Archive for July, 2010

Industrial Services of America, Inc. (IDSA) Announces Second Quarter Financial Guidance

LOUISVILLE, Ky.–(BUSINESS WIRE)–Industrial Services of America, Inc. (NASDAQ: IDSANews), a company that buys, processes and markets ferrous and non-ferrous metals and other recyclable commodities for domestic users and export markets and offers programs and equipment to help businesses manage wastes, today announced updated financial guidance for the second quarter ending June 30, 2010.

For the second quarter ending June 30, 2010, ISA expects earnings to be in the range of $.33 to $.38 per basic and diluted share on revenues in the range of $91 – $95 million. That compares with second quarter 2009 earnings of $.17 per share (split-adjusted) on revenues of $39.1 million. Sales guidance for the quarter ending June 30, 2010 will exceed the high end of our previous guidance. This was due to a stronger than expected final week of the quarter.

Harry Kletter, CEO and founder of ISA states, “We have been very successful in our business expansion during the past two years and we will continue to look for new opportunities. While some economic indicators are suggesting a moderate slowdown in the economic recovery, we believe that the long term prognosis is still very promising.”

The recently announced specialty alloys division is now fully operational in its 150,000-square foot building which is on adjoining property to the stainless and non-ferrous operations.

ISA’s 2010 SEC filings are available for review at the Securities and Exchange Commission web site at http://www.sec.gov/edgar/searchedgar/companysearch.html.

About ISA

Headquartered in Louisville, Kentucky, Industrial Services of America, Inc., is a publicly traded company whose core business is buying, processing and marketing scrap metals and recyclable materials for domestic users and export markets. Additionally, ISA offers commercial, industrial and business customers a variety of programs and equipment to efficiently manage waste. More information about ISA is available at www.isa-inc.com.

This news release contains forward-looking statements that involve risks and uncertainties that could cause actual results to differ from predicted results. Specific risks include fluctuations in the price of recycled materials, varying demand for waste managing systems, equipment and services, competitive pressures in the waste managing systems and equipment, competitive pressures in the waste managing business, and loss of customers. Further information on factors that could affect ISA’s results is detailed in ISA’s filings with the Securities and Exchange Commission. ISA undertakes no obligation to publicly release the results of any revisions to the forward-looking statements.

Wednesday, July 21st, 2010 Uncategorized Comments Off on Industrial Services of America, Inc. (IDSA) Announces Second Quarter Financial Guidance

Primoris Services Corp. (PRIM) Announces $99.2 Million Power Contract

LAKE FOREST, Calif., July 21, 2010 (GLOBE NEWSWIRE) — Primoris Services Corporation (Nasdaq:PRIMNews) (Nasdaq:PRIMWNews) (“Primoris” or “Company”) today announced that its wholly-owned subsidiary, ARB, Inc., was awarded a contract valued at approximately $99.2 million by the Northern California Power Agency (“NCPA”) to provide general construction and commissioning services for a power generation facility. This project and the recently announced new construction contracts at the Company’s wholly-owned James Construction Group (“James”) subsidiary have combined to increase Primoris’ current total backlog to more than $1 billion for the first time. The $1 billion backlog amount represents an increase of over 30% in backlog since the end of 2009.

The ARB contract is for a natural gas-fired, combined-cycle nominal 296 megawatt (MW) power generation facility located at NCPA’s existing Lodi generation complex on land owned and incorporated by the City of Lodi, 6 miles west of the Lodi city center. Work on the project will start immediately and should be completed on or before June 1, 2012.

ARB will provide procurement, construction, installation, maintenance and operations training, commissioning, start-up and testing services. The combined-cycle generating plant includes one natural gas-fired combustion turbine-generator; one 3-pressure heat recovery steam generator; one condensing steam turbine generator; one natural gas-fired auxiliary boiler; one 7-cell draft evaporative cooling tower and associated support equipment.

Brian Pratt, Chairman and CEO of Primoris, stated “Our milestone backlog of $1 billion is a remarkable accomplishment and a testament to our entire team. While backlog represents only a portion of our future revenue stream and does not guarantee future revenues, we are proud of the contributions from both our California-based businesses and from James, which we acquired in December 2009.”

ARB, Inc., part of Primoris’ West Construction Services segment, is an industry leader in power-generation construction services. ARB’s experience and abilities address a broad spectrum of civil, structural, mechanical, and piping services for both green field and brown field large scale power plants. Many of the company’s power projects include turn-key design, procurement, and construction services. ARB has developed niche skills in the power market that include heat-recovery steam generators and SCR installations and retrofits, burner management systems, low-NOx burner and power boiler retrofits, boiler-tube replacements and upgrades, and pressure-vessel and boiler repair.

About Primoris

Primoris, through various subsidiaries, is one of the largest specialty contractors and infrastructure companies in the United States. Serving diverse end markets, Primoris provides a wide range of construction, fabrication, maintenance and replacement services, as well as engineering services to major public utilities, petrochemical companies, energy companies, municipalities and other customers. With the recent acquisition of James Construction Group, Primoris has a significant presence in the Gulf States region where it provides heavy civil construction services. Primoris is also a leading water and wastewater contractor in the state of Florida, and a specialist in designing and constructing complex commercial and industrial concrete structures in California. For additional information on Primoris, please visit www.prim.com.

The Primoris Services Corporation logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=5527

Forward-Looking Statements

This press release contains certain forward-looking statements, including with regard to the Company’s future performance. Words such as “estimated,” “believes,” “expects,” “projects,” “may,” and “future” or similar expressions are intended to identify forward-looking statements. Forward-looking statements inherently involve risks and uncertainties, including without limitation, those described in this press release and those detailed in the “Risk Factors” section and other portions of our Annual Report on Form 10-K for the year ended December 31, 2009 and other filings with the Securities and Exchange Commission, including the Company’s Form 10-Q filed on May 10, 2010. Primoris does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

Wednesday, July 21st, 2010 Uncategorized Comments Off on Primoris Services Corp. (PRIM) Announces $99.2 Million Power Contract

VocalTec (CALL) Announces Authorization of $12 Million Stock Buyback

NETANYA, Israel and WEST PALM BEACH, Fla., July 21, 2010 (GLOBE NEWSWIRE) — VocalTec Communications, Ltd. (Nasdaq:CALLNews), the inventor of VOIP and the softphone, with the goal of becoming the leading provider of global voice over many platforms, announced today that its Board of Directors has authorized a stock repurchase program that enables the Company to purchase up to $12 million of its common stock through the next 12 months. Stock purchased under the program would be acquired with positive cash flow from operations and $40 million in cash and securities on hand. Stock repurchases under this program may be made through any manner, including open market transactions, accelerated share repurchase agreements, or privately negotiated transactions with third parties, and in such amounts as management deems appropriate. The timing and actual number of shares repurchased, if any, will depend on a variety of factors including price, corporate and regulatory requirements, alternative uses of capital and other market conditions. The Company believes this is the optimum use of its cash at this time, as it continues to have positive operating cash flow.

The Company has also provided its initial guidance for the second quarter of 2010. It expects second quarter revenues of approximately $30.5 million and believes net income may be over $3 million before one-time charges related to merger expenses and before any gains or losses on marketable securities.

The Board has also approved the scheduling of a shareholders meeting to include voting on Chief Executive Officer and Director, Daniel Borislow, increasing his holdings to over 25% ownership of the Company. Mr. Borislow may elect to make additional investments up to and then over 25% in the Company upon this shareholder approval.

About VocalTec Communications

VocalTec Communications Ltd., the inventor of VOIP including the softphone, and YMAX Corp., the creator of magicJack and other products and services, have successfully merged and will be traded on the Nasdaq under the symbol CALL. The combined company has the use of over 30 patents, some dating to when VocalTec invented VOIP, and has the goal of becoming the leading provider of global voice over many platforms. The company has achieved sales of over 6,500,000 of the easy-to-use, award-winning magicJack since its launch in 2008. It is the largest reaching CLEC (Competitive Local Exchange Carrier) in the United States in terms of area codes available and certification in number of states, and the network has historically had uptime of over 99.99%.

Forward-Looking Statements

This press release contains certain forward-looking statements, including statements regarding the timing and manner of share repurchases and the sources of funds for the repurchase program, The forward-looking statements in this release are subject to risks and uncertainties that could cause actual results and events to differ, including, without limitation: fluctuations in our stock price and our financial performance, including fluctuations in our cash flows. A detailed discussion of these and other risks and uncertainties that could cause actual results and events to differ materially from such forward-looking statements is included in our filings with the Securities and Exchange Commission, including our Form 6-K filed with the Securities and Exchange Commission on July 19, 2010. We undertake no obligation to update forward-looking statements to reflect events or circumstances occurring after the date of this press release.

Wednesday, July 21st, 2010 Uncategorized Comments Off on VocalTec (CALL) Announces Authorization of $12 Million Stock Buyback

Hye Mar Holdings Signs Letter of Intent to Acquire Stake in Speedus Corp. (SPDE)

FREEHOLD, N.J., July 21 /PRNewswire-FirstCall/ — Speedus Corp. (“Speedus”) (Nasdaq:SPDENews) today announced that it has entered into a Letter of Intent (“the Agreement”) with Dubai-based Hye Mar Holdings Ltd. (“HMH”) for an equity investment into Speedus of $4.0 million. Under the terms set forth in the Agreement, HMH has the right to purchase non-voting Series A Convertible Preferred Stock, which is convertible into approximately 1.84 million newly-issued common shares in Speedus with a fixed, non-adjustable conversion price of $2.17 per share (subject to an ownership limit such that HMH may not hold more than 9.9% of the Company’s total shares outstanding at any point in time). The Agreement also provides for HMH to obtain exclusive distribution rights in the Middle East and North Africa for certain products manufactured by Speedus subsidiaries Zargis Medical Corp. (Zargis) and Density Dynamics Corp. (Density). No additional warrants for shares will be issued in this transaction and no related investment banking fees will be incurred.

Subject to closing occurring on or before July 27, 2010, the transaction contemplated in the Agreement will allow Speedus to regain compliance with NASDAQ Listing Rule 5550, which requires that the Company maintain at least $2.5 million in stockholders’ equity.

When asked to comment on the proposed investment, Shant Hovnanian, Chief Executive Officer of Speedus Corp., stated, “I am very excited to have found an equity investor with demonstrated success in marketing and distributing technology products in the Middle East and North Africa. Not only will this investment allow Speedus to maintain its NASDAQ listing, subject to NASDAQ approval, but the distribution agreement, combined with other developing partnerships, will help our Zargis and Density subsidiaries accelerate global sales.”

The Agreement outlines requirements for additional due diligence and closing conditions, including execution of a stock purchase agreement and product distribution agreements, that must be completed by HMH and Speedus before the two companies can close the financing. The parties have targeted a closing date of not later than July 27, 2010.

Notwithstanding the foregoing, there can be no assurance that closing of the financing will occur on or before July 27, 2010, which is the Company’s NASDAQ compliance deadline, or that NASDAQ will allow Speedus to retain its NASDAQ listing.

About Zargis Medical Corp.

Zargis is a global medical device company focused on improving health outcomes and cost-effectiveness through diagnostic support software and innovation. Zargis is majority-owned by Speedus Corp. (Nasdaq:SPDENews), and both 3M Company and Siemens Corporate Research, a division of Siemens AG (NYSE:SINews), hold equity positions. Zargis can be found on the web at www.zargis.com.

About Density Dynamics

Density Dynamics, a majority owned subsidiary of Speedus Corp., is a pioneer in solid-state I/O acceleration technology. Its extreme performance Jet.io™ Accelerator DRAM based Solid State Drives and computing devices are designed to reduce I/O bottlenecks while also reducing power, cooling, and rack space requirements. Density Dynamics can be found on the web at www.densitydynamics.com.

About Speedus Corp.

Additional information on Speedus Corp. may be obtained at www.speedus.com or by contacting Peter Hodge at 888-773-3669 (ext. 23) or phodge@speedus.com.

Statements contained herein that are not historical facts, including but not limited to statements about the Company’s product, corporate identity and focus, may be forward-looking statements that are subject to a variety of risks and uncertainties. There are a number of important factors that could cause actual results to differ materially from those expressed in any forward-looking statements made by the Company, including, but not limited to, the continuing development of the Company’s sales, marketing and support efforts. The use of any of the words “could”, “intend”, “expect”, “believe”, “will”, “projected”, “estimated” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company’s current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this release contains forward-looking information relating to the intention of the parties to enter into these agreements. The Company cautions the reader that the above list of risk factors is not exhaustive. The forward-looking information contained in this release is made as of the date hereof and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.

Completion of the transaction is subject to a number of conditions. There can be no assurance that the transaction will be completed as proposed or at all.

Wednesday, July 21st, 2010 Uncategorized Comments Off on Hye Mar Holdings Signs Letter of Intent to Acquire Stake in Speedus Corp. (SPDE)

Zoom Technologies’ (ZOOM) Leimone Brand Enjoys High Acceptance

BEIJING–(Marketwire – 07/21/10) – Zoom Technologies, Inc. (NASDAQ:ZOOMNews), a leading China based manufacturer of mobile phones and related products, today announced that 128,000 Leimone brand mobile phones were sold within the first half of 2010, including 16,000 units of the latest 3G design. These phones are sold through one of China’s major mobile phone operators, China Telecom, and also through various retail channels. The Leimone brand phones carry a higher profit margin than the Company’s contract engineering & manufacturing service (EMS) business activities.

Zoom Technologies began to manufacture and sell its Leimone brand mobile phones in the second quarter of 2009. With the successful launches of several Leimone models so far in 2010, the Company anticipates selling more than 600,000 Leimone units by the end of this year.

Mr. Leo Gu, Chairman and CEO of Zoom Technologies, commented, “Our Leimone phones are extremely popular for their ease of use and attractive price points, a great fit for the growing number of young people in China seeking mid-priced phones with sleek designs. We will continue to focus our manufacturing activities on our core business and explore potential ancillary revenue streams made available by the increasing use of China’s 3G networks. We are only beginning to take advantage of the growth in China’s mobile phone market for the foreseeable future. With 14 production lines, we have the capacity to manufacture up to 10 million units for our EMS customers and at the same time, produce 12 models of our own feature-rich handsets equipped with the latest technologies, including four models for the 3G networks, two of which we have already introduced this year.”

About Zoom Technologies
Zoom Technologies is a holding company with subsidiaries that engage in the manufacturing, research and development, and sale of electronic and telecommunication products for the latest generation mobile phones, wireless communication circuitry, and related software products. Zoom Technologies’ subsidiary, Jiangsu Leimone, owns a majority stake of TCB Digital, which offers highly customized and high quality Electronic Manufacturing Service (EMS) for Original Equipment Manufacturer (OEM) customers as well as its Own Brand Manufacturing (OBM) under the brand name of Leimone. The company’s products are both exported and sold domestically.

Forward-Looking Statements
Certain statements in this press release may constitute “forward looking statements” that involve risks and uncertainties. These include statements about our expectations, plans, objectives, assumptions or future events. You should not place undue reliance on these forward-looking statements. Information concerning factors that could cause our actual results to differ materially from these forward-looking statements can be found in our periodic reports filed with the Securities and Exchange Commission. We undertake no obligation to publicly release revisions to these forward-looking statements to reflect future events or circumstances or reflect the occurrence of unanticipated events.

Wednesday, July 21st, 2010 Uncategorized Comments Off on Zoom Technologies’ (ZOOM) Leimone Brand Enjoys High Acceptance

Green Plains Renewable Energy (GPRE) and BioProcess Algae to Break Ground on Phase II of Algae Project

OMAHA, Neb., Jul 20, 2010 (GlobeNewswire via COMTEX) — Green Plains Renewable Energy, Inc. and BioProcess Algae LLC today announced plans for Phase II of its Grower Harvester (TM) algae project located at Green Plains’ Shenandoah, Iowa ethanol plant. Construction on Phase II is set to begin in the next two weeks with plans to scale the technology 20 times larger than the initial Phase I of the project.

“During Phase I, BioProcessAlgae has successfully demonstrated the scalability of the technology with a 40 times increase in growing volume from bench scale reactors to an industrial setting at our ethanol plant in Shenandoah, Iowa,” said Todd Becker, President and Chief Executive Officer of Green Plains Renewable Energy. “We have experienced 100% uptime since inoculation in October 2009 and continue to harvest algae on a daily basis. With the positive results we have achieved in Phase I, we will commit additional resources and expertise to rapidly build the next phase of this exciting project. Our vision remains the same of providing a solution to sequestering industrial carbon dioxide while producing a high quality feedstock for fuel and feed.”

“We are seeing good carbon dioxide to algae conversion rates and solid productivity from our Grower Harvester technology,” stated Tim Burns, Chief Executive Officer of BioProcess Algae, LLC. “Phase II will build on Phase I efforts to optimize growth of algae in our reactors through improved utilization of light, more efficient carbon dioxide absorption and enhanced dewatering and water re-use. Phase II will also allow for robust verification of growth rates, energy balances, and operating expenses, which we consider to be some of the key steps to commercialization.”

“We are also excited to announce that the Iowa Power Fund Board of Directors has unanimously voted in favor of awarding the project an additional $2.0 million matching grant subject to final negotiations,” added Becker. “This is the first time that the fund has participated in a second round of funding and we truly appreciate the vision and commitment of the Iowa Power Fund and the leadership of Iowa Governor Chet Culver. If we achieve our goal of commercializing this technology, it will not only bring jobs to the State of Iowa, it will put Iowa on the cutting edge of providing a high quality feedstock to potentially reduce our country’s dependence on foreign sources of oil.”

BioProcess Algae’s Phase II facility will be co-located with the Shenandoah ethanol plant and linked to the plant’s carbon dioxide and waste heat for its feedstock. The expansion is expected to cost $4.5 million and is scheduled to be operational by the end of 2010. The cost of the Phase II project will be shared by the joint venture partners and the matching grant provided by the Iowa Power Fund.

About Green Plains Renewable Energy, Inc.

Green Plains Renewable Energy, Inc. /quotes/comstock/15*!gpre/quotes/nls/gpre (GPRE 9.21, +0.12, +1.32%) is North America’s fourth largest ethanol producer, operating a total of six ethanol plants in Indiana, Iowa, Nebraska and Tennessee with annual expected operating capacity totaling approximately 480 million gallons. Green Plains also markets and distributes ethanol for four third-party ethanol producers with annual expected operating capacity totaling approximately 360 million gallons. Green Plains owns 51% of Blendstar, LLC, a biofuel terminal operator which operates nine blending or terminaling facilities with approximately 495 million gallons per year of total throughput capacity in seven states in the south central United States. Green Plains operates grain storage facilities and complementary agronomy and petroleum businesses in Iowa, southern Minnesota and western Tennessee.

About BioProcess Algae, LLC

BioProcess Algae LLC is a joint venture between Green Plains Renewable Energy /quotes/comstock/15*!gpre/quotes/nls/gpre (GPRE 9.21, +0.12, +1.32%) , water filtration group CLARCOR Inc. /quotes/comstock/13*!clc/quotes/nls/clc (CLC 34.38, -1.05, -2.97%) , BioProcessH2O LLC and NTR plc, the international renewable energy group, builds and runs green energy and resource-sustaining businesses. BioProcess Algae was created to commercialize advanced photo-bioreactor technologies for the growing and harvesting of algal biomass.

Safe Harbor

This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Such statements are identified by the use of words such as “anticipates,” “estimates,” “expects,” “will,” “predicts,” “intends,” “plans,” “believes,” and other words and terms of similar meaning in connection with any discussion of future operating or financial performance. Such statements are based on management’s current expectations and are subject to various factors, risks and uncertainties that may cause actual results, outcome of events, timing and performance to differ materially from those expressed or implied by such forward-looking statements. Green Plains may experience significant fluctuations in future operating results due to a number of economic conditions, including, but not limited to, competition in the ethanol and other industries in which the Company competes, commodity market risks, financial market risks, counter-party risks, risks associated with changes to federal policy or regulation, and other risks detailed in the Company’s reports filed with the Securities and Exchange Commission, including its Annual Report on Form 10-K, as amended, for the year ended December 31, 2009 and in the Company’s subsequent filings with the SEC. Green Plains assumes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. The cautionary statements in this report expressly qualify all of our forward-looking statements. In addition, the Company is not obligated, and does not intend, to update any of its forward-looking statements at any time unless an update is required by applicable securities laws.

This news release was distributed by GlobeNewswire, www.globenewswire.com

SOURCE: Green Plains Renewable Energy

CONTACT:  Green Plains Renewable Energy, Inc.
Jim Stark, Vice President - Investor and Media Relations
(402) 884-8700
BPC Financial Marketing
Investor Contact:
John Baldissera
(800) 368-1217
Tuesday, July 20th, 2010 Uncategorized Comments Off on Green Plains Renewable Energy (GPRE) and BioProcess Algae to Break Ground on Phase II of Algae Project

Richardson Electronics (RELL) Awarded Top Distributor of the Year

LA FOX, Ill., Jul 20, 2010 (BUSINESS WIRE) — Richardson Electronics, Ltd. /quotes/comstock/15*!rell/quotes/nls/rell (RELL 9.35, +0.22, +2.41%) , today announced it has received the “Top Distributor of the Year” award for 2010 from TriQuint Semiconductor, Inc., a leading RF front-end product manufacturer and foundry services provider. The award recognizes Richardson Electronics’ superior overall performance, including support, service, design wins and responsiveness to global customers. Award winners were chosen based on nominations by members of TriQuint’s executive sales team and announced at TriQuint’s annual sales conference.

“We are excited that TriQuint recognizes and values our global strategy of engineer focused distribution,” said Greg Peloquin, Executive Vice President and General Manager of RF, Wireless and Power Division. “Our teams generated tremendous growth in a short time and we will see this continue as our key markets are growing and are showing continued signs of investment.”

Todd DeBonis, Vice President of Global Sales & Strategic Development at TriQuint, congratulated Richardson Electronics and thanked them for their support in helping continue to grow TriQuint’s business. “The markets for our products — Wireless Infrastructure, Mobile Devices, Defense Radar and Aerospace Satellites — are continuing to grow. Our solutions are not only in the devices, but also in the backhaul networks transporting the data, voice and video. This is an exciting time to be part of this business.”

About the RF, Wireless & Power Division (RFPD) of Richardson Electronics, Ltd.

RFPD, a division of Richardson Electronics, LTD. /quotes/comstock/15*!rell/quotes/nls/rell (RELL 9.35, +0.22, +2.41%) , is a global provider of engineered solutions and a global distributor of electronic components to the RF and wireless communications market and the industrial power conversion market. RFPD designs, manufactures and distributes discrete devices, components, and assemblies used in RF and wireless infrastructure communications networks, digital broadcasting, defense, and power conversion. More information is available online at www.rell.com.

Tuesday, July 20th, 2010 Uncategorized Comments Off on Richardson Electronics (RELL) Awarded Top Distributor of the Year

Palm Harbor Homes, Inc. () Reports Improved First Quarter Fiscal 2011 Results

DALLAS–(BUSINESS WIRE)–Palm Harbor Homes, Inc. (NASDAQ: PHHMNews) today reported financial results for the first quarter ended June 25, 2010.

Overview

Net sales for the first quarter of fiscal 2011 totaled $84.3 million compared with $82.4 million for the first quarter of fiscal 2010. Palm Harbor reported an operating loss of $2.0 million for the first quarter of fiscal 2011 compared with an operating loss of $5.1 million in the same period last year. Net loss for the first quarter of fiscal 2011 totaled $5.7 million, or $0.25 per share, compared with a net loss of $10.0 million, or $0.44 per share, a year ago.

Improved Operations

“We are encouraged by our improved results for the first quarter of fiscal 2011,” commented Larry Keener, chairman and chief executive officer of Palm Harbor Homes, Inc. “Revenues for the quarter were up over two percent compared with the prior year period, despite operating 25 fewer retail locations and one less manufacturing facility. Notably, revenues were also up over 21 percent sequentially from the fourth quarter of fiscal 2010, another favorable indicator. At the same time, we reduced our operating loss by 61 percent compared with the same period a year ago. We are realizing the benefits of the restructuring actions over the past year to reduce our operational overhead and right-size our manufacturing capacity to match current and expected demand. We are pleased with our progress to date and are on schedule with our forecast and restructuring/turnaround plan.

“We have extended our product reach within a smaller geographic footprint with positive results,” Keener continued. “For the first quarter of fiscal 2011, factory-built homes sold by Palm Harbor were up 26 percent year over year and up 18 percent on a sequential basis from the fourth quarter of fiscal 2010. We realized a market share gain of over 30 percent through the first five months of calendar 2010 in the states where we ship factory-built housing products. However, over the same period, average selling prices declined as a result of lower appraisal values and consumer demand for less expensive homes. We have responded with an innovative and expansive product line that offers a wide range of price points. In spite of the decline in selling prices and a spike in raw material costs in the first quarter, we maintained solid margins. We have also reduced our selling, general and administrative costs by 16 percent from a year ago. We are encouraged by the steady improvement throughout the first quarter as all of our operating divisions were profitable in the month of June.

Business Outlook

“We are cautiously optimistic about the reversal of demand trends as industry shipments through the latest reporting period are up five percent over last year’s levels,” added Keener. “The recently ended homebuyer tax credit clearly had a positive impact on our results for the first quarter. However, as expected, retail traffic has declined since the expiration date, but it is too early to determine if this is just a temporary break in demand.”

“We continue to pursue innovative ways to both expand our product offering and reach new distribution channels to further drive revenues,” Keener continued. “Our commercial activity is gaining traction and we believe this line of business will provide an increasingly important revenue source going forward. We believe we are better positioned to respond to these and other market opportunities and move the Company towards reaching sustained profitability in fiscal 2011. We remain focused on increasing revenues, carefully managing our costs, achieving gross margin improvement and maintaining adequate liquidity to effectively manage our business regardless of the market direction.

Profitable Insurance and Finance Businesses

“Our financial services operations have continued to support our business through this volatile environment. Standard Casualty, our insurance subsidiary, has remained a consistent performer with steady growth in policies and outstanding renewal rates. CountryPlace Mortgage, our mortgage lending subsidiary, had a very good first quarter with loan originations up 52 percent from the same period in fiscal 2010. As an approved Fannie Mae and Ginnie Mae seller servicer, CountryPlace is well positioned for continued growth. Additionally, we are now originating loans for realtors and site-builders and are in line to originate FHA Title I home loans when Ginnie Mae lifts its moratorium, which is expected to happen in calendar 2010. CountryPlace’s reputation and track record for maintaining outstanding delinquency and default experience clearly demonstrates that a good factory-built lending practice can continue to perform well in a difficult economy,” added Keener.

Cash Flow Management

Kelly Tacke, executive vice president and chief financial officer of Palm Harbor Homes, Inc., commented, “We believe the financing and restructuring transactions we completed last year have strengthened our competitive position for fiscal 2011. However, we remain laser-focused on cash generation and cash preservation in every area of our operations as managing our liquidity remains a top priority. We will continue to carefully manage our balance sheet during these uncertain economic conditions.”

A conference call regarding this release is scheduled for Wednesday, July 21, 2010, at 10:00 a.m. (Eastern Time). Interested parties can access a live simulcast on the Internet at www.PalmHarbor.com or www.earnings.com. A 30-day replay will be available on both websites.

Palm Harbor Homes is one of the nation’s leading manufacturers and marketers of multi-section manufactured homes. The Company markets nationwide through vertically integrated operations, encompassing manufacturing, marketing, financing and insurance. For more information on the Company, please visit www.palmharbor.com.

This press release contains projections and other forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934. These projections and statements reflect the Company’s current views with respect to future events and financial performance. No assurance can be given, however, that these events will occur or that these projections will be achieved and actual results could differ materially from those projected as a result of certain factors. A discussion of these factors is included in the Company’s periodic reports filed with the Securities and Exchange Commission.

PALM HARBOR HOMES, INC.
Statements of Operations
(Dollars in thousands, except per share data)
For the first quarter ended June 25, 2010 and June 26, 2009
First Quarter Ended
June 25,
June 26,
2010
2009
(Unaudited)
Net sales $ 84,345 $ 82,421
Cost of sales 65,752 63,097
Gross profit 18,593 19,324
Selling, general and administrative expenses 20,547 24,378
Loss from operations (1,954 ) (5,054 )
Interest expense (4,204 ) (4,964 )
Other income 534 228
Loss before income taxes (5,624 ) (9,790 )
Income tax expense (102 ) (188 )
Net loss $ (5,726 ) $ (9,978 )
Loss per common share:
Basic and diluted $ (0.25 ) $ (0.44 )
Weighted average common shares outstanding:
Basic and diluted 22,980 22,875
Condensed Balance Sheets
(Dollars in thousands)
June 25, 2010 and March 26, 2010
June 25,
March 26,
2010
2010
Assets
(Unaudited)
Cash and cash equivalents $ 16,857 $ 26,705
Trade receivables 20,870 18,533
Consumer loans receivable, net 173,778 176,143
Inventories 55,964 60,303
Property, plant and equipment, net 26,557 27,251
Other assets 50,857 48,818
Total Assets $ 344,883 $ 357,753
Liabilities and Shareholders’ Equity
Accounts payable and accrued liabilities $ 62,382 $ 60,700
Floor plan payable 35,867 42,249
Construction lending line 4,752 3,890
Securitized financings 118,490 122,494
Virgo debt, net 18,360 18,518
Convertible senior notes, net 51,194 50,486
Shareholders’ equity 53,838 59,416
Total Liabilities and Shareholders’ Equity $ 344,883 $ 357,753
PALM HARBOR HOMES, INC.
Quick Facts
First Quarter Ended
June 25,
June 26,
2010
2009
FACTORY-BUILT HOUSING:
Company-owned sales centers and builder locations:
Beginning 55 86
Added 1 0
Closed 0 (5 )
Ending 56 81
Factory-built homes sold through:
Company-owned superstores and builder locations 722 580
Independent dealers, builders and developers 195 149
Total factory-built homes sold 917 729
Factory-built homes sold as:
Single-section 256 134
Multi-section 468 422
Modular 193 173
Total factory-built homes sold 917 729
Commercial buildings:
Number of commercial buildings sold 11 29
Net sales from commercial buildings sold (in 000’s)
$ 726 $ 7,910
Average sales prices:
Manufactured housing – retail $ 67,000 $ 70,000
Manufactured housing – wholesale $ 49,000 $ 56,000
Modular housing – consumer $ 156,000 $ 169,000
Modular housing – builder and developer $ 71,000 $ 75,000
Homes produced 831 656
Internalization rate 77 % 74 %
FINANCIAL SERVICES
Loan originations:
CPM
94
62
Insurance penetration:
Warranty 82 % 90 %
Physical damage 72 % 70 %
Tuesday, July 20th, 2010 Uncategorized Comments Off on Palm Harbor Homes, Inc. () Reports Improved First Quarter Fiscal 2011 Results

China GengSheng Minerals (CHGS) Secures New Export Contract for Fracture Proppants

GONGYI, China, July 20 /PRNewswire-Asia-FirstCall/ — China GengSheng Minerals, Inc. (NYSE Amex: CHGS), a leading China-based high-tech industrial materials manufacturer producing heat resistant, energy efficient materials for a variety of industrial applications, today announced that it has secured an approximately $1.7 million contract for its fracture proppant products with a new distributor to strengthen its export to the U.S. market. Product shipments under this contract are expected to commence during the third quarter of 2010 and continue through the end of the year.

“We have secured approximately $9.5 million in fracture proppant contracts during the first two quarters and continue to see strong growth prospects early in the third quarter as we shore up existing relationships and attract new customers,” said Mr. Shunqing Zhang, China GengSheng’s Chairman and Chief Executive Officer. “The recent upgrade of our phase II production line has significantly enhanced our manufacturing capabilities and we are well positioned to address increasing demand for our high-margin, premium products. We are working diligently to continue growing this segment of our business during the second half of 2010 and we are confident that demand will remain healthy as new and existing customers recognize the benefits of our fracture proppant products.”

About China GengSheng Minerals, Inc.

China GengSheng Minerals, Inc. (“GengSheng”) develops, manufactures and markets a broad range of high-tech industrial material products, including monolithic refractories, industrial ceramics and fracture proppants. A market leader offering customized solutions, GengSheng sells its products primarily to the iron-and-steel industry as heat-resistant components for steel-making furnaces, industrial kilns and other high-temperature vessels to guarantee and improve the productivity of those expensive pieces of equipment while reducing their consumption of energy. Founded in 1986 and based in China’s Henan province, GengSheng currently has over 200 customers in the iron, steel, oil, glass, cement, aluminum and chemical businesses located in China and other countries. GengSheng conducts business through GengSheng International Corporation, a British Virgin Islands company, and its Chinese subsidiaries, which are Henan GengSheng Refractories Co., Ltd., Zhengzhou Duesail Fracture Proppant Co., Ltd., Henan GengSheng Micronized Powder Materials Co., Ltd, Guizhou SouthEast Prefecture Co., Ltd., GengSheng New Materials Co., Ltd, and Henan GengSheng High Temperature Materials Co., Ltd.

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

To be added to the Company’s email distribution for future press releases, please send your request to gengsheng@tpg-ir.com.

Note Regarding Forward-Looking Statements

This filing contains statements that are forward-looking within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements are only predictions and are not guarantees of future performance. Investors are cautioned that any such forward-looking statements are and will be, as the case may be, subject to many risks, uncertainties, certain assumptions and factors relating to the operations and business environments of China GengSheng Minerals, Inc. and its subsidiaries that may cause the actual results of the companies to be materially different from any future results expressed or implied in such forward-looking statements. Although China GengSheng Minerals, Inc. believes that the expectations and assumptions reflected in the forward-looking statements are reasonable based on information currently available to its management, China GengSheng Minerals, Inc. cannot guarantee future results or events. China GengSheng Minerals, Inc. expressly disclaims a duty to update any of the forward-looking statement

    For more information, please contact:

    The Piacente Group, Inc.
     Investor Relations
     Brandi Floberg or Lee Roth
     Tel:   +1-212-481-2050
     Email: gengsheng@tpg-ir.com

    China GengSheng Minerals, Inc.
     Ms. Wendy Sun
     Finance Manager and Investor Relations
     Tel:   +86-159-3870-8666
     Email: gswendy@gengsheng.com

     Mr. Shuai Zhang
     Investor Relations
     Email: gszs@gengsheng.com
Tuesday, July 20th, 2010 Uncategorized Comments Off on China GengSheng Minerals (CHGS) Secures New Export Contract for Fracture Proppants

New Gold (NGD) Announces 62% Increase in Gold Production in Second Quarter of 2010

VANCOUVER, July 20 /PRNewswire-FirstCall/ – New Gold Inc. (“New Gold”) (TSX and NYSE AMEX:NGD) today announces an update on the second quarter performance of the company’s three operating assets with 2010 second quarter gold sales of 82,402 ounces at a total cash cost(1) of $490 per ounce, net of by-product sales. The preliminary production, sales and total cash cost(1) information provided are approximate figures and may differ slightly from the second quarter earnings results.

Second Quarter Highlights

Results presented below are for the period of ownership of the Mesquite Mine (June 1, 2009).

    -   Gold production increased 62% to 89,919 ounces from 55,633 ounces in
        the same period in 2009
    -   Gold sales increased by 56% to 82,402 ounces from 52,890 ounces in
        the same period in 2009
    -   Cash balance increased by $32 million from the end of the first
        quarter to $376 million at June 30, 2010

All three of the company’s operating mines, Mesquite, Cerro San Pedro and Peak, had strong production quarters with gold, silver and copper production all contributing meaningfully to the company’s cash flow. Cerro San Pedro’s results continue to demonstrate the flexibility of the operation and the ability of the mine to ramp-up production quickly and efficiently. The Cerro San Pedro mine is currently fully operational and New Gold will continue to pursue all avenues necessary such that the mine remains in continuous operation for the benefit of our shareholders, the mine’s local employees and surrounding communities.

“We are very pleased with the operating performance at all of our mines during the first half of 2010,” stated Robert Gallagher, President and Chief Executive Officer. “With further increases in gold production and decreases in cash cost anticipated, we expect the second half of 2010 to be an exciting one for New Gold.”

Operations Overview

Historical figures presented below include gold production, sales and total cash cost(1) for the first six months of 2009 which includes results prior to the closure of the acquisition of Western Goldfields Inc. and the Mesquite Mine on June 1, 2009.

Mesquite Mine Continues Strong Quarterly Production Growth

Gold sales in the second quarter at Mesquite increased by 42% to 38,786 ounces from 27,338 ounces sold in the second quarter of 2009. Gold production was 38,849 ounces compared to 26,085 ounces. The increased gold sales and production at Mesquite during the second quarter were primarily driven by a lower waste mining requirement resulting in higher ore tonnes mined when compared to the second quarter of 2009, as well as continued improvement in gold recoveries. These benefits were partially offset by mining of ore below reserve grade, as planned, in the second quarter of 2010.

Total cash cost(1) per ounce of gold sold for the second quarter of 2010 was $634 compared to $647 in the same quarter of 2009. The total cash cost(1) decrease is attributable to certain costs incurred in the second quarter of 2009, including those related to the change-over of tires and other one-time maintenance costs, which did not occur in the second quarter of 2010. This benefit was partially offset by higher consumables cost in the second quarter of 2010, primarily related to the increased price and consumption of diesel, when compared to the same period in the prior year.

For the six months ended June 30, 2010, gold sales increased by 47% to 88,288 ounces from 60,053 ounces sold in the same period in 2009. Gold production was 82,883 ounces compared to 59,745 ounces. The increased gold sales and production were attributable to higher ore tonnes mined, increased recoveries and higher average grades mined in the first six months of 2010 versus the same period in 2009.

Total cash cost(1) per ounce of gold sold for the six months ended June 30, 2010 was $587 compared to $607 per ounce in the same period last year. The drivers of the total cash cost(1) decrease during the first six months of 2010 were consistent with those noted above regarding the second quarter.

Cerro San Pedro Mine Demonstrates Operational Flexibility

After receiving the explosives permit in March 2010, the mining rate at the Cerro San Pedro mine was quickly accelerated and, as a result, gold sales in the second quarter increased by 6% to 24,833 ounces from 23,350 ounces in the same period in 2009. Gold production was 29,424 ounces compared to 24,210 ounces. The increased gold sales and production were a result of higher ore tonnes mined and higher grades during the second quarter of 2010. These benefits were partially offset by lower recoveries as ore has not yet had sufficient time under leach to reach expected recoveries after the delayed receipt of the explosives permit in the first quarter of 2010. Silver sales in the second quarter were 505,350 ounces compared to 422,713 ounces in the second quarter of 2009.

Total cash cost(1) per ounce of gold sold, net of by-product sales, for the second quarter was $288 compared to $429 in the second quarter of 2009. The decrease in total cash cost(1) is due to optimized mine planning, coupled with the benefit of higher by-product revenues driven by higher silver volumes and higher realized silver prices during the second quarter of 2010 when compared to the same period in the prior year. The average realized silver price in the second quarter was $18.38 per ounce compared to $13.84 per ounce in the prior year. These benefits were partially offset by the appreciation of the Mexican Peso as well as higher consumables costs, incurred in an effort to maximize production after delayed receipt of the explosives permit, during the second quarter of 2010 when compared to the same period in 2009.

For the six months ended June 30, 2010, gold sales were 37,957 ounces compared to 41,664 ounces sold in the same period in 2009. Gold production was 42,362 ounces compared to 44,793 ounces. The decreased gold sales and production in the first half of 2010 were attributable to the delayed receipt of the explosives permit in the first quarter of 2010. Silver sales for the six months ended June 30, 2010 were 698,856 ounces compared to 794,932 ounces sold in the same period in 2009.

Total cash cost(1) per ounce of gold sold, net of by-product sales, for the six months ended June 30, 2010 was $403 compared to $483 in the same period last year. The decrease in total cash cost(1) is driven by a combination of improved mine planning and higher by-product revenues in the first six months of 2010, with the higher by-product sales resulting from higher realized silver prices, partially offset by lower silver sales volumes. The average realized silver price in the first six months of 2010 was $18.02 per ounce compared to $13.23 per ounce in the prior year. These benefits were partially offset by: the fixed operating costs being distributed over lower ore tonnes in the first quarter of 2010, the appreciation of the Mexican Peso and higher consumables costs during the first half of 2010 when compared to the same period in 2009.

Cerro San Pedro Mine – Update on Recent Court Decision

As disclosed on July 7th, the Fifth Auxiliary District Court in Mexico City denied the company’s appeal against the September 2009 ruling by the Federal Court of Fiscal and Administrative Justice that ordered SEMARNAT, the Mexican government’s environmental regulatory agency, to cancel the company’s Environmental Impact Statement (“EIS”) in November 2009.

The company has now submitted its appeal against the District Court’s recent decision to the Collegiate Appeals Court in Mexico City. It is anticipated that the Collegiate Appeals Court’s evaluation of the appeal could take between four and six months. Further avenues remain for the matter to be advanced to the Supreme Court at a later date.

The Cerro San Pedro Mine is currently fully operational and New Gold intends to pursue all available avenues to ensure the mine continues to operate. Should a shutdown order be requested while the appeal is pending, the company will immediately seek an injunction against such an order. New Gold was previously successful in obtaining such an injunction in late 2009.

The company remains steadfast in its view that the mine should continue to be operated based on its enviable record of compliance with Mexican and international environmental standards, as well as the significant financial and socio-economic benefits it provides to the city of San Luis Potosi, the town of Cerro de San Pedro and the surrounding villages.

New Gold continues to work with local and federal government authorities in an effort to put in place an EIS that addresses the ongoing challenges against the validity of the mine’s previously approved EIS.

Peak Mines Continues to Deliver with Strong Second Half Expected

Gold sales in the second quarter at Peak Mines increased by 5% to 18,783 ounces from 17,939 ounces sold in the second quarter of 2009. Gold production was 21,646 ounces compared to 22,382 ounces. Gold production quarter-over-quarter remained relatively consistent as ore milled, grade and recoveries were all comparable. Copper sales increased in the second quarter to 3.0 million pounds from 2.6 million pounds in the same quarter of 2009. The increase in copper sales over the same quarter in 2009 was primarily related to timing of concentrate shipments.

Total cash cost(1) per ounce of gold sold, net of by-product sales, for the second quarter was $459 compared to $364 in the second quarter of 2009. The increase in total cash cost(1) is attributable to the timing of concentrate shipments and related inventory charges, an increase in salary related costs and the appreciation of the Australian dollar in the second quarter of 2010 when compared to the same period in the prior year. These cost increases were partially offset by higher by-product revenues from higher copper sales volumes and higher realized copper prices in the second quarter of 2010 when compared to the same period in the prior year. The average realized copper price in the second quarter was $3.09 per pound compared to $2.07 per pound in the prior year.

For the six months ended June 30, 2010, gold sales were 36,176 ounces compared to 38,795 ounces sold in the same period in 2009. Gold production was 41,889 ounces compared to 43,011 ounces. Gold production year to date was relatively consistent to that of the prior year as ore milled, grade and recoveries were all comparable. Copper sales for the six months ended June 30, 2010 were 7.1 million pounds compared to 5.3 million pounds sold in the same period in 2009.

Total cash cost(1) per ounce of gold sold, net of by-product sales, for the six months ended June 30, 2010 was $304 compared to $349 in the same period last year. The decrease in total cash cost(1) is driven by higher by-product revenues from higher copper sales volumes and higher realized copper prices in the first six months of 2010 when compared to the same period in the prior year. The average realized copper price in the first six months of 2010 was $3.24 per pound compared to $1.88 per pound in the prior year. This benefit was partially offset by an increase in salary related costs and the appreciation of the Australian dollar in the first half of 2010 when compared to the same period in the prior year.

Second Quarter and Year to Date Production and Cash Cost(1) Overview

Results presented below are for the period of ownership for the Mesquite Mine (June 1, 2009).

    -------------------------------------------------------------------------
                                       Q2 2010   Q2 2009  YTD 2010  YTD 2009
    -------------------------------------------------------------------------
    Production
    -------------------------------------------------------------------------
      Mesquite Gold (ounces)            38,849     9,041    82,883     9,041
    -------------------------------------------------------------------------
      Cerro San Pedro
        Gold (ounces)                   29,424    24,210    42,362    44,793
        Silver (ounces)                547,084   414,038   753,784   841,477
    -------------------------------------------------------------------------
      Peak Mines
    Gold (ounces)                       21,646    22,382    41,889    43,011
    Copper (million pounds)                4.0       4.3       8.0       8.1
    -------------------------------------------------------------------------
      Amapari Gold (ounces)                  -         -         -    13,726
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Total Production
    -------------------------------------------------------------------------
      Gold (ounces)                     89,919    55,633   167,134   110,571
    -------------------------------------------------------------------------
      Silver (ounces)                  547,084   414,038   753,784   841,477
    -------------------------------------------------------------------------
      Copper (million pounds)              4.0       4.3       8.0       8.1
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Gold sales (ounces)                 82,402    52,890   162,422   108,287
    -------------------------------------------------------------------------
    Total cash cost(1) ($ per ounce)      $490      $468      $481      $491
    -------------------------------------------------------------------------
    Note:  As announced on April 13, 2010, the company has sold the Amapari
           asset.

2010 Outlook

During the second quarter of 2010, New Gold continued its focus on delivering operationally while also streamlining the asset portfolio and enhancing the financial flexibility of the company. Looking forward, production is anticipated to continue to grow in the second half of the year coupled with declining cash cost(1). Mesquite is expected to continue its strong production with a focus on reducing costs. Cerro San Pedro has now reached its steady-state mining rate and recoveries from the leach pad are expected to continue to improve over the second half of the year. Per the mine plan, Peak Mines should be entering higher gold grade zones which will positively impact production and costs in the second half of 2010. New Gold reiterates its 2010 full year guidance of 330,000 to 360,000 ounces of gold production at a total cash cost(1) of $445 to $465 per ounce sold, net of by-product sales.

Conference Call-in and Webcast

Please note that going forward, New Gold will no longer issue preliminary Production and Cash Cost(1) news releases after each quarter and will instead issue a Quarterly Results news release that incorporates all operational and financial results for the respective quarter.

New Gold will discuss second quarter earnings results during a conference call and webcast on Friday, August 6, 2010 at 10:00 am Eastern Time. Anyone may join the conference by calling 1-416-695-7806 or toll-free 1-888-789-9572 in North America, and 800-6578-9818 toll-free outside of North America. The Passcode is 6463541. To listen to a recorded playback of the call after the event, please call 1-416-695-5800 or toll-free in North America 1-800-408-3053 – Passcode 4104215.

A live and archived webcast will also be available at www.newgold.com.

About New Gold

New Gold is an intermediate gold mining company with the Mesquite Mine in the United States, the Cerro San Pedro Mine in Mexico and Peak Gold Mines in Australia. The company is expected to produce between 330,000 and 360,000 ounces of gold in 2010, growing to over 400,000 ounces in 2012. In addition, New Gold has a strong portfolio of development and exploration assets in North and South America. For further information on the company, please visit www.newgold.com.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

Certain information contained in this news release, including any information relating to New Gold’s future financial or operating performance may be deemed “forward looking”. All statements in this news release, other than statements of historical fact, that address events or developments that New Gold expects to occur, are “forward-looking statements”. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “does not expect”, “plans”, “anticipates”, “does not anticipate”, “believes”, “intends”, “estimates”, “projects”, “potential”, “scheduled”, “forecast”, “budget” and similar expressions, or that events or conditions “will”, “would”, “may”, “could”, “should” or “might” occur. All such forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and are subject to important risk factors and uncertainties, many of which are beyond New Gold’s ability to control or predict. Forward-looking statements are necessarily based on estimates and assumptions that are inherently subject to known and unknown risks, uncertainties and other factors that may cause New Gold’s actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. Such factors include, without limitation: significant capital requirements; fluctuations in the international currency markets and in the rates of exchange of the currencies of Canada, the United States, Australia, Mexico and Chile; price volatility in the spot and forward markets for commodities; impact of any hedging activities, including margin limits and margin calls; discrepancies between actual and estimated production, between actual and estimated reserves and resources and between actual and estimated metallurgical recoveries; changes in national and local government legislation in Canada, the United States, Australia, Mexico and Chile or any other country in which New Gold currently or may in the future carry on business; taxation; controls, regulations and political or economic developments in the countries in which New Gold does or may carry on business; the speculative nature of mineral exploration and development, including the risks of obtaining and maintaining the validity and enforceability of the necessary licenses and permits and complying with the permitting requirements of each jurisdiction that New Gold operates, including, but not limited to, Mexico, where New Gold is involved with ongoing challenges relating to its environmental impact statement for the Cerro San Pedro Mine; the lack of certainty with respect to the Mexican and other foreign legal systems, which may not be immune from the influence of political pressure, corruption or other factors that are inconsistent with the rule of law; the uncertainties inherent to current and future legal challenges the company is or may become a party to, including the third party claim related to the El Morro transaction with respect to New Gold’s exercise of its right of first refusal on the El Morro copper-gold project in Chile and its partnership with Goldcorp Inc., which transaction and third party claim were announced by New Gold in January 2010; diminishing quantities or grades of reserves; competition; loss of key employees; additional funding requirements; actual results of current exploration or reclamation activities; changes in project parameters as plans continue to be refined; accidents; labour disputes; defective title to mineral claims or property or contests over claims to mineral properties. In addition, there are risks and hazards associated with the business of mineral exploration, development and mining, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion losses (and the risk of inadequate insurance or inability to obtain insurance to cover these risks) as well as “Risk Factors” included in New Gold’s Annual Information Form filed on March 26, 2010 and Management’s Discussion and Analysis for the year ended December 31, 2009, both available at www.sedar.com. Forward-looking statements are not guarantees of future performance, and actual results and future events could materially differ from those anticipated in such statements. All of the forward-looking statements contained in this news release are qualified by these cautionary statements. New Gold expressly disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, events or otherwise, except in accordance with applicable securities laws.

(1) TOTAL CASH COST

“Total cash cost” per ounce figures are calculated in accordance with a standard developed by The Gold Institute, which was a worldwide association of suppliers of gold and gold products and included leading North American gold producers. The Gold Institute ceased operations in 2002, but the standard is widely accepted as the standard of reporting cash cost of production in North America. Adoption of the standard is voluntary and the cost measures presented may not be comparable to other similarly titled measures of other companies. New Gold reports total cash cost on a sales basis. Total cash cost includes mine site operating costs such as mining, processing, administration, royalties and production taxes, but is exclusive of amortization, reclamation, capital and exploration costs. Total cash cost is reduced by any by-product revenue and is then divided by ounces sold to arrive at the total by-product cash cost of sales. The measure, along with sales, is considered to be a key indicator of a company’s ability to generate operating earnings and cash flow from its mining operations. This data is furnished to provide additional information and is a non-GAAP measure. Total cash cost presented do not have a standardized meaning prescribed by GAAP and may not be comparable to similar measures presented by other mining companies. It should not be considered in isolation as a substitute for measures of performance prepared in accordance with GAAP and is not necessarily indicative of operating costs presented under GAAP. A reconciliation will be provided in the MD&A accompanying the quarterly financial statements.

Tuesday, July 20th, 2010 Uncategorized Comments Off on New Gold (NGD) Announces 62% Increase in Gold Production in Second Quarter of 2010

Cardiac Science (CSCX) Addresses FDA Recall Concerns

BOTHELL, Wash., July 19 /PRNewswire-FirstCall/ — Cardiac Science Corporation (Nasdaq: CSCX), a global leader in automated external defibrillator (AED) and diagnostic cardiac monitoring devices, announced it has addressed outstanding issues with the Food and Drug Administration (“FDA”) relating to the corrective AED field action announced on November 13, 2009. The FDA has issued an updated communication on this matter which may be viewed at http://www.fda.gov/MedicalDevices/Safety/AlertsandNotices/ucm191426.htm.

Under the updated recall plan, Cardiac Science will replace approximately 24,000 AEDs used by first responders and certain medical facilities in the United States. First responders include police, fire, and ambulance services. Medical provider facilities include hospitals, medical clinics, dialysis centers and assisted living facilities.

“We have worked constructively with the FDA to address their concerns and are pleased to bring this matter to a close. We are now focused on executing the updated recall quickly and effectively,” said Dave Marver, Cardiac Science president and chief executive officer.

The Company estimates this plan will add between $10 and $15 million to the $18.5 million expense previously accrued for the November, 2009 recall. The Company expects to take a charge to earnings in the second quarter within this range. Cash expenditures related to this updated recall plan are expected to occur over the next twelve months or more. The Company has executed an updated agreement with Silicon Valley Bank, increasing its line of credit from $5 million to $15 million and will use borrowings from this line, in combination with existing cash resources, to carry out this updated recall plan.

The Updated Recall Plan

Under the updated recall plan, Cardiac Science will repair or replace approximately 24,000 AEDs used by first responders and certain medical facilities in the U.S. AED use by these customers is likely to be more frequent due to the nature of the settings in which the AEDs are employed and the involvement of professionally trained caregivers. More frequent use of affected AEDs may introduce a slightly higher probability that the component issue that led to the November 2009 recall will be encountered during a rescue attempt.

All other AEDs affected by the November 2009 recall require only the Company’s previously announced software update. This update enhances the AED’s self-test capabilities and improves detection of the component issue such that the probability of failure of these devices during a rescue attempt is significantly reduced. The Company has notified affected customers and the software update is currently available for all affected AEDs. For most models, the update is available online at www.cardiacscience.com/aed175. Cardiac Science urges all users, including those who will receive replacements, to install the software update for their affected AED(s) as soon as possible.

Cardiac Science will immediately begin notifying U.S. based first responder and medical facility customers eligible for replacement units. Replacements will be scheduled as soon as possible, with first priority given to police, fire, and ambulance service customers.

The determination whether replacement units are appropriate for first responders and/or medical facilities outside the U.S. will be made through discussions with local regulatory authorities. These authorities have previously accepted the software update as the appropriate action for all customers, including first responders and medical facilities. The number of units subject to the updated plan outside the U.S., if any, will affect costs within the estimated range.

Customers inside the US may call 877.901.1788 for more information. Customers outside the US may call +44.161.926.0011, or contact their local Cardiac Science representative.

Conference Call Scheduled at 1:00 pm EDT Today

Cardiac Science will conduct a conference call today at 1:00 p.m. Eastern Daylight Time to discuss today’s news. The call will be hosted by Dave Marver, president and chief executive officer, and Mike Matysik, senior vice president and chief financial officer.

To access the conference call, please dial 877.941.0844 and reference conference ID 4331134. Callers outside the U.S. can dial 480.629.9645. The call will also be webcast live at www.cardiacscience.com. An archive of the webcast will also be available at www.cardiacscience.com for 90 days.

Forward-Looking Statements

This press release contains forward-looking statements. The words “believe,” “expect,” “intend,” “anticipate,” variations of such words, and similar expressions identify forward-looking statements, but their absence does not mean that the statement is not forward-looking. Forward-looking statements in this press release include, but are not limited to, those that refer to the number of AEDs expected to be repaired or replaced under the updated recall plan, the timing of replacement, the resolution of regulatory concerns in both the U.S. and foreign jurisdictions, the effectiveness of the software update, the risk of component failure, the timing and amount of expenses to be recorded in the Company’s financial statements relating to the repair and replacement of affected AEDs, the timing and amount of associated cash expenditures and the sufficiency of  the Company’s line of credit with Silicon Valley Bank, together with existing cash, to fund the recall. These are forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. Actual results and performance may vary significantly from those expressed or implied in such statements. Factors that could cause or contribute to such varying results and other risks include the outcome of discussions or negotiations with applicable regulatory bodies in geographies outside the U.S., additional regulatory issues that may arise in the course of our business due to the fact that we remain subject to the oversight of the FDA and other regulatory bodies, the extent to which AED units recovered from affected customers can be repaired and used as replacement units for other customers, the availability of financial resources to perform the replacements and other actions described herein, as well as those more fully described in the Annual Report on Form 10-K filed by Cardiac Science Corporation for the year ended December 31, 2009, as updated by subsequent quarterly reports on Form 10-Q. Cardiac Science Corporation undertakes no duty or obligation to update the information provided herein.

For more information,
Company Contact: Investor Contact: Media Contact:
Mike Matysik

Cardiac Science Corporation

Senior Vice President and CFO

425.402.2009

Matt Clawson

Allen & Caron

949.474.4300

matt@allencaron.com

Christopher Gale

EVC Group Inc.

646.201.5431

203.570.4681

cgale@evcgroup.com

Monday, July 19th, 2010 Uncategorized Comments Off on Cardiac Science (CSCX) Addresses FDA Recall Concerns

Ramius Offers to Acquire Cypress Bioscience (CYPB) for $4.00 Per Share in Cash

Jul. 19, 2010 (Business Wire) — Ramius Value and Opportunity Advisors LLC, a subsidiary of Ramius LLC (collectively, “Ramius”), today announced that it has sent a letter to the Board of Directors of Cypress Bioscience, Inc. (“Cypress” or “the Company”) (NASDAQ: CYPB) outlining an offer to acquire all of the outstanding shares of the Company that it does not already own for $4.00 per share in cash. The Ramius offer described in the letter represents a 60% premium over the July 16, 2010, closing price and a 74% premium over the average closing price since the acquisition of BioLineRx’s BL-1020 drug. Ramius currently owns 9.9% of the outstanding common stock of Cypress, making it one of the Company’s largest shareholders.

In addition to the all-cash offer, Ramius also stated in the letter that it would be willing to consider an acquisition structure that would allow management to continue the development of the recently acquired BL-1020 if they are able to fund the required financing for the Phase IIb trial themselves or from a third party financing source. As part of this structure, Ramius believes management and third party financing could retain a 50% interest in BL-1020, with the other 50% interest retained on a pro-rata basis by all existing Cypress shareholders. Ramius believes that this structure would provide shareholders with immediate liquidity through an all-cash acquisition at a significant premium to the current stock price and provide shareholders with an opportunity to retain future upside potential from the development of BL-1020 without shareholders funding the risk.

Further, Ramius stated that ill-conceived acquisitions and other internal investments proposed and executed by management and supported by the current Board have resulted in significant destruction of shareholder value and that the Board should immediately hire a reputable investment bank to explore a sale of the Company. Ramius notes that it is currently evaluating all legal options and reserves its right to take any action necessary to ensure that Cypress is run in a manner that is consistent with the best interests of all shareholders.

Ramius Partner Managing Director Jeffrey C. Smith, stated “The Cypress Board needs to realize that a management team that continues to destroy shareholder value by making increasingly risky investments with shareholder money is not a management team to follow blindly. The correct conclusion at this juncture is to stop, hire a reputable banker, and maximize value for all shareholders.”

Mr. Smith continued, “Our all-cash offer provides shareholders with a better alternative to the Company’s current plan of pursuing highly-speculative acquisitions that could continue to destroy significant shareholder value. As such, we are prepared to enter into immediate discussions with the Board around structuring a transaction that maximizes value for all shareholders.”

The full text of the letter follows:

July 19, 2010

TO: Mr. Roger L. Hawley
Dr. Amir Kalali
Dr. Jay D. Kranzler
Mr. Jon W. McGarity
Mr. Jean-Pierre Millon
Dr. Perry B. Molinoff
Dr. Tina S. Nova
Mr. Daniel H. Petree

To the Board of Directors of Cypress:

Ramius Value and Opportunity Advisors LLC, together with its affiliates, (“Ramius”), propose to acquire all of the outstanding shares of common stock of Cypress Bioscience, Inc. (“Cypress” or the “Company”) that we do not already own at a price of $4.00 per share in cash. Ramius currently owns approximately 9.9% of the outstanding common stock of Cypress, making us one of the largest shareholders of the Company. We are ready, willing, and able to close this transaction expeditiously and expect the Board of Directors (the “Board”) to retain a reputable investment bank to immediately engage in discussions with us and any other potential acquirers to maximize value for all shareholders.

Up until now, we believe the current Board has shown a complete disregard for the best interests of all shareholders and its fiduciary duty to maximize shareholder value. We are currently evaluating all legal options and reserve our rights to take any action necessary to ensure that Cypress is run in a manner that is consistent with the best interests of all shareholders. We implore the Board to cease and desist from approving any further acquisitions and not enter into, or seek or propose to enter into, any further material transactions, licensing agreements or business combinations that could jeopardize the ability for shareholders to realize full and fair value for their investment.

It is incumbent on all directors to now realize that their fiduciary obligations are to maximize value for all shareholders. Our offer is real, and provides a substantial premium to the market price of the Company.

Ramius Offer:

Our all-cash proposal of $4.00 per share represents a 60% premium over the last closing price of $2.50 per share, and a 74% premium to the average closing price of $2.30 per share since the announcement of the acquisition of BioLineRx’s BL-1020 on June 21, 2010. In addition to the all-cash offer, if management is so convinced that BL-1020 is likely to be successful, we are willing to consider an acquisition structure that would allow management to continue the development of BL-1020 if they are able to fund the required financing for the Phase IIb trial themselves or from a third-party financing source. As part of this structure, we would envision management and third-party financing retaining a 50% interest in BL-1020, with the other 50% interest retained on a pro-rata basis by all existing Cypress shareholders. This would be in addition to the $4.00 per share in cash to all shareholders. We believe that this structure would provide shareholders with immediate liquidity through an all-cash acquisition at a significant premium to the current stock price and provide an opportunity to retain future upside potential from the development of BL-1020 without shareholders funding the risk. Our acquisition proposal is conditioned upon satisfactory completion of limited due diligence (which we expect to be confirmatory provided the Board does not take any value-destroying actions), the waiver of any Company anti-takeover provisions, and the execution of a mutually acceptable definitive agreement which will include customary conditions for a transaction of this type and size. Further, the value of our proposal is based on the Company taking no further actions to adversely change the Company’s latest balance sheet and we reserve all rights accordingly. We are prepared to enter into immediate discussions with the Company’s Board of Directors to consummate a transaction.

Management and Board Performance:

We implore the Board to understand that their fiduciary duty is to maximize value for shareholders and that now is the time to hire a reputable investment bank to undergo a sale process in which we will participate. Under the leadership of the current management team and Board, the performance of Cypress has been and continues to be unacceptable to shareholders. This is demonstrated by the significant destruction of shareholder value over the past one, three and five years. As shown in the chart below, Cypress has materially underperformed both the Russell 2000 Index and Nasdaq Biotech Index over those time periods.

Stock Performance
1 Year 3 Year 5 Year
Cypress Bioscience (73.6 %) (81.1 %) (81.8 %)
Russell 2000 Index 16.9 % (28.1 %) (8.0 %)
NASDAQ Biotechnology Index 8.1 % (2.3 %) 6.0 %

We believe this destruction of shareholder value is a direct result of ill-conceived acquisitions and other internal investments proposed and executed by management and supported by the current Board.

Proprius:

On February 25, 2008, Cypress announced the acquisition of Proprius for an upfront payment of $37.5 million with an additional $37.5 million in potential milestone-related payments associated with the development of Proprius’ therapeutic candidates. Prior to the announcement of the acquisition, Cypress’ shares were trading at $7.96 per share and the Company had approximately $182 million in cash. At the time of the acquisition, the stated rationale for the transaction was to generate significant income from product sales and to attract new commercial opportunities in order to leverage the Company’s existing sales force.

“My experience suggests that with proper execution, Cypress’s attractiveness as an in-licensing partner in its specialty segment should increase significantly…yet we believe that even as an independent business proposition, the Proprius diagnostics business could hold its own, as the high-value nature of the offerings are expected to support druglike margins over time.”

– Jay D. Kranzler, CEO (February 25, 2008 Cypress Bioscience investor call).

Based on the publicly reported results since the acquisition of Proprius, the transaction has been a complete failure. In fact, since the acquisition, total revenue from Proprius’ products has amounted to less than $600,000 while costing the Company approximately $40 million in upfront payments and losses. In a recent Company disclosure, management even conceded that the attempt to transition to a commercial business has failed.

“While we have managed to build some value in our attempt to transition to the commercial stage, we have come to the conclusion that our commercial business is not likely to provide a source of sustainable competitive advantage or an opportunity for an optimal return on invested capital.”

– Excerpt from July 12, 2010 8-K filing

The acquisition of Proprius and the decision to be in the commercial business was clearly a mistake and likely a predictable one. Although management’s acknowledgement of this $40 million mistake is a step in the right direction, the hasty decision to jump into high-risk drug development only compounds that prior error. The Board needs to realize that a management team that continues to destroy shareholder value by making increasingly risky investments with shareholder money is not a management team to follow blindly. The correct conclusion at this juncture is to stop, hire a reputable banker, and maximize value for all shareholders.

BioLineRx BL-1020:

On June 20, 2010, Cypress announced that it had entered into an exclusive North American license for the development and commercialization of BioLineRx’s antipsychotic BL-1020. Under the terms of the agreement, Cypress agreed to pay BioLineRx an upfront payment of $30 million, with potential clinical milestone payments of up to $160 million, potential commercial milestone payments of up to $85 million, and potential payments upon additional indications of $90 million. In addition to these payments, Cypress is also responsible to fund all continuing development activity including clinical trials that we believe could cost the Company in excess of $75 million over the next four to five years. All of this is just for the North American rights.

Given the precipitous drop in the Company’s stock price by 38% immediately following the announcement of the BL-1020 acquisition, it is clear that investors do not have confidence in management’s ability to execute on this acquisition and do not believe in the Company’s recently revised strategy to acquire and internally develop highly speculative, early stage drugs. Additionally, the risk of this new strategy has resulted in one analyst that follows the Company already calling for a capital raise in the future.

“between the development costs for ‘1020 and the milestones due to BioLineRx, we would expect the Company will now need to raise capital at least once prior to ‘1020’s potential launch.”

– Oppenheimer Equity Research Report (June 21, 2010).

As discussed before, if management truly believes in the investment merits of BL-1020, we are willing to allow management to share the upside of BL-1020 with the shareholders provided they put in their own money or find third party financing to fund the development so that shareholders do not assume all of the risk.

Fiduciary Responsibility:

It is the fiduciary responsibility of management and the Board to represent the best interests of all shareholders. Given the long history of underperformance driven by ill-conceived acquisitions and failed investments, we believe that management and the current Board may have failed to fully and faithfully represent shareholder interests and discharge their duties. We question whether the members of the Board have breached their respective fiduciary duties to shareholders by continuing to approve highly speculative, overpriced, and value-destroying acquisitions that serve only to further entrench the existing management team and the current Board.

The most recent transaction to acquire BL-1020, which resulted in a one-day stock price decline of 38%, raises further questions about potential conflicts of interest. These potential conflicts include potential relationships between Cypress’ management and the management of BioLine and the role of Cypress’ CEO Dr. Kranzler in advising BioLine on the initial due diligence for BL-1020.

We are evaluating such potential conflicts and the unconventional committee structure of the Board. We seriously question why the Finance Committee, which is comprised of only one director, Daniel Petree, has the sole authority to evaluate, review, facilitate and approve the selection and engagement of financial advisors in connection with strategic transactions, licenses, joint ventures, acquisitions and other similar transactions. We also question the need for the formation of the Strategic Committee in February 2010. According to the proxy, “The Strategic Committee meets with and advises management as the Company considers product licensing, potential acquisitions and other strategic opportunities.” However, the Strategic Committee is comprised of only two board members, Dr. Kranzler, the CEO of Cypress, and Mr. Petree, the sole member of the Finance Committee. Forming the Strategic Committee seems particularly suspect because the Company already has a New Products Committee comprised of five directors who are responsible for evaluating in-license and acquisition candidates. Additionally, we question how the Board can maintain its independence while evaluating new acquisitions when its CEO is part of a two-person committee that advises management on potential acquisitions.

Based on our belief that the Board may have breached its fiduciary duty to shareholders, we are currently evaluating any and all legal options to ensure that the Company does not seek to take any further value destroying measures. We will continue to closely monitor the Board’s actions. To the extent the Board ignores our pleas and continues to pursue additional acquisitions and/or investments, we will not hesitate to take any and all action to protect our investment and the best interests of all shareholders.

Conclusion:

  • We believe our all-cash offer of $4.00 per share plus the ability to retain upside in the development of BL-1020 if management and/or a third party financing source are willing to fund the ongoing development costs is fair, and provides shareholders with a better alternative to the Company’s current plan of pursuing highly-speculative acquisitions that could continue to destroy significant shareholder value.
  • We are prepared to enter into immediate discussions with the Board around structuring a transaction that maximizes value for all shareholders.
  • We fully expect the Board to immediately hire a reputable investment bank to evaluate our offer and to formally explore a sale of the Company.
  • We expect the Board to cease and desist from allowing management to complete any more acquisitions or any other potentially value-destroying transactions while the Board fully evaluates maximizing value for all shareholders through an expeditious sale process.

We look forward to having productive discussions with you and your advisers to consummate a transaction. In the event that the Board is unwilling to negotiate a transaction that maximizes value for all shareholders, and instead chooses to continue down its current path of destroying shareholder value, we reserve all rights to take any action we deem necessary to ensure the best interests of all shareholders are represented.

Best Regards,
/s/
Jeffrey C. Smith
Partner Managing Director
Ramius LLC

About Ramius LLC

Ramius LLC is a registered investment advisor that manages assets in a variety of alternative investment strategies. Ramius LLC is headquartered in New York with offices located in London, Luxembourg, Tokyo, Hong Kong and Munich.

Monday, July 19th, 2010 Uncategorized Comments Off on Ramius Offers to Acquire Cypress Bioscience (CYPB) for $4.00 Per Share in Cash

ATC Technology Corporation (ATAC) Enters into Definitive Agreement to be Acquired

DOWNERS GROVE, Ill., July 19, 2010 (GLOBE NEWSWIRE) — ATC Technology Corporation (ATC) (Nasdaq:ATAC), today announced that it has entered into a definitive agreement and plan of merger pursuant to which it will be acquired by GENCO Distribution System, Inc., (GENCO) a privately held third-party provider of logistics services for retailers, manufacturers, and U.S. government agencies, in an all-cash merger valued at $512.6 million.

The Board of Directors of ATC and GENCO unanimously approved the agreement, which provides that in the merger each then outstanding share of ATC will be converted into the right to receive $25.00 per share in cash. The merger consideration represents a 43.4% premium over ATC’s July 16, 2010 closing price and a 46.5% premium over the average closing price of ATC common stock over the 30 trading days prior to July 19, 2010. Following the completion of the proposed transaction, ATC will become a wholly owned subsidiary of GENCO, will be fully integrated into GENCO and will no longer trade publicly.

Todd R. Peters, President and CEO said, “After a thorough and extensive analysis, our Board of Directors unanimously concluded that this transaction provides outstanding cash value to our stockholders and is in the best interest of our stockholders, customers and employees. GENCO is a leading logistics provider in North America.  ATC’s customers, shareholders and employees will be well served through this transformational merger. GENCO’s broad geographic footprint and service offerings will enhance ATC’s current offerings to both current and potential customers, and create the potential for faster growth and greater customer diversification than exists today as a standalone business. ATC’s logistics capabilities will become a centerpiece of the combined business for servicing the consumer electronics marketplace, and GENCO will continue to build the Drivetrain business. I am confident that GENCO will provide the highest level of service to our customers, and expand the range of our offerings.”

Transaction Details

Completion of the merger is subject to approval by holders of a majority of ATC’s outstanding common stock, receipt by GENCO of the proceeds of the debt and equity financings described below, expiration of the Hart-Scott-Rodino regulatory waiting period, and the satisfaction of other customary closing conditions. The transaction is expected to close during the fourth quarter of 2010.

GENCO has advised ATC that it intends to finance the acquisition through the application of proceeds of approximately $125 million from the sale of GENCO shares to affiliates of Greenbriar Equity Group LLC (Greenbriar) and from borrowings under a $450 million new line of credit to be extended to GENCO by PNC Bank, National Association (PNC), and Wells Fargo Bank, N.A. (Wells Fargo) and through the application of cash on hand.  GENCO has entered into a definitive stock purchase agreement with affiliates of Greenbriar providing for the equity financing with Greenbriar.

GENCO has also entered into a commitment letter with PNC and Wells Fargo providing for the debt financing.  The commitment of PNC and Wells Fargo is not conditioned upon syndication of the line of credit facility with other financial institutions.

Under the merger agreement, ATC and its advisors are permitted and intend to actively solicit alternative acquisition proposals from third parties until August 17, 2010.  There can be no assurance of any alternative proposal.

Robert W. Baird & Co. Incorporated served as financial advisor to ATC and Gibson, Dunn & Crutcher LLP served as legal advisor. Macquarie Capital (USA) Inc. and Republic Partners, Inc. served as financial advisors to GENCO and Paul, Weiss, Rifkind, Wharton & Garrison LLP and Thorp, Reed & Armstrong LLP served as legal counsel to GENCO. Hughes Hubbard & Reed LLP served as legal counsel to Greenbriar.

Conference Call Scheduled

ATC will host a conference call to discuss the transaction on Monday, July 19, 2010 at 8:00 AM Central time. Listeners may access the conference call live through the following dial-in number: (877)-879-6201. A dial-in replay of the conference call will be available at 11 A.M. Central time on July 19, 2010 through 11 P.M. Central time on July 26, 2010 at 888-203-1112 using the pass code 4344620.

About ATC

ATC is headquartered in Downers Grove, Illinois. The Company provides comprehensive engineered solutions for logistics and refurbishment services to the consumer electronics industries and the light-, medium- and heavy-duty vehicle service parts markets.

The ATC Technology Corporation logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=5184

About GENCO

GENCO Distribution System, Inc. is headquartered in Pittsburgh, Pennsylvania. The privately held company provides contract logistics, reverse logistics, product liquidation, pharmaceutical logistics, and government solutions for manufacturers, retailers, and U.S. government agencies. For more information visit www.genco.com.

About Greenbriar

Greenbriar Equity Group LLC is a private equity firm with $1.5 billion of committed capital focusing exclusively on investments in the global transportation industry.

Additional Information

The proxy statement that ATC plans to file with the SEC and mail to its stockholders will contain information about ATC, GENCO, the proposed merger, and related matters. Stockholders are urged to read the proxy statement carefully when it is available, as it will contain important information that stockholders should consider before making a decision about the merger. In addition to receiving the proxy statement or a notice of internet availability of the proxy statement from ATC by mail, stockholders will also be able to obtain the proxy statement, as well as other filings containing information about ATC, without charge, from the SEC’s website (www.sec.gov) or, without charge, from ATC by mail or from ATC’s website (www.goATC.com). This announcement is neither a solicitation of proxy, an offer to purchase nor a solicitation of an offer to sell shares of ATC. ATC and its executive officers and directors may be deemed to be participants in the solicitation of proxies from ATC’s stockholders with respect to the proposed merger. Information regarding any interests that ATC’s executive officers and directors may have in the transaction will be set forth in the proxy statement.

Forward-Looking Statements

This publication contains various “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 regarding the proposed acquisition of ATC by GENCO and the risks and uncertainties related to the occurrence of future events. Certain factors that could cause actual events not to occur as expressed in the forward-looking statement include, but are not limited to, (i) the failure to obtain the necessary approval by ATC’s stockholders, antitrust clearance in a timely manner or at all, (ii) the failure, under certain circumstances, of GENCO to meet the conditions set forth in its equity and debt financing documents, and (iii) the satisfaction of various other closing conditions contained in the definitive merger agreement. Other potential risks and uncertainties are discussed in ATC’s reports and other documents filed with the SEC from time to time. ATC assumes no obligation to update the forward-looking information. Such forward-looking statements are based upon many estimates and assumptions and are inherently subject to significant economic and competitive uncertainties and contingencies, many of which are beyond the control of ATC’s management. Inclusion of such forward-looking statements herein should not be regarded as a representation by ATC that the statements will prove to be correct.

Monday, July 19th, 2010 Uncategorized Comments Off on ATC Technology Corporation (ATAC) Enters into Definitive Agreement to be Acquired

Somaxon Pharmaceuticals (SOMX) Establishes Silenor Commercial Team

Somaxon Pharmaceuticals, Inc. SOMX, a specialty pharmaceutical company focused on the in-licensing, development and commercialization of proprietary branded pharmaceutical products and late-stage product candidates for the treatment of diseases and disorders in the central nervous system therapeutic area, today announced that it has established a commercial team to promote Silenor® (doxepin) for the treatment of insomnia characterized by difficulties with sleep maintenance.

On July 14, 2010, Somaxon entered into a Professional Detailing Services Agreement with Publicis Touchpoint Solutions, Inc. pursuant to which Publicis will provide Somaxon with 110 sales representatives on a contract basis that will exclusively promote Silenor. These representatives will be employees of Publicis but will be hired to Somaxon’s specifications and will be managed by Somaxon’s recently-hired team of sales management personnel. Publicis will also be responsible for the sales force automation, fleet and other ancillary services relating to the sales force, and Somaxon will have the option to hire the Publicis sales representatives as Somaxon employees in the future.

“We are excited to continue to execute on our corporate strategy by hiring a dedicated specialty sales team for Silenor, which will target the highest prescribers of insomnia drugs, including psychiatrists, neurologists and high-prescribing primary care physicians, with the goal of supporting an October launch,” said Richard W. Pascoe, Somaxon’s President and Chief Executive Officer. “In addition, we continue to engage in discussions with third parties relating to the commercialization of Silenor, and we believe that this specialty sales force structure and our marketing plan will provide us with the flexibility needed to complement the promotional efforts of any strategic collaborator in the marketing of Silenor.”

“During the second quarter of this year, we hired a sales management team with solid CNS experience, and we look forward to deploying this specialty sales force under their leadership,” said Jeff Raser, Somaxon’s Chief Commercial Officer. “With trade and sample manufacturing nearing completion, our marketing campaign fully developed, our pricing and managed care strategy finalized, and the commercial team build-out soon to be completed, we look forward to introducing our highly differentiated insomnia product to the highest prescribing physicians in the U.S. insomnia market.”

About Silenor®

Silenor is a low-dose (3 mg, 6 mg) oral tablet formulation of doxepin that is patent protected for use in insomnia. The Silenor NDA was approved in March 2010 for the treatment of insomnia characterized by difficulties with sleep maintenance. The NDA included all of the data from the company’s development program, including data from Somaxon’s clinical trial program that evaluated 1,017 subjects exposed to Silenor from 12 studies.

Important Safety Information

A doctor should be consulted if insomnia worsens or is not better within 7 to 10 days. This may mean that there is another condition causing the sleep problem.

Patients should be sure that they are able to devote 7 to 8 hours to sleep before being active again. Silenor should be taken within 30 minutes of bedtime. Patients should not take Silenor with alcohol or with other medicines that can cause drowsiness. Silenor should not be taken with or within two weeks after taking a monoamine oxidase inhibitor (MAOI). Patients should not take Silenor if they have untreated narrow angle glaucoma, if they have severe urinary retention, if they have severe sleep apnea or if they are allergic to any of the ingredients in Silenor. Until patients know how they will react to Silenor, they should not drive or operate machinery at night after taking Silenor, and they should be careful in performing such activities during the day following taking Silenor. Before taking Silenor, patients should tell their doctors if they have a history of depression, mental illness or suicidal thoughts. Patients should call their doctors right away if after taking Silenor they walk, drive, eat or engage in other activities while asleep. Drowsiness was the most common adverse event observed in clinical trials.

For more information, please see the complete Prescribing Information, including the Medication Guide, at www.silenor.com or www.somaxon.com.

About Somaxon Pharmaceuticals, Inc.

Headquartered in San Diego, CA, Somaxon Pharmaceuticals, Inc. is a specialty pharmaceutical company focused on the in-licensing, development and commercialization of proprietary branded pharmaceutical products and of late-stage product candidates for the treatment of diseases and disorders in the central nervous system therapeutic area. Somaxon’s product Silenor® (doxepin) has been approved by the FDA for the treatment of insomnia characterized by difficulties with sleep maintenance.

For more information, please visit the company’s web site at www.somaxon.com.

Somaxon cautions readers that statements included in this press release that are not a description of historical facts are forward-looking statements.For example, statements regarding Somaxon’s commercial plans and strategy, including the planned launch of commercial sales of Silenor, the potential establishment of a strategic collaboration relating to the commercialization of Silenor, and the potential to recruit and retain the targeted number of sales representatives meetingSomaxon’s specifications, are forward-looking statements.The inclusion of forward-looking statements should not be regarded as a representation by Somaxon that any of its plans will be achieved.Actual results may differ materially from those set forth in this release due to the risks and uncertainties inherent in Somaxon’s business, including, without limitation, Somaxon’s ability to successfully commercialize Silenor; Somaxon’s reliance on a third party, Publicis, for critical aspects of the commercial sales process for Silenor; the performance of Publicis and its adherence to the terms of the contract; the ability of Somaxon’s sales management personnel to effectively manage the sales representatives employed by Publicis; the potential to enter into and the terms of any commercial partnership or other strategic transaction relating to Silenor; the ability of Somaxon to ensure adequate and continued supply of Silenor to successfully launch commercial sales or meet anticipated market demand; the scope, validity and duration of patent protection and other intellectual property rights for Silenor; whether the approved label for Silenor is sufficiently consistent with such patent protection to provide exclusivity for Silenor; Somaxon’s ability to operate its business without infringing the intellectual property rights of others; the market potential for insomnia treatments, and Somaxon’s ability to compete within that market; inadequate therapeutic efficacy or unexpected adverse side effects relating to Silenor that could delay or prevent commercialization, or that could result in recalls or product liability claims; other difficulties or delays in development, testing, manufacturing and marketing of Silenor; the timing and results of post-approval regulatory requirements for Silenor, and the FDA’s agreement with Somaxon’s interpretation of such results; Somaxon’s ability to raise sufficient capital to fund its operations, and to meet its obligations to parties under financing agreements, and the impact of any such financing activity on the level of its stock price; the impact of any inability to raise sufficient capital to fund ongoing operations; and other risks detailed in Somaxon’s prior press releases as well as in its periodic filings with the Securities and Exchange Commission.

Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof.All forward-looking statements are qualified in their entirety by this cautionary statement, and Somaxon undertakes no obligation to revise or update this press release to reflect events or circumstances after the date hereof.This caution is made under the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934.

Somaxon Pharmaceuticals, Inc.
Tran Nguyen / CFO
858-876-6500
or
PondelWilkinson, Inc.
Rob Whetstone
310-279-5963

Thursday, July 15th, 2010 Uncategorized Comments Off on Somaxon Pharmaceuticals (SOMX) Establishes Silenor Commercial Team

BP and Verenium (VRNM) Announce Pivotal Biofuels Agreement

CAMBRIDGE, Mass., July 15, 2010 /PRNewswire via COMTEX News Network/ — BP and Verenium Corporation (Nasdaq: VRNM) today announced an agreement for BP Biofuels North America to acquire Verenium’s cellulosic biofuels business, including the Company’s facilities in Jennings, LA and San Diego, CA for $98.3 million. Verenium will retain its commercial enzyme business, including its biofuels enzymes products and have the right to develop its own lignocellulosic enzyme program. Verenium will also retain select R&D capabilities, as well as rights to access select biofuels technology developed by BP using the technology it is acquiring from Verenium through this agreement.

“We are very pleased that our strategic development partnership with BP has successfully advanced our cellulosic ethanol technology to the cusp of commercialization,” said Carlos A. Riva, President and Chief Executive Officer at Verenium. “We believe that BP is the right company to make the investment needed to carry this forward and expedite the commercialization of the technology.”

“This agreement should give both companies the flexibility to pursue the growth opportunities in the respective businesses and achieve goals in the near-term. As a result of this transaction, Verenium will have the resources to grow our commercial enzyme business while maintaining strategic access to the emerging cellulosic ethanol market in a manner that better fits our resources,” added Riva.

“This acquisition demonstrates BP’s intent to be a leader in the cellulosic biofuels industry in the U.S. and positions us as one of the few global companies with an integrated end-to-end capability, from R&D through commercialization to distribution and blending,” said Philip New, CEO of BP Biofuels. “Our partnership with Verenium has been very fruitful, enabling the companies to develop a leading cellulosic ethanol technology package, driven forward by the skills and expertise of people from both companies. By acquiring Verenium’s cellulosic biofuels technologies, BP Biofuels should be well placed to accelerate the delivery of low cost, low carbon, sustainable biofuels, at scale.”

The major terms of this agreement include:

BP will acquire the following:

  • Jennings, LA facilities, including the pilot plant and the demonstration-scale facility as well as the San Diego, CA R&D facilities;
  • Cellulosic biofuels technology and related IP; and
  • Cellulosic enzyme technology and related IP.

In addition, BP would retain scientists and technologists needed to continue the biofuels development program.

Verenium will retain / receive the following:

  • The core commercial enzyme business, including the personnel and supporting technology required to develop the business, including for applications in the biofuels segment;
  • $98.3 million payment from BP;
  • $10.8 million in cash (currently restricted) to be released upon assignment of its lease for the San Diego facility to BP;
  • The ability to access select biofuels products developed by BP using the technology it is acquiring from Verenium; and
  • The ability to transition out of the San Diego, CA facility over the next two years.

BP will become the sole investor in Vercipia Biofuels, a 50-50 joint venture formed by BP and Verenium in February 2009, and will independently manage all of Vercipia’s activities going forward. Similarly, Galaxy Biofuels, a 50-50 joint development company owned by BP and Verenium, will be owned 100% by BP. This transaction is expected to close in the third quarter of 2010.

UBS Investment Bank acted as financial advisor to Verenium in connection with the transaction. DLA Piper LLP (US) served as legal advisor to BP. Cooley LLP served as legal advisor to Verenium.

Conference Call

Verenium will host a conference call with live webcast at 10:00 a.m. EDT. The call may be accessed by dialling 877.755.7422 (domestic) or 678.894.3067 (international) five minutes prior to start time and providing the passcode 86288697. A link to the live webcast may be accessed by visiting Verenium’s website at www.verenium.com. A replay of the call will be archived on Verenium’s websites for 30 days.

About Verenium

Verenium Corporation is a pioneer in the development and commercialization of high-performance enzymes for use in industrial processes. Verenium currently sells enzymes developed using its R&D capabilities to industrial customers globally for use in markets including biofuels, animal health and oil seed processing. Verenium has built a world-class R&D organization renowned for its capabilities in the rapid screening, identification, and bioengineering of novel enzymes that act as catalysts for biochemical reactions. The company harnesses the power of nature and uses its unique, patented technology to create products that transform industries by maximizing efficiency while improving environmental performance. For more information on Verenium, visit http://www.verenium.com.

About BP

BP is of one of the world’s largest energy companies, providing its customers with fuel for transportation, energy for heat and light, retail services and petrochemicals products for everyday items.

Since 2006, BP has announced investments of more than $1.5 billion in biofuels research, development and operations, and has announced investments in production facilities in Europe, Brazil and the US. This includes partnerships with other companies to develop the technologies, feedstocks and processes required to produce advanced biofuels, and $500 million over 10 years in the Energy Biosciences Institute (EBI), at which biotechnologists are investigating applications of biotechnology to energy.

Forward-Looking Statements for Verenium

Statements in this press release that are not strictly historical are “forward-looking” and involve a high degree of risk and uncertainty. These include, but are not limited to, statements related to the closing of the sale of the Company’s biofuels business to BP, the Company’s post-closing lines of business, operations, capabilities, commercialization activities, corporate partnerships, target markets and future financial performance, results and objectives, all of which are prospective. Such statements are only predictions, and actual events or results may differ materially from those projected in such forward-looking statements. Factors that could cause or contribute to the differences include, but are not limited to, the failure or inability of Verenium to satisfy all closing conditions related to the sale of its biofuels business, the inability of the parties to consummate the transaction for regulatory or other legal reasons, risks associated with Verenium’s strategic focus, risks associated with Verenium’s technologies and intellectual property, risks associated with Verenium’s ability to obtain additional capital to support its planned operations and financial obligations, risks associated with Verenium’s dependence on patents and proprietary rights, risks associated with Verenium’s protection and enforcement of its patents and proprietary rights, the commercial prospects of the alternative fuels industry, Verenium’s dependence on, manufacturing, and/or license agreements, and its ability to achieve milestones under existing and future collaboration agreements, the ability of Verenium and its partners to commercialize its technologies and products (including by obtaining any required regulatory approvals) using Verenium’s technologies and timing for launching any commercial products and projects, the ability of Verenium and its collaborators to market and sell any products that it or they commercialize, the development or availability of competitive products or technologies, the future ability of Verenium to enter into and/or maintain collaboration and joint venture agreements and licenses, changes in the U.S. or global energy markets and laws and regulations applicable to them, and risks and other uncertainties more fully described in the Company’s filings with the Securities and Exchange Commission, including, but not limited to, the Company’s annual report on Form 10-K for the year ended December 31, 2009 and any updates contained in its subsequently filed quarterly reports on Form 10-Q. These forward-looking statements speak only as of the date hereof, and the Company expressly disclaims any intent or obligation to update these forward-looking statements.

Thursday, July 15th, 2010 Uncategorized Comments Off on BP and Verenium (VRNM) Announce Pivotal Biofuels Agreement

Subaye, Inc. (SBAY) Announces Paying Online Video Customers Accelerated in Third Quarter Fiscal Year 2010

    GUANGZHOU, China, July 15 /PRNewswire-Asia-FirstCall/ --

    -- Online video subscriber growth in third quarter fiscal year ending June
       30 driven by organic growth in Guangdong province, sales staff
       additions and entrance into new markets.
    -- Growth in cloud computing business drives additional revenues and
       visitors to Company's website http://www.subaye.com .
    -- Significant future growth opportunities from secular growth in Chinese
       online advertising, expansion into new geographies and higher
       penetration of new services.
    -- Subaye to ring Opening Bell in ceremony for NASDAQ today

Subaye, Inc. (Nasdaq:SBAYNews) (“Subaye” or the “Company”), a leading outsourced marketing services provider in China engaged in online video advertising and cloud computing business solutions, announced today it had 34,382 paying online video advertising customers as of June 30th, 2010, an increase of 112% year-to-date for its fiscal year ending September 30, 2010, and an increase of 56% since the Company’s second fiscal quarter ended March 31, 2010. The current level of 34,382 paying members generates a monthly run rate of approximately $4.0 million in revenues, or $48.3 million annually.

Third Quarter Fiscal Year 2010 Update

The 56% growth in Subaye’s paying customer base from March 31, 2010 through June 30, 2010, was driven by an increase of 38% in paying members in Guangdong Province, the Company’s original and core online video advertising market. Subaye saw strong new paying member growth from both its largest province of Guangdong and from its new markets. In its third quarter ended June 30, 2010, Subaye added an additional 12,363 new paying members, with 5,419 new paying members coming from Guangdong Province and 6,944 new paying members coming from new markets. Year-to-date for the Company’s fiscal year ending September 30, 2010, paying members have more than doubled from 16,211 at September 30, 2009.

Sequential Quarter Comparison

This is the first quarter in which total new paying members from new markets exceeded that from Guangdong Province. Fiscal year-to-date, new member growth in Guangdong Province accelerated from 30% in May to 38% in June due to increased productivity from the more than 300 sales staff the Company has added in the past nine months.

                     Number of Paying Subscribers            Growth Rate
                                                        3/31-6/30    FY 2010
    Regions:      9/30/09  12/31/09   3/31/10 6/30/10      2010      To Date
    Guangdong      16,211   15,478(2)  16,998  22,417      +32%        +38%
    Hong Kong          --       --      1,361   1,361       --          --
    Taiwan             --       --        739     739       --          --
    Hunan              --       --      2,921   2,921       --          --
    Hainan             --       --         --   3,133       --          --
    Hubei(1)           --       --         --   3,811       --          --
    Total          16,211   15,478     22,019  34,382      +56%       +112%

    (1) First significant revenues to be earned in July 2010 as a result of
        pro rata subscription-based revenue model. The commission paid to
        agents equals 25% of 1st twelve months' revenues.
    (2) Decrease in quarterly revenues a result of end of DVD promotion;
        members who participated in DVD promotion were no longer incentivized
        to remain paying members.

Cloud Computing (CC)

Since Subaye started promoting its Cloud Computing services in March 2010, it has increased the number of paying subscribers to 7,344, an increase of 2,144, or 41%. Growth has accelerated month-over-month in every month since March, increasing by 4% in April, 15% in May, and 18% in June. Through its growing sales force of 615 at the end of May 31, 2010, the Company sells a cost-effective, user friendly and scalable solution that allows SMEs to manage their customer and supplier information. The 7,344 paying customers at June 30, 2010 generates approximately $0.7 million of revenues per month, or $8.8 million per year.

“The tremendous growth in our online video advertising customer base shows that our strategic refocus on this business is starting to bear fruit,” stated Mr. Cai. “We are well positioned to continue capturing additional market share in the fast-growing Chinese online advertising market as we increase our sales force from 300 at September 30, 2009 to 1,500 by the end of our fiscal 2010 in September, 30, 2010. We now have a second driver to our core online business with the increased adoption of our Cloud Computing services. By providing a cost-effective solution for SMEs to more effectively sell to a growing base of customers on our website, http://www.subaye.com , we are making great progress toward becoming a premier online business service provider for Chinese entrepreneurs.”

Investors, media and other interested parties can view a demonstration of the Company’s video showcase on its website http://www.subaye.com . Today’s NASDAQ ceremony to be attended by its Chief Executive Officer Mr. Zhiguang Cai and its Chief Financial Officer Mr. James Crane can also be accessed through its website.

About Subaye, Inc.

Subaye, Inc. is a leading outsourced marketing services provider in China engaged in online video advertising and cloud computing business solutions. Subaye’s online video advertising network provides production, upload, storage, and publishing onto video sharing websites. Subaye also offers cloud computing business solutions and is in the process of developing an online mall with 3D imaging throughout the online customer interface. Visitors of Subaye’s websites, namely, http://www.subaye.com , view video showcases of Subaye members, primarily small to mid-size enterprises (“SMEs”), and select products or services they wish to purchase. Paying members utilizing Subaye’s video advertising platform pay a membership fee of approximately $117.0 per month. The Company previously conducted a trade services and an entertainment media business. For further information on Subaye, Inc., please visit http://www.subaye.net .

Forward-Looking Statements

Certain statements contained herein constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations, estimates and projections about Subaye, Inc.’s industry, management’s beliefs and certain assumptions made by management. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Because such statements involve risks and uncertainties, the actual results and performance of the Company may differ materially from the results expressed or implied by such forward-looking statements. Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Subaye, Inc.’s operations are conducted in the People’s Republic of China (“PRC”) and, accordingly, are subject to special considerations and significant risks not typically associated with companies in North America. These include risks associated with, among others, the political, economic and legal environment and foreign currency exchange. The Company’s results may be adversely affected by changes in the political and social conditions in the PRC and by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion, remittances abroad, and rates and methods of taxation. Other potential risks and uncertainties include but are not limited to the ability to procure, properly price, retain and successfully complete projects, and changes in products and competition. Unless otherwise required by law, the Company also disclaims any obligation to update its view of any such risks or uncertainties or to announce publicly the result of any revisions to the forward-looking statements made here. Readers should review carefully reports or documents the Company files periodically with the Securities and Exchange Commission

    For more information, please contact:

    Company:
     James Crane
     Chief Financial Officer
     P.R.C. Cell: +86-186-0125-0891
     U.S. Office: +1-617-209-4199

    Investor Relations:
     Ted Haberfield
     HC International, Inc.
     Tel:   +1-760-755-2716 (US)
     Email: thaberfield@hcinternational.net
     Web:   http://www.hcinternational.net
Thursday, July 15th, 2010 Uncategorized Comments Off on Subaye, Inc. (SBAY) Announces Paying Online Video Customers Accelerated in Third Quarter Fiscal Year 2010

Frequency Electronics, Inc. (FEIM) Announces Fiscal Year 2010 Results

MITCHEL FIELD, N.Y., July 15, 2010 (GLOBE NEWSWIRE) — Frequency Electronics, Inc. (Nasdaq:FEIMNews) reported net income for fiscal year 2010, which ended April 30, 2010, of $2.7 million, or $0.33 per diluted share, compared to a net loss of $11.0 million or ($1.33) per diluted share for the prior fiscal year. Revenues for fiscal year 2010 were $49.4 million, compared to $52.7 million for fiscal 2009. Fiscal 2010 operating income was $1.8 million, compared to an operating loss of $5.9 million for the prior fiscal year. Fiscal 2010 results include a net $1.5 million tax benefit after giving effect to an additional $2.0 million tax refund created by a change in tax laws regarding the carryback of net operating losses. Fiscal 2009 results included a net tax provision of $5.3 million after recording a $7.6 million valuation allowance against deferred tax assets.

Net income for the fourth quarter of fiscal 2010 was $175,000 on revenues of $13.1 million. For the same quarter of fiscal 2009, the Company reported a loss of $9.5 million on revenues of $12.4 million. The prior year’s fourth quarter results included $2.9 million in additional inventory write downs related to the Company’s wireless telecommunications infrastructure products.

Chairman of the Board General Joseph Franklin made the following comments: “We are very pleased to have met our goals of achieving profitability and strengthening our cash position, even at a reduced level of revenues. We generated both overall and operating profits, which reflect our increased operating efficiencies. Cash and marketable securities increased from less than $15 million to over $20 million. During this past year, many major space programs on which we anticipated contract awards were delayed. Three of these programs, on which Frequency’s bookings could exceed $50 million, have been delayed for over one year. Our outlook for increased satellite and DOD business continues to be very positive, reflecting the high level of proposal activity. In this next full fiscal year we expect to increase revenues and to continue improving our operating margins and profitability.”

Reports on the Company’s major business areas:

  • Satellite Payloads: Revenues from space programs remained at 32% of consolidated revenues, the same as last fiscal year. Revenues from government programs continued to grow as commercial revenues declined. Overall, revenue rates increased in the second half of the fiscal year. The Company continued its development of new C and Ku band beacon/telemetry transceivers and a new family of frequency generators and converters.
  • U.S. Government/DOD non-satellite programs: Revenues from this business area rose significantly in fiscal 2010 to more than 25% of total revenues. Development work continued on multiple DOD programs that have been awarded to the Company for secure communications, high resolution radar, smart munitions and electronic intelligence. In 2010 all these programs remained in prototype development and pilot production stages. After fiscal 2010 ended, Frequency was awarded the first production contract in this business area for a combined quartz and ruggedized rubidium product incorporating its proprietary and patented low g-sensitivity technology. (See Press Release dated July 7, 2010.) The Company has begun to realize meaningful returns on its large internal R&D investment in low g-sensitivity and ruggedized rubidium technology.
  • Telecommunications infrastructure: Revenues from this business area declined approximately 20% year over year and represented less than 30% of consolidated revenues for fiscal 2010. Lower wireless infrastructure product revenues were partially offset by increased sales of the Company’s US5G family of wireline products. These wireline synchronization systems, introduced in 2008, have successfully penetrated major service provider networks. In 2010, sales of these systems increased more than 50% over 2009, their first full year on the market.

Reporting segments:

(Including inter-segment sales of $4.3 million in fiscal 2010 compared to $3.8 million in fiscal 2009.)

  • FEI-NY revenues were $29.2 million in fiscal 2010, compared to $35.8 million in fiscal 2009. The FEI-NY segment includes revenues from satellite payloads, wireless telecommunications and U.S. Government/DOD non-space programs.
  • Gillam-FEI recorded revenues of $13.1 million in fiscal 2010 compared to $11.3 million in fiscal 2009. The Gillam-FEI segment includes revenues primarily from wireline telecommunications infrastructure and from other network management products.
  • FEI-Zyfer revenues were $11.4 million in fiscal 2010, compared to $9.4 million in fiscal 2009. The majority of FEI-Zyfer’s sales are derived from U.S. Government/DOD programs and a family of commercial wireline products as well as sales and support of the US5G synchronization systems.

Chief Financial Officer Alan Miller stated: “Gross margins improved markedly in fiscal 2010. We were able to generate an operating profit of $1.8 million accompanied by strong positive operating cash flow of $8.7 million. By comparison, the Company had an operating loss of $5.9 million last year. Our large potential operating leverage can generate much higher profits as revenues increase in future periods.”

Investor Conference Call

As previously announced, the Company will hold a conference call to discuss these results on Thursday, July 15, 2010, at 12:00 Noon Eastern Time. Investors and analysts may access the call by dialing 1-877-407-9205. International callers may dial 1-201-689-8054. Ask for the Frequency Electronics conference call.

The call will be archived on the Company’s website through August 14, 2010. The archived call may also be retrieved at 1-877-660-6853 (domestic) or 1-201-612-7415 (international) using Passcodes (both are required for playback): Account: 286, Conference ID: 353861.

About Frequency Electronics

Frequency Electronics, Inc. is a world leader in the design, development and manufacture of high precision timing, frequency control and synchronization products for space and terrestrial applications. Frequency’s products are used in commercial, government and military systems, including satellite payloads, missiles, UAVs, aircraft, GPS, secure radios, SCADA, energy exploration and wireline and wireless communication networks. Frequency has received over 60 awards of excellence for achievements in providing high performance electronic assemblies for over 120 space programs. The Company invests significant resources in research and development and strategic acquisitions world-wide to expand its capabilities and markets. Subsidiaries and Affiliates: Gillam-FEI provides expertise in wireline network synchronization and SCADA; FEI-Zyfer provides GPS and secure timing (“SAASM”) capabilities for critical military and commercial applications; FEI-Asia provides cost effective manufacturing and distribution capabilities in a high growth market. Frequency’s Morion affiliate supplies high-quality, cost effective quartz oscillators and components. Elcom Technologies provides added resources for state-of-the-art RF microwave products. Additional information is available on the Company’s website: www.frequencyelectronics.com.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The Statements in this press release regarding the future constitute “forward-looking” statements pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, inability to integrate operations and personnel, actions by significant customers or competitors, general domestic and international economic conditions, consumer spending trends, reliance on key customers, continued acceptance of the Company’s products in the marketplace, competitive factors, new products and technological changes, product prices and raw material costs, dependence upon third-party vendors, competitive developments, changes in manufacturing and transportation costs, the availability of capital, and other risks detailed in the Company’s periodic report filings with the Securities and Exchange Commission. By making these forward-looking statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release.

Frequency Electronics, Inc. and Subsidiaries
Consolidated Condensed Summary of Operations Data
Quarter Ended
April 30,
Year Ended
April 30,
2010 2009 2010 2009
(unaudited) (audited)
(in thousands except per share data)
Net Revenues $13,056 $12,443 $49,416 $52,740
Cost of Revenues 8,451 11,628 31,694 42,560
Gross Margin 4,605 815 17,722 10,180
Selling and Administrative 2,673 2,635 10,621 11,431
Research and Development 1,396 1,598 5,350 4,666
Operating Income (Loss) 536 (3,418) 1,751 (5,917)
Interest and Other, Net 89 (46) (522) 190
Income (Loss) before Income Taxes 625 (3,464) 1,229 (5,727)
Income Tax Provision (Benefit) 450 6,005 (1,520) 5,309
Net Income (Loss) $175 $(9,469) $2,749 $(11,036)
Net Income (Loss) per Share:
Basic $0.02 $(1.17) $0.34 $(1.33)
Diluted $0.02 $(1.17) $0.33 $(1.33)
Average Shares Outstanding
Basic 8,197,557 8,118,012 8,181,867 8,315,571
Diluted 8,250,083 8,118,012 8,211,878 8,315,571
Frequency Electronics, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
April 30,
2010
April 30.
2009
(in thousands)
ASSETS
Cash & Marketable Securities $20,372 $14,909
Accounts Receivable 10,535 10,775
Costs and Estimated Earnings in Excess of Billings 1,667 2,193
Inventories 26,975 26,051
Other Current Assets 1,122 2,143
Property, Plant & Equipment 7,015 7,961
Other Assets 13,765 13,888
$81,451 $77,920
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities $8,780 $8,040
Long-term Obligations and Other 10,729 10,714
Stockholders’ Equity 61,942 59,166
$81,451 $77,920
Thursday, July 15th, 2010 Uncategorized Comments Off on Frequency Electronics, Inc. (FEIM) Announces Fiscal Year 2010 Results

Video Display Corp. (VIDE) Increases Annual Earnings Guidance

Press Release Source: Video Display Corporation On Thursday July 15, 2010, 10:00 am EDT

First Quarter Highlights

  • Revenues exceed $20 million versus $16 million; Up 24%
  • G&A expenses reduced 14% versus comparable 2010 quarter
  • Net after-tax earnings increase 282%
  • Earnings per share increase 250%
  • Company exceeds EPS guidance by 40%
First Quarter 2011 2010 $ Change % Change
Net Revenues $20,337 $16,351 $3,986 +24%
Gross Profit 6,437 5,838 599 +10%
Operating Expenses 5,263 5,727 (464) (8%)
Net Profit after Tax 577 151 426 +282%
Earnings per Share $0.07 $0.02 $0.05 +250%
Fully Diluted O/S 8,700 8,883 183 (2.1%)

ATLANTA, July 15, 2010 (GLOBE NEWSWIRE) — Video Display Corporation (Nasdaq:VIDENews), an internationally recognized leader in design and manufacture of specialty niche market and rugged displays for military, industrial and commercial requirements, today raised full year earnings guidance based upon strong first quarter financial results.

Company CEO Ron Ordway stated, “Our first quarter represented a continuation of the positive trend reflected in the final quarter of fiscal 2010, both in increased revenues and earnings for the Company. Strong demand for our most advanced display products allowed the Company to bid numerous new projects as we began shipments on previously won long term contracts for major defense and commercial customers. We were also able to control operating expenses in the quarter with a reduction of 8%, even though revenues were 24% higher, through the $2.5 million expense reduction program implemented in the beginning of fiscal 2010.” He further stated, “With the strong 1st quarter, the Company exceeded its guidance of $0.05 by 40% at $0.07 in earnings per share. Based upon the current level of order booking, I continue to believe that VDC’s revenues for fiscal 2/28/2011 will be in the range of $78 million to $82 million or an increase of 11% to15% above revenues reported for fiscal 2010. Earnings per share, previously projected to be in the range of $0.20 to $0.22, are currently guided to reach $0.23 to $0.25 per share for the full year of fiscal 2011.”

Video Display Corporation designs, develops and manufactures unique solutions for display requirements for military, medical and industrial use with emphasis on high end training and simulation applications. Its product offerings include ruggedized AMLCD and CRT displays as well as complete projection systems utilizing VDC’s Marquee(TM) and ESCP line of projectors. Video Display Corporation operates eight display design and manufacturing plants with additional sales facilities throughout the United States and Europe. For more information, visit the Company’s web site at www.videodisplay.com.

This document contains 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. In addition, from time to time, Video Display Corporation or its representatives have made or may make forward-looking statements, orally or in writing. Such forward-looking statements may be included in, but are not limited to, various filings made by the Company with the Securities and Exchange Commission, press releases or oral statements made with the approval of an authorized executive officer of the Company. Actual results could differ materially from those projected or suggested in any forward-looking statements as a result of a wide variety of factors and conditions, including items discussed in the Company’s Form 10-K for the year ended February 28, 2010, filed with the Securities and Exchange Commission. The Company undertakes no duty to publicly update forward-looking statements, whether as a result of new information, future events or otherwise.

Three Months Ended May 31,
2010 2009
Net sales $ 20,337 $ 16,351
Cost of goods sold 13,900 10,513
Gross profit 6,437 5,838
Operating expenses
Selling and delivery 1,868 1,783
General and administrative 3,395 3,944
5,263 5,727
Operating profit 1,174 111
Other income (expense)
Interest expense (302) (200)
Other, net 65 300
(237) 100
Income before income taxes 937 211
Income tax expense 360 60
Net income $ 577 $ 151
Basic earnings per share of common stock $ .07 $ .02
Diluted earnings per share of common stock
$ .07
$ .02
Basic weighted average shares outstanding
8,365
8,593
Diluted weighted average shares outstanding
8,700
8,883
Thursday, July 15th, 2010 Uncategorized Comments Off on Video Display Corp. (VIDE) Increases Annual Earnings Guidance

Quest Capital Corp. (QCC) Peter Grosskopf to Be Appointed President and CEO

VANCOUVER, BRITISH COLUMBIA–(Marketwire – 07/14/10) – Quest Capital Corp. (TSX:QCNews)(AMEX:QCCNews) (“Quest” or the “Company”) is pleased to announce that Peter Grosskopf has agreed to join the Company as President and Chief Executive Officer. Mr. Grosskopf will assume these positions on closing of the previously announced letter of intent (June 10, 2010) whereby Quest will be rebranded “Sprott Resource Lending Corp.”.

Mr. Grosskopf will be responsible for developing and implementing the Company’s overall strategy, overseeing the Company’s growth and ensuring that shareholder value is enhanced and maximized. Mr. Grosskopf remarked, “As a natural resource lender, this will bring Quest back to its roots. We are excited at the prospect of capitalizing and managing an organization which provides bridge and mezzanine loans to mining and oil & gas companies. By combining Quest’s asset base and lending expertise together with the deal flow, contacts and execution abilities of the Sprott organization, Sprott Resource Lending is expected to be a significant player in the business of natural resource lending.”

Mr. Grosskopf has over 23 years of experience in the Canadian financial services industry. He has a proven track record of building and growing businesses. Most recently, he was President of Cormark Securities Inc. (“Cormark”). Prior to joining Cormark, Mr. Grosskopf was one of the co-founders of Newcrest Capital Inc., which was acquired by the TD Bank Financial Group in 2000. Mr. Grosskopf has extensive experience as an advisor and underwriter to companies in a wide variety of sectors.

In assuming these positions, Mr. Grosskopf will replace Mr. Brian Bayley who was appointed CEO and President in the spring of 2009, to help Quest manage through the financial crisis. The Board would like to express their gratitude to Mr. Bayley for stepping into the position at such a difficult time. As part of the change to natural resource lending, Mr. Bayley and Mr. A. Murray Sinclair, Chairman, will remain as directors of Sprott Resource Lending and continue on as consultants providing their loan origination and remediation expertise.

The following are certain significant upcoming dates with respect to the Sprott transaction and the previously announced substantial issuer bid which requires shareholder and any applicable regulatory approvals:

Expected Timetable

 

Mailing of substantial issuer bid and management       Mid July 2010
proxy circulars

Second quarter financial results                       August 5th, 2010

Shareholders meeting                                   August 17th, 2010

Substantial issuer bid completion, private             Early September 2010
placement, and return to resource lending

About Quest

Quest Capital Corp. is a publicly traded mortgage investment corporation. As a natural resource lender, Quest will ultimately cease to be a mortgage investment corporation. Accordingly, Quest expects to provide further guidance in due course as to its status as a mortgage investment corporation.

For more information about Quest, please visit our website (www.questcapcorp.com) or SEDAR (www.sedar.com).

Forward Looking Statements

This press release may include certain statements that constitute “forward-looking statements”, and “forward looking information” within the meaning of applicable securities laws (“forward-looking statements” and “forward-looking information” are collectively referred to as “forward-looking statements”, unless otherwise stated). Such forward-looking statements involve known and unknown risks and uncertainties that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements. Forward-looking statements may relate to the Corporation’s future outlook and anticipated events or results and may include statements regarding the Corporation’s future financial position, business strategy, budgets, litigation, projected costs, financial results, taxes, plans and objectives. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends affecting the financial condition of our business. These forward-looking statements were derived utilizing numerous assumptions regarding expected growth, results of operations, performance and business prospects and opportunities that could cause our actual results to differ materially from those in the forward-looking statements. While the Corporation considers these assumptions to be reasonable, based on information currently available, they may prove to be incorrect. Forward-looking statements should not be read as a guarantee of future performance or results. Forward-looking statements are based on information available at the time those statements are made and/or management’s good faith belief as of that time with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward looking statements. To the extent any forward-looking statements constitute future-oriented financial information or financial outlooks, as those terms are defined under applicable Canadian securities laws, such statements are being provided to describe the current potential of the Corporation and readers are cautioned that these statements may not be appropriate for any other purpose, including investment decisions. Forward-looking statements speak only as of the date those statements are made. Except as required by applicable law, we assume no obligation to update or to

publicly announce the results of any change to any forward-looking statement contained or incorporated by reference herein to reflect actual results, future events or developments, changes in assumptions or changes in other factors affecting the forward looking statements. If we update any one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements. You should not place undue importance on forward-looking statements and should not rely upon these statements as of any other date. All forward looking statements contained in this press release are expressly qualified in their entirety by this cautionary notice.

Wednesday, July 14th, 2010 Uncategorized Comments Off on Quest Capital Corp. (QCC) Peter Grosskopf to Be Appointed President and CEO

Henry Bros. Electronics (HBE) Announces Record Backlog of Approximately $50 Million

FAIR LAWN, N.J., July 14 /PRNewswire-FirstCall/ — Henry Bros. Electronics, Inc. (Nasdaq:HBENews), a turnkey provider of technology-based integrated electronic security solutions, today announced a record backlog of approximately $50 million at June 30, 2010 and booked orders during the second quarter ended June 30, 2010 in excess of $34 million (representing a 110% increase over booked orders reported in the second quarter of 2009).

All regions except Colorado showed an increase in bookings over the prior year. A significant amount of the increase relates to the public sector transportation vertical market. These new booked orders have driven the backlog at June 30, 2010 to a record level.

Jim Henry, CEO of Henry Bros., said, “Outside of our quarterly results, we typically do not release financial information intra-quarter; however, we felt the increase in our backlog and bookings are important metrics to communicate to the market as we enter the second half of 2010. We have also seen an increased dollar volume in proposals being written in the 2010 second quarter as compared with the first quarter this year. Although the market continues to be very price competitive, the increased bookings and resulting backlog make us optimistic about the remainder of the year as well as 2011, and supports the fact that we are back in the strong growth mode that we envisioned when we announced our 2010 guidance of $60 million-$65 million in revenues with operating margins of 4% – 5% for 2010.”

About Henry Bros. Electronics, Inc.

Henry Bros. Electronics (Nasdaq:HBENews) provides technology-based integrated electronic security systems, services and emergency preparedness consultation to commercial enterprises and government agencies.  The Company has offices in Arizona, California, Colorado, Maryland, New Jersey, New York, Texas and Virginia.

For more information, visit http://www.hbe-inc.com.

Safe Harbor Statement: Certain statements in this press release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. In particular, there can be no assurance that the Company will achieve revenues of $60 million to $65 million or an operating profit in 2010. Additional information concerning factors that could cause actual results to differ materially from those in the forward looking statements is contained under the heading of risk factors listed in the Company’s filings with the U.S. Securities and Exchange Commission. Henry Bros. Electronics Inc. does not assume any obligation to update the forward-looking information.

Wednesday, July 14th, 2010 Uncategorized Comments Off on Henry Bros. Electronics (HBE) Announces Record Backlog of Approximately $50 Million

HSW International (HSWI) and NetEase Enter Content Distribution Relationship in China

ATLANTA, July 14 /PRNewswire-FirstCall/ — HSW International, Inc. (Nasdaq:HSWINews), a US-based developer and operator of Internet businesses focused on providing locally relevant, high quality information, today announced a content distribution and branding relationship for its BoWenWang website with NetEase (Nasdaq:NTESNews), one of China‘s largest web portals with over 500 million page views per day.  BoWenWang, at http://bowenwang.com.cn, is a leading online source for knowledge and high quality information in China.  NetEase will feature BoWenWang’s high-quality, credible articles on a BoWenWang branded section of NetEase’s portal, allowing NetEase users convenient access to vast amounts of professional, high quality information.  NetEase will also provide promotional links as part of the relationship, directing users to BoWenWang for additional related content.

In addition to creating original content for Chinese Internet users from its Beijing headquarters, BoWenWang is the exclusive online source in China for localized content from Discovery Communications’ HowStuffWorks.com and thousands of original articles created for BoWenWang by World Book, Inc., publishers of the world’s best selling encyclopedia.  BoWenWang hosts in excess of 20,000 localized articles in Chinese and its traffic exceeded 20 million page views in June 2010.

“Our new relationship with NetEase will expose the millions of Chinese who visit NetEase to BoWenWang’s high quality, credible information,” said Charlie Flint, General Manager, BoWenWang.  “We have outstanding editorial capabilities in China, and combined with our relationships with some of the world’s leading information and reference companies, are able to offer an unmatched wealth of knowledge to Chinese web users.”

BoWenWang’s 20 million page views in June 2010 came from over 1.7 million unique users in the month.  The website has achieved quarter-over-quarter page view growth in excess of 50% for each of the last six quarters.

China represents the world’s largest Internet market, and HSW International is on track to play a leading role in providing high quality content with strong editorial integrity – attributes that are attracting audiences and increasing our credibility with established online publishers in China like NetEase,” said Greg Swayne, Chairman and Chief Executive Officer of HSW International.  “We are ecstatic to achieve the milestone of 20 million page views for BoWenWang in June – only two years after its launch – and expect continued growth resulting from increased brand awareness and content distribution from our new relationship with NetEase.”

BoWenWang’s name references the Chinese idiom Bo Wen Qiang Ji, which means someone with wide learning and encyclopedic knowledge.  For additional information about BoWenWang, visit www.bowenwang.com.cn.  For additional information about HSW International, visit www.hswinternational.com.

About HSW International

HSW International, Inc. (Nasdaq:HSWINews) develops and operates Internet businesses focused on providing consumers with locally relevant, high quality information, and provides web platform services that support traditional web publishing combined with social media. The Company’s leading brands BoWenWang (bowenwang.com.cn) and ComoTudoFunciona (hsw.com.br) provide readers in China and Brazil with thousands of articles about how the world around them works, serving as destinations for credible, easy-to-understand reference information. HSW International is the exclusive licensee in China and Brazil for the publication of translated content from HowStuffWorks.com, a subsidiary of Discovery Communications. HSW International is also a co-founder and developer of Sharecare, a highly searchable social Q&A healthcare platform organizing and answering the questions of health. The Company is headquartered in Atlanta.

About NetEase

NetEase.com, Inc. (Nasdaq:NTESNews) is a leading China-based Internet technology company that pioneered the development of applications, services and other technologies for the Internet in China.  NetEase’s online communities and personalized premium services have established a large and stable user base for the NetEase websites which are operated by its affiliates.  In particular, NetEase provides online game services to Internet users through the in-house development or licensing of massively multi-player online role-playing games, including Fantasy Westward Journey, Westward Journey Online II, Westward Journey Online III, Tianxia II and Datang, as well as the licensed game, Blizzard Entertainment’s World of Warcraft.

Other community services which the NetEase websites offer include instant messaging, online personal advertisements, matchmaking, alumni clubs and community forums. NetEase is also the largest provider of free email services in China .  Furthermore, the NetEase websites provide various channels of content. NetEase aggregates news content on world events, sports, science and technology, and financial markets, as well as entertainment content such as cartoons, games, astrology and jokes, from over one hundred international and domestic content providers.

Forward-Looking Statements

This press release contains “forward-looking statements,” as defined in Section 27A of the Securities Act of 1993, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements may be in the future tense, and often include words such as “anticipate”, “expect”, “project”, “believe”, “plan”, “estimate”, “intend”, “will” and “may”. These statements are based on current expectations, but are subject to certain risks and uncertainties, many of which are difficult to predict and are beyond the control of HSW International. Relevant risks and uncertainties include those referenced in HSW International’s filings with the SEC, and include but are not limited to: our losses and potential need to raise capital; successfully developing and launching the Sharecare platform; reliance on third parties such as Sharecare and its other founders and contributors; restrictions on intellectual property under agreements with Sharecare and third parties; challenges inherent in developing an online business; reliance on key personnel; risks of business in foreign countries, notably China and Brazil, including obtaining regulatory approvals and adjusting to changing political and economic policies; governmental laws and regulations, including unclear and changing laws and regulations related to the internet sector in foreign countries, especially China; general industry conditions and competition; and general economic conditions, such as advertising rate, interest rate and currency exchange rate fluctuations. These risks and uncertainties could cause actual results to differ materially from those expressed in or implied by the forward-looking statements, and therefore should be carefully considered. HSW International assumes no obligation to update any forward-looking statements as a result of new information or future events or developments, except as required by law.

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RiT Technologies (RITT) Launches New Partnership Program in Support of Expanded Product Lines

TEL AVIV, Israel, July 14, 2010 /PRNewswire-FirstCall/ — RiT Technologies Ltd. (NASDAQ:RITTNews) today announced the launch of the RiT Partner Program, an initiative designed to make it easier and more lucrative for qualified system integrators, VARs, consultants, resellers and installers to sell and support the full range of RiT’s Enterprise Solutions. The program rewards its partners for developing expertise in RiT’s new technologies, selling RiT solutions to new vertical markets, penetrating new geographies and providing a high level of ongoing support.

“Partners are the lifeline of our business,” commented Julia Geva, RiT’s AVP Marketing. “We are excited to launch a program which will encourage qualified partners to familiarize themselves with our new product lines and to sell all of our differentiated solutions, a step we believe will open them up to new opportunities for building their sales and increasing their profitability.”

Ms. Geva continued, “This program is part of the new go-to-market strategy that we have created for our latest product lines – highly ‘saleable’ solutions that address a broad range of customers and verticals. We believe this program will make it attractive for partners to bring these superb products to new customers throughout the world, expanding our reach while boosting our sales to a new level.”

    The RiT Partnership Program creates two categories of partners:

    - RiT Project Partners: certified installers, system integrators, VARs,
      consultants and design partners with significant expertise in deploying
      RiT's intelligent infrastructure solutions. RiT Project Partners
      will be authorized to sell, implement and manage RiT IIM projects, and
      to sell RiT's SMART Cabling Solution(TM), EPV(TM), PatchView(TM) and
      siteWIZ(TM) solutions.

    - RiT Channel Partners: certified resellers, system integrators, VARs and
      installers with experience in network infrastructure solutions,
      structured cabling technologies and products. RiT Channel Partners
      will be authorized to sell and implement RiT's SMART Cabling
      Solution(TM) and EPV(TM).

The RiT Partner Program is now open for applications from interested companies around the world at http://www.rittech.com/?CategoryID=559. Potential partners will be evaluated based on relevant experience.

About RiT Technologies

RiT is a leading provider of intelligent solutions for infrastructure management, asset management, environment and security, and network utilization. RiT Enterprise solutions address datacenters, communication rooms and workspace environments, ensuring maximum utilization, reliability, decreased downtime, physical security, automated deployment, asset tracking, and troubleshooting. RiT Environment and Security solutions enable companies to effectively control their datacenters, communications rooms and remote physical sites and facilities in real-time, comprehensively and accurately. RiT Carrier solutions provide carriers with the full array of network mapping, testing and bandwidth qualification capabilities needed for access network installation and service provisioning. RiT’s field-tested solutions are delivering value in thousands of installations for top-tier enterprises and operators throughout the world.

Safe Harbor Statement

In this press release, all statements that are not purely about historical facts, including, but not limited to, those in which we use the words “believe,” “anticipate,” “expect,” “plan,” “intend,” “estimate”, “forecast”, “target”, “could” and similar expressions, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. For example, when we discuss a field trial which could lead to a multi-million dollar Carrier deal, we are using a forward looking statement. While these forward-looking statements represent our current judgment of what may happen in the future, actual results may differ materially from the results expressed or implied by these statements due to numerous important factors, including, but not limited to, those described under the heading “Risk Factors” in our most recent Annual Report filed with the Securities and Exchange Commission (SEC) on Form 20-F, which may be revised or supplemented in subsequent reports filed with the SEC. These factors include, but are not limited to, the following: our ability to raise additional financing, if required; the continued development of market trends in directions that benefit our sales; our ability to maintain and grow our revenues; our dependence upon independent distributors, representatives and strategic partners; our ability to develop new products and enhance our existing products; the availability of third-party components used in our products; the economic condition of our customers; the impact of government regulation; and the economic and political situation in Israel. We are under no obligation, and expressly disclaim any obligation, to update the forward-looking statements in this press release, whether as a result of new information, future events or otherwise.

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Aeterna Zentaris (AEZS) Announces Perifosine Has Received Orphan-Drug Designation

QUEBEC CITY, July 14 /PRNewswire-FirstCall/ – Aeterna Zentaris Inc. (NASDAQ: AEZS, TSX: AEZ) (the “Company”), a late-stage drug development company specialized in oncology and endocrine therapy, today announced that its partner, Keryx Biopharmaceuticals, Inc. (“Keryx”) (Nasdaq:KERXNews), has been granted orphan-drug designation by the U.S. Food and Drug Administration (“FDA”) for perifosine, Aeterna Zentaris’ novel, potentially first-in-class, oral Akt inhibitor, for the treatment of neuroblastoma. Neuroblastoma is a cancer of the nervous system affecting mostly children and infants for which there are no FDA approved therapies. Keryx is Aeterna Zentaris’ partner and licensee for perifosine in the United States, Canada and Mexico. Æterna Zentaris has also out-licensed perifosine to Handok in South Korea, while retaining rights for the rest of the world.

Juergen Engel, Ph.D., President and CEO of Aeterna Zentaris stated, “The orphan-drug designation in neuroblastoma is another important milestone in the development of perifosine as a novel approach to treating cancer patients, particularly in this area of unmet medical need. We are looking forward to perifosine’s future development in neuroblastoma and in other indications with our partner Keryx.”

Phase 1 data of perifosine in recurrent pediatric solid tumors, including neuroblastoma, were presented last month in the pediatric solid tumor poster discussion session held at the 46th Annual Meeting of the American Society of Clinical Oncology (“ASCO”). Investigators from the Memorial Sloan-Kettering Cancer Center concluded that perifosine was demonstrated to be safe and well tolerated in children with advanced solid tumors and that perifosine may have antitumor clinical activity as a single agent in neuroblastoma. Additionally, in a preclinical study recently published in the Journal of the National Cancer Institute, perifosine showed a statistically significant reduction in neuroblastoma cell survival, slowed or regressed tumor growth, and increased survival in mice bearing neuroblastoma tumors.

A decreased level of activated Akt was also observed in perifosine-treated neuroblastoma cells and xenograft tumors.

About Perifosine

Perifosine, a novel, potentially first-in-class, oral Akt inhibitor, is currently in Phase 3 trials in the United States for advanced colorectal cancer and multiple myeloma, under Special Protocol Assessment and Fast Track designation granted by the FDA for both indications. FDA has also granted perifosine orphan-drug designation for multiple myeloma and neuroblastoma. In Europe, the European Medicines Agency (“EMA”) has issued positive Scientific Advice for perifosine in multiple myeloma and colorectal cancer, as well as positive opinion for Orphan Medicinal Product designation for perifosine in multiple myeloma.

Perifosine is also in a Phase 1 trial in pediatric patients, as well as in other Phase 1 and Phase 2 trials for several other tumor types.

About Orphan-Drug Designation

Orphan-drug designation is granted by the FDA Office of Orphan Drug Products 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, as well as with 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 Neuroblastoma

According to the American Cancer Society, neuroblastoma is the most common cancer in infants (less than 1 year old) and accounts for about 7% of all pediatric cancers. There are about 650 new cases of neuroblastoma each year in the United States, and, while in rare cases neuroblastoma is detected by ultrasound in utero, the average age at the time of diagnosis is approximately 1 to 2 years, with 90% of cases diagnosed before age 5. In about 2 of 3 cases, the disease has already spread (metastasized) to other parts of the body at the time of diagnosis and as a result, treatment options can be limited.

Neuroblastoma exhibits a wide range of behavior. Some infant neuroblastomas may just go away without treatment (spontaneously regress), while other neuroblastomas may be resistant to very intensive multimodal treatment, and, in these cases, neuroblastoma is considered to be one of the most aggressive and difficult to cure childhood cancers.

To date, no FDA approved therapies exist for the treatment of neuroblastoma. Chemotherapy is the mainstay of neuroblastoma treatment. The type of chemotherapy and its intensity are determined by the age of the patient and the extent of the disease (risk-factors). However, because these cancers can be hard to treat, additional therapies are needed in order to delay progression and extend survival.

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.

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Tyco Electronics (TEL) to Acquire ADC (ADCT)

SCHAFFHAUSEN, Switzerland and EDEN PRAIRIE, Minn., July 13 /PRNewswire-FirstCall/ —

  • Complementary Product Offerings Will Help Customers Deliver High-Speed Video and Data Communications
  • Tyco Electronics Reports Preliminary Fiscal Third Quarter Results
    • Sales of $3.1 Billion and Book-to-Bill Ratio of 1.06
    • Diluted Earnings Per Share From Continuing Operations (GAAP EPS) of $0.72; Adjusted EPS of $0.70

Tyco Electronics (NYSE: TEL) and ADC (Nasdaq: ADCT) announced today a definitive agreement under which Tyco Electronics will acquire ADC for $12.75 per share in cash, or an enterprise value of approximately $1.25 billion. The transaction is expected to be accretive by approximately $0.14 per share in the first full year after closing excluding acquisition-related costs. It will position Tyco Electronics’ Network Solutions segment as a leading global provider of broadband connectivity products to carrier and enterprise networks around the world.

Tom Lynch, Chief Executive Officer of Tyco Electronics, said, “This is a very exciting time for our company and ADC is a great fit as we continue to execute our strategy to create strong leadership positions in all of our connectivity businesses. Consumers and enterprises want access to high-speed video and data wherever they are, on whatever devices they are using — from smart phones to HD and 3-D televisions to computers with advanced video-conferencing capabilities. The combination of ADC and Tyco Electronics creates an industry leader, with the scope and geographic scale to help customers deliver needed capacity, from the core of the network all the way to the end user.”

Robert E. Switz, Chairman, President and CEO of ADC, said, “ADC has a strong heritage of providing innovative wired and wireless solutions that have enabled the expansion of advanced broadband networks worldwide. As part of Tyco Electronics, our organization’s ability to serve the world’s leading telecommunications services providers and enterprises will be strengthened significantly. I have great respect for Tyco Electronics and know that they share our commitment to meeting customers’ changing next generation network needs.”

The combined organization will offer a complete product portfolio across every major geographic market. It will also add ADC’s Distributed Antenna System (DAS) products, which will expand Tyco Electronics’ wireless connectivity portfolio to provide greater mobile coverage and capacity solutions to carrier and enterprise customers as demand for mobile data continues to expand. Additionally, Tyco Electronics will add ADC’s professional services organization in the US to its business.

“We expect ADC to be accretive to our earnings in the first year and to reach our target operating margin of 15 percent in the third year after the acquisition,” said Lynch.

The transaction is structured as a tender offer to be followed as soon as possible by a merger. The transaction is subject to customary closing conditions, including the tender of a majority of ADC shares and regulatory approvals, and is expected to close in the fourth calendar quarter 2010.

In conjunction with today’s announcement, Tyco Electronics reported preliminary results for the fiscal third quarter ended June 25, 2010.  The company reported sales of $3.1 billion, an increase of 23 percent over the prior year quarter and up 4 percent sequentially.  GAAP EPS were $0.72 in the quarter which included $0.02 per share of income related to other items net of restructuring charges.  Adjusted EPS were $0.70 in the quarter.  The company’s book-to-bill ratio was 1.06 for the quarter and 1.08 excluding Subsea Communications. The company will report complete results and provide further details on its fiscal third quarter before trading begins on July 22, 2010.

CONFERENCE CALL AND WEBCAST

  • The company will hold a conference call for investors today beginning at 11 a.m. EDT.
  • Internet users will be able to access the company’s webcast, including slide materials, at the “Investors” section of Tyco Electronics’ website: http://investors.tycoelectronics.com.
  • For both “listen-only” telephone participants and those participants who wish to take part in the question-and-answer portion of the call, the dial-in number in the United States is (800) 398-9386.  The telephone dial-in number for participants outside the United States is (612) 332-0342.
  • An audio replay of the conference call will be available beginning at 1:00 p.m. on July 13, 2010 and ending at 11:59 p.m. on July 23, 2010.  The dial-in number for participants in the United States is (800) 475-6701.  For participants outside the United States, the replay dial-in number is (320) 365-3844. The replay access code for all callers is 164749.

ABOUT TYCO ELECTRONICS

Tyco Electronics Ltd. is a leading global provider of engineered electronic components, network solutions, specialty products and subsea telecommunication systems, with fiscal 2009 sales of US$10.3 billion to customers in more than 150 countries. We design, manufacture and market products for customers in a broad array of industries including automotive; data communication systems and consumer electronics; telecommunications; aerospace, defense and marine; medical; energy; and lighting. With approximately 7,000 engineers and worldwide manufacturing, sales and customer service capabilities, Tyco Electronics’ commitment is our customers’ advantage. More information on Tyco Electronics can be found at http://www.tycoelectronics.com/.

ABOUT ADC

ADC provides the connections for wireline, wireless, cable, broadcast, and enterprise networks around the world. ADC’s innovative network infrastructure equipment and professional services enable high-speed Internet, data, video, and voice services to residential, business and mobile subscribers. ADC (Nasdaq: ADCT) has sales into more than 130 countries. Learn more about ADC at www.adc.com.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This announcement contains certain forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. These statements are based on management’s current expectations and are subject to risk, uncertainty and changes in circumstances, which may cause actual results, performance, financial condition or achievements to differ materially from anticipated results, performance, financial condition or achievements.  All statements contained herein that are not clearly historical in nature are forward-looking and the words “anticipate”, “believe”, “expect”, “estimate”, “plan” and similar expressions are generally intended to identify forward-looking statements. Tyco Electronics has no intention and is under no obligation to update or alter (and expressly disclaims any such intention or obligation to do so) its forward-looking statements whether as a result of new information, future events or otherwise, except to the extent required by law.  Examples of factors that could cause actual results to differ materially from those described in the forward-looking statements include, among others, business, economic, competitive and regulatory risks, such as developments in the credit markets; conditions affecting demand for products, particularly in the automotive industry and the telecommunications, computer and consumer electronics industries; future goodwill impairment; competition and pricing pressure; fluctuations in foreign currency exchange rates and commodity prices; political, economic and military instability in countries in which Tyco Electronics operates; compliance with current and future environmental and other laws and regulations; the possible effects on Tyco Electronics of changes in tax laws, tax treaties and other legislations; the risk that the transaction may not be consummated; the risk that a regulatory approval that may be required for the transaction is not obtained or is obtained subject to conditions that are not anticipated; the risk that ADC will not be integrated successfully into Tyco Electronics; and the risk that revenue opportunities, cost savings and other anticipated synergies from the transaction may not be fully realized or may take longer to realize than expected.

NON-GAAP MEASURE

The company has presented diluted earnings per share from continuing operations attributable to Tyco Electronics Ltd. before special items, including charges related to legal settlements, restructuring and other charges, tax sharing income related to certain adjustments to prior period tax returns, certain significant special tax items, and, if applicable, related tax effects (“Adjusted Diluted Earnings Per Share”). The company presents Adjusted Diluted Earnings Per Share because it believes that it is appropriate for investors to consider results excluding these items in addition to its results in accordance with GAAP.  The company believes such a measure provides a picture of its results that is more comparable among periods since it excludes the impact of special items, which may recur, but tend to be irregular as to timing, thereby making comparisons between periods more difficult. This limitation is best addressed by using Adjusted Diluted Earnings Per Share in combination with diluted earnings per share from continuing operations attributable to Tyco Electronics Ltd. (the most comparable GAAP measure) in order to better understand the amounts, character and impact of any increase or decrease on reported results.

ADDITIONAL INFORMATION AND WHERE TO FIND IT

This announcement is for informational purposes only and does not constitute an offer to purchase or a solicitation of an offer to sell ADC common stock. The solicitation and offer to buy ADC common stock will only be made pursuant to an offer to purchase and related materials. Investors and security holders are urged to read these materials carefully when they become available since they will contain important information, including the terms and conditions of the offer. The offer to purchase and related materials will be filed by Tyco Electronics with the Securities and Exchange Commission (SEC) and the solicitation/recommendation statement will be filed by ADC with the SEC, and investors and security holders may obtain a free copy of these materials (when available) and other documents filed by Tyco Electronics or ADC with the SEC at the website maintained by the SEC at www.sec.gov. The offer to purchase and related materials may also be obtained (when available) for free by contacting Keith Kolstrom, Investor Relations Director at Tyco Electronics, at 610-893-9551.

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Codexis (CDXS) and CO2 Solution (CST.V) Unveil Carbon Capture Program

REDWOOD CITY, CA and QUEBEC CITY, July 13 /PRNewswire-FirstCall/ – Codexis, Inc. (Nasdaq:CDXSNews) and CO2 Solution Inc. (TSX-V:CST.vNews) today will make the first joint public presentation on their program to develop carbon capture technology to reduce pollution from coal-fired power plants.

The presentation is being made at the 4th Annual Carbon Capture and Sequestration Business Summit in Washington, DC (www.infocastinc.com/carbon10) by James Lalonde, Ph.D., Vice President of Biochemistry and Engineering Research and Development, Codexis and Jonathan Carley, Vice President, Business Development, CO2 Solution.

In May 2010, Codexis was selected to receive up to a $4.7 million ARPA-E Recovery Act program grant from the U.S. Department of Energy for development of innovative technology to remove carbon dioxide from coal-fired power plant emissions. The grant was one of 37 research projects which the DoE said “could fundamentally change the way the country uses and produces energy.” Coal-fired power plants are major emitters of carbon dioxide, a significant greenhouse gas. The grant supports development of biocatalysts for more efficient carbon capture from these plants.

Codexis and CO2 Solution are jointly developing this technology, and the companies will describe their development program today. Current carbon capture technology is inefficient and too expensive for large scale deployment. The collaboration focuses on development of customized carbonic anhydrase (CA) biocatalysts and their process applications that have the potential to enable cost-effective, industrial scale capture of CO2 from power plant flue gases. Program results to date have demonstrated the combined proprietary technologies can be used to create CA biocatalysts with improved absorption and stability in industrial conditions.

About the Codexis – CO2 Solution Collaboration

A technology development collaboration between Codexis and CO2 Solution was announced in December 2009. The technology is based on the use of customized CA biocatalysts that have the potential to enable cost effective, energy efficient processes for the capture of carbon dioxide. Carbonic anhydrase is an enzyme that efficiently catalyzes CO2 in living systems. As part of the collaboration, Codexis completed a CDN$2 million equity investment in CO2 Solution and holds 16.6% of CO2 Solution’s issued and outstanding common shares.

About CO2 Solution

CO2 Solution is an innovator in the field of enzyme enabled carbon capture and has been actively working to develop and commercialize the technology for power plants and other large stationary sources of carbon pollution. In the process, CO2 Solution has built an extensive patent portfolio covering the use of carbonic anhydrase, or analogues thereof, for post-combustion capture, including the kinetic enhancement of low-energy amine solutions for efficient CO2 absorption and regeneration. Further information about CO2 Solution can be found at www.co2solution.com.

About Codexis

Codexis, Inc. is a leading provider of optimized biocatalysts that make existing industrial processes faster, cleaner and more efficient than current methods and have the potential to make new industrial processes possible at commercial scale. Codexis has commercialized its biocatalysts in the pharmaceutical industry and is developing biocatalysts for use in producing advanced biofuels under a multi-year research and development collaboration. The company is also using its technology platform to pursue biocatalyst-enabled solutions in other bioindustrial markets, including carbon management, water treatment and chemicals.

Codexis Forward-Looking Statements

This press release contains forward-looking statements relating to Codexis’ carbon capture program. You should not place undue reliance on these forward-looking statements because they involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond our control and that could materially affect actual results. Factors that could materially affect actual results can be found in Codexis’ Quarterly Report on Form 10-Q dated May 28, 2010 including under the caption “Risk Factors.” Codexis expressly disclaims any intent or obligation to update these forward-looking statements, except as required by law.

CO2 Solution Forward-Looking Statements

Certain statements in this news release may be forward-looking. These statements relate to future events or CO2 Solution’s future economic performance and reflect the current assumptions and expectations of management. Certain unknown factors may affect the events, economic performance and results of operation described herein. CO2 Solution undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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American Electric Technologies (AETI) Introduces the Industry’s First Integrated Solar Inversion Station for Utility-Grade Solar Power Generation

HOUSTON, July 13, 2010 (GLOBE NEWSWIRE) — American Electric Technologies, Inc. (Nasdaq:AETINews), the premium provider of power delivery solutions for the traditional and renewable energy industries, today at Intersolar North America 2010 introduced its Integrated Solar Inversion Station(TM) (ISIS), the industry’s first completely pre-commissioned, utility-grade, 1MW, direct-to-medium voltage solar inverter system designed to provide greater, more reliable operating power for solar farms in the harshest environments.

AETI’s Integrated Solar Inversion Station is delivered to the farm as one integrated solution designed for IEEE 1547 and UL 1741 specifications. The 1MW system incorporates a photovoltaic (PV) master combiner and disconnect, dual 500 kW grid tie inverters, medium voltage switchgear and transformer, and integrated cooling system for quick deployment of solar power conversion, control and distribution. After being lifted from the truck to the pad and wiring it for operation, the station can immediately begin PV solar generation.

The Integrated Solar Inversion Station inverts up to 1200 volts of PV power and outputs directly to 15-kilovolt (kV) medium voltage (MV) alternating current (AC) power collection systems – providing the highest output solar inversion solution on the market. This is facilitated by the station’s PV interconnection system, dual redundant grid tie inversion system and MV interconnection system. The interconnection system includes a 12-circuit, 1600 amp direct current (DC) master combiner and disconnect switch. When the disconnect switch is opened, the system isolates itself from the grid with no arc flash, providing safer and higher performing solar power substation operations.

“As a leading supplier of power conversion and distribution equipment for some of the world’s most severe climates for more than 60 years, AETI is very much attuned to the industry’s need for the highest level of solar farm operating efficiency and reliability available,” said John Skibinski, vice president, renewable energies market development, AETI. “Our commitment to meet this need is a key driver behind an innovative approach that includes using utility-grade electrical and cooling systems components and additional PV panels per string to increase PV input and operating efficiencies beyond 97 percent.

“Most important, AETI’s Integrated Solar Inversion Station is completely pre-configured with all fuses, surge suppressors and lightning arrestors pre-tested – a critical feature that further promotes its reliability both short- and long-term and benefits construction crews by saving them time in the field,” said Skibinski.

The Integrated Solar Inversion Station is designed and manufactured for a 20-year life and climates that range from -40*C to 52*C without de-powering. It uses liquid-cooled UL listed power modules, redundant cooling fans, and dual grid tie inversion redundancy for continued operation. In addition, the station’s integration bay allows factory installation of customer-specified PV string monitoring and tracking control systems. By integrating these features into the station’s design, solar farm operators also benefit from reduced installation and commissioning costs.

“With the industry’s reliability and cost efficiency needs addressed, AETI’s Integrated Solar Inversion Station provides complete balance of equipment for PV power generation across solar farms today and in the future,” said Skibinski. “And as solar farm demands continue to grow, operators now have a comprehensive power inversion solution they can rely on.”

NOTE TO EDITORS: Media are invited to a press conference introducing the Integrated Solar Inversion Station on Tuesday, July 13 at 1 p.m. at Intersolar North America 2010 in the Innovation Exchange on the second floor of Moscone Center West. AETI will be exhibiting at Intersolar North America 2010 in San Francisco’s Moscone Center West Hall from July 13-15, booth number 7067.

American Electric Technologies, Inc. (Nasdaq:AETINews) is the premium supplier of custom-designed power delivery solutions to the traditional and renewable energy industries. AETI offers M&I Electric(TM) power distribution and control products, electrical services, and E&I construction services, as well as American Access Technologies zone enclosures, and Omega Metals custom fabrication services. South Coast Electric Systems L.L.C., a subsidiary, services Gulf Coast marine and vessel customers.

AETI is headquartered in Houston and has global sales, support and manufacturing operations in Beaumont, Texas, Keystone Heights, Fla. and Bay St. Louis, Miss. In addition, AETI has minority interests in three joint ventures which have facilities located in Xian, China, Macae, Brazil and Singapore. AETI’s SEC filings, news and product/service information are available at www.aeti.com.

Forward Looking Statements

Except for the historical and present factual information contained herein, the matters set forth in this document, including statements regarding the anticipated results of our international joint ventures are forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. There are many risks, uncertainties and other factors that can prevent the achievement of our goals or cause results to differ from those expressed or implied by these forward-looking statements including, without limitation, the risks inherent in doing business outside of the U. S. such as political, social and economic instability, currency fluctuations and conversion restrictions. These and other risks which may impact management’s expectations are described in greater detail in filings made by the Company with the Securities and Exchange Commission. The Company assumes no obligation to publicly update or revise its forward-looking statements even if experience or future events make it clear that any of the anticipated results expressed or implied herein will not be realized.

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Servidyne, Inc. (SERV) Expects Higher Fourth Quarter Revenues and Backlog

ATLANTA–(BUSINESS WIRE)–SERVIDYNE, INC. (Nasdaq: SERVNews), an energy efficiency and demand response company, announced today that it expects its fiscal 2010 fourth quarter results, which the Company will report later this month, will reflect consolidated revenues of approximately $6.9 million for the quarter ended April 30, 2010, representing year-over-year quarterly revenue growth of more than 57%. At the Company’s core Building Performance Efficiency (“BPE”) Segment, fourth quarter revenues are expected to be approximately $6.3 million, an increase of more than 69% over the fourth quarter of last year and approximately 52% higher than the third quarter of this year. The Company’s order backlog at April 30, 2010, is expected to be approximately $17.5 million, a year-over-year increase of 44%, including backlog at the BPE Segment of approximately $15.4 million, representing an increase of 55% over last year and 79% above the third quarter of this year.

“We are very pleased with the progress of our BPE Segment,” said Alan R. Abrams, Servidyne’s Chairman and CEO. “Order activity strengthened throughout the fiscal year, particularly in the second half, including order bookings from customers in both the private sector and the government sector. During the fourth quarter, the BPE Segment was awarded approximately $12.4 million in new customer orders.”

The Company believes that the recent increase in BPE revenues and order activity is a direct result of three distinct factors: the success of the Company’s enhanced sales and marketing efforts, which were initiated in fiscal 2009; an overall improvement in the capital spending environment for many of the BPE Segment’s customers; and the beginning of the long-anticipated infusion of U.S. federal expenditures for energy efficiency upgrades of government facilities. The Company believes that these factors will continue to be favorable for the BPE Segment in fiscal year 2011.

About Servidyne

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

Certain statements contained or incorporated by reference in this press release, including without limitation, statements containing the words “believe,” “anticipate,” “estimate,” “expect,” “plan,” “project,” “forecast,” “should,” and words of similar import, are forward-looking statements within the meaning of the federal securities laws. Forward-looking statements in this release include statements regarding the following matters: the Company’s belief that its improved fourth quarter revenues and backlog were driven by growing demand for energy efficiency and demand response products and services; the Company’s expectations of reporting higher fourth quarter revenues and order backlog; the Company’s belief that the BPE Segment has benefited from its enhanced sales and marketing efforts; the Company’s belief that a number of its customers are increasing capital spending; the Company’s belief that the long-anticipated infusion of U.S. federal expenditures for energy efficiency upgrades of government facilities has begun; and the Company’s expectation that these factors will continue to be favorable for the BPE Segment in fiscal 2011. Forward-looking statements involve known and unknown risks, uncertainties and other matters which may cause the actual results, performance, or achievements of Servidyne, Inc. to be materially different from any future results, performance, or uncertainties expressed or implied by such forward-looking statements. Factors affecting forward-looking statements in this release include, without limitation, the Company’s ability to secure adequate capital to fund the future anticipated revenue growth at the BPE Segment and the other factors identified under the caption “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended April 30, 2009, as updated from time to time in the Company’s Quarterly Reports on Form 10-Q. Servidyne, Inc. does not undertake to update these forward-looking statements.

Tuesday, July 13th, 2010 Uncategorized Comments Off on Servidyne, Inc. (SERV) Expects Higher Fourth Quarter Revenues and Backlog

SigmaTron International, Inc. (SGMA) Reports Year End Financial Results for Fiscal Year 2010

ELK GROVE VILLAGE, Ill., July 13, 2010 (GLOBE NEWSWIRE) — SigmaTron International, Inc. (Nasdaq:SGMANews), an electronic manufacturing services company, today reported revenues and earnings for the fiscal year ended April 30, 2010. Revenues decreased 8.4% to $122.5 million in fiscal year 2010 from $133.7 million in the prior year. Net income increased to $2.24 million in fiscal year 2010 compared to $1.95 million in fiscal 2009. Diluted earnings per share for the fiscal year ended April 30, 2010 were $0.58 compared to $0.51 in fiscal 2009.

For the fourth quarter of fiscal year 2010, revenues increased to $35.0 million compared to $27.2 million for the same quarter in the prior year. Diluted earnings per share for the fiscal year 2010 fourth quarter were $0.44 per share compared to $0.04 per share for the same period of fiscal 2009.

Commenting on SigmaTron’s results, Gary R. Fairhead, President and Chief Executive Officer, said, “I am pleased to report our third consecutive profitable quarter and perhaps even more significant, a quarter in which our revenue grew nicely from the levels in quarters two and three. While I have repeatedly pointed out that revenue levels are not always good indicators of financial performance in our industry because of the various types of services we offer and products we assemble, our increased revenue in the fourth quarter was generally across our entire customer base and I believe was indicative of improved levels of economic activity. If that trend continues, it should point to better days ahead for the Company as the U.S. and worldwide economies hopefully recover and grow.

“Our results for both the fourth quarter and fiscal 2010, were positively impacted by a gain recorded as required under Generally Accepted Accounting Principles (GAAP) for an insurance settlement made during the year. That gain was recorded as “other income” on the condensed consolidated statements of operations attached to the press release. Regardless, the fourth quarter pre-tax income was $1,284,899 excluding the results of the settlement.

“Similarly, the fiscal year 2010 results were positive when compared to fiscal 2009, aided in part by the gain from the insurance settlement which resulted in nominally higher net income and earnings per share this fiscal year. However, I believe that the primary point is that the revenue and earnings trend has been upward and positive for two quarters, and we have continuing momentum heading into the first quarter of fiscal 2011.

“The increased revenue levels during our fourth quarter have not been without some challenges to our business. Increased demands for components have significantly increased lead-times for many parts. Some vendors have been reluctant to increase capacity in the short term as the economic outlook remains too uncertain to justify the expense. In addition, increased commodity prices have also negatively affected our margins. The increasing demand and tight capacity have resulted in upward price pressure from our supply chain. Our ability to work with our customers and supply chain to manage this environment will be a big short term challenge.

“As previously mentioned, we are heading into the first quarter of fiscal 2011 with some positive momentum. Short term demand remains volatile, but in general it appears that our existing customer base has recovered to a higher revenue level. Equally important, we see more new product launches from our existing customers as they compete in their respective markets, which is always a positive sign.

“In addition, we have several new customers that are ramping up and have entered the aviation and medical markets through two of the new customers. Diversification of markets served is a constant objective. Finally, we remain engaged with several potential new customers in additional new markets, which could positively contribute to our results late in fiscal 2011 if we are awarded their business.

“In closing, the entire SigmaTron team takes satisfaction in reporting positive results for the fourth quarter and fiscal year after the difficult times we encountered the second half of fiscal 2009 and at the beginning of fiscal 2010. I want to thank our customers, supply chain, banks, our employees and our Board of Directors for their support and efforts during this difficult period.”

Headquartered in Elk Grove Village, IL, SigmaTron International, Inc. is an electronic manufacturing services company that provides printed circuit board assemblies and completely assembled electronic products. SigmaTron International, Inc. operates manufacturing facilities in Elk Grove Village, Illinois, Acuna and Tijuana, Mexico, Hayward, California and Suzhou-Wujiang, China. SigmaTron International, Inc. maintains engineering and materials sourcing offices in Taipei, Taiwan.

Note: This press release contains forward-looking statements. Words such as “continue,” “anticipate,” “will,” “expect,” “believe,” “plan,” and similar expressions identify forward-looking statements. These forward-looking statements are based on the current expectations of the Company. Because these forward-looking statements involve risks and uncertainties, the Company’s plans, actions and actual results could differ materially. Such statements should be evaluated in the context of the risks and uncertainties inherent in the Company’s business including the Company’s continued dependence on certain significant customers; the continued market acceptance of products and services offered by the Company and its customers; pricing pressures from our customers, suppliers and the market; the activities of competitors, some of which may have greater financial or other resources than the Company; the variability of our operating results; the results of long-lived assets impairment testing; the variability of our customers’ requirements; the availability and cost of necessary components and materials; the ability of the Company and our customers to keep current with technological changes within our industries; regulatory compliance; the continued availability and sufficiency of our credit arrangements; changes in U.S., Mexican, Chinese or Taiwanese regulations affecting the Company’s business; the current turmoil in the global economy and financial markets; the stability of the U.S., Mexican, Chinese and Taiwanese economic systems, labor and political conditions; currency exchange fluctuations; and the ability of the Company to manage its growth. These and other factors which may affect the Company’s future business and results of operations are identified throughout the Company’s Annual Report on Form 10-K and as risk factors and may be detailed from time to time in the Company’s filings with the Securities and Exchange Commission. These statements speak as of the date of such filings, and the Company undertakes no obligation to update such statements in light of future events or otherwise unless otherwise required by law.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Three Months Twelve Months Twelve Months
Ended Ended Ended Ended
April 30, April 30, April 30, April 30,
2010 2009 2010 2009
Net sales $34,982,520 $27,162,869 $122,476,340 $133,744,642
Cost of products sold 30,148,223 24,500,775 108,719,103 117,769,739
Gross profit 4,834,297 2,662,094 13,757,237 15,974,903
Selling and administrative expenses 3,378,059 2,262,606 10,826,880 11,591,440
Operating income 1,456,238 399,488 2,930,357 4,383,463
Other (income) expense (1,062,491) 395,070 (434,972) 1,491,338
Income from operations before income tax 2,518,729 4,418 3,365,329 2,892,125
Income tax expense (income) 804,477 (132,247) 1,120,786 936,278
Net income $1,714,252 $136,665 $2,244,543 $1,955,847
Net income per common share — basic $0.45 $0.04 $0.59 $0.51
Net income per common share — assuming dilution $0.44 $0.04 $0.58 $0.51
Weighted average number of common equivalent shares
outstanding – assuming dilution
3,883,645 3,822,556 3,863,505 3,859,526
CONDENSED CONSOLIDATED BALANCE SHEETS
April 30, April 30,
2010 2009
Assets:
Current assets $69,332,932 $59,622,532
Machinery and equipment-net 25,176,664 26,200,578
Intangible assets 363,671 608,887
Other assets 822,341 699,379
Total assets $95,695,608 $87,131,376
Liabilities and shareholders’ equity:
Current liabilities $27,165,130 $16,055,185
Long-term obligations 20,867,271 25,674,306
Stockholders’ equity 47,663,207 45,401,885
Total liabilities and stockholders’ equity $95,695,608 $87,131,376
Tuesday, July 13th, 2010 Uncategorized Comments Off on SigmaTron International, Inc. (SGMA) Reports Year End Financial Results for Fiscal Year 2010

YRC Worldwide (YRCW) Provides Second Quarter Update and Reconfirms Positive Adjusted EBITDA

OVERLAND PARK, Kan., July 12 /PRNewswire-FirstCall/ — YRC Worldwide Inc. (Nasdaq: YRCW) today provided an update on its expected second quarter results including:

  • The company expects second quarter adjusted EBITDA within a range of $35 million to $45 million, excluding the YRC Logistics segment which will be reported as discontinued operations. When including the expected adjusted EBITDA loss from discontinued operations of $9 million to $11 million, the company expects second quarter adjusted EBITDA within a range of $24 million to $36 million which exceeds the $5 million covenant level required by its credit agreement. As a comparison, the company’s adjusted EBITDA for the first quarter of 2010 was a loss of $53 million.
  • At June 30, 2010 the company’s estimated cash and cash equivalents were $142 million, unused restricted revolver reserves were $129 million and unrestricted availability was $8 million, for a total of $279 million.  As a comparison, at March 31, 2010 the company’s reported cash and cash equivalents were $130 million, unused restricted revolver reserves were $107 million and unrestricted availability was $4 million, for a total of $241 million.
  • For the second quarter of 2010, tonnage per day for YRC National was 27,000 and for YRC Regional was 26,900 which were 11.0% and 15.2%, respectively, higher than the tonnage per day for the first quarter of 2010.
  • The company expects to record an $83 million non-cash reduction to its equity-based compensation expense related to its March 2010 union equity-based awards.  This expense reduction reflects the adjusted fair value of these awards which were re-measured as of the June 29, 2010 shareholder meeting when shareholders formally approved the issuance of union stock options to replace previously issued union stock appreciation rights. The expected expense reduction by segment is YRC National $64.3 million, YRC Regional $18.3 and YRC Truckload $0.4 million. During the first quarter of 2010 the company recorded a $108 million non-cash charge related to the same March 2010 union equity-based awards.
Reconciliation of GAAP Measures to Non-GAAP Financial Measures ($ amounts in millions)

For the three

months ended

Expected Range

March 31,

For the three months ended

2010

June 30, 2010

Reconciliation of operating income (loss) to adjusted EBITDA:
Operating income (loss)

$           (229)

$ 43

$ 53

Depreciation and amortization

51

50

50

Equity based compensation expense

110

(82)

(82)

Letter of credit expense

8

8

8

(Gains) losses on property disposals, net

9

Impairment charges

5

Restructuring professional fees

n/a

10

10

Other, net

(1)

6

6

Adjusted EBITDA from continuing operations

(47)

35

45

Adjusted EBITDA from discontinued operations

(6)

(11)

(9)

Adjusted EBITDA

$             (53)

$ 24

$ 36

Covenant per credit agreement

n/a

$   5

$   5

Second Quarter Earnings Call

The company will hold a conference call for shareholders and the investment community on Tuesday, August 3, 2010, beginning at 9:30am ET, 8:30am CT.  Second quarter earnings will be released the same day, Tuesday, August 3, 2010, prior to the opening of the market. The conference call will be open to listeners live and by recorded playback via the YRC Worldwide Internet site yrcw.com.

Certain Non-GAAP Financial Measures

Adjusted EBITDA is a non-GAAP measure that reflects the company’s earnings before interest, taxes, depreciation, and amortization expense, and further adjusted for letter of credit fees, equity-based compensation expense, net gains or losses on property disposals and certain other items as defined in the company’s credit agreement. Adjusted EBITDA is used for internal management purposes as a financial measure that reflects the company’s core operating performance. In addition, management uses adjusted EBITDA to measure compliance with financial covenants in the company’s credit agreement. However, this financial measure should not be construed as a better measurement than operating income or earnings per share, as defined by generally accepted accounting principles.

Adjusted EBITDA has the following limitations:

  • Adjusted EBITDA does not reflect the interest expense or the cash requirements necessary to service interest or principal payments on our outstanding debt;
  • Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and Adjusted EBITDA does not reflect any cash requirements for such replacements;
  • Equity based compensation is an element of our long-term incentive compensation program, although we exclude it as an expense when evaluating our ongoing operating performance for a particular period; and
  • Other companies in our industry may calculate Adjusted EBITDA differently than we do, limiting its usefulness as a comparative measure.

Because of these limitations, Adjusted EBITDA should not be considered a substitute for performance measures calculated in accordance with GAAP. We compensate for these limitations by relying primarily on our GAAP results and using Adjusted EBITDA as a secondary measure.

Reconciliation of GAAP Measures to Non-GAAP Financial Measures ($ amounts in millions)

Forward-Looking Statements

This news release contains 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. The words “expects,” “expected,” “estimated,” and similar expressions are intended to identify forward-looking statements. It is important to note that the company’s actual future results could differ materially from those projected in such forward-looking statements because of a number of factors, including (among others) our ability to generate sufficient cash flows and liquidity to fund operations, which raises substantial doubt about our ability to continue as a going concern, inflation, inclement weather, price and availability of fuel, sudden changes in the cost of fuel or the index upon which the company bases its fuel surcharge, competitor pricing activity, expense volatility, including (without limitation) expense volatility due to changes in rail service or pricing for rail service, ability to capture cost reductions, changes in equity and debt markets, a downturn in general or regional economic activity, effects of a terrorist attack, labor relations, including (without limitation), the impact of work rules, work stoppages, strikes or other disruptions, any obligations to multi-employer health, welfare and pension plans, wage requirements and employee satisfaction, and the risk factors that are from time to time included in the company’s reports filed with the SEC.

The company’s expectations regarding financial information related to second quarter 2010 are only its expectations regarding these matters.  Actual financial information for second quarter 2010 could differ based on a number of factors including (among others) any adjustments or final entries necessary to close the company’s  books for second quarter 2010 and the factors identified in the paragraphs below.

The company’s expectations regarding the expected loss from discontinued operations are only its expectations regarding this matter.  The actual loss from discontinued operations could differ based on a number of factors including (among others) any gain or loss on the previously announced sale of its logistics business and the one-time shutdown costs related to its flow through and pool distribution services business, which are affected by the accuracy of the company’s estimates regarding the fair market value of assets, its ability to enter into, and the terms of subleases and lease termination agreements for leased properties, the company’s ability to enter into agreements to sell owned assets and its ability to identify all costs related to the shutdown of the flow through and pool distribution services business.  Additional risks and uncertainties regarding the proposed sale of the company’s logistics business include (among others) the possibility that the closing of the transaction does not occur, either due to the failure of closing conditions, including the approval of the company’s lenders and multi-employer pension funds to which the company contributes, rights of the parties to terminate the agreement, or other reasons.

The company’s expectations regarding its cash and cash equivalents are only its expectations regarding this matter.  The actual cash and cash equivalents could differ based on a number of factors including (among others) the company’s operating results, the timing of its receipts and disbursements, the company’s access to credit facilities or credit markets and the factors identified in the preceding paragraphs.

The company’s expectations regarding the reduction to its equity- based compensation expense are only its expectations regarding this matter.  The actual reduction to its equity- based compensation expense could differ based on a number of factors including (among others) the final determination of the adjusted fair value of the company’s March 2010 union stock option awards.

YRC Worldwide Inc., a Fortune 500 company headquartered in Overland Park, Kan., is one of the largest transportation service providers in the world and the holding company for a portfolio of successful brands including YRC, YRC Reimer, YRC Glen Moore, YRC Logistics, New Penn, Holland and Reddaway. YRC Worldwide has the largest, most comprehensive network in North America, with local, regional, national and international capabilities. Through its team of experienced service professionals, YRC Worldwide offers industry-leading expertise in heavyweight shipments and flexible supply chain solutions, ensuring customers can ship industrial, commercial and retail goods with confidence. Please visit yrcw.com for more information.

Investor Contact: Paul Liljegren Media Contact: Suzanne Dawson
YRC Worldwide Inc. Linden Alschuler & Kaplan
913.696.6108 212.329.1420
Paul.Liljegren@yrcw.com sdawson@lakpr.com
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UQM Technologies (UQM) Receives Fleet Build Order from International Automobile Company

FREDERICK, Colo.–(BUSINESS WIRE)–UQM Technologies, Inc. (NYSE Amex:UQM), a developer of alternative energy technologies, announced today that it has received an initial order for over fifty PowerPhase® electric propulsion systems as part of the fleet build and vehicle development activities of an established international automobile manufacturer. Deliveries under the order are scheduled to occur in the fourth calendar quarter of 2010 and the first calendar quarter of 2011. Automobile companies typically build test fleets to evaluate new vehicles that are under development prior to their market launch.

“We consider our selection by this international automobile manufacturer to be a significant development and further confirmation of our position as a leading supplier of electric propulsion systems to this emerging market,” said William G. Rankin, President and Chief Executive Officer of UQM Technologies. “We have been in discussion with and under evaluation by this new customer for over six months and have satisfied their demanding requirements for system performance, safety, quality, availability and price. Introduction of this vehicle is targeted for 2012 and we have quoted delivery and price for over 25,000 systems.”

“The automotive qualification of our PowerPhase® electric propulsion system together with expansion of our manufacturing capacity to allow for the production of commercial volumes of this system at a competitive cost is creating additional opportunities with automobile manufacturers worldwide. This automobile company represents the ninth in a growing list of established carmakers with vehicles under evaluation powered by our electric propulsion and/or generator systems,” added Mr. Rankin.

UQM Technologies, Inc. is a developer and manufacturer of power dense, high efficiency electric motors, generators and power electronic controllers for the automotive, aerospace, military and industrial markets. A major emphasis of the Company is developing products for the alternative energy technologies sector including propulsion systems for electric, hybrid electric, plug-in hybrid electric and fuel cell electric vehicles, under-the-hood power accessories and other vehicle auxiliaries. The Company’s headquarters, engineering and product development center, and manufacturing operation are located in Frederick, Colorado. For more information on the Company, please visit its worldwide website at www.uqm.com.

This Release contains statements that constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act. These statements appear in a number of places in this Release and include statements regarding our plans, beliefs or current expectations, including those plans, beliefs and expectations of our officers and directors with respect to, among other things, future financial results and revenue growth, our ability to successfully expand our manufacturing facilities and the continued growth of the electric-powered vehicle industry. Important Risk Factors that could cause actual results to differ from those contained in the forward-looking statements are contained in our Form 10-K filed May 24, 2010, which is available through our website at www.uqm.com or at www.sec.gov.

Monday, July 12th, 2010 Uncategorized Comments Off on UQM Technologies (UQM) Receives Fleet Build Order from International Automobile Company
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