Archive for October, 2012

Corinthian Colleges (COCO) Reports First Quarter 2013 Results

SANTA ANA, Calif., Oct. 31, 2012 (GLOBE NEWSWIRE) — Corinthian Colleges, Inc. (Nasdaq:COCO) reported financial results today for the first quarter ended September 30, 2012. Results for the quarter exceeded the company’s most current guidance ranges for revenue, earnings per share and new student enrollment growth. (Guidance excludes all one-time charges; the Company recorded a $3.2 million impairment, facility closing and severance charge in the quarter.)

“During the first quarter we continued to focus on improving the value proposition of our programs and rejuvenating growth in our ground schools,” said Jack Massimino, Corinthian’s chairman and chief executive officer. “We reduced tuition for several programs during the quarter, and our third-party lender reduced interest rates on gap financing for our students. We expect these reductions to help make our programs more affordable and attractive to prospective students.”

As the Company previously reported, effective July 1, 2012 federal student loans and grants are no longer available to students who lack a high school diploma or GED. Such aid had previously been available under the federal Ability-to-Benefit (ATB) program. Given the loss of funding, the Company stopped enrolling new ATB students as of July 1.

“Despite the loss of ATB students, our first quarter growth in new students was higher than expected,” Massimino said. “During the quarter we continued to experience strong growth in on-line new student enrollment and new enrollments at our Everest ground schools were better than expected.”

“We are pursuing a number of initiatives to help offset the loss of ATB students and achieve more consistent growth,” Massimino said. “In addition to our price reductions, we are on schedule to launch several new diploma programs across our ground schools beginning in the second quarter. We began offering free GED preparation programs at most of our U.S. Everest campuses in October. These programs will help serve the large population of high school dropouts in our service areas, and we expect some portion of successful GED completers to enroll at Everest or other post-secondary institutions.”

Comparing the first quarter of fiscal 2013 with the same quarter of the prior year (Note: results for continuing operations):

  • Net revenue was $408.6 million versus $398.2 million, an increase of 2.6%.
  • Total student population at September 30, 2012 was 92,070 versus 91,107 at September 30, 2011, an increase of 1.1%.
  • Total new students were 31,458 versus 30,386, an increase of 3.5%.
  • Operating income was $10.5 million, which includes a $3.2 million impairment and severance charge, compared with an operating loss of $6.3 million, which includes $9.2 million in impairment and severance charges.
  • Income from continuing operations was $3.1 million, which includes $1.9 million in impairment and severance charges, after tax, compared with a loss of $5.7 million, which includes $5.5 million in impairment and severance charges, after tax.
  • Diluted earnings per share from continuing operations were $0.04 versus a diluted loss per share of $0.07. Excluding the impairment and severance charges and the related tax effect, diluted earnings per share from continuing operations were $0.06 in Q1 13 and $0.00 in Q1 12.

Financial Review

Educational services expenses were 61.7% of revenue in Q1 13 versus 62.7% in Q1 12. The decrease is primarily the result of a decrease in compensation and facilities expense, partially offset by an increase in bad debt expense. Bad debt expense was 4.8% of revenue in Q1 13 versus 4.2% in Q1 12. The increase in bad debt expense is primarily the result of a delay in drawing down Title IV funds associated with a student information systems conversion.

Marketing and admissions expenses were 24.4% of revenue in Q1 13 versus 25.0% in Q1 12. The decrease is primarily the result of efficiencies in admissions.

General and administrative expenses were 10.5% of revenue in Q1 13 versus 11.6% in Q1 12. The decrease is primarily due to cost saving measures.

The operating margin was 3.4% in Q1 13 versus 0.7% in Q1 12, excluding impairment and severance charges. The increase is primarily the result of lower operating expenses partially offset by higher bad debt.

Cash and cash equivalents totaled $37.6 million at September 30, 2012, compared with $72.5 million at June 30, 2012. The decrease in cash is primarily due to the net repayment of cash borrowed at fiscal year-end, partially offset by the timing of cash receipts and payments.

Debt and capital leases (including current portion) totaled $112.0 million at September 30, 2012, compared with $149.0 million at June 30, 2012.

Cash flow from operations was $20.4 million for Q1 13, versus $54.1 million in Q1 12. The decrease was primarily due to a decrease in cash provided by working capital.

Capital expenditures were $7.4 million in Q1 13, versus $11.2 million in Q1 12.

Guidance

The following guidance is for continuing operations and excludes any one-time charges. The company expects that three schools currently in teach-out will be reclassified to discontinued operations in the second quarter.

Time Period Revenue Diluted EPS New Student Growth
Q2 13 $402 — $412 million $0.05 — $0.07 flat

Conference Call Today

We will host a conference call today at 12:00 p.m. Eastern Time (9:00 a.m. PT), to discuss first quarter results. The call will be open to all interested investors through a live audio web cast at www.cci.edu (Investors/Events & Presentations.) The call will be archived on www.cci.edu after the call. A telephonic playback of the conference call will also be available through 11:00 p.m. PT, Tuesday, November 6th. The playback can be reached by dialing (855) 859-2056 and using passcode 33902281.

About Corinthian Colleges

Corinthian is one of the largest post-secondary education companies in North America. Our mission is to change students’ lives. We offer diploma and degree programs that prepare students for careers in demand or for advancement in their chosen fields. Our program areas include health care, business, criminal justice, transportation technology and maintenance, construction trades and information technology. We have 116 Everest, Heald and WyoTech campuses, and also offer degrees online. For more information, go to http://www.cci.edu.

The Corinthian Colleges, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=8848

Certain statements in this press release may be deemed to be forward-looking statements under the Private Securities Litigation Reform Act of 1995. The company intends that all such statements be subject to the “safe-harbor” provisions of that Act. Such statements include, but are not limited to, those regarding our belief that reduced tuition for several programs and lower interest rates on third-party loans will make our programs more affordable and attractive to prospective students; our belief that launching new diploma programs in ground schools and offering free GED preparation programs at some Everest campuses will help offset the loss of ATB students; our expectation that some portion of successful GED completers will enroll at Everest or other post-secondary institutions; growth in exclusively on-line students; overall enrollment growth or declines in future periods; our ability to manage student outcomes and improve the student value proposition; and the statements under the heading “Guidance” above. Many factors may cause the company’s actual results to differ materially from those discussed in any such forward-looking statements or elsewhere, including: potential negative effects from the loss of ATB students; the uncertain outcome of the Department of Education’s rule making related to gainful employment, which could change the manner in which we conduct our business; the company’s effectiveness in its regulatory and accreditation compliance efforts; changes by the California legislature that impact the eligibility of the Company’s students to receive Cal Grants; the Company’s potential inability to affect the default rates of its students on their federal student loans; the outcome of ongoing reviews and inquiries by accrediting, state and federal agencies; the outcome of pending litigation against the company; risks associated with variability in the expense and effectiveness of the company’s advertising and promotional efforts; potential increased competition; changes in general macroeconomic and market conditions (including credit and labor market conditions, the unemployment rate, and the rates of change of each such item); and the other risks and uncertainties described in the company’s filings with the U.S. Securities and Exchange Commission. The historical results achieved by the company are not necessarily indicative of its future prospects. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Corinthian Colleges, Inc.
(In thousands, except per share data)
Condensed Consolidated Statements of Operations
For the three months ended
September 30,
2012 2011
(Unaudited) (Unaudited)
Net revenues $ 408,560 $ 398,197
Operating expenses:
Educational services 252,173 249,682
General and administrative 42,950 46,100
Marketing and admissions 99,736 99,476
Impairment, facility closing, and severance charges 3,206 9,226
Total operating expenses 398,065 404,484
Income (loss) from operations 10,495 (6,287)
Interest (income) (202) (159)
Interest expense 1,292 2,576
Other expense, net 4,245 943
Pre-tax income (loss) from continuing operations 5,160 (9,647)
Provision (benefit) for income taxes 2,064 (3,941)
Income (loss) from continuing operations 3,096 (5,706)
Loss from discontinued operations, net of tax (1,518) (3,930)
Net (loss) income $ 1,578 $ (9,636)
Income (loss) per common share — Basic:
Income (loss) from continuing operations $ 0.04 $ (0.07)
Loss from discontinued operations (0.02) (0.04)
Net (loss) income $ 0.02 $ (0.11)
Income (loss) per common share — Diluted:
Income (loss) from continuing operations $ 0.04 $ (0.07)
Loss from discontinued operations (0.02) (0.04)
Net (loss) income $ 0.02 $ (0.11)
Weighted average number of common shares outstanding:
Basic 85,486 84,807
Diluted 86,194 84,807
Selected Condensed Consolidated Balance Sheet Data
September 30, June 30,
2012 2012
(Unaudited) (Unaudited)
Cash and cash equivalents $ 37,603 $ 72,525
Receivables, net (including long term notes receivable) $ 241,494 $ 199,094
Current assets $ 345,213 $ 352,607
Total assets $ 1,060,212 $ 1,064,513
Current liabilities $ 309,592 $ 282,758
Debt and capital leases (including current portion) $ 112,044 $ 148,974
Total liabilities $ 492,163 $ 499,598
Total stockholders’ equity $ 568,049 $ 564,915
CONTACT: Investors:
         Anna Marie Dunlap
         SVP Investor Relations
         714-424-2678

         Media:
         Kent Jenkins
         VP Public Affairs Communications
         202-682-9494

Corinthian Colleges, Inc. Logo

Wednesday, October 31st, 2012 Uncategorized Comments Off on Corinthian Colleges (COCO) Reports First Quarter 2013 Results

Riverview Bancorp (RVSB) Earns $1.8 Million in Second Fiscal Quarter

Riverview Bancorp, Inc. (Nasdaq: RVSB) (“Riverview” or the “Company”) today reported net income of $1.8 million, or $0.08 per share, in its second fiscal quarter ended September 30, 2012 compared to a net loss of $1.8 million, or $0.08 per share, in the preceding quarter and net income of $181,000, or $0.01 per share, in its second fiscal quarter a year ago.

“Credit quality improved for the second consecutive quarter as we continue to focus on identifying and resolving problem credits,” stated Pat Sheaffer, Chairman and CEO. “Our team’s success in executing this plan has resulted in a profitable quarter and reduction in nonperforming asset balances. While we will continue to pull from every resource to reduce problem assets, we can also now focus on responsible profitable growth that supports lending in the communities we serve.”

Highlights (at or for the period ended September 30, 2012)

  • Net income was $1.8 million, or $0.08 per diluted share
  • The net interest margin was 4.31% compared to 4.22% for June 30, 2012
  • Nonperforming loans decreased $8.8 million during the quarter to $28.0 million (23.8% decline)
  • Nonperforming assets decreased $6.3 million during the quarter to $52.5 million (10.8% decline)
  • Strong core deposits at 96% of total deposits
  • Capital levels continue to exceed the regulatory requirements to be categorized as “well capitalized” with a total risk-based capital ratio of 13.41% and a Tier 1 leverage ratio of 9.09%

Credit Quality

“The decrease in the provision for loan losses during the quarter was primarily driven by the improvement in credit quality of the loan portfolio and reduction in loan charge-offs,” said Ron Wysaske, President and COO. Riverview recorded a $500,000 provision for loan losses in the second quarter of fiscal year 2013 compared to $4.0 million in the preceding quarter and $2.2 million in the second quarter of fiscal year 2012. The allowance for loan losses was $20.1 million at September 30, 2012 and represented 3.46% of total loans and 71.85% of nonperforming loans.

“Nonperforming loan balances decreased $8.8 million during the quarter, primarily in the commercial real estate and multi-family loan categories,” added Wysaske. Nonperforming loans decreased to $28.0 million, or 4.81% of total loans, at September 30, 2012, compared to $36.8 million, or 5.95% of total loans, at June 30, 2012. The decrease in nonperforming loans was primarily driven by a reduction in the inflow of new nonperforming loans. New nonperforming loans decreased to $2.9 million during the quarter compared to $10.4 million in the preceding quarter. Loans delinquent 30 – 89 days also decreased to $3.7 million, or 0.64% of total loans, at September 30, 2012 compared to $8.0 million, or 1.29% of total loans, at June 30, 2012. Net charge-offs in the second quarter of fiscal 2013 totaled $1.3 million, compared to $2.9 million in the preceding quarter and $3.6 million in the second fiscal quarter a year ago.

Real estate owned (“REO”) increased $2.4 million during the quarter to $24.5 million due to the transfer of $4.2 million in loans to REO during the quarter. REO sales during the quarter totaled $1.2 million with write-downs of $725,000. Despite the increase in REO during the quarter, the Company remains optimistic that it will be able to decrease REO over the remainder of the year due to accelerating sales during the past several quarters and the continuing improvement in real estate activity in its market area.

Nonperforming assets (“NPAs”) declined to $52.5 million at September 30, 2012 compared to $58.9 million at June 30, 2012. At September 30, 2012, Riverview’s NPAs were 6.49% of total assets compared to 7.22% at the end of the preceding quarter.

Balance Sheet Review

“As laid out in our capital plan that we implemented in May, our initial phase was to shrink the balance sheet while we cleaned up the loan portfolio,” stated Wysaske. “During the first quarter of fiscal year 2013, we took advantage of favorable interest rates by selling $31.4 million in single-family mortgage loans to the Freddie Mac (“FHLMC”) for a $650,000 gain. During the second quarter we further improved our capital position as we continued to reduce the balance sheet. Having achieved profitability, we will begin to focus more on organic growth by building new relationships and expanding the loan portfolio.”

Riverview continues to reduce its exposure to land development and speculative construction loans. The balance of these portfolios declined to $31.4 million at September 30, 2012 compared to $34.0 million three months earlier. Land development and speculative construction loans represented a combined 5.4% of the total loan portfolio at September 30, 2012 compared to 5.5% of the total loan portfolio the prior quarter.

At September 30, 2012, the commercial real estate (“CRE”) loan portfolio totaled $322.1 million, of which 29% was owner-occupied and 71% was investor-owned. The CRE portfolio contained six loans totaling $11.3 million that were nonperforming, representing 3.5% of the total CRE portfolio and 40.4% of total nonperforming loans.

Total deposits were $699.2 million at September 30, 2012 compared to $705.9 million at June 30, 2012 and $729.3 million a year ago. At September 30, 2012, noninterest deposits were $136.7 million, an increase of 3.4% from the previous quarter and 17.2% from a year ago. Core deposits accounted for 96% of total deposits at September 30, 2012.

Net Interest Margin

Riverview’s net interest margin improved nine basis points during the quarter to 4.31% compared to 4.22% for the preceding quarter. The increase in net interest margin was a result of interest income recorded on loans removed from nonaccrual status, as well as the slowdown of new loans placed on nonaccrual status during the quarter and the re-pricing of the Company’s trust preferred debentures. The cost of interest-bearing deposits decreased during the current quarter to 0.49%, a five basis point decline from the preceding quarter and a decrease of 26 basis points from the second fiscal quarter a year ago. These improvements were partially offset by lower yields on the Company’s loan and investment portfolios as a result of the continued low interest rate environment.

Income Statement

Riverview’s net interest income before the provision for loan losses was $7.8 million in the second fiscal quarter compared to $8.1 million in the preceding quarter and $8.4 million in the second fiscal quarter a year ago. Non-interest income was $2.3 million in the second fiscal quarter compared to $2.4 million in the preceding quarter and $1.8 million in the second fiscal quarter a year ago. In the first six months of fiscal year 2013, non-interest income increased 27% to $4.8 million compared to $3.7 million in the same period a year earlier. The increase in non-interest income was due to an increase in service charge income and mortgage banking activity, including the sale of $31.4 million in single-family mortgages to the FHLMC, which resulted in a $650,000 gain on sale of loans during the first quarter of fiscal year 2013.

Non-interest expense declined to $7.8 million in the second fiscal quarter compared to $8.3 million in the preceding quarter and was unchanged from $7.8 million in the second fiscal quarter a year ago. In the first six months of fiscal year 2013, non-interest expense totaled $16.1 million compared to $16.0 million in the same period a year earlier.

In fiscal 2012, the Company established a valuation allowance against its deferred tax asset. At September 30, 2012, the total valuation allowance was $17.1 million. Management will review the deferred tax asset on a quarterly basis to determine the appropriate valuation allowance, if needed. Any future reversals of the deferred tax asset valuation allowance would decrease the Company’s income tax expense and increase its after tax net income in the period of reversal.

Capital and Liquidity

The Bank continues to maintain capital levels in excess of the regulatory requirements to be categorized as “well capitalized” with a total risk-based capital ratio of 13.41% and a Tier 1 leverage ratio of 9.09% at September 30, 2012.

At September 30, 2012, the Bank had available total and contingent liquidity of $500 million, including over $250 million of borrowing capacity from the Federal Home Loan Bank of Seattle and the Federal Reserve Bank of San Francisco. The Bank also has more than $125 million of cash and short-term investments.

Gresham Branch and Mobile Banking

In June 2012, Riverview opened its eighteenth branch and its fourth in Oregon. This new full service branch will fill a long-standing need for community banking in the Gresham market area. Gresham, just east of Portland, is the fourth largest city in Oregon.

Riverview launched its Mobile Banking apps for the iPhone and Android platforms in August 2012. Augmenting the existing browser based systems for smartphones, the apps were adopted quickly by our clients with almost 2,000 downloads in the first sixty days. Currently over 15% of our online customers are using Mobile Banking to check balances, review account history and transfer funds.

Non-GAAP Financial Measures

In addition to results presented in accordance with generally accepted accounting principles in the United States of America (GAAP), this press release contains certain non-GAAP financial measures. Riverview believes that certain non-GAAP financial measures provide investors with information useful in understanding the company’s financial performance; however, readers of this report are urged to review these non-GAAP financial measures in conjunction with GAAP results as reported.

Financial measures that exclude intangible assets are non-GAAP measures. To provide investors with a broader understanding of capital adequacy, Riverview provides non-GAAP financial measures for tangible common equity, along with the GAAP measure. Tangible common equity is calculated as shareholders’ equity less goodwill and other intangible assets. In addition, tangible assets are total assets less goodwill and other intangible assets.

The following table provides a reconciliation of ending shareholders’ equity (GAAP) to ending tangible shareholders’ equity (non-GAAP), and ending assets (GAAP) to ending tangible assets (non-GAAP).

September 30, June 30, September 30, March 31,
(Dollars in thousands) 2012 2012 2011 2012
Shareholders’ equity $ 75,607 $ 73,820 $ 108,149 $ 75,607
Goodwill 25,572 25,572 25,572 25,572
Other intangible assets, net 520 566 511 415
Tangible shareholders’ equity $ 49,515 $ 47,682 $ 82,066 $ 49,620
Total assets $ 809,553 $ 814,730 $ 873,396 $ 855,998
Goodwill 25,572 25,572 25,572 25,572
Other intangible assets, net 520 566 511 415
Tangible assets $ 783,461 $ 788,592 $ 847,313 $ 830,011

About Riverview

Riverview Bancorp, Inc. (www.riverviewbank.com) is headquartered in Vancouver, Washington – just north of Portland, Oregon on the I-5 corridor. With assets of $810 million, it is the parent company of the 89 year-old Riverview Community Bank, as well as Riverview Asset Management Corp. The Bank offers true community banking services, focusing on providing the highest quality service and financial products to commercial and retail customers. There are 18 branches, including thirteen in the Portland-Vancouver area and three lending centers.

“Safe Harbor” statement under the Private Securities Litigation Reform Act of 1995: This press release contains forward-looking statements that are subject to risks and uncertainties, including, but not limited to: the Company’s ability to raise common capital, the amount of capital it intends to raise and its intended use of that capital. The credit risks of lending activities, including changes in the level and trend of loan delinquencies and write-offs and changes in the Company’s allowance for loan losses and provision for loan losses that may be impacted by deterioration in the housing and commercial real estate markets; changes in general economic conditions, either nationally or in the Company’s market areas; changes in the levels of general interest rates, and the relative differences between short and long term interest rates, deposit interest rates, the Company’s net interest margin and funding sources; fluctuations in the demand for loans, the number of unsold homes, land and other properties and fluctuations in real estate values in the Company’s market areas; secondary market conditions for loans and the Company’s ability to sell loans in the secondary market; results of examinations of us by the Office of Comptroller of the Currency or other regulatory authorities, including the possibility that any such regulatory authority may, among other things, require us to increase the Company’s reserve for loan losses, write-down assets, change Riverview Community Bank’s regulatory capital position or affect the Company’s ability to borrow funds or maintain or increase deposits, which could adversely affect its liquidity and earnings; the Company’s compliance with regulatory enforcement actions we have entered into with the OCC and the possibility that our noncompliance could result in the imposition of additional enforcement actions and additional requirements or restrictions on our operations; legislative or regulatory changes that adversely affect the Company’s business including changes in regulatory policies and principles, or the interpretation of regulatory capital or other rules; the Company’s ability to attract and retain deposits; further increases in premiums for deposit insurance; the Company’s ability to control operating costs and expenses; the use of estimates in determining fair value of certain of the Company’s assets, which estimates may prove to be incorrect and result in significant declines in valuation; difficulties in reducing risks associated with the loans on the Company’s balance sheet; staffing fluctuations in response to product demand or the implementation of corporate strategies that affect the Company’s workforce and potential associated charges; computer systems on which the Company depends could fail or experience a security breach; the Company’s ability to retain key members of its senior management team; costs and effects of litigation, including settlements and judgments; the Company’s ability to successfully integrate any assets, liabilities, customers, systems, and management personnel it may in the future acquire into its operations and the Company’s ability to realize related revenue synergies and cost savings within expected time frames and any goodwill charges related thereto; increased competitive pressures among financial services companies; changes in consumer spending, borrowing and savings habits; the availability of resources to address changes in laws, rules, or regulations or to respond to regulatory actions; the Company’s ability to pay dividends on its common stock; and interest or principal payments on its junior subordinated debentures; adverse changes in the securities markets; inability of key third-party providers to perform their obligations to us; changes in accounting policies and practices, as may be adopted by the financial institution regulatory agencies or the Financial Accounting Standards Board, including additional guidance and interpretation on accounting issues and details of the implementation of new accounting methods; other economic, competitive, governmental, regulatory, and technological factors affecting the Company’s operations, pricing, products and services and the other risks described from time to time in our filings with the SEC.

Such forward-looking statements may include projections. Any such projections were not prepared in accordance with published guidelines of the American Institute of Certified Public Accountants or the Securities Exchange Commission regarding projections and forecasts nor have such projections been audited, examined or otherwise reviewed by independent auditors of the Company. In addition, such projections are based upon many estimates and inherently subject to significant economic and competitive uncertainties and contingencies, many of which are beyond the control of management of the Company. Accordingly, actual results may be materially higher or lower than those projected. The inclusion of such projections herein should not be regarded as a representation by the Company that the projections will prove to be correct.

The Company cautions readers not to place undue reliance on any forward-looking statements. Moreover, you should treat these statements as speaking only as of the date they are made and based only on information then actually known to the Company. The Company does not undertake and specifically disclaims any obligation to revise any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements. These risks could cause our actual results for fiscal 2013 and beyond to differ materially from those expressed in any forward-looking statements by, or on behalf of, us, and could negatively affect the Company’s operating and stock price performance.

RIVERVIEW BANCORP, INC. AND SUBSIDIARY
Consolidated Balance Sheets
(In thousands, except share data) (Unaudited) September 30, 2012 June 30, 2012 September 30, 2011 March 31, 2012
ASSETS
Cash (including interest-earning accounts of $83,642, $58,539, $32,955 and $33,437) $ 98,367 $ 71,362 $ 50,148 $ 46,393
Certificate of deposits 41,797 40,975 23,847 41,473
Loans held for sale 1,289 100 264 480
Investment securities held to maturity, at amortized cost 487 499 493
Investment securities available for sale, at fair value 6,278 6,291 6,707 6,314
Mortgage-backed securities held to maturity, at amortized 164 168 181 171
Mortgage-backed securities available for sale, at fair value 679 813 1,341 974
Loans receivable (net of allowance for loan losses of $20,140, $20,972, $14,672, and $19,921) 562,058 597,138 680,838 664,888
Real estate and other pers. property owned 24,481 22,074 25,585 18,731
Prepaid expenses and other assets 3,894 4,550 6,020 6,362
Accrued interest receivable 1,958 2,084 2,402 2,158
Federal Home Loan Bank stock, at cost 7,285 7,350 7,350 7,350
Premises and equipment, net 17,745 17,887 16,568 17,068
Deferred income taxes, net 616 612 9,307 603
Mortgage servicing rights, net 420 448 334 278
Goodwill 25,572 25,572 25,572 25,572
Core deposit intangible, net 100 118 177 137
Bank owned life insurance 16,850 16,701 16,256 16,553
TOTAL ASSETS $ 809,553 $ 814,730 $ 873,396 $ 855,998
LIABILITIES AND EQUITY
LIABILITIES:
Deposit accounts $ 699,227 $ 705,892 $ 729,259 $ 744,455
Accrued expenses and other liabilities 7,926 8,675 9,459 9,398
Advance payments by borrowers for taxes and insurance 1,060 605 797 800
Junior subordinated debentures 22,681 22,681 22,681 22,681
Capital lease obligation 2,477 2,495 2,544 2,513
Total liabilities 733,371 740,348 764,740 779,847
EQUITY:
Shareholders’ equity
Serial preferred stock, $.01 par value; 250,000 authorized, issued and outstanding, none
Common stock, $.01 par value; 50,000,000 authorized,
September 30, 2012 – 22,471,890 issued and outstanding;
June 30, 2012 – 22,471,890 issued and outstanding; 225 225 225 225
September 30, 2011 – 22,471,890 issued and outstanding;
March 31, 2012 – 22,471,890 issued and outstanding;
Additional paid-in capital 65,576 65,593 65,626 65,610
Retained earnings 11,543 9,756 44,088 11,536
Unearned shares issued to employee stock ownership trust (541) (567) (644) (593)
Accumulated other comprehensive loss (1,196) (1,187) (1,146) (1,171)
Total shareholders’ equity 75,607 73,820 108,149 75,607
Noncontrolling interest 575 562 507 544
Total equity 76,182 74,382 108,656 76,151
TOTAL LIABILITIES AND EQUITY $ 809,553 $ 814,730 $ 873,396 $ 855,998
RIVERVIEW BANCORP, INC. AND SUBSIDIARY
Consolidated Statements of Income
Three Months Ended Six Months Ended
(In thousands, except share data) (Unaudited) Sept. 30, 2012 June 30, 2012 Sept. 30, 2011 Sept. 30, 2012 Sept. 30, 2011
INTEREST INCOME:
Interest and fees on loans receivable $ 8,468 $ 9,045 $ 9,815 $ 17,513 $ 20,095
Interest on investment securities-taxable 38 53 36 91 81
Interest on investment securities-non taxable 7 8 12 15 24
Interest on mortgage-backed securities 7 8 13 15 29
Other interest and dividends 128 129 89 257 164
Total interest income 8,648 9,243 9,965 17,891 20,393
INTEREST EXPENSE:
Interest on deposits 699 823 1,158 1,522 2,388
Interest on borrowings 162 349 372 511 740
Total interest expense 861 1,172 1,530 2,033 3,128
Net interest income 7,787 8,071 8,435 15,858 17,265
Less provision for loan losses 500 4,000 2,200 4,500 3,750
Net interest income after provision for loan losses 7,287 4,071 6,235 11,358 13,515
NON-INTEREST INCOME:
Fees and service charges 1,331 1,057 1,078 2,388 2,120
Asset management fees 504 604 570 1,108 1,195
Gain on sale of loans held for sale 152 727 21 879 44
Bank owned life insurance income 148 149 153 297 304
Other 179 (97 ) 10 82 73
Total non-interest income 2,314 2,440 1,832 4,754 3,736
NON-INTEREST EXPENSE:
Salaries and employee benefits 3,609 3,793 3,514 7,402 8,025
Occupancy and depreciation 1,236 1,234 1,166 2,470 2,329
Data processing 292 314 542 606 830
Amortization of core deposit intangible 18 19 20 37 42
Advertising and marketing expense 269 219 283 488 528
FDIC insurance premium 394 287 286 681 559
State and local taxes 137 148 81 285 260
Telecommunications 116 121 108 237 215
Professional fees 281 421 298 702 637
Real estate owned expenses 891 939 756 1,830 1,186
Other 569 781 791 1,350 1,391
Total non-interest expense 7,812 8,276 7,845 16,088 16,002
INCOME BEFORE INCOME TAXES 1,789 (1,765 ) 222 24 1,249
PROVISION FOR INCOME TAXES 2 15 41 17 354
NET INCOME $ 1,787 $ (1,780 ) $ 181 $ 7 $ 895
Earnings per common share:
Basic $ 0.08 $ (0.08 ) $ 0.01 0.00 $ 0.04
Diluted $ 0.08 $ (0.08 ) $ 0.01 0.00 $ 0.04
Weighted average number of shares outstanding:
Basic 22,339,487 22,333,329 22,314,854 22,336,425 22,311,792
Diluted 22,339,487 22,333,329 22,314,854 22,336,425 22,311,792
(Dollars in thousands) At or for the three months ended At or for the six months ended
Sept. 30, 2012 June 30, 2012 Sept. 30, 2011 Sept. 30, 2012 Sept. 30, 2011
AVERAGE BALANCES
Average interest-earning assets $ 716,932 $ 768,156 $ 770,719 $ 742,403 $ 765,983
Average interest-bearing liabilities 591,460 636,132 640,605 613,674 638,754
Net average earning assets 125,472 132,024 130,114 128,729 127,229
Average loans 605,382 671,798 695,941 638,408 693,680
Average deposits 699,243 732,812 724,473 715,936 720,066
Average equity 76,008 76,483 109,729 76,244 109,453
Average tangible equity 49,886 50,506 83,614 50,194 83,312
ASSET QUALITY Sept. 30, 2012 June 30, 2012 Sept. 30, 2011
Non-performing loans 28,031 36,782 29,680
Non-performing loans to total loans 4.81 % 5.95 % 4.27 %
Real estate/repossessed assets owned 24,481 22,074 25,585
Non-performing assets 52,512 58,856 55,265
Non-performing assets to total assets 6.49 % 7.22 % 6.33 %
Net loan charge-offs in the quarter 1,332 2,949 3,587
Net charge-offs in the quarter/average net loans 0.87 % 1.76 % 2.04 %
Allowance for loan losses 20,140 20,972 14,672
Average interest-earning assets to average interest-bearing liabilities 121.21 % 120.75 % 120.31 %
Allowance for loan losses to non-performing loans 71.85 % 57.02 % 49.43 %
Allowance for loan losses to total loans 3.46 % 3.39 % 2.11 %
Shareholders’ equity to assets 9.34 % 9.06 % 12.38 %
CAPITAL RATIOS
Total capital (to risk weighted assets) 13.41 % 13.18 % 14.29 %
Tier 1 capital (to risk weighted assets) 12.13 % 11.91 % 13.03 %
Tier 1 capital (to leverage assets) 9.09 % 9.35 % 10.79 %
Tangible common equity (to tangible assets) 6.32 % 6.05 % 9.69 %
DEPOSIT MIX Sept. 30, 2012 June 30, 2012 Sept. 30, 2011 March 31, 2012
Interest checking $ 80,634 $ 81,064 $ 92,006 $ 106,904
Regular savings 49,813 47,596 40,871 45,741
Money market deposit accounts 228,236 230,695 227,095 244,919
Non-interest checking 136,661 132,231 116,645 116,882
Certificates of deposit 203,883 214,306 252,642 230,009
Total deposits $ 699,227 $ 705,892 $ 729,259 $ 744,455
COMPOSITION OF COMMERCIAL AND CONSTRUCTION LOANS
Commercial Commercial
Real Estate Real Estate & Construction
Commercial Mortgage Construction Total
September 30, 2012 (Dollars in thousands)
Commercial $ 74,953 $ $ $ 74,953
Commercial construction 12,585 12,585
Office buildings 87,692 87,692
Warehouse/industrial 46,837 46,837
Retail/shopping centers/strip malls 73,771 73,771
Assisted living facilities 23,213 23,213
Single purpose facilities 90,568 90,568
Land 27,262 27,262
Multi-family 36,372 36,372
One-to-four family 4,335 4,335
Total $ 74,953 $ 385,715 $ 16,920 $ 477,588
March 31, 2012 (Dollars in thousands)
Commercial $ 87,238 $ $ $ 87,238
Commercial construction 13,496 13,496
Office buildings 94,541 94,541
Warehouse/industrial 48,605 48,605
Retail/shopping centers/strip malls 80,595 80,595
Assisted living facilities 35,866 35,866
Single purpose facilities 93,473 93,473
Land 38,888 38,888
Multi-family 42,795 42,795
One-to-four family 12,295 12,295
Total $ 87,238 $ 434,763 $ 25,791 $ 547,792
LOAN MIX Sept. 30, 2012 June 30, 2012 Sept. 30, 2011 March 31, 2012
Commercial and construction
Commercial $ 74,953 $ 79,795 $ 88,017 $ 87,238
Other real estate mortgage 385,715 415,320 455,153 434,763
Real estate construction 16,920 15,447 30,221 25,791
Total commercial and construction 477,588 510,562 573,391 547,792
Consumer
Real estate one-to-four family 102,473 105,298 119,805 134,975
Other installment 2,137 2,250 2,314 2,042
Total consumer 104,610 107,548 122,119 137,017
Total loans 582,198 618,110 695,510 684,809
Less:
Allowance for loan losses 20,140 20,972 14,672 19,921
Loans receivable, net $ 562,058 $ 597,138 $ 680,838 $ 664,888
DETAIL OF NON-PERFORMING ASSETS
Northwest Other Southwest Other
Oregon Oregon Washington Washington Other Total
September 30, 2012 (dollars in thousands)
Non-performing assets
Commercial $ 88 $ 182 $ 1,675 $ $ $ 1,945
Commercial real estate 2,322 8,714 298 11,334
Land 800 2,944 3,744
Multi-family 3,081 2,981 6,062
Commercial construction
One-to-four family construction 904 562 17 1,483
Real estate one-to-four family 349 413 2,411 290 3,463
Consumer
Total non-performing loans 3,663 5,038 18,742 588 28,031
REO 4,227 6,729 9,625 2,745 1,155 24,481
Total non-performing assets $ 7,890 $ 11,767 $ 28,367 $ 3,333 $ 1,155 $ 52,512
DETAIL OF SPEC CONSTRUCTION AND LAND DEVELOPMENT LOANS
Northwest Other Southwest Other
Oregon Oregon Washington Washington Other Total
September 30, 2012 (dollars in thousands)
Land and Spec Construction Loans
Land Development Loans $ 4,960 $ 2,413 $ 19,889 $ $ $ 27,262
Spec Construction Loans 904 563 2,474 244 4,185
Total Land and Spec Construction $ 5,864 $ 2,976 $ 22,363 $ 244 $ $ 31,447
At or for the three months ended At or for the six months ended
SELECTED OPERATING DATA Sept. 30, 2012 June 30, 2012 Sept. 30, 2011 Sept. 30, 2012 Sept. 30, 2011
Efficiency ratio (4) 77.34 % 78.74 % 76.41 % 78.05 % 76.20 %
Coverage ratio (6) 99.68 % 97.52 % 107.52 % 98.57 % 107.89 %
Return on average assets (1) 0.88 % -0.85 % 0.08 % 0.00 % 0.21 %
Return on average equity (1) 9.33 % -9.33 % 0.65 % 0.02 % 1.63 %
NET INTEREST SPREAD
Yield on loans 5.55 % 5.40 % 5.59 % 5.47 % 5.78 %
Yield on investment securities 2.38 % 3.04 % 2.59 % 2.74 % 2.74 %
Total yield on interest earning assets 4.79 % 4.83 % 5.13 % 4.81 % 5.31 %
Cost of interest bearing deposits 0.49 % 0.54 % 0.75 % 0.52 % 0.78 %
Cost of FHLB advances and other borrowings 2.57 % 5.56 % 5.86 % 4.05 % 5.85 %
Total cost of interest bearing liabilities 0.58 % 0.74 % 0.95 % 0.66 % 0.98 %
Spread (7) 4.21 % 4.09 % 4.18 % 4.15 % 4.33 %
Net interest margin 4.31 % 4.22 % 4.35 % 4.26 % 4.50 %
PER SHARE DATA
Basic earnings per share (2) $ 0.08 $ (0.08 ) $ 0.01 $ $ 0.04
Diluted earnings per share (3) $ 0.08 $ (0.08 ) $ 0.01 $ $ 0.04
Book value per share (5) 3.36 3.28 4.81 3.36 4.81
Tangible book value per share (5) 2.20 2.12 3.65 2.20 3.65
Market price per share:
High for the period $ 1.49 $ 2.29 $ 3.12 $ 2.29 $ 3.18
Low for the period 1.24 1.08 2.20 1.08 2.20
Close for period end 1.37 1.25 2.40 1.37 2.40
Cash dividends declared per share
Average number of shares outstanding:
Basic (2) 22,339,487 22,333,329 22,314,854 22,336,425 22,311,792
Diluted (3) 22,339,487 22,333,329 22,314,854 22,336,425 22,311,792
(1) Amounts for the quarterly periods are annualized.
(2) Amounts exclude ESOP shares not committed to be released.
(3) Amounts exclude ESOP shares not committed to be released and include common stock equivalents.
(4) Non-interest expense divided by net interest income and non-interest income.
(5) Amounts calculated based on shareholders’ equity and include ESOP shares not committed to be released.
(6) Net interest income divided by non-interest expense.
(7) Yield on interest-earning assets less cost of funds on interest bearing liabilities.
Wednesday, October 31st, 2012 Uncategorized Comments Off on Riverview Bancorp (RVSB) Earns $1.8 Million in Second Fiscal Quarter

Peregrine Pharma (PPHM) New Data Support Ability of PS-Targeting Antibodies to Target Tumors

New Data Support Ability of PS-Targeting Antibodies to Specifically Target Tumors and Stimulate Cancer-Fighting Immune Responses

TUSTIN, CA — (Marketwire) — 10/31/12 — Peregrine Pharmaceuticals (NASDAQ: PPHM), a biopharmaceutical company developing first-in-class monoclonal antibodies focused on the treatment and diagnosis of cancer, today announced the presentation of preclinical data showing specific localization and enhancement of anti-tumor functions of immune cells inside tumors following administration of phosphatidylserine (PS)-targeting antibodies. These data show that by specifically targeting PS exposed on tumor blood vessels, Peregrine’s antibodies mediate beneficial changes in the local tumor environment including the increase of signaling chemicals associated with anti-tumor immune responses, a reduction of signaling chemicals associated with immune suppression, as well as increasing the prevalence of tumor-destroying immune cells. The antibody-induced effects are localized to the tumor environment, and therefore do not appear to cause systemic side effects. Peregrine’s lead PS-targeting antibody, bavituximab, is currently being evaluated in eight clinical trials in multiple oncology indications.

“We believe these results build on previous findings showing the potential of PS-targeted agents for diagnosis, therapy and to monitor the effectiveness of anti-tumor agents,” said Jeff T. Hutchins, Ph.D., Peregrine’s Vice President of Preclinical Research. “While several new promising cancer immunotherapies are successful in amplifying the anti-tumor behavior of specific cell types, they carry the risk of side-effects associated with systemic immune activation. To date, data from our collective preclinical studies and clinical trials shows that exposed PS produces a dominant immunosuppressive signal favoring tumor survival and growth. By specifically targeting and blocking PS with our antibodies, we see potent anti-tumor effects through a shift of multiple immune cells and their associated signaling chemokines. These new data further support our continued enthusiasm for the broad-spectrum cancer-fighting potential of bavituximab as we look forward to data from several clinical trials in the coming months.”

The immune modulation of anti-tumor responses data were presented at the 27th Annual Meeting of the Society for Immunotherapy of Cancer(1) held in Bethesda, Maryland from October 24-28, 2012. Separately, data were published in the peer-reviewed journal Nuclear Medicine and Biology highlighting results from a study investigating the company’s fully human phosphatidylserine (PS)-targeting antibody PGN635 utilized as a radiolabeled tumor imaging probe(2). Data from the study showed that in animals pre-treated with the chemotherapeutic agent paclitaxel, a high accumulation of the radiolabeled antibody (89Zr-PGN635) was observed in the treated tumors, reaching tumor to blood ratios of up to 13-fold. These results demonstrate the potential breadth of applicability of the company’s PS-targeting antibodies to clearly image solid tumors regardless of cancer type, and provide a potential method to rapidly assess the anti-tumor efficacy of chemotherapies and other approved and experimental cancer treatments.

1. Targeting of Phosphatidylserine by Monoclonal Antibodies Induces Innate and Specific Anti-tumor Responses. Bruce Freimark1, Jian Gong1, Richard Archer1, Van Nguyen1, Christopher Hughes2, Xianming Huang3, Yi Yin3, Philip Thorpe3 1. Peregrine Pharmaceuticals, Inc., Tustin, CA; 2. Molecular Biology & Biochemistry, University of California, Irvine, CA;
3. Pharmacology, University of Texas Southwestern Medical Center, Dallas, TX

2. ImmunoPET imaging of phosphatidylserine in pro-apoptotic therapy treated tumor models.
Annie Ogasawara, Jeff N. Tinianow, Alexander N. Vanderbilt, Herman S. Gill, Sharon Yee, Judith E. Flores, Simon-Peter Williams, Avi Ashkenazi, Jan Marik, Nuclear Medicine and Biology, doi: 10.1016/j.nucmedbio.2012.09.001.

About Bavituximab
Bavituximab is a first-in-class phosphatidylserine (PS)-targeting monoclonal antibody that represents a new approach to treating cancer. Bavituximab is the lead drug candidate from the company’s PS technology platform and is currently being tested in eight clinical trials including three randomized Phase II trials in front-line and second-line non-small cell lung cancer, front-line pancreatic cancer and five investigator-sponsored trials (ISTs) in additional oncology indications. 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 Pharmaceuticals, Inc.
Peregrine Pharmaceuticals, Inc. is a biopharmaceutical company with a portfolio of innovative monoclonal antibodies in clinical trials focused on the treatment and diagnosis of cancer. The company is pursuing multiple clinical programs in cancer 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 final data from the randomized, double-blind, placebo-controlled Phase IIb may never support future development in second-line NSCLC, the risk that the company may not have or raise adequate financial resources to sustain its operations, the risks associated with the recently filed class action lawsuits or potential regulatory investigations due to the uncertainty created by the above referenced discrepancies, the risk that Avid’s revenue growth may slow or decline, the risk that Avid may experience technical difficulties in processing customer orders which could delay delivery of products to customers and receipt of payment, and the risk that one or more existing Avid customers, including those with committed manufacturing or representing its backlog, terminates its contract prior to completion. It is important to note that the company’s actual results could differ materially from those in any such forward-looking statements. Factors that could cause actual results to differ materially 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 our SEC reports including, but not limited to, the annual report on Form 10-K for the fiscal year ended April 30, 2012 and quarterly report on Form 10-Q for the quarter ended July 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

Wednesday, October 31st, 2012 Uncategorized Comments Off on Peregrine Pharma (PPHM) New Data Support Ability of PS-Targeting Antibodies to Target Tumors

Hansen Medical (HNSN) Announces Expanded Agreement With Intuitive Surgical

MOUNTAIN VIEW, CA — (Marketwire) — 10/31/12 — Hansen Medical, Inc. (NASDAQ: HNSN), a global leader in intravascular robotics, today announced it has signed an updated license agreement with Intuitive Surgical (NASDAQ: ISRG).

Under the terms of the updated agreement, Intuitive Surgical’s existing co-exclusive rights to Hansen Medical’s patent portfolio to certain non-vascular approaches have been extended to include patents filed by Hansen Medical subsequent to the original 2005 agreement up to and including the period three years subsequent to this update. Hansen Medical retains the right to use its intellectual property for all clinical applications. This agreement is an update to the co-exclusive license agreement signed by the companies in 2005.

Intuitive Surgical will pay Hansen Medical a $20 million up front license fee and will purchase 5,291,005 shares of Hansen Medical common stock for $10 million through a private placement transaction. The shares were priced at $1.89, which represents a 5 percent premium to the trailing 10-day average of Hansen Medical’s closing bid price on the Nasdaq Capital Market on October 26, 2012. The shares are subject to an 18-month lock-up period.

“We are pleased to have this opportunity to deepen our relationship with Intuitive Surgical,” said Bruce Barclay, President and CEO of Hansen Medical. “We view this transaction as a significant validation of our technology from the global pioneer in medical robotics. Importantly, the capital received as part of this agreement will further strengthen our balance sheet, with a significant portion of the new capital being non-dilutive to our current shareholders. Given our strategic focus on intravascular robotics, a large and growing market with a significant unmet clinical need, this capital will further support our global launch of the Magellan™ Robotic System.”

Under terms of the agreement the $10 million private placement closed on Monday October 29, 2012, and the $20 million upfront license fee will be paid on Friday, November 2, 2012.

About Hansen Medical, Inc.
Hansen Medical, Inc., based in Mountain View, California, is the global leader in intravascular robotics, developing products and technology designed to enable the accurate positioning, manipulation and control of catheters and catheter-based technologies. The Company’s Magellan™ Robotic System, NorthStar™ Robotic Catheter and related accessories, which are intended to facilitate navigation to anatomical targets in the peripheral vasculature and subsequently provide a conduit for manual placement of therapeutic devices, have undergone both CE marking and 510(k) clearance and are commercially available in the European Union, and the U.S. In the European Union, the Company’s Sensei® X Robotic Catheter System and Artisan Control Catheter are cleared for use during electrophysiology (EP) procedures, such as guiding catheters in the treatment of atrial fibrillation (AF), and the Lynx® Robotic Ablation Catheter is cleared for the treatment of AF. This robotic catheter system is compatible with fluoroscopy, ultrasound, 3D surface map and patient electrocardiogram data. In the U.S. the Company’s Sensei X Robotic Catheter System and Artisan Control Catheter were cleared by the U.S. Food and Drug Administration for manipulation and control of certain mapping catheters in EP procedures. In the United States, the Sensei System is not approved for use in guiding ablation procedures; this use remains experimental. The U.S. product labeling therefore provides that the safety and effectiveness of the Sensei X System and Artisan Control Catheter for use with cardiac ablation catheters in the treatment of cardiac arrhythmias, including AF, have not been established. Additional information can be found at www.hansenmedical.com.

Forward-Looking Statements
This press release contains forward-looking statements regarding, among other things, statements relating to goals, plans, objectives, milestones and future events. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements, including statements containing the words “plan,” “expects,” “potential,” “believes,” “goal,” “estimate,” “anticipates,” and similar words. These statements are based on the current estimates and assumptions of our management as of the date of this press release and are subject to risks, uncertainties, changes in circumstances and other factors that may cause actual results to differ materially from the information expressed or implied by forward-looking statements made in this press release. Examples of such statements include statements about the potential benefits of our technology and the value of our intellectual property portfolio. Important factors that could cause actual results to differ materially from those indicated by such forward-looking statements include, among others: engineering, regulatory, manufacturing, sales and customer service challenges in developing new products and entering new markets; potential safety and regulatory issues that could slow or suspend our sales; the effect of credit, financial and economic conditions on capital spending by our potential customers; the uncertain timelines for the sales cycle for newly introduced products; the rate of adoption of our systems and the rate of use of our catheters; the scope and validity of intellectual property rights applicable to our products; competition from other companies; our ability to recruit and retain key personnel; our ability to maintain our remedial actions over previously reported material weaknesses in internal controls over financial reporting; our ability to manage expenses and cash flow, and obtain additional financing; and other risks more fully described in the “Risk Factors” section of our Quarterly Report on Form 10-Q for the quarter ended June 30, 2012 filed with the SEC on August 9, 2012 and the risks discussed in our other reports filed with the SEC. Given these uncertainties, you should not place undue reliance on the forward-looking statements in this press release. We undertake no obligation to revise or update information herein to reflect events or circumstances in the future, even if new information becomes available.

Hansen Medical, Heart Design (Logo), Hansen Medical (with Heart Design), Sensei and Lynx are registered trademarks, and Magellan and NorthStar are trademarks of Hansen Medical, Inc. in the United States and other countries.

Investor Contacts:
Peter J. Mariani
Chief Financial Officer
Hansen Medical, Inc.
650.404.5800

FTI Consulting, Inc.
Brian Ritchie
212.850.5683
Email Contact

John Capodanno
212.850.5705

Wednesday, October 31st, 2012 Uncategorized Comments Off on Hansen Medical (HNSN) Announces Expanded Agreement With Intuitive Surgical

Houston American (HUSA) Provides Update on Zorro Gris #1 Well

HOUSTON, Oct. 31, 2012 /PRNewswire/ — Houston American Energy Corp (NYSE MKT: HUSA) today announced that it has completed the drilling of the Zorro Gris #1 well to a total depth of 13,160′.  Based on the recommendation of the operator, and agreed to by Houston American, tests are expected to be conducted in the Une and Guadalupe formations with potential additional testing in the Barco and Mirador formations.  The well has been cased with a 7″ liner from the 9 5/8’s intermediate casing set from approximately 11,898′ to total depth.

Testing is expected to begin in the next several days and results will be announced when available.

About Houston American Energy Corp.

Based in Houston, Texas, Houston American Energy Corp is an independent energy company with interests in oil and natural gas wells and prospects. The Company’s business strategy includes a property mix of producing and non-producing assets with a focus on Colombia, Texas and Louisiana. Additional information can be accessed by reviewing our Form 10-K and other periodic reports filed with the Securities and Exchange Commission.

For additional information, view the company’s website at www.houstonamericanenergy.com or contact the Houston American Energy Corp. at (713) 222-6966.

Forward-Looking Statements

Disclosures in this press release may contain forward-looking statements relating to anticipated or expected events, activities, trends or results.  Such forward-looking statements, include, but are not limited to, statements regarding various oil and gas discoveries, the potential for or expectation of successful flow tests, anticipated and potential production and flow rates, reserve estimates and productive sands, the timing and actual results of testing and completion operations and other statements that are not historical facts.  Forward-looking statements, can be identified by the use of forward looking terminology such as “believes,” “suggests,” “expects,” “may,” “goal,” “estimates,” “should,” “likelihood,” “plans,” “targets,” “intends,” “could,” or “anticipates,” or the negative thereof, or other variations thereon, or comparable terminology, or by discussions of strategy or objectives. Because forward-looking statements relate to matters that have not yet occurred, these statements are inherently subject to risks and uncertainties. Regarding the Zorro Gris #1 well, there can be no assurance as to the actual timing or results of well testing, the timing or results of any completion attempts, the ultimate productivity of any sands and reserves associated therewith or any other results, financial or otherwise, associated with the well.  Such statements are made to provide the public with management’s current assessment of the Company’s business, and it should not be assumed that actual results will prove these statements to be correct. Security holders are cautioned that such forward-looking statements involve risks and uncertainties. The forward-looking statements contained in this press release speak only as of the date of this press release, and the Company expressly disclaims any obligation or undertaking to report any updates or revisions to any such statement to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which any such statement is based. Certain factors may cause results to differ materially from those anticipated by some of the statements made in this release. Please carefully review our filings with the SEC as we have identified many risk factors that impact our business plan.

Wednesday, October 31st, 2012 Uncategorized Comments Off on Houston American (HUSA) Provides Update on Zorro Gris #1 Well

Nanosphere (NSPH) to Release Q3 2012 Results and Hold Investor Call

NORTHBROOK, Ill., Oct. 26, 2012 (GLOBE NEWSWIRE) — Nanosphere, Inc., (Nasdaq:NSPH), a leader in the development and commercialization of advanced molecular diagnostics systems, will report its results for the third quarter 2012 after the market close on Wednesday, November 7, 2012. The company will also hold a live investor conference call and webcast at 5:00 P.M., Eastern Time.

The teleconference can be accessed by dialing 888-680-0879 (U.S./Canada) or 617-213-4856 (international), participant code 46512458. The call will also be broadcast live over the Internet and can be accessed by interested parties at the Investor Relations tab on the Nanosphere website: www.nanosphere.us.

Participants may pre-register for the call at:https://www.theconferencingservice.com/prereg/key.process?key=PA4TM87EK. Pre-registrants will be issued a pin number to use when dialing into the live call, which will provide quick access to the conference by bypassing the operator upon connection. For interested individuals unable to join the call or webcast, a replay will be available through November 14, 2012 by dialing 888-286-8010 or for international calls 617-801-6888, pass code 86076200, or on the company’s website.

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

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

         Media:
         The Torrenzano Group
         Ed Orgon, 212-681-1700
         ed@torrenzano.com

company logo

Friday, October 26th, 2012 Uncategorized Comments Off on Nanosphere (NSPH) to Release Q3 2012 Results and Hold Investor Call

Solitario (XPL) Files NI 43-101 Technical Report for Its Mt. Hamilton Gold Project, Nevada

Solitario Exploration & Royalty Corp. (“Solitario;” NYSE MKT: XPL; TSX: SLR) and Ely Gold & Minerals (“Ely Gold;” TSX.V: ELY) report that further to their joint press release dated September 10, 2012, a NI 43-101 technical report updating an Indicated and Inferred resource estimate for the Seligman and Centennial gold deposits have been filed under the Companies’ respective profiles on SEDAR, available at www.sedar.com. The study was prepared on behalf of Solitario by SRK Consulting (U.S.) Inc., an independent and internationally recognized mining engineering firm, and serves to update the previously reported (February 22, 2012) Mt. Hamilton Feasibility Study.

About Solitario

Solitario is a gold, silver, platinum-palladium, and base metal exploration and royalty company actively exploring in Brazil, Mexico, and Peru. Solitario has significant business relationships with Votorantim Metais on its high-grade Bongará zinc project in Peru and Anglo Platinum on its Pedra Branca platinum-palladium project in Brazil. Solitario is traded on the NYSE MKT (“XPL”) and on the Toronto Stock Exchange (“SLR”). Additional information about Solitario is available online at www.solitarioxr.com.

About Ely Gold

Ely Gold is focused on the acquisition and development of gold resources in North America. Ely Gold is traded on the TSX Venture Exchange (“ELY”). Additional information about Ely Gold is available online at www.elygoldandminerals.com.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note to U.S. Investors concerning estimates of Resources:

This news release uses the terms “Measured, Indicated and Inferred Resources.” The Company advises U.S. investors that while these terms are recognized and required by Canadian regulations, the SEC does not recognize the terms. U.S. investors are cautioned not to assume that any part or all of Measured or Indicated Mineral Resources will ever be converted into Reserves. Inferred Resources have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. 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, except in rare cases. U.S. investors are cautioned not to assume that any part or all of a measured, indicated or inferred resource exists, or is economically or legally minable.

Cautionary Statement Regarding Forward Looking Information

This press release contains forward-looking statements within the meaning of the U.S. Securities Act of 1933 and the U.S. Securities Exchange Act of 1934, and as defined in the United States Private Securities Litigation Reform Act of 1995 (and the equivalent under Canadian securities laws), that are intended to be covered by the safe harbor created by such sections. Forward-looking statements are statements that are not historical fact. They are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made and address activities, events or developments that Solitario expects or anticipates will or may occur in the future, and are based on current expectations and assumptions. Forward-looking statements involve a number of risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Such forward-looking statements include, without limitation, statements regarding the Company’s expectation of the projected timing and outcome of engineering studies; expectations regarding the receipt of all necessary permits and approvals to implement the mining plan at Mt. Hamilton; the potential for confirming, upgrading and expanding oxide gold and silver mineralized material at Mt. Hamilton; reserve and resource estimates; operating cost estimates; estimates of gold and silver grades; estimates of recovery rates; expectations regarding the cash flow generated by the property; and other statements that are not historical facts. Although Solitario management believes that its expectations are based on reasonable assumptions, it can give no assurance that these expectations will prove correct. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, among others, risks relating to risks that Solitario’s exploration and property advancement efforts will not be successful; risks relating to fluctuations in the price of gold and silver; the inherently hazardous nature of mining-related activities; uncertainties concerning reserve and resource estimates; availability of outside contractors in connection with Mt. Hamilton and other activities; uncertainties relating to obtaining approvals and permits from governmental regulatory authorities; the possibility that environmental laws and regulations will change over time and become even more restrictive; and availability and timing of capital for financing the Company’s exploration and development activities, including uncertainty of being able to raise capital on favorable terms or at all; as well as those factors discussed in Solitario’s filings with the U.S. Securities and Exchange Commission (the “SEC”) including Solitario’s latest Annual Report on Form 10-K and its other SEC filings (and Canadian filings) including, without limitation, its latest Quarterly Report on Form 10-Q. The Company does not intend to publicly update any forward-looking statements, whether as a result of new information, future events, or otherwise, except as may be required under applicable securities laws.

Friday, October 26th, 2012 Uncategorized Comments Off on Solitario (XPL) Files NI 43-101 Technical Report for Its Mt. Hamilton Gold Project, Nevada

Synergy (SYRG) Expands DJ Basin Presence with Acquisition of Assets from Orr Energy

PLATTEVILLE, Colo., Oct. 26, 2012 /PRNewswire/ — Synergy Resources Corporation (NYSE Mkt: SYRG), a U.S. oil and gas exploration and production company focused on the Denver-Julesburg (D-J) Basin, has entered into a definitive agreement to purchase from Orr Energy 36 producing oil and gas wells in the Wattenberg Field of the Denver-Julesburg Basin.

Under the terms of the agreement, Synergy will pay a total consideration of $42 million, comprised of $30 million in cash and $12 million in shares of Synergy’s common stock.  The purchase price is subject to usual closing adjustments and conditions.  The transaction is expected to close at the end of November.

The combined 36 oil and gas wells are currently producing at an average rate of 360 BOE/D, with the oldest well in the field producing since 2006. All of the wells have been drilled vertically to the Codell, Niobrara and/or J-Sand formations.  Synergy will be the operator on 35 of the 36 wells.

The acquisition includes leases covering a total of approximately 3,933 gross (3,196 net) acres. 2,191 of these net acres are in the core of the Wattenberg field, adjoining or near existing Synergy leased or producing acreage.  Given the 20 acre spacing for vertical wells on this acreage, there is the potential to drill approximately 75 new vertical wells, and based on 80 acre spacing for horizontal wells, there is the potential to drill 55 Codell / Niobrara horizontal wells.

The other 1,005 net acres are northeast of the Wattenberg field in Grover, Colorado.  Management plans to use existing seismic data acquired in the transaction to establish a drilling program for new vertical and horizontal wells on this acreage.  These leases are near other operators where existing production is 85% oil.

Synergy will have a 100% working interest (77% net revenue interest) in 29 of the producing wells to be acquired, with a smaller working /net revenue interest in the remaining seven wells. Synergy will have a 100% working interest (80% net revenue interest) in the majority of future wells drilled on the leased acreage.

“This acquisition represents a valuable addition to our productive Wattenberg acreage,” said William E. Scaff, vice president of Synergy Resources.  “The Orr assets were a prime target for us due to the strategic blocking nature to our acreage, and it allows us access to strategic pad sites in order to expand our vertical and horizontal drilling potential in this field. We are continuing to evaluate additional potential acquisitions that would suit our core strategy and the strengths of our management team.”

Credit Agreement Amendment

Coinciding with the acquisition agreement, Synergy has amended the terms of its revolving line of credit and continues its long-term, expanding relationship with Community Banks of Colorado. The amended terms increase the maximum amount of borrowings available to Synergy from $20 million to $30 million, subject to certain collateral requirements.  The company anticipates using the expanded credit line for acquisitions and to fund a portion of its 2013 CAPEX program.  The maximum interest rate on the line of credit is LIBOR plus 3.0%. The company currently has minimal long-term debt.

The company will release its fiscal 2012 year-end results on or about November 7, 2012, where it will continue to discuss the merits of this acquisition, 2013 CAPEX spending and year-end financial results.

About Synergy Resources Corporation

Synergy Resources Corporation is a domestic oil and natural gas exploration and production company. Synergy’s core area of operations is in the Denver-Julesburg Basin, which encompasses Colorado, Wyoming, Kansas, and Nebraska. The Wattenberg field in the D-J Basin ranks as one of the most productive fields in the U.S. The company’s corporate offices are located in Platteville, Colorado. More company news and information about Synergy Resources is available at www.SYRGinfo.com.

For more information about Synergy Resources Corp., contact Justin Vaicek at Liolios Group at 949-574-3860 or email SYRG@liolios.com.

Important Cautions Regarding Forward Looking Statements

This press release may contain forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. The use of words such as “believes,” “expects,” “anticipates,” “intends,” “plans,” “estimates,” “should,” “likely” or similar expressions, indicates a forward-looking statement. These statements are subject to risks and uncertainties and are based on the beliefs and assumptions of management, and information currently available to management. The actual results could differ materially from a conclusion, forecast or projection in any forward-looking statement. Certain material factors or assumptions were applied in drawing a conclusion or making a forecast or projection as reflected in the forward-looking information. The identification in this press release of factors that may affect the company’s future performance and the accuracy of forward-looking statements is meant to be illustrative and by no means exhaustive. All forward-looking statements should be evaluated with the understanding of their inherent uncertainty. Factors that could cause the company’s actual results to differ materially from those expressed or implied by forward-looking statements include, but are not limited to: the success of the company’s exploration and development efforts; the price of oil and gas; the worldwide economic situation; changes in interest rates or inflation; the ability of the Company to transport gas; willingness and ability of third parties to honor their contractual commitments; the company’s ability to raise additional capital, as it may be affected by current conditions in the stock market and competition in the oil and gas industry for risk capital; the company’s capital costs, which may be affected by delays or cost overruns; costs of production; environmental and other regulations, as the same presently exist or may later be amended; the company’s ability to identify, finance and integrate any future acquisitions; and the volatility of the company’s stock price.

Friday, October 26th, 2012 Uncategorized Comments Off on Synergy (SYRG) Expands DJ Basin Presence with Acquisition of Assets from Orr Energy

Mountain States Health Alliance Selects Business Analytics Solutions From Streamline (STRM)

Mountain States Health Alliance Selects Business Analytics Solutions From Streamline Health®

Health System to Install OpportunityAnyWare™, 835DenialWare™, AuditWare™ and ARWare™ Across the Enterprise

ATLANTA, Oct. 26, 2012 /PRNewswire/ — Streamline Health Solutions, Inc. (NASDAQ: STRM), a leading provider of SaaS-based enterprise content management, business analytics, computer assisted coding (CAC), and clinical documentation improvement (CDI) solutions for healthcare providers, today announced that Mountain States Health Alliance has selected OpportunityAnyWare™, its business analytics and automated workflow solution suite, to bring automation and performance management to key areas of their acute and ambulatory revenue cycles.

Mountain States Health Alliance is a 13-hospital system across Northwest Tennessee and Southwest Virginia with over 10,000 team members, including 407 physicians. The health system plans to implement Streamline Health’s solutions throughout the enterprise, including OpportunityAnyWare, 835DenialWare, AuditWare and ARWare in order to achieve greater transparency, ownership and accountability. The solutions will be integrated with their existing scheduling, contract management, patient accounting, practice management, and electronic billing systems.

“Streamline Health is excited to enter into this new partnership with Mountain States Health Alliance. With our solutions, both the hospitals and physician practices will be well-equipped to protect their revenues,” said Robert E. Watson, President and Chief Executive Officer of Streamline Health. “Knowing the complexities of receivable management faced by a multiple hospital system, we are confident that our automated workflow management solution and market-leading analytics will drive operational and financial performance for the organization.”

The health system seeks to gain better insight into areas of financial opportunity with the business intelligence and data-mining capabilities. In addition, the automated workflow management system will keep the cost-to-collect minimized and improve cash flow, resulting in reduction of outstanding accounts receivable, maximum denial overturn rates and an increase in net revenue and cash yield.

“With their focus on providing enterprise-wide solutions, Streamline Health has a proven track record of helping large healthcare organizations, like ours, improve business processes and overall financial performance,” said Marvin Eichorn, Senior Vice President and Chief Financial Officer, of Mountain States Health Alliance. “We look forward to gaining better visibility into areas in our revenue cycle where we will make adjustments in order to improve operations.”

About Streamline Health
Streamline Health Solutions, Inc. (NASDAQ: STRM) is a leading provider of SaaS-based healthcare information technology (HCIT) solutions for hospitals and physician groups with offices in Cincinnati, Atlanta and New York. The company’s comprehensive suite of solutions includes: enterprise content management (ECM), business analytics, integrated workflow systems, clinical documentation improvement (CDI), and computer assisted coding (CAC). Across the revenue cycle, these solutions offer healthcare enterprises a flexible, customizable way to communicate between disparate departments and information systems to improve processes, boost productivity, and optimize clinical, administrative and financial performance.  For more information, please visit our website at http://www.streamlinehealth.net.

About Mountain States
Mountain States Health Alliance, a not-for-profit health care organization based in Johnson City, Tenn., operates a family of hospitals serving a 29-county, four-state region (Northeast Tennessee, Southwest Virginia, Southeastern Kentucky and Western North Carolina). MSHA offers a large tertiary hospital, several community hospitals, two critical access hospitals, rehabilitation, a children’s hospital, a behavioral health hospital, home care and hospice services as well as a comprehensive medical management corporation. Its 13,500 team members, associated physicians and volunteers are committed to its mission of bringing loving care to health care. For more information, visit www.msha.com.

Safe Harbor statement under the Private Securities Litigation Reform Act of 1995
Statements made by Streamline Health Solutions, Inc. that are not historical facts are forward-looking statements that are subject to risks and uncertainties and are no guarantee of future performance. The forward looking statements contained herein are subject to certain risks, uncertainties and important factors that could cause actual results to differ materially from those reflected in the forward-looking statements, included herein. These risks and uncertainties include, but are not limited to, the timing of contract negotiations and execution of contracts and the related timing of the revenue recognition related thereto, the potential cancellation of existing contracts or clients not completing projects included in the backlog, the impact of competitive products and pricing, product demand and market acceptance, new product development, key strategic alliances with vendors that resell the Company’s products, the ability of the Company to control costs, availability of products obtained from third party vendors, the healthcare regulatory environment, potential changes in legislation, regulation and government funding affecting the healthcare industry, healthcare information systems budgets, availability of healthcare information systems trained personnel for implementation of new systems, as well as maintenance of legacy systems, fluctuations in operating results, effects of critical accounting policies and judgments, changes in accounting policies or procedures as may be required by the Financial Accountings Standards Board or other similar entities, changes in economic, business and market conditions impacting the healthcare industry, the markets in which the Company operates and nationally, and the Company’s ability to maintain compliance with the terms of its credit facilities, and other risks detailed from time to time in the Streamline Health Solutions, Inc. filings with the U. S. Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management’s analysis only as of the date hereof. The Company undertakes no obligation to publicly release the results of any revision to these forward-looking statements, which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

Visit our website at: www.streamlinehealth.net

Company Contact:

Investor Contacts:

Ashley Moore

Randy Salisbury

Director, Marketing

Investor Relations

(404)-446-2057

(404)-229-4242

ashley.moore@streamlinehealth.net

randy.salisbury@streamlinehealth.net

BPC Financial Marketing

John Baldissera

800-368-1217

Friday, October 26th, 2012 Uncategorized Comments Off on Mountain States Health Alliance Selects Business Analytics Solutions From Streamline (STRM)

China BAK (CBAK) Announces One-For-Five Reverse Stock Split

SHENZHEN, China, Oct. 26, 2012 /PRNewswire/ — China BAK Battery, Inc. (“China BAK”, the “Company”, or “we”) (Nasdaq: CBAK), a leading global manufacturer of lithium-based battery cells, announced today that it has filed a Certificate of Change pursuant to Section 78.209 of the Nevada Revised Statutes with the Nevada Secretary of State to effect a one (1) -for- five (5) reverse stock split of the authorized and issued and outstanding common stock, par value $0.001 per share, of the Company (“Common Stock”). The reverse stock split will be effective at the market opening on October 26, 2012, at which time the Company’s Common Stock will begin trading on the NASDAQ Stock Market on a split-adjusted basis. The Company’s Common Stock will continue to trade under the symbol “CBAK” but under a new CUSIP number 16936Y209.

The Company is implementing the reverse stock split to regain compliance with NASDAQ continued listing standards. Following the reverse stock split the Company will have approximately 12.8 million shares of Common Stock issued and outstanding. In addition, the number of total authorized shares of Common Stock will be reduced to 20 million shares.

For further information regarding the reverse stock split, please refer to the Company’s Form 8-K to be filed with the Securities and Exchange Commission and available on the SEC website at http://www.sec.gov following effectiveness of the reverse stock split.

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.

SafeHarborStatement

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. These factors include but are not limited to: the ability of the Company to meet its contract obligations; the uncertain market for the Company’s high-power lithium and other battery cells; business, macroeconomic, technological, regulatory, or other factors affecting the profitability of battery cells designed for electric vehicles; and risks related to China BAK’s business and risks related to operating in China. 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.

Contact:

China BAK Battery, Inc.
Tracy Li
Investor Relations Manager
Tel: 86-755-61886818 ext 6957
E-mail: ir@bak.com.cn

Friday, October 26th, 2012 Uncategorized Comments Off on China BAK (CBAK) Announces One-For-Five Reverse Stock Split

EDAP (EDAP) Highlights HIFU Expertise at Third International Symposium on Focused Ultrasound

Expanding Interest for HIFU Use in Treating Prostate and Liver Cancer

LYON, France, Oct. 25, 2012 (GLOBE NEWSWIRE) — EDAP TMS SA (Nasdaq:EDAP), the global leader in therapeutic ultrasound, announced its recent participation at the Third International Symposium on Focused Ultrasound, which took place in Washington D.C. from October 14-17, 2012.

At the symposium, urologists with long-term Ablatherm-HIFU (High Intensity Focused Ultrasound) experience participated in a panel discussion entitled, “Ultrasound vs. MRI as Guidance for Focused Ultrasound Treatment.” As a speaker on the panel, Dr. Christian Chaussy, from Germany, outlined his experience using ultrasound guided Ablatherm-HIFU to treat prostate cancer. In a separate panel, entitled “Focused Ultrasound Treatment for Prostate Cancer – Controversies,” Dr. Andreas Blana, from Germany, highlighted Ablatherm-HIFU’s substantial clinical track record, with more than 32,000 prostate cancer treatments successfully performed.

The potential benefits of HIFU to treat other forms of cancer were also discussed at the symposium. Dr. David Melo de Lima of INSERM (The French Institute of Health and Medical Research), EDAP’s long-term research partner, presented preliminary results on the clinical evaluation of HIFU to address metastatic liver cancer.

Marc Oczachowski, Chief Executive Officer of EDAP TMS, commented, “I am pleased to note the increasing interest in HIFU, as shown by the number of presentations on advances in research and development. Having long-term users of EDAP’s Ablatherm-HIFU participate in the Symposium emphasizes our expertise in ultrasound guided HIFU. We believe this spotlight on the Company is a strong recognition of EDAP’s leadership in the focused ultrasound space.”

Mr. Oczachowski continued, “This annual symposium on focused ultrasound is a highly regarded event which gathers experts from the scientific, clinical, and regulatory communities. There is major progress being made in the field, and this event confirms the recognition of focused ultrasound as a further standard of care for the treatment of multiple pathologies.”

About EDAP TMS SA

EDAP TMS SA develops and markets Ablatherm®, the most advanced and clinically proven choice for high-intensity focused ultrasound (HIFU) treatment of localized prostate cancer. HIFU treatment is shown to be a minimally invasive and effective treatment option with a low occurrence of side effects. Ablatherm-HIFU is generally recommended for patients with localized prostate cancer (stages T1-T2) who are not candidates for surgery or who prefer an alternative option, or for patients who failed radiotherapy treatment. Approved in Europe as a treatment for prostate cancer, Ablatherm-HIFU (High Intensity Focused Ultrasound) is currently undergoing evaluation in a multi-center U.S. Phase II/III clinical trial under an Investigational Device Exemption (IDE) granted by the FDA, the ENLIGHT U.S. clinical study. The Company also is developing this technology for the potential treatment of certain other types of tumors. EDAP TMS SA also produces and commercializes medical equipment (the Sonolith(R) range) for treatment of urinary tract stones using extra-corporeal shockwave lithotripsy (ESWL). For more information on the Company, please visit http://www.edap-tms.com, and http://www.hifu-planet.com.

About The Focused Ultrasound Foundation

The Focused Ultrasound Foundation is a medical technology research, education and advocacy organization dedicated to improving the lives of millions of people with serious medical disorders by accelerating the development and adoption of focused ultrasound. The Foundation is unique in that it supports development of improved treatment for a wide variety of diseases utilizing a platform technology that exerts multiple mechanisms of action.

CONTACT: Blandine Confort
         Investor Relations / Legal Affairs
         EDAP TMS SA
         +33 4 72 15 31 72
         bconfort@edap-tms.com  

         Investors:
         Stephanie Carrington
         The Ruth Group
         646-536-7017
         scarrington@theruthgroup.com
Thursday, October 25th, 2012 Uncategorized Comments Off on EDAP (EDAP) Highlights HIFU Expertise at Third International Symposium on Focused Ultrasound

Life Partners Holdings (LPHI) Announces New CFO

Life Partners Holdings, Inc. (NASDAQ GM: LPHI), announced today the appointment of Colette Pieper as Chief Financial Officer. Mrs. Pieper brings 32 years of financial accounting, treasury management, tax compliance and financial management experience to Life Partners, including 13 years of public accounting experience and 19 years of experience as Accounting Financial Director and CFO/VP of several private companies with sales revenue in excess of $500 million. Before joining Life Partners, Mrs. Pieper served as Accounting Financial Director for USAA, a San Antonio-based insurance and financial services provider to members of the military and their families from 2006 to 2012.

Mrs. Pieper holds a Bachelor of Science degree in Accounting from Trinity University in San Antonio and a Master in Professional Accounting degree with a specialization in taxation from the University of Texas at Austin. She is licensed by the State of Texas as a Certified Public Accountant and by the American Institute of CPAs as a Chartered Global Management Accountant.

Life Partners Chairman, Brian Pardo, stated, “Colette Pieper brings an extensive amount of senior level experience in both corporate financial reporting and public accounting to Life Partners. She will be a great asset to our management team.”

Mrs. Pieper is expected to join the company on November 19, 2012.

Life Partners is the world’s the oldest and one of the most active companies in the United States engaged in the secondary market for life insurance, commonly called life settlements. Since its incorporation in 1991, Life Partners has completed over 144,000 transactions for its worldwide client base of over 29,000 high net worth individuals and institutions in connection with the purchase of over 6,500 policies totaling over $3 billion in face value.

LPHI-G

Visit our website at: www.lphi.com

Thursday, October 25th, 2012 Uncategorized Comments Off on Life Partners Holdings (LPHI) Announces New CFO

Zalicus (ZLCS) Licensee, Sanofi, Provides Status Update on Prednisporin

Zalicus Licensee, Sanofi, Provides Status Update on Prednisporin (FOV1101)

Sanofi to Continue Product Development Under a Third-Party Sublicense

Zalicus Inc. (NASDAQ: ZLCS), a biopharmaceutical company that discovers and develops novel treatments for patients suffering from pain, today announced that Sanofi provided an update on the development status of Prednisporin™ (FOV1101) during the course of Sanofi’s quarterly financial and R&D pipeline update on October 25, 2012. Prednisporin is a fixed dose combination of prednisolone acetate and cyclosporine A being developed for certain ophthalmologic indications including persistent allergic conjunctivitis. Prednisporin was licensed by Zalicus to Fovea Pharmaceuticals SA (now a division of Sanofi) in January 2006.

Based on a recent review of prior Phase 2b results for Prednisporin, Sanofi has reassessed the commercial profile for Prednisporin and has made the decision to continue the development of Prednisporin under a sublicense agreement to be entered into with a third party to be identified by Sanofi. The terms of the Second Amended and Restated Research and License Agreement between Zalicus and Sanofi allows Sanofi to sublicense its rights to develop and commercialize Prednisporin on a global basis, and the milestones and royalties due to Zalicus for successful development and commercialization of Prednisporin would continue to apply in the event Sanofi sublicenses the rights to Prednisporin.

“We are pleased that Prednisporin remains in the Sanofi clinical development pipeline and anticipate that the proposed sublicense by Sanofi will allow for the continued clinical development and potential commercialization of Prednisporin,” commented Mark H.N. Corrigan, MD, President and CEO of Zalicus.

About Prednisporin (FOV1101)

Zalicus entered into a research and license agreement with Fovea Pharmaceuticals SA, now a division of Sanofi, in January 2006. Under the agreement, Sanofi received an exclusive worldwide license to Prednisporin (FOV1101) and agreed to fund the development of Prednisporin for certain ophthalmic diseases. Sanofi has advanced Prednisporin into Phase 2b clinical development for persistent allergic conjunctivitis. For Prednisporin, Zalicus has received payments totaling $1.5 million, and is eligible to receive up to $39 million in development and regulatory milestone payments. Zalicus is also eligible to receive royalties on net sales of Prednisporin by Sanofi or any future sublicensee.

About Zalicus

Zalicus Inc. (Nasdaq: ZLCS) is a biopharmaceutical company that discovers and develops novel treatments for patients suffering from pain. Zalicus has a portfolio of proprietary clinical-stage product candidates targeting pain such as Z160 and Z944, and has entered into multiple revenue-generating collaborations with large pharmaceutical companies relating to other products, product candidates and drug discovery technologies. Zalicus applies its expertise in the discovery and development of selective ion channel modulators and its combination high throughput screening capabilities to discover innovative therapeutics for itself and its collaborators in the areas of pain, inflammation, oncology and infectious disease. To learn more about Zalicus, please visit www.zalicus.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 concerning Zalicus, the product candidate Prednisporin (FOV1101), its potential, and Sanofi’s plans to sublicense it for further clinical development and commercialization. These forward-looking statements about future expectations, plans, objectives and prospects of Zalicus and Prednisporin (FOV1101) may be identified by words like “believe,” “expect,” “may,” “will,” “should,” “seek,” “plan” or “could” and similar expressions and involve significant risks, uncertainties and assumptions, including risks related to the clinical development of Prednisporin (FOV1101), the ability of Sanofi to successfully sublicense Prednisporin to a third party, and those other risks that can be found in the “Risk Factors” section of Zalicus’ annual report on Form 10-K on file with the Securities and Exchange Commission and the other reports that Zalicus periodically files with the Securities and Exchange Commission. Actual results may differ materially from those Zalicus contemplated by these forward-looking statements. These forward-looking statements reflect management’s current views and Zalicus does not undertake to update any of these forward-looking statements to reflect a change in its views or events or circumstances that occur after the date of this release except as required by law.

(c) 2012 Zalicus Inc. All rights reserved.

Thursday, October 25th, 2012 Uncategorized Comments Off on Zalicus (ZLCS) Licensee, Sanofi, Provides Status Update on Prednisporin

GT Advanced Tech (GTAT) New High Volume Hydrochlorination FBR Solution

GT Advanced Technologies New High Volume Hydrochlorination FBR Solution Doubling Trichlorosilane Capacity from a Single FBR Reactor

GT Advanced Technologies Inc., (NASDAQ: GTAT), today announced the availability of its new high volume hydrochlorination solution capable of producing enough trichlorosilane (TCS) from a single hydrochlorination fluid bed reactor (FBR) to support polysilicon facilities that are greater than 10,000 metric tons annually (MTA) in capacity. The new solution lowers the cost of ownership for plants by 20 percent over current TCS production offerings by eliminating the need for multiple hydrochlorination fluid bed reactors. The hydrochlorination FBR offering also includes GT’s next generation hydrochlorination heater, which delivers further costs savings by increasing conversion in the hydrochlorination FBR from 27 to 30 percent.

“Our new hydrochlorination solutions continue GT’s track record of offering innovative polysilicon production equipment and technology that lowers cost while improving quality and efficiency of producing polysilicon,” said Dave Keck, vice president and general manager of GT’s Polysilicon Business Unit. “In volatile and changing market conditions, polysilicon producers must find ways to improve their cost structure to remain competitive. Our new hydrochlorination solutions, combined with our industry-leading SDR reactors, address this need.”

GT’s latest polysilicon technology offerings, including the new high volume hydrochlorination solution and its SDR™600 reactor capable of producing over 600 metric tons of polysilicon annually, allow for the production of polysilicon at less than $14/kg cash costs.

GT has established itself as the polysilicon market leader in providing hydrochlorination services aimed at lowering cost. GT’s hydrochlorination technology is currently supporting over 50,000MT of annualized worldwide polysilicon production.

About GT Advanced Technologies Inc.

GT Advanced Technologies Inc. is a diversified technology company with innovative crystal growth equipment and solutions for the global solar, LED and electronics industries. Our products accelerate the adoption of new advanced materials that improve performance and lower the cost of manufacturing. For additional information about GT Advanced Technologies, please visit www.gtat.com.

Forward-Looking Statements

Certain of the information in this press release relate to the Company’s future expectations, plans and prospects for its business and industry that constitute “forward-looking statements” for the purposes of the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to: the Company’s ability to realize revenue from customer contracts and the ability to achieve the expected results of its hydrochlorination and SDR reactor technology. These forward-looking statements are not a guarantee of performance and are subject to a number of uncertainties and other factors, many of which are outside the Company’s control, which could cause actual events to differ materially from those expressed or implied by the statements. Other factors that may cause actual events to differ materially from those expressed or implied by our forward-looking statements include the impact of continued decreased demand and/or excess capacity in the markets for the output of our solar and sapphire equipment, general economic conditions and the tightening credit market having an adverse impact on demand for the Company’s products, the possibility that changes in government incentives may reduce demand for solar products, which would, in turn, reduce demand for our equipment, technological changes could render existing products or technologies obsolete, the Company may be unable to protect its intellectual property rights, competition from other manufacturers may increase, exchange rate fluctuations and conditions in the credit markets and economy may reduce demand for the Company’s products and various other risks as outlined in GT Advanced Technologies Inc.’s filings with the Securities and Exchange Commission, including the statements under the heading “Risk Factors” in the company’s quarterly report on Form 10-Q for the fiscal quarter ended June 30, 2012. Statements in this press release should be evaluated in light of these important factors. The statements in this press release represent GT Advanced Technologies Inc.’s expectations and beliefs as of the date of this press release. GT Advanced Technologies Inc. anticipates that subsequent events and developments may cause these expectations and beliefs to change. GT Advanced Technologies Inc. is under no obligation to, and expressly disclaims any such obligation to, update or alter its forward-looking statements, whether as a result of new information, future events, or otherwise.

Thursday, October 25th, 2012 Uncategorized Comments Off on GT Advanced Tech (GTAT) New High Volume Hydrochlorination FBR Solution

Crosshair (CXZ) to Acquire 2,600 Square Miles of Prospective Uranium Properties in Argentina

VANCOUVER, BRITISH COLUMBIA — (Marketwire) — 10/25/12 — Crosshair Energy Corporation (TSX:CXX)(NYSE MKT:CXZ)(NYSE Amex:CXZ) (“Crosshair” or the “Company”) is pleased to announce that it has entered into a Letter of Intent (“LOI”) with Wealth Minerals Ltd. (TSX VENTURE:WML) to acquire all of Wealth Minerals’ prospective uranium properties in Argentina; a land package that totals more than 2,600 square miles (685,000 hectares).

The concession areas included in the LOI are located in Salta, Catamarca and Chubut provinces, and will be 100 percent owned by Crosshair on the closing of the transaction. Properties included in the LOI include the San Jorge Basin Properties, Amblayo and Diamante Los Patos. The San Jorge Basin concession area includes five individual properties (including Bororo Nuevo) on which some preliminary exploration work has been completed.

“The mineral resource potential of this land package represents an incredible opportunity for us,” said Mark Ludwig, Crosshair President and Chief Executive Officer. “The continuing volatility in the junior resource sector demands that we broaden our field of view and seek opportunities that can enhance shareholder value wherever we can find them. These Argentinian properties represent just such an opportunity and I’m very excited about the exploration potential they represent.”

The Bororo Nuevo property covers an area of 35,500 hectares (137 square miles) within the historically productive San Jorge Basin and is the most advanced of the uranium properties being acquired. To date, nine zones of mineralization have been discovered within an area that measures 12 kilometres by 4 kilometres, with less than 12 percent of the property having been mapped and prospected. Other exploration companies currently active in the basin include U3O8 Corp. and UrAmerica Ltd.

The San Jorge Basin is host to two past-producing deposits: Los Adobes and Cerro Condor. The unmined Cerro Solo deposit, currently owned by the National Commission of Atomic Energy (CNEA) and not one of the properties being acquired by Crosshair, is located 15 km south of Bororo Nuevo and is reported to contain a historical resource estimate of 15.4 million pounds of U3O8 (CNEA June 2009). This historical resource estimate is not compliant with currently accepted resource classifications as set forth by the Canadian Institute of Mining and Metallurgy. A Qualified Person has not completed sufficient work to classify these historic mineral resources as current mineral resources or mineral reserves as defined by NI 43-101, and Crosshair is not treating the historic resources as current. Crosshair has not verified the information and the mineralization is not indicative of mineralization that might occur on the properties to be acquired by Crosshair.

The Amblayo property totals 14,998 hectares (58 square miles) and is located in the core of Argentina’s Tonco uranium district. The property completely surrounds the past-producing Don Otto mine, which operated intermittently from 1963 to 1981. The Don Otto mine itself is not included in the concessions being acquired from Wealth Minerals.

The Diamante Los Patos property represents the discovery of a large, new area of uranium mineralization located on the boundary between the provinces of Salta and Catamarca in northwestern Argentina. Exploration on the 13,300 hectare (51 square mile) property has identified seven large mineralized zones over a 20 kilometre by 30 kilometre area.

The consideration for the acquisition of the properties is payments to Wealth Minerals of CDN$1.0 million in cash and issuances to Wealth Minerals of one million Crosshair common shares. The cash payments and share issuances will be done over a two year period. In addition, Wealth Minerals retains a 1% yellowcake royalty on all uranium production and a 1% NSR royalty on all other minerals.

Completion of the transaction is subject to a number of conditions, including Toronto Stock Exchange and NYSE MKT acceptance and the negotiation and execution of a definitive agreement. There can be no assurance that the transaction will be completed as proposed or at all.

Crosshair’s financial advisor for this transaction is Axemen Resource Capital.

About Argentina

Argentina has some of the potentially richest mineral resources in South America. Since the development of investor friendly mining laws in 1993, Argentine mining exports have grown from US$70 million in the early ’70s to over US$4.5 billion in 2010. The country represents a noteworthy opportunity for mineral exploration companies, as the vast majority of Argentina remains geologically unexplored.

Known primarily for precious metals and zinc mining, Argentina has also been active in nuclear research and uranium mining for decades. The country’s Atomic Energy Commission (Comision Nacional de Energia Atomica, CNEA) was set up in 1950 to oversee nuclear R&D, including construction of several research reactors. Today, two nuclear reactors generate nearly ten percent of the country’s electricity and a third reactor is expected to begin operating in mid- 2013. Argentina’s CAREM small modular reactor design is under consideration for desalination in Saudi Arabia. (Source: World Nuclear Association).

About Crosshair

Crosshair is a prominent player in the exploration and development of uranium and vanadium projects in the US and Canada. Its Bootheel and Juniper Ridge projects have established resources and are located in uranium mining friendly Wyoming. Bootheel has the potential to be mined using in-situ recovery methods while Juniper Ridge appears to be suitable for an open-pit heap leach operation. The CMB Uranium/Vanadium Project is located in Labrador, Canada and has four currently defined resources – C Zone, Area 1, Armstrong and Two Time Zone. The Crosshair team is composed of knowledgeable and experienced professionals with global experience in exploration, mining and corporate finance that are committed to operating in an environmentally responsible manner.

Mark Ludwig, P.E., President and CEO of Crosshair and a Qualified Person as defined by National Instrument 43-101, has reviewed and approved the technical information contained in this news release.

ON BEHALF OF THE CROSSHAIR BOARD

Mark J. Morabito, EXECUTIVE CHAIRMAN

Cautionary Note Regarding Forward-Looking Information

Information set forth in this news release may involve forward-looking statements under applicable securities laws. Forward-looking statements are statements that relate to future, not past, events. In this context, forward-looking statements often address expected future business and financial performance, and often contain words such as “anticipate”, “believe”, “plan”, “estimate”, “expect”, and “intend”, statements that an action or event “may”, “might”, “could”, “should”, or “will” be taken or occur, or other similar expressions. Forward-looking statements or information relate to, among other things the terms and completion of the transaction, the mineral resource potential of the properties and the exploration potential of the Company’s properties. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following risks: the risks associated with outstanding litigation, if any; risks associated with project development; the need for additional financing; operational risks associated with mining and mineral processing; fluctuations in uranium and other commodity prices; title matters; environmental liability claims and insurance; reliance on key personnel; the potential for conflicts of interest among certain officers, directors or promoters with certain other projects; the absence of dividends; competition; dilution; the volatility of our common share price and volume; tax consequences to U.S. shareholders and other risks and uncertainties, including those described in the Risk Factors section in the Company’s Annual Report on Form 20-F for the financial year ended April 30, 2012 filed with the Canadian Securities Administrators and available at www.sedar.com. Forward-looking statements are made based on management’s beliefs, estimates and opinions on the date that statements are made and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by law. Investors are cautioned against attributing undue certainty to forward-looking statements.

Contacts:
Crosshair Energy Corporation
Mark J. Morabito
604-681-8030
604-681-8039 (FAX)
info@cxxcorp.com
www.crosshairexploration.com

Crosshair Energy Corporation
Bevo Beaven

Thursday, October 25th, 2012 Uncategorized Comments Off on Crosshair (CXZ) to Acquire 2,600 Square Miles of Prospective Uranium Properties in Argentina

Harris Interactive® (HPOL) Schedules First Quarter Fiscal 2013 Results Conference Call

ROCHESTER, N.Y., Oct. 24, 2012 /PRNewswire/ — Harris Interactive Inc. (NASDAQ: HPOL), a leading global market research firm, today announced that it will conduct a teleconference and webcast to discuss its first quarter fiscal 2013 results.

(Logo:  http://photos.prnewswire.com/prnh/20100518/NY06801LOGO)

Date/Time

Thursday, November 1, 2012 at 5:00 p.m. ET

Presenters

Al Angrisani, President and Chief Executive Officer

Eric Narowski, Chief Financial Officer

Dial Access

877.303.9858                  Toll-free in the United States and Canada

408.337.0139                  Internationally

Results Release

Harris Interactive will release its first quarter fiscal 2013 results after the Nasdaq stock market closes on Thursday, November 1, 2012.  The results media release will be accessible prior to the teleconference and webcast via the Investor Relations section of Harris Interactive’s website: http://ir.harrisinteractive.com/.

Webcast Access

The live webcast may be accessed via the Investor Relations section of Harris Interactive’s website: http://ir.harrisinteractive.com/.

Replay

An archived version of the webcast also will be available for thirty days following the live webcast via the Investor Relations section of Harris Interactive’s website: http://ir.harrisinteractive.com/. No telephone replay of this call will be available.

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.

HPOL – E

Press Contact:
Michael T. Burns
Investor Relations
Harris Interactive Inc.
800-866-7655 x7328
mburns@harrisinteractive.com

Wednesday, October 24th, 2012 Uncategorized Comments Off on Harris Interactive® (HPOL) Schedules First Quarter Fiscal 2013 Results Conference Call

RFMD (RFMD) Appoints Alan Hallberg as Chief Marketing Officer

GREENSBORO, N.C., Oct. 24, 2012 (GLOBE NEWSWIRE) — RF Micro Devices, Inc. (Nasdaq:RFMD), a global leader in the design and manufacture of high-performance radio frequency components and compound semiconductor technologies, today announced the appointment of Alan Hallberg as the Company’s corporate vice president and chief marketing officer (CMO). In the role of CMO, Mr. Hallberg will oversee RFMD’s global marketing activities and will be based in RFMD’s growing Silicon Valley, CA, location. He will report to RFMD’s president and CEO Bob Bruggeworth.

Mr. Hallberg is a seasoned industry veteran with extensive experience in marketing and branding at technology leaders including Lenovo, Cisco, and Apple. Most recently, he served as vice president, global brand communications at Lenovo, where he led a two-year global re-branding and marketing effort that contributed to the company’s rise from #4 to the world’s #1 PC maker.

Commenting on the appointment, Mr. Bruggeworth said, “We are pleased to welcome Alan to RFMD as chief marketing officer. His extensive industry experience is well suited to growing RFMD’s global marketing activities and communicating our product and technology leadership to current and new audiences.”

Mr. Hallberg said, “I am thrilled to join a world-class innovator in the rapidly growing market for mobile Internet and always-on broadband connectivity. RFMD is leading the way with breakthrough products and technologies that enable true innovation at the enterprise and consumer device level, and I’m excited to lead their global marketing team to help drive growth.”

Mr. Hallberg graduated from Pomona College and holds a law degree from the University of Virginia. He lives in Palo Alto, CA, with his wife and two sons.

About RFMD

RF Micro Devices, Inc. (Nasdaq:RFMD) is a global leader in the design and manufacture of high-performance radio frequency components and compound semiconductor technologies. RFMD’s products enable worldwide mobility, provide enhanced connectivity and support advanced functionality in the mobile device, wireless infrastructure, wireless local area network (WLAN or WiFi), cable television (CATV)/broadband, Smart Energy/advanced metering infrastructure (AMI), and aerospace and defense markets. RFMD is recognized for its diverse portfolio of semiconductor technologies and RF systems expertise and is a preferred supplier to the world’s leading mobile device, customer premises and communications equipment providers.

Headquartered in Greensboro, N.C., RFMD is an ISO 9001-, ISO 14001-, and ISO/TS 16949-certified manufacturer with worldwide engineering, design, sales and service facilities. RFMD is traded on the NASDAQ Global Select Market under the symbol RFMD. For more information, please visit RFMD’s web site at www.rfmd.com.

The RF Micro Devices, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6436

This press release includes “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements about our plans, objectives, representations and contentions and are not historical facts and typically are identified by use of terms such as “may,” “will,” “should,” “could,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue” and similar words, although some forward-looking statements are expressed differently. You should be aware that the forward-looking statements included herein represent management’s current judgment and expectations, but our actual results, events and performance could differ materially from those expressed or implied by forward-looking statements. We do not intend to update any of these forward-looking statements or publicly announce the results of any revisions to these forward-looking statements, other than as is required under the federal securities laws. RF Micro Devices’ business is subject to numerous risks and uncertainties, including variability in operating results, risks associated with the impact of global macroeconomic and credit conditions on our business and the business of our suppliers and customers, our reliance on a few large customers for a substantial portion of our revenue, the rate of growth and development of wireless markets, our ability to bring new products to market, our reliance on inclusion in third party reference designs for a portion of our revenue, our ability to manage channel partner and customer relationships, risks associated with the operation of our wafer fabrication, molecular beam epitaxy, assembly and test and tape and reel facilities, our ability to complete acquisitions and integrate acquired companies, including the risk that we may not realize expected synergies from our business combinations, our ability to attract and retain skilled personnel and develop leaders, variability in production yields, raw material costs and availability, our ability to reduce costs and improve margins in response to declining average selling prices, our ability to adjust production capacity in a timely fashion in response to changes in demand for our products, dependence on gallium arsenide (GaAs) for the majority of our products, dependence on third parties, and substantial reliance on international sales and operations. These and other risks and uncertainties, which are described in more detail in RF Micro Devices’ most recent Annual Report on Form 10-K and other reports and statements filed with the Securities and Exchange Commission, could cause actual results and developments to be materially different from those expressed or implied by any of these forward-looking statements.

RF MICRO DEVICES®, RFMD® and PowerSmart® are trademarks of RFMD, LLC. All other trade names, trademarks and registered trademarks are the property of their respective owners.

CONTACT: At RFMD
         Doug DeLieto
         VP, Investor Relations
         336-678-7088

RF Micro Devices Logo

Wednesday, October 24th, 2012 Uncategorized Comments Off on RFMD (RFMD) Appoints Alan Hallberg as Chief Marketing Officer

Preliminary Assessment of Entree Gold’s (EGI) Ann Mason $1.11 Billion

Preliminary Economic Assessment of Entree Gold’s Ann Mason Generates $1.11 Billion NPV Over 24 Year Initial Mine Life

VANCOUVER, BRITISH COLUMBIA — (Marketwire) — 10/24/12 — Entree Gold Inc. (TSX:ETG)(NYSE MKT:EGI)(FRANKFURT:EKA) (“Entree” or the “Company”) today announced that it has received the results of a positive Preliminary Economic Assessment (“PEA”) for its 100%-owned Ann Mason copper-molybdenum porphyry deposit in Nevada (“Ann Mason” or the “Project”). The Project is expected to yield a base case (“Base Case”), pre-tax, 7.5% net present value (“NPV7.5”) of $1.11 billion and an internal rate of return (“IRR”) of 14.8%, using assumed copper, molybdenum, gold and silver prices of $3.00/lb, $13.50/lb, $1,200/oz and $22/oz, respectively. Using October 15, 2012 spot commodity prices of $3.71/lb copper, $10.43/lb molybdenum, $1,736/oz gold and $33.22/oz silver (“Spot Case”), the pre-tax NPV7.5 and IRR increase to $2.54 billion and 22.9%, respectively.

The PEA envisions an open pit and conventional sulphide flotation milling operation with an initial 24 year mine life. Over the life of mine (“LOM”), the Project is estimated to produce an annual average of 214 million pounds of copper at total cash costs per pound sold, net of by-product sales, of $1.46 per pound copper.

PEA Highlights

--  Base Case, pre-tax NPV7.5 of $1.11 billion, IRR of 14.8%, and payback of
    5.6 years, based on long term metal prices of $3.00/lb copper, $13.50/lb
    molybdenum, $1,200/oz gold and $22/oz silver (Table 1 below). 

--  Spot Case, pre-tax NPV7.5 increases to $2.54 billion, with an IRR of
    22.9%, and payback of 3.8 years, based on October 15, 2012 spot metal
    prices of $3.71/lb copper, $10.43/lb molybdenum, $1,736/oz gold and
    $33.22 /oz silver (Table 1 below). 

--  Development capital costs of approximately $1.28 billion, including
    contingency. 

--  Average cash costs (net of by-product sales) of $1.46/lb copper (see
    Non-U.S. GAAP Performance Measurement below). 

--  Net annual undiscounted cash flow over the LOM is approximately $227
    million per year. 

--  100,000 tonnes per day ("tpd") conventional open pit mine utilizing a
    conventional sulphide flotation mill with a 24 year mine life. 

--  LOM production of 5.14 billion pounds of copper and 36.4 million pounds
    of molybdenum. 

--  LOM strip ratio of 2.16:1 waste to mineralized material. 

--  LOM average copper recovery of 93.5%. 

--  Clean copper concentrate grading 30%.

The Base Case discounted cash flows in the PEA are pre-tax, and are prepared in compliance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) of the Canadian Securities Administrators. The PEA was completed by AGP Mining Consultants (“AGP”), an independent Canadian-based engineering firm. Unless otherwise noted, a reference to “$” in this news release is to United States currency. Due to rounding, some of the totals in the tables in this news release may not sum exactly. The following table summarizes the main economic outputs of the discounted cash flow.

Table 1.  Summary of Ann Mason PEA Key Financial Outputs                    

                             -----------------------------------------------
                                                                  Spot Case
                               Low Case  Base Case  High Case  (Oct 15/2012)
----------------------------------------------------------------------------
Copper              $     /lb $    2.75  $    3.00  $    3.25      $   3.71
----------------------------------------------------------------------------
Molybdenum          $     /lb $   13.50  $   13.50  $   13.50      $  10.43
----------------------------------------------------------------------------
Silver              $     /oz $      15  $      22  $      26      $  33.22
----------------------------------------------------------------------------
Gold                $     /oz $   1,100  $   1,200  $   1,300      $  1,736
----------------------------------------------------------------------------
NPV (5%)            $ Million $   1,223  $   1,918  $   2,602      $  3,846
----------------------------------------------------------------------------
NPV (7.5%)          $ Million $     589  $   1,106  $   1,614      $  2,538
----------------------------------------------------------------------------
NPV (10%)           $ Million $     182  $     576  $     964      $  1,669
----------------------------------------------------------------------------
IRR                                11.6%      14.8%      17.8%         22.9%
----------------------------------------------------------------------------
Payback Period          Years       7.1        5.6        4.7           3.8
----------------------------------------------------------------------------
Metal Revenue (after
 smelting, refining,
 roasting, payable) $ Million $  14,200  $  15,600  $  17,000      $ 19,500
----------------------------------------------------------------------------

The PEA is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the PEA will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

Greg Crowe, President and CEO commented, “This Preliminary Economic Assessment on Ann Mason is an important milestone in the evolution of Entree. The results clearly illustrate the potential of our 100% owned, large tonnage, copper-molybdenum porphyry deposit. The PEA will assist us in advancing the Project towards development, while giving us the flexibility to consider various options, including a strategic partnership on Ann Mason.

Importantly, Ann Mason is located within the low-risk, mining friendly state of Nevada, in a historic copper camp where there is strong local community support for mining. With resource nationalism on the rise, it is a real advantage to have an advanced property in Nevada, where clear guidelines and a fair process facilitate the timely development of mining projects.

Our next step will be to move towards Pre-Feasibility on Ann Mason. Future work will include additional drilling, particularly to the north and west, to potentially extend the mineralization within the current pit design and reduce the waste-to-mineralization strip ratio. The high percentage of indicated resources in the current PEA pit could reduce the amount of drilling required to proceed to Pre-Feasibility. In addition, we have a land package that covers just over eight thousand hectares, and have already identified several other highly prospective exploration targets on the Ann Mason Project property that warrant additional work, including surface copper oxide showings and untested geophysical anomalies. The deposit remains open in several directions, and we are finalizing a resource estimate for the Blue Hill oxide-copper target, 1.5 kilometres northwest of Ann Mason.”

Mining Operation

Open pit mine design and scheduling at Ann Mason has provided the framework for a mining operation that will be developed through five phases over a 24 year period, at a mill feed rate of 100,000 tpd. Mining will use conventional rotary drilling, blasting and loading with large cable shovels and 360-tonne trucks. The open pit mine is estimated to contain 562.2 million tonnes (“Mt”) of indicated material, or 67% of the total plant feed. An additional 274.2 Mt of inferred material will also be directed to the mill or 33% of the total plant feed. The LOM waste to mineralization strip ratio is 2.16:1. Pit slopes are variable depending on the geotechnical parameters of the rock types and range from 50 degrees in the overlying volcanic rocks, to 37 degrees in the porphyry mineralization. The high ratio of indicated to inferred material in the process feed emphasizes the high quality of the resource base used for the PEA and limits the amount of additional drilling required prior to proceeding to a Pre-Feasibility level. The LOM mill feed grade averages 0.31% copper, 0.004% molybdenum, 0.03 grams per tonne (“g/t”) gold and 0.58 g/t silver.

Processing and Metallurgy

The proposed process plant is sized at 100,000 tpd of mill feed and will consist of conventional unit operations including gyratory crushing, SAG and ball mill grinding, rougher flotation, concentrate regrinding, cleaner flotation, concentrate filtration, and tailings thickening.

Metallurgical testing has been completed on samples of drill core at Metcon Research in Tucson, Arizona. The work was done on four separate composites representing the two main mineralogical domains, and consisted of mineralogical characterisation, grindability testing, and batch and locked cycle flotation testing. Preliminary grindability work has established that the feed material is of moderate hardness, with a Bond Ball Work Index of 15.7 kilowatt-hours per tonne and an Abrasion Index of 0.283. Locked cycle flotation testing has demonstrated that a simple flotation flow sheet with moderate grinds, two stages of cleaning, and low reagent additions is able to generate a saleable copper concentrate, with no penalty elements identified. Payable by-product levels of gold and silver are present in the copper concentrates.

Metallurgical predictions of 93.5% copper recovery to a concentrate grading 30% copper are based on average values (last four cycles) from locked cycle test data on the main zone composites, as summarized in Table 2 below.

Table 2.  Summary of Ann Mason PEA Metallurgical Results                    

----------------------------------------------------------------------------
                          Concentrate Grade             Recovery (%)
                    --------------------------------------------------------
                                       Ag     Au
Domains              Cu (%) Mo (%)  (g/t)  (g/t)     Cu     Mo     Ag     Au
----------------------------------------------------------------------------
Chalcopyrite-Bornite   35.8   1.15     69   3.80   93.7   76.9   70.3   78.2
----------------------------------------------------------------------------
Chalcopyrite           26.7   0.69     22   1.03   93.5   65.8   38.8   44.7
----------------------------------------------------------------------------

The potential for producing a separate molybdenum concentrate has also been investigated, but larger scale testing is required in order to generate grade and recovery estimates, as a consequence of the low sample head grade. An estimated molybdenum recovery of 50% is based on early-stage separation testwork.

Capital Costs

The pre-production capital cost estimate includes the open pit mine capital, a 100,000 tpd processing plant, infrastructure (including a tailings facility, power improvements, water and roads), environmental costs, owner’s and indirect costs and contingency. The sustaining capital cost includes LOM replacement of mine and other equipment, tailings expansions, infrastructure upgrades and reclamation costs. Initial capital and sustaining capital costs are summarized below in Table 3.

Table 3.  Summary of Ann Mason PEA Capital Cost Estimates                   

                               ---------------------------------------------
                                         Capital Cost ($ Millions)
----------------------------------------------------------------------------
                                Pre-Production     Sustaining
                                    and Year 1        Capital
Category                               Capital   (Years 2-24)  Total Capital
----------------------------------------------------------------------------
Open Pit                           $       358    $       371    $       730
----------------------------------------------------------------------------
Processing                         $       422    $         4    $       426
----------------------------------------------------------------------------
Infrastructure                     $       181    $        24    $       205
----------------------------------------------------------------------------
Environmental                      $         2    $        74    $        75
----------------------------------------------------------------------------
Owner's and Indirect Costs         $       194    $        44    $       238
----------------------------------------------------------------------------
Contingency                        $       127    $        44    $       172
----------------------------------------------------------------------------
Total                              $     1,283    $       562    $     1,845
----------------------------------------------------------------------------

Operating Costs

Total LOM mine operating costs for the Project are expected to be $3.82/tonne of mill feed or $1.18/tonne total material (mill feed plus waste). LOM copper cash costs are $1.66/lb, or $1.46/lb net of by-product (molybdenum, gold and silver) credits. Table 4 below shows a sum of all operating cost categories on a cost per tonne of mill feed basis over the total tonnage.

Table 4.  Summary of Ann Mason PEA Operating Cost Estimates                

                                           ---------------------------------
                                                    Operating Costs
----------------------------------------------------------------------------
                                                   $/tonne          $/tonne
Category                                         Mill Feed    Cu Concentrate
----------------------------------------------------------------------------
Mining (mill feed and waste)                          3.82               ---
----------------------------------------------------------------------------
Processing                                            5.13               ---
----------------------------------------------------------------------------
G&A                                                   0.34               ---
----------------------------------------------------------------------------
Subtotal On-Site Costs                                9.29               ---
----------------------------------------------------------------------------
Transportation, Port Costs, Shipping                   ---             88.00
----------------------------------------------------------------------------

PEA Mineral Resources

Entree contracted Quantitative Group Pty Ltd (“QG”) based in Perth, Australia to prepare an updated mineral resource estimate for Ann Mason. The current resource estimate is contained within a constraining Lerchs-Grossmann (“LG”) pit shell, generated by AGP, and is based on approximately 33,000 metres of recent drilling in 30 holes and approximately 49,000 metres of historic drilling in 116 holes. The resource database also includes re-assaying of 6,333 samples from 44 historical Anaconda core holes, to allow molybdenum, gold and silver values to be estimated. At a base case lower cut-off of 0.20% copper, the deposit is estimated to contain an indicated mineral resource of 1.14 billion tonnes (“Bt”) at 0.33% copper and 0.006% molybdenum and an inferred mineral resource of 0.873 Bt at 0.29% copper and 0.004% molybdenum. By-product levels of gold and silver were also estimated, and are shown in Table 5. The mineral resource estimate is CIM 2010 compliant and prepared in accordance with NI 43-101.

Table 5.  Ann Mason Pit-Constrained Mineral Resources (S. Jackson, August
          14, 2012)                                                         

----------------------------------------------------------------------------
                                       Indicated
           -----------------------------------------------------------------
Cut-off       Tonnes                                         lb Cu     lb Mo
(% Cu)     (million)   Cu (%)   Mo (%) Au (g/t) Ag (g/t) (billion) (billion)
----------------------------------------------------------------------------
0.15           1,233     0.31    0.006     0.02     0.55      8.53      0.16
----------------------------------------------------------------------------
0.20           1,137     0.33    0.006     0.02     0.57      8.15      0.15
----------------------------------------------------------------------------
0.25             912     0.35    0.006     0.03     0.60      7.02      0.12
----------------------------------------------------------------------------
0.30             639     0.38    0.006     0.03     0.64      5.37      0.09
----------------------------------------------------------------------------
0.35             388     0.42    0.007     0.03     0.69      3.58      0.06
----------------------------------------------------------------------------

----------------------------------------------------------------------------
                                        Inferred
           -----------------------------------------------------------------
Cut-off       Tonnes                                         lb Cu     lb Mo
(% Cu)     (million)   Cu (%)   Mo (%) Au (g/t) Ag (g/t) (billion) (billion)
----------------------------------------------------------------------------
0.15           1,017     0.27    0.004     0.03     0.61      6.16      0.10
----------------------------------------------------------------------------
0.20             873     0.29    0.004     0.03     0.65      5.59      0.08
----------------------------------------------------------------------------
0.25             594     0.32    0.004     0.04     0.73      4.20      0.05
----------------------------------------------------------------------------
0.30             330     0.36    0.004     0.04     0.81      2.60      0.03
----------------------------------------------------------------------------
0.35             152     0.40    0.004     0.04     0.86      1.34      0.01
----------------------------------------------------------------------------

Note:

1.  The mineral resource estimate has an effective date of August 14, 2012
    and was prepared by Scott Jackson, F.AusIMM from QG.

Mineral resources that are not mineral reserves do not have demonstrated economic viability.

Although the mineral resources previously reported in March 2012 are not significantly different than the total mineralized inventory, which forms the basis of the current estimate, approximately 14% of the previously reported mineralization at the 0.20% copper cut-off now occurs outside of the resource constraining pit shell and therefore is not included in the current estimate. Further exploration may bring a portion of this additional mineralization into a resource category.

The key estimation parameters used by QG for the Ann Mason estimate are as follows:

--  Copper was interpolated using a single estimation domain created using
    an approximate 0.15% copper threshold. A similar but smaller domain was
    built for molybdenum using a 0.005% threshold. 

--  Assays were composited to 5 metres in line. 

--  Copper and molybdenum variograms show that there is not a high degree of
    anisotropy; there is a moderate nugget effect and ranges up to 300
    metres were modelled. 

--  Inside the copper domain, composites above 2% were given a restricted
    range of influence (40 metres). For molybdenum, a similar strategy was
    applied at 0.01% molybdenum. 

--  Estimation of 40 x 40 x 15 metre blocks was by Ordinary Kriging. 

--  Density in the mineralized porphyry was based on 4,051 wax-immersion
    determinations and a Kriging model was built. In the volcanics above the
    Singatse Fault a single bulk density value (2.34) based on 130
    measurements was used. 

--  The resource was classified into inferred or indicated using a number of
    factors, taking into account confidence in the model, data spacing and
    various complementary geostatistical parameters, as follows: 

    --  Indicated: Material inside the 0.15% copper domain, with a spacing
        of approximately 100 x 75 metres or less and a slope of regression
        (a measure of conditional bias) above 0.7. 

    --  Inferred: Material inside the 0.15% copper domain with a spacing of
       greater than 100 metres but less than 175 metres (i.e. the rest of
        the copper domain). 

    --  Not Classified: All material outside the 0.15% copper domain or
        below the economic pit shell.

The current Ann Mason mineral resource has been constrained by an LG economic pit shell by AGP, using the following parameters:

--  3-year trailing average gross metal values of $3.61/lb copper, $14.94/lb
    molybdenum, $1,425/oz gold, and $27.91/oz silver. 

--  Metallurgical recoveries of 92% copper, 50% molybdenum, 50% gold and 55%
    silver. 

--  Mining costs: $1.09/tonne base cost to the 1605 metre level then
    increasing by $0.02/tonne/15 metres bench below that level. 

--  Process and general management and administration ("G&A") costs of
    $6.12/tonne ($5.82/tonne process plus $0.30/tonne G&A). 

--  Pit slopes of 52 degrees in the volcanic rock and 44 degrees in the
    porphyry mineralization.

Near Term Development and Exploration Plans

With the completion of a positive PEA study, Entree now expects to advance to a Pre-Feasibility level on the Project. Future work will include additional drilling, particularly to the north and west of the Ann Mason deposit to potentially extend the mineralization within the current pit design and reduce the waste-to-mineralization strip ratio. In addition to the exploration potential, further work aimed at reducing the Base Case economic cut-off has the potential to convert existing waste material in the PEA plan into mill feed. Continued strength in metal prices and enhancements in recoveries can assist in lowering the mill cut-off and have the potential to provide more tonnage for mining. This will be reviewed as the Project progresses to the Pre-Feasibility study stage.

Several other high-priority targets on the Ann Mason Project property require further exploration and development. These include the Blue Hill, Roulette and Blackjack (induced polarization (“IP”) and copper-oxide) targets and the Minnesota copper skarn target. In the Blackjack area, IP and surface copper oxide exploration targets have been identified for drill testing. The Minnesota skarn target requires further drilling to test deeper IP and magnetic anomalies.

On the near-surface Blue Hill oxide target (1.5 kilometres northwest of the Ann Mason deposit), copper oxide mineralization extends from surface to a maximum depth of 185 metres (average approximately 125 metres), over an area of 800 by 500 metres and remains open to the northwest and southeast. Drilling of the underlying sulphide target remains sparse, but has identified a target more than one kilometre in width which remains open in most directions with potential for expansion. Blue Hill has not been incorporated into the current PEA study, however, an initial mineral resource estimate is being finalized and will be released shortly.

Non-U.S. GAAP Performance Measurement

“Cash Costs” is a non-U.S. GAAP Performance Measurement. This performance measure is included because this statistic is widely accepted as the standard of reporting cash costs of production in North America. This performance measure does not have a meaning within U.S. GAAP and, therefore, amounts presented may not be comparable to similar data presented by other mining companies. This performance measure should not be considered in isolation as a substitute for measures of performance in accordance with U.S. GAAP.

PEA PREPARATION and QUALIFIED PERSONS

The PEA was completed independently by AGP Mining Consultants Inc. (“AGP”), Toronto and Quantitative Group Pty Ltd (“QG”), Perth, Australia. The information in this news release that relates to the PEA was prepared by: Scott Jackson, F.AusIMM, Principal of QG; Gordon Zurowski, P.Eng., Principal Mining Engineer (AGP); and Lyn Jones, P.Eng., Senior Associate Metallurgist (AGP).

Robert Cinits, P.Geo., Director, Technical Services with Entree, a Qualified Person as defined by NI 43-101, approved this news release.

A NI 43-101 compliant Technical Report, supporting the PEA and updated mineral resource estimate (“PEA Report”) will be filed on SEDAR within 45 days.

ABOUT ENTREE GOLD INC.

Entree Gold Inc. is a Canadian mineral exploration company balancing opportunity and risk with key assets in Mongolia and Nevada. As a joint venture partner with a carried interest on a portion of the Oyu Tolgoi mining complex in Mongolia, Entree Gold has a unique opportunity to participate in one of the world’s largest copper-gold projects managed by a premier mining company – Rio Tinto. Oyu Tolgoi, with its series of deposits containing copper, gold and molybdenum, has been under exploration and development since the late 1990s. Phase 1 is on the verge of production, and Entree Gold could see first development production from the joint venture ground as early as 2015.

In addition to being on the path to production in Mongolia, Entree Gold has been advancing its Ann Mason Project in one of the world’s most favourable mining jurisdictions, Nevada. The Ann Mason Project hosts a sizeable copper and molybdenum porphyry deposit within the rejuvenated Yerington copper camp. Based on the PEA announced in October, 2012, the Ann Mason Project is expected to yield a Base Case pre-tax, 7.5% net present value of $1.11 billion and an internal rate of return of 14.8%, using assumed copper, molybdenum, gold and silver prices of $3.00/lb, $13.50/lb, $1,200/oz and $22/oz.

Rio Tinto and Turquoise Hill Resources (formerly Ivanhoe Mines) are major shareholders of Entree, holding approximately 13% and 11% of issued and outstanding shares, respectively. Rio Tinto, through its majority ownership of Turquoise Hill Resources, beneficially owns 23.6% of Entree’s issued and outstanding shares.

This News Release contains forward-looking statements and forward-looking information (together, “forward-looking statements”) within the meaning of applicable securities laws and the United States Private Securities Litigation Reform Act of 1995, with respect to the estimation of mineral resources, the realization of mineral resource estimates, future mineral production, costs of production and capital expenditures, the availability of project financing, potential size of a mineralized zone, potential expansion of mineralization, the timing and results of future resource estimates, potential type(s) of mining operation, amount or timing of proposed production figures, permitting timelines, government regulation of exploration and mining operations, potential metallurgical recoveries and grades, plans for future exploration and/or development programs and budgets, anticipated business activities, corporate strategies, uses of funds and future financial performance. In certain cases, forward-looking statements can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “does not anticipate” or “believes” 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”. While Entree has based these forward-looking statements on its expectations about future events as at the date that such statements were prepared, the statements are not a guarantee of Entree’s future performance and are subject to risks, uncertainties, assumptions and other factors which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Such factors and assumptions include, amongst others, that the size, grade and continuity of deposits and resource and reserve estimates have been interpreted correctly from exploration results; that the results of preliminary test work are indicative of what the results of future test work will be; that the prices of copper, gold, silver and molybdenum and foreign exchange rates will remain relatively stable; the effects of general economic conditions, including inflation; future actions by Rio Tinto, joint venture partners and government authorities including the Government of Mongolia; the availability of capital; that applicable legislation, including legislation with respect to taxation, will not materially change; uncertainties associated with legal proceedings and negotiations; and misjudgements in the course of preparing forward-looking statements.

In addition, there are also known and unknown risk factors which may cause the actual results, performances or achievements of Entree to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, risks related to international operations, including legal and political risk in Mongolia; recent global financial conditions; actual results of current exploration activities; changes in project parametres as plans continue to be refined; inability to upgrade inferred mineral resources to indicated or measured mineral resources; inability to convert mineral resources to mineral reserves; conclusions of economic evaluations; future prices of copper, gold, silver and molybdenum; possible variations in ore reserves, grade recovery and rates; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; delays in obtaining government approvals, permits or licences or financing or in the completion of development or construction activities; environmental risks; title disputes; limitations on insurance coverage; as well as those factors described in the Company’s Annual Information Form for the financial year ended December 31, 2011, dated March 29, 2012 filed with the Canadian Securities Administrators and available at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company is under no obligation to update or alter any forward-looking statements except as required under applicable securities laws.

Cautionary Note to U.S. Readers Concerning Estimates of Measured, Indicated and Inferred Mineral Resources

The terms “mineral resource”, “measured mineral resource”, “indicated mineral resource” and “inferred mineral resource” are defined in and required to be disclosed by NI 43-101; however, these terms are not defined terms under the Securities Exchange Commission’s Industry Guide 7 and normally are not permitted to be used in reports and registration statements filed with the SEC. Investors are cautioned not to assume that all or any part of mineral deposits in these categories will ever be converted into reserves. “Inferred mineral resources” have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. 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, except in rare cases.

Accordingly, information contained in this news release containing descriptions of our mineral deposits may not be comparable to similar information made public by U.S. companies subject to the reporting and disclosure requirements under the United States federal securities laws and the rules and regulations thereunder.

Contacts:
Entree Gold Inc.
Mona Forster
Executive Vice President
604-687-4777 or Toll Free: 866-368-7330
604-687-4770 (FAX)
mforster@entreegold.com
www.entreegold.com

Wednesday, October 24th, 2012 Uncategorized Comments Off on Preliminary Assessment of Entree Gold’s (EGI) Ann Mason $1.11 Billion

TPI (TPI) to Host First Quarter of Fiscal Year 2013 Earnings Conference

TPI to Host First Quarter of Fiscal Year 2013 Earnings Conference Call on Thursday, November 15, 2012 at 8:30 a.m. ET

CHENGDU, China, Oct. 24, 2012 /PRNewswire/ — Tianyin Pharmaceutical Co., Inc. (NYSE Amex: TPI), a pharmaceutical company that specializes in patented biopharmaceutical medicine, modernized traditional Chinese medicine (mTCM), branded generics and active pharmaceutical ingredients (API), today announced that the earnings conference call for the first quarter of fiscal year 2012 ending September 30, 2012 to be held at 8:30 a.m. ET on Thursday, November 15, 2012.

Interested parties may access the call by dialing 1-877-941-4774 (U.S.) or 1-480-629-9760 (International).

The conference ID is 4572569. It is advisable to dial in approximately 5 minutes prior to the start of the call.

A replay will be available by calling 1-877-870-5176 (U.S.) or 1-858-384-5517
From:  11/15/2012 @ 11:30 am E.T. To: 11/29/2012 @ 11:59 pm E.T.
Replay Pin Number:  4572569

This call is being web cast by ViaVid Broadcasting and can be accessed at ViaVid’s website at the following link: http://public.viavid.com/index.php?id=102266

About TPI

Headquartered at Chengdu, China, TPI is a pharmaceutical company that specializes in the development, manufacturing, marketing and sales of patented biopharmaceutical, mTCM, branded generics and API. TPI currently manufactures a comprehensive portfolio of 58 products, 24 of which are listed in the highly selective national medicine reimbursement list, 7 are included in the essential drug list (EDL) of China. TPI’s pipeline targets various high incidence healthcare indications. For more information about TPI, please visit:  http://www.tianyinpharma.com.

Safe Harbor Statement

The Statements which are not historical facts contained in this press release are forward-looking statements that involve certain risks and uncertainties including but not limited to risks associated with the uncertainty of future financial results, additional financing requirements, development of new products, government approval processes, the impact of competitive products or pricing, technological changes, the effect of economic conditions and other uncertainties detailed in the Company’s filings with the Securities and Exchange Commission.

For more information, please visit: http://www.tianyinpharma.com, or email: ir@tpi.asia

Tel: +86-28-8551-6696 (Chengdu, China)
+86-134-3655-0011 (China)

Address:
Tianyin Pharmaceutical
23rd Floor, Unionsun Yangkuo Plaza
No. 2, Block 3, South Renmin Road
Chengdu, 610041
China

Wednesday, October 24th, 2012 Uncategorized Comments Off on TPI (TPI) to Host First Quarter of Fiscal Year 2013 Earnings Conference

Cogo (COGO) Announces Signing of Agreement for sale of certain Subsidiaries

Cogo Announces Signing of Agreement for sale of certain Subsidiaries to Chairman and CEO Jeffrey Kang

– Buyback Program in Place since September 24th – Deal Validates Company’s Tangible Book Value of Approximately $6.00 per Share

SHENZHEN, China, Oct. 23, 2012 /PRNewswire/ — Cogo Group, Inc. (NASDAQ: COGO), one of the leading gateways for global semiconductor companies to access the industrial and technology markets in China, today announced that it had entered into a definitive agreement for the sale of certain subsidiaries to its Chairman and CEO Jeffrey Kang.  The main terms of the deal are unchanged from the Company’s press release on September 24, 2012.

On September 24, 2012, Cogo began executing a stock buyback program to repurchase its shares on the open market pursuant to a 10b5-1 plan.  Given that Cogo’s shares trade at approximately 35% of its Tangible Book Value (“TBV”) of approximately $6 per share, as reported at the end of the second quarter of 2012, the Company believes that a buyback program is a prudent use of cash.

Mr. Kang commented, “The signing of a definitive agreement regarding my proposal to purchase certain subsidiaries for $78 million brings us one step closer towards maximizing value for shareholders of Cogo.  We believe this deal validates the financial assets of Cogo that are currently being significantly discounted by the financial markets and we believe that the ongoing share buybacks are accretive for our shareholders.”

About Cogo Group, Inc.:

Cogo Group, Inc. (Nasdaq: COGO) is one of the leading gateways for global semiconductor companies to access the rapidly growing Industrial and Technology sectors in China. Through its unique business-to-business services platform, Cogo designs customized embedded solutions using technology from suppliers including Intel, Broadcom, Xilinx, SanDisk, Freescale, Atmel and others for a customer base of 2,100 Chinese OEMs/ODMs. Cogo’s customer list includes approximately 100 blue-chip companies, including ZTE, BYD and NARI, as well as 2,000 Small and Medium Enterprises (SMEs). The Company serves a broad list of rapidly growing end-markets in China, including 3G Smart phones, Tablets, Automotives, High-Speed Railway, Smart Meter/Smart Grid, Healthcare and High Definition Television (“HDTV”).

For further information:
Investor Relations
www.cogo.com.cn/investorinfo.html
communications@cogo.com.cn
H.K.:   +852 2730 1518
U.S.:    +1 917-519-6994
Fax:     +86 755 2674 3522

Safe Harbor Statement:

This press release includes certain statements that are not descriptions of historical facts, but are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities and Exchange Act of 1934. These forward-looking statements may include statements about our proposed discussions related to our business or growth strategy such as growth in digital media, telecommunications and industrial applications businesses, as well as our potential acquisitions which are subject to change. Such information is based upon expectations of our management that were reasonable when made, but may prove to be incorrect. All such assumptions are inherently subject to uncertainties and contingencies beyond our control and upon assumptions with respect to future business decisions, which are subject to change. For further descriptions of other risks and uncertainties, see our most recent Annual Report filed with the Securities and Exchange Commission (SEC) on Form 20-F, and our subsequent SEC filings. Copies of filings made with the SEC are available through the SEC’s electronic data gathering analysis retrieval system (EDGAR) at www.sec.gov.

Tuesday, October 23rd, 2012 Uncategorized Comments Off on Cogo (COGO) Announces Signing of Agreement for sale of certain Subsidiaries