Archive for December, 2012
Charter Communications and The Walt Disney Company (NYSE: DIS) today announced a comprehensive long-term distribution agreement to deliver Disney’s robust lineup of top quality sports, news and entertainment content to Charter TV customers across televisions, computers, smartphones, tablets, gaming consoles and internet-enabled televisions. The renewal agreement supports the companies’ mutual goal to deliver the best video content to customers across multiple platforms. Launch of content across these new distribution platforms is planned to begin in the first half of 2013.
As part of the new multi-year deal, The Longhorn Network will launch in Texas, Louisiana and Virginia systems by football season next year. Charter and The Walt Disney Company will also introduce several new services, including the full suite of authenticated WATCH products, ESPN Goal Line, ESPN Buzzer Beater, as well as the upcoming ABC News/Univision Joint Venture, a 24/7 news, information and lifestyle multi-platform network for English-dominant and bilingual Hispanics, the youngest and fastest-growing demographic in the U.S. In total, approximately 70 services are covered by the broad scope of this agreement including: ABC, ABC Family, Disney Channel, Disney Junior, Disney XD, ESPN, ESPN2, ESPNU, ESPN Deportes, ESPNEWS, ESPN Classic, ESPN Goal Line, ESPN Buzzer Beater, ESPN 3D, ESPN GamePlan, ESPN Full Court, ESPN3, The Longhorn Network, and retransmission consent for WABC-TV, KABC-TV, WLS-TV, KGO-TV, KTRK-TV, WTVD-TV and KFSN-TV, as well as more than 10 high-definition networks.
Charter customers will receive broad access to existing authenticated products like WATCH Disney Channel, WATCH Disney XD and WATCH Disney Junior, the to-be-launched WATCH ABC and WATCH ABC Family services and WatchESPN (ESPN, ESPN2, ESPN3, ESPNU, ESPN Goal Line and ESPN Buzzer Beater). These products will give Charter customers more opportunities to access live and video on demand content, both in-home and out-of-home, on their computers, smartphones, tablets and gaming consoles.
“This agreement enables us to offer our customers additional value, choice and convenience,” said Allan Singer, Charter’s Senior Vice President, Programming. “More and more content is being enjoyed on tablets and other Internet-connected devices, and today’s viewers are sharing their TV experiences in new ways. Our agreement with Disney enables more robust ways to enjoy and socialize TV.”
Added David Preschlack, executive vice president, Affiliate Sales and Marketing, Disney & ESPN Networks Group, “Our agreement with Charter represents the sixth top ten distributor renewal encompassing Disney’s full suite of products and services. With this deal, Charter’s video customers will derive even greater benefit from the value of their multichannel subscription model, including 24/7 live access to our content via the WATCH Disney services and WatchESPN across more platforms than ever before, as well as other new and advanced services.”
The extensive and expanded rights package for Video On Demand content to Charter TV customers includes:
- ABC On Demand, ABC’s fast-forward-disabled On Demand service, which currently features a selection of top-rated primetime entertainment programming, including episodes of such popular current ABC shows as “Castle,” “Grey’s Anatomy,” “Once Upon A Time,” “Private Practice” and “Revenge.” Full current seasons will be made available on a number of shows.
- ABC Family On Demand, which features a variety of top-rated full episodes, refreshed monthly, from such popular millennial favorites as “Switched at Birth,” “The Secret Life of the American Teenager,” “Baby Daddy,” “Bunheads” and “Melissa & Joey.” Full current seasons will be made available on a number of shows. ABC Family original movies like “Mistle-Tones” will also be available.
- Disney-branded On Demand offerings, including Disney Channel On Demand, Disney Junior On Demand, and Disney XD On Demand. Refreshed each month, the Disney Channel On Demand offering will include episodes from such series as “Handy Manny,” “Mickey Mouse Clubhouse,” and “Jake and the Never Land Pirates” for preschoolers, as well as variety of episodes from “A.N.T. Farm,” “Good Luck Charlie,” “Jessie,” and other popular series for older kids. Select episodes featured on Disney Channel On Demand will be available in innovative new offerings, such as playlists and monthly programming blocks, in addition to a number of episodes available in multiple languages. A variety of Disney Channel Original Movies will also be available. Disney XD On Demand features a selection of episodes from such series as the Emmy Award-winning animated hit “Phineas and Ferb,” “Pair of Kings” and “Kickin’ It.”
- Expanded On Demand content from ESPN, including award-winning original content from ESPN Films.
About Charter Communications
Charter (NASDAQ: CHTR) is a leading broadband communications company and the fourth-largest cable operator in the United States. Charter provides a full range of advanced broadband services, including advanced Charter TV® video entertainment programming, Charter Internet® access, and Charter Phone®. Charter Business® similarly provides scalable, tailored, and cost-effective broadband communications solutions to business organizations, such as business-to-business Internet access, data networking, business telephone, video and music entertainment services, and wireless backhaul. Charter’s advertising sales and production services are sold under the Charter Media® brand. More information about Charter can be found at charter.com.
About The Walt Disney Company
The Walt Disney Company (NYSE: DIS), together with its subsidiaries and affiliates, is the world’s largest diversified international family entertainment and media enterprise with five business segments: media networks, parks and resorts, studio entertainment, consumer products and interactive media. Disney Media Networks comprise a vast array of The Walt Disney Company’s broadcast, cable, radio and publishing businesses, including Disney/ABC Television Group and ESPN, Inc. Disney is a Dow 30 company and had annual revenues of $40.9 billion in its most recent fiscal year.
– Net Income Guidance Based on 15% Tax Rate is Approximately $12.7 Million in 2012
ZHEJIANG, China, Dec. 31, 2012 /PRNewswire-FirstCall/ —SORL Auto Parts, Inc. (NASDAQ: SORL) (“SORL” or “the Company”), a leading supplier of brake and control systems to the global commercial vehicle industry, announced today that the Chinese government has renewed SORL’s High-Tech Enterprise status. The Company was also designated as a High-Tech Enterprise beginning in 2009, the first year it was available, through the 2011 fiscal year. As a High-Tech Enterprise, SORL receives a preferred tax rate of 15% for the three years 2012 through 2014, compared with the normal 25% corporate tax rate.
There are a number of criteria to qualify for the High-Tech Enterprise including: a company must own proprietary intellectual rights, operate in a government-selected industry, R&D expenditures and income from high-tech products/services each must meet a required minimum percentage of annual revenue, and the number of R&D personnel must meet a required percentage of total employees.
The Company already has received its anticipated tax refund for the first three-quarters of 2012 of approximately $1.2 million (approximately RMB 7.64 million) resulting from this designation.
For fiscal year 2012, management reiterates its expectation for net sales to be approximately $191.4 million and revises its net income expectation to be approximately $12.7 million. The revised net income guidance is based upon the preferred 15% tax rate from the renewal of the High-Tech Enterprise status. This target is based on the Company’s current views on the operating and market conditions, which are subject to change.
Ms. Jinrui Yu, SORL Auto Parts’ COO, said, “The High-Tech Enterprise designation reflects the Chinese government’s desire to build the domestic technology base by favoring only companies that are advancing technologies. Our research and development program is innovating new products with higher technology content to offer better solutions for our customers’ current vehicles and to prepare for future vehicles, especially pure electric and plug-in hybrid vehicles promoted by the Chinese government. Innovation will enable us to sustain our leading position in the domestic market for brake systems and better penetrate the global auto parts industry to gain momentum for our future growth, strengthen our technology base and build shareholder value.”
About SORL Auto Parts, Inc.
As a global tier one supplier of brake and control systems to the commercial vehicle industry, SORL Auto Parts, Inc. is the market leader for commercial vehicles brake systems, such as trucks and buses in China. The Company distributes products both within China and internationally under the SORL trademark. SORL is listed among the top 100 auto component suppliers in China, with a product range that includes 65 categories with over 2000 specifications in brake systems and others. The Company has four authorized international sales centers in UAE, India, the United States and Europe. SORL is working to establish a broader global sales network. For more information, please visit http://www.sorl.cn .
Safe Harbor Statement
This press release may include certain statements that are not descriptions of historical facts, but are forward-looking statements. Forward-looking statements can be identified by the use of forward-looking terminology such as “will”, “believes”, “expects” or similar expressions. These forward-looking statements may also include statements about the Company’s proposed discussions related to its business or growth strategy, which are subject to change. Such information is based upon expectations of the Company’s management that were reasonable when made, but may prove to be incorrect. All of such assumptions are inherently subject to uncertainties and contingencies beyond the Company’s control and upon assumptions with respect to future business decisions, which are subject to change. The Company does not undertake to update the forward-looking statements contained in this press release. For additional information regarding known material factors that could cause the Company’s results to differ from its projected results, please see its filings with the SEC, including its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. Copies of filings made with the SEC are available through the SEC’s electronic data gathering analysis retrieval system (EDGAR) at http://www.sec.gov .
Contact Information
Raymond Lin
+86 13967776556
+ 86 577 65817721
Email: ljf@sorl.com.cn
Phyllis Huang
+86 15167705972
+86 577 65817721
Email: Phyllis@sorl.com.cn
Kevin Theiss
Grayling
+1 646 284 9409
Email: kevin.theiss@grayling.com
ROSH PINA, Israel, Dec. 31, 2012 (GLOBE NEWSWIRE) — On Track Innovations Ltd. (“OTI“) (Nasdaq:OTIV), a global leader in contactless microprocessor-based smart card solutions for homeland security, payments, eID Systems and other applications, reports that the extraordinary general meeting of shareholders that was held on December 30, 2012 approved the election of Ms. Eileen Segall and Mr. Jeffrey E. Eberwein to serve as external directors of OTI for a three-year term starting on the date of the meeting and the election of Mr. Charles M. Gillman, Mr. Dilip Singh, Mr. Richard Kenneth Coleman, Jr., Mr. Mark Stolper, Mr. Dimitrios Angelis and Mr. John Knapp to serve as directors of OTI until the first general meeting of the shareholders of OTI to be held following the termination of a 36 months period commencing as of the date of the meeting.
About On Track Innovations Ltd. (www.otiglobal.com)
On Track Innovations Ltd. (“OTI”) designs, develops and markets ID-credentialing, payment and loyalty applications based on its extensive patent and IP portfolio. OTI combines standards-compliant and state-of-the-art, contactless microprocessor-based technologies and enabling hardware with proprietary software applications to deliver high performance, end-to-end solutions that are secure, robust and scalable. OTI solutions have been deployed around the world to address homeland security, national ID, medical ID, contactless payment and NFC solutions, loyalty applications, petroleum payment, parking and mass transit ticketing. OTI markets and supports its solutions through a global network of regional offices and alliances.
The On Track Innovations Ltd. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=5736
The content of OTI’s website mentioned above is not part of this press release.
CONTACT: OTI Contacts:
Galit Mendelson
VP, Corporate Relations
732 429 1900 ext. 111
galit@otiglobal.com
Media Relations:
Joe McGurk/Elizabeth Austin
KCSA Strategic Communications
212.896.1241/212.896.1231
jmcgurk@kcsa.com/eaustin@kcsa.com
Investor Relations:
Todd Fromer / Garth Russell
KCSA Strategic Communications
212-896-1215 / 212-896-1250
tfromer@kcsa.com /grussell@kcsa.com
SALT LAKE CITY, Dec. 31, 2012 (GLOBE NEWSWIRE) — LifeVantage Corporation (Nasdaq:LFVN), a company dedicated to helping people achieve healthy living through a combination of a compelling business opportunity and scientifically validated products, including its patented dietary supplement Protandim®, the Nrf2 Synergizer®, announced today that Douglas C. Robinson, the Company’s President and Chief Executive Officer, and David Colbert, the Company’s Chief Financial Officer, will be presenting at the Sidoti Semi-Annual Micro-Cap Conference to be held on January 7, 2013, at the Grand Hyatt Hotel in New York City.
The LifeVantage Corporation investor presentation is scheduled for Monday, January 7, 2013, at 8:00 am Eastern Time.
About LifeVantage Corporation
LifeVantage (Nasdaq:LFVN), a leader in Nrf2 science and the maker of Protandim®, the Nrf2 Synergizer® patented dietary supplement, is a science based nutraceutical company. LifeVantage is dedicated to visionary science that looks to transform wellness and anti-aging internally and externally with products that dramatically reduce oxidative stress at the cellular level. The Company was founded in 2003 and is headquartered in Salt Lake City, UT.
The LifeVantage Corporation logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=11617
CONTACT: Investor Relations Contact:
Cindy England (801) 432-9036
Director of Investor Relations
-or-
John Mills (310) 954-1105
Senior Managing Director, ICR, LLC
With the first gaming app produced by OBJ Enterprises’ (OTCBB: OBJE) joint venture with Source Street, LLC, entering beta testing before the end of the year, the company anticipates a successful launch in 2013 that will capture a lucrative slice of the booming mobile gaming market.
According to recent figures by the mobile analytics firm Flurry, mobile apps for Apple (NASDAQ: AAPL) iPhone and iPad as well as Google (NASDAQ: GOOG) Android devices generated about $10 billion in revenue this year—an incredible 80 percent of which came from gaming apps. In fact, gaming apps dominate all other mobile categories, with users spending 43 percent of their app time on games.
“The incredible financial success of gaming apps in 2012 and beyond is a tribute to the power of the ‘freemium’ business model,” said OBJE CEO Paul Watson. “Mobile games are driving the growth in the multi-billion-dollar global video game industry, and free-to-play apps represent the most prolific sector in this new era of digital distribution.”
Novalon Games, the gaming developer founded by the joint venture of OBJE and Source Street, is set to begin beta testing Phantasmic, the first of two brand new iOS gaming apps scheduled for a 2013 release. Gaming apps like Phantasmic give consumers free access to the core of a game, but charge for virtual items and power-ups through micro-transaction.
The game maker is also developing Wayfarers, a sophisticated online roleplaying game, for release in the coming year as well.
Obscene Interactive is a division of OBJ Enterprises, Inc. that is working to develop innovative products to service the fast-growing social gaming sector alongside companies such as Glu Mobile Inc. (NASDAQ: GLUU), The9 Limited (NASDAQ: NCTY) and Majesco Entertainment Co. (NASDAQ: COOL).
Follow OBJ Enterprises on Twitter at www.twitter.com/OBJEnterprises.
About Obscene Interactive
Obscene Interactive, a subsidiary of OBJ Enterprises, Inc. (OTCBB: OBJE), is an emerging global developer of social gaming applications. OBJE’s cutting-edge technology platform enables its titles to be accessible to a broad audience of consumers all over the world, supporting multiple platforms for universal appeal. Obscene Interactive is focused on delivering the best in social gaming solutions to the mass market. For investment information and performance data, please visit www.ObsceneInteractive.com/investors.html.
Notice Regarding Forward-Looking Statements
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This news release contains forward-looking information 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, including statements that include the words “believes,” “expects,” “anticipate” or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the company to differ materially from those expressed or implied by such forward-looking statements. In addition, description of anyone’s past success, either financial or strategic, is no guarantee of future success. This news release speaks as of the date first set forth above and the company assumes no responsibility to update the information included herein for events occurring after the date hereof.
Mid Penn Bancorp, Inc. Repurchases Its Entire $10 Million of Preferred Stock Issued Under TARP Capital Purchase Plan
MILLERSBURG, Pa., Dec. 28, 2012 (GLOBE NEWSWIRE) — The Board of Directors of Mid Penn Bancorp, Inc. (“Mid Penn”) (Nasdaq:MPB) today proudly announced that it has repurchased and redeemed all of its Series A Preferred Stock that was issued to the U.S. Treasury under the TARP Capital Purchase Program. Mid Penn repurchased the preferred stock for a price equal to the aggregate liquidation amount of $10 million, plus accrued but unpaid dividends of $59,722.22.
The redemption will eliminate approximately $500,000 in annual preferred dividends Mid Penn has paid on the preferred stock since its issuance.
“We are pleased and proud to make this announcement and we believe that our full repayment to TARP validates the strength and stability of Mid Penn,” said President and CEO Rory G. Ritrievi. “The CPP program, instituted by the United States Treasury in 2008, allowed qualifying banks the opportunity to effectively stay in the lending business. Now, four years later, we feel it is in the best interests of our shareholders to thank the Federal Government by repaying that investment in full, even after paying all preferred dividends due over time. Mid Penn is in a position to do this as a result of successful years of income and capital preservation in 2010, 2011 and 2012.”
In conjunction with Mid Penn’s participation in TARP, in 2008 it issued to the U.S. Treasury a warrant to purchase up to 73,099 shares of common stock. Currently, Mid Penn intends to repurchase this warrant from the U.S. Treasury.
About Mid Penn Bank
Mid Penn Bank, a subsidiary of Mid Penn Bancorp, Inc. (Nasdaq:MPB), has been serving Central Pennsylvania since 1868. Headquartered in Millersburg, Pa., Mid Penn Bank has 14 retail locations in Cumberland, Dauphin, Northumberland and Schuylkill Counties. The bank offers a diverse portfolio of products and services to meet personal and business banking needs of the community. To learn more about Mid Penn Bank, visit midpennbank.com.
The Mid Penn Bancorp, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6428
SPECIAL CAUTIONARY NOTICE REGARDING FORWARD-LOOKING STATEMENTS
Certain of the matters discussed in this press release may constitute forward-looking statements for purposes of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended, and as such may involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Mid Penn to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. The words “expect”, “anticipate”, “intend”, “plan”, “believe”, “estimate”, and similar expressions are intended to identify such forward-looking statements.
Mid Penn’s actual results may differ materially from the results anticipated in these forward-looking statements due to a variety of factors, including, without limitation:
- The effects of future economic conditions on Mid Penn and its customers;
- Governmental monetary and fiscal policies, as well as legislative and regulatory changes;
- The effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the Financial Accounting Standards Board and other accounting standard setters;
- The risks of changes in interest rates on the level and composition of deposits, loan demand, and the values of loan collateral, securities and interest rate protection agreements, as well as interest rate risks;
- The effects of economic deterioration on current customers, specifically the effect of the economy on loan customers’ ability to repay loans;
- The effects of competition from other commercial banks, thrifts, mortgage banking firms, consumer finance companies, credit unions, securities brokerage firms, insurance companies, money market and other mutual funds and other financial institutions operating in Mid Penn’s market area and elsewhere, including institutions operating locally, regionally, nationally and internationally, together with such competitors offering banking products and services by mail, telephone, computer and the internet;
- The costs and effects of litigation and of unexpected or adverse outcomes in such litigation;
- Technological changes;
- Acquisitions and integration of acquired businesses;
- The failure of assumptions underlying the establishment of reserves for loan and lease losses and estimations of values of collateral and various financial assets and liabilities;
- Acts of war or terrorism;
- Volatilities in the securities markets; and
- Deteriorating economic conditions.
All written or oral forward-looking statements attributable to Mid Penn are expressly qualified in their entirety by these cautionary statements.
CONTACT: Rory G. Ritrievi
(717) 692-7103
rory.ritrievi@midpennbank.com
Tiger Media, Inc. (“Tiger Media”) (NYSE MKT:IDI) (NYSE MKT:IDI.WS), formerly known as SearchMedia Holdings Limited, one of China’s leading nationwide multi-platform media companies, today reported unaudited financial results for the nine months ended September 30, 2012.
Financial Highlights for the Nine Months ended September 30, 2012
- Revenue decreased 40% year-on-year from $45.5 million to $27.3 million.
- Operating profit increased from $2.2 million to $7.2 million year-on-year.
- Net profit increased from $1.1 million to $6.0 million year-on-year mainly attributable to one time gain on disposal of subsidiaries and gain from extinguishment of acquisition consideration.
- Acquisition consideration payable reduced from $23.2 million at year end 2011 to $5.7 million at September 30, 2012.
- The Company closed on two private placements pursuant to which the Company sold an aggregate of 7.0 million shares of the Company’s common stock at a price of $1.00 per share.
- The Company’s Convertible Note Holders converted $3.1 million in convertible notes into common shares at a price of $1.00 per share.
- After giving effect to the approximately $2.1 million of proceeds received from the warrant price reduction and exchange completed on December 26, 2012, shareholders’ equity would be $5.6 million and cash would increase to $9.4 million.
Unaudited Financial Results for the Nine Months ended September 30, 2012
Revenue decreased 40% to $27.3 million in the first nine months of 2012 from $45.5 million for the same period last year primarily due to the divestiture of Zhejiang Continental, Shenyang Jingli and Qingdao Kaixiang, the streamlining of Ad-Icon Shanghai’s non-profitable elevator business and the termination of our VIE structure.
Gross profit decreased year-on-year from $10.6 million in the same period last year to $3.1 million as a result of a decrease in revenue during the period, divestiture of Shenyang Jingli, Zhejiang Continental, Qingdao Kaixiang, and streamlining of the Ad-Icon Shanghai elevator business while still incurring contracted advertising space lease costs. Gross margin decreased to 11.4% from 23.3% in the same period last year due to higher concession costs, higher network expansion cost, higher percentage of agency business in advertising revenue, and recent subsidiaries separation and elevator business streamlining.
Total operating expenses (excluding divestment related gain) for the first nine months of 2012 were $7.1 million compared to $8.4 million for the prior year period as a result of business streamlining and management’s continued efforts to control costs. Sales and marketing expenses decreased 47% to $2.0 million from $3.8 million in the prior year period, primarily reflecting a proportional decrease in sales commissions as a result of lower revenue. General and administrative expenses increased 10% to $5.0 million from $4.6 million in the prior year period, reflecting an increase in agency expenses.
Operating profit was $7.2 million compared to $2.2 million due to the $11.1 million gain on disposal of subsidiaries and extinguishment of certain acquisition consideration payable. Net profit for the first nine months of 2012 was $6.0 million compared to $1.1 million in the prior year period due to a gain on the disposal of subsidiaries and the extinguishment of certain acquisition consideration payable.
Adjusted net loss for the first nine months of 2012 was $3.8 million compared with net profit of $1.2 million after excluding non-cash items such as the gain from the extinguishment of acquisition consideration payable of $3.0 million, the gain on disposal of subsidiaries of $8.1 million, the loss on abandonment of lease of $0.5 million, the loss on disposal of fixed assets of $0.4 million, and share based compensation of $0.4 million. Please refer to the non-GAAP reconciliation table provided at the end of the release for a period-over-period comparison of non-cash adjustments.
Earnout liabilities as of September 30, 2012 totaled $5.7 million down from $23.2 million at December 31, 2011. Additional reduction of the earnout liability is expected in fourth quarter of 2012. For the nine months ended September 30, 2012, the Company had a weighted average number of basic and diluted shares outstanding of 20.3 million shares. After giving effect to the approximate 1.7 million shares to be issued as a result of the December 2012 warrant exercise, the Company will have basic and diluted shares outstanding of approximately 30.1 million shares.
During the 2012 third quarter, the Company closed on two private placements with certain accredited investors pursuant to which the Company sold an aggregate of 7.0 million shares of the Company’s common stock at a price of $1.00 per share. Additionally during the 2012 third quarter, all of the Company’s investors from its February 2012 Convertible Note Offering agreed to convert their Convertible Notes (including accrued interest) into common shares at $1.00 per share.
As part of the Company’s initiative to divest non-performing businesses and based on a study of the performance and projections of Wuxi Ruizhong Advertising Co. Ltd. (“Wuxi Ruizhong”), the Company agreed to divest Wuxi Ruizhong back to its previous owners and eliminate the related earnout liability of $0.3 million, other liabilities of $0.3 million and income tax payable of $0.7 million. In connection with this divestment, the Wuxi founders returned to the Company for cancelation the 132,272 shares previously issued to them for settlement of the Company’s earnout obligations. As of November 30, 2012, Wuxi Ruizhong’s operating results will no longer form part of the Company’s consolidated financial statements. The Company believes that the cost savings from not carrying out the remaining earnout obligations pursuant to the acquisition agreement for Wuxi Ruizhong frees up the Company’s resources for use in other more promising opportunities.
Peter W.H. Tan, Chief Executive Officer of Tiger Media remarked, “The results of the nine months of 2012 shows a trend of decreased revenue for the Company as we focus on improving the margins and the bottom line and continue to streamline our business by closing unprofitable offices and divesting certain subsidiaries and eliminating the underlying earnout liability in order to pursue more accretive concession opportunities. These actions however, resulted in reduced performance in the first nine month of 2012. Going forward, we believe that we will create significant shareholder value through strategic, long term proprietary concessions with prominent partners. We have additional potential concessions and acquisition opportunities in our pipeline and we expect additional announcements shortly.
About Tiger Media
Tiger Media is a leading nationwide multi-platform media company and one of the largest operators of integrated outdoor billboard and in-elevator advertising networks in China. Tiger Media operates a network of high-impact billboards and one of China’s largest networks of in-elevator advertisement panels in 50 cities throughout China. Tiger Media’s core outdoor billboard and in-elevator platforms are complemented by its transit advertising platform, which together enable it to provide multi-platform, “one-stop shop” services for its local, national and international advertising clients. Learn more at www.tigermedia.com.cn.
Forward-Looking Statements
Any statements contained in this press release that do not describe historical facts, including statements about Tiger Media’s beliefs and expectations, may constitute forward-looking statements as that term is defined by the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expect,” “anticipate,” “future,” “intend,” “plan,” “believe,” “estimate,” “confident” and similar statements. Any forward-looking statements contained herein are based on current expectations, but are subject to a number of risks and uncertainties that may cause actual results to differ materially from expectations.
Potential risks and uncertainties include, but are not limited to: whether the costs savings from the remaining earnout obligations of Wuxi will free up more Company resources for more promising opportunities; whether we will create significant shareholder value through large, long term proprietary concessions with prominent partners; whether the additional concessions in our pipeline will come to fruition and be beneficial; whether the additional concessions will allow the Company to become a larger and more profitable company resulting in improved cash flow and cost savings; and the risks that there are uncertainties and matters beyond the control of management, and other risks outlined in the Company’s filings with the U.S. Securities and Exchange Commission. Tiger Media cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Tiger Media does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which any such statement is based.
Tiger Media, Inc. |
|
|
|
|
Condensed Statements Of Operations |
|
|
|
|
In USD’000 |
|
For Nine Months Ended September 30 |
|
|
2012 |
|
2011 |
|
|
Unaudited |
|
Unaudited |
Advertising service revenues |
$ |
27,283 |
$ |
45,530 |
Cost of revenues |
|
(24,181) |
|
(34,938) |
Gross profit |
|
3,102 |
|
10,592 |
|
|
|
|
|
Sales and marketing expenses |
|
(2,025) |
|
(3,793) |
General and administrative expenses |
|
(5,028) |
|
(4,576) |
Gain on disposal of subsidiaries |
|
8,087 |
|
– |
Gain from extinguishment of acquisitionconsideration payable |
|
3,025 |
|
– |
Profit from operations |
|
7,161 |
|
2,223 |
|
|
|
|
|
Interest income |
|
(145) |
|
12 |
Non-operating income |
|
77 |
|
67 |
Loss on abandonment of lease |
|
(522) |
|
– |
Loss on disposals of fixed assets |
|
(376) |
|
– |
Foreign currency exchange loss, net |
|
1 |
|
(4) |
Profit before tax |
|
6,196 |
|
2,298 |
Income tax expense |
|
(200) |
|
(1,233) |
Net profit after tax |
|
5,996 |
|
1,065 |
Minority interest |
|
1 |
|
– |
Profit attributable to shareholders |
$ |
5,997 |
$ |
1,065 |
|
Tiger Media, Inc. |
|
|
|
|
|
|
Condensed Balance Sheets |
|
|
|
|
|
|
In USD’000 |
|
|
September 30, |
|
|
December 31, |
|
|
|
2012 |
|
|
2011 |
|
|
|
Unaudited |
|
|
Audited |
ASSETS |
|
|
|
|
|
|
CURRENT ASSETS |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
7,277 |
|
$ |
4,630 |
Restricted bank deposit |
|
|
71 |
|
|
1 |
Accounts receivable, net |
|
|
9,850 |
|
|
15,822 |
Other current assets |
|
|
9,022 |
|
|
12,406 |
Total current assets |
|
|
26,220 |
|
|
32,859 |
NON-CURRENT ASSETS |
|
|
|
|
|
|
Property and equipment, net |
|
|
107 |
|
|
633 |
Deposits for PPE |
|
|
– |
|
|
31 |
Goodwill |
|
|
13,560 |
|
|
16,926 |
Total assets |
|
$ |
39,887 |
|
$ |
50,449 |
|
|
|
|
|
|
|
LIABILITIES & SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
CURRENT LIABILITIES |
|
|
|
|
|
|
Accounts payable |
|
$ |
13,137 |
|
$ |
14,167 |
Short-term borrowings |
|
|
– |
|
|
– |
Acquisition consideration payable |
|
|
5,681 |
|
|
23,238 |
Income taxes payable |
|
|
9,371 |
|
|
9,524 |
Other current liabilities |
|
|
7,225 |
|
|
16,973 |
Total current liabilities |
|
|
35,414 |
|
|
63,902 |
Total liabilities |
|
$ |
35,414 |
|
$ |
63,902 |
|
|
|
|
|
|
|
Minority interest |
|
|
979 |
|
|
– |
|
SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
Common Shares – $0.0001 par value
1,000,000,000 shares authorized, 28,479,264 shares
issued and outstanding |
|
$ |
3 |
|
$ |
2 |
|
|
|
|
|
|
|
Additional paid-in capital |
|
|
134,297 |
|
|
123,288 |
Accumulated other comprehensive loss |
|
|
(1,131) |
|
|
(1,071) |
Accumulated deficit |
|
|
(129,675) |
|
|
(135,672) |
Total shareholders’ equity |
|
|
3,494 |
|
|
(13,453) |
Total liabilities and shareholders’ equity |
|
$ |
39,887 |
|
$ |
50,449 |
Tiger Media, Inc. |
|
|
|
|
Condensed Statements Of Cash Flows |
|
|
|
|
In USD’000 |
|
|
|
|
|
|
|
For Nine Months Ended September 30, |
|
|
|
2012 |
|
|
2011 |
|
|
|
Unaudited |
|
|
Unaudited |
Net cash provided by / (used in) operating activities |
|
$ |
(4,813) |
|
$ |
1,296 |
Net cash used in investing activities |
|
|
(1,475) |
|
|
(545) |
Net cash provided by financing activities |
|
|
9,239 |
|
|
11 |
Foreign currency translation adjustment |
|
|
(304) |
|
|
(386) |
Net increase / (decrease) in cash and cash equivalents |
|
|
2,647 |
|
|
376 |
Cash and cash equivalents at beginning of year |
|
|
4,630 |
|
|
7,554 |
Cash and cash equivalents at end of year |
|
$ |
7,277 |
|
$ |
7,930 |
|
Tiger Media, Inc. |
|
|
|
|
|
Reconciliation Of Net Income To Non-GAAP Adjusted Net Income |
|
|
|
|
|
In USD’000 |
|
|
For Nine Months Ended September 30, |
|
|
|
2012 |
|
|
2011 |
|
|
|
Unaudited |
|
|
Unaudited |
|
|
|
|
|
|
|
Net income |
|
$ |
5,996 |
|
$ |
1,065 |
Gain on disposal of subsidiaries |
|
|
(8,087) |
|
|
|
Gain from extinguishment of acquisitionconsideration payable |
|
|
(3,025) |
|
|
|
Share-based compensation |
|
|
408 |
|
|
147 |
Loss on abandonment of lease |
|
|
522 |
|
|
|
Loss on disposals of fixed assets |
|
|
376 |
|
|
|
|
|
|
|
|
|
|
Adjusted non-GAAP net income / (loss) |
|
$ |
(3,810) |
|
$ |
1,212 |
The Acquisition of Storycode to Extend the Postano Social Visualization Platform into Mobile, Improving Fan Engagement for Brands
IRVINE, Calif., Dec. 28, 2012 /PRNewswire/ — TigerLogic Corporation (Nasdaq: TIGR) today announced that it has reached an agreement to acquire privately held Storycode, Inc., a mobile app publishing studio. TigerLogic plans to integrate Storycode’s technology into the Postano social visualization platform.
According to a November, 2012 McKinsey report ‘Capturing Business Value With Social Technologies,’ an in-depth analysis of four industry sectors that represent almost 20 percent of global industry sales suggests that social platforms can unlock $900 billion to $1.3 trillion in value in those sectors alone. “With TigerLogic’s acquisition of Storycode, we believe we will be well positioned to close the social media communications gap between consumers and brands.” said Richard Koe, TigerLogic ‘s Interim Chief Executive Officer.
Storycode’s mobile app publishing platform allows brands to easily, and quickly, create immersive mobile apps. “By combining Storycode’s mobile app platform with Postano, we can rapidly advance TigerLogic’s mission of creating compelling interactive experiences for brands to engage with their fans and customers.” said James McDermott, Storycode’s Chief Executive Officer.
Postano and Storycode:
With the integration of Postano, and Storycode, brands will have access to a new kind of social platform with unique mobile distribution capabilities. This new platform will allow brands to use original and fan-generated content to develop engaging experiences across web, events, and mobile environment. This means those responsible for brand affinity can drive improved consumer loyalty with visually based engagement in real-time. The Storycode platform is easy to manage and implement, leveraging existing content management systems, social platforms, and video channels, to create and populate content apps.
“We are excited about this new capability to offer our customers, and their fans, mobile app options that integrate with our Postano visualization platform and can be rapidly deployed to create engaging mobile experiences,” said Mr. Koe. “This past year, we’ve seen incredible momentum and adoption of Postano, from brands like Tommy Hilfiger, Nine West, Dell, the University of Oregon Athletic Department, and many others. Brands are integrating Postano into their websites, Facebook pages, and in retail spaces today, and they are asking us to deliver the same experience for their customers via the mobile channels. Storycode technology allows us to do that.”
Customer Profile: The University of Oregon Athletic Department
The University of Oregon provides the fans of its football team, Oregon Ducks, with a live, real-time peek inside its cutting edge social media command center, the Quack Cave, via GoDucks.com.
Interested members of the Oregon Ducks fan community can supplement their game event experience by consuming the team’s visualized social media content, either in real-time, or after the game as a way to recapture all of that event’s excitement. The University of Oregon uses Postano platform to deliver this experience, and as a result of the Storycode acquisition will be able to provide fans the same experience in a mobile environment.
“The Quack Cave, powered by Postano, enables its student volunteers to review, moderate and share the 150,000+ posts generated by fans every football game. This has allowed the athletic department to facilitate increased social sharing and even more national buzz around Oregon Athletics,” said Craig Pintens, University of Oregon’s Senior Associate Athletic Director. “Taking what we do with Postano and re-creating that into an innovative mobile sharing platform is something we’ve asked for, and TigerLogic will be delivering. We think this will take our social media and marketing efforts to the next level of fan and brand engagement.”
In addition to its mobile technology platform, Storycode will add significant expertise to TigerLogic’s team in areas of user experience, data visualization, and creative services.
Closing of the acquisition is conditioned on customary conditions, including approval of the transaction by Storycode’s stockholders and certain third parties. The acquisition is expected to close early in TigerLogic’s fourth quarter of fiscal year 2013. TigerLogic intends to hold a conference call in connection with the closing of the transactions, which will be seperately announced when it is scheduled.
About Storycode, Inc.
Storycode is a mobile app studio located in Portland, Oregon. Led by James McDermott CEO and Justin Garrity CCO, Storycode has developed a mobile publishing platform that makes it easy for publishers and brands to create immersive, cross platform apps that leverage existing content management systems (CMS), and social networks. Storycode customers include Entrepreneur Media, The Independent, Mindjet, CBS, NBC, and Thomson Reuters. More information about Storycode can be found at http://www.storycode.com
About TigerLogic Corporation
TigerLogic Corporation (Nasdaq: TIGR) is a global provider of data management and application development solutions for enterprises that need to launch easy and cost-effective e-business initiatives. TigerLogic’s installed customer base includes more than 500,000 active users representing more than 20,000 customer sites worldwide, who rely on TigerLogic’s offerings for multidimensional database management, rapid application development, search enhancement, as well as content aggregation and syndication. Built on proven technology, TigerLogic helps control data and transform it into business intelligence and engagement. More information about TigerLogic and its products can be found at http://www.tigerlogic.com.
The foregoing release contains forward-looking information, including statements about the closing of the Storycode acquisition, the expected synergies from the transaction and the anticipated development of integrated products and capabilities. Any forward-looking statements are subject to risks and uncertainties, and actual results could differ materially due to several factors, including but not limited to TigerLogic’s ability to successfully integrate the Storycode technology and employees and to realize the anticipated synergies, the success of the combined companies research and development efforts to develop new products and to penetrate new markets, the market acceptance of the new products and updates, technical risks related to such products and updates, TigerLogic’s ability to maintain market share for its existing products, the availability of adequate liquidity and other risks and uncertainties. Please consult the various reports and documents filed by TigerLogic with the U.S. Securities and Exchange Commission, including but not limited to the most recent reports on Form 10-K and Form 10-Q for factors potentially affecting TigerLogic’s future financial results. All forward-looking statements are made as of the date hereof and TigerLogic disclaims any responsibility to update or revise any forward-looking statement provided in this news release.
TigerLogic, Postano, yolink, Raining Data, Pick, mvDesigner, D3, mvEnterprise, mvBase, Omnis, and Omnis Studio are trademarks of TigerLogic Corporation. Storycode is a trademark of Storycode, Inc. All other trademarks and registered trademarks are properties of their respective owners.
magicJack Expects to Post Over $39 Million in GAAP Revenue and Over $0.70 per Share in Operating Income in Q4 2012 with GAAP Q4 and Whole Year 2012 Income to be Well Above Previous Estimates
Company Expects to Exit 2012 With Lower Share Count of 18.8 Million Shares and $40 Million in Cash and Investments
WEST PALM BEACH, Fla. and NETANYA, Israel, Dec. 28, 2012 (GLOBE NEWSWIRE) — magicJack VocalTec, Ltd. (Nasdaq:CALL) (the “Company”), the Voice Experts and cloud communications leader that invented voice over IP (VoIP) and sold over ten million magicJacks®, announces higher estimates for Q4 and full year 2012. For Q4, the Company expects to have over $0.70 per share of operating income. These estimates increased based on lower telecom expenses, higher receipts and a reduction in legal, advertising, media and other expenses. The Company had 19.3 million shares outstanding at end of Q3 2012, and cash and investments of $34.3 million. The Company has reduced share count by approximately 500,000 shares and increased cash and investments by $6 million since last quarter (Q3 2012). The Company expects to end this year with approximately 18.8 million shares outstanding and approximately $40 million in cash and investments, and continues to drastically reduce its telecom costs while increasing access charge collections.
Although the Company typically focuses on GAAP numbers, it wants its investors to clearly understand that the deferred revenue liabilities reported in Q3 2012 of $127.3 million will end up having a fraction of that amount of real cash outlay. In other words, under GAAP, deferred revenue liabilities are not cash liabilities. The Company’s liquidity and cash generation has been so large because deferred revenue liabilities required only a small cash outlay, and we expect the same pro rata outlays and possibly better in the future. In the past, the Company has not broken out many non-GAAP details, but intends to include more non-GAAP details in future earnings releases. The Company will continue to inform investors of any developments that may be deemed important during its buyback program. Operating income does not include one-time charges including charitable donations and other income.
magicJack CEO Dan Borislow stated, “Our results for 2012 will exceed expectations. We leave the year with little litigation and having added important new assets. Our future goals have been established with precise plans for achieving them for 2013. I want to thank our employees for a job well done and a special shout out to Greg Wood, Peter Russo, Kirill, Dr. Y.W. Sing, Jonathan, Bin, Mary, Greg, Shelby and the Boys.”
The company will host a conference call today for investors at 10:00 a.m. ET. Conference call details are as follows:
U.S. Toll Free: |
1.877.810.3370 |
International: |
+1.708.290.1372 |
Conference ID: |
85149375 |
This press release contains forward-looking statements that involve substantial risks and uncertainties. All statements, other than statements of historical facts, contained in this press release, including statements about our projected revenues, cash flows, strategy, future operations, new product introductions and customer acceptance, future financial position, future revenues, projected costs, prospects, plans and objectives of management, are forward-looking statements. Many factors could cause our actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements. These factors include, among other things: changes to our business resulting from increased competition; any operational or cultural difficulties associated with the continuing integration of the businesses of VocalTec and YMax; potential adverse reactions or changes to business relationships resulting from the completion of the merger; unexpected costs, charges or expenses resulting from the merger; the ability of the combined Company to achieve the estimated potential synergies or the longer time it may take, and increased costs required, to achieve those synergies; our ability to develop, introduce and market innovative products, services and applications; our customer turnover rate and our customer acceptance rate; changes in general economic, business, political and regulatory conditions; availability and costs associated with operating our network; potential liability resulting from pending or future litigation, or from changes in the laws, regulations or policies; the degree of legal protection afforded to our products; changes in the composition or restructuring of us or our subsidiaries and the successful completion of acquisitions, divestitures and joint venture activities; and the various other factors discussed in the “Risk Factors” section of our Annual Report on Form 10-K and other filings with the Securities and Exchange Commission. Such factors, among others, could have a material adverse effect upon our business, results of operations and financial condition. We do not assume any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
magicJack® is a registered trademark of magicJack VocalTec Ltd. All other product or company names mentioned are the property of their respective owners.
About magicJack VocalTec Ltd.
magicJack VocalTec Ltd. (Nasdaq:CALL), the inventor of VoIP including the softphone and magicJack, has the goal of becoming the leading international provider of global voice over many platforms. The Company has achieved sales of over ten million of the easy-to-use, award-winning magicJack since the device’s launch in 2008, and has the use of over 30 patents, some dating to when the Company invented VoIP. It is the largest reaching CLEC (Competitive Local Exchange Carrier) in the United States in terms of area codes available and certification in number of states, and the network has historically had uptime of over 99.99 percent.
The VocalTec Communications Ltd. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=8568
CONTACT: Kari Hernandez, INK for magicJack
magicjack@ink-pr.com
Aeterna Zentaris Granted Special Protocol Assessment by the FDA for Phase 3 Registration Trial in Endometrial Cancer with AEZS-108
QUÉBEC CITY, Dec. 28, 2012 /PRNewswire/ – Aeterna Zentaris Inc. (NASDAQ: AEZS) (TSX: AEZ) (the “Company”) today announced that it has reached an agreement with the U.S. Food and Drug Administration (“FDA”) on a Special Protocol Assessment (“SPA”) for an upcoming Phase 3 registration trial in endometrial cancer with its doxorubicin peptide conjugate, AEZS-108. The SPA agreement states that the proposed trial protocol design, clinical endpoints and planned analyses are acceptable to the FDA to support a regulatory submission.
“We are pleased with the agreement with the FDA which provides us with a clearly defined development and regulatory pathway for AEZS-108 in endometrial cancer”, stated Juergen Engel, PhD, President and CEO at Aeterna Zentaris. “AEZS-108’s innovative targeted approach could offer a new treatment option for women with endometrial cancer and provide the Company with a significant market opportunity.”
Study Design
This will be an open-label, randomized, multicenter Phase 3 trial conducted in North America and Europe, comparing AEZS-108 with doxorubicin as second line therapy for locally-advanced, recurrent or metastatic endometrial cancer. The trial will involve approximately 500 patients and the primary efficacy endpoint is improvement in median Overall Survival.
About Special Protocol Assessments (“SPA”)
The SPA process is a procedure by which the FDA provides official evaluation and written guidance on the design and size of proposed protocols that are intended to form the basis for a Biologics License Application (“BLA”) or New Drug Application (“NDA”). Final marketing approval depends on the results of efficacy, the adverse event profile and an evaluation of the benefit/risk of treatment demonstrated in the Phase 3 trial.
About AEZS-108
AEZS-108 represents a new targeting concept in oncology using a hybrid molecule composed of a synthetic peptide carrier and a well-known chemotherapy agent, doxorubicin. AEZS-108 is the first intravenous drug in advanced clinical development that directs the chemotherapy agent specifically to Luteinizing Hormone Releasing Hormone (“LHRH”)-receptor expressing tumors, resulting in more targeted treatment with less damage to healthy tissue. The product has successfully completed Phase 2 studies for the treatment of ovarian and endometrial cancer and the Company is currently planning a Phase 3 trial in endometrial cancer under a Special Protocol Assessment. AEZS-108 is also in Phase 2 trials in prostate, breast and bladder cancer. AEZS-108 has been granted orphan drug designation by the FDA and orphan medicinal product designation from the European Medicines Agency for the treatment of ovarian cancer. Aeterna Zentaris owns the worldwide rights to AEZS-108.
About Endometrial Cancer
Endometrial cancer is the most common gynecologic malignancy and develops when abnormal cells amass to form a tumor in the lining of the uterus. It largely affects women over the age of 50 with a higher prevalence in Caucasians and a higher mortality rate among African Americans. Approximately one in 30 women is diagnosed with endometrial cancer every year. According to the American Cancer Society, 47,130 new cases of endometrial are expected to be diagnosed in the United States in 2012, and Data Monitor expects 35,600 new cases in EU-G5 in 2013, with about 20% recurrent disease.
About Aeterna Zentaris
Aeterna Zentaris is an oncology and endocrinology drug development company currently investigating treatments for various unmet medical needs. The Company’s pipeline encompasses compounds at all stages of development, from drug discovery through to marketed products. For more information please visit www.aezsinc.com
Forward-Looking Statements
This press release contains forward-looking statements made pursuant to the safe harbour provisions of the U.S. Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties that could cause the Company’s actual results to differ materially from those in the forward-looking statements. Such risks and uncertainties include, among others, the availability of funds and resources to pursue R&D projects, the successful and timely completion of clinical studies, the risk that safety and efficacy data from any of our Phase 3 trials may not coincide with the data analyses from previously reported Phase 1 and/or Phase 2 clinical trials, the ability of the Company to take advantage of business opportunities in the pharmaceutical industry, uncertainties related to the regulatory process and general changes in economic conditions. Investors should consult the Company’s quarterly and annual filings with the Canadian and U.S. securities commissions for additional information on risks and uncertainties relating to forward-looking statements. Investors are cautioned not to rely on these forward-looking statements. The Company does not undertake to update these forward-looking statements. We disclaim any obligation to update any such factors or to publicly announce the result of any revisions to any of the forward-looking statements contained herein to reflect future results, events or developments, unless required to do so by a governmental authority or by applicable law.
CALGARY, ALBERTA — (Marketwire) — 12/28/12 — Sonde Resources Corp. (“Sonde” or the “Company”) (TSX:SOQ) (NYSE MKT:SOQ) (NYSE Amex:SOQ) announces that it has farmed out 66.67% of its interest in the Joint Oil Block to Viking Energy North Africa Limited (“Viking”), a private company. Sonde will receive the following consideration in connection with the farm out (all amounts are in U.S. Dollars):
-- Viking will pay Sonde in total a US $3 million non-refundable signature
bonus;
-- Viking will assume responsibility for the three well exploration
commitment under the terms of the EPSA and fund 100% of the Joint Oil
Block share of the Unit Plan of Development for the Zarat Field. The
first well, Fisal, is to be drilled in 2013 along with the acquisition
of seismic data covering the Hadaf prospect;
-- Viking will also provide to Sonde, prior to closing, the appropriate
form of corporate guarantee with the agreed upon commercial terms, in
order to secure the remaining work commitment under the terms of the
EPSA;
-- Sonde will receive 20% of the cost recovery and profit share revenue
until Sonde recovers US $70 million. After payout of all Viking
expenditures, the revenue will be split 33.33% to Sonde and 66.67% to
Viking;
-- Sonde retains the option to fund its 33.33% share of two of the
exploration wells; and
-- Any future discoveries will be shared 33.33% to Sonde and 66.67% to
Viking.
This farm out is subject to the following conditions precedent:
-- Viking (or one of its affiliates) provides Sonde with a Corporate
Guarantee sufficient to offset the current US $ 46.6 million guarantee
for the potential penalties in respect of the three well drilling
commitment and seismic ; and
-- Joint Oil consents to the transfer of the interest to Viking and the
naming of Viking as Operator of the Joint Oil Block under the EPSA.
As previously announced, the Joint Oil shareholders have now approved the second Exploration Phase extension and are reviewing the request to appoint Viking as operator of the Joint Oil Block. Jack Schanck, President and CEO said, “Sonde is very delighted to have the Viking Group as our partners in the Joint Oil Block development. Their expertise in FPSOs, their strategic relationship with the Thome Group and financial capability will allow our joint venture to develop the Zarat Field, and explore the potential of the Joint Oil Block. We look to this joint venture as a long-term relationship and commitment to the people of Tunisia and our Joint Oil partners. Sonde will plan a series of investor calls and meetings in early 2013 to fully expand on the opportunity this agreement represents.”
Sonde earlier indicated that it has reached a tentative agreement with PA Resources, the Zarat license holder, on the unitization principles of the Zarat Field, which is located to the south of the Joint Oil Block. The definitive agreement will include principles to the Unit Area, Unit Plan of Development Area and Tract Participation. The Unit Plan of Development is on track for submission to the Tunisian Authorities and approval by the end of the second quarter of 2013. A detailed reservoir technical evaluation undertaken jointly by Sonde/Viking and PA Resources is ongoing. Preliminary results performed by Sonde indicate that the gas recycling is a viable production option. This may advance the project to initial cash flow as early as 2015.
Conrad Clauson, Chairman of the Viking Group, indicated “that Viking Energy Group is very pleased to establish a long-term partnership with Sonde for the exploration and development of the Joint Oil Block. We look forward to working with our partners with the objective to develop liquid hydrocarbon resources contained in the Zarat field within the next two years using an FPSO vessel, followed by the monetization of the gas resources.”
“The Viking strategy for the Zarat field is to develop it through a two staged process, appraise and develop it with the objective to be able to convert the prospective resources into reserves and then tie in each future discovery into the same FPSO vessel as the one we believe should be used for the Zarat field development.”
“The development of the Zarat field will have strong operational synergies with the development of the Isis field located offshore Tunisia and also operated by the Viking Energy Group.”
“Viking will be working closely with all parties and our strategic industrial partner, Thome Oil and Gas Pte Ltd., which is a part of the Thome Group of Companies based in Singapore (www.thome.com.sg) to evaluate how we can fast track the development of the production and storage solution, minimize our capital expenditures and have cost effective operation.” Thome Oil and Gas Pte. Ltd. is an experienced FPSO/FSO operator which already has a presence in North Africa (Operations and maintenance management of AL Zaafrana FPSO in Egypt) and will also operate the Isis FPSO in Tunisia.”
Sonde Resources Corp. is a Calgary, Alberta, Canada based energy company engaged in the exploration and production of oil and natural gas. Its operations are located in Western Canada, and offshore North Africa. See Sonde’s website at www.sonderesources.com to review further detail on Sonde’s operations.
Forward Looking Information – This news release contains “forward-looking information” within the meaning of applicable Canadian securities laws and “forward looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These statements include, among others, the proposed terms and conditions applicable to the pending farm out of a portion of the Company’s interest in the Joint Oil Block to Viking, the anticipated approval by Joint Oil of the deferral of the Company’s three exploratory well obligations relating to the Joint Oil Block into the second phase of the Exploration Period without payment of any penalty and the proposed unitization of the Zarat Field and the Joint Oil Block. There can be no assurance that the conditions precedent to the farm out agreement, including the approval of Joint Oil in respect of the deferral of exploratory well obligations and the consent to the transfer of the Company’s interests to Viking and the naming of Viking as Operator of the Joint Oil Block, will be received on terms acceptable to Sonde or at all or that Sonde will be able to reach a definitive agreement with respect to unitization with PA Resources. Such forward-looking information or statements are based on a number of risks, uncertainties and assumptions which may cause actual results or other expectations to differ materially from those anticipated and which may prove to be incorrect. Assumptions have been made regarding, among other things, management’s expectations regarding negotiations with foreign governments and commercial parties, operating conditions, management’s expectations regarding future growth, plans for and result of drilling activity, market conditions, availability of capital, future commodity prices and differentials and capital and other expenditures. Actual results could differ materially due to a number of factors, including, without limitation, operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve and resource estimates; the uncertainty of estimates and projections in relation to production; risks affecting Sonde’s ability to execute projects and market oil and natural gas; risks inherent in operating in foreign jurisdictions and negotiating with foreign governments and foreign commercial parties; the ability to attract and retain key personnel; and the inability to raise additional capital. Additional assumptions and risks are set out in detail in the Company’s Annual Information Form, available on SEDAR at www.sedar.com., and the Company’s annual reports on Form 40-F on file with the U.S. Securities and Exchange Commission.
Although management believes that the expectations reflected in the forward-looking information or forward-looking statements are reasonable, prospective investors should not place undue reliance on forward-looking information or forward-looking statements because Sonde can provide no assurance those expectations will prove to be correct. Sonde bases its forward-looking statements and forward-looking information on information currently available and do not assume any obligation to update them unless required by law.
Contacts:
Sonde Resources Corp.
Suite 3200, 500 – 4th Avenue S.W.
Calgary, Alberta, Canada T2P 2V6
Investor Relations
(403) 617-7728
(403) 216-2374 (FAX)
Jack Schanck
(403) 503 -7931
BOULDER, Colo., Dec. 27, 2012 /PRNewswire/ — Array BioPharma Inc. (Nasdaq: ARRY) today announced that its Chief Executive Officer, Ron Squarer, will speak at the Annual J.P. Morgan Healthcare Conference in San Francisco. The public is welcome to participate in the conference through a webcast on the Array BioPharma website.
(Logo: http://photos.prnewswire.com/prnh/20121029/LA02195LOGO)
Event:
|
Annual J.P. Morgan Healthcare Conference
|
Presenter:
|
Ron Squarer, Chief Executive Officer, Array BioPharma
|
Date:
|
Tuesday, January 8, 2013
|
Time:
|
3:00 p.m. Pacific Time
|
Location:
|
Westin St. Francis Hotel, San Francisco
|
Webcast:
|
www.arraybiopharma.com
|
About Array BioPharma
Array BioPharma Inc. is a biopharmaceutical company focused on the discovery, development and commercialization of targeted small-molecule drugs to treat patients afflicted with cancer. Array is evolving into a late-stage development company, with two wholly-owned programs, ARRY-614 and ARRY-520, and three partnered programs, selumetinib (with AstraZeneca), MEK162 (with Novartis), and danoprevir (with InterMune / Roche), having the potential to begin Phase 3 or pivotal trials by the end of calendar year 2013. For more information on Array, please go to www.arraybiopharma.com.
CONTACT:
|
Tricia Haugeto
|
|
Array BioPharma Inc.
|
|
303-386-1193
|
|
thaugeto@arraybiopharma.com
|
SPRINGFIELD, Mass., Dec. 27, 2012 /PRNewswire/ — Smith & Wesson Holding Corporation (NASDAQ Global Select: SWHC), a leader in firearm manufacturing and design, today announced that its Board of Directors has authorized an additional $15.0 million for common stock repurchases through June 30, 2013.
On December 6, 2012, the company announced that its Board of Directors approved a program to repurchase up to $20.0 million of the company’s outstanding shares of common stock from time to time until June 30, 2013. The company has subsequently repurchased all of the initially authorized $20.0 million of common stock.
The amount and timing of any repurchases will depend on a number of factors, including price, trading volume, general market conditions, legal requirements, and other factors. Any shares of common stock repurchased under the program will be considered issued but not outstanding shares of the company’s common stock. The company expects to fund the repurchase program using the company’s cash on hand and working capital.
About Smith & Wesson
Smith & Wesson Holding Corporation (NASDAQ Global Select: SWHC) is a U.S.-based leader in firearm manufacturing and design, delivering a broad portfolio of quality firearms, related products, and training to the global military, law enforcement, and consumer markets. The company’s brands include Smith & Wesson®, M&P™ and Thompson/Center Arms. Smith & Wesson facilities are located in Massachusetts and Maine. For more information on Smith & Wesson, call (800) 331-0852 or log on to www.smith-wesson.com.
Safe Harbor Statement
Certain statements contained in this press release may be deemed to be forward-looking statements under federal securities laws, and we intend that such forward-looking statements be subject to the safe-harbor created thereby. Such forward-looking statements include future repurchases of our common stock under our stock repurchase program, including the amount, time, and manner of repurchases, if any. We caution that these statements are qualified by important factors that could cause actual results to differ materially from those reflected by such forward-looking statements. Such factors include risks that are detailed from time to time in our reports filed with the SEC, including our Form 10-K Report for the fiscal year ended April 30, 2012.
Contacts:
Liz Sharp, VP Investor Relations
Smith & Wesson Holding Corp.
lsharp@smith-wesson.com
NEW YORK, Dec. 27, 2012 (GLOBE NEWSWIRE) — Synergy Pharmaceuticals, Inc. (Nasdaq:SGYP), a developer of new drugs to treat gastrointestinal (GI) disorders and diseases, announced today that dosing has commenced in a Phase IIb clinical trial of plecanatide to treat patients with constipation-predominant irritable bowel syndrome (IBS-C).
This trial is being conducted at 70 sites in the United States and includes 350 patients with IBS-C who will be treated with one of four doses of plecanatide (0.3, 1.0, 3.0, or 9.0 mg) or placebo, taken once daily over a period of 12 weeks. PAREXEL International is the Contract Research Organization for the trial.
“We are pleased to be developing plecanatide for the treatment of IBS-C, a functional GI disorder of significant burden to patients,” said Gary S. Jacob, Ph.D., President and Chief Executive Officer of Synergy. “Synergy is about to complete an independent study of plecanatide in patients with chronic idiopathic constipation, and will be releasing top-line data from this trial early in January, 2013. We believe that plecanatide, which is an analog of the natural GI hormone uroguanylin, has the potential to produce an ideal combination of efficacy and safety for patients with IBS-C.”
Clinical Trial Design
Patients must meet the Rome III criteria for IBS as demonstrated by a history of recurrent abdominal pain or discomfort covering at least 3 days/month in the last 3 months associated with two or more of: 1) improvement with defecation, 2) onset associated with a change in frequency of stool, and 3) onset associated with a change in form (appearance) of stool. Patients must also meet the criteria for the IBS-C subtype, which is further characterized by stool pattern such that ≥ 25% of defecations are hard or lumpy stools and ≤ 25% of defecations are loose or watery stools.
The trial will measure the mean change in complete spontaneous bowel movements (CSBM’s) over the 12-week treatment period relative to patient’s baseline weekly CSBM rate established during the screening phase of the study. The trial will also evaluate spontaneous bowel movements (SBM’s) and daily abdominal pain, discomfort and bloating scores as well as the impact of plecanatide on disease-specific quality of life measures. For further information on the trial, please visit www.cibsstudy.com or the ClinicalTrials.gov listing (http://clinicaltrials.gov/ct2/show/NCT01429987?term=plecanatide&rank=1).
About Plecanatide
Plecanatide is a member of a new class of essentially non-systemic drugs, referred to as guanylate cyclase C (GC-C) agonists, that is currently in development to treat CIC and IBS-C. Plecanatide is a synthetic analog of uroguanylin, a natriuretic hormone that regulates ion and fluid transport in the GI tract. Orally-administered plecanatide binds to and activates GC-C receptors expressed on epithelial cells lining the GI mucosa, resulting in activation of the cystic fibrosis transmembrane conductance regulator (CFTR), and leading to augmented flow of chloride and water into the lumen of the gut. Activation of the GC-C receptor pathway is believed to facilitate bowel movements as well as producing other beneficial physiological responses including improvement in abdominal pain and inflammation. In animal models, oral administration of plecanatide promotes intestinal secretion and also ameliorates GI inflammation.
About Irritable Bowel Syndrome with Constipation (IBS-C)
Approximately 20 percent of the U.S. adult population, or one in five Americans, have symptoms of IBS, making it one of the most common disorders diagnosed by doctors. It occurs more often in women than in men (2-3:1 ratio), and it begins before the age of 35 in about 50 percent of people.
Irritable Bowel Syndrome (IBS) is characterized by recurrent episodes of abdominal pain and discomfort with associated alterations in bowel habits. Abdominal discomfort or pain is a universal feature required for the diagnosis of IBS and the predominant abnormal bowel pattern experienced by the patient leads to the subtyping of IBS as: diarrhea-predominant (D-IBS), constipation-predominant (C-IBS), or mixed IBS (M-IBS). Only IBS-C patients, are targeted for treatment with plecanatide.
About Synergy Pharmaceuticals Inc.
Synergy is a biopharmaceutical company focused on the development of new drugs to treat gastrointestinal disorders and diseases. Synergy’s lead proprietary drug candidate plecanatide is a synthetic analog of the human gastrointestinal (GI) hormone uroguanylin, and functions by activating the guanylate cyclase C receptor on epithelial cells of the GI tract. Synergy completed a Phase I study of plecanatide in healthy volunteers, a Phase IIa clinical trial in chronic idiopathic constipation (CIC) patients and has just completed a major Phase II/III clinical trial of plecanatide to treat CIC. Top-line results are expected to be released the first week of January 2013. Synergy intends to have an end of Phase II CIC meeting with the FDA in the first half of 2013. Synergy’s second GC-C agonist, SP-333, is currently in a Phase I clinical trial in volunteers. The development program for SP-333 is for treatment of inflammatory bowel diseases. More information is available at http://www.synergypharma.com.
Forward-Looking Statements
Certain statements in this press release are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified by the use of forward-looking words such as “anticipate,” “planned,” “believe,” “forecast,” “estimated,” “expected,” and “intend,” among others. These forward-looking statements are based on Synergy’s current expectations and actual results could differ materially. There are a number of factors that could cause actual events to differ materially from those indicated by such forward-looking statements. These factors include, but are not limited to, substantial competition; our ability to continue as a going concern; our need for additional financing; uncertainties of patent protection and litigation; uncertainties of government or third party payer reimbursement; limited sales and marketing efforts and dependence upon third parties; and risks related to failure to obtain FDA clearances or approvals and noncompliance with FDA regulations. As with any pharmaceutical under development, there are significant risks in the development, regulatory approval and commercialization of new products. There are no guarantees that future clinical trials discussed in this press release will be completed or successful or that any product will receive regulatory approval for any indication or prove to be commercially successful. Investors should read the risk factors set forth in Synergy’s Form 10-K for the year ended December 31, 2011, and other periodic reports filed with the Securities and Exchange Commission. While the list of factors presented here is considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements. Forward-looking statements included herein are made as of the date hereof, and Synergy does not undertake any obligation to update publicly such statements to reflect subsequent events or circumstances.
CONTACT: Media Contact
Janet Skidmore
Office: 215-658-4915
Mobile: 215-429-2917
skidmorecomm@earthlink.net
Investor Contact
Danielle Spangler
The Trout Group
synergy@troutgroup.com
(646) 378-2924
CALGARY, ALBERTA — (Marketwire) — 12/27/12 — Sonde Resources Corp. (“Sonde” or the “Company”) (TSX:SOQ) (NYSE MKT:SOQ) (NYSE Amex:SOQ) confirms that Joint Oil’s Board and General Assembly have approved Sonde to enter the second Exploration Phase extending the exploration work program for the three exploratory wells obligation under the Exploration and Production Sharing Agreement (“EPSA”) to December 2015.
The Amending Agreement to the EPSA provides for a Second Phase Work Program as follows:
-- One Exploratory well must be drilled by the end of each year beginning
in 2013 or will be subject to a US $15 million per well penalty; and
-- Sonde will acquire 200 sq. km. of 3D seismic in the "B" subcontract area
offshore Libya.
The seismic work is an additional obligation, as permitting did not allow the acquisition to take place during our seismic acquisition in 2012. Sonde continues to provide a Corporate Guarantee for the US $46.6 million potential penalty for noncompliance. The Corporate Guarantee declines by US $15 million as each well is drilled and $1.6 million when the 3D seismic is completed.
Jack Schanck, President and CEO, said, “Joint Oil has assisted Sonde by recognizing the increased costs and operational challenges in moving the Zarat Field development and exploratory effort forward by extending our obligations into the second phase of the exploration period. We are grateful to Joint Oil and its shareholders to allow us to move forward and develop the Block’s potential.”
Sonde Resources Corp. is a Calgary, Alberta, Canada based energy company engaged in the exploration and production of oil and natural gas. Its operations are located in Western Canada, and offshore North Africa. See Sonde’s website at www.sonderesources.com to review further detail on Sonde’s operations.
Forward Looking Information- This news release contains “forward-looking information” within the meaning of applicable Canadian securities laws and “forward looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Such forward-looking information or statements are based on a number of risks, uncertainties and assumptions which may cause actual results or other expectations to differ materially from those anticipated and which may prove to be incorrect. Assumptions have been made regarding, among other things, management’s expectations regarding negotiations with foreign governments and commercial parties. Actual results could differ materially due to a number of factors, including, without limitation, market conditions; risks inherent in operating in foreign jurisdictions and negotiating with foreign governments and foreign commercial parties; delays or changes in plans with respect to exploration or development projects or capital expenditures; risks affecting Sonde’s ability to execute projects and market oil and natural gas; and the inability to raise additional capital to pursue projects. Additional assumptions and risks are set out in detail in the Company’s Annual Information Form, available on SEDAR at www.sedar.com, and the Company’s annual reports on Form 40-F on file with the U.S. Securities and Exchange Commission. Although management believes that the expectations reflected in the forward-looking information or forward-looking statements are reasonable, prospective investors should not place undue reliance on forward-looking information or forward-looking statements because Sonde can provide no assurance those expectations will prove to be correct. Sonde bases its forward-looking statements and forward-looking information on information currently available and do not assume any obligation to update them unless required by law.
Contacts:
Sonde Resources Corp.
Investor Relations
(403) 617-7728
(403) 216-2374
Sonde Resources Corp.
Suite 3200, 500- 4th Avenue S.W.
Calgary, Alberta, Canada T2P 2V6
Universal Business Payment Solutions Acquisition Corporation (“UBPS” or the “Company”) (NASDAQ: Common Stock: “UBPS”, Units: “UBPSU”, Warrants: “UBPSW”), a special purpose acquisition company, today announced that it filed two current reports on Form 8-K with the U.S. Securities and Exchange Commission disclosing additional information about the acquisitions it originally announced on July 9, 2012, which were further disclosed in its Proxy Statement on November 13, 2012 and subsequent filings. The Forms 8-K are available at www.sec.gov.
About UBPS
Universal Business Payment Solutions Acquisition Corporation is a blank check company formed for the purpose of acquiring one or more operating businesses in the payments and payroll processing industries as a platform for further roll-up acquisition opportunities. The Company raised net proceeds of approximately $72 million through its initial public offering in May 2011 led by EarlyBirdCapital, Inc. Please visit www.ubpsac.com for more information.
Participants in the Business Combination
The Company and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from the stockholders of the Company in connection with the proposed business combination. Information regarding the officers and directors of the Company is available in the Company’s annual report on Form 10-K for the year ended December 31, 2011, which has been filed with the SEC. Additional information regarding the interests of such potential participants will be included in the definitive proxy statement/prospectus for the proposed business combination and the other relevant documents filed with the SEC.
Note Regarding Financial Information
Certain financial information and data of EMS, JetPay, and AD Computer contained in this press release is derived from unaudited financial statements and data and may not conform to Regulation S-X. Accordingly, such information and data may be adjusted and presented differently in the proxy materials to be mailed to the Company’s security holders.
Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. UBPS’s actual results may differ from its expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, UBPS’s expectations with respect to future performance and anticipated financial impacts of the proposed transaction, the satisfaction of the closing conditions to the proposed transaction, and the timing of the completion of the proposed transaction.
These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside UBPS’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to, those described under the heading “Risk Factors” in UBPS’s final prospectus, dated May 9, 2011. Other factors include the possibility that the transactions contemplated by a potential transaction agreement do not close, including due to the failure of certain closing conditions.
UBPS cautions that the foregoing list of factors is not exclusive. Additional information concerning these and other risk factors is contained in UBPS’s most recent filings with the Securities and Exchange Commission. All subsequent written and oral forward-looking statements concerning UBPS, a potential transaction agreement, the related transactions, or other matters and attributable to UBPS or any person acting on its behalf, are expressly qualified in their entirety by the cautionary statements above. UBPS cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. UBPS does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based.
Inter Parfums, Inc. (NASDAQ GS: IPAR) today announced that it has entered into a ten-year exclusive worldwide fragrance license to create, produce and distribute perfumes and fragrance-related products under the Alfred Dunhill Limited (“dunhill”) brand. The agreement commences on April 3, 2013 and replaces a previous license agreement with Procter & Gamble that terminates on April 3, 2013. Inter Parfums will take over production and distribution of the existing Alfred Dunhill fragrance collections. Sales of current fragrances are planned for Spring 2013 and a new men’s scent is contemplated for 2014.
The house of Alfred Dunhill was established in 1893 and since that time has been dedicated to providing high quality men’s luxury products, with core collections offered in menswear, leather goods and accessories. The brand has global reach through a premium mix of self-managed retail outlets, high-level department stores and specialty retailers. Known for its commitment to elegance and innovation and being a leader of British men’s style, the brand continues to blend innovation and creativity with traditional craftsmanship.
Jean Madar, Chairman and CEO of Inter Parfums, Inc. stated, “We are enthusiastic about collaborating with this premier British brand and building the Alfred Dunhill fragrance enterprise into a major aspirational fragrance brand. Upon assuming responsibility for the brand, we will fine tune the current fragrance portfolio, which includes fragrances dating from 1934 to 2011. The new men’s scent planned for a 2014 launch will be supported by a distribution strategy that recognizes and utilizes Alfred Dunhill’s luxury positioning, along with brand appropriate marketing materials and a media campaign.”
Eraldo Poletto, CEO of Alfred Dunhill LTD stated, “We are proud to be partnering with Inter Parfums and look forward to working together to grow and develop our global fragrance business.”
About Inter Parfums:
In the nearly 30 years since its founding, Inter Parfums, Inc. has been selected as the fragrance and beauty partner for a growing list of brands that include Burberry, Lanvin, Jimmy Choo, Van Cleef & Arpels, Montblanc, Paul Smith, Boucheron, S.T. Dupont, Balmain, Karl Lagerfeld, Repetto, Alfred Dunhill, Anna Sui, Gap, Banana Republic, Brooks Brothers, bebe, Betsey Johnson, and Nine West. Inter Parfums is known for innovation, quality and its ability to capture the genetic code of each brand in the products it develops, manufactures and distributes in over 100 countries worldwide.
Statements in this release which are not historical in nature are forward-looking statements. Although we believe that our plans, intentions and expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such plans, intentions or expectations will be achieved. In some cases you can identify forward-looking statements by forward-looking words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “should,” “will,” and “would,” or similar words. You should not rely on forward-looking statements because actual events or results may differ materially from those indicated by these forward-looking statements as a result of a number of important factors. These factors include, but are not limited to, the risks and uncertainties discussed under the headings “Forward Looking Statements” and “Risk Factors” in Inter Parfums’ annual report on Form 10-K for the fiscal year ended December 31, 2011 and the reports Inter Parfums files from time to time with the Securities and Exchange Commission. Inter Parfums does not intend to and undertakes no duty to update the information contained in this press release.
magicJack Modifies Newest Product to Accommodate Wi-Fi, LTE Internet Access, DECT, Multi-Line Phones and Other Possibilities Off One Device
WEST PALM BEACH, Fla. and NETANYA, Israel, Dec. 26, 2012 (GLOBE NEWSWIRE) — magicJack VocalTec, Ltd. (Nasdaq:CALL) (the “Company”), the Voice Experts and cloud communications leader that invented voice over IP (VoIP) and sold over ten million magicJacks®, announced today that the newest product has been modified to include two USB slots, one USB plug, a SD micro slot, one RJ11 jack and one RJ45 jack. With LTE 4G progressing so quickly in the United States and throughout the world, the Company modified the newest product for a few months to accelerate the ability to offer discounted Internet access to new and existing customers using this device besides other functions and features. This will provide many people their first opportunity to take advantage of high-speed Internet access.
magicJack will announce the new product name in 2013 and expects the new product to be offered in early Q2 2013. Incredibly, it will be only be about slightly larger than the magicJack PLUS and will offer high definition (HD) voice. The Company expects additional, exciting new products to follow in 2013 utilizing our second new chip of 2013. This is a 55nm chip designed for portable use and includes a super scalar one Ghz CPU and much larger GB DDR2 or DDR3 memory as well as over 25 other functions. The Company expects to continue to offer the magicJack PLUS as its price-leading model as it has proven to be very reliable and desirable, with extremely good sales recorded in December. It is no wonder that the magicJack PLUS continues to do so well, as the Company will soon announce a major award granted to magicJack, with the Company scoring on top of five different metrics being awarded the top consumer VoIP company.
Dan Borislow adds, “With assets nobody else has we will continue to dominate and grow our space. This is the power of what we are building and the patents and IP we have built up. This has been a breakout year not only financially, but we have developed and planned our future. Our growth is predicated on locking some deals up and executing on our plans. We do not need one more unique idea to be very successful and grow the value of our Company for years to come. I think 2013 will be the year people understand what we are building, our technology and our vast opportunities. Our newest products will be our best inventions and will dwarf what we have done with magicJack to date.”
This press release contains forward-looking statements that involve substantial risks and uncertainties. All statements, other than statements of historical facts, contained in this press release, including statements about our projected revenues, cash flows, strategy, future operations, new product introductions and customer acceptance, future financial position, future revenues, projected costs, prospects, plans and objectives of management, are forward-looking statements. Many factors could cause our actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements. These factors include, among other things: changes to our business resulting from increased competition; any operational or cultural difficulties associated with the continuing integration of the businesses of VocalTec and YMax; potential adverse reactions or changes to business relationships resulting from the completion of the merger; unexpected costs, charges or expenses resulting from the merger; the ability of the combined Company to achieve the estimated potential synergies or the longer time it may take, and increased costs required, to achieve those synergies; our ability to develop, introduce and market innovative products, services and applications; our customer turnover rate and our customer acceptance rate; changes in general economic, business, political and regulatory conditions; availability and costs associated with operating our network; potential liability resulting from pending or future litigation, or from changes in the laws, regulations or policies; the degree of legal protection afforded to our products; changes in the composition or restructuring of us or our subsidiaries and the successful completion of acquisitions, divestitures and joint venture activities; and the various other factors discussed in the “Risk Factors” section of our Annual Report on Form 10-K and other filings with the Securities and Exchange Commission. Such factors, among others, could have a material adverse effect upon our business, results of operations and financial condition. We do not assume any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
magicJack® is a registered trademark of magicJack VocalTec Ltd. All other product or company names mentioned are the property of their respective owners.
About magicJack VocalTec Ltd.
magicJack VocalTec Ltd. (Nasdaq:CALL), the inventor of VoIP including the softphone and magicJack, has the goal of becoming the leading international provider of global voice over many platforms. The Company has achieved sales of over ten million of the easy-to-use, award-winning magicJack since the device’s launch in 2008, and has the use of over 30 patents, some dating to when the Company invented VoIP. It is the largest reaching CLEC (Competitive Local Exchange Carrier) in the United States in terms of area codes available and certification in number of states, and the network has historically had uptime of over 99.99 percent.
The magicJack VocalTec Ltd. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=10116
CONTACT: Investor Relations
Andrew MacInnes, President
561-749-2255
ir@magicJack.com
Media Relations
Kari Hernandez, INK for magicJack
512-382-8982
magicjack@ink-pr.com
REHOVOT, Israel, December 26, 2012 /PRNewswire/ —
Nova Measuring Instruments Ltd. (NASDAQ: NVMI) a leading provider of optical metrology solutions to the semiconductor process control market, announced today that several leading foundries recently placed over 15 million dollars of orders in aggregate as part of their production ramp up and development efforts for future technology nodes.
The orders include Nova’s most advanced integrated and stand alone metrology tools and NovaMARS® modeling software with extended capabilities to assist customers to overcome the advanced process requirements in light of shrinking geometries and complicated 3D structuring. The tools will support manufacturing ramp up and capacity increase in multiple process steps as well as development efforts for their next generation technology nodes.
“We are delighted with this large order stream from the world leading foundries that continue to ramp aggressively in order to meet the demand for smart phone, tablets and mobile computing markets. Our integrated and stand-alone solutions portfolio optimally supports the challenging needs of foundries at 28nm and 20nm with future extendibility to 1X technology nodes,” said Eitan Oppenhaim, Executive Vice President of Global Business at Nova.
The company expects to ship the tools during the current and next quarters.
About Nova: Nova Measuring Instruments Ltd. develops, produces and markets advanced integrated and stand alone metrology solutions for the semiconductor manufacturing industry. Nova is traded on the NASDAQ & TASE under the symbol NVMI. The Company’s website is http://www.nova.co.il.
This press release contains forward-looking statements within the meaning of safe harbor provisions of the Private Securities Litigation Reform Act of 1995 relating to future events or our future performance, such as statements regarding trends, demand for our products, expected deliveries, transaction, expected revenues, operating results, earnings and profitability. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied in those forward looking statements. These risks and other factors include but are not limited to: our dependency on two product lines; the highly cyclical nature of the markets we target; our inability to reduce spending during a slowdown in the semiconductor industry; our ability to respond effectively on a timely basis to rapid technological changes; our dependency on OEM suppliers; cyber security risks; risks related to open source technologies; our ability to retain our competitive position despite the ongoing consolidation in our industry; risks associated with our dependence on a single manufacturing facility; our ability to expand our manufacturing capacity or marketing efforts to support our future growth; our dependency on a small number of large customers and small number of suppliers; our dependency on our key employees; risks related to changes in our order backlog; risks related to the financial, political and environmental instabilities that may affect our sales in Asia; risks related to our intellectual property; changes in customer demands for our products; new product offerings from our competitors; changes in or an inability to execute our business strategy; unanticipated manufacturing or supply problems; changes in tax requirements; changes in customer demand for our products; risks related to currency fluctuations and risks related to our operations in Israel. We cannot guarantee future results, levels of activity, performance or achievements. The matters discussed in this press release also involve risks and uncertainties summarized under the heading “Risk Factors” in Nova’s Annual Report on Form 20-F for the year ended December 31,2011 filed with the Securities and Exchange Commission on March 28, 2012. These factors are updated from time to time through the filing of reports and registration statements with the Securities and Exchange Commission. Nova Measuring Instruments Ltd. does not assume any obligation to update the forward-looking information contained in this press release.
Company Contact:
Dror David, Chief Financial Officer
Nova Measuring Instruments Ltd.
Tel: +972-73-229-5833
E-mail: info@nova.co.il
http://www.nova.co.il
Investor Relations Contacts:
Ehud Helft / Kenny Green
CCG Investor Relations
Tel: +1-646-201-9246
E-mail: nova@ccgisrael.com
VANCOUVER, Dec. 26, 2012 /PRNewswire/ – Western Copper and Gold Corporation (“Western” or the “Company”) (TSX:WRN; NYSE MKT:WRN) has no comment on unusual trading activity on the NYSE MKT (the “Exchange”).
In view of the unusual market activity in the Company’s stock, the Exchange has contacted the Company in accordance with its usual practice. Western stated that its policy is not to comment on unusual market activity.
ABOUT WESTERN COPPER AND GOLD CORPORATION
Western Copper and Gold Corporation is a Vancouver-based exploration and development company with significant copper, gold and molybdenum resources and reserves. The Company has 100% ownership of the Casino Project located in the Yukon Territory. The Casino Project is one of the world’s largest open-pit gold, copper, silver and molybdenum deposits. For more information, visit www.westerncopperandgold.com.
On behalf of the board,
“Dale Corman”
F. Dale Corman
Chairman & CEO
Cautionary Disclaimer Regarding Forward-Looking Statements and Information
Certain of the statements and information in this press release constitute “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” within the meaning of applicable Canadian securities laws. Forward-looking statements and information generally express predictions, expectations, beliefs, plans, projections, or assumptions of future events or performance and do not constitute historical fact. Forward-looking statements and information tend to include words such as “may,” “expects,” “anticipates,” “believes,” “targets,” “forecasts,” “schedules,” “goals,” “budgets,” or similar terminology. Forward-looking statements and information herein include, but are not limited to, statements with respect to resource and reserve estimates. All forward-looking statements and information are based on Western’s or its consultants’ current beliefs as well as various assumptions made by and information currently available to them. Although management considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. Forward-looking statements and information are inherently subject to significant business, economic, and competitive uncertainties and contingencies and are subject to important risk factors and uncertainties, both known and unknown, that are beyond Western’s ability to control or predict. Actual results and future events could differ materially from those anticipated in forward-looking statements and information. Examples of potential risks are set forth in Western’s most recently filed Form 40-F with the U.S. Securities and Exchange Commission and its most recently filed Annual Information Form with the Canadian Securities Administrators as of the date of this press release. Accordingly, readers should not place undue reliance on forward-looking statements or information. Western expressly disclaims any intention or obligation to update or revise any forward-looking statements and information whether as a result of new information, future events or otherwise, except as otherwise required by applicable securities legislation.
Diodes Incorporated (Nasdaq: DIOD), a leading global manufacturer and supplier of high-quality application specific standard products within the broad discrete, logic and analog semiconductor markets, and BCD Semiconductor Manufacturing Limited (“BCD Semiconductor” or “BCD”) (Nasdaq: BCDS), a leading analog integrated device manufacturer incorporated in the Cayman Islands, today announced that Diodes has entered into an Agreement and Plan of Merger to acquire BCD.
Highlights of the transaction include:
- Combined trailing twelve months (“TTM”) reported revenue of approximately $750 million with significant cross-selling opportunities;
- Expected to be immediately accretive to Diodes’ GAAP earnings per share;
- Strengthens Diodes’ analog product portfolio by expanding its standard linear and power management offerings;
- Broadens Diodes’ presence in Asia through BCD’s strong local market position in China;
- Enhances market and margin expansion opportunities by leveraging Diodes’ cost-effective manufacturing and packaging capabilities;
- Expands design and manufacturing capabilities for increased capacity and scale; and
- Expected to result in revenue, operating and cost synergies.
At the effective date of the merger, each American Depository Share, which represents six ordinary shares of BCD, will be converted into the right to receive $8.00 in cash, without interest. The aggregate consideration will be approximately $151 million. The boards of both companies have approved the transaction, which is still subject to approval by BCD’s shareholders, as well as other customary closing conditions and regulatory approvals. The transaction is expected to close late in the first quarter of 2013 or early in the second quarter.
Commenting on the transaction, Dr. Keh-Shew Lu, President and Chief Executive Officer of Diodes, stated, “This proposed acquisition underscores Diodes’ strategy to expand our market and growth opportunities through select strategic acquisitions. This transaction will greatly enhance our analog product portfolio by expanding our standard linear and power management offerings, including AC/DC and DC/DC solutions for power adapters and chargers, as well as other electronics products. BCD’s established presence in Asia with a particularly strong local market position in China offers Diodes even greater penetration of the consumer, computing and communications markets. Likewise, Diodes can achieve increased market penetration for BCD’s products by leveraging our global customer base and sales channels. In addition, BCD has in-house manufacturing capabilities in China, as well as a cost-effective development team that can be deployed across multiple Diodes’ product families. We will also be able to apply Diodes’ packaging capabilities and expertise to BCD’s products in order to improve cost efficiencies, utilization as well as product mix.”
Dr. Lu concluded, “Diodes has a successful track record of combining businesses to achieve revenue expansion, cost reductions and improved profitability. BCD employees are a key asset, and we look forward to integrating them into the Diodes family as we work closely with our customers to familiarize them with our new expanded offerings, while continuing to provide exceptional service and support.”
Commenting on the proposed acquisition, Mr. Chieh Chang, Chief Executive Officer of BCD Semiconductor, said, “We are pleased to have reached this agreement because we believe that BCD Semiconductor becoming a part of Diodes represents a compelling opportunity for our customers, employees and shareholders. This transaction provides liquidity at a significant premium for our shareholders and the combined company greatly strengthens the analog offerings and market opportunities for our customers.”
Atlas Technology Group LLC and Duff & Phelps LLC acted as financial advisors and Sheppard Mullin Richter & Hampton LLP acted as legal counsel to Diodes Incorporated. RBC Capital Markets LLC acted as exclusive financial advisor and Covington & Burling LLP acted as legal counsel to BCD Semiconductor.
Conference Call and Slide Presentation Information
Diodes will host a conference call on Thursday, December 27, 2012 at 10:00 a.m. Central Time (11:00 a.m. Eastern Time). This conference call will be broadcast live over the Internet with a slide presentation and can be accessed by all interested parties on the Investor section of Diodes’ website at http://www.diodes.com. On the call Dr. Keh-Shew Lu, Diodes’ President and Chief Executive Officer, Rick White, Diodes’ Chief Financial Officer, Mark King, Diodes’ Senior Vice President of Sales and Marketing, Laura Mehrl, Diodes’ Director of Investor Relations, and Mr. Chieh Chang, Chief Executive Officer of BCD Semiconductor, will discuss the proposed acquisition. Investors and analysts are invited to participate on the call. To listen to the live call, please go to the Investor section of Diodes website and click on the Conference Call link at least fifteen minutes prior to the start of the call to register, download, and install any necessary audio software.
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Thursday, December 27, 2012 |
Time: |
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10:00 a.m. CT / 11:00 a.m. ET |
Dial in: |
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(800) 706-7749; outside the U.S. +1 (617) 614-3474 |
Participant Code: |
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25036148 |
Live Webcast: |
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http://investor.diodes.com |
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For those unable to participate during the live broadcast, a replay will be available shortly after the call and will be available on Diodes’ website for approximately 60 days. The replay number is (888) 286-8010 with a pass code of 87654471. International callers should dial +1 (617) 801-6888 and enter the same pass code at the prompt.
Further details of the transaction and arrangement are set out in Diodes’ Current Report on Form 8-K filed with the Securities and Exchange Commission on December 26, 2012.
About BCD Semiconductor
BCD Semiconductor Manufacturing Limited is a leading analog integrated device manufacturer, or IDM, based in China, specializing in the design, manufacture and sale of power management integrated circuits. BCD’s broad product portfolio targets primarily rapidly growing, high volume market segments such as mobile phones, LCD televisions and monitors, personal computers, adapters and chargers. As an IDM, BCD integrates product design and process technology to optimize product performance and cost, and offers system-level solutions with quality and reliability. BCD’s China-based operations also give it immediate access to the fast growing electronics industry in Asia, enabling BCD to align its product development efforts with market trends and provide timely and effective technical support to its customers. For more information, please visit http://www.bcdsemi.com.
About Diodes Incorporated
Diodes Incorporated (Nasdaq: DIOD), a Standard and Poor’s SmallCap 600 and Russell 3000 Index company, is a leading global manufacturer and supplier of high-quality application specific standard products within the broad discrete, logic and analog semiconductor markets. Diodes serves the consumer electronics, computing, communications, industrial, and automotive markets. Diodes’ products include diodes, rectifiers, transistors, MOSFETs, protection devices, functional specific arrays, single gate logic, amplifiers and comparators, Hall-effect and temperature sensors; power management devices, including LED drivers, DC-DC switching and linear voltage regulators, and voltage references along with special function devices, such as USB power switches, load switches, voltage supervisors, and motor controllers. Diodes’ corporate headquarters, logistics center, and Americas’ sales office are located in Plano, Texas. Design, marketing, and engineering centers are located in Plano; San Jose, California; Taipei, Taiwan; Manchester, England; and Neuhaus, Germany. Diodes’ wafer fabrication facilities are located in Kansas City, Missouri and Manchester, with two manufacturing facilities located in Shanghai, China, and two joint venture facilities located in Chengdu, China, as well as manufacturing facilities located in Neuhaus and Taipei. Additional engineering, sales, warehouse, and logistics offices are located in Fort Worth, Texas; Taipei; Hong Kong; Manchester; Shanghai; Shenzhen, China; Seongnam-si, South Korea; Tokyo, Japan; and Munich, Germany, with support offices throughout the world. For further information, including SEC filings, visit Diodes’ website at http://www.diodes.com.
Forward-Looking Statements
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: Any statements set forth above that are not historical facts are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such statements include statements as to: the expected benefits of the acquisition, including the acquisition being immediately accretive; the efficiencies, cost savings, revenues, and enhanced product offerings, market position, and design and manufacturing capabilities of Diodes after the acquisition; and other statements identified by words such as “estimates,” “expects,” “projects,” “plans,” “will” and similar expressions. Potential risks and uncertainties include, but are not limited to, such factors as: the possibility that the transaction may not be consummated, including as a result of any of the conditions precedent; the risk that BCD’s business will not be integrated successfully into Diodes’; the risk that the expected benefits of the acquisition may not be realized, including the realization of the accretive effect of the acquisition; the risk that BCD’s standards, procedures and controls will not be brought into conformance within Diodes’ operation; difficulties coordinating Diodes’ and BCD’s new product and process development, hiring additional management and other critical personnel, and increasing the scope, geographic diversity and complexity of Diodes’ operations; difficulties in consolidating facilities and transferring processes and know-how; the diversion of our management’s attention from the management of our business; we may not be able to maintain our current growth strategy or continue to maintain our current performance, costs and loadings in our manufacturing facilities; risks of domestic and foreign operations, including excessive operation costs, labor shortages, higher tax rates and our joint venture prospects; unfavorable currency exchange rates; our future guidance may be incorrect; the global economic weakness may be more severe or last longer than we currently anticipated; and other information detailed from time to time in Diodes’ filings with the United States Securities and Exchange Commission.
Recent news releases, annual reports and SEC filings are available at Diodes’ website: http://www.diodes.com and BCD’s website: http://www.bcdsemi.com. Written requests may be sent directly to Diodes or BCD, or they may be e-mailed to: diodes-fin@diodes.com or ir@bcdsemi.com.
MEDFORD, N.Y., Dec. 21, 2012 (GLOBE NEWSWIRE) — Chembio Diagnostics, Inc. (Nasdaq:CEMI),a leader in point-of-care diagnostic tests for infectious diseases, announces receipt of approval from the U.S. Food and Drug Administration (FDA) to market the Company’s Dual Path Platform® (DPP®) HIV 1/2 assay for the rapid, point-of-care (POC) detection of HIV-1/2 antibodies in either oral fluid or blood samples. This determination follows a review of Chembio’s Premarket Approval (PMA) application and marks the first FDA approval of a diagnostic assay utilizing the Company’s patented Dual Path Platform® technology. DPP® enables samples to bind directly with target analytes before detection reagents are introduced to visualize the test results, and can improve accuracy compared with the current lateral flow HIV test technologies.
“We are very proud to receive FDA approval to market our DPP® HIV 1/2 Assay, which allows us to commercialize a POC oral fluid rapid diagnostic test that we believe has superior performance compared with the only other oral fluid HIV rapid test on the market,” noted Lawrence Siebert, Chembio’s Chief Executive Officer. “With more than 1.2 million Americans estimated to be living with HIV and approximately 20% of them unaware they are infected with the virus, rapid HIV tests are playing a critical role in the U.S., as they have globally, to help identify those with HIV and to prevent disease transmission. In addition, the market for these tests is expected to grow significantly with the recent recommendations by the U.S. Preventive Services Task Force to mandate insurance reimbursement for routine HIV testing.”
Chembio’s DPP® point-of-care HIV 1/2 Assay detects antibodies to HIV-1 and HIV-2 in oral fluid, fingerstick whole blood, venous whole blood, serum or plasma samples, and provides a simple “reactive/non-reactive” result. In a multi-site clinical study of approximately 2,800 patients across five clinical settings, including a pediatric hospital, the diagnostic sensitivity of the assay to detect HIV infection resulted in sensitivity of 99.8% for fingerstick samples; 99.9% for venous whole blood, serum and plasma samples; and 98.9% for oral fluid samples. The specificity of the assay was 100% for fingerstick specimens; and 99.9% for oral fluid, venous whole blood, plasma and serum samples. The test is intended to be used in the preliminary diagnosis of patients with HIV in point-of-care settings such as public health and other clinics, hospital emergency rooms and physician offices.
The DPP® point-of-care HIV 1/2 Assay is the only rapid test in the U.S. that does not use lateral flow or other older flow-through technologies. DPP® HIV 1/2 is approved to detect HIV in patients two years of age and older, which is also a differentiating feature compared with all other rapid assays that are approved only to detect HIV in patients 13 years of age and older. DPP® HIV 1/2 delivers visual results within 15 minutes, is simple to use, requires minimal sample size, has a shelf life of 24 months and does not require refrigeration. DPP® HIV 1/2 features a comfortable swab for collecting oral fluid samples and provides sharp, distinct test lines due to the DPP® technology. In addition, a proprietary sample collection system enables each sample to be contained in a convenient, closed collection vial, or Sampletainer™, which may provide additional sample for repeat testing, allowing greater testing flexibility over other systems that do not have separate sample collection or that use open vials for stirring blood samples.
“As we finalize our commercial strategy for the launch of this new DPP® assay in the U.S, we will be conducting and submitting our Clinical Laboratory Improvement Amendments (CLIA) waiver trials in order to establish the quality standards for our laboratory testing that provide for the accuracy, reliability and timeliness of patient tests results regardless of where the tests are performed,” added Mr. Siebert. “We plan to make this submission during the first half of 2013 and expect to launch DPP® HIV 1/2 in the U.S. during the second half of 2013.”
For more information about the Company’s DPP® point-of-care HIV 1/2 Rapid Assay, Chembio has animated video, poster presentations and publications available on its website at: http://chembio.com/products/human-diagnostics/dpp-hiv-12-assay/.
About Chembio Diagnostics
Chembio Diagnostics, Inc. develops, manufactures, licenses and markets proprietary rapid diagnostic tests in the growing $10 billion point-of-care testing market. Chembio’s two FDA PMA-approved, CLIA-waived, rapid HIV tests are marketed in the U.S. by Alere, Inc. (formerly, Inverness Medical Innovations, Inc.). Chembio markets its HIV STAT-PAK® line of rapid HIV tests internationally to government and donor-funded programs directly and through distributors. Chembio has developed a patented point-of-care test platform technology, the Dual Path Platform® (DPP®) technology, which has significant advantages over lateral-flow technologies. This technology is providing Chembio with a significant pipeline of business opportunities for the development and manufacture of new products based on DPP®. Headquartered in Medford, NY, with approximately 170 employees, Chembio is licensed by the U.S. Food and Drug Administration (FDA) as well as the U. S. Department of Agriculture (USDA), and is certified for the global market under the International Standards Organization (ISO) directive 13.485. For additional information, please visit the Company’s website at www.chembio.com.
Forward-Looking Statements
Statements contained herein that are not historical facts may be forward-looking statements within the meaning of the Securities Act of 1933, as amended. Forward-looking statements include statements regarding the intent, belief or current expectations of the Company and its management. Such statements, which are estimates only, reflect management’s current views, are based on certain assumptions, and involve risks and uncertainties. Actual results, events, or performance may differ materially from the above forward-looking statements due to a number of important factors, and will be dependent upon a variety of factors, including, but not limited to Chembio’s ability to obtain additional financing and to obtain regulatory approvals in a timely manner, as well as the demand for Chembio’s products. Chembio undertakes no obligation to publicly update these forward-looking statements to reflect events or circumstances that occur after the date hereof or to reflect any change in Chembio’s expectations with regard to these forward-looking statements or the occurrence of unanticipated events. Factors that may impact Chembio’s success are more fully disclosed in Chembio’s most recent public filings with the U.S. Securities and Exchange Commission.
CONTACT: Chembio Diagnostics
Susan Norcott
(631) 924-1135, ext. 125
snorcott@chembio.com
LHA
Anne Marie Fields
(212) 838-3777
AFields@lhai.com
@LHA_IR_PR
HOUSTON, Dec. 21, 2012 (GLOBE NEWSWIRE) — Lucas Energy, Inc. (NYSE MKT:LEI), an independent oil and gas company (the “Company” or “Lucas”), today announced that the Company has completed the sale of a 0.77% net royalty interest in certain assets owned by the Company within the Baker Deforest Unit, located in Gonzales and Dewitt Counties, Texas, for $4 million.
On December 20, 2012, Ryan J. Morris was appointed as Chairman of the Board of Directors (J. Fred Hofheinz resigned as Chairman, but still remains on the Board as a Director).
Additionally, on December 20, 2012, the Company amended and restated its Bylaws, to among other things, make such Bylaws more stockholder friendly. The amendments include reducing the required ownership percentage of stockholders which is required to call a special meeting of stockholders to at least 10% of all shares entitled to vote at the proposed special meeting (down from 30%). The Company believes that these changes increase its shareholders’ ability to participate in the direction of the Company, and further bring the Company’s Bylaws in line with similarly sized companies.
A more detailed description of the asset sale and the changes affected by the amendments to the Bylaws can be found in the Company’s Form 8-K filing, filed with the Securities and Exchange Commission on December 21, 2012.
The Company would also like to update the marketplace as to the current status of certain previously reported lawsuits and other proceedings affecting the Company.
Specifically, the Company is pleased to report that it has: negotiated a 60 day stay of the lawsuit filed by Seidler Oil & Gas, L.P., to allow for the discussion of a settlement between the parties; provided a proposal for settlement to Knight Capital Americas LLC (as successor in interest to Knight Capital America, L.P.), in an effort to settle the lawsuit previously filed by Knight against the Company; and that the Company is currently in the process of attempting to reopen settlement discussions with Nordic Oil USA I, LP (“Nordic”), in connection with the Company’s previously announced default in the payment of the $22 million note payable to Nordic (due in November 2012) and Nordic’s subsequent filing of a lawsuit against the Company.
Finally, while the Company appreciates all of its shareholders and their input, a significant number of shareholders, brokers and other parties have contacted the Company over the past several days, and while the Company is working to provide as much information as possible in more frequent communications, the Company is simply unable to timely respond due to its current focus on addressing operating and efficiency issues. The Company appreciates your understanding and patience.
About Lucas Energy, Inc.
Lucas Energy, Inc., a Nevada corporation, is an independent oil and gas company based in Houston, Texas. The Company acquires underdeveloped oil and gas properties, restores production to the properties, and looks for underlying value. Currently, the Company is active in the Austin Chalk, Eagle Ford, Eaglebine, and Buda trends. Our goal for the current year is production and revenue growth, and expansion of our asset base using joint ventures.
For more information on this and other activities of the Company, please visit the Lucas Energy web site at www.lucasenergy.com.
The Lucas Energy logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=4192
Company Website:
www.lucasenergy.com
Forward-Looking Statements
This Press Release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Act”) and Section 21E of the Securities Act of 1934, as amended (the “Exchange Act”). In particular, the words “believes,” “expects,” “intends,” “plans,” “anticipates,” or “may,” and similar conditional expressions are intended to identify forward-looking statements and are subject to the safe harbor created by these Acts. Any statements made in this news release about an action, projection, event or development, are forward-looking statements. Such statements are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it can give no assurance that its forward-looking statements will prove to be correct. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. Statements regarding future drilling and production are subject to all of the risks and uncertainties normally incident to the exploration and development of oil and gas. These risks include, but are not limited to, completion risk, dry hole risk, price volatility, reserve estimation risk, regulatory risk, potential inability to secure oilfield service risk as well as general economic risks and uncertainties, as disclosed in the Company’s SEC filings including its Form 10-K and Form 10-Q’s. Investors are cautioned that any forward-looking statements are not guarantees of future performance and actual results or developments may differ materially from those projected. The forward-looking statements in this press release are made as of the date hereof. The Company takes no obligation to update or correct its own forward-looking statements, except as required by law, or those prepared by third parties that are not paid for by the Company. The Company’s SEC filings are available at http://www.sec.gov.
CONTACT: Anthony C. Schnur, CEO
tschnur@lucasenergy.com
(713) 528-1881
CAMPBELL, CA — (Marketwire) — 12/21/12 — Rainmaker Systems, Inc. (NASDAQ: RMKR), a leading global cloud e-Commerce company, today announced the sale of its Manila call center to Shore Solutions, Inc. on December 17, 2012.
Rainmaker decided to divest its Manila call center, as the operation no longer fits the long-term strategic plans of the company. For continuity and continued reach in the region, part of the agreement with Shore is to continue to utilize some of the key services we utilize today.
“We embarked on the sale process earlier this year and are very pleased to complete the sale of our Manila operations in the fourth quarter,” said Rainmaker Chief Financial Officer Timothy Burns. “The sale will allow us to continue to hone our strategic focus on maximizing SMB revenue for our clients with a leading e-Commerce platform supported by global customer assist agents.”
The sale will result in increased gross margins and have a positive cash flow impact and is an important step in Rainmaker’s tightening focus on cloud e-Commerce enhanced by customer assist agents.
About Rainmaker
Rainmaker is an e-Commerce software company that helps multi-national companies address the B2B market by maximizing sales revenue for their products and services. The Rainmaker e-Commerce platform can be enhanced with Rainmaker customer assist agents to maximize revenue and customer satisfaction through the entire customer life cycle.
For more information, visit www.rainmakersystems.com or call 800-631-1545.
NOTE: Rainmaker Systems and the Rainmaker logo are registered with the U.S. Patent and Trademark Office. All other service marks or trademarks are the property of their respective owners.
CONTACT:
Timothy Burns
Chief Financial Officer
Rainmaker Systems, Inc.
(512) 949-6021
COPENHAGEN, Denmark, Dec. 21, 2012 (GLOBE NEWSWIRE) —
Announcement no. 43 / 21
December 2012
TORM financial calendar 2013
Page 1 of 1
TORM expects to issue financial statements and convene its Annual General Meeting on the following dates in 2013:
- 28 February 2013 Deadline for shareholder submissions to the Annual General Meeting
- 13 March 2013 Annual Report 2012
- 11 April 2013 Annual General Meeting
- 8 May 2013 First quarter 2013 results
- 15 August 2013 First half 2013 results
- 5 November 2013 Nine months 2013 results
Financial reports are expected to be published before 09:00 CET on the respective dates.
Contact TORM A/S
C. Soegaard-Christensen, IR, tel.: +45 3076 1288
Tuborg Havnevej 18
DK-2900 Hellerup, Denmark
Tel.: +45 3917 9200 / Fax: +45 3917 9393
www.torm.com
About TORM
TORM is one of the world’s leading carriers of refined oil products as well as a significant player in the dry bulk market. The Company operates a fleet of approximately 110 modern vessels in cooperation with other respected shipping companies sharing TORM’s commitment to safety, environmental responsibility and customer service.
TORM was founded in 1889. The Company conducts business worldwide and is headquartered in Copenhagen, Denmark. TORM’s shares are listed on NASDAQ OMX Copenhagen (ticker: TORM) and on NASDAQ in New York (ticker: TRMD). For further information, please visit www.torm.com.
Safe Harbor statements as to the future
Matters discussed in this release may constitute forward-looking statements. Forward-looking statements reflect our current views with respect to future events and financial performance and may include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and statements other than statements of historical facts. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management’s examination of historical operating trends, data contained in our records and other data available from third parties. Although TORM believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, TORM cannot guarantee that it will achieve or accomplish these expectations, beliefs or projections. Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward- looking statements include the strength of the world economy and currencies, changes in charter hire rates and vessel values, changes in demand for “tonne miles” of oil carried by oil tankers, the effect of changes in OPEC’s petroleum production levels and worldwide oil consumption and storage, changes in demand that may affect attitudes of time charterers to scheduled and unscheduled dry-docking, changes in TORM’s operating expenses, including bunker prices, dry-docking and insurance costs, changes in the regulation of shipping operations, including requirements for double hull tankers or actions taken by regulatory authorities, potential liability from pending or future litigation, domestic and international political conditions, potential disruption of shipping routes due to accidents and political events or acts by terrorists.
Risks and uncertainties are further described in reports filed by TORM with the US Securities and Exchange Commission, including the TORM Annual Report on Form 20-F and its reports on Form 6-K.
BEIJING, Dec. 21, 2012 (GLOBE NEWSWIRE) — ChinaNet Online Holdings, Inc. (Nasdaq:CNET) (the “Company” or “ChinaNet”), a leading B2B (business to business) Internet technology company focusing on providing online-to-offline (“O2O”) sales channel expansion services for small and medium-sized enterprises (“SMEs”) and entrepreneurial management and networking services for entrepreneurs in the People’s Republic of China, today announced that the Company participated as a sponsoring organizer of the Quanzhou Business Forum on December 17, 2012.
The inaugural Quanzhou Business Forum was organized by various business and local government leaders to address ways to help local small businesses prosper. Many business owners in the apparel and footwear industries are struggling with the slowdown in demand for their products caused by the recent deceleration global economic growth. ChinaNet, a leader in sales channel expansion services for SMEs, was invited to provide their expertise and possible solutions. ChinaNet Chairman Handong Cheng participated in a series of panel discussions, along with Quanzhou Economic and Trade Commission Director Huang Guofu, and Managing Director Ma Yue from RYO JI Technical Corporation, a ChinaNet customer. Executives from more than 30 enterprises such as Hongxing Erke Group, Fujian Force Clothing Co., Ltd., Quanzhou Yicheng Garment Co., Ltd. also attended the event.
“We are delighted to discuss ways to collaborate with the Quanzhou Economic and Trade Commission,” said George Chu, Chief Operating Officer of ChinaNet. “Quanzhou has a vibrant business culture, with 76 publicly listed companies, over 50,000 small businesses, including 1,500 companies with annual sales in excess of 100 million RMB ($15 million USD), looking for a trusted service provider to help them grow. We will work hand in hand with the Quanzhou Economic and Trade Commission and other local government authorities to jointly promote the development of SMEs.”
About ChinaNet Online Holdings, Inc.
The Company, a parent company of ChinaNet Online Media Group Ltd., incorporated in the BVI (“ChinaNet”), is a leading B2B (business to business) Internet technology company focusing on providing O2O (online to offline) sales channel expansion service for small and medium-sized enterprises (SMEs) and entrepreneurial management and networking service for entrepreneurs in China. The Company, through certain contractual arrangements with operating companies in the PRC, provides Internet advertising and other services for Chinese SMEs via its portal websites, 28.com, Liansuo.com and Chuangye.com, TV commercials and program production via China-Net TV, and in-house LCD advertising on banking kiosks targeting Chinese banking patrons. Website: http://www.chinanet-online.com.
Safe Harbor
This release contains certain “forward-looking statements” relating to the business of ChinaNet Online Holdings, Inc., which can be identified by the use of forward-looking terminology such as “believes,” “expects,” “anticipates,” “estimates” or similar expressions. Such forward-looking statements involve known and unknown risks and uncertainties, including business uncertainties relating to government regulation of our industry, market demand, reliance on key personnel, future capital requirements, competition in general and other factors that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. Certain of these risks and uncertainties are or will be described in greater detail in our filings with the Securities and Exchange Commission. These forward-looking statements are based on ChinaNet’s current expectations and beliefs concerning future developments and their potential effects on the Company. There can be no assurance that future developments affecting ChinaNet will be those anticipated by ChinaNet. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond the control of the Company) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by such forward-looking statements. ChinaNet undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
CONTACT: MZ North America
Ted Haberfield, President
Tel: +1-760-755-2716
Email: thaberfield@mzgroup.us
Web: www.mzgroup.us
VANCOUVER, BRITISH COLUMBIA — (Marketwire) — 12/20/12 — Avino Silver & Gold Mines Ltd. (TSX VENTURE:ASM)(NYSE MKT:ASM)(BERLIN:GV6)(FRANKFURT:GV6) (“Avino” or “the Company”) is pleased to announce that its Mexican subsidiary COMPANIA MINERA MEXICANA DE AVINO, S.A. DE C.V. has entered into a master credit facility with CATERPILLAR CREDITO, S.A. DE C.V., SOFOM, ENR (“Caterpillar Finance”) for up to US $5 million.
The credit facility bears interest at rates ranging from 0% to 4.95% per annum. Equipment leased under the credit facility has terms of 18 months to 60 months. These terms are dependent on the Company’s requirements and equipment acquired.
The Company is very pleased about the new credit facility arrangement with Caterpillar Finance as it will help the Company to advance its current operations at San Gonzalo and to reopen the Avino Mine. With the credit facility in place, the Company has initiated the acquisition of the following pieces of mining equipment and expects to receive them by December 31, 2012 or shortly thereafter; the equipment being acquired for delivery before the end of the year represents about a third of the credit facility:
-- Caterpillar 420F Backhoe loader
-- Caterpillar R1600 Scoop tram
-- Oldenburg underground rock drill.
About Avino
Founded in 1968, Avino’s mission is to create shareholder value through profitable organic growth at the historic Avino property near Durango, Mexico. We are committed to managing all business activities in an environmentally responsible and cost-effective manner, while contributing to the well-being of the community in which we operate.
Our primary goal is to become a significant low cost primary silver producer. Our specific objectives are to achieve full time commercial production as soon as possible, expand resources, reserves and the mines output as well as to identify, explore and develop new targets on the property.
ON BEHALF OF THE BOARD
David Wolfin, President & CEO
This release contains statements that are forward-looking statements and are subject to various risks and uncertainties concerning the specific factors disclosed under the heading “Risk Factors” and elsewhere in the Company’s periodic filings with Canadian securities regulators. Such information contained herein represents management’s best judgment as of the date hereof based on information currently available. The Company does not assume the obligation to update any forward-looking statement.
Safe Harbor Statement – This news release contains “forward-looking information” and “forward-looking statements” (together, the “forward-looking statements”) within the meaning of applicable securities laws and the United States Private Securities Litigation Reform Act of 1995, including our belief as to the extent and timing of various studies including the PEA, and exploration results, the potential tonnage, grades and content of deposits, timing and establishment and extent of resources estimates. These forward-looking statements are made as of the date of this news release and the dates of technical reports, as applicable. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the future circumstances, outcomes or results anticipated in or implied by such forward-looking statements will occur or that plans, intentions or expectations upon which the forward-looking statements are based will occur. While we have based these forward-looking statements on our expectations about future events as at the date that such statements were prepared, the statements are not a guarantee that such future events will occur and are subject to risks, uncertainties, assumptions and other factors which could cause events or outcomes to differ materially from those expressed or implied by such forward-looking statements.
Such factors and assumptions include, among others, the effects of general economic conditions, the price of gold, silver and copper, changing foreign exchange rates and actions by government authorities, uncertainties associated with legal proceedings and negotiations and misjudgments in the course of preparing forward-looking information. In addition, there are known and unknown risk factors which could cause our actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. Known risk factors include risks associated with project development; the need for additional financing; operational risks associated with mining and mineral processing; fluctuations in metal prices; title matters; uncertainties and risks related to carrying on business in foreign countries; environmental liability claims and insurance; reliance on key personnel; the potential for conflicts of interest among certain of our officers, directors or promoters of with certain other projects; the absence of dividends; currency fluctuations; competition; dilution; the volatility of the our common share price and volume; tax consequences to U.S. investors; and other risks and uncertainties. Although we have attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. We are under no obligation to update or alter any forward-looking statements except as required under applicable securities laws.
Cautionary Note to United States Investors – The information contained herein and incorporated by reference herein has been prepared in accordance with the requirements of Canadian securities laws, which differ from the requirements of United States securities laws. In particular, the term “resource” does not equate to the term “reserve”. The Securities Exchange Commission’s (the “SEC”) 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 SEC standards, unless such information is required to be disclosed by the law of the Company’s jurisdiction of incorporation or of a jurisdiction in which its securities are traded. 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. Disclosure of “contained ounces” 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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Avino Silver & Gold Mines Ltd.
David Wolfin
President & CEO
604.682.3701
604.682.3600 (FAX)
ir@avino.com
SEATTLE, WA — (Marketwire) — 12/20/12 — Atossa Genetics, Inc. (NASDAQ: ATOS) today announced financial results for the third quarter of 2012, ended September 30, 2012.
“During the third quarter of 2012, we successfully completed our initial public offering of 800,000 shares at $5.00 per share, the midpoint of our price range. The proceeds from the IPO will enable us to accelerate the national roll-out of our first FDA-cleared and marketed product, the ForeCYTE Breast Health Test for breast cancer risk assessment,” stated Steven C. Quay, M.D., Ph.D., Chairman, President and CEO. “Our IPO was the only biotech IPO priced in the month of November and was priced in the immediate aftermath of Hurricane Sandy. I believe this is a testament to the strength of our business model and the significant revenue and earnings potential of Atossa Genetics over the next several years as we pursue the further commercialization of the ForeCYTE and ArgusCYTE tests with the 5,000-strong launch team through our marketing partner, Diagnostics Testing Group, LLC, the commercialization of two new tests in 2013, and the advancement of our intraductal therapeutics program to safely and effectively treat pre-cancerous breast lesions.”
Third Quarter 2012 Results
Total revenues for the third quarter of 2012 were $105,576, comprising $104,011 in diagnostic testing services and $1,565 in product sales, versus no revenues for the third quarter of 2011. The ForeCYTE and ArgusCYTE tests were launched through a field experience trial beginning in December 2011 and are expected to be rolled out nationally starting in early 2013.
Gross margin for the third quarter was 86 percent on gross profit of $90,499.
Operating expenses are comprised of selling, general and administrative (SG&A) expenses and research and development. For the third quarter of 2012, total operating expenses were $1.23 million versus $1.27 million for the third quarter of 2011.
Net loss for the third quarter ended September 30, 2012, was $1.14 million, or ($0.10) per share, versus a net loss of $1.27 million, or ($0.11) per share, for the year-ago quarter.
As of September 30, 2012, the Company had cash and cash equivalents of $418,570 versus $1.91 million at the end of December 2011. The company completed its IPO in November 2012, raising $4.0 million in gross proceeds prior to expenses and net proceeds of approximately $3.5 million.
Corporate Highlights
- Two FDA-cleared products launched through a field experience trial: ForeCYTE Breast Health Test for breast cancer risk assessment and ArgusCYTE Breast Health Test for detection of circulating breast tumor cells. Two additional tests are slated for launch in 2013: FullCYTE, designed to assess the individual breast ducts for pre-cancerous changes in women previously identified to be at high risk for breast cancer, and NextCYTE, designed to profile breast cancer specimens for prediction of treatment outcomes and distant recurrence in women newly diagnosed with breast cancer.
- Wholly owned, CLIA-Certified Laboratory, the National Reference Laboratory for Breast Health, established in Seattle.
- The Company completed its Initial Public offering of 800,000 shares at $5.00 per share on November 14, 2012, raising $4.0 million in gross proceeds before expenses and net proceeds of approximately $ 3.5 million.
- Entered into a co-exclusive marketing agreement with Diagnostics Testing Group, LLC, (DTG) for the supply and distribution of the ForeCYTE Breast Health System under the DTG Clarity brand for the sale and placement of the Clarity branded ForeCYTE product line with leading medical distributors. Collectively, these distributors have over 5,000 employee sales representatives and/or independent sales representatives selling their products.
- Entered into an agreement with MultiPlan, Inc. for diagnostic laboratory testing involving Atossa’s tests. Approximately 20 percent of Americans are covered by MultiPlan. Atossa will participate in the MultiPlan, PHCS and PHCS Savility Networks. The agreement will give MultiPlan’s participating providers and their patients access to Atossa’s tests. Atossa anticipates that the agreement with MultiPlan will help ensure that more doctors and their patients have access to the ForeCYTE and ArgusCYTE Breast Health Tests and that patients will receive insurance reimbursement for the laboratory costs associated with these tests.
- Sponsored the first inaugural steering committee meeting of the International Society for Cancer Risk Assessment and Management (ISC-RAM). The ISC-RAM is first society focused on advancing the knowledge of cancer risk assessment and education globally.
- Presented at the 2nd Annual Cancer Genome Summit. The presentation focused on breast cancer prevention through the diagnosis and treatment of the abnormal cells that are the precursors of cancer.
- Hired Christopher Destro as Vice President of Sales and Marketing. Mr. Destro is an industry veteran with over 16 years of successful sales and client management expertise within the clinical sector of diagnostic biotechnology.
- Atossa will present at the following upcoming conferences: OneMedForum on Tuesday, January 8, 2013, at 4:00 pm Pacific Time in San Francisco; Biotech Showcase on Wednesday, January 9, 2013, at 10:00 am Pacific Time in San Francisco; and the Personalized Medicine World Conference on Monday, January 28, 2013, in Mountain View, CA.
About Atossa Genetics, Inc.
Atossa Genetics, Inc., The Breast Health Company™, is based in Seattle, WA, and is focused on preventing breast cancer through the commercialization of patented, FDA-cleared diagnostic medical devices and patented, laboratory developed tests (LDT) that can detect precursors to breast cancer up to eight years before mammography, and through research and development that will permit it to commercialize treatments for pre-cancerous lesions.
The National Reference Laboratory for Breast Health (NRLBH), a wholly owned subsidiary of Atossa Genetics, Inc., is a CLIA-certified high-complexity molecular diagnostic laboratory located in Seattle, WA, that provides the patented ForeCYTE Breast Health Test, a risk assessment test for women 18 to 73 years of age akin to the Pap Smear, and the ArgusCYTE Breast Health Test, a blood test for recurrence in breast cancer survivors that provides a “liquid biopsy” for circulating cancer cells and a tailored treatment plan for patients and their caregivers.
Forward-Looking Statements
Except for the historical information contained herein, the matters set forth in this press release, including statements regarding Atossa’s plans, expectations, projections, potential opportunities, goals and objectives are forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from the anticipated or estimated future results, including the risks and uncertainties associated with the efficacy of Atossa’s products and services, the use of proceeds from Atossa’s initial public offering, statements regarding the status of the
going concern qualification of Atossa’s financial statements by its auditors, the ability of Atossa to fund its planned activities, the market demand for and acceptance of Atossa’s products and services, uncertainty relating to Atossa’s future revenues and profitability, the timing for a national launch of Atossa’s diagnostic tests, and other risks detailed from time to time in the Atossa’s final prospectus, dated November 7, 2012, filed with the U.S. Securities and Exchange Commission. Investors are cautioned not to place undue reliance on these forward-looking statements. All forward-looking statements are qualified in their entirety by this cautionary statement, and Atossa undertakes no obligation to revise or update any forward-looking statement to reflect events or circumstances after the issuance of this press release.
-TABLES FOLLOW-
ATOSSA GENETICS, INC.
(A DEVELOPMENT STAGE COMPANY)
CONSOLIDATED BALANCE SHEETS
September 30, December 31,
Assets 2012 2011
------------- -------------
(Unaudited) (Audited)
Current Assets
Cash and cash equivalents $ 418,570 $ 1,910,821
Restricted cash 250,000 1,000,000
Accounts receivable 175,408 1,224
Prepaid expense 39,975 31,184
Rental deposits 1,500 2,200
------------- -------------
Total Current Assets 885,453 2,945,429
------------- -------------
Fixed Assets
Furniture and Equipment, net 67,497 80,467
------------- -------------
Total Fixed Assets 67,497 80,467
------------- -------------
Other Assets
Security deposit 36,446 5,157
Intangible assets, net 4,703,078 40,841
------------- -------------
Total Other Assets 4,739,524 45,998
------------- -------------
Total Assets $ 5,692,474 $ 3,071,894
============= =============
Liabilities and Stockholders' Equity
Current Liabilities
Line of Credit $ 250,000 $ 1,000,000
Accounts payable 72,100 64,766
Accrued expenses 1,888,344 442,329
Note payable - related party 80,453 5,078
------------- -------------
Total Current Liabilities 2,290,897 1,512,173
------------- -------------
Stockholders' Equity
Preferred stock - $.001 par value;
10,000,000 shares authorized, 0 shares
issued and outstanding - -
Common stock - $.001 par value; 75,000,000
shares authorized, 12,119,367 shares issued
and outstanding 12,119 11,257
Additional paid-in capital 11,415,761 6,200,520
Accumulated deficit (8,026,303) (4,652,056)
------------- -------------
Total Stockholders' Equity (Deficit) 3,401,577 1,559,721
------------- -------------
Total Liabilities and Stockholders' Equity $ 5,692,474 $ 3,071,894
============= =============
ATOSSA GENETICS, INC.
(A DEVELOPMENT STAGE COMPANY)
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
From April
For The Three Months For The Nine Months 30, 2009
Ended Ended (Inception)
September 30, September 30, Through
------------------------ ------------------------ September
2012 2011 2012 2011 30, 2012
----------- ----------- ----------- ----------- -----------
Revenue
Diagnostic
Testing
Service $ 104,011 $ - $ 376,696 $ - $ 376,696
Product
Sales 1,565 - 6,690 - 8,190
----------- ----------- ----------- ----------- -----------
Total
Revenue 105,576 - 383,386 - 384,886
----------- ----------- ----------- ----------- -----------
Cost of
Revenue
Diagnostic
Testing
Service (9,000) - (29,985) - (29,985)
Product
Sales - - - - (5,164)
----------- ----------- ----------- ----------- -----------
Total
Cost of
Revenue (9,000) - (29,985) - (35,149)
----------- ----------- ----------- ----------- -----------
Loss on
Reduction of
Inventory
to LCM (6,077) - (29,884) - (121,910)
----------- ----------- ----------- ----------- -----------
Gross
Profit 90,499 - 323,517 - 227,827
----------- ----------- ----------- ----------- -----------
Selling
expenses (87,704) - (281,971) - (455,026)
General and
Administrative
expenses (1,138,467) (1,274,189) (3,405,198) (2,231,906) (7,766,497)
----------- ----------- ----------- ----------- -----------
Total
operating
expenses (1,226,171) (1,274,189) (3,687,169) (2,231,906) (8,221,523)
----------- ----------- ----------- ----------- -----------
Operating
Loss (1,135,672) (1,274,189) (3,363,652) (2,231,906) (7,993,694)
Interest
Income 46 2,267 1,219 3,428 6,588
Interest
Expense (7,756) (758) (11,816) (8,388) (38,947)
----------- ----------- ----------- ----------- -----------
Net Loss
before
Income
Taxes (1,143,382) (1,272,680) (3,374,249) (2,236,866) (8,026,053)
Income
Taxes - - - - 250
----------- ----------- ----------- ----------- -----------
Net Loss $(1,143,382) $(1,272,680) $(3,374,249) $(2,236,866) $(8,026,303)
=========== =========== =========== =========== ===========
Loss per
common
share -
basic and
diluted $ (0.10) $ (0.11) $ (0.30) $ (0.27) $ (1.05)
=========== =========== =========== =========== ===========
Weighted
average
shares
outstanding
basic &
diluted 11,256,867 11,256,867 11,256,867 8,394,219 7,657,400
=========== =========== =========== =========== ===========
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Contact:
Atossa Genetics, Inc.
Steven C. Quay, M.D., Ph.D., FCAP
Chairman, President and CEO of Atossa Genetics and
Director of the National Reference Laboratory for Breast Health
800-351-3902
Email Contact
Matthew D. Haines (Investors and Media)
Managing Director
MBS Value Partners
212-710-9686
Email Contact
CASTLE ROCK, Colo., Dec. 20, 2012 /PRNewswire/ — Venaxis, Inc. (Nasdaq: APPY), an in vitro diagnostic company, today announced the appointment of Susan A. Evans, Ph.D., FACB, Vice President, Scientific Affairs for Beckman Coulter, to the Company’s Board of Directors effective January 1, 2013. Dr. Evans, a 30-year veteran of the in vitro diagnostics industry, has developed numerous successful diagnostic tests over the course of her career. In addition, she is highly respected within the industry, as evidenced by her past selection as President of the American Association of Clinical Chemistry (AACC), one of the industry’s lead professional organizations. Dr. Evan’s experience will greatly benefit Venaxis as the company completes the development and regulatory clearance for and executes the launch of APPY1, and enhances its product portfolio.
Steve Lundy, President and CEO of Venaxis, stated, “We are excited to welcome Dr. Evans to our Board. We expect 2013 to be a transformational year for Venaxis and Dr. Evans’ experience developing and launching in vitro diagnostic products will be very beneficial as we develop the market for APPY1 and look to develop next generation assays.”
Dr. Evans stated, “I believe APPY1 potentially fulfills a significant diagnostic need for emergency room physicians who are concerned about the safety risks and cost associated with current imaging techniques. I am happy to join the Venaxis Board of Directors and look forward to supporting the commercialization of this important diagnostic test and further developing the Venaxis product line.”
Susan A. Evans, Ph.D., FACB brings 30 years of experience in diagnostics and laboratory medicine. She serves currently as Vice President, Scientific Affairs for the Beckman Coulter division of Danaher Inc. Dr. Evans has been with Beckman Coulter since 2006, where she held past roles as Vice President, Corporate Strategic Planning and Vice President/General Manager of Beckman Coulter Genomics, known formerly as Agencourt Bioscience. Prior to her career at Beckman Coulter, Dr. Evans held senior product development and R&D positions at Caliper Life Sciences and LifeScan, respectively. Dr. Evans began her career in diagnostics at Dade Behring, Inc., where she served in various R&D capacities from 1981 – 2000, eventually assuming a leadership role as Senior Vice President of R&D. Dr. Evans is also a Past President, Secretary, and member of Board of Directors for the American Association of Clinical Chemistry (AACC), for which she received an award in 2008 for outstanding contributions through service to the profession. She currently Chairs the Van Slyke Foundation Board of Trustees as well as the Awards Committee for AACC. Dr. Evans earned a Ph.D. in chemistry from the University of Detroit.
About Venaxis, Inc.
Venaxis, Inc. (formerly known as AspenBio Pharma, Inc.) is an in vitro diagnostic company focused on the clinical development and commercialization of its blood-based appendicitis test, APPY1. The unique appendicitis test has projected high sensitivity and negative predictive value and is designed to aid in the identification of patients at low risk for acute appendicitis, allowing for more conservative patient management. APPY1 is being developed initially for pediatric, adolescent and young adult patients with abdominal pain, as this population is at the highest risk for appendicitis and has the highest risk of long-term health effects associated with CT imaging. For more information, visit www.venaxis.com.
Forward-Looking Statements
This press release includes “forward-looking statements” of Venaxis, Inc. (“Venaxis”) as defined by the Securities and Exchange Commission (“SEC”). All statements, other than statements of historical fact, included in this press release that address activities, events or developments that Venaxis believes or anticipates will or may occur in the future are forward-looking statements. These statements are based on certain assumptions made based on experience, expected future developments and other factors Venaxis believes are appropriate in the circumstances. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of Venaxis. Investors are cautioned that any such statements are not guarantees of future performance. Actual results or developments may differ materially from those projected in the forward-looking statements as a result of many factors, including our ability to successfully complete required product development and modifications in a timely and cost effective manner, complete clinical trial activities for APPY1 required for FDA submission, obtain FDA clearance or approval, complete and obtain CE Mark, cost effectively manufacture and generate revenues from APPY1, execute agreements required to successfully advance the company’s objectives, retain the management team to advance the products, overcome adverse changes in market conditions and the regulatory environment, obtain and enforce intellectual property rights, and realize value of intangible assets. Furthermore, Venaxis does not intend (and is not obligated) to update publicly any forward-looking statements. The contents of this press release should be considered in conjunction with the risk factors contained in Venaxis’ recent filings with the SEC, including its Form 10-Q for the period ended September 30, 2012, filed on November 7, 2012.
For Investors & Media:
Joshua Drumm, PhD / Jason Rando
Tiberend Strategic Advisors, Inc.
(212) 827-0020
jdrumm@tiberend.com
jrando@tiberend.com
FUQING CITY, CHINA — (Marketwire) — 12/20/12 — Guanwei Recycling Corp. (NASDAQ: GPRC), China’s leading clean tech manufacturer of recycled low density polyethylene (LDPE), today reported the Company has been notified by the Nasdaq Stock Market (“Nasdaq”) that Nasdaq has determined that for the last 10 consecutive business days, from December 5, 2012, through December 18, 2012, the closing bid price of the Company’s common stock has been at $1.00 per share or greater. Accordingly, the Company has regained compliance with Nasdaq’s Minimum Bid Price Rule.
Description of Guanwei Recycling Corp.
Guanwei Recycling Corp. is China’s largest manufacturer of recycled low density polyethylene (LDPE). Adhering to the highest “green” standards, it has generated rapid growth producing LDPE from plastic waste procured mostly in Europe for sales to more than 300 customers (including over 150 active recurring customers) in more than ten different industries in China. Guanwei Recycling Corp. is one of the few plastic recyclers in China that has been issued a Compliance Certificate by Umweltagentur Erftstadt, which issues certificates of approval for certain plastics manufacturers which meet strict environmental standards in Germany. This enables the Company to procure high quality plastic waste directly from Germany and other European countries (Spain and Holland), with no middlemen, and permits highly economic production of the highest grades of LDPE. Additional information regarding Guanwei Recycling Corp. is available at www.guanweirecycling.com.
Information Regarding Forward-Looking Statements
Except for historical information contained herein, the statements in this press release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause our actual results in future periods to differ materially from forecasted results. These risks and uncertainties include, among other things, product demand, market competition, and risks inherent in our operations. These and other risks are described in our filings with the U.S. Securities and Exchange Commission.
Contacts:
Richard Sun
guanweirecycling@gmail.com
Ken Donenfeld
DGI Investor Relations
kdonenfeld@dgiir.com
Tel: 212-425-5700