Archive for May, 2011

Marvell Technology (MRVL) to Present at Upcoming Investor Conferences

SANTA CLARA, Calif., May 27, 2011 /PRNewswire/ — Marvell Technology Group Ltd. (NASDAQ:MRVLNews), a global leader in integrated silicon solutions, will be presenting at the following investor conferences:

  • Bank of America Merrill Lynch Technology Conference in New York City on June 1, 2011
  • NASDAQ OMX Investor Program in London on June 21, 2011

(Logo: http://photos.prnewswire.com/prnh/20100719/SF36559LOGO-b)

The conferences noted above will be audio webcast and can be accessed at the Marvell Investor Relations website at http://investor.marvell.com/.

About Marvell

Marvell is a global leader in the development of storage, communications and consumer silicon solutions. Marvell’s diverse product portfolio includes switching, transceiver, communications controller, wireless, and storage solutions that power the entire communications infrastructure, including enterprise, metro, home, and storage networking. As used in this release, the term “Marvell” refers to Marvell Technology Group Ltd. and its subsidiaries. For more information please visit www.marvell.com.

Marvell® and the Marvell logo are registered trademarks of Marvell and/or its affiliates.

For Further Information Contact:

Investor Relations

Sukhi Nagesh

Tel: 408-222-8373

sukhi@marvell.com

Marvell Media Relations

Daniel Yoo

Tel: 408-222-2187

yoo@marvell.com

Friday, May 27th, 2011 Uncategorized Comments Off on Marvell Technology (MRVL) to Present at Upcoming Investor Conferences

China’s Booming Agriculture Sector Benefits Yongye (YONG) and AgFeed (FEED)

NEW YORK, NY–(Marketwire – 05/27/11) – Agriculture represents one of the most important sectors of China’s economy, providing more than 12 percent of the country’s total Gross Domestic Product and employing in excess of 300 million farmers. China’s growing agricultural sector has not only boosted profits for farmers, but has also benefitted Chinese producers of agricultural chemicals and animal feed. The Bedford Report examines China’s Agricultural Sector and provides research reports on Yongye International, Inc. (NASDAQ:YONGNews) and AgFeed Industries, Inc. (NASDAQ:FEEDNews). Access to the full company reports can be found at:

www.bedfordreport.com/2011-05-YONG

www.bedfordreport.com/2011-05-FEED

Yongye International is a leading agricultural nutrient company headquartered in Beijing, with its production facilities located in Hohhot, Inner Mongolia, China. The company produces and markets two lines of organic nutrient products: a liquid nutrient product which is sprayed on plants and a powder nutrient product which is added to animal feed. Earlier this month the company said that first quarter revenues more than doubled year-on-year due to an expanded distribution network, deeper penetration in existing market and the significantly enhanced market recognition of its products.

The Bedford Report releases regular market updates on China’s Agricultural Sector so investors can stay ahead of the crowd and make the best investment decisions to maximize their returns. Take a few minutes to register with us free at www.bedfordreport.com and get exclusive access to our numerous analyst reports and industry newsletters.

AgFeed Industries operates two businesses in the People’s Republic of China: animal feed nutrition and hog production. Revenues for the company’s US hog production unit reached $57.9 million with an operating profit of $3.6 million. In its Chinese based animal nutrition segment, the Company reports first quarter revenue of $24.2 million and an operating loss of $835,000.

The Bedford Report provides Analyst Research focused on equities that offer growth opportunities, value, and strong potential return. We strive to provide the most up-to-date market activities. We constantly create research reports and newsletters for our members. The Bedford Report has not been compensated by any of the above mentioned publicly traded companies. The Bedford Report is compensated by other third party organizations for advertising services. We act as an independent research portal and are aware that all investment entails inherent risks.

Friday, May 27th, 2011 Uncategorized Comments Off on China’s Booming Agriculture Sector Benefits Yongye (YONG) and AgFeed (FEED)

NASDAQ Welcomes Leading Renewable Oil Company Solazyme (SZYM)

NEW YORK, May 27, 2011 (GLOBE NEWSWIRE) — The NASDAQ OMX Group, Inc. (Nasdaq:NDAQNews) today announced that trading of Solazyme, a renewable oil company and leader in industrial biotechnology, commenced on The NASDAQ Stock Market on Friday, May 27, 2011. Solazyme is listed under the ticker symbol (Nasdaq:SZYMNews) and is one of the most highly anticipated renewable oil IPOs of the year.

“NASDAQ OMX is a pioneer in the clean energy sector, as evidenced by our comprehensive family of indexes covering the global green economy (https://indexes.nasdaqomx.com/green.aspx),” said Bruce Aust, Executive Vice President and head of the NASDAQ OMX Corporate Client Group. “Solazyme exemplifies the type of innovative and forward-thinking companies that thrive on our exchange. We are thrilled to welcome them to The NASDAQ Stock Market and look forward to watching their continued growth and success in the future.”

Solazyme is a renewable oil company and a leader in industrial biotechnology. Founded in 2003 and headquartered in South San Francisco, Solazyme’s proprietary technology is dedicated to transforming a range of low-cost plant-based sugars into high-value oils. Solazyme’s oils and fuels provide compelling solutions to increasingly complex issues of fuel scarcity, energy security and environmental impact while fitting into the pre-existing infrastructure.

NASDAQ OMX is the exchange of choice for the clean energy community and 72% of the companies included in the NASDAQ Clean Edge Green Energy Index (CELS) list on The NASDAQ Stock Market. In addition to CELS, NASDAQ OMX offers the investment community nearly 70 Green Economy Indexes, which help companies, investors and policymakers understand and profit from clean technologies.

About NASDAQ OMX

The NASDAQ OMX Group, Inc. is the world’s largest exchange company. It delivers trading, exchange technology and public company services across six continents, with more than 3,500 listed companies. NASDAQ OMX offers multiple capital raising solutions to companies around the globe, including its U.S. listings market, NASDAQ OMX Nordic, NASDAQ OMX Baltic, NASDAQ OMX First North, and the U.S. 144A sector. The company offers trading across multiple asset classes including equities, derivatives, debt, commodities, structured products and exchange-traded funds. NASDAQ OMX technology supports the operations of over 70 exchanges, clearing organizations and central securities depositories in more than 50 countries. NASDAQ OMX Nordic and NASDAQ OMX Baltic are not legal entities but describe the common offering from NASDAQ OMX exchanges in Helsinki, Copenhagen, Stockholm, Iceland, Tallinn, Riga, and Vilnius. For more information about NASDAQ OMX, visit http://www.nasdaqomx.com. *Please follow NASDAQ OMX on Facebook (http://www.facebook.com/pages/NASDAQ-OMX/108167527653) and Twitter (http://www.twitter.com/nasdaqomx).

Friday, May 27th, 2011 Uncategorized Comments Off on NASDAQ Welcomes Leading Renewable Oil Company Solazyme (SZYM)

iBio (IBIO) Announces Successful Production of Critical Hookworm Vaccine Antigen

May 26, 2011 (Business Wire) — iBio, Inc. (NYSE AMEX: IBIO) today announced that its proprietary iBioLaunch™ Platform successfully expressed the hookworm-derived molecule known as NaAPR1M-74, which will be evaluated as a potential vaccine candidate for human hookworm disease.

The expression of this antigen represents a major breakthrough in the development of a human hookworm vaccine. Such a vaccine will provide significant public health benefit by preventing a parasitic disease that currently affects more than 576 million people worldwide and is a leading cause of anemia in the world’s poorest countries. This accomplishment highlights the ability of iBioLaunch technology to overcome inherent limitations of other expression systems.

The success resulted from collaboration between iBio’s research partner, the Fraunhofer Center for Molecular Biotechnology (FCMB), and the Sabin Vaccine Institute. Production of initial quantities of partially purified NaAPR1M-74 was completed last week at FCMB’s pilot manufacturing facility employing the iBioLaunch Technology. This product was later transferred to Walter Reed Army Institute for Research (WRAIR) for final purification to formulate enough material to initiate Phase 1 clinical trials.

“We are very pleased with the success in expressing a pilot batch of this antigen in collaboration with iBio and FCMB,” said Dr. Peter Hotez, President of Sabin Vaccine Institute. “It has been extremely difficult to produce this protein effectively, as evidenced by multiple prior unsuccessful attempts using traditional production systems.”

“The expression of this complex protein with the iBioLaunch™ Platform not only moves us closer to a solution for hundreds of millions of people who suffer from hookworm, but also bodes well for other complex protein expression challenges,” said Dr. Philip Russell, a member of the Board of Trustees of Sabin Vaccine Institute and member of the Board of Directors of iBio.

Clinical trials will be conducted by the Sabin Vaccine Institute’s Human Hookworm Vaccine Initiative (HHVI). Established in 2000 with funding from the Bill & Melinda Gates Foundation and with additional support from the Dutch Ministry of Foreign Affairs and the Brazilian Ministry of Health, the HHVI is the first and only program that aims to reduce the prevalence of human hookworm infection through research and development, timely dissemination of results, innovation, and advocacy.

About iBio, Inc.

iBio, Inc. is a biotechnology company offering its proprietary, transformative iBioLaunch technology platform for the production of biologics including therapeutic proteins and vaccines. The iBioLaunch platform uses transient gene expression in green plants for superior efficiency in protein production. Advantages include significantly lower capital and process costs, and the technology is ideally suited for complex proteins and for applications where speed, scalability, and surge capacity are important. The iBioLaunch technology was developed for iBio by the not-for-profit Fraunhofer USA Center for Molecular Biotechnology (FCMB) during the past eight years to overcome the inadequacies of existing technologies. iBio granted a fully paid-up, non-exclusive, non-commercial license to the iBioLaunch Technology solely for the purpose of developing, manufacturing and distributing hookworm vaccine for Global Access Objectives – the Bill & Melinda Gates Foundation program to provide vaccines for the people most in need within developing countries of the world – reserving a right of first refusal to provide each of technology transfer and/or manufacturing services required to achieve the Global Access objectives on a commercially reasonable, competitive and sustainable cost basis. iBio owns the intellectual property and technology developed at FCMB, and continues to sponsor development and application of the technology for biological applications in human health. Further information is available at www.ibioinc.com.

About Fraunhofer USA Center for Molecular Biotechnology

Fraunhofer USA CMB, a division of Fraunhofer USA, Inc., is a not-for-profit research organization whose mission is to develop safe and effective vaccines targeting infectious diseases and autoimmune disorders. The technology CMB developed for iBio, Inc. provides a safe, rapid and economical alternative for both vaccine and therapeutic protein production. The Center conducts research in the area of plant biotechnology, utilizing new, cutting edge technologies applicable to the diagnosis, prevention and treatment of human and animal diseases. The Center houses individuals with expertise and excellence in plant virology, pathology, molecular biology, immunology, vaccinology, protein engineering, and biochemistry. Further information is available at www.fraunhofer-cmb.org.

About Sabin Vaccine Institute

Sabin Vaccine Institute is a non-profit, 501(c) (3) organization of scientists, researchers, and advocates dedicated to reducing needless human suffering caused by vaccine preventable and neglected tropical diseases. Sabin works with governments, leading public and private organizations, and academic institutions to provide solutions for some of the world’s most pervasive health care challenges. Since its founding in 1993 in honor of the oral polio vaccine developer, Dr. Albert B. Sabin, the Institute has been at the forefront of efforts to control, treat, and eliminate vaccine preventable and neglected tropical diseases by developing new vaccines, advocating use of existing vaccines, and promoting increased access to affordable medical treatments. For more information, please visit www.sabin.org.

Forward-Looking Statements

Statements included in this news release related to iBio, Inc. may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements involve a number of risks and uncertainties such as competitive factors, technological development, market demand, and the Company’s ability to obtain new contracts and accurately estimate net revenues due to variability in size, scope and duration of projects. Further information on potential risk factors that could affect the Company’s financial results can be found in the company’s Reports filed with the Securities and Exchange Commission.

iBio, Inc.

Corporate:

Robert Erwin, 302-355-2335

President

rerwin@ibioinc.com

or

Investors:

Laurie Roop, 302-355-9452

ir@ibioinc.com

Thursday, May 26th, 2011 Uncategorized Comments Off on iBio (IBIO) Announces Successful Production of Critical Hookworm Vaccine Antigen

Zoom Technologies (ZOOM) Regains Compliance With NASDAQ

BEIJING, May 26, 2011 (GLOBE NEWSWIRE) — Zoom Technologies, Inc. (Nasdaq:ZOOM) (or the “Company”), a leading China based manufacturer of mobile phones and related products, today reported that Nasdaq Listing Qualifications has notified the Company via a letter dated May 23, 2011 that the Company has regained compliance with Rule 5635(c) and, upon the disclosure of the matter which the Company completed by the filing of a Form 8-K on May 25, 2011, the matter is now closed.

The NASDAQ Stock Market brought to the Company’s attention on April 1, 2011 that the Company had not been in compliance with NASDAQ Rule 5635(c), which generally requires shareholder approval of equity-based compensation plans. On December 10, 2009, the Company adopted its 2009 Equity Incentive Compensation Plan (the “Plan”) without obtaining shareholder approval.

The Company promptly filed a Definitive Information Statement on Form 14C on April 4, 2011, thereby evidencing shareholder approval for the Plan. Accordingly, NASDAQ has determined that the Company has regained compliance with Rule 5635(c).

The Company has not received a notice of delisting from NASDAQ.

About Zoom Technologies

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

The Zoom Technologies, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=9665

CONTACT: Investor Contact:
         Tina Xiao
         Investor Relations Manager
         Zoom Technologies, Inc.
         +1 917-609-0333
         tinaxiao@zoom.com
         www.zoom.com

Zoom Technologies, Inc. Logo

Thursday, May 26th, 2011 Uncategorized Comments Off on Zoom Technologies (ZOOM) Regains Compliance With NASDAQ

Special Committee of Fushi Copperweld, Inc. (FSIN) Provides Update Regarding “Going Private” Proposal

BEIJING, May 26, 2011 /PRNewswire-Asia-FirstCall/ — In response to investor inquiries, the Special Committee of the Board of Directors of Fushi Copperweld, Inc. (“Fushi” or the “Company”) (Nasdaq: FSIN ) today provided an update regarding the proposal previously submitted by the Company’s Chairman and Co-Chief Executive Officer, Mr. Li Fu (“Mr. Fu”) and Abax Global Capital (Hong Kong) Limited on behalf of funds managed by it and its affiliates (“Abax”), for the acquisition of all of the outstanding shares of Common Stock of Fushi not currently owned by Mr. Fu and his affiliates in a going private transaction for $11.50 per share in cash, subject to certain conditions.

As previously announced, Fushi’s Board of Directors formed a Special Committee of independent directors to consider this proposal. The Special Committee has negotiated and executed confidentiality and standstill agreements with each of Mr. Fu and Abax. The Special Committee and its independent financial and legal advisors are currently facilitating the due diligence investigation of the Company by Mr. Fu and Abax so that they can be in a position to submit a firm, fully financed offer to the Special Committee. The Special Committee, with the assistance of its advisors, is also considering other strategic alternatives to Mr. Fu’s proposal, including any other acquisition proposal that may be submitted to the Company or to the Special Committee or remaining an independent public company.

There can be no assurance that any definitive offer will be made, that any agreement will be executed or that this or any other transaction will be approved or consummated. The Special Committee does not intend to disclose developments regarding these matters unless and until it deems disclosure appropriate.

BoA Merrill Lynch is serving as independent financial advisor to the Special Committee and Gibson, Dunn & Crutcher LLP is serving as independent legal counsel.

About Fushi Copperweld

Fushi Copperweld Inc., through its wholly owned subsidiaries, Fushi International (Dalian) Bimetallic Cable Co. Ltd., and Copperweld Bimetallics LLC, is the leading manufacturer and innovator of copper-clad bimetallic engineered conductor products for electrical, telecommunications, transportation, utilities and industrial applications. With extensive design and production capabilities, and a long-standing dedication to customer service, Fushi Copperweld is the preferred choice for bimetallic products worldwide.

Safe Harbor Statement

This press release may include certain statements that are not descriptions of historical facts, but are forward-looking statements. Forward-looking statements can be identified by the use of forward-looking terminology such as “will” “believes”, “expects” or similar expressions. These forward-looking statements may also include statements about our proposed discussions related to our business or growth strategy, which is subject to change. Such information is based upon expectations of our management that were reasonable when made but may prove to be incorrect. All of such assumptions are inherently subject to uncertainties and contingencies beyond our control and upon assumptions with respect to future business decisions, which are subject to change. We do not undertake to update the forward-looking statements contained in this press release. For a description of the risks and uncertainties that may cause actual results to differ from the forward-looking statements contained in this press release, see our most recent Annual Report filed with the Securities and Exchange Commission (SEC) on Form 10-K, and our subsequent SEC filings. Copies of filings made with the SEC are available through the SEC’s electronic data gathering analysis retrieval system (EDGAR) at www.sec.gov.

For more information, please contact:

Fushi Copperweld Investor Relations
Phone +1.931.433.0482
E-mail: IR@fushicopperweld.com

SOURCE Fushi Copperweld, Inc.

Thursday, May 26th, 2011 Uncategorized Comments Off on Special Committee of Fushi Copperweld, Inc. (FSIN) Provides Update Regarding “Going Private” Proposal

Syms Corp (SYMS) Initiates Process to Explore and Evaluate Various Potential Strategic Alternatives

SECAUCUS, N.J., May 26, 2011 /PRNewswire/ — Syms Corp (NASDAQ: SYMS) announced today that its Board of Directors has initiated a process to explore and evaluate various potential strategic alternatives, which may include a possible sale of the Company. The Company has retained Rothschild Inc. as its exclusive financial advisor to assist the Company in connection with the strategic review process.

There is no defined timeline for this strategic review and there can be no assurance that the review of strategic alternatives will result in any specific action or transaction. Syms does not intend to comment further regarding the evaluation of strategic alternatives, unless a specific transaction is approved or review process is concluded, or it otherwise deems further disclosure is appropriate or required by law.

Forward-Looking Statements

Certain information in this press release includes forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995) and information relating to Syms Corp and its subsidiaries that are based on the beliefs of Syms’ management, as well as assumptions made by and information currently available to Syms’ management. When used in this press release, the words “anticipate”, “believe”, “estimate”, “expect”, “intend”, “plan” and similar expressions as they relate to Syms Corp and its subsidiaries, identify forward-looking statements. Such statements reflect the current views of Syms Corp with respect to future events, the outcome of which is subject to certain risks, including, among others, general economic and market conditions, decreased consumer demand for Syms’ and Filene’s Basement’s products, possible disruptions in Syms’ computer or telephone systems, possible work stoppages or increase in labor costs, effects of competition, the impact of integrating Filene’s Basement’s business and Syms Corp’s existing business, possible disruptions or delays in the opening of new stores or inability to obtain suitable sites for new stores, higher than anticipated store closings or relocation costs, higher interest rates and borrowing costs, unanticipated increases in merchandise or occupancy costs, and other factors which may be outside the control of Syms Corp. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results or outcomes may vary materially from those described herein as anticipated, believed, estimated, expected, intended or planned. Subsequent written and oral forward-looking statements attributable to Syms Corp or persons acting on its behalf are expressly qualified in their entirety by the cautionary statements in this paragraph.

Contact: Davia Temin, Temin and Company, 212-588-8788

SOURCE Syms Corp

Thursday, May 26th, 2011 Uncategorized Comments Off on Syms Corp (SYMS) Initiates Process to Explore and Evaluate Various Potential Strategic Alternatives

Merriman Capital’s (MERR) Clean Energy Semiconductors Analyst Receives StarMine Analyst Award

SAN FRANCISCO, May 25, 2011 /PRNewswire/ — Merriman Capital, Inc., a wholly owned subsidiary of Merriman Holdings, Inc. (NASDAQ: MERR), today announced that its equity research analyst, Bill Ong, was ranked as one of the top equity research analysts by FT | StarMine for 2010.

(Logo: http://photos.prnewswire.com/prnh/20100914/SF64919LOGO)

“We congratulate Bill for this great international honor by FT | StarMine,” said Eric Wold, Director of Research at Merriman Capital, Inc. “This prestigious award further validates what many institutional investors already know, Bill and our dedicated equity research team spots fast-growing companies early that otherwise might pass below the radar by others on Wall Street. We are honored to have one of our own recognized again this year by FT | StarMine for quality stock picking in an ever-changing capital markets environment. Solid fundamental analysis is at the core of everything we do as a firm.”

The annual FT | StarMine Analyst Awards recognize analysts, in the United States and globally, who have turned in exemplary performances either as stock pickers or as earnings estimators during the prior year.

Ong’s equity research universe is comprised of Advanced Energy Industries, Inc. (NASDAQ: AEIS), Aixtron SE (NASDAQ: AIXG), Amtech Systems, Inc. (NASDAQ: ASYS), Camtek Ltd. (NASDAQ: CAMT), Cree Inc.(NASDAQ: CREE), Fairchild Semiconductor International Inc. (NYSE: FCS), FEI Company (NASDAQ: FEIC), International Rectifier Corporation (NYSE: IRF), Intevac Inc. (NASDAQ: IVAX), Premier Power Renewable Energy, Inc. (NASDAQ: PPRW), Power-One Inc. (NASDAQ: PWER), Rubicon Technology, Inc. (NASDAQ: RBCN), Supertex Inc. (NASDAQ: SUPX), and Veeco Instruments Inc. (NASDAQ: VECO).

About Merriman Holdings, Inc.

Merriman Holdings, Inc. (NASDAQ: MERR) is a financial services firm focused on fast-growing companies and the institutions that invest in them. The company offers high-quality investment banking, equity research, institutional services and corporate & venture services. Merriman specializes in four industry growth sectors: Technology, Telecom, Consumer, Media & Internet and CleanTech Infrastructure. For more information, please go to http://www.merrimanco.com/. Merriman Capital, Inc. is a member of FINRA and SIPC.

Note to Investors

This press release contains certain forward-looking statements based on our current expectations, forecasts and assumptions that involve risks and uncertainties. This release does not constitute an offer to sell or a solicitation of offers to buy any securities of the Company. Forward-looking statements in this release are based on information available to us as of the date hereof. Our actual results may differ materially from those stated or implied in such forward-looking statements, due to risks and uncertainties associated with our business, which include the risk factors disclosed in our Form 10-K/A filed on April 28, 2011. Forward-looking statements include statements regarding our expectations, beliefs, intentions or strategies regarding the future and can be identified by forward-looking words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “should,” and “would” or similar words. We assume no obligation to update the information included in this press release, whether as a result of new information, future events or otherwise. The Form 10-K/A filed on April 28, 2011, together with this press release and the financial information contained herein, are available on our website, www.merrimanco.com. Please click on “Investor Relations.”

SOURCE Merriman Holdings, Inc.

Wednesday, May 25th, 2011 Uncategorized Comments Off on Merriman Capital’s (MERR) Clean Energy Semiconductors Analyst Receives StarMine Analyst Award

Ramtron (RMTR) Ships First F-RAM Samples Built on New IBM Manufacturing Line

May 25, 2011 (Business Wire) — Ramtron International Corporation (Nasdaq: RMTR), a leading developer and supplier of ferroelectric-based low-power memory and integrated semiconductor products, today announced broad sampling of the first pre-qualification ferroelectric random access memory (F-RAM) devices built on the company’s new manufacturing line at IBM Corporation (NYSE: IBM). The FM24C04C and FM24C16C are serial 5-volt devices with 4- and 16-kilobits of F-RAM memory, respectively. The devices offer a high-performance nonvolatile data collection and storage solution for electronic systems. Ramtron’s F-RAM products provide nonvolatile RAM memory performance with NoDelay™ writes, high read/write endurance, and low power consumption.

“Releasing samples of the FM24C04C and FM24C16C devices is a significant milestone in our new foundry program,” said Eric Balzer, Ramtron’s CEO. “These pre-qualification devices, which meet all datasheet specifications and our stringent quality standards, are available now for customer evaluation. Additional devices, including 3-volt I2C and 3- and 5-volt SPI products, will become available for sampling as testing is completed.”

The FM24C04C and FM24C16C feature a serial I2C interface, have an active current of 100µA (typical at 100kHz) and perform up to 1MHz bus frequency. The devices are direct drop-in replacements for 4- and 16-Kb serial EEPROM memories used in industrial controls, metering, medical, military, gaming, and computing applications, among others. The FM24C04C and FM24C16C are offered in an industry standard 8-pin SOIC package and operate over the industrial temperature range of -40°C to +85°C.

Ramtron’s FM24CxxC products offer single-byte writes that are 200 times faster than those of EEPROM. In addition, the devices offer no timing delays and can be written to at standard bus speeds as compared to EEPROM, which requires a 5- to 10-millisecond write delay before new data can be registered. The FM24C04C and FM24C16C feature 1-trillion write cycles, compared to 1-million write cycles for EEPROM, and have an extremely low operating current compared to competing nonvolatile memory products.

About the IBM/Ramtron Foundry Relationship

Ramtron and IBM entered into a foundry services agreement in early 2009 that called for the installation of Ramtron’s F-RAM semiconductor process technology in IBM’s Burlington, Vermont, advanced wafer manufacturing facility. Ramtron’s proprietary F-RAM technology stack has been inserted into IBM’s 0.18 micron CMOS process to create Ramtron’s signature high-performance nonvolatile F-RAM products. IBM’s world-class foundry provides a flexible and cost effective manufacturing platform for Ramtron’s existing products and new product development initiatives.

About Ramtron and F-RAM Technology

Ramtron International Corporation, headquartered in Colorado Springs, Colorado, is a fabless semiconductor company that designs, develops and markets specialized semiconductor memory and integrated semiconductor solutions used in a wide range of product applications and markets worldwide.

Ramtron pioneered the integration of ferroelectric materials into semiconductor products, which enabled the development of a new class of nonvolatile memory, called ferroelectric random access memory, or F-RAM. Ramtron’s ferroelectric memories combine the high speed of DRAM (Dynamic Random Access Memory) with nonvolatile data storage, or the ability to save data without power. Since commercializing the technology, Ramtron has sold nearly a half-billion F-RAM devices into demanding applications such as automotive safety and entertainment systems, portable medical devices, industrial process control systems, smart electricity meters, and consumer printer cartridges. As the most power-efficient of any nonvolatile memory technology on the market, F-RAM products promise to pave the way for the development of ultra-efficient battery powered products and energy harvesting applications, among others. For more information, visit www.ramtron.com.

Safe Harbor Statement

“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: Statements herein that are not historical facts are “forward-looking statements.” These forward-looking statements involve risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from those indicated by these forward-looking statements. Please refer to Ramtron’s Securities and Exchange Commission filings for a discussion of such risks. The forward-looking statements in this report are being made as of the date of this report, and Ramtron expressly disclaims any obligation to update or revise any forward-looking statements contained herein.

Ramtron International Corporation

PR:

Christopher Wray, 719-481-7182

chris.wray@ramtron.com

or

IR:

Lee A. Brown, 719-481-7213

lee.brown@ramtron.com

Wednesday, May 25th, 2011 Uncategorized Comments Off on Ramtron (RMTR) Ships First F-RAM Samples Built on New IBM Manufacturing Line

Zogenix (ZGNX) Stockholders Elect Mark Wiggins to Board of Directors

SAN DIEGO, May 25, 2011 (GLOBE NEWSWIRE) — Zogenix, Inc. (Nasdaq:ZGNX), a pharmaceutical company commercializing and developing products for the treatment of central nervous system disorders and pain, announced today that the Company’s stockholders have elected Mark Wiggins as a new member of the Company’s Board of Directors. Zogenix’s stockholders also re-elected Cam L. Garner and Louis C. Bock to the Board. Mr. Wiggins will also serve as a member of the Compensation Committee of the Board.

Mr. Wiggins brings over 25 years of product commercialization and business development experience to the Zogenix Board. Mr. Wiggins currently serves as the Chief Business Officer of Mpex Pharmaceuticals overseeing strategic business operations of the company. Prior to Mpex, Mr. Wiggins served as Executive Vice President, Corporate and Business Development of Biogen Idec, Inc. In this position, he was responsible for worldwide partnering, licensing and corporate acquisitions. Prior to Biogen’s merger with Idec Pharmaceuticals in 2003, Mr. Wiggins was the Vice President of Marketing and Business Development at Idec, serving on the management committee for the collaboration with Genentech on Rituxan®. Mr. Wiggins received his B.S. degree in Finance from Syracuse University and an M.B.A. from the University of Arizona.

Cam L. Garner, Chairman of the Board, said, “We are pleased to welcome Mark to the Zogenix Board of Directors. He has an ideal mix of experience in product commercialization and business development that will be valuable as we continue to drive adoption of SUMAVEL DosePro, prepare for commercialization of ZX002, and look for partnership opportunities that leverage our patented DosePro delivery system. We expect that Mark will provide valuable strategic contributions as a Board member and I look forward to working with him as we continue to grow Zogenix’s business.”

In addition to Mpex and Biogen Idec, Mr. Wiggins’ 25 years of pharmaceutical and biotechnology industry experience includes senior positions at Pfizer, Johnson & Johnson’s Ortho Pharmaceutical, Schering Plough and Hybridon. Throughout his career he held progressively senior positions across the commercialization spectrum, covering marketing, reimbursement, licensing, acquisitions, and collaborations.

Mr. Wiggins commented, “I am excited to join Zogenix at this key stage in its development. The Company has several commercial avenues for growth and an established drug delivery platform technology. I look forward to working with the Board and management to maximize the Company’s potential.”

About Zogenix

Zogenix, Inc. (Nasdaq:ZGNX), with offices in San Diego and Emeryville, California, is a pharmaceutical company commercializing and developing products for the treatment of central nervous system disorders and pain. Zogenix’s first commercial product, SUMAVEL® DosePro® (sumatriptan injection) Needle-free Delivery System, was launched in January 2010 for the acute treatment of migraine and cluster headache. Zogenix’s lead product candidate, ZX002, is a novel, oral, single-entity controlled-release formulation of hydrocodone currently in Phase 3 clinical trials for the treatment of moderate to severe chronic pain in patients requiring around-the-clock opioid therapy.

Forward Looking Statements

Zogenix cautions you that statements included in this press release that are not a description of historical facts are forward-looking statements. Words such as “believes,” “anticipates,” “plans,” “expects,” “indicates,” “will,” “intends,” “potential,” “suggests,” “assuming,” “designed” and similar expressions are intended to identify forward-looking statements. These statements are based on the company’s current beliefs and expectations. These forward-looking statements include statements regarding the adoption of SUMAVEL DosePro and the growth of Zogenix’s business. The inclusion of forward-looking statements should not be regarded as a representation by Zogenix that any of its plans will be achieved. Actual results may differ from those set forth in this presentation due to the risk and uncertainties inherent in Zogenix’s business, including, without limitation: the market potential for migraine treatments, and Zogenix’s ability to compete within that market; inadequate therapeutic efficacy or unexpected adverse side effects relating to SUMAVEL DosePro that could prevent its ongoing commercialization, or that could result in recalls or product liability claims; Zogenix’s dependence on its collaboration with Astellas Pharma US, Inc. to promote SUMAVEL DosePro; the ability of Zogenix to ensure adequate and continued supply of SUMAVEL DosePro to successfully meet anticipated market demand; the ability of Zogenix and its licensors to obtain, maintain and successfully enforce adequate patent and other intellectual property protection of its products and product candidates and the ability to operate its business without infringing the intellectual property rights of others; and other risks described in Zogenix’s filings with the Securities and Exchange Commission. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and Zogenix undertakes no obligation to revise or update this presentation to reflect events or circumstances after the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement. This caution is made under the safe harbor provisions of Section 21E of the Private Securities Litigation Reform Act of 1995.

For additional information, please visit www.zogenix.com.

RITUXAN is a trademark of Biogen Idec.

SUMAVEL (R) and DosePro (R) are registered trademarks of Zogenix, Inc.

CONTACT: INVESTORS:
         Zack Kubow | The Ruth Group
         646.536.7020 | zkubow@theruthgroup.com

         MEDIA:
         Jason Rando | The Ruth Group
         646.536.7025 | jrando@theruthgroup.com
Wednesday, May 25th, 2011 Uncategorized Comments Off on Zogenix (ZGNX) Stockholders Elect Mark Wiggins to Board of Directors

LTX-Credence (LTXC) Announces Third Quarter Results

MILPITAS, Calif., May 25, 2011 (GLOBE NEWSWIRE) — LTX-Credence Corporation (Nasdaq:LTXC), a global provider of focused, cost-optimized ATE solutions, today announced financial results for its fiscal quarter ended April 30, 2011.

Sales for the quarter were $58,665,000, compared to the prior quarter sales of $52,549,000. Net income for the quarter was $23,621,000, or $0.47 per diluted share on a GAAP basis. Excluding the $15,000,000 merger-related break-up fee, $1,900,000 of merger-related expenses, $248,000 of restructuring expense and $1,490,000 of amortization of purchased intangible assets, net income for the quarter was $12,259,000, or $0.24 per diluted share on a non-GAAP basis.

Dave Tacelli, chief executive officer and president, commented, “Our third quarter product revenues grew 16% sequentially, driven by a rebound in the RF power amplifier, power management and applications specific market segments. In particular, we experienced a sharp ramp in demand for the PAx test system which was introduced in the prior quarter.

With the continued strong performance resulting from our business model, we are focused on driving top line growth through market share gains. During the quarter we had success in winning business from multiple new customers, effectively displacing the established incumbent competitor. These wins were in several of our target market segments and were the result of our ability to deliver compelling cost effective test solutions to our customers.

Our fourth quarter guidance reflects increased strength in our target markets as well as overall growth in the SoC test industry. The midpoint of revenue guidance represents approximately 11% growth over our third quarter results.”

Fourth Quarter Fiscal 2011 Outlook

For the fiscal quarter ending July 31, 2011, revenue is expected to be in the range of $63 million to $67 million. Non-GAAP net income is expected to be in the range of $0.25 to $0.29 per share, assuming 50.5 million fully diluted shares outstanding. The non-GAAP net income guidance excludes amortization of purchased intangible assets of approximately $1.5 million.

The Company will conduct a conference call today, May 25, 2011, at 10:00 AM EDT to discuss this release. The conference call may be accessed via telephone by dialing 877.853.5334. The conference call will also be simulcast via the LTX-Credence web site (www.ltxc.com). Audio replays of the call can be heard through June 24, 2011 via telephone by dialing 800.642.1687, Conference ID number 63925313 or by visiting our web site at www.ltxc.com.

Information About Non-GAAP Measures

LTX-Credence supplements its GAAP financial results by providing non-GAAP measures to evaluate the operating performance of the Company. Non-GAAP net income for the quarter ended April 30, 2011 excludes the merger-related break-up fee; merger-related expenses, restructuring expense and amortization of purchased intangible assets. Management finds these non-GAAP measures to be useful for internal comparison to historical operating results as well as to the operating results of its competitors, and believes that this information is useful to investors for the same purposes. A reconciliation between the Company’s GAAP and non-GAAP results is provided in the attached tables. Readers are reminded that non-GAAP information is merely a supplement to, and not a replacement for, GAAP financial measures.

Safe Harbor for Forward-Looking Statements

Statements in this release regarding guidance for LTX-Credence’s fourth fiscal quarter, including the financial guidance on revenue and earnings or loss per share, financial operating results including net income or loss and earnings or loss per share, management’s expectations as to the future condition of LTX-Credence’s industry and the overall economic environment, and any other statements about management’s future expectations, beliefs, goals, plans or prospects constitute forward‑looking statements within the meaning of the United States securities laws, including the Private Securities Litigation Reform Act of 1995. Any statements that are not statements of historical fact (including statements containing the words “believes,” “targets”, “anticipates,” “plans,” “expects,” “may,” “will,” “would,” “intends,” “estimates” and similar expressions) should also be considered to be forward‑looking statements. These statements are subject to known and unknown risks and uncertainties that could cause actual results or events to differ materially from those stated or implied, including but not limited to: uncertain global economic and industry conditions, fluctuations in business and consumer spending; fluctuations in our sales and operating results; risks related to the timely development of new products, options and software applications, as well as the other risks described in our filings with the U.S. Securities and Exchange Commission, including those included under the heading “Business Risks” in our Quarterly Report on Form 10-Q for the fiscal quarter ended January 31, 2011. LTX-Credence disclaims any intention or obligation to update any forward‑looking statements as a result of developments occurring after the date of this press release.

About LTX-Credence Corporation

LTX-Credence is a global provider of ATE solutions designed to deliver value through innovation enabling customers to implement best-in-class test strategies to maximize their profitability. LTX-Credence addresses the broad, divergent test requirements of the wireless, computing, automotive and entertainment market segments, offering a comprehensive portfolio of technologies, the largest installed base in the Asia-Pacific region, and a global network of strategically deployed applications and support resources. Additional information can be found at www.ltxc.com.

LTX-Credence and LTXC are trademarks of LTX-Credence Corporation. All other trademarks are the property of their respective owners.

LTX-Credence Corporation
Consolidated Balance Sheets
(in thousands)
(unaudited)
ASSETS April 30, 2011 July 31, 2010
Current assets
Cash and cash equivalents $ 116,278 $ 74,978
Marketable securities 31,468 18,458
Accounts receivable – trade, net 41,858 45,622
Accounts receivable – other, net 1,231 1,174
Inventories, net 21,328 21,039
Prepaid expenses and other current assets 5,618 4,585
Total current assets 217,781 165,856
Property and equipment, net 21,479 26,277
Intangible assets, net 7,807 12,277
Goodwill 43,030 43,030
Other assets 748 771
Total assets $ 290,845 $ 248,211
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Current portion of long-term debt $ 873 $ 826
Accounts payable 15,804 16,639
Other accrued expenses 25,895 29,090
Deferred revenues and customer advances 5,194 8,317
Total current liabilities 47,766 54,872
Other long-term liabilities 15,873 16,587
Stockholder’s equity 227,206 176,752
Total liabilities and stockholders’ equity $ 290,845 $ 248,211
LTX-Credence Corporation
Consolidated Statements of Operations
(in thousands, except earnings per share data)
(unaudited)
Three Months Ended

April 30,

Nine Months Ended

April 30,

2011 2010 2011 2010
Net sales $ 58,665 $ 56,069 $ 186,860 $ 145,919
Cost of sales 22,203 23,921 71,730 67,603
Gross profit 36,462 32,148 115,130 78,316
Engineering and product development expenses 13,314 12,339 39,188 36,179
Selling, general, and administrative expenses 11,755 11,414 37,611 29,295
Amortization of purchased intangible assets 1,490 2,664 4,471 7,992
Restructuring 248 788 363 2,027
Income from operations 9,655 4,943 33,497 2,823
Other income, net 13,671 1,851 14,074 1,862
Income before (benefit) provision for income taxes 23,326 6,794 47,571 4,685
(Benefit) provision for income taxes (295) (35) (430) 237
Net income $ 23,621 $ 6,829 $ 48,001 $ 4,448
Net income per share:
Basic $ 0.48 $ 0.15 $ 0.97 $ 0.10
Diluted $ 0.47 $ 0.14 $ 0.96 $ 0.10
Weighted average shares outstanding:
Basic 49,490 46,536 49,348 43,971
Diluted 50,367 47,496 50,240 44,725
LTX-Credence Corporation
Reconciliation of GAAP Net Income to Non-GAAP Net Income
(In thousands, except per share amounts)
(unaudited)
Three Months

Ended

April 30, 2011

Basic

Earnings

Per Share

Diluted

Earnings

Per Share

Three Months

Ended

April 30, 2010

Basic

Earnings

Per Share

Diluted

Earnings

Per Share

GAAP net income $ 23,621 $ 0.48 $ 0.47 $ 6,829 $ 0.15 $ 0.14
Merger-related breakup fee (15,000) (0.30) (0.30)
Merger-related expenses 1,900 0.04 0.04
Amortization of purchased intangible assets 1,490 0.03 0.03 2,664 0.06 0.06
Restructuring 248 788 0.02 0.02
Gain on extinguishment of debt (2,126) (0.05) (0.04)
Recovery of previously written off accounts receivable (1,000) (0.02) (0.02)
Non-GAAP net income $ 12,259 $ 0.25 $ 0.24 $ 7,155 $ 0.15 $ 0.15
Weighted average shares outstanding: 49,490 50,367 46,536 47,496
Nine Months

Ended

April 30, 2011

Basic

Earnings

Per Share

Diluted

Earnings

Per Share

Nine Months

Ended

April 30, 2010

Basic

Earnings

Per Share

Diluted

Earnings

Per Share

GAAP net income $ 48,001 $ 0.97 $ 0.96 $ 4,448 $ 0.10 $ 0.10
Merger-related breakup fee (15,000) (0.30) (0.30)
Merger-related expenses 4,700 0.10 0.09
Amortization of purchased intangible assets 4,471 0.09 0.09 7,992 0.18 0.18
Restructuring 363 (0.00) 0.01 2,027 0.05 0.05
Gain on extinguishment of debt 0.00 (2,426) (0.06) (0.05)
Recovery of previously written off accounts receivable (1,600) (0.03) (0.04)
Non-GAAP net income $ 42,535 $ 0.86 $ 0.85 $ 10,441 $ 0.24 $ 0.23
Weighted average shares outstanding: 49,348 50,240 43,971 44,725
CONTACT: Rich Yerganian, LTX-Credence Corporation
         Tel. 781.467.5063
         Email rich_yerganian@ltxc.com

LTX Credence Logo

Wednesday, May 25th, 2011 Uncategorized Comments Off on LTX-Credence (LTXC) Announces Third Quarter Results

Quantum (QTWW) Receives Fleet Contract from Dow Chemical (DOW)

IRVINE, Calif., May 25, 2011 /PRNewswire/ — Quantum Fuel Systems Technologies Worldwide, Inc. (Nasdaq: QTWW) announced today that it has received a contract to deliver 100+ plug-in hybrid electric (PHEV) pickup truck fleet vehicles powered by Dow Kokam lithium ion battery technology to The Dow Chemical Company (NYSE: DOW).

Quantum developed the new hybrid drive system “Quantum F-Drive” specifically for the Ford F-150 pickup truck, one of the highest volume selling fleet vehicles in America. Quantum’s research and development group designed the system to meet the demanding truck applications of America’s largest fleet operators and to provide a mission-ready solution to meet President Barack Obama’s goal of converting the Federal government’s vehicle fleet to hybrids, electric vehicles and other alternative-fuel vehicles.

“Quantum is proud to be partnering with The Dow Chemical Company to launch the PHEV F-150 truck,” said Alan Niedzwiecki, President and CEO of Quantum Technologies. “We are excited and impressed by Dow’s progressive thinking, environmental stewardship and willingness to lead.”

“Dow is a recognized leader in sustainability, as demonstrated by our 2015 Sustainability Goals to reduce energy consumption and emissions, as well as in our mission to passionately innovate what is essential to human progress by providing sustainable solutions… like solar shingles and battery components for electric and hybrid-electric vehicles,” said Dave Kepler, Dow’s executive vice president, Business Services and Chief Sustainability Officer. “By converting approximately 5 percent of our U.S. truck fleet to PHEV battery technology, we are driving the adoption of energy alternatives beyond existing boundaries while we work to reduce emissions and dependence on fossil fuel for fleet operations.”

F-150 PHEV Technical Specifications

The F-Drive system provides a unique combination of low operating costs through substantially increased fuel efficiency, reliability, low maintenance cost, emission reduction benefits and extended range capability. Ideal for fleet vehicle driving characteristics, the F-150 PHEV has a 35 mile electric-only range, shifting to hybrid electric mode thereafter for a total range of over 400 miles.

Providing the energy and power balance required for demanding fleet applications, the 20 kWh Dow Kokam battery enables delivery of the required vehicle range in addition to speeds of up to 85 mph and 0-60 MPH acceleration in less than 12 seconds.

The F-Drive system, has been integrated in the F-150 truck such that there is no impingement into the cab or cargo bed and maintains full ground clearance. The fleet vehicles, incorporating Quantum’s F-Drive, will meet Department of Transportation Federal Motor Vehicles Safety Standards, US Environmental Protection Agency, California Air Resources Board emission requirements, and incorporate Dow Kokam Lithium Ion batteries.

“Quantum and Dow Kokam are cooperating to bring some of the first PHEV, light duty fleet vehicles to market that truly meet the performance demands and cost payback requirements of corporate fleets,” said Chuck Reardon, commercial vice president, Dow Kokam. “This is possible because Dow Kokam’s advanced battery technology and Quantum’s expert vehicle engineering are capable today of delivering the performance necessary to meet the needs of visionary companies like Dow.”

About Quantum

Quantum Fuel Systems Technologies Worldwide, Inc., (NASDAQ: QTWW) a fully integrated alternative energy company, is a leader in the development and production of advanced propulsion systems, energy storage technologies, and alternative fuel vehicles. Quantum’s wholly owned subsidiary, Schneider Power Inc., and affiliate Asola Advanced and Automotive Solar Systems GmbH complement Quantum’s emerging renewable energy presence through the development and ownership of wind and solar farms, and manufacture of high efficiency solar modules. Quantum’s portfolio of technologies includes electronic controls, hybrid electric drive systems, natural gas and hydrogen storage and metering systems and alternative fuel technologies that enable fuel efficient, low emission hybrid, plug-in hybrid electric, fuel cell, and natural gas vehicles. Quantum’s powertrain engineering, system integration, vehicle manufacturing, and assembly capabilities provide fast-to-market solutions to support the production of hybrid and plug-in hybrid, hydrogen-powered hybrid, fuel cell, natural gas fuel, and specialty vehicles, as well as modular, transportable hydrogen refueling stations. Quantum’s customer base includes automotive OEMs, dealer networks, fleets, aerospace industry, military and other government entities, and other strategic alliance partners.

About Dow Kokam

Dow Kokam brings technologically advanced and economically viable battery solutions to the transportation, defense, industrial and medical industries. Uniting Dow, Kokam America and Dassault SVE creates the first battery and energy management systems manufacturer to combine viable, scalable large-format battery technology with the market franchise, manufacturing expertise and market knowledge necessary to become the clear partner of choice across industries.

Dow Kokam was established in 2009 to develop and manufacture advanced energy storage technologies for the transportation and other industries. The company is owned by The Dow Chemical Company, TK Advanced Battery LLC and Groupe Industriel Marcel Dassault.

Forward Looking Statements:

This press release contains forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements included in this report, other than those that are historical, are forward-looking statements and can generally be identified by words such as “may,” “could,” “will,” “should,” “assume,” “expect,” “anticipate,” “plan,” “intend,” “believe,” “predict,” “estimate,” “forecast,” “outlook,” “potential,” or “continue,” or the negative of these terms, and other comparable terminology. Various risks and other factors could cause actual results, and actual events that occur, to differ materially from those contemplated by the forward looking statements. The Company undertakes no obligation to update the information in this press release to reflect events or circumstances after the date hereof or to reflect the occurrence of anticipated or unanticipated events.

More information can be found about the products and services of Quantum, Dow Kokam and Schneider Power and Asola at http://www.qtww.com/, www.dowkokam.com, or you may contact:

Brion D. Tanous
Principal, CleanTech IR, Inc.
Email: btanous@cleantech-ir.com
310-541-6824

Dale Rasmussen
Quantum Technologies
206-315-8242
Email: drasmussen@qtww.com

Erik Moser
On Behalf of Dow Kokam
312-729-4395
Email: emoser@golinharris.com

©2011 Quantum Fuel Systems Technologies Worldwide, Inc.
Advanced Technology Center
17872 Cartwright Road, Irvine, CA 92614
Phone 949-399-4500 Fax 949-399-4600

Wednesday, May 25th, 2011 Uncategorized Comments Off on Quantum (QTWW) Receives Fleet Contract from Dow Chemical (DOW)

PHC, Inc. (PHC) and Acadia Healthcare Announce Signing of Definitive Merger Agreement

PEABODY, Mass. and FRANKLIN, Tenn., May 24, 2011 /PRNewswire/ — PHC, Inc., d/b/a Pioneer Behavioral Health (NYSE Amex: PHC), and Acadia Healthcare Company, Inc. today announced the signing of a definitive merger agreement. Upon the completion of the merger, Acadia stockholders will own approximately 77.5% of the combined company, and PHC stockholders will own approximately 22.5% of the combined company. Acadia intends to file a registration statement on Form S-4 with the Securities and Exchange Commission in connection with the transaction. Effective with the approval of the merger, the corporate headquarters will be in Franklin, Tennessee, and the combined company will do business under the name Pioneer Behavioral Health. Acadia intends to apply for listing of the combined company’s common stock to be issued in the merger on the NASDAQ stock market. Joey Jacobs, the Chairman and Chief Executive Officer of Acadia, will become the Chairman and Chief Executive Officer of the combined company. Bruce Shear, President & CEO of PHC, will become the Executive Vice Chairman and a member of the Board of Directors of the combined company.

The merger will bring together Acadia’s 19 behavioral health facilities, which, with approximately 1,700 beds in 13 states, produce annual revenues of approximately $260 million, with PHC’s five inpatient facilities with approximately 270 beds in four states. In addition, PHC’s internet and telephonic-based referral services, which include employee assistance programs and critical incident services, provide contracted services covering more than one million individuals. PHC’s revenues for the trailing 12 months ended March 31, 2011 were $59 million. On March 16, 2011, PHC announced that it has entered into a definitive agreement to acquire MeadowWood Behavioral Health.

Joey Jacobs, Chairman & Chief Executive Officer of Acadia, commented, “This merger with PHC will represent a significant expansion of our current revenues, facilities and beds and take us into four new states. In addition, access to the public markets will position the combined company to continue acting on attractive opportunities to expand our business through acquisition in the highly fragmented behavioral health industry. The management teams of the combined company are highly experienced in completing and integrating such transactions, as well as in producing on-going organic growth within acquired facilities. Based on the continuing opportunities we see in the market, our extensive record of success and our solid financial position as a combined company, we are confident of our prospects for further growth.”

Bruce A. Shear, President & CEO of PHC, added, “We are pleased with this agreement to join forces with the Acadia team. The Acadia management team has a demonstrated record of producing high quality care for patients and their families, which aligns perfectly with our clinical mission. The combined senior management teams will further improve both companies capabilities for growth during this exciting time in our industry. In addition, this transaction will enable our stockholders to participate with a management team that has an unparalleled history of producing long-term profitable growth in the behavioral health industry. We are confident that this transaction represents a great opportunity for PHC.”

The merger agreement has been approved by the boards of directors of both companies. Consummation of the transaction is subject to various conditions, including approval of the stockholders of PHC. Certain officers and directors of PHC have executed voting agreements under which they have committed to vote their shares of PHC in favor of the transaction. The transaction is expected to be completed in late summer of 2011. The transaction will be a stock for stock exchange except for payments to PHC shareholders for fractional shares and $5 million of merger consideration payable to Class B holders of PHC’s privately held securities. We anticipate that, after refinancing existing indebtedness of both companies, payment of the merger consideration to the Class B holders, payment of a dividend to the equity holders of Acadia prior to the merger, and payment of fees and expenses relating to the transaction, the combined company will have pro forma net funded indebtedness of approximately $285 million.

In connection with the transaction, Jefferies & Company, Inc. acted as exclusive financial advisor and Arent Fox LLP acted as legal advisor to PHC. Kirkland & Ellis LLP served as legal advisor to Acadia and Jefferies Finance LLC provided financing commitments to Acadia to support the transaction.

Additional Information

In connection with the proposed transaction, Acadia will file with the Securities and Exchange Commission (“SEC”) a registration statement that contains a PHC proxy statement that also will constitute an Acadia prospectus. SHAREHOLDERS OF PHC AND OTHER INVESTORS ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS TO THE PROXY STATEMENT/PROSPECTUS) REGARDING THE PROPOSED TRANSACTION WHEN IT BECOMES AVAILABLE BECAUSE IT WILL CONTAIN IMPORTANT INFORMATION. PHC’s shareholders and other investors will be able to obtain a free copy of the proxy statement/prospectus, as well as other filings containing information about PHC and Acadia, without charge, at the SEC`s Internet site (http://www.sec.gov). Copies of the proxy statement/prospectus can also be obtained, without charge, by directing a request to PHC, Inc., 200 Lake Street, Suite 102, Peabody, MA 01960, Attention: Investor Relations, Telephone: (978) 536-2777. WHEN IT BECOMES AVAILABLE, READ THE JOINT PROXY STATEMENT/PROSPECTUS CAREFULLY BEFORE MAKING A DECISION CONCERNING THE MERGER.

Participants in the Solicitation

PHC and its directors and executive officers and Acadia and its directors and executive officers may be deemed to be participants in the solicitation of proxies from the shareholders of PHC in connection with the proposed transaction. Information regarding the special interests of these directors and executive officers in the merger transaction will be included in the proxy statement/prospectus of PHC and Acadia referred to above. Additional information regarding the directors and executive officers of PHC is also included in PHC’s proxy statement for its 2010 Annual Meeting of Stockholders, which was filed with the SEC on October 27, 2010. These documents are or will be available free of charge at the SEC’s web site (http://www.sec.gov) and from Investor Relations at PHC at the address described above.

This communication shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

About Acadia Healthcare Company

Acadia was founded by Waud Capital Partners, a leading middle-market private equity investment firm with approximately $1 billion under management. Acadia operates a network of 19 behavioral health facilities with more than 1,700 beds in 13 states. Acadia provides premier psychiatric and chemical dependency services to its patients in a variety of settings, including inpatient psychiatric hospitals, residential treatment centers, outpatient clinics and therapeutic school-based programs.

About PHC d/b/a Pioneer Behavioral Health

PHC, Inc., d/b/a Pioneer Behavioral Health, is a national healthcare company providing behavioral health services in five states, including substance abuse treatment facilities in Utah and Virginia, and inpatient and outpatient psychiatric facilities in Michigan, Pennsylvania, and Nevada. PHC also offers internet and telephonic-based referral services that includes employee assistance programs and critical incident services. Contracted services with government agencies, national insurance companies, and major transportation and gaming companies cover more than one million individuals. Pioneer helps people gain and maintain physical, spiritual and emotional health through delivering the highest quality, most culturally responsive and compassionate behavioral health care programs and services.

Risk Factors

This news release contains forward-looking statements Generally words such as “may”, “will”, “should”, “could”, “anticipate”, “expect”, “intend”, “estimate”, “plan”, “continue”, and “believe” or the negative of or other variation on these and other similar expressions identify forward-looking statements. These forward-looking statements are made only as of the date of this news release. We do not undertake to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise. Forward-looking statements are based on current expectations and involve risks and uncertainties and our future results could differ significantly from those expressed or implied by our forward-looking statements. Such forward-looking statements include statements regarding the proposed transaction. Factors that may cause actual results to differ materially include the risk that PHC and Acadia may not be able to complete the proposed transaction, which is subject to customary closing conditions, including approval of PHC’s shareholders, risks that the businesses will not be integrated successfully, risks of disruption from the transaction and risks concerning the ability to borrow funds in amounts sufficient to enable the combined company to service its debt, and meet its working capital and capital expenditure requirements. These factors and others are more fully described in PHC’s periodic reports and other filings with the SEC.

Contacts:

PHC, Inc.

Acadia Healthcare Company, Inc.

Bruce A. Shear, (978) 536-2777

Brent Turner

President & CEO

Co-President

(615) 732-6233

Hayden IR

Brett Maas, 646-536-7331

Managing Partner

E-mail: brett@haydenir.com

Tuesday, May 24th, 2011 Uncategorized Comments Off on PHC, Inc. (PHC) and Acadia Healthcare Announce Signing of Definitive Merger Agreement

Hanwha SolarOne (HSOL) Reports First Quarter 2011 Results

SHANGHAI, May 24, 2011 /PRNewswire/ — Hanwha SolarOne Co., Ltd. (“SolarOne” or the “Company”) (Nasdaq: HSOL), a vertically integrated manufacturer of silicon ingots, wafers and photovoltaic (“PV”) cells and modules in China, today reported its unaudited financial results for the quarter ended March 31, 2011. The Company will host a conference call to discuss the results at 8:00 am Eastern Time (8:00 pm Shanghai Time) on May 24, 2011. A slide presentation with details of the results will also be available on the Company’s website prior to the call.

FIRST QUARTER 2011 HIGHLIGHTS

  • Total net revenues were RMB2,194.8 million (US$335.2 million), an increase of 3.9% from 4Q10 and an increase of 48.7% from 1Q10.
  • PV module shipments, including module processing services, reached 248.5 MW, an increase of 13.6% from 218.8 MW in 4Q10 and an increase of 65.0% from 1Q10.
  • Average selling price (“ASP”), excluding module processing services, decreased to RMB11.23 per watt (US$1.71) from RMB11.82 per watt in 4Q10.
  • Gross profit decreased 16.7% to RMB356.9 million (US$54.5 million) from RMB428.7 million in 4Q10, and increased 31.0% from RMB272.5 million in 1Q10.
  • Gross margin decreased to 16.3% from 20.3% in 4Q10, primarily due to a combination of a decline in ASP and an increase in raw material costs. Gross margin in 1Q10 was 18.5%.
  • Operating profit declined 14.3% to RMB253.9 million (US$38.8 million) from RMB296.2 million in 4Q10 and increased 28.0% from RMB198.4 million in 1Q10. The sequential decrease in operating profit was primarily due to the lower gross profit and was partially offset by lower operating expenses.
  • Operating margin decreased to 11.6% from 14.0% in 4Q10 and 13.4% in 1Q10.
  • Net income attributable to shareholders on a non-GAAP basis(1) was RMB154.4 million (US$23.6 million), a decrease of 38.4% from RMB250.7 million in 4Q10 and a decrease of 2.3% from RMB158.1 million in 1Q10.
  • Net income per basic ADS on a non-GAAP basis(1) was RMB1.84 (US$0.28), a decrease of 45.7% from RMB3.39 in 4Q10 and a 32.6% decline from 1Q10.
  • Net income attributable to shareholders on a GAAP basis was RMB149.4 million (US$22.8 million), compared with net income attributable to shareholders of RMB370.8 million and RMB138.9 million in 4Q10 and 1Q10, respectively.
  • Net income per basic ADS on a GAAP basis was RMB1.78 (US$0.27), compared with net income per basic ADS on a GAAP basis of RMB5.02 in 4Q10 and RMB2.40 in 1Q10.
  • Annualized Return on Equity (“ROE”) on a non-GAAP basis(1) was 12.6% in 1Q11, compared with 24.1% in 4Q10 and 26.6% in 1Q10.
  • Annualized ROE on a GAAP basis was 11.3% in 1Q11, compared with 33.2% in 4Q10 and 19.2% in 1Q10.

Dr. Peter Xie, President and CEO of Hanwha SolarOne, commented, “During a period of demand uncertainty resulting from regulatory changes in large markets such as Germany and Italy, we are quite pleased that we were able to record good shipment growth during the quarter. Although the demand environment for the second quarter of 2011 remains fluid, we are confident that there will be a rebound in the second half of 2011. This, combined with our new lower-cost manufacturing capacity coming on stream, should enable us to achieve improved operating performance as the year progresses.”

FIRST QUARTER 2011 RESULTS

  • Total net revenues were RMB2,194.8 million (US$335.2 million), an increase of 3.9% from RMB2,112.7 million in 4Q10 and an increase of 48.7% from 1Q10. The increase compared with 4Q10 was primarily due to higher shipments, and was somewhat offset by the lower average selling price.
  • Revenue contribution from PV module processing services as a percentage of total net revenues was 10.7%, compared with 8.0% in 4Q10 and 7.8% in 1Q10.
  • PV module shipments, including module processing services, reached 248.5 MW, an increase of 13.6% from 218.8 MW in 4Q10 and 150.6 MW in 1Q10.
  • Module revenue attributable to Germany increased to 39% in 1Q11 from 25% in 4Q10. Italy decreased from 19% in 4Q10 to 11% in 1Q11, largely due to the pending regulatory changes announced during 1Q11. Newer growth markets such as China and the United States remained vibrant, totaling 9% and 10% of shipments, respectively, in 1Q11. Other notable markets were the Netherlands, a port of destination for deliveries to countries throughout Europe, which accounted for 10% of shipments in 1Q11. This was an increase from 7% in the prior quarter. Australia remained a consistently strong market for the Company, rising to 10% of shipments in 1Q11.

(Photo: http://photos.prnewswire.com/prnh/20110524/LA07797-a)

(Photo: http://photos.prnewswire.com/prnh/20110524/LA07797-b)

  • Average selling price (“ASP”), excluding module processing services, decreased to RMB11.23 per watt (US$1.71) from RMB11.82 per watt in 4Q10.
  • Gross profit decreased 16.7% to RMB356.9 million (US$54.5 million) from RMB428.7 million in 4Q10 and rose 31.0% from RMB272.5 million in the same quarter a year ago.
  • Gross margin decreased to 16.3% from 20.3% in 4Q10, primarily due to a combination of a decline in ASP and an increase in raw material costs. Gross margin in 1Q10 was 18.5%.

(Photo: http://photos.prnewswire.com/prnh/20110524/LA07797-c)

(Photo: http://photos.prnewswire.com/prnh/20110524/LA07797-d)

  • The blended cost of goods sold (“COGS”) per watt, excluding module processing services, was US$1.43, representing a 1.4% increase from US$1.41 in 4Q10. The blended COGS takes into account the production cost (silicon and non-silicon) using internally sourced wafers, purchase costs and additional processing costs of externally sourced wafers and cells, as well as freight costs.
  • The production cost (including both silicon and non-silicon costs) using internal wafers was US$1.27 per watt, representing a 5.8% increase from US$1.20 per watt in 4Q10. The increase was primarily due to an increase in the price of polysilicon. The cost of polysilicon used in our production increased to US$73/kg in 1Q11 from US$67/kg in 4Q10. The Company believes the price of polysilicon peaked in 1Q11 and will decline from 2Q11 onwards.
  • Operating profit decreased 14.3% to RMB253.9 million (US$38.8 million) from RMB296.2 million in 4Q10. Operating margin decreased to 11.6% from 14.0% in 4Q10. In 1Q10, the operating profit was RMB198.4 million and the operating margin was 13.4%.
  • Operating expenses as a percentage of total net revenues were 4.7% in 1Q11, compared with 6.3% in 4Q10 and 5.0% in 1Q10. The lower operating expenses in 1Q11 compared with 4Q10 were primarily due to a reversal of accrued operating expenses.
  • Interest expense was RMB41.8 million (US$6.4 million), compared with RMB40.7 million in 4Q10 and RMB40.9 million in 1Q10.
  • The Company recorded a net foreign exchange loss of RMB36.8 million (US$5.6 million), compared with a net foreign exchange gain of RMB1.3 million in 4Q10 and RMB3.7 million in 1Q10.
  • Gain from the change in fair value of the conversion feature of the Company’s convertible bonds was RMB47.9 million (US$7.3 million), compared with a gain of RMB255.6 million in 4Q10 and a loss of RMB2.5 million in 1Q10. The fluctuations resulting from applying ASC 815-40 were primarily due to changes in the Company’s ADS price during the quarter. This line item has fluctuated, and is expected to continue to fluctuate quarter-to-quarter. The Company has no direct control over the fluctuations.
  • Income tax expense in 1Q11 decreased to RMB84.3 million (US$12.9 million) compared with RMB148.9 million in 4Q10 and RMB21.4 million in 1Q10. As noted in the prior quarter, the Company recorded incremental tax expenses relating to an uncertain tax position of its subsidiary as to whether the subsidiary continues to satisfy the criteria as a High and New Technology Enterprise (“HNTE”). The Company recorded incremental tax expenses of RMB30.1 million (US$4.6 million) in 1Q11, compared with RMB116.1 million in 4Q10.
  • Net income attributable to shareholders on a non-GAAP basis(1) was RMB154.4 million (US$23.6 million), a decrease of 38.4% from RMB250.7 million in 4Q10 and a decrease of 2.3% from RMB158.1 million in 1Q10.
  • Net income per basic ADS on a non-GAAP basis(1) was RMB1.84 (US$0.28), a decrease of 45.7% from RMB3.39 in 4Q10 and a 32.6% decline from RMB2.73 in 1Q10.
  • Net income attributable to shareholders on a GAAP basis was RMB149.4 million (US$22.8 million), compared with net income of RMB370.8 million for 4Q10.The 1Q11 amount is 7.5% higher than the same figure for 1Q10.
  • Net income per basic ADS on a GAAP basis was RMB1.78 (US$0.27), compared with net income per basic ADS of RMB5.02 in 4Q10 and RMB2.40 for 1Q10.
  • Annualized ROE on a non-GAAP basis(1) was 12.6% in 1Q11, compared with 24.1% in 4Q10 and 26.6% in 1Q10.
  • Annualized ROE on a GAAP basis was 11.3% in 1Q11, compared to 33.2% in 4Q10 and 19.2% in 1Q10.

FINANCIAL POSITION

As of March 31, 2011, the Company had cash and cash equivalents of RMB1,354.4 million (US$206.8 million) and net working capital of RMB2,486.3 million (US$379.7 million), compared with cash and cash equivalents of RMB1,630.8 million and net working capital of RMB3,179.9 million as of December 31, 2010. Total short-term bank borrowings and the current portion of long-term bank borrowings was RMB987.2 million (US$150.8 million), compared with RMB533.9 million as of December 31, 2010. The increase was because the Company drew down some of its bank credit facilities to finance its 2011 capital expenditure program.

As of March 31, 2011, the Company had total long-term debt of RMB748.1 million (US$114.3 million), which was comprised of both the non-current portion of long-term bank borrowings and convertible bonds. The Company’s long-term bank borrowings are to be repaid in installments until their maturities in 2011 and 2012. Holders of the convertible bonds, which have a final maturity in 2018, have an option to require the Company to redeem the bonds on January 15, 2015.

Net cash used in operating activities in 1Q11 was RMB67.5 million (US$10.3 million), compared with net cash generated from operating activities of RMB50.4 million in 4Q10. Net cash used in operating activities in 1Q10 was RMB5.4 million.

As of March 31, 2011, accounts receivable were RMB1,722.0 million (US$263.0 million) compared with RMB1,282.8 million as of December 31, 2010. Days sales outstanding increased to 62 days in 1Q11 from 55 days in 4Q10 and 47 days in 1Q10.

As of March 31, 2011, inventories increased to RMB990.7 million (US$151.3 million) from RMB790.8 million as of December 31,2010. Days inventory was 44 days in 1Q11 compared with 40 days in 4Q10 and 57 days in 1Q10.

Capital expenditures were RMB618.1 million (US$94.4 million) in 1Q11.

CAPACITY EXPANSION

Details on the Company’s annual production capacities and expected annual production capacities as of end of the stated quarter are as follows:

Capacity ramp-up plan

End of
Q4 2010

End of
Q1 2011

End of
Q2 2011
(Projected)

End of
Q3 2011
(Projected)

End of
Q4 2011
(Projected)

Ingot

MW

400

400

415

650

1,000

Wafer

MW

400

450

500

700

1,000

Cell

MW

600

650

900

1,200

1,300

Module

MW

900

900

1,100

1,500

1,500

BUSINESS OUTLOOK

The Company provides the following guidance based on current operating trends and market conditions.

For 2Q11, the Company expects

  • Total module shipments to be approximately 200MW, of which about 20% will be for PV module processing services.

For the full year 2011, the Company expects:

  • Module shipments to be approximately 1GW to 1.2GW, of which about 20 to 25% will be for PV module processing services.
  • Capital expenditures to be approximately US$450 million.

CONFERENCE CALL

The Company will host a conference call to discuss the first quarter 2011 results at 8:00 AM Eastern Time (8:00 PM Shanghai Time) on May 24, 2011.

Mr. Peter Xie, CEO and President, Mr. Gareth Kung, Chief Financial Officer, and Mr. Paul Combs, Vice President of Investor Relations, will discuss the results and take questions following the prepared remarks.

The dial-in details for the live conference call are as follows:

  • U.S. Toll Free Number:

+1 800 261 3417

  • International dial-in number:

+1 617 614 3673

  • China Toll Free Number (North):

+10 800 152 1490

  • China Toll Free Number (South):

+10 800 130 0399

  • China Toll Free Number (South):

+10 800 852 1490

Passcode: HSOL

A live webcast of the conference call will be available on the investor relations section of the Company’s website at: http://www.hanwha-solarone.com. A replay of the webcast will be available for one month.

A telephone replay of the call will be available for seven days after the conclusion of the conference call. The dial-in details for the replay are as follows:

  • U.S. Toll Free Number: 1 888 286 8010
  • International dial-in number: +1 617 801 6888

Passcode: 86707974

FOREIGN CURRENCY CONVERSION

The conversion in this release of Renminbi into U.S. dollars is made solely for the convenience of the reader, and is based on the exchange rate as set forth in the H.10 statistical release of the Federal Reserve Board as of March 31, 2011, which was RMB 6.5483 to US$1.00. No representation is intended to imply that the Renminbi amounts could have been, or could be, converted, realized or settled into U.S. dollars at that rate on March 31, 2011 or at any other date. The percentages stated in this press release are calculated based on Renminbi amounts.

USE OF NON-GAAP FINANCIAL MEASURES

The Company has included in this press release certain non-GAAP financial measures, including certain line items presented on the basis that the accounting impact of ASC 815-40 and ASC 740-10-25 had not been recorded. Prior quarter non-GAAP financial measures were adjusted to include the accounting impact of ASC 740-10-25 to ensure comparability of current quarter non-GAAP financial measure. The Company believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing the performance of the Company and when planning and forecasting future periods. Readers are cautioned not to view non-GAAP financial measures on a stand-alone basis or as a substitute for GAAP measures, or as being comparable to results reported or forecasted by other companies, and should refer to the reconciliation of GAAP measures with non-GAAP measures also included herein.

SAFE HARBOR STATEMENT

This press release contains forward-looking statements. These statements 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 as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements include 1Q and full-year 2011 estimates for PV product shipments, ASPs, production capacities and other results of operations. Forward-looking statements involve inherent risks and uncertainties and actual results may differ materially from such estimates depending on future events and other changes in business climate and market conditions. Hanwha SolarOne disclaims any obligation to update or correct any forward-looking statements.

About Hanwha SolarOne

Hanwha SolarOne Co., Ltd. (NASDAQ: HSOL) is a leading manufacturer of solar PV cells and modules in China, focusing on delivering high quality and reliable products at competitive prices. Hanwha SolarOne produces its monocrystalline and polycrystalline products at its internationally certified, vertically-integrated manufacturing facilities. Hanwha SolarOne partners with third-party distributors, OEM manufacturers, and system integrators to sell its modules into large-scale utility, commercial and governmental, and residential/small commercial markets. Hanwha SolarOne maintains a strong global presence with local staff throughout Europe, North America, and Asia. Hanwha SolarOne embraces environmental responsibility and sustainability by taking an active role in the photovoltaic cycle voluntary recycling program.

(1) All non-GAAP numbers used in this press release exclude the accounting impact from applying ASC 815-40, which relates to the accounting treatment for the convertible bonds, and also the incremental tax expenses recognized in connection to the uncertain tax position of the Company’s subsidiary. Please refer to the attached financial statements for the reconciliation between the GAAP and non-GAAP financial results. Non-GAAP financial results for prior quarters have been adjusted for comparability with the current quarter.

For further information, please contact:

Hanwha SolarOne Co., Ltd.

Investor Contact:

Paul Combs

V.P. Investor Relations

Building 1, 18th Floor

1199 Minsheng Road, Shanghai, PRC 200135

P. R. China

Tel: 86 21 3852 1533 / Mobile: 86 138 1612 2768

E-mail: paul.combs@hanwha-solarone.com

Christensen

Kathy Li

Tel: +1 480 614 3036

E-mail: kli@ChristensenIR.com

Tip Fleming

Tel: +85 2 9212 0684

E-mail: tfleming@ChristensenIR.com

Hanwha SolarOne Co., Ltd.

CONSOLIDATED BALANCE SHEETS

(Amounts in thousands of Renminbi (“RMB”) and U.S. dollars (“US$”)

March 31

December 31

March 31

March 31

2010

2010

2011

2011

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

RMB’000

RMB’000

RMB’000

US$’000

ASSETS

Current assets

Cash and cash equivalents

936,313

1,630,777

1,354,392

206,831

Restricted cash

83,440

100,490

152,636

23,309

Derivative contracts

47,275

7,489

14,258

2,177

Accounts receivable, net

848,959

1,282,807

1,722,038

262,975

Notes receivable

10,000

Inventories, net

720,860

790,773

990,708

151,293

Advance to suppliers, net

557,776

764,063

825,224

126,021

Other current assets

224,419

255,431

243,377

37,167

Deferred tax assets – net

69,460

91,611

94,453

14,424

Amount due from related parties

86,730

27,819

17,347

2,649

Total current assets

3,575,232

4,976,260

5,414,433

826,846

Non-current assets

Fixed assets – net

1,599,247

2,084,027

2,774,846

423,751

Intangible assets – net

209,042

205,763

204,669

31,255

Goodwill

134,735

134,735

134,735

20,575

Deferred tax assets – net

14,417

16,759

18,477

2,822

Long-term deferred expenses

31,527

27,273

25,578

3,906

Amount due from related parites

15,000

10,000

1,527

Long-term prepayment

437,766

394,283

469,788

71,742

Total non-current assets

2,426,734

2,862,840

3,638,093

555,578

TOTAL ASSETS

6,001,966

7,839,100

9,052,526

1,382,424

LIABILITIES

Current liabilities

Derivative contracts

1,131

8,047

40,424

6,173

Short-term bank borrowings

783,132

318,919

777,214

118,690

Long-term bank borrowings, current portion

147,500

215,000

210,000

32,069

Accounts payable

416,885

478,129

1,001,172

152,891

Notes payable

266,650

181,265

263,309

40,210

Accrued expenses and other liabilities

212,716

404,826

387,889

59,235

Customer deposits

141,426

33,538

50,329

7,686

Unrecognized tax benefit

27,385

143,473

173,585

26,508

Amount due to related parties

38,074

13,183

24,183

3,693

Total current liabilities

2,034,899

1,796,380

2,928,105

447,155

Non-current liabilities

Long-term bank borrowings

300,000

135,000

90,000

13,744

Convertible bonds

677,738

687,435

658,143

100,506

Deferred tax liabilities

26,419

25,977

25,829

3,945

Total non-current liabilities

1,004,157

848,412

773,972

118,195

TOTAL LIABILITIES

3,039,056

2,644,792

3,702,077

565,350

Redeemable ordinary shares

55

55

55

8

EQUITY

Shareholders’ equity

Ordinary shares

227

314

314

48

Additional paid-in capital

2,344,050

3,956,953

3,963,670

605,298

Statutory reserves

83,281

170,000

198,141

30,258

Retained earnings

535,297

1,066,986

1,188,269

181,462

Total shareholders’ equity

2,962,855

5,194,253

5,350,394

817,066

TOTAL EQUITY

2,962,855

5,194,253

5,350,394

817,066

TOTAL LIABILITIES, REDEEMABLE ORDINARY SHARES AND SHAREHOLDERS’ EQUITY

6,001,966

7,839,100

9,052,526

1,382,424

Hanwha SolarOne Co., Ltd.

CONSOLIDATED STATEMENTS OF OPERATIONS

(Amounts in thousands of Renminbi (“RMB”) and U.S. dollars (“US$”),

except for number of shares (ADS) and per share (ADS) data

For the three months ended

March 31

December 31

March 31

March 31

2010

2010

2011

2011

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

RMB’000

RMB’000

RMB’000

US$’000

Net revenues

1,475,832

2,112,704

2,194,830

335,176

Cost of revenues

(1,203,334)

(1,684,053)

(1,837,976)

(280,680)

Gross profit

272,498

428,651

356,854

54,496

Operating expenses

Selling expenses

(29,481)

(65,143)

(34,870)

(5,325)

G&A expenses

(38,027)

(54,760)

(61,949)

(9,460)

R&D expenses

(15,916)

(14,622)

(8,601)

(1,313)

Government grant

9,365

2,121

2,438

372

Total operating expenses

(74,059)

(132,404)

(102,982)

(15,726)

Operating profit

198,439

296,247

253,872

38,770

Interest expenses

(40,919)

(40,658)

(41,809)

(6,385)

Interest income

544

2,350

4,059

620

Exchange gain (loss)

(47,011)

(36,222)

16,656

2,543

Gain (loss) on change in fair value of derivative

50,756

37,505

(53,492)

(8,169)

Gain (loss) on change in conversion feature fair value of convertible bond

(2,505)

255,591

47,898

7,315

Other income

3,008

7,063

9,010

1,376

Other expenses

(1,996)

(2,133)

(2,474)

(378)

Net income before income tax

160,316

519,743

233,720

35,692

Income tax expenses

(21,367)

(148,927)

(84,296)

(12,873)

Net income

138,949

370,816

149,424

22,819

Net income attributable

to shareholders

138,949

370,816

149,424

22,819

Net income per share

Basic

0.48

1.00

0.36

0.05

Diluted

0.48

0.35

0.29

0.04

Shares used in computation

Basic

289,674,891

369,518,133

419,408,428

419,408,428

Diluted

290,187,034

415,850,842

465,445,803

465,445,803

Net income per ADS

Basic

2.40

5.02

1.78

0.27

Diluted

2.39

1.76

1.46

0.22

ADSs used in computation

Basic

57,934,978

73,903,627

83,881,686

83,881,686

Diluted

58,037,407

83,170,168

93,089,161

93,089,161

Hanwha SolarOne Co., Ltd.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Amounts in thousands of Renminbi (“RMB”) and U.S. dollars (“US$”)

For the three months ended

March 31, 2010

December 31, 2010

March 31, 2011

March 31, 2011

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

RMB’000

RMB’000

RMB’000

US$’000

Cash flow from operating activities

Net income

138,949

370,816

149,424

22,819

Adjustments to reconcile net income (loss) to net cash

provided (used) in operating activities:

Unrealised (gain)/loss from derivative contracts

(39,932)

(68,138)

25,608

3,911

Amortization of convertible bonds discount

16,580

14,657

18,607

2,842

Changes in fair value of conversion feature of convertible
bonds

2,505

(255,591)

(47,898)

(7,315)

Loss from disposal of fixed assets

580

139

201

31

Depreciation and amortization

43,134

51,490

52,464

8,012

Amortization of long-term deferred expenses

1,780

1,816

1,695

259

Provision for doubtful debt of advance to suppliers

163

Reversal of doubtful debt for accounts receivable

(278)

Provision for doubtful debt of accounts receivable

1,005

(1,006)

Write down of inventories

37,844

35,266

37,953

5,796

Stock compensation expense

7,149

6,736

5,504

840

Warranty settlements and reversals

13,562

11,768

15,805

2,414

Warranty reversal

(1,843)

(8,733)

(1,334)

Deferred tax benefit

(7,120)

(17,310)

(4,707)

(719)

Unrecognized tax benefit

116,089

30,112

4,598

Changes in operating assets and liabilities

Restricted cash

(17,761)

(8,559)

(32,144)

(4,909)

Inventory

25,269

(136,472)

(237,889)

(36,328)

Account and notes receivables

(262,198)

(1,870)

(429,231)

(65,549)

Advances to suppliers

(15,943)

87,266

(61,161)

(9,340)

Prepaid expense

12,865

25,378

7,570

1,156

Other current assets

(56,967)

(44,525)

4,486

685

Long-term prepayment

725

(75,506)

(11,531)

Amount due from related parties

(74,272)

(42,819)

15,472

2,363

Accounts and notes payable

57,354

(37,112)

460,789

70,368

Accrued expenses and other liabilities

7,259

38,041

(23,752)

(3,627)

Customer deposits

81,741

(93,960)

16,791

2,564

Amount due to related parties

21,309

(584)

11,000

1,680

Net cash provided (used) in operating activities

(5,423)

50,398

(67,540)

(10,314)

Cash flows from investing activities

Acquisition of fixed assets

(63,418)

(279,523)

(598,094)

(91,336)

Change of restricted cash

(28,074)

(20,002)

(3,054)

Acquisition of intangible assets

(1,538)

Net cash provided (used) in investing activities

(64,956)

(307,597)

(618,096)

(94,390)

Cash flows from financing activities

Proceeds from share lending

9

1

Proceeds from exercise of stock option

5,104

2,048

947

145

Proceeds from issuance of ordinary shares

1,070,784

Proceeds from short-term bank borrowings

508,368

32,687

666,561

101,792

Payment of short term bank borrowings

(130,000)

(461,777)

(208,266)

(31,805)

Payment for long term bank borrowings

(22,500)

(52,500)

(50,000)

(7,636)

Net cash provided (used) by financing activities

360,972

591,242

409,251

62,497

Net increase (decrease) in cash and cash equivalents

290,593

334,043

(276,385)

(42,207)

Cash and cash equivalents at the beginning of period

645,720

1,296,734

1,630,777

249,038

Cash and cash equivalents at the end of period

936,313

1,630,777

1,354,392

206,831

Supplemental disclosure of cash flow information:

Interest paid

33,066

11,621

29,249

4,467

Income tax paid

8,404

79,080

51,522

7,868

Realized gain/(loss) from derivative contracts

10,823

(30,633)

(27,884)

(4,258)

Supplemental schedule of non-cash activities:

Acquisition of fixed assets included in accounts payable, accrued expenses and other liabilities

(2,509)

25,096

144,298

22,036

For the three months ended

March 31, 2010

December 31, 2010

March 31, 2011

March 31, 2011

(RMB million)

(RMB million)

(RMB million)

(US$ million)

Non-GAAP net income

158.1

250.7

154.4

23.6

Fair value changes of the conversion features of the convertible bonds

(2.5)

255.6

47.9

7.3

Accretion of interest of the convertible bonds

(16.7)

(19.4)

(22.8)

(3.5)

Unrecognized tax benefit (Note)

(116.1)

(30.1)

(4.6)

GAAP net income/(loss)

138.9

370.8

149.4

22.8

For the three months ended

March 31, 2010

December 31, 2010

March 31, 2011

March 31, 2011

(RMB million)

(RMB million)

(RMB million)

(RMB million)

Non GAAP net income per ADS – Basic

2.73

3.39

1.84

0.28

Fair value changes of the conversion features of the convertible bonds

(0.04)

3.46

0.57

0.09

Accretion of interest of the convertible bonds

(0.29)

(0.26)

(0.27)

(0.04)

Unrecognized tax benefit (Note)

(1.57)

(0.36)

(0.06)

Net profit attributable to shareholders per ADS – Basic

2.40

5.02

1.78

0.27

ADS (Basic)

57,934,978

73,903,627

83,881,686

83,881,686

For the three months ended

Annualized for Q1 2011

Annualized for Q1 2010

Annualized for Q4 2010

March 31, 2010

December 31, 2010

March 31, 2011

March 31, 2011

March 31, 2010

December 31, 2010

Non-GAAP Return on Equity

6.65%

6.02%

3.14%

12.56%

26.60%

24.08%

Fair value changes of the conversion features of the convertible bonds

-1.26%

5.31%

0.69%

2.77%

-5.04%

21.25%

Accretion of interest of the convertible bonds

-0.58%

-0.43%

-0.43%

-1.73%

-2.32%

-1.74%

Unrecognized tax benefit (Note)

-2.60%

-0.57%

-2.28%

-10.39%

GAAP Return on equity

4.81%

8.30%

2.83%

11.32%

19.24%

33.20%

Note:

It relates to the incremental tax expenses for an uncertain tax position of the Company’s subsidiary as to whether the subsidiary continues to satisfy the criteria as a High and New Technology Enterprise (“HNTE”).

SOURCE Hanwha SolarOne Co., Ltd.

Tuesday, May 24th, 2011 Uncategorized Comments Off on Hanwha SolarOne (HSOL) Reports First Quarter 2011 Results

Pacira Pharmaceuticals, Inc. (PCRX) to Present at UBS Global Specialty Pharmaceuticals Conference

PARSIPPANY, N.J., May 24, 2011 /PRNewswire/ — Pacira Pharmaceuticals, Inc. (Nasdaq: PCRX), an emerging specialty pharmaceutical company, today announced that Gary Patou, M.D., chief medical officer, is scheduled to present at the UBS Global Specialty Pharmaceuticals Conference being held in London on Wednesday, May 25, 2011 at noon BST. Dr. Patou is expected to present an overview of the company.

A live audio webcast of Pacira’s presentation can be accessed by visiting the investors section of the company’s website at investor.pacira.com. A replay of the webcast will be archived on the Pacira website for two weeks following the presentation date.

About Pacira

Pacira Pharmaceuticals, Inc. is an emerging specialty pharmaceutical company focused on the development, manufacture and commercialization of novel pharmaceutical products, based on its proprietary DepoFoam drug delivery technology, for use in hospitals and ambulatory surgery centers. In December 2010, Pacira announced that its New Drug Application (NDA) for EXPAREL, the company’s most advanced investigational product candidate, had been accepted for filing by the U.S. Food and Drug Administration (FDA). The FDA has assigned a Prescription Drug User Fee Act (PDUFA) goal date of July 28, 2011 for the review of the EXPAREL NDA. EXPAREL is a bupivacaine-based product and has completed extensive Phase 3 clinical development for postoperative analgesia by infiltration. EXPAREL consists of bupivacaine encapsulated in DepoFoam, which is designed to address the limitations of widely used medications by enhancing their dosing and/or administration profile. Additional information about Pacira is available at www.pacira.com.

Contacts:

James S. Scibetta
Chief Financial Officer
Pacira Pharmaceuticals, Inc.
(973) 254-3570

Jennifer Beugelmans
Vice President, Investor Relations
Pure Communications, Inc.
(646) 596-7473

Tuesday, May 24th, 2011 Uncategorized Comments Off on Pacira Pharmaceuticals, Inc. (PCRX) to Present at UBS Global Specialty Pharmaceuticals Conference

FPIC Insurance Group, Inc. (FPIC) to be Acquired by The Doctors Company

May 24, 2011 (Business Wire) — FPIC Insurance Group, Inc. (“FPIC”) (NASDAQ: FPIC), a leading provider of medical professional liability insurance for physicians, dentists, and other healthcare providers, and The Doctors Company, the nation’s largest insurer of physician and surgeon medical professional liability, today announced that they have entered into a definitive agreement pursuant to which The Doctors Company will acquire FPIC for $42.00 per share in cash, representing an aggregate purchase price of approximately $362 million. The $42.00 per share price represents a premium of approximately 31 percent over the $32.10 per share closing price of FPIC on May 23, 2011, the last trading day prior to today’s announcement.

John R. Byers, President and Chief Executive Officer of FPIC, stated, “This transaction will deliver significant value to our shareholders and place our organization with one of the largest and most respected medical professional liability insurance organizations in the nation. I would like to thank our employees, customers and business partners for their dedication and support to FPIC. They are the driving force behind our organization’s success.”

Kenneth M. Kirschner, Chairman of the Board of FPIC, further commented, “We are pleased to have found a strategic, well-respected partner in The Doctors Company, which shares our steadfast commitment to providing exceptional service to our policyholders and is committed to the long-term success of the medical professional liability insurance industry. We believe this transaction will benefit our policyholders while rewarding our shareholders for their investment in FPIC.”

“We are pleased to announce this partnership between our two physician-founded companies. We look forward to welcoming FPIC’s 18,000 insureds to The Doctors Company. Together, we will have increased financial strength and be in an even better position to fulfill our relentless commitment to advance, protect, and reward the practice of good medicine,” said Richard E. Anderson, MD, FACP, Chairman and CEO of The Doctors Company. “All our members will continue to receive aggressive claims defense, unmatched legislative and patient safety advocacy, outstanding service, and industry-leading member benefits.”

With this merger, The Doctors Company further enhances its position as the nation’s leading insurer of physician and surgeon medical liability with over 70,000 members.

The Board of Directors of FPIC has unanimously approved the transaction and has resolved to recommend that its shareholders approve the Merger Agreement. The transaction is expected to close by the fourth quarter of 2011 and is subject to customary closing conditions, including the receipt of regulatory approvals and approval by the holders of a majority of the outstanding shares of FPIC common stock.

Sandler O’Neill + Partners, L.P. acted as the financial advisor to FPIC and Weil, Gotshal & Manges LLP provided legal advice. Sandler O’Neill + Partners, L.P. provided a fairness opinion to the Board of Directors of FPIC in connection with the transaction. Macquarie Capital acted as the financial advisor to The Doctors Company and Farella Braun + Martel LLP provided legal advice.

About FPIC Insurance Group, Inc.

FPIC Insurance Group, Inc., through its subsidiary companies, is a leading provider of medical professional liability insurance for physicians, dentists, and other healthcare providers with over 18,000 policyholders, an A- rating by A.M. Best Company and an A- rating from Fitch Ratings. FPIC is the largest provider of medical professional liability insurance in Florida, the fourth largest provider in Texas and a top five provider in Georgia and Arkansas. In all, FPIC writes medical professional liability insurance in 14 states and is licensed to write in 32 states. Further information about FPIC is available on the Internet at www.fpic.com.

About The Doctors Company

Founded by doctors for doctors in 1976, The Doctors Company (www.thedoctors.com) is relentlessly committed to advancing, protecting, and rewarding the practice of good medicine. The Doctors Company is the nation’s largest insurer of physician and surgeon medical professional liability with nearly 55,000 member physicians, $4 billion in assets, an A rating by Fitch Ratings, and an A- rating by A.M. Best Company.

Forward-Looking Statements

This press release, as well as certain other statements made by FPIC, may constitute or contain forward-looking statements within the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 that reflect, when made, FPIC’s current views with respect to current events and financial performance. Such forward-looking statements are and will be, as the case may be, subject to risks and uncertainties, as well as assumptions that, if they do not materialize or prove correct, could cause results to differ materially from those expressed or implied by such forward-looking statements. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including statements of: (a) FPIC’s plans; (b) the outcome of contingencies; (c) beliefs or expectations; and (d) assumptions underlying any of the foregoing.

Forward-looking statements may be identified by their use of forward-looking terminology, such as “believes,” “expects,” “may,” “should,” “would,” “will,” “intends,” “plans,” “estimates,” “anticipates,” “projects” and similar words or expressions. You should not place undue reliance on these forward-looking statements, which reflect management’s opinions only as of the date of this release. Because these forward-looking statements are based on estimates and assumptions that are subject to significant business, economic, and competitive risks and uncertainties, many of which are beyond FPIC’s control or are subject to change, actual results could be materially different.

Factors that might cause such a difference include, without limitation, the following:

  • the possibility that the closing of the transaction described in this press release does not occur or is delayed, either due to the failure of closing conditions, including approval of the Company’s shareholders, the failure to obtain required regulatory approvals or other reasons; and
  • risks detailed from time to time in FPIC’s public filings with the Securities and Exchange Commission (“SEC”), including its Annual Report on Form 10-K for the year ended December 31, 2010, filed with the SEC on March 9, 2011, its Quarterly Report on Form 10-Q for the quarter ended March 31, 2011 filed with the SEC on May 4, 2011 and materials to be filed in connection with shareholder approval of the merger transaction.

Other factors not currently anticipated by management may also materially and adversely affect the closing of the transaction described in this press release. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of their dates. FPIC undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Additional Information and Where to Find It

FPIC intends to file a proxy statement in connection with seeking shareholder approval of the proposed merger. The proxy statement will be mailed to FPIC’s shareholders, who are urged to read the proxy statement and other relevant materials when they become available because they will contain important information about the merger. Investors and security holders may obtain free copies of these documents and other documents filed with the Securities and Exchange Commission at the SEC’s Web site at www.sec.gov. In addition, investors and security holders may view the documents filed with the SEC by FPIC at the “Investor Relations” section on its corporate website at www.fpic.com.

FPIC’s officers and directors may be participants in the solicitation of proxies from FPIC shareholders with respect to the merger. Information about FPIC’s executive officers and directors, and their ownership of FPIC common stock, is set forth in the proxy statement for FPIC’s 2011 Annual Meeting of Shareholders, which was filed with the SEC on April 14, 2011. Additional information regarding the direct and indirect interests of FPIC’s executive officers and directors in the merger will be in the preliminary and definitive proxy statements regarding the merger, which will be filed with the SEC.

FPIC Insurance Group, Inc.

Chuck Divita, 904-360-3611

Chief Financial Officer

Tuesday, May 24th, 2011 Uncategorized Comments Off on FPIC Insurance Group, Inc. (FPIC) to be Acquired by The Doctors Company

Sify Tech (SIFY) and Deutsche Telekom Sign Partnership to Deliver IP and Virtual Private Network (VPN) Services Globally

CHENNAI, India, May 24, 2011 /PRNewswire-FirstCall/ — Sify Technologies Limited(NASDAQ Global Markets: SIFY), a leader in Enterprise Network and IT Services in India with global delivery capabilities and a pioneer in consumer internet services announced today their partnership with Deutsche Telekom International Carrier Sales & Solutions (ICSS), the international wholesalearm of Deutsche Telekom.

This partnership will provide customers and partners with top-of-the-line IP and VPN services in India and Europe, by leveraging on each others investments in Submarine, Terrestrial Networks and local network reach as well as regional partnership to reach new growth markets in South Asian, Middle East & Africa markets.

Mr. Raju Vegesna, Chairman and Managing Director, Sify Technologies Limited said “SIFY is excited with this partnership with Deutsche Telekom ICSS, which will help customers in growth markets like India. This partnership with Deutsche Telekom ICSS is an endorsement of Sify’s strength in high quality IP based Network Services. The alliance will strengthen each partner’s service portfolio and market reach. SIFY- Deutsche Telekom ICSS alliance will enable SIFY to bring matured quality services to the India market and extend the same across global growth markets in South Asia, Middle East & Africa. The combination will enable seamless and quality VPN services for Indian & European carriers and enterprises as they collaborate to reach out to the international markets.”

“Sify and Deutsche Telekom ICSS have entered into a win-win partnership, not just for Sify and Deutsche Telekom but for our customers. As the market changes and our customers face complex business challenges, this alliance between the top carriers of Europe and India will bring synergies that will benefit our customers jointly, said Dr. Holger Magnussen, Head of Deutsche Telekom ICSS. “It provides both the customers of Sify and Deutsche Telekom the ability to leverage on our complementary assets in Europe and India, to provide customers with unsurpassed level of service and a wider range of products more focused and aligned to customer needs.

This partnership overall, will provide more competitiveness in the market from the combined offering of our partnership, and I am excited of the opportunities and possibilities, this alliance will bring to both of us”.

As announced earlier, SIFY’s EIG (Europe India Gateway) submarine cable capacities are ready for activation and SIFY’s exclusive partnership with GBI (Gulf Bridge International) to land their Submarine Cable System in India, is scheduled to go live in second half of 2011. This is part of a larger full fledged strategy from SIFY to interconnect the Global Growth markets and enable SIFY’s ICT services globally.

About Sify Technologies

Sify is among the largest Managed Enterprise and Consumer Internet Services companies in India, offering end-to-end solutions with a comprehensive range of products delivered over a common telecom data network infrastructure reaching more than 625 cities and towns in India.

A significant part of the company’s revenue is derived from Corporate Services, which include corporate connectivity, network and communications solutions, security, network management services, enterprise applications and hosting. Sify is a recognized ISO 9001:2008 certified service provider for network operations, data center operations and customer support, and for provisioning of VPNs, Internet bandwidth, VoIP solutions and integrated security solutions, and ISO / IEC 20000 – 1:2005 certified for Internet Data Center operations. Sify has also established a formidable reputation in the emerging Cloud Computing market and is today regarded as a thought leader in the domain. Sify has licenses to operate NLD (National Long Distance) and ILD (International Long Distance) services and offers VoIP back haul to long distance subscriber telephony services. The company is India’s first enterprise managed services provider to launch a Security Operations Center (SOC) to deliver managed security services. A host of blue chip customers use Sify’s corporate service offerings.

Sify also caters to global markets in the specialized domains of eLearning Services and Remote Infrastructure Management Services. The eLearning Services designs, develops and delivers state-of-the-art digital learning solutions for non-profit, for-profit organizations and governmental organizations in the fields of Information technology, engineering, environment, healthcare, education and finance. The Remote Infrastructure Management Services provides dependable and economical solutions around managed services, hosting and monitoring.

Sify Software was established with the cumulative experience gained over the last decade in infrastructure, Data centre and connectivity business. It aims to be a solutions company that provides applications and services to improve business efficiencies of its current clients and prospect client bases.

Consumer services include broadband home access and the ePort cyber cafe chain across more than 200 cities and towns in India. Very recently, Sify also introduced a whole host of services for the retail consumer on the Consumer cloud platform, thereby becoming among the first to do so in India. Sify.com, the popular consumer portal, has channels on news, entertainment, finance, sports, games and shopping. Samachar.com is the popular portal aimed at non-resident Indians around the globe. The site’s content is available in 8 Indian languages, which include Hindi, Malayalam, Telugu, Kannada and Tamil, Punjabi and Gujarati in addition to English.

For more information about Sify, visit http://www.sifycorp.com.

About Deutsche Telekom

Deutsche Telekom is one of the world’s leading integrated telecommunications companies with around 128 million mobile customers, 36 million fixed-network lines and approximately 17 million broadband lines (as of March 31, 2011). The Group provides products and services for the fixed network, mobile communications, the Internet and IPTV for consumers, and ICT solutions for business customers and corporate customers. Deutsche Telekom is present in over 50 countries and has around 244,000 employees worldwide. The Group generated revenues of EUR 62.4 billion in the 2010 financial year – more than half of it outside Germany (as of December 31, 2010).

About Deutsche Telekom International Carrier Sales & Solutions (ICSS)

International Carrier Sales & Solutions (ICSS), an integral part of Deutsche Telekom’s International Businesses unit within the Europe organization, is the global communications enabler of the Deutsche Telekom Group and more than 700 external customers worldwide. As one of the largest carriers in the world, ICSS provides global voice communication, Internet connectivity to millions of eyeballs, and global roaming and messaging on next generation platforms, as well as smart content distribution, media exchange, and virtual carrier solutions. The international customers of ICSS experience seamless service provisioning, including global reach and the highest quality. The variety of solutions provided by ICSS is based on an expanding ultramodern infrastructure: Deutsche Telekom’s international network.

For further information, see http://www.telekom-icss.com

Forward Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The forward-looking statements contained herein are subject to risks and uncertainties that could cause actual results to differ materially from those reflected in the forward-looking statements. Sify undertakes no duty to update any forward-looking statements.

For a discussion of the risks associated with Sify’s business, please see the discussion under the caption “Risk Factors” in the company’s Annual Report on Form 20-F for the year ended March 31, 2010, which has been filed with the United States Securities and Exchange Commission and is available by accessing the database maintained by the SEC at http://www.sec.gov and Sify’s other reports filed with the SEC.

    For further information, please contact

    Sify Technologies Limited        Grayling Investor Relations
    Mr. Pijush Das                   Ms. Truc Nguyen (ext. 418)
    Investor Relations               Mr. Christopher Chu (ext. 426)
    +91-44-2254-0777 (ext. 2703)     +1-646-284-9400
    pijush.das@sifycorp.com          truc.nguyen@grayling.com
                                     christopher.chu@grayling.com

    Mr. Praveen Krishna
    Corporate Communications
    +91 44 22540777 (extn.2055)
    praveen.krishna@sifycorp.com
Tuesday, May 24th, 2011 Uncategorized Comments Off on Sify Tech (SIFY) and Deutsche Telekom Sign Partnership to Deliver IP and Virtual Private Network (VPN) Services Globally

American DG Energy (ADGE) Prices Offering of $2.4 Million Senior Unsecured Convertible Debentures

WALTHAM, Mass., May 23, 2011 /PRNewswire/ — American DG Energy Inc. (NYSE Amex: ADGE), a leading OnSite Utility, offering clean electricity, heat, hot water and cooling solutions to hospitality, healthcare, housing and athletic facilities, today announced that it has agreed to issue $2,400,000 aggregate principal amount of Senior Unsecured Convertible Debentures (“Debentures”) to John N. Hatsopoulos, the Company’s Chief Executive Officer.

The Debentures will mature on May 25, 2018 and will accrue interest at the rate of 6% per annum payable on a semi-annual basis. At the holder’s option, the Debentures may be converted into shares of common stock of American DG Energy Inc. at a conversion price of $2.20 per share, subject to adjustment in certain circumstances.

The Company has the option to redeem at 115% of Par Value any or all of the Debentures after May 25, 2016. The proceeds of the Debentures will be used in connection with the development and installation of current and new energy systems, business development and for general corporate purposes.

The Debentures will cancel the revolving line of credit agreement with John N. Hatsopoulos, which as of May 23, 2011 had a principal amount outstanding of $2,400,000.

About American DG Energy

American DG Energy supplies low-cost energy to its customers through distributed power generating systems. The Company is committed to providing institutional, commercial and small industrial facilities with clean, reliable power, cooling, heat and hot water at lower costs than charged by local utilities – without any capital or start-up costs to the energy user – through its On-Site Utility energy solutions. American DG Energy is headquartered in Waltham, Massachusetts. More information can be found at www.americandg.com.

FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements under the Private Securities Litigation Reform Act of 1995 that involve a number of risks and uncertainties. Important factors could cause actual results to differ materially from those indicated by such forward-looking statements, as disclosed on the Company’s website and in Securities and Exchange Commission filings. This press release does not constitute an offer to buy or sell securities by the Company, its subsidiaries or any associated party and is meant purely for informational purposes. The statements in this press release are made as of the date of this press release, even if subsequently made available by the Company on its website or otherwise. The Company does not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.

SOURCE American DG Energy Inc.

Monday, May 23rd, 2011 Uncategorized Comments Off on American DG Energy (ADGE) Prices Offering of $2.4 Million Senior Unsecured Convertible Debentures

Ampio Pharmaceuticals, Inc. (AMPE) Completes Evaluation of Data From Phase III Clinical Trials of Zertane(tm)

GREENWOOD VILLAGE, Colo., May 23, 2011 /PRNewswire/ — Ampio Pharmaceuticals, Inc. (NASDAQ: AMPE)(“Ampio” or the “Company”), a company focused on new uses for previously approved drugs and new molecular entities (“NMEs”), today announced that it has completed the analysis of the data from the Phase Three European clinical trials of Zertane™, a repurposed drug used to treat premature ejaculation (PE). PE is the most common male sexual dysfunction, afflicting about 23% of all men between the ages of 18 and 75 years old. Zertane was acquired in the March, 2011 merger with DMI BioSciences, Inc.

“Completion of the Phase Three trials was particularly significant in that only about 15% of drugs that enter this phase have a successful outcome,” said Dr. David Bar-Or, founder and Chief Scientific Officer. “Further, the analysis of the trial results exceeded our expectations. The data showed positive statistical significance in every category analyzed, with only very minor and minimal adverse events. This trial included 604 intent-to-treat patients, in a multi-center, double-blind, placebo-controlled design.”

“Ampio currently holds issued patents in 31 countries worldwide and has multiple additional patent applications which seek to protect related clinical indications for the drug,” continued Dr. Bar-Or. “This trial data is expected to allow Ampio to file a comprehensive application to selected European regulatory agencies to seek approval for commercialization of Zertane.”

Ampio CEO Donald Wingerter noted: “We continue to be very encouraged by the prospects for this unique product. In the near future, Ampio will provide a presentation of the trial results that will include comparisons to published data on the only other PE drug currently marketed in Europe as well as our commercial strategic plan for this product.”

About Ampio

The Company is also performing a phase II clinical trial of Optina™, a treatment for diabetic macular edema. Ampio Pharmaceuticals, Inc. develops innovative proprietary drugs for metabolic disease, eye disease, kidney disease, inflammation, CNS disease, and male sexual dysfunction. By concentrating on development of new uses for previously approved drugs, approval timelines, costs and risk of clinical failure are reduced because these drugs have strong potential to be safe and effective while their shorter development times can significantly increase near term value. A key strategy includes actively exploring partnership, licensing and other collaboration opportunities to maximize Ampio’s product development programs. For more information about Ampio, please visit our website, www.ampiopharma.com.

Forward-Looking Statements

Ampio’s statements in this press release that are not historical fact and that relate to future plans or events are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties, such as unexpected delays in the regulatory approval process, changes in business conditions, and similar events. The risks and uncertainties involved include those detailed from time to time in Ampio’s filings with the Securities and Exchange Commission, including Ampio’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.

Contact:
Investor Relations
Ampio Pharmaceuticals, Inc.
303-418-1000

SOURCE Ampio Pharmaceuticals, Inc.

Monday, May 23rd, 2011 Uncategorized Comments Off on Ampio Pharmaceuticals, Inc. (AMPE) Completes Evaluation of Data From Phase III Clinical Trials of Zertane(tm)

Spectrum Pharmaceuticals (SPPI) Announces ZEVALIN(R) and Belinostat Abstracts to Be Presented

May 23, 2011 (Business Wire) — Spectrum Pharmaceuticals (NasdaqGS: SPPI), a biotechnology company with fully integrated commercial and drug development operations with a primary focus in oncology, today announced ZEVALIN® (ibritumomab tiuxetan) and Belinostat abstracts will be presented at the 2011 Annual Meeting of the American Society of Clinical Oncology (ASCO), to be held June 3-7, 2011 at the McCormick Place Convention Center in Chicago, Illinois.

Summary abstract are now available for viewing on the ASCO website (www.asco.org).

Friday, June 3, 2011
Time: 2:00pm to 6:00pm
Session: Leukemia, Myelodysplasia, and Transplantation
Type: Poster Discussion Session
Location: McCormick Place E450b
Abstract #6521 A Phase 1 and Pharmacodynamic (PD) Study of the Histone Deacetylase (HDAC) Inhibitor Belinostat (BEL) Plus Azacitidine (AZC) in Advanced Myeloid Malignancies
Authors: O. Odenike et al.
Saturday, June 4, 2011
Time: 8:00am to 12:00pm
Session: Lymphoma and Plasma Cell Disorders
Type: Poster Discussion Session
Location: McCormick Place E450b
Abstract #8019 Use of Myeloablative Y90-Ibritumomab Tiuxetan in Patients with High-Risk CD20+ NHL Not Eligible for Standard ASCT: Five-Year Results
Authors: L. Devizzi, et al.
Monday, June 6, 2011
Time: 1:00pm to 5:00pm
Session: Lymphoma & Plasma Cell Disorders
Type: General Poster Session
Location: McCormick Place Hall A
Abstract #8048 Discriminatory Power of the 111Indium Scan (111In) in the Prediction of Altered Biodistribution of Radio-Immunoconjugate in the 90-yttrium Ibritumomab Tiuxetan Therapeutic Regimen: Meta-Analysis of Five Clinical Trials and 9 Years of Post-Approval Safety Data
Authors: Kylstra, Jelle W. – Spectrum Pharmaceuticals, Inc.

Online Only

Abstract #e18553 Consolidation Therapy With Yttrium-90-Ibritumomab Tiuxetan In Follicular Lymphoma Following Induction With Modern Chemoimmunotherapy Regimens: A Single-Institution Experience
Authors: N.V. Koshy, et al.
Abstract #e18503 Y90 Ibritumomab Tiuxetan With Maintenance Rituximab As Initial Therapy For High Tumor Burden Follicular Lymphoma: A Wisconsin Oncology Network Study
Authors: K. Thorhildur, et al
Abstract #e17511 Management of Thymic Epithelial Tumors (TETs) at the National Cancer Institute (NCI)
Authors: A. Rajan, et al

About Belinostat

Belinostat (PXD 101) is a Class I and II HDAC inhibitor that is being studied in multiple clinical trials as a single agent or in combination with chemotherapeutic agents for the treatment of various hematological and solid cancers. Its anticancer effect is thought to be mediated through multiple mechanisms of action, including the inhibition of cell proliferation, induction of apoptosis (programmed cell death), inhibition of angiogenesis, induction of differentiation, and the resensitization of cells that have become resistant to anticancer agents such as platinums, taxanes and topoisomerase II inhibitors. Belinostat is the only HDAC inhibitor in clinical development with multiple potential routes of administration, including intravenous administration, continuous intravenous infusion and oral administration.

Belinostat is currently in a registrational trial, the BELIEF Study, under a Special Protocol Assessment (SPA), as a monotherapy for relapsed or refractory Peripheral T-Cell Lymphoma (PTCL), an indication for which it has been granted Orphan Drug and Fast Track designations by the U.S. Food and Drug Administration. Belinostat is also under investigation in a randomized Phase 2 trial, as a combination therapy with carboplatin and paclitaxel, for cancer of unknown primary (CUP). The CUP study is being run and fully funded by our partner Topotarget A/S. Additionally, the National Cancer Institute is currently conducting several clinical trials of belinostat in a variety of hematological and solid tumors, both as monotherapy as well as combination therapy.

About ZEVALIN® and the ZEVALIN Therapeutic Regimen

ZEVALIN (ibritumomab tiuxetan), injection for intravenous use is indicated for the treatment of patients with previously untreated follicular non-Hodgkin’s Lymphoma (NHL), who achieve a partial or complete response to first-line chemotherapy. ZEVALIN is also indicated for the treatment of patients with relapsed or refractory, low-grade or follicular B-cell non-Hodgkin’s lymphoma.

ZEVALIN is a CD20-directed radiotherapeutic antibody. The ZEVALIN therapeutic regimen consists of three components: rituximab, Indium-111 (In-111) radiolabeled ZEVALIN for imaging, and Yttrium-90 (Y-90) radiolabeled ZEVALIN for therapy. The ZEVALIN therapeutic regimen is a form of cancer therapy called radioimmunotherapy. Radioimmunotherapy (RIT) is an innovative form of cancer treatment with a mechanism of action that is different from traditional chemotherapy. RIT builds on the combined effect of a targeted biologic monoclonal antibody augmented with the therapeutic effects of a beta-emitting radioisotope.

Important ZEVALIN® Safety Information

Deaths have occurred within 24 hours of rituximab infusion, an essential component of the ZEVALIN therapeutic regimen. These fatalities were associated with hypoxia, pulmonary infiltrates, acute respiratory distress syndrome, myocardial infarction, ventricular fibrillation, or cardiogenic shock. Most (80%) fatalities occurred with the first rituximab infusion. ZEVALIN administration results in severe and prolonged cytopenias in most patients. Severe cutaneous and mucocutaneous reactions, some fatal, can occur with the ZEVALIN therapeutic regimen.

Please see full Prescribing Information, including Boxed WARNINGS, for ZEVALIN and rituximab. Full prescribing information can be found at www.ZEVALIN.com.

About Spectrum Pharmaceuticals, Inc.

Spectrum Pharmaceuticals is a biotechnology company with fully integrated commercial and drug development operations with a primary focus in oncology. The Company’s strategy is comprised of acquiring, developing and commercializing a broad and diverse pipeline of late-stage clinical and commercial products. The Company markets two oncology drugs, FUSILEV and ZEVALIN, and has two drugs, apaziquone and belinostat, in late stage development along with a diversified pipeline of novel drug candidates. The Company has assembled an integrated in-house scientific team, including clinical development, medical research, regulatory affairs, biostatistics and data management, formulation development, and has established a commercial infrastructure for the marketing of its drug products. The Company also leverages the expertise of its worldwide partners to assist in the execution of its strategy. For more information, please visit the Company’s website at www.sppirx.com.

Forward-looking statement – This press release may contain forward-looking statements regarding future events and the future performance of Spectrum Pharmaceuticals that involve risks and uncertainties that could cause actual results to differ materially. These statements are based on management’s current beliefs and expectations. These statements include but are not limited to statements that relate to our business and its future, including certain company milestones, Spectrum’s ability to identify, acquire, develop and commercialize a broad and diverse pipeline of late-stage clinical and commercial products, leveraging the expertise of partners and employees, around the world to assist us in the execution of our strategy, and any statements that relate to the intent, belief, plans or expectations of Spectrum or its management, or that are not a statement of historical fact. Risks that could cause actual results to differ include the possibility that our existing and new drug candidates, may not prove safe or effective, the possibility that our existing and new drug candidates may not receive approval from the FDA, and other regulatory agencies in a timely manner or at all, the possibility that our existing and new drug candidates, if approved, may not be more effective, safer or more cost efficient than competing drugs, the possibility that our efforts to acquire or in-license and develop additional drug candidates may fail, our lack of revenues, our limited marketing experience, our dependence on third parties for clinical trials, manufacturing, distribution and quality control and other risks that are described in further detail in the Company’s reports filed with the Securities and Exchange Commission. We do not plan to update any such forward-looking statements and expressly disclaim any duty to update the information contained in this press release except as required by law.

SPECTRUM PHARMACEUTICALS, INC. ®, ZEVALIN®, and FUSILEV® are registered trademarks of Spectrum Pharmaceuticals, Inc. REDEFINING CANCER CARE™ and the Spectrum Pharmaceutical logos are trademarks owned by Spectrum Pharmaceuticals, Inc.

© 2011 Spectrum Pharmaceuticals, Inc. All Rights Reserved

Spectrum Pharmaceuticals, Inc.

Paul Arndt

Senior Manager, Investor Relations

702-835-6300

Monday, May 23rd, 2011 Uncategorized Comments Off on Spectrum Pharmaceuticals (SPPI) Announces ZEVALIN(R) and Belinostat Abstracts to Be Presented