Archive for September, 2011

BioLineRx (BLRX) Announces Positive Preliminary Results from Phase I Clinical Trial of BL-1021 for Neuropathic Pain

BioLineRx (NASDAQ: BLRX) (TASE: BLRX) announced today the last visit of the last subject and preliminary results of the Phase Ia study of BL-1021, an orally available small molecule for neuropathic pain. Study results demonstrated that a single administration of BL-1021 was safe and well tolerated. In addition, preliminary modeling of the pharmacokinetic data collected in this trial predicts that a once daily administration of BL-1021 at the dose levels assessed in the trial will enable reaching effective doses in patients. Final results are expected to be announced in the fourth quarter of 2011.

The trial was a first-in-human, double-blind, placebo-controlled study performed at the Hadassah Clinical Research Center, Jerusalem, Israel. The study aimed at assessing the safety, tolerability and pharmacokinetics (PK) of a single administration of BL-1021 at doses between 10 mg and 80 mg.

Dr. Kinneret Savitsky, BioLineRx’s CEO, stated, “This Phase I trial has demonstrated the safety and tolerability of BL-1021 and we believe it has the potential to provide improved efficacy without the side effects associated with many existing medications. We are also encouraged by the favorable pharmacokinetic profile of BL-1021 and anticipate that the final results and analysis will confirm that BL-1021 has the competitive advantage of a once daily administration. This trial is an important milestone towards the commercialization of BL-1021.”

About BL-1021

BL-1021 is an orally available small molecule for the treatment of neuropathic pain that was designed to share the activities of anti-neuropathic drugs without their common adverse effects. BL-1021’s efficacy has been demonstrated in various animal models of neuropathic pain. Pre-clinical data demonstrate that BL-1021 has a lowered propensity for sedation, low cardiac toxicity and improved efficacy compared with other anti-pain medications.

About Neuropathic Pain

Neuropathic pain is a complex, chronic state of pain that results from dysfunctional or injured nerve fibers. Neuropathic pain is associated with various conditions, including shingles, diabetes and cancer and is reported to affect 1% to 3% of the population. Patients describe the symptoms as burning, stabbing, electric shock or itching sensations, which can cause extreme discomfort for extended periods of time. A variety of medications are used to treat neuropathic pain, including antidepressants and anti-seizure medicines. However, these medications have significant side effects and are not always effective. In 2009 the neuropathic pain market was estimated to be $2.4 billion in the seven major markets (US, Japan, France, Germany, Italy, Spain and the UK), and it is projected to grow to $4.1 billion in 2018.

About BioLineRx

BioLineRx Ltd. is a publicly-traded biopharmaceutical development company. BioLineRx is dedicated to building a portfolio of products for unmet medical needs or with advantages over currently available therapies. BioLineRx’s current portfolio consists of five clinical stage candidates: BL-1020 for schizophrenia is in Phase II/III clinical trials; BL-1040 for treatment of patients following a myocardial infarction has completed a Phase I/II study and has been out-licensed to Ikaria Inc. for a total deal value of $282.5 million, in addition to sales royalties; BL-5010 for non-surgical removal of skin lesions has completed a Phase I/II study; BL-1021 for neuropathic pain is in Phase I trials; and BL-7040 for treating Inflammatory Bowel Disease (IBD) has completed Phase I. In addition, BioLineRx has nine products in various pre-clinical development stages for a variety of indications, including central nervous system diseases, oncology, infectious diseases, cardiovascular and autoimmune diseases.

BioLineRx’s business model is based on acquiring molecules mainly from biotechnological incubators and academic institutions. The Company performs feasibility assessment studies and development through pre-clinical and clinical stages, with partial funding from the Israeli Government’s Office of the Chief Scientist (OCS). The final stage includes partnering with medium and large pharmaceutical companies for advanced clinical development (Phase III) and commercialization. For more information on BioLineRx, please visit www.biolinerx.com.

The estimates and judgments with respect to the projects included in this release are considered forward-looking statements, which involve certain risks and uncertainties, and are based on information available to the Company at the time of this release. Such estimates may not be realized or may be only partially realized, due to the significant uncertainty characterizing research and development activities in general, particularly those of drug development, including changes in regulation or uncertainty relating to the application of regulation, unexpected delays in obtaining regulatory approval, unexpected delays in patient recruitment for clinical trials, unexpected delays in other clinical trial preparatory activities, inefficiencies, inability to manufacture, toxicity, a high level of risk/reward in comparison to current treatments available, as well as new information regarding intellectual property rights which may affect the economic viability of continued product development. The Company assumes no responsibility for updating forward-looking statements made herein or otherwise.

Tuesday, September 13th, 2011 Uncategorized Comments Off on BioLineRx (BLRX) Announces Positive Preliminary Results from Phase I Clinical Trial of BL-1021 for Neuropathic Pain

Multi Million Ounce Gold Resource Defined at Paramount Gold’s (PZG) Sleeper Project in Nevada

WINNEMUCCA, NEVADA–(Marketwire – Sept. 13, 2011) – Paramount Gold and Silver Corp. (NYSE Amex:PZG)(TSX:PZG)(FRANKFURT:P6G)(WKN:A0HGKQ) (“Paramount”) announced today the results of a new NI-43-101 compliant resource estimate on its 100% owned Sleeper Gold Project prepared by SRK Consulting (www.srk.com), a well-recognized mining consulting firm. The Sleeper Gold Project is located off a main highway about 25 miles from the town of Winnemucca, Nevada. Acquired by Paramount in 2010, the 45 square mile project area includes the original Sleeper high-grade open pit mine operated by Amax Gold from 1986 to 1996 as well as newly purchased claims (Paramount press release Aug. 23, 2011) stretching south down trend to Newmont`s Sandman project.

The SRK resource estimate includes oxide and sulfide materials as well as a small amount of in-place mineralization described as alluvial. SRK estimates an in situ measured and indicated resource of 2.6 million ounces of gold and 25.3 million ounces of silver and an additional inferred resource of 1.1 million ounces of gold and 8.2 million ounces of silver using a cut-off grade of 0.20 grams of gold per tonne (g/T) for oxide and alluvial material and 0.25 grams per tonne (g/T) for sulfide material. These cut-off grades were determined using a gold price of $1,100/oz. and recoveries of 85% for sulfides and 70% for oxides.

The following table summarizes SRK’s resource estimate:

Sleeper Resources Table
MEASURED
Material Cut-off Au g/T Tonnes Au g/T Ag g/T Au Oz Ag Oz
Oxide 0.20 31,960,502 0.39 4.23 397,669 4,346,620
Sulfide 0.25 91,074,631 0.54 5.06 1,569,495 14,816,501
Total 123,035,133 0.50 4.84 1,967,164 19,163,121
INDICATED
Material Cut-off Au g/T Tonnes Au g/T Ag g/T Au Oz Ag Oz
Oxide 0.20 10,829,438 0.33 4.12 114,203 1,434,501
Sulfide 0.25 38,898,882 0.44 3.79 544,032 4,739,953
Total 49,728,320 0.41 3.86 658,235 6,174,454
MEASURED AND INDICATED
Material Cut-off Au g/T Tonnes Au g/T Ag g/T Au Oz Ag Oz
Oxide 0.20 42,789,940 0.37 4.20 511,872 5,781,121
Sulfide 0.25 129,973,513 0.51 4.68 2,113,527 19,556,454
Total 172,763,453 0.47 4.56 2,625,399 25,337,575
INFERRED
Material Cut-off Au g/T Tonnes Au g/T Ag g/T Au Oz Ag Oz
Alluvial 0.20 151,675 2.03 9,890
Oxide 0.20 13,191,635 0.32 3.42 136,145 1,450,516
Sulfide 0.25 68,410,857 0.44 3.07 974,376 6,752,446
Total 81,754,167 0.43 3.12 1,120,410 8,202,962

The resources are located in the West Wood, Facilities, Wood, Office and Sleeper zones encompassing a mineralized area over 2.0 kilometers long by 1.3 kilometers wide. The resource calculation does not incorporate potential above ground inventory including mill tailings, waste dumps and leached ore which are the subject of ongoing analysis. Also excluded are the results from drilling conducted after February, 2011. An updated resource estimate for Sleeper is scheduled for next year to incorporate data on the surface inventory and more recent drilling results.

Tetra Tech (www.TetraTech.com), a leading international mining consulting firm, has been engaged to prepare an NI 43-101 compliant Preliminary Economic Assessment (PEA) of the Sleeper gold project for completion in early 2012. The current work program at Sleeper is consistent with Paramount’s strategy of expanding and upgrading known, large-scale precious metal occurrences in established mining camps, defining their economic potential and then partnering them with nearby producers. As a former high-grade gold producer, Sleeper is ideally located near established, low cost production in Nevada, where the infrastructure already exists for early, cost-effective exploitation.

The Sleeper database used for SRK’s resource estimate includes more than 4,000 reverse circulation and core drill holes, as well as historical surface mapping and interpretations, to create a comprehensive lithological and structural model over the entire deposit. Additionally, data from more than 378,000 blast holes, collected while the project was in operation, were utilized to define trends, orientations and inclinations for the principal mineral zones. SRK employed Vulcan Software to vary the block sizes to as small as 2.5 by 2.5 by 2.5 meters to better control the limits of high grade zones and avoid over-estimation. Multiple search distances and orientation parameters were used for various grades and previously defined zones. Higher grade zones were estimated using ordinary kriging (OK) with maximum search distances of 10 meters with an average of 7 meters. Medium and low grade zones were also estimated with Ordinary Kriging using average maximum search distances of 48 meters for all domains, with the result that most of the resource falls within the measured and indicated category. Longer search distances were used for inferred material.

Christopher Crupi, CEO of Paramount Gold commented, “Sleeper is emerging as one of Nevada’s largest undeveloped gold resources. Its location, size and style of mineralization suggest that Sleeper could sustain a low-cost mining operation. Our next step is to complete a PEA within the first quarter of 2012 to establish the economic parameters for a mining operation. If the PEA is successful, we will move immediately toward a Preliminary Feasibility Study which will enable us to report reserves. At the same time as we push ahead with the existing resource, we will focus on a series of promising new exploration targets which have emerged from the data”.

The SRK resource estimate at varying cutoff grades is as follows:

Measured Oxide Material

Cut-off Au g/T Measured
Tonnes Au g/T Ag g/T Au Oz Ag Oz
0.1 51,140,096 0.3 3.69 493,265 6,067,162
0.2 31,960,502 0.387 4.23 397,669 4,346,620
0.25 23,364,479 0.447 4.5 335,785 3,380,386
0.3 16,930,538 0.513 4.82 279,245 2,623,708
0.4 9,427,511 0.648 5.22 196,413 1,582,214

Indicated Oxide Material

Cut-off Au g/T Indicated
Tonnes Au g/T Ag g/T Au Oz Ag Oz
0.1 21,251,557 0.242 3.69 165,350 2,521,244
0.2 10,829,438 0.328 4.12 114,203 1,434,501
0.25 6,704,861 0.393 4.4 84,719 948,506
0.3 4,274,272 0.461 4.59 63,352 630,772
0.4 1,884,221 0.61 4.89 36,954 296,236

Measured and Indicated Oxide Material

Cut-off Au g/T MI
Tonnes Au g/T Ag g/T Au Oz Ag Oz
0.1 72,391,653 0.28 3.69 658,615 8,588,406
0.2 42,789,940 0.37 4.20 511,872 5,781,121
0.25 30,069,340 0.43 4.48 420,504 4,328,893
0.3 21,204,810 0.50 4.77 342,597 3,254,480
0.4 11,311,732 0.64 5.17 233,367 1,878,451

Measured Sulfide Material

Cut-off Au g/T Measured
Tonnes Au g/T Ag g/T Au Oz Ag Oz
0.2 115,476,605 0.47 4.77 1,744,977 17,709,655
0.25 91,074,631 0.536 5.06 1,569,495 14,816,501
0.3 71,695,288 0.606 5.34 1,396,886 12,309,193
0.4 45,695,936 0.755 5.7 1,109,232 8,374,332
0.5 30,760,064 0.905 5.97 895,022 5,904,176
0.6 21,703,611 1.055 6.22 736,177 4,340,304

Indicated Sulfide Material

Cut-off Au g/T Indicated
Tonnes Au g/T Ag g/T Au Oz Ag Oz
0.2 53,645,467 0.377 3.65 650,238 6,295,404
0.25 38,898,882 0.435 3.79 544,032 4,739,953
0.3 27,505,079 0.502 3.84 443,930 3,395,798
0.4 15,044,512 0.633 3.72 306,182 1,799,363
0.5 8,907,105 0.762 3.47 218,217 993,719
0.6 5,473,666 0.898 3.4 158,035 598,349

Measured and Indicated Sulfide Material

Cut-off Au g/T MI
Tonnes Au g/T Ag g/T Au Oz Ag Oz
0.2 169,122,072 0.44 4.41 2,395,214 24,005,059
0.25 129,973,513 0.51 4.68 2,113,527 19,556,454
0.3 99,200,367 0.58 4.92 1,840,816 15,704,991
0.4 60,740,448 0.72 5.21 1,415,414 10,173,694
0.5 39,667,169 0.87 5.41 1,113,239 6,897,895
0.6 27,177,277 1.02 5.65 894,212 4,938,653

Inferred Oxide Material

Cut-off Au g/T Inferred
Tonnes Au g/T Ag g/T Au Oz Ag Oz
0.1 29,635,200 0.225 3.18 214,382 3,029,931
0.2 13,191,635 0.321 3.42 136,145 1,450,516
0.25 8,053,980 0.384 3.71 99,435 960,688
0.3 4,724,427 0.466 4.06 70,784 616,699
0.4 2,049,919 0.631 3.41 41,588 224,744

Inferred Sulfide Material

Cut-off Au g/T Inferred
Tonnes Au g/T Ag g/T Au Oz Ag Oz
0.2 94,874,313 0.382 3.05 1,165,225 9,303,497
0.25 68,410,857 0.443 3.07 974,376 6,752,446
0.3 49,260,219 0.509 3.1 806,143 4,909,709
0.4 26,265,629 0.652 2.81 550,596 2,372,968
0.5 15,105,865 0.806 2.75 391,452 1,335,599
0.6 9,467,172 0.962 2.79 292,815 849,224

Inferred Alluvial Material

Cut-off Au g/T Inferred
Tonnes Au g/T Ag g/T Au Oz Ag Oz
0.1 156,140 1.975 9,915
0.2 151,675 2.03 9,890
0.25 150,281 2.045 9,881
0.3 148,215 2.07 9,864
0.4 134,889 2.24 9,715

Exploration activities at Sleeper were conducted by Paramount Gold under the supervision of Glen van Treek, exploration vice president of the company and Bill Threlkeld, a Qualified Person as defined by National Instrument 43-101, who have reviewed and approved this press release. This release was also reviewed and approved by SRK’s George Even, a Qualified Person responsible for the resource estimation. An ongoing quality control/quality assurance protocol was employed during the program including blank, duplicate and reference standards in every batch of assays. Samples were assayed at ALS Chemex, Reno Nevada using fire assay atomic absorption methods for gold, and aqua regia digestion ICP methods at ALS Chemex Vancouver, Canada for other elements.

Cautionary Note to U.S. Investors Concerning Estimates of Indicated and Inferred Resources:

This news release uses the terms “measured and indicated resources” and “inferred resources”. We advise U.S. investors that while these terms are defined in, and permitted by, Canadian regulations, these terms are not defined terms under SEC Industry Guide 7 and are normally not permitted to be used in reports and registration statements filed with the SEC. “Inferred resources” have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian rules, estimates of inferred mineral resources may not form the basis of a feasibility study or prefeasibility studies, except in rare cases. The SEC normally only permits issuers to report mineralization that does not constitute SEC Industry Guide 7 compliant “reserves”, as in-place tonnage and grade without reference to unit measures. U.S. investors are cautioned not to assume that any part or all of mineral deposits in this category will ever be converted into reserves. U.S. investors are cautioned not to assume that any part or all of an inferred resource exists or is economically or legally minable.

Safe Harbor for Forward-Looking Statements

This release and related documents may include “forward-looking statements” including, but not limited to, statements related to the interpretation of drilling results and potential mineralization, future production and future exploration work at the Sleeper Gold Project and the expected results of this work. Forward-looking statements are statements that are not historical fact and are subject to a variety of risks and uncertainties which could cause actual events to differ materially from those reflected in the forward-looking statements including fluctuations in the price of gold, inability to complete drill programs on time and on budget, and future financing ability. Paramount’s future expectations, beliefs, goals, plans or prospects constitute forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and other applicable securities laws. Words such as “believes” “plans” “anticipates” “expects” “estimates” and similar expressions should also be considered to be forward-looking statements. There are a number of important factors that could cause actual results or events to differ materially from those indicated by such forward-looking statements, including, but not limited to: uncertainties involving interpretation of drilling results, environmental matters, lack of ability to obtain required permitting, equipment breakdown or disruptions, and the other factors described in Paramount’s Annual Report on Form 10-K for the year ended June 30, 2011 filed with the SEC. Except as required by applicable law, Paramount disclaims any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this document.

Source: Marketwire Canada (September 13, 2011 – 11:25 AM EDT)

News by QuoteMedia

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NovaBay Pharmaceuticals (NBY) Reports Positive Results in Sinus Infection Study

EMERYVILLE, Calif., Sept. 12, 2011 (GLOBE NEWSWIRE) — NovaBay® Pharmaceuticals, Inc. (NYSE Amex:NBY), a clinical-stage biotechnology company developing its first-in-class, anti-infective Aganocide® compounds for the local non-systemic treatment and prevention of antibiotic-resistant infections, presented a new study reporting results of its Aganocide compound NVC-422 for the treatment of sinusitis in a sheep model.

The study, titled “Efficacy of NVC-422 Against Staphylococcus aureus Biofilms in a Sheep Model of Sinusitis,” was conducted by Professor P.J. Wormald and his research team from the University of Adelaide in Australia in collaboration with researchers at NovaBay. It was presented at the 2011 meeting of the American Rhinologic Society in San Francisco on September 10.

In this study the sheep frontal lobe sinuses were infected with staph aureus. The infection was allowed to form a biofilm to develop over a seven day period. Two concentrations of NVC-422 (0.1% and 0.5%) were used in the study drug treatment group while the controls were treated with normal saline or vehicle control. The results showed that nasal irrigation with the study drug NVC-422 effectively reduced the S. aureus biomass with the 0.5% being more effective without adverse events.

Ron Najafi, CEO of NovaBay, stated: “These results from the team at the University of Adelaide are very encouraging and add to the portfolio of important results with our lead Aganocide compound NVC-422. This study was observed to reduce bacterial biofilm mass in a dose-dependent manner. Further research will clarify our understanding of NVC-422’s specific abilities to reduce the incidence of biofilms, and its possible use in treating humans with antibiotic-resistant chronic sinusitis.

About Sinus Infections (Sinusitis)

Sinusitis is an ailment marked by an inflammation of the paranasal sinuses, often as a consequence of a bacterial infection. Infections with the formation of a bacterial biofilm account for many cases of antibiotic-resistant chronic sinusitis. When a biofilm forms on an infection, treatment becomes very complicated, since the bacteria inside it exists in a state that renders it largely immune to antibiotics. The American Academy of Allergy, Asthma and Immunology reports that sinusitis is one of the leading forms of chronic disease, with an estimated 18 million cases and at least 30 million courses of antibiotics in the United States per year.

About NovaBay Pharmaceuticals, Inc.

NovaBay Pharmaceuticals is a clinical-stage biotechnology company focused on developing its proprietary and patented Aganocide compounds. These are novel, synthetic anti-infectives with activity against bacteria, fungi and viruses, and are being developed to treat and prevent a wide range of local, non-systemic infections with a low likelihood of developing bacterial resistance.

NovaBay is focusing its technology on four distinct therapeutic areas: dermatology, ophthalmology, urology and hospital infections. In dermatology, the focus is on developing an NVC-422 gel formulation for the highly contagious skin infection of impetigo. NovaBay has the advantage of being partnered with Galderma, the leading dermatology company in the world. In ophthalmology, the goal is to develop an eye drop for viral conjunctivitis. In urology, NovaBay aims to reduce the incidence of urinary catheter blockage and encrustation (UCBE) and the potential for urinary tract infections with an irrigation solution containing NVC-422. In hospital infection, NovaBay is targeting the six-million-patient market of chronic non-healing wounds, such as pressure, venous stasis and diabetic ulcers with its proprietary anti-infective solution, NeutroPhase®, which has received two 510(k) clearances from the Food and Drug Administration. For additional information, visit www.novabaypharma.com.

Cautionary Information Regarding Forward-Looking Statements

The statements in this press release regarding NovaBay’s expectation on the potential efficacy of Aganocide compounds; the potential to develop a treatment for sinusitis as well as other statements that relate to future events or results are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The forward- looking statements reflect the views of the management of NovaBay as of the date of this press release and are based on assumptions and subject to significant risks and uncertainties (many of which are outside of NovaBay’s control), including, but are not limited to: the risk that results obtained in preclinical studies may not be obtained in humans; NovaBay’s Aganocide compounds may not prove to be effective in treating sinusitis; and the FDA or other regulatory agencies may delay clinical trials, or require additional studies or procedures, which could delay or prevent the development of Aganocide compounds. These and other risks relating to the development of Aganocide compounds are detailed in NovaBay’s filings with the Securities and Exchange Commission, including in the section entitled “Risk Factors” in Item 1A of Part II of that report, which was filed with the Securities and Exchange Commission on August 10, 2011. The forward-looking statements in this press release speak only as of this date, and NovaBay disclaims any intent or obligation to revise or update publicly any forward-looking statement except as required by law.

CONTACT: Investors:
         NovaBay Pharmaceuticals, Inc.
         Thomas J. Paulson, Chief Financial Officer
         510-899-8809
         tjpaulson@NovaBaypharma.com

         Investors and Media:
         The Investor Relations Group
         Investor Relations:
         Adam Holdsworth
         212-825-3210
         adam@investorrelationsgroup.com
         Public Relations:
         Laura Colontrelle
         212-825-3210
         laura@investorrelationsgroup.com

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RADCOM (RDCM) Wins Strategic Deal With Leading Mobile International Group

RADCOM Ltd. (NASDAQ: RDCM) a leading network service assurance provider, today announced that it has received additional orders totaling approximately $US 6.5 million from one of Latin America’s major multinational mobile telecommunications groups. These orders were placed by several of the group’s regional operators.

RADCOM’s rising business from this group reflects the customer’s decision to standardize on RADCOM’s advanced Omni-Q as a comprehensive solution for controlling many aspects of service quality. This deal is an integral part of RADCOM’s strategy of building relationships with multi-national telecommunications groups that can implement RADCOM’s unique tools across their operators. Since this operator is one of the most advanced operators in Latin America, RADCOM’s comprehensive offering is ideal for them, as RADCOM can provide one platform for all technologies on their network. RADCOM’s focused offerings for cross-national operators, such as interconnection management and roaming analysis were significant features in this operator’s decision to choose RADCOM as the preferred solution.

“This strategic deal by this multi-national group improves our visibility, making us even more confident in our product and marketing strategy,” commented Mr. David Ripstein, RADCOM’s President and CEO. “These deals confirm that we are well positioned with the right technology, in a high-potential market.”

About RADCOM

RADCOM develops, manufactures, markets and supports innovative network test and service monitoring solutions for communications service providers and equipment vendors. The Company specializes in next-generation Cellular as well as IMS, Voice, Data and VoIP networks. Its solutions are used in the development and installation of network equipment and in the maintenance of operational networks. The Company’s products facilitate fault management, network service performance monitoring and analysis, troubleshooting and pre-mediation. RADCOM’s shares are listed on the NASDAQ Capital Market under the symbol RDCM. For more information, please visit http://www.RADCOM.com.

Risks Regarding Forward-Looking Statements

Certain statements made herein that use words such as “estimate,” “project,” “intend,” “expect,” “‘believe”, “may”, “might”, “predict”, “potential”, “anticipate”, “plan” or similar expressions are intended to identify forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve known and unknown risks and uncertainties that could cause the actual results, performance or achievements of RADCOM to be materially different from those that may be expressed or implied by such statements, including, among others, changes in general economic and business conditions and specifically, decline in the demand for RADCOM’s products, inability to timely develop and introduce new technologies, products and applications, and loss of market share and pressure on prices resulting from competition. For additional information regarding these and other risks and uncertainties associated with the RADCOM’s business, reference is made to RADCOM’s reports filed from time to time with the United States Securities and Exchange Commission. RADCOM does not undertake to revise or update any forward-looking statements for any reason.

Contact:
Eyal Harari
VP Products and Marketing
+972-77-774-5030
eyalh@radcom.com

SOURCE RADCOM Ltd

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MicroVision (MVIS) Demonstrates the Future of Mobile 3D Displays

MicroVision, Inc. (NASDAQ: MVIS), the leader in innovative ultra-miniature laser display technology, today is demonstrating an early version of its 3D PicoP® prototype during the Visions of the Future session at Mobile Future Forward in Seattle. Sid Madhavan, vice president of R&D and applications, will share more details on the 3D technology developed by MicroVision at the event.

MicroVision’s 3D PicoP utilizes a mixed-polarization approach with its laser scanning technology to deliver 60Hz frame rates to each eye, enabling the use of less expensive passive 3D eyewear. This allows MicroVision to offer a cost-effective and pocket-sized mobile solution, compared to competitive approaches that utilize two projectors or bulky and more expensive active shutter glasses.

As more 3D content becomes available on a growing range of devices, from smartphones to handheld gaming consoles, users would have the ability to break free from small screens and leverage 3D PicoP to display content over 100 inches in diagonal image size. In addition, MicroVision’s in-motion laser display technology is ideal for high intensity, action-packed 3D mobile games, providing focus-free crisp images for extremely immersive experiences.

“MicroVision technology makes it easier for consumers to view, share, collaborate and play games, using mobile devices that they simply don’t leave home without,” said Alexander Tokman, president and CEO, MicroVision. “3D on the move is a next logical step, and we are uniquely positioned to take the immersive 3D viewing experience beyond the living room.”

Original equipment manufacturers would be able to leverage the 3D technology in MicroVision’s next-generation HD PicoP engine that is expected to be released during the second half of 2012.

About MicroVision

MicroVision provides the PicoP display technology platform designed to enable next-generation display and imaging products for pico projectors, vehicle displays and wearable displays that interface with mobile devices. The company’s PicoP display engine uses highly efficient laser light sources that create vivid images with high contrast and brightness. For more information, visit us on:

Our company website: microvision.com
Our corporate blog: microvision.com/displayground
Twitter: twitter.com/microvision
Facebook: facebook.com/MicrovisionInc
YouTube: youtube.com/mvisvideo

PicoP is a registered trademark of MicroVision Inc. in the United States and other countries. All other trademarks are the properties of their respective owners.

Forward-Looking Statements

Certain statements contained in this release, including those relating to future availability of 3D technology and products, future product development and those using words such as “would” are forward-looking statements that involve a number of risks and uncertainties. Factors that could cause actual results to differ materially from those projected in the company’s forward-looking statements include the following: our ability to raise additional capital when needed; our or our customers failure to perform under open purchase orders; our financial and technical resources relative to those of our competitors; our ability to keep up with rapid technological change; government regulation of our technologies; our ability to enforce our intellectual property rights and protect our proprietary technologies; the ability to obtain additional contract awards; the timing of commercial product launches and delays in product development; the ability to achieve key technical milestones in key products; dependence on third parties to develop, manufacture, sell and market our products; potential product liability claims; and other risk factors identified from time to time in the company’s SEC reports, including the company’s Annual Report on Form 10-K filed with the SEC. Except as expressly required by federal securities laws, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, changes in circumstances or any other reason.

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T3 Motion (TTTM) Expands International Footprint of its Electric Vehicles into Saudi Arabia

COSTA MESA, Calif., Sept. 12, 2011 /PRNewswire/ — www.t3motion.com T3 Motion, Inc. (NYSE AMEX: TTTM), a producer of clean tech/green tech electric personal mobility vehicles, today announced that Luxury Carts, a Saudi Arabian company, has been selected to exclusively distribute T3 Series Electric Stand-up Vehicles (ESV) in Saudi Arabia. Luxury Carts has a blanket purchase order to purchase multiple T3 ESVs for up to $1,881,000, to supply law enforcement agencies and security companies throughout Saudi Arabia. Luxury Carts may purchase the additional T3 ESVs through August 31, 2012. T3 Motion received the initial order release for T3 ESVs of approximately $231,000.

(Photo: http://photos.prnewswire.com/prnh/20110912/LA66230)

The T3 ESV will be used for many security and law enforcement applications throughout Saudi Arabia. Distributors anticipate that the ESVs will be used for the first time during Saudi Arabia’s most prevalent tourist event, Hajj. The T3 ESVs would be used for security and as emergency responders throughout the event.

Luxury Carts is known for having a wide range of products and solutions for the utility vehicle and ATV industry and has a reputation for delivering operational excellence through superior customer service, innovation, quality and commitment.

This agreement further solidifies T3 Motion’s presence in the Middle East, with contractual agreements in Qatar, Iraq, Kuwait, Lebanon, Egypt and the UAE. In addition to the Saudi Arabia order, the ministry of interior in Kuwait is expected to release an order for a significant number of T3 ESVs.

“The Middle East has been a very active area for our T3 ESVs,” Ki Nam, CEO of T3 Motion noted. “Our focus this year has been to expand our clean technology into the international arena. Saudi Arabia represents a broad market for personal mobility vehicles.”

Mr. Bakr, Managing Director of Luxury Carts, stated, “Luxury Carts is very pleased to be T3 Motion’s distributor for Saudi Arabia. Saudi Arabia and the Gulf Corporation Council are increasingly conscious of using clean, green and alternative energy vehicles. We are very proud to be launching the T3 vehicle and look forward to having them used for the first time for Hajj at Mecca this year. We see the T3 as a significant advancement for the security industry, both government and private, in our country.”

T3 Series Features

The cutting-edge green technology provides a low cost of operation, at less than 10 cents per day and two re-chargeable, swap-able batteries, the T3 has 24/7 operation with unlimited range.

  • Zero-degree turning radius
  • Swap-able batteries
  • Speeds up to 25 km/h, the equivalent of 15 mph
  • 9-inch raised platform provides a superior vantage point

About T3 Motion, Inc.

T3 Motion, Inc. (AMEX: TTTM) revolutionized the world of personal mobility with the introduction of their flagship electric T3. Headquartered in Orange County, California, T3 Motion, Inc. is dedicated to raising the bar on environmental standards and law enforcement and security capabilities in personal mobility technology. For more information, visit www.t3motion.com

About Luxury Carts:

Luxury Carts was established primarily for creating a new niche through identification of new opportunities and markets for premier golf carts, commercial and industrial utility vehicles, parts and accessories. Luxury Carts is Saudi Arabia’s authorized distributor for premium UTV brands Club Car and Motrec Industrial vehicles, among others, and Trojan long-lasting deep-cycle batteries. Luxury Carts is the only UTV transport solutions company in the Kingdom of Saudi Arabia to have been certified ISO 9001:2000.

“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding T3 Motion’s business, which are not historical facts, are “forward-looking statements” that are not guarantees of future performance. Such forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those anticipated by the forward-looking statements. These risks and uncertainties include, among others, factors associated with market conditions and the satisfaction of customary closing conditions related to the proposed public offering. For additional information concerning these and other factors that may cause actual results to differ from those contained in the forward-looking statements, see “Risk Factors” in the Company’s Registration Statement filed on Form S-1, as amended, and in the periodic reports the Company files from time to time with the Securities and Exchange Commission.

SOURCE T3 Motion, Inc.

Monday, September 12th, 2011 Uncategorized Comments Off on T3 Motion (TTTM) Expands International Footprint of its Electric Vehicles into Saudi Arabia

Global Industries (GLBL) Signs Merger Agreement with Technip

HOUSTON, Sept. 12, 2011 /PRNewswire/ — Global Industries, Ltd. (Nasdaq: GLBL) announced today that it has entered into a definitive merger agreement with Technip (NYSE Euronext Paris: TEC) under which Technip will acquire Global in an all cash merger. Under the terms of the agreement, which was unanimously approved by Global’s Board of Directors, Global stockholders will receive $8.00 in cash for each share of Global’s common stock. The transaction values Global at an enterprise value of approximately $1,073 million, including Global’s approximately $136 million of net debt. The $8.00 per share acquisition price represents a 55% premium to Global’s closing share price on September 9, 2011, the last trading day prior to announcement of the transaction, and a 92% premium to Global’s average closing share price for the 30 trading days ending on September 9, 2011. The transaction is not subject to any financing condition.

  • Global brings to Technip a complementary subsea business comprising the knowhow and experience of Global’s teams supported by 14 vessels, including two newlybuilt leading edge SLay vessels, as well as important geographic positions notably in the Gulf of Mexico (US and Mexican waters), AsiaPacific and the Middle East.
  • Technip’s skills, commercial track record, and strong client base will realize the full value and potential of Global’s knowhow, assets and experience, and broaden opportunities for Global’s employees.

Global expects the transaction to be completed in early 2012. The management teams of Global and Technip expect to work closely together to develop an integration plan.

John B. Reed, Chief Executive Officer of Global, said: “Global and Technip share a common view of the promising subsea market. The merger of our two companies will provide our customers with an unrivaled execution capability, combining Technip’s leading, integrated subsea capabilities with Global’s G1200 and G1201, complementary market presence and skills and knowhow in SLay and heavy lift.”

Completion of the merger is subject to certain customary closing conditions, including, among other things, approval of Global’s stockholders and receipt of certain regulatory approvals.

Simmons & Company International is acting as financial advisor and Vinson & Elkins LLP is acting as legal advisor to Global. Simmons & Company has delivered a fairness opinion to the Global Board of Directors in connection with their approval of the transaction based upon and subject to the assumptions set forth in the opinion.

About Global

Global is a leading solutions provider of offshore construction, engineering, project management and support services including pipeline construction, platform installation and removal, deepwater/SURF installations, IRM, and diving to the oil and gas industry worldwide. The Company’s shares are traded on the NASDAQ Global Select Market under the symbol “GLBL”.

Forward-looking Statements

This press release, and all oral statements made regarding the subject matter of this communication, contains statements that constitute forwardlooking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current expectations and beliefs of Global and are subject to a number of risks, uncertainties and assumptions that could cause actual results to differ materially from those described in the forwardlooking statements. Any statements that are not statements of historical fact (such as statements containing the words “believes”, “plans”, “anticipates”, “expects”, “estimates” and similar expressions) should be considered forwardlooking statements. Among others, the following risks, uncertainties and other factors could cause actual results to differ from those set forth in the forwardlooking statements: (i) the risk that the proposed merger may not be consummated in a timely manner, if at all; (ii) the risk that the definitive merger agreement may be terminated in circumstances that require Global to pay Technip a termination fee of $30 million; (iii) risks related to the diversion of management’s attention from Global’s ongoing business operations; (iv) the effect of the announcement of the merger on Global’s business relationships (including, without limitation, suppliers and customers), operating results and business generally; and (v) risks related to obtaining the requisite consents for the merger, including, without limitation, the timing (including possible delays) and receipt of regulatory approvals from various governmental entities. Additional risk factors that may affect future results are contained in Global’s filings with the Securities and Exchange Commission, which are available at the SEC’s website at http://www.sec.gov. Because forwardlooking statements involve risks and uncertainties, actual results and events may differ materially from results and events currently expected by Global. Global expressly disclaims any obligation or undertaking to update or revise any forwardlooking statements contained herein to reflect any change of expectations with regard thereto or to reflect any change in events, conditions or circumstances.

Additional Information About the Merger and Where to Find it

In connection with the proposed merger, Global intends to file relevant materials with the SEC, including a proxy statement. Investors and security holders of Global are urged to read the proxy statement (when it becomes available) and any other relevant documents filed with the SEC, as well as any amendments or supplements to those documents, because they will contain important information about Global, the proposed merger and the parties to the proposed transaction. Investors and security holders may obtain these documents (and any other documents filed by Global and Technip with the SEC) free of charge at the SEC’s website at http://www.sec.gov. In addition, the documents filed with the SEC by Global may be obtained free of charge from the investor relations website portion of Global’s website at http://www.globalind.com. Investors and security holders are urged to read the proxy statement and the other relevant materials when they become available before making any voting or investment decision with respect to the proposed merger.

Global and its directors and executive officers may be deemed to be participants in the solicitation of proxies from Global’s stockholders in respect of the proposed merger. Information regarding Global’s directors and executive officers is contained in Global’s Annual Report on Form 10K for the year ended December 31, 2010, its proxy statement for its 2011 Annual Meeting of Stockholders, and subsequent filings which Global has made with the SEC. Stockholders may obtain additional information about the directors and executive officers of Global and their respective interests with respect to the proposed merger by security holdings or otherwise, which may be different than those of Global’s stockholders generally, by reading the definitive proxy statement and other relevant documents regarding the proposed merger, when filed with the SEC. Each of these documents is, or will be, available as described above.

SOURCE Global Industries, Ltd.

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Entropic Communications (ENTR), Technetix Deliver MoCA to the European Market

AMSTERDAM, Sept. 9, 2011 (GLOBE NEWSWIRE) — (IBC2011; Stand 3.A41)Entropic Communications, Inc. (Nasdaq:ENTR), a leading provider of silicon and software solutions to enable connected home entertainment, is proud to announce European designer and manufacturer of leading technology solutions, Technetix, will bring the first ever push-on Ethernet-to-Coax Network Adapter (TECB-D01), powered by Entropic’s MoCA® (Multimedia over Coax)-based silicon solution, to the European market.

Adoption of MoCA as the leading home networking backbone topology continues to gain traction. In the U.S., MoCA is currently being deployed by service providers representing nearly 70 percent of the 100 million pay-TV homes. The opportunity in Europe is beginning to take hold as consumer demands evolve for services such as broadband extension for every room in the house, shared planning of high definition (HD) content, or multi-room digital video recording (MR-DVR), and greater interest to supporting multiple streams of HD video throughout the home.

The Technetix TECB-D01 is a single port Ethernet to coax adapter powered by Entropic’s leading MoCA-based silicon and software. The device is unique in that it provides a straightforward plug-and-play installation onto an existing home coaxial wall socket to create a high-speed, whole-home entertainment backbone. By leveraging MoCA as the basis for the home network, consumers gain the most reliable home entertainment experience, and service providers can offer enough capacity and support for streaming high volumes of whole-home HD multimedia content.

“The European market has high demand for technology solutions that can improve the performance and ease the installation of in-home entertainment networks,” said Jan Ariesen, vice president, Development Engineering, Technetix. “Our TECB-D01, based on Entropic’s leading MoCA silicon, leverages their global successes as seen from U.S. service providers and demonstrates the highest quality capabilities required to deliver the most robust and dependable in-home video and content distribution system.”

“Partnering with Technetix is a significant win for Entropic and the MoCA standard, as it strongly positions MoCA to be the network backbone technology for achieving greater penetration and expansion throughout Europe,” said Vinay Gokhale, senior vice president, Marketing and Business Development, Entropic Communications. “We see that European consumers want to deploy more HD streaming services – from shared planning to over-the-top video – throughout the home, but to gain the best viewing experience, they need bandwidth characteristics that only a MoCA network can provide.

With the availability of the TECB-D01 MoCA-based network adapter, European service providers gain an opportunity to offer more advanced, high-bandwidth IP streaming services that leverage the extremely reliable, high throughput connection that is offered by Entropic’s MoCA 1.1 technology. Additionally, as service providers rollout MoCA 2.0, the next-generation of the standard, the TECB-D01 will be fully interoperable with new MoCA 2.0 investments, allowing for the seamless deployment of new operator services.

The sister product to the TECB-D01, the Technetix TECB-01 MoCA network adapter, was awarded ‘Best Connected Home Communications Hub’ at the Connected Home Global Summit 2011 earlier this year. Both devices will go into trials with leading European service providers in 2011, and will be showcased during IBC2011 at the Entropic Stand A41-Hall 3, September 9-13, 2011, at the RAI Amsterdam.

About Technetix

Technetix designs and manufactures leading technology solutions that span the total high-speed broadband network. Driven by increasing demand for media-rich content, the broadband cable market is growing exponentially. Technetix’ market leading, critical technology enables major cable operators worldwide to increase their network capacity, improve operating efficiency and reduce costs.

Technetix supplies leading broadband cable and telecommunications suppliers worldwide such as Virgin Media, Comcast, Liberty Global, France Telecom, Ziggo and ONO. For further information, visit www.technetix.com or email sales@technetix.com

About Entropic Communications

Entropic Communications, Inc. (Nasdaq:ENTR) is a leading fabless semiconductor company that is engineering the future of connected home networking and entertainment by providing next-generation silicon and software technologies to the world’s leading cable, telco and satellite service providers, OEMs and consumer electronics manufacturers. As a co-founder of MoCA (Multimedia over Coax Alliance), Entropic pioneered and continues to evolve the way high-definition television-quality video and other multimedia and digital content such as movies, music, games and photos are brought into and delivered throughout the home. For more information, visit Entropic at www.entropic.com.

Forward-Looking Statements

Statements in this press release that are not strictly historical in nature constitute “forward-looking statements.” Such statements include, but are not limited to, statements regarding Entropic’s MoCA® technology, its related prospects, and its role in the future of home networking. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause Entropic’s actual results to be materially different from historical results or from any results expressed or implied by such forward-looking statements. These factors include, but are not limited to, the effects of competition, risks associated with Entropic’s dependence on a limited number of customers and suppliers, technology risks, the risk that the market for HD video and multimedia content delivery solutions may not develop as Entropic anticipates, and other factors discussed in the “Risk Factors” section of Entropic’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2011. All forward-looking statements are qualified in their entirety by this cautionary statement. Entropic is providing this information as of the date of this release and does not undertake any obligation to update any forward-looking statements contained in this release as a result of new information, future events or otherwise.

Technetix and the Technetix logo are trademarks or registered trademarks of Technetix Group Limited in the UK and certain other countries. MoCA is a registered trademark of the Multimedia Over Coax Alliance.

CONTACT: Entropic Contacts:
         Investor Contact:
         Debra Hart
         Director, Investor Relations
         +1 858-768-3852
         debra.hart@entropic.com

         Media Contacts:
         Robbin Lynn
         Marketing Communications Manager
         +1 760-579-2261
         robbin.lynn@entropic.com

         Chris Fallon
         Ruder Finn for Entropic Communications
         +1 917-974-1667
         fallonc@ruderfinn.com

         Technetix Contacts:
         Steve Farrell
         Product Management Director
         +44 (0) 1444 251 208
         steve.farrell@technetix.com

         Annette Unsworth
         Technical Publications Manager
         +44 (0) 1444 251 245
         annette.unsworth@technetix.com

company logo

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Charm Communications (CHRM) to Present at Susquehanna Financial Group’s Fifth Annual Beijing Management Summit

BEIJING, Sept. 9, 2011 /PRNewswire-Asia-FirstCall/ — Charm Communications Inc. (NASDAQ: CHRM) (“Charm” or the “Company”), a leading advertising agency in China, announced today that its chief financial officer, Mr. Wei Zhou, will present at Susquehanna Financial Group’s Fifth Annual Beijing Management Summit on Friday, September 16 at the Grand Hyatt Beijing Hotel.

The date, time and location of Charm’s presentation are as follows:

Date:

Friday, September 16, 2011

Time:

8:00 a.m. Beijing Time

Location:

Grand Hyatt Beijing Hotel

1 East Chang An Avenue

Beijing 100738

During the conference, Mr. Zhou will also be available for one-on-one meetings with institutional investors to discuss market trends and the Company’s growth strategies. Interested parties may contact the event organizers or the Company’s investor relations department at +86-10-6581-3885 or ir@charmgroup.cn.

About Charm

Charm Communications Inc. (NASDAQ: CHRM) is a leading advertising agency in China. Charm operates its business under three brands: Charm Advertising, Charm Interactive, and Shangxing Media. Under the Charm Advertising and Charm Interactive brands, Charm offers integrated advertising agency services from planning and managing advertising campaigns to creating and placing advertisements. Under the Shangxing Media brand, Charm has established a portfolio of television advertising media resources through its exclusive arrangements with premium national television channels, which include not only advertising time but also opportunities for placing branded content. Charm’s clients include well-recognized brand names in China across many industries, as well as emerging domestic leading brands. In January 2010, Charm formed a consolidated joint venture with international 4A advertising group Aegis Media, its strategic investor, to operate its brand “Vizeum” in China. In October 2010, Charm also entered into agreement to establish a joint venture with Wasu Digital Group to operate all advertising-related businesses across Wasu’s IPTV, 3G mobile TV and broadband TV network platforms. For more information please go to http://ir.charmgroup.cn.

For investor and media inquiries, please contact:

In China:

IR Department

Charm Communications Inc.

Phone: +86-10-6581-3885

Email: ir@charmgroup.cn

In the U.S.:

Ms. Jessica Barist Cohen

Ogilvy Financial, New York

Phone: +1-646-460-9989

Email: chrm@ogilvy.com

SOURCE Charm Communications Inc.

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First Merchants Corporation (FRME) Announces $21.2 Million Capital Raise

First Merchants Corporation (NASDAQ: FRME), announced that it has raised $21.2 million in a direct private placement of its common stock. First Merchants also announced that it has received preliminary approval to receive an investment of approximately $90.8 million in the Company’s preferred stock through the Small Business Lending Fund (SBLF). First Merchants intends to utilize the proceeds from the private placement and participation in the SBLF program to fully repay the United States Treasury Department’s $116 million investment in First Merchants through its TARP Capital Purchase Program.

Mark Hardwick, Chief Financial Officer said, “First Merchants is thankful for the ability to participate in the TARP program as it helped the Corporation weather the recent recession. However, management and the Board of Directors are very pleased to be repaying the investment in full.” Hardwick also added, “The private equity offering, which closed at $7.50 per share, a premium to last night’s closing price, positively complements an already enhanced capital structure when compared to pre-recession levels. The execution of this transaction is reflective of the confidence our new institutional investors have in the growth strategy of First Merchants.”

The primary catalyst behind the repayment of TARP was First Merchants’ preliminary approval to participate in the Small Business Lending Fund (SBLF) as created by the 2010 Small Business Jobs Act. The SBLF is a new lending program that encourages qualified community banks to partner with small businesses and entrepreneurs to create jobs and promote economic development in local communities. To participate in SBLF, a Bank must be less than $10 billion in size and qualifying credits must be less than $10 million to companies with less than $50 million in sales. The SBLF program encourages growth in loans and allows its participants to capitalize on potential rate reductions well below those established under the TARP program. Subject to final regulatory approval from the Federal Reserve and final due diligence by the Treasury, First Merchants expects the closing of its SBLF investment to occur within the next two weeks.

Michael C. Rechin, President and Chief Executive Officer said, “The completion of this transaction when coupled with the strengthening of First Merchants Bank serves as a catalyst for our future. We are poised to capitalize on core organic growth and acquisition growth without an overhang in our stock price. First Merchants is a transformed company with a rich heritage in its most established markets and a strong foothold in its higher growth markets with attractive demographic profiles.” Rechin also added, “Our focus has always been small business and the middle market, so the SBLF program fits First Merchants very well. We are a small business commercial bank per the SBLF definition and we are proud to serve our customers in such a capacity. We understand that we need our communities as much as they need us. It’s a partnership and it provides for a bright future for our employees, customers and shareholders.”

The repayment of the TARP investment in full will result in the reversal of last year’s gain resulting from favorable accounting treatment attributable to the exchange of designated preferred securities for trust preferred securities as reported on form 10-k on July 2, 2010.

FIG Partners served as a financial advisor to First Merchants on the above private equity offering.

About First Merchants Corporation

First Merchants Corporation is a financial holding company headquartered in Muncie, Indiana. The Corporation is comprised of First Merchants Bank, N.A., which also operates as Lafayette Bank & Trust, Commerce National Bank, and First Merchants Trust Company as divisions of First Merchants Bank, N.A. First Merchants Corporation also operates First Merchants Insurance Group, a full-service property casualty, personal lines, and healthcare insurance agency.

First Merchants Corporation’s common stock is traded on the NASDAQ Global Select Market System under the symbol FRME. Quotations are carried in daily newspapers and can be found on the company’s Internet web page (http://www.firstmerchants.com).

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ParkerVision (PRKR) Signs Purchase Agreement for Common Stock

JACKSONVILLE, Fla., Sept. 9, 2011 (GLOBE NEWSWIRE) — ParkerVision, Inc. (Nasdaq:PRKR) (“ParkerVision”) today announced the signing of a securities purchase agreement for the sale of 7,800,000 shares of its common stock at a price of $0.88 per share, in a registered offering to certain institutional investors. Ladenburg Thalmann & Co. Inc., a subsidiary of Ladenburg Thalmann Financial Services Inc. (NYSE Amex:LTS), is acting as the placement agent for the offering.

Upon closing, net proceeds from the sale of the shares, after deducting the placement agent’s fees and the other offering expenses, are expected to be approximately $6.5 million. The offering is subject to customary closing conditions and is expected to close on or about September 14, 2011. The Company plans to use the net proceeds from the offering for working capital and for other general corporate purposes, including funding its research, its sales and marketing activities and its infringement litigation.

The offering is being made pursuant to an effective shelf registration statement filed with the Securities and Exchange Commission on September 14, 2009. Copies of the prospectus supplement and accompanying base prospectus relating to the offering may be obtained from the Securities and Exchange Commission at http://www.sec.gov, or from Ladenburg Thalmann & Co. Inc., 4400 Biscayne Blvd., 14th Floor, Miami, FL 33137, or by calling (305) 572-4200.

This press release does not constitute an offer to sell, or the solicitation of an offer to buy, the shares of common stock, nor shall there be any sale of the shares of common stock in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification of the shares under the securities laws of any such state or jurisdiction.

About ParkerVision, Inc.

ParkerVision designs, develops and sells its proprietary RF technologies which enable advanced wireless communications for current and next generation mobile communications networks. ParkerVision is headquartered in Jacksonville, Florida.

The ParkerVision, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=7219

Safe Harbor Statement

This press release contains forward-looking information. Readers are cautioned not to place undue reliance on any such forward-looking statements, each of which speaks only as of the date made. Such statements are subject to certain risks and uncertainties which are disclosed in ParkerVision’s SEC reports, including the Form 10-K for the year ended December 31, 2010, and the Forms 10-Q for the quarters ended March 31 and June 30, 2011. These risks and uncertainties could cause actual results to differ materially from those currently anticipated or projected.

CONTACT: ParkerVision, Inc.
         Cindy Poehlman, Chief Financial Officer
         904-732-6100
         cpoehlman@parkervision.com

         The Wall Street Group, Inc.
         Ron Stabiner, Vice President
         212-888-4848
         rstabiner@thewallstreetgroup.com

ParkerVision, Inc. Logo

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China Botanic (CBP) Schedules Conference Call to Discuss FY 2011 Third Quarter Results

HARBIN, China, Sept. 9, 2011 /PRNewswire-Asia/ — China Botanic Pharmaceutical Inc. (AMEX: CBP) (“China Botanic” or the “Company”), a developer, manufacturer and distributor of botanical products, bio-pharmaceuticals and traditional Chinese medicines (“TCM”), today announced that it will host a conference call at 9:00 a.m. Eastern Time on Thursday, September 15, 2011, to discuss financial results for the third quarter of fiscal year 2011 ended July 31, 2011.

Joining Mr. Shaoming Li, China Botanic’s chairman and CEO, will be Mr. Guangtao Li, the Company’s vice president and Mr. David Dong, the Company’s CFO.

To participate in the conference call, please dial the following number five to ten minutes prior to the scheduled conference call time: 866-394-2209. International callers should dial +1 706- 758-1481. The conference ID number for the call is 97912567.

If you are unable to participate in the call at this time, a replay will be available on Thursday, September 15, 2011 at 12:00 noon Eastern Time, through Thursday, September 29, 2011. To access the replay, dial 855-859-2056. International callers should dial +1 404-537-3406. The conference ID number for the replay is 97912567.

ABOUT CHINA BOTANIC PHARMACEUTICAL INC.

China Botanic Pharmaceutical Inc. is engaged in the research, development, manufacturing, and distribution of botanical products, bio-pharmaceutical products, and traditional Chinese medicines (“TCM”), in the People’s Republic of China. All of the Company’s products are produced at its three GMP-certified production facilities in Ah City, Dongfanghong and Qingyang. The Company distributes its botanical anti-depression and nerve-regulation products, biopharmaceutical products, and botanical antibiotic and OTC TCMs through its network of over 3,000 distributors and over 70 sales centers across 24 provinces in China.

Company Contact:

CCG Investor Relations:

China Botanic Pharmaceutical Inc.

Mr. Mark Collinson, Partner

Ms. Portia Tan, IR Contact

Phone: +1-310-954-1343 (Los Angeles)

Tel: 86-451-8260-2162

Email: mark.collinson@ccgir.com

Email: ir@renhuang.com

Website: www.ccgirasia.com

Mr. Crocker Coulson, President

Phone: +1-646-213-1915 (New York)

.

Email: crocker.coulson@ccgir.com

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VistaGen Therapeutics, Inc. (VSTA) Able to Use Non-Embryonic Stem Cells for Rescuing Promising Drug Candidates

Few advances in the history of human health have raised as much hope as the development and application of pluripotent stem cell technology. It’s an enthusiasm based on the fact that pluripotent stem cells, unlike adult cells, have the remarkable ability, under the right conditions, to be transformed into all sorts of different cells, which can then be used for more efficient research, testing, and ultimately the replacement of damaged tissues and cells for the treatment of heart failure, Parkinson’s disease, cancer, and other life threatening conditions. A key point is that there are different kinds of stem cells, though with similar capabilities.

Embryonic Stem Cells (ES Cells) are pluripotent stem cells derived from excess embryos, eggs that have been fertilized in vitro (IVF) and donated for research purposes with the informed consent of the donors. These embryos did not develop inside the body, and consist of only about 100 cells, long before organs, tissues, or nerves have developed. ES Cells have well-documented potential to differentiate into any of the over 200 cell types found in the human body (that is, they are pluripotent).

Induced Pluripotent Stem Cells (iPS Cells) are derived from adult cells, typically human skin or fat cells, that have been genetically reprogrammed to behave like ES Cells. This is done by forcing the cells to express the genes necessary for maintaining the differentiating ability found in ES Cells. Although ES Cells and iPS Cells are similar in many respects, including the important ability to differentiate into other types of cells, scientists are still determining if there some ways in which they are not alike.

VistaGen Therapeutics is a biotechnology company primarily focused on using advanced stem cell technologies for rescuing previously researched drugs. These are drugs that may have had millions of dollars in research behind them, with proven efficacy, but were blocked because of possible toxicity issues, usually heart or liver toxicity. In some cases this is due simply to the inability of existing assays to provide adequate toxicity data. Such drugs offer immense potential if they can be brought back to life through today’s state-of-the-art testing methods being made possible by VistaGen’s proprietary pluripotent stem cell technologies.

For example, VistaGen’s human heart cell bioassay system, CardioSafe 3D, can provide clearly predictive heart toxicity data on drug candidates before they are ever tested in humans. CardioSafe 3D is based upon a combination of proprietary and exclusively licensed stem cell technologies, including technologies developed over the last 20 years by renowned Canadian scientist, Dr. Gordon Keller, and Dr. Ralph Snodgrass, VistaGen’s founder, President and Chief Scientific Officer. It’s a superior approach designed to eliminate the possibility of toxicity surprises such as occurred with Merck’s Vioxx or GlaxoSmithKline’s Avandia.

VistaGen’s additional advantage is that the Company has developed the ability to use iPS Cells as well as ES Cells for their applications, and in fact has not had to use excess embryos from IVF clinics for over 7 years.

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Evolution Petroleum (EPM) Reports Fourth Quarter and Fiscal Year 2011 Financial Results, Reserves and Operations Update

HOUSTON, Sept. 7, 2011 /PRNewswire/ — Evolution Petroleum Corporation (NYSE Amex: EPM) today reported year-end reserves, operations update and financial results for its fourth quarter and fiscal year-ended June 30, 2011 (“Q4-11” and “FY-11”, respectively), along with its capital plan for 2012.

Year end Reserves – Assigned by independent reservoir engineers at June 30, 2011

Proved Reserves (net to EPM):

  • Proved reserves increased by 1.4 million barrels of oil equivalent (MMBOE) to 13.8 MMBOE, an 11.5% increase over the prior year.
  • Increased volumes are primarily due to a much accelerated working interest reversion date in the Delhi EOR project, net of production, divestments and revisions.
  • Volumes are 84% oil, 5% natural gas liquids and 11% natural gas.
  • Proved PV-10 increased 41% to $375.3 million (pre-tax future cash flows from proved reserves discounted at 10% using the SEC’s trailing twelve month average commodity pricing standard, a non-GAAP measure defined and reconciled below).
  • The PV-10 increase is primarily due to increased volumes and higher oil prices realized during the year.

Proved Developed Reserves:

  • Proved developed reserves increased 378% over the prior year, from 1.1 to 5.3 MMBOE.
  • 39% of proved reserves are now developed, compared to 9% at the prior year-end.
  • PV-10 of proved developed reserves increased 532% to $200.5 million.
  • 99% of proved developed reserves are producing.
  • The increases in proved developed volumes and PV-10 are primarily due to
    • continued development capital expended by the Delhi Operator on our behalf that added oil production from Phase II,
    • improved performance,
    • higher oil prices, and
    • earlier working interest reversion date.

Probable Reserves:

  • Declined 13% to 6.2 MMBOE, primarily due to upgrading 0.5 MMBOE probable reserves to the proved category at Giddings Field, in addition to divestments and revisions.
  • PV-10 associated with probable reserves increased 19% from $63.8 to $75.6 million, primarily due to higher oil prices.
  • Probable developed producing reserves (all at Delhi) totaled 1.9 MMBO with PV-10 of $33.7 million, or 31% of total probable volumes and 45% of probable PV-10.

Financial and Operating Results

Quarterly net income increased 214% sequentially to $0.53 million, or $0.02 per share, on revenues of $3.2 million for Q4-11, compared to net income of $0.17 million or $0.01 per share on revenues of $2.0 million for Q3-11. Q4-11 income was a $0.96 million improvement over Q4-10’s loss of $0.4 million, or $(0.02) per share, on revenues of $1.4 million. Results for all periods included significant non-cash stock compensation expense.

Quarterly sales volumes for Q4-11 increased 37% sequentially to 438 net BOE per day compared to 320 BOED for Q3-11 due primarily to a 48% increase at Delhi and a 22% increase at Giddings. Compared to Q4-10, sales volumes in Q4-11 increased 30% from 336 net BOE per day due to a 249% increase at Delhi and a 24% decline at Giddings.

Blended oil and gas prices during Q4-11 increased 14% sequentially to $79.42 per BOE compared to $69.94 in Q3-10, while increasing 79% compared to $44.47 per BOE in Q4-10. The improvement was due to the higher percentage of production from oil, higher oil prices overall and the considerable price premium over WTI that was realized at Delhi.

For the full fiscal year 2011, net loss narrowed 90% to $0.2 million, or $(0.01) per share, on revenues of $7.5 million compared to a net loss of $2.4 million, or $(0.09) per share, on revenues of $5.0 million for 2010. Net sales volumes of 319 BOE per day during fiscal 2011 decreased 7% from the 344 BOE per day in fiscal 2010 due to a 597% increase at Delhi offset by a 40% decline at Giddings. Oil sales volumes increased 95% compared to the prior year and represented 24% and 50% of total sales volumes in fiscal 2010 and 2011, respectively.

FY 2012 Capital Budget

The board of directors has approved a flexible capital budget of up to $12 million, or more, as warranted by drilling results, establishment of joint ventures and other opportunities that may arise during the year. The base budget is focused on drilling certain proved drilling locations in the Giddings Field and the Lopez Field in South Texas and completing the first two gas assisted rod-pump (GARP™) technology demonstrations. Pending project expansions include an oily Giddings extension, the Lopez Field and the Woodford Shale project in Haskell County, Oklahoma. We will also consider opportunistic investments in third party projects and the repurchase of our own stock that may result from market volatility.

Funding for the base capital budget and any expansion is expected to be from existing working capital and projected cash flows from operations, supplemented as needed from additional sales of our 8.5% perpetual nonconvertible preferred stock, divestments of noncore assets, joint ventures and/or project financing.

Robert Herlin, President and CEO, stated “We are pleased to report steady improvements in our net income and cash flows from operations. Continued strong performance in our Delhi EOR project combined with the premium oil price currently being realized there has substantially accelerated the projected date of our 24% reversionary working interest, resulting in additional net reserves and a much improved PV-10 metric. Gross oil sales at Delhi continue to improve and averaged 2,960 barrels of oil per day during the fourth fiscal quarter. We believe that we now have the financial resources in hand, supplemented by recent sales of our preferred stock and projected operating cash flow to fund an expanded capital expenditure program during fiscal 2012.”

Reserves Summary

Oil

NGLs

Natural Gas

Total

PV-10

MBO

MBL

MMCF

MBOE

$ MM

PDP

4,972

82

1,495

5,303

$ 199.5

PDNP

14

19

48

42

$ 1.0

PUD

6,582

611

7,861

8,503

$ 174.8

Total Proved

11,568

712

9,404

13,848

$ 375.3

PbDP

1,902

1,902

$ 33.7

PbUD

4,314

4,314

$ 41.9

Total Probable

6,216

6,216

$ 75.6

Changes in Proved Reserves for FY2011

MBOE

Proved Reserves at June 30, 2010

12,418

Production

(116)

Sales in Place

(522)

Revisions

1,939

Additions

130

Proved Reserves at June 30, 2011

13,848

Proved Developed at June 30, 2011

5,345

Proved Developed at June 30, 2010

1,119

Projects

Delhi EOR Project, Louisiana

EPM’s net proved reserves at Delhi increased 16% during fiscal 2011 to 10.9 MMBO, of which 4.9 MMBO, or 45%, was proved developed producing. PV-10 attributed to proved reserves increased to $333.6 million, of which $192.5 million was proved developed producing. Probable reserves increased slightly to 5.8 MMBO, of which 33% were developed producing. PV-10 attributable to probable reserves increased to $72.4 million.

Production increased substantially and steadily during the year, averaging 2,960 gross (219 net) barrels of oil per day in Q4-11, up 48% over an average of 2,003 gross (148 net) barrels of oil per day in the third quarter.

The projected date of working interest revision was accelerated to calendar year-end 2013, as compared to early calendar 2016 in the report dated June 30, 2010. Due to the earlier reversion date, we are now projected to bear a portion of the proved reserve’s capital expenditures during calendar 2014 associated with installation of the final phase of development, which is estimated to be less than the incremental working interest cash flow expected during the same year.

Oil produced from Delhi is sold at a price tied to a Louisiana Light Sweet index that tracks closely to Brent pricing, unlike the NYMEX traded West Texas Intermediate oil price (WTI) that trades at a steep discount to Brent. In addition, Delhi oil is transported entirely by pipeline at a cost far less than typical trucking costs. Due to these factors, Delhi is receiving an oil price substantially in excess of the WTI price. During Q4-11, our oil price realized at Delhi was 12% higher than the average WTI price. The oil price realized most recently in July at Delhi also was 24% higher than the $94.81 per barrel SEC pricing utilized in our reserves report as of June 30, 2011.

Our proved and probable reserves at Delhi as of June 30, 2011 evaluated using the five year forward price curve then applicable (based on a front month oil price of $95.42 per barrel increasing to $101.59 per barrel in the 60th month and then held flat) were 11.2 MMBO and 5.8 MMBO, respectively, with associated PV-10 of $418 million and $95 million, respectively.

Giddings Field, Central Texas

Proved reserves in the Giddings Field declined 9% to 2.7 MMBOE due to sales of reserves in place, production and revisions, in declining order of magnitude. Proved developed reserves comprised 15% of the total volumes. PV-10 of proved reserves declined 1% to $40.8 million. No probable reserves were recognized in the Giddings Field compared to 1.0 MMBOE the prior year due to an upgrade of probable reserves to proved reserves, revisions and sales in place. Our inventory of proved undeveloped locations in the Giddings Field consists of thirteen leased locations, two of which are associated with currently producing leases.

Our proved reserves at Giddings using the five year forward curve as of June 30, 2011 were 2.8 MMBOE with associated PV-10 of $52.2 million.

Production in the field averaged 209 BOE per day during the fourth quarter of 2011. Capital plans in 2012 include drilling up to two wells in the Giddings Field.

Lopez Field, South Texas

Our independent reservoir engineer confirmed proved reserves in the Lopez Field in South Texas for one producing well and five undeveloped locations based on the improved production results obtained from our producing test well during the year. Total proved reserves increased to 61 MBO (100% oil) with PV-10 of $0.5 million. Probable undeveloped reserves associated with 36 drilling locations total 378 MBO with PV-10 of $3.2 million.

Oklahoma

We added 768 MMCF (128 MBOE) of net gas reserves in Haskell County, OK through our initial producing test well. The added reserves were in a horizon previously targeted for salt water disposal and which produced gas during completion operations. We conducted production testing including a single stage of hydraulic fracturing and dewatering that led to assignment of reserves. We expect to resume testing of the primary Woodford target during fiscal 2012. Due to the expectation that our Wagoner County leasehold will be divested during fiscal 2012, no reserves were included for that leasehold.

GARP

We received formal Notice of Patent Allowance from the USPTO in June for our proprietary artificial lift technology. Receipt of the patent is expected to assist in commercialization of the technology through field demonstrations, and we are engaged in negotiations with third parties. We expect to begin our first commercial demonstration shortly.

Conference Call

Evolution Petroleum will host a conference call today at 11:00 a.m. Eastern Time (10:00 a.m. Central) to discuss these results. To access the call, please dial 480-629-9692 and ask for the Evolution Petroleum call at least 10 minutes prior to the start time. The conference call will also be broadcast live via the Internet and can be accessed through the investor relations section of Evolution’s corporate website, www.evolutionpetroleum.com, where it will also be archived for replay. A telephonic replay of the conference call will be available until September 14, 2011 and may be accessed by calling 303-590-3030 and using the pass code 4470734#. For more information, please contact Donna Washburn at DRG&L at (713) 529-6600 or email at dmw@drg-l.com.

About Evolution Petroleum

Evolution Petroleum Corporation develops incremental petroleum reserves and shareholder value by applying conventional and specialized technology to known oil and gas resources, onshore in the United States. Principal assets as of June 30, 2011 include 13.8 MMBOE of proved and 6.2 MMBOE of probable reserves with a PV10* of $375 million and $76 million, respectively, and no debt. Producing assets include a CO2-EOR project with growing production in Louisiana’s Delhi Field, horizontal wells in the Giddings Field of Central Texas and producing test wells in south Texas and Oklahoma. Other assets include an emerging Woodford shale gas project in Eastern Oklahoma and a patented artificial lift technology designed to extend the life of horizontal wells with oil or associated water production. Additional information, including the Company’s annual report on Form 10-K and its quarterly reports on Form 10-Q, is available on its website at (www.evolutionpetroleum.com)

Cautionary Statement

All statements contained in this press release regarding potential results and future plans and objectives of the Company are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update or review any forward-looking statement, whether as a result of new information, future events, or otherwise. Important factors that could cause actual results to differ materially from our expectations include, but are not limited to, those factors that are disclosed under the heading “Risk Factors” and elsewhere in our documents filed from time to time with the United States Securities and Exchange Commission and other regulatory authorities. Statements regarding our ability to complete transactions, successfully apply technology applications in the re-development of oil and gas fields, realize future production volumes, realize success in our drilling and development activity and forecasts of legal claims, prices, future revenues and income and cash flows and other statements that are not historical facts contain predictions, estimates and other forward-looking statements. Although the Company believes that its expectations are based on reasonable assumptions, it can give no assurance that its goals will be achieved and these statements will prove to be accurate. Important factors could cause actual results to differ materially from those included in the forward-looking statements.

Company Contact:

Sterling McDonald, VP & CFO
(713) 935-0122
smcdonald@evolutionpetroleum.com

Lisa Elliott / lelliott@drg-l.com
Jack Lascar / jlascar@drg-l.com
DRG&L / 713-529-6600

* PV-10 of proved reserves is a pre-tax non-GAAP measure reconciled to the after-tax Standardized Measure of Future Net Cash Flows below. We believe that the presentation of the non-GAAP financial measure of PV-10 provides useful and relevant information to investors because of its wide use by analysts and investors in evaluating the relative monetary significance of oil and natural gas properties, and as a basis for comparison of the relative size and value of our reserves to other companies’ reserves. We also use this pre-tax measure when assessing the potential return on investment related to oil and natural gas properties and in evaluating acquisition opportunities. Because there are many unique factors that can impact an individual company when estimating the amount of future income taxes to be paid, we believe the use of a pre-tax measure is valuable for evaluating our Company. PV-10 is not a measure of financial or operating performance under GAAP, nor is it intended to represent the current market value of our estimated oil and natural gas reserves. PV-10 should not be considered in isolation or as a substitute for the Standardized Measure as defined under GAAP, and reconciled below. Probable reserves are not recognized by GAAP, and therefore the PV-10 of probable reserves can not be reconciled to a GAAP measure.

The following table provides a reconciliation of PV-10 of each of our proved properties to the Standardized Measure.

For the Years Ended June 30

2011

2010

Estimated future net revenues

$

741,212,773

$

571,052,096

10% annual discount for estimated timing of future cash flows

(365,874,315)

(305,073,753)

Estimated future net revenues discounted at 10% (PV-10)

375,338,458

265,978,343

Estimated future income tax expenses discounted at 10%

(146,758,468)

(104,351,694)

Standardized Measure

$

228,579,990

$

161,626,649

– Financial Statements to Follow –

Evolution Petroleum Corporation and Subsidiaries

Consolidated Statements of Operations

(unaudited)

Three Months Ended

Year Ended

June 30,

June 30,

2011

2010

2011

2010

Revenues

Crude oil

$ 2,638,138

$ 759,344

$ 5,672,471

$ 2,188,259

Natural gas liquids

224,062

231,460

893,525

1,079,383

Natural gas

303,072

368,387

964,872

1,754,259

Total revenues

3,165,272

1,359,191

7,530,875

5,021,901

Operating Costs

Lease operating expense

348,268

482,160

1,298,650

1,616,767

Production taxes

26,593

8,054

80,677

48,312

Depreciation, depletion and amortization

204,141

144,766

563,104

1,818,110

Accretion of asset retirement obligations

16,599

15,954

59,913

61,054

General and administrative

1,359,269

1,390,659

5,335,384

5,092,243

Total operating costs

1,954,870

2,041,593

7,337,728

8,636,486

Income (loss) from operations

1,210,402

(682,402)

193,147

(3,614,585)

Other income

Interest income

1,180

7,269

14,214

55,054

Net income (loss) before income tax benefit

1,211,582

(675,133)

207,361

(3,559,531)

Income tax provision (benefit)

(676,692)

245,712

(448,914)

1,171,824

Net income (loss)

$ 534,890

$ (429,421)

$ (241,553)

$ (2,387,707)

Earnings (loss) per common share

Basic and Diluted

$ 0.02

$ (0.02)

$ (0.01)

$ (0.09)

Weighted average number of common shares

Basic

27,612,916

27,137,611

27,437,496

27,004,066

Diluted

31,090,818

27,137,611

27,437,496

27,004,066

Evolution Petroleum Corporation and Subsidiaries

Consolidated Balance Sheets

June 30,

June 30,

2011

2010

Assets

Current assets

Cash and cash equivalents

$ 4,247,438

$ 3,138,259

Certificates of deposit

250,000

1,350,000

Restricted cash from joint interest partner

118,194

Receivables

Oil and natural gas sales

1,559,404

536,366

Joint interest partner

86,105

Income taxes

28,680

25,200

Other

167

147,059

Income taxes recoverable

716,973

Prepaid expenses and other current assets

284,324

315,494

Total current assets

6,574,312

6,229,351

Property and equipment, net of depreciation, depletion, and amortization

Oil and natural gas properties – full-cost method of accounting, of which $2,940,199 and $7,851,068 at June 30, 2011 and 2010, respectively, were excluded from amortization.

33,447,564

30,803,061

Other property and equipment

69,262

101,998

Total property and equipment

33,516,826

30,905,059

Other assets

77,287

53,162

Total assets

$ 40,168,425

$ 37,195,075

Liabilities and Stockholders’ Equity

Current liabilities

Accounts payable

$ 514,177

$ 678,609

Joint interest advances

105,567

Accrued payroll

682,850

75,692

Royalties payable

742,651

221,062

State and federal taxes payable

298,594

202,334

Other current liabilities

84,565

110,002

Total current liabilities

2,428,404

1,287,699

Long term liabilities

Deferred income taxes

3,330,266

2,949,880

Asset retirement obligations

859,586

811,635

Stock-based compensation

587,033

Deferred rent

85,412

81,635

Total liabilities

6,703,668

5,717,882

Commitments and contingencies

Stockholders’ equity

Preferred stock, par value $0.001; 5,000,000 shares authorized; no shares issued or outstanding

Common stock; par value $0.001; 100,000,000 shares authorized; issued 28,401,116 shares; outstanding 27,612,916 shares and 27,061,376 shares as of June 30, 2011 and 2010, respectively.

28,400

27,849

Additional paid-in capital

20,761,209

18,532,643

Retained earnings

13,557,170

13,798,723

34,346,779

32,359,215

Treasury stock, at cost, 788,200 shares as of June 30, 2011 and June 30, 2010.

(882,022)

(882,022)

Total stockholders’ equity

33,464,757

31,477,193

Total liabilities and stockholders’ equity

$ 40,168,425

$ 37,195,075

Evolution Petroleum Corporation and Subsidiaries

Consolidated Statements of Cash Flow

For the Year Ended

2011

2010

Cash Flows From Operating Activities

Net loss

$ (241,553)

$ (2,387,707)

Adjustments to reconcile net loss to net cash provided by operating activities

Depreciation, depletion and amortization

563,104

1,818,110

Stock-based compensation

1,536,007

2,148,400

Issuance of common stock for charitable donations

Accretion of asset retirement obligations

59,913

61,054

Settlement of asset retirement obligations

(1,847)

Deferred income taxes

181,431

(771,437)

Deferred rent

3,777

3,777

Other

32,080

5,717

Changes in operating assets and liabilities

Receivables from oil and natural gas sales

(1,023,038)

(4,048)

Receivables from income taxes and other

949,432

1,512,041

Due from joint interest partner

(87,743)

Prepaid expenses and other current assets

31,170

(153,053)

Accounts payable and accrued expenses

497,783

65,144

Royalties payable

521,589

2,585

Income taxes payable

33,011

44,598

Net cash provided by operating activities

3,055,116

2,345,181

Cash Flows from Investing Activities

Proceeds from asset sales

231,326

Development of oil and natural gas properties

(2,509,652)

(3,280,425)

Acquisitions of oil and natural gas properties

(997,279)

(517,530)

Capital expenditures for other equipment

(864)

Maturities of certificates of deposit

1,100,000

2,059,147

Purchases of certificates of deposit

(1,350,000)

Other assets

(48,702)

(13,220)

Net cash used in investing activities

(2,225,171)

(3,102,028)

Cash Flows from Financing Activities

Proceeds from issuance of restricted stock

28

42

Proceeds from the exercise of stock options

106,049

3,300

Windfall tax benefit

173,157

Purchase of treasury stock

Other

Net cash provided by (used in) financing activities

279,234

3,342

Net increase (decrease) in cash and cash equivalents

1,109,179

(753,505)

Cash and cash equivalents, beginning of period

3,138,259

3,891,764

Cash and cash equivalents, end of period

$ 4,247,438

$ 3,138,259

The following table sets forth certain financial information with respect to our oil and natural gas operations:

Three Months Ended

June 30

%

2011

2010

Variance

change

Sales Volumes, net to the Company:

Crude oil (Bbl)

23,295

9,968

13,327

134

%

NGLs (Bbl)

4,083

5,841

(1,758)

(30)

%

Natural gas (Mcf)

74,873

88,520

(13,647)

(15)

%

Crude oil, NGLs and natural gas (BOE)

39,857

30,562

9,295

30

%

Revenue data:

Crude oil

$ 2,638,138

$ 759,344

$ 1,878,794

247

%

NGLs

224,062

231,460

(7,398)

(3)

%

Natural gas

303,072

368,387

(65,315)

(17)

%

Total revenues

$ 3,165,272

$ 1,359,191

$ 1,806,081

133

%

Average price:

Crude oil (per Bbl)

$ 113.25

$ 76.18

$ 37.07

49

%

NGLs (per Bbl)

54.88

39.63

15.25

38

%

Natural gas (per Mcf)

4.05

4.16

(0.11)

(3)

%

Crude oil, NGLs and natural gas (per BOE)

$ 79.42

$ 44.47

$ 34.94

79

%

Expenses (per BOE)

Lease operating expenses and production taxes

$ 9.26

$ 16.04

$ (6.78)

(42)

%

Depletion expense on oil and natural gas properties (a)

$ 4.92

$ 4.39

$ (0.53)

12

%

(a) Excludes depreciation of office equipment, furniture and fixtures, and other of $8,045 and $10,476, for the three months ended June 30, 2011 and 2010, respectively.

Wednesday, September 7th, 2011 Uncategorized Comments Off on Evolution Petroleum (EPM) Reports Fourth Quarter and Fiscal Year 2011 Financial Results, Reserves and Operations Update

Quepasa (QPSA) Announces 4.4 MM Installs of Wonderful City – Rio

WEST PALM BEACH, FL — (Marketwire) — 09/07/11 — Quepasa Corporation (NYSE Amex: QPSA), owner of popular Latino online social network Quepasa.com and social game development studio Quepasa Games, today announced that its first proprietary social gaming title, Wonderful City – Rio, achieved 4.4 million installs, delivering over 1.1 million new installs in August alone. Quepasa management discussed plans to aggressively grow the title’s user base, while strategically targeting geographies with high monetization potential and expanding into key international markets.

As of August 31st, the game’s global install base totaled 4.4 million, representing 26% growth on a month-over-month basis. This includes 862,000 DAUs, or Daily Active Users, and nearly 4.0 million MAUs, or Monthly Active Users. In addition to Wonderful City’s August results, Quepasa highlighted that the title established strong momentum in certain markets outside of Latin America — namely Spain and Portugal — suggesting potential to capture a broader global audience within the Facebook platform.

“Wonderful City’s Rio theme is demonstrating its global appeal and we see great potential to significantly expand our user base by both marketing more consistently to our core Latin demographic and extending our footprint to other high growth markets,” stated Quepasa CEO John C. Abbott.

Quepasa highlighted some key data and trends specific to the game’s performance on each of the three platforms, including:

  • Facebook: Momentum continued to be strong with over 550,000 installs in August, bringing total Facebook users to 1.3 million, an increase of 40% since the end of July.
  • Orkut: Installs grew by over 560,000 in August, bringing total Orkut users to 2.8 million, a 25% increase since the end of July. In addition, the Orkut platform maintained strong user engagement metrics, including 677,000 DAUs and 2.6 million MAUs for a DAU/MAU ratio of 25.9%.
  • Quepasa: Revenues saw improvement following the implementation of a new pricing strategy, which was then rolled out on both Facebook and Orkut at the beginning of September.

In the month of August, Quepasa.com’s registered user base grew to a total of 39.1 million members, adding 425,000 new members. The site generated 202 million page views and 17 million unique visits. Quepasa management highlighted key near-term opportunities for improvement in Quepasa.com’s top line metrics, including the continued rebound in email volume, a key driver for both acquisition and retention that saw a 20% increase over the course of August, as well as progress in its ongoing collaboration with myYearbook towards improving site retention. Management cited positive early results from this effort, including nearly doubling usage of Quepasa’s “Papacito,” a social discovery application similar to myYearbook’s “Match” application, a 37% increase in messages sent and a 25% increase in new friendships created between members. These important engagement metrics were complemented by an overall 2% increase in the site’s DAU/MAU ratio, representing a 27% year-over-year gain.

Investor Relations Updates
As a part of ongoing investor relations campaigns, Quepasa will be presenting at the following industry conferences during the month of September:

September 7, 2011:   Wedbush's Second Internet Conference, Santa Monica,
                     California
                     http://www.wedbush.com/services/cmg/equities-division/
                     mgmt-access-events

September 12, 2011:  Rodman  Renshaw's Annual Global Investment Conference,
                     New York
                     http://www.rodmanandrenshaw.com/conferences?categoryid
                     =30

September 14, 2011:  ThinkEquity's G8 Public Company Conference, New York
                     http://www.thinkequity.com/about/conf_calendar.html

CEO John Abbott will webcast live from the ThinkEquity G8 Public Company Conference at 9:30 am ET on September 14, at the following link: Webcast Link: http://wsw.com/webcast/tep21/qpsa/.

In an effort to better engage with the investor community, Quepasa is launching a Social Media Outreach program via new accounts on both StockTwits.com and Twitter.com. Follow progress at “QuepasaCorp” on StockTwits and Twitter for updates on advertising campaigns on Quepasa Contests, corporate events, other relevant industry trends and information, and updates on Quepasa Games.

About Quepasa Corporation
Quepasa Corporation (NYSE Amex: QPSA) is a social media technology company focused on Latin audiences worldwide. Quepasa owns and operates Quepasa.com, a leading social networking website, Quepasa Games, a social gaming studio, and Quepasa Contests, a cross platform social media advertising solution. Quepasa brings the best of the social web to over 40 million global users, inviting them to play, flirt and win through fun and distinctly Latin online experiences. Quepasa is headquartered in West Palm Beach, Florida with offices in Los Angeles, California, Hermosillo, Mexico, and Curitiba, Brazil. For more information about the company, go to www.quepasacorp.com.

Cautionary Note Concerning Forward-Looking Statements
This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 including statements regarding plans to aggressively grow the title’s user base, targeting geographies with high monetization potential and expanding into key international markets, momentum and potential to capture a broader global audience with the Facebook platform, potential to expand our user base, and opportunities to improve top line metrics. All statements other than statements of historical facts contained in this press release, including statements regarding our future financial position, liquidity, business strategy and plans and objectives of management for future operations, are forward-looking statements. The words “believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “could,” “target,” “potential,” “is likely,” “will,” “expect” and similar expressions, as they relate to us, are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. Important factors that could cause actual results to differ from those in the forward-looking statements include competition with other social games, acceptance by a global audience of our game titles, and unanticipated problems which lead Facebook, Orkut and other social media platforms to not publish our games. Further information on our risk factors is contained in our filings with the SEC, including the Form S-4 filed on August 26, 2011 and our Form 10-K for the year ended December 31, 2010. Any forward-looking statement made by us in this press release speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

Additional Information
This communication does not constitute an offer to sell or the solicitation of an offer to buy Quepasa’s securities or the solicitation of any shareholder vote or approval. This communication is being made in respect of the proposed transaction involving Quepasa and Insider Guides. In connection with the proposed transaction, Quepasa has filed with the SEC a registration statement on Form S-4 that includes a proxy statement and prospectus of Quepasa. Before making any voting or investment decision, investors and shareholders are urged to read carefully the proxy statement and prospectus regarding the proposed transaction and any other relevant documents filed by Quepasa with the SEC because they contain important information about the proposed transaction. You may obtain copies of all documents filed with the SEC regarding this transaction, free of charge, at the SEC’s website (www.sec.gov), by accessing Quepasa’s website at www.quepasacorp.com under the heading “Investors” and then under the link “SEC Filings” and from Quepasa by directing a request to Quepasa at Quepasa Corporation, 324 Datura Street, Suite 114, West Palm Beach, FL 33401, Attention: Investor Relations.

Quepasa and its directors and executive officers and certain other members of management and employees may be deemed to be participants in the solicitation of proxies in respect of the proposed transaction. You can find information about Quepasa’s directors and executive officers in its definitive proxy statement filed with the SEC on April 14, 2011. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the proxy statement and prospectus and other relevant materials filed with the SEC. You can obtain free copies of these documents from Quepasa using the contact information above.

Company Contact:
E. Brian Harvey
Vice President of Capital Markets and Investor Relations
Quepasa Corporation
Tel (310) 801-1719
brian.harvey@quepasacorp.com

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FuelCell Energy (FCEL) Announces Asian Market Expansion With Sale of Ultra-Clean Fuel Cell Module

DANBURY, Conn., Sept. 7, 2011 (GLOBE NEWSWIRE) — FuelCell Energy, Inc. (Nasdaq:FCEL) a leading manufacturer of ultra-clean, efficient and reliable power plants, today announced market expansion into Indonesia with the sale of a sub-megawatt Direct FuelCell® (DFC®) module to partner POSCO Power for installation at a showcase location in Indonesia. POSCO Power will combine the fuel cell module with locally manufactured balance of plant and install the complete fuel cell power plant at a heavily visited waterpark resort in Jakarta, Indonesia. This high exposure installation will demonstrate the benefits of ultra-clean, efficient and reliable power generation as POSCO Power develops a market for megawatt class power plants in Southeast Asia, starting with Indonesia and to be followed by Thailand, Malaysia and Singapore.

“Establishing a presence in Jakarta, Indonesia with a Direct FuelCell power plant is the first overseas expansion for POSCO Power and is the first commercial stationary fuel cell power plant to be installed in Southeast Asia outside of South Korea,” said Soung-Sik Cho, Chief Executive Officer for POSCO Power. “I am pleased to be leading POSCO Power as the organization moves from a technology importer to a green and high-tech ambassador of ultra-clean and efficient fuel cell power generation in Asia.”

Indonesia is the fourth most populous country in the world with a population of approximately 245 million and is the world’s eighth largest producer of natural gas. With growing power needs from an expanding urban middle class, Indonesian utilities need scalable baseload distributed generation. The virtual lack of emissions combined with quiet operation of DFC plants, facilitates their siting in populated areas. The scalable nature of DFC plants permits utilities to add power in cost effective increments as demand warrants. Distributed generation also improves energy security and energy reliability while reducing the need to build and maintain costly transmission and distribution.

“POSCO Power has ordered 140 megawatts of ultra-clean Direct FuelCell power plants and fuel cell components since 2007,” said Chip Bottone, President and CEO for FuelCell Energy, Inc. “With this strong market development base of expertise and having developed strong ties with the Indonesian Government, POSCO Power is well positioned to build on their success in South Korea with fuel cell power plant exports throughout Indonesia and Southeast Asia.”

DFC plants are fuel flexible, operating on natural gas or renewable biogas. Given Indonesia’s abundant supplies of domestic natural gas and desire to reduce pollutants and carbon emissions, DFC plants are an attractive power generation solution for Indonesian utilities and independent power producers. Fuel cells generate electricity cleanly and efficiently using an electrochemical process that does not involve combustion. The lack of combustion eliminates almost all pollutants such as NOx, SOx or particulate matter.

DFC plants are 47 percent electrically efficient, which is higher than any other power generation of a similar size. High efficiency results in fuel savings as a greater amount of electricity is generated from each unit of fuel and high efficiency also reduces carbon emissions, helping customers reach sustainability goals. In addition to ultra-clean power, DFC plants generate usable high quality heat suitable for generating steam and can achieve efficiencies up to 90 percent in a combined heat and power (CHP) configuration. The heat from this power plant is expected to be used for facility heating and cooling.

As the market in Indonesia and Southeast Asia develops, FuelCell Energy will build and export the core fuel cell components to South Korea where POSCO Power will stack the components to create fuel cell modules. The modules will be combined with locally built or sourced balance of plant and the completed DFC plant will be shipped to Indonesia. In addition to the revenue generated from the sale of components, POSCO Power will pay a royalty to FuelCell Energy for each complete power plant built under a 2009 licensing agreement.

The 300 kilowatt DFC300 power plant is expected to be operating by the end of 2012 at Ancol Dreamland resort in Jakarta, Indonesia, one of the most highly visited tourist destinations in Southeast Asia.

About FuelCell Energy

Direct FuelCell® power plants are generating ultra-clean, efficient and reliable power at more than 50 locations worldwide. The Company’s power plants have generated over 850 million kWh of power using a variety of fuels including renewable biogas from wastewater treatment and food processing, as well as clean natural gas. With over 180 megawatts of power generation capacity installed or in backlog, FuelCell Energy is a global leader in providing ultra-clean baseload distributed generation to utilities, industrial operations, universities, municipal water treatment facilities, government installations and other customers around the world. For more information please visit our website at www.fuelcellenergy.com

This news release contains forward-looking statements, including statements regarding the Company’s plans and expectations regarding the continuing development, commercialization and financing of its fuel cell technology and business plans. All forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected. Factors that could cause such a difference include, without limitation, general risks associated with product development, manufacturing, changes in the regulatory environment, customer strategies, potential volatility of energy prices, rapid technological change, competition, and the Company’s ability to achieve its sales plans and cost reduction targets, as well as other risks set forth in the Company’s filings with the Securities and Exchange Commission. The forward-looking statements contained herein speak only as of the date of this press release. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statement to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which any such statement is based.

Direct FuelCell, DFC, DFC/T, DFC-H2 and FuelCell Energy, Inc. are all registered trademarks of FuelCell Energy, Inc. DFC-ERG is a registered trademark jointly owned by Enbridge, Inc. and FuelCell Energy, Inc.

CONTACT: FuelCell Energy, Inc.
         Kurt Goddard, Vice President Investor Relations
         203-830-7494
         ir@fce.com
Wednesday, September 7th, 2011 Uncategorized Comments Off on FuelCell Energy (FCEL) Announces Asian Market Expansion With Sale of Ultra-Clean Fuel Cell Module

Conn’s, Inc. (CONN) Reports Results for the Quarter Ended July 31, 2011

Conn’s, Inc. (NASDAQ/NM: CONN), a specialty retailer of consumer electronics, home appliances, furniture, mattresses, computers and lawn and garden products, today announced its operating results for the quarter ended July 31, 2011.

Significant items for the quarter include:

  • Adjusted diluted earnings per share of $0.17 for the second quarter of fiscal 2012, excluding the impact of the term loan payoff and store closings, as compared to adjusted diluted earnings per share of $0.06 for the same period in the prior fiscal year, on a higher number of shares outstanding in the current year period;
  • Total revenues were $184.4 million, down 13.5% from the same period in the prior fiscal year, on a same store sales decline of 12.8%;
  • Retail segment retail gross margin increased 320 basis points to 28.9%;
  • Retail segment adjusted operating income increased to $3.1 million for the quarter, as compared to $2.2 million for the same quarter in the prior fiscal year;
  • Credit segment operating income increased to $13.0 million for the quarter, as compared to $7.3 million for the same quarter in the prior fiscal year;
  • Credit segment 60+ day delinquency percentage declined to 6.1%;
  • The Company recorded a pretax charge of $11.1 million related to the repayment of its $100 million term loan, and a pretax charge of $3.7 million for costs related to the closing of three stores during the quarter, resulting in a reported net loss of $3.4 million, or $0.11 per diluted share outstanding; and
  • The Company initiated earnings guidance for the current fiscal year of adjusted diluted earnings per share of $0.65 to $0.75.

“We are pleased with our progress on improving margins and reducing our cost of capital,” commented Theodore Wright, the Company’s Chairman. “While softer industry conditions resulted in sales slightly below our expectations, the changes made to date position us to drive improved profitability.”

Retail Segment Results

The change in the retail segment’s total revenues was comprised of a product sales decrease of 16.1%, a repair service agreement commission decrease of 5.2% and a service revenue decrease of 8.9%, as compared to the same quarter in the prior fiscal year. The decrease in sales during the quarter was driven largely by declines in the consumer electronics, home appliances and home office categories, which were partially offset by an increase in furniture and mattress sales.

The retail segment’s retail gross margin increased to 28.9% in the current year quarter, up from 25.7% in the same quarter of the prior year. The increase in the retail gross margin was driven by an increase in higher-margin furniture and mattress sales as a percent of total product sales, improved gross margins in the consumer electronics, home appliances and home office categories and increased sales penetration of repair service agreements.

During the quarter, the Company completed the closure of three stores and the lease expired on one additional store, bringing the total number of stores ceasing operations during the current fiscal year to five. As a result of the closure of the three stores with unexpired leases, the Company recorded a $3.7 million charge during the second quarter as its estimate of the future lease cost to be incurred. The actual cost could vary depending on the Company’s ability to sublease the locations or negotiate a buy-out of the remaining lease terms, and the timing of any such transactions.

Credit Segment Results

The credit segment’s results, as compared to the same quarter in the prior year, were impacted by:

  • Continued declines in the total portfolio balance and delinquency levels, resulting in lower interest earnings and reduced servicing costs;
  • A change in the Company’s charge-off policy to require all accounts 210 or more days past due to be charged off at month end. This change resulted in a $4.4 million increase in net charge-offs for the quarter, but had no significant impact on earnings as these charge-offs had been previously provided for in the Company’s bad debt reserves; and
  • Repayment of the Company’s term loan, which resulted in an $11.1 million charge related to the payment of the prepayment premium and write-off of unamortized original issue discount and deferred financing fees.

The key credit portfolio performance metrics of the credit segment for the quarter included:

  • Net charge-offs for the second fiscal quarter of 2012 totaled $11.6 million, including $4.4 million related to the change in the charge-off policy, as compared to $9.3 million for the same period in the prior fiscal year, an improvement of $2.1 million, excluding the impact of the charge-off policy change;
  • A 90 basis point improvement in the 60-209 day delinquency rate since January 31, 2011, to 6.1% at July 31, 2011. The 60-209 day delinquency rate was 7.5% at July 31, 2010;
  • A 260 basis point improvement in the percentage of the portfolio reaged to 17.2% at July 31, 2011, from 19.8% at January 31, 2011. The percentage of the portfolio reaged at July 31, 2010, was 19.2%; and
  • The average monthly payment rate (amount collected from customers as a percentage of the portfolio balance) increased for the sixth consecutive quarter, versus the same quarter in the prior year, to 5.45% for the quarter ended July 31, 2011, from 5.20% for the quarter ended July 31, 2010.

More information on the credit portfolio and its performance may be found in the table included with this press release and in the Company’s Form 10-Q to be filed with the Securities and Exchange Commission.

The Company reported a net loss of $3.4 million, or a diluted loss per share of $0.11 for the second quarter of fiscal 2012, compared to net income of $1.6 million, or diluted earnings per share of $0.06, for the second quarter of fiscal 2011. Adjusted net income and adjusted diluted earnings per share, adjusted for the costs related to store closings and the loss from the early extinguishment of debt, were $5.5 million, or adjusted diluted earnings per share of $0.17, for the second quarter of fiscal 2012.

Capital and Liquidity

During the second quarter of fiscal 2012, the Company completed an expansion and extension of its asset-based loan facility, increasing the total commitment to $430 million and extending the maturity date to July 2015. Additionally, the Company entered into an $8 million real estate loan, using three of its owned store locations as collateral. With the proceeds of these financing facilities, the Company repaid the entire balance of its $100 million term loan during the quarter. The Company estimates, based on its current debt balance and current market rates, the above transactions will benefit diluted earnings per share by approximately $0.27 on an annual basis.

As of July 31, 2011, there was $291.0 million, excluding $1.8 million of letters of credit, outstanding under the asset-based loan facility. As of July 31, 2011, the Company had $72.8 million of immediately available borrowing capacity, and an additional $64.4 million that could become available upon increases in eligible inventory and customer receivable balances under the borrowing base.

Outlook and Guidance

The Company initiated earnings guidance, for the fiscal year ending January 31, 2012, of adjusted diluted earnings per share of $0.65 to $0.75. The following factors were considered in developing the guidance:

  • Same stores sales are expected to be flat for the last two quarters of the fiscal year, with the third quarter expected to be positive and fourth quarter expected to be slightly negative;
  • Retail segment retail gross margin is expected to be between 27.0% and 29.0% during the last two quarters, with the fourth quarter margin expected to be lower than the third quarter due to typical holiday selling season product mix;
  • The credit portfolio balance is expected to decline slightly during the third quarter, before growing slightly in the fourth quarter;
  • The provision for bad debts is expected to be between 3.3% and 3.7%, on an annualized basis, of the average portfolio balance outstanding during each of the last two quarters;
  • Selling, general and administrative expense, as a percent of revenues, is expected to be similar to prior year levels; and
  • Adjusted diluted earnings per share excludes charges related to the Company’s refinancing completed during the second quarter and costs related to completed and future store closings.

The Company has begun its planning and preparation to open five to seven new locations during fiscal year 2013, all of which are expected to be in new markets.

Conference Call Information

Conn’s, Inc. will host a conference call and audio webcast today, September 7, 2011, at 10:00 AM, CT, to discuss its financial results for the quarter ended July 31, 2011. A link to the live webcast, which will be archived for one year, and slides to be referred to during the call will be available at IR.Conns.com. Participants can join the call by dialing 877-754-5302 or 678-894-3020.

About Conn’s, Inc.

The Company is a specialty retailer currently operating 71 retail locations in Texas, Louisiana and Oklahoma: with 23 stores in the Houston area, 18 in the Dallas/Fort Worth Metroplex, eight in San Antonio, three in Austin, five in Southeast Texas, one in Corpus Christi, four in South Texas, six in Louisiana and three in Oklahoma. The Company’s primary product categories include:

  • Home appliances, including refrigerators, freezers, washers, dryers, dishwashers and ranges;
  • Consumer electronics, including LCD, LED, 3-D, plasma and DLP televisions, camcorders, digital cameras, Blu-ray and DVD players, video game equipment, portable audio, MP3 players, and home theater products;
  • Furniture and mattresses, including furniture for the living room, dining room, bedroom and related accessories, and mattresses; and
  • Home office, including desktop, notebook, netbook and tablet computers, printers and computer accessories.

Additionally, the Company offers a variety of products on a seasonal basis, including lawn and garden equipment, and continues to introduce additional product categories for the home to help respond to its customers’ product needs and to increase same store sales. Unlike many of its competitors, the Company provides flexible in-house credit options for its customers, in addition to third-party financing programs and third-party rent-to-own payment plans. In the last three years, the Company financed, on average, approximately 60% of its retail sales under its in-house financing plan.

This press release contains forward-looking statements that involve risks and uncertainties. Such forward-looking statements generally can be identified by the use of forward-looking terminology such as “may,” “will,” “expect,” “intend,” “could,” “estimate,” “should,” “anticipate,” or “believe,” or the negative thereof or variations thereon or similar terminology. Although the Company believes that the expectations reflected in such forward-looking statements will prove to be correct, the Company can give no assurance that such expectations will prove to be correct. The actual future performance of the Company could differ materially from such statements. Factors that could cause or contribute to such differences include, but are not limited to:

  • the Company’s growth strategy and plans regarding opening new stores and entering new markets;
  • the Company’s intention to update, relocate or expand existing stores;
  • the effect of closing or reducing the hours of operation of existing stores;
  • the Company’s estimated capital expenditures and costs related to the opening of new stores or the update, relocation or expansion of existing stores;
  • the Company’s ability to introduce additional product categories;
  • growth trends and projected sales in the home appliances, consumer electronics and furniture and mattresses industries and the Company’s ability to capitalize on such growth;
  • the pricing actions and promotional activities of competitors;
  • relationships with the Company’s key suppliers;
  • delinquency and loss trends in the receivables portfolio;
  • the Company’s ability to offer flexible financing programs;
  • the Company’s ability to amend, renew or replace its existing credit facilities before the maturity dates of the facilities;
  • the Company’s ability to fund operations, debt repayment and expansion from cash flow from operations, borrowings on its revolving lines of credit and proceeds from securitizations and from accessing debt or equity markets;
  • the ability of the Company to obtain additional funding for the purpose of funding the receivables generated by the Company;
  • the ability of the Company to maintain compliance with the covenants in its financing facilities or obtain amendments or waivers of the covenants to avoid violations or potential violations of the covenants;
  • reduced availability under the Company’s credit facilities as a result of borrowing base requirements and the impact on the borrowing base calculation of changes in the performance or eligibility of the customer receivables financed by that facility;
  • the ability of the financial institutions providing lending facilities to the Company to fund their commitments;
  • the effect on borrowing costs of downgrades by rating agencies or changes in laws or regulations on the Company’s financing providers;
  • the cost of any amended, renewed or replacement credit facilities;
  • interest rates;
  • general economic and financial market conditions;
  • weather conditions in the Company’s markets;
  • the outcome of litigation or government investigations;
  • changes in the Company’s stock price; and
  • the actual number of shares of common stock outstanding.

Further information on these risk factors is included in the Company’s filings with the Securities and Exchange Commission, including the Company’s annual report on Form 10-K filed on April 1, 2011. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Except as required by law, the Company is not obligated to publicly release any revisions to these forward-looking statements to reflect the events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events.

Conn’s, Inc.
CONDENSED, CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
(in thousands, except earnings per share)
Three Months EndedJuly 31, Six Months EndedJuly 31,
2010 2011 2010 2011
Revenues
Total net sales $ 177,211 $ 150,631 $ 339,044 $ 306,321
Finance charges and other 35,905 33,744 71,981 67,363
Total revenues 213,116 184,375 411,025 373,684
Cost and expenses
Cost of goods and parts sold, including
warehousing and occupancy costs 132,333 106,996 248,925 218,436
Selling, general and administrative expense 60,969 56,251 119,301 112,439
Costs related to store closings 3,658 3,658
Provision for bad debts 10,339 5,009 17,973 12,530
Total cost and expenses 203,641 171,914 386,199 347,063
Operating income 9,475 12,461 24,826 26,621
Interest expense, net 6,729 7,004 12,512 14,560
Loss from early extinguishment of debt 11,056 11,056
Other expense, net 12 34 183 86
Income (loss) before income taxes 2,734 (5,633 ) 12,131 919
Provision (benefit) for income taxes 1,127 (2,201 ) 4,731 358
Net income (loss) $ 1,607 $ (3,432 ) $ 7,400 $ 561
Earnings (loss) per share
Basic $ 0.06 $ (0.11 ) $ 0.30 $ 0.02
Diluted $ 0.06 $ (0.11 ) $ 0.30 $ 0.02
Average common shares outstanding
Basic 24,941 31,808 24,936 31,788
Diluted 24,945 31,808 24,940 31,897

Notes:

  • Previously reported Earnings per share and Average common shares outstanding amounts have been corrected to retroactively adjust for the impact of the Company’s November 2010 common stock rights offering.
Conn’s, Inc. – Retail Segment
CONDENSED FINANCIAL INFORMATION
(unaudited)
(in thousands, except store counts)
Three Months EndedJuly 31, Six Months EndedJuly 31,
2010 2011 2010 2011
Revenues
Product sales $ 164,660 $ 138,231 $ 313,675 $ 282,510
Repair service agreement commissions, net 10,490 9,945 20,341 18,847
Service revenues 4,183 3,811 8,940 7,700
Total net sales 179,333 151,987 342,956 309,057
Finance charges and other 217 393 466 618
Total revenues 179,550 152,380 343,422 309,675
Cost and expenses
Cost of goods sold, including
warehousing and occupancy costs 130,217 105,400 244,433 215,110
Cost of parts sold, including
warehousing and occupancy costs 2,116 1,596 4,492 3,326
Selling, general and administrative expense 44,764 42,086 86,549 82,931
Costs related to store closings 3,658 3,658
Provision for bad debts 261 191 397 334
Total cost and expenses 177,358 152,931 335,871 305,359
Operating income (loss) 2,192 (551 ) 7,551 4,316
Other expense, net 12 34 183 86
Segment income (loss) before income taxes $ 2,180 $ (585 ) $ 7,368 $ 4,230
Retail gross margin 25.7 % 28.9 % 26.8 % 28.6 %
Selling, general and administrative expense
as percent of revenues 24.9 % 27.6 % 25.2 % 26.8 %
Operating margin 1.2 % -0.4 % 2.2 % 1.4 %
Number of stores, end of period 76 71 76 71
Conn’s, Inc. – Credit Segment
CONDENSED FINANCIAL INFORMATION
(unaudited)
(in thousands)
Three Months EndedJuly 31, Six Months EndedJuly 31,
2010 2011 2010 2011
Revenues
Product sales $ $ $ $
Repair service agreement commissions, net (2,122 ) (1,356 ) (3,912 ) (2,736 )
Service revenues
Total net sales (2,122 ) (1,356 ) (3,912 ) (2,736 )
Finance charges and other 35,688 33,351 71,515 66,745
Total revenues 33,566 31,995 67,603 64,009
Cost and expenses
Selling, general and administrative expense 16,205 14,165 32,752 29,508
Provision for bad debts 10,078 4,818 17,576 12,196
Total cost and expenses 26,283 18,983 50,328 41,704
Operating income 7,283 13,012 17,275 22,305
Interest expense, net 6,729 7,004 12,512 14,560
Loss from early extinguishment of debt 11,056 11,056
Segment income (loss) before income taxes $ 554 $ (5,048 ) $ 4,763 $ (3,311 )
Selling, general and administrative expense
as percent of revenues 48.3 % 44.3 % 48.4 % 46.1 %
Operating margin 21.7 % 40.7 % 25.6 % 34.8 %
MANAGED PORTFOLIO STATISTICS
(dollars in thousands, except average outstanding balance per account)
Year ended January 31, Six Months ended July 31,
2009 2010 2011 2010 2011
Total accounts 537,957 551,312 525,950 533,044 473,386
Total outstanding balance $ 753,513 $ 736,041 $ 675,766 $ 706,339 $ 599,706
Average outstanding balance per account $ 1,401 $ 1,335 $ 1,285 $ 1,325 $ 1,267
Balance 60+ days delinquent $ 55,141 $ 73,391 $ 58,042 $ 63,644 $ 36,706
Percent 60+ days delinquent 7.3 % 10.0 % 8.6 % 9.0 % 6.1 %
Percent 60-209 days delinquent 6.0 % 8.3 % 7.0 % 7.5 % 6.1 %
Percent of portfolio reaged 18.8 % 20.2 % 19.8 % 19.2 % 17.2 %
Net charge-off ratio (YTD annualized) 3.3 % 4.1 % 5.6 % 5.2 % 6.4 %

Notes:

  • The net charge-off ratio for the six months ended July 31, 2011, is impacted by the additional $4.4 million charged-off as a result of the charge-off policy change, which impacted the net charge-off ratio by 140 basis points.
  • Percent of portfolio reaged was adjusted to include certain refinanced account balances not previously included.
Conn’s, Inc.
CONDENSED, CONSOLIDATED BALANCE SHEETS
(in thousands)
January 31, July 31,
2011 2011
Assets
Current assets
Cash and cash equivalents $ 10,977 $ 8,280
Other accounts receivable, net 30,476 32,629
Customer accounts receivable, net 342,754 311,322
Inventories 82,354 77,080
Deferred income taxes 16,681 12,246
Prepaid expenses and other assets 10,418 9,994
Total current assets 493,660 451,551
Non-current deferred income tax asset 8,009 8,976
Long-term customer accounts receivable, net 289,965 258,968
Total property and equipment, net 46,890 42,207
Other assets, net 10,118 10,490
Total assets $ 848,642 $ 772,192
Liabilities and Stockholders’ Equity
Current Liabilities
Current portion of long-term debt $ 167 $ 508
Accounts payable 57,740 50,383
Accrued compensation and related expenses 5,477 5,927
Accrued expenses 25,423 27,229
Other current liabilities 22,973 21,698
Total current liabilities 111,780 105,745
Long-term debt 373,569 298,670
Other long-term liabilities 5,248 7,269
Total stockholders’ equity 358,045 360,508
Total liabilities and stockholders’ equity $ 848,642 $ 772,192
NON-GAAP RECONCILIATION OF NET INCOME (LOSS), AS ADJUSTED
AND DILUTED EARNINGS (LOSS) PER SHARE, AS ADJUSTED
(unaudited)
(in thousands, except earnings per share)
Three Months EndedJuly 31, Six Months EndedJuly 31,
2010 2011 2010 2011
Net income (loss), as reported $ 1,607 $ (3,432 ) $ 7,400 $ 561
Adjustments:
Loss from early extinguishment of debt 11,056 11,056
Costs related to store closings 3,658 3,658
Severance costs 813
Tax impact of adjustments (5,749 ) (6,049 )
Net income, as adjusted $ 1,607 $ 5,533 $ 7,400 $ 10,039
Average common shares
outstanding – Diluted 24,945 31,808 24,940 31,897
Earnings (loss) per share – Diluted
As reported $ 0.06 $ (0.11 ) $ 0.30 $ 0.02
As adjusted $ 0.06 $ 0.17 $ 0.30 $ 0.31
NON-GAAP RECONCILIATION OF RETAIL SEGMENT
OPERATING INCOME (LOSS), AS ADJUSTED
(unaudited)
(in thousands)
Three Months EndedJuly 31, Six Months EndedJuly 31,
2010 2011 2010 2011
Operating income (loss), as reported $ 2,192 $ (551 ) $ 7,551 $ 4,316
Adjustments:
Costs related to store closings 3,658 3,658
Operating income, as adjusted $ 2,192 $ 3,107 $ 7,551 $ 7,974

Basis for presentation of non-GAAP disclosures:

To supplement the Company’s consolidated financial statements, which are prepared and presented in accordance with generally accepted accounting principles (“GAAP”), the Company also provides adjusted net income and adjusted earnings per diluted share information. These non-GAAP financial measures are not meant to be considered as a substitute for comparable GAAP measures but should be considered in addition to results presented in accordance with GAAP, and are intended to provide additional insight into the Company’s operations and the factors and trends affecting the Company’s business. The Company’s management believes these non-GAAP financial measures are useful to financial statement readers because (1) they allow for greater transparency with respect to key metrics the Company uses in its financial and operational decision making and (2) they are used by some of its institutional investors and the analyst community to help them analyze the Company’s operating results.

Source: Business Wire (September 7, 2011 – 7:00 AM EDT)
Wednesday, September 7th, 2011 Uncategorized Comments Off on Conn’s, Inc. (CONN) Reports Results for the Quarter Ended July 31, 2011

VistaGen Therapeutics Inc. (VSTA) on Path to Higher Exchange

Like a number of other growing companies, VistaGen Therapeutics, a biotech company applying stem cell technology for drug rescue and cell therapy, plans to use the OTC Bulletin Board as an important starting point for a move to the NYSE Amex or NASDAQ. In its efforts to access capital markets and raise awareness, the company sees such a move as important for expanding visibility and growing its investor base. Biotech companies that have recently followed a similar path include Neoprobe Corp. (NEOP), which successfully made the leap from OTCBB to the NYSE Amex earlier this year, and Echo Therapeutics (ECTE), which recently moved from the OTCBB to Nasdaq. [NOTE: ECTE reflects the march to Nasdaq very well, and its post-listing volume is much more reflective of what VistaGen aspires to achieve near term.]

Following its successful strategic financing in May, VistaGen is now ready to put its advanced stem cell technology platform to work after twelve years of extensive research and development. VistaGen’s platform combines several technologies, including stem cell technologies developed by VistaGen and renowned Canadian scientist, Dr. Gordon Keller, the Chairman of VistaGen’s Scientific Advisory Board and Director of the University Health Network’s McEwen Centre for Regenerative Medicine in Toronto. One valuable commercial application of VistaGen’s technology involves using mature human cells derived from pluripotent stem cells to create a new generation of biological assays for drug screening. It’s part of an effort to rescue once promising drug candidates that have proven efficacy but which were shelved by pharmaceutical companies due to toxicity issues.

VistaGen’s first target market is heart toxicity, an area of primary concern and potential. The Company’s human heart cell-based CardioSafe 3D bioassay system provides clinically relevant predictive data before human use, thereby preventing serious safety problems seen with such widely-marketed products as Merck’s Vioxx or GlaxoSmithKline’s Avandia. VistaGen is looking to rescue drug candidates that have established efficacy and millions dollars in research behind them, offering huge potential when brought back on track through carefully performed re-engineering using a combination of its stem cell technology and modern medicinal chemistry.

Besides drug rescue, VistaGen is also using its stem cell technologies to advance its preclinical cell therapy programs for applications in autologous bone marrow transplantation and heart, liver, and cartilage repair. In addition, its AV-101 prodrug candidate is in clinical development for treatment of neuropathic pain and other neurological disorders such as epilepsy, and Parkinson’s disease and depression.

For additional information, visit the company’s website at www.VistaGen.com

Tuesday, September 6th, 2011 Uncategorized Comments Off on VistaGen Therapeutics Inc. (VSTA) on Path to Higher Exchange