Archive for July, 2012

United Security Bancshares (UBFO) – Net Income $2.2 million during the Second Quarter

FRESNO, Calif., July 23, 2012 /PRNewswire/ — United Security Bancshares (http://www.unitedsecuritybank.com/) (Nasdaq Global Select: UBFO) reported today unaudited consolidated net income of $2,173,000 or $0.16 per basic and diluted common share for the quarter ended June 30, 2012 and $3,224,000 or $.23 per basic and diluted common share for the six months ended June 30, 2012, as compared to a net loss of $6.3 million or ($0.46) per basic and diluted common shares for the quarter ended June 30, 2011 and a net loss of $6.0 million or ($.43) per basic and diluted shares for the six months ended June 30, 2011.

Annualized return on average equity (ROAE) for the quarter ended June, 2012 was 13.83%, compared to (31.64%) for the same period in 2011, and was 10.23% for the six months ended June 30, 2012 compared to (15.63)% for the six months ended June 30, 2011. Annualized return on average assets (ROAA) was 1.44% for the three months ended June 30, 2012 compared to (3.85%) for the same three-month period in 2011, and was 1.06% for the six months ended June 30, 2012 compared to (1.83%) for the six months ended June 30, 2011.

The Board of Directors of United Security Bancshares declared a secondquarter 2012 stock dividend of one percent (1%) on June 26, 2012. The stock dividend was payable to shareholders of record on July 13, 2012, and the shares will be issued on July 25, 2012.

Dennis R. Woods, President and Chief Executive Officer of the Company, remarks  “The direction of our earnings has clearly changed and is a result of the continued reduction of problem assets since 2011 and stabilization in the real estate market.”  Shareholders’ equity at June 30, 2012 was $65.8 million, up $3.6 million from shareholders’ equity of $62.2 million at December 31, 2011.

Net interest income before provision for credit losses for the quarter ended June 30, 2012 totaled $6.0 million and $12.0 million for the six months ended June 30, 2012, down just $310,000 from $6.3 million reported for the quarter ended June 30, 2011 and down $450,000 from the 12.5 million reported for the six months ended June 30, 2011, respectively. The net interest margin was 4.71% for the quarter ended June 30, 2012, and 4.69% for the six months ended June 30, 2012, as compared to 4.52% for the quarter ended June 30, 2011 and 4.47% for the six months ended June 30, 2011. The Company continues to benefit from decreasing costs on interest-bearing liabilities.

Noninterest income for the quarter ended June 30, 2012 totaled $3.7 million, reflecting an increase of $2.5 million from $1.2 million in noninterest income reported for the quarter ended June 30, 2011. Noninterest income for the six months ended June 30, 2012 totaled $4.6 million, reflecting an increase of $2.2 million from $2.3 million in noninterest income reported for the six months ended June 30, 2011. Customer service fees continue to provide the majority of the Company’s noninterest income, totaling $897,000 for the quarter ended June 30, 2012, as compared to $894,000 for the quarter ended June 30, 2011, and $1.8 million for the six months ended June 30, 2012 and 2011. Changes in noninterest income on a quarter-to-quarter comparative basis between the second quarters of 2012 and 2011 are largely the result of an increase of $1.8 million on gains realized on the sale of investments and an increase of $598,000 on gains realized on the sale of other real estate owned.  On a six month comparative basis, changes in noninterest income again were the result of an increase of $1.8 million on gains realized on the sale of investments and an increase of $381,000 on gains realized on the sale of other real estate owned.

Noninterest expense totaled $5.0 million for the quarter ended June 30, 2012, down $3.3 million from $8.2 million reported for the quarter ended June 30, 2011. For the six months ended June 30, 2012, noninterest expense totaled $10.5 million as down $3.8 million from the $14.3 million for the six months ended June 30, 2011. Between the second quarters of 2012 and 2011, the company experienced significant decreases in impairment losses on goodwill, impairment losses on other real estate owned, other real estate owned expenses, and professional fees. On a six month comparative basis, additional decreases in the above listed areas as well as decreases in regulatory assessments and occupancy expenses contributed to the overall decrease.

The Company had a provision for loan loss reserve of $1.0 million for the quarter ended June 30, 2012 and the six months ended June 30, 2012, compared to $9.2 million for the quarter ended June 30, 2011 and $10.1 million for the six months ended June 30, 2011. Net loan charge-offs totaled $2.4 million for the quarter ended June 30, 2012 and $3.0 million for the six months ended June 30, 2012 as compared to $12.0 million for the quarter ended June 30, 2011, and $12.7 million for the six months ended June 30, 2011. With continued weakness in the economy and real estate markets within our service area, we have maintained an adequate allowance for loan losses which totaled 2.94% of total loans at June 30, 2012 compared to 3.28% of total loans at March 31, 2012 and 3.29% at June 30, 2011. In determining the adequacy of the allowance for loan losses, Management’s judgment is the primary determining factor for establishing the amount of the provision for loan losses and management considers the allowance for loan and lease losses June 30, 2012 to be adequate.

Non-performing assets, comprised of nonaccrual loans, troubled debt restructures (TDR), other real estate owned through foreclosure (OREO), and loans more than 90 days past days and still accruing interest, decreased approximately $4.7 million between December 31, 2011 and June 30, 2012. Additionally, nonperforming assets as a percentage of total assets decreased from 8.84% at December 31, 2011 to 8.76% at June 30, 2012. Nonaccrual loans decreased $1.2 million between December 31, 2011 and June 30, 2012, while OREO, decreased $3.2 million during the same period. Impaired loans totaled $28.4 million at June 30, 2012, down $3.5 million from the balance of $31.9 million at December 31, 2011.

United Security Bancshares is a $600+ million bank holding company. United Security Bank, its principal subsidiary is a state chartered bank and member of the Federal Reserve Bank of San Francisco.

FORWARD-LOOKING STATEMENTS

This news 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 and the Company intends such statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.

Forward-looking statements are based on management’s knowledge and belief as of today and include information concerning the Company’s possible or assumed future financial condition, and its results of operations, business and earnings outlook. These forward-looking statements are subject to risks and uncertainties. A number of factors, some of which are beyond the Company’s ability to control or predict, could cause future results to differ materially from those contemplated by such forward-looking statements. These factors include (1) changes in interest rates, (2) significant changes in banking laws or regulations, (3) increased competition in the company’s market, (4) other-than-expected credit losses, (5) earthquake or other natural disasters impacting the condition of real estate collateral, (6) the effect of acquisitions and integration of acquired businesses, (7) the impact of proposed and/or recently adopted changes in laws, and regulations on the Company and its business; (8) changing bank regulatory conditions, policies, whether arising as new legislation or regulatory initiatives or changes in our regulatory classifications, that could lead to restrictions on activities of banks generally or as to the Bank, including specifically the formal order between the Federal Reserve Bank of San Francisco and the Company and the Bank, (9) failure to comply with the regulatory agreement under which the Company is subject and (10) unknown economic impacts caused by the State of California’s budget issues. Management cannot predict at this time the severity or duration of the effects of the recent business slowdown on our specific business activities and profitability. Weaker or a further decline in capital and consumer spending, and related recessionary trends could adversely affect our performance in a number of ways including decreased demand for our products and services and increased credit losses. Likewise, changes in interest rates, among other things, could slow the rate of growth or put pressure on current deposit levels and affect the ability of borrowers to repay loans. Forward-looking statements speak only as of the date they are made, and the company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the statements are made, or to update earnings guidance including the factors that influence earnings. For a more complete discussion of these risks and uncertainties, see the Company’s Annual Report on Form 10-K for the year ended December 31, 2011, and particularly the section of Management’s Discussion and Analysis.  Readers should carefully review all disclosures we file from time to time with the Securities and Exchange Commission (“SEC”).

United Security Bancshares

Consolidated Balance Sheets

(dollars in thousands)

June 30,

December 31,

2012

2011

Assets

Cash and noninterest-bearing deposits in other banks

$22,400

$28,052

Cash and due from Federal Reserve Bank

76,990

96,132

Federal funds sold

0

0

Cash and cash equivalents

99,390

124,184

Interest-bearing deposits in other banks

2,103

2,187

Investment securities (AFS at market value)

35,553

38,458

Loans and leases, net of unearned fees

394,563

408,146

Less: Allowance for credit losses

(11,610)

(13,648)

Net loans

382,953

394,498

Premises and equipment – net

12,566

12,675

Bank owned life insurance

16,413

16,150

Intangible assets

4,871

5,041

Other real estate owned

23,894

27,091

Deferred Income Taxes

11,154

11,485

Other assets

16,710

19,563

Total assets

$605,607

$651,332

Deposits:

Noninterest bearing demand and NOW

$197,052

$224,907

Money market and savings

213,204

206,036

Time

114,746

143,484

Total deposits

525,002

574,427

Borrowed funds

0

0

Other liabilities

5,512

5,705

Junior subordinated debentures (at fair value)

9,276

9,027

Total liabilities

539,790

589,159

Shareholders’ equity:

Common shares outstanding:

13,133,871 at March 31, 2012

13,531,832 at December 31, 2011

42,087

41,435

Retained earnings

24,029

21,447

Accumulated other comprehensive loss

(299)

(709)

Total shareholders’ equity

65,817

62,173

Total liabilities and shareholders’ equity

$605,607

$651,332

United Security Bancshares

(dollars in 000s, except per share amounts)

Three Months Ended

Three Months Ended

Six Months Ended

Six Months Ended

June 30,

June 30,

June 30,

June 30,

2012

2011

2012

2011

Interest income:

Interest and fees on loans

$5,966

$6,437

$12,009

$12,857

Interest on investment securities

457

540

978

1,137

Interest on deposits in FRB

43

43

94

94

Interest on deposits in other banks

10

10

20

20

Total interest income

6,476

7,030

13,101

14,108

Interest expense:

Interest on deposits

437

668

915

1,436

Interest on other borrowed funds

72

83

138

168

Total interest expense

509

751

1,053

1,6042

Net interest income before provision for credit losses

5,967

6,279

12,048

12,504

Provision for credit losses

1,004

9,161

1,006

10,051

Net interest income

4,963

(2,882)

11,042

2,453

Noninterest income:

Customer service fees

897

894

1,797

1,761

Increase in cash surrender value of

bank owned life insurance

144

140

280

281

Gain (Loss) on sale of other real estate owned

275

(324)

337

(44)

Gain (loss) on Fair Value Option of Financial Assets

364

222

(112)

(145)

Other noninterest income

1,984

242

2,256

449

Total noninterest income

3,664

1,174

4,558

2,302

Noninterest expense:

Salaries and employee benefits

2,176

2,220

4,598

4,541

Occupancy expense

840

909

1,605

1,802

Professional fees

439

980

683

1,419

Regulatory insurance assessments

417

475

783

988

Impairment losses and other expenses on OREO

(18)

1,157

666

2,073

Impairment losses on goodwill and intangible assets

0

1,489

0

1,525

Impairment losses on investment securities

149

0

172

0

Other noninterest expense

974

1,010

1,957

1,949

Total noninterest expense

4,977

8,240

10,464

14,297

Income before income tax provision

3,650

(9,948)

5,136

(9,542)

Provision (benefit) for income taxes

1,478

(3,599)

1,912

(3,549)

Net Income

$2,173

($6,349)

3,224

(5,993)

United Security Bancshares

Selected Financial Data (Quarters Unaudited)

(dollars in 000s, except per share amounts)

Three months Ended

Three months Ended

Six Months Ended

Six Months Ended

June 30,

June 30,

June 30,

June 30,

2012

2011

2012

2011

Basic earnings per share

$0.16

($0.46)

$0.23

($0.43)

Diluted earnings per share

$0.16

($0.46)

$0.23

($0.43)

Weighted average basic shares for EPS

13,803,824

13,803,824

13,803,824

13,803,824

Weighted average diluted shares for EPS

13,803,824

13,803,824

13,803,824

13,803,824

Annualized return on:

Average assets

1.42%

(3.82%)

1.05%

(1.81%)

Average equity

13.40%

(31.64%)

10.23%

(15.63%)

Yield on interest-earning assets

5.11%

5.06%

5.10%

5.04%

Cost of interest-bearing liabilities

0.61%

0.74%

.63%

.77%

Net interest margin

4.71%

4.52%

4.69%

4.47%

Annualized net charge-offs to average loans

2.44%

10.99%

1.54%

5.89%

June 30,

June 30,

2012

2011

Shares outstanding – period end

13,803,824

13,803,824

Book value per share

$4.77

$4.50

Tangible book value per share

$4.42

$4.14

Efficiency ratio

51.67%

110.56%

Total nonperforming assets

$53,023

$76,705

Nonperforming assets to total assets

8.76%

11.64%

Total Impaired loans

$28,375

$36,953

Total nonaccrual loans

$18,189

$20,792

Allowance for loan losses to total loans

2.94%

3.29%

SOURCE United Security Bancshares

Monday, July 23rd, 2012 Uncategorized Comments Off on United Security Bancshares (UBFO) – Net Income $2.2 million during the Second Quarter

Seven Arts (SAPX) Filings for Over $8M in Tax Credits

LOS ANGELES, CA — (Marketwire) — 07/23/12 — Seven Arts Entertainment Inc. (NASDAQ: SAPX) (“Seven Arts” or the “Company”) announced today that Seven Arts Pictures Louisiana LLC (“SAPLA”) has filed both an audit with the Louisiana Department of Economic Development of its film infrastructure expenses at 807 Esplanade Avenue in New Orleans, Louisiana (“Property”) and a compilation with the Department of Parks, US Department of Interior and the Louisiana Historic District Commission of its historic rehabilitation expenses in connection with the Property. Seven Arts will be entitled to receive on or before December 31, 2012 from SAPLA approximately $8,800,000 of Federal and Louisiana historic rehabilitation tax credits and Louisiana film infrastructure tax credits earned by SAPLA based on the audit and compilation. The Company expects to realize the cash value of these tax credits by assignment to third parties at discounts customary in the market, but which should result in receipt by Seven Arts of in excess of $8,000,000.

As has been previously announced, the Company intends to operate through an affiliate a full service production and post-production facility at the Property. The Company expects to commence full operations at the Property in September, 2012 for both its own productions and third party productions filming in Louisiana under Louisiana’s successful film investment tax credit provisions.

CEO Peter Hoffman stated: “We have completed construction and historic rehabilitation of this extraordinary pre-Civil War property after almost five years of work. We believe this building will be the ‘go to’ facility of major productions in Louisiana, as both artistically stunning and equipped with the best modern editing and sound facilities. The tax credit revenue to Seven Arts will be substantial.”

About Seven Arts Entertainment Inc.:
Seven Arts Entertainment Inc. is the successor to Seven Arts Pictures Plc, which was founded in 2002 as an independent motion picture production and distribution company engaged in the development, acquisition, financing, production and licensing of theatrical motion pictures for exhibition in domestic (i.e., the United States and Canada) and foreign theatrical markets, and for subsequent worldwide release in other forms of media, including home video and pay and free television.

Cautionary Information Regarding Forward-Looking Statements.
Forward-looking statements contained in this press release are made under the Safe Harbor Provision of the Private Securities Litigation Reform Act of 1995. Any such statements are subject to risks and uncertainties that could cause actual results to differ materially from the anticipated.

Contact:

Seven Arts Entertainment Inc.
Peter Hoffman
323-372-3080
phoffman@7artspictures.com

Monday, July 23rd, 2012 Uncategorized Comments Off on Seven Arts (SAPX) Filings for Over $8M in Tax Credits

Savient Pharma (SVNT) Receives Favorable Decision In Tang Capital Litigation

Court Determines No Event Of Default Has Occurred

EAST BRUNSWICK, N.J., July 23, 2012 /PRNewswire/ — Savient Pharmaceuticals, Inc. (Nasdaq: SVNT) today announced that the Delaware Court of Chancery has issued a bench ruling granting both of Savient’s motions in the lawsuit brought against the Company by Tang Capital Partners, LP and certain other holders of Savient’s convertible notes.  The Court of Chancery decided that the plaintiff noteholders do not have standing to bring an action to appoint a receiver for Savient and that an event of default has not occurred under Savient’s convertible notes. The Court has not yet come to a conclusion on the plaintiff’s claims for breach of fiduciary duty and waste.  Savient continues to believe that all outstanding claims alleged by the plaintiffs are without merit, and intends to vigorously defend this lawsuit to its completion.  The Court of Chancery’s decision is subject to appeal by the plaintiffs.  In addition, Savient’s claim for damages against Tang Capital remains outstanding.

ABOUT SAVIENT PHARMACEUTICALS, INC.

Savient Pharmaceuticals, Inc. is a specialty biopharmaceutical company focused on developing and commercializing KRYSTEXXA® (pegloticase) for the treatment of chronic gout in adult patients refractory to conventional therapy. Savient has exclusively licensed worldwide rights to the technology related to KRYSTEXXA and its uses from Duke University (“Duke”) and Mountain View Pharmaceuticals, Inc. (“MVP”).  Duke developed the recombinant uricase enzyme and MVP developed the PEGylation technology used in the manufacture of KRYSTEXXA. MVP and Duke have been granted U.S. and foreign patents disclosing and claiming the licensed technology and, in addition, Savient owns or co-owns U.S. and foreign patents and patent applications, which collectively form a broad portfolio of patents covering the composition, manufacture and methods of use and administration of KRYSTEXXA.  Savient also manufactures and supplies Oxandrin® (oxandrolone tablets, USP) CIII in the U.S. For more information, please visit the Company’s website at www.savient.com.

Contact:

Mary Coleman

Kelly Sullivan / Taylor Ingraham

Savient Pharmaceuticals, Inc.

Joele Frank, Wilkinson Brimmer Katcher

information@savient.com

ksullivan@joelefrank.com / tingraham@joelefrank.com

(732) 418-9300

(212) 355-4449

Monday, July 23rd, 2012 Uncategorized Comments Off on Savient Pharma (SVNT) Receives Favorable Decision In Tang Capital Litigation

Galectin Therapeutics (GALT) Receives U.S. Patent for Chronic Liver Disease

Galectin Therapeutics (NASDAQ: GALT), the leading developer of therapeutics that target galectin proteins to treat fibrosis and cancer, today announced that it has received a notice of issuance from the U.S. Patent and Trademark Office for Patent Number 8,236,780 “Galactose-prolonged polysaccharides in a formulation for antifibrotic therapies”. The patent covers key methods of derivation and use for the Company’s carbohydrate-based galectin inhibitor compound for use in patients with chronic liver disease associated with the development of fibrosis, established liver fibrosis or end-stage scarring, or cirrhosis. Fibrotic disease of the liver is highly prevalent in the population because all chronic liver disease of multiple causes (e.g., viral hepatitis, fatty liver, alcohol) results in fibrosis of the liver and there are no currently approved pharmaceutical therapies.

“The issuance of this patent asserts Galectin Therapeutics as the leader in developing galectin inhibitors for the treatment of liver fibrosis, and its broad coverage allows us protection as we explore the range of liver fibrosis for which our compounds could be efficacious,” said Peter G. Traber, MD, President, CEO and CMO of Galectin Therapeutics. “There is a truly vast unmet medical need for liver fibrosis, with the only current treatment option being liver transplantation. Preclinical results of our candidates have shown reversal of fibrosis in rodent models of disease, particularly in non-steatohepatitis, NASH, or fatty liver disease, which will be our first clinical indication for our fibrosis program.”

The major claim is for a method of obtaining the galectin inhibitor compound, obtaining a composition for parenteral administration in an acceptable pharmaceutical carrier and administering to a subject having at least one of the following: chronic liver disease associated with the development of fibrosis, established liver fibrosis or cirrhosis. The use covers inhibiting or slowing the progression of fibrosis or the reversal of fibrosis. The lead compound in development for NASH with fibrosis, GR-MD-02, is covered by this patent and it provides opportunities for development of additional compounds in the class.

About Galectin Therapeutics

Galectin Therapeutics (NASDAQ: GALT) is developing promising carbohydrate-based therapies for the treatment of fibrotic liver disease and cancer based on the Company’s unique understanding of galectin proteins, key mediators of biologic function. We are leveraging extensive scientific and development expertise as well as established relationships with external sources to achieve cost effective and efficient development. We are pursuing a clear development pathway to clinical enhancement and commercialization for our lead compounds in liver fibrosis and cancer. Additional information is available at www.galectintherapeutics.com.

Forward Looking Statements

This press release contains, in addition to historical information, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements relate to future events or future financial performance, and use words such as “may,” “estimate,” “could,” “expect” and others. They are based on our current expectations and are subject to factors and uncertainties which could cause actual results to differ materially from those described in the statements. Factors that could cause our actual performance to differ materially from those discussed in the forward-looking statements include, among others: incurrence of operating losses since our inception, uncertainty as to adequate financing of our operations, extensive and costly regulatory oversight that could restrict or prevent product commercialization, inability to achieve commercial product acceptance, inability to protect our intellectual property, dependence on strategic partnerships, product competition, and others stated in risk factors contained in our SEC filings. We cannot assure that we have identified all risks or that others may emerge which we do not anticipate. You should not place undue reliance on forward-looking statements. Although subsequent events may cause our views to change, we disclaim any obligation to update forward-looking statements.

Monday, July 23rd, 2012 Uncategorized Comments Off on Galectin Therapeutics (GALT) Receives U.S. Patent for Chronic Liver Disease

MoSys, Inc. (MOSY) Reports Second Quarter 2012 Financial Results

MoSys, Inc., (NASDAQ: MOSY), a leader in semiconductor solutions that enable fast, intelligent data access for network and communications systems, today reported financial results for the second quarter ended June 30, 2012.

Second Quarter Highlights

  • Released first generation carrier-grade Bandwidth Engine® IC to production;
  • Shipped first Bandwidth Engine IC production units;
  • Expanded sales channel coverage in North America; and
  • Ended the quarter with total cash and investments of approximately $49 million.

Management Commentary

Commenting on the quarter, Len Perham, MoSys’ President and Chief Executive Officer, said: “In the quarter, we released our first generation Bandwidth Engine IC into production and made initial production shipments for customer prototyping and system-level qualifications. The commencement of production shipments represents another major achievement in our evolution to become a fabless semiconductor company. We also completed multiple, onsite operational audits that fully affirmed our ISO 9000 compliance and carrier-grade rating, further assuring customers that we have the capabilities to meet or exceed their quality standards and support their future volume production requirements.

“We continue to collaborate closely with new and existing customers to integrate our high-speed, serial access Bandwidth Engine IC into their next-generation systems. Over the last few months, we expanded our sales and support channel, with a strong focus on accelerating customer adoption and increasing design win momentum.”

Second Quarter Results

Total net revenue for the second quarter of 2012 was $1.7 million, compared with $1.4 million reported in the first quarter of 2012 and $3.3 million in the second quarter of 2011.

Second quarter 2012 total revenue included licensing and other revenue of $0.6 million, compared with $0.2 million for the previous quarter and $1.2 million for the second quarter of 2011. Second quarter 2012 royalty revenue was $1.1 million, compared with $1.2 million in the previous quarter and $2.1 million for the second quarter of 2011.

Gross margin for the second quarter of 2012 was 90 percent, compared with 96 percent in the first quarter of 2012 and 86 percent for the second quarter of 2011.

Total operating expenses on a GAAP basis for the second quarter of 2012 were $8.1 million, compared with $8.6 million in the previous quarter and $8.5 million of expenses for the second quarter of 2011. Second quarter 2012 operating expenses included $0.6 million of amortization of intangible assets and $1.0 million of stock-based compensation expense.

GAAP net loss for the second quarter of 2012 was $6.6 million, or ($0.17) per share, compared with a net loss of $7.2 million, or ($0.19) per share, in the previous quarter and a net loss of $5.7 million, or ($0.15) per share, for the second quarter of 2011. The non-GAAP net loss for the second quarter of 2012 was $5.0 million, or ($0.13) per share, which excludes amortization of intangible assets and stock-based compensation expense. Earnings per share for the second quarter of 2012 were computed using approximately 38.9 million shares on a GAAP and non-GAAP basis. A reconciliation of GAAP results to non-GAAP results is provided in the financial statement tables following the text of this press release.

As of June 30, 2012, cash and investments totaled $48.9 million.

Financial Results Webcast / Conference Call

MoSys will host a conference call and webcast with investors today at 5:30 a.m. Pacific Time (8:30 a.m. Eastern Time) to discuss the second quarter 2012 financial results. Investors and other interested parties may access the call by dialing 1-800-659-2056 in the U.S. (1-617-614-2714 outside of the U.S.), and entering the pass code 79076983 at least 10 minutes prior to the start of the call. In addition, an audio webcast will be available through the MoSys Web site at http://www.mosys.com. A telephone replay will be available for two business days following the call at 1-888-286-8010 in the U.S. (1-617-801-6888 outside of the U.S.), pass code of 79831991.

Use of Non-GAAP Financial Measures

To supplement MoSys’ consolidated financial statements presented in accordance with GAAP, MoSys uses non-GAAP financial measures that exclude from the statement of operations the effects of stock-based compensation and amortization of recorded intangible assets. MoSys’ management believes that the presentation of these non-GAAP financial measures is useful to investors and other interested persons because they are one of the primary indicators that MoSys’ management uses for planning and forecasting future performance. MoSys’ management believes that the presentation of non-GAAP financial measures that exclude these items is useful to investors because MoSys’ management does not consider these charges part of the day-to-day business or reflective of the core operational activities of the Company that are within the control of management or that would be used to evaluate management’s operating performance.

Investors are encouraged to review the reconciliation of these non-GAAP financial measures to the comparable GAAP results, which is provided in a table below the Condensed Consolidated Statements of Operations. The non-GAAP financial measures disclosed by the Company should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP, and the financial results calculated in accordance with GAAP and reconciliations to those financial statements should be carefully evaluated. The non-GAAP financial measures used by the Company may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies. For additional information regarding these non-GAAP financial measures, and management’s explanation of why it considers such measures to be useful, refer to the Form 8-K dated July 20, 2012, that the Company filed with the Securities and Exchange Commission.

Forward-Looking Statements

This press release may contain forward-looking statements about the Company, including, without limitation, benefits and performance expected from use of the Company’s embedded memory and interface technologies, anticipated benefits and performance expected from the Bandwidth Engine product and the Company’s future markets and future business prospects.

Forward-looking statements are based on certain assumptions and expectations of future events that are subject to risks and uncertainties. Actual results and trends may differ materially from historical results or those projected in any such forward-looking statements depending on a variety of factors. These factors include, but are not limited, to the following:

  • achieving additional design wins for the Bandwidth Engine IC;
  • commencing volume shipments of Bandwidth Engine ICs;
  • our ability to enhance our existing proprietary technologies and develop new technologies;
  • achieving necessary acceptance of our IC architecture and interface protocols by potential customers and their suppliers;
  • difficulties and delays in the development, production, testing and marketing of our ICs;
  • reliance on our manufacturing partners to assist successfully with the fabrication of our ICs;
  • availability of quantities of ICs supplied by our manufacturing partners at a competitive cost;
  • our lack of recent experience as a fabless semiconductor company making and selling proprietary ICs;
  • level of intellectual property protection provided by our patents, the expenses and other consequences of litigation, including intellectual property infringement litigation, to which we may be or may become a party from time to time;
  • vigor and growth of markets served by our customers and our operations; and

other risks identified in the Company’s most recent reports on Form 10-K and Form 10-Q filed with the Securities and Exchange Commission, as well as other reports that MoSys files from time to time with the Securities and Exchange Commission. MoSys undertakes no obligation to update publicly any forward-looking statement for any reason, except as required by law, even as new information becomes available or other events occur in the future.

About MoSys, Inc.

MoSys, Inc. (NASDAQ: MOSY) is an IP-rich fabless semiconductor company that provides high performance solutions for fast, intelligent data access in network and communications systems. Engineered and built for high-reliability carrier and enterprise applications, MoSys’ products are breaking bandwidth barriers™ in data processing to allow for faster packet access and analysis, expanded user capacity and new capabilities required by the expanding global infrastructure. MoSys’ Bandwidth Engine® family of ICs combines the company’s patented 1T-SRAM® high-density, embedded memory and high-speed, 10 Gigabits per second serial interface with its intelligent access technology and a highly efficient GigaChip™ Interface transport protocol to eliminate bottlenecks in high-speed data access. MoSys is headquartered in Santa Clara, California, and more information is available at http://www.mosys.com.

MoSys, 1T-SRAM and Bandwidth Engine are registered trademarks of MoSys, Inc. in the US and/or other countries. Breaking Bandwidth Barriers, GigaChip and the MoSys logo are trademarks of MoSys, Inc. All other marks mentioned herein are the property of their respective owners.

MOSYS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts; unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
2012 2011 2012 2011
Net Revenue
Licensing and other $ 644 $ 1,216 $ 865 $ 2,563
Royalty 1,092 2,076 2,295 4,268
Total net revenue 1,736 3,292 3,160 6,831
Cost of Net Revenue
Licensing and other 179 469 236 1,159
Total cost of net revenue 179 469 236 1,159
Gross Profit 1,557 2,823 2,924 5,672
Operating Expenses
Research and development 6,688 6,566 14,194 12,721
Selling, general and administrative 1,428 1,917 4,354 4,631
Gain on sale of assets (1,856 )
Total operating expenses 8,116 8,483 16,692 17,352
Loss from operations (6,559 ) (5,660 ) (13,768 ) (11,680 )
Other income, net 36 25 60 34
Loss before income taxes (6,523 ) (5,635 ) (13,708 ) (11,646 )
Income tax provision 30 17 60 35
Net loss $ (6,553 ) $ (5,652 ) $ (13,768 ) $ (11,681 )
Net loss per share
Basic and diluted ($0.17 ) ($0.15 ) ($0.36 ) ($0.31 )
Shares used in computing net loss per share
Basic and diluted 38,880 37,738 38,723 37,505
MOSYS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, unaudited)
June 30, December 31,
2012 2011
Assets
Current assets:
Cash, cash equivalents and investments $ 30,313 $ 49,438
Accounts receivable, net 326 969
Unbilled contract receivables 33 74
Prepaid expenses and other assets 1,742 1,522
Total current assets 32,414 52,003
Long-term investments 18,626 8,537
Property and equipment, net 924 1,382
Goodwill 23,134 23,134
Intangible assets, net 3,154 4,400
Other assets 177 181
Total assets $ 78,429 $ 89,637
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable $ 623 $ 336
Accrued expenses and other liabilities 2,278 2,779
Deferred revenue 851 920
Total current liabilities 3,752 4,035
Long-term liabilities 144 109
Stockholders’ equity 74,533 85,493
Total liabilities and stockholders’ equity $ 78,429 $ 89,637
MOSYS, INC.
Reconciliation of GAAP to Non-GAAP Net Loss and Net Loss Per Share
(In thousands, except per share amounts; unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
2012 2011 2012 2011
GAAP net loss $ (6,553 ) $ (5,652 ) $ (13,768 ) $ (11,681 )
Stock-based compensation expense
-Cost of net revenue 38 46 46 107
-Research and development 730 507 1,496 810
-Selling, general and administrative 252 291 521 636
Total stock-based compensation expense 1,020 844 2,063 1,553
Amortization of intangible assets 563 654 1,246 1,309
Non-GAAP net loss $ (4,970 ) $ (4,154 ) $ (10,459 ) $ (8,819 )
GAAP net loss per share $ (0.17 ) $ (0.15 ) $ (0.36 ) $ (0.31 )
Reconciling items
-Stock-based compensation expense 0.03 0.02 0.06 0.04
-Amortization of intangible assets 0.01 0.02 0.03 0.03
Non-GAAP net loss per share: Basic and diluted $ (0.13 ) $ (0.11 ) $ (0.27 ) $ (0.24 )
Shares used in computing non-GAAP net loss per share
Basic and diluted 38,880 37,738 38,723 37,505

Friday, July 20th, 2012 Uncategorized Comments Off on MoSys, Inc. (MOSY) Reports Second Quarter 2012 Financial Results

LoJack SafetyNet (LOJN) Offers Free Enrollment In Its Tracking And Rescue Service

As EmFinders Goes Out of Business, SafetyNet Offers Ongoing Protection from the Dangers of Wandering to People with Autism and Alzheimer’s

CANTON, Mass., July 20, 2012 /PRNewswire/ — With EmFinders suspending all of its business operations, LoJack SafetyNet, Inc., a wholly owned subsidiary of LoJack Corporation (NASDAQ: LOJN), announced today that it will waive the enrollment fee for its SafetyNet tracking and rescue service to former clients of EmFinders.  The offer, which will provide continued protection from the dangers of wandering to people who have Alzheimer’s and autism, is valid in all areas where the SafetyNet by LoJack service is available.  Former EmFinders clients who are interested in enrolling in the SafetyNet service, should call (877) 4-FINDTHEM (877-434-6384) or visit www.safetynetbylojack.com.

The SafetyNet by LoJack service helps caregivers provide an added layer of protection for loved ones with cognitive conditions such as autism and Alzheimer’s from the potentially life-threatening behavior of wandering.  The service also provides public safety agencies with the tools and training to more effectively find and rescue those individuals if they wander and go missing.

“Our mission at LoJack SafetyNet is to bring this valuable service to people who are at risk to the dangers of wandering and provide peace of mind for their loved ones,” said Kathy Kelleher, Vice President, LoJack SafetyNet, Inc.  “This offer provides people who were enrolled in the EmFinders’ service – and are now potentially without protection – an easy and affordable way to transition to SafetyNet, a highly effective alternative tracking and rescue service.”

How the SafetyNet Service Works

Once caregivers enroll their loved ones in the service, they receive a SafetyNet Bracelet, which is worn by the person at risk typically on his/her wrist or ankle.  The caregiver provides information about the client to assist in search and rescue, which is then entered into a secure database.  LoJack SafetyNet provides 24 hours 7 days a week emergency caregiver support. For participating public safety agencies, LoJack SafetyNet provides tracking equipment, certified training and ongoing support at no cost to the agencies or taxpayers.

The SafetyNet Bracelet constantly emits a Radio Frequency signal, which can be detected by public safety agencies in all areas where the SafetyNet by LoJack service is available.  Radio Frequency is the technology of choice because its signal doesn’t rely on cellular networks or GPS systems and can often be tracked even if a client wanders into a shallow body of water, a densely wooded area, a concrete structure such as a garage, or a building constructed with steel.

The SafetyNet tracking equipment that is used by public safety agencies can detect the Radio Frequency signal emitted from a SafetyNet Bracelet typically within a range of approximately one mile in on-the-ground searches and 5-7 miles in searches by helicopter.

The SafetyNet certified training for public safety agencies focuses on the service’s specialized electronic equipment, technology, procedures and on how to effectively communicate with and approach individuals who have cognitive conditions.  SafetyNet’s secure database contains information on each individual client enrolled in the service so that the search and rescue team can have information on the individual’s physical characteristics, personal habits and how he or she should be approached, spoken to and comforted.

Resources for Caregivers

LoJack offers an online information and resource center designed to assist caregivers seeking tips on how to protect their loved ones who wander. The resource center offers compelling content from across the web, access to the SafetyNetSource Twitter feed and YouTube channel, a Facebook page to help caregivers communicate with one another and engage in a community of support.  It also provides a variety of valuable resources for caregivers such as a form to distribute to the local first responders and neighbors that may be helpful in the event their loved one wanders.

Availability & More Information

For more information about the SafetyNet service, please call (877) 4-FINDTHEM (877-434-6384) or visit www.safetynetbylojack.com.

CONTACT:

Jeremy Warnick

Jeanne Bock

Laura Feng

LoJack SafetyNet

Tier One Partners

Tier One Partners

781-302-4251

781-861-5249

978-975-1414

Friday, July 20th, 2012 Uncategorized Comments Off on LoJack SafetyNet (LOJN) Offers Free Enrollment In Its Tracking And Rescue Service

Eastern Virginia Bankshares (EVBS) Announces Second Quarter 2012 Results

TAPPAHANNOCK, Va., July 20, 2012 /PRNewswire/ — Eastern Virginia Bankshares (NASDAQ:EVBS) today reported its results of operations for the three and six months ended June 30, 2012.

For the three months ended June 30, 2012, EVBS reported net operating income of $848 thousand, an increase of $625 thousand over the net operating income of $223 thousand reported for the same period of 2011.  Net income to common shareholders was $473 thousand, or $0.08 per common share, assuming dilution, compared to a net loss of ($151) thousand or ($0.03) per common share for the same period in 2011.  For the six months ended June 30, 2012, EVBS reported net operating income of $1.7 million, an increase of $965 thousand over the net operating income of $697 thousand reported for the same period of 2011.  Net income to common shareholders was $912 thousand, or $0.15 per common share, assuming dilution, compared to a net loss of ($51) thousand or ($0.01) per common share for the same period in 2011.  The difference between net operating income and net income (loss) to common shareholders is the deduction for the effective dividend to the U.S. Treasury on preferred stock.

For the three months ended June 30, 2012, the following key points were significant factors in our reported results:

  • Provision expense for the allowance for loan losses of $1.3 million compared to $1.5 million for the same period in 2011;
  • Net charge-offs of $1.5 million to write off uncollectible balances on nonperforming assets;
  • Decrease in nonperforming assets by $6.2 million during the second quarter of 2012;
  • Gain on the sale of available for sale securities of $832 thousand resulting from adjustments in the composition of the investment portfolio as part of our overall asset/liability management strategy;
  • Decrease in net interest income by $766 thousand from the same period in 2011;
  • Impairment losses of $292 thousand related to valuation adjustments on other real estate owned;
  • Losses of $44 thousand on the sale of other real estate owned;
  • Expenses related to FDIC insurance premiums of $587 thousand, compared to $931 thousand for the same period in 2011; and
  • Expenses related to collection, repossession and other real estate owned of $350 thousand, compared to $567 thousand for the same period in 2011.

For the six months ended June 30, 2012, the following key points were significant factors in our reported results:

  • Provision expense for the allowance for loan losses of $4.2 million compared to $3.5 million for the same period in 2011;
  • Net charge-offs of $5.4 million to write off uncollectible balances on nonperforming assets;
  • Decrease in nonperforming assets by $15.6 million during the first six months of 2012;
  • Gain on the sale of available for sale securities of $3.4 million resulting from adjustments in the composition of the investment portfolio as part of our overall asset/liability management strategy;
  • Decrease in net interest income by $1.1 million from the same period in 2011;
  • Impairment losses of $907 thousand related to valuation adjustments on other real estate owned;
  • Losses of $117 thousand on the sale of other real estate owned;
  • Expenses related to FDIC insurance premiums of $1.2 million, compared to $1.4 million for the same period in 2011; and
  • Expenses related to collection, repossession and other real estate owned of $655 thousand, compared to $1.0 million for the same period in 2011.

The return on average assets (ROA) and return on average equity (ROE), on an annualized basis, for the three months ended June 30, 2012 were 0.18% and 2.62%, respectively compared to (0.06%) and (0.86%), respectively for the three months ended June 30, 2011.  For the six months ended June 30, 2012, on an annualized basis, ROA and ROE were 0.17% and 2.53%, respectively compared to (0.01%) and (0.15%), respectively for the same period of 2011.

In announcing these results, Joe A. Shearin, President and Chief Executive Officer commented “I am very pleased to report the continuation of our improved results for the quarter just ended.  Our net operating income increased by over 280% during the second quarter of 2012, as compared to the same period in 2011, and our overall noninterest expenses continued to decline as targeted.”  Shearin further commented, “As we expected, we had another very successful quarter in the liquidation of troubled assets and improving our overall asset quality.  During the second quarter of 2012 we were able to reduce our nonperforming assets by almost 22%, bringing our year to date reduction to a little over 41%.  In addition to this, our loans past due 30+ days as a percentage of net loans outstanding fell to a three year low of 2.17%.  We are encouraged that these positive trends are reflective of an economic stabilization in the local markets we serve.”

Operations Analysis

Net interest income for the three months ended June 30, 2012 was $8.3 million, a decrease of $766 thousand or 8.5% from the $9.1 million for the same period of 2011.  This decrease was due to a 32 basis point decrease in the net interest margin (tax equivalent basis) from 3.67% (includes a tax equivalent adjustment of $84 thousand) in the second quarter of 2011, to 3.35% (includes a tax equivalent adjustment of $29 thousand) in the second quarter of 2012.  The year over year decline in interest income was primarily driven by the impact of declining loan balances due to weak loan demand, charge-offs and the natural amortization of the portfolio.  While the average investment securities balance increased $42.4 million to $263.8 million during the three months ended June 30, 2012, the yield on investment securities declined 132 basis points from 3.42% to 2.10% for the second quarter of 2012.  The lower yield resulted from the portfolio restructuring and investing in lower risk, shorter duration investments.  As a result, the yield on our average interest-earning assets declined 63 basis points to 4.56% for the three months ended June 30, 2012 as compared to the same period in 2011.  The decline in interest income was somewhat offset by a lower cost of funding.  Our lower cost of funding was driven by the continuation of our deposit re-pricing strategy, reductions in the level of time deposits, and increased levels of interest-bearing checking, savings and money market savings accounts with lower rates.  As a result, the average cost of interest-bearing deposits decreased 42 basis points to 0.95% for the three months ended June 30, 2012 as compared to the same period in 2011.

Net interest income for the six months ended June 30, 2012 was $16.7 million, a decrease of $1.1 million or 6.3% from the $17.9 million for the same period of 2011.  The net interest margin (tax equivalent basis) decreased 22 basis points from 3.62% (includes a tax equivalent adjustment of $252 thousand) for the six months ended June 30, 2011 to 3.40% (includes a tax equivalent adjustment of $180 thousand) in the same period of 2012.  The tax equivalent yield on average interest-earning assets declined 52 basis points in the six months ended June 30, 2012 compared with the same period of 2011, but was partially offset by a 32 basis point decrease in the cost of interest-bearing liabilities over the same period.  Average interest-earning assets were $999.5 million in the six months ended June 30, 2012, which was a decrease of $10.2 million or 1.0% from the same period of 2011.  Total average loans were 72.4% of total interest-earning assets in the six months ended June 30, 2012, compared to 76.0% in the six months ended June 30, 2011.  This decline was driven by the impact of declining loan balances due to the aforementioned items in the quarterly analysis above and our desire to increase liquidity through the expansion of the investment portfolio.

Noninterest income for the three months ended June 30, 2012 was $2.2 million, an increase of $521 thousand or 31.4% over the same period of 2011.  Debit/credit card fees decreased $48 thousand, or 11.7% in the second quarter of 2012, which was primarily attributable to a decrease in debit card income.  Other operating income decreased $79 thousand, or 28.4% in the second quarter of 2012, which was driven by lower rental income on OREO properties, lower earnings from our subsidiary EVB Financial Services, Inc. (Investment, Mortgage) and increased write downs of our investments in community and housing development funds.  Net gains on the sale of available for sale securities increased $703 thousand to $832 thousand for the three months ended June 30, 2012, up from $129 thousand for the same period in 2011.

Noninterest income for the six months ended June 30, 2012 was $6.1 million, an increase of $2.3 million or 62.3% over the same period of 2011.  Service charges and fees on deposit accounts decreased $221 thousand, or 12.4% in the first six months of 2012, which was primarily attributable to a decrease in non-sufficient funds (“NSF”) fees.  Other operating income decreased $174 thousand, or 26.3% in the first six months of 2012, which was driven by the aforementioned items in the quarterly analysis above.  Net gains on the sale of available for sale securities increased $3.0 million to $3.4 million for the six months ended June 30, 2012, up from $322 thousand for the same period of 2011.  In addition to the aforementioned items, the six months ended June 30, 2011 includes a $256 thousand gain on the sale of our former Aylett branch office, which was not present during the same period of 2012.

Noninterest expense for the three months ended June 30, 2012 was $8.1 million, a decrease of $985 thousand or 10.8% over noninterest expense of $9.1 million for the three months ended June 30, 2011.  Occupancy and equipment expenses decreased $179 thousand, or 12.6% in the second quarter of 2012, due to decreased core IT service contracts and lower depreciation and amortization on equipment and software.  FDIC insurance expense decreased $344 thousand, or 36.9% in the second quarter of 2012, due to modifications of the risk-based assessment system and the base assessment rates beginning in the second quarter of 2011.  Expenses related to collection, repossession and OREO decreased $217 thousand, or 38.3% in the second quarter of 2012 primarily due to the overall decrease in the carrying balance of OREO and the Company’s efforts to focus resources internally to more efficiently manage collection and repossession activities.  Other operating expenses decreased $248 thousand, or 12.1% in the second quarter of 2012, primarily due to decreases of $52 thousand or 16.2% in telephone, $107 thousand or 33.5% in consultant fees and $36 thousand or 16.7% in marketing and advertising.  For the second quarter of 2012, noninterest expense includes $292 thousand in impairment losses related to valuation adjustments on OREO compared to $77 thousand for the same period in 2011.  In addition, noninterest expense for the three months ended June 30, 2012 includes losses on the sale of OREO of $44 thousand compared to $48 thousand for the same period of 2011.

Noninterest expense for the six months ended June 30, 2012 was $16.7 million, a decrease of $934 thousand or 5.3% over noninterest expense of $17.6 million for the six months ended June 30, 2011.  FDIC insurance expense decreased $253 thousand, or 17.7% in the six months ended June 30, 2012 due to the aforementioned items as described in the quarterly analysis above.  Expenses related to collection, repossession and OREO decreased $365 thousand, or 35.8% in the six months ended June 30, 2012 primarily due to the overall decrease in the carrying balance of OREO.  Other operating expenses decreased $297 thousand, or 7.6% for the six months ended June 30, 2012, primarily due to a decrease of $207 thousand or 34.9% in consultant fees.  For the six months ended June 30, 2012, noninterest expense includes $907 thousand in impairment losses related to valuation adjustments on OREO compared to $229 thousand for the same period in 2011.  In addition, noninterest expense for the six months ended June 30, 2012 includes losses on the sale of OREO of $117 thousand compared to $295 thousand for the same period of 2011.

Balance Sheet and Asset Quality

Total assets decreased $698 thousand or 0.1% between June 30, 2011 and June 30, 2012, and are down $9.3 million from March 31, 2012.  Between June 30, 2011 and June 30, 2012, investment securities increased $37.8 million or 17.4% to $254.7 million, and are down $79 thousand from March 31, 2012.  Loans, net of unearned income decreased $37.6 million or 5.0% from June 30, 2011 to $714.8 million at June 30, 2012, and are down $6.3 million from $721.2 million as of March 31, 2012.  Total deposits decreased $2.4 million or 0.3% from June 30, 2011 to $832.1 million at June 30, 2012, and are down $11.6 million from $843.7 million as of March 31, 2012.  Year to date average investment securities were $245.8 million as of June 30, 2012, an increase of $27.3 million or 12.5% compared to the same period in 2011.  Year to date average loans were $724.0 million as of June 30, 2012, a decrease of $43.4 million or 5.7% compared to the same period in 2011.  Year to date average total deposits were $833.9 million as of June 30, 2012, a decrease of $19.2 million or 2.3% compared to the same period in 2011.

The asset quality measures depicted below continue to reflect the Company’s efforts to prudently charge-off loans and increase our allowance for potential future loan losses.

The following table depicts the net charge-off activity for the three and six months ended June 30, 2012 and 2011.

Three months ended

Six months ended

(dollars in thousands)

June 30,

June 30,

2012

2011

2012

2011

Net charge-offs

$ 1,534

$ 1,075

$ 5,395

$ 2,035

Net charge-offs to average loans

0.86%

0.57%

1.50%

0.53%

The following table depicts the level of the allowance for loan losses for the periods presented.

(dollars in thousands)

June 30,

December 31,

June 30,

2012

2011

2011

Allowance for loan losses

$ 22,866

$ 24,102

$ 26,753

Allowance for loan losses to period end loans

3.20%

3.28%

3.56%

Allowance for loan losses to nonaccrual loans

156.51%

79.56%

116.97%

Allowance for loan losses to nonperforming loans

152.99%

79.12%

108.77%

The following table depicts the level of nonperforming assets for the periods presented.

(dollars in thousands)

June 30,

December 31,

June 30,

2012

2011

2011

Nonaccrual loans

$14,609

$ 30,293

$22,871

Loans past due 90 days and accruing interest

336

168

1,724

Total nonperforming loans

$14,945

$ 30,461

$24,595

Other real estate owned (“OREO”)

7,226

7,326

10,980

Total nonperforming assets

$22,171

$ 37,787

$35,575

Nonperforming assets to total loans and OREO

3.07%

5.09%

4.66%

The following tables present the change in the balances of OREO and nonaccrual loans for the six months ended June 30, 2012.

OREO:

Nonaccrual Loans:

(dollars in thousands)

(dollars in thousands)

Balance at December 31, 2011

$ 7,326

Balance at December 31, 2011

$ 30,293

Transfers from loans

2,885

Loans returned to accrual status

(6,681)

Capitalized costs

Net principal curtailments

(6,561)

Sales proceeds

(1,961)

Charge-offs

(5,363)

Impairment losses on valuation adjustments

(907)

Loan collateral moved to OREO

(2,885)

Loss on disposition

(117)

Loans placed on nonaccrual during period

5,806

Balance at June 30, 2012

$ 7,226

Balance at June 30, 2012

$ 14,609

In general, the modification or restructuring of a loan constitutes a troubled debt restructuring (“TDR”) when we grant a concession to a borrower experiencing financial difficulty.  The following table depicts the balances of TDRs for the periods presented.

June 30,

December 31,

June 30,

(dollars in thousands)

2012

2011

2011

Performing TDRs

$ 4,332

$ 5,517

$ 7,896

Nonperforming TDRs*

9,349

13,378

8,846

Total TDRs

$ 13,681

$ 18,895

$ 16,742

* Included in nonaccrual loans.

Forward-Looking Statements

Certain statements contained in this release that are not historical facts may constitute “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.  In addition, certain statements may be contained in the Company’s future filings with the SEC, in press releases, and in oral and written statements made by or with the approval of the Company that are not statements of historical fact and constitute forward-looking statements within the meaning of the Act.  Examples of forward-looking statements include, but are not limited to: (i) projections of revenues, expenses, income or loss, earnings or loss per share, the payment or nonpayment of dividends, capital structure and other financial items; (ii) statements of plans, objectives and expectations of the Company or its management or Board of Directors, including those relating to products or services, the payment of dividends or the ability to realize deferred tax assets; (iii) statements of future economic performance; (iv) statements regarding the impact of the Written Agreement on our financial condition, operations and capital strategies, including strategies related to payment of dividends on the Company’s outstanding common and preferred stock and to payment of interest on the Company’s outstanding Junior Subordinated Debentures related to the Company’s trust preferred debt; (v) statements regarding the adequacy of the allowance for loan losses; (vi) statements regarding the effect of future sales of foreclosed properties; (vii) statements regarding the Company’s liquidity; (viii) statements of management’s expectations regarding future trends in interest rates, real estate values, and economic conditions generally and in the Company’s markets; and (ix) statements of assumptions underlying such statements.  Words such as “believes,” “anticipates,” “expects,” “intends,” “targeted,” “continue,” “remain,” “will,” “should,” “may” and other similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements.

Forward-looking statements involve risks and uncertainties that may cause actual results to differ materially from those in such statements.  Factors that could cause actual results to differ from those discussed in the forward-looking statements include, but are not limited to:

  • our ability to assess, manage and improve our asset quality;
  • the strength of the economy in our target market area, as well as general economic, market, or business factors;
  • changes in the quality or composition of our loan or investment portfolios, including adverse developments in borrower industries, decline in real estate values in our markets, or in the repayment ability of individual borrowers or issuers;
  • the impact of government intervention in the banking business;
  • an insufficient allowance for loan losses;
  • our ability to meet the capital expectations of our regulatory agencies;
  • adverse reactions in financial markets related to the budget deficit of the United States government;
  • changes in laws, regulations and the policies of federal or state regulators and agencies;
  • changes in the interest rates affecting our deposits and our loans;
  • the loss of any of our key employees;
  • changes in our competitive position, competitive actions by other financial institutions and the competitive nature of the financial services industry and our ability to compete effectively against other financial institutions in our banking markets;
  • our potential growth, including our entrance or expansion into new markets, the opportunities that may be presented to and pursued by us and the need for sufficient capital to support that growth;
  • changes in government monetary policy, interest rates, deposit flow, the cost of funds, and demand for loan products and financial services;
  • our ability to maintain internal control over financial reporting;
  • our ability to raise capital as needed by our business;
  • our reliance on secondary sources, such as Federal Home Loan Bank advances, sales of securities and loans, federal funds lines of credit from correspondent banks and out-of-market time deposits, to meet our liquidity needs;
  • our ability to comply with the Written Agreement, which requires us to designate a significant amount of resources to complying with the agreement and may have a material adverse effect on our operations and the value of our securities;
  • possible changes to our Board of Directors, including in connection with deferred dividends on our Capital Purchase Program preferred stock; and
  • other circumstances, many of which are beyond our control.

Although the Company believes that its expectations with respect to the forward-looking statements are based upon reliable assumptions and projections within the bounds of its knowledge of its business and operations, there can be no assurance that actual results, performance, actions or achievements of the Company will not differ materially from any future results, performance, actions or achievements expressed or implied by such forward-looking statements.  Readers should not place undue reliance on such statements, which speak only as of the date of this report.  The Company does not undertake any steps to update any forward-looking statement that may be made from time to time by it or on its behalf.

Selected Financial Information

Three months ended

Six months ended

(dollars in thousands, except per share data)

June 30,

June 30,

Statement of Operations

2012

2011

2012

2011

Interest and dividend income

$   11,276

$   12,860

$   22,830

$    25,558

Interest expense

2,985

3,803

6,089

7,693

Net interest income

8,291

9,057

16,741

17,865

Provision for loan losses

1,258

1,500

4,158

3,500

Net interest income after provision for loan losses

7,033

7,557

12,583

14,365

Service charges and fees on deposit accounts

790

845

1,559

1,780

Other operating income

199

278

487

661

Debit/credit card fees

361

409

680

733

Gain on sale of available for sale securities, net

832

129

3,363

322

Gain on sale of bank premises and equipment

256

Noninterest income

2,182

1,661

6,089

3,752

Salaries and employee benefits

3,814

4,022

7,714

8,112

Occupancy and equipment

1,240

1,419

2,511

2,632

FDIC expense

587

931

1,175

1,428

Collection, repossession and other real estate owned

350

567

655

1,020

Loss on sale of other real estate owned

44

48

117

295

Impairment losses on other real estate owned

292

77

907

229

Other operating expenses

1,797

2,045

3,596

3,893

Noninterest expenses

8,124

9,109

16,675

17,609

Income before income taxes

1,091

109

1,997

508

Income tax expense (benefit)

243

(114)

335

(189)

Net income

$         848

$         223

$      1,662

$         697

Less: Effective dividend on preferred stock

375

374

750

748

Net income (loss) available to common shareholders

$         473

$       (151)

$         912

$         (51)

Income (loss) per common share: basic

$        0.08

$      (0.03)

$        0.15

$      (0.01)

diluted

$        0.08

$      (0.03)

$        0.15

$      (0.01)

Selected Ratios

Return on average assets

0.18%

-0.06%

0.17%

-0.01%

Return on average common equity

2.62%

-0.86%

2.53%

-0.15%

Net interest margin (tax equivalent basis)

3.35%

3.67%

3.40%

3.62%

Period End Balances

Loans, net of unearned income

$ 714,827

$ 752,467

$ 714,827

$  752,467

Total assets

1,066,460

1,067,158

1,066,460

1,067,158

Total deposits

832,112

834,485

832,112

834,485

Total borrowings

130,832

132,433

130,832

132,433

Total capital

96,930

96,088

96,930

96,088

Shareholders’ equity

72,930

72,088

72,930

72,088

Book value per common share

12.11

12.04

12.11

12.04

Average Balances

Loans, net of unearned income

$ 717,860

763,261

$ 724,009

$  767,450

Total earning assets

997,736

999,928

999,515

1,009,755

Total assets

1,065,662

1,073,688

1,067,824

1,084,766

Total deposits

831,425

842,031

833,935

853,177

Total borrowings

131,017

133,543

130,806

134,489

Total capital

96,547

94,033

96,527

92,844

Shareholders’ equity

72,547

70,033

72,527

68,844

Asset Quality at Period End

Allowance for loan losses

22,866

$   26,753

$   22,866

$    26,753

Nonperforming assets

22,171

35,575

22,171

35,575

Net charge-offs

1,534

1,075

5,395

2,035

Net charge-offs to average loans

0.86%

0.57%

1.50%

0.53%

Allowance for loan losses to period end loans

3.20%

3.56%

3.20%

3.56%

Allowance for loan losses to nonaccrual loans

156.51%

116.97%

156.51%

116.97%

Nonperforming assets to total assets

2.08%

3.33%

2.08%

3.33%

Nonperforming assets to total loans and other real estate owned

3.07%

4.66%

3.07%

4.66%

Other Information

Number of shares outstanding – period end

6,063,545

6,003,488

6,063,545

6,003,488

Average shares outstanding – basic

6,035,393

6,000,821

6,032,217

5,998,377

Average shares outstanding – diluted

6,035,393

6,000,821

6,032,217

5,998,377

Contact: Adam Sothen
Chief Financial Officer
Voice: (804) 443-8404
Fax: (804) 445-1047

SOURCE Eastern Virginia Bankshares, Inc.

Friday, July 20th, 2012 Uncategorized Comments Off on Eastern Virginia Bankshares (EVBS) Announces Second Quarter 2012 Results

Astex (ASTX) Receives a Positive Regulatory Recommendation in the EU for Leukemia Treatment

DUBLIN, Calif., July 20, 2012 (GLOBE NEWSWIRE) — Astex Pharmaceuticals, Inc. (Nasdaq:ASTX), a pharmaceutical company dedicated to the discovery and development of novel small molecule therapeutics, today announced that Janssen-Cilag International NV was notified that the Committee for Medical Products for Human Use (CHMP) of the European Medicines Agency (EMA) granted a positive opinion recommending approval of DACOGEN® (decitabine) for Injection in the treatment of adult patients (age 65 years and above) with newly diagnosed de novo or secondary acute myeloid leukemia (AML), according to the World Health Organization (WHO) classification who are not candidates for standard induction chemotherapy. Janssen is the licensee for DACOGEN in territories outside of the United States, Canada and Mexico.

The CHMP is the committee responsible for the scientific assessment of products seeking centralized marketing authorization throughout the European Union. The CHMP’s positive opinion is now referred for approval to the European Commission. Janssen anticipates receiving the regulatory decision from the Commission in the end of the third quarter of 2012.

The CHMP positive opinion is based on data from the DACO-016 trial, the largest AML trial to date in this population of older patients. This randomized, open-label, multi-center phase 3 clinical trial compared DACOGEN versus patient’s choice with physician’s advice of either supportive care or low-dose cytarabine in patients 65 years and older with newly diagnosed de novo or secondary acute myeloid leukemia and poor- or intermediate-risk cytogenetics. DACOGEN was administered at 20 mg/m2 as a 1-hour intravenous infusion once daily for five consecutive days, repeated every four weeks, continued as long as the patient derived benefit. Key results from this study were published in the Journal of Clinical Oncology in June 20121.

“We are pleased to learn that the CHMP’s review of data from the DACO-016 trial has resulted in a positive recommendation for DACOGEN in this indication,” said James S.J. Manuso, PhD, chairman and chief executive officer of Astex Pharmaceuticals. “We look forward to the EMA’s decision later this year with the hope that clinicians and patients in Europe may soon have access to this treatment option.”

About Acute Myeloid Leukemia

Acute myeloid leukemia (AML) is an aggressive, fast-growing cancer that starts inside the bone marrow with production of abnormal blood cells. It is generally a disease of older adults, with an average patient age of 64 at diagnosis, and is slightly more common among men than women.  The most common symptoms of AML include tiredness, shortness of breath, bruising or bleeding easily, fever and infections. AML can sometimes spread to other parts of the body including the lymph nodes, liver and spleen. When diagnosed, treatment is to be started with minimal delay as AML usually results in death within just a few months if left untreated.  In older adults, induction chemotherapy leads to a high 30-day mortality, and most patients are not candidates for or are unwilling to undergo this intensive therapy. Therefore, treatment options are limited and overall, irrespective of therapy, median survival is merely 2.4 months.

About DACOGEN (decitabine)

DACOGEN is a DNA hypomethylating agent currently approved for the treatment of myelodysplastic syndromes (MDS) in more than 30 countries worldwide including key markets such as the United States, Brazil, China, India, Korea, Russia and Turkey.

Janssen-Cilag International NV and its affiliates hold marketing and development rights for DACOGEN in all markets except the United States, Canada and Mexico, where rights are maintained by our partner, Eisai Inc. and its affiliates. These marketing rights flow from a worldwide license from Astex Pharmaceuticals to Eisai, Inc. Astex Pharmaceuticals receives royalties from the global sales of DACOGEN for any indication.

About Astex Pharmaceuticals

Astex Pharmaceuticals is dedicated to the discovery and development of novel small molecule therapeutics with a focus on oncology. The Company is developing a proprietary pipeline of novel therapies and is creating de-risked products for partnership with leading pharmaceutical companies. Astex Pharmaceuticals co-developed DACOGEN® (decitabine) for Injection and receives significant royalties on global sales.

For more information about Astex Pharmaceuticals, Inc., please visit http://www.astx.com.

The Astex Pharmaceuticals, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=12273

This press release contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. The reader is cautioned not to rely on these forward-looking statements. These statements are based on current expectations of future events. If underlying assumptions prove inaccurate or unknown risks or uncertainties materialize, actual results could vary materially from the expectations and projections of Astex Pharmaceuticals and its marketing partners. Risks and uncertainties include, but are not limited to, general industry conditions and competition; technological advances, new products and patents attained by competitors; challenges inherent in new product development, including obtaining regulatory approvals; challenges to patents; changes in behavior and spending patterns or financial distress of purchasers of health care products and services; changes to governmental laws and regulations and domestic and foreign health care reforms; trends toward health care cost containment; and increased scrutiny of the health care industry by government agencies. A further list and description of these risks, uncertainties and other factors can be found in the Astex Pharmaceuticals Annual Report on Form 10-K for the fiscal year ended December 31, 2011. Copies of this Form 10-K, as well as subsequent filings, are available online at www.sec.gov, www.astx.com or on request from Astex Pharmaceuticals. Astex Pharmaceuticals is not required to update any forward-looking statements as a result of new information or future events or developments.

Reference:

1 Kantarjian M., Thomas XG, Dmoszynska A, et al. Multicenter, Randomized, Open-Label, Phase III Trial of Decitabine Versus Patient Choice, With Physician Advice, of Either Supportive Care or Low-Dose Cytarabine for the Treatment of Older Patients With Newly Diagnosed Acute Myeloid Leukemia. J Clin Oncol. 10.1200/JCO.2011.38.9429

CONTACT: Timothy L. Enns
         Astex Pharmaceuticals, Inc.
         Senior Vice President
         Corporate Communications & Marketing
         Tel: (925) 560-2810
         E-mail: tim.enns@astx.com

         Alan Roemer
         The Trout Group
         Managing Director
         Tel: (646) 378-2945
         E-mail: aroemer@troutgroup.com

         Susanna Chau
         Astex Pharmaceuticals, Inc.
         Manager
         Investor Relations
         Tel: (925) 560-2845
         E-mail: susanna.chau@astx.com

         Kari Watson
         MacDougall Biomedical Communications
         Senior Vice President
         Tel: (781) 235-3060
         E-mail: kwatson@macbiocom.com
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A123 Systems (AONE) to Supply Energy Storage System to Ray Power in China

System Designed to Showcase Lithium Ion Battery Energy Storage as a Fast, Accurate and Clean Resource for Facilitating the Increased Integration of Renewable Energy Generation onto China’s Power Grid

WALTHAM, Mass., July 20, 2012 (GLOBE NEWSWIRE) — A123 Systems (Nasdaq:AONE), a developer and manufacturer of advanced Nanophosphate® lithium iron phosphate batteries and systems, today announced that it will supply a 2MW grid energy storage system to Ray Power Systems Co. Ltd., a Chinese company focused on developing the frequency regulation market and relevant technologies.

“The project in China will be designed to validate the technical capabilities and benefits of energy storage as a fast-ramping, accurate and clean resource for providing frequency regulation services,” said Eldon Mou, CEO of Ray Power. “Limited overall system ramping capability has created renewable integration issues as well as potential risk of grid instability because of the high penetration of renewable generation, particularly in northern China. A123 Systems has demonstrated the viability and reliability of its product through a number of successful global commercial deployments, and we expect this project to showcase energy storage as a valuable resource for meeting China’s growing frequency regulation demand.”

“We believe that China represents a large market opportunity for our energy storage technology, including as a solution to address the ramp-management challenges associated with the increased deployment of wind and other renewable energy generation assets,” said Robert Johnson, vice president of the Energy Solutions Group at A123. “Today’s announcement builds on our progress in China and is a significant step toward proving the capability of our technology for providing frequency regulation in China. Ray Power has a deep understanding of China’s power market and of energy storage technologies and has developed a set of comprehensive solutions for deploying energy storage to capitalize on this growing opportunity, so we look forward to success in this initial deployment and believe it could lead to additional projects going forward.”

About A123 Systems

A123 Systems, Inc. (Nasdaq:AONE) is a leading developer and manufacturer of advanced lithium-ion batteries and energy storage systems for transportation, electric grid and commercial applications. The company’s proprietary Nanophosphate® lithium iron phosphate technology is built on novel nanoscale materials initially developed at the Massachusetts Institute of Technology and is designed to deliver high power and energy density, increased safety and extended life. A123 leverages breakthrough technology, high-quality manufacturing and expert systems integration capabilities to deliver innovative solutions that enable customers to bring next-generation products to market. For additional information, please visit www.a123systems.com.

The A123 Systems, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6600

Safe Harbor Disclosure

This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to risks, uncertainties and other factors, including statements with respect to the deployment and the project’s commencement of operations, the progress of energy policy in China, the market conditions and opportunities in China for energy storage technology, including ancillary services, the capability of A123’s technology to provide frequency regulation in China, the expected performance of A123’s solutions and the possibility of future projects with Ray Power. Among the factors that could cause actual results to differ materially from those indicated by such forward-looking statements are: changes or delays in Ray Power’s development and implementation of the A123’s products, delays or inability of A123’s solutions or other aspects of the energy storage project to meet their intended goals and objectives, the ability of A123’s energy storage systems to manage frequency regulation requirements of the power network, delays in customer and market demand for Ray Power’s products and services, delays in the implementation of A123’s solutions, delays in the development, production and delivery of A123’s products and solutions, revalidation and increased efficiency of A123’s manufacturing capacity, delays in A123’s manufacturing ramp, the potential for manufacturing defects, failure of A123’s cells to achieve their expected performance, capabilities, benefits, cost reductions and technical advantages, adverse economic conditions in general and adverse economic conditions specifically affecting the markets and geographies in which A123 and Ray Power operate and other risks detailed in A123 Systems’ quarterly report on Form 10-Q for the quarter ended March 31, 2012 and other publicly available filings with the Securities and Exchange Commission. All forward-looking statements reflect A123’s expectations only as of the date of this release and should not be relied upon as reflecting A123’s views, expectations or beliefs at any date subsequent to the date of this release.

CONTACT: A123 Systems PR Contact:
         A123 Systems
         Dan Borgasano
         617-972-3471
         dborgasano@a123systems.com

         A123 Systems IR Contact:
         ICR, LLC
         Garo Toomajanian
         617-972-3450
         ir@a123systems.com
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Velti Survey Shows Over 40% of U.S. Adults Will Live-Stream Olympics on Smartphone/Tablet

Velti (NASDAQ: VELT), the leading global provider of mobile marketing and advertising technology, today shared the results of a nationwide poll showing 40 percent of those who plan to follow the Olympics this summer will do so on two or more devices. The results also revealed that 35 percent of U.S. adults will turn to their tablet for news and coverage, while 27 percent will use their smartphone. The study was commissioned by Velti and conducted online by Harris Interactive® in June among 2,088 U.S. adults.

Among those turning to smartphones or tablets to track the games, online browsers trump application usage on both devices. Of those using a smartphone who will follow the Olympics, 77 percent will tune in using a browser (reading articles/blogs, viewing video clips, streaming live coverage or via social networking sites) while 63 percent will use an app (specifically designed for Olympics coverage, general news app or social networking app) for updates. Among tablet users, 80 percent will use a browser and only 58 percent will utilize apps.

Of those using a smartphone to follow the games, 45 percent will access video clips and replays, while 41 percent plan to stream live coverage via a browser. Fifty percent of tablet users will watch videos and replays on their browser, while 45 percent will stream live coverage. This is the first year the Olympic Games will stream all 32 sports live.

“This survey reveals that a significant number of Americans are choosing to consume Olympic content on the go, and while doing so they’re overwhelmingly turning to mobile browsers,” said Krishna Subramanian, Chief Marketing Officer of Velti. “Further, the Olympic audience is becoming more fragmented. For brands that want to reach Olympic viewers, this is an important finding as it highlights the ability to look beyond TV and focus on secondary devices such as smartphones and tablets.”

Of those who plan to follow the games on two or more devices, younger adults are more likely than their older counterpoints to do so. Of those 18 – 44 years old, 44 percent plan to use two or more devices while only 34 percent of those age 55+ plan to. Fourteen percent of U.S. adults who will follow the Olympic games will do so by using 3 or more devices. Overall, men are more likely than women to follow the games on three or more devices (18% vs. 11%, respectively).

Additional interesting findings:

  • Of those who will follow the Olympics this summer: 36 percent will follow the games on a TV and a computer; 11 percent will use a TV and their smartphone; 10 percent will use a computer and their smartphone.
  • A significant amount (39%) of U.S. adults using their smartphones to follow the games will also be doing so by communicating with their peers via talk and/or text. Thirty-two percent plan to text with others about the Olympics, and 21 percent will talk on the phone with others about the Olympics.
  • Overall, among men between the ages of 18-34, 83 percent plan to follow the Olympics at all, vs. only 71 percent of females in the same age group.

Survey Methodology

This survey was conducted online within the United States by Harris Interactive on behalf of Velti from June 29-July 3, 2012 among 2,088 adults ages 18 and older. This online survey is not based on a probability sample and therefore no estimate of theoretical sampling error can be calculated. For complete survey methodology, including weighting variables, please contact Victoria Krammen at vkrammen@sutherlandgold.com.

About Velti

Velti is the leading global provider of mobile marketing and advertising technology and solutions that enable brands, advertising agencies, mobile operators and media to implement highly targeted, interactive and measurable campaigns by communicating with and engaging consumers via their mobile devices. The Velti platform, called Velti mGage™, allows customers to use mobile and traditional media to reach targeted consumers, engage the consumer through the mobile Internet and applications, convert them into customers and continue to actively manage the relationship through the mobile channel. Velti is a publicly held corporation based in Jersey, and trades on the NASDAQ Global Select Market under the symbol VELT. For more information, visit www.velti.com.

About Harris Interactive

Harris Interactive is one of the world’s leading market research firms, leveraging research, technology, and business acumen to transform relevant insight into actionable foresight. Known widely for the Harris Poll® and for pioneering innovative research methodologies, Harris offers proprietary solutions in the areas of market and customer insight, corporate brand and reputation strategy, and marketing, advertising, public relations and communications research. Harris possesses expertise in a wide range of industries including health care, technology, public affairs, energy, telecommunications, financial services, insurance, media, retail, restaurant, and consumer package goods. Additionally, Harris has a portfolio of multi-client offerings that complement our custom solutions while maximizing our client’s research investment. Serving clients in more than 215 countries and territories through our North American and European offices, Harris specializes in delivering research solutions that help us – and our clients – stay ahead of what’s next. For more information, please visit www.harrisinteractive.com.

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Wowjoint Holdings (BWOW) Entered into Three New Contracts

Represents Growth of Marine Hoist, Leasing and Service Business

BEIJING, July 19, 2012 /PRNewswire-Asia/ — Wowjoint Holdings Limited (“Wowjoint,” or the “Company”) (Nasdaq: BWOW, BWOWU, BWOWW), China’s innovative infrastructure solutions provider of customized heavy duty lifting and carrying machinery, today announced that it has entered into three contracts for projects and services in China.

Wowjoint entered into a contract with Zhejiang Xiangshan Fishing Trade Development Co., Ltd. for the sale of a 25 ton marine hoist. This hoist will be used for lifting smaller boats and is an extension of the yacht market that Wowjoint entered last year. The contract value is approximately $250,000 (RMB 1,600,000).

In addition, the Company entered into a leasing contract with No.1 Engineering Co., Ltd. of China Railway 25th Bureau Group. This leasing contract is to provide a 900-ton special launching carrier, Wowjoint’s proprietary product. The term of the lease is 10 months, beginning on August 1, 2012. The total payable by the customer under this contract is approximately $930,000 (RMB 5,900,000).

Wowjoint also entered into a service contract with 2nd Bureau of China Railway Co. Ltd., who commissioned Wowjoint to lift 37 rail bridge sections using one of Wowjoint’s 900-ton special launching carriers.  Service will commence on August 15, 2012. The total value of the contract is approximately $850,000 (RMB 5,400,000).

“We’re very pleased with our recent orders from China,” stated Mr. Yabin Liu, Chief Executive Officer of Wowjoint. “These new contracts, in addition to the recent contracts we entered with customers from Malaysia and Peru, demonstrate Wowjoint’s continued pursuit of diversifying its revenue stream. We are pleased to see an improvement in the domestic Chinese market and we will continue to explore new markets to attain new contracts. We believe our world-class products and services, strong client relationships and our ability to provide unique solutions to our customers will help Wowjoint to continue to make considerable progress in the international markets, as well as in China.”

About Wowjoint Holdings Limited

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

Forward-Looking Statements

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

For additional information contact:

Wowjoint Holdings:
Aubrye Foote, Vice President Investor Relations
Tel:         +1-530-475-2793
Email:     aubrye@wowjoint.com
Website: www.wowjoint.com

SOURCE Wowjoint Holdings Limited

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(NURO) Interview of Kenneth J. Snow, M.D., Chief Medical Officer of NeuroMetrix

NeuroMetrix, Inc. (Nasdaq: NURO), www.neurometrix.com, a medical device company focused on the diagnosis and treatment of the neurological complications of diabetes, reported today that its Chief Medical Officer was interviewed by KIDELA TV, a financial news network. The interview is available at: http://www.youtube.com/watch?v=6xY0jmYk44M&feature=youtu.be

In the interview, Dr. Snow discusses some of the complications of diabetes including diabetic peripheral neuropathy or DPN. DPN is the most common chronic complication of diabetes affecting over 50% of people with diabetes. It can lead to costly and debilitating foot ulcers and, ultimately, to amputation. Early detection provides the opportunity for clinical intervention and behavior modification which may moderate the effects of DPN. NeuroMetrix markets a medical device, NC-stat® DPNCheck, which provides a fast, accurate, quantitative and cost effective test for the early detection of systemic neuropathies, such as DPN.

Dr. Snow, a practicing endocrinologist, notes that NC-stat DPNCheck is a significant advance over the tools historically available for detection of DPN. These tools include the monofilament and the tuning fork which detect DPN only at a late stage where a patient may already have lost protective sensation in his feet. Dr. Snow also comments on the correlation between DPN and risk of cardiac disease, as well as on the benefits in reinforcing patient compliance.

Dr. Snow has extensive experience in the field of diabetes, including patient care and clinical research. Prior to joining NeuroMetrix, he spent the 17 years at the Joslin Diabetes Center in Boston, MA which is affiliated with Harvard Medical School and is considered the world’s oldest and most respected diabetes care facility. Most recently, Dr. Snow was Director of Medical Programs at the Joslin Center for Strategic Initiatives and previously was Acting Chief of the Adult Diabetes Section at the Joslin. Dr. Snow also holds an appointment as Assistant Professor of Medicine at Harvard Medical School.

A business profile of NeuroMetrix is available at: http://www.kidela.com/members/neurometrix45/

About NeuroMetrix

NeuroMetrix is an innovative medical device company that develops and markets home use and point-of-care devices, associated consumables, and support software for the treatment and management of diabetes and its complications. The company is focused on nerve related complications of diabetes, called diabetic neuropathies, which affect over 50% of people with diabetes. If left untreated, diabetic neuropathies trigger foot ulcers that may require amputation, cause disabling chronic pain, and increase the risk of falling in the elderly. The annual cost of diabetic neuropathies has been estimated at $14 billion in the United States. The company’s products are used by physicians and other clinicians, in retail health settings such as pharmacies, and by managed care organizations to optimize patient care and reduce healthcare costs. The company markets the NC-stat® DPNCheck device, which is a rapid, accurate, and quantitative point-of-care test for diabetic neuropathy. This product is used to detect diabetic neuropathy at an early stage and to guide treatment. The company is in late stage development of SENSUS, a pain management device. The company has additional therapeutic products in its pipeline. For more information, please visit http://www.neurometrix.com.

Thursday, July 19th, 2012 Uncategorized Comments Off on (NURO) Interview of Kenneth J. Snow, M.D., Chief Medical Officer of NeuroMetrix

Nanosphere (NSPH) Prices $25.2 Million Public Offering of Common Stock

NORTHBROOK, Ill., July 19, 2012 (GLOBE NEWSWIRE) — Nanosphere, Inc. (the “Company”) (Nasdaq:NSPH), a leader in the development and commercialization of advanced molecular diagnostics systems, today announced the pricing of its previously announced underwritten public offering of 10,500,000 shares of its common stock at a public offering price of $2.40 per share. In connection with the offering, the Company has also granted the underwriters a 30-day option to purchase up to an additional 1,575,000 shares of common stock to cover over-allotments, if any. Piper Jaffray & Co. is acting as the sole book-running manager and Roth Capital Partners is acting as co-manager for the offering.

Net proceeds from the sale of the shares after underwriting discounts and commissions and other offering expenses are expected to be approximately $23.4 million. If the underwriters exercise their over-allotment option in full, net proceeds from the offering will be approximately $26.9 million. The offering is subject to customary closing conditions and is expected to close on Tuesday, July 24, 2012.

The Company plans to use the net proceeds from the offering for general corporate purposes and working capital.

The offering was made pursuant to a prospectus supplement to the Company’s prospectus, dated September 15, 2009, filed as part of the Company’s effective $100 million shelf registration statement. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities nor will there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.

Copies of the preliminary prospectus supplement and accompanying prospectus relating to these securities may be obtained by contacting Piper Jaffray & Co., Attention: Prospectus Department, 800 Nicollet Mall, J12S03, Minneapolis, MN 55402 or by telephone at 800-747-3924 or by email at prospectus@pjc.com.

About Nanosphere, Inc.

Nanosphere develops, manufactures and markets an advanced molecular diagnostics platform, the Verigene® System, for detection of life threatening infections and cardiovascular diseases. This easy to use and cost effective platform enables simple, low cost and highly sensitive genomic and protein testing on a single platform. Nanosphere is based in Northbrook, IL. Additional information is available at http://www.nanosphere.us.

The Nanosphere, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=4344

Except for historical information, the matters discussed in this press release are “forward-looking statements” and are subject to risks and uncertainties. Actual results could differ materially from these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, the following: (i) Nanosphere’s ability to develop commercially viable products; (ii) Nanosphere’s ability to achieve profitability; (iii) Nanosphere’s ability to produce and market its products; (iv) Nanosphere’s ability to obtain regulatory approval of its products; (v) Nanosphere’s ability to protect its intellectual property; (vi) competition and alternative technologies; and (vii) Nanosphere’s ability to obtain additional financing to support its operations. Additional risks are discussed in the Company’s current filings with the Securities and Exchange Commission. Although the Company believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. The forward-looking statements are made as of the date of this press release, and we undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

CONTACT: Investors:
         Nanosphere, Inc.
         Roger Moody, 847-400-9021
         Chief Financial Officer
         rmoody@nanosphere.us

         or

         Media
         The Torrenzano Group
         Ed Orgon, 212-681-1700
         ed@torrenzano.com
Thursday, July 19th, 2012 Uncategorized Comments Off on Nanosphere (NSPH) Prices $25.2 Million Public Offering of Common Stock

Satcon (SATC) Announces Effectiveness of 1-for-8 Reverse Stock Split

Satcon Technology Corporation® (NASDAQ CM:SATC), a leading provider of utility scale power conversion solutions for the renewable energy market, today confirmed that the previously announced 1-for-8 reverse split of its common stock, $0.01 par value per share, took effect at 12.01 a.m. on July 19, 2012. Satcon’s common stock began trading on a post-split basis on The NASDAQ Capital Market as of the opening of trading today.

Upon effectiveness of the reverse stock split, every eight shares of the company’s issued and outstanding common stock automatically converted into one issued and outstanding share of common stock. No cash or fractional shares were issued in connection with the reverse stock split, and instead the company rounded up to the next whole share in lieu of issuing factional shares that would have been issued in the reverse split.

The reverse stock split, which was approved by Satcon’s stockholders on June 20, 2012, reduced the outstanding number of shares of common stock from approximately 144.2 million to approximately 18.0 million. Concurrent with the reverse stock split, Satcon reduced the number of authorized shares of its common stock to 37.5 million.

For the 20 trading days immediately following the reverse split, Satcon’s common stock will trade on a post-split basis under the trading symbol “SATCD” as an interim symbol to denote the reverse split. After this 20 trading day period, Satcon’s common stock will resume trading under the symbol “SATC.” In addition, the split-adjusted common stock will trade under a new CUSIP number, 803893 403.

American Stock Transfer & Trust Company, LLC, the company’s transfer agent, is acting as the exchange agent for the reverse stock split. Stockholders with shares held in brokerage accounts or “street name” are not required to take any action to effect the exchange of their shares. Stockholders who have existing stock certificates will receive instructions from the transfer agent regarding the process for exchanging their shares shortly after July 19, 2012.

About Satcon

Satcon Technology Corporation is a leading provider of utility-grade power conversion solutions for the renewable energy market, enabling the industry’s most advanced, reliable and proven clean energy alternatives. For more than ten years, Satcon has designed and delivered advanced power conversion products that enable large-scale producers of renewable energy to convert the clean energy they produce into grid-connected efficient and reliable power. To learn more about Satcon, please visit www.Satcon.com.

Safe Harbor

Statements made in this press release that are not historical facts or which apply prospectively are forward-looking statements that involve risks and uncertainties. These statements include statements regarding the timing and effectiveness of the reverse stock split. Investors should not rely on forward looking statements because they are subject to a variety of risks and uncertainties and other factors that could cause actual results to differ materially from the company’s expectations. Additional information concerning risk factors is contained from time to time in the company’s SEC filings, including its Annual Report on Form 10-K and other periodic reports filed with the SEC. Forward-looking statements contained in this press release speak only as of the date of this release. Subsequent events or circumstances occurring after such date may render these statements incomplete or out of date. The company expressly disclaims any obligation to update the information contained in this release.

Thursday, July 19th, 2012 Uncategorized Comments Off on Satcon (SATC) Announces Effectiveness of 1-for-8 Reverse Stock Split

Career Education Corp. (CECO) Appoints New Leaders & Establishes New Roles

Career Education Corporation (CEC) (NASDAQ: CECO), a global provider of postsecondary education programs and services, today announced a number of executive moves to bolster the company’s management team, realign and simplify the organization structure, and help CEC navigate its regulatory, legal and political environment – consistent with strategies outlined earlier in the year.

As part of these changes, the company will organize its more than 90 campuses – serving approximately 95,000 students – into University, Career, and International Education Groups. The previously announced plan to establish three education segments, versus the current six, will concentrate and enhance academic focus, consolidate and align similar institutions and better position the company in a competitive marketplace through fewer, stronger institutional brands.

University Education Group

Jason T. Friesen, who has held a number of leadership roles at CEC, has been named Senior Vice President, Chief University Education Officer. The new organization Friesen leads includes CEC’s two flagship higher education institutions – Colorado Technical University (CTU) and American InterContinental University (AIU).

Founded in 1965, CTU offers associate, bachelor’s, master’s and doctoral degrees through a combination of online and ground-based campuses. AIU, founded in 1970, provides a wide range of undergraduate and graduate degrees that also can be achieved online and through traditional coursework. Both institutions offer students award-winning Online Virtual Campuses.

Friesen has led CEC’s health institutions since the beginning of the year. He implemented significant improvements in academic quality, program integrity and operational excellence of those career-focused institutions. Friesen, who holds an M.B.A. degree from the University of Chicago, has broad financial experience at CEC and other publicly-traded companies. His recent role at the company included management and operational responsibility for 43 career health institutions.

CTU will be led by Jack Koehn as Acting President. Koehn, who serves as President of CTU Online and as the university’s Chief Operating Officer, holds a bachelor’s degree in Accounting from Indiana University. He will be supported by CTU’s veteran academic leadership team that includes Dr. Constance Johnson, Provost and Chief Academic Officer, and Dr. David Leasure, Chancellor. Koehn replaces Jeremy Wheaton who, after 17 years of diverse experience at CEC as well as the past year leading CTU, has resigned to pursue his own entrepreneurial interests. To help ensure a smooth and orderly transition, Wheaton will remain on the CTU Board of Trustees, and also serve through the end of the year as a consultant to CEC.

AIU continues to be led by University President Dr. George Miller, who has served that institution for eight years and played a pivotal role in building and enhancing AIU’s academic programs and student services. He holds a doctorate in Higher Education from the University of Virginia and a master’s degree in Educational Psychology from the University of Tennessee. A former professor, Miller earlier served as president of two colleges.

Career Education Group

As previously announced, Daniel J. Hurdle recently joined CEC as Senior Vice President, Chief Career Education Officer. Hurdle leads the new, consolidated Career Education Group, encompassing more than 70 culinary, health, and art, design and technology education institutions serving more than 40,000 students across the United States. The Career Education Group includes the renowned Le Cordon Bleu culinary education programs in the U.S., Sanford-Brown allied health institutions and the International Academy of Design & Technology.

Hurdle brings a successful operating and strategic background to the task of consolidating the company’s career-focused campuses, as well as considerable experience with complex business turnarounds. Hurdle will lead efforts to gain synergies and greater competitive advantage from fewer, more focused institutional brands.

During the course of the next few months, Friesen, who had been leading CEC’s health campuses, will help support the transition of responsibility for these institutions, which will be directly led by Hurdle.

Hurdle joined CEC from Caribou Coffee Company, the second largest premium coffeehouse in the United States, where he most recently served as Senior Vice President, Retail. Hurdle led Caribou’s more than 580 coffeehouses, including all company-operated and franchise locations in the U.S., as well as international franchise stores. Previously, Hurdle held senior positions at Washington Mutual and Starbucks Coffeehouse Company. He holds a master’s degree in Management Science from Cambridge University, where he was a Marshall Scholar, and a B.S. degree in Control Systems Engineering from the U.S. Naval Academy.

International Education Group

Michael J. Graham, CEC’s Executive Vice President and Chief Financial Officer (CFO), will continue to lead the company’s International Education Group, in addition to his role as CFO. Graham, who holds an M.B.A. degree from the University of Chicago, has held key financial and management positions at other publicly-traded companies as well as his five-year tenure as an executive at CEC.

CEC’s international academic offerings include the Paris-based INSEEC institutions, which offer high quality undergraduate and master’s programs in business as well as executive education programs across France. Catherine Lespine continues to lead these institutions as Managing Director, INSEEC Group. A graduate of the ESCP Business School, Lespine initially joined INSEEC as a member of its faculty, and previously taught Management and Strategy at two other French universities. The international group also offers campuses and programs in London as well as the International University of Monaco, which recently began offering an online Executive MBA program leveraging CEC’s award-winning Virtual Campus technology. Graham and his leadership team will seek to expand CEC’s international footprint, leveraging the company’s base in Western Europe.

External Relations & Regulatory Affairs

Given CEC’s complex and multi-tiered regulatory environment – coupled with the political and public scrutiny of all private postsecondary institutions – the company also has taken measures to help better address these influences. Tony Mitchell, a veteran public affairs and public relations executive with nearly two decades of political and government experience in Washington, D.C., was recently named the company’s Senior Vice President, Chief Communications and Public Affairs Officer. Mitchell leads CEC’s corporate and employee communications, government relations, public affairs, and community relations functions. Additionally, Diane Auer Jones, who served as Assistant Secretary for Postsecondary Education with the U.S. Department of Education and as senior staff at the White House and on Capitol Hill, has expanded her responsibilities as the company’s Vice President for External and Regulatory Affairs. Jones now oversees the corporate and campus regulatory teams and will help drive CEC’s regulatory compliance as well as its engagement with state education bodies, regional and national accreditors and the U.S. Department of Education. The company also is conducting a national search to add a Chief Compliance Officer to CEC’s leadership team.

“I am confident this executive team of leaders will further enhance academic excellence at our higher education institutions to support our broad and diverse student population,” said Steven H. Lesnik, Chairman, President and Chief Executive Officer of CEC. “Together, these executives will put our students first, strengthen our stakeholder relationships and regulatory compliance and drive greater synergies and growth opportunities for CEC. I am excited to have this leadership team in place to advance and execute the company’s business plans and strategies.”

Lesnik added: “Further, I want to thank Jeremy Wheaton for his many contributions to our organization and his stewardship at CTU for the past year. Jeremy is an energetic leader who will be missed by the team at CTU and his colleagues at CEC. I am pleased that he has decided to continue his role on the CTU Board of Trustees and to consult with CEC, which will greatly contribute to an orderly and effective transition. I am confident that Jack Koehn and the strong academic leadership team in place at CTU will continue to provide our students high quality programs, state-of-the-art education technology and an outstanding education experience.”

About Career Education Corporation

The colleges, schools and universities that are part of the Career Education Corporation (“CEC”) family offer high-quality education to a diverse population of approximately 95,000 students across the world in a variety of career-oriented disciplines through online, on-ground and hybrid learning program offerings. The more than 90 campuses that serve these students are located throughout the United States and in France, the United Kingdom and Monaco, and offer doctoral, master’s, bachelor’s and associate degrees and diploma and certificate programs.

CEC is an industry leader whose institutions are recognized globally. Those institutions include, among others, American InterContinental University (“AIU”); Brooks Institute; Colorado Technical University (“CTU”); Harrington College of Design; INSEEC Group (“INSEEC”) Schools; International University of Monaco (“IUM”); International Academy of Design & Technology (“IADT”); Le Cordon Bleu North America (“LCB”); and Sanford-Brown Institutes and Colleges. Through its schools, CEC is committed to providing high-quality education, enabling students to graduate and pursue rewarding career opportunities.

For more information, see CEC’s website at www.careered.com. The website includes a detailed listing of individual campus locations and web links to CEC’s colleges, schools, and universities.

Except for the historical and present factual information contained herein, the matters set forth in this release, including statements identified by words such as “will,” “anticipate,” “believe,” “plan,” “expect,” “intend,” “should,” “potential” and similar expressions, are forward-looking statements as defined in Section 21E of the Securities Exchange Act of 1934, as amended. These statements are based on information currently available to us and are subject to various assumptions, risks, uncertainties and other factors that could cause our results of operations, financial condition, cash flows, performance, business prospects and opportunities to differ materially from those expressed in, or implied by, these statements. Except as expressly required by the federal securities laws, we undertake no obligation to update or revise such factors or any of the forward-looking statements contained herein to reflect future events, developments or changed circumstances, or for any other reason. These risks and uncertainties, the outcomes of which could materially and adversely affect our financial condition and operations, include, but are not limited to, the following: our continued compliance with and eligibility to participate in Title IV Programs under the Higher Education Act of 1965, as amended, and the regulations thereunder (including the “90-10 Rule”), as well as regional and national accreditation standards and state regulatory requirements; our ability to obtain accrediting agency approvals for existing, changed or new programs and to successfully defend litigation and other claims brought against us; rulemaking by the U.S. Department of Education and increased focus by the U.S. Congress and governmental agencies on for-profit education institutions; changes in enrollment, student mix and average registered credits taken by students; our ability to implement effective cost reduction strategies; and changes in the overall U.S. or global economy. Further information about these and other relevant risks and uncertainties may be found in CEC’s Annual Report on Form 10-K for the fiscal year ended December 31, 2011 and its subsequent filings with the Securities and Exchange Commission.

Wednesday, July 18th, 2012 Uncategorized Comments Off on Career Education Corp. (CECO) Appoints New Leaders & Establishes New Roles

Wizzard (WZE) Updates FAB’s Retail Media Distribution Business

Wizzard Media (NYSE MKT: WZE), the leading digital media podcast network, today released the second of several informational business overviews regarding FAB. Over the next several weeks, Wizzard plans to issue overviews based on various FAB business segments including: wholesale media distribution, retail distribution of media products as well as digital kiosk based franchise distribution of media products.

FAB Retail Media Distribution Business

Founded in 2003, FAB is headquartered in Beijing and distributes over 150,000 media based products including copyrighted DVD’s, Blu-ray Discs, music CD’s, video games and downloadable digital content through three distribution channels – wholesale, retail and digital kiosks.

Audited Revenues for FAB’s Retail business segment were $7.8 million in fiscal 2010 and $9.7 million in fiscal 2011. FAB currently operates a 30,000 sq. ft. store in the prestigious Joy City shopping mall (recently visited by Wizzard’s CEO and CFO) and is currently updating and relocating a second store to the new Guosheng shopping mall. See pictures of both of these stores by clicking here.

FAB’s Retail distribution business is built around large, showcase retail stores located in high-end shopping malls that sell media content and related media devices. FAB’s flagship stores serve as showcases for movie and music star autograph appearances. Through licensing agreements signed with media companies, FAB is able to use its stores as platforms for domestic star signing ceremonies, with over 2,000 events attended by millions of fans under its belt FAB’s Retail operation has grown to become China’s most well-known venue for new media releases and announcements.

In addition to generating significant revenue selling traditional media, the stores are flagships for building FAB brand awareness with consumers and promoting the expansion of FAB’s franchises. Additional retail stores are planned for Chengdu, Guangzhou, and Shanghai.

The Chinese government has recently announced initiatives for the protection of copyrighted content as both an official policy and a strategic priority for expansion by Western media, and it has publicly recognized FAB as an anti-piracy champion. Post-acquisition, the parties intend to aggressively pursue opportunities for expansion and further acquisition in China’s fragmented and emerging media industry.

For more information on FAB, please click here. For more information on FAB Retail business click here.

The acquisition of FAB by Wizzard is subject to approvals by each company’s shareholders, the satisfaction of customary closing conditions and regulatory approvals both in the U.S. and China.

About Wizzard Media:

Wizzard Media provides podcast publishers with distribution and monetization services. Our clients include Microsoft, National Geographic, Harvard Business Review, NPR and more than 10,000 others who use Wizzard Media products to measure their podcast audience, deliver popular audio and video entertainment and monetize their content through advertising and App sales and subscriptions. In 2011, the Wizzard Media Network received well over 1.64 billion podcast requests from approximately 50 million people worldwide through iPods, iPhones, iPads, iTunes, Blackberrys, Windows Phones, Androids and many other devices and destinations. We are part of a publicly held, Pittsburgh based company with thousands of shareholders and a world-class team. Visit us on the web at www.wizzardsoftware.com/media, email us at contact@wizzard.tv.

Legal Notice

Legal Notice Regarding Forward-Looking Statements: “Forward-looking Statements” as defined in the Private Securities litigation Reform Act of 1995 may be included in this news release. These statements relate to future events or our future financial performance. These statements are only predictions and may differ materially from actual future results or events. We disclaim any intention or obligation to revise any forward-looking statements whether as a result of new information, future developments or otherwise. There are important risk factors that could cause actual results to differ from those contained in forward-looking statements, including, but not limited to risks associated with changes in general economic and business conditions, actions of our competitors, the extent to which we are able to develop new services and markets for our services, the time and expense involved in such development activities, the level of demand and market acceptance of our services and changes in our business strategies.

Wednesday, July 18th, 2012 Uncategorized Comments Off on Wizzard (WZE) Updates FAB’s Retail Media Distribution Business

First South Bancorp (FSBK) Reports Increase Quarterly and Six-Month Operating Results

WASHINGTON, N.C., July 18, 2012 /PRNewswire/ — First South Bancorp, Inc. (NASDAQ: FSBK) (the “Company”), the parent holding company of First South Bank (the “Bank”), reports its unaudited operating results for the quarter ended June 30, 2012, and for the six months ended June 30, 2012.

For the 2012 second quarter, net income increased 25.8% to $480,751 ($0.05 per diluted common share), from net income of $382,090 ($0.04 per diluted common share) earned in the comparative 2011 second quarter. Net income for the first six months of 2012 increased 33.0% to $942,647 ($0.10 per share diluted), from net income of $708,873 ($0.07 per share diluted) earned in the first six months of 2011.

Tom Vann, President and CEO, commented, “I am pleased to report the Company’s operating results for the second quarter of 2012. The Company continues to generate solid core earnings.  Second quarter 2012 net earnings were $480,751, after recording $775,000 of credit loss provisions and $898,090 of other real estate owned valuation adjustments.  In the 2012 second quarter, we continued evaluating the credit quality of the Bank’s loan portfolio and market values of foreclosed properties.  While the level of our nonperforming assets has declined by approximately $4.4 million during the first half of this year, based on our evaluation we will continue to take a conservative position in managing the financial stress some of our borrowers are facing.  Consequently, we are provisioning accordingly to maintain our allowance for loan and lease losses at an adequate level.  Mitigating our nonperforming assets will continue to be a top priority for the Bank during 2012,” said Mr. Vann.

Asset Quality

Total nonperforming assets, including loans on non-accrual status, restructured loans on non-accrual status and other real estate owned, declined to $55.7 million at June 30, 2012, from $60.0 million at December 31, 2011.  Loans on non-accrual status declined to $37.8 million at June 30, 2012, from $43.0 million at December 31, 2011.

The Bank recorded $775,000 of provisions for credit losses in the 2012 second quarter, compared to $3.1 million in the 2011 second quarter. Credit loss provisions were necessary to maintain the allowance for loan and lease losses (ALLL) at a level that management believes is adequate to absorb probable future losses in the loan portfolio.  The ALLL was $14.0 million at June 30, 2012 (2.8% of total loans), compared to $15.2 million at December 31, 2011 (2.8% of total loans). Net charge offs were $1.2 million in the 2012 second quarter, compared to $3.7 million in the 2011 second quarter.

Mr. Vann stated, “Management continues to take a prudent and conservative posture in provisioning for credit losses as we mitigate problem assets.  We believe the current level of our ALLL is adequate, however, there is no assurance in the future that regulators, increased risks in the loan portfolio, or changes in economic conditions will not require additional adjustments to the ALLL.”

Other real estate owned increased marginally to $17.8 million at June 30, 2012, from $17.0 million at December 31, 2011, reflecting foreclosure activity net of sales and write-downs of certain real estate properties.

Net Interest Income

Net interest income declined to $7.5 million for the 2012 second quarter, from $8.2 million for the 2011 second quarter. The change in levels of net interest income is influenced by the volume of interest-earning assets and interest-bearing liabilities and the management of rates earned and paid during each respective reporting period. The net interest margin on average earning assets remained relatively consistent at 4.4% for the 2012 second quarter, compared to 4.6% for 2011 second quarter.

Non-Interest Income

Total non-interest income increased to $2.7 million for the 2012 second quarter, from $2.5 million for the comparative 2011 second quarter.  The Bank strives to maintain a consistent level of revenue across loan and deposit service offerings.  Fees, service charges and loan servicing fees remained relatively constant at $1.7 million for the 2012 second quarter, compared to $1.8 million for the 2011 second quarter.

Net gains from mortgage loan sales increased to $264,266 for the 2012 second quarter, from $111,546 for the comparative 2011 second quarter.  Net gains from investment securities sales were $485,047 for the 2012 second quarter. There were no sales of investment securities during 2011 second quarter.

In its efforts of mitigating nonperforming assets, the Bank recognized net losses of $47,056 on the sale of other real estate owned properties during the 2012 second quarter, compared to net gains of $53,387 in the 2011 second quarter.

Non-Interest Expense

Total non-interest expense increased to $8.6 million for the 2012 second quarter, from $7.0 million for the comparative 2012 second quarter.  Compensation and fringe benefits, the largest component of these expenses, increased to $4.4 million for the 2012 second quarter, from $3.9 million for the comparative 2011 second quarter.  This increase primarily results from the accrual of anticipated lump-sum retirement benefits payable to the current CEO upon his retirement at the end of the 2012 third quarter, and the employment of the successor CEO during the current period.

Expenses attributable to valuation adjustments, ongoing maintenance and property taxes for other real estate owned properties increased to $1.3 million for the 2012 second quarter, from $265,334 for the comparative 2011 second quarter.  “The stabilization of property values continues to be an issue in the markets we serve.  We will continue monitoring these values and mitigate nonperforming assets as quickly as feasible,” said Mr. Vann.

FDIC insurance premiums declined to $259,087 for the 2012 second quarter, from $293,284 for the comparative 2011 second quarter, reflecting a new change in the FDIC’s deposit insurance assessment calculation based on assets and tier one capital versus deposits.

Other noninterest expenses including premises and equipment, advertising, data processing, repairs and maintenance, office supplies, professional fees, taxes and insurance, etc., remained relatively consistent during the respective reporting periods.

Income tax expense increased to $272,348 for the 2012 second quarter, compared to a $225,671 for the comparative 2011 second quarter.  Changes in the amount of income tax expense reflects changes in pretax income, deductible expenses, the application of permanent and temporary differences and the applicable income tax rates in effect during each period.

Balance Sheet

Total assets declined to $742.0 million at June 30, 2012, from $746.9 million at December 31, 2011. Net loans and leases receivable declined to $491.5 million at June 30, 2012, from $525.2 million at December 31, 2011, reflecting the net of principal repayments, the volume of loans originated, foreclosures, sales, and securitizations of loans into mortgage-backed securities during the current year.

Investment securities increased to $165.0 million at June 30, 2012, from $138.5 million at December 31, 2011, reflecting the net of purchases, sales, and securitizations and principal repayments of certain mortgage loans during the current quarter.  Mortgage-backed securities increased to $146.4 million at June 30, 2012, from $138.5 million at December 31, 2011.  During the current period, the Bank implemented a strategy to diversify its investment portfolio through the purchase of certain tax-exempt municipal securities.  At June 30, 2012, the balance of newly acquired municipal securities was $18.6 million.

Cash and overnight investments increased to $34.8 million at June 30, 2012, from $32.8 million at December 31, 2011, reflecting net changes in the Bank’s cash flow and liquidity position resulting primarily from core deposit growth and slower loan demand.

Total deposits declined to $634.6 million at June 30, 2012, from $642.6 million at December 31, 2011.  Core checking and savings accounts increased to $291.6 million at June 30, 2012, from $272.7 at December 31, 2011; while certificates of deposits declined to $343.0 million at June 30, 2012, from $370.0 million at December 31, 2012.  The Bank strives to manage its cost of deposits by monitoring the volume and rates paid on maturing certificates of deposits in relationship to current funding needs and market interest rates.  The Bank did not renew certain higher rate maturing time deposits during the 2012 second quarter, and was able to reprice new and maturing time deposits at lower rates.  The cost of funds improved to 0.83% for the 2012 second quarter, from 1.14% for the comparative 2011 second quarter.

Stockholders’ equity increased to $86.2 million at June 30, 2012, from $84.1 million at December 31, 2011, reflecting year-to-date net income and changes in accumulated other comprehensive income.  The equity to assets ratio was 11.6% at June 30, 2012, compared to 11.3% at December 31, 2011.  There were 9,751,271 common shares outstanding at both June 30, 2012 and December 31, 2011.  The book value per common share increased to $8.84 at June 30, 2012, from $8.63 at December 31, 2011.

First South Bancorp, Inc. may be accessed on its website at www.firstsouthnc.com.  The Company’s common stock symbol as traded on the NASDAQ Global Select Market is “FSBK”.

First South Bank has been serving the citizens of eastern North Carolina since 1902 and offers a variety of financial products and services, including a leasing company.  Securities brokerage services are made available through an affiliation with an independent broker/dealer. The Bank operates through its main office headquartered in Washington, North Carolina, and has 26 full service branch offices located throughout central, eastern, northeastern and southeastern North Carolina.

Statements contained in this release, which are not historical facts, are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995.  Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from those currently anticipated due to a number of factors which include the effects of future economic conditions, governmental fiscal and monetary policies, legislative and regulatory changes, the risks of changes in interest rates, the effects of competition, and including without limitation to other factors that could cause actual results to differ materially as discussed in documents filed by the Company with the Securities and Exchange Commission from time to time.

First South Bancorp, Inc. and Subsidiary

Consolidated Statements of Financial Condition

June 30

December 31,

2012

2011

*

Assets

(unaudited)

Cash and due from banks

$

12,465,913

$

14,298,146

Interest-earning deposits with banks

22,292,778

18,476,173

Investment securities available for sale, at fair value

164,976,511

138,515,210

Loans and leases receivable:

Held for sale

4,397,747

6,435,983

Held for investment

501,067,144

533,960,226

Allowance for loan and lease losses

(14,003,657)

(15,194,014)

Loans and leases receivable, net

491,461,234

525,202,195

Premises and equipment, net

12,620,995

11,679,430

Other real estate owned

17,845,050

17,004,874

Federal Home Loan Bank stock, at cost

1,288,200

1,886,900

Accrued interest receivable

2,454,890

2,210,314

Goodwill

4,218,576

4,218,576

Mortgage servicing rights

1,333,366

1,237,161

Identifiable intangible assets

55,020

70,740

Income tax receivable

3,013,879

2,194,677

Prepaid expenses and other assets

7,938,384

9,946,459

Total assets

$

741,964,796

$

746,940,855

Liabilities and Stockholders’ Equity

Deposits:

Demand

$

261,295,293

$

243,719,526

Savings

30,346,697

28,988,522

Large denomination certificates of deposit

181,946,545

195,429,182

Other time

161,041,299

174,479,477

Total deposits

634,629,834

642,616,707

Borrowed money

1,758,154

2,096,189

Junior subordinated debentures

10,310,000

10,310,000

Other liabilities

9,098,635

7,804,687

Total liabilities

655,796,623

662,827,583

Common stock, $.01 par value, 25,000,000 shares authorized;

11,254,222 shares issued; 9,751,271 shares outstanding

97,513

97,513

Additional paid-in capital

35,812,995

35,815,098

Retained earnings, substantially restricted

77,452,728

76,510,081

Treasury stock, at cost

(31,967,269)

(31,967,269)

Accumulated other comprehensive income, net

4,772,206

3,657,849

Total stockholders’ equity

86,168,173

84,113,272

Total liabilities and stockholders’ equity

$

741,964,796

$

746,940,855

*Derived from audited consolidated financial statements

First South Bancorp, Inc. and Subsidiary

Consolidated Statements of Operations and Comprehensive Income

(unaudited)

Three Months Ended

Six Months Ended

June 30,

June 30,

2012

2011

2012

2011

Interest income:

Interest and fees on loans

$

7,447,269

$

8,905,881

$

15,113,844

$

17,729,875

Interest and dividends on investments and deposits

1,370,749

1,282,570

2,617,711

2,349,776

Total interest income

8,818,018

10,188,451

17,731,555

20,079,651

Interest expense:

Interest on deposits

1,249,628

1,924,835

2,570,823

3,901,704

Interest on borrowings

923

1,553

2,039

28,967

Interest on junior subordinated notes

91,117

83,911

183,311

165,232

Total interest expense

1,341,668

2,010,299

2,756,173

4,095,903

Net interest income

7,476,350

8,178,152

14,975,382

15,983,748

Provision for credit losses

775,000

3,080,000

2,615,000

5,530,011

Net interest income after provision for credit losses

6,701,350

5,098,152

12,360,382

10,453,737

Non-interest income:

Fees and service charges

1,454,625

1,581,922

2,934,762

3,068,624

Loan servicing fees

202,776

196,988

415,577

395,072

Gain (loss) on sale of other real estate, net

(47,056)

53,387

(76,021)

(28,708)

Gain on sale of mortgage loans

264,266

111,546

568,874

231,528

Gain on sale of investment securities

485,047

1,518,904

52,146

Other  income

292,999

553,868

532,509

761,000

Total non-interest income

2,652,657

2,497,711

5,894,605

4,479,662

Non-interest expense:

Compensation and fringe benefits

4,387,489

3,941,577

8,545,101

7,731,256

Federal deposit insurance premiums

259,087

293,284

511,486

584,784

Premises and equipment

538,812

433,512

967,280

856,792

Advertising

67,531

38,280

133,565

85,384

Payroll and other taxes

357,480

352,520

763,275

754,148

Data processing

604,250

622,859

1,213,959

1,223,400

Amortization of intangible assets

124,942

145,578

225,498

292,781

Other real estate owned expense

1,307,097

265,334

2,585,396

484,851

Other

954,220

895,158

1,893,492

1,760,919

Total non-interest expense

8,600,908

6,988,102

16,839,052

13,774,315

Income before income tax expense

753,099

607,761

1,415,935

1,159,084

Income tax expense

272,348

225,671

473,288

450,211

NET INCOME

$

480,751

$

382,090

$

942,647

$

708,873

Other comprehensive income, net of taxes

1,348,083

843,478

1,114,357

623,231

Comprehensive income

$

1,828,834

$

1,225,568

$

2,057,004

$

1,332,104

Per share data:

Basic earnings per share

$

0.05

$

0.04

$

0.10

$

0.07

Diluted earnings per share

$

0.05

$

0.04

$

0.10

$

0.07

Average basic shares outstanding

9,751,271

9,751,271

9,751,271

9,751,271

Average diluted shares outstanding

9,751,271

9,751,271

9,751,271

9,751,271

First South Bancorp, Inc.

Supplemental Financial Data (Unaudited)

Quarterly

Year to Date

6/30/2012

3/31/2012

12/31/2011

9/30/2011

6/30/2011

6/30/2012

6/30/2011

(dollars in thousands except per share data)

Consolidated balance sheet data:

Total assets

$

741,965

$

750,350

$

746,941

$

768,411

$

784,538

$

741,965

$

784,538

Loans receivable (net):

Mortgage

$

73,455

$

80,263

$

66,249

$

80,453

$

56,564

$

73,455

$

56,564

Commercial

341,385

352,459

378,823

405,712

428,141

341,385

428,141

Consumer

70,168

71,270

72,821

74,097

76,459

70,168

76,459

Leases

6,453

7,393

7,309

7,972

7,825

6,453

7,825

Total loans (net)

$

491,461

$

511,385

$

525,202

$

568,234

$

568,989

$

491,461

$

568,989

Cash and investments

$

34,759

$

64,662

$

32,774

$

32,909

$

44,565

$

34,759

$

44,565

Investment securities

164,977

123,036

138,515

119,764

124,539

164,977

124,539

Premises and equipment

12,621

12,985

11,679

11,209

10,753

12,621

10,753

Goodwill

4,219

4,219

4,219

4,219

4,219

4,219

4,219

Mortgage servicing rights

1,333

1,268

1,237

1,091

1,197

1,333

1,197

Deposits:

Savings

$

30,347

$

31,068

$

28,988

$

27,551

$

26,999

$

30,347

$

26,999

Checking

261,295

262,500

243,720

243,582

240,048

261,295

240,048

Certificates

342,988

354,780

369,909

394,007

416,855

342,988

416,855

Total deposits

$

634,630

$

648,348

$

642,617

$

665,140

$

683,902

$

634,630

$

683,902

Borrowings

$

1,758

$

1,681

$

2,096

$

1,976

$

2,349

$

1,758

$

2,349

Junior subordinated debentures

10,310

10,310

10,310

10,310

10,310

10,310

10,310

Stockholders’ equity

86,168

84,343

84,113

82,061

80,894

86,168

80,894

Consolidated earnings summary:

Interest income

$

8,818

$

8,914

$

9,363

$

9,861

$

10,188

$

17,731

$

20,080

Interest expense

1,342

1,415

1,608

1,852

2,010

2,756

4,096

Net interest income

7,476

7,499

7,755

8,009

8,178

14,975

15,984

Provision for credit losses

775

1,840

2,640

2,643

3,080

2,615

5,530

Noninterest income

2,653

3,243

2,648

2,292

2,498

5,895

4,479

Noninterest expense

8,601

8,239

7,180

6,999

6,988

16,839

13,774

Income tax expense

272

201

142

256

226

473

450

Net income

$

481

$

462

$

441

$

403

$

382

$

943

$

709

Per Share Data:

Basic earnings per share

$

0.05

$

0.05

$

0.05

$

0.04

$

0.04

$

0.10

$

0.07

Diluted earnings per share

$

0.05

$

0.05

$

0.05

$

0.04

$

0.04

$

0.10

$

0.07

Book value per share

$

8.84

$

8.65

$

8.63

$

8.42

$

8.30

$

8.84

$

8.30

Average basic shares

9,751,271

9,751,271

9,751,271

9,751,271

9,751,271

9,751,271

9,751,271

Average diluted shares

9,751,271

9,751,271

9,751,271

9,751,271

9,751,271

9,751,271

9,751,271

First South Bancorp, Inc.

Supplemental Financial Data (Unaudited)

Quarterly

Year to Date

6/30/2012

3/31/2012

12/31/2011

9/30/2011

6/30/2011

6/30/2012

6/30/2011

(dollars in thousands except per share data)

Performance ratios:

Yield on average earning assets

5.22%

5.26%

5.44%

5.64%

5.78%

5.24%

5.69%

Cost of funds

0.83%

0.87%

0.96%

1.08%

1.14%

0.85%

1.16%

Net interest spread

4.39%

4.39%

4.48%

4.56%

4.64%

4.39%

4.53%

Net interest margin/average earning assets

4.42%

4.42%

4.51%

4.58%

4.64%

4.43%

4.53%

Earning assets to total assets

90.94%

90.90%

91.09%

90.47%

88.61%

90.94%

88.61%

Return on average assets (annualized)

0.26%

0.25%

0.23%

0.21%

0.19%

0.25%

0.18%

Return on average equity (annualized)

2.26%

2.18%

2.13%

1.97%

1.90%

2.22%

1.76%

Average assets

$

742,690

$

744,395

$

757,905

$

774,383

$

791,644

$

742,570

$

793,412

Average earning assets

$

676,041

$

678,043

$

688,457

$

698,984

$

704,792

$

676,325

$

705,750

Average equity

$

85,018

$

84,582

$

82,708

$

81,757

$

80,517

$

84,865

$

80,333

Equity/Assets

11.61%

11.24%

11.26%

10.68%

10.31%

11.61%

10.31%

Tangible Equity/Assets

11.04%

10.67%

10.69%

10.12%

9.76%

11.04%

9.76%

Asset quality data and ratios:

Loans on nonaccrual status:

Nonaccrual loans

Earning

$

1,494

$

2,255

$

10,601

$

3,179

$

3,853

$

1,494

$

3,853

Non-Earning

11,151

8,757

11,007

15,107

15,657

11,151

15,657

Total Non-Accrual Loans

$

12,645

$

11,012

$

21,608

$

18,286

$

19,510

$

12,645

$

19,510

Nonaccrual restructured loans

Past Due TDRs

$

9,100

$

6,029

$

9,170

$

12,568

$

11,228

$

9,100

$

11,228

Current TDRs

16,065

20,456

12,247

11,172

10,421

16,065

10,421

Total TDRs

$

25,165

$

26,485

$

21,417

$

23,740

$

21,649

$

25,165

$

21,649

Total loans on nonaccrual status

$

37,810

$

37,497

$

43,025

$

42,026

$

41,159

$

37,810

$

41,159

Other real estate owned

17,845

17,324

17,005

12,886

11,387

17,845

11,387

Total nonperforming assets

$

55,655

$

54,821

$

60,030

$

54,912

$

52,546

$

55,655

$

52,546

Allowance for credit losses

$

14,268

$

14,637

$

15,448

$

18,563

$

18,918

$

14,268

$

18,918

Allowance for credit losses to loans

2.82%

2.78%

2.85%

3.16%

3.21%

2.82%

3.21%

Net charge-offs

$

1,167

$

2,638

$

5,752

$

3,018

$

3,713

$

3,806

$

5,679

Net charge-offs to loans

0.24%

0.52%

1.10%

0.53%

0.65%

0.77%

1.00%

Nonaccrual loans to loans

7.69%

7.33%

8.19%

7.40%

7.23%

7.69%

7.23%

Nonperforming assets to assets

7.50%

7.31%

8.06%

7.15%

6.69%

7.50%

6.69%

Loans to deposits

79.80%

81.25%

84.26%

88.35%

86.10%

79.80%

86.10%

Loans to assets

68.26%

70.21%

72.66%

76.48%

75.06%

68.26%

75.06%

Loans serviced for others

$

326,021

$

316,297

$

319,363

$

302,307

$

314,220

$

326,021

$

314,220

For more information contact:
First South Bancorp, Inc. Bill Wall (CFO) (252-940-5017)
Website: www.firstsouthnc.com

SOURCE First South Bancorp, Inc.

Wednesday, July 18th, 2012 Uncategorized Comments Off on First South Bancorp (FSBK) Reports Increase Quarterly and Six-Month Operating Results

China BAK (CBAK) Announces New Contract to Supply Cylindrical Battery Cells to AC Propulsion

SHENZHEN, China, July 18, 2012 /PRNewswire-Asia/ — China BAK Battery, Inc. (“China BAK”, the “Company”, or “we”) (Nasdaq: CBAK), a leading global manufacturer of lithium-based battery cells, today announced that the Company has entered into a new contract to supply 0.5 million units of cylindrical battery cells to AC Propulsion, a producer of electric vehicle technology based in Shanghai and California. For more information regarding AC Propulsion, please visit http://www.acpropulsion.com/.

As per the contract, China BAK will deliver 540,000 units of cylindrical battery cells to AC Propulsion by the end of 2012, which will be used to power 100 electric cars. AC Propulsion previously purchased a sample order of the Company’s cylindrical battery cells for trial and testing purposes and provided positive feedback on product quality and performance of the battery cells.

“We are encouraged by the positive feedback from AC Propulsion and are pleased to expand our cooperation with them,” commented Mr. Xiangqian Li, CEO of China BAK. “We expect to receive additional orders for our cylindrical battery cells used to power electric cars. We believe revenue growth from this segment will be driven by our high quality products, technical capability and growing market recognition,” added Mr. Li.

About China BAK Battery, Inc.

China BAK Battery, Inc. (NASDAQ: CBAK) is a leading global manufacturer of lithium-based battery cells. The Company produces battery cells that are the principal component of rechargeable batteries commonly used in cellular phones, smartphones, notebook computers, e-bikes, electric vehicles, power tools, uninterruptible power supplies, and portable consumer electronics such as portable media players, portable gaming devices, personal digital assistants, or PDAs, camcorders, digital cameras, and Bluetooth headsets. China BAK Battery, Inc.’s production facilities, located in Shenzhen and Tianjin, PRC, cover over three million square feet. For more information regarding China BAK Battery, Inc., please visit http://www.bak.com.cn.

Safe Harbor Statement

This press release contains forward-looking statements, which are subject to change. The forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All “forward-looking statements” relating to the business of China BAK Battery, Inc. and its subsidiary companies, which can be identified by the use of forward-looking terminology such as “believes,” “expects” or similar expressions, involve known and unknown risks and uncertainties which could cause actual results to differ. Please refer to China BAK’s Annual Report on Form 10-K for the fiscal year ended September 30, 2011, as well as China BAK’s Quarterly Reports on Form 10-Q that have been filed since the date of such annual report, for specific details on risk factors. Given these risks and uncertainties, you are cautioned not to place undue reliance on forward-looking statements. China BAK’s actual results could differ materially from those contained in the forward-looking statements. China BAK undertakes no obligation to revise or update its forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.

Wednesday, July 18th, 2012 Uncategorized Comments Off on China BAK (CBAK) Announces New Contract to Supply Cylindrical Battery Cells to AC Propulsion

Kips Bay Medical (KIPS) Announces Filing the IDE for a U.S. FDA Study

Kips Bay Medical, Inc. (NASDAQ:KIPS) along with Manny Villafaña, its Founder, Chairman and CEO, announced today that Kips Bay Medical has filed an application for an Investigational Device Exemption (“IDE”) with the U.S. Food & Drug Administration (“FDA”) to include four U.S. sites in its “eMESH I” clinical feasibility study of its eSVS® Mesh device currently being pursued in Europe.

Kips Bay Medical submitted this IDE application based upon the FDA’s response to its April 2012 Pre-IDE submission in which Kips Bay provided additional information to the FDA on the performance of its eSVS Mesh. The FDA advised Kips Bay Medical that it was allowed to proceed with this filing for an IDE.

As previously announced, Kips Bay Medical has been pursuing a feasibility trial at eight well known cardiac centers throughout Germany, Switzerland, Italy and France. This European trial is a multi-center, prospective, randomized study of external saphenous vein graft support using its eSVS Mesh in coronary artery bypass grafting (“CABG”) surgery and is titled the “eMESH I” study. If Kips Bay Medical receives approval of this application for an IDE, it intends to expand the eMESH I study to include four of the leading heart hospitals in the United States. The FDA has 30 days to respond to an IDE application.

The objective of this study is to demonstrate the initial safety and performance of the Kips Bay Medical eSVS Mesh sufficient to allow the FDA to approve an IDE for a pivotal study. Kips Bay Medical is currently working through the ethics committee review and approval process at a select group of European study sites. Kips Bay Medical intends to enroll up to 120 patients at eight European and four U.S. cardiac centers, with a primary efficacy endpoint of graft patency, or openness, at twelve months after CABG surgery. Hands-on surgical training with the eSVS Mesh for physicians at several study sites in Europe has already commenced.

Kips Bay Medical Founder, Manny Villafaña, said, “We are very excited that U.S. cardiac surgeons will also have the opportunity to work with our eSVS Mesh. Following an estimated 350+ implants we have achieved overseas, this represents a significant milestone in our ability to demonstrate the performance of our eSVS Mesh technology.” Villafaña further stated, “Having previously navigated this process with other companies that I founded, this is a significant step for Kips Bay Medical.”

About Kips Bay Medical

Kips Bay Medical, Inc., founded in 2007 and headquartered in Minneapolis, Minnesota, is a medical device company focused on manufacturing and commercializing its external saphenous vein support technology, or eSVS MESH, for use in coronary artery bypass grafting surgery. The eSVS MESH is a nitinol mesh sleeve that, when placed over a saphenous vein graft during CABG surgery, is designed to improve the structural characteristics and long-term performance of the saphenous vein graft. Additional information about Kips Bay Medical, Inc. can be found at www.KipsBayMedical.com.

Safe Harbor

Certain statements in this news release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and are provided under the protection of the safe harbor for forward-looking statements provided by that Act. For example, statements in this press release regarding Kips Bay Medical’s IDE and its ability to include four U.S. sites in its feasibility study, are forward-looking statements. These statements involve risks and uncertainties which could cause results to differ materially from those projected, including but not limited to the risks detailed from time to time in Kip Bay Medical’s SEC reports, including its most recent annual report on Form 10-K and subsequent quarterly reports on Form 10-Q. Kips Bay Medical encourages you to consider all of these risks, uncertainties and other factors carefully in evaluating the forward-looking statements contained in this release.

Wednesday, July 18th, 2012 Uncategorized Comments Off on Kips Bay Medical (KIPS) Announces Filing the IDE for a U.S. FDA Study

Augusta (AZC) Announces 34% Increase in Rosemont Sulfide Mineral Resource

DENVER, July 17, 2012 /PRNewswire/ – Augusta Resource Corporation (TSX/NYSE MKT: AZC) (“Augusta” or “the Company”) has completed an updated National Instrument (“NI”) 43-101 compliant mineral resource for its Rosemont Copper project (“Rosemont”) near Tucson, Arizona. The updated mineral resource estimate is comprised of:

  • Measured and indicated sulfide mineral resources of 919 million tons, representing an increase of 232 million tons or 34% when compared to the 2008 mineral resource, with average grades of 0.41% copper and 0.014% molybdenum for a total of 7.5 billion lbs of copper and 256 million lbs of molybdenum;
  • Inferred sulfide mineral resource of 139 million tons, representing a decrease of 106 million tons or 43% when compared to the 2008 mineral resource which is a result of successful drilling and model upgrading of a significant portion of the inferred resource to measured and indicated.  Average grades are 0.40% copper and 0.012% molybdenum for an inferred resource of 1.1billion lbs of copper and 35 million lbs of molybdenum.

“This increase represents the success we have achieved from our drilling program over the last year,” said Gil Clausen, Augusta’s President and CEO.  “We expect this larger resource to positively contribute to the feasibility study update that is expected to be released shortly.”

A summary of Rosemont’s mineral resource is provided below.   It should be noted that mineral resources that are not mineral reserves do not have demonstrated economic viability.

Rosemont Measured and Indicated Mineral Resources
Sulfide Mineral Resources (includes mixed sulfide) Oxide Mineral Resources
Tons
(M)
Copper
Equiv (%)
Copper
(%)
Molybdenum
(%)
Silver
(opt)
Tons
(M)
Copper
(%)
Measured 347.7 0.56 0.45 0.015 0.12 30.3 0.17
Indicated 571.6 0.48 0.38 0.014 0.10 33.1 0.16
TOTAL M&I 919.3 0.51 0.41 0.014 0.11 63.4 0.17

Inferred Mineral Resources
Sulfide Mineral Resources (includes mixed sulfide) Oxide Mineral Resources
Tons
(M)
Copper
Equiv (%)
Copper
(%)
Molybdenum
(%)
Silver
(opt)
Tons
(M)
Copper
(%)
TOTAL Inf. 138.6 0.49 0.40 0.012 0.10 1.1 0.15
The mineral resource has been confined to a pit shell based on $3.50 per pound copper.
Cutoff grades are 0.15% CuEq for sulfide, 0.30% CuEq for mixed sulfide, and 0.10% Cu for oxide.
Copper equivalency for copper is based on $2.50/lb Cu and 86% recovery for sulfide, 40% recovery for mixed sulfide.
Copper equivalency for molybdenum is based on $15.00/lb Mo and 63% recovery for sulfide, 30% recovery for mixed sulfide.
Copper equivalency for silver is based on $20/oz Ag and 80% recovery for sulfide, 38% recovery for mixed sulfide.

The mineral resource estimate includes drill and assay information up to March 2012.  A total of 266 drill holes, representing 342,700 feet of drilling, were used to update the geologic block model.  This included 12 recent holes drilled for infill and metallurgical purposes, as well as further sampling of five older holes.

Technical Report
A National Instrument (“NI”) 43-101 Technical Report including the updated mineral resource estimate will be filed on SEDAR at www.sedar.com within the next 45 days and will also be available on the Company’s website at www.augustaresource.com.

Qualified Person
Augusta contracted Moose Mountain Technical Services of British Columbia, Canada to estimate Rosemont’s updated mineral resource.  The mineral resource update was performed under the direction of Ms. Susan Bird, P.Eng. She is a registered professional engineer with the province of British Columbia and is an Independent Qualified Person under the standards set forth by Canadian National Instrument 43-101.

About Augusta
Augusta is a base metals company focused on advancing the Rosemont Copper deposit near Tucson, Arizona. Rosemont hosts a large copper/molybdenum reserve that would account for about 10% of US copper output once in production in 2014 (for details refer to www.augustaresource.com). The exceptional experience and strength of Augusta’s management team, combined with the developed infrastructure and robust economics of the Rosemont project, propels Augusta to becoming a solid mid-tier copper producer. The Company trades on the Toronto Stock Exchange and the NYSE MKT under the symbol AZC.

CAUTIONARY STATEMENTS REGARDING FORWARD LOOKING INFORMATION
Certain of the statements made and information contained herein may contain forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and forward-looking information within the meaning of applicable Canadian securities laws. Such forward-looking statements and forward-looking information include, but are not limited to statements concerning: the Company’s plans at the Rosemont Project; estimated production; and capital and operating and cash flow estimates. Forward-looking statements or information include statements regarding the expectations and beliefs of management. Often, but not always, forward-looking statements and forward-looking information can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements or information include, but are not limited to, statements or information with respect to known or unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information.

Forward-looking statements or information are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements or information, including, without limitation, risks and uncertainties relating to: history of losses; requirements for additional capital; dilution; loss of its material properties; interest rates increase; global economy; no history of production; speculative nature of exploration activities; periodic interruptions to exploration, development and mining activities; environmental hazards and liability; industrial accidents; failure of processing and mining equipment; labour disputes; supply problems; commodity price fluctuations; uncertainty of production and cost estimates; the interpretation of drill results and the estimation of mineral resources and reserves; legal and regulatory proceedings and community actions; title matters; regulatory restrictions; permitting and licensing; volatility of the market price of Common Shares; insurance; competition; hedging activities; currency fluctuations; loss of key employees; as well as those factors discussed in the section entitled “Risk Factors” in the Company’s Annual Information Form dated March 19, 2012. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements or information. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information. The Company disclaims any intent or obligation to update forward-looking statements or information except as required by law, and you are referred to the full discussion of the Company’s business contained in the Company’s reports filed with the securities regulatory authorities in Canada and the United States.

About Mineral Reserves and Mineral Resources
This press release uses the terms indicated and inferred resources as a relative measure of the level of confidence in the resource estimate. Readers are cautioned that: (a) mineral resources are not economic mineral reserves; (b) the economic viability of resources that are not mineral reserves has not been demonstrated; and (c) it should not be assumed that further work on the stated resources will lead to mineral reserves that can be mined economically. In addition, inferred resources are considered too geologically speculative to have any economic considerations applied to them. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies or economic studies except for certain preliminary economic assessments. Readers should also refer to the Company’s Information Form dated March 19, 2012 and other continuous disclosure documents available at www.sedar.com, which is subject to the qualifications and notes set forth therein.

SOURCE Augusta Resource Corporation

Tuesday, July 17th, 2012 Uncategorized Comments Off on Augusta (AZC) Announces 34% Increase in Rosemont Sulfide Mineral Resource

TranSwitch Corp. (TXCC) Enters Into $11 Million Common Stock Purchase Agreement

TranSwitch Corporation (NASDAQ: TXCC) a leading provider of semiconductor solutions for multimedia connectivity and processing today announced that it has entered into a common stock purchase agreement with Aspire Capital Fund, LLC, an Illinois limited liability company. Aspire Capital has committed to purchase up to $11 million of TranSwitch’s common stock over the next two years at prices based on the market price at the time of each sale. On execution of the agreement, Aspire Capital made an initial purchase of 990,099 shares of common stock for $1,000,000, which was approximately a 5% discount to Friday’s closing price of $1.07.

“We continue to make great strides in transitioning our business and growing our opportunities for HDplay™ video products. In concert with the recently announced $8 million reductions in annual operating expenses, we believe this agreement should give us access to the cash necessary to execute our business plan,” said Dr. M. Ali Khatibzadeh, President and CEO of TranSwitch. “Aspire Capital will purchase shares from TranSwitch for its own account which allows Aspire to become a meaningful and long-term shareholder in the company. We look forward to working with Aspire as we continue to advance our entry into the high growth video connectivity market. In tandem, we are continuing to pursue monetization of certain non-strategic assets including our legacy patent portfolio in order to further bolster our balance sheet and enhance execution of our growth plan.”

Key aspects of the Purchase Agreement include:

  • TranSwitch will control the timing and amount of any sale of common stock to Aspire Capital and will know the sale price before directing Aspire Capital to purchase shares.
  • Aspire Capital has no right to require any sales by the Company, but is obligated to make purchases as the Company directs, in accordance with the terms of the Purchase Agreement.
  • There are no limitations on use of proceeds, financial covenants, and restrictions on future financings, rights of first refusal, participation rights, penalties or liquidated damages in the Purchase Agreement.
  • The Purchase Agreement may be terminated by TranSwitch at any time without additional cost or penalty.
  • TranSwitch has issued to Aspire Capital additional common shares as consideration for entering into this agreement.
  • In connection with entering into the Purchase Agreement with Aspire Capital, the Company terminated the At Market Issuance Sales Agreement with MLV & Co. LLC Capital entered into and announced in February 2012.

The common stock issued or to be issued under the agreement was or will be issued pursuant to the Company’s shelf registration statement on Form S-3 (File No. 333-162609). The Company will file a prospectus supplement with the Securities and Exchange Commission in connection the transaction dated July 17, 2012. A more complete and detailed description of the Purchase Agreement with Aspire Capital is set forth in the Company’s Current Report on Form 8-K, filed on July 17, 2012, with the U.S. Securities and Exchange Commission.

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

About TranSwitch Corporation

TranSwitch Corporation (NASDAQ: TXCC) designs, develops and supplies innovative integrated circuit (IC) and intellectual property (IP) solutions that provide core functionality for voice, data and video communications equipment for network, enterprise and customer premises applications. We provide integrated multi-core network processor System-on-a-Chip (SoC) solutions and software solutions for Fixed, 3G and 4G Mobile, VoIP and Multimedia Infrastructures. For the customer-premises market, we offer interoperable connectivity solutions that provide a bridge between HDMI and DisplayPort and enable the distribution and presentation of high-definition (HD) content for consumer electronic and personal computer markets and also provide a family of communications processors that provide best-in-class performance for a range of applications. Overall, we have over 100 active customers, including the leading global telecom equipment providers, semiconductor and consumer product companies. For more information, please visit www.transwitch.com.

About Aspire Capital Fund, LLC

Aspire Capital Fund, LLC is an institutional investor based in Chicago, Illinois with a fundamental investment approach. Aspire Capital invests in a wide range of companies and industries emphasizing life sciences, energy and technology companies.

Forward-looking statements in this release, including statements regarding management’s expectations for future financial results and the markets for TranSwitch’s products, are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that these forward-looking statements regarding TranSwitch, its operations and its financial results, involve risks and uncertainties that could cause actual results to differ materially from those contained in the forward-looking statements, including without limitation the risks associated with downturns in economic conditions generally and in the telecommunications and data communications markets and the semiconductor industry specifically; risks in product development and market acceptance of and demand for TranSwitch’s products and products developed by TranSwitch’s customers; risks associated with foreign sales and high customer concentration; risks associated with competition and competitive pricing pressures; risks in technology development and commercialization; risks of failing to attract and retain key managerial and technical personnel; risks relating to TranSwitch’s available cash; risks associated with acquiring new businesses; risks of dependence on third-party VLSI fabrication facilities; risks related to intellectual property rights and litigation; and other risks detailed in TranSwitch’s filings with the Securities and Exchange Commission.

TranSwitch expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statements to reflect any change in expectations or any change in events, conditions or circumstances on which any such statement is based.

TranSwitch is a registered trademark of TranSwitch Corporation.

Tuesday, July 17th, 2012 Uncategorized Comments Off on TranSwitch Corp. (TXCC) Enters Into $11 Million Common Stock Purchase Agreement

Fuel Tech (FTEK) Awarded $36.6 Million Air Pollution Control Contract in Chile

Represents the Largest Air Pollution Control Contract in Company History

Fuel Tech, Inc. (NASDAQ: FTEK), a world leader in advanced engineering solutions for combustion and emissions control systems for utility and industrial applications, today announced it was awarded the largest air pollution control contract in its history. The $36.6 million order, placed by E.CL S.A., a major utility in Chile, includes turnkey installation of Low NOx Burners (LNBs) and Over-Fire Air (OFA) systems and mill modernization for six coal-fired units. Equipment deliveries are scheduled to commence during the first quarter of 2013, with project completion occurring during the third quarter of 2014.

Fuel Tech’s burner technologies are a cost-effective way to reduce nitrogen oxide (NOx) emissions and solve combustion problems in coal, gas or oil combustion systems. Fuel Tech’s OFA systems reduce NOx formation by diverting air from the burner zone to the upper furnace for enhanced combustion staging. Low NOx Burners limit the formation of thermal NOx and control how the fuel bound nitrogen is released.

“We have consciously expanded our international presence to achieve both growth and regulatory diversification in our air pollution control business. We have strategically focused on key geographic markets and are thrilled to be announcing an order of this magnitude,” commented Douglas G. Bailey, Chairman, President and Chief Executive Officer. “In terms of installed capacity, E.CL S.A. is a major electric generator in Chile and is the main electricity provider in the country’s northern energy grid. In this instance, E.CL is upgrading its combustion systems to reduce NOx emissions below 500 mg/m3 in order to comply with the new Chilean environmental law signed by the President of the Republic of Chile on January 18, 2011. French-Belgian electric company GDF Suez S.A., a global leader in independent power generation, holds a majority controlling stake in E.CL.”

Mr. Bailey concluded, “We are pleased to be partnering with a customer of this size and caliber. This contract award represents our second LNB project in Chile and demonstrates our global reach and combustion capabilities. With our industry-leading suite of air pollution control products and services, we believe we are well positioned to compete for additional opportunities for combustion optimization in the domestic and international markets.”

About Fuel Tech

Fuel Tech is a leading technology company engaged in the worldwide development, commercialization and application of state-of-the-art proprietary technologies for air pollution control, process optimization, and advanced engineering services. These technologies enable customers to produce both energy and processed materials in a cost-effective and environmentally sustainable manner.

The Company’s nitrogen oxide (NOx) reduction technologies include advanced combustion modification techniques – such as Low NOx Burners and Over-Fire Air systems – and post-combustion NOx control approaches, including NOxOUT® and HERT™ SNCR systems as well as systems that incorporate ASCR™ (Advanced Selective Catalytic Reduction), CASCADE™, ULTRA™ and NOxOUT-SCR® processes. These technologies have established Fuel Tech as a leader in NOx reduction, with installations on over 700 units worldwide, where coal, fuel oil, natural gas, municipal waste, biomass and other fuels are utilized.

The Company’s FUEL CHEM® technology revolves around the unique application of chemicals to improve the efficiency, reliability, fuel flexibility and environmental status of combustion units by controlling slagging, fouling, corrosion, opacity and operational issues associated with sulfur trioxide, ammonium bisulfate, particulate matter (PM2.5), carbon dioxide and NOx. The Company has experience with this technology, in the form of a customizable FUEL CHEM program, on over 110 combustion units burning a wide variety of fuels including coal, heavy oil, biomass and municipal waste.

Fuel Tech also provides a range of combustion optimization services, including airflow testing, coal flow testing and boiler tuning, as well as services to help optimize selective catalytic reduction system performance, including catalyst management services and ammonia injection grid tuning. In addition, flow corrective devices and physical and computational modeling services are available to optimize flue gas distribution and mixing in both power plant and industrial applications.

Many of Fuel Tech’s products and services rely heavily on the Company’s exceptional Computational Fluid Dynamics modeling capabilities, which are enhanced by internally developed, high-end visualization software. These capabilities, coupled with the Company’s innovative technologies and multi-disciplined team approach, enable Fuel Tech to provide practical solutions to some of our customers’ most challenging problems. For more information, visit Fuel Tech’s web site at www.ftek.com.

This press release may contain statements of a forward-looking nature regarding future events. These statements are only predictions and actual events may differ materially. Please refer to documents that Fuel Tech files from time to time with the Securities and Exchange Commission for a discussion of certain factors that could cause actual results to differ materially from those contained in the forward-looking statements.

Tuesday, July 17th, 2012 Uncategorized Comments Off on Fuel Tech (FTEK) Awarded $36.6 Million Air Pollution Control Contract in Chile

RiT (RITT) SMART Xlight Fiber Optic Cabling Solution Certified by Independent Performance Laboratory

– Intertek lab tests certify that RiT’s high performance 10Gb/s and 100Gb/s-ready end-to-end cabling solutions exceed ANSI/TIA-568-C performance requirements –

TEL AVIV, Israel, July 17, 2012 /PRNewswire/ —

RiT Technologies (NASDAQ: RITT), today announced that its SMART Xlight™ end-to-end fiber optic cabling solution has been certified by an independent laboratory to exceed 10 Gb/s and 100Gb/s performance requirements as specified in the ANSI/TIA-568-C standard. The independent testing was performed by Intertek, one of the world’s largest and most widely respected independent testing organizations, across multiple channel configurations that included RiT SMART Xlight end-to-end 10G configuration, RiT SMART Xlight end-to-end 100G configuration, LC multi-mode cords, LC-MPO cassettes, MPO-MPO pre-terminated cables, LC-LC cassettes and MPO cords, in both intelligent and non-intelligent architectures.

“Extended performance margins are crucial in high-bandwidth multi-fiber array systems like RiT’s SMART Xlight fiber optic line,” commented Dr. Ben Eshay, RiT’s CTO. “The tests performed by this respected laboratory certify that our products support high-density, high-bitrate protocols and installations, future-proofing the datacenter through the provision of 10, 40 or 100 gigabytes per second bandwidth. This is a benefit that data center engineers can leverage to create maximum flexibility and superior performance in their data center designs, especially when coupled with the deployment of RiT’s intelligent infrastructure management solutions.”

Dr. Ben Eshay continued, “In fact, every aspect of our SMART datacenter cabling product line reflects our 20 years of experience in providing the top quality, cutting-edge solutions that meet the exacting needs of our customers’ dynamic organizations. With a total commitment to R&D and testing, we bring a broad variety of innovative products to markets looking for robust, reliable performance in all types of real-world data center environments. As the data center industry continues raising the performance bar, we continue to evolve, creating ever-higher-grade products today that support both current and future needs.”

About RiT Technologies

RiT is a leading provider of comprehensive management solutions for today’s mission-critical data centers and communication rooms. Through the deployment of RiT’s integrated DCIM (data center infrastructure management), IIM (intelligent infrastructure management), SMART Cabling™ and EPV™ real-time infrastructure management solutions, companies enhance both CAPEX and OPEX, increase their efficiency and improve their automated processes. RiT’s field-tested solutions are delivering value in thousands of installations for top-tier enterprises and operators throughout the world. RiT’s shares are traded on the Nasdaq exchange under the symbol RITT. http://www.rittech.com

Safe Harbor Statement

In this press release, all statements that are not purely about historical facts, including, but not limited to, those in which we use the words “believe,” “anticipate,” “expect,” “plan,” “intend,” “estimate”, “forecast”, “target”, “could” and similar expressions, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  For example, when we discuss a field trial which could lead to a multi-million dollar Carrier deal, we are using a forward looking statement. While these forward-looking statements represent our current judgment of what may happen in the future, actual results may differ materially from the results expressed or implied by these statements due to numerous important factors, including, but not limited to, those described under the heading “Risk Factors” in our most recent Annual Report filed with the Securities and Exchange Commission (SEC) on Form 20-F, which may be revised or supplemented in subsequent reports filed with the SEC.  These factors include, but are not limited to, the following: our ability to raise additional financing, if required; the continued development of market trends in directions that benefit our sales; our ability to maintain and grow our revenues; our dependence upon independent distributors, representatives and strategic partners; our ability to develop new products and enhance our existing products; the availability of third-party components used in our products; the economic condition of our customers; the impact of government regulation; and the economic and political situation in Israel.  We are under no obligation, and expressly disclaim any obligation, to update the forward-looking statements in this press release, whether as a result of new information, future events or otherwise.

COMPANY CONTACT:
Dr. Ben Eshay
CTO
+972-77-270-7203
erez.beneshay@rittech.com

SOURCE RiT Technologies Ltd

Tuesday, July 17th, 2012 Uncategorized Comments Off on RiT (RITT) SMART Xlight Fiber Optic Cabling Solution Certified by Independent Performance Laboratory

StemCells, Inc. (STEM) Human Neural Stem Cells Restore Memory in Alzheimers Model

NEWARK, Calif., July 17, 2012 (GLOBE NEWSWIRE) — StemCells, Inc. (Nasdaq:STEM), today announced preclinical data demonstrating that its proprietary human neural stem cells restored memory and enhanced synaptic function in two animal models relevant to Alzheimer’s disease (AD). The data was presented today at the Alzheimer’s Association International Conference 2012 in Vancouver, Canada.

The study results showed that transplanting the cells into a specific region of the brain, the hippocampus, statistically increased memory in two different animal models. The hippocampus is critically important to the control of memory and is severely impacted by the pathology of AD. Specifically, hippocampal synaptic density is reduced in AD and correlates with memory loss. The researchers observed increased synaptic density and improved memory post transplantation. Importantly, these results did not require reduction in beta amyloid or tau that accumulate in the brains of patients with AD and account for the pathological hallmarks of the disease.

The research was conducted in collaboration with a world-renowned leader in AD, Frank LaFerla, Ph.D., Director of the University of California, Irvine (UCI) Institute for Memory Impairments and Neurological Disorders (UCI MIND), and Chancellor’s Professor, Neurobiology and Behavior in the School of Biological Sciences at UCI. Matthew Blurton-Jones, Ph.D., Assistant Professor, Neurobiology and Behavior at UCI, presented the study results.

“This is the first time human neural stem cells have been shown to have a significant effect on memory,” said Dr. LaFerla.  “While AD is a diffuse disorder, the data suggest that transplanting these cells into the hippocampus might well benefit patients with Alzheimer’s. We believe the outcomes in these two animal models provide strong rationale to study this approach in the clinic and we wish to thank the California Institute of Regenerative Medicine for the support it has given this promising research.”

Stephen Huhn, M.D., FACS, FAAP, Vice President and Head of the CNS Program at StemCells, added, “While reducing beta amyloid and tau burden is a major focus in AD research, our data is intriguing because we obtained improved memory without a reduction in either of these pathologies. AD is a complex and challenging disorder. The field would benefit from the pursuit of a diverse range of treatment approaches and our neural stem cells now appear to offer a unique and viable contribution in the battle against this devastating disease.”

About Alzheimer’s Disease

Alzheimer’s disease is a progressive, fatal neurodegenerative disorder that results in loss of memory and cognitive function. Today there is no cure or effective treatment option for patients afflicted by Alzheimer’s disease. According to the Alzheimer’s Association, approximately 5.4 million Americans have Alzheimer’s disease, including nearly half of people aged 85 and older. The prevalence of Alzheimer’s disease is expected to increase rapidly as a result of the country’s aging population.

About StemCells, Inc.

StemCells, Inc. is engaged in the research, development, and commercialization of cell-based therapeutics and tools for use in stem cell-based research and drug discovery. The Company’s lead therapeutic product candidate, HuCNS-SC® cells (purified human neural stem cells), is currently in development as a potential treatment for a broad range of central nervous system disorders.  In a Phase I clinical trial in Pelizaeus-Merzbacher disease (PMD), a fatal myelination disorder in children, the Company has shown preliminary evidence of progressive and durable donor-derived myelination in all four patients transplanted with HuCNS-SC cells. The Company is also conducting a Phase I/II clinical trial in chronic spinal cord injury in Switzerland and recently reported positive interim safety data for the first patient cohort. The Company has also initiated a Phase I/II clinical trial in dry age-related macular degeneration (AMD), and is pursuing preclinical studies in Alzheimer’s disease. StemCells also markets stem cell research products, including media and reagents, under the SC Proven® brand. Further information about StemCells is available at http://www.stemcellsinc.com.

The StemCells, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=7014

Apart from statements of historical fact, the text of this press release constitutes forward-looking statements within the meaning of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended, and is subject to the safe harbors created therein. These statements include, but are not limited to, statements regarding the prospect of the Company’s HuCNS-SC cells to restore lost memory in animal models of Alzheimer’s disease; the prospect of successful results from this research collaboration and advancing to clinical testing in Alzheimer’s disease; the potential of the Company’s HuCNS-SC cells to treat a broad range of central nervous system disorders such as Alzheimer’s disease; the prospect of initiating a clinical trial in Alzheimer’s disease; and the future business operations of the Company, including its ability to conduct clinical trials as well as its other research and product development efforts. These forward-looking statements speak only as of the date of this news release. The Company does not undertake to update any of these forward-looking statements to reflect events or circumstances that occur after the date hereof. Such statements reflect management’s current views and are based on certain assumptions that may or may not ultimately prove valid. The Company’s actual results may vary materially from those contemplated in such forward-looking statements due to risks and uncertainties to which the Company is subject, including the fact that additional trials will be required to demonstrate the safety and efficacy of the Company’s HuCNS-SC cells for the treatment of any disease or disorder; uncertainty as to whether the results of the Company’s preclinical studies in Alzheimer’s disease will be replicated in humans; uncertainty as to whether the FDA or other applicable regulatory agencies will permit the Company to continue clinical testing in spinal cord injury, age-related macular degeneration or in future clinical trials of proposed therapies for other diseases or conditions given the novel and unproven nature of the Company’s technologies; uncertainties regarding the Company’s ability to recruit the patients required to conduct its clinical trials or to obtain meaningful results; uncertainties regarding the Company’s ability to obtain the increased capital resources needed to continue its current and planned research and development operations; uncertainty as to whether HuCNS-SC and any products that may be generated in the future in the Company’s cell-based programs will prove safe and clinically effective and not cause tumors or other adverse side effects; uncertainties regarding the Company’s ability to commercialize a therapeutic product and its ability to successfully compete with other products on the market; and other factors that are described under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2011, and in its subsequent reports on Forms 10-Q and 8-K.

CONTACT: Ian Stone
         Russo Partners
         (619) 308-6541
Tuesday, July 17th, 2012 Uncategorized Comments Off on StemCells, Inc. (STEM) Human Neural Stem Cells Restore Memory in Alzheimers Model

GlobalWise (GWIV) CEO to Be Featured Speaker at World Expo 2012 Conference

COLUMBUS, OH — (Marketwire) — 07/17/12 — 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 GlobalWise CEO William J. “BJ” Santiago will be a featured speaker and panelist at the esteemed World Expo 2012 Managed Print Summit to be held July 17 – 19 in Las Vegas.

The World Expo (www.worldexposhow.com) conference is the premier location for Managed Print Services (MPS) and Imaging industry executives and thought leaders. At the conference, attendees will be able to learn about the latest technology trends in the MPS industry on topics such as Business Management, Document & Print Management, Hardware & Supplies Solutions, Sales and Marketing, and Managed Network Solutions.

GlobalWise CEO William J. “BJ” Santiago has been chosen as one of the featured speakers at this prestigious event in a session titled “The Secret Sauce of ECM in the Copier World.” In this discussion, Mr. Santiago will outline a forward-thinking approach for copier and imaging dealers who in the past have not had an ECM solution. Intellinetics’ Intellivue™ software is a creative convergence of cloud-based technologies and click-charge ECM models, which allows dealers and OEM manufacturers to deliver a robust ECM solution without complexity or large capital expenditures.

“The World Expo 2012 is the premier managed print conference in the industry,” stated Mr. Santiago. “I am proud to be chosen as a featured presenter at the conference. This is a huge validation of the cloud-based Intellivue™ software model for the copier industry. Our software represents a game-changing opportunity for the copier and imaging industry by implementing a pay-per-click charge for scanning and archiving documents through copier hardware. I will be sharing with them the ‘secret sauce’ for implementing a cost-effective ECM solution for their clients, while enabling new revenue opportunities for them and adding increasing value to their portfolio of services.”

Mr. Santiago has also been requested to sit on a MPS Panel at the show titled “Making Money Without Print.” The panel will be hosted by Mike Stramaglio, CEO of MWA Intelligence, who recently signed with GlobalWise as a Channel Partner. Other panelists will include senior executives from Toshiba, NewField IT and SolutionOne. This panel will focus on additional revenue opportunities for copier and imaging dealers outside of the traditional per-page charges they are able to collect.

“GlobalWise is moving into a much larger world of opportunity by presenting at this prestigious conference,” concluded Mr. Santiago. “The entire MPS industry is seeking new revenue sources. Not only is ECM the solution, it gives their clients an incredible tool for managing documents that was previously unattainable at a reasonable price. The power of cloud delivery and the on-demand template based solution store of Intellivue™ will allow dealers to further enable long-term customer relationships and a new annuity profit center. Visit Booth #351 at the show for a demonstration of our incredible software.”

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

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Codexis (CDXS) Advances Fuels Discussions with Shell

Codexis, Inc. (Nasdaq:CDXS), a developer of cost-advantaged processes for the production of biofuels, bio-based chemicals and pharmaceuticals, today announced that the company has signed an Exclusive Negotiation Agreement with Shell. Under this agreement, Shell has agreed to negotiate exclusively with Codexis through September 1, 2012 the terms of a new agreement under which Shell would grant to the company certain rights and licenses in the biofuels field to develop and sell cellulase enzymes to third parties on a worldwide basis, except Brazil. Codexis has exclusive rights to commercialize its cellulase enzyme technology in all other fields.

“Currently, Codexis’ cellulase enzyme technology can only be commercialized in the advanced biofuels field through Shell and its affiliates. If we finalize a new agreement with Shell as we currently anticipate, the rest of the world’s second generation biofuels producers will now also be available as target customers for our cost effective cellulase enzyme technology,” said John Nicols, Codexis’ President and Chief Executive Officer.

Codexis and Shell also agreed under the Exclusive Negotiation Agreement that, beginning on August 31, 2012, Shell can elect to reduce between 13 and 48 full-time employee equivalents (FTEs) under the Codexis – Shell Collaborative Research Agreement on one day notice. Previously, the required notice period for this type of FTE reduction was 90 days. If Shell were to provide Codexis with an FTE reduction notice on or after August 31, 2012, Codexis expects that it would take appropriate cost reduction measures to reduce its operating expenses.

About Codexis, Inc.

Codexis, Inc. is a developer of cost-advantaged processes for the production of biofuels, bio-based chemicals, and pharmaceutical intermediates. Codexis’ product lines include CodeXyme™ Cellulase Enzymes and CodeXol™ Detergent Alcohol. Partners and customers include global leaders such as Shell, Merck and Pfizer. For more information, see www.codexis.com.

Forward-Looking Statements

This press release contains forward-looking statements relating to our ability to obtain rights from Shell to sell cellulase enzymes to third party biofuels producers and cost-reduction measures that Codexis may take in the future. 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 could materially affect actual results. Factors that could materially affect actual results include our need for substantial additional capital in the future in order to expand our business, our dependence on our collaborators, various challenges to the feasability of the production and commercialization of biofuels and bio-based chemicals derived from cellulose and our limited experience manufacturing and selling cellulase enzymes. Additional factors that could materially affect actual results can be found in Codexis’ Quarterly Report on Form 10-Q for the period ended March 31, 2012 filed with the Securities and Exchange Commission on May 10, 2012, including under the caption “Risk Factors.” Codexis expressly disclaims any intent or obligation to update these forward-looking statements, except as required by law.

Monday, July 16th, 2012 Uncategorized Comments Off on Codexis (CDXS) Advances Fuels Discussions with Shell

Peregrine (PPHM) Announces Initiation of a Phase I Rectal Cancer Investigator-Sponsored Trial

TUSTIN, CA and DALLAS, TX — (Marketwire) — 07/16/12 — Peregrine Pharmaceuticals, Inc. (NASDAQ: PPHM), a clinical-stage biopharmaceutical company developing first-in-class monoclonal antibodies for the diagnosis and treatment of cancer and viral infections, today announced the initiation of an investigator-sponsored trial (IST) for patients with stage II or stage III rectal adenocarcinoma. This open-label Phase I trial will treat up to 18 patients with Peregrine’s investigational monoclonal antibody bavituximab in combination with the chemotherapeutic agent capecitabine and radiation therapy. Peregrine’s lead clinical candidate, bavituximab, is a phosphatidylserine (PS)-targeting antibody that has demonstrated promising tumor response and survival trends in randomized Phase II trials in non-small cell lung cancer (NSCLC).

“Preclinical studies have repeatedly shown that radiation increases the exposure of bavituximab’s target molecule, PS, on the surface of tumor blood vessel cells. Additionally, bavituximab in combination with radiation therapy has demonstrated potent anti-tumor effects in models of lung and brain cancer, with evidence of enhanced immunity,” said Jeffrey Meyer, M.D., principal investigator of the study and assistant professor of radiation oncology at the University of Texas Southwestern Medical Center. “We look forward to evaluating this promising treatment combination in patients with advanced rectal cancer.”

Bavituximab is also being evaluated in randomized Phase II trials in NSCLC, and pancreatic cancer, as well as multiple ISTs in additional oncology indications.

“Building on consistently promising data in multiple preclinical tumor models, this trial represents our first clinical study of bavituximab combined with radiation,” said Joseph Shan, vice president of clinical and regulatory affairs of Peregrine. “We intend for this trial to be the first step in assessing bavituximab’s potential benefit in several additional oncology indications commonly treated with radiation therapy.”

About the Phase I Rectal Cancer Trial
This Phase I single-arm, open-label, dose-escalation trial will enroll up to 18 patients with stage II or III rectal adenocarcinoma, with Eastern Cooperative Oncology Group (ECOG) performance status of 0-1. Patients will receive weekly bavituximab for a total of 8 weeks with administration of capecitabine (825 mg/m2) on each of the 28 days of radiation therapy (1.8 Gy/fraction) over 6 weeks, followed by 2 weeks of bavituximab administration by itself. Surgery will follow the last bavituximab administration by 4-8 weeks (i.e., 6-10 weeks following completion of radiation therapy). The primary endpoint is to determine the safety, feasibility and tolerability of combining bavituximab with a standard platform of capecitabine and radiation therapy. Secondary endpoints include the assessment of any anti-tumor activity by objective response as determined by MR imaging and histopathological response in patients.

This trial is being conducted by the University of Texas-Southwestern Medical Center.

For further information about this trial, please visit http://www.peregrineinc.com/pipeline/currently-enrolling-trials.html

About Bavituximab
Bavituximab is a first-in-class phosphatidylserine (PS)-targeting monoclonal antibody that represents a new approach to treating cancer. PS is a highly immunosuppressive molecule usually located inside the membrane of healthy cells, but “flips” and becomes exposed on the outside of cells that line tumor blood vessels, creating a specific target for anti-cancer treatments. PS-targeting antibodies target and bind to PS and block this immunosuppressive signal, thereby enabling the immune system to recognize and fight the tumor.

About Peregrine’s Investigator-Sponsored Trials (IST) Program
Peregrine’s IST program offers oncologists the opportunity to conduct clinical trials with bavituximab. To learn more about Peregrine’s IST program, please visit http://www.peregrineinc.com/pipeline/investigator-sponsored-trials.html.

About Rectal Adenocarcinoma
According to the National Cancer Institute, approximately 50,000 new cases of rectal adenocarcinoma will be diagnosed in 2012. The 5-year survival rate for Stage IV rectal cancer is estimated to be 6%.

About Peregrine Pharmaceuticals
Peregrine Pharmaceuticals, Inc. is a biopharmaceutical company with a portfolio of innovative monoclonal antibodies in clinical trials for the treatment of cancer and serious viral infections. The company is pursuing multiple clinical programs in cancer and infectious diseases with its lead product candidate bavituximab and novel brain cancer agent Cotara®. Peregrine also has in-house cGMP manufacturing capabilities through its wholly-owned subsidiary Avid Bioservices, Inc. (www.avidbio.com), which provides development and biomanufacturing services for both Peregrine and outside customers. Additional information about Peregrine can be found at www.peregrineinc.com.

Safe Harbor Statement: Statements in this press release which are not purely historical, including statements regarding Peregrine Pharmaceuticals’ intentions, hopes, beliefs, expectations, representations, projections, plans or predictions of the future are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The forward-looking statements involve risks and uncertainties including, but not limited to, the risk that results from this trial may not be consistent with other clinical trial results of bavituximab to date, the risk that data from this trial may not support registration filings with the U.S. Food and Drug Administration (“FDA”), and the risk that Peregrine may not have or raise adequate financial resources to complete the planned clinical programs. Factors that could cause actual results to differ materially or otherwise adversely impact the company’s ability to obtain regulatory approval for its product candidates include, but are not limited to, uncertainties associated with completing preclinical and clinical trials for our technologies; the early stage of product development; the significant costs to develop our products as all of our products are currently in development, preclinical studies or clinical trials; obtaining additional financing to support our operations and the development of our products; obtaining regulatory approval for our technologies; anticipated timing of regulatory filings and the potential success in gaining regulatory approval and complying with governmental regulations applicable to our business. Our business could be affected by a number of other factors, including the risk factors listed from time to time in the company’s SEC reports including, but not limited to, the annual report on Form 10-K for the year ended April 30, 2011 and the quarterly report on Form 10-Q for the quarter ended January 31, 2012. The company cautions investors not to place undue reliance on the forward-looking statements contained in this press release. Peregrine Pharmaceuticals, Inc. disclaims any obligation, and does not undertake to update or revise any forward-looking statements in this press release.

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Contact:
Christopher Keenan or Jay Carlson
Peregrine Pharmaceuticals, Inc.
(800) 987-8256

Monday, July 16th, 2012 Uncategorized Comments Off on Peregrine (PPHM) Announces Initiation of a Phase I Rectal Cancer Investigator-Sponsored Trial

Conmed (CONM) Board Under Investigation for Potential Breaches of Fiduciary Duty

Glancy Binkow & Goldberg LLP announces that it is investigating potential claims against the Board of Directors of Conmed Healthcare Management, Inc. (“Conmed Healthcare Management” or the “Company”) (NYSE:CONM) related to the proposed acquisition of the Company by Correct Care Solutions, LLC. The transaction is valued at approximately $59 million or $3.95 per share.

This investigation concerns whether the Board of Directors of Conmed Healthcare Management breached their fiduciary duties to stockholders by failing to adequately shop the Company before agreeing to enter into the proposed transaction, and whether the Company has disclosed all material information to shareholders about the transaction. The Company has seen substantial recent growth. Its share price has skyrocketed from $2.81 on February 1, 2012 to $3.55 on May 4, 2012. Further, at least one analyst has set a target price for the Company’s stock at $5.00.

If you are a shareholder of Conmed Healthcare Management, if you have information or would like to learn more about our investigation, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Louis Boyarsky, Esquire, Glancy Binkow & Goldberg LLP, 1925 Century Park East, Suite 2100, Los Angeles, CA 90067, by telephone at (310) 201-9150 or Toll Free at (888) 773-9224 or by email to shareholders@glancylaw.com.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Monday, July 16th, 2012 Uncategorized Comments Off on Conmed (CONM) Board Under Investigation for Potential Breaches of Fiduciary Duty

MakeMusic (MMUS) Confirms Receipt of Proposal From LaunchEquity

MakeMusic, Inc. (NASDAQ: MMUS) confirms that it received, on July 15, 2012, a proposal from LaunchEquity Partners, LLC (“LaunchEquity”) to acquire the operating assets of MakeMusic, excluding cash, and assume the related liabilities of MakeMusic, free and clear of all liens and encumbrances, for $13.5 million. LaunchEquity’s proposal contemplates that MakeMusic would adopt a plan of liquidation, which would include a distribution of MakeMusic’s then available cash to existing shareholders. LaunchEquity and certain of its affiliates currently collectively own approximately 27.7% of MakeMusic’s outstanding common stock, according to the latest filings by LaunchEquity and its affiliates with the Securities and Exchange Commission.

Consistent with its fiduciary duties, MakeMusic’s Board of Directors has appointed a Special Committee of independent, disinterested directors to review and consider the proposal, in consultation with financial and legal advisors, and determine the course of action that it believes is in the best interests of MakeMusic and its shareholders. The Board has authorized the Special Committee to consider the full range of available strategic alternatives including, but not limited to, continuing as an independent, public company with MakeMusic’s current growth plans.

MakeMusic’s shareholders are advised that no offer or solicitation has been made to them at this time. There can be no assurance that the consideration of the proposal or the exploration of other strategic alternatives will result in any transaction. MakeMusic does not intend to disclose developments regarding its exploration of the current proposal or other strategic alternatives unless and until a transaction has been approved or final decision to discontinue all such exploration and continue as an independent, public company has been made.

About MakeMusic, Inc.
MakeMusic®, Inc. is a world leader in music technology whose mission is to develop and market solutions that transform how music is composed, taught, learned and performed. For more than 20 years, Finale® has been the industry standard in music notation software, enabling composers, arrangers, musicians, teachers, students and publishers to create, edit, audition, print and publish musical scores. MakeMusic is also the creator of SmartMusic® education software that is transforming the way students practice. With SmartMusic, students and teachers have access to thousands of band, orchestra and vocal pieces allowing students to practice with background accompaniment and get immediate feedback on their performance. SmartMusic allows teachers to individualize instruction and document the progress of every student. The SmartMusic Inbox™, an Android™ and Apple® mobile application, provides additional access for teachers to review, grade and comment on student assignments. MusicXML™ is an Internet-friendly way to publish musical scores, enabling musicians to distribute interactive sheet music online and to use sheet music files with a wide variety of musical applications. Garritan sound libraries provide musicians with state-of-the-art virtual instruments with the playback quality of a live performance. Additional information about this Minnesota company can be found at www.makemusic.com.

Monday, July 16th, 2012 Uncategorized Comments Off on MakeMusic (MMUS) Confirms Receipt of Proposal From LaunchEquity

Anthera Pharma (ANTH) Announces Final Set of Clinical Data From Recent Lupus Study

HAYWARD, Calif., July 16, 2012 /PRNewswire/ — Anthera Pharmaceuticals, Inc. (Nasdaq: ANTH), a biopharmaceutical company developing drugs to treat serious diseases associated with inflammation and autoimmune disorders, today announced the final set of clinical data from the Phase 2b PEARL-SC study in patients with systemic lupus erythematosus.

Final data from the PEARL-SC clinical study with 200mg weekly blisibimod suggest sustained and greater treatment effects versus placebo utilizing 6, 7, and 8-point improvements in the SELENA-SLEDAI disease-scoring index (Table 1).  In the predefined population of patients with severe disease who were also taking corticosteroids, the SRI-8 treatment benefit in the 200mg weekly blisibimod cohort was seen as early as week eight and achieved statistical significance starting at week 16 (35.4% blisibimod response versus 17.0% placebo response, p=0.04) through the 24 week endpoint (41.7% blisibimod response versus 10.4% placebo response, p<0.001).

Additional data regarding time to first severe flare, total flares, proteinuria, and patients achieving a reduction of steroid dose below 7.5mg per day were also positive.  Amongst subjects treated with 200mg of blisibimod weekly, the mean time to first severe flare was 1.6-fold longer than subjects treated with placebo (348 days versus to 223 days).  The reduction in proteinuria at week 24 was significantly greater amongst subjects treated with blisibimod compared to placebo (35.0% versus 5.1%, p=0.045).  Further data from this recent analysis is available on the company’s website at www.anthera.com.  Full data from the PEARL-SC study will be presented at an upcoming scientific conference.

“These results continue to validate the importance of phase 2 studies to identify the appropriate patient, dose and endpoint in order to optimize our phase 3 study design.  Specifically, the PEARL-SC SRI response using larger improvements in SELENA-SLEDAI appear substantially better than the SRI-5 data.  In fact, the SRI-8 data, representing an improvement in SELENA-SLEDAI of eight points or greater achieves statistical significance at multiple time points including at 24 weeks.  Due to the consistently better effects at higher thresholds, it appears that if a blisibimod patient responds, they respond very well,” said Colin Hislop, MD, Anthera’s Senior Vice President and Chief Medical Officer. “As well, additional clinical data suggest positive trends in time to severe flare, flare rates, proteinuria, and steroid utilization.”

Table 1: 24-week response rates in subjects with severe disease (SELENA-SLEDAI >10) and Receiving Corticosteroid therapy at baseline

24-Week Endpoint*

Pooled Placebo

N=269

200 mg QW Placebo

N=92

200 mg QW blisibimod

N=92

Real Difference versus Pooled Placebo

Real Difference
versus 200mg QW Placebo

SRI-5

47.1%

40.4%

54.2%

+7.1%

p=0.48

+13.8%

p=0.18

SRI-5 + No Increase
in Steroid dose

43.5%

38.3%

52.1%

+8.6%

p=0.48

+13.8%

p=0.18

SRI-6

46.4%

38.3%

54.2%

+7.8%

p=0.43

+15.9%

p=0.12

SRI-7

28.3%

12.8%

41.7%

+13.4%

p=0.11

+22.9%

p=0.002

SRI-8

26.1%

10.6%

41.7%

+15.6%

p=0.05

+31.1%

p<0.001

*SRI is defined as patients who respond to treatment and achieve a reduction in SELENA-SLEDAI equal to or greater than the number indicated, no new BILAG A or two B organ domain scores, and no increase in Physician’s Global Assessment (PGA) of greater than 0.3 on a three point scale.

On June 28, 2012, the Company announced that the 200mg weekly subcutaneous dose of blisibimod demonstrated a strong trend in improved clinical response in the modified intent to treat population as early as week 16 (p= 0.14), at the 24-week primary endpoint (p=0.15) and throughout week 44 including a statistically significant improvement at week 20 versus placebo (p=0.02). Additionally, severely ill, seropositive lupus patients, defined as SELENA-SLEDAI >10 and receiving background corticosteroid medication, a more pronounced effect was seen in the 200mg weekly dose group demonstrating a 13.8% treatment difference compared to placebo at 24 weeks.

About Blisibimod and PEARL-SC

BAFF has been associated with a wide range of B-cell-mediated autoimmune diseases, including systemic lupus erythematosus, vasculitis, IgA nephropathy, immune thrombocytopenic purpura and others. Multiple clinical studies with other BAFF antagonists recently have reported on BAFF’s potential positive role in treating lupus and rheumatoid arthritis. Anthera is advancing its development of blisibimod, a broad inhibitor of BAFF, to expand its potential clinical utility in autoimmune diseases. Blisibimod is a novel fusion protein called a peptibody and is distinct from an antibody. Anthera owns worldwide rights to blisibimod in all potential indications.  The PEARL-SC Phase 2 study was designed as a randomized, double-blind, placebo-controlled, dose-ranging superiority trial to evaluate the safety, tolerability and efficacy of blisibimod plus standard of care, versus placebo plus standard of care.  A total of 547 patients with active SLE were randomized to receive one of three different doses of blisibimod or placebo (100 mg weekly, 200 mg weekly or 200 mg monthly) administered subcutaneously over a minimum 24-week treatment period, in addition to standard-of-care therapy. The study was conducted at multiple centers worldwide.

About Anthera Pharmaceuticals

Anthera Pharmaceuticals is a biopharmaceutical company focused on developing and commercializing products to treat serious diseases associated with inflammation and autoimmune diseases.

Safe Harbor Statement

Any statements contained in this press release that refer to future events or other non-historical matters, including statements that are preceded by, followed by, or that include such words as “estimate,” “intend,” “anticipate,” “believe,” “plan,” “goal,” “expect,” “project,” or similar statements, are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on Anthera’s expectations as of the date of this press release and are subject to certain risks and uncertainties that could cause actual results to differ materially as set forth in Anthera’s public filings with the SEC, including Anthera’s Annual Report on Form 10-K for the year ended December 31, 2011 and Quarterly Report on Form 10-Q for the quarter ended March 31, 2012.  Anthera disclaims any intent or obligation to update any forward-looking statements, whether because of new information, future events or otherwise, except as required by applicable law.

CONTACT: Bianca Nery of Anthera Pharmaceuticals, Inc., bnery@anthera.com or 510.856.5586.

SOURCE Anthera Pharmaceuticals, Inc.

Monday, July 16th, 2012 Uncategorized Comments Off on Anthera Pharma (ANTH) Announces Final Set of Clinical Data From Recent Lupus Study
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