Deer Consumer Products, Inc. (DEER) Announces $20 Million Stock Buyback, Raises 2010 Earnings Guidance

NEW YORK, May 17 /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, announced today the following updates:

$20 Million Share Buyback:

Deer has initiated a stock buyback program, which allows the Company to purchase from time to time in open market transactions, up to $20 million worth of Deer common stock. As of Q1/2010, Deer had more than $75 million in cash (or $2.31 per share in cash) without any long term debts or bank credit needs.

“In light of Deer’s current low valuation for reasons totally irrelevant to our fundamentals, and with our common stock trading at 3 times cash and an estimated mid-single-digit 2010 P/E (price to earnings) multiples, Deer feels strongly about taking proactive actions in enhancing shareholder value. Deer has sufficient cash on hand to fund both the share buyback program and grow our business,” commented Mr. Bill He, Chairman & CEO of Deer.

Deer’s management currently owns approximately 50% of the Company’s entire shares outstanding. All of these management-controlled shares are locked up for 3 years and are restricted from selling to the public market prior to January 2013. Deer management believes its interests are totally aligned with those of the Company’s public shareholders.

Business Updates:

“We see absolutely no signs of a consumer buying slowdown in the high margin Chinese markets for Deer’s products. Our sales tend to grow along with China’s consumer disposal income growth which has been outstanding. Our products are not highly expensive items, such as real estate or automobile investments. Therefore, wealthier Chinese consumers can easily make purchase decisions for Deer products that make their busy lifestyles far more convenient. Deer has a growing presence at two of China’s largest retailers, which collectively represent 8% of China’s total retail electronics sales. Deer is also progressing very well in deepening our sales channels and marketing to the remaining 92% of China’s broader retail space. We are excited and highly positive about our markets and outlook,” said Mr. Bill He.

Deer Raises 2010 Revenues and Earnings Guidance:

“Deer is currently experiencing strong domestic and global sales. Deer’s robust existing and new order flow pipelines will likely result in higher than anticipated earnings growth. We are comfortable with raising Deer’s 2010 earnings guidance to approximately $26 million in net income on revenues of approximately $160 million, with significant growth anticipated in our seasonally strong second half of 2010. We see little execution risk in achieving and potentially exceeding these new earnings growth targets,” concluded Mr. Bill He.

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. Managed by the Company’s founders, 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.

ARCA (ABIO) Announces Special Protocol Assessment Agreement with FDA

May 17, 2010 (Business Wire) — ARCA biopharma, Inc. (Nasdaq: ABIO) today announced that it has reached agreement with the U.S. Food and Drug Administration (FDA) regarding a Special Protocol Assessment (SPA) on the design of a clinical trial to assess the safety and efficacy of bucindolol in approximately 3,200 patients with chronic heart failure who have the genotype that appears to respond most favorably to bucindolol. Bucindolol is the Company’s investigational, pharmacologically unique, beta-blocker and mild vasodilator. An SPA is an agreement with the FDA that the proposed trial protocol design, clinical endpoints and statistical analyses are acceptable to support regulatory approval. In November 2009, the Company announced that the FDA has designated as a Fast Track development program the investigation of bucindolol for the reduction of cardiovascular mortality and cardiovascular hospitalizations in a genotype-defined heart failure population. In March 2010, ARCA was awarded a patent from the U.S. Patent and Trademark Office (USPTO) on methods of treating heart failure patients with bucindolol based on genetic testing.

“This SPA agreement with the FDA, the latest in a series of important milestones for ARCA, provides us with a clearly defined development and regulatory pathway for bucindolol in the treatment of genotype-specific heart failure patients,” said Michael R. Bristow, President and Chief Executive Officer of ARCA. “We appreciate the FDA’s approach to identifying a means by which additional bucindolol effectiveness data can be generated in a genotype-defined heart failure population. If the planned study confirms previous observations made in the BEST trial, bucindolol has the potential to become the first genetically targeted heart failure treatment for what we estimate to be the approximately 1.5 million heart failure patients with systolic dysfunction and the genotype that appears to respond most favorably to bucindolol.”

In accordance with the Company’s SPA agreement with the FDA, the bucindolol clinical trial is designed to be an international, multi-center, randomized, double-blind clinical trial with a planned enrollment of approximately 3,200 patients with chronic heart failure who have the genotype that appears to respond most favorably to bucindolol. This genotype is defined as the homozygous state for arginine (Arg/Arg) at amino acid position 389 of the beta-1 adrenergic receptor. In this genotype, all of these beta-1 receptors in the heart have high function and high affinity for norepinephrine, with a relatively large fraction of the receptors having constitutive activity, all of which are properties that the Company believes predispose the patient with this genotype to an enhanced clinical response to bucindolol. Bucindolol is unique among beta-blockers in having been shown to lower systemic norepinephrine levels and facilitate conversion of constitutively active beta-1 Arg receptors to an inactive state, pharmacologic properties that may explain bucindolol’s more favorable response in the beta-1 389 Arg/Arg genotype versus the response in another common genotype of the beta-1 receptor known as 389 Gly.

The trial protocol includes a superiority comparison of bucindolol to the beta-blocker metoprolol CR/XL, which is approved for heart failure and other indications and which has not been shown to exhibit any differentiation of clinical effects in heart failure patients with the beta-1 389 Arg/Arg genotype as compared to the Gly genotypes. The primary endpoint of the planned trial is a composite of cardiovascular mortality and cardiovascular hospitalization. The trial protocol includes two interim data analyses at pre-specified numbers of primary endpoints. If the results of either of the interim analyses meet the pre-specified criteria, ARCA would be able to formally submit a complete response to the FDA’s May 2009 Complete Response Letter and the results of the interim analysis could serve as the clinical effectiveness basis for FDA approval. The first interim data analysis is planned at 630 primary endpoints (57% of the projected total number). The trial protocol estimates reaching the first interim analysis 24-30 months into the trial. The SPA-defined criteria for fulfilling the FDA’s request for additional evidence of effectiveness include a hazard ratio 95% confidence interval upper bound of <0.999 (a p-value of approximately 0.050) and safety comparable to metoprolol CR/XL. Even with a positive outcome at either of the interim analyses, the planned trial is designed to proceed to conclusion, estimated to take a total of 3.5 years (including the time to reach the interim analysis). In order to not influence the planned trial’s subsequent completion, if the results of an interim data analysis are adequate to support potential approval of bucindolol, ARCA’s goal would be to have bucindolol commercially available no sooner than immediately after the conclusion of the trial.

With a clear regulatory and clinical pathway now identified, the Company is continuing to evaluate several options for funding the proposed clinical trial. These options primarily include a strategic partnership, license and/or government funding. In the first quarter of the year, the Company raised approximately $6.8 million, net of offering costs, to provide additional time to effectively pursue these options. As the Company evaluates these options, its primary goal is to identify the most capital efficient path to create stockholder value. Subject to the Company’s ability to obtain sufficient funding, the Company currently expects it could begin the proposed trial in the second half of 2011.

About Special Protocol Assessment (SPA)

An SPA is an agreement with the FDA that the proposed trial protocol design, clinical endpoints and statistical analyses are acceptable to support regulatory approval. For further information regarding the SPA process, please visit the FDA website, www.fda.gov. An SPA agreement is not a guarantee of approval, and there are no assurances that the design of, or data collected from, the planned bucindolol clinical trial will be adequate to obtain the requisite regulatory approvals for the marketing of bucindolol.

About Bucindolol

Bucindolol hydrochloride is a pharmacologically unique beta-blocker and mild vasodilator being developed for the treatment of chronic heart failure (HF). Bucindolol is an oral tablet formulation, dosed twice daily. Bucindolol is considered part of the beta-blocker class because of its property of blocking beta-1 as well as beta-2 receptors in the heart, preventing these receptors from binding with other molecules that would otherwise activate the receptor. Clinical data to date suggest that bucindolol is well-tolerated in patients with advanced HF, which the Company believes is due to bucindolol’s mild vasodilator effects.

About Heart Failure

Heart failure, or HF, is a chronic, progressive condition in which a problem with the structure or function of the heart impairs its ability to supply sufficient blood flow to the meet the body’s needs for blood and oxygen. Common causes of heart failure include myocardial infarction and other forms of ischemic heart disease, hypertension, valvular heart disease and cardiomyopathy. Heart failure is one of the largest health care problems in the United States and the rest of the world. Industry sources estimate that about 5.7 million Americans have HF and nearly 670,000 new patients are diagnosed annually. In addition, HF is the underlying reason for approximately 12 to 15 million annual visits to physicians, 6.5 million annual hospital days and over $37 billion in direct and indirect annual healthcare costs.

Beta-blockers are part of the current standard of care for HF, and are considered to be among the most effective drug classes for the disease. However, a significant percentage of eligible patients in the United States is not being treated with, or does not tolerate or respond well to, the beta-blockers currently approved for the treatment of HF. ARCA believes that new therapies for which patient response can be predicted before a drug is prescribed can help improve the current standard of practice in the treatment of HF.

About ARCA biopharma

ARCA biopharma is dedicated to developing genetically targeted therapies for heart failure and other cardiovascular disease. The Company’s lead product candidate, bucindolol hydrochloride, is an investigational, pharmacologically unique beta-blocker and mild vasodilator being developed for heart failure. ARCA has identified common genetic variations that it believes predict individual patient response to bucindolol, giving it the potential to be the first genetically-targeted heart failure treatment. ARCA is collaborating with Laboratory Corporation of America to develop the companion genetic test for bucindolol. For more information please visit www.arcabiopharma.com.

Safe Harbor Statement

This press release contains “forward-looking statements” for purposes of the safe harbor provided by the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements regarding the significance of the SPA agreement, which is not a guarantee of approval; the impact of the SPA on the likelihood of receiving marketing approval for bucindolol; the protection provided by the patent for methods of treating heart failure patients with bucindolol based on genetic testing; the timing and outcome of the Company’s bucindolol clinical trial; the significance of Fast Track designation; regulatory review and potential approval of the Company’s New Drug Application for bucindolol; the prospects for ARCA’s providing sufficient information in a timely manner as requested in the FDA’s Complete Response Letter; and, the Company’s ability to fund future operations. Such statements are based on management’s current expectations and involve risks and uncertainties. Actual results and performance could differ materially from those projected in the forward-looking statements as a result of many factors, including, without limitation, the risks and uncertainties associated with: the Company’s financial resources and whether they will be sufficient to meet the Company’s business objectives and operational requirements; the Company’s ability to complete a strategic transaction to support the continued development bucindolol, and/or obtain additional financing; the Company’s ability to identify, develop and achieve commercial success for products and technologies; risks related to the drug discovery and the regulatory approval process; and, the impact of competitive products and technological changes. These and other factors are identified and described in more detail in ARCA’s filings with the SEC, including without limitation the Company’s annual report on Form 10-K for the year ended December 31, 2009, the Company’s quarterly report on Form 10-Q for the quarter ended March 31, 2010 and subsequent filings. The Company disclaims any intent or obligation to update these forward-looking statements.

Virtual Radiologic (VRAD) to Be Acquired by Providence Equity Partners

May 17, 2010 (Business Wire) — Virtual Radiologic Corporation (NASDAQ:VRAD), a national radiology practice and a leader in the development of radiologist workflow technology, and Providence Equity Partners, a leading global private equity firm that manages over $22 billion in equity capital, today announced that they have entered into a definitive agreement under which Providence will acquire all of the outstanding common stock of vRad for $17.25 per share in cash. The offer price represents a premium of 41.7 percent over the 30-day average closing stock price of $12.18 as of May 14, 2010, and a premium of 54.9 percent over the three month average closing stock price of $11.13. Based on the per share consideration, the transaction is valued at approximately $294 million.

vRad’s board of directors unanimously approved the agreement and recommends that shareholders vote in favor of the transaction. vRad’s co-founder and Chief Medical Officer, Dr. Eduard Michel, who owns 6.0% of the Company’s outstanding common shares, and Generation Partners, which owns 25.3% of the Company’s common shares, have executed Voting Agreements pursuant to which they have agreed to vote in favor of the transaction. The transaction is expected to be completed in the third quarter of 2010, subject to customary closing conditions, and regulatory and shareholder approvals. Upon completion, vRad will become a private company, wholly owned by Providence.

“We believe that this transaction provides an attractive, all-cash valuation that is in the best interests of our stockholders,” said Rob Kill, vRad’s Chairman and Chief Executive Officer. “We are very pleased to have an experienced partner in Providence who shares our commitment to delivering the highest quality patient care backed by industry-leading service levels.”

“vRad is an innovative company that is using its unique, proprietary technology and intense focus on quality and reliability to transform the way radiologic care is delivered,” said Peter O. Wilde, a managing director at Providence. “Rob has assembled a talented team at the company, and we look forward to working with him to continue to deliver value to the company’s clients over the long-term.”

Goldman, Sachs & Co. is serving as financial advisor and Oppenheimer Wolff & Donnelly LLP is serving as legal counsel to Virtual Radiologic. Weil, Gotshal & Manges LLP is serving as legal counsel to Providence Equity Partners.

Additional Information and Where to Find It

The proposed transaction will be submitted to Virtual Radiologic’s stockholders for their consideration, and Virtual Radiologic will file with the SEC a proxy statement to be used to solicit stockholder approval of the proposed transaction, as well as other relevant documents concerning the proposed transaction. VIRTUAL RADIOLOGIC STOCKHOLDERS ARE URGED TO READ THE PROXY STATEMENT REGARDING THE PROPOSED TRANSACTION WHEN IT BECOMES AVAILABLE AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. You will be able to obtain a free copy of the proxy statement, as well as other filings containing information about Virtual Radiologic, at the SEC’s Internet site (http://www.sec.gov). Copies of the proxy statement and the SEC filings that will be incorporated by reference in the proxy statement can also be obtained, without charge, by directing a request to: Virtual Radiologic Corporation, 11995 Singletree Lane, Suite 500, Eden Prairie, MN 55344, Attention: Investor Relations, or by telephone at (952) 595-1100 or by e-mail to info@virtualrad.com.

Virtual Radiologic and its directors and certain executive officers may be deemed to be participants in the solicitation of proxies from Virtual Radiologic’s stockholders in respect of the proposed transaction. Information about the directors and executive officers of Virtual Radiologic and their respective interests in Virtual Radiologic by security holdings or otherwise is set forth in its proxy statements and Annual Reports on Form 10-K previously filed with the SEC. Investors may obtain additional information regarding the interests of the participants by reading the proxy statement regarding the acquisition when it becomes available. Each of these documents is, or will be, available for free at the SEC’s web site at www.sec.gov and at the Investor Relations page of Virtual Radiologic’s web site at www.virtualrad.com.

About Providence Equity Partners

Providence Equity Partners is the leading global private equity firm specializing in equity investments in media, entertainment, communications and information companies around the world. The principals of Providence manage funds with over $22 billion in equity commitments and have invested in more than 100 companies operating in over 20 countries since the firm’s inception in 1989. Significant investments include Archipelago Learning, Bresnan Broadband Holdings, Casema, Com Hem, Digiturk, Education Management Corporation, eircom, Hulu, Idea Cellular, ikaSystems Corporation, Kabel Deutschland, NexTag, Ono, PanAmSat, ProSiebenSat.1, Recoletos, TDC, Univision, VoiceStream Wireless, Warner Music Group, Western Wireless and Yankees Entertainment and Sports Network. Providence is headquartered in Providence, RI (USA) and has offices in New York, London, Los Angeles, Hong Kong and New Delhi. Visit www.provequity.com for more information.

About Virtual Radiologic

Virtual Radiologic Corporation (vRad) is a national radiology practice working in partnership with local radiologists and hospitals to optimize radiology’s pivotal role in patient care. vRad’s more than 140 radiologists serve 1,200+ facilities (21% of U.S. hospitals), reading 2.7 million studies annually. Delivering access to extensive subspecialty coverage, vRad contributes to improved quality of patient care. And with its next-generation technology, vRad enhances productivity, helping to lower the overall cost of care while expediting time to diagnosis and treatment. For more information, visit www.vrad.com.

Safe Harbor for Forward-Looking and Cautionary Statements

Certain statements in this press release are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including, in particular, statements about our plans, objectives, strategies and prospects regarding, among other things, our business and results of operations. These statements can be identified by the use of words such as “will,” “believe,” “expect,” and “anticipate” and similar terms or expressions of future expectation. These statements involve a number of risks, uncertainties and other factors that could cause actual results, performance or achievements of Virtual Radiologic Corporation to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. For example, among other things, conditions to the closing of the transaction may not be satisfied and the transaction may involve unexpected costs, liabilities, or delays, any of which could cause the transaction to not be consummated. Additional examples of such risks and uncertainties are set forth in our Annual Report on Form 10-K, as well as our other filings with the Securities and Exchange Commission. Virtual Radiologic Corporation undertakes no duty to update these forward-looking statements due to new information or as a result of future events.

Samsung Mobile Planning to Work with InfoLogix (IFLG)

May 17, 2010 (Business Wire) — Samsung Telecommunications America (Samsung Mobile), the No. 1 mobile phone provider in the U.S.¹, and InfoLogix, Inc. (NASDAQ: IFLG), a leading technology provider of enterprise mobility solutions for the healthcare and commercial industries, announced today their plans to collaborate on delivering mobile managed services to customers throughout North America.

As a leader in researching, developing and marketing wireless handsets and telecommunications products throughout North America, Samsung is focused on providing enterprise customers with new solutions to power business applications that drive bottom-line business goals. InfoLogix, in serving more than 2,200 commercial and healthcare organizations throughout North America, has pioneered new mobility offerings to meet the distinctive needs of these organizations for nearly a decade. InfoLogix’s comprehensive Mobile Managed Services offering provides a cost-effective way for enterprises to design, deploy and manage a fully-integrated mobile infrastructure, including wireless monitoring and device management, help desk support, and end-user education and training.

“We are eager to work with InfoLogix to provide enterprise customers with a complete solution for achieving the full benefits of mobility throughout their organizations, both inside and outside the four walls,” said Gavin Kim, vice president of content service and enterprise enablement for Samsung Mobile. “As one of the most respected names in the industry, InfoLogix continues to be at the forefront of mobile advancements and, in collaboration, we look forward to bringing the best in Samsung mobile technology and InfoLogix services to organizations across the country.”

“The combination of Samsung’s advanced mobile technology and InfoLogix’s depth of knowledge in managed services can produce powerful results for enterprise organizations,” said David Gulian, president and CEO of InfoLogix, Inc. “By collaborating with an elite, worldwide leader in mobile communications like Samsung, we have the potential together to create new, groundbreaking mobile solutions that address the day-to-day challenges that organizations face in becoming more efficient, effective and competitive in the global marketplace.”

About Samsung Telecommunications America

Samsung Telecommunications America, LLC, a Dallas-based subsidiary of Samsung Electronics Co., Ltd., researches, develops and markets wireless handsets and telecommunications products throughout North America. For more information, please visit www.samsungmobileusa.com.

About Samsung Electronics

Samsung Electronics Co., Ltd. is a global leader in semiconductor, telecommunication, digital media and digital convergence technologies with 2009 consolidated sales of US$116.8 billion. Employing approximately 188,000 people in 185 offices across 65 countries, the company consists of eight independently operated business units: Visual Display, Mobile Communications, Telecommunication Systems, Digital Appliances, IT Solutions, Digital Imaging, Semiconductor and LCD. Recognized as one of the fastest growing global brands, Samsung Electronics is a leading producer of digital TVs, memory chips, mobile phones and TFT-LCDs. For more information, please visit www.samsung.com.

About InfoLogix, Inc.

InfoLogix is a leading provider of enterprise mobility and advanced wireless asset tracking solutions for the healthcare and commercial industries. InfoLogix uses the industry’s most advanced technologies to increase the efficiency, accuracy, and transparency of complex business and clinical processes. With 19 issued patents, InfoLogix provides mobile managed solutions, on-demand software applications, mobile infrastructure products, and strategic consulting services to over 2,000 clients in North America including Kraft Foods, Merck and Company, General Electric, Kaiser Permanente, MultiCare Health System and Stanford School of Medicine. InfoLogix is a publicly-traded company (NASDAQ: IFLG).

¹ Based upon reported shipment data, according to Strategy Analytics Q4 2009 U.S. Market Share Handset Shipments Report.

Servotronics, Inc. (SVT) Announces 1st Quarter Results

ELMA, N.Y., May 14 /PRNewswire-FirstCall/ — Servotronics, Inc. (NYSE Amex: SVT) reported a significant increase in net income to $622,000 (or $0.32 per share Basic – $0.29 per share Diluted) on a 4.6% increase in revenues to $7,884,000 for the first quarter ended March 31, 2010 as compared to net income of $125,000 (or $0.06 per share Basic and Diluted) on revenues of $7,538,000 for the comparable period ended March 31, 2009.  The Company primarily attributes the increase in revenues and net income to a combination of several factors such as increased shipments, product mix, cost containment activities and other recession mitigating factors.

As the Company previously reported, certain major manufacturers of commercial aircraft have publicly announced that they have initiated plans to ramp-up production to support forecasted increases in aircraft deliveries in late 2010, 2011 and 2012. Aircraft component suppliers are being advised to increase their manufacturing capabilities to support this forecasted accelerated aircraft production.  There is a growing consensus that the world-wide recession is in the early stages of a slow recovery which may or may not be self-sustainable.  Also, the Aerospace Industry Association’s report issued in December 2009 was cautiously optimistic and confident in the future of Aerospace.

Government procurements are expected to continue to be volatile and may result in significant period to period performance fluctuations. The Company’s marketing efforts continue to be enhanced by ongoing product developments at both the Advanced Technology Group (ATG) and the Consumer Products Group (CPG).  The Company recently expanded its capabilities in its continuing efforts to add product lines and resources to the Company’s inventory of skills and product offerings. The Company’s many ATG aerospace products that are in a wide range of programs are expected to benefit from a recovering Global economy. The CPG’s product developments and expanded capabilities have led to significant government procurements and the expansion of the CPG’s product line.

The Company is composed of two groups – the ATG and the CPG. The ATG primarily designs, develops and manufactures servo control and other components for various commercial and government applications (i.e., aircraft, jet engines, missiles, manufacturing equipment, etc.). The CPG designs and manufactures cutlery, bayonets, machetes and combat, survival, sporting, agricultural, pocket knives and other edged products for both commercial and government applications.

FORWARD-LOOKING STATEMENTS

Certain paragraphs of this release contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, such as those pertaining to the Company’s expectation of new business and success in its entry into new product programs. Forward-looking statements involve numerous risks and uncertainties. The Company derives a material portion of its revenue from contracts with agencies of the U.S. Government or their prime contractors. The Company’s business is performed under fixed price contracts and the following factors, among others, could cause actual results and future events to differ materially from those set forth or contemplated in the forward-looking statements: uncertainties in today’s global economy and global competition, difficulty in predicting defense appropriations, the vitality and ability of the commercial aviation industry to purchase new aircraft, the willingness and ability of the Company’s customers to fund long-term purchase programs, and market demand and acceptance both for the Company’s products and its customers’ products which incorporate Company-made components. The success of the Company also depends upon the trends that affect the national and international economy. Readers are cautioned not to place undue reliance on forward-looking statements, which reflect management’s analysis only as of the date hereof. The Company assumes no obligation to update forward-looking statements.

Ultralife Corporation (ULBI) Receives $21 Million SATCOM-On-The-Move System Orders

May 14, 2010 (Business Wire) — Ultralife Corporation (NASDAQ: ULBI) has received orders valued at approximately $21 million for its SATCOM-On-The-Move systems from a U.S. defense contractor for use in MRAP armored vehicles. Deliveries are expected to begin this quarter and be completed in the fourth quarter of 2010.

“As one of the preferred vendors for critical defense communications systems, we are well positioned to benefit from ongoing demand by the U.S. military for SATCOM systems for use in various military vehicle programs. Because of this standing, our battle-tested, radio independent SATCOM systems have been once again selected for use in MRAP vehicles,” said John D. Kavazanjian, president and chief executive officer. “These orders were not contemplated in our base line revenue plan for 2010 which called for revenue of $177 million. We will provide investors with an update on our outlook for 2010 operating profit and Adjusted EBITDA in our second quarter earnings call.”

About Ultralife Corporation

Ultralife Corporation, which began as a battery company, operates within three business segments: Battery & Energy Products, Communications Systems and Energy Services, and serves its markets with products and services ranging from portable and standby power solutions to communications and electronics systems. Through its engineering and collaborative approach to problem solving, Ultralife serves government, defense and commercial customers across the globe.

Ultralife’s family of brands includes: Ultralife Batteries, Stationary Power Services, RPS Power Systems, ABLE, McDowell Research, RedBlack Communications and AMTI. Ultralife’s operations are in North America, Europe and Asia. For more information on Ultralife, visit www.ultralifecorp.com.

This press release may contain forward-looking statements based on current expectations that involve a number of risks and uncertainties. The potential risks and uncertainties that could cause actual results to differ materially include: worsening global economic conditions, increased competitive environment and pricing pressures, disruptions related to restructuring actions and delays. The Company cautions investors not to place undue reliance on forward-looking statements, which reflect the Company’s analysis only as of today’s date. The Company undertakes no obligation to publicly update forward-looking statements to reflect subsequent events or circumstances. Further information on these factors and other factors that could affect Ultralife’s financial results is included in Ultralife’s Securities and Exchange Commission (SEC) filings, including the latest Annual Report on Form 10-K.

Allied Motion (AMOT) Reports Significant Profit Improvement and Record New Orders

May 13, 2010 (Business Wire) — Allied Motion Technologies Inc. (NASDAQ: AMOT) today announced it achieved net income for the quarter ended March 31, 2010 of $734,000 or $0.09 per diluted share compared to a net loss of $730,000 or $.10 per diluted share for the same quarter last year. Revenues for the quarter increased 14% to $17,422,000 compared to $15,295,000 last year. Bookings for the quarter ended March 31, 2010 were $26,229,000 up over 54% when compared to $16,970,000 for the same quarter of last year and up 115% when compared to the $12,204,000 for the quarter ended December 31, 2009. Backlog at March 31, 2010 was $29,082,000, reflecting a 18% increase from March 31, 2009 and a 38.6% increase over backlog at the end of 2009.

Included in the first quarter results was a pretax gain of $685,000 ($436,000 after tax) for the final settlement with the insurance company for the business interruption (BI) losses caused by the fire in October 2008 at Allied’s encoder operation in Chatsworth, Calif. Also included in the first quarter are $230,000 of inefficiencies and incremental non-recurring costs incurred in integrating the encoder operation into Allied’s Emoteq operation in Tulsa, Okla. Excluding the BI gain and the non-recurring costs, the net pretax profit would be $609,000 and the net income would be $438,000.

“We are pleased with the first quarter profit improvement and encouraged by the record new orders as we reported in our first quarter results,” commented Dick Warzala, President and CEO of Allied Motion. “The bookings in the first quarter of 2010 exceeded the previous high achieved in the first quarter of 2006 and are a good indicator that recovery in our served markets is occurring at a faster pace than previously expected. In addition, new project activity is strong and reflects the ongoing development of our core technologies and the release of several new products in the past few years. As we move forward, we will continue with the application of our AST Lean Enterprise Tools to improve our efficiencies and eliminate waste throughout our company.”

Headquartered in Denver, Colorado, Allied Motion designs, manufactures and sells motion control products into applications that serve many industry sectors. Allied Motion is a leading supplier of precision and specialty motion control components and systems to a broad spectrum of customers throughout the world.

The statements in this press release and in the Company’s May 14, 2010 conference call that relate to future plans, events or performance are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate, or imply future results, performance, or achievements, and may contain the word “believe,” “anticipate,” “expect,” “project,” “intend,” “will continue,” “will likely result,” “should” or words or phrases of similar meaning. Forward-looking statements involve known and unknown risks and uncertainties that may cause actual results of the Company to differ materially from the forward-looking statements. The risks and uncertainties include those associated with the present economic recession in the United States and throughout Europe, general business and economic conditions in the Company’s motion markets, introduction of new technologies, products and competitors, the ability to protect the Company’s intellectual property, the ability of the Company to sustain, manage or forecast its growth and product acceptance, success of new corporation strategies and implementation of defined critical issues designed for growth and improvement in profits, the continued success of the Company’s customers to allow the Company to realize revenues from its order backlog and to support the Company’s expected delivery schedules, the continued viability of the Company’s customers and their ability to adapt to changing technology and product demand, the loss of significant customers or enforceability of the Company’s contracts in connection with a merger, acquisition, disposition, bankruptcy, or otherwise, the ability of the Company to meet the technical specifications of its customers, the continued availability of parts and components, increased competition and changes in competitor responses to the Company’s products and services, changes in government regulations, availability of financing, the ability of the Company’s lenders and financial institutions to provide additional funds if needed for operations or for making future acquisitions or the ability of the Company to obtain alternate financing if present sources of financing are terminated, the ability to attract and retain qualified personnel who can design new applications and products for the motion industry, the ability of the Company to identify and consummate favorable acquisitions to support external growth and new technology, the ability of the Company to establish low cost region manufacturing and component sourcing capabilities, and the ability of the Company to control costs for the purpose of improving profitability. The Company’s ability to compete in this market depends upon its capacity to anticipate the need for new products, and to continue to design and market those products to meet customers’ needs in a competitive world. Actual results, events and performance may differ materially. Readers are cautioned not to place undue reliance on these forward-looking statements as a prediction of actual results. The Company has no obligation or intent to release publicly any revisions to any forward looking statements, whether as a result of new information, future events, or otherwise.

Puda Coal (PUDA) Announces Strong First Quarter 2010 Results

TAIYUAN, China, May 13 /PRNewswire-Asia-FirstCall/ — Puda Coal, Inc. (NYSE:PUDA – News), a supplier of high grade metallurgical coking coal used to produce coke for steel manufacturing in China and consolidator of twelve coal mines in Shanxi Province, today announced its 2010 first quarter financial results.

    First Quarter 2010 Highlights
    -- First quarter revenue increased 24.6% year over year to $62.0 million
    -- Gross profit increased 165.4% year over year to $10.3 million
    -- Gross margin increased 8.8% year over year to 16.6%
    -- Operating income grew 207.4% year over year to $9.1 million
    -- Net income gained 157.3% to $5.4 million, or $0.31 per fully diluted
       share, as compared to $2.1 million, or $0.14 per fully diluted share,
       in the first quarter of 2009
    -- Excluding the $1.2 million in non-cash expense related to the fair
       value loss of derivative warrants, adjusted net income increased 215.5%
       to $6.7 million, or $0.37 per fully diluted share, as compared to $2.1
       million, or $0.14 per fully diluted share, in the same period last year
    -- Sales of cleaned coal increased 10.3% year over year to 503,000 metric
       tons (MT)
    -- Average selling price of cleaned coal grew 12.8% year over year to $123
       per MT

“Puda Coal began 2010 with solid revenue and net income growth, thanks to stronger cleaned coal sales volume and higher selling prices reflecting the continuing recovery of China’s steel industry,” commented Mr. Liping Zhu, President and CEO of Puda Coal. “Supported by our coal washing business and coal mine consolidation projects, we are well-positioned for continued growth in the remaining quarters of 2010 and beyond.”

First Quarter 2010 Results

For the quarter ended March 31, 2010, total revenue increased 24.6% to $62.0 million, compared to $49.7 million in the first quarter of 2009. The increase in revenue year over year was driven by the increases in sales volume and the average selling price of cleaned coal. Sales of cleaned coal increased 10.3% to 503,000 MT, compared to 456,000 MT in the first quarter of 2009. The average selling price rose 12.8% to $123 per MT, compared to $109 per MT (after adjusting for exchange rate differences) in the same quarter last year.

Gross profit for the first quarter of 2010 expanded 165.4% to $10.3 million, compared to $3.9 million in the first quarter of 2009. Gross margin gained 8.8% to 16.6%, as compared to 7.8% in the comparable period of 2009.

The increase was mainly attributable to an increase in the average selling price of cleaned coal.

Operating expenses for the first quarter of 2010 grew 30.3% to $1.2 million, compared to $0.9 million in the first quarter of 2009. Selling expenses rose 10.6% year over year to $0.6 million, due to an increase in sales volume. General and administrative expenses increased 63.6% year over year to $0.6 million, primarily due to higher stock compensation expenses. Operating income for the first quarter of 2010 increased 207.4% to $9.1 million, compared to $3.0 million in the comparable period of 2009. Operating margin expanded 7.7% to 14.6% in the first quarter of 2010, compared to 6.9% in the first quarter of 2009.

During the first quarter of 2010, the Company recorded a non-cash expense of $1.2 million related to the loss in fair value of the derivative warrants issued in November 2005, as compared to a corresponding gain of $8,000 in the first quarter of 2009.

Income tax expense for the first quarter of 2010 increased 214.7% to $2.3 million, compared to $0.7 million in the same period last year primarily due to the increase in operating profit of Shanxi Coal to $9.3 million in the first quarter of 2010 (after adjusting for exchange rate differences) from $2.9 million in the first quarter of 2009.

Net income increased 157.3% to $5.4 million, or $0.31 per fully diluted share, compared to $2.1 million, or $0.14 per fully diluted share, in the first quarter of 2009.

Adjusted net income, excluding non-cash gains or losses in the fair value of derivative warrants, rose 215.5% to $6.7 million, or $0.37 per diluted share, compared to adjusted net income of $2.1 million, or $0.14 per diluted share, for the first quarter in 2009. Diluted earnings per share were calculated using weighted average shares of 18,594,264 and 15,378,544 for the quarters ended March 31, 2010 and March 31, 2009, respectively.

Financial Condition

As of March 31, 2010, Puda Coal had $49.4 million in cash and cash equivalents, compared to $19.9 million at year-end 2009. Working capital was $76.0 million and a current ratio of 4.4:1. Long-term debt, excluding the current portion, was $6.2 million. Shareholders’ equity was $108.2 million, an increase from $84.0 million at the end of 2009.

In the first quarter of 2010, the Company generated $13.3 million in cash from operating activities, compared to cash used in operating activities of $14.3 million in the same period last year. Net cash provided by financing activities of $16.3 million for the three months ended March 31, 2010 includes $14.5 million from the sale of 3,284,000 shares of common stock and approximately $2.1 million from the exercise of warrants, which were offset by $0.3 million for the repayment of the long-term debt to Resources Group.

Recent Events

As previously announced by the Company, on May 7, 2010, the Company’s wholly-owned subsidiary, Shanxi Putai Resources Limited Co. (“Putai”) entered into a loan agreement with Mr. Ming Zhao, the founder, significant shareholder and Chairman of the board of directors of Puda Coal. Under the agreement, Mr. Ming Zhao agreed to provide Putai with an unsecured loan in the aggregate principal amount of RMB 240 million (USD $35.2 million) for an 18-month term at an annual interest rate of 6%. The terms of the loan agreement have been reviewed and approved by the Company’s audit committee composed of three independent directors.

As part of the Shanxi provincial government’s policies to consolidate and redevelop the coal mining industry, new guidelines were enacted by the government in February 2010 to require the registered capital of coal mine consolidators to be at least RMB200 million (US$29.3 million). The current registered capital of Shanxi Coal is RMB22.5 million (about US$3.3 million). Since Shanxi Coal has been previously approved as an acquirer and consolidator of two coal mine projects, Shanxi Coal plans to increase its registered capital to RMB500 million (US$73.2 million), 90% of which (i.e., RMB430 million) will be funded by Shanxi Coal’s 90% shareholder, Putai, and 10% of which (i.e., RMB48 million) will be funded by Shanxi Coal’s 10% shareholder, Mr. Ming Zhao and his brother, Mr. Yao Zhao. The loan will be used to pay for the increase of the registered capital of Putai’s 90% subsidiary, Shanxi Puda Coal Group Co., Ltd. (“Shanxi Coal”).

Business Outlook

“We expect the recovering steel industry to fuel demand for coking coal and we have a positive outlook for our coal washing operations in 2010,” said Mr. Zhu. “We continue to make progress on our coal mine consolidation projects. The asset transfers of the Da Wa Coal and Guanyao Coal mines in Pinglu County were completed in April and we will pay for the assets transfer when the additional registered paid-in-capital of Shanxi Coal is confirmed by the Shanxi government office. Pre-construction activities at these two mines are currently underway. We are working closely with the Shanxi government and expect to receive approval for the business license transfers for all eight of the Pinglu County mines in the near term.”

Upcoming Events

Puda Coal will present at the Second Annual China Rising Investment Conference hosted by CCG Investor Relations on May 17, 2010 and Oppenheimer 4th Annual China Dragon Call Conference on May 18, 2010. Both conferences will be held in New York, New York and management will be available for one-one one meetings. Additionally, Puda Coal will hold its annual meeting of stockholders on May 21, 2010 in New York, New York at the New York Times Building. During the meeting of stockholders, the Company will answer questions from investors and analysts.

Conference Call

The Company will host a conference call at 9:00 a.m. ET on Thursday, May 13, 2010 to discuss first quarter 2010 results. To participate in the live conference call, please dial the following number five to ten minutes prior to the scheduled conference call time: (877) 409-5558. International callers should dial (706) 679-8017. When prompted by the operator, mention conference passcode 749 192 14. If you are unable to participate in the call at this time, a replay will be available for 14 days starting on Thursday, May 13, 2010 at 10:00 a.m. ET. To access the replay, please dial (800) 642-1687. International callers should dial (706) 645-9291. When promoted, enter conference passcode 749 192 14.

About Puda Coal, Inc.

Puda Coal, through its subsidiaries, supplies premium high grade metallurgical coking coal used to produce coke for steel manufacturing in China. The Company currently possesses 3.5 million metric tons of annual coking coal capacity. The Company has recently moved upstream into coal mining, as a consolidator and acquirer of coal mines in Shanxi Province, including the Pinglu projects and the Jianhe projects. On September 30, 2009, Shanxi Coal, a 90% indirect subsidiary of the Company, was appointed by the Shanxi provincial government as an acquirer and consolidator of eight thermal coal mines located in Pinglu County in southern Shanxi Province. Shanxi Coal plans to consolidate the eight coal mines into five, increasing their total annual capacity from approximately 1.6 million to 3.6 million metric tons. Shanxi Coal received another approval by the Shanxi provincial government to consolidate four additional coking coal mines into one coal mine in Huozhou County. After the completion of the consolidation, the Jianhe project is expected to increase the total annual capacity from 720,000 metric tons to 900,000 metric tons, according to the Shanxi provincial government’s approval. For more information, please visit http://www.pudacoalinc.com

FORWARD-LOOKING STATEMENTS

The information contained herein includes forward-looking statements. These statements relate to future events or to our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. For example, our plan to acquire and consolidate the target coal mines are subject to the risks and uncertainties relating to the market and geological condition, due diligence, negotiation for definitive agreements, etc. which are beyond our control, as well as our management’s ability and capacity to execute our coal mine acquisition strategy and manage the coal mine operations. We assume no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.

Use of Non-GAAP Financial Information

GAAP results for the three months ended March 31, 2010 and 2009 include non-cash gains and losses related to the change in fair value of the Company’s warrants. To supplement the Company’s condensed consolidated financial statements presented on a GAAP basis, the Company has provided non-GAAP financial information excluding the impact of these items in this release, which are non-GAAP net income and non-GAAP diluted earnings per share. The Company’s management believes that these non-GAAP measures provide investors with a better understanding of how the results related to the Company’s historical performance. The additional adjusted information is not meant to be considered in isolation or as a substitute for GAAP financials. The adjusted financial information that the Company provides also may differ from the adjusted information provided by other companies. Management believes that these adjusted financial measures are useful to investors because they exclude non-cash expenses that management excludes when it internally evaluates the performance of the Company’s business and makes operating decisions, including internal budgeting, and performance measurement, as these measures provide a consistent method of comparison to historical periods. As a result, the provision of these adjusted measures allows investors to evaluate the Company’s performance using the same methodology and information as that used by the Company’s management. Moreover, management believes that these adjusted measures reflect the essential operating activities of the Company. Adjusted measures are subject to inherent limitations because they do not include all of the expenses included under GAAP and because they involve the exercise of judgment of which charges are excluded from the adjusted financial measure. However, the Company’s management compensates for these limitations by providing the relevant disclosure of the items excluded. A reconciliation of each adjusted measures to the nearest GAAP measure appears in the table below.

                        PUDA COAL, INC AND SUBSIDIARIES
             RECONCILIATION OF NON-GAAP NET INCOME AVAILABLE TO COMMON
                         SHAREHOLDERS AND DILUTED EPS

                                                        Three months Ended
                                                             March 31,

    US$ - thousands, except per share                  2010             2009

    Net income                                        5,444            2,116
      - Non-cash adjustment -
        derivative unrealized fair value
        loss/(gain) for warrants issued               1,207               (8)

    Adjusted net income excluding
     non-cash item                                    6,651            2,108

    Per diluted share
      - Net income per share                          $0.31            $0.14
      - Non-cash adjustment per share                 $0.06            $0.00
      - Adjusted net income per share                 $0.37            $0.14
    Weighted average shares
     outstanding - '000
      -diluted                                       18,594           15,379

                                 PUDA COAL, INC.
                UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
              For the three months ended March 31, 2010 and 2009
        (In thousands of United States dollars, except per share data)

                                                 Three months ended March 31,
                                                      2010              2009

    NET REVENUE                                    $61,971           $49,721
    COST OF REVENUE                                 51,697            45,850
    GROSS PROFIT                                    10,274             3,871
    OPERATING EXPENSES
    Selling expenses                                   638               577
    General and administrative
     expenses                                          558               341
    TOTAL OPERATING EXPENSES                         1,196               918
    INCOME FROM OPERATIONS                           9,078             2,953
    INTEREST INCOME                                     22                33
    INTEREST EXPENSE                                  (117)             (137)
    DERIVATIVE UNREALIZED FAIR VALUE
     (LOSS)/ GAIN                                   (1,207)                8
    INCOME BEFORE INCOME TAXES                       7,776             2,857
    INCOME TAXES                                    (2,332)             (741)
    NET INCOME                                       5,444             2,116
    OTHER COMPREHENSIVE INCOME
    Foreign currency translation
     adjustment                                        (86)             (166)
    COMPREHENSIVE INCOME                            $5,358            $1,950
    EARNINGS PER SHARE - BASIC                       $0.31             $0.14

                       - DILUTED                     $0.31             $0.14
    WEIGHTED AVERAGE NUMBER OF
    SHARES
         OUTSTANDING - BASIC                    17,832,199        15,333,680

                     - DILUTED                  18,594,264        15,378,544

                                 PUDA COAL, INC.
                           CONSOLIDATED BALANCE SHEETS
                       March 31, 2010 and December 31, 2009
                      (In thousands of United States dollars)

                                                 March 31,         December 31,
                                                   2010               2009
                                                (Unaudited)
    ASSETS
    CURRENT ASSETS
    Cash and cash equivalents                      $49,393           $19,918
    Accounts receivable, net                        25,835            25,340
    Advances to suppliers
      - Related parties                              1,114             1,020
      - Third parties                                2,294             3,552
    Inventories                                     20,034            22,531
    Total current assets                            98,670            72,361
    PREPAYMENTS                                      6,259             6,259
    PROPERTY, PLANT AND EQUIPMENT, NET              13,566            13,986
    INTANGIBLE ASSETS, NET                           3,923             3,945
    INVESTMENT, AT COST                             14,650            14,650
    TOTAL ASSETS                                  $137,068          $111,201

    CURRENT LIABILITIES
    Current portion of long-term debt
      - Related party                               $1,300            $1,300
    Accounts payable                                 6,310             4,839
    Other payables
      - Related parties                              1,031             1,031
      - Third parties                                2,672             2,650
    Accrued expenses                                   885             1,076
    Income taxes payable                             2,333             1,091
    VAT payable                                      1,306             1,135
    Derivative warrants                              6,822             7,620
    Total current liabilities                       22,659            20,742
    LONG-TERM LIABILITIES
    Long-term debt
      - Related party                                6,175             6,500

    Total long-term liabilities                      6,175             6,500

    COMMITMENTS AND CONTINGENCIES
     STOCKHOLDERS' EQUITY
    Preferred stock, authorized
     5,000,000 shares, par value $0.01,
     issued and outstanding None                        --                --
    Common stock, authorized
     150,000,000 shares, par value
     $0.001, issued and outstanding
     19,638,309  (2009: 15,828,863)                     19                15
    Paid-in capital                                 54,125            35,212
    Statutory surplus reserve fund                   1,366             1,366
    Retained earnings                               42,677            37,233
    Accumulated other comprehensive
     income                                         10,047            10,133
    Total stockholders' equity                     108,234            83,959
    TOTAL LIABILITIES AND
     STOCKHOLDERS' EQUITY                         $137,068          $111,201

    For more information, please contact:

    Company Contact:
     Laby Wu, Chief Financial Officer, Director of Investor Relations
     Puda Coal, Inc.
     Tel:   +86-10-6439-2405
     Email: labywu@gmail.com
     Web:   http://www.pudacoalinc.com

    Investor Relations Contact:
     Crocker Coulson, President
     CCG Investor Relations
     Tel:   +1-646-213-1915
     Email: crocker.coulson@ccgir.com

     Elaine Ketchmere,
     VP of Financial Writing
     Tel:   +1-310-954-1345
     Email: elaine.ketchmere@ccgir.com
     Web:   http://www.ccgirasia.com

Baldwin (BLD) Announces Positive Results in Q3 FY2010

SHELTON, Conn.–(BUSINESS WIRE)–Baldwin Technology Company, Inc. (NYSE Amex: BLD), a global leader in process automation technology for the printing industry, today reported financial results for its fiscal third quarter ended March 31, 2010.

Highlights

Financial

• Third quarter EBITDA of $1,271,000 and net income of $133,000
• Orders up 19% and sales up 9.5% compared to the third quarter of prior year
• Sequential (current quarter versus prior quarter) increase in orders of 6%

Sales & Marketing

• Received first combination order of cloth and brush cleaning systems in Belgium
• Secured additional retrofit orders in China for combination cloth and brush cleaning systems
• Won orders from OEMs and end users for Cobra Spray Dampening systems in China and India

Third Quarter Fiscal 2010 Financial Results

The Company reported net sales of $39.5 million for the third quarter, a 1.9% improvement over net sales of $38.8 million in the previous quarter, and an increase of $3.4 million or 9.5% over net sales of $36.1 million for the third quarter of the prior fiscal year. Currency effects increased sales by $2.3 million, or 6.3% from the same quarter of the prior year.

Net income for the third quarter was $0.1 million or $0.01 per diluted share, compared to a net loss of $13.4 million or $0.88 per diluted share for the comparable quarter of the prior year.

Cash flow from operations in the quarter was ($0.6) million compared to $2.7 million in the third quarter of the prior year.

Orders for the quarter were approximately $36.4 million, compared to $30.5 million in the third quarter of the prior year, an increase of 19%. Backlog as of March 31, 2010 was $30.2 million compared to $33.4 million at December 31, 2009.

Please refer to the schedule following the reported GAAP results which shows a reconciliation of these GAAP results to non-GAAP adjusted results, and the notes below explaining management’s reasons for providing certain non-GAAP financial measures.

Introducing New Consumables

During the next few weeks, Baldwin will be introducing an innovative new line of consumables called CleanPac™ cleaning cloths, for use in either dry or pre-soaked versions for cleaning hands and various items in the pressroom, including blankets, cylinders and other parts of printing presses.

Trade Shows

In a continuation of the “Just Ask” marketing program, Baldwin will be presenting an extensive product portfolio that improves productivity and reduces process costs for the sheet-fed, commercial web, flexo corrugated packaging, newspaper and semi-commercial market sectors at IPEX 2010. This Birmingham U.K. exhibition occurs every four years and will be held this year from May 18 to 25 and draws attendees from around the globe. In March, the Company participated in the Printing South China Exhibition, and in June, Baldwin will be showing products at the Expoprint Latin America 2010 exhibition in Brazil.

Significant Announcements

• Baldwin Secures Large Order for Newspaper Press Equipment (May 10, 2010)
• Baldwin Wins Additional Retrofit Orders (May 11, 2010)
• Baldwin Demonstrates Global Leadership in Process Improvement Technology Driving Press Room Savings at IPEX 2010 (March 10, 2010)

Additional details, copies of these releases and other news are available at http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.baldwintech.com&esheet=6289546&lan=en_US&anchor=www.baldwintech.com&index=1&md5=604a6be584837956af7e722e0cbc74b7 .

Comments

President and CEO Karl S. Puehringer said, “Our tight cost controls, as evidenced by continued operating expense reduction, helped return Baldwin to profitability this quarter. We also made solid progress in the execution of our strategy by focusing on opportunities on the installed base, leveraging our technology in emerging countries and further enhancing our business with press room consumables. We received several orders this quarter in China and India for the new Cobra Spray Dampening system, which was developed for production and sale to both OEMs and end users in those local markets. We also secured retrofit orders in China for combination brush and cloth cleaning systems. We are continuing the expansion of our European consumables sales network as we introduce new high performance Prepac® cleaning consumables. Our parts and consumables business has grown and although a recovery in new web press shipments will take longer due to longer lead times, there are first signs of recovery in the sheet fed printing market.”

“Going forward, we are focused on new uses for our technology. I am pleased about an increasing demand for our consumables, primarily driven through our environmentally friendly product offerings and an overall trend in the industry towards shorter runs that require more cleaning. As highlighted above, we are introducing a new consumable, the CleanPac cleaning cloths. We are also pursuing several global projects for supply chain management and standardization and global procurement to reduce material costs. As a market leader, Baldwin offers a complete spectrum of products, related consumables and services through a well established global network in all major markets for print,” Puehringer concluded.

Vice President and CFO John P. Jordan said, “Cash flow from operations during the quarter was slightly less than break even, which was attributable to timing of customer deposits (decreased by $2.5 million). The controllable components of working capital, on the other hand, contributed $0.9 million to operating cash flow.”

“Total debt at March 31, 2010 of $18.7 million is $1.3 million less than at December 31, 2009 and $9.2 million less than at 2009 fiscal year end, resulting primarily from the application of the patent infringement suit settlement proceeds received during the second quarter. The Company has met its EBITDA and liquidity covenants under the Credit Agreement Amendment completed July 31, 2009, but the currency-adjusted net sales for the three months ended April 30, 2010 were less than the amount required under the Agreement. The banks agreed to waive that breach.”

“Operating expenses for the quarter of $11.0 million were $0.6 million lower than third quarter fiscal 2009 operating expenses of $11.6 million after adjusting for a nonrecurring charge in 2009. Excluding the unfavorable currency effect, operating expenses were $1.2 million or 10% lower than prior year adjusted operating expenses. The current year quarter results reflect the full benefit of restructuring and cost reductions that were started during the second and third quarters of fiscal year 2009. Year to date operating expenses were $7.1 million (18%) less than prior year, excluding the unfavorable currency effect and adjusted for a non-recurring charge.”

“The Company is well positioned to leverage its lower cost structure to deliver higher margins from any additional business that should emanate from a recovery when the world’s economies and demand for print equipment recover from the recent economic contraction. We will continue our diligence in managing costs to maintain profitable operations,” Jordan concluded.

Non-GAAP Financial Measures

This release provides GAAP and non-GAAP financial measures. For purposes of Regulation G, a non-GAAP financial measure is a numerical measure of a company’s historical or future financial performance, financial position or cash flows that excludes amounts, or is subject to adjustments that have the effect of excluding amounts, that are included in the most directly comparable measure calculated and presented in accordance with GAAP in the statements of income, balance sheets, or statements of cash flows of the Company; or includes amounts, or is subject to adjustments that have the effect of including amounts, that are excluded from the most directly comparable measure so calculated and presented. Pursuant to the requirements of Regulation G, the Company has provided reconciliations of each of the non-GAAP financial measures contained herein to the most directly comparable GAAP financial measures. These non-GAAP measures are provided because management of the Company uses these financials measures as an indicator of business performance in maintaining and evaluating the Company’s on-going financial results and trends. The Company believes that both management and investors benefit from referring to these non-GAAP measures in assessing the performance of the Company’s ongoing operations and liquidity and when planning and forecasting future periods. These non-GAAP measures also facilitate management’s internal comparisons to the Company’s historical operating results and liquidity.

Conference Call and Webcast

The Company will host a conference call to discuss the financial results and business outlook today at 11:00 AM Eastern Standard Time. Call in information is below:

Conference Call Access:

Domestic: 800-619-4043

International: 415-228-5043

Passcode: Baldwin Q3

Rebroadcast Access:

Domestic: 800-925-0173

International: 402-998-0031

An archived webcast of the conference call will also be available on the Company’s web site http://www.baldwintech.com or http://www.investorcalendar.com/IC/CEPage.asp?ID=158393.

Leading the call will be Baldwin President and CEO Karl S. Puehringer and Vice President and CFO John P. Jordan.

About Baldwin

Baldwin Technology Company, Inc. is a leading international supplier of process automation equipment and related consumables for the printing and publishing industries. Baldwin offers its customers a broad range of market-leading technologies, products and systems that enhance the quality of printed products and improve the economic and environmental efficiency of the printing process. Headquartered in Shelton, Connecticut, the Company has operations strategically located in the major print markets and distributes its products via a global sales and service infrastructure. Baldwin’s technology and products include cleaning systems, fluid management and ink control systems, web press protection systems and drying systems and related consumables. For more information, visit http://www.baldwintech.com

A profile for investors can be accessed at http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.hawkassociates.com%2Fprofile%2Fbld.cfm.&esheet=6289546&lan=en_US&anchor=www.hawkassociates.com%2Fprofile%2Fbld.cfm.&index=5&md5=d6b1e132e1a3f37b55f141a207aada35 An online investor kit including press releases, current price quotes, stock charts and other valuable information for investors is available at http://www.hawkassociates.com.

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Cautionary Statement

Certain statements contained in this News Release constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding expected revenue, gross margins, operating income (loss), EBITDA, asset impairments, expectations concerning the reductions of costs, the level of customer demand and the ability of the Company to achieve its stated objectives. Such forward-looking statements involve a number of known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward- looking statements. Such factors include, but are not limited to: the severity and length of the current economic downturn, the impact of the economic downturn on the availability of credit for the Company’s customers, the ability of the Company to maintain ongoing compliance with the terms of its amended credit agreement, market acceptance of and demand for the Company’s products and resulting revenue, the ability of the Company to successfully expand into new territories, the ability of the Company to meet its stated financial and operational objectives, the Company’s dependence on its partners (both manufacturing and distribution), and other risks and uncertainties detailed in the Company’s periodic filings with the Securities and Exchange Commission. The words “looking forward,” “looking ahead, ” “believe(s),” “should,” “may,” “expect(s),” “anticipate(s),” “project(s),” ” likely,” “opportunity,” and similar expressions, among others, identify forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statement was made. The Company undertakes no obligation to update any forward-looking statements contained in this news release.

CDII Trading, Inc. (CDII) in Contract to Supply Manganese Ore

DEERFIELD BEACH, FL — (Marketwire) — 05/13/10 — China Direct Industries, Inc. (“China Direct Industries”) (NASDAQ: CDII), a U.S. owned holding company operating in China in two core business segments, pure magnesium production and distribution of basic materials, announced today that its wholly owned subsidiary, CDII Trading, Inc. (“CDII Trading”), has entered into a contract to supply manganese ore over the next 12 months to a privately held China-based trading and refining company.

CDII Trading expects to supply manganese ore to its China-based buyer to be obtained under a signed purchase agreement with a Chilean mining company over a twelve-month period. CDII Trading is in the process of finalizing financing for its supplier to produce the required quantity of ore to fulfill this contract and expects to begin the first shipment in July 2010. Upon successful completion of this shipment, CDII Trading expects to supply additional shipments to its China-based buyer on a monthly basis over a twelve-month period. CDII Trading estimates that the sales contract has the potential to generate up to $18 million in revenue over the course of the twelve-month period.

Commenting on these contracts, Mr. Ross A. Friedman, Vice President of Commercial Trading at CDII Trading, stated, “This agreement to secure the quantity of manganese ore from our Chilean miner is pivotal to our future success. Upon completion of the first shipment and the buyer’s approval for future shipments in China, we believe this contract represents a potential long term continuous revenue stream for us. We anticipate it will also set the stage for other similar arrangements for other miners that we are in various stages of negotiations with for numerous ores such as Iron, Chromium and Copper, to name a few. We believe that tapping into the vast mineral reserves in Chile in this fashion will truly be a springboard to a rapid acceleration of growth in our trading operations.”

About China Direct Industries, Inc.

China Direct Industries, Inc. (NASDAQ: CDII), is a U.S. owned holding company operating in China in two core business segments, pure magnesium production and distribution and distribution of basic materials in China. China Direct Industries also provides advisory services to China-based companies in competing in the global economy. Headquartered in Deerfield Beach, Florida, China Direct Industries operates 8 subsidiaries throughout China. This infrastructure creates a platform to expand business opportunities globally while effectively and efficiently accessing the U.S. capital markets. For more information about China Direct Industries, please visit http://www.cdii.net.

About CDII Trading, Inc.

CDII Trading, Inc. was created to facilitate industrial international commodity trading between China and various countries throughout the world. As a subsidiary of a U.S.-based public company, CDII Trading is in a unique position to ensure reliability, continuity, and transparency for effective international trade. For more information about CDII Trading, visit http://www.cdiitrading.com.

DISCLOSURE NOTICE:

In connection with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, China Direct Industries, Inc., is hereby providing cautionary statements identifying important factors that could cause our actual results to differ materially from those projected in forward-looking statements (as defined in such act). Any statements that are not historical facts and that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, indicated through the use of words or phrases such as “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimated,” “intends,” “plans,” “believes” and “projects”) may be forward-looking and may involve estimates and uncertainties which could cause actual results to differ materially from those expressed in the forward-looking statements. These statements include, but are not limited to, our expectations regarding our ability to secure long term sources of manganese ore, completion of the required financing for production and its shipment, approval by the buyer for future shipments, possible future arrangements with other miners and our prospects for future growth.

We caution that the factors described herein could cause actual results to differ materially from those expressed in any forward-looking statements we make and that investors should not place undue reliance on any such forward-looking statements. Further, any forward-looking statement speaks only as of the date on which such statement is made, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of anticipated or unanticipated events or circumstances. New factors emerge from time to time, and it is not possible for us to predict all of such factors. Further, we cannot assess the impact of each such factor on our results of operations or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. This press release is qualified in its entirety by the cautionary statements and risk factor disclosure contained in our Securities and Exchange Commission filings, including our Transition Report on Form 10-K for the nine month period ended September 30, 2010 and our reports on Form 10-Q.

Nexstar Broadcasting (NXST) First Quarter Net Revenue Rises 23.7% to a Record $68.6 Million

May 12, 2010 (Business Wire) — Nexstar Broadcasting Group, Inc. (NASDAQ: NXST) (“Nexstar” or the “Company”) today reported financial results for the first quarter ended March 31, 2010 as summarized below:

CEO Comment

Perry A. Sook, Chairman, President and Chief Executive Officer of Nexstar Broadcasting Group, Inc., commented, “Nexstar’s record first quarter net revenue reflects solid growth from all of our revenue sources and again demonstrates the value and success of our diversification strategies. Our 23.7% rise in first quarter net revenue drove record first quarter BCF, EBITDA and free cash flow, highlighting the significant operating leverage in our business model.

“Nexstar’s commitment to growing new revenue streams and leveraging our local platform by building out our ‘quadruple play’ of revenue drivers continues to serve us well in the strengthening economy and ad environment. During the first quarter we generated a 17.6% year-over-year increase in aggregate core local and national revenue and a 23.1% rise in gross ad revenue inclusive of political advertising. First quarter 2010 automotive advertising rose 40% on a year-over-year basis and the Company generated a 13% overall increase in billings from its top ten advertising categories in the 2010 first quarter.

“The gains in our core television operations were complemented by continued significant double digit growth in first quarter retransmission fee revenue which rose 39.9% to $7.4 million, a record level of quarterly revenue from this source, and a 25.9% increase in e-MEDIA revenues to $3.0 million, our fourteenth consecutive period of revenue growth for Nexstar’s community web portal strategy. In addition to the solid year-over year revenue growth from these sources, Nexstar recorded approximately $0.5 million of management fee revenue in the 2010 first quarter. In total, these higher margin revenue streams accounted for 15.8% of 2010 first quarter net revenue compared with 13.9% of revenue in the comparable year ago period.

“Our continued focus on expense management and achieving further operating efficiencies resulted in record 2010 first quarter operating income of $9.8 million and free cash flow of $8.9 million compared to negative free cash flow in the year ago period attributable to the loss from operations related to expenses incurred for the exchange offer completed during the 2009 first quarter.

“During and subsequent to the first quarter, we further re-engineered the balance sheet to improve liquidity, extend bank maturities and eliminate pricing increases on certain pieces of our capital structure. In this regard, during the first quarter Nexstar purchased approximately $1.0 million of its outstanding 13% Senior Subordinated Payment In Kind (PIK) notes due 2014 at a discount and in April 2010 we completed an offering of $325.0 million of 8.875% senior secured second lien notes while securing senior secured credit facility amendments. We applied the net proceeds from the offering, together with borrowings and cash on hand, to repurchase approximately $34.3 million of the remaining outstanding 13% PIK notes, to refinance the existing senior secured credit facilities and for general corporate purposes.

“The 2010 first quarter results confirm our expectation that initial increases in core advertising activity achieved in late 2009 will extend throughout 2010. In addition, we believe 2010 presents Nexstar with prospects for continued growth from all of our revenue sources and these prospects underscore the value of our initiatives to transition the traditional television broadcasting operating model into a multi-tiered model of high margin revenue streams. The expected revenue increases combined with operating and cost efficiencies and limited 2010 cap-ex commitments positions Nexstar to generate record free cash flow in 2010 which will be deployed for debt reduction and new value creating initiatives.”

Issuance of Senior Secured Second Lien Notes Due 2017

In April 2010, Nexstar Broadcasting, Inc.(“Nexstar Broadcasting”), a wholly-owned subsidiary, and Mission Broadcasting, Inc.(“Mission”) as co-issuers, completed the issuance and sale of $325 million aggregate principal amount of 8.875% senior secured second lien notes due 2017 (the “Notes”). Nexstar Broadcasting and Mission used the net proceeds of the offering, together with borrowings under Nexstar Broadcasting and Mission’s amended senior secured credit facilities and cash on hand, to repurchase Nexstar Broadcasting’s outstanding senior subordinated payment-in-kind notes due 2014, to refinance Nexstar Broadcasting and Mission’s existing senior secured credit facilities, pay related fees and expenses and for general corporate purposes.

The Notes were issued in a private offering that was exempt from the registration requirements of the Securities Act of 1933, as amended to qualified institutional buyers in accordance with Rule 144A and to persons outside of the United States pursuant to Regulation S under the Securities Act.

Amendments to Credit Agreements

In April 2010, the Third Amendment to Nexstar Broadcasting’s Fourth Amended and Restated Credit Agreement among Nexstar Broadcasting, Nexstar, and lenders became effective. Under the terms of the Nexstar Credit Agreement, the principal amount available under the revolving credit facility was reduced to $65.0 million, and the Term Loan B was reduced to $61.0 million. In April 2010, the Second Amendment to Mission Broadcasting’s Third Amended and Restated Credit Agreement, together with the Nexstar Credit Agreement, and lenders became effective. Under the terms of the Mission Credit Agreement, the principal amount available under the revolving credit facility was reduced to $10.0 million, and the Term Loan B was reduced to $39.0 million.

As defined in the company’s previous credit agreement, which was in effect on March 31, 2010, the Company’s total debt and senior debt, as defined therein, were $525.9 million and $387.3 million. The applicable total and senior debt leverage ratios were 6.60x and 4.86x, respectively. Pro-forma for the recent financings, the Company’s total debt at March 31, 2010 was $679.7 million and senior secured debt was $440.7 million. The Company’s pro-forma total leverage ratio for March 31, 2010 was 8.53x compared to a total permitted leverage covenant of 10.25x. The amended credit agreement also contains a secured first lien covenant requirement of 2.50x at all times; that pro forma ratio at March 31, 2010 was 1.45x.

The Credit Agreements were amended to, among other things, (i) extend the revolving loan commitments to December 31, 2013 (subject to conditions), (ii) extend the maturity date of the Term Loan B to September 30, 2016 (subject to conditions), (iii) amend the financial covenants and provide additional flexibility thereunder, (iv) permit the incurrence of incremental Term Loan B facilities of up to an aggregate amount equal to $100 million, (v) permit Nexstar Broadcasting and Mission, under certain circumstances to incur indebtedness and make restricted payments, in each case, in part, to repurchase or extinguish existing indebtedness, (vi) provide additional flexibility under the covenants and (vii) relieve the respective borrowers from their obligation to make mandatory prepayments under certain circumstances.

The Nexstar Credit Agreement (i) eliminates the requirement that Nexstar Broadcasting maintain a consolidated minimum interest coverage ratio and a consolidated maximum senior leverage ratio and institutes the requirement to maintain a consolidated maximum first lien indebtedness ratio, based on the aggregate first-lien indebtedness maintained by Nexstar and Mission, and (ii) changes the maximum and minimum covenant levels applicable to such financial ratios. Additionally, the Credit Agreement removes mandatory quarterly principal repayments based on a computation of excess cash flow for the preceding fiscal year.

Tender Offer

In April 2010, the Company completed the cash tender offer to retire $34.3 million (representing 82.47% of the outstanding aggregate principal amount of Notes) of aggregate principal amount of its 13% Senior Subordinated Notes due 2014 at 104.5% on April 30, 2010. In connection with this tender offer, a second supplemental indenture was executed whereby substantially all restrictive covenants and certain event of default provisions were eliminated.

First Quarter Conference Call

Nexstar will host a conference call at 10:00 a.m. ET today. Senior management will discuss the financial results and host a question and answer session. The dial in number for the audio conference call is 703/639-1420 (domestic and international callers); no access code is needed. In addition, a live audio webcast of the call will be accessible to the public on Nexstar’s web site, www.nexstar.tv and a recording of the webcast will be archived on the site for 90 days following the live event.

Definitions and Disclosures Regarding non-GAAP Financial Information

Broadcast cash flow is calculated as income from operations, plus corporate expenses, depreciation, amortization of intangible assets and broadcast rights (excluding barter), non-cash contract termination fees, non-cash impairment charges, loss (gain) on asset exchange and loss (gain) on asset disposal, net, minus broadcast rights payments.

Adjusted EBITDA is calculated as broadcast cash flow less corporate expenses.

Free cash flow is calculated as income from operations plus depreciation, amortization of intangible assets and broadcast rights (excluding barter), non-cash contract termination fees, non-cash impairment charges, loss (gain) on asset exchange, loss (gain) on asset disposal, net, and non-cash stock option expense, less payments for broadcast rights, cash interest expense, capital expenditures and net cash income taxes.

Broadcast cash flow, adjusted EBITDA and free cash flow results are non-GAAP financial measures. Nexstar believes the presentation of these non-GAAP measures are useful to investors because they are used by lenders to measure the Company’s ability to service debt; by industry analysts to determine the market value of stations and their operating performance; by management to identify the cash available to service debt, make strategic acquisitions and investments, maintain capital assets and fund ongoing operations and working capital needs; and, because they reflect the most up-to-date operating results of the stations inclusive of pending acquisitions, TBAs or LMAs. Management believes they also provide an additional basis from which investors can establish forecasts and valuations for the Company’s business. For a reconciliation of these non-GAAP financial measurements to the GAAP financial results cited in this news announcement, please see the supplemental tables at the end of this release.

About Nexstar Broadcasting Group, Inc.

Nexstar Broadcasting Group currently owns, operates, programs or provides sales and other services to 62 television stations in 34 markets in the states of Illinois, Indiana, Maryland, Missouri, Montana, Texas, Pennsylvania, Louisiana, Arkansas, Alabama, New York, Rhode Island, Utah and Florida. Nexstar’s television station group includes affiliates of NBC, CBS, ABC, FOX, MyNetworkTV and The CW and reaches approximately 13 million viewers or approximately 11.5% of all U.S. television households.

Forward-Looking Statements

This news release includes forward-looking statements. We have based these forward-looking statements on our current expectations and projections about future events. Forward-looking statements include information preceded by, followed by, or that includes the words “guidance,” “believes,” “expects,” “anticipates,” “could,” or similar expressions. For these statements, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. The forward-looking statements contained in this news release, concerning, among other things, changes in net revenue, cash flow and operating expenses, involve risks and uncertainties, and are subject to change based on various important factors, including the impact of changes in national and regional economies, our ability to service and refinance our outstanding debt, successful integration of acquired television stations (including achievement of synergies and cost reductions), pricing fluctuations in local and national advertising, future regulatory actions and conditions in the television stations’ operating areas, competition from others in the broadcast television markets served by the Company, volatility in programming costs, the effects of governmental regulation of broadcasting, industry consolidation, technological developments and major world news events. Unless required by law, we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this news release might not occur. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this release. For more details on factors that could affect these expectations, please see our filings with the Securities and Exchange Commission.

AuthenTec (AUTH) Reports First Quarter 2010 Financial Results

May 12, 2010 (Business Wire) — AuthenTec (NASDAQ:AUTH), a leading provider of security, identity management and touch control solutions, today reported financial results for the first quarter 2010 ended April 2, 2010.

Highlights:

• First quarter consolidated revenue of $9.2 million, up 30 percent year over year
• Completed acquisition of SafeNet’s Embedded Security Solutions Division
• Introduced two smart sensors, the AES1750 for wireless market and the AES2660 for PCs
• Awarded significant design win with a leading PC OEM for 2011 models

Consolidated revenue was $9.2 million for the first quarter of 2010, a 30 percent increase over the prior year. The first quarter included $900,000 of revenue from AuthenTec’s Embedded Security Solutions, which was acquired from SafeNet, Inc. in late February. AuthenTec’s fingerprint sensor business, now called Smart Sensor Solutions, reported revenue of $8.2 million during the quarter, which was at the midpoint of the $8.0 million to $8.4 million guidance previously provided. Smart Sensor revenue increased 17 percent over the $7.0 million reported in the first quarter of 2009, and was comparable with the $8.3 million recorded in the fourth quarter of 2009. The year-on-year revenue growth in Smart Sensors was driven by increased sales of both PC and wireless products, reflecting improved economic conditions.

GAAP Results:

Under Generally Accepted Accounting Principles (GAAP), consolidated net loss for the first quarter of 2010 was $4.7 million, or $0.16 per diluted share. This compares to a GAAP net loss of $4.5 million, or $0.16 per diluted share, in the first quarter of 2009 and a GAAP net loss of $3.0 million, or $0.10 per diluted share, in the fourth quarter of 2009.

GAAP gross margin in the first quarter improved to 48.5 percent, compared to 48.0 percent in the first quarter of 2009, and 45.5 percent in the fourth quarter of 2009. Total operating expenses on a GAAP basis were $9.2 million, compared to $8.0 million in the first quarter of 2009 and $6.8 million in the fourth quarter of 2009. A reconciliation of GAAP to non-GAAP results is provided in Table 2 following the text of this press release.

Non-GAAP Results:

On a non-GAAP basis, consolidated net loss for the first quarter of 2010 was $2.4 million or $0.08 per diluted share. Non-GAAP net loss for Smart Sensors was approximately $2.4 million and $50,000 for the Embedded Security business. The non-GAAP results exclude certain legal and other costs including those associated with the Embedded Security Solutions acquisition and the UPEK proxy action, along with stock-based compensation and amortization of acquired intangible assets. This compares to a non-GAAP net loss of $3.6 million, or $0.12 per diluted share, in the first quarter of 2009 and non-GAAP loss of $1.7 million, or $0.06 per diluted share, in the fourth quarter of 2009. The sequential increase in operating loss was primarily due to increased legal expenses related to the patent litigation with UPEK and higher costs related to the year-end financial audit.

Non-GAAP gross margin in the first quarter was 50.2 percent, compared to 48.8 percent in the first quarter of 2009 and 46.1 percent in the fourth quarter of 2009. The sequential increase in gross margin was due primarily to one month of Embedded Security revenue contribution, which has a substantially higher margin than Smart Sensors, combined with lower inventory provisions in the Smart Sensor business during the quarter.

Total operating expenses on a non-GAAP basis were $7.1 million, compared to $7.2 million in the first quarter of 2009 and $5.6 million in the fourth quarter of 2009. Excluding $800,000 in operating expenses of the Embedded Security business for one month, operating expenses were lower in the first quarter of 2010 as compared to the first quarter of 2009 primarily due to reductions in the use of contractors and other outside services.

AuthenTec ended the first quarter of 2010 with $45.3 million in cash and investments. This compares to $55.5 million in cash and investments at the end of the fourth quarter of 2009. The use of cash primarily reflects the purchase of the Embedded Security business which included a cash payment of $8.5 million. The Embedded Security acquisition was recorded under purchase accounting based on preliminary valuation estimates which will be further refined in the second quarter.

Business Update:

“We made outstanding progress since our last earnings call in several areas including new product introductions, important design wins in the PC market, continued progress in the wireless market, and finally, the acquisition of SafeNet’s Embedded Security Solutions division,” said AuthenTec CEO Scott Moody. “These factors have moved us closer to our goal of becoming a more comprehensive provider of security, identity management and touch control solutions. The addition of the Embedded Security business greatly strengthens our security and identity management solutions, while also expanding our addressable markets as evidenced by our recently announced security solutions for smart grid infrastructure.

“In our Smart Sensor Solutions business, the investments we have made over the last year are beginning to pay off. The market acceptance of our new PC smart sensors, the small form factor AES1660 and the wider and newly introduced AES2660, has been very positive. Moreover, we will soon be announcing our first PC product using our TouchStone™ packaging technology, which has received wide acceptance in the wireless market and we expect as much in the PC market. In fact, we have already secured our first design win for this new PC product, which we plan to formally introduce in the third quarter.

“In the Smart Sensor wireless market, our revenue increased 80 percent on a sequential basis as a key customer in Japan ramped to production on new mobile phones that integrate our recently introduced AES1750 smart sensor. We have additional designs in the wireless market for this new product, which clearly sets a new bar for aesthetics, durability and cost. We believe that these new opportunities, some direct and some through partners, will result in new phones that could begin shipping as early as the fourth quarter of this year.

“Lastly, I am very pleased to report on two notable new design wins for the 2011 PC cycle. Subsequent to the quarter end, AuthenTec was notified by a significant PC customer that it plans to use AuthenTec’s fingerprint sensors in its next design cycle for the 2011 model year. This significant design win is especially gratifying since it represents the regaining of business from a previous customer. Separately, while we have often noted that AuthenTec sensors were used by eight of the top nine PC OEMs that used fingerprint sensors, we were recently notified by this ninth PC OEM that they had selected both TruePrint® smart sensors and TrueSuite® software for their 2011 model year. Our team is very enthusiastic about being chosen for these opportunities, which could potentially start shipping as early as the fourth quarter of this year with full volume production expected in the first half of 2011.

“As we have communicated previously, we anticipated that 2010 would be a challenging year for us, but our investments in new products and our focus on expanding our overall capabilities are beginning to pay off with design wins and new market opportunities that will contribute to increased revenues starting late this year as these designs move into production. We are presently targeting a return to profitability for early 2011.”

Business Outlook:

Mr. Moody concluded, “Looking ahead to the second quarter of 2010, we expect revenue to increase to a range between $10.4 million and $11.4 million including the first full quarter of revenue from our Embedded Security business. Operating expenses are expected to increase sequentially due to the full quarter of the Embedded Security expenses, as well as some additional expenses related to our expectations of ramping to higher volumes late this year and early in 2011. We expect a second quarter non-GAAP net loss per diluted share of between $0.06 and $0.10.”

First Quarter 2010 Financial Results Webcast and Conference Call:

AuthenTec will host a conference call to discuss its first quarter 2010 financial results and other information that may be material to investors at 5:00 p.m. Eastern Time (ET) today, May 12, 2010. Investors and analysts may join the conference call by dialing 866-383-8008 and providing the participant pass code 45003452. International callers may join the teleconference by dialing +1-617-597-5341 and using the same pass code. A replay of the conference call will be available beginning at 8:00 p.m. ET and will remain available until midnight ET on Wednesday, May 19, 2010. The U.S. replay number is 888-286-8010, with a confirmation code of 65137379. International callers should dial +1-617-801-6888, with the same confirmation code. A live web cast of the conference call will be accessible from the Investor section of the Company’s web site at http://investors.authentec.com. Following the live web cast, an archived version will be made available on AuthenTec’s web site.

Use of GAAP and Non-GAAP Financial Metrics:

To supplement AuthenTec’s consolidated financial statements presented in accordance with GAAP, the Company uses non-GAAP financial measures that exclude from the statement of operations the effects of stock-based compensation, certain acquisition-related charges, amortization of certain intangible assets, impairments on investments, and costs related to a reduction in workforce. AuthenTec uses the above non-GAAP financial measures internally to understand, manage and evaluate the business. Management believes it is useful for itself and investors to review, as applicable, both GAAP information and the non-GAAP measures in order to assess the performance of continuing operations and for planning and forecasting in future periods. The presentation of these non-GAAP measures is intended to provide investors with an understanding of the Company’s operational results and trends that enables them to analyze the base financial and operating performance and facilitate period-to-period comparisons and analysis of operational trends. AuthenTec believes the presentation of these non-GAAP financial measures is useful to investors in allowing for greater transparency with respect to supplemental information used by management in its financial and operational decision-making. Non-GAAP financial measures should be considered in addition to results prepared in accordance with GAAP, but should not be considered substitutes for or superior to GAAP results. In addition, our non-GAAP financial measures may not be comparable to similarly titled measures utilized by other companies since such other companies may not calculate such measures in the same manner as we do.

Investors are encouraged to review the reconciliation of these non-GAAP financial measures to the comparable GAAP results, which are provided in Table 2 after the text of this release. For additional information regarding these non-GAAP financial measures, and management’s explanation of why it considers such measures to be useful, refer to the filings made from time to time with the Securities and Exchange Commission.

Forward Looking Statements:

This press release contains statements that may relate to expected future results and business trends that are based upon AuthenTec’s current estimate, expectations, and projections about the industry, and upon management’s beliefs, and certain assumptions it has made that are “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995, including, without limitation, statements relating to our expectations that our Embedded Security acquisition will increase gross margins and accelerate our return to profitability, acceptance of our TouchStone™ packaging technology in the wireless and PC markets, design wins resulting in new product shipments and the timing and volume of such shipments and revenue, margins and net loss for the second quarter. Words such as “anticipates,” “guidance,” “expects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “may,” “will,” “prospects,” “outlook,” “forecast,” and variations of these words or similar expressions are intended to identify “forward-looking statements.” In addition, any statements that refer to expectations, projections, or other characterizations of future events or circumstances, including any underlying assumptions, are “forward-looking statements.” Such statements are not guarantees of future performance and are subject to certain risks, uncertainties, and assumptions that are difficult to predict. Therefore, the Company’s actual results may differ materially and adversely from those expressed in any “forward-looking statement” as a result of various factors. These factors include, but are not limited to: the Company’s ability to integrate the SafeNet embedded business, the Company’s ability to operate the acquired business profitably, demand for, and market acceptance of, new and existing fingerprint sensors, identity management software and embedded security products, the Company’s ability to secure design wins for enterprise and consumer laptops and wireless devices, customer design wins materializing into production programs, the timely introduction of new products, the rate at which the Company increases its activity and opportunities in the wireless market, and additional opportunities in various markets for applications that might use AuthenTec’s products, and changes in product mix, as well as other risks detailed from time to time in its SEC filings, including those described in AuthenTec’s annual report on Form 10-K filed with the SEC on March 17, 2010. These “forward-looking statements” are made only as of the date hereof, and the Company undertakes no obligation to update or revise the “forward-looking statements,” whether as a result of new information, future events or otherwise.

About AuthenTec

AuthenTec provides security, identity management and touch control solutions for enterprise and consumer applications. The Company’s smart sensor products and security solutions are used in virtually every aspect of life, from the PC on your desk to the mobile device in your hand to the server in the cloud. AuthenTec’s newest generation of TruePrint® smart sensors, TrueSuite® identity management software and TrueProtect™ embedded security products (formerly SafeNet Embedded Security Solutions) provide developers and users secure and convenient ways to manage today’s rapidly evolving digital identities and security needs. For more information, visit www.authentec.com or follow us at twitter.com/authentecnews.

FieldPoint Petroleum Corporation (FPP) Reports First Quarter Results

AUSTIN, Texas–(BUSINESS WIRE)–FieldPoint Petroleum Corporation (NYSE AMEX:FPP) announced today its first quarter financial results for the three months ended March 31, 2010.

Ray Reaves, President and CEO of FieldPoint stated, “During this past quarter our oil and natural gas revenues increased 198% over the same period last year as a result of much higher production and oil and natural gas prices. As previously stated, during the past year we significantly improved our balance sheet and prepared the company for future growth.”

Financial Highlights for the Three Months Ended March 31, 2010 Compared to the Three Months Ended March 31, 2009:

• Total Revenues increased 189% to $1,836,695 from $634,682;
• Net Income increased to $478,701 compared to a loss of $(79,387); and
• Earnings per share, both basic and fully diluted, increased to $0.06 from a loss of $(0.01).

Mr. Reaves continued, “FieldPoint has a solid cash position which should continue to grow. Once again, the results from this quarter emphasize the effect that market fluctuations have on our financial performance. While upward price movement has been positive for us so far this year, it is a constant reminder to us of the importance of continuing to build our production base. Fortunately, FieldPoint is well positioned financially to allow management to continue its commitment to develop new programs that can materially expand our production levels. To this end, we plan to continue to diligently search for acquisition and development opportunities and we anticipate some level of success in this regard during 2010. We are very optimistic about meeting our growth objectives during the remainder of this year.”

Oil and natural gas sales revenues increased 198% or $1,199,513 to $1,806,129 for the three-month period ended March 31, 2010 from the comparable 2009 period. This was due both to higher oil and natural gas commodity prices as well as increases in sales volumes. Sales volumes increased 58% on a BOE basis, primarily due to production from the acquisitions of properties in the Vacuum and Block Fields during 2009. The higher sales volumes account for approximately $356,000 of the increase in revenues. Average oil sales prices increased 109% to $76.24 for the three-month period ended March 31, 2010 compared to $36.50 for the three-month period ended March 31, 2009. Average natural gas sales prices increased 17% to $6.27 for the three-month period ended March 31, 2010 compared to $5.35 for the three-month period ended March 31, 2009. The higher commodity prices account for approximately $844,000 of the increase in revenues. We anticipate volumes to remain stable in the coming quarters as additional remedial work is completed.

Lease operating expenses increased 60% or $188,291 to $500,495 for the three month period ended March 31, 2010 from the comparable 2009 period. This was primarily due to the increase in new wells acquired in 2009 and the cost associated with mature field production, with increases in workover expense and remedial repairs in 2010 as compared to 2009. The increased volumes account for approximately $181,000 of increase in lease operating expenses. Lifting costs per BOE increased 1% or $0.27 to $18.39 for the period. We anticipate lease operating expenses to increase over the following quarters due to the additional remedial repairs and workover expenses.

Depletion and depreciation increased 79% or $128,000 to $291,000 for the three month period ended March 31, 2010 versus $163,000 in the 2009 comparable period. This was primarily due to new wells acquired in 2009, which increased our depletable base.

General and administrative overhead cost increased 23% or $43,962 to $232,220 for the three-month period ended March 31, 2010 from the three-month period ended March 31, 2009. This was primarily attributable to an increase in professional services during the 2010 period. At this time, due to the stable environment of the Company, we anticipate general and administrative expenses to remain materially constant in the coming quarters.

Other expenses, net for the quarter ended March 31, 2010, were $62,279 compared to other expenses, net of $86,607 for 2009. The net decrease was primarily due to the unrealized losses on investments during the 2009 period that were offset by an increase in interest expense associated with our line of credit for the period ending March 31, 2010. We had approximately $6.7 million outstanding under our line of credit at March 31, 2010, compared with $1.7 million at March 31, 2009.

About FieldPoint Petroleum Corp. http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.fppcorp.com%2F&esheet=6288487&lan=en_US&anchor=www.fppcorp.com&index=1&md5=d0ab88be1d578def6d41fdb2546ba07a

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

This press release may contain projection and other forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Act of 1934, as amended. Any such projections or statement reflect the company’s current views with respect to future events and financial performance. No assurances can be given, however, that these events will occur or that such projections will be achieved and that actual results could differ materially from those projected. A discussion of important factors that could cause actual results to differ from those projected, such as decreases in oil and natural gas prices and unexpected decreases in oil and natural gas production, is included in the company’s periodic reports filed with the Securities and Exchange Commission (at http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.sec.gov%2F&esheet=6288487&lan=en_US&anchor=www.sec.gov&index=2&md5=37b47640c616a9e8ad85d82014fc9c76).

Aeterna Zentaris (AEZS) FDA Approves Investigational New Drug (IND) Application

China Wind Systems, Inc. (CWS) Provides Guidance for Fiscal Year 2010

WUXI, Jiangsu Province, China, May 11 /PRNewswire-Asia-FirstCall/ — China Wind Systems, Inc. (Nasdaq: CWS), (“China Wind Systems” or the “Company”), a leading supplier of forged rolled rings and other forged components to the wind power and other industries and industrial equipment primarily to the textile industry in China, today announced guidance for fiscal year 2010.

The Company expects 2010 revenues to be in the range of $76.5 million to $85 million, representing a 43% to 59% increase from $53.5 million in fiscal 2009. Earnings before interest, tax, depreciation and amortization, which is generally referred to as EBITDA and is a non-GAAP financial measure, is expected to be in the range of $22.7 million to $25.2 million, representing a 106% to 129% increase compared to $11.0 million in fiscal 2009. Adjusted net income, which excludes non-cash expenses related to convertible securities and warrants, is anticipated to be between $15.5 million and $16.3 million, representing an increase between 99% and 109%, compared to $7.8 million in fiscal 2009.

The Company anticipates stronger demand for both its traditional forged products and ESR forged products in 2010, as management expects stronger sales of precision forged products used in large wind turbines. The Company anticipates revenue contributed by its wind industry segment will increase by approximately 75%. In addition, the Company expects its dye machine segment to recover in 2010, given the industry’s recovery in early 2010.

“We are pleased to see a healthy flow of customer orders in early 2010,” commented Mr. Jianhua Wu, Chairman and Chief Executive Officer. “As our forging facility becomes more efficient, we anticipate improvement in our profit margins. We believe we have the right strategy in place to cater to the rapidly growing wind power industry in China.”

About China Wind Systems, Inc.

China Wind Systems supplies precision forged components such as rolled rings, shafts and flanges to the wind power and other industries and industrial equipment primarily to the textile industry in China. With its newly finished state-of-the-art production facility, the Company has increased its production and shipment of high-precision rolled rings and other essential components primarily to the wind power and other industries. For more information on the Company, visit http://www.chinawindsystems.com . Information on the Company’s Web site or any other Web site does not constitute a portion of this release.

Safe Harbor Statement

This release contains certain “forward-looking statements” relating to the business of the Company and its subsidiary and affiliated companies. These forward looking statements are often identified by the use of forward-looking terminology such as “believes,” “expects” or similar expressions. Such forward looking statements involve known and unknown risks and uncertainties that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company’s periodic reports that are filed with the Securities and Exchange Commission and available on its website (www.sec.gov). All forward-looking statements attributable to the Company or to persons acting on its behalf are expressly qualified in their entirety by these factors other than as required under the securities laws. The Company does not assume a duty to update these forward-looking statements.

    For more information, please contact:

    Company Contact:

     Ms. Teresa Zhang
     Chief Financial Officer
     China Wind Systems, Inc.
     Tel:   +1-877-224-6696 x705
     Email: teresa.zhang@chinawindsystems.com
     Web:   http://www.chinawindsystems.com

    Investor Relations Contact:

     Mr. Shaun Smolarz
     Financial Writer
     CCG Investor Relations
     Tel:   +1-646-701-7444
     Email: shaun.smolarz@ccgir.com

     Mr. Athan Dounis
     Account Manager
     CCG Investor Relations
     Tel:   +1-646-213-1916
     Email: athan.dounis@ccgir.com
     Web:   http://www.ccgirasia.com

Wavelink and InfoLogix (IFLG) to Introduce Voice-enabled Mobile Solutions

May 12, 2010 (Business Wire) — Wavelink Corporation (www.wavelink.com) and InfoLogix, Inc. (NASDAQ: IFLG) today announced a strategic partnership to provide voice-enabled mobile solutions for SAP® customers. Adding voice to SAP warehousing and inventory management transactions will allow hands-free operation that increases safety on the floor, maximizes workflow productivity and improves the accuracy of data input.

By combining the voice capabilities of Wavelink® Speakeasy™ with the expertise of InfoLogix in SAP supply chain execution solutions, customers will have new options for interacting with their SAP applications. The two companies will demonstrate the capabilities of voice-enabled SAP transactions next week at SAPPHIRE NOW (May 16 – 19, 2010) in Orlando.

“We have invested a great deal of time researching voice solutions for SAP supply chain execution applications such as Warehouse Management and Extended Warehouse Management and found Wavelink Speakeasy to be one of the best solutions for both functionality and ease of use,” said Brian M. Thorn, Senior Vice President of InfoLogix.

The Speakeasy voice platform removes proprietary technology barriers by offering complete client-resident, text-to-speech and speech-to-text engines and automated voice features that are device, server, application and network independent. Enterprises can add voice capabilities to existing applications and hardware while avoiding expensive application modification or replacement and the risk and cost of changing existing business processes.

The Global Services Group of InfoLogix specializes in SAP supply chain execution solutions and services that enable organizations to align their critical business processes, increase operational efficiencies and reduce supply chain operation costs. InfoLogix has a high degree of expertise with both the Warehouse Management (WM) and Extended Warehouse Management modules of SAP.

Wavelink president and CEO Lamar Van Wagenen added, “Working with InfoLogix brings new, valuable functionality to SAP and provides Wavelink with an opportunity to expand into additional markets.”

Wavelink and InfoLogix will be demonstrating the voice-enabled solutions for SAP in booth #609 at SAPPHIRE NOW May 16-19. For more information about Wavelink Speakeasy and InfoLogix services in support of SAP solutions, please visit http://www.wavelink.com/speakeasy and http://www.infologix.com.

About Wavelink

Founded in 1992, Wavelink Corporation is the leading provider of multi-vendor mobile application development and mobile device and infrastructure management software. Wavelink’s technology solves the unique challenges involved in deploying, managing and controlling auto-ID data collection (AIDC) systems and RFID, and facilitates peak performance from frontline staff. Wavelink’s emulation product family is the industry standard in providing host connectivity solutions. More than 10,000 companies in the retail, manufacturing, government and logistics industries rely on Wavelink to accelerate application delivery, reduce device management and support costs, and tighten network security. For more information, please visit www.wavelink.com or call 888-697-9283 from the USA and Canada or +800-9283-5465 outside the USA and Canada.

About InfoLogix, Inc.

InfoLogix is a leading provider of enterprise mobility and advanced wireless asset tracking solutions for the healthcare and commercial industries. InfoLogix uses the industry’s most advanced technologies to increase the efficiency, accuracy, and transparency of complex business and clinical processes. With 19 issued patents, InfoLogix provides mobile managed solutions, on-demand software applications, mobile infrastructure products, and strategic consulting services to over 2,000 clients in North America including Kraft Foods, Merck and Company, General Electric, Kaiser Permanente, MultiCare Health System and Stanford School of Medicine. InfoLogix is a publicly traded company (NASDAQ: IFLG).

Wavelink is a registered trademark and Speakeasy is a trademark of Wavelink Corporation. SAP, SAPPHIRE and all SAP logos are trademarks or registered trademarks of SAP AG in Germany and in several other countries. All other product and service names mentioned are the trademarks of their respective companies.

NetSol Technologies (NTWK) Announces Third Quarter Fiscal Year 2010 Financial Results

Mercantile Bancorp (MBR) Announces First Quarter 2010 Financial Results

QUINCY, IL–(Marketwire – 05/11/10) – Mercantile Bancorp, Inc. (AMEX:MBR – News)

 
--  Net Income of $984,000
--  Net Interest Margins Rise Year-Over-Year
--  Loan, Asset Quality Stable
--  Strong Expense Controls Continue at Banks

Mercantile Bancorp, Inc. (AMEX:MBR – News) today reported unaudited net income from both continuing and discontinued operations of $984,000 or $0.11 per share for the quarter ended March 31, 2010 compared with a net loss of $876,000 or $(0.10) per share for the same period in 2009. The Company’s 2009 financial statements have been restated to reflect discontinued operations due to the sale or exchange for debt of three of its subsidiary banks in December 2009 and February 2010.

Net income in first quarter 2010 included a $4.2 million pre-tax gain on the sale of two banks, which was announced in 2009 and closed in February 2010. The results reflect continuing solid operating performance for the Company’s largest subsidiary, Mercantile Bank, and its continuing efforts to reserve aggressively for potential loan losses at Heartland Bank in Leawood, Kansas and Royal Palm Bank, based in Naples, Florida.

The Company reported net interest income from continuing operations of $6.1 million in first quarter 2010, an increase of 27.2% compared with $4.8 million the previous year’s first quarter. This was the second consecutive quarter-over-quarter growth in net interest income, reflecting both improved cost of funds management at its banks and reduced debt at the Company.

“We are encouraged that our strong focus on generating core checking, savings and money market deposits and strategic re-pricing of higher-cost time deposits had an impressive positive impact on net interest income, with net interest margin improving to 2.46% for the first quarter of 2010 compared with 1.81% a year ago,” said Ted T. Awerkamp, President and CEO.

Provision for loan loss expense increased to $4.0 million in first quarter 2010 compared with $2.8 million in the same period in 2009. “We maintained our aggressive approach in building loan loss reserves in the first quarter of 2010, and we have achieved transparency in the loan portfolios of all three subsidiary banks as they have worked through asset quality issues over the past two years,” said Awerkamp. “We continue to receive reductions in valuations of properties that collateralize loans due to the depressed real estate markets, especially in Florida. However, our troubled loans have been identified and we are benefitting from sales on foreclosed properties held for sale at reasonable levels to our marking, so we are beginning to see traction.” Non-performing loans of $46.1 million at March 31, 2010 were essentially stable compared with first quarter 2009, decreasing from $50.8 million at December 31, 2009.

Awerkamp continued, “The exchange of one bank in late 2009 and sale of two banks in early 2010 served to bolster the Company’s capital position, reduce debt and maintain or exceed capitalization requirements at each of the remaining subsidiary banks. Core deposits at our banks have been stable, and in some markets growing, providing access to attractively priced funding for loans. Combined with ongoing expense management, we are well-positioned to maintain lending opportunities to good customers, and react to attractive opportunities.”

The Company reduced noninterest expense from continuing operations to $8.26 million in first quarter 2010 compared with $8.54 million the prior year’s first quarter. Total noninterest income from continuing operations was $1.8 million in first quarter 2010, compared with $2.0 million in first quarter 2009. The decline primarily reflected fewer gains on loan sales year-over-year, due to the slow-down in residential mortgage refinancing. Awerkamp noted the Company leveraged slightly improving economic and investing conditions to increase revenue from both fiduciary activities and brokerage services.

“Our fiduciary and brokerage services are being well-received as investors seek expert advice and investment management capabilities,” said Awerkamp. “As markets continue to be unpredictable and with an uncertain long-term economic outlook, we believe investors and advisors are seeking the additional stability of sound professional advice provided through our unique trust offerings and bankers they know and respect.”

Total assets at March 31, 2010 decreased to $1.0 billion compared with $1.4 billion at December 31, 2009, primarily reflecting the sale of two subsidiary banks in February 2010. Total loans from continuing operations at March 31, 2010 declined to $756.3 million from $776.7 million at December 31, 2009 as the Company continued to eliminate troubled loans and specific lending relationships that were not able to meet stronger credit standards. Total deposits from continuing operations at March 31, 2010 dropped to $885.2 million compared with $954.5 million at year-end 2009, primarily due to the decreased funding required for the loan portfolio and a reduction in higher-cost brokered time deposits.

“We have purposely let certain loans and deposits go at all three banks as part of our strategy to concentrate on optimizing returns,” explained Awerkamp. “We are creating a sound foundation of the highest quality from which to grow during the coming months.”

Subsidiary Bank Operating Highlights

Mercantile Bank continues to generate solid performance despite relatively flat loan demand, noted Awerkamp. The Bank’s served markets, including Quincy, Illinois, St. Joseph, Missouri and Carmel, Indiana did not suffer dramatic economic declines that were seen in other areas of the country, but he said they have not shown any meaningful signs of growth. Mercantile Bank was able to improve net interest income nearly $900,000 year-over-year, in large part due to margin improvement that led to a $1.4 million reduction in interest expense in first quarter 2010 compared to the same period in 2009.

Mercantile Bank continues concentrating on small to mid-size business and agriculture lending in concert with a range of relationship opportunities that generate service revenue and core deposits. “A combination of exceptional customer service and a full range of business banking capabilities enables us to win new business and market share,” explained Awerkamp.

“Heartland Bank’s performance in the first quarter of 2010 showed improvement,” said Awerkamp, reflecting a stabilizing loan portfolio, a reduction in non-accrual loans and continuing operational controls. “Recently identified opportunities to trim overhead costs have put Heartland on an accelerated timetable to reach monthly operational profitability,” he added.

Royal Palm Bank has made significant progress in working through its asset quality issues over the past two years, and while loan losses continued in first quarter 2010, Awerkamp noted there were no unexpected difficulties. The Southwest Florida economy remains severely depressed, with weakness in commercial real estate and declining property values. There have been numerous bank failures in the market, while Royal Palm has maintained a well-capitalized status according to regulatory standards. Core deposits at the Bank have remained stable as its management team focuses on building relationships with small businesses.

“Although we don’t welcome the fact that Southwest Florida banks are failing at unprecedented levels, we do believe this presents a long-term market share opportunity for the surviving banks,” said Awerkamp. “Our new management team has improved control and transparency related to problem loans and the Bank’s basic operations. The improvements made have been overshadowed by a relatively small number of large troubled loans. We have reserved aggressively for these and have maintained a healthy capital position. The ability to work through these loans in unison with capturing quality business opportunities is the key to creating a positive long-term scenario for Royal Palm.”

Outlook

In the coming months, Mercantile Bancorp will maintain its focus on retaining customers, identifying and winning high-quality service and lending relationships, and operational expense controls.

“In first quarter 2010, we were particularly pleased with our success in building net interest margin, and we believe the positive impact of forthcoming expense reductions will generate further benefits as the economy improves and we are able to win new loans and deposits,” said Awerkamp. “Over the past several years, we have built a strong back office with the latest technology, which will provide a significant competitive advantage as Royal Palm and Heartland complete their migration to our systems. As a $1 billion asset holding company, we provide our subsidiary banks with significant advantages over smaller institutions in a highly competitive banking environment.”

About Mercantile Bancorp

Mercantile Bancorp, Inc. is a Quincy, Illinois-based bank holding company with 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, 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.

 
                               Mercantile Bancorp, Inc.
                        CONDENSED CONSOLIDATED BALANCE SHEETS

                                                 March 31,    December 31,
                                                   2010           2009
                                               ------------- --------------
                                                      (In Thousands)
                                                        (Unaudited)
     ASSETS

     Cash and cash equivalents                 $      88,205 $      121,267
     Securities                                      126,950        130,484
     Loans held for sale                                 788            681
     Loans, net of allowance for loan losses         736,559        757,138
     Premises and equipment                           25,221         25,670
     Interest receivable                               3,703          3,962
     Cash surrender value of life insurance           15,149         15,011
     Goodwill                                              -              -
     Other                                            46,430         50,277
     Discontinued operations, assets held for
      sale                                                 -        285,992
                                               ------------- --------------

          Total assets                         $   1,043,005 $    1,390,482
                                               ============= ==============

     LIABILITIES AND STOCKHOLDERS' EQUITY

     Liabilities:
     Deposits                                  $     885,230 $      954,524
     Short-term borrowings                            25,899         30,740
     Long-term debt                                   76,858         87,030
     Interest payable                                  4,542          4,114
     Other                                             4,918          4,827
     Discontinued operations, liabilities held
      for sale                                             -        264,044
                                               ------------- --------------
          Total liabilities                          997,447      1,345,279
                                               ------------- --------------

     Total Mercantile Bancorp, Inc.
      stockholders' equity                            42,590         41,302
                                               ------------- --------------

     Noncontrolling Interest                           2,968          3,901
                                               ------------- --------------

          Total equity                                45,558         45,203
                                               ------------- --------------

          Total liabilities and equity         $   1,043,005 $    1,390,482
                                               ============= ==============

                          Mercantile Bancorp, Inc.
               CONDENSED CONSOLIDATED STATEMENTS OF INCOME

                                                     Three Months Ended
                                                  ------------------------
                                                   March 31,    March 31,
                                                     2010         2009
                                                  -----------  -----------
                                                       (In Thousands)
                                                         (Unaudited)
     Interest Income:
     Loans and fees on loans                      $    10,238  $    11,404
     Securities:
         Taxable                                          970        1,182
         Tax exempt                                       210          244
     Other                                                 90           83
                                                  -----------  -----------
           Total interest income                       11,508       12,913
                                                  -----------  -----------

     Interest Expense:
     Deposits                                           4,171        6,331
     Short-term borrowings                                187          550
     Long-term debt                                     1,013        1,206
                                                  -----------  -----------
           Total interest expense                       5,371        8,087
                                                  -----------  -----------

           Net Interest Income                          6,137        4,826

     Provision for Loan Losses                          3,990        2,785
                                                  -----------  -----------

           Net Interest Income After Provision
            for Loan Losses                             2,147        2,041
                                                  -----------  -----------

     Noninterest Income:
     Fiduciary activities                                 581          568
     Brokerage fees                                       299          193
     Customer service fees                                365          365
     Other service charges and fees                       139          107
     Net gains (losses) on sales of assets                  8          (10)
     Net gains on loan sales                               92          517
     Net gains on sales of available-for-sale
      securities                                            -            -
     Other                                                293          243
                                                  -----------  -----------
            Total noninterest income                    1,777        1,983
                                                  -----------  -----------

     Noninterest Expense:
     Salaries and employee benefits                     4,405        4,464
     Net occupancy expense                                598          600
     Equipment expense                                    563          585
     Deposit insurance premium                            471          611
     Professional fees                                    491          559
     Postage and supplies                                 148          176
     Losses on foreclosed assets                          212          102
     Other than temporary losses on
      available-for-sale and cost method
      investments                                           -            -
     Goodwill Impairment Loss                               -            -
     Other                                              1,372        1,441
                                                  -----------  -----------

           Total noninterest expense                    8,260        8,538
                                                  -----------  -----------
     Income (Loss) from Continuing Operations
      Before Income Taxes                              (4,336)      (4,514)
     Income Tax Expense (Benefit)                      (1,190)      (1,561)
                                                  -----------  -----------
           Income (Loss) from Continuing
            Operations                                 (3,146)      (2,953)
     Income (Loss) from Discontinued Operations         3,197        1,788
     Less:  Net Income (Loss) attributable to
      Noncontrolling Interest                            (933)        (289)
                                                  -----------  -----------

     Net Income (Loss) attributable to Mercantile
      Bancorp, Inc.                               $       984  $      (876)
                                                  ===========  ===========

                           Mercantile Bancorp, Inc.
                        SELECTED FINANCIAL HIGHLIGHTS

                                                  Three Months Ended
                                               ------------------------
                                                March 31,    March 31,
                                                   2010         2009
                                               -----------  -----------
                                                 (Dollars In Thousands
                                                  except share data)
                                                     (Unaudited)

     EARNINGS AND PER SHARE DATA
        Basic Earnings Per Share               $      0.11  $     (0.10)
        Weighted average shares outstanding      8,703,330    8,703,330
        Cash dividends paid per share                  N/A          N/A
        Book value per share                   $      4.89  $     11.26
        Tangible book value per share (1) (3)  $      4.78  $      7.62
        Ending number of common shares
         outstanding                             8,703,330    8,703,330

     AVERAGE BALANCES
        Assets                                 $ 1,082,957  $ 1,810,526
        Securities (3)                         $   128,577  $   129,628
        Loans (2) (3)                          $   772,837  $   850,252
        Earning assets (3)                     $   996,280  $ 1,067,907
        Deposits (3)                           $   922,610  $   968,326
        Interest bearing liabilities (3)       $   927,654  $ 1,053,326
        Stockholders' equity                   $    43,280  $    98,781

     END OF PERIOD FINANCIAL DATA
        Net interest income (3)                $     6,137  $     4,826
        Loans (2) (3)                          $   756,264  $   843,442
        Allowance for loan losses (3)          $    18,917  $    17,201

     PERFORMANCE RATIOS
        Return on average assets                      0.37%       (0.20%)
        Return on average equity                      9.22%       (3.60%)
        Net interest margin (3)                       2.46%        1.81%
        Interest spread (3)                           2.30%        1.77%
        Efficiency ratio (3)                           104%         125%
        Allowance for loan losses to loans (2)
         (3)                                          2.50%        2.01%
        Allowance as a percentage of
         non-performing loans (3)                       41%          37%
        Average loan to deposit ratio (3)               84%          88%
        Dividend payout ratio                          N/A          N/A

     ASSET QUALITY
        Net charge-offs (3)                    $     3,924  $     4,623
        Non-performing loans (3)               $    46,060  $    46,569
        Other non-performing assets (3)        $    18,181  $     9,668

     (1)  Net of goodwill and core deposit intangibles
     (2)  Loans include loans held for sale and nonaccrual loans
     (3)  2009 column restated for discontinued operations and
          assets/liabilities transferred to Held-for-Sale

Sun Hydraulics (SNHY) Pleased With First Quarter Results, Sees Recovery Strengthening

SARASOTA, FL — (Marketwire) — 05/10/10 — Sun Hydraulics Corporation (NASDAQ: SNHY) reported financial results for the first quarter 2010 as follows:

(Dollars in millions except net income per share)

                          April 3    March 28
                            2010       2009     Increase

    Three Months Ended
Net Sales                 $   31.6   $   25.2      25%
Net Income                $    3.3   $    0.6     450%
Net Income per share:
   Basic                  $   0.20   $   0.03     567%
   Diluted                $   0.20   $   0.03     567%

“Due to higher than anticipated activity in March, we exceeded our first quarter sales and earnings estimates,” said Allen Carlson, Sun CEO and president. “Even with the substantial increase in orders, we are able to meet the rising demand. The consistent level of expedited orders indicates to us that inventory throughout the pipeline is exhausted and OEMs are building on an as-needed basis.”

Continuing, Carlson commented, “By mid-April, our U.S. workforce was fully employed and the salary reductions of last year were reinstated. Our global colleagues either have or will return to full employment as needed to meet demand in different geographic areas. We have the capacity to meet increasing demand for the foreseeable future.”

“Sun is well prepared for the rapid increase in demand,” concluded Carlson. “The investments we made last year, including $5.1 million in capital and preserving and investing in our workforce, allow us to respond to our customers’ needs. Sun’s reliable delivery capability and customer service are the cornerstones of our ability to gain market share in the expansion phase of the business cycle.”

Outlook

The Company’s 2010 second quarter sales are expected to be $39 million, an 81% increase in revenue compared to the same period last year, and earnings are expected to be $0.34 to $0.36 per share compared to a loss of $0.03 per share in the same period of the prior year.

Webcast

Sun Hydraulics Corporation will broadcast its Q1 financial results conference call live over the Internet at 9:00 A.M. E.T. tomorrow, May 11, 2010. To listen to the webcast, go to http://investor.sunhydraulics.com/eventdetail.cfm?EventID=80530.

Webcast Q&A

If an individual wishes to ask questions directly during the webcast, the conference call may be accessed by dialing (877) 212-8518. Questions also may be submitted to the Company via email by going to the Sun Hydraulics website, www.sunhydraulics.com, and clicking on Investor Relations on the top menu. Scroll down to the bottom of the page and click on contact email: investor@sunhydraulics.com, which will open an email window to type in your message. Sun management will then answer these and other questions during the Company’s webcast. A copy of this earnings release is posted on the Investor Relations page of our website under “Press Releases.”

Sun Hydraulics Corporation is a leading designer and manufacturer of high performance screw-in hydraulic cartridge valves and manifolds for worldwide industrial and mobile markets. For more information about Sun, please visit our website at www.sunhydraulics.com.

FORWARD-LOOKING INFORMATION

Certain oral statements made by management from time to time and certain statements contained herein that are not historical facts are “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934 and, because such statements involve risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements, including those in Management’s Discussion and Analysis of Financial Condition and Results of Operations are statements regarding the intent, belief or current expectations, estimates or projections of the Company, its Directors or its Officers about the Company and the industry in which it operates, and assumptions made by management, and include among other items, (i) the Company’s strategies regarding growth, including its intention to develop new products; (ii) the Company’s financing plans; (iii) trends affecting the Company’s financial condition or results of operations; (iv) the Company’s ability to continue to control costs and to meet its liquidity and other financing needs; (v) the declaration and payment of dividends; and (vi) the Company’s ability to respond to changes in customer demand domestically and internationally, including as a result of standardization. Although the Company believes that its expectations are based on reasonable assumptions, it can give no assurance that the anticipated results will occur.

Important factors that could cause the actual results to differ materially from those in the forward-looking statements include, among other items, (i) the economic cyclicality of the capital goods industry in general and the hydraulic valve and manifold industry in particular, which directly affect customer orders, lead times and sales volume; (ii) conditions in the capital markets, including the interest rate environment and the availability of capital; (iii) changes in the competitive marketplace that could affect the Company’s revenue and/or cost bases, such as increased competition, lack of qualified engineering, marketing, management or other personnel, and increased labor and raw materials costs; (iv) changes in technology or customer requirements, such as standardization of the cavity into which screw-in cartridge valves must fit, which could render the Company’s products or technologies noncompetitive or obsolete; (v) new product introductions, product sales mix and the geographic mix of sales nationally and internationally; and (vi) changes relating to the Company’s international sales, including changes in regulatory requirements or tariffs, trade or currency restrictions, fluctuations in exchange rates, and tax and collection issues. Further information relating to factors that could cause actual results to differ from those anticipated is included but not limited to information under the heading “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s Form 10-Q for the quarter ended April 3, 2010, and under the heading “Business” and particularly under the subheading, “Business Risk Factors” in the Company’s Form 10-K for the year ended January 2, 2010. The Company disclaims any intention or obligation to update or revise forward-looking statements, whether as a result of new information, future events or otherwise.

SUN HYDRAULICS CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands except per share data)

                                                     Three months ended
                                                    April 3,    March 28,
                                                      2010         2009
                                                  (unaudited)  (unaudited)

Net sales                                         $    31,605  $    25,208

Cost of sales                                          21,485       19,629
                                                  -----------  -----------

Gross profit                                           10,120        5,579

Selling, engineering and
 administrative expenses                                5,156        4,775
                                                  -----------  -----------

Operating income                                        4,964          804

Interest income, net                                     (137)        (110)
Foreign currency transaction gain, net                    (27)          (8)
Miscellaneous (income) expense, net                       (20)         199
                                                  -----------  -----------

Income before income taxes                              5,148          723

Income tax provision                                    1,837          171
                                                  -----------  -----------

Net income                                        $     3,311  $       552
                                                  ===========  ===========

Basic net income per common share                 $      0.20  $      0.03

Weighted average basic shares outstanding              16,942       16,664

Diluted net income per common share               $      0.20  $      0.03

Weighted average diluted shares outstanding            16,977       16,694

Dividends declared per share                      $     0.090  $     0.180

SUN HYDRAULICS CORPORATION
CONSOLIDATED BALANCE SHEETS
(in thousands)

                                                 April 3, 2010  January 2,
                                                  (unaudited)     2010
                                                  -----------  -----------
Assets
Current assets:
  Cash and cash equivalents                       $    26,638  $    30,314
  Restricted cash                                         131          132
  Accounts receivable, net of allowance for
   doubtful accounts of $81 and $90                    14,367        9,949
  Inventories                                           8,878        7,799
  Income taxes receivable                                   -        1,485
  Deferred income taxes                                   575          575
  Marketable securities                                10,827        7,844
  Other current assets                                  2,398        1,797
                                                  -----------  -----------
      Total current assets                             63,814       59,895

Property, plant and equipment, net                     55,046       56,633
Other assets                                            2,913        3,405
                                                  -----------  -----------

Total assets                                      $   121,773  $   119,933
                                                  ===========  ===========

Liabilities and Shareholders' Equity
Current liabilities:
  Accounts payable                                $     3,265  $     2,442
  Accrued expenses and other liabilities                2,475        2,475
  Income taxes payable                                     37            -
  Dividends payable                                     1,525        1,524
                                                  -----------  -----------
      Total current liabilities                         7,302        6,441

Deferred income taxes                                   5,175        5,191
Other noncurrent liabilities                              712          687
                                                  -----------  -----------

      Total liabilities                                13,189       12,319

Shareholders' equity:
  Common stock                                             17           17
  Capital in excess of par value                       42,645       42,210
  Retained earnings                                    66,166       64,383
  Accumulated other comprehensive income                 (244)       1,004
                                                  -----------  -----------
      Total shareholders' equity                      108,584      107,614
                                                  -----------  -----------

Total liabilities and shareholders' equity        $   121,773  $   119,933
                                                  ===========  ===========

SUN HYDRAULICS CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)

                                                     Three months ended
                                                    April 3,    March 28,
                                                      2010         2009
                                                  (unaudited)  (unaudited)
Cash flows from operating activities:
Net income                                        $     3,311  $       552
Adjustments to reconcile net income to
 net cash provided by operating activities:
Depreciation and amortization                           1,732        1,760
Loss on disposal of assets                                  1            -
Provision for deferred income taxes                       (16)          (8)
Allowance for doubtful accounts                            (9)          (2)
Stock-based compensation expense                          286          228
Stock options income tax benefit                          (23)           -
(Increase) decrease in:
   Accounts receivable                                 (4,409)       1,395
   Inventories                                         (1,079)       1,314
   Income taxes receivable                              1,485         (898)
   Other current assets                                  (601)         115
   Other assets                                           485           90
(Increase) decrease in:
   Accounts payable                                       823          (41)
   Accrued expenses and other liabilities                   -          476
   Income taxes payable                                    60            -
   Other noncurrent liabilities                            25          (35)
                                                  -----------  -----------
Net cash provided by operating activities               2,071        4,946

Cash flows from investing activities:
Capital expenditures                                     (668)      (1,236)
Purchases of marketable securities                     (6,260)      (6,230)
Proceeds from sale of marketable securities             3,199            -
                                                  -----------  -----------
Net cash used in investing activities                  (3,729)      (7,466)

Cash flows from financing activities:
Repayment of debt                                           -         (261)
Proceeds from exercise of stock options                    28            -
Proceeds from stock issued                                 98           94
Dividends to shareholders                              (1,527)      (1,503)
Stock options income tax benefit                           23            -
                                                  -----------  -----------
Net cash used in financing activities                  (1,378)      (1,670)

Effect of exchange rate changes on cash and
 cash equivalents                                        (641)        (456)
                                                  -----------  -----------

Net decrease in cash and cash equivalents              (3,677)      (4,646)

Cash and cash equivalents, beginning of period         30,446       35,303
                                                  -----------  -----------

Cash and cash equivalents, end of period          $    26,769  $    30,657
                                                  ===========  ===========

Supplemental disclosure of cash flow information:
Cash paid:
   Interest                                       $         -  $         9
   Income taxes                                   $       331  $     1,077

                           United                 United  Elimin-  Consoli-
                           States  Korea  Germany Kingdom  ation    dated
Three Months
Ended April 3, 2010
Sales to unaffiliated
 customers                $18,970  $4,192 $ 4,699 $ 3,744 $     -  $ 31,605
Intercompany sales          5,097       -      53     338  (5,488)        -
Operating income            2,870     626   1,117     336      15     4,964
Depreciation                1,328      22     111     251       -     1,712
Capital expenditures          566      64       5      33       -       668

Three Months
Ended March 28, 2009
Sales to unaffiliated
 customers                $15,621  $1,960 $ 4,167 $ 3,460 $     -  $ 25,208
Intercompany sales          4,156       -      29     465  (4,650)        -
Operating income (loss)      (550)     86     713     454     101       804
Depreciation                1,370      26     124     233       -     1,753
Capital expenditures        1,131      22       4      79       -     1,236

Response Genetics (RGDX) Signs Agreement with GlaxoSmithKline to Provide Proprietary

May 11, 2010 (Business Wire) — Response Genetics, Inc. (Nasdaq:RGDX), a company focused on the development and sale of molecular diagnostic tests for cancer, today announced it has signed a non-exclusive license agreement with GlaxoSmithKline (“GSK”). Under the terms of the agreement, GSK gains certain rights to Response Genetics’ proprietary PCR analysis technology and diagnostic expertise to assess BRAF gene mutations in human tumor samples. Payments will be made to Response Genetics upon achivement of agreed-to milestones. Further financial details were not disclosed.

The BRAF gene encodes B-Raf proto-oncogene serine/threonine-protein kinase (B-raf), a protein involved in cell signaling and cellular growth and differentiation. Specific genetic mutations have been correlated with the development of certain forms of cancer.

“As a provider of genetic testing services to GSK, we are pleased to continue to support GSK’s clinical trial program,” said Kathleen Danenberg, president and CEO of Response Genetics. “Through access to our proprietary technology, Response Genetics provides pharmaceutical companies with unique information and insights. By identifying specific genetic mutations, such as in the BRAF gene, we hope to enable the development of diagnosis tools for disease prognosis that may aid in treatment decisions.”

Response Genetics’ holds other patented diagnostic technology and provides services to physicians through the company’s ResponseDX™ series of tests – proprietary PCR-based tests used to analyze the expression of genes that correlate with response to commonly used chemotherapy agents. ResponseDX: Colon™, ResponseDX: Lung™ and ResponseDX: Gastric™ genetic test panels are available in the United States through direct sales and through NeoGenomics Laboratories. In Australia and certain Asian countries, ResponseDX™ genetic tests are available through Genetic Technologies Ltd. All tests are performed through Response Genetics’ CLIA-certified laboratory.

About Response Genetics, Inc.

Response Genetics, Inc. (“RGI”) (the “Company”) (Nasdaq: RGDX) is engaged in the research and development of pharmacogenomic cancer diagnostic tests based on its proprietary and patented technologies. RGI’s technologies enable extraction and analysis of genetic information from genes derived from tumor samples stored as formalin-fixed and paraffin-embedded specimens. In addition to diagnostic testing services, RGI generates revenue from the sales of its proprietary analytical pharmacogenomic testing services of clinical trial specimens to the pharmaceutical industry. The Company was founded in 1999 and its principal headquarters are located in Los Angeles, California. For more information, please visit www.responsegenetics.com.

Forward-Looking Statement Notice

Except for the historical information contained herein, this press release and the statements of representatives of RGI related thereto contain or may contain, among other things, certain forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995.

Such forward-looking statements involve significant risks and uncertainties. Such statements may include, without limitation, statements with respect to the Company’s plans, objectives, projections, expectations and intentions, such as the ability of the Company to analyze cancer samples, the potential for using the results of this research to develop diagnostic tests for cancer, the usefulness of genetic information to tailor treatment to patients, the ability of the Company to expand its ResponseDX: Lung™ and ResponseDX: Colon™ test availability, and other statements identified by words such as “projects,” “may,” “could,” “would,” “should,” “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans” or similar expressions.

These statements are based upon the current beliefs and expectations of the Company’s management and are subject to significant risks and uncertainties, including those detailed in the Company’s filings with the Securities and Exchange Commission. Actual results, including, without limitation, actual sales results, if any, or the application of funds, may differ from those set forth in the forward-looking statements. These forward-looking statements involve certain risks and uncertainties that are subject to change based on various factors (many of which are beyond the Company’s control). The Company undertakes no obligation to publicly update forward-looking statements, whether because of new information, future events or otherwise, except as required by law.

ADDvantage Technologies (AEY) Results for Second Quarter of Fiscal 2010

BROKEN ARROW, OK–(Marketwire – May 11, 2010) – ADDvantage Technologies Group, Inc. (NASDAQ: AEY), today announced its results for the three and six month periods ended March 31, 2010.

Revenue for the three month period ended March 31, 2010 was $12.1 million compared to $10.1 million in the same period a year ago, an increase of 19%. The overall increase was due primarily to a $1.6 million increase in sales of new and refurbished equipment consisting mostly of headend equipment needed by customers to add channels to their cable systems or upgrade their equipment in order to provide HD programming on their cable system. However, the Company’s large and small MSO customers continued to delay significant plant expansions and bandwidth upgrades as part of their continued efforts to conserve cash and limit capital expenditures. Refurbished equipment sales were also impacted by a $0.4 million increase in sales of converter boxes for the three months ended March 31, 2010 as compared to the same period last year. Service revenue also increased to $1.4 million compared to $1.1 million for the same period last year, as the Company continued to promote and expand this line of business.

Net income attributable to common stockholders in the second quarter of fiscal 2010 was $1.1 million, or $0.11 per diluted share, as compared to $0.7 million, or $0.07 per diluted share, in the same period last year.

For the six months ended March 31, 2010, revenue decreased slightly to $22.3 million from $22.9 million, for the same period last year.

Net income attributable to common stockholders for the six month period was $1.9 million, or $0.19 per diluted share, as compared to $1.7 million, or $0.16 per diluted share, for the first six months of fiscal 2009.

Ken Chymiak, President and CEO, commented, “Our sales strengthened through the second quarter, and we look forward to increasing this momentum over the remainder of the fiscal year. We are well positioned to benefit as our customers increase their capital expenditures as the economy improves. The increase in equipment sales along with the cost reduction measures implemented over the past year resulted in an increase in net income attributable to common shareholders of $0.4 million to $1.1 million this quarter. We have reduced inventory by $0.5 million since December 31, 2009, and by $1.7 million since September 30, 2009. We also reported $3.5 million of cash and cash equivalents at March 31, 2010.”

“Our company became a master stocking distributor for the full range of Fujitsu Frontech North America, Inc. AVC encoders, decoders and accessories as well as a member of the Fujitsu global channel partner program servicing the United States. This relationship with Fujitsu not only provides us with another supplier partner, but it also should enlarge our customer base as the Fujitsu products primarily are marketed to the broadcast industry,” concluded Mr. Chymiak.

Earnings Conference Call

As previously announced, the Company’s earnings conference call is scheduled for 12:00 p.m. Eastern Time on Tuesday, May 11, 2010. The conference call will be available via webcast and can be accessed through the Investor Relations section of ADDvantage’s website, www.addvantagetech.com. Please allow extra time prior to the call to visit the site and download any necessary software to listen to the Internet broadcast. The dial-in number for the conference call is (888) 668-1640 or (913) 905-3216 for international participants. All dial-in participants must use the following code to access the call: 7734984. Please call at least five minutes before the scheduled start time.

For interested individuals unable to join the conference call, a replay of the call will be available through May 25, 2010 at (888) 203-1112 (domestic) or (719) 457-0820 (international). Participants must use the following code to access the replay of the call: 7734984. The online archive of the webcast will be available on the Company’s website for 30 days following the call.

About ADDvantage Technologies Group, Inc.

ADDvantage Technologies Group, Inc. supplies the cable television (CATV) industry with a comprehensive line of new and used system-critical network equipment and hardware from leading manufacturers, including Cisco, formerly Scientific-Atlanta, and Motorola, as well as operating a national network of technical repair centers. The equipment and hardware ADDvantage distributes is used to acquire, distribute, and protect the broad range of communications signals carried on fiber optic, coaxial cable and wireless distribution systems, including television programming, high-speed data (Internet) and telephony.

ADDvantage operates through its subsidiaries, Tulsat, Tulsat-Atlanta, Tulsat-Nebraska, Tulsat-Texas, Tulsat-West, NCS Industries, ComTech Services and Broadband Remarketing International. For more information, please visit the corporate web site at www.addvantagetech.com.

The information in this announcement may include forward-looking statements. All statements, other than statements of historical facts, which address activities, events or developments that the Company expects or anticipates will or may occur in the future, are forward-looking statements. These statements are subject to risks and uncertainties, which could cause actual results and developments to differ materially from these statements. A complete discussion of these risks and uncertainties is contained in the Company’s reports and documents filed from time to time with the Securities and Exchange Commission.

(Tables follow)

                    ADDVANTAGE TECHNOLOGIES GROUP, INC.
               CONDENSED CONSOLIDATED STATEMENTS OF INCOME
                              (UNAUDITED)

                            Three Months Ended        Six Months Ended
                                March 31,                March 31,
                            2010         2009         2010         2009
                        ------------ ------------ ------------ ------------
Total net sales         $ 12,055,521 $ 10,126,636 $ 22,274,742 $ 22,926,642

Income from operations  $  1,944,484 $  1,347,887 $  3,544,057 $  3,139,746

Interest expense        $    200,639 $    229,528 $    412,573 $    494,241

Net income attributable
 to common shareholders $  1,081,845 $    698,359 $  1,941,484 $  1,652,505

Earnings per share:
   Basic                $       0.11 $       0.07 $       0.19 $       0.16
   Diluted              $       0.11 $       0.07 $       0.19 $       0.16
Shares used in per
 share calculation:
   Basic                  10,125,870   10,131,926   10,132,658   10,175,887
   Diluted                10,129,100   10,133,781   10,135,888   10,177,801

                    ADDVANTAGE TECHNOLOGIES GROUP, INC.
                   CONDENSED CONSOLIDATED BALANCE SHEETS

                                               March 31,     September 30,
                                                 2010            2009
                                              (unaudited)      (audited)
                                            --------------- ---------------
Assets
Current assets:
   Cash and cash equivalents                $     3,512,888 $       700,004
   Accounts receivable, net of allowance          4,853,557       4,199,136
   Income tax refund receivable                      28,896          88,411
   Inventories, net of allowance for excess
    and obsolete inventory                       31,427,689      33,166,624
   Deferred income taxes                          1,368,000       1,282,000
   Prepaid expenses                                 160,075         107,423
                                            --------------- ---------------
Total current assets                             41,351,105      39,543,598

Net property and equipment                        7,399,137       7,556,667
Total other assets                                2,209,654       2,332,281
                                            --------------- ---------------

Total assets                                $    50,959,896 $    49,432,546
                                            =============== ===============

Liabilities and Shareholders' Equity
Current liabilities:
   Accounts payable                         $     3,148,997 $     2,523,143
   Accrued expenses                                 953,307       1,095,822
   Notes payable - current portion                1,863,767       1,863,767
                                            --------------- ---------------
Total current liabilities                         5,966,071       5,482,732

Notes payable                                    13,060,990      13,992,873
Other liabilities                                   968,023       1,049,685

Total shareholders' equity                       30,964,812      28,907,256
                                            --------------- ---------------

Total liabilities and shareholders' equity  $    50,959,896 $    49,432,546
                                            =============== ===============

Anooraq (ANO) Completes Significant Labour Restructuring at Bokoni Mines

VANCOUVER, May 10 /PRNewswire-FirstCall/ – Anooraq Resources Corporation (“Anooraq” or the “Company”) (TSXV: ARQ; NYSE Amex: ANO; JSE: ARQ) confirms that the labour restructuring process entered into at its flagship operation, Bokoni Platinum Mines (“Bokoni”), during the fourth quarter of 2009, has been completed.

The labour restructuring agreements were finalised with the relevant trade unions in December 2009. The subsequent implementation of the labour restructuring plan affected some 840 on-mine personnel, comprising approximately 25% of the Bokoni workforce.

As a result of the labour restructuring, 153 employees were retrenched and 374 employees were transferred from positions in services to production activities. During January 2010, some 103 employees were dismissed from the operations due to an unprotected strike and six production shifts were lost during the industrial action.

The completion of the labour restructuring lays the foundation for the Company’s production growth strategy at Bokoni, commencing with effect from April 2010. This strategy will see the introduction of additional stoping teams at the operations, as well as additional production efficiency measures being implemented to improve current production volumes. The Company intends increasing its number of stoping teams at Bokoni by 40% from its current base of 70 teams, to some 100 stoping teams in service by year end.

Philip Kotze, CEO of Anooraq, said, “The labour restructuring at Bokoni was a key component of the turnaround strategy, which we identified when assuming operational control of the mine in July 2009. We now have the right people in the right jobs, ready to maximise efficiencies both from a production and cost perspective. We believe the benefits of this restructuring should start to bear fruit at the operations during the second quarter of 2010.”

For further information, please visit our website http://www.anooraqresources.com/, call investor services in South Africa at +27 11 883 0831, in North America at 1 800 667 2114 or use the contacts referenced below.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

The NYSE Amex has neither approved nor disapproved the contents of this release.

This release includes certain statements that may be deemed “forward looking statements”. All statements in this release, other than statements of historical facts, that address the engagement of a new chief financial officer, future production, reserve potential, exploration drilling, exploitation activities and events or developments that Anooraq expects are forward looking statements. Anooraq believes that such forward looking statements are based on reasonable assumptions, including assumptions that Anooraq will be able to engage a new chief financial officer within a reasonable period of time. Forward looking statements, however, are not guarantees of future performance and actual results or developments may differ materially from those in forward looking statements. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, exploitation and exploration successes, changes in and the effect of government policies with respect to mining and natural resource exploration and exploitation and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and those actual results or developments may differ materially from those projected in the forward looking statements. For further information on Anooraq, investors should review the Company’s annual information form filed on http://www.sedar.com/ or its form 20-F with the United States Securities and Exchange Commission and its other home jurisdiction filings that are available at http://www.sedar.com/.

US Gold’s (UXG) Regional Drilling in Mexico Returns 213.9 gpt Silver Over 16.1 Meters at Palmarito

TORONTO, ONTARIO–(Marketwire – 05/10/10) – US GOLD CORPORATION (AMEX:UXG – News) (TSX:UXG – News) is pleased to announce results from five core holes at the Palmarito Project in Sinaloa State, Mexico. Palmarito is located 9 miles (15 km) from the Company’s flagship El Gallo silver discovery (Fig 1) and is part of an aggressive regional exploration program. The best hole from Palmarito intersected 6.2 ounces of silver per ton (opt) over 52.8 feet (ft) (213.9 grams per tonne silver (gpt) over 16.1 meters (m).

PALMARITO EXPLORATION OVERVIEW

The objective of US Gold’s exploration at Palmarito is to increase the size and grade of the resource by identifying new areas that could be included in the El Gallo Preliminary Economic Study (PEA), which is scheduled to be released during the Fourth Quarter. Results included in this release are the first core holes completed in the Palmarito Southwest Zone (Fig 2).

US Gold is encouraged by these results because: 1) they successfully confirmed the presence of silver mineralization beyond the limits of the current Palmarito resource; 2) the weighted average grade from these holes is approximately 100% higher than the current resource; and 3) the mineralization is near surface and appears have good growth potential. Highlights from the Palmarito Southwest Zone are listed below:

 

----------------------------------------------------------------------------
Hole #      Silver  Length    From      To    Silver  Length    From      To
----------------------------------------------------------------------------
(opt)    (ft)    (ft)    (ft)     (gpt)     (m)     (m)     (m)
----------------------------------------------------------------------------

----------------------------------------------------------------------------
PMX-043        2.0    29.0   128.4   157.5      67.2     8.9    39.2    48.0
----------------------------------------------------------------------------

----------------------------------------------------------------------------
PMX-044        3.6    21.7    44.0    65.6     123.0     6.6    13.4    20.0
----------------------------------------------------------------------------

----------------------------------------------------------------------------
PMX-045        4.5    20.3   115.2   135.5     156.0     6.2    35.1    41.3
----------------------------------------------------------------------------
Including      9.1     5.9   120.4   126.3     311.0     1.8    36.7    38.5
----------------------------------------------------------------------------

----------------------------------------------------------------------------
PMX-046        6.2    52.8    37.6    90.4     213.9    16.1    11.5    27.6
----------------------------------------------------------------------------
Including     16.1    10.0    59.2    69.2     550.7     3.1    18.1    21.1
----------------------------------------------------------------------------

----------------------------------------------------------------------------
PMX-047        2.8    17.6   428.6   446.2      94.8     5.4   130.7   136.0
----------------------------------------------------------------------------
Including      7.3     3.9   428.6   432.6     251.0     1.2   130.7   131.9
----------------------------------------------------------------------------

All depths indicated in table are down hole
1.17 opt Ag (40 gpt Ag) cutoff
Allowable waste interval was 9.8 ft (3 m) of less than 1.17 opt Ag (40 gpt
Ag)
Numbers may not add due to rounding
True widths are unknown

Drilling in the Palmarito Southwest Zone occurred over a 184 ft (56 m) strike length (Fig 3). Exploration is currently ongoing in the Palmarito Main Zone with drilling focusing on high-grade at depth. Results from these deeper holes are expected to be released in approximately four weeks. US Gold expects to publish an updated resource estimate for Palmarito during the Fourth Quarter as part of the PEA being completed for El Gallo.

GEOLOGICAL DESCRIPTION OF PALMARITO

Palmarito is a low-sulfidation, epithermal silver deposit. The area is primarily comprised of andesitic-dacitic volcanic rocks of the Sierra Madre Occidental Lower Volcanic Sequence which are cut by a hypabyssal rhyolitic intrusive. Silver mineralization is associated with strong silicification and siliceous breccias at or near the andesite/rhyolite contact.

ABOUT US GOLD (http://www.usgold.com/)

US Gold Corporation is a Colorado incorporated gold and silver exploration company with a strong treasury, no debt and two significant land holdings, one in Nevada next to Barrick Gold’s multi-million ounce Cortez project, and the other in Mexico where an exciting high-grade silver discovery has been made. US Gold’s goal is to qualify for inclusion in the S&P 500 within 5 years. US Gold’s shares trade on the NYSE Amex and the Toronto Stock Exchange under the symbol UXG. US Gold has good market liquidity, trading 1.0 million shares daily, and is included in S&P/TSX and Russell indices.

QUALIFIED PERSON

This news release has been viewed and approved by John Read, US Gold’s consulting geologist, who is a Qualified Person as defined by National Instrument 43-101 and is responsible for program design and quality control of exploration undertaken by the Company at its Mexican exploration properties.

Samples from the core drilling were split on-site at the Company’s Magistral Mine property. One quarter of the split drill core was shipped to ALS Chemex in Hermosillo for sample preparation and analysis by 4-acid digestion with ICP determination for silver and fire assay for gold. Samples returning greater than 1500 ppm silver or 10 ppm gold were re-analyzed using gravimetric fire assay. Standards and blanks were inserted every 25 samples. All holes were drilled with HQ bits. Samples were taken based on lithologic and/or mineralized intervals and vary in length. The true width of the mineral zone has not yet been determined.

Certain statements contained herein and subsequent oral statements made by and on behalf of the Company may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements may be identified by words such as “intends,” “anticipates,” “believes,” “expects” and “hopes” and include, without limitation, statements regarding the Company’s results of exploration, plan of business operations, potential contractual arrangements, receipt of working capital, anticipated revenues and related expenditures. Factors that could cause actual results to differ materially include, among others, those set forth in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2009 and other filings with the Securities and Exchange Commission, under the caption “Risk Factors”. Most of these factors are outside the control of the Company. Investors are cautioned not to put undue reliance on forward-looking statements. Except as otherwise required by applicable securities statutes or regulations, the Company disclaims any intent or obligation to update publicly these forward looking statements, whether as a result of new information, future events or otherwise.

 

Palmarito Silver Project: Core Holes Assays                          Table 1
May 10, 2010
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Azi-
muth  Dip
Silver Length  From  Silver Length  From deg- deg-  East-  North-
Hole #      (opt)   (ft)  (ft)   (gpt)    (m)   (m) rees rees    ing     ing
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PMX-043       2.0   29.0 128.4    69.7    8.9  39.2  283  -70 200980 2830310
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PMX-044       3.6   21.7  44.0   123.0    6.6  13.4  110  -50 200943 2830305
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PMX-045       4.5   20.3 115.2   156.0    6.2  35.1  257  -70 200966 2830287
Including     9.1    5.9 120.4   311.0    1.8  36.7
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PMX-046       6.2   52.8  37.6   213.9   16.1  11.5  115  -50 200935 2830269
Including    16.1   10.0  59.2   550.7    3.1  18.1
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PMX-047       2.8   17.6 428.6    94.8    5.4 130.7  115  -45 200897 2830282
Including     7.3    3.9 428.6   251.0    1.2 130.7
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To view Figure 1, please visit the following link: http://media3.marketwire.com/docs/uxg0510fig1.pdf.

To view Figure 2, please visit the following link: http://media3.marketwire.com/docs/uxg0510fig2.pdf.

To view Figure 3, please visit the following link: http://media3.marketwire.com/docs/uxg0510fig3.pdf.

Poniard Pharmaceuticals (PARD) Reports First Quarter 2010 Financial Results

SOUTH SAN FRANCISCO, Calif., May 10 /PRNewswire-FirstCall/ — Poniard Pharmaceuticals, Inc. (Nasdaq: PARD), a biopharmaceutical company focused on innovative oncology therapies, today reported financial results for the first quarter ended March 31, 2010.

The Company reported a net loss of $11.9 million ($0.29 diluted loss per share on a loss applicable to common shares of $12.5 million) for the quarter ended March 31, 2010.  As of March 31, 2010, cash and investment securities totaled $38.3 million.  Management currently believes the existing cash and investment securities will provide adequate resources to fund the Company’s operations at least through the end of 2010.

“In recent months, we have taken action to strengthen our financial position and focus our resources on identifying an effective path for the continued development of picoplatin in multiple indications,” said Ronald A. Martell, chief executive officer of Poniard. “The data generated to date underscore picoplatin’s potential efficacy and safety in a variety of solid tumors, and we are currently developing registration strategies for picoplatin in lung, colorectal, prostate and ovarian cancers.  Concurrent with this effort, we are continuing to explore strategic alternatives to support and optimize the value of the picoplatin program for our shareholders.”

Recent Clinical and Corporate Developments

Picoplatin Clinical Update

• Presented Final Data from Picoplatin Prostate Cancer Trial:  In March, Poniard presented final data during the American Society of Clinical Oncology (ASCO) 2010 Genitourinary Cancers Symposium from the Company’s Phase 2 clinical trial evaluating the efficacy and safety of intravenous picoplatin (120 mg/meter squared) administered every three weeks in combination with full doses of docetaxel (75 mg/meter squared) with twice daily prednisone (5 mg) as a first-line treatment in 32 chemotherapy naive patients with metastatic castration resistant prostate cancer (CRPC).  Data from 29 evaluable patients indicated that picoplatin, when added to the recommended first-line therapy of docetaxel and prednisone for CRPC, is active, as demonstrated by median overall survival (21.4 months), median progression-free survival (PFS) (7.4 months), and prostate specific antigen (PSA) response rate (78 percent).  In contrast, data from published literature report a median overall survival benefit of 18.9 months and a PSA response of 45 percent for patients who received recommended doses of docetaxel and prednisone alone.(1) Picoplatin was safely administered with full-dose docetaxel and prednisone for up to 10 cycles of therapy as specified by the protocol. No neuropathy was observed in this study.

Results from this trial highlight the potential of picoplatin as a safe and effective platinum chemotherapeutic agent for the first-line treatment of prostate cancer, and suggest that picoplatin could play a role in the treatment of other tumor types where platinum and taxane chemotherapies are currently used.

• SPEAR Data Accepted for Presentation at ASCO Annual Meeting:  The Company today announced that its abstract titled “Randomized phase III Study (SPEAR) of picoplatin plus best supportive care (BSC) or BSC alone in patients with small cell lung cancer (SCLC) refractory or progressive within 6 months after first-line platinum-based chemotherapy” has been accepted for oral presentation at the 2010 ASCO Annual Meeting in Chicago.  The efficacy and safety data will be presented on Saturday, June 5, 2010.
• Presented Final Data from Picoplatin Colorectal Cancer (CRC) Trial: In January, Poniard presented final results from its randomized, controlled Phase 2 trial evaluating picoplatin as a neuropathy-sparing alternative to oxaliplatin for the first-line treatment of metastatic CRC at the ASCO 2010 Gastrointestinal Cancers Symposium. The 101 patient study met its primary objective, as picoplatin in combination with 5-fluorouracil and leucovorin in the FOLPI regimen produced a statistically significant reduction in neurotoxicity (p <0.004) compared to oxaliplatin given in combination with 5-fluorouracil and leucovorin in the FOLFOX regimen. Neuropathy was 2.5 times more frequent for FOLFOX- treated patients compared to FOLPI-treated patients, and no Grade 3/4 neuropathy occurred in the FOLPI-treated patients. Results suggest that FOLPI had anti-tumor activity comparable to FOLFOX, as measured by disease control, PFS and overall survival. Hematologic toxicity was the most frequent adverse event in the FOLPI regimen, but was manageable.

Corporate Update

• Implemented Strategic Initiatives to Optimize Shareholder Value: During the first quarter, the Company implemented strategic initiatives to optimize picoplatin’s value proposition by focusing the Company’s resources on developing pivotal clinical strategies for picoplatin in multiple indications, including lung, colorectal, prostate and ovarian cancers.  These initiatives included a change in management, reduction in workforce, suspension of efforts to obtain regulatory approval for picoplatin in SCLC and the engagement of Leerink Swann LLC to conduct a comprehensive review of strategic alternatives, including a potential capital raise, merger, sale or partnership.
• Strengthened Balance Sheet: In March, Poniard received net proceeds of approximately $6.1 million through the sale of 4,229,000 shares of common stock to Commerce Court Small Cap Value Fund, Ltd. under its existing committed equity financing facility with Commerce Court.
• Successful Patent Reissuance on Composition of Matter Patent for Picoplatin: On April 6, 2010, the U.S. Patent & Trademark Office (USPTO) reissued the composition of matter patent for picoplatin as RE41209, replacing USPN 5,665,771 (‘771 patent).  The reissue patent includes additional claims specific to the picoplatin compound, its use in the treatment of any cancer, as well as to its pharmaceutical composition and oral dosage form.  The reissue patent has the same force and effect as the original ‘771 patent and the same February 2016 expiration date, including the potential for up to a five-year patent extension until 2021 under the Hatch-Waxman Act.

First Quarter 2010 Unaudited Financial Results

The Company reported a net loss of $11.9 million ($0.29 diluted loss per share on a loss applicable to common shares of $12.5 million) for the quarter ended March 31, 2010 compared with a net loss of $13.0 million ($0.38 diluted loss per share on a loss applicable to common shares of $13.1 million) for the quarter ended March 31, 2009.

Total operating expenses for the quarter ended March 31, 2010 were $11.3 million compared with $12.2 million for the quarter ended March 31, 2009.  Total operating expenses for the first quarter of 2010 included a charge of $1.6 million related to two workforce reductions.

Research and development expenses were $4.9 million for the quarter ended March 31, 2010 compared with $8.2 million for the quarter ended March 31, 2009.

General and administrative expenses were $4.8 million for the quarter ended March 31, 2010 compared with $3.0 million for the quarter ended March 31, 2009.  The increase was primarily attributable to an increase in share-based compensation expenses.

Cash and investment securities as of March 31, 2010, were $38.3 million, compared to $43.4 million at December 31, 2009.

Conference Call Details

Poniard’s management team will host a conference call and Webcast today at 4:30 p.m. Eastern Time/1:30 p.m. Pacific Time. To participate in the call by telephone, please dial 866-700-0133 (United States) or 617-213-8831 (International). The passcode for the conference call is 65089280. In addition, the call is being Webcast and can be accessed on the “Events” page of the “News & Events” section of the Company’s Web site at http://www.poniard.com. A replay of the Webcast will be available on the Company’s Web site for 10 days.

About Poniard Pharmaceuticals

Poniard Pharmaceuticals, Inc. is a biopharmaceutical company focused on the development and commercialization of innovative oncology products. For additional information please visit http://www.poniard.com.

Forward-Looking Statements

This release contains forward-looking statements describing, among other things, the Company’s projected financial position and future operations, the adequacy of its cash resources, the Company’s plan to focus its resources on developing registration strategies for picoplatin in multiple cancer indications, the Company’s plan to explore strategic alternatives to support the continued development of picoplatin, and the Company’s goal of optimizing shareholder value.  Actual results and events may differ materially from those indicated in these forward-looking statements based on a number of factors, including risks and uncertainties inherent in the Company’s business, including the Company’s anticipated future operating losses, need for future capital and ability to obtain future funding; the risk that strategic relationships may not be established on a timely basis, on terms that are ultimately favorable to the Company, or at all; the potential safety, efficacy and commercial viability of picoplatin; the risk that the Company’s additional analyses of data from clinical trials of picoplatin may produce negative or inconclusive results, or may be inconsistent with previously announced results or previously conducted trials; the Company’s ability to retain key personnel; competition from third parties; the Company’s ability to preserve and protect its intellectual property rights; the Company’s dependence on third-party manufacturers, suppliers and other contractors; changes in technology, government regulation and general market conditions; the receipt and timing of FDA and other required regulatory approvals, if at all; and the risks and uncertainties described in the Company’s current and periodic reports filed with the Securities and Exchange Commission, including the Company’s Annual Report on Form 10-K for the year ended December 31, 2009 and its Quarterly Report on Form 10-Q for the quarter ended March 31, 2010. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. The Company undertakes no obligation to update any forward-looking statement to reflect new information, events or circumstances after the date of this release or to reflect the occurrence of unanticipated events.

(1) Tannock et al, NEJM 2004;351:1502-12.

CPI (CPII) Agrees to Be Acquired in a Cash and Stock Transaction

PALO ALTO, Calif., May 10 /PRNewswire-FirstCall/ — CPI International, Inc. (Nasdaq: CPII) announced the signing of a definitive merger agreement with Comtech Telecommunications Corp. (Nasdaq: CMTL) under which Comtech will purchase CPI in a cash and stock transaction with an enterprise value of approximately $472.3 million.  Comtech will fund the acquisition by redeploying approximately $372.0 million of its existing cash plus the issuance of approximately 4.4 million shares of Comtech common stock.  All existing CPI debt is anticipated to be repaid upon the closing of the transaction.

(Logo:  http://www.newscom.com/cgi-bin/prnh/20060426/CPILOGO)

Based on the May 7, 2010 closing price of Comtech stock which was $31.06, CPI shareholders will receive a combination of cash and stock that is currently valued at approximately $16.40 per CPI common share.  This amount represents a premium of 25.7 percent as compared to the last closing price of CPI common stock and 21.3 percent as compared to the last 30 trading day average closing price.

The ultimate amount of consideration that a CPI shareholder will receive will be equal to a combination of $9.00 in cash plus a fraction of Comtech common stock equal to $8.10 divided by the average closing price of Comtech common stock over a specified period of time prior to closing, provided that the fraction shall not be greater than 0.2382 nor less than 0.2132.  Based on the May 7, 2010 closing price of Comtech stock which was $31.06, the fraction was equal to 0.2382 and was currently valued at $7.40 per CPI share.

Joe Caldarelli, Chief Executive Officer of CPI, said, “The Board of Directors and management believe this strategic combination with Comtech is compelling and provides significant benefits for shareholders, customers and our employees.  CPI shareholders will benefit from an immediate premium while sharing in the future growth of the combined companies.  Furthermore, our customers will benefit from greater resources and more diverse product offerings, and our employees will benefit from being part of a larger more diversified company.”

Fred Kornberg, President and Chief Executive Officer of Comtech, said, “We are excited to have reached this agreement with CPI and believe this combination is beneficial to the stakeholders of both companies.  CPI is a unique business and a leading global supplier of vacuum electron devices which are used in hundreds of critical commercial and military applications.  The acquisition is a significant step in our strategy of developing a one-stop shopping approach for RF microwave products.  The combination will allow us to unite our companies’ resources to develop and bring new and innovative products to market and to our customers.  We welcome CPI’s talented workforce to the Comtech team and are excited about the future.”

Mr. Kornberg and Mr. Caldarelli jointly stated, “We intend to thoughtfully and actively address our customers’ needs as we integrate our complementary and diverse product lines.  We plan no interruptions in any scheduled or committed rollouts from either company, and we intend to continue to support all existing Comtech and CPI products and services.  We anticipate honoring all existing agreements with customers, VARs, distributors, OEMs and other strategic partners.”

CPI’s senior executive management and corporate team are expected to stay in their current or similar roles and will work directly with Comtech management after the transaction closes.

Closing Conditions and Shareholder Voting Requirements

The transaction is subject to a number of customary regulatory and other closing conditions.  The transaction is not subject to approval by Comtech shareholders nor is it subject to any financing conditions.  The transaction is subject to CPI shareholder approval.

The Cypress Group and related entities, which currently own approximately 53 percent of the outstanding common stock of CPI, have entered into a voting agreement, subject to its terms and conditions, to demonstrate their strong support of the proposed transaction.

Special Conference Call and Other Information

Comtech management will discuss the transaction on a conference call to be held on May 10, 2010 at 8:30 AM EST.  To listen to the conference call, please dial (888) 245-1801 (domestic) or (785) 424-1732 (international).  A live web cast of the call will be available to all interested parties on both Comtech’s and CPI’s web sites at www.comtechtel.com (under “Investor Relations”) and http://investor.cpii.com.  A replay of the conference call will be available for 14 days by dialing (402) 220-2654.  The conference call ID is “Comtech.”  A separate special investor presentation and question and answer document relating to the acquisition is available at www.comtechtel.com.

As a result of this announcement, CPI is cancelling the financial results conference call it had originally scheduled for May 13, 2010.  CPI expects to file its Form 10-Q for its quarter ended April 2, 2010 with the SEC shortly.

Citigroup Global Markets Inc. is serving as financial advisor to Comtech and also provided a fairness opinion to Comtech.  Skadden, Arps, Slate, Meagher & Flom LLP and Proskauer Rose LLP are acting as Comtech’s legal counsel.  J.P. Morgan Securities, Inc. is acting as financial advisor to CPI and also provided a fairness opinion to CPI.  Irell & Manella LLP is acting as CPI’s legal counsel.  Moelis & Company is acting as financial advisor to the special committee of the board of directors of CPI and provided a fairness opinion to the special committee.  Morris, Nichols, Arsht & Tunnell LLP is acting as legal counsel to the special committee of the board of directors of CPI.

About CPI International, Inc.

CPI International, Inc., headquartered in Palo Alto, California, is the parent company of Communications & Power Industries, Inc., a leading provider of microwave, radio frequency, power and control solutions for critical defense, communications, medical, scientific and other applications.  Communications & Power Industries, Inc. develops, manufactures and distributes products used to generate, amplify, transmit and receive high-power/high-frequency microwave and radio frequency signals and/or provide power and control for various applications.  End-use applications of these systems include the transmission of radar signals for navigation and location; transmission of deception signals for electronic countermeasures; transmission and amplification of voice, data and video signals for broadcasting, Internet and other types of commercial and military communications; providing power and control for medical diagnostic imaging; and generating microwave energy for radiation therapy in the treatment of cancer and for various industrial and scientific applications.

About Comtech Telecommunications Corp.

Comtech Telecommunications Corp. designs, develops, produces and markets innovative products, systems and services for advanced communications solutions.  Comtech believes many of its solutions play a vital role in providing or enhancing communication capabilities when terrestrial communications infrastructure is unavailable, inefficient or too expensive.  Comtech conducts business through three complementary segments: telecommunications transmission, mobile data communications and RF microwave amplifiers.  Comtech sells products to a diverse customer base in the global commercial and government communications markets.  Comtech believes it is a leader in the market segments that it serves.

Additional Information about the Transaction and Where to Find It

This press release shall not constitute an offer of any securities for sale.  The acquisition will be submitted to CPI’s stockholders for their consideration.  In connection with the acquisition, Comtech and CPI intend to file relevant materials with the SEC, including the registration statement, the proxy statement/prospectus and other relevant documents concerning the merger.  Investors and stockholders of Comtech and CPI are urged to read the registration statement, the proxy statement/prospectus and other relevant documents filed with the SEC when they become available, as well as any amendments or supplements to the documents because they will contain important information about Comtech, CPI and the merger.

Stockholders of Comtech and CPI can obtain more information about the proposed transaction by reviewing the Form 8-K to be filed by Comtech and CPI in connection with the announcement of the entry into the merger agreement, and any other relevant documents filed with the SEC when they become available.  The registration statement, the proxy statement/prospectus and any other relevant materials (when they become available), and any other documents filed by Comtech and CPI with the SEC, may be obtained free of charge at the SEC’s web site at www.sec.gov.  In addition, investors and stockholders may obtain free copies of the documents filed with the SEC by directing a written request to: Comtech Telecommunications Corp., 68 South Service Road, Suite 230, Melville, New York 11747, Attention: Investor Relations, or CPI International, Inc., 811 Hansen Way, Palo Alto, California 94303, Attention: Investor Relations.  Investors and stockholders are urged to read the registration statement, the proxy statement/prospectus and the other relevant materials when they become available before making any voting or investment decision with respect to the merger.

Participants in Solicitations

Comtech, CPI and their respective directors, executive officers and other members of their management and employees may be deemed to be participants in the solicitation of proxies from stockholders of CPI in connection with the merger.  Information regarding Comtech’s directors and officers is available in Comtech’s proxy statement on Schedule 14A for its 2009 annual meeting of stockholders, which was filed with the SEC on November 9, 2009.  Information regarding CPI’s directors and executive officers is available in CPI’s proxy statement on Schedule 14A for its 2010 annual meeting of stockholders, which was filed with the SEC on January 20, 2010.  Additional information regarding the interests of such potential participants will be included in the proxy statement and the other relevant documents filed with the SEC when they become available.

Cautionary Statement Regarding Forward-Looking Statements

Certain statements included above constitute “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 provide our current expectations, beliefs or forecasts of future events.  Forward-looking statements are subject to known and unknown risks and uncertainties, which could cause actual events or results to differ materially from the results projected, expected or implied by these forward looking statements.  Such differences may result from a variety of factors, including but not limited to:

• legal or regulatory proceedings or other matters that affect the timing or ability to complete the transactions as contemplated;
• the possibility that the expected synergies from the proposed merger will not be realized, or will not be realized within the anticipated time period; the risk that the businesses will not be integrated successfully;
• the possibility of unforeseen difficulties in integrating the two companies;
• the possibility of disruption from the merger making it more difficult to maintain business and operational relationships;
• the possibility that the merger does not close, including but not limited to, due to the failure to satisfy the closing conditions;
• any actions taken by either of the companies, including but not limited to, restructuring or strategic initiatives (including capital investments or asset acquisitions or dispositions);
• developments beyond the companies’ control, including but not limited to: changes in domestic or global economic conditions, competitive conditions and consumer preferences; adverse weather conditions or natural disasters; health concerns; international, political or military developments; and technological developments.

Additional factors that may cause results to differ materially from those described in the forward-looking statements are set forth in the Annual Report on Form 10-K of CPI for the fiscal year ended October 2, 2009, which was filed with the SEC on December 10, 2009, under the heading “Item 1A—Risk Factors,” and in the Annual Report on Form 10-K of Comtech for the year ended July 31, 2009, which was filed with the Securities and Exchange Commission (“SEC”) on September 23, 2009, under the heading “Item 1A—Risk Factors,” and in subsequent reports on Forms 10-Q and 8-K and other filings made with the SEC by each of Comtech and CPI.

As a result of these uncertainties, you should not place undue reliance on these forward-looking statements.  All future written and oral forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this section.  New risks and uncertainties arise from time to time, and it is impossible for us to predict these events or how they may affect us.  We undertake no duty or obligation to publicly revise any forward-looking statement to reflect circumstances or events occurring after the date hereof or to reflect the occurrence of unanticipated events or changes in our expectations.

Encorium Group, Inc. (ENCO) Announces New Business Contract Wins of $6.8 Million

WAYNE, Pa., May 10 /PRNewswire-FirstCall/ — Encorium Group, Inc. (Nasdaq: ENCO), a full service multinational clinical research organization (CRO) conducting studies in over 30 countries for many of the world’s leading pharmaceutical and biotechnology companies, today announced that it has recently been awarded $6.8 million of new business awards, primarily consisting of two Phase III studies for a major Asian technology company that is diversifying its operations into the pharmaceutical industry.

Kai Lindevall, Chief Executive Officer, of the Company stated, “This is the most significant break-through to date in our business development efforts in the Asian market.  We are very pleased to have been awarded these landmark studies for this major high-tech company.  To be selected as a preferred provider is the best benchmark we could imagine with which to measure our success in Asia.  In addition, we have recently seen a significant increase in the number of requests for proposals and are seeing signs that the market appears to be regaining some of its pre-recession vibrancy, particularly in the case of small to medium sized biopharmaceutical companies, which are a key market for the Company.”

Additionally, Encorium Group announced that its preliminary financial results (unaudited) for the three months ended March 31, 2010 are expected to show a decrease in net revenues of approximately $1.5 million or 34% to $3.0 million as compared to $4.5 million for the three months ended March 31, 2009.  The preliminary net loss is expected to be in the range of $0.57 – $0.64 per share as compared to a net loss of $0.08 per share for the same period a year ago.  The reduced revenue and resulting net loss are primarily due to less new business awards, contract cancellations along with the performance of unexpected out of scope work for which revenue can not be recognized until corresponding change orders are executed with the client.  The Company is negotiating change orders with the client and will recognize revenue during the period such change orders are executed; however, there can be no certainty as to the timing or value of these change orders.

The Company will provide additional details of its performance in its Quarterly Report on Form 10-Q for the quarterly period ending March 31, 2010 once filed.

About Encorium Group, Inc.

Encorium Group, Inc. is a global clinical research organization specializing in the design and management of complex clinical trials and Patient Registries for the pharmaceutical, biotechnology and medical device industries. The Company’s mission is to provide its clients with high quality, full-service support for their biopharmaceutical and medical device development programs. Encorium offers therapeutic expertise, experienced team management and advanced technologies. The Company has drug and biologics development as well as clinical trial experience across a wide variety of therapeutic areas such as infectious diseases, cardiovascular, vaccines, oncology, diabetes endocrinology/metabolism, gene therapy, immunology, neurology, gastroenterology, dermatology, hepatology, women’s health and respiratory medicine. Encorium believes that its expertise in the design of complex clinical trials, its therapeutic experience and commitment to excellence, and its application of innovative technologies, offer its clients a means to more quickly and cost effectively move products through the clinical development process.

This press release contains forward-looking statements identified by words such as “estimate,” “project,” “expect,” “intend,” “believe,” “anticipate” and similar expressions.  Those statements involve risks and uncertainties, and actual results could differ materially from those discussed. Factors that could cause or contribute to such differences include, but are not limited to: (i) the risk that we may not have sufficient funds to operate our business; (ii) our success in attracting new business and retaining existing clients and projects; (iii) the size, duration and timing of clinical trials we are currently managing may change unexpectedly; (iv) the termination, delay or cancellation of clinical trials we are currently managing could cause revenues and cash-on-hand to decline unexpectedly; (v) the timing difference between our receipt of contract milestone or scheduled payments and our incurring costs to manage these trials; (vi) outsourcing trends in the pharmaceutical, biotechnology and medical device industries; (vii) the ability to maintain profit margins in a competitive marketplace; (viii) our ability to attract and retain qualified personnel; (ix) the sensitivity of our business to general economic conditions; (x) other economic, competitive, governmental and technological factors affecting our operations, markets, products, services and prices; (xi) announced awards received from existing and potential customers are not definitive until fully negotiated contracts are executed by the parties; (xii) our backlog may not be indicative of future results and may not generate the revenues expected; (xiii) uncertainties regarding the availability of additional capital; (xiv) uncertainties regarding the execution of change orders by our clients for work already performed; and (xv) uncertainties regarding continued listing of our common stock on Nasdaq. You should not place undue reliance on any forward-looking statement. We undertake no obligation to publicly release the result of any revision of these forward-looking statements to reflect events or circumstances after the date they are made or to reflect the occurrence of unanticipated events. Please refer to the section entitled “Risk Factors” in the Company Annual Report on Form 10-K for the year ended December 31, 2009.

Overhill Farms (OFI) Reports Net Income up 32% to $2.36 Million

LOS ANGELES, CA–(Marketwire – 05/06/10) – Overhill Farms, Inc. (AMEX:OFI – News) today reported net income of $2.36 million, or $0.15 per basic and diluted common share, on net revenues of $50.5 million for the second quarter of fiscal 2010, which ended March 28, 2010.

Net income increased by 31.6% from the $1.8 million ($0.11 per basic and diluted share) from the second quarter of fiscal 2009, on a 2.1% decline in net revenues from the $51.6 million reported in the year-earlier quarter. The Company attributed the increase in net income to continuous process improvement, improved efficiencies and yields, favorable commodity prices and reduced interest expense due to lower debt balances and lower variable interest rates.

During the second fiscal quarter of 2010 the Company reduced its outstanding long-term debt by $2.6 million. After these debt payments, the Company had $5.8 million in cash at the end of the quarter. In April, 2010, after the close of the second fiscal quarter, the Company made an additional payment of $1.5 million on its long-term debt.

James Rudis, Chairman and Chief Executive Officer of Overhill Farms, said, “Our ability to increase our gross margins, maintain a strong cash position, and lower our debt is evidence of our continuing gains in efficiency despite a very difficult economy.”

Mr. Rudis said the Company is “seeing encouraging signs of improvement. Our stepped-up sales efforts have led to new retail business from one of our existing customers, which should go into production late in the third quarter. In addition, we are in the final stages of preparing several product launches for both new and existing customers.”

In addition, Mr. Rudis said, the sales and distribution alliance with J.R. Simplot Co. has resulted in two immediate opportunities, and additional leads. “We are negotiating final product pricing for one Simplot account, and at the request of another Simplot customer we are preparing for test marketing of a new product early in the fourth fiscal quarter,” he said. “These opportunities reflect the continuing effort that Simplot and Overhill are putting into this promising alliance.”

Mr. Rudis said he believes the new product launches, along with the Simplot opportunities, have the potential to offset the economy’s continuing effect on net sales and the reluctance of customers to maintain normal levels of inventory.

Net revenues for the second quarter of fiscal 2010 decreased by $1.1 million or 2.1%, as the result of pricing decreases on some products, changes in product volume and mix, and continuing declines in sales to airline customers.

By customer category, retail net revenues for the second quarter of fiscal year 2010 decreased by $3.0 million (8.2%) to $33.8 million from $36.8 million for the year-earlier second quarter. Most of the decrease was due to loss of distribution to a club store account by one of the Company’s existing customers. Net revenues from most other retail accounts also declined but were offset by increased sales to Safeway Inc.

Foodservice net revenues increased by 20.7% or $2.5 million to $14.6 million for the second quarter of fiscal 2010 from $12.1 million for the year-earlier second quarter. The Company attributed the increase to the introduction of new products and increased volume from an existing customer.

Airline net revenues decreased by $610,000, or 23.5%, to $2.0 million for the second quarter of fiscal 2010 from $2.6 million for the year-earlier quarter. The Company anticipates further declines in airline net revenues as airlines continue to cut costs due to current economic conditions.

Gross profit increased by 17.2% for the second quarter of fiscal year 2010, to $6.8 million from $5.8 million for the second quarter of fiscal year 2009. Gross profit as a percentage of net revenues increased to 13.5% for the second quarter of fiscal year 2010 from 11.2% for the second quarter of fiscal year 2009. As noted above, this was due largely to continuous process improvements, improved efficiencies and yields and favorable commodity prices.

For the six months ended March 28, 2010, the Company reported a 25% increase in net income to $5.4 million or $0.34 per basic and diluted common share, from the $4.3 million or $0.27 per basic and diluted share reported for the six months ended March 29, 2009.

Revenues for the first six months of fiscal 2010 were $106.7 million, a decrease of less than 0.2% from the $106.9 million reported for the first six months of fiscal 2009. Revenues from the foodservice category increased by $12.3 million during the six months. This largely offset a decline of $10.4 million in retail sales, which was due to the previously announced reduction in volume from a retail customer that moved a large portion of its production to its own facilities. Airline net sales were down $2.0 million for the six months.

Operating income for the first six months of fiscal 2010 was $9.4 million, or 8.8% of net revenues, up 12% from the $8.4 million or 7.9% of net revenues for the year-earlier period.

ABOUT OVERHILL FARMS

Overhill Farms is a leading value-added supplier of custom high quality prepared frozen foods for branded retail, private label, foodservice and airline customers. Its product line includes entrées, plated meals, bulk-packed meal components, pastas, soups, sauces, poultry, meat and fish specialties, as well as organic and vegetarian offerings. The Company’s capabilities give its customers a one-stop solution for new product development, precise replication of existing recipes, product manufacturing and packaging. Its customers include prominent nationally recognized names such as Jenny Craig, Inc., Safeway Inc., Panda Restaurant Group, Inc., H. J. Heinz Company, Pinnacle Foods Group LLC and American Airlines, Inc.

This news release contains disclosures that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations or beliefs and include, but are not limited to, statements about the Company’s operations and financial performance and condition and statements regarding expectations of continued or increased sales volumes and revenues, margins, profitability, production efficiencies and expansions, cash flows and growth, anticipated amounts and timing of growth in the Company’s customer base and business in the foodservice and retail market sectors, and ability and desire to make further voluntary debt reductions. For this purpose, statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements include statements which are predictive in nature, which depend upon or refer to future events or conditions, or which include words such as “continue,” “efforts,” “expects,” “anticipates,” “intends,” “plans,” “believes,” “estimates,” “projects,” “forecasts,” “strategy,” “will,” “goal,” “objective,” “target,” “prospects,” “optimistic,” “confident,” “likely,” “probable” or similar expressions. In addition, any statements concerning future financial performance (including future revenues, earnings or growth rates), planned product launches, on-going business strategies or prospects, and possible future Company actions (including actions relating to sales and distribution alliances), which may be provided by management, are also forward-looking statements. We caution that these statements by their nature involve risks and uncertainties, and actual results may differ materially depending on a variety of important factors, including, among others: the impact of competitive products and pricing; fulfillment by suppliers of existing raw material contracts; market conditions that may affect the costs and/or availability of raw materials and the Company’s ability to obtain favorable long-term purchase commitments for raw materials, and of fuels, energy, logistics and labor as well as the market for the Company’s products, including customers’ ability to pay and consumer demand; changes in business environment, including actions of competitors and alliances and changes in customer preferences and willingness to maintain normal inventory levels, as well as disruptions to customers’ businesses; seasonality in the retail category; loss of key customers due to competitive environment or production being moved in-house by customers; difficulties that may be encountered in attracting and retaining new customers; natural disasters that can impact, among other things, costs of fuel and raw materials; the occurrence of acts of terrorism, or acts of war; changes in governmental laws and regulations; change in control due to takeover or other significant changes in ownership; financial viability and resulting effect on revenues and collectability of accounts receivable of customers during recessionary periods; ability to obtain additional financing as and when needed, and rising costs of credit that may be associated with new borrowings; voluntary or government-mandated food recalls; ability to successfully resolve outstanding legal matters; and other factors as may be discussed in the Company’s Annual Report on Form 10-K for the year ended September 27, 2009, Quarterly Report on Form 10-Q for the quarter ended March 28, 2010 and other reports filed with the Securities and Exchange Commission.

 
                           OVERHILL FARMS, INC.

                     CONDENSED SUMMARY OF OPERATIONS
                               (Unaudited)

                                                   For the Quarter Ended
                                                  ------------------------
                                                   March 28,    March 29,
                                                      2010        2009
                                                  -----------  -----------
  Net revenues                                    $50,459,303  $51,583,412
  Cost of sales                                    43,640,235   45,815,774
                                                  -----------  -----------
  Gross profit                                      6,819,068    5,767,638
  Selling, general and administrative expenses      2,691,512    2,295,531
                                                  -----------  -----------
  Operating income                                  4,127,556    3,472,107
  Total interest expense                             (345,713)    (525,851)
                                                  -----------  -----------
  Income before income tax expense                  3,781,843    2,946,256
  Income tax expense                                1,421,217    1,151,986
                                                  -----------  -----------
  Net income                                        2,360,626    1,794,270
                                                  ===========  ===========

  Net income per share - basic                    $      0.15  $      0.11
                                                  ===========  ===========
  Net income per share - diluted                  $      0.15  $      0.11
                                                  ===========  ===========

  Shares used in computing net income per share,
   basic                                           15,823,271   15,823,271
  Weighted average shares outstanding              16,046,275   16,011,493

                           OVERHILL FARMS, INC.

                     CONDENSED SUMMARY OF OPERATIONS
                               (Unaudited)

                                                 For the Six Months Ended
                                                --------------------------
                                                  March 28,     March 29,
                                                    2010          2009
                                                ------------  ------------

  Net revenues                                  $106,691,840  $106,855,441
  Cost of sales                                   91,986,643    93,580,285
                                                ------------  ------------
  Gross profit                                    14,705,197    13,275,156
  Selling, general and administrative expenses     5,253,293     4,829,746
                                                ------------  ------------
  Operating income                                 9,451,904     8,445,410
  Total interest expense                            (778,331)   (1,339,939)
  Other expenses                                      (1,000)            -
                                                ------------  ------------
  Income before income tax expense                 8,672,573     7,105,471
  Income tax expense                               3,259,153     2,778,239
                                                ------------  ------------
  Net income                                       5,413,420     4,327,232
                                                ============  ============

  Net income per share - basic                  $       0.34  $       0.27
                                                ============  ============
  Net income per share - diluted                $       0.34  $       0.27
                                                ============  ============

  Shares used in computing net income per
   share, basic                                   15,823,271    15,823,271
  Weighted average shares outstanding             16,048,947    16,014,916

International Tower Hill (THM) Signs Key Exploration Agreement with Ahtna, Incorporated on Chisna Copper-Gold Joint Venture Project in Alaska

VANCOUVER, BRITISH COLUMBIA–(Marketwire – 05/06/10) – International Tower Hill Mines Ltd. (“ITH” or the “Company”) (TSX:ITH – News)(AMEX:THM – News)(Frankfurt:IW9 – News) is pleased to announce that Raven Gold Alaska Inc. (“Raven”), a subsidiary of ITH, has signed a key exploration agreement with Ahtna Incorporated, an Alaskan Native Corporation (“Ahtna”), which owns or has selected highly prospective land surrounding the high priority Ahtell porphyry system which forms part of the Chisna Project Joint Venture between Raven and Ocean Park Alaska Corp. (“OPA”), an Alaskan subsidiary of Ocean Park Ventures Corp. of Vancouver, BC (TSXV: OCP). The agreement is the first step in developing a strategic partnership with Ahtna for the exploration and development of mineral resources in the promising Chisna porphyry belt of Alaska. The Ahtna lands add an additional 75,520 acres to the existing 87,940 acres of Alaska State mining claims that make up the Chisna Project (Figure 1: http://media3.marketwire.com/docs/ith506ma.pdf). Pursuant to the agreement, Ahtna has consented to the transfer of Raven’s rights to the Ocean Park/Raven Joint Venture. Further consent will be required if Raven ceases to be the operator under the Joint Venture.

Ahtna Agreement Summary

Ahtna and Raven have signed a Mineral Exploration Agreement with Option to Lease effective March 30, 2010 over a 75,520 acre parcel surrounding existing Alaska State mining claims held by Raven. The key terms of the Ahtna agreement include the following:

 

--  exclusive right to explore, and the option to enter into a mining lease
to develop and mine, the subject lands for a six-year period
--  annual option payments of US$1.00 - US$1.25 per acre
--  minimum exploration expenditures of US$4 - US$8 per acre, provided that
if the agreement is not terminated at the end of any option year, the
exploration expenditures for the next year become a firm commitment
--  at the end of the third year, Raven will release at least 50% of the
original lands subject to the agreement
--  preferential contracting, hiring and training practices for Ahtna
shareholders or designees
--  scholarship contributions to the Ahtna Heritage Foundation
(US$10,000/year, subject to increase for inflation)
--  all surface work subject to Ahtna archaeological and cultural clearance

Upon Raven having expended an aggregate of US$1,000,000 (including 2,500 feet of core drilling) and having completed a feasibility study over some or all of the land subject to the exploration agreement within the six year term of the exploration agreement, Raven has the option to enter into a mining lease. The key terms of the mining lease include:

 

--  exclusive mining rights for an initial term of ten years and so long
thereafter as commercial production continues
--  minimum exploration expenditures of US$4.00 - US$9.00 per acre subject
to the lease until commercial production is achieved, escalating over
time
--  advance minimum royalty payments of US$6 - US$12 per acre escalating
over time (50% deductible from production royalties)
--  net smelter return production royalties for gold and silver scaled from
2.5% (gold price US$550 per ounce or less) to 14% (gold price per ounce
US$1,900 or higher per ounce), 2.5% on base metals and 3% on all
minerals other than gold, silver or base metals
--  in the event Raven acquires rights to minerals within the area subject
to the lease, the acquired minerals lands are subject to a production
royalty in favour of Ahtna of 2% of the gross value of any gold and
silver and a NSR of 1% on base metals
--  Ahtna is also entitled to receive an amount by which 20% of the net
profits realized by Raven from its mining operations on Ahtna minerals
(10% in the case of non-Ahtna minerals) in any year exceed the aggregate
royalties paid by Raven to Ahtna in that year
--  Ahtna has the right to acquire a working interest in the lands subject
to the lease, which is to be greater than or equal to 10% but not more
than 15%, upon Raven having made a production decision, and in
consideration, Ahtna will be required to fund ongoing operations after
such exercise in an amount equal to 200% of Ahtna's percentage share of
the pre-production expenditures incurred by Raven (not including advance
minimum royalty payments to Ahtna). Should Ahtna exercise such option,
it would become a participant in the Ocean Park/Raven Joint Venture

Chisna Project Background

The Chisna Project, located in the Chistochina mining district of south-central Alaska, is a Joint Venture between OPA and Raven. Ocean Park’s initial contribution in respect of its 51% interest in the Joint Venture is US$20M in exploration expenditures over a 5 year period. Raven is the initial operator. The 2010 exploration budget is in excess of US$6M.

The Chisna Porphyry belt contains numerous unexplored copper and gold targets with the two most significant being the highly prospective +8 square kilometre Ahtell alkaline porphyry copper-gold system (which has recently been augmented by the Ahtna land addition) and the large 40 square kilometre POW system at the northwest end of the belt.

The project is targeting Cretaceous copper-gold porphyry style mineralization of a similar age to the Pebble deposit, located approximately 600 kilometres to the southwest. The Chisna Project contains a number of grassroots surface discoveries made by ITH in 2006 and 2007 which were the focus of the 2008 follow-up work.

Planned 2010 exploration work will include:

 

--  regional airborne ZTEM survey over 2,270 square kilometres
--  geochemical soil and silt sampling program
--  regional and property scale geological mapping
--  6,000 metres of diamond core drilling focussing on the POW and Ahtell
Porphyry Systems

About International Tower Hill Mines Ltd.

International Tower Hill Mines Ltd. is a resource exploration company, focused in Alaska and Nevada, which controls a number of exploration projects representing a spectrum from early stage to the advanced multimillion ounce gold discovery at Livengood. ITH is committed to building shareholder value through new discoveries while maintaining a majority interest in its key holdings, thereby giving its shareholders the maximum value for their investment.

On behalf of International Tower Hill Mines Ltd.

Jeffrey A. Pontius, President and Chief Executive Officer

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 27E of the Exchange Act. All statements, other than statements of historical fact, included herein including, without limitation, statements regarding the anticipated content, commencement and cost of exploration programs, anticipated exploration program results, the discovery and delineation of mineral deposits/resources/reserves, business and financing plans and business trends, are forward-looking statements. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward looking statements as a result of various factors, including, but not limited to, variations in the nature, quality and quantity of any mineral deposits that may be located, variations in the market price of any mineral products the Company may produce or plan to produce, the inability of the Company to obtain any necessary permits, consents or authorizations required for its activities, the inability of the Company to produce minerals from its properties successfully or profitably, to continue its projected growth, to raise the necessary capital or to be fully able to implement its business strategies, and other risks and uncertainties disclosed in the Company’s Annual Information Form filed with certain securities commissions in Canada and the Company’s annual report on Form 40-F filed with the United States Securities and Exchange Commission (the “SEC”), and other information released by the Company and filed with the appropriate regulatory agencies. All of the Company’s Canadian public disclosure filings may be accessed via http://www.sedar.com/ and its United States public disclosure filings may be accessed via http://www.sec.gov/, and readers are urged to review these materials, including the technical reports filed with respect to the Company’s mineral properties.

Cautionary Note Regarding Similar or Adjacent Properties

This press release contains information with respect to adjacent or similar mineral properties in respect of which the Company has no interest or rights to explore or mine. The Company advises US investors that the US Securities and Exchange Commission’s mining guidelines strictly prohibit information of this type in documents filed with the SEC. Readers are cautioned that the Company has no interest in or right to acquire any interest in any such properties, and that mineral deposits on adjacent or similar properties are not indicative of mineral deposits on the Company’s properties.

This press release is not, and is not to be construed in any way as, an offer to buy or sell securities in the United States.

Aeterna Zentaris (AEZS) Receives Orphan-Drug Designation from the FDA

QUEBEC CITY, May 6 /PRNewswire-FirstCall/ – Aeterna Zentaris Inc. (NASDAQ: AEZS, TSX: AEZ), (“the Company”) a late-stage drug development company specialized in oncology and endocrinology, today announced that it has received from the U.S. Food and Drug Administration (FDA), orphan-drug designation for AEZS-108, its doxorubicin targeted conjugate compound, for the treatment of ovarian cancer. AEZS-108 is currently in a Phase 2 trial in advanced ovarian and advanced endometrial cancer in Europe.

Juergen Engel, Ph. D., President and CEO of Aeterna Zentaris stated, “We are very pleased with AEZS-108 gaining orphan-drug designation for ovarian cancer from the FDA as it would provide it with extra market exclusivity protection. We look forward to reporting the final results from our ongoing European Phase 2 study in ovarian and endometrial cancer, later this year.”

About Orphan-Drug Designation

Orphan-drug designation is granted by the FDA Office of Orphan Products Development to novel drugs or biologics that treat a rare disease or condition affecting fewer than 200,000 patients in the U.S. The designation provides the drug developer with a seven-year period of U.S. marketing exclusivity if the drug is the first of its type approved for the specified indication or if it demonstrates superior safety, efficacy, or a major contribution to patient care versus another drug of its type previously granted the designation for the same indication. It also provides tax credits for clinical research costs, the ability to apply for annual grant funding, clinical research trial design assistance and waiver of Prescription Drug User Fee Act (PDUFA) filing fees.

About Ovarian Cancer

Ovarian cancer is one of the most common gynaecologic malignancies and the fifth most frequent cause of cancer death in women, with most of the cases occurring in women between 50 and 75 years of age. Overall, ovarian cancer accounts for 4% of all cancer diagnoses in women and 5% of all cancer deaths. Approximately 26,000 new cases and 17,000 deaths from this disease are estimated in the European community every year (Source: Gynaecologic Oncology 2004; 92:819-26). The National Cancer Institute estimates that in 2009, in the United States alone, there were 21,550 news cases of ovarian cancer and 14,600 related deaths.

About AEZS-108

AEZS-108 represents a new targeting concept in oncology using a cytotoxic peptide conjugate which is a hybrid molecule composed of a synthetic peptide carrier and a well-known cytotoxic agent, doxorubicin. The design of this product allows for the specific binding and selective uptake of the cytotoxic conjugate by LHRH-receptor-positive tumors. The binding of AEZS-108 to cancerous cells that express these receptors results in its accumulation and preferential uptake in the malignant tissue.

About Aeterna Zentaris Inc.

Aeterna Zentaris Inc. is a late-stage drug development company specialized in oncology and endocrine therapy. News releases and additional information are available at www.aezsinc.com.

Forward-Looking Statements

This press release contains forward-looking statements made pursuant to the safe harbor provisions of the U.S. Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which could cause the Company’s actual results to differ materially from those in the forward-looking statements. Such risks and uncertainties include, among others, the availability of funds and resources to pursue R&D projects, the successful and timely completion of clinical studies, the ability of the Company to take advantage of business opportunities in the pharmaceutical industry, uncertainties related to the regulatory process and general changes in economic conditions. Investors should consult the Company’s quarterly and annual filings with the Canadian and U.S. securities commissions for additional information on risks and uncertainties relating to the forward-looking statements. Investors are cautioned not to rely on these forward-looking statements. The Company does not undertake to update these forward-looking statements. We disclaim any obligation to update any such factors or to publicly announce the result of any revisions to any of the forward-looking statements contained herein to reflect future results, events or developments except if we are required by a governmental authority or applicable law.

HealthTronics (HTRN) Enters Into Definitive Merger Agreement With Endo Pharmaceuticals

AUSTIN, Texas, May 5 /PRNewswire-FirstCall/ — HealthTronics, Inc. (Nasdaq: HTRN), a leading provider of urological products and services, today announced that it has signed a definitive merger agreement with Endo Pharmaceuticals (Nasdaq: ENDP) pursuant to which Endo will acquire HealthTronics. Under the terms of the merger agreement, Endo will commence an all cash tender offer to acquire all of the outstanding shares of HealthTronics common stock for approximately $223 million or $4.85 cash per HealthTronics share plus the assumption of debt. The transaction has been approved by the boards of directors of both companies.

HealthTronics President and CEO James S.B. Whittenburg stated, “We believe this transaction will achieve significant value for our shareholders and going forward enables us to expand our offerings as a leading provider of urological products and services. Together with Endo we will be better positioned to fulfill our mission of bringing services and technologies that both improve patient care and enhance physician practice economics, thus enhancing the value of the channel HealthTronics has established with leading urologists.”

Dave Holveck, President and CEO of Endo commented, “Beyond diversifying our revenue base, the acquisition of HealthTronics will further position Endo as a preferred healthcare provider of multiple medical solutions and delivery mechanisms that help improve patient outcomes in the field of Urology. This strategic acquisition will elevate Endo from a pharmaceutical company to a diversified partner to physicians and payers in the treatment and diagnosis of urological and pain-related conditions. We believe this deal will also enhance our ability to deliver long-term, sustainable growth for our shareholders in an evolving healthcare environment.”

Transaction Summary

Under the terms of the merger agreement, Endo will commence a tender offer to purchase all outstanding shares of HealthTronics common stock for payment of $4.85 in cash for each share of HealthTronics common stock tendered. The tender offer is expected to commence within 10 business days and will remain open until July 1, 2010, subject to extension under certain circumstances.

The consummation of the tender offer is conditioned on the tender of a majority of outstanding HealthTronics shares on a fully diluted basis and other customary closing conditions. The tender offer is not subject to a financing condition.

Following completion of the tender offer, a wholly-owned subsidiary of Endo will merge into HealthTronics and the HealthTronics shares not acquired in the tender offer will convert into the right to receive the same consideration as paid in the tender offer.

In addition, Mr. Whittenburg and other key HealthTronics executives have entered into new employment agreements, to be effective upon closing of the offer, providing for their continued employment with the combined company following the transaction.

Conference Call and Webcast Information

Endo’s management team, along with Mr. Whittenburg, will host a conference call and audio Webcast on Wednesday, May 5 at 5:30 p.m. EDT to discuss this transaction. Interested parties may call 866-783-2141 (domestic) or 857-350-1600 (international) and enter code 17184946. Please dial in 15 minutes prior to the scheduled start time. A replay of the call will be available until 11:59 p.m. EDT on May 19 by dialing 888-286-8010 (domestic) or 617-801-6888 (international), passcode 90830373. If you are unable to listen live, the conference call will be archived on the HealthTronics website.

May 10, 2010 Conference Call Cancelled

In light of today’s announcement, HealthTronics has decided to cancel its first quarter conference call scheduled for May 10, 2010. HealthTronics will issue its financial results and file its Form 10-Q for the first quarter ended March 31, 2010 on May 10, 2010.

Advisors

Lazard Middle Market acted as financial advisor and Jackson Walker L.L.P. acted as legal advisor to HealthTronics for this transaction.

About HealthTronics

HealthTronics, Inc. is a premier urology company providing an exclusive suite of healthcare services and technology, including urologist partnership opportunities, surgical and capital equipment, maintenance services and anatomical pathology services. The company’s product portfolio includes a full line of urology equipment and products, including lithotripters, surgical lasers for treatment of BPH, and anatomical pathology services. As a service provider, HealthTronics offers the latest technology in lithotripsy services and prostate therapy services, including BPH treatments and prostate cancer treatments. For more information, visit www.HealthTronics.com.

About Endo

Endo Pharmaceuticals is a specialty pharmaceutical company engaged in the research, development, sale and marketing of branded and generic prescription pharmaceuticals used to treat and manage pain, bladder cancer, prostate cancer and the early onset of puberty in children, or central precocious puberty (CPP). Its products include LIDODERM®, a topical patch to relieve the pain of postherpetic neuralgia; Percocet® and Percodan® tablets for the relief of moderate-to-moderately severe pain; FROVA® tablets for the acute treatment of migraine attacks with or without aura in adults; OPANA® tablets for the relief of moderate-to-severe acute pain where the use of an opioid is appropriate; OPANA® ER tablets for the relief of moderate-to-severe pain in patients requiring continuous, around-the-clock opioid treatment for an extended period of time; Voltaren® Gel, which is owned and licensed by Novartis AG, a nonsteroidal anti-inflammatory drug indicated for the relief of the pain of osteoarthritis of joints amenable to topical treatment, such as those of the hands and the knees; VANTAS® for the palliative treatment of advanced prostate cancer; SUPPRELIN® LA for the treatment of early onset puberty in children; and VALSTAR™ for the treatment of BCG-refractory carcinoma in situ (CIS) of the urinary bladder in patients for whom immediate cystectomy would be associated with unacceptable medical risks. The company markets its branded pharmaceutical products to physicians in pain management, urology, endocrinology, oncology, neurology, surgery and primary care. More information, including this and past press releases of Endo Pharmaceuticals, is available at www.Endo.com.

Forward Looking Statements

Cautionary Language: Statements made in this press release that are not strictly historical, including statements regarding plans, objectives and future financial performance, are “forward-looking” statements. Although HealthTronics believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that the expectations will prove to be correct. Factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements include, among others, the risk that the tender offer and the merger will not close; the risk that HealthTronics’ business will be adversely impacted during the pendency of the tender offer and the merger; the risk that demand for and acceptance of HealthTronics’ products or services may be reduced; the risk of changes in governmental regulations; the impact of economic conditions; the impact of competition and pricing; and other factors described from time to time in HealthTronics’ periodic and current reports filed with the Securities and Exchange Commission. There can be no assurance that the proposed tender offer and merger will in fact be consummated. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this communication. Unless required by law, HealthTronics undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

Additional Information

The tender offer described in this release has not yet commenced. At the time the tender offer is commenced, Endo will file a tender offer statement on Schedule TO with the SEC. Investors and HealthTronics shareholders are strongly advised to read the tender offer statement (including an offer to purchase, letter of transmittal and related tender offer documents) and the related solicitation/recommendation statement on Schedule 14D-9 that will be filed by HealthTronics with the SEC, because they will contain important information. These documents will be available at no charge on the SEC’s website at www.sec.gov once such documents are filed with the SEC. A copy of the solicitation/recommendation statement on Schedule 14D-9 (once it becomes available) may be obtained free of charge from HealthTronics’ website at www.healthtronics.com or by directing a request to HealthTronics at 9825 Spectrum Drive, Building 3, Austin, Texas 78717, Attn: Corporate Secretary. In addition, a copy of the offer to purchase, letter of transmittal and certain other related tender offer documents (once they become available) may be obtained free of charge from Endo’s website at www.endo.com or by directing a request to Endo at www.endo.com, or Endo Pharmaceuticals, 100 Endo Boulevard, Chadds Ford, PA 19317, Attn: Corporate Secretary’s Office.