Archive for February, 2012

GSE Systems (GVP) Announces $8.0 Million in New Orders

GSE Systems, Inc. (“GSE” or “the Company”) (NYSE Amex: GVP), a global energy services solutions provider, today announced new contracts valued at approximately $8.0 million involving nuclear, fossil, and process simulation, tutorials, and consulting services. Each of these projects was awarded during the first quarter of 2012.

Jim Eberle, Chief Executive Officer of GSE, commented, “We believe that these awards evidence the breadth of our energy services solutions portfolio, reflect our global reach, and validate our core operating thesis that, as energy demand continues to rise, the looming shortage of qualified energy operations professionals – many of whom are at or near retirement age – remains a growing industry concern.”

The $8.0 million in new projects are comprised of:

  • $3.8 million in contracts for a nuclear plant simulation upgrade in Ukraine using RELAP5-HD and an advanced VVER-1000 core model, plus other modifications to simulators in Sweden and Japan;
  • $2.5 million of fossil projects, consisting of a major plant simulator upgrade in South Africa, along with other fossil projects in Korea and the United States;
  • $1.1 million in contracts for process simulation applications in the United States and Saudi Arabia, as well as the sale of simulation and computer-based learning modules to a GSE EnVision, Inc. global refining customer; and
  • $0.6 million of awards to GSE TAS Engineering Consultants, the majority coming from key customers in France and the United Kingdom.

ABOUT GSE SYSTEMS, INC.

GSE Systems, Inc. provides a wide range of simulation and training solutions to the global energy (nuclear and non-nuclear) industry, and is the world leader in nuclear simulation. The Company has over four decades of experience, more than 1,000 installations, and hundreds of customers in over 50 countries spanning the globe. Our software, hardware and integrated training solutions leverage proven technologies to deliver real-world business advantages to the energy, process, manufacturing and government sectors worldwide. GSE Systems is headquartered in Sykesville (Baltimore), Maryland, with offices in St. Marys, Georgia; Tarrytown, New York; Madison, New Jersey; Cary, North Carolina; Chennai, India; Nyköping, Sweden; Stockton-on-Tees, UK; and Beijing, China. Information about GSE Systems is available via the Internet at http://www.gses.com.

FORWARD LOOKING STATEMENTS

We make statements in this press release that are considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. These statements reflect our current expectations concerning future events and results. We use words such as “expect,” “intend,” “believe,” “may,” “will,” “should,” “could,” “anticipates,” and similar expressions to identify forward-looking statements, but their absence does not mean a statement is not forward-looking. These statements are not guarantees of our future performance and are subject to risks, uncertainties, and other important factors that could cause our actual performance or achievements to be materially different from those we project. For a full discussion of these risks, uncertainties, and factors, we encourage you to read our documents on file with the Securities and Exchange Commission, including those set forth in our periodic reports under the forward-looking statements and risk factors sections. We do not intend to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

Wednesday, February 29th, 2012 Uncategorized Comments Off on GSE Systems (GVP) Announces $8.0 Million in New Orders

Constellation Energy Partners (CEP) Reports Fourth Quarter and Full Year 2011 Results

The company produced 3,296 MMcfe during the fourth quarter, for average daily net production of 35.8 MMcfe for the quarter and 37.5 MMcfe for the full year 2011. Net oil production for the fourth quarter was 315 barrels per day, which represents an increase of approximately 81% compared to the fourth quarter of 2010. For the full year 2011, approximately 95% of the company’s production was natural gas and 5% of the company’s production was oil. During 2010, approximately 98% of the company’s production was natural gas and 2% of the company’s production was oil.

Revenue totaled $33.5 million for the fourth quarter 2011 and $105.2 million for the full year 2011. Included in total revenue for the full year 2011 is revenue from sales of $57.2 million, of which approximately 82% was from natural gas sales and 18% was from oil sales. The balance of the company’s full year 2011 total revenue came from hedge settlements ($82.7 million), services provided to third parties ($4.7 million), and losses on mark-to-market activities ($39.4 million), which is a non-cash item. During 2010, approximately 92% of the company’s sales revenue was from natural gas sales and 8% was from oil sales.

Operating costs, which include lease operating expenses, production taxes and general and administrative expenses, net of certain non-cash items, averaged $3.26 per Mcfe for the fourth quarter and $3.37 per Mcfe for the full year 2011, which is a 3% improvement compared to the $3.49 per Mcfe the company posted for operating costs for the full year 2010.

Adjusted EBITDA for the fourth quarter 2011 was $13.8 million, an improvement of 9% compared to the third quarter 2011. For the full year 2011, Adjusted EBITDA was $96.7 million, which includes $41.3 million in hedge settlements related to the hedge restructuring that the company announced in June 2011.

On a GAAP basis, the company recorded net income of $15.1 million for the fourth quarter 2011 and $19.6 million for the full year 2011.

The company completed 17 net wells and recompletions with total capital spending of $2.4 million during the fourth quarter 2011. The company’s full year 2011 capital spending totaled $11.3 million. For the full year, the company completed 84 net wells and recompletions, and there were 10 net wells and recompletions in progress at Dec. 31, 2011. Drilling activities in 2011 focused primarily on oil potential in the company’s existing asset base as well as capital efficient recompletions.

“When we reflect in the years to come about where we’ve been as a company,” said Stephen R. Brunner, President and Chief Executive Officer of Constellation Energy Partners, “I think we’ll talk about 2011 as an important transitional year. During the year, we reduced debt by more than 40%, reduced operating costs, improved our financial flexibility, and demonstrated that a more dynamic focus on the oil opportunities in our asset base is key to maintaining production and growing value. We intend to capitalize on the momentum developed in 2011 as we look to return value to unitholders in 2012 and over the longer term.”

Distribution Outlook

“Based on our 2011 successes, an available inventory of organic, capital efficient drilling opportunities, and our long-term forecast, we think we’re now able to return capital spending to maintenance levels. Accordingly, we believe that we have positioned the company to consider the reinstatement of a cash distribution to unitholders in 2012,” Brunner added. “We’re pleased to be in a position to reward the patience of our unitholders as we’ve worked to improve the company’s financial strength.”

All distributions are subject to approval by the company’s Board of Managers.

Liquidity Update

Borrowings outstanding under the company’s reserve-based credit facility currently total $98.4 million, leaving the company with $26.6 million in borrowing capacity at the company’s current borrowing base of $125.0 million. The company’s next semi-annual borrowing base redetermination by the lenders is expected in the second quarter 2012.

The company recorded $17.2 million in cash and equivalents as of Dec. 31, 2011.

Financial Outlook for 2012

The company forecasts capital spending of between $15.0 million and $19.0 million in 2012. Of this amount, $15.0 million is maintenance capital.

Net production is forecast to range between 13.3 and 14.1 Bcfe for 2012, with operating costs forecast to range between $42.5 million and $46.0 million for the year.

The company entered the year with approximately 6.9 Bcfe of its Mid-Continent natural gas production in 2012 hedged at an average price of $5.22 per Mcfe and an additional 2.0 Bcfe of its remaining natural gas production hedged at an average price of $5.75 per Mcfe. The company has also hedged approximately 83 thousand barrels of its 2012 oil production at an average price of $103.14 per barrel. The company’s 2012 hedges provide price certainty on approximately 69% of the company’s 2012 midpoint production forecast. The remainder of the company’s production for 2012 is subject to market conditions and pricing.

Additional detail on the company’s 2012 forecast can be found in the tables included with this news release.

Conference Call Information

The company will host a conference call at 8:30 a.m. (CST) on Wednesday, Feb. 29, 2012 to discuss fourth quarter and full year 2011 results.

To participate in the conference call, analysts, investors, media and the public in the U.S. may dial (800) 857-0653 shortly before 8:30 a.m. (CST). The international phone number is (773) 799-3268. The conference password is PARTNERS.

A replay will be available beginning approximately one hour after the end of the call by dialing (800) 835-3804 or (402) 280-1654 (international). A live audio webcast of the conference call, presentation slides and the earnings release will be available on Constellation Energy Partners’ Web site (www.constellationenergypartners.com) under the Investor Relations page. The call will also be recorded and archived on the site.

About the Company

Constellation Energy Partners LLC is a limited liability company focused on the acquisition, development and production of oil and natural gas properties, as well as related midstream assets.

SEC Filings

The company intends to file its 2011 Form 10-K on or about Feb. 29, 2012.

Non-GAAP Measures

We present Adjusted EBITDA in addition to our reported net income (loss) in accordance with GAAP. Adjusted EBITDA is a non-GAAP financial measure that is defined as net income (loss) adjusted by interest (income) expense, net; depreciation, depletion and amortization; write-off of deferred financing fees; asset impairments; accretion expense; (gain) loss on sale of assets; exploration costs; (gain) loss from equity investment; unit-based compensation programs; (gain) loss from mark-to-market activities; and unrealized (gain) loss on derivatives/hedge ineffectiveness.

Adjusted EBITDA is used as a quantitative standard by our management and by external users of our financial statements such as investors, research analysts and others to assess the financial performance of our assets without regard to financing methods, capital structure or historical cost basis; the ability of our assets to generate cash sufficient to pay interest costs and support our indebtedness; and our operating performance and return on capital as compared to those of other companies in our industry, without regard to financing or capital structure. Adjusted EBITDA is not intended to represent cash flows for the period, nor is it presented as a substitute for net income, operating income, cash flows from operating activities or any other measure of financial performance or liquidity presented in accordance with GAAP.

Forward-Looking Statements

We make statements in this news release that are considered forward-looking statements within the meaning of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended. These forward-looking statements are largely based on our expectations, which reflect estimates and assumptions made by our management. These estimates and assumptions reflect our best judgment based on currently known market conditions and other factors. Although we believe such estimates and assumptions to be reasonable, they are inherently uncertain and involve a number of risks and uncertainties that are beyond our control. In addition, management’s assumptions about future events may prove to be inaccurate. Management cautions all readers that the forward-looking statements contained in this news release are not guarantees of future performance, and we cannot assure you that such statements will be realized or the forward-looking events and circumstances will occur. Actual results may differ materially from those anticipated or implied in the forward-looking statements due to factors listed in the “Risk Factors” section in our SEC filings and elsewhere in those filings. All forward-looking statements speak only as of the date of this news release. We do not intend to publicly update or revise any forward-looking statements as a result of new information, future events or otherwise. These cautionary statements qualify all forward-looking statements attributable to us or persons acting on our behalf.

Constellation Energy Partners LLC
Operating Statistics
Three Months Ended Dec. 31, Twelve Months Ended Dec. 31,
2011 2010 2011 2010
Net Production:
Total production (MMcfe) 3,296 3,674 13,679 15,037
Average daily production (Mcfe/day) 35,826 39,935 37,477 41,197
Average Net Sales Price per Mcfe:
Net realized price, including hedges $7.44 (a) $6.86 (a) $10.41 (a) $7.06 (a)
Net realized price, excluding hedges $4.02 (b) $3.72 (b) $4.37 (b) $4.38 (b)
(a) Excludes impact of mark-to-market gains (losses)
and net cost of sales.
(b) Excludes all hedges, the impact of mark-to-market
gains (losses) and net cost of sales.
Net Wells Drilled and Completed 14 6 35 17
Net Recompletions 3 7 49 14
Developmental Dry Holes 1
Constellation Energy Partners LLC
Condensed Consolidated Statements of Operations
Three Months Ended Dec. 31, Twelve Months Ended Dec. 31,
2011 2010 2011 2010
($ in thousands) ($ in thousands)
Oil and gas sales $ 25,022 $ 25,734 $ 144,639 $ 108,692
Gain/(Loss) from mark-to-market activities 8,524 (9,751 ) (39,422 ) 42,081
Total revenues 33,546 15,983 105,217 150,773
Operating expenses:
Lease operating expenses 6,630 7,153 27,949 30,798
Cost of sales 487 524 2,188 2,473
Production taxes 619 730 2,897 3,179
General and administrative 3,816 6,074 16,599 20,351
Exploration costs 29 131 760
(Gain)/Loss on sale of assets (10 ) (5 ) 19 (18 )
Depreciation, depletion and amortization 4,518 5,665 22,139 85,263
Asset impairments 1,000 1,521 2,935 272,487
Accretion expense 227 205 907 822
Total operating expenses 17,287 21,896 75,764 416,115
Other expenses:
Interest (income) expense, net 1,186 815 10,116 11,953
Other (income) expense (54 ) 25 (249 ) (385 )
Total expenses 18,419 22,736 85,631 427,683
Net income (loss) $ 15,127 $ (6,753 ) $ 19,586 $ (276,910 )
Adjusted EBITDA $ 13,841 $ 11,672 $ 96,596 $ 54,125
EPU – Basic $0.62 ($0.28 ) $0.81 ($11.36 )
EPU – Basic Units Outstanding 24,253,033 24,420,284 24,273,491 24,370,545
EPU – Diluted $0.62 ($0.28 ) $0.81 ($11.36 )
EPU – Diluted Units Outstanding 24,253,033 24,420,284 24,273,491 24,370,545
Constellation Energy Partners LLC
Condensed Consolidated Balance Sheets
Dec. 31, Dec. 31,
2011 2010
($ in thousands)
Current assets $ 45,096 $ 53,091
Oil and Natural gas properties, net of accumulated
depreciation, depletion and amortization 266,085 276,919
Other assets 23,125 54,367
Total assets $ 334,306 $ 384,377
Current liabilities $ 14,554 $ 14,533
Debt 98,400 165,000
Other long-term liabilities 14,432 13,024
Total liabilities 127,386 192,557
Class D Interests 6,667
Common members’ equity 201,483 174,233
Accumulated other comprehensive income 5,437 10,920
Total members’ equity 206,920 185,153
Total liabilities and members’ equity $ 334,306 $ 384,377
Constellation Energy Partners LLC
Reconciliation of Net Income (Loss) to
Adjusted EBITDA
Three Months Ended Dec. 31, Twelve Months Ended Dec. 31,
2011 2010 2011 2010
($ in thousands) ($ in thousands)
Reconciliation of Net Income (Loss) to
Adjusted EBITDA:
Net income (loss) (3) $ 15,127 $ (6,753 ) $ 19,586 $ (276,910 )
Add:
Interest (income) expense, net (3) 1,186 815 10,116 11,953
Depreciation, depletion and amortization 4,518 5,665 22,139 85,263
Asset impairments 1,000 1,521 2,935 272,487
Accretion expense 227 205 907 822
(Gain)/Loss on sale of assets (10 ) (5 ) 19 (18 )
Exploration costs 29 131 760
Unit-based compensation programs 317 444 1,341 1,849
(Gain)/Loss from mark-to-market activities (8,524 ) 9,751 39,422 (42,081 )
Adjusted EBITDA (1),(2) $ 13,841 $ 11,672 $ 96,596 $ 54,125
Three Months Ended Sep. 30, Nine Months Ended Sep. 30,
2011 2010 2011 2010
($ in thousands) ($ in thousands)
Reconciliation of Net Income (Loss) to
Adjusted EBITDA:
Net income (loss) (3) $ 7,144 $ (267,123 ) $ 4,459 $ (270,157 )
Add:
Interest (income) expense, net (3) 3,002 3,695 8,930 11,138
Depreciation, depletion and amortization 5,863 26,175 17,621 79,598
Asset impairments 1,935 270,408 1,935 270,966
Accretion expense 228 205 680 617
(Gain)/Loss on sale of assets 8 29 (13 )
Exploration costs 284 131 731
Unit-based compensation programs 310 375 1,024 1,405
(Gain)/Loss from mark-to-market activities (5,819 ) (21,100 ) 47,946 (51,832 )
Adjusted EBITDA (1),(2) $ 12,671 $ 12,919 $ 82,755 $ 42,453
Three Months Ended June 30, Six Months Ended June 30,
2011 2010 2011 2010
($ in thousands) ($ in thousands)
Reconciliation of Net Income (Loss) to
Adjusted EBITDA:
Net income (loss) (3) $ 2,467 $ (21,092 ) $ (2,685 ) $ (3,034 )
Add:
Interest (income) expense, net (3) 4,076 3,387 5,928 7,443
Depreciation, depletion and amortization 5,893 26,733 11,758 53,981
Accretion expense 226 205 452 412
(Gain)/Loss on sale of assets 14 (5 ) 21 (13 )
Exploration costs 224 131 447
Unit-based compensation programs 341 593 714 1,030
(Gain)/Loss from mark-to-market activities 43,656 4,549 53,765 (30,732 )
Adjusted EBITDA (1),(2) $ 56,673 $ 14,594 $ 70,084 $ 29,534
(1) Our Adjusted EBITDA should not be considered as an alternative to net income, operating income, cash flows from operating activities or any other measure of financial performance or liquidity presented in accordance with GAAP. Our Adjusted EBITDA excludes some, but not all, items that affect net income and operating income and these measures may vary among other companies. Therefore, our Adjusted EBITDA may not be comparable to similarly titled measures of other companies.
We define Adjusted EBITDA as net income (loss) plus:
— interest (income) expense, net;
— depreciation, depletion and amortization;
— write-off of deferred financing fees;
— asset impairments;
— accretion expense;
— (gain) loss on sale of assets;
— exploration costs;
— (gain) loss from equity investment;
— unit-based compensation programs;
— (gain) loss from mark-to-market activities; and
— unrealized (gain) loss on derivatives/hedge ineffectiveness.
(2) Results for the twelve months ended Dec. 31, 2011, nine months ended Sep. 30, 2011, and three months and six months ended June 30, 2011, include $41.3 million in hedge settlements related to the company’s June 2011 hedge restructuring.
(3) As discussed in our 2011 Form 10-K, non-cash adjustments were made to our interest (income) expense, net during the three months ended Dec. 31, 2011 that were related to the three months ended June 30, 2011 and the three months ended Sep. 30, 2011, which also impacted our net income (loss) for those two periods.
Constellation Energy Partners LLC
2012 Forecast
Forecast Component 2012 Forecast
Total Capital Spending $15.0MM – $19.0MM
Total Net Production 13.3 Bcfe – 14.1 Bcfe
Production Mix: Mid-Con Oil 0.9 Bcfe (7% of Total)
Total Natural Gas 12.8 Bcfe (93% of Total)
Mid-Con Natural Gas 66% of Total Natural Gas
Robinson’s Bend Natural Gas 34% of Total Natural Gas
Market Price: Natural Gas (Henry Hub) $3.24 per Mcfe
Oil (WTI, Cushing) $98.50 per Bbl
NYMEX/Basis Hedges Mid-Con Natural Gas 6.9 Bcfe at $5.22 per Mcfe
NYMEX Only Hedges: Other Natural Gas 2.0 Bcfe at $5.75 per Mcfe
Mid-Con Oil 83 MBbl at $103.14 per Bbl
Hedges as a % of Total Net Production (Midpoint) 69%
Differentials: Mid-Con Natural Gas (Basis to NYMEX) ($0.18) per Mcfe
Mid-Con Oil (Marketing) ($2.50) per Bbl
Mid-Con Natural Gas (Gathering) ($0.50) per Mcfe
Operating Costs (Blended): LOE (1) $1.84 per Mcfe
Production Taxes $0.20 per Mcfe
G&A – Field Level (2) $0.35 per Mcfe
G&A – Corporate (2) $0.84 per Mcfe
Total $42.5MM – $46.0MM
Margin from Third Party Sales/Services $2.0MM – $3.0MM
Adjusted EBITDA (3) $29.5MM – $31.5MM
Interest Expense (5.9% Effective Rate) ~ $5.8MM
Maintenance Capital $15.0MM
(1) Excludes exploration costs and unit-based compensation program expenses, which are non-cash items.
(2) Excludes unit-based compensation program expenses, which is a non-cash item.
(3) We are unable to reconcile our forecast range of Adjusted EBITDA to GAAP net income or operating income because we do not predict the future impact of adjustments to net income (loss), such as (gains) losses from mark-to-market activities and equity investments or asset impairments due to the difficulty of doing so, and we are unable to address the probable significance of the unavailable reconciliation, in significant part due to ranges in our forecast impacted by changes in oil and natural gas prices and reserves which affect certain reconciliation items.
Wednesday, February 29th, 2012 Uncategorized Comments Off on Constellation Energy Partners (CEP) Reports Fourth Quarter and Full Year 2011 Results

Cimatron (CIMT) Reports Record Revenues of $12.2M

Cimatron Limited (NASDAQ and TASE: CIMT), a leading provider of integrated CAD/CAM software solutions for the toolmaking and manufacturing industries, today announced financial results for the fourth quarter and full year of 2011.

Highlights of Cimatron’s results for these periods include the following:

  • Record quarterly revenues and non-GAAP operating profit of $12.2M and $2.2M, respectively
  • Record Non-GAAP operating and net profit in full 2011 – $5.1M and $4.5M, respectively
  • $0.48 non-GAAP earnings per share in full year 2011
  • 54% year-over-year non-GAAP net profit increase in 2011
  • 20% year-over-year new license revenue growth in 2011, on a constant currency basis

Commenting on the results, Danny Haran, President and Chief Executive Officer of Cimatron, noted “We are delighted with the Q4 and full year results. Strong license sales of both product lines, CimatronE and GibbsCAM, continue to push Cimatron to record results as the global manufacturing markets continue to stabilize. We remain committed to our long-term strategy of bringing best-in-class solutions for tool makers and discrete part manufacturers. We believe that our uncompromising commitment to end-user value and productivity is well rewarded by customer loyalty, resulting in all-time record maintenance revenues in 2011. There is still much to be done, and we look forward for another exciting year of innovation in 2012,” concluded Mr. Haran.

The following provides details on Cimatron’s GAAP and non-GAAP results for the fourth quarter and full year 2011:

GAAP:

Revenues for the fourth quarter of 2011 increased by 11% to $12.2 million, from $11 million recorded in the fourth quarter of 2010. In the full year ended December 31, 2011, revenues increased by 13% to $40.7 million, from $36.1 million in 2010.

Gross Profit for the fourth quarter of 2011 was $10.7 million as compared to $9.4 million in the same quarter of 2010. Gross margin in the fourth quarter of 2011 constituted 88% of revenues, compared to 85% in the same quarter of 2010. In 2011 as a whole, gross profit was $35.3 million, compared to $30.2 million in 2010, and gross margin constituted 87% of revenues, compared to 84% in 2010.

Operating profit increased by 37% in the fourth quarter of 2011, to $1.9 million, from $1.4 million in the fourth quarter of 2010. In 2011 as a whole, operating profit increased by 94% to $4.1 million, from $2.1 million in 2010.

Net Profit for the fourth quarter of 2011 was $1.4 million, or $0.15 per diluted share, compared to a net profit of $1.1 million, or $0.12 per diluted share, recorded in the same quarter of 2010. In 2011 as a whole, net profit was $2.7 million, or $0.29 per diluted share, compared to $1.6 million, or $0.18 per diluted share, in 2010.

Non-GAAP:

Revenues for the fourth quarter of 2011 increased by 11% to $12.2 million, from $11 million recorded in the fourth quarter of 2010. In the full year ended December 31, 2011, revenues increased by 13% to $40.7 million, from $36.1 million in 2010.

Gross Profit for the fourth quarter of 2011 was $10.9 million, as compared to $9.5 million in the corresponding quarter of 2010. Gross margin in the fourth quarter of 2011 constituted 89% of revenues, compared to 86% in the same quarter of 2010. In 2011 as a whole, gross profit was $35.9 million, compared to $30.8 million in 2010, and gross margin constituted 88% of revenues, compared to 85% in 2010.

Operating Profit increased by 31% in the fourth quarter of 2011 to $2.2 million, from $1.7 million in the fourth quarter of 2010. In 2011 as a whole, the operating profit increased by 65% to $5.1 million, from $3.1 million in 2010.

Net profit for the fourth quarter of 2011 was $1.6 million, or $0.18 per diluted share, compared to a net profit of $1.6 million, or $0.17 per diluted share, recorded in the same quarter of 2010. In 2011 as a whole, net profit increased by 54% to $4.5 million, or $0.48 per diluted share, compared to $2.9 million, or $0.32 per diluted share, in 2010.

Conference Call

Cimatron’s management will host a conference call today, February 29th, 2012 at 9:00 EST, 16:00 Israel time. On the call, management will review and discuss the results, and will answer questions by investors.

To participate, please call one of the following teleconferencing numbers. Please begin placing your call at least 5 minutes before the conference call commences.

USA: +1-888-668-9141

International: +972-3-9180609

Israel: 03-9180609

For those unable to listen to the live call, a replay of the call will be available from the day after the call at the investor relations section of Cimatron’s website, at: http://www.cimatron.com

Reconciliation between results on a GAAP and Non-GAAP basis is provided in a table immediately following the Consolidated Statements of Income included herein. Non-GAAP financial measures consist of GAAP financial measures adjusted to include recognition of deferred revenues of acquired companies and to exclude amortization of acquired intangible assets and deferred income tax, as well as certain business combination and other accounting entries. The purpose of such adjustments is to give an indication of our performance exclusive of non-cash charges and other items that are considered by management to be outside of our core operating results. Our non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read in conjunction with our consolidated financial statements prepared in accordance with GAAP.

Our management regularly uses our supplemental non-GAAP financial measures internally to understand, manage and evaluate our business and make operating decisions. We believe that these non-GAAP measures help investors to understand our current and future operating performance, especially as our two most recent acquisitions have resulted in amortization and

non-cash items that have had a material impact on our GAAP results. These non-GAAP financial measures may differ materially from the non-GAAP financial measures used by other companies.

About Cimatron

With 30 years of experience and more than 40,000 installations worldwide, Cimatron is a leading provider of integrated, CAD/CAM software solutions for mold, tool and die makers as well as manufacturers of discrete parts. Cimatron is committed to providing comprehensive, cost-effective solutions that streamline manufacturing cycles and ultimately shorten product delivery time.

The Cimatron product line includes the CimatronE and GibbsCAM brands with software solutions for mold design, die design, electrode design, 2.5 to 5 Axis milling, wire EDM, turn, Mill-turn, rotary milling, multi-task machining, and tombstone machining. Cimatron’s subsidiaries and extensive distribution network serve and support customers in the automotive, aerospace, medical, consumer plastics, electronics, and other industries in over 40 countries worldwide.

Cimatron’s shares are publicly traded on the NASDAQ exchange and the TASE under the symbol CIMT. For more information, please visit Cimatron’s web site at: http://www.cimatron.com

Safe Harbor Statement

This press release includes forward looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, which are subject to risk and uncertainties that could cause actual results to differ materially from those anticipated. Such statements may relate to Cimatron’s plans, objectives and expected financial and operating results. The words “may,” “could,” “would,” “will,” “believe,” “anticipate,” “estimate,” “expect,” “intend,” “plan,” and similar expressions or variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond Cimatron’s ability to control. The risks and uncertainties that may affect forward looking statements include, but are not limited to: currency fluctuations, global economic and political conditions, market demand for Cimatron products and services, long sales cycles, new product development, assimilating future acquisitions, maintaining relationships with customers and partners, and increased competition. For more details about the risks and uncertainties related to Cimatron’s business, refer to Cimatron’s filings with the Securities and Exchange Commission. Cimatron cannot assess the impact of or the extent to which any single factor or risk, or combination of them, may cause. Cimatron undertakes no obligation to publicly update or revise any forward looking statements, whether as a result of new information, future events or otherwise.

                                                   CIMATRON LIMITED
                                           CONSOLIDATED STATEMENTS OF INCOME
                                 (US Dollars in thousands, except for per share data)

                                         Three months ended          Twelve months ended
                                            December 31,                December 31,
                                         2011           2010         2011            2010

    Total revenue                      12,226         11,013       40,714          36,074

    Total cost of revenue               1,477          1,634        5,383           5,876

    Gross profit                       10,749          9,379       35,331          30,198

    Research and development expenses,
    net                                 2,031          1,692        6,739           6,014

    Selling, general and administrative
    expenses                            6,799          6,282       24,453          22,053
    Operating income                    1,919          1,405        4,139           2,131

    Financial income (expenses), net     (186)            43         (195)             97

    Taxes on income                      (339)          (401)      (1,327)           (657)

    Other                                   3              1           (6)             (6)

    Net income                          1,397          1,048        2,611           1,565

    Less: Net (income) loss
    attributable to the
    noncontrolling interest                44             45           57              26

    Net income attributable to
    Cimatron's shareholders           $ 1,441        $ 1,093      $ 2,668         $ 1,591
    Net income per share -
    basic and diluted                  $ 0.15         $ 0.12       $ 0.29          $ 0.18

    Weighted average number of
    shares outstanding

      Basic EPS (in thousands)          9,300          8,959        9,252           9,000

      Diluted EPS (in thousands)        9,315          8,983        9,292           9,000
                                            CIMATRON LIMITED
                            RECONCILIATION BETWEEN GAAP AND NON-GAAP INFORMATION
                            (US Dollars in thousands, except for per share data)

                                       Three months ended
                                          December 31,
                                    2011                          2010
                        GAAP      Adj.       NON-GAAP    GAAP      Adj.    NON-GAAP 

    Total revenue        12,226        -         12,226    11,013        -     11,013 

    Total cost of
    revenue (1)           1,477     (147)         1,330     1,634     (147)     1,487

    Gross profit         10,749      147         10,896     9,379      147      9,526

     Research and
     development
     expenses, net        2,031        -          2,031     1,692        -      1,692 

     Selling,general
     and administrative
     expenses (1)         6,799      (99)         6,700     6,282      (99)     6,183
    Operating income      1,919      246          2,165     1,405      246      1,651  

     Financial income
     expenses),net         (186)       -           (186)       43        -         43  

     Taxes on
     income (2)            (339)     (44)          (383)     (401)     221       (180) 

    Other                     3        -              3         1        -          1  

    Net income            1,397      202          1,599     1,048      467      1,515   

      Less: Net(income)
      loss attributable
      to the noncontrolling
      interest               44        -             44        45        -         45  

    Net income attributable
    to Cimatron's
    shareholders        $ 1,441    $ 202        $ 1,643   $ 1,093    $ 467    $ 1,560
    Net income per
    share - basic        $ 0.15                  $ 0.18    $ 0.12              $ 0.17
    Net income per
    share - diluted      $ 0.15                  $ 0.18    $ 0.12              $ 0.17  

    Weighted average number
    of shares outstanding

     Basic EPS
     (in thousands)      9,300                   9,300     8,959               8,959 

     Diluted EPS
     (in thousands)      9,315                   9,315     8,983               8,983
    (table continued)
                                    Twelve months ended
                                         December 31,
                                    2011                          2010
                        GAAP      Adj.       NON-GAAP    GAAP      Adj.    NON-GAAP

    Total revenue        40,714        -        40,714      36,074        -     36,074

    Total cost of
    revenue (1)           5,383     (588)        4,795       5,876     (588)     5,288

    Gross profit         35,331      588        35,919      30,198      588     30,786

     Research and
     development
     expenses, net        6,739        -         6,739       6,014        -      6,014

     Selling,general
     and administrative
     expenses (1)        24,453     (402)       24,051      22,053     (396)    21,657
    Operating income      4,139      990         5,129       2,131      984      3,115

     Financial income
    (expenses),net         (195)       -          (195)         97        -         97

     Taxes on income(2)  (1,327)     843          (484)       (657)     347       (310)

     Other                   (6)       -            (6)         (6)       -         (6)

    Net income            2,611    1,833         4,444       1,565    1,331      2,896

     Less: Net(income)
     loss attributable
     to the noncontrolling
     interest                57        -            57          26        -         26

    Net income
    attributable
    to Cimatron's
    shareholders        $ 2,668  $ 1,833       $ 4,501     $ 1,591  $ 1,331    $ 2,922
    Net income per
    share - basic        $ 0.29                 $ 0.49      $ 0.18              $ 0.32
    Net income per
    share -
    diluted              $ 0.29                 $ 0.48      $ 0.18              $ 0.32

    Weighted average
    number of shares
    outstanding
      Basic EPS
      (in thousands)      9,252                  9,252       9,000               9,000
      Diluted EPS
      (in thousands)      9,292                  9,292       9,000               9,000

    (1) Non-GAAP adjustment to exclude non-cash amortization of acquired intangible
    assets.
    (2) Non-GAAP adjustment to exclude the effect of deferred taxes and other non-cash tax
    provisions.
                                                       CIMATRON LIMITED
                                                  CONSOLIDATED BALANCE SHEETS
                                                   (US Dollars in thousands)

                                                    December 31,              December 31,
                                                         2011                      2010

         ASSETS 

    CURRENT ASSETS:
     Total cash, cash equivalents and
     short-term investments                            $ 11,787                  $ 10,221
     Trade receivables                                    5,840                     5,708
     Other current assets                                 1,452                     2,275
      Total current assets                               19,079                    18,204

      Deposits with insurance companies
      and severance pay fund                              3,069                     3,279

      Net property and equipment                          1,009                       949

      Total other assets                                 11,365                    12,469

        Total assets                                   $ 34,522                  $ 34,901

        LIABILITIES AND SHAREHOLDERS' EQUITY

    CURRENT LIABILITIES:
     Short-term bank credit                                $ 87                      $ 99
     Trade payables                                       1,072                     1,685
     Accrued expenses and other liabilities               9,048                     8,260
     Deferred revenues                                    2,403                     2,275
      Total current liabilities                          12,610                    12,319

    LONG-TERM LIABILITIES:
     Accrued severance pay                                4,135                     4,297
     Long-term loan                                           6                        98
     Deferred tax liability                                 639                     1,002
      Total long-term liabilities                         4,780                     5,397

    Total shareholders' equity                           17,132                    17,185
       Total liabilities and
       shareholders' equity                            $ 34,522                  $ 34,901
                                          CIMATRON LIMITED
                           STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
                                     (US Dollars in thousands)

                                                                   Accumulated
                                                                     other
                                              Additional         comprehensive
               Noncontrolling     Share        paid-in               income
                 Interest         capital       capital              (loss) 

    Balance at
    December 31,
    2010            $ (74)         $ 304       $ 18,275             $ (265)
    Changes
    during the
    twelve months
    ended
    December 31,
    2011:
    Net income
    (loss)            (57)
    Cash dividend
    paid
    Exercise of
    share options                      9            724
    Unrealized
    loss on
    derivative
    instruments                                                       (431)
    Other                                                             (109)
    Foreign
    currency
    translation
    adjustment                                                         359
    Total
    comprehensive
    income
    Balance at
    December 31,
    2011           $ (131)         $ 313       $ 18,999             $ (446)
    (table continued)

                  Retained
                  earnings                 Comprehensive       Total
                (accumulated    Treasury      income       shareholders'
                  deficit)        stock        (loss)         equity

    Balance at
    December 31,
    2010            $ (303)      $ (752)                     $ 17,185
    Changes
    during the
    twelve months
    ended
    December 31,
    2011:
    Net income
    (loss)           2,668                      2,611           2,611
    Cash dividend
    paid            (3,216)                                    (3,216)
    Exercise of
    share options                                                 733
    Unrealized
    loss on
    derivative
    instruments                                  (431)           (431)
    Other                                        (109)           (109)
    Foreign
    currency
    translation
    adjustment                                    359             359
    Total
    comprehensive
    income                                      2,430
    Balance at
    December 31,
    2011            $ (851)      $ (752)                     $ 17,132
                                                CIMATRON LIMITED
                                            STATEMENTS OF CASH FLOWS
                                           (US Dollars in thousands)

                                                                      Twelve months
                                                                         ended
                                                                       December 31,
                                                                  2011          2010

    Cash flows from operating activities:

    Net income                                                  $ 2,611       $ 1,565

    Adjustments to reconcile net income
     to net cash provided by operating activities:
    Depreciation and amortization                                 1,376         1,512
    Increase (decrease) in accrued severance pay                   (135)          228
    Loss from sale of property and equipment, net                     -             8
    Stock option compensation                                         -            60
    Deferred taxes, net                                             504           406

    Changes in assets and liabilities:
    Decrease in accounts receivable and prepaid expenses           (222)         (583)
    Decrease in inventory                                            (2)           13
    Decrease (increase) in deposits with insurance
    companies and severance pay fund                                210          (344)
    Increase in trade payables, accrued
    expenses and other liabilities                                  228         1,908
    Net cash provided by operating activities                     4,570         4,773

    Cash flows from investing activities:
    Purchase of property and equipment                             (428)         (384)
    Net cash used in investing activities                          (428)         (384)

    Cash flows from financing activities:
    Short-term bank credit                                          (10)         (340)
    Long-term bank credit                                           (87)          (98)
    Cash dividend paid                                           (3,216)            -
    Proceeds from issuance of shares
    upon exercise of options                                        733            11
    Investment in treasury stock                                      -          (210)
    Net cash used in financing activities                        (2,580)         (637)

    Net increase in cash and cash equivalents                     1,562         3,752
    Effect of exchange rate changes on cash                           4          (215)
    Cash and cash equivalents at beginning of period             10,221         6,684

    Cash and cash equivalents at end of period                 $ 11,787      $ 10,221

    Appendix A - Non-cash transactions
             Purchase of property on credit                        $ 19          $ 68

Contact:
Ilan Erez, Chief Financial Officer
Cimatron Ltd.
Tel.; +972-73-237-0114
E-mail: ilane@cimatron.com

SOURCE Cimatron Ltd

Wednesday, February 29th, 2012 Uncategorized Comments Off on Cimatron (CIMT) Reports Record Revenues of $12.2M

Paulson Investment Company (PLCC) Reaches Agreement in Principle to Transfer Retail Business

Paulson Investment Company, Inc. (Paulson), a wholly owned subsidiary of Paulson Capital Corp. (NASDAQ:PLCC), has reached an agreement in principle to transfer its retail operations to JHS Capital Advisors (JHS), a member of FINRA and SIPC and an MSRB registrant that is headquartered in Tampa, Fla. After the contemplated transaction, Paulson will continue to operate independently as a broker/dealer focused on its core competencies in boutique investment banking activities. The transaction is subject to approval by FINRA.

If the transaction is completed, Paulson advisors will become registered representatives of JHS and, through JHS, will continue to use RBC Correspondent Services, a division of RBC Capital Markets, LLC, for custody of client assets and securities, trade execution and portfolio reporting, thereby minimizing the impact to clients.

Founded in 2009, JHS oversees $2 billion in client assets and has nearly 100 advisors nationally. JHS is a subsidiary of JHS Capital Holdings; both were founded by John H. Sykes, founder of Sykes Enterprises Inc. (NASDAQ:SYKE).

“JHS shares Paulson’s commitment to operating with the highest level of integrity and always putting clients first,” said Trent D. Davis, president and CEO of Paulson. “JHS is an excellent opportunity for our registered representatives because of its similar infrastructure that supports both employee and independent contractor representatives. In addition, our brokers and clients will benefit from JHS’s size, scope, extensive product platform, financial resources and industry-leading technologies.”

“Paulson has been helping individuals and small businesses for more than 40 years, and we are proud to continue our tradition of excellent service,” said Chet Paulson, founder of Paulson. “We look forward to this next phase for Paulson of focusing on our expertise in investment banking.”

After the transaction is completed, Paulson will continue to operate as a wholly owned subsidiary of Paulson Capital Corp., which in turn, will continue to trade under the symbol of “PLCC” on the Nasdaq Exchange.

For more information about Paulson Investment Company Inc., see the following link: http://www.paulsoninvestment.com/.

For more information about JHS Capital Advisors, see the following link:: http://jhscapital.com.

About Paulson Capital Corp.

Paulson Capital Corporation is the parent company of Paulson Investment Company, Inc. Headquartered in Portland, Ore., Paulson Investment Company, Inc. is the Northwest’s largest independent brokerage firm and a national leader in public offerings of small and emerging growth companies with capital needs of $5 million to $45 million. Founded by Chester “Chet” Paulson in 1970, it has managed or underwritten 170 securities offerings and has generated more than $1.2 billion for client companies.

About JHS Capital Advisors

JHS Capital Advisors is a registered securities broker dealer and Registered Investment Advisor providing personalized client services for investors nationwide. Founded on a simple code of ethics based on integrity, transparency and full disclosure, JHS’s mission is to always put its clients’ needs and interests first, and to build a reputation for fostering multi-generational relationships. JHS has an open platform that offers a full suite of financial products and services, enabling greater choice and autonomy for its advisors. JHS clears its brokerage transactions through RBC Correspondent Services, a division of RBC Capital Markets, LLC, member NYSE/FINRA/SIPC. Founded in 2009 by John H. Sykes, JHS Capital Advisors is headquartered in Tampa, Florida, and is a subsidiary of JHS Capital Holdings. For more information about JHS Capital Advisors, see the following link: http://jhscapital.com.

This release may contain “forward-looking statements” based on current expectations but involving known and unknown risks and uncertainties. Actual results of achievements may be materially different from those expressed or implied. The Company’s plan and objectives are based on judgments with respect to future conditions in the securities markets as well as general assumptions regarding the economy and competitive environment in the securities industry, which can be volatile and out of our control. In particular, we make assumptions about our ability to complete corporate finance transactions and increase the volume and size of our securities trading operations, which are difficult or impossible to predict accurately and often beyond the control of the Company. Therefore, there can be no assurance that any forward-looking statement will prove to be accurate.

Wednesday, February 29th, 2012 Uncategorized Comments Off on Paulson Investment Company (PLCC) Reaches Agreement in Principle to Transfer Retail Business

Joe’s Jeans (JOEZ) Announces Launch of a New Brand Exclusive to Macy’s

LOS ANGELES, CA — (Marketwire) — 02/29/12 — After more than a decade as a premium denim leader, Joe’s Jeans Inc. (NASDAQ: JOEZ) announces the launch of a new brand, else™, to be sold exclusively at Macy’s. With price points starting at $68, else™ was created to reach young women who are looking for a premium denim-like product at a more affordable price.

Macy’s has dedicated space in its Impulse departments in 140 stores throughout the U.S. to showcase the else™ brand. The new line will also be available at macys.com. The else™ product offering, which includes five staple denim fits: skinny, boot cut, cropped, boyfriend and a cuffed short, will be rolling out at Macy’s over the next two weeks.

Marc Crossman, President and CEO of Joe’s Jeans Inc., commented, “We are thrilled to be partnering with such a distinguished American institution. We look forward to an exciting and expansive business venture and the opportunity to create a unique product offering for the Macy’s customer.”

The else™ target customer is described as between the ages of 18 and 25 years old with a strong sense of self and fashion. Joe Dahan, Creative Director and Founder of Joe’s Jeans Inc., oversees the design of else™ with a newly created design team working in collaboration with Macy’s.

“We are excited to work with Joe’s Jeans to continue to bring our customer the latest in denim fashion by an industry leader with a long-standing commitment to fit and quality,” said Tim Baxter, Senior Vice President of Macy’s Women’s Division. Mr. Baxter continued, “else™ offers innovative products at an affordable price for our young, fashion-forward customers who will love this brand.”

About Joe’s Jeans Inc.

Joe’s Jeans Inc. designs, produces and sells apparel and apparel-related products to the retail and premium markets under the Joe’s® brand and related trademarks. In addition, the Company has introduced the else™ line for exclusive sale at Macy’s. More information is available at the company website at www.joesjeans.com.

This release contains forward-looking statements within the meaning of the safe harbor provision of the Private Securities Litigation Reform Act of 1995, as amended. The matters discussed in this document involved estimates, projections, goals, forecasts, assumptions, risks and uncertainties that could cause actual results or outcomes to differ materially from those expressed in the forward-looking statements. All statements in this news release that are not purely historical facts are forward-looking statements, including statements containing the words “intend,” “believe,” “estimate,” “project,” “expect” or similar expressions. Any forward-looking statement inherently involves risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to: the risk that the Company will be unsuccessful in gauging fashion trends and changing customer preferences; continued acceptance of the Company’s brands in the marketplace; successful implementation of any growth or strategic plans; the risk that changes in general economic conditions, consumer confidence, or consumer spending patterns will have a negative impact on the Company’s financial performance or strategies; the highly competitive nature of the Company’s business in the United States and internationally and its dependence on consumer spending patterns, which are influenced by numerous other factors; the Company’s ability to respond to the business environment and fashion trends; effective inventory management; the level of the Company’s cash flows, which will be impacted by the level of consumer spending and retailer and consumer acceptance of its products; the ability to generate positive cash flow from operations; competitive factors, including the possibility of major customers sourcing product overseas in competition with our products; the risk that acts or omissions by the company’s third party vendors could have a negative impact on the company’s reputation; a possible oversupply of denim in the marketplace; and other risks. The Company discusses certain of these factors more fully in its additional filings with the SEC, including its last annual report on Form 10-K and quarterly report on Form 10-Q filed with the SEC, and this release should be read in conjunction with those reports, together with all of the Company’s other filings, including current reports on Form 8-K, made with the SEC through the date of this release. The Company urges you to consider all of these risks, uncertainties and other factors carefully in evaluating the forward-looking statements contained in this release.

Any forward-looking statement is based on information current as of the date of this document and speaks only as of the date on which such statement is made, and the Company undertakes no obligation to update these statements to reflect events or circumstances after the date on which such statement is made. Readers are cautioned not to place undue reliance on forward-looking statements.

Contact:
Joe’s Jeans Inc.
Alejandra Dibos
alejandra@joesjeans.com
(Press)

Hamish Sandhu
323-837-3700 x 304
(Investor Relations)

Wednesday, February 29th, 2012 Uncategorized Comments Off on Joe’s Jeans (JOEZ) Announces Launch of a New Brand Exclusive to Macy’s

iParty Corp. (IPT) Reports Fiscal 2011 and Fourth Quarter Financial Results

iParty Corp. (NYSE Amex: IPT – news), a party goods retailer, today reported financial results for its fourth quarter and fiscal year 2011, which ended on December 31, 2011.

Fourth Quarter 2011 Highlights

  • Net income of $3.0 million for the fourth quarter of 2011, slightly up from the fourth quarter of 2010, despite disruptions in the Halloween season and the temporary loss of the West Lebanon, New Hampshire store.
  • EBITDA of $3.4 million in the fourth quarter of 2011, approximately equal to EBITDA of $3.4 million for the fourth quarter of fiscal year 2010.
  • Consolidated 14 week revenues for the fourth quarter of fiscal 2011 of $29.7 million, a 0.7% increase compared to the 13 week fourth quarter of fiscal 2010.
    • Revenues of $27.8 million on a 13 week basis, a 5.6% decrease compared to the 13 week fourth quarter of fiscal 2010.
  • Late autumn Nor’easter snowstorm disrupted Halloween business during final weekend of sales significantly contributing to a calendar October comparable store sales decline of 12.8% and comparable store sales decrease of 7.3% compared to the fourth quarter of 2010.

Fiscal Year 2011 Highlights

  • Consolidated 53 week revenues of $80.9 million, a 0.5% decrease compared to the 52 week fiscal year 2010.
    • Revenues of $79.0 million on a 52 week basis, a 2.8% decrease compared to fiscal 2010.
  • Comparable store sales decrease of 5.4%.
  • Net loss of $1.3 million, compared to net income of $254 thousand for fiscal year 2010.
  • EBITDA of $494 thousand compared to EBITDA $2.3 million for fiscal year 2010.
  • Acquired a Party City store in Manchester, Connecticut and consolidated that market by closing our older nearby iParty store.
  • Extended revolving credit facility with Wells Fargo for five years including improved financial terms.
  • The continuation and refinement of our temporary Halloween store strategy.
  • The re-launch of our Internet site, offering a strong assortment of Halloween and related merchandise for sale on the Web.

Sal Perisano, iParty’s Chairman and Chief Executive Officer, stated, “2011 was a very disappointing year from many perspectives. Our sales in the first half of 2011 suffered in comparison to a relatively strong first half of 2010. Then in late August, we were hit by Tropical Storm Irene, which caused disruption in many of our markets as well as the complete flood loss of our store in West Lebanon, New Hampshire. Finally and most significant, an early season Nor’easter snow storm struck our most important market the weekend before Halloween, closing many of our stores temporarily and significantly reducing our Halloween sales.”

Mr. Perisano further stated, “Despite these events, sales in December 2011 were strong, and that trend has continued through January 2012 and continues to date, with January sales additionally supplemented by the post season successes of the New England Patriots. We are cautiously optimistic that underlying consumer demand in 2012 will continue to strengthen. We are pleased with the early results in our Manchester, Connecticut market, where we consolidated two stores into one late in 2011, and also with the performance of our West Lebanon, New Hampshire store, which we reopened in January. Also, having re-launched our e-commerce site in 2011 with a full Halloween merchandise assortment, we intend to expand our online offerings in 2012 to include birthday and other party categories. Additionally, we believe that our ability to control key costs in 2011 and the extension to our revolving credit facility has allowed us to enter 2012 with liquidity sufficient to grow our business in 2012 and beyond.”

Operating Results

For the fourteen week fourth quarter of 2011, consolidated revenues were $29.7 million, a 0.7% increase compared to $29.5 million for the thirteen week fourth quarter in 2010. Comparable store sales in the fourth quarter of 2011 decreased 7.3% compared to the year-ago period. Consolidated gross profit margin was 43.1% for the fourth quarter of 2011 compared to a gross profit margin of 42.7% for the fourth quarter in 2010. Consolidated net income for the fourth quarter of 2011 was $3.0 million, which included a 14th week, compared to $2.9 million for the 13 week fourth quarter of 2010. Net income per basic and diluted share were $0.08 and $0.08, respectively, compared to $0.08 and $0.07 per basic and diluted share, for the fourth quarter in 2010. On a non-GAAP basis, net income for the 14 week fourth quarter of 2011 before interest, taxes, depreciation and amortization (“EBITDA”) was $3.4 million, approximately equal to EBITDA of $3.4 million for the 13 week fourth quarter in 2010. EBITDA is calculated as net income (loss), as reported under United States generally accepted accounting principles (“GAAP”), plus net interest expense, depreciation and amortization and income taxes. The schedule accompanying this release provides the reconciliation of net income for the fourth quarters of 2011 and 2010 and for the twelve-month periods then ended, under GAAP to a non-GAAP, EBITDA basis.

For the fifty-three-week fiscal year ended December 31, 2011, consolidated revenues were $80.9 million, a 0.5% decrease compared to $81.3 million for fifty-two week fiscal year 2010. Consolidated revenues for 2011 included a 5.4% decrease in comparable store sales from the year-ago period. Consolidated gross profit margin was 39.2% for 2011 compared to 39.7% in 2010. Consolidated net loss for the fiscal year 2011 was $1.3 million, or $0.05 per basic and diluted share, compared to net income of $254 thousand, or $0.01 per basic and diluted share for fiscal year 2010. On a non-GAAP basis, EBITDA was $494 thousand for fiscal year 2011, compared to an EBITDA of $2.3 million for 2010.

About iParty Corp.

Headquartered in Dedham, Massachusetts, iParty Corp. is a party goods retailer that operates 52 iParty retail stores in New England and Florida. iParty’s aim is to make throwing a successful event both stress-free and fun. With an extensive assortment of party supplies and costumes in our stores, iParty offers consumers a sophisticated, yet fun and easy-to-use, resource to help them customize any party, including birthday bashes, Easter get-togethers, graduation parties, summer barbecues and, of course, Halloween. iParty also operates an internet site that offers a strong assortment of Halloween and related merchandise for sale on the internet and focuses on increasing customer visits to our stores by highlighting the ever changing store product assortment for all occasions and seasons. The site also features sales flyers, enter-to-win contests, monthly coupons and ideas and themes to offer consumers an easy and fun approach to any party. iParty aims to offer reliable, time-tested knowledge of party-perfect trends, and superior customer service to ensure convenient and comprehensive merchandise selections for every occasion. Please visit our site at www.iparty.com.

Non-GAAP Financial Measures

Pursuant to the requirements of Regulation G, we have provided below reconciliations of any non-GAAP financial measures we use in this press release to the most directly comparable GAAP financial measures. We believe that our presentation of EBITDA, which is a non-GAAP financial measure, is an important supplemental measure of operating performance to investors. The discussion below defines this term, why we believe it is a useful measure of our performance, and explains certain limitations on the use of non-GAAP financial measures such as our use of EBITDA.

EBITDA

EBITDA is a commonly used measure of performance in our industry which we believe, when considered with measures calculated in accordance with United States generally accepted accounting principles (“GAAP“), gives investors a more complete understanding of operating results before the impact of investing and financing transactions and income taxes and facilitates comparisons between us and our competitors. EBITDA is a non-GAAP financial measure and has been presented in this release because our management and the audit committee of our board of directors use this financial measure in monitoring and evaluating our ongoing financial results and trends. Our management and audit committee believe that this non-GAAP operating performance measure is useful for investors because it enhances investors’ ability to analyze trends in our business and compare our financial and operating performance to that of our peers.

Limitations on the Use of Non-GAAP Measures

The use of EBITDA has certain limitations. Our presentation of EBITDA may be different from the presentation used by other companies and therefore comparability may be limited. Depreciation expense for various long-term assets, interest expense, income taxes and other items have been and will be incurred and are not reflected in the presentation of EBITDA. Each of these items should also be considered in the overall evaluation of our results. Additionally, EBITDA does not consider capital expenditures and other investing activities and should not be considered as a measure of our liquidity. In particular, we have opened new stores through the expenditure of capital funded with borrowings under our bank line of credit. Our results of operations, therefore, reflect significant charges for depreciation, amortization and interest expense. EBITDA, which excludes these expenses, provides helpful information about the operating performance of our business, but EBITDA does not purport to represent operating income or cash flow from operating activities, as those terms are defined under GAAP, and should not be considered as an alternative to those measurements as an indicator of our performance.

Accordingly, EBITDA should be used in addition to and in conjunction with results presented in accordance with GAAP and should not be considered as an alternative to net income, operating income, cash flows from operating activities or any other operating performance measure prescribed by GAAP, nor should these measures be relied upon to the exclusion of GAAP financial measures. EBITDA reflects additional ways of viewing our operations that we believe, when viewed with our GAAP results and the reconciliations to the corresponding GAAP financial measures, provides a more complete understanding of factors and trends affecting our business than could be obtained absent this disclosure. We strongly encourage investors to review our financial information in its entirety and not to rely on a single financial measure.

For the three months ended For the twelve months ended
RECONCILIATION OF NON-GAAP MEASURES Dec 31, 2011 Dec 25, 2010 Dec 31, 2011 Dec 25, 2010
Net income (loss) as reported under GAAP $ 2,983,683 $ 2,917,972 $ (1,314,638 ) $ 254,449
plus, Interest expense, net 56,847 41,161 305,530 249,195
plus, Depreciation and amortization 361,626 443,894 1,484,212 1,766,462
plus, Income tax expense (benefit) 19,343 (2,613 ) 19,343 (2,613 )
EBITDA, non-GAAP $ 3,421,499 $ 3,400,414 $ 494,447 $ 2,267,493

Safe harbor statement under the Private Securities Litigation Reform Act of 1995

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 as contained in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. You can identify these statements by the fact that they use words such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “project,” “plan,” “outlook,” and other words and terms of similar meaning. These statements involve a number of risks and uncertainties that could cause actual results to differ materially from the potential results discussed in the forward-looking statements. Among the factors that could cause actual results and outcomes to differ materially from those contained in such forward-looking statements are the following: changes in consumer confidence and consumer spending patterns, particularly those impacting the New England region and Florida, which may result from, among other factors, rising or sustained high levels of unemployment, access to consumer credit, mortgage foreclosures, credit market turmoil, declines in the stock market, general feelings and expectations about the overall economy, and unseasonable weather; disruptions to our most important selling season, Halloween; the successful implementation of our growth and marketing strategies; our ability to access our existing credit line or to obtain additional financing, if required, on acceptable terms and conditions; rising commodity prices, especially oil and gas prices; effect of Chinese inflation on our suppliers and product pricing; our relationships with our third party suppliers; the failure of our inventory management system and our point of sale system; competition from other party supply stores and stores that merchandise and market party supplies, including big discount retailers, dollar store chains, and temporary Halloween merchandisers; risks related to e-commerce; the availability of retail store space on reasonable lease terms; and compliance with evolving federal securities, accounting, and stock exchange rules and regulations applicable to publicly-traded companies listed on the NYSE Amex. For a more detailed discussion of risks and uncertainties which could cause actual results to differ from those contained in the forward-looking statements, see Item 1A, “Risk Factors” of iParty’s most recently filed Annual Report on Form 10-K for the fiscal year ended December 25, 2010 and our other periodic reports filed with the SEC. iParty is providing this information as of this date, and does not undertake to update the information included in this press release, whether as a result of new information, future events or otherwise.

iPARTY CORP.
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
For the three months ended For the twelve months ended
Dec 31, 2011 Dec 25, 2010 Dec 31, 2011 Dec 25, 2010
Revenues $ 29,710,785 $ 29,491,967 $ 80,882,751 $ 81,291,429
Operating costs:
Cost of products sold and occupancy costs 16,912,576 16,908,670 49,147,010 49,023,399
Marketing and sales 8,082,924 8,032,949 25,509,559 24,927,511
General and administrative 1,649,697 1,604,661 6,827,196 6,850,321
Flood loss 5,715 398,751
Operating income (loss) 3,059,873 2,945,687 (999,765 ) 490,198
Change in fair value of warrant liability 10,833 10,000 10,833
Interest expense, net (56,847 ) (41,161 ) (305,530 ) (249,195 )
Income (loss) before income taxes 3,003,026 2,915,359 (1,295,295 ) 251,836
Income taxes (benefit) 19,343 (2,613 ) 19,343 (2,613 )
Net income (loss) $ 2,983,683 $ 2,917,972 $ (1,314,638 ) $ 254,449
Income (loss) per share:
Basic $ 0.08 $ 0.08 $ (0.05 ) $ 0.01
Diluted $ 0.08 $ 0.07 $ (0.05 ) $ 0.01
Weighted-average shares outstanding:
Basic 38,930,281 38,358,472 24,386,220 38,251,888
Diluted 39,201,487 39,392,056 24,386,220 39,281,252
iPARTY CORP.
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
Dec 31, 2011 Dec 25, 2010
ASSETS
Current assets:
Cash $ 63,650 $ 62,650
Restricted cash 819,604 616,742
Accounts receivable 1,377,234 626,181
Inventories 15,965,507 14,950,933
Prepaid expenses and other assets 1,415,780 253,749
Deferred income tax asset – current 46,761 95,163
Total current assets 19,688,536 16,605,418
Property and equipment, net 2,664,086 3,000,798
Intangible assets, net 626,900 934,477
Other assets 333,731 264,179
Deferred income tax asset 540,842 476,354
Total assets $ 23,854,095 $ 21,281,226
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable and book overdrafts $ 5,970,014 $ 4,572,147
Accrued expenses 2,295,467 2,254,049
Current portion of capital lease obligations 4,614 9,228
Current note payable and warrant liability 10,000
Borrowings under line of credit 5,366,512 3,102,213
Total current liabilities 13,636,607 9,947,637
Long-term liabilities:
Capital lease obligations, net of current portion 4,613
Deferred rent 1,504,973 1,517,157
Total long-term liabilities 1,504,973 1,521,770
Commitments and contingencies
Convertible preferred stock 13,012,668 13,024,721
Common stock 24,409 24,294
Additional paid-in capital 52,987,574 52,760,302
Accumulated deficit (57,312,136 ) (55,997,498 )
Total stockholders’ equity 8,712,515 9,811,819
Total liabilities and stockholders’ equity $ 23,854,095 $ 21,281,226
Wednesday, February 29th, 2012 Uncategorized Comments Off on iParty Corp. (IPT) Reports Fiscal 2011 and Fourth Quarter Financial Results

Seeking Alpha Publishes Article Featuring VistaGen Therapeutics (VSTA)

Today, Seeking Alpha published the following article featuring VistaGen Therapeutics: http://seekingalpha.com/article/394361

The article titled “VistaGen Therapeutics: A Hidden Stem Cell Opportunity” reviews the largely overlooked application of stem cells in the early stage testing of drug candidates. Using advanced stem cell technology, VistaGen has produced functional human cardiac cells that can be used early on in the drug development process to test for cardiotoxicity. Cardiotoxicity has been a factor in over 30% of drug withdrawals, and addressing it is seen as a major market. The use of real human heart cells in pre-clinical testing offers important advantages over traditional testing methods, such as animal testing.

First of all, it can be performed at the earliest stages of development, reducing the risks of developing the wrong drug. It’s also more accurate, since traditional testing involving animals can fail to detect potential risks in humans. And it’s far easier than the large number of patients and lengthy testing required in human trials. By identifying cardiotoxicity issues early in the process, drug developers can take steps to rescue the drug candidate, developing variants that are both functional and safe. Given that stem cells, including non-embryonic stem cells, can be pointed in many different directions, their potential to transform drug development has no clear limit.

VistaGen sees itself as essentially transforming drug development by bring human biology to the front end of the process, attacking cardiotoxicity issues early in the cost curve, and removing much of the risk and uncertainty typically involved in bringing new drugs to market. Perhaps more importantly, it lessens the chance that patients will be asked to play the role of unsuspecting guinea pig, taking drugs that may cause them far more harm than good.

About MissionIR

MissionIR is committed to connecting the investment community with companies that have great potential and a strong dedication to building shareholder value. We know our reputation is based on the integrity of our clients and go to great lengths to ensure the companies represented adhere to sound business practices.

To sign up for The MissionIR Report, please visit http://MissionIR.com

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Please read FULL disclaimer on the MissionIR website: http://Disclaimer.MissionIR.com

Forward-Looking Statement:
This release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. Risks and uncertainties applicable to the company and its business could cause the company’s actual results to differ materially from those indicated in any forward-looking statements.

Monday, February 27th, 2012 Uncategorized Comments Off on Seeking Alpha Publishes Article Featuring VistaGen Therapeutics (VSTA)

Capstone (CPST) Receives Order for First C1000 from Oil & Gas Producer Operating in Southern California

CHATSWORTH, Calif., Feb. 27, 2012 (GLOBE NEWSWIRE) — Capstone Turbine Corporation (www.capstoneturbine.com) (Nasdaq:CPST), the world’s leading clean technology manufacturer of microturbine energy systems, today announced it received an order for the first C1000 Power Package from an oil & gas producer in Southern California.

The C1000, sold by Capstone distributor Regatta Solutions, based in San Juan Capistrano, Calif., will be commissioned this spring in a combined heat and power (CHP) application to save operating and maintenance costs and avoid flaring, one of the most challenging energy and environmental problems today at oil & gas sites and landfills.

Rather than flare the waste gas, a byproduct from the drilling process, the C1000 will use the associated gas as fuel to generate low-emission electricity onsite to power the plant’s pumps and infrastructure systems. The microturbine exhaust will heat water for the free-water knockout process—or three phase separator process—to separate gas, oil, and water.

“This order confirms our client’s confidence in Capstone’s full line of ultra low-emission microturbines,” said Steve Acevedo, Regatta Solutions President. “Oil & gas producers across the country have demanding power needs and Capstone microturbines of all sizes meet these requirements with the added benefit of environmental efficiency.”

“Nearly 150 billion cubic meters of natural gas are flared in the atmosphere annually,” said Jim Crouse, Capstone’s Executive Vice President of Sales and Marketing. “Flaring is a waste of natural resources and creates 400 million metric tons of CO2 equivalent global greenhouse gas emissions, which has a significant impact on the environment, not to mention the associated health issues. Capstone microturbines use associated gas to generate low-emission power, which eradicates flaring and enables producers to utilize otherwise wasted gas for production.”

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 our products and use of our products in the oil & gas market. 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, February 27th, 2012 Uncategorized Comments Off on Capstone (CPST) Receives Order for First C1000 from Oil & Gas Producer Operating in Southern California

Powerwave Technologies (PWAV) Announces General Availability of the Powerwave Picocell

Powerwave Technologies, Inc. (NASDAQ:PWAV), a global supplier of advanced solutions for wireless communications networks, today announced the general availability of its award-winning Picocell, designed for increasing system capacity, enhancing coverage and enabling rapid deployments using 4G LTE and Wi-Fi.

A compact LTE base station and Wi-Fi access point, the Powerwave Picocell is ideal for areas with high data usage, such as crowded venues and arenas, or in remote locations where network signals are weak. As part of Powerwave’s larger Inside Out Solutions™ initiative, it delivers targeted mobile broadband coverage and capacity both indoors and outside for better signal quality and reduced network congestion. Powerwave’s Picocell enables fast network deployment to any conflict zone in the globe, where soldiers can instantly share multimedia, such as video and high-resolution photos, with each other or with command centers around the world.

At 1/10th the capital expenditure cost of a typical macro cell site, the Picocell delivers 12 to 15 times the data capacity. Its compact form factor and attractive design blends in with the outdoor environment and enables rapid deployment in the most challenging coverage situations.

“Powerwave’s LTE Picocell has already received successful feedback in initial trial deployments with a major government integrator and an agency of the US government,” said Khurram Sheikh, chief technical officer of Powerwave. “Mobile World Congress presented an ideal venue to announce the general availability of the product for the larger public and our wider network of customers.”

As part of Powerwave’s larger commitment to small cell technology, the Picocell enables operators to address challenging deployment situations. Such situations include temporary events (concerts, festivals, demonstrations, vigils, sporting events, etc.), high-rent districts or historical preservation zones, and geographically insulated areas such as urban canyons and sporting venues. Powerwave’s small cell and Inside Out products offer cost-effective solutions for building network infrastructure and providing coverage and capacity where users need it most.

To speak with Powerwave about its new Picocell products at Mobile World Congress in Barcelona, February 27 – March 1, 2012, please visit booth #8B109.

About Powerwave Technologies

A global leader in advanced wireless solutions, Powerwave Technologies, Inc. offers cutting edge wireless infrastructure to address the demands of enterprise and commercial customers. Powerwave offers a comprehensive suite of solutions, including Antennas, Base Station Solutions and Coverage Solutions. Powerwave’s product line supports all wireless network protocols and frequencies including Next Generation Networks in 4G technology such as LTE®. Powerwave solutions, products and services also help wireless operators and OEMs reduce capital and operating expenses, speed rollout of services, improve coverage and capacity, and reduce environmental impact. For more information, visit us at www.powerwave.com. Powerwave, Powerwave Technologies and the Powerwave logo are registered trademarks of Powerwave Technologies, Inc. LTE is a registered trademark of the European Telecommunications Standards Institute. Other trademarks referenced are the property of their respective owners.

Monday, February 27th, 2012 Uncategorized Comments Off on Powerwave Technologies (PWAV) Announces General Availability of the Powerwave Picocell

BioSante’s (BPAX) Pancreas Cancer Vaccine Shows over 60% Survival Increase in Newly Presented Study

BioSante Pharmaceuticals, Inc. (NASDAQ: BPAX) today announced presentation of results from a Phase Ib clinical study that show its GVAX Pancreas cancer vaccine increased the median survival of pancreatic cancer patients with previously treated, locally advanced or metastatic pancreatic adenocarcinoma (PDA), from 3.3 months when treated with ipilimumab (IPI; Yervoy; BMS), to 5.5 months on the combination of IPI plus GVAX Pancreas, an increase of more than 60 percent. The study was not powered for a direct comparison. In addition, the IPI/GVAX Pancreas combination demonstrated an increase in one year survival, from 7 percent to 27 percent. A new multicenter clinical study is planned to begin this year.

A poster titled, “Phase 1b Study of Ipilimumab Alone or in Combination with Allogeneic Pancreatic Tumor Cells Transfected with a GM-CSF Gene in Pancreatic Cancer,” was presented at the 2012 Gastrointestinal Cancers Symposium by Dung T. Le, et al, lead investigator at Johns Hopkins University. The abstract of the poster is in the Journal of Clinical Oncology 30, 2012 (suppl 4; abstr 211). The primary endpoint was to determine the safety profile of IPI alone or in combination with GVAX and the secondary endpoints were overall survival and toxicity, and the induction of mesothelin specific T cell responses. Toxicities were manageable. In addition, the postimmunotherapy induction of mesothelin-specific T cells in patients correlates with disease-free survival. The investigators concluded that, “Immunotherapy has potential even in advanced PDA.”

The 30 patient Phase Ib study was conducted by researchers at the Sidney Kimmel Cancer Center of Johns Hopkins University School of Medicine and the Bloomberg School of Public Health at Johns Hopkins, in Baltimore, Maryland. BioSante’s Pancreas cancer vaccine is made from allogeneic pancreatic cancer cells genetically modified to produce an immune system stimulator, the cytokine GM-CSF, and irradiated to prevent cell growth. BioSante already has received Orphan Drug designation from the U.S. Food & Drug Administration for its GVAX Pancreas cancer vaccine.

“We are very excited by the positive results of this study. This is encouraging news concerning potential GVAX cancer vaccines, especially when combined with other anticancer immunotherapies like IPI, for treatment of a disease that can be so devastating for so many patients,” said Stephen M. Simes, BioSante’s president & CEO. “Besides pancreatic cancer, Johns Hopkins researchers also are investigating the use of BioSante’s cancer vaccines for the treatment of several different forms of cancer, including leukemia, breast cancer, prostate cancer and melanoma. We look forward to continuing our collaboration with this well-respected research institute as further studies are conducted.”

About Pancreatic Cancer

About 95 percent of pancreatic cancer is adenocarcinomas. Patients with pancreatic cancer have one of the poorest five-year survival rates of any form of cancer with median survival around three to six months. Pancreatic cancer is sometimes called a “silent killer” because it does not always cause noticeable symptoms and most symptoms are non-specific and varied. It is for this reason that pancreatic cancer often is not diagnosed until the disease is too advanced for current treatment options to be effective. Therefore, in view of the current poor patient prognosis, the need for novel and improved pancreatic cancer treatments is urgent.

About BioSante Pharmaceuticals, Inc.

BioSante is a specialty pharmaceutical company focused on developing products for female sexual health and oncology. BioSante’s products include LibiGel® (transdermal testosterone gel) for the treatment of female sexual dysfunction (FSD), specifically hypoactive sexual desire disorder (HSDD), which is in Phase III clinical development. BioSante also is developing a portfolio of cancer vaccines, with 17 Phase I and Phase II clinical trials currently on-going. Four of these vaccines have been granted Orphan Drug designation by the U.S. Food and Drug Administration (FDA). BioSante’s other products include Bio-T-Gel™, a testosterone gel for male hypogonadism, for which a New Drug Application (NDA) was approved by the FDA on February 14, 2012, which is licensed to Teva Pharmaceuticals, and the Pill-Plus™, an oral contraceptive in Phase II clinical development by Pantarhei Bioscience B.V. BioSante’s first FDA-approved product is Elestrin™ (estradiol gel) indicated for the treatment of hot flashes associated with menopause, marketed in the U.S. by Jazz Pharmaceuticals, BioSante’s licensee. Additional information is available online at: www.biosantepharma.com.

Forward-Looking Statements

To the extent any statements made in this news release deal with information that is not historical, these are forward-looking statements under the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about future clinical studies and the potential of BioSante’s GVAX cancer vaccines, and other statements identified by words such as “will,” “continue,” “could,” “believe,” “intends,” “expects,” “anticipates,” “plans,” “may,” “potential,” other words of similar meaning, derivations of such words and the use of future dates. Forward-looking statements by their nature address matters that are, to different degrees, uncertain. Uncertainties and risks may cause BioSante’s actual results to be materially different than those expressed in or implied by BioSante’s forward-looking statements. For BioSante, particular uncertainties and risks include, among others, the success of clinical testing, the difficulty of developing pharmaceutical products, obtaining regulatory and other approvals and achieving market acceptance; the success of BioSante’s licensees or sublicensees and BioSante’s future revenues, if any, from its licensees and sublicensees; uncertainties relating to the future and costs of BioSante’s product development programs and its need for and ability to obtain additional financing if needed. More detailed information on these and additional factors that could affect BioSante’s actual results are described in BioSante’s filings with the Securities and Exchange Commission, including its most recent annual report on Form 10-K and subsequent quarterly reports on Form 10-Q. All forward-looking statements in this news release speak only as of the date of this news release and are based on BioSante’s current beliefs and expectations. BioSante undertakes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

Monday, February 27th, 2012 Uncategorized Comments Off on BioSante’s (BPAX) Pancreas Cancer Vaccine Shows over 60% Survival Increase in Newly Presented Study

Goldfield (GV) Wins Major Electrical Construction Mandate

MELBOURNE, Fla., Feb. 27, 2012 /PRNewswire/ — The Goldfield Corporation (NYSE Amex: GV), a leading provider of electrical construction services throughout most of the United States, has been selected as prime contractor by South Texas Electric Cooperative, Inc. (“STEC”) to build the new Bakersfield to Big Hill 345kV Transmission Line in the Texas counties of Crockett, Pecos, and Schleicher. The project is a Competitive Renewable Energy Zone (CREZ) Project. The Bakersfield to Big Hill line will be approximately 110 miles long and will connect the Bakersfield Substation, just south of McCamey, Texas to the new Big Hill Substation, just north of Eldorado, Texas. The award is subject to execution of definitive agreements, expected to take place by mid-March.

Goldfield’s electrical construction subsidiary, Southeast Power Corporation, plans to commence work on this project next month. The project is required to be completed by July 31, 2013.

Goldfield estimates that the revenue to be recognized over the life of the project will be approximately $52 million.

“We are honored to have been selected for this important assignment, which demonstrates the strength of our team and our unique capabilities within the industry,” said Robert L. Jones, president of Southeast Power Corporation. “This is the largest construction contract ever awarded to Southeast Power Corporation and validates our strategy to expand our presence westward from our traditional Southeast region base,” Mr. Jones added.

Goldfield also announced that since year-end it has been awarded other construction projects bringing its current construction backlog to approximately $77.8 million, compared with $12.2 million at December 31, 2011.

Approximately $55 million of the current backlog is expected to be completed during 2012. “The STEC mandate and these other projects signal a significant rebound in our electrical construction operation,” said John H. Sottile, president of Goldfield.

About Goldfield

Goldfield is a leading provider of electrical construction and maintenance services in the energy infrastructure industry throughout most of the United States. The company specializes in installing and maintaining electrical transmission lines for a wide range of electric utilities. Goldfield is also involved in the acquisition, development, management and disposition of land and improved properties on Florida’s east coast. For additional information, please visit http://www.goldfieldcorp.com.

This press release includes forward looking statements based on our current expectations. Our actual results may differ materially from what we currently expect. Factors that may affect the results of our electrical construction operations include, among others: the level of construction activities by public utilities; the timing and duration of construction projects for which we are engaged; our ability to estimate accurately with respect to fixed price construction contracts; and heightened competition in the electrical construction field, including intensification of price competition. Factors that may affect the results of our real estate development operations include, among others: the continued weakness in the Florida real estate market; the level of consumer confidence; our ability to acquire land; increases in interest rates and availability of mortgage financing to our buyers; and increases in construction and homeowner insurance and the availability of insurance. Factors that may affect the results of all of our operations include, among others: adverse weather; natural disasters; effects of climate changes; changes in generally accepted accounting principles; ability to obtain necessary permits from regulatory agencies; our ability to maintain or increase historical revenue and profit margins; general economic conditions, both nationally and in our region; adverse legislation or regulations; availability of skilled construction labor and materials and material increases in labor and material costs; and our ability to obtain additional and/or renew financing. Other important factors which could cause our actual results to differ materially from the forward-looking statements in this press release are detailed in the Company’s Risk Factors and Management’s Discussion and Analysis of Financial Condition and Results of Operation sections of our Annual Report on Form 10-K and Goldfield’s other filings with the Securities and Exchange Commission, which are available on Goldfield’s website: http://www.goldfieldcorp.com.

For further information, please contact:
The Goldfield Corporation
Phone: (321) 724-1700
Email: investorrelations@goldfieldcorp.com

SOURCE The Goldfield Corporation

Monday, February 27th, 2012 Uncategorized Comments Off on Goldfield (GV) Wins Major Electrical Construction Mandate

Tibet Pharmaceuticals, Inc. (TBET) Announces Intent to Go Private

NEW YORK, Feb. 27, 2012 /PRNewswire-Asia/ — Tibet Pharmaceuticals, Inc. (NASDAQ: TBET), an emerging specialty pharmaceutical company engaged in the development, manufacturing and marketing of traditional Tibetan medicine in China, today announced that,

“In recent days, we noticed that a website mentioned about auctioning our operating entity’s assets. These were untrue and incorrect announcements. Our company is in normal business operation. We’re conducting our investigation on this mistaken report, and will keep our investors informed on the investigation result,” said Mr. Hong Yu, CEO and Chairman of Tibet Pharmaceuticals. “The Company will take all necessary legal measures to defend itself against any untrue reports and to protect the interests of shareholders.”

The Company also announced its intent to accept a “going private” proposal by Mr. Hong Yu, and cease its public company status. “In view of market bias towards Chinese companies listed in U.S. stock exchange and our past stock performance, I hereby make an offer to purchase TBET stocks not owned by me for $3.00 per share in cash,”said Mr. Hong Yu, “delisting details will be announced shortly”.

Tibet Pharmaceuticals expects to continue to grow in China’s fragmented pharmaceutical and traditional Tibetan medicine industries. The company is committed to establishing itself as a leading manufacturer and distributor of Tibetan medicine in China and believes that additional distribution channels will help enhance its completive advantages in the industry.

About Tibet Pharmaceuticals, Inc.

Based in Shangri-La County, Yunnan Province, China, Tibet Pharmaceuticals, Inc. (NASDAQ: TBET – News) is an emerging specialty pharmaceutical company engaged in the research, development, manufacturing and marketing of modernized traditional Tibetan medicines in China. With 190 employees and nation-wide distributors, the company develops both prescription and over-the-counter traditional Tibetan medicines that promote health in human respiratory, digestive, urinary and reproductive systems. Tibet Pharmaceuticals’ products are sold throughout China, with a majority of sales concentrated in the southern provinces, most notably Yunnan Province, where the company’s 52,000 sq. ft. GMP-certified manufacturing facilities are located. The access to key raw materials, not generally available outside the province, provides a significant advantage for Tibet Pharmaceuticals.

For comprehensive investor relations material, including fact sheets, research reports, presentations and video, please follow the appropriate link: White Paper, Investor Portal and Overview Video.

For more information on Tibet Pharmaceuticals, please visit:
http://www.tibetpharmaceuticals.com/

Forward-Looking Statements

This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts.

These statements are subject to uncertainties and risks including, but not limited to, product and service demand and acceptance, changes in technology, economic conditions, the impact of competition and pricing, government regulation, changes in company valuations and investor perceptions of companies, and other risks contained in reports filed by the company with the Securities and Exchange Commission. All such forward-looking statements, whether written or oral, and whether made by or on behalf of the company, are expressly qualified by the cautionary statements and any other cautionary statements which may accompany the forward-looking statements. In addition, the company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.

Contact:

Financial Communications
Trilogy Capital Partners – Asia
Darren Minton
President
Toll-free: 800-592-6067
info@trilogy-capital.com

SOURCE Tibet Pharmaceuticals, Inc.

Monday, February 27th, 2012 Uncategorized Comments Off on Tibet Pharmaceuticals, Inc. (TBET) Announces Intent to Go Private

MelaFind (MELA) Results Improve Detection of Melanoma, Study Shows MelaFind(R) Results Improve Detection of Melanoma, Study Shows

IRVINGTON, NY — (Marketwire) — 02/23/12 — MelaFind, developed by MELA Sciences, Inc. (NASDAQ: MELA), was shown to improve melanoma detection in a study of 179 dermatologists. The average sensitivity of dermatologists before obtaining the MelaFind output was 69 percent, and the average sensitivity after obtaining the MelaFind output was 94 percent, according to a recent study published online in the Archives of Dermatology on February 20, 2012.

MelaFind, a non-invasive, multi-spectral computer vision system recently approved by the FDA, uses light from visible to near-infrared wavelengths to evaluate skin lesions up to 2.5 mm beneath the skin. The device analyzes the three-dimensional morphologic (i.e., structural) disorganization under the surface of the lesion and provides an unambiguous and easy to interpret output — High Disorganization (Positive) or Low Disorganization (Negative) — that a dermatologist can incorporate into the biopsy decision-making process.

At a continuing medical education conference, 179 practicing dermatologists were asked to evaluate a series of pigmented lesions selected from prior MelaFind studies. Biopsy decisions were recorded before and after the dermatologists received the MelaFind information.

“MelaFind was shown to increase dermatologist sensitivity from a baseline of 69 percent to a level of 94 percent, and it increased the percent of dermatologists that detected all of the melanomas in the series from 13 percent to 70 percent,” said Darrell S. Rigel, MD, Clinical Professor of Dermatology at New York University Medical School and lead author of the study. “Consistent with other diagnostic tools, the information provided by this type of diagnostic device for pigmented lesions was integrated into all of the other factors used in making a biopsy decision but was not ‘blindly’ followed.”

After obtaining the MelaFind information, participating dermatologists made more uniform biopsy decisions. In the study, specificity amongst participating dermatologists decreased overall as their sensitivity increased with MelaFind. However, on MelaFind negative lesions, the availability of the MelaFind information increased dermatologist specificity. According to the study, the MelaFind information resulted in a 17 percent reduction of biopsies of these histologically benign lesions.

“The study clearly demonstrated that MelaFind can provide significant clinical utility,” added Dr. Rigel. Sensitivity, the ability to detect disease when disease is truly present in a population, and specificity, the ability to correctly rule-out disease when disease is truly absent, are the measures used to assess diagnostic performance.

MELA Sciences is executing a controlled and deliberate launch of MelaFind predominantly in the Northeastern U.S. and in several key cities throughout Germany. During this period, the company will work with the dermatology practices to train and assist them in using MelaFind appropriately and to incorporate its use successfully into their practices. This approach is appropriate for a first-of-a-kind breakthrough product and will serve as the basis for more widespread dissemination of MelaFind in the future.

For more information and additional study information, visit http://archderm.ama-assn.org/cgi/content/full/archdermatol.2011.3388?etoc. The study results will be published in a subsequent print issue in 2012.

About MELA Sciences, Inc.
MELA Sciences is a medical device company focused on the design, development and commercialization of non-invasive tools to provide additional information to dermatologists during melanoma skin examinations. The Company’s flagship product, MelaFind®, is intended to be used when a trained dermatologist chooses to obtain additional information to help decide whether to biopsy certain indeterminate pigmented skin lesions. MelaFind has received approval from the U.S. Food and Drug Administration and is approved for use in the U.S. In addition, MelaFind has received the CE Mark and is approved for use in the European Union.

For more information on MELA Sciences, visit www.melasciences.com.

Safe Harbor
This press release includes “forward-looking statements” within the meaning of the Securities Litigation Reform Act of 1995. These statements include but are not limited to our plans, objectives, expectations and intentions and other statements that contain words such as “expects,” “contemplates,” “anticipates,” “plans,” “intends,” “believes,” “assumes,” “predicts” and variations of such words or similar expressions that predict or indicate future events or trends, or that do not relate to historical matters. These statements are based on our current beliefs or expectations and are inherently subject to significant known and unknown uncertainties and changes in circumstances, many of which are beyond our control. There can be no assurance that our beliefs or expectations will be achieved. Actual results may differ materially from our beliefs or expectations due to financial, economic, business, competitive, market, regulatory and political factors or conditions affecting the company and the medical device industry in general, as well as more specific risks and uncertainties facing the company such as those set forth in its reports on Forms 10-Q and 10-K filed with the U.S. Securities and Exchange Commission (the “SEC”). Factors that might cause such a difference include whether Melafind® achieves market acceptance or becomes commercially viable. Given the uncertainties affecting companies in the medical device industry such as the Company, any or all of these forward-looking statements may prove to be incorrect. Therefore, you should not rely on any such factors or forward-looking statements. The Company urges you to carefully review and consider the disclosures found in its filings with the SEC which are available at www.sec.gov and www.melasciences.com.

For further information contact:

For Investors
Lynn Pieper
Westwicke Partners, Ltd.
415-202-5678

For Media
Melissa Hurley
Ricochet Public Relations
212-679-3300 x128

Thursday, February 23rd, 2012 Uncategorized Comments Off on MelaFind (MELA) Results Improve Detection of Melanoma, Study Shows MelaFind(R) Results Improve Detection of Melanoma, Study Shows

China HGS (HGSH) Signs Agreement to Sell Multiple Units in its Yangzhou Pearl Garden Project China

HANZHONG, China, Feb. 23, 2012 /PRNewswire-Asia-FirstCall/ — China HGS Real Estate Inc. (NASDAQ: HGSH) (“China HGS” or “the Company”), one of the largest residential and commercial property developers in China’s southern Shaanxi Province, signed an agreement (the “Agreement”) on February 3, 2012 to sell multiple units in the Company’s Yangzhou Pearl Garden project (currently under development and located in Yang County, Shaanxi Province) to Pingdu National Forest Farm (the “Buyer”).

According to the Agreement, the Buyer will purchase from the Company 68 residential apartments in the project for an estimated total contract value of RMB 20 million (approximately $3.2 million). The unit prices will adhere to Yang County’s pricing policy for low and middle income residential housing, with units fewer than 1,076 square feet priced from RMB 158 to RMB 200 (approximately $25.08 to $31.75) per square foot and units greater than 1,076 square feet priced from RMB 262 to RMB 291 (approximately $41.59 to $46.20) per square foot.

Under the Agreement, China HGS is required to deliver one phase of residential apartments in Towers 1, 16, and 17 to the Buyer by June 30, 2012; a second phase of residential apartments in Towers 31 and 45 by December 31, 2012; a third phase of residential apartments in Tower 50 by December 31, 2014; and a fourth phase of residential apartments in Tower 30 immediately upon closing. The Buyer is required to make an initial payment of RMB 4.1 million (approximately $0.6 million) as a deposit for the units, and if the remaining balance is paid within 30 days from the initial payment date, the Buyer will be entitled to a 1% discount on the total purchase price of the units.

“Large-scale bulk-purchase agreements continue to be a beneficial component of our sales strategy, and we are pleased to have further secured our future revenue stream for the Yangzhou Pearl Garden project,” stated Mr. Xiaojun Zhu, Chairman and Chief Executive Officer of China HGS Real Estate, Inc. “With the Spring Festival holiday now behind us, we are entering a period that has historically seen robust sales. This improved selling environment, in combination with several phases of our projects nearing completion, positions us to generate increased sales in the coming quarters.”

About China HGS Real Estate Inc.

China HGS Real Estate Inc., through its wholly owned subsidiary, Shaanxi Guangsha Investment and Development Group Co., Ltd., has specialized since 1995 in real estate development in China’s third-tier and fourth-tier cities. The Company’s real estate properties include multi-layer, sub-high-rise, and high-rise apartment buildings. The Company possesses the national Grade-I real estate qualification and was ranked as the No. 1 property developer in Hanzhong, Shaanxi Province in terms of market share in 2007, 2008, 2009, and 2010 successively.

Forward-looking Statements:

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

Contact:

Company Contact:
Mr. Randy Xiong, Deputy GM
E-mail: xr968@163.net
Tel: +86 (91) 6262 2612

Investor Relations Contact:
Jon Cunningham
RedChip Companies, Inc.
1-800-733-2447, Ext. 107
info@redchip.com
http://www.redchip.com

Thursday, February 23rd, 2012 Uncategorized Comments Off on China HGS (HGSH) Signs Agreement to Sell Multiple Units in its Yangzhou Pearl Garden Project China

Smith Micro Software’s (SMSI) Leading Push-To-Talk Technology Adopted By NEC CASIO Mobile Communications

Smith Micro Software, Inc. (NASDAQ: SMSI), a leading provider of wireless and mobility solutions, today announced its industry-leading technology is being used by NEC CASIO Mobile Communications, Ltd., to power Push-to-Talk for their first rugged Android phone, the G’zOne COMMANDO™. The Smith Micro Push-to-Talk (PTT) client offers superior performance, sound quality and reliability for G’zOne COMMANDO end users. For Verizon, the Tier 1 mobile service operator carrying the device, this can translate into greater customer satisfaction with the service and fewer support calls.

“As we began deployments of our first G’zOne Android phone, we encountered an increasing demand for sophisticated PTT technology to be embedded on the device,” said Katsumi Muroi, General Manager of the Software Product Development Division at NEC CASIO Mobile Communications. “Smith Micro Software’s reliable PTT solution will help us swiftly provide an improved experience for our end users. As a result of integrating Smith Micro’s technology into the device, we are able to address additional markets as well as reinforce our position of delivering superior solutions in the mobile device arena.”

The Smith Micro PTT service is seamlessly integrated into the G’zOne COMMANDO for maximum performance and reliability, and uses a mobile Internet connection to send and receive one-click style calls. The PTT client uses outbound buffering and advanced setup routines to enhance the PTT experience, resulting in the lowest latency and faster time-to-talk.

“Our Push-to-Talk technology helps NEC CASIO Mobile Communications harness the tremendous market opportunity presented in delivering its first rugged Android phone,” said William W. Smith, Jr., President and CEO at Smith Micro Software. “We are thrilled to have NEC CASIO Mobile Communications and Verizon rely on our Push-to-Talk expertise to quickly bring superior mobile devices to market and enable end users to communicate as easily as possible.”

Smith Micro’s PTT solutions are part of the company’s Experience Manager™ platform that helps Mobile Operators, Device Manufacturers and Enterprises simplify and enhance the mobile experience while optimizing network and device resources. For more information, please visit:

  • Push-to-Talk
  • Solutions for Mobile and Cable Operators

About NEC CASIO Mobile Communications, Ltd.:

NEC CASIO Mobile Communications provides innovative mobile handsets for major wireless providers in Japan and the U.S.A. The company was established in 2010 after spinning off from NEC Corporation’s mobile handset business. Later that year, it merged with Casio Hitachi Mobile Communications Co., Ltd. a joint venture between Casio Computer Co., Ltd., and Hitachi, Ltd. NEC CASIO Mobile Communications aims to build an enriched communication linked society utilizing mobile handset solutions crafted from imagination and creativity. For more information, go to http://www.nec-casio-mobile.com/

About Smith Micro Software, Inc.:

Smith Micro Software, Inc. provides software solutions that simplify, secure and enhance the mobile experience. Our portfolio of products and services spans Connectivity Management and Communications solutions. Smith Micro’s solutions include client and server software applications used by the world’s leading wireless operators, device manufacturers and enterprises. For more information about Smith Micro Software (NASDAQ: SMSI), visit smithmicro.com.

Safe Harbor Statement:

This release contains forward-looking statements that involve risks and uncertainties, including without limitation, forward-looking statements relating to the company’s financial prospects and other projections of its performance, the existence of new market opportunities and interest in the company’s products and solutions, and the company’s ability to increase its revenue and regain profitability by capitalizing on these new market opportunities and interest and introducing new products and solutions. Among the important factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements are changes in demand for the company’s products from its customers and their end-users, new and changing technologies, customer acceptance of those technologies, new and continuing adverse economic conditions, and the company’s ability to compete effectively with other software companies. These and other factors discussed in the company’s filings with the Securities and Exchange Commission, including its filings on Forms 10-K and 10-Q, could cause actual results to differ materially from those expressed or implied in any forward-looking statements. The forward-looking statements contained in this release are made on the basis of the views and assumptions of management regarding future events and business performance as of the date of this release, and the company does not undertake any obligation to update these statements to reflect events or circumstances occurring after the date of this release.

Smith Micro and the Smith Micro logo are registered trademarks or trademarks of Smith Micro Software, Inc. All other trademarks and product names are the property of their respective companies.

Thursday, February 23rd, 2012 Uncategorized Comments Off on Smith Micro Software’s (SMSI) Leading Push-To-Talk Technology Adopted By NEC CASIO Mobile Communications

Charles & Colvard (CTHR) Reports Fourth Quarter Sales Double and Net Income Quadruples over Prior-Year Period

Charles & Colvard, Ltd. (NASDAQ Global Select Market: CTHR), the sole manufacturer of created moissanite gemstones, The Most Brilliant Jewel in the World®, today announced that net sales more than doubled while net income quadrupled for the fourth quarter ended December 31, 2011.

The Company’s continued investment in all aspects of its moissanite brand and business was further rewarded by excellent operating results for the year ended December 31, 2011, as well. Both loose moissanite and finished jewelry sales flourished during the period.

Financial Highlights:

  • Q4 net sales increase 105% to $7.2 million vs. $3.5 million in Q4 2010, and full year net sales increase 26% to $16.0 million vs. $12.7 million in 2010
  • Profitable Q4 and full year – Q4 net income of $1.8 million vs. prior-year period net income of $410,000; full year net income of $1.6 million vs. prior-year net income of $1.6 million
  • $10.5 million cash and investments and no long-term debt at 12/31/11
  • Positive cash flow from operations in Q4 of $1.6 million and full year of $3.5 million

Net sales for the three months ended December 31, 2011 increased 105% to approximately $7.2 million, compared with approximately $3.5 million in sales during the corresponding period of the previous year. Loose moissanite gemstone sales increased 149% to approximately $4.8 million, compared with approximately $1.9 million in the corresponding period of the previous year. Finished jewelry sales increased 50% to approximately $2.4 million, compared with approximately $1.6 million in the corresponding period of the previous year.

Net sales for the year ended December 31, 2011 increased 26% to approximately $16.0 million, compared with approximately $12.7 million in net sales during the year ended December 31, 2010. Loose moissanite gemstone sales increased 19% to approximately $12.1 million, compared with approximately $10.2 million in the previous year. Finished jewelry sales increased 57% to approximately $4.0 million, compared with approximately $2.5 million in the previous year.

The Company recorded net income of $1.8 million in the fourth quarter of 2011, or $0.09 per diluted share, representing an approximate $1.4 million improvement relative to net income of $410,000, or $0.02 per diluted share, in the fourth quarter of 2010. For each of the years ended December 31, 2011 and 2010, net income totaled $1.6 million, or $0.08 per diluted share, respectively.

Operating expenses increased $594,000, or 35%, and $1.5 million, or 23%, during the fourth quarter and year ended December 31, 2011, respectively, when compared to the same periods of 2010. Of these increases, sales and marketing expenses increased $747,000, or 228%, and $1.3 million, or 66%, during the fourth quarter and year ended December 31, 2011, respectively, when compared with the same periods in 2010. This was primarily due to the Company’s investments in marketing and branding initiatives to better position Charles & Colvard’s product lines in the marketplace, as well as key strategic personnel additions in support of its direct-to-consumer Moissanite.com e-commerce and Lulu AvenueTM home party businesses.

“The turnaround story continues at Charles & Colvard, and we’re thrilled with our outstanding results in the fourth quarter,” stated Randy N. McCullough, Chief Executive Officer of Charles & Colvard, Ltd. “Revenues benefited from our investments in new sales and marketing initiatives throughout our distribution channels. Our television shopping network customers’ sales were strong as a result of our two largest networks significantly increasing the number of moissanite shows during the fourth quarter due to the continued success they have been experiencing, and we expect this trend to continue. Our sales team has also made inroads into several international markets, including China and Kazakhstan, that represent new opportunities for moissanite jewelry and have the potential to continue providing incremental revenue for our Company. Lastly, we experienced increased revenue from reorders indicating successful sell-through with our highly valued existing moissanite distributors and retailers in both the United States and abroad.

“We invested significant time and monetary resources during 2011 improving our infrastructure and building our new direct-to-consumer businesses, all of which impacted our profitability for the year. In light of this, finishing the year with $1.6 million in net income highlights our strong financial performance in the fourth quarter, making our results even more gratifying to us. Moissanite.com continues to add product assortment and site functionality improvements, and we are currently experiencing revenue growth that we expect will continue to increase. In addition, our Lulu AvenueTM sales team has been pursuing field recruitment efforts while our merchandising and marketing teams have been developing the Lulu AvenueTM product line and creating catalogs and marketing collateral. We are also finalizing the development of our direct sales front-end and back-office system that will support our Lulu AvenueTM field personnel in their businesses and also provide operational support to drive the business forward. We expect Lulu AvenueTM will begin to meaningfully impact our revenues in the second half of 2012 while significantly increasing our market exposure and our revenue streams for years to come.

“We are also continuing to define our brand strategies. In January 2012, we entered into an exclusive agreement with Serenity Technologies, Inc., one of the world’s notable laboratories for gemstone enhancements, to create moissanite gemstones with optical properties that are remarkably whiter and brighter than ever before. We are introducing these enhanced gemstones as Forever BrilliantTM, a new premier brand of Charles & Colvard Created Moissanite®, available on our e-commerce site Moissanite.com and soon through our current distributors. We believe this brand will become the new standard for moissanite, and we are working diligently with the Levine Design Group of New York on several marketing initiatives to deliver our message to consumers and the jewelry trade.

“Looking ahead to the first quarter of 2012, we expect, based on the to-date execution of our strategies, including the development of proprietary brands and new product lines, to experience continued stronger sales. We remain optimistic that our multi-channel sales and marketing strategies will play a key role in the accomplishment of our growth objectives,” concluded McCullough.

Financial Position

Cash and liquid long-term investments totaled $10.5 million at December 31, 2011, up from approximately $8.8 million at December 31, 2010, and the Company had no long-term debt outstanding as of December 31, 2011. Cash generated from operations totaled $1.6 million and $3.5 million during the three months and year ended December 31, 2011, respectively. During the fourth quarter of 2011, the primary drivers of positive cash flow were the Company’s net income of $1.8 million that included $470,000 of net non-cash expenses, a net decrease in inventory of $1.7 million, an increase in trade accounts payable of $350,000, and a net increase in accrued liabilities of $252,000. These factors more than offset an increase in trade accounts receivable of $2.8 million and an increase in prepaid expenses and other assets of $161,000.

During the year ended December 31, 2011, the primary drivers of positive cash flow were the Company’s net income of $1.6 million that included $1.6 million of net non-cash expenses, a net decrease in inventory of $2.6 million, receipt of an income tax receivable of $113,000, and an increase in trade accounts payable of $519,000. These factors more than offset a net increase in trade accounts receivable of $2.9 million, an increase in prepaid expenses and other assets of $88,000, and a net decrease in accrued liabilities of $24,000.

Total inventory, including long-term and consignment inventory, approximated $35.0 million as of December 31, 2011, which was down from approximately $37.4 million at the end of 2010 primarily as a result of sales, offset in part by purchases in 2011 of jewelry castings, findings, and other jewelry components; fashion finished jewelry in support of the Company’s home party direct sales business; and limited production of moissanite gemstones. Net trade accounts receivable approximated $6.1 million at the end of the fourth quarter of 2011, up $2.4 million from the end of 2010, primarily as a result of a $3.7 million sales increase in the fourth quarter of 2011.

“We are very pleased to have generated over $1.6 million in positive cash flow from operations during the fourth quarter, which was accomplished even with investments in our home party and other future revenue-generating initiatives,” said Timothy L. Krist, Chief Financial Officer of Charles & Colvard, Ltd. “It speaks to the commitment this management team made back in 2009 to get our Company cash flow positive and work diligently to keep it there. Additionally, we continue to remain well-positioned financially to organically grow our business with over $10 million in available cash and investments and a long-term debt-free balance sheet.”

Investor Conference Call

The Company will host an investor conference call at 11:15 a.m. EST today, February 23, 2012, to discuss its fourth quarter and full year 2011 operating results, along with other topics of interest. Shareholders and other interested parties may participate in the conference call by dialing 877-317-6789 (international/local participants dial 412-317-6789) and asking to be connected to the “Charles & Colvard, Ltd. Conference Call” a few minutes before 11:15 a.m. EST on Thursday, February 23, 2012. The call will also be broadcast live on the Internet at www.visualwebcaster.com/event.asp?id=85405.

A replay of the conference call will be available one hour after the call until 9:00 a.m. EST on Friday, March 2, 2012 by dialing 877-344-7529 (U.S.) or 412-317-0088 (international) and entering the conference ID number 10010357.

The conference call will also be archived for review on the Internet at www.visualwebcaster.com/event.asp?id=85405 and on the Company’s website at www.charlesandcolvard.com until Friday, March 2, 2012.

About Charles & Colvard, Ltd.

Charles & Colvard, Ltd., based in the Research Triangle Park area of North Carolina, is the global sole source of moissanite, a unique, near-colorless created gemstone that is distinct from other gemstones and jewels based on its exceptional fire, brilliance, luster, durability, and rarity. Charles & Colvard Created Moissanite® is currently incorporated into fine jewelry sold through domestic and international retailers and other sales channels. Charles & Colvard, Ltd. is headquartered in Morrisville, North Carolina, and its common stock is listed on the NASDAQ Global Select Market under the symbol “CTHR.” For more information, please visit www.charlesandcolvard.com.

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements expressing expectations regarding our future and projections relating to products, sales, revenues, and earnings are typical of such statements and are made under the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements about our plans, objectives, representations, and contentions and are not historical facts and typically are identified by use of terms such as “may,” “will,” “should,” “could,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “continue,” and similar words, although some forward-looking statements are expressed differently.

All forward-looking statements are subject to the risks and uncertainties inherent in predicting the future. You should be aware that although the forward-looking statements included herein represent management’s current judgment and expectations, our actual results may differ materially from those projected, stated, or implied in these forward-looking statements as a result of many factors including, but not limited to, our dependence on consumer acceptance and growth of sales of our products; our dependence on third parties for the sales and marketing of our products to end consumers; dependence on a limited number of customers; our current customers’ potential perception of us as a competitor in the finished jewelry business; general economic and market conditions, including the current economic environment; dependence on Cree, Inc. as the current supplier of the raw material; intense competition in the worldwide jewelry industry; the financial condition of our major customers; risks of conducting business in foreign countries; the pricing of precious metals, which is beyond our control; our ability to protect our intellectual property; and possible adverse effects of governmental regulation and oversight, in addition to the other risks and uncertainties described in our filings with the Securities and Exchange Commission, or the SEC, including our Annual Report on Form 10-K for the fiscal year ended December 31, 2010 and subsequent reports filed with the SEC. Forward-looking statements speak only as of the date they are made. We undertake no obligation to update or revise such statements to reflect new circumstances or unanticipated events as they occur except as required by the federal securities laws, and you are urged to review and consider disclosures that we make in the reports that we file with the SEC that discuss other factors relevant to our business.

(Financial Highlights Follow)

Charles & Colvard, Ltd.
Consolidated Statements of Operations
(unaudited)
Three Months EndedDecember 31, Year EndedDecember 31,
2011 2010 2011 2010
Net sales $ 7,170,463 $ 3,501,859 $ 16,033,408 $ 12,686,771
Costs and expenses:
Cost of goods sold 3,065,987 1,278,076 6,510,452 4,825,921
Sales and marketing 1,073,517 326,924 3,312,383 1,992,842
General and administrative 1,160,879 1,350,798 4,671,111 4,526,335
Research and development 73,738 36,059 145,720 99,888
Total costs and expenses 5,374,121 2,991,857 14,639,666 11,444,986
Income from operations 1,796,342 510,002 1,393,742 1,241,785
Other income (expense):
Interest income 22,951 22,150 85,271 109,183
Interest expense (423 ) (186 ) (1,141 ) (2,831 )
Loss on disposal of assets (94,408 )
Gain (loss) on call of long-term investments 3,634 (25,528 ) 721 (25,528 )
Total other income (expense) 26,162 (3,564 ) (9,557 ) 80,824
Income before income taxes 1,822,504 506,438 1,384,185 1,322,609
Income tax net (expense) benefit (24,325 ) (96,206 ) 183,947 234,275
Net income $ 1,798,179 $ 410,232 $ 1,568,132 $ 1,556,884
Net income per common share:
Basic $ 0.09 $ 0.02 $ 0.08 $ 0.08
Fully diluted $ 0.09 $ 0.02 $ 0.08 $ 0.08
Weighted average number of shares used in computing net income per common share:
Basic 19,460,877 19,278,052 19,443,288 19,177,816
Fully diluted 19,713,503 19,515,909 19,703,204 19,424,540
Charles & Colvard, Ltd.
Consolidated Balance Sheets
(unaudited)
December 31,
2011 2010
ASSETS
Current assets:
Cash and cash equivalents $ 6,701,701 $ 7,736,044
Accounts receivable, net 6,064,764 3,679,141
Interest receivable 12,109 6,163
Income tax receivable 113,030
Inventory, net 6,849,592 6,306,875
Prepaid expenses and other assets 419,729 343,137
Total current assets 20,047,895 18,184,390
Long-term assets:
Held-to-maturity investments 3,760,399 1,018,551
Inventory, net 28,157,497 31,075,626
Property and equipment, net 1,420,971 377,352
Patent and license rights, net 248,812 252,542
Other assets 13,746 1,990
Total long-term assets 33,601,425 32,726,061
TOTAL ASSETS $ 53,649,320 $ 50,910,451
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable $ 1,060,937 $ 542,084
Accrued cooperative advertising 213,000 314,000
Accrued expenses and other liabilities 581,009 308,653
Total current liabilities 1,854,946 1,164,737
Long-term liabilities:
Accrued income taxes 741,645 937,414
Total liabilities 2,596,591 2,102,151
Commitments and contingencies
Shareholders’ equity:
Common stock, no par value; 50,000,000 shares authorized; 19,454,689 and 19,291,568 shares issued and outstanding at December 31, 2011 and 2010, respectively 52,833,716 53,113,608
Additional paid-in capital – stock-based compensation 7,767,877 6,811,688
Accumulated deficit (9,548,864 ) (11,116,996 )
Total shareholders’ equity 51,052,729 48,808,300
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 53,649,320 $ 50,910,451
Charles & Colvard, Ltd.
Consolidated Statements of Cash Flows
(unaudited)
Year Ended December 31,
2011 2010
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 1,568,132 $ 1,556,884
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 299,550 136,622
Amortization of bond premium 4,498 12,911
Stock-based compensation 983,504 415,284
Provision for uncollectible accounts 430,261 776,000
Provision for sales returns 39,000 (28,000 )
Provision for inventory reserves (274,000 ) (1,353,000 )
Loss on disposal of assets 94,408
(Gain) loss on call of long-term investments (721 ) 25,528
Changes in assets and liabilities:
Accounts receivable (2,854,884 ) (3,383,845 )
Interest receivable (5,946 ) (6,098 )
Income tax receivable 113,030 (113,030 )
Note receivable 54,627
Inventory 2,649,412 3,096,416
Prepaid expenses and other assets, net (88,348 ) (154,325 )
Accounts payable 518,853 276,645
Accrued cooperative advertising (101,000 ) 141,000
Accrued income taxes (195,769 ) (121,245 )
Other accrued liabilities 272,356 150,699
Net cash provided by operating activities 3,452,336 1,483,073
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment (1,385,132 ) (246,647 )
Purchases of long-term investments (6,995,625 ) (5,056,990 )
Proceeds from call of long-term investments 4,250,000 4,000,000
Patent and license rights costs (48,715 ) (40,903 )
Net cash used in investing activities (4,179,472 ) (1,344,540 )
CASH FLOWS FROM FINANCING ACTIVITIES:
Stock option exercises 47,234 191,826
Share repurchases (354,441 )
Net cash (used in) provided by financing activities (307,207 ) 191,826
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (1,034,343 ) 330,359
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 7,736,044 7,405,685
CASH AND CASH EQUIVALENTS, END OF PERIOD $ 6,701,701 $ 7,736,044
Supplemental disclosure of cash flow information:
Cash paid during the year for interest $ 1,141 $ 2,831
Thursday, February 23rd, 2012 Uncategorized Comments Off on Charles & Colvard (CTHR) Reports Fourth Quarter Sales Double and Net Income Quadruples over Prior-Year Period

ULURU Inc. (ULU) Announces Approval to Market Altrazeal® in Australia

ADDISON, Texas, Feb. 23, 2012 /PRNewswire/ — ULURU Inc. (NYSE AMEX: ULU),announced today that an Australian Register of Therapeutic Goods Certificate has been issued by the Therapeutic Goods Administration approving the marketing of Altrazeal® in Australia.

Commenting on the approval in Australia, Kerry P. Gray, President and CEO of ULURU, stated, “This is another important milestone in the worldwide commercialization of Altrazeal®. Strategically this is an important market as the world’s largest wound research program is currently being conducted at the Wound Management Innovation Cooperation Research Centre in Australia. This centre’s focus is the development of clinically and cost effective treatment regimens for the management of chronic wounds. Gaining the support of this influential group could have significant global implications for the marketing of Altrazeal®. It is anticipated that the initial Altrazeal® orders for Australia will occur in the next thirty days. Also, marketing approval in New Zealand is anticipated to occur in the next thirty days.”

The timing of this approval is beneficial as the major Australian wound care meeting, the Australian Wound Management Association Conference, will be held in Sydney, Australia on March 18-21, 2012. It is anticipated that over 1,000 delegates from Australia and New Zealand will be attending this conference. The conference will enable pre-marketing launch activities to be conducted and provide maximum exposure for Altrazeal® to the most important wound treatment healthcare professionals from both countries.

In Australia and New Zealand approximately 2.5% of the population, or 700,000 patients, suffer from chronic wounds, with 80% of these wounds caused by cardiovascular disease, endocrine disorders (including diabetes), and infection. With the increase in cardiovascular disease, obesity, and the aging population, it is anticipated that the wound care market will double in size over the next five to seven years and the cost of treating chronic wounds will exceed $1.0 billion annually.

Mr. Gray continued, “The Australian state government’s strategic initiatives in wound care are focused on cost effective clinical endpoints and patient health and wellbeing. The pharmaco-economic benefits offered by Altrazeal® could enable rapid market penetration in the Australian market.”

About ULURU Inc.:
ULURU Inc. is a specialty pharmaceutical company focused on the development of a portfolio of wound management and oral care products to provide patients and consumers improved clinical outcomes through controlled delivery utilizing its innovative Nanoflex® Aggregate technology and OraDisc™ transmucosal delivery system. For further information about ULURU Inc., please visit our website at www.uluruinc.com. For further information about Altrazeal®, please visit www.Altrazeal.com.

This press release contains certain statements that are forward-looking within the meaning of Section 27a of the Securities Act of 1933, as amended. These statements are subject to numerous risks and uncertainties, including but not limited to our belief that Altrazeal® will be a major competitor in the wound care market, anticipated product launches in Australia and New Zealand, the cost effectiveness and cost savings of Altrazeal® in healing chronic wounds, the size of the wound care market and the cost of treating chronic wounds in Australia and New Zealand, the world’s largest wound research program is currently being conducted at the Wound Management Innovation Cooperation Research Centre in Australia, Altrazeal’s clinical and economic advantages, and Altrazeal’s ability to penetrate the Australian wound care market, and to the risk factors detailed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2010, and other reports filed by us with the Securities and Exchange Commission.

Contact: Company
Kerry P. Gray
President & CEO
Terry K. Wallberg
Vice President & CFO
(214) 905-5145

SOURCE ULURU Inc.

Thursday, February 23rd, 2012 Uncategorized Comments Off on ULURU Inc. (ULU) Announces Approval to Market Altrazeal® in Australia

Keegan (KGN) Continues to Encounter Significant Gold Intercepts at its Esaase Gold Project

VANCOUVER, BRITISH COLUMBIA — (Marketwire) — 02/22/12 — Keegan Resources Inc. (TSX:KGN)(NYSE Amex:KGN) (“Keegan” or the “Company”) is pleased to announce the latest assay results from its drilling programs at its Esaase Project in southwest Ghana. This drill program has focused on step out drilling in four areas, as follows:

--  in the E Zone, an area not included in the current resource estimate;
--  in the B Zone, an area included in the current resource estimate as
    inferred resources based on relatively wide spaced drill holes;
--  in the south extension of the Main Zone, and;
--  in a newly discovered zone on the Dawohodo concession.

All areas have returned substantial and significant gold values with highlights as follows:

--  E Zone - 6 metres of 14.9 g/t gold in hole DD 313 and 9 metres of 7.75
    g/t gold in hole DD 311.
--  B zone - 12 metres of 2.74 g/t gold in hole DD 304 and 17 metres of 1.15
    g/t gold in hole RC 305.
--  South extension of the Main Zone - 36 metres of 0.74 g/t gold in hole RC
    317.
--  Dawohodo - 7 metres of 2.49 g/t gold in hole RC 323.

Keegan is currently designing drill programs to further test for additional extensions to the known mineralization. Refer to the table below and a collar location map on the Company’s website at www.keeganresources.com for further details.

Esaase Definitive Feasibility Study Update

The Esaase Definitive Feasibility Study (“DFS”) is well underway and a number of efforts have been initiated in order to assess opportunities for improved project economics post the release of the Pre-Feasibility Study (“PFS”). The Company plans to fully investigate these opportunities and as such, the completion of the DFS is now expected to be in the fourth quarter of 2012.

CEO Shawn Wallace states, “The Esaase mineralized system continues to demonstrate its strength by delivering encouraging results in zones outside of the current resource. We plan to continue unlocking additional value in the Esaase Project by actively and aggressively exploring our growing land position. As well, we are committed to improving the economics of the project by investigating opportunities to reduce capital and operating costs as well as investigating other enhancements to the PFS that was released last September.”

On Behalf of the Board of Directors,

Shawn Wallace, Chief Executive Officer

E Zone Drill Results
----------------------------------------------------------------------------
                          From             To          Width            Gold
Hole ID                (metres)       (metres)       (metres)          (g/t)
----------------------------------------------------------------------------
DD 311                      187            196              9           7.75
----------------------------------------------------------------------------
       including            189          189.8            0.8           77.7
----------------------------------------------------------------------------
DD 313                       28             34              6           14.9
----------------------------------------------------------------------------
       including             30             31              1           81.2
----------------------------------------------------------------------------

B Zone Drill Results
----------------------------------------------------------------------------
                          From             To          Width            Gold
Hole ID                (metres)       (metres)       (metres)          (g/t)
----------------------------------------------------------------------------
RC 305                       96            112             16           0.69
----------------------------------------------------------------------------
RC 305                      122            139             17           1.15
----------------------------------------------------------------------------
DD 304                      169            181             12           2.74
----------------------------------------------------------------------------
       including            176            177              1           21.8
----------------------------------------------------------------------------
DD 306                      115            122              7           0.91
----------------------------------------------------------------------------
DD 307                       96            110             14           1.17
----------------------------------------------------------------------------

South Extension of Main Zone Drill Results
----------------------------------------------------------------------------
                          From             To          Width            Gold
Hole ID                (metres)       (metres)       (metres)          (g/t)
----------------------------------------------------------------------------
RC 316                       88            118             30           0.65
----------------------------------------------------------------------------
RC 317                        3             39             36           0.74
----------------------------------------------------------------------------
DD 319                      168            186             18           0.62
----------------------------------------------------------------------------

Dawohodo Drill Results
----------------------------------------------------------------------------
                          From             To          Width            Gold
Hole ID                (metres)       (metres)       (metres)          (g/t)
----------------------------------------------------------------------------
RC 323                       78             85              7           2.49
----------------------------------------------------------------------------
       including             78             79              1          15.75
----------------------------------------------------------------------------
RC 324                       10             16              6           1.21
----------------------------------------------------------------------------

To view the map associated with this release, please visit the following link: http://media3.marketwire.com/docs/esaase_project.pdf

About Keegan Resources Inc.

Keegan is a junior gold company offering investors the opportunity to share ownership in the rapid exploration and development of high quality pure gold assets. The Company is focused on its wholly owned flagship Esaase Gold Project (3.64 million ounce measured and indicated and 1.55 million ounces inferred resource averaging 1.1 grams per tonne gold at a cutoff grade of 0.4 grams per tonne for a total inferred and indicated resource of 5.19 Moz ) located in Ghana, West Africa, a highly favourable and prospective jurisdiction. Managed by highly skilled and successful technical and financial professionals, Keegan is well financed with no debt. Keegan is also strongly committed to the highest standards for environmental management, social responsibility, and health and safety for its employees and neighbouring communities.

Keegan trades on the TSX and the NYSE AMEX under the symbol KGN.

More information about Keegan is available at www.keeganresources.com.

Qualified Person and QA/QC

Richard Haslinger, P. Eng. is the Qualified Person with respect to NI 43-101 at Esaase. RC samples were taken at one-meter intervals under dry drilling conditions by geologic and resource consultant Coffey Mining Inc. utilizing drilling and sampling techniques widely accepted in resource definition studies of other West African gold deposits. All reverse circulation drill samples are weighed on site and all cores is drilled at HQ diameter and sawed into equal halves on site. All samples are assayed using standard 50 gram fire assay with atomic absorption finish by ALS Chemex Labs in Kumasi, Ghana. QA/QC programs using internal and external standard samples, re-assays, and blanks indicate good accuracy and precision in a large majority of standards assayed. Repeatability in duplicate samples is generally within 10% variance. In instances where variance is greater than 10%, the assays from both samples are averaged. Intercepts were mostly calculated to emphasize width rather than grade: a minimum of a 0.2 g/t cut off at beginning and end of the intercept and allowing for no more than eight consecutive samples (eight meters) of less than 0.2 g/t Au. Mineralization in the main zone strikes approximately 10 to 30 degrees east of north and dips 45 to 90 degrees to the west. Holes are drilled at 110 degrees azimuth and are inclined at 45 to 60 degrees, so true widths are estimated to be over 80% of the drilled widths. Intercepts are calculated using a 0.5 g/t lower cutoff over at least 5 meters. The intercepts reported in this release were only those with grade-widths above a value of 8 (g/t gold multiplied by metres of intercept).

The techniques by which drill hole assays have been previously used in resource estimation at Esaase can be found in Keegan’s most recent NI 43-101 technical report on www.sedar.com.

Forward Looking and other Cautionary Information

This release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts, that address estimated resource quantities, grades and contained metals, possible future mining, exploration and development activities, are forward-looking statements. In particular, Preliminary Economic Assessments are preliminary in nature, including Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves, and there is no certainty that the findings of the Preliminary Assessment will be realized. Although the Company believes the expectations expressed in the Preliminary Economic Assessment and other forward-looking statements are based on reasonable assumptions, such statements should not be in any way construed as guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices for metals, the conclusions of detailed feasibility and technical analyses, lower than expected grades and quantities of resources, mining rates and recovery rates and the lack of availability of necessary capital, which may not be available to the Company on terms acceptable to it or at all. The Company is subject to the specific risks inherent in the mining business as well as general economic and business conditions. For more information on the Company, Investors should review the Company’s annual Form 20-F filing with the United States Securities Commission and its home jurisdiction filings that are available at www.sedar.com.

Neither TSX Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.

Contacts:
Keegan Resources Inc.
Shawn Wallace
Chief Executive Officer
604 683 8193 or Toll Free: 1 800 863 8655
604 683 8194 (FAX)
info@keeganresources.com
www.keeganresources.com

Wednesday, February 22nd, 2012 Uncategorized Comments Off on Keegan (KGN) Continues to Encounter Significant Gold Intercepts at its Esaase Gold Project

Green Data Systems (BRCD) Deploys Brocade Cloud-Optimized Network to Drive IaaS Portfolio at New Cloud City Data Center

GENEVA — (Marketwire) — 02/22/12 — Through its recently created Cloud City Europe brand, specialist IT distributor Green Data Systems (GDS) has launched new Infrastructure as a Service (IaaS) cloud-based solutions for resellers in Benelux. GDS is delivering these solutions from a new state-of-the-art data center facility in Deventer, East Holland. Initially targeting resellers and independent software vendors (ISVs) serving the education, healthcare and public sector markets, GDS selected Brocade (NASDAQ: BRCD) and its cloud-optimized network solutions as the foundation for this environment, as high availability and performance are key requirements to customers using a cloud model.

The cloud model is generating significant interest as companies seek to balance the requirement to reduce IT expenditures while offering more flexibility in how business IT solutions are delivered. In its predictions for the top ten trends CIOs need to plan for in 2012, leading IT market analysts Gartner describe the cloud as, “a disruptive force which has the potential for broad long-term impact in most industries.”(1) Similarly, IDC estimates that spending on public IT cloud services will expand at a compound annual growth rate of nearly 28 percent, from $21.5 billion in 2010, to as much as $72.9 billion in 2015(2).

Standardizing on Brocade® MLX® Series routers, Brocade FCX Series switches, and Brocade TurboIron® Series switches as part of a core-to-edge architecture, GDS has invested in a network that not only meets the immediate needs for performance and reliability today, but provides a blueprint for the future and easy expandability of data center premises as required.

Wessel Graastma, GDS managing director, said, “We’ve created a high-performance cloud-based platform that resellers can use to run cloud, hybrid and private infrastructure services for their own enterprise customers. This is all based on a usage-per-month charging model, which shifts IT spending from variable capital expenses to fixed, predictable operational expenses.”

With this integrated cloud solution using best-in-class networking, storage, computing and managed services, GDS can offer its resellers a wide range of data center capabilities, such as server and desktop virtualization, intelligent backup and archiving, IP-based video surveillance, VoIP and other Application-as-a-Service (AaaS) solutions.

Frank Niens, GDS technical manager, said, “To build a scalable platform as data center operations develop at Cloud City, we wanted the right components — namely proven routing and switching technology, which is why we selected Brocade. This is based on an excellent price/performance ratio of the equipment and many years of experience working with its storage area network solutions. Our requirements have been met and I’m very happy with the environment.”

Brocade MLX routers offer a completely redundant chassis architecture and are tailored for GDS’ virtualized environments, including VMware vSphere and vCloud, Citrix XenServer, Microsoft Hyper-V and other open-source solutions. Because peering functionality is key, a wide range of protocols/connections were required in the core to offer the flexibility for numerous resellers and customers. The Brocade MLX routers provide this functionality, including IP VPNs, Ethernet VPNs and MPLS. Internet connectivity is delivered by providers such as KPN, ND-IX and Ziggo, Holland’s largest cable operator.

The Brocade FCX Series offers enterprise-class stackable Layer 2/3 edge switches with 24 or 48 1 GbE ports and optional 10 GbE uplinks, providing new levels of performance, scalability and flexibility required for today’s enterprise campus and data center networks. In addition, Brocade TurboIron switches deliver ultra-low-latency, cut-through, non-blocking performance and low power consumption to help provide a cost-effective solution for server or compute-node connectivity. Together with the Brocade MLX routers, these products provide a complete solution that more than meets GDS’ requirements.

GDS is standardizing on a modular solution from Brocade and Hitachi Data Systems (HDS) — GDS also chose HDS as its other main infrastructure partner at Cloud City — and will roll it out in other data centers in Germany and Benelux as required. In other words, it is a blueprint for the future based on service uptake. Wessel concludes, “Data center operators are always looking for stability with their equipment, especially on the management side. You don’t want hardware to exhibit strange behavior. Given the maturity of our infrastructure and technology partners such as Brocade, we’ve avoided this.”

Steven Loewy, regional sales manager-Benelux, at Brocade, said, “As it has complete control of its underlying infrastructure, the value of the Cloud City service is that GDS can deliver totally customizable and tailored hosting solutions for its reseller customers that are extremely energy-efficient. Brocade technology plays a key part in this, which means costs are kept down.”

For more information, please visit www.brocade.com.

About Brocade

Brocade (NASDAQ: BRCD) networking solutions help the world’s leading organizations transition smoothly to a world where applications and information reside anywhere. (www.brocade.com)

© 2012 Brocade Communications Systems, Inc. All Rights Reserved.

Brocade, Brocade Assurance, the B-wing symbol, DCX, Fabric OS, MLX, SAN Health, VCS, and VDX are registered trademarks, and AnyIO, Brocade One, CloudPlex, Effortless Networking, ICX, NET Health, OpenScript, and The Effortless Network are trademarks of Brocade Communications Systems, Inc., in the United States and/or in other countries. Other brands, products, or service names mentioned may be trademarks of their respective owners.

(1) www.gartner.com/it/page.jsp?id=1826214

(2) www.idc.com/getdoc.jsp?containerId=prUS22897311

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BROCADE CONTACTS
EMEA PR & AR
Stuart Marks
Tel: +44 (0) 20 8432 5194
Mob: +44 (0) 7734 688062
markss@brocade.com

Investor Relations
Robert Eggers
Tel: +1 408 333 8797
reggers@brocade.com

Wednesday, February 22nd, 2012 Uncategorized Comments Off on Green Data Systems (BRCD) Deploys Brocade Cloud-Optimized Network to Drive IaaS Portfolio at New Cloud City Data Center

Dover Saddlery (DOVR) Announces Preliminary, Unaudited Revenues for 2011

LITTLETON, MA — (Marketwire) — 02/22/12 — Dover Saddlery, Inc. (NASDAQ: DOVR), the leading multi-channel retailer of equestrian products, announced today preliminary, unaudited revenue results for the full year ended December 31, 2011. The Company will release full financial results on or about March 27, 2012.

For the fiscal year ended December 31, 2011, total unaudited revenues increased 3.5% to approximately $80.9 million from $78.2 million achieved in the year ended December 31, 2010. Retail sales in 2011 increased 17.3% to approximately $30.5 million from $26.0 million achieved in the prior year.

“We opened two new stores in 2011 in Parker, Colorado and Libertyville, Illinois, and both of these stores are performing extremely well,” said Stephen Day, president and CEO of Dover Saddlery. “I am very pleased to report that same-store sales were up 11.0% for 2011, showing how much our customers appreciate our legendary customer service and broad selection of high quality merchandise.”

About Dover Saddlery, Inc. Dover Saddlery, Inc. (NASDAQ: DOVR) is the leading multi-channel retailer of equestrian products in the United States. Founded in 1975 in Wellesley, Massachusetts, by United States Equestrian team members, Dover Saddlery has grown to become The Source® for equestrian products. Dover offers a broad and distinctive selection of competitively priced, brand-name products for horse and rider through catalogs, the Internet and company-owned retail stores. Dover Saddlery, Inc. serves the English rider and, through Smith Brothers, the Western rider. The Source®, Dover Saddlery® and Smith Brothers® are registered marks of Dover Saddlery.

For more information, please call 1-978-952-8062 or visit www.DoverSaddlery.com.

Janet Nittmann
Tel 978 952 8062 x218

Wednesday, February 22nd, 2012 Uncategorized Comments Off on Dover Saddlery (DOVR) Announces Preliminary, Unaudited Revenues for 2011