Archive for March, 2012

Ku6 Media (KUTV) Announces Partnership with Channel[V]

BEIJING, March 30, 2012 /PRNewswire-Asia/ — Ku6 Media Co., Ltd. (“Ku6 Media” or the “Company”, Nasdaq: KUTV), is a leading internet video company in China, focusing on User Generated Content (UGC), today announced that it has entered into an agreement with Star China to cooperate with its well-known international music television channel Channel[V].

Pursuant to the agreement, Channel[V] will lanuch its official online channel on Ku6 Media’s platform for its current and upcoming music entertainment programs in mainland China. Ku6 Media will be responsible for all non-content operations including platform operation, online promotion and IT support etc.

Mr. Jeff Shi, Chief Executive Officer of Ku6 Media, commented, “We are very pleased with the cooperation with Channel[V]. We believe this will strengthen our position in the online music entertainment area. It will also enable both parties to play to their strengths and bring users easier access to richer entertainment content, which is part of Ku6 Media’s long-term mission.”

Mr. Ming Tian, Chief Executive Officer of Star China, added, “We are very excited about partnering up with Ku6 Media. Their popular online video portal is a great complement to our TV channels. Through the cooperation with Ku6 Media, we will be able to deliver our excellent entertainment content to a wider group of audiences. We look forward to the great result from our cooperation.”

About Star China Ltd.

Star China Ltd., pioneered satellite television in China. Providing more people with more choice than ever before, Star China also set new standards in content, production value and variety. Star China controls over XingKongWeishi, XingKong International and Channel[V] and also owns the world’s largest contemporary Chinese film library. This rich and top-quality content asset gives Star China a winning edge in today’s multi-media, connected marketplace.

About Ku6 Media Co., Ltd.

Ku6 Media Co., Ltd. (Nasdaq: KUTV) is a leading internet video company in China, focusing on User Generated Content (UGC). Through its premier online brand and online video website, www.ku6.com, Ku6 Media provides online video upload and sharing service, video reports, information and entertainment in China. For more information about Ku6 Media, please visit http://ir.ku6.com.

Safe Harbor Statement

This news release contains statements of a forward-looking nature. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by terminology such as “believes,” “could,” “expects,” “may,” “might,” “should,” “will,” or “would,” and by similar statements. Forward-looking statements are not historical facts, but instead represent only the Company’s beliefs regarding future events, many of which, by their nature, are inherently uncertain and outside of its control. It is possible that the Company’s actual results and financial condition may differ, possibly materially, from the anticipated results and financial condition indicated in these forward-looking statements. Some of the risks and important factors that could affect the Company’s future results and financial condition include: continued competitive pressures in China’s internet video portal market; changes in technology and consumer demand in this market; the risk that Ku6 Media may not be able to control its expenses in the future; regulatory changes in China with respect to the operations of internet video portal websites; the success of Ku6 Media’s ability to sell advertising and other services on its websites; and other risks outlined in the Company’s filings with the Securities and Exchange Commission, including the Company’s annual report on Form 20-F. Ku6 Media does not undertake any obligation to update this forward-looking information, except as required under law.

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BioClinica (BIOC) Partners With Mirada Medical for New Era of Molecular Image Analysis in Clinical Trials

NEWTOWN, PA and OXFORD, UK — (Marketwire) — 03/30/12 — BioClinica®, Inc. (NASDAQ: BIOC), a global provider of clinical trial management solutions, today announced a partnership with Mirada Medical, a leading provider of medical image analysis software. BioClinica will integrate Mirada’s XD3 software solution into its imaging core lab technology to further enhance its PET capabilities and expertise for molecular imaging trials.

Mirada Medical’s software provides unique tools and efficient workflows for the quantification and tracking of findings for major modalities including PET, CT, MR and MR/PET. After a careful evaluation of available molecular imaging solutions, BioClinica selected Mirada for its advanced image analysis capabilities and ability to handle not only PET images but CT and MRI as well. This will further enhance BioClinica’s image registration and fusion capabilities in studies where multiple modalities are utilized.

BioClinica’s strategy goes beyond a standard utilization of Mirada’s software by creating a strategic partnership that will foster innovation as the molecular imaging field continues to develop. BioClinica will integrate Mirada’s XD3 image analysis software platform into its processes and workflows, adopting an innovative design that will advance the clinical capabilities of BioClinica technologies such as BioPACS and BioREAD. These high-performing imaging workflow and processing programs will now have expanded capabilities to help trial sponsors harness the superior imaging results that are achievable through PET scans and multi-modal technology.

Through this partnership, BioClinica’s PET image processing capabilities will extend oncology clinical trials with support for the following features:

  • Enhanced capabilities for PERCIST tumor response assessment criteria
  • Normalization of uptake by body weight, lean body mass, or body surface area for SUV measurements
  • Registration and fusion capabilities between PET, CT, and MR
  • Customizable workflow and user interface to provide flexibility in the independent read design

“Adding Mirada technology to our oncology trial process takes BioClinica’s already robust imaging core lab services to a new level,” said Dr. Andy Dzik-Jurasz, BioClinica’s Senior Medical Director of Medical Affairs. “By adding XD3 to our workflow, BioClinica will offer the most sophisticated level of clinical analysis available for oncology PET scan image processing.”

“Mirada is delighted to partner with an innovative industry leader like BioClinica,” said Timor Kadir, Chief Science and Technology Officer at Mirada Medical. “We are excited to see BioClinica’s innovative utilization of XD3’s superior quantification and world class image fusion to achieve more accurate and reproducible results for their trial sponsors.”

As part of this partnership, Mirada Medical will present at BioClinica’s upcoming User Conference in October. The BioClinica User Conference consists of two days of valuable presentations, case studies and discussions designed to help BioClinica imaging core lab customers and eClinical solution users discover new ways to run faster, more efficient clinical trials. To learn more about the conference, visit http://www.bioclinica.com/User-Conference-2012.

Follow BioClinica on the Trial Blazers blog at http://info.bioclinica.com/blog, and on Twitter at http://twitter.com/bioclinica.

About BioClinica, Inc.
BioClinica, Inc. is a leading global provider of integrated, technology-enhanced clinical trial management solutions. BioClinica supports pharmaceutical and medical device innovation with imaging core lab, internet image transport, electronic data capture, interactive voice and web response, clinical trial management and clinical supply chain design and optimization solutions. BioClinica solutions maximize efficiency and manageability throughout all phases of the clinical trial process. With over 20 years of experience and more than 2,000 successful trials to date, BioClinica has supported the clinical development of many new medicines from early phase trials through final approval. BioClinica operates state-of-the-art, regulatory-body-compliant imaging core labs on two continents, and supports worldwide eClinical and data management services from offices in the United States, Europe and Asia. For more information, please visit www.bioclinica.com

About Mirada Medical

Mirada Medical is a leading international brand in medical imaging. The company develops advanced software applications which help healthcare professionals use medical images more effectively and efficiently to improve cancer care. Mirada’s products are used across diagnostic radiology, molecular imaging, radiation oncology, medical oncology, tumor board and elsewhere.

Mirada specializes in simplifying technically complex image processing tasks, allowing clinicians to more confidently diagnose disease, assess response to treatment and plan radiation therapy or surgical intervention.

Mirada’s advanced software products are available throughout the world under its own brand, and on an OEM basis through a select number of the world’s leading healthcare companies.

Mirada Medical was originally spun out of the University of Oxford. The company’s technologies and products continue to be developed by their team of specialists, engineers and world-renowned scientists at Mirada’s world headquarters in Oxford, England.

Mirada Medical, Mirada XD3, Caseaccess and Casemeeting are all trademarks of Mirada Medical Ltd.

For more information, visit www.mirada-medical.com

Certain matters discussed in this press release are “forward-looking statements” intended to qualify for the safe harbors from liability established by the Private Securities Litigation Reform Act of 1995. In particular, the Company’s statements regarding trends in the marketplace and potential future results are examples of such forward-looking statements. The forward-looking statements include risks and uncertainties, including, but not limited to, the consummation and the successful integration of current and proposed acquisitions, the timing of projects due to the variability in size, scope and duration of projects, estimates and guidance made by management with respect to the Company’s financial results, backlog, critical accounting policies, regulatory delays, clinical study results which lead to reductions or cancellations of projects, and other factors, including general economic conditions and regulatory developments, not within the Company’s control. The factors discussed herein and expressed from time to time in the Company’s filings with the Securities and Exchange Commission could cause actual results and developments to be materially different from those expressed in or implied by such statements. The forward-looking statements are made only as of the date of this press release and the Company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstance. You should review the Company’s filings, especially risk factors contained in the Form 10-K and the recent Form 10-Q.

Press release: http://hugin.info/143183/R/1598606/504137.pdf

For More Information Please Contact:
BioClinica, Inc.
Company Contact
Jim Dorsey
267-757-3040

Trade Media
Rachel Summers
Diccicco Battista Communications
484-342-3600

Investor Contact
Michael Porter

Financial Media
Bill Gordon
Porter, LeVay & Rose, Inc.
212-564-4700

Mirada Medical
US/Worldwide:
Robert Ripley
(440) 591-8638
Insource Communications
rripley@insourceinc.com

UK Headquarters:
Oxford Center for Innovation
New Road, Oxford
OX1 1BY
United Kingdom
+44(0)1865 261410
enquiries@mirada-medical.com
www.mirada-medical.com

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Guanwei Recycling (GPRC) 2011 Net Income Rose 29% on Record Revenues Up 34% Year Over Year

FUQING CITY, CHINA — (Marketwire) — 03/30/12 — Guanwei Recycling Corp. (the “Company”) (NASDAQ: GPRC), China’s leading clean tech manufacturer of recycled low density polyethylene (LDPE), today reported record sales and profits in 2011. Continuing strong domestic demand for the high quality, competitively priced recycled plastic manufactured at its zero discharge facility, also is expected to produce another year of record growth in 2012.

Highlights

  • 2011 net revenues increased 34% to a record $63,600,678 from $47,534,645 a year earlier.
  • Net income in 2011 grew 29% to a record $12,793,448, or $0.64 per diluted share, compared with $9,927,396, or $0.50 per diluted share in 2010.
  • The Company’s annual combined raw material import quota was increased to 99,000 tons in 2011 and 115,000 tons in 2012.
  • Production capacity was expanded to 80,000 tons from 65,000 tons.
  • Short term debt was paid off and working capital increased at year end to $23.8 million from $13.4 million a year earlier.
  • With new equipment and improved facilities, product quality was enhanced while the Company maintained its pricing advantage over virgin plastic.

Volume and Sales Price Increases

Year over year sales of self-manufactured recycled LDPE grew more than 39% to $61,900,588, reflecting increases in sales volume and pricing. Tonnage sales of manufactured recycled LDPE increased 27% from 41,478 tons a year earlier to 52,666 tons in 2011. Average selling prices increased approximately 9.6% from $1,072 per ton a year earlier to $1,175 per ton in 2011. While 2010 revenues included approximately $1.99 million in low margin sales of purchased recycled LDPE to meet customer requirements, there were no such sales in 2011.

Increased Production Capacity

During 2011, the Company continued the construction and expansion of its facilities as well as the replacement of machinery and equipment. Its capital asset expenditure for these improvements and equipment purchases was over $3.8 million. As a consequence of these significant improvements, manufacturing capacity during 2011 was increased from 65,000 tons to 80,000 tons and will continue to be enhanced in the current year.

Expanded Plastic Waste Import Quota

Of additional significance, the Company received government approval in July for expansion of its quota for imported plastic waste, the key raw material needed to manufacture recycled LDPE. In 2011, the annual quota was increased from 24,000 tons to 64,000 tons. When combined with the import quota of 35,000 tons annually which the Company has contracted with another company (Huan Li), its total quota in 2011 was 99,000 tons. For 2012, the Company received approval to increase its quota to 80,000 tons, bringing its combined total quota for the current year to 115,000 tons.

Gross Margin Down Slightly But Above 30%

While gross profit increased approximately 27% year over year in 2011 to $19.48 million, gross margins decreased to 30.64% from 32.20% a year earlier. This primarily was a consequence of an approximately 22% increase in raw material costs. In order to reduce these costs, the Company continues to develop relationships with new suppliers, primarily in Europe. Guanwei’s ability to purchase raw materials directly from European suppliers — reflecting its dedication to meeting the highest pollution and environmental standards — continues to provide the Company with a significant competitive advantage. Additionally, the Company continues to focus on managing operating costs. In 2011, higher raw material costs were partially offset by operating expense increases that were smaller than the growth in revenues.

No Outstanding Borrowings

Shareholders’ equity as of December 31, 2011 increased to approximately $45 million from $34.1 million a year earlier, reflecting among other factors a reduction in short term borrowing to zero from approximately $3.7 million a year earlier and an increase in retained earnings to $28.62 million from $15.84 million in the prior year. Total assets of $45.08 million at year end included cash and cash equivalents of $12.43 million, and accounts receivable of $4.48 million, reflecting an increased use of terms with certain customers. Inventories increased to $16.85 million, from $10.72 million a year earlier, and pre-payments and other assets of $2.10 million as of year end 2011 compared with $475,195 at the end of 2010.

Strong Growth Outlook For 2012

“2011 certainly was another banner year for our Company,” Mr. Chen Min, Chairman and CEO of the Company, commented. He continued, “not only did we see core sales advance nearly 40%, but we continued to maintain gross margins above 30% and generated another strong gain on our bottom line.”

“Further,” he added, “through careful planning and sound execution, we were able to ratchet up our production capacity on a largely self-financed basis, and enter the new year with strong financials and no debt. Additionally, we obtained a substantial increase in our government quota for imported raw material.”

“With these accomplishments,” he stated, “we are confident of another year of record results in 2012. Even with an anticipated slowing in our domestic economy, we have a customer base that is well diversified, and the more than 40% price advantage our recycled plastic offers compared with virgin plastic continues to make it quite attractive.”

“At the same time,” Mr. Chen added, “we hope that in 2012 investor perceptions in the U.S. of Chinese companies such as ours with outstanding track records and continuing strong growth potential will begin to improve, and the patience of our shareholders will begin to be rewarded.”

Conference Call Invitation

The Company will discuss 2011 year end results during a live conference call and webcast on Monday, April 2nd, at 8:00am ET.

To participate in the call, interested participants should call 1-877-941-1427 when calling within the United States or 1-480-629-9664 when calling internationally. Please ask for the Guanwei Recycling Corp. 2011 Year End Conference Call, Conference ID: 4527622. There will be a playback available until 04/09/12. To listen to the playback, please call 1-877-870-5176 when calling within the United States or 1-858-384-5517 when calling internationally. Use the Replay Pin Number: 4527622.

This call is being webcast by ViaVid Broadcasting and can be accessed by clicking on this link http://viavid.net/dce.aspx?sid=00009567 or at ViaVid’s website at www.viavid.net.

Description of Guanwei Recycling Corp.

Guanwei Recycling Corp. is China’s largest manufacturer of recycled low density polyethylene (LDPE). Adhering to the highest “green” standards, it has generated rapid growth producing LDPE from plastic waste procured mostly in Europe for sales to more than 300 customers in ten different industries in China. Guanwei Recycling Corp. is one of the few plastic recyclers in China that has been audited by German authorities, most recently Umweltagentur Erftstadt, for compliance with German pollution and environmental standards. This allows the company to procure high quality plastic waste directly from Germany and other European countries (Spain and Holland), with no middlemen, and permits highly economic production of the highest grades of LDPE. Additional information regarding Guanwei Recycling Corp. is available at www.guanweirecycling.com.

Information Regarding Forward-Looking Statements

Except for historical information contained herein, the statements in this press release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause our actual results in future periods to differ materially from forecasted results. These risks and uncertainties include, among other things, product demand, market competition, and risks inherent in our operations. These and other risks are described in our filings with the U.S. Securities and Exchange Commission.

                          GUANWEI RECYCLING CORP.
         CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
                        (Expressed in U.S. dollars)

                                                Year Ended December 31,
                                            -------------------------------
                                                 2011              2010
                                            --------------    -------------

Net Revenue                                 $   63,600,678    $  47,534,645

Cost of Revenue                                 44,111,700       32,179,321
                                            --------------    -------------
  Gross profit                                  19,488,978       15,355,324
                                            --------------    -------------

Operating expenses:
Selling and marketing expenses                     398,513          346,409
General and administrative expenses              1,903,062        1,568,653
Income from operations                          17,187,403       13,440,262

Other income (expenses):
Interest income                                     88,249           28,704
Interest expenses                                  (29,083)         (85,474)
Income before income taxes                      17,246,569       13,383,492

Income taxes                                     4,453,121        3,456,096

Net income                                  $   12,793,448    $   9,927,396

Comprehensive Income:

Net income                                  $   12,793,448    $   9,927,396

Other comprehensive income
- Foreign currency translation
 adjustments                                     1,067,008          488,683

Comprehensive income                        $   13,860,456    $  10,416,079

Earnings per share attributable to
 shareholders of Guanwei Recycling Corp.
  - basic and diluted                       $         0.64    $        0.50
                                            ==============    =============
  Weighted average number of shares of
   common stock used in computing basic
   and diluted earnings per share               20,000,006       20,000,006
                                            ==============    =============

                           GUANWEI RECYCLING CORP.
                         CONSOLIDATED BALANCE SHEETS
                         (Expressed in U.S. dollars)

                                                   As of December 31,
                                           ---------------------------------
                                                 2011              2010
                                           ---------------   ---------------
ASSETS:

Current assets:
Cash and cash equivalents                  $    12,432,803   $    14,940,236
Restricted cash                                          -         2,280,398
Accounts receivable                              4,475,386             9,106
Account due from director                            1,290             1,290
Prepayments and other current assets             2,103,059           473,905
Inventories                                     16,858,801        10,721,765
Total current assets                            35,871,339        28,426,700

Property, plant and equipment, net               8,151,012         4,894,141
Construction in progress                           174,295                 -
Land use right, net                                673,762           660,941
  Others                                           205,437           201,579
                                           ---------------   ---------------
  Total Assets                             $    45,075,845   $    34,183,361
                                           ===============   ===============

LIABILITIES AND SHAREHOLDERS' EQUITY:

Current liabilities:
Short term borrowings                      $             -   $     3,716,377
Accounts payable                                 8,741,822         8,812,940
Accrued expenses and other payables                714,072           721,569
Amount due to shareholder                        1,468,167           905,615
Income tax payable                               1,144,516           880,048
Total current liabilities                       12,068,577        15,036,549

Commitments and contingencies                            -                 -

Equity:
Shareholders' equity:
Common stock, $0.001 par value,
 500,000,000 shares authorized,
 20,000,006 shares issued and
 outstanding                                        20,000            20,000
Additional paid-in capital                       1,290,028         1,290,028
PRC statutory reserves                             805,483           805,483
Retained earnings                               28,629,076        15,835,628
Accumulated other comprehensive income           2,262,681         1,195,673
Total Shareholders' equity                      33,007,268        19,146,812

  Total liabilities and shareholders'
   equity                                  $    45,075,845   $    34,183,361
                                           ===============   ===============

                          GUANWEI RECYCLING CORP.
                   CONSOLIDATED STATEMENTS OF CASH FLOWS
                        (Expressed in U.S. dollars)

                                                 Year Ended December 31,
                                              -----------------------------
                                                   2011            2010
                                              -------------    ------------

Cash flows from operating activities:
Net income                                    $  12,793,448    $  9,927,396

Adjustments to reconcile net income to net
 cash provided by operating activities
Depreciation of property, plant and
 equipment                                          600,065         438,563
Amortization of land use right                       15,070          14,389
Loss on disposal of property, plant and
 equipment                                           72,174           2,472
Bad debt                                                 98               -

Changes in operating assets and
 liabilities:
Accounts receivable                              (4,395,346)          4,795
Prepayments and other current assets             (1,586,462)        (36,185)
Inventories                                      (8,370,973)     (3,763,939)
Other assets                                          4,648               -
Accounts payable                                  2,340,991          13,364
Accrued expenses and other payables                 (35,833)        252,227
Income tax payable                                  223,415         391,517
Net cash provided by operating activities         1,661,295       7,244,599

Cash flows from investing activities:
Decrease (increase) in restricted cash            2,339,860      (2,266,980)
Purchase of property, plant and equipment        (3,847,657)       (584,467)
Proceeds from disposal of property, plant
 and equipment                                        3,563           5,948
Net cash used for investing activities           (1,504,234)     (2,845,499)

Cash flows from financing activities:
Advance from shareholder                            562,552         620,940
New bank borrowings                                       -       3,659,235
Repayment of bank borrowings                     (3,813,283)     (1,420,767)
Net cash flows (used for) provided by
 financing activities                            (3,250,731)      2,859,408

Effect of exchange rate change on cash and
 cash equivalents                                   586,237         379,519

Net (decrease) increase in cash and cash
 equivalents                                     (2,507,433)      7,638,027

Cash and cash equivalents at the beginning
 of year                                         14,940,236       7,302,209
Cash and cash equivalents at the end of
 year                                         $  12,432,803    $ 14,940,236

Supplemental disclosure of cash flow
 information:
  Interest received                           $      88,249    $     28,659
                                              =============    ============
  Interest paid                               $      29,083    $     85,215
                                              =============    ============
  Income taxes paid                           $   4,229,706    $  3,064,578
                                              =============    ============

US Contact:

Ken Donenfeld
DGI Investor Relations
kdonenfeld@dgiir.com
Tel: 212-425-5700
Fax: 646-381-9727

Friday, March 30th, 2012 Uncategorized Comments Off on Guanwei Recycling (GPRC) 2011 Net Income Rose 29% on Record Revenues Up 34% Year Over Year

AdCare Health Systems (ADK) Closes $4.1 Million Public Offering of Common Stock

SPRINGFIELD, OH — (Marketwire) — 03/30/12 — AdCare Health Systems, Inc. (NYSE Amex: ADK) announced today that it completed its previously announced firm commitment underwritten offering of 1,100,000 shares of AdCare’s common stock at a price per share to the public of $3.75, for an aggregate offering amount of approximately $4.1 million. The net proceeds from the offering, after underwriting discounts and commissions and other offering expenses, are approximately $3.7 million. AdCare intends to use the net proceeds from the offering for working capital and other general corporate purposes.

Noble Financial Capital Markets acted as sole underwriter for the offering.

All conditions to the closing of the offering were satisfied.

The shares of common stock described above were offered pursuant to AdCare’s existing effective shelf registration statement that was previously filed with the Securities and Exchange Commission and declared effective on June 27, 2011. A final prospectus supplement relating to the offering was filed with the Securities and Exchange Commission on March 27, 2012. Copies of the final prospectus supplement and the accompanying prospectus may be obtained from Noble Financial Capital Markets, 951 Yamato Road, Suite 210, Boca Raton, Florida 33431, telephone (561) 994-1191.

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

About AdCare Health Systems
AdCare Health Systems, Inc. (NYSE Amex: ADK) is a recognized innovator in senior living and health care facility management. AdCare develops, owns and manages long-term care facilities and retirement communities, and since the company’s inception in 1988, its mission has been to provide the highest quality of healthcare services to the elderly, including a broad range of skilled nursing and sub-acute care services. For more information about AdCare, visit www.adcarehealth.com.

Important Cautions Regarding Forward-Looking Statements
Statements contained in this press release that are not historical facts may be forward-looking statements within the meaning of federal law. Such statements can be identified by the use of forward-looking terminology, such as “believes,” “expects,” “plans,” “intends,” “anticipates” and variations of such words or similar expressions, but their absence does not mean that the statement is not forward-looking. Such forward-looking statements reflect management’s beliefs and assumptions and are based upon information currently available to management and involve known and unknown risks, results, performance or achievements of AdCare, which may differ materially from those expressed or implied in such statements. Such factors are identified in the public filings made by AdCare with the Securities and Exchange Commission and include, among others, AdCare’s ability to secure lines of credit and/or an acquisition credit facility, find suitable acquisition properties at favorable terms, changes in the health care industry because of political and economic influences, changes in regulations governing the health care industry, changes in reimbursement levels including those under the Medicare and Medicaid programs and changes in the competitive marketplace. There is no assurance that such factors or other factors will not affect the accuracy of such forward-looking statements. Except where required by law, AdCare undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date of this press release.

References to the consolidated company and its assets and activities, as well as the use of terms such as “we,” “us,” “our,” and similar verbiage, is not meant to imply that AdCare Health Systems, Inc. has direct operating assets, employees or revenue or that any of the facilities, the home health business or other related businesses are operated by the same entity.

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Company Contacts
Boyd Gentry, CEO
Chris Brogdon, Vice Chairman & CAO
David A. Tenwick, Chairman of Board
AdCare Health Systems, Inc.
Tel (937) 964-8974
Email Contact

Investor Relations
Ron Both or Geoffrey Plank
Liolios Group, Inc.
Tel (949) 574-3860
Email Contact

Friday, March 30th, 2012 Uncategorized Comments Off on AdCare Health Systems (ADK) Closes $4.1 Million Public Offering of Common Stock

Uranium Energy (UEC) Closes Acquisition of Cue Resources Ltd.

CORPUS CHRISTI, TX, March 30, 2012 /PRNewswire/ – Uranium Energy Corp (“UEC” or the “Company”) (NYSE-AMEX: UEC) and CUE Resources Ltd. (“CUE”) (TSX-V: CUE) are pleased to announce that UEC’s acquisition of CUE by way of a plan of arrangement (the “Transaction”) has closed, effective at 12:01 am on March 30, 2012. Following the completion of the Transaction, CUE is now a wholly-owned subsidiary of UEC. In connection with the Transaction, UEC will issue 2,345,926 UEC common shares to former CUE shareholders as well as 171,303 UEC shares to settle certain debts of CUE. CUE, through its wholly-owned subsidiary, held an undivided 100% legal and beneficial interest in and to certain concession contracts covering a 230,650-hectare uranium exploration property located in southeastern Paraguay known as the Yuty ISR Project. See the Company’s news release dated January 23, 2012 for additional information on the now completed plan of arrangement.

President and CEO Amir Adnani stated, “Given the proximity of the Yuty project to our Coronel Oviedo property, this transaction enables clear operational synergies and allows us to consider implementing the hub-and-spoke production strategy we have successfully deployed in South Texas. We believe that Paraguay is host to a highly prospective, large-scale ISR-amenable uranium district with mineralization that is very similar to that of South Texas. In addition, consistent with other recent UEC project acquisitions, we have acquired an asset with an extensive defined resource at an attractive price. Given the 11-million pound total resource at Yuty, the Company now has both an exploration and development focus in this business-oriented, stable country. We’re excited about the opportunities that lie ahead.”

Dundee Securities Ltd. acted as financial advisor to UEC in connection with the Transaction.

The Yuty ISR Project

The Yuty ISR Project covers 230,650 hectares and is located approximately 200 kilometers east and southeast of Asunción, the capital of Paraguay. It is located within the Paraná Basin, which is host to a number of known uranium deposits, including Figueira and Amorinópolis in Brazil. Preliminary studies indicate amenability to extraction by in situ recovery (ISR) methods, which is the same process currently used by UEC at its South Texas operations. CUE has spent over CAD$16 million developing Yuty since 2006.

Between 2007 and 2010, CUE completed 256 drill holes totaling 31,000 meters of core and rotary drilling and acquired a 100% interest in the Yuty Project. The current resource for the Yuty Project was finalized in a technical report prepared for CUE titled “Updated Technical Report on the Yuty Uranium Project, Republic of Paraguay” dated August 24, 2011 (the “Yuty Technical Report”). The Yuty Technical Report shows an average grade and resource at the Yuty Project as follows:

Measured Resource 2.054M tonnes @ 0.062 % eU3O8 containing 2.801M lbs eU3O8
Indicated Resource 5.783M tonnes @ 0.048 % eU3O8 containing 6.113M lbs eU3O8
Inferred Resource 2.139M tonnes @ 0.047 % eU3O8 containing 2.226M lbs eU3O8

The technical information in this news release was prepared in accordance with the Canadian regulatory requirements set out in NI 43-101 and is extracted from the Yuty Technical Report, which is filed on CUE’s SEDAR profile and is available for viewing at www.sedar.com. The technical information in this news release and the Yuty Technical Report have been reviewed by Clyde L. Yancey, P.G., Vice President of Exploration for UEC, being a qualified person as defined by NI 43-101. To the best of UEC’s knowledge, information, and belief, there is no new material scientific or technical information that would make the disclosure of the mineral resources contained in this news release inaccurate or misleading.

About Uranium Energy Corp.:

Uranium Energy Corp. is a U.S.-based uranium production, development and exploration company operating North America’s newest emerging uranium mine. UEC’s fully licensed and permitted Hobson processing facility is central to all of its projects in South Texas, including the Palangana in-situ recovery project, which is ramping up initial production, and the Goliad in-situ recovery project which has been granted its Mine Permit and is in the initial stages of mine construction. UEC’s operations are managed by professionals with a recognized profile for excellence in their industry, a profile based on many decades of hands-on experience in the key facets of uranium exploration, development and mining. For detailed information visit UEC’s web site at www.uraniumenergy.com.

Notice to U.S. Investors

The mineral resources referred to herein have been estimated in accordance with the definition standards on mineral resources of the Canadian Institute of Mining, Metallurgy and Petroleum referred to in NI 43-101 and are not compliant with U.S. Securities and Exchange Commission (the “SEC”) Industry Guide 7 guidelines. In addition, measured mineral resources, indicated mineral resources and inferred mineral resources, while recognized and required by Canadian regulations, are not defined terms under SEC Industry Guide 7 and are normally not permitted to be used in reports and registration statements filed with the SEC. Accordingly, we have not reported them in the United States. Investors are cautioned not to assume that any part or all of the mineral resources in these categories will ever be converted into mineral reserves. These terms have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. In particular, it should be noted that mineral resources which are not mineral reserves do not have demonstrated economic viability. It cannot be assumed that all or any part of measured mineral resources, indicated mineral resources or inferred mineral resources will ever be upgraded to a higher category. In accordance with Canadian rules, estimates of inferred mineral resources cannot form the basis of feasibility or other economic studies. Investors are cautioned not to assume that any part of the reported measured mineral resources, indicated mineral resources or inferred mineral resources referred to in this news release are economically or legally mineable.

Safe Harbor Statement

Except for the statements of historical fact contained herein, the information presented in this news release constitutes “forward-looking statements” as such term is used in applicable United States and Canadian laws. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Any other statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects” or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans, “estimates” or “intends”, or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved) are not statements of historical fact and should be viewed as “forward-looking statements”. Such forward looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such risks and other factors include, among others, the actual results of exploration activities, variations in the underlying assumptions associated with the estimation or realization of mineral resources, the availability of capital to fund programs and the resulting dilution caused by the raising of capital through the sale of shares, accidents, labor disputes and other risks of the mining industry including, without limitation, those associated with the environment, delays in obtaining governmental approvals, permits or financing or in the completion of development or construction activities, title disputes or claims limitations on insurance coverage. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements contained in this news release and in any document referred to in this news release.

Certain matters discussed in this news release and oral statements made from time to time by representatives of the Company may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the Federal securities laws. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. Forward-looking information is subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected. Many of these factors are beyond the Company’s ability to control or predict. Important factors that may cause actual results to differ materially and that could impact the Company and the statements contained in this news release can be found in the Company’s filings with the Securities and Exchange Commission. For forward-looking statements in this news release, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. The Company assumes no obligation to update or supplement any forward-looking statements whether as a result of new information, future events or otherwise. This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities.

Investor Relations, Uranium Energy Corp:
Toll Free: (866) 748-1030
Fax: (361) 888-5041
E-mail: info@uraniumenergy.com

Friday, March 30th, 2012 Uncategorized Comments Off on Uranium Energy (UEC) Closes Acquisition of Cue Resources Ltd.

Cleantech Solutions International (CLNT) Reports Fourth Quarter and Fiscal Year 2011 Results

WUXI, China, March 29, 2012 /PRNewswire-Asia-FirstCall/ — Cleantech Solutions International, Inc. (“Cleantech Solutions” or “the Company”) (NASDAQ: CLNT), a manufacturer of metal components and assemblies, primarily used in the wind power, solar, dyeing and finishing equipment and other clean technology industries, today announced its financial results for the three months and fiscal year ended December 31, 2011.

“During the fourth quarter, we continued to face challenging market conditions and pricing environment for our forged rolled rings and related products resulting in lower sales volume and profitability. However, in our dyeing and finishing equipment segment, we experienced a 17.6% increase in net revenue compared to the third quarter of 2011 largely due to increased sales of our new higher margin air flow dyeing machines,” commented Mr. Jianhua Wu, Chairman and Chief Executive Officer of China Wind Systems.

“In 2011, we focused our efforts in exploring new clean technology markets to leverage our experience in the wind industry. Our ability to utilize our technical knowledge to manufacture and market solar components has marked our entry into the solar products market. At fiscal year end, we had a backlog of $1.3 million in solar products, LED equipment and other sample orders. We hope to make additional progress in 2012 and expand our presence in the solar and LED industry,” Mr. Wu concluded.

Fourth Quarter 2011 Results

Revenue for the fourth quarter of 2011 declined 38.9% to $13.7 million, compared to $22.5 million for the same period of 2010. The decline in revenue was mainly attributable to slowdown in demand for forged products and increase in overall competition in the forged product market as industry capacity has increased. On a quarter on quarter basis, revenue increased 17.6% in the fourth quarter of 2011 compared to the third quarter of 2011 as a result of stronger sales of the Company’s new air flow dyeing equipment.

Revenue from the sale of forged rolled rings to the wind power industry and other industries decreased 52.4% to $8.1 million, or 59.1% of net revenue, compared to $17.0 million, or 75.8% of net revenue, in the same period last year. The decrease is summarized as follows:

  • Revenue from the sale of forged rolled rings exclusively to the wind power industry fell 59.9% to $4.8 million, representing 35.2% of net revenue, compared to $12.1 million, or 53.6% of net revenue, in the comparable period last year.
  • Revenue from the sale of forged rolled rings to other industries decreased 34.1% to $3.3 million, or 23.9% of net revenue, compared with $5.0 million, or 22.1% of net revenue for the comparable period of the prior year.

Revenue from the Company’s dyeing and finishing equipment segment increased 3.2% to $5.6 million, or 40.9% of net revenues, compared to $5.4 million, or 24.2% of net revenue, for the fourth quarter of 2010. On a quarter on quarter basis, revenue from the dyeing and finishing equipment segment increased 38.0%, as customers purchased the Company’s new airflow dye machines designed to meet the PRC government’s mandatory environmental protection policies.

Gross profit for the fourth quarter of 2011 decreased 49.7% to $3.1 million, compared to $6.1 million for the same period in 2010. Gross margin decreased to 22.4% during the fourth quarter of 2011 compared to 27.2% for the same period a year ago. The decline in gross margin was attributable to the forged rolled rings and related products segment, and was primarily due to an increase in the cost of raw materials, which could not be fully passed on to the Company’s customers, and lower operational and cost efficiencies, including the allocation of fixed costs such as depreciation to cost of revenues as the Company operated at lower production levels, offsetting a modest increase in the gross margin for the dyeing and finishing equipment segment.

Operating expenses increased 10.3% to $1.8 million, compared to $1.7 million in the comparable period last year. The increase was primarily due to the recording of additional depreciation expense related to the Company’s ESR line in the fourth quarter of 2011 as compared to the second and third quarter of 2011.

Operating income decreased 72.3% to $1.2 million, compared to $4.4 million for the same period of 2010. Operating margin was 8.9% compared to 19.7% in the fourth quarter last year.

Earnings before interest, taxes, depreciation and amortization (EBITDA), a non-GAAP measurement, was $3.0 million, compared to $5.5 million in the same quarter last year.

Net income for the fourth quarter of 2011 decreased 74.8% to $0.8 million, compared to $3.1 million in the comparable period last year. Basic earnings per share in 2011 and 2010 were $0.39 and $1.69, respectively. Basic earnings per share were calculated using basic weighted average shares of 2,036,680 and 1,849,333 for the three months ended December 31, 2011 and 2010, respectively. Diluted earnings per share were $0.31, compared to $1.29 in the same period of 2010. Diluted earnings per share were calculated using diluted weighted average shares of 2,553,213 and 2,428,510 for the three months ended December 31, 2011 and December 31, 2010, respectively. Earnings per share and weighted average share amounts have been adjusted to reflect a one-for-ten reverse stock split effective March 6, 2012.

Fiscal Year 2011 Financial Results

For 2011, revenues decreased 30.1% to $55.6 million from $79.5 million in 2010. Gross profit decreased 36.4% to $13.3 million, compared to $20.9 million last year. Gross margin for 2011 was 23.9%, compared to 26.3% in 2010. Gross margin for the forged rolled rings segment was 24.8% compared to 28.2% in 2010. For the dyeing and finishing equipment segment, gross margin was 22.1% compared to 20.9% in 2010. Operating income decreased 47.2% to $8.2 million from $15.5 million in 2010. EBITDA, a non-GAAP measurement, was $13.7 million, compared to $18.8 million in the same period last year. Net income was $5.8 million, a 48.0% decrease from $11.1 million last year. Basic earnings per share for 2011 and 2010 were $2.94 and $6.19, respectively. Diluted earnings per share were $2.30 and $4.36, respectively. Earnings per share amounts have been adjusted to reflect a one-for-ten reverse stock split effective March 6, 2012.

Financial Condition

As of December 31, 2011, Cleantech Solutions held cash and cash equivalents of $1.2 million, an increase from $0.9 million at December 31, 2010. Accounts receivable were $7.1 million and total current assets of $14.7 million. The Company had $2.4 million in short-term loans payable and stockholders’ equity was $71.8 million. In fiscal year 2011, the Company generated $10.4 million in cash flow from operations.

Subsequent Events

On March 14, 2012, the Company appointed Wanfen Xu as chief financial officer. Ms. Xu has been served in various positions, most recently as the financial controller of the Company’s electrical and dying variable interest entities whose financial statements are included in the Company’s consolidated financial statements, since 2000.

On February 15, 2012, the Company delivered two units of sample sapphire chambers and one unit of a solar furnace to its international customer.

Business Outlook

Cleantech Solutions anticipates demand for forged products in the wind industry to remain soft in the short term as a result of increased competition and pricing pressure. However, the Company expects demand for forged products in the wind industry in China will continue to grow in the long term. The Chinese government’s twelfth Five-Year Plan, reflects the government’s continued commitment to wind power development, with a target of building an additional 90 GW of wind energy by 2015.

The Company plans to continue to build on its technical expertise to seek to further diversify its business into the clean technology industry in 2012. The Company expects the increase in sales from the new airflow dyeing machines and new orders from its solar and LED customers to help offset the continued softness in the traditional forged rolls rings segment.

Mr. Wu concluded, “We will continue to seek to develop new technology and expertise in the clean energy segment in order to manufacture higher margin and environmentally friendly products. Following the recent completion of sample LED and solar orders, we expect our customer to place additional orders for sapphire chambers and solar furnaces in the future. We anticipate increasing revenue contribution from these new sectors in 2012 and beyond.”

Conference Call

Cleantech Solutions will conduct a conference call at 9:00 a.m. Eastern Time on Thursday, March 29, 2012 to discuss results for the fourth quarter and fiscal year 2011.

To participate in the live conference call, please dial the following number five to ten minutes prior to the scheduled conference call time: (866) 759-2078. International callers should dial (706) 643-0585. When prompted, please enter conference passcode: 65422151.

If you are unable to participate in the conference call at this time, a replay will be available for 14 days starting on March 29, 2012 at 10:00 a.m. ET. To access the replay, dial (855) 859-2056. International callers dial (404) 537-3406, and enter passcode: 65422151.

Use of Non-GAAP Financial Measures

The Company has included in this press release certain non-GAAP financial measures. The Company believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing the performance of the Company and when planning and forecasting future periods. Readers are cautioned not to view non-GAAP financial measures on a stand-alone basis or as a substitute for GAAP measures, or as being comparable to results reported or forecasted by other companies, and should refer to the reconciliation of GAAP measures with non-GAAP measures also included herein.

About Cleantech Solutions International

Cleantech Solutions is a manufacturer of metal components and assemblies, primarily used in clean technology industries. The Company supplies forging products, fabricated products and machining services to a range of clean technology customers, primarily in the wind power sector and supplies dyeing and finishing equipment to the textile industry. Cleantech Solutions is committed to achieving long-term growth through ongoing technological improvement, capacity expansion, and the development of a strong customer base. The Company’s website is www.cleantechsolutionsinternational.com. Any information on the Company’s website or any other website is not a part of this press release.

Safe Harbor Statement

This release contains certain “forward-looking statements” relating to the business of the Company and its subsidiary and affiliated companies. These forward looking statements are often identified by the use of forward-looking terminology such as “believes,” “expects” or similar expressions. Such forward looking statements involve known and unknown risks and uncertainties that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. Investors 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, including factors described in “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Form 10-K for the year ended December 31, 2011. All forward-looking statements attributable to the Company or to 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.

Company Contact:

Mr. Ryan Hua
Vice President of Operations
Cleantech Solutions International, Inc.
Email: ryanhua@cleantechsolutionsinternational.com
Web: www.cleantechsolutionsinternational.com

Investor Relations Contact:

Ms. Elaine Ketchmere
CCG Investor Relations
Tel: +1-310-954-1345
Email: elaine.ketchmere@ccgir.com
Web: www.ccgirasia.com

– Financial Tables Follow-

CLEANTECH SOLUTIONS INTERNATIONAL, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

December 31,

2011

2010

ASSETS

CURRENT ASSETS:

Cash and cash equivalents

$

1,152,607

$

947,177

Restricted cash

314,233

Notes receivable

53,420

50,593

Accounts receivable, net of allowance for doubtful accounts

7,087,958

8,207,797

Inventories, net of reserve for obsolete inventory

4,276,090

3,371,128

Advances to suppliers

219,347

333,923

Prepaid VAT on purchases

1,512,213

2,759,763

Prepaid expenses and other

110,670

36,338

Total Current Assets

14,726,538

15,706,719

PROPERTY AND EQUIPMENT – net

64,042,079

54,742,993

OTHER ASSETS:

Land use rights, net

3,820,536

3,767,159

Total Assets

$

82,589,153

$

74,216,871

LIABILITIES AND STOCKHOLDERS’ EQUITY

CURRENT LIABILITIES:

Short-term bank loans

$

2,356,749

$

1,814,937

Bank acceptance notes payable

314,233

Accounts payable

4,997,109

7,660,768

Accrued expenses

771,597

526,006

Capital lease obligations- current portion

244,747

VAT and service taxes payable

81,614

Advances from customers

1,166,942

236,004

Income taxes payable

592,202

1,331,713

Total Current Liabilities

10,443,579

11,651,042

OTHER LIABILITIES:

Capital lease obligations – net of current portion

381,235

Total Liabilities

10,824,814

11,651,042

STOCKHOLDERS’ EQUITY:

Preferred stock $0.001 par value (30,000,000 shares authorized, all of which were designated

as series A convertible preferred, 10,995,807 and 16,205,268 shares issued and outstanding

at December 31, 2011 and 2010, respectively)

10,996

16,205

Common stock ($0.001 par value; 50,000,000 shares authorized;

2,101,849 and 1,875,113 shares issued and outstanding

at December 31, 2011 and 2010, respectively)

2,102

1,875

Additional paid-in capital

27,489,600

26,595,929

Retained earnings

34,618,341

29,264,152

Statutory reserve

2,064,551

1,658,197

Accumulated other comprehensive gain – foreign currency translation adjustment

7,578,749

5,029,471

Total Stockholders’ Equity

71,764,339

62,565,829

Total Liabilities and Stockholders’ Equity

$

82,589,153

$

74,216,871

CLEANTECH SOLUTIONS INTERNATIONAL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

For the Three Months Ended

For the Years Ended

December 31,

December 31,

2011

2010

2011

2010

REVENUES

$ 13,728,005

$ 22,468,599

$ 55,579,262

$ 79,548,609

COST OF REVENUES

10,658,894

16,363,257

42,275,919

58,628,150

GROSS PROFIT

3,069,111

6,105,342

13,303,343

20,920,459

OPERATING EXPENSES:

Depreciation

607,443

79,746

1,112,769

319,239

Selling, general and administrative

1,234,303

1,589,353

4,007,997

5,091,592

Total Operating Expenses

1,841,746

1,669,099

5,120,766

5,410,831

INCOME FROM OPERATIONS

1,227,365

4,436,243

8,182,577

15,509,628

OTHER INCOME (EXPENSE):

Interest income

2,712

582

3,652

3,794

Interest expense

(70,729)

(30,092)

(193,709)

(147,428)

Foreign currency gain (loss)

9,863

(2,265)

5,046

(15,338)

Grant income

274

49,552

Other income

12,069

103,448

Total Other Income (Expense)

(46,085)

(31,501)

(81,563)

(109,420)

INCOME BEFORE INCOME TAXES

1,181,280

4,404,742

8,101,014

15,400,208

INCOME TAXES

390,846

1,274,194

2,340,471

4,325,876

NET INCOME

$ 790,434

$ 3,130,548

$ 5,760,543

$ 11,074,332

COMPREHENSIVE INCOME:

NET INCOME

$ 790,434

$ 3,130,548

$ 5,760,543

$ 11,074,332

OTHER COMPREHENSIVE INCOME:

Unrealized foreign currency translation gain

403,282

782,903

2,549,278

1,907,789

COMPREHENSIVE INCOME

$ 1,193,716

$ 3,913,451

$ 8,309,821

$ 12,982,121

NET INCOME PER COMMON SHARE:

Basic

$ 0.39

$ 1.69

$ 2.94

$ 6.19

Diluted

$ 0.31

$ 1.29

$ 2.30

$ 4.36

WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:

Basic

2,036,680

1,849,333

1,962,146

1,787,994

Diluted

2,553,213

2,428,510

2,500,805

2,539,682

CLEANTECH SOLUTIONS INTERNATIONAL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

For the Years Ended

December 31,

2011

2010

CASH FLOWS FROM OPERATING ACTIVITIES:

Net income

$

5,760,543

$

11,074,332

Adjustments to reconcile net income from operations to net cash

provided by operating activities:

Depreciation

5,351,359

3,192,662

Amortization of debt discount to interest expense

44,993

Amortization of land use rights

91,316

87,204

Increase in allowance for doubtful accounts

720,302

1,006,162

Stock-based compensation expense

355,856

546,963

Changes in assets and liabilities:

Notes receivable

(848)

282,986

Accounts receivable

694,014

(2,913,257)

Inventories

(761,072)

(1,036,591)

Prepaid value-added taxes on purchases

1,331,923

(2,309,987)

Prepaid and other current assets

(64,667)

159,152

Advances to suppliers

125,396

128,693

Accounts payable

(3,425,206)

4,040,484

Accrued expenses

224,493

(48,312)

VAT and service taxes payable

(83,358)

54,102

Income taxes payable

(777,914)

271,619

Advances from customers

906,282

85,695

NET CASH PROVIDED BY OPERATING ACTIVITIES

10,448,419

14,666,900

CASH FLOWS FROM INVESTING ACTIVITIES:

Purchase of property and equipment

(11,115,640)

(19,406,064)

NET CASH USED IN INVESTING ACTIVITIES

(11,115,640)

(19,406,064)

CASH FLOWS FROM FINANCING ACTIVITIES:

Principal payments on capital lease

(156,918)

Proceeds from loans payable

4,325,320

1,770,238

Repayment of loans payable

(3,861,893)

(2,100,238)

Increase in restricted cash

(308,951)

Increase in bank acceptance notes payable

308,951

Proceeds from sale of common stock

125,000

380,000

Proceeds from exercise of warrants

400,000

3,320,000

NET CASH PROVIDED BY FINANCING ACTIVITIES

831,509

3,370,000

EFFECT OF EXCHANGE RATE ON CASH AND CASH EQUIVALENTS

41,142

37,703

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

205,430

(1,331,461)

CASH AND CASH EQUIVALENTS – beginning of year

947,177

2,278,638

CASH AND CASH EQUIVALENTS – end of year

$

1,152,607

$

947,177

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:

Cash paid for:

Interest

$

193,709

$

104,578

Income taxes

$

3,118,384

$

4,054,257

NON-CASH INVESTING AND FINANCING ACTIVITIES:

Capital leased property in exchange for capital lease obligations

$

772,379

$

Increase in property in exchange for increase in payable

$

516,531

$

Series A preferred converted to common shares

$

5,916

$

5,469

Common stock issued for future service

$

7,833

$

2,469

Reconciliation of Net Income to EBITDA
(Amounts expressed in US$)

For the Three Months
Ended December 31,

Fiscal Year Ended
December 31,

2011

2010

2011

2010

Net Income

$ 790,434

$3,130,548

$ 5,760,543

$11,074,332

Income Tax

390,846

1,274,194

2,340,471

4,325,876

Interest expense

70,729

30,092

193,709

147,428

Depreciation and Amortization

1,723,362

1,069,361

5,442,675

3,279,866

EBITDA

$2,975,371

$5,504,195

$13,737,398

$18,827,502

SOURCE Cleantech Solutions International, Inc.

Thursday, March 29th, 2012 Uncategorized Comments Off on Cleantech Solutions International (CLNT) Reports Fourth Quarter and Fiscal Year 2011 Results

Crimson Exploration (CXPO) Announces Woodbine Oil Discovery in Madison County, Texas

Crimson Exploration Inc. (NasdaqGM: CXPO) announced today the successful completion of the Mosley #1H (84.3% WI), its first horizontal Woodbine oil well in Madison County, Texas, at a gross initial production rate of 1,203 Boepd, or 1,017 barrels of oil, 87 barrels of natural gas liquids and 595 mcf, on a 30/64th choke and 601 psi of tubing pressure. The well was drilled to a total measured depth of 15,650 feet, including a 6,300 foot lateral, and was completed using 23 stages of fracture stimulation.

Additionally, Crimson is actively drilling two horizontal wells targeting the Woodbine formation in Madison County, the Grace Hall #1H (82.4% WI) and the Vick Trust #1H (75% WI). The Grace Hall #1H, located approximately 1.2 miles north of the Mosley #1H, has reached a total measured depth of 16,000 feet, including a 7,500 foot lateral, and the Vick Trust #1H, located approximately 6 miles east of the Mosley #1H, is currently drilling at 11,469 feet toward a total measured depth of 15,200 feet, including an estimated 6,500 foot lateral. Both wells are expected to be completed with 20 – 25 stages of fracture stimulation. Production from these wells is anticipated to commence mid-second quarter. Upon completion of the drilling of the Vick Trust #1H, Crimson will move that rig to the A. Yates #1H (50% WI) location.

The Woodbine formation is a Cretaceous aged series of sandstones and siltstones that reside within the prolific Eagle Ford source rock and is generally described as being between the overlying Austin Chalk formation and the underlying Buda formation. The productive Woodbine sands in the Madison and Grimes County area are a lower porosity and permeability extension of the prolific 100 Mmbo Kurten Field in adjacent Brazos County. Previous to the current horizontal drilling and multi-stage frac completions, the Woodbine was developed through conventional vertical completions. The lower porosity and permeability in Madison and Grimes counties had a significant negative impact on initial rates and recoveries from these vertical completions; however, with the advent of horizontal drilling and multi-stage frac completions, a 10 – 20 fold increase in rates and recoveries are recognized. Crimson recognizes that this newer technology can also be applied to other formations that have historically low volumes associated with vertical or open hole horizontal completions, specifically the Austin Chalk, Buda, Georgetown, Glenrose and the other multiple sand lobes within the Woodbine formation.

Crimson has approximately 17,500 net acres in Madison and Grimes counties, Texas. Expectations are that this area will deliver a multi-year inventory of impactful and superior rate of return projects which will contribute significantly to Crimson’s growth story. Crimson has a total of 9 wells planned for Madison and Grimes counties in 2012 and could easily expand that number with continued success. The net initial rate from the Mosley well represents a 28% increase in Crimson’s current daily net oil production rate, illustrating the significant impact this drilling program provides. Overall, the Company believes that the estimated net potential, in the Woodbine alone, ranges between 30 – 40 Mmboe on the Crimson leasehold.

The Mosley’s initial production rate places it in the top of its class of wells drilled to date in the area. The chart shows an average initial production rate of 679 Boepd from 46 horizontal Woodbine wells drilled in Madison, Brazos, and Grimes counties since January 2009. The high average initial production performance of the offset wells demonstrates that this area is a repeatable and very economic source of oil production growth.

Allan D. Keel, President and Chief Executive Officer, commented, “We are very pleased with the results of the Mosley #1H and believe this success validates the quality of Crimson’s position in the Madison and Grimes County area where we own approximately 17,500 net acres. We believe that recent drilling successes, and sale transactions immediately offsetting our acreage position in this area, implies the Woodbine represents current incremental value of $5 per share for the Company’s shareholders, and could be worth two to three times that as we continue to develop the Woodbine. This estimated value also does not include additional value that could come from successful development of the Georgetown, Eagle Ford and other objectives believed to be prospective in the area. The coming months will be an exciting time for Crimson as we continue to pursue our plan for this area. We remain very optimistic that the increased cash flow attributed to our oil production in the Woodbine will begin to be reflected in shareholder value.”

Crimson Exploration is a Houston, TX-based independent energy company engaged in the acquisition, development, exploitation and production of crude oil and natural gas, primarily in the onshore Gulf Coast regions of the United States. The Company owns and operates approximately 74,000 acres of conventional properties in Texas, Louisiana, Colorado and Mississippi, approximately 5,700 net acres in the Haynesville Shale, Mid-Bossier, and James Lime plays in San Augustine and Sabine counties in East Texas, approximately 8,625 net acres in the Eagle Ford Shale in South Texas, approximately 17,500 net acres in Madison and Grimes counties in Southeast Texas and approximately 11,000 net acres in the Denver Julesburg Basin of Colorado.

Additional information on Crimson Exploration Inc. is available on the Company’s website at http://crimsonexploration.com.

This press release includes “forward-looking statements” as defined by the Securities and Exchange Commission (“SEC”) and applicable securities laws. Such statements include those concerning Crimson’s strategic plans, expectations and objectives for future operations. All statements included in this press release that address activities, events or developments that Crimson expects, believes or anticipates will or may occur in the future are forward-looking statements. These statements are based on certain assumptions Crimson made based on its experience and perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate under the circumstances. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond Crimson’s control. Statements regarding future production, revenue, cash flow operating results, leverage, drilling rigs operating, drilling locations, funding, derivative transactions, pricing, operating costs and capital spending, tax rates, and descriptions of our development plans are subject to all of the risks and uncertainties normally incident to the exploration for and development and production of oil and gas. These risks include, but are not limited to, commodity price changes, inflation or lack of availability of goods and services, environmental risks, the proximity to and capacity of transportation facilities, the timing of planned capital expenditures, uncertainties in estimating reserves and forecasting production results, operating and drilling risks, regulatory changes and the potential lack of capital resources. All forward-looking statements are based on our forecasts for our existing operations and do not include the potential impact of any future acquisitions. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. Please refer to our filings with the SEC, including our Form 10-K for the year ended December 31, 2011, and subsequent filings for a further discussion of these risks. Existing and prospective investors are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise.

Thursday, March 29th, 2012 Uncategorized Comments Off on Crimson Exploration (CXPO) Announces Woodbine Oil Discovery in Madison County, Texas

Deer Consumer Products (DEER) Announces Record 2011 Financial Results; Provides 2012 Growth Outlook

Deer Consumer Products, Inc. (Nasdaq: DEER) (website: http://www.deerinc.com/), a leading provider of “DEER” branded household consumer products to Chinese consumers and a leading vertically integrated manufacturer of small household and kitchen appliances for global customers, announces today record financial results for the year ended December 31, 2011.

2011 REVENUE

2011 revenue was $226.7 million, an increase of $50.9 million, or 28.9%, from $175.8 million in 2010. Approximately 68% of our sales in 2011 were generated from the China domestic market while approximately 32% were from export markets. The increase in revenues was a result of our sales expansion in the China domestic market of our Deer branded product lines. We were also able to raise the average selling prices of our products and maintained healthy profit margins across our product lines.

2011 GROSS PROFIT MARGIN

2011 gross profit margin was approximately 30.6%, which reflects blended profit margins between our higher margin China domestic sales and generally lower margin export sales as well as an increase in the average selling prices of our products. In addition, we are continuing to improve the efficiency of our manufacturing operations by producing key components of our products in house, allowing us to benefit further from economies of scale and achieve improved manufacturing margins.

2011 OPERATING EXPENSES

2011 SG&A expenses were $21.0 million, an increase of $7.3 million, or 52.9%, from $13.7 million in 2010, as expected, due to the hiring of additional direct sales staff and in-store product promoters to further our revenue growth in China. As expected, our advertising costs remained minimal in 2011 because we use factory representatives and in-store promoters to promote our products directly to consumers at retail locations, a standard marketing practice in the small household appliances industry in China. The in-store promotion approach is highly effective in marketing products directly to consumers in the unique Chinese retail environment as compared to traditional mass media advertising channels, which can cause significant advertising expenses without enhancing sales. According to a survey in the 2010 China Small Electronics Market Research Report, approximately 60% of Chinese consumers surveyed purchased small household appliances after being introduced to the product by in-store promoters. Like other established domestic brands in China, our in-store promoters market our products exclusively and directly to in-store customer traffic.

2011 NET INCOME

2011 net income was $39.8 million, an increase of 31% from 2010. Fully diluted earnings per share were $1.18, an EPS increase of 31% from 2010.

$5.52 PER SHARE IN NET ASSETS, STRONG BALANCE SHEET, NO LONG-TERM DEBTS

Deer’s shareholders’ equity increased to approximately $185.4 million, or $5.52 per share in net assets. Deer had more than $13.9 million in cash and equivalents at the end of the 2011 without any long-term debts. Deer has sufficient cash on hand to meet its liquidity requirements and has no plan to dilute our shareholders.

MANAGEMENT COMMENTS ON 2011 FINANCIAL RESULTS

Bill He, Chairman & CEO of Deer, commented: “Deer is pleased to report record 2011 financial results. In 2010, Deer entered China’s domestic markets with a strong push by putting our ‘DEER’ branded products on the shelves of retail locations across China. In 2011, Deer is continuing to expand its store presence across China while adding in-store promotional staff to further enhance sales. Deer currently has access to approximately 4,000 retail locations across China and has developed a well-recognized brand by working with various retail channels.

“We believe China remains the world’s largest and fastest growing consumer retail market and has strong domestic demand for small household appliances. There are approximately 35,000 retail locations across China that Deer could potentially penetrate. Deer has significant growth potential in China.”

CHINA DOMESTIC MARKET EXPANSION STRATEGIES

“Due to the unique retail environment in China, where more than 60% of consumers purchase small household products as a result of direct marketing push by in-store promotional staff, we will have significantly more in-store promotional staff in 2012, that will exclusively market ‘DEER’ branded products directly to end consumers. Deer is considered a strategic platform for entering the local Chinese market, and has built up a strong ‘DEER’ brand through its expansion in the Chinese market.

“Chinese consumers have experienced relatively strong positive real income growth in recent years. We believe the rising standards of living will result in increased demand for quality consumer goods, such as small appliances. We plan to fully take advantage of this market opportunity by targeting our high quality products to these growing middle income Chinese consumers and providing exceptional customer service.

“We expect higher gross margins over time due to an anticipated greater percentage of our overall blended revenue being derived from the higher margin China domestic markets. We believe that we will be able to manage SG&A growth along with our significant revenue growth to maintain and enhance net profit margins.”

GROWTH STRATEGIES

“In the short-term, we will continue building the solid reputation of our ‘DEER’ branded products to be the number one food preparation appliances brand by 2013. We also plan to focus sales of our high margin products, including our dehumidifier, vacuum cleaner, water filters and air purifier, to first and second tier Chinese cities that are experiencing strong economic growth.

“Over the course of the coming quarters, we plan to position ourselves as a high-end innovative brand in China and expand our ‘DEER’ brand to include complete integrated household appliance systems for the kitchen and bathroom.

“We have also made significant progress on our Wuhu manufacturing plant facility, by breaking ground to complete our new manufacturing plant. We are pleased with our construction progress.”

AFFIRMS 2012 FINANCIAL GUIDANCE

In 2012, Deer anticipates revenues from the high margin China domestic sales will continue to surpass export sales. Deer provides 2012 revenue guidance of between $270 and $290 million, net income guidance of between $45 million and $47 million, and targets EPS (Earnings per Share) between $1.37 and $1.42.

3-YEAR INSIDER SHARE LOCKUP, TOTAL MANAGEMENT COMMITMENT

As disclosed previously, Deer’s entire management team has voluntarily entered into 3-year share lockup agreements, which prohibit them from selling any shares to the general public through at least 2013. The lockup agreements represent approximately 47% of Deer’s entire outstanding shares. Deer management’s vested interests are aligned with those of Deer’s public shareholders. Deer has been led by its original founders since the inception of its operating business 17 years ago.

Deer Consumer Products, Inc. is a NASDAQ Global Select Market listed U.S. company with its primary operations in China. Deer has a 17-year operating business as well as a strong balance sheet. Operated by Deer’s founders and supported by more than 100 patents, trademarks, copyrights and approximately 1,000 staff, Deer is a leading provider of “DEER” branded consumer products to Chinese consumers and a leading vertically integrated manufacturer of small home and kitchen appliances for global customers. DEER’s product lines include a series of small household and kitchen appliances as well as personal care products designed to make modern lifestyles easier and healthier.

Safe Harbor Statement

All statements in this press release that are not historical are forward-looking statements made pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. There can be no assurance that actual results will not differ from the company’s expectations. You are cautioned not to place undue reliance on any forward-looking statements in this press release as they reflect Deer’s current expectations with respect to future events and are subject to risks and uncertainties that may cause actual results to differ materially from those contemplated. Potential risks and uncertainties include, but are not limited to, the risks described in Deer’s filings with the Securities and Exchange Commission.

Corporate Contact:
Helen Wang, President
Deer Consumer Products, Inc.
Tel: 011-86-755-86028300
Email: investors@deerinc.com

DEER CONSUMER PRODUCTS, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

DECEMBER 31, 2011 AND 2010

2011

2010

ASSETS

CURRENT ASSETS

Cash & equivalents

$ 13,961,434

$ 33,956,591

Restricted cash

127,235

1,347,385

Accounts receivable

20,553,235

52,686,494

Deposits

1,153,019

Advances to suppliers

2,920,746

3,018,531

Other receivables

287,824

125,580

VAT receivable

8,562,076

2,839,718

Prepaid expense

952,902

159,583

Inventories

61,017,231

23,015,850

Total current assets

109,535,702

117,149,732

NON-CURRENT ASSETS

Advance for equipment purchase

844,964

Deposit for land use right

847,646

4,619,405

Property and equipment, net

36,137,609

20,453,404

Construction in progress

21,141,715

8,913,181

Intangible assets, net

35,895,528

37,502,010

Other assets

4,570

Total noncurrent assets

94,867,462

71,492,570

TOTAL ASSETS

$ 204,403,164

$ 188,642,302

LIABILITIES AND EQUITY

CURRENT LIABILITIES

Accounts payable

$ 7,977,167

$ 26,247,453

Advance from customers

1,056,442

1,759,792

Income tax payable

4,864,267

5,536,646

Other payables and accrued expenses

2,753,617

3,001,716

Dividend payable

1,679,628

Notes payable

692,821

8,361,698

Total current liabilities

19,023,942

44,907,305

COMMITMENTS AND CONTINGENCIES

STOCKHOLDERS’ EQUITY

Common Stock, $0.001 par value; 75,000,000 shares
authorized; 33,592,562 shares issued and
outstanding as of December 31, 2011 and 2010,
respectively

33,593

33,593

Paid-in capital

91,187,584

91,084,958

Statutory reserve

9,157,606

6,127,639

Development fund

4,578,803

3,063,819

Accumulated other comprehensive income

14,769,957

6,315,475

Retained earnings

65,651,679

37,109,513

Total stockholders’ equity

185,379,222

143,734,997

TOTAL LIABILITIES AND EQUITY

$ 204,403,164

$ 188,642,302

DEER CONSUMER PRODUCTS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME AND OTHER COMPREHENSIVE INCOME

YEARS ENDED DECEMBER 31, 2011, 2010 AND 2009

2011

2010

2009

Revenue

$ 226,748,885

$ 175,846,887

$ 81,342,680

Cost of revenue

157,538,033

125,274,479

61,176,610

Gross profit

69,210,852

50,572,408

20,166,070

Operating expenses

Selling

16,281,137

9,161,068

3,555,547

General and administrative

4,701,235

4,563,188

2,380,861

Total operating expenses

20,982,372

13,724,256

5,936,408

Income from operations

48,228,480

36,848,152

14,229,662

Non-operating income (expenses)

Interest income

243,876

484,527

94,986

Interest expense

(122,299)

Financial expense

(103,017)

(148,772)

(223,607)

Exchange gain (loss)

(518,843)

(1,253,707)

138,284

Other income, net

20,825

69,030

38,084

Subsidy income

1,080,448

54,134

326,334

Other expenses

(32,704)

(55,901)

Total non-operating income (expenses), net

690,585

(850,689)

251,782

Income before income tax

48,919,065

35,997,463

14,481,444

Income tax expense

9,113,436

5,648,426

2,112,382

Net income

39,805,629

30,349,037

12,369,062

Other comprehensive item

Foreign currency translation

8,454,482

3,980,259

(10,482)

Comprehensive Income

$ 48,260,111

$ 34,329,296

$ 12,358,580

Basic weighted average shares outstanding

33,592,562

33,210,969

22,782,200

Diluted weighted average shares outstanding

33,592,562

33,651,767

23,190,286

Basic earnings per share

$ 1.18

$ 0.91

$ 0.54

Diluted earnings per share

$ 1.18

$ 0.90

$ 0.53

DEER CONSUMER PRODUCTS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

YEARS ENDED DECEMBER 31, 2011, 2010 AND 2009

2011

2010

2009

CASH FLOWS FROM OPERATING ACTIVITIES:

Net income

$ 39,805,629

$ 30,349,037

$ 12,369,062

Adjustments to reconcile net income

to net cash provided by operating activities:

Depreciation and amortization

2,965,616

1,640,882

1,449,186

Provision for inventory losses

154,257

Stock-based compensation

102,626

275,698

333,387

(Increase) decrease in current assets:

Accounts receivable

35,182,509

(34,354,325)

(8,512,633)

Advances to suppliers

1,072,711

887,765

Other receivables, prepayments, and deposits

(566,181)

(491,041)

(5,019)

Due from stockholder

331,064

Due from related party

1,715,320

Tax rebate receivable

283,706

Inventories

(36,079,878)

(4,329,707)

(10,374,062)

Increase (decrease) in current liabilities:

Accounts payable

(19,131,367)

12,532,257

4,084,515

Advance from customers

(773,834)

(10,106)

(1,585,231)

Taxes payable

(8,220,308)

1,777,120

(670,218)

Notes payable

(7,898,004)

1,924,203

Due to related party

(274,636)

Other payables and accrued expenses

(649,823)

858,495

1,221,679

Increase in noncurrent assets:

4,687

15,741

18,100

Net cash provided by operating activities

5,968,640

11,076,019

384,221

CASH FLOWS FROM INVESTING ACTIVITIES:

Change in restricted cash

1,257,452

(1,282,217)

164,297

Acquisition of property & equipment

(10,444,879)

(10,095,861)

(1,474,527)

Acquisition of intangible asset

(4,325,011)

(36,441,355)

Refund of deposit on land use right

10,513,006

Deposit for land use right

(826,923)

(4,601,917)

Advance for equipment purchase

(824,307)

Sale of short-term investments

29,322

Construction in progress

(17,587,593)

(4,969,627)

(2,829,702)

Net cash used in investing activities

(22,238,255)

(57,390,977)

(4,110,610)

CASH FLOWS FROM FINANCING ACTIVITIES:

Proceeds from issuance of notes payable

3,055,687

Proceeds from sale of common stock

93,578,000

Dividends paid

(5,038,884)

Offering costs paid

(320,000)

(12,407,007)

Proceeds from exercise of warrants

6,964,510

290,890

Purchase of treasury stock

(6,945,950)

Payment on short-term loans

(3,550,661)

Payment on long-term loans

(733,050)

Net cash provided by (used in) financing activities

(5,038,884)

(301,440)

80,233,859

EFFECT OF EXCHANGE RATE CHANGE ON CASH & EQUIVALENTS

1,313,342

1,239,260

44,233

NET INCREASE (DECREASE) IN CASH & EQUIVALENTS

(19,995,157)

(45,377,138)

76,551,703

CASH & EQUIVALENTS, BEGINNING OF YEAR

33,956,591

79,333,729

2,782,026

CASH & EQUIVALENTS, END OF YEAR

$ 13,961,434

$ 33,956,591

$ 79,333,729

Supplemental Cash flow data:

Income tax paid

$ 10,846,615

$ 3,620,873

$ 567,226

Interest paid

$ –

$ –

$ 119,996

Supplemental Disclosure of Non-Cash Financing Activities:

Transfer from construction in progress to fixed assets

$ 6,102,099

$ –

$ –

SOURCE Deer Consumer Products, Inc.

Thursday, March 29th, 2012 Uncategorized Comments Off on Deer Consumer Products (DEER) Announces Record 2011 Financial Results; Provides 2012 Growth Outlook

American DG Energy (ADGE) Announces $1.6 Million Private Placement

WALTHAM, Mass., March 27, 2012 /PRNewswire/ — American DG Energy Inc. (NYSE Amex: ADGE), a leading On‑Site Utility, offering clean electricity, heat, hot water and cooling solutions to hospitality, healthcare, housing and athletic facilities, today announced that it has entered into a definitive agreement to sell restricted common stock for aggregate proceeds of $1,600,000 to Dr. Phillip Frost through one of his trusts.

Pursuant to the agreement, the Company sold to Dr. Frost 1,000,000 shares of restricted Common Stock at $1.60 per share at an aggregate purchase price of $1,600,000. The proceeds of the private placement will be used to fund additional installations of the Company’s On-Site Utility energy systems and for general corporate and working capital purposes.

This press release does not and shall not constitute an offer to sell or the solicitation of any offer to buy any of the securities, nor shall there be any sale of the securities, in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any state. The securities to be offered have not been registered under the Securities Act of 1933 (the “Securities Act”) or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements of the Securities Act and applicable state securities laws.

About American DG Energy

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

FORWARD-LOOKING STATEMENTS

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

Tuesday, March 27th, 2012 Uncategorized Comments Off on American DG Energy (ADGE) Announces $1.6 Million Private Placement

Sify Technologies (SIFY) Announces Agreement to Sell Its Entire Stake in MF Global India for All Cash Deal

Sify Technologies Limited (NASDAQ Global Markets: SIFY), a leader in Managed Enterprise, Network and ICT Services in India, today announced that they have reached an agreement for sale of their entire stake in MF Global Sify Securities India Pvt Ltd. for an all cash deal. According to the terms of the agreement entered with MF Global Sify Securities India Pvt Ltd., MF Global Overseas Limited and PhillipCapital Group, the Singapore based financial services company, through its related companies, will buy a majority stake in MF Global Sify Securities India Private Limited. The transaction is subject to regulatory and statutory approvals in the respective countries.

About Sify Technologies

Sify is among the largest Managed Enterprise, Network and IT Services companies in India, offering end-to-end solutions with a comprehensive range of products delivered over a common telecom data network infrastructure reaching more than 710 cities and towns in India.

A significant part of the company’s revenue is derived from Corporate Enterprise Services, which include Network and IT services, Connectivity, Security, Network management services, Enterprise applications, Hosting and Remote Infrastructure Management Services. Sify is a recognized ISO 9001:2008 certified service provider for network operations, data center operations and customer support, and for provisioning of VPNs, Internet bandwidth, VoIP solutions and integrated security solutions, and ISO / IEC 20000 – 1:2005 and ISO/IEC 27001:2005 certified for Internet Data Center operations. Sify has also built a credible reputation in the emerging Cloud Computing market and is today regarded as a domain leader. Sify has licenses to operate NLD (National Long Distance) and ILD (International Long Distance) services and offers VoIP back haul to long distance subscriber telephony services.

The company is also India’s first enterprise managed services provider to launch a Security Operations Center (SOC) to deliver managed security services.

As a solutions provider, Software services develop applications and offers services to improve business efficiencies of its current clients and prospective client bases. Sify also offers services in the specialized domains of eLearning for-profit, not-for-profit and government institutions, both in India and globally.

With our Cable landing station and the partnerships inked with several cable companies globally, we are present in almost all the spheres of the ICT eco system.

The expanded Commercial and Consumer business addresses the burgeoning demands of the SMB/SOHO community. The business provides a whole host of services for the retail consumer on the Consumer cloud platform. Sify continues to provide broadband connections for home and at public access points. The portal side of the business operates two of the most popular portals in India, Sify.com and Samachar.com. For more information about Sify, visit www.sifycorp.com.

Forward Looking Statements

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

For a discussion of the risks associated with Sify’s business, please see the discussion under the caption “Risk Factors” in the company’s Annual Report on Form 20-F for the year ended March 31, 2011, which has been filed with the United States Securities and Exchange Commission and is available by accessing the database maintained by the SEC at www.sec.gov, and Sify’s other reports filed with the SEC.

Tuesday, March 27th, 2012 Uncategorized Comments Off on Sify Technologies (SIFY) Announces Agreement to Sell Its Entire Stake in MF Global India for All Cash Deal

iGo (IGOI) Reports Fourth Quarter 2011 Financial Results

SCOTTSDALE, Ariz., March 27, 2012 (GLOBE NEWSWIRE) — iGo, Inc. (Nasdaq:IGOI), a leading provider of eco-friendly power management solutions and accessories for mobile electronic devices, today reported financial results for the fourth quarter ending December 31, 2011.

Revenue was $8.6 million for the fourth quarter of 2011, compared with $13.2 million in the same period of the prior year. Sales of power products declined to $5.7 million for the fourth quarter of 2011, compared to $11.5 million for the fourth quarter of 2010. This decline was partially offset by $2.4 million in sales of the new audio and rechargeable alkaline battery lines for the fourth quarter of 2011, compared to $640,000 for the fourth quarter of 2010.

Net loss was $5.7 million, or ($0.17) per share, in the fourth quarter of 2011, compared with net income of $416,000, or $0.01 per share, in the same quarter of the prior year. Net loss in the fourth quarter of 2011 included a $2.3 million writedown in the value of goodwill and other intangible assets carried on the Company’s balance sheet. Additional factors resulting in the reduction in profitability include a lower level of sales of power products and lower gross margins in the retail channel.

The Company had $15.2 million in cash, cash equivalents, and short-term investments, $11.1 million in working capital (excluding cash, cash equivalents and short-term investments), and no debt as of December 31, 2011.

Michael D. Heil, President and Chief Executive Officer of iGo, commented, “We are disappointed in our financial performance for the fourth quarter as the decline in our power products category more than offset the continued growth we are seeing in audio products and rechargeable alkaline batteries. We will be implementing a number of initiatives throughout 2012 with a goal of improving our overall financial performance, including introducing new chargers across a broader range of price points and exploring relationships with larger distributors of mobile electronic device accessories.”

About iGo, Inc.

iGo, Inc. offers a full line of innovative accessories for almost every mobile electronic device on the market. Whether a consumer wants to power, protect, listen to, share, cool, hold or connect to their device, iGo has the accessories they need. iGo is also a leader in developing eco-friendly power solutions based on its patented iGo Green® technology, which automatically reduces the wasteful and expensive standby, or “vampire,” power consumed by electronic devices.

iGo’s products are available at www.igo.com as well as through leading resellers and retailers. For additional information call 480-596-0061, or visit www.igo.com.

iGo is a registered trademark of iGo, Inc. All other trademarks or registered trademarks are the property of their respective owners.

This press release contains “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934. The words “believe,” “expect,” “anticipate,” “should,” and other similar statements of our expectation identify forward-looking statements. Forward-looking statements in this press release include the intent to implement new initiatives throughout 2012 with a goal of improving the company’s overall financial performance; the intent to introduce new power products at a broader range of price points; and the intent to explore relationships with larger distributors of mobile electronic device accessories. These forward-looking statements are based largely on management’s expectations and involve known and unknown risks, uncertainties and other factors, which may cause the Company’s actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. Risks that could cause results to differ materially from those expressed in these forward-looking statements include, among others, our dependence on large purchases from significant customers, namely Walmart; our ability to expand and diversify our customer base; our reliance upon Walmart, as well as other distributors and resellers; our ability to expand our revenue base and develop new products and product enhancements; the sufficiency of our revenue to absorb expenses; fluctuations in our operating results because of: increases in product costs from our suppliers, our suppliers’ ability to perform, the timing of new product and technology introductions and product enhancements relative to our competitors, market acceptance of our products, the size and timing of customer orders, our ability to effectively manage inventory levels, delay or failure to fulfill orders for our products on a timely basis, distribution of or changes in our revenue among distribution partners and retailers, our inability to accurately forecast our contract manufacturing needs, difficulties with new product production implementation or supply chain, product defects and other product quality problems, the degree and rate of growth in our markets and the accompanying demand for our products, our ability to expand our internal and external sales forces and build the required infrastructure to meet anticipated growth, and seasonality of sales; increased focus of consumer electronics retailers on their own private label brands; decreasing sales prices on our products over their sales cycles; our ability to expand our revenue base and develop new products and product enhancements; our failure to integrate acquired businesses, products and technologies; our reliance on and the risk relating to outsourced manufacturing fulfillment of our products, including potential increases in manufacturing costs; our ability to manage our anticipated growth; our ability to manage our inventory levels; the negative impacts of product returns; design and performance issues with our products; liability claims; our failure to expand or protect our proprietary rights and intellectual property; intellectual property infringement claims against us; our ability to hire and retain qualified personnel; our ability to secure additional financing to meet our future capital needs; increased competition and/or reduced demand in our industry; our failure to comply with domestic and international laws and regulations; economic conditions, political events, war, terrorism, public health issues, natural disasters and similar circumstances; volatility in our stock price; concentration of stock ownership among our executive officers and principal stockholders; provisions in our certificate of incorporation, bylaws and Delaware law, as well as our stockholder rights plan, that could make a proposed acquisition of the Company more difficult; and dilution resulting from potential future stock issuances.

Additionally, other factors that could cause actual results to differ materially from those set forth in, contemplated by, or underlying these forward-looking statements are included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2010 under the heading “Risk Factors.” In light of these risks and uncertainties, the forward-looking statements contained in this press release may not prove to be accurate. The Company undertakes no obligation to publicly update or revise any forward-looking statements, or any facts, events, or circumstances after the date hereof that may bear upon forward-looking statements. Additionally, the Company does not undertake any responsibility to update you on the occurrence of unanticipated events which may cause actual results to differ from those expressed or implied by these forward-looking statements.

iGo, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
(000’s except per share data)
(unaudited)
Three months ended Year ended
December 31, December 31,
2011 2010 2011 2010
Net revenue $ 8,647 $ 13,220 $ 38,372 $ 43,357
Gross profit 686 4,407 8,469 14,410
Selling, engineering and administrative expenses 4,072 5,020 17,806 16,924
Asset impairment 2,260 2,260
Loss from operations (5,646) (613) (11,597) (2,514)
Interest income, net 7 24 62 171
Other income (expense), net (81) 238 6 2,176
Loss before income tax benefit (5,720) (351) (11,529) (167)
Income tax benefit 767 1,002
Net income (loss) $ (5,720) $ 416 $ (11,529) $ 835
Net income (loss) per share:
Basic $ (0.17) $ 0.01 $ (0.35) $ 0.03
Diluted $ (0.17) $ 0.01 $ (0.35) $ 0.02
Weighted average common shares outstanding:
Basic 33,721 32,889 33,407 32,770
Diluted 33,721 35,199 33,407 35,081
iGo, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(000’s)
(unaudited)
December 31, December 31,
2011 2010
ASSETS
Cash and cash equivalents $ 10,290 $ 9,942
Short-term investments 4,890 14,532
Accounts receivable, net 5,813 8,620
Inventories 11,177 10,307
Prepaid expenses and other current assets 540 460
Total current assets 32,710 43,861
Other assets, net 4,568 6,312
Total assets $ 37,278 $ 50,173
LIABILITIES AND EQUITY
Liabilities, excluding deferred revenue $ 5,106 $ 6,037
Deferred revenue 1,305 1,838
Total liabilities 6,411 7,875
Total stockholders’ equity 30,867 42,298
Total liabilities and equity $ 37,278 $ 50,173
CONTACT: Tony Rossi
         Financial Profiles
         310-478-2700 x13
         trossi@finprofiles.com
Tuesday, March 27th, 2012 Uncategorized Comments Off on iGo (IGOI) Reports Fourth Quarter 2011 Financial Results

Vermillion (VRML) Reports Fourth Quarter and Full Year 2011 Results

AUSTIN, Texas, March 27, 2012 /PRNewswire/ — Vermillion, Inc. (NASDAQ: VRML), a leading molecular diagnostics company, reported financial and operational results for the fourth quarter and full year ended December 31, 2011.

Q4 and Full Year 2011 Operational Highlights

  • In 2011, the test volume of OVA1®, the company’s flagship diagnostic designed to help differentiate benign from malignant ovarian masses, increased 147% to 15,225. In Q4, test volume increased 40% over the same year-ago quarter to 4,118.
  • In 2011, expanded payer coverage for OVA1 with 10 additional independent Blue Cross Blue Shield plans, which brought the total to 22 by the end of the year. Collectively, OVA1 had coverage with approximately 82 million insured lives as of December 31, 2011.
  • During 2011, the company successfully used a variety of channels to educate physicians on the utility and benefits of OVA1. The company’s base of key opinion leaders that support OVA1 increased to more than 275, with a group of over 30 industry experts who presented at more than 90 medical education events during 2011.
  • In December, completed the purchase of substantially all of the assets associated with the ovarian cancer diagnostics business of Correlogic Systems, including more than 1,800 prospectively collected diagnostic samples from ovarian tumor studies, three biomarker-related pending U.S. patents, proprietary software and other intellectual property. The company is currently using these assets to advance its ovarian cancer franchise, including the development of OVA2™, its next-generation ovarian cancer test.
  • In 2011, strengthened the company’s patent portfolio with nine notices of allowance for patents (one added in Q4), including breast cancer biomarkers, ovarian cancer, lung cancer, Alzheimer’s disease, and five biomarker patents related to PAD.
  • In October, released positive top-line data from an intended use clinical study of the company’s peripheral artery disease (PAD) development program.

Q4 and Full Year 2011 Financial Highlights

Total revenues in the fourth quarter of 2011 increased 152% to $868,000 from $345,000 in the same year-ago quarter. Revenues in the fourth quarter of 2011 included $755,000 from product sales of OVA1 and $113,000 of license revenue related to the company’s achievement of certain milestones under its amended strategic alliance agreement with Quest Diagnostics.

Revenue in the fourth quarter of 2011 included $206,000 of product revenue from 4,118 OVA1 tests performed at the fixed $50 per test, and $549,000 for the variable 33% royalty from 11,708 OVA1 tests reported by Quest Diagnostics as resolved in 2011. The resolved volume includes both reimbursed and unreimbursed tests for which the payment status was considered final by Quest Diagnostics as of December 31, 2011. Tests that do not yet have a final resolution for 2011 will be included in our 2012 annual royalty report.

For the year ended December 31, 2010, the company reported $159,000 in revenue from the 33% variable royalty that represents 2,814 OVA1 tests reported by Quest Diagnostics as resolved in 2010. The resolved amount includes both reimbursed and unreimbursed tests for which the payment status was considered final by Quest Diagnostics as of December 31, 2010. This amount was reported to Vermillion and recorded in the first quarter of 2011.

Total revenues for the full year 2011 increased 64% to $1.9 million from $1.2 million in 2010. Revenues in 2011 included $1.5 million from product sales of OVA1 and $454,000 of license revenue. Product sales of OVA1 in 2011 include $761,000 from 15,225 OVA1 tests performed at the fixed $50 per test, $549,000 for the 33% royalty reported by Quest Diagnostics for 2011, and $159,000 for the 33% royalties reported by Quest Diagnostics for 2010. The 2010 royalty was reported to the company and recorded in the first quarter of 2011.

Total operating expenses decreased in the fourth quarter of 2011 to $3.9 million from $4.5 million in the same period a year ago. Operating expenses in the fourth quarter of 2011 included $314,000 in non-cash stock-based compensation, as compared to $1.6 million in the same year-ago quarter. Total operating expenses increased in 2011 to $19.4 million from $15.7 million in 2010. Operating expenses in 2011 included $3.3 million in non-cash stock-based compensation, as compared to $4.9 million in 2010. The annual increase was due primarily to increased average headcount in sales and marketing and related costs, higher clinical trial and collaboration costs for the ongoing development of the company’s ovarian cancer program and VASCLIR®, as well as an increase in legal fees including those associated with the company’s MAS litigation. Research and development expenses for 2011 also included $435,000 for the Correlogic asset acquisition.

Net loss for the fourth quarter was $3.1 million or $(0.21) per share, as compared to $4.0 million or $(0.38) per share in the same year-ago quarter. Net loss for 2010 included $8.6 million in reorganization items and $4.4 million in gains resulting from the exercise and fair value revaluation of common stock warrants. Net loss for 2011 was $17.8 million or $(1.25) per share, as compared to $19.0 million or $(1.83) per share in 2010.

As of December 31, 2011, the company’s cash and cash equivalents totaled $22.5 million. The company used $5.0 million in cash from operations during the fourth quarter, including $435,000 for the Correlogic asset acquisition.

Management Commentary

“2011 showed substantial expansion in OVA1 tests usage leading to another year of revenue growth for Vermillion,” said Gail S. Page, the company’s president and chief executive officer. “In fact, more than 3,700 or 11% of the nation’s gynecologists — the professionals who help define the standard of care for women with ovarian cancer — ordered OVA1 in 2011. The specialist sub-group of gynecologic oncologists supporting OVA1 also grew by 24 in the fourth quarter, bringing the total to more than 275. Given the relatively short period of time this test has been on the market, this represents strong traction and increasing brand awareness within the gynecologist community. This strong progress was matched by increased OVA1 payer coverage in 2011 and the addition of the Department of Defense payer coverage in January 2012.

“The recent approval of a Category 1 CPT code for OVA1 represents a major step towards broader commercial adoption. This approval was supported by peer-reviewed publications and positive coverage decisions, including Medicare. We expect OVA1’s unique CPT code to increase OVA1 test volumes, since it will help streamline claims processing and accelerate further coverage and adoption by private payers. While certainly a major achievement for OVA1, it is also a significant endorsement of the unmet clinical need addressed by this important triage test.

“Since improving payer coverage and reimbursement for OVA1 remains our key strategic initiative in 2012, we are continuing to work closely with our partner, Quest Diagnostics, and our territory development managers to both engage with physician offices during the claims process and as well as better educate payers. We believe this two-pronged approach ultimately drives more favorable coverage decisions. We also recently launched a program to encourage local key opinion leaders to work with regional insurance providers and support coverage of OVA1.

“These comprehensive efforts have resulted in OVA1 payer coverage recently being added by Wellmark in South Dakota and Iowa, bringing the total number of independent BlueCross BlueShield plans to 24 or coverage for approximately 38 million lives. Including Medicare and other regional plans, we estimate total coverage for OVA1 currently exceeds 85 million lives. Additionally, the Department of Defense added OVA1 to their contract effective January of this year, giving more than 45 military medical centers in the U.S. and numerous military medical clinics and facilities around the world access to OVA1 for the first time.

“The restructuring program we announced at the beginning of the year is continuing on track. With this program in place, we are focusing on our major 2012 objectives on further commercializing OVA1, advancing the development pipeline and exploring potential partnerships.”

About Vermillion and OVA1

Vermillion, Inc. (NASDAQ: VRML) is dedicated to the discovery, development and commercialization of novel high-value diagnostic tests that help physicians diagnose, treat and improve outcomes for patients. Vermillion, along with its prestigious scientific collaborators, has diagnostic programs in oncology, cardiology and women’s health. As the first protein-based, In Vitro Diagnostic Multi-Variate Index Assay (IVDMIA) cleared by the FDA, OVA1 represents a new class of software-based diagnostics. Additional information about Vermillion can be found at www.vermillion.com.

Forward-Looking Statement

Certain matters discussed in this press release contain forward-looking statements that involve significant risks and uncertainties, including statements regarding Vermillion’s plans, objectives, expectations and intentions. These forward-looking statements are based on Vermillion’s current expectations. The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for such forward-looking statements. In order to comply with the terms of the safe harbor, Vermillion notes that a variety of factors could cause actual results and experience to differ materially from the anticipated results or other expectations expressed in such forward-looking statements. Factors that could cause actual results to materially differ include but are not limited to: (1) uncertainty as to Vermillion’s ability to protect and promote its proprietary technology; (2) Vermillion’s lack of a lengthy track record successfully developing and commercializing diagnostic products; (3) uncertainty as to whether Vermillion will be able to obtain any required regulatory approval of its future diagnostic products; (4) uncertainty of the size of market for its existing diagnostic tests or future diagnostic products, including the risk that its products will not be competitive with products offered by other companies, or that users will not be entitled to receive adequate reimbursement for its products from third party payors such as private insurance companies and government insurance plans; (5) uncertainty that Vermillion has sufficient cash resources to fully commercialize its tests and continue as a going concern; (6) uncertainty whether the trading in Vermillion’s stock will become significantly less liquid; and (7) other factors that might be described from time to time in Vermillion’s filings with the Securities and Exchange Commission. All information in this press release is as of the date of this report, and Vermillion expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statements to reflect any change in Vermillion’s expectations or any change in events, conditions or circumstances on which any such statement is based, unless required by law.

This release should be read in conjunction with the consolidated financial statements and notes thereto included in Vermillion’s most recent reports on Form 10-K and Form 10-Q. Copies are available through the SEC’s Electronic Data Gathering Analysis and Retrieval system (EDGAR) at www.sec.gov.

Investor Relations:
Liolios Group, Inc.
Ron Both
Tel 949-574-3860
info@liolios.com

Vermillion, Inc.

Consolidated Balance Sheets

(Amounts in Thousands, Except Share and Par Value Amounts)

(Unaudited)

December 31,

2011

2010

Assets

Current assets:

Cash and cash equivalents

$ 22,477

$ 22,914

Accounts receivable

99

136

Prepaid expenses and other current assets

317

779

Total current assets

22,893

23,829

Property and equipment, net

216

194

Other assets

2

12

Total assets

$ 23,111

$ 24,035

Liabilities and Stockholders’ Equity

Current liabilities:

Accounts payable

$ 1,331

$ 998

Accrued liabilities

2,592

3,056

Short-term debt

7,000

Convertible senior notes

5,000

Deferred revenue

553

1,049

Total current liabilities

11,476

10,103

Non-current liabilities:

Long-term debt

7,000

Warrant liability

378

Long-term deferred revenue

1,224

1,679

Other liabilities

52

259

Total liabilities

12,752

19,419

Commitments and contingencies

Stockholders’ equity:

Preferred stock, $0.001 par value, 5,000,000 shares authorized, none issued and outstanding at December 31, 2011 and 2010

Common stock, $0.001 par value, 150,000,000 shares authorized; 14,900,831 and 10,657,564 shares issued and outstanding at December 31, 2011 and 2010, respectively

15

11

Additional paid-in capital

326,796

303,270

Accumulated deficit

(316,299)

(298,509)

Accumulated other comprehensive loss

(153)

(156)

Total stockholders’ equity

10,359

4,616

Total liabilities and stockholders’ equity

$ 23,111

$ 24,035

Vermillion, Inc.

Consolidated Statements of Operations

(Amounts in Thousands, Except Share and Per Share Amounts)

(Unaudited)

Three months ended December 31,

Year Ended December 31,

2011

2010

2011

2010

Revenue:

Product

$ 755

$ 149

$ 1,469

$ 308

License

113

196

454

867

Total revenue

868

345

1,923

1,175

Cost of revenue:

Product

24

63

129

88

Total cost of revenue

24

63

129

88

Gross profit

844

282

1,794

1,087

Operating expenses:

Research and development(1)

1,168

1,051

5,387

3,848

Sales and marketing(2)

1,219

1,106

5,539

2,857

General and administrative(3)

1,527

2,380

8,509

8,984

Total operating expenses

3,914

4,537

19,435

15,689

Loss from Operations

(3,070)

(4,255)

(17,641)

(14,602)

Interest income

9

15

64

40

Interest expense

(66)

(116)

(396)

(491)

Gain on investments in auction rate securities

58

Change in fair value and gain from exercise of warrants, net

4

(74)

378

4,353

Debt conversion costs

(141)

Reorganization items

(22)

(36)

(96)

(1,677)

Reorganization items – related party incentive plan

(6,932)

Other income (expense), net

10

452

(99)

358

Loss before income taxes

(3,135)

(4,014)

(17,790)

(19,034)

Income tax benefit (expense)

Net loss

$ (3,135)

$ (4,014)

$ (17,790)

$ (19,034)

Loss per share – basic and diluted

$ (0.21)

$ (0.38)

$ (1.25)

$ (1.83)

Shares used to compute basic and diluted loss per common share

14,866,848

10,572,942

14,249,570

10,404,741

Non-cash stock-based compensation expense included in operating expenses:

(1) Research and development

$ 96

$ 204

$ 686

$ 992

(2) Sales and marketing

36

26

158

77

(3) General and administrative

182

1,321

2,446

3,868

Tuesday, March 27th, 2012 Uncategorized Comments Off on Vermillion (VRML) Reports Fourth Quarter and Full Year 2011 Results

China Shen Zhou (SHZ) Receives Initial $5 Million from Issuance of Preferred Stock to Institutional Investors

BEIJING, March 27, 2012 /PRNewswire-Asia-FirstCall/ — China Shen Zhou Mining & Resources, Inc. (China Shen Zhou, or the Company) (NYSE Amex: SHZ), a company engaged in the exploration, development, mining and processing of fluorite, barite, zinc, copper, and other nonferrous metals in China, today announced that the company completed the initial closing of the previously announced offering of Series A Convertible Preferred Stock of the Company on Monday, March 26, 2012. The initial gross proceeds of the transaction were $5.0 million.

At the initial closing, the company issued 5,000 shares of Series A Convertible Preferred Stock and warrants to purchase 1,960,785 shares of common stock of the company. The company also issued a warrant to purchase 392,157 shares of common stock of the company to the placement agent.

Ms. Xiaojing Yu, CEO of China Shen Zhou, commented, “China Shen Zhou’s long-term growth strategy is largely driven by acquisition of high value assets in the non-ferrous material market segment, including fluorite mines and processing plants. This transaction will enable us to finance several recent purchases, as well as implement necessary infrastructure upgrades in order drive sales expansion in existing segments and enter new value-added market segments, like barite processing.”

The securities described above are being offered by the Company pursuant to a registration statement previously filed and declared effective by the Securities and Exchange Commission (the “SEC”). A prospectus supplement related to the preferred stock and warrant offering will be filed with the SEC. The securities may be offered only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement. Copies of the final prospectus supplement and accompanying base prospectus may be obtained at the SEC’s website at www.sec.gov.

This press release is neither an offer to sell nor a solicitation of an offer to buy any of the Company’s securities. No offer, solicitation, or sale will be made in any jurisdiction in which such offer, solicitation, or sale is unlawful. The terms and conditions of the transactions described in this press release are qualified in their entirety by reference to the transaction documents, which have been filed with the Securities and Exchange Commission on Form 8-K.

About China Shen Zhou Mining & Resources, Inc.

China Shen Zhou Mining & Resources, Inc., through its subsidiaries, is engaged in the exploration, development, mining, and processing of fluorite, barite and nonferrous metals such as zinc, lead and copper in China. The Company has the following principal areas of interest in China: (a) fluorite extraction and processing in the Sumochaganaobao region of Inner Mongolia; (b)fluorite and barite extraction and processing in the Wuchuan County of Guizhou province (c)fluorite and barite extraction and processing in the Yanhe County of Guizhou province.(d)fluorite extraction and processing in Jingde County, Anhui Province; (e) zinc/copper/lead processing in Wulatehouqi of Inner Mongolia; and (f) zinc/copper exploration, mining and processing in Xinjiang.

For more information, please visit http://www.chinaszmg.com/.

Safe Harbor Statement

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

Contact Information

Min Liu
Investor Relations
Grayling
Tel: +1-646-284-9413
min.liu@grayling.com

Tuesday, March 27th, 2012 Uncategorized Comments Off on China Shen Zhou (SHZ) Receives Initial $5 Million from Issuance of Preferred Stock to Institutional Investors

GlobalWise (GWIV) Announces Channel Sales Partnership With B2B Computer Products

COLUMBUS, OH — (Marketwire) — 03/27/12 — GlobalWise Investments, Inc. (OTCBB: GWIV) (OTCQB: GWIV) (www.GlobalWiseInvestments.com) and its wholly owned subsidiary Intellinetics, Inc., a leading-edge technology company focused on the design, implementation and management of cloud-based Enterprise Content Management (“ECM”) systems in both the public and private sectors, today announce a new Channel Sales Partnership contract has been executed with B2B Computer Products, LLC.

B2B Computer Products, LLC (www.b2bcomp.com) is a national business-to-business value-added reseller and service provider of computer hardware and software with over 35 distribution centers throughout the US. They are a client-focused technology provider with proven experience in design, product recommendation and implementation of complex multi-vendor IT solutions. The partnership with Intellinetics will allow B2B Computer to add the cloud-based Intellivue™ ECM software to its vast array of service offerings and better serve its roster of over 24,000 clients.

“B2B Computer is thrilled to add the Intellivue™ suite of software services to our list of business solutions,” stated Rob Ince, Business Development Manager for B2B Computer. “Enterprise Content Management offers a natural extension to the server and storage solutions B2B Computer provides its customers. As a hosted service, Intellivue™ can also complement our Managed Print Service offering by using Multi-Function Device printers for scanning. The shared device approach combined with the efficiency gains inherent in routing documents electronically with the Intellivue™ workflow capability will equate to a quick ROI (Return on Investment) for our clients.”

“B2B Computer is a trusted name in the software and hardware business,” commented William. J. “BJ” Santiago, CEO of GlobalWise. “They have a proven, solid track record with a large client base and can instantly go-to-market with our software offering as a natural extension of what they do every day. Having an affordable, enterprise class software solution to manage unstructured content and documents will be a huge benefit to B2B Computer’s clients. We are actively pursuing multiple new client sales opportunities that have already resulted from this partnership. Each of these opportunities average $40,000 per engagement. We look forward to growing our relationship and supporting B2B Computer in their daily business to acquire new ECM clients.”

About GlobalWise Investments, Inc.

GlobalWise Investments, Inc., via its wholly owned subsidiary Intellinetics, Inc., is a Columbus, Ohio based Enterprise Content Management (ECM) pioneer with industry-leading software that delivers cloud ECM based solutions on-demand. The Company’s flagship platform, Intellivue™, represents a new industry benchmark and game-changing solution by enabling clients to access and manage the content of every scanned document, file, spreadsheet, email, photo, audio file or video tape — virtually anything that can be digitized — in their enterprise from any PC, laptop, tablet or smartphone from anywhere in the world.

For additional information, please visit the Company’s corporate website: www.GlobalWiseInvestments.com

About B2B Computer Products LLC

With a foundation of deep IT industry experience, B2B Computer Products LLC was identified by Inc. magazine as one of the fastest growing businesses of its type in the U.S. in 2009 and 2010, and by Crain’s as one of the largest privately held companies in the Chicago metro area. B2B Computer is a single-source provider of cutting-edge products, manufacturer-certified services, and managed print and managed IT services. As a national business-to-business reseller of IT hardware and software representing hundreds of manufacturers — B2B Computer guarantees a best practice combination of competitively priced customized products and expert services. In addition to its Addison, Illinois headquarters and multiple distribution points, B2B Computer’s offices are in Chicago; New York; Davenport, Iowa; Beavercreek, Ohio; and San Francisco. B2B Computer Products offers a 6-Point Best Service, Best Solutions Guarantee.

For additional information, please visit the Company’s corporate website: www.b2bcomp.com

This press release may contain “forward-looking statements.” Expressions of future goals and similar expressions reflecting something other than historical fact are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements. These forward-looking statements may include, without limitation, statements about our market opportunity, strategies, competition, expected activities and expenditures as we pursue our business plan. Although we believe that the expectations reflected in any forward-looking statements are reasonable, we cannot predict the effect that market conditions, customer acceptance of products, regulatory issues, competitive factors, or other business circumstances and factors described in our filings with the Securities and Exchange Commission may have on our results. The company undertakes no obligation to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this press release.

GlobalWise Investments, Inc.
www.GlobalWiseInvestments.com
614-388-8909
Contact@GlobalWiseInvestments.com

Mission Investor Relations
Atlanta, Georgia
http://www.MissionIR.com
404-941-8975
Investors@MissionIR.com

Tuesday, March 27th, 2012 Uncategorized Comments Off on GlobalWise (GWIV) Announces Channel Sales Partnership With B2B Computer Products

Horizon Pharma (HZNP) Reports Fourth Quarter and Full Year 2011 Financial Results

DEERFIELD, IL — (Marketwire) — 03/23/12 — Horizon Pharma, Inc. (NASDAQ: HZNP) today reported financial results for the fourth quarter and year ended December 31, 2011, and provided an update on recent accomplishments by the Company. The Company ended the year with cash and cash equivalents totaling $18.0 million. Subsequent to the end of the year, in February and March 2012, the Company completed debt and equity offerings raising combined gross proceeds of $110.8 million and net proceeds of $81.7 million after paying fees and repaying outstanding amounts under previous debt facilities. As a result, as of March 16, 2012, the Company had $82.5 million in cash and cash equivalents.

For the year ended December 31, 2011, total revenues increased $4.6 million to $6.9 million compared to the prior year. Net loss for the year ended December 31, 2011, was $113.3 million, or $12.56 per share, compared to a net loss of $27.1 million, or $21.16 per share, in the prior year, with the increase in net loss largely due to a $69.6 million intangible impairment charge recorded during the fourth quarter of 2011 resulting primarily from the decline in the Company’s stock price in that period. Excluding the intangible impairment charge and certain other non-cash expenses, non-GAAP net loss for the year ended December 31, 2011, was $48.5 million, or $5.38 per share, compared to non-GAAP net loss of $39.8 million, or $31.13 per share in the prior year. Horizon provides non-GAAP financial measures, which it believes can enhance an overall understanding of Horizon’s financial performance when considered together with GAAP figures. Refer to the section of this press release below entitled “Note Regarding Use of Non-GAAP Financial Measures” for a full discussion on this subject.

“Since completing our IPO in August of last year, we have transformed the Company into a commercially focused biopharmaceutical organization,” said Timothy P. Walbert, chairman, president and chief executive officer, Horizon Pharma. “We completed the hiring and deployment of the initial stage of our commercial organization and began product shipments of DUEXIS in December. Furthermore, we completed a $60.0 million debt financing and a $50.8 million private equity offering in February and March 2012 to provide the Company with additional capital required to fund the ongoing commercial launch of DUEXIS in the U.S. and to pursue regulatory approval for RAYOS in the U.S. and DUEXIS in Europe.”

Recent Accomplishments

  • Commercial launch of DUEXIS in December 2011 after establishment of initial commercial organization and sales force training in the third and fourth quarters of 2011; held launch meeting for DUEXIS in the U.S. in late January 2012.
  • Completed $60.0 million senior secured loan facility in February 2012, which provided the Company with net proceeds of approximately $34.0 million, after repaying outstanding amounts under previous debt facilities.
  • Completed $50.8 million private placement of common stock and warrants to purchase common stock in March 2012 raising net proceeds of approximately $47.7 million.
  • Announced the out-licensing of LODOTRA in Latin America to Mundipharma.

Fourth Quarter 2011 Financial Results

During the three months ended December 31, 2011, revenues increased $3.5 million compared to the same period in the prior year. The significant increase in revenues in the fourth quarter of 2011 was primarily the result of $2.1 million in higher product sales of LODOTRA in Europe in addition to the recognition of $1.2 million in deferred revenues associated with our distribution agreements.

Cost of goods sold increased $0.7 million during the three months ended December 31, 2011, compared to the same period in 2010, primarily as a result of higher product shipments of LODOTRA.

Research and development expenses decreased $1.0 million during the three months ended December 31, 2011, compared to the same period in 2010. The decrease was due to a reduction in our regulatory and clinical trial expenses, and a reduction in contract manufacturing in support of the regulatory approval of RAYOS.

Sales and marketing expenses increased $10.9 million during the three months ended December 31, 2011, compared to the same period in 2010. The increase was primarily due to hiring 80 field sales representatives and staffing our sales and marketing support functions during 2011, in addition to higher marketing costs associated with product launch and commercialization efforts for DUEXIS in the U.S.

General and administrative expenses decreased $0.1 million during the three months ended December 31, 2011, compared to the same period in 2010, primarily due to lower professional and consulting fees in the current year as a result of internal staffing of our administrative functions during 2011.

During the fourth quarter, the Company recorded an intangible impairment charge of $69.6 million related to its in-process research and development (IPR&D) asset, RAYOS. The Company reviews its intangible assets on an annual basis, or more frequently when events or circumstances may indicate that the carrying value of these assets exceeds its fair value. The Company evaluated its IPR&D asset in relation to its total business enterprise value as a result of the fourth quarter 2011 decline in the market value of the Company’s common stock. Accordingly, the Company recorded an intangible impairment charge of $69.6 million to reflect the fair value of the IPR&D as a component of the total business enterprise value.

Interest expense decreased $0.4 million during the three months ended December 31, 2011, compared to the same period in 2010, primarily as a result of the repayment of a prior debt facility in June 2011.

Foreign exchange loss increased $0.3 million for the three months ended December 31, 2011, compared to the same period in 2010, as a result of an increase in non-Euro denominated transactions for our Horizon Pharma AG subsidiary in addition to a strengthening of the U.S. dollar against the Euro in the fourth quarter of 2011.

Income tax benefit increased $13.4 million during the three months ended December 31, 2011, compared to the same period in 2010, as a result of a reduction in deferred tax assets associated with the IPR&D intangible impairment charge of $69.6 million.

Net loss for the fourth quarter of 2011 was $76.7 million, or $3.92 per share, compared to a net loss of $13.6 million, or $9.09 per share, in the fourth quarter of 2010. On a non-GAAP basis, after excluding the intangible impairment charge and certain other non-cash expenses, net loss for the fourth quarter of 2011 was $19.0 million, or $0.97 per share, compared to a net loss of $11.7 million, or $7.85 per share, in the fourth quarter of 2010.

Full Year 2011 Financial Results

During the year ended December 31, 2011, revenues increased $4.6 million compared to the prior year as a result higher product sales and the recognition of deferred revenues for LODOTRA in Europe. The Company also benefited from a full year of LODOTRA revenues in 2011 as compared to nine months in the prior year following our acquisition of Nitec Pharma AG in April 2010.

Cost of goods sold increased $3.0 million during the year ended December 31, 2011, compared to the prior year primarily as a result of higher LODOTRA sales and due to $1.1 million in additional amortization expense of our developed technology due to the inclusion of full year operating results of Horizon Pharma AG in 2011.

Research and development expenses decreased $2.3 million during the year ended December 31, 2011, compared to the prior year. The decrease was primarily due to a $2.1 million reduction in contract manufacturing and a $2.1 million reduction in regulatory expenses associated with RAYOS, which was partially offset by higher personnel costs of $1.7 million resulting from increased headcount to support DUEXIS development and regulatory activities, and DUEXIS post-marketing requirements.

Sales and Marketing expenses increased $14.8 million during the year ended December 31, 2011, compared to the prior year. The increase was attributable to hiring 80 field sales representatives and staffing our sales and marketing support functions during 2011, $3.2 million in commercialization expense related to the product launch of DUEXIS in December 2011, and $2.4 million in consulting and outside costs associated with pre-commercialization activities for DUEXIS in 2011 compared to the prior year.

General and administrative expenses decreased $3.6 million during the year ended December 31, 2011, compared to the prior year. The decrease in expenses was primarily the result of an approximately $2.3 million reduction in legal and professional fees associated with our acquisition of Nitech Pharma AG in April 2010 and a $1.5 million reduction in legal, consulting and audit related fees incurred during 2010 related to preparation for our initial public offering.

Interest expense increased $3.3 million during the year ended December 31, 2011, compared to the prior year. The increase was primarily due to a $1.9 million write-off of deferred financing fees as a result of the 2011 debt extinguishment in the current year and higher interest expense as a result of a higher borrowing base of debt as compared to the prior year.

Foreign exchange loss increased $0.8 million during the year ended December 31, 2011, compared to the prior year as a result of an increase in non-Euro denominated transactions for our Horizon Pharma AG subsidiary in addition to a strengthening of the U.S dollar against the Euro in 2011.

Horizon recorded a bargain purchase gain of $19.3 million during the year ended December 31, 2010, in connection with the Nitec Pharma AG acquisition resulting from the fair market value of the acquired tangible and intangible assets exceeding the purchase price. There was no similar bargain purchase gain recorded in 2011.

Income tax benefit increased $14.0 million during the year ended December 31, 2011, compared to the prior year as a result of a reduction in deferred tax assets associated with the IPR&D intangible impairment charge of $69.6 million recorded during the fourth quarter of 2011.

Net loss for the year ended December 31, 2011, was $113.3 million, or $12.56 per share, compared to a net loss of $27.1 million, or $21.16 per share, for the year ended December 31, 2010. On a non-GAAP basis, after excluding the bargain purchase gain in 2010, the intangible impairment charge in 2011, and certain other non-cash expenses during both 2010 and 2011, net loss for the year ended December 31, 2011, was $48.5 million, or $5.38 per share, compared to a net loss of $39.8 million, or $31.13 per share, for the year ended December 31, 2010.

Note Regarding Use of Non-GAAP Financial Measures

Horizon provides non-GAAP net income (loss) and net income (loss) per share financial measures that include adjustments to GAAP figures. These adjustments to GAAP involve the exclusion of non-cash items such as stock compensation and depreciation and amortization, and other charges such as the intangible impairment charge the Company recorded in the fourth quarter of 2011 related to its IPR&D asset and the bargain purchase gain the Company recorded in connection with its acquisition of Nitec Pharma AG in 2010. Horizon believes that these non-GAAP financial measures, when considered together with the GAAP figures, can enhance an overall understanding of Horizon’s financial performance. The non-GAAP financial measures are included with the intent of providing investors with a more complete understanding of operational results and trends. In addition, these non-GAAP financial measures are among the indicators Horizon management uses for planning and forecasting purposes and measuring the Company’s performance. These non-GAAP financial measures should be considered in addition to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. The non-GAAP financial measures used by the Company may be calculated differently from, and therefore may not be comparable to, non-GAAP financial measures used by other companies. Please refer to the financial statements portion of this press release for a reconciliation of these non-GAAP financial measures to the comparable GAAP financial measures.

About Horizon Pharma

Horizon Pharma, Inc. is a biopharmaceutical company that is developing and commercializing innovative medicines to target unmet therapeutic needs in arthritis, pain and inflammatory diseases. For more information, please visit www.horizonpharma.com.

Forward-Looking Statements

This press release contains forward-looking statements, including statements regarding the on-going commercial launch of DUEXIS and pursuit of regulatory approval for RAYOS in the U.S. and DUEXIS in Europe. These forward-looking statements are based on management’s expectations and assumptions as of the date of this press release, and actual results may differ materially from those in these forward-looking statements as a result of various factors. These factors include, but are not limited to, risks regarding Horizon’s ability to commercialize products successfully, Horizon’s ability to continue to successfully recruit and retain sales and marketing personnel, and whether RAYOS and/or DUEXIS will be approved for marketing in the U.S. and Europe, respectively. For a further description of these and other risks facing the Company, please see the risk factors described in the Company’s filings with the United States Securities and Exchange Commission, including those factors discussed under the caption “Risk Factors” in those filings. Forward-looking statements speak only as of the date of this press release, and the Company undertakes no obligation to update or revise these statements, except as may be required by law.

                        CONSOLIDATED BALANCE SHEETS
              (in thousands, except share and per share data)

                                                    As of December 31,
                                               ----------------------------
                                                    2011           2010
                                               -------------  -------------
                    ASSETS
CURRENT ASSETS:
  Cash and cash equivalents                    $      17,966  $       5,384
  Restricted cash                                        750            200
  Accounts receivable, net                             2,372            575
  Inventories, net                                     1,195            306
  Prepaid expenses and other current assets            2,763            903
                                               -------------  -------------
    Total current assets                              25,046          7,368
                                               -------------  -------------
Property and equipment, net                            3,245          2,107
Developed technology, net                             35,602         39,990
In-process research and development                   36,638        108,746
Other assets                                             547          3,474
                                               -------------  -------------
TOTAL ASSETS                                   $     101,078  $     161,685
                                               =============  =============

     LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
  Accounts payable                             $       8,170  $       2,514
  Accrued expenses                                     8,926          6,733
  Deferred revenues -- current portion                 3,281          1,845
  Notes payable -- current portion                     3,604          4,220
  Bridge notes payable to related parties                  -         10,000
                                               -------------  -------------
    Total current liabilities                         23,981         25,312
                                               -------------  -------------

LONG-TERM LIABILITIES:
  Notes payable, net of current                       15,834         10,395
  Deferred revenues, net of current                    5,666          4,123
  Deferred tax liabilities, net                        9,561         24,798
  Other long term liabilities                            124              1
                                               -------------  -------------
    Total long-term liabilities                       31,185         39,317
                                               -------------  -------------

COMMITMENTS AND CONTINGENCIES

STOCKHOLDERS' EQUITY:
  Convertible preferred stock, $0.0001 par
   value per share; 0 and 27,400,000 shares
   authorized at December 31, 2011 and 2010,
   respectively; 0 and 24,961,340 shares
   issued and outstanding at December 31, 2011
   and 2010, respectively (Liquidation
   preference: $0 and $177,002 at December 31,
   2011 and 2010, respectively)                            -              2
  Common stock, $0.0001 par value per share;
   200,000,000 and 35,400,000 shares
   authorized at December 31, 2011 and 2010,
   respectively; 19,627,744 and 1,490,551
   shares issued and outstanding at December
   31, 2011 and 2010, respectively                         2              -
  Additional paid-in capital                         270,015        206,336
  Accumulated other comprehensive loss                (3,788)        (2,230)
  Accumulated deficit                               (220,317)      (107,052)
                                               -------------  -------------
    Total stockholders' equity                        45,912         97,056
                                               -------------  -------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY     $     101,078  $     161,685
                                               =============  =============

                   CONSOLIDATED STATEMENTS OF OPERATIONS
              (in thousands, except share and per share data)

                            Three Months Ended        Twelve Months Ended
                               December 31,              December 31,
                         ------------------------  ------------------------
                             2011         2010         2011         2010
                         -----------  -----------  -----------  -----------
                                (Unaudited)
Revenues
Sales of goods           $     3,483  $        30  $     6,773  $     2,376
Contract revenue                  55            -          166            -
                         -----------  -----------  -----------  -----------
    Gross revenues             3,538           30        6,939        2,376
Sales discounts and
 allowances                      (12)           -          (12)           -
                         -----------  -----------  -----------  -----------
    Net revenues               3,526           30        6,927        2,376
                         -----------  -----------  -----------  -----------

Cost of goods sold             2,075        1,393        7,267        4,263
                         -----------  -----------  -----------  -----------
Gross profit (loss)            1,451       (1,363)        (340)      (1,887)
Operating Expenses
  Research and
   development                 3,822        4,835       15,358       17,697
  Sales and marketing         12,888        1,949       20,314        5,558
  General and
   administrative              4,368        4,424       15,008       18,612
  Intangible impairment
   charge                     69,621            -       69,621            -
                         -----------  -----------  -----------  -----------
    Total operating
     expenses                 90,699       11,208      120,301       41,867
                         -----------  -----------  -----------  -----------
Loss from operations         (89,248)     (12,571)    (120,641)     (43,754)
Interest expense, net           (819)      (1,197)      (6,284)      (3,024)
Bargain purchase gain              -            -            -       19,326
Foreign exchange loss           (798)        (475)      (1,023)        (273)
                         -----------  -----------  -----------  -----------
Loss before income tax
 benefit                     (90,865)     (14,243)    (127,948)     (27,725)
Income tax benefit           (14,138)        (689)     (14,683)        (660)
                         -----------  -----------  -----------  -----------
Net loss                 $   (76,727) $   (13,554) $  (113,265) $   (27,065)
                         ===========  ===========  ===========  ===========
Net loss per share -
 basic and diluted       $     (3.92) $     (9.09) $    (12.56) $    (21.16)
                         -----------  -----------  -----------  -----------
Weighted average shares
 outstanding used in
 calculating net loss
 per share - basic and
 diluted                  19,568,131    1,490,551    9,014,968    1,279,133
                         -----------  -----------  -----------  -----------

             RECONCILIATION OF GAAP NET LOSS TO NON-GAAP NET LOSS
              (in thousands, except share and per share amounts)
                                (Unaudited)

                            Three Months Ended        Twelve Months Ended
                               December 31,              December 31,
                         ------------------------  ------------------------
                             2011         2010         2011         2010
                         -----------  -----------  -----------  -----------

GAAP Net Loss            $   (76,727) $   (13,554) $  (113,265) $   (27,065)
Non-GAAP Adjustments
 (net of tax effect):
  Intangible impairment
   charge                     56,199            -       56,199            -
  Bargain purchase gain            -            -            -      (19,326)
  Amortization of
   developed technology          730          729        3,012        2,460
  Stock based
   compensation                  703          540        2,530        2,574
  Depreciation and
   amortization                  141           84          446          237
  Imputed interest on
   convertible notes               -          252          919          471
  Debt extinguishment
   loss                            -            -        1,334            -
  Debt discount expense           55          248          485          826
  Amortization of
   deferred revenue              (55)           -         (167)           -
                         -----------  -----------  -----------  -----------
    Total of non-GAAP
     adjustments              57,773        1,853       64,758      (12,758)
                         -----------  -----------  -----------  -----------
Non-GAAP Net Loss        $   (18,954) $   (11,701) $   (48,507) $   (39,823)
                         ===========  ===========  ===========  ===========

Weighted average shares
 - basic and diluted      19,568,131    1,490,551    9,014,968    1,279,133

GAAP net loss per common
 share - basic and
 diluted                 $     (3.92) $     (9.09) $    (12.56) $    (21.16)
  Non-GAAP adjustments
   detailed above               2.95         1.24         7.18        (9.97)
                         -----------  -----------  -----------  -----------
Non-GAAP net loss per
 common share - basic
 and diluted             $     (0.97) $     (7.85) $     (5.38) $    (31.13)
                         ===========  ===========  ===========  ===========

                   CONSOLIDATED STATEMENTS OF CASH FLOWS
                               (in thousands)

                                                      Twelve Months Ended
                                                         December 31,
                                                   ------------------------
                                                       2011         2010
                                                   -----------  -----------

CASH FLOWS FROM OPERATING ACTIVITIES:
  Net loss                                         $  (113,265) $   (27,065)
Adjustments to reconcile net loss to net cash used
 in operating activities:
    Depreciation and amortization expense                4,199        2,973
    Stock-based compensation                             2,530        2,574
    Intangible impairment charge                        69,621            -
    Loss from debt extinguishment                        1,977            -
    Amortization of interest payment on notes
     payable                                               246          140
    Amortization of debt discount                          485          826
    Foreign exchange loss                                1,023          273
    Loss on disposal of assets                               -           42
    Bargain purchase gain                                    -      (19,326)
    Changes in operating assets and liabilities:
      Accounts receivable                               (1,817)        (516)
      Inventory                                           (923)       1,010
      Prepaid expenses and current assets               (1,897)         551
      Other assets and liabilities                         (36)        (500)
      Accounts payable                                   5,643       (1,137)
      Accrued expenses                                   3,215       (2,404)
      Deferred revenues                                  3,237        5,734
      Deferred tax liabilities                         (15,778)        (708)
                                                   -----------  -----------
Net cash used in operating activities                  (41,540)     (37,532)
                                                   -----------  -----------

CASH FLOWS FROM INVESTING ACTIVITIES:
  Purchases of property and equipment                   (1,604)        (714)
  Increase in restricted cash                             (550)        (200)
  Acquisition of Nitec Pharma AG, net of cash
   acquired                                                  -        6,489
                                                   -----------  -----------
Net cash (used in) provided by investing
 activities                                             (2,154)       5,575
                                                   -----------  -----------

CASH FLOWS FROM FINANCING ACTIVITIES:
  Proceeds from issuance of common stock in
   initial public offering, net of underwriting
   fees and issuance costs                              44,678            -
  Proceeds from issuance of bridge notes payable
   to related parties                                    6,766       10,000
  Proceeds from issuance of convertible preferred
   stock, net of issuance costs                              -       20,683
  Proceeds from the issuance of notes payable           16,651       11,960
  Proceeds from the issuance of common stock               124            -
  Deferred financing expenses                                -       (1,902)
  Repayment of notes payable                           (13,067)     (10,981)
                                                   -----------  -----------
Net cash provided by financing activities               55,152       29,760
                                                   -----------  -----------

Effect of foreign exchange rate changes on cash          1,124          421

NET INCREASE (DECREASE) IN CASH AND CASH
 EQUIVALENTS                                            12,582       (1,776)
CASH AND CASH EQUIVALENTS, beginning of the year         5,384        7,160
                                                   -----------  -----------
CASH AND CASH EQUIVALENTS, end of the year         $    17,966  $     5,384
                                                   ===========  ===========
Friday, March 23rd, 2012 Uncategorized Comments Off on Horizon Pharma (HZNP) Reports Fourth Quarter and Full Year 2011 Financial Results

Swisher Hygiene (SWSH) Acquires Certain Assets of Environmental Biotech

CHARLOTTE, N.C., March 23, 2012 (GLOBE NEWSWIRE) — Swisher Hygiene Inc. (“Swisher Hygiene”) (Nasdaq:SWSH) (TSX:SWI), a leading provider of essential hygiene and sanitation products and services, today announced that it has acquired the route operations and certain other assets of CSC OPS, LLC (d/b/a Environmental Biotech) (“Environmental Biotech”), a drainline maintenance products and services company.

Environmental Biotech is a global product and service provider delivering environmentally appropriate green solutions to drainage, odor and waste water problems for business, commercial and municipal entities. As part of the transaction, Environmental Biotech will retain its manufacturing, franchise and related support operations and become a supplier of Swisher Hygiene.

“In the foodservice industry, it is critical to ensure that drain lines are clean and flowing properly in order to prevent costly and unsanitary back-ups and clogged drains,” said Steven R. Berrard, Chief Executive Officer of Swisher Hygiene. “Today’s acquisition provides Swisher Hygiene with another opportunity to cross-sell our full suite of products and services to existing and potentially new customers.”

In addition, Swisher Hygiene also announced the acquisition of certain assets of Green on Whites, Inc. (“Green on Whites”), a South Florida-based linen services company. Green on Whites provides linen and facilities rental services to foodservice and hospitality customers in the greater Miami market.

“Our South Florida operations have expanded considerably in the last year through acquisitions and especially organic growth, which has led us to be at near capacity at our current facility in the region,” said Mr. Berrard. “Through this acquisition, we have secured a larger platform which will enable us to further grow our linen services presence in South Florida.”

Total consideration paid by Swisher Hygiene in connection with the acquisitions includes approximately $371,000 in cash, the assumption of certain liabilities and the issuance of a convertible promissory note which may be converted into a maximum of 77,495 shares of Swisher Hygiene common stock subject to certain restrictions, including acceptance by the Toronto Stock Exchange.

Cautionary Statement on Forward-Looking Information

All statements, other than statements of historical fact, contained in this news release, including any information as to the future financial or operating performance of Swisher Hygiene, constitute “forward-looking information” or “forward-looking statements” within the meaning of the U.S. federal securities laws and the Securities Act (Ontario) and are based on the expectations, estimates and projections of management as of the date of this news release unless otherwise stated. All statements other than historical facts are, or may be, deemed to be forward looking statements. The words “plans,” “expects,” “is expected,” “scheduled,” “estimates,” or “believes,” or similar words or variations of such words and phrases or statements that certain actions, events or results “may,” “could,” “would,” “might,” or “will be taken,” “occur,” and similar expressions identify forward-looking statements.

Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by Swisher Hygiene as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. The estimates and assumptions of Swisher Hygiene contained in this news release, which may prove to be incorrect, include but are not limited to, the various assumptions set forth herein as well as the accuracy of management’s assessment of the effects of the successful completion and integration of the acquisitions. All of these assumptions have been derived from information currently available to Swisher Hygiene including information obtained by Swisher Hygiene from third-party sources. These assumptions may prove to be incorrect in whole or in part. All of the forward-looking statements made in this news release are qualified by the above cautionary statements and those made in the “Risk Factors” section of Swisher Hygiene’s Annual Report on Form 10-K for the year ended December 31, 2010, Quarterly Report on Form 10-Q for the quarter ended September 30, 2011 and the registration statement on Form S-3 each filed with the Securities and Exchange Commission, available on www.sec.gov, and with Canadian securities regulators available on Swisher Hygiene’s SEDAR profile at www.sedar.com, and Swisher Hygiene’s other filings with the Securities and Exchange Commission and with Canadian securities regulators available on Swisher Hygiene’s SEDAR profile at www.sedar.com. The forward-looking information set forth in this news release is subject to various assumptions, risks, uncertainties and other factors that are difficult to predict and which could cause actual results to differ materially from those expressed or implied in the forward-looking information.

Swisher Hygiene disclaims any intention or obligation to update or revise any forward-looking statements to reflect subsequent events and circumstances, except to the extent required by applicable law.

About Swisher Hygiene Inc.

Swisher Hygiene Inc. is a NASDAQ and TSX listed company that provides essential hygiene and sanitation solutions to customers throughout much of North America and internationally through its global network of company-owned operations, franchises and master licensees operating in countries across Europe and Asia. These essential solutions include cleaning and sanitizing chemicals, foodservice and laundry products, restroom hygiene programs and a full range of related products and services. The company’s most recent program enhancement is its introduction of solid waste management services to commercial and residential customers in selected markets. Together, this broad set of offerings is designed to promote superior cleanliness and sanitation in all commercial environments from door to dumpster, enhancing the safety, satisfaction and well-being of employees and patrons. Swisher Hygiene’s customers include a wide range of commercial enterprises, with a particular emphasis on the foodservice, hospitality, retail, industrial and healthcare industries.

CONTACT: Swisher Hygiene Inc.

         Investor Contact:
         Amy Simpson
         Phone: (704) 602-7116

         Garrett Edson, ICR
         Phone: (203) 682-8331

         Media Contact:
         Alecia Pulman, ICR
         Phone: (203) 682-8224
Friday, March 23rd, 2012 Uncategorized Comments Off on Swisher Hygiene (SWSH) Acquires Certain Assets of Environmental Biotech

Wowjoint Holdings Limited (BWOW) Announces Commencement of Exchange Offer for Outstanding Warrants

BEIJING, March 23, 2012 /PRNewswire-Asia/ — Wowjoint Holdings Limited (NASDAQ: BWOW, BWOWW and BWOWU) (“Wowjoint” or the “Company”), China’s innovative infrastructure solutions provider of customized heavy duty lifting and carrying machinery, announced today that it has commenced an exchange offer (the “Offer”) for its 7,700,642 outstanding warrants (the “Warrants”).

In connection with the Offer, the Company will exchange one ordinary share for every 15.9 Warrants tendered. The Offer will be open for at least twenty business days starting on March 22, 2012 and is scheduled to expire on April 19, 2012, at 5:00 pm Eastern Time. The terms and conditions of the Offer are set forth in the documentation to be distributed to holders of the Warrants. To participate in the Offer, holders must tender their Warrants in accordance with the instructions included in the Offer materials, no later than 5:00 pm Eastern Time on April 18, 2012.

The Warrants are comprised of 7,264,756 warrants outstanding as of March 19, 2012 and 435,886 warrants to be issued as a result of the payment of a special dividend by Wowjoint to its shareholders, which was previously announced on March 21, 2012. The Company will issue up to 484,317 ordinary shares in exchange for the Warrants. Assuming all of the Warrants are tendered, the Company expects to have approximately 8,862,474 ordinary shares issued and outstanding subsequent to the completion of the Offer and the payment of the special dividend.

“We’re happy to announce this exchange offer to our warrant holders,” stated Yabin Liu, Chief Executive Officer of Wowjoint. “We appreciate the support our warrant holders have provided to us since we became public almost two years ago. This event, in addition to the special stock dividend we are providing to our shareholders, demonstrates our confidence in the Company’s future and should provide for a solid capitalization structure as we move forward.”

A copy of the exchange offer materials may be obtained from Georgeson, Inc. the information agent for the Offer. Please contact Georgeson, Inc. with any questions regarding the Offer at (212) 440-9800 (banks and brokers), (866) 767-8986 (toll-free) or BWOW@Georgeson.com.

This announcement is for informational purposes only and does not constitute an offer to purchase nor a solicitation of an offer to tender any Warrants. The solicitation of offers to tender Warrants in exchange for shares has been made pursuant to the Offer to Exchange filed with the SEC (as may be amended or supplemented) on March 22, 2012, the related Letter of Transmittal and other related documents that Wowjoint is sending to its Warrant holders. The exchange offer materials contain important information that should be read carefully before any decision is made with respect to the exchange offer. Those materials are being distributed by Wowjoint to its Warrant holders at no expense to them. In addition, all of those materials (and all other offer documents filed with the SEC) are available at no charge on the SEC’s website at www.sec.gov and from the information agent.

About Wowjoint Holdings Limited

Wowjoint is a leading provider of customized heavy duty lifting and carrying machinery used in large scale infrastructure projects such as railway, highway and bridge construction. Wowjoint’s main product lines include launching gantries, tyre trolleys, special carriers and marine hoists. The Company’s innovative design capabilities have resulted in patent grants and proprietary products. Wowjoint believes it is well-positioned to benefit directly from China’s rapid infrastructure development by leveraging its extensive operational experience and long-term relationships with established blue chip customers. Information on Wowjoint’s products and other relevant information are available on its website at http://www.wowjoint.com.

Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions are intended to identify such forward-looking statements. Forward-looking statements in this press release include matters that involve known and unknown risks, uncertainties and other factors that may cause actual results, levels of activity, performance or achievements to differ materially from results expressed or implied by this press release. Wowjoint undertakes no obligation and does not intend to update these forward-looking statements to reflect events or circumstances occurring after the date of this communication. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this communication. All forward-looking statements are qualified in their entirety by this cautionary statement. All subsequent written and oral forward-looking statements concerning Wowjoint or other matters and attributable to Wowjoint or any person acting on their behalf are expressly qualified in their entirety by the cautionary statements above. Wowjoint does not undertake any obligation to update any forward-looking statement, whether written or oral, relating to the matters discussed in this news release.

For additional information contact:

Wowjoint Holdings:

Aubrye Foote, Vice President of Investor Relations
Tel: (530) 475-2793
Email: aubrye@wowjoint.com
Website: www.wowjoint.com

Friday, March 23rd, 2012 Uncategorized Comments Off on Wowjoint Holdings Limited (BWOW) Announces Commencement of Exchange Offer for Outstanding Warrants

Dialogic Inc. (DLGC) Reports Fourth Quarter and Full Year 2011 Financial Results

Dialogic Inc. (NASDAQ:DLGC), a leading provider of communications technologies that power advanced networks, today announced fourth quarter and full year financial results for the period ending December 31, 2011.

Fourth Quarter Highlights

  • Achieved the highest non-GAAP Gross Margins and EBITDA in the company’s history
  • Increased Cash on hand to $10.4 million from $9.0 million
  • Continued momentum in Next-Gen products, most notably with design wins in bandwidth optimization for mobile backhaul to support 3G and 4G networks worldwide

“As we review our financial results for the fourth quarter of 2011 over the third quarter of 2011, we are pleased to report that we increased Total Revenue and Gross Margin while significantly reducing Operating Expense, all of which resulted in $4.4 million of Adjusted EBITDA and added to our cash position at the end of the year,” said Nick Jensen, Dialogic Chairman and Chief Executive Officer.

Financial Results

On a GAAP basis, Dialogic achieved the following financial results for the fourth quarter of 2011 as compared to the third quarter of 2011 and full year 2011 as compared to full year 2010:

  • Total Revenue for the fourth quarter of 2011 was $50.0 million, an increase of 5.5% compared to $47.4 million in the third quarter of 2011. Total revenue in 2011 was $198.1 million, an increase of 10.8% compared to $178.8M in 2010.
  • Gross Margin for the fourth quarter of 2011 was 61.1%, an increase of 130 bps compared to 59.8% in the third quarter of 2011. Gross Margin in 2011 was 59.2% compared to 59.1% in 2010.
  • Operating Expense for the fourth quarter of 2011 was $33.9 million, a decrease of 9.0% compared to $37.3M in the third quarter of 2011. Operating Expense in 2011 was $151.9 million, an increase of 12.7% compared to $134.9 million in 2010.
  • Net Loss attributable to shareholders for the fourth quarter of 2011 was $9.2 million, or $0.29 per share compared to $13.1 million, or $0.42 per share, in the third quarter of 2011, a decrease of 30.0% quarter over quarter. Net Loss attributable to shareholders for 2011 was $54.8 million, or $1.75 per share, compared to $49.7 million for 2010, or $3.67 per share, an increase of 10.1% year over year.
  • Cash on hand for the fourth quarter of 2011 was $10.4 million, an increase of 15.6% compared to $9.0 million in the third quarter of 2011.

As reflected below in the Reconciliation of Condensed Consolidated Statement of Operations Loss to Adjusted EBITDA results, on a non-GAAP basis, Dialogic achieved the following financial results for the fourth quarter of 2011 as compared to the third quarter of 2011:

  • Total Revenue for the fourth quarter of 2011 was $50.4 million, an increase of 5.0% compared to $48.0 million for the third quarter of 2011.
  • Gross Margin for the fourth quarter of 2011 was the highest in company history at 65.8%, an increase of 50 basis points compared to 65.3% for the third quarter of 2011.
  • Operating Expense for the fourth quarter of 2011 was $28.8 million, a decrease of 5.0% compared to $30.3 million for the third quarter of 2011.
  • Adjusted EBITDA for the fourth quarter of 2011 was the highest in company history at $4.4 million, an increase of 340% compared to $1.0 million for the third quarter of 2011.

“Since early 2011, we have been actively focused on reducing costs and have decreased annualized operating expenses by approximately $25 million between the first and fourth quarter of 2011,” said John Hanson, Dialogic Chief Financial Officer. “We continue to evaluate and pursue cost management opportunities by sharpening our focus on outsourcing, strategic sourcing and other key measures that could yield an additional annualized cost savings of $18 – $20 million by the end of the fourth quarter of 2012.”

Debt Restructuring

Dialogic Inc. and certain of its affiliates have entered into an agreement with its primary lender, Tennenbaum Capital Partners, LLC and certain of its affiliates (TCP), to restructure $89.9 million of its current short-term debt into a new three-year long-term note with a maturity date of March 31, 2015. The new note carries an interest rate of 10%, which in 2012 may be paid 5% in cash and 5% with a Payment in Kind (PIK) feature, instead of all cash and thereafter may be paid 5% in cash and 5% with a PIK feature based on certain tests related to the company’s freely available cash. This compares to the prior note that carried a cash interest rate of 15%. The new note will also have no financial covenants until the first quarter of 2013. Furthermore, the primary lender has agreed that $3.1 million in cash interest due in the first quarter of 2012 under the prior facility can be deferred and accrued as debt. Associated with the debt restructuring, Dialogic will also issue 18 million warrants for common stock with an exercise price of $1.00 per share to TCP, subject to shareholder approval.

“We are pleased to have been able to restructure our balance sheet and to materially reduce our future cash interest expense by what we estimate to be at least $9.0 million for the first year in partnership with Tennenbaum Capital Partners,” said Hanson. “We see this as another milestone in the company’s ongoing efforts to optimize financial performance.”

“We have delivered a strong fourth quarter and a solid year both in terms of our financial performance, but also the underlying Next-Gen solutions and services that our customers rely on to scale their business in the face of unprecedented growth in mobile video, data and voice services,” said Jensen. “We believe that we have the right technologies at the right time and that increasing our focus on Next-Gen investments in these key growth areas continues to position us well in the fastest growing mobile markets worldwide, such as bandwidth optimization, session border controllers and video. We recognize that having the right operating structure and the right capital structure are key elements in our ability to create long-term shareholder value.”

Business Outlook for the First Quarter of 2012

Dialogic expects Total Revenue in the first quarter of 2012 to be slightly less than Total Revenues achieved in the fourth quarter of 2011, due to normal seasonality.

Use of Non-GAAP Financial Measures

Some of the measures in this press release are non-GAAP financial measures within the meaning of the SEC Regulation G. Dialogic believes that presenting non-GAAP operating income (loss) is useful to investors, because it describes the operating performance of Dialogic. Dialogic management uses these non-GAAP measures as important indicators of the company’s past performance and in planning and forecasting performance in future periods. Dialogic considers EBITDA, as adjusted, an important measure of its ability to generate cash flows to service debt, fund capital expenditures and fund other corporate investing and financing activities. EBITDA, as adjusted, eliminates the non-cash effect of tangible asset depreciation and amortization of intangible assets and stock-based compensation as well as certain nonrecurring expenses. EBITDA should be considered in addition to, rather than as a substitute for, pre-tax income, net income and cash flows from operating activities. The non-GAAP financial information Dialogic presents may not be comparable to similarly-titled financial measures used by other companies, and investors should not consider non-GAAP financial measures in isolation from, or in substitution for, financial information presented in compliance with GAAP. You are encouraged to review the reconciliation of non-GAAP financial measures to GAAP financial measures included elsewhere in this press release.

In respect of the foregoing, Dialogic provides the following supplemental information to provide additional context for the use and consideration of the non-GAAP financial measures used elsewhere in this press release:

“EBITDA” is defined as earnings before interest, taxes, depreciation and amortization. “Adjusted EBITDA” is defined as EBITDA plus adjustments for nonrecurring items or other adjustments. Adjusted EBITDA includes EBITDA and also non-cash stock compensation expense, purchase price adjustments resulting from the fair value adjustments of the assets and liabilities of Veraz Networks as of October 1, 2010, acquisition and integration related costs, restructuring expenses, SEC inquiry expenses and foreign exchange gains (losses). Dialogic considers Adjusted EBITDA as a key metric in evaluating its financial performance.

Stock-based compensation: These expenses consist of expenses for employee stock options, restricted stock units and employee stock purchases under ASC 718. Dialogic excludes stock-based compensation expenses from our non-GAAP measures primarily because they are non-cash expenses and are also excluded by our lender in the calculation of EBITDA. As Dialogic applies ASC 718, it believes that it is useful to its investors to understand the impact of the application of ASC 718 to its operational performance, liquidity and its ability to invest in research and development and fund acquisitions and capital expenditures. While stock-based compensation expense calculated in accordance with ASC 718 constitutes an ongoing and recurring expense, such expense is excluded from non-GAAP results because it is not an expense that typically requires or will require cash settlement by Dialogic and because such expense is not used by management to assess the core profitability of our business operations. Dialogic further believes these measures are useful to investors in that they allow for greater transparency to certain line items in our financial statements. In addition, excluding this item from various non-GAAP measures better facilitates comparisons to our competitors’ operating results.

SEC inquiry expense: Due to the generally nonrecurring nature and magnitude of expense associated with the SEC inquiry, Dialogic excludes such expenses from its non-GAAP measures primarily because they are not indicative of ongoing operating results. Further, excluding this item from non-GAAP measures facilitates management’s internal comparisons to our historical operating results.

Conference Call Information

Dialogic will hold its fourth quarter earnings conference call at approximately 9:00am Eastern Time on Friday, March 23, 2012. Dialogic will offer a live webcast of the conference call, which will also include forward-looking information. For parties in the United States, call 1-800-860-2442 to access the conference call. International parties can access the call at 412-858-4600. The webcast will be accessible from the “Investor Relations” section of the Dialogic website (www.dialogic.com). The webcast will be archived for a period of 30 days. A telephonic replay of the conference call will also be available one hour after the call and will run for one month. To hear the replay, parties in the United States should call 1-877-344-7529 and enter passcode 10006191#. International parties should call 1-412-317-0088 and enter passcode 10006191#. In addition, Dialogic’s press release will be distributed via Business Wire and posted on the Dialogic website before the conference call begins (DLGC-IR).

About Dialogic

Dialogic (NASDAQ: DLGC) develops products and technologies that enable operators to provide – and subscribers to enjoy – an enhanced mobile experience. Whether our products are used in mobile value-added service solutions or to transform, connect and optimize communications services, Dialogic understands that mobile experience matters. Our technology touches over two billion mobile subscribers a day and our network solutions carry more than 15 billion minutes of traffic per month.

For more information on Dialogic and the communications solutions built on Dialogic® technology, visit www.dialogic.com and www.dialogic.com/showcase. Also, find us on the following social networking sites:

  • Dialogic Exchange Network (DEN)
  • Facebook
  • Twitter
  • LinkedIn
  • Google+
  • YouTube

This press release may contain forward-looking statements regarding future events that involve risks and uncertainties. Readers are cautioned that these forward-looking statements are only predictions and may differ materially from actual future events or results. These forward-looking statements involve risks and uncertainties, as well as assumptions that if they do not fully materialize or prove incorrect, could cause our results to differ materially from those expressed or implied by such forward-looking statements. The risks and uncertainties that could cause our results to differ materially from those expressed or implied by such forward-looking statements include but are not limited to, our level of our indebtedness, the potential market for and market acceptance of our products, industry and competitive market conditions, gross margin expansion, adding working capital, creating new revenue opportunities, reducing operating expenses, including our ability to achieve expected savings in future cash interest expense, intellectual property matters and other risks and uncertainties described more fully in our documents filed with or furnished to the SEC. More information about these and other risks that may impact Dialogic’s business is set forth in the “Risk Factors” section in our Annual Report on Form 10-K for the year ended December 31, 2010 and our Quarterly Report on Form 10-Q for the quarter ended September 30, 2011, each as filed with the SEC. These filings are available on a website maintained by the SEC http://www.sec.gov/. All forward-looking statements in this press release are based on information available to us as of the date hereof, and we assume no obligation to update these forward-looking statements.

Dialogic is a registered trademark of Dialogic Inc. or a subsidiary. All other company and product names may be trademarks of the respective companies with which they are associated.

DIALOGIC INC.
Condensed Consolidated Statements of Operations
(In thousands, except per share data, unaudited)
Three Months Ended Twelve Months Ended
December 31, September 30, December 31, December 31,
2011 2011 2010 2011 2010
Revenues:
Products $ 38,660 $ 36,604 $ 47,398 $ 157,088 $ 162,449
Services 11,352 10,817 8,053 40,996 16,323
Total revenues 50,012 47,421 55,451 198,084 178,772
Cost of Revenues:
Products 14,253 13,700 21,026 59,490 61,725
Services 5,207 5,358 4,746 21,422 11,412
Total cost of revenues 19,460 19,058 25,772 80,912 73,137
Gross profit 30,552 28,363 29,679 117,172 105,635
Operating Expenses:
Research and development, net 12,300 13,540 15,411 54,562 46,152
Sales and marketing 12,464 12,664 18,083 54,293 51,536
General and administrative 8,369 9,391 8,724 35,921 28,535
Merger costs 4,500 6,628
Restructuring charges 793 1,674 1,498 7,214 2,047
Total operating expenses 33,926 37,269 48,216 151,990 134,898
Loss from operations (3,374 ) (8,906 ) (18,537 ) (34,818 ) (29,263 )
Interest and other income (expense) (1,424 ) (3 ) (62 ) (1,427 ) 476
Interest expense, related party (4,789 ) (4,695 ) (3,482 ) (18,016 ) (17,848 )
Foreign exchange gains (losses), net 118 (51 ) (204 ) (266 ) (302 )
Loss before income taxes (9,469 ) (13,655 ) (22,285 ) (54,527 ) (46,937 )
Income taxes provision (benefit) (306 ) (557 ) (933 ) 282 (224 )
Net loss (9,163 ) (13,098 ) (21,352 ) (54,809 ) (46,713 )
Change in redemption value of preferred shares (3,047 )
Net loss attributable to common shareholders $ (9,163 ) $ (13,098 ) $ (21,352 ) $ (54,809 ) $ (49,760 )
Net loss allocable to common stockholders per share – basic and diluted $ (0.29 ) $ (0.42 ) $ (0.69 ) $ (1.75 ) $ (3.67 )
Weighted-average shares outstanding used in computing net loss per share — basic and diluted: 31,444 31,444 31,113 31,323 13,566
DIALOGIC INC.
Reconciliation of Condensed Consolidated Statement of Operations Loss to Adjusted EBITDA results
(In thousands, except per share data, unaudited)
Three Months Ended December 31, 2011
Statement of Operations Adjustments Adjusted Non-GAAP
Revenues:
Products $ 38,660 $ 144 B $ 38,804
Services 11,352 281 B 11,633
Total revenues 50,012 425 50,437
Cost of Revenues:
Products 14,253 (2,193 ) A,B, C 12,060
Services 5,207 5,207
Total cost of revenues 19,460 (2,193 ) 17,267
Gross profit 30,552 2,618 33,170
Operating Expenses:
Research and development, net 12,300 (575 ) A,C 11,725
Sales and marketing 12,464 (1,466 ) A,C 10,998
General and administrative 8,369 (2,323 ) A, C, D, E 6,046
Merger costs 0
Restructuring charges 793 (793 )
Total operating expenses 33,926 (5,157 ) 28,769
Loss from operations (3,374 ) 7,775 4,401
Interest and other income (expense) (1,424 ) 1,424
Interest expense, related party (4,789 ) 4,789
Foreign exchange gains (losses), net 118 (118 )
Loss before income taxes (9,469 ) 13,870 4,401
Income taxes provision (benefit) (306 ) 306
Net loss $ (9,163 ) $ 13,564 $ 4,401
DIALOGIC INC.
Reconciliation of Condensed Consolidated Statement of Operations Loss to Adjusted EBITDA results
(In thousands, except per share data, unaudited)
Three Months Ended September 30, 2011
Statement of Operations Adjustments Adjusted Non-GAAP
Revenues:
Products $ 36,604 $ 155 B $ 36,759
Services 10,817 413 B 11,230
Total revenues 47,421 568 47,989
Cost of Revenues:
Products 13,700 (2,373 ) A,B,C 11,327
Services 5,358 (25 ) E 5,333
Total cost of revenues 19,058 (2,398 ) 16,660
Gross profit 28,363 2,966 31,329
Operating Expenses:
Research and development, net 13,540 (741 ) A,C,E 12,799
Sales and marketing 12,664 (1,524 ) A,C, E 11,140
General and administrative 9,391 (2,995 ) A, C, D, E 6,396
Merger costs
Restructuring charges 1,674 (1,674 )
Total operating expenses 37,269 (6,934 ) 30,335
Loss from operations (8,906 ) 9,900 994
Interest and other income (expense) (3 ) 3
Interest expense, related party (4,695 ) 4,695
Foreign exchange gains (losses), net (51 ) 51
Loss before income taxes (13,655 ) 14,649 994
Income taxes provision (benefit) (557 ) 557
Net loss $ (13,098 ) $ 14,092 $ 994
(A) Stock-based compensation for the three months ended December 31, 2011 and September 30, 2011, was as follows:
December 31, 2011 September 30, 2011
Cost of revenues $ 79 $ 89
Research and development, net 199 239
Sales and marketing 196 234
General and administrative 225 198
$ 699 $ 760
(B) Purchase price adjustments for the three months ended December 31, 2011 and September 30, 2011, was as follows:
December 31, 2011 September 30, 2011
Revenues:
Products $ 144 $ 155
Services 281 413
Total revenues $ 425 $ 568
Cost of Revenues:
Products 18 138
Total cost of revenues $ 18 $ 138
Operating Expenses:
Sales and Marketing
Total operating expenses $ $
(C) Depreciation and amortization for the three months ended December 31, 2011 and September 30, 2011, was as follows:
December 31, 2011 September 30, 2011
Cost of revenues $ 2,096 $ 2,146
Research and development, net 376 437
Sales and marketing 1,270 1,269
General and administrative 776 812
$ 4,518 $ 4,664
(D SEC Inquiry for the three months ended December 31, 2011 and September 30, 2011, was as follows:
December 31, 2011 September 30, 2011
General and administrative 1,147 1,699
$ 1,147 $ 1,699
(E) Integration for the three months ended December 31, 2011 and September 30, 2011, was as follows:
December 31, 2011 September 30, 2011
Cost of revenues $ $ 25
Research and development, net 65
Sales and marketing 21
General and administrative 175 286
$ 175 $ 397
DIALOGIC INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(In thousands, unaudited)
December 31, 2011 December 31, 2010
ASSETS
Current assets:
Cash and cash equivalents $ 10,353 $ 24,559
Restricted cash 1,497 650
Accounts receivable, net 49,956 57,931
Inventories 20,127 27,102
Prepaid expenses 3,580 5,703
Other current assets 3,081 7,695
Total current assets 88,594 123,640
Property and equipment, net 7,947 10,262
Intangible assets, net 33,267 46,904
Goodwill 31,223 31,614
Deferred debt issuance costs, net 286 3,307
Deferred taxes 550
Other assets 1,475 1,393
Total assets $ 163,342 $ 217,120
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Bank indebtedness $ 12,509 $ 12,783
Accounts payable 21,569 23,552
Accrued liabilities 23,417 23,765
Deferred revenue 14,872 17,209
Income tax payable 1,665 2,010
Short-term debt, related party 89,875
Interest payable on long-term debt 3,452 2,953
Total current liabilities 167,359 82,272
Long-Term liabilities:
Long-term debt, related party 4,800 93,811
Accrued restructuring 2,471
Income taxes payable 2,338 2,416
Deferred revenue 1,810 2,423
Total liabilities 178,778 180,922
Commitments and contingencies
Stockholders’ equity:
Common shares and additional paid-in capital 222,093 218,783
Accumulated other comprehensive (loss) (22,206 ) (22,071 )
Accumulated deficit (215,323 ) (160,514 )
Total stockholders’ equity (deficit) (15,436 ) 36,198
Total liabilities and stockholders’ equity (deficit) $ 163,342 $ 217,120
Friday, March 23rd, 2012 Uncategorized Comments Off on Dialogic Inc. (DLGC) Reports Fourth Quarter and Full Year 2011 Financial Results

China Sunergy (CSUN), China Electric Equipment Group and DuPont China Holdings Announce Strategic Collaboration

China Sunergy Co., Ltd. (Nasdaq: CSUN) (“China Sunergy” or the “Company”), a specialized solar cell and module manufacturer, is pleased to announce that the Company, together with China Electric Equipment Group (“CEEG”) have signed a Letter of Intent with DuPont China Holdings (DuPont) for strategic collaboration relating to photovoltaic (solar) technologies & materials, power transformer, insulation and aircraft composite materials over a three-year period.

DuPont has been well recognized as bringing world-class science and engineering to the global marketplace by providing high quality products, materials, and inclusive innovative capabilities since 1802. This strategic collaboration among the parties includes photovoltaic, power transformer, as well as insulation and aviation composite materials. It is anticipated that the strategic collaboration will help improve product quality, enhance the collaboration and development of new products, new applications and new markets.

The strategic collaboration offers long-term benefits to the three companies. As part of this collaboration, China Sunergy has agreed to increase its purchase of photovoltaic materials from DuPont, including DuPont™ Solamet® photovoltaic metallizations used in solar cells to achieve higher cell efficiency and DuPont™ Tedlar® polyvinyl fluoride film based backsheet for solar module protection. It is hoped that the collaboration will help advance the development of new and improved technologies and product quality improvements, further increasing efficiency and overall system cost reductions, to help reach grid parity faster.

“Collaborating with our local partners to address the need to reduce global dependence on fossil fuels is critical to China’s sustainable development,” said DuPont Greater China President Tony Su. “This Letter of Intent will expand the strategic relationship between DuPont, CEEG and China Sunergy with long-term benefit not only to the parties, but also to the local industry and community. DuPont China is committed to leverage its strong technological capabilities across the company and work with our partners to support their rapid growth.”

Chairman of China Sunergy and CEEG, Mr. Tingxing Lu, added: “CEEG has maintained a strategic commercial relationship with DuPont for over 15 years. I’m happy to see that this collaboration has been extended to involve China Sunergy. DuPont is one of the world’s leading, first-class enterprises, and this strategic collaboration will benefit China Sunergy to continue improving its technology, product reliability and customer satisfaction. China Sunergy’s CEO Mr. Stephen Cai and CTO Dr. Jianhua Zhao really look forward to strengthening this alliance and exploring innovations with DuPont.”

About DuPont

DuPont (NYSE: DD) has been bringing world-class science and engineering to the global marketplace in the form of innovative products, materials, and services since 1802. The company believes that by collaborating with customers, governments, NGOs, and thought leaders we can help find solutions to such global challenges as providing enough healthy food for people everywhere, decreasing dependence on fossil fuels, and protecting life and the environment. For additional information about DuPont and its commitment to inclusive innovation, please visit http://www.dupont.com

About China Electric Equipment Group

CEEG (China Electric Equipment Group),headquartered in Nanjing, was founded in 1990, with the core values of “foresight, innovation and responsibility”, insisting on the responsibility of “output the great power to the world”, and has devoted to manufacture for more than twenty years, forming four main industries of power transformer, solar industry, power electronics and honeycomb material. CEEG has 15 subsidiaries, more than 300 sales & service networks across China, selling into 22 countries and territories in the world. CEEG has received many awarded such as “Top 500 China’s Private Enterprises”, “Chinese Well-known Trademark”, “National Environmentally Friendly Enterprise”, “National Innovative Enterprise” etc. To know more, please visit the official website: http://www.ceeg.cn

About China Sunergy Co., Ltd.

China Sunergy Co., Ltd. is a specialized manufacturer of solar cell and module products in China. China Sunergy manufactures solar cells from silicon wafers, which utilizes crystalline silicon solar cell technology to convert sunlight directly into electricity through a process known as photovoltaic effect, and assembles solar cells into solar modules. China Sunergy sells these solar products to Chinese and overseas module manufacturers, system integrators and solar power systems for use in China and many other markets. For additional information, please visit http://www.chinasunergy.com

Safe Harbor Statement

This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts in this announcement are forward-looking statements. These forward-looking statements are based on current expectations, assumptions, estimates and projections about the Company and the industry, and involve known and unknown risks and uncertainties, including but not limited to, the Company’s ability to raise additional capital to finance the Company’s activities; the effectiveness, profitability, and the marketability of its products; litigations and other legal proceedings, including the ultimate outcome of any decisions by the ITC and DOC on the petitions filed; the economic slowdown in China and elsewhere and its impact on the Company’s operations; demand for and selling prices of the Company’s products, the future trading of the common stock of the Company; the ability of the Company to operate as a public Company; the period of time for which its current liquidity will enable the Company to fund its operations; the Company’s ability to protect its proprietary information; general economic and business conditions; the volatility of the Company’s operating results and financial condition; the Company’s ability to attract or retain qualified senior management personnel and research and development staff; future shortage or availability of the supply of raw materials; impact on cost-competitiveness as a result of entering into long-term arrangements with raw material suppliers and other risks detailed in the Company’s filings with the Securities and Exchange Commission. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or to changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward looking statements are reasonable, they cannot assure you that their expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results.

Media Contacts:

    China Sunergy Co., Ltd.            DuPont China Holding Co., Ltd.
    Elaine Li                          Jamie Mo
    Phone: +86-25-5276-6696            Phone: +86-20-3839-0222 ext.8088
    Email: Elaine.li@chinasunergy.com  Email: Jamie-jing-mei.mo@chn.dupont.com

Brunswick Group

    Hong Kong                          Hong Kong
    Ginny Wilmerding                   Xiaoxiao Nina Zhan
    Phone: +852-3512-5000              Phone: +852-3512-5000
    Email: csun@brunswickgroup.com     Email: csun@brunswickgroup.com
Friday, March 23rd, 2012 Uncategorized Comments Off on China Sunergy (CSUN), China Electric Equipment Group and DuPont China Holdings Announce Strategic Collaboration

JA Solar (JASO) Announces Fourth Quarter and Fiscal Year 2011 Results

SHANGHAI, China, March 20, 2012 (GLOBE NEWSWIRE) — JA Solar Holdings Co., Ltd., (Nasdaq:JASO), (“JA Solar” or “the Company”), one of the world’s largest manufacturers of high-performance solar cells and solar power products, today announced its unaudited financial results for its fourth quarter and fiscal year ended December 31, 2011.

Fourth Quarter 2011 Highlights

  • Shipments were 398MW, surpassing the company’s previous guidance of 310MW to 330MW and compared to shipments of 445MW in the third quarter of 2011
  • Net revenue was RMB 1.95 billion ($309.1 million), compared to RMB 2.5 billion ($393.2 million) in the third quarter of 2011
  • Gross margin was positive 0.5%, compared to gross margin of negative 4.3% in the third quarter of 2011
  • Operating loss was RMB 487.6 million ($77.5 million), compared to operating loss of RMB 276.3 million ($43.9 million) in the third quarter of 2011. Excluding a long-lived assets impairment of RMB 303.1 million ($48.2 million), operating loss would have been RMB 184.5 million ($29.3 million)
  • Net loss was RMB 429.6 million ($68.3 million) and loss per diluted ADS was RMB 2.45 ($0.39), compared to loss per diluted ADS of RMB 2.28 ($0.36) in the third quarter of 2011
  • Operating cash flow was positive RMB 545.3 million ($86.6 million), compared to negative RMB 282.7 million ($44.9 million) in the third quarter of 2011
  • Cash and cash equivalents at the end of the quarter were RMB 3.9 billion ($617.9 million), compared to RMB 3.2 billion ($513.3 million) at the end of the third quarter of 2011

Fiscal Year 2011 Highlights

  • Shipments grew to approximately 1.69GW, an increase of 15.8% from 1.46GW in fiscal year 2010
  • Net revenue was RMB 10.7 billion ($1.7 billion), compared to net revenue of RMB 11.8 billion ($1.9 billion) in fiscal year 2010
  • Gross margin was 4.3%, compared to gross margin of 21.7% in fiscal year 2010
  • Operating loss was RMB 420.5 million ($66.8 million), compared to operating income of RMB 1.98 billion ($314.2 million) in fiscal year 2010
  • Net loss was RMB 564.3 million ($89.7 million) and loss per diluted ADS was RMB 3.38 ($0.54), compared to earnings per diluted ADS of RMB 10.61 ($1.69) in fiscal year 2010
  • Operating cash flow was RMB 375.6 million ($59.7 million), compared to operating cash flow of RMB 1.3 billion ($203.3 million) in fiscal year 2010
  • Cash and cash equivalents at the end of the year were RMB 3.9 billion ($617.9 million), compared to RMB 2.3 billion ($363.8 million) at the end of fiscal year 2010

“Despite challenging market conditions, we recorded positive operating cash flow and positive gross margin for the fourth quarter,” said Dr. Peng Fang, chief executive officer of JA Solar. “We are encouraged that shipments for the fourth quarter were well in excess of the high end of our guidance, spurred by sustained, strong demand across our diverse customer base for our high-efficiency cells and modules. Our prudent approach to inventory and cash management enabled us to achieve positive operating cash flow of $86.6 million for the quarter.”

Dr. Fang continued, “Demand for our high-quality, high-efficiency modules continues to grow quickly. Total module shipments accounted for over 45% of total shipments and over 56% of revenue in this quarter. This is the first quarter in which revenue from modules has exceeded revenue from solar cells, marking an important milestone in our efforts to build our module market share. Powered by JA Solar’s proprietary SECIUM and MAPLE technologies, our high-efficiency modules offer higher power output than the industry average. This key differentiator has helped us to win new customers.”

“Our emphasis on building long-term partnerships with the leading players across the industry value chain was the key driver of our strong shipment results in the fourth quarter and positions JA Solar for continued improvement as we move into 2012. Over the past year, we have established valuable new relationships with leading utility companies and project developers in fast-growing markets like the U.S., China, India and Japan, which we expect will translate into healthy shipment volumes throughout the year ahead. China, in particular, represents a very promising market for us, with shipments to the China end market accounting for approximately 22% of our module sales revenue for the fourth quarter. Our strong balance sheet gives our partners and financial institutions confidence that JA Solar will be able to sustain its position as a long-term leader in the industry. With demand for our high-efficiency products remaining robust, in 2012 we will continue to focus on achieving improvements in conversion efficiency and the power range of our module products, while driving further cost reductions. We look forward to continuing to work with our customers to grow our market share in key markets over the next twelve months and beyond.”

Fourth Quarter 2011 Financial Results

Total shipments in the fourth quarter of 2011 were 398MW, above the Company’s previously provided guidance of 310MW to 330MW. This represents a 10.6% decline from 445MW in the third quarter of 2011 and a 14.0% decrease from 463MW in the fourth quarter of 2010.

Revenue in the fourth quarter of 2011 was RMB 1.95 billion ($309.1 million), a decrease of 21.4% from RMB 2.5 billion ($393.2 million) reported in the third quarter of 2011 and a decrease of 49.5% from RMB 3.9 billion ($612.7 million) reported in the fourth quarter of 2010.

Gross profit in the fourth quarter of 2011 was RMB 9.1 million ($1.4 million), compared with a gross loss of RMB 106.1 million ($16.9 million) in the third quarter of 2011 and gross profit of RMB 740.4 million ($117.6 million) in the fourth quarter of 2010. Gross margin was positive 0.5% in the fourth quarter of 2011, compared with negative 4.3% in the third quarter of 2011 and 19.2% in the fourth quarter of 2010.

Total operating expenses in the fourth quarter of 2011, which included an impairment of long lived assets of RMB 303.1 million ($48.2 million) related to the Company’s multi-crystalline wafer manufacturing facility in Donghai, were RMB 496.7million ($78.9 million), compared with RMB 170.2 million ($27.0 million) in the third quarter of 2011 and RMB 149.8 million ($23.8 million) in the fourth quarter of 2010.

Operating loss in the fourth quarter of 2011 was RMB 487.6 million ($77.5 million), compared with an operating loss of RMB 276.3 million ($43.9 million) in the third quarter of 2011 and operating income of RMB 590.7 million ($93.8 million) in the fourth quarter of 2010. Excluding a long-lived assets impairment of RMB 303.1 million ($48.2 million), operating loss would have been RMB 184.5 million ($29.3 million). Operating margin was negative 25.1% in the fourth quarter of 2011, compared with negative 11.2% in the third quarter of 2011 and a positive operating margin of 15.3% in the fourth quarter of 2010.

Other income in the fourth quarter of 2011 was RMB 208.9 million ($33.2 million), compared with other loss of RMB 13 million ($2.1 million) in the third quarter of 2011 and other income of RMB 355.3 million ($56.5 million) in the fourth quarter of 2010. Included in other income in the fourth quarter of 2011 was a one-time non-cash gain of RMB 187.4 million ($29.8 million) arising from the negative goodwill recognized in the acquisition of Solar Silicon Valley, due to the fixed share consideration and the decline of JA Solar’s share price between the date of the definitive agreement and the date of deal consummation.

Loss per diluted ADS in the fourth quarter of 2011 was RMB 2.45 ($0.39), compared with loss per diluted ADS of RMB 2.28 ($0.36) in the third quarter of 2011 and earnings per diluted ADS of RMB 3.90 ($0.62) in the fourth quarter of 2010.

In the fourth quarter of 2011, the Company generated operating cash flow of RMB 545.3 million ($86.6 million) or RMB 3.11 ($0.49) per diluted ADS.

Fiscal Year 2011 Results

Fiscal year 2011 shipments were 1.69GW, an increase of 15.8% from 1.46GW in fiscal year 2010.

Total revenue in fiscal year 2011 was RMB 10.7 billion ($1.7 billion), a decrease of 8.7% from RMB 11.8 billion ($1.9 billion) in fiscal year 2010.

Total gross profit in fiscal year 2011 was RMB 461.3 million ($73.3 million) or 4.3% of revenue, compared with RMB 2.55 billion ($404.6 million) or 21.7% of revenue in fiscal year 2010. Operating loss in fiscal year 2011 was RMB 420.5 million ($66.8 million), compared with operating income of RMB 1.98 billion ($314.2 million) in fiscal year 2010. In fiscal year 2011, net loss per diluted ADS was RMB 3.38 ($0.54), compared with net income per diluted ADS of RMB 10.61 ($1.69) in fiscal year 2010.

In fiscal year 2011, the Company generated operating cash flow of RMB 375.6 million ($59.7 million) or RMB 2.25 ($0.36) per diluted ADS.

Liquidity

The Company maintained a strong balance sheet with cash and cash equivalents of RMB 3.9 billion ($617.9 million), and total working capital of RMB 4.4 billion ($696.5 million) at December 31, 2011. Total short-term bank borrowings were RMB 529.9 million ($84.2 million). Total long-term bank borrowings were RMB 4.3 billion ($690.7 million), among which RMB 885 million ($140.6 million) were due in one year. The total face value of outstanding convertible bonds due 2013 was RMB 1.4 billion ($222.0 million) at December 31, 2011.

Recent Business Highlights

  • Signed a 600MW three-year module supply framework agreement with a leading international independent power producer
  • Signed over 350MW of solar cell sales agreements with various Chinese customers including GD Solar, Jiangsu Runda PV, CNPV, and Juli New Energy
  • Signed a framework agreement with the local government of Jiuquan, Gansu province, China, to develop, construct, and operate utility scale solar projects and build a 100MW module manufacturing facility in support of these projects
  • Delivered 23MW of solar modules to a Datang project in Ningxia province, China
  • Signed a 10MW module supply agreement with Hefei Golden Sun Energy Tech Co., Ltd. to supply projects supported by the Chinese government’s “Golden Sun” program
  • Delivered 10MW of high-efficiency Maple modules to one of the world’s largest power utility companies

Business Outlook

For the first quarter of 2012, the Company expects total cell and module shipments to be between 320MW and 350MW. For the full year 2012, the Company expects total cell and module shipments to be between 1.8GW and 2.0GW.

Manufacturing Capacity Update

By the end of 2011, JA Solar had an annual solar cell production capacity of 2.8GW and an annual module production capacity of 1.2GW. JA Solar intends to maintain its annualized solar cell capacity at 2.8GW in 2012. The Company expects to achieve annualized solar module capacity of 1.7GW by the end of the second quarter of 2012 and 2GW by the end of 2012.

Investor Conference Call / Webcast Details

A conference call has been scheduled for today, Tuesday, March 20, 2012, at 8:00 a.m. U.S. Eastern Time (8:00 p.m. Beijing/Hong Kong Time). The call may be accessed by dialing +65-6723-9381 (international), +1-718-354-1231 (U.S.), or +852-2475-0994 (Hong Kong). The passcode is JA Solar. A live webcast of the conference call will be available on the Company’s website at www.jasolar.com. A replay of the call will be available beginning two hours after the live call and will be accessible by dialing +61-2-8235-5000 (international) or +1-718-354-1232 (U.S.). The passcode for the replay is 61677398.

Currency Convenience Translation

The conversion of Renminbi into U.S. dollars in this release, made solely for the convenience of the reader, is based on the noon buying rate in the city of New York for cable transfers of Renminbi as certified for customs purposes by the Federal Reserve Bank of New York as of December 30, 2011, which was RMB 6.2939 to $1.00. No representation is intended to imply that the Renminbi amounts could have been, or could be, converted, realized or settled into U.S. dollars at that rate on December 30, 2011, or at any other date. The percentages stated in this press release are calculated based on Renminbi.

Forward-looking Statements

This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by words such as “may,” “expect,” “anticipate,” “aim,” “intend,” “plan,” “believe,” “estimate,” “potential,” “continue,” and other similar statements. Statements other than statements of historical facts in this announcement are forward-looking statements, including but not limited to, our expectations regarding the expansion of our manufacturing capacities, our future business development, and our beliefs regarding our production output and production outlook. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the Company and the industry. Further information regarding these and other risks is included in Form 20-F and other documents filed with the Securities and Exchange Commission. The Company undertakes no obligation to update forward-looking statements, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that its expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results.

About JA Solar Holdings Co., Ltd.

JA Solar Holdings Co., Ltd. is a leading manufacturer of high-performance solar power products. The Company sells its products to solar manufacturers worldwide, who assemble and integrate solar cells into modules and systems that convert sunlight into electricity for residential, commercial, and utility-scale power generation. For more information, please visit www.jasolar.com.

The JA Solar Holdings Co., Ltd. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=8631

JA Solar Holdings Co., Ltd.
Condensed Consolidated Statements of Operations
(Unaudited)
For three months ended
Dec. 31, 2010 Sep. 30, 2011 Dec. 31, 2011 Dec. 31, 2011
RMB’000 RMB’000 RMB’000 USD’000
Net revenues 3,856,189 2,474,655 1,945,724 309,144
Cost of sales (3,115,776) (2,580,739) (1,936,616) (307,697)
Gross profit/(loss) 740,413 (106,084) 9,108 1,447
Selling, general and administrative expenses (135,863) (152,618) (170,084) (27,023)
Impairment loss for property, plant and equipment (303,068) (48,153)
Research and development expenses (13,894) (17,587) (23,550) (3,742)
Total operating expenses (149,757) (170,205) (496,702) (78,918)
Income/(loss) from operations 590,656 (276,289) (487,594) (77,471)
Interest expense (64,928) (115,550) (117,492) (18,667)
Other income/(loss) 355,317 (13,000) 208,915 33,193
Income/(loss) before income taxes 881,045 (404,839) (396,171) (62,945)
Income tax (expenses)/benefit (78,100) 28,853 (33,478) (5,319)
Income/(loss) from continuing operations 802,945 (375,986) (429,649) (68,264)
Loss from discontinued operations (19,607)
Net income/(loss) 783,338 (375,986) (429,649) (68,264)
Net income/(loss) per share:
Basic 4.79 (2.28) (2.45) (0.39)
Diluted 3.90 (2.28) (2.45) (0.39)
Weighted average number of shares outstanding:
Basic 163,382,659 164,655,374 175,522,534 175,522,534
Diluted 172,306,566 164,655,374 175,522,534 175,522,534
JA Solar Holdings Co., Ltd.
Condensed Consolidated Statements of Operations
(Unaudited)
For twelve months ended
Dec. 31, 2010 Dec. 31, 2011 Dec. 31, 2011
RMB’000 RMB’000 USD’000
Net revenues 11,760,780 10,732,854 1,705,279
Cost of sales (9,214,394) (10,271,521) (1,631,980)
Gross profit 2,546,386 461,333 73,299
Selling, general and administrative expenses (505,101) (509,832) (81,003)
Impairment loss for property, plant and equipment (303,068) (48,153)
Research and development expenses (63,816) (68,948) (10,955)
Total operating expenses (568,917) (881,848) (140,111)
Income/(loss) from operations 1,977,469 (420,515) (66,812)
Interest expense (221,209) (373,710) (59,377)
Other income 271,628 279,950 44,479
Income/(loss) before income taxes 2,027,888 (514,275) (81,710)
Income tax expenses (252,707) (57,823) (9,187)
Income/(loss) from continuing operations 1,775,181 (572,098) (90,897)
(Loss)/income from discontinued operations (19,830) 7,753 1,232
Net income/(loss) 1,755,351 (564,345) (89,665)
Net income/(loss) per share:
Basic 10.78 (3.38) (0.54)
Diluted 10.61 (3.38) (0.54)
Weighted average number of shares outstanding:
Basic 162,900,657 167,101,076 167,101,076
Diluted 171,116,684 167,101,076 167,101,076
JA Solar Holdings Co., Ltd.
Condensed Consolidated Balance Sheets
(Unaudited)
Dec. 31, Dec. 31,
2010 2011 2011
RMB’000 RMB’000 USD’000
ASSETS
Current assets:
Cash and cash equivalents 2,289,482 3,889,092 617,914
Restricted cash 112,593 88,632 14,082
Accounts receivable 945,633 1,244,904 197,795
Inventories 1,349,329 730,635 116,086
Advances to suppliers 605,630 435,657 69,219
Other current assets 1,115,561 1,320,202 209,760
Total current assets 6,418,228 7,709,122 1,224,856
Property and equipment, net 3,170,721 5,099,208 810,183
Advances to suppliers 1,653,177 1,452,920 230,846
Long-term investment 94,411 15,000
Deferred issuance cost 110,868 67,531 10,730
Other long term assets 266,388 312,407 49,636
Total assets 11,619,382 14,735,599 2,341,251
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Short-term bank borrowings 529,906 84,194
Accounts payable 1,036,416 725,093 115,205
Advances from customers 484,458 320,277 50,887
Long term liabilities due in one year 885,000 140,612
Accrued and other liabilities 522,769 865,012 137,437
Total current liabilities 2,043,643 3,325,288 528,335
Convertible Bond 1,230,175 1,238,485 196,775
Long-term borrowings 1,520,000 3,461,916 550,043
Other long term liabilities 145,409 161,241 25,619
Total liabilities 4,939,227 8,186,930 1,300,772
Commitment and Contingencies
Shareholders’ equity 6,680,155 6,548,669 1,040,479
Total liabilities and shareholders’ equity 11,619,382 14,735,599 2,341,251
CONTACT:  In China

          Martin Reidy
          Brunswick Group
          Tel: +86-10-5960-8600
          E-mail:jasolar@brunswickgroup.com

          In the U.S.

          Cindy Zheng
          Brunswick Group
          Tel: +1-212-333-3810
          E-mail:jasolar@brunswickgroup.com
Tuesday, March 20th, 2012 Uncategorized Comments Off on JA Solar (JASO) Announces Fourth Quarter and Fiscal Year 2011 Results

BluePhoenix Solutions (BPHX) Enters into Agreements to Refinance Certain of its Debts and to Raise $0.5 Million

BluePhoenix Solutions (NASDAQ: BPHX), the leading provider of value-driven legacy IT modernization solutions, announced today that it has entered into agreements to refinance certain of its debts and to raise $0.5 million of new debt through a bridge loan.

On March 19, 2012, the Company entered into an assignment agreement with certain of its lenders relating to the $5.0 million loan agreement that the Company entered into in April 2011, pursuant to which such loan will be assigned from the current lenders to three of the Company’s shareholders. In connection with such assignment, the Company has agreed to pay $1.0 million, subject to certain conditions, as partial repayment of the loan, which is due in May 2012, if certain funds currently held in escrow by a third party are released to the Company.

In addition, the Company entered into an agreement with the three shareholders to amend the terms of the loan following its assignment to them. The amendment includes extending the maturity date of the loan from May 2012 to May 1, 2014, and an increase of the interest rate to 6% per annum, with escalation clauses up to 9.5% if not repaid by certain dates following the maturity date, with such interest payable quarterly. The interest will be payable in the Company’s ordinary shares if the shareholders elect to receive such shares or if the Company elects so if it does not have available funds to pay the interest in cash. The number of ordinary shares to be issued will be calculated according to the 20-day volume weighted average price per share of the Company’s ordinary shares traded on the Nasdaq stock market prior to the payment date. The shareholders may elect to convert the outstanding balance of the loan and any accrued interest to the Company’s ordinary shares at a price of $3.00 per share at any time after the assignment. The revised loan agreement will contain restrictive covenants and provisions for acceleration of repayment or termination of the loan in certain events of default. In consideration of the amendment, the Company will issue to the three shareholders ordinary shares in an aggregate amount equal to 18.7% of the Company’s outstanding share capital as of the date of issuance.

The Company also entered into a loan agreement with the three shareholders for a $0.5 million bridge loan due in one year with an interest rate of 8% per annum. The bridge loan will be secured by a second lien on the Company’s assets. The shareholders will have the right to convert the amount of the bridge loan and accrued interest into the Company’s ordinary shares at any time, and the Company will have the right to issue ordinary shares instead of payment of the accrued interest if it does not have available funds to pay such amount in cash. In either case, the number of ordinary shares to be issued will be calculated according to the lower of the 20-day volume weighted average price per share of the Company’s ordinary shares trading on the Nasdaq stock market prior to the respective payment date and $3.00 per share. The bridge loan contains provisions for acceleration of repayment in certain events specified in the loan agreement.

The Company entered into a registration rights agreement with the three shareholders with respect to any ordinary shares issuable under the transactions discussed above.

Consummation of the transactions discussed above is subject to certain conditions to closing as specified in the agreements, including approvals from the banks holding the first lien on the Company’s assets within the time frames specified in the agreements.

Consummation of the transactions is also subject to the approval of the Company’s shareholders (other than the three shareholders participating in the transactions and any other shareholders that have personal interest in the approval). The Bridge loan shall be extended to the Company upon obtaining the bank’s consent. If the shareholders’ approval is not obtained within certain time frames set forth in the bridge loan agreement, then the bridge loan will become due and payable in 60 days from extension of the bridge loan to the Company(or earlier in certain cases of defaults or acceleration events) and will bear only a nominal interest of 0.07% per annum.

Consummation of the transactions will result in approximately $4.7 million (as of December 31, 2011) being reclassified from short term to long term debt.

About BluePhoenix Solutions

BluePhoenix Solutions, Ltd. (NASDAQ: BPHX) is the leading provider of value-driven legacy IT modernization solutions. The BluePhoenix portfolio includes a comprehensive suite of tools and services from global IT asset assessment and impact analysis to automated database and application migration, rehosting, and renewal. Leveraging over 20 years of best-practice domain expertise, BluePhoenix works closely with its customers to ascertain which assets should be migrated, redeveloped, or wrapped for reuse as services or business processes, to protect and increase the value of their business applications and legacy systems with minimized risk and downtime.

BluePhoenix provides modernization solutions to companies from diverse industries and vertical markets such as automotive, banking and financial services, insurance, manufacturing, and retail. BluePhoenix has 10 offices in the USA, UK, Italy, Romania, Russia, and Israel.

Cautionary Statement Regarding Forward-Looking Statements

Certain statements contained in this release may be deemed forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 and other Federal Securities laws. You can identify these and other forward-looking statements by the use of words such as “may,” “will,” “plans,” “believes,” “estimates,” “expects”, “predicts”, “intends,” the negative of such terms, or other comparable terminology. Because such statements deal with future events, plans, projections, or future performance of the Company, they are subject to various risks and uncertainties that could cause actual results to differ materially from the Company’s current expectations. These risks and uncertainties include but are not limited to: the failure of the Company’s shareholders to approve the transactions described above; the failure of the banks holding the first lien on the Company’s assets to consent to the transactions described above; the failure to successfully defend claims brought against the Company; the failure of the Company to pursue other capital raising transactions; the failure of the company to repay its debts to lenders and banks; the effects of the global economic and financial crisis; market demand for the Company’s products; successful implementation of the Company’s products; changes in the competitive landscape, including new competitors or the impact of competitive pricing and products; the failure of the Company to successfully integrate acquired assets or entities under M&A transactions pursued by the Company into the Company’s business as anticipated; the failure to achieve the anticipated synergies from such acquisitions; the incurrence of unexpected liabilities relating to the mergers and acquisitions pursued by the Company from time to time; the ability to manage the Company’s growth; the ability to recruit and retain additional software personnel; the ability to develop new business lines; and such other risks and uncertainties as identified in BluePhoenix’s most recent Annual Report on Form 20-F and other reports filed by it with the SEC. Except as otherwise required by law, BluePhoenix undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

Tuesday, March 20th, 2012 Uncategorized Comments Off on BluePhoenix Solutions (BPHX) Enters into Agreements to Refinance Certain of its Debts and to Raise $0.5 Million

FSI International, Inc. (FSII) Announces Second Quarter and First Half Fiscal 2012 Financial Results

FSI International, Inc. (Nasdaq: FSII), a manufacturer of capital equipment for the microelectronics industry, today reported financial results for the second quarter of fiscal 2012 and for the six months ended February 25, 2012.

Fiscal 2012 Second Quarter and First Half

Second quarter fiscal 2012 sales increased 25 percent to $38.5 million, compared to $30.8 million for the same period of fiscal 2011. The company’s net income for the second quarter of fiscal 2012 was $3.7 million, or $0.09 per share, compared to net income of $4.9 million, or $0.13 per share, for the second quarter of fiscal 2011.

Sales for the first half of fiscal 2012 increased 24 percent to $51.7 million, compared to $41.6 million for the same period of fiscal 2011. The company’s net income for the first half of fiscal 2012 was $0.7 million, or $0.02 per share, compared to net income of $2.4 million, or $0.06 per share, for the first half of fiscal 2011.

Orders for the second quarter of fiscal 2012 increased 123 percent to $51.4 million, as compared to $23.1 million in the prior year period. First half fiscal 2012 orders increased 34 percent to $74.4 million, as compared to $55.4 million in the first half of fiscal 2011.

The second quarter financial results included $409,000 and $216,000 of stock based compensation in fiscal 2012 and 2011, respectively. Stock based compensation was $762,000 and $403,000 for the first half of fiscal 2012 and 2011, respectively.

Balance Sheet

Cash, cash equivalents, restricted cash and long-term securities at the end of the second quarter were $23.8 million. The company generated $4.1 million and $2.8 million of cash from operations during the second quarter and first half of fiscal 2012, respectively. Inventory decreased from $48.6 million at the end of fiscal 2011 to $42.0 million at the end of the second quarter of fiscal 2012, as the company’s second quarter shipments were $48.8 million. At the end of the second quarter, the company had a current ratio of 4.3 to 1.0 and a book value of $2.44 per share and no debt.

Outlook

The Company does not supply specific order guidance, however, based upon quarter-to-date orders and the visible order opportunities, fiscal 2012 third quarter orders are expected to remain strong as compared to the $51.4 million second quarter order level.*

Based on the backlog and deferred revenue levels at the end of the second quarter, quarter-to-date third quarter orders and expected additional third quarter orders, the company expects third quarter fiscal 2012 revenues to exceed $50.0 million, as compared to $38.5 million in the second quarter of fiscal 2012.*

Based upon the anticipated improvement in third quarter gross profit margin and the expected operating expense run rate, the company believes its net income will be in the $7.0 to $9.0 million range for the third quarter of fiscal 2012.* The company expects to generate cash from operating activities in the third quarter, as operating income increases and we continue to manage inventory and accounts receivable levels.*

Conference Call Details

FSI investors have the opportunity to listen to management’s discussion of its financial results on a conference call at 3:30 p.m. CDT today. The company invites all those interested to join the call by dialing 800.779.7169 and entering access code 4372101. For those who cannot listen to the live broadcast, a replay will be available shortly after the call by dialing 800.756.6991.

About FSI

FSI International, Inc. is a global supplier of surface conditioning equipment, technology and support services for microelectronics manufacturing. Using the company’s broad portfolio of cleaning products, which include batch and single-wafer platforms for immersion, spray and cryogenic aerosol technologies, customers are able to achieve their process performance flexibility and productivity goals. The company’s support services programs provide product and process enhancements to extend the life of installed FSI equipment, enabling worldwide customers to realize a higher return on their capital investment. For more information, visit FSI’s website at http://www.fsi-intl.com or call Benno Sand, 952.448.8936.

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

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

FSI INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS
(in thousands, except per share data)
(unaudited)
Second Quarter Ended Six Months Ended
Feb. 25, Feb. 26, Feb. 25, Feb. 26,
2012 2011 2012 2011
Sales $ 38,457 $ 30,752 $ 51,739 $ 41,633
Cost of goods sold 25,947 17,703 33,691 23,413
Gross margin 12,510 13,049 18,048 18,220
Selling, general and administrative expenses 5,411 4,957 10,680 9,628
Research and development expenses 3,332 3,172 7,028 6,172
Operating income 3,767 4,920 340 2,420
Interest and other (expense) income, net (22 ) (1 ) 292 (9 )
Income before income taxes 3,745 4,919 632 2,411
Income tax expense (benefit) 42 (1 ) (27 ) (7 )
Net income $ 3,703 $ 4,920 $ 659 $ 2,418
Income per share – basic $ 0.09 $ 0.13 $ 0.02 $ 0.06
Income per share – diluted $ 0.09 $ 0.13 $ 0.02 $ 0.06
Weighted average common shares
Basic 39,010 38,635 38,927 38,589
Diluted 39,614 39,176 39,305 38,995
FSI INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(in thousands)
(unaudited)
Feb. 25, Aug. 27,
2012 2011
Assets
Current assets
Cash, restricted cash and cash equivalents $ 21,879 $ 20,693
Receivables, net 28,634 23,196
Inventories 42,011 48,630
Other current assets 4,822 4,241
Total current assets 97,346 96,760
Property, plant and equipment, net 16,766 14,805
Long-term securities 1,907 1,907
Investment 677 677
Other assets 1,638 1,677
Total assets $ 118,334 $ 115,826
Liabilities and Stockholders’ Equity
Current liabilities
Trade accounts payable $ 10,033 $ 11,226
Accrued expenses 7,602 7,473
Customer deposits 585
Deferred profit* 4,190 2,997
Total current liabilities 22,410 21,696
Long-term liabilities 339 392
Total stockholders’ equity 95,585 93,738
Total liabilities and stockholders’ equity $ 118,334 $ 115,826

*Deferred profit reflects deferred revenue less manufacturing and other related costs.

FSI INTERNATIONAL, INC. AND SUBSIDIARIES
MISCELLANEOUS FINANCIAL INFORMATION
(in thousands, except percentages, per share and total employee data)
(unaudited)
Six Months Ended
Feb. 25, Feb. 26,
2012 2011
Sales by Area
United States 20 % 46 %
International 80 % 54 %
Cash Flow Statement
Capital expenditures $ 2,620 $ 1,004
Depreciation $ 1,245 $ 1,097
Miscellaneous Data
Total employees, including contract 397 325
Book value per share $ 2.44 $ 2.24
Shares outstanding 39,174 38,699

Tuesday, March 20th, 2012 Uncategorized Comments Off on FSI International, Inc. (FSII) Announces Second Quarter and First Half Fiscal 2012 Financial Results

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

ADDISON, Texas, March 20, 2012 /PRNewswire/ — ULURU Inc. (NYSE Amex: ULU), announced today that Altrazeal®has been approved for marketing in New Zealand.

Commenting on the approval in New Zealand, Kerry P. Gray, President and CEO of ULURU, stated, “The approval for New Zealand is very timely as the Australian Wound Management Association Conference is currently being held in Sydney. At this conference key opinion leaders from both Australia and New Zealand are being introduced to Altrazeal®. To support the launch of Altrazeal®in Australia and New Zealand a five center, 60 patient study, has been initiated in Australia. A second 90 patient comparative study is planned to be conducted in Europe. This study is to support reimbursement submissions by demonstrating pharmacoeconomic benefits. These two studies will provide additional support for our global marketing activities.”

With the New Zealand approval it is now anticipated that Altrazeal®will be launched in the near future in six additional markets for human and veterinary use.

Also, we have been recently advised by our licensee for China that approval is anticipated in the second quarter of 2012. The Altrazeal® regulatory submission is at the final stage of technical evaluation by the Center for Medical Device Evaluation. All updated certificates and materials have been submitted to the SFDA, the regulatory body for China.

Mr. Gray Continued, “With approval in China in the final phase we will now focus on further expanding our international network to include Canada, Latin America, additional S.E. Asia markets and South Korea. It is our objective to have Altrazeal®marketed in over 12 countries by the end of 2012. In addition, we have recently submitted a quotation to supply Altrazeal® to a Middle Eastern country. If successful, government tenders such as this can significantly enhance near term revenues.”

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 the launch of Altrazeal® in 12 countries in 2012, expanding our international network, receiving approval in China, completion of the proposed clinical studies, and to 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.

Tuesday, March 20th, 2012 Uncategorized Comments Off on ULURU Inc. (ULU) Announces Approval to Market Altrazeal® in New Zealand

Delcath (DCTH) Announces First Commercial CHEMOSAT Order in Europe

NEW YORK, March 20, 2012 /PRNewswire/ — Delcath Systems, Inc. (NASDAQ: DCTH) announced today that it has received the first commercial order for the Company’s Hepatic CHEMOSAT® Delivery System from the European Institute of Oncology (Instituto Europeo di Oncologia – IEO) –a premier cancer treatment and research center in Europe. Delcath previously announced an initial launch and training agreement with the IEO on November 21, 2011.

“The first commercial order of our CHEMOSAT system is a significant milestone in Delcath’s history, marking our transition from a research and development organization to a commercial enterprise,” said Eamonn P. Hobbs, President and CEO of Delcath. “With the recent announcement of our fifth EU training center, we believe our launch plans for Europe are on track, and we expect to announce additional center agreements in the coming months. Meanwhile, the hiring and training of our direct sales force is gathering pace, the staffing of our contract medical science liaison team is continuing and we are evaluating potential third-party distribution partners to cover each of our targets markets in Southern Europe. We believe that our momentum is building and we are taking critical steps toward our goal of establishing CHEMOSAT as a new treatment option for patients with cancers in the liver in Europe.”

CHEMOSAT is a proprietary product that utilizes chemosaturation technology, a minimally invasive, repeatable procedure that delivers high doses of chemotherapeutic drugs directly to the whole liver while minimizing systemic exposure of such drugs. CHEMOSAT received CE Mark in April 2011 as a Class III medical device with an indication for the percutaneous intra-arterial administration of a chemotherapeutic agent (melphalan hydrochloride) to the liver.

About Delcath Systems

Delcath Systems, Inc. is a specialty pharmaceutical and medical device company focused on oncology. Delcath’s proprietary system for chemosaturation is designed to administer high dose chemotherapy and other therapeutic agents to diseased organs or regions of the body, while controlling the systemic exposure of those agents. The Company’s initial focus is on the treatment of primary and metastatic liver cancers. In 2010, Delcath announced that its randomized Phase III clinical trial for patients with metastatic melanoma in the liver had successfully achieved the study’s primary endpoint of extended hepatic progression-free survival. The Company also completed a multi-arm Phase II trial to treat other liver cancers. The Company obtained authorization to affix a CE Mark for the Hepatic CHEMOSAT delivery system in April 2011. The right to affix the CE mark allows the Company to market and sell the CHEMOSAT system in Europe. The Company has not yet received FDA approval for commercial sale of its system in the United States. The Company continues with the preparation of its NDA submission and intends to seek FDA approval for commercial sale of its chemosaturation system with melphalan. For more information, please visit the Company’s website at www.delcath.com

The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements made by the Company or on its behalf. This news release contains forward-looking statements, which are subject to certain risks and uncertainties that can cause actual results to differ materially from those described. Factors that may cause such differences include, but are not limited to, uncertainties relating to: future orders and use of the CHEMOSAT system by IEO and other centers in Europe, future initial launch and training agreements with other cancer centers in Europe, CE Marking for the Generation Two system and the timing of our commercial launch in Europe, the time required to build inventory and establish commercial operations in Europe, adoption, use and resulting sales, if any, for the Hepatic CHEMOSAT delivery system in the EEA, our ability to successfully commercialize the chemosaturation system and the potential of the chemosaturation system as a treatment for patients with terminal metastatic disease in the liver, acceptability of the Phase III clinical trial data by the FDA, our ability to address the issues raised in the Refusal to File letter received from the FDA and the timing of our re-submission of our NDA, re-submission and acceptance of the Company’s NDA by the FDA, approval of the Company’s NDA for the treatment of metastatic melanoma to the liver, adoption, use and resulting sales, if any, in the United States, approval of the current or future chemosaturation system for other indications, actions by the FDA or other foreign regulatory agencies, our ability to obtain reimbursement for the CHEMOSAT system, our ability to successfully enter into distribution and strategic partnership agreements in foreign markets and the corresponding revenue associated with such foreign markets, uncertainties relating to the results of research and development projects and future clinical trials, and uncertainties regarding our ability to obtain financial and other resources for any research, development and commercialization activities. These factors, and others, are discussed from time to time in our filings with the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date they are made. We undertake no obligation to publicly update or revise these forward-looking statements to reflect events or circumstances after the date they are made.

Contact Information:

Investor Contact:

Media Contact:

Doug Sherk/Gregory Gin

Janine McCargo

EVC Group

EVC Group

415-568-4887/646-445-4801

646-688-0425

SOURCE Delcath Systems, Inc.

Tuesday, March 20th, 2012 Uncategorized Comments Off on Delcath (DCTH) Announces First Commercial CHEMOSAT Order in Europe

Simulations Plus (SLP) Announces Preliminary Success in Malaria Drug Design Project

Simulations Plus, Inc. (NASDAQ:SLP), a leading provider of consulting services and software for pharmaceutical discovery and development, today announced that preliminary testing shows that one of the molecules it has designed to inhibit the malaria parasite has been shown to be a potent inhibitor of the malaria parasite.

Dr. Robert Clark, director of life sciences for Simulations Plus, said: “We’re excited to announce that, as a result of initial testing of five of the compounds we designed to inhibit the Plasmodium falciparum malaria parasite, four of the five showed some inhibition of the parasite, and one of those four showed very potent inhibition at a level suitable to be a therapeutic agent. Of course, inhibiting the parasite does not necessarily mean that this molecule would be a good drug. There are many more properties that must be acceptable and years of development needed before that could happen. But this is a remarkable achievement nonetheless, because it demonstrates that using only predictions and design methods from our MedChem Studio™, MedChem Designer™, ADMET Predictor™, and GastroPlus™ software and some public domain data, we were able to design completely new chemical structures that can hit a target. There remain a few more molecules in synthesis, and those will be tested once synthesis and purification have been completed by our synthesis company, Kalexsyn, Inc., of Kalamazoo, MI. Among those molecules are the ones we believed would be the most potent inhibitors of the malaria parasite. They are a bit more difficult to synthesize, but Kalexsyn indicates that they are well along in the process and expect to complete the final steps very soon.”

Dr. Michael Lawless, team leader for cheminformatics studies for Simulations Plus, added: “The first round of tests was against the drug-sensitive strain of the malaria parasite known as 3D7. The next round will be against the drug-resistant strain – a more important measure of the potential usefulness of these new molecular structures. We hope to have results by the end of the month from those experiments. We’re shipping samples of the first five molecules to a company that will perform a series of experiments to measure a few other properties, including some physicochemical and metabolism properties. Those experiments will tell us if our predictions for some important ADME (Absorption, Distribution, Metabolism, and Excretion) properties were on the mark.”

About Simulations Plus, Inc.

Simulations Plus, Inc., is a premier developer of groundbreaking drug discovery and development simulation and modeling software, which is licensed to and used in the conduct of drug research by major pharmaceutical, biotechnology, agrochemical, and food industry companies worldwide. We also provide a productivity tool called Abbreviate! for PCs as well as an educational software series for science students in middle and high schools known as FutureLab. Simulations Plus, Inc., is headquartered in Southern California and trades on the NASDAQ Capital Market under the symbol “SLP.” For more information, visit our Web site at www.simulations-plus.com.

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995 – With the exception of historical information, the matters discussed in this press release are forward-looking statements that involve a number of risks and uncertainties. Words like “believe,” “expect” and “anticipate” mean that these are our best estimates as of this writing, but that there can be no assurances that expected or anticipated results or events will actually take place, so our actual future results could differ significantly from those statements. Factors that could cause or contribute to such differences include, but are not limited to: our ability to maintain our competitive advantages, continued success with testing our new molecules for activity against the malaria parasite and for other properties necessary for molecules to become drugs, the general economics of the pharmaceutical industry, our ability to finance growth, our ability to continue to attract and retain highly qualified technical staff, our ability to identify and close acquisitions on terms favorable to the Company, and a sustainable market. Further information on our risk factors is contained in our quarterly and annual reports as filed with the U.S. Securities and Exchange Commission.

Thursday, March 15th, 2012 Uncategorized Comments Off on Simulations Plus (SLP) Announces Preliminary Success in Malaria Drug Design Project