Archive for March, 2010

FieldPoint Petroleum Corp. (FPP) Announces Stock Buy-Back

AUSTIN, Texas–(BUSINESS WIRE)–FieldPoint Petroleum Corporation (AMEX:FPPNews) announced that on March 26, 2010, its Board of Directors authorized the Company to repurchase shares of its Common Stock at an aggregate cost not to exceed $250,000. Stock purchases may be made in open market or privately-negotiated transactions, if and when management determines to effect purchases. Repurchases shall occur subject to prevailing market conditions and will be funded from available cash. Repurchases will also be subject to compliance with applicable federal securities laws, including Rule 10b-18 under the Securities Exchange Act of 1934, as amended.

About FieldPoint Petroleum Corp. www.fppcorp.com

FieldPoint Petroleum Corporation is engaged in oil and natural gas exploration, production and acquisition, primarily in Louisiana, New Mexico, Oklahoma, Texas and Wyoming.

This press release may contain projection and other forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Act of 1934, as amended. Any such projections or statement reflect the company’s current views with respect to future events and financial performance. No assurances can be given, however, that these events will occur or that such projections will be achieved and that actual results could differ materially from those projected. A discussion of important factors that could cause actual results to differ from those projected, such as decreases in oil and gas prices and unexpected decreases in oil and gas production is included in the company’s periodic reports filed with the Securities and Exchange Commission (at www.sec.gov).

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Omeros (OMER) Reports Phase 2 Data Showing Multiple Clinical Benefits

SEATTLE, March 31 /PRNewswire-FirstCall/ — Omeros Corporation (Nasdaq: OMER) today announced that a Phase 2 clinical trial of OMS103HP, its PharmacoSurgery™ product candidate for arthroscopy, demonstrated that patients treated with OMS103HP during arthroscopic knee meniscectomy surgery achieved statistically significant clinical benefits.  OMS103HP is an investigational drug product that is added to arthroscopic irrigation solution and is designed to improve postoperative joint function and motion and reduce postoperative pain.

The Phase 2 clinical trial was a multicenter, randomized, double-blind, vehicle-controlled study. Of the 161 patients who were enrolled and treated, 143 patients met the predetermined surgical criteria and were included in the data analysis (71 OMS103HP and 72 vehicle). There were no important differences in demographic characteristics between the two treatment groups.

This study has shown that OMS103HP provides greater efficacy than vehicle as measured by visual analog scale (VAS) pain scores, passive knee flexion and patient reported functional scores using the Knee Injury and Osteoarthritis Outcome Score (KOOS).  The patient reported outcomes showed a sustained benefit through postoperative Day 90. OMS103HP was well tolerated, and adverse events were more frequent in the vehicle dose group.

Pain scores in the immediate 24-hour period and up to seven days postoperatively were measured using a validated, 100-point, VAS. Range of motion assessments were made at baseline and day seven postoperatively. The protocol was amended to collect patient self reports using the KOOS, which consists of five subscale scores: symptoms, pain, activities of daily living, sport and recreation function, and knee-based quality of life. The KOOS subset consisted of 67 subjects (33 OMS103HP and 34 vehicle).

“We are pleased with the clinical results of this Phase 2 trial, which show that OMS103HP significantly improved patients’ functional scores, increased their knee flexion and decreased their pain after arthroscopy,” stated Gregory A. Demopulos, M.D., chairman and chief executive officer of Omeros.  “These data are not only consistent with those from our earlier Phase 2 arthroscopic ACL trial that demonstrated functional improvement over a 30-day course of physical therapy, they showed sustained clinical benefit throughout an even longer 90-day follow-up period.”

About OMS103HP

OMS103HP is being developed for use during arthroscopic surgery to reduce postoperative pain and improve postoperative joint motion and function.  OMS103HP is injected into standard arthroscopic irrigation solutions and perfused through the joint in low concentrations during surgery.  It is currently being evaluated in a Phase 3 clinical program for anterior cruciate ligament (ACL) surgery and has also completed a Phase 2 clinical trial for meniscectomy surgery.  If approved, OMS103HP would be the first commercially available drug delivered directly to the surgical site to improve function following arthroscopic surgery.

About Meniscectomy Surgery

Arthroscopic meniscectomy is a minimally invasive surgical procedure to remove or repair a torn meniscus cartilage in the knee. Postoperative recovery to normal function may take months.  Approximately four million arthroscopic operations were performed in the United States in 2006, including 2.6 million knee arthroscopy operations.

About Omeros Corporation

Omeros is a clinical-stage biopharmaceutical company committed to discovering, developing and commercializing products focused on inflammation and disorders of the central nervous system. The Company’s most clinically advanced product candidates are derived from its proprietary PharmacoSurgery™ platform designed to improve clinical outcomes of patients undergoing a wide range of surgical and medical procedures. Omeros has five ongoing clinical development programs, including four from its PharmacoSurgery™ platform and one from its Addiction program, the most advanced of which is in Phase 3 clinical trials. Omeros may also have the near-term capability, through its GPCR (G-protein coupled receptor) program, to add an unprecedented number of wholly new drug targets to the market. Behind its clinical candidates and GPCR platform, Omeros is building a diverse pipeline of antibody and small-molecule preclinical programs targeting inflammation and central nervous system disorders.

Conference Call and Webcast Today at 4:30 p.m. Eastern Time

The Omeros management team will host a conference call today, March 31, at 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time), to discuss the OMS103HP Phase 2 clinical data, as well as the Company’s fourth quarter and year-end 2009 financial results and development highlights.  Interested parties may participate in the conference call by dialing 888-500-6973 (United States and Canada) or 719-457-2637 (International). In addition, the live conference call is being webcast and can be accessed on the “Events” page of the Company’s website at http://www.omeros.com.

A replay of the webcast will be available on the Company’s website for one week.  A telephone replay will also be available for one week starting at 7:30 p.m. Eastern Time on March 31, which can be accessed by dialing 888-203-1112 (United States and Canada) or 719-457-0820 (International) and entering conference ID number 2664433.

Forward-Looking Statements

This press release contains forward-looking statements as defined within the Private Securities Litigation Reform Act of 1995, which are subject to the “safe harbor” created by those sections. Forward-looking statements are based on management’s beliefs and assumptions and on information available to management only as of the date of this press release. Omeros’ actual results could differ materially from those anticipated in these forward-looking statements for many reasons, including, without limitation, the risks, uncertainties and other factors described under the heading “Risk Factors” in the Company’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on November 19, 2009. Given these risks, uncertainties and other factors, you should not place undue reliance on these forward-looking statements, and the Company assumes no obligation to update these forward-looking statements publicly, even if new information becomes available in the future.

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Air Transport Services Group (ATSG) Announces New Long-Term Agreements with DHL

Mar. 30, 2010 (Business Wire) — Air Transport Services Group, Inc. (NASDAQ: ATSG), today announced the execution of new long-term agreements under which the subsidiaries of ATSG will continue providing aircraft and operating support to the U.S. portion of DHL’s international logistics network.

The principal operating agreements are:

  • A new five-year Air Transportation Services Agreement between its subsidiary, ABX Air, and DHL, which specifies the terms under which ABX will continue providing 767 aircraft operating support to the U.S. portion of DHL’s international logistics network on a primarily fixed-price, rather than cost-plus basis. The agreement covers Crew, aircraft Maintenance and Insurance (CMI) services necessary to initially operate thirteen scheduled Boeing 767 aircraft in DHL’s domestic cargo network through March 2015, with an option for the parties to extend the agreement through March 2020.
  • Seven-year lease agreements between DHL and Cargo Aircraft Management (CAM), ATSG’s aircraft leasing subsidiary, covering thirteen Boeing 767 freighter aircraft, including four aircraft on which DHL held an option to lease under an agreement struck in June 2009. Seven of the thirteen leases are anticipated to become effective in April 2010, with all thirteen targeted to be in place by April 2011, predicated on the conversion schedule for standard 767 freighter door modifications currently underway. ABX Air will provide interim 767 freighter aircraft under similar economic terms as required by DHL until such time as all freighter door modifications are completed.

ABX Air and DHL also entered into an agreement terminating their current ACMI Agreement, which had been in place since August 15, 2003, and was set to expire August 15, 2010. The termination agreement covers the settlement and release of all residual liabilities and commitments related to the ACMI Agreement and former Hub and Line-haul Services Agreement, as well as the Severance and Retention Agreement between the parties.

Key features of these agreements, as well as other significant items agreed between the parties, are summarized below.

CMI Agreement:

  • Five year CMI agreement beginning March 31, 2010 with a two year extension right at DHL’s sole option and up to a five-year extension option subject to mutual agreement
  • Provides for ABX Air to be the exclusive operator for up to thirteen Boeing 767-200 series aircraft operated in DHL’s U.S. domestic air network
  • Firm pricing for 2010 with confirmed annual escalations through 2012; escalations beyond 2012 based on the consumer price index; flight crew costs escalated based on provisions of ABX Air’s labor agreement with its pilots’ union
  • Significant incentive potential based upon monthly on-time aircraft performance above target levels, as adjusted for controllable delays; similar disincentive potential for service results below target levels
  • Agreed pricing adjustments for flight crew and other costs resulting from an increase or decrease in the number of scheduled aircraft
  • DHL to provide fuel at its expense and will reimburse ABX Air for customary pass-through charges
  • ABX Air to provide spare aircraft support
  • Airborne Maintenance & Engineering Services, Inc., an ATSG subsidiary, to provide airframe heavy maintenance services for the thirteen aircraft from its maintenance facility in Wilmington, Ohio, for a minimum of three years
  • Remaining $31.0 million DHL Note to be amortized on a monthly basis so as to be extinguished at the end of the initial five year term, with no cash payment requirement from ABX Air
  • Payment by DHL to ABX Air of a material termination fee in the event DHL elects to terminate for convenience (amount reduces during the five year term), with no option to terminate during the first year
  • Payment by ABX Air to DHL of a material termination fee in the event DHL terminates the CMI agreement due to an ABX Air event of default (amount reduces during the five-year term)
  • DHL’s obligations under the CMI are guaranteed by Deutsche Post AG, DHL’s parent

Lease Agreement:

  • Initially, thirteen 767 freighter aircraft, each for a term of seven years; seven commencing on or about April 1, 2010, with the other six anticipated to be in place by April 2011
  • ABX Air to provide interim 767 freighter aircraft to DHL under similar economic terms until such time as modifications for all thirteen aircraft are completed
  • Leases are guaranteed by Deutsche Post AG, DHL’s parent
  • Four of the thirteen leases are for Boeing 767 aircraft for which DHL held lease options pursuant to a June 2009 agreement
  • DHL is responsible for the cost of routine airframe heavy maintenance during the term of the lease

Significant Items Resolved through Termination Agreement:

  • DHL agreed to pay ABX Air $31.1 million in settlement of open DC-9 and Boeing 767 freighter aircraft put values
  • Pursuant to a Letter Agreement between ABX Air and DHL signed in March 2009, ABX agreed to pay $15.0 million toward the outstanding DHL Note balance, thereby reducing the remaining balance outstanding to $31.0 million
  • DHL agreed to pay ABX Air an additional $11.2 million for reimbursement of accrued vacation paid out to ABX employees adversely impacted by DHL’s restructuring in the United States. ABX Air agreed to seek no additional reimbursement

Joe Hete, ATSG President and CEO, said, “These new agreements clearly evidence the continuing long-term relationship between ABX Air and DHL and address the significant remaining questions relating to the impact of DHL’s U.S. restructuring on ABX Air. Exiting the cost-plus structure of the ACMI Agreement in favor of the CMI Agreement and aircraft leases provides us an opportunity to achieve appropriate market returns for our assets for years forward, and our customer the opportunity to lock in flexibility and excellent service at a predictable price. We are very pleased to continue to support DHL as it provides its customers premium service for their international freight transiting the United States.”

Ken Allen, Chief Executive Officer of DHL Express and member of the Management Board of the world’s largest logistics company, Deutsche Post World Net, added, “We have a high regard for the service capability of ABX Air and the 767 freighter aircraft it operates on our behalf in the U.S. network, and are pleased to continue to partner with them under the new CMI arrangement.”

Hete concluded, “After months of intensive negotiations, the agreements we are announcing today truly reflect a new chapter for ABX Air. These agreements, coupled with the five-year collective bargaining agreement recently executed with its flight crews, position ABX Air to be a major player in the global ACMI market for years to come. Having emerged from the events of the past year with a stronger balance sheet, greater long-term security and diversity of cash flows, and renewed focus on serving our customers, I believe the ATSG family of companies is well positioned to generate attractive returns for its shareholders and excellent service to its customers in 2010 and beyond.”

Conference Call

Air Transport Services Group will host a conference call to review its financial results for 2009 and these agreements with DHL on Thursday, April 1, 2010, at 10:00 a.m. Eastern Daylight Savings time. Participants should dial (888) 713-4215 and international participants should dial (617) 213-4867 ten minutes before the scheduled start of the call and ask for conference ID #23057952.

The call will also be webcast live (listen-only mode) and will include slides that will progress automatically during the call. If you are joining the teleconference and wish to access the slides please go either to the Company’s website at www.atsginc.com, or to earnings.com for individual investors, and www.streetevents.com for institutional investors. A replay of the conference call will be available beginning two hours after the conclusion of the call. It will be available by phone for eight days after the call at (888) 286-8010 (international callers (617) 801-6888); use pass code ID #81854905. The webcast replay will remain available for 30 days.

About ATSG

ATSG is a leading provider of air cargo transportation and related services to domestic and foreign air carriers and other companies that outsource their air cargo lift requirements. Through five principal subsidiaries, including three airlines with separate and distinct U.S. FAA Part 121 Air Carrier certificates, ATSG provides air cargo lift, aircraft leasing, aircraft maintenance services, airport ground services, fuel management, specialized transportation management, and air charter brokerage services. ATSG’s subsidiaries include ABX Air, Inc., Air Transport International, LLC, Capital Cargo International Airlines, Inc., Cargo Aircraft Management, Inc., LGSTX Services, Inc., and Airborne Maintenance and Engineering Services, Inc. For more information, please see www.atsginc.com.

Safe Harbor Statement

Except for historical information contained herein, the matters discussed in this release contain forward-looking statements that involve risks and uncertainties. There are a number of important factors that could cause Air Transport Services Group’s (“ATSG’s”) actual results to differ materially from those indicated by such forward-looking statements. These factors include, but are not limited to, the timely completion of 767 freighter modifications as anticipated under the new agreements with DHL, ABX Air’s ability to maintain on-time service under the CMI Agreement, and other factors that are contained from time to time in ATSG’s filings with the U.S. Securities and Exchange Commission, including its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Readers should carefully review this release and should not place undue reliance on ATSG’s forward-looking statements. These forward-looking statements were based on information, plans and estimates as of the date of this release. ATSG undertakes no obligation to update any forward-looking statements to reflect changes in underlying assumptions or factors, new information, future events or other changes.

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ArQule (ARQL) Announces Results of Phase 2 Trial

Mar. 31, 2010 (Business Wire) — ArQule, Inc. (Nasdaq: ARQL) today announced that ARQ 197, when used in combination with erlotinib, demonstrated a 66% improvement in median Progression-Free Survival (PFS) in patients with advanced, refractory non-small cell lung cancer (NSCLC). In the intent to treat (ITT) population (n = 167), median PFS was 16.1 weeks in the ARQ 197 plus erlotinib arm, compared with 9.7 weeks in the erlotinib plus placebo arm.

The difference in PFS between the two arms did not achieve statistical significance (hazard ratio = 0.809) by applying a log-rank test. When adjusting for imbalances in the distribution of key prognostic factors, the difference in PFS was statistically significant (hazard ratio = 0.675) by applying a Cox regression analysis specified for secondary efficacy analyses.

Improvement in median PFS was more pronounced in the pre-defined sub-group of patients with non-squamous histology (n = 117); median PFS was 18.9 weeks in the treatment arm versus 9.7 weeks in the control arm, which represents a 94% improvement. Based on an exploratory Cox regression analysis, the endpoint of PFS was met in the sub-group and achieved statistical significance (hazard ratio = 0.613).

There were no clinically relevant differences in adverse event rates between the treatment and control arms. The majority of adverse events were mild in intensity and included rash, diarrhea and fatigue.

“We believe the treatment benefit observed in this trial would represent a meaningful clinical improvement over standard therapy if replicated in Phase 3 trials,” said Dr. Brian Schwartz, chief medical officer of ArQule. “We are especially encouraged by the potential benefit for the large sub-group of non-squamous cell patients. We will thoroughly analyze our extensive database from this trial, including additional patient sub-group characteristics, to optimize ongoing and future trials of ARQ 197.”

Complete data from this trial, which will include biomarker analyses, will be presented at a future medical meeting during 2010.

One hundred sixty-seven patients were evaluated in the Phase 2 trial. Participating patients were EGFR (epidermal growth factor receptor) inhibitor naïve and were randomized one-to-one to receive either the combination of ARQ 197 plus erlotinib or placebo plus erlotinib in second and third line settings. ARQ 197 is an orally available, small molecule inhibitor of the c-Met receptor tyrosine kinase. Erlotinib, marketed as Tarceva™, is an inhibitor of the EGFR tyrosine kinase.

ARQ 197 is also currently being evaluated in clinical trials as a single agent and in combination with other anti-cancer therapies in a number of indications, including c-Met-associated soft-tissue sarcomas, hepatocellular carcinoma, pancreatic adenocarcinoma, germ cell tumors and colorectal cancer.

Patients, physicians and other healthcare professionals seeking additional information regarding trials involving ARQ 197 may call 1-800-373-7827.

The American Cancer Society’s estimates of the impact of lung cancer in the U.S. during 2009 include approximately 219,000 new cases (both non-small cell and small cell) and 159,000 deaths resulting from the disease, accounting for 28 percent of all cancer deaths. Lung cancer is the leading cause of cancer death among both men and women.

Conference Call and Webcast

ArQule will hold a conference call at 8:30 a.m. eastern time today, March 31, 2010 to discuss the results of the trial described above.

Date: Wednesday, March 31, 2010
Time: 8:30 a.m., Eastern Time
Conference Call Numbers
Domestic: (877) 868-1831
International: (914) 495-8595
Webcast: www.arqule.com

A replay of the conference call will be available beginning at Noon on March 31, 2010 for seven days and can be accessed by dialing toll-free (800) 642-1687 and outside the U.S. (706) 645-9291. The confirmation code for replayed calls is 66413046.

About c-Met and ARQ 197

When abnormally activated, the c-Met receptor tyrosine kinase plays multiple roles in aspects of human cancer, including cancer cell growth, survival, angiogenesis, invasion and metastasis. Pre-clinical data have demonstrated that ARQ 197 inhibits c-Met activation in a range of human tumor cell lines and shows anti-tumor activity against several human tumor xenografts. In clinical trials to date, treatment with ARQ 197 has been well tolerated and has resulted in tumor responses and prolonged stable disease across broad ranges of tumors and doses.

About ArQule, Inc. and Daiichi Sankyo, Co., Ltd.

On December 19, 2008, ArQule and Daiichi Sankyo, Co., Ltd. signed a license, co-development and co-commercialization agreement to co-develop ARQ 197 in the U.S., Europe, South America and the rest of the world, excluding Japan, China (including Hong Kong), South Korea and Taiwan, where Kyowa Hakko Kirin Co., Ltd. has exclusive rights for development and commercialization.

About ArQule

ArQule is a biotechnology company engaged in the research and development of next-generation, small-molecule cancer therapeutics. The Company’s targeted, broad-spectrum products and research programs are focused on key biological processes that are central to human cancers. ArQule’s lead product, in Phase 2 clinical development, is ARQ 197, an inhibitor of the c-Met receptor tyrosine kinase. The Company is also conducting Phase 1 clinical testing with ARQ 621, designed to inhibit the Eg5 kinesin motor protein. The Company’s pre-clinical pipeline includes a compound designed to inhibit the B-RAF kinase. ArQule’s current discovery efforts, which are based on the ArQule Kinase Inhibitor Platform (AKIP™), are focused on the identification of novel kinase inhibitors that are potent, selective and do not compete with ATP (adenosine triphosphate) for binding to the kinase. The most advanced AKIP™ program is focused on the discovery of inhibitors of fibroblast growth factor receptor (FGFR).

This press release contains forward-looking statements regarding the progress of the Company’s clinical trials, including its Phase 2 trial with ARQ 197 in non-small cell lung cancer (NSCLC) and trials which may be conducted by Daiichi Sankyo and/or Kyowa Hakko Kirin under their agreements with the Company. These statements are based on the Company’s current beliefs and expectations, and are subject to risks and uncertainties that could cause actual results to differ materially. Positive information about early stage clinical trial results is not necessarily indicative of clinical efficacy and does not ensure that later stage or larger scale clinical trials will be successful. For example, ARQ 197 may not demonstrate promising therapeutic effect; in addition, this compound may not demonstrate an appropriate safety profile in further pre-clinical testing and in current, later stage or larger scale clinical trials as a result of known or as yet unanticipated side effects. The results achieved in later stage trials may not be sufficient to meet applicable regulatory standards. Problems or delays may arise during clinical trials or in the course of developing, testing or manufacturing these compounds that could lead the Company or its partner to discontinue development. Even if later stage clinical trials are successful, the risk exists that unexpected concerns may arise from analysis of data or from additional data or that obstacles may arise or issues be identified in connection with review of clinical data with regulatory authorities or that regulatory authorities may disagree with the Company’s view of the data or require additional data, information or studies. In addition, the planned timing of initiation and completion of clinical trials for ARQ 197 are subject to the ability of the Company or Daiichi Sankyo, its partner, and Kyowa Hakko Kirin, a licensee of ARQ 197, to enroll patients, enter into agreements with clinical trial sites and investigators, and other technical hurdles and issues that may not be resolved. Moreover, Daiichi Sankyo has certain rights to unilaterally terminate the ARQ 197 license, co-development and co-commercialization agreement. Drug development involves a high degree of risk. Only a small number of research and development programs result in the commercialization of a product. Furthermore, ArQule may not have the financial or human resources to pursue drug discovery successfully in the future. For more detailed information on the risks and uncertainties associated with the Company’s drug development and other activities see the Company’s periodic reports filed with the Securities and Exchange Commission. The Company does not undertake any obligation to publicly update any forward-looking statements.

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Versar (VSR) Awarded $7.6 Million Contract by U.S. Environmental Protection Agency

Mar. 30, 2010 (Business Wire) — Versar, Inc. (NYSE Amex:VSR) announced today that it was awarded a five-year, $7.6 million contract to review and evaluate pesticide product and residue chemistry data by the Office of Pesticide Programs (OPP), Health Effects Division (HED), of the U.S. Environmental Protection Agency (EPA). The EPA’s award of this new contract to Versar increases the total number of contracts to six currently managed by Versar’s Exposure and Risk Assessment Division.

Under this new contract, Versar will review and evaluate product and residue chemistry data for the registration and re-registration of pesticides; perform data analysis and database development; and prepare technical presentations. The support under this contract will assist the OPP under their regulatory mandates, and will continue Versar’s more than 20 years of support to the EPA’s pesticide exposure assessment programs.

Tony Otten, CEO of Versar, said, “Versar continues to expand our funded backlog with the win of important new contracts. While Versar has worked with the EPA’s pesticides program for two decades, this win moves us into new areas and scientific disciplines. The EPA’s pesticides programs are among the EPA’s highest priorities to better characterize chemical exposures and risks to our communities. Versar brings innovative approaches and rigorous scientific analysis to support EPA’s programs that ensure the safety of all our citizens.”

VERSAR, INC., headquartered in Springfield, VA, is a publicly held international professional services firm supporting government and industry in national defense/homeland defense programs, environmental health and safety and infrastructure revitalization. VERSAR operates a number of web sites, including the corporate Web sites, http://www.versar.com, http://www.homelanddefense.com, http://www.geomet.com; http://www.viap.com; http://www.dtaps.com; www.ppsgb.com; www.adventenv.com.

This press release contains forward-looking information. The forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be significantly impacted by certain risks and uncertainties described herein and in Versar’s Annual Report on Form 10-K filed with the Securities and Exchange Commission for the year ended June 26, 2009. The forward-looking statements are made as of the date hereof and Versar does not undertake to update its forward-looking statements.

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LGL Group (LGL) Names LaDuane Clifton Chief Accounting Officer

ORLANDO, Fla., March 30, 2010 (GLOBE NEWSWIRE) — The LGL Group, Inc. (NYSE Amex:LGL) today announced the appointment of R. LaDuane Clifton, CPA, as its Chief Accounting Officer. Mr. Clifton had previously served as the Company’s Corporate Controller since August 2009. Prior to joining the Company, Mr. Clifton was CFO of a21, Inc. (Jacksonville, FL), a publicly-held holding company in the stock photography and home decor industries, and a Senior Associate of KMPG LLP, the international accounting and management consulting firm.

LGL, through its wholly-owned subsidiary MtronPTI, is a leading producer of frequency control, filter and integrated subsystems for the multi-billion dollar telecom, military, space satellite and avionics markets.

Mr. Clifton will report to LGL Chief Executive Greg Anderson. He will focus on corporate cost reductions and furthering the firm’s ongoing efforts to set the Company on the path to profitability. “We are pleased to have LaDuane on board, given his deep background in finance and accounting, his proven ability to interact with investors and his talent for budgeting and development of strategic initiatives,” Mr. Anderson said.

About The LGL Group, Inc.

The LGL Group, Inc., through its wholly-owned subsidiary MtronPTI, manufactures and markets highly engineered electronic components used to control the frequency or timing of signals in electronic circuits. These devices are used extensively in infrastructure equipment for the telecommunications and network equipment industries. They are also used in electronic systems for military applications, avionics, earth-orbiting satellites, medical devices, instrumentation, industrial devices and global positioning systems. The Company has operations in Orlando, Florida, Yankton, South Dakota and Noida, India. MtronPTI also has a sales office in Hong Kong, China.

For more information on the Company and its products and services, contact Greg Anderson at The LGL Group, Inc., 2525 Shader Rd., Orlando, Florida 32804, (407) 298-2000, or visit the Company’s Web site: www.lglgroup.com.

Caution Concerning Forward Looking Statements

This document includes certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management’s current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from these expectations due to changes in global political, economic, business, competitive, market and regulatory factors. More detailed information about those factors is contained in the Company’s filings with the Securities and Exchange Commission.

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Socket Mobile (SCKT) and 3M Collaborate to Provide Secure, Flexible Asset Tracking Solution

NEWARK, CA — (Marketwire) — 03/30/10 — Socket Mobile, Inc. (NASDAQ: SCKT), an innovative provider of mobile productivity solutions, today announced with 3M Track and Trace Solutions that it will provide a flexible, easy and secure method of tracking, locating and managing assets. This 3M Asset and Inventory Tracking System solution will be composed of 3M software, 3M RFID or barcode tags and Socket hardware including the Socket SoMo 650 handheld computer and the dual-function Socket CompactFlash RFID Reader-Scan Card™ 6P.

“The Socket SoMo 650 and CF RFID Reader-Scan card combination is a powerful tool for mobile asset management and satisfies our requirements in terms of a wireless handheld reader for the 3M Asset and Inventory Tracking System,” said Tom Mercer, Market Development Supervisor at 3M Track and Trace Solutions.

The 3M Asset and Inventory Tracking System allows businesses to streamline their operations by efficiently monitoring and managing assets and inventory. The system is compatible with both 3M and third-party RFID and barcode tags, giving companies greater flexibility in selecting a solution that meets their needs. In addition, data is backed up automatically in a Tier III data center, where it can be accessed any time and from anywhere, eliminating the need to install and configure additional servers.

“The 3M Asset and Inventory Tracking System is geared specifically toward small and medium businesses where maximizing profits and minimizing costs is essential to operating successfully,” said Chuck Furedy, senior vice president of worldwide sales at Socket Mobile. “Socket has a long-standing history of providing SMBs with innovative solutions that increase productivity and efficiency, and we’re excited to work with 3M as they bring their solution to market.”

For more information and to purchase visit the 3M Asset and Inventory Tracking System Web page.

About 3M
A recognized leader in research and development, 3M produces thousands of innovative products for dozens of diverse markets. 3M’s core strength is applying its more than 40 distinct technology platforms — often in combination — to a wide array of customer needs. With $23 billion in sales, 3M employs 76,000 people worldwide and has operations in more than 65 countries. For more information, visit www.3M.com.

About 3M Track and Trace Solutions
3M provides comprehensive, practical and easy to use solutions for customers in diverse markets, including health care, safety and security, aerospace and government, oil and gas, process industries, supply chain, construction and utilities, libraries and legal. Utilizing RFID, GPS and other technologies, our asset management, protection, and utilization solutions enable customers to reliably and accurately manage high-value assets. Unlike similar offerings, based on components rather than complete solutions, 3M systems are designed with full implementation in mind, deploying the right solution, with the right technology, suited for the customer. For more information, go to www.3Mtrackandtrace.com.

About Socket Mobile, Inc.
With more than 15 years of experience in the Automatic Identification and Data Capture market, Socket makes mobile computing and productivity work. The company offers a family of handheld computers and an extensive portfolio of AIDC peripherals designed specifically for business mobility deployments and to enable productivity increases and drive operational efficiencies in healthcare, hospitality and other vertical markets. The company also offers OEM solutions. Socket is headquartered in Newark, Calif. and can be reached at 510-933-3000 or www.socketmobile.com.

Socket, SoMo and CompactFlash RFID Reader-Scan Card are trademarks or registered trademarks of Socket Mobile, Inc. 3M is a trademark of 3M Company. All other trademarks and trade names contained herein may be those of their respective owners.

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Microsemi Corporation (MSCC) to Acquire White Electronic Designs Corporation

Mar. 30, 2010 (GlobeNewswire) —

  • Brings additional analog/mixed signal product offering
  • Extends Microsemi’s product offerings with system level integrated solutions
  • Adds Anti Tamper capability with chip level solutions to growing market
  • Delivers immediate EPS accretion

IRVINE, Calif. and PHOENIX, March 30, 2010 (GLOBE NEWSWIRE) — Microsemi Corporation (Nasdaq:MSCC), a leading manufacturer of high performance analog mixed-signal integrated circuits and high reliability semiconductors, announced today that it has entered into a definitive agreement to acquire White Electronic Designs Corporation (Nasdaq:WEDC) through a cash tender offer at $7.00 per share for a net transaction value of approximately $100 million, net of White Electronic’s projected cash balance at closing.

White Electronic is a leader in design, assembly, and test integration. They have extensive offerings and experience in Multi-Chip-On-Board solutions that are integrated into Defense and Aerospace applications. Their technology integrates surface mount technologies, microelectronics, and Anti Tamper technologies into one solution. Their market focus is where size, weight, and performance create a market advantage. A significant area of market expansion where they have developed unique technology is in the Anti Tamper market. This market is expanding rapidly as every major weapon system now requires this feature.

Anti Tamper technology enables key product offerings in the GPS receiver market for munitions programs such as the accelerated precision mortar initiative (APMI) and the Precision Guided Kit (PGK). These programs meet the urgent operational requirements of the U.S. military in Afghanistan that have highlighted the importance of pinpointing targets using GPS precision-guided munitions. GPS-enabled precision dramatically reduces the 136 meters circular error probable (CEP) of conventional mortars to about 10 meters. Improving the accuracy of mortars and other battery munitions is an important growth opportunity, not only because it reduces unfortunate collateral damage but it also greatly decreases wasteful spending on ordinances which land off target.

“The combination of Microsemi’s and White Electronic’s product portfolios further extends Microsemi’s integrated solution offering in the Defense and Aerospace markets with superior technology and capability,” said James J. Peterson, President and Chief Executive Officer of Microsemi Corporation. “White Electronic’s chip level hardware solutions delay or obfuscate chip level attacks and mitigate reverse engineering and IP theft. This Anti Tamper capability is greatly needed today in protecting DoD-critical technologies, and especially helpful in enabling foreign military sales.”

“The acquisition of White Electronic by Microsemi is designed to deliver excellent value to our shareholders while providing an enhanced platform from which our customers can benefit,” said Brian R. Kahn, White Electronic’s Chairman.  “As such, our board of directors unanimously approved this transaction.”

Under the terms of the agreement, Microsemi will commence a cash tender offer to acquire White Electronic’s outstanding shares of common stock at $7.00 per share, net to each holder in cash. Upon satisfaction of the conditions to the tender offer and after such time as all shares tendered in the tender offer are accepted for payment, the agreement provides for the parties to effect, subject to customary closing conditions, a merger to be completed following completion of the tender offer which would result in all shares not tendered in the tender offer being converted into the right to receive $7.00 per share in cash. The transaction is subject to customary closing conditions, including the tender of a majority of the outstanding shares of White Electronic’s common stock on a modified fully diluted basis and regulatory approvals, and is expected to close in Microsemi’s fiscal third quarter, ended June 27, 2010. No approval of the shareholders of Microsemi is required in connection with the proposed transaction. Terms of the agreement were unanimously approved by the boards of directors of both Microsemi and White Electronic.

Microsemi will finance the acquisition using its cash on hand and there will be no acquisition debt incurred in connection with the transaction.

Microsemi expects that there will be significant cost synergies from the transaction and that Microsemi can drive gross profit levels to its own corporate target as Microsemi exits lower margin business, drives a richer product mix, and realizes operational and other cost synergies by Microsemi’s fourth fiscal quarter, ended October 3,  2010. Based on current assumptions, Microsemi further expects the acquisition to be $0.08 to $0.12 accretive in its full fiscal year 2011.

Microsemi will further discuss this acquisition and provide general business updates on its second quarter results conference call on April 22, 2010.

Needham and Company, LLC is acting as financial advisor to Microsemi, and O’Melveny & Myers, LLP is acting as legal advisor to Microsemi. Thomas Weisel Partners provided a fairness opinion to Microsemi. Jefferies & Company, Inc. is acting as financial advisor to White Electronic and Wilson Sonsini Goodrich & Rosati, PC is acting as legal advisor to White Electronic.

About Microsemi Corporation

Microsemi Corporation, with corporate headquarters in Irvine, California, is a leading designer, manufacturer and marketer of high performance analog and mixed-signal integrated circuits, high reliability semiconductors and RF subsystems. The company’s semiconductors manage and control or regulate power, protect against transient voltage spikes and transmit, receive and amplify signals.

Microsemi’s products include individual components as well as integrated circuit solutions that enhance customer designs by improving performance and reliability, battery optimization, reducing size or protecting circuits. The principal markets the company serves include implanted medical, defense/aerospace and satellite, notebook computers, monitors and LCD TVs, automotive and mobile connectivity applications. More information may be obtained by contacting the company directly or by visiting its website at http://www.microsemi.com.

The Microsemi Corporation logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=1233

About White Electronic Designs Corporation

White Electronic delivers sophisticated multi-chip semiconductor packages, high-efficiency memory devices, and build-to-print electromechanical assemblies for defense and aerospace applications. The ability to address the unique size, performance and quality requirements for technology creators in the defense and aerospace market has established White Electronic as a customer-focused solutions provider. Capabilities include design, manufacturing and obsolescence management for advanced defense electronics solutions, including die stacking and secure microelectronics, as well as complex circuit card assembly services. White Electronic is headquartered in Phoenix, Arizona.

This release contains forward-looking statements based on current expectations or beliefs, as well as a number of assumptions about future events, and these statements are subject to factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. The reader is cautioned not to put undue reliance on these forward-looking statements, which are not a guarantee of future performance and are subject to a number of uncertainties and other factors, many of which are outside the control of Microsemi and White. The forward-looking statements in this release address a variety of subjects including, for example, the expected date of closing of the acquisition and the potential benefits of the merger, including the potentially accretive benefits. The following factors, among others, could cause actual results to differ materially from those described in these forward-looking statements: the risk that White Electronic’s business will not be successfully integrated with Microsemi’s business, including product mix and acceptance, gross margins and operational and other  cost synergies, costs associated with the merger; the unsuccessful completion of the tender offer; matters arising in connection with the parties’ efforts to comply with and satisfy applicable regulatory approvals and closing conditions relating to the transaction; increased competition and technological changes in the industries in which Microsemi and White Electronic compete; and other events that could negatively impact the completion of the transaction, including industry, economic or political conditions outside of our control. The forward-looking statements included in this release speak only as of the date hereof, and Microsemi does not undertake any obligation to update these forward-looking statements to reflect subsequent events or circumstances.

Notice to Investors

The tender offer for the outstanding shares of common stock of White Electronic has not yet commenced. This press release is for informational purposes only and no statement in this press release is an offer to purchase or a solicitation of an offer to sell securities. At the time the tender offer is commenced, Microsemi Corporation and a wholly-owned subsidiary of Microsemi Corporation will file a tender offer statement on Schedule TO with the Securities and Exchange Commission, and White Electronic will file a solicitation/recommendation statement on Schedule 14D-9 with respect to the tender offer. The tender offer statement (including an offer to purchase, a related letter of transmittal and other offer documents) and the solicitation/recommendation statement will contain important information that should be read carefully before any decision is made with respect to the tender offer. Such materials will be made available to White Electronic’s shareholders at no expense to them. In addition, such materials (and all other offer documents filed with the SEC) will be available at no charge on the SEC’s Web site: www.sec.gov.

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Food Technology Service, Inc. (VIFL) Reports Earnings

Mar. 30, 2010 (Business Wire) — Food Technology Service, Inc. (Nasdaq: VIFL) today announced financial results for the year ending December 31, 2009. The Company had revenue of $2,515,978 in 2009 which is comparable to the $2,507,078 realized in 2008. Income before taxes was $559,358 in 2009 compared to $505,387 in 2008, an increase of about 10.7 per cent. Income per share before taxes was $0.203 for 2009 compared to $0.183 for 2008.

The Company periodically evaluates the value of tax-loss carry-forward credits on its financial statements as required by Generally Accepted Accounting Principles. In 2008, the Company increased the value of the tax-loss carry-forward credits which increased net income in 2008 and stockholders equity at December 31, 2008 by $525,000. Based on increased profitability in 2009 and potential future profitability, the Company again increased the value of the tax-loss carry-forward credits which increased net income in 2009 and stockholders equity at December 31, 2009 by $139,000. Due to the tax credit adjustments, the Company had net income of $698,358 or $0.253 per share in 2009 compared to net income of $1,030,387 or $0.374 per share in 2008.

Revenue for the fourth quarter of 2009 was $640,039 compared to $641,731 during the same period in 2008.

Food Technology Service, Inc. CEO Dr. Richard Hunter said, “I am pleased by our increased profitability despite the loss of a large customer that was purchased and moved to Texas early in 2009. The fact that annual and fourth quarter revenues were nearly identical between 2009 and 2008 is an indication that the Company has replaced much of that business. We continue to generate over $1,000,000 per year in cash flow and retired nearly $630,000 in debt during 2009. This negates all stock conversion rights held on that debt and we are debt-free.”

Food Technology Service, Inc. provides irradiation services for food items, medical products and consumer goods to enhance the safety of those products. The Company is certified to ISO 13485:2003 standards for radiation sterilization services for medical devices.

Except for historical matters contained herein, the matters discussed in this press release are forward-looking statements and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect assumptions and involve risk and uncertainties that may affect business and prospects and cause actual results to differ materially from these forward-looking statements.

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Rosetta Genomics (ROSG) Announces Publication of the Development and Validation Process of miRview(TM)

Mar. 29, 2010 (Business Wire) — Rosetta Genomics, Ltd. (NASDAQ:ROSG), a leading developer and provider of microRNA-based molecular diagnostics, announces publication of an article describing the development and validation process of miRview™ mets, the company’s microRNA-based test for identification of primary origin of metastases. The article, “Validation of a microRNA-based qRT-PCR test for accurate identification of tumor tissue origin,” was published on March 26th in the online issue of Modern Pathology, a peer-reviewed publication. The abstract of the study may be viewed online at: http://www.nature.com/modpathol/journal/vaop/ncurrent/abs/modpathol201057a.html

It is estimated that more than 70,000 patients in the U.S. are diagnosed with CUP, and thousands more have metastases where the origin is difficult to identify. Knowing the origin of a metastasis affects treatment decisions, and CUP patients may undergo a wide range of costly, time-consuming and inefficient tests to identify the primary site of origin, often to no avail.

The miRview™ mets test, which included more than 850 samples in its development and validation, uses two classifiers that independently look for a primary origin. When the two classifiers reach the same answer, the test reports a single predicted origin. When the two classifiers identify two different predicted origins, both are reported. In the study described in Modern Pathology, the overall sensitivity was approximately 85%, and the sensitivity of a single answer prediction was approximately 90%. Overall specificity was 97%-99%.

“This publication is yet another validation of the significant advantage of microRNAs as biomarkers,” said Kenneth A. Berlin, President and CEO of Rosetta Genomics. “Their high tissue specificity, stability in a wide range of sample types and the large amount of biological information they carry makes microRNAs ideal biomarkers for a range of disease states and indications, including metastatic cancer. As we have previously announced, we expect to launch a second generation of our miRview™ mets in the second half of 2010. This new version is expected to be able to identify approximately twice the number of origins compared with the first generation test.”

miRview™ mets leverages Rosetta Genomics’ proprietary microRNA technologies to assign a primary site to metastases in cases where the physician is unsure of its origin. These technologies were described in-depth in a study by Rosetta Genomics, published March 2008 in Nature Biotechnology.

miRview™ mets is marketed in the U.S. by Prometheus Laboratories under the ProOnc™ mets brand, and is available outside the U.S. through various distributors under the miRview™ mets brand.

About microRNAs

MicroRNAs (miRNAs) are recently discovered, small RNAs that act as master regulators of protein synthesis, and have been shown to be highly effective biomarkers. MicroRNAs’ unique advantage as biomarkers lies in their high tissue specificity, and their exceptional stability in the most routine preservation methods for biopsies, including Formalin Fixed Paraffin Embedded (FFPE) block. It has been suggested that their small size (19-21 nucleotides) enables them to remain intact in FFPE blocks, as opposed to messenger RNA (mRNA), which tends to degrade rapidly in samples preserved by this method. In addition, early preclinical data has shown that by controlling the levels of specific microRNAs, cancer cell growth may be reduced. To learn more about microRNAs, please visit www.rosettagenomics.com.

About miRview™ Products

miRview™ are a series of microRNA-based diagnostic tests developed by Rosetta Genomics. miRview™ mets accurately identifies the primary tumor site in metastatic cancer and Cancer of Unknown Primary. miRview™ squamous accurately identifies the squamous subtype of NSCLC, which carries an increased risk of severe of fatal internal bleeding and poor response to treatment for certain therapies. miRview™ meso diagnoses mesothelioma, a cancer connected to asbestos exposure. miRview™ tests are designed to provide objective diagnostic data; it is the treating physician’s responsibility to diagnose and administer the appropriate treatment. In the U.S. alone, over 100,000 patients a year may benefit from the miRview™ mets test, 60,000 from miRview™ squamous, and 60,000 from miRview™ meso, with similar numbers of patients outside the U.S. The company’s tests are now being offered through distributors around the globe. For more information, please visit www.mirviewdx.com.

About Rosetta Genomics

Rosetta Genomics is a leading developer of microRNA-based molecular diagnostics. Founded in 2000, the company’s integrative research platform combining bioinformatics and state-of-the-art laboratory processes has led to the discovery of hundreds of biologically validated novel human microRNAs. Building on its strong patent position and proprietary platform technologies, Rosetta Genomics is working on the application of these technologies in the development of a full range of microRNA-based diagnostic tools. The company’s first three microRNA-based tests, miRview™ squamous, miRview™ mets and miRview™ meso, are commercially available through its Philadelphia-based CLIA-certified lab. Rosetta Genomics is the 2008 winner of the Wall Street Journal’s Technology Innovation Awards in the medical/biotech category. To learn more, please visit www.rosettagenomics.com.

Forward-Looking Statement Disclaimer

Various statements in this release concerning Rosetta’s future expectations, plans and prospects, including without limitation, statements relating to the expected launch of a second generation of miRview mets in the second half of 2010, the role of microRNAs in human physiology and disease, and the potential of microRNAs in the diagnosis and treatment of disease, constitute forward-looking statements for the purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors, including risks related to: Rosetta’s approach to discover microRNA technology and to work on the application of this technology in the development of novel diagnostics and therapeutic tools, which may never lead to commercially accepted products or services; Rosetta’s ability to obtain, maintain and protect its intellectual property; Rosetta’s ability to enforce its patents against infringers and to defend its patent portfolio against challenges from third parties; Rosetta’s need and ability to obtain additional funding to support its business activities; Rosetta’s dependence on third parties for development, manufacture, marketing, sales, and distribution of products; Rosetta’s ability to successfully develop its products and services; Rosetta’s ability to obtain regulatory clearances or approvals that may be required for its products and services; the ability to obtain coverage and adequate payment from health insurers for the products and services comprising Rosetta’s technology; competition from others using technology similar to Rosetta’s and others developing products for similar uses; Rosetta’s dependence on collaborators; and Rosetta’s short operating history; as well as those risks more fully discussed in the “Risk Factors” section of Rosetta’s Annual Report on Form 20-F for the year ended December 31, 2008 as filed with the Securities and Exchange Commission. In addition, any forward-looking statements represent Rosetta’s views only as of the date of this release and should not be relied upon as representing its views as of any subsequent date. Rosetta does not assume any obligation to update any forward-looking statements unless required by law.

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MDRNA, Inc. (MRNA) Announces Patent Allowance Covering Methods for Cell Specific Delivery of siRNAs

BOTHELL, WA — (Marketwire) — 03/29/10 — MDRNA, Inc. (NASDAQ: MRNA), a leading RNAi-based drug discovery and development company, today announced that the U.S. Patent and Trademark Office (USPTO) has issued a Notice of Allowance for patent application U.S. 12/701,397 covering methods for the delivery of siRNAs as well as a broad array of compounds with pharmacological activity. The patent identifies and protects peptides that were discovered using MDRNA’s proprietary Trp Cage Phage Display Library and describes targeting peptides that demonstrate high binding affinity to, and internalization by, hepatocellular carcinoma cells.

“Specificity to individual cell types and internalization are key attributes required for peptide-directed delivery,” said Barry Polisky, Ph.D., Chief Scientific Officer of MDRNA. “The Trp Cage Phage Display Library is proving to be a robust means to screen and identify peptides that impart these targeting characteristics. The addition of these novel peptides to our proprietary DiLA2 delivery platform technology permits the potential development of highly tissue- and cell-specific RNAi-based therapies for the treatment of cancers in which the need to differentiate between normal and diseased cells is important.”

MDRNA’s proprietary Trp Cage Phage Display Library (J Biol Chem. 2007 282(13):9813) is the subject of an issued patent, U.S. patent 7,329,725. The Trp Cage motif is highly structured allowing for the identification of peptides with high binding affinity for specific cell or tissue types, and avoids the limitations and weak binding often associated with linear peptide libraries. This technology is directly applicable to the Company’s DiLA2 delivery platform as peptides are readily conjugated to the amino acid scaffold of a DiLA2. Peptides capable of directed delivery are expected to further improve the delivery efficiency of UsiRNAs, which have demonstrated significant knockdown of target genes in mouse models of liver and bladder cancer, and in non-human primates.

“This is the second Notice of Allowance that we have received in the past four months from the USPTO for a patent application that covers the use of our proprietary targeting peptide technology,” said J. Michael French, President and CEO of MDRNA. “We are pleased that the USPTO recognizes the novelty and significance of our proprietary peptide targeting technology. The identification of additional peptides with high affinity to specific cell types, including certain cancers, further strengthens our broad patent estate.”

On December 17, 2009, MDRNA received a Notice of Allowance from the USPTO for patent application U.S. 11/627,863, which covers the use of targeting peptides that have preferential binding affinity for lung tissue.

About MDRNA’s Technology

MDRNA has a broad intellectual property estate that encompasses four key RNAi technology platforms: siRNA constructs, chemistry, nucleic acid delivery, and gene targets. The MDRNA-owned siRNA constructs and chemistry include its proprietary UsiRNA construct, which is a duplex siRNA chemically modified with non-nucleotide acyclic monomers (UNAs), and is distinct from the standard siRNA construct used by others in the industry. UsiRNAs are fully recognized by the RNAi machinery and provide for potent RNAi activity while specific placement of UNAs in a duplex siRNA minimizes potential off-target effects by the guide strand and reduces undesired passenger strand activity. Furthermore, UsiRNAs escape the surveillance mechanisms associated with cytokine induction, and provide protection from nuclease degradation.

The MDRNA delivery platforms include DiLA2 and nanoparticle forming peptides. DiLA2 is an MDRNA proprietary delivery platform of novel synthetic di-alklylated amino acid compounds used to make liposomal delivery formulations. The DiLA2 platform enables MDRNA to tailor the charge, linker and acyl chains of amino acids in order to configure liposomes for delivery to target tissues of interest. In addition, the platform is designed to permit attachment of various peptides and other targeting molecules to improve a variety of delivery characteristics. The MDRNA peptide nanoparticle platform includes exclusively in-licensed and developed IP surrounding the use of peptides for nanoparticle formulations that increase cellular uptake and endosomal release of siRNAs. MDRNA is currently biopanning its patented phage display library to identify additional peptides for targeted delivery, cellular uptake and endosomal release of siRNA.

MDRNA owns or controls 16 issued or allowed patents, and has 36 pending patent applications, 126 pending foreign patent applications and 7 PCT applications.

About MDRNA, Inc.

MDRNA is a biotechnology company focused on the development and commercialization of therapeutic products based on RNA interference (RNAi). Our goal is to improve human health through the development of RNAi-based compounds and drug delivery technologies that together provide superior therapeutic options for patients. Over the past decade, we have developed substantial capabilities in molecular biology, cellular biology, amino acid chemistry, peptide chemistry, pharmacology and bioinformatics, which we are applying to a wide range of RNAi technologies and delivery approaches. These capabilities plus the in-licensing of key RNAi-related intellectual property have rapidly enabled us to become a leading RNAi-based therapeutics company with a pre-clinical pipeline in oncology. Through our capabilities, expertise and know-how, we are incorporating multiple RNAi technologies as well as peptide- and liposomal-based delivery approaches into a single integrated drug discovery platform that will be the engine for our clinical pipeline as well as a versatile platform for establishing broad therapeutic partnerships with biotechnology and pharmaceutical companies. We are also investing in new technologies that we expect to lead to safer and more effective RNAi-based therapeutics while aggressively building upon our broad and extensive intellectual property estate. By combining broad expertise in siRNA science with proven delivery platforms and a strong IP position, MDRNA is well positioned as a leading RNAi-based drug discovery and development company. Additional information about MDRNA, Inc. is available at http://www.mdrnainc.com.

MDRNA Forward-Looking Statements

Statements made in this news release may be forward-looking statements within the meaning of Federal Securities laws that are subject to certain risks and uncertainties and involve factors that may cause actual results to differ materially from those projected or suggested. Factors that could cause actual results to differ materially from those in forward-looking statements include, but are not limited to: (i) the ability of MDRNA to obtain additional funding; (ii) the ability of MDRNA to attract and/or maintain manufacturing, research, development and commercialization partners; (iii) the ability of MDRNA and/or a partner to successfully complete product research and development, including preclinical and clinical studies and commercialization; (iv) the ability of MDRNA and/or a partner to obtain required governmental approvals; and (v) the ability of MDRNA and/or a partner to develop and commercialize products that can compete favorably with those of competitors. Additional factors that could cause actual results to differ materially from those projected or suggested in any forward-looking statements are contained in MDRNA’s most recent periodic reports on Form 10-K and Form 10-Q that are filed with the Securities and Exchange Commission. MDRNA assumes no obligation to update and supplement forward-looking statements because of subsequent events.

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Oxygen Biotherapeutics (OXBT) Now Marketing New Formulation of Dermacyte(TM) Oxygen Concentrate

DURHAM, N.C., March 29, 2010 (GLOBE NEWSWIRE) — Oxygen Biotherapeutics, Inc. (Nasdaq:OXBT) today announced that the company has begun distribution for its newly formulated Dermacyte™ Oxygen Concentrate for the beauty and skin care market. The over-the-counter product is a scientifically designed perfluorocarbon concentrate to enhance oxygen delivery to skin. As of later this week, retail orders also can be placed on the Dermacyte secure website at www.BuyDermacyte.com.

“Inventory of Dermacyte™ sold out quickly last fall when it was originally introduced in a market test designed to gauge customer interest and response,” said Chris Stern, company chairman and CEO. “The feedback we received from customers was quite positive. We’ve improved the Dermacyte concentrate to be smoother and more effective. Therefore, we believe that our new cosmetic line has the potential to be a significant financial contributor to our company.”

Dermacyte™ Oxygen Concentrate is the first product in a broad and diverse cosmetic line currently under development. It uses the company’s patented Oxycyte technology, an oxygen carrier scientifically designed to enhance oxygen delivery to tissues such as skin. Some potential benefits of increased oxygenation to the skin include a decrease in the appearance of fine lines, wrinkles and dryness.

About Oxygen Biotherapeutics, Inc.

Oxygen Biotherapeutics, Inc. is dedicated to commercializing innovative pharmaceuticals and medical devices in the field of oxygen therapeutics and Defense Medicine™. The company has developed a perfluorocarbon (PFC) therapeutic oxygen carrier and liquid ventilation product (Oxycyte™) and has out-licensed an implantable glucose sensor. These products are based upon core technologies that include biomedical applications for PFCs as well as medical and industrial applications for biosensors. Each of the product candidates is designed with advantages over currently marketed products in major markets including traumatic brain injury, sickle cell crisis, trauma, wound care, decompression sickness, acute respiratory distress syndrome, stroke, myocardial infarction, surgery, diabetes wounds and ulcers, and cosmetic applications which are being marketed under the Dermacyte name. More information is available at www.oxybiomed.com.

The Oxygen Biotherapeutics, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=7277

Caution Regarding Forward-Looking Statements

This news release contains certain forward-looking statements by the company that involve risks and uncertainties and reflect the company’s judgment as of the date of this release. These statements include those referring to the plans for the expansion of the Dermacyte product line and the timing of the introduction of those new products. Matters beyond the company’s control could lead to delays in the in the new product introductions and customer acceptance of these new products. Furthermore, there can be no assurance that such plans will lead to meaningful sales of Dermacyte or generate any revenue for the company. The company disclaims any intent or obligation to update these forward-looking statements beyond the date of this release. This caution is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

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Bell Microproducts (BELM) Announces Agreement to be Acquired by Avnet

SAN JOSE, Calif., March 29, 2010 (GLOBE NEWSWIRE) — Bell Microproducts Inc. (Nasdaq:BELM) (“Bell”) announced today that it has entered into a definitive agreement to be acquired by Avnet, Inc. (“Avnet”) in an all cash merger for $7.00 per share. The total transaction value of approximately $594 million is based upon an equity value of approximately $252 million and a Bell debt position, at face value and net of cash, of $342 million at December 31, 2009.  The acquisition has been approved by the Boards of Directors of both companies and is subject to the approval of Bell’s shareholders as well as customary regulatory approvals. The transaction is expected to close in 60 to 120 days.

Don Bell, founder and Chief Executive Officer of Bell, commented, “This transaction delivers excellent value to our shareholders while providing an enhanced platform from which our employees can continue Bell’s heritage of helping suppliers reach our served markets with increasingly complex solutions. Given the rising demands of global technology markets, the investment required to deliver leading edge technical support and competitive supply chain networks continues to grow. Avnet’s financial resources and global infrastructure will allow the Bell organization to deliver industry-leading value to our customers and continue our long history of growth and market share gains.”

Roy Vallee, Avnet’s Chairman and Chief Executive Officer, commented, “We are very excited about the opportunity to build additional scale and scope in storage and computing solutions as well as increase our presence in the fast-growing Latin America market. Bell’s position in datacenter products and embedded systems complements Avnet’s current strategies and creates opportunities for cross selling. Bell’s position as one of the leaders in hard disk drive distribution substantially increases Avnet’s exposure to this product segment which is currently focused on embedded computing. In support of our focus on value-added solutions distribution in North America, we intend to explore strategic alternatives for the single tier reseller business. The combination of Bell’s strong customer/supplier relationships and talented employees, coupled with our value based management culture and discipline, should allow us to achieve our stated return on capital goals on this transaction following the completion of the integration.”

Raymond James acted as a financial advisor and Jones Day acted as legal counsel to Bell in connection with this transaction.

Updated First Quarter 2010 Financial Outlook

Bell currently expects to generate first quarter 2010 sales of $795 million to $815 million, an increase of 11% to 14% from the first quarter of 2009, and on the high-end of the previous first quarter sales guidance of $780 million to $815 million. Further, management is anticipating a first quarter shift in product mix. Distribution sales are expected to be relatively strong and approximately flat with Q4 sales levels, representing an estimated increase of 17% to 20% from the first quarter of 2009.  ProSys, the Company’s reseller division, is expected to generate lower than previously anticipated sales volumes, primarily due to seasonally lower purchases by a few large customers. Due to this product mix shift from higher margin single-tier sales and in part due to seasonality, the Company anticipates generating first quarter gross margins of between 8.5% and 9.0%, a decline from 9.4% in the fourth quarter of 2009.

Conference Call

A conference call relating to the announcement has been scheduled for today, March 29, 2010 at 8:30 AM ET (5:30 AM PT).  Please dial (201) 689-8840 to listen to the call.  In addition, a live internet broadcast will be available via Bell’s website at www.bellmicro.com.  A replay will be available approximately 2–3 hours after the call ends.  To access the replay, please dial 1-877-660-6853 or (201) 612-7415, account number 7815 and conference ID of 348184.

Forward Looking Statements

Some of the statements included in this press release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You should not place undue reliance on these statements. These forward-looking statements include statements that reflect the current views of our senior management with respect to our financial performance and future events with respect to our business and our industry in general. Statements that include the words “expect,” “intend,” “plan,” “believe,” “anticipate,” “estimate” and similar statements of a future or forward-looking nature identify forward-looking statements. Statements regarding the merger, the closing of the merger and our first quarter 2010 financial outlook are forward-looking statements.

Forward-looking statements address matters that involve risks and uncertainties, for example, if we do not receive the required shareholder approval or the parties may fail to satisfy other conditions to closing, the transaction will not be consummated. Accordingly, there are or will be important factors that could cause our actual results to differ materially from those indicated in these statements. We believe that these factors include, but are not limited to, the following: our ability to comply with the financial covenants in our credit agreements; our ability to achieve cost reductions and other benefits in connection with our strategic initiatives; the circumstances resulting in the restatement of our historical financial statements and the material weaknesses in our internal control over financial reporting and in our disclosure controls and procedures; our ability to remain current in our SEC filings; loss or adverse effect on our supplier relationships; our ability to accurately forecast customer demand and order sufficient product quantities; competition in the markets in which we operate; the products we sell may not satisfy shifting customer demand; our reliance on third parties to manufacture the products we sell; our reliance on credit provided by our manufacturers to finance our inventory purchases; risks related to our substantial indebtedness, including the inability to obtain additional financing for our operations on terms acceptable to us or at all; limitations on our operating and strategic flexibility under the terms of our debt agreements; our ability to attract and retain qualified personnel; risks associated with doing business abroad, including foreign currency risks; our inability to identify, acquire and integrate acquired businesses; the outcome of any pending or future litigation or regulatory proceedings, including the pending French tax proceeding, the current shareholder lawsuit and any claims or litigation related to the restatement of our consolidated financial statements; the effects of a prolonged economic downturn; and our ability to reduce professional fees for audit, legal, tax and outside accounting advisor services.

For a more detailed discussion of how these and other risks and uncertainties could cause our actual results to differ materially from those indicated in our forward-looking statements, see our reports filed with SEC (available at www.sec.gov), including our Annual Report on Form 10-K for the year ended December 31, 2009.

About Bell

Bell Microproducts (Nasdaq:BELM) is an international, value-added distributor of a wide range of high-tech products, solutions and services, including storage systems, servers, software, computer components, and peripherals, as well as maintenance and professional services. An industry-recognized specialist in storage products, the Company is one of the world’s largest storage-centric value-added distributors.

Bell Microproducts is uniquely qualified with deep technical and application expertise to service a broad range of information technology needs. From design to deployment, its products are available at any level of integration, from components to subsystem assemblies and fully-integrated, tested and certified system solutions. More information can be found in the Company’s SEC filings, or by visiting the Bell Microproducts website at http://www.bellmicro.com.

Monday, March 29th, 2010 Uncategorized Comments Off on Bell Microproducts (BELM) Announces Agreement to be Acquired by Avnet

Servidyne (SERV) Announces Its Largest Energy Savings Contract to Date

Mar. 29, 2010 (Business Wire) — SERVIDYNE, INC. (Nasdaq: SERV), an energy efficiency and demand response company, today reported that it has entered into a contract with a major U.S. retailer to dramatically improve the energy efficiency of approximately 600 of its stores and distribution centers. The agreement has an estimated total revenue value of $8.7 million for project work that should begin almost immediately and be completed over the next 12-24 months.

Both companies expect their new strategic partnership will continue beyond the term of this initial agreement for an additional two to three years, in a comprehensive effort by the customer to expand this energy efficiency program to all of its existing stores, as well as its new locations and its franchisees. Terms of any such future work have not been negotiated.

“Servidyne developed this program in conjunction with our customer over the past 18 months, through a series of pilot demonstration projects and initial installations,” noted Todd Jarvis, President and CEO of Servidyne’s Building Performance Efficiency (BPE) Segment. “We estimate that this initial investment by our customer will yield its shareholders a return on invested capital in excess of 40 percent.”

Servidyne’s work to be completed under the agreement consists of lighting efficiency upgrades and installation of new controls that will automate the scheduling and operation of the retailer’s heating and cooling equipment. The new controls system and related software will provide the customer with a robust information dashboard that will detail energy consumption and operating conditions on a near real-time basis. Servidyne will also help each of the customer’s 600 facilities take advantage of any special financial incentives that may be offered by their respective electric utility providers, and utilize the new controls systems being installed to enable the retailer to benefit from other potential value streams, including utility-sponsored demand response programs. Servidyne will also track the resulting reductions in greenhouse gas emissions and calculate other environmental benefits as part of this contract.

“Servidyne currently is involved in similar pilot demonstration projects for other major customers, including manufacturers and retailers,” added Alan R. Abrams, Servidyne’s Chairman, President and Chief Executive Officer. “We hope to be able to expand those efforts into other large scale implementation programs in the future as well.”

About Servidyne

Established in 1925, Servidyne, Inc. is headquartered in Atlanta, Georgia, and operates globally through its wholly–owned subsidiaries. The Company provides comprehensive energy efficiency and demand response solutions, sustainability programs, and other products and services that significantly enhance the operating and financial performance of existing buildings. Servidyne enables its customers to cut energy consumption and realize immediate cost savings across their portfolios, while reducing greenhouse gas emissions and improving the comfort and satisfaction of their buildings’ occupants. The Company serves a broad range of markets in the United States and internationally, including owners and operators of corporate, commercial office, hospitality, gaming, retail, light industrial, distribution, healthcare, government, multi-family and education facilities, as well as energy services companies and public and private utilities. Servidyne also owns commercial income-producing properties in the Southeast. For more information, please visit www.servidyne.com or call 770-953-0304.

Certain statements contained or incorporated by reference in this press release, including without limitation, statements containing the words “believe,” “anticipate,” “estimate,” “expect,” “plan,” “project,” “forecast,” “should,” and words of similar import, are forward-looking statements within the meaning of the federal securities laws. Forward-looking statements in this release include statements regarding the following matters: the Company’s expectations of starting its project work under the contract almost immediately and completing its work over the next twelve to twenty-four months; the expectation that the new strategic partnership between Servidyne and its customer will continue for an additional two to three years beyond the term of the initial contract, in a comprehensive effort by the customer to expand the energy efficiency program to all of its existing stores, as well as its new locations and its franchisees; the Company’s estimate that the customer’s investment will yield a return on investment in excess of 40%; and the Company’s hope of expanding other similar pilot demonstration programs for other major customers into large scale implementation programs in the near future. Forward-looking statements involve known and unknown risks, uncertainties and other matters which may cause the actual results, performance, or achievements of Servidyne, Inc. to be materially different from any future results, performance, or uncertainties expressed or implied by such forward-looking statements. Factors affecting forward-looking statements in this release include, without limitation, the factors identified under the caption “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended April 30, 2009, as updated from time to time in the Company’s Quarterly Reports on Form 10-Q. Servidyne, Inc. does not undertake to update these forward-looking statements.

Monday, March 29th, 2010 Uncategorized Comments Off on Servidyne (SERV) Announces Its Largest Energy Savings Contract to Date

Hyperdynamics (HDY) Reaches Agreement With Government of Guinea

SUGAR LAND, Texas, March 25 /PRNewswire-FirstCall/ — Hyperdynamics Corporation (NYSE Amex: HDY) today announced that it and the Government of the Republic of Guinea have executed an amendment to the 2006 Production Sharing Contract (PSC).  The document was signed by the Guinean Minister of Mines and Geology, Mahmoud Thiam; the Minister of Finances and Economy, Kerfala Yansane; and Ray Leonard, Hyperdynamics’ President and Chief Executive Officer. A decree giving the Government’s formal agreement to the assignment of a 23% interest to Dana Petroleum in the PSC is being prepared and will be issued in the near future.

The amendment was entered into in accordance with the September 2009 Memorandum of Understanding (MOU) between Hyperdynamics and the Republic of Guinea that reaffirmed the Company’s PSC but which also required a review of the commercial terms to ensure that they were in line with international standards.

In addition to addressing the points raised in the MOU and clarifying certain elements of the PSC, the amendment included the following terms:

  • The company will retain a contract area of approximately 24,000 sq km, 30% of the original concession area and will relinquish 25% of the retained contract area by September 30, 2013.
  • In September 2010, the company will enter into the second exploration period which runs until September 2013 and may be extended to September 2016.  The work program to September 2013 is to acquire a minimum of 2000 sq km 3D seismic and drill an exploration well, to be spudded by end 2011, to a minimum depth of 2500m while that for the period from September 2013 to September 2016 is to drill one exploration well to a minimum depth of 2500m.
  • The Republic of Guinea will be carried through to first production for its share of up to 15%, at which time the cost of that carry will be recovered out of 62.5% of the Republic of Guinea’s share of cost and profit oil.
  • An annual training budget of $200,000 will be established for the benefit of Guinea oil industry personnel, and the companies will also pay an annual surface tax of $2.00 per square kilometer on its retained acreage.

“This agreement formally reconfirms that the PSC among the Republic of Guinea, Hyperdynamics and Dana Petroleum is in full force and effect.  The extra step of presentation, debate and approval of the amended PSC by the Council of Ministers prior to signing is further evidence of the open and transparent government being established in the Guinean transition to democracy. We believe that the terms of the PSC are both fair and equitable and aligned with international standards,” Leonard said.

“Detailed analysis of the recently completed 10,000 km 2D seismic program has allowed us to further focus on the most prospective areas. We believe that successful exploration and production will be a substantial contributor to the Guinean economy, while also creating a good return for our shareholders. We expect to begin work on a 3D seismic survey in the third quarter 2010 to identify potential well locations for initial drilling late next year,” Leonard concluded.

About Hyperdynamics

Hyperdynamics is an emerging independent oil and gas exploration and production company that is exploring for oil and gas offshore the Republic of Guinea in West Africa.  To find out more, visit our website at www.hyperdynamics.com.

Forward Looking Statements

This news release and the Company’s website referenced in this news release contain forward looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, regarding Hyperdynamics Corporation’s future plans and expected performance that are based on assumptions the Company believes to be reasonable. Statements preceded by, followed by or that otherwise include the words “believes”, “expects”, “anticipates”, “intends”, “projects”, “estimates”, “plans”, “may increase”, “may result”, “will result”, “may fluctuate” and similar expressions or future or conditional verbs such as “will”, “should”, “would”, “may” and “could” are generally forward-looking in nature and not historical facts. A number of risks and uncertainties could cause actual results to differ materially from these statements, including without limitation, funding and exploration efforts, fluctuations in oil and gas prices and other risk factors described from time to time in the Company’s reports filed with the SEC, including the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2009. The Company undertakes no obligation to publicly update these forward looking statements to reflect events or circumstances that occur after the issuance of this news release or to reflect any change in the Company’s expectations with respect to these forward looking statements.

Thursday, March 25th, 2010 Uncategorized Comments Off on Hyperdynamics (HDY) Reaches Agreement With Government of Guinea

NIVS (NIV) Announces Full Year and Fourth Quarter 2009 Results

HUIZHOU, China, March 25 /PRNewswire-Asia-FirstCall/ — NIVS IntelliMedia Technology Group, Inc. (“NIVS” or the “Company”) (NYSE: NIV), a consumer electronics company that designs, manufactures and sells intelligent audio and visual products, announced today that net sales for the three months ended December 31, 2009, were $62.7 million compared to $42.6 million in the comparable prior year period, an increase of 47.2%. The increase in sales during the fourth quarter of 2009 compared to the fourth quarter of 2008 was attributed primarily to an increased demand for the Company’s intelligent audio and video products as a result of the economic recovery that began in China, and market expansion efforts. Net sales for the full year ended December 31, 2009 were $185.2 million, an increase of $41.6 million, or 29.0% compared to $143.6 million for the year ended December 31, 2008. The increase in revenue was also attributed primarily to the increased demand for and sales of the Company’s intelligent audio and video products, which the Company believes was the result of its market expansion efforts.

Income from operations during the fourth quarter 2009 was $12.5 million, an increase of $8.6 million or 220.5% compared to $3.9 million in the comparable prior year period. The increase in income from operations was attributable in part to the reversal of $2.7 million of bad debt charges in the fourth quarter. For the year ended December 31, 2009, the Company reported income from operations of $28.5 million, an increase of $10.0 million, or 54.1% from $18.5 million in the comparable prior year period.

Mr. Tianfu Li, NIVS’ Chairman and CEO, said, “I am delighted at our strong 2009 fourth quarter and full year performance and completing our first year of trading on the NYSE Amex. We acquired our U.S. listing during a challenging economic environment and succeeded in expanding our business within the Chinese domestic market as well as in international markets. We believe our 2009 performance provides a solid foundation from which to grow in 2010. Our management team is focused on achieving outstanding operational performance and the continuance of increasing shareholder value.”

During the fourth quarter of 2009, the Company reported net income of $11.0 million, or $0.28 per diluted share compared to $1.9 million, or $0.04 per diluted share, in the comparable period of 2008, an increase of $9.1 million. For the year ended December 31, 2009, the Company reported net income of $23.5 million, or $0.59 per diluted share, an increase of $10.5 million, or 80.8% from $13 million, or $0.41 per diluted share, in 2008.

Liquidity and Capital Resources

The Company had unrestricted cash and cash equivalents of approximately $5.9 million at December 31, 2009, compared with $0.5 million at December 31, 2008. In addition, the Company had approximately $4.8 million in restricted cash at December 31, 2009, as compared to $11.7 million at December 31, 2008. The Company had working capital of approximately $3.3 million at December 31, 2009 and a working capital deficit of $18.6 million at December 31, 2008.

The Company had short-term bank loans of approximately $51.7 million and $54.7 million as of December 31, 2009 and 2008, respectively.

During 2009, the Company spent $9.6 million on capital expenditures compared to $16.8 million in 2008. Depreciation and amortization was $5.9 million in 2009 compared to $4.9 million in 2008.

Business Outlook

For the remainder of 2010, the Company intends to continue its strong marketing and new product launch momentum, and remain focused on executing the goal of becoming China’s preeminent integrated consumer electronics company. The Company intends to further enhance its balance sheet by focusing on cutting operating costs and streamlining operating efficiencies. In addition, the Company will continue to focus on R&D and add to its product portfolio, such as 3G mobile handsets, for example. As demonstrated by the tripling of revenue year-over-year of the intelligent audio and visual products in the fourth quarter of 2009, the Company believes that its integration of solid technology, design, manufacturing, distribution, product and marketing continues to be well-received by its customers and end users.

The Company intends to sustain its strong growth across all its operating segments and remains confident about the business and growth of the AV consumer electronics industry, and believes that its integrated strengths should allow it to expand market share within its core market and help to capture opportunities in new markets, enabling the Company to deliver sustained strong financial results and greater share value.

About NIVS IntelliMedia Technology Group, Inc.

NIVS IntelliMedia Technology Group is an integrated consumer electronics company that designs, manufactures, markets and sells intelligent audio and video products in China, Greater Asia, Europe, and North America. The NIVS brand has received “Most Popular Brand” distinction in China’s acoustic industry for three consecutive years, among numerous other awards. NIVS has developed leading Chinese speech interactive technology, which forms a foundation for the Company’s intelligent audio and visual systems, including digital audio, LCD televisions, digital video broadcasting (“DVB”) set-top boxes, peripherals and more.

Safe Harbor Statement

This release contains certain “forward-looking statements” relating to the business of the Company and its subsidiary companies. These forward looking statements are often identified by the use of forward looking terminology such as “believes, expects” or similar expressions. Such forward looking statements involve known and unknown risks and uncertainties, including, but not limited to the Company’s ability to remediate the significant deficiencies and/or material weakness(es) in its internal controls; the Company’s ability to effectively integrate the operations and management of acquisition targets, including Dongri; the Company’s entry into the mobile phone manufacturing business; the Company’s ability to timely deliver products; the Company’s ability to timely develop and market new products; the Company’s ability to continue to borrow and raise additional capital to fund its operations; the Company’s ability to accurately forecast amounts of supplies needed to meet customer demand; exposure to market risk through sales in international markets; fluctuations in the availability of raw materials and components needed for the Company’s products; protection of the Company’s intellectual property rights; and changes in the laws of the PRC that affect the Company’s operations. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including the discussed above and in the Company’s periodic reports that are filed with the Securities and Exchange Commission and available on its website (www.sec.gov). All forward-looking statements attributable the Company or to persons acting on its behalf are expressly qualified in their entirety by these factors other than as required under the securities laws. The Company does not assume an obligation to update these forward-looking statements.

Investor Conference Call

The Company’s 2009 year-end earnings conference call will take place on Thursday, March 25, 2010, at 11:00 a.m. Eastern Time and will also be webcast over the internet.

To participate, callers should dial 800- 867-0938, callers dialing from China or Hong Kong should dial U.S. 1 -480-293-0647. Participants should ask for the “NIVS IntelliMedia Conference Call.”

A simultaneous webcast will also be available via http://w.on24.com/r.htm?e=199373&s=1&k=7FAA2EC2A3CC7CCB87A1899E1BEEE123

In addition, a replay of the conference call will be archived and available until April 25, 2010 at the following numbers: Domestic callers – 800-406-7325 or 303-590-3030, access code: 4263795. Callers from China or Hong Kong: U.S. 1-800-406-7325, access code 4263795.

    For more information, please contact:

    Company Contact:
     Jason Wong
     Vice President Investor Relations
     Tel:   +86-138-299-16919
     Email: jason@nivsgroup.com

    Investor Contact:
     United States & Canada
     BPC Financial Marketing
     John Baldissera
     Tel:   +1-800-368-1217

         NIVS INTELLIMEDIA TECHNOLOGY GROUP, INC. AND SUBSIDIARIES
                          CONSOLIDATED BALANCE SHEETS
                                (In US Dollars)

                                               December 31,       December 31,
                                                   2009               2008
    Assets
    Current Assets
    Cash and cash equivalents                   $5,916,224          $461,504
    Trade receivables, net                      33,228,955        20,364,356
    Inventories, net                             9,626,048        11,279,832
    Prepaid expenses, deposit and other
     receivables                                 8,641,448            81,690
    VAT refundable                                 869,202         1,094,090
    Restricted cash                              4,840,137        11,681,595
    Total current assets                        63,122,014        44,963,067
    Property, equipment and construction
     in progress, net                           58,409,374        56,331,487
    Advances to suppliers                       16,649,904        15,286,028
    Intangible assets, net                       2,295,244         2,343,383
    Total Assets                              $140,476,536      $118,923,965

    Liabilities and Shareholders' Equity
    Current Liabilities
    Accounts payable - trade                    $3,932,115        $2,020,363
    Accrued liabilities and other
     payable                                     1,485,577         1,441,922
    Wages payable                                  801,972           800,744
    Corporate tax payable                        1,372,117         2,744,518
    Various taxes payable                          494,678           470,860
    Customer deposits                                   --         1,393,171
    Short-term loans                            43,987,358        35,871,715
    Bank notes payable                           7,712,609        18,849,201
    Total current liabilities                   59,786,426        63,592,494
    Due to shareholder                                  --         7,842,780
    Total Liabilities                           59,786,426        71,435,274

    Shareholders' Equity
    NIVS IntelliMedia Technology Group,
     Inc.'s shareholders' equity
    Preferred stock, $0.0001 par value,
     10,000,000 shares authorized, 0
     shares issued and outstanding at
     December 31, 2009 and December 31,
     2008, respectively                                 --                --
    Common stock, $0.0001 par value,
     100,000,000 shares authorized,
     40,675,347 and 36,855,714 shares
     issued and outstanding at December
     31, 2009 and December 31, 2008,
     respectively                                    4,068             3,686
    Additional paid-in capital                  21,717,239        12,663,513
    Accumulated other comprehensive
     income                                      3,979,941         3,960,012
    Statutory reserve fund                       5,722,107         3,568,869
    Retained earnings (unrestricted)            47,497,211        26,193,371
    Total NIVS IntelliMedia Technology
    Group, Inc. Shareholders' Equity            78,920,566        46,389,451
    Noncontrolling interest                      1,769,544         1,099,240
    Total Shareholders' Equity                  80,690,110        47,488,691
    Total Liabilities & Shareholders'
     Equity                                   $140,476,536      $118,923,965

    The accompanying notes are an integral part of these consolidated
    financial statements.

             NIVS INTELLIMEDIA TECHNOLOGY GROUP, INC. AND SUBSIDIARIES
                       CONSOLIDATED STATEMENTS OF INCOME
                                (In US Dollars)

                                            For the Year Ended
                            December 31,        December 31,      December 31,
                                   2009                2008             2007
    Revenues               $185,197,972        $143,630,679      $77,626,516
    Other Revenues              282,289             414,968          516,415
    Cost of Goods Sold     (142,416,067)       (109,762,476)     (58,864,342)
    Gross Profit             43,064,194          34,283,171       19,278,589

    Selling Expenses          6,761,597           5,376,083        3,269,414

    General and
     administrative
    Amortization                 78,665              68,788           62,175
    Depreciation                331,153             337,445          327,575
    Bad debts (recovery)     (2,745,003)          2,531,479          473,218
    Merger cost                      --           1,785,696               --
    Stock-based
     compensation                    --             765,000               --
    Other general and
     administrative           4,850,370           3,171,458        2,548,047
    Total general and
     administrative           2,515,185           8,659,866        3,411,015
    Research and
     development              5,314,781           1,737,323          373,472
    Total operating
     expenses                14,591,563          15,773,272        7,053,901
    Income from
     operations              28,472,631          18,509,899       12,224,688

    Other income
     (expenses)
    Government grant            575,870              31,713           28,138
    Write-down of
     inventory                       --            (131,837)        (105,106)
    Interest income                   6                  91          234,655)
    Interest expense         (1,566,976)         (2,208,051)      (1,791,490)
    Imputed interest                 --            (656,167)        (526,428)
    Sundry income
     (expense), net              11,407             (51,714)        (111,405)
    Total other
     income (expenses)         (979,693)         (3,015,965)      (2,271,636)

    Income before
     non-controlling
     interest and
     income taxes            27,492,938          15,493,934        9,953,052
    Income taxes             (3,406,230)         (2,031,031)      (1,268,963)
    Net income               24,086,708          13,462,903        8,684,089

    Net income
     attributable to
     the non-
     controlling
     interest                  (629,630)           (429,490)        (217,569)

    Net income
     attributable NIVS
     IntelliMedia
     Technology Group,
     Inc.                   $23,457,078         $13,033,413       $8,466,520

    Basic earnings
     per share - net
     income
     attributable to
     NIVS's common
     shareholders                 $0.59               $0.41            $0.31

    Weighted-average
     shares
     outstanding,
     Basic                   39,858,756          31,553,197       27,546,667

    Diluted earnings
     per share - net
     income
     attributable to
     NIVS's common
     shareholders                 $0.59               $0.41            $0.31

    Weighted-average
     shares
     outstanding,
     Diluted                 39,858,756          31,967,040       27,546,667

    The accompanying notes are an integral part of these consolidated
    financial statements.

            NIVS INTELLIMEDIA TECHNOLOGY GROUP, INC. AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                 (In US Dollars)

                                          For the Year Ended
                                              December 31,
                               2009               2008               2007
    Cash Flows From
     Operating
     Activities

    Net income             $24,086,708        $13,462,903         $8,684,089
    Adjustments to
     reconcile net
     income to net
     cash provided by
     operating
     activities:

    Imputed interest                --            656,167            526,428
    Bad debt expense
    (recovery)              (2,745,003)         2,531,479            473,218
    Depreciation
     expense                 5,850,550          4,887,386          1,169,319
    Amortization
     expense                    78,665             68,788             62,175
    Stock-based
     compensation                   --            765,000                 --
    Write-down of
     inventory                      --            131,837            105,106
    Changes in
     operating assets
     and liabilities:
    Trade receivables      (10,117,126)       (18,385,002)        (4,838,184)
    Advances to
     suppliers                 350,934          1,318,827        (13,640,207)
    Prepaid expenses
     and deposits                   --            (63,105)            38,265
    Inventories, net         1,655,152          6,067,538        (15,908,385)
    VAT refundable             225,021         (1,094,090)                --
    Accounts payable,
     accrued
     liabilities and
     customer deposits         561,647        (12,650,271)        12,402,518
    Various taxes
     payable                    23,761            283,149           (315,905)
    Wages payable                1,131            192,522            436,329
    Corporate tax
     payable                (1,372,734)         1,018,753          1,092,944
    Net cash
     provided by
     (used in)
     operating
     activities             18,598,706           (808,119)        (9,712,290)

    Cash Flows From
     Investing
     Activities
    Restricted cash          6,842,875         (9,698,348)          (276,104)
    Deposits for
     Dongri
     Acquisition            (8,559,748)                --                 --
    Purchases of
     property, plant
     and equipment          (5,232,911)       (15,326,949)       (15,297,640)
    Payments made for
     construction in
     progress               (4,405,199)        (1,480,627)                --
    Purchases of
     intangible assets         (31,605)           (28,830)                --
    Due from related
     parties                        --          2,213,370          4,801,648
    Short-term
     investment,
     marketable
     securities                     --                 --               (650)
    Net cash used in
     investing
     activities            (11,386,588)       (24,321,384)       (10,772,746)

    Cash Flows From
     Financing
     Activities
    Net borrowing
     from bank loans
     payable                 8,111,292          3,230,239         15,985,886
    Net borrowing
     (repayment) in
     bank notes
     payable               (11,138,878)        12,744,638           (145,438)
    Capital lease
     payable                        --                 --            (61,669)
    Net proceeds of
     share issuances         1,212,382         10,487,474                 --
    Due to
     shareholder                    --         (3,165,990)         4,916,614
    Net cash
     provided by
     (used in)
     financing
     activities             (1,815,204)        23,296,361         20,695,393
    Effect of
     exchange rate
     changes on cash            57,806            855,995            668,904
    Net increase in
     cash and cash
     equivalents             5,454,720           (977,147)           879,261

    Cash and cash
     equivalents,
     beginning of
     period                    461,504          1,438,651            559,390
    Cash and cash
     equivalents, end
     of period              $5,916,224           $461,504         $1,438,651

    Supplemental
     disclosure
     information:
    Interest expense
     paid                   $1,706,762         $2,208,051         $1,791,490
    Income taxes paid       $4,773,839         $2,031,031         $1,268,963

    Non cash
     investing and
     financing
     activities:
    Exchange of
     investment for
     equipment                     $--                $--        $12,824,623
    Conversion of Li
     debt to common
     stock                  $7,841,726                $--                $--
Thursday, March 25th, 2010 Uncategorized Comments Off on NIVS (NIV) Announces Full Year and Fourth Quarter 2009 Results

ADA-ES (ADES) Reports Fourth Quarter and Year End 2009 Results

Mar. 25, 2010 (Business Wire) — ADA-ES, Inc. (NASDAQ:ADES) today announced financial results for the fourth quarter and year ended December 31, 2009, and provided an update on various corporate developments.

Overview of Fourth Quarter Results & Initial Revenues from Refined Coal Business

In the fourth quarter, total revenues nearly doubled to $6.6 million, due in large part to the Company recognizing its first revenues associated with its Refined Coal business, as well as a 23% increase in sales of Activated Carbon Injection (“ACI”) systems in its Mercury Emission Control (“MEC”) segment.

In December 2009, ADA’s 50/50 joint venture with NexGen – Clean Coal Solutions, LLC (“CCS”) – installed and commenced operations of two CyClean systems that are designed to produce a total of 6.5 million tons of Refined Coal per year, meeting the year-end placed-in-service requirements for the Section 45 Tax Credits. The CyClean systems generated revenues of $2.4 million for ADA-ES in the fourth quarter from the sale of approximately 76,800 tons of Refined Coal. Section 45 IRS Tax Credits amount to $6.20 per ton for a period of ten years.

Dr. Michael D. Durham, President and CEO of ADA-ES, stated, “Currently, CCS is preparing the CyClean systems for efficient full-time operation, finalizing contracts with the host utility, and negotiating long-term agreements with monetizers. We expect to begin producing Refined Coal on a continuous basis towards the end of the second quarter, and anticipate the equipment sales and tax credits from these two systems to contribute average after tax net cash flow for Clean Coal of an estimated $9 million per year for up to ten years.” Of note, NexGen must pay ADA 60% of its share of cash flow up to $4 million, to retain its 50% ownership in the JV.

During the fourth quarter, minimal margins were realized on sales of Refined Coal during testing, which were essentially sold at cost. As a result, gross margin was 16% for the quarter, compared to 26% in the prior year period. General and administrative expenses declined to $3.3 million from $4.6 million in the fourth quarter of 2008, primarily due to lower fees associated with litigation and contract negotiations. The Company reported an operating loss of $2.5 million, compared to an operating loss of $5.6 million in the fourth quarter of 2008, and a net loss of $1.3 million, or $0.18 per diluted share, compared to a net loss of $3.6 million, or $0.54 per diluted share, in the 2008 fourth quarter.

Overview of Full Year 2009 Results

For 2009, total revenues rose 24% to $20.1 million. Gross margin was 31%, compared to 33% in 2008. The Company achieved improved margins associated with ACI system sales due to ADA’s newly designed equipment that simplifies field installation and reduces system costs, and also realized improved efficiencies in DOE and other consulting work. These improvements were offset by the aforementioned minimal margins from Refined Coal sales made during testing. ADA incurred higher legal costs during the year associated with previously disclosed litigation, and reported an operating loss of $11.8 million in 2009, compared to $6.7 million in 2008, and a net loss of $8.8 million or $1.26 per share, versus a net loss of $4.1 million or $0.67 per share in 2008.

ACI Systems Update

Dr. Durham further stated, “We remain focused on expanding our MEC segment through the sale of our ACI systems, and have installed or are in the process of installing 46 systems, including the 10 contracts secured during 2009. Past contract wins have been primarily in 19 states and Canadian provinces. In 2009, we saw several positive steps taken by regulatory officials to implement industry changes in pollutant control that we believe will be drivers of additional sales over the next several years of both ACI systems and the associated activated carbon (“AC”).

ADA Carbon Solutions Business Update

ADA Carbon Solutions (“ADA-CS”), the Company’s joint venture with Energy Capital Partners I, LP and its affiliated funds (“ECP”), has nearly completed construction of its new AC production facility in Red River Parish, Louisiana. Construction has remained on budget, and the plant is scheduled to begin commercial operation this May. To date, ADA-CS has signed AC supply contracts valued at more than $200 million, including two contracts in Canada. Over one-third of the nameplate capacity for the manufacturing plant has been booked for the first five years of production.

Funding of construction, which approximates $250 million to date, continues with interim financing by ECP. In December, ADA-CS’ wholly owned-subsidiary, Red River Environmental Products, was offered a $245 million conditional commitment for a loan guarantee by the U.S. Department of Energy (“DOE”) under Title XVII of the Energy Policy Act of 2005, to be used to finance the construction of the facility. Closing of the loan guarantee is subject to DOE’s completion of due diligence and other customary closing conditions. ADA-ES expects to have a minority interest in the first production line, with rights to own up to 50% of additional lines, which it believes will be necessary to meet demand if a Federal mercury control regulation is enacted.

The Company noted that it has terminated the Securities Purchase Agreement (“SPA”) with ECP whereby ECP had the right to purchase 3.6 million convertible preferred shares of ADA-ES at an average price of $6.30 per share as a mechanism to provide additional equity funding for the AC plant through ADA. In light of ECP’s direct funding of the joint venture and positive recent developments that are capable of producing significant near-term increases in revenues and earnings for ADA, ADA’s Board determined that the $6.30 share price was not a fair reflection of the current value of the Company. Having terminated the SPA, the Company intends to implement plans to raise equity at a higher price to fund growth opportunities such as AC production, CyClean, and expanded ACI capacity.

Conclusion

Dr. Durham further stated, “We are extremely proud of our 2009 key accomplishments, which include: 1) meeting the year-end placed-in-service requirements for the Section 45 Tax Credits for Refined Coal; 2) making significant progress on the construction of ADA-CS’ AC plant; 3) shipping the first batches of treated AC from ADA-CS’ interim facility; 4) securing eight AC contracts representing one-third of the ADA-CS plant’s capacity; and 5) receiving a contingent commitment for a DOE loan to finance the construction of the AC plant.

“One of our primary areas of focus for the remainder of 2010 will be our Refined Coal business. Getting the first two systems operating on a continuous basis will provide a significant increase in revenues and operating income for the company. In addition, there is a possibility of growing this business well beyond these initial systems. The Senate recently passed a second Jobs Bill that includes a number of tax extenders, including a one-year extension for Section 45 Refined Coal. This extension, if put into law, would provide us the opportunity to expand this business further through additional potential customers that we have identified as viable candidates for this technology. With two systems already installed that qualify for the credits, and the possibility of an extension on future systems, we see a substantial opportunity for ADA in this area.”

In closing, Dr. Durham commented, “We are very pleased with the advances we have made in our clean coal technology businesses and are enthusiastic about ADA’s long-term prospects as a market leader in pollutant control. We look forward to the launch of ADA-CS’ AC manufacturing facility in May, and the expected growth within our Refined Coal business.”

Conference Call

Management will conduct a conference call focusing on the financial results and recent developments at 10:00 AM ET on Thursday, March 25, 2010. Interested parties may participate in the call by dialing 706-679-3200. Please call in 10 minutes before the call is scheduled to begin, and ask for the ADES call (conference ID # 55894960). The conference call will also be webcast live via the Investor Information section of ADA’s website at www.adaes.com. Additionally, a slide presentation which will accompany the call will be posted at www.adaes.com on the Investor Information section and will remain available after the call. To listen to the live call please go the website at least 15 minutes early to register, download and install any necessary audio software. If you are unable to listen live, the conference call will be archived on the website.

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, ADA-CS, 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.

This press release and the conference call referenced in this press release contain forward-looking information within the meaning of Section 21E of the Securities Exchange Act of 1934, which provides a “safe harbor” for such statements in certain circumstances. These statements are or will be based on current expectations, estimates, forecasts, projections, beliefs and assumptions of our management. Actual results may vary materially from such expectations. These statements are or will be prefaced by words or phrases such as “believe,” “will,” “hope,” “expect,” “anticipate,” “intend” and “plan,” the negative expressions of such words, or words of similar meaning, and these statements include, but are not limited to, our expectations regarding the expected full-time operation date for the CyClean systems owned by Clean Coal Solutions including the expected date for production of refined coal on a continuous basis; amount of operating income potential generated by the CyClean systems owned by Clean Coal Solutions; our ability to expand our MEC segment through the sale of our ACI systems; the effect on our business of regulatory actions relating to pollutant control; the ability of ADA-CS to complete construction of its new AC production facility on time and on budget; the ability of ADA-CS to secure AC supply contracts and finalize the DOE loan; our ability to maintain a minority interest in the first, and a larger interest in additional, production lines owned by ADA-CS; our ability to raise equity at a higher price than that reflected by the ECP securities purchase agreement or at all; whether Section 45 tax credits for refined coal will be extended by Congress; whether we will be able to obtain additional customers; as well as other similar items. 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: changes in laws and regulations, government funding, prices, economic conditions and market demand; impact of competition and litigation; lack of working capital; availability, cost of and demand for alternative energy sources and other technologies; operational difficulties; risks related to ADA-CS such as changes in the costs and timing of construction of the AC plant, failure to raise additional financing or satisfy conditions in existing agreements, actions of our joint venture partner and inability to sign or close acceptable coal supply and off-take agreements in a timely manner; failure of Clean Coal to qualify its product for Section 45 tax credits or to place qualified facilities by the IRS deadlines; availability of raw materials and equipment for our businesses; loss of key personnel; as well as other factors relating to our business, as discussed in our filings with the U.S. Securities and Exchange Commission, with particular emphasis on the section entitled “Risk Factors” in our annual report on Form 10-K and disclosures contained in those filings. You are cautioned not to place undue reliance on the forward-looking statements made in this release, and to consult filings we make with the SEC for additional discussion concerning risks and uncertainties that may apply to our business and the ownership of our securities. The forward-looking statements contained in this press release are presented as of the date hereof, and we disclaim any duty to update such statements unless required by law to do so.

ADA-ES, Inc. and Subsidiaries

Consolidated Statements of Operations

(unaudited)

(amounts in thousands, except per share amounts)

Three Months EndedDecember 31, Year EndedDecember 31,
2009 2008 2009 2008
REVENUE:
Mercury emission control $ 3,980 $ 3,246 $ 16,080 $ 15,760
Flue gas conditioning, refined coal and other 2,617 64 3,981 433
Total net revenues 6,597 3,310 20,061 16,193
COST OF REVENUES
Mercury emission control 2,613 2,288 9,701 10,461
Flue gas conditioning, refined coal and other 2,954 166 4,169 443
Total cost of revenues 5,567 2,454 13,870 10,904
GROSS MARGIN 1,030 856 6,191 5,289
OTHER COSTS AND EXPENSES:
General and administrative 3,262 4,576 16,745 9,168
Research and development 144 163 709 784
Depreciation and amortization 160 128 577 488
Goodwill impairment charge 1,589 1,589
Total expenses 3,566 6,456 18,031 12,029
OPERATING LOSS (2,536 ) (5,600 ) (11,840 ) (6,740 )
OTHER INCOME (EXPENSE):
Interest and other income 9 102 34 439
Equity in loss in ADA Carbon Solutions, LLC (491 ) (3,243 )
Total other income (482 ) 102 (3,209 ) 439
(LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAX AND NON-CONTROLLING INTEREST (3,018 ) (5,498 ) (15,049 ) (6,301 )
INCOME TAX BENEFIT 1,235 1,228 5,546 1,507
NET LOSS BEFORE NON-CONTROLLING INTEREST (1,783 ) (4,270 ) (9,503 ) (4,794 )
NON-CONTROLLING INTEREST 500 637 732 688
NET LOSS ATTRIBUTABLE TO ADA-ES, INC. $ (1,283 ) $ (3,633 ) $ (8,771 ) $ (4,106 )
NET (LOSS) INCOME PER COMMON SHARE – BASIC AND DILUTED $ (.18 ) $ (.54 ) $ (1.26 ) $ (.67 )
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING 7,070 6,741 6,973 6,100
WEIGHTED AVERAGE DILUTED COMMON SHARES OUTSTANDING 7,070 6,741 6,973 6,100

ADA Carbon Solutions, which was included as a subsidiary as of December 31, 2008, was deconsolidated during the year ended December 31, 2009. See notes accompanying ADA-ES’ consolidated financial statements in its Form 10-K for the fiscal year ended December 31, 2009.

ADA-ES, Inc. and Subsidiaries

Consolidated Balance Sheets

(unaudited)

(amounts in thousands, except share amounts)

ASSETS DECEMBER 31,
CURRENT ASSETS: 2009 2008
Cash and cash equivalents $ 1,456 $ 28,201
Trade receivables, net of allowance for doubtful accounts of $17 and $17, respectively 5,812 6,017
Investment in securities 400
Assets held for resale and inventory 2,059 787
Prepaid expenses and other 1,110 1,164
Total current assets 10,837 36,169
PROPERTY AND EQUIPMENT, at cost 3,100 36,781
Less accumulated depreciation and amortization (2,252 ) (1,777 )
Net property and equipment 848 35,004
GOODWILL 435 435
INTANGIBLE ASSETS, net of $61 and $50 in amortization, respectively 229 256
INVESTMENT IN ADA CARBON SOLUTIONS, LLC 21,776
DEVELOPMENT PROJECTS 1,878
OTHER ASSETS 6,842 1,400
TOTAL ASSETS $ 40,967 $ 75,142
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable $ 5,312 $ 14,639
Accrued payroll and related liabilities 578 985
Deferred revenue 1,452 1,875
Accrued expenses 1,306 106
Total current liabilities 8,648 17,605
LONG-TERM LIABILITIES:
Accrued liabilities 6,822
Accrued warranty and other 1,146 550
Total liabilities 16,616 18,155
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ EQUITY:
ADA-ES, Inc. stockholders’ equity
Preferred stock; 50,000,000 shares authorized, none outstanding
Common stock; no par value, 50,000,000 shares authorized, 7,093,931 and 6,755,932 shares issued and outstanding 37,000 35,812
Accumulated deficit (12,748 ) (3,977 )
Total ADA-ES, Inc. stockholders’ equity 24,252 31,835
Non-controlling interest 99 25,152
TOTAL STOCKHOLDERS’ EQUITY 24,351 56,987
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 40,967 $ 75,142
Thursday, March 25th, 2010 Uncategorized Comments Off on ADA-ES (ADES) Reports Fourth Quarter and Year End 2009 Results

Tri-Tech Holding (TRIT) Full Year 2009 Revenue Up 99% to $16.8M

BEIJING, March 25 /PRNewswire-Asia-FirstCall/ — Tri-Tech Holding Inc. (Nasdaq: TRIT), a leading Chinese project development and management company that engineers, manages and monitors China’s municipal sewer systems, natural waterways and resources, announced today that revenue for the fiscal year ended December 31, 2009 increased 99% to $16.8 million from $8.4 million in 2008. Diluted earnings per share for the year were $0.92 based on net income of $3.8 million. This compares with net income of $1.7 million or $0.48 diluted EPS in 2008.

    Fourth Quarter 2009 Highlights
    -- Revenue for Q4 2009 increased 103% to $5.9 million from $2.9 million in
       Q4 2008.
    -- Gross profit (exclusive of depreciation and amortization) increased
       190% to $2.3 million for Q4 2009 from $0.8 million in Q4 2008.
    -- Q4 2009 gross margin 38% vs. 27% for Q4 2008.
    -- Income from operations increased 117% to $1.1 million from $0.5 million
       in Q3 2008.
    -- Net income increased 212% to $1.3 million from $0.4 million in Q4 2008.
    -- Diluted earnings per share increased to $0.24, from $0.12 in Q4 2008.
    -- Weighted average number of diluted shares outstanding was 5.54 million
       as of December 31, 2009, compared to 3.56 million as of December 31,
       2008.

    FY 2009 Highlights
    -- Revenue for 2009 increased 99% to $16.8 million from $8.4 million in
       2008.
    -- Wastewater and Tail Gas Treatment segment revenue increased 80% to
       $9.0 million.
    -- Water Resource Management segment revenue was up 125% to $7.8 million.
    -- Gross profit (exclusive of depreciation and amortization) increased
       112% to $6.6 million for 2009 from $3.1 million in 2008.
    -- 2009 gross margin 39% vs. 37% for 2008.
    -- Income from operations increased 126% to $4.1 million from $1.8 million
       in 2008.
    -- Net income increased 127% to $3.8 million from $1.7 million in 2008.
    -- Diluted earnings per share increased to $0.92 from $0.48 in 2008.
    -- Weighted average number of diluted shares outstanding was 4.17 million
       as of December 31, 2009, compared to 3.56 million as of December 31,
       2008.
    -- Completed successful initial public offering of 1.7 million ordinary
       shares at a price of $6.75 per share, traded on NASDAQ Capital Market
       on September 10, 2009.

FY 2009 Financial Performance

Total revenue was $16.8 million in 2009, an increase of $8.3 million, or 99%, compared to revenue of $8.4 million in 2008. The increase was driven by larger contracts, several of which exceeded $1.5 million. The revenue was primarily generated by system integration work and hardware and software sales from two operating segments. For wastewater and tail gas treatment, revenue was $9 million, an increase of $4 million or 80%, compared to $5 million in year 2008. Revenue from water resources management saw a 125% significant increase to $7.8 million from $3.5 million in 2008.

Net income

Net income attributable to shareholders was $3.8 million, an increase of $2.2 million or 127%, compared to $1.7 million in year 2008.

Diluted earnings per share for the year were $0.92 based on net income of $3.8 million. This compares with net income of $1.7 million or $0.48 diluted EPS in 2008.

Gross profit (exclusive of depreciation and amortization)

Gross profit (exclusive of depreciation and amortization) increased 112% to $6.6 million for 2009 from $3.1 million in 2008. Of total revenue, cost (exclusive of depreciation and amortization) decreased to 61%, compared with 63% in 2008, because the company sourced more locally made equipment at lower cost for the projects. Gross margin (exclusive of depreciation and amortization) for 2009 was 39%, compared to 37% for 2008.

During 2009, significant Chinese government spending along with tight construction timelines, and strong market demand resulted in high market value for construction projects. Under such business climate, Tri-Tech enjoyed rapid growth in revenue while limited cost of that revenue.

Operating income

Operating income increased 126% to $4.1 million from $1.8 million in 2008. Operating margin was 24%, compared to 21% in the year ended December 31 2008.

Liquidity and Capital Resources

As of December 31, 2009, cash and cash equivalents were $7.2 million, including a deposit of $3.3 million. As of December 31, 2009, working capital was $17 million, including cash and cash equivalents of $7.2 million.

Order Backlog

As of December 31, 2009, the company had a total backlog of $11.5 million to be collected in 2010, including $9.3 million in municipal water and wastewater services, $1.5 million in water resources services and $0.7 million in industrial sector services. The backlog represents the amount of our existing contract work remaining to be completed in 2010 for which we have not been paid in full, based on the assumptions that our customers will approve these projects upon completion.

Management Comment

Chief Executive Officer Warren Zhao said, “We are pleased with the financial results in our first year as a publicly-traded company. The strong growth in our two business segments has highlighted the strength of our business model, which we believe will continue to get stronger as we work to help alleviate China’s critical water resource crisis.

“We are currently pursuing smaller river basin flood monitoring and forecasting systems and groundwater monitoring systems across the country. In 2009, we received awards for five projects for smaller river basin flood and forecasting systems.

“Through local distributors and partnerships, we are promoting our proprietary products targeting the water monitoring and dispatching systems of the Northward Rerouting of Southern River engineering construction. We believe that the entire Northward Rerouting of Southern River engineering project has a market potential of approximately $43.5 million.

“In 2009, the Chinese government launched the 103 Pilot-County Mountain Torrent Forecast Plan. Accordingly, the government allocated approximately $29 million to fund these projects to deal with frequent mountain torrents devastation. During the year, we won the bids for 14 of these pilot projects, which was in line with our internal expectations on the bid win rate.

“At present, our wastewater treatment business is focused on Tianjin City and Hebei Province. In 2009, we won 26 contracts from this targeted wastewater treatment market, including pump stations, treatment plants, odor control systems, automatic controls and instruments.

“We are actively pursuing opportunities in the industrial wastewater and process tail gas treatment markets in the oil and gas industry and the petrochemical industry such as SINOPEC and PetroChina. Additionally, we intend to strengthen our industrial pollution control services by penetrating adjacent industry verticals such as the power generation industry.

“Currently almost all newly-designed sewage treatment plants have odorous gas containment and control requirements. Therefore, we expect an increase in the sales of our proprietary bio-filtration odor control systems.

“In order to pursue several major new projects and increase our interaction with our clients, we recently set up branch offices in Tianjin Dongli Economic Development Zone, Tianjin Baodi Economic Development Zone and Hebei Province.

“In our municipal wastewater business, we plan to expand our target market. In our current business footprint in only Hebei and Tianjin, the government is building 80 new wastewater treatment plants. We believe significant opportunities exist in 32 other provinces, municipalities and autonomous regions in China.

“We intend to expand our role from sub-contractor to prime-contractor. Since inception, we have grown from a provider of system controls to a company capable of managing the whole installation of municipal water and wastewater facilities. As we continue to grow, we will focus our business on more complex installation projects.

“We also intend to further develop our water resource management services from partial management solutions to full management of large-scale river basin projects. We believe the Chinese government’s allocation of significant investment offers us huge business opportunities.

“In addition to organic growth, we are targeting selected acquisitions. In general, our markets are highly fragmented with small competitors. We will consider acquiring companies that we believe will add significant value to our business. These targets may have strong customer relationships but limited market reach, or may possess specialized skills but the businesses have not scaled up. When evaluating targets, we use a disciplined, conservative approach to ensure the acquisitions are strategic and accretive,” Zhao said.

About Tri-Tech Holding Inc.

Tri-Tech designs customized sewage treatment and odor control systems for China’s municipalities and its larger cities. These systems combine software, information management systems, resource planning and local and distant networking hardware that includes sensors, control systems, programmable logic controllers, supervisory control and data acquisition systems. The company also designs systems that track natural waterway levels for drought control, monitor groundwater quality and assist the government in managing its water resources. Tri-Tech owns seven software copyrights and two technological patents and employs 120 people. Please visit http://www.Tri-Tech.cn for more information.

An online investor kit including a company profile, press releases, current price quotes, stock charts and other valuable information for investors is available at http://www.hawkassociates.com/profile/trit.cfm . To subscribe to future releases via e-mail alert, visit http://www.hawkassociates.com/about/alert/ .

Tri-Tech Holding Inc. has based these forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward- looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, product and service demand and acceptance, changes in technology, economic conditions, the impact of competition and pricing, government regulation, and other risks contained in reports filed by the company with the Securities and Exchange Commission. All such forward-looking statements, whether written or oral, and whether made by or on behalf of the company, are expressly qualified by the cautionary statements and any other cautionary statements which may accompany the forward-looking statements. In addition, the company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.

    For further information, please contact:

    Hawk Associates
     Susan Zhou
     Tel:   +1-305-451-1888
     Email: tritech@hawkassociates.com

                           TRI-TECH HOLDING INC.
    CONSOLIDATED STATEMENTS OF INCOME AND OTHER COMPREHENSIVE INCOME
                                  AUDITED

                                    For the Year Ended      Quarter Ended
                                      December 31,           December 31,
                                     2009       2008       2009       2008
                                             (Restated)
    Revenues:
    System integration           $12,023,686 $6,119,266 $4,499,924 $1,410,327
    Products                       2,511,962  1,115,811    633,914  1,051,322
    Software revenue               2,264,246  1,214,881    760,887    436,943
    Total revenues                16,799,895  8,449,958  5,894,726  2,898,592
    Cost of revenues: (exclusive
     of depreciation and
     amortization shown
     separately below)
    System integration             8,003,667  4,219,892  3,095,900  1,058,291
    Products                       2,115,052  1,036,401    528,438  1,000,909
    Cost of software                  57,207     65,947     15,143     62,012
    Total cost of
     revenues(exclusive of
     depreciation and
     amortization shown
     separately below)            10,175,925  5,322,240  3,639,482  2,121,212
    Operating expenses:
    Depreciation and amortization
     expenses                        119,173     88,731     43,724     29,009
    Other operating expenses       2,448,721  1,242,415  1,078,606    227,350
    Total operating expenses       2,567,894  1,331,146  1,122,330    256,359
    Operating income (loss):       4,056,076  1,796,572  1,132,914    521,021
    Other income (expenses):
     Interest income                  26,855     17,475      1,729        931
     Interest expense                 (5,683)    (7,833)    (1,510)    (5,444)
     Government allowance            107,380    102,644     58,338     37,401
     Other expense                    (7,592)    (1,774)    (2,899)      (483)
    Total other income
     (expenses), net                 120,961    110,512     55,660     32,404
    Income before provision for
     income taxes and
     noncontrolling interests
     income                        4,177,037  1,907,084  1,188,574    553,425
    Provision for income taxes      (308,085)  (202,247)  (758,550)  (141,771)
    Net income                     3,868,952  1,704,837  1,330,955    411,654
    Noncontrolling Interests
     Income                           18,182      8,685      5,730    (13,525)
    Net income attributable to
     Tri-Tech Holding Inc          3,850,770  1,696,152  1,325,225    425,179
    Other comprehensive income
    Foreign currency translation
     adjustment                       15,899    259,708    (51,216)   (46,834)
    Comprehensive income           3,884,851  1,964,545  1,279,739    378,345
    Comprehensive income
     attributable to
     noncontrolling interests         18,312     17,211      5,155     17,211
    Comprehensive income
     attributable to Tri-Tech
     Holding Inc.                  3,866,538  1,947,334  1,274,584    361,134
    Net income attributable to
     Tri-Tech Holding Inc. per
     share:
    Basic                              $0.94      $0.48      $0.25      $0.12
    Diluted                            $0.92      $0.48      $0.24      $0.12
    Shares used in computation:
    Basic                          4,081,301  3,555,000  5,255,000  3,555,000
    Diluted                        4,170,879  3,555,000  5,544,343  3,555,000

                                  TRI-TECH HOLDING INC.
                              CONSOLIDATED BALANCE SHEETS

                                                December 31,      December 31,
                                                    2009              2008
                                                                    (Restated)
    ASSETS
    Current Assets
    Cash                                         $7,171,464          $732,418
    Restricted cash                               1,501,128                --
    Accounts receivable, net of allowance
     for doubtful accounts of $56,491 and
     $62,286 as of December 31, 2009 and
     December 31, 2008, respectively              4,338,239         3,105,859
    Unbilled revenue                              3,952,763         1,429,846
    Notes receivable                                     --             7,316
    Other receivables                               273,602           166,395
    Inventories                                   1,573,324         1,466,468
    Deposits on projects                            585,153           266,973
    Prepayments to suppliers and
     subcontractors                               1,898,900           567,346
    Total current assets                         21,294,573         7,742,621
    Long-term unbilled revenue                    1,723,852                --
    Plant and equipment, net                        374,009           174,128
    Proprietary technology, net                     797,854           857,475
     Total assets                               $24,190,288        $8,774,224
    LIABILITIES AND SHAREHOLDERS' EQUITY
    Current liabilities
    Accounts payable and cost accrual on
     projects                                    $3,367,056        $1,589,103
    Commercial paper and other short-term
     notes payable
     Non-related parties                                 --           271,041
     Related party                                       --            14,631
    Customer deposits                               494,047           436,372
    Billings in excess of revenue                     8,650            30,639
    Other payables                                    8,633            81,721
    Accrued liabilities                             103,190            84,660
    Deferred income taxes                           141,478            83,643
    Income taxes payable                            144,232           141,818
    Other taxes payable                                  --            90,908
    Total current liabilities                     4,267,286         2,824,536
    Long-term liabilities                            58,171                --
     Total liabilities                            4,325,457         2,824,536
    Shareholders' equity
    Tri-Tech Holding Inc. shareholders'
     equity
     Common stock (30,000,000 shares
      authorized and $0.001 par value,
      5,255,000 and 3,555,000 issued as of
      December 31, 2009 and 2008,
      respectively; on December 31, 2009,
      340,000 shares issued were held in
      escrow. See note 12 for more
      discussion.)                                    5,255             3,555
    Additional paid-in-capital                   12,942,650         2,914,058
    Statutory reserves                               50,655            50,655
    Retained earnings                             6,333,343         2,482,573
    Accumulated other comprehensive
     income                                         377,097           361,328
    Total Tri-Tech Holding Inc.
     shareholders' equity                        19,709,000         5,812,169
    Noncontrolling Interests                        155,831           137,519
    Total shareholders' equity                   19,864,831         5,949,688
    Total liabilities and shareholders'
     equity                                     $24,190,288        $8,774,224

                                    TRI-TECH HOLDING INC.
                          CONSOLIDATED STATEMENTS OF CASH FLOWS

                                              For The Year Ended December 31,
                                                   2009        2008(Restated)
    Cash flows from operating activities:
    Net income                                  $3,868,952        $1,704,838
    Adjustments to reconcile net income
     to cash:
    Depreciation                                    59,244            30,892
    Amortization                                    60,588            57,839
    Allowance for doubtful accounts                  1,322            22,935
    Deferred income taxes                           66,061            74,429
    Changes in operating assets and
     liabilities:
    Restricted cash                             (1,500,534)               --
    Accounts receivable                         (1,230,305)       (1,528,876)
    Unbilled revenue                            (4,243,749)         (360,048)
    Other receivables                             (424,813)         (104,235)
    Inventories                                   (161,817)         (330,918)
    Prepayments and deferred expenses           (1,315,244)         (163,280)
    Accounts payable                             1,761,867           145,002
    Customer deposits                               57,244            (5,286)
    Billings in excess of revenue                  (22,009)               --
    Other payables                                 218,941           112,280
    Accrued liabilities                             18,443                --
    Taxes payable                                 (140,036)          (48,606)
    Net cash provided by operating
     activities                                 (2,925,845)         (393,034)
    Cash flows from investing activities:
    Additions to equipment                        (197,087)          (91,351)
    Cash flows from financing activities:
    Common stock                                10,105,170                --
    (Repayments to)advances from third
     parties                                      (278,507)          678,485
    Repayment from a related party of an
     advance                                            --            (4,750)
    Net cash provided by (used in)
     financing activities                        9,826,663           673,735
    Effect of exchange rate changes on
     cash and cash equivalents                    (264,685)          175,355
    Net increase in cash                         6,439,046           364,705
    Cash, beginning of year                        732,418           367,713
    Cash, end of period                         $7,171,464          $732,418
    Supplemental Data:
    Income taxes paid                             $239,743               $--
    Interest paid on debt                           $4,538            $7,832
    Borrow money from third party, using
     in purchase transportation equipment
     on April 2009.                                $87,221               $--
Thursday, March 25th, 2010 Uncategorized Comments Off on Tri-Tech Holding (TRIT) Full Year 2009 Revenue Up 99% to $16.8M

GigOptix (GGOX) Moves 40Gb/s and 100Gb/s Polymer Modulators to Production

Mar. 24, 2010 (Business Wire) — GigOptix, Inc. (OTCBB:GGOX), disclosed this week the company’s progressive plans to commercialize its proprietary polymer based modulator for all 40Gb/s and 100Gb/s modulation formats during 2010. The company has partnered with Sanmina-SCI (Nasdaq NM: SANM) to contract manufacture the modulators.

Over the last year, since the acquisition of Lumera by GigOptix, the company’s Bothell, Washington based LX Product Line group has made unparalleled developments in polymer material thermal–related electro-optical and mechanical stability; enabling the first-ever achievement of the required 85C, 25 years electro-optical stability of the polymer-coated silicon modulator chip. The design rules that were deployed allow the smallest overall modulator foot print for all speeds and formats.

The GigOptix LX modulators use standard semiconductor production flows and industry standard modulator package assembly technology, allowing for a smooth transfer of the product to a mass production partner like Sanmina-SCI.

The company announced that the first Telcordia qualified volume production of 40Gb/s and 100Gb/s DPSK modulators, will be available in the fourth quarter of 2010. Engineering samples of 40Gb/s DQPSK and 100Gb/s DP-QPSK modulators will be also be available in the fourth quarter of 2010, with Telcordia qualified volume production available in the first quarter of 2011.

Dr. Raluca Dinu, Vice President and General Manager of GigOptix LX Modulator business will present the company’s modulator program and roadmap, tomorrow, March 25, 2010, at OFC/NFOC in San Diego, California, with special emphasize on the following aspects:

  • GigOptix’s electro-optic polymer is now meeting the telecom industry reliability standards of stable operation for 25 years at the temperature of 85C. The polymer itself upholds structural integrity up to 240C.
  • The technology is inherently low cost and physically robust. Being built as a layer of only a few microns on top of standard silicon wafer it can leverage standard high volume silicon manufacturing techniques. The advantages of GigOptix’s optical polymer material makes the company’s modulators dramatically smaller and faster than the current industry Lithium Niobate and much faster and more robust than InP based solutions.
  • The manufacturing agreement with Sanmina-SCI, announced this week, will bring a world class packaging capability to ensure that the company’s modulators will be competitively priced.
  • Unlike Lithium Niobate and InP, the material properties of the polymer enable the production of 10G, 40G and 100G modulator chips at the same small footprint, hence the overall modulator package to be a similar size for all speeds and formats.

Pushing the speed barrier beyond what is possible with other technologies, GigOptix is collaborating with partners on a “beyond 100Gb/s” modulator demonstration which may be a viable option for enhancing network capacity. For more information, CLICK HERE for Dr. Dinu’s presentation, or visit Presentations & Webcast under the Investor Tab at www.gigoptix.com.

About GigOptix, Inc.

GigOptix is a leading fabless manufacturer of electronic engines for the optically connected digital world. The Company offers a broad portfolio of high speed electronic devices including polymer electro-optic modulators, modulator drivers, laser drivers and TIAs for telecom, datacom, Infiniband and consumer optical systems, covering serial and parallel communication technologies from 1G to 120G. For more information, please visit www.GigOptix.com.

Forward Looking Statements

Statements made in this release, other than statements of historical fact, are forward-looking statements, including any statement that refers to expectations, projections or other characterizations of future events or circumstances and those which can be identified by the use of forward-looking terminology such as “expects,” “plans,” “may,” “should,” or “anticipates” and other similar expressions. Forward-looking statements are subject to a number of known and unknown risks, which might cause actual results to differ materially from those expressed or implied by such statements. These risks and uncertainties include whether the appropriations bill will receive legislative approval and ultimately become law, whether GigOptix will receive any funding, whether the modulator developed by GigOptix will be used by the Air Force, and those risks described in GigOptix’s periodic reports filed with the SEC, and in news releases and other communications. GigOptix disclaims any intention or duty to update any forward-looking statements made in this release.

Wednesday, March 24th, 2010 Uncategorized Comments Off on GigOptix (GGOX) Moves 40Gb/s and 100Gb/s Polymer Modulators to Production

China Recycling Energy Corp (CREG) Debuts on Nasdaq market

BEIJING, Mar. 24, 2010 (Xinhua News Agency) — China Recycling Energy Corporation (CREG.OB; CREG.Nasdaq), a leading industrial waste-to-energy solution provider in China, announced the listing of its common stock on the Nasdaq market on Monday.

The company, based in Xi’an of northwestern China’s Shaanxi province, was established in 2003. It provides environmentally friendly waste-to-energy technologies to recycle industrial byproducts for steel mills, cement factories, and coke plants in China.

The company began trading on the U.S. OTCBB market through a reverse takeover in 2007. In November 2007, it had an investment of 25 million US dollars from the US-based Carlyle Group.

Wu Zhonggang, deputy general manager of China Recycling Energy Corp. (NASDAQ:CREG) , said that the listing on Nasdaq would help the company with international competition, further financing and technological development. (Edited by Gao Li, gaoli08@xinhua.org)

Wednesday, March 24th, 2010 Uncategorized Comments Off on China Recycling Energy Corp (CREG) Debuts on Nasdaq market