test geochemical and geophysical anomalies commenced early in November 2009 and is ongoing. Four holes have been completed for a total of approximately 1700 metres of the planned 2700 metres. Assay results are pending but scattered base metal mineralization has been visually identified in hole three.

Entree’s exploration to date has been successful in outlining a 7 kilometre long northwest-trending structural corridor with a strong, multi-element porphyry signature. This was done primarily through extensive soil and stream sediment sampling in 2008 and followed up with magnetic and IP geophysical surveys.

Crystal Property, British Columbia

The Crystal Property is an early stage molybdenum-copper prospect about 120 kilometres west-southwest of Prince George, BC that covers a sizeable, strong geochemical anomaly. The anomaly lies in an area of known molybdenum deposits, such as Thompson Creek’s Endako Mine and has never been tested. A short prospecting and sampling program was completed in October 2009; results are pending.

About Entree Gold Inc.

Entree Gold Inc. is a Canadian mineral exploration company focused on the worldwide exploration and development of gold and copper prospects. Entree’s expertise is in exploring for deep and/or concealed ore deposits and with a treasury currently in excess of C$40 million, is well funded for future activities. Ivanhoe Mines and Rio Tinto are major shareholders of Entree, holding approximately 15% and 16% of issued and outstanding shares respectively.

Entree’s flagship property is in Mongolia, where it holds two mining licences and one exploration licence comprising the 179,590 hectare Lookout Hill property that completely surrounds the 8,500-hectare Oyu Tolgoi project of Ivanhoe Mines, and hosts the Hugo North Extension of the Hugo Dummett copper-gold deposit and the Heruga copper-gold-molybdenum deposit.

The Lookout Hill property is subject to a joint venture with Ivanhoe Mines Mongolia Inc. (now renamed Oyu Tolgoi LLC) whereby following expenditure of US$35 million by Oyu Tolgoi LLC, Entree now retains a 20% to 30% carried interest through to production, with Entree’s share of development costs to be repaid from future production cash flow.

The Hugo North Extension deposit hosts a 43-101 compliant Indicated Resource of 117 million tonnes grading 1.8% copper and 0.61 g/t gold, estimated to contain 4.6 billion pounds of copper and 2.3 million ounces of gold and an Inferred Resource of 95.5 million tonnes grading 1.15% copper and 0.31 g/t gold, estimated to contain 2.4 billion pounds copper and 950,000 ounces of gold. Entree retains a 20% carried interest in these resources.

The Heruga deposit contains an Inferred Resource of 760 million tonnes grading 0.48% copper, 0.55 g/t gold and 142 ppm molybdenum, estimated to contain 8 billion pounds of copper and 13.4 million ounces of gold. Entree also retains a 20% carried interest in this resource.

Both resources were calculated using a 0.6% copper equivalent cut-off. The copper equivalent grades were estimated using metal prices of US$1.35 per pound copper, US$650 per ounce gold and US$10 per pound molybdenum. All resources at Hugo North Extension and Heruga were calculated using a 0.6% copper-equivalent cut-off.

Entree continues to explore its large landholdings in Mongolia, including the coal discovery Nomkhon Bohr, and is also evaluating the Huaixi copper project in Zhejiang Province in China.

In North America, Entree is exploring for porphyry-related copper systems in Arizona, New Mexico, Nevada and British Columbia. Entree’s Nevada property is contiguous with the western boundary of PacMag’s Ann Mason copper project and increases substantially the area of prospective tenure within that district.

Qualified Person

Robert Cann, P.Geo., Entree’s Vice-President, Exploration, and Lindsay Bottomer, P. Geo., FAIMM, both Qualified Persons as defined by National Instrument 43-101 (“NI 43-101”), supervised the preparation of the technical information in this release relating to the Entree properties.

This News Release contains forward-looking statements. Forward-looking statements are statements which relate to future events. In some cases, you can identify forward-looking statements by terminology such as “may”, “should”, “expects”, “plans”, “anticipates”, “believes”, “estimates”, “predicts”, “potential” or “continue” or the negative of these terms or other comparable terminology. Such statements include those relating to the successful completion of the transaction and implementation of the Schemes of Arrangement, future work commitments on exploration projects and increases to Entree resources. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our or our industry’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements.

While these forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggested herein. Except as required by applicable law, including the securities laws of the United States, the Company does not intend to update any of the forward-looking statements to conform these statements to actual results. Readers are referred to the sections entitled “Risk Factors” in the Company’s periodic filings with the British Columbia Securities Commission, which can be viewed at www.SEDAR.com, and with the United States Securities and Exchange Commission, which can be viewed at http://www.SEC.gov.

For further information: Monica Hamm, Manager, Investor Relations, Entree Gold Inc., Tel: +1-604-687-4777, Toll Free: +1-866-368-7330, E-mail: mhamm@entreegold.com; Peter Oates, Corporate Communications, Entree Gold Inc., Tel: +1-604-687-4777, Toll Free: +1-866-368-7330, E-mail: poates@entreegold.com

Monday, December 21st, 2009 Uncategorized Comments Off on Entree Gold (EGI) 2009 Exploration and Corporate Update

TravelCenters of America, LLC (TA) Announces the Opening of their new Wheeler Ridge Location

Dec. 11, 2009 (Business Wire) — TravelCenters of America LLC (TA) announced today the opening of the new Wheeler Ridge, California location. The Wheeler Ridge TA is situated on I-5 at Lake Isabella or Laval Road.

The TA Wheeler Ridge location offers two food courts with seating for 112 patrons at each location with additional outdoor seating that can accommodate 32. There are five premier quick-serve restaurant concepts customers can choose from including Burger King with drive-thru, Pizza Hut, Taco Bell, Subway and Popeye’s Chicken. TA operates nearly 230 quick-serve restaurants across the U.S. and Canada.

In addition to the food court, a well-stocked 4,000 square foot convenience store offers a wide selection of competitively priced, brand name beverages, snacks and travel products. Customers will find everything they need from gifts and souvenirs to electronics and driver supplies. Inside the travel store is TA Café Express. This “grab and go” food and beverage concept offers customers a wide selection of gourmet coffees, cappuccinos and hot chocolates. TA Café Express also features tasty breakfast sandwiches, pastries, and fresh deli sandwiches.

Professional drivers will find that TA Wheeler Ridge caters to their truck repair and maintenance needs with a four-bay truck service center that is open 24-hours, seven days a week, with highly-trained ASE certified technicians. Also located in the shop building will be a 1,732 square foot deli and retail store.

Other conveniences at the site include 8 diesel lanes, 221-space truck parking area, emergency road service through RoadSquad, a TV room with seating for 27 featuring a surround sound system and a 60” plasma TV, a game room, Interstate WiFi available throughout the facility, CAT Scales, 10 luxury showers, and much more.

These features continues to position TA as offering the most comprehensive and diverse offer on the interstate for professional truck drivers.

About TravelCenters of America, LLC

TravelCenters of America (TA), headquartered in Westlake, Ohio is a leading national chain of travel centers in 41 states and Canada under the TravelCenters of America and Petro brands. With convenient locations on interstate exits, TA offers its customers diesel and gasoline fueling services, full and quick-service restaurants, heavy truck maintenance services, 24-hour convenience stores, electronic communication (WiFi) and other services — all within large, high traffic facilities. For more information on TravelCenters of America, please visit www.tatravelcenters.com

Monday, December 21st, 2009 Uncategorized Comments Off on TravelCenters of America, LLC (TA) Announces the Opening of their new Wheeler Ridge Location