Archive for June, 2012
Theragenics® (TGX) Announces Plans to Repurchase up to $10 Million of Its Shares
Theragenics Corporation® (NYSE: TGX), a medical device company serving the surgical products and prostate cancer treatment markets, today announced it is commencing a modified “Dutch Auction” tender offer to purchase up to $10 million of its common stock. Under the terms of the tender offer, Theragenics stockholders will have the opportunity to tender some or all of their shares at a price within a range of $2.00 to $2.40 per share. Based on the number of shares tendered and the prices specified by the tendering stockholders, Theragenics will determine the lowest per share price within the range that will enable it to buy $10 million of its shares, or such lesser number of shares that are properly tendered. All shares accepted for payment will be purchased at the same price, regardless of whether a stockholder tendered such shares at a lower price within the range. At the minimum price of $2.00 per share, Theragenics would repurchase a maximum of 5,000,000 shares, which represents approximately 14% of Theragenics’ currently outstanding common stock. Theragenics will fund this repurchase from available cash on hand. The low and high ends of the price range for the tender offer represent premiums of approximately 14% and 36%, respectively, to the closing price per share of $1.76 for Theragenics’ common stock on June 11, 2012, the last trading day prior to the announcement of the tender offer.
”The strength of our balance sheet allows us to fund this $10 million repurchase offer from available cash on hand,” stated M. Christine Jacobs, Chairman and CEO of Theragenics. “We expect our remaining cash and investment balances plus the ongoing cash flows from our business to allow us to continue to pursue other facets of our strategic plan.”
The tender offer will be subject to various terms and conditions as will be described in offer materials that will be publicly filed and distributed to stockholders on or about June 12, 2012. Additional copies of the offer materials will also be available from the information agent, Georgeson Inc. The dealer manager for the tender offer will be Georgeson Securities Corporation, and the depositary for the tender offer will be Computershare Trust Company, N.A.
None of Theragenics’ management, its board of directors and executive officers, the information agent or the depositary is making any recommendation to stockholders as to whether to tender or refrain from tendering their shares in the proposed tender offer. Theragenics’ directors and executive officers have advised the Company that they do not intend to tender shares in the offer. Stockholders must decide how many shares they will tender, if any, and the price within the stated range at which they will tender their shares. Stockholders should consult their financial and tax advisors in making this decision.
This press release is for information purposes only, and is not an offer to purchase or the solicitation of an offer to sell any shares of Theragenics’ common stock. The solicitation of offers to purchase shares of Theragenics common stock will be made only pursuant to the tender offer documents, including an Offer to Purchase and related Letter of Transmittal, that Theragenics intends to distribute to stockholders and file with the Securities and Exchange Commission on or about June 12, 2012.
THERAGENICS STOCKHOLDERS ARE URGED TO READ THE TENDER OFFER STATEMENT (INCLUDING THE OFFER TO PURCHASE, LETTER OF TRANSMITTAL AND RELATED OFFER DOCUMENTS) WHEN IT BECOMES AVAILABLE AND ANY OTHER DOCUMENTS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ON THE TENDER OFFER.
Holders of Theragenics common stock will be able to obtain these documents as they become available free of charge at the Securities and Exchange Commission’s website at www.sec.gov, or at the Securities and Exchange Commission’s public reference room located at 100 F Street, N.E., Washington, DC 20549. Please call the Securities and Exchange Commission at 1-800-SEC-0330 for further information about the public reference room. In addition, holders of Theragenics common stock will also be able to request copies of the Tender Offer Statement, the Offer to Purchase, related Letter of Transmittal and other filed tender offer documents free of charge by contacting Georgeson Inc., the information agent for the tender offer, by telephone at (877) 278-4751 (toll-free), or in writing at the following address: c/o Georgeson Inc., 199 Water Street, 26th Floor, New York, NY 10038.
Statements included in this press release which are not historical facts are forward looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and the Securities Exchange Act of 1934. Such forward looking statements are made based upon management’s expectations and beliefs concerning future events impacting the Company and therefore involve a number of uncertainties and risks, including, but not limited to, those described in the Company’s Annual Report on Form 10-K for 2011 and other filings with the Securities and Exchange Commission. Therefore, the actual results of operations or financial condition of the Company could differ materially from those expressed or implied in such forward-looking statements.
Ramtron (RMTR) Announces New Wireless Memory Development Kit
MaxReader demonstrates dramatic write speed capabilities for RF-enabled system designs
Ramtron International Corporation (Nasdaq: RMTR), the leading developer and supplier of nonvolatile ferroelectric random access memory (F-RAM) and integrated semiconductor products, today announced availability of its MaxReader Development Kit. Designed by Ramtron, the MaxReader Development Kit is a complete system for engineers to quickly evaluate, thoroughly test, and rapidly prototype Ramtron’s MaxArias™ wireless memory for a broad range of RF-enabled applications.
The MaxReader Development Kit features Ramtron’s MaxArias WM72016 16-Kilobit wireless F-RAM memory on a small-footprint, EPC Gen2 radio frequency reader board (interrogator) along with wireless memory transponders (also available separately) and other hardware to enable engineers to fully test and develop designs using the robust features of the MaxArias wireless memory. The kit offers a graphical user interface (GUI) and command line interface for ease-of-use as well as step-by-step, out-of-box application information and documentation to accelerate evaluation and prototyping.
“Ramtron’s MaxReader Development Kit offers an affordable and compact 1-watt Gen2 reader design that demonstrates the unique performance characteristics of our MaxArias wireless memory,” states Duncan Bennett, Ramtron wireless memory product manager. “The kit is a compelling demonstration vehicle and development platform that allows the wireless capture, transmission, and storage of data — up to six times faster than comparable EEPROM devices. In addition, MaxArias wireless F-RAM memory products, like the WM72016 included with the kit, are capable of capturing large block writes — up to 127 words— without loss of data integrity or compromising read/write speed and distance.”
MaxArias Wireless Memory Solutions: Increasing the Speed of Write
The Ramtron WM72016 wireless memory excels in applications that require swift transaction of data-rich information over a low power, wireless RF connection. By dramatically reducing the time to write data, Ramtron MaxArias products enable innovative wireless applications. From consumable product authentication and passive wireless data logging, to increasing manufacturing throughput and enabling wireless in-field firmware updates, Ramtron MaxArias wireless memory offers customers cost-saving and efficiency-driven performance. Applications that can directly benefit from Ramtron wireless products include smart utility metering, medical devices, manufacturing, inventory management systems, and maintenance/repair/operations (MRO). Unlike mainstream RFID tags that offer limited memory and exhibit inherently low performance, Ramtron MaxArias wireless memory offers expanded memory as well as fast data storage and retrieval enabled by proven, high-performance, nonvolatile F-RAM memory technology. MaxArias devices are also gamma radiation tolerant, immune to magnetic fields, and conform to the EPCglobal Class-1 Generation-2 UHF air interface protocol.
MaxReader Pricing and Availability
Offered at a suggested resale price of $399 USD, the MaxReader Development Kit (MAXREADERKIT) is available for purchase from Digi-Key at www.digikey.com and Mouser Electronics at www.mouser.com. The kit is offered in five regionally tuned frequency bands: North America (-NA), China (-CN), Taiwan (-TWN), Japan (-JPN), or Europe (-EUR). In addition, the WM72016-based wireless memory transponder board (WM72016-6-EVAL-915-ANT) is available as a standalone product from Mouser and Digi-Key for a suggested resale of $25 USD.
For more information about MaxArias wireless memory and the MaxReader Development Kit, visit www.ramtron.com/go/maxarias. For a 300-dpi product photo of the Development Kit, visit www.ramtron.com/press-center/image-bank.aspx (see MaxArias Wireless Memory).
About Ramtron
Ramtron International Corporation, headquartered in Colorado Springs, Colorado, is a fabless semiconductor company that designs, develops and markets specialized semiconductor memory and integrated semiconductor solutions used in a wide range of product applications and markets worldwide. For more information, visit www.ramtron.com.
MaxArias name and logo are trademarks of Ramtron International Corporation.
A123 Systems (AONE) Introduces Extreme Temperature Lithium Ion Battery
New Nanophosphate EXT(TM) Enables Game-Changing Performance at Extreme High and Low Temperatures for Transportation, Telecommunications and Other Applications
WALTHAM, Mass., June 12, 2012 (GLOBE NEWSWIRE) — A123 Systems (Nasdaq:AONE), a developer and manufacturer of advanced Nanophosphate® lithium iron phosphate batteries and systems, today introduced Nanophosphate EXT™, a new lithium ion battery technology capable of operating at extreme temperatures without requiring thermal management. Nanophosphate EXT is designed to significantly reduce or eliminate the need for heating or cooling systems, which is expected to create sizeable new opportunities within the transportation and telecommunications markets, among others.
“We believe Nanophosphate EXT is a game-changing breakthrough that overcomes one of the key limitations of lead acid, standard lithium ion and other advanced batteries. By delivering high power, energy and cycle life capabilities over a wider temperature range, we believe Nanophosphate EXT can reduce or even eliminate the need for costly thermal management systems, which we expect will dramatically enhance the business case for deploying A123’s lithium ion battery solutions for a significant number of applications,” said David Vieau, CEO of A123 Systems. “We continue to emphasize innovation with a commercial purpose, and we expect Nanophosphate EXT to strengthen our competitive position in existing target markets as well as create new opportunities for applications that previously were not possible to cost-effectively serve with lithium ion batteries.”
Unlike lead acid or other advanced battery technologies, Nanophosphate EXT is designed to maintain long cycle life at extreme high temperatures and deliver high power at extreme low temperatures. According to the testing performed to date at the Ohio State University’s Center for Automotive Research (CAR) and the very low observed rate of aging, cells built with A123’s Nanophosphate EXT are expected to be capable of retaining more than 90 percent of initial capacity after 2,000 full charge-discharge cycles at 45 degrees Celsius. CAR has also starting testing the cold temperature performance of Nanophosphate EXT, which A123 expects will deliver a 20 percent increase in power at temperatures as low as minus 30 degrees Celsius.
“Based on our analysis, the performance of A123’s new Nanophosphate EXT at high temperatures is unlike anything we’ve ever seen from lead acid, lithium ion or any other battery technology,” said Dr. Yann Guezennec, senior fellow at CAR and professor of mechanical engineering at the Ohio State University. “Nanophosphate EXT maintains impressive cycle life even at extreme high temperatures without sacrificing storage or energy capabilities, especially as compared with the competitive leading lithium ion technology that we used on our head-to-head testing. If our testing also validates the low-temperature power capabilities that A123’s data is showing, we believe Nanophosphate EXT could be a game-changing battery breakthrough for the electrification of transportation, including the emerging micro hybrid vehicle segment.”
Nanophosphate EXT is based on A123’s proprietary lithium iron phosphate battery technology, which offers high power, long cycle life, increased usable energy and excellent safety as compared to other available battery technologies. Nanophosphate EXT is designed to extend these capabilities over a wider temperature range, enabling customers to deploy more advanced solutions that increase performance in applications that frequently experience battery cycling at extreme temperatures. Because Nanophosphate EXT is designed to reduce or eliminate the need for costly thermal management, it is expected to deliver these performance advantages while also increasing reliability, minimizing complexity and reducing total cost of ownership (TCO) over the life of the battery system for a number of applications, including those within the transportation and telecommunications industries.
- Transportation—Nanophosphate EXT is designed to augment the performance advantages of A123’s solutions for electric and micro hybrid commercial and passenger vehicles. By enabling increased power at low temperatures, Nanophosphate EXT is expected to substantially improve the cold-cranking capabilities of A123’s lithium ion 12V Engine Start battery. This would eliminate what has historically been the only performance advantage of lead acid in starter battery applications, and is expected to considerably increase the value proposition of A123’s Engine Start battery as a lighter-weight, longer-lasting alternative to absorbent glass mat (AGM) and other lead acid batteries. This is expected to reduce TCO for micro hybrid applications, which represents a growing subset of the global electric vehicle market—According to Lux Research, the worldwide market for micro hybrids is projected to reach more than 39 million vehicles in 2017, creating a $6.9 billion market for energy storage devices.
In addition, Nanophosphate EXT is expected to enable automakers to significantly reduce or completely eliminate active cooling systems in electric vehicle battery packs. A123 expects this to lower cost, reduce weight and improve reliability, providing automakers with a cost-effective solution that A123 believes will increases efficiency and minimize system complexity without sacrificing vehicle performance, battery life or driving range. Strategy consultancy Roland Berger forecasts that the global automotive lithium ion battery market will reach more than $9 billion by 2015.
- Telecommunications—Nanophosphate EXT supplements the advantages of A123’s lithium ion battery solutions for telecommunications backup, which are designed to replace the lead acid batteries deployed at new and existing global cell tower sites built off-grid or in regions with unstable power. These sites typically require diesel generators to support the batteries, and due to the lengthy charge time necessary for lead acid batteries, the generators are often forced to operate for extended periods. In contrast, A123’s solutions charge about six times more quickly than lead acid, which significantly reduces generator run time and lowers fuel costs by 30 percent or more. At cell towers in extreme temperature environments, Nanophosphate EXT further reduces operating and maintenance costs by minimizing or eliminating the need for air conditioning or heating. In higher-temperature climates, for example, the cost of installing and running the air conditioning necessary to properly cool the lead acid batteries can represent up to 50 percent of the total power consumed at each cell tower site. A123 believes that Nanophosphate EXT has the potential to significantly expand the global addressable market for its telecommunications backup solutions to more than $1.2 billion by 2016.
“From the introduction of our breakthrough Nanophosphate battery chemistry to our envelope-pushing work developing ultra high power batteries for Formula One racing to our introduction of megawatt-scale grid energy storage systems, A123 has been at the forefront of battery and energy storage innovation. Today we announce another milestone, and believe Nanophosphate EXT to be a significant breakthrough,” said Dr. Yet-Ming Chiang, co-founder of A123 and professor of materials science and engineering at MIT. “Lithium ion has always had a number of significant advantages over lead acid and other advanced battery technology, but its performance limitations at extreme high and extreme low temperatures have prevented it from addressing a number of important applications. Nanophosphate EXT changes this dynamic, and highlights why we believe continued lithium ion battery R&D is critical for discovering next-generation breakthroughs that can fundamentally change how the world uses energy storage.”
Availability
A123’s Nanophosphate EXT technology is scheduled to enter volume production in A123’s 20Ah prismatic cells during the first half of 2013. A123 is also evaluating plans to potentially offer Nanophosphate EXT across its complete portfolio of cell products. For more information, please visit www.a123systems.com.
About A123 Systems
A123 Systems, Inc. (Nasdaq:AONE) is a leading developer and manufacturer of advanced lithium-ion batteries and energy storage systems for transportation, electric grid and commercial applications. The company’s proprietary Nanophosphate® lithium iron phosphate technology is built on novel nanoscale materials initially developed at the Massachusetts Institute of Technology and is designed to deliver high power and energy density, increased safety and extended life. A123 leverages breakthrough technology, high-quality manufacturing and expert systems integration capabilities to deliver innovative solutions that enable customers to bring next-generation products to market. For additional information please visit www.a123systems.com.
The A123 Systems, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6600
Safe Harbor Disclosure
This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to risks, uncertainties and other factors including statements with respect to the anticipated features, performance characteristics, capabilities, benefits and technical advantages over existing technologies of Nanophosphate EXT generally and in each of A123’s target markets, the expected new opportunities created by Nanophosphate EXT generally and in A123’s target markets , the expected potential for Nanophosphate EXT to strengthen A123’s competitive position, increase reliability, minimize system complexity and reduce costs, the results from third party testing conducted on Nanophosphate EXT and the related expectations for Nanophosphate EXT’s current and future performance based on such testing, the performance characteristics of A123’s core Nanophosphate technology, the ability for Nanophosphate EXT to provide significant advantages in commercial use and to significantly expand certain global addressable markets , the expected availability and volume production of Nanophosphate EXT in A123’s cell products and the potential demand for cell products using Nanophosphate EXT. Among the factors that could cause actual results to differ materially from those indicated by such forward-looking statements are: delays in the development, testing, production, commercialization, availability and delivery of Nanophosphate EXT and the products in which it is utilized, delays in the scale-up, revalidation and increased efficiency of A123’s manufacturing capacity, delays in A123’s manufacturing ramp, the potential for manufacturing defects, delays in customer and market demand for and adoption of Nanophosphate EXT , failure of Nanophosphate EXT to achieve its expected performance, capabilities, benefits, cost reductions and technical advantages, adverse economic conditions in general and adverse economic conditions specifically affecting the markets and geographies in which A123 operates, , and other risks detailed in A123 Systems’ quarterly report on Form 10-Q for the quarter ended March 31, 2012 and other publicly available filings with the Securities and Exchange Commission. All forward-looking statements reflect A123’s expectations only as of the date of this release and should not be relied upon as reflecting A123’s views, expectations or beliefs at any date subsequent to the date of this release.
CONTACT: A123 Systems PR Contact: A123 Systems Dan Borgasano 617-972-3471 dborgasano@a123systems.com A123 Systems IR Contact: ICR, LLC Garo Toomajanian 617-972-3450 ir@a123systems.com
Quantum (QTWW) Receives $2.8 Million in New Orders
IRVINE, Calif., June 11, 2012 /PRNewswire/ — Quantum Fuel Systems Technologies Worldwide, Inc. (NASDAQ: QTWW), a global leader in natural gas, hydrogen and hybrid electric vehicle technologies, today announced that it has received two new purchase orders from leading natural gas vehicle system integrators for supplying its industry-leading, ultra-lightweight carbon composite compressed natural gas (CNG) storage tanks for transportation applications. The purchase orders are valued at $2.8 Million.
“These new orders are another strong endorsement of Quantum’s technology and products for natural gas vehicles, and reflect a significant opportunity in an attractive market segment,” said Brian Olson, the CEO of Quantum. “Natural gas vehicles with Quantum’s light-weight storage systems help to lower ownership and operational costs, while truly benefiting from the historically low prices of this domestically produced, clean fuel.”
Natural gas-powered vehicles can be fueled for a third cheaper than other vehicles, and emit less smog-forming nitrogen oxide and particulates. Quantum’s composite tanks are the lightest in the industry, requiring less structure for mounting support, thereby increasing payload and passenger capacity. In addition, Quantum’s tanks maximize onboard storage capacity resulting in greater driving range. These advantages, in addition to ease of installation and service, distinguish Quantum’s carbon composite tanks from the competing metallic tanks.
About Quantum:
Quantum Fuel Systems Technologies Worldwide, Inc. is a leader in the development and production of advanced vehicle propulsion systems, fuel storage technologies, and alternative fuel vehicles. Quantum’s portfolio of technologies includes electronic and software controls, hybrid electric drive systems, natural gas and hydrogen storage and metering systems and other alternative fuel technologies and solutions 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, and specialty vehicles, as well as modular, transportable hydrogen refueling stations. Quantum’s customer base includes automotive OEMs, fleets, aerospace industry, military and other governmental agencies, and other strategic alliance partners. Quantum’s wholly owned subsidiary, Schneider Power Inc., and affiliate, Asola Solarpower GmbH, complement Quantum’s alternative and renewable energy presence through the development and ownership of wind and solar farms, and the manufacture of high efficiency solar modules for traditional and automotive applications. Quantum is headquartered in Irvine, California, and has operations and affiliations in the USA, Canada, Germany and India.
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. Risk factors include Quantum’s ability to secure materials and manufacture tanks to meet the customer demand, the customer’s ability to market the natural gas vehicles, continued domestic availability of low cost shale gas, and the decisions by fleet managers to purchase natural gas trucks. 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, Schneider Power and Asola at http://www.qtww.com/ or you may contact:
Brion D. Tanous
Principal, CleanTech IR, Inc.
Email: btanous@cleantech-ir.com
310-541-6824
©2012 Quantum Fuel Systems Technologies Worldwide, Inc.
Advanced Technology Center
17872 Cartwright Road, Irvine, CA 92614
Phone 949-399-4500 Fax 949-399-4600
SOURCE Quantum Fuel Systems Technologies Worldwide, Inc.
Sequans (SQNS) Delivers 150 Mbps Category 4 LTE Throughput
Achieved in 20 MHz FDD channel with H-ARQ and encryption enabled
4G chipmaker Sequans Communications (NYSE: SQNS) has achieved full category 4 LTE downlink throughput of 150 Mbps—the maximum category 4 rate—during interoperability testing with several major eNodeB and test equipment vendors. The tests featured a Sequans-powered LTE USB dongle operating over a 20 MHz FDD channel, providing LTE connectivity between a laptop PC and an eNodeB or eNodeB simulator. The test configuration was in complete compliance with 3GPP specifications with all key Release 9 features activated, including H-ARQ recombining and encryption. This achievement shows that Sequans’ chip architecture has the headroom to deliver the industry’s highest LTE performance in a real world scenario.
“Sequans is one of the very few LTE chipmakers delivering category 4 throughput today and the only one I know to have achieved the full 150 Mbps.” said Georges Karam, Sequans CEO. “Furthermore, this performance was highly stable with the maximum throughput sustained throughout the testing period, showing that Sequans’ LTE chips are a cut above the rest and can deliver the fastest, most robust, and overall best-in-class LTE connectivity available today.”
The chip powering the USB dongle is the Sequans SQN3110, the baseband chip at the heart of Sequans’ second generation Andromeda LTE platform for mobile devices. It is built in 40 nm CMOS, is 3GPP R9 compliant, supports both TDD and FDD for global compatibility, and comes in a very small 10×10 mm package that includes SDRAM.
Sequans has conducted successful LTE interoperability testing with major eNodeB vendors Ericsson, Nokia Siemens, ZTE, Huawei, and Alcatel-Lucent, and leading test equipment vendors Rohde & Schwarz, Aeroflex, Agilent, and National Instruments. Sequans’ first generation LTE technology is operating in two commercial networks, and its second-generation LTE technology is in trial with major operators all over the world with commercial deployments imminent.
“Our years of experience in 4G, developing and delivering multiple generations of ever-advancing 4G technology, has led to the industry’s most efficient LTE chip design and maximum achievable throughput,” said Karam. “Operators with 20 MHz of spectrum who deploy Sequans’ superior technology will be able to benefit from the full performance of LTE, and will be able to give their users the industry’s most outstanding LTE experience.”
About Sequans Communications
Sequans Communications S.A. (NYSE: SQNS) is a 4G chipmaker, supplying LTE and WiMAX chips to original equipment manufacturers and original design manufacturers worldwide. Founded in 2003 to address the WiMAX market, the company expanded in early 2009 to address the LTE market. Sequans is based in Paris, France with additional offices throughout the world, including United States, United Kingdom, Israel, Hong Kong, Singapore, Taiwan, South Korea, and China. www.sequans.com; Twitter: www.twitter.com/sequans
Tengion (TNGN) Announces Continued Clinical Progress on Key Milestones for Neo-Urinary Conduit
— Fifth Patient Now Implanted in Phase 1 Clinical Trial — — Enrolling Next 2 Patients Concurrently; On Track to Implant Up to 10 Patients by Year End 2012 — — Addition of 4 Leading Sites to Clinical Trial —
WINSTON-SALEM, N.C., June 11, 2012 /PRNewswire/ — Tengion, Inc. (NASDAQ: TNGN), a leader in regenerative medicine, today announced continued clinical progress on key milestones for the ongoing Phase 1 trial of the Company’s most advanced product candidate, the Neo-Urinary Conduit.
“We are very pleased to report our continued progress executing on value creating milestones and believe that we are now in a position to accelerate enrollment in the Phase 1 trial of our Neo-Urinary Conduit. The fifth patient in the trial was implanted last month and, having replicated the surgical procedure used to implant patient four, our investigators believe that they have successfully defined the surgical procedure. Based on this defined procedure and consistent post-operative outcomes, we recently met with our investigators and the Data Safety Monitoring Board and received endorsement to expand the trial immediately with enrollment of the next two patients concurrently and the training of surgeons at four additional clinical sites,” said John L. Miclot, Tengion’s President and Chief Executive Officer. “We feel confident that we are on track to meet our goal to implant up to 10 patients by the end of this year and look forward to working closely with our lead investigators to plan future clinical trials.”
Neo-Urinary Conduit Phase 1 Clinical Trial Enrollment Progress Update
Tengion announced today that it has successfully implanted the fifth patient in the ongoing Phase 1 clinical trial of its most advanced product candidate, the Neo-Urinary Conduit, for use in bladder cancer patients requiring a urinary diversion following bladder removal (cystectomy). The trial is designed to assess the safety and preliminary efficacy of the Neo-Urinary Conduit in up to 10 patients, as well as to translate the surgical procedure successfully used in preclinical animal models into clinical trials with human patients.
Following a positive meeting with the Data Safety Monitoring Board, Tengion is proceeding with concurrent enrollment of the next two patients, the sixth and seventh patients in the clinical trial. Assuming appropriate safety data, the Company anticipates commencement of efforts to enroll the remaining three patients approximately six weeks after implant of patients six and seven, thereby allowing the Company to achieve its stated objective of completing implantation of up to 10 patients by the end of 2012.
Tengion also announced today that the trial is being expanded to include four additional centers. In addition to University of Chicago Medical Center and The Johns Hopkins Hospital in Baltimore, MD, surgeons will be trained on the surgical implantation procedure at Memorial Sloan-Kettering Cancer Center in New York, NY; Baylor Charles A. Sammons Cancer Center in Dallas, TX; University of Michigan Comprehensive Cancer Center in Ann Arbor, MI and a fourth site in Boston, MA. The last three patients in the Phase 1 clinical trial can be enrolled in any of the six sites.
About the Neo-Urinary Conduit™
The Neo-Urinary Conduit™ is a combination of a patient’s own cells and bioabsorbable scaffold that is intended to catalyze regeneration of a native-like urinary tissue conduit, passively transporting urine from the ureters through a stoma, or hole in the abdomen, into a standard ostomy bag. Standard of care for patients requiring a non-continent urinary diversion uses bowel tissue to construct a conduit for urine to exit from the body. There are over 20,000 urinary diversions performed annually in the United States and Europe. These patients are at risk for complications associated with the use of bowel tissue, as well as for those associated with the surgery to harvest the bowel tissue. The Neo-Urinary Conduit is the only product candidate currently in development that aims to avoid the use of bowel tissue. The Neo-Urinary Conduit is being evaluated in an ongoing Phase 1 clinical trial in bladder cancer patients requiring a urinary diversion following bladder removal (cystectomy). The trial is designed to assess the safety and preliminary efficacy of the Neo-Urinary Conduit in up to 10 patients, as well as to translate the surgical procedure successfully used in preclinical animal models into clinical trials with human patients. Five patients have been enrolled to date in the trial and the Company expects to complete implantation of the remaining patients in the trial by the end of 2012.
About Tengion
Tengion, a clinical-stage regenerative medicine company, is focused on developing its Organ Regeneration Platform™ to harness the intrinsic regenerative pathways of the body to regenerate a range of native-like organs and tissues with the goal of delaying or eliminating the need for chronic disease therapies, organ transplantation, and the administration of anti-rejection medications. An initial clinical trial is ongoing for the Company’s most advanced product candidate, the Neo-Urinary Conduit™, an autologous implant that is intended to catalyze regeneration of native-like urinary tissue for bladder cancer patients requiring a urinary diversion following bladder removal. The Company’s lead preclinical candidate is the Neo-Kidney Augment™, which is designed to prevent or delay dialysis kidney transplantation by increasing renal function in patients with advanced chronic kidney disease. Tengion has worldwide rights to its product candidates.
Forward-Looking Statements
Certain statements set forth above may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to the Company’s: (i) plans to develop and commercialize its product candidates, including the Neo-Urinary Conduit and the Neo-Kidney Augment; and (ii) expectations regarding ongoing and planned preclinical studies and clinical trials. Although Tengion believes that these statements are based upon reasonable assumptions within the bounds of its knowledge of its business and operations, there are a number of factors that may cause actual results to differ from these statements. For instance there can be no assurance that: (i) the Company will be able to successfully enroll patients in its clinical trials, including its Phase 1 clinical trial for the Neo-Urinary Conduit; (ii) patients enrolled in the Company’s clinical trials will not experience adverse events related to the Company’s product candidates, which could delay clinical trials or cause the Company to terminate the development of a product candidate; (iii) the results of the clinical trial for the Neo-Urinary Conduit will support further development of that product candidate; (iv) data from the Company’s ongoing preclinical studies, including its GLP program for the Neo-Kidney Augment, will continue to be supportive of advancing such preclinical product candidates; and (v) the Company will be able to progress its product candidates that are undergoing preclinical testing, including the Neo-Kidney Augment, into clinical trials and that the Company will be successful in designing such clinical trials in a manner that supports the development of such product candidate; and (vi) the Company will be able enter into strategic partnerships on favorable terms, if at all, or obtain the capital it needs to develop its product candidates and continue its operations. For additional factors which could cause actual results to differ from expectations, reference is made to the reports filed by the Company with the Securities and Exchange Commission under the Securities Exchange Act of 1934, as amended. The forward looking statements in this release are made only as of the date hereof and the Company disclaims any intention or responsibility for updating predictions or expectations in this release.
SOURCE Tengion, Inc.
ZaZa Energy (ZAZA) Agreements with Hess, Partial Prepayment of Debt and Joint Venture
ZaZa Energy Corporation (“the Company” or “ZaZa”) (NASDAQ: ZAZA) today announced that it has simultaneously (i) signed a Heads of Agreement (“HoA”) with Hess Corporation (“Hess”) (collectively, the “Parties”) to effect a transaction that will lead to the termination or modification of the Parties’ 2010 agreements in Texas and France, (ii) amended the existing exploration and development agreement with Hess in Texas for which ZaZa has been paid an immediate cash consideration of $15 million; (iii) agreed to pay down its $100 million senior secured notes due 2017 by $33 million, and (iv) engaged Jefferies & Company, Inc. (“Jefferies”) to lead a joint venture process for ZaZa’s Eagle Ford core and Woodbine/Eaglebine assets.
Upon reaching definitive agreements on terms outlined in the HoA, ZaZa’s exploration and development agreement in the Eagle Ford core, Texas, and its partnership agreement in the Paris Basin, France, will be terminated. Under the terms of the HoA, ZaZa and Hess will convey to one another certain oil, gas and mineral interests, well bores and production owned by the Parties in Texas and France. The Parties expect to sign definitive agreements no later than June 29, 2012, with closing of the transaction expected prior to August 15, 2012. Subject to the definitive agreements and customary regulatory approvals, the assets will be transferred with an effective date of June 1, 2012.
ZaZa will benefit from the terms of the HoA as follows:
- Net acreage holdings in the Eagle Ford core will increase from approximately 11,500 acres to 72,000 acres. The acreage includes approximately 10,810 acres in the Moulton Prospect Area (Gonzalez, Fayette, and Lavaca Counties), 35,650 acres in the Sweet Home Prospect Area (DeWitt and Lavaca Counties), 1,970 acres in the Cotulla Prospect Area in the southern region of Frio County, and 23,120 acres in the Hackberry Prospect Area (Lavaca and Colorado Counties), all in the proved, productive regions of the Eagle Ford Trend. ZaZa will provide to Hess a 2% Overriding Royalty Interest (“ORRI”) in the Moulton Prospect Area and a 1% ORRI in the Hackberry and Sweet Home Prospect Areas;
- An additional $70 million in cash will be paid to ZaZa upon closing of the transaction;
- Subject to a threshold sales amount and a time limitation, a portion of net proceeds will be paid to ZaZa for any sales of Hess’s retained working interests in the Cotulla Prospect Area; and
- ZaZa will transfer its 50% working interest in the Paris Basin exploration licenses and retain a 5% ORRI, in which the total proceeds relating thereto are capped at $130 million.
After closing, ZaZa’s portfolio of assets will comprise approximately 72,000 net acres in the Eagle Ford core, 98,520 nearly contiguous net acres in the Woodbine/Eaglebine play in Grimes, Madison, and Walker Counties, approximately 24,260 wholly-owned acres of conventional producing assets in the Paris Basin, and a 5% ORRI in the Paris Basin exploration licenses. ZaZa is Operator on almost all of the portfolio acreage. Net total production from the conventional French assets is approximately 850 barrels of oil per day (“bopd”), with total 2P reserves of approximately ten (10) million barrels of oil. Net oil sales in the Eagle Ford will decrease from 301 bopd to 281 bopd pro forma the agreement, and net natural gas sales will increase from 619 thousand cubic feet of gas per day (“mcfd”) to 729 mcfd (all figures as at June 6, 2012). The Company’s pro forma total net sales will be 1,131 bopd and 729 mcfd.
The Company separately agreed with the lead investors of ZaZa’s 8% senior secured notes due 2017 to pay down $33 million of the $100 million principal amount of the notes. As part of that agreement, the lead investors provided a multi-part waiver of certain defaults under the notes, including a waiver of ZaZa’s failure (i) to timely file its Form 10-K with the Securities and Exchange Commission for the year ended December 31, 2011 and (ii) to timely file its subsequent quarterly report on Form 10-Q. The Company expects to file its Annual Report on Form 10-K within the next week and its Form 10-Q shortly thereafter.
The Company has engaged Jefferies as its financial advisor to assist in securing a joint venture partner or partners for its Eagle Ford and Woodbine/Eaglebine assets, as well as to evaluate all strategic opportunities available to the Company, including asset and corporate transactions and financing arrangements. More information on this process will be provided in the coming months.
Mr. Craig McKenzie, Chief Executive Officer, said, “We are very pleased with today’s events. In a relatively short period of time we have transformed the corporation and have focused our portfolio on near-term growth opportunities that will benefit all ZaZa stakeholders. Upon closing the transaction, we will have created a critical mass of assets in the prolific Eagle Ford core and emerging Woodbine/Eaglebine plays, where we will be the operator of approximately 170,000 net acres. We will also retain our French base business and preserve access to upside from future exploration success associated with the one million acres targeting the Liassic resource.”
Mr. McKenzie continued, “Our immediate priority is to regain reporting compliance by filing our financial statements over the next few weeks and, with our high-graded asset portfolio, begin our joint venture process with Jefferies for both our Eagle Ford and Eaglebine acreage.”
The Company’s shareholders and others considering trading in its securities should recognize that the terms of the HoA are dependent upon successfully executing definitive agreements, customary regulatory approvals, and closing the transaction, and as such, there can be no assurance that any transaction, whether subject to the proposed terms or other terms, will be consummated.
The Company intends to hold a webcast to provide stockholders with a pro forma corporate overview and update. Details of the webcast will be provided in a future press release.
About ZaZa Energy Corporation
Headquartered in Houston, Texas, with offices in Corpus Christi, Texas and Paris, France, ZaZa Energy Corporation is a publicly-traded exploration and production company with primary assets in the Eagle Ford, Eaglebine and Paris Basin resource plays. More information about the Company may be found at www.zazaenergy.com.
Safe Harbor Statement
Except for the historical information contained herein, the matters set forth in this news release are “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. ZaZa intends that all such statements be subject to the “safe-harbor” provisions of those Acts. Many important risks, factors and conditions may cause ZaZa’s actual results to differ materially from those discussed in any such forward-looking statement. These risks include, but are not limited to, inability to negotiate definitive documents with Hess, estimates of reserves, estimates of production, future commodity prices, exchange rates, interest rates, geological and political risks, drilling risks, product demand, transportation restrictions, actual recoveries of insurance proceeds, the ability of ZaZa to obtain additional capital, and other risks and uncertainties described in the Company’s filings with the Securities and Exchange Commission. The historical results achieved by ZaZa are not necessarily indicative of its future prospects. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
GlobalWise (GWIV) Signs Channel Sales Partnership With Sycle.net
COLUMBUS, OH — (Marketwire) — 06/11/12 — GlobalWise Investments, Inc. (OTCBB: GWIV) (OTCQB: GWIV) (www.GlobalWiseInvestments.com) and its wholly owned subsidiary Intellinetics, Inc., a leading-edge technology company focused on the design, implementation and management of cloud-based Enterprise Content Management (“ECM”) systems in both the public and private sectors, today announce a Channel Sales Partnership with Sycle.net.
Sycle.net (http://web.sycle.net) is the largest provider of cloud-based Enterprise Resource Planning (ERP) software systems specifically designed for hearing care practice management. Sycle.net’s unique, web-based solutions allow clients to access patient data anywhere, anytime from any place. Serving over 6,000 audiology clinics and 18,000 users, Sycle.net is an industry leader in the United States, serving over 65% of the audiology clinics nationwide. Sycle.net is growing by approximately 50 audiology clinics per month and provides a fantastic platform for GlobalWise to rapidly expand the installed client base.
The relationship with Sycle.net began approximately 12 months ago after an extensive due diligence period by both companies. Since then, Sycle.net sent two senior software engineers to the GlobalWise headquarters to begin the integration of the Intellivue™ cloud-based software into the Sycle.net ERP software. This ability to easily and seamlessly integrate the Intellivue™ software platform into pre-existing software packages is highly attractive and enabling GlobalWise to rapidly extend its market reach. For Sycle.net, the co-developed eDocs solution drives revenue growth, customer satisfaction and retention, extending their competitive advantage in the space.
“We spent many months researching the right ECM software provider,” stated Ridge Sampson, President and CEO of Sycle.net. “Nothing is more important than our reputation with our audiology clients. It was crucial we found a partner whose software was dynamic enough to integrate with our existing suite of cloud-based services supported by the right business models to maximize demand. The Intellinetics team was selected from over ten (10) candidate ECM providers and has been an outstanding choice. I am proud of the eDocs (http://web.sycle.net/products/edocs) private-labeled solution we have jointly created. eDocs was a hit at the American Academy of Audiology (www.audiology.org) conference among existing customers, prospects and industry media.”
You can hear Ridge discuss eDocs with a leading industry publication at http://www.audiologyonline.com/interview/interview_detail.asp?wc=1&interview_id=627.
eDocs will help Sycle.net accelerate its expansion into the European market, which aligns perfectly with GWIV’s globalization efforts. This is great news for GlobalWise as they continue to execute their strategic growth initiatives with cloud based market leaders like Sycle.net. Half of the approximately 60 clinics allowed to participate in the eDocs beta process have already provided strong positive feedback for the benefits delivered — particularly in its ability to support tablet devices and mobility. For example, one of the beta participant clinic groups processed over 14,000 documents through eDocs in only 20 business days and touted the tremendous efficiencies gained by accessing clinical records with their fleet of iPads.
“I am very proud of the partnership with Sycle.net,” stated William J. “BJ” Santiago, CEO of GlobalWise. “Sycle.net dominates the audiology space with industry-leading software. They could have worked with any ECM software company and yet decided ours was best from a field of established competitors — that is a huge validation of our unique value proposition to the market. We provide the most cost-effective, cloud-based ECM services in the business. By partnering with companies like Sycle.net, we are able to quickly grow our installed base as they focus on sales and support and we focus on what we do best — ECM software. Sycle.net anticipates taking initial orders for eDocs in the next quarter.”
About GlobalWise Investments, Inc.
GlobalWise Investments, Inc., via its wholly owned subsidiary Intellinetics, Inc., is a Columbus, Ohio based Enterprise Content Management (ECM) pioneer with industry-leading software that delivers cloud ECM based solutions on-demand. The Company’s flagship platform, Intellivue™, represents a new industry benchmark and game-changing solution by enabling clients to access and manage the content of every scanned document, file, spreadsheet, email, photo, audio file or video tape — virtually anything that can be digitized — in their enterprise from any PC, laptop, tablet or smartphone from anywhere in the world.
For additional information, please visit the Company’s corporate website: www.GlobalWiseInvestments.com
This press release may contain “forward-looking statements.” Expressions of future goals and similar expressions reflecting something other than historical fact are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements. These forward-looking statements may include, without limitation, statements about our market opportunity, strategies, competition, expected activities and expenditures as we pursue our business plan. Although we believe that the expectations reflected in any forward-looking statements are reasonable, we cannot predict the effect that market conditions, customer acceptance of products, regulatory issues, competitive factors, or other business circumstances and factors described in our filings with the Securities and Exchange Commission may have on our results. The company undertakes no obligation to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this press release.
GlobalWise Investments, Inc.
Columbus, Ohio
www.GlobalWiseInvestments.com
614-388-8909
Contact@GlobalWiseInvestments.com
Mission Investor Relations
Atlanta, Georgia
http://www.MissionIR.com
404-941-8975
Uranium Energy (UEC) Reports FY12 Q3 Production Results and Operational Update
NYSE MKT Equities Exchange Symbol – UEC
CORPUS CHRISTI, TX, June 11, 2012 /CNW/ – Uranium Energy Corp (NYSE MKT: UEC, the “Company”) is pleased to report financial and production results for the third quarter ended April 30, 2012. Major third quarter highlights include the following:
- Cumulative Production and Sales to Date: Cumulative production to date totals 273,000 pounds of U3O8 produced from Palangana at an average cash cost(1) of $18 per pound. Of the 273,000 pounds produced, the Company has sold 120,000 pounds at an average price of $52 per pound generating revenues of $6.2 million, and has 153,000 pounds available for sale in inventory with a market value of approximately $7.9 million;
- Production Results for the Quarter: Production from Palangana totaled 34,000 pounds and the Hobson facility processed 37,000 pounds of U3O8. Total cash costs(1) of production were stable with the prior quarter. During the nine months ended April 30, 2012, total production was 139,000 pounds of U3O8 at an average cash cost(1) of $22 per pound;
- Palangana’s Production Area-2 Commenced Operations on Schedule in Late March 2012: Recompletion of existing wells at PA-1 and new well additions from PA-2 have contributed to production stabilization. Palangana production for May was more than 16,000 pounds of U3O8;
- Completion of Equity Financing: Despite a challenging equity capital market environment, the Company closed an over-allotted public offering of its shares for gross proceeds of $22.5 million at a price of $3.60 per share. These funds enable the Company to expand and expedite its Texas growth strategy in terms of new projects, resources and prospective production;
- Additional Projects Acquired in South Texas: The Company acquired the rights to explore for uranium on the highly-prospective Burke Hollow Project in Bee County. Subsequent to April 30, 2012, the Company initiated its first drilling program at Burke Hollow. The Company also acquired the rights to explore for uranium on the Channen Project in Goliad County. Both projects are within 50 miles of the Hobson processing facility;
- Established Major Resource at Anderson Project in Arizona: Subsequent to April 30, 2012, the Company reported an Indicated Resource of 17 million pounds of U3O8 and an Inferred Resource of 12 million pounds of U3O8 at its Anderson Project;
- Additional Production Areas at Palangana: Production Area-3 (PA-3) is scheduled for development in the second half of 2012, with permits under technical review. Additionally, work is underway to permit and develop Production Areas-4 and 5;
- The Goliad ISR Project Is in Advanced Development: The Company has received all of the required permits to begin construction at the Goliad ISR Project and is awaiting the regional EPA’s concurrence on the aquifer exemption granted by the State of Texas;
- Acquisition of Cue Resources Ltd. and the Yuty ISR Project Completed: The Company’s Yuty Project in Paraguay has a total defined resource of 11.1 million pounds U3O8 and is on trend and directly south of the Company’s Coronel Oviedo Project. Integration with the Company’s pre-existing operations in Paraguay has been successfully completed; and
- The Company’s Balance Sheet Remains Strong: As of April 30, 2012, the Company had $26.2 million of cash in the treasury and 153,000 pounds of U3O8 available for sale in inventory with a market value of approximately $7.9 million. The Company is a debt-free, 100%-unhedged producer.
Palangana Mine – Production Update
During the nine months ended April 30, 2012, the Palangana Mine produced 139,000 pounds of U3O8 and the Hobson facility processed 148,000 pounds of U3O8, at an average cash cost(1) of $22 per pound. During the three months ended April 30, 2012, the Palangana Mine produced 34,000 pounds of U3O8 and the Hobson facility processed 37,000 pounds of U3O8, at an average cash cost(1) of $29 per pound. It should be noted that the total cash costs(1) of production during the last three quarters remained stable, such that the increase in the average cash cost(1) per pound was a direct result of the lower pounds produced during the second and third quarters.
Since the commencement of production to April 30, 2012, a total of 273,000 pounds at an average cash cost(1) of $18 per pound have been processed. At April 30, 2012, the Company had 153,000 pounds of U3O8 available for sale in inventory produced at an average cash cost(1) of $21 per pound, with a market value of approximately $7.9 million.
Production-to-date has been almost entirely from Production Area-1 (PA-1), with Production Area-2 (PA-2) commencing production in late March 2012 and continuing its ramp up. A combination of new well additions from PA-2 and the recompletion of existing wells at all three phases of PA-1 have contributed to stabilizing production performance. Subsequently and as a direct result of these activities, Palangana production for the month of May was more than 16,000 pounds of U3O8.
Development of multiple Palangana production areas is well under way as described below.
Palangana Mine – Development Update
Production Area-3 (PA-3) is scheduled for development in the second half of 2012, and wellfield development of injection and production wells will coincide with the progress made on the Production Area application submitted last quarter to the Texas Commission on Environmental Quality (TCEQ) and currently under technical review. The required surety bond has been posted to initiate drilling and casing of production wells in PA-3, with 16 of 65 planned cased wells having been completed. Initial core leach studies indicate encouraging recovery yields at PA-3.
At Production Area-4 (PA-4) and Production Area-5 (PA-5), the Company has initiated activities in acquiring environmental information to enlarge its permit area to include both areas within its production pipeline. Ecological and archeological baseline information has been developed to include in the mine permit amendment application scheduled for submission during this calendar year fourth quarter. Amendments to the base Radioactive Materials License and Aquifer Exemption are also being worked on at the present time for submission during the fourth quarter as well.
Goliad ISR Project – Advanced Development Update
The Company has received all of the required permits to begin construction at the Goliad ISR Project. To initiate uranium recovery operations at the site, the Company is awaiting the regional EPA’s concurrence on the aquifer exemption granted by the State of Texas.
As reported by the Company on May 21, 2012, the regional EPA requested additional information, as they frequently do, from the TCEQ regarding UEC’s aquifer exemption at its Goliad ISR project. As noted in its letter to the TCEQ, the regional EPA has issued more than 30 aquifer exemptions for in-situ uranium mining in Texas. The Company will continue to work with the TCEQ and the EPA as the review process moves forward.
Salvo ISR Project Exploration and Development Update
Two drill rigs were active throughout the majority of the third quarter at the Salvo ISR Project, completing 45 exploration holes and two core holes. Twelve of the exploration holes displayed grade-thickness values meeting or exceeding a 0.30 GT cutoff criterion. The Company’s engineers estimate that zones with a GT greater than 0.30 will be shown to be producible. Core samples are currently being tested for leach amenability at the Hobson facility, with additional tests being run at Energy Labs in Casper, Wyoming. Results are expected soon.
Future Production Area One exploration and delineation drilling is nearing completion, and a significant under-explored area showing strong mineralization remains open-ended. Additional exploration and delineation drilling will be planned in order to complete resource assessments in this area.
Burke Hollow Project
The Company acquired the rights to explore for uranium on the Burke Hollow Project, a 17,510-acre property located in eastern Bee County, Texas. This previously explored project is situated on the Goliad trend within the prolific South Texas Uranium Belt, and is located approximately 50 miles to the southeast of the Company’s Hobson uranium processing facility.
Subsequent to April 30, 2012, upon receipt of exploration permits from the Railroad Commission of Texas, the Company initiated an aggressive exploration program including a drilling campaign to extend and delineate mineralized zones discovered in 1993 by Total Minerals. Drilling will also include a statistical grid covering the entire property.
Channen Project
The Company acquired the rights to explore for uranium on the Channen Project, a 10,704-acre property located in southern Goliad County, Texas. The project is situated on the Goliad trend within the prolific South Texas Uranium Belt, and is also located approximately 50 miles to the southeast of the Company’s Hobson uranium processing facility.
The Company is currently planning an aggressive exploration program including a drilling campaign that will be initiated upon receipt of exploration permits from the Railroad Commission of Texas. It is anticipated that the drill program will initially consist of a statistical grid covering the entire property.
Arizona Updates
Anderson Project
In May 2012, the Company announced a mineral resource for the Anderson Project located in Yapavai County, Arizona with an Indicated Resource of 17 million pounds of U3O8 at grades averaging 0.04%, and an Inferred Resource of 12 million pounds of U3O8 at grades averaging 0.04%. A scoping study along with baseline permitting is currently underway.
Workman Creek Project
During the quarter, an independently prepared NI 43-101 Technical Report was completed and published for the Workman Creek Project located in Gila County, Arizona. The Technical Report confirmed an Inferred Resource of 5.5 million pounds of U3O8 at grades averaging 0.086%.
Paraguay Update
The Company has completed a 10,000-meter drill program at the Coronel Oviedo Project located in eastern Paraguay. Results from this program are being compiled and will be announced shortly. An NI 43-101 Technical Report is also underway and expected to be published in the near future.
Financial Review
The following is a financial review of the Company for the three and nine months ended April 30, 2012, and should be read in conjunction with the consolidated financial statements and management’s discussion and analysis as contained in the Company’s Form 10-Q filing available at the Company’s website at www.uraniumenergy.com or on EDGAR at www.sec.gov.
Results of Operations
During the nine months ended April 30, 2012, the Company recorded revenue of $6.2 million resulting from the sale of 120,000 pounds of U3O8 at an average sales price of $52 per pound. Cost of sales, including royalties of $0.7 million, totaled $3.2 million or an average of $21 per pound sold (cash cost (1) per pound sold of $15 excluding royalties).
During the three months ended April 30, 2012 (2012 Q3), the Company recorded a net loss of $8.2 million or $0.10 per share (three months ended April 30, 2011 (2011 Q3): $6.2 million or $0.09 per share). Expenses for 2012 Q3 totaled $8.1 million (2011 Q3: $6.3 million) and include $4.0 million (2011 Q3: $2.9 million) for mineral property expenditures, $3.8 million (2011 Q3: $3.0 million) for general and administrative and $0.3 million (2011 Q3: $0.3 million) for depreciation, amortization and accretion.
During the nine months ended April 30, 2012, the Company recorded a net loss of $20.3 million or $0.27 per share (nine months ended April 30, 2011: $21.8 million or $0.32 per share). Expenses for the nine months ended April 30, 2012 totaled $23.2 million (nine months ended April 30, 2011: $21.8 million) and include $10.9 million (nine months ended April 30, 2011: $8.5 million) for mineral property expenditures, $11.4 million (nine months ended April 30, 2011: $12.5 million) for general and administrative and $0.9 million (nine months ended April 30, 2011: $0.8 million) for depreciation, amortization and accretion.
- Cash costs are key indicators not defined under U.S. GAAP and are non-GAAP measures. Cash costs exclude non-cash components comprised of depreciation, depletion and stock-based compensation.
Liquidity
Net cash used in operating activities for the nine months ended April 30, 2012 was $18.6 million compared to $19.2 million for the nine months ended April 30, 2011. Net cash provided by financing activities for the nine months ended April 30, 2012 was $20.1 million compared to $34.2 million for the nine months ended April 30, 2011. Net cash used in investing activities for the nine months ended April 30, 2012 was $6.0 million compared to $2.9 million for the nine months ended April 30, 2011. At April 30, 2012, the Company had cash and cash equivalents of $26.2 million and working capital of $26.4 million.
Corporate Acquisition Update
The recent downturn in the uranium market has provided the Company with an excellent opportunity to make strategic acquisitions at attractive discounts to historical valuations. The Company entered into the following transaction during the third quarter:
Acquisition of Cue Resources Ltd.
In March 2012, the Company acquired Cue Resources Ltd. which resulted in the acquisition of a 100% interest in the 570,000-acre Yuty Project located in southeastern Paraguay. The Yuty Project has received 31,000 meters of drilling in recent years and has a current NI 43-101 Measured and Indicated resource of 8.9 million pounds U3O8 and an Inferred resource of 2.2 million pounds at grades averaging approximately 0.05%. The project area is on strike with and south of the Company’s Coronel Oviedo Project. Preliminary studies indicate amenability to extraction by in-situ recovery. Integration with the Company’s pre-existing operations in Paraguay has been successfully completed.
Financing
In April 2012, the Company completed a public offering of 6,246,078 shares of its common stock at a price of $3.60 per Share for gross proceeds of $22,485,880, including 686,078 shares sold pursuant to an over-allotment option exercised by the placement agents. Funds are being applied to expedite and expand operations in South Texas.
Uranium Market Update
At April 30, 2012, the spot price of uranium was $51.75/lb., down $0.25 for the quarter according to The Ux Consulting Company. The spot price is finding strong support in the low $50’s, and the long-term contract uranium price recently improved $1.50/lb. to $61.50/lb., the first increase in the long-term price since January 2011 and post-Fukushima.
Recently, there were several positive developments for the industry. A few weeks ago, the local government of the Japanese town of Ohi voted 11-1 in favor of the restart of two nuclear reactors at Kansai Electric’s Ohi plant. And last week, statements made by Japan’s Prime Minister Yoshihiko Noda confirmed the importance and his continued support for this restart: “It is my decision that Ohi reactors No.3 and No.4 should be restarted to protect the people’s livelihoods… cheap and stable electricity is vital. If all the reactors that previously provided 30 percent of Japan’s electricity supply are halted, or kept idle, Japanese society cannot survive.” The restart of some of Japan’s 50 idled nuclear reactors, along with China’s expected announcement confirming the resumption of its new reactor approval program, could provide significant positive catalysts for the uranium market in the near term.
Over the longer term, the expected expiration of the Highly Enriched Uranium or HEU agreement between the U.S. and Russia at the end of 2013 would reduce supply to the global uranium market by 24 million pounds per year. This reduction would be significant given the current worldwide supply imbalance to meet operating reactor requirements, and particularly in the U.S., where 104 operating reactors – producing nearly 20% of the country’s electricity – consume 55 million pounds of uranium annually of which 95% is imported.
The worldwide nuclear build-out continues with the number of reactors currently under construction totaling 63 in 13 different countries. China, India, Russia and South Korea have reaffirmed their commitment to nuclear energy and continue to lead the global nuclear build-out.
The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in NI 43-101 and was reviewed by Clyde L. Yancey, P.G., Vice President-Exploration for the Company, a qualified person under NI 43-101.
About Uranium Energy Corp
Uranium Energy Corp is a U.S.-based uranium production, development and exploration company operating North America’s newest emerging uranium mine. The Company’s fully licensed and permitted Hobson processing facility is central to all of its projects in South Texas, including the Palangana in-situ recovery project, which is ramping up initial production, and the Goliad in-situ recovery project which has been granted its Mine Permit and is in the initial stages of mine construction. The Company’s operations are managed by professionals with a recognized profile for excellence in their industry, a profile based on many decades of hands-on experience in the key facets of uranium exploration, development and mining.
Notice to U.S. Investors
The mineral resources referred to herein have been estimated in accordance with the definition standards on mineral resources of the Canadian Institute of Mining, Metallurgy and Petroleum referred to in NI 43-101 and are not compliant with U.S. Securities and Exchange Commission (the “SEC”) Industry Guide 7 guidelines. In addition, measured mineral resources, indicated mineral resources and inferred mineral resources, while recognized and required by Canadian regulations, are not defined terms under SEC Industry Guide 7 and are normally not permitted to be used in reports and registration statements filed with the SEC. Accordingly, we have not reported them in the United States. Investors are cautioned not to assume that any part or all of the mineral resources in these categories will ever be converted into mineral reserves. These terms have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. In particular, it should be noted that mineral resources which are not mineral reserves do not have demonstrated economic viability. It cannot be assumed that all or any part of measured mineral resources, indicated mineral resources or inferred mineral resources will ever be upgraded to a higher category. In accordance with Canadian rules, estimates of inferred mineral resources cannot form the basis of feasibility or other economic studies. Investors are cautioned not to assume that any part of the reported measured mineral resources, indicated mineral resources or inferred mineral resources referred to in this news release are economically or legally mineable.
Safe Harbor Statement
Except for the statements of historical fact contained herein, the information presented in this news release constitutes “forward-looking statements” as such term is used in applicable United States and Canadian laws. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Any other statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects” or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans, “estimates” or “intends”, or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved) are not statements of historical fact and should be viewed as “forward-looking statements”. Such forward looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such risks and other factors include, among others, the actual results of exploration activities, variations in the underlying assumptions associated with the estimation or realization of mineral resources, the availability of capital to fund programs and the resulting dilution caused by the raising of capital through the sale of shares, accidents, labor disputes and other risks of the mining industry including, without limitation, those associated with the environment, delays in obtaining governmental approvals, permits or financing or in the completion of development or construction activities, title disputes or claims limitations on insurance coverage. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements contained in this news release and in any document referred to in this news release.
Certain matters discussed in this news release and oral statements made from time to time by representatives of the Company may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the Federal securities laws. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. Forward-looking information is subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected. Many of these factors are beyond the Company’s ability to control or predict. Important factors that may cause actual results to differ materially and that could impact the Company and the statements contained in this news release can be found in the Company’s filings with the Securities and Exchange Commission. For forward-looking statements in this news release, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. The Company assumes no obligation to update or supplement any forward-looking statements whether as a result of new information, future events or otherwise. This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities.
Contact North America: Investor Relations, Uranium Energy Corp:
Toll Free: (866) 748-1030
Fax: (361) 888-5041
E-mail: info@uraniumenergy.com
Stock Exchange Information:
NYSE MKT: UEC
Frankfurt Stock Exchange Symbol: U6Z
WKN: AØJDRR
ISN: US916896103
RFI’s (RFIL) Cables Unlimited Subsidiary Receives $1,400,000 in Orders
Orders from a Tier One United States Wireless Carrier for its New OptiFlexTM Hybrid Custom Fiber Optic & DC Power Cabling Solution
RF INDUSTRIES, LTD. (NASDAQ:RFIL) today announced that its Cables Unlimited (CU) subsidiary has received orders together valued at $1,400,000 for its newly designed OptiFlexTM Hybrid Custom Fiber Optic & DC Power Cabling solution. The easily deployable cabling units are being shipped to a contract installer and major RRU manufacturer for a tier one United States wireless carrier. Cables Unlimited expects to substantially deliver the contract in the current fiscal year.
“Working closely with the RRU manufacturer and the tier one carrier, CU’s product development team designed OptiFlex Hybrid Cables to be an advanced, lower cost, lighter ‘plug and connect’ product for building and upgrading thousands of wireless carrier sites to handle the high-speed, wide bandwidth requirements of 4G networks. We are excited about the prospects for OptiFlex, which has been on the market for only a few months, and believe this product is an excellent example of RFI’s customer-centric perspective, the synergies inherent in our acquisition of CU and our potential for growth,” said Howard Hill, CEO of RF Industries.
OptiFlexTM Hybrid Cable solutions are custom designed, highly flexible, pre-terminated cables comprising multiple fiber optic and power cables in a single jacket. The light cable reduces tower loads and is the perfect solution for 4G, WiMAX and 4G LTE tower upgrades and installations up to and exceeding 550 feet, twice the length of competing products. The cable is easily installed using standard accessories for product transition and LTE upgrades. The OptiFlex solution’s low minimum order and fast turnaround provides a cost-competitive transition for OEM’s, contract installers and carriers to quickly and easily upgrade their products. OptiFlex cable solutions eliminate the need for tower hardware by directly connecting both DC power and RF signal from the radio unit atop the antenna tower with the baseband equipment on the ground. With factory terminated fiber by Corning certified technicians, OptiFlex Cable improves performance and eliminates field termination, dramatically reducing installation time. The cabling is made in the United States and can be custom fabricated to include coaxial or Ethernet cabling for customer specific applications.
The OptiFlexTM Hybrid Custom Fiber Optic & DC Power Cabling solution is immediately available through TESSCO Technologies. For more information on OptiFlexTM Cabling solutions, contact Cables Unlimited or TESSCO.
About RF Industries
RFI manufactures, designs and distributes Radio Frequency (RF) connectors and cable assemblies, medical cabling products, RF wireless products, and fiber optic cable products. Coaxial connectors, cable assemblies and custom microwave RF connectors are used for Wi-Fi, PCS, radio, test instruments, computer networks, antenna devices, aerospace, OEM and Government agencies. Medical Cabling and Interconnector products are specialized custom electrical cabling products for the medical equipment monitoring market. RF Wireless products include digital data transceivers for industrial monitoring, wide area networks, GPS tracking and mobile wireless network solutions. Fiber optic cable, connector and harness products serve computer, aerospace, computer networking and specialty applications.
Safe Harbor Statements under the Private Securities Litigation Reform Act of 1995.
This press release contains forward-looking statements with respect to future events which are subject to a number of factors that could cause actual results to differ materially. Factors that could cause or contribute to such differences include, but are not limited to: changes in the telecommunications industry; the operations of the Cables Unlimited division which was acquired in June 2011; and the Company’s reliance on certain distributors for a significant portion of anticipated revenues. Further discussion of these and other potential risk factors may be found in the Company’s public filings with the Securities and Exchange Commission (www.sec.gov), including its Form 10-K. All forward-looking statements are based upon information available to the Company on the date they are published and the Company undertakes no obligation to publicly update or revise any forward-looking statements to reflect events or new information after the date of this release.
Computer Vision Systems (CVSL) Appoints Dr. David Fiorella to Its Scientific Advisory Board
BOCA RATON, Fla., April 9, 2012 (GLOBE NEWSWIRE) — Computer Vision Systems Laboratories Corp. (OTCBB:CVSL), announced today that it has appointed a new member to its Scientific Advisory Board. Dr. David Fiorella has special interest in treatment of cerebrovascular disease and is not only an extremely experienced neurovascular doctor who uses guidewire technology, but also an inventor of state of the art medical devices for neurosurgery.
Dr. Fiorella is a Professor of Neurological Surgery and Radiology, having joined the Cerebrovascular Center at Stony Brook University Medical center in 2009 after faculty appointments at the Cleveland Clinic and the Barrow Neurological Institute. He is a Board-Certified Radiologist with CAQ in neuroradiology and fellowship training in Neuro-interventional Radiloogy/Endovascular Neurosurgery. Dr. Fiorella has expertise in the diagnosis and treatment of stroke and cerebrovascular disease. He pioneered new technologies for treatment of complex cerebrovascular lesions.
In 2005 he performed the first three percutaneous angioplasty and stenting procedures for intracranial atherosclerosis with the Wingspan™ stent system in North America. Also he has nationally renowned expertise in the treatment of complex, giant aneurysms using novel technologies. Dr. Fiorella’s professional memberships include the Society of Neurointerventional Surgery and the American College of Radiology.
He is widely published in peer-reviewed journals such as Neurosurgery, Stroke, Journal of Neurosurgery and American Journal of Neuroradiology. He is National Co-Principal Investigator of the Stenting and Aggressive Medical Management for Preventing Recurrent stroke in Intracranial Stenosis trial (SAMMPRIS), funded by the National Institutes of Health. He is on the editorial board of the American Journal of Neurointerventional Radiology and is an associate Editor for the Journal of Neurointerventional Surgery.
Chief Executive Officer Thomas DiCicco, said, “We are very honored to add Dr. Fiorella to our Scientific Advisory Board. He has a proven track record pioneering new products for treatment of stroke, and had a keen interest in our maneuverable guidewire. Dr. Fiorella has met with the Company and identified areas in neuro surgery where our guidewire technology can be extremely useful, We are in the process of evaluating the feasibility of some new features, that if successful, will be a very significant advancement in guidewire technology.”
About the Maneuverable Guidewire
This guidewire (US Patent 7,141,024 Nov 28, 2006) is unique, easy to use, and intended for use in all PTCA procedures. The maneuverable coiled guidewire is based on the “Buckling” theory in which the tip is bent according to the force applied to it. It is made of a high grade stainless steel PTFE (Teflon) coated coil and a thin wire disposed in it. The distal end of the coil is treated in such a way that when the inner wire is pulled the distal tip buckles and bends accordingly. This feature is designed to allow the doctor to easily maneuver through the most tortuous vessels. CVSL plans to aggressively seek strategic partners through licensing agreements and joint ventures to manufacture and/or distribute the guidewire.
About the Sentinel BreastScan™
The Sentinel BreastScan is an advanced non-invasive infrared breast imaging system used as an adjunctive modality by doctors specializing in breast imaging and breast cancer treatment. Utilizing infrared imaging and proprietary software employing artificial intelligence techniques, Sentinel BreastScan™ is designed to be used as an adjunctive test with mammography, ultrasound or clinical examination for the early detection of breast cancer. It is an FDA- 510k cleared, non-invasive touchless procedure offered to women of any age, to help determine current breast health. Test results are immediately available in the form of a fully-interpreted, objective report, to assist in the doctor’s determination of breast health.
We also plan to expand the role of our infrared imaging technology, in accordance with our FDA 510k, “indications for use” and devote R&D resources to the detection of skin cancer. Skin cancer has no approved imaging modalities and is detected by visual observation by a dermatologist followed by subsequent biopsy of suspicious lesions. Our early research has shown the ability of our technology to detect certain invisible skin cancers.
About Computer Vision Systems Laboratories
Computer Vision System Laboratories Corp, is currently traded on the OTC BB and OTCQB under the symbol CVSL. Computer Vision Systems Laboratories Corp, formerly Cardio Vascular Medical Device Corp. is a development-stage company. Computer Vision Systems Laboratories has obtained the worldwide exclusive license for the FDA cleared Sentinel BreastScan which focuses on early detection of breast cancer. Additionally, the company is focused on licensing, partnering, manufacturing and / or distributing our patented breakthrough maneuverable-coiled guidewire. CVSL will seek strategic partners in the industry with which it will promote its guidewire product. Parties interested in discussing the guidewire, Sentinel BreastScan, or investment opportunities may contact the CEO at thomasdicicco@CVSLAB.com.
CONTACT: thomasdicicco@CVSLAB.com Website: www.CVSLab.com Telephone: 1.888.406.5783
Optical Cable Corp (OCC) Reports Q2 Financial Results
OCC® Sets New Record for Quarterly Sales, Achieves Increases in Gross Profit and Net Income
ROANOKE, Va., June 8, 2012 /PRNewswire/ — Optical Cable Corporation (Nasdaq: OCC) (“OCC®” or the “Company”) today announced financial results for its fiscal second quarter ended April 30, 2012. The Company achieved increases in net sales, gross profit and net income for both the quarter and year-to-date periods, compared to the same periods in fiscal year 2011.
Second Quarter 2012 Financial Results
OCC’s consolidated net sales for the second quarter of fiscal year 2012 were the highest in OCC’s history — exceeding the previous quarterly net sales record set in the fourth quarter of fiscal year 2011.
Consolidated net sales for the second quarter of fiscal 2012 increased 28.3% to $22.1 million, compared to consolidated net sales of $17.2 million for the same period last year. The increase in net sales during the second quarter of fiscal 2012 was attributable primarily to increased sales of the Company’s fiber optic cable products.
Net sales to customers in the United States increased 20.5% in the second quarter of fiscal 2012, compared to the same period last year, and net sales to customers outside of the United States increased 56.3%. Additionally, the Company achieved an increase in net sales during the second quarter of fiscal 2012 in both its commercial and specialty markets, compared to the second quarter of fiscal 2011.
Gross profit increased 49.1% to $8.9 million in the second quarter of fiscal 2012, compared to $5.9 million in the second quarter of fiscal year 2011. Gross profit margin, or gross profit as a percentage of net sales, increased to 40.2% in the second quarter of fiscal 2012 from 34.6% in the second quarter of fiscal year 2011.
OCC recorded net income attributable to the Company of $949,000, or $0.15 per basic and diluted share, for the second quarter of fiscal 2012, compared to a net loss attributable to the Company of $90,000, or $0.02 per basic and diluted share, for the second quarter of fiscal 2011.
Fiscal Year-to-Date 2012 Financial Results
Consolidated net sales for the first half of fiscal 2012 increased 12.9% to $39.4 million, compared to net sales of $34.9 million for the same period last year. The increase in net sales during the first half of fiscal 2012 was primarily attributable to increased sales of the Company’s fiber optic cable products.
Net sales to customers in the United States increased 10.3% in the first half of fiscal year 2012, compared to the same period last year, and net sales to customers outside of the United States increased 20.4%. Additionally, the Company achieved an increase in net sales during the first half of fiscal year 2012 in its commercial markets, but this increase was partially offset by decreases in net sales in its specialty markets.
Gross profit increased 21.4% to $15.0 million in the first half of fiscal 2012, compared to $12.4 million in the first half of fiscal 2011. Gross profit margin increased to 38.1% in the first half of fiscal 2012 from 35.4% in the first half of fiscal 2011.
OCC recorded net income attributable to the Company of $1.1 million, or $0.18 per basic and diluted share, for the first half of fiscal year 2012, compared to $312,000, or $0.05 per basic and diluted share, for the same period in fiscal year 2011.
Management’s Comments
Neil Wilkin, President and Chief Executive Officer of OCC, said, “We are pleased to have established a new record for net sales in our second quarter. Our record results reflect OCC’s success winning new business. We particularly are encouraged by increased demand for our fiber optic cable products, which at this time we expect will continue in the second half of fiscal 2012.”
Mr. Wilkin added, “Our balance sheet is strong and we continue to return capital to shareholders through the regular quarterly dividend, which the Board increased during the first quarter of this year. We expect the remainder of fiscal 2012 to continue to be characterized by sales and earnings growth for OCC when compared to the same periods in fiscal 2011, as we continue executing our growth strategy and working to improve operations and efficiencies, to create value for shareholders.”
Conference Call Information
As previously announced, OCC will host a conference call today, Friday, June 8, 2012, at 10:00 a.m. Eastern Time. Individuals wishing to participate in the conference call should call (888) 868-9083 or (973) 935-8512. For interested individuals unable to join the call, a replay will be available through June 15, 2012 by dialing (800) 585-8367 or (404) 537-3406, pass code 87680302. The call will also be broadcast live over the Internet and can be accessed by visiting the investor relations section of the Company’s website at www.occfiber.com.
Company Information
Optical Cable Corporation (“OCC®”) is a leading manufacturer of a broad range of fiber optic and copper data communications cabling and connectivity solutions primarily for the enterprise market, offering an integrated suite of high quality, warranted products which operate as a system solution or seamlessly integrate with other providers’ offerings. OCC’s product offerings include designs for uses ranging from commercial, enterprise network, datacenter, residential and campus installations to customized products for specialty applications and harsh environments, including military, industrial, mining and broadcast applications. OCC products include fiber optic and copper cabling, fiber optic and copper connectors, specialty fiber optic and copper connectors, fiber optic and copper patch cords, pre-terminated fiber optic and copper cable assemblies, racks, cabinets, datacom enclosures, patch panels, face plates, multi-media boxes and other cable and connectivity management accessories, and are designed to meet the most demanding needs of end-users, delivering a high degree of reliability and outstanding performance characteristics.
OCC® is internationally recognized for pioneering the design and production of fiber optic cables for the most demanding military field applications, as well as of fiber optic cables suitable for both indoor and outdoor use, and creating a broad product offering built on the evolution of these fundamental technologies. OCC also is internationally recognized for its role in establishing copper connectivity data communications standards, through its innovative and patented technologies.
Founded in 1983, OCC is headquartered in Roanoke, Virginia with offices, manufacturing and warehouse facilities located in each of Roanoke, Virginia, near Asheville, North Carolina and near Dallas, Texas. OCC primarily manufactures its fiber optic cables at its Roanoke facility which is ISO 9001:2008 registered and MIL-STD-790F certified, its enterprise connectivity products at its Asheville facility which is ISO 9001:2008 registered, and its military and harsh environment connectivity products and systems at its Dallas facility which is ISO 9001:2008 registered and MIL-STD-790F certified.
Optical Cable Corporation, OCC, Superior Modular Products, SMP Data Communications, Applied Optical Systems, and associated logos are trademarks of Optical Cable Corporation.
Further information about OCC® is available on the Internet at www.occfiber.com.
FORWARD-LOOKING INFORMATION
This news release by Optical Cable Corporation and its subsidiaries (collectively, the “Company” or “OCC”) may contain certain forward-looking information within the meaning of the federal securities laws. The forward-looking information may include, among other information, (i) statements concerning our outlook for the future, (ii) statements of belief, anticipation or expectation, (iii) future plans, strategies or anticipated events, and (iv) similar information and statements concerning matters that are not historical facts. Such forward-looking information is subject to known and unknown variables, uncertainties, contingencies and risks that may cause actual events or results to differ materially from our expectations, and such known and unknown variables, uncertainties, contingencies and risks may also adversely affect Optical Cable Corporation and its subsidiaries, the Company’s future results of operations and future financial condition, and/or the future equity value of the Company. A partial list of such variables, uncertainties, contingencies and risks that could cause or contribute to such differences from our expectations or could otherwise adversely affect Optical Cable Corporation and its subsidiaries is set forth in Optical Cable Corporation’s quarterly and annual reports filed with the Securities and Exchange Commission (“SEC”) under the heading “Forward-Looking Information.” OCC’s quarterly and annual reports are available to the public on the SEC’s website at http://www.sec.gov. In providing forward-looking information, the Company expressly disclaims any obligation to update this information, whether as a result of new information, future events or otherwise except as required by applicable laws and regulations.
OPTICAL CABLE CORPORATION |
|||||||
Three Months Ended |
Six Months Ended |
||||||
2012 |
2011 |
2012 |
2011 |
||||
Net sales |
$ 22,051 |
$ 17,184 |
$ 39,385 |
$ 34,897 |
|||
Cost of goods sold |
13,190 |
11,241 |
24,374 |
22,529 |
|||
Gross profit |
8,861 |
5,943 |
15,011 |
12,368 |
|||
SG&A expenses |
7,410 |
6,080 |
13,375 |
12,061 |
|||
Royalty income, net |
(101) |
(237) |
(287) |
(398) |
|||
Amortization of intangible assets |
33 |
107 |
67 |
215 |
|||
Income (loss) from operations |
1,519 |
(7) |
1,856 |
490 |
|||
Interest expense, net |
(140) |
(179) |
(284) |
(328) |
|||
Other, net |
(2) |
6 |
(2) |
37 |
|||
Other expense, net |
(142) |
(173) |
(286) |
(291) |
|||
Income (loss) before income taxes |
1,377 |
(180) |
1,570 |
199 |
|||
Income tax expense (benefit) |
470 |
(43) |
510 |
(4) |
|||
Net income (loss) |
$ 907 |
$ ( 137) |
$ 1,060 |
$ 203 |
|||
Net loss attributable to noncontrolling |
|||||||
Interest |
(42) |
(47) |
(81) |
(109) |
|||
Net income (loss) attributable to OCC |
$ 949 |
$ (90) |
$ 1,141 |
$ 312 |
|||
Net income (loss) attributable to OCC |
|||||||
per share: Basic and diluted |
$ 0.15 |
$ (0.02) |
$ 0.18 |
$ 0.05 |
|||
Weighted average shares outstanding: |
|||||||
Basic and diluted |
6,391 |
5,742 |
6,339 |
6,262 |
|||
Cash dividends declared per common share |
$ 0.015 |
$ 0.01 |
$ 0.03 |
$ 0.02 |
OPTICAL CABLE CORPORATION |
|||
April 30, |
October 31, |
||
Cash |
$ 1,031 |
$ 1,092 |
|
Trade accounts receivable, net |
12,389 |
10,798 |
|
Inventories |
17,942 |
16,497 |
|
Other current assets |
2,862 |
3,136 |
|
Total current assets |
34,224 |
31,523 |
|
Non-current assets |
12,796 |
13,422 |
|
Total assets |
$ 47,020 |
$ 44,945 |
|
Current liabilities |
$ 8,208 |
$ 8,197 |
|
Non-current liabilities |
9,683 |
9,025 |
|
Total liabilities |
17,891 |
17,222 |
|
Total shareholders’ equity attributable to OCC |
29,697 |
28,209 |
|
Noncontrolling interest |
(568) |
(486) |
|
Total shareholders’ equity |
29,129 |
27,723 |
|
Total liabilities and shareholders’ equity |
$ 47,020 |
$ 44,945 |
AT THE COMPANY: |
|
Neil Wilkin |
Tracy Smith |
Chairman, President & CEO |
Senior Vice President & CFO |
(540) 265-0690 |
(540) 265-0690 |
investorrelations@occfiber.com |
investorrelations@occfiber.com |
AT JOELE FRANK, WILKINSON BRIMMER KATCHER: |
|
Andrew Siegel |
Aaron Palash |
(212) 355-4449 ext. 127 |
(212) 355-4449 ext. 103 |
occ-jfwbk@joelefrank.com |
occ-jfwbk@joelefrank.com |
SOURCE Optical Cable Corporation
Focus Gold (FGLD) Publishes Conference Call and Updates on Communications Practices
RENO, NV — (Marketwire) — 06/08/12 — Focus Gold Corp. (or “Focus” or the “Company”) (OTCQB: FGLD) (OTCBB: FGLD) is pleased to announce the Global Investor Conference Call is now hosted to the company website, and can be listened to by clicking the following link:
www.FocusGoldCorp.com/Investors/CEOInterviews/ConferenceCall2012.asp
Management would like to inform Investors the company will be posting regular communications and updates to the new Focus Gold company blog. On a regular basis, CEO Grant White will be writing and publishing a series of Shareholder update letters on the company blog, which will also be sent out via the company email newsletter. In addition, regular industry updates and their implications on the company will be discussed.
The company would also like to apologize for the delay in the posting of this conference call as a technical malfunction has rendered the original recording unusable. The above audio clip is a reproduction of the original with all original Investor questions addressed.
About Focus Gold Corporation:
Focus Gold acquires and develops gold mining projects around the world. Focus Gold’s current projects include: multiple Nayarit, Mexico claims with a copper-gold porphyry system through the company’s wholly owned subsidiary Focus Gold Mexico Corp.; two properties in the Timmins Mining District in Ontario, Canada through an option agreement with Victoria Gold; and the recently closed acquisition of Metallum Resources PLC, holder of exploration licenses in Northern Ireland, Republic of Ireland and Scotland through the company’s wholly owned subsidiary, Focus Celtic Gold Corp.
For further information please visit: www.focusgoldcorp.com
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Contacts:
Focus Gold Corporation
Grant White
CEO
Grant@focusgoldcorp.com
Investor Inquiries:
Circadian Group
Tyler M. Troup
B.Comm
Email: Tyler@Circadian-Group.com
Toll Free: 1-866-865-2780
FGLD Due Diligence Portal:
www.circadian-group.com/fgld.html
TurboSonic’s (TSTA) Catalytic Gas Treatment Tech Achieves EPA Compliance
WATERLOO, ONTARIO–(Marketwire – June 8, 2012) – TurboSonic Technologies, Inc. (OTCBB:TSTA), a global provider of clean air technologies, today announced that the latest installation of its Catalytic Gas Treatment (CGT)™ technology was officially tested and confirmed to be in compliance with US EPA air pollution control regulations for the Plywood and Composite Wood Products Industry.
The installation, treating the combined exhaust gases from a particleboard press and dryer to reduce VOC (formaldehyde and methanol) emissions, is the third one at Arauco-USA’s Moncure, NC wood panel production facility. The other installations, treating exhaust gases from a medium density fiberboard (MDF) dryer and MDF press, were previously tested and determined to be in compliance with applicable regulations.
CGT™ technology for these projects was selected over thermal oxidation, the traditional solution for VOC emissions control. CGT™ eliminates the need for the relatively costly combustion of non-renewable natural gas, thus avoiding the associated greenhouse gas emissions of CO2, nitrogen oxides (NOx), and methane.
Edward Spink, TurboSonic CEO, noted, “This is an exciting milestone in our strategic plan aimed at industry requirements for compliance with air pollution control regulations, while capitalizing on technologies offering additional economic advantages. We see this as the next step forward in wider acceptance of CGT™ technology. Due to the similarity of this particleboard process and emissions to the oriented strand board (OSB) process, we believe this will lead to the successful introduction of CGT™ into the large OSB market.”
For more information on CGT™ technology, please visit:
http://www.turbosonic.com/products/cgt
TurboSonic Technologies (www.turbosonic.com) designs and markets air pollution control technologies to industrial customers worldwide. Its products help companies in the Cement and Mineral Processing, Ethanol & Biofuels, Metals & Mining, Petrochemicals, Power Generation, Pulp & Paper, Waste Incineration, and Wood Products industries meet the strictest emissions regulations, improve performance and reduce operating costs.
This press release contains statements that are forward-looking as that term is defined by the United States Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve risks and uncertainties, such as: our dependence on environmental regulation to drive sales; the concentration of our revenues among a small group of customers who may vary from year to year; our ability to secure additional financing; economic downturns; and other factors that may negatively affect our customers’ demands for our products. These risks and uncertainties could cause actual results to differ materially from historical results or those we anticipate. In evaluating these statements, you should specifically consider the risks discussed in our Annual Report on Form 10-K for the fiscal year ended June 30, 2011 and other reports or documents that we have filed from time to time with the SEC. Our statements are based upon information known to us as of the date this report is filed with the SEC, and we assume no obligation to update or alter our forward-looking statements within this report, whether as a result of new information, future events or otherwise, except when required by applicable federal securities laws.
TurboSonic Technologies, Inc. (OTC Bulletin Board: TSTA – News)
Supernus Pharmaceuticals (SUPN) Reports First Quarter 2012 Financial Results
ROCKVILLE, Md., June 7, 2012 (GLOBE NEWSWIRE) — Supernus Pharmaceuticals, Inc. (Nasdaq:SUPN), a specialty pharmaceutical company, today reported consolidated financial results for the first quarter of 2012, and provided an update on key accomplishments to date and expected milestones for 2012.
“We are very excited to be a public company, and look forward to building a successful commercial enterprise, starting with the launch of our first two central nervous system, or CNS, products” said Jack A. Khattar, President and CEO of Supernus. “We continue to have an active dialogue with the FDA regarding the filings for SPN-538 and SPN-804. We continue to build out the infrastructure for both the sales and marketing commercial teams as planned. With respect to our product pipeline, we are pleased to report that our Phase IIb trial for SPN-810 is now fully recruited with 120 patients.”
First quarter 2012 Financial Results
- Cash, cash equivalents and unrestricted marketable securities of $37.4 million at March 31, 2012.
- Research and development (R&D) expense for first quarter 2012 was $5.4 million compared with $7.5 million in 2011. The decrease was primarily due to the conclusion of the SPN-538 and SPN-804 clinical trials in 2011.
- General and administrative (G&A) expense for first quarter 2012 was $2.7 million compared with $1.7 million in 2011. The increase was primarily due to higher sales and marketing infrastructure expenses, as we prepare to launch SPN-538 and SPN-804.
- Net loss applicable to common shareholders for first quarter 2012 was $10.1 million or $6.05 per common share (based on 1.7 million weighted average shares outstanding), compared with $11.9 million, or $7.48 per common share, for 2011 (based on 1.6 million weighted average shares outstanding).
- Net loss per share has been adjusted for the 4 for 1 reverse stock split in April 2012, but does not include the impact of the conversion of the preferred stock into 12.5 million shares of common stock concurrent with the IPO, nor the additional shares issued consequent to the IPO.
Liquidity and Capital Resources
Supernus continues to expect cash burn to range from $65 million to $70 million for calendar year 2012. In May 2012, the Company realized cash proceeds of $47.6 million from the initial public offering of its common stock and underwriter’s exercise of the overallotment option, after applying financing costs of approximately $3.3 million. These costs were incurred and paid from 2010 through 2012 throughout the initial public offering process. Based on our current plans, Supernus continues to anticipate that this capital should be sufficient to fund operations into the second quarter of 2013.
About Supernus Pharmaceuticals, Inc.
Supernus Pharmaceuticals, Inc. is a specialty pharmaceutical company focused on developing and commercializing products for the treatment of central nervous system, or CNS, diseases. The company is developing several product candidates in neurology and psychiatry to address large market opportunities in epilepsy and ADHD including ADHD patients with impulsive aggression. These product candidates include SPN-538 (extended-release topiramate) and SPN-804 (extended-release-oxcarbazepine) for epilepsy, SPN-810 for impulsive aggression in ADHD and SPN-812 for ADHD.
Forward-Looking Statements:
This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements do not convey historical information, but relate to predicted or potential future events that are based upon management’s current expectations. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. In addition to the factors mentioned in this press release, such risks and uncertainties include, but are not limited to, the Company’s ability to achieve profitability; the implementation of the Company’s corporate strategy; the Company’s future financial performance and projected expenditures; the Company’s ability to enter into future collaborations with pharmaceutical companies and academic institutions or to obtain funding from government agencies; the Company’s product research and development activities, including the timing and progress of the Company’s clinical trials, and projected expenditures; the Company’s ability to receive, and the timing of any receipt of, regulatory approvals to develop and commercialize the Company’s product candidates; the Company’s respective PDUFA dates for product candidates; the Company’s ability to protect its intellectual property and operate its business without infringing upon the intellectual property rights of others; the Company’s expectations regarding federal, state and foreign regulatory requirements; the therapeutic benefits, effectiveness and safety of the Company’s product candidates; the accuracy of the Company’s estimates of the size and characteristics of the markets that may be addressed by its product candidates; the Company’s ability to increase its manufacturing capabilities for its product candidates; the Company’s projected markets and growth in markets; the Company’s product formulations and patient needs and potential funding sources; the Company’s staffing needs; and other risk factors set forth from time to time in the Company’s SEC filings made pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended. 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.
SUPERNUS PHARMACEUTICS, INC. | ||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||
(in thousands, except per share data) | ||
(unaudited) | ||
Three months ended | ||
March 31, 2011 | March 31, 2012 | |
Total revenues | $ — | 208 |
Operating expenses: | ||
Research and development | 7,451 | 5,358 |
General and administrative | 1,747 | 2,728 |
Total operating expenses | 9,198 | 8,086 |
Operating loss | (9,198) | (7,878) |
Other income (expense): | ||
Interest income | 15 | 19 |
Interest expense | (360) | (962) |
Other | (172) | (456) |
Net loss from continuing operations | (9,715) | (9,277) |
Discontinued operations | (1,334) | — |
Net loss | $ (11,049) | $ (9,277) |
Cumulative Dividends on Preferred Stock | $ (858) | $ (858) |
Net loss attributable to common shareholders | $ (11,907) | $ (10,135) |
Net loss per share – basic & diluted | $ (7.48) | $ (6.05) |
Weighted average number of shares outstanding (post-split) | 1,592,762 | 1,676,442 |
SUPERNUS PHARMACEUTICS, INC. | ||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||
(in thousands) | ||
(unaudited) | ||
December, 31 | March 31, | |
2011 | 2012 | |
Cash, cash equivalents and marketable securities | $ 48,544 | $ 37,379 |
Other current assets | 855 | 1,038 |
Total current assets | 49,399 | 38,417 |
Property and equipment, net | 1,310 | 1,183 |
Deferred financing costs | 2,054 | 2,686 |
Other long-term assets | 967 | 916 |
Total Assets | 53,730 | 43,202 |
Accounts payable and accrued expenses | $ 11,625 | $ 10,238 |
Secured notes payable, current | 6,775 | 9,171 |
Other current liabilities | 370 | 503 |
Total current liabilities | 18,770 | 19,912 |
Secured notes payable, long-term | 22,711 | 19,926 |
Other liabilities | 2,806 | 3,090 |
Total Liabilities | 44,287 | 42,928 |
Total Stockholders’ Equity | 9,443 | 274 |
Total Liabilities & Stockholders Equity | $ 53,730 | $ 43,202 |
CONTACT: Jack Khattar, President & CEO Gregory S. Patrick, Vice President and CFO Supernus Pharmaceuticals, Inc. Tel: (301) 838-2591
eGain (EGAN) Cloud™ Selected by Fortune 100 Tech Company
SUNNYVALE, CA — (Marketwire) — 06/07/12 — eGain (NASDAQ: EGAN), the leading provider of cloud and on-site customer interaction hub software, today announced that it had been selected by a Fortune 100 technology company to power its vision of delivering personalized customer experiences across channels, languages, and devices.
eGain, in partnership with SAP AG, presented a compelling solution for the client. The cloud-based deployment will include eGain’s award-winning Customer Interaction Hub platform and rich multichannel interaction applications:
- eGain SelfService™ for web and mobile self-service
- eGain KnowledgeAgent™ for contact center agent knowledge
- eGain Chatbot™ for avatar self-service
- eGain Offers™ for proactive sales and service assistance
- eGain Community™ for moderated customer forums
- eGain Social™ for social customer engagement
- eGain Chat™ for web and mobile text chats
- eGain ClicktoCall™ for web callbacks
- eGain Cobrowse™ for cobrowsing web pages
- eGain Survey™ for feedback management
- eGain Analytics™ for multichannel analytics
The client selected eGain based on multiple criteria, including functionality, scalability, multilingual support, integration capability, ease of customization, modularity, flexible deployment, time to benefit, and security and disaster recovery features. As an SAP-Endorsed Business Solution provider, eGain also met the requirement of integrating with SAP.
Already in progress, the implementation will be completed in two quick phases. The first phase will see the deployment of multilingual web self-service in English, Spanish, French, Italian, and German.
“Customer-centric businesses need an innovative, cloud-based customer interaction platform to rapidly design stand-out customer experiences,” said Ashu Roy, eGain CEO. “The joint eGain-SAP proposition will enable our client to delight customers with seamless multichannel service while reducing operating cost.”
About eGain
eGain (NASDAQ: EGAN) is the leading provider of cloud and on-site customer interaction hub software. For over a decade, eGain solutions have helped improve customer experience, optimize service process and grow sales — across the web, social, and phone channels. Hundreds of the world’s largest companies rely on eGain to transform their fragmented sales engagement and customer service operations into unified Customer Interaction Hubs (CIHs).
Headquartered in Sunnyvale, California, eGain has operating presence in North America, EMEA, and APAC. To learn more about us, visit www.eGain.com or call our offices: +1-800-821-4358 (US), +44-(0)-1753-464646 (EMEA), or +91-(0)-20-6608-9200 (APAC).
eGain, the eGain logo, and all other eGain product names and slogans are trademarks or registered trademarks of eGain Communications Corp. in the United States and/or other countries. All other company names and products mentioned in this release may be trademarks or registered trademarks of the respective companies).
eGain media contacts
Jamie Abayan
eGain
408-636-4532
jabayan@egain.com
Kristin Miller
SS|PR
719-634-8292
TravelCenters (TA) Enters MoU with Shell to Create Natural Gas Fueling Network in U.S.
TravelCenters of America LLC (NYSE Amex: TA) today announced that it has entered a memorandum of understanding with Shell Oil Products US and its affiliates to construct and operate a network of natural gas fueling lanes at TA locations along the U.S. Interstate Highway System.
The memorandum of understanding contemplates that Shell will construct and TA will operate at least 200 natural gas fueling lanes on at least 100 TA locations. Additional TA locations may be added depending upon customer demand. The locations will be jointly selected by TA and Shell with the intention of creating the infrastructure required to allow natural gas powered trucks to travel across the United States.
TA today operates a nationwide network of 238 travel centers, almost all of which are located at Interstate Highway System exits. TA’s locations operate under the brand names “TravelCenters of America”, “TA” and “Petro Stopping Centers”. A typical TA location has over 20 acres for truck and motorist parking, a large convenience store, sit down and quick serve restaurants and a large, multi-bay truck repair and maintenance facility. In order to facilitate the introduction of natural gas powered vehicles to the interstate trucking industry, TA expects to a train and equip a sufficient number of TA’s 3,000 repair technicians, 1,000 truck service bays and 400 Road Squad® emergency roadside repair vehicles to service natural gas powered truck engines.
Details of the agreement between TA and Shell are expected to be completed during an exclusive negotiating period, and the first natural gas fueling lanes for trucks traveling along the U.S. Interstate Highway System are expected to be operational at TA locations during 2013.
Commenting upon today’s announcement, Thomas M. O’Brien, Managing Director, President and CEO of TA, made the following statement:
“TA is pleased to be partnering with Shell, one of the largest energy companies in the world, to create the infrastructure necessary to offer TA’s trucking company customers an alternative fuel choice. TA is especially pleased to be helping ensure America’s energy independence.”
TravelCenters of America LLC, headquartered in Westlake, OH is the largest full service travel center business in the USA, with locations in 41 states and Canada operating under the “TravelCenters of America”, “TA” and “Petro Stopping Centers” brands. With 238 convenient locations off interstate highway exits, TA and Petro locations offer customers diesel and gasoline fueling services, full- and quick-service restaurants, 24-hour convenience stores, heavy truck maintenance services, RoadSquad™ (24/7/365 emergency roadside service), electronic communications (WiFi), and many other services all within large, high traffic facilities.
WARNING REGARDING FORWARD LOOKING STATEMENTS
THIS PRESS RELEASE CONTAINS STATEMENTS WHICH CONSTITUTE FORWARD LOOKING STATEMENTS WITHIN THE MEANING OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 AND OTHER SECURITIES LAWS. ALSO, WHENEVER TA USES WORDS SUCH AS “BELIEVE”, “EXPECT”, “ANTICIPATE”, “INTEND”, “PLAN”, “ESTIMATE”, OR SIMILAR EXPRESSIONS, IT IS MAKING FORWARD LOOKING STATEMENTS. THESE FORWARD LOOKING STATEMENTS AND THEIR IMPLICATIONS ARE BASED UPON TA’S CURRENT INTENT, BELIEFS OR EXPECTATIONS, BUT THEY ARE NOT GUARANTEED TO OCCUR AND MAY NOT OCCUR FOR VARIOUS REASONS, INCLUDING SOME REASONS BEYOND TA’S CONTROL. FOR EXAMPLE:
- THIS PRESS RELEASE DESCRIBES A MEMORANDUM OF UNDERSTANDING WHICH HAS BEEN ENTERED BETWEEN TA AND SHELL OIL PRODUCTS US. A MEMORANDUM OF UNDERSTANDING IS NOT A BINDING AGREEMENT. NEITHER TA NOR SHELL IS BOUND TO PROCEED WITH THE DEVELOPMENT OF NATURAL GAS FUELING LANES AT TA LOCATIONS UNLESS AND UNTIL A BINDING AGREEMENT IS ENTERED. SEVERAL MATERIAL TERMS REMAIN TO BE NEGOTIATED AND HAVE NOT YET BEEN AGREED BETWEEN TA AND SHELL. SOME OF THE PRELIMINARY UNDERSTANDINGS BETWEEN TA AND SHELL DESCRIBED IN THIS PRESS RELEASE MAY BE CHANGED DURING FURTHER NEGOTIATIONS. AGREEMENT ON ALL MATERIAL TERMS MAY NOT BE ACHIEVED AND A BINDING AGREEMENT MAY NEVER BE ENTERED. FOR THESE REASONS, TA CAN PROVIDE NO ASSURANCE REGARDING THE FINAL TERMS OF ANY AGREEMENT BETWEEN TA AND SHELL OR THAT ANY SUCH AGREEMENT WILL BE ENTERED.
- THIS PRESS RELEASE STATES THAT TA AND SHELL WILL JOINTLY DEVELOP AT LEAST 200 NATURAL GAS FUELING LANES ON AT LEAST 100 TA LOCATIONS WITH THE INTENTION OF CREATING THE INFRASTRUCTURE REQUIRED TO ALLOW NATURAL GAS POWERED TRUCKS TO TRAVEL ACROSS THE UNITED STATES. LAND USE REGULATIONS AT THE LOCATIONS SELECTED BY TA AND SHELL MAY PREVENT INSTALLATION OF NATURAL GAS FUELING LANES. THE DISTANCES WHICH MAY BE COVERED BY NATURAL GAS POWERED VEHICLES DEPENDS UPON TECHNOLOGIES WHICH ARE CURRENTLY BEING DEVELOPED AND IT MAY NOT BE POSSIBLE TO CROSS THE UNITED STATES STOPPING FOR FUEL AT ONLY 100 LOCATIONS. A TRUCKER MARKET FOR NATURAL GAS MAY NOT DEVELOP AND TA OR SHELL MAY ABANDON THIS PROJECT. FOR THESE REASONS, AMONG OTHERS, THE INFRASTRUCTURE NECESSARY FOR NATURAL GAS POWERED TRUCKS TO TRAVEL ACROSS THE UNITED STATES MAY REQUIRE MORE THAN AT LEAST 200 FUELING LANES ON AT LEAST 100 TA LOCATIONS OR MAY NOT BE CREATED.
- THIS PRESS RELEASE STATES THAT THE FIRST NATURAL GAS FUELING LANES ARE EXPECTED TO BE OPERATIONAL AT TA LOCATIONS DURING 2013. AS NOTED ABOVE, TA AND SHELL HAVE NOT YET REACHED FINAL AGREEMENT TO PROCEED WITH THE DEVELOPMENT OF NATURAL GAS FUELING LANES. THE INSTALLATION OF NATURAL GAS FUELING LANES MAY REQUIRE REGULATORY APPROVALS AND SPECIALIZED EQUIPMENT AND TRAINED PERSONNEL WHICH MAY NOT BE TIMELY AVAILABLE. ACCORDINGLY, THESE INSTALLATIONS MAY BE DELAYED BEYOND 2013 OR MAY NOT OCCUR.
- THIS PRESS RELEASE STATES THAT TA EXPECTS TO TRAIN AND EQUIP A SUFFICIENT NUMBER OF TECHNICIANS AND SERVICE FACILITIES TO SERVICE NATURAL GAS POWERED TRUCK ENGINES. THE TRAINING OF TECHNICIANS OR THE ACQUISITION OF SUCH EQUIPMENT MAY TAKE LONGER THAN OR COST MORE THAN TA NOW ANTICIPATES. A MARKET FOR SUCH SERVICES MAY NOT DEVELOP TO THE EXTENT TA NOW ANTICIPATES AND TA MAY ABANDON THESE EFFORTS. ACCORDINGLY, TA CAN PROVIDE NO ASSURANCE AS TO WHEN SUCH SERVICES WILL BE AVAILABLE AT TA LOCATIONS, IF AT ALL.
YOU SHOULD NOT PLACE UNDUE RELIANCE UPON FORWARD LOOKING STATEMENTS IN THIS PRESS RELEASE.
EXCEPT AS REQUIRED BY LAW, TA UNDERTAKES NO OBLIGATION TO UPDATE OR REVISE ANY FORWARD LOOKING STATEMENTS AS A RESULT OF NEW INFORMATION, FUTURE EVENTS OR OTHERWISE.
Identive (INVE) Smart Card Readers Support Cyber Security for U.S. Government Agency
SANTA ANA, Calif. and ISMANING, Germany, June 7, 2012 (GLOBE NEWSWIRE) — Identive Group, Inc. (Nasdaq:INVE) (Frankfurt:INV), a provider of products and services for the identification, security and RFID industries, today announced it is providing 266,000 smart card readers to a U.S. government agency for secure authentication and email encryption. The SCR3310/v2 readers fit easily into the USB port of a PC and allow government employees to quickly and securely log on to the agency’s computer network.
“Cyber security is receiving an increasing amount of focus across industries and among consumers as well. Using smart cards to validate user identities is an important step in protecting the data on a computer and the assets in a network. U.S. government agencies are ahead of the curve in adopting smart card-based security and have a clear understanding of the benefits,” explained Dr. Manfred Mueller, COO Identification Products for Identive. “For this agency, the product delivery schedule was quite aggressive and Identive was the only supplier capable of delivering the required volumes in a short time. Once again we have demonstrated why Identive is recognized as a trusted supplier to the U.S. government market.”
Identive’s SCR3310/v2 USB smart card readers are compact, ergonomic and compliant with all relevant technology and industry application standards, making them ideally suited for a variety of government and consumer applications, including electronic ID, social security and eGovernment as well as loyalty programs, e-Couponing, e-Banking, online shopping and gaming activities.
About Identive
Identive Group, Inc. (Nasdaq:INVE) (Frankfurt:INV) is focused on building the world’s signature company in Secure ID. The company’s products, software, systems and services address the markets for identity management, physical and logical access control, cashless payment, NFC solutions and a host of RFID-enabled applications for customers in the government, enterprise, consumer, education and healthcare sectors. Identive’s mission is to build a lasting business of scale and technology based on a combination of strong technology-driven organic growth and disciplined acquisitive expansion. The company delivers up-to-date information on its activity as well as industry trends through its industry-leading social media initiatives and educational resource, AskIdentive.com. For additional information, please visit www.identive-group.com or follow on Twitter at @IdentiveGroup.
The Identive Group, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=8072
CONTACT: Darby Dye +1 949 553-4251 ddye@identive-group.com Lennart Streibel +49 89 9595-5195 lstreibel@identive-group.com
GlobalWise (GWIV) Announces Success of Partner Advisory Board Event
COLUMBUS, OH — (Marketwire) — 06/07/12 — GlobalWise Investments, Inc. (OTCBB: GWIV) (OTCQB: GWIV) (www.GlobalWiseInvestments.com) and its wholly owned subsidiary Intellinetics, Inc., a leading-edge technology company focused on the design, implementation and management of cloud-based Enterprise Content Management (“ECM”) systems in both the public and private sectors, today report the results of last week’s inaugural Partner Advisory Board meeting, which took place from May 29 – May 31.
The event was held at Intellinetics headquarters in Columbus, OH. The meeting was hosted by GlobalWise CEO William J. “BJ” Santiago with the purpose of bringing the top-tier Channel Partners together in an educational forum to share best practices for selling ECM software. In attendance were Lexmark, FormFast, ImageSoft, Primary Solutions, MWA Intelligence (MWAi) and many others, including a few new Partner prospects.
“The inaugural Partner Advisory Board event was a resounding success echoed by all those in attendance,” stated Mr. Santiago. “It is clear to me we have an engaged group of software and hardware veterans who all have a strong desire to sell the Intellivue™ suite of software services. The Partner group in attendance currently sell our software in a variety of distribution models, including as a private label offering, as a plug-in into existing software they sell or managed print hardware to create additional revenue sources for copier dealers. It is clear the power of the partner strategy is the right approach to attacking the virtually untapped marketplace for sub-$100,000 ECM deployments in the small to mid sized market segment.”
During the three-day event, attendees had multiple opportunities to share ECM selling strategies and find new strategic relationships to cross-sell each other’s products and services. During one of the many meetings over the multi-day event, partner Primary Solutions was awarded Partner of the year for 2011. Primary Solutions, Inc. (www.primarysolutions.net) provides software products and services for private and governmental markets within the developmentally disabled community in Ohio. The award was presented to Brian Marshall, President and CEO of Primary Solutions, Inc.
As well, several of the Channel Partners presented at the event to provide an overview of their ECM selling strategies and why they chose to do business with Intellinetics. Because of the diverse industries from which they operate, there were no channel conflicts in sharing trade secrets. In fact, the event became a forum for potential business relationships.
“I have had the pleasure of participating in many ‘partner’ conferences with some of the finest companies around the world including Samsung, Intel and Canon to name a few,” stated Mike Stramaglio, President & CEO of MWA Intelligence. “I am delighted to say the Intellinetics Partner Conference was as good as it gets.”
“Every business relationship requires a clearly defined strategy based on mutually beneficial goals and objectives. I chose to do business with GlobalWise because I have great confidence in the leadership and the determination of the GlobalWise team. The product suite and business model hit the bullseye and I am truly excited by the winning combination of our people, products and programs!” concluded Mr. Stramaglio.
“I look forward to continue working with all of our fantastic Channel Partners in 2012 and beyond,” concluded Mr. Santiago. “This is a great group of people who not only learned new ways to sell and market ECM software services, but also had fun and enjoyed each other’s company. GlobalWise is setting up perfectly for robust revenue and income growth in the coming years with this new distribution strategy. This was the first of many more Partner meetings in the future.”
About GlobalWise Investments, Inc.
GlobalWise Investments, Inc., via its wholly owned subsidiary Intellinetics, Inc., is a Columbus, Ohio based Enterprise Content Management (ECM) pioneer with industry-leading software that delivers cloud ECM based solutions on-demand. The Company’s flagship platform, Intellivue™, represents a new industry benchmark and game-changing solution by enabling clients to access and manage the content of every scanned document, file, spreadsheet, email, photo, audio file or video tape — virtually anything that can be digitized — in their enterprise from any PC, laptop, tablet or smartphone from anywhere in the world.
For additional information, please visit the Company’s corporate website: www.GlobalWiseInvestments.com
This press release may contain “forward-looking statements.” Expressions of future goals and similar expressions reflecting something other than historical fact are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements. These forward-looking statements may include, without limitation, statements about our market opportunity, strategies, competition, expected activities and expenditures as we pursue our business plan. Although we believe that the expectations reflected in any forward-looking statements are reasonable, we cannot predict the effect that market conditions, customer acceptance of products, regulatory issues, competitive factors, or other business circumstances and factors described in our filings with the Securities and Exchange Commission may have on our results. The company undertakes no obligation to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this press release.
GlobalWise Investments, Inc.
Columbus, Ohio
www.GlobalWiseInvestments.com
614-388-8909
Contact@GlobalWiseInvestments.com
Mission Investor Relations
Atlanta, Georgia
http://www.MissionIR.com
404-941-8975
Uranium Energy Corp (UEC) Announces Board and Advisory Board Appointments
NYSE MKT Equities Exchange Symbol – UEC
CORPUS CHRISTI, TX, June 7, 2012 /PRNewswire/ – Uranium Energy Corp (NYSE MKT: UEC, the “Company”) is pleased to announce the appointment of Katharine Armstrong to the Company’s Board of Directors (the “Board”) effective June 1, 2012. In addition, the Company announces that Erik Essiger has resigned from the Board, having served as a member since 2006, and will now serve as a member of the Company’s Advisory Board and as a consultant.
Ms. Armstrong is a fifth-generation Texan raised on her family’s South Texas cattle ranch. She is the past Chairman of the Texas Parks and Wildlife Commission and is very active in land stewardship initiatives across Texas and the U.S.
Amir Adnani, CEO and President, stated: “We are pleased to welcome Katharine to the Board. She has served on the Company’s Advisory Board for the last 2-1/2 years, and her appointment to the Board enables us to draw further upon her business expertise and leadership in environmental stewardship. The Company is grateful to Erik for having served as a valuable member of the UEC Board. Moving forward, his responsibilities are increasing in many respects, and we are pleased to continue to access his expertise and relationships in Europe and the Middle East.”
In accepting the appointment to the Board, Ms. Armstrong said, “I’m honored to join UEC as a Board member and look forward to assisting in directing the Company’s growth as a leader in the uranium industry. The Company’s impressive operations and development properties, coupled with the significant management and technical team, are providing the means to continue our growth. I look forward to helping guide the Company’s path for success.”
Ms. Armstrong serves as Co-Chair of the South Texas Native Restoration Project at Texas A&M Kingsville and as Chair of the Armstrong Center for Energy and the Environment at the Texas Public Policy Foundation. She is also a director of the Texas Wildlife Association, the Texas and Southwestern Cattle Raisers Association and the Texas Wildlife Association.
Ms. Armstrong currently serves as a director and the Chair of the compensation committee of SJW Corp., the NYSE-listed parent company of San Jose Water Company and Texas Water Alliance Limited. She also currently serves on the Advisory Board of the Harte Research Institute for Gulf of Mexico Studies at Texas A&M Corpus Christi. She is also a Founding Director of Taking Care of Texas, a statewide non-profit organization that promotes the mutual benefits of economics and conservation. She is an outdoors enthusiast and the mother of three children.
About Uranium Energy Corp.
Uranium Energy Corp is a U.S.-based uranium production, development and exploration company operating North America’s newest emerging uranium mine. The Company’s fully licensed and permitted Hobson processing facility is central to all of its projects in South Texas, including the Palangana in-situ recovery project, which is ramping up initial production, and the Goliad in-situ recovery project which has been granted its Mine Permit and is in the initial stages of mine construction. The Company’s operations are managed by professionals with a recognized profile for excellence in their industry, a profile based on many decades of hands-on experience in the key facets of uranium exploration, development and mining.
Safe Harbor Statement
Except for the statements of historical fact contained herein, the information presented in this news release constitutes “forward-looking statements” as such term is used in applicable United States and Canadian laws. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Any other statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects” or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans, “estimates” or “intends”, or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved) are not statements of historical fact and should be viewed as “forward-looking statements”. Such forward looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such risks and other factors include, among others, the actual results of exploration activities, variations in the underlying assumptions associated with the estimation or realization of mineral resources, the availability of capital to fund programs and the resulting dilution caused by the raising of capital through the sale of shares, accidents, labor disputes and other risks of the mining industry including, without limitation, those associated with the environment, delays in obtaining governmental approvals, permits or financing or in the completion of development or construction activities, title disputes or claims limitations on insurance coverage. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements contained in this news release and in any document referred to in this news release.
Certain matters discussed in this news release and oral statements made from time to time by representatives of the Company may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the Federal securities laws. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. Forward-looking information is subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected. Many of these factors are beyond the Company’s ability to control or predict. Important factors that may cause actual results to differ materially and that could impact the Company and the statements contained in this news release can be found in the Company’s filings with the Securities and Exchange Commission. For forward-looking statements in this news release, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. The Company assumes no obligation to update or supplement any forward-looking statements whether as a result of new information, future events or otherwise. This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities.
Contact North America: Investor Relations, Uranium Energy Corp.:
Toll Free: (866) 748-1030
Fax: (361) 888-5041
E-mail: info@uraniumenergy.com
Stock Exchange Information:
NYSE MKT: UEC
Frankfurt Stock Exchange Symbol: U6Z
WKN: AØJDRR
ISN: US916896103
SOURCE Uranium Energy Corp
QuickLogic (QUIK) Technology Included in New Kyocera Smartphone
SUNNYVALE, CA — (Marketwire) — 06/06/12 — QuickLogic Corporation (NASDAQ: QUIK)
- Visual Enhancement Engine (VEE) technology improves display viewability in all viewing conditions
- Display Power Optimizer (DPO) technology extends battery life
QuickLogic Corporation (NASDAQ: QUIK), the leader in low-power Customer Specific Standard Products (CSSPs), is proud to announce that Kyocera Corporation has implemented QuickLogic’s Visual Enhancement Engine and Display Power Optimizer (DPO) technologies in an ArcticLink® II VX4 CSSP in the recently launched ‘URBANO PROGRESSO’ smartphone. The VX4 CSSP also has an integrated MDDI Client for communicating with the Qualcomm Snapdragon processor and Framebuffer from which to refresh the display contents.
Announced May 15, 2012 and available in Japan since May 30, 2012, the URBANO PROGRESSO features Android 4.0 and a 4-inch OLED “Luminous Display®.”
The combination of the 4-inch OLED “Luminous Display” and QuickLogic’s VEE and DPO technologies ensures that URBANO PROGRESSO users can use and enjoy their devices in higher ambient light viewing conditions, while also benefitting from a longer battery life.
“Kyocera was the first Japanese smartphone manufacturer to bring a product to market featuring a QuickLogic CSSP in their original DIGNO® smartphone,” said Brian Faith, VP of worldwide sales and marketing for QuickLogic. “Their continued use of our solutions and the enabling of VEE and DPO in the new URBANO PROGRESSO demonstrate the value QuickLogic can bring to consumers.”
Availability
QuickLogic’s VEE and DPO technologies are available today as part of the ArcticLink® II VX2 and VX4 platforms and the ArcticLink III VX3, VX5 and VX6 platforms. Contact QuickLogic or visit our website at http://www.quicklogic.com/display-enhancement/ for more information on all of the technologies mentioned.
About VEE and DPO
QuickLogic’s VEE technology, based on the iridix® core from Apical Limited, greatly enhances the viewability of LCD and OLED displays under challenging lighting conditions such as bright ambient light by dynamically optimizing video characteristics to provide a natural viewing experience based on the human visual system. Used together with VEE, QuickLogic’s DPO technology enables system-level battery life extension by an average of 25% without compromising the user experience.
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About KYOCERA
Kyocera Corporation (NYSE: KYO) (TSE: 6971) (http://global.kyocera.com/), the parent and global headquarters of the Kyocera Group, was founded in 1959 as a producer of fine ceramics (also known as “advanced ceramics”). By combining these engineered materials with metals and plastics, and integrating them with other technologies, Kyocera has become a leading supplier of telecommunications equipment, electronic components, solar power generating systems, printers, copiers, semiconductor packages, cutting tools and industrial ceramics. During the year ended March 31, 2012, the company’s net sales totaled 1.19 trillion yen (approx. USD14.5 billion). The company is ranked #426 on Forbes magazine’s 2012 “Global 2000” listing of the world’s largest publicly traded companies.
About QuickLogic
QuickLogic Corporation (NASDAQ: QUIK) is the inventor and pioneer of innovative, customizable semiconductor solutions for mobile and portable electronics OEMs and ODMs. These silicon plus software solutions are called Customer Specific Standard Products (CSSPs). CSSPs enable our customers to bring their products to market more quickly and remain in the market longer, with the low power, cost and size demanded by the mobile and portable electronics market. For more information about QuickLogic and CSSPs, visit www.quicklogic.com.
QuickLogic and ArcticLink are registered trademarks and the QuickLogic logo is a trademark of QuickLogic Corporation. All other brands or trademarks are the property of their respective holders and should be treated as such.
Code: QUIK-G
Contact:
Andrea Vedanayagam
Veda Communications
(408) 656-4494
UQM Technologies’ (UQM) PowerPhase HD® Picked by FedEx Express for EV Delivery Vans
UQM TECHNOLOGIES, INC. (NYSE MKT:UQM), has begun supplying the PowerPhase HD® 220 electric drive systems to Boulder EV to build delivery vans for FedEx Express.
“We just introduced the PowerPhase HD 220 electric drive system last month at EVS26 and have been selected to power the Boulder EV delivery vans as part of the FedEx Express all-electric fleet of vehicles,” said Eric R. Ridenour, UQM Technologies’ President and Chief Executive Officer. “Getting our new product out into commercial fleet customers like Boulder EV and FedEx Express is an excellent way to demonstrate its performance and efficiency advantages and will set the foundation for future sales growth.”
As part of this initiative, Boulder EV will use the PowerPhase HD 220 systems in its composite delivery van designed specifically as an all-electric vehicle. Delivering a maximum output of 220kW, and 120kW on a continuous basis, the PowerPhase HD 220 offers commercial trucks and buses an efficient path to the adoption of electric propulsion technology in heavy-duty vehicles.
“UQM electric drive systems provide excellent performance in a very efficient package,” said Carter Brown, Chief Executive Officer of Boulder EV. “We look forward to working with UQM on this and future programs.”
About Boulder EV
Boulder EV is a green tech manufacturing company that makes purpose-built, all-electric delivery trucks and Work Utility Vehicles (WUV) or cargo vans. These are designed from the ground up to meet the lightweight aerodynamic and safety needs of all-electric vehicles.
Please visit www.boulderev.com for more information.
About UQM
UQM Technologies is a developer and manufacturer of power-dense, high-efficiency electric motors, generators and power electronic controllers for the automotive, aerospace, military and industrial markets. A major emphasis for UQM is developing products for the alternative-energy technologies sector, including propulsion systems for electric, hybrid electric, plug-in hybrid electric and fuel cell electric vehicles, under-the-hood power accessories and other vehicle auxiliaries. UQM headquarters, engineering, product development center and manufacturing operation are located in Longmont, Colorado.
Please visit www.uqm.com for more information.
Forward-Looking Language
This Release contains statements that constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act. These statements appear in a number of places in this Release and include statements regarding our plans, beliefs or current expectations, including those plans, beliefs and expectations of our officers and directors with respect to, among other things, future financial results and the continued growth of the electric-powered vehicle industry. Important Risk Factors that could cause actual results to differ from those contained in the forward-looking statements are contained in our Form 10-K filed May 24, 2012, which is available through our website at www.uqm.com or at www.sec.gov.
BioCryst (BCRX) Presents Gout Program Results
BioCryst Pharmaceuticals, Inc. (NASDAQ:BCRX) today announced that additional safety and efficacy results from its BCX4208 gout program will be presented at the Annual European Congress of Rheumatology hosted by the European League Against Rheumatism (EULAR) in Berlin, Germany on June 7 & 8, 2012.
Three posters summarize pharmacokinetic (PK), safety and efficacy results from BioCryst’s Phase 2b trial of BCX4208 added to allopurinol in patients with gout who had failed to reach the serum uric acid (sUA) therapeutic goal of <6.0 mg/dL on allopurinol alone. Positive 24-week results were reported from this trial earlier this year.
- “BCX4208, A Novel Enzyme Inhibitor for Chronic Management of Gout Shows a Low Risk of Potential Drug-Drug Interactions” concludes that BCX4208 undergoes renal elimination, is not metabolized by liver cells and does not induce, or inhibit, CYP isoforms or common drug transporters. Therefore, BCX4208 should have a low risk of drug-drug interactions with medications commonly prescribed to patients with gout. (Poster FRI0401)
- “Long-term Safety of BCX4208 Added to Allopurinol in the Chronic Management of Gout: Results of a Phase 2 24-week Blinded Safety Extension and Vaccine Challenge Study” concludes that BCX4208 was safe and generally well-tolerated when added to allopurinol. Patients showed no signal for infections and generated a healthy immune response to vaccination. No differences were seen in the rate or severity of adverse events or infections across all treatment groups. (Poster FRI0380)
- “BCX4208 Added to Allopurinol Increases Response Rates in Patients with Gout who Fail to Reach Goal Range Serum Uric Acid on Allopurinol Alone: A Randomized, Double-Blind, Placebo-Controlled Trial” concludes that BCX4208 plus allopurinol doubled the proportion of patients achieving goal of sUA <6 mg/dL compared to allopurinol alone. In a patient subgroup whose baseline sUA was >6.5 mg/dL, a more than 4-fold increase in response was observed when BCX4208 was added to allopurinol compared to allopurinol alone. (Poster FRI0367)
In addition, the abstract “Effect of BCX4208 Add-On Therapy to Allopurinol 300 mg on Plasma Hypoxanthine and Xanthine Concentrations in Gout Patients” was accepted as an oral presentation and concludes that BCX4208 in combination with allopurinol resulted in dose-dependent mean reductions in plasma xanthine and hypoxanthine concentrations in gout patients. These results confirm the mechanism of action of BCX4208. (Abstract OP0106)
“The conclusions from these trials further validate BCX4208’s potential to be a preferred treatment option for physicians and a large portion of their gout patients. We believe BCX4208 offers important differentiating characteristics in comparison to other treatment options,” said Dr. William Sheridan, Senior Vice President & Chief Medical Officer of BioCryst. “BioCryst has successfully completed a high quality Phase 2 proof-of-concept program and an informative end of Phase 2 meeting with the FDA, and we are continuing discussion with potential partners who are evaluating licensing BCX4208 for Phase 3 development and commercialization.”
Copies of all abstracts are available online through the EULAR website at www.eular.org. The poster and oral presentations will be made available on BioCryst’s BCX4208 publications page once they have been presented on June 8, 2012.
About BCX4208
BCX4208 is a novel enzyme inhibitor with the potential for once-a-day oral dosing suitable for chronic administration to treat gout. It acts upstream of xanthine oxidase in the purine metabolism pathway to reduce sUA in patients with gout and has a mechanism of action that complements xanthine oxidase inhibitors, such as allopurinol and febuxostat, in reducing uric acid production. With its unique mechanism of action, clinical activity and safety in clinical studies to date, BCX4208 is a Phase-3-ready asset in development as an add-on therapy to xanthine oxidase inhibitors to address unmet medical needs in patients with gout. To date, BCX4208 has been studied in over 500 patients in clinical trials.
About Gout
Gout is a chronic inflammatory arthritis caused by monosodium urate crystal deposits in joints and the kidneys resulting from elevated sUA levels in the blood, a condition known as hyperuricemia. The consequences of gout may include intense, painful flares affecting one or more joints, impaired kidney function and joint destruction. Gout continues to grow in prevalence and severity, affecting over 17 million people in major markets, including 8.3 million in the U.S. A majority of gout patients are also treated to manage other chronic conditions, including hypertension, diabetes and/or high cholesterol. Decreasing sUA to the recommended level (less than 6 mg/dL) can reduce the risk of gout attacks over the long-term. A minority of patients treated with the current standard of care, allopurinol, achieve this therapeutic goal. There is a need for new therapies that effectively and safely get a larger portion of gout suffers to goal without the risk of drug-drug interactions. More information regarding gout and hyperuricemia is available on the CDC website at www.cdc.gov/arthritis/basics/gout.htm.
About BioCryst Pharmaceuticals
BioCryst Pharmaceuticals designs, optimizes and develops novel small molecule drugs that block key enzymes involved in infectious and inflammatory diseases. BioCryst currently has two late-stage development programs: peramivir, a viral neuraminidase inhibitor for the treatment of influenza, and BCX4208, a purine nucleoside phosphorylase (PNP) inhibitor for the treatment of gout. In addition, BioCryst is advancing two preclinical programs towards IND filings: BCX5191, a nucleoside analog inhibitor of HCV RNA polymerase (NS5B) for hepatitis C, and BCX4161, an oral inhibitor of plasma kallikrein for hereditary angioedema. Utilizing state-of-the-art structure-guided drug design and crystallography, BioCryst continues to discover innovative compounds with the goal of addressing unmet medical needs of patients and physicians. For more information, please visit the Company’s website at www.BioCryst.com.
Forward-Looking Statements
This press release contains forward-looking statements, including statements regarding future results, performance or achievements. These statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from any future results, performances or achievements expressed or implied by the forward-looking statements. These statements reflect our current views with respect to future events and are based on assumptions and subject to risks and uncertainties. Given these uncertainties, you should not place undue reliance on these forward-looking statements. Some of the factors that could affect the forward-looking statements contained herein include: that there can be no assurance that our compounds will prove effective in clinical trials; that development and commercialization of our compounds may not be successful; that we or our licensees may not be able to enroll the required number of subjects in planned clinical trials of our product candidates and that such clinical trials may not be successfully completed; that BioCryst or its licensees may not commence as expected additional human clinical trials with our product candidates; that our product candidates may not receive required regulatory clearances from the FDA; that ongoing and future preclinical and clinical development may not have positive results; that we or our licensees may not be able to continue future development of our current and future development programs; that our development programs may never result in future product, license or royalty payments being received by BioCryst; that BioCryst may not be able to retain its current pharmaceutical and biotechnology partners for further development of its product candidates or it may not reach favorable agreements with potential pharmaceutical and biotechnology partners for further development of its product candidates; that our actual cash burn rate may not be consistent with our expectations; that BioCryst may not have sufficient cash to continue funding the development, manufacturing, marketing or distribution of its products and that additional funding, if necessary, may not be available at all or on terms acceptable to BioCryst. Please refer to the documents BioCryst files periodically with the Securities and Exchange Commission, specifically BioCryst’s most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and current reports on Form 8-K, all of which identify important factors that could cause the actual results to differ materially from those contained in our projections and forward-looking statements.
Ascent Solar (ASTI) Launches Solar Powered Charger for Apple iPhone
Product will formally debut at the Intersolar Europe trade show next week
Ascent Solar Technologies, Inc. (NASDAQ:ASTI), a developer of state-of-the-art, flexible thin-film photovoltaic modules, announced today it has launched a charger for the Apple® (NASDAQ:AAPL) iPhone® * 4/4S smart phone featuring Ascent’s ultra light CIGS technology. Branded under Ascent’s new EnerPlexTM line of consumer products, the charger incorporates the company’s solar cells into a sleek, protective iPhone 4/4S case, along with a thin battery. The charger adds minimal weight and size to an iPhone smart phone, yet provides significantly improved battery life by harnessing sunlight for electric power.
The first product in a forthcoming line of smart phone chargers from Ascent Solar, the EnerPlex product is designed specifically for the Apple iPhone. Ascent plans to introduce similar chargers for other smart phones, including the newly launched Samsung® Galaxy S® III*, in the near future.
Ascent Solar’s President and CEO, Victor Lee, said “The EnerPlex charger is the first protective iPhone case to leverage the lightweight qualities and superior aesthetics of our CIGS solar technology. It will extend the usage time of iPhone smart phones while preserving the high level of design quality that consumers demand. Apple customers can now incorporate green technology into their everyday life, improving the performance of their smart phone without compromising style.”
Lee continued, “The growth of the smart phone market has been tremendous and is expected to continue for several years to come. Apple has sold over 175 million iPhone smart phones. Samsung is introducing new products in a competitive market where the number of smart phones in use globally is expected to reach 1 billion in the next 4 years. 144 million smart phones were sold globally in the first quarter of this year alone. Ascent’s EnerPlex line is focused on providing millions of smart phone customers with a product that prolongs battery life, increases mobility and allows them to be ‘green’, all without adding significant size or weight to the phone.”
Working with strategic partners, including China-based TFG Radiant Investment Group Ltd, the company plans to ship EnerPlex chargers to customers and partners in Asia within weeks. Ascent’s partners have already begun receiving purchase orders for this product for shipments beginning in the third quarter. Global shipments will follow in the fourth calendar quarter of this year.
The EnerPlex charger will be available for review at Intersolar Europe 2012, the world’s largest solar technology trade show, from June 13 – June 15. Ascent Solar’s booth will be located in Hall A1, booth 556. EnerPlex product information can be found at: www.ascentsolar.com/enerplex.
About Ascent Solar Technologies, Inc.
Ascent Solar Technologies, Inc. is a developer of thin-film photovoltaic modules using flexible substrate materials that can transform the way solar power generation integrates into everyday life. Ascent Solar modules, which were named one of TIME Magazine’s 50 best inventions for 2011, can be directly incorporated into standard building materials, commercial transportation, automotive solutions, space applications, consumer electronics for portable power and durable off-grid solutions. More information can be found at www.ascentsolar.com.
About TFG Radiant Investment Group Ltd
TFG Radiant Group is a joint venture of Radiant Group (www.sradiant.com), a Chinese conglomerate in construction and real estate, and Tertius Financial Group, a private investment firm based in Singapore. The Group, with more than 3,000 personnel, operates various businesses across China, Indonesia, Singapore and Malaysia, including in metal roofing and facades, import/export trading, real estate investment, project management and consultation, new-energy development, manufacturing and distribution and gold mining.
* Apple and iPhone are registered trademarks of Apple Inc.
Samsung and Galaxy S are registered trademarks of Samsung Electronics Co., Ltd.
Samsung Galaxy is a trademark of Samsung Electronics Co., Ltd.
Forward-Looking Statements
Statements in this press release that are not statements of historical or current fact constitute “forward-looking statements.” Such forward-looking statements involve known and unknown risks, uncertainties and other unknown factors that could cause the Company’s actual operating results to be materially different from any historical results or from any future results expressed or implied by such forward-looking statements. In addition to statements that explicitly describe these risks and uncertainties, readers are urged to consider statements that contain terms such as “believes,” “belief,” “expects,” “expect,” “intends,” “intend,” “anticipate,” “anticipates,” “plans,” “plan,” to be uncertain and forward-looking. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in the Company’s filings with the Securities and Exchange Commission.
GlobalWise Investments, Inc. (GWIV) An Interesting Play According to Seeking Alpha
The following article was posted yesterday at the premier website for actionable stock market opinion and analysis, Seeking Alpha. Seeking Alpha handpicks articles from the world’s top market blogs, money managers, financial experts and investment newsletters – publishing approximately 250 articles daily. Boasting more than 1 million members, the website has a strong readership among money managers, research analysts, investment bankers, and serious individual investors.
Found at www.seekingalpha.com/article/639331, the article is presented below in its entirety:
One of the hot growth areas in technology and cloud computing right now is enterprise content management (ECM). The ECM industry is expected to exceed $5.7 billion by 2014 with Gartner predicting a compound annual growth rate of 10.1%. IBM Market Insights predicts adoption of cloud computing to grow by 26% CAGR between 2010 through 2013.
The ECM cloud adoption is fueled by runway document and digital data growth. The economic and operations impact delivered includes: cost savings, quicker time-to-value, improved compliance & disaster recovery, increased service delivery, increase IT efficiencies, and enhanced competitive positioning.
There are a number of big names in the field including IBM (IBM), Microsoft (MSFT), Oracle (ORCL), and OpenText (OTEX), suggesting that the industry has a lot of potential. It may seem that there is little room for such a small player like GlobalWise Investments (GWIV.OB) to operate in with such large multinationals in the space, but according to an analyst report by Murphy Analytics, the company actually has substantial room with its unique business model.
There is a big difference between the markets served by Tier 1 and Tier 2 focused players and the small and medium business market targeted by GlobalWise. Although the average deal size is smaller, GlobalWise is able to pursue many more opportunities. GWIV has already made headway in the marketplace by partnering up with well-established companies such as Lexmark, Samsung, and Dell.
Looking further into GlobalWise Investments, the company, via wholly-owned subsidiary Intellinetics, is a leading-edge technology company focused on ECM solutions for the digital age. The ECM industry continues to grow rapidly as a result of unrestricted proliferation of digital content within today’s business environment. Leveraging its proprietary cloud-based computing software, GlobalWise is poised to capture a significant market share of this burgeoning industry.
GlobalWise’s ECM service is delivered to customers via five unique delivery models which cover the spectrum of business needs: Cloud/SaaS (Software as a Service), Hardware Vendor Integrated Service, Software Vendor Integrated Service, Premise (Client-Server), and Hybrid (Premise & Cloud/SaaS). This diversity gives advanced security & privacy features with an on-demand structure needed for large Tier 3 and Tier 4 businesses that are currently underserved by the market.
The Intellinetics platform defines a new industry benchmark and game-changing approach by combining advanced virtualization & automated content management with an open and service-oriented architecture using web services. The company provides strategies, tactics, and technologies used to manage paper and digital assets from capture to long-term archive, without the need for manual processes conducted by a full time employee.
Leveraging management and key department heads, Intellinetics has a strong foundation from which to capture significant market share within the lucrative $149 billion Business Software & Services industry.
Recent financial results for GWIV show the potential of this sector. On May 16, GWIV said that total revenues for the quarter increased 51% y/y to $360,328. The company further noted that it has significantly ramped-up its sales efforts and has entered into five new channel partner agreements since February. GWIV commented that it believes the expansion of its reseller program to include Latin America in the second quarter of 2012 will continue to increase, driving growth for the next several years.
As a side note, the only analyst covering this stock has a 12 month target on the stock of $4.60 a share, providing some pretty decent upside for investors.
U.S. Concrete (USCR) Signs License Agreements
With Major Ready Mix Concrete Producers to Manufacture Aridus Rapid Drying Concrete http://media.marketwire.com/attachments/201110/33732_usconcrete.jpghttp://at.marketwire.com/accesstracking/AccessTrackingLogServlet?PrId=895575&ProfileId=051205&sourceType=1
HOUSTON, TX — (Marketwire) — 06/05/12 — U.S. Concrete, Inc. (NASDAQ: USCR) announced today that it has signed license agreements with major ready mix concrete producers to manufacture its proprietary technology, Aridus® Rapid Drying Concrete. Aridus® is the first ready mix concrete solution for preventing floor covering failures that result from excess moister vapor in concrete slabs, an industry-wide problem that costs millions of dollars annually in damage, downtime, repair and replacement.
The licensees include Stoneway Concrete, Inc., Prairie Materials, Cemstone, Irving Materials, Inc., Bayou Concrete, and MMC Materials, Inc. Under the terms of the agreement, the licensed ready mix concrete producers are granted the right to utilize Aridus® mix designs and access to all support materials to manufacture Aridus® at the their licensed facilities. The agreement also includes the exclusive right to market and sell Aridus® in selective locations.
“The expansion of our Aridus® supplier base through this distinctive group of companies is a great milestone for us to leverage our innovative product solutions, research and development, and quality principles,” said William Sandbrook, President and Chief Executive Officer of U.S. Concrete, Inc. “We consider this collaboration an advantage for U.S. Concrete to gain access to an extensive national supplier network for Aridus®, an expansion of existing business capabilities for our partner companies, as well as an opportunity to continue to bring the latest innovations to the construction industry.”
ABOUT U.S. CONCRETE
U.S. Concrete services the construction industry in several major markets in the United States through its two business segments: ready mixed concrete and concrete-related products; and precast concrete. The company has 94 fixed and 11 portable ready mixed concrete plants, seven precast concrete plants and seven producing aggregates facilities. During 2011, these plant facilities produced approximately 4.0 million cubic yards of ready mixed concrete from continuing operations and 3.0 million tons of aggregates. For more information on U.S. Concrete, visit http://www.us-concrete.com.
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Contact:
Wade Khalil
U.S. Concrete, Inc.
Exelixis (EXEL) Demonstrates Advanced Prostate Cancer Advances
Exelixis, Inc. (NASDAQ:EXEL) today reported positive updated interim data from an ongoing phase 2 trial of cabozantinib in men with metastatic castration-resistant prostate cancer (CRPC) and bone metastases. These data confirm cabozantinib’s effects on metastatic bone lesions and soft tissue disease, and demonstrate a positive impact on bone related pain and narcotic use, as well as biomarkers of bone formation and resorption. Matthew R. Smith, M.D., Ph.D., Director of the Genitourinary Malignancies Program at the Massachusetts General Hospital Cancer Center and an investigator on the trial, presented the data today in an oral session at the American Society of Clinical Oncology 2012 Annual Meeting (Abstract #4513), which is taking place in Chicago, Illinois. In addition, preliminary results from an ongoing phase 1 investigator-sponsored trial (IST) designed to determine the lowest effective dose of cabozantinib for the treatment of men with CRPC and bone metastases were also presented at the conference. Richard J. Lee, M.D., Ph.D., Assistant Physician in the Department of Medicine at Massachusetts General Hospital Cancer Center, and an investigator on the study, presented the data yesterday in a poster discussion session (Abstract #4566).
Both presentations are available at http://www.exelixis.com/resources/events/asco-2012.
Cabozantinib in Chemotherapy-Pretreated Metastatic CRPC: Interim Results from a Phase 2 Non-Randomized Expansion Cohort
The interim results reported today include data from 93 men enrolled in the ongoing non-randomized expansion (NRE) 100 mg cohort of the company’s phase 2 randomized discontinuation trial. All patients had bone metastases on bone scan and 46% had measurable soft tissue disease. All patients had received prior docetaxel, 35% had prior abiraterone or MDV3100, and 24% had received prior cabazitaxel. Bone directed therapies such as zoledronic acid, denosumab and alpharadin were used in 57%, 14% and 1% of patients, respectively. Seventy-three percent of patients had received at least 2 prior lines of therapy for CRPC. Clinically significant pain, defined as baseline pain score by Brief Pain Inventory (BPI) ≥4, was present in 44% of patients, with the majority requiring chronic narcotic administration.
Bone Scan Response (BSR). Computer-assisted evaluation of bone scan lesion area (BSLA) was determined by an Independent Radiology Committee (IRC) and showed an overall BSR rate (complete response + partial response) of 67%. Another 16% of patients had stable disease and 8% had a best response of progressive disease. Median best BSLA change was a reduction of 60%, and reductions were observed in patients with prior abiraterone, MDV3100, cabazitaxel, and/or radionuclide therapy. The median duration of bone scan response was 5.4 months (range 5.0 – 6.9 months).
Pain Palliation. In 39 patients with clinically significant baseline pain, the median maximal reduction in pain from baseline was 46%. A clinically significant reduction of pain, defined as a ≥30% decrease in pain score, was observed in 25 patients (64%). Fifty-six percent of patients decreased their use of narcotics, including 31% who discontinued narcotics. These improvements were observed in patients with a variety of prior therapies.
Circulating Tumor Cells. Robust reductions in circulating tumor cells (CTCs) were observed regardless of prior therapy in 62 patients with baseline CTC counts ≥5/7.5 mL of blood and a week 6 and/or week 12 assessment. Fifty-seven patients (92%) had ≥30% decrease in their CTC count. Thirty-nine percent of evaluable patients converted to <5 CTCs at week 6.
Progression-Free Survival (PFS). Analyses of progression free survival based on radiographic progression per IRC in soft tissue and/or bone included either the total population (N=93) or only patients who had received prior docetaxel and abiraterone (n= 29). Median progression-free survival was 4.2 months (95% CI 4.1, 6.6) for the total population, and 4.6 months (95% CI 2.9, 8.3) for patients who had previously received docetaxel and abiraterone.
Bone Biomarkers. Substantial decreases were seen in serum levels of cross-linked C-terminal telopeptides of type 1 collagen (CTx) and bone-specific alkaline phosphatase (BSAP), which are biomarkers of bone metabolism. Reductions occurred in patients previously treated with bone directed therapy such as zoledronic acid or denosumab.
Safety Results. The most frequently reported adverse events (AEs) of grade 3 or higher, regardless of causality, were: fatigue (28%), diarrhea (11%), nausea (10%), hypertension (9%), back pain (7%), decreased appetite (6%), venous thrombosis (6%), hand-foot syndrome (5%), dyspnea (5%), vomiting (4%), and decreased weight (3%). A single related grade 5 event was observed in a patient with extensive liver metastases and abnormal liver function tests at baseline who went on to experience portal vein thrombosis and subsequent liver failure.
“The effects of cabozantinib on bone metastases, soft-tissue metastases, and pain are compelling. In men with bone-predominant disease, the most common phenotype in metastatic CRPC, the impact was particularly profound,” said Dr. Smith. “The scope of activity of cabozantinib as a single agent is unique relative to approved agents or agents in development. The compound’s ability to positively impact PFS, bone scan response, circulating tumor cells, pain, and bone turnover markers demonstrates its potential as an important new agent in CRPC.”
Trial Results of Low-Dose Cabozantinib in Treating Bone Metastases in CRPC
This dose-ranging study used an adaptive design. Dose levels of 20 and 40 mg daily cabozantinib were explored, with BSR as the primary endpoint. Additionally, CTCs and safety were assessed.
In Cohort 1 (40 mg daily cabozantinib), 10 of 11 evaluable patients (91%) had a BSR at week 6, comprising 1 complete response (CR) and 9 partial responses (PRs). A lower BSR rate (10%) was observed in Cohort 2, with 10 evaluable patients receiving 20 mg. Therefore, an expansion cohort of 13 patients was enrolled at 40 mg. The week 6 BSR rate among all 24 patients who received a 40 mg daily dose of cabozantinib was 67%.
Patients receiving 40 mg of cabozantinib were included in the CTC assessment. Twelve of 21 evaluable patients had baseline CTCs ≥5/7.5 mL of blood. Eleven of these 12 patients (92%) demonstrated best CTC decrease ≥30%, and 7 patients (58%) converted to <5 CTCs.
None of the patients receiving cabozantinib at either 20 or 40 mg daily required dose reductions or interruptions during the first 12 weeks of treatment. A patient in Cohort 1 discontinued treatment at week 2 for worsening of preexisting fatigue, weight loss, and anorexia. In Cohort 2 and the expansion cohort, a total of three patients discontinued treatment due to a venous thromboembolic event.
“These new data reinforce cabozantinib’s differentiated clinical profile and potential utility for the treatment of men with metastatic CRPC,” said Michael M. Morrissey, Ph.D., president and chief executive officer of Exelixis. “The durable improvements in bone scans and bone pain, the high rate of tumor regression, and other indicators of clinical activity observed in these trials support using overall survival and bone pain response as the endpoints for our two recently initiated prostate cancer phase 3 pivotal trials, COMET-1 and COMET-2, respectively. We believe these two pivotal trials provide us the best opportunity to maximize the clinical and commercial potential of cabozantinib in CRPC.”
The Significance of Bone Metastases in CRPC
The primary cause of morbidity and mortality in patients with CRPC is metastasis to the bone, which occurs in about 90% of cases. Bone metastases cause local disruption of normal bone remodeling, with lesions generally showing a propensity for an osteoblastic (bone-forming) phenotype on imaging. These lesions often lead to increased skeletal fractures, spinal cord compression, and severe bone pain. Osteoblastic lesions are typically visualized in CRPC patients by bone scan, which detects rapid incorporation of 99mTc-labeled methylene-diphosphonate radiotracer into newly forming bone. In addition, increased blood levels of BSAP and CTx, markers for osteoblast and osteoclast activity, respectively, are often observed in CRPC patients with bone metastases, and are associated with shorter overall survival.
About Cabozantinib
Cabozantinib is a potent targeted therapy that inhibits MET and VEGFR2. Cabozantinib is an investigational agent that provides coordinated inhibition of metastasis and angiogenesis to kill tumor cells while blocking their escape pathways. The therapeutic role of cabozantinib is currently being investigated across several tumor types. MET is upregulated in many tumor types, thus facilitating tumor cell escape by promoting the formation of more aggressive phenotypes, resulting in metastasis. MET-driven metastasis may be further stimulated by hypoxic conditions in the tumor environment, which are often exacerbated by selective VEGF-pathway inhibitors. In preclinical studies, cabozantinib has shown powerful tumoricidal, antimetastatic and antiangiogenic effects, including:
- Extensive apoptosis of malignant cells
- Decreased tumor invasiveness and metastasis
- Decreased tumor and endothelial cell proliferation
- Blockade of metastatic bone lesion progression
- Disruption of tumor vasculature
About Exelixis
Exelixis, Inc. is a biotechnology company committed to developing small molecule therapies for the treatment of cancer. Exelixis is focusing its proprietary resources and development efforts exclusively on cabozantinib (XL184), its most advanced product candidate, in order to maximize the therapeutic and commercial potential of this compound. Exelixis believes cabozantinib has the potential to be a high-quality, broadly-active, differentiated pharmaceutical product that can make a meaningful difference in the lives of patients. Exelixis has also established a portfolio of other novel compounds that it believes have the potential to address serious unmet medical needs, many of which are being advanced by partners as part of collaborations. For more information, please visit the company’s web site at www.exelixis.com.
Forward-Looking Statements
This press release contains forward-looking statements, including, without limitation, statements related to: the continued development and clinical, therapeutic and commercial potential of, and opportunities for, cabozantinib; the potential of cabozantinib as an important new agent in CRPC; the belief that the referenced data support using overall survival and bone pain response as the endpoints for Exelixis’ two recently initiated prostate cancer phase 3 pivotal trials, COMET-1 and COMET-2; and the belief that the COMET-1 and COMET-2 trials provide Exelixis with the best opportunity to maximize the clinical and commercial potential of cabozantinib in CRPC. Words such as “demonstrates,” “potential,” “support,” “opportunity,” “believe,” and similar expressions are intended to identify forward-looking statements. These forward-looking statements are based upon Exelixis’ current plans, assumptions, beliefs and expectations. Forward-looking statements involve risks and uncertainties. Exelixis’ actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties, which include, without limitation: risks related to the potential failure of cabozantinib to demonstrate safety and efficacy in clinical testing; Exelixis’ ability to conduct clinical trials of cabozantinib sufficient to achieve a positive completion; the sufficiency of Exelixis’ capital and other resources; the uncertain timing and level of expenses associated with the development of cabozantinib; the uncertainty of the FDA approval process; timely receipt of potential reimbursements, milestones, royalties and profits under Exelixis’ collaborative agreements; Exelixis’ ability to enter into new collaborations; market competition; and changes in economic and business conditions. These and other risk factors are discussed under “Risk Factors” and elsewhere in Exelixis’ quarterly report on Form 10-Q for the quarter ended March 30, 2012 and Exelixis’ other filings with the Securities and Exchange Commission. Exelixis expressly disclaims any duty, obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Exelixis’ expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based.
Complete Genomics (GNOM) Announces Restructuring Plan and Review of Strategic Alternatives
Company to Focus on Clinical Sequencing While Continuing to Deliver High-Quality Genomes to Researchers
MOUNTAIN VIEW, Calif., June 5, 2012 (GLOBE NEWSWIRE) — Complete Genomics, Inc. (Nasdaq:GNOM), today announced that it is taking steps to reduce cash consumption and has engaged Jefferies & Company, Inc. to assist it in exploring strategic alternatives. The company also plans to focus on development of clinical applications for its whole human genome sequencing service, while continuing to provide high-quality genomes to research customers.
“Leading hospitals, health care systems and physicians are beginning to adopt whole human genome sequencing for clinical applications,” said Dr. Clifford Reid, Complete’s Chairman, President, and CEO. “Our industry-leading accuracy should position us well to capture this emerging opportunity.”
Complete will maintain its current monthly capacity of approximately 1,000 genomes at 40x coverage or 500 genomes at 80x coverage. The company expects to delay capacity expansion beyond those numbers until demand for clinical-grade genomes supports expansion. The delay in expanding capacity is resulting in deferred capital expenditures and job cuts, primarily in field and factory headcount. Approximately 55 employee positions in Mountain View, California, and other U.S. locations will be eliminated.
This employee reduction is expected to be substantially completed during the current quarter ending June 30, 2012. Restructuring and related costs incurred with this plan are estimated at $1.5 million, most of which will be cash expenditures. These costs are comprised of one-time termination benefits for employees whose positions are being eliminated and should be recorded this quarter.
Complete Engages Jefferies & Company As Financial Advisor
Complete also announced that it has engaged Jefferies & Company, Inc. to act as financial advisor to the company and to assist in its review of strategic alternatives, which could include a merger, business combination, equity investment, or sale.
No decision has been made to enter into a transaction at this time, and there can be no assurance Complete will enter into a transaction in the future. The company does not plan to disclose or comment on developments regarding the strategic review process until it is complete or further disclosure is deemed appropriate.
About Complete Genomics
Complete Genomics is the whole human genome sequencing company that has developed and commercialized an innovative DNA sequencing platform. The Complete Genomics Analysis Platform (CGA™ Platform) combines proprietary human genome sequencing technology with advanced informatics and data management software. Additional information can be found at www.completegenomics.com.
Caution Regarding Forward-Looking Statements
This Press Release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, each as amended, including statements regarding the ability of Complete to capture a portion of the market opportunity for whole human genome sequencing for clinical applications, the amount and timing of the company’s restructuring-related costs and cash expenditures, and future capacity. These forward-looking statements are based on management’s current expectations, are not guarantees of future performance, and involve certain risks and uncertainties that could cause actual results to differ materially from management’s current expectations and these forward looking statements. These risk and uncertainties include, but are not limited to, the rate of adoption of whole human genome sequencing for clinical applications, competition, Complete’s ability to execute on the restructuring plan within the time frame and at the costs estimated above, and other risks detailed in Complete’s most recent Annual Report on Form 10-K, filed with the SEC on March 9, 2012, and Quarterly Report on Form 10-Q, filed with the SEC on May 9, 2012. We disclaim any obligation to update information contained in our forward-looking statements, whether as a result of new information, future events or otherwise.
CONTACT: Complete Genomics, Inc. Scott Sandler Investor Relations (650) 943-2788 ssandler@completegenomics.com
GCI And Alaska Communications (ALSK) Form The Alaska Wireless Network
– Wireless Facilities Company Formed To Operate Alaska’s Largest Network, Covering More than 95 percent of the State’s Population – Network Will Provide Next Generation Wireless Services To Alaska Communications and GCI Subscribers – The Alaska Wireless Network Is A Competitive Response To National Carriers
ANCHORAGE, AK, June 5, 2012 /PRNewswire/ — General Communication, Inc. (“GCI”) (NASDAQ:GNCMA) and Alaska Communications Systems Group, Inc. (“Alaska Communications”) (NASDAQ:ALSK) announced today that they have signed definitive agreements to form The Alaska Wireless Network, LLC (AWN), a Delaware limited liability company that will hold and operate both companies’ wireless facilities. AWN will design and operate an Alaska statewide wireless network to provide next generation wireless service plans for GCI and Alaska Communications wireless customers. GCI and Alaska Communications will continue to market and sell these plans independently to their respective retail customers.
Under the terms of the definitive agreements, which have been approved by the boards of directors of each company, GCI and Alaska Communications each will contribute to AWN their respective wireless assets, including spectrum licenses, cell sites and backhaul facilities, switching systems, and certain other assets necessary to operate a statewide wireless network. As part of the transaction, GCI will purchase $100 million of wireless assets from Alaska Communications and contribute them to AWN.
Alaska Communications will own one-third and GCI will own two-thirds of AWN. During the first four years of AWN’s operations, Alaska Communications will be eligible to receive preferential cash distributions totaling $190 million. GCI will receive all remaining available cash distributions over the same period. Following the initial four year period, GCI and Alaska Communications will receive distributions proportional to their ownership interests in AWN.
AWN will be managed by GCI. Wilson Hughes, GCI’s current chief operating officer, has agreed to serve as AWN’s first president and chief executive officer (CEO). In the interim before the closing, Hughes will serve as GCI’s executive vice president – wireless and lead a GCI team planning the post-closing transition to AWN. The AWN transaction is subject to Hart-Scott-Rodino review, requires FCC approval for transfer of Alaska Communications, and GCI’s wireless spectrum licenses to AWN and is subject to other customary conditions. The transaction is expected to close by the second quarter of 2013.
“GCI and Alaska Communications are pleased to reach these agreements,” said Alaska Communications president and CEO Anand Vadapalli and GCI president and CEO Ron Duncan. “The wireless business is capital intensive, requires scale to compete successfully against national carriers, and demands more spectrum than either company individually owns. By combining our respective wireless assets, GCI and Alaska Communications can provide a state-of-the-art Alaska wireless network owned and operated by Alaskans for Alaskans. We believe that The Alaska Wireless Network will provide the fastest, most geographically extensive, and most reasonably priced wireless services for Alaska subscribers, allowing us each to compete more effectively in the retail market.”
From the start, AWN will have the most extensive coverage in Alaska, covering more than 95 percent of Alaska’s population. Initially, AWN will serve the more than 250,000 GCI and Alaska Communications urban and rural subscribers and lifeline subscribers. In its first year of operations, AWN is expected to have EBITDA of approximately $120 million and capital expenditures of approximately $40 million. Synergies from the transaction are expected to total $30 million a year, starting in the second year of operations. The synergies are expected to be split equally between capital and operating expenses.
GCI expects to finance the $100 million asset purchase by refinancing its senior credit facility. Exclusive of transaction fees, Alaska Communications intends to use all the upfront cash proceeds of $100 million to strengthen its balance sheet by both paying down some of its term loan facility and increasing cash reserves. Evercore Partners served as advisor for Alaska Communications in this transaction.
About Alaska Communications
Headquartered in Anchorage, Alaska Communications (NASDAQ:ALSK) is a leading provider of high-speed wireless, mobile broadband, Internet, local, long-distance and advanced broadband solutions for businesses and consumers in Alaska. The Alaska Communications network includes advanced broadband and voice networks and the most diverse undersea fiber optic system connecting Alaska to the contiguous United States. For more information, visit www.alaskacommunications.com or www.alsk.com.
About GCI
A pioneer in bundled services, GCI is a top provider of voice, data, and video services to Alaska consumers with a 70 percent share of the consumer broadband market. GCI is also the leading provider of communications services to enterprise customers, particularly large enterprise customers with complex data networking needs. More information about GCI can be found at www.gci.com.
Non-GAAP Financial Measures
This joint release includes information related to management’s estimate of EBITDA for AWN. EBITDA, in this context, may not be consistent with EBITDA measures used by other companies, are not measurements under generally accepted accounting principles (GAAP) and should not be considered a substitute for other measures of financial performance recorded in accordance with GAAP. Management of GCI and Alaska Communications believe that EBITDA provides useful information to investors.
Forward-Looking Statements
This joint release includes certain “forward-looking statements,” as that term is defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management’s beliefs as well as on a number of assumptions concerning future events made using information currently available to management. Readers are cautioned not to put undue reliance on such forward-looking statements, which are not a guarantee of performance and are subject to a number of uncertainties and other factors, many of which are outside GCI or Alaska Communications control. For further information regarding risks and uncertainties associated with either company’s business, please refer to either GCI’s or Alaska Communications’ SEC filings.
SOURCE General Communication, Inc.; Alaska Communications Systems Group, Inc.
JA Solar (JASO) Announces First Quarter 2012 Results
SHANGHAI, China, June 5, 2012 (GLOBE NEWSWIRE) — JA Solar Holdings Co., Ltd., (Nasdaq:JASO) (“JA Solar” or the “Company”), one of the world’s largest manufacturers of high-performance solar power products, today announced its unaudited financial results for its first quarter ended March 31, 2012.
First Quarter 2012 Highlights
- Shipments were 366 MW, above the high end of the Company’s previous guidance of 350 MW and a decrease of 8.1% from the fourth quarter of 2011
- Net revenue was RMB 1.6 billion ($254.4 million), compared to RMB 1.95 billion ($309.0 million) in the fourth quarter of 2011
- Gross margin, including provisions for potential countervailing and anti-dumping duties totaling $2.9 million, was 2.1%, compared to gross margin of 0.5% in the fourth quarter of 2011
- Operating loss was RMB 159.1 million ($25.3 million), compared to operating loss of RMB 487.6 million ($77.4 million) in the fourth quarter of 2011
- Net loss was RMB 250.9 million ($39.8 million) and loss per diluted ADS was RMB 1.28 ($0.20), compared to loss per diluted ADS of RMB 2.45 ($0.39) in the fourth quarter of 2011
- Operating cash flow was RMB 114.8 million ($18.2 million), compared to RMB 545.3 million ($86.6 million) in the fourth quarter of 2011
- Cash and cash equivalents at the end of the quarter were RMB 4.3 billion ($676.2 million), compared to RMB 3.9 billion ($617.6 million) at the end of the fourth quarter of 2011
Dr. Peng Fang, CEO of JA Solar, commented, “Despite the seasonal impact of the Chinese New Year holiday, we achieved shipments of 366 MW in the first quarter, above the high end of our previous guidance. Our results for the first quarter demonstrate the effectiveness of our strategy to ensure JA Solar’s long-term sustainability through the current volatile market environment. Through prudent balance sheet management, we recorded positive operating cash flow of RMB 114.8 million. With industry-wide overcapacity continuing, we nevertheless recorded positive gross margin and positive EBITDA. This enabled us to maintain a relatively healthy balance sheet – one of the strongest in the industry – which gives customers and financial institutions confidence in JA Solar as a long-term partner. Across the industry, we have seen a shift where customers are seeking quality suppliers who can demonstrate both financial and technological strength. Going forward, we expect that JA Solar will increasingly benefit from this trend, as we build our presence in key markets and grow demand for our high-efficiency products.
“Demand for our cells and modules remains strong. In Germany and Italy, sales in the first quarter were above our expectations. In both markets we see a trend towards rooftop installations, to which JA Solar’s high-efficiency product offerings are ideally suited. In the first quarter we also focused on expansion into promising new markets such as Japan, India and the Middle East. We expect that Japan, for example, will be an important market for JA Solar. Few suppliers can meet Japanese customers’ rigorous standards for product quality and reliability, and our continued growth in this market is a testament to the superiority of our offering. We now have a local sales team on the ground, which is working to build out our fruitful relationships with Japanese customers, and we expect to record meaningful shipments to Japan in the coming quarters. In China, we have carefully nurtured strong partnerships with some of the leading project developers and EPCs and we expect shipments to Chinese customers to increase substantially in 2012.
“While we are disappointed by the U.S. Department of Commerce’s preliminary decision on anti-dumping duties last month, since last year we have worked to ensure that JA Solar is relatively insulated from the impact of this ruling. The majority of our products sold in the U.S. market in the first quarter contained cells produced by our partners outside of mainland China. Therefore, our exposure to potential government tariffs is relatively small and we believe that JA Solar is significantly less exposed than our peers. We estimate that less than 10 MW of the products we shipped to the U.S. in Q1 will be subject to tariffs if the provisional ruling is ratified, and we have recorded a related provision of approximately $2.9 million in the first quarter.
“Globally, we have seen that both potential and existing customers are increasingly relying on strong and dependable Tier One suppliers. I’m therefore confident that JA Solar’s strong balance sheet, prudent cash management strategy, and high-quality product offerings that are well suited to changing industry demands, position us for long-term success.”
First Quarter 2012 Financial Results
Total shipments in the first quarter of 2012 were 366 MW, above the high end of the Company’s previously provided guidance of 320 MW to 350 MW. This represents an 8.1% decline from 398 MW in the fourth quarter of 2011 and an 18.9% decrease from 451 MW in the first quarter of 2011.
Revenue in the first quarter of 2012 was RMB 1.6 billion ($254.4 million), a decrease of 17.7% from RMB 1.95 billion ($309.0 million) reported in the fourth quarter of 2011 and a decrease of 56.0% from RMB 3.6 billion ($578.5 million) reported in the first quarter of 2011.
Gross profit in the first quarter of 2012 was RMB 33.2 million ($5.3 million), compared with a gross profit of RMB 9.1 million ($1.4 million) in the fourth quarter of 2011 and gross profit of RMB 630.3 million ($100.1 million) in the first quarter of 2011. Gross margin, including provisions for potential countervailing and anti-dumping duties, was 2.1% in the first quarter of 2012, compared with 0.5% in the fourth quarter of 2011 and 17.3% in the first quarter of 2011. Excluding the provisions for potential countervailing and anti-dumping duties, gross margin would have been 3.2% in the first quarter of 2012.
Total operating expenses in the first quarter of 2012, were RMB 192.4 million ($30.5 million), compared with RMB 496.7 million ($78.9 million) in the fourth quarter of 2011 and RMB 85.0 million ($13.5 million) in the first quarter of 2011. The decrease in total operating expenses quarter over quarter was primarily due to a long-lived asset impairment loss of RMB 303.1 million ($48.1 million) recorded in the fourth quarter of 2011.
Operating loss in the first quarter of 2012 was RMB 159.1 million ($25.3 million), compared with an operating loss of RMB 487.6 million ($77.4 million) in the fourth quarter of 2011 and operating income of RMB 545.4 million ($86.6 million) in the first quarter of 2011. Operating margin was negative 9.9% in the first quarter of 2012, compared with negative 25.1% in the fourth quarter of 2011 and a positive operating margin of 15.0% in the first quarter of 2011.
Other income in the first quarter of 2012 was RMB 32.1 million ($5.1 million), compared with other income of RMB 208.9 million ($33.2 million) in the fourth quarter of 2011 and other income of RMB 54.4 million ($8.6 million) in the first quarter of 2011.
Loss per diluted ADS in the first quarter of 2012 was RMB 1.28 ($0.20), compared with loss per diluted ADS of RMB 2.45 ($0.39) in the fourth quarter of 2011 and earnings per diluted ADS of RMB 2.68 ($0.43) in the first quarter of 2011.
In the first quarter of 2012, the Company generated operating cash flow of RMB 114.8 million ($18.2 million).
Liquidity
The Company maintained a strong balance sheet with cash and cash equivalents of RMB 4.3 billion ($676.2 million), and total working capital of RMB 3.7 billion ($591.9 million) at March 31, 2012. Total short-term bank borrowings were RMB 968.3 million ($153.8 million). Total long-term bank borrowings were RMB 4.4 billion ($697.9 million), among which RMB 1.4 billion ($226.0 million) were due in one year. The total face value of outstanding convertible bonds due 2013 was RMB 1.4 billion ($220.7 million) at March 31, 2012.
Business Outlook
For the second quarter of 2012, the Company expects total cell and module shipments to be between 420 MW and 440 MW. The Company’s full year guidance of 1.8 GW to 2 GW remains unchanged.
Investor Conference Call / Webcast Details
A conference call has been scheduled for today, Tuesday, June 5, 2012, at 8:00 a.m. U.S. Eastern Time (8:00 p.m. Beijing/Hong Kong Time). The call may be accessed by dialing +65-6723-9381 (international), +1-718-354-1231 (U.S.), or +852-2475-0994 (Hong Kong). The passcode is JA Solar. A live webcast of the conference call will be available on the Company’s website at www.jasolar.com. A replay of the call will be available beginning two hours after the live call and will be accessible by dialing +61-2-8235-5000 (international) or +1-718-354-1232 (U.S.). The passcode for the replay is 83573982.
Currency Convenience Translation
The conversion of Renminbi into U.S. dollars in this release, made solely for the convenience of the reader, is based on the noon buying rate in the city of New York for cable transfers of Renminbi as certified for customs purposes by the Federal Reserve Bank of New York as of March 30, 2012, which was RMB 6.2975 to $1.00. No representation is intended to imply that the Renminbi amounts could have been, or could be, converted, realized or settled into U.S. dollars at that rate on March 30, 2012, or at any other date. The percentages stated in this press release are calculated based on Renminbi.
Forward-looking Statements
This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by words such as “may,” “expect,” “anticipate,” “aim,” “intend,” “plan,” “believe,” “estimate,” “potential,” “continue,” and other similar statements. Statements other than statements of historical facts in this announcement are forward-looking statements, including but not limited to, our expectations regarding the expansion of our manufacturing capacities, our future business development, and our beliefs regarding our production output and production outlook. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the Company and the industry. Further information regarding these and other risks is included in Form 20-F and other documents filed with the Securities and Exchange Commission. The Company undertakes no obligation to update forward-looking statements, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that its expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results.
About JA Solar Holdings Co., Ltd.
JA Solar Holdings Co., Ltd. is a leading manufacturer of high-performance solar power products that convert sunlight into electricity for residential, commercial, and utility-scale power generation. The Company is one of the world’s largest producers of solar cells. Its standard and high-efficiency product offerings are among the most powerful and cost-effective in the industry. The Company also produces solar modules which it distributes under its own brand and produces on behalf of solar manufacturers globally. The Company shipped 1.69GW of solar power products in 2011. JA Solar is headquartered in Shanghai, China, and maintains production facilities in Shanghai, as well as Hebei, Jiangsu and Anhui provinces.
For more information, please visit www.jasolar.com.
The JA Solar Holdings Co., Ltd. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=8631
JA Solar Holdings Co., Ltd. | ||||
Condensed Consolidated Statements of Operations and Comprehensive Income | ||||
(Unaudited) | ||||
For three months ended | ||||
Mar. 31, 2011 | Dec. 31, 2011 | Mar. 31, 2012 | Mar. 31, 2012 | |
RMB’000 | RMB’000 | RMB’000 | USD’000 | |
Net revenues | 3,643,363 | 1,945,724 | 1,602,219 | 254,421 |
Cost of sales | (3,013,024) | (1,936,616) | (1,568,983) | (249,144) |
Gross profit | 630,339 | 9,108 | 33,236 | 5,277 |
Selling, general and administrative expenses | (73,046) | (170,084) | (170,010) | (26,996) |
Impairment loss for property, plant and equipment | 0 | (303,068) | 0 | 0 |
Research and development expenses | (11,936) | (23,550) | (22,365) | (3,551) |
Total operating expenses | (84,982) | (496,702) | (192,375) | (30,547) |
Income/(loss) from operations | 545,357 | (487,594) | (159,139) | (25,270) |
Interest expense | (63,444) | (117,492) | (123,091) | (19,546) |
Other income | 54,386 | 208,915 | 32,116 | 5,100 |
Income/(loss) before income taxes | 536,299 | (396,171) | (250,114) | (39,716) |
Income tax (expenses)/benefit | (73,872) | (33,478) | (786) | (125) |
Income/(loss) from continuing operations | 462,427 | (429,649) | (250,900) | (39,841) |
Income from discontinued operations | 7,753 | 0 | 0 | 0 |
Net income/(loss) | 470,180 | (429,649) | (250,900) | (39,841) |
Income/(loss) per share from continuing operations: | ||||
Basic | 2.82 | (2.45) | (1.28) | (0.20) |
Diluted | 2.63 | (2.45) | (1.28) | (0.20) |
Income per share from discontinued operations: | ||||
Basic | 0.05 | 0 | 0 | 0 |
Diluted | 0.05 | 0 | 0 | 0 |
Net income/(loss) per share: | ||||
Basic | 2.87 | (2.45) | (1.28) | (0.20) |
Diluted | 2.68 | (2.45) | (1.28) | (0.20) |
Weighted average number of shares outstanding: | ||||
Basic | 163,669,777 | 175,522,534 | 195,706,103 | 195,706,103 |
Diluted | 172,190,352 | 175,522,534 | 195,706,103 | 195,706,103 |
Comprehensive income / (loss): | ||||
Net Income/(loss) | 470,180 | (429,649) | (250,900) | (39,841) |
Foreign currency translation adjustments, net of tax | (1,648) | 2,058 | (284) | (45) |
Cash flow hedging loss, net of tax | (16,084) | (15,201) | (11,755) | (1,867) |
Other comprehensive loss | (17,732) | (13,143) | (12,039) | (1,912) |
Comprehensive income/(loss) | 452,448 | (442,792) | (262,939) | (41,753) |
JA Solar Holdings Co., Ltd. | |||
Condensed Consolidated Balance Sheets | |||
(Unaudited) | |||
Dec. 31, | Mar. 31, | ||
2011 | 2012 | 2012 | |
RMB’000 | RMB’000 | USD’000 | |
ASSETS | |||
Current assets: | |||
Cash and cash equivalents | 3,889,092 | 4,258,372 | 676,200 |
Restricted cash | 88,632 | 94,114 | 14,945 |
Accounts receivable | 1,244,904 | 1,453,955 | 230,878 |
Inventories | 730,635 | 1,192,755 | 189,401 |
Advances to suppliers | 435,657 | 489,084 | 77,663 |
Other current assets | 1,320,202 | 1,102,725 | 175,106 |
Total current assets | 7,709,122 | 8,591,005 | 1,364,193 |
Property and equipment, net | 5,099,208 | 5,120,215 | 813,055 |
Advances to suppliers | 1,452,920 | 1,382,744 | 219,570 |
Long-term investment | 94,411 | 90,843 | 14,425 |
Deferred issuance cost | 67,531 | 56,659 | 8,997 |
Other long term assets | 312,407 | 309,989 | 49,224 |
Total assets | 14,735,599 | 15,551,455 | 2,469,464 |
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||
Current liabilities: | |||
Short-term bank borrowings | 529,906 | 968,312 | 153,761 |
Accounts payable | 725,093 | 1,381,303 | 219,341 |
Advances from customers | 320,277 | 223,057 | 35,420 |
Notes payables | — | 11,887 | 1,888 |
Long term liabilities due in one year | 885,000 | 1,423,000 | 225,963 |
Accrued and other liabilities | 865,012 | 856,078 | 135,939 |
Total current liabilities | 3,325,288 | 4,863,637 | 772,312 |
Convertible Bond | 1,238,485 | 1,256,939 | 199,593 |
Long-term borrowings | 3,461,916 | 2,972,297 | 471,981 |
Other long term liabilities | 161,241 | 162,306 | 25,773 |
Total liabilities | 8,186,930 | 9,255,179 | 1,469,659 |
Commitment and Contingencies | |||
Shareholders’ equity | 6,548,669 | 6,296,276 | 999,805 |
Total liabilities and shareholders’ equity | 14,735,599 | 15,551,455 | 2,469,464 |
CONTACT: In China Martin Reidy Brunswick Group Tel: +86-10-5960-8600 E-mail:jasolar@brunswickgroup.com In the U.S. Cindy Zheng Brunswick Group Tel: +1-212-333-3810 E-mail:jasolar@brunswickgroup.com
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