Clearfield, Inc. (CLFD) Reports Fiscal 2011 2nd Quarter Results

MINNEAPOLIS, April 28, 2011 (GLOBE NEWSWIRE) —

Clearfield, Inc. (Nasdaq:CLFD), the specialist in fiber management and connectivity solutions, today announced results for the second quarter of fiscal 2011, which ended March 31, 2011.

Revenue for the second quarter of fiscal 2011 was $7,120,000 in comparison to $4,725,000 for the comparable second quarter of fiscal 2010, an increase of 51%. Gross profit was $2,894,000 for the second quarter of fiscal year 2011 in comparison to $1,733,000 for the prior year second quarter, an increase of 67%. Gross margin for the second quarter of fiscal year 2011 was 40.6%, up 4.0% for the comparable quarter of fiscal 2010. Net income was $532,000 for the quarter ended March 31, 2011, compared to a net loss of $108,000 for the quarter ended March 31, 2010.

Operating expenses were $2,368,000 for the second quarter of fiscal year 2011, an increase of 27% from $1,865,000 in the same quarter of fiscal year 2010. The Company continues to invest in revenue growth and gross profit enhancement.

Year to Date Performance

Revenue for the six month period ending March 31, 2011 was $14,366,000 in comparison to $9,667,000 for the comparable period in fiscal 2010, an increase of 49%. Gross profit was $5,860,000 for the six month period ending March 31, 2011, in comparison to $3,435,000 for the comparable period in fiscal 2010, an increase of 71%. Gross margin for the period was 40.8%, up from 35.5% in the previous year. Net income was $1,034,000 for the six month period ended March 31, 2011, compared to a net loss of $268,000 in the 2010 equivalent time frame.

Orders in backlog as of March 31, 2011 totaled $3,679,000, an increase of $1,291,000 over the backlog for the previous quarter ending December 31, 2010 and an increase of $1,917,00 over the backlog for the quarter ending March 31, 2010.

Comments on Operations

“We are in an exciting period of opportunity for Clearfield,” commented Cheri Beranek, president and CEO of Clearfield. “We remain focused on growth within the broadband service provider community, while expanding our product mix and customer base.

“With our year-to-date revenue growth 51% ahead of last year, and with bookings outpacing revenue by nearly a million dollars for the six month period, we are appreciative of the market’s approval of Clearfield’s product.

“Market attention remains focused on the broadband stimulus funds associated with the American Recovery and Reinvestment Act (ARRA). As RenderVanderslice, an industry market research firm has published, slightly more than one third of the stimulus award winners are in the beginning stages of their build process and an equal amount are about to commence. The remaining are in the planning and engineering stages. The study illustrates how our industry is just now beginning to benefit from this initiative. There has been some market concern regarding the Federal government’s long-standing broadband-funding program within the Rural Utilities Service (RUS). While we are pleased that the RUS program has been re-instated and that the ARRA is underway, these programs – while an important element of our customers’ growth plans – are just one facet of the dynamics within our market and our marketing initiatives. In addition to our product developments within Fiber to the Premises (FTTp markets), our recent product announcements into distributed fiber, such as cell backhaul and fiber-fed mobile broadband, provide multiple growth opportunities now and into the future.

“During the last quarter, we continued our momentum in extending our reach into national account customers and to private label suppliers that service a broad range of client communities. Looking ahead, we remain focused on continual cost reductions within our product offerings, an expansion of our sales and marketing resources in order to reach a broader client community, and the development of an ever expanding suite of innovative product and service offerings.”

About Clearfield, Inc.

Clearfield, Inc. sets the standard for fiber performance with FiberDeep while lowering the cost of broadband deployment with the FieldSmart fiber management platform and the CraftSmart OSP enclosure system. FieldSmart is the only fiber management platform to be designed around a single architecture – the Clearview Cassette and xPAK— for the inside plant, outside plant and access network. Scaling from 1 to 1728 ports, FieldSmart supports a wide range of panel and cabinet configurations, densities, connectors and adapter options, and are offered alongside an assortment of passive optical components. CraftSmart is the industry’s only field enclosure system optimized for fiber deployment. FiberDeep is a new class of fiber patch cords that guarantees performance at .2dB insertion loss — fully half that of the industry standard. Clearfield provides a complete line of fiber and copper assemblies for inside plant, outside plant and access networks. “FiberDeep,” “FieldSmart,” “CraftSmart OSP,” “Clearview Cassette” and “xPAK” are proprietary or registered trademarks and trade names of Clearfield, Inc. Clearfield is a public company traded on NASDAQ: CLFD.

Forward-Looking Statements

Forward-looking statements contained herein are made pursuant to the safe harbor provisions of the Private Litigation Reform Act of 1995. These statements are based upon the Company’s current expectations and judgments about future developments in the Company’s business. Certain important factors could have a material impact on the Company’s performance, including, without limitation the effect of the significant downturn in the U.S. economy on Clearfield’s customers; the impact of the American Recovery and Reinvestment Act or any other legislation on customer demand and purchasing patterns; cyclical selling cycles; need to introduce new products and effectively compete against competitive products; dependence on third-party manufacturers; limited experience in manufacturing; reliance on key customers; rapid changes in technology; the negative effect of product defects; the need to protect its intellectual property; the impact on its financial results or stock price of its ability to use its deferred tax asset, consisting primarily of net operating loss carryforwards, to offset future taxable income; the valuation of its goodwill and the effect of its stock price, among other factors, on the evaluation of goodwill; and other factors set forth in Clearfield’s Annual Report on Form 10-K for the year ended September 30, 2010 as well as other filings with the Securities and Exchange Commission. The Company undertakes no obligation to update these statements to reflect actual events.

CONTACT: Clearfield, Inc. Contact Information:
         Cheryl P. Beranek
         Chief Executive Officer and President
         Investor-relations@clfd.net
         763-476-6866

Pacer International (PACR) Reports First Quarter Results

Pacer International, Inc. (NASDAQ: PACR), the asset-light North American freight transportation and logistics services provider, today reported financial results for the three month period ended March 31, 2011.

FIRST QUARTER RESULTS

• Income from operations increased by $3.3 million;
• Gross margin percentage was 11.7% in the 2011 period compared to 11.2% in the 2010 period;
• Revenues were $358.4 million. Excluding the impact of the transition of the east-west big box business, intermodal revenues improved by $25.5 million or 10.0%;
• Selling, general and administrative expenses decreased $2.3 million or 5.9%;
• Net income increased $2.5 million; and
• Earnings per share increased by $0.07 to earnings per share of $0.06 in 2011.

“During the first quarter we continued to make progress in achieving our strategic objectives on our journey towards becoming a world class integrated global door-to-door transportation and solutions provider. We are pleased with our improved financial performance and increased customer service and quality, despite some difficult operating conditions with weather and rising fuel costs.” said Daniel W. Avramovich, chairman and CEO of Pacer.

A tabular reconciliation detailing the adjustments made to arrive at the adjusted financial results set forth above and elsewhere in this press release from financial results determined in accordance with accounting principles generally accepted in the United States of America (“GAAP”) is contained in the reconciliation schedules attached to this press release. Significant items affecting comparability between periods include adjusted revenues, which exclude the revenues from the east-west big box business from intermodal marketing companies (IMCs) in the first quarter 2010.

CONFERENCE CALL TODAY Pacer International will hold a conference call for investors, analysts, business and trade media, and other interested parties at 8:30 a.m. ET, today (Thursday, April 28, 2011). To participate, please call five minutes early by dialing (800) 230-1093 (in USA) and ask for “Pacer International 1st Quarter Earnings Call.” International callers can dial (612) 288-0329.

An audio-only, simultaneous Webcast of the live conference call can be accessed through the Investors link on the company’s website at www.pacer.com. For persons unable to participate in either the conference call or the Webcast, a digitized replay will be available from April 28, 2011 at 11:00 a.m. ET to May 28, 2011 at 11:59 p.m. ET. For the replay, dial (800) 475-6701(USA) or (320) 365-3844 (international), using access code 201507. During such period, the replay also can be accessed through the Investors link on the company’s website at www.pacer.com.

ABOUT PACER INTERNATIONAL (www.pacer.com)

Pacer International, a leading asset-light North American freight transportation and logistics services provider, offers a broad array of services to facilitate the movement of freight from origin to destination through its intermodal and logistics operating segments. The intermodal segment offers container capacity, integrated local transportation services, and door-to-door intermodal shipment management. The logistics segment provides truck brokerage, warehousing and distribution, international freight forwarding, and supply-chain management services. For more information on Pacer International visit www.pacer.com.

USE OF NON-GAAP FINANCIAL MEASURES: This press release contains “non-GAAP financial measures” as defined by the Securities and Exchange Commission. These non-GAAP measures include adjusted revenues, which exclude the impact of the transition of the east-west big box IMC business. Non-GAAP measures are used by management and the Board of Directors in their analysis of the company’s ongoing core operating performance. Management believes that the non-GAAP financial measures provide useful supplemental information that is essential to a proper understanding of the operating results of the company’s core businesses and allows investors to more easily compare operating results from period to period. A tabular reconciliation of the differences between the non-GAAP financial information discussed in this release and the most directly comparable financial information calculated and presented in accordance with GAAP is contained in the financial summary statements attached to this press release.

CERTAIN FORWARD-LOOKING STATEMENTS–This press release contains or may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on the company’s current expectations and beliefs and are subject to a number of risks, uncertainties and assumptions. Among the important factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements are general economic and business conditions including the continued effect of the current U.S. and global economic environment and the timing and strength of economic recovery in the U.S. and internationally; industry trends, including changes in the costs of services from rail, motor, ocean and air transportation providers; changes resulting from our November 2009 arrangements with Union Pacific that have reduced revenues and have compressed margins; changes in the terms of new or replacement contracts with our underlying rail carriers that are less favorable to us relative to our legacy contracts as these expire (including our legacy contract with Union Pacific, expiring in 2011 which continues to apply to our automotive and international lines of business, and our legacy contract with CSX, expiring in 2014); our reliance on Union Pacific to provide us with, and to service and maintain, the equipment used in our business; our ability to borrow amounts under our credit agreement due to borrowing base limitations and/or to comply with the covenants in our credit agreement; increases in interest rates; the loss of one or more of our major customers; the effect of uncertainty surrounding the current economic environment on the transportation needs of our customers; the impact of competitive pressures in the marketplace; the frequency and severity of accidents, particularly involving our trucking operations; changes in, or the failure to comply with, government regulation; changes in our business strategy, development plans or cost savings plans; congestion, work stoppages, equipment and capacity shortages, weather related issues and service disruptions affecting our rail and motor transportation providers; the degree and timing of changes in fuel prices, including changes in the fuel costs and surcharges that we pay to our vendors and those that we are able to collect from our customers; changes in international and domestic shipping patterns; availability of qualified personnel; difficulties in selecting, developing and implementing applications and solutions to update or replace our diverse legacy systems; increases in our leverage; and terrorism and acts of war. Additional information about these and other factors that could affect the company’s business is set forth in the company’s various filings with the Securities and Exchange Commission, including those set forth in the company’s annual report on Form 10-K for the year ended December 31, 2010 filed with the SEC on February 24, 2011. Should one or more of these risks or uncertainties materialize, or should underlying assumptions or estimates prove incorrect, actual results may vary materially from those described herein as anticipated, believed, expected or intended. Except as otherwise required by federal securities laws, the company does not undertake any obligation to update such forward-looking statements whether as a result of new information, future events or otherwise.

INVESTORS:

Pacer International, Inc.

Steve Markosky, 614-923-1703

VP Investor Relations & Financial Planning & Analysis

steve.markosky@pacer.com

or

MEDIA:

Princeton Partners

Erin Bijas, 609-452-8500 x118; 732-895-0792 (mobile)

Senior Account Manager, Public Relations

ebijas@princetonpartners.com

Tri-Valley Corp. (TIV) Completes Expanded Phase 1 Claflin Drilling Program

Apr. 28, 2011 (Business Wire) — Tri-Valley Corporation (NYSE Amex: TIV) today announced that it has completed an expanded Phase 1 development drilling program at its Claflin oil project, located in the Edison Oil Field near Bakersfield, California. The Company has drilled eight new wells, up from the six wells initially planned. These new wells are part of Tri-Valley’s overall plan to drill a total of 22 new wells at Claflin during 2011 to convert 2.1 million barrels of net proved undeveloped oil reserves (“PUDs”) on the property to proved developed and producing (“PDP”) status and to increase oil production. The net proved undeveloped reserves were included in the reserves disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2010, and filed with the U.S. Securities and Exchange Commission on March 22, 2011.

Tri-Valley is currently completing the installation of well-site production equipment and tie-in of the new wells to existing production facilities at Claflin. The Company expects to commence an initial steam injection cycle on the first well in early May and that the new wells will have received an initial steam injection cycle by the end of July; however, new steam generating capacity being installed at Claflin could accelerate completion of this initial steam injection work on the new wells. First oil production is anticipated from some of the new wells by June. Following first production from these new wells, there will be a 90-day evaluation period during which Tri-Valley will analyze the performance of the new wells prior to commencement of the second phase of the Claflin development to complete the remaining 14 new wells by the end of the year.

“We are ahead of schedule on our plans to develop the Claflin property to drive increased oil production in 2011,” said Maston N. Cunningham, President and CEO of Tri-Valley Corporation. “Our plan calls for a total of 13 new vertical wells and nine new horizontal wells to be drilled on the property this year. If we are successful, we expect to exit 2011 with gross daily production of about 800 barrels of oil from the property.”

“With the closing of our recent private placement financing, we raised nearly five million dollars in new capital that will allow us to pursue our development plans at Claflin,” continued Mr. Cunningham. “We would like to welcome Ironman Energy Master Fund, an experienced oil and gas investment fund and major participant in our recent financing, as a significant new shareholder of Tri-Valley Corporation.”

“Negotiations with adjacent land and mineral owners to secure permits for the 3-D seismic acquisition area for the Claflin and adjoining Brea properties have taken more time than originally planned, but we believe that seismic acquisition work should start by the end of May,” added Mr. Cunningham. “This new 3-D data will useful for our exploitation plans for Claflin and Brea, including better geologic control during horizontal drilling operations later this year in the second phase of Claflin development.”

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

All statements contained in this press release that refer to future events or other non-historical matters are forward-looking statements. By way of example, statements contained in this press release related to the expected timeline for well-drilling completion, first oil production, installation of facility upgrades and seismic study results, as well as the anticipated number of wells to be drilled, gross barrel production and production rates, and such other future events, business plans and objectives of management for future operations, are forward-looking statements. Although the Company does not make forward-looking statements unless it believes it has a reasonable basis for doing so, the Company cannot guarantee their accuracy. These statements are only predictions based on management’s expectations as of the date of this press release, and involve known and unknown risks, uncertainties and other factors, including: the Company’s ability to obtain additional funding; imprecise estimates of oil reserves; drilling hazards such as equipment failures, fires, explosions, blow-outs, and pipe failure; shortages or delays in the delivery of drilling rigs and other equipment; problems in delivery to market; adverse weather conditions; compliance with governmental and regulatory requirements; fluctuations in oil prices; and such other risks and factors that are discussed in the Company’s filings with the Securities and Exchange Commission from time to time, including under “Item 1A. 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, 2010. Except as required by law, the Company undertakes no obligation to update or revise publicly any of the forward-looking statements after the date of this press release to conform such statements to actual results or to reflect events or circumstances occurring after the date of this press release.

Company Contacts:

John Durbin, 661-864-0500

jdurbin@tri-valleycorp.com

or

Investor Contacts:

EVC Group, Inc.

Doug Sherk/Jenifer Kirtland, 415-896-6820

dsherk@evcgroup.com

jkirtland@evcgroup.com

or

Media Contact:

EVC Group, Inc.

Chris Gale, 646-201-5431

cgale@evcgroup.com

Radient Pharmaceuticals (RPC) Executive Management to Present at the 2011 Aegis Capital Emerging Growth Conference

TUSTIN, CA — (Marketwire) — 04/28/11 — Radient Pharmaceuticals Corporation (RPC) (NYSE Amex: RPC) announced today, Radient Pharmaceuticals’ Chairman and CEO, Mr. Douglas MacLellan, and Mr. Akio Ariura, RPC’s Chief Operating Officer and CFO, will serve as the lead presenters during the main evening reception at this year’s Aegis Capital Emerging Growth Conference, Thursday, April 28, 2011. The conference will take place between April 28 and April 30, 2011 at the Palazzo Hotel in Las Vegas, NV.

RPC’s executives will discuss Radient Pharmaceutical’s latest business developments, including clinical test results for its US FDA-cleared Onko-Sure® in vitro diagnostic (IVD) cancer test. Additionally, the two executives will share recent Company achievements, market position, new business initiatives and FY2011 – FY2012 growth plans.

To schedule time to speak with RPC during this event contact Radient Pharmaceuticals IR at info@radient-pharma.com. Additional information on Radient Pharmaceuticals Corporation and its products is also available at www.radient-pharma.com. For Investor Relations contact Kristine Szarkowitz at IR@RadientPharma.com or 1.206.310.5323.

About Aegis Capital Corporation
Aegis Capital Corporation has been in business for the past 26 years and maintains a conflict free service platform catering to the needs of private clients, institutions and corporations. Founded in 1984 by the current CEO and Chairman, Robert Elde, the Company’s origins were based on servicing the specific needs of an extremely affluent customer base. Today, it is a premier full-service investment banking firm with 11 locations and employees stretching from Florida to Rochester, NY, with clients in all 50 states and overseas. Aegis is able to bring quality service through its clearing relationships of Penson and JP Morgan. For more information please go to (www.aegiscap.com).

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.

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

CytRx’s (CYTR) INNO-206 Receives FDA Approval for Orphan Drug Designation for Pancreatic Cancer

Apr. 28, 2011 (Business Wire) — CytRx Corporation (Nasdaq: CYTR), a biopharmaceutical company specializing in oncology, today announced that its tumor-targeting pro-drug candidate INNO-206 has been approved for orphan drug designation for the treatment of patients with pancreatic cancer by the Office of Orphan Products Development of the U.S. Food and Drug Administration (FDA). CytRx holds the exclusive worldwide development and commercialization rights to INNO-206.

“This designation represents an important and exciting step in the overall development program for INNO-206. We are delighted with the FDA’s decision to grant INNO-206 this special status, particularly given that treatment with INNO-206 resulted in a statistically significant, three-fold reduction in the average primary tumor size in an animal model of pancreatic cancer,” said Steven A. Kriegsman, President and CEO of CytRx. “Only a handful of drugs have shown any benefit for the treatment of patients suffering from this rapidly progressing, deadly cancer, and INNO-206 outperformed both doxorubicin and the current standard of care gemcitabine in the animal trial. We are now arranging advancement of INNO-206’s development for pancreatic cancer in a Phase 2 clinical trial.”

In the United States, under the Orphan Drug Act, the FDA may grant orphan drug designation to a drug intended to treat a rare disease or condition, which is generally a disease that affects fewer than 200,000 individuals in the country. The designation grants U.S. market exclusivity to a drug for a particular indication for a seven-year period if the sponsor complies with certain FDA requirements. Additional incentives for the sponsor include tax credits related to clinical trial expenses and a possible exemption from the FDA-user fee.

INNO-206 is designed to control the release of the commonly prescribed chemotherapeutic doxorubicin and to preferentially target tumors, which the Company believes may make it more effective and less toxic in cancer patients than doxorubicin. Objective clinical responses have been reported in patients with sarcoma, breast and small cell lung cancers. CytRx is currently conducting a Phase 1b safety and dose escalation study with INNO-206 in patients with advanced solid tumors who have failed standard therapies and in the second half of this year, anticipates moving into Phase 2 clinical testing for patients suffering from soft tissue sarcoma.

In July 2009, CytRx announced positive results from an animal trial with a human model of pancreatic cancer. In this trial, treatment with INNO-206 resulted in a statistically significant (p<0.005) three-fold reduction in the average primary tumor size, compared to the control. Treatment with doxorubicin showed only a 30% primary tumor reduction, which was not statistically significant. In a parallel experiment, treatment with gemcitabine, the approved and most commonly prescribed drug for pancreatic cancer, resulted in activity comparable to doxorubicin, with an approximate 30% primary tumor volume reduction. Additionally, although no statistically significant inhibition of tumor spread was demonstrated by either INNO-206 or gemcitabine, due to large variability between individual animals in the control, a substantial trend was observed in the INNO-206 group with an approximate 10-fold decrease in tumor spread to the liver and stomach. The toxicity associated with drug treatment was comparable among the treated groups.

About Pancreatic Cancer

Pancreatic cancer, although a relatively rare form of cancer, is the fourth leading cause of cancer mortality in the U.S. with only a 25% one-year survival rate, according to the American Cancer Society. The American Cancer Society estimates that more than 43,000 new pancreatic cancer cases occurred and more than 36,000 deaths were due to this disease in the U.S. in 2010. One in 76 people is expected to develop pancreatic cancer sometime in their life.

About CytRx Corporation

CytRx Corporation is a biopharmaceutical research and development oncology company engaged in the development of high-value human therapeutics. The CytRx oncology pipeline includes three programs in clinical development for cancer indications: bafetinib, tamibarotene and INNO-206. The Company is evaluating bafetinib in the ENABLE Phase 2 clinical trial in high-risk B-cell chronic lymphocytic leukemia (B-CLL), a pharmacokinetic clinical trial in brain cancer and the PROACT Phase 2 clinical trial in advanced prostate cancer. With its tumor-targeting pro-drug candidate INNO-206, CytRx is conducting a safety trial with plans to initiate Phase 2 proof-of-concept clinical trials as a treatment for soft tissue sarcomas and to support third-party development for pancreatic cancer. CytRx’s pipeline also includes tamibarotene, which it is testing in patients with non-small-cell lung cancer and which is in a registration clinical trial as a treatment for acute promyelocytic leukemia (APL). For more information on the Company, visit http://www.cytrx.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Such statements involve risks and uncertainties that could cause actual events or results to differ materially from the events or results described in the forward-looking statements, including risks or uncertainties related to the initiation, outcome, timing and results of clinical testing of INNO-206, including in patients with pancreatic cancers, uncertainties regarding regulatory approvals for current and future clinical testing of INNO-206 and the scope of the clinical testing that may eventually be required by regulatory authorities for INNO-206, the significant time and expense that will be incurred in developing any of the potential commercial applications for INNO-206, including for pancreatic cancer, the risk that any future human testing of INNO-206 for might not produce results similar to those seen in animals, risks related to CytRx’s ability to manufacture its drug candidates, including INNO-206, in a timely fashion, cost-effectively or in commercial quantities in compliance with stringent regulatory requirements, risks related to CytRx’s need for additional capital or strategic partnerships to fund its ongoing working capital needs and development efforts, including any future clinical development of INNO-206, and the risks and uncertainties described in the most recent annual and quarterly reports filed by CytRx with the Securities and Exchange Commission and current reports filed since the date of CytRx’s most recent annual report. All forward-looking statements are based upon information available to CytRx on the date the statements are first published. CytRx undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Investor Relations

Legend Securities, Inc.

Thomas Wagner

800-385-5790 x152

718-233-2600 x152

twagner@legendsecuritiesinc.com

Aoxing Pharmaceutical Company (AXN) Receives GMP Certification from SFDA

NEW YORK, April 26, 2011 /PRNewswire/ — Aoxing Pharmaceutical (NYSE Amex: AXN) (“Aoxing Pharma”), a specialty pharmaceutical company focusing on research, development, manufacturing and distribution of narcotic and pain-management products, announced that its operating subsidiary in China, Hebei Aoxing Pharmaceutical Group Company, has received GMP certification from the Chinese State Food and Drug Administration (SFDA) for the pre-treatment, extraction, tincture, and pill workshops, after a site inspection by SFDA. The milestone marks the completion of the Lerentang Pharmaceutical Company’s manufacturing facility relocation from Shijiazhuang to Xinle City, Hebei Province.

Aoxing Pharma has received government support for the relocation from Shijiazhuang City and Hebei Province, totaling $269,231 (1,750,000 RMB) in the form of bank loan interest payment subsidies.

These facilities are expected to begin commercial production in mid-2011. This will enable Aoxing Pharma to supply all 11 of its licensed essential drugs to 29 provinces and municipalities in China (including military regions).

Mr. Zhenjiang Yue, Chairman and CEO of Aoxing Pharma, commented, “Receiving the GMP certification is a very important achievement for Aoxing. This allows us to shift more management and financial resources to the development of our narcotics pipeline. We look forward to restarting the manufacturing and sale of these drugs in the next few months. As always, we are very appreciative of the local government’s continuous support of Aoxing Pharma.”

About Aoxing Pharmaceutical Company, Inc.

Aoxing Pharmaceutical Company, Inc. is a US incorporated specialty pharmaceutical company with its operations in China, specializing in research, development, manufacturing and distribution of a variety of narcotics and pain-management products. Headquartered in Shijiazhuang City, outside Beijing, Aoxing has the largest and most advanced manufacturing facility in China for highly regulated narcotic medicines. Its facility is one of the few GMP facilities licensed for the manufacture of narcotic medicines by the Chinese State Food and Drug Administration (SFDA). It has a joint venture collaboration with Johnson Matthey Plc to produce and market narcotics and neurological drugs in China. It also has strategic alliance partnerships with QRxPharma, Phoenix PharmaLabs, Inc. and American Oriental Bioengineering, Inc. For more information, please visit: www.aoxingpharma.com.

Safe Harbor Statement from Aoxing Pharmaceutical Company, Inc.

Statements contained in this communication not relating to historical facts are forward-looking statements that are intended to fall within the safe harbor rule for such statements under the Private Securities Litigation Reform Act of 1995. The information contained in the forward-looking statements is inherently uncertain, and the Company’s actual results may differ materially due to a number of factors, many of which are beyond its ability to predict or control, including among many others, the Company’s ability to complete GMP certification of the workshops, obtain process approvals, develop the product line as and when anticipated. These forward-looking statements are subject to known and unknown risks and uncertainties that could cause actual events to differ from the forward-looking statements. More information about some of these risks and uncertainties may be found in the reports filed with the Securities and Exchange Commission by the Company. The Company operates in a highly competitive and rapidly changing business and regulatory environment, thus new or unforeseen risks may arise. Accordingly, investors should not place any reliance on forward-looking statements as a prediction of actual results. These forward-looking statements are based on the Company’s current expectations and beliefs concerning future developments and their potential effects on the Company. There can be no assurance that future developments affecting the Company will be those anticipated by the Company. The Company undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

SOURCE Aoxing Pharmaceutical Company, Inc.

PeopleString’s (PLPE) PeopleDeals Offers Social Coupons that Grow in Value When Shared

Rediff.com (REDF) Introduces Group Deals Service in 40 Indian Cities

Apr. 26, 2011 (Business Wire) — Rediff.com India Limited (Nasdaq: REDF) today introduced its group deals service, named Rediff Deal Ho Jaye!, offering consumers an opportunity to discover new local services at discounted prices.

As the pioneer of e-commerce in India and its leading online media company with an audience of more than 15 million unique visitors per month, Rediff.com offers advertisers the ability to reach consumers in 40 cities throughout India. The service also enables consumers to learn about exciting things to do in their cities, to try out services that they haven’t tried before at significant discounts and to stay informed of new deals.

“With the introduction of Deal Ho Jaye!, Rediff now offers local merchants and business owners options for reaching consumers well beyond their traditional scope, building upon our e-commerce platform,” said Ajit Balakrishnan, Chairman and CEO. Rediff.com. “Merchants will now have the ability to take advantage of Rediff.com’s reach to generate business through new customers by offering special discounts and promotions on Rediff Deal Ho Jaye!.”

Mr. Balakrishnan continued, “Deal Ho Jaye! will help consumers discover new services and experiences in their city, such as restaurants, spas, hotels, healthcare, tattoos, hobby classes, adventure sports and other local attractions across 70 categories and at 30-60% discounts, thus helping them make the most of their quality time with their family and friends.”

Rediff.com Deal Ho Jaye! offers will come from local merchants in each city. Consumers will be able to track upcoming promotions by subscribing to the Deal Ho Jaye! email newsletter or by SMS.

In bigger cities, consumers will now have the ability to locate deals even at a local zone level; in Mumbai, for example, consumers can opt to see deals in South Mumbai, Western suburbs, Central suburbs, and Navi Mumbai. For a full list of cities where Rediff Deal Ho Jaye! is available or to sign up your location, go to www.rediff.com and click on the Deals icon.

About Rediff India:

Rediff India (NASDAQ: REDF) is one of the premier worldwide online providers of news, information, communication, entertainment and shopping services for Indians worldwide. Founded in 1996, Rediff.com is headquartered in Mumbai, India with offices in New Delhi, Bangalore, Chennai, Hyderabad and New York.

Safe harbor statement:

Except for historical information and discussions contained herein, statements included in this release may constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and reflect our current expectations. Forward-looking statements are identified by certain words or phrases such as “may”, “will”, “aim”, “will likely result”, “believe”, “expect”, “will continue”, “anticipate”, “estimate”, “intend”, “plan”, “contemplate”, “seek to”, “future”, “objective”, “goal”, “project”, “should”, “will pursue” and similar expressions or variations of such expressions. These statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those that may be projected by these forward looking statements. These risks and uncertainties include but are not limited to the slowdown in the economies worldwide and in the sectors in which our clients are based, the slowdown in the Internet and IT sectors world-wide competition, success of our past and future acquisitions, attracting, recruiting and retaining highly skilled employees, technology, acceptance of new products, legal and regulatory policies, managing risks associated with customer products, the wide spread acceptance of the Internet as well as other risks detailed in the Form 20-F and other reports filed by Rediff.com India Limited with the U.S. Securities and Exchange Commission. Rediff.com India Limited and its subsidiaries may, from time to time, make additional written and oral forward looking statements, including statements contained in the Company’s filings with the Securities and Exchange Commission and our reports to shareholders. Rediff.com India Limited does not undertake to update any forward-looking statement that may be made from time to time by or on behalf of the Company.

Rediff.com India Ltd.

Mandar Narvekar

Investor Relations and Corporate Affairs Contact

+91-22-24449144 Extn 138

investor@rediff.co.in

II-VI Incorporated (IIVI) Achieves New Records for Bookings and Revenues in the Third Quarter

PITTSBURGH, April 26, 2011 (GLOBE NEWSWIRE) — II-VI Incorporated (Nasdaq:IIVI) today reported results for its third fiscal quarter ended March 31, 2011.

On January 4, 2010, the Company completed its acquisition of Photop Technologies, Inc. (Photop). Company results include Photop’s results for the three and nine months ended March 31, 2011. On December 6, 2010, the Company completed its acquisition of Max Levy Autograph, Inc. (MLA). Results for the quarter and nine months ended March 31, 2011 include the operating results of MLA since the acquisition date.

Bookings for the quarter increased 30% to a record $142,883,000 compared to $109,963,000 in the third quarter of last fiscal year. Bookings for the nine months ended March 31, 2011 increased 49% to $389,061,000 from $261,610,000 for the same period last fiscal year. Included in bookings for the three and nine months ended March 31, 2011 were approximately $36.8 million and $94.4 million, respectively, of bookings attributable to Photop. Bookings are defined as customer orders received that are expected to be converted into revenues during the next 12 months.

Revenues for the quarter increased 33% to a record $129,997,000 from $97,531,000 in the third quarter of last fiscal year. Revenues for the nine months ended March 31, 2011 increased 60% to $371,018,000 from $231,854,000. Included in revenues for the three and nine months ended March 31, 2011 were approximately $32.4 million and $90.1 million, respectively, of revenues attributable to Photop.

Net earnings attributed to II-VI Incorporated for the quarter were $23,119,000, or $0.72 per share-diluted, compared with net earnings of $10,313,000, or $0.33 per share-diluted, in the third quarter of last fiscal year. For the nine months ended March 31, 2011, net earnings attributable to II-VI Incorporated were $60,643,000, or $1.90 per share-diluted, compared to net earnings of $22,600,000, or $0.74 per share-diluted, in the same period last fiscal year.

Francis J. Kramer, president and chief executive officer said, “We achieved record bookings and revenues in the third fiscal quarter as strong positive momentum continued across almost all markets. Bookings increased 30%, revenues were up 33% and earnings more than doubled from the year-ago quarter. Orders in the Infrared Optics segment and at Photop were particularly strong – up 38% and 39%, respectively, from the year-ago quarter and 12% and 24%, respectively, from the quarter ended December 31, 2010. Our backlog stands at $176.5 million, an increase of 23% from March 31, 2010 and 9% from December 31, 2010. Earnings of $0.72 per share-diluted primarily resulted from increases in sales volume and operating efficiencies. The effective tax rate for the quarter was lower to reflect the increased profit contribution from our foreign operations; revenues outside of the U.S. accounted for over 60% of our total revenues for the quarter.”

Kramer continued, “Quarterly EBITDA performance and cash flow generation continue to strengthen. EBITDA for the quarter increased 63% from the same period last fiscal year and 9% from the December 31, 2010 period. During the quarter, we made strategic capital investments of $14 million, after which our cash balance still increased $9 million. Robust market momentum, strong operating performance and a record order backlog are causing us to increase our guidance for the fourth quarter and fiscal year.”

Kramer concluded, “We are in the process of preparing the II-VI Incorporated operating plan for fiscal year 2012. We see continuing strength in industrial markets as global economies rebound. Near-infrared market growth appears positive overall, with ongoing strength in China. We are monitoring U.S. military spending to assess the effects any changes may have on our military businesses. We expect to introduce guidance for fiscal year 2012 in June 2011.”

Segment Information

The following segment information includes segment earnings (defined as earnings before income taxes, interest expense and other expense or income, net). Management believes segment earnings are a useful performance measure because they reflect the results of segment performance over which management has direct control.

Outlook

For the fourth fiscal quarter ending June 30, 2011, the Company currently forecasts revenues to range from $129 million to $134 million and earnings per share to range from $0.68 to $0.73. Comparable results for the quarter ended June 30, 2010 were revenues of $113.2 million and earnings per share of $0.51. For the fiscal year ending June 30, 2011, the Company expects revenues to range from $500 million to $505 million and earnings per share to range from $2.58 to $2.63. Results for the year ended June 30, 2010 were revenues of $345.1 million and earnings per share of $1.25. As discussed in more detail below, actual results may differ from these forecasts due to various factors including, but not limited to, changes in product demand, competition and general economic conditions.

Webcast Information

The Company will host a conference call at 9:00 a.m. Eastern Time on Tuesday, April 26, 2011 to discuss these results. The conference call will be broadcast live over the internet and can be accessed by all interested parties from the Company’s web site at www.ii-vi.com as well as at http://tinyurl.com/3wbksso. A replay of the webcast will be available for 2 weeks following the call.

About II-VI Incorporated

II-VI Incorporated, the worldwide leader in crystal growth technology, is a vertically-integrated manufacturing company that creates and markets products for diversified markets including industrial manufacturing, military and aerospace, high-power electronics and telecommunications, and thermoelectronics applications. Headquartered in Saxonburg, Pennsylvania, with manufacturing, sales, and distribution facilities worldwide, the Company produces numerous crystalline compounds including zinc selenide for infrared laser optics, silicon carbide for high-power electronic and microwave applications, and bismuth telluride for thermoelectric coolers.

In the Company’s infrared optics business, II-VI Infrared manufactures optical and opto-electronic components for industrial laser and thermal imaging systems and HIGHYAG Lasertechnologie GmbH (HIGHYAG) manufactures fiber-delivered beam delivery systems and processing tools for industrial lasers. In the Company’s near-infrared optics business, VLOC manufactures near-infrared and visible light products for industrial, scientific, military and medical instruments and laser gain materials and products for solid-state YAG and YLF lasers. Photop Technologies, Inc. (Photop) manufactures crystal materials, optics, microchip lasers and opto-electronic modules for use in optical communication networks and other diverse consumer and commercial applications. In the Company’s military & materials business, Exotic Electro-Optics (EEO) manufactures infrared products for military applications, Pacific Rare Specialty Metals & Chemicals (PRM) produces and refines selenium and tellurium materials and Max Levy Autograph, Inc. (MLA) manufactures micro-fine conductive mesh patterns for optical, mechanical and ceramic components for applications such as circuitry, metrology standards, targeting calibration and suppression of Electro-Magnetic Interference. In the Company’s Compound Semiconductor Group, the Wide Bandgap Materials (WBG) group manufactures and markets single crystal silicon carbide substrates for use in the solid-state lighting, wireless infrastructure, RF electronics and power switching industries; Marlow Industries, Inc. (Marlow) designs and manufactures thermoelectric cooling and power generation solutions for use in defense, space, photonics, telecommunications, medical, consumer and industrial markets; and the Worldwide Materials Group (WMG) provides expertise in materials development, process development and manufacturing scale up.

This press release contains forward-looking statements based on certain assumptions and contingencies that involve risks and uncertainties. The forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and relate to the Company’s performance on a going-forward basis.

The forward-looking statements in this press release involve risks and uncertainties, which could cause actual results, performance or trends to differ materially from those expressed in the forward-looking statements herein or in previous disclosures. The Company believes that all forward-looking statements made by it have a reasonable basis, but there can be no assurance that management’s expectations, beliefs or projections as expressed in the forward-looking statements will actually occur or prove to be correct. In addition to general industry and global economic conditions, factors that could cause actual results to differ materially from those discussed in the forward-looking statements in this press release include, but are not limited to: (i) the failure of any one or more of the assumptions stated above to prove to be correct; (ii) the risks relating to forward-looking statements and other “Risk Factors” discussed in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2010; (iii) the purchasing patterns from customers and end-users; (iv) the timely release of new products, and acceptance of such new products by the market; (v) the introduction of new products by competitors and other competitive responses; and/or (vi) the Company’s ability to devise and execute strategies to respond to market conditions.

CONTACT: Craig A. Creaturo
         Chief Financial Officer and Treasurer
         (724) 352-4455
         ccreaturo@ii-vi.com
         Homepage: www.ii-vi.com

Endocyte (ECYT) Announces Intent to Seek Conditional Marketing Authorization in the European Union

WEST LAFAYETTE, Ind., April 26, 2011 (GLOBE NEWSWIRE) — Endocyte, Inc., (Nasdaq:ECYT), a biopharmaceutical company developing targeted small molecule drug conjugates (SMDCs) and companion imaging diagnostics for personalized therapy, today announced its plan to prepare two marketing authorization applications to the European Medicines Agency (EMA). These two marketing applications are for the company’s lead drug candidate EC145 for the treatment of platinum-resistant ovarian cancer and its companion imaging diagnostic EC20 for patient selection. The filings will be based on the results of the randomized Phase 2 PRECEDENT trial and supported by a Phase 2 single agent EC145 clinical trial.

“We’ve been in consultation with the EMA regarding our PRECEDENT results and the design of our Phase 3 trial, PROCEED,” said Ron Ellis, president and CEO of Endocyte. “As part of this consultation, we explored the possibility of seeking conditional marketing authorization in the EU based on Phase 2 results. As a result of our interaction with the EMA, including a meeting with the Scientific Advice Working Party and written advice from the Committee for Medicinal Products for Human Use (CHMP), we will prepare marketing applications for both EC145 and EC20. The CHMP welcomed the use of EC20 to select patients with the targeted receptor, so we plan to seek conditional marketing authorization in patients with platinum-resistant ovarian cancer who are EC20 positive. We will discuss these developments during our first quarter conference call scheduled for May 5, 2011.”

The PRECEDENT trial, a randomized, multi-center, international Phase 2 study, investigated EC145 in combination with standard chemotherapy, pegylated liposomal doxorubicin (PLD), for treatment of women with platinum-resistant ovarian cancer and evaluated the utility of EC20 for patient selection. The study met its primary endpoint; the combination of EC145 and PLD showed an improvement in the time to disease progression or death compared to PLD alone. This improvement was more substantial in patients who were selected with the companion imaging diagnostic EC20.

Conditional marketing authorization may be granted in certain situations for medical products which treat life-threatening diseases and provide earlier access to patients in areas of high unmet medical need. Conditional marketing authorizations must be renewed annually and require completion of ongoing or new clinical trials to confirm that the risk-benefit balance is positive.

Endocyte cannot predict with any certainty at this time when it will file the marketing applications nor give any assurance that the applications for conditional marketing authorization for either EC145 or the companion imaging diagnostic EC20 will be approved by the EMA.

About EC145

EC145 is a conjugate of the vitamin folate and a super-potent vinca alkaloid. Folate is required for cell division and rapidly dividing cancer cells over-express folate receptors in order to capture enough folate to support cell division. By attaching a chemotherapy drug to folate through proprietary chemistry, EC145 targets cancer cells while avoiding most normal cells. This targeted approach is designed to provide treatment with super-potent drugs while lowering toxicity compared to standard chemotherapy.

About Endocyte

Endocyte is a biopharmaceutical company developing targeted therapies for the treatment of cancer and inflammatory diseases. Endocyte uses its proprietary technology to create novel small molecule drug conjugates (SMDCs) and companion imaging diagnostics for personalized targeted therapies. The company’s SMDCs actively target receptors that are over-expressed on diseased cells, relative to healthy cells. This targeted approach is designed to enable the treatment of patients with highly active drugs at greater doses, delivered more frequently, and over longer periods of time than would be possible with the untargeted drug alone. The companion imaging diagnostics are designed to identify patients whose disease over-expresses the target of the therapy and who are therefore more likely to benefit from treatment.

This press release contains “forward-looking statements” as that term is defined in the Private Securities Litigation Reform Act of 1995, including descriptions of Endocyte’s plans to seek conditional marketing authorizations from the EMA. These statements are based on management’s current expectations and involve significant risks and uncertainties that may cause results to differ materially from those set forth in the statements. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise.

CONTACT: Stephanie Ascher, Stern Investor Relations, Inc.,
         (212) 362-1200, stephanie@sternir.com
         Martina Schwarzkopf, Ph.D., Russo Partners,
         (212) 845-4292, martina.schwarzkopf@russopartnersllc.com
         Tony Russo, Ph. D., Russo Partners,
         (212) 845 4251, tony.russo@russopartnersllc.com

First Financial Northwest, Inc. (FFNW) Reports Net Income of $1.4 Million for the First Quarter of 2011

RENTON, Wash., April 25, 2011 (GLOBE NEWSWIRE) — First Financial Northwest, Inc. (the “Company”) (Nasdaq:FFNW), the holding company for First Savings Bank Northwest (the “Bank”), today reported net income for the quarter ended March 31, 2011 of $1.4 million, or $0.08 per diluted share, as compared to net income of $568,000, or $0.03 per diluted share, for the quarter ended December 31, 2010 and a net loss of $17.8 million, or $1.02 per diluted share, for the quarter ended March 31, 2010.

“We are pleased to report our second consecutive quarter of positive earnings. These past couple of years have been very challenging for the banking industry and for our Bank specifically. During the second half of 2010 and through the first quarter of 2011, we continued to work diligently to reduce the level of our nonperforming assets. These efforts have been rewarded with a return to profitability. We will continue to work aggressively on reducing our nonperforming assets to build on the success of the past two quarters,” stated Victor Karpiak, Chairman, President and Chief Executive Officer of First Financial Northwest, Inc.

Highlights for the quarter ended March 31, 2011 include:

• Nonperforming assets decreased $10.7 million or 11.5% primarily due to a reduction in nonperforming loans. Nonperforming loans decreased $11.8 million to $51.1 million from $62.9 million at December 31, 2010 and represented 6.24% of loans compared to 7.14% at December 31, 2010 and 13.81% at March 31, 2010;
• Our delinquent loans less than 90 days past due decreased $1.2 million to $8.0 million from $9.2 million at December 31, 2010 as a result of our continued emphasis to aggressively manage our delinquent loan portfolio;
• We continued to manage the overall risk level of our loan portfolio by reducing our construction/land development loans which declined $13.4 million to $43.1 million, a 23.7% decrease from December 31, 2010. This segment of our loan portfolio now represents 5.23% of total loans compared to 6.33% at December 31, 2010;
• Net gain on sales of investments totaled $511,000;
• Sales of other real estate owned (“OREO”) totaled $8.6 million with net gains on sales of $626,000;
• Net interest margin increased to 3.09% from 2.95% for the quarter ended December 31, 2010 and
• The Company’s ratio of tangible equity to tangible assets at March 31, 2011 was 14.91% ⁽¹⁾.

During the quarter ended March 31, 2011, management evaluated the adequacy of the allowance for loan losses and concluded that a provision for loan losses of $1.2 million was required for the quarter. The amount of the provision was based on management’s analysis of various quantitative and qualitative factors affecting loans to provide reserves adequate to support known and inherent losses within the loan portfolio. The provision decreased $900,000 from the previous quarter as a result of a reduction of $11.8 million of nonperforming loans from December 31, 2010 and a decrease in the loan portfolio balance.

The effect of the $1.2 million provision for loan losses combined with net charge-offs of $3.5 million resulted in a decrease in the allowance for loan losses to $20.3 million at March 31, 2011 from $22.5 million at December 31, 2010. The allowance for loan losses as a percent of nonperforming loans increased to 39.6% at March 31, 2011, compared to 35.8% at December 31, 2010, primarily due to the $11.8 million decrease in nonperforming loans during the first quarter.

Our troubled debt restructured loans (“TDRs”) increased $2.5 million to $77.2 million during the first quarter of 2011. Of these loans, $65.8 million or 85.3% are classified as performing. These loans represent loan relationships where the Bank modified the loan terms because the borrower was experiencing financial challenges and was not able to keep their loan payments current. Our priority is to negotiate a solution that is acceptable to the Bank while providing the borrower time to resolve their financial issues.

_____________________________________

(1) The tangible equity to tangible assets ratio is the same as the equity to assets ratio under Generally Accepted Accounting Principles (“GAAP”) as the Company has an immaterial amount of intangible assets at March 31, 2011.

The following table presents a breakdown of our nonperforming assets:

Nonperforming assets decreased for the fourth consecutive quarter. At their peak, nonperforming assets reached $166.4 million at March 31, 2010 decreasing to $82.4 million at March 31, 2011, representing an $84.0 million or 50.5% decrease. Nonperforming assets as a percent of total assets was 6.96%, 7.79% and 12.60% at March 31, 2011, December 31, 2010 and March 31, 2010, respectively.

The following table presents a breakdown of our OREO by county and type of property at March 31, 2011:

OREO increased $1.2 million or 3.9% to $31.3 million at March 31, 2011 from $30.1 million at December 31, 2010 as we continued to take possession of the underlying collateral of nonperforming loans and transfer them to OREO to facilitate their sale. We sold $8.6 million of OREO during the first quarter of 2011 which generated a net gain of $626,000. We evaluate the market value of our OREO inventory quarterly. As a result of the evaluation of our OREO properties, we expensed $628,000 related to the decline in the market value of our OREO during the quarter ended March 31, 2011. Additional expenses related to OREO were $850,000 for the first quarter of 2011. During the remainder of 2011, we will continue to actively market our OREO properties in an effort to minimize the amount of holding costs incurred.

Net interest income for the quarter ended March 31, 2011 was $8.6 million compared to $8.5 million for the quarter ended December 31, 2010. Net interest income for the first quarter of 2011 increased $552,000 to $8.6 million from $8.1 million for the same period in 2010. The reason for this change was a decrease of $2.5 million in interest expense partially offset by a decrease of $2.0 million in interest income. The decline in our total interest expense was primarily the result of $60.1 million of certificates of deposit maturing during the first quarter of 2011, with new and renewing certificates pricing at lower interest rates. In addition, public funds decreased $10.8 million during the first quarter of 2011 as part of our strategy to reduce our exposure to these types of higher cost deposits. Our cost of funds declined 78 basis points to 2.03% for the quarter ended March 31, 2011 from 2.81% for the same quarter in 2010. Our interest rate spread increased 65 basis points to 2.88% from 2.23% while the net interest margin increased to 3.09% from 2.59% from the first quarter of 2010.

Noninterest expense for the first quarter of 2011 decreased $104,000 to $6.6 million compared to $6.7 million from the fourth quarter of 2010. Noninterest expense for the quarter ended March 31, 2011 decreased $2.3 million from the same quarter in 2010. The decline was primarily the result of a decrease in expenses related to OREO of $2.6 million during the quarter.

Progress on Regulatory Order

On September 24, 2010, the Bank entered into a Stipulation and Consent to the Issuance of a Consent Order (“Order”) with the FDIC and the Washington State Department of Financial Institutions (“DFI”). The Order required that a number of items be completed over various time frames. We are pleased to report that we believe we have complied with each item set forth in the Order in advance of all required due dates and the appropriate documentation has been submitted to our regulators for their review. We will continue to work towards reducing substandard assets and improving earnings in the upcoming quarters in our ongoing efforts to improve our operations.

The Bank’s Tier 1 capital ratio was 12.13% and our Total risk-based capital ratio was 21.30% at March 31, 2011 which exceeded the Order requirements of 10% and 12%, respectively.

Adversely classified assets as a percent of Tier 1 capital plus the allowance for loan losses was 128% at the beginning of 2010. The Order requires assets classified as substandard at the time of the most recent examination be below 65% by March 2011. The Bank achieved this target as of September 30, 2010 and continues to reduce its substandard assets below these levels. We are committed to working with our regulators towards satisfactory resolution of each requirement.

First Financial Northwest, Inc. is the parent company of First Savings Bank Northwest, a Washington chartered stock savings bank headquartered in Renton, Washington, serving the Puget Sound Region through its full-service banking office. We are a part of the ABA NASDAQ Community Bank Index. For additional information about us, please visit our website at www.fsbnw.com and click on the “Investor Relations” section.

Forward-looking statements:

Certain matters discussed in this press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to, among other things, expectations of the business environment in which we operate, projections of future performance, perceived opportunities in the market, potential future credit experience, and statements regarding our mission and vision. These forward-looking statements are based upon current management expectations and may, therefore, involve risks and uncertainties. Our actual results, performance, or achievements may differ materially from those suggested, expressed, or implied by forward-looking statements as a result of a wide variety or range of factors including, but not limited to: the credit risks of lending activities, including changes in the level and trend of loan delinquencies and write-offs that may be impacted by deterioration in the housing and commercial real estate markets and may lead to increased losses and nonperforming assets in our loan portfolio, and may result in our allowance for loan losses not being adequate to cover actual losses, and require us to materially increase our reserves; changes in general economic conditions, either nationally or in our market areas; changes in the levels of general interest rates, and the relative differences between short and long term interest rates, deposit interest rates, our net interest margin and funding sources; fluctuations in the demand for loans, the number of unsold homes and other properties and fluctuations in real estate values in our market areas; results of examinations of us by the Office of Thrift Supervision and our bank subsidiary by the Federal Deposit Insurance Corporation, the Washington State Department of Financial Institutions, Division of Banks or other regulatory authorities, including the possibility that any such regulatory authority may, among other things, institute additional enforcement actions against the Company or the Bank, to take additional corrective action and refrain from unsafe and unsound practices, which may also require us to increase our reserve for loan losses, write-down assets, change our regulatory capital position or affect our ability to borrow funds or maintain or increase deposits, which could adversely affect our liquidity and earnings; our compliance with regulatory enforcement actions; the requirements and restrictions that have been imposed upon the Company under the memoranda of understanding with the Office of Thrift Supervision and the consent order the Bank entered into with the FDIC and the Washington DFI and the possibility that the Company and the Bank will be unable to fully comply with these enforcement actions which could result in the imposition of additional requirements or restrictions; our ability to attract and retain deposits; further increases in premiums for deposit insurance; our ability to control operating costs and expenses; the use of estimates in determining fair value of certain of our assets, which estimates may prove to be incorrect and result in significant declines in valuation; difficulties in reducing risk associated with the loans on our balance sheet; staffing fluctuations in response to product demand or the implementation of corporate strategies that affect our work force and potential associated charges; computer systems on which we depend could fail or experience a security breach; our ability to retain key members of our senior management team; costs and effects of litigation, including settlements and judgments; our ability to implement our branch expansion strategy; our ability to successfully integrate any assets, liabilities, customers, systems, and management personnel we have acquired or may in the future acquire into our operations and our ability to realize related revenue synergies and cost savings within expected time frames and any goodwill charges related thereto; our ability to manage loan delinquency rates; increased competitive pressures among financial services companies; changes in consumer spending, borrowing and savings habits; legislative or regulatory changes that adversely affect our business including changes in regulatory policies and principles, including the interpretation of regulatory capital or other rules; the availability of resources to address changes in laws, rules, or regulations or to respond to regulatory actions; adverse changes in the securities markets; inability of key third-party providers to perform their obligations to us; changes in accounting policies and practices, as may be adopted by the financial institution regulatory agencies or the Financial Accounting Standards Board, including additional guidance and interpretation on accounting issues and details of the implementation of new accounting methods; the economic impact of war or any terrorist activities; other economic, competitive, governmental, regulatory, and technological factors affecting our operations; pricing, products and services; and other risks detailed in our reports filed with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2010. Any of the forward-looking statements that we make in this Press Release and in the other public statements we make may turn out to be wrong because of the inaccurate assumptions we might make, because of the factors illustrated above or because of other factors that we cannot foresee. Because of these and other uncertainties, our actual future results may be materially different from those expressed in any forward-looking statements made by or on our behalf. Therefore, these factors should be considered in evaluating the forward-looking statements, and undue reliance should not be placed on such statements. We undertake no responsibility to update or revise any forward-looking statements.

The following table presents a breakdown of our loan portfolio:

BioCryst Pharmaceuticals (BCRX) to Announce First Quarter 2011 Financial Results

Apr. 25, 2011 (Business Wire) — BioCryst Pharmaceuticals (NASDAQ:BCRX) today announced that its first quarter 2011 financial results will be released on Wednesday, May 4, 2011. BioCryst will host a conference call and webcast at 11:00 a.m. Eastern Time to discuss the financial results and to provide an update on the Company’s programs. The call will be led by Jon P. Stonehouse, President and Chief Executive Officer, Stuart Grant, Chief Financial Officer and Dr. William P. Sheridan, Chief Medical Officer.

The webcast can be accessed by logging onto www.BioCryst.com. Please connect to the website at least 15 minutes prior to the conference call to ensure adequate time for any software download that may be needed. To participate in the conference call, please dial 1-877-303-8027 (United States) or 1-760-536-5165 (International). No passcode is needed for the call. The audio portion of the webcast will be archived and available for replay for at least 14 days.

About BioCryst

BioCryst Pharmaceuticals designs, optimizes and develops novel small-molecule pharmaceuticals that block key enzymes involved in infectious diseases, inflammatory diseases and cancer. BioCryst currently has three novel late-stage compounds in development: peramivir, a neuraminidase inhibitor for the treatment of influenza, BCX4208, a purine nucleoside phosphorylase (PNP) inhibitor for the treatment of gout, and forodesine, an orally-available PNP inhibitor for hematological malignancies. Utilizing crystallography and structure-based drug design, BioCryst continues to discover additional compounds and to progress others through pre-clinical and early development to address the unmet medical needs of patients and physicians. For more information, please visit the Company’s website at www.biocryst.com.

This press release contains forward-looking statements, including statements regarding future results and achievements. These statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from any future results, performances or achievements expressed or implied by the forward-looking statements. Please refer to the documents BioCryst files periodically with the SEC and located at http://investor.shareholder.com/biocryst/sec.cfm.

BCRXW

BioCryst Pharmaceuticals

Robert Bennett, 919-859-7910

Lattice (LSCC) MachXO2 Pico Development Kit Simplifies Consumer Applications

HILLSBORO, OR — (Marketwire) — 04/25/11 — Lattice Semiconductor Corporation (NASDAQ: LSCC) today announced the immediate availability of its new $29 MachXO2™ Pico Development Kit for prototyping low power, space constrained consumer designs. Built on a low power 65-nm process featuring embedded Flash technology, MachXO2 devices provide designers of low density PLDs an unprecedented mix of low cost, low power and high system integration in a single device. These devices are ideal for low power applications such as smart phones, mobile computing, GPS devices and digital cameras, and for control PLD applications in end markets such as telecom infrastructure, computing, high end industrial and high end medical.

“Designers of consumer applications are faced with the increasing challenge of delivering new standards and features within a short time-to-market window,” said Shantanu Dhavale, Senior Product Marketing Manager for Low Density Solutions. “The MachXO2 Pico Development Kit provides designers with a flexible and low cost platform to rapidly evaluate and verify their designs in hardware.”

About the MachXO2 Pico Development Kit
The MachXO2 Pico Development Kit features the MachXO2 LCMXO2-1200ZE device, 1 Mbit SPI Flash, I2C temperature sensor, an expansion header for JTAG, SPI, I2C and GPIO interfaces, an LCD display and capacitive touch sense buttons. Using the preloaded Environment Scanning system-on-chip (SOC) design provided with the development kit, designers can now optimize power using multiple operating modes that are typical of low power consumer applications. They can also test, within minutes, popular interfaces such as UART, SPI, I2C and LCD control using the integrated 8-bit LatticeMico8™ microcontroller in conjunction with the MachXO2 Embedded Function Bock (EFB). Designers can then build their own designs using the free downloadable reference design source code, implementing these features in less than an hour.

The MachXO2 Pico evaluation board can be powered up using a battery or a USB cable. The development kit includes a USB cable for device programming and QuickSTART documentation. The associated free reference designs and free Lattice Diamond™ design software can be downloaded from the Lattice website, www.latticesemi.com.

Pricing and Availability
Promotional pricing for the MachXO2 Pico Development Kit is $29 and is good for kits ordered via the Lattice online store at www.latticesemi.com/store/dev_kits.cfm and through authorized Lattice distributors through July 29, 2011 or while promotional quantities last. More information regarding the MachXO2 Pico Development Kit is available at www.latticesemi.com/mxo2-pico-kit.

For more information about the Lattice MachXO2 PLD family, visit www.latticesemi.com/products/cpldspld/machxo2. Customers can start designing with MachXO2 devices and the MachXO2 Pico Development Kit today using Lattice Diamond v1.2 software, which can be downloaded for free from the Lattice website at http://www.latticesemi.com/latticediamond/downloads/.

About the MachXO2 PLD Family

The MachXO2 devices provide designers of low density PLDs an unprecedented mix of low cost, low power and high system integration in a single device. Built on a low power 65-nm process featuring embedded Flash technology, the MachXO2 family delivers a 3X increase in logic density, a 10X increase in embedded memory, more than a 100X reduction in static power to as low as 19uW and up to 30% lower cost compared to the prior generation MachXO™ PLD family. These devices are ideal for control PLD applications in end markets such as telecom infrastructure, computing, high end industrial, high end medical, and low power applications such as smart phones, GPS devices and digital cameras.

About Lattice Semiconductor
Lattice is the source for innovative FPGA, PLD, programmable Power Management and Clock Management solutions. For more information, visit www.latticesemi.com.
Follow Lattice via Facebook, RSS and Twitter.

Lattice Semiconductor Corporation, Lattice (& design), L (& design), MachXO, MachXO2, Lattice Diamond, LatticeMico8 and specific product designations are either registered trademarks or trademarks of Lattice Semiconductor Corporation or its subsidiaries in the United States and/or other countries.

GENERAL NOTICE: Other product names used in this publication are for identification purposes only and may be trademarks of their respective holders.

EDITORIAL/READER CONTACT:
Brian Kiernan
Corporate Communications Manager
Lattice Semiconductor Corporation
503-268-8739 voice
503-268-8193 fax
brian.kiernan@latticesemi.com

ZST Digital Networks, Inc. (ZSTN) Comments on Recent Market Speculation and Issues Letter to Shareholders

ZHENGZHOU, China, April 25, 2011 /PRNewswire-Asia-FirstCall/ — ZST Digital Networks, Inc. (NASDAQ: ZSTN) (“ZST” or the “Company”), a major developer, manufacturer and supplier of digital and optical network equipment to cable system operators and provider of GPS tracking devices and support services for transport-related enterprises in China, announces that its Chairman and Chief Executive Officer, Mr. Zhong Bo, has issued a letter to shareholders in response to short-seller allegations regarding the Company’s operations, financial disclosure and transparency. The full text of the letter is provided below and can also be accessed on the company’s website at www.zstdigital.com/english.

The Company has received numerous inquiries from investors seeking further insight into the recent market speculation and share price volatility, which it believes are a result of targeted efforts on behalf of short-sellers to reduce ZST’s share price and thereby profit financially. The Company believes that the allegations made against it by certain market participants are baseless and without merit. The Company’s financial position and operations are fundamentally sound, and it continues to be well positioned to benefit from the growth opportunities in the IPTV and commercial GPS markets in Henan Province. The Company is in the midst of evaluating various legal options with respect to such baseless statements.

Chairman‘s Letter

April 22, 2011

Dear Shareholders,

I am writing to address shareholder questions that have emerged following some very targeted negative online media commentary. These accusations are being circulated by individual investors who are short-sellers, which is to say that they benefit financially if our stock price declines. There are no facts to support these accusations and I believe many of our sophisticated institutional investors continue to support us by holding positions in our Company.

ZST Digital Networks is a major developer, manufacturer and supplier of digital and optical network equipment to cable system operators and provider of GPS tracking devices and support services for transport-related enterprises in Henan Province in the People’s Republic of China. We are well positioned to take advantage of the tremendous growth opportunities in one of the fastest growing economies in the world. Our year-over-year net income growth for 2010, in financial statements certified by BDO China Li Xin Da Hua CPA Co., Ltd, a BDO Member Firm, was 117%. We look forward to continue to deliver such tangible results for our shareholders, and to focus on strong top and bottom line growth.

I have never sold a single share of ZST Digital Networks in our Company’s history because I believe in the long term growth potential for our business, as a number of our initiatives are supported by local government. I am confident in our track record of success, including the continued expansion of our GPS platform. I would like to welcome our investors, current and potential, to visit our headquarters located in Zhengzhou City to learn more about our operations and will continue to provide honest, factual information to our investors and the market as a whole.

I thank you for your continued support and confidence in ZST Digital Networks; we will communicate updates as appropriate and are looking forward to putting this matter behind us in an expeditious manner.

Sincerely,

About ZST Digital Networks, Inc.

ZST Digital Networks, Inc. (Nasdaq: ZSTN) is a China-based company, principally engaged in (1) supplying digital and optical network equipment and providing installation services to cable system operators in China and (2) providing GPS location and tracking services to local logistics and transportation companies in China. The Company has developed a line of IPTV devices that are used to provide bundled cable television, Internet and telephone services to residential and commercial customers. The Company has assisted in the installation and construction of over 400 local cable networks in more than 90 municipal districts, counties, townships, and enterprises. The Company has also launched a commercial line of vehicle tracking devices utilizing our GPS tracking technologies and support services for transport-related enterprises to track, monitor and optimize their businesses. For more information about ZST Digital Networks, Inc., please visit www.zstdigital.com/english.

STAAR Surgical Co. (STAA) Visian® ICL and Toric ICL V4c Receive CE Mark Approval

Procera (PKT) Receives $2 Million Follow-On Order From North American Tier-1 Cable MSO

FREMONT, CA–(Marketwire – 04/21/11) – Procera® Networks Inc. (AMEX:PKT – News), the intelligent policy enforcement company, today announced it has received a $2 million follow-on order for PacketLogic™ from a Tier-1 cable MSO in North America. The customer completed an initial PacketLogic deployment in the second half of 2010 and is now expanding to accommodate a 10 Gigabit access network upgrade.

“We believe this follow-on order further validates the value of our solutions and our strong competitive positioning, especially with cable MSO’s in North America,” said David Ahee, Vice President of Sales Americas at Procera. “It is also further confirmation that they are assigning budget to Intelligent Policy Enforcement. Cable MSOs are probably most impacted by the new digital lifestyle where video in general, and Netflix in particular, has been broadly adopted and run on laptops, Playstations, smartphones and iPads. Our PacketLogic solution provides the visibility required to properly plan and dimension these networks and ensure a quality level that is at par with customer expectations to remain compelling in a competitive market.”

The follow-on order consists of multiple PacketLogic PL8000 series devices. Procera introduced the next generation edition of this product family, the PL8820, in mid-February of this year. Procera recognized the majority of the revenue from this follow-on order in its 2011 first quarter, which ended March 31, 2011.

About Procera Networks Inc.
Procera Networks Inc. delivers Intelligent Policy Enforcement (IPE) solutions, leveraging advanced Deep Packet Inspection (DPI) technology. This enables carriers, services providers and higher education institutions to improve the quality and lifetime of their networks, better monetize their infrastructure investments, control hazards, and create attractive services for their users by making qualified business decisions based on granular user and traffic intelligence. Procera’s core product suite, the PacketLogic line of platforms, is an engine that drives the PCC (Policy and Charging Control) ecosystem, by enforcing advanced network and service policies. PacketLogic is deployed at more than 600 customers who value the unparalleled accuracy and high-end performance of the PacketLogic solution. Founded in 2002, Procera (AMEX:PKT – News) is based in Silicon Valley and has offices around the globe. More information is available at www.proceranetworks.com.

Safe Harbor Statement: This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995 (the “Act”). In particular, when used in this press release, the words “plan,” “confident that,” “believe,” “scheduled,” “expect,” or “intend to,” and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Act and are subject to the safe harbor created by the Act. Such statements are subject to certain risks and uncertainties and actual results could differ materially from those expressed in any of the forward-looking statements. Such risks and uncertainties include, but are not limited to, the ability of Procera to commercialize the applicable technology and introduce products and the acceptance of those products by the market, the ability of resellers to sell the Procera products, market conditions, the general acceptance of the Company’s products and technologies, competitive factors, timing, and other risks described in the Company’s reports and filings with the SEC from time to time.

Procera Networks is a registered trademark, and PacketLogic and DRDL are trademarks of Procera Networks, Inc. All rights reserved. All other products or brands mentioned are trademarks and/or service marks of their respective owners.

Voyager Oil and Gas (VOG) Provides Operations Update and Guidance

BILLINGS, Mont., April 20, 2011 (GLOBE NEWSWIRE) — Voyager Oil & Gas, Inc. (AMEX:VOG) (“Voyager”) today provides an operational update regarding acreage and drilling activity in the Williston Basin Bakken and Three Forks and the D-J Basin Niobrara plays.

Williston Basin Bakken and Three Forks

In 2011 Voyager has acquired 3,133 net mineral acres at an average price of $1,239 per acre in the Williston Basin targeting the Bakken and Three Forks formations.

Voyager controls approximately 27,000 net acres targeting the Bakken and Three Forks as of April 19, 2011. Assuming six wells per 1,280-acre spacing unit, this acreage position will allow Voyager to participate in approximately 126 net wells.

Brigham Exploration, one of Voyager’s operating partners, recently announced the results of the Johnson 30-19 #1H well in Richland County, Montana. The Johnson well was reported to produce 2,962 barrels of oil equivalent “BOE” during its early 24-hour peak flow back period. Voyager currently controls approximately 11,000 net acres within 10 miles of the Johnson well including 5 operable sections.

D-J Basin Niobrara

In 2010 Voyager acquired approximately 24,000 net mineral acres in the D-J Basin Niobrara play with operating partner Slawson Exploration. Since the Niobrara acquisition, Slawson and Voyager have drilled 6 wells. The Moonshine #1-36H and Outlaw #16-11-66H were completed as producers, the Joker #36-9-62H is currently flowing back after fracture stimulation, and the Smuggler #16-10-62H and Birds of Prey #36-10-61 are waiting on completion. Slawson’s delineation of the more prospective acreage and additional 2011 well locations will be determined by the results of the three most recent wells.

2011 Drilling and Production Guidance

Voyager has spud 27 gross wells in 2011 bringing the total well count to 45 wells targeting the Bakken/Three Forks formations. Voyager has also spud 3 gross Niobrara wells in 2011 targeting the Niobrara formation. Currently, 1.72 net Bakken/Three Forks wells are drilling, completing or producing and 2.5 net Niobrara wells are producing or waiting on completion. Voyager expects to participate in 70 gross wells and 6.0 net wells in 2011 targeting the Bakken/Three Forks. Based on our current and forecasted drilling activity, Voyager expects to average 700 barrels of oil equivalent “BOE” per day by the end of 2011. This drilling and production guidance is in line with previous estimates.

2011 Capital Expenditures

In 2011 Voyager expects to spend $42 million in drilling capital expenditures targeting the Bakken and Three Forks. Voyager expects to devote the additional capital to strategic acreage acquisition targeting the Bakken and Three Forks using cash-on-hand of approximately $47 million and cash flow from operations.

Management Comment

J.R. Reger, CEO of Voyager Oil & Gas commented, “We are very encouraged by our Williston lease acquisitions and drilling activity in 2011. We are on pace to achieve our acreage acquisition and drilling goals for 2011. Our strategy and execution remain the same from Voyager’s inception; to buy acreage for its acc retive value and convert to production while maintaining low overhead.”

About Voyager Oil & Gas

Voyager Oil & Gas, Inc. is an exploration and production company based in Billings, Montana. Voyager’s primary focus is oil shale resource prospects in the continental United States. Voyager currently controls approximately 140,500 net acres in the following five primary prospect areas:

• 27,000 core net acres targeting the Bakken/Three Forks in North Dakota and Montana;
• 14,200 net acres targeting the Niobrara formation in Colorado and Wyoming;
• 800 net acres targeting a specific Red River prospect in Montana;
• 33,500 net acres in a joint venture targeting the Heath Shale formation in Musselshell, Petroleum, Garfield and Fergus Counties of Montana; and
• 65,000 net acres in a joint venture in the Tiger Ridge gas field in Blaine, Hill and Chouteau Counties of Montana.

For additional information on Voyager Oil & Gas visit the Company’s new website at: http://www.voyageroil.com/

SAFE HARBOR

This press release contains forward-looking statements regarding future events and our future results that are subject to the safe harbors created under the Securities Act of 1933 and the Securities Exchange Act of 1934. All statements other than statements of historical facts included in this report, such as statements regarding our future expectations to participate in or drill additional wells, that wells will continue to flow at current or forecasted rates, that oil cut on producing wells will continue at current or anticipated rates, that we will achieve or drilling goals and that we will continue our aggressive acreage acquisition and expansion are forward-looking statements. Forward-looking statements are based on our current expectations and assumptions about future events and involve inherent risks and uncertainties. Important factors (many of which are beyond our control) could cause actual results to differ materially from those set forth in the forward-looking statements, including those described in our public filings with the Securities and Exchange Commission. Readers should not place undue reliance on any such forward-looking statements, which are made only as of the date hereof. Voyager undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in Voyager’s expectations.

CONTACT: Investor Relations Contact:
         The WSR Group
         Gerald Kieft
         772-219-7525
         http://www.wallstreetresources.net/voyager.asp

Clare (IXYS) Introduces Industry’s First Monolithic High-Voltage Isolated Analog Switch Array

BEVERLY, Mass.–(BUSINESS WIRE)– Clare, Inc., a wholly owned subsidiary of IXYS Corporation (NASDAQ:IXYS – News) today announced the availability of the CPC7514Z Quad High–Voltage Isolated Analog Switch Array for use in industrial controls, instrumentation, automatic test equipment and telecom applications. The CPC7514Z integrated circuit (IC) features four independently controlled, 320V bidirectional normally open (1-Form-A) relays actuated by latched TTL logic-level control signals. The monolithic silicon, which features high voltage DMOS structures and low voltage CMOS circuitry, is biased by a 3.3V power supply eliminating the requirement for external high-voltage supplies for proper operation. Switch-output to logic-input isolation is +/- 320V.

Designed to provide flexible single-ended or differential access to high voltage networks, the CPC7514Z may also be configured as two sets of matched pair switches for improved differential performance. The switch pairs have an on-resistance matching specification of 0.8 Ohm maximum over the industrial temperature range of -40 to +85 degrees Celsius.

The individual switches have active current limiting protection for fault events which limits the low frequency currents to 200mA. Under serious high power fault conditions, which may raise the IC junction temperature, a thermal shutdown protection feature is provided. Between the initial current-limit and the thermal-shutdown events, a secondary, low-level, current-limit mode is provided to limit the power dissipation of the switches. Protection continues until the fault is removed.

“With the combination of our Zilog MCUs as the digital brain, our customers can achieve full digital control for advanced power management and applications as listed below,” said Dr. Nathan Zommer, CEO of IXYS Corporation.

These products are fabricated using Clare’s High Voltage SOI process which has been used for many years in central office telecom equipment requiring long operational life. In addition to telecom, the CPC7514Z may be used as four normally open relays in automatic test equipment (ATE), industrial controls, and battery monitoring/charging equipment and instrumentation applications. The device may also interface directly with 110V(RMS) AC in switch applications replacing banks of electromechanical relays (EMR) and driver circuitry for enhanced system integration. Many applications will benefit from the elimination of a costly DC/DC converter block that is generally incorporated to bias the external EMRs.

About Clare and IXYS Corporation

Clare, Inc., a leader in the design and manufacture of solid state relays and high voltage integrated circuits, is a wholly owned subsidiary of IXYS Corporation. IXYS Corporation develops and markets primarily high performance power semiconductor devices that are used in controlling and converting electrical power efficiently in power systems for the telecommunication internet infrastructure, motor drives, medical systems, solar energy, wind energy, electrical generators and transportation. IXYS also serves its markets with a combination of digital and analog integrated circuits, RF power products and power subsystems including application-specific, embedded system-on-chip (SoC) solutions for the industrial and consumer markets manufactured by its wholly owned subsidiary, Zilog, Inc. Additional information about Clare, IXYS and Zilog may be found at www.clare.com, www.ixys.com and www.zilog.com.

Safe Harbor Statement

Any statements contained in this press release that are not statements of historical fact, including the performance, rating, availability, reliability and suitability of products for various applications, may be deemed to be forward-looking statements. There are a number of important factors that could cause the results of IXYS to differ materially from those indicated by these forward-looking statements, including, among others, risks detailed from time to time in the Company’s SEC reports, including its Form 10-Q for the quarter ended December 31, 2010. The Company undertakes no obligation to publicly release the results of any revisions to these forward-looking statements.

Travelzoo (TZOO) Reports First Quarter 2011 Results

Travelzoo Inc., a global Internet media company, today announced financial results for the first quarter ended March 31, 2011, with revenue of $37.0 million, an increase of 30% year-over-year. Adjusted operating profit was $10.0 million. Adjusted net income was $6.0 million, with adjusted diluted net income per share (EPS) of $0.37, up from $0.15 in the prior-year period. Adjusted operating profit, adjusted net income and adjusted diluted earnings per share for the first quarter ended March 31, 2011 exclude a one-time expense item of $20.0 million related to the settlement of the State of Delaware unclaimed property review.

“We kicked off 2011 with record revenues and record adjusted operating income. Subscribers grew by over 1 million, the second best performance in our company’s history,” said Chris Loughlin, CEO of Travelzoo. “We doubled adjusted operating income year-over-year as we continued to ramp up Local Deals, which are now live in 48 markets in 6 countries. North America revenues grew at the fastest pace in over 4 years. Europe saw the highest quarterly subscriber growth ever and returned its first significant quarterly profit. We also reached a settlement agreement for a previously disclosed State of Delaware escheatment claim, incurring a one-time cash expense.”

North America

North America business segment revenue grew 23% year-over-year to $27.6 million. Adjusted operating profit was $9.3 million, or 34% of revenue, up from $6.1 million, or 27% of revenue, in the prior-year period.

Europe

Europe business segment revenue grew 53% year-over-year to $9.4 million. In local currency terms, revenue grew 49% year-over-year. Adjusted operating profit was $741,000, compared to an operating loss of $951,000 in the prior-year period.

Subscribers

Travelzoo had a total unduplicated number of newsletter subscribers in North America and Europe of 19.9 million as of March 31, 2011, up 12% from March 31, 2010, and up 6% from December 31, 2010. In North America, total unduplicated number of subscribers was 14.8 million as of March 31, 2011, up 7% from March 31, 2010 and up 4% from December 31, 2010. In Europe, total unduplicated number of subscribers was 5.1 million as of March 31, 2011, up 29% from March 31, 2010 and up 11% from December 31, 2010.

Asset Management

During the first quarter, Travelzoo generated $10.7 million of cash from operating activities. Accounts receivable increased by $3.1 million quarter-over-quarter and increased by $3.0 million over the prior-year period to $16.4 million. Accounts payable increased by $3.7 million quarter-over-quarter and increased by $6.8 million over the prior-year period to $13.6 million. Capital expenditures were $699,000, up from $138,000 in the prior quarter and up from $396,000 in the prior-year period. Travelzoo exited the first quarter with $51.7 million in cash and cash equivalents.

State of Delaware Unclaimed Property Settlement

On April 21, 2011, Travelzoo entered into an agreement with the State of Delaware resolving all claims relating to a previously-announced unclaimed property review. The primary issue raised in the preliminary findings from the review, received by Travelzoo on April 12, 2011, concerned the shares of Travelzoo which have not been claimed by former shareholders of Travelzoo.com Corporation following a 2002 merger, as previously disclosed in the company’s report on Form 10-K. In the preliminary findings under the unclaimed property review, up to 3.0 million shares were identified as “demandable” under Delaware escheat laws. While Travelzoo continues to take the position that such shares are issuable only to persons who establish their eligibility as shareholders, the company determined that it was in its best interest to promptly resolve all claims relating to the unclaimed property review. Travelzoo will make a one-time $20.0 million cash payment to the State of Delaware and is receiving a complete release of those claims. Travelzoo will provide the amount from cash on hand.

Non-GAAP Measures

To give an enhanced view of the company’s operating performance, management has calculated, for this quarter, adjusted operating income, adjusted net income and adjusted diluted earnings per share by excluding the one-time expense related to the State of Delaware unclaimed property settlement. The company believes these metrics assist investors to assess certain business trends in the same way that these trends are analyzed by management. The discussion of adjusted operating income, adjusted net income, and adjusted diluted net income per diluted share are not in accordance with GAAP and may differ from non-GAAP methods of accounting and reporting used by other companies. Non-GAAP numbers are merely a supplement to, and not a replacement for, GAAP financial measures. As the only difference between GAAP and non-GAAP measures is the one-time expense related to the State of Delaware settlement, today’s reporting should not be viewed as the company’s intention to report non-GAAP measures in future periods. Refer to the “Reconciliation of GAAP EPS to non-GAAP EPS” section of this release for a discussion of these non-GAAP measures and their reconciliation to the reported GAAP measures.

Conference Call

Travelzoo will host a conference call to discuss first quarter results at 11:00 a.m. ET today. Please visit http://www.travelzoo.com/earnings to

• download the management presentation (PDF format) to be discussed in the conference call;
• access the webcast.

About Travelzoo

Travelzoo Inc. is a global Internet media company. With more than 22 million subscribers in North America, Europe, and Asia Pacific and 23 offices worldwide, Travelzoo® publishes deals from more than 2,000 travel and entertainment companies. Travelzoo’s deal experts review offers to find the best deals and confirm their true value. In Asia Pacific, Travelzoo is independently owned and operated by Travelzoo (Asia) Ltd. and Travelzoo Japan K.K. under a license agreement with Travelzoo Inc.

Certain statements contained in this press release that are not historical facts may be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities and Exchange Act of 1934. These forward-looking statements may include, but are not limited to, statements about our plans, objectives, expectations, prospects and intentions, markets in which we participate and other statements contained in this press release that are not historical facts. When used in this press release, the words “expect,” “predict,” “project,” “anticipate,” “believe,” “estimate,” “intend,” “plan,” “seek” and similar expressions are generally intended to identify forward-looking statements. Because these forward-looking statements involve risks and uncertainties, there are important factors that could cause actual results to differ materially from those expressed or implied by these forward-looking statements, including changes in our plans, objectives, expectations, prospects and intentions, and other factors discussed in our filings with the SEC. We cannot guarantee any future levels of activity, performance or achievements. Travelzoo undertakes no obligation to update forward-looking statements to reflect events or circumstances occurring after the date of this press release. Travelzoo and Top 20 are registered trademarks of Travelzoo Inc. All other company and product names mentioned are trademarks of their respective owners.