Archive for May, 2010

North American Palladium (PAL) Updates Resource Estimate for Offset Zone

Press Release Source: North American Palladium Ltd. On Thursday May 27, 2010, 6:00 am EDT

TORONTO, ONTARIO–(Marketwire – 05/27/10) – North American Palladium Ltd. (“NAP” or “the Company”) (TSX:PDLNews) (AMEX:PALNews) today announced the results of an updated resource estimate for the Offset Zone at its Lac des Iles (“LDI”) mine in Northern Ontario.

The updated resource estimate, prepared by Scott Wilson Roscoe Postle Associates Ltd (“Scott Wilson RPA”), shows that the 2009 drill program, which consisted of 86 drill holes totaling 41,600 metres, achieved its objective of significantly increasing the palladium grade in the Offset Zone. The indicated resource grade increased from 5.02 g/t Pd (the last published resource grade in March 2009) to 6.29 g/t Pd.

“Consistent with the exploration success we achieved last year, I am extremely pleased that our 2009 infilll drilling on the Offset Zone resulted in a 25% grade increase for indicated resources,” said William J. Biggar, President and CEO. “Contained mineralization for the Offset Zone, which is still open at depth and along strike, now stands at 2.4 million ounces of palladium. As we progress this year with initial development of the Offset Zone by constructing a $16 million ramp over a depth of 200 metres, we are encouraged that the increased resource grade supports our plans to extend LDI’s mine life by potentially 10 years, at an annualized production rate in the range of 250,000 ounces per year.”

The following mineral resource calculation uses a minimum 4 g/t Pd resource block cut-off:

Estimated Mineral Resources – Offset Zone, LDI Mine

 

----------------------------------------------------------------------------
Tonnes                                                Pd
Category        (Millions)  Pd g/t  Pt g/t  Au g/t    Ni %    Cu %  (000 oz)
----------------------------------------------------------------------------
INDICATED            8.628    6.29   0.419   0.395   0.136   0.110     1,745
----------------------------------------------------------------------------
INFERRED             3.322    5.70   0.352   0.233   0.095   0.074       609
----------------------------------------------------------------------------

1.  Prepared by Mr. Richard Routledge, M.Sc., P. Geol., Senior Consulting
Geologist for Scott Wilson RPA, an independent Qualified Person within
the meaning of NI 43-101. CIM definitions were followed for the
estimation of Mineral Resources.
2.  The resource wireframe was constructed at a cut-off of 4 g/t Pd and a
minimum five-metre horizontal mining width. Assays were capped at
various levels depending on metal grade distributions. Resources were
estimated to the 4070 Mine Level (-930 m elevation), a maximum depth of
1,430 m.

This news release includes only the updated resource for the Offset Zone. This updated resource estimate does not include drilling data from the Cowboy and Outlaw zones, as there is insufficient drill data at this time for a resource estimate. The National Instrument 43-101 (“NI 43-101”) report, to be prepared by Scott Wilson RPA, will include updated reserves and resources for mineralized zones at LDI, and is expected to be available in the fourth quarter of 2010.

The resource estimate was prepared by constructing 3D wireframes containing 15.3 Mt with Gemcom software and using ordinary kriging interpolation. The mineralization wireframes contain 11 Mt of indicated resources at a grade of 5.61g/t Pd and 4.3 Mt of inferred resources at a grade of 5.05 g/t, including internal dilution (lower than the 4 g/t cut-off) of approximately 3.4 Mt. In the indicated category, dilution is estimated to total 2.4 Mt at a grade of 3.18 g/t Pd. Lower grade ore is distributed in coherent areas potentially allowing for a mine plan to leave pillars in these lower grade areas to minimize dilution. By applying a minimum 4 g/t resource block cut-off, the resources tabulated above are generated.

A scoping study is underway with the objective of assessing the optimal mining and milling configuration and economics of developing the Offset Zone. The report is expected to be completed in the third quarter of this year. The mining development scenario under consideration supports mining the deposit in two phases. Mining in Phase I will take place in the upper block, above 4550 elevation, where the drilling is mostly on a 30 metre pattern and where most of the indicated resources are identified. Phase II mining will take place under the 4550 elevation where the drilling pattern is not yet regular and where most of the inferred resources are located. The mining scenario indicates that mining dilution may contain in the order of 3 g/t palladium, and accordingly the effective dilution is expected to be approximately 5%.

The following table shows the estimation and distribution of tonnage and grade, using a minimum 4 g/t Pd block cut-off, in reference to Phase I and II:

 

----------------------------------------------------------------------------
Resource Category                         Tonnes (Millions)   Grade Pd - g/t
----------------------------------------------------------------------------
PHASE I
----------------------------------------------------------------------------
Indicated                            5.905             6.44
----------------------------------------------------------------------------
Inferred                             0.246             5.63
----------------------------------------------------------------------------
PHASE II
----------------------------------------------------------------------------
Indicated                            2.723             5.96
----------------------------------------------------------------------------
Inferred                             3.076             5.70
----------------------------------------------------------------------------

Additional Exploration Activity

Exploration on the Offset Zone is continuing in 2010 with a $12 million, 53,000-metre drill program to upgrade the resource category at depth (where Phase II mining will take place) as well as to test the extensions at depth and along strike of the Offset Zone, which remains open in all directions.

Presently, two directional drills are located on surface and one underground testing the up-dip extension of the Offset Zone. The Company expects to add one or two additional underground drills later this quarter as the new underground ramp progresses toward the 4,700 level, which will enable in-fill and exploration drilling. At that time, the Company plans to extend the drill holes to the Cowboy Zone, located approximately 50 metres west of the Offset Zone, to increase data density in order to be able to evaluate its resources in the next resource update.

Technical Information and Qualified Person

Michel Bouchard, P.Geo., Vice President, Exploration and Development for North American Palladium, is the Qualified Person who supervised the preparation of this news release.

Additional information can be found in NAP’s recent Form 40-F/Annual Information Form on file with the US Securities and Exchange Commission and Canadian provincial securities regulatory authorities, available at http://www.sec.gov/ and http://www.sedar.com/, respectively. The mineral reserve and mineral resource estimates for each of these properties are available on http://www.sedar.com/ and http://www.nap.com/. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

About North American Palladium

NAP is a Canadian precious metals company focused on the production of palladium and gold in mining-friendly jurisdictions. Lac des Iles, the Company’s flagship mine, is one of North America’s two primary palladium producers. Located approximately 85 kilometres northwest of Thunder Bay, Ontario, Lac des Iles has produced palladium since 1993. NAP also owns and operates the Sleeping Giant gold mine located in the prolific Abitibi region of Quebec. The Company has extensive landholdings adjacent to both the Lac des Iles and Sleeping Giant mines, and is pursuing an aggressive exploration program aimed at increasing its reserves and resources in those areas. NAP trades on the TSX under the symbol PDL and on the NYSE Amex under the symbol PAL. The Company’s common shares are included in the S&P/TSX Global Mining Index.

Cautionary Note to U.S. Investors Concerning Estimates of Measured, Indicated and Inferred Resources

This press release uses the terms “Measured”, “Indicated” and “Inferred” Resources. United States investors are advised that while such terms are recognized and required by Canadian regulations, the United States Securities and Exchange Commission does not recognize them. “Inferred Mineral Resources” have a great amount of uncertainty as to their existence, and as to their economic and legal feasibility. It cannot be assumed that all or any part of an Inferred Mineral Resource will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred Mineral Resources may not form the basis of feasibility or other economic studies. United States investors are cautioned not to assume that all or any part of Measured or Indicated Mineral Resources will ever be converted into Mineral Reserves. United States investors are also cautioned not to assume that all or any part of an Inferred Mineral Resource exists, or is economically or legally mineable.

Cautionary Statement on Forward Looking Information

Certain information included in this press release, including any information as to our future exploration, financial or operating performance and other statements that express management’s expectations or estimates of future performance, constitute ‘forward-looking statements’ within the meaning of the ‘safe harbor’ provisions of the United States Private Securities Litigation Reform Act of 1995 and Canadian securities laws. The words ‘expect’, ‘believe’, ‘will’, ‘intend’, ‘estimate’ and similar expressions identify forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties, risks and contingencies, including the possibility that ramping-up operations at the Lac des Iles and Sleeping Giant mines to a steady-state may not proceed as planned, that other properties can be successfully developed, and that metal prices, foreign exchange assumptions and operating costs may differ from management’s expectations. The Company cautions the reader that such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual financial results, performance or achievements of North American Palladium to be materially different from the Company’s estimated future results, performance or achievements expressed or implied by those forward-looking statements and that the forward-looking statements are not guarantees of future performance. These statements are also based on certain factors and assumptions. For more details on these estimates, risks, assumptions and factors, see the Company’s most recent Form 40-F/Annual Information Form on file with the U.S. Securities and Exchange Commission and Canadian provincial securities regulatory authorities. The Company disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, events or otherwise, except as expressly required by law. Readers are cautioned not to put undue reliance on these forward-looking statements.

Thursday, May 27th, 2010 Uncategorized Comments Off on North American Palladium (PAL) Updates Resource Estimate for Offset Zone

Toreador (TRGL) Announces Share Repurchase Program

May 27, 2010 (Business Wire) — Toreador Resources Corporation (NASDAQ: TRGL) today announced that its Board of Directors has authorized a share repurchase program. The program authorizes the Company to repurchase up to an aggregate of up to $5 million of the Company’s outstanding common stock over the next 12 months in open market or private transactions and at the discretion of management based on, among other things, the Company’s ongoing capital requirements and the market price of its common stock.

The Company had approximately 24,941,155 shares of common stock outstanding as of May 25, 2010. The Company expects to use available cash to finance the purchases.

Safe-Harbor Statement – Except for the historical information contained herein, the matters set forth in this news release are “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. Toreador intends that all such statements be subject to the “safe-harbor” provisions of those Acts. Many important risks, factors and conditions may cause Toreador’s actual results to differ materially from those discussed in any such forward-looking statement. These risks include, but are not limited to:

  • our need and ability to raise additional capital or obtain alternative financing;
  • our ability to maintain or renew our existing exploration permits or exploitation concessions or obtain new ones;
  • the effect of our indebtedness on our financial health and business strategy;
  • our ability to execute our business strategy and be profitable;
  • our ability to replace reserves;
  • a change in the SEC position on our calculation of proved reserves;
  • the loss of the current purchaser of our oil production;
  • results of our hedging activities;
  • the loss of senior management or key employees;
  • political, legal and economic risks associated with having international operations
  • disruptions in production and exploration activities in the Paris Basin;
  • currency fluctuations;
  • failure to maintain adequate internal controls;
  • indemnities granted by us in connection with dispositions of our assets;
  • unfavorable results of legal proceedings;
  • assessing and integrating acquisition prospects;
  • declines in prices for crude oil;
  • our ability to compete in a highly competitive oil and gas industry;
  • our ability to obtain equipment and personnel;
  • extensive regulation, including environmental regulation, to which we are subject;
  • terrorist activities;
  • our success in development, exploitation and exploration activities;
  • reserves estimates turning out to be inaccurate;
  • differences between the present value and market value of our reserves and
  • and other risks and uncertainties described in the company’s filings with the Securities and Exchange Commission.

The historical results achieved by Toreador are not necessarily indicative of its future prospects. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

ABOUT TOREADOR

Toreador Resources Corporation is an independent energy company engaged in the exploration and production of crude oil with interests in developed and undeveloped oil properties in the Paris Basin, France. The company’s website, www.toreador.net provides more information about Toreador.

Thursday, May 27th, 2010 Uncategorized Comments Off on Toreador (TRGL) Announces Share Repurchase Program

Autobytel (ABTL) Adopts Tax Benefit Preservation Plan to Preserve Use of Net Operating Losses

May 26, 2010 (Business Wire) — Autobytel Inc. (Nasdaq: ABTL), a leading automotive marketing services company, today announced that its Board of Directors has adopted a Tax Benefit Preservation Plan (Tax Benefit Plan) designed to reduce the likelihood that Autobytel’s use of its net operating losses, loss carryforwards and other tax assets (NOLs) would be substantially limited under Section 382 of the Internal Revenue Code.

NOLs can generally be used to offset future taxable income and therefore reduce federal income tax obligations. However, Autobytel’s ability to use its NOLs may be substantially limited if there occurs an “ownership change” of Autobytel as defined under Section 382. In general, an ownership change will occur if Autobytel’s “5-percent stockholders,” as defined under Section 382, collectively increase their ownership in Autobytel by more than 50 percentage points over a rolling three-year period.

The Tax Benefit Plan protects the interests of Autobytel’s stockholders by preserving valuable corporate assets. The Tax Benefit Plan is designed to protect the significant tax benefits of Autobytel’s net operating loss carryforwards and built-in losses.

As part of the Tax Benefit Plan, Autobytel’s Board of Directors declared a dividend of one preferred share purchase right (a Right) for each outstanding share of its common stock. The dividend will be payable to holders of record as of the close of business on June 11, 2010. Any shares of Autobytel’s common stock issued after the record date will be issued together with the Rights.

The Rights are not currently exercisable and initially will trade only with the common stock. However, if any person or group acquires 4.90% or more of the outstanding shares of Autobytel’s common stock (subject to certain exceptions), there will be a triggering event under the Tax Benefit Plan, which would cause the Rights to become exercisable and would be expected to result in significant dilution in the ownership interest of such a person or group. Existing stockholders who currently own more than 4.90% of the Company’s outstanding shares will not trigger the Tax Benefit Plan so long as they do not acquire additional shares.

At its discretion, Autobytel’s Board of Directors may exempt certain persons and certain transactions under the Tax Benefit Plan if the Board of Directors determines that such persons or transactions would not be likely to limit Autobytel’s NOLs or is otherwise in the best interests of Autobytel. The Tax Benefit Plan may be terminated by the Board of Directors at any time before the Rights are triggered.

The Tax Benefit Plan is similar to plans recently adopted by many other public companies with significant NOLs.

The Rights will expire upon the earliest of:

May 26, 2014;
The time at which the Rights are redeemed or exchanged under the Tax Benefit Plan;
The end of the month in which Autobytel’s 2011 annual meeting of stockholders is held if stockholder approval of the Tax Benefit Plan has not been received before that time;
The repeal of Section 382 or any successor statute, if Autobytel’s Board of Directors determines that the Tax Benefit Plan is no longer necessary for the preservation of its NOLs;
The beginning of a taxable year of Autobytel to which the Board of Directors determines that no NOLs may be carried forward; or
The time when the Board of Directors determines that a limitation on the use of the NOLs under Section 382 would no longer be material to Autobytel.

The issuance of the Rights will not affect Autobytel’s reported earnings per share and is not taxable to Autobytel or its stockholders.

Additional information regarding the Tax Benefit Plan will be contained in a Form 8-K and in a Registration Statement on Form 8-A that Autobytel is filing with the Securities and Exchange Commission. In addition, Autobytel stockholders of record as of the close of business on June 11, 2010, will be mailed a detailed summary of the Tax Benefit Plan.

Also, in connection with the adoption of the Tax Benefit Plan, Autobytel today also announced that its Board of Directors has amended its existing Amended and Restated Rights Agreement (Rights Agreement) to provide for expiration of the Rights Agreement upon the effectiveness of the Tax Benefit Plan.

About Autobytel

Autobytel Inc. (NASDAQ: ABTL), a leader in providing online consumer leads and marketing resources to auto dealers and manufacturers, pioneered the automotive Internet when it launched autobytel.com in 1995. Today, the company is continuing to offer innovative products and services to help auto dealers and manufacturers sell more new and used cars. Autobytel has helped tens of millions of automotive consumers research vehicles; connected thousands of dealers nationwide with motivated car buyers; and helped every major automaker market its brand online. Through its flagship website Autobytel.com®, its network of automotive sites including Autoweb.com®, AutoSite.com®, Car.comsm, CarSmart.com®, CarTV.com®, and MyRide.com®, and its respected online partners, Autobytel continues its dedication to innovating the industry’s highest quality Internet programs to provide consumers with a comprehensive and positive automotive research and purchasing experience, and auto dealers, dealer groups and auto manufacturers with one of the industry’s most productive and cost-effective customer referral and marketing programs.

Forward-Looking Statements

The statements contained in this press release that are not historical facts are forward-looking statements under the federal securities laws. These forward-looking statements are not guarantees of future performance and involve certain assumptions and certain risks and uncertainties that are difficult to predict. Actual outcomes and results may differ materially from what is expressed in, or implied by, such forward-looking statements. Autobytel undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. Among the important factors that could cause actual results to differ materially from those expressed in, or implied by, the forward-looking statements are changes in general economic conditions, the financial condition of automobile manufacturers and dealers, the economic impact of terrorist attacks or military actions, increased dealer attrition, pressure on dealer fees, increased or unexpected competition, the failure of new products and services to meet expectations, failure to retain key employees or attract and integrate new employees, actual costs and expenses exceeding the charges taken by Autobytel, changes in laws and regulations, costs of legal matters, including, defending lawsuits and undertaking investigations and related matters, and other matters disclosed in Autobytel’s filings with the Securities and Exchange Commission. Investors are strongly encouraged to review the Annual Report on Form 10-K for the year ended December 31, 2009 and other filings with the Securities and Exchange Commission for a discussion of risks and uncertainties that could affect operating results and the market price of the stock.

Thursday, May 27th, 2010 Uncategorized Comments Off on Autobytel (ABTL) Adopts Tax Benefit Preservation Plan to Preserve Use of Net Operating Losses

SunPower (SPWRA) Completes Euro 44.5 Million Financing for Expanding Italy’s Largest Solar Power Park

ROME, May 27 /PRNewswire-FirstCall/ — SunPower Corp. (Nasdaq: SPWRA, SPWRB) today announced that financing of euro 44.5 million, made up of a term loan of euro 40 million and a short-term VAT facility of euro 4.5 million, has been finalized for the second phase of the Montalto di Castro solar photovoltaic (PV) power park, the largest in Italy. With the first 24 megawatts (DC) of the park completed ahead of schedule at the end of 2009, this second phase includes an additional 8.8 megawatts (DC) that began construction in February and is expected to be complete in July. The entire 85-megawatt (DC) Montalto di Castro park, located approximately 100 kilometers north of Rome in the province of Viterbo (region of Lazio), is planned to be built and fully operational by the end of this year.

“The Montalto park is the first and largest solar project of its kind in Italy, and we are very pleased to have completed the financing on this second phase,” said Dennis Arriola, SunPower CFO. “The demand for solar in Italy is strong today and growing because solar is a quickly installed, cost-competitive, reliable source of power. Financiers understand that these parks make good business sense while serving local communities with clean, renewable power.”

The sole lending bank for the second phase of the project is Barclays Bank PLC, which is acting as mandated lead arranger, agent and account bank.

“Barclays’s offered attractive debt terms early on in the bank selection process and they remained impressively professional and dedicated to the transaction even through the volatile market conditions of the past few weeks. This is testament to the creditworthiness of a well-executed utility scale PV power park from the SunPower team,” said Tim Corfield, head of project finance for SunRay Group, a SunPower company.

Construction of the first phase of the Montalto park was completed in eight months and required more than 250 workers and the services of ten skilled local companies employed for civil, mechanical and electrical services. A dedicated 150-megawatt substation was designed and constructed by Terna SpA. A visitor center is also planned for the site to provide education on solar power and other renewable energy sources.

The Montalto di Castro park uses high-efficiency SunPower solar panels, the most efficient panels commercially available, installed on a SunPower® Tracker system. The Tracker follows the sun during the day and delivers up to 25 percent more energy than fixed-tilt systems, while significantly reducing land use requirements.

Worldwide, SunPower has more than 550 megawatts of solar power systems installed or under contract, including more than 200 megawatts of operational power plants in Europe.

About SunPower

Founded in 1985, SunPower Corp. (Nasdaq: SPWRA, SPWRB) designs, manufactures and delivers the planet’s most powerful solar technology broadly available today. Residential, business, government and utility customers rely on the company’s experience and proven results to maximize return on investment. With headquarters in San Jose, Calif., SunPower has offices in North America, Europe, Australia and Asia. For more information, visit www.sunpowercorp.com.

About Barclays PLC

Barclays is a major global financial services provider engaged in retail banking, credit cards, corporate and investment banking and wealth management with an extensive international presence in Europe, the United States, Africa and Asia. With over 300 years of history and expertise in banking, Barclays operates in over 50 countries and employs 144,000 people. Barclays moves, lends, invests and protects money for 48 million customers and clients worldwide. For further information about Barclays, please visit our website www.barclays.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that do not represent historical facts and may be based on underlying assumptions. The company uses words and phrases such as “expected,” “planned,” “strong,” and “growing” to identify forward-looking statements in this press release, including forward-looking statements regarding:  (a) constructions schedule; and (b) strong demand for solar in Italy. Such forward-looking statements are based on information available to the company as of the date of this release and involve a number of risks and uncertainties, some beyond the company’s control, that could cause actual results to differ materially from those anticipated by these forward-looking statements, including risks and uncertainties such as:  (i) construction difficulties or potential delays in the project implementation process; (ii) unanticipated delays or difficulties securing necessary permits, licenses or other governmental approvals or financing; (iii) the risk of continuation of supply of products and components from suppliers; (iv) unanticipated problems with deploying the system on the sites; (v) general business and economic conditions, including seasonality of the industry; (vi) the continuation of governmental and related economic incentives promoting the use of solar power; (vii) the improved availability of third-party financing arrangements; and (viii) other risks described in the company’s Annual Report on Form 10-K for the year ended January 3, 2010, and other filings with the Securities and Exchange Commission. These forward-looking statements should not be relied upon as representing the company’s views as of any subsequent date, and the company is under no obligation to, and expressly disclaims any responsibility to, update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.

SunPower is a registered trademark of SunPower Corp.  All other trademarks are the property of their respective owners.

Thursday, May 27th, 2010 Uncategorized Comments Off on SunPower (SPWRA) Completes Euro 44.5 Million Financing for Expanding Italy’s Largest Solar Power Park

FSI International, Inc. (FSII) Announces Revised Third Quarter Financial Performance Guidance

May 26, 2010 (Business Wire) — FSI International, Inc. (Nasdaq: FSII), a manufacturer of capital equipment for the microelectronics industry, today announced revised financial performance guidance for the third quarter ending May 29, 2010.

Revised Third Quarter Guidance

Given the quarter-to-date orders, the company now expects third quarter orders to be between $28 and $30 million, as compared to $22.8 million in the second quarter of fiscal 2010.* Based on quarter-to-date shipments, the company now expects third quarter fiscal 2010 revenues of $27 to $29 million as compared to $18.9 million in the second quarter of fiscal 2010.* Assuming that the company can achieve anticipated gross profit margin and the operating expense levels, the company expects net income of $5.0 to $6.0 million for the third quarter of fiscal 2010, as compared to $609,000 in the second quarter of fiscal 2010.*

On March 30, 2010 the company had provided third quarter order, revenue and net income guidance of $25 to $27 million, $23 to $25 million and $2.5 to $3.0 million, respectively.

The company expects to report actual third quarter financial results on June 24, 2010.

About FSI

FSI International, Inc. is a global supplier of surface conditioning equipment, technology and support services for microelectronics manufacturing. Using the company’s broad portfolio of cleaning products, which include batch and single-wafer platforms for immersion, spray, vapor and cryokinetic technologies, customers are able to achieve their process performance flexibility and productivity goals. The company’s support services programs provide product and process enhancements to extend the life of installed FSI equipment, enabling worldwide customers to realize a higher return on their capital investment. For more information, visit FSI’s website at http://www.fsi-intl.com, or call Benno Sand, 952.448.8936.

“Safe Harbor” Statement Under the Private Securities Litigation Reform Act of 1995

This press release contains certain “forward-looking” statements (*), including, but not limited to, expected orders, expected revenues and expected financial results for the third quarter of fiscal 2010. Except for the historical information contained herein, the matters discussed in this news release are forward-looking statements involving risks and uncertainties, both known and unknown, that could cause actual results to differ materially from those in such forward-looking statements. Such risks and uncertainties include, but are not limited to, changes in industry conditions; order delays or cancellations; general economic conditions; changes in customer capacity requirements and demand for microelectronics; the extent of demand for the company’s products and its ability to meet demand; global trade policies; worldwide economic and political stability; the company’s successful execution of internal performance plans; the cyclical nature of the company’s business; volatility of the market for certain products; performance issues with key suppliers and subcontractors; the level of new orders; the timing and success of current and future product and process development programs; the success of the company’s direct distribution organization; legal proceedings; the potential impairment of long-lived assets; and the potential adverse financial impacts resulting from declines in the fair value and liquidity of investments the company presently holds; as well as other factors listed herein or from time to time in the company’s SEC reports, including our latest 10-K annual report and our 10-Q quarterly reports. The company assumes no duty to update the information in this press release.

Thursday, May 27th, 2010 Uncategorized Comments Off on FSI International, Inc. (FSII) Announces Revised Third Quarter Financial Performance Guidance

Enova (ENA) Announces Hybrid School Bus Order

Press Release Source: Enova Systems, Inc On Wednesday May 26, 2010, 9:00 am EDT

TORRANCE, Calif.–(BUSINESS WIRE)–Enova Systems, Inc (NYSE AMEX: ENA) (AIM: ENV) (AIM: ENVS), a leading innovator of propriety hybrid and electric drive systems, confirmed today that they, along with Navistar International Corporation (NYSE: NAVNews) and its subsidiary IC Bus, will deploy 16 hybrid school buses used for a number of school districts. This deployment represents the initial large scale utilization of US Department of Energy grants for clean school buses. Both Navistar, who claims 61% of the school bus market in North America, and Enova, believe that this initial deployment is a critical next step in the evolution of the hybrid school bus program towards long term production volume.

Enova COO John Mullins said, “The deployment of these initial systems is an affirmation of Navistar’s commitment to the hybrid school bus market. Enova supports this commitment by engineering a post-transmission hybrid drive system that integrates easily and non-invasively.”

Enova anticipates an increase in demand for hybrid school buses powered by Enova’s drive system technologies. Several states and school districts have expressed interest in expanding their hybrid school bus fleets. This interest should continue to grow as more tax credits and incentives become available to ease the transition to hybrid school buses.

“This is not the first time Enova has partnered with Navistar to break new ground in clean vehicle technology,” said Enova CEO and President Mike Staran. “In 2005, we collaborated on the industry’s first production plug-in hybrid vehicle, and we’ve refined the technology since. This order for 16 Enova-powered hybrid school buses solidifies both our companies’ positions as industry leaders.”

Over the past years, Navistar’s plug-in hybrid school buses powered by Enova’s ultra-efficient drive system, have demonstrated a significant improvement in fuel economy and reduction in emissions. The partners expect these efficiencies to drive further demand for Navistar’s hybrid school buses.

About Enova:

Enova Systems (http://www.enovasystems.com), a leading supplier of efficient, environmentally friendly digital power components and systems products. The Company’s core competencies are focused on the development and commercialization of power management and conversion systems for mobile applications. Enova applies unique ‘enabling technologies’ in the areas of alternative energy propulsion systems for light and heavy-duty vehicles as well as power conditioning and management systems for distributed generation systems. The Company develops, designs and produces non-invasive drive systems and related components for electric, hybrid-electric, and fuel cell powered vehicles in both the “new” and “retrofit” vehicle sales market. For further information, contact Enova Systems directly, or visit http://www.enovasystems.com.

Additional Information:

This news release contains forward-looking statements relating to Enova Systems and its products that are intended to be covered by the safe harbor for forward-looking statements provided by the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical facts. These statements can be identified by the use of forward-looking terminology such as “believe,” “expect,” “may,” “will,” “should,” “could,” “project,” “plan,” “seek,” “intend,” or “anticipate” or the negative thereof or comparable terminology and statements about industry trends and Enova’s future performance, operations and products. These forward-looking statements are subject to and qualified by certain risks and uncertainties. These and other risks and uncertainties are detailed from time to time in Enova Systems’ periodic filings with the Securities and Exchange Commission, including but not limited to Enova’s annual report on Form 10-K for the year ended December 31, 2009.

Wednesday, May 26th, 2010 Uncategorized Comments Off on Enova (ENA) Announces Hybrid School Bus Order

Mercantile Bancorp (MBR) Announces Results of Annual Meeting

Press Release Source: Mercantile Bancorp, Inc. On Wednesday May 26, 2010, 9:17 am EDT

QUINCY, IL–(Marketwire – 05/26/10) – Mercantile Bancorp, Inc. (AMEX:MBRNews) today announced the results of its annual meeting of stockholders held May 24. Shareholders re-elected nine directors, approved an amendment to increase the Company’s number of authorized shares of common stock, ratified the selection of independent auditors, and participated in an open question and answer session.

At Monday’s meeting, shareholders voted to reelect each of the following as directors for a one-year term: Ted T. Awerkamp, Julie A Brink, Michael J. Foster, Alexander J. House, Lee R. Keith, William G. Keller, Jr., Dennis M. Prock, John R. Spake, and James W. Tracy.

Additionally, shareholders approved an amendment to the Company’s Certificate of Incorporation to increase the number of authorized shares of common stock from 14 million to 30 million, and ratified the reappointment of BKD, LLP as independent auditors for the fiscal year ending December 31, 2010.

“We are pleased with the passage of the amendment to increase the number of authorized shares of common stock,” said Ted T. Awerkamp, president and CEO. “Our shareholders have shown great support and understanding of our need to maintain and strengthen our capital using self-sufficient means. We are maintaining capital ratios in excess of well-capitalized status at each of our affiliated banks, and this amendment provides us with another tool to best position the Company going forward and our banks to continue their mission of serving their communities,” said Awerkamp.

About Mercantile Bancorp

Mercantile Bancorp, Inc. is a Quincy, Illinois-based bank holding company with wholly and majority-owned subsidiaries consisting of one bank in Illinois and one each in Kansas and Florida, where the Company conducts full-service commercial and consumer banking business, engages in mortgage banking, trust services and asset management, and provides other financial services and products. The Company also operates Mercantile Bank branch offices in Missouri and Indiana. In addition, the Company has minority investments in seven community banks in Missouri, Georgia, Florida, Colorado, California, and Tennessee. Further information is available on the company’s website at http://www.mercbanx.com/.

Forward-Looking Statements
This press release may contain “forward-looking statements” which reflect the Company’s current views with respect to future events and financial performance. The Private Securities Litigation Reform Act of 1995 (“the Act”) provides a safe harbor for forward-looking statements that are identified as such and are accompanied by the identification of important factors that could cause actual results to differ materially from the forward-looking statements. For these statements, the Company, together with its subsidiaries, claims the protection afforded by the safe harbor in the Act. Forward-looking statements are not based on historical information, but rather are related to future operations, strategies, financial results or other developments. Forward-looking statements are based on management’s expectations as well as certain assumptions and estimates made by, and information available to, management at the time the statements are made. Those statements are based on general assumptions and are subject to various risks, uncertainties and other factors that may cause actual results to differ materially from the views, beliefs and projections expressed in such statements. These risks, uncertainties and other factors that may cause actual results to differ from expectations, are set forth in our Annual Report on Form 10-K for the year ended December 31, 2009 and Form 10-Q for the quarter ended March 31, 2010, as on file with the Securities and Exchange Commission, and include, among other factors, the following: general business and economic conditions on both a regional and national level; fluctuations in real estate values; the level and volatility of the capital markets, interest rates, and other market indices; changes in consumer and investor confidence in, and the related impact on, financial markets and institutions; estimates of fair value of certain Company assets and liabilities; federal and state legislative and regulatory actions; various monetary and fiscal policies and governmental regulations; changes in accounting standards, rules and interpretations and their impact on the Company’s financial statements. The words “believe,” “expect,” “anticipate,” “project,” and similar expressions often signify forward-looking statements. You should not place undue reliance on any forward-looking statements. Any forward-looking statements in this release speak only as of the date of the release, and we do not assume any obligation to update the forward-looking statements or to update the reasons why actual results could differ from those contained in the forward-looking statements.

Wednesday, May 26th, 2010 Uncategorized Comments Off on Mercantile Bancorp (MBR) Announces Results of Annual Meeting

MELA Sciences (MELA) Announces FDA Panel to Review MelaFind(R) PMA Application

Press Release Source: MELA Sciences On Wednesday May 26, 2010, 6:30 am EDT

IRVINGTON, NY–(Marketwire – 05/26/10) – MELA Sciences, Inc. (NASDAQ:MELANews) announced today that the company’s pre-market approval (PMA) application for MelaFind® will be reviewed by the General and Plastic Surgery Devices Panel appointed by the U.S. Food and Drug Administration (FDA) on August 26, 2010.

“We are so pleased to see the MelaFind review process move forward,” said Joseph V. Gulfo, MD, President & CEO. “We and our advisors look forward to the Panel meeting with great anticipation. We have had positive and constructive interactions with the agency culminating in the submission of our formal response to the FDA’s questions regarding the PMA application earlier this month. We are now fully focused on preparing for the August 26th panel meeting and firmly believe that MelaFind will be found to be a valuable tool to help dermatologists detect melanoma at the earliest, most curable stage.”

The company also reported the results of its internet-based US reader study performed by 155 physicians, including 110 dermatologists, on images and clinical information derived from 130 lesions (melanomas and non-melanomas) enrolled in the MelaFind pivotal trial. The average sensitivity of dermatologists was 72%. The sensitivity of MelaFind was 96.9%, which was statistically significantly superior to dermatologists at p-value of less than 0.0001. The Company plans to submit the results of the reader study to a peer review journal for publication.

The panel will review the MelaFind PMA application, which the company submitted to the agency in June 2009. It is based on the positive results of the company’s landmark pivotal study, which included 1,831 pigmented skin lesions from 1,383 patients, making this the largest prospective study ever conducted in melanoma detection. Prior to the start of the study, the company and the FDA entered into a binding protocol agreement to stipulate the study design, including the sensitivity and specificity endpoints that should be used to determine the safety and effectiveness of MelaFind. The company believes that the results of the pivotal study met and exceeded the pre-defined endpoints.

As previously reported, the company received a letter from the FDA on March 19, 2010 with a series of questions regarding the MelaFind PMA application. The Company was advised that the application was not approvable at that time, and that the review process had been extended by a period of up to 180 days following the submission of the response to the FDA action letter.

A draft response was submitted to the FDA in mid-April. In addition, the Company also had an in-person meeting with the Agency to review its draft response and to clarify several questions. The final formal response to all questions provided by the FDA was submitted to the Agency on May 7, 2010.

Conference Call Information

MELA Sciences will host a conference call today at 8:30 AM EDT. To participate in the conference call, dial 866-543-6405 and use passcode 23013585. International callers may dial 617-213-8897 using the same passcode. In addition, a live audio of the conference call will be available over the Internet. Interested parties can access the event through the investor relations section of http://www.melasciences.com/. For a direct link, click: http://phx.corporate-ir.net/phoenix.zhtml?c=191863&p=irol-irhome.

If you are unable to participate in the live call, a replay will be available at 888-286-8010, with passcode 63228150, from 11:30 AM EDT on May 26, 2010 until June 2, 2010. International callers may access the replay by dialing 617-801-6888, using the same passcode. The webcast will also be available at http://www.melasciences.com/ for the same period.

About Melanoma

Melanoma is the deadliest form of skin cancer, responsible for approximately 80% of skin cancer fatalities. The melanoma rate has continued to increase with an estimated 120,000 new cases projected in 2010. A recent National Cancer Institute report published in the July 10, 2008 online edition of the Journal of Investigative Dermatology indicates that annual incidence of melanoma among young adult Caucasian women rose 50% between 1980 and 2004. Melanoma is the most common cancer in women age 25 to 29 and the number one cancer killer of women age 30 to 35. Although no cure is currently available for advanced-stage melanoma, if caught early, melanoma is virtually 100% curable.

About MELA Sciences

MELA Sciences is a medical technology company focused on developing MelaFind®, a non-invasive and objective computer vision system intended to aid in the early detection of melanoma. MELA Sciences designed MelaFind to assist in the evaluation of pigmented skin lesions, including atypical moles, which have one or more clinical or historical characteristics of melanoma, before a final decision to biopsy has been rendered. MelaFind acquires and displays multi-spectral (from blue to near infrared) digital images of pigmented skin lesions and uses automatic image analysis and statistical pattern recognition to help identify lesions to be considered for biopsy to rule out melanoma.

The MelaFind Pre-Market Approval (PMA) application was filed with the U.S. Food and Drug Administration (FDA) in June 2009 and is currently under review at the FDA. MELA Sciences cannot predict either the timing of the FDA’s decision on the PMA application or the outcome. FDA approval is required prior to marketing MelaFind in the United States.

For more information on MELA Sciences, visit http://www.melasciences.com/.

Safe Harbor

This press release includes “forward-looking statements” within the meaning of the Securities Litigation Reform Act of 1995. These statements include but are not limited to our plans, objectives, expectations and intentions and other statements that contain words such as “expects,” “contemplates,” “anticipates,” “plans,” “intends,” “believes” and variations of such words or similar expressions that predict or indicate future events or trends, or that do not relate to historical matters. These statements are based on our current beliefs or expectations and are inherently subject to significant uncertainties and changes in circumstances, many of which are beyond our control. There can be no assurance that our beliefs or expectations will be achieved. Actual results may differ materially from our beliefs or expectations due to economic, business, competitive, market and regulatory factors.

Wednesday, May 26th, 2010 Uncategorized Comments Off on MELA Sciences (MELA) Announces FDA Panel to Review MelaFind(R) PMA Application

Deer Consumer Products, Inc. (DEER) Reports No Negative Sales Trend or Currency Risks From European Customers

Press Release Source: Deer Consumer Products, Inc. On Wednesday May 26, 2010, 6:55 am EDT

NEW YORK, May 26 /PRNewswire-FirstCall/ — Deer Consumer Products, Inc. (Nasdaq: DEER; website: http://www.deerinc.com/), one of the world’s largest vertically integrated designers and ODM/OEM manufacturers of home and kitchen electronics marketing to both global and China domestic consumers, is pleased to make the following announcements:

Deer Reports No Negative European Market Trends or Euro Currency Risks

Deer does not foresee any slowdown in order flow from European customers for Deer’s products. Deer’s business has no euro currency risk. Since the Company’s inception 15 years ago, Deer has sold its products to international customers based on US dollars. Deer will continue to quote and market its products worldwide in US dollars.

“Deer is experiencing strong China domestic and international sales in our current second quarter. We do not foresee any down side risk from the European markets that could negatively impact our business. We use US dollars as the sole currency for our international sales and we do not participate in, or have the need for, currency hedging. We are still on track to meet or exceed our financial projections for 2010,” commented Bill He, Deer’s Chairman & CEO.

Executive Appointments:

Deer has promoted Ms. Yongmei Helen Wang to the position of President. Previously, Ms. Wang was Deer’s Head of International Sales and Corporate Secretary. Ms. Wang has been with the Company since its inception in 2001. She is a fluent speaker of English, Mandarin Chinese and Cantonese.

Deer also announces the appointment of Ms. Tina Feifei Li as the Company’s Corporate Secretary, replacing Ms. Wang. Ms. Li has been with the Company in the last 5 years as an executive at the Company’s Corporate Communications department. Ms. Li communicates in English, Mandarin Chinese and Cantonese.

About Deer Consumer Products, Inc.

Deer Consumer Products, Inc. (Nasdaq: DEER; website: http://www.deerinc.com/) is a NASDAQ Global Select Market listed U.S. registered public company headquartered in China. Deer has a 15-year operating business as well as a strong balance sheet. Supported by more than 103 patents, trademarks, copyrights and approximately 2,000 company-trained seasonal and full time staff, Deer is a leading designer, ODM/OEM manufacturer and global marketer of quality small home and kitchen electric appliances. Deer’s product lines include blenders, juicers, soy milk makers and a large variety of other home appliances designed to make today’s lifestyles simpler and healthier. With more than 100 global clients/branded products such as Black & Decker, Ariete, Disney, Toastmaster, Magic Bullet, Back to Basics and Wal-Mart, and rapidly expanding China domestic market footprint, Deer has enjoyed rapid sales and earnings growth in recent years.

Safe Harbor Statement

All statements in this press release that are not historical are forward-looking statements made pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. There can be no assurance that actual results will not differ from the company’s expectations. You are cautioned not to place undue reliance on any forward-looking statements in this press release as they reflect Deer’s current expectations with respect to future events and are subject to risks and uncertainties that may cause actual results to differ materially from those contemplated. Potential risks and uncertainties include, but are not limited to, the risks described in Deer’s filings with the Securities and Exchange Commission.

Contact Information:

Corporate Contact:

Ms. Yongmei Helen Wang, President

Deer Consumer Products, Inc.

Tel: 011-86-755-86028285

Email: investors@deerinc.com

Wednesday, May 26th, 2010 Uncategorized Comments Off on Deer Consumer Products, Inc. (DEER) Reports No Negative Sales Trend or Currency Risks From European Customers

Gentium (GENT) Reports First Quarter Financial Results

Press Release Source: Gentium S.p.A On Wednesday May 26, 2010, 7:30 am EDT

VILLA GUARDIA (COMO), Italy, May 26 /PRNewswire-FirstCall/ — Gentium S.p.A. (NASDAQ:GENTNews) (the “Company”) today reported financial results for the quarter ended March 31, 2010.  The Company reports its financial condition and operating results using U.S. Generally Accepted Accounting Principles (GAAP). The Company’s financial statements are prepared using the Euro as its functional currency. On March 31, 2010, EUR 1.00 = $1.3479.

“The financial results of the first quarter of 2010 are in line with our previously announced year-end forecast. Net loss decreased from EUR 2.97 million for the three-month period ended March 31, 2009 to EUR 0.03 million for the same period in 2010,” stated Salvatore Calabrese, Senior Vice-President, Finance of Gentium S.p.A. “The Company was cash flow positive, despite the one-time restructuring charges of EUR 0.95 million during the quarter.”

“The demand for Defibrotide through our named-patient and cost recovery programs continues to support the need to treat and prevent veno-occlusive disease,” stated Dr. Khalid Islam, Chairman and Chief Executive Officer of Gentium S.p.A. “We remain focused on completing certain preclinical and clinical studies requested by the regulatory authorities so that we can file our new drug application (NDA) for Defibrotide by the end of the second quarter 2011.”

Financial Highlights

For the first quarter ended March 31, 2010 compared with the prior year’s first quarter:

  • Total revenues were EUR 4.99 million, compared with EUR 1.01 million. Product sales for the three-month period ended March 31, 2010 were EUR 3.92 million compared to EUR 0.97 million for the same period in 2009. As of March 31, 2010, Defibrotide net sales through named-patient and cost recovery programs amounted to EUR 2.61 million, or 67% of total product sales; there were no sales of Defibrotide during same period of the prior year. As of March 31, 2010, sales of the Company’s active pharmaceutical ingredients (API) amounted to 1.31 million, or 33% of total product sales, compared to EUR 0.97 million for the same period in 2009.
  • Operating costs and expenses, which include restructuring charges of EUR 0.95 million, were EUR 5.10 million, compared with EUR 4.16 million.
  • Research and development expenses, which are included in operating costs and expenses, were EUR 1.41 million, compared with EUR 1.45 million.
  • Operating loss was EUR 0.11 million, compared with EUR 3.14 million.
  • Net loss was EUR 0.03 million, compared with EUR 2.97 million.
  • Basic and diluted net loss per share was EUR 0.002, compared with EUR 0.20 per share.

Cash and cash equivalents were EUR 5.80 million and EUR 1.39 million as of March 31, 2010 and December 31, 2009, respectively. In February 2010, the Company received an initial payment of EUR 5.11 million ($7.0 million) from Sigma-Tau in connection with amending the existing license and supply agreement to include the commercialization of the prevention of Defibrotide in North America, Central America and South America.

Operating Results

Product sales for the three-month period ended March 31, 2010 were EUR 3.92 million compared to EUR 0.97 million for the same period in 2009, an increase of EUR 2.95 million. The increase was primarily due to the distribution of Defibrotide through the named-patient and cost recovery programs which were initiated in April 2009 and October 2009, respectively. For the three-month period ended March 31, 2010, named-patient and cost recovery programs sales amounted to EUR 2.61 million, which are net of EUR 0.39 million in service fees.

API revenues increased to EUR 1.31 million for the three-month period ended March 31, 2010 from EUR 0.97 million for the same period in 2009, reflecting the increase in volume of sales for suglicotide and urokinase.

Sales to a related party, Sirton, for the three-month period ended March 31, 2010 and 2009 represented 0% and 20% of the total product sales, respectively. The decrease in sales to a related party was due to the fact that beginning in the second quarter of 2009, the Company terminated the supply agreement with Sirton and entered into direct sales agreements with Sirton’s customers in order to mitigate the risk associated with Sirton’s poor financial condition.

Other revenues were EUR 1.07 million for the three-month-period ended March 31, 2010 compared to EUR 0.04 million for the same period in 2009. Fluctuation versus the prior period is primarily attributable to an increase in activities that were reimbursed from Sigma-Tau under a cost sharing arrangement with the Company, which amounted to EUR 0.18 million and EUR 0.04 million as of March 31, 2010 and 2009, respectively, and a ratable recognition of EUR 0.85 million ($1.17 million) of the EUR 5.11 million ($7.0 million) up-front payment made by Sigma-Tau in connection with the amendment of the existing license and supply agreement with the Company. The up-front payment is being recognized ratably through the second quarter of 2011, which is when the Company expects to file an NDA for Defibrotide.

Cost of goods sold was EUR 0.97 million for the three-month period ended March 31, 2010 compared to EUR 0.76 million for the same period in 2009. Cost of goods sold as a percentage of product sales was 25% for the three-month period ended March 31, 2010 compared to 78% for the same period in 2009. The percentage decrease is primarily due to higher margins on Defibrotide sold through the named-patient and cost recovery programs.

The Company incurred research and development expenses of EUR 1.41 million for the three-month period ended March 31, 2010 compared to EUR 1.45 million for the same period in 2009. Research and development expenses were primarily for the development of Defibrotide to treat and prevent VOD. The slight decrease from the comparable period in 2009 was primarily due to completion of clinical trials.

General and administrative expenses were EUR 1.39 million for the three-month period ended March 31, 2010 compared to EUR 1.63 million for the same period in 2009. The decrease was primarily due to a release of a reserve for doubtful accounts in the amount of EUR 0.09 million, lower payroll costs and a decrease in stock-based compensation expenses.

Corporate restructuring charges resulting from a strategic decision to close the Company’s New York office amounted to EUR 0.95 million for the three-month period ended March 31, 2010.

Net loss was EUR 0.03 million for the three-month period ended March 31, 2010 compared to EUR 2.97 million for the same period in 2009. The difference was primarily due to increased net sales and higher margins associated with the named-patient and cost recovery programs, increase in other income and revenues (including the ratable recognition as revenue of a portion of the up-front payment made by Sigma-Tau in connection with the amendment of the existing license and supply agreement with the Company), decrease in general and administrative expenses offset by the Company’s one-time restructuring charges.

The Company ended the first quarter of 2010 with EUR 5.80 million in cash and cash equivalents, compared with cash and cash equivalents of EUR 1.39 million as of December 31, 2009. The increase was mainly due to the upfront payment of EUR 5.11 million ($7.0 million) received from Sigma-Tau in connection with the amendment of the existing license and supply agreement, revenues generated from named patient and cost recovery programs, and deferment of the payment of principal debt outstanding, offset by  a partial payment of the one-time restructuring charges of EUR 0.86 million ($1.14 million) for restructuring charges related to the closure of New York office and payment of outstanding payables from the prior year.  For the three-month period ended March 31, 2010, the Company also benefited from a tax credit EUR 0.76 million utilized to offset the payment of an equivalent amount of social security and withholding tax and utilization of a 2009 VAT credit of EUR 0.17 million.

About VOD

Veno-occlusive disease is a potentially life-threatening condition, which typically occurs as a significant complication of stem cell transplantation. Certain high-dose conditioning regimens used as part of stem cell transplant (SCT) can damage the lining cells of hepatic blood vessels and so result in VOD, a blockage of the small veins of the liver that leads to liver failure and can result in significant dysfunction in other organs such as the kidneys and lungs (so-called severe VOD). SCT is a frequently used treatment modality following high-dose chemotherapy and radiation therapy for hematologic cancers and other conditions in both adults and children. There is currently no approved agent for the treatment or prevention of VOD in the US or the EU.

About Gentium

Gentium S.p.A., located in Como, Italy, is a biopharmaceutical company focused on the development and manufacture of drugs to treat and prevent a variety of diseases and conditions, including vascular diseases related to cancer and cancer treatments. Defibrotide, the Company’s lead product candidate, is an investigational drug that has been granted Orphan Drug status by the U.S. FDA and Orphan Medicinal Product Designation by the European Commission both to treat and to prevent VOD and Fast Track Designation by the U.S. FDA to treat VOD.

Cautionary Note Regarding Forward-Looking Statements

This press release contains “forward-looking statements.” In some cases, you can identify these statements by forward-looking words such as “may,” “might,” “will,” “should,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential” or “continue,” the negative of these terms and other comparable terminology. These statements are not historical facts but instead represent the Company’s belief regarding future results, many of which, by their nature, are inherently uncertain and outside the Company’s control. It is possible that actual results, including with respect to any financial forecast or the possibility of any future regulatory approval, may differ materially from those anticipated in these forward-looking statements. For a discussion of some of the risks and important factors that could affect future results, see the discussion in our Form 20-F filed with the Securities and Exchange Commission under the caption “Risk Factors.”

Gentium S.p.A.
Salvatore Calabrese, +39 031-385-287
Senior Vice President, Finance
scalabrese@gentium.it
or
The Trout Group
Marcy Nanus, +1 646-378-2927
mnanus@troutgroup.com

(Tables to follow)

GENTIUM S.p.A.

Balance Sheets

(Amounts in thousands, except share and per share data)

December, 31

March 31,

2009

2010

(unaudited)

ASSETS
Cash and cash equivalents EUR

1,392

EUR

5,798

Accounts receivable

3,213

3,467

Accounts receivable from related parties, net

501

415

Inventories, net

1,551

1,362

Prepaid expenses and other current assets

1,431

690

Total Current Assets

8,088

11,732

Property, manufacturing facility and equipment, at cost

21,262

21,263

Less: Accumulated depreciation

11,545

11,866

Property, manufacturing facility and equipment, net

9,717

9,397

Intangible assets, net of amortization

76

71

Available for sale securities

263

263

Other non-current assets

23

23

Total Assets EUR

18,167

EUR

21,486

LIABILITIES AND SHAREHOLDERS’ EQUITY
Accounts payable EUR

4,379

EUR

3,887

Accounts payables to related parties

286

139

Accrued expenses and other current liabilities

1,907

1,452

Deferred revenues

3,409

Current portion of capital lease obligations

67

68

Current maturities of long-term debt

408

782

Total Current Liabilities

7,047

9,737

Long-term debt, net of current maturities

3,098

2,724

Capital lease obligation

91

74

Deferred revenues

852

Termination indemnities

601

523

Total Liabilities

10,837

13,910

Share capital (no par value as of December 31, 2009 and March 31, 2010; 18,302,617 shares authorized as of December 31, 2009 and March 31 2010; 14,956,317 shares issued and outstanding at December 31, 2009 and March 31, 2010)

106,962

107,242

Accumulated deficit

(99,632)

(99,666)

Total Shareholders’ Equity

7,330

7,576

Total Liabilities and Shareholders’ Equity EUR

18,167

EUR

21,486

GENTIUM S.p.A.

Statements of Operations

(Unaudited, amounts in thousands except share and per share data)

For the Three Months Ended March 31,

2009

2010

Revenues:
Product sales to related party EUR

195

EUR

Product sales to third parties

777

3,916

Total product sales

972

3,916

Other revenues

1

38

Other revenues from related party

41

1,033

Total Revenues

1,014

4,987

Operating costs and expenses:
Cost of goods sold

756

965

Research and development

1,446

1,414

General and administrative

1,628

1,391

Restructuring charges

953

Depreciation and amortization

256

308

Charges from related parties

70

67

4,156

5,098

Operating loss

(3,142)

(111)

Foreign currency exchange gain, net

209

100

Interest income (expense), net

(32)

(23)

Loss before income tax expenses

(2,965)

(34)

Income tax expense

Net loss EUR

(2,965)

EUR

(34)

Shares used in computing net loss per share, basic and diluted

14,956,317

EUR

14,956,317

Net loss per share:
Basic and diluted net loss per share EUR

(0.20)

EUR

(0.002)

GENTIUM S.p.A.

Statements of Cash Flows

(Unaudited, amounts in thousands except share and share per data)

For the Three Months Ended March 31,

2009

2010

Cash Flows From Operating Activities:
Net loss EUR

(2,965)

EUR

(34)

Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Write-down of inventory

78

Unrealized foreign exchange loss/(gain)

(199)

7

Depreciation and amortization

323

327

Stock based compensation

393

280

Loss on fixed asset disposal

6

Allowance/(release) for doubtful accounts

(121)

(93)

Deferred revenues

4,261

Changes in operating assets and liabilities:

Accounts receivable

172

(433)

Inventories

(225)

189

Prepaid expenses and other current and noncurrent assets

367

741

Accounts payable and accrued expenses

(692)

(741)

Termination indemnities

(2)

(78)

Net cash used in operating activities

(2,871)

4,432

Cash Flows From Investing Activities

Capital expenditures

(40)

(8)

Acquisition of Crinos Assets

(4,000)

Net cash provided by (used in) investing activities

(4,040)

(8)

Cash Flows From Financing Activities:

Repayment of long-term debt

(208)

Principal payment of capital lease obligation

(15)

(16)

Net cash used in financing activities

(223)

(16)

Increase/(Decrease) in cash and cash equivalents

(7,134)

4,408

Effect of exchange rate on cash and cash equivalents

266

(2)

Cash and cash equivalents, beginning of period

11,491

1,392

Cash and cash equivalents, end of period

EUR

4,623

EUR

5,798

Wednesday, May 26th, 2010 Uncategorized Comments Off on Gentium (GENT) Reports First Quarter Financial Results

OSI Systems, Inc. (OSIS)

OSI Systems, a vertically integrated designer and manufacturer of specialized electronic systems and components, sells its products in diversified markets, including homeland security, healthcare, defense and aerospace. Committed for more than thirty years to both comprehensive research and high-technology solutions, the company maintains offices and production facilities located throughout the world.

OSI Systems’ team of professionals is passionate about creating and implementing ground-breaking, industry-standard ideas. Solutions created to date have improved security measures taken at mass transit areas such as airports, cargo inspection and shipping processes, military preparedness and training, manufacturing processes in healthcare, aerospace and defense, and patient care through better and more accessible information.

Trading at a market cap of approximately $475 million, the company’s stock trades at a trailing Price/Earnings ratio of 23.8, forward Price/Earnings ratio of 16.17, Price/Sales ratio of 0.83, and Price/Book ratio of 1.55. As of last report, the company had $494 million in total assets and only $189 million in total liabilities with share holder equity of $241 million.

Two analysts currently cover the company with a “Strong Buy” recommendation while two others rate the stock a “Buy”. With OSI’s stock currently trading around $26, the average of analyst price targets is $33.33 a share, a 28.2% difference. Current analyst projections are for $598.45 million in revenues for 2010 and $657.69 million for 2011.

Recent News

Wednesday, May 26th, 2010 Uncategorized Comments Off on OSI Systems, Inc. (OSIS)

Hampton Roads Bankshares (HMPR) to Raise $275 Million in Capital

NORFOLK, Va., May 24, 2010 (GLOBE NEWSWIRE) — Hampton Roads Bankshares, Inc. (Nasdaq:HMPR) (the “Company”) announced today that it has entered into definitive agreements with affiliates of The Carlyle Group and Anchorage Advisors, L.L.C. to purchase at least approximately $73 million in common stock each as part of an expected aggregate $255 million capital raise by the Company from institutional investors (“Investors”). The Company also plans to conduct a $20 million rights offering after the closing of the capital raise that will allow existing shareholders to purchase common shares at the same purchase price per share as the Investors. Any portion of the rights offering not purchased by existing shareholders will be purchased by the Investors. The investment and related transactions, which were unanimously approved by the Company’s Board of Directors, are subject to regulatory and shareholder approval and other conditions.

The Company, which operates sixty banking offices in Virginia, North Carolina and Maryland, plans to use the proceeds of the investment and the rights offering to make capital contributions to and strengthen the balance sheets of its subsidiary banks and for other general corporate purposes.

“The investment represents an important step forward for the Company, our shareholders, employees and the communities we serve,” said John A.B. “Andy” Davies, Jr., the Company’s President and Chief Executive Officer. “As a leading community bank in our regions, our goal is to serve and grow with our customers and communities for many years to come. The capital we are raising will substantially strengthen our balance sheet and provide a solid foundation for the future.”

Davies added, “We are pleased that firms of the caliber of Carlyle, Anchorage, and the other investors share our belief in the underlying strength of the Hampton Roads Bankshares franchise and our confidence in the future of our regions. We are also pleased to offer our current shareholders the opportunity to participate through the planned rights offering on the same terms as the new investors.”

“We are very impressed with the team assembled at Hampton Roads under the strong leadership of Andy Davies. We are delighted to be part of a transaction that will accelerate the bank’s recovery and position it to be a leader in its markets both in service and stability,” said Randal Quarles, Carlyle Managing Director.

Kevin Ulrich, Chief Executive Officer of Anchorage Advisors, said, “We are pleased to participate in the recapitalization of Hampton Roads, one of the leading community banks in a region with strong demographic trends and economic prospects. As shareholders, we look forward to participating in the Company’s future growth.”

Total common shares to be issued in the capital raise, including shares to be issued in the rights offering, will represent 87.7% of outstanding common stock, after giving effect to these share issuances and the exchange of all outstanding preferred shares into common stock. Funds affiliated with Carlyle and Anchorage will each purchase approximately 168.8 million shares for an aggregate price of $72,565,714. Each will own 23.1% of the voting equity of the Company after giving effect to the transactions described above and assuming that the rights offering is fully subscribed by existing shareholders. The other Investors are expected to purchase shares representing varying ownership interests of up to 9.9%.

If existing shareholders subscribe to an aggregate amount of less than $20 million in the rights offering, the Investors will purchase the unsubscribed shares on a pro rata basis. Under no circumstances will any Investor’s ownership percentage exceed 24.9% after giving effect to the transactions described herein.

In addition to the capital raise and rights offering, subject to the completion of definitive documentation, the United States Department of Treasury (“Treasury”) has indicated its intent to exchange each $1000 in par value of Series C cumulative preferred stock it purchased from the Company in 2008 under the Capital Purchase Program into 581.4 shares of mandatorily convertible preferred stock. After giving effect to the transactions described herein and assuming the exchange of all outstanding preferred shares for common shares, Treasury will own 6.4% of the voting equity of the Company. Treasury also owns warrants to purchase 1,325,858 common shares, which were received in connection with its 2008 investment. The exercise price of these warrants will be amended to be equivalent to the price per share paid in the investment. The Investors have required that the Series A and Series B non-cumulative preferred stock be exchanged for common stock at the time the investment is funded. Each $1000 in par value of Series A and Series B preferred stock will be exchanged for 348.8 common shares (the “Series A and B Exchange Offers”), and holders who exchange will be entitled to participate in the rights offering. The company plans to file a tender offer statement on Schedule TO-I (the “Schedule TO”) with the U.S. Securities and Exchange Commission (the “SEC”) detailing the Series A and Series B exchange offers. Amendments to the Series A and Series B preferred stock contemplated to be implemented in connection with the exchange offers will be subject to shareholder approval.

As soon as practicable, the Company will call a meeting of its shareholders for the purpose of approving the transactions described in this press release, including the issuance of shares pursuant to the investments and approving amendments to the Company’s charter to increase the authorized shares of common stock to a number sufficient to allow for such transactions, to amend the terms of the Series A and Series B preferred stock and approve certain other matters in connection with the transactions. Each of the Company’s directors has entered into a voting agreement pursuant to which such director has agreed to vote his or her shares in favor of the foregoing matters to be voted upon in connection with the transactions. The Company also plans to hold its annual meeting to elect directors at the same time. As soon as practicable after the closing of the investment, the Company will file a registration statement with respect to the shares to be sold in, and commence, the rights offering.

In connection with the closing of the transactions, the Company’s Board of Directors will be reduced from eighteen members to nine members. The Company expects several members of its current Board of Directors to continue as directors following the investment, including Chief Executive Officer Andy Davies. Carlyle and Anchorage will each appoint one director to the Company’s board.

Additional Information

Certain investments discussed above involve the sale of securities in private transactions that will not be registered under the Securities Act of 1933, as amended, and will be subject to the resale restrictions under that Act. Such securities may not be offered or sold absent registration or an applicable exemption from registration. This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities, nor shall there be any sale of securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

The Company plans to file with the SEC and mail to its shareholders a proxy statement in connection with the transactions contemplated herein (the “Proxy Statement”). The Company and its respective directors and executive officers may be deemed to be participants in the solicitation of proxies. The Proxy Statement will contain important information about the Company and related matters, including the current security holdings of the Company’s respective officers and directors. Security holders are urged to read the Proxy Statement carefully when it becomes available.

The tender offers described in this news release have not yet commenced. The description of the Series A and B Exchange Offers is contained herein for informational purposes only and is not an offer to buy or the solicitation of an offer to sell any securities. The Company will file a Schedule TO with the SEC upon the commencement of such exchange offers. Eligible holders of Series A and B preferred stock should read the Schedule TO and other related materials when those materials become available, because they will contain important information about the Series A and B Exchange Offers.

The written materials described above and other documents filed by the Company with the SEC will be available free of charge from the SEC’s website at www.sec.gov. In addition, free copies of these documents may also be obtained by directing a written request to: John A.B. Davies, Jr., President and Chief Executive Officer, Hampton Roads Bankshares, Inc., 999 Waterside Dr., Suite 200, Norfolk, Virginia 23510.

Caution about Forward-Looking Statements

Certain information contained in this discussion may include “forward-looking statements.” These forward-looking statements relate to the Company’s plans for raising capital, including transactions described in this press release, the conditions necessary for closing on proposed capital investments and the exchange of preferred shares for common shares, the Company’s future growth and market position, and the execution of its business plans. There can be no assurance that the Company will be able to close on the transactions with Investors and obtain required capital, or that other actual results, performance or achievements of the Company will not differ materially from those expressed or implied by forward-looking statements. Factors that could cause actual events or results to differ significantly from those described in the forward-looking statements include, but are not limited to, our ability to complete the transactions announced today and other aspects of our recapitalization and recovery plans. For details on these and other factors that could affect expectations, see the cautionary language included under the headings “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2009, as amended, the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2010, and other filings with the SEC.

About Hampton Roads Bankshares

Hampton Roads Bankshares, Inc. is a bank holding company that was formed in 2001 and is headquartered in Norfolk, Virginia. The Company’s primary subsidiaries are Bank of Hampton Roads, which opened for business in 1987, and Shore Bank, which opened in 1961 (the “Banks”). The Banks engage in general community and commercial banking business, targeting the needs of individuals and small to medium-sized businesses. Currently, Bank of Hampton Roads operates thirty banking offices in the Hampton Roads region of southeastern Virginia and twenty-four offices in Virginia and North Carolina doing business as Gateway Bank & Trust Co. Shore Bank serves the Eastern Shore of Maryland and Virginia through eight banking offices and fifteen ATMs. Through various affiliates, the Banks also offer mortgage banking services, insurance, title insurance, and investment products. Shares of the Company’s common stock are traded on the NASDAQ Global Select Market under the symbol HMPR. Additional information about the Company and its subsidiaries can be found at www.hamptonroadsbanksharesinc.com.

About The Carlyle Group

The Carlyle Group is a global alternative asset manager with $88.6 billion of assets under management committed to 67 funds as of December 31, 2009. Carlyle invests across three asset classes — private equity, real estate and credit alternatives —  in Africa, Asia, Australia, Europe, North America and South America, focusing on aerospace & defense, automotive & transportation, consumer & retail, energy & power, financial services, healthcare, industrial, infrastructure, technology & business services and telecommunications & media. Since 1987, the firm has invested $59.6 billion of equity in 952 transactions for a total purchase price of approximately $233.0 billion. The Carlyle Group employs more than 860 people in 19 countries. In the aggregate, Carlyle portfolio companies have more than $84 billion in revenue and employ more than 398,000 people around the world. www.carlyle.com

About Anchorage Advisors, L.L.C.

Headquartered in New York City, Anchorage Advisors, L.L.C. is a private investment firm focused on the credit and special situations markets.

CONTACT:  Hampton Roads Bankshares, Inc.
          Investor Contact:
          Doug Glenn, Executive Vice President, General Counsel
           and Chief Operating Officer
            757-217-3634
          Media Contact:
          Doug Glenn
            757-217-3634

          Sard Verbinnen & Co.
          Media Contact:
          Paul Scarpetta
          212-687-8080
Monday, May 24th, 2010 Uncategorized Comments Off on Hampton Roads Bankshares (HMPR) to Raise $275 Million in Capital

Gentiva Health Services (GTIV) to Acquire Odyssey HealthCare (ODSY)

ATLANTA and DALLAS, May 24 /PRNewswire-FirstCall/ — Gentiva Health Services, Inc. (Nasdaq: GTIV) (“Gentiva” or “the Company”) and Odyssey HealthCare, Inc. (Nasdaq:  ODSY) (“Odyssey”) announced today that they have entered into a definitive merger agreement whereby Gentiva will acquire Odyssey in an all cash transaction for a price of $27 per share of Odyssey common stock, for an aggregate purchase price of approximately $1.0 billion.

Founded in 1996 and based in Dallas, Texas, Odyssey is one of the leading providers of hospice care in the US in terms of both average daily patient census and number of locations.  Gentiva, which is among the leading home healthcare providers in the US, anticipates that the combination of Odyssey’s and Gentiva’s existing hospice operations will create a leading hospice care provider in the US, with a combined average daily patient census of approximately 14,000 and operations in 30 states.  Additionally, we anticipate the combination of the two companies will create the largest US healthcare provider focused on home health and hospice services.

Based on results from continuing operations for the respective companies’ 2009 fiscal years, we anticipate that the combination of Gentiva and Odyssey will create a company with more than $1.8 billion in annual revenue, comprised of approximately 60% in home healthcare revenue and approximately 40% in hospice revenue.  Gentiva expects the transaction to be accretive to adjusted earnings per share, exclusive of one-time costs, within the first 12 months following closing.

“We are delighted to welcome the Odyssey employees to the Gentiva family,” said Gentiva CEO and President Tony Strange.  “The combination of the two companies clearly positions us as a leader in both home health and hospice care in the United States.  The two companies share similar geography between Gentiva’s home health operations and Odyssey’s hospice operations, with very little overlap between the two companies’ hospice programs.  We believe that Odyssey is the nation’s premiere hospice provider and we are excited to partner with an organization that shares our commitment to quality patient care.”

“This agreement represents an exciting opportunity to provide Odyssey’s stockholders with significant, immediate and certain value, while also accelerating our strategy,” said Robert A. Lefton, President and Chief Executive Officer of Odyssey HealthCare.  “With Gentiva, we are bringing together two complementary businesses that are positioned for continued leadership in the hospice industry.  We believe Gentiva shares our commitment for compassionate, personalized care, and we look forward to better serving our patients and their families with the enhanced resources and depth of the combined company.”

The transaction was unanimously approved by the Board of Directors of Gentiva.  Odyssey’s Board of Directors has also unanimously approved the agreement and recommended that Odyssey’s shareholders approve the merger.

The transaction is expected to close in the third quarter of 2010 and is subject to standard closing conditions, including regulatory approvals and clearance under the Hart-Scott-Rodino Act as well as approval by Odyssey’s stockholders.  Gentiva expects to raise approximately $1.1 billion in new debt financing to fund the purchase price and to refinance existing debt.  The Company has secured a financing commitment for the transaction from a syndicate of leading financial institutions, including BofA Merrill Lynch, Barclays Bank PLC, General Electric Capital Corporation, and SunTrust Bank and SunTrust Robinson Humphrey, Inc.

Edge Healthcare Partners, LLC, a division of Edge Corporate Finance, LLC is acting as financial advisor to Gentiva.  Greenberg Traurig, LLP is acting as legal advisor to Gentiva.  BofA Merrill Lynch and Barclays Capital Inc. served as advisors to Gentiva and both firms are serving in lead advisor roles with respect to the financing of the transaction.

Goldman, Sachs & Co. is acting as financial advisor to the Board of Directors of Odyssey. K&L Gates LLP is acting as legal advisor to Odyssey.

Cahill Gordon & Reindel LLP is acting as legal advisor to the financing sources.

Conference Call and Webcast Details

The Company will comment further on the transaction during a conference call and live webcast to be held Monday, May 24, 2010 at 10:00 a.m. Eastern Time. To participate in the call from the United States, Canada or an international location, dial (973) 935-2408 and reference call # 77766759. The webcast is an audio-only, one-way event. Webcast listeners who wish to ask questions must participate in the conference call. Log onto http://investors.gentiva.com/events.cfm to hear the webcast. A replay of the call will be available on May 24, beginning at approximately 1:00 p.m. ET, and will remain available continuously through May 31. To listen to a replay of the call from the United States, Canada or international locations, dial (800) 642-1687 or (706) 645-9291 and enter the following PIN at the prompt: 77766759. Visit http://investors.gentiva.com/events.cfm to access the webcast archive. This press release is accessible at http://investors.gentiva.com/releases.cfm and a transcript of the conference call is expected to be available on the site within 48 hours after the call.

About Odyssey HealthCare, Inc.

Based in Dallas, Texas, Odyssey is one of the largest providers of hospice care in the country in terms of both average daily patient census and number of locations. Odyssey seeks to improve the quality of life of terminally ill patients and their families by providing care directed at managing pain and other discomforting symptoms and by addressing the psychosocial and spiritual needs of patients and their families.

About Gentiva Health Services, Inc.

Gentiva Health Services, Inc. is a leading provider of home health and hospice services, delivering innovative, high quality care to patients across the United States. Gentiva is a single source for skilled nursing; physical, occupational, speech and neurorehabilitation services; hospice services; social work; nutrition; disease management education; help with daily living activities; and other therapies and services. For more information, visit Gentiva’s web site, http://www.gentiva.com, and its investor relations section at http://investors.gentiva.com. GTIV-G

Additional Information and Where to Find It

Odyssey intends to file with the Securities and Exchange Commission a preliminary proxy statement and a definitive proxy statement and other relevant materials in connection with the transaction. The definitive proxy statement will be sent or given to the stockholders of Odyssey.  Before making any voting or investment decision with respect to the transaction, investors and stockholders of Odyssey are urged to read the proxy statement and the other relevant materials when they become available because they will contain important information about the transaction. The proxy statement and other relevant materials (when they become available), and any other documents filed by Odyssey with the SEC, may be obtained free of charge at the SEC’s website at www.sec.gov, or from Odyssey by directing a request to Odyssey’s Investor Relations Department at toll free phone number 888-922-9711, email address InvestorRelations@odsyhealth.com or through the Odyssey Web site www.odsyhealth.com under “Investor Relations — InfoRequest”.

Participants in the Solicitation

Odyssey and its directors and executive officers may be deemed to be participants in the solicitation of proxies from Odyssey stockholders in connection with the transaction. Information about Odyssey’s directors and executive officers is set forth in Odyssey’s proxy statement on Schedule 14A filed with the SEC on April 5, 2010 and Odyssey’s Annual Report on Form 10-K filed on March 10, 2010. Additional information regarding the interests of participants in the solicitation of proxies in connection with the merger will be included in the proxy statement that Odyssey intends to file with the SEC.

Forward-Looking Statement

This press release contains forward-looking statements that involve risks, uncertainties and assumptions. If such risks or uncertainties materialize or such assumptions prove incorrect, the results of Gentiva and its consolidated subsidiaries could differ materially from those expressed or implied by such forward-looking statements and assumptions. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including the expected benefits and costs of the transaction; management plans relating to the transaction; the expected timing of the completion of the transaction; the ability to complete the transaction considering the various closing conditions, including those conditions related to regulatory approvals; any statements of the plans, strategies and objectives of management for future operations, including the execution of integration plans; any statements of expectation or belief; and any statements of assumptions underlying any of the foregoing. Risks, uncertainties and assumptions include the possibility that expected benefits may not materialize as expected; that the transaction may not be timely completed, if at all; that, prior to the completion of the transaction, the target company’s business may not perform as expected due to transaction-related uncertainty or other factors; that the parties are unable to successfully implement integration strategies; and other risks that are described in Gentiva’s SEC reports, including but not limited to the risks described in Gentiva’s Annual Report on Form 10-K for its fiscal year ended January 3, 2010. Gentiva assumes no obligation and does not intend to update these forward-looking statements.

For Further Information
For Gentiva:
Financial and Investor Contact:
Eric Slusser
770-951-6101
eric.slusser@gentiva.com
or     Brandon Ballew
770-221-6700
brandon.ballew@gentiva.com
Media Contact:
Scott Cianciulli
Brainerd Communicators
212-986-6667
cianciulli@braincomm.com
For Odyssey HealthCare:
Investors:
R. Dirk Allison
Senior Vice President and Chief Financial Officer, Odyssey HealthCare, Inc.
214-922-9711
Media:
Andy Brimmer / Tim Lynch
Joele Frank, Wilkinson Brimmer Katcher
212-355-4449

SOURCE Gentiva Health Services, Inc.

Monday, May 24th, 2010 Uncategorized Comments Off on Gentiva Health Services (GTIV) to Acquire Odyssey HealthCare (ODSY)

BioTime (BTIM) CEO Dr. Michael West to Present at GTCbio Stem Cell Research & Therapeutics Conference

BioTime CEO Dr. Michael West to Present at GTCbio 6th Annual Stem Cell Research & Therapeutics Conference

ALAMEDA, Calif.–(BUSINESS WIRE)– BioTime, Inc. (AMEX:BTIM) Chief Executive Officer Michael West, Ph.D. will give a presentation next week at the GTCbio 6th Annual Stem Cell Research & Therapeutics Conference, which will be held May 27-28, 2010 in Boston, Massachusetts. Dr. West will speak on “Fate Space Screening of Clonal Human ES-Derived Embryonic Progenitor Cell Lines for Chondrogenesis” in the meeting’s first session, whose topic is “Differentiation of Stem Cells.”

This annual conference provides leading-edge information on developments in all areas of stem cell research, including the biology, medicine, applications, regulations, and business of stem cells. This year’s sessions will include discussions of the new federal funding opportunities that are arising as alternative sources of human embryonic stem cells emerge.

Dr. West’s presentation will address BioTime’s recent research that has been directed towards the goal of generating highly purified, diverse, and scalable embryonic progenitor (EP) cell types for potential use in human cell therapy. The complete abstract of his presentation is available on the conference website at www.gtcbio.com. Dr. West’s presentation will be available on www.biotimeinc.com.

About BioTime, Inc.

BioTime, headquartered in Alameda, California, is a biotechnology company focused on regenerative medicine and blood plasma volume expanders. BioTime develops and markets research products in the field of stem cells and regenerative medicine through its wholly owned subsidiary Embryome Sciences, Inc. BioTime’s subsidiary OncoCyte Corporation focuses on the therapeutic applications of stem cell technology in cancer. BioTime also plans to develop therapeutic products in China for the treatment of ophthalmologic, skin, musculo-skeletal system and hematologic diseases, including the targeting of genetically modified stem cells to tumors as a novel means of treating currently incurable forms of cancer through its subsidiary BioTime Asia, Limited. Our Singapore subsidiary, ES Cell International Pte Ltd, has been at the forefront of advances in human embryonic stem (“hES”) cell technology, being one of the earliest distributors of hES cell lines to the research community. ESI has produced clinical-grade human embryonic stem cell lines that were derived following principles of good manufacturing practice and currently offers them for potential use in therapeutic product development. In addition to its stem cell products, BioTime develops blood plasma volume expanders, blood replacement solutions for hypothermic (low temperature) surgery, and technology for use in surgery, emergency trauma treatment and other applications. BioTime’s lead product, Hextend(R), is a blood plasma volume expander manufactured and distributed in the U.S. by Hospira, Inc. and in South Korea by CJ CheilJedang Corp. under exclusive licensing agreements. Additional information about BioTime, Embryome Sciences, OncoCyte, BioTime Asia, and ESI can be found on the web at www.biotimeinc.com.

Forward-Looking Statements

Statements pertaining to future financial and/or operating results, future growth in research, technology, clinical development and potential opportunities for the company and its subsidiaries, along with other statements about the future expectations, beliefs, goals, plans, or prospects expressed by management constitute forward-looking statements. Any statements that are not historical fact (including, but not limited to statements that contain words such as “will,” “believes,” “plans,” “anticipates,” “expects,” “estimates”) should also be considered to be forward-looking statements. Forward-looking statements involve risks and uncertainties, including, without limitation, risks inherent in the development and/or commercialization of potential products, uncertainty in the results of clinical trials or regulatory approvals, need and ability to obtain future capital, and maintenance of intellectual property rights. Actual results may differ materially from the results anticipated in these forward-looking statements and as such should be evaluated together with the many uncertainties that affect the company’s business, particularly those mentioned in the cautionary statements found in the company’s Securities and Exchange Commission filings. The company disclaims any intent or obligation to update these forward-looking statements.

To receive ongoing BioTime corporate communications, please click on the following link to join our email alert list: http://www.b2i.us/irpass.asp?BzID=1152&to=ea&s=0

Friday, May 21st, 2010 Uncategorized Comments Off on BioTime (BTIM) CEO Dr. Michael West to Present at GTCbio Stem Cell Research & Therapeutics Conference

Taylor Capital Group (TAYC) Announces Definitive Purchase Agreement For $75 Million of New Capital

CHICAGO, May 21 /PRNewswire-FirstCall/ — Taylor Capital Group, Inc. (the “Company”) (Nasdaq: TAYC), the parent company of Cole Taylor Bank, one of Chicago‘s leading middle market commercial banks, today announced that it has entered into a definitive agreement with investors for $75 million in capital through the private placement of $37.5 million of non-cumulative, convertible preferred stock and $37.5 million of subordinated debt by Taylor Capital Group.

(Logo:  http://www.newscom.com/cgi-bin/prnh/20060605/CGM055LOGO)

The investors in the offering include Harrison I. Steans, Jennifer W. Steans, members of the Taylor family, Prairie Capital IV, LP and Prairie Capital IV, QP/LP, whose Managing Partners are C. Bryan Daniels and Stephen V. King, several members of Cole Taylor Bank‘s management and a number of Chicago-based investment firms and individuals.

Mark A. Hoppe, President and Chief Executive Officer of Taylor Capital Group, said, “These investments are an important vote of confidence in our organization and in our strategy. This strong show of support from the Steans and Taylor families, Prairie Capital, our management team and our other investors will be critical as we continue to strengthen and grow the Company and work to achieve our goal of becoming a leader in Chicago area business banking.”

The net proceeds of the transactions will primarily be used as an ongoing source of strength for the balance sheet and regulatory capital of the Company and Cole Taylor Bank, and to support the Company’s future growth plans.  The Company expects to close the transactions on or about June 1, 2010. The closings are subject to customary closing conditions. Keefe, Bruyette & Woods, Inc. served as financial advisor to Taylor Capital Group in connection with these transactions.

The preferred stock will pay dividends quarterly at an annual rate of 8% and will be convertible into approximately 3.05 million shares of the Company’s common stock, in the aggregate, at a conversion price of $12.28 per share.  The Company will have the right to convert the preferred stock into common stock in accordance with the terms specified in the stock purchase agreement.

The subordinated notes of the Company will bear interest at an annual rate of 8% and will mature on the tenth anniversary of closing, but may be prepaid at the Company’s option on or after two years; provided that certain terms are met.

The Company intends to file a Current Report on Form 8-K with the Securities and Exchange Commission, which will include a more detailed description of these transactions and copies of the transaction documents.

About Taylor Capital Group, Inc.  (NASDAQ:  TAYC)

Taylor Capital Group, Inc. is a $4.5 billion bank holding company for Cole Taylor Bank, one of Chicago‘s leading middle market commercial banks.  Cole Taylor specializes in serving the banking needs of closely held businesses and the people who own and manage them. Cole Taylor is a member of the FDIC and an Equal Housing Lender.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

Certain statements included in this press release are “forward-looking statements” intended to qualify for the safe harbors from liability established by the Private Securities Litigation Reform Act of 1995, including statements about the terms, timing, completion and effects of the proposed transactions. The Company may not be able to complete the transactions on the terms described above or other acceptable terms or at all because of a number of factors, including the failure to satisfy closing conditions in the definitive agreement, and even if the transactions are consummated the Company’s future growth plans may not be successful. Factors that may affect the business or financial results or condition of the Company are described in the Company’s filings with the SEC, including the risk factors and other disclosures in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2009 filed with the SEC on March 29, 2010. Stockholders and other readers are urged to consider these risks carefully in evaluating the forward-looking statements made herein and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are only made as of the date of this press release and, except as required by the federal securities laws, the Company disclaims any obligation to publicly update such forward-looking statements to reflect subsequent events, circumstances or developments.

Friday, May 21st, 2010 Uncategorized Comments Off on Taylor Capital Group (TAYC) Announces Definitive Purchase Agreement For $75 Million of New Capital

Abstract Confirms Competitive Technologies’ (CTT) Calmare(R) Pain Therapy Effectively Treats CIPN

Press Release Source: Competitive Technologies, Inc. On Friday May 21, 2010, 9:10 am EDT

FAIRFIELD, Conn., May 21, 2010 (GLOBE NEWSWIRE) — Competitive Technologies, Inc. (NYSE Amex:CTT) today announced the issuance of an abstract from a study which has shown the successful treatment of patients suffering from pain associated with chemotherapy-induced peripheral neuropathy (CIPN) using CTT’s Calmare(R) Pain Therapy Treatment. The abstract cites results of the study led by principal investigator, Thomas J. Smith, M.D., Endowed Chair of Palliative Care Research and Medical Director of the Thomas Palliative Care Unit Virginia Commonwealth University’s Massey Cancer Center, which will be presented at the American Society of Clinical Oncology Annual Meeting on June 8, 2010.


The Calmare Pain Therapy Team

Mrs. Lim, Prof. Marineo, Mr Nano

Website

Calmare, which treats chronic neuropathic and oncologic pain, received FDA certification for sales in the U.S. in February 2009. In June 2009, clinical investigators at the VCU Massey Cancer Center began the first U.S. independent clinical study, to specifically examine the ability of CTT’s Calmare pain therapy treatment to decrease pain associated with CIPN.

“The Massey Cancer Center team, led by Dr. Smith, was the first independent group in the U.S. to conduct its own clinical study using the Calmare pain therapy device to treat CIPN in cancer patients. CIPN is a very debilitating side effect for some 30-40 percent of cancer patients, causing sharp pain in their hands and feet. CIPN affects cancer patients worldwide, including an estimated 4 million cancer patients in the U.S. Calmare pain therapy is the only highly effective treatment for CIPN without harmful, adverse side effects,” said John B. Nano, CTT’s Chairman, President and CEO. “Finding new, non-invasive ways to treat pain other than prescribing opioids such as morphine is a key focus of our mission to improve the quality of life for cancer patients. We expect to create a paradigm shift in how chronic pain, which impacts over 75 million in the U.S. alone, is treated globally.”

Significant abstract highlights:

  • “We evaluated the effect of the MC5-A Calmare therapy device on CIPN. The device is designed to generate a patient-specific cutaneous electrostimulation to reduce the abnormal pain intensity.
  • “The primary goal of a 20% in numeric pain scores after day 10 was achieved in 15 of 16 [patients].
  • “The primary endpoint of CIPN pain score fell by 59% from day 1 to day 10.
  • “Adjusting for the correlations and the variability between patients and daily scores with a repeated measures analysis, there was an overall 64% reduction in pain.
  • “A daily treatment benefit was seen with a significant difference between the pre and post daily scores.
  • “Four patients had their CIPN reduced to 0. No toxicity was seen.
  • “Some responses have been durable without maintenance, and some patients had return of normal sensation and motor function.
  • “Conclusions: Patient-specific cutaneous electrostimulation with the MC5-A Calmare device appears to dramatically reduce pain in refractory CIPN patients with no toxicity.”

The abstract is available at http://abstract.asco.org/AbstView_74_49144.html.

“We are proud of the results achieved with this breakthrough treatment in the clinical research study at VCU Massey Cancer Center, a National Cancer Institute-designated center that helps lead our nation’s cancer research agenda,” said Aris D. Despo, CTT’s Executive VP, Business Development. “We are excited about the investigators’ success using Calmare in treating pain without the harmful side effects of opioids. This abstract confirms our approach to providing a solution to the needs of cancer patients and to improving palliative healthcare globally.

“Our Calmare pain therapy is also in use at the Paul Carbone Cancer Center at the University of Wisconsin, Madison, under the direction of Dr. Toby Campbell, M.D. The University of Miami Pain Management Center is using Calmare as well, under the direction of Dr. Salahadin Abdi, MD, PhD, Professor and Chief, University of Miami Pain Management Center,” Mr. Despo continued. “Both universities are treating patients, evaluating the efficacy of our Calmare pain therapy in treating debilitating pain.”

Calmare is being used to treat U.S. patients in clinics in Massachusetts, New York, Virginia, Florida, Connecticut and Rhode Island. In addition to treating pain associated with cancer and cancer treatments, the Calmare device also successfully treats chronic neuropathic pain resulting from shingles, failed back surgery, phantom limb syndrome, sciatica, spinal stenosis and other maladies.

The non-invasive Calmare pain therapy device, which uses the biophysical “Scrambler Therapy” technology, was developed in Italy by CTT’s client, Professor Giuseppe Marineo. The Calmare device is currently being manufactured for sale by CTT’s partner, GEOMC Co. Ltd. of Seoul, Korea. For more information on the device, visit visit http://www.calmarett.com/.

*In the photo are Mrs. Lim, CEO, GEOMC, Professor Giuseppe Marineo, and John B. Nano, shown with the Calmare Pain Therapy medical device at CTT’s Boston Medical Conference on May 17, 2010.

About Massey Cancer Center

The VCU Massey Cancer Center is one of 65 National Cancer Institute-designated institutions that leads and shapes America’s cancer research efforts. Working with all kinds of cancers, the Center conducts basic, translational and clinical cancer research, provides state-of-the-art treatments and clinical trials, and promotes cancer prevention and education. Since 1974, Massey has served as an internationally recognized center of excellence. Its 1,000 researchers, clinicians and staff members are dedicated to improving the quality of human life by developing and delivering effective means to prevent, control and ultimately to cure cancer. Information on its palliative care program is at www.massey.vcu.edu/palliative.

Massey has the largest menu of clinical trials in Virginia, offering patients some of the latest treatments and technologies available. In addition, Massey is one of only six national centers designated by the Robert Woods Johnson Foundation as a Palliative Care Leadership Center, through which Dr. Smith and colleagues train other professionals from across the country in how to develop and administer palliative care programs, which include pain and symptom management.

About Competitive Technologies, Inc.

Competitive Technologies, established in 1968, provides distribution, patent and technology transfer, sales and licensing services focused on the needs of its customers and matching those requirements with commercially viable product or technology solutions. CTT is a global leader in identifying, developing and commercializing innovative products and technologies in life, electronic, nano, and physical sciences developed by universities, companies and inventors. CTT maximizes the value of intellectual assets for the benefit of its customers, clients and shareholders. Visit CTT’s website: http://www.competitivetech.net/

Statements made about our future expectations are forward-looking statements and subject to risks and uncertainties as described in our most recent Annual Report on Form 10-K for the year ended July 31, 2009, filed with the SEC on October 27, 2009, and other filings with the SEC, and are subject to change at any time. Our actual results could differ materially from these forward-looking statements. We undertake no obligation to update publicly any forward-looking statement.

Friday, May 21st, 2010 Uncategorized Comments Off on Abstract Confirms Competitive Technologies’ (CTT) Calmare(R) Pain Therapy Effectively Treats CIPN

Keryx Biopharmaceuticals (KERX) Announces Presentation of Two Abstracts at ASCO 2010 Annual Meeting

Press Release Source: Keryx Biopharmaceuticals, Inc. On Friday May 21, 2010, 8:30 am EDT

NEW YORK, May 21 /PRNewswire-FirstCall/ — Keryx Biopharmaceuticals, Inc. (Nasdaq:KERXNews) today announced that two presentations on clinical data from KRX-0401 (perifosine), the Company’s novel, potentially first-in-class, oral anti-cancer agent that inhibits Akt activation in the phosphoinositide 3-kinase (PI3K) pathway, will be made at the 46th Annual Meeting of the American Society of Clinical Oncology (ASCO). The meeting will take place at McCormick Place in Chicago from June 4-8, 2010.

Updated clinical trial results will be presented during the following poster discussion sessions:

Pediatric Oncology

Abstract Title: Phase I study of single-agent perifosine for recurrent pediatric solid tumors.

Presentation Date/Time: Sunday, June 6, 2010; 2:00 PM – 6:00 PM with poster discussion from 5:40 PM6:00 PM

Author: Oren J Becher, MD,  Memorial Sloan-Kettering Cancer Center

Discussion Presenter:  Mark Kieran, MD, PhD,  Dana-Farber Cancer Institute

Permanent Abstract ID: 9540

Location: S Hall A2, Poster Board #42b, with discussion in S504

Gastrointestinal (Colorectal) Cancer

Abstract Title: Final results of a randomized phase II study of perifosine in combination with capecitabine (P-CAP) versus placebo plus capecitabine (CAP) in patients (pts) with second- or third-line metastatic colorectal cancer (mCRC).

Presentation Date/Time: Tuesday, June 8, 2010; 8:00 AM – 12:00 Noon with poster discussion from 11:45 am – 12:00 Noon

Author: Donald A. Richards, MD, PhD,  Texas Oncology

Discussion Presenter:  Wells Messersmith, MD,  University of Colorado

Permanent Abstract ID: 3531

Location: S403, Poster Board #22, with discussion in S406

Abstracts can be accessed through the ASCO website, http://www.asco.org/.

ABOUT KERYX BIOPHARMACEUTICALS, INC.

Keryx Biopharmaceuticals is focused on the acquisition, development and commercialization of medically important pharmaceutical products for the treatment of life-threatening diseases, including cancer and renal disease. Keryx is developing KRX-0401 (perifosine), a novel, potentially first-in-class, oral anti-cancer agent that inhibits Akt activation in the phosphoinositide 3-kinase (PI3K) pathway, and also affects a number of other key signal transduction pathways, including the JNK pathway, all of which are pathways associated with programmed cell death, cell growth, cell differentiation and cell survival. KRX-0401 has demonstrated both safety and clinical efficacy in several tumor types, both as a single agent and in combination with novel therapies. KRX-0401 is currently in Phase 3 clinical development for both refractory advanced colorectal cancer and multiple myeloma, and in Phase 1 and 2 clinical development for several other tumor types. Each of the KRX-0401 Phase 3 programs are being conducted under Special Protocol Assessment (SPA) agreements with the FDA. Keryx is also developing Zerenex(TM) (ferric citrate), an oral, iron-based compound that has the capacity to bind to phosphate and form non-absorbable complexes. The Phase 3 clinical program of Zerenex in the treatment for hyperphosphatemia (elevated phosphate levels) in patients with end-stage renal disease is being conducted pursuant to an SPA agreement with the FDA. Keryx is headquartered in New York City.

Cautionary Statement

Some of the statements included in this press release, particularly those anticipating future clinical trials and business prospects for KRX-0401 (perifosine), may be forward-looking statements that involve a number of risks and uncertainties. For those statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Among the factors that could cause our actual results to differ materially are the following: our ability to successfully and cost-effectively complete clinical trials for KRX-0401; the risk that the data (both safety and efficacy) from ongoing clinical trials will not coincide with the data analyses from prior pre-clinical and clinical trials previously reported by the Company; and other risk factors identified from time to time in our reports filed with the Securities and Exchange Commission. Any forward-looking statements set forth in this press release speak only as of the date of this press release. We do not undertake to update any of these forward-looking statements to reflect events or circumstances that occur after the date hereof. This press release and prior releases are available at http://www.keryx.com. The information found on our website and the ASCO website is not incorporated by reference into this press release and is included for reference purposes only.

CONTACT:
Lauren Fischer
Director – Investor Relations
Keryx Biopharmaceuticals, Inc.
Tel: 212.531.5965
E-mail: lfischer@keryx.com
Friday, May 21st, 2010 Uncategorized Comments Off on Keryx Biopharmaceuticals (KERX) Announces Presentation of Two Abstracts at ASCO 2010 Annual Meeting

Citi Trends (CTRN) Announces Record First Quarter Results

May 19, 2010 (Business Wire) — Citi Trends, Inc. (NASDAQ: CTRN) today reported first quarter sales and earnings that, in addition to being first quarter records, were records for any quarter in the Company’s history.

Financial Highlights – First quarter ended May 1, 2010

Total sales in the first quarter ended May 1, 2010 increased 26.8% to $181.4 million compared with $143.1 million in the first quarter ended May 2, 2009. Comparable store sales increased 9.6% in the first quarter of 2010 after a 7.4% increase in last year’s first quarter. Net income was $12.4 million compared with $7.9 million in last year’s first quarter. Earnings per diluted share increased 59.3% to $0.86 in the first quarter of 2010 compared with $0.54 in the first quarter of 2009.

The Company opened 19 stores, relocated or expanded 5 others, and closed 2 stores in the first quarter of 2010, reaching a total store count of 420 at the end of the quarter.

Fiscal 2010 Outlook

The Company is raising its 2010 earnings estimate to a range of approximately $1.75 to $1.80 per diluted share which includes an anticipated 2010 comparable store sales increase of approximately 4% to 5%. For the year, the Company expects to increase selling square footage by at least 15%. The effective tax rate for 2010 is estimated to approximate 35%.

The Company reminds investors of the complexity of accurately assessing future results given the difficulty in predicting fashion trends, consumer preferences and general economic conditions and the impact of other business variables. See “Forward-Looking Statements” below for more information regarding these uncertainties.

Investor Conference Call and Webcast

Citi Trends will host a conference call today at 9:00 a.m. ET. The number to call for the live interactive teleconference is (212) 231-2900. A replay of the conference call will be available until May 26, 2010, by dialing (402) 977-9140 and entering the passcode, 21463731. The live broadcast of Citi Trends’ quarterly conference call will be available online at the Company’s website, www.cititrends.com, as well as http://ir.cititrends.com/events.cfm, beginning today at 9:00 a.m. ET. The online replay will follow shortly after the call and continue through May 26, 2010.

During the conference call, the Company may discuss and answer questions concerning business and financial developments and trends. The Company’s responses to questions, as well as other matters discussed during the conference call, may contain or constitute information that has not been disclosed previously.

About Citi Trends

Citi Trends, Inc. is a value-priced retailer of urban fashion apparel and accessories for the entire family. The Company currently operates 420 stores located in 24 states in the Southeast, Mid-Atlantic and Midwest regions and the states of Texas and California. Citi Trends’ website address is www.cititrends.com. CTRN-E

Forward-Looking Statements

All statements other than historical facts contained in this news release, including statements regarding our future financial results and position, business policy and plans and objectives of management for future operations, are forward-looking statements that are subject to material risks and uncertainties. The words “believe,” “may,” “could,” “plans,” “estimate,” “continue,” “anticipate,” “intend,” “expect” and similar expressions, as they relate to Citi Trends, are intended to identify forward-looking statements. Statements with respect to earnings guidance are forward-looking statements. Investors are cautioned that any such forward-looking statements are subject to the finalization of the Company’s quarterly financial and accounting procedures, are not guarantees of future performance or results and are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Actual results or developments may differ materially from those included in the forward-looking statements, as a result of various factors which are discussed in Citi Trends, Inc. filings with the Securities and Exchange Commission. These risks and uncertainties include, but are not limited to, uncertainties relating to economic conditions, growth risks, consumer spending patterns, competition within the industry, competition in our markets and the ability to anticipate and respond to fashion trends. Except as required by applicable law, including the securities laws of the United States and the rules and regulations of the Securities and Exchange Commission, Citi Trends does not undertake to publicly update any forward-looking statements in this news release or with respect to matters described herein, whether as a result of any new information, future events or otherwise.

CITI TRENDS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(unaudited)
(in thousands, except per share data)
Thirteen Weeks Ended Thirteen Weeks Ended
May 1, 2010 May 2, 2009
(unaudited) (unaudited)
Net sales $ 181,406 $ 143,097
Cost of sales 109,016 85,909
Gross profit 72,390 57,188
Selling, general and administrative expenses 48,450 40,133
Depreciation and amortization 4,750 4,373
Income from operations 19,190 12,682
Interest income 55 139
Interest expense (4 ) (41 )
Unrealized loss on investment securities (728 )
Income before income tax expense 19,241 12,052
Income tax expense 6,792 4,123
Net income $ 12,449 $ 7,929
Basic net income per common share $ 0.86 $ 0.54
Diluted net income per common share $ 0.86 $ 0.54
Net income attributable to common stockholders (1) $ 12,449 $ 7,780
Weighted average shares used to compute basic net income per share 14,458 14,318
Weighted average shares used to compute diluted net income per share 14,489 14,339
(1) Net of income allocated to nonvested restricted stockholders
CITI TRENDS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)
(in thousands)
May 1, 2010 May 2, 2009
(unaudited) (unaudited)
Assets:
Cash and cash equivalents $ 83,390 $ 44,672
Short-term investment securities 30,025
Inventory 95,685 84,613
Prepaid and other current assets 14,131 12,227
Property and equipment, net 64,300 58,413
Long-term investment securities 43,097
Other noncurrent assets 4,060 4,768
Total assets $ 291,591 $ 247,790
Liabilities and Stockholders’ Equity:
Accounts payable $ 61,289 $ 47,899
Accrued liabilities 19,079 17,339
Other current liabilities 5,886 6,568
Noncurrent liabilities 10,024 9,049
Total liabilities 96,278 80,855
Total stockholders’ equity 195,313 166,935
Total liabilities and stockholders’ equity $ 291,591 $ 247,790
Thursday, May 20th, 2010 Uncategorized Comments Off on Citi Trends (CTRN) Announces Record First Quarter Results

TechFaith (CNTF) Reports First Quarter 2010 Financial Results

BEIJING — (Marketwire) — 05/19/10 — China Techfaith Wireless Communication Technology Limited (NASDAQ: CNTF) (“TechFaith” or the “Company”) today announced its unaudited financial results for the first quarter ended March 31, 2010.

For the first quarter of 2010, TechFaith reported net revenue of US$60.9 million (RMB 415.8 million), a 1.8% increase compared to US$59.8 million (RMB 408.3 million) in the fourth quarter of 2009 and a 25.1% increase compared to US$48.7 million (RMB 332.9 million) in the same period of last year. Gross margin for the first quarter of 2010 improved to 22.0% compared to 16.1% in the previous quarter and 18.1% in the same quarter last year. Net income attributable to Techfaith for the first quarter of 2010 was US$6.9 million (RMB47.1 million), compared to US$3.1 million (RMB21.2 million) in the fourth quarter of 2009, and US$2.1 million (RMB14.4 million) in the same quarter of last year.

Starting with this quarter, TechFaith will report its financial results in three segments. The original developed products (“ODP”) segment, which focuses on selling products designed by the Company, will include revenue from product sales and handset design. The brand name phone sales segment will include revenue from selling phones under licensed brands or brands owned by the Company’s subsidiary QIGI&BODEE Technology (Beijing) Co., Ltd. (“QIGI”). The game segment will include revenue from the Company’s online and mobile games.

Ouyang Yuping, TechFaith’s CFO, said, “We achieved our highest revenues level in this quarter since the Company was founded, and one of the highest net income levels by focusing on higher margin opportunities and cost controls. We increased our overall gross margin from 18.1% for the first quarter of 2009 and 16.1% for the fourth quarter of 2009 to 22.0% in the first quarter of 2010. We also achieved another company record in our ODP business, where we sold more than a half million units of mobile phones and data cards for revenues of US$54.4 million (RMB 371.4 million). The higher selling price of mobile phones helped gross margin improve from 15.5% to 18.7% in our ODP business. We expect continued growth in our ODP business as we are launching several new high-end products in China and overseas. Results also benefited from our acquisition of QIGI, which had revenues of US$5.2 million (RMB35.5 million) and a gross margin of 39.5% in the first quarter of 2010, led by higher margin brand name mobile phone products. We also continued to expand our mobile game and online game business, where we generated a combined US$1.3 million (RMB 8.9million) revenues with a 94.4% gross margin in the first quarter.”

Dong Defu, TechFaith’s Chairman and CEO, commented, “Overall, our businesses are performing well entering the second quarter. In our ODP business, we have nearly forty mid- to high-end mobile phone models based on HSDPA, EVDO, TD-SCDMA, and GSM technologies ready to launch. We expect further improvements in our ODP business to contribute to improvements in our gross margin. We are also excited about the upcoming launch of two global brands for handsets – Barbie and Disney. We expect to launch both branded mobile phones this summer through our subsidiary Glomate Mobile (Beijing) Co., Ltd., to target girls and teenage users. We continue to evaluate other brands for opportunities in niches ranging from sporting to fashion and luxury. Also central to our continued success is QIGI, already a leading smart phone brand in China, which focuses on enterprise users and the operator tailored market. QIGI plans to promote a series of larger display mobile phones, with features such as Windows Mobile based or Android based operating systems for businesses users based on HASDPA, EVDO, TD-SCDMA, and GSM technologies. For our mobile and online game business, we are on track to launch additional mobile and online gaming titles this year, with the goal of building out our catalog and establishing a larger audience among loyal game players.”

Second Quarter 2010 Outlook

TechFaith currently expects revenue to be in the range of US$62 million to US$65 million for the second quarter of 2010, with a gross margin level similar to the first quarter of 2010. This forecast reflects TechFaith’s current and preliminary view, which is subject to change.

Investor Conference Call / Webcast Details

TechFaith will hold a conference call on Wednesday, May 19, 2010 at 7:00 p.m. U.S. Eastern Time (7:00 a.m. May 20, 2010 in Beijing), is +1-617-597-5359. The conference call passcode is 59609619. A live webcast of the conference call will also be available on TechFaith’s website at www.techfaithwireless.com.

A replay of the call will be available approximately 2 hours after the conclusion of the live call through 11:30 p.m. U.S. Eastern Time on May 26, 2010, (11:30 a.m., March 27, 2010 in Beijing) by telephone at +1-617-801-6888. To access the replay, use passcode 44810686. A webcast replay will also be available at www.techfaithwireless.com.

Thursday, May 20th, 2010 Uncategorized Comments Off on TechFaith (CNTF) Reports First Quarter 2010 Financial Results

Gastar Exploration (GST) Donelson #4 Deep Bossier Well Logs Over 135 Feet Net Pay

Press Release Source: Gastar Exploration Ltd. On Wednesday May 19, 2010, 1:10 pm EDT

HOUSTON, May 19 /PRNewswire-FirstCall/ — Gastar Exploration Ltd. (NYSE Amex: GST) today announced that it has successfully drilled the Donelson #4 well, a deep Bossier test in East Texas, to a total depth of 18,700 feet and has logged approximately 138 net feet of pay in the lower Bossier formation.  The Donelson #4 well contains five pay zones within the lower Bossier formation that, based on log analysis, have measured porosity up to 20% and high resistivity.

Subject to the availability of frac equipment and crews, we anticipate that the first of potentially four completion stages should be completed and the well turned to sales within 30 to 45 days.  Gastar owns a 67% before payout working interest in the well (a 49.7% before payout net revenue interest).

Gastar is also currently drilling the Wildman #6H in East Texas, a horizontal well to test the oil potential in the Glen Rose limestone and expects to reach total depth within two weeks.  Gastar has a 100% before payout working interest in the Wildman #6H (an approximate 75% before payout net revenue interest).

J. Russell Porter, Gastar’s President & CEO, commenting on the announcement stated, “The Donelson #4 well has the potential to be another high rate completion and from a volumetric perspective has a gross EUR, based on internal estimates, of over 25 Bcf of natural gas.  Based on recent experience from the Deep Bossier play as well as other high rate natural gas plays, we plan on producing the well at a somewhat restricted rate in order to maintain higher gas rates for a longer period of time and hopefully achieve overall higher recoveries of gas in place.  Gastar’s net drilling and completion cost for the Donelson #4 well is projected to be $9.8 million, net of expected recoveries from well control insurance for a portion of the costs to sidetrack the well.”

About Gastar Exploration

Gastar Exploration Ltd. is an exploration and production company focused on finding and developing natural gas assets in North America.  The Company pursues a strategy combining deep natural gas exploration and development with lower risk CBM and shale resource development.  The Company owns and operates exploration and development acreage in the deep Bossier gas play of East Texas and Marcellus Shale play in West Virginia and Pennsylvania.  Gastar’s CBM activities are conducted within the Powder River Basin of Wyoming.  For more information, visit our web site at http://www.gastar.com/.

Safe Harbor Statement and Disclaimer

This news release includes “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.  Forward looking statements give our current expectations, opinion, belief or forecasts of future events and performance.  A statement identified by the use of forward looking words including “may”, “expects”, “projects”, “anticipates”, “plans”, “believes”, “estimate”, “will”, “should”, and certain of the other foregoing statements may be deemed forward-looking statements.  Although Gastar believes that the expectations reflected in such forward-looking statements are reasonable, these statements involve risks and uncertainties that may cause actual future activities and results to be materially different from those suggested or described in this news release.  These include risk inherent in natural gas and oil drilling and production activities, including risks of fire, explosion, blowouts, pipe failure, casing collapse, unusual or unexpected formation pressures, environmental hazards, and other operating and production risks, which may temporarily or permanently reduce production or cause initial production or test results to not be indicative of future well performance or delay the timing of sales or completion of drilling operations; risks with respect to natural gas and oil prices, a material decline in which could cause Gastar to delay or suspend planned drilling operations or reduce production levels; risks relating to the availability of capital to fund drilling operations that can be adversely affected by adverse drilling results, production declines and declines in natural gas and oil prices; risks relating to unexpected adverse developments in the status of properties; risks relating to the absence or delay in receipt of government approvals or third party consents; and other risks described in Gastar’s Annual Report on Form 10-K and other filings with the SEC, available at the SEC’s website at http://www.sec.gov/.  By issuing forward looking statements based on current expectations, opinions, views or beliefs, Gastar has no obligation and, except as required by law, is not undertaking any obligation, to update or revise these statements or provide any other information relating to such statements.

The NYSE Amex has not reviewed and does not accept responsibility for the adequacy of this release.

Company Contact:
Gastar Exploration Ltd.
J. Russell Porter, Chief Executive Officer
713-739-1800 / rporter@gastar.com
Investor Relations Counsel:
Lisa Elliott / Anne Pearson
DRG&E : 713-529-6600
lelliott@drg-e.com / apearson@drg-e.com
Wednesday, May 19th, 2010 Uncategorized Comments Off on Gastar Exploration (GST) Donelson #4 Deep Bossier Well Logs Over 135 Feet Net Pay

Tandy Leather Factory, Inc. (TLF) to Begin Trading on Nasdaq Global Market

May 19, 2010 (Business Wire) — Tandy Leather Factory, Inc. (AMEX: TLF) (the “Company”) announced today that it has been approved for listing on the NASDAQ Global Market under the symbol “TLF.” Trading on the NASDAQ Global Market is expected to commence on June 2, 2010. The Company’s common stock will continue to trade on the NYSE Amex until the market close on June 1, 2010.

Jon Thompson, Chief Executive Officer and President of the Company, commented, “We are pleased to announce our listing on the NASDAQ Global Market. We believe the move to NASDAQ will improve the visibility of our stock, enhance trading liquidity in our shares, and provide us with greater exposure to institutional investors.”

Tandy Leather Factory, Inc., (http://www.tandyleatherfactory.com), headquartered in Fort Worth, Texas, is a specialty retailer and wholesale distributor of a broad product line including leather, leatherworking tools, buckles and adornments for belts, leather dyes and finishes, saddle and tack hardware, and do-it-yourself kits. The Company distributes its products through its 29 Leather Factory stores, located in 19 states and 3 Canadian provinces, 76 Tandy Leather retail stores, located in 36 states and 6 Canadian provinces, one combination wholesale/retail store located in the United Kingdom, and Mid-Continent Leather Sales, one store located in Oklahoma. Its common stock trades on the NYSE Amex with the symbol “TLF.” To be included on Tandy Leather Factory’s email distribution list, go to http://www.b2i.us/irpass.asp?BzID=1625&to=ea&s=0.

This news release may contain statements regarding future events, occurrences, circumstances, activities, performance, outcomes and results that are considered “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Actual results and events may differ from those projected as a result of certain risks and uncertainties. These risks and uncertainties include but are not limited to: changes in general economic conditions, negative trends in general consumer-spending levels, failure to realize the anticipated benefits of opening retail stores; availability of hides and leathers and resultant price fluctuations; change in customer preferences for our product, and other factors disclosed in our filings with the Securities and Exchange Commission. These forward-looking statements are made only as of the date hereof, and except as required by law, we do not intend to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Wednesday, May 19th, 2010 Uncategorized Comments Off on Tandy Leather Factory, Inc. (TLF) to Begin Trading on Nasdaq Global Market

Magellan Petroleum Corporation (MPET) Announces Additional $15.6 Million Investment

PORTLAND, Maine, May 18 /PRNewswire-FirstCall/ — Magellan Petroleum Corporation (Nasdaq: MPET) (ASX: MGN) announced that the Company has signed a term sheet (the “Term Sheet”) with Young Energy Prize S.A. (“YEP”), a Luxembourg corporation, embodying an agreement in principle for an additional equity investment in the Company of $15.6 million. Currently, YEP owns approximately 27% of the outstanding shares of the Company’s Common Stock, calculated as if the warrants to purchase shares of such stock held by YEP were fully exercised. The financing transaction set forth in the Term Sheet, upon completion, would result in YEP owning approximately 33% of the Company’s Common Stock, calculated as if such warrants were fully exercised. The Term Sheet is subject to the negotiation, execution and delivery of definitive documentation and the Company’s receipt of a favorable fairness opinion.

YEP, the Company’s strategic investor since July 2009, is a European firm targeting investments in the exploitation of underdeveloped oil and gas fields and in energy small-cap, equity issues. YEP has informed the Company that it may make its investment in part through the ECP Fund, SICAV-FIS (the “ECP Fund”), a specialized investment fund based in Luxembourg. Closing of YEP’s additional investment is related to the payment of Evans Shoal planning work and the second Evans Shoal disbursement to Santos Limited and will be set to be consistent with the Company’s future commitment dates for Evans Shoal development. The Company expects the closing to occur within 120 days and the Term Sheet contemplates an outside closing date of October 31, 2010.

Magellan’s President and Chief Executive Officer, William H. Hastings said, “This is the first step in the financing process for the purchase of a 40% interest in the Evans Shoal field, offshore Australia. We are working other, parallel initiatives which, when complete, will yield major new investment in the Company.  We expect to use the majority of equity funding for the purchase of the field interest and the planning, testing, analysis, and drilling of Evans Shoal subject to the Evans Shoal Joint Venture sanction and approval. A portion of the proceeds will go towards project development in addition to proceeds from other parallel initiatives.”

Walter McCann, Magellan’s Chairman of the Board, stated, “Progress continues with regard to our plans to build a strong Company with new, attractive assets. We remain positive that continued methodical, step-by-step efforts will yield strong value for our shareholders in the future.”

Nikolay V. Bogachev is Chairman and CEO of YEP. Of the financing transaction, he said “YEP continues to believe in Magellan’s business models and, based on recent key progress, wishes to invest further in Magellan.”

J. Thomas Wilson, First Vice President of YEP said, “This is the first step toward an ambitious plan building key assets in strategic, low-cost areas to supply energy for the inevitable future demand growth in Asia.”

Investment Terms

Under the Term Sheet, YEP would acquire an additional 5,200,000 shares of the Company’s Common Stock (the “Shares”) at a price of $3.00 per share (the “Transaction”), pursuant to a securities purchase agreement to be negotiated.  The Company would also grant customary registration rights to YEP with respect to the Shares.  The Term Sheet also provides for certain percentage-maintenance rights for YEP, certain restrictions on transfers of the Shares and certain standstill obligations. The purchase price is approximately 71% above the closing price of the Company’s Common Stock calculated as of the close of trading on May 17, 2010. After completion of the Transaction, YEP’s ownership position in the Company would include approximately 20.5 million shares and approximately 4.4 million shares issuable under YEP’s existing warrants, or approximately 33% of the outstanding shares of the Company’s Common Stock, calculated as if the warrants held by YEP were fully exercised.

Messrs. Bogachev and Wilson are members of the Company’s Board of Directors and are contemplated to continue to serve.

Canaccord Adams, Inc., of Boston, Massachusetts, is serving as the Company’s financial adviser with respect to the Transaction.

The Company intends to file with the SEC a current report on Form 8-K to announce the signing of the Term Sheet and a subsequent current report on Form 8-K which will include as exhibits copies of the securities purchase agreement and an investor’s agreement providing for registration rights, percentage-maintenance rights, restrictions on transfer and standstill obligations, at such time as those agreements are executed by the parties to the Transaction.

This press release is for informational purposes only and shall not constitute an offer to sell or a solicitation of an offer to buy any securities of Magellan. The Shares to be sold to YEP in the private placement have not been registered under the Securities Act of 1933, as amended, or state securities laws, and may not be offered or sold in the United States without being registered with the U.S. Securities and Exchange Commission (“SEC”) or through an applicable exemption from SEC registration requirements. The Shares are being offered and sold only to YEP. The Term Sheet provides that Magellan will grant customary registration rights to YEP for the resale of the Shares to be issued in the private placement.

About Magellan

Magellan’s common stock is quoted on the NASDAQ Capital Market (symbol: MPET) and on the Australian Stock Exchange in the form of CDI’s (symbol: MGN). The Company is engaged in the sale of oil and gas resulting from the exploration for and development of oil and gas reserves. Magellan’s most significant assets are its 100% equity ownership interest in Magellan Petroleum Australia Limited (“MPAL”) and its 83.7% interest in all zones surface to deep at the Poplar Dome fields, Roosevelt Co., Montana.  MPAL also has signed an agreement to acquire a 40% equity interest in the Evans Shoal gas field, offshore Northern Territory, Australia. Magellan and MPAL also hold various override and working interest holdings elsewhere in the United Kingdom and in Canada.

About YEP

YEP was founded in 2007 by recognized entrepreneur Nikolay V. Bogachev, who has had partnerships with  major oil companies in developing earlier investments.  YEP is building a portfolio of energy investments worldwide with current efforts within Australia and in Africa. The ECP Fund, SICAV-FIS is a Specialized Investment Fund in Luxembourg – a regulated vehicle under the supervision of the Commission de Surveillance du Secteur Financier (CSSF) there.  The ECP Fund, SICAV-FIS is managed by an entity that is independent of its investors.

Forward- Looking Statements

Statements in this release which are not historical in nature are intended to be, and are hereby identified as, forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995. These statements about Magellan and MPAL may relate to their businesses and prospects, revenues, expenses, operating cash flows, and other matters that involve a number of uncertainties that may cause actual results to differ materially from expectations. Among these risks and uncertainties are the likelihood and timing of the closing of the planned YEP common stock investment transaction, pricing and production levels from the properties in which Magellan and MPAL have interests, the extent of the recoverable reserves at those properties, the profitable integration of acquired businesses, including Nautilus Poplar LLC, the future outcome of the negotiations for gas sales contracts for the remaining uncontracted reserves at both the Mereenie and Palm Valley gas fields in the Amadeus Basin, including the likelihood of success of other potential suppliers of gas to the current customers of Mereenie and Palm Valley production. In addition, MPAL has a large number of exploration permits and faces the risk that any wells drilled may fail to encounter hydrocarbons in commercially recoverable quantities. Any forward-looking information provided in this release should be considered with these factors in mind. Magellan assumes no obligation to update any forward-looking statements contained in this release, whether as a result of new information, future events or otherwise.

Wednesday, May 19th, 2010 Uncategorized Comments Off on Magellan Petroleum Corporation (MPET) Announces Additional $15.6 Million Investment

Major Chinese OEM Initiates Volume Production of WiMAX VoIP Terminals Based on TranSwitch (TXCC) Atlanta(TM) Processor

May 19, 2010 (Business Wire) — TranSwitch® Corporation (NASDAQ: TXCC), a leading provider of semiconductor solutions for the converging voice, data and video network, today announced that it has received pre-production orders from a leading Chinese Telecom OEM for its Atlanta™ 80 processor for use in its WiMAX VoIP terminal equipment. The first widespread deployments of the Atlanta™ based WiMax Fixed Wireless Terminals (FWT) will be in Asia and Europe where rollouts are expected to begin during the third quarter of 2010. Deployments follow several months of rigorous field testing of equipment under varying network conditions to ensure interoperability, quality and performance.

The adoption of WiMAX, a fourth generation wireless technology, is rapidly gaining momentum worldwide. According to a recent ABI Research report, 164 mobile WiMAX networks were in trial or commercial operation at the end of 2009, and the number of WiMAX subscribers is expected to grow from approximately 6 million in 2009 to over 30 million by 2011.

“We are delighted to have been selected by our major customer as the vendor of choice for their WiMAX VoIP terminal deployments. The fast growing VoIP market presents strategic growth opportunities for TranSwitch,” said Dr. M. Ali Khatibzadeh, President and CEO of TranSwitch. “Our Atlanta™ and Entropia™ product families offer best-in-class performance in terms of voice quality, power consumption and packet processing in the industry,” concluded Dr. Khatibzadeh.

TranSwitch’s Atlanta™ 80 is well positioned for network deployments worldwide. Last year, Korea’s fastest growing broadband operator, SK Broadband, deployed over a million DECT VoIP terminals based on the Atlanta™ processor. Other service providers are also conducting trials of Atlanta™ 80 based equipment for their networks.

“Atlanta™’s dedicated and optimized VoIP DSPbased technology enables WiMAX terminals to provide consistently high voice quality even under high internet data traffic conditions,” said Mr. Kris Shankar, VP of Sales and Marketing at TranSwitch. “The selection of Atlanta™ in these deployments is a testament to TranSwitch’s leadership in VoIP technology.” Mr. Shankar continued, “With an integrated Digital Signal Processor (DSP) optimized for VoIP, the Atlanta™ 80 product can simultaneously support 100 Mbps wire-speed routing with Network Address Translation (NAT), Security, WiFi, T38 Fax and up to eight voice channels while maintaining excellent voice quality. We are uniquely architected to deliver all these features with little to no impact on overall performance.”

About TranSwitch Corporation

TranSwitch Corporation (Nasdaq: TXCC) designs, develops and markets innovative semiconductors and technologies that provide core functionality and complete solutions for voice, data and video communications network equipment. As a leading supplier to telecom, datacom, cable television and wireless markets, TranSwitch customers include the major OEMs that serve the worldwide public network, the Internet, and corporate Wide Area Networks (WANs). TranSwitch devices are inherently flexible; many incorporating embedded programmable microcontrollers to rapidly meet customers’ new requirements or evolving network standards by modifying a function via software instruction. TranSwitch implements global communications standards in its VLSI solutions and is committed to providing high-quality products and services. TranSwitch, Shelton, CT, is an ISO 9001 registered company. For more information, visit www.transwitch.com.

Forward-looking statements in this release, including statements regarding management’s expectations for future financial results and the markets for TranSwitch’s products, are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that these forward-looking statements regarding TranSwitch, its operations and its financial results involve risks and uncertainties, including without limitation risks associated with acquiring new businesses; of downturns in economic conditions generally and in the telecommunications and data communications markets and the semiconductor industry specifically; risks in product development and market acceptance of and demand for TranSwitch’s products and products developed by TranSwitch’s customers; risks relating to TranSwitch’s indebtedness; risks of failing to attract and retain key managerial and technical personnel; risks associated with foreign sales and high customer concentration; risks associated with competition and competitive pricing pressures; risks associated with investing in new businesses; risks of dependence on third-party VLSI fabrication facilities; risks related to intellectual property rights and litigation; risks in technology development and commercialization; and other risks detailed in TranSwitch’s filings with the Securities and Exchange Commission.

Wednesday, May 19th, 2010 Uncategorized Comments Off on Major Chinese OEM Initiates Volume Production of WiMAX VoIP Terminals Based on TranSwitch (TXCC) Atlanta(TM) Processor

Global Sources (GSOL) Appoints Eddie Heng as Interim CFO

HONG KONG, May 19 /PRNewswire-Asia/ — Global Sources (Nasdaq: GSOL) announced David Gillan will resign as CFO and Director Eddie Heng will return to the company to serve as Interim CFO, effective June 1, 2010.

(Logo: http://www.newscom.com/cgi-bin/prnh/20030303/LNM011LOGO-b )

Global Sources’ chairman and CEO, Merle A. Hinrichs, said: “David plans to pursue personal business opportunities, and we wish him the very best. I am pleased Eddie Heng will return as Interim CFO. Eddie was our CFO for 15 years until his retirement in June 2009 and has served as a director since 2000. He is intimately familiar with the company, and I am confident he will ensure continuity and a smooth transition through to the appointment of a new CFO.”

Mr. Heng joined the company in August 1993 as deputy to the vice president of finance and was the Chief Financial Officer, previously entitled vice president of finance, from 1994 until June 2009. He has been a Director of Global Sources since April 2000. Mr. Heng received an MBA from Shiller International University in London in 1993, is a Singapore Certified Public Accountant, a member of the Institute of Certified Public Accountants, Singapore, and a Fellow Member of The Association of Chartered Certified Accountants in the United Kingdom. Mr. Heng is currently a director and audit committee chairman of Prison Fellowship Singapore, a Christian non-profit organization that provides counselling and skills training to prisoners and financial support to their families. Prior to joining Global Sources, he was the regional financial controller of Hitachi Data Systems, a joint venture between Hitachi and General Motors.

Global Sources’ management and board have begun the search process and are considering both external and internal candidates. Mr. Gillan will continue providing support to the company and the transition process until July 31, 2010.

About Global Sources

Global Sources is a leading business-to-business media company and a primary facilitator of trade with Greater China. The core business uses English-language media to facilitate trade from Greater China to the world. The other business segment utilizes Chinese-language media to enable companies to sell to, and within Greater China.

The company provides sourcing information to volume buyers and integrated marketing services to suppliers. It helps a community of over 888,000 active buyers source more profitably from complex overseas supply markets. With the goal of providing the most effective ways possible to advertise, market and sell, Global Sources enables suppliers to sell to hard-to-reach buyers in over 240 countries.

The company offers the most extensive range of media and export marketing services in the industries it serves. It delivers information on 4.5 million products and more than 256,000 suppliers annually through 14 online marketplaces, 13 monthly print and 15 digital magazines, over 80 sourcing research reports and 21 specialized trade shows which run 55 times a year across 9 cities.

Suppliers receive more than 136 million sales leads annually from buyers through Global Sources Online (http://www.globalsources.com ) alone.

Global Sources has been facilitating global trade for nearly 40 years. Global Sources’ network covers more than 60 cities worldwide. In mainland China, Global Sources has about 2,500 team members in more than 40 locations, and a community of over 1 million registered online users and magazine readers for its Chinese-language media.

    Global Sources Press Contact in Asia:
     Camellia So
     Tel:   +852-2555-5021
     Email: cso@globalsources.com

    Global Sources Press Contact in U.S.:
     James W.W. Strachan
     Tel:   +1-480-664-8309
     Email: strachan@globalsources.com

    Global Sources Investor Contact in Asia:
     Suzanne Wang
     Tel:   +852-2555-4747
     Email: investor@globalsources.com

    Global Sources Investor Contact in U.S.:
     Kirsten Chapman & Timothy Dien
     Lippert/Heilshorn & Associates, Inc.
     Tel:   +1-415-433-3777
     Email: tdien@lhai.com

SOURCE Global Sources

Wednesday, May 19th, 2010 Uncategorized Comments Off on Global Sources (GSOL) Appoints Eddie Heng as Interim CFO

Versar, Inc. (VSR) Providing Rapid Response Support to Gulf Oil Spill

Press Release Source: Versar, Inc. On Tuesday May 18, 2010, 2:50 pm EDT

SPRINGFIELD, Va.–(BUSINESS WIRE)–Versar, Inc. (NYSE Amex:VSR) has deployed a team of scientists to the Gulf coast region to provide technical support in response to the oil spill in the Gulf of Mexico. Versar was selected due to its rapid response capabilities and over 35 years of ecological monitoring and surveying experience. On-scene Versar scientists will be supported remotely by other Versar divisions with modeling, meteorology, fisheries ecology, sensitive habitat and other technical experts. Versar has expertise in both oil spill response and Natural Resource Damage Assessment (NRDA) and is able to quickly respond to incidents of this magnitude.

Anthony Otten, CEO of Versar said, “It is a privilege to provide our technical services in the Gulf Region to protect our nation’s natural resources. Versar is committed to doing everything possible to assist in this effort.”

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://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.versar.com&esheet=6296170&lan=en_US&anchor=www.versar.com&index=1&md5=d229d68127ea1abf1e6a74af7f7f57ed, http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.homelanddefense.com&esheet=6296170&lan=en_US&anchor=www.homelanddefense.com&index=2&md5=551facc64fe3ca8e6afff34146ca30a3, http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.geomet.com&esheet=6296170&lan=en_US&anchor=www.geomet.com&index=3&md5=88ebd518d600cfc108fcce0207985173; http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.viap.com&esheet=6296170&lan=en_US&anchor=www.viap.com&index=4&md5=2047f3f4e0749c7e390e484454d8e99d; http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.dtaps.com&esheet=6296170&lan=en_US&anchor=www.dtaps.com&index=5&md5=4a2dc97dc6c4faa3a238c7faa73ed53e; http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.adventenv.com&esheet=6296170&lan=en_US&anchor=www.adventenv.com&index=6&md5=7bcbdd6752c48e331ec3932ceab640a0, and http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.ppsgb.com&esheet=6296170&lan=en_US&anchor=www.ppsgb.com&index=7&md5=a2210011883de0b84ae34bbecd990501.

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.

Tuesday, May 18th, 2010 Uncategorized Comments Off on Versar, Inc. (VSR) Providing Rapid Response Support to Gulf Oil Spill