Archive for November, 2011

Positive Clinical Study Results Reported by Adeona’s (AEN) Oral Zinc for ALS Collaborator

ANN ARBOR, Mich., Nov. 30, 2011 /PRNewswire/ — Adeona Pharmaceuticals, Inc. (NYSE Amex: AEN), a developer of innovative disease-modifying medicines for serious illnesses, announced today that the Company’s clinical collaborator for amyotrophic lateral sclerosis (ALS), PNA Center for Neurological Research (PNA), reported top-line results from its pilot Phase I/II open label, three month safety study of oral high dose zinc therapy in ALS, also known as Lou Gehrig’s disease. The clinical study met its primary outcome as no safety issues related to zinc therapy were observed. In addition, an average decrease in the monthly rate of disease progression was observed in the ALS patients on zinc therapy, compared to published historical controls, as well as compared to the average monthly rate of disease progression of the subjects prior to enrollment in the study.

PNA’s clinical study data was presented at the 22nd International Symposium on ALS/Motor Neurone Disease in Sydney, Australia on Wednesday, November 30, 2011 at 6:00 p.m. (Wednesday, November 30, 2011 at 2:00 a.m. Eastern Standard Time), by David S. Saperstein, M.D., and Nicole C. Hank, M.H.S.M., from PNA.

Ten patients diagnosed with sporadic ALS and on stable doses of RILUTEK® (riluzole) were enrolled in the open label, three month study of oral high dose zinc therapy. The study was conducted under an Investigational New Drug application (IND) and was registered at http://clinicaltrials.gov/ct2/show/NCT01259050. The rate of disease progression was measured by the ALS Functional Rating Scale-Revised (ALSFRS-R), a widely used, validated rating scale that assesses the progression of disability in patients with ALS, revised to also incorporate assessments of respiratory function. At baseline, the average ALSFRS-R score of these patients was 33 and the average time from symptom onset was one year.

Patients were administered pills containing 90mg of elemental zinc per day, as well as 2 mg of copper every other day to prevent potential copper depletion. Eight out of the ten patients enrolled completed three months of zinc therapy. Two patients dropped out within the first month for reasons unrelated to the zinc therapy. All patients reported taste disturbance (metallic taste) and two of eight patients reported nausea (both of whom were able to complete the study after reducing their dose to 60mg of zinc per day).

On average, the eight patients who completed the study lost 0.37 ALSFRS-R points per month during the three months of therapy. This represents a lower rate of monthly disease progression compared to the average 0.89 ALSFRS-R monthly rate of disease progression in ALS based on historical controls.[i] Prior to enrolling in the study, seven of the eight patients for whom previous ALSFRS-R scores were available lost an average of 0.61 ALSFRS-R points per month.

Based on these findings, the neurologists at PNA hypothesize that high doses of zinc may slow disease progress in ALS and that a larger controlled clinical trial of zinc therapy in ALS patients is warranted. Preparations are currently underway to evaluate the safety and efficacy of Adeona’s proprietary drug candidate, AEN-100, a gastroretentive, sustained-release, zinc tablet, in an adaptively designed, multi-center, double-blind, placebo-controlled Phase II/III clinical trial in ALS patients to be conducted under an IND. It is anticipated that the trial will enroll approximately 65 ALS patients, who will continue on RILUTEK® (riluzole) as the standard of care treatment, and that the patients will be randomized into two treatment groups and one matching placebo group. They will receive clinical trial medications for at least six months with periodic monitoring. A small Phase I pharmacokinetic clinical trial of AEN-100 is planned for completion prior to initiating the multi-center clinical trial. It is anticipated that Adeona will provide the study medications and fund the clinical trials, which will be led by the neurology team at PNA.

“We are pleased to report that the use of zinc is safe in ALS patients, and we are also encouraged to observe that this small group of ALS patients demonstrated a reduced rate of change in their ALSFRS-R scores while taking zinc, suggesting a slower rate of disease progression,” said Todd D. Levine, M.D., President of PNA, Assistant Clinical Professor at the University of Arizona, Co-Director of the Banner Samaritan ALS Center in Phoenix, Arizona and Lead Principal Investigator of Adeona’s planned clinical trial. “We look forward to initiating this larger clinical trial in ALS patients and to providing Adeona’s proprietary zinc-based therapy that has already demonstrated clinical evidence of being very well tolerated by patients and of providing superior bioavailability.”

“Given the clinical results PNA presented today at an international symposium suggesting a safe and therapeutic role for zinc in ALS, we believe it supports our planned Phase II/III clinical trial of AEN-100 in ALS patients,” said James S. Kuo, M.D., M.B.A., Chief Executive Officer of Adeona. “We are pleased to be working with the dedicated neurologists at PNA to evaluate the potentially revolutionary therapeutic benefit of AEN-100 for this devastating and fatal progressive neurological disease.”

About AEN-100

AEN-100 is Adeona’s patent-pending gastroretentive, sustained-release oral zinc drug candidate intended for indications in which high dose zinc therapy may be appropriate. Based upon prior studies conducted by Adeona, the Company believes that AEN-100 provides far superior gastrointestinal tolerability and once-daily dosing convenience compared to existing zinc therapy products. Gastrointestinal tolerability (namely, nausea and vomiting) represents a major dose limiting factor of oral high dose zinc therapy. Adeona also intends to file for orphan drug protection with the Food & Drug Administration (FDA) in the U.S. and European Medicines Agency (EMEA) in the E.U, which may provide for marketing exclusivity for a period of seven and ten years, respectively, following approval. In ALS, there is a demonstrated zinc binding defect of the ALS-implicated protein known as copper/zinc superoxide dismutase (SOD-1) as well as a demonstrated sequestration of zinc in the Lewy body-like hyaline inclusions that are characteristic of ALS.[ii]

About Amyotrophic Lateral Sclerosis (ALS)

ALS is a devastating progressive neurodegenerative disease that affects the motor nerve cells in the brain and the spinal cord of predominantly older people of both sexes. It is estimated that as many as 30,000 Americans may have the disease at any given time. The progressive degeneration of the motor neurons in ALS eventually leads to the death of the patient. Motor neurons reach from the brain to the spinal cord and from the spinal cord to the muscles throughout the body. When motor neurons die, the ability of the brain to initiate and control muscle movement is lost. With voluntary muscle action progressively affected, patients in the later stages of the disease may become totally paralyzed.

While non-invasive ventilation and gastrostomy tubes prolong life by 6-12 months, the average lifespan from time of symptom onset is 2-5 years. Currently, RILUTEK is the only FDA-approved drug for ALS. RILUTEK is an NMDA receptor antagonist and has been shown to prolong life in patients with ALS by 3 months. Presently, there is no cure for ALS, nor is there a known cause. For more information on ALS, please visit the ALS Association website at www.alsa.org.

About PNA Center for Neurological Research

PNA Center for Neurological Research (PNA) is an independent, not-for-profit organization based in Phoenix, Arizona. PNA was established by five of the neurologists from Phoenix Neurological Associates, Ltd., who are dedicated to discovering new treatments for patients with neurological diseases. PNA’s goal is to be a hub where philanthropists, advocates, organizations, family and friends of patients with a neurological illness could make donations that can support investigator-initiated clinical trials. PNA hopes to optimize proper treatments in order to improve outcomes for patients with neurological diseases. For more information about PNA, please visit its website at www.pnaresearch.org. For more information about Phoenix Neurological Associates, Ltd., please visit its website at www.phoenixneurology.com.

About Adeona Pharmaceuticals, Inc.

Adeona is a pharmaceutical company focused on the development of innovative disease-modifying medicines for serious illnesses. Adeona is developing, or has partnered the development of, drug product candidates to treat pulmonary arterial hypertension, relapses in multiple sclerosis, cognitive dysfunction in multiple sclerosis, fibromyalgia, amyotrophic lateral sclerosis (ALS) and Alzheimer’s disease. For more information, please visit Adeona’s website at www.adeonapharma.com.

RILUTEK® (riluzole) is a registered trademark of sanofi-aventis U.S. LLC.

This release includes forward-looking statements on Adeona’s current expectations and projections about future events. In some cases forward-looking statements can be identified by terminology such as “may,” “could,” “potential,” “positions,” “continue,” “expects,” “anticipates,” “intends,” “plans,” “believe,” “estimates,” and similar expressions. These statements are based upon current beliefs, expectations and assumptions and are subject to a number of risks and uncertainties, many of which are difficult to predict and include statements regarding the effects of zinc with regard to ALS, the intent to file for orphan drug protection and the anticipated trial enrollment for the planned Phase ll/III clinical trial. The forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those set forth or implied by any forward-looking statements. Important factors that could cause actual results to differ materially from those reflected in Adeona’s forward-looking statements include, among others, our failure to obtain regulatory approval or market approval of the use of AEN-100 as an orphan drug or in the treatment of ALS, failure to fully enroll patients in the Phase II/III clinical trial, failure to obtain approval to conduct the trial under the IND, failure of the clinical trial evaluating AEN-100 to have favorable result such as a failure to show benefits of zinc therapy in ALS patients, a failure of the treatment group to meet the planned primary and secondary endpoints, acceptable and superior levels of tolerability and efficacy of AEN-100 and as compared to existing over-the-counter zinc products such as that used in the present study, and other factors described in Adeona’s report on Form 10-K for the year ended December 31, 2010 and any other filings with the SEC. The information in this release is provided only as of the date of this release, and Adeona undertakes no obligation to update any forward-looking statements contained in this release on account of new information, future events, or otherwise, except as required by law.

[i]Miller RG, Moore DH, et. al., Phase II screening trial of lithium carbonate in amyotrophic lateral sclerosis: examining a more efficient trial design., Neurology. 2011 Sep 6;77(10):973-9. Epub 2011 Aug 3., Appendix e-1.

[ii]Chattopadhyay M, Valentine JS., Aggregation of copper-zinc superoxide dismutase in familial and sporadic ALS, Antioxid Redox Signal. 2009 Jul;11(7):1603-14.

SOURCE Adeona Pharmaceuticals, Inc.

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T3 Motion (TTTM) Electric Vehicle Participated in French Anti-Crime Campaign that Reduced Crime by 12%

COSTA MESA, Calif., Nov. 30, 2011 /PRNewswire/ — www.t3motion.com T3 Motion, Inc. (NYSE AMEX:TTTM) a producer of clean/green technology, announced that T3 Series Electric Stand-up Vehicles (ESV) were undergoing trials with various French National Police departments and municipalities during a nationwide campaign to reduce crime. The trials were carried out for the French government to evaluate the effectiveness of the T3 ESVs in their anti-crime campaign, assessing them for community policing initiatives within the cities and sea fronts. During the initial trial period in two cities, the French government observed a drop in crime by 12.7% and 8%.

(Photo: http://photos.prnewswire.com/prnh/20110110/LA27050)

The T3 ESV is an electric law enforcement patrol vehicle known for its low operating costs and increased patrol capabilities. According to the Ouest-France newspaper, the Chief of Police from the Western Region National Police noted “[the French police] are very pleased with these vehicles, which adapt well in urban areas and facilitate communication with citizens.” Similar results were found in Paris, Marseille and Perpignan. Following this outcome, the French government has extended the trial length by two months.

Ouest-France also reported that T3 ESVs were used during Nantes’ campaign to increase the number of law enforcement patrols from 96 in June to 179 (86% increase) in July and 201 (109% increase) in August. The T3 ESVs were reported to have had an impact on the observed reduction in crime. In Nantes, T3 ESVs were deployed for security initiatives in the city center to prevent shoplifting, noise complaints and drug possession, resulting in 23 arrests for drug possession in the summer season alone.

France is not the first country to carry out rigorous testing on the T3 Series ESV; numerous other governments have found very similar results, reporting increased visibility to the public and more effective management and deployment of police and security personnel. The T3 Series ESV is currently deployed in over 30 countries worldwide, spanning all six major continents. Countries that deploy T3 ESVs include Mexico, Kuwait, Israel, South Korea, South Africa, Chile and Turkey.

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 an 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 Series law enforcement vehicles at the International Association of Chiefs of Police conference held in October 2006. 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

“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.

Company Contact

Investor Relations Contact

Kelly Anderson

Casey Stegman

T3 Motion, Inc.

Stonegate Securities, Inc.

(714) 619-3600 Ext. 127

(214) 987-4121

kanderson@t3motion.com

casey@stonegateinc.com

SOURCE T3 Motion, Inc.

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Omeros (OMER) Announces It Has Unlocked Over 20 Percent of Class A Orphan GPCRs

SEATTLE, Nov. 30, 2011 /PRNewswire/ — Omeros Corporation (NASDAQ: OMER) today reported that with its identification of compounds that interact selectively with each of four additional orphan G protein-coupled receptors (GPCRs) – GPR19, GPR20, GPR31 and GPR141 – it has now unlocked over 20 percent of the 77 Class A orphans. GPCRs represent the premier family of drug targets, with more than 30 percent of currently marketed drugs targeting only 46 GPCRs. There are approximately 120 orphan GPCRs, and Omeros, which expects to unlock a large percentage of these for drug development, is initially targeting Class A orphan GPCRs.

The four additional orphan receptors unlocked by Omeros are linked to important potential indications. GPR19 has been tied to metastatic melanoma, the most advanced stage of melanoma. GPR20 and GPR141 are expressed in areas of the body associated with gastrointestinal disorders and respiratory/immunologic disorders, respectively. GPR31 has been implicated in anxiety disorders, which affect approximately 40 million adults in the United States in a given year. By identifying compounds that interact selectively with each of these four orphan receptors – as for the other 14 orphan GPCRs that it has previously unlocked – Omeros is uniquely able to provide templates to the pharmaceutical industry for the design of proprietary compounds that interact with these receptors.

“We continue to march through the Class A orphan GPCRs and have initiated compound optimization,” said Gregory A. Demopulos, M.D., chairman and chief executive officer of Omeros. “In parallel, we are executing on our intellectual property strategy to protect each unlocked target through a multipronged approach directed to compound structures, uniquely identified signaling pathways and associated therapeutic indications. Collectively, this approach provides us the opportunity to establish broad and enforceable protection for each receptor that we unlock.”

Ongoing GPCR Program

Omeros has begun screening orphan GPCRs against its small-molecule chemical libraries using its proprietary, high-throughput cellular redistribution assay (CRA). Omeros has announced that it has identified and confirmed sets of compounds that interact selectively with 18 orphan receptors linked to metastatic melanoma (GPR19), esophageal squamous cell carcinoma and obesity-related type-2 diabetes (GPR39), squamous cell carcinoma (GPR87), pancreatic cancer (GPR182), acute lymphoblastic leukemia (P2Y8/P2RY8), sleep disorders (OPN4), cognitive disorders (GPR12), anxiety disorders (GPR31), bipolar disorder and schizophrenia (GPR78), psychotic and metabolic disorders (GPR27, GPR85, GPR173), gastrointestinal disorders (GPR20), appetite control (GPR101), rheumatoid arthritis and HIV-mediated enteropathy (GPR15), respiratory and immune disorders (GPR141), motor control (GPR139) and congenital cataracts and birth defects of the brain and spinal cord (GPR161). The CRA detects receptor antagonists and agonists. Antagonists comprise the majority of marketed drugs, and all of the compounds characterized so far by Omeros are antagonists.

About G Protein-Coupled Receptors

GPCRs, which mediate key physiological processes in the body, are one of the most valuable families of drug targets. According to Insight Pharma Reports, GPCR-targeting drugs represent 30 to 40 percent of marketed pharmaceuticals. Examples include Claritin® (allergy), Zantac® (ulcers and reflux), OxyContin® (pain), Lopressor® (high blood pressure), Imitrex® (migraine headache), Reglan® (nausea) and Abilify® (schizophrenia, bipolar disease and depression) as well as all other antihistamines, opioids, alpha and beta blockers, serotonergics and dopaminergics.

The industry focuses its GPCR drug discovery efforts mostly on non-sensory GPCRs. Of the 363 total non-sensory GPCRs, approximately 240 have known ligands (molecules that bind the receptors) with nearly half of those targeted either by marketed drugs (46 GPCRs) or by drugs in development (about 70 GPCRs). There are approximately 120 GPCRs with no known ligands, which are termed “orphan GPCRs.” Without a known ligand, drug development for a given receptor is extremely difficult.

Omeros uses its proprietary high-throughput CRA to identify small-molecule agonists and antagonists for orphan GPCRs, unlocking them to drug development. Omeros believes that it is the first to possess the capability to unlock orphan GPCRs in high-throughput, and that currently there is no other comparable technology. Unlocking these receptors could lead to the development of drugs that act at these new targets. T here is a broad range of indications linked to orphan GPCRs including cardiovascular disease, asthma, diabetes, pain, obesity, Alzheimer’s disease, Parkinson’s disease, multiple sclerosis, schizophrenia, learning and cognitive disorders, autism, osteoporosis, osteoarthritis and several forms of cancer.

About Omeros Corporation

Omeros is a clinical-stage biopharmaceutical company committed to discovering, developing and commercializing products targeting inflammation, coagulopathies and disorders of the central nervous system. The Company’s most clinically advanced product candidates are derived from its proprietary PharmacoSurgery™ platform designed to improve clinical outcomes of patients undergoing a wide range of surgical and medical procedures. Omeros has four ongoing clinical development programs. Omeros may also have the near-term capability, through its GPCR program, to add a large number of new drug targets and their corresponding compounds to the market. Behind its clinical candidates and GPCR platform, Omeros is building a diverse pipeline of protein and small-molecule preclinical programs targeting inflammation, coagulopathies and central nervous system disorders.

Forward-looking Statements

This press release contains forward-looking statements as defined within the Private Securities Litigation Reform Act of 1995, which are subject to the “safe harbor” created by those sections. These statements include, but are not limited to, statements regarding Omeros’ expectations regarding its ability unlock orphan GPCRs and add a large number of new drug targets and their corresponding compounds to the market; the disorders that could potentially be treated by drugs that target unlocked orphan receptors, including GPR19, GPR20, GPR31 and GPR141; the pharmaceutical industry’s ability to design of proprietary compounds that interact with these receptors; and Omeros’ intellectual property strategy around unlocked orphans and the breadth of protection Omeros may be able to obtain for each target. Forward-looking statements are based on management’s beliefs and assumptions and on information available to management only as of the date of this press release. Omeros’ actual results could differ materially from those anticipated in these forward-looking statements for many reasons, including, without limitation, the risks, uncertainties and other factors described under the heading “Risk Factors” in the Company’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on November 8, 2011. Given these risks, uncertainties and other factors, you should not place undue reliance on these forward-looking statements, and the Company assumes no obligation to update these forward-looking statements publicly, even if new information becomes available in the future.

SOURCE Omeros Corporation

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Skyworks Solutions (SWKS) and Advanced Analogic Technologies (AATI) Announce Amended Merger Agreement

Skyworks Solutions, Inc. (“Skyworks”) (NASDAQ: SWKS) and Advanced Analogic Technologies, Inc. (“AnalogicTech”) (NASDAQ: AATI) today announced that the two companies have amended their previously announced merger agreement. Under the terms of the revised merger agreement, Skyworks will acquire all of the outstanding shares of AnalogicTech for $5.80 per share in cash through a tender offer that Skyworks intends to commence within seven business days. The companies expect the transaction to be completed in January 2012.

Skyworks intends to finance the tender offer with cash on hand. The tender offer will not be subject to financing and, among other things, will be conditioned upon a majority of the shares of AnalogicTech common stock outstanding being tendered and no injunctions being issued prohibiting the offer or the merger. AATI has addressed and satisfactorily clarified all issues previously raised by Skyworks. As part of the settlement, the companies have agreed to voluntarily dismiss the claims asserted against each other in the Delaware Chancery Court. Skyworks and AnalogicTech have mutually determined that their respective claims were insignificant in light of the overall value of the transaction.

“Skyworks is pleased to have reached this agreement with AnalogicTech and to be moving forward together,” said David J. Aldrich, president and chief executive officer of Skyworks. “We believe this transaction will enable Skyworks to further capitalize on our strong smart phone, tablet, set-top box and infrastructure positions with an expanded and differentiated product portfolio while accelerating our entry into new vertical markets. Analog power management semiconductors represent a strategic growth market for Skyworks as our customers increasingly demand both ubiquitous wireless connectivity and power optimization across seemingly every kind of electronic platform. With AnalogicTech, Skyworks will be well positioned to address these twin market opportunities by leveraging our broad customer relationships and innovative product portfolios, and increasing operational scale.”

“We believe the revised agreement with Skyworks provides AnalogicTech stockholders with immediate value and certainty for their investment in the Company, while providing important benefits to AnalogicTech’s employees and customers,” said Richard K. Williams, president, chief executive officer and chief technical officer of Advanced Analogic Technologies. “We share Skyworks’ vision of the enormity and growth potential of the analog semiconductor market and continue to believe that together, we can better address customers’ demand for highly integrated power management solutions across a broader range of markets and applications. We look forward to closing this transaction quickly and are committed to ensuring a smooth transition.”

Skyworks noted that the Registration Statement on Form S-4 that had been previously filed with the U.S. Securities and Exchange Commission (SEC) on June 17, 2011, and withdrawn on November 3, 2011 will not be resubmitted for filing.

Skyworks expects the transaction to be earnings accretive in FY12 post synergies and will provide more information during its first fiscal quarter 2012 earnings conference call to be held in January 2012.

In light of the revised merger agreement, AnalogicTech’s Annual Meeting of Stockholders, that was previously scheduled to be held on December 16, 2011, has been postponed until further such notice.

About Advanced Analogic Technologies, Inc.

Advanced Analogic Technologies Incorporated (AnalogicTech), or AnalogicTech, develops advanced semiconductor system solutions that play a key role in the continuing evolution of feature-rich, energy efficient electronic devices. The company focuses on addressing the application-specific power management needs of consumer devices such as mobile handsets, digital cameras, tablets, notebooks, TV and LCD displays as well as devices in a broad range of industrial, medical and telecom applications. AnalogicTech also licenses device, process, package, and application-related technologies. Headquartered in Silicon Valley, AnalogicTech has design centers in Santa Clara and Shanghai, and Asia-based operations and logistics. For more information, please visit www.AnalogicTech.com.

About Skyworks

Skyworks Solutions, Inc. is an innovator of high reliability analog and mixed signal semiconductors. Leveraging core technologies, Skyworks offers diverse standard and custom linear products supporting automotive, broadband, cellular infrastructure, energy management, industrial, medical, military and mobile handset applications. The Company’s portfolio includes amplifiers, attenuators, detectors, diodes, directional couplers, front-end modules, hybrids, infrastructure RF subsystems, mixers/demodulators, optocouplers, optoisolators, phase shifters, PLLs/synthesizers/VCOs, power dividers/combiners, receivers, switches and technical ceramics.

Headquartered in Woburn, Mass., Skyworks is worldwide with engineering, manufacturing, sales and service facilities throughout Asia, Europe and North America. For more information, please visit Skyworks’ Web site at: www.skyworksinc.com.

Safe Harbor Statement

This news release includes “forward-looking statements” intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements include without limitation information relating to future results and expectations of Skyworks and AnalogicTech (including without limitation certain projections and business trends). Forward-looking statements can often be identified by words such as “anticipates,” “expects,” “forecasts,” “intends,” “believes,” “plans,” “may,” “will,” or “continue,” and similar expressions and variations or negatives of these words. All such statements are subject to certain risks, uncertainties and other important factors that could cause actual results to differ materially and adversely from those projected, and may affect Skyworks’ and AnalogicTech’s respective future operating results, financial position and cash flows.

Actual results and events in future periods may differ materially from those expressed or implied by these forward-looking statements because of a number of risks, uncertainties and other factors. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including the expected benefits and costs of the transaction; management plans relating to the transaction; the expected timing of the completion of the transaction; the ability to complete the transaction; any statements of the plans, strategies and objectives of management for future operations, including the execution of integration plans; any statements of expectation or belief; and any statements of assumptions underlying any of the foregoing. Risks, uncertainties and assumptions include the possibility that expected benefits may not materialize as expected; that the transaction may not be timely completed, if at all; that, prior to the completion of the transaction, AnalogicTech’s business may experience disruptions due to transaction-related uncertainty or other factors making it more difficult to maintain relationships with employees, customers or other business partners; that the parties are unable to successfully implement integration strategies; and other risks that are described in Skyworks’ and AnalogicTech’s respective SEC reports, including but not limited to the risks described in Skyworks’ Annual Report on Form 10-K, as amended, for its fiscal year ended September 30, 2011 and AnalogicTech’s Annual Report on Form 10-K, as amended, for the fiscal year ended December 31, 2010, as well as subsequent Quarterly Reports on Form 10-Q.

These forward-looking statements are made only as of the date hereof, and we undertake no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.

Additional Information about the Transaction and Where to Find It

Skyworks will file a Tender Offer Statement on Schedule TO and AATI will file a Solicitation/Recommendation Statement on Schedule 14D-9 with the Securities and Exchange Commission (“SEC”) in connection with the amended merger agreement and tender offer. Security holders are advised to read the Tender Offer Statement and the Solicitation/Recommendation Statement when they are available because they will contain important information. Investors can obtain the Tender Offer Statement when it is filed by Skyworks, the Solicitation/Recommendation Statement when it is filed by AATI, and other documents filed by Skyworks and/or AATI for free at the web site of the U.S. Securities and Exchange Commission at http://www.sec.gov. In addition, investors and security holders can obtain free copies of the documents filed by Skyworks with the SEC from Skyworks by contacting Skyworks’ Investor Relations at (949) 231-4700 or by accessing Skyworks’ investor relations website at http://www.skyworksinc.com, and free copies of the documents filed by AATI with the SEC from AATI by contacting AATI’s Investor Relations at The Blueshirt Group, Lisa Laukkanen, at (415) 217-4967 or by accessing Advanced Analogic Technologies’ investor relations website at http://www.analogictech.com.

Note to Editors: Skyworks and Skyworks Solutions are trademarks or registered trademarks of Skyworks Solutions, Inc. or its subsidiaries in the United States and in other countries. All other brands and names listed are trademarks of their respective companies.

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GLG Life Tech Corp. (GLGL) Announces Five-Year Global High-Purity Rebaudioside C Supply Agreement

VANCOUVER, British Columbia, Nov. 30, 2011 (GLOBE NEWSWIRE) — GLG Life Tech Corporation (Nasdaq:GLGL) (TSX:GLG) (“GLG” or the “Company”), the vertically-integrated leader in the agricultural and commercial development of high quality stevia and all-natural and zero-calorie food and beverage products, is pleased to announce the signing of a renewable five-year product supply agreement with International Flavors & Fragrances Inc. (“IFF”) for high-purity Rebaudioside C (“Reb C”) extracts.

IFF is a global leader in the creation of flavors and fragrances used in a wide variety of consumer products and packaged goods. The signing of the exclusive product supply agreement by GLG and IFF jointly leverages each company’s strengths to pursue exploration and commercialization of Reb C, one of the eleven primary glycosides in the stevia leaf. Reb C has demonstrated its proficiency as a flavour modulator in food and beverage formulations and is expected to provide an exciting market opportunity for the companies.

The Company’s Chairman and CEO, Dr. Luke Zhang, commented, “Our leading capabilities in the separation of steviol glycosides, production quality, and scale, coupled with IFF’s global strengths in innovative and advanced flavour systems for high purity Reb C, make this an exciting global opportunity for GLG. We are pleased to be working with International Flavors & Fragrances to help develop the market for high purity Reb C.”

Mark Dewis, Vice President R&D, Flavors for IFF, said, “Commercialization of Reb C marks another step forward in the evolution and development of IFF flavor solutions. This technology will play an important role in supporting healthy and great-tasting flavors for our customers. I am delighted with the dedicated efforts of GLG and IFF in the commercialization of this technology and look forward to making it a success.”

About GLG Life Tech Corporation

GLG Life Tech Corporation (Nasdaq:GLGL) (TSX:GLG) is a global leader in the supply of high purity stevia extracts, an all-natural, zero-calorie sweetener used in food and beverages. The Company’s vertically integrated operations cover each step in the stevia supply chain including non-GMO stevia seed breeding, natural propagation, stevia leaf growth and harvest, proprietary extraction and refining, marketing and distribution of finished product. GLG’s advanced technology, extraction technique and premier, high quality product offerings make it a leading producer of high purity, great tasting stevia extracts. For further information, please visit www.glglifetech.com.

The GLG Life Tech Corporation logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=7994

About International Flavors & Fragrances Inc.

International Flavors & Fragrances Inc. (NYSE:IFF) is a leading global creator of flavors and fragrances used in a wide variety of consumer products. Consumers experience these unique scents and tastes in fine fragrances and beauty care, detergents and household goods, as well as beverages, confectionery and food products. The Company leverages its competitive advantages of consumer insight, research and development, creative expertise, and customer intimacy to provide customers with innovative and differentiated product offerings. A member of the S&P 500 Index, IFF has more than 5,500 employees working in 33 countries worldwide. For more information, please visit our website at www.iff.com.

Forward-looking statements:

This press release contains certain information that may constitute “forward-looking information” and “forward-looking statements” within the meaning of applicable Canadian and United States securities laws. All statements relating to plans, strategies, projections of results of specific activities or investments, and other statements that are not descriptions of historical facts may be forward-looking statements. Forward-looking statements and information are inherently subject to risks and uncertainties, and actual results could differ materially from those currently anticipated due to a number of factors, which include, but are not limited to, operational risks, the effects of general economic conditions, changing foreign exchange rates and actions by government authorities, uncertainties associated with legal proceedings and negotiations, industry supply levels, competitive pricing pressures and other risks and uncertainties disclosed in the public documents filed by the Company with Canadian and United States securities regulatory authorities. Forward-looking statements and information may be identified by terms such as “may”, “will”, “should”, “continue”, “expect”, “anticipate”, “estimate”, “believe”, “intend”, “plan” or “project”, or similar terms or the negatives of these terms. Although we believe that the expectations reflected in the forward-looking statements and information are reasonable, we cannot guarantee future results, levels of activity, performance, or achievements. The Company’s forward-looking statements and information reflect the beliefs, opinions and projections on the date the statements are made. The Company assumes no obligation to update forward-looking information should circumstances or management’s estimates or opinions change, except as required by law.

CONTACT: Sophia Luke
         Vice President of Investor Relations
         GLG Life Tech Corporation
         +1 (604) 669-2602 Ext 104
         ir@glglifetech.com

GLG Life Tech Logo

Wednesday, November 30th, 2011 Uncategorized Comments Off on GLG Life Tech Corp. (GLGL) Announces Five-Year Global High-Purity Rebaudioside C Supply Agreement

Hoku (HOKU) Establishes Tianwei Module Sales Division for North American Market

HONOLULU, HI and CHENGDU, CHINA — (Marketwire) — 11/21/11 — Hoku Corporation (NASDAQ: HOKU), a solar energy products and services company, and Tianwei New Energy Holdings Co., Ltd., a leading provider of silicon wafers, photovoltaic (PV) cells, modules and systems, today announced the signing of a definitive reseller agreement establishing Tianwei Solar USA, Inc. — a wholly-owned subsidiary of Hoku Corporation — as the primary distributor of Tianwei New Energy’s PV modules to the North American market. Hoku Corporation is majority owned by Tianwei New Energy.

Under the terms of the agreement, Hoku’s newly formed subsidiary will market, distribute and sell Tianwei New Energy’s full range of UL-listed PV modules in North America.

Hoku has established offices in Southern California for this new Tianwei module distribution subsidiary, and will initially focus on developing key sales channels within the commercial and residential segments of the distributed generation solar market. Hoku and Tianwei New Energy will concurrently work to expand sales into the utility market.

Tianwei New Energy has an established customer base in the European market, having delivered more than 200 megawatts of PV modules in 2010, and its modules are accepted by leading European banks.

“We are extremely pleased to continue strengthening our relationship with Tianwei,” said Scott Paul, chief executive officer of Hoku Corporation. “This new PV products division represents the first of several steps forward in our continued expansion of Hoku’s global market presence. It will provide a strong complement to our existing solar projects business, and we look forward to supplying Tianwei New Energy’s modules to project developers, PV integrators and utility customers throughout North America.”

“We recognize Hoku Solar’s PV integration expertise, brand strength and market presence in the U.S.,” said Mr. Zhengfei Gao, general manager of Tianwei New Energy, and a director of Hoku Corporation. “North America is an important, growing market in the solar industry, and Tianwei is very pleased to have Hoku leadership in our strategic North American expansion.”

About Hoku Corporation

Hoku Corporation (NASDAQ: HOKU) is a solar energy products and services company with three business units: Hoku Materials, Hoku Solar, and Tianwei Solar USA, Inc. Hoku Materials manufactures, markets and sells polysilicon for the solar market from its plant currently under construction in Pocatello, Idaho. Hoku Solar markets and installs turnkey photovoltaic systems and provides related services. Tianwei Solar USA, Inc. markets and sells PV modules manufactured by Tianwei New Energy. For more information, visit www.hokucorp.com.

Hoku, Hoku Solar, and the Hoku Corporation logo are trademarks of Hoku Corporation, and Hoku Materials is the trademark of Hoku Materials, Inc., all rights reserved. All other trademarks, trade names and service marks appearing in this press release are the property of their respective holders.

About Tianwei New Energy Holdings Co., Ltd. and Baoding Tianwei Group Co., Ltd.

Tianwei New Energy Holdings Co., Ltd. is based in Chengdu, China, and has total combined assets of approximately 2.7 billion Yuan (US$ 400 million). The Company is a subsidiary of Baoding Tianwei Group Co., Ltd (“Tianwei Group”), a leading Chinese manufacturer of power transmission equipment and green energy products. For more information, visit www.twnesolar.com

© Copyright 2011, Hoku Corporation, all rights reserved.

Forward-Looking Statements

This press release contains forward-looking statements that involve many risks and uncertainties. In some cases, you can identify forward-looking statements by terms such as “anticipate,” “believe,” “can,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “will,” “would” and similar expressions intended to identify forward-looking statements. These forward-looking statements include, but are not limited to, statements about the Company’s future growth, the Company receiving support from Tianwei, the Company’s ability to serve as a distributor for Tianwei products in North America, the Company’s ability to develop PV systems and compete in solar markets beyond Hawaii, the Company’s business strategy and plans, objectives of management for future operations, and the expected growth of the downstream solar market in North America. These statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance, time frames or achievements to be materially different from any future results, performance, time frames or achievements expressed or implied by the forward-looking statements. These risks, uncertainties and other factors include, but are not limited to, the Company’s ability to market, sell, develop and install PV systems in Hawaii and in new markets on the mainland U.S., including securing financing for such installations; the Company’s ability to open a branch office for Hoku Solar on the mainland U.S. by the fourth quarter of calendar year 2011; and the risks, uncertainties and other factors disclosed in the Company’s most recent Form 10-K and Form 10-Q filed with the Securities and Exchange Commission. Given these risks, uncertainties and other factors, you should not place undue reliance on these forward-looking statements. In evaluating these statements, you should specifically consider the risks described in the Company’s filings with the Securities and Exchange Commission, as applicable. Except as required by law, the Company assumes no obligation to update these forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.

Contacts for Hoku Corporation:
Hoku Corporation
Tel: 808-682-7800

Monday, November 21st, 2011 Uncategorized Comments Off on Hoku (HOKU) Establishes Tianwei Module Sales Division for North American Market

Inuvo (INUV) Announces Approval of BargainMatch Browser Extension In Mozilla Add-ons Directory

Inuvo®, Inc. (NYSE Amex: INUV) announced today that its BargainMatch® Browser Extension has been approved and listed within the Mozilla Add-ons directory. Built for Inuvo’s comparison shopping and cash-back website, BargainMatch.com, the browser extension simplifies the shopping experience for consumers at over 1,900 online merchants.

The Add-ons directory is Mozilla’s official site for add-ons to Mozilla software, such as Firefox, Thunderbird, SeaMonkey, and Sunbird. Add-ons let you add new features and change the way your browser or application works. Specifically, the BargainMatch Browser Extension automatically recognizes shopping behaviors and notifies users of both cash-back and coupon opportunities as users shop across the web. When a user browses to a BargainMatch-supported merchant, they receive a notification at the top of the merchant’s page showing the cash-back rate and the number of available coupons. With one mouse click, the user locks in their cash-back rate for anything they purchase.

The extension also allows for notifications within a search experience. When a user performs a search on their favorite search engine, the extension scans the results and within milliseconds, highlights the supported merchant listings, showing both the cash-back rates and active coupon codes. When users click through to the highlighted merchants, they’re taken directly to the proper page, locking in their cash back automatically en route.

“We’re excited to have passed Mozilla’s rigorous quality control process,” commented Jeremy Chrysler, Inuvo SVP. “We think we’ve created the definitive shopping app for this Holiday season, so we’re happy to have the greater exposure afforded by the Add-ons directory.”

Learn more about Mozilla Add-ons and the BargainMatch Browser Extension by visiting https://addons.mozilla.org/en-US/firefox/addon/bargainmatch/?src=search.

About Inuvo, Inc. and BargainMatch

Inuvo®, Inc. (NYSE Amex: INUV), is an online technology and services company specialized in driving clicks, leads and sales through targeting that utilizes unique data and sophisticated analytics. BargainMatch®, www.bargainmatch.com, is an Inuvo owned-and-operated online shopping site, allowing users to comparison shop and earn cash back from over 1,900 of the web’s top retailers. BargainMatch.com is powered by the Inuvo application, BargainMatch, which allows website publishers to integrate a private-label shopping experience directly into their website to build loyalty, drive traffic, or to support a not-for-profit cause.

To find out more about how you can work with Inuvo or BargainMatch, please visit http://www.inuvo.com.

Monday, November 21st, 2011 Uncategorized Comments Off on Inuvo (INUV) Announces Approval of BargainMatch Browser Extension In Mozilla Add-ons Directory

BSD Medical (BSDM) Announces FDA HDE Marketing Approval for the BSD-2000 Hyperthermia System

BSD Medical Corporation (NASDAQ:BSDM) (Company or BSD) (www.BSDMedical.com), a leading provider of medical systems that utilize heat therapy to treat cancer, announced today that the Company has obtained Humanitarian Device Exemption (HDE) marketing approval for the BSD-2000 Hyperthermia System (BSD-2000) from the U.S. Food and Drug Administration (FDA). The BSD-2000 is approved for use in conjunction with radiation therapy for the treatment of cervical cancer patients who normally would be treated with combined chemotherapy and radiation but are ineligible for chemotherapy due to patient related factors. The HDE approval authorizes the commercial sale of the BSD-2000. An HDE approval is obtained after a company has demonstrated the product’s safety and probable benefit for the treatment of a disease affecting fewer than 4,000 people in the United States every year.

Harold Wolcott, CEO of BSD Medical, stated, “We are excited to reach this significant milestone in BSD’s history and obtain marketing approval for the BSD-2000 Hyperthermia System. This HDE approval provides physicians a new clinical tool for cervical cancer patients who are candidates for radiation therapy but ineligible for chemotherapy, a patient group that has few, if any, therapeutic options. The HDE approval provides a new marketing opportunity for BSD.”

In 2010, an estimated 12,200 women in the United States were diagnosed with cervical cancer, and an estimated 4,210 died of the disease. It is estimated that approximately $1.4 billion is spent in the U.S. each year on cervical cancer treatment. Cervical cancer is the fifth most common cancer in women worldwide and the leading cause of death from cancer among women in developing countries. Researchers have predicted that developing countries could face a 75% increase in the number of cervical cancer cases in the next two decades due to growth and aging of the population.

The BSD-2000 Hyperthermia System – developed and patented exclusively by BSD – delivers localized therapeutic heating (hyperthermia) to solid tumors by applying radiofrequency (RF) energy. The BSD-2000 creates a central focusing of energy that can be electronically focused to target the shape, size, and location of the tumor, thus providing dynamic control of the heating delivered to the tumor region. This method of therapeutic heating utilizes the adjustment of frequency, phase, and amplitude from multiple power sources, along with applicator selection and patient positioning, to optimize the deposition of heating energy into the targeted body tissues.

About BSD Medical Corporation

BSD Medical Corporation develops, manufactures, markets and services systems to treat cancer and benign diseases using heat therapy delivered using focused radiofrequency (RF) and microwave energy. BSD’s product lines include both hyperthermia and ablation treatment systems. BSD’s hyperthermia cancer treatment systems, which have been in use for several years in the United States, Europe and Asia, are used to treat certain tumors with heat (hyperthermia) while increasing the effectiveness of other therapies such as radiation therapy. BSD’s microwave ablation system has been developed as a stand-alone therapy to ablate and destroy soft tissue. The Company has developed extensive intellectual property, multiple products in the market and well established distribution in the United States, Europe and Asia. Certain of the Company’s products have received regulatory approvals in the United States, Europe and China. For further information visit BSD Medical’s website at www.BSDMedical.com.

Statements contained in this press release that are not historical facts are forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. All forward-looking statements are subject to risks and uncertainties detailed in the Company’s filings with the Securities and Exchange Commission. These forward-looking statements speak only as of the date on which such statements are made, and the Company undertakes no obligation to update such statements to reflect events or circumstances arising after such date.

Monday, November 21st, 2011 Uncategorized Comments Off on BSD Medical (BSDM) Announces FDA HDE Marketing Approval for the BSD-2000 Hyperthermia System

EDGAR Online (EDGR) Revises Business Outlook; Increases 2011 Revenue Growth Guidance

NEW YORK, Nov. 21, 2011 /PRNewswire/ — EDGAR® Online, Inc. (NASDAQ: EDGR), a premier provider of fundamental financial data, analytics and disclosure management services, today announced that it has increased revenue growth guidance to be in excess of 35 percent in 2011 over 2010. The company continues to target annual revenue growth in excess of 25 percent in 2012 and 2013.

Additionally, the company has implemented certain operational and organization structural changes. As a result of these changes, management believes that the company has sufficient capital resources to fund working capital, capital expenditures and debt obligations for the next 12 months.

About EDGAR Online

EDGAR® Online (NASDAQ: EDGR) provides financial data, analytics and disclosure management solutions to help corporations and institutional investors facilitate compliance and management of regulatory disclosure filings. In addition to developing a variety of unique as-reported and normalized data sets, EDGAR Online is an industry leader in XBRL (eXtensible Business Reporting Language) processing. Thousands use the company’s solutions, including U.S. public companies, mutual funds, leading financial analysts and institutional investors, as well as global regulators such as the FDIC, Banque de France and the U.S. Securities and Exchange Commission. The company delivers its solutions, including UBmatrix® XBRL software solutions, through an extensive network of partners, including LexisNexis®, NASDAQ OMX, Oracle, PR Newswire, RR Donnelley and SAP.

EDGAR® is a federally registered trademark of the U.S. Securities and Exchange Commission. EDGAR Online is not affiliated with or approved by the U.S. Securities and Exchange Commission.

Use of Forward-Looking Statements

This press release may contain forward-looking statements. These statements relate to future events or to future financial performance and may include, without limitation, statements regarding our future growth prospects, future demand for our XBRL products/services and future innovations in our data and solutions and subscriptions businesses. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance, or achievements expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by the use of words such as “may,” “could,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” or “continue” or the negative of these terms or other comparable terminology. You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond our control and that could materially affect actual results, levels of activity, performance, or our growth strategy. For further information about the factors that could affect EDGAR Online’s future results, please refer to our filings with the Securities and Exchange Commission. We assume no obligation to publicly update or revise these forward-looking statements for any reason, whether as a result of new information, future events, or otherwise.

SOURCE EDGAR Online, Inc.

Monday, November 21st, 2011 Uncategorized Comments Off on EDGAR Online (EDGR) Revises Business Outlook; Increases 2011 Revenue Growth Guidance

Adeona Pharmaceuticals (AEN) and Intrexon Announce Worldwide Exclusive Collaboration

ANN ARBOR, Mich., and GERMANTOWN, Md., Nov. 21, 2011 /PRNewswire/ — Adeona Pharmaceuticals, Inc. (NYSE Amex: AEN), a developer of innovative disease-modifying medicines for serious illnesses, and the Human Therapeutics Division of Intrexon Corporation, a synthetic biology company that utilizes its proprietary technologies to provide control over cellular function, announced today the formation of a global exclusive channel collaboration through which Adeona intends to develop and commercialize a DNA-based therapeutic using Intrexon’s UltraVector® platform and RheoSwitch Therapeutic System® for the treatment of pulmonary arterial hypertension (PAH).

Under the collaboration, Adeona will utilize Intrexon’s advanced transgene engineering platform for the controlled, precise and continuous in vivo cellular production of prostaglandin synthase (PGIS), a specific effector enzyme that regulates the production of prostacyclin. PGIS expression is decreased in the lungs of PAH patients and deficiency in prostacyclin production is strongly implicated in PAH. Prostacyclin is a short-acting vasodilator and inhibitor of platelet aggregation that has demonstrated a survival benefit in primary pulmonary hypertension patients when administered by continuous central venous catheter infusion (p<0.003).[i] DNA-based in vivo expression of PGIS has demonstrated the ability to increase prostacyclin levels and improve survival in animal models of PAH.[ii]

Intrexon employs its modular genetic engineering platform in the areas of therapeutics, protein production, animal sciences, industrial products, and agriculture products. The exclusive channel collaboration between Intrexon and Adeona has been established specifically for the in vivo production of PGIS for PAH. Under the collaboration, Intrexon will be responsible for technology discovery efforts and managing the patent estate as well as for certain aspects of manufacturing. Adeona will be responsible for conducting preclinical and clinical development of candidates, as well as for other aspects of manufacturing and the commercialization of the candidate product.

Intrexon’s core synthetic biology technology is designed to create Better DNA™ at industrial scale, enabling unprecedented control over the function and output of living cells by providing external control over in vivo activation and regulation of potent effectors. This platform, called UltraVector®, provides speed, flexibility, consistency and precision to the design, production and testing of rationally designed complex transgenes and their encoded genetic circuits. These qualities allow an iterative and rational approach to transgene design, which can be continually engineered until the host cell performance is optimized. Through this process, Intrexon is able to overcome the challenges inherent in current therapeutic strategies, including recombinant protein therapies and constitutive gene therapies, thereby enhancing capabilities, improving safety and lowering cost for human therapeutics.

“Our collaboration with Intrexon is consistent with Adeona’s strategy of building shareholder value through continuous evaluation of new product opportunities and acting upon those that meet Adeona’s mission of delivering disease-modifying therapies for serious illnesses. We believe that this product opportunity and collaboration far and away exceeds these criteria, and we are pleased to be working with Intrexon to make this important new therapy available to PAH patients,” stated Adeona’s Chairman, Jeffrey Riley.

“Current sales of approved therapies for PAH are an estimated $3 billion per year. While current therapies may improve quality of life, they have for the most part shown only modest improvements in survival, if any. We believe that by having the ability to correct what is considered to be a critical pathophysiological defect in PAH, namely reduced expression of prostaglandin synthase, we may have the opportunity to fundamentally change the course of PAH. We further believe that the ‘second generation’ rational nature of Intrexon’s genetic engineering technology provides the enabling technology necessary to make this goal a practical reality for PAH patients. We are pleased to be working with Intrexon in this exciting and potentially disease changing collaboration,” stated James S. Kuo, M.D., M.B.A., Chief Executive Officer of Adeona.

“We are very pleased to collaborate with Adeona in this further demonstration of the breadth of Intrexon’s UltraVector® platform and embedded controllable bioreactor approach to novel therapeutics. We are impressed with Adeona’s demonstrated ability to operate efficiently and decisively and we believe these qualities will serve both parties well as we navigate through the drug development process and commercialization,” stated Glenn Nedwin, President, Human Therapeutics Division at Intrexon.

Under terms of the agreement:

  • Subject to the pre-approval of the NYSE Amex, Adeona will issue to Intrexon at $0.001 par value per share, 3,123,558 shares of its common stock, representing 9.995% of Adeona’s issued and outstanding shares following and after taking into account such issuance; Adeona has agreed to issue to Intrexon an equal number of additional shares of its common stock at $0.001 par value per share, representing an additional 9.995%, upon dosing of the first patient in an Adeona-sponsored U.S. Phase II clinical trial of the candidate product using Intrexon technology;
  • Intrexon has been granted the right to purchase up to 19.99% of securities offerings that may be conducted by Adeona in the future, subject to certain conditions and limitations;
  • Intrexon has been granted the right to make purchases of Adeona’s common stock in the open market up to an additional 10% of Adeona’s common stock; and
  • Subject to certain expense allocations, Adeona will pay Intrexon 50% of the cumulative net quarterly profits derived from the sale of products developed from the channel collaboration.

“Because of the very wide breadth of applications that our technologies may enable, we believe that we can play a democratizing role among companies within traditional life science industries and among those in other industries that look to life science to supply solutions that their existing industrial processes have been otherwise unable to provide,” stated RJ Kirk, Intrexon’s Chairman and CEO. “In therapeutics, in particular, we see many opportunities for game changing strategies to be deployed against indications both large and small, complex and simple. In consequence, and as part of our business strategy, we look for opportunities to align ourselves with smaller, more entrepreneurial companies around focused opportunities that may be fully explored at costs and on timelines that previously were not available. Our new collaboration with Adeona around PAH exemplifies such an alignment and we celebrate our partner’s entrepreneurial spirit, vision and dedication to the service of patients as we begin the work of producing a meaningful improvement to the lives of people with this unfortunate but theoretically treatable condition.”

If the NYSE Amex approval of the issuance of the securities described above is not received within 60 days of the date of the execution of the exclusive channel agreement, Intrexon has the right to terminate the exclusive channel collaboration.

Griffin Securities served as financial advisor to Intrexon in connection with the transaction.

About Pulmonary Arterial Hypertension (PAH)

Pulmonary arterial hypertension is a progressive, disabling and life-threatening disorder characterized by abnormally high blood pressure (hypertension) in the pulmonary artery, the blood vessel that carries blood from the heart to the lungs. Hypertension occurs when most of the very small arteries throughout the lungs narrow in diameter, which increases the resistance to blood flow through the lungs. To overcome the increased resistance, pressure increases in the pulmonary artery and in the heart chamber that pumps blood into the pulmonary artery (the right ventricle). Signs and symptoms of pulmonary arterial hypertension occur when increased pressure cannot fully overcome the elevated resistance and blood flow to the body is insufficient. Shortness of breath during exertion and fainting spells are the most common early symptoms of pulmonary arterial hypertension. Despite current treatments, the outcome of PAH is generally very poor and associated with high rates of mortality within three to five years of diagnosis.

About Intrexon Corporation

Intrexon Corporation is a privately held synthetic biology company that employs modular DNA control systems to enhance capabilities, improve safety and lower cost in human therapeutics, protein production, industrial products, agricultural biotechnology, and animal science. The company’s advanced transgene engineering platform enables Better DNA™ technology by combining revolutionary DNA control systems with corresponding advancements in modular transgene design, assembly and optimization. More information about the company is available at www.DNA.com.

About Adeona Pharmaceuticals, Inc.

Adeona is a pharmaceutical company focused on the development of innovative disease-modifying medicines for serious illnesses. Adeona is developing, or has partnered the development of, drug product candidates to treat primary pulmonary hypertension, multiple sclerosis, fibromyalgia, amyotrophic lateral sclerosis (ALS) and Alzheimer’s disease. For more information, please visit Adeona’s website at www.adeonapharma.com.

This release includes forward-looking statements on Adeona’s current expectations and projections about future events. In some cases forward-looking statements can be identified by terminology such as “may,” “should,” “potential,” “continue,” “expects,” “anticipates,” “intends,” “plans,” “believes,” “estimates,” and similar expressions. These statements are based upon current beliefs, expectations and assumptions and are subject to a number of risks and uncertainties, many of which are difficult to predict and include statements regarding Adeona’s intent to develop and commercialize a DNA-based therapeutic for PAH, Adeona’s belief that the new product opportunity and collaboration will build shareholder value, Adeona’s ability to use the technology to develop a product that will correct a biological defect in PAH and the benefits to be derived from Intrexon’s genetic engineering technologies. The forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those set forth or implied by any forward-looking statements. Important factors that could cause actual results to differ materially from those reflected in Adeona’s forward-looking statements include, among others, a failure of Adeona’s DNA-based therapeutic for the treatment of PAH to be successfully developed or commercialized, an inability to obtain regulatory approval of the PAH product candidates, a failure of the results of clinical trials to support Adeona’s claims, a failure of the preclinical or clinical trials to proceed on schedules that are consistent with Adeona’s current expectations or at all, Adeona’s inability to protect its intellectual property and freedom to operate without interference of the patents of others, inability to maintain the effectiveness of the exclusive collaboration agreement, its reliance on third parties to develop its product candidates, the insufficiency of existing capital reserves to fund continued operations for a particular amount of time and uncertainties regarding Adeona’s ability to obtain additional financing to support its operations thereafter and other factors described in Adeona’s report on Form 10-K for the year ended December 31, 2010 and any other filings with the SEC. The information in this release is provided only as of the date of this release, and Adeona undertakes no obligation to update any forward-looking statements contained in this release on account of new information, future events, or otherwise, except as required by law.

[i] Humbert M, Sitbon O, Simonneau G., Treatment of pulmonary arterial hypertension, N Engl J Med. 2004 Sep 30;351(14):1425-36.

[ii] Ito T, Okada T, Mimuro J, Miyashita H, Uchibori R, Urabe M, Mizukami H, Kume A, Takahashi M, Ikeda U, Sakata Y, Shimada K, Ozawa K. Adenoassociated virus-mediated prostacyclin synthase expression prevents pulmonary arterial hypertension in rats. Hypertension. 2007 Sep;50(3):531-6.

SOURCE Adeona Pharmaceuticals, Inc.

Monday, November 21st, 2011 Uncategorized Comments Off on Adeona Pharmaceuticals (AEN) and Intrexon Announce Worldwide Exclusive Collaboration

USA Technologies (USAT) Connects AMI Entertainment to Industry Leading ePort Connect Service

USA Technologies, Inc. (NASDAQ: USAT), a leader of wireless, cashless payment and M2M telemetry solutions for self-serve, small-ticket retailing industries, today announced it had entered into a new exclusive three year agreement with AMI Entertainment Network, Inc. (“AMI”), a manufacturer of touch screen entertainment products and electronic jukeboxes. While thousands of AMI’s Megatouch countertop products are already connected to USAT’s ePort Connect® Service pursuant to the prior agreement between the parties, this new agreement broadens the relationship, making USA Technologies the exclusive provider of transaction processing services for all of AMI’s credit- and debit card-enabled Megatouch game machines in addition to all of the Rowe Jukebox game machines. Under the agreement, USA Technologies’ ePort SDK cashless payments software is installed into the machines and shipped by AMI to customer locations, ready to accept credit and debit cards for payment, as well as provide remote machine and sales data through USA Technologies’ ePort Connect Service. During the term of the agreement, USA Technologies will earn transaction and licensing fee revenues in connection with its transaction processing services.

USA Technologies’ ePort SDK is a software development kit that enables owners and operators of PC-based terminals such as kiosks, gaming systems and online jukeboxes, to quickly and easily build cashless payments functionality into their machines.

USA Technologies’ ePort SDK is supported by the Company’s ePort Connect service—a PCI-compliant, end-to-end suite of cashless payment and telemetry services specially tailored to fit the needs of the self-service retail industries such as vending, kiosk, amusement and gaming. ePort Connect enables self-service terminals to accept credit, debit, contactless cards and other cashless forms of payment, handles all elements of transaction processing, and allows customers to monitor and manage their terminals online, truly making USA Technologies a one-stop shop.

“We are very excited about our new agreement with AMI, which will help owners and operators improve the customer experience by providing a simple and convenient payment option via the credit- and debit card-enabled Rowe jukeboxes and Megatouch games,” said Stephen P. Herbert, Interim Chairman and CEO, USA Technologies. “Our historical data indicates that, compared to their average spending at unattended points-of-sale not enabled to accept credit and debit cards, consumers on average increase their spending when utilizing a credit or debit card. USA Technologies makes it easy for owners and operators to make the cashless payment choice with our one-stop, turn-key solution. AMI’s decision to ship their countertop games and jukeboxes equipped with the ePort SDK software makes it easy for their customers to enjoy the benefits of a cashless and telemetry embedded solution.”

USA Technologies’ ePort SDK further broadens the market for the Company’s products and services into the self-service kiosk market. According to IHL Consulting Group Market Study dated July 1, 2010, approximately $678 billion was transacted through self-service kiosks in 2009, which represents an increase of 9.7% from the previous year. Furthermore, IHL projects that spending at self-service kiosks will grow approximately 10% during 2010 and that demand for self-service kiosks should push sales at these terminals to over $1 trillion by 2014.

“At AMI, we continuously strive to innovate and evolve, to meet both the entertainment and payment preferences of today’s consumer,” said A.J. Russo, Creative Director of AMI Entertainment. “Partnering with USAT gives us the ability to expand credit and debit card acceptance through their ePort Connect service in a safe and secure, PCI compliant manner, for both our Megatouch and Rowe product lines.”

USA Technologies continues to benefit from the adoption of its cashless payment technology by vending operators and other owners of unattended, point-of-sale equipment, and the positive results that its technology is achieving for its customers. This exclusive agreement with AMI will enable owners and operators of AMI equipment to benefit from the comprehensive solution that USAT offers, as well as capitalize on the increasing consumer preference for using credit and debit cards for payment at self-service terminals.

About AMI

From touchscreen games and jukeboxes to streaming news and video programming, AMI Entertainment Network provides content-rich entertainment solutions to over 125,000 barrooms and restaurants around the globe. Expanding its digital portfolio to touchscreen PCs and mobile devices, AMI is at the forefront of touchscreen entertainment for any venue or platform. For more information, please visit: www.amientertainment.com

About USA Technologies:

USA Technologies is a leader in the networking of wireless non-cash transactions, associated financial/network services and energy management. USA Technologies provides networked credit card and other non-cash systems in the vending, commercial laundry, hospitality and digital imaging industries. The Company has been granted 79 patents and has agreements with Verizon, Visa, Compass, Crane and others. Visit our website at www.usatech.com.

Forward-looking Statements:

“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: All statements other than statements of historical fact included in this release, including without limitation the financial position, anticipated connections to our network, business strategy and the plans and objectives of the Company’s management for future operations, are forward-looking statements. When used in this release, words such as “anticipate”, “believe”, “estimate”, “expect”, “intend”, and similar expressions, as they relate to the Company or its management, identify forward-looking statements. Such forward-looking statements are based on the beliefs of the Company’s management, as well as assumptions made by and information currently available to the Company’s management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors, including but not limited to, business, financial market and economic conditions, including but not limited to, the ability of the Company to retain key customers from whom a significant portion of its revenues is derived; whether the Company’s customers continue to operate or commence operating ePorts received under the Jumpstart program or otherwise at levels currently anticipated by the Company; the ability of the Company to compete with its competitors to obtain market share; the ability of the Company to obtain widespread commercial acceptance of it products; whether the recent significant increase in the interchange fees to be charged by Visa and MasterCard for small ticket debit card transactions would adversely affect our business, including our revenues, gross profits, and anticipated future connections to our network; whether not accepting any debit cards with interchange fees that are higher than the rates provided under the Visa Agreement would adversely affect our business, including our revenues, gross profits, and anticipated future connections to our network; and whether the Company’s existing or anticipated customers purchase ePort devices in the future at levels currently anticipated by the Company. Readers are cautioned not to place undue reliance on these forward-looking statements. Any forward-looking statement made by us in this release speaks only as of the date of this release. Unless required by law, the Company does not undertake to release publicly any revisions to these forward-looking statements to reflect future events or circumstances or to reflect the occurrence of unanticipated events.

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Trans World Entertainment (TWMC) Announces Third Quarter Results

ALBANY, N.Y., Nov. 17, 2011 /PRNewswire/ — Trans World Entertainment Corporation (Nasdaq: TWMC) today reported financial results for its third quarter ended October 29, 2011. For the third quarter of 2011, the Company reported a reduction of $11.6 million or 72% in its net loss to $4.5 million, or a $0.14 loss per share, from a net loss of $16.1 million or a $0.51 loss per share for the same period last year.

Comparable store sales for the quarter were flat compared to the same quarter last year. For the quarter, total sales decreased 15% to $110.0 million compared to $128.8 million in 2010. During the quarter, the Company operated an average of 439 stores compared to 533 stores last year, an 18% decline.

“The third quarter marked our seventh consecutive quarter of improved operating results,” said Robert J. Higgins, Chairman and Chief Executive Officer of Trans World Entertainment. “The flat comp demonstrates our ability to offset declines in video and music, with strong comp increases in our emerging categories of electronics and trend. As we approach the all important holiday season, we continue our efforts to deliver a strong fourth quarter by focusing on merchandising and marketing to enhance our customers’ shopping experience.”

Gross profit for the quarter was $40.7 million or 37.0% of sales as compared to $43.9 million or 34.1% of sales for the same period last year. The increase in gross profit as a percentage of sales was due to higher margin rates across all product categories and the leveraging of distribution and freight costs.

Selling, general and administrative expenses decreased 24% for the quarter to $43.0 million or 39.1% of sales, compared to $56.3 million, or 43.7% of sales in the comparable period last year. The reduction in SG&A expenses was due to the closing of underperforming stores and continued effective expense management.

Total sales for the thirty-nine week period ended October 29, 2011 decreased 17% to $349.5 million, compared to $421.1 million in 2010. Comparable store sales for the thirty-nine week period ended October 29, 2011 decreased 3%. For the thirty-nine week period, the Company reported a reduction of $29.0 million or 67% in its net loss to $14.3 million or a $0.46 loss per share from $43.3 million or a $1.38 loss per share last year.

The Company did not have any borrowings outstanding on its credit facility at the end of the quarter as compared to $8.6 million outstanding last year. The Company has not borrowed under its line of credit this year. Cash on hand at the end of the quarter was $19.0 million compared to $6.1 million at October 30, 2010. Inventory was $223.5 million at the end of the quarter versus $270.8 million at the end of the third quarter of last year, a decline of 17%.

Trans World will host a teleconference call today, Thursday, November 17, 2011, at 10:00 AM ET to discuss its financial results. Interested parties can listen to the simultaneous webcast on the Company’s corporate website, www.twec.com.

Trans World Entertainment is a leading specialty retailer of entertainment software, including music, video and video games and related products. The Company operates retail stores in the United States, the District of Columbia, the U.S. Virgin Islands, and Puerto Rico, primarily under the names f.y.e. for your entertainment and Suncoast and on the web at www.fye.com, www.wherehouse.com, and www.secondspin.com.

Certain statements in this release set forth management’s intentions, plans, beliefs, expectations or predictions of the future based on current facts and analyses. Actual results may differ materially from those indicated in such statements. Additional information on factors that may affect the business and financial results of the Company can be found in filings of the Company with the Securities and Exchange Commission.

— table to follow —

TRANS WORLD ENTERTAINMENT CORPORATION

Financial Results

STATEMENTS OF OPERATIONS:

(in thousands, except per share data)

Thirteen Weeks Ended

Thirty-nine Weeks Ended

October 29,

% to

October 30,

% to

October 29,

% to

October 30,

% to

2011

Sales

2010

Sales

2011

Sales

2010

Sales

Net sales

$ 109,996

$ 128,787

$ 349,483

$ 421,129

Cost of sales

69,344

63.0%

84,870

65.9%

220,550

63.1%

279,959

66.5%

Gross profit

40,652

37.0%

43,917

34.1%

128,933

36.9%

141,170

33.5%

Selling, general and

administrative expenses

43,049

39.1%

56,282

43.7%

136,112

38.9%

173,363

41.2%

Depreciation and amortization

1,345

1.3%

2,769

2.2%

4,666

1.4%

8,420

1.9%

Loss from operations

(3,742)

-3.4%

(15,134)

-11.8%

(11,845)

-3.4%

(40,613)

-9.6%

Interest expense, net

774

0.7%

927

0.7%

2,399

0.7%

2,431

0.6%

Loss before income taxes

(4,516)

-4.1%

(16,061)

-12.5%

(14,244)

-4.1%

(43,044)

-10.2%

Income tax expense (benefit)

(5)

0.0%

55

0.0%

90

0.0%

270

0.1%

Net loss

$ (4,511)

-4.1%

$ (16,116)

-12.5%

$ (14,334)

-4.1%

$ (43,314)

-10.3%

Basic and diluted loss per common share:

Basic and diluted loss per share

$ (0.14)

$ (0.51)

$ (0.46)

$ (1.38)

Weighted average number of

common shares outstanding – basic and diluted

31,454

31,425

31,445

31,415

SELECTED BALANCE SHEET CAPTIONS:

October 29,

October 30,

(in thousands, except store data)

2011

2010

Cash and cash equivalents

$ 19,017

$ 6,127

Merchandise inventory

223,528

270,800

Fixed assets (net)

17,968

26,763

Accounts payable

78,539

115,312

Borrowings under line of credit

8,588

Long-term debt, less current portion

4,399

5,864

Stores in operation

440

533

SOURCE Trans World Entertainment Corp.

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FSI International (FSII) Receives Follow-On Order for Its ORION® System

FSI International, Inc. (Nasdaq:FSII), a leading manufacturer of surface conditioning equipment for microelectronics manufacturing, announced today that it received a follow-on order for its ORION® Single Wafer Cleaning System from a leading semiconductor producer. The system will be used for BEOL applications. The company expects to ship the system during the first half of fiscal 2012.*

Leading integrated circuit manufacturers are recognizing that the closed chamber technology of the ORION® system, when used for BEOL applications, delivers highly efficient removal of etch and ash by-products without causing galvanic corrosion or changes in metal and dielectric film properties. The process chamber design with an integrated spray bar, improves uniformity, shortens process time, reduces chemical consumption and enhances particle removal.

FSI International, Inc. is a global supplier of surface conditioning equipment, technology and support services for microelectronics manufacturing. Using the company’s broad portfolio of cleaning products, which include batch and single-wafer platforms for immersion, spray and cryogenic aerosol technologies, customers are able to achieve their process performance flexibility and productivity goals. The company’s support services programs provide product and process enhancements to extend the life of installed FSI equipment, enabling worldwide customers to realize a higher return on their capital investment. For more information, visit FSI’s website at http://www.fsi-intl.com.

“Safe Harbor” Statement Under the Private Securities Litigation Reform Act of 1995

This press release contains certain “forward-looking” statements (*), including, but not limited to expected first half shipments. Except for the historical information contained herein, the matters discussed in this news release are forward-looking statements involving risks and uncertainties, both known and unknown, that could cause actual results to differ materially from those in such forward-looking statements. Such risks and uncertainties include, but are not limited to, changes in industry conditions; order delays or cancellations; general economic conditions; changes in customer capacity requirements and demand for microelectronics; the extent of demand for the company’s products and its ability to meet demand; global trade policies; worldwide economic and political stability; the company’s successful execution of internal performance plans; the cyclical nature of the company’s business; volatility of the market for certain products; performance issues with key suppliers and subcontractors; the level of new orders; the timing and success of current and future product and process development programs; the success of the company’s direct distribution organization; legal proceedings; the potential impairment of long-lived assets; and the potential adverse financial impacts resulting from declines in the fair value and liquidity of investments the company presently holds; the impact of natural disasters on parts supply and demand for products; as well as other factors listed herein or from time to time in the company’s SEC reports, including our latest 10-K annual report and 10-Q quarterly reports. The company assumes no duty to update the information in this press release.

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Cold-EEZE® Cold Remedy Awarded Coveted Parent Tested Parent Approved (PTPA) Seal of Approval

DOYLESTOWN, Pa., Nov. 17, 2011 /PRNewswire/ — ProPhase Labs (NASDAQ: PRPH), makers of Cold-EEZE Cold Remedy, a leader in over-the-counter (OTC) homeopathic cold remedies, is excited to announce that Cold-EEZE has been awarded the Parent Tested Parent Approved (PTPA) Winner’s Seal of Approval. PTPA Media has North America’s largest volunteer parent testing community, with over 40,000 parents. The seal of approval was awarded based on quality, effectiveness and value.

(Photo: http://photos.prnewswire.com/prnh/20111117/NY09104 )

Cold-EEZE is the #1 pharmacist-recommended zinc cold remedy. Its proprietary zinc gluconate formula is clinically proven to safely and effectively reduce the duration and the severity of the symptoms of a common cold by nearly half (42%).

“This Seal of Approval reflects the high standards that we set for Cold-EEZE, and we are honored to receive this award,” says Ted Karkus, Chairman and Chief Executive Officer of ProPhase Labs. “This recognition highlights the benefits and value that Cold-EEZE offers to families during the cough and cold season.”

Cold-EEZE was among many entries from across North America competing to earn the PTPA™ Seal. Independent parent volunteers evaluate these products in their own homes. Therefore, PTPA winners are chosen based on merit and consumer experience – not on commercial considerations. As a result, the PTPA Media™ Seal has quickly gained recognition as an international leader in certifying consumer products for quality, effectiveness and value. PTPA’s CEO and founder, Sharon Vinderine, has appeared on over 40 morning shows as a reliable source for the latest and greatest in family products. The media and parents alike trust the collective opinion that PTPA Media represents.

“At PTPA Media, we are proud to play a role in certifying innovative products that families can trust,” says Vinderine. “When consumers search for our Seal of Approval on product packaging and web sites, they are essentially searching for validation from their peers. Their peers will have objectively tested and approved these products based on their performance in a real life environment. That type of resource for families is priceless.”

Cold-EEZE Cold Remedy has recently introduced a new convenient and great tasting Oral Spray version. Just two sprays of the Oral Spray deliver the same amount of cold remedy (active ingredient zinc gluconate) as one Cold-EEZE lozenge. Cold-EEZE is available at over 40,000 fine retail locations including all major food stores, drug chains and mass retailers. To find a retailer or buy online please visit www.coldeeze.com.

About ProPhase Labs

ProPhase Labs is a diversified natural health medical science company. It is a leading marketer of the Cold-EEZE® cold remedy brand as well as other cold relief products. Cold-EEZE® zinc gluconate lozenges are clinically proven to shorten the duration of the common cold by nearly half. Cold-EEZE® customers include leading national retailers, food, chain drug and mass merchandise stores, wholesalers and distributors, as well as independent pharmacies. ProPhase Labs has several wholly owned subsidiaries including a manufacturing unit, which consists of an FDA registered facility to manufacture Cold-EEZE® lozenges and fulfill other contract manufacturing opportunities. ProPhase also owns 50% of Phusion Laboratories, LLC (“Phusion”). Phusion licenses a revolutionary proprietary technology that has the potential to improve the delivery and/or efficacy of many active ingredients or compounds. Phusion will formulate and test products to exploit market opportunities within ProPhase’s robust over-the-counter distribution channels. For more information visit us at www.ProPhaseLabs.com.

About PTPA Media Inc.

PTPA Media provides an objective framework for appraising and promoting new products designed to enrich family living. The company’s mission is to marry innovative companies with discerning consumers, to improve consumer access to quality products and services for their families and homes.

PTPA Media Contact Information:

Janine Streiter, Tel: (905)738-1447 x240 For more information visit www.ptpamedia.com.

Media Contact:
Ilisa Wirgin/Jenny Miranda
212-999-5585
iwirgin@5wpr.com
jmiranda@5wpr.com

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Sino Clean Energy, Inc. (SCEI) Announces Unaudited Third Quarter 2011 Financial Results

XI’AN, China, Nov. 17, 2011 /PRNewswire-Asia-FirstCall/ — Sino Clean Energy Inc. (NASDAQ: SCEI) (“Sino Clean Energy,” or the “Company”), a leading producer and distributor of coal-water slurry fuel (“CWSF”) in China, today announced unaudited financial results for the third quarter of 2011.

Third Quarter 2011 Financial Highlights

  • Revenues in the third quarter of 2011 were $17.2 million, a decrease of 31.2%from $24.9 million in the same quarter of 2010.
  • Net income in the third quarter of 2011 was $3.3 million, a decrease of 41.7%from $5.6 million in the same quarter of 2010. Non-GAAP adjusted earnings, which excludes change in fair value of derivative liabilities of $2.7 million and gain on extinguishment of derivative liability of $3.1 million, was $2.8 million, a decrease of 56.7% from $6.6 million in the same quarter of 2010.
  • Earnings per share were $0.14. Adjusted earnings per share were $0.11.
  • Net cash generated from operations was $2.5 million in the nine months ended September 30, 2011, compared to $21.3 million in the nine months ended September 30, 2010.

Mr. Baowen Ren, chairman and chief executive officer of Sino Clean Energy, commented, “I’m pleased that the company managed to maintain acceptable sales volume during a very challenging third quarter when operations at our largest customer remained suspended. In Tongchuan, we further lost one customer to a low-price competitor and one customer suspended operations due to a reduced loan facility. On the positive side, the customer base and order volume of our Dongguan facility continued to increase during the period, partly offsetting revenue reduction from our Shenyang and Tongchuan facilities. With our largest customer resuming operations at the beginning of the fourth quarter, we are confident that our Shenyang facilities will ramp up quickly and begin contributing again to overall revenue in the future.”

Mr. Ren continued, “I’m also pleased to announce that Thornhill Capital’s review and reconciliation of financial information filed in tax returns with State Administration of Taxation (SAT) and its filings with State Administration of Industry and Commerce (SAIC) to the audited financial statements in the Company’s Annual Report on Form 10-K, filed with the Securities and Exchange Commission, was recently completed. Thornhill concluded that with respect to Shaanxi Suo’ang, it is unlikely that the Company has filed incorrect SAT or SAIC reports, or provided false reports that do not agree to the audited financial information reports filed with US SEC under US GAAP. Thornhill was also able to reconcile the SAT filings of Shenyang Suo’ang and Dongguan Clean Energy, however, due to time constraints the information provided for such filings had not been independently verified, and a SAIC reconciliation has not been performed. The completion of this Thornhill study marks the successful conclusion of the first phase of a broader operations-wide internal investigation being supervised by the Company’s Audit Committee, to address certain matters raised in the past concerning the veracity of the company’s stated production facilities and activity, revenues, cash balances, and customers.”

Third Quarter 2011 Financial Results

Revenue in the third quarter 2011 decreased 31.2% to $17.2 million from $24.9million in the same period of 2010, primarily due to a decrease in sales to our major customer, Haizhong Heating. The customer suspended operations of its CWSF boilers due to the modification of a pipeline in certain areas of the Ming Fa real estate development project in the second quarter of 2011. The reduction in sales volume due to this business interruption is 81,251 metric tons compared with the same period of 2010. In addition, the Company’s subsidiary Shaanxi Suo’ang New Energy lost one customer to a new competitor and one customer suspended operations during the third quarter. The reduction in sales volume because of these customers was 71,910 metric tons as compared with sales in same period of 2010.

During the third quarter of 2011, the Company sold 125,235 metric tons of CWSF compared to 261,496 metric tons in the same period of 2010, representing a decrease of 52.1%. The Company’s annual production capacity at September 30, 2011 was 1,150,000 metric tons, as compared to 850,000 metric tons at September 30, 2010. For the first nine months of 2011, revenue was $73.9 million, representing a slight increase over $73.6 million for the same period in 2010.

As of September 30, 2011 Sino Clean Energy had 37 active customers under CWSF supply agreements totaling approximately 1,200,000metric tons per year, compared to 43 customers totaling approximately 600,000 metric tons of CWSF per year at September 30, 2010.

Cost of Goods Sold was $11.4 million in the third quarter 2011, compared to $15.3 million in the same period of 2010, representing a decrease of 25.2%, in line with the decrease in selling volume.

Gross Profit in the third quarter of 2011 decreased 40.5% to $5.7 million from $9.6 million in the same period of 2010. Gross margin was 33.4%, compared to 38.7% in the third quarter of 2010.This primarily resulted as a combination of significantly higher purchase prices for coal in Dongguan and higher depreciation costs for plant and machinery at that facility.

Selling expenses were $0.9 million in the third quarter of 2011, as compared to $1.2 million in the same period of 2010, a decrease of 26.3%. This decrease is mainly attributable to decreased transportation costs and marketing costs due to decreased selling volume.

General and Administrative Expenses were $1.2 million in the third quarter of 2011, compared to $0.6 million in the same period of 2010, representing an increase of 100%.This was primarily due to the legal expense and professional fees of the Company’s operations, and increased expenses related to Sino Clean Energy being a public company.

Income from Operations decreased 53.7% to $3.7 million in the third quarter of 2011 from $7.9 million in the same period of 2010, due to the above-mentioned factors.

Provision for income taxes was $0.9 million in the third quarter of 2011, compared to $1.3 million in the same quarter of 2010. The decrease in income taxes reflects the decrease in taxable income from our operations in China. For the three-month periods ended September 30, 2011 and 2010, our effective tax rate was 21% and 19%, respectively, on income before provision for income taxes.

Net income in the third quarter of 2011 was $3.3 million and basic earnings per share were $0.14. Adjusting for non-cash charges during each respective period, adjusted earnings were $2.8 million and $6.6 million for the third quarters 2011 and 2010, yielding $0.11 and $0.39 in adjusted basic earnings per share, respectively.

As of September 30, 2011, the Company had cash and cash equivalents of $59.4 million, compared to $52.1 million as of December 31, 2010. Net cash generated from operations was $2.5 million in the nine months ended September 30, 2011, compared to $21.3 million in the nine months ended September 30, 2010. This decline was mainly due to the decrease in amortization of discount on convertible notes and the increase in accounts receivables. The Company had working capital of $83.0 million at September 30, 2011 and a current ratio of 16-to-1.

Net accounts receivable balance was $12.1 million at September 30, 2011, compared to $3.6 million and $3.9 million at September 30 and December 31, 2010, respectively. Allowance for doubtful accounts was $1.1 million at September 30, 2011, compared to nil at September 30, 2010 and December 31, 2010, respectively.

The annualized days sales outstanding for nine months ending on September 30, 2011 were 66 days compared to 24 days in the third quarter 2010. The lengthening of days sales outstanding reflects the tightening credit environment around Tongchuan and the trend of growing CSWF purchaser power in Dongguan.

Recent Development and Updates

Cooperation with Nathalin Welstar Energy Co Ltd

The management of the Company was invited to Thailand for a site visit in late October 2011, but the schedule has to be delayed because of the flood in Thailand. The management and Nathalin have rescheduled the visit date to December 1.

Due Diligence Report

As previously noted, the Company engaged an independent third-party evaluation agency, US-based Thornhill Capital LLC, to conduct a reconciliation of the Company’s tax returns filed with the State Administration of Taxation(SAT) and its filings with the State Administration of Industry and Commerce (SAIC) against audited financial information filed with US Securities and Exchange Commission under US GAAP. The Company received the report from Thornhill on November 10, 2011. Thornhill concluded that it is unlikely the Company has filed incorrect SAT and SAIC reports or provided false reports that do not agree to the reports filed with the SEC. In addition, there is no significant variance in the reconciliation of the SAT and SAIC reports with US SEC reports filed.

Engagement of a Specialist Team in SOX Compliance

In October 2011, the Company engaged a specialist team comprised of former senior managers from “Big Four” CPA firms to help the Company implement recommendations from Ernst & Young (China) Advisory Services Ltd. on Sarbanes-Oxley (“SOX”) compliance, timely setting up of an effective internal control system, and improving the SEC financial reporting process of the Company The Company is working closely with these advisors and as a result hopes that it can attain significant improvements in above areasover the next two quarters.

Delay in SEC Filing of Form 10-Q

In August and September, 2011,in a routine review of certain of the Company’s past Exchange Act filings, the U.S. Securities and Exchange Commission (“SEC”), issued comment letters to the Company covering various aspects of Sino Clean Energy’s financial and legal disclosure in its previously filed 10-K, 10-Q and 8-K’s. The Company was required, in response to such comments, to provide the SEC with examples of how it would enhance its disclosures in its future Exchange Act filings. The Company has replied to all of the SEC comments thus far, and will continue to work diligently to adequately address any additional inquiries should they arise. To ensure that all enhanced disclosure that was prepared to address the SEC’s comments is included in the Company’s Form 10-Q filing for the third quarter, the Company has filed for an extension in the filing of its Form 10-Q.The Company expects to file its Form 10-Q no later than November 21, 2011, the end of the five calendar day extension period..

Financial Outlook

SCEI management reconfirms fiscal 2011 guidance and expects revenue of between $101.5 million and $110.7 million due to the Company’s major customer, Shenyang Haizhong Heating, resuming its operations in October. The Company expects Non-GAAP adjusted earnings to be in the range of$23.02 million to $24.80 million and full year adjusted earnings per share of between $0.98and $1.06. This guidance assumes total sales volume of 850,000 – 920,000 metric tons of CWSF in 2011.

Exchange Rate

This announcement contains translations of certain Renminbi amounts into US dollars at specified rates solely for the convenience of readers. Unless otherwise noted, all translations from Renminbi to US dollars were made at the noon buying rate of RMB6.3830 to USD1.00 on September 30, 2011 in the City of New York for cable transfers in Renminbi per U.S. dollar as certified for customs purposes by the Federal Reserve Bank of New York.

Exchange rate

9/30/2011

12/31/2010

9/30/2010

Period end RMB: US$

6.3830

6.6000

6.7011

Average RMB: US$

6.4859

6.7690

6.8042

Conference Call

The Company will host a conference call at 8:00 a.m. ET on Monday, November 21, 2011, which is 9:00 p.m. Beijing Time on Monday, November 21, 2011, to discuss third quarter results and answer questions from investors.

To access the conference call, please dial:

US:

+1-877-941-1430

International:

+1-480-629-9857

Please ask to be connected to the “Sino Clean Energy call” and provide the conference ID: 4489446.

Sino Clean Energy will also broadcast a live audio webcast of the conference call. The broadcast will be available by visiting the “Investor Relations” section of the Company’s web site at http://www.sinocei.net.

An archive of the call will be available through November 28, 2011 by dialing:

US:

+1-877-870-5176

International:

+1-858-384-5517

About Sino Clean Energy

Sino Clean Energy is the third largest producer of coal-water slurry fuel (“CWSF”) by sales in China, according to data provided in Frost & Sullivan’s 2010 Chinese CWSF market report. A leader in developing CWSF as a cleaner alternative to burning coal aggregate in heating, industrial and power generation for residential and industrial applications, the Company has seven production lines located in Shaanxi, Liaoning, and Guangdong provinces. For more information about Sino Clean Energy, please visit http://www.sinocei.net.

Contact Information

Sino Clean Energy Inc.
Jing Li, Assistant to the CEO
Phone: +86-29-8844-7960 ext. 802
Email: Jing.Li@sinocei.net

ICR Inc.
Rob Koepp
Phone: +86-10-6583-7516 or +1-646-328-2526
E-mail: SCEI@icrinc.com

Non-GAAP Financial Measures

This press release contains non-GAAP financial measures. The Company believes that these non-GAAP financial measures are useful to investors because they exclude non-cash charges that our management excludes when it internally evaluates the performance of the Company’s business and makes operating decisions, including internal budgeting, and performance measurement, because these measures provide a consistent method of comparison to historical periods. Moreover, management believes these non-GAAP measures reflect the essential operating activities of Sino Clean Energy. Accordingly, management excludes the change in derivative liabilities, gains (losses) on extinguishment of derivative liabilities, and amortization of note discount when making operational decisions. The Company believes that providing the non-GAAP measures that management uses to its investors is useful to investors for a number of reasons. The non-GAAP measures provide a consistent basis for investors to understand the Company’s financial performance in comparison to historical periods. In addition, it allows investors to evaluate the Company’s performance using the same methodology and information as that used by our management. Non-GAAP measures are subject to inherent limitations because they do not include all of the expenses included under GAAP and because they involve the exercise of judgment of which charges are excluded from the non-GAAP financial measures. However, our management compensates for these limitations by providing the relevant disclosure of the items excluded.

The following table provides the non-GAAP financial measure and the related GAAP measure and provides a reconciliation of the non-GAAP measure to the equivalent GAAP measure.

Three months ended
September 30,

Nine months ended
September 30,

2011

2010

2011

2010

(unaudited)

(unaudited)

(unaudited)

(unaudited)

Net income

3,268,669

5,611,347

28,066,201

35,012,727

Non-GAAP adjustments

Amortization of discount on convertible notes

8,593,453

Value of shares issued for bonus interest

1,864,701

Gain on extinguishment of derivative liability

(3,107,884)

(3,590,721)

(28,404,181)

Change in fair value of derivative liabilities

2,686,654

970,813

(10,304,357)

2,348,479

Non-GAAP Adjusted Earnings (Unaudited)

$

2,847,439

$

6,582,160

$

14,171,123

$

19,415,179

The adjusted number of shares used to determine adjusted earnings per share is calculated by adding the basic weighted number of shares to the number of shares that would be issued upon exercise of all warrants classified as derivative liabilities. For the three months ended September 30, 2011, basic weighted number of shares of 23,499,604 is increased by 2,476,647 warrant shares that would be issued upon exercise of all the Company’s warrants, resulting in adjusted number of shares of 25,976,251. For the three months ended September 30, 2011, adjusted earnings of $2,847,439 divided by 25,976,251 adjusted number of shares results in adjusted earnings per share of $0.11. For the nine months ended September 30, 2011, basic weighted number of shares of 23,482,939 is increased by the 2,476,647 warrant shares that would be issued upon exercise of all the Company’s warrants, resulting in adjusted number of shares of 25,959,586. For the nine months ended September 30, 2011, adjusted earnings of $14,171,123 divided by 25,959,586 adjusted number of shares results in adjusted earnings per share of $0.55.

Safe Harbor Statement

This press release contains certain “forward-looking statements,” as defined in the United States Private Securities Litigation Reform Act of 1995, that involve a number of risks and uncertainties. There can be no assurance that such statements will prove to be accurate and the actual results and future events could differ materially from management’s current expectations. Such factors include, but are not limited to uncertainties in product demand, the impact of competitive products and pricing, our ability to obtain regulatory approvals, changing economic conditions around the world and other factors detailed from time to time in the Company’s filings with the United States Securities and Exchange Commission. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

FINANCIAL INFORMATION

Sino Clean Energy Inc. and Subsidiaries
Condensed Consolidated Balance Sheets

September 30,
2011

December 31,
2010

(Unaudited)

ASSETS

Cash and cash equivalents

$ 59,410,230

$ 52,055,857

Accounts receivable, net of allowance for doubtful accounts of $1,083,006 and $0 at
September 30, 2011 and December 31, 2010, respectively

12,152,648

3,856,941

Inventories

2,158,712

1,261,334

Prepaid inventories

14,547,285

10,242,878

Prepaid and other current assets

41,370

51,048

Due from related party-Suo’ang BST

10,307,912

Land use right – current portion

75,200

40,079

Total current assets

88,385,445

77,816,049

Land use right – non-current portion

5,499,758

1,799,889

Property, plant and equipment, net

18,823,510

13,609,932

Deposit on land use rights, plant and equipment

6,263,308

9,409,091

Goodwill

762,018

762,018

Total assets

$ 119,734,039

$ 103,396,979

LIABILITIES AND SHAREHOLDERS’ EQUITY

Accounts payable and accrued expenses

2,844,059

1,560,183

Taxes payable

1,829,071

3,329,844

Mortgage payable – current portion

5,762

5,450

Amount due to director

48,454

48,457

Derivative liabilities

659,949

14,555,027

Total current liabilities

5,387,295

19,498,961

Mortgage payable –non-current portion

161,208

160,095

Total liabilities

5,548,503

19,659,056

Commitments and contingencies

Shareholders’ Equity

Preferred stock, $0.001 par value, 50,000,000 shares authorized, none issued and
outstanding

Common stock, $0.001 par value, 30,000,000 shares authorized, 23,863,701 and
23,452,270 issued and outstanding as of September 30, 2011 and December 31,
2010 respectively

23,841

23,452

Additional paid-in capital

67,291,387

66,567,560

Treasury stock, at cost, 321,100 and 0 shares, respectively

(799,423)

Retained earnings

37,288,125

9,221,924

Statutory reserves

4,739,048

4,739,048

Accumulated other comprehensive income

5,642,558

3,185,939

Total shareholders’ equity

114,185,536

83,737,923

Total liabilities and shareholders’ equity

$ 119,734,039

$ 103,396,979

Sino Clean Energy Inc. and Subsidiaries
Condensed Consolidated Statements of Income and Other Comprehensive Income (Unaudited)

Three months ended
September 30,

Nine months ended
September 30,

2011

2010

2011

2010

Revenue

$ 17,150,169

$ 24,913,134

$ 73,948,258

$ 73,571,899

Cost of goods sold

(11,415,576)

(15,269,720)

(47,575,971)

(44,448,913)

Gross profit

5,734,593

9,643,414

26,372,287

29,122,986

Selling expenses

852,075

1,156,147

3,673,993

3,203,245

General and administrative expenses

1,229,089

579,837

4,773,222

1,925,072

Income from operations

3,653,429

7,907,430

17,925,072

23,994,669

Other income (expense)

Interest and finance cost

(5,437)

(5,735)

(5,437)

(10,459,201)

Interest income

77,695

29,889

193,594

62,113

Gain on extinguishment of derivative liability

3,107,884

3,590,721

28,404,181

Change in fair value of derivative liabilities

(2,686,654)

(970,813)

10,304,357

(2,348,479)

Total other income (expense)

493,488

(946,659)

14,083,235

15,658,614

Income before provision for income taxes

4,146,917

6,960,771

32,008,307

39,653,283

Provision for income taxes

878,248

1,349,424

3,942,106

4,640,556

Net income

3,268,669

5,611,347

28,066,201

35,012,727

Other comprehensive income

Foreign currency translation adjustment

294,399

67,493

2,456,619

348,965

Comprehensive income

$ 3,563,068

$ 5,678,840

$ 30,522,820

$ 35,361,692

Weighted average number of shares

-Basic

23,499,604

16,703,844

23,482,939

15,385,062

-Diluted

23,499,604

18,780,537

23,482,939

18,668,856

Income (loss) per common share

– Basic

$ 0.14

$ 0.34

$ 1.20

$ 2.28

– Diluted

$ 0.14

$ 0.30

$ 1.20

$ 1.88

Sino-Clean Energy, Inc. and Subsidiaries

Condensed Consolidated Statements of Changes in Shareholders’ Equity

For the nine months ended September 30, 2011

(Unaudited)

Common Stock

Share

Amount

Additional
paid-in
capital

Treasury
Stock

Statutory
Reserve

Retained
earnings

Accumulated
other comprehensive
income

Total

Balance, January 1, 2011

23,452,270

23,452

66,567,560

4,739,048

9,221,924

3,185,939

83,737,923

Share issued for exercise of warrants and options

411,431

389

593,827

594,216

Purchase of treasury stock

(799,423)

(799,423)

Fair value of vested stock options

130,000

130,000

Net income

28,066,201

28,066,201

Foreign currency translation gain

2,456,619

2,456,619

Balance, September 30, 2011

23,863,701

23,841

67,291,387

(799,423)

4,739,048

37,288,125

5,642,558

114,185,536

Sino Clean Energy Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(Unaudited)

Nine months ended September 30,

2011

2010

Cash flows from operating activities:

Net income

$ 28,066,201

$ 35,012,727

Adjustments to reconcile net income to cash provided by operating activities :

Depreciation and amortization

2,221,025

1,593,325

Amortization of discount on convertible notes

8,601,975

Fair value of vested stock options

130,000

34,152

Fair value of common stock issued for repayment of interest expense

1,864,701

Change in fair value of derivative liabilities

(10,304,357)

2,348,479

Gain on extinguishment of derivative liability

(3,590,721)

(28,404,181)

Bad debt expense

1,072,124

Change in operating assets and liabilities :

Accounts receivable

(9,478,656)

171,480

Inventories

(930,043)

(418,740)

Prepaid inventories

(4,569,666)

(86,835)

Prepaid and other current assets

8,356

269,146

Tax recoverable

138,984

Accounts payable and accrued expenses

1,324,280

(491,938)

Taxes payable

(1,414,540)

644,310

Net cash provided by operating activities

2,534,003

21,277,585

Cash flows from investing activities:

Deposits on land use rights, plant and equipment

(6,262,212)

(2,239,737)

Repayment from related party- Suo’ang BST

10,172,674

Purchase of property, plant and equipment

(1,280,304)

(2,621,605)

Issuance of note receivable

(300,000)

Collection of note receivable

300,000

Net cash provided by (used in) investing activities

2,630,158

(4,861,342)

Cash flows from financing activities:

Prepayment and deposits related to deferred offering costs

(652,053)

Cash received from exercise of warrants

594,216

263,256

Proceed of mortgage payable

163,135

Repayment of mortgage payable

(2,636)

(2,039)

Purchase of treasury stock

(799,423)

Net cash used in financing activities

(207,843)

(227,701)

Effect of foreign currency translation

2,398,055

(143,004)

Net increase in cash and cash equivalents

7,354,373

16,045,538

Cash and cash equivalents, beginning of period

52,055,857

18,302,558

Cash and cash equivalents, end of period

$ 59,410,230

$ 34,348,096

Supplemental Disclosure Information:

Cash paid for taxes

$ 4,948,779

$ 4,296,422

Supplemental non-cash investing and financing activities:

Deposits applied to purchase of land use rights, property, plant and equipment

$ 9,285,645

$ –

Increase in property, plant and equipment and accounts payable and accrued expenses

$ –

$ 1,175,144

Issuance of shares upon conversion of convertible notes

$ –

$ 10,217,000

Thursday, November 17th, 2011 Uncategorized Comments Off on Sino Clean Energy, Inc. (SCEI) Announces Unaudited Third Quarter 2011 Financial Results

Valpey-Fisher Corp. (VPF) to be Acquired by CTS Corporation

CTS Corporation (“CTS”) (NYSE: CTS) and Valpey-Fisher Corporation (“Valpey-Fisher”) (Nasdaq:VPF) announced today that they have entered into a definitive merger agreement providing for the cash acquisition of Valpey-Fisher by CTS. Upon closing of the transaction, Valpey-Fisher will operate as an indirect wholly-owned subsidiary of CTS.

Pursuant to the terms of the definitive agreement, CTS will acquire 100% of the issued and outstanding equity of Valpey-Fisher for $4.15 per share in cash. Valpey-Fisher’s Board of Directors has unanimously approved the merger and recommends that Valpey-Fisher’s stockholders vote in favor of the transaction. The transaction is subject to customary closing conditions and approval of Valpey-Fisher’s stockholders.

A more complete description of this transaction is included in Valpey-Fisher’s Form 8-K to be filed later today. The transaction is expected to close in January 2012.

Valpey-Fisher is a recognized technology leader in the design and manufacturing of precision crystal oscillators including higher frequency, lower phase noise timing solutions, high performance RF/Microwave components, integrated modules and ultrasonic transducers. End markets served include telecommunications, computer, defense and aerospace, instrumentation and industrial markets. Sales in the last four reported quarters total approximately $15 million.

Michael J. Ferrantino Jr., President and Chief Executive Officer of Valpey-Fisher Corporation, added, “This represents a great value for the stockholders of Valpey-Fisher while providing excellent long-term growth opportunities for our employees.”

Vinod M. Khilnani, CTS Chairman and Chief Executive Officer, stated, “Valpey-Fisher is an excellent fit with CTS’ Electronic Components business unit, bringing expanded products and capabilities to better serve CTS’ customers. The two companies offer world-class highly-engineered frequency products to growing markets. In addition, Valpey-Fisher brings strong engineering capabilities and management leadership to support our strategy of double-digit top line growth over the next several years in our Components and Sensors segment.”

Shasta Partners, LLC is acting as financial advisor to Valpey-Fisher.

About Valpey-Fisher

Valpey-Fisher Corporation is a global leader in the design, development and manufacture of high-accuracy subsystems integrated into digital and optical telecommunications systems in use throughout the world for voice, data and military communications. Companies pick Valpey-Fisher for its long history of technology innovation, its high-quality precision products and its top-to-bottom commitment to customers to provide and support custom solutions that meet their evolving needs. Valpey-Fisher (founded in 1931) has its manufacturing facility located in Hopkinton, Massachusetts. To find out more, visit the Valpey-Fisher Web site at www.valpeyfisher.com.

Forward-Looking Statements

This report may contain statements, including statements regarding whether the Merger will be consummated and the timing of the Merger, that are forward-looking statements as defined within the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the statements made, such as market and economic conditions, the future performance of Valpey-Fisher, the requirement of approval of Valpey-Fisher’s stockholders, and other risks, that may cause the conditions to the closing of the Merger not to be satisfied. All forward-looking statements are also expressly qualified in their entirety by its cautionary statements detailed from time to time in filings with the Securities and Exchange Commission (the “SEC”) including quarterly reports on Form 10-Q and annual reports on Form 10-K by Valpey-Fisher.

Additional Information and Where You Can Find It

In connection with the Merger, Valpey-Fisher will file relevant materials with the SEC including a preliminary proxy statement on Schedule 14A and, promptly after the filing, a definitive proxy statement with the SEC. Valpey-Fisher will mail its definitive proxy statement and other relevant documents regarding the Merger to its stockholders. VALPEY-FISHER’S STOCKHOLDERS ARE URGED TO READ, WHEN AVAILABLE, VALPEY-FISHER’S DEFINITIVE PROXY STATEMENT IN CONNECTION WITH ITS SOLICITATION OF PROXIES FOR THE SPECIAL MEETING TO BE HELD TO APPROVE THE MERGER AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT VALPEY-FISHER AND THE PROPOSED TRANSACTION. Valpey-Fisher’s stockholders may obtain a free copy of these documents, as well as other filings containing information about Valpey-Fisher, at the SEC’s website, www.sec.gov. Valpey-Fisher’s stockholders will also be able to obtain, without charge, a copy of the proxy statement and any other relevant documents (when available) by directing a request to: Valpey-Fisher Corporation, 75 South Street, Hopkinton, MA 01748, Attention: Michael J. Kroll, or by telephone at (508) 435-6831. This announcement is not a solicitation of a proxy.

Valpey-Fisher and its directors and executive officers may be deemed to be participants in the solicitation of proxies from Valpey-Fisher’s stockholders in respect of the Merger. Information concerning such participants and their respective interests in Valpey-Fisher by security holdings or otherwise is set forth in the proxy statement for Valpey-Fisher’s 2011 Annual Meeting of Stockholders, which was filed with the SEC on April 5, 2011. Stockholders may obtain additional information regarding the interests of such participants by reading the proxy statement and other relevant documents regarding the Merger when they become available.

Thursday, November 17th, 2011 Uncategorized Comments Off on Valpey-Fisher Corp. (VPF) to be Acquired by CTS Corporation

Capstone’s (CPST) Hybrid UPS Microturbine Technology Receives International NOVA Award

CHATSWORTH, Calif., Nov. 14, 2011 (GLOBE NEWSWIRE) — Capstone Turbine Corporation (www.capstoneturbine.com) (Nasdaq:CPST), the world’s leading clean technology manufacturer of microturbine energy systems, recently received the 2011 NOVA Award from the Construction Innovation Forum (CIF) for its microturbine technology at Syracuse University’s data center – labeled one of the greenest data centers in the world.

More than 600 nominations from 20 countries were considered for the 2011 award. Capstone received the award for its Hybrid Uninterruptible Power Source (UPS) Microturbine® that is the foundation of the data center’s highly efficient, clean-and-green power system.

“Each year, the NOVA Award honors top innovations in the construction industry from around the world that are proven to increase quality and efficiency and reduce cost,” said Rasha Stino, CIF Vice Chair. “An expert jury carefully selects award-winning innovations with the assistance of leading engineers serving as investigators. Capstone’s Hybrid UPS Microturbine technology uniquely addresses the needs of power-critical applications. CIF congratulates the award winners, Capstone Turbine Corporation and BHP Energy LLC.”

Capstone’s patented Hybrid UPS Microturbine is the first onsite power system in the world to integrate low-emission microturbines with a dual-conversion UPS to provide power for mission-critical loads. While the award-winning system delivers uninterrupted electrical power, overall system efficiencies reach 85–90 percent, reducing energy costs, fuel consumption, and maintenance costs.

The Green Data Center at Syracuse University showcases 12 patented Hybrid UPS Microturbines that power the 12,000-square-foot facility. With Capstone microturbines, Syracuse uses 50 percent less energy and produces fewer greenhouse gases than traditional data centers, making it one of the world’s most energy efficient and green data centers.

“The Hybrid UPS microturbine is an innovation changing the world of mission critical energy delivery,” said David Blair, President of BHP Energy LLC, Capstone’s North Atlantic distributor who played an integral role in the Syracuse University project.

“It’s a privilege to receive this distinguished honor,” said Jim Crouse, Capstone’s Executive Vice President of Sales and Marketing. “Our mainstream microturbines are changing the way construction professionals think about energy production. With our multi award-winning Hybrid UPS system, we expect microturbines to become the primary power source for mission-critical facilities.”

About Capstone Turbine Corporation

Capstone Turbine Corporation (www.capstoneturbine.com) (Nasdaq:CPST) is the world’s leading producer of low-emission microturbine systems and was the first to market commercially viable microturbine energy products. Capstone Turbine has shipped over 6,000 Capstone MicroTurbine(R) systems to customers worldwide. These award-winning systems have logged millions of documented runtime operating hours. Capstone Turbine is a member of the U.S. Environmental Protection Agency’s Combined Heat and Power Partnership, which is committed to improving the efficiency of the nation’s energy infrastructure and reducing emissions of pollutants and greenhouse gases. A UL-Certified ISO 9001:2008 and ISO 14001:2004 certified company, Capstone is headquartered in the Los Angeles area with sales and/or service centers in the New York Metro Area, Mexico City, Nottingham, Shanghai and Singapore.

The Capstone Turbine Corporation logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6212

This press release contains “forward-looking statements,” as that term is used in the federal securities laws, about the advantages of Capstone microturbines, the product performance and system efficiency for our customers and market acceptance of our Hybrid UPS system. Forward-looking statements may be identified by words such as “expects,” “objective,” “intend,” “targeted,” “plan” and similar phrases. These forward-looking statements are subject to numerous assumptions, risks and uncertainties described in Capstone’s filings with the Securities and Exchange Commission that may cause Capstone’s actual results to be materially different from any future results expressed or implied in such statements. Capstone cautions readers not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. Capstone undertakes no obligation, and specifically disclaims any obligation, to release any revisions to any forward-looking statements to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events.

“Capstone” and “Capstone MicroTurbine” are registered trademarks of Capstone Turbine Corporation. All other trademarks mentioned are the property of their respective owners.

CONTACT: Capstone Turbine Corporation
         Investor and Investment Media Inquiries:
         818-407-3628
         ir@capstoneturbine.com

company logo

Monday, November 14th, 2011 Uncategorized Comments Off on Capstone’s (CPST) Hybrid UPS Microturbine Technology Receives International NOVA Award

Arotech Corp. (ARTX) Reports Results for the Third Quarter and First Nine Months

ANN ARBOR, MI — (Marketwire) — 11/14/11 — Arotech Corporation (NASDAQ: ARTX), a provider of quality defense and security products for the military, law enforcement and homeland security markets, today reported results for the quarter and nine months ended September 30, 2011.

Third Quarter Results
Revenues for the third quarter reached $26.2 million, compared to $16.4 million for the corresponding period in 2010, an increase of 60.2% over the same period last year.

Gross profit for the quarter was $5.1 million, or 19.4% of revenues, compared to $4.1 million, or 25.1% of revenues, for the corresponding period last year, a 5.7 point decrease in the gross margin percentage.

Adjusted Earnings (Loss) Before Interest, Taxes, Depreciation and Amortization (Adjusted EBITDA) for the third quarter was $72,000, compared to $(219,000) for the corresponding period last year. Arotech believes that information concerning Adjusted EBITDA enhances overall understanding of its current financial performance. Arotech computes Adjusted EBITDA, which is a non-GAAP financial measure, as reflected in the table below.

The net loss for the third quarter was $(1.5) million, or $(0.11) per share, versus a net loss of $(1.1) million, or $(0.08) per share, for the corresponding period last year.

“We are pleased that our strategy of aggressively pursuing the U.S. Army VCTS bid has allowed us to increase revenues dramatically,” stated Arotech Chairman and CEO Robert S. Ehrlich. “We expect this growth in our Simulation Division to continue for the next few years, which is particularly comforting in an environment when Defense Department expenditures are being considered for cuts,” continued Ehrlich. “While margins are lower than our historical levels, this is part of our strategy to win this critical bid and position us as a prime supplier for future contracts like the Army’s Common Driver Training program,” concluded Ehrlich.

First Nine Months Results

Revenues for the first nine months of 2011 reached $53.8 million, compared to $56.4 million for the corresponding period last year, a decrease of 4.6% over the same period last year.

Gross profit for the first nine months of 2011 was $11.4 million, or 21.2% of revenues, compared to $15.5 million, or 27.6% of revenues, for the corresponding period last year, a 6.4 point decrease in the gross margin percentage.

Adjusted Earnings (Loss) Before Interest, Taxes, Depreciation and Amortization (Adjusted EBITDA) for the first nine months of 2011 was $(2.7) million, compared to $2.1 million for the corresponding period last year. Arotech believes that information concerning Adjusted EBITDA enhances overall understanding of its current financial performance. Arotech computes Adjusted EBITDA, which is a non-GAAP financial measure, as reflected in the table below.

The net loss for the first nine months of 2011 was $(6.2) million, or $(0.45) per share, versus a net loss of $(656,000), or $(0.05) per share, for the corresponding period last year.

Backlog

Backlog of orders totaled approximately $99.2 million as of September 30, 2011, as compared to $42.2 million at September 30, 2010 and $44.0 million as of December 31, 2010.

Cash Position at Quarter End

As of September 30, 2011, the Company had $1.8 million in cash and $1.8 million in restricted collateral deposits, as compared to December 31, 2010, when the Company had $6.3 million in cash and $1.8 million in restricted collateral deposits and $399,000 in available for sale securities.

Short- and long-term borrowings were $2.7 million at the end of the first nine months of 2011 compared to $4.9 million at the end of 2010. The Company also had $3.9 million available in unused bank lines of credit at the Company’s primary bank in the U.S. at quarter end.

The Company had trade receivables of $10.4 million as of September 30, 2011, compared to $13.8 million as of December 31, 2010. The Company had a current ratio (current assets/current liabilities) of 1.46 as of September 30, 2011 and 1.74 as of December 31, 2010.

Guidance
For the full year 2011, Arotech anticipates that revenues could range from $85 million to $88 million, with positive adjusted EBITDA (management no longer anticipates that adjusted EBITDA will approach last year’s $2.9 million).

For 2012, Arotech anticipates that revenues could increase significantly and could range from $95 million to $100 million, with a significant increase in EBITDA, which could range from $3.75 million to $5.0 million, including the possibility of reaching GAAP profitability.

Conference Call
The Company will host a conference call Monday, November 14, 2011 at 5:00 p.m. EST. Those wishing to access the conference call should dial 1-877-407-0778 (U.S.) or 1-201-689-8565 (international) a few minutes before the 5:00 p.m. EST start time. A replay of the conference call will be available starting Monday, November 14, 2011 at 6:30 p.m. EST until Monday, November 21, 2011 at 11:59 p.m. The replay telephone number is 1-877-660-6853 (U.S) and 1-201-612-7415 (international). The replay ID pass code for both the call and the replay is 382113 and the account number is 286.

About Arotech Corporation
Arotech Corporation is a leading provider of quality defense and security products for the military, law enforcement and homeland security markets. Arotech provides multimedia interactive simulators/trainers, lightweight armoring and advanced zinc-air and lithium batteries and chargers. Arotech operates through three major business divisions: Training and Simulation, Battery and Power Systems, and Armor.

Arotech is incorporated in Delaware, with corporate offices in Ann Arbor, Michigan and research, development and production subsidiaries in Alabama, Michigan and Israel.

Except for the historical information herein, the matters discussed in this news release include forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect management’s current knowledge, assumptions, judgment and expectations regarding future performance or events. Although management believes that the expectations reflected in such statements are reasonable, readers are cautioned not to place undue reliance on these forward-looking statements, as they are subject to various risks and uncertainties that may cause actual results to vary materially. These risks and uncertainties include, but are not limited to, risks relating to: product and technology development; the uncertainty of the market for Arotech’s products; changing economic conditions; delay, cancellation or non-renewal, in whole or in part, of contracts or of purchase orders; and other risk factors detailed in Arotech’s most recent Annual Report on Form 10-K for the fiscal year ended December 31, 2010 and other filings with the Securities and Exchange Commission. Arotech assumes no obligation to update the information in this release. Reference to the Company’s website above does not constitute incorporation of any of the information thereon into this press release.

TABLES TO FOLLOW

                            AROTECH CORPORATION
             CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

                             Nine months ended        Three months ended
                               September 30,             September 30,
                         ------------------------  ------------------------
                             2011         2010         2011         2010
                         -----------  -----------  -----------  -----------
Revenues                 $53,810,515  $56,412,256  $26,212,048  $16,358,002
                         -----------  -----------  -----------  -----------

Cost of revenues,
 exclusive of
 amortization of
 intangibles              42,407,872   40,867,601   21,135,336   12,257,143
Research and development
 expenses                  1,735,787    2,250,407      722,934      671,910
Selling and marketing
 expenses                  4,269,160    4,122,249    1,436,893    1,524,955
General and
 administrative expenses   9,516,668    8,397,367    3,567,046    2,525,448
Amortization of
 intangible assets and
 capitalized software      1,442,519    1,281,233      481,220      442,327
                         -----------  -----------  -----------  -----------
Total operating costs
 and expenses             59,372,006   56,918,857   27,343,429   17,421,783
                         -----------  -----------  -----------  -----------

Operating loss            (5,561,491)    (506,601)  (1,131,381)  (1,063,781)
                         -----------  -----------  -----------  -----------

Other income                  12,104      104,886       13,645       43,668
Allowance for
 settlements, net                  -      500,000            -            -
Financial income
 (expense), net             (409,704)    (104,963)    (408,017)     102,747
                         -----------  -----------  -----------  -----------
Total other income
 (expense)                  (397,600)     499,923     (394,372)     146,415
                         -----------  -----------  -----------  -----------
Loss before income tax
 expense                  (5,959,091)      (6,678)  (1,525,753)    (917,366)
                         -----------  -----------  -----------  -----------

Income tax expense           281,335      649,138           89      189,998
                         -----------  -----------  -----------  -----------
Net loss                 $(6,240,426) $  (655,816) $(1,525,842) $(1,107,364)
                         ===========  ===========  ===========  ===========

Basic and diluted net
 loss per share          $     (0.45) $     (0.05) $     (0.11) $     (0.08)
                         ===========  ===========  ===========  ===========

Weighted average number
 of shares used in
 computing basic and
 diluted net loss per
 share                    13,922,270   13,216,861   14,216,701   13,336,353
                         ===========  ===========  ===========  ===========

Reconciliation of Non-GAAP Financial Measure
To supplement Arotech’s consolidated financial statements presented in accordance with GAAP, Arotech uses a non-GAAP measure, Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA). This non-GAAP measure is provided to enhance overall understanding of Arotech’s current financial performance and its progress towards GAAP profitability. Reconciliation of EBITDA to the nearest GAAP measure follows:

                                   EBITDA
---------------------------------------------------------------------------
                             Nine months ended        Three months ended
                               September 30,             September 30,
                         ------------------------  ------------------------
                             2011         2010         2011         2010
                         -----------  -----------  -----------  -----------
Operating profit (loss)
 (GAAP measure)          $(6,240,426) $  (655,816) $(1,525,842) $(1,107,364)
Add back:
Financial expenses, net      409,704      104,963      408,017     (102,747)
Income tax expenses          281,335      649,138           89      189,998
Depreciation and
 amortization expense      2,362,784    2,203,979      797,667    1,077,469
Other non-operating
 expenses*                   526,884     (200,693)     392,425     (276,314)
                         -----------  -----------  -----------  -----------
Total adjusted EBITDA
 (non-GAAP measure)      $(2,659,719) $ 2,101,571  $    72,356  $  (218,958)
                         ===========  ===========  ===========  ===========

 * Includes stock compensation expense, adjustments to allowances,
 transactional expenses, and other non-cash expenses.

CONTACT:
Victor Allgeier
TTC Group
(646) 290-6400

Source: Marketwire (November 14, 2011 – 4:01 PM EST)
Monday, November 14th, 2011 Uncategorized Comments Off on Arotech Corp. (ARTX) Reports Results for the Third Quarter and First Nine Months

Energy Focus, Inc. (EFOI) Reports Third Quarter 2011 Results

SOLON, Ohio, Nov. 14, 2011 (GLOBE NEWSWIRE) — Energy Focus, Inc. (Nasdaq:EFOI) today announced financial results for the third quarter ended September 30, 2011.

Financial and operating results for the third quarter of 2011 include the following:

  • Net sales of $6.0 million compared to $9.0 million for the third quarter 2010.
  • Net loss of $1.5 million improved $0.1 million from the third quarter’s 2010 net loss of $1.6 million.
  • The Company finished the quarter with a balance sheet showing cash in the amount of $1.9 million, an increase of $0.9 million from the second quarter.
  • Operating expenses decreased 25% compared to the third quarter of 2010.

The forecast for Q4 2011 includes the following:

  • Sales to range between $8 million and $9 million in Q4 2011.
  • Net cash utilization for Q4 2011 is expected to be approximately $1 million. The Company expects to complete a financing agreement by the end of the fourth quarter which will provide additional working capital and refinance a portion of debt.

“Our military business continued to perform well in the third quarter as we prepare to begin our first deliveries under a $23 million contract to supply IntelliTube™ product to the U.S. Navy. This is a tremendous business opportunity for Energy Focus which we estimate to exceed $300 million for the U.S. Fleet alone,” said Joe Kaveski, Energy Focus CEO.

Additionally, Mr. Kaveski stated that “although sales for our solutions business were below last year’s third quarter, we are seeing marked improvement in the business as evidenced by our recent contract awards of $2.5 million. These contracts, as well as others we’ll receive, will lead to a much stronger solutions business in Q4 2011.”

Energy Focus, Inc. will host a conference call on Monday, November 14, 2011 at 4:30 p.m. EST (1:30 p.m. PST) to review the third quarter 2011 financial results, followed by a Q & A session. The call can be accessed by dialing (877) 723-9523 (US and Canada) or (719) 325-4835 (International/Local). The conference ID number is 2440245. Participants are asked to call the assigned number approximately 10 minutes before the conference call begins.

A recording of the conference call will be available through the investor relations section of the Company’s web site at http://www.energyfocusinc.com/investors/events/category/investors starting November 14, 2011 and will remain available for 3 months.

About Energy Focus, Inc.

Energy Focus, Inc. is a leading provider of energy efficient LED lighting products and turnkey energy efficient lighting solutions, holding 74 relevant lighting patents. Our solutions provide energy savings, aesthetics, safety and maintenance cost benefits over conventional lighting. Our long-standing relationship with the U.S. Government includes numerous research and development projects for the DOE and DARPA, creating energy efficient LED lighting systems for the U.S. Navy fleet and the next generation Very High Efficiency Solar Cell. Customers include supermarket chains, the U.S. Government, state and local governmental agencies, retail stores, museums, theme parks and casinos, hotels, swimming pool builders and many others. Company headquarters are located in Solon, OH, with additional offices in Nashville, TN, Pleasanton, CA, and the United Kingdom. For more information, see our web site at www.energyfocusinc.com.

The Energy Focus, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6633

Forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. For more information about potential factors that could affect the financial results of Energy Focus, please refer to the Company’s SEC reports, including its Annual Reports on Form 10-K and its quarterly reports on Form 10-Q. These forward-looking statements speak only as of the date hereof. Energy Focus disclaims any intention or obligation to update or revise any forward-looking statements.

ENERGY FOCUS, INC.
CONSOLIDATED BALANCE SHEETS
(amounts in thousands except share and per share amounts)

September 30, December 31,
2011 2010
ASSETS (unaudited)
Current assets:
Cash and cash equivalents $1,803 $3,979
Restricted cash 87 128
Accounts receivable trade, net of allowances of $365 in 2011
and $446 in 2010 3,281 5,483
Retainage receivable 597 731
Inventories, net 3,135 2,543
Costs in excess of billings 17 22
Prepaid and other current assets 768 632
Total current assets 9,688 13,518
Property and equipment, net 2,206 2,446
Goodwill 672 672
Intangible assets, net 1,190 1,677
Collateralized assets 1,000 2,000
Other assets 15 61
Total assets $14,771 $20,374
LIABILITIES
Current liabilities:
Accounts payable $5,790 $7,167
Accrued liabilities 1,471 1,833
Short-term acquisition-related contingent liabilities 708 525
Deferred revenue 1,396 1,214
Billings in excess of costs 184 297
Current portion of long-term borrowings 580 481
Total current liabilities 10,129 11,517
Other deferred liabilities 50 28
Long-term acquisition-related contingent liabilities 590 827
Long-term borrowings 1,972 1,344
Total liabilities 12,741 13,716
SHAREHOLDERS’ EQUITY
Preferred stock, par value $0.0001 per share:
Authorized: 2,000,000 shares in 2011 and 2010
Issued and outstanding: no shares in 2011 and 2010
Common stock, par value $0.0001 per share:
Authorized: 60,000,000 shares in 2011 and 2010
Issued and outstanding: 24,845,000 at September 30, 2011 and
23,962,000 at December 31, 2010 1 1
Additional paid-in capital 75,909 75,094
Accumulated other comprehensive income 425 423
Accumulated deficit (74,305) (68,860)
Total shareholders’ equity 2,030 6,658
Total liabilities and shareholders’ equity $14,771 $20,374

ENERGY FOCUS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(amounts in thousands except per share amounts)
(unaudited)

Three months ended Nine months ended
September 30, September 30,
2011 2010 2011 2010
Net sales $6,046 $9,049 $19,699 $26,364
Cost of sales 4,831 7,187 15,777 21,539
Gross profit 1,215 1,862 3,922 4,825
Operating expenses (income):
Research and development (278) (22) (144) (101)
Sales and marketing 1,524 1,721 5,095 4,858
General and administrative 1,212 1,528 3,834 4,723
Valuation of equity instruments 53 56 1,803
Restructuring charges 26
Total operating expenses 2,458 3,280 8,841 11,309
Loss from operations (1,243) (1,418) (4,919) (6,484)
Other income (expense):
Other (expense) income (6) 9 65 (57)
Interest expense (206) (153) (578) (400)
Loss before income taxes (1,455) (1,562) (5,432) (6,941)
Provision for income taxes (4) (1) (13) (4)
Net loss $(1,459) $(1,563) $(5,445) $(6,945)
Net loss per share – basic and diluted $(0.06) $(0.07) $(0.22) $(0.31)
Shares used in computing net loss per share —
basic and diluted 24,845 23,420 24,610 22,431
CONTACT: Media Contact:
         Energy Focus, Inc.
         Public Relations Office
         (440) 715-1295
         pr@energyfocusinc.com

         Investor Contact:
         Brion Tanous
         CleanTech IR, Inc.
         (310) 541-6824
         btanous@cleantech-ir.com

company logo

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China GrenTech (GRRF) Announces Receipt of “Going Private” Proposal at $3.10 Per ADS

SHENZHEN, China, Nov. 14, 2011 /PRNewswire-Asia-FirstCall/ — China GrenTech Corporation Limited (NASDAQ: GRRF, “GrenTech”, or the “Company”), a leading China-based provider of radio frequency and wireless coverage products and services, today announced that its Board of Directors has received a proposal letter dated November 12, 2011 from its Chairman and Chief Executive Officer, Mr. Yingjie Gao (“Mr. Gao”), to acquire all of the outstanding shares of GrenTech not currently owned by Mr. Gao, certain members of the management and their affiliates in a going private transaction for $3.10 per American Depositary share (“ADS”, each ADS representing 25 ordinary shares of the Company) in cash, subject to certain conditions.

Mr. Gao and his affiliates currently own approximately 32.39% of GrenTech’s ordinary shares. According to the proposal letter, the acquisition is intended to be financed primarily through debt financing. The proposal letter states that Mr. Gao is in discussions with Guotai Junan Finance (Hong Kong) Limited (“Guotai Junan”) about financing the proposed transaction and has received a “highly confident” letter from Guotai Junan. A copy of the text of the proposal letter is set forth below as Exhibit A.

GrenTech’s Board of Directors has formed a special committee of independent directors (the “Independent Committee”) consisting of three independent directors, Mr. Cuiming Shi, Mr. Gordon Tsang Hing Lun and Mr. Xiaohu You, to consider this proposal. The Independent Committee will retain a financial advisor and legal counsel to assist it in its work. The Board of Directors cautions the Company’s shareholders and others considering trading in its securities that the Board just received the non-binding proposal from Mr. Gao and no decisions have been made by the Independent Committee with respect to GrenTech’s response to the proposal. There can be no assurance that any definitive offer will be made, that any agreement will be executed or that this or any other transaction will be approved or consummated.

About China GrenTech

GrenTech is a leading developer of radio frequency (“RF”) technology in China and a leading provider of wireless coverage products and services in China. The Company uses RF technology to design and manufacture wireless coverage products, which enables telecommunications operators to expand the reach of their wireless communication networks to indoor and outdoor areas such as buildings, highways, subways, tunnels and remote regions. China GrenTech’s wireless coverage services include design, installation and project warranty services. The Company also tailors the design and configuration of its wireless coverage products to the specific requirements of its customers.

Based on its in-house RF technology platform, the Company also develops and produces base station RF parts and components sold to base station manufacturers. GrenTech is a qualified supplier of RF parts and components to major global and domestic base station manufacturers. For more information, please visit www.GrenTech.com.cn.

Safe Harbor Statement

Certain statements contained in this announcement may be viewed as “forward-looking statements” within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual performance, financial condition or results of operations of GrenTech to be materially different from any future performance, financial condition or results of operations implied by such forward-looking statements. The accuracy of these statements may be impacted by a number of business risks and uncertainties that could cause actual results to differ materially from those projected or anticipated, including risks related to: the risk that the share repurchase program will not increase shareholder value and other risks outlined in GrenTech’s filings with the SEC. GrenTech undertakes no ongoing obligation, other than that imposed by law, to update these statements.

Company Contact:

Investor Relations Contact:

Xin Lian, Senior Manager

David Rudnick, Account Manager

China GrenTech Corp. Ltd.

CCG Investor Relations

Tel: +86 755 2650 3007

Tel: + (1) 646-626-4172 (New York)

E-mail: investor@powercn.com

E-mail: david.rudnick@ccgir.com

EXHIBIT A

November 12, 2011

Board of Directors
China GrenTech Corporation Limited
15th Floor, Block A, Guoren Building
Keji Central 3rd Road
Hi-Tech Park, Nanshan District
Shenzhen 518057, People’s Republic of China

Dear Sirs:

I, Yingjie Gao, am pleased to submit this preliminary non-binding proposal to acquire all of the outstanding ordinary shares of China GrenTech Corporation Limited (the “Company”) and the American Depositary Shares of the Company (“ADSs”, each ADS representing 25 ordinary shares of the Company), in both cases, that are not currently owned by myself, certain members of the management and my and their affiliates, in a going-private transaction (the “Acquisition”).

I believe that my proposal of $3.10 in cash per ADS and $0.124 per ordinary share, will provide a very attractive alternative to the Company’s shareholders. My proposal represents a premium of 45.0% to the volume-weighted average closing price during the last 60 trading days and a premium of 21.1% to the Company’s closing price on November 11, 2011.

The terms and conditions upon which I am prepared to pursue the Acquisition are set forth below. I am confident that an Acquisition can be closed on the basis as outlined in this letter.

1. Buyer. I intend to form an acquisition vehicle (“Buyer”) for the purpose of pursuing the Acquisition.

2. Purchase Price. The consideration payable for each ADS or ordinary share of the Company (other than those held by myself, certain members of the management and my and their affiliates) will be $3.10 per ADS and $0.124 per ordinary share, as the case may be, in cash.

3. Financing. I intend to finance the Transaction primarily with debt. I have held preliminary discussions with Guotai Junan Finance (Hong Kong) Limited about financing this Acquisition and have received a “highly confident” letter from them, and I expect commitments for the debt financing, subject to the terms and conditions set forth therein, to be in place when the Definitive Agreements (as defined below) are executed.

4. Due Diligence. Parties providing financing will require a timely opportunity to conduct customary due diligence on the Company.

5. Definitive Agreements. I am prepared to negotiate and finalize definitive agreements (the “Definitive Agreements”) providing for the Acquisition and related transactions very promptly. These documents will provide for covenants and conditions typical and appropriate for transactions of this type.

6. Confidentiality. I will, as required by law, promptly file an amendment to Schedule 13D to disclose this letter. However, I am sure you will agree that it is in all of our interests to ensure that we proceed in a confidential manner, unless otherwise required by law, until we have executed Definitive Agreements.

7. Process. I believe that the Acquisition will provide superior value to the Company’s shareholders. I recognize that the Board will evaluate the proposed Acquisition independently before it can make its determination to endorse it. Given my involvement in the proposed Acquisition, I also recognize that independent members of the Board will proceed to consider the proposed Acquisition. In considering my offer, you should be aware that I am interested only in acquiring the outstanding shares of the Company that I do not already own, and that I do not intend to sell my stake in the Company to a third party.

8. Advisors. I have engaged Skadden, Arps, Slate, Meagher & Flom LLP as my legal counsel in connection with the Transaction.

9. No Binding Commitment. This letter constitutes only a preliminary indication of my interest, and does not constitute any binding commitment with respect to an Acquisition. Such a commitment will result only from the execution of Definitive Agreements, and then will be on the terms provided in such documentation.

In closing, I would like to personally express my commitment to working together with the Board to bring this Acquisition to a successful and timely conclusion. Should you have any questions regarding this proposal, please do not hesitate to contact me. I look forward to hearing from you.

Sincerely,

/s/Yingjie Gao
Name: Yingjie Gao

SOURCE China Grentech Corporation Limited

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