Archive for April, 2012

CASMED (CASM) to Announce First Quarter 2012 Financial Results and Hold Conference Call on May 8, 2012

BRANFORD, Conn., April 30, 2012 (GLOBE NEWSWIRE) — CAS Medical Systems, Inc. (Nasdaq:CASM) (CASMED) a leader in medical devices for non-invasive patient monitoring, today announced that it will report its financial results for the first quarter of 2012 on Tuesday, May 8th prior to the market’s opening. Management will host a conference call to discuss these results and answer questions at 10:00 a.m. (ET) that day.

Conference call dial-in information is as follows:

  • U.S. callers: (866) 239-5859
  • International callers: (702) 495-1913

Individuals interested in listening to the live conference call via the Internet may do so by logging on to the Company’s website, www.casmed.com.

A telephone replay will be available from 11:00 a.m. (ET) on May 8, 2012, through 11:59 p.m. (ET) on May 15, 2012. Replay dial-in information is as follows:

  • U.S. callers: (855) 859-2056
  • International callers: (404) 537-3406
  • Conference ID number (U.S. and international): 76917538
  • The replay will also be available at www.casmed.com.

About CASMED® – Monitoring What’s Vital

CASMED is a leading developer and manufacturer of medical devices for non-invasive patient monitoring. The Company’s FORE-SIGHT Absolute Cerebral Oximeter is the only cerebral oximeter available with FDA clearance for non-invasive, continuous measurement of absolute cerebral tissue oxygen saturation for all patients, regardless of age or weight. Direct monitoring of tissue oxygenation provides a unique and powerful tool to alert clinicians to otherwise unrecognized and dangerously low levels of oxygenation of the brain and other tissues thereby allowing them to intervene appropriately in the care of their patients. In addition to FORE-SIGHT Oximeters and accessories, the Company provides a line of bedside patient vital signs monitoring products, proprietary non-invasive blood pressure monitoring solutions for OEM use, neonatal intensive care supplies, and service. CASMED products are designed to meet the needs of a full spectrum of patient populations worldwide, ranging from adults to pediatrics and neonates.

For further information regarding CASMED, visit the Company’s website at www.casmed.com.

CONTACT: Company Contacts
         CAS Medical Systems, Inc.
         Jeffery Baird
         Chief Financial Officer
         203-315-6303
         ir@casmed.com

         Investors
         LHA
         Kim Sutton Golodetz (kgolodetz@lhai.com)
         (212) 838-3777
         or
         Bruce Voss (bvoss@lhai.com)
         (310) 691-7100
         @LHA_IR_PR
Monday, April 30th, 2012 Uncategorized Comments Off on CASMED (CASM) to Announce First Quarter 2012 Financial Results and Hold Conference Call on May 8, 2012

ClearSign Combustion (CLIR) Announces Completion of Initial Public Offering of Common Stock

SEATTLE, WA — (Marketwire) — 04/30/12 — ClearSign Combustion Corporation (NASDAQ: CLIR) today announced the completion of its previously announced public offering of 3,000,000 shares of its common stock. Gross proceeds to the Company of the public offering are $12 million.

MDB Capital Group LLC acted as the underwriter for the offering.

The securities described above were sold by the Company pursuant to a registration statement previously filed and declared effective by the Securities and Exchange Commission. This press release does not constitute an offer to sell or a solicitation of an offer to buy these securities, 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. Copies of the final prospectus relating to this offering may be obtained from MDB Capital Group LLC, 401 Wilshire Boulevard, Suite 1020, Santa Monica CA 90401, (310) 526-5000.

About ClearSign Combustion Corporation
ClearSign Combustion Corporation designs and develops technologies that aim to improve key performance characteristics of combustion systems including energy efficiency, emissions control, fuel flexibility and overall cost effectiveness. Our Electrodynamic Combustion Control™ (ECC™) platform technology improves control of flame shape and heat transfer and optimizes the complex chemical reactions that occur during combustion in order to minimize harmful emissions. For more information about the Company, please visit www.clearsigncombustion.com

About MDB Capital Group
MDB Capital Group LLC is an investment banking and institutional research firm focused exclusively on companies possessing or seeking to develop market changing, disruptive technologies and intellectual property. For more information on MDB Capital Group, please visit www.mdb.com

Cautionary note on forward-looking statements

This press release includes forward-looking information and statements. Except for historical information contained in this release, statements in this release may constitute forward-looking statements regarding our assumptions, projections, expectations, targets, intentions or beliefs about future events that are based on management’s belief, as well as assumptions made by, and information currently available to, management. While we believe that our expectations are based upon reasonable assumptions, there can be no assurances that our goals and strategy will be realized. Numerous factors, including risks and uncertainties, may affect our actual results and may cause results to differ materially from those expressed in forward-looking statements made by us or on our behalf. Some of these factors include the acceptance of existing and future products, the impact of competitive products and pricing, general business and economic conditions, and other factors detailed in our Annual Report on Form 10-K and other periodic reports filed with the SEC. We specifically disclaim any obligation to update or revise any forward-looking statement whether as a result of new information, future developments or otherwise.

CONTACT:
John McFarland
Investor Relations
(206) 673-4848
john@clearsigncombustion.com

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Cleantech Solutions (CLNT) Receives $1.7 Million Order for Airflow Dyeing Machines

WUXI, China, April 30, 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 and other clean technology industries, today announced that the Company has received a new purchase order from Zhejiang Gelinlan Dyeing Limited (“Zhejiang Gelinlan”), the largest village-level enterprise group in Zhejiang, to supply its energy-efficient airflow dyeing machines for an aggregate amount of RMB10.4 million (approximately $1.7 million).

Pursuant to the purchase order, the Company is scheduled to deliver 15 units of its energy-efficient airflow dyeing machines to Zhejiang Gelinlan by the end of May 2012. The Company has received an advance payment of RMB3.1 million (approximately $0.5 million). The Company’s airflow dyeing machines use air flow as opposed to water in the traditional dyeing process, which the Company believes results in reduced input costs, fewer wrinkles, less damage to the textile, and reduced emissions.

“We are encouraged by the positive market feedback and receipt of an order from a new customer for our energy-efficient airflow dyeing machines,” said Mr. Jianhua Wu, Chairman and CEO of Cleantech Solutions. “We believe these new orders are mainly driven by growth in China’s textile industry and increasing willingness of our customer to invest in new equipment designed to meet the PRC government’s mandatory environmental standards. We are hopeful that more of our customers will recognize the operational efficiency of these machines, which include reduced input costs and lower emissions. We are confident that sales of our airflow dyeing machines can exhibit strong growth in fiscal 2012.”

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. 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 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

SOURCE Cleantech Solutions International, Inc.

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Anderson Family Proposes Transaction to Acquire 100% of Public Interest in Books-A-Million, Inc. (BAMM)

Clyde B. Anderson announced on April 28, 2012, that the Anderson family has made a non-binding proposal to acquire all of the outstanding publicly-held shares of the common stock of Books-A-Million, Inc. (NASDAQ: BAMM) (the “Company”). Mr. Anderson is the Executive Chairman of the Company and Mr. Anderson and other members of the Anderson family currently directly or indirectly control shares of stock representing, in the aggregate, approximately 53 percent of the common stock of the Company.

According to the proposal, public shareholders would receive $3.05 per share in cash, representing a premium of approximately 20 percent over the closing price on April 27, 2012, and 13 percent over the average closing price of the Company’s common stock for the past 90 trading days. The proposal values the total equity of the Company at approximately $48.8 million.

In the proposal letter, Mr. Anderson stated he anticipates the acquisition would be in the form of a merger of the Company with a newly formed acquisition vehicle that the Anderson family would control. Mr. Anderson also stated in the letter that the transaction would be financed through borrowings available under the Company’s existing credit line, and that the proposal is conditioned on availability of sufficient funds under that credit line. The Anderson family expects the Company’s management to remain in place following the merger along with the rest of the Company’s valued employees.

In the letter, Mr. Anderson said: “We believe that this Proposal presents a unique and highly attractive opportunity for the public shareholders of the Company.”

Mr. Anderson also noted in his letter that he expects that the Board of Directors of the Company will establish a special committee of independent directors with its own legal and financial advisors to review the proposal on behalf of the Company’s public shareholders. Mr. Anderson indicated in his letter that he and the other interests of the Anderson family do not intend to move forward with the proposed transaction unless the special committee makes a favorable recommendation to the Board.

In the letter, Mr. Anderson also stated that the definitive transaction documents will provide that the transactions will be conditioned upon the approval of a majority of the shares of stock of the Company that are not directly or indirectly controlled by members of the Anderson family. Mr. Anderson also made clear that he and the other members of the Anderson family are interested only in acquiring the outstanding shares of the Company that they do not already own, and are not currently interested in considering a sale of their shares to a third party or any merger or other strategic transaction involving any third party and do not intend to vote in their capacity as shareholders in favor of any such transaction.

Mr. Anderson has engaged Ropes & Gray LLP as his legal advisor and BDT & Company, LLC as his financial advisor for the proposed transaction.

A copy of Mr. Anderson’s letter to the Board is attached as an exhibit to Amendment No. 8 to the Anderson family’s Schedule 13D, which is being filed with the Securities and Exchange Commission (“SEC”) today, and once filed will be available at no charge on the SEC’s website at www.sec.gov.

Pending the execution of a definitive agreement, the Company’s shareholders and others considering trading in its securities should recognize that the announcement of this proposal is only the beginning of the process of considering the proposal and that no definitive time frame has been determined and that there can be no assurance that any transaction, whether on the proposed terms or other terms, will be consummated. There can also be no assurance that Mr. Anderson will be able to obtain the financing commitments necessary to proceed with the proposal.

This press release is not a solicitation of a proxy, an offer to purchase nor a solicitation of an offer to sell shares of the Company, and it is not a substitute for any proxy statement or other filings that may be made with the Securities and Exchange Commission (the “SEC”) should this proposed transaction go forward. If such documents are filed with the SEC, investors will be urged to thoroughly review and consider them because they will contain important information, including risk factors. Any such documents, once filed, will be available free of charge at the SEC’s website (www.sec.gov) and from the Company.

Monday, April 30th, 2012 Uncategorized Comments Off on Anderson Family Proposes Transaction to Acquire 100% of Public Interest in Books-A-Million, Inc. (BAMM)

SEFE, Inc. (SEFE) Announces Tether Contact System

SEFE, Inc. (OTCBB: SEFE) (“SEFE”) (“The Company”), a technology- and solutions-driven sustainability company, has introduced a summary of its tether contact system and its role in the company’s flagship Harmony III product.

In brief, the tether contact system is designed to minimize electrical path length on the power tether. The system uses a proprietary mechanism to complete the power circuit, removing the unused power tether from the path. This system functions in tandem with the dynamic electrical converter and the electrostatic motor-generator as an efficiency booster. This allows for the same hardware to be used no matter what the flight elevation of the aerostat will be.

“The most oft-asked questions about the design of our system are related to its safety and efficiency. This component of our system is one of several inventions geared toward addressing both of those issues in order to enhance the product as a whole,” stated Mike Hurowitz, SEFE’s Director of Engineering.

For more information visit www.SEFElectric.com.

About SEFE, Inc.

SEFE focuses on pushing the boundaries of what’s possible, embracing innovation and employing the cutting-edge to solve problems, and offering sustainable solutions to a world hungry for invention, direction and leadership. SEFE is technology- and solutions-driven, focusing on developing inventions that provide a real-world impact and true profitability. So, success is measured by both a sustainable return on investment, as well as a project’s sustainability from an environmental perspective.

For more information, visit www.SEFElectric.com.

Forward-Looking Statements

This release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements regarding our expected future financial position, results of operations, cash flows, financing plans, business strategy, products and services, competitive positions, growth opportunities, plans and objectives of management for future operations, as well as statements that include words such as “anticipate,” “if,” “believe,” “plan,” “estimate,” “expect,” “intend,” “may,” “could,” “should,” “will,” and other similar expressions are forward-looking statements. All forward-looking statements involve risks, uncertainties and contingencies, many of which are beyond our control, which may cause actual results, performance, or achievements to differ materially from anticipated results, performance, or achievements. We are under no obligation to (and expressly disclaim any such obligation to) update or alter our forward-looking statements, whether as a result of new information, future events or otherwise.

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Exceed Company Limited (EDS) Full Year 2011 Financial Results

FUJIAN, China, April 30, 2012 /PRNewswire-Asia-FirstCall/ — Exceed Company Ltd. (NASDAQ: EDS) (“Exceed” or “the Company”), the owner and operator of “Xidelong” brand and one of the leading domestic sportswear brands in China, today released its financial results for 2011.

Financial Highlights – Full Year ended December 31, 2011 (audited)(1)

  • Revenue was RMB3,288.6 million (US$522.5 million), representing a 21.8% year-over-year increase.
  • Gross profit was RMB992.3 million (US$157.7 million), representing a 17.9% year-over-year increase. Gross margin decreased from 31.2% for 2010 to 30.2% for 2011.
  • Operating profit was RMB498.2 million (US$79.2 million), representing a 21.6% year-over-year increase.
  • Net profit was RMB470.1 million (US$74.7 million), representing a 33.1% year-over-year increase.

Mr. Shuipan Lin, Exceed’s founder, Chairman and CEO, commented, “We are pleased to report healthy results for the full year 2011, with over 20% growth in revenue and 30% growth in net income. Our results were supported by our ongoing marketing and branding efforts which have promoted our brand image and allowed us to further penetrate the domestic sportswear market in China. Our key target audience, younger generations in China’s developing second and third-tier cities continue to identify with our ‘happy lifestyle’ branding theme. In addition, our involvement in the nationwide ‘Fitness for All Campaign 2011’ was recently recognized with an Outstanding Contribution Award from China’s General Administration of Sport, the government agency responsible for sports in China, which further enhanced our brand image. By continuing to improve the awareness and acceptance of a ‘Sports Lifestyle,’ Exceed is helping to educate a whole new generation of Chinese youth about the benefits of leading a healthy and active life.

“In addition to our ongoing marketing and branding efforts, we have made progress on our operational plan to maximize our growth potential in the evolving PRC domestic sportswear market. As recently announced, we have sought to improve our internal manufacturing capacity, thereby increasing our bargaining power, providing more stability to our supply chain, which, in turn, we believe will positively affect our gross profit margin. A significant part of our new operational plan is to purchase a 400,000 square meter parcel of land in Ruichang City, Jiangxi Province, where we plan to establish a new operating subsidiary and construct a new production facility upon this parcel of land. Upon completion of the construction of our new production facility in Ruichang City by the end of 2013, we expect that our annual production capacity for our footwear products will increase to approximately 30.0 million pairs while also gaining certain internal apparel production capabilities.

“The filing of our annual results was rescheduled to allow us sufficient time to properly assess the accounting treatment of certain escrow shares and earn-out shares. To reflect the revision to our method of accounting in relation to our conditional obligations in relation to release and issue these escrow shares and earn-out shares, we subsequently restated results for 2009 and 2010. The restatement resulted in a non-cash and non-operating gain of RMB170.9 million, RMB1.6 million and RMB36.6 million from change in fair value of contingent share liability for the year ended 2009, 2010 and 2011, respectively. In addition, we believe our reassessment of the accounting treatment in this instance demonstrates our commitment to maintaining the highest level of transparency and disclosure in all of our reporting practices. Looking ahead, despite ongoing macroeconomic headwinds, we believe the execution of our operational plan combined with our continued brand building activities will position us to deliver steady growth in the year ahead. We will continue to expand our market presence at a measured pace to keep our sales and distribution channel and inventories in-line with consumer demand. Beyond our operational initiatives, the Company is also seeking to maximize shareholder value by extending the date of expiration of our previously announced US$10 million share repurchase program from February 14, 2012 to August 14, 2012. As of today, this extension will give us more time to prudently repurchase shares up to US$7.6 million that may yet be purchased under the share repurchase program. The strength of our balance sheet and financial position allow us to continue investing in the Company’s future while simultaneously returning value to our shareholders.”

Audited Fiscal Year 2011 Financial Results

Revenue breakdown

Year Ended

Dec 31, 2011

US$’000

Dec 31, 2011

RMB’000

% of

Revenue

Dec 31, 2010

RMB’000

% of

Revenue

Fiscal Year

YoY Growth

Footwear

240,566

1,514,096

46.0%

1,266,378

46.9%

19.6%

Apparel

275,105

1,731,482

52.7%

1,403,708

52.0%

23.4%

Accessories

6,829

42,983

1.3%

28,805

1.1%

49.2%

Total

522,500

3,288,561

100.0%

2,698,891

100.0%

21.8%

Revenue. Revenue for 2011 was RMB3,288.6 million (US$522.5 million), representing a year-over-year increase of 21.8% from RMB2,698.9 million in 2010.

The increase in revenue in 2011 was primarily due to further market penetration as a result of our continuous marketing and brand promotion efforts. In 2011, we engaged one of the largest and longest standing China-based marketing and public relations firms to further enhance our advertising and promotional initiatives. This engagement, together with our ongoing marketing initiatives including production of television commercials for our spokespersons, By2, and our sponsorship of the “Fitness for All Campaign – Walking to 100 Universities” program and “Inter-City” television program has enhanced our brand significantly. Furthermore, we have engaged a new advertising company, a member of the American Association of Advertising Agencies, for the planning and production of television commercials for our spokespersons, By2, and print advertisements for our products. The commercials are intended to position Xidelong as a sports brand that emphasizes a “happy lifestyle”. Meanwhile, strong demand from end customers encouraged the expansion of the Xidelong retail network by our distributors and authorized third-party retailers. The number of the Xidelong retail locations increased by 511 from 4,333 as of December 31, 2010 to 4,844 as of December 31, 2011.

  • Footwear. Footwear accounted for 46.0% of revenue for 2011, and principally includes nine categories of footwear: running footwear, leisure footwear, basketball footwear, skateboarding footwear, canvas footwear, tennis footwear, outdoor footwear, vintage design footwear and cross-training footwear. A portion of our footwear production is outsourced.

Revenue from footwear for 2011 was RMB1,514.1 million (US$240.6 million), a 19.6% increase from RMB1,266.4 million in 2010, primarily due to a 4.7% increase in average selling price (“ASP”) and a 14.2% increase in sales volume. Such increases were mainly attributable to the introduction of our new vintage design footwear and cross-training footwear product lines in June 2011. As a result of our continuous marketing and brand promotion efforts, footwear ASP increased, leading to an increase in our overall footwear revenue.

  • Apparel. Sports apparel accounted for 52.7% of revenue for 2011, and principally includes sports tops, sports pants, jackets and track suits. Our apparel production is entirely outsourced.

Revenue from apparel for 2011 was RMB1,731.5 million (US$275.1 million), a 23.4% increase from RMB1,403.7 million in 2010. This increase was primarily due to a 4.5% increase in sales volume and an 18.0% increase in ASP. Such increases were mainly attributable to the improvement of the design and quality of our apparel products and the introduction of certain new products, particularly the new lifestyle apparel products, which has created demand from end customers. In addition, the increase in the average size of the Xidelong retail locations, which typically now have larger display areas for apparel, has attracted more customer traffic. The increased consumer recognition of our Xidelong brand as a result of our continuous marketing and brand promotion efforts also contributed to the increase in ASP of apparel products.

  • Accessories. Accessories accounted for 1.3% of revenue for 2011, and principally include bags, socks, hats and caps. Our accessories production is entirely outsourced.

Revenue from accessories for 2011 was RMB43.0 million (US$6.8 million), a 49.2% increase from RMB28.8 million in 2010. This increase was primarily driven by an increase in product varieties.

Gross profit and Gross profit margin. Gross profit for 2011 increased by 17.9% to RMB992.3 million (US$157.7 million) from RMB841.6 million in 2010, primarily as a result of the increase in sales. Overall gross margin for 2011 decreased to 30.2% from 31.2% in 2010, primarily as a result of the decrease in proportion of footwear produced in-house relative to overall footwear production as a result of the limited production capacity within our existing production facility. We have formulated a new operational plan in response to these production capacity restraints. Please refer to the “Business Highlights and Outlook” section of this release. Furthermore, rising inflation in China resulted in an increase in raw material and wage costs, leading to an increase in the manufacturing cost. We will continue our efforts to balance the mix between in-house production and outsourced manufacturing in the future.

Other income and gains. Other income and gains increased by 131.3% to RMB14.8 million (US$2.4 million) in 2011 from RMB6.4 million in 2010. Other income and gains in 2011 included a governmental award of RMB2.4 million (US$0.4 million) for technological innovation and business development, and interest income of RMB11.9 million (US$1.9 million). The increase in other income and gains in 2011 was mainly attributable to an increase in interest income, derived from a short term time deposit of RMB400.0 million (US$63.6 million), which carried an interest rate ranging from 1.7% to 3.1% per annum.

Operating expenses. Total operating expenses for 2011 was RMB508.8 million (US$80.8 million), increased by approximately 16.1% from RMB438.2 million for 2010.

Selling and distribution costs. Selling and distribution costs for 2011 was RMB377.9 million (US$60.0 million), an increase of 11.3% from RMB339.6 million in 2010. The increase in selling and distribution costs for 2011 was primarily due to increases in advertising and promotional expenses. Advertising and promotional expenses increased by 11.2% from RMB316.8 million in 2010 to RMB352.4 million (US$56.0 million) in 2011 primarily because we invested more resources on marketing, advertising and store image and renovation activities to build our brand recognition and market penetration. In 2011, over 500 Xidelong retail selling locations were newly opened by our distributors and third-party retailers. During the same period, over 450 existing Xidelong retail locations were renovated by our distributors and third-party retailers, certain of which received renovation subsidies from Exceed in the form of standardized promotional materials and display equipment. In 2011, our advertising and promotional activities continued to focus on the events relating to the Nationwide “Fitness for All” Sports Campaign and the continued engagement of By2 as our official product series spokesperson. We have also engaged Genedigi, one of the largest and longest standing China-based marketing and public relations firms to support our advertising and promotional initiatives in conjunction with the our sponsorship of the “Fitness for All” Sports Campaign in 2011 and for general public relations and marketing initiatives in mainland China. In addition, we have continued to sponsor the “Inter-City” television program, a popular entertainment show featuring athletic challenges that airs on channels 1 and 5 of China Central Television, which is the predominant state television broadcaster in China, starting from the second quarter of 2011.

As a percentage of sales, advertising and promotional expenses decreased from 11.7% in 2010 to 10.7% in 2011. The decrease in advertising and promotional expenses as a percentage of sales was mainly due to the effective management of our promotional strategy and spending on advertising which further improved our operating profit.

Administrative expenses. Administrative expenses for 2011 was RMB77.1 million (US$12.2 million), an increase of 33.4% from RMB57.8 million in 2010, primarily due to the increase in UMC Tax, Educational Surcharge, salaries of administrative staff and rental expenses. Commencing from December 1, 2010, foreign enterprises, foreign funded enterprises and foreign individuals have been required to pay UMC Tax and Educational Surcharge. UMC Tax and Educational Surcharge increased by 780.0% from RMB1.5 million in 2010 to RMB13.2 million (US$2.1 million) in 2011. Salaries of administrative staff increased by 15.9% from RMB11.3 million in 2010 to RMB13.1 million (US$2.1 million) in 2011 primarily due to an increase in the number of administrative staff and a general increase in average wages. Office rental expenses increased by 236.4% from RMB1.1 million in 2010 to RMB3.7 million (US$0.6 million) in 2011 due to the business expansion of the Company. Administrative expenses as a percentage of revenue increased from 2.1% in 2010 to 2.3% in 2011.

Research and development expenses. Research and development expenses for 2011 was RMB53.9 million (US$8.6 million), an increase of 32.1% from RMB40.8 million in 2010. The increase in research and development expenses for 2011 was primarily due to the continued investment in the design of new products and components to improve our product offerings, as well as our research and development efforts in cooperation with a PRC sports institute.

Finance costs. Finance costs for 2011 was RMB0.9 million (US$0.1 million), a decrease of 52.6% from RMB1.9 million in 2010, primarily due to a decrease in the average of our short-term bank borrowings.

Gain from change in fair value of contingent share liability. The gain from the change in contingent share liability was RMB1.6 million and RMB38.6 million in 2010 and 2011, respectively, reflecting the decrease in the fair value of the conditional obligation to release and issue shares to the former shareholders of Windrace as part of the reverse recapitalization transaction effective on October 21, 2009.

Profit before tax. As a result of the foregoing, profit before tax for 2011 was RMB536.0 million (US$85.2 million), an increase of 30.9% from RMB409.5 million in 2010.

Tax. Tax expenses for 2011 were RMB65.9 million (US$10.5 million), compared to RMB56.3 million in 2010. The full exemption period of Xidelong (China) Co. Ltd., our principal PRC subsidiary, from PRC corporate income tax expired on December 31, 2009. Xidelong (China) Co. Ltd. is entitled to a 50% reduction in the PRC corporate income tax until December 31, 2012, after which it will be subject to the standard tax rate of 25%. The effective tax rate for 2011 and 2010 was 12.3% and 13.7%, respectively.

Profit. As a result of the above factors, profit for 2011 was RMB470.1 million (US$74.7 million), an increase of 33.1% from RMB353.2 million in 2010.

Balance Sheet

Inventory. The average inventory turnover days for 2011 and 2010 were 6 days and 10 days, respectively. Inventory turnover days decreased mainly due to the decreased proportion of in-house production, as fewer inventories were stored in 2011 as compared with 2010, and our improved production planning and effective procurement control and logistics management.

Trade receivables. The average trade receivables turnover days for 2011 and 2010 were 73 days and 96 days, respectively. Trade receivables turnover days were within the Company’s credit policy and we will continue our effort to maintain the trade receivables balance.

Trade payables. The average trade payables turnover days for 2011 and 2010 were 14 days and 30 days, respectively. Average trade payables turnover days decreased as a result of our decision to opt for the bulk purchase discounts offered by our suppliers in exchange for quicker payment for raw materials and finished products.

Cash and cash equivalents. Cash and cash equivalents increased to RMB964.3 million (US$153.2 million) as of December 31, 2011 from RMB762.8 million as of December 31, 2010, primarily as a result of an increase in profit derived from the sales of products.

Cash Flow

Cash inflow from operating activities for 2011 was RMB320.4 million (US$50.9 million) compared to an inflow of RMB523.5 million in 2010. The changes were mainly due to revenue growth, resulting in an increase in trade receivables, as well as a decrease in trade and bills payables for our proactive strategy to maximize the bulk purchase discounts offered by the suppliers in exchange for quicker payment for raw materials.

Business Highlights and Outlook

  • 2012 Autumn collection sales fair
    • 2012 Autumn sales fair was held at our headquarters in Jinjiang during the period of December 15 to 19, 2011. The total value of the wholesale orders placed at the sales fair grew by approximately 9% over the same sales fair last year.
  • Expansion of sales and distribution network
    • There were 4,844 Xidelong retail locations, which are operated by our distributors and authorized third-party retailers, as of December 31, 2011, an increase of 511 compared with the number as of December 31, 2010.
    • We continued to deepen penetration into new cities, with a focus on third-tier cities in affluent provinces such as Guangdong, Jiangsu and Zhejiang provinces. From December 31, 2010 to December 31, 2011, 92 new Xidelong retail locations, which are operated by our distributors and authorized third-party retailers, were opened in these provinces.
  • Marketing initiatives and brand recognition
    • We use the “happy lifestyle” theme in our promotional activities and product offerings and continue to engage By2, a popular Taiwan-based musical group, as a product spokesperson. We will maintain these promotional initiatives as they have been effective in enhancing the “Xidelong” brand image and have helped to support our strong results.
  • We attended the “Fitness for All Campaign 2011” closing and award ceremony in Beijing in mid-January 2012, where we received the Chinese General Administration of Sport’s Outstanding Contribution Award for the second consecutive year.
  • We have engaged Genedigi, one of the largest and longest standing China-based marketing and public relations firms to support our general public relations and marketing initiatives in China.
  • We have engaged an American Association of Advertising Agencies member agency to support the planning and production of television commercials for our spokespersons, By2 and print advertisement for our products.

Update on new operational plan

Construction of New Staff Quarters:

To specifically address the shortage of labor faced by all players in the sportswear industry in China, we initiated a solution to construct new staff quarters to improve the working and living environments of our employees and bolster staff retention. The expected staff quarter construction project cost is approximately RMB150 million, with an aggregate gross floor area of approximately 66,000 square meters, which can accommodate approximately 2,000 staff. We commenced construction of the new staff quarters in 2011, with three buildings completed in 2012 and the construction on the remaining two buildings expected to start in 2012. The renovation of the three staff quarter’s buildings will start in April 2012 and is expected to be completed by the fourth quarter in 2012.

Construction of New Production Facility:

In order to expand our internal capacity, in December 2011, we entered into a contract with the municipal government of Ruichang City for the investment and construction of a sportswear manufacturing base on a parcel of land in the Ruichang City. Pursuant to this contract, we would purchase a parcel of land with an aggregate site area of 400,000 square meters (approximately 600 acres) in Ruichang City, Jiangxi Province, PRC. We plan to use this parcel of land for the construction of a new production facility to increase our internal manufacturing capacity. The total consideration for the land will amount to RMB198,000,000 (approximately US$31.5 million), of which a deposit of RMB46,800,000 (approximately US$7.4 million) has been paid as a performance bond. The Company intends to establish a new operating subsidiary in Jiangxi Province and construct a new production facility on the purchased land in order to increase its internal manufacturing capacity. Upon completion of the construction of our new production facility in Ruichang City by the end of 2013, we expect that our annual production capacity for our footwear products will increase to approximately 30.0 million pairs as well as gaining certain internal apparel production capabilities. We believe increased in-house production capacity will give us more control over the production process and allow us to reduce costs over time.

Expansion of Head Office, Sales, Marketing and Distribution:

In order to cope with the expected business expansion, we plan to expand our head office facilities and our network of regional sales and logistics centers to consolidate the Company’s brand management, advertising and promotional functions, and business development function. We are currently investigating possible locations within Fujian Province.

The production facility plan has not been finalized and may be subject to change in the future.

In the long-term, as previously announced, we plan to selectively acquire or partially invest in distributors of our products. Furthermore, to improve our market share in China, our strategy involves leveraging our established nationwide network to introduce new brands, which may include entering into licensing agreements with a foreign brand to target different market segments, in order to develop Exceed into a multi-brand operator.

First Quarter Fiscal 2012 Guidance

Exceed expects to generate net revenues in the range of RMB841.6 million to RMB864.1 million in the first quarter of 2012, representing a year-over-year increase of approximately 12% to 15%, as compared with RMB751.4 million in the same period of 2011. This represents the Company’s preliminary estimates, and is subject to change.

Update on Shares Repurchase Program

In accordance with its share repurchase program announced on August 15, 2011 and extended on February 14, 2012, the Company has purchased 563,364 of its ordinary shares as of April 27, 2012, at an aggregate cost of approximately US$2.4 million, with a balance of approximately US$7.6 million available for further repurchases under the share repurchase program. As previously announced, the Company has extended the date of expiration of Exceed’s existing US$10 million share repurchase program from February 14, 2012 to August 14, 2012. The share repurchase program will be reviewed from time to time and may be adjusted or terminated at any time without prior notice. Stock repurchases under this program may be made through open market purchases, in privately negotiated transactions, in block trades, pursuant to a 10b5-1 plan, or otherwise. The timing and actual number of shares repurchased will depend on market conditions, trading price of the ordinary shares and other factors and will be subject to the restrictions relating to volume, price and timing under applicable laws.

Revisions to Previously Issued Consolidated Financial Statements

The Company has revised its previously issued financial statements for 2009 and 2010 to reflect the revision to its method of accounting in relation to the conditional obligation to release and issue shares to the former shareholders of Windrace International Company Limited as part of the reverse recapitalization transaction effective on October 21, 2009. The Company believes that this revised accounting treatment is more relevant and reliable under the circumstances.

The Company’s original accounting method was to record the contingent shares issuable, consisting of escrow shares and earn-out shares, as a stock dividend, and upon issuance as an adjustment to the par value of common shares, with an offsetting adjustment to capital reserve. The Company included such contingent shares in the calculation of basic earnings per share from the date of issuance. Under this accounting method, the Company did not recognize a liability for its conditional obligation to issue shares, and did not recognize changes in the fair value of that conditional obligation in its consolidated statements of comprehensive income.

During 2012, prior to the issuance of the Company’s December 31, 2011 financial statements, the Company concluded it would be more relevant and reliable to revise its method of accounting with respect to the accounting for the contingent shares issuable, retroactive to the closing of the reverse recapitalization transaction, to recognize a liability for the fair value of the escrow shares and the earn-out shares, and to recognize changes in the fair value of the escrow shares and the earn-out shares in the Company’s consolidated statements of comprehensive income. The Company adopted this revised accounting method based on, among other factors, its review of IAS 8, IAS 32 and IAS 39.

In particular, the Company considered IAS 8, “Accounting Policies, Changes in Accounting Estimates and Errors”, which states that, in the absence of a standard or an interpretation that specifically applies to a transaction, other event or condition, management shall use its judgment in developing and applying an accounting policy that results in information that is relevant and reliable. One of the permitted changes in an accounting policy under IAS 8 is if such change results in the financial statements providing reliable and more relevant information about the effects of transactions, other events or conditions on the company’s financial position, financial performance or cash flows. The Company believes that revising comparative amounts for all prior periods presented will provide more relevant and reliable information to shareholders and investors.

The Company also considered the example of another SEC registrant that, after consultation with the Securities and Exchange Commission, revised its accounting for contingent shares issuable in a reverse recapitalization transaction to reflect contingent shares issuable as a liability in its balance sheet at fair value, with the changes in fair value of the contingent shares issuable recognized in the consolidated statements of operations.

The Company now believes accounting for the contingent shares issuable as a liability at fair value, with the changes in fair value recognized in the consolidated statements of comprehensive income, is a more relevant and reliable accounting method under the circumstances. The Company’s reconsideration was significantly influenced by evolving professional views as to the accounting for this type of transaction, as well as the continuing movement to fair value/derivative accounting for an expanding array of financial instruments.

For the details of the adjustments made to the previously reported 2009 and 2010 consolidated balance sheets, consolidated statements of comprehensive income, consolidated statements of cash flows, and consolidated statements of changes in equity, please refer to Note 2 to the consolidated financial statements filed in our annual report on Form 20-F.


Investor Conference Call / Webcast Details

The Company’s senior management will host a conference call on Thursday, May 3, 2012 at 7:00 am (US Pacific) / 10:00 am (US Eastern) / 10:00 pm (Beijing) to discuss the Company’s 2011 full year financial results and recent business activity. The conference call may be accessed by dialing:

Toll Free

Toll

– United States

1 866 519 4004

– China

800 819 0121

– China (Mobile)

400 620 8038

– Hong Kong

800 930 346

852 2475 0994

– United Kingdom

0808 234 6646

– International

1 718 354 1231

Participant Passcode

“EDS”

Please dial in 10 minutes before the call is scheduled to begin.

A replay of the conference call may be accessed by phone at the following numbers until May 10, 2012:

Toll Free

Toll

– United States/International

1 866 214 5335

1 718 354 1232

– China

10800 714 0386/ 10800 140 0386

– Hong Kong

800 901 596

– United Kingdom

0800 731 7846

Participant Passcode

60344567

Additionally, a live and archived webcast of the conference call will be available on the investor relations section of Exceed’s website at http://www.ir.xdlong.cn.

About Exceed Company Ltd.

Exceed Company Ltd. designs, develops and engages in wholesale of footwear, apparel and accessories under its own brand, XIDELONG, in China. Since it began operations in 2002, Exceed has targeted its growth on the consumer markets in the second and third-tier cities in China. Exceed has three principal categories of products: (i) footwear, which comprises running, leisure, basketball, skateboarding and canvas footwear, (ii) apparel, which mainly comprises sports tops, pants, jackets, track suits and coats, and (iii) accessories, which mainly comprise bags, socks, hats and caps. Exceed Company Ltd. currently trades on Nasdaq under the symbols “EDS”.

Safe Harbor Statement

This announcement contains forward-looking statements that are based on our current expectations, assumptions, estimates and projections about us and our industry. All statements other than statements of historical fact in this form are forward-looking statements. These forward-looking statements can be identified by words or phrases such as “may”, “will”, “expect”, “anticipate”, “estimate”, “plan”, “believe”, “is/are likely to” or other similar expressions.

These forward-looking statements involve various risks and uncertainties. Although we believe that our expectations expressed in these forward-looking statements are reasonable, we cannot assure you that our expectations will turn out to be correct. Our actual results could be materially different from and worse than our expectations. A number of factors could cause actual results to differ materially from those contained in these forward-looking statements, including but not limited to changes in our goals and strategies, our ability to control costs and expenses, success of our products, competition in the sportswear industry in China, and changes in PRC government preferential tax treatment and financial incentives. The forward-looking statements made in this announcement relate only to events or information as of the date on which this announcement is published. We undertake no obligation to update any forward-looking statements to reflect events or circumstances after the date this announcement is published or to reflect the occurrence of unanticipated events.

(1) The Company’s reporting currency is Renminbi (“RMB”). RMB numbers included in this press release have been translated into U.S. dollars at the rate of US$1.00 = RMB6.294, the exchange rate refers to the exchange rate as set forth in the H.10 statistical release of the Federal Reserve Board, on December 31, 2011. The translation of amounts from RMB to United States dollars is solely for the convenience of the reader. No representation is made that RMB amounts could have been, or could be, converted into U.S. dollars at that rate or at any other rate on December 31, 2011.

Contacts:

Taylor Rafferty (HK):

Taylor Rafferty (US):

Mahmoud Siddig

Bryan Degnan

+852 3196 3712

+1 (212) 889-4350

Exceed@Taylor-Rafferty.com

Exceed@Taylor-Rafferty.com

– FINANCIAL TABLES TO FOLLOW –

EXCEED COMPANY LTD. AND SUBSIDIARIES

CONDENSED STATEMENTS OF COMPREHENSIVE INCOME

Year ended December 31

2011

2011

2010

2009

US$’000

RMB’000

RMB’000

RMB’000

(Audited)

(Audited)

(Audited)

(Audited)

As restated

As restated

Revenue

522,500

3,288,561

2,698,891

2,077,958

Cost of sales

(364,845)

(2,296,298)

(1,857,251)

(1,464,856)

Gross profit

157,655

992,263

841,640

613,102

Other income and gains

2,350

14,791

6,416

5,855

Selling and distribution costs

(60,043)

(377,903)

(339,637)

(268,123)

Administrative expenses

(12,246)

(77,073)

(57,814)

(44,509)

Research and development expenses

(8,558)

(53,863)

(40,783)

(24,953)

OPERATING PROFIT

79,158

498,215

409,822

281,372

Finance costs

(136)

(856)

(1,893)

(29,566)

Share of loss in jointly-controlled entity

(17)

(16)

Gain from change in fair value of contingent share liability

6,140

38,645

1,604

170,948

PROFIT BEFORE TAX

85,162

536,004

409,516

422,738

Tax

(10,474)

(65,922)

(56,274)

(3,771)

PROFIT FOR THE YEAR

74,688

470,082

353,242

418,967

Other comprehensive income for the year, net of tax:

Exchange differences on translation of

financial statements of overseas subsidiaries

642

4,042

9,383

2,536

Total comprehensive income for the year

attributable to equity holders of the Company

75,330

474,124

362,625

421,503

EARNINGS PER SHARE

Net profit per share

Basic

USD2.51

RMB15.83

RMB14.00

RMB50.52

Diluted

USD2.18

RMB13.72

RMB10.67

RMB38.58

Weighted average number of shares outstanding

Basic

29,700,010

29,700,010

25,232,827

8,292,331

Diluted

34,273,028

34,273,028

33,117,326

11,543,091

EXCEED COMPANY LTD. AND SUBSIDIARIES

CONDENSED STATEMENTS OF FINANCIAL POSITION

As of December 31

2011

2011

2010

2009

US$’000

RMB’000

RMB’000

RMB’000

(Audited)

(Audited)

(Audited)

(Audited)

As restated

As restated

NON-CURRENT ASSETS

Property, plant and equipment

45,173

284,314

263,958

272,578

Prepaid land lease payments

4,425

27,851

28,599

29,347

Deposit paid for acquisition of land use rights

11,603

73,030

12,600

Total non-current assets

61,201

385,195

305,157

301,925

CURRENT ASSETS

Inventories

5,019

31,589

44,747

55,966

Trade receivables

111,201

699,891

611,660

812,747

Prepayments, deposits and other receivables

757

4,765

19,788

19,840

Due from a shareholder

103

Pledged deposits

15,000

Cash and cash equivalents

153,215

964,317

762,798

262,204

Total current assets

270,192

1,700,562

1,438,993

1,165,860

CURRENT LIABILITIES

Trade and bills payables

9,524

59,941

111,001

195,538

Deposits received, other payables and accruals

8,310

52,304

65,585

62,842

Interest-bearing bank borrowings

18,000

58,000

Due to a director

1,687

Tax payable

1,763

11,098

12,858

1,286

Contingent share liability

139,168

349,766

Total current liabilities

19,597

123,343

346,612

669,119

NET CURRENT ASSETS

250,595

1,577,219

1,092,381

496,741

Net assets

311,796

1,962,414

1,397,538

798,666

STOCKHOLDER’S EQUITY

Share capital

3

20

17

13

Treasury shares

(1,835)

(11,549)

Retained profits

238,707

1,502,398

1,077,313

761,174

Reserves

74,921

471,545

320,208

37,479

Total equity

311,796

1,962,414

1,397,538

798,666

EXCEED COMPANY LTD. AND SUBSIDIARIES

CONDENSED STATEMENTS OF CASH FLOWS

Year ended December 31

2011

2011

2010

2009

US$’000

RMB’000

RMB’000

RMB’000

(Audited)

(Audited)

(Audited)

(Audited)

As restated

As restated

Net cash inflow/(outflow) from operating activities

50,912

320,435

523,516

(143,047)

Net cash outflow from investing activities

(13,842)

(87,120)

(3,676)

(14,263)

Net cash inflow/(outflow) from financing activities

(4,621)

(29,079)

(16,633)

299,878

Effect of exchange rate changes

(430)

(2,717)

(2,613)

(432)

Net increase in cash and cash equivalents

32,019

201,519

500,594

142,136

Cash at beginning of the year

121,196

762,798

262,204

120,068

Cash at end of the year

153,215

964,317

762,798

262,204

Monday, April 30th, 2012 Uncategorized Comments Off on Exceed Company Limited (EDS) Full Year 2011 Financial Results

Vimicro (VIMC) and Samsung Form Strategic Partnership to Develop Products for the China Security Surveillance Market

BEIJING, April 27, 2012 /PRNewswire-Asia-FirstCall/ — Vimicro International Corporation (NASDAQ: VIMC) (“Vimicro” or the “Company”), a leading multimedia semiconductor and IP-based surveillance solution provider, today announced the signing of a strategic cooperative agreement (the “Agreement”) with Tianjin Samsung Techwin Opto-Electronic Co., Ltd. outlining broad-based cooperation in the areas of technology, products, and business development. Tianjin Samsung Techwin Opto-Electronics Co., Ltd. (“Samsung”) is a joint venture that was founded by Samsung Techwin Co., Ltd. and Tianjin Zhonghuan Electronic Information Group in 2008.

(Logo: http://photos.prnewswire.com/prnh/20070528/CNM014LOGO)

Through this strategic partnership, Vimicro and Samsung will engage in comprehensive cooperation, collaborating both domestically and internationally on technology, products, and business practices, as well as jointly developing products for the China security surveillance market. For example, the companies will jointly focus on improving sales of Samsung’s front-end surveillance equipment and Vimicro’s ViSS large-scale video surveillance platform and NVR bulk-storage network video storage and management platform.

According to the Agreement, Samsung and Vimicro will improve the compatibility of their respective existing network-based surveillance products and jointly develop new functions with broader compatibility. In terms of technology and product development, Samsung will primarily focus on front-end surveillance equipment and Vimicro will primarily focus on security surveillance system platform development.

“We are pleased to have established this important strategic partnership with Samsung,” said Mr. Jiaowei (Kevin) Jin, Vimicro’s President and Chief Operating Officer. “By leveraging Samsung’s world-class technology and R&D capabilities along with our domestic leading market position, we look forward to developing even more-advanced security surveillance products and integrated solutions for our industry clients, as well as expanding the Chinese security surveillance market.”

About Tianjin Samsung Techwin Opto-Electronics Co., Ltd

Tianjin Samsung Techwin Opto-Electronics Co., Ltd. was jointly founded by Samsung Techwin Co., Ltd. and Tianjin Zhonghuan Electronic Information Group in 2008 with a total investment of $25 million and registered capital of $10 million. The company is affiliated to Samsung of South Korea and specializes in the production and sale of diverse optoelectronics and digital products, e.g. closed-circuit television (CCTV), mobile phone cameras, video presenters, digital cameras, etc. The company, on the basis of its advanced optical and digital imaging technologies, continues to develop and produce a wide range of high-quality security monitoring products, which are widely used in public security organizations, government departments, financial institutions, etc.

About Vimicro International Corporation

Vimicro International Corporation is a leading multimedia semiconductor and solution provider that designs, develops and markets mixed-signal semiconductor products and system-level solutions that enable multimedia capabilities in a variety of products for PC/Notebook, consumer electronics and surveillance markets. Vimicro is aggressively expanding business into the surveillance market with system-level solutions and semiconductor products to capitalize on China’s domestic demand. Vimicro’s ADSs, each of which represents four ordinary shares, are currently trading on the NASDAQ Global Market under the ticker symbol “VIMC.”

SOURCE Vimicro International Corporation

Friday, April 27th, 2012 Uncategorized Comments Off on Vimicro (VIMC) and Samsung Form Strategic Partnership to Develop Products for the China Security Surveillance Market

GreenHunter Energy (GRH) Reports First Quarter 2012 Financial and Operating Results

GreenHunter Energy, Inc. (NYSE Amex: GRH), a diversified water resource management company specializing in the unconventional oil and natural gas shale resource plays, announced today financial and operating results for the three months ended March 31, 2012.

OPERATIONAL RESULTS FOR THE THREE MONTHS ENDED MARCH 31, 2012

Revenues for the three months ended March 31, 2012 were $2.3 million, compared to zero revenues reported during the first quarter of 2011. The operating loss for the three months ended March 31, 2012 was $(0.4) million, compared to an operating loss of $(1.2) million during the first quarter of 2011. Net loss to common shareholders was $(0.8) million ($(0.03) loss per common share basic and diluted) for the three months ended March 31, 2012, compared to a net loss of $(1.5) million ($(0.06) loss per common share basic and diluted) during the first quarter of 2011. The increase in revenues and decrease in both the operating loss and loss to common shareholders was due to operating income generated by our water management products and services which began in late 2011. This new business segment increased significantly upon the final closing of the acquisition of Hunter Disposal completed on February 17, 2012. As of the quarter ended March 31, 2012, we are no longer a development stage company.

OPERATIONAL RESULTS ON A PRO-FORMA BASIS

On a pro-forma basis (as if the acquisition of Hunter Disposal had occurred as of the beginning of 2011), revenues for the three months ended March 31, 2012 increased 490% to $4.6 million, compared to $0.8 million reported during the first quarter of 2011. While the pro-forma results are not necessarily indicative of what actually would have occurred, they reflect an increase in total water management revenues from organic activities including fluids hauling and logistics, new capacity contracts for produced water disposal and water storage equipment rentals in the Marcellus, Utica and Eagle Ford Shale regions.

SUBSEQUENT EVENTS AND ACQUISITION PIPELINE

In addition to i) the recently announced decision to begin barging operations for brine water on the Ohio River in our Appalachian Division, ii) the subsequent announcement of a lease for an Ohio River Barge Transloading and Water Storage Facility and iii) the announcement of receipt of a new Commercial Salt Water Disposal Permit approved by the Texas Railroad Commission for a new SWD well near the town of Helena in Karnes County, Texas, management has been very actively building a significant pipeline of other development projects and acquisition candidates. Of all the potential deals currently being pursued by management, some of the more notable transactions include:

  1. Three permitted Class II salt water injection wells in the Cana Woodford (a.k.a., Arkoma) basin in Oklahoma located within the fast growing Horizontal Mississippian shale play;
  2. Three permitted Class II salt water injection wells in Appalachia basin in Ohio and West Virginia within the Utica and Marcellus shale plays—including five vacuum trucks, an office building and maintenance garage;
  3. A package of thirteen leased properties in the South Texas’ Eagle Ford Shale play—including a mix of fully-permitted Class II salt water injection wells and UIC applications in various stages of permitting; and
  4. Acquisition of an existing fleet of water hauling trucks and trailers and associated equipment located in the Eagle Ford Shale Play.

MANAGEMENT COMMENTS

Commenting on GreenHunter Energy’s First Quarter 2012 financial and operating results, Mr. Jonathan D. Hoopes, GreenHunter Energy’s President and COO, stated, “We are pleased to announce a good start to 2012. We completed the integration of our existing fleet of fluids hauling and frac tank rental equipment with our recently acquired Hunter Disposal operations, and the new business efforts are progressing well. We continue to identify opportunities to improve operational efficiencies by increasing equipment utilization of our rolling stock. Management has developed and is executing on a plan to implement schedule optimization, and we are actively hiring and safety training experienced drivers to increase hauling hours in response to new demand from our growing customer base. We are making good progress with new capacity contracts with existing and new customers for our existing and planned new disposal facility locations. Over the next few months, we hope to expand our fleet of water hauling and storage equipment rolling stock to match our growing capacity of Class II SWD wells. We are excited with our prospects, and we look forward to updating our shareholders as we continue and close our pipeline of transactions.”

About GreenHunter Water, LLC (a wholly owned subsidiary or GreenHunter Energy, Inc.)

GreenHunter Water, LLC provides Total Water Management Solutions™ in the oilfield. An understanding that there is no single solution to E&P fluids management shapes GreenHunter’s technology-agnostic approach to services. In addition to licensing of and joint ventures with manufacturers of mobile water treatment systems (Frac-Cycle™), GreenHunter Water is expanding capacity of salt water disposal facilities, next-generation modular above-ground storage tanks (MAG Tank™), advanced hauling and fresh water logistics services—including 21st Century tracking technologies (RAMCAT™) that allow Shale producers to optimize the efficiency of their water resource management and planning while complying with emerging regulations and reducing cost.

Additional information about GreenHunter Water may be found at www.GreenHunterWater.com

Forward-Looking Statements

Any statements in this press release about future expectations and prospects for GreenHunter Energy and its business and other statements containing the words “believes,” “anticipates,” “plans,” “expects,” “will” and similar expressions constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including the substantial capital expenditures required to fund its operations, the ability of the Company to implement its business plan, government regulation and competition. GreenHunter Energy undertakes no obligation to update these forward-looking statements in the future.

CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
For the Three Months Ended March 31,
2012 2011
REVENUES:
Water disposal revenue $ 739,356 $
Transportation revenue 1,122,636
Storage rental revenue and other 406,523
Total revenues 2,268,515
COST OF SERVICES PROVIDED:
Cost of services provided 1,326,574
Depreciation expense 192,292 47,588
Selling, general and administrative 1,197,434 1,125,742
Total costs and expenses 2,716,300 1,173,330
OPERATING LOSS (447,785 ) (1,173,330 )
OTHER INCOME (EXPENSE):
Interest and other income 2 4,851
Interest, accretion and other expense (205,681 ) (185,224 )
Unrealized gain (loss) on convertible securities 51,762
Total other income (expense) (205,679 ) (128,611 )
Net loss (653,464 ) (1,301,941 )
Preferred stock dividends (195,404 ) (172,056 )
Net loss to common stockholders (848,868 ) (1,473,997 )
Weighted average shares outstanding, basic and diluted 27,059,348 22,861,204
Basic and diluted loss per share:
Net loss per share $ (0.03 ) $ (0.06 )
SELECTED BALANCE SHEET DATA
March 31, 2012 December 31, 2011
Cash and cash equivalents $ 2,419,784 $ 84,823
Total current assets 4,820,893 570,991
Net fixed assets 29,867,526 20,892,668
Total assets 36,380,873 23,166,080
Total current liabilities 17,762,490 14,272,630
Total long-term liabilities 5,824,112 2,076,119
Total stockholders’ equity $ 12,766,702 $ 6,817,331
SUMMARY PRO-FORMA DATA
For the Three Months Ended March 31,
2012 2011
Total operating revenue $ 4,627,602 $ 783,385
Total operating costs and expenses 4,791,448 1,766,809
Operating loss (163,846 ) (983,424 )
Interest expense and other (248,304 ) (213,861 )
Net income (loss) (412,150 ) (1,197,285 )
Dividends on preferred stock (222,904 ) (227,056 )
Net income (loss) attributable to common stock holders $ (635,054 ) $ (1,424,341 )
Net income (loss) per share, basic & diluted $ (0.02 ) $ (0.06 )
Friday, April 27th, 2012 Uncategorized Comments Off on GreenHunter Energy (GRH) Reports First Quarter 2012 Financial and Operating Results

Cobra Electronics (COBR) Reports Increased First Quarter Results

CHICAGO, April 27, 2012 /PRNewswire/ — Cobra Electronics Corporation (NASDAQ: COBR), a leading global designer and marketer of mobile communications and navigation products, today reported net income of $339,000, or $0.05 per share, for the first quarter of 2012 as compared to a net loss of $819,000, or $0.13 per share, for the first quarter of 2011. In addition, operating income of $161,000 was achieved for the current quarter as compared to an operating loss of $822,000 in the same quarter last year. This significant improvement in operating income reflected an increase in net sales to $26.4 million from $22.4 million in the first quarter of 2011 and an increase in gross margin to 28.7 percent from 26.0 percent in the prior year’s first quarter.

For the first quarter of 2012, consolidated net sales increased by $4.0 million, or 17.7 percent, with the Cobra segment reporting an increase in net sales of $4.3 million, or 23.2 percent, and the Performance Products Limited (“PPL”) segment reporting a decrease of $362,000, or 9.7 percent. The sales increase for the Cobra segment included higher European sales as well as higher domestic sales of Two Way Radios, Citizens Band Radios, Phone products and Detection products. European sales included in the Cobra segment more than doubled reflecting significantly higher Detection and Two Way Radio sales. Higher domestic Citizens Band Radio sales included sales of the new 25 LX, which is based on the popular 29 LX introduced last year, while the increase in Phone product sales included sales of wireless headsets to help professional drivers comply with new legislation regarding hands free mobile phone usage. The PPL sales decline was attributable to lower sales of Truckmate™ navigation products, however, this was partially offset by higher sales of Snooper Shotsaver™golf GPS units.

“We are pleased to report an operating income in the current quarter, our best first quarter financial performance since 2008. This was driven by significant increases in net sales and gross margin over the first quarter of last year that resulted from the continued success of our new and award winning existing products as well as new and expanded distribution, particularly in Europe,” said Jim Bazet, Cobra’s Chairman and Chief Executive Officer.

Consolidated gross margin increased to 28.7 percent from 26.0 percent in the prior year’s first quarter primarily as a result of an improved product mix in both segments. The gross margin for the Cobra segment improved to 27.4 percent from 25.2 percent in the first quarter of 2011 as higher margin products, such as iRadar™, recorded significant sales increases. PPL’s gross margin increased to 38.1 percent from 30.1 percent last year reflecting both an improved product mix and reduced amortization expense for intangible assets that were included in the original purchase price of PPL.

Selling, general and administrative expenses increased to $7.4 million in the current quarter from $6.7 million in the prior year’s first quarter. Variable selling expenses increased consistent with the net sales increase, while higher fixed expenses, principally in the Cobra segment, included increases in employee compensation expenses, legal fees as well as media and trade show expenses, all of which were necessary in order to support continued strong sales growth.

Other income increased $229,000 compared to the prior year’s quarter primarily due to a $455,000 gain on the cash surrender value of life insurance that the Company owns for the purpose of funding deferred compensation programs for some current and former officers of the Company as compared to a $220,000 gain in the first quarter of 2011. A tax provision of $62,000 was recorded in the current quarter as compared to a $7,000 tax benefit in the first quarter of 2011 mainly due to higher income for Cobra Electronics Europe Limited.

Interest-bearing debt was $13.4 million as of March 31, 2012 compared to $13.0 million at March 31, 2011. Cash on hand at March 31, 2012 was $1.2 million as compared to $1.1 million at March 31, 2011. Inventory at the end of the first quarter increased to $30.2 million from $28.8 million the prior year and accounts receivable at the end of the quarter were $17.0 million, an increase from $16.2 million one year earlier.

In discussing the outlook for the second quarter of 2012, as well as the entire year, Mr. Bazet said, “The Company anticipates better results in the second quarter of 2012 than in the second quarter of 2011. The Company also expects to achieve higher profitability in 2012 driven by the introduction of innovative and award winning new products as well as new and expanded distribution and marketing channels. In addition, we feel that the continued improvement in the global economy will favorably impact our business in 2012.”

Cobra will be conducting a conference call on April 27, 2012 at 11:00 a.m. EDT to discuss first quarter results as well as its current strategies and outlook. The call can also be accessed live or through replay via the Internet at http://www.cobra.com.

About Cobra Electronics

Cobra Electronics is a leading global designer and marketer of communication and navigation products, with a track record of delivering innovative and award-winning products. Building upon its leadership position in the GMRS/FRS two-way radio, radar detector and Citizens Band radio industries, Cobra identified new growth opportunities and has aggressively expanded into the marine market and has expanded its European operations. The Consumer Electronics Association, Forbes and Deloitte & Touche have all recognized Cobra for the company’s innovation and industry leadership. To learn more about Cobra Electronics, please visit the Cobra site at www.cobra.com.

Safe Harbor

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management’s current expectations and are subject to risks and uncertainties. Actual results may differ materially from these expectations due to factors such as the acceptance of Cobra’s new and existing products by customers, the continued success of Cobra’s cost containment efforts and the continuation of key distribution channel relationships. Please refer to Cobra’s filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K, for a more detailed discussion of factors that may affect Cobra’s performance.

Condensed Consolidated Statements of Operations

(in thousands, except per share amounts, unaudited)

For the Three Months Ended

March 31,

March 31,

2012

2011

Net sales

$

26,418

$

22,439

Cost of sales

18,830

16,603

Gross profit

7,588

5,836

Selling, general and administrative expense

7,427

6,658

Earnings (loss) from operations

161

(822)

Other (expense) income:

Interest expense

(253)

(268)

Other, net

493

264

Earnings (loss) before taxes

401

(826)

Tax provision (benefit)

62

(7)

Net earnings (loss)

$

339

$

(819)

Net earnings (loss) per common share:

Basic

$

0.05

$

(0.13)

Diluted

$

0.05

$

(0.13)

Weighted average shares outstanding:

Basic

6,562

6,486

Diluted

6,580

6,486

Condensed Consolidated Balance Sheets

(in thousands, unaudited)

ASSETS:

March 31,

December 31,

March 31,

2012

2011

2011

Current assets:

Cash

$

1,150

$

1,033

$

1,081

Accounts receivable, net

17,008

23,400

16,190

Inventories, net

30,154

34,093

28,798

Other current assets

2,347

2,726

3,191

Total current assets

50,659

61,252

49,260

Property, plant and equipment, net

5,305

5,367

5,365

Total other assets

14,332

13,976

14,940

Total assets

$

70,296

$

80,595

$

69,565

LIABILITIES AND SHAREHOLDERS’ EQUITY:

Current liabilities:

Accounts payable

$

3,975

$

7,368

$

8,046

Accrued liabilities

6,095

8,910

6,132

Short-term debt

13,352

18,655

13,026

Total current liabilities

23,422

34,933

27,204

Non-current liabilities:

Deferred taxes

1,156

1,159

1,537

Deferred compensation

7,549

7,392

7,124

Other long-term liabilities

647

588

562

Total non-current liabilities

9,352

9,139

9,223

Equity:

Shareholders’ equity – Cobra

37,522

36,523

33,110

Non-controlling interest

0

0

28

Total equity

37,522

36,523

33,138

Total liabilities and shareholders’ equity

$

70,296

$

80,595

$

69,565

SOURCE Cobra Electronics Corporation

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SEFE, Inc. (SEFE) Provides Overview of Electrostatic Motor

SEFE, Inc. (OTCBB: SEFE.OB) (“SEFE”) (“The Company”), a technology- and solutions-driven sustainability company, has provided an outline of its electrostatic motor and how this component fits into the design of the company’s flagship Harmony III product.

In layman’s terms, the motor is designed to operate as a generator when supplied with a high voltage-low current power source. SEFE’s lead engineer, Mike Hurowitz, said, “Our team’s ongoing task is threefold: continued research into the science behind our technology; the development and testing of the various components of Harmony; as well as the protection of these developments as they relate to the product that we are building and the space as a whole.”

As to the motor’s role in the overall system, Hurowitz continued, “This motor will be a key piece of the electrical generation hardware for SEFE’s Harmony III system. It will work in tandem with our patented dynamic electrical converter to produce usable AC power directly for immediate consumption, or grid integration. The system can also be buffered with a storage medium.”

For more information visit www.SEFElectric.com.

About SEFE, Inc.

SEFE focuses on pushing the boundaries of what’s possible, embracing innovation and employing the cutting-edge to solve problems, and offering sustainable solutions to a world hungry for invention, direction and leadership. SEFE is technology- and solutions-driven, focusing on developing inventions that provide a real-world impact and true profitability. So, success is measured by both a sustainable return on investment, as well as a project’s sustainability from an environmental perspective.

For more information, visit www.SEFElectric.com.

Forward-Looking Statements

This release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements regarding our expected future financial position, results of operations, cash flows, financing plans, business strategy, products and services, competitive positions, growth opportunities, plans and objectives of management for future operations, as well as statements that include words such as “anticipate,” “if,” “believe,” “plan,” “estimate,” “expect,” “intend,” “may,” “could,” “should,” “will,” and other similar expressions are forward-looking statements. All forward-looking statements involve risks, uncertainties and contingencies, many of which are beyond our control, which may cause actual results, performance, or achievements to differ materially from anticipated results, performance, or achievements. We are under no obligation to (and expressly disclaim any such obligation to) update or alter our forward-looking statements, whether as a result of new information, future events or otherwise.

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Employee-Elected Member Resigns From TORM’s (TRMD) Board of Directors

COPENHAGEN, Denmark, April 27, 2012 (GLOBE NEWSWIRE) — At TORM’s Annual General Meeting (AGM), the number of Board members elected by the AGM was reduced from six to three. Section 120 of the Danish Companies Act provides that the majority of the Board members shall be elected by the AGM. Consequently, the number of employee-elected Board members has been changed from three to two, and therefore Peter Abildgaard has resigned from the Board of Directors. Furthermore, Anne Rasmussen is no longer employed by TORM and therefore has resigned as alternate.

“On behalf of the Company, I would like to thank Peter Abildgaard for his great efforts in the Board, since he was elected in April 2007,” says Chairman N. E. Nielsen.

Accordingly, the Board of Directors is composed as follows:

  • N. E. Nielsen (Chairman)
  • Christian Frigast (Deputy Chairman)
  • Jesper Jarlbaek
  • Kari Millum Gardarnar (employee-elected Board member)
  • Rasmus Johannes Hoffmann (employee-elected Board member)

Contact TORM A/S
N. E. Nielsen, Chairman, tel.: + 45 4243 3343
C. Sogaard-Christensen, IR, tel.: +45 3076 1288

Tuborg Havnevej 18
DK-2900 Hellerup, Denmark
Tel.: +45 3917 9200 / Fax: +45 3917 9393
www.torm.com

About TORM

TORM is one of the world’s leading carriers of refined oil products as well as a significant player in the dry bulk market. The Company runs a fleet of approximately 140 modern vessels in cooperation with other respected shipping companies sharing TORM’s commitment to safety, environmental responsibility and customer service.

TORM was founded in 1889. The Company conducts business worldwide and is headquartered in Copenhagen, Denmark. TORM’s shares are listed on NASDAQ OMX Copenhagen (ticker: TORM) and on NASDAQ in New York (ticker: TRMD). For further information, please visit www.torm.com.

Safe Harbor statements as to the future

Matters discussed in this release may constitute forward-looking statements. Forward-looking statements reflect our current views with respect to future events and financial performance and may include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and statements other than statements of historical facts. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management’s examination of historical operating trends, data contained in our records and other data available from third parties. Although TORM believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, TORM cannot guarantee that it will achieve or accomplish these expectations, beliefs or projections.

Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward- looking statements include the conclusion of definitive waiver documents with our lenders, the strength of the world economy and currencies, changes in charter hire rates and vessel values, changes in demand for “tonne miles” of oil carried by oil tankers, the effect of changes in OPEC’s petroleum production levels and worldwide oil consumption and storage, changes in demand that may affect attitudes of time charterers to scheduled and unscheduled dry-docking, changes in TORM’s operating expenses, including bunker prices, dry-docking and insurance costs, changes in the regulation of shipping operations, including requirements for double hull tankers or actions taken by regulatory authorities, potential liability from pending or future litigation, domestic and international political conditions, potential disruption of shipping routes due to accidents and political events or acts by terrorists.

Risks and uncertainties are further described in reports filed by TORM with the US Securities and Exchange Commission, including the TORM Annual Report on Form 20-F and its reports on Form 6-K.

Forward-looking statements are based on management’s current evaluation, and TORM is only under an obligation to update and change the listed expectations to the extent required by law.

Friday, April 27th, 2012 Uncategorized Comments Off on Employee-Elected Member Resigns From TORM’s (TRMD) Board of Directors

Kratos (KTOS) Successfully Test Fires New Oriole Rocket System Variant

SAN DIEGO, April 25, 2012 (GLOBE NEWSWIRE) — Kratos Defense & Security Solutions, Inc. (Nasdaq:KTOS), a leading National Security Solutions provider, announced today the successful static test firing of a Guided Oriole rocket system produced by its Rocket Support Services (RSS) business unit located in Glen Burnie, Maryland. This test firing was the culmination of an internal program funded by Kratos to incorporate a thrust vector control system and flight termination system into the Oriole rocket system. Kratos’ strategic plan is focused on unique and differentiated National Security related technology, solutions and product offerings, including C5ISR, Ballistic Missile Defense (BMD), Unmanned Systems and Cyber Warfare.

The Oriole rocket motor and the thrust vector control system are manufactured by Alliant Techsystems Inc. (ATK) under contract to Kratos, and the static test firing was conducted by ATK at its Rocket Center, West Virginia, facility. All previously disclosed Oriole rocket efforts have been outfitted with a static nozzle control system which, for certain safety and other considerations, limited the Oriole rocket to address certain unique and specific National Security related threats and missions. To date, nineteen Oriole rockets have been launched in the static or fixed nozzle configuration: an original demonstration flight, seventeen as low-cost targets for testing of the U.S. Navy sea-based Aegis Ballistic Missile Defense System, and one by NASA as part of a scientific research mission.

By incorporating the new thrust vector control system and an associated flight termination system, this new, Guided Oriole variant will be able to serve as a low-cost BMD target for multiple additional ballistic missile threat scenarios, including land-based defensive systems, AEGIS Ashore, THAAD, PAC-3 and other non-disclosable threats. With this new capability, the Oriole rocket system portfolio will be available and qualified for significantly increased use as a low-cost BMD target and for more sophisticated national security related, scientific and technology research missions.

Dave Carter, President of Kratos’ Defense Engineering Solutions division, stated, “The Oriole rocket system has proven to be a very robust and versatile rocket system supporting technology research and missile defense target programs. The successful static test firing clears the way for the first flight of the Guided Oriole, which is planned to occur early next year.”

Eric DeMarco, Kratos’ President and Chief Executive Officer, said, “We are very pleased with the successful static test firing of our newest and most capable Guided Oriole rocket system. This was one of the largest internally funded programs in Kratos, and this very successful test is a great achievement for the entire team as we complete this effort. The Oriole rocket system has served well as a low-cost target vehicle for the Aegis Program, BMD programs and certain other programs, and with the addition of this new and unique guidance capability the Oriole will be poised to similarly serve the broader ballistic missile defense and specialized national security related defense community.”

About Kratos Defense & Security Solutions

Kratos Defense & Security Solutions, Inc. (Nasdaq:KTOS) is a specialized National Security technology business providing mission critical products, services and solutions for United States National Security priorities. Kratos’ core capabilities are sophisticated engineering, manufacturing and system integration offerings for National Security platforms and programs. Kratos’ areas of expertise include Command, Control, Communications, Computing, Combat Systems, Intelligence, Surveillance and Reconnaissance (C5ISR), satellite communication systems, unmanned systems, cyber warfare, cyber security, information assurance, critical infrastructure security and weapons systems sustainment. Kratos has primarily an engineering and technical oriented work force of approximately 4,000, many of whom hold an active National Security clearance, including Secret, Top Secret and higher. The vast majority of Kratos’ work is performed on a military base, in a secure facility or at a critical infrastructure location. Kratos’ primary end customers are United States Federal Government agencies, including the Department of Defense, classified agencies, intelligence agencies and Homeland Security related agencies. News and information are available at www.KratosDefense.com.

The Kratos Defense & Security Solutions, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3519

Notice Regarding Forward-Looking Statements

Certain statements in this press release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are made on the basis of the current beliefs, expectations and assumptions of the management of Kratos and are subject to significant risks and uncertainty, including risks related to product performance, general economic conditions and cutbacks in government spending. Investors are cautioned not to place undue reliance on any such forward-looking statements. All such forward-looking statements speak only as of the date they are made, and Kratos undertakes no obligation to update or revise these statements, whether as a result of new information, future events or otherwise. For a further discussion of risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of Kratos in general, see the risk disclosures in the Annual Report on Form 10-K of Kratos for the year ended December 25, 2011, and in subsequent reports on Forms 10-Q and 8-K and other filings made with the SEC by Kratos.

CONTACT: Press Contact:
         Yolanda White
         858-812-7302 Direct

         Investor Information:
         877-934-4687
         investor@kratosdefense.com
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Quantum’s (QTWW) Schneider Power Subsidiary Acquires 10 MW Wind Farm in Ontario

IRVINE, Calif., April 25, 2012 /PRNewswire/ — Quantum Fuel Systems Technologies Worldwide, Inc. (NASDAQ: QTWW) today announced that its wholly-owned subsidiary, Schneider Power Inc. (“Schneider”), a leading developer and owner of renewable energy power plants, backed by the Schneider family’s 120 years of experience in renewable energy has acquired a newly constructed 10 megawatt utility-scale wind farm in Ontario, Canada.

The Zephyr wind farm (“Zephyr”) generation facility will supply electricity to the Ontario Power Authority under a 20-year renewable energy purchase contract, generating in excess of $3 million in estimated annual revenues. The project commenced power generation testing at 25% capacity on April 20th 2012, and is projected to go into full production on or about May 5th, producing more than 26.7 Giga watt-hours of clean electricity per year, enough to meet the needs of 3,000 Canadian households. The project is financed by Samsung Heavy Industries of Korea.

“This acquisition is part of our long-term strategy to evolve into a leading independent power producer in North America,” said Alan P. Niedzwiecki, the President and CEO of Quantum. “We seek to increase our revenues and nameplate capacity under 100% ownership, leveraging our experience in the fast-track development of profitable renewable energy projects.”

“We are pleased and honored to be working with Samsung for financing this project,” said Thomas Schneider, the President of Schneider Power. “Quantum and Schneider Power are active in several renewable energy projects in various stages of development, and we are actively pursuing additional opportunities in Ontario with its attractive feed in tariff programs.”

The Zephyr wind farm, located in the Brooke-Alvinston Township in the Canadian province of Ontario,will be operated by Zephyr Farms Limited, a wholly-owned subsidiary of Schneider Power. The project utilizes high efficiency, 2.5 megawatt capacity Samsung wind turbines.

About Quantum

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

Forward Looking Statements:

This press release contains forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements included in this report, other than those that are historical, are forward-looking statements and can generally be identified by words such as “may,” “could,” “will,” “should,” “assume,” “expect,” “anticipate,” “plan,” “intend,” “believe,” “predict,” “estimate,” “forecast,” “outlook,” “potential,” or “continue,” or the negative of these terms, and other comparable terminology. Various risks and other factors could cause actual results, and actual events that occur, to differ materially from those contemplated by the forward looking statements. The risk factors include changes, adjustments or corrections made to the assumptions used in determining the estimated annual revenues that the Zephyr wind farm will generate, changes in Ontario’s feed-in tariff program, Schneider Power’s and Zephyr Farms’ ability to operate and maintain the Zephyr wind farm, Zephyr Farms’ ability to perform its obligations under the OPA power purchase agreement and to generate and supply electricity to the OPA in accordance with the terms of the supply contract, the OPA’s ability to purchase and pay for the electricity generated by the wind farm, Schneider Power’s and Zephyr Farms’ ability to repay the Samsung construction loan, continued trouble-free service of the wind turbines and stability of the wind regime. The Company undertakes no obligation to update the information in this press release to reflect events or circumstances after the date hereof or to reflect the occurrence of anticipated or unanticipated events.

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

Brion D. Tanous

Dale Rasmussen

Principal, CleanTech IR, Inc.

Quantum Technologies

Email: btanous@cleantech-ir.com

Email: drasmussen@qtww.com

310-541-6824

206-315-8242

©2012 Quantum Fuel Systems Technologies Worldwide, Inc.
Advanced Technology Center
17872 Cartwright Road, Irvine, CA 92614
Phone 949-399-4500 Fax 949-399-4600

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Banro’s (BAA) Provides Operations Updates for Twangiza Mine and Namoya Mine Development Project, DRC

TORONTO, ONTARIO–(Marketwire – April 25, 2012) – Banro Corporation (“Banro” or the “Company”) (TSX:BAA)(NYSE Amex:BAA) provides an operations update for its Twangiza oxide mine and its Namoya development project, both located on the Twangiza – Namoya gold belt in the Democratic Republic of the Congo (the “DRC”).

Twangiza

First quarter 2012 gold output from Twangiza oxide mine through the commissioning process was 17,412 ounces at an average cash cost of $613/oz and average grade of 3.1g/t Au with recoveries reaching 84% by the end of the quarter. Production is forecast to increase to the planned 10,000 ounce/month level in Q2, following the replacement of the No. 1 ball mill motor in April, which delayed the ramp up to full production. Banro anticipates signing off on normalised commercial production during Q2.

“We are pleased with Twangiza’s Q1 ramp-up progress and continue to be confident that we can achieve our 2012 target production levels and cash costs,” commented CEO Simon Village. “Although cash costs of US$613/oz for the first quarter are respectable relative to the industry, and considering the mine is not yet operating at full capacity, having now operated for a full quarter at Twangiza it is clear that there is further opportunity for meaningful cost reductions. We believe these cost reductions will bring costs under the $550/oz. level. Therefore, despite the slightly slower than expected ramp-up to full production, we expect to achieve levels of cash-flow contribution from Twangiza in our target range owing to a gold price that is higher than was originally anticipated during at the feasibility stage and our focus on reducing costs.”

Namoya

Construction of the Namoya mine, at the southern end of the Twangiza-Namoya gold belt, is ongoing. Process design has been signed off and engineering design has been secured to allow ordering of long-lead items. All major earthworks equipment has now been procured and mobilization of this equipment to site is underway. The project team is fully staffed and Namoya is on track for first gold production in the first quarter of 2013 with planned ramp-up to full production of 10,000 – 12,000 ounces of gold per month by the second quarter of 2013.

Qualified Persons

Louis Owusu Gyawu, Mine Planning Superintendent, an employee and “qualified person” (as such term is defined in National Instrument 43-101), has reviewed and approved the technical information in this press release.

Banro Corporation is a Canadian gold mining company focused on production from the Twangiza oxide mine and development of four additional major, wholly-owned gold projects, each with mining licenses, along the 210 kilometre long Twangiza-Namoya gold belt in the South Kivu and Maniema provinces of the Democratic Republic of the Congo. Led by a proven management team with extensive gold and African experience, Banro’s plans include the construction of its second gold mine at Namoya, at the south end of this gold belt, as well as the development of two other projects, Lugushwa and Kamituga, in the central portion of the belt. The initial focus of the Company is on oxides, which attract a lower technical and financial risk to the Company and will also maximize cash flows in order to develop the belt with minimal further dilution to shareholders. All business activities are followed in a socially and environmentally responsible manner.

For further information, please visit our website at www.banro.com.

Cautionary Note to U.S. Investors

The United States Securities and Exchange Commission (the “SEC”) permits U.S. mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. Certain terms are used by the Company, such as “Measured”, “Indicated”, and “Inferred” “Resources”, that the SEC guidelines strictly prohibit U.S. registered companies from including in their filings with the SEC. U.S. Investors are urged to consider closely the disclosure in the Company’s Form 40-F Registration Statement, File No. 001-32399, which may be secured from the Company, or from the SEC’s website at http://www.sec.gov/edgar.shtml.

Cautionary Note Concerning Forward-Looking Statements

This press release contains forward-looking statements. All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements regarding estimates and/or assumptions in respect of gold production, and costs, estimated project economics, projected timing of future gold production and the Company’s development plans and objectives) are forward-looking statements. These forward-looking statements reflect the current expectations or beliefs of the Company based on information currently available to the Company. Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on the Company. Factors that could cause actual results or events to differ materially from current expectations include, among other things: uncertainty of estimates of capital and operating costs, production estimates and estimated economic return; the possibility that actual circumstances will differ from the estimates and assumptions used in the economic studies of the Company’s projects; failure to establish estimated mineral resources or mineral reserves; fluctuations in gold prices and currency exchange rates; inflation; gold recoveries being less than those indicated by the metallurgical testwork carried out to date (there can be no assurance that gold recoveries in small scale laboratory tests will be duplicated in large tests under on-site conditions or during production);
uncertainties relating to the availability and costs of financing needed in the future; changes in equity markets; political developments in the DRC; lack of infrastructure; failure to procure or maintain, or delays in procuring or maintaining, permits and approvals; lack of availability at a reasonable cost or at all, of plants, equipment or labour; inability to attract and retain key management and personnel; changes to regulations affecting the Company’s activities; the uncertainties involved in interpreting drilling results and other geological data; and the other risks disclosed under the heading “Risk Factors” and elsewhere in the Company’s annual information form dated March 26, 2011 filed on SEDAR at www.sedar.com and EDGAR at www.sec.gov. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.

Cautionary Note Concerning Resource Estimates

The mineral resource figures referred to in this press release are estimates and no assurances can be given that the indicated levels of gold will be produced. Such estimates are expressions of judgment based on knowledge, mining experience, analysis of drilling results and industry practices. Valid estimates made at a given time may significantly change when new information becomes available. While the Company believes that the resource estimates included in this press release are well established, by their nature resource estimates are imprecise and depend, to a certain extent, upon statistical inferences which may ultimately prove unreliable.

Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no certainty that mineral resources can be upgraded to mineral reserves through continued exploration.

Due to the uncertainty that may be attached to inferred mineral resources, it cannot be assumed that all or any part of an inferred mineral resource will be upgraded to an indicated or measured mineral resource as a result of continued exploration. Confidence in the estimate is insufficient to allow meaningful application of the technical and economic parameters to enable an evaluation of economic viability worthy of public disclosure (except in certain limited circumstances). Inferred mineral resources are excluded from estimates forming the basis of a feasibility study.

Wednesday, April 25th, 2012 Uncategorized Comments Off on Banro’s (BAA) Provides Operations Updates for Twangiza Mine and Namoya Mine Development Project, DRC

iParty Corp. (IPT) Reports Financial Results for First Quarter 2012

iParty Corp. (NYSE Amex: IPT – news), a leading party goods retailer, today reported financial results for its first quarter of fiscal year 2012, which ended on March 31, 2012.

First Quarter 2012 Highlights

  • Comparable store sales increase for the first quarter of 2012 of 8.6%.
  • Consolidated revenues of $15.8 million for the first quarter of 2012, a 4.4% increase compared to the first quarter of 2011.
  • Reopening of flood damaged store in West Lebanon, New Hampshire.
  • Net loss of $1.2 million for the first quarter of 2012, compared to a net loss of $1.5 million for the first quarter of 2011.

Sal Perisano, iParty’s Chairman and Chief Executive Officer, stated, “The first quarter of 2012 was a strong one for iParty with significantly improved same store sales. Good weather, two regional teams in the Super Bowl, a Saturday St Patrick’s Day and an early Easter contributed to a comparable store sales increase of 8.6%, despite not having the benefit of a sales run up for New Year’s Eve that occurred in the first quarter of 2011. The net result of our strong sales performance this quarter, along with effective expense control, was the improvement of our net loss for the first quarter by approximately $300 thousand compared to last year’s net loss.”

Mr. Perisano further stated, “With regard to our more recent store additions, our Boston stores on Boylston Street and in South Bay and our new store in Manchester, Connecticut are seeing very strong comparative sales. The sales performance of these new stores is exceeding our expectations and we believe that they will deliver an enhanced profit contribution for 2012. Also, we expanded our e-commerce offering in the first quarter beyond Halloween and related merchandise and continue to see improved e-commerce sales. Consistent with our plan and on the strength of our first quarter, we are actively exploring new locations to add to our base this year.”

Operating Results

For the first quarter of 2012, consolidated revenues were $15.75 million, a 4.4% increase compared to $15.09 million for the first quarter of 2011. Comparable store sales in the first quarter of 2012 increased 8.6% compared to the year-ago period. Consolidated gross profit margin was unchanged at 36.4% for the first quarter of 2012 compared to the same period in 2011. Consolidated net loss for the first quarter of 2012 improved approximately $300,000 to $1.24 million, or $0.05 per basic and diluted share, compared to consolidated net loss of $1.51 million, or $0.06 per basic and diluted share, for the first quarter in 2011. On a non-GAAP basis, net loss for the first quarter of 2012 before interest, taxes, depreciation and amortization (“EBITDA”) was $834 thousand, compared to EBITDA net loss of $1.05 million for the first quarter in 2011. EBITDA is calculated as net income (loss), as reported under United States generally accepted accounting principles (“GAAP”), plus net interest expense, depreciation and amortization and income taxes. The schedule accompanying this release provides the reconciliation of net loss for the first quarter of 2012 and 2011, under GAAP to a non-GAAP, EBITDA basis.

About iParty Corp.

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

Non-GAAP Financial Measures

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

EBITDA

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

Limitations on the Use of Non-GAAP Measures

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

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

RECONCILIATION OF NON-GAAP MEASURES
For the quarter ended
Mar 31, 2012 Mar 26, 2011
Net loss, as reported under GAAP $ (1,235,266 ) $ (1,510,911 )
plus, Interest expense, net 49,330 73,182
plus, Depreciation and amortization 352,176 384,325
plus, Income taxes
EBITDA net loss, non-GAAP $ (833,760 ) $ (1,053,404 )

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

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 as contained in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. You can identify these statements by the fact that they use words such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “project,” “plan,” “outlook,” and other words and terms of similar meaning. These statements involve a number of risks and uncertainties that could cause actual results to differ materially from the potential results discussed in the forward-looking statements. Among the factors that could cause actual results and outcomes to differ materially from those contained in such forward-looking statements are the following: changes in consumer confidence and consumer spending patterns, particularly those impacting the New England region and Florida, which may result from, among other factors, rising or sustained high levels of unemployment, access to consumer credit, mortgage foreclosures, credit market turmoil, declines in the stock market, general feelings and expectations about the overall economy, and unseasonable weather; disruptions to our most important selling season, Halloween; the successful implementation of our growth and marketing strategies; our ability to access our existing credit line or to obtain additional financing, if required, on acceptable terms and conditions; rising commodity prices, especially oil and gas prices; effect of Chinese inflation on our suppliers and product pricing; our relationships with our third party suppliers; the failure of our inventory management system and our point of sale system; competition from other party supply stores and stores that merchandise and market party supplies, including big discount retailers, dollar store chains, and temporary Halloween merchandisers; risks related to e-commerce; the availability of retail store space on reasonable lease terms; and compliance with evolving federal securities, accounting, and stock exchange rules and regulations applicable to publicly-traded companies listed on the NYSE Amex. For a more detailed discussion of risks and uncertainties which could cause actual results to differ from those contained in the forward-looking statements, see Item 1A, “Risk Factors” of iParty’s most recently filed Annual Report on Form 10-K for the fiscal year ended December 31, 2011 and our other periodic reports filed with the SEC. iParty is providing this information as of this date, and does not undertake to update the information included in this press release, whether as a result of new information, future events or otherwise.

iPARTY CORP.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
For the quarter ended
Mar 31, 2012 Mar 26, 2011
Revenues $ 15,753,745 $ 15,092,128
Operating costs:
Cost of products sold and occupancy costs 10,026,180 9,600,871
Marketing and sales 5,210,909 5,136,742
General and administrative 1,702,376 1,786,022
Operating loss (1,185,720 ) (1,431,507 )
Change in fair value of warrant liability (216 ) (6,222 )
Interest expense, net (49,330 ) (73,182 )
Net loss $ (1,235,266 ) $ (1,510,911 )
Loss per share:
Basic and diluted $ (0.05 ) $ (0.06 )
Weighted-average shares outstanding:
Basic and diluted 24,408,594 24,319,464
iPARTY CORP.
CONSOLIDATED BALANCE SHEETS
(unaudited)
Mar 31, 2012 Dec 31, 2011
ASSETS
Current assets:
Cash $ 62,450 $ 63,650
Restricted cash 523,635 819,604
Accounts receivable 707,089 1,377,234
Inventories 16,612,714 15,965,507
Prepaid expenses and other assets 1,510,572 1,415,780
Deferred income tax asset 46,762 46,762
Total current assets 19,463,222 19,688,537
Property and equipment, net 2,603,817 2,664,086
Intangible assets, net 546,765 626,900
Other assets 311,068 333,731
Deferred income tax asset 540,841 540,841
Total assets $ 23,465,713 $ 23,854,095
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable and book overdrafts $ 6,707,479 $ 5,970,015
Accrued expenses 2,133,309 2,295,467
Current portion of capital lease obligations 2,307 4,613
Borrowings under line of credit 5,577,293 5,366,512
Total current liabilities 14,420,388 13,636,607
Long-term liabilities:
Deferred rent 1,519,158 1,504,973
Commitments and contingencies
Convertible preferred stock 13,012,668 13,012,668
Common stock 24,409 24,409
Additional paid-in capital 53,036,492 52,987,574
Accumulated deficit (58,547,402 ) (57,312,136 )
Total stockholders’ equity 7,526,167 8,712,515
Total liabilities and stockholders’ equity $ 23,465,713 $ 23,854,095
Wednesday, April 25th, 2012 Uncategorized Comments Off on iParty Corp. (IPT) Reports Financial Results for First Quarter 2012

VistaGen (VSTA) Secures Key U.S. Patent Covering Stem Cell Technology Methods Used to Test Drug Candidates for Liver Toxicity

SOUTH SAN FRANCISCO, CA — (Marketwire) — 04/25/12 — VistaGen Therapeutics, Inc. (OTCBB: VSTA) (OTCQB: VSTA), a biotechnology company applying stem cell technology for drug rescue, has secured a new United States patent covering the company’s proprietary methods used to measure and type the toxic effects produced by drug compounds in liver stem cells.

Test methods included in this new patent, (U.S. Patent 11/445,733), titled “Toxicity Typing Using Liver Stem Cells,” cover all mammalian liver stem cells — rat and mouse cells, for example, in addition to human cells. Liver stem cells used in drug testing can be derived from in vivo tissue or produced from embryonic stem cells (ES) or induced pluripotent stem cells (iPS).

H. Ralph Snodgrass, Ph.D., VistaGen’s President and Chief Scientific Officer, said, “This patent covers the monitoring of changes in gene expression as an assay for predicting drug toxicities. It is well known that drugs activate and suppress specific genes, and that the changes in gene expression reflect the mechanism of drug toxicities. The specific sets of genes that are affected become a profile of that drug.”

VistaGen’s new patent also covers techniques used to develop a database of gene expression profiles of drugs that have the same type of liver toxicity. Using sophisticated “pattern matching” database tools, drug developers can analyze these related profiles to determine “gene expression signatures” that are common and predictive of drugs that produce specific types of toxicity.

“Without this database capability, a drug’s single gene expression profile could not be interpreted,” Dr. Snodgrass added. “The ability to use liver stem cells to differentiate drug-dependent gene expression profiles, and to compare those profiles of drugs known to induce toxic liver effects, provides a powerful tool for predicting liver toxicity of new drug candidates, including drug rescue variants.”

Shawn K. Singh, VistaGen’s Chief Executive Officer, stated, “Strong and enforceable intellectual property rights are critical components of our plan to optimize the commercial potential of our Human Clinical Trials in a Test Tube™ platform. This new liver toxicity typing patent further solidifies our growing IP portfolio, and supports the continuing development of LiverSafe 3D™, our human liver cell-based bioassay system, which complements our CardioSafe 3D human heart cell-based bioassay system for heart toxicity.”

About VistaGen Therapeutics

VistaGen is a biotechnology company applying human pluripotent stem cell technology for drug rescue and cell therapy. VistaGen’s drug rescue activities combine its human pluripotent stem cell technology platform, Human Clinical Trials in a Test Tube™, with modern medicinal chemistry to generate new chemical variants (Drug Rescue Variants) of once-promising small-molecule drug candidates. These are drug candidates discontinued due to heart toxicity after substantial development by pharmaceutical companies, the U.S. National Institutes of Health (NIH) or university laboratories. VistaGen uses its pluripotent stem cell technology to generate early indications, or predictions, of how humans will ultimately respond to new drug candidates before they are ever tested in humans, bringing human biology to the front end of the drug development process.

Additionally, VistaGen’s small molecule drug candidate, AV-101, is in Phase 1b development for treatment of neuropathic pain. Neuropathic pain, a serious and chronic condition causing pain after an injury or disease of the peripheral or central nervous system, affects approximately 1.8 million people in the U.S. alone. VistaGen is also exploring opportunities to leverage its current Phase 1 clinical program to enable additional Phase 2 clinical studies of AV-101 for epilepsy, Parkinson’s disease and depression. To date, VistaGen has been awarded over $8.5 million from the NIH for development of AV-101.

Visit VistaGen at http://www.VistaGen.com, follow VistaGen at http://www.twitter.com/VistaGen or view VistaGen’s Facebook page at http://www.facebook.com/VistaGen

Cautionary Statement Regarding Forward Looking Statements

The statements in this press release that are not historical facts may constitute forward-looking statements that are based on current expectations and are subject to risks and uncertainties that could cause actual future results to differ materially from those expressed or implied by such statements. Those risks and uncertainties include, but are not limited to, risks related to regulatory approvals, the issuance and protection of patents and other intellectual property, the success of VistaGen’s ongoing clinical studies, including the safety and efficacy of its drug candidate, AV-101, the failure of future drug rescue and pilot preclinical cell therapy programs related to VistaGen’s stem cell technology-based Human Clinical Trial in a Test Tube™ platform, its ability to enter into drug rescue collaborations, risks and uncertainties relating to the availability of substantial additional capital to support VistaGen’s research, development and commercialization activities, and the success of its research, development, regulatory approval, marketing and distribution plans and strategies, including those plans and strategies related to AV-101 and any drug rescue variants identified and developed by VistaGen. These and other risks and uncertainties are identified and described in more detail in VistaGen’s filings with the Securities and Exchange Commission (SEC). These filings are available on the SEC’s website at www.sec.gov. VistaGen undertakes no obligation to publicly update or revise any forward-looking statements.

For More Information:

Shawn K. Singh, J.D.
Chief Executive Officer
VistaGen Therapeutics, Inc.
www.VistaGen.com
650-244-9990 x224
Investor.Relations@VistaGen.com

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

Wednesday, April 25th, 2012 Uncategorized Comments Off on VistaGen (VSTA) Secures Key U.S. Patent Covering Stem Cell Technology Methods Used to Test Drug Candidates for Liver Toxicity

CEDC (CDC) Signs Definitive Agreements for Strategic Alliance with Russian Standard Corporation

MT. LAUREL, N.J., April 23, 2012 /PRNewswire/ — Central European Distribution Corporation (NASDAQ: CEDC) announced today that CEDC and Russian Standard Corporation (via Roust Trading Limited (“Roust Trading”)) have signed definitive agreements for a strategic alliance. Russian Standard has agreed to invest US$100,000,000 in CEDC by purchasing a combination of newly issued shares of CEDC common stock and exchangeable notes (exchangeable into common shares of CEDC upon shareholder approval) to be issued by CEDC. In addition, Roust Trading has agreed to purchase up to US$210,000,000 principal amount of newly issued, unsecured CEDC senior notes due July 31, 2016 at a blended interest rate of 6.00%. The proceeds of these investments are required to be used to retire CEDC’s 3.00% Senior Convertible Notes due 2013.

This strategic alliance between Russian Standard Corporation and CEDC will create a powerful player in the Russian and Polish alcohol markets with best-in-class portfolios of own vodka brands and partner brands distributed worldwide. The investment by Roust Trading is expected to provide CEDC with the financial resources and capital to repay or repurchase all of its outstanding 3.00% Senior Convertible Notes due 2013. Following completion of these transactions and assuming CEDC receives the shareholder approval described below, Roust Trading and its affiliates may in the future hold approximately 28% of CEDC’s outstanding common stock.

“After many months of working on this transaction, we are pleased to announce the signing of definitive agreements today with Russian Standard for a strategic investment that addresses our near term financial obligations. In addition to this, we anticipate further discussions on the combination of our Russian businesses as well as other synergies that can be obtained from this strategic relationship. Our partnership with Mr. Roustam Tariko and Roust Trading, will not only benefit CEDC from the financial and business side but with Mr. Tariko’s vast experience in the Russian spirits market, he will represent valuable support for management and the Board in strengthening CEDC’s position in the Russian market, as well as in international markets,” said William V. Carey, President and Chief Executive Officer of CEDC.

“I am pleased that our discussions have resulted in an exciting new alliance between Russian Standard Corporation and CEDC. While the global spirits market is at the final stage of its consolidation, the process in Russia is just beginning. As a result, customers will be offered an unparalleled choice of quality global alcohol brands and the market should become more transparent with fewer players. Russian Standard Corporation’s partnership with CEDC should provide both companies with a number of synergies: not only should we become a strong vodka market player across all categories and a leading importer of alcohol beverages offering one of the most significant portfolios of premium brands in Russia and Poland but we also should have a very effective production and distribution infrastructure in the near future, which should increase our competitiveness on global markets. I am confident that we should be able to quickly complete all phases of the transaction with CEDC,” said Roustam Tariko, Founder and Chairman of Russian Standard Corporation.

Terms of the Investment

Pursuant to a securities purchase agreement, Roust Trading will make its investment in CEDC in three stages, subject to typical closing conditions. First, Roust Trading will acquire 5,714,286 shares of CEDC common stock for an aggregate purchase price of US$30 million, or US$5.25 per share, and US$70 million aggregate principal amount of senior notes due March 18, 2013, bearing an interest rate of 3.00% (the “New Debt”) to be issued by CEDC. Subject to approval by CEDC shareholders, CEDC or Roust Trading may cause Roust Trading to purchase from CEDC a number of shares of CEDC common stock at a purchase price of US$5.25 per share (which amount will be sufficient to pay the principal amount outstanding of the New Debt plus some or all of the then accrued and unpaid interest thereon) totaling approximately 13,333,333 CEDC shares plus additional shares representing such accrued and unpaid interest on the New Debt. In addition, if shareholder approval is obtained, then (subject to typical closing conditions), Roust Trading will purchase US$102,554,000 aggregate principal amount of senior rollover notes due July 31, 2016 (the “Rollover Notes”), from CEDC in exchange for US$102,554,000 of CEDC’s 3.00% Convertible Notes due 2013 then held by Roust Trading, and, CEDC, at its option, may issue to Roust Trading senior backstop notes in an aggregate principal amount of up to US$107,500,000 due July 31, 2016 (the “Backstop Notes”) to be used by CEDC to pay the remaining principal amount of 3.00% Convertible Notes due 2013 then outstanding. Each of the Rollover Notes and Backstop Notes will bear a blended interest rate of 6.00% over the term of each note. Roust Trading and CEDC, and Roust Trading and each of the members of the CEDC’s Board of Directors, have agreed to customary agreements to vote in favor of the transactions described above.

CEDC and Roust Trading also entered into a governance agreement in support of this investment. In accordance with this governance agreement, Roust Trading nominated, and CEDC’s board of directors will appoint, a member to CEDC’s Board of Directors and Roust Trading may nominate up to two additional directors to CEDC’s Board of Directors depending on the amount of CEDC common stock held by Roust Trading. In addition, Roust Trading received various minority protection rights.

Jefferies & Company, Inc. served as financial advisor to CEDC’s Board of Directors with respect to the transaction. Dewey & LeBoeuf LLP and Skadden, Arps, Slate, Meagher & Flom LLP acted as legal advisors to CEDC. Ropes & Gray LLP acted as legal advisors to Roust Trading.

About Central European Distribution Company

CEDC is one of the largest producers of vodka in the world and Central and Eastern Europe’s largest integrated spirit beverage business. CEDC produces the Green Mark, Absolwent, Zubrowka, Bols, Parliament, Zhuravli, Royal and Soplica brands, among others. CEDC currently exports its products to many markets around the world, including the United States, England, France and Japan.

CEDC also is a leading importer of alcoholic beverages in Poland, Russia and Hungary. In Poland, CEDC imports many of the world’s leading brands, including brands such as Carlo Rossi Wines, Concha y Toro wines, Metaxa Liqueur, Remy Martin Cognac, Sutter Home wines, Grant’s Whisky, Jagermeister, E&J Gallo, Jim Beam Bourbon, Sierra Tequila, Teacher’s Whisky, Campari, Cinzano, and Old Smuggler. CEDC is also a leading importer of premium spirits and wines in Russia with such brands as Concha y Toro, among others.

About Russian Standard Corporation

Russian Standard Corporation is one of Russia’s most successful private companies with business interests in premium vodka, spirits distribution, banking and insurance. Russian Standard Vodka is the global leader in authentic Russian premium vodka and the only Russian global brand with sales in over 75 markets around the world. Its 2011 sales exceeded 2.6 million 9 liter cases. Roust Inc. is one of Russia’s leading premium spirits distributors, representing such well-known brands as Gancia, Remy Martin, Metaxa, St Remy, Cointreau, Jagermeister, Molinari, Whyte & Mackay, Dalmore. In 2011, Russian Standard acquired a 70% stake in Gancia SPA, the legendary Italian wine-making company that created the first Italian sparkling wine. With 2000 hectares of vineyards, 5 million kilograms of grapes vinified, Gancia produces around 25 million bottles of sparkling wine, wines and aperitifs each year. Russian Standard Bank is ranked among the 30 biggest national finance institutions in Russia and is a leader in the Russian consumer finance market, including consumer loans and credit cards. Since 1999 the Bank has been setting new standards of consumer behavior, with over 25 million clients, over 45 billion USD in loans granted and 35 million credit cards issued. Russian Standard Bank is the exclusive issuer and service provider for American Express and Diners Club International cards in Russia. Russian Standard Bank has been granted the following ratings: Standard and Poor’s – B + Stable; Moody’s – Ba3 Stable; Fitch Ratings B + Positive. Russian Standard Insurance is a leading credit life insurer in Russia.

Russian Standard Corporation has over 19,000 employees working in offices in Moscow, St Petersburg, New York, Paris, London and Kiev. The total assets of Russian Standard Corporation exceed 5 billion USD.

Cautionary Statement about Forward-Looking Information

This press release contains forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 including, without limitation, statements about the transaction and the future liquidity and results of CEDC following completion of the transaction. Forward looking statements are based on our knowledge of facts as of the date hereof and involve known and unknown risks and uncertainties that may cause the actual results, performance or achievements of CEDC to be materially different from any future results, performance or achievements expressed or implied by our forward looking statements. Such risks include, among others, uncertainties regarding the timing and completion of the transaction and the satisfaction of the conditions thereto, the possibility that competing transaction proposals may be made, the risk that regulatory approvals of the transaction on the proposed terms will not be obtained on a timely basis, the risk that shareholder approval of the transaction may not be obtained, the risk that Roust Trading will fail to fund some or all of its investment in CEDC and the risk that CEDC may need to raise additional funds to repay its indebtedness after completion of the transaction.

Investors are cautioned that forward looking statements are not guarantees of future performance and that undue reliance should not be placed on such statements. CEDC undertakes no obligation to publicly update or revise any forward looking statements or to make any other forward looking statements, whether as a result of new information, future events or otherwise, unless required to do so by securities laws. Investors are referred to the full discussion of risks and uncertainties included in CEDC’s Form 10-K for the fiscal year ended December 31, 2011, including statements made under the captions “Item 1A. Risks Relating to Our Business” and in other documents filed by CEDC with the Securities and Exchange Commission.

Additional Information

CEDC will file copies of the securities purchase agreement and related transaction agreements with the SEC on a Form 8-K to which investors should refer for additional information on the terms of the transaction.

In connection with the transaction, CEDC will prepare a proxy statement to be filed with the SEC. When completed, a definitive proxy statement and a form of proxy will be mailed to stockholders of CEDC. CEDC STOCKHOLDERS ARE URGED TO READ THE PROXY STATEMENT REGARDING THE PROPOSED TRANSACTION BECAUSE IT WILL CONTAIN IMPORTANT INFORMATION. CEDC stockholders will be able to obtain, without charge, a copy of the proxy statement (when available) and other relevant documents filed with the SEC from the SEC’s website at http://www.sec.gov. In addition, documents filed by CEDC are available at the SEC’s public reference room located at 100F Street, N.E. Washington, D.C. 20594. CEDC stockholders will also be able to obtain, without charge, a copy of the proxy statement and other relevant documents (when available) by directing a request to James Archbold, Vice President, at 3000 Atrium Way, suite 265, Mt. Laurel, NJ 08054, telephone (856) 273-6980 or from CEDC’s website, www.cedc.com.

CEDC and certain of its respective directors and executive officers may be deemed to be participants in the solicitation of proxies from shareholders in connection with the transaction under the rules of the SEC. Information about the directors and executive officers of CEDC is included in the definitive proxy statement relating to its 2011 Annual Meeting of Shareholders filed with the SEC on March 26, 2011 and current reports on Form 8-K filed with the SEC. Shareholders may obtain additional information regarding the interests of CEDC and its directors and executive officers in the transaction, which may be different than those of CEDC shareholders generally, by reading the proxy statement and other relevant documents regarding the transaction, when filed with the SEC.

Contact

In the U.S.:
Jim Archbold
Investor Relations Officer
Central European Distribution Corporation
856-273-6980

In Europe:
Anna Załuska
Corporate PR Manager
Central European Distribution Corporation
48-22-456-6061

In Russia:
Oleg Yegorov
Russian Standard Corporation
7-495-967-0990

Monday, April 23rd, 2012 Uncategorized Comments Off on CEDC (CDC) Signs Definitive Agreements for Strategic Alliance with Russian Standard Corporation

SuperMedia (SPMD) Social Media Solution Honored with 2012 Local Search Association Excellence Award

SuperMedia (NASDAQ:SPMD), a trusted local marketing advisor for small to medium-sized businesses across the United States, earned a 2012 Industry Excellence Award from the Local Search Associationat the organization’s annual conference in Boca Raton, Fla.

SuperMedia’s SocialEze solution was recognized in the Excellence in Social Marketing by a Publisher or Agency category, which recognizes one solution employing social media channels such as Facebook, Twitter, and Google+ with user-generated content to increases sales leads that can be validated by documented results.

“SocialEze is a simple, easy to use solution that enables small and medium-sized businesses to build relationships with consumers through social media,” said Mat Stover, chief marketing officer, SuperMedia. “It offers comprehensive value, with automated tip posting, integration of business content and regular consultation with a social media expert, at a competitive price. The SuperMedia team took an innovative approach to match the priority requirements of local businesses with the best opportunities to reach consumers and efficient, easy-to-use functionality. This Local Search Association award recognizes great work by SuperMedia employees to create great value for our clients.”

The annual Local Search Association conference allows attendees from around the globe to review local search and advertising trends and achievements, exchange ideas and best practices, and explore opportunities to improve the quality of service member firms offer to their customers around the world.

About SuperMedia LLC

SuperMedia LLC (NASDAQ: SPMD) helps small and medium-sized businesses grow through effective local marketing solutions across print, online, mobile and social media. SuperMedia solutions include: the award-winning SuperGuarantee® program, Superpages® directories, published for Verizon®, FairPoint® and Frontier®, Superpages.com®, EveryCarListed.com®, Superpages for your mobile and Superpages direct mail products. For more information, visit www.supermedia.com.

Monday, April 23rd, 2012 Uncategorized Comments Off on SuperMedia (SPMD) Social Media Solution Honored with 2012 Local Search Association Excellence Award

Keryx Biopharmaceuticals (KERX) Announces Positive Top-Line Results from Phase 3 Study of Ferric Citrate

NEW YORK, April 23, 2012 /PRNewswire/ — Keryx Biopharmaceuticals, Inc. (Nasdaq: KERX), announced today that its Japanese partner, Japan Tobacco Inc. (JT) and Torii Pharmaceutical Co., Ltd. (Torii), has announced positive top-line results from a Phase 3 study of ferric citrate in Japan for the treatment of hyperphosphatemia in end-stage renal disease patients on hemodialysis. This study is part of an ongoing Phase 3 program for ferric citrate in Japan for the treatment of hyperphosphatemia.

The Phase 3 study, conducted in Japan, was an open-label, randomized study evaluating the efficacy and safety of ferric citrate against an active control, sevelamer hydrochloride, over 12 weeks in hemodialysis patients with hyperphosphatemia. In the top-line results, which evaluated the change of serum phosphorus from baseline, the primary endpoint of efficacy met non-inferiority to sevelamer hydrochloride. Furthermore, there were no clinically significant findings on safety and tolerability of ferric citrate within the treatment period.

JT/Torii stated that it is aiming to submit the marketing application for ferric citrate in Japan in the fiscal year ending March 31, 2013.

Ron Bentsur, Chief Executive Officer of Keryx, said, “We congratulate our partner, JT/Torii, on their successful Phase 3 study and we are excited by their progress. We are also encouraged about our partner’s plans to file their marketing application in Japan within less than a year, similar to our expected timelines for the U.S. NDA and European MAA filings.” Mr. Bentsur added, “We are enthusiastic about Zerenex’s potential differentiated product profile and its prospects for becoming an important part of the treatment of hyperphosphatemia in dialysis patients worldwide.”

Zerenex™ (ferric citrate), a ferric iron-based phosphate binder, is also in a Phase 3 clinical program in the United States for the treatment of hyperphosphatemia (elevated phosphate levels) in patients with end-stage renal disease on dialysis, which is being conducted pursuant to a Special Protocol Assessment agreement with the FDA.

Keryx holds a worldwide license (except for certain Asian Pacific countries) to Zerenex from Panion & BF Biotech, Inc.

Sublicense Agreement with Japan Tobacco & Torii Pharmaceutical

In September 2007, Keryx sublicensed to JT/Torii the exclusive rights for the development and commercialization of its hyperphosphatemia drug, Zerenex (ferric citrate), in Japan. The licensing arrangement calls for JT/Torii to pay to Keryx up to $100 million in up-front license fees and payments upon the achievement of specified milestones, of which $28 million has been received by Keryx to date. In addition, upon commercialization, JT/Torii will make royalty payments to Keryx on net sales of the drug in Japan. JT/Torii are responsible for all development and commercialization costs in Japan.

About Keryx Biopharmaceuticals, Inc.

Keryx Biopharmaceuticals is focused on the acquisition, development and commercialization of medically important pharmaceutical products for the treatment of renal disease and cancer. Keryx is developing Zerenex (ferric citrate), an oral, ferric iron-based compound that has the capacity to bind to phosphate and form non-absorbable complexes. The Phase 3 clinical program of Zerenex for the treatment of hyperphosphatemia (elevated phosphate levels) in patients with end-stage renal disease is being conducted pursuant to a Special Protocol Assessment (SPA) agreement with the FDA. Keryx is also developing KRX-0401 (perifosine), which is in Phase 3 clinical development for multiple myeloma. Keryx is headquartered in New York City.

Cautionary Statement

Some of the statements included in this press release, particularly those anticipating future clinical trials and business prospects for Zerenex™ (ferric citrate) may be forward-looking statements that involve a number of risks and uncertainties. For those statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Among the factors that could cause our actual results to differ materially are the following: our ability, and our Japanese partner’s ability, to successfully and cost-effectively complete clinical trials for Zerenex (ferric citrate); the risk that the data (both safety and efficacy) from the ongoing Phase 3 trials will not coincide with the data analyses from previous clinical trials reported by the Company; our ability to meet anticipated development timelines for Zerenex due to clinical trial results, manufacturing capabilities or other factors; if we determine that all trials of KRX-0401 (perifosine) should be terminated, our ability to successfully adjust our strategy and reduce our operating expenses relating to KRX-0401 clinical trials in order to properly support the trials of Zerenex; and other risk factors identified from time to time in our reports filed with the Securities and Exchange Commission. Any forward-looking statements set forth in this press release speak only as of the date of this press release. We do not undertake to update any of these forward-looking statements to reflect events or circumstances that occur after the date hereof. This press release and prior releases are available at http://www.keryx.com. The information found on our website is not incorporated by reference into this press release and is included for reference purposes only.

KERYX CONTACT:

Lauren Fischer

Director – Investor Relations

Keryx Biopharmaceuticals, Inc.

Tel: +1-212-531-5965

E-mail: lfischer@keryx.com

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Dehaier Medical (DHRM) Signs Strategic Cooperation Agreement with Timesco of London Ltd.

BEIJING, April 23, 2012 /PRNewswire-Asia-FirstCall/ — Dehaier Medical Systems Ltd. (NASDAQ: DHRM) (“Dehaier” or the “Company”), an emerging leader in the development, assembly, marketing and sale of medical devices and homecare medical products in China, today announced that it has signed a strategic cooperation agreement with Timesco of London Ltd., one of the most progressive surgical and medical companies in the U.K.

Under the terms of this three-year agreement Dehaier will be the exclusive distributor in mainland China for Timesco’s entire laryngoscope Optima series of products, which include the CXL and Eclispse series. The presidents of both companies signed the agreement at the 67th China International Medical Equipment Fair in Shenzhen.

A laryngoscope is a viewing instrument that is used for tracheal intubations. The laryngoscope Optima series products offer a broad visual field and better vision for physicians due to its patented light source, while also addressing a variety of clinical demands through a diverse set of models and specifications. The agreement represents a benchmark for Dehaier as a leading distributor in China’s laryngoscope market, while also providing a new product channel for the Company to offer its customers across China and ultimately strengthen its market share and increase revenue.

Dehaier’s President and CEO, Mr. Ping Chen, commented, “Dehaier has maintained a long-term and reliable partnership with Timesco since 2003; we are currently taking as leading distributor in the laryngoscope market in China. We are glad that Timesco has expressed their appreciation of our product sales and market influence. Dehaier secured our competitive position through a strong and geographically diverse distribution network. We anticipate a comprehensive cooperation with Timesco, and believe this will help enhance our corporate reputation and ultimately agreements such as this will return value for our shareholders.”

About Timesco of London Ltd.

Founded in 1964, Timesco of London is a medical supplies company that designs, manufactures, and sells surgical and non-surgical medical and dental instruments. Its specialties include products for laryngoscope, surgery, podiatry, and primary care as well as emergency health care, midwifery, and more. The Company has been recognized as one of the most progressive surgical and medical companies in the U.K. Their goal is to serve the healthcare needs of all consumers in all cultures throughout the world. To develop new, innovative medical technologies that will save or improve the quality of life, whilst meeting the highest standards of quality and product safety at all times.

About Dehaier Medical Systems Ltd.

Dehaier is an emerging leader in the development, assembly, marketing and sale of medical products, including respiratory and oxygen homecare medical products. The company develops and assembles its own branded medical devices and homecare medical products from third-party components. The company also distributes products designed and manufactured by other companies, including medical devices from IMD (Italy), Welch Allyn (USA), HEYER (Germany), Timesco (UK), eVent Medical (US) and JMS (Japan). Dehaier’s technology is based on six patents and five software copyrights; additionally Dehaier has two pending software copyrights and proprietary technology. More information may be found at http://wwwdehaier.com.cn.

Forward-looking Statements

This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events, government approvals or performance, and underlying assumptions and other statements that are other than statements of historical facts, including in particular statements about Dehaier’s membership in the Zhongguancun Association and the meaning of and retention of any ratings granted to Dehaier (including any factors affecting such ratings). These statements are subject to uncertainties and risks including, but not limited to, product and service demand and acceptance, changes in technology, economic conditions, the impact of competition and pricing, government regulation, future developments in payment for and demand for medical equipment and services, implementation of and performance under the joint venture agreement by all parties, and other risks contained in reports filed by the company with the Securities and Exchange Commission. All such forward-looking statements, whether written or oral, and whether made by or on behalf of the company, are expressly qualified by the cautionary statements and any other cautionary statements which may accompany the forward-looking statements. In addition, the company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.

Contact Us

Dehaier Medical Systems Limited

Surie Liu
+86 10-5166-0080
lius@dehaier.com.cn

Tina He
+86 10-5166-0080
hexw@dehaier.com.cn

The Equity Group Inc.

Katherine Yao
+86 10-6587-6435
kyao@equityny.com

In America

The Equity Group Inc.

Adam Prior
(212) 836-9606
aprior@equityny.com

Monday, April 23rd, 2012 Uncategorized Comments Off on Dehaier Medical (DHRM) Signs Strategic Cooperation Agreement with Timesco of London Ltd.