Archive for December, 2010

SI Financial Group, Inc. (SIFI) Announces Approval of Plan of Conversion and Reorganization by Shareholders and MHC Members

WILLIMANTIC, Conn.–(BUSINESS WIRE)–SI Financial Group, Inc. (the “Company”) (Nasdaq: SIFI), holding company for Savings Institute Bank and Trust Company, announced today that the Company’s Plan of Conversion and Reorganization and the related contribution of up to $500,000 in cash to SI Financial Group Foundation, Inc. were each approved by the members of SI Bancorp, MHC and by the Company’s shareholders at separate special meetings held today.

Completion of the conversion remains subject to final regulatory approvals and the sale of a minimum of $44.6 million of common stock.

SI Financial Group, Inc. is the holding company for Savings Institute. Established in 1842, Savings Institute is a community-oriented financial institution headquartered in Willimantic, Connecticut. Through its twenty-one branch locations, Savings Institute offers a full-range of financial services to individuals, businesses and municipalities within its market area.

This press release contains certain forward-looking statements about the conversion and offering. Forward-looking statements include statements regarding anticipated future events and can be identified by the fact that they do not relate strictly to historical or current facts. They often include words such as “believe,” “expect,” “anticipate,” “estimate,” and “intend” or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.” Forward-looking statements, by their nature, are subject to risks and uncertainties. Certain factors that could cause actual results to differ materially from expected results include delays in consummation of the conversion and offering, difficulties in selling the common stock or in selling the common stock within the expected time frame, increased competitive pressures, changes in the interest rate environment, general economic conditions or conditions within the securities markets, and legislative and regulatory changes that could adversely affect the business in which SI Financial Group and Savings Institute are engaged.

A registration statement relating to these securities has been filed with the United States Securities and Exchange Commission. This press release is neither an offer to sell nor a solicitation of an offer to buy common stock. The offer will be made only by means of the written prospectus forming part of the registration statement (and, in the case of the subscription and community offerings, an accompanying stock order form).

The shares of common stock of new SI Financial Group are not savings accounts or savings deposits, may lose value and are not insured by the Federal Deposit Insurance Corporation or any other government agency.

SI Financial Group, Inc. is the holding company for Savings Institute Bank and Trust Company. Established in 1842, the Savings Institute Bank and Trust Company is a community-oriented financial institution headquartered in Willimantic, Connecticut.

Thursday, December 30th, 2010 Uncategorized Comments Off on SI Financial Group, Inc. (SIFI) Announces Approval of Plan of Conversion and Reorganization by Shareholders and MHC Members

Tri-Valley Corp. (TIV) Exchanges 75% of its Series A and B Warrants for Common Shares

BAKERSFIELD, Calif.–(BUSINESS WIRE)–Tri-Valley Corporation (NYSE Amex:TIV) today announced that it has entered into three separate exchange agreements with three institutional investors for the exchange and cancellation of their Series A, B and C warrants for shares of the Company’s common stock. Under the terms of each of the agreements, the investors exchanged and cancelled warrants to purchase an aggregate of 6,900,975 shares of Tri-Valley’s common stock for an aggregate of 3,975,000 shares of the Company’s common stock. The warrants were issued in a registered direct offering on April 6, 2010.

In addition, each of the investors agreed to cancel the remaining provisions of the Securities Purchase Agreement, including the right of participation of up to 50% in any future financing that expires on April 6, 2011.

“We are very pleased to have substantially reduced the potential dilution of our common shares associated with these warrants as part of our plans to better position Tri-Valley to take advantage of its oil and gas asset base, in a strong commodity price environment. Cancellation of these warrants provides Tri-Valley with much more in the way of financing options, several of which we have been exploring to further the development of oil reserves at our Claflin and Pleasant Valley projects,” said Mr. Maston N. Cunningham, President and CEO of Tri-Valley Corporation.

Approximately 2.1 million Series A and B warrants will remain outstanding after the exchange.

Tri-Valley has applied to the NYSE Amex Exchange to list the Tri-Valley stock to be issued in the exchanges, and closing of the transaction will be subject to NYSE Amex approval of the listing.

Material Terms of the Exchange Agreements

Closing of each transaction is expected to occur on December 31, 2010. Tri-Valley will issue its stock in exchange for the warrants without payment of any additional consideration. After the exchange, the warrants will be canceled.

The exchange agreements contain customary warranties from each investor regarding their organization, authorization to execute the agreements, and their ownership of the warrants at the time of the exchange. Tri-Valley also makes customary warranties to each investor, including with respect to its own organization, authorization and due issuance of the stock being exchanged. Tri-Valley also confirms that it has not provided material, nonpublic information to the investors. Tri-Valley also agrees to file a Current Report on Form 8-K with the SEC as soon as practicable.

Upon completion of the exchange, the securities purchase agreement that Tri-Valley and the investors entered on April 6, 2010, will terminate as to the three exchanging investors. If any agreement is made with respect to an exchange, amendment or exercise of Tri-Valley’s remaining outstanding warrants on terms more favorable than the present exchange agreements within 45 days after closing of the exchange agreements, the investors will be entitled to receive an economic benefit equal to the more favorable terms of the future agreement.

About Tri-Valley

Tri-Valley Corporation explores for and produces oil and natural gas in California, and has two exploration-stage gold properties in Alaska. Tri-Valley is incorporated in Delaware and is publicly traded on the NYSE Amex exchange under the symbol “TIV.” Our Company website, which includes all SEC filings, is www.tri-valleycorp.com.

Forward-looking Statements

This press release contains forward-looking statements that involve risks and uncertainties. Actual results, events, and performance could vary materially from those contemplated by these forward-looking statements which include such words and phrases as exploratory, wildcat, prospect, speculates, unproved, prospective, very large, expect, potential, etc. Among the factors that could cause actual results, events, and performance to differ materially are risks and uncertainties discussed in “Item IA. Risk Factors” and “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2009, and in “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations” as disclosed in the Company’s Quarterly Report on Form 10-Q for the most recent quarter ended September 30, 2010.

Thursday, December 30th, 2010 Uncategorized Comments Off on Tri-Valley Corp. (TIV) Exchanges 75% of its Series A and B Warrants for Common Shares

Puda Coal (PUDA) Completes Acquisition of Four Coal Mines Under Pinglu Project Phase II

TAIYUAN, China, Dec. 30, 2010 /PRNewswire-Asia-FirstCall/ — Puda Coal, Inc. (NYSE AMEX: PUDA) (“Puda Coal” or the “Company”), a supplier of high grade metallurgical coking coal used to produce coke for steel manufacturing in China and a consolidator of twelve coal mines in Shanxi Province, China, today announced that on December 23 and 24, 2010, Shanxi Puda Coal Group Co. Ltd (“Shanxi Coal”), a 90% subsidiary of Puda Coal, completed acquisition of coal mining rights and assets of four coal mines under Phase II of the Pinglu Project: Pinglu County Sanmenzhen Xuhutuo Coal, Pinglu County Daqi Coal, Shanxi Pinglu Renling Coal and Pinglu County Donggou Coal.

Phase II of the Pinglu Project will be co-developed by Shanxi Coal, Mr. Ming Zhao, Chairman and a principal stockholder of Puda Coal, and Mr. Jianping Gao under a previously announced Investment Cooperation Agreement dated August 1, 2010.  Under the Investment Cooperation Agreement, Shanxi Coal, Mr. Zhao and Mr. Gao will each contribute 40%, 30% and 30%, respectively, of the total investment needed for the consolidation and construction of the coal mines under Pinglu Project Phase II. The parties will share the profits based upon the above investment contribution percentages and bear the risks and losses in connection with the project which will be limited by the amount of investment contributed by each party.

As previously announced by the Company, pursuant to the acquisition agreements, the purchase price is RMB 125,000,000 (approximately $18.77 million) for Xuhutuo Coal, RMB 66,200,000 (approximately $9.94 million) for Daqi Coal,  RMB 205,000,000 (approximately $30.65 million) for Renling Coal and RMB 77,500,000 (approximately $11.59 million) for Donggou Coal. Shanxi Coal paid 50% of the purchase price within three days of execution of each agreement and 40% of the purchase price on December 23 or 24, 2010 after the assets transfers were completed and the mining permits and property deeds were transferred. The remaining 10% of the purchase price will be paid six months after the mining permits and property deeds were transferred.

Shanxi Coal placed all the purchased assets of Xuhutuo Coal and Daqi Coal into a new project company, Shanxi Pinglu Dajinhe Jinmen Coal Co., Ltd. and all the purchased assets of Renling Coal and Donggou Coal into a new project company, Shanxi Pinglu Dajinhe Jinyi Coal Industry Co., Ltd.

“We continue to make significant progress with the acquisition of four of the six coal mines to be consolidated under Phase II of the Pinglu Project. We expect to complete the consolidation and restructuring of these four acquired mines over the next twelve months,” commented Mr. Liping Zhu, President and CEO of Puda Coal, Inc. “Meanwhile, we are advancing our efforts towards applying for construction permits, including safety analysis reports, environmental assessments, preliminary construction and expansion proposals and geological technical reports. We are also in late stage of negotiating with the owners of the two remaining coal mines under Pinglu Project Phase II and expect to enter into acquisition agreements with them in the near term.”

Mr. Zhu added, “We have deployed a team of seasoned professionals and expect to retain key managers from the acquired coal mines to successfully execute the consolidation and restructuring of Pinglu Project. In addition, the Shanxi government permits reduced coal production during the course of construction and production upgrades and we estimate the target coal mines of Pinglu Project will produce approximately 849,000 metric tons in 2011.”

About Puda Coal, Inc.

Puda Coal, through its subsidiaries, supplies premium high grade metallurgical coking coal used to produce coke for steel manufacturing in China. The Company currently possesses 3.5 million metric tons of annual coking coal capacity. The Company is in the process of adding coal mining operations to its business, as an acquirer and consolidator and acquirer of coal mines in Shanxi Province. On September 30, 2009, Shanxi Coal, a 90% indirect subsidiary of the Company, was appointed by the Shanxi provincial government as an acquirer and consolidator of eight thermal coal mines located Pinglu County in southern Shanxi Province. Shanxi Coal plans to consolidate the eight coal mines into five, increasing their total annual capacity from approximately 1.1 million to 3.6 million metric tons. Shanxi Coal received another approval by the Shanxi provincial government to consolidate four additional coking coal mines into one coal mine in Huozhou County. After the completion of the consolidation, the Jianhe project is expected to increase the total annual capacity from 720,000 metric tons to 900,000 metric tons, according to the Shanxi provincial government’s approval. For more information, please visit http://www.pudacoalinc.com.

FORWARD-LOOKING STATEMENTS

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

Investor Relations Contact:

Crocker Coulson, President

CCG Investor Relations

Tel: +1-646-213-1915

Email: crocker.coulson@ccgir.com

Company Contact:

Laby Wu, Chief Financial Officer, Director of

Investor Relations

Puda Coal, Inc.

Tel: +86-10-6439-2405

Email: labywu@gmail.com

www.pudacoalinc.com

Elaine Ketchmere, VP of Financial Writing

Tel: +1-310-954-1345

Email: elaine.ketchmere@ccgir.com

www.ccgirasia.com

Thursday, December 30th, 2010 Uncategorized Comments Off on Puda Coal (PUDA) Completes Acquisition of Four Coal Mines Under Pinglu Project Phase II

VisionChina Media (VISN) and Focus Media Announce the Purchase of VisionChina Media Common Shares

BEIJING, Dec. 30, 2010 /PRNewswire-Asia/ — VisionChina Media Inc. (“VisionChina Media”) (Nasdaq:VISNNews), one of China‘s largest out-of-home digital television advertising networks on mass transportation systems, and Focus Media Holding Limited (“Focus Media”) (Nasdaq:FMCNNews), China‘s largest lifestyle community digital out-of-home media company, today announced they have entered into a securities purchase agreement, pursuant to which Focus Media will purchase 15,331,305 newly issued common shares of VisionChina Media at a price of US$3.979 per share, equivalent to US$3.979 per ADS, for a total consideration of approximately US$61.0 million.

JJ Media Investment Holding Limited (“JJ Media”), an entity owned by Jason Nanchun Jiang, the chairman and chief executive officer of Focus Media and one of Focus Media’s largest shareholders, and Front Lead Investments Limited (“Front Lead”), an entity beneficially owned by Limin Li, the chief executive officer and largest shareholder of VisionChina Media (together the “Investors”) will each also acquire 1,022,087 newly issued common shares of VisionChina Media at the price of US$3.979 per share, equivalent to US$3.979 per ADS, each for a consideration of approximately US$4.0 million.

The transaction is subject to customary closing conditions and is expected to be completed in early January 2011.  Each of Focus Media and the Investors will pay 80% of the consideration and deliver a promissory note in the amount of the remaining 20% of the consideration to VisionChina Media at closing.  The payment under the promissory notes will be due on March 31, 2011.

Following the transaction, Front Lead, an entity beneficially owned by Limin Li, will remain VisionChina Media’s largest shareholder with 17.2% of VisionChina Media’s outstanding issued shares.  Focus Media will hold approximately 15%, and JJ Media will hold 1%, of VisionChina Media’s outstanding issued shares respectively.  Focus Media, the Investors and VisionChina Media will also enter into a Shareholders Agreement, pursuant to which Focus Media is entitled to nominate one designee to VisionChina Media’s board of directors following the transaction.  In addition, Focus Media, the Investors and VisionChina Media will also enter into a Registration Rights Agreement, pursuant to which Focus Media and the Investors will hold certain registration rights.

“We are very pleased that Focus Media, China‘s largest lifestyle community out-of-home digital media company is investing in VisionChina Media.  The purchase of this substantial block of our outstanding shares demonstrates that Focus Media recognizes that we have complementary businesses.  Both companies see the future of out-of-home digital mobile television in China, and are confident in our leadership in our respective industry segments.  We hope this alignment will provide a base from which to consider future business opportunities of mutual interest.” said Mr. Limin Li, founder, Chairman and chief executive officer of VisionChina Media.

Mr. Jiang, founder, Chairman and chief executive offer of Focus Media commented, “This is an opportunity for our company to partner with a proven market leader in the mobile television networks advertising business.  VisionChina Media’s mass transportation mobile television network and Focus Media’s office, residential, hypermarket and supermarket television networks and theater network are highly complementary to each other, which we believe will offer opportunities to bring integrated media solutions and greater media value to advertisers.  This minority investment in VisionChina Media is very much in line with Focus Media’s established development strategy of focusing on growing and investing in our core businesses while reducing our non-core businesses, and does not indicate any change in our existing stated direction.  I am very pleased to be purchasing a 1% stake in VisionChina Media as a reflection of my confidence in the prospects for cooperation between VisionChina Media and Focus Media.”

ABOUT VISIONCHINA MEDIA INC.

VisionChina Media Inc. (Nasdaq:VISNNews) operates an out-of-home advertising network on mass transportation systems, including buses and subways. As of September 30, 2010, VisionChina Media Inc.’s advertising network included 128,139 digital television displays on mass transportation systems in 23 of China‘s economically prosperous cities, including Beijing, Shanghai, Guangzhou and Shenzhen.  VisionChina Media Inc. has the ability to deliver real-time, location-specific broadcasting, including news, stock quotes, weather and traffic reports and other entertainment programming.  For more information, please visit http://www.visionchina.cn.

ABOUT FOCUS MEDIA HOLDING LIMITED

Focus Media Holding Limited (Nasdaq:FMCNNews) operates China‘s largest lifestyle community media network, tracking the lifestyle of the consumers and using its media advertising platforms for residential communities, office buildings, shopping malls and movie theaters.  Through its multi-platform digital media platforms, as of September 30, 2010, Focus Media’s digital out-of-home advertising network had approximately 196,000 LCD displays and approximately 312,000 advertising in-elevator poster and digital frames, installed in 184 cities throughout China, with a daily coverage of more than 170 million mainstream urban residents.  For more information about Focus Media, please visit our website at http://ir.focusmedia.cn.

SAFE HARBOR: FORWARD-LOOKING STATEMENTS

This announcement contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”).  These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995.  These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements, but the absence of these words does not mean that a statement is not forward-looking.  Among other things, quotations from Limin Li and Jason Nanchun Jiang in this press release contain forward-looking statements.  Forward-looking statements involve inherent risks and uncertainties.  A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement.  Neither VisionChina Media nor Focus Media undertakes any obligation to update any forward-looking statement, except as required under applicable law.

This press release is provided for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell any securities.  Securities may not be offered or sold in the United States absent registration or an exemption from registration.  Any public offering of securities to be made in the United States will be made by means of a prospectus that may be obtained from the issuer or selling security holder and that will contain detailed information about the company and management, as well as financial statements.

For investor and media inquiries, please contact:

VisionChina Media Inc.

In China:

Mrs. Helen Plummer

Investor Relations Officer

VisionChina Media Inc.

Tel: +86-139-1167-2124

Email: helen.plummer@visionchina.cn

Mr. Colin Wang

Investor Relations Director

VisionChina Media Inc.

Tel: +86-135-1001-0107

Email: colin.wang@visionchina.cn

In the United States:

Ms. Jessica Barist Cohen

Ogilvy Financial, New York

Tel: +1-646-460-9989

E-mail: jessica.cohen@ogilvypr.com

Focus Media Holding Limited

Jing Lu

Tel: +86-21-2216-4155

Email: ir@focusmedia.cn

Thursday, December 30th, 2010 Uncategorized Comments Off on VisionChina Media (VISN) and Focus Media Announce the Purchase of VisionChina Media Common Shares

AirMedia (AMCN) Renews its Concession Rights Contract with China Eastern Airlines for Ten Years

BEIJING, Dec. 30, 2010 /PRNewswire-Asia-FirstCall/ — AirMedia Group Inc. (“AirMedia”) (Nasdaq:AMCNNews), a leading operator of out-of-home advertising platforms in China targeting mid-to-high-end consumers, today announced that it recently renewed its concession rights contract with China Eastern Airlines to operate digital TV screens on its airplanes on an exclusive basis for ten years until December 31, 2020.

“China Eastern Airlines is one of the top three airlines in China. Our successful renewal with China Eastern Airlines further secures our concession rights with major airlines for the long term. Following our recent renewals of concession rights contracts with Terminal 3 of the Beijing airport and China Southern Airlines, each for five years, we notice that airports and airlines now become willing to commit to longer-term contracts with their trusted business partners. As a leading air travel advertising platform operator, AirMedia will benefit from this development,” remarked Herman Guo, chairman and chief executive officer of AirMedia.

About AirMedia Group Inc.

AirMedia Group Inc. (Nasdaq:AMCNNews) is a leading operator of out-of-home advertising platforms in China targeting mid-to-high-end consumers. AirMedia operates the largest digital media network in China dedicated to air travel advertising. AirMedia operates digital frames in 34 major airports, including the 15 largest airports in China. AirMedia also operates digital TV screens in 38 major airports, including 26 out of the 30 largest airports in China. In addition, AirMedia sells advertisements on the routes operated by nine airlines, including the four largest airlines in China. In selected major airports, AirMedia also operates traditional media platforms, such as billboards and light boxes, and other digital media, such as mega LED screens.

In addition, AirMedia has obtained exclusive contractual concession rights until the end of 2014 to develop and operate outdoor advertising platforms at Sinopec’s service stations located throughout China.

For more information about AirMedia, please visit http://www.airmedia.net.cn.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expect,” “anticipate,” “future,” “intend,” “plan,” “believe,” “estimate,” “confident” and similar statements. Among other things, the quotations from management in this announcement, as well as AirMedia’s strategic and operational plans, contain forward-looking statements. AirMedia may also make written or oral forward-looking statements in its reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about AirMedia’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to: if advertisers or the viewing public do not accept, or lose interest in, our air travel advertising network, we may be unable to generate sufficient cash flow from our operating activities and our prospects and results of operations could be negatively affected; we derive most of our revenues from the provision of air travel advertising services, and any slowdown in the air travel advertising industry in China may materially and adversely affect our revenues and results of operations; our strategy of expanding our advertising network by building new air travel media platforms and expanding into traditional media in airports may not succeed, and our failure to do so could materially reduce the attractiveness of our network and harm our business, reputation and results of operations; if we do not succeed in our expansion into gas station and other outdoor media advertising, our future results of operations and growth prospects may be materially and adversely affected; if our customers reduce their advertising spending or are unable to pay us in full, in part or at all for a period of time due to an economic downturn in China and/or elsewhere or for any other reason, our revenues and results of operations may be materially and adversely affected; we face risks related to health epidemics, which could materially and adversely affect air travel and result in reduced demand for our advertising services or disrupt our operations; if we are unable to retain existing concession rights contracts or obtain new concession rights contracts on commercially advantageous terms that allow us to operate our advertising platforms, we may be unable to maintain or expand our network coverage and our business and prospects may be harmed; a significant portion of our revenues has been derived from the five largest airports and three largest airlines in China, and if any of these airports or airlines experiences a material business disruption, our ability to generate revenues and our results of operations would be materially and adversely affected; our limited operating history makes it difficult to evaluate our future prospects and results of operations; and other risks outlined in AirMedia’s filings with the U.S. Securities and Exchange Commission. AirMedia does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

Investor Contact:

Raymond Huang
Senior Director of Investor Relations
AirMedia Group Inc.
Tel: +86-10-8460-8678
Email: ir@airmedia.net.cn

Caroline Straathof
IR Inside
Tel: +31-6-54624301
Email: info@irinside.com

Thursday, December 30th, 2010 Uncategorized Comments Off on AirMedia (AMCN) Renews its Concession Rights Contract with China Eastern Airlines for Ten Years

Radient Pharmaceuticals (RPC) Signs Distribution Agreement With Hong Kong Based Bio-Asia Diagnostics Co. Ltd.

TUSTIN, CA — (Marketwire) — 12/29/10 — Through its subsidiary AMDL Diagnostics Inc., Radient Pharmaceuticals Corporation (NYSE Amex: RPC), a US-based company specializing in the research, development, and international commercialization of In Vitro Diagnostic cancer tests, announced today it has signed a full-service five-year exclusive distribution agreement with Hong Kong based Bio-Asia Diagnostics Co. Ltd. (Bio-Asia). The signing of this distribution agreement will enable RPC to bring its Onko-Sure™ IVD cancer test into the Hong Kong healthcare market. The agreement also grants Bio-Asia non-exclusive rights to distribute Onko-Sure®, for research use only (“RUO”), in the People’s Republic of China (“PRC”).

Under the terms, Bio-Asia has committed to purchase a minimum of 800 Onko-Sure® test kits over the duration of the agreement. As a full service distributor, Bio-Asia will provide marketing, sales, and distribution services to get Onko-Sure in major diagnostic centers, clinical reference labs, and hospitals in Hong Kong. Additionally, Bio-Asia will reach out to hospitals and cancer research centers in the PRC to provide Onko-Sure® test kits for RUO purposes. Bio-Asia has a network of over 300 major hospitals in Hong Kong and the PRC.

RPC’s Chairman and CEO Douglas MacLellan commented, “This announcement represents a strategic advancement in the global commercialization of our Onko-Sure® cancer test. Hong Kong provides an excellent market for diagnostic tests and Bio-Asia is a leading distribution company there as well as in the PRC. Support from international distributors, including Bio-Asia, is key to the long-term growth of Radient and we are excited to add them to our growing list of distribution partners. Through such partnerships RPC is making substantial progress in meeting global demand for cancer testing.”

MacLellan continued, “Beginning 2011, committed minimums for Hong Kong plus RUO sales in the PRC are anticipated to generate over $200,000 USD annually. We appreciate the confidence Bio-Asia has demonstrated in RPC and we will support their efforts to continue to aggressively expand distribution throughout this important territory.”

About Radient Pharmaceuticals:
Headquartered in Tustin, California, Radient Pharmaceuticals is dedicated to saving lives and money for patients and global healthcare systems through the deployment of its FDA-cleared In Vitro Diagnostic Onko-Sure® Test Kits for colon-rectal cancer recurrence monitoring. The company’s focus is on the discovery, development and commercialization of unique high-value diagnostic tests that help physicians answer important clinical questions related to early disease-state detection, treatment strategy, and the monitoring of disease progression or recurrence. To learn more about our company, products, and potentially life-saving cancer test, visit www.radient-pharma.com.

About Bio-Asia Diagnostics:
Bio-Asia Diagnostics Company Ltd. was founded in Hong Kong in 1996 to represent a number of world-leading manufacturers to channel their top quality diagnostic products to the region. Bio-Asia distributes products and provides services for various international diagnostics and healthcare products manufacturers. Building on distribution and sales to hospitals in Asia, Bio-Asia has become a leading diagnostics distribution company, providing a wide range of medical diagnostic solutions to hospitals and clinics to meet rapidly growing demand in the region. In addition to operations in Hong Kong, Bio-Asia has four branches in China located in Beijing, Shanghai, Guangzhou and Fuzhou.

Bio-Asia Diagnostics has built up a network of more than 300 major hospitals that are all repeat customers in China and Hong Kong. Bio-Asia currently represents a number of world-leading manufacturers to channel their top quality diagnostic products to the region. Among the globally famous brands are Grifols, Interlab, i-STAT, Bayer Diagnostics, Abbott, Cholestech, Standard Diagnostics, and Data Innovations. Visit www.bio-asia.com for more information.

RPC Contact Information:
For additional information on Radient Pharmaceuticals Corporation and its products visit: www.radient-pharma.com or send e-mail to info@radient-pharma.com. For Investor Relations contact Kristine Szarkowitz at IR@RadientPharma.com or 1.206.310.5323.

Forward-Looking Statements:
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements contained in this document include certain predictions and projections that may be considered forward-looking statements under securities law. These statements involve a number of important risks and uncertainties that could cause actual results to differ materially including, but not limited to, the performance of joint venture partners, as well as other economic, competitive and technological factors involving the Company’s operations, markets, services, products, and prices. With respect to Radient Pharmaceuticals Corporation, except for the historical information contained herein, the matters discussed in this document are forward-looking statements involving risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements.

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RPC Contact:
Kristine Szarkowitz
Director-Investor Relations
Email Contact
(Tel : ) 206.310.5323

Wednesday, December 29th, 2010 Uncategorized Comments Off on Radient Pharmaceuticals (RPC) Signs Distribution Agreement With Hong Kong Based Bio-Asia Diagnostics Co. Ltd.

GenVec (GNVC) Forms Collaboration With World-Leading Animal Health Company

GAITHERSBURG, Md., Dec. 29, 2010 /PRNewswire/ — GenVec, Inc. (Nasdaq: GNVC) today announced that the company will be working with Merial to develop and commercialize GenVec’s proprietary vaccine technology for use against foot-and-mouth disease (FMD). Merial is the leading FMD vaccine producer in the world, with leading positions in all key markets. Under the agreement, Merial will be responsible for all costs related to the development and commercialization of FMD vaccines developed through the collaboration.  GenVec will receive development milestones and royalties on sales.

GenVec’s novel FMD vaccine approach utilizes GenVec’s proprietary adenovector technology and is manufactured on a proprietary GenVec cell line that is capable of producing antigens without the use of the highly contagious FMD virus. Because the vaccine is produced without using live or killed virus materials, it can be produced cost effectively in the US and around the world.

“We look forward to working with GenVec to explore this promising technology for FMD vaccines,” said Teshome Mebatsion, Senior Director Vector Vaccine Research, Merial.  Robert Nordgren, Global Head of Merial’s Bio R&D added that “Merial sees great potential for GenVec’s technology to positively impact the way that animal vaccines are produced and developed.”

“Our relationship with Merial complements our strategy of entering into collaborations to support the development of our pipeline of products,” said Dr. Paul Fischer, GenVec’s President and Chief Executive Officer.

About GenVec

GenVec, Inc. is a biopharmaceutical company developing novel therapeutic drugs and vaccines. GenVec uses proprietary drug discovery and development technologies to support a portfolio of product programs that address the prevention and treatment of a number of major diseases.  In collaboration with Novartis, GenVec is developing novel treatments for hearing loss and balance disorders. GenVec also develops and is evaluating the potential of TNFerade for the treatment of certain cancers and is developing vaccines for infectious diseases including influenza, HIV, malaria, foot-and-mouth disease, respiratory syncytial virus (RSV), and HSV-2. Additional information about GenVec is available at www.genvec.com and in the Company’s various filings with the Securities and Exchange Commission.

About Merial

Merial is a world-leading, innovation-driven animal health company, providing a comprehensive range of products to enhance the health, well-being and performance of a wide range of animals. Merial employs approximately 5,600 people and operates in more than 150 countries worldwide. Its 2009 sales were $2.6 billion. Merial is the Animal Health subsidiary of sanofi-aventis.

For more information, please see www.merial.com.

Statements herein relating to future financial or business performance, conditions or strategies and other financial and business matters, including expectations regarding future revenues and operating expenses, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act.  GenVec cautions that these forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time.  Factors that may cause actual results to differ materially from the results discussed in the forward-looking statements or historical experience include risks and uncertainties, including the failure by GenVec to secure and maintain relationships with collaborators; risks relating to the early stage of GenVec’s product candidates under development; uncertainties relating to clinical trials; risks relating to the commercialization, if any, of GenVec’s proposed product candidates; dependence on the efforts of third parties; dependence on intellectual property; and risks that we may lack the financial resources and access to capital to fund our operations.  Further information on the factors and risks that could affect GenVec’s business, financial conditions and results of operations, are contained in GenVec’s filings with the U.S. Securities and Exchange Commission (SEC), which are available at www.sec.gov.  These forward-looking statements speak only as of the date of this press release, and GenVec assumes no duty to update forward-looking statements.

Investor Contact:

GenVec, Inc.

Douglas J. Swirsky

(240) 632-5510

dswirsky@genvec.com

Wednesday, December 29th, 2010 Uncategorized Comments Off on GenVec (GNVC) Forms Collaboration With World-Leading Animal Health Company

BASi (BASI) Announces Partnership With Pharmasset

WEST LAFAYETTE, IN–(Marketwire – 12/29/10) – BASi (Bioanalytical Systems, Inc.) (NASDAQ:BASINews), a life sciences company in the Purdue Research Park, has entered into a Preferred Provider Agreement (PPA) with Princeton, New Jersey-based Pharmasset Inc. (NASDAQ:VRUSNews), a clinical-stage pharmaceutical company committed to discovering, developing and commercializing novel drugs to treat viral infections, to provide preclinical services for pre-IND and post-IND activities. The agreement includes provisions to provide exclusive toxicology services as well as pharmaceutical analysis and bioanalytical services as needed.

BASi President and Chief Executive Officer, Anthony S. Chilton, Ph.D., stated, “The agreement between Pharmasset and BASi is an important strategy and commitment for both companies. It represents a significant step in BASi’s strategy to work closely with our partners in the pharmaceutical industry. We look forward to developing our relationship and continuing to contribute to the successful development of Pharmasset’s future medicines.”

About Pharmasset

Pharmasset is a clinical-stage pharmaceutical company committed to discovering, developing, and commercializing novel drugs to treat viral infections. Pharmasset’s primary focus is on the development of oral therapeutics for the treatment of hepatitis C virus (HCV) and, secondarily, on the development of Racivir™ for the treatment of human immunodeficiency virus (HIV). Research and development efforts focus on nucleoside/tide analogs, a class of compounds which act as alternative substrates for the viral polymerase, thus inhibiting viral replication. Pharmasset currently has four clinical-stage product candidates. RG7128 is in two Phase 2b clinical studies in combination with Pegasys® plus Copegus® and is also in the INFORM studies, the first series of studies designed to assess the potential of combinations of small molecules without Pegasys® and Copegus® to treat chronic HCV. These clinical studies are being conducted through a strategic collaboration with Roche. Other clinical stage HCV candidates include PSI-7977, an unpartnered nucleotide analog that has recently initiated 12 weeks of dosing in a Phase 2b study, and PSI-938, an unpartnered nucleotide analog in a Phase 1 study. Pharmasset also has in its pipeline an additional purine nucleotide analog, PSI-661, in advanced preclinical development. Racivir, for the treatment of HIV, has completed a Phase 2 clinical study.

Pegasys® and Copegus® are registered trademarks of Roche.

About Bioanalytical Systems, Inc.

BASi is a pharmaceutical development company providing contract research services and research instruments and supplies to the world’s leading drug development companies and medical research organizations. The company focuses on developing innovative services and products that increase efficiency and reduce the cost of taking a new drug to market. Visit www.BASInc.com for more about BASi.

This release contains forward-looking statements that are subject to risks and uncertainties including, but not limited to, risks and uncertainties related to changes in the market and demand for our products and services, the development, marketing and sales of products and services, changes in technology, industry standards and regulatory standards, and various market and operating risks detailed in the company’s filings with the Securities and Exchange Commission.

Wednesday, December 29th, 2010 Uncategorized Comments Off on BASi (BASI) Announces Partnership With Pharmasset

Uranerz (UZR) Completes $20 Million Financing

CASPER, WYOMING–(Marketwire – 12/29/10) – Uranerz Energy Corporation (“Uranerz” or the “Company”) (TSX:URZNews) (AMEX:UZRNews) (Frankfurt:U9ENews) is pleased to announce that it has completed its “at-the-market” financing and has raised US$20 million in gross proceeds through Haywood Securities (USA) Inc., acting as agent.

Uranerz Energy Corporation now has approximately $36 million in its treasury, and there are 70,781,433 shares issued and outstanding. The Company is well-positioned in anticipation of receipt of the required licenses and permits to begin construction of the Nichols Ranch ISR Uranium Project.

About Uranerz

Uranerz Energy Corporation is a U.S.-based uranium company focused on achieving near-term commercial in-situ recovery (“ISR”) uranium production in Wyoming, the largest producer of uranium of any U.S. state. The Uranerz management team has specialized expertise in the ISR uranium mining method, and has a record of licensing, constructing and operating commercial ISR uranium projects.

Uranerz Energy Corporation is listed on the NYSE Amex and the Toronto Stock Exchange under the symbol “URZ,” and listed on the Frankfurt Stock Exchange under the symbol “U9E.”

Further Information

For further information, please contact Derek Iwanaka, Manager of Investor Relations at 1-800-689-1659 or by email at info@uranerz.com. Alternatively, please refer to the Company’s website at www.uranerz.com, review the Company’s filings with the SEC at www.sec.gov or visit the Company’s profile on SEDAR at www.sedar.com.

Forward-looking Statements

This press release may contain or refer to “forward-looking information” and “forward-looking statements” within the meaning of applicable United States and Canadian securities laws, which may include, but are not limited to, statements with respect to the Company’s anticipation that it will receive permits and licenses to begin construction of the Nichols Ranch ISR Uranium Project, anticipated use of proceeds, future production, planned development, capital, the availability of future financing for exploration or development, the regulatory approval of planned operations, and other plans, estimates and expectations. Such forward-looking statements reflect the Company’s current views with respect to future events and are subject to certain risks, uncertainties and assumptions, including the risks and uncertainties outlined in the Company’s most recent financial statements and reports and registration statement filed with the SEC (available at www.sec.gov) and with Canadian securities regulators (available at www.sedar.com). Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, believed, estimated or expected. We do not undertake to update forward-looking information or forward-looking statements, except as required by law.

Wednesday, December 29th, 2010 Uncategorized Comments Off on Uranerz (UZR) Completes $20 Million Financing

Cavico (CAVO) Awarded $6 Million Construction Contract for Song Bung 2 Hydropower Plant

HANOI, Vietnam, Dec. 28, 2010 (GLOBE NEWSWIRE) — Cavico Corp. (Nasdaq:CAVO) (“Cavico” or the “Company”), a major infrastructure construction, infrastructure investment, and natural resources conglomerate based in Vietnam, today announced that its subsidiary, Cavico Bridge and Tunnel, has signed a construction contract with Electricity of Vietnam (“EVN”), a state-owned electricity company, for the Song Bung 2 Hydropower project.

The contract is valued at $6 million and includes cost escalation clauses that may increase the revenues associated with the project. Under the terms of the contract, Cavico will be responsible for the construction of three tunnels, a surge tank, and a power house. Cavico expects to complete construction by 2014.

The Song Bung 2 Hydropower project, which is included in Vietnam’s national power development plan approved by the prime minister’s office, is located on the Vu Gia-Thu Bon River in Lae village, Quang Nam Province. With a total planned capital investment of $183 million, the Song Bung 2 hydropower plant will have a 100-megawatt capacity, providing 426 million kilowatt-hours of energy annually upon completion.

“Cavico is delighted to be awarded this construction contract for the Song Bung 2 Hydropower project,” commented Mr. Hai Thanh Tran, vice president of Cavico. “Our team and equipment are ready to be deployed to the site, and we anticipate a smooth transition into the construction process, which we expect to complete within the agreed time frame.”

The Company also wishes to correct a statement made in its press release issued Monday, December 27, 2010. The corrected statement should read as follows: “The headrace tunnel is 7 miles long and 16 feet wide and is considered the longest and most sophisticated tunnel to be constructed in Vietnam.”

About Cavico Corp.

Cavico Corp. is focused on large infrastructure projects, which include the construction of hydropower facilities, dams, bridges, tunnels, roads, mines and urban buildings. Cavico is also making investments in hydropower facilities, cement production plants, mineral exploration and urban developments in Vietnam.  The company employs more than 3,000 employees on projects worldwide, with offices throughout Vietnam and a satellite office in Australia. The Company now has three subsidiaries, Cavico Mining (HSX:MCV), Cavico Industry & Mineral (HNX:CMI), and Cavico Construction Manpower & Services (HNX:CMS), which are listed in Vietnam on the Ho Chi Minh and Hanoi Stock Exchanges.

Founded in 2000, Cavico is a major infrastructure construction, infrastructure investment and natural resources conglomerate headquartered in Hanoi, Vietnam. Cavico is highly respected for its core competency in the construction of mission-critical infrastructure including hydroelectric plants, highways, bridges, tunnels, ports and urban community developments. One of the Company’s primary competitive advantages is its ability to nurture a project “from concept through completion” with a vertical portfolio of interrelated investment, permitting, design, construction management and facility maintenance services. Cavico’s project partners include top multi-national corporations and government organizations. The Company employs more than 3,000 full-time, part-time, and seasonal workers. For more information, visit http://www.cavicocorp.com. Information on the Company’s Web site or any other Web site does not constitute a portion of this release.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995

This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements, including but not limited to, the Company’s ability to obtain the necessary financing to continue and expand operations, to market its construction services in new markets and to offer construction services at competitive pricing, the Company’s ability to complete projects in the time frame specified; anticipated revenue from the projects to attract and retain management, and to integrate and maintain technical information and management information systems; the effects of currency policies and fluctuations, general economic conditions and other factors detailed from time to time in the Company’s filings with the United States Securities and Exchange Commission and other regulatory authorities. These statements include, without limitation, statements regarding our ability to prepare the Company for growth; the Company’s planned expansions, and predictions and guidance relating to the Company’s future financial performance. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

CONTACT:  Cavico Corp.
          Timothy Pham, Vice President and Director
          +1-714-843-5456
          cavicohq@cavico.us

          RedChip Companies, Inc.
          Investor Relations Contact:
          Dave Gentry
          800-733-2447, Ext. 104
          407-644-4256, Ext. 104
          info@redchip.com
Tuesday, December 28th, 2010 Uncategorized Comments Off on Cavico (CAVO) Awarded $6 Million Construction Contract for Song Bung 2 Hydropower Plant

China TransInfo (CTFO) Announces RMB 6.2 Million Contract for Beijing Traffic-Information Service

Beijing, Dec. 28, 2010 /PRNewswire-Asia-FirstCall/ — China TransInfo Technology Corp. (Nasdaq: CTFO) (“China TransInfo” or the “Company”), a leading provider of comprehensive, intelligent transportation solutions and traffic information services in China through its affiliate, China TransInfo Technology Group Co., Ltd. (the “Group Company”), today announced that the Group Company’s subsidiary, Beijing Zhangcheng Science and Technology Co., Ltd. (“Beijing Zhangcheng”), has signed a contract with the Beijing Transportation Information Center to develop a commercial operation center (the “Commercial Operation Center”) to provide dynamic traffic-information services to drivers in Beijing. The contract is valued at RMB 6.2 million (approximately $0.9 million) and will be classified within the Company’s traffic information service business.

According to the contract, the Commercial Operation Center will include: the traffic information-service distribution platform, a customized commuting-service demonstration system, and the launch of 500 interactive dynamic navigation terminals, which are expected to be completed by the end of 2011. The contract also includes the provision of two-years of traffic-information service via the 500 terminals starting in 2011. After two years’ time, Beijing Zhangcheng will continue to provide traffic-information services at market price.

On December 23, 2010, the Beijing government unveiled new measures to ease the city’s increasingly severe traffic congestion. According to the new regulations, Beijing will strengthen the role of traffic information and services to counter traffic congestion and smooth traffic flow. The Commercial Operation Center is expected to help alleviate the city’s mounting urban transportation issues and foster the development of the market for consumer-oriented traffic information services.

“We’re very delighted to participate in the construction of the Commercial Operation Center, especially to provide terminal-based traffic information services,” said Mr. Shudong Xia, Chairman and Chief Executive Officer of China TransInfo. “Our selection is a strong validation of our technology and service capabilities. The government’s increased investment in traffic information services will continue to support the development of our industry.”

“Since Beijing Zhangcheng’s related platform, system and terminals have almost been finalized and meet the requirements of the Commercial Operation Center, we estimate that this contract can achieve 80% gross margins. In addition, the launch of 500 terminals represents the beginning of our offering paid traffic-information services in the Beijing market. The 500 interactive navigation terminals will also comprise a data source, which we will use to further improve the quality of our traffic-information service.”

About China TransInfo

China TransInfo, through its affiliate, China TransInfo Technology Group Co., Ltd., (the “Group Company”) and the Group Company’s PRC operating subsidiaries, is primarily focused on providing urban and highway transportation management solutions and information services. The Company is a leading transportation information products and comprehensive solutions provider, and aims to be the largest real time transportation information service provider and major fleet management service provider in China. As the co-formulator of several transportation technology \national standards, the Company owns five patents and has won a majority of the model cases awarded by the PRC Ministry of Transportation. As a result, the Company is playing a key role in setting the standards for transportation information solutions in China. For more information, please visit the Company’s website at http://www.chinatransinfo.com.

Safe Harbor Statement

This press release contains certain statements that may include forward looking statements. All statements other than statements of historical fact included herein are forward-looking statements. These forward looking statements are often identified by the use of forward-looking terminology such as believes, expects, plans or similar expressions, involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Companys actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Companys periodic reports that are filed with the Securities and Exchange Commission and available on its website (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.

Company Contact:

Investor Relations Contact:

Ms. Fan Zhou, Investor Relations Director

Mr. Athan Dounis

China TransInfo Technology Corp.

Email: athan.dounis@ccgir.com

Email: ir@ctfo.com

Tel: +1-646-213-1916

Tel: +86-10-5169-1657

SOURCE China TransInfo Technology Corp.

Tuesday, December 28th, 2010 Uncategorized Comments Off on China TransInfo (CTFO) Announces RMB 6.2 Million Contract for Beijing Traffic-Information Service

Sinovac (SVA) Receives SFDA Approval to Commence Clinical Trials for Inactivated Enterovirus Type 71 Vaccine

BEIJING, Dec. 28, 2010 /PRNewswire-Asia/ — Sinovac Biotech Ltd. (Nasdaq: SVA), a leading provider of biopharmaceutical products in China, announced today that it received approval from the China State Food and Drug Administration (SFDA) to commence clinical trials for its proprietary inactivated EV71 vaccine against Hand, Foot and Mouth Disease (HFMD). According to the approval document, Sinovac is required to conduct each phase of the human clinical trials in accordance with SFDA requirements, to conduct studies to assess safety and immunogenicity in the phase I and II clinical trials, and to conduct efficacy study in the phase III clinical trial. Sinovac filed in late December 2009 with the SFDA the application to commence human clinical trials for its inactivated EV71 vaccine.

Dr. Weidong Yin, Chairman, President & CEO, stated, “We are very pleased to advance our near term vaccine development pipeline with the approval from the SFDA to commence clinical trials for our internally developed EV 71 vaccine. Currently, there is no vaccine available worldwide for this disease. We had no precedent to go by during the development, so we had to start with the basic research on this vaccine. Moreover, our R&D people has successfully completed pre-clinical research and made significant breakthroughs during the development. We will move forward with our research and development of vaccines with the objective to supply high quality vaccine products to children worldwide as soon as possible and to contribute to the prevention and control of HFMD.”

As previously announced, the Company began preclinical research in 2008 for its independently developed EV 71 vaccine.  The animal model, built by researchers at Sydney University, showed cross protection and demonstrated that the vaccine is effective in animals. In addition, Sinovac has already filed five patent applications covering the EV 71 vaccine.

About EV 71

Enterovirus 71, or EV 71, causes Hand, Foot, and Mouth Disease (or HFMD). More than 90% of the reported cases occur in children under five years old. HFMD is a common and usually mild childhood disease. However, there has been an increase in severe HFMD cases reported associated with neurological symptoms caused by EV 71. A number of outbreaks of EV 71 HFMD in the Asia-Pacific region have been reported since 1997. Outbreaks have been reported in Malaysia (1997), Taiwan (1998, 2000 & 2001), mainland China (1998-2008), Australia (1999) and Singapore (2000) among other areas in the region. No specific treatment for this enterovirus infection and no vaccine are currently available.

HFMD has become a very serious problem in China, some other Asian countries and other areas in recent years given that no vaccine and specific treatment is currently available to protect against this disease. EV 71 has evolved into a severe health threat to children as a growing number of HFMD cases have been reported in parts of Asia, including mainland China, Hong Kong, Singapore, South Korea, and Taiwan. According to the Chinese Ministry of Health’s data available for the period from January 1 to November 30, 2010, the disease caused 876 deaths in China and over 1.73 million HFMD infection cases during the 2010 eleven-month period, as reported by health authorities, as compared to 353 fatalities in China and over 1.15 million reported HFMD infectious cases for the entire year of 2009.  HFMD is common among infants and children, as most of the recently reported cases have occurred in children under five years of age.

About Sinovac

Sinovac Biotech Ltd. is a China-based biopharmaceutical company that focuses on the research, development, manufacture and commercialization of vaccines that protect against human infectious diseases including hepatitis A, seasonal influenza, H5N1 (bird flu) pandemic influenza and H1N1 influenza. In 2009, Sinovac was the first company worldwide to receive approval for its H1N1 influenza vaccine, PANFLU.1, and has received orders from the Chinese Central Government pursuant to the government stockpiling program. The Company is developing a number of new vaccine products, including vaccines for pneumococcal conjugate, enterovirus 71 (EV71) (against Hand, Foot & Mouth Disease), Japanese Encephalitis, animal and human rabies, HIB and epidemic meningitis, chickenpox, mumps and rubella. Its wholly owned subsidiary, Tangshan Yian, is focusing on the research, development, manufacturing and commercialization of animal vaccines and has completed the field trials for an independently developed inactivated animal rabies vaccine, which is anticipated to be launched into market in 2011.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by words or phrases such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Among other things, the business outlook and quotations from management in this press release contain forward-looking statements. Statements that are not historical facts, including statements about Sinovac’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Sinovac does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

Helen Yang/Chris Lee

Sinovac Biotech Ltd.

Tel:  +86-10-8279-9871/9659

Fax:  +86-10-6296-6910

Email: ir@sinovac.com

Investors:

Stephanie Carrington/Amy Glynn

The Ruth Group

Tel:  +1-646-536-7017/7023

Email: scarrington@theruthgroup.com

aglynn@theruthgroup.com

Media

Jason Rando

The Ruth Group

Tel:  +1-646-536-7025

Email:  jrando@theruthgroup.com

SOURCE Sinovac Biotech Ltd.

Tuesday, December 28th, 2010 Uncategorized Comments Off on Sinovac (SVA) Receives SFDA Approval to Commence Clinical Trials for Inactivated Enterovirus Type 71 Vaccine

Ditech Networks (DITC) Names Ken Naumann as Vice President Worldwide Sales

Dec. 23, 2010 (Business Wire) — Ditech Networks, Inc. (NASDAQ:DITC), a leader in voice processing systems, announced today that Ken Naumann has been named Vice President of Worldwide Sales. Naumann will lead sales efforts for both VQA™ and PhoneTag products worldwide.

“We are excited to have Ken on board at Ditech. Both his experience in sales management, and his knowledge of complex software based transactions and managed services will be of great benefit to us,” said Todd Simpson, Ditech Networks President and CEO. “We look forward to Ken contributing to all aspects of our sales processes, and to the long term success of the company.”

Naumann has extensive executive and sales leadership experience. He has lead large worldwide field organizations for multiple enterprise software companies such as Guidance Software (NASD: GUID) and BindView Development (NASD: BVEW). As Vice President of WW Sales at Guidance Software, Naumann doubled revenue over a two year period. During his 10 years tenure at BindView, Naumann held a variety of executive management roles including Vice President of the Americas and Vice President of WW Sales as the company grew from a start up into $88M publicly traded company. “I am very pleased to be joining Ditech Networks,” said Naumann. “The company has excellent products, and I look forward to pushing Ditech aggressively in the marketplace.”

In connection with Mr. Naumann’s appointment, Mr. Naumann was granted an option to purchase 140,000 shares of Ditech common stock with an exercise price equal to the fair market value of Ditech’s common stock on the date of grant, and restricted stock units for 20,000 shares of Ditech common stock, both of which vest over four years, as an inducement to join Ditech. At the same time, a new non-officer employee of Ditech was granted an option to purchase 7,000 shares of Ditech common stock with the same terms, as an inducement to join Ditech.

About Ditech Networks

Ditech Networks is revolutionizing modern communications with advanced voice processing solutions that perform tasks spanning from voice-enabled Web 2.0 and unified communications services to voice quality enhancement. Ditech believes in the power and simplicity of human speech; its solutions deliver high-quality voice communication and will enable compelling voice capabilities to new communications methods like social networking and text messaging, allowing consumers to use voice in ways that make sense in today’s Web 2.0-savvy world.

Leveraging over 20 years of deployments with communications providers around the world, Ditech’s products help global communications companies meet the multiple challenges of service differentiation, network expansion and call capacity, by delivering consistent, dependable voice quality. Ditech’s customers include Verizon, Sprint/Nextel, Orascom Telecom, AT&T, Telus, Global Crossing and West Corporation. Ditech Networks is headquartered in Mountain View, California.

Ditech Networks, Inc.

Bill Tamblyn, 650-623-1309 (Investors)

Karl Brown, 650-623-1346 (General)

Thursday, December 23rd, 2010 Uncategorized Comments Off on Ditech Networks (DITC) Names Ken Naumann as Vice President Worldwide Sales

Magnum Hunter Resources (MHR) Provides Marcellus Shale Development Activity Update

HOUSTON, TX — (Marketwire) — 12/23/10 — Magnum Hunter Resources Corporation (NYSE Amex: MHR) (NYSE Amex: MHR-PC) (“Magnum Hunter,” or the “Company”) is providing today a horizontal drilling update on its upstream operations and a status report on its midstream activities in the Marcellus Shale resource play located across approximately 50,000 net mineral acres located in northwestern West Virginia and southeastern Ohio.

Marcellus Shale Drilling Update

The Company’s first well drilled in the natural gas liquids rich leg of the Marcellus Shale of northwestern West Virginia is the Weese Hunter #1001, located in Tyler County. Alpha Hunter Drilling, a wholly owned subsidiary of Magnum Hunter, spud the Weese Hunter #1001 in late July 2010 and reached vertical total depth of approximately 6,510 feet in mid August 2010. A third party drilling rig commenced the horizontal leg in mid September 2010 and reached a horizontal length of approximately 4,028 feet. Total measured depth for the Weese Hunter #1001 is approximately 10,388 feet. A twelve stage frac job was successfully completed in December. The Weese Hunter #1001 well recently tested at an initial production rate (“IP”) of 7.0 MMcfe per day with flowing tubing pressures of 2350 psi on a 22/64 inch choke. The British Thermal Unit (“BTU”) content of the well was measured at approximately 1,225. The Weese Hunter #1001 began producing yesterday into the recently completed Eureka Hunter pipeline system. The currently estimated economic ultimate recovery (“EUR”) for the Weese Hunter #1001 is estimated by the Company’s in-house reservoir engineers to be approximately 4 Bcfe. Magnum Hunter’s wholly-owned subsidiary, Triad Hunter, LLC, is the operator of this well and owns a 100% working interest with a 84.3% net revenue interest.

Eureka Hunter Midstream Update

The first phase of six miles of the 20 inch Eureka Hunter Pipeline system was purged yesterday and turned to sales into Dominion Transmission’s TL-265 line. The second and third phases of this new system will commence construction in early 2011 as part of the Company’s capital budget program for next year. When operational, the recently ordered 200 MMCFD cryogenic natural gas processing plant will allow efficient processing of natural gas liquids from Company owned production as well as natural gas volumes gathered from third parties in this region.

Marcellus Shale 2010 Capex Update

The Company’s total capital expenditure budget allocation for drilling, completion, leasing, and pipeline construction operating activities for the Marcellus Shale in fiscal year 2010 remains at approximately $18 million, representing 32% of Magnum Hunter’s total fiscal year 2010 capital budget of an estimated $55 million. Through October 31, 2010, the Company has spent approximately $16.6 million of the $18 million budget allocation for this business segment.

Management Comments

James W. Denny, President of Triad Hunter, LLC., a wholly owned subsidiary of Magnum Hunter Resources Corporation, commented, “We are excited to have our first horizontal Marcellus well on production at rates that are at the high end of our original expectations. The downhole well log characteristics of our next two horizontal wells that have been drilled and are waiting on fracture stimulation, have indicated similar characteristics. We had a competitive edge by having detailed well information from thirty-one previously drilled vertical Marcellus wells by Triad Hunter prior to completing the acquisition of this Company earlier this year. Since none of our new Marcellus Shale horizontal drilling locations on our existing acreage position are currently booked as proved reserves, the anticipated reserve additions from these recent activities should add significant value in the future to our shareholders. We have currently budgeted a minimum of twelve wells for drilling in fiscal year 2011 for this region. Additionally, the high BTU nature of the production from this portion of the Marcellus Shale in our area of operations will allow us to maximize the liquids rich nature of this gas stream because of our midstream commitments in gathering, transmission, and processing.”

About Magnum Hunter Resources Corporation

Magnum Hunter Resources Corporation and subsidiaries are a Houston, Texas based independent exploration and production company engaged in the acquisition of exploratory leases and producing properties, secondary enhanced oil recovery projects, exploratory drilling, and production of oil and natural gas in the United States. The Company is presently active in three of the “big five” emerging shale plays in the United States.

For more information, please view our website at http://www.magnumhunterresources.com/

Forward-Looking Statements

This press release contains statements concerning Magnum Hunter Resources Corporation’s expectations, beliefs, plans, intentions, objectives, goals, strategies, future events or performance and underlying assumptions and other statements that are not historical facts. These statements and others contained in this presentation that are not historical are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and the Private Securities Litigation Reform Act of 1995 (the “Litigation Reform Act”). Actual results may differ materially from those expressed or implied by these statements. You can generally identify our forward-looking statements by the words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “goal,” “intend,” “may,” “objective,” “plan,” “potential,” “predict,” “projection,” “should,” “will,” or other similar words. Such forward-looking statements relate to, among other things: (1) the Company’s proposed exploration and drilling operations on its various properties, (2) the expected production and revenue from its various properties, (3) the Company’s proposed redirection as an operator of certain properties and (4) estimates regarding the reserve potential of its various properties. These statements are qualified by important factors that could cause the Company’s actual results to differ materially from those reflected by the forward-looking statements. Such factors include but are not limited to: (1) the Company’s ability to finance the continued exploration, drilling and operation of its various properties, (2) positive confirmation of the reserves, production and operating expenses associated with its various properties, (3) the general risks associated with oil and gas exploration, development and operations, including those risks and factors described from time to time in the Company’s reports and registration statements filed with the Securities and Exchange Commission, including but not limited to the Company’s Annual Report on Form 10-K for the period ended December 31, 2009 filed on March 31, 2010, and the Company’s Quarterly Reports on Form 10-Q for the quarters ended March 31, 2010, June 30, 2010 and September 30, 2010 and, filed on May 17, 2010, August 12,2010 and November 12, 2010, respectively. Magnum Hunter Resources Corporation cautions readers not to place undue reliance on any forward-looking statements. Magnum Hunter Resources Corporation does not undertake, and specifically disclaims any obligation, to update or revise such statements to reflect new circumstances or unanticipated events as they occur.

Magnum Hunter Contact:
M. Bradley Davis
Senior Vice President of Capital Markets
bdavis@magnumhunterresources.com
(832) 203-4545

Thursday, December 23rd, 2010 Uncategorized Comments Off on Magnum Hunter Resources (MHR) Provides Marcellus Shale Development Activity Update

Alexco (AXU) Announces Closing of CAD$41,000,000 Bought Deal Financing

VANCOUVER, BRITISH COLUMBIA — (Marketwire) — 12/23/10 — Alexco Resource Corp. (TSX: AXR)(NYSE Amex: AXU) (“Alexco” or the “Company”) is pleased to announce that it has closed the bought deal equity financing announced December 7, 2010 (the “Offering”). The Company has issued 5,000,000 common shares at a price of CAD$8.20 per common share for gross proceeds of CAD$41,000,000.

The Offering was led a syndicate of underwriters (the “Underwriters”). The Underwriters received a cash commission of 6% of the gross proceeds raised through the Offering and warrants (“Broker Warrants”) equal in number to 4% of the number of common shares issued through the Offering. Each Broker Warrant shall be exercisable to acquire one common share of the Company at an exercise price of CAD$8.50 for a period of 12 months from closing.

The Company intends to use the net proceeds of the Offering to fund project development and ongoing exploration activities, and for general working capital.

This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the Common Shares in any jurisdiction in which such offer, solicitation or sale would be unlawful. The Common Shares have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to, or for the benefit of, U.S. persons (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from such registration requirements.

About Alexco

Alexco’s business is to unlock value and manage risk at mature, closed or abandoned mine sites through integration and implementation of the Company’s core competencies which include management of environmental services, execution of mine reclamation and closure operations and if appropriate, rejuvenation of exploration and development of new mining opportunities.

Some statements in this news release contain forward-looking information concerning the Company’s intended use of proceeds, anticipated results and developments in the Company’s operations in future periods, planned exploration and development of its properties, plans related to its business or financings and other matters that may occur in the future, made as of the date of this press release. Forward-looking statements may include, but are not limited to, statements with respect to future remediation and reclamation activities, future mineral exploration, the estimation of mineral reserves and mineral resources, the realization of mineral reserve and mineral resource estimates, the timing of activities and the amount of estimated revenues and expenses, the success of exploration activities, permitting time lines, requirements for additional capital and sources and uses of funds. Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors which could cause actual events or results to differ from those expressed or implied by the forward-looking statements. Such factors include, among others, risks related to actual results of remediation and reclamation activities; actual results of exploration activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future prices of gold, silver and other commodities; possible variations in ore bodies, grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; and delays in obtaining governmental approvals or financing or in the completion of development activities.

Contacts:
Alexco Resource Corp.
Clynton R. Nauman
President and Chief Executive Officer
604-633-4888
604-633-4887 (FAX)
info@alexcoresource.com
www.alexcoresource.com

Thursday, December 23rd, 2010 Uncategorized Comments Off on Alexco (AXU) Announces Closing of CAD$41,000,000 Bought Deal Financing

Repros Therapeutics (RPRX) Submits Data to the FDA Supporting Morning Assessment of Testosterone for Men Treated with Androxal(R)

Dec. 23, 2010 (Business Wire) — Repros Therapeutics Inc.® (NasdaqCM:RPRX) today announced it has submitted to the FDA data collected from three different studies which the Company believes demonstrates that the assessment of testosterone levels between 8 and 10 in the morning is indicative of the maximum and average levels of the male hormone achieved during a particular day following the administration of Androxal®. In the Type B meeting held on November 8, 2010, and reported in the Company’s press release of November 9, 2010, the FDA stated the preferred method to determine testosterone levels in treatments designed to replace the hormone is a 24 hour assessment.

Repros used the services of an outside statistician, Dr. Richard Trout, Professor Emeritus, Rutgers University, in arriving at the conclusions it has reached.

The Company has conducted three trials in which serial testosterone measurements were made over a 24 hour period. Two of the studies assessed 14 (ZA-002) and 11 (ZA-003 subset) time points over the 24 hour period in a total of 28 subjects. A third study (ZN-018) obtained measurements at six points in a total of 20 subjects.

Using the data from the 002 and 003 studies the sponsor has determined that a single total testosterone assessment made between 8 and 10 in the morning correlates to the average of the values of the testosterone measurements for a given subject on a given day (correlation coefficient roughly 0.9 for the times 8, 9 and 10, p value < 0.001).

Performing the same assessment for the maximum value of total testosterone recorded in a 24 hour period, the same single total testosterone assessment made between 8 and 10 in the morning correlates to the maximum value of testosterone for a given subject on a given day (correlation coefficient roughly 0.9 for the times 8, 9 and 10, p value < 0.001).

From the 018 study that assessed men at baseline and after 14 days of treatment, the Company observed that Androxal raises each time point testosterone level by an average of 200 ng/dl at 12.5 mg and 260 ng/dl at a 25 mg dose.

Unlike topical testosterone preparations, Androxal maintains the normal daily rhythm of testicular testosterone production with peak levels generally occurring in the morning and trough levels exhibited in the evening. The testosterone levels achieved by the administration of topical preparations are a function of a variety of factors none of which relate to the normal daily rhythm. In some instances, subject to subject variability can lead to supernormal levels of testosterone several hours after administration of the topical preparations. The Company has committed to conduct one additional 24 hour study to show that Androxal’s action in maintaining the normal rhythm is both predictable and dose dependent.

About Repros Therapeutics Inc.

Repros Therapeutics focuses on the development of oral small molecule drugs for major unmet medical needs that treat male and female reproductive disorders.

Any statements that are not historical facts contained in this release are forward-looking statements that involve risks and uncertainties, including Repros’ ability to have success in its ongoing clinical trials, raise needed additional capital on a timely basis in order for it to continue to fund its operations and pursue its development activities, and such other risks which are identified in the Company’s most recent Annual Report on Form 10-K and in any subsequent quarterly reports on Form 10-Q. These documents are available on request from Repros Therapeutics or at www.sec.gov. Repros disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

For more information, please visit the Company’s website at http://www.reprosrx.com.

Repros Therapeutics Inc.

Joseph Podolski, (281) 719-3447

President and Chief Executive Officer

Thursday, December 23rd, 2010 Uncategorized Comments Off on Repros Therapeutics (RPRX) Submits Data to the FDA Supporting Morning Assessment of Testosterone for Men Treated with Androxal(R)

Subaye, Inc. (SBAY) Announces Fiscal Year 2010 Adjusted EBITDA Increased 53.9%

Subaye, Inc. (Nasdaq: SBAY) (“Subaye” or the “Company”) announced its financial results for the fiscal year ending September 30, 2010. Chairman Cai stated ” We are very pleased with our 2010 results and the significant progress we have made in several areas.  I understand that investors will be disappointed to see a GAAP net loss for 2010, but I will explain why I believe that figure is not an appropriate way to assess our results or the strength of our business.  Let me first address the strategic initiatives we achieved in Fiscal 2010.  With the recently completed sale of our non-core and lower margin businesses, we have successfully repositioned our business and are now focused on the fast growing and high margin cloud computing and video marketing business in China. From an investor relations perspective, we have also taken steps that institutional investors have suggested will enable our stock to achieve a higher valuation multiple.  We recently retained Pricewaterhousecoopers to be our auditor for Fiscal 2011.  We had no disagreement with our current auditors but elected to change auditors because we realize U.S. investors are increasingly focused on the quality of a company’s auditor and many investors told us they perceived Pricewaterhousecoopers to be a stronger auditor.  We have also improved our internal reporting process so that we can now report our quarterly and annual results early.  Finally, we have increased and improved our communication with U.S. investors as we believe SBAY is a misunderstood company.  We look forward to further improving our investor relations in the coming year and hope that investors will begin to understand our strong competitive position in the rapidly growing cloud computing market in China.”

James Crane, Chief Financial Officer, stated “Our Fiscal 2010 was very strong, but there were several items that masked the underlying strength of our results.  Our revenues increased 46.4% to $39.1 million. Importantly, this growth resulted from an increase in pricing and increased customers (resulting from further penetration of existing markets and to a much lesser extent penetration in markets we have only recently entered).  On the cost side, our results this year included a number of items that were non-cash, non-recurring or discretionary.  Our non-cash expenses included $5.9 million of depreciation and amortization as well as $7.6 million of stock based compensation.  We incurred a $6.2 million non-cash, non-recurring impairment charge which is discussed below.  We also incurred $22.1 million of growth oriented marketing expenses to help us penetrate attractive new markets.  In Q4 of last year, we made the strategic decision to dramatically increase our marketing expenses in new markets because we wanted to capitalize on the tremendous growth opportunities available to us. As a result, in Q4 we incurred growth oriented marketing expenses of $14.1 million, significantly higher than the marketing promotions we had incurred in the first three quarters of FY 2010.  Had we not elected to significantly increase our marketing in Q4, we would have exceeded our net income guidance (excluding the impact of the one time impairment charge). As significant shareholders in SBAY ourselves, we did not make such a large investment without studying these markets in detail.  Ultimately, we concluded that increasing these marketing expenses would generate a very strong return on investment for SBAY shareholders.  Unfortunately, GAAP accounting requires us to expense the entire $22.1 million even though very little of the money had actually been spent by our marketing agents as of September 30, 2010.  In addition, as with any new marketing campaign, it typically takes some time before new marketing results in increased revenue and profitability.  As a result, our financial results for FY 2010 reflect significant marketing expenses for which we have yet to receive any financial benefit.  As a result of the success of our FY 2009 marketing expenses, we are highly optimistic that these FY 2010 marketing expenses will generate significant additional revenue and profitability next year.  Importantly, because of the fixed cost nature of our business, the gross margin on new customers is typically higher than for existing customers.  Considering the large marketing expense in Q4, we expect that our marketing expenses in the next two quarters will be significantly lower.  In Q1 2011 and Q2 2011 we will assess the effectiveness of the FY 2010 increased marketing expenditures.  If we see we are getting a good return on our investment, we will consider investing in more marketing.  However, if we are not generating our anticipated return on investment then our full year marketing expenses for FY 2011 will be significantly less than they were in FY 2010. Considering all of the non-cash and non-recurring items that impact our income statement, we believe a more appropriate way of assessing Subaye’s performance, is by examining our Adjusted EBITDA, as outlined below.  As you can see, our Adjusted EBITDA and Adjusted EBITDA margins both increased significantly.”

2010

2009

Net Loss From Continuing Operations Before Provision for Income Taxes and Noncontrolling Interest

$   (7,928)

$   8,569

Add Back: Depreciation and Amortization

5,939

5,405

Add Back: Amortization of Stock Based Compensation

7,605

1,375

Add Back: Marketing Promotion Expense

22,153

6,737

Add Back: Impairment Loss

6,268

0

Adjusted EBITDA

$ 34,037

$ 22,086

Adjusted EBITDA Margin

87.0%

82.9%

Chairman Cai stated “I also wanted to update investors on the Aixi.net acquisition which we closed on October 25, 2010. While the benefits of this acquisition are not reflected in the results we are reporting today, we are extremely pleased with the acquisition and its profitability is exceeding our internal projections.  We look forward to updating investors on this and other business matter during the course of 2011.”

Recent Growth in Customer Base

As of November 30, 2010 and October 31, 2010, we had 14,209 and 13,700 customers, respectively. As of November 30, 2010 a total of 3,123 customers were former Aixi.net customers that are now using Subaye’s BCP.

Pending Product Launches

On December 28, 2010, Subaye will launch the Chinese version of its 3D online mall. On January 28, 2011, Subaye will launch the international version of its 3D online mall.

On January 15, 2011, Subaye will launch its Groupbuy web portal.

On February 28, 2011, Subaye will re-launch its investor relations website.

A mobile version of Subaye’s BCP is also in process and is expected to be launched in July 2011.

Financial Results

Net Revenues Increased by $12.4 million or 46.4%:

Revenues were $39.1 million for the year ended September 30, 2010 as compared to $26.7 million for the year ended September 30, 2009. The increase of $12.4 million is due to the significant growth in our customer base in Guangdong Province, the expansion into new markets throughout China and as a result of a significant increase in our average revenue per customer rate. During the year ended September 30, 2010, we generated revenues from three products offered through our various web properties. Revenues for Online Video, the Cloud Product and the Bundled Cloud Product, totaled $24.8 million, $7.4 million and $6.9 million, respectively. During the year ended September 30, 2009, we generated revenues from two products offered through our various web properties. Revenues for Online Video and the Cloud Product totaled $22.3 million and $4.4 million, respectively. On September 1, 2010, we began offering the Bundled Cloud Product to our customers. The Online Video and Cloud Product are no longer available to our customers. The Bundled Cloud Product is the second version of our cloud computing solution. It includes significant enhancements to the Cloud Product and also includes the video marketing services previously marketed as Online Video. As of September 1, 2010, we began charging our customers approximately $410 per month for access to the Bundled Cloud Product. During the fiscal year ending September 30, 2010 we charged our customers an average monthly fee of $129. We have committed to a business model that will focus on generating a high average revenue per customer rate while also further expanding our customer base throughout China to new markets. We anticipate significant demand for CRM products in China in the coming years and are committed to ensuring our CRM products, namely the Bundled Cloud Product, can control a significant portion of the CRM market within China.

Costs of Sales Increased by $2.3 million or 38.3%:

Costs of sales were $8.3 million for the year ended September 30, 2010, as compared to $6.0 million for the year ended September 30, 2009. The increase of $2.3 million is due to the issuance of stock based compensation to certain sales agents we began using to develop business in new markets in China during 2010. A total of $1.8 million in stock based compensation and $0.5 million in one-time cash bonuses were issued to the sales agents and members of our internal sales and customer service team. Amortization expense for websites and computer software totaled $5.9 million in both 2010 and 2009, respectively.

Gross Margin Increased by 1.3%:

Gross margin was 78.8% for the year ended September 30, 2010 as compared to 77.5% for the year ended September 30, 2009. Gross margin increased as a result of our success in generating additional revenues from new customers with a higher effective gross margin, approximately 81.5%. This is a result of the fact that the majority of the components of our costs of sales consists of amortization and depreciation of websites and software. As a result, our costs of sales should generally remain fixed from period to period, unless we acquire additional websites, software or other items that should be included in costs of sales.

Marketing Promotion Expenses Increased by $15.4 million or 230.1%:

Marketing promotion expenses were $22.1 million for the year ended September 30, 2010, as compared to $6.7 million for the year ended September 30, 2009. During 2010, we utilized $22.1 million for marketing promotions with our Agents in twenty two (22) new markets in mainland China. The majority of the marketing promotion expenses were incurred in the fourth quarter of the fiscal year ending September 30, 2010. In Q4 of FY2010 we incurred $14.1 million in marketing promotion expenses in nineteen (19) new markets in mainland China. The marketing promotion expenses are necessary to expense in full and immediately, in order for the Company’s accounting to be in compliance with GAAP. However, we generally do not expect marketing promotions to result in an immediate benefit that will be visible as a significant increase in revenues. The marketing promotion expenses have caused the Company to report a significant net loss from continuing operations for the year ended September 30, 2010. We anticipate the marketing promotion expenses incurred in 2010 will significantly increase our future revenue and profitability in future periods. We are highly optimistic that these marketing expenses will result in significant revenue and profitability next year.  Importantly, because of the fixed cost nature of our business, the gross margin on new customers is typically higher than for existing customers.  Considering the large marketing expense in Q4 2010, we expect that our marketing expenses in the next two quarters will be significantly lower.  In the middle of next year we will assess the effectiveness of this year’s increased marketing expenditures.  If we see we were getting a good return on our investment, we will consider investing in more marketing.  However, if we are not generating our anticipated return on investment then our full year marketing expenses for FY 2011 will be significantly less than they were in FY 2010.

Advertising Expenses Increased by $2.6 million or 515.2%:

Advertising expense totaled $3.1 million for the year ended September 30, 2010, as compared to $0.5 million for the year ended September 30, 2009. During 2010, we entered into a localized online advertising contract with a third party for a total of $3.0 million. During 2010 and 2009, advertising expenses associated with search engine advertising totaled $0.1 million and $0.5 million, respectively.

Other General and Administrative Expenses Increased by $2.4 million or 49.0%:

General and administrative expenses totaled $7.3 million for the year ended September 30, 2010, as compared to $4.9 million for the year ended September 30, 2009. During 2010 and 2009, amortization of stock based compensation included in other general and administrative expenses total $5.8 million and $1.4 million, respectively. During 2010, a total of $0.2 million, $2.4 million, $2.2 million and $1.0 million was expensed for stock based compensation issued to our agents, independent third party service providers, as one-time bonuses to members of management and for management and director compensation under certain employment or consulting contracts. During 2010 and 2009, we paid salaries to our employees of $0.7 million and $0.2 million, respectively. Other significant general and administrative expenses for 2010 and 2009 included professional fees, rent expense, among others.

Impairment Loss Increased by $6.2 million or 100.0%:

Impairment loss totaled $6.2 million for the year ended September 30, 2010, as compared to $0 for the year ended September 30, 2009. During the year ended September 30, 2009, we paid deposits of $8.1 million to three manufacturers in connection with inventory supply agreements. The inventory supply agreements were negotiated with the intent of using high volume price discounts in order to supply our potential online mall customers with low price inventory. The supply agreements were renegotiated in June 2010 and approximately $1.9 million of our original deposits were refunded to us. We are unsure if the remainder of the deposits will ever be recovered or if inventory will ever be delivered from the manufacturers. As a result, we have conservatively recorded a full reserve for the balance of the deposits as of September 30, 2010.

Net Loss From Continuing Operations Increased by $16.5 million or 191.8%:

The net loss from continuing operations for the year ended September 30, 2010 totaled $7.9 million. Net income for the year ended September 30, 2009 totaled $8.6 million. The net loss from continuing operations for 2010 is a result of the significant increase in marketing promotion expenses and a non-cash, non-recurring impairment charge.

Liquidity

As of September 30, 2010, we had a cash balance of $7.1 million and no debt.  On November 23, 2010, we received $6.6 million of cash for the sale of discontinued assets. Our accounts receivable are in good shape and we have historically not had any difficulty collecting our receivables on a timely basis.

2011 Guidance

Subaye reaffirms guidance for fiscal year 2011 of revenue of $71.3 million and net income from continuing operations of $29.2 million. Net income guidance includes non-cash expenses totaling $12.9 million for depreciation and amortization and stock based compensation as well as $17.0 in marketing promotions costs for FY 2011.  FY 2011 Adjusted EBITDA is projected to be $58.1 million for FY 2011. The expected growth in 2011 will come continued growth in our existing markets as well as contributions from new markets that we have recently entered.  Using the 9.4 million shares outstanding as of December 22, 2010, earnings per share for fiscal year 2011 would be $3.12. We do not anticipate marketing promotion costs will be significant in the first half of fiscal year 2011.

Business Outlook

Subaye’s goal for 2011 is to continue to expand aggressively into the new markets in China where we are already active and depending upon our success in those markets, we will enter into additional identified markets. We have committed significant resources and spent significant capital entering these new markets. We now have to deliver the growth that should result from our spending and the allocation of our resources to these particular markets in general. We believe the demand for cloud computing products potentially represents the single most significant market opportunity of all internet-based businesses in China in the next several years. We believe we can continue to grow at a significant pace as a result of maintaining a high quality product offering in a product space and geographic area that is exhibiting signs of significant growth in the years ahead.

About Subaye, Inc.

Subaye, Inc. is a leading online business services provider in China engaged in enterprise cloud computing and video marketing business solutions. Subaye’s online business services include business to consumer (B2C) ecommerce, emanagment solutions, emarketing solutions, eservice solutions and video search engine optimization. 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.

About Non-GAAP Financial Measures

To supplement our consolidated financial statements, which statements are prepared and presented in accordance with GAAP, we use the following non-GAAP financial measure: adjusted EBITDA. The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. We use these non-GAAP financial measures for financial and operational decision making and as a means to evaluate period-to-period comparisons. Our management believes that these non-GAAP financial measures provide meaningful supplemental information regarding our performance by excluding certain expenses and expenditures that may not be indicative of our recurring core business operating results. These non-GAAP financial measures exclude from our operating performance not only non-cash charges, such as stock-based compensation, but also discrete cash charges that are infrequent in nature. We believe that both management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when planning, forecasting and analyzing future periods. These non-GAAP financial measures also facilitate management’s internal comparisons to our historical performance and liquidity as well as comparisons to our competitors’ operating results. We believe these non-GAAP financial measures are useful to investors both because (1) they allow for greater transparency with respect to key metrics used by management in its financial and operational decision making and (2) they are used by our institutional investors and the analyst community to help them analyze the health of our business. The accompanying tables have more details on the GAAP financial measures that are most directly comparable to non-GAAP financial measures and the related reconciliations between these financial measures.

For more information, please contact:

Company:

James Crane

Chief Financial Officer

Email: jcrane@subaye.net (Please note the new email address)

China: +86-186-2136-3580

U.S.: +1-617-699-6325

Investor Relations:

Michael Feldman

China: +86-136-8166-7375

Hong Kong: +852-9784-1855

Subaye, Inc. and Subsidiaries

Consolidated Balance Sheets

(In Thousands Except Share and Share Data)

As of September 30,

2010

2009

ASSETS

Current Assets

Cash

$

7,120

$

2

Accounts Receivable, Net of Allowance for Doubtful Accounts of $363 as of September 30, 2010 and 2009

9,987

8,266

Deposit for Inventoriable Assets

8,152

Other Current Assets

179

370

Assets of Discontinued Operations

6,550

29,360

Total Current Assets

23,836

46,150

Capitalized Software and Website Development Costs, Net of Accumulated Depreciation of $19,785 and $12,863 in 2010 and 2009

24,268

10,580

Total Assets

$

48,104

$

56,730

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current Liabilities

Accounts Payable and Accrued Expenses

$

1,695

$

566

Liabilities of Discontinued Operations

5,275

Total Current Liabilities and Total Liabilities

1,695

5,841

Commitments and Contingencies

Stockholders’ Equity

Preferred Stock, $0.001 Par Value; 50,000,000 Shares Authorized, None Issued and Outstanding as of September 30, 2010 and 2009

Common Stock, $0.001 Par Value; Authorized 150,000,000 Shares, 7,444,931 and 2,479,243 Issued and Outstanding as of September 30, 2010 and 2009

7

3

Additional Paid-in Capital

61,175

32,452

Deferred Stock Based Compensation

(7,618)

(2,908)

Accumulated Other Comprehensive (Loss) Income

(69)

54

(Accumulated Deficit) Retained Earnings

(7,086)

11,108

Total Stockholders’ Equity Controlling Interest

46,409

40,709

Total Stockholders’ Equity Noncontrolling Interest

10,180

Total Stockholders’ Equity

46,409

50,889

Total Liabilities and Stockholders’ Equity

$

48,104

$

56,730

See Accompanying Notes to Consolidated Financial Statements.

Subaye, Inc. and Subsidiaries

Consolidated Statements of Operations and Comprehensive Income (Loss)

(In Thousands Except Per Share and Share Amounts)

For the Year Ended September 30,

2010

2009

Net Revenues

$

39,141

$

26,651

Costs of Sales (Including Stock-Based Compensation of $1,838 and $0)

8,281

5,957

Gross Profit

30,860

20,694

Operating Expenses

Marketing Promotions

22,153

6,737

Advertising

3,061

485

General & Administrative (Including Stock-Based Compensation of $5,767 and $1,375)

7,306

4,903

Total Operating Expenses

32,520

12,125

(Loss) Income From Continuing Operations Before Impairment Loss, Provision for Income Taxes, Discontinued Operations and Noncontrolling Interest

(1,660)

8,569

Impairment Loss

(6,268)

(Loss) Income From Continuing Operations Before Provision for Income Taxes, Discontinued Operations and Noncontrolling Interest

(7,928)

8,569

Provision for Income Taxes

(Loss) Income From Continuing Operations Before, Discontinued Operations and Noncontrolling Interest

(7,928)

8,569

(Loss) Income From Discontinued Operations

(9,794)

4,251

Net (Loss) Income before Noncontrolling Interest

(17,722)

12,820

Net Income Attributable to the Noncontrolling Interest

(472)

(3,042)

Net (Loss) Income Attributable to Subaye, Inc.

$

(18,194)

$

9,778

(Loss) Earnings Per Share – Basic and Diluted:

Basic Net (Loss) Income Per Share Attributable to Subaye, Inc. Common Shareholders

Continuing Operations

$

(1.17)

$

3.01

Discontinued Operations

(1.44)

2.32

Total

$

(2.61)

$

5.33

Diluted Net (Loss) Income Per Share Attributable to Subaye, Inc. Common Shareholders

Continuing Operations

$

(1.17)

$

3.01

Discontinued Operations

(1.44)

2.31

Total

$

(2.61)

$

5.32

Number of Common Shares Used to Compute Net (Loss) Income Per Share

Basic

6,783,890

1,836,217

Diluted

6,783,890

1,839,230

Comprehensive Income:

Net (Loss) Income

$

(17,722)

$

12,820

Foreign Currency Translation Adjustment, Net of Tax

(123)

24

Comprehensive Income

(17,845)

12,844

Comprehensive Income Attributable to the Noncontrolling Interest

(476)

(3,035)

Comprehensive Income Attributable to Subaye, Inc.

$

(18,321)

$

9,809

See Accompanying Notes to Consolidated Financial Statements.

Subaye, Inc. and Subsidiaries

Consolidated Statements of Stockholders’ Equity

For the Years Ended September 30, 2010 and 2009

(In Thousands Except Share Amounts)

Common Stock, $0.001 Par Value

Shares

Amount

Additional
Paid-in
Capital

Deferred
Stock Based
Compensation

Accumulated
Other
Comprehensive
(Loss) Income

(Accumulated
Deficit)
Retained
Earnings

Total
Stockholders’ Equity Controlling
Interest

Total
Stockholders’
Equity
Noncontrolling
Interest

Total
Stockholders’
Equity

Balance, September 30, 2008

1,560,143

$

2

$

24,456

$

(1,285)

$

30

$

$

24,533

$

7,138

$

31,671

Issuance of Stock for Cash

680,600

1

4,998

4,999

4,999

Issuance of Stock for Services

238,500

2,998

(2,998)

Amortization of Stock-Based Compensation

1,375

1,375

1,375

Foreign Currency Translation

24

24

24

Net Income

9,778

9,778

3,042

12,820

Balance, September 30, 2009

2,479,243

3

32,452

(2,908)

54

11,108

40,709

10,180

50,889

Issuance of Stock for Cash

100,000

Issuance of Stock for Services

976,800

1

12,314

(12,315)

Issuance of Stock for Acquisition of Minority Interests in Subsidiary

3,408,888

3

10,649

10,652

(10,652)

Issuance of Stock for Acquisition of Websites

480,000

5,760

5,760

5,760

Amortization of Stock-Based Compensation

7,605

7,605

7,605

Foreign Currency Translation

(123)

(123)

(123)

Net Loss

(18,194)

(18,194)

472

(17,722)

Balance, September 30, 2010

7,444,931

$

7

$

61,175

$

(7,618)

$

(69)

$

(7,086)

$

46,409

$

0

$

46,409

See Accompanying Notes to Consolidated Financial Statements.

Subaye, Inc. and Subsidiaries

Consolidated Statements of Cashflows

(In Thousands)

For the Year Ended September 30,

2010

2009

Cash Flows Provided by Operating Activities

Net (Loss) Income

$

(17,722)

$

12,820

Adjustments to Reconcile Net (Loss) Income to Net Cash Used in Operating Activities:

Bad Debt Expense

332

Depreciation and Amortization

5,939

5,405

Amortization of Stock-Based Compensation

7,605

1,375

Impairment Loss

6,268

Changes in Operating Assets and Liabilities:

Accounts Receivable

(1,721)

(3,773)

Deposits for Inventoriable Assets

1,884

(8,152)

Other Current Assets

191

525

Accounts Payable and Accrued Liabilities

1,129

460

Net Cash Provided by Operating Activities

3,573

8,992

Cash Flows Used in Investing Activities

Purchase of Capitalized Software and Websites

(13,920)

(5,960)

Net Cash Used in Investing Activities

(13,920)

(5,960)

Cash Flows Provided by Financing Activities

Proceeds from Sales of Common Stock

4,999

Net Cash Provided by Financing Activities

4,999

Cash Flows Used in Discontinued Operations

Changes in Operating Assets and Liabilities:

Assets of Discontinued Operations

22,863

(7,471)

Liabilities of Discontinued Operations

(5,275)

(592)

Net Cash Provided by (Used in) Discontinued Operations

17,588

(8,063)

Foreign Currency Translation Adjustment

(123)

(15)

Increase (Decrease) in Cash

7,118

(47)

Cash, Beginning of Period

2

49

Cash, End of Period

$

7,120

$

2

Supplemental Disclosures of Cash Flow Information:

Cash Paid During the Period for:

Interest

$

$

Income Taxes

$

$

Supplemental Schedule of Noncash Investing and Financing Activities:

Issuance of Stock for Services, Deferred Compensation

$

10,115

$

1,180

Issuance of Stock for Acquisition of Websites and Related Assets

$

5,760

$

Adjustment of Additional Paid-in-Capital and Noncontrolling Interests From Investment in Subaye Inc, by Noncontrolling Interests

$

10,652

$

See Accompanying Notes to Consolidated Financial Statements

SOURCE Subaye, Inc.

Thursday, December 23rd, 2010 Uncategorized Comments Off on Subaye, Inc. (SBAY) Announces Fiscal Year 2010 Adjusted EBITDA Increased 53.9%

Ivanhoe Energy (IE.TO) Announces Significant Natural Gas Discovery at Yixin-2 Well

CALGARY, Dec. 21 /PRNewswire/ – David Dyck, President and Chief Operating Officer of Ivanhoe Energy Inc. (TSX:IE.toNews), Robert Friedland, Co-Chairman of Ivanhoe Energy’s China-focused subsidiary, Sunwing Energy Ltd., and Gerry Moench, President of Sunwing, today announced a significant gas discovery at Sunwing’s Yixin-2 well in Southwest China.

Gas from the well flowed at rates of up to 13 million cubic feet per day, and averaged 9 to 10 million cubic feet per day during the initial 24-hour test period. Gas is flowing from the Xu-4 Formation, a well established gas-producing formation in the region.

“We’re very pleased with these initial flow rates,” Mr. Dyck said. “The rates recorded from the Xu-4 Formation demonstrate the discovery’s strong potential and are incentive for Sunwing to continue with further development of the Xu-4 formation, and other structures in the Zitong Block.”

Following initial flow and pressure tests, the well has now been shut-in for pressure build-up.

Sunwing’s 659,840-acre (1,031-square-mile) Zitong Block is in the Sichuan Province; the oldest and one of the most productive gas-producing regions in China. Sinopec and PetroChina have made significant gas discoveries from the Xu-2, Xu-4 and Permian formations in adjacent blocks.

“It has taken over ten years of perseverance and the application of industry-leading experience and know-how to reach this point,” said Mr. Friedland. “Demand for natural gas in China is continuing to out-pace supply and now Sunwing Energy is in an excellent position to help supply this burgeoning market on very favourable commercial terms through an established collection and distribution system.”

Technical teams from Sunwing and PetroChina are working to develop a strategy to evaluate the Yixin structure, as well as the potential for further discoveries elsewhere on the Zitong Block.

Sunwing is the operator of the Zitong exploration block in Sichuan and holds a 90% Contractor Interest in a Petroleum Contract with PetroChina Company Limited. Mitsubishi Gas Chemical Company of Japan holds the remaining 10% Contractor Interest.

Ivanhoe Energy Inc. is an independent, international heavy oil development and production company focused on pursuing long-term growth in its reserves and production using advanced technologies, including its proprietary, patented heavy to light upgrading process (HTL™). Core operations are in Canada, Ecuador, China and Mongolia, with business development opportunities worldwide. Ivanhoe’s shares trade on the NASDAQ Capital Market with the ticker symbol IVAN and on the Toronto Stock Exchange under the symbol IE.

FORWARD-LOOKING STATEMENTS: This document includes forward-looking statements, including forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements concerning the estimated quantities of gas in each target in the Guan structure, the planned total depth of the Zitong-1 well, the anticipated amount of time required for, and the estimated cost of, drilling, testing and casing the well, the schedule for commencement of drilling the Yinxin-2 well and other statements which are not historical facts. When used in this document, the words such as “could”, “plan”, “estimate”, “anticipate”, “intend”, “may”, “potential”, “should”, and similar expressions relating to matters that are not historical facts are forward-looking statements. Although Ivanhoe Energy and Sunwing Energy believe that their expectations reflected in these forward-looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements. Important factors that could cause actual results to differ from these forward-looking statements include the possibility that the company will be unable to raise financing, the potential that the company’s projects will experience technological and mechanical problems, geological conditions in reservoirs may not result in commercial levels of oil and gas production, the availability of drilling rigs and other support services, uncertainties about the estimates of the reserves, the risk associates with doing business in foreign countries, environmental risks, changes in product prices, our availability to generate cash flow and raise capital as and when required, competition and other risks disclosed in Ivanhoe Energy’s Annual Report on Form 10-K files with the U.S. Securities and Exchange Commission on EDGAR and the Canadian Securities Commissions on SEDAR.

For more information about Ivanhoe Energy Inc. please visit our web site at www.ivanhoeenergy.com.

Tuesday, December 21st, 2010 Uncategorized Comments Off on Ivanhoe Energy (IE.TO) Announces Significant Natural Gas Discovery at Yixin-2 Well

WidePoint’s (WYY) ARCC Subsidiary Deploys Phase 2 of DOJ Crime Scene Management Technology Project in Delaware

WASHINGTON, Dec. 21, 2010 /PRNewswire/ — WidePoint Corporation (NYSE Amex: WYY), a specialist in wireless mobility management and cybersecurity solutions, today announced that its Advanced Response Concepts Corporation subsidiary released the Beta version of its crime scene management and evidence tracking system, deploys phase two of the U.S. Department of Justice technology grant with academic partner Delaware State University and its Department of Public Safety.

ARCC’s CONDOR system is a specialized solution that enables crime scene investigators to digitally document evidence found in the field, and to identify, label and track evidence throughout the chain of custody. This tablet-based system integrates embedded barcode or RFID-tagged evidence markers, provides for biometric attendance and tracking records at the crime scene, and is interoperable with the U.S. National Information Exchange Model (NIEM) compliance system.

Demonstrations of CONDOR can be viewed on ARCCTV YouTube Channel at http://www.youtube.com/watch?v=Z58V0iG83ng. In addition, WBOC, Channel 16, covered the testing of the system in a recent report, which can be viewed at http://bit.ly/dMCPA4.

Daniel E. Turissini, CEO of Advanced Response Concepts Corporation stated, “We have delivered a solution that combines a proven technology with the best investigative techniques, allowing every investigator and department to work effectively and with complete confidence in the evidence chain of custody. We believe our solution is a true force-multiplier, at a time when the courts and the public demand ever greater accountability in the collection and preservation of crime scene evidence.”

WidePoint’s CEO, Steve L. Komar, added, “This is yet another example of our efforts to expand the reach of our industry-leading product offerings beyond the Federal space. We are excited to complete this latest phase of the DOJ technology project for these crime scene investigation support systems targeted for law enforcement agencies nationwide. We look forward to demonstrating the robustness of this product and meeting the needs, within and outside of the State of Delaware, of the priorities in addressing the needs of Public Safety professionals across the nation.”

About WidePoint

WidePoint is a specialist in providing wireless mobility management and cybersecurity solutions utilizing its advanced information technology products and services. WidePoint has several wholly owned subsidiaries holding major government and commercial contracts including, Operational Research Consultants, Inc., iSYS, LLC, Protexx Technology Corporation, Advanced Response Concepts Corporation and WidePoint IL. WidePoint enables organizations to deploy fully compliant IT services in accordance with government-mandated regulations and advanced system requirements. For more information, visit http://www.widepoint.com

Jim McCubbin, EVP & CFO

Brett Maas or David Fore

WidePoint Corporation

Hayden IR

7926 Jones Branch Drive, Suite 520

(646) 536-7331

McLean, VA 22102

brett@haydenir.com

(703) 349-2577

jmccubbin@widepoint.com

Daniel E. Turissini

(703) 246-8550

turissd@responseconcepts.com

Tuesday, December 21st, 2010 Uncategorized Comments Off on WidePoint’s (WYY) ARCC Subsidiary Deploys Phase 2 of DOJ Crime Scene Management Technology Project in Delaware

China Armco Metals (CNAM) Provides Update on Metal Recycling Business

SAN MATEO, CA–(Marketwire – 12/21/10) – China Armco Metals, Inc. (AMEX:CNAMNews) (“China Armco” or the “Company”), a distributor of imported metal ore and metal recycler with a new state-of-the-art scrap metal recycling facility in China, today announced it expects the Company to produce and sell approximately 25,500 tons of recycled steel with an aggregate value of approximately $12 million in the fourth quarter of 2010.

China Armco’s fourth quarter orders to sell 25,500 tons of recycled steel are from 5 customers. The central government recently announced that the power rationing for energy intensive industries and steel producers will be phased out and the Company is optimistic about being able to be operating on a full time basis in the near term.

“We are encouraged by recent actions by the central government to relax the power restrictions,” remarked Mr.Kexuan Yao, the Company’s Chairman and Chief Executive Officer. “Recycled steel produced through our state-of-the-art production facility, which uses less electricity and emits less air pollution than steel produced through traditional iron ore processing, is poised to benefit from the central government’s new policies. We are working diligently to secure additional scrap metal in order to service the pent up demand for recycled steel in China.”

About China Armco Metals, Inc.

China Armco Metals, Inc. is engaged in the sale and distribution of metal ore and non-ferrous metals throughout the PRC and has entered the recycling business with the recent launch of operations of a 80,000 ton per year shredder and recycler of metals located on 32 acres of land. China Armco maintains customers throughout China which includes the fastest growing steel producing mills and foundries in the PRC. Raw materials are acquired from a global group of suppliers located diverse countries, including, but not limited to, India, Hong Kong, Nigeria, Brazil, Turkey and the Philippines. China Armco’s product lines include ferrous and non-ferrous ore, iron ore, chrome ore, nickel ore, magnesium, copper ore, manganese ore and steel billet. The recycling facility is expected to be capable of recycling one million metric tons of scrap metal per year which will position China Armco as one of the 10 largest recyclers of scrap metal in China. China Armco estimates the recycled metal market in China as 70 million metric tons. For more information about China Armco, please visit http://www.armcometals.com.

Safe Harbor Statement

In connection with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, China Armco Metals, Inc., is hereby providing cautionary statements identifying important factors that could cause our actual results to differ materially from those projected in forward-looking statements (as defined in such act). Any statements that are not historical facts and that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, indicated through the use of words or phrases such as “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimated,” “intends,” “plans,” “believes” and “projects”) may be forward-looking and may involve estimates and uncertainties which could cause actual results to differ materially from those expressed in the forward-looking statements. These statements include, but are not limited to, our expectations regarding our revenues and production related to our scrap metal recycling operations and the extent of government imposed blackouts and the impact on our recycling operations. In addition, any such statements are qualified in their entirety by reference to, and are accompanied by, the following key factors that have a direct bearing on our results of operations:

We caution that the factors described herein could cause actual results to differ materially from those expressed in any forward-looking statements we make and that investors should not place undue reliance on any such forward-looking statements. Further, any forward-looking statement speaks only as of the date on which such statement is made, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of anticipated or unanticipated events or circumstances. New factors emerge from time to time, and it is not possible for us to predict all of such factors. Further, we cannot assess the impact of each such factor on our results of operations or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. This press release is qualified in its entirety by our partner’s ability to complete its obligations to source various minerals and ores within acceptable specifications, demand and fluctuations in the prices of those minerals and ores, our ability to resell any sourced minerals and ores at current market prices and on favorable terms, our ability to finance the purchase price of any minerals and ores, and the cautionary statements and risk factor disclosure contained in our Securities and Exchange Commission filings, including our Annual Report on Form 10-K for the year ended December 31, 2009.

Contact:

For more information, please contact:
Investor Relations:
HC International, Inc.
Ted Haberfield, Executive VP
Tel: +1-760-755-2716
Email: thaberfield@hcinternational.net
Web: www.hcinternational.net
Company:
US Contact:
Oliver Hu
Investor Relations
China Armco Metals, Inc.
Office: 650.212.7620
Email: oliver@armcometals.com
Website: www.armcometals.com
China Contact:
Wayne Wu
China Armco Metals, Inc.
Office: 021-62375286
Email: wayne.wu@armcometals.com
Website: www.armcometals.com
Tuesday, December 21st, 2010 Uncategorized Comments Off on China Armco Metals (CNAM) Provides Update on Metal Recycling Business

Pernix Therapeutics (PTX) Establishes Joint Venture with SEEK

Dec. 20, 2010 (Business Wire) — Pernix Therapeutics Holdings, Inc. (NYSE Amex: PTX) (“Pernix”), an integrated specialty pharmaceutical company focused primarily on the pediatric market, today announced the establishment of a new joint venture with SEEK, a leading United Kingdom private drug-discovery group. The joint venture will undertake the late-stage development and registration of BC1036, a first-in-class antitussive drug designed to address the serious need for a safer and more effective, non-opioid treatment for persistent cough. Both parties also licensed or assigned all of their theobromine intellectual property to the joint venture.

Following consultation with a European regulatory authority, the new venture will conduct a single pivotal Phase III trial of BC1036, which is expected to begin in the first half of 2011. This truncated regulatory path is due to the significant historical safety data available for theobromine and the beneficial effect seen in human use to date. The new venture is also in discussions with the United States Food and Drug Administration and expects to confirm early next year the regulatory program.

Theobromine is a well known, safe product that is found in existing medicines and significant quantities of cocoa-based products including chocolate and as a metabolite of caffeine. Based on a review of available data, Pernix believes theobromine has been shown to inhibit the inappropriate firing of the vagus nerve which is a key feature of persistent cough. This peripheral mechanism of action differentiates theobromine from codeine and other centrally acting agents, which Pernix believes leads to its lower central nervous system side effect.

Persistent cough is a very common condition, affecting an estimated 10-12.5%1 of people globally. In persistent cough, symptoms persist for more than two weeks and may arise mainly from cough predominant asthma, oesophageal reflux and rhinitis. The cough market has seen little to no innovation over the past twenty years despite the side-effects associated with current treatments. The Commission on Human Medicines and its Paediatric Medicines Expert Advisory Group advised that codeine, a drug used in most common cough treatments, should be withdrawn from use by children under the age of 18 in the OTC market in the United Kingdom.

Based on the successful launch of BC1036 in 2009 as AnyCough™ in Korea and the resulting substantial data package, BC1036 has the potential to be on the market in Europe and the U.S. within two years from trial commencement, subject to receiving marketing authorization. The new venture is collaborating closely with leading experts in the U.K. — Professor Morice, Head of Hull Cough Clinic, and Professor Ian Pavord, University Hospitals Leicester.

Professor Alyn Morice, Head of the Hull Cough Clinic, commented: “Thousands of people across the U.K. suffer from persistent cough and, due to the drawbacks of current opioid drugs such as codeine, we are in desperate need of a non-opioid treatment with a drastically improved side effect profile for patients.”

Professor Ian Pavord, Department of Respiratory Medicine and Thoracic Surgery, Glenfield Hospital, Leicester, commented: “Persistent cough is a highly debilitating condition that severely impacts the lives of sufferers and their family and friends. Currently available treatment options are limited and often associated with negative side effects. The existing human data on BC1036 is very exciting and I look forward to being in a position to offer an effective and safe drug to our patients.”

Manfred Scheske, who has recently joined SEEK as CEO of Consumer Health, will provide leadership to the development of BC1036. Mr. Scheske was formerly President of Consumer Healthcare Europe at GlaxoSmithKline (“GSK”), where he enjoyed a highly successful 25-year career with GSK in Europe, North America and at a global level within GSK’s Consumer Healthcare Leadership Team.

Commenting on this announcement, Manfred Scheske, CEO of Consumer Health at SEEK, said: “I am very excited that we have funding for the late-stage development of BC1036, which has the potential to dramatically impact the treatment of persistent cough and could greatly benefit the quality of life of persistent cough sufferers. Utilizing my extensive U.S. and European experience from GSK, I am very much looking forward to taking this program forward towards commercialization and to announcing the commencement of our Phase III trial next year.”

Cooper Collins, President and CEO of Pernix, said: “This partnership is an exciting step forward in the growth of our company and provides an opportunity to increase our share of the approximately $3 billion global market for prescription and OTC cough suppressants. By partnering with SEEK, we are able to advance this novel codeine-free natural cough suppressant in a more cost-effective and lower risk regulatory path. Given the lack of new treatments for persistent cough over the last two decades, we believe that our non-opiate antitussive medicine offers an innovative alternative treatment for persistent cough sufferers and look forward to working with SEEK to advance the development of BC1036 through commercialization in Europe and the U.S.”

About Pernix Therapeutics

Pernix Therapeutics Holdings, Inc. is an integrated specialty pharmaceutical company primarily focused on serving the needs of the pediatric marketplace. Commercially-proven branded product families include CEDAX®, Brovex®, Aldex®, Pediatex®, ReZyst®, QuinZyme® and Z-Cof®. The Company was originally founded in 1999 and is based in the Houston, TX metropolitan area. Additional information about Pernix is available on the Company’s website located at www.pernixtx.com.

Cautionary Notice Regarding Forward-Looking Statements

The Company wishes to caution readers not to place undue reliance on any forward-looking statements, which speak only as of the date made. No assurances can be given regarding the future performance of the Company. The Company wishes to advise readers that factors could affect the Company’s financial performance and could cause the Company’s actual results for future periods to differ materially from any opinions or statements expressed with respect to future periods in any current statements.

The Company does not undertake, and specifically declines any obligation, to publicly release the result of any revisions which may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

1. Department of Cardiovascular and Respiratory Studies, University of Hull, Castle Hill Hospital, Cottingham, East Yorkshire, UK, a.h.morice@hull.ac.uk

Pernix Therapeutics Holdings, Inc.

Tracy Clifford, 843-720-1501

Chief Financial Officer

or

The IGB Group

Investor Relations and Media Contacts:

Nick Rust / Lev Janashvilli

212-477-8439 / 212-227-7098

nrust@igbir.com / ljanashvili@igbir.com

Monday, December 20th, 2010 Uncategorized Comments Off on Pernix Therapeutics (PTX) Establishes Joint Venture with SEEK

Peregrine (PPHM) Completes Treatment of Last Patient in Phase II Cotara(R) Brain Cancer Trial

TUSTIN, CA — (Marketwire) — 12/20/10 — Peregrine Pharmaceuticals, Inc. (NASDAQ: PPHM), a clinical-stage biopharmaceutical company developing first-in-class monoclonal antibodies for the treatment of cancer and viral infections, today announced the completion of enrollment in the company’s Phase II dose confirmation trial of Cotara® in patients with recurrent glioblastoma multiforme (GBM), the deadliest form of brain cancer. Cotara is a targeted monoclonal antibody linked to a radioisotope that is administered as a single dose directly into the tumor, irradiating the tumor from the inside out, with minimal exposure to healthy tissue.

Interim median overall survival for patients treated with Cotara has ranged from 38 to 41 weeks, with 86 weeks from 14 patients at a single medical center. Expected survival is only approximately 24 weeks for recurrent GBM patients. Cotara has been granted orphan drug status and fast track designation for the treatment of GBM and anaplastic astrocytoma by the U.S. Food and Drug Administration.

“As currently approved therapies have failed to improve overall survival for recurrent GBM patients, the interim overall survival reported to date from our Cotara trials has been quite remarkable and we are eager to advance our treatment into a registrational trial,” said Joseph S. Shan, vice president of clinical and regulatory affairs at Peregrine. “We expect top-line data to be available by mid-year 2011 and plan to meet with the FDA to define the optimal registration pathway for Cotara.”

About Cotara
Cotara is an investigational targeted monoclonal antibody linked to a radioisotope that is administered as a single dose directly into the tumor, irradiating the tumor from the inside out, with minimal exposure to healthy tissue. Peregrine’s Phase II open-label trial was designed to enroll 40 GBM patients at first relapse at multiple sites in the U.S. and India. The primary endpoint is safety and tolerability of the maximum tolerated dose, a single 25-hour interstitial infusion of 2.5 mCi/cc of Cotara. Secondary endpoints include overall survival, progression free survival, and proportion of patients alive at six months after treatments.

About Brain Cancer
According to the American Cancer Society, in 2010 there will be an estimated 22,000 malignant tumors diagnosed and approximately 13,000 deaths attributed to brain or spinal cord cancer in the United States. The most common type of brain cancer is glioblastoma multiforme (GBM), which accounts for 60% of all malignant brain cancers. An aggressive form of cancer, GBM is the deadliest form of brain cancer, with a five-year survival rate of only 3%. Currently approved therapies include Temodar® (temozolomide) and Avastin® (bevacizumab), both of which have modest effect on patient survival.

About Peregrine Pharmaceuticals
Peregrine Pharmaceuticals, Inc. is a biopharmaceutical company with a portfolio of innovative monoclonal antibodies in clinical trials for the treatment of cancer and serious viral infections. The company is pursuing multiple clinical programs in cancer and hepatitis C virus infection with its lead product candidate bavituximab and novel brain cancer agent Cotara®. Peregrine also has in-house cGMP manufacturing capabilities through its wholly-owned subsidiary Avid Bioservices, Inc. (www.avidbio.com), which provides development and biomanufacturing services for both Peregrine and outside customers. Additional information about Peregrine can be found at www.peregrineinc.com.

Safe Harbor Statement: Statements in this press release which are not purely historical, including statements regarding Peregrine Pharmaceuticals’ intentions, hopes, beliefs, expectations, representations, projections, plans or predictions of the future are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The forward-looking statements involve risks and uncertainties including, but not limited to, the risk that results from this trial will not be consistent with results experienced in earlier clinical trials and preclinical studies, the risk that results may not support registration filings with the U.S. Food and Drug Administration, and the risk that Peregrine may not have or raise adequate financial resources to complete the planned clinical programs. Factors that could cause actual results to differ materially or otherwise adversely impact the company’s ability to obtain regulatory approval for its product candidates include, but are not limited to, uncertainties associated with completing preclinical and clinical trials for our technologies; the early stage of product development; the significant costs to develop our products as all of our products are currently in development, preclinical studies or clinical trials; obtaining additional financing to support our operations and the development of our products; obtaining regulatory approval for our technologies; anticipated timing of regulatory filings and the potential success in gaining regulatory approval and complying with governmental regulations applicable to our business. Our business could be affected by a number of other factors, including the risk factors listed from time to time in the company’s SEC reports including, but not limited to, the annual report on Form 10-K for the year ended April 30, 2010 and the quarterly report on Form 10-Q for the quarter ended October 31, 2010. The company cautions investors not to place undue reliance on the forward-looking statements contained in this press release. Peregrine Pharmaceuticals, Inc. disclaims any obligation, and does not undertake to update or revise any forward-looking statements in this press release.

Peregrine Contact:
Amy Figueroa
Peregrine Pharmaceuticals
(800) 987-8256
info@peregrineinc.com

Monday, December 20th, 2010 Uncategorized Comments Off on Peregrine (PPHM) Completes Treatment of Last Patient in Phase II Cotara(R) Brain Cancer Trial

Arena Pharmaceuticals (ARNA) Initiates Phase 1 Clinical Trial of APD811 for Pulmonary Arterial Hypertension

SAN DIEGO, Dec. 10, 2010 /PRNewswire-FirstCall/ — Arena Pharmaceuticals, Inc. (Nasdaq: ARNA) announced today the initiation of dosing in a Phase 1 clinical trial of APD811, a novel oral drug candidate discovered by Arena that targets the prostacyclin receptor for the treatment of pulmonary arterial hypertension, or PAH.

“An orally bioavailable prostacyclin receptor agonist could improve the standard of care for patients with PAH, a life-threatening disorder,” said William R. Shanahan, M.D., Arena’s Senior Vice President and Chief Medical Officer. “APD811 is a non-prostanoid compound; in preclinical studies, the oral uptake, half life and efficacy characteristics suggest that it could offer improved administration over current prostacyclin receptor therapies.”

This randomized, double-blind and placebo-controlled Phase 1 trial is planned to enroll up to 72 healthy adult volunteers and will evaluate the safety, tolerability and pharmacokinetics of single-ascending doses of APD811.

“While our primary focus is on achieving FDA approval of lorcaserin for weight management, we see value in advancing our promising earlier-stage compounds that may also address underserved medical needs,” said Jack Lief, Arena’s President and Chief Executive Officer. “With a measured investment, we aim to establish a favorable pharmacokinetic and preliminary safety profile for APD811 in this trial.”

About Pulmonary Arterial Hypertension (PAH)

PAH is a progressive, life-threatening disorder characterized by increased pressure in the arteries that carry blood from the heart to the lungs. The increased pressure puts a strain on the heart, which can lead to limited physical activity and a reduced life expectancy. Over time, the heart muscle weakens and can no longer pump blood efficiently. If PAH is not treated, the heart will eventually fail. Data from the National Institutes of Health Registry indicate that without treatment, patients in the United States with PAH have a median survival time of approximately three years from diagnosis.

About APD811

APD811, a potent and selective agonist (or activator) of the prostacyclin receptor, is Arena’s internally discovered drug candidate for the treatment of PAH. Prostacyclin receptor agonists, through regulation of vascular smooth muscle tone, improve mortality and exercise tolerance in PAH patients and are among the treatments administered as standard of care for advanced PAH. Currently available prostacyclin receptor agonists belong to the prostanoid class of molecules and these products need to be administered frequently or continuously through intravenous, subcutaneous or inhaled routes. Arena believes that APD811, as a non-prostanoid prostacyclin agonist, has the potential to improve the standard of care for PAH by providing an oral form of administration with clinical benefits similar to currently available prostacyclin receptor agonists.

About Arena Pharmaceuticals

Arena is a clinical-stage biopharmaceutical company focused on discovering, developing and commercializing oral drugs that target G protein-coupled receptors, an important class of validated drug targets, in four major therapeutic areas: cardiovascular, central nervous system, inflammatory and metabolic diseases. Arena’s most advanced drug candidate, lorcaserin, is intended for weight management. Arena’s wholly owned subsidiary, Arena Pharmaceuticals GmbH, has granted Eisai Inc. exclusive rights to market and distribute lorcaserin in the United States following FDA approval of the New Drug Application for lorcaserin.

Arena Pharmaceuticals(R) and Arena(R) are registered service marks of the company.

Forward-Looking Statements

Certain statements in this press release are forward-looking statements that involve a number of risks and uncertainties. Such forward-looking statements include statements about the advancement, therapeutic indication and use, safety, efficacy, tolerability, and mechanism of action of APD811; the potential of APD811 and orally bioavailable prostacyclin receptor agonists in general, including with regard to improving treatment; the protocol, design, scope, enrollment, potential results and other aspects of the Phase 1 clinical trial for APD811; Arena’s earlier-stage compounds and related value and potential; Arena’s focus on the approval of lorcaserin; the potential therapeutic indication and use, FDA approval and commercialization of lorcaserin; the Eisai collaboration and potential activities thereunder; and Arena’s aim, focus, goals, strategy, research and development programs, and ability to develop compounds and commercialize drugs. For such statements, Arena claims the protection of the Private Securities Litigation Reform Act of 1995. Actual events or results may differ materially from Arena’s expectations. Factors that could cause actual results to differ materially from the forward-looking statements include, but are not limited to, the following: there was a small safety margin from the no observed adverse effect level to significant adverse events in preclinical studies of APD811, and APD811 could have an unacceptable safety and efficacy profile in humans; the risk that regulatory authorities may not find data and other information related to Arena’s clinical trials and other studies meet safety or efficacy requirements or are otherwise sufficient for regulatory approval; the timing of regulatory review and approval is uncertain; Arena’s response to the complete response letter for the lorcaserin NDA may not be submitted in a timely manner or the information provided in such response may not satisfy the FDA; the FDA may request additional information prior to approval of the lorcaserin NDA; unexpected new data; risks related to commercializing new products; Arena’s ability to obtain and defend its patents; the timing, success and cost of Arena’s research and development programs; results of clinical trials and other studies are subject to different interpretations and may not be predictive of future results; clinical trials and other studies may not proceed at the time or in the manner Arena or others expect or at all; Arena’s ability to obtain adequate funds; risks related to relying on collaborative agreements; the timing and receipt of payments and fees, if any, from collaborators; and satisfactory resolution of pending and any future litigation or other disagreements with others. Additional factors that could cause actual results to differ materially from those stated or implied by Arena’s forward-looking statements are disclosed in Arena’s filings with the Securities and Exchange Commission. These forward-looking statements represent Arena’s judgment as of the time of this release. Arena disclaims any intent or obligation to update these forward-looking statements, other than as may be required under applicable law.

Contact:  Arena Pharmaceuticals, Inc.

Media Contact: Russo Partners

Jack Lief

David Schull, President

President and CEO

david.schull@russopartnersllc.com

212.845.4271

Cindy McGee

Manager, IR and Corporate Communications

Anthony J. Russo, Ph.D., CEO

858.453.7200, ext. 1479

tony.russo@russopartnersllc.com

212.845.4251

Monday, December 20th, 2010 Uncategorized Comments Off on Arena Pharmaceuticals (ARNA) Initiates Phase 1 Clinical Trial of APD811 for Pulmonary Arterial Hypertension

Icagen (ICGN) and Pfizer Initiate Phase I Trial in Nav1.7 Program

RESEARCH TRIANGLE PARK, N.C., Dec. 20, 2010 (GLOBE NEWSWIRE) — Icagen, Inc. (Nasdaq:ICGN) today provided an update on its sodium channel program for pain and related disorders, which is being conducted in collaboration with Pfizer. As previously reported, the companies recently selected a candidate compound to advance into further clinical studies. Dosing of this candidate compound has now been initiated in a Phase I study in healthy volunteers.

The safety, tolerability, pharmacokinetics and optimal formulation of the candidate compound will be assessed during a placebo controlled dose escalation in two cohorts of healthy volunteers; exploratory pharmacodynamic end points will be investigated in a third cohort of healthy volunteers.

P. Kay Wagoner, CEO of Icagen, stated, “We are delighted that, in collaboration with Pfizer, we have now initiated Phase I clinical studies of our potent and subtype-selective Nav1.7 compound. This marks another important milestone in our development of subtype-selective sodium channel blockers, which we believe represent a promising approach for the treatment of pain and related disorders.”

Pfizer will continue to fund all aspects of the collaboration, including all clinical studies and the continuing research and preclinical development efforts at Icagen on collaboration sodium channel targets. Pfizer has exclusive worldwide rights to commercialize products that result from the collaboration. Icagen is eligible to receive milestones and tiered royalties based upon product sales for each product under the collaboration.

About Icagen

Icagen, Inc. is a biopharmaceutical company based in Research Triangle Park, North Carolina, focused on the discovery, development and commercialization of novel orally-administered small molecule drugs that modulate ion channel targets. Utilizing its proprietary know-how and integrated scientific and drug development capabilities, Icagen has identified multiple drug candidates that modulate ion channels. The Company is conducting research and development activities in a number of disease areas, including epilepsy, pain and inflammation. The Company has a clinical stage program in epilepsy and pain. To learn more about Icagen, please visit our website at www.icagen.com.

The Icagen, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=5735

Forward-Looking Statements

This press release may contain forward-looking statements that involve a number of risks and uncertainties. For this purpose, any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the foregoing, the words “believes,” “anticipates,” “plans,” “expects,” “intends,” and similar expressions are intended to identify forward-looking statements. Important factors that could cause actual results to differ materially from the expectations described in these forward-looking statements are set forth under the caption “Risk Factors” in Icagen’s most recent Quarterly Report on Form 10-Q, filed with the SEC on November 10, 2010. These risk factors include risks as to Icagen’s lack of liquidity and substantial doubt about Icagen’s ability to continue as a “going concern”; Icagen’s ability to raise additional funding; Icagen’s history of net losses and how long Icagen will be able to operate on its existing capital resources; general economic and financial market conditions; Icagen’s ability to maintain compliance with Nasdaq’s continued listing requirements; whether Icagen’s product candidates will advance in the clinical trials process; the timing of such clinical trials; whether the results obtained in preliminary studies will be indicative of results obtained in clinical trials; whether the clinical trial results will warrant continued product development; whether and when, if at all, Icagen’s product candidates, including ICA-105665 and Icagen’s other lead compounds for epilepsy and pain, will receive approval from the U.S. Food and Drug Administration or equivalent regulatory agencies, and for which indications, and if such product candidates receive approval, whether such products will be successfully marketed; and Icagen’s dependence on third parties, including manufacturers, suppliers and collaborators. We disclaim any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this press release.

CONTACT:  Icagen, Inc.
          Richard D. Katz, M.D., EVP, Finance and
           Corporate Development; Chief Financial Officer
          (919) 941-5206
          rkatz@icagen.com

Icagen, Inc. Logo

Monday, December 20th, 2010 Uncategorized Comments Off on Icagen (ICGN) and Pfizer Initiate Phase I Trial in Nav1.7 Program

Fronteer Gold (FRG) Enters Into Agreement to Sell Its Uranium Assets to Paladin Energy

VANCOUVER, BRITISH COLUMBIA — (Marketwire) — 12/17/10 — Fronteer Gold Inc. (TSX: FRG)(NYSE Amex: FRG) announces today it has entered into an Asset Sale Agreement under which Paladin Energy Ltd. (ASX: PDN)(TSX: PDN) will acquire 100% of the uranium assets of Aurora Energy Resources Inc., a wholly owned subsidiary of Fronteer Gold.

Under the terms of the Agreement, Fronteer Gold will receive 52.1 million common shares of Paladin valued at C$260.87 million, calculated using the recent five-day volume weighted average price of Paladin common shares on the TSX. Upon closing, Fronteer Gold will be the largest Paladin shareholder at approximately 6.7%. Closing of the transaction is expected in the first quarter 2011 and remains subject to applicable regulatory approvals, including approval of the TSX.

This transaction is consistent with Fronteer Gold’s stated goal of becoming a significant gold producer in Nevada, and allows management to focus time and resources on advancing the company’s recently consolidated flagship Long Canyon project and wholly owned Northumberland project.

“This transaction crystallizes significant value for Fronteer Gold’s uranium assets,” says Mark O’Dea, President and CEO of Fronteer Gold. “Paladin is uniquely positioned to advance Aurora’s Michelin Project by virtue of their demonstrated development skills, excellent financial strength and strong track record of social and environmental stewardship in communities in which they operate. With this world-class project added to their development pipeline, we believe Paladin will have one of the most exciting production growth profiles in the uranium industry. This transaction gives us the option of maintaining exposure to the uranium price through a meaningful shareholding in a high-quality, diversified uranium producer. Ultimately, this capital will be deployed to build out our Nevada gold projects, leaving our company in an exceptionally strong strategic and financial position.”

John Borshoff, Managing Director and CEO of Paladin comments: “We welcome Fronteer Gold as our largest shareholder and acknowledge the quality of work completed moving Aurora’s uranium assets forward. Paladin remains one of the few independent global uranium producers and this acquisition provides geographic diversification and a world-class asset located in Canada, a leader in global uranium production. Paladin plans to advance these assets in accordance with our communicated growth strategies, thus benefiting all shareholders, customers and the stakeholders of Nunatsiavut, Newfoundland and Labrador.”

ABOUT FRONTEER GOLD

We intend to become a significant gold producer. Our future potential production platform includes our Long Canyon, Sandman and Northumberland projects – all located in Nevada. We also have a 40% interest in Halilaga, an emerging copper-gold porphyry deposit in northwestern Turkey. For further information on Fronteer Gold, visit www.fronteergold.com.

Except for the statements of historical fact contained herein, certain information presented constitutes “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking statements, including but not limited to, those with respect to potential expansion of mineralization, potential size of mineralized zone, potential type of mining operation and timing and size of exploration and development programs involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievement of Fronteer Gold to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, risks related to the actual results of current exploration activities, conclusions of economic evaluations, uncertainty in the estimation of ore reserves and mineral resources, changes in project parameters as plans continue to be refined, future prices of gold and silver, environmental risks and hazards, increased infrastructure and/or operating costs, labor and employment matters, and government regulation and permitting requirements as well as those factors discussed in the section entitled “Risk Factors” in Fronteer Gold’s Annual Information form and Fronteer Gold’s latest Form 40-F on file with the United States Securities and Exchange Commission in Washington, D.C. Although Fronteer Gold has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Fronteer Gold disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Accordingly, readers should not place undue reliance on forward-looking statements.

NEWS RELEASE 10-44

Contacts:
Fronteer Gold
Mark O’Dea
President & CEO
604-632-4677 or Toll Free 1-877-632-4677

Fronteer Gold
John Dorward
VP, Business Development
604-632-4677 or Toll Free 1-877-632-4677

Fronteer Gold
Patrick Reid
Senior Director, Institutional Marketing
604-632-4677 or Toll Free 1-877-632-4677
info@fronteergold.com
www.fronteergold.com

Friday, December 17th, 2010 Uncategorized Comments Off on Fronteer Gold (FRG) Enters Into Agreement to Sell Its Uranium Assets to Paladin Energy