Archive for July, 2012

Claude Resources (CGR) To Release 2012 Q2 Financial and Operating Results, Conference Call

Trading Symbols
TSX – CRJ
NYSE Amex – CGR

SASKATOON, SK, July 31, 2012 /PRNewswire/ – Claude Resources Inc. (TSX: CRJ) (NYSE MKT: CGR) (the “Company”) has announced that it plans to release its 2012 second quarter financial and operating results on August 13, 2012 prior to market open. In addition to the news release, the Company will also be hosting a conference call and webcast beginning at 11:00 am Eastern Standard Time.

To participate in the conference call please dial 1-647-427-7450 or 1-888-231-8191.  A replay will be available until August 21, 2012 at 11:59 PM ET by calling 1-855-859-2056 and entering the passcode 12908794.

To view and listen to the webcast please use the following URL in your web browser:
http://www.newswire.ca/en/webcast/detail/1009437/1090657

CNW’s webcast of earnings calls is consistent with Investment Industry Regulatory Organization of Canada (IIROC) objectives of providing investors with material information broadly and quickly.

Claude Resources Inc. is a public company based in Saskatoon, Saskatchewan, whose shares trade on the Toronto Stock Exchange (TSX-CRJ) and the NYSE Amex (NYSE MKT-CGR). Claude is a gold exploration and mining company with an asset base located entirely in Canada. Since 1991, Claude has produced over 983,000 ounces of gold from its Seabee mining operation in northeastern Saskatchewan. The Company also owns 100 percent of the 10,000 acre Madsen Property in the prolific Red Lake gold camp of northwestern Ontario and owns 100 percent of the Amisk Gold Project in northeastern Saskatchewan.

SOURCE CLAUDE RESOURCES INC.

Tuesday, July 31st, 2012 Uncategorized Comments Off on Claude Resources (CGR) To Release 2012 Q2 Financial and Operating Results, Conference Call

Amyris (AMRS) Enhances Strategic Partnership With Total for Renewable Diesel and Jet Fuels

Total to Provide Up to $82M in Incremental Funding for Amyris Biofene(R) Development Program

EMERYVILLE, Calif., July 31, 2012 (GLOBE NEWSWIRE) — Amyris, Inc. (Nasdaq:AMRS) signed today an amendment to its existing technology collaboration agreement with Total (Paris:TOTF). Under the enhanced collaboration, Total reaffirms its commitment to Amyris’s technology and dedicates its $82 million funding budget over the next three years exclusively for the deployment of Biofene, Amyris’s renewable farnesene, for production of renewable diesel and jet fuel. Upon completion of the research and development program, Total and Amyris intend to form a joint venture company that would have exclusive rights to produce and market renewable diesel and/or jet fuel, as well as non-exclusive rights to other specialty products.

Today we reaffirm our strategic relationship with Total to achieve our joint development and commercialization objectives for renewable diesel and jet fuel,” said John Melo, President & CEO of Amyris. “We are appreciative of Total’s ongoing support of Amyris. In addition to Amyris’ continued development of jet and diesel businesses in Brazil independently, this enhanced collaboration provides a global platform for the future growth in fuels under a future joint venture with Total,” Melo concluded.

Amyris’ best-in-class technology to produce renewable hydrocarbons has proven performance attributes,” said Philippe Boisseau, President, Supply-Marketing and member of Total’s Executive Committee. “With this refocused partnership, we’ll reach our business objectives, expand our ability to become a key supplier in renewable fuels and better meet our customers’ highest demands,” Boisseau concluded.

Under today’s announcement, Total agreed to fund $30 million during the third quarter of 2012. Additional funding will be triggered by Total at annual decision points in mid 2013 and 2014. Detailed information is included in Amyris’s SEC filing associated with this transaction.

Amyris and Total have had a successful research partnership since 2010 and we continue, through this amended collaboration, to pursue our shared strategy of building the world’s leading renewable technology platform,” said Arthur D. Levinson, Ph.D., Chairman of the Board of Directors of Amyris. “Today’s agreement deepens this long-term partnership and enables Amyris to continue investing in its core technology while accessing the market know-how and scale-up capability of Total,” concluded Levinson.

About the Technology

Amyris has developed advanced microbial engineering and screening technologies that modify the way microorganisms process sugars. Amyris is using this industrial synthetic biology platform to design microbes, primarily yeast, and use them as living factories in established fermentation processes to convert plant-sourced sugars into renewable chemical and transportation fuel products.

Amyris operates laboratories and a pilot plant in California as well as a pilot plant and demonstration facility in Brazil. Amyris has been scaling its Biofene production through various production arrangements and expects to operate its first dedicated commercial scale facility in Brazil by early 2013.

This technology will help make it possible for producers to blend renewable hydrocarbons produced from sustainable biomass and organic waste into fuel in proportions that significantly exceed the current 7% set by European Union regulations or other government policies. Renewable fuels developed by Total and Amyris will deliver energy density, engine performance, and storage properties comparable to the best petroleum fuels.

About Amyris

Amyris is an integrated renewable products company focused on providing sustainable alternatives to a broad range of petroleum-sourced products. Amyris uses its industrial synthetic biology platform to convert plant sugars into a variety of hydrocarbon molecules – flexible building blocks that can be used in a wide range of products. Amyris is commercializing these products both as No Compromise® renewable ingredients in cosmetics, flavors and fragrances, polymers, lubricants and consumer products, and also as No Compromise renewable diesel and jet fuel. Amyris Brasil Ltda., a subsidiary of Amyris, oversees the establishment and expansion of Amyris’s production in Brazil. For more information, visit www.amyris.com.

The Amyris, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=12462

Amyris Forward-Looking Statements

This release contains forward-looking statements, and any statements other than statements of historical facts could be deemed to be forward-looking statements. These forward-looking statements include, among other things, statements regarding future events (such as the timing and receipt of funds under the collaboration agreements, research and development, production and commercialization of potential products, timing for establishment and operation of a production plant, formation of a joint venture to commercialize potential products, customer demand for potential products, and the anticipated benefits of the proposed collaboration) that involve risks and uncertainties. These statements are based on management’s current expectations and actual results and future events may differ materially due to risks and uncertainties, including those associated with any delays or failures in development, production or commercialization of products, liquidity and ability to fund capital expenditures, Amyris’s reliance on third parties to achieve its goals, and other risks detailed in the “Risk Factors” section of Amyris’s Form 10-Q, as filed on May 9, 2012. Amyris disclaims any obligation to update information contained in these forward-looking statements whether as a result of new information, future events, or otherwise.

Amyris, No Compromise and Biofene are trademarks or registered trademarks of Amyris, Inc.

CONTACT: Media Contacts
         AMYRIS
         +1 (510) 597-5577
         pr@amyris.com
Tuesday, July 31st, 2012 Uncategorized Comments Off on Amyris (AMRS) Enhances Strategic Partnership With Total for Renewable Diesel and Jet Fuels

TechFaith (CNTF) Schedules 2Q 2012 Financial Results Conference Call

BEIJING, July 31, 2012 /PRNewswire-Asia/ — China TechFaith Wireless Communication Technology Limited (NASDAQ: CNTF) (“TechFaith” or the “Company”) today announced that it will hold a conference call to discuss the Company’s financial results for the second quarter 2012 and its business outlook.

The dial-in number for the live audio call, which will begin on Thursday, August 16, 2012 at 8:00 a.m. U.S. Eastern Time (8:00 p.m. Thursday, August 16, 2012 in Beijing), is +1-617-597-5309 or +1-866-713-8395. The conference call passcode is 30042849. A live webcast of the conference call will also be available on TechFaith’s website at www.techfaithwireless.com.

A replay of the call will be available approximately 2 hours after the conclusion of the live call by telephone at +1-617-801-6888, with passcode 85042381. A webcast replay will also be available at www.techfaithwireless.com.

About TechFaith

TechFaith (NASDAQ: CNTF) has three primary businesses. Under the TechFaith umbrella, the Company is a leading global mobile solutions provider for global mobile handsets market (previously called ODP (Original Developed Product) business)). Under its TecFace brand, the Company is a leading developer of specialized mobile phones for differentiated market segments, including the rapidly growing Smartphone market targeting Wireless Mobile Phone Network Operators and End users; Sports enthusiasts have a tailored line under the Jungle brand; and the Teen market is serviced under licensed brands. Under the Company’s 17Vee brand, the Company has built a leading, intellectual property based motion gaming business ranging from Bluetooth enabled motion gaming controllers and software to a planned proprietary set-top motion game box. For more information, please visit www.techfaithwireless.com, www.17vee.com and www.798game.com.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident,” “outlook” and similar statements. Among other things, the business outlook and strategic and operational plans of TechFaith and management quotations contain forward-looking statements. TechFaith may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission on Forms 20-F and 6-K, etc., in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about TechFaith’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, those risks outlined in TechFaith’s filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F. TechFaith does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

Tuesday, July 31st, 2012 Uncategorized Comments Off on TechFaith (CNTF) Schedules 2Q 2012 Financial Results Conference Call

GeoMet (GMET) Receives Extension of Response Deadline on Borrowing Base Deficiency

HOUSTON, TX — (Marketwire) — 07/31/12 — GeoMet, Inc. (NASDAQ: GMET) (the “Company”) announced that its lenders have provided a second extension, from July 31, 2012 to August 8, 2012, to complete an agreement dealing with the Company’s borrowing base deficiency under its credit agreement.

Forward-Looking Statements Notice

This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Except for statements of historical facts, all statements included in the document, including those preceded by, followed by or that otherwise include the words “believe,” “expects,” “anticipates,” “intends,” “estimates,” “projects,” “target,” “goal,” “plans,” “objective,” “should” or similar expressions or variations on such words are forward-looking statements. These forward-looking statements are subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected. Among those risks, trends and uncertainties are the ability of the Company to close on the agreement in principle, volatility of future natural gas prices, which have been depressed recently, our estimate of the sufficiency of our existing capital sources, our ability to raise additional capital to fund cash requirements for future operations, the uncertainties involved in estimating quantities of proved natural gas reserves, in prospect development and property acquisitions and in projecting future rates of production, the timing of development expenditures and drilling of wells, and the operating hazards attendant to the oil and gas business. In particular, careful consideration should be given to cautionary statements made in the various reports the Company has filed with the SEC. GeoMet undertakes no duty to update or revise these forward-looking statements.

About GeoMet, Inc.

GeoMet, Inc. is an independent energy company primarily engaged in the exploration for and development and production of natural gas from coal seams (“coalbed methane”) and non-conventional shallow gas. Our principal operations and producing properties are located in Alabama, Virginia and West Virginia. We also control non-producing coalbed methane and oil and gas development rights, principally in Alabama, Virginia, and West Virginia.

For more information please contact
Stephen M. Smith at
(713) 287-2251
Email Contact
www.geometinc.com

Tuesday, July 31st, 2012 Uncategorized Comments Off on GeoMet (GMET) Receives Extension of Response Deadline on Borrowing Base Deficiency

ZELTIQ Aesthetics (ZLTQ) Announces Second Quarter 2012 Financial Results

Second Quarter Highlights

  • $22.3 million revenues, up 28.3% year-over-year and 27.9% sequentially
  • 84,072 cycles shipped, up 72.8% year over year and 31.5% sequentially
  • Procedure fees revenues comprised 46.1% of total revenues
  • Installed base increased 14.6% sequentially to 1,257 systems as of June 30, 2012
  • $70.9 million in cash & cash equivalents, short-term and long-term investments at June 30, 2012 compared to $75.3 million at March 31, 2012

PLEASANTON, Calif., July 31, 2012 (GLOBE NEWSWIRE) — ZELTIQ Aesthetics, Inc., (Nasdaq:ZLTQ) a medical technology company focused on developing and commercializing products utilizing its proprietary controlled-cooling technology platform, today announced financial results for the second quarter ended June 30, 2012.

Mark Foley, Interim President and Chief Executive Officer, said, “We are very pleased with our performance during the second quarter of 2012. Our recently strengthened commercial organization, combined with an increased focus on execution, successfully drove physician adoption of CoolSculpting®, bringing our installed base to 1,257 systems worldwide. Additionally, we continued to experience significant procedure growth with procedure fee revenues up 84.9% year-over-year. During the quarter, we gained initial insights from our consumer marketing campaign and have begun to leverage these learnings to our future advertising spend. We also had several important intellectual property wins which further validate the proprietary position that we enjoy, worldwide.”

He continued, “Looking into the second half of 2012, we will continue to strengthen and expand our NAF sales organization, begin to realize the benefits of our recently completed transition to direct sales in Europe and selectively deploy direct to consumer marketing in key geographies in the United States. We continue to look forward to the increasing adoption of CoolSculpting by physicians and patients as we further build the non-invasive fat reduction market.”

Second Quarter Financial Review

Total net revenues for the second quarter of 2012 were $22.3 million, consisting of $12.0 million of systems revenues and $10.3 million of procedure fee revenues. This compares to total net revenues of $17.4 million, consisting of $11.8 million of systems revenues and $5.6 million of procedure fee revenues in the second quarter of 2011. First quarter 2012 revenues were $17.4 million, consisting of $9.0 million of systems revenues and $8.4 million of procedure fee revenues. Cycles shipped increased to 84,072 in the second quarter of 2012, compared to 48,654 in the second quarter of 2011 and 63,948 in the first quarter of 2012, driving procedure fee revenue growth on both a year-over-year and sequential basis.

Gross profit was $15.1 million, or 67.9% of revenues, in the second quarter of 2012, compared to gross profit of $10.7 million, or 61.4% of revenues, in the second quarter of 2011. First quarter 2012 gross profit was $11.4 million, or 65.6% of revenues.  The year-over-year and sequential increases in gross profit were driven by a decrease in per unit manufacturing cost of systems and a sequential increase in system average selling price.

Operating expenses for the second quarter of 2012 were $23.2 million, compared to $10.8 million in the second quarter of 2011 and $21.7 million in the first quarter of 2012. The year-over-year increase was primarily the result of growth of our North American direct sales force, building advertising assets and costs associated with our direct marketing initiatives, collateral for practice marketing, increased research and development costs and the build-out of our international sales force. Additionally, operating expenses included $3.0 million in unplanned management transition expenses.  Of the $3.0 million charge, $1.1 million was a non-cash stock-based compensation expense.

Net loss for the second quarter of 2012 was $8.1 million, compared to $0.6 million in the second quarter of 2011 and $10.3 million in the first quarter of 2012.  Net loss attributable to common stockholders for the second quarter of 2012 was $0.24 per share, compared to $1.60 per share in the second quarter of 2011, and $0.30 per share in the first quarter of 2012.

Conference Call

ZELTIQ Aesthetics will host a conference call for investors on July 31, 2012 at 8:00 a.m. Eastern Time. The dial-in numbers are (877) 280-7291 for domestic callers and (707) 287-9361 for international callers. A live webcast of the call will also be available from the Investor Relations section of www.coolsculpting.com. A webcast replay from today’s call will also be available from the Investor Relations section of www.coolsculpting.com approximately two hours after the call and will be available for up to thirty days.

About ZELTIQ Aesthetics

ZELTIQ Aesthetics is a medical technology company focused on developing and commercializing products utilizing its proprietary controlled-cooling technology platform. The Company’s first commercial product, the CoolSculpting System, is designed to selectively reduce stubborn fat bulges that may not respond to diet or exercise. CoolSculpting is based on the scientific principle that fat cells are more sensitive to cold than the overlying skin and surrounding tissues. CoolSculpting utilizes patented technology of precisely controlled cooling to reduce the temperature of fat cells in the treated area, which is intended to cause fat cell elimination through a natural biological process known as apoptosis, without causing scar tissue or damage to the skin, nerves, or surrounding tissues. ZELTIQ developed CoolSculpting to safely, noticeably, and measurably reduce the fat layer within a treated fat bulge without requiring the patient to diet or exercise.

Forward-Looking Statements

This press release contains forward-looking statements relating to the Company’s current and future business operations and financial performance and condition. Any statements contained in this press release that are not of historical facts may be deemed to be forward-looking statements. You should not place undue reliance on these forward-looking statements because they involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond our control and that could materially affect the Company’s actual business operations and financial performance and condition.  Factors that could materially affect our business operations and financial performance and condition include, but are not limited to, less than anticipated growth in the number of physicians electing to purchase CoolSculpting Systems, insufficient patient demand for CoolSculpting procedures, product or procedure announcements by competitors, our failure to correctly estimate and control our future expenditures, and the failure of our sales and marketing plans to increase sales as well as those other risks and uncertainties set forth in our Annual Report on Form 10-K for the fiscal year ended December 31, 2011, filed with the SEC on March 15, 2012. These forward-looking statements speak only as of the date of this press release. We expressly disclaim any obligation to update information contained in these forward-looking statements whether as a result of new information, future events or otherwise.

ZELTIQ Aesthetics, Inc.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share data)
Three Months Ended June 30, Six Months Ended June 30,
2012 2011 2012 2011
Revenues $ 22,265 $ 17,354 $ 39,669 $ 31,626
Cost of revenues 7,150 6,700 13,143 12,349
Gross profit 15,115 10,654 26,526 19,277
Operating expenses:
Research and development 3,369 2,326 6,767 4,607
Sales and marketing 14,254 5,832 28,751 11,568
General and administrative 5,556 2,642 9,409 4,031
Total operating expenses 23,179 10,800 44,927 20,206
Loss from operations (8,064) (146) (18,401) (929)
Interest income (expense), net 60 (20) 89 (60)
Other income (expense), net (47) (393) (64) (395)
Loss before provision for income taxes (8,051) (559) (18,376) (1,384)
Provision for income taxes 50 70
Net loss (8,101) (559) (18,446) (1,384)
Cumulative dividends on convertible preferred stock (1,563) (3,127)
Net loss attributable to common stockholders $ (8,101) $ (2,122) $ (18,446) $ (4,511)
Net loss per share attributable to common stockholders, basic and diluted $ (0.24) $  (1.60) $ (0.54) $ (3.48)
Weighted average shares of common stock outstanding used in computing net loss attributable to common stockholders – basic and diluted 34,253,357 1,329,763 34,129,555 1,294,597
ZELTIQ Aesthetics, Inc.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
June 30, December 31,
2012 2011
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 32,542 $ 83,908
Short-term investments 23,901
Accounts receivable, net 6,147 4,941
Inventory 5,717 4,476
Prepaid expenses and other current assets 1,901 2,385
Total current assets 70,208 95,710
Long-term investments 14,416
Restricted cash 382 255
Property and equipment, net 2,054 2,144
Intangible asset, net 7,532 7,882
Other assets 8
Total assets $ 94,592 $ 105,999
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable $ 3,210 $ 4,925
Accrued liabilities 11,703 6,014
Deferred revenue 602 375
Current portion of notes payable 310
Total current liabilities 15,515 11,624
Other non-current liabilities 95 72
Total liabilities $ 15,610 $ 11,696
Total stockholders’ equity 78,982 94,303
Total liabilities and stockholders’ equity $ 94,592 $ 105,999
CONTACT: Mark Foley
         ZELTIQ Aesthetics, Inc.
         Interim President and Chief Executive Officer
         925-474-2500

         Nick Laudico / Amy Glynn
         The Ruth Group
         646-536-7030 / 7023
         nlaudico@theruthgroup.com
         aglynn@theruthgroup.com
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Uranium Resources (URRE) Comes to Agreement with Navajo Nation

Uranium Resources, Inc. (NASDAQ: URRE) (“URI” or the “Company”), announced that its wholly-owned subsidiary Hydro Resources, Inc. (HRI) has come to agreement with the Navajo Nation regarding temporary access for its Churchrock Section 8 property. The Temporary Access Agreement (“Agreement”) is intended by both parties to settle the alleged trespass issue related to the Notice of Violation and Order to Comply with the Navajo Nation Civil Trespass Act received by the Company on April 5, 2012. Access provided under the Agreement is for regulatory requirements to include on site visits with the Nuclear Regulatory Commission, but does not allow for any construction activities or earth disturbances.

Reviewing the significance of the progress made to date in discussions with the Navajo Nation, Don Ewigleben, President and CEO of URI, noted, “We have been involved in extensive and meaningful conversations with members of the Navajo Nation and its government rather than taking the approach to litigate jurisdictional authority and believe this agreement is a solid first step toward helping address the legacy issues left behind by previous uranium mining, while enabling us to move forward with our project.”

Under the terms and for the duration of this agreement, HRI has agreed to the jurisdiction of the Navajo Nation. HRI also offered to complete remediation of any radioactive contamination on Sections 17 or 8 prior to commencing in situ leach recovery on Section 8.

Mr. Ewigleben added, “While there is much yet to be accomplished in order for us to advance our project forward, we believe the agreement we have reached with the Navajo Nation is of significance and indicates a willingness by both parties to work toward finding a mutually beneficial solution. We are currently developing cost estimates and timelines for the remediation. Given the many issues yet to be agreed upon and the need to determine a time line for the remediation, we are also revisiting our present schedule which has projected Churchrock Section 8 production commencing by the fourth quarter of 2013.

About Uranium Resources, Inc.

Uranium Resources Inc. explores for, develops and mines uranium. Since its incorporation in 1977, URI has produced over 8 million pounds of uranium by in-situ recovery (ISR) methods in the state of Texas. URI also has 183,000 acres of uranium mineral holdings and 101.4 million pounds of in-place mineralized uranium material in New Mexico and an NRC license to produce up to 1 million pounds of uranium per year. The Company acquired these properties over the past 20 years along with an extensive information database of historic drill hole logs, assay certificates, maps and technical reports. None of URI’s properties is currently in production.

URI’s strategy is to fully develop its resource base in New Mexico and Texas, expand its asset base both within and outside of New Mexico and Texas, partner with larger mining companies that have undeveloped uranium assets or with junior mining companies that do not have the mining experience of URI, as well as provide restoration expertise to those that require the capability or lack the proficiency.

Uranium Resources routinely posts news and other information about the Company on its website at www.uraniumresources.com.

Safe Harbor Statement

This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to risks, uncertainties and assumptions and are identified by words such as “expects,” “estimates,” “projects,” “anticipates,” “believes,” “could,” and other similar words. All statements addressing operating performance, events, or developments that the Company expects or anticipates will occur in the future, including but not limited to statements relating to the Company’s mineralized uranium materials, timing of receipt of mining permits, production capacity of mining operations planned for properties in South Texas and New Mexico, planned dates for commencement of production at such properties, revenue, cash generation and profits are forward-looking statements. Because they are forward-looking, they should be evaluated in light of important risk factors and uncertainties. These risk factors and uncertainties include, but are not limited to, the spot price and long-term contract price of uranium, weather conditions, operating conditions at the Company’s mining projects, government regulation of the mining industry and the nuclear power industry, world-wide uranium supply and demand, availability of capital, timely receipt of mining and other permits from regulatory agents and other factors which are more fully described in the Company’s documents filed with the Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize, or should any of the Company’s underlying assumptions prove incorrect, actual results may vary materially from those currently anticipated. In addition, undue reliance should not be placed on the Company’s forward-looking statements. Except as required by law, the Company disclaims any obligation to update or publicly announce any revisions to any of the forward-looking statements contained in this news release.

Tuesday, July 31st, 2012 Uncategorized Comments Off on Uranium Resources (URRE) Comes to Agreement with Navajo Nation

Clearwire (CLWR) Launches 50% Off All CLEA Devices CLEAR 4G Back-to-School Promotion

BELLEVUE, Wash., July 30, 2012 (GLOBE NEWSWIRE) — School may be out for summer, but CLEAR’s back-to-school promotions are in full swing. Right now, parents and students can purchase CLEAR devices for the upcoming school year and save big. All CLEAR devices – including the CLEAR Spot® Voyager, a powerful mobile broadband hotspot that fits in the palm of the hand and the CLEAR Stick Atlas, a mobile USB that connects instantly to the internet without complicated software – are a whopping 50% off.

The discounts are being offered online at www.clear.com and everywhere CLEAR devices are sold. With these devices and a CLEAR service plan, students can stay connected at school, whether in their home or on-the-go, as long as they are in the CLEAR coverage area. The back-to-school promotion kicked off July 1st and runs through August 31st.

“According to PriceGrabber® survey data, 35% of consumers start shopping for back-to-school items in July and 44% in August,” said Dow Draper, senior vice president and general manager – CLEAR. “Our hope is that these consumers, and others, take advantage of our great offering. Not only will they save a significant amount of money on our unique products, but they will also enjoy a new way to stay connected with a true mobile broadband experience on CLEAR unlimited* internet plans and no long term contracts.”

The CLEAR Spot Voyager is a personal mobile hotspot allowing users to easily and securely share unlimited* super-fast internet access, virtually anywhere within CLEAR coverage, simultaneously with up to eight Wi-Fi-enabled devices, including the iPad®, iPhone®, iPod® touch, laptops, smartphones, and portable gaming devices. The CLEAR Spot Voyager is manufactured by Infomark and carries a Manufacturer’s Suggested Retail Price of $99.99 and is on sale for $49.99**. The device is 2.6″ square, weighs only 2.1 ounces, and runs on a rechargeable battery that provides up to six hours of continuous use.***

The CLEAR Stick Atlas is manufactured by Ubee Interactive and carries a Manufacturer’s Suggested Retail Price of $49.99 and is on sale for $24.99**. It is a mobile USB that doesn’t require complicated software so you can instantly connect to the internet. The device is 1.2 inches wide by 3.25 inches high with a 0.65 inch diameter, weighing only 1.1 ounces.  The color is charcoal grey with a matte finish, and includes an LED light showing signal strength and connection status. The device supports most operating systems, including: Windows® 7, Windows Vista®, Windows® XP, Mac® OSX, Linux, Android™ and Chrome.

CLEAR, the retail brand for Clearwire Corporation, runs on Clearwire’s 4G network in approximately 80 cities across the U.S. For more information about CLEAR, visit www.clear.com. Company information about Clearwire is available at www.clearwire.com.

* Unlimited plans subject to CLEAR’s Acceptable Use Policy, posted at www.clear.com/legal/aup.

** Taxes, recurring service fee, and other charges apply, including shipping charges in certain retail sales  channels.

*** Actual battery life that user experiences between charges may vary and is not guaranteed.

Clearwire, CLEAR, the CLEAR logo, and CLEAR Spot are trademarks or registered trademarks of Clearwire Communications LLC. iPad, iPhone and iPod touch are registered trademarks of Apple Inc

About Clearwire

Clearwire Corporation (Nasdaq:CLWR), through its operating subsidiaries, is a leading provider of 4G wireless broadband services offering services in areas of the U.S. where more than 130 million people live. The company holds the deepest portfolio of wireless spectrum available for data services in the U.S. Clearwire serves retail customers through its own CLEAR® brand, as well as through wholesale relationships with some of the leading companies in the retail, technology and telecommunications industries. The company is constructing a next-generation 4G LTE Advanced-ready network to address the capacity needs of the market, and is also working closely with the Global TDD-LTE Initiative and China Mobile to further the TDD-LTE ecosystem. Clearwire is headquartered in Bellevue, Wash. Additional information is available at http://www.clearwire.com.

CONTACT: Clearwire
         Chris Comes
         (312) 282-0539
         Christopher.comes@clearwire.com
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Community West Bancshares (CWBC) Reports Solid Second Quarter Results

Highlighted by Improved Credit Quality and Net Interest Margin Expansion

Community West Bancshares (Community West or the Company), (NASDAQ: CWBC), parent company of Community West Bank (Bank), today reported a net loss of $591,000 in the second quarter of 2012 (2Q12) compared to net income of $819,000 in the first quarter of 2012 (1Q12) and a net loss of $221,000 in the second quarter a year ago (2Q11). In the first six months of 2012, Community West reported net income of $228,000 compared to net income of $375,000 in the first six months of 2011.

This quarter’s loss included a $431,000 prepayment penalty resulting from paying off $17.0 million of borrowings from the Federal Home Loan Bank (FHLB) as part of the planned streamlining of the Company’s balance sheet.

“Our second quarter was highlighted by a continued reduction in deposit costs which resulted in an expansion of our net interest margin during the second quarter of 2012 to 4.78%, an increase of 30 basis points compared to the preceding quarter and an increase of 20 basis points compared to the same quarter a year ago,” stated Martin E. Plourd, President and Chief Executive Officer. “Our efforts have been focused on improving our core banking strategy while orderly reducing the balance sheet and diligently working to improve asset quality. This operational plan is aimed at continued stability to the organization by strengthening the balance sheet and returning the Bank to sustainable profitability and we believe we have made meaningful progress in all of these areas during the quarter, with non-performing assets and related credit costs declining compared to the preceding quarter. The majority of the discretionary reductions of the balance sheet were performed in the first six months of 2012.”

2Q12 Financial Highlights

  • Net interest margin was 4.78% in 2Q12, an increase of 6.7%, compared to 4.48% in 1Q12 and up from 4.58% in 2Q11.
  • Nonaccrual loans were $32.8 million, or 6.7% of total loans at June 30, 2012, down 14.4% from $38.3 million, or 7.4% of total loans at March 31, 2012.
  • Net real estate owned (REO), after subtracting the SBA guarantee, and repossessed assets decreased 58.2% to $2.1 million at June 30, 2012 compared to $4.9 million three months earlier and decreased 70.7% compared to $7.0 million a year earlier.
  • The total allowance for loan losses equaled 3.59% of total loans held for investment at June 30, 2012, compared to 3.19% at March 31, 2012 and 3.09% a year ago.
  • Community West Bank’s Total risk-based capital ratio was 13.41% and Tier 1 leverage ratio was 9.38% at June 30, 2012, an increase compared to the Bank’s Total risk-based capital ratio of 12.43% and Tier 1 leverage ratio of 8.52% at March 31, 2012. Under the Bank’s regulatory agreement, ratios of 12% and 9%, respectively, are required to be maintained.

Including $268,000 of dividends and accretion on preferred stock, the net loss applicable to common stockholders was $859,000, or $0.14 per diluted share, in 2Q12 compared a net loss applicable to common stockholders of $483,000, or $0.08 per diluted share, in 2Q11.

Credit Quality

Nonaccrual loans decreased 14.4% to $32.8 million, or 6.7% of total loans at June 30, 2012 compared to $38.3 million, or 7.4% of total loans at March 31, 2012. Nonaccrual loans were $29.7 million, or 5.2% of total loans at June 30, 2011.

Of the $32.8 million in nonaccrual loans, $21.6 million, or 65.9% were real estate loans, $1.3 million, or 4.1% were SBA loans, $8.8 million, or 26.9% were manufactured housing loans, $920,000, or 2.8% were commercial loans and $104,000, or 0.03% were other installment loans.

Net real estate owned (REO) and repossessed assets decreased 58.2% to $2.1 million at June 30, 2012 compared to $4.9 million three months earlier and decreased 70.7% compared to $7.0 million a year earlier.

Nonaccrual loans plus net REO and repossessed assets decreased to $34.9 million, or 6.1% of total assets, at June 30, 2012 compared to $43.2 million, or 6.9% of total assets, three months earlier and $36.8 million, or 5.7% of total assets, a year ago. Net charge-offs totaled $1.2 million in 2Q12, a decrease of 54.5%, compared to $2.5 million in 1Q12.

Community West’s loan loss provision was $1.90 million in 2Q12 compared to $1.98 million in 1Q12 and $3.16 million in 2Q11. The allowance for loan losses totaled $15.4 million at June 30, 2012, equal to 3.59% of total loans held for investment, compared to 3.19% at March 31, 2012 and 3.09% at June 30, 2011.

Income Statement Review

Second quarter net interest income was $6.6 million compared to $6.5 million in 1Q12 and $7.1 million in 2Q11. In the first half of 2012, net interest income was $13.1 million compared to $14.2 million in the first half of 2011. The second quarter net interest margin improved 30 basis points to 4.78%, compared to 4.48% in 1Q12 and improved 20 basis points compared to 4.58% in 2Q11. In the first six months of 2012, the net interest margin increased eight basis points to 4.63% compared to 4.55% in the first six months of 2011. Comparatively fewer loans were placed on nonaccrual in 2Q12.

Non-interest income was $513,000 in 2Q12 compared to $1.9 million in 1Q12 and $815,000 in 2Q11. In the first six months of 2012, non-interest income was $2.4 million compared to $1.6 million in the first six months of 2011. First quarter 2012 non-interest income included a $973,000 gain on sale of SBA loans.

Non-interest expenses were $5.8 million in 2Q12 compared to $5.6 million in 1Q12 and $5.1 million in 2Q11. The slight increase compared to the preceding quarter was primarily due to the FHLB advance prepayment fee of $431,000. In the first six months of 2012, non-interest expenses were $11.4 million compared to $10.9 million in the first six months of 2011.

Balance Sheet

“In an effort to strengthen the Bank and enhance our capital ratios, we continued in 2Q12 with an orderly reduction of the balance sheet,” said Charles G. Baltuskonis, Executive Vice President and Chief Financial Officer. “As a result, we again used excess cash to prepay FHLB advances and we are letting the higher interest-bearing certificates of deposit run off as we focus our efforts on growing low-cost core deposits.”

Net loans were $477.2 million at June 30, 2012 compared to $504.6 million at March 31, 2012 and $553.4 million at June 30, 2011. Community West sold $10.1 million of SBA loans during 1Q12. Commercial real estate loans outstanding were down 16.5% from year ago levels to $144.8 million at June 30, 2012 and comprise 29.4% of the total loan portfolio. Manufactured housing loans were down 5.0% from year ago levels to $183.3 million and represent 37.2% of total loans. Commercial loans were down 20.6% compared to a year ago and represent 7.6% of the total loan portfolio and SBA loans decreased 24.2% from a year ago and now represent 18.5% of the total loan portfolio.

Total deposits were $478.3 million at June 30, 2012 compared to $510.8 million at March 31, 2012, and $511.1 million at June 30, 2011. Non-interest-bearing accounts were $51.3 million at June 30, 2012 compared to $54.4 million at June 30, 2011. Interest-bearing accounts increased 2.0% to $280.6 million at June 30, 2012, compared to $275.1 million at June 30, 2011. Core deposits, defined as non-interest-bearing checking, interest-bearing checking, money market accounts, savings accounts and retail certificates of deposit totaled $380.8 million at June 30, 2012 compared to $390.3 million at June 30, 2011.

Total assets were $572.9 million at June 30, 2012 compared to $623.2 million at March 31, 2012, and $643.8 million at June 30, 2011. In addition to prepaying FHLB advances, the Bank received payoff on two large loans and has been active in working and reducing problem assets. Stockholders’ equity was $50.3 million at June 30, 2012, compared to $51.1 million at March 31, 2012 and $61.8 million at June 30, 2011. Book value per common share was $5.87 at June 30, 2012, compared to $6.01 at March 31, 2012 and $7.84 at June 30, 2011.

Recent Developments

Management believes that the Bank has made substantial progress on addressing points noted by its regulators as part of its ongoing efforts to strengthen the Bank’s operations.

Community West Bank completed the following actions within the last 180 days to streamline the balance sheet and enhance its capital position:

  • Closed remaining out-of-state (CO, OR, UT and WA) SBA lending operations in February 2012.
  • Sold $10.1 million of guaranteed SBA loans in March 2012, generating a net gain of $973,000.
  • Prepaid $5.0 million of FHLB advances in March 2012 and another $17.0 million in April 2012.
  • Sold $4.0 million of investment securities in March 2012 at a net gain of $121,000.
  • Sold $3.0 million in REO and repossessed assets in 1Q12 and another $4.3 million in 2Q12.

Among other actions that will require prior Federal Reserve Board (FRB) approval, the Company will not be allowed to pay any dividends on its capital and preferred stock. The FRB has denied approving payment of the dividends on the Preferred Shares. $195,000 was due on May 15, 2012 and $195,000 will be due on August 15, 2012. Such amounts continue to be accrued as incurred and deducted from capital.

Company Overview

Community West Bancshares is a financial services company with headquarters in Goleta, California. The Company is the holding company for Community West Bank, which has five full-service California branch banking offices, in Goleta, Santa Barbara, Santa Maria, Ventura and Westlake Village. The principal business activities of the Company are Relationship banking, Mortgage lending and SBA lending.

Safe Harbor Disclosure

This release contains forward-looking statements that reflect management’s current views of future events and operations. These forward-looking statements are based on information currently available to the Company as of the date of this release. It is important to note that these forward-looking statements are not guarantees of future performance and involve risks and uncertainties, including, but not limited to, the ability of the Company to implement its strategy and expand its lending operations.

COMMUNITY WEST BANCSHARES
CONDENSED CONSOLIDATED INCOME STATEMENTS
(unaudited)
(in 000’s, except per share data)
Three Months Ended Six Months Ended
June 30, March 31, June 30, June 30, June 30,
2012 2012 2011 2012 2011
Interest income
Loans $ 7,830 $ 8,082 $ 8,865 $ 15,912 $ 17,909
Investment securities and other 204 239 270 443 557
Total interest income 8,034 8,321 9,135 16,355 18,466
Interest expense
Deposits 1,052 1,265 1,472 2,317 3,142
Other borrowings and convertible debentures 425 528 578 953 1,169
Total interest expense 1,477 1,793 2,050 3,270 4,311
Net interest income 6,557 6,528 7,085 13,085 14,155
Provision for loan losses 1,900 1,983 3,157 3,883 4,140
Net interest income after
provision for loan losses 4,657 4,545 3,928 9,202 10,015
Non-interest income
Other loan fees 295 250 411 545 641
Gain on loan sales 58 1,097 85 1,155 167
Other 160 541 319 701 745
Total non-interest income 513 1,888 815 2,401 1,553
Non-interest expenses
Salaries and employee benefits 2,742 2,885 2,707 5,627 5,816
Occupancy and equipment expenses 419 495 494 914 999
FDIC assessment 309 426 222 735 524
Professional services 296 325 236 621 451
Loss on sale and write-down of foreclosed real estate and repossessed assets 371 409 199 780 658
Other operating expenses 1,624 1,074 1,257 2,698 2,476
Total non-interest expenses 5,761 5,614 5,115 11,375 10,924
Income (loss) before income taxes (591 ) 819 (372 ) 228 644
Provision for income taxes (151 ) 269
NET INCOME (LOSS) $ (591 ) $ 819 $ (221 ) $ 228 $ 375
Dividends and accretion on preferred stock 268 262 262 530 524
NET INCOME (LOSS) APPLICABLE TO COMMON STOCKHOLDERS
$ (859 ) $ 557 $ (483 ) $ (302 ) $ (149 )
Earnings (loss) per common share:
Basic $ (0.14 ) $ 0.09 $ (0.08 ) $ (0.05 ) $ (0.02 )
Diluted $ (0.14 ) $ 0.08 $ (0.08 ) $ (0.05 ) $ (0.02 )
COMMUNITY WEST BANCSHARES
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)
(in 000’s, except per share data)
June 30, December 31, June 30,
2012 2011 2011
Cash and cash equivalents $ 28,438 $ 22,572 $ 7,536
Interest-earning deposits in other financial institutions 4,187 347 240
Investment securities 29,474 38,923 38,903
Loans:
Commercial 37,464 42,058 47,194
Commercial real estate 144,799 168,812 173,434
SBA 91,196 111,786 120,340
Manufactured housing 183,343 189,331 193,060
Single family real estate 11,469 11,789 11,745
HELOC 20,490 20,719 20,983
Consumer 310 312 329
Mortgage loans held for sale 3,593 3,179 1,597
Total loans 492,664 547,986 568,682
Loans, net
Held for sale 62,070 77,303 76,144
Held for investment 430,594 470,683 492,538
Less: Allowance (15,446 ) (15,270 ) (15,237 )
Net held for investment 415,148 455,413 477,301
NET LOANS 477,218 532,716 553,445
Other assets 33,608 38,790 43,707
TOTAL ASSETS $ 572,925 $ 633,348 $ 643,831
Deposits
Non-interest-bearing $ 51,296 $ 49,894 $ 54,386
Interest-bearing 280,639 289,796 275,144
Savings 16,128 19,429 22,343
CDs over 100K 113,407 128,254 127,505
CDs under 100K 16,841 23,889 31,756
Total Deposits 478,311 511,262 511,134
Other borrowings 41,852 68,852 67,862
Other liabilities 2,472 2,608 2,997
TOTAL LIABILITIES 522,635 582,722 581,993
Stockholders’ equity 50,290 50,626 61,838
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 572,925 $ 633,348 $ 643,831
Shares outstanding 5,990 5,990 5,984
Book value per common share $ 5.87 $ 5.94 $ 7.84
ADDITIONAL FINANCIAL INFORMATION
(Dollars in thousands except per share amounts)(Unaudited)
Quarter Ended Quarter Ended Quarter Ended Six Months Ended
PERFORMANCE MEASURES AND RATIOS Jun. 30, 2012 Mar. 31, 2012 Jun. 30, 2011 Jun.30, 2012 Jun.30, 2011
Return on average common equity -6.71 % 9.07 % -1.83 % 1.28 % 1.57 %
Return on average assets -0.41 % 0.52 % -0.13 % 0.08 % 0.11 %
Efficiency ratio 81.49 % 66.71 % 64.74 % 73.45 % 69.54 %
Net interest margin 4.78 % 4.48 % 4.58 % 4.63 % 4.55 %
Quarter Ended Quarter Ended Quarter Ended Six Months Ended
AVERAGE BALANCES Jun. 30, 2012 Mar. 31, 2012 Jun. 30, 2011 Jun.30, 2012 Jun.30, 2011
Average assets $ 583,442 $ 631,547 $ 659,131 $ 607,487 $ 665,782
Average earning assets 551,239 586,399 620,776 568,831 626,952
Average total loans 509,505 540,763 574,059 525,144 580,585
Average deposits 489,035 511,634 523,119 500,326 528,536
Average equity (including preferred stock) 50,359 51,209 62,915 50,785 62,778
Average common equity (excluding preferred stock) 35,220 36,112 48,018 35,667 47,915
EQUITY ANALYSIS Jun. 30, 2012 Mar. 31, 2012 Jun. 30, 2011
Total equity $ 50,290 $ 51,110 $ 61,838
Less: senior preferred stock 15,126 15,141 14,941
Total common equity $ 35,164 $ 35,969 $ 46,897
Common stock outstanding 5,990 5,990 5,984
Book value per common share $ 5.87 $ 6.01 $ 7.84
ASSET QUALITY Jun. 30, 2012 Mar. 31, 2012 Jun. 30, 2011
Nonaccrual loans $ 32,790 $ 38,290 $ 29,724
Nonaccrual loans/total loans 6.66 % 7.37 % 5.23 %
REO and repossessed assets $ 2,292 $ 5,776 $ 10,319
Less: SBA-guaranteed amounts 230 844 $ 3,274
Net REO and repossessed assets $ 2,062 $ 4,932 $ 7,045
Nonaccrual loans plus net REO 34,852 43,222 $ 36,769
Nonaccrual loans plus net REO/total assets 6.08 % 6.94 % 5.71 %
Net loan charge-offs in the quarter $ 1,159 $ 2,548 $ 1,092
Net charge-offs in the quarter/total loans 0.24 % 0.49 % 0.19 %
Allowance for loan losses $ 15,446 $ 14,705 $ 15,237
Plus: Reserve for undisbursed loan commitments 181 206 260
Total allowance for credit losses $ 15,627 $ 14,911 $ 15,497
Total allowance for loan losses/total loans held for investment 3.59 % 3.19 % 3.09 %
Total allowance for loan losses/nonperforming loans 47.11 % 38.40 % 51.26 %
Community West Bancshares
Tier 1 leverage ratio 8.60 % 8.08 % 9.35 %
Tier 1 risk-based capital ratio 11.22 % 10.61 % 11.82 %
Total risk-based capital ratio 14.26 % 13.51 % 14.60 %
Community West Bank
Tier 1 leverage ratio 9.38 % 8.52 % 9.59 %
Tier 1 risk-based capital ratio 12.13 % 11.15 % 12.12 %
Total risk-based capital ratio 13.41 % 12.43 % 13.39 %
INTEREST SPREAD ANALYSIS Jun. 30, 2012 Mar. 31, 2012 Jun. 30, 2011
Yield on interest-bearing deposits 0.97 % 1.10 % 1.25 %
Yield on total loans 6.18 % 6.01 % 6.19 %
Yield on investments 2.25 % 2.23 % 2.36 %
Yield on earning assets 5.86 % 5.71 % 5.90 %
Cost of deposits 0.87 % 0.99 % 1.13 %
Cost of FHLB advances 2.93 % 2.43 % 2.60 %
Cost of interest-bearing liabilities 1.24 % 1.37 % 1.52 %
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TowerJazz (TSEM) Announces Reverse Share Split Ratio

MIGDAL HAEMEK, Israel, July 30, 2012 /PRNewswire/ —

TowerJazz (Nasdaq: TSEM; TASE: TSEM), the global specialty foundry leader, today announced that its Board of Directors has approved a reverse split of its ordinary shares at a ratio of 1-for-15. The reverse split will reduce the number of outstanding ordinary shares of the Company to approximately 22 million shares. Fractional shares as a result of the reverse share split will be rounded up to the next whole number. Proportional adjustments will be made to all of TowerJazz’s outstanding convertible securities.

(Logo: http://photos.prnewswire.com/prnh/20120509/531192 )

The reverse share split is intended to enable TowerJazz to regain compliance with the NASDAQ minimum bid requirement to maintain the Company’s stock listing on NASDAQ.

The Company’s ordinary shares will begin trading on a split-adjusted basis on NASDAQ commencing August 6, 2012 and on the Tel Aviv Stock Exchange commencing August 5, 2012, subject to the approval of the company’s shareholders on Thursday, August 2, 2012.

Russell Ellwanger, CEO of TowerJazz, commented: “The reverse split action is being done for the benefit of our shareholders – it is intended to enable continued US investment and analysts’ coverage by regaining our listing on NASDAQ, while continuing to be traded on the Tel Aviv Stock Exchange. We as well expect this action to create new opportunities for us with large size institutional investors and analysts as we continue to extend our leadership as the number one global specialty foundry.”

About TowerJazz

Tower Semiconductor  Ltd. (NASDAQ: TSEM, TASE: TSEM), the global specialty foundry leader, its fully owned U.S. subsidiary Jazz Semiconductor  Ltd., and its fully owned Japanese subsidiary TowerJazz Japan, LTD, operate collectively under the brand name TowerJazz, manufacturing integrated circuits  with geometries ranging  from  1.0  to  0.13-micron. TowerJazz provides industry leading design enablement tools to allow complex designs to be achieved quickly and more accurately and offers a broad range of customizable process technologies including SiGe, BiCMOS, Mixed-Signal and RFCMOS, CMOS Image Sensor, Power Management (BCD), and Non-Volatile Memory (NVM) as well as MEMS capabilities. To provide multi-fab sourcing, TowerJazz maintains two manufacturing facilities in Israel, one in the U.S., and one in Japan with additional capacity available in China through manufacturing partnerships. For more information, please visit http://www.towerjazz.com.

Safe Harbor Regarding Forward-Looking Statements

This press release includes forward-looking statements, which are subject to risks and uncertainties. Actual results may vary from those projected or implied by such forward-looking statements. A complete discussion of risks and uncertainties that may affect the accuracy of forward-looking statements included in this press release or which may otherwise affect TowerJazz’s business is included under the heading “Risk Factors” in Tower’s most recent filings on Forms 20-F, F-3, F-4 and 6-K, as were filed with the Securities and Exchange Commission (the “SEC”) and the Israel Securities Authority and Jazz’s most recent filings on Forms 10-K and 10-Q, as were filed with the SEC, respectively. Tower and Jazz do not intend to update, and expressly disclaim any obligation to update, the information contained in this release.

Contacts

TowerJazz Investor Relations
Noit Levi, +972-4-604-7066
Noit.levi@towerjazz.com

CCG Investor Relations
Ehud Helft / Kenny Green, +1-646-201-9246
towersemi@ccgisrael.com

SOURCE TowerJazz

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TeleCommunication Systems (TSYS) SIgns Major Agreement with U.S. Army

TeleCommunication Systems Agrees with U.S. Army to Further Extend World-Wide Satellite Systems (WWSS) Contract Period of Performance Through First Quarter of 2014

ANNAPOLIS, Md., July 30, 2012 /PRNewswire/ — TeleCommunication Systems, Inc. (TCS) (NASDAQ: TSYS), a world leader in highly reliable and secure mobile communication technology, today announced it has agreed to a third period of performance completion date extension to its U.S. Army World-Wide Satellite Systems (WWSS) Indefinite Delivery Indefinite Quantity (IDIQ) contract. Initially issued as a five-year, $5 billion multiple awards contract in 2006, the period of performance completion date was last extended through July 27, 2013 and is now extended to March 31, 2014.

The WWSS program is managed by the Project Manager Warfighter Information Network-Tactical (PM WIN-T) Program Management Office. TCS will continue to offer and deliver turn-key, single-source, quick-reaction solutions for emerging communications requirements worldwide in support of all federal missions. Since 2006, TCS has received WWSS funded orders totaling about $560 million and currently has over $750 million of not-yet-funded open orders. TCS has won over 70% of the awarded tasks upon which the company has bid and has fielded an installed base of more than 1,200 systems. TCS leads a team of specialized satellite communications and logistics companies that provide a full range of operations, management and logistics products and services for the WWSS program. Over the past six years, the TCS WWSS team has demonstrated its proven ability to support today’s warfighter. TCS’ TotalCom™ solutions sourced through this vehicle include the Secret Internet Protocol Router and Non-secure Internet Protocol Router Access Point (SNAP) Very Small Aperture Terminal (VSAT) Satellite Systems, the Tactical Transportable TROPO (3T) System, the Wireless Point-to-Point Link (WPPL) Beyond Line of Sight system and Global Field Support Representatives.

“This third extension reaffirms the Army’s use of this contract vehicle to access the secure, reliable, deployable communications solutions that TCS provides,” said Mike Bristol, senior vice president and general manager, Government Solutions Group for TCS. “TCS is now into our sixth year of supporting our fighting men and women accomplish their missions, and we look forward to continuing this important work.”

About TeleCommunication Systems, Inc.

TeleCommunication Systems, Inc. (TCS) (NASDAQ: TSYS) is a world leader in highly reliable and secure mobile communication technology. TCS infrastructure forms the foundation for market leading solutions in E9-1-1, text messaging, commercial location and deployable wireless communications. TCS is at the forefront of new mobile cloud computing services providing wireless applications for navigation, hyper-local search, asset tracking, social applications and telematics. Millions of consumers around the world use TCS wireless apps as a fundamental part of their daily lives. Government agencies utilize TCS’ cyber security expertise, professional services, and highly secure deployable satellite solutions for mission-critical communications. Headquartered in Annapolis, MD, TCS maintains technical, service and sales offices around the world. To learn more about emerging and innovative wireless technologies, visit www.telecomsys.com.

Except for the historical information contained herein, this news release contains forward-looking statements as defined within Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended. These statements are subject to risks and uncertainties and are based upon TCS’ current expectations and assumptions that if incorrect would cause actual results to differ materially from those anticipated. Risks include without limitation the possibility that additional orders will not be awarded and/or funded under the contract, and those detailed from time to time in the Company’s SEC reports, including the report on Form 10-K for the year ended December 31, 2011, and on Form 10-Q for the quarter ended March 31, 2012.

Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to update or revise the information in this press release, whether as a result of new information, future events or circumstances, or otherwise.

(Logo: http://photos.prnewswire.com/prnh/20120503/PH99996LOGO )

Company Contact:

Media Contact:

Investor Relations:

TeleCommunication Systems, Inc.

Nadel Phelan

Liolios Group, Inc.

Meredith Allen

Graham Sorkin

Scott Liolios

410-295-1865

831-440-2406

949-574-3860

MAllen@telecomsys.com

graham@nadelphelan.com

info@liolios.com

SOURCE TeleCommunication Systems, Inc.

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Clean Diesel Technologies (CDTI) Announces Honda Win

VENTURA, Calif., July 30, 2012 /PRNewswire/ — Clean Diesel Technologies, Inc. (NASDAQ:CDTI) (“Clean Diesel” or the “Company”), a cleantech emissions control company, is pleased to announce that it has begun supplying catalysts for next-generation four- and six-cylinder Honda Accord models. The Company expects to announce additional model programs in 2013 as it continues close collaboration with Honda on other high-performance six-cylinder and hybrid vehicle applications.

Clean Diesel’s latest catalyst offerings to Honda leverage its proprietary breakthrough MPC© technology and include a high-performance catalyst which is designed to meet stringent California Air Resources Board (“CARB”) Super Ultra Low Emissions Vehicle (“SULEV”) emission standards. Clean Diesel will also supply a palladium-only (“Pd-only”) catalyst that significantly reduces precious metal content when compared to competitive products that typically include more expensive and price volatile metals such as Platinum and Rhodium.

“We are proud to be Honda’s catalyst supplier for the Accord — one of the best selling cars in North America — and we look forward to our catalysts being introduced on other new and exciting Honda vehicle models. Honda’s confidence in our ability to consistently provide superior catalyst solutions is a clear indicator of our technology leadership. We believe that these latest product introductions highlight our strategy to grow sustainable OEM business through technological innovation which expands our footprint with existing customers and creates opportunities to selectively add new customers,” said R. Craig Breese, Clean Diesel’s President and Chief Executive Officer.

Clean Diesel’s Catalyst Division began delivering catalysts to Honda in 2001 – offering a unique combination of high performance and low precious group metal content, resulting in significant economic benefits. Since then, Clean Diesel’s catalysts have been sourced for new model programs that typically span four to five years, including the popular model years 2004 and 2008 Accord.

About Clean Diesel Technologies, Inc.
Clean Diesel is a vertically integrated global manufacturer and distributor of emissions control systems and products, focused on the heavy duty diesel and light duty vehicle markets. Clean Diesel utilizes its proprietary patented Mixed Phase Catalyst (MPC®) technology, as well as its ARIS® selective catalytic reduction, Platinum Plus® fuel-borne catalyst, and other technologies to provide high-value sustainable solutions to reduce emissions, increase energy efficiency and lower the carbon intensity of on- and off-road engine applications. Clean Diesel is headquartered in Ventura, California and currently has operations in the U.S., Canada, U.K., France, Japan and Sweden. For more information, please visit www.cdti.com.

Forward-Looking Statements Safe Harbor
Certain statements in this news release, such as statements regarding the potential for future model programs, the timing of new product programs and the time span of OEM model programs, constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known or unknown risks, including those detailed in Clean Diesel’s filings with the U.S. Securities and Exchange Commission, uncertainties and other factors that may cause the actual results, performance or achievements of Clean Diesel to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Clean Diesel assumes no obligation to update the forward-looking information contained in this release.

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IBM and Dell Products From BDT Guilty of Infringing on Overland Storage (OVRL) Patent

SAN DIEGO, CA — (Marketwire) — 07/27/12 — Overland Storage (NASDAQ: OVRL), the trusted global provider of effortless data management and data protection solutions across the data lifecycle, today announced that the U.S. International Trade Commission (“ITC”) has released the public version of the Initial Determination in the infringement action filed by Overland Storage against IBM, Dell and BDT.

The Initial Determination makes several key findings regarding Overland Storage’s U.S. Patent No. 6,328,766, which relates to partitioning media elements as it relates to automated data storage and retrieval systems methods for allowing two computers to store and retrieve data without interfering with one another.

Some details of the initial determination are:

  • All six asserted claims by Overland Storage of the partitioning patent ‘766 are valid
  • The IBM TS3100 and TS3200 and the Dell TL2000 and TL4000 tape libraries, which are manufactured by BDT, infringe all ‘766 claims asserted by Overland Storage
  • Overland Storage product development and manufacturing activities in the United States satisfy the ITC’s domestic industry requirements for the partitioning (‘766) patent

“Innovation is the driving force of technology companies, and the ability to create and protect their intellectual property is critical to companies as they develop new products and protect existing assets. After twenty-one months of investigation, it is satisfying to have the ITC rule that infringement has occurred,” said Mr. Eric Kelly, President and CEO of Overland Storage. “These patented technologies are central to protecting data deployed in enterprises around the world. With an extensive portfolio of additional patents that have been granted, our IP portfolio will assist us in continuing to shape the future of the data management and data protection markets for years to come.”

Overland Storage lead attorney Sean Cunningham, Partner at DLA Piper LLP commented, “Our legal system allows businesses to protect their patented inventions against unauthorized use. Our goal is to help protect Overland’s valuable intellectual property, and to stop the defendants from illegally profiting from our client’s innovations.”

Overland Storage has petitioned the full Commission for a review of some of the Initial Determination’s findings. If the Commission decides to review the Initial Determination on the merits, the Commission is expected to issue its decision in a Final Determination by October 22, 2012. Upon completion of the ITC case, Overland Storage plans to pursue monetary damages against BDT in district court.

Represented by DLA Piper LLP (US), Overland Storage previously reported that it filed additional lawsuits on June 28, 2012 claiming infringement of one or both of the Overland Storage patents involved in the ITC case against BDT. Those lawsuits name as defendants Quantum Corporation; Spectra Logic Corporation; PivotStor, Inc.; Qualstar Corporation; Tandberg Data GmbH; Tandberg Data Corp.; and Venture Corporation Limited. In addition to a royalty for its patented inventions, Overland seeks to prevent each of the defendants from using its patented technologies in the United States.

Overland Storage will host an investor conference call Tuesday, July 31th at 1:30 p.m. PDT (4:30 p.m. EDT) to discuss its ongoing litigation. To access the call, dial (877) 941-1429 (+1 (480) 629-9857 outside the United States) and when prompted, provide the pass code “Overland Storage” to the operator. Participants are asked to call the assigned number approximately 10 minutes before the conference call begins.

About Overland Storage
Overland Storage is the trusted global provider of effortless data management and data protection solutions across the data lifecycle. By providing an integrated range of technologies and services for primary, nearline, offline, archival and cloud data storage, Overland makes it easy and cost effective to manage different tiers of information over time. Overland SnapServer®, SnapSAN™, NEO® and REO® solutions are available through a select network of value added resellers and system integrators. For more information, visit http://www.overlandstorage.com/.

Safe Harbor Statement

Except for the factual statements made herein, the information contained in this news release consists of forward-looking statements that involve risks, uncertainties and assumptions that are difficult to predict. Words and expressions reflecting optimism, satisfaction or disappointment with current prospects, as well as words such as “believes,” “hopes,” “intends,” “estimates,” “expects,” “projects,” “plans,” “anticipates” and variations thereof, or the use of future tense, identify forward-looking statements, but their absence does not mean that a statement is not forward-looking. Such forward-looking statements are not guarantees of performance and our actual results could differ materially from those contained in such statements. Factors that could cause or contribute to such differences include, but are not limited to: our ability to maintain and increase sales volumes of our products; our ability to continue to aggressively control costs and operating expenses; our ability to achieve the intended cost savings and maintain quality with our new manufacturing partner; our ability to generate cash from operations; the ability of our suppliers to provide an adequate supply of components for our products at prices consistent with historical prices; our ability to raise outside capital and to repay our debt as it comes due; our ability to introduce new competitive products and the degree of market acceptance of such new products; the timing and market acceptance of new products introduced by our competitors; our ability to enforce our intellectual property rights; our ability to maintain strong relationships with branded channel partners; our ability to maintain the listing of our common stock on the NASDAQ Capital Market; customers’, suppliers’ and creditors’ perceptions of our continued viability; rescheduling or cancellation of customer orders; loss of a major customer; general competition and price measures in the market place; unexpected shortages of critical components; worldwide information technology spending levels; and general economic conditions. Reference is also made to other factors detailed from time to time in our periodic reports filed with the Securities and Exchange Commission. These forward-looking statements speak only as of the date of this release and we undertake no obligation to publicly update any forward-looking statements to reflect new information, events or circumstances after the date of this release.

Connect with Overland Storage:
Read the Overland blog: http://overlandstorage.com/blog
Follow Overland on Twitter: http://www.twitter.com/OverlandStorage
Visit Overland on Facebook: http://www.facebook.com/OverlandStorage

Overland Storage, SnapSAN, SnapServer, NEO Series, REO Series and the Overland logo are trademarks Overland Storage, Inc., that may be registered in some jurisdictions. All other trademarks used are owned by their respective owners.

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Investor Relations Contact:
Charles Messman or Todd Kehrli
MKR Group Inc.
323-468-2300
ovrl@mkr-group.com

Media Contact:
Elizabeth Zaborowska
Bhava Communications
510-219-8127

Friday, July 27th, 2012 Uncategorized Comments Off on IBM and Dell Products From BDT Guilty of Infringing on Overland Storage (OVRL) Patent

Cobra Electronics (COBR) Reports Increased Second Quarter Results

Operating Income Increases 52%

CHICAGO, July 27, 2012 /PRNewswire/ — Cobra Electronics Corporation (NASDAQ: COBR), a leading global designer and marketer of mobile communications and navigation products, today reported net income of $902,000, or $0.14 per share, for the second quarter of 2012 as compared to a net income of $517,000, or $0.08 per share, for the second quarter of 2011. In addition, operating income increased to $1.4 million for the current quarter as compared to an operating income of $951,000 in the same quarter last year. This significant improvement in operating income reflected an increase in net sales to $29.1 million from $28.9 million in the second quarter of 2011 and a substantial increase in gross margin to 30.5 percent from 28.4 percent in the prior year’s second quarter.

For the second quarter of 2012, consolidated net sales increased by $224,000, or nearly 1 percent, with the Cobra segment reporting an increase in net sales of $247,000, or 1 percent, and the Performance Products Limited (“PPL”) segment reporting a decrease of $23,000, or less than 1 percent. The sales increase for the Cobra segment reflected higher domestic sales of Truck Navigation and Detection products, but also lower sales of Citizens Band radios. Higher domestic Truck Navigation product sales included the all-new 8000 PRO HD and 6000 PRO HD models. The increase in domestic Detection sales resulted from higher sales of iRadar™, which nearly doubled from the previous year’s second quarter, the introduction of one model from the new and revolutionary designed Vedetta™ Series and expanded distribution. Citizens Band radio sales compared to the prior year’s quarter declined because of a more normalized level of sales of the highly successful 29 LX. However, this decrease was partially offset by sales of two new LX models for 2012, the 29 LX BT and the 25 LX. PPL sales decreased by $23,000, however, absent exchange rate differences, PPL sales denominated in pounds sterling increased by 2.4%, which was attributable to higher sales of Truckmate™ navigation products.

“We are pleased to report a significant increase in operating income in the current quarter. This was driven by higher net sales and a significant improvement in gross margin that resulted from the continued success of our new and award winning products as well as new and expanded distribution,” said Jim Bazet, Cobra’s Chairman and Chief Executive Officer.

Consolidated gross margin increased to 30.5 percent from 28.4 percent in the prior year’s second quarter primarily as a result of an improved product mix. The gross margin for the Cobra segment improved to 29.5 percent from 27.2 percent in the second quarter of 2011 as higher margin products, such as Truck Navigation and Detection, generated significant sales increases. PPL’s gross margin increased to 36.3 percent from 35.7 percent in the prior year’s second quarter reflecting reduced amortization expense for intangible assets that were included in the original purchase price of PPL.

Selling, general and administrative expenses increased to $7.4 million in the current quarter from $7.2 million in the prior year’s second quarter. Variable selling expenses increased consistent with the net sales increase, while higher fixed expenses in the Cobra segment included increases in employee compensation expenses, legal fees and trade show expenses, all of which were necessary in order to support continued growth.

Other expense increased $41,000 compared to the prior year’s quarter primarily due to a higher loss on the cash surrender value of life insurance that the Company owns for the purpose of funding deferred compensation programs for certain current and former officers of the Company. A tax provision of $164,000 was recorded in the current quarter as compared to a $76,000 tax expense in the second quarter of 2011 mainly due to higher income for Cobra Electronics Europe Limited.

Interest-bearing debt was $14.2 million as of June 30, 2012 compared to $15.9 million at June 30, 2011.  Inventory at the end of the second quarter increased to $32.6 million from $29.2 million the prior year and accounts receivable at the end of the quarter were $16.4 million, a decrease from $17.5 million one year earlier.

On a year-to-date basis, consolidated net sales have increased by 8.2 percent, to $55.5 million from $51.3 million for the same period of 2011, driven by strong sales of new products as well as new and expanded distribution. In addition to this sales increase, an improved gross margin has resulted in operating income of $1.6 million for the first six months as compared to a $129,000 operating income for the prior year’s period.  The net income for the year-to-date was $1.2 million, or $0.19 per share, as compared to a net loss of $302,000 or $0.05 per share in the prior year.

In discussing the outlook for the third quarter of 2012, as well as the entire year, Mr. Bazet said, “The Company anticipates better results in the third quarter of 2012 than in the third quarter of 2011. The Company also expects to achieve higher profitability in 2012 driven by the introduction of exciting new products as well as new and expanded distribution and marketing channels.”

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

About Cobra Electronics

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

Safe Harbor

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

Condensed Consolidated Statements of Operations

(in thousands, except per share amounts, unaudited)

For the Three Months Ended

For the Six Months Ended

June 30,

June 30,

June 30,

June 30,

2012

2011

2012

2011

Net sales

$

29,084

$

28,860

$

55,502

$

51,299

Cost of sales

20,226

20,672

39,056

37,275

Gross profit

8,858

8,188

16,446

14,024

Selling, general and administrative expense

7,413

7,237

14,840

13,895

Earnings from operations

1,445

951

1,606

129

Other (expense) income:

Interest expense

(235)

(255)

(488)

(523)

Other, net

(144)

(103)

349

161

Earnings (loss) before taxes

1,066

593

1,467

(233)

Tax provision

164

76

226

69

Net earnings (loss)

$

902

$

517

$

1,241

$

(302)

Net earnings (loss) per common share:

Basic

$

0.14

$

0.08

$

0.19

$

(0.05)

Diluted

$

0.14

$

0.08

$

0.19

$

(0.05)

Weighted average shares outstanding:

Basic

6,611

6,540

6,586

6,513

Diluted

6,622

6,540

6,600

6,513

Condensed Consolidated Balance Sheets

(in thousands, unaudited)

ASSETS:

June 30,

December 31,

June 30,

2012

2011

2011

Current assets:

Cash

$

2,871

$

1,033

$

1,476

Accounts receivable, net

16,355

23,400

17,458

Inventories, net

32,627

34,093

29,156

Other current assets

2,495

2,726

2,805

Total current assets

54,348

61,252

50,895

Property, plant and equipment, net

5,392

5,367

5,459

Total other assets

13,975

13,976

15,020

Total assets

$

73,715

$

80,595

$

71,374

LIABILITIES AND SHAREHOLDERS’ EQUITY:

Current liabilities:

Accounts payable

$

5,721

$

7,368

$

6,013

Accrued liabilities

6,345

8,910

6,380

Short-term debt

14,220

18,655

15,892

Total current liabilities

26,286

34,933

28,285

Non-current liabilities:

Deferred taxes

1,090

1,159

1,474

Deferred compensation

7,675

7,392

7,273

Other long-term liabilities

763

588

558

Total non-current liabilities

9,528

9,139

9,305

Equity:

Shareholders’ equity – Cobra

37,901

36,523

33,756

Non-controlling interest

0

0

28

Total equity

37,901

36,523

33,784

Total liabilities and shareholders’ equity

$

73,715

$

80,595

$

71,374

SOURCE Cobra Electronics Corporation

Friday, July 27th, 2012 Uncategorized Comments Off on Cobra Electronics (COBR) Reports Increased Second Quarter Results

TeleCommunication Systems (TSYS) Selected by Global Manufacturer for Mobile Handset Location

TCS to Provide Industry-Leading Navigation, Integrated Maps and Software Components

ANNAPOLIS, Md., July 27, 2012 /PRNewswire/ — TeleCommunication Systems, Inc. (TCS) (NASDAQ: TSYS), a world leader in highly reliable and secure mobile communication technology, today announced that it has been selected by a global phone manufacturer to deliver an integrated maps, local search and navigation application featuring real-time traffic and other premium content, along with software components for use by third-party developers to enable location-based services. The agreement marks the first time that TCS’ navigation platform will be a standard feature of a device manufacturer’s offering.

The collaboration with the manufacturer underlines the importance of location and maps as a core feature for mobile devices, and will further enhance the customer experience.

News Facts:

  • TCS’ navigation application will be available on the manufacturer’s handsets for customers in markets around the world.
  • TCS will develop the customer-branded navigation application and provide associated services.
  • With the touch of a button, end users will be empowered to easily search for businesses, points of interest, movie and event information and to navigate to a selected place taking into account real-time traffic conditions.
  • The TCS-provided software components will be available to all software developers through API’s, providing developers with easy-to-use and powerful functions to incorporate maps and a range of location-aware content into their applications.

Supporting Quote:

  • Jay Whitehurst, senior vice president, Commercial Software Group, TCS, said, “Mobile device manufacturers recognize the value of adding navigation and LBS-based components as an integral part of their offerings, and TCS has been selected for its end-to-end solution, which greatly enhances the performance and ease of use for application developers and end users.”

Supporting Resources:

  • TCS Navigation Solutions: http://www.telecomsys.com/products/navigation-telematics/Commercial-solutions.aspx

TCS is a global leader in high-reliability location-based services. It provides complete, end-to-end wireless LBS solutions that include branded and private-label applications, infrastructure, mapping, and content for leading consumer brands, content providers, voice service providers and more than 60 commercial customers worldwide. TCS provided the world’s first wireless location platform, and it is the industry’s leading provider of LBS infrastructure. Using innovative mobile cloud computing services, TCS offers top revenue-producing applications for navigation, hyper-local search, workforce tracking and family locators. For more information on TCS LBS services, visit www.telecomsys.com/LBS.

About TeleCommunication Systems, Inc.
TeleCommunication Systems, Inc. (TCS) (NASDAQ: TSYS) is a world leader in highly reliable and secure mobile communication technology. TCS infrastructure forms the foundation for market leading solutions in E9-1-1, text messaging, commercial location and deployable wireless communications. TCS is at the forefront of new secure multi-media communications, and mobile cloud computing services providing wireless applications for navigation, hyper-local search, asset tracking, social applications and telematics. Millions of consumers around the world use TCS wireless apps as a fundamental part of their daily lives. Government agencies utilize TCS’ cyber security expertise, professional services and highly secure deployable satellite solutions for mission-critical communications. Headquartered in Annapolis, MD, TCS maintains technical, service and sales offices around the world. To learn more about emerging and innovative wireless technologies, visit http://www.telecomsys.com.

Except for the historical information contained herein, this news release contains forward-looking statements as defined within Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended. These statements are subject to risks and uncertainties and are based upon TCS’ current expectations and assumptions that if incorrect would cause actual results to differ materially from those anticipated. Risks include without limitation those detailed from time to time in the Company’s SEC reports, including the annual report on Form 10-K for the year ended December 31, 2011 and on Form 10-Q for the quarter ended March 31, 2012.

Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to update or revise the information in this press release, whether as a result of new information, future events or circumstances, or otherwise.

(Logo:  http://photos.prnewswire.com/prnh/20120503/PH99996LOGO )

Company Contact:

Media Contact:

Investor Relations:

TeleCommunication Systems, Inc.

Nadel Phelan, Inc.

Liolios Group, Inc.

Meredith Allen

Graham Sorkin

Scott Liolios

410-295-1865

831-440-2406

949-574-3860

MAllen@telecomsys.com

graham@nadelphelan.com

info@liolios.com

SOURCE TeleCommunication Systems, Inc.

Friday, July 27th, 2012 Uncategorized Comments Off on TeleCommunication Systems (TSYS) Selected by Global Manufacturer for Mobile Handset Location

Mattson Technology (MTSN) Reports Results for the Q2 2012

FREMONT, CA — (Marketwire) — 07/26/12 — Mattson Technology, Inc. (NASDAQ: MTSN), a leading supplier of advanced process equipment used to manufacture semiconductors, today announced results for the second quarter of 2012 ended July 1, 2012.

2012 Second Quarter Highlights:

  • Net loss for the second quarter of 2012 was $3.3 million, or a $0.06 net loss per share. This compares with a net loss of $1.1 million or a $0.02 net loss per share in the first quarter. Excluding restructuring charges of $0.8 million, non-GAAP net loss per share was $0.04 in the second quarter, compared to the non-GAAP net loss per share of $0.01in the first quarter, excluding restructuring charges of $0.7 million.
  • Gross margins were 38 percent for the second quarter of 2012, compared to 34 percent in the prior quarter. The increase in gross margin was primarily due to a favorable change in net sales deferrals as well as an increase of higher margin net sales of thermal systems and spares.
  • As a result of our cost reduction efforts, total operating expenses decreased $1.9 million to $16.3 million for the second quarter of 2012, compared to $18.2 million in the prior quarter. Excluding restructuring charges, non-GAAP operating expenses decreased by $2.0 million to $15.5 million for the second quarter of 2012 from $17.5 million in the prior quarter.
  • At July 1, 2012, working capital was $55.2 million, with cash, cash equivalents, and restricted cash of $30.7 million and no debt. The decrease in cash during the quarter of $6.7 million was primarily due to increased inventory of $5.8 million, which was principally the result of a customer requested delay in the shipment of systems during the quarter.

David L. Dutton, Mattson Technology’s president and chief executive officer, commented, “As previously announced on July 10, primarily due to a request from a foundry customer to delay the shipment of systems, net sales for the second quarter were lower than expected at $34.9 million, a decrease of 31 percent from $50.5 million in the first quarter. As we previously reported, we also experienced the NAND business softening during the second quarter. We are addressing the near term weakness in our sector by focusing on additional cost reductions and incremental revenue opportunities. We have invested in leading technology and low cost of ownership product offerings that are currently positioned in major customers that we believe will over time lead to share gains, particularly in the etch and rapid thermal processing markets.”

Dutton continued, “We expect to continue to be challenged with significantly lower net sales in the second half of 2012. We are continuing to focus on cost reduction activities and are seeking to reduce our cash flow break-even point to the mid-$30 million quarterly net sales run rate by the end of 2012. We are also continuing our efforts to secure asset based financing. We believe these measures will provide us with adequate liquidity to address our working capital needs.”

Second Quarter 2012 Financial Results

Second quarter 2012 net sales of $34.9 million decreased $15.6 million, or 31 percent, compared with $50.5 million in the first quarter of 2012, and decreased $16.4 million, or 32 percent, compared with $51.3 million in the second quarter of 2011. Gross margin for the second quarter of 2012 was 38 percent as compared to 34 percent in the first quarter of 2012, and represents an eleven-point increase over the 27 percent gross margin in the second quarter of 2011.

Total operating expenses were $16.3 million for the second quarter of 2012, a decrease of $1.9 million compared to the first quarter of 2012. Excluding restructuring charges, non-GAAP operating expenses were $15.5 million in the second quarter of 2012, a $2.0 million decrease compared with $17.5 million in the first quarter of 2012, and a $2.5 million decrease compared with $18.0 million in the second quarter of 2011.

Net loss for the second quarter of 2012 was $3.3 million, or a $0.06 net loss per share. This compares with a net loss of $1.1 million, or a $0.02 net loss per share, in the first quarter of 2012, and a net loss of $5.2 million, or a $0.10 net loss per share, reported in the second quarter of 2011. Excluding restructuring charges, the non-GAAP net loss per share in the second quarter of 2012 was $0.04 as compared to a non-GAAP net loss per share of $0.01 in the first quarter of 2012.

Conference Call

On Thursday, July 26, 2012, at 3:00 p.m. Pacific Time (6:00 p.m. Eastern Time), Mattson Technology will hold a conference call to review the following topics: 2012 second quarter financial results, current business conditions, the near-term business outlook and guidance for the third quarter of 2012. The conference call will be simultaneously webcast at www.mattson.com under the Investors section. In addition to the live webcast, a replay will be available to the public on the Mattson Technology website for one week following the live broadcast. To access the live conference call, please dial (970) 315-0417.

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

This news release contains forward-looking statements regarding the Company’s future prospects and plans, including, but not limited to: increases in our market share in certain markets, reduction of costs to a cash flow break-even point, our ability to secure asset based financing and our ability to address our working capital needs. Forward-looking statements address matters that are subject to a number of risks and uncertainties that can cause actual results to differ materially. Such risks and uncertainties include, but are not limited to: the slowdown in NAND sales and delay in shipment to certain foundry customers; the Company’s expectations with respect to continued growth of its business; growth of the industry and the size of the Company’s served available market; the timing of significant customer orders for the Company’s products; customer acceptance of delivered products and the Company’s ability to collect amounts due upon shipment and upon acceptance; the Company’s cash position overall, especially as a result of payments made for inventory and the related collections upon shipment of such inventory; end-user demand for semiconductors, including the growing mobility electronics industry; customer demand for semiconductor manufacturing equipment; the Company’s ability to timely manufacture, deliver and support ordered products; the Company’s ability to bring new products to market, to gain market share with such products and the overall mix of the Company’s products; customer rate of adoption of new technologies; risks inherent in the development of complex technology; the timing and competitiveness of new product releases by the Company’s competitors; the Company’s ability to align its cost structure with market conditions; and other risks and uncertainties described in the Company’s Forms 10-K, 10-Q and other filings with the Securities and Exchange Commission. The Company assumes no obligation to update the information provided in this news release.

About Mattson Technology, Inc.

Mattson Technology, Inc. designs, manufactures and markets semiconductor wafer processing equipment used in the fabrication of integrated circuits. We are a leading supplier of plasma and rapid thermal processing equipment to the global semiconductor industry, and operate in three primary product sectors: dry strip, rapid thermal processing and etch. Through manufacturing and design innovation, we have produced technologically advanced systems that provide productive and cost-effective solutions for customers fabricating current and next-generation semiconductor devices. For more information, please contact Mattson Technology, Inc., 47131 Bayside Parkway, Fremont, CA, 94538. Telephone: (800) MATTSON/(510) 657-5900. Internet: www.mattson.com.

                          MATTSON TECHNOLOGY, INC.
              CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
            (Unaudited, in thousands, except per share amounts)

                                  Three Months Ended     Six Months Ended
                                 --------------------  --------------------
                                  July 1,    July 3,    July 1,    July 3,
                                    2012       2011       2012       2011
                                 ---------  ---------  ---------  ---------
Net sales                        $  34,884  $  51,259  $  85,388  $  98,308
  Cost of sales                     21,629     37,275     55,199     71,443
                                 ---------  ---------  ---------  ---------
    Gross profit                    13,255     13,984     30,189     26,865
                                 ---------  ---------  ---------  ---------
Operating expenses:
  Research, development and
   engineering                       5,791      6,645     12,421     13,160
  Selling, general and
   administrative                    9,705     11,380     20,572     22,892
  Restructuring charges                831        (13)     1,551        (78)
                                 ---------  ---------  ---------  ---------
    Total operating expenses        16,327     18,012     34,544     35,974
                                 ---------  ---------  ---------  ---------
Loss from operations                (3,072)    (4,028)    (4,355)    (9,109)
Interest income (expense), net          39         58         70         37
Other income (expense), net           (277)      (969)       105     (2,475)
                                 ---------  ---------  ---------  ---------
Loss before income taxes            (3,310)    (4,939)    (4,180)   (11,547)
Provision for (benefit from)
 income taxes                           36        274        285        (60)
                                 ---------  ---------  ---------  ---------
Net loss                         $  (3,346) $  (5,213) $  (4,465) $ (11,487)
                                 =========  =========  =========  =========
Net loss per share:
  Basic and diluted              $   (0.06) $   (0.10) $   (0.08) $   (0.22)
Shares used in computing net
 loss per share:
  Basic and diluted                 58,507     54,550     58,463     52,395

                          MATTSON TECHNOLOGY, INC.
                    CONDENSED CONSOLIDATED BALANCE SHEETS
                 (unaudited, in thousands, except par value)

                                                     July 1,    December 31,
                                                       2012         2011
                                                   ------------ ------------
                                   ASSETS
Current assets:
  Cash and cash equivalents                        $    28,870  $    31,073
  Restricted cash                                        1,877        1,877
  Accounts receivable, net of allowance for
   doubtful accounts of $619 as of July 1, 2012
   and $684 as of December 31, 2011                     19,028       25,278
  Advance billings                                       2,418        5,071
  Inventories                                           36,581       29,203
  Prepaid expenses and other current assets              6,783        9,024
                                                   -----------  -----------
    Total current assets                                95,557      101,526
Property and equipment, net                              7,687       10,552
Intangibles, net                                           625          750
Other assets                                               740        1,015
                                                   -----------  -----------
      Total assets                                 $   104,609  $   113,843
                                                   ===========  ===========

                    LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
  Accounts payable                                 $    15,494  $    16,785
  Deferred revenue-current                               9,982       12,117
  Other current liabilities                             14,842       16,447
                                                   -----------  -----------
    Total current liabilities                           40,318       45,349
Deferred revenues, non-current                           3,499        3,158
Other long-term liabilities                              4,182        5,191
                                                   -----------  -----------
    Total liabilities                                   47,999       53,698
                                                   -----------  -----------
Commitments and contingencies
Stockholders' equity:
  Preferred stock, 2,000 shares authorized; none
   issued and outstanding                                    -            -
  Common stock, par value $0.001, 120,000 shares
   authorized; 62,744 shares issued and 58,654
   shares outstanding as of July 1, 2012; and
   62,547 shares issued and 58,366 shares
   outstanding as of December 31, 2011                      63           63
  Additional paid-in capital                           651,110      650,110
  Accumulated other comprehensive income                20,402       20,472
  Treasury stock, 4,181 shares as of July 1, 2012
   and December 31, 2011                               (37,986)     (37,986)
  Accumulated deficit                                 (576,979)    (572,514)
                                                   -----------  -----------
    Total stockholders' equity                          56,610       60,145
                                                   -----------  -----------
        Total liabilities and stockholders' equity $   104,609  $   113,843
                                                   ===========  ===========

Mattson Technology Contact
J. Michael Dodson
Mattson Technology, Inc.
tel 1-510-657-5900
fax 1-510-492-5963

Thursday, July 26th, 2012 Uncategorized Comments Off on Mattson Technology (MTSN) Reports Results for the Q2 2012

Meru Networks (MERU) Reports Record Second Quarter 2012 Financial Results

26% sequential increase in quarterly revenues Total customer count increases to over 6,600 Strengthened financial position with $12 million growth debt financing

SUNNYVALE, Calif., July 26, 2012 /PRNewswire/ — Meru Networks Inc., (NASDAQ:MERU), a leader in virtualized 802.11 enterprise wireless networking, today announced its financial results for the quarter ended June 30, 2012.

(Logo: http://photos.prnewswire.com/prnh/20100621/SF23611LOGO)

Second Quarter 2012 Financial Results

Total revenues for the second quarter of 2012 were $24.5 million, up 5% from $23.2 million in the second quarter of 2011.  Total product and service revenues (excluding ratable revenues) for the second quarter of 2012 were also $24.5 million, up 10% from $22.1 million in the second quarter of 2011.  Products revenues for the second quarter of 2012 were $20.3 million, up 7% from the $19.0 million reported in the second quarter of 2011.

Net loss as reported in accordance with U.S. generally accepted accounting principles (GAAP) was $6.5 million for the second quarter of 2012, or a net loss of $0.36 per basic and diluted share, compared to net loss of $9.8 million, or $0.56 loss per basic and diluted share, for the same period of 2011.

Meru reported second quarter fiscal year 2012 non-GAAP net loss of $4.6 million, or a net loss of $0.26 per basic and diluted share, compared to non-GAAP net loss of $0.9 million, or $0.05 loss per basic and diluted share, for the same period of fiscal year 2011. Non-GAAP results for the second quarter of 2012 exclude the impact of stock-based compensation expense of $1.8 million and amortization of acquisition-related intangibles of $0.1 million.  Non-GAAP results for the second quarter of 2011 exclude the impact of stock-based compensation expense of $1.6 million, and a litigation reserve expense of $7.3 million. Please refer to the reconciliation of Meru’s GAAP to non-GAAP results provided at the end of this release.

“We are very pleased with our execution in the second quarter, achieving the highest revenue in the company’s history and exceeding the financial goals that we set three months ago.  We continue to remain extremely focused on executing in our key markets and improving the efficiency of our business as we optimize our cost structure and drive towards our goals of growth and profitability over the next several quarters,” said Dr. Bami Bastani, president and chief executive officer, Meru Networks.

Second Quarter Business Highlights

  • Strengthened financial position with $12 million growth capital debt financing
  • Grew customer count to over 6,600, adding more than 400 customers worldwide
  • Notable key customer wins and deployments during the quarter include:
    • One of the largest further education colleges in the UK and Ireland
    • A large hospitality reseller for one of the world’s largest hotel chains
    • A major US university expanded its existing Meru deployment
    • A large public school district in Florida selected Meru to replace its legacy micro cell WLAN
    • A large US hospital expanded its existing Meru deployment for its new tower
    • A top 10 University in China with approximately 35,000 students
    • A large Japanese electronics company chose Meru for 26 of its warehouses
    • A Saudi Arabian Hospital selected Meru technology to displace its legacy micro cell  WLAN
  • New product announcements include:
    • Availability of Identity Manager, the industry’s first integrated Bring-Your-Own-Device (BYOD) provisioning and guest access solution with Property Management System (PMS) capabilities

Conference Call Information

Meru will host a conference call for analysts and investors to discuss its second quarter results, today, July 26 at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time).  To join the live call, please dial (877) 852-2926 (domestic) and (253) 237-1123 (international) and reference conference ID 99997712.

A telephone replay will be available two hours following the conclusion of the call for a period of 7 days and can be accessed by dialing (855) 859-2056 for domestic callers and (404) 537-3406 for international callers. The call ID for the replay is 99997712. The live and archived webcast of the second quarter 2012 financial results conference call will also be available at the investor relations section of Meru’s website at http://investors.merunetworks.com.

About Meru Networks, Inc.

Meru Networks (NASDAQ: MERU) designs, develops, and distributes virtualized wireless LAN solutions that provide enterprises with the performance, reliability, predictability and operational simplicity of a wired network with the advantages of mobility. Meru Networks eliminates the deficiencies of multichannel, client-controlled architectures with its innovative, single-channel, virtualized network architecture that easily handles device density and diversity. Meru wireless LAN solutions are deployed in major vertical industries including Fortune 500 businesses, education, hospitality, healthcare and retail supply chain. Founded in 2002, Meru is headquartered in Sunnyvale, Calif., with operations in North America, Europe, the Middle East and Asia Pacific. Visit www.merunetworks.com or call (408) 215-5300 for more information.

Cautionary Statement Regarding Forward Looking Statements

This press release contains forward-looking statements and information. All statements other than statements of historical facts that address activities, events or developments that we expect, believe or anticipate will or may occur in the future are forward-looking statements.  Such statements include, but are not limited to, those statements regarding the company’s belief regarding its ability to execute in its key markets, improve the efficiency of its business, optimize its cost structure and drive towards its goals of growth and profitability.  We have identified some of these forward-looking statements with words like “believe,” “may,” “will,” “should,” “expect,” “intend,” “plan,” “predict,” “anticipate,” “estimate” or “continue” and other words and terms of similar meaning. These forward-looking statements involve risks and uncertainties, including risks related to product and executive transitions, that may further affect future operating periods. These forward-looking statements also involve assumptions that, if they do not fully materialize or prove incorrect, could cause our results to differ materially from those expressed or implied by such forward-looking statements. The risks and uncertainties that could cause our results to differ materially from those expressed or implied by such forward-looking statements include our ability to react to trends and challenges in our business and the markets in which we operate; our ability to anticipate market needs and performance requirements or develop new or enhanced products to meet those needs and requirements; the adoption rate of our products; our ability to establish and maintain successful relationships with our distribution partners; our ability to compete in our industry; fluctuations in demand, sales cycles and prices for our products and services; shortages or price fluctuations in our supply chain; our ability to protect our intellectual property rights; general political, economic and market conditions and events, including lengthening sales cycles, primarily for domestic education customers; and other risks and uncertainties described more fully in our documents filed with or furnished to the Securities and Exchange Commission (“SEC”). More information about these and other risks that may impact Meru Networks’ business are set forth in our Quarterly Report on Form 10-Q filed with the SEC on May 4, 2012, as well as subsequent reports filed with the SEC. All forward-looking statements in this press release are based on information available to us as of the date hereof, and we assume no obligation to update these forward-looking statements.

Non-GAAP Financial Measurements

In addition to reporting financial results in accordance with generally accepted accounting principles, or GAAP, Meru reports non-GAAP net income (loss),and non-GAAP income (loss) from operations which both exclude stock-based compensation expense, amortization of intangible assets related to the company’s acquisition of Identity Networks in the third fiscal quarter of 2011, chief executive officer transition costs, amortization of common stock warrants issued in connection with debt financing and other items outside the ordinary course of  business such as litigation reserves expense. Meru believes that its non-GAAP net income (loss) and non-GAAP income (loss) from operations provide useful information to management and investors regarding financial and business trends relating to its financial condition and results of operations. Meru also believes the non-GAAP measures provide useful supplemental information for investors to evaluate its operating results in the same manner as the research analysts that follow Meru, all of whom will present non-GAAP projections in their published reports. As such, the non-GAAP measures provided by Meru facilitate a more direct comparison of its performance with the financial projections published by the analysts as well as its competitors, many of whom report financial results on a non-GAAP basis. The economic substance behind Meru’s decision to use such non-GAAP measures is that such measures approximate its controllable operating performance more closely than the most directly comparable GAAP financial measures. For example, Meru’s management has no control over certain variables that have a major influence in the determination of stock-based compensation such as the volatility of its stock price and changing interest rates. In addition, Meru’s management does not consider the amortization of intangible assets related to the company’s acquisition of Identity Networks relevant when comparing its performance to prior periods. Meru believes that all of these excluded expenses do not accurately reflect the underlying performance of its continuing operations for the period in which they are incurred, even though these excluded items may be incurred and reflected in Meru’s GAAP financial results.

The material limitation associated with the use of non-GAAP financial measures is that the non-GAAP measures may not reflect the full economic impact of Meru’s activities. Meru’s non-GAAP measures may be calculated differently than non-GAAP financial information disclosed by other companies. Accordingly, investors are cautioned not to place undue reliance on non-GAAP information.

MERU NETWORKS, INC.

Condensed Consolidated Balance Sheets

(Unaudited)

(In thousands)

June 30,

December 31,

2012

2011

ASSETS

CURRENT ASSETS:

Cash and cash equivalents

$ 30,430

$         35,259

Short-term investments

5,000

Accounts receivable, net

12,271

13,038

Inventory

7,629

6,548

Deferred inventory costs, current portion

52

86

Prepaid expenses and other current assets

1,321

912

Total current assets

51,703

60,843

Property and equipment, net

2,107

1,476

Goodwill

1,658

1,658

Intangible assets, net

548

693

Deferred inventory costs, net of current portion

4

26

Other assets

2,169

2,147

TOTAL ASSETS

$ 58,189

$         66,843

LIABILITIES AND STOCKHOLDERS’ EQUITY

CURRENT LIABILITIES:

Accounts payable

$   4,268

$          5,733

Accrued liabilities

11,086

12,394

Long-term debt, current portion

2,979

Deferred revenue, current portion

10,347

11,764

Total current liabilities

28,680

29,891

Long-term debt, net of current portion

8,148

Deferred revenue, net of current portion

5,279

4,481

Other long-term liabilities

69

Total liabilities

42,176

34,372

STOCKHOLDERS’ EQUITY:

Preferred stock

Common stock

9

9

Additional paid-in capital

259,197

254,576

Accumulated other comprehensive loss

(317)

(197)

Accumulated deficit

(242,876)

(221,917)

Total stockholders’ equity

16,013

32,471

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

$ 58,189

$         66,843

MERU NETWORKS, INC.

Condensed Consolidated Statements of Operations

(Unaudited)

(In thousands, except for share and per share amounts)

Three months ended

Six months ended

June 30,

June 30,

2012

2011

2012

2011

REVENUES:

Products

$     20,296

$     19,015

$     36,099

$     34,455

Support and services

4,161

3,120

7,719

6,260

Ratable products and services

42

1,094

92

2,665

Total revenues

24,499

23,229

43,910

43,380

COSTS OF REVENUES:

Products

7,146

6,664

12,600

12,375

Support and services

1,518

1,043

2,973

1,940

Ratable products and services

24

639

55

1,491

Total costs of revenues *

8,688

8,346

15,628

15,806

Gross margin

15,811

14,883

28,282

27,574

OPERATING EXPENSES:

Research and development *

3,668

3,393

7,539

6,815

Sales and marketing *

14,979

10,445

30,553

20,057

General and administrative *

3,200

3,426

8,233

6,344

Litigation reserve

7,250

2,350

7,250

Total operating expenses

21,847

24,514

48,675

40,466

Loss from operations

(6,036)

(9,631)

(20,393)

(12,892)

Interest expense, net *

(260)

(62)

(289)

(154)

Other income (expense), net

(14)

13

14

68

Loss before provision for income taxes

(6,310)

(9,680)

(20,668)

(12,978)

Provision for income taxes

162

86

291

163

Net loss

$     (6,472)

$     (9,766)

$    (20,959)

$    (13,141)

Net loss per share of common stock, basic and diluted

$       (0.36)

$       (0.56)

$       (1.18)

$       (0.76)

Shares used in computing net loss per share of common stock, basic and diluted

17,845,376

17,393,322

17,773,251

17,183,907

*Includes stock-based compensation expense as follows:

Costs of revenues

$           82

$           97

$         178

$         163

Research and development

254

264

609

542

Sales and marketing

683

532

1,538

951

General and administrative

770

678

1,696

1,279

$      1,789

$      1,571

$      4,021

$      2,935

*Includes amortization of acquisition-related intangible assets as follows:

Costs of revenues

$           53

$           –

$         105

$           –

Sales and marketing

20

40

$           73

$           –

$         145

$           –

*Includes chief executive officer transition costs as follows:

General and administrative

$           –

$           –

$         911

$           –

*Includes amortization of common stock warrant issued in connection with debt financing as follows:

Interest expense, net

$           16

$           –

$           16

$           –

MERU NETWORKS, INC.

GAAP to Non-GAAP Reconciliation

(Unaudited)

(In thousands, except share and per share amounts)

Three months ended

Six months ended

June 30,

June 30,

2012

2011

2011

2010

GAAP net loss

$      (6,472)

$      (9,766)

$    (20,959)

$    (13,141)

.

.

Plus:

a) Stock-based compensation

1,789

1,571

4,021

2,935

b) Litigation reserve

7,250

2,350

7,250

c) Amortization of acquisition-related intangible assets

73

145

d) Chief executive officer transition costs

911

e) Amortization of common stock warrant issued  in connection with debt financing

16

16

Non-GAAP net loss

$      (4,594)

$         (945)

$    (13,516)

$      (2,956)

GAAP net loss per share of common stock, basic

(0.36)

$        (0.56)

$        (1.18)

$        (0.76)

Plus:

a) Stock-based compensation

0.10

0.09

0.23

0.17

b) Litigation reserve

0.42

0.13

0.42

c) Amortization of acquisition-related intangible assets

0.01

d) Chief executive officer transition costs

0.05

e) Amortization of common stock warrant issued  in connection with debt financing

Non-GAAP net loss per share of common stock, basic and diluted

$        (0.26)

$        (0.05)

$        (0.76)

$        (0.17)

Shares used in computing basic and diluted non-GAAP net loss

per share of common stock

17,845,376

17,393,322

17,773,251

17,183,907

GAAP loss from operations

$      (6,036)

$      (9,631)

$    (20,393)

$    (12,892)

Plus stock-based compensation:

Costs of revenues

$           82

$           97

$          178

$          163

Research and development

254

264

609

542

Sales and marketing

683

532

1,538

951

General and administrative

770

678

1,696

1,279

1,789

1,571

4,021

2,935

Litigation reserve

7,250

2,350

7,250

Amortization of acquisition-related intangible assets

73

145

Chief executive officer transition costs

911

Non-GAAP loss from operations

$      (4,174)

$         (810)

$    (12,966)

$      (2,707)

MERU NETWORKS, INC.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

(In thousands)

Six months ended

June 30,

2012

2011

CASH FLOWS FROM OPERATING ACTIVITIES:

Net loss

$(20,959)

$(13,141)

Adjustments to reconcile net loss to net cash used in operating activities:

Depreciation and amortization

585

291

Stock-based compensation

4,021

2,935

Accrued interest on long-term debt

165

Amortization of issuance costs

22

44

Bad debt expense

49

9

Changes in operating assets and liabilities:

Accounts receivable, net

717

(906)

Inventory

(1,081)

(577)

Deferred inventory costs

56

961

Prepaid expenses and other assets

(517)

78

Accounts payable

(1,465)

(149)

Accrued liabilities

(1,370)

(1,648)

Litigation reserve

7,250

Deferred revenue

(619)

(3,369)

Net cash used in operating activities

(20,396)

(8,222)

CASH FLOWS FROM INVESTING ACTIVITIES:

Purchases of property and equipment

(1,110)

(506)

Purchases of short-term investments

(4,997)

Proceeds from maturities of short-term investments

5,000

5,000

Net cash provided by (used in) investing activities

3,890

(503)

CASH FLOWS FROM FINANCING ACTIVITIES:

Proceeds from long-term debt, net of issuance costs

11,489

Proceeds from issuance of common stock

5

1,991

Proceeds from employee stock purchase plan

279

844

Taxes paid related to net share settlement of equity awards

(71)

Repayment of long-term debt

(2,852)

Net cash provided by (used in) financing activities

11,702

(17)

Effect of exchange rate changes on cash and cash equivalents

(25)

24

NET DECREASE IN CASH AND CASH EQUIVALENTS

(4,829)

(8,718)

CASH AND CASH EQUIVALENTS — Beginning of period

35,259

62,270

CASH AND CASH EQUIVALENTS — End of period

$ 30,430

$ 53,552

Use of Non-GAAP Financial Information

In addition to the reasons stated above, which are generally applicable to each of the items Meru excludes from its non-GAAP financial measures, the company believes it is appropriate to exclude certain items for the following reasons:

Stock-Based Compensation. When evaluating the performance of its consolidated results, Meru does not consider stock-based compensation charges. Likewise, the Meru management team excludes stock-based compensation expense from its operating plans. In contrast, the Meru management team is held accountable for cash-based compensation and such amounts are included in its operating plans. Further, when considering the impact of equity award grants, Meru places a greater emphasis on overall stockholder dilution rather than the accounting charges associated with such grants. Meru believes it is useful to provide a non-GAAP financial measure that excludes stock-based compensation in order to better understand the long-term performance of its business.

Amortization of intangible assets. The company excludes amortization of acquired intangible assets because it is non-cash in nature and because the company believes that the non-GAAP financial measures excluding this item provide meaningful supplemental information regarding operational performance and liquidity. In addition, excluding this item from various non-GAAP measures facilitates internal comparisons to historical operating results and comparisons to competitors’ operating results.

Chief Executive Officer transition costs. The company excludes the chief executive officer transition costs when evaluating the performance of its consolidated results. The company believes these costs are unusual in nature and the company does not expect them to recur in the ordinary course of its business. The company further believes these costs are unrelated to the ongoing operation of the business in the ordinary course.

Other Items. The company excludes items such as litigation reserves expense and the amortization of common stock warrants issued in connection with debt financing when evaluating the performance of its consolidated results. The company believes these costs are unusual in nature and the company does not expect them to recur in the ordinary course of its business. The company further believes these costs are unrelated to the ongoing operation of the business in the ordinary course.

Investors contact:
Steve Pasko
Market Street Partners
(415) 445-3238 ir@merunetworks.com

SOURCE Meru Networks, Inc.

Thursday, July 26th, 2012 Uncategorized Comments Off on Meru Networks (MERU) Reports Record Second Quarter 2012 Financial Results

Power-One (PWER) Announces Second Quarter 2012 Results

  • Exceeds revenue guidance with quarterly revenue of $322 million; up 24% year-over-year
  • A record 1,263 megawatts of inverters shipped in the quarter
  • Reports second quarter EPS of $0.30
  • Operating cash flow of $56 million in the quarter

CAMARILLO, Calif., July 26, 2012 (GLOBE NEWSWIRE) — Power-One, Inc. (Nasdaq:PWER), a leading provider of renewable energy and energy-efficient power conversion and power management solutions, today announced financial results for the second quarter of 2012. For the quarter ended July 1, 2012, Power-One recorded net sales of $322 million with Renewable Energy Solutions contributing $255 million and Power Solutions posting $67 million. Net income attributable to common stockholders for the second quarter was $47 million, or $0.30 per diluted share. This includes a gain, net of tax, of $0.06 per share on foreign currency remeasurement due to the recent weakening of the Euro versus the dollar.

“In the second quarter of 2012, Power-One shipped over 1.2 gigawatts of inverters, a company record, primarily driven by strength in Europe, particularly in the commercial rooftop segment of the market,” said Richard Thompson, Chief Executive Officer of Power-One, “Demand is very robust for our recently introduced TRIO 20/27.5KW inverters which have become our largest selling product line.”

“The higher revenue along with reductions in material costs enabled us to increase our operating income in the second quarter to $60 million, or 19% of revenue,” continued Mr. Thompson. “Improved profitability and working capital management added to our liquidity as cash and equivalents increased to $259 million. This further strengthens Power-One’s bankability in the renewable market.”

Renewable Energy Solutions

In the second quarter of 2012, Renewable Energy (RE) Solutions benefited from strength in the European region, particularly in Italy and Germany. Inverter and related products generated sales of $255 million and an operating margin of 26% for the second quarter of 2012. Operating margin doubled sequentially from the first quarter due to stable pricing, cost reductions in materials, and improved absorption on higher volumes. In the quarter, Power-One shipped 1,263 megawatts of inverters, up 88% sequentially and up 76% year-over-year.

Power Solutions

Power Solutions recorded sales of $67 million and an operating margin of 4% for the second quarter of 2012. In the quarter, the Servers, Storage and Networking segment faced weaker demand as some customers delayed their orders as a result of macroeconomic uncertainties. Power Solutions operating margin declined sequentially as a result of the reduced volumes and corresponding lower overhead absorption.

Balance Sheet

At July 1, 2012, Power-One had cash and cash equivalents of $259 million, as compared with $205 million at January 1, 2012. During the quarter, Power-One repurchased 1.1 million shares of common stock for approximately $5 million.

Business Outlook

As demand in Germany and Italy is expected to moderate, Power-One forecasts revenue of $260 million to $280 million in the third quarter of 2012. At the midpoint, this would represent a 10% increase over the revenue generated in the third quarter of 2011.

Earnings Conference Call

Power-One will discuss its 2012 second quarter results today at 2:00 p.m. Pacific Time. The call will be available both via the telephone at (877) 390-5535 or (631) 291-4579, conference ID # 99604981, or over the Internet through the Power-One investor relations web site at http://investor.power-one.com. To listen to the call, please log-in at least 10 minutes early to register, download, and install any necessary audio software. An accompanying slide presentation for the conference call is also available in the investor relations section of the web site. For those who cannot listen to the live broadcast, the webcast will be available on the investor relations section of the Power-One web site at http://investor.power-one.com/events.cfm throughout the current quarter.

About Power-One

Power-One is a leading provider of renewable energy and energy-efficient power conversion and power management solutions and is the world’s second largest designer and manufacturer of photovoltaic inverters. Its renewable energy products enable the industry’s highest yielding conversion of power from solar arrays for use by utilities, commercial enterprises and homes. Power-One has a 40 year history as the leader in high efficiency and high density power supply products for a variety of industries including Renewable Energy, Servers, Storage & Networking, Industrial and Network Power Systems. The company is headquartered in Camarillo, CA and has global sales offices, manufacturing, and R&D operations in Asia, Europe, and the Americas. Power-One is traded on NASDAQ under the ticker symbol PWER. For more information, please visit www.Power-One.com.

The Power-One, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=7338

Safe Harbor Statement

Statements made in this press release which state the Company’s or management’s intentions, beliefs, expectations or predictions for the future are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, and may include statements regarding anticipated future productivity. It is important to note that future performance and actual results could differ materially from those discussed in or underlying such forward-looking statements as a result of risks and uncertainties that cannot be predicted or quantified and that are beyond the Company’s control. Important factors that could cause actual results to differ materially include, but are not limited to: economic conditions in general and business conditions in the power supplies and renewable energy markets; foreign exchange rates; the Company’s ability to improve its operational and supply chain efficiencies; competitive factors such as pricing and technology; the timing and results achieved in completing product manufacturing transitions to Company facilities in China or other low-cost locations;  the threat of a prolonged economic slowdown or a lengthy or severe recession; continued volatility of the financial markets, including fluctuations in interest rates and trading prices of the Company’s equity securities; the results of pending legal proceedings; the Company’s ability to secure market share in higher margin, high-growth markets; the market growth of product sectors targeted by the Company as sectors of focus; and the Company’s ability to increase working capital.  Additional information concerning factors that could cause actual results to differ materially from expectations expressed in this press release are described in the Company’s reports filed with the Securities and Exchange Commission pursuant to the Securities Exchange Act of 1934 from time to time, which are also available through the Company’s Website at www.power-one.com or through the SEC’s Electronic Data Gathering and Analysis Retrieval System (EDGAR) at www.sec.gov. Power-One undertakes no obligation to publicly update or revise any forward-looking statement.

POWER-ONE, INC.
CONSOLIDATED STATEMENT OF OPERATIONS
(In thousands, except per share data)
(UNAUDITED)
Three Months Ended Six Months Ended
July 1, July 3, July 1, July 3,
2012 2011 2012 2011
RENEWABLE ENERGY SALES $ 254,622 $ 180,026 $ 403,358 $ 331,655
POWER SOLUTIONS SALES 66,900 80,278 143,913 173,192
TOTAL SALES 321,522 260,304 547,271 504,847
COST OF GOODS SOLD 224,021 172,926 394,786 333,211
GROSS PROFIT 97,501 87,378 152,485 171,636
GENERAL AND ADMINISTRATIVE
Selling, general and administrative 25,392 20,895 49,639 41,980
Research and development 11,947 12,086 23,688 23,382
Litigation charges 638 82 873
Amortization of intangibles 409 468 822 910
Total expenses 37,748 34,087 74,231 67,145
INCOME FROM OPERATIONS 59,753 53,291 78,254 104,491
INTEREST AND OTHER INCOME (EXPENSE):
Interest income 643 709 845 1,192
Interest expense (567) (1,631) (806) (3,018)
Other income (expense), net 12,214 (4,496) 3,263 (6,709)
Total interest and other income (expense) 12,290 (5,418) 3,302 (8,535)
INCOME BEFORE INCOME TAXES 72,043 47,873 81,556 95,956
PROVISION FOR INCOME TAXES 25,249 16,601 29,480 34,052
EQUITY IN EARNINGS (LOSSES) FROM JOINT VENTURE (82) 413 (385) 595
NET INCOME $ 46,712 $ 31,685 $ 51,691 $ 62,499
PREFERRED STOCK DIVIDEND AND ACCRETION 870 1,736
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS $ 46,712 $ 30,815 $ 51,691 $ 60,763
BASIC INCOME PER SHARE $ 0.31 $ 0.26 $ 0.35 $ 0.51
DILUTED INCOME PER SHARE $ 0.30 $ 0.21 $ 0.33 $ 0.41
BASIC WEIGHTED AVERAGE SHARES OUTSTANDING 121,901 103,636 121,898 103,713
DILUTED WEIGHTED AVERAGE SHARES OUTSTANDING 155,828 140,283 156,030 140,602
POWER-ONE, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands)
(UNAUDITED)
July 1, January 1,
2012 2012
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 259,169 $ 204,881
Accounts receivable:
Trade (net of allowance) 260,562 233,252
Other 5,163 9,639
Inventories 171,025 160,515
Prepaid expenses and other current assets 12,924 15,351
Total current assets 708,843 623,638
PROPERTY AND EQUIPMENT, net 90,571 87,223
INTANGIBLE ASSETS, net 16,417 17,414
OTHER ASSETS 12,714 15,241
TOTAL ASSETS $ 828,545 $ 743,516
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable $ 200,718 $ 177,333
Income tax payable 12,017 4,020
Other accrued expenses and current liabilities 69,234 64,754
Total current liabilities 281,969 246,107
OTHER LONG-TERM LIABILITIES 63,810 56,824
STOCKHOLDERS’ EQUITY:
Preferred stock 36,326 36,326
Common stock 121 122
Additional paid-in capital 654,279 652,971
Accumulated other comprehensive income (loss) (6,769) 4,048
Accumulated deficit (201,191) (252,882)
Total stockholders’ equity 482,766 440,585
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 828,545 $ 743,516
CONTACT: Investor Contact:
         Larry Clark
         Investor Relations for Power-One
         Investor.Relations@Power-One.com
         (310) 478-2700 ext. 29
Thursday, July 26th, 2012 Uncategorized Comments Off on Power-One (PWER) Announces Second Quarter 2012 Results

Published Findings Demonstrate Cardium’s (CXM) Catheter Technology for Gene Delivery to Heart

SAN DIEGO, July 26, 2012 /PRNewswire/ — Cardium Therapeutics (NYSE MKT: CXM) today announced the publication of preclinical findings demonstrating that cardiac ischemia plays an important role in adenovector gene delivery (transfection) in mammalian hearts. The new findings were published in the peer-reviewed journal Human Gene Therapy Methods in an article entitled “Ischemia-Reperfusion Increases Transfection Efficiency of Intracoronary Adenovirus type 5 in Pig Heart in Situ,” which is available online at http://online.liebertpub.com/doi/full/10.1089/hgtb.2012.048.

(Logo: http://photos.prnewswire.com/prnh/20051018/CARDIUMLOGO)

The published findings demonstrate that Cardium’s innovative technique employing transient cardiac ischemia can be used to dramatically enhance gene delivery and transfection efficiency after one-time intracoronary administration of adenovector in mammalian hearts. Two consecutive but brief periods of coronary artery occlusion combined with co-administration of nitroglycerin increased both adenovector presence (measured by PCR) and transgene expression (assessed by luciferase activity) by over two orders of magnitude (>100 fold) in the heart, as compared to prior intracoronary artery delivery methods.

“The clinical success of DNA-based therapies can be enhanced by employing optimized gene delivery methods,” stated Dr. Gabor M. Rubanyi, Cardium’s Chief Scientific Officer and co-author of the published paper. “In addition, data analysis from the AGENT 1 through 4 clinical studies, involving more than 650 patients in Phase 1/2 through Phase 2/3, showed that patients with more severe forms of coronary artery disease – which is associated with increased ischemia – tended to be more responsive to the one-time administration of Generx than patients with less severe disease. The research results published in Human Gene Therapy Methods extend those findings and demonstrate that Cardium’s new technique for adenovector gene delivery in the heart can be used to dramatically boost adenovector delivery. By enhancing uptake even in patients with less severe forms of disease and ischemia, it would be expected to reduce response variability and allow for the potential treatment of patients with a broader range of associated coronary artery disease. The new treatment protocols for Cardium’s recently-initiated ASPIRE clinical study have been developed to use our knowledge about induced transient ischemia techniques to leverage these research findings and enhance the non-surgical, catheter-based delivery of Generx to the heart,” stated Dr. Rubanyi.

Cardium’s new method of adenovector delivery to the heart takes advantage of the fact that transient ischemia may reduce the permeability barrier of the vascular endothelium and may increase the number of available coxsackie-adenovirus receptors mediating adenovector uptake.  Balloon angioplasty catheters have been used for many years to dilate blocked coronary arteries, sometimes with use of a stent, and these catheters have also been used safely by cardiologists in patients with coronary artery disease to study the effects of brief ischemia.  Cardium’s new technique inflates the balloon in non-narrowed coronary artery areas, just enough to briefly interrupt flow using inflation pressure that is significantly less than that used for performing routine angioplasty procedures.

Cardium’s recently initiated Russian-based ASPIRE Phase 3 registration study of patients with chronic myocardial ischemia and advanced angina pectoris uses transient ischemia techniques during non-surgical percutaneous catheterization with a standard angioplasty catheter together with the intracoronary infusion of nitroglycerin with the Generx® [Ad5FGF-4] product candidate.  The Company’s Generx product candidate is intended to stimulate the growth of collateral blood vessels to effectively bypass coronary artery atherosclerotic blockages without surgical procedures or angioplasty and stents.

The studies published in Human Gene Therapy Methods were conducted at Emory University School of Medicine by Jakob Vinten-Johansen, Ph.D. and colleagues, and were co-sponsored by a Small Business Innovation Research grant from the National Institutes of Health (Cardium Therapeutics) and the Carlyle Fraser Heart Center (Emory).  A presentation titled: “New Perspectives for Angiogenic Gene Therapy to Treat Myocardial Ischemia in Patients with Coronary Disease” was presented at the 2012 American Society of Gene & Cell Therapy Meeting in May 2012 and is available for viewing at http://www.cardiumthx.com/pdf/Generx-ASGCT-May-2012-Rubanyi.pdf.  At the conference, Cardium also presented a late-breaking poster titled “Transient Ischemia is Necessary for Efficient Adenovector Gene Transfer in the Heart”.  The poster presentation can be viewed at http://www.cardiumthx.com/pdf/Generx-ASGCT-Poster-Presentation-May-2012.pdf.

About Generx and the ASPIRE Study

Generx (Ad5FGF-4) is a disease-modifying regenerative medicine biologic that is being developed to offer a one-time, non-surgical option for the treatment of myocardial ischemia in patients with stable angina due to coronary artery disease, who might otherwise require surgical and mechanical interventions, such as coronary artery by-pass surgery or balloon angioplasty and stents.  Similar to surgical/mechanical revascularization approaches, the goal of Cardium’s Generx product candidate is to improve blood flow to the heart muscle – but to do so non-surgically, following a single administration from a standard balloon angioplasty catheter.  The video “Cardium Generx Cardio-Chant” provides an overview Generx and can be viewed at http://www.youtube.com/watch?v=pjUndFhJkjM.

In March 2012, Cardium reported on the ASPIRE Phase 3 registration study to evaluate the therapeutic effects of its lead product candidate Generx in patients with myocardial ischemia due to coronary artery disease. The ASPIRE study, a 100-patient, randomized and controlled multi-center study to be conducted at up to eight leading cardiology centers in the Russian Federation, is designed to further evaluate the safety and effectiveness of Cardium’s Generx DNA-based angiogenic product candidate, which has already been tested in clinical studies involving 650 patients at more than one hundred medical centers in the U.S., Europe and elsewhere.  The efficacy of Generx will be quantitatively assessed using rest and stress SPECT (Single-Photon Emission Computed Tomography) myocardial imaging to sensitively measure improvements in microvascular cardiac perfusion following a one-time, non-surgical, catheter-based administration of Generx.  A recent article, “Cardium’s Heart Disease Gene Therapy Advancing with New Discoveries,” outlining the history of the Generx clinical development program is available at http://sandiegobiotechnology.com/topics/4705/cardiums-heart-disease-gene-therapy-moving-toward-commercialization/.

About Cardium

Cardium is a health sciences and regenerative medicine company focused on the acquisition and strategic development of new and innovative bio-medical product opportunities and businesses with the potential to address significant unmet medical needs that have definable pathways to commercialization, partnering and other economic monetizations.  Cardium’s current medical opportunities portfolio, which is focused on health sciences and regenerative medicine, includes the Tissue Repair Company, Cardium Biologics, and the Company’s in-house MedPodium® Health Sciences healthy lifestyle product platform.  The Company’s lead commercial product Excellagen® topical gel for wound care management recently received FDA clearance for marketing and sale in the United States.  Cardium’s lead clinical development product candidate Generx® is a DNA-based angiogenic biologic intended for the treatment of patients with myocardial ischemia due to coronary artery disease.  In addition, consistent with its capital-efficient business model, Cardium continues to actively evaluate new technologies and business opportunities.  In July 2009, Cardium completed the sale of its InnerCool Therapies medical device business to Royal Philips Electronics, the first asset monetization from the Company’s biomedical investment portfolio. News from Cardium is located at www.cardiumthx.com.

Forward-Looking Statements

Except for statements of historical fact, the matters discussed in this press release are forward looking and reflect numerous assumptions and involve a variety of risks and uncertainties, many of which are beyond our control and may cause actual results to differ materially from stated expectations.  For example, there can be no assurance that enhancements in the uptake of adenovectors can be successfully applied to improve the uptake, applicability or therapeutic effects of Generx in human patients; that Generx can be successfully advanced in clinical studies outside of the U.S.; that results or trends observed in one clinical study or procedure will be reproduced in subsequent studies or procedures, or that clinical studies even if successful will lead to product advancement or partnering; that improvements in the formulation or use of Generx will be commercially practicable, or that Generx could be successfully advanced as a therapeutic in developing markets or that the results of studies in such markets could be used to advance or broaden the regulatory or commercialization activities of Generx in the U.S. or other markets; that the ASPIRE clinical study will be successful or will lead to approval of Generx by the Russian Health Authority for marketing and sales in Russia or lead to approvals in other countries of the Commonwealth of Independent States; that additional clinical evidence regarding the safety and effectiveness of Generx that might be obtained in Russia would be useful for optimizing and broadening commercial development pathways in other industrialized countries; that our products or product candidates will not be unfavorably compared to competitive products that may be regarded as safer, more effective, easier to use or less expensive; that FDA or other regulatory clearances or other certifications, or other commercialization efforts will be successful or will effectively enhance our businesses or their market value; that our products or product candidates will prove to be sufficiently safe and effective after introduction into a broader patient population; or that third parties on whom we depend will perform as anticipated.

Actual results may also differ substantially from those described in or contemplated by this press release due to risks and uncertainties that exist in our operations and business environment, including, without limitation, risks and uncertainties that are inherent in the development of complex biologics and in the conduct of human clinical trials, including the timing, costs and outcomes of such trials, our ability to obtain necessary funding, regulatory approvals and expected qualifications, our dependence upon proprietary technology, our history of operating losses and accumulated deficits, our reliance on collaborative relationships and critical personnel, and current and future competition, as well as other risks described from time to time in filings we make with the Securities and Exchange Commission.  We undertake no obligation to release publicly the results of any revisions to these forward-looking statements to reflect events or circumstances arising after the date hereof.

Copyright 2012 Cardium Therapeutics, Inc.  All rights reserved.
For Terms of Use Privacy Policy, please visit www.cardiumthx.com.

Cardium Therapeutics®, Generx®,Cardionovo™, Tissue Repair™, Gene Activated Matrix™, GAM™, Excellagen®, Excellarate™, Osteorate™, MedPodium®, Appexium®, Linée®, Alena®, Cerex®, D-Sorb™, Neo-Energy®, Neo-Carb Bloc®, Neo-Chill, and Nutra-Apps® are trademarks of Cardium Therapeutics, Inc. or Tissue Repair Company.

SOURCE Cardium Therapeutics

Thursday, July 26th, 2012 Uncategorized Comments Off on Published Findings Demonstrate Cardium’s (CXM) Catheter Technology for Gene Delivery to Heart

GlobalWise (GWIV) Accepted as Member of Prestigious Organization Technology United

COLUMBUS, OH — (Marketwire) — 07/26/12 — 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 the acceptance of the Company as a member of the highly esteemed office technology organization, Technology United.

Technology United was established by GlobalWise Channel Partner MWAi’s CEO Mike Stramaglio to form a strategic hub alliance that provides the best-in-class and most aggressive solutions and services that can collectively cover the technology needs within the office space, including IT automation, security and document management services, such as those provided by GlobalWise.

“Technology United’s mission is to pull the best partners together with the best technology to deliver a superior user experience. The solutions created will allow businesses to enjoy efficiencies and cost savings that can significantly impact their bottom line,” stated Mike Stramaglio, CEO of MWAi and founder of Technology United.

The membership in Technology United continues the GlobalWise approach to utilizing Channel Partners for lead generation and partnering approaches to solving complex office technology issues and provides a new avenue to sell cloud-based ECM solutions. Technology United members include Intel, Green Hills Software, Newfield IT and RIM, in addition to MWAi.

“I am excited our Company has been accepted into this prestigious, members-only organization,” stated William J. “BJ” Santiago, CEO of GlobalWise. “Mike has done a fantastic job putting together the best of the best in the office technology space. Each member represents a specific niche within this space, such as copier hardware, security, embedded technologies, tracking, and for our Company, the most cost effective cloud-based ECM solution for the SMB market. I see this membership as a great validator of our 18-year history as a software company providing the most robust ECM solutions in the industry.”

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
Investors@MissionIR.com

Thursday, July 26th, 2012 Uncategorized Comments Off on GlobalWise (GWIV) Accepted as Member of Prestigious Organization Technology United

Golden Star (GSS) Announces Continued Drilling Success

DENVER, CO–(Marketwire – July 25, 2012) – Golden Star Resources Ltd. (NYSE MKT: GSS) (TSX: GSC) (GHANA: GSR)

– Intersects 59.4 meters grading 2.5 grams per tonne (g/t) gold beneath the current 242 reserve pit designs

– Intersects 25.2 meters grading 4.1 g/t gold and 20.6 meters grading 2.7 g/t gold beneath the currently operating Starter Pit

– Intersects 33.9 meters grading 2.2 g/t gold and 31.9 meters grading 1.8 g/t gold beneath the currently operating South East Pit

Golden Star Resources Ltd. (NYSE MKT: GSS) (TSX: GSC) (GHANA: GSR) (“Golden Star” or the “Company”) today provided an update on exploration activities at its Wassa mine in Ghana. Complete drill results, plans and sections are posted on the Company’s website at www.gsr.com or click the following link: http://www.gsr.com/Operations/Wassa.asp. (Note: All references to “widths” in this news release are to true widths unless otherwise indicated and all references to “m” are to meters.)

The exploration drilling at Wassa Main continued to intersect wider zones of over 2 g/t gold mineralization along strike and down dip. The current drilling program consists predominantly of step-out drilling testing the extents of the deeper mineralization below the current reserve pit designs. Preliminary in-house resource models and pit shells show that this mineralization could be economic should the grades and widths intersected thus far show good continuity. In order to accelerate the 50,000-meter drilling program now underway below the Wassa Main pit designs, the Company is augmenting its current drilling fleet of two owner-operated drill rigs with three additional contractor-operated multipurpose drilling rigs. The drilling contract has been awarded and the contractor has begun mobilizing equipment to site to commence drilling during August 1, 2012.

During the second quarter of 2012 a further 33 drill holes were completed totaling 8,040 meters. Drilling continued testing the B Shoot, Starter, South East and 242 areas at Wassa. Drilling results from the Starter area, which is the surface projection of the interpreted large scale fold hinge zone, have thus far been encouraging. These results include hole STDD018, which intersected 4.1 g/t gold over 25.2 meters at 15 meters below the current mining surface and within the current reserve pit. This hole also intersected another deeper zone (approximately 65 meters below the reserve pit design) of 2.7 g/t gold over 20.6 meters. Further drilling has been planned to follow up on this deeper zone both along strike and down dip. Significant results from the Starter (hinge zone) drilling during the second quarter of 2012 are summarized in the table below.

Starter Q2 2012 significant drill intersections

----------------------------------------------------------------------------
                                                                   -
        Easting Northing Elev   Az    Dip   From   To   Drilled  True  Gold
Hole ID   (m)      (m)    (m) (deg.) (deg.)  (m)   (m)   Width  Width Grade
                                                           (m)    (m)   g/t
============================================================================
STDD015  39977    20251   961    90     -49   19.0  25.0   6.0    5.0   5.5
STDD016  39979    20225   961    90     -48   87.4 104.8   17.4   14.8  2.0
STDD016  39979    20225   961    90     -48  147.8 158.2   10.4   8.8   3.3
STDD018  40012    20375   958    90     -52  163.2 188.7   25.5   20.6  2.7
STDD018  40012    20375   958    90     -52   16.0  48.0   32.0   25.2  4.1
STDD019  40000    20332   957    90     -51  199.0 214.0   15.0   12.3  2.1
STDD019  40000    20332   957    90     -51  246.0 253.5   7.5    6.1   5.8
----------------------------------------------------------------------------

Additional drilling was also conducted along the limbs of the Wassa Main fold targeting both B Shoot and South East deeper mineralization on the eastern limb. The South East drilling continued to intersect wider zones of gold mineralization, including BSDD124, which intersected South East mineralization at depth but was collared in the B Shoot pit, which drilled 33.9 meters true width grading 2.2 g/t gold. This intersection is approximately 50 meters below the deepest part of the current reserve pit designs and has confirmed previously announced (see the Company’s February 6, 2012, news release) mineralization intersected in SEDD039 (36.3 meters grading 5.4 g/t gold) and SEDD035 (20.9 meters grading 1.9 g/t gold), which are located approximately 60 meters up dip and 50 meters along strike from hole BSDD124, respectively. Significant results intersected at B shoot and South East during the second quarter are tabulated below.

B Shoot Q2 2012 significant drill intersections

----------------------------------------------------------------------------
                                                                   -
        Easting Northing Elev   Az    Dip   From   To   Drilled  True  Gold
Hole ID   (m)      (m)    (m) (deg.) (deg.)  (m)   (m)   Width  Width Grade
                                                           (m)    (m)   g/t
============================================================================
BSDD124  40026    19825   983    90     -50   86.2  98.0   11.8   9.7   3.0
BSDD124  40026    19825   983    90     -50  239.5 280.9   41.4   33.9  2.2
BSDD124  40026    19825   983    90     -50  329.0 341.6   12.6   10.3  3.1
BSDD125  39757    20050  1015    90     -55  136.1 152.3   16.2   12.4  2.2
BSDD127  39854    20175   985    90     -59   80.4  88.8   8.4    6.0   12.3
BSDD127  39854    20175   985    90     -59  231.0 236.5   5.5    4.0   7.8
----------------------------------------------------------------------------

South East Q2 2012 significant drill intersections

----------------------------------------------------------------------------
                                                                   -
         Easting Northing Elev  Az     Dip    From   To  Drilled  True  Gold
 Hole ID   (m)      (m)    (m) (deg.) (deg.)  (m)   (m)   Width  Width Grade
                                                           (m)    (m)   g/t
============================================================================
SEDD050A  40071    19875  1009   90     -53  218.9 223.0   4.1    3.3   11.5
SEDD050A  40071    19875  1009   90     -53  237.2 252.9   15.7   12.5  2.7
 SEDD051  40052    19775  1008   90     -60  272.5 286.0   13.5   9.7   4.1
 SEDD052  40072    19850  1007   90     -55   48.0  53.0   5.0    3.9   10.6
SEDD057A  40331    19950  1001   90     -46   98.0 134.8   36.8   31.9  1.8
 SEDD058  40239    19951  1000   90     -55  161.7 166.7   5.0    3.9   21.3
----------------------------------------------------------------------------

Limited drilling was conducted on the western limb of the fold along the 242 trend. The drilling tested the down dip extent of mineralization and defined the boundaries of a diorite body, which occupies the core of the fold. The diorite is a syn-volcanic intrusion, which provides rheological contrasts with the surrounding mafic volcanic flows, generating dilation zones where wide accumulations of gold mineralization occur. For example, hole 242DD054 intersected 59.4 meters grading 2.5 g/t gold. Where the mineralized structure intersects the diorite body, mineralization is often present but exhibits narrower zones and lower grade. Further drilling has been planned to test the extents of the diorite on both margins within the hinge zone to assist in delineating geometry of the mineralization. Significant drilling results in the 242 limb are outlined in the underlying table.

242 Pit Q2 2012 significant drill intersections

----------------------------------------------------------------------------
                                                                   -
         Easting Northing Elev  Az     Dip    From   To  Drilled  True  Gold
 Hole ID   (m)      (m)    (m) (deg.) (deg.)  (m)   (m)   Width  Width Grade
                                                           (m)    (m)   g/t
============================================================================
242DD051  39912    20236   970   325    -70   73.2  78.0   4.8    4.4   5.9
242DD052  40019    20347   958   325    -75   54.0  67.0   13.0   11.4  2.3
242DD054  39756    20067  1000   325    -58  156.3 217.0   60.7   59.4  2.5
----------------------------------------------------------------------------

With the addition of the three contractor-operated drilling rigs to complete Phases 1 and 2 of the program, Golden Star expects to spend approximately $10.4 million over the next nine months, and drilling results will be used to update resource models and pit optimizations. Pending positive results of this program, further infill drilling campaigns in 2013 will be required to increase confidence in the classification of the resources and to enable possible conversion to reserves. Drilling results for the first half of 2012 are being incorporated into an updated resource estimate for the year-end resources and reserves statements.

Mitchel Wasel, Vice President of Exploration, commented, “The commitment from the Board to expand the drilling program at the Wassa Main deposits will enable Golden Star to make informed decisions on possible expansion scenarios over the next 18 months. Recent drilling results, which indicate that Wassa mineralization at depth is wider and higher grade than what has been mined to date, clearly support the Company’s plans to move forward aggressively with this drilling program.”

COMPANY PROFILE

Golden Star Resources holds the largest land package in one of the world’s largest and most prolific gold producing regions. The Company holds a 90% equity interest in Golden Star (Bogoso/Prestea) Limited and Golden Star (Wassa) Limited, which respectively own the Bogoso/Prestea and Wassa/HBB open-pit gold mines in Ghana, West Africa. In addition, Golden Star has an 81% interest in the currently inactive Prestea Underground mine in Ghana, as well as gold exploration interests elsewhere in Ghana, in other parts of West Africa and in Brazil in South America. Golden Star has approximately 259 million shares outstanding. Additional information is available at www.gsr.com.

Statements Regarding Forward-Looking Information: Some statements contained in this news release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other applicable securities laws. Such statements include: our expectations regarding our planned drilling and exploration activities for the remainder of 2012 and the timing thereof; the impact of our results of exploration on our reserves and resources and on the Wassa pit and Wassa operations; the potential for infill drilling campaigns in 2013; the timing of commencement of contract drilling; plans to spend approximately $10.4 million over the next nine months; and the timing of decisions with respect to expansion plans. Investors are cautioned that forward-looking statements are inherently uncertain and involve risks and uncertainties. Factors that could cause actual results to differ materially include timing of and unexpected events during exploration; variations in ore grade; variations in relative amounts of refractory, non-refractory and transition ores; technical or permitting issues, and fluctuations in gold price and costs. There can be no assurance that future developments affecting the Company will be those anticipated by management. Please refer to the discussion of these and other factors in our Form 10-K for 2011 and subsequent Forms 10-Q for 2012 and other filings of the Company with the United States Securities and Exchange Commission and the applicable Canadian securities regulatory authorities. The forecasts contained in this press release constitute management’s current estimates, as of the date of this press release, with respect to the matters covered thereby. We expect that these estimates will change as new information is received. While we may elect to update these estimates at any time, we do not undertake to update any estimate at any particular time or in response to any particular event.

QA/QC:

The technical contents of this press release have been reviewed by S. Mitchel Wasel, BSc Geology, a Qualified Person pursuant to National Instrument 43-101. Mr. Wasel is Vice President of Exploration for Golden Star and an active member and Registered Chartered Professional of the Australasian Institute of Mining and Metallurgy.

The results for Wassa quoted herein are based on the analysis of saw-split HQ/NQ diamond half core or a three kilogram single stage riffle split of a nominal 25 to 30 kg Reverse Circulation chip sample which has been sampled over nominal one meter intervals (adjusted where necessary for mineralized structures). Sample preparation and analyses have been carried out at SGS Laboratories in Tarkwa using a 1,000 gram slurry of sample and tap water which is prepared and subjected to an accelerated cyanide leach (LEACHWELL). The sample is then rolled for twelve hours before being allowed to settle. An aliquot of solution is then taken, gold extracted into Di-iso Butyl Keytone (DiBK), and determined by flame Atomic Absorption Spectrophotometry (AAS). Detection Limit is 0.01ppm.

All analytical work is subject to a systematic and rigorous Quality Assurance-Quality Control (QA-QC). At least 5% of samples are certified standards and the accuracy of the analysis is confirmed to be acceptable from comparison of the recommended and actual “standards” results. The remaining half core is stored on site for future inspection and detailed logging, to provide valuable information on mineralogy, structure, alteration patterns and the controls on gold mineralization.

Additional information on earlier drilling results at Wassa are available in our February 6, 2012, press release.

Wednesday, July 25th, 2012 Uncategorized Comments Off on Golden Star (GSS) Announces Continued Drilling Success