Eastern Virginia Bankshares (EVBS) Announces Third Quarter 2012 Results

TAPPAHANNOCK, Va., Oct. 19, 2012 /PRNewswire/ — Eastern Virginia Bankshares (NASDAQ: EVBS) today reported its results of operations for the three and nine months ended September 30, 2012.

For the three months ended September 30, 2012, EVBS reported net income of $861 thousand, an increase of $372 thousand over the net income of $489 thousand reported for the same period of 2011.  Net income to common shareholders was $486 thousand, or $0.08 per common share assuming dilution, compared to net income of $115 thousand or $0.02 per common share assuming dilution for the same period in 2011.  For the nine months ended September 30, 2012, EVBS reported net income of $2.5 million, an increase of $1.3 million over the net income of $1.2 million reported for the same period of 2011.  Net income to common shareholders was $1.4 million, or $0.23 per common share assuming dilution, compared to net income of $64 thousand or $0.01 per common share assuming dilution for the same period in 2011.  The difference between net income and net income to common shareholders is the deduction for the effective dividend to the U.S. Treasury on preferred stock.

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

• Provision expense for the allowance for loan losses of $625 thousand compared to $1.7 million for the same period in 2011;
• Net charge-offs of $1.4 million to write off uncollectible balances on nonperforming assets;
• Decrease in nonperforming assets by $2.8 million during the third quarter of 2012;
• Gain on the sale of available for sale securities of $135 thousand resulting from adjustments in the composition of the investment portfolio as part of our overall asset/liability management strategy;
• Gain of $197 thousand on the sale of the credit card loan portfolio;
• Decrease in net interest income by $194 thousand from the same period in 2011;
• Impairment losses of $769 thousand related to valuation adjustments on other real estate owned;
• Gain of $12 thousand on the sale of other real estate owned;
• Expenses related to FDIC insurance premiums of $586 thousand, compared to $790 thousand for the same period in 2011; and
• Expenses related to collection, repossession and other real estate owned of $190 thousand, compared to $354 thousand for the same period in 2011.

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

• Provision expense for the allowance for loan losses of $4.8 million compared to $5.2 million for the same period in 2011;
• Net charge-offs of $6.8 million to write off uncollectible balances on nonperforming assets;
• Decrease in nonperforming assets by $18.4 million during the first nine months of 2012;
• Gain on the sale of available for sale securities of $3.5 million resulting from adjustments in the composition of the investment portfolio as part of our overall asset/liability management strategy;
• Gain of $197 thousand on the sale of the credit card loan portfolio;
• Decrease in net interest income by $1.3 million from the same period in 2011;
• Impairment losses of $1.7 million related to valuation adjustments on other real estate owned;
• Losses of $105 thousand on the sale of other real estate owned;
• Expenses related to FDIC insurance premiums of $1.8 million, compared to $2.2 million for the same period in 2011; and
• Expenses related to collection, repossession and other real estate owned of $845 thousand, compared to $1.4 million for the same period in 2011.

The return on average assets (ROA) and return on average equity (ROE), on an annualized basis, for the three months ended September 30, 2012 were 0.18% and 2.62%, respectively compared to 0.04% and 0.63%, respectively for the three months ended September 30, 2011.  For the nine months ended September 30, 2012, on an annualized basis, ROA and ROE were 0.18% and 2.56%, respectively compared to 0.01% and 0.12%, respectively for the same period of 2011.

In announcing these results, Joe A. Shearin, President and Chief Executive Officer commented “As a Company we laid out a plan to improve our operating performance and strengthen our balance sheet by focusing on asset quality issues, containing our noninterest expenses and lowering our cost of funding.  To date, we have been successful in the execution of this plan.  With the close of the third quarter of 2012, we are not only reporting our seventh straight quarter of net income, but our fifth straight quarter of improved net income.”  Shearin further commented, “We had another strong quarter liquidating our troubled assets, reducing our classified assets and improving our overall asset quality.  During the third quarter of 2012 we were able to reduce our nonperforming assets by another 12.5%, bringing our year to date reduction to 48.7%.  Our loan and asset quality metrics continue to improve as evidenced by end of quarter nonperforming loans to total loans of 1.82% and nonperforming assets to total assets of 1.83%.  Despite our aggressive approach in liquidating troubled assets, our allowance for loan losses remains quite healthy at quarter end producing a ratio of allowance for loan losses to nonperforming loans of 172.37% and a ratio of allowance for loan losses to total loans of 3.14%.”  Shearin concluded, “Although macro-economic and political issues continue to temper the global economic outlook, we remain cautiously optimistic regarding the signs of improvement seen in our local markets and believe that our local markets are poised for stronger growth in the coming months and years.”

Operations Analysis

Net interest income for the three months ended September 30, 2012 was $8.4 million, a decrease of $194 thousand or 2.3% from the $8.6 million for the same period of 2011.  This decrease was due to a 9 basis point decrease in the net interest margin (tax equivalent basis) from 3.45% (includes a tax equivalent adjustment of $92 thousand) in the third quarter of 2011, to 3.36% (includes a tax equivalent adjustment of $11 thousand) in the third quarter of 2012.  The year over year decline in interest income was primarily driven by the impact of declining loan balances due to weak loan demand, charge-offs, and the natural amortization of the portfolio.  While the average investment securities balance increased $46.3 million to $266.2 million during the three months ended September 30, 2012, the yield on investment securities declined 98 basis points from 2.84% to 1.86% for the third quarter of 2012.  The lower yield resulted from portfolio restructurings, accelerated prepayments on our Agency mortgage-backed and Agency CMO securities, and investing in lower risk, shorter duration investments.  As a result, the yield on our average interest-earning assets declined 39 basis points to 4.49% for the three months ended September 30, 2012 as compared to the same period in 2011.  The decline in interest income was somewhat offset by a lower cost of funding.  Our lower cost of funding was driven by the continuation of our deposit re-pricing strategy, reductions in the level of time deposits, and increased levels of interest-bearing checking and savings accounts with lower rates.  As a result, the average cost of interest-bearing deposits decreased 40 basis points to 0.85% for the three months ended September 30, 2012 as compared to the same period in 2011.

Net interest income for the nine months ended September 30, 2012 was $25.1 million, a decrease of $1.3 million or 5.0% from the $26.5 million for the same period of 2011.  The net interest margin (tax equivalent basis) decreased 17 basis points from 3.56% (includes a tax equivalent adjustment of $344 thousand) for the nine months ended September 30, 2011 to 3.39% (includes a tax equivalent adjustment of $191 thousand) in the same period of 2012.  The tax equivalent yield on average interest-earning assets declined 48 basis points in the nine months ended September 30, 2012 compared with the same period of 2011, but was partially offset by a 32 basis point decrease in the cost of interest-bearing liabilities over the same period.  Average interest-earning assets were $998.1 million in the nine months ended September 30, 2012, which was a decrease of $8.0 million or 0.8% from the same period of 2011.  Total average loans were 72.2% of total interest-earning assets in the nine months ended September 30, 2012, compared to 75.7% in the nine months ended September 30, 2011.  This decline was driven by the impact of declining loan balances due to the items discussed in the quarterly analysis above and our desire to increase liquidity through the expansion of the investment portfolio.

Noninterest income for the three months ended September 30, 2012 was $1.9 million, a decrease of $1.1 million or 35.9% over the same period of 2011.  Debit/credit card fees increased $93 thousand, or 25.1% in the third quarter of 2012, which was primarily attributable to an increase in debit card income.  Net gains on the sale of available for sale securities decreased $1.3 million to $135 thousand for the three months ended September 30, 2012, down from $1.4 million for the same period in 2011.  In addition to the aforementioned items, the three months ended September 30, 2012 includes a $197 thousand gain on the sale of our credit card loan portfolio, which was not present during the same period of 2011.  The sale of our credit card loan portfolio to TCM Bank was completed to not only decrease risk exposure and compliance burdens, but also to continue offering our customers a valuable service with many additional features and benefits in an evolving competitive marketplace.

Noninterest income for the nine months ended September 30, 2012 was $8.0 million, an increase of $1.3 million or 19.2% over the same period of 2011.  Service charges and fees on deposit accounts decreased $251 thousand, or 9.6% in the first nine months of 2012, which was primarily attributable to a decrease in non-sufficient funds (“NSF”) fees.  Other operating income decreased $191 thousand, or 20.0% in the first nine months of 2012, which was driven by lower rental income on OREO properties, lower earnings from our subsidiary EVB Financial Services, Inc. (Investment, Mortgage) and increased write downs of our investments in community and housing development funds.  Net gains on the sale of available for sale securities increased $1.7 million to $3.5 million for the nine months ended September 30, 2012, up from $1.8 million for the same period of 2011.  As mentioned in the quarterly analysis above, the first nine months of 2012 include a $197 thousand gain on the sale of our credit card loan portfolio.  In addition to the aforementioned items, the nine months ended September 30, 2011 included a $256 thousand gain on the sale of our former Aylett branch office, which was not present during the same period of 2012.

Noninterest expense for the three months ended September 30, 2012 was $8.5 million, a decrease of $849 thousand or 9.0% over noninterest expense of $9.4 million for the three months ended September 30, 2011.  FDIC insurance expense decreased $204 thousand, or 25.8% in the third quarter of 2012, due to modifications of the risk-based assessment system and the base assessment rates beginning in the second quarter of 2011.  Expenses related to collection, repossession and OREO decreased $164 thousand, or 46.3% in the third quarter of 2012 primarily due to the overall decrease in the carrying balance of OREO and the Company’s efforts to focus resources internally to more efficiently manage collection and repossession activities.  Other operating expenses increased $220 thousand, or 13.8% in the third quarter of 2012, primarily due to an increase of $190 thousand or 487.2% in consultant fees.  For the third quarter of 2012, noninterest expense includes $769 thousand in impairment losses related to valuation adjustments on OREO compared to $974 thousand for the same period in 2011.  In addition, noninterest expense for the three months ended September 30, 2012 includes gains on the sale of OREO of $12 thousand compared to losses of $362 thousand for the same period of 2011.

Noninterest expense for the nine months ended September 30, 2012 was $25.2 million, a decrease of $1.8 million or 6.6% over noninterest expense of $27.0 million for the nine months ended September 30, 2011.  FDIC insurance expense decreased $457 thousand, or 20.6% in the nine months ended September 30, 2012 due to the items described in the quarterly analysis above.  Expenses related to collection, repossession and OREO decreased $529 thousand, or 38.5% in the nine months ended September 30, 2012 due to the items described in the quarterly analysis above.  For the nine months ended September 30, 2012, noninterest expense includes $1.7 million in impairment losses related to valuation adjustments on OREO compared to $1.2 million for the same period in 2011.  In addition, noninterest expense for the nine months ended September 30, 2012 includes losses on the sale of OREO of $105 thousand compared to $657 thousand for the same period of 2011.

Balance Sheet and Asset Quality

Total assets decreased $14.7 million or 1.4% between September 30, 2011 and September 30, 2012, and are down $8.7 million from June 30, 2012.  Between September 30, 2011 and September 30, 2012, investment securities increased $30.4 million or 14.1% to $246.1 million, and are down $8.6 million from June 30, 2012.  Loans, net of unearned income decreased $40.9 million or 5.5% from September 30, 2011 to $703.2 million at September 30, 2012, and are down $11.7 million from $714.8 million as of June 30, 2012.  Total deposits decreased $22.3 million or 2.7% from September 30, 2011 to $819.3 million at September 30, 2012, and are down $12.8 million from $832.1 million as of June 30, 2012.  Year to date average investment securities were $249.5 million as of September 30, 2012, an increase of $33.8 million or 15.7% compared to the same period in 2011.  Year to date average loans were $720.4 million as of September 30, 2012, a decrease of $41.2 million or 5.4% compared to the same period in 2011.  Year to date average total deposits were $831.0 million as of September 30, 2012, a decrease of $17.1 million or 2.0% compared to the same period in 2011.

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

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

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

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

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

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

Forward-Looking Statements

Certain statements contained in this release that are not historical facts may constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.  In addition, certain statements may be contained in the Company’s future filings with the SEC, in press releases, and in oral and written statements made by or with the approval of the Company that are not statements of historical fact and constitute forward-looking statements within the meaning of the Act.  Examples of forward-looking statements include, but are not limited to: (i) projections of revenues, expenses, income or loss, earnings or loss per share, the payment or nonpayment of dividends, capital structure and other financial items; (ii) statements of plans, objectives and expectations of the Company or its management or Board of Directors, including those relating to products or services, the performance or disposition of portions of the Company’s asset portfolio, the payment of dividends or the ability to realize deferred tax assets; (iii) statements of future economic performance; (iv) statements regarding the impact of the Written Agreement on our financial condition, operations and capital strategies, including strategies related to payment of dividends on the Company’s outstanding common and preferred stock and to payment of interest on the Company’s outstanding Junior Subordinated Debentures related to the Company’s trust preferred debt; (v) statements regarding the adequacy of the allowance for loan losses; (vi) statements regarding the effect of future sales of investment securities or foreclosed properties; (vii) statements regarding the Company’s liquidity; (viii) statements of management’s expectations regarding future trends in interest rates, real estate values, and economic conditions generally and in the Company’s markets; (ix) statements regarding future asset quality, including expected levels of charge-offs; (x) statements regarding potential changes to laws, regulations or administrative guidance; and (xi) statements of assumptions underlying such statements.  Words such as “believes,” “anticipates,” “expects,” “intends,” “targeted,” “continue,” “remain,” “will,” “should,” “may” and other similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements.

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

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

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

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

RADCOM (RDCM) Receives Credit Facility

TEL AVIV, Israel, October 19, 2012 /PRNewswire/ —

RADCOM Ltd. (NASDAQ: RDCM), a leading service assurance provider, today announced that it has received a credit facility from the First International Bank of Israel in an amount of US$ 1.5 million. The facility has an initial 6 month term, and may be renewed for additional periods based on compliance with certain covenants. The facility carries interest rates varying between Libor + 3.25%-4% for USD denominated advances and Prime + 1-2% for NIS denominated advances, and is secured by a floating charge on all of Radcom’s assets.

The company will use the proceeds of the facility mainly in order to finance its ongoing operations and working capital needs.

“Due to the current high working capital needs of our business associated with our sales mix shift to multi-million dollar Tier-1 deals, this credit facility is an efficient way for RADCOM to access cash, from time to time, as we work through our strong backlog,” said Gilad Yehudai, CFO of RADCOM. “We look forward to a fruitful long-term partnership with the First International Bank of Israel.”

About RADCOM

RADCOM develops, manufactures, markets and supports innovative network test and service monitoring solutions for communications service providers and equipment vendors. The Company specializes in next-generation Cellular as well as IMS, Voice, Data and VoIP networks. Its solutions are used in the development and installation of network equipment and in the maintenance of operational networks. The Company’s products facilitate fault management, network service performance monitoring and analysis, troubleshooting and pre-mediation. RADCOM’s shares are listed on the NASDAQ Capital Market under the symbol RDCM. For more information, please visit http://www.RADCOM.com.

Risks Regarding Forward-Looking Statements

Certain statements made herein that use the words “estimate,” “project,” “intend,” “expect,” “believe” and similar expressions are intended to identify forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve known and unknown risks and uncertainties that could cause the actual results, performance or achievements of RADCOM to be materially different from those that may be expressed or implied by such statements, including, among others, changes in general economic and business conditions and specifically, decline in the demand for RADCOM’s products, inability to timely develop and introduce new technologies, products and applications, and loss of market share and pressure on prices resulting from competition. For additional information regarding these and other risks and uncertainties associated with RADCOM’s business, reference is made to RADCOM’s reports filed from time to time with the United States Securities and Exchange Commission. RADCOM does not undertake to revise or update any forward-looking statements for any reason.

Contact:
Gilad Yehudai
CFO
+972-77-774-5060
gilady@radcom.com

A123 (AONE) Receives Court Approval of “First Day” Motions to Support Business

Obtains Interim Approval to Access $15.5 Million of DIP Financing from Johnson Controls Company Authorized to Continue Payment of Employee Wages, Salaries and Benefits

WALTHAM, Mass., Oct. 19, 2012 /PRNewswire/ — A123 Systems, Inc. (Nasdaq: AONE) (“A123” or “the Company”), a developer and manufacturer of advanced Nanophosphate® lithium iron phosphate batteries and systems, today announced that yesterday the United States Bankruptcy Court for the District of Delaware (the “Court”) granted the Company’s request for certain “first day” orders that help support its business.

The Court granted A123 interim approval to use $15.5 million of its $72.5 million Debtor-in Possession (“DIP”) financing from Johnson Controls, Inc. (NYSE: JCI) (“Johnson Controls”) to support the Company’s operations throughout the transaction process. A court hearing for final approval of the DIP has been scheduled for October 30, 2012. The Company also received approval to, among other things, continue paying employee wages, salaries, benefits and other employee obligations.

As previously announced, A123 entered an asset purchase agreement with Johnson Controls, in which Johnson Controls expects to acquire A123’s automotive business assets.  A123 also continues to engage in active discussions regarding strategic alternatives for its grid, commercial, government and other operations, and has received several indications of interest for these businesses. To facilitate the transaction process, A123 and all of its U.S. subsidiaries filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware. The Company’s subsidiaries located outside the U.S. were not included in the filings.

Additional information, including the terms of the Company’s updated DIP agreement with Johnson Controls, which is expected to be filed shortly, is available on A123’s website at www.a123systems.com or by calling A123’s Restructuring Hotline, toll-free in the U.S., at 1-800-224-7654. For calls originating outside the U.S., please dial +1 973-509-3190. Court documents and additional information can be found at a dedicated website administrated by the Company’s Claims Agent, Logan & Company: www.loganandco.com.

Latham & Watkins LLP and Richards, Layton & Finger are serving as legal advisors, Lazard is serving as financial advisor, and Alvarez & Marsal is serving as restructuring advisor to A123.

About A123 Systems

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

Safe Harbor Disclosure

This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended that are subject to risks, uncertainties and other important factors, including statements with respect to the expected benefits of A123’s proposed asset sale and financing transactions with Johnson Controls, the potential of the transactions and Chapter 11 filing to create value for A123 and its stakeholders, the satisfaction of conditions to closing of the transactions, the anticipated growth of the market for energy efficient vehicles, the expectation that a Chapter 11 filing will enable A123 to sell its automotive and other assets in an orderly manner and maximize value to its stakeholders, and the necessity of bankruptcy court and other approvals, including antitrust and other regulatory approvals, to conduct and complete the transactions and other potential asset sales. Among the factors that could cause actual results to differ materially from those indicated by such forward-looking statements are: failure to obtain required bankruptcy court and other approvals, failure to satisfy the conditions to closing of the transactions, delays in the development of A123’s products, adverse economic conditions in general and adverse economic conditions specifically affecting the markets in which A123 and Johnson Controls operate, and other risks detailed in A123 Systems’ quarterly report on Form 10-Q for the quarter ended June 30, 2012 and other publicly available filings with the Securities and Exchange Commission. All forward-looking statements reflect A123’s expectations only as of the date of this release and should not be relied upon as reflecting A123’s views, expectations or beliefs at any date subsequent to the date of this release.

Rambus (RMBS) Reports Third Quarter Financial Results

Revenue of $57.5 million; GAAP net loss of $0.52 a share; Non-GAAP net income of $0.08 per share

Rambus Inc. (NASDAQ:RMBS), one of the world’s premier technology licensing companies, today reported financial results for the third quarter ended September 30, 2012.

GAAP Financial Results:

Revenue for the third quarter of 2012 was $57.5 million, up 2% sequentially from the second quarter of 2012. This quarter-over-quarter increase was primarily due to recognition of one-time royalty revenue during the third quarter of 2012 from patent license agreement with Fujitsu. As compared to the third quarter of 2011, revenue was down 43% primarily due to recognition of one-time royalty revenue during the third quarter of 2011 from patent license agreements signed in the second and third quarter of 2011, lower royalties reported by certain licensees and a decrease in contract revenue. The decreased revenue for the third quarter of 2012 as compared to the prior year period was partially offset by revenue recognized from various new patent license agreements signed in 2012.

Revenue for the nine months ended September 30, 2012 was $176.6 million, down 23% from the same period last year, for the same reasons as discussed above.

Total operating costs and expenses for the third quarter of 2012 were $104.6 million, which included $2.6 million of general litigation expenses, $5.1 million of stock-based compensation expenses, $6.6 million of restructuring charges, $35.5 million of impairment of goodwill and long-lived assets, $8.0 million of amortization expenses and $4.4 million of retention bonuses from past business acquisitions. This is compared to total operating costs and expenses for the second quarter of 2012 of $78.0 million, which included general litigation expenses of $4.5 million, $6.2 million of stock-based compensation expenses, $7.9 million of amortization expenses and $7.7 million of acquisition-related deal costs and retention bonuses from past business acquisitions. Total operating costs and expenses for the third quarter of 2011 were $89.5 million, which included general litigation expenses of $23.5 million, $7.2 million of stock-based compensation expenses, $6.9 million of amortization expenses and $7.7 million of acquisition-related deal costs and retention bonuses from past business acquisitions.

Total operating costs and expenses for the nine months ended September 30, 2012 were $263.0 million, which included $11.2 million of general litigation expenses, $18.0 million of stock-based compensation expenses, $6.6 million of restructuring charges, $35.5 million of impairment of goodwill and long-lived assets, $23.5 million of amortization expenses and $21.5 million of acquisition-related deal costs and retention bonuses from past business acquisitions. This is compared to total operating costs and expenses for the nine months ended September 30, 2011 of $212.4 million, which included a $6.2 million gain related to the Samsung settlement, $44.2 million of general litigation expenses, $21.5 million of stock-based compensation expenses, $12.9 million of amortization expenses and $14.0 million of acquisition-related deal costs and retention bonuses from past business acquisitions. The change in total operating costs and expenses was primarily attributable to the impairment of goodwill and long-lived assets and restructuring charge taken during the third quarter of 2012, higher acquisition-related deal costs, retention bonuses and amortization expenses for business acquisitions, a lack of any gain from settlement, partially offset by lower general litigation expenses.

Net loss for the third quarter of 2012 was $58.1 million as compared to net loss of $32.2 million in the second quarter of 2012 and net income of $0.5 million in the third quarter of 2011. Diluted net loss per share for the third quarter of 2012 was $0.52 as compared to diluted net loss per share of $0.29 in the second quarter of 2012 and diluted net income per share of $0.00 in the third quarter of 2011.

Net loss for the nine months ended September 30, 2012 was $118.2 million as compared to a net loss of $14.3 million for the same period of 2011. Diluted net loss per share for the nine months ended September 30, 2012 was $1.07 as compared to a diluted net loss per share of $0.13 for the same period of 2011.

The Company updated the amount of the pre-tax charge it expects to record in the third quarter of 2012 in relation to its restructuring program announced on August 22, 2012. The charge is primarily driven by the reduction of overall corporate expenses which is expected to improve future profitability while refining some of the Company’s research and development efforts. The Company recorded a pre-tax charge of approximately $6.6 million during the third quarter of 2012 related primarily to the reduction in workforce, which included approximately $1.8 million in early termination payments to certain employees related to their previous retention bonus arrangements.

Additionally, the Company recorded a non-cash charge for the impairment of goodwill and long-lived assets within its Lighting and Display Technology division of approximately $35.5 million in the third quarter of 2012. The Company conducted this impairment review under the accounting rules as a result of the change in business strategy with less focus on display technology licensing and an increased focus on its general lighting technologies. Under generally accepted accounting principles, when indicators of potential impairment are identified, companies are required to conduct a review of the carrying amounts of goodwill and other long-lived assets to determine if impairment exists.

Non-GAAP Financial Results (1):

Customer licensing income in the third quarter of 2012 was $62.4 million, up 9% sequentially from the second quarter of 2012 for the reasons set out in the Company’s discussion of GAAP financial results above. As compared to the third quarter of 2011, customer licensing income was down 32% due to several factors, including recognition of one-time royalty revenue during the third quarter of 2011 from patent license agreements signed in the second and third quarter of 2011, lower royalties reported by certain licensees and the absence of new development contracts. This decline was partially offset by revenue recognized from various new patent license agreements signed in 2012. Customer licensing income for the nine months ended September 30, 2012 was $185.1 million as compared to $233.3 million in the same period of 2011 for the same reasons.

Total non-GAAP operating costs and expenses in the third quarter of 2012 were $45.0 million, which included general litigation expenses of $2.6 million. This is compared to total non-GAAP operating costs and expenses for the second quarter of 2012 of $56.0 million, which included general litigation expenses of $4.5 million. Total non-GAAP operating costs and expenses in the third quarter of 2011 were $66.8 million, which included general litigation expenses of $23.5 million. Non-GAAP operating costs and expenses for the nine months ended September 30, 2012 were $157.7 million as compared to $167.4 million in the same period of 2011 due primarily to lower litigation expenses, partially offset by higher headcount related costs from the increase in employee headcount attributable to business acquisitions and higher consulting costs.

Non-GAAP net income in the third quarter of 2012 was $9.0 million as compared to non-GAAP net loss of $1.1 million in the second quarter of 2012 and non-GAAP net income of $14.0 million in the third quarter of 2011. Non-GAAP diluted net income per share was $0.08 in the third quarter of 2012 as compared to non-GAAP diluted net loss per share of $0.01 in the second quarter of 2012 and non-GAAP net income of $0.12 in the third quarter of 2011. Non-GAAP net income for the nine months ended September 30, 2012 was $11.5 million as compared to $36.6 million in the same period of 2011. Non-GAAP diluted net income per share was $0.10 for the nine months ended September 30, 2012 as compared to non-GAAP diluted net income per share of $0.33 for the nine months ended September 30, 2011.

Other Financial Highlights:

Cash, cash equivalents, and marketable securities as of September 30, 2012 were $207.1 million, an increase of approximately $3.9 million from June 30, 2012 as a result of positive cash flows provided from operating activities.

During the third quarter of 2012, the Company recorded an income tax provision of approximately $3.9 million. As the Company continues to maintain a full valuation allowance against its U.S. deferred tax assets, the Company’s tax provision consists of primarily foreign withholding taxes, current state taxes and foreign taxes.

The Company will host a conference call at 2:00 p.m. PT today to discuss its financial results. The call, audio and slides will be available online at http://investor.rambus.com/events.cfm. A replay will be available following the call on Rambus’ Investor Relations website for one week at the following numbers: (855) 859-2056 (domestic) or (404) 537-3406 (international) with ID# 38404730.

(1) Non-GAAP Financial Information:

In the commentary set forth above and in the financial statements included in this earnings release, the Company presents the following non-GAAP financial measures: customer licensing income, operating costs and expenses, operating income (loss) and net income (loss). In computing each of these non-GAAP financial measures, the Company combined revenue, other patent royalties received but not recognized as revenue and gain from settlement, and excluded charges or gains relating to: stock-based compensation expenses, acquisition-related deal costs and retention bonus expense, amortization expenses, costs of restatement and related legal activities, restructuring charges, impairment charges and non-cash interest expense. The non-GAAP financial measures disclosed by the Company should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP, and the financial results calculated in accordance with GAAP and reconciliations from these results should be carefully evaluated. Management believes the non-GAAP financial measures are appropriate for both its own assessment of, and to show investors, how the Company’s performance compares to other periods. The non-GAAP financial measures used by the Company may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies. Reconciliation from GAAP to non-GAAP results is included in the financial statements contained in this release.

The Company’s non-GAAP financial measures reflect adjustments based on the following items:

Customer licensing income. Customer licensing income includes the Company’s measure of the total cash royalties received from its customers under its licensing agreements with them. Prior to the second quarter of 2011, the Company bifurcated royalty payments that it received from Samsung between revenue and gain from settlement, which was reflected as reducing operating expenses. The Company has combined revenue from its customers, including Samsung, and the gain from the Samsung settlement as customer licensing income to reflect the total amounts received from all of its customers for the periods presented. In addition, customer licensing income includes other patent royalties received but not recognized as revenue. In the second quarter of 2011, a one-time receipt of a patent royalty payment from a customer was not recognized as revenue as not all revenue recognition criteria were met during the period. Upon meeting all of the revenue recognition criteria, the Company recognized this cash payment as revenue in the third quarter of 2011. In the third quarter of 2012, a receipt of a patent royalty payment from a customer was not recognized as revenue as not all revenue recognition criteria were met during the period. Additionally, since the third quarter of 2011, the Company received patent royalty payments from certain patent license agreements assumed in the acquisition of CRI which were treated as favorable contracts. Cash received from these acquired favorable contracts reduced the favorable contract intangible asset on the Company’s balance sheet. The Company has combined these cash royalty payments as customer licensing income to reflect the total amounts received from its customers.

Stock-based compensation expense. These expenses consist primarily of expenses related to employee stock options, employee stock purchase plans, and employee non-vested equity stock and non-vested stock units. The Company excludes stock-based compensation expense from its non-GAAP measures primarily because they are non-cash expenses that the Company does not believe are reflective of ongoing operating results. Additionally, given the fact that other companies may grant different amounts and types of equity awards and may use different option valuation assumptions, excluding stock-based compensation expense permits more accurate comparisons of the Company’s results with other peer companies.

Acquisition-related deal costs and retention bonus expense. These expenses include all direct costs of certain acquisitions and the current periods’ portion of any retention bonus expense associated with the acquisitions. The Company excludes these expenses in order to provide better comparability between periods.

Restructuring charges. These charges may consist of severance, contractual retention payments, exit costs and other charges and are excluded because such charges are not directly related to ongoing business results and do not reflect expected future operating expenses.

Impairment of goodwill and long-lived assets. These charges consist of non-cash charges to goodwill and long-lived assets and are excluded because such charges are non-recurring and do not reduce the Company’s liquidity.

Amortization expense. The Company incurs expenses for the amortization of intangible assets in connection with acquisitions. The Company excludes these items because these expenses are not reflective of ongoing operating results in the period incurred. These amounts arise from the Company’s prior acquisitions and have no direct correlation to the core operation of the Company’s business.

Costs of restatement and related legal activities. These expenses consist primarily of investigation, audit, legal and other professional fees related to the 2006-2007 stock option investigation and related litigation, as well as recoveries received from third parties. The Company excludes these costs and recoveries from its non-GAAP measures primarily because the Company believes that these non-recurring costs and recoveries have no direct correlation to the core operation of the Company’s business.

Non-cash interest expense. The Company incurs non-cash interest expense related to its convertible notes. The Company excludes non-cash interest expense related to its convertible notes to provide more accurate comparisons of the Company’s results with other peer companies and to more accurately reflect the Company’s ongoing operations.

Income tax adjustments. For purposes of internal forecasting, planning and analyzing future periods that assumes net income from operations, the Company estimates a fixed, long-term projected tax rate of approximately 36 percent. Accordingly, the Company has applied the 36 percent tax rate to its non-GAAP financial results to assist the Company’s planning for future periods.

On occasion in the future, there may be other items, such as significant gains or losses from contingencies that the Company may exclude in deriving its non-GAAP financial measures if it believes that doing so is consistent with the goal of providing useful information to investors and management.

About Rambus Inc.:

Rambus is one of the world’s premier technology licensing companies. As a company of inventors, Rambus focuses on the development of technologies that enrich the end-user experience of electronic systems. Additional information is available at www.rambus.com.

RMBSFN

National Graphite (NGRC) Secures $2,500,000 Financing Commitment

LAS VEGAS, Oct. 18, 2012 /PRNewswire/ — National Graphite Corp. (OTCBB: NGRC) is pleased to announce that it has entered into an equity financing agreement for up to $2,500,000 with a private investment group.

The Company will receive up to $2,500,000 by issuing restricted common shares. The Company can draw down the financing in tranches of $250,000 each. The price of the shares being issued will be determined by a 10% discount to the average daily trading price of the company’s shares over the previous five day period.

“The Company is pleased with the financing agreement as these funds will allow us to accelerate the advancement of the Chedic Graphite Mine back into production,” stated the President of the Company.

As part of the terms of the financing, management have agreed to cancel 8,000,000 of their common shares in order to minimize dilution as a result of this transaction.

To date, National Graphite Corp. has received an aggregate amount of over $1,000,000 from the issuance of common stock to investors who are “accredited investors,” as defined under the Securities Act.

About National Graphite Corp.

National Graphite Corp. is an American based graphite development company focused on bringing the Chedic Graphite Mine back into commercial production to supply the fast growing graphite mineral market. The mineral is used in the manufacture of Lithium-ion batteries and is considered critical to U.S. industry sectors like Consumer Electronics, Green Technology and Alternative Energy. National Graphite is committed to long-term sustainable graphite production within North American.

For more information, visit our website at: nationalgraphitecorp.com. or Contact the Company at 1-702-839-4029

This information is not an offer to purchase, a solicitation of an offer to purchase or a solicitation of consent with respect to any securities. Additional details of the Company’s business, finances, appointments and agreements can be found as part of the Company’s continuous public disclosure as a reporting issuer under the Securities Exchange Act of 1934 filed with the Securities and Exchange Commission’s (“SEC”) EDGAR database.

“Safe Harbor” Statement:

Under The Private Securities Litigation Reform Act of 1995: The statements in the press release that relate to the Company’s expectations with regard to the future impact on the Company’s results from new products in development are forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995.  Notice Regarding Forward Looking Statements -This press release includes forward-looking statements that involve a number of risks and uncertainties, including the success of the programs it is commercializing and developing. Further, the risks involve the ability of the Company to raise capital to fund its operations and the capital requirements for the development and marketing of its products.  Investors are encouraged to review the risk factors listed or described from time to time in the Company’s filings (10K, 10Q’s, S-1 and others) with the Securities and Exchange Commission.

Prospect Global (PGRX) Cost Feasibility Study Confirms Potash Project’s Strong Economics

On track to meet 2012 goals; timing in line for bankable feasibility study in 2013

DENVER, Oct. 18, 2012 /PRNewswire/ — Prospect Global Resources Inc. (NASDAQ: PGRX) announced that a new interim engineering report shows the Company to be on track to meet key targets within previous expectations as to capital and operating expenses, infrastructure, permitting, and site plan for its American West Potash project in Holbrook, AZ.

According to the report, a cost feasibility study by the international engineering firm of Tetra Tech Inc., key capital expense elements are in line with 2012 expectations, and operating expenses are comfortably within confidence levels set by the December 2011 preliminary economic assessment.  The changes to capital expense and operating expense include more focus on potash recovery, reliability and optimization. Prospect Global believes that the bankable feasibility study in 2013 will increase resources and optimize the mine plan.

The interim report is another milestone on Prospect Global’s path to demonstrate that the Holbrook Basin project, a promising potash field in the Holbrook Basin of eastern Arizona, will be globally competitive. Another important step, the bankable feasibility study, is scheduled for the first half of 2013, in line with Company expectations.

Patrick Avery, CEO of Prospect Global, commented: “This full interim report, focusing on capital and operating expenses, is a welcome confirmation of our progress. We are meeting key technical and operational milestones to build a world class project. We also have made great advances in our site plan, permitting, and infrastructure.”

So far, the Company has hit the following operational targets:

• Process design parameters and process flow diagrams have been set.
• Equipment lists have been prepared and are in final vendor selection.
• Detailed engineering has begun and drawings prepared.
• Conducted detailed mine planning with Vulcan software on the KR-2 bed.
• Completed 2012 drilling program on time and on budget.

This Press Release may include forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from projections or estimates contained herein. Factors that could cause actual results to differ materially from projections or estimates include, among others, potash prices, economic and market conditions, as well as the additional risks described in our filings with the SEC, including our Annual Report on Form 10-K for the year ended March 31, 2012 and our Prospectus dated June 29, 2012. Most of these factors are beyond our ability to predict or control. The forward looking statements are made as of today’s date and, except as required under applicable securities legislation, we do not assume any obligation to update any forward-looking statements. You are cautioned not to put undue reliance on forward-looking statements.

About Prospect Global Resources Inc.:
Prospect Global Resources Inc. is a Denver based company engaged in the exploration and development of a large, high-quality potash deposit located in the Holbrook Basin of eastern Arizona.

Deyu Agriculture (DEYU) Expands Board of Directors, Appoints New President

BEIJING, Oct.18, 2012 /PRNewswire-FirstCall/ — Deyu Agriculture Corp. (OTCBB: DEYU) (the “Company“), a Beijing, China based vertically integrated producer, processor, marketer and distributor of organic and other agricultural products made from corn and grains, today announced that effective October 11, 2012, the Board expanded the number of members serving on the Company’s Board from five to seven in accordance with the Company’s Bylaws, and subsequently filled the vacancies created by the expansion by appointing Mr. Greg Chen and Mr. Jan Poulsen to serve on the Board until the next following annual meeting of the stockholders of the Company, at which such directors shall be eligible for election by the stockholders.

Additionally, Mr. Chen was appointed the President of Deyu, where his responsibilities shall include assisting the Company with its international and domestic market development, enhancing the Company’s investor relations programs and the execution of those programs and assisting the Company with its corporate and operational strategies and business planning.

Also effective October 11, 2012, Mr. Longjiang Yuan resigned as a member of Deyu’s Audit Committee, and Mr. Poulsen was appointed to serve on the Audit Committee. Mr. Yuan will still serve as a Board member of the Company.

“We are excited to have Greg and Jan join our Board, and to appoint Greg as President,” said Jianming Hao, Chief Executive Officer and Chairman of Deyu. “Greg’s proven record of growing brands and companies, plus Jan’s deep experience in asset management and business development, will be instrumental to our future growth. In particular, we are looking forward to Greg and Jan assisting us with the launch of a series of investor relations programs in the near future that we are confident will help us garner more attention from the investment community and maximize shareholder value.

“We truly appreciate the support of our shareholders, and we are determined to better reward those of whom stay the course with their investments in Deyu,” continued Mr. Hao. “All of us at Deyu are optimistic about our future and our team is prepared to capitalize on the many opportunities that we see on the horizon, and with the added support of Greg and Jan, we believe now is an ideal time to increase awareness in the investment community of our growing business through extensive investor relation programs geared towards further strengthening and rewarding our shareholder base.”

Mr. Chen has over fifteen (15) years of international business strategy, development and management experience in the investment, fine arts, media, technology and manufacturing sectors. Prior to joining the Company, Mr. Chen has served as Chief Executive Officer of the P-Media Group, a company providing commercial promotion and marketing strategies and related services in China, since August 2009. From May 2007 to July 2009, Mr. Chen served as Director of China Operations for Capital Market Services Inc, a New York based financial firm, to oversee its China strategy development and operations. Prior to May 2007, Mr. Chen served as Managing Director of Titian International Inc, an international business development services firm. Mr. Chen was instrumental in the first major global Chinese contemporary art exhibition by Sotheby’s in 2006, a ground-breaking event in the international contemporary art landscape. Educated in US and China, Mr. Chen is fluent in Mandarin, has a Masters of Science degree in EE/Control-Theory.

Mr. Poulsen has over twenty (20) years of management experience working for international organizations within the food & beverage industry and from the auditing firm PricewaterhouseCoopers. Mr. Poulsen has extensive experience in a wide variety of areas including financial management, strategy and business development, M&A activities, turnaround expertise as well as technology implementations. Since August 2011, Mr. Poulsen has served as an M&A advisor for H.T. Capital, an investment bank in New York. From 2001 to August 2011, Mr. Poulsen had various management positions at Arla Foods, a global company within the dairy industry. Mr. Poulsen served as the Chief Financial Officer for Arla Foods Inc. in the USA from September 2009 to August 2011, as the Finance Manager and Business Development Manager from 2006 until August 2009, and as Project Manager for Group Finance from 2001 to 2006. Mr. Poulsen has a Masters of Science in Business Administration and an Auditing degree from Aarhus School of Business in Aarhus, Denmark, extensive leadership education from Columbia University and IMD in Switzerland. Mr. Poulsen is deemed an independent director of the Company and is deemed an “audit committee financial expert”.

About Deyu Agriculture

Deyu Agriculture Corp. is a vertically integrated producer, processor, marketer and distributor of organic and other agricultural products made from corn and grains operating in Shanxi Province of the People’s Republic of China. The Company has access to over 109,000 acres of farmland in Shanxi Province for breeding, cultivating, processing, warehousing and distributing grain and corn products. Deyu has an extensive wholesale network in over 15 provinces and a retail distribution network of approximately 20,000 supermarkets and convenience stores in 29 provinces across China. Deyu’s facilities include advanced production lines and modern warehouses with a total production capacity of over 105,000 tons for grain products, storage capacity of over 100,000 tons and annual turnover of 700,000 tons for corn products. The Company’s website is located at www.deyuagri.com.

Safe Harbor Statements

This press release contains forward-looking statements made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward looking statements are based upon the current plans, estimates and projections of Deyu’s management and are subject to risks and uncertainties, which could cause actual results to differ from the forward looking statements. Such statements include, among others, those concerning market and industry segment growth and demand and acceptance of new and existing products; any projections of sales, earnings, revenue, margins or other financial items; any statements of the plans, strategies and objectives of management for future operations; any statements regarding future economic conditions or performance; uncertainties related to conducting business in China, as well as all assumptions, expectations, predictions, intentions or beliefs about future events. Therefore, you should not place undue reliance on these forward-looking statements. The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: business conditions in China, general economic conditions; geopolitical events and regulatory changes, availability of capital, changes in the agricultural industry, the Company’s ability to maintain its competitive position. Additional Information regarding risks can be found in the Company’s quarterly and annual reports filed with the U.S. Securities and Exchange Commission at www.sec.gov.

Investor Contact:

Mr. Kevin Fickle, President
NUWA Group LLC
Tel: +1-925-330-8315
Email: kevin@nuwagroup.com

Company Contact:

Mr. Greg CHEN, President
Deyu Agriculture Corp.
Tel: 1-646-820-8085
Email: gregchen@china-deyu.com

Ms. Amy He, Chief Financial Officer
Deyu Agriculture Corp.
Tel: +86-10-5224-1802 X389
Email: amy@china-deyu.com

GreeneStone (GRST) Seeks Amex Listing – New Report Confirms Demand

GreeneStone Healthcare Corporation (OTCBB: GRST) (“GreeneStone” or “the Company”) announces today that it will begin the process of applying to the New York Stock Exchange (“NYSE”) to list on the NYSE-Amex exchange. The Company’s recent performance has brought the Company to, or near to, the levels required to meet the listing requirements for the NYSE-Amex under its Standard 3 definitions. It is anticipated that the Company will meet all the requirements at the time it has completed the application process. The Company has determined that the NYSE-Amex listing will best serve the Company’s needs to attract capital to support its recently announced ‘build and buy’ expansion strategy. The ‘build and buy’ expansion strategy is designed to stay ahead of the market to take advantage of the green field opportunity in Canada and the ever growing demand in the US in the underserviced mental healthcare sector. The focus of the expansion strategy is to reach the 300 bed level in its in-patient addiction treatment business in the next twenty-four months.

A recently released report has emphasized the huge demand that the Company has identified. The report was released on October 10th, 2012 by the Institute for Clinical Evaluation Sciences (ICES) and Public Health Ontario. The report demonstrates that “the burden of mental illness and addictions in Ontario is more than 1.5 times that of all cancers and more than seven times that of all infectious diseases.” The report goes on to say “five conditions have the highest impact on the life and health of Ontarians: depression, bipolar disorder, alcohol use disorders, social phobia and schizophrenia.” Research has shown that mental disorders and addictions are very prevalent (e.g. one in five Canadians will experience a mental disorder each year) and cost Canada billions of dollars (e.g. forty to fifty billion dollars annually). This study confirms that the burden of mental disorders and addictions is very high and outstrips the burden of many physical illnesses. “This report does not surprise me, the numbers are staggering”, stated Shawn Leon CEO of the Company. “ The awareness of mental health is growing and we are set to carve out a niche in this sector” he added. ICES is an independent, non-profit organization that produces knowledge to enhance the effectiveness of health care for Ontarians. The summary (6 pages) and the full report are available on the ICES web site at

http://www.ices.on.ca/webpage.cfm?site_id=1&org_id=31&morg_id=0&gsec_id=0&item_id=7718

Follow GreeneStone Healthcare Corp. and the company’s activities at the following Facebook sites:
GreeneStone Muskoka: https://www.facebook.com/pages/GreeneStone-Muskoka/510641255628356
GreeneStone Yorkville: https://www.facebook.com/pages/GreeneStone-Yorkville/452197614820117

About GreeneStone Healthcare Corporation

GreeneStone is a provider of mental health services, specializing in the areas of addiction treatment, eating disorders, nutrition and weight loss, and executive healthcare. GreeneStone is a new company in the behavioral treatment sector in Canada, an industry that has been well developed in the US but remains in its early evolutionary stages in Canada. GreeneStone is among the many nascent healthcare companies re-defining the healthcare space for the modern economy, which include Roche Holding Ltd. (OTCQB: RHHBY), Sarepta Therapeutics Inc. (NASDAQ: SRPT), Nektar Therapeutics (NASDAQ: NKTR), Celldex Therapeutics, Inc. (NASDAQ: CLDX), Achillion Pharmaceuticals, Inc. (NASDAQ: ACHN), Zogenix, Inc. (NASDAQ: ZGNX). The company operates medical and healthcare clinics in Ontario, Canada, serving a North American and international clientele. GreeneStone’s clinics meet several ends: (1) GreeneStone adds overflow capacity to an increasingly stretched public healthcare system in Canada, (2) GreeneStone mental health clinics provide private alternatives to publicly available but highly underserviced healthcare subsectors, and (3) GreeneStone meets newly developing healthcare needs undisturbed by the public/private market, such as eating disorders. The company is headquartered in Toronto, Canada.

Notice Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934 (the “Exchange Act”). To the extent that any statements made in this press release contain information that is not historical, these statements are essentially forward-looking. Forward-looking statements can be identified by the use of words such as “expect,” “plan,” “will,” “may,” “anticipate,” “believe,” “should,” “intend,” “estimate,” and variations of such words. Forward-looking statements are subject to risks and uncertainties that cannot be predicted or quantified and, consequently, actual results may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, without limitation, those risks and uncertainties contained in this press release and those identified in the periodic reports that the company files with the Securities and Exchange Commission (the “SEC”) pursuant to the Exchange Act.

Investor information and email sign-up:
http://www.greenestoneinvestor.com

KIT digital (KITD) Gets Bloomberg on Air in Mongolia

LONDON and ULAN BATOR, MONGOLIA — (Marketwire) — 10/17/12 — KIT digital, Inc., (NASDAQ: KITD), a leading video management software and services company, working in partnership with the Trade & Development Bank (TDB) of Mongolia, today announced that leading business broadcaster Bloomberg Television has launched Bloomberg TV Mongolia, the first international news operation based in one of the fastest-growing investment environments in Asia. The HD channel went on air on the 8th of October 2012, using a tightly integrated production and playout platform designed and built by KIT digital.

The production team, including more than 30 local journalists trained by Bloomberg, will create five hours of content each week reflecting the business world in Mongolia and the Asia-Pacific region. The rest of the channel output, which can be seen on cable television as well as on the national digital terrestrial platform, will be derived from Bloomberg’s international content. This includes the pan-Asia Bloomberg feed as well as content from London, with BTV Mongolia adding its own graphics and tickers as well as realtime translation from other languages. BTV Mongolia will also provide information on the Mongolian market to other Bloomberg services, providing a unique insight.

“We are honoured to be a part of this exciting launch, and to be able to offer our experience and expertise in broadcast journalism to an important region,” said Parry Ravindranathan, Head of Bloomberg Television for Asia-Pacific. “Our partnership with The Trade & Development Bank of Mongolia is part of our momentum in establishing strategic long-term partnerships in Asia which we believe will enhance market transparency in local markets.”

The system in Ulan Bator combines studio production with fast turnaround editing and graphics to package content for different services. Automated graphics technology from Vizrt is an important element in localising the international content.

Bloomberg is a pioneering user of the FIMS (framework for interoperable media systems) standard to speed systems integration in file-based workflows, and it is an important part of the interface between the local system and the international content repository in London. Work on the project began in April 2012, with a tight timescale of just six months to create the whole system and complete training and rehearsals for the launch.

“This was a project where our integration skills were brought to bear on a typical modern challenge: the need to create a highly productive, highly flexible environment which could be operated intuitively by journalists and technicians in a new venture,” said Nicole Dixon, Managing Director of KIT digital Asia-Pacific. “In a rapidly changing media world, agility is critical if opportunities are to be seized as they are presented. The Trade & Development Bank of Mongolia had the rare opportunity to work with Bloomberg on a dedicated channel, and wanted it on air as quickly as possible to stake its claim in the local broadcast environment as it is refined. We were delighted to make that project happen.”

About KIT digital, Inc.
KIT digital (NASDAQ: KITD) is a leading video management software and services company. Cosmos and Cloud, the company’s video asset management systems, enable leading broadband media companies to produce, manage and deliver multiscreen socially-enabled video experiences to audiences wherever they are. KIT digital services nearly 2,500 clients in 50+ countries including some of the world’s biggest brands, such as Airbus, The Associated Press, AT&T, BBC, BSkyB, Disney-ABC, Google, HP, Mediaset, MTV, News Corp, RCS Media Group, Sky Deutschland, Sky Italia, Telecom Argentina, Telecom Italia, Telefonica O2, Universal Studios, Verizon, Vodafone, VRT and Volkswagen. KIT digital maintains headquarters in New York City and offices in more than a dozen countries around the world. Visit the company at www.kitd.com or follow on Twitter at www.twitter.com/KITdigital

About Bloomberg Television
Bloomberg Television, an award-winning, multi-platform 24-hour business and financial news network, provides continuous coverage of the people, companies and ideas that move global markets. Broadcasting from centers in New York, London, Singapore and Hong Kong and powered with an unparalleled news gathering team of 2,300 news professionals in 146 bureaus across 72 countries worldwide, Bloomberg Television delivers real-time business news to over 310 million households globally. In addition to major cable and satellite providers, Bloomberg.com and Bloomberg Mobile, the network is available on the Bloomberg Professional service, used by the most influential individuals, corporations, financial institutions, investors and the world’s central banks, commercial banks, government agencies, legal professionals and news organizations. With Asia being one of the most active growth regions in the world, Bloomberg Television is delivering more local content, and fast, accurate, unbiased, market-moving news from market makers in Asia. For more information on Bloomberg Television, please visit www.bloomberg.com/tv and follow us on Twitter (@BloombergTV) and Facebook.

About Trade & Development Bank of Mongolia
Trade & Development Bank of Mongolia TDB, with its leading position in universal banking, offers a full range of services, including large corporate, SME and retail lending and acts as a primary lender to most of the country’s leading corporations. The Bank has consolidated its market-leading position in the handling of international trade finance and remittance, with access to credit lines from major international lenders and correspondent banking relationships with over 150 international financial institutions. TDB offers over 100 types of international standard banking products and has about 1000 highly qualified staff providing personal attention and user friendly banking services through a network of 43 branches and settlement centers. TDB is undoubtedly the major player in the financial and banking markets as well as a major innovator of the Mongolian financial sector. In 2004, TDB was the first bank in the country to receive the investment from the Asian Development Bank (ADB) and International Finance Corporation (IFC). In 2006 TDB became the first commercial bank in Mongolia rated by Moody’s Investors Service. The Bank continuously increases its income figures and asset size.

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KIT digital Media Contact:
Werbayne McIntyre
Interim SVP, Global Marketing and Communications
Tel. +44 7590 554 845
Email Contact

KIT digital Investor Contact:
Murray Arenson
SVP, Investor Relations & Corporate Initiatives
Tel. +1-646-553-4900

NovaCopper (NCQ) Continues to Intercept High-Grade Copper Mineralization

NovaCopper Continues to Intercept High-Grade Copper Mineralization at the South Reef Zone of the Bornite Deposit

VANCOUVER, BRITISH COLUMBIA — (Marketwire) — 10/17/12 — NovaCopper Inc. (TSX:NCQ)(NYSE MKT:NCQ)(NYSE Amex:NCQ) (“NovaCopper” or “the Company”) is pleased to announce additional significant results from exploration diamond drilling at the South Reef Zone of the Bornite Property, one of its Upper Kobuk Mineral Projects (“UKMP”) located in the Ambler mining district of Northwest Alaska. This is the third set of drill results, comprised of five drill holes, and is in addition to the six drill holes which were released by the Company on September 12, 2012 and the four drill holes which were released by the Company on September 25, 2012. During the recently completed drilling program, the Company drilled 22 holes at the South Reef Zone of the Bornite Property comprising 15,457 meters. Additional drill results are anticipated to be released regularly over the next couple of months, as they become available.

Highlights

Four holes intersected significant high-grade copper mineralization:

At a cutoff grade of 1.0% copper the results are as follows:

--  RC12-209 intersected four mineralized intervals starting at 667.5
    meters, totaling 71.2 meters, within a composite total of 97.2 meters,
    at a grade of 3.66% copper, which is comprised of:
    --  14.9 meters at a grade of 1.68% copper;
    --  28.8 meters at a grade of 3.79% copper;
    --  15.2 meters at a grade of 5.94% copper; and
    --  12.3 meters at a grade of 2.93% copper.

--  RC12-207 intersected one mineralized interval starting at 540.0 meters,
    totaling 11.7 meters at a grade of 5.02% copper.

--  RC12-206 intersected two mineralized intervals starting at 516.6 meters,
    totaling 12.2 meters, within a composite total of 144.6 meters, at a
    grade of 4.80% copper, which is comprised of:
    --  8.0 meters at a grade of 4.44% copper; and
    --  4.2 meters at a grade of 5.50% copper.

--  RC12-205 intersected two mineralized intervals starting at 621.2 meters,
    totaling 22.9 meters, within a composite total of 26.0 meters, at a
    grade of 2.60% copper, which is comprised of:
    --  14.3 meters at a grade of 2.67% copper; and
    --  8.6 meters at a grade of 2.48% copper.

At a cutoff grade of 0.5% copper the results are as follows:

--  RC12-209 intersected one mineralized interval starting at 667.5 meters,
    totaling 122.6 meters at a grade of 2.44% copper.

--  RC12-207 intersected one mineralized interval starting at 540.0 meters,
    totaling 11.7 meters at a grade of 5.02% copper.

--  RC12-206 intersected two mineralized intervals starting at 516.6 meters,
    totaling 13.1 meters, within a composite total of 144.6 meters, at a
    grade of 4.52% copper, which is comprised of:
    --  8.0 meters at a grade of 4.44% copper; and
    --  5.1 meters at a grade of 4.64% copper.

--  RC12-205 intersected one mineralized interval starting at 618.1 meters,
    totaling 46.8 meters at a grade of 1.58% copper.

--  RC12-208 was terminated at a depth of approximately 200 meters below
    surface due to unfavorable ground conditions.

“We are delighted with these results, which have now expanded the high-grade copper mineralization at the South Reef Zone in three directions. The fact that the system remains open to the north, east and southwest is highly encouraging,” said Rick Van Nieuwenhuyse, NovaCopper’s President and Chief Executive Officer. “The 71 meters of 3.66% in drill hole RC12-209 along the northeast edge of the deposit is a particularly exciting result given that it supports our hypotheses that the northeast portion of the South Reef Zone hosts the longest intervals of high-grade copper mineralization. As we move our drilling to the north and northeast, we will continue to target this high-grade copper mineralization along strike.”

To date, drilling at South Reef has outlined a 300-meter by 700-meter northeast trending zone of mineralization. Copper mineralization remains open to the north and east and to the southwest. Figure 1 shows a plan map of drill hole locations and assay results on the South Reef at a 0.5% cutoff grade. Additional drill results for holes RC12-210 through 216 will be released as they become available.

The 2012 Bornite drilling program was focused on further defining the South Reef Zone which was identified as a significant potential high grade resource area during the 2011 exploration drilling program where three holes (DDH’s RC11-0187, RC11-0192 and RC11-0194) contained significant high grade intersections of copper mineralization (please see the NOVAGOLD Resources Inc. press release dated December 14, 2011 at http://www.novagold.com/). On September 12, 2012, NovaCopper released the assay results for the first six holes from the 2012 drilling program (DDH’s RC12-0195, RC12-0196, RC12-0197, RC12-0198, RC12-0201, and RC12-0202 – please see this press release at http://www.novacopper.com/). All six holes contained significant intersections of copper mineralization. Subsequently, on September 25, 2012, NovaCopper released the assay results for an additional four drill holes from the 2012 drilling program (DDH’s RC12-0199, RC12-0200, RC12-0203 and RC12-0204 – please see this press release at http://www.novacopper.com/). Three out of the four drill holes were found to contain significant intersections of copper mineralization.

On July 18, 2012, the Company announced a National Instrument 43-101 (“NI 43-101”) compliant resource estimate for the near surface Ruby Creek Zone, located just west of the South Reef Zone. The NI 43-101 report was filed on SEDAR and EDGAR on August 28, 2012 and is available on the Company’s website at (http://www.novacopper.com/). At a copper cutoff grade of 0.5%, the Ruby Creek Zone is estimated to contain Indicated Resources of 6.8 million tonnes at 1.19% Cu for 178.7 million lbs of contained copper and Inferred Resources of 47.7 million tonnes at 0.84% Cu for 883.2 million lbs of contained copper.

Current drilling is focusing on defining the extent of the South Reef Zone in order to support an updated NI 43-101-compliant resource estimate for the Bornite Property anticipated to be completed in Q1 2013.

Copper mineralization at the Ruby Creek and South Reef Zones is hosted by a section of dolomitized limestones within the Devonian-age Bornite Carbonate Sequence. Mineralization is selectively developed in massive dolostones and both sedimentary and hydrothermal breccias as seen in a cross section in Figure 2. Mineralization occurs as a roughly 50 to 200 meters thick shallowly dipping tabular zone centered roughly over a basement discontinuity. The mineralized system is strongly zoned with a distal zinc rich pyrite halo surrounding progressively more proximal chalcopyrite stockworks and disseminations, bornite stockworks and disseminations, and finally, local semi-massive sulphide zones of chalcocite, bornite, and chalcopyrite.

Results are presented in Table 1 at a cutoff grade of 0.5% copper so as to be comparable with previous South Reef drill results released by NOVAGOLD Resources Inc. in 2011. In addition, results at a more selective higher grade cutoff of 1.0% copper are also presented in Table 2.

TABLE 1. Significant Copper Composites - South Reef Zone - 0.5%
         Cutoff
----------------------------------------------------------------------------
                                                                          Cu
                          thickness thickness    Cu    Co    Au    Ag      %
               from    to    meters      feet     %     %   gpt   gpt meters
----------------------------------------------------------------------------
DDH RC12-0205 618.1 665.9      46.8     153.6  1.58     -     -     -   74.1
1 interval                     46.8     153.6  1.58     -     -     -   74.1
----------------------------------------------------------------------------
DDH RC12-0206 516.6 524.6       8.0      26.2  4.44     -     -     -   35.5
              656.1 661.2       5.1      16.9  4.64     -  0.15     -   23.8
2 intervals                    13.1      43.1  4.52     -     -     -   59.4
----------------------------------------------------------------------------
DDH RC12-0207 540.0 551.7      11.7      38.5  5.02     -     -     -   58.9
1 interval                     11.7      38.5  5.02     -     -     -   58.9
----------------------------------------------------------------------------
DDH RC12-0208 hole lost before target depth             -     -     -
----------------------------------------------------------------------------
DDH RC12-0209 667.5 790.2     122.6     402.4  2.44     -     -     -  299.7
1 interval                    122.6     402.4  2.44     -     -     -  299.7
----------------------------------------------------------------------------

----------------------------------------------------------------------------

Footnotes to Drill Interval Table:

1.  Significant interval defined as a minimum 20% x meter Cu interval
2.  Cutoff grade of 0.5% Cu
3.  Internal dilution up to 6 continuous meters of less than 0.5% Cu
4.  Intervals of less than 0.1gpt Au, less than 0.05% Co and less than 5.0
    gpt Ag not reported
5.  Significant quantities of Au, Ag, and Co are reported in high-grade
    intervals
6.  Some rounding errors may occur
7.  Individual composite intervals of greater than 2.0% Cu are highlighted
8.  Though mineralization is tabular and shallowly dipping - no true
    thicknesses are implied in the results

TABLE 2. Significant Copper Composites - South Reef Zone - 1.0%
         Cutoff
----------------------------------------------------------------------------
                                                                          Cu
                          thickness thickness    Cu    Co    Au    Ag      %
               from    to    meters      feet     %     %   gpt   gpt meters
----------------------------------------------------------------------------
DDH RC12-0205 621.2 635.5      14.3      46.9  2.67     -     -     -   38.1
              638.6 647.2       8.6      28.3  2.48     -     -     -   21.4
2 intervals                    22.9      75.1  2.60     -     -     -   59.5
----------------------------------------------------------------------------
DDH RC12-0206 516.6 524.6       8.0      26.2  4.44     -     -     -   35.5
              657.1 661.2       4.2      13.6  5.50     -  0.15     -   22.9
2 intervals                    12.2      39.9  4.80     -     -     -   58.4
----------------------------------------------------------------------------
DDH RC12-0207 540.0 551.7      11.7      38.5  5.02     -     -     -   58.9
1 interval                     11.7      38.5  5.02     -     -     -   58.9
----------------------------------------------------------------------------
DDH RC12-0208 hole lost before target depth             -     -     -
----------------------------------------------------------------------------
DDH RC12-0209 667.5 682.4      14.9      48.8  1.68     -     -     -   25.0
              686.9 715.7      28.8      94.4  3.79     -  0.13     -  109.0
              723.0 738.2      15.2      50.0  5.94     -     -     -   90.5
including(i)  729.1 731.7       2.6       8.4 22.26     -  0.30     -   57.0
              752.5 764.8      12.3      40.3  2.93     -     -     -   35.9
4 intervals                    71.2     233.4  3.66     -     -     -  260.3
----------------------------------------------------------------------------

----------------------------------------------------------------------------

Footnotes to Drill Interval Table:

1.  Significant interval defined as a minimum 20% x meter Cu interval
2.  Cutoff grade of 1.0% Cu
3.  Internal dilution up to 6 continuous meters of less than 0.5% Cu
4.  Intervals of less than 0.1gpt Au, less than 0.05% Co and less than 5.0
    gpt Ag not reported
5.  Significant quantities of Au, Ag, and Co are reported in high-grade
    intervals
6.  Some rounding errors may occur
7.  Individual composite intervals of greater than 2.0% Cu are highlighted
8.  Though mineralization is tabular and shallowly dipping - no true
    thicknesses are implied in the results

The Ambler mining district is one of the richest and most prospective known copper districts located in one of the safest geopolitical jurisdictions in the world. It hosts world-class volcanogenic massive sulfide (“VMS”) deposits that contain copper, zinc, lead, gold and silver, and carbonate replacement deposits rich in copper, but also contain significant amounts of cobalt, silver and gold. Exploration efforts have been focused on two deposits in the Ambler district – the Arctic VMS deposit with approx. 7% copper-equivalent grades(2) and the Bornite carbonate replacement deposit. Both deposits are located within the Company’s UKMP land package that spans approximately 143,000 hectares. The Arctic deposit had a post-tax net present value of between approximately US$500 million and US$1.0 billion, depending on metal price assumptions in the Preliminary Economic Assessment (“PEA”) filed April 24, 2012(3). The PEA was preliminary in nature and included inferred mineral resources that are considered too speculative geologically to have the economic characteristics applied to them that would enable them to be categorized as mineral reserves. There is no certainty that the PEA will be realized.

Quality Control

The drill program and sampling protocol were managed by qualified persons employed by NovaCopper. The diamond drill holes were typically collared at HQ diameter drill core and reduced to NQ diameter during the drilling process. Samples were collected using a 0.5-meter minimum length, three-meter maximum length and 1.5-meter average sample length. Drill core recovery averaged 90%. Three quality control samples (one blank, one standard and one duplicate) were inserted into each batch of 20 samples. The drill core was sawn, with half sent to ALS Chemex in Fairbanks for sample preparation and the sample pulps forwarded to ALS’s North Vancouver facility for analysis. ALS Minerals in North Vancouver, B.C., Canada, is a facility certified as ISO 9001:2008 and accredited to ISO / IEC 17025:2005 from the Standards Council of Canada. NovaCopper will also be submitting 5% of the assay intervals from prospective lithologies to an independent check assay lab.

Qualified Person

Scott Petsel, P.Geo, UKMP Project Manager for NovaCopper, and a Qualified Person as defined by NI 43-101, has reviewed the results of the drill program and confirmed that all procedures, protocols and methodologies used in the drill program conform to industry standards. Mr.Petsel has reviewed and accepts responsibility for the technical information contained within this press release.

About NovaCopper

NovaCopper Inc. is a base metals exploration company focused on exploring and developing the Ambler mining district in Alaska. It is one of the richest and most-prospective known copper-dominant districts located in one of the safest geopolitical jurisdictions in the world. It hosts world-class VMS deposits that contain copper, zinc, lead, gold and silver, and carbonate replacement deposits which have been found to host high-grade copper mineralization. Exploration efforts have been focused on two deposits in the Ambler district – the Arctic VMS deposit with approx. 7%(4) copper-equivalent grades and the Bornite carbonate replacement deposit. At Bornite, drill hole RC11-187 contained 178 meters of 4.0% copper, including 34.7 meters of 12.0% copper. Both properties are located within NovaCopper’s land package that spans approximately 143,000 hectares. NovaCopper has formed an alliance with NANA, an Alaskan Native Corporation and both companies are committed to developing the Ambler mining district in cooperation with the local communities. Our vision is to develop the Ambler mining district into a premier North American copper producer.

More information on the Company, its properties and its management team is available on the Company’s website at www.novacopper.com.

To view Figures 1 and 2, click on the following link: http://media3.marketwire.com/docs/nc116m.pdf

Cautionary Note Regarding Forward-Looking Statements

This press release includes certain “forward-looking information” and “forward-looking statements” (collectively “forward-looking statements”) within the meaning of applicable Canadian and United States securities legislation including the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, included herein, without limitation, statements relating to the future operating or financial performance of NovaCopper, are forward-looking statements. Forward-looking statements are frequently, but not always, identified by words such as “expects”, “anticipates”, “believes”, “intends”, “estimates”, “potential”, “possible”, and similar expressions, or statements that events, conditions, or results “will”, “may”, “could”, or “should” occur or be achieved. These forward-looking statements may include statements regarding perceived merit of properties; exploration results and budgets; mineral reserves and resource estimates; work programs; capital expenditures; timelines; strategic plans; completion of transactions; market prices for precious and base metals; or other statements that are not statements of fact. Forward-looking statements involve various risks and uncertainties.

There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from NovaCopper’s expectations include the uncertainties involving the need for additional financing to explore and develop properties and availability of financing in the debt and capital markets; uncertainties involved in the interpretation of drilling results and geological tests and the estimation of reserves and resources; the need for cooperation of government agencies and native groups in the development and operation of properties; the need to obtain permits and governmental approvals; risks of construction and mining projects such as accidents, equipment breakdowns, bad weather, non-compliance with environmental and permit requirements, unanticipated variation in geological structures, ore grades or recovery rates; unexpected cost increases, which could include significant increases in estimated capital and operating costs; fluctuations in metal prices and currency exchange rates; and other risk and uncertainties disclosed in NovaGold Resources Inc.’s Management Information Circular dated February 27, 2012 for the special meeting of securityholders held to consider the spin-out of NovaCopper Inc. filed with the Canadian securities regulatory authorities, and NovaCopper’s registration statement on Form 40-F filed with the United States Securities and Exchange Commission and in other NovaCopper reports and documents filed with applicable securities regulatory authorities from time to time. NovaCopper’s forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made. NovaCopper assumes no obligation to update the forward-looking statements or beliefs, opinions, projections, or other factors, should they change, except as required by law.

Cautionary Note to United States Investors

This press release has been prepared in accordance with the requirements of the securities laws in effect in Canada, which differ from the requirements of U.S. securities laws. Unless otherwise indicated, all resource and reserve estimates included in this press release have been prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”) and the Canadian Institute of Mining, Metallurgy, and Petroleum Definition Standards on Mineral Resources and Mineral Reserves. NI 43-101 is a rule developed by the Canadian Securities Administrators which establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. Canadian standards, including NI 43-101, differ significantly from the requirements of the United States Securities and Exchange Commission (“SEC”), and resource and reserve information contained herein may not be comparable to similar information disclosed by U.S. companies. In particular, and without limiting the generality of the foregoing, the term “resource” does not equate to the term “reserves”.

Under U.S. standards, mineralization may not be classified as a “reserve” unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made. The SEC’s disclosure standards normally do not permit the inclusion of information concerning “measured mineral resources”, “indicated mineral resources” or “inferred mineral resources” or other descriptions of the amount of mineralization in mineral deposits that do not constitute “reserves” by U.S. standards in documents filed with the SEC. Investors are cautioned not to assume that any part or all of mineral deposits in these categories will ever be converted into reserves. U.S. investors should also understand that “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, estimated “inferred mineral resources” may not form the basis of feasibility or pre-feasibility studies except in rare cases. Investors are cautioned not to assume that all or any part of an “inferred mineral resource” exists or is economically or legally mineable. Disclosure of “contained ounces” in a resource is permitted disclosure under Canadian regulations; however, the SEC normally only permits issuers to report mineralization that does not constitute “reserves” by SEC standards as in-place tonnage and grade without reference to unit measures. The requirements of NI 43-101 for identification of “reserves” are also not the same as those of the SEC, and reserves reported by the Company in compliance with NI 43-101 may not qualify as “reserves” under SEC standards. Accordingly, information concerning mineral deposits set forth herein may not be comparable with information made public by companies that report in accordance with U.S. standards.

(1) Drill hole locations represent the mid-point of the mineralization projected to surface using a 0.5% copper cutoff.

(2) The Ambler copper-equivalent resource is calculated using the following metals price assumptions: (in USD) $3.93/lb Cu, $1,815/oz Au, $40.55/oz Ag, $0.98/lb Zn, and $1.08/lb Pb; and is based on grades of 4.05% Cu, 0.80 g/t Au, 59.55 g/t Ag, 5.81% Zn, and 0.97% Pb.

(3) NovaCopper filed a PEA for the Ambler Project on April 24, 2012 entitled “NI 43-101 Preliminary Economic Assessment Ambler Project Kobuk, AK” Report March 9, 2012. It is available for download on NovaCopper’s website at www.novacopper.com, on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.

(4) CuEq basis calculated using the following metal price assumptions (in USD): $3.93/lb. Cu, $1,815/oz Au, $40.55/oz Ag, $1.08/lb. Pb, and $1.00/lb. Zn. and is based on grades of 4.05% Cu, 0.80 g/t Au, 59.55 g/t Ag, 5.81% Zn, and 0.97% Pb. Calculation excludes any adjustments for metal recoveries.

Contacts:
NovaCopper Inc.
Patrick Donnelly
Vice President, Corporate Communications
604-638-8088 or 1-855-638-8088
patrick.donnelly@novacopper.com

Sify (SIFY) Reports Revenues of INR 2059 Million for Q2 of Fiscal Year 2012-13

Sify Technologies Limited (NASDAQ Global Markets: SIFY), a leader in Managed Enterprise, Network and IT Services in India with growing global delivery capabilities, today announced its consolidated results under International Financial Reporting Standards (IFRS) for the second quarter of fiscal year 2012-13.

Performance Highlights Q2 FY 2012-13:

• Sify reported revenues of INR 2059 million for the quarter ended September 30, 2012 against revenues of INR 1815 million for the corresponding quarter of the previous year, a growth of 13%.
• EBITDA for the quarter increased to INR 161 million, as compared to INR 136 million in the corresponding quarter previous year.
• Net profit for the quarter was INR 612 million, as against a net loss of INR 89 million in the corresponding quarter previous year. This quarter includes a one time profit of approximately INR 658 million, realised on exit from our erstwhile affiliate, MF Global Sify Securities India Pvt Ltd. Without this item, the net loss for the quarter would have been INR 45 million.
• CAPEX during the quarter was INR 1338 million. Cash balance at the end of the quarter was INR 907 million.

Mr. Raju Vegesna, Chairman, said, “We have come through a challenging phase in our growth and I am happy to state that our focused approach is generating measurable results. At the beginning of the financial year, I had shared my vision to turn Sify into a Services and Solutions leader. Our strong showing across all major business lines is a positive indicator of the direction we are moving in. On the business environment, we are pleased that the Government is opening up several sectors for FDI. The true effect of these measures will take some time to bear results, but we believe this would allow several sectors to aggressively ramp-up, thus opening up additional growth opportunity for us. We will continue in our endeavor to become a prominent solutions expert catering to large and emerging Enterprises, SMBs and the Government services.”

Mr. Kamal Nath, CEO, said, “We are in a unique position to establish ourselves into a broad based IT Services and Solutions player by integrating the products, applications, professional services and managed services portfolio. Vertical Solutions and Cloud based Services model will be the two key propositions for the market. Our future growth will be primarily led by leveraging our Cloud Services model around both Infrastructure and Applications and with increased focus around Integration and Managed Services offerings.”

Mr. M P Vijay Kumar, CFO, said, “Our investments in infrastructure over the past years have given us a strong base as a Solutions and Services provider. Many of these investments should start generating significant revenue over the coming quarters, as they are in an advance stage of commissioning. At the same time, we are engaged in a continuing exercise to keep a strict eye on the cost and completion without time overruns, thus saving us valuable capital. As I remarked in our previous report, a large share of this incremental capital and operating expenditure will be incurred to support the large network integration contract previously announced and our two new state-of-the-art Data Centres in Delhi and Mumbai.

“The successful sale of our interest in MF Global Sify Securities India Private Limited has improved our cash position, and will help support the forecasted investments. Cash balance at the end of the quarter was INR 907 million.”

FINANCIAL HIGHLIGHTS

BUSINESS HIGHLIGHTS:

Network services

• Network services continue to see an increase in growth rate in its core data business.
• Revenue is up 17% over same quarter last year and 4% over last quarter. Key wins include a large PSU bank and retail chain.
• Our network now covers 970 cities Pan India with over 1795 base stations
• Our strategy of focusing on the SME/SMB market and Tier 2/3 cities has started yielding results. The business growth in this segment is a major component of the overall data revenue growth rate for the company.
• The business continues to report wins in the retail segment, a focus area for Sify. With the recent announcement in FDI in retail, we expect greater adoption of technology in this segment as local retail chains prepare to compete in a fast changing market.

IT Services

• Overall, IT services have grown 16% over the same period last year.
• The hosting business has won major contracts from Indian software, telecom and banking majors. These are all multi year contracts ensuring a healthy revenue inflow. The new data centers being commissioned over the next 2 quarters will also help improve growth in this segment.
• We also won a large multi-year Network system Integration and Managed services contract from an Indian Insurance major.
• Our Cloud hosting platform chalked up multiple multi-year wins from Media, FMCG and Telecom companies. We are now accredited by two global cloud services majors for offering their tools on our platform, with one of them also recognising us as “Power of Choice Partner.”
• The newest stock exchange in the country opted for our Security services. Sify’s Safescrypt services continue to maintain its leadership position.
• In the first quarter, we launched a new business segment with alliance partners. We are happy to report that this business has taken off well with major contracts from Indian software majors.

Software Services

• Overall, Software Services registered a growth of 22% over the prior quarter, led by Enterprise applications services, which grew over 40% with wins across a number of industries.
• In addition to a 6^th consecutive win of the Brandon Hall award, Sify’s E-learning team also picked up the Asian Learning Leadership Award (Dubai) and Asia Pacific Learning and Development Award (India).
• Over the last 12 months, as per Comscore, http://www.sify.com/ grew by 34% Y on Y. New channels launched were Sify Skills and Sify Gold & Silver Line, along with an application for Facebook called “Sify Social Reader.”

About Sify Technologies

Sify is among the largest integrated Managed Network, IT and Software services companies in India, offering end-to-end solutions with a comprehensive range of products delivered over a common telecom data network infrastructure reaching more than 900 cities and towns in India.

A significant part of the company’s revenue is derived from Corporate Enterprise Services, which include Network and IT services, Connectivity, Security, Network management services, Enterprise applications, Hosting and Remote Infrastructure Management Services. A varied product portfolio at multiple price points allows Sify to also cater to the burgeoning demands of the SMB/SOHO community and the retail consumer, much of it on the cloud platform.

Sify is a recognized ISO 9001:2008 certified service provider for network operations, data center operations and customer support, and for provisioning of VPNs, Internet bandwidth, VoIP solutions and integrated security solutions, and ISO / IEC 20000 – 1:2005 and ISO/IEC 27001:2005 certified for Internet Data Center operations. Sify has also built a credible reputation in the emerging Cloud Computing market and is today, regarded as a domain expert. Sify has licenses to operate NLD (National Long Distance) and ILD (International Long Distance) services and offers VoIP backhaul to long distance subscriber telephony services. With the Sify Cable landing station and the partnerships inked with several cable companies globally, Sify is present in almost all the spheres of the ICT eco system.

The company has an expanding base of Managed Services customers, both in India and overseas, and is also India’s first enterprise managed services provider to launch a Security Operations Center (SOC) to deliver managed security services.

Sify Software develops applications and offers services to improve business efficiencies of its current clients and prospective client bases. Sify also offers services in the specialized domains of eLearning for-profit, not-for-profit and government institutions both in India and globally. The business also operates two of the most popular portals in India, Sify.com and Samachar.com.

For more information about Sify, visit www.sifycorp.com.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The forward-looking statements contained herein are subject to risks and uncertainties that could cause actual results to differ materially from those reflected in the forward-looking statements. Sify undertakes no duty to update any forward-looking statements.

For a discussion of the risks associated with Sify’s business, please see the discussion under the caption “Risk Factors” in the company’s Annual Report on Form 20-F for the year ended March 31, 2012, which has been filed with the United States Securities and Exchange Commission and is available by accessing the database maintained by the SEC at www.sec.gov, and Sify’s other reports filed with the SEC.

Peregrine Pharma (PPHM) Provides Update on Corporate Activities

TUSTIN, CA — (Marketwire) — 10/17/12 — Peregrine Pharmaceuticals (NASDAQ: PPHM), a biopharmaceutical company developing first-in-class monoclonal antibodies focused on the treatment and diagnosis of cancer, today provided a company update on financing activities, its contract manufacturing business and upcoming potential clinical milestones.

Financial Update
Since September 27, 2012, the company has raised $14.3 million in gross proceeds in order to replace the initial funding it repaid under an earlier loan facility. The funds were raised under an At Market Sales Issuance Agreement with McNicoll, Lewis & Vlak LLC at an average price per share of $0.93. The company issued no warrants in connection with the At Market Sales Issuance Agreement. Based on current financial projections for ongoing clinical trials and operations including cash inflows under signed contracts with Avid’s existing customers, and assuming the company does not receive additional proceeds from other potential sources of capital, this funding should provide the company with sufficient capital to reach potential upcoming clinical and development milestones through the third quarter of calendar year 2013.

Avid Bioservices Update
Avid Bioservices continues to be an integral part of our corporate strategy. Avid is on track for a record revenue year with projections in excess of $15 million for fiscal year 2013. In September 2012, Avid announced that it had signed a contract with Advanced BioScience Laboratories, Inc. to provide development and large-scale manufacturing services to support cGMP production of the gp145 HIV envelope protein, as a component of a preventive vaccine against HIV infection. With existing and recently signed business, Avid’s backlog for services is in excess of $30 million covering services to be performed during the remainder of fiscal year 2013 and fiscal year 2014.

Clinical Pipeline Update

Bavituximab Oncology Program
There are currently seven ongoing clinical trials for our lead oncology product bavituximab, including two randomized Phase II clinical trials sponsored by Peregrine and five independent Investigator-Sponsored Trials (or ISTs). With this number of ongoing clinical trials, Peregrine is well positioned for constant clinical news flow for the remainder of 2012 and into 2013. Peregrine expects to have important median overall survival (OS) data from two of its randomized Phase II trials in front-line non-small cell lung cancer (NSCLC) and pancreatic cancer towards year-end or early next calendar year. Both of these trials are open-label, Phase II clinical trials evaluating bavituximab plus chemotherapy versus chemotherapy alone.

The ongoing ISTs include:

• The Phase II portion of a Phase I/II IST investigating bavituximab in combination with sorafenib in up to 48 patients with advanced hepatocellular carcinoma (liver cancer).
• A Phase I/II IST evaluating bavituximab in combination with cabazitaxel in up to 31 patients with second-line castration-resistant prostate cancer.
• A Phase Ib IST evaluating bavituximab in combination with carboplatin and pemetrexed in up to 21 patients with previously untreated Stage IV NSCLC.
• A Phase I IST evaluating bavituximab in combination with paclitaxel in up to 14 patients with HER2-negative metastatic breast cancer.
• A Phase I IST evaluating bavituximab in combination with capecitabine and radiation therapy in up to 18 patients with Stage II or III rectal adenocarcinoma.

While continuing to oversee these ongoing clinical trials, Peregrine is also conducting a detailed internal review into the discrepancies tied to the randomized, double-blind placebo-controlled Phase II trial of bavituximab in second-line NSCLC that were discovered as part of the routine collection of data in advance of the company’s end-of-Phase II meeting with regulatory authorities. The goal of this review is to gain a thorough understanding of the events leading up to, including and following the patient treatment group assignments and investigational drug coding and distribution. This review includes the testing of investigational product, patient samples, reviewing the operations of multiple vendors, among other activities. Investors are reminded not to rely on clinical data that the company disclosed on or before September 7, 2012 regarding this trial.

PS-Targeting Molecular Imaging Program
The company continues to enroll patients as part of its exploratory trial of an experimental phosphatidylserine (PS)-targeting molecular imaging candidate, 124I-PGN650, in the imaging of multiple solid tumor types. The primary goal of the trial is to estimate radiation dosimetry in critical and non-critical organs. Secondary objectives of the trial are tumor imaging and safety.

Cotara® Program
Peregrine continues to have discussions with the U.S. Food and Drug Administration surrounding the pivotal trial design for its single-administration approach to treating recurrent glioblastoma multiforme (GBM). The company plans to seek partners both in the U.S. and internationally to support the development of Cotara for this deadly form of brain cancer.

Annual Stockholders Meeting Update
Peregrine’s Annual Meeting of Stockholders will take place at 10:00 am Pacific Daylight Time (PDT) on Thursday, October 18, 2012 at the Wyndham Orange County Hotel, 3350 Avenue of The Arts in Costa Mesa, California. The company will conduct formal business as outlined in the Notice of Annual Meeting of Stockholders and will provide a company overview. The company overview portion of the meeting will be available by webcast and conference call (access information provided below). With the internal review of discrepancies surrounding patient treatment code assignments from its Phase II trial of bavituximab in second-line NSCLC still ongoing, management will not be making any statements or taking questions regarding this trial, the internal review or any other matters related thereto. Persons wishing to attend the Annual Meeting of Stockholders will be required to show a photo identification card and provide either proof of ownership of Peregrine stock as of the record date of August 22, 2012 (such as a Proxy Card or Voter Instruction Card) or sign a company-provided certification verifying status as a stockholder as of the record date. Attendees are asked to arrive 10-15 minutes early to accommodate the registration process and to ensure a prompt start to the meeting at 10:00 am PDT.

Webcast and Conference Call Information
Peregrine will host a webcast and conference call beginning at 10:10 am PDT (1:10 pm Eastern Daylight Time) on Thursday, October 18, 2012.

• To listen to the live webcast, or access the archived webcast, please visit: http://ir.peregrineinc.com/events.cfm
• To listen to the conference call, please dial (877) 312-5443 or (253) 237-1126 and request the Peregrine Pharmaceuticals conference call. A replay of the call will be available starting approximately two hours after the conclusion of the call through October 25, 2012 by calling (855) 859-2056, or (404) 537-3406 and using passcode 43418967

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.

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

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