Archive for January, 2013

Augusta’s (AZC) Rosemont Copper Project Receives Air Quality Permit

VANCOUVER, Jan. 31, 2013 /PRNewswire/ – Augusta Resource Corporation (TSX/NYSE MKT: AZC) (“Augusta” or “the Company”) is pleased to announce that it has received the Air Quality Permit for its Rosemont Copper project from the Arizona Department of Environmental Quality (“ADEQ”).  The Air Quality Permit stipulates the operating, monitoring and reporting parameters that Rosemont must comply with to meet all federal, state and local air quality requirements.

Rosemont has now received seven major permits required to commence construction.  Only one major permit is remaining, the Clean Water Act Section 404 Permit from the US Army Corp of Engineers, which the Company expects to receive upon the issuance of the Record of Decision (“ROD”) on the Plan of Operations from the U.S. Forest Service (“USFS”).

Gil Clausen, Augusta’s President and CEO said, “Having received one of the last permits remaining represents a major achievement for the Rosemont Copper project as we near the end of the permitting process and prepare for construction this year. This success demonstrates our commitment to set high standards for environmental protection by operating with enhanced emission controls that go beyond regulatory requirements. Further, we would like to commend the ADEQ for advancing the permitting process for the Air Quality Permit thoroughly, professionally and expeditiously.”

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

CAUTIONARY STATEMENTS REGARDING FORWARD LOOKING INFORMATION
Certain of the statements made and information contained herein may contain forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and forward-looking information within the meaning of applicable Canadian securities laws. Such forward-looking statements and forward-looking information include, but are not limited to statements concerning: expectations surrounding, short term financing, future project financings or refinancing; the Company’s plans at the Rosemont Project including timing for final permits and construction; estimated production; and capital and operating and cash flow estimates. Forward-looking statements or information include statements regarding the expectations and beliefs of management. Often, but not always, forward-looking statements and forward-looking information can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved.

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

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MGT Capital (MGT) Engages Munich Innovation Group

MGT Capital Investments, Inc. (NYSE MKT: MGT), announced today it retained Munich Innovation Group to license or sell MGT’s portfolio of international medical imaging patents associated with its wholly-owned legacy subsidiary, Medicsight, Inc. The divestiture of the Medicsight patents would conclude MGT’s plan to rationalize this subsidiary. The Company has not entered into any definitive agreements with respect to the sale of the patents.

Commenting on the announcement, Robert Ladd, MGT’s President and CEO, stated, “After review, we have determined that these imaging patents do not fit with MGT’s current business model. By partnering with Munich Innovation, a leading service provider for intellectual property monetization, we can better focus on the gaming patent infringement suit we filed in November 2012, as well as continuing to explore avenues to create and enhance shareholder value.”

As reported in the Company’s Current Report Form 8-K dated December 10, 2012, MGT has a debt-free balance sheet with stockholders’ equity of approximately $6.8 million. As it enters 2013, the Company has approximately $5.5 million of cash, 3.2 million common shares outstanding, plus 1.4 million preferred shares (convertible into common stock on a one-for-one basis).

About MGT Capital Investments, Inc.

MGT and its subsidiaries are engaged in the business of acquiring and monetizing intellectual property rights.

MGT Gaming, Inc., a majority-owned subsidiary, owns U. S. Patent No. 7,892,088 relating to casino gaming systems. In November 2012, MGT Gaming filed a patent infringement suit against Caesars Entertainment Corporation (NASDAQ GS: CZR), MGM Resorts International, Inc. (NYSE: MGM), WMS Gaming – a subsidiary of WMS Industries, Inc. (NYSE: WMS), Penn National Gaming, Inc. (NASDAQ GS: PENN), and Aruze Gaming America, Inc.

In addition, the Company owns Medicsight, Inc., a medical technology company with patent ownership, as well as operations in imaging software and hardware devices. Medicsight’s computer-aided detection software assists radiologists with detection of colorectal polyps, and has received regulatory approvals including CE Mark and U. S. FDA clearance.

About Munich Innovation Group GmbH

Munich Innovation Group GmbH is a leading service provider for intellectual property monetization and research on a global scale. Clients include publicly listed high-tech corporates, privately held companies, independent inventors, academic institutions and investors. The company offers IP investment banking services in the fields of patent commercialization (brokerage, product innovation), technology-driven M&A, and strategic advisory services.

Forward Looking Statements

This press release contains forward-looking statements. The words or phrases “would be,” “will allow,” “intends to,” “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimate,” “project,” or similar expressions are intended to identify “forward-looking statements.” MGT’s financial and operational results reflected above should not be construed by any means as representative of the current or future value of its common stock. All information set forth in this news release, except historical and factual information, represents forward-looking statements. This includes all statements about the Company’s plans, beliefs, estimates and expectations. These statements are based on current estimates and projections, which involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. These risks and uncertainties include issues related to: rapidly changing technology and evolving standards in the industries in which the Company and its subsidiaries operate; the ability to obtain sufficient funding to continue operations, maintain adequate cash flow, profitably exploit new business, license and sign new agreements; the unpredictable nature of consumer preferences; and other factors set forth in the Company’s most recently filed annual report and registration statement. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management’s analysis only as of the date hereof. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof. Readers should carefully review the risks and uncertainties described in other documents that the Company files from time to time with the U.S. Securities and Exchange Commission.

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Mitek (MITK) Reports First Quarter Fiscal 2013 Financial Results

  • Signed 708 financial institutions to date with 318 customers live as of Dec. 31, 2012
  • Entered into strategic partnership with US Bank for commercial launch of Mobile Photo Bill Pay
  • Increased Mobile Deposit® transaction usage over 25% for third consecutive quarter
  • Sixth mobile imaging patent issued by USPTO

SAN DIEGO, Jan. 31, 2013 (GLOBE NEWSWIRE) — Mitek Systems, Inc. (Nasdaq:MITK) (www.miteksystems.com), a leading mobile imaging software solutions provider, today announced its financial results for the first quarter of fiscal 2013, which ended December 31, 2012.

“We had a strong start to fiscal 2013 with record bookings for our Mobile Photo Bill Pay product and strong bookings for Mobile Deposit and our entire suite of mobile imaging products. We continue to see strong market demand for our flagship Mobile Deposit product with over 25% increase in transaction usage for the third consecutive quarter,” said James B. DeBello, president and CEO of Mitek. “With 708 banks signed to date, including the nation’s top retail banks, our mobile imaging market presence continues to grow. During the first quarter of fiscal 2013 we signed 144 banks and saw a record number of Mobile Deposit customer launches, which we believe is a leading indicator of our long-term growth. Importantly, we signed US Bank as our first major customer for Mobile Photo Bill Pay, and we look forward to their commercial launch early this year. We also continued to build our IP portfolio with the issuance of our sixth mobile imaging patent issued.”

Total revenue for the first quarter of fiscal 2013 was $3.3 million compared to total revenue of $3.5 million in the first quarter of fiscal 2012. During the first quarter of fiscal 2013, the Company signed a number of large software licenses for its Mobile Deposit, Mobile Photo Bill Pay and other mobile imaging products; however, a portion of the revenue from these licenses is recurring in nature and will be recognized in future periods.

GAAP net loss for the first quarter of fiscal 2013 was $1.4 million, or $0.05 per share, compared to GAAP net income of $26,000, or breakeven on a per share basis, in the first quarter of 2012.

Non-GAAP net loss for the first quarter of 2013 was $700,000, or $0.03 per share, compared to non-GAAP net income of $453,000, or $0.02 per diluted share, in the first quarter of fiscal 2012.

Total operating expenses for the first quarter of fiscal 2013 were $4.7 million compared to $3.5 million for the first quarter of fiscal 2012.  The increase in total operating expenses was primarily driven by higher investments in personnel to grow the business, sales and marketing expenses and R&D associated with product development.

The Company ended the first quarter of fiscal 2013 with cash, cash equivalents and investments of $15.1 million, compared to $14.6 million at the end of fiscal 2012.

Highlights

  • Signed a strategic mobile imaging partnership with US Bank to deliver the first Mobile Photo Bill Pay product to US Bank customers in early 2013.
  • Sixth mobile imaging patent issued to the Company by the USPTO, bringing the total number of issued patents to 13 with 14 additional patents pending.
  • Announced more than 20 prepaid card initiatives from some of the most innovative banks, large retailers and wireless carriers by making the process of loading prepaid cards simple and easy with Mitek’s intelligent mobile imaging technology.

Conference Call

Mitek management will host a conference call and live webcast for analysts and investors today at 5:00 p.m. ET to discuss the Company’s financial results. To participate, please dial in as follows approximately ten minutes in advance of the scheduled start time:

  • Parties in the United States and Canada can access the call by dialing 1-866-730-5767, using conference code 79007332.
  • International parties can access the call by dialing 1-857-350-1591, using conference code 79007332.

Mitek will offer a live webcast of the conference call, which will also include forward-looking information. The live webcast will be accessible and on the “Investor Relations” section of the Company’s website at www.miteksystems.com, and will be archived for a period of 30 days. An audio replay of the conference call will be available approximately two hours after the call and will be archived for 30 days. To hear the replay, parties in the United States and Canada should call 1-888-286-8010 and enter conference code 31374365. International parties should call 1-617-801-6888 and enter conference code 31374365.

About Mitek

Headquartered in San Diego, Calif., Mitek Systems (Nasdaq:MITK) is a mobile imaging software solutions provider that allows users to remotely deposit checks, pay their bills, get insurance quotes, and transfer credit card balances by snapping a picture with their camera-equipped smartphones and tablets instead of using the device keyboard. Mitek’s technology increases convenience for the consumer by eliminating the need to go to the bank branch or automated teller machine, and dramatically reduces processing and customer acquisition costs while increasing customer retention. With a strong patent portfolio, Mitek is positioned as the leading innovator in mobile imaging software and currently provides its solutions to Fortune 500 financial services companies. For more information about Mitek, please visit http://www.miteksystems.com. MITK-F

Forward-Looking Statements

Statements contained in this news release relating to the Company’s or management’s intentions, hopes, beliefs, expectations or predictions of the future, including, but not limited to, statements relating to the Company’s long-term prospects, market opportunities beyond the financial services market, expansion of product offerings, and the pursuit of partnerships in new market segments are forward-looking statements. Such forward-looking statements are subject to a number of risks and uncertainties, including, but not limited to, risks related to the Company’s ability to withstand negative conditions in the global economy, a lack of demand for or market acceptance of the Company’s products, the Company’s ability to continue to develop, produce and introduce innovative new products in a timely manner or the outcome of any pending or threatened litigation and the timing of the launch of Mobile Deposit by the Company’s signed customers. Additional risks and uncertainties faced by the Company are contained from time to time in the Company’s filings with the U.S. Securities and Exchange Commission (SEC), including, but not limited to, the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2012 and its quarterly reports on Form 10-Q and current reports on Form 8-K, which you may obtain for free on the SEC’s website at www.sec.gov. Collectively, these risks and uncertainties could cause the Company’s actual results to differ materially from those projected in its forward-looking statements and you are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company disclaims any intention or obligation to update, amend or clarify these forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

Note Regarding Use of Non-GAAP Financial Measures

This news release contains non-GAAP financial measures for non-GAAP net (loss) income and non-GAAP net (loss) income per share that exclude stock compensation expenses. These financial measures are not calculated in accordance with generally accepted accounting principles (GAAP) and are not based on any comprehensive set of accounting rules or principles. In evaluating the Company’s performance, management uses certain non-GAAP financial measures to supplement financial statements prepared under GAAP. Management believes these non-GAAP financial measures provide a useful measure of the Company’s operating results, a meaningful comparison with historical results and with the results of other companies, and insight into the Company’s ongoing operating performance. Further, management and the Board of Directors utilize these non-GAAP financial measures to gain a better understanding of evaluating the Company’s comparative operating performance from period-to-period and as a basis for planning and forecasting future periods. Management believes these non-GAAP financial measures, when read in conjunction with the Company’s GAAP financials, are useful to investors because they provide a basis for meaningful period-to-period comparisons of the Company’s ongoing operating results, including results of operations, against investor and analyst financial models, identifying trends in the Company’s underlying business and performing related trend analyses, and they provide a better understanding of how management plans and measures the Company’s underlying business.

© 2013 Mitek Systems, Inc. All rights reserved. The Mitek Systems name and logo and Mobile Deposit® are registered trademarks of Mitek Systems, Inc. Other product or service names mentioned herein are the trademarks of their respective owners.  

MITEK SYSTEMS, INC.
BALANCE SHEETS
December 31, September 30,
2012 2012
ASSETS (Unaudited)
Current assets:
Cash and cash equivalents $ 9,592,950 $ 6,702,090
Short-term investments 4,663,159 5,819,537
Accounts receivable, net 1,624,225 1,097,311
Other current assets 431,239 485,165
Total current assets 16,311,573 14,104,103
Long-term investments 828,000 2,085,690
Property and equipment, net 757,584 491,079
Other non-current assets 42,049 42,049
Total assets $ 17,939,206 $ 16,722,921
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable $ 1,155,898 $ 711,950
Accrued payroll and related taxes 871,557 726,965
Deferred revenue 2,439,581 1,632,085
Other current liabilities 55,408 31,656
Total current liabilities 4,522,444 3,102,656
Other non-current liabilities 521,576 63,586
Total liabilities 5,044,020 3,166,242
Stockholders’ equity:
Preferred stock, $0.001 par value, 1,000,000 shares authorized, none issued and outstanding
Common stock, $0.001 par value, 40,000,000 shares authorized, 26,041,283 and 25,995,216 issued and outstanding, respectively 26,041 25,995
Additional paid-in capital 37,684,416 36,990,691
Accumulated other comprehensive income 3,762 (616)
Accumulated deficit (24,819,033) (23,459,391)
Total stockholders’ equity 12,895,186 13,556,679
Total liabilities and stockholders’ equity $ 17,939,206 $ 16,722,921
MITEK SYSTEMS, INC.
STATEMENTS OF OPERATIONS
(Unaudited)
For the three months ended
December 31,
2012 2011
Revenue
Software $ 2,570,706 $ 2,892,026
Maintenance and professional services 738,958 627,458
Total revenue 3,309,664 3,519,484
Operating costs and expenses
Cost of revenue-software 192,606 147,660
Cost of revenue-maintenance and professional services 147,390 154,609
Selling and marketing 1,264,052 850,928
Research and development 1,402,753 1,179,106
General and administrative 1,668,929 1,163,228
Total operating costs and expenses 4,675,730 3,495,531
Operating (loss) income (1,366,066) 23,953
Other income (expense), net
Interest and other expense, net (43,693) (67,065)
Interest income 50,117 74,024
Total other income (expense), net 6,424 6,959
Income (loss) before income taxes (1,359,642) 30,912
Provision for income taxes (4,637)
Net (loss) income $ (1,359,642) $ 26,275
Net (loss) income per share — basic $ (0.05) $ 0.00
Net (loss) income per share — diluted $ (0.05) $ 0.00
Shares used in calculating basic net (loss) income per share 26,024,288 24,390,215
Shares used in calculating diluted net (loss) income per share 26,024,288 27,817,545
MITEK SYSTEMS, INC.
NON-GAAP NET INCOME RECONCILIATION
(Unaudited)
For the three months ended
December 31, December 31,
2012 2011
Income (loss) before income taxes $ (1,359,642) $ 30,912
Add back:
Stock compensation expense 656,534 501,697
Non-GAAP income (loss) before income taxes (703,108) 532,609
Non-GAAP provision for income taxes 79,891
Non-GAAP net (loss) income $ (703,108) $ 452,718
Non-GAAP net (loss) income per share – diluted $ (0.03) $ 0.02
Shares used in computing diluted Non-GAAP net (loss) income per share 26,024,288 27,817,545
CONTACT: Julie Cunningham
         Vice President, Investor Relations & Corporate Communications
         Mitek
         858.309.1780
         ir@miteksystems.com

        Connect with us on Facebook:  http://www.facebook.com/MitekSystems
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        Read our latest blog post: http://www.miteksystems.com/blog
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Buyout Of Online Resources (ORCC) Law Firm Seeks Higher Price And Information For Shareholders

NEW YORK, Jan. 31, 2013 /PRNewswire/ — Tripp Levy PLLC, a leading national securities law firm, announces that it is investigating the acquisition of Online Resources Corp. (NASDAQ: ORCC).  ACI Worldwide and Online Resources have entered into a definitive transaction agreement under which ACI Worldwide would acquire Online Resources for $3.85 per share in cash in a transaction valued at an enterprise value of approximately $263 million, which includes the redemption of Online Resources’ preferred stock. ACI Worldwide will commence a cash tender offer to purchase all outstanding shares of common stock of Online Resources no later than February 15, 2013.

The investigation concerns, among other things, whether the consideration to be paid to Online shareholders is unfair, inadequate, and substantially below the fair or inherent value of Online.   Indeed, the book value alone of the company is worth at least $4.04 per share, and the company has approx. $35 million of cash on its books accounting for $1.05 per share, which is going to be used by ACI.  Thus the purchase price is closer to $2.80 per share for ACI.

If you own Online common stock and you wish to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, please contact

Tripp Levy

Tripp Levy PLLC

125 East 82nd Street

9th Floor

New York, New York

Toll Free: 877-772-3975

Email: contact@tripplevy.com

Tripp Levy PLLC is a national law firm that specializes in mergers & acquisitions, takeover litigation, shareholder rights, and corporate governance matters in state and federal courts throughout the United States. Attorney advertising. Prior results do not guarantee a similar outcome.

Contacts

Tripp Levy PLLC
Tripp Levy, 877-772-3975
contact@tripplevy.com

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Chanticleer Holdings (HOTR) Provides Corporate Update

CHARLOTTE, NC–(Marketwire – January 22, 2013) – Chanticleer Holdings, Inc. (NASDAQ: HOTR) (NASDAQ: HOTRW) (“Chanticleer Holdings” or the “Company”), a minority owner in the privately-held parent company of the Hooters® brand, Hooters of America (“HOA”), and a franchisee of international Hooters restaurants, today provided a corporate update on its business, operational initiatives, and roll-out plan.

The past two years have been very eventful for Chanticleer Holdings. In January 2011, Chanticleer and a group of private equity investors acquired HOA, five years after the Company made its original investment in HOA and subsequent to the death of Mr. Bob Brooks, the founder and former owner of HOA. In October 2011, the Company acquired the majority ownership in its first three South African Hooters restaurants. Concurrently, the Company formed its own management company to operate all Hooters® restaurants in South Africa. In 2012, the Company opened three additional Hooters restaurants in Campbelltown, Australia, Emperor’s Palace, South Africa, and Budapest, Hungary.

Emperor’s Palace was the first restaurant opened under the complete leadership of Chanticleer Holdings and Gordon Jestin, Chief Operating Officer of its South African subsidiaries (“Hooters South Africa”). Emperor’s Palace has proven to be a successful and profitable restaurant, indicating the Hooters brand can be successful in South Africa. The Company plans to open its next South African restaurant in Pretoria in the first half of 2013.

For 2013, the Company is focused on achieving same store sales growth, increasing consolidated gross margin to 62% from 58.2%, increasing overall profitability, and expanding its number of Hooters® restaurants. The Company has already initiated and taken steps to improve same store sales growth and gross margin for 2013. In December, Hooters South Africa implemented price increases of 7% for all food items and 5% for all liquor, where this new pricing still reflects competitive pricing in the current marketplace. Hooters South Africa also updated its menu offerings by removing slow moving items and adding new offerings appealing to women. Hooters South Africa has added two new salads to the menu, expanded wrap offerings, added a “ladies cut” steak, and has given guests the option to purchase a smaller portion of curly fries to add to their main course. During the fourth quarter of 2012, Hooters South Africa experienced an improvement in same store sales, where the Company attributes this growth to the leadership of its Chief Operating Officer in South Africa and the guidance and support of HOA.

In addition to improvements to the menu, the Company continues to improve the appeal of its restaurants to meet the wants and needs of its Hooters® guests. During the fourth quarter of 2012, the Durban, South Africa restaurant increased its number of seats by 25, which is expected to increase revenues on its busier weekend nights. This additional seating also helped create a private area for functions of 30 to 40 guests. Also during the fourth quarter of 2012, the Johannesburg, South Africa restaurant invested in additional televisions to improve the guest experience. The Company also plans to improve its brand loyalty by rewarding its loyal patrons with the launch of a Hooters® loyalty program in the first quarter of 2013.

The Company has also begun operational initiatives at the Hooters of Budapest, in Hungary, to reduce costs, increase profitability, and increase guest traffic. During the fourth quarter of 2012, Hooters of Budapest began its initiative to reduce labor costs. During the first quarter of 2013, Hooters of Budapest will be launching its Efficient Operating Network, a tool developed, requiring daily, weekly, and monthly reporting and maintenance, to lower cost of sales and labor and improve overall operational efficiency. To increase guest traffic, Hooters of Budapest will be hosting its first tequila party, bike night, Valentine’s Day blowout, and launching its “Girls of Budapest” pictorial. Hooters of Budapest also plans to open its outdoor patio, adding 140+ seats, increasing restaurant seating by 56% to a total of 390 seats, in time for tourist season, beginning in April through October. Budapest, Hungary is one of the most popular tourist destinations in central Europe.

The Company has also focused on improving its internal operations. During the fourth quarter, the Company hired in-house counsel and hired a highly experienced CFO for its South African subsidiaries. As a result of the previously disclosed Audit Committee investigation, the Company is also in the process of implementing certain new internal controls which will provide better checks and balances for financial reporting. The Company’s CFO, Eric Lederer, will spend nine days in South Africa beginning on January 26th, 2013, to assist with the 2012 audit, review internal controls being implemented, observe operations, and also focus on our gross profit improvement initiatives. Marcum LLP is also scheduled to travel to South Africa beginning January 26, 2013 to begin their audit for the year ended December 31, 2012.

Separately, at the request of the NASDAQ Staff, the Company has hired Watermark Auditors, a South African affiliate of RBSM LLP, to re-test its controls over financial reporting prior to Mr. Lederer’s arrival, to determine how operations have changed since the conclusion of the Audit Committee’s investigation, and to provide any suggestions on continued improvement. Watermark Auditors will assist management in reviewing the Company’s South African subsidiaries’ controls each quarter to see that all previously suggested improvements to internal controls are fully implemented and effective by November of this year.

Following the previous disclosure of misconduct by Mr. Hezlett, the former CFO of Hooters South Africa, a lawsuit was filed against the Company in October 2012. The Company has hired experienced legal counsel to assist with a timely and proper resolution of the lawsuit.

The Company is continuing to move forward with its development plan. The Company expects to secure a long awaited site in Rio de Janeiro, Brazil within the first quarter of 2013 and open a restaurant in Pretoria, South Africa in the first half of 2013. The Company’s Campbelltown, Australia location became profitable in the third quarter of 2012, giving confidence that the new Surfers Paradise, Australia location could be a success. After finding a better opportunity for the Surfer’s Paradise location, a new lease agreement has been entered into, pending HOA approval. Construction is set to commence at this location after receipt of HOA approval, which is expected mid-February 2013. The Company plans to increase the number of restaurants operating in 2013 to a total of 10 restaurants as compared to 6 total restaurants operating at 2012 year-end.

Mike Pruitt, President and CEO of Chanticleer Holdings, commented, “I regret to have inconvenienced our shareholders during the trading halt, and am pleased NASDAQ has determined to allow the Company’s common shares and warrants to have resumed trading last week. We continue to remain confident in the fundamentals of our business and the Hooters® brand. We are committed to generating same store sales growth, improving profitability, and developing new Hooters restaurants in our exclusive international franchise territories. While we remain in the early stages of developing our territories of Europe and Brazil, we have made considerable investments in them, laying the foundation for growth opportunities we see continuing for the foreseeable future.”

About Chanticleer Holdings, Inc.
Chanticleer Holdings is focused on expanding the Hooters® casual dining restaurant brand in international emerging markets. Chanticleer currently owns in whole or part of the exclusive franchise rights to develop and operate Hooters restaurants in South Africa, Hungary and parts of Brazil, and has joint ventured with the current Hooters franchisee in Australia, while evaluating several additional international opportunities. The Company currently owns and operates in whole or part of six Hooters restaurants in its international franchise territories: Durban, Johannesburg, Cape Town and Emperor’s Palace in South Africa; Campbelltown in Australia; and Budapest in Hungary.

In 2011, Chanticleer and a group of noteworthy private equity investors, which included H.I.G. Capital, KarpReilly, LLC and Kelly Hall, president of Texas Wings Inc., the largest Hooters franchisee in the United States, acquired Hooters of America (HOA), a privately held company. Today, HOA is an operator and the franchisor of over 430 Hooters® restaurants in 28 countries. Chanticleer maintains a minority ownership stake in HOA and its CEO, Mike Pruitt, is also a member of HOA’s Board of Directors. For further information, please visit www.chanticleerholdings.com or www.hooters.com and follow us on Twitter at @ChantHoldings or @Hooters.

Forward-Looking Statements:
Any statements that are not historical facts contained in this release are “forward-looking statements” as that term is defined under the Private Securities Litigation Reform Act of 1995 (PSLRA), which statements may be identified by words such as “expects,” “plans,” “projects,” “will,” “may,” “anticipates,” “believes,” “should,” “intends,” “estimates,” and other words of similar meaning. Many factors could cause our actual activities or results to differ materially from the activities and results anticipated in forward-looking statements. These factors include those described in the companies’ filings with the Securities and Exchange Commission. The forward-looking statements contained in this press release speak only as of the date the statements were made, and the companies do not undertake any obligation to update forward-looking statements. We intend that all forward-looking statements be subject to the safe-harbor provisions of the PSLRA.

Company Contact:
Shannon DiGennaro
V.P. Investor Relations
Phone: 704.941.0959
sd@chanticleerholdings.com

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Summit Financial (SMMF) Reports Fourth Quarter & Full Year 2012 Results

Q4 2012 Diluted EPS $0.22 Compared to $0.16 in Q4 2011 and $0.10 in Q3 2012; Full-Year 2012 Diluted EPS $0.60 Compared to $0.49 in 2011

MOOREFIELD, W.Va., Jan. 30, 2013 (GLOBE NEWSWIRE) — Summit Financial Group, Inc. (“Company” or “Summit”) (Nasdaq:SMMF) today reported fourth quarter 2012 net income applicable to common shares of $1,911,000, or $0.22 per diluted share, compared to $1,331,000, or $0.16 per diluted share, for the fourth quarter of 2011.

Excluding from fourth quarter 2012 nonrecurring items (on a pre-tax basis) consisting of realized securities gains of $103,000, losses on sales of assets of $94,000, charges for other-than-temporary impairment (“OTTI”) of securities of $76,000 and write-downs of foreclosed properties of $748,000, pro forma fourth quarter 2012 earnings were approximately $2.4 million, or $0.28 per diluted share. Excluding from fourth quarter 2011 nonrecurring realized securities gains of $542,000, gains on sales of assets of $19,000, OTTI of securities of $401,000, and write-downs of foreclosed properties of $882,000, pro forma earnings of $1.8 million would have resulted, or $0.21 per diluted share.

For the full-year 2012, Summit recorded net income applicable to common shares of $4.94 million, or $0.60 per diluted share, compared with $3.70 million, or $0.49 per diluted share, for 2011.

Excluding from the full-year 2012 nonrecurring items (on a pre-tax basis) of realized securities gains of $2.35 million, losses on sales of assets of $677,000, OTTI charges of $451,000 and write-downs of foreclosed properties of $6.86 million, and from the full-year 2011 realized securities gains of $4.01 million, gains on sales of assets of $295,000, OTTI charges of $2.65 million, and write-downs of foreclosed properties of $6.65 million, pro forma earnings for 2012 were approximately $8.49 million, or $0.97 per diluted share, compared to $6.85 million, or $0.86 per diluted share, for 2011.

Highlights for Q4 2012 include:

  • Achieved seventh consecutive quarter of positive quarterly earnings.
  • Nonperforming assets continued to decline, reaching its lowest level since Q1 2011.
  • Net interest margin increased 2 basis points quarter over quarter and 16 basis points compared to Q4 2011.
  • Recorded charges of $748,000 and $76,000, respectively, to write-down foreclosed properties and to recognize OTTI of securities, which were partially offset by $103,000 in realized securities gains.
  • Noninterest expenses remained well-controlled, declining 5.3% compared to Q4 2012 and 0.6% compared to Q3 2012.
  • Summit’s leverage capital ratio is at its highest level in six years and its total risk-based capital ratio is at highest level in twelve years.

H. Charles Maddy III, President and Chief Executive Officer of Summit, commented, “We are pleased by our continued improved earnings performance, progress in reducing our portfolio of problem assets, and strengthened capital levels. I am particularly pleased that during 2012: net interest income remained stable, despite a decline in average earning assets; the net interest margin improved; core noninterest income increased, while noninterest expenses declined; and OTTI of securities charges were very modest compared to prior-year amounts, and are expected to remain at relatively low levels. Reducing our portfolio of problem assets remains our top priority, and we reduced nonperforming assets in each of the four most recent quarters. However, dispositions of foreclosed properties remain frustratingly slow — particularly with respect to commercial and residential development properties. Further, we anticipate earnings may remain choppy quarter-to-quarter in the near term as our foreclosed properties are re-appraised and written-down to estimated fair values on an ongoing basis.”

Results from Operations

Total revenue for full-year 2012, consisting of net interest income and noninterest income, was $45.2 million compared to $45.4 million for the full-year 2011. For the quarter ended December 31, 2012, total revenue was $11.9 million compared to $11.7 million for the same period in 2011.

Total revenue excluding nonrecurring items (as enumerated above) was $12.7 million for fourth quarter 2012 compared to $12.4 million in the prior-year quarter. For the full-year 2012, total revenue excluding nonrecurring items was $50.8 million versus $50.4 million for the same period in 2011.

For the fourth quarter of 2012, net interest income was $9.9 million, an increase of 2.4 percent from the $9.7 million reported in the prior-year fourth quarter and remained relatively unchanged compared to the linked quarter. The net interest margin for fourth quarter 2012 was 3.19 percent compared to 3.03 percent for the year-ago quarter, and 3.17 percent for the linked quarter.

Noninterest income, consisting primarily of insurance commissions from Summit’s insurance agency subsidiary and service fee income from community banking activities, for fourth quarter 2012 was $2.00 million compared to $1.99 million for the comparable period of 2011. Excluding nonrecurring items (as enumerated above), noninterest income was $2.82 million for fourth quarter 2012, up $107,000 or 3.95 percent from the $2.71 million reported for fourth quarter 2011.

The provision for loan losses was $2.5 million for the fourth quarter of 2012 compared to $2.0 million for the linked and year-ago quarters.

Noninterest expense continues to be well-controlled. Total noninterest expense decreased 5.3% to $7.42 million compared to $7.83 million for the prior-year fourth quarter. Noninterest expense for full-year 2012 was $557,000 or 1.8 percent, less than during 2011. Our cost-saving initiatives continue and their impact remains beneficial.

Balance Sheet

At December 31, 2012, total assets were $1.39 billion, a decrease of $63.0 million, or 4.4 percent since December 31, 2011. Total loans, net of unearned fees, were $937.2 million at December 31, 2012, down $28.3 million, or 2.9 percent, from the $965.5 million reported at year-end 2011.

All loan categories have declined since year-end 2011, except for commercial real estate (“CRE”), the largest component of Summit’s loan portfolio, which increased $1.4 million, or 0.3 percent. The second largest component of Summit’s loan portfolio, residential real estate, declined $2.6 million, or 0.8 percent, while construction and development (“C&D”) loans declined $12.9 million, or 13.4 percent and commercial (“C&I”) loans declined $13.2 million, or 13.3 percent.

At year end, 2012, retail deposits were $757.4 million, a decrease of $26.6 million, or 3.4 percent, since year end 2011. During 2012, retail checking deposits grew $29.2 million, or 11.8 percent, to $276.3 million, while retail savings and time deposits declined during the same period by $15.8 million and $40.0 million, respectively, or 7.6 percent and 12.2 percent, respectively. This reflects management’s ongoing effort to enhance Summit’s cost of funds by improving its deposit mix by attracting lower-cost checking deposits to replace higher-cost savings and time deposits.

Long-term borrowings and subordinated debentures declined by 21.8 percent since year end 2011, as the Company paid down $67.0 million in maturing borrowings during this period.

Asset Quality

As of December 31, 2012, nonperforming assets (“NPAs”), consisting of nonperforming loans, foreclosed properties, and repossessed assets, were $94.0 million, or 6.77 percent of assets. This compares to $99.8 million, or 7.11 percent of assets at the linked quarter, and $116.6 million, or 8.04 percent of assets, at year-end 2011.

Fourth quarter 2012 net loan charge-offs were $2.4 million, or 0.99 percent of average loans annualized; for full year 2012, Summit’s net loan charge-offs were $8.3 million, while adding $8.5 million to its allowance for loan losses. The allowance for loan losses stood at $17.9 million, or 1.88 percent of total loans at December 31, 2012, compared to 1.80 percent at year-end 2011.

Capital Adequacy

Shareholders’ equity was $108.6 million as of December 31, 2012 compared to $102.6 million December 31, 2011.

Summit’s depository institution, Summit Community Bank, Inc. (the “Bank”), remains well in excess of regulatory requirements for a “well capitalized” institution at December 31, 2012. The Bank’s total risk-based capital ratio improved to 15.0 percent at December 31, 2012 compared to 13.6 percent at December 31, 2011, while its Tier 1 leverage capital ratio improved to 9.8 from the 8.9 percent reported at December 31, 2011. Total common shares outstanding as of December 31, 2012 were 7,425,472.

About the Company

Summit Financial Group, Inc. is a $1.39 billion financial holding company headquartered in Moorefield, West Virginia. Summit provides community banking services primarily in the Eastern Panhandle and South Central regions of West Virginia and the Northern and Shenandoah Valley regions of Virginia, through its bank subsidiary, Summit Community Bank, Inc., which operates fifteen banking locations. Summit also operates Summit Insurance Services, LLC in Moorefield, West Virginia and Leesburg, Virginia.

The Summit Financial Group, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=2990

FORWARD-LOOKING STATEMENTS

This press release contains comments or information that constitute forward-looking statements (within the meaning of the Private Securities Litigation Act of 1995) that are based on current expectations that involve a number of risks and uncertainties. Words such as “expects”, “anticipates”, “believes”, “estimates” and other similar expressions or future or conditional verbs such as “will”, “should”, “would” and “could” are intended to identify such forward-looking statements.

Although we believe the expectations reflected in such forward-looking statements are reasonable, actual results may differ materially. Factors that might cause such a difference include changes in interest rates and interest rate relationships; demand for products and services; the degree of competition by traditional and non-traditional competitors; changes in banking laws and regulations; changes in tax laws; the impact of technological advances; the outcomes of contingencies; trends in customer behavior as well as their ability to repay loans; and changes in the national and local economies. We undertake no obligation to revise these statements following the date of this press release.

NON-GAAP FINANCIAL MEASURES

This press release contains financial information determined by methods other than in accordance with generally accepted accounting principles in the United States of America (“GAAP”). Specifically, Summit adjusted GAAP performance measures to exclude the effects of realized and unrealized securities gains and losses, gains/losses on sales of assets, and write-downs of foreclosed properties to estimated fair value included in its Statements of Income. Management deems these items to be unusual in nature and believes presentations of financial measures excluding the impact of these items provide useful supplemental information that is important for a proper understanding of the operating results of Summit’s core business. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies.

SUMMIT FINANCIAL GROUP, INC. (NASDAQ: SMMF)
Quarterly Performance Summary — Q4 2012 vs Q4 2011
For the Quarter Ended Percent
Dollars in thousands 12/31/2012 12/31/2011 Change
Condensed Statements of Income
Interest income
Loans, including fees $ 13,512 $ 14,362 -5.9%
Securities 1,703 2,711 -37.2%
Other 5 13 -61.5%
Total interest income 15,220 17,086 -10.9%
Interest expense
Deposits 3,017 4,302 -29.9%
Borrowings 2,307 3,123 -26.1%
Total interest expense 5,324 7,425 -28.3%
Net interest income 9,896 9,661 2.4%
Provision for loan losses 2,498 1,999 25.0%
Net interest income after provision for loan losses 7,398 7,662 -3.4%
Noninterest income
Insurance commissions 1,082 1,003 7.9%
Service fees related to deposit accounts 1,092 1,102 -0.9%
Realized securities gains 103 542 -81.0%
Gain (loss) on sale of assets (94) 18 -622.2%
Other-than-temporary impairment of securities (76) (401) -81.0%
Write-downs of foreclosed properties (748) (882) -15.2%
Other income 644 607 6.1%
Total noninterest income 2,003 1,989 0.7%
Noninterest expense
Salaries and employee benefits 3,799 3,846 -1.2%
Net occupancy expense 495 472 4.9%
Equipment expense 576 593 -2.9%
Professional fees 314 565 -44.4%
FDIC premiums 535 564 -5.1%
Foreclosed properties expense 269 377 -28.6%
Other expenses 1,434 1,417 1.2%
Total noninterest expense 7,422 7,834 -5.3%
Income before income taxes 1,979 1,817 8.9%
Income taxes (126) 337 -137.4%
Net income 2,105 1,480 42.2%
Preferred stock dividends 194 149 30.2%
Net income applicable to common shares $ 1,911 $ 1,331 43.6%
SUMMIT FINANCIAL GROUP, INC. (NASDAQ: SMMF)
Quarterly Performance Summary — Q4 2012 vs Q4 2011
For the Quarter Ended Percent
12/31/2012 12/31/2011 Change
Per Share Data
Earnings per common share
Basic $ 0.26 $ 0.18 44.4%
Diluted $ 0.22 $ 0.16 37.5%
Average shares outstanding
Basic 7,425,472 7,425,472 0.0%
Diluted 9,601,435 9,044,976 6.2%
Performance Ratios
Return on average equity (A) 7.76% 5.87% 32.2%
Return on average assets 0.60% 0.41% 46.3%
Net interest margin 3.19% 3.03% 5.3%
Efficiency ratio (B) 54.00% 57.17% -5.5%
NOTE (A) – Net income divided by total shareholders’ equity.
NOTE (B) – Computed on a tax equivalent basis excluding nonrecurring income and expense items and amortization of intangibles.
SUMMIT FINANCIAL GROUP, INC. (NASDAQ: SMMF)
Annual Performance Summary — 2012 vs 2011
For the Years Ended Percent
Dollars in thousands 12/31/2012 12/31/2011 Change
Condensed Statements of Income
Interest income
Loans, including fees $ 55,567 $ 59,176 -6.1%
Securities 8,282 11,799 -29.8%
Other 35 72 -51.4%
Total interest income 63,884 71,047 -10.1%
Interest expense
Deposits 13,158 18,273 -28.0%
Borrowings 10,906 12,930 -15.7%
Total interest expense 24,064 31,203 -22.9%
Net interest income 39,820 39,844 -0.1%
Provision for loan losses 8,500 10,000 -15.0%
Net interest income after provision for loan losses 31,320 29,844 4.9%
Noninterest income
Insurance commissions 4,433 4,460 -0.6%
Service fees related to deposit accounts 4,255 4,125 3.2%
Realized securities gains 2,348 4,006 -41.4%
Gain (loss) on sale of assets (677) 295 -329.5%
Other-than-temporary impairment of securities (451) (2,646) -83.0%
Write-downs of foreclosed properties (6,862) (6,651) 3.2%
Other income 2,294 1,961 17.0%
Total noninterest income 5,340 5,550 -3.8%
Noninterest expense
Salaries and employee benefits 15,532 15,833 -1.9%
Net occupancy expense 1,939 1,935 0.2%
Equipment expense 2,349 2,342 0.3%
Professional fees 1,161 1,373 -15.4%
FDIC premiums 2,067 2,423 -14.7%
Foreclosed properties expense 1,221 1,458 -16.3%
Other expenses 5,459 4,921 10.9%
Total noninterest expense 29,728 30,285 -1.8%
Income before income taxes 6,932 5,109 35.7%
Income taxes 1,219 1,035 17.8%
Net income 5,713 4,074 40.2%
Preferred stock dividends 777 371 109.4%
Net income applicable to common shares $ 4,936 $ 3,703 33.3%
SUMMIT FINANCIAL GROUP, INC. (NASDAQ: SMMF)
Annual Month Performance Summary — 2012 vs 2011
For the Years Ended Percent
12/31/2012 12/31/2011 Change
Per Share Data
Earnings per common share
Basic $ 0.66 $ 0.50 32.0%
Diluted $ 0.60 $ 0.49 22.4%
Average shares outstanding
Basic 7,425,472 7,425,472 0.0%
Diluted 9,601,169 8,338,199 15.1%
Performance Ratios
Return on average equity (A) 5.36% 4.32% 24.1%
Return on average assets 0.40% 0.28% 42.9%
Net interest margin 3.19% 3.08% 3.6%
Efficiency ratio (B) 53.78% 55.73% -3.5%
NOTE (A) – Net income divided by total shareholders’ equity.
NOTE (B) – Computed on a tax equivalent basis excluding nonrecurring income and expense items and amortization of intangibles.
SUMMIT FINANCIAL GROUP, INC. (NASDAQ: SMMF)
Five Quarter Performance Summary
For the Quarter Ended
Dollars in thousands 12/31/2012 9/30/2012 6/30/2012 3/31/2012 12/31/2011
Condensed Statements of Income
Interest income
Loans, including fees $ 13,512 $ 13,648 $ 14,041 $ 14,365 $ 14,362
Securities 1,703 1,934 2,225 2,421 2,711
Other 5 7 12 11 13
Total interest income 15,220 15,589 16,278 16,797 17,086
Interest expense
Deposits 3,017 3,067 3,360 3,713 4,302
Borrowings 2,307 2,587 2,947 3,066 3,123
Total interest expense 5,324 5,654 6,307 6,779 7,425
Net interest income 9,896 9,935 9,971 10,018 9,661
Provision for loan losses 2,498 2,000 2,001 2,001 1,999
Net interest income after provision  for loan losses 7,398 7,935 7,970 8,017 7,662
Noninterest income
Insurance commissions 1,082 1,052 1,141 1,158 1,003
Service fees related to deposit accounts 1,092 1,074 1,075 1,014 1,102
Gain (loss) on sale of assets (94) 760 320 1,165 18
Realized securities gains (losses) 103 16 (523) (77) 542
Other-than-temporary impairment of securities (76) (39) (106) (229) (401)
Write-downs of foreclosed properties (748) (2,571) (1,631) (1,912) (882)
Other income 644 514 552 584 607
Total noninterest income 2,003 806 828 1,703 1,989
Noninterest expense
Salaries and employee benefits 3,799 3,940 3,892 3,901 3,846
Net occupancy expense 495 476 490 479 472
Equipment expense 576 576 603 594 593
Professional fees 314 289 242 316 565
FDIC premiums 535 510 500 522 564
Foreclosed properties expense 269 356 233 362 377
Other expenses 1,434 1,325 1,335 1,365 1,417
Total noninterest expense 7,422 7,472 7,295 7,539 7,834
Income before income taxes 1,979 1,269 1,503 2,181 1,817
Income taxes (126) 272 590 483 337
Net income 2,105 997 913 1,698 1,480
Preferred stock dividends 194 194 194 194 149
Net income applicable to common shares $ 1,911 $ 803 $ 719 $ 1,504 $ 1,331
SUMMIT FINANCIAL GROUP, INC. (NASDAQ: SMMF)
Five Quarter Performance Summary
For the Quarter Ended
12/31/2012 9/30/2012 6/30/2012 3/31/2012 12/31/2011
Per Share Data
Earnings per common share
Basic $ 0.26 $ 0.11 $ 0.10 $ 0.20 $ 0.18
Diluted $ 0.22 $ 0.10 $ 0.09 $ 0.18 $ 0.16
Average shares outstanding
Basic 7,425,472 7,425,472 7,425,472 7,425,472 7,425,472
Diluted 9,601,435 9,601,278 8,927,802 9,600,017 9,044,976
Performance Ratios
Return on average equity (A) 7.76% 3.71% 3.44% 6.49% 5.87%
Return on average assets 0.60% 0.28% 0.25% 0.47% 0.41%
Net interest margin 3.19% 3.17% 3.20% 3.20% 3.03%
Efficiency ratio (B) 54.00% 54.37% 53.13% 53.71% 57.17%
NOTE (A) – Net income divided by average total shareholders’ equity.
NOTE (B) – Computed on a tax equivalent basis excluding nonrecurring income and expense items and amortization of intangibles.
SUMMIT FINANCIAL GROUP, INC. (NASDAQ: SMMF)
Selected Balance Sheet Data
For the Quarter Ended
Dollars in thousands, except per share amounts 12/31/2012 9/30/2012 6/30/2012 3/31/2012 12/31/2011
Assets
Cash and due from banks $ 3,833 $ 3,752 $ 4,266 $ 4,059 $ 4,398
Interest bearing deposits other banks 10,969 13,441 14,288 26,855 28,294
Securities 281,539 291,992 289,151 292,002 286,599
Loans, net 937,168 940,933 948,294 957,797 965,516
Property held for sale 56,172 56,033 60,069 61,584 63,938
Premises and equipment, net 21,129 21,265 21,470 21,756 22,084
Intangible assets 8,300 8,387 8,475 8,563 8,651
Cash surrender value of life insurance policies 29,553 30,065 29,808 29,559 29,284
Other assets 38,441 38,218 40,620 42,190 41,357
Total assets $ 1,387,104 $ 1,404,086 $ 1,416,441 $ 1,444,365 $ 1,450,121
Liabilities and Shareholders’ Equity
Retail deposits $ 757,429 $ 766,555 $ 767,413 $ 785,283 $ 784,029
Wholesale deposits 269,696 260,752 234,256 225,856 232,471
Short-term borrowings 3,958 20,957 10,957 15,956 15,956
Long-term borrowings and subordinated debentures 239,657 240,133 290,024 303,510 306,643
Other liabilities 7,809 8,361 8,084 9,361 8,456
Shareholders’ equity 108,555 107,328 105,707 104,399 102,566
Total liabilities and shareholders’ equity $ 1,387,104 $ 1,404,086 $ 1,416,441 $ 1,444,365 $ 1,450,121
Book value per common share (A) $ 11.31 $ 11.20 $ 11.01 $ 10.87 $ 10.68
Tangible book value per common share (A) $ 10.44 $ 10.33 $ 10.13 $ 9.98 $ 9.78
Tangible equity / Tangible assets 7.3% 7.1% 6.9% 6.7% 6.5%
NOTE (A) – Assumes conversion of convertible preferred stock
SUMMIT FINANCIAL GROUP INC. (NASDAQ: SMMF)
Regulatory Capital Ratios
12/31/2012 9/30/2012 6/30/2012 3/31/2012 12/31/2011
Summit Financial Group, Inc.
Total Risk Based Capital 14.0% 13.8% 13.6% 13.3% 13.0%
Tier 1 Risk Based Capital 11.6% 11.3% 11.1% 10.8% 10.5%
Tier 1 Leverage Ratio 8.3% 8.0% 7.9% 7.8% 7.6%
Summit Community Bank, Inc.
Total Risk Based Capital 15.0% 14.6% 14.3% 14.0% 13.6%
Tier 1 Risk Based Capital 13.7% 13.3% 13.1% 12.7% 12.3%
Tier 1 Leverage Ratio 9.8% 9.5% 9.3% 9.1% 8.9%
SUMMIT FINANCIAL GROUP INC. (NASDAQ: SMMF)
Loan Composition
Dollars in thousands 12/31/2012 9/30/2012 6/30/2012 3/31/2012 12/31/2011
Commercial $ 85,829 $ 88,997 $ 92,060 $ 99,386 $ 99,024
Commercial real estate
Owner occupied 154,252 150,090 152,347 153,528 158,754
Non-owner occupied 276,082 279,132 280,891 275,727 270,226
Construction and development
Land and development 79,335 82,857 84,383 88,212 93,035
Construction 3,772 2,087 1,793 2,148 2,936
Residential real estate
Non-jumbo 216,714 215,584 217,321 219,485 221,733
Jumbo 61,567 62,748 61,962 62,836 61,535
Home equity 53,263 53,455 51,692 50,884 50,898
Consumer 20,586 21,290 21,212 21,573 22,325
Other 3,701 2,513 2,523 2,540 2,762
Total loans, net of unearned fees 955,101 958,753 966,184 976,319 983,228
Less allowance for loan losses 17,933 17,820 17,890 18,522 17,712
Loans, net $ 937,168 $ 940,933 $ 948,294 $ 957,797 $ 965,516
SUMMIT FINANCIAL GROUP INC. (NASDAQ: SMMF)
Retail Deposit Composition
Dollars in thousands 12/31/2012 9/30/2012 6/30/2012 3/31/2012 12/31/2011
Non interest bearing checking $ 100,592 $ 96,764 $ 96,172 $ 87,916 $ 88,655
Interest bearing checking 175,706 177,236 164,867 172,506 158,483
Savings 193,039 197,610 204,509 212,402 208,809
Time deposits 288,092 294,945 301,865 312,459 328,082
Total retail deposits $ 757,429 $ 766,555 $ 767,413 $ 785,283 $ 784,029
SUMMIT FINANCIAL GROUP, INC. (NASDAQ: SMMF)
Asset Quality Information
For the Quarter Ended
Dollars in thousands 12/31/2012 9/30/2012 6/30/2012 3/31/2012 12/31/2011
Gross loan charge-offs $ 2,545 $ 2,142 $ 2,790 $ 1,340 $ 2,368
Gross loan recoveries (160) (73) (156) (149) (133)
Net loan charge-offs $ 2,385 $ 2,069 $ 2,634 $ 1,191 $ 2,235
Net loan charge-offs to average loans (annualized) 0.99% 0.86% 1.08% 0.49% 0.91%
Allowance for loan losses $ 17,933 $ 17,820 $ 17,890 $ 18,523 $ 17,712
Allowance for loan losses as a percentage
of period end loans 1.88% 1.86% 1.85% 1.89% 1.80%
Nonperforming assets:
Nonperforming loans
Commercial $ 5,002 $ 5,343 $ 6,476 $ 2,477 $ 3,259
Commercial real estate 2,556 2,803 3,536 4,282 7,163
Commercial construction and development 428 662 799 1,052
Residential construction and development 13,641 16,333 16,735 21,375 22,634
Residential real estate 16,522 18,809 18,550 17,754 18,187
Consumer 55 88 78 81 145
Total nonperforming loans 37,776 43,804 46,037 46,768 52,440
Foreclosed properties
Commercial
Commercial real estate 11,835 11,802 12,029 14,703 15,721
Commercial construction and development 17,597 17,683 18,632 17,377 17,101
Residential construction and development 23,074 23,769 26,014 25,724 27,877
Residential real estate 3,666 2,779 3,393 3,780 3,239
Total foreclosed properties 56,172 56,033 60,068 61,584 63,938
Other repossessed assets 6 266 263
Total nonperforming assets $ 93,954 $ 99,837 $ 106,105 $ 108,618 $ 116,641
Nonperforming loans to period end loans 3.96% 4.57% 4.76% 4.79% 5.33%
Nonperforming assets to period end assets 6.77% 7.11% 7.49% 7.52% 8.04%
Loans Past Due 30-89 Days
For the Quarter Ended
In thousands 12/31/2012 9/30/2012 6/30/2012 3/31/2012 12/31/2011
Commercial $ 180 $ 874 $ 300 $ 689 $ 533
Commercial real estate 437 1,264 1,787 2,776 5,746
Construction and development 56 293 518 1,756
Residential real estate 6,170 4,346 5,763 5,509 6,633
Consumer 326 313 408 242 466
Total $ 7,113 $ 6,853 $ 8,551 $ 9,734 $ 15,134
SUMMIT FINANCIAL GROUP, INC. (NASDAQ: SMMF)
Average Balance Sheet, Interest Earnings & Expenses and Average Rates
Q4 2012 vs Q4 2011
Q4 2012 Q4 2011
Average Earnings / Yield / Average Earnings / Yield /
Dollars in thousands Balances Expense Rate Balances Expense Rate
ASSETS
Interest earning assets
Loans, net of unearned interest
Taxable $ 956,864 $ 13,436 5.59% $ 985,496 $ 14,287 5.75%
Tax-exempt 6,184 117 7.53% 6,115 114 7.40%
Securities
Taxable 226,629 1,097 1.93% 225,089 1,817 3.20%
Tax-exempt 75,466 912 4.81% 86,389 1,353 6.21%
Interest bearing deposits other banks and Federal funds sold 10,779 4 0.15% 25,926 13 0.20%
Total interest earning assets 1,275,922 15,566 4.85% 1,329,015 17,584 5.25%
Noninterest earning assets
Cash & due from banks 4,166 4,229
Premises & equipment 21,266 22,274
Other assets 113,952 121,215
Allowance for loan losses (18,053) (18,211)
Total assets $ 1,397,253 $ 1,458,522
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities
Interest bearing liabilities
Interest bearing demand deposits $ 179,198 $ 78 0.17% $ 156,751 $ 94 0.24%
Savings deposits 194,839 307 0.63% 208,772 427 0.81%
Time deposits 556,748 2,632 1.88% 573,798 3,781 2.61%
Short-term borrowings 10,263 7 0.27% 11,879 6 0.20%
Long-term borrowings and subordinated debentures 239,722 2,300 3.82% 307,937 3,117 4.02%
Total interest bearing liabilities 1,180,770 5,324 1.79% 1,259,137 7,425 2.34%
Noninterest bearing liabilities
Demand deposits 99,845 89,640
Other liabilities 8,198 8,958
Total liabilities 1,288,813 1,357,735
Shareholders’ equity – preferred 9,326 8,315
Shareholders’ equity – common 99,114 92,472
Total liabilities and shareholders’ equity $ 1,397,253 $ 1,458,522
NET INTEREST EARNINGS $ 10,242 $ 10,159
NET INTEREST MARGIN 3.19% 3.03%
SUMMIT FINANCIAL GROUP, INC. (NASDAQ: SMMF)
Average Balance Sheet, Interest Earnings & Expenses and Average Rates
YTD 2012 vs YTD 2011
YTD 2012 YTD 2011
Average Earnings / Yield / Average Earnings / Yield /
Dollars in thousands Balances Expense Rate Balances Expense Rate
ASSETS
Interest earning assets
Loans, net of unearned interest
Taxable $ 963,209 $ 55,248 5.74% $ 987,315 $ 58,911 5.97%
Tax-exempt 6,628 483 7.29% 5,105 402 7.87%
Securities
Taxable 233,560 5,689 2.44% 252,901 9,106 3.60%
Tax-exempt 71,937 3,929 5.46% 63,894 4,080 6.39%
Interest bearing deposits other banks and Federal funds sold 19,731 35 0.18% 33,690 72 0.21%
Total interest earning assets 1,295,065 65,384 5.05% 1,342,905 72,571 5.40%
Noninterest earning assets
Cash & due from banks 4,188 4,022
Premises & equipment 21,578 22,620
Other assets 118,427 118,408
Allowance for loan losses (18,157) (18,161)
Total assets $ 1,421,101 $ 1,469,794
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities
Interest bearing liabilities
Interest bearing demand deposits $ 170,698 $ 325 0.19% $ 152,552 $ 391 0.26%
Savings deposits 203,908 1,361 0.67% 207,226 1,899 0.92%
Time deposits 548,044 11,472 2.09% 601,925 15,983 2.66%
Short-term borrowings 13,248 31 0.23% 4,238 8 0.19%
Long-term borrowings and subordinated debentures 276,092 10,875 3.94% 315,900 12,921 4.09%
1,211,990 24,064 1.99% 1,281,841 31,202 2.43%
Noninterest bearing liabilities
Demand deposits 94,243 85,247
Other liabilities 8,256 8,474
Total liabilities 1,314,489 1,375,562
Shareholders’ equity – preferred 9,326 4,738
Shareholders’ equity – common 97,286 89,494
Total liabilities and shareholders’ equity $ 1,421,101 $ 1,469,794
NET INTEREST EARNINGS $ 41,320 $ 41,369
NET INTEREST MARGIN 3.19% 3.08%
SUMMIT FINANCIAL GROUP, INC. (NASDAQ: SMMF)
Reconciliation of Non-GAAP Financial Measures to GAAP Financial Measures
For the Quarter Ended For the Years Ended
Dollars in thousands 12/31/2012 12/31/2011 12/31/2012 12/31/2011
Net income applicable to common shares – excluding realized securities gains, gains/losses on sales of assets, other-than-temporary impairment of securities and write-downs of foreclosed properties $ 2,424 $ 1,786 $ 8,491 $ 6,850
Realized securities gains 103 542 2,348 4,006
Applicable income tax effect (38) (201) (869) (1,482)
Gain (loss) on sale of assets (94) 19 (677) 295
Applicable income tax effect 35 (7) 250 (109)
Other-than-temporary impairment of securities (76) (401) (451) (2,646)
Applicable income tax effect 28 148 167 979
Write-downs foreclosed properties (748) (882) (6,862) (6,651)
Applicable income tax effect 277 326 2,539 2,461
(513) (455) (3,555) (3,147)
GAAP net income applicable to common shares $ 1,911 $ 1,331 $ 4,936 $ 3,703
Diluted earnings per common share – excluding realized securities gains, gains/losses on sales of assets, other-than-temporary impairment of securities and write-downs of foreclosed properties $ 0.28 $ 0.21 $ 0.97 $ 0.86
Realized securities gains 0.01 0.06 0.24 0.48
Applicable income tax effect (0.02) (0.09) (0.18)
Gain (loss) on sale of assets (0.01) (0.07) 0.04
Applicable income tax effect 0.03 (0.01)
Other-than-temporary impairment of securities (0.01) (0.04) (0.05) (0.32)
Applicable income tax effect 0.01 0.02 0.12
Write-downs of foreclosed properties (0.08) (0.10) (0.71) (0.80)
Applicable income tax effect 0.03 0.04 0.26 0.30
(0.06) (0.05) (0.37) (0.37)
GAAP diluted earnings per common share $ 0.22 $ 0.16 $ 0.60 $ 0.49
SUMMIT FINANCIAL GROUP, INC. (NASDAQ: SMMF)
Reconciliation of Non-GAAP Financial Measures to GAAP Financial Measures
For the Quarter Ended For the Years Ended
Dollars in thousands 12/31/2012 12/31/2011 12/31/2012 12/31/2011
Total revenue – excluding realized securities gains, gains/losses on sales of assets, other-than-temporary impairment of securities and write-downs of foreclosed properties $ 12,714 $ 12,372 $ 50,802 $ 50,390
Realized securities gains 103 542 2,348 4,006
Gain (loss) on sale of assets (94) 19 (677) 295
Other-than-temporary impairment of securities (76) (401) (451) (2,646)
Write-downs of foreclosed properties (748) (882) (6,862) (6,651)
(815) (722) (5,642) (4,996)
GAAP total revenue $ 11,899 $ 11,650 $ 45,160 $ 45,394
Total noninterest income – excluding realized securities gains, gains/losses on sales of assets, other-than- temporary impairment of securities and write-downs of foreclosed properties $ 2,818 $ 2,711 $ 10,982 $ 10,545
Realized securities gains 103 542 2,348 4,006
Gain (loss) on sale of assets (94) 19 (677) 295
Other-than-temporary impairment of securities (76) (401) (451) (2,645)
Write-downs of foreclosed properties (748) (882) (6,862) (6,651)
(815) (722) (5,642) (4,995)
GAAP total noninterest income $ 2,003 $ 1,989 $ 5,340 $ 5,550
CONTACT: Robert S. Tissue, Sr. Vice President & CFO
         Telephone: (304) 530-0552
         Email: rtissue@summitfgi.com

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Wednesday, January 30th, 2013 Uncategorized Comments Off on Summit Financial (SMMF) Reports Fourth Quarter & Full Year 2012 Results

Multimedia Games (MGAM) Q1 Revenue Increases 27% to $44.3M

Multimedia Games Holding Company, Inc. (Nasdaq: MGAM) (“Multimedia Games” or the “Company”) today reported operating results for its fiscal 2013 first quarter ended December 31, 2012, as summarized in the table below:

Summary of 2013 Q1 Results

(In millions, except per-share and unit data)

Three Months Ended
December 31,
2012 2011
Revenue $ 44.3 $ 34.8
EBITDA(1) $ 21.4 $ 16.3
Operating income (2) $ 11.4 $ 3.8
Net income (2) (3) $ 7.1 $ 5.8
Diluted earnings per share (2) (3) $ 0.24 $ 0.21
Pro-forma diluted earnings per share (4) $ 0.24 $ 0.12
New units sold 644 408
Domestic participation installed units:
Average 10,942 9,506
Quarter-end 11,188 9,633
(1) EBITDA is defined as net income before net interest expense, income taxes, depreciation, amortization and accretion of contract rights. A reconciliation of EBITDA to net income, the most comparable Generally Accepted Accounting Principles (“GAAP”) financial measure, can be found attached to this release.
(2) Operating income, net income and diluted earnings per share for the three month period ended December 31, 2012, reflects a change in the depreciable lives for the Company’s gaming operations equipment as described in the last paragraph of “Summary of Fiscal 2013 First Quarter Operating Results” below.
(3) Net income and diluted earnings per share for the three month period ended December 31, 2011, includes a one-time tax benefit totaling $1.0 million, or $0.04 per fully diluted share, and a gain on the sale of used equipment back to the original manufacturer totaling $0.9 million, or $0.03 per diluted share.
(4) Pro-forma diluted earnings per share for the three month period ended December 31, 2011, reflects the following adjustments; (i) a tax expense rate of 37.2%, the effective tax rate for the fiscal 2013 first quarter, which results in a $0.10 per diluted share reduction from reported results; (ii) the elimination of the one-time $0.03 per diluted share benefit related to the sale of used equipment to the original manufacturer; and, (iii) the Company’s estimated $0.04 benefit to fully diluted earnings per share related to the change in depreciable lives of its gaming operations equipment (which is described in more detail below).
Three Months Ended December 31,
2012 2011
As reported (2) (3) $ 0.24 $ 0.21
Pro-forma at 37.2% tax rate (0.10 )
Gain on sale of used equipment to original manufacturer (0.03 )
Normalize depreciation, net of tax 0.04
Pro-forma EPS (4) $ 0.24 $ 0.12

Patrick Ramsey, President and Chief Executive Officer of Multimedia Games, commented, “Our strong start to fiscal 2013 reflects a continuation of the momentum we built throughout fiscal 2012 in expanding our total addressable market and developing attractive, differentiated games and themes that address our customers’ needs and player preferences. Revenues of over $44 million in the first quarter of fiscal 2013 represent the highest quarterly revenue we have generated since the March 2006 quarter. The domestic installed base rose 5% on a quarterly sequential basis and by over 16% compared to the year ago period and we achieved another record quarter of unit sales across 17 states. Our operating leverage continues to improve, and as a result, growth in both operating income and EBITDA outpaced our 27% year-over-year increase in revenue.

“TournEvent®, our award-winning slot tournament system, represented approximately 46% of our total units sold in the quarter and as of December 31, 2012, is installed at 137 casinos nationwide. When in tournament mode, this proprietary product instantly creates an engaging atmosphere, creating a buzz that frequently results in higher slot floor traffic and increased floor-wide revenue performance for our customers. We are further leveraging this product’s success with a first-of-its-kind nationwide TournEvent of Champions® promotional event that will culminate with a national final in Las Vegas in September.

“Gaming operations remains a key driver of our overall business and represents a stable and growing foundation for our long-term growth. During the fiscal 2013 first quarter, our installed base of participation games eclipsed 11,000 units as we grew the number of our High Rise Games® by nearly 61% and further diversified our installed base with over 75% of our unit growth coming from markets outside of Oklahoma. Over the last two quarters we have added over 1,000 recurring revenue units to our domestic installed base which helped drive the fiscal 2013 first quarter gaming operations revenues to our highest levels since the September 2008 quarter.”

Ramsey concluded, “We are excited by the progress made to date in fiscal 2013. Our games are clearly resonating with players as evidenced by their enhanced performance in a highly competitive marketplace, while customer demand in both existing and new markets continues to grow. We currently address approximately 45% of the domestic slot market and expect to begin serving the Nevada market in the second half of fiscal 2013, which will expand our total addressable market to approximately 65%. Additionally, assuming receipt of all regulatory approvals, we expect to begin serving New Jersey, Pennsylvania and Illinois within the next 24 months. We believe our entry into these markets combined with our established momentum in unit sales and installed base growth provides a foundation for continued growth.”

Summary of Fiscal 2013 First Quarter Operating Results

Multimedia Games’ fiscal 2013 first quarter revenue rose 27.3%, or $9.5 million, to $44.3 million, compared to revenue of $34.8 million in the fiscal 2012 first quarter. Fiscal 2013 first quarter revenue primarily consisted of approximately $30.0 million from gaming operations and approximately $14.0 million from gaming equipment and system sales, compared with $24.9 million in revenue from gaming operations and $9.6 million from gaming equipment and system sales in the year-ago period.

Gaming operations revenue in the fiscal 2013 first quarter grew 20.4% year over year to $30.0 million, reflecting continued growth in both the Company’s installed base of participation units and the revenue per day performance of those units. During the quarter, Multimedia Games grew its base of participation games by 518 units, or approximately 4.9%, on a quarterly sequential basis, with growth coming from all major domestic markets served by the Company including Oklahoma, Louisiana, Washington, New York and California. Multimedia Games’ domestic installed base increased 1,555 units, or 16.1%, year over year to 11,188 units. Included in the quarter-end participation base were 318 High Rise Games premium participation units deployed outside of Oklahoma, an increase of 120 units, or 60.6%, on a quarterly sequential basis. Revenues from Multimedia Games’ New York Lottery business totaled $3.8 million for the quarter, an increase of 17.8% over the prior-year period. More modest growth is expected for the remainder of fiscal 2013 reflecting the one year anniversary of the opening of Resorts World in October 2012.

Gaming equipment and system sales in the fiscal 2013 first quarter increased 46.0% to $14.0 million, from $9.6 million in the prior-year period. During the quarter, the Company recorded revenue of $12.0 million related to the sale of 644 new units and $1.3 million in revenue related to parts and equipment sales, compared to $7.5 million in revenue related to the sale of 408 new proprietary units and $1.5 million related to parts and equipment sales in the year-ago period. Louisiana, which benefited from a sale of 150 new units to a single customer’s new facility, Washington and Florida were Multimedia Games’ top three markets for product sales, representing approximately 52% of total unit sales. In all, the Company sold units into 17 states in its fiscal 2013 first quarter, with the order for 150 units for a new casino opening in Louisiana representing the Company’s largest sales order in several years. There was $0.7 million and $0.6 million of deferred revenues for the sale of player stations and systems in a prior-year period recognized in the fiscal 2013 and fiscal 2012 first quarter periods, respectively.

Other revenue, primarily comprised of service revenue, was approximately $0.3 million in both the fiscal 2013 and 2012 first quarters.

Total operating expenses for the fiscal 2013 first quarter rose $1.9 million, or 6.0%, year over year to $32.9 million. Total cost of goods sold increased by $2.3 million, driven primarily by an increase in the number of units sold and an increase in the Company’s installed base of participation units reflecting the Company’s expansion into more states. Selling, general and administrative (“SG&A”) expenses rose 5.5%, or $0.6 million, to $11.3 million, primarily reflecting higher benefit costs and non-cash stock compensation costs associated with higher headcount totals versus the prior year. SG&A expenses for the fiscal 2013 and fiscal 2012 first quarter periods include non-cash stock compensation costs of approximately $0.9 million and $0.6 million, respectively. Depreciation and amortization declined to $8.0 million from $9.7 million in the prior-year period primarily reflecting a change in the depreciable lives for gaming operations equipment from 36 months to 48 months as described below. Research and development expense of $4.2 million compares to $3.5 million in the prior-year period and reflects Multimedia Games’ ongoing initiative to develop innovative and differentiated gaming content that delivers a high-value player entertainment experience.

Reflecting the strong year-over-year revenue growth in the fiscal 2013 first quarter as well as improved operating margins and the change in the depreciable lives of the Company’s gaming operations equipment, operating income rose by $7.6 million to $11.4 million and operating margins improved to 25.8% in the quarter compared to 10.9% in the year-ago period. For the fiscal 2013 first quarter, Multimedia Games reported net income of $7.1 million, or $0.24 per diluted share, compared to net income of $5.8 million, or $0.21 per diluted share, in the fiscal 2012 first quarter. Net income and diluted earnings per share for the fiscal 2013 first quarter reflect a tax expense rate of 37.2% while net income and diluted earnings per share in the prior-year period reflect a tax benefit rate of 20.6%.

Effective October 1, 2012, Multimedia Games has moved from a 36-month depreciable life for its installed base of gaming operations equipment to a 48-month depreciable life. The end of Fiscal 2012 marked the third-year anniversary of the introduction of the Company’s award-winning wide body dual video cabinet, and management is now confident that its products have a useful life in excess of three years. Additionally, the change to the depreciable lives is now consistent with the standard used by the majority of the gaming equipment suppliers in the industry and is consistent with the current age of the Company’s equipment in the field. The change lowers total depreciation expense, therefore increasing operating income, net income and diluted earnings per share, but does not impact EBITDA, a non-GAAP financial metric commonly used in the gaming industry.

Balance Sheet

Multimedia Games ended the quarter with $73.3 million in cash and net cash (total cash in excess of debt) of $40.9 million, versus net cash of $40.5 million and $17.7 million as of September 30, 2012, and December 31, 2011, respectively. The fiscal 2013 first quarter represents the sixteenth consecutive quarter Multimedia Games has grown net cash or reduced net debt. Capital expenditures in the fiscal 2013 first quarter were $12.7 million compared to $8.0 million a year ago, primarily reflecting the Company’s continued investment in the expansion and maintenance of its installed base.

During the fiscal 2013 first quarter, Multimedia Games entered into a development agreement with its largest customer that will add approximately 150 expansion units at the Winstar World Resort in Oklahoma. The Company made its first installment payment of $3.3 million in December 2012, with the second installment payment of $3.2 million due in the current quarter. Multimedia Games expects to record initial revenues from these units in its fiscal 2013 fourth quarter.

In the first quarter of fiscal 2013, the Company repurchased 145,000 shares of its common stock at an average price of $13.95 per share, excluding commissions, for total consideration of approximately $2.0 million. As of December 31, 2012, the Company had approximately $38.0 million remaining under its existing $40.0 million share repurchase authorization which was announced in November 2012. Since December 2010, the Company has repurchased approximately 2.4 million of its common shares.

Adam Chibib, Chief Financial Officer, commented, “Multimedia Games entered fiscal 2013 with strong operating momentum which continues today. Our strong financial foundation allows the Company to invest in new product development, expand our total addressable market, grow our base of recurring revenue placements and return capital to shareholders through share repurchases. We ended the first quarter of fiscal 2013 with $73.3 million in cash and net cash of $40.9 million, representing a $63.7 million improvement in our net cash position since the end of fiscal 2010. Going forward, we expect to remain profitable and grow cash balances while investing in the long-term growth of our business. Based on our strong operating performance in the first quarter, we are raising our fiscal 2013 revenue, EBITDA and diluted EPS guidance.”

Updated Fiscal 2013 EPS Outlook

Reflecting the strong financial performance in the first fiscal quarter of 2013, Multimedia Games is raising its guidance for fiscal 2013. The Company now forecasts fiscal 2013 revenues in the range of $174.2-$177.1 million, representing approximately 12%-13% year over year total revenue growth. The revised revenue growth forecast assumes a 17%-27% year-over-year increase in unit sales as well as continued quarterly sequential increases in the domestic installed base. The current unit sales and installed base growth forecast for fiscal 2013 includes an expectation for a measured level of initial unit deployments into Nevada beginning in the second half of the fiscal year.

Revised Fiscal 2013 Guidance

(In millions, except per-share)

Twelve Months Ended September 30, 2013
Revised
Guidance
Original
Guidance,
as adjusted(1)
Original
Guidance(2)
Revenue $ 174.2-177.1 $ 165.6-170.2 $ 165.6-170.2
EBITDA $ 81.0-84.0 $ 76.6-79.2 $ 76.6-79.2
Diluted earnings per share $ 0.79-0.84 $ 0.74-0.79 $ 0.60-0.65
(1) Represents Company guidance for fiscal 2013 provided on November 15, 2012, with diluted earnings per share guidance adjusted to reflect a 48-month depreciation schedule for Multimedia Games’ gaming operations units.
(2) Represents Company guidance for fiscal 2013 provided on November 15, 2012, which reflected a 36-month depreciation schedule for Multimedia Games’ gaming operations units.

The Company now expects to generate EBITDA, a non-GAAP financial measure, of $81.0-$84.0 million in fiscal 2013, representing growth of approximately 14%-18% over total fiscal 2012 EBITDA of $71.1 million.

Finally, the Company currently expects its fiscal 2013 tax rate will be in the range of 36%-40% compared to its fiscal 2012 full year effective tax rate benefit of 11.4%. As a result of the expected increase in revenues for the year, the expansion of operating margins and the change in the depreciable lives of certain gaming operations assets described above, Multimedia Games now expects to report fiscal 2013 diluted earnings per share (“EPS”) of $0.79-$0.84, representing a year-over-year increase of approximately 16%-24% over fiscal 2012 diluted EPS as adjusted for the new depreciation schedule and when applying a 38% tax rate (the mid-point of the Company’s expected tax rate for fiscal 2013) for fiscal 2012.

Fiscal 2012 Revised Fiscal 2013 Guidance
EPS Reconciliation: Low High
As reported $ 0.96
Pro-forma at 38% tax rate (0.42 )
Impact of depreciation, net of tax 0.14
Adjusted, Pro-forma EPS $ 0.68 $ 0.79 $ 0.84

Multimedia Games cautions that market dynamics are constantly changing and as such, actual results could vary materially from the expectations noted above based on various factors, such as changes in the Company’s markets, operations, regulatory requirements, and its estimates and assumptions. See the risk factors in our publicly-filed Form 10-K’s and subsequent filings and other items as more fully described in the section below titled “Cautionary Language.”

2013 First Quarter Conference Call and Webcast

Multimedia Games is hosting a conference call and webcast today, January 30, 2013, beginning at 9:00 a.m. ET (8:00 a.m. CT). Both the call and the webcast are open to the general public. The conference call number is 720-545-0001 (domestic or international). Please call five minutes prior to the presentation to ensure that you are connected.

Interested parties may also access the conference call live on the Internet at http://ir.multimediagames.com/events.cfm. Approximately two hours after the call has concluded, an archived version of the webcast will be available for replay at the same location at http://ir.multimediagames.com/events.cfm.

Non-GAAP Financial Measures

See definitions of EBITDA, net cash position and pro-forma diluted earnings per share included in the discussion of Non-GAAP financial measures below.

About Multimedia Games Holding Company, Inc.

Through its wholly owned subsidiary, Multimedia Games Holding Company, Inc. (“Multimedia Games”) develops and distributes gaming technology. The company is a creator and supplier of comprehensive systems, content and electronic gaming units for Native American gaming markets, as well as for commercial casinos and charity and international bingo markets. Revenue is primarily derived from gaming units in operation domestically and internationally installed on revenue-sharing arrangements. Multimedia Games also supplies the central determinant system for the video lottery terminals (“VLTs”) installed at racetracks in the State of New York. The company is focused on pursuing market expansion and new product development for Class II, Class III and VLT markets. Additional information may be found at www.multimediagames.com.

Cautionary Language

This press release contains forward-looking statements based on Multimedia Games’ current expectations and projections, which are intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. The words “believe”, “expect”, “continue”, “intend”, “plan”, “seek”, “estimate”, project”, “may”, or the negative or other variations thereof or comparable terminology as they relate to Multimedia Games and its products, plans, and markets are intended to identify such forward-looking statements. All forward-looking statements are based on current expectations and projections of future events.

These forward-looking statements reflect the current views, models, and assumptions of Multimedia Games, and are subject to various risks and uncertainties that cannot be predicted or qualified and could cause actual results in Multimedia Games’ performance to differ materially from those expressed or implied by such forward looking statements. These risks and uncertainties include, but are not limited to, the ability of Multimedia Games to maintain strategic alliances; increase its unit placements, installations or installed-base; grow revenue; garner new market share; secure new licenses in new jurisdictions; successfully develop or place proprietary product; comply with regulations; or have its games approved by relevant jurisdictions. Please refer to the Company’s most recent Form 10-K and subsequent filings with the Securities and Exchange Commission for a further discussion of risks and uncertainties. All forward-looking statements made herein are qualified by these cautionary statements and there can be no assurance that the actual results, events or developments referenced herein will occur or be realized. Readers are cautioned that all forward-looking statements speak only to the facts and circumstances present as of the date of this press release. Multimedia Games expressly disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

CONSOLIDATED BALANCE SHEETS

As of December 31, 2012 and September 30, 2012

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

December 31, September 30,
ASSETS 2012 2012
CURRENT ASSETS:
Cash and cash equivalents $ 73,295 $ 73,755
Accounts receivable, net of allowance for doubtful accounts of $303 and $266, respectively 23,895 17,503
Inventory 8,105 7,083
Current portion of notes receivable, net 5,904 8,024
Deferred tax asset 8,248 8,248
Prepaid expenses and other 5,032 6,837
Total current assets 124,479 121,450
Property and equipment and leased gaming equipment, net 63,912 57,924
Intangible assets, net 36,738 37,664
Long-term portion of notes receivable, net 5,217 733
Deferred tax asset, less current portion 2,235 2,418 —
Value added tax receivable, net of allowance of $714 and $722, respectively 2,728 3,511
Other assets 2,140 2,275
Total assets $ 237,449 $ 225,975
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Current portion of long-term debt $ 3,700 $ 3,700
Accounts payable and accrued liabilities 33,488 30,192
Federal and state income tax payable 849
Deferred revenue 268 483
Total current liabilities 38,305 34,375
Long-term debt, less current portion 28,675 29,600
Long term deferred tax liability 6,320 6,320
Other long-term liabilities 555 660
Total liabilities 73,855 70,955
Commitments and contingencies
Stockholders’ equity:
Preferred stock:
Series A, $0.01 par value, 1,800,000 shares authorized, no shares issued and outstanding
Series B, $0.01 par value, 200,000 shares authorized, no shares issued and outstanding
Common stock, $0.01 par value, 75,000,000 shares authorized, 36,595,010 and 36,296,027 shares issued, and 28,337,541 and 28,183,549 shares outstanding, respectively 366 363
Additional paid-in capital 110,905 107,751
Treasury stock, 8,257,469 and 8,112,478, respectively, common shares at cost (64,073 ) (62,048 )
Retained earnings 116,396 109,283
Accumulated other comprehensive loss, net (329 )
Total stockholders’ equity 163,594 155,020
Total liabilities and stockholders’ equity $ 237,449 $ 225,975
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS For the Three Months Ended December 31, 2012 and 2011

(In thousands, except per-share amounts)

(Unaudited)

Three Months EndedDecember 31,
2012 2011
REVENUES:
Gaming operations $ 29,974 $ 24,901
Gaming equipment and system sales 14,004 9,593
Other 324 301
Total revenues 44,302 34,795
OPERATING COSTS AND EXPENSES:
Cost of gaming operations revenue(1) 3,186 2,926
Cost of equipment and system sales 6,185 4,158
Selling, general and administrative expenses 11,343 10,748
Research and development 4,181 3,478
Amortization and depreciation 7,964 9,690
Total operating costs and expenses 32,859 31,000
Operating income 11,443 3,795
OTHER INCOME (EXPENSE):
Interest income 170 453
Interest expense (296 ) (372 )
Other income 10 919
Income before income taxes 11,327 4,795
Income tax benefit (expense) (4,214 ) 987
Net income $ 7,113 $ 5,782
Basic earnings per common share $ 0.25 $ 0.21
Diluted earnings per common share $ 0.24 $ 0.21
Shares used in earnings per common share:
Basic 28,329,996 27,265,844
Diluted 30,016,924 28,108,576
(1) Cost of gaming operations revenue excludes depreciation and amortization of gaming equipment, content license rights and other depreciable assets, which are included separately in the amortization and depreciation line item.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

For the Three Months Ended December 31, 2012 and 2011

2012 2011
CASH FLOWS FROM OPERATING ACTIVITIES: (In thousands)
Net income $ 7,113 $ 5,782
Adjustments to reconcile net income to cash provided by operating activities:
Amortization and depreciation 7,964 9,690
Accretion of contract rights 1,953 1,896
Share-based compensation 860 554
Other non-cash items 1,175 447
Interest income from imputed interest (146 ) (418 )
Deferred income taxes 183
Changes in operating assets and liabilities (4,534 ) (4,028 )
NET CASH PROVIDED BY OPERATING ACTIVITIES 14,568 13,923
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisitions of property and equipment and leased gaming equipment (12,654 ) (8,012 )
Acquisition of intangible assets (2,066 ) (1,404 )
Advances under development and placement fee agreements (3,262 )
Repayments under development agreements 3,607 2,361
NET CASH USED IN INVESTING ACTIVITIES (14,375 ) (7,055 )
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from exercise of stock options, warrants and related tax benefit 2,297 3,098
Principal payments of long-term debt (925 ) (925 )
Purchase of treasury stock (2,025 ) (1,884 )
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES (653 ) 289
EFFECT OF EXCHANGE RATES ON CASH AND CASH EQUIVALENTS (122 )
Net increase (decrease) in cash and cash equivalents (460 ) 7,035
Cash and cash equivalents, beginning of period 73,755 46,710
Cash and cash equivalents, end of period $ 73,295 $ 53,745

Reconciliation of U.S. GAAP to Non-GAAP measures:

This press release and accompanying schedules provide certain information regarding (i) EBITDA, (ii) net cash position and (iii) pro-forma diluted earnings per share, all of which may be considered non-GAAP financial measures under the rules of the Securities and Exchange Commission. The non-GAAP financial measures included in the press release are reconciled to the corresponding GAAP financial measures below, or above in this release for pro-forma diluted earnings per share, as required under the rules of the Securities and Exchange Commission regarding the use of non-GAAP financial measures. We define (i) EBITDA as net income before net interest expense, income taxes, depreciation, and amortization and accretion of contract rights, (ii) net cash position as cash and cash equivalents less long-term debt, and (iii) pro-forma diluted earnings per share reflects the following adjustments: a tax expense rate of 37.2%; the elimination of the one-time benefit related to the sale of used equipment to the original manufacturer; and, the Company’s estimated impact of the change in depreciable lives of its gaming operations equipment. EBITDA, net cash position and pro-forma diluted earnings per share are not recognized financial measures under GAAP, but we believe that each is useful in measuring our operating performance. We believe that the use of the non-GAAP financial measure EBITDA enhances an overall understanding of the Company’s past financial performance, and provides useful information to the investor by comparing our performance across reporting periods on a consistent basis and the use of EBITDA by other companies in the gaming equipment sector as a measure of performance. We believe that the non-GAAP measures of net cash position and pro-forma diluted earnings per share provide useful information to investors as each enhances the overall understanding of our operating performance.

Investors should not consider these measures in isolation or as a substitute for net income, operating income, or any other measure for determining the Company’s operating performance that is calculated in accordance with GAAP. In addition, because these measures are not calculated in accordance with GAAP, they may not necessarily be comparable to similarly titled measures employed by other companies.

For the Three Months Ended
December 31,
2012 2011
(in thousands)
Net income $ 7,113 $ 5,782
Add back:
Amortization and depreciation 7,964 9,690
Accretion of contract rights(1) 1,953 1,896
Interest expense (income), net 126 (81 )
Income tax expense (benefit) 4,214 (987 )
EBITDA $ 21,370 $ 16,300
1) “Accretion of contract rights” relates to the amortization of intangible assets for development projects. These amounts are netted against revenues in the Consolidated Statements of Operations.
Net Cash Position
As of
December 31,
2012
As of
September 30,
2012
(in thousands)
Cash and cash equivalents $ 73,295 $ 73,755
Less:
Long-term debt (32,375 ) (33,300 )
Net cash $ 40,920 $ 40,455
Wednesday, January 30th, 2013 Uncategorized Comments Off on Multimedia Games (MGAM) Q1 Revenue Increases 27% to $44.3M

JLL Partners to Acquire BioClinica (BIOC) and CoreLab Partners

Transaction to Create an Industry Leading Provider of Medical Imaging and eClinical Solutions for Clinical Trials

BioClinica®, Inc. (NASDAQ: BIOC), a leading global provider of clinical trial management solutions, today announced that it has entered into a definitive agreement to be acquired by a holding company controlled by JLL Partners, Inc., a leading private equity firm.

Simultaneously, JLL Partners announced that it has reached a definitive agreement to acquire CoreLab Partners, Inc., a provider of medical imaging solutions and cardiac safety services based in Princeton, N.J.

Following the proposed acquisitions, BioClinica and CoreLab Partners will be merged to create a leading provider of medical imaging services and best-in-class eClinical solutions for clinical trials. Ampersand Capital Partners, which is the majority owner of CoreLab Partners, will also be a significant investor in the combined company.

Mark L. Weinstein, currently President and CEO of BioClinica, will lead the combined company.

Dan Agroskin, Managing Director of JLL Partners said, “We are excited about the tremendous promise of this business combination given the strong fundamentals of each company and the overall industry. We will conservatively capitalize the combined business and look forward to supporting its continued growth.”

Terms of the agreement

Under terms of the BioClinica agreement, the holding company will commence a cash tender offer to purchase all of BioClinica’s common stock at an offer price of $7.25 a share, which results in an equity value of approximately $123 million. Any BioClinica shares not tendered in the offer will be acquired in a second-step merger at the same cash price as paid in the tender offer. The purchase price represents a premium of 23.2% over its average closing price for the 90 days ended January 29, 2013, and 28.7% over the average price for the 52-week period ended January 29, 2013. BioClinica’s Board of Directors has unanimously approved the definitive merger agreement and the transaction contemplated hereby.

The transaction will be financed by an equity commitment from JLL Partners and Ampersand Capital. It is subject to a valid tender of a majority of BioClinica’s common stock, regulatory approvals, and other customary conditions. It is not subject to any financing conditions, nor is it subject to the closing of the CoreLab Partners transaction. The parties expect the tender offer to close before the end of this year’s first quarter.

David E. Nowicki, DMD, Chairman of the Board of Directors of BioClinica and Chairman of its Strategic Committee said, “After careful and thorough analysis, together with our independent advisors, the Strategic Committee of our Board has endorsed this transaction as being in the best interest of the company and our shareholders. We are pleased that the transaction appropriately recognizes the value of BioClinica as one of the leaders in providing clinical trial management solutions to the pharmaceutical and medical device industries, while providing our shareholders with immediate cash liquidity for their investment in BioClinica.”

Mark L. Weinstein added, “We are pleased to announce this transaction and look forward to merging our company with CoreLab Partners and working with JLL Partners and Ampersand Capital to continue to expand our business. The combined platform significantly enhances our global scale, scientific expertise, and our prospects for accelerating the pace of innovation for customers. We are also delighted that this transaction comes at a time when our industry is poised for growth in demand for imaging and eClinical solutions.”

Following completion of its proposed acquisition, BioClinica will become a privately held company and its stock will no longer trade on the NASDAQ stock exchange. The proposed acquisition of CoreLab Partners is contingent on the closing of the BioClinica transaction. Both acquisitions are expected to close concurrently.

Michael Woehler, Ph.D., CEO of CoreLab Partners said, “We’re excited about the prospect of working with BioClinica, which has a great track record and reputation as a leader in this industry. We look forward to contributing our deep scientific expertise, our diverse customer base, and our successful clinical trial experience. Together, we will offer our customers best-in-class solutions at an industry-leading standard of quality and service.”

About BioClinica, Inc.

BioClinica, Inc. is a leading global provider of integrated, technology-enhanced clinical trial management solutions. BioClinica supports pharmaceutical and medical device innovation with imaging core lab, internet image transport, electronic data capture, interactive voice and web response, clinical trial management, and clinical supply chain forecasting and optimization solutions. BioClinica solutions maximize efficiency and manageability throughout all phases of the clinical trial process. With over 20 years of experience and more than 2,000 successful trials to date, BioClinica has supported the clinical development of many new medicines from early phase trials through final approval. The company operates state-of-the-art, regulatory body-compliant imaging core labs on two continents, and supports worldwide eClinical and data management services from offices in the United States, Europe and Asia. For more information, please visit http://www.bioclinica.com

About CoreLab Partners, Inc.

Built on over 15+ years of cumulative clinical research experience, CoreLab Partners offers the worldwide biopharmaceutical industry unparalleled service quality, dedicated global capabilities and advanced technologies, with 100% on-time delivery of all projects. CoreLab Partners also provides clinical trial sponsors with best-in-class centralized cardiac safety and efficacy services, and independent medical image assessment solutions—all designed to facilitate successful new drug development in the pharmaceutical, biotechnology and medical device market sectors. CoreLab Partners’ services include medical image management, interpretation, and response assessment for clinical trials, with a particular focus on the oncology therapeutic area. CoreLab Partners also provides regulatory support and digital image submission, as well as cost-effective cardiac safety assessments for development programs, support for clinical studies, and equipment rental. The company also offers worldwide ambulatory blood pressure monitoring services, digital ECG services, and cardiac safety services. For more information, please visit http://www.corelabpartners.com

About JLL Partners, Inc.

JLL Partners is a leading New York-based private equity investment firm with approximately $4 billion of capital under management. JLL Partner’s investment philosophy is to partner with outstanding management teams and invest with them in companies that they can continue to grow into market leaders. JLL Partners has invested in a variety of industries, with special focus on healthcare services, financial services and business services. For more information, please visit www.jllpartners.com.

About Ampersand Capital Partners

Ampersand Capital Partners, based in Boston, is a leading private equity firm that focuses on middle market growth equity investments in the Healthcare sector. Ampersand Capital Partners leverages its unique blend of private equity and operating experience to build value and drive long-term performance alongside its portfolio company management teams. To learn more about Ampersand Capital Partners, please visit http://www.ampersandcapital.com.

Excel Partners is acting as financial advisor to BioClinica, and Morgan, Lewis & Bockius, LLP is acting as BioClinica’s legal counsel.

Robert W. Baird is acting as CoreLab Partners’ financial advisor and Edwards, Wildman Palmer LLP is acting as legal counsel to CoreLab Partners and Ampersand Capital Partners.

Skadden, Arps, Slate, Meagher & Flom LLP is acting as legal counsel to JLL Partners.

Important information about the tender offer

This announcement and the description contained herein are for informational purposes only and are not an offer to purchase or a solicitation of an offer to sell securities of BioClinica, Inc. The tender offer described herein has not yet been commenced. At the time the tender offer is commenced, affiliates of JLL Partners intend to file a tender offer statement on a Schedule TO containing an offer to purchase, a letter of transmittal and other related documents with the Securities and Exchange Commission. At the time the tender offer is commenced, BioClinica, Inc. intends to file with the Securities and Exchange Commission a solicitation/recommendation statement on Schedule 14D-9 and, if required, will, file a proxy statement or information statement with the Securities and Exchange Commission in connection with the merger, the second step of the transaction, at a later date. Such documents will be mailed to stockholders of record and will also be made available for distribution to beneficial owners of common stock of BioClinica, Inc. The solicitation of offers to buy common stock of BioClinica will only be made pursuant to the offer to purchase, the letter of transmittal and related documents. Stockholders are advised to read the offer to purchase and the letter of transmittal, the solicitation/recommendation statement, the proxy statement, the information statement and all related documents, if and when such documents are filed and become available, as they will contain important information about the tender offer and proposed merger. Stockholders can obtain these documents when they are filed and become available free of charge from the Securities and Exchange Commission’s website at http://www.sec.gov, or from the information agent JLL selects. In addition, copies of the solicitation/recommendation statement, the proxy statement and other filings containing information about BioClinica, Inc., the tender offer and the merger may be obtained, if and when available, without charge, by directing a request to BioClinica, Inc. Attention: Ted Kaminer, Chief Financial Officer, at 826 Newtown-Yardley Rd., Newtown, PA 18940, or on BioClinica’s corporate website at http://www.bioclinica.com .

Forward-looking statements

Certain statements made in this press release are “forward-looking statements” intended to qualify for the safe harbors from liability established by the Private Securities Litigation Reform Act of 1995. Such forward-looking statements may be identified by, among other things, the use of forward-looking terminology such as “believes”, “expects”, “may”, “should” or “anticipates” or the negative thereof or other variations thereon or comparable terminology, or by discussions of strategy that involve risks and uncertainties. Such forward-looking statements include the decision by BioClinica, Inc. to enter into an agreement to be acquired by the holding company controlled by JLL Partners, the ability of BioClinica, Inc. and the holding company controlled by JLL Partners to complete the transaction contemplated by the definitive agreement, including the parties’ ability to satisfy the conditions set forth in the merger agreement, and the possibility of any termination of the definitive agreement. The forward-looking statements contained in this press release are based on our current expectations, and those made at other times will be based on our expectations when the statements are made. Factors that could cause or contribute to such differences include, but are not limited to, the expected timetable for completing the proposed transaction; the risk and uncertainty in connection with a strategic alternative process; financial results; the demand for our services and technologies; growing recognition for the use of independent medical image review services; trends toward the outsourcing of imaging services in clinical trials; realized return from our marketing efforts; increased use of digital medical images in clinical trials; integration of our acquired companies and businesses; expansion into new business segments; the success of any potential acquisitions and the integration of current acquisitions; and the level of our backlog are examples of such forward-looking statements; the timing of revenues due to the variability in size, scope and duration of projects; estimates made by management with respect to our critical accounting policies; regulatory delays; clinical study results which lead to reductions or cancellations of projects and other factors, including general economic conditions and regulatory developments, not within our control. Further information can be found in the risk factors contained in the Annual Report of BioClinica, Inc. on Form 10-K for the year ended December 31, 2011 and most recent filings. BioClinica, Inc. does not undertake to update the disclosures made herein, and you are urged to read our filings with the Securities and Exchange Commission.

Wednesday, January 30th, 2013 Uncategorized Comments Off on JLL Partners to Acquire BioClinica (BIOC) and CoreLab Partners

ADVENTRX (ANX) Initiates Pivotal Phase 3 Study of ANX-188

SAN DIEGO, Jan. 30, 2013 /PRNewswire/ — ADVENTRX Pharmaceuticals, Inc. (NYSE MKT: ANX) today announced that it has initiated patient recruitment in its pivotal phase 3 clinical study of ANX-188 (purified poloxamer 188) in sickle cell disease.

Santosh Vetticaden, Chief Medical Officer, said: “The substantial effort that went into the design of this study is reflected by the enthusiasm that we have heard from thought leaders and clinical sites who wish to participate.  In particular, the study’s primary endpoint, in which crisis resolution is based on the time at which subjects receive their last dose of parenteral opioid analgesic, provides a level of objectivity, specificity and reliability that is unattainable with endpoints based on pain scores or time to hospital discharge. We believe that ANX-188 has the potential to be the first FDA-approved product for sickle cell disease vaso-occlusive crisis in fifteen years.”

Brian M. Culley, Chief Executive Officer, said:  “ADVENTRX now is the only company with a new molecular entity in phase 3 for the treatment of sickle cell disease, a disease with significant unmet needs and which has been experiencing unprecedented levels of interest from both strategic partners and financial investors. We believe ANX-188 is well-positioned for regulatory and commercial success due in part to:

  • Orphan drug designation by FDA for sickle cell disease, which is expected to provide ANX-188 with seven years of post-approval exclusivity in the U.S.;
  • Fast track designation by FDA for sickle cell disease, which makes ANX-188 eligible for accelerated approval and rolling review and likely to be considered appropriate for priority review;
  • A competitive landscape in which there are no drugs approved to treat an on-going vaso-occlusive crisis;
  • The potential to receive a priority review voucher under the rare pediatric disease incentive program, which voucher entitles the holder to priority (6-month) review of a new drug or biologics license application and which voucher can be sold prior to being used.  This year, we plan to seek designation of ANX-188 as a drug for a rare pediatric disease.”

About EPIC (Evaluation of Purified 188 In Crisis)

The EPIC study is a randomized, double-blind, two-arm, placebo-controlled study that will be conducted at approximately 40 sites, primarily in the U.S.  The primary objective is to demonstrate that ANX-188 reduces the duration of vaso-occlusive crisis in patients with sickle cell disease.  The duration of vaso-occlusive crisis will be measured from the time a subject is randomized to the time at which the subject receives the last dose of parenteral opioid analgesic for the treatment of vaso-occlusive crisis prior to hospital discharge.  A total of 388 subjects ages 8 to 17 who have sickle cell disease and are experiencing acute pain typical of vaso-occlusive crisis will be enrolled.  Using a two-sided alpha of 0.05, the study has approximately 90% power to detect a 16-hour difference between treatment arms.  Secondary endpoints will compare re-hospitalization rate (for vaso-occlusive crisis) within 14 days of initial discharge from the hospital and the occurrence of acute chest syndrome within 120 hours of randomization.

About ADVENTRX Pharmaceuticals

ADVENTRX Pharmaceuticals is a biopharmaceutical company developing proprietary product candidates to treat various diseases and conditions. The Company’s lead product candidate, ANX-188, has potential to reduce ischemic tissue injury and end-organ damage by restoring microvascular function, which is compromised in a wide range of serious and life-threatening diseases and conditions.  The Company initially is developing ANX-188 as a treatment for complications arising from sickle cell disease. More information can be found on the Company’s web site at www.adventrx.com.

Forward Looking Statements

ADVENTRX cautions you that statements included in this press release that are not a description of historical facts are forward-looking statements that are based on ADVENTRX’s current expectations and assumptions. Such forward-looking statements include, but are not limited to, statements regarding the prospects for ANX-188’s clinical, regulatory and commercial success in sickle cell disease, including that ANX-188 may be the first FDA-approved product for sickle cell disease in several years, that the orphan-drug designation for poloxamer 188 (purified) is expected provide ANX-188 with seven years of post-approval exclusivity in the U.S., that fast track designation may result in a shortened timeframe for FDA review of a new drug application for ANX-188, and the potential for ANX-188 to be designated a drug for a rare pediatric disease and for ADVENTRX to receive a priority review voucher.  Among the factors that could cause or contribute to material differences between ADVENTRX’s actual results and those indicated from the forward-looking statements are risks and uncertainties inherent in ADVENTRX’s business, including, but not limited to: the risk that the rate of enrollment in the EPIC study is slower than was anticipated prior to the study’s initiation, including as a result of delays in opening study sites and difficulties in recruiting study subjects; the potential for further delays in the commencement or completion of planned clinical studies, including the phase 3 study of ANX-188 in sickle cell disease, including as a result of difficulties in completing manufacturing process development activities, manufacturing sufficient quantities of clinical trial material, meeting applicable regulatory requirements for clinical trial material, meeting applicable requirements of institutional review boards overseeing clinical study sites, negotiating agreements with potential clinical study sites, enrolling study subjects or being subject to a “clinical hold”; the impact of missing or imputed data on the treatment effect observed in the prior phase 3 study of ANX-188 in sickle cell disease; the risk of suspension or termination of a clinical study, including due to lack of adequate funding or patient safety concerns; ADVENTRX’s reliance on contract research organizations (CROs) and other third parties to assist in the conduct of important aspects of EPIC and other clinical studies, and that such third parties may fail to perform as expected; the risk that planned clinical studies, including EPIC, are not successfully executed and/or do not successfully demonstrate the safety or efficacy of the investigational drug; the risk that, even if clinical studies are successful, the FDA determines they are not sufficient to support a new drug application; the risk that even if clinical studies of an investigational drug in one indication are successful, clinical studies of the same investigational drug in another indication may not be successful; ADVENTRX’s ability to obtain additional funding on a timely basis or on acceptable terms, or at all; the potential for ADVENTRX to delay, reduce or discontinue current and/or planned development activities, including clinical studies, partner its product candidates at inopportune times or pursue less expensive but higher-risk and/or lower-return development paths if it is unable to raise sufficient additional capital as needed; the risk that the FDA does not grant marketing approval of ADVENTRX’s product candidates, including ANX-188, on a timely basis, or at all; and other risks and uncertainties more fully described in ADVENTRX’s press releases and periodic filings with the Securities and Exchange Commission. ADVENTRX’s public filings with the Securities and Exchange Commission are available at www.sec.gov.

You are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date when made. ADVENTRX does not intend to revise or update any forward-looking statement set forth in this press release to reflect events or circumstances arising after the date hereof, except as may be required by law.

Wednesday, January 30th, 2013 Uncategorized Comments Off on ADVENTRX (ANX) Initiates Pivotal Phase 3 Study of ANX-188

Israel-Based PrimeSense and China-Based TechFaith (CNTF) Unit Sign Agreement

BEIJING, Jan 29, 2013 /PRNewswire/ — China TechFaith Wireless Technology Limited (NASDAQ: CNTF) today announced its game business unit 17FOX (previously “17VEE”) and PrimeSense Ltd., a leading Israel-based, 3D motion sensing technology leader, have signed a cooperation agreement to jointly promote 3D motion sensing technology, delivery platforms and games in China.

Under the terms of the agreement, 17FOX will cooperate with PrimeSense on the development, marketing and merchandising of 3D motion sensing games and applications in China based on PrimeSense’s 3D motion sensing technologies. The games and applications will allow gamers to play and control games using videocamera captured body movements.

At same time, TechFaith announced that it is going to use a new company brand and logo, “17FOX,” for its game business and branded mobile phone business.

Mr. Defu Dong, Chairman and Chief Executive Officer of TechFaith, said, “TechFaith’s gaming unit has established itself as a leading gaming business by leveraging motion technology online and on handsets. In evaluating the strategic direction with the greatest potential, moving into the 3D motion sensing market offers us a compelling opportunity to further build on our strong carrier relationships, and our development, content, and technology expertise. This agreement will give TechFaith’s 17FOX gaming unit access to critical, proven 3D motion sensing technology, which will give gamers new, immersive feelings when playing games as they will no longer need to hold hardware in their hands to control games. Our activities related to PrimeSense will fall under our new brand and logo, ’17FOX’ for our game and mobile phone businesses. We developed this to be more recognizable with partners and consumers and to build equity through an easier to remember brand.”

About PrimeSense

PrimeSense™ is the leader in Natural Interaction® and 3D sensing, enabling devices to “see” environments and allowing Natural Interaction between people and devices in a simple and intuitive way. PrimeSense offers affordable solutions for consumer and commercial markets including: home computing, interactive entertainment, consumer electronics, robotics, industrial, digital signage, healthcare and more. PrimeSense products include the Carmine (PS 1080) and Capri System on Chip, PrimeSense 3D sensors, NITE™ middleware, and cross-platform enabling software to make application development easy and intuitive. PrimeSense is a privately held company headquartered in Tel Aviv, Israel, with offices in North America, Japan, Singapore, Korea, China and Taiwan. For more information, please visit www.primesense.com.

About TechFaith

TechFaith (NASDAQ: CNTF) has three primary businesses. The Company is a leading global mobile solutions provider for the global mobile handsets market (previously called the ODP (Original Developed Product) business)). The Company is a leading developer of specialized mobile phones for differentiated market segments, including the rapidly growing smartphone market targeting wireless mobile phone network operators and end users; the Company also serves sports enthusiasts with a tailored line under the Jungle brand and the teen market under licensed brands. Under the Company’s 17FOX brand (previously “17VEE”), the Company has built a leading intellectual property based motion gaming business ranging from Bluetooth-enabled motion gaming controllers and software to a planned proprietary set-top motion game box. For more information, please visit www.techfaithwireless.com, www.17fox.cn

Safe Harbor Statement

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

Tuesday, January 29th, 2013 Uncategorized Comments Off on Israel-Based PrimeSense and China-Based TechFaith (CNTF) Unit Sign Agreement

LifeVantage (LFVN) to Announce Second Quarter Fiscal Year 2013 Results

SALT LAKE CITY, Jan. 29, 2013 (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 it will release financial results for its second fiscal quarter ended December 31, 2012, after the market closes on Thursday, February 7, 2013. The Company will hold an investor conference call at 2:30 p.m. Mountain Standard Time (4:30 p.m. Eastern Standard Time).

Investors interested in participating in the live call can dial (888) 713-4502 from the U.S. International callers can dial (913) 312-0418. A telephone replay will be available approximately two hours after the call concludes and will be available through Saturday, February 9, 2013, by dialing (877) 870-5176 from the U.S., or (858) 384-5517 from international locations, and entering confirmation code 1086714.

There also will be a simultaneous, live webcast available on the Investor Relations section of the Company’s web site at http://investor.lifevantage.com/events.cfm. The webcast will be archived for approximately 30 days.

About LifeVantage Corporation

LifeVantage Corporation (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

company logo

Tuesday, January 29th, 2013 Uncategorized Comments Off on LifeVantage (LFVN) to Announce Second Quarter Fiscal Year 2013 Results

Theratechnologies (THER) Secures US Patent for its Novel Peptide TH1173

MONTREAL, CANADA — (Marketwire) — 01/29/13 — Theratechnologies Inc. (TSX:TH)(NASDAQ:THER) today reported that the US Patent and Trademark Office (USPTO) has granted a patent (US Patent No. 8,361,964) for its second generation growth-hormone releasing factor (GRF) peptide, TH1173, providing for patent protection beyond 2030.

“While we are currently focusing all of our efforts and resources on revenue growth from tesamorelin as per our revised business plan, we still firmly believe in the long-term potential of TH1173. With this patent in place, we now have a secure timeframe during which we will be able to explore partnerships and licensing activities in certain territories to tap into this potential in the future,” stated Luc Tanguay, President and Chief Executive Officer of Theratechnologies.

The preclinical phase for TH1173 is now completed. Results, including those from seven-day and 28-day toxicology trials, warrant the pursuit of the clinical stage development at the appropriate time.

TH1173 is unpartnered and wholly-owned by Theratechnologies.

About Theratechnologies

Theratechnologies (TSX:TH)(NASDAQ:THER) is a biopharmaceutical company that specializes in innovative therapeutic peptide products, with an emphasis on growth-hormone releasing factor peptides. Further information about Theratechnologies is available on the Company’s website at www.theratech.com, on SEDAR at www.sedar.com and on the Securities and Exchange Commission’s website at www.sec.gov.

Forward-Looking Information

This press release contains certain statements that are considered “forward-looking information” within the meaning of applicable securities legislation, which statements may contain such words as “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions. This forward-looking information includes, but is not limited to, information regarding the term of our patent, our capacity to grow our revenues, the medical potential of TH1173, the exploration of partnerships and licensing opportunities for TH1173 in certain territories and the pursuit of the clinical development of TH1173 at the appropriate time.

Forward-looking information is based upon a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond Theratechnologies’ control that could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. These assumptions include, but are not limited to, the fact that we will be successful in defending the validity and enforceability of our patent in the event it is challenged by a third party, that tesamorelin for the treatment of excess abdominal fat in HIV-infected patients with lipodystrophy will be approved, and, once approved, accepted by the marketplace, in jurisdictions where marketing authorization applications are pending, that we will succeed in resubmitting a marketing authorization application (MAA) for tesamorelin in Europe and that the MAA will be approved by European regulatory authorities, that we will have the human and financial resources, skills and know-how to pursue the development of TH1173 and that results from such research will be positive and allow us to continue the development of TH1173, and that third parties will be interested in entering into partnership or licensing agreements for TH1173 on commercial terms acceptable to us. These risks and uncertainties include, but are not limited to, the risk that we are unable to successfully defend the validity and enforceability of our patent in the event it is challenged by a third party, the risk that some or all of the pending marketing authorization applications for tesamorelin are not approved or that, if approved, the marketplace in the jurisdictions where approval is obtained do not accept the product, the risk that we are unable to resubmit an MAA for tesamorelin in Europe, the risk that we do not have, or lose, the necessary resources, skills and know-how to pursue the development of TH1173 or that results from further research on TH1173 do not warrant the pursuit of further development, and the risk that no third party is interested in entering into partnership or licensing agreements with us regarding TH1173 or that the terms of such agreements are not commercially acceptable to us.

Theratechnologies refers potential investors to the “Risks Factors” section of its Annual Information Form (AIF) dated February 27, 2012. The AIF is available at www.sedar.com and at www.sec.gov under Theratechnologies’ public filings. The reader is cautioned to consider these and other risks and uncertainties carefully and not to put undue reliance on forward-looking statements. Forward-looking information reflects current expectations regarding future events and speaks only as of the date of this press release and represents Theratechnologies’ expectations as of that date.

Theratechnologies undertakes no obligation to update or revise the information contained in this press release, whether as a result of new information, future events or circumstances or otherwise, except as may be required by applicable law.

Contacts:
Denis Boucher
NATIONAL Public Relations

Tuesday, January 29th, 2013 Uncategorized Comments Off on Theratechnologies (THER) Secures US Patent for its Novel Peptide TH1173

XRS (XRSC) Mobile Fleet Optimization Platform Debuts in Limited Release

Leading Mobile Networks Poised to Deliver Electronic On-Board Recorder Technology to Customers Across North America

MINNEAPOLIS, Jan. 29, 2013 (GLOBE NEWSWIRE) — XRS Corporation, (formerly Xata Corporation) (Nasdaq:XRSC), the leader in mobile fleet optimization software, today announced the company’s new XRS system, the trucking industry’s first and only complete mobile platform for compliance and fleet optimization, is now available in limited release.

The new XRS mobile platform runs on more than 50 types of devices and automatically transmits vehicle and operator data directly to a management dashboard, providing compliance with the new MAP-21 compliance mandate for recording hours-of-service. Nearly 90 percent of drivers already have mobile devices in use, meaning there are no additional hardware costs associated with the XRS platform, and XRS Corporation has partnership agreements with the leading brands in mobile communications in both the U.S. and Canada.

“Mobile technology is taking fleet optimization to new heights of efficiency and flexibility, and XRS is the first comprehensive software solution created exclusively for mobile devices,” said Jay Coughlan, chief executive officer of XRS Corporation. “Expensive, hard-wired on-board displays are rapidly disappearing, while mobile technology is poised to help thousands of transportation innovators create customized, flexible fleet management systems with almost immediate return-on-investment.”

With XRS, there are no up-front hardware costs and no capital requirements. The subscription-based monthly service is expected to start at $39 per vehicle per month. Every XRS package includes an XRS Relay in-cab device that communicates via Bluetooth with the driver’s existing smartphone or tablet.

“The beauty of a ‘bring your own device’ platform like XRS is the ability to share the benefits of tracking mobile compliance and performance data simply and efficiently, across any platform,” said Christian Schenk, senior vice president – strategy and market growth for XRS. “Whether you’re using fleet-purchased tablets or driver-owned devices, the most important thing is capturing the data in the most affordable and convenient way, and then sharing and analyzing information to stay safe, maintain compliance and slash costs.”

Unlike bulky on-board systems that require custom hard-wiring and frequent hardware replacements, XRS gets drivers on the road faster by installing in minutes – not hours – and paying for itself quickly with reduced fuel consumption, better driver and vehicle utilization, and accident reduction.

“The next-generation XRS cloud platform is built on a foundation of highly scalable, and highly available infrastructure unlike any other products in this market,” said Odell Tuttle, chief technology officer for XRS. “This cloud-based platform gives XRS the ability to scale and support a very large number of subscribers as the demand for EOBR systems grows dramatically. It also provides the ability to adjust capacity based on customer needs, while doing so in an economic way.”

XRS is currently in limited release, with general availability expected in spring 2013. Pricing and package levels will be announced prior to general release. To sign up or learn more about the XRS platform, please visit www.xrscorp.com.

About XRS Corporation

XRS Corporation (formerly Xata Corporation) delivers fleet management and compliance software solutions to the trucking industry to help maintain regulatory compliance and reduce operating costs. XRS is leading the trucking industry’s migration to mobile devices for collecting and analyzing compliance and management data. Its existing mobility-based products have no upfront hardware costs and run on smartphones, tablets and rugged handhelds. XRS has sales and distribution partnerships with the major wireless carriers supporting the U.S. and Canadian trucking industries. Through our mobile products, fleet managers, dispatchers and drivers collect, sort, view and analyze data to help lower costs, increase safety, attain compliance with governmental regulations, and improve customer satisfaction – all through their mobile devices. For more information, visit www.xrscorp.com or call 1-800-745-9282.

Contacts:
Megan Derkey
XRS Corporation
megan.derkey@xrscorp.com
952.707.5681

David Hlavac
Bellmont Partners
david@bellmontpartners.com
612.803.3350

Tuesday, January 29th, 2013 Uncategorized Comments Off on XRS (XRSC) Mobile Fleet Optimization Platform Debuts in Limited Release

ECOtality (EVTY) and Sears Expand Relationship, Unveil Electric Vehicle Chargers

SAN FRANCISCO and HOFFMAN ESTATES, Ill., Jan. 29, 2013 (GLOBE NEWSWIRE) — ECOtality, Inc., a leader in clean electric transportation and storage technologies (Nasdaq:ECTY), and Sears Holdings (Nasdaq:SHLD) recently expanded their relationship and also unveiled the first Blink® Direct Current (DC) Fast Charger stations at several Sears stores in Tennessee and Arizona. These stations enable Sears customers to charge an electric vehicle battery up to 80 percent capacity in less than 30 minutes — the fastest charge rate currently available.

“Our relationship with Sears will benefit businesses and communities alike,” said Ravi Brar, CEO of ECOtality. “By continuing to install Blink charging stations at new locations, Sears shows its commitment to clean energy with the added benefit of attracting an upscale and loyal consumer that research shows spends more time in store than the average customer. We are delighted to work with such an iconic brand.”

As part of The EV Project, ECOtality worked closely with Sears during the site selection process, evaluating key factors such as store traffic, EV density and availability of the unique DC stations. Currently, five fast charging sites have been installed and there is continued effort to expand opportunities further. In addition to the fast chargers, Sears Holdings has implemented level 2 charging stations at 12 additional Sears stores. With these in place, the company exceeded 2,000 hours of connection time by customers and associates.

“Sears Holdings is proud to do our part in driving clean energy and we look forward to continuing our work with ECOtality,” said Rajan Penkar, Senior Vice President and President, Supply Chain, for Sears Holdings. “We are delighted to see that the EV Charging stations are already offering a valuable service to our customers, communities and associates, and we are excited to see how many hours charging we can achieve in 2013.”

Blink DC Fast charging stations are powerful and unique machines. Not only do they charge an EV at an adaptable 60 kW rate, but they offer dual ports, which allows for sequential charge time as well as adaptability should DC fast charging cable ports need to be updated. Additionally, the UL certified charger features two interactive touch screens and a 42″ color display to allow for media and messaging. With real time communication capabilities, the Blink DC Fast Charger supports energy usage data evaluation with an internal energy meter.

About ECOtality, Inc.

ECOtality, Inc. (Nasdaq:ECTY), headquartered in San Francisco, California, is a leader in clean electric transportation and storage technologies. Through innovation, acquisitions, and strategic partnerships, ECOtality accelerates the market applicability of advanced electric technologies to replace carbon-based fuels. For more information about ECOtality, Inc., please visit www.ecotality.com.

The ECOtality, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=13434

About The EV Project

ECOtality is the project manager of The EV Project, a research initiative to help build America’s future EV infrastructure. To date, The EV Project has gathered more than 60 million miles of EV driver data that will serve to support the deployment of EVs in key markets. The project is a public-private partnership, funded in part by the U.S. Department of Energy through a federal stimulus grant and made possible by the American Recovery and Reinvestment Act (ARRA). For more information about The EV Project, please visit www.theevproject.com

About Sears Holdings Corporation

Sears Holdings Corporation is a leading integrated retailer with over 2,600 full-line and specialty retail stores in the United States and Canada and the home of SHOP YOUR WAY, a social shopping experience where members have the ability to earn points and receive benefits across a wide variety of physical and digital formats through ShopYourWay.com. Sears Holdings is the leading home appliance retailer as well as a leader in tools, lawn and garden, fitness equipment and automotive repair and maintenance. Key proprietary brands include Kenmore, Craftsman and DieHard, with a broad apparel offering, including such well-known labels as Lands’ End, the Kardashian Kollection, Jaclyn Smith and Joe Boxer, as well as Sofia by Sofia Vergara and The Country Living Home Collection. We are the nation’s largest provider of home services, with more than 15 million service and installation calls made annually and have a long-established commitment to those who serve in the military through initiatives like the Heroes at Home program. We have been named the 2011 Mobile Retailer of the Year, Recipient of the 2012 ENERGY STAR® “Corporate Commitment Award” for Product Retailing and Energy Management and one of the Top 20 Best Places to Work for Recent Grads. Sears Holdings Corporation operates through its subsidiaries, including Sears, Roebuck and Co. and Kmart Corporation. For more information, visit Sears Holdings’ website at www.searsholdings.com. Twitter: @searsholdings | |Facebook: http://www.facebook.com/SHCCareers

CONTACT: ECOtality Media:
         Kim Setliff
         kimberly@antennagroup.com
         (415) 977.1942

         ECOtality Investor Relations:
         Ronald A. Both
         ron@liolios.com
         (949) 574.3860

         Sears Holdings:
         Howard Riefs
         (847) 286.8371

company logo

Tuesday, January 29th, 2013 Uncategorized Comments Off on ECOtality (EVTY) and Sears Expand Relationship, Unveil Electric Vehicle Chargers

Cardium (CXM) Announces Presentaton at The 2013 Cell & Gene Therapy Forum

New Insights and Discoveries Support Clinical Advancement of Company’s Generx® Angiogenic Therapy for Coronary Artery Disease

SAN DIEGO, Jan. 29, 2013 /PRNewswire/ — Cardium Therapeutics (NYSE MKT: CXM) today announced a presentation at the 2013 Phacilitate Annual Cell & Gene Therapy Forum in Washington, DC.  The Company’s presentation, “Optimizing Phase III Trial Design for Generx® (Ad5FGF-4)” by Cardium’s Chief Scientific Officer, Gabor M. Rubanyi, M.D., Ph.D. outlined the current scientific knowledge about the mechanistic basis of adaptive coronary collateral growth, the biological processes to be targeted by therapeutic angiogenesis, and discussed the lessons learned during the past decade of the Company’s Generx clinical development program.  The presentation is available for viewing at http://www.cardiumthx.com/generx.html.

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

“The presentation yesterday reviewed new techniques that have been implemented to optimize our international Phase 3 ASPIRE clinical study for the Company’s Generx® (Ad5FGF-4) DNA-based angiogenic growth factor drug candidate, including: (1) diagnostic identification of patients likely to be more responsive to angiogenic therapy; (2) new balloon catheter-based delivery methods designed to boost adenovector gene delivery and enhance angiogenic growth factor efficiency; and (3) selection of relevant clinical endpoints which may be useful in future clinical studies and help advance the field of therapeutic angiogenesis,” stated Christopher J. Reinhard, Cardium’s Chairman and CEO.

Generx is an interventional cardiology-focused product candidate that is being developed to offer a one-time, non-surgical option for the treatment of a medical condition termed cardiac microvascular insufficiency (CMI) in patients with myocardial ischemia and symptomatic chronic stable angina pectoris due to coronary artery disease.  Patients with CMI have had an insufficient angiogenic response to their current disease state and may benefit from a biological therapy that enhances cardiac perfusion through the facilitation of collateral vessel formation.  Currently, patient inclusion in the ASPIRE study requires evidence of stress induced reversible myocardial ischemia as measured by SPECT imaging.  The goal of the Company’s Generx product candidate is to improve blood flow to the heart muscle by promoting and enhancing cardiac perfusion through the enlargement of pre-existing collateral arterioles (arteriogenesis) and the formation of new capillary vessels (angiogenesis).  Various catheter-based imaging diagnostics including fractional flow reserve and washout collaterometry could enhance the clinical adoption of this non-surgical therapeutic angiogenesis approach following initial registration.

Cardium’s extensive preclinical and clinical studies have been instrumental in identifying cardiac ischemia as a key facilitator of non-surgical DNA-based angiogenic therapy.  Improved adenovector administration methods combine non-surgical, percutaneous balloon catheter-based delivery to transiently induce ischemia together with the use of nitroglycerin to enhance vector uptake. By increasing cell transfection efficiency and reaching both the peri-ischemic regions and pre-existing collaterals in the heart, this modified approach offers the potential to effectively simulate both angiogenesis and arteriogenesis to bring about improved blood flow.  Cardium’s new delivery techniques are also designed to provide uniform Generx uptake, to reduce response variability and to allow for the potential treatment of patients with a broader range of associated coronary artery disease.

Cardium has modified the primary endpoint of the ASPIRE clinical study from the traditional measure of improvement in treadmill exercise time (ETT) to a more objective efficacy endpoint of reduction in reversible perfusion deficit based on SPECT myocardial perfusion imaging.  Similar to mechanical/surgical cardiac revascularization approaches, the goal of Generx treatment is to improve myocardial perfusion (blood flow).  SPECT myocardial perfusion imaging can be used to quantitatively evaluate Generx’s effectiveness by measuring improved myocardial blood flow under stress, a key prognostic indicator that is associated with the regenerative process of new collateral vessel formation in and around the regions of ischemia.  While walking time during ETT has been a traditional efficacy measure of anti-anginal drugs, it is based on a subjective assessment of chest pain (angina pectoris), does not directly measure improvements in cardiac blood flow, and can be affected by other variables.  Positive results from the prior Phase 2a clinical study (Grines et al., J Am Coll Cardiol 2003; 42:1339-47) showed that Generx improved myocardial blood flow in the ischemic region of the hearts of patients following a single intracoronary infusion as measured by the objective efficacy endpoint of SPECT imaging.  The observed treatment effect for patients receiving Generx was similar in magnitude to that reported in the literature for patients undergoing angioplasty/stent or revascularization procedures with reversible perfusion defects of comparable size at one year following these procedures.

ASPIRE Study

The ASPIRE study is a 100-patient, randomized and controlled multi-center study currently enrolling patients at up to eight leading cardiology centers in the Russian Federation.  The ASPIRE study is designed to further evaluate the safety and effectiveness of Cardium’s Generx DNA-based angiogenic product candidate, which has already been tested in clinical studies involving 650 patients at more than one hundred medical centers in the U.S., Europe and elsewhere.  The efficacy of Generx is being quantitatively assessed using rest and stress SPECT (Single-Photon Emission Computed Tomography) myocardial imaging to measure improvements in microvascular cardiac perfusion following a one-time, non-surgical, catheter-based administration of Generx.  The Cedars-Sinai Medical Center Nuclear Cardiology Core Laboratory in Los Angeles, California, is the central core lab for the study and is responsible for the analysis of SPECT myocardial imaging data electronically transmitted from the Russian medical centers participating in the ASPIRE study.  The Russian Health Authority has assigned Generx the therapeutic drug trade name of Cardionovo™ for marketing and sales in Russia.

An independent long-term prospective study published in Circulation (Meier et al, Circ. 2007; 116:975-983) provided key evidence indicating that men and women with more recruitable collateral circulation have a better chance of surviving a heart attack than patients who have less developed collateral circulation.  This important study quantitatively evaluated coronary collateral blood flow in 845 patients with coronary artery disease during a 10-year follow-up period and showed that long-term cardiac mortality was approximately 66% lower in patients with a well-developed coronary collateral network (p=0.019).  For the first time, this study showed the importance of collateral circulation beyond simply the relief of angina and provided further support of the potential for long term benefits from angiogenic therapy.

About Cardium

Cardium is an asset-based health sciences and regenerative medicine company focused on the acquisition and strategic development of innovative products and businesses with the potential to address significant unmet medical needs and having definable pathways to commercialization, partnering or other economic monetizations. Cardium’s current portfolio includes the Tissue Repair Company, Cardium Biologics, and the Company’s newly-acquired To Go Brands® nutraceutical business. The Company’s lead commercial product, Excellagen® topical gel for wound care management, has received FDA clearance for marketing and sale in the United States.  Cardium’s lead clinical development product candidate Generx® is a DNA-based angiogenic biologic intended for the treatment of patients with myocardial ischemia due to coronary artery disease. To Go Brands® develops, markets and sells dietary supplements through established regional and national retailers.  In addition, consistent with its capital-efficient business model, Cardium continues to actively evaluate new technologies and business opportunities. News from Cardium is located at www.cardiumthx.com.

Forward-Looking Statements

Except for statements of historical fact, the matters discussed in this press release are forward looking and reflect numerous assumptions and involve a variety of risks and uncertainties, many of which are beyond our control and may cause actual results to differ materially from expectations. For example, there can be no assurance that results or trends observed in one clinical study or procedure will be reproduced in subsequent studies or in actual use; that imaging endpoints will be accepted as a basis for product approval or that diagnostic information such as fractional flow reserve or collaterometry will lead to enhanced adoption of therepeutic angiogenesis; that new clinical studies will be successful or will lead to approvals or clearances from health regulatory authorities, or that approvals in one jurisdiction will help to support studies or approvals elsewhere; that the company can attract suitable commercialization partners for our products or that we or partners can successfully commercialize them; that our product or product candidates will not be unfavorably compared to competitive products that may be regarded as safer, more effective, easier to use or less expensive or blocked by third party proprietary rights or other means; that the products and product candidates referred to in this report or in our other reports will be successfully commercialized and their use reimbursed, or will enhance our market value; that our To Go Brands business can be successfully integrated and expanded; that new product opportunities or commercialization efforts will be successfully established; that third parties on whom we depend will perform as anticipated; that we can raise sufficient capital from partnering, monetization or other fundraising transactions to maintain our stock exchange listing or adequately fund ongoing operations; or that we will not be adversely affected by these or other risks and uncertainties that could impact our operations, business or other matters, as described in more detail in our filings with the Securities and Exchange Commission. We undertake no obligation to release publicly the results of any revisions to these forward-looking statements to reflect events or circumstances arising after the date hereof.

Copyright 2013 Cardium Therapeutics, Inc.  All rights reserved.
For Terms of Use Privacy Policy, please visit www.cardiumthx.com.

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

Other trademarks belong to their respective owners.

Tuesday, January 29th, 2013 Uncategorized Comments Off on Cardium (CXM) Announces Presentaton at The 2013 Cell & Gene Therapy Forum

Novatel (NVTL) Commercializes MT 3050 Asset Mgmt Solution for M2M Vertical Markets

Novatel Wireless, Inc. (NASDAQ: NVTL), a leading provider of intelligent wireless networking solutions, today announced that its MT 3050 device has received technical approval from Verizon Wireless. The MT 3050 is a mobile tracking OBD-II device which reduces up-front costs for insurance telematics and fleet management applications with easy, plug-and-play installation and industry-leading small form factor. The new MT 3050 also features integrated disconnect alert supported by an in-device backup battery.

The MT 3050 is an ideal solution for insurance telematics and fleet management providers who are looking for information on the vehicle, vehicle location or driver behavior resulting in productivity improvements and cost reductions for customers. Unlike wired telematics devices, the innovative plug-and-play device with internal antennas removes vehicle installation costs and associated vehicle out-of-service time, thereby lowering total up-front costs.

“The MT 3050 is a versatile mobile tracking device applicable across numerous market segments such as automotive Insurance, safety/security and roadside assistance, vehicle servicing, driver behavior management, and fleet management,” said Joe Peterson, Global Sales VP of Novatel Wireless M2M business. ”Regardless of application, our customers are realizing productivity improvements and cost reductions with fast time-to-market and easy deployments. We are thrilled to be able to offer our customers this sophisticated OBD II device – now on the Verizon Wireless network,” Peterson continued.

The MT 3050 features Novatel Wireless’ on board rules engine that supports customer-defined exception-based rules for applications such as ignition, geo-fencing, trip reporting and other events. It also has built-in threshold events to capture metrics critical to effective fleet and insurance monitoring such as excessive engine speed, rapid acceleration, harsh braking, speed violations, and excessive idling. The MT 3050 can be coupled with Novatel Wireless’ robust N4A Communications and Management Software platform to monitor, manage and reconfigure devices remotely from almost anywhere in the world.

Mike Scarbrough, CEO of NexTraq commented: “We are pleased to partner with both Novatel Wireless and Verizon Wireless to continue to offer our customers the most comprehensive hardware offering in the telematics space. As a first-to-market GPS fleet tracking company, it’s important to partner with companies that provide the most innovative solutions.”

About Novatel Wireless

Novatel Wireless, Inc. is a leader in the design and development of intelligent wireless solutions based on 2G, 3G and 4G technologies providing wireless connectivity. The company delivers specialized wireless solutions to carriers, distributors, retailers, OEMs and vertical markets worldwide. Product lines include MiFi® Intelligent Mobile Hotspots, Ovation™ USB modems, Expedite® embedded modules, Enfora® smart M2M modules, and Enfora integrated M2M solutions. These innovative products provide anywhere, anytime communications solutions for consumers and enterprises. Headquartered in San Diego, California, Novatel Wireless is listed on NASDAQ: NVTL. For more information please visit www.nvtl.com. (NVTLG)

This release may contain forward-looking statements, which are made pursuant to the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995, as amended to date. These forward-looking statements involve risks and uncertainties. A number of important factors could cause actual results to differ materially from those in the forward-looking statements contained herein. These factors include risks relating to technological changes, new product introductions, continued acceptance of Novatel Wireless’ products and dependence on intellectual property rights. These factors, as well as other factors that could cause actual results to differ materially, are discussed in more detail in Novatel Wireless’ filings with the United States Securities and Exchange Commission (available at www.sec.gov) and other regulatory agencies.

(C) 2013 Novatel Wireless, Inc. All rights reserved. The Novatel Wireless name and logo and Enfora are trademarks of Novatel Wireless, Inc. Other Company, product or service names mentioned herein are the trademarks of their respective owners.

Monday, January 28th, 2013 Uncategorized Comments Off on Novatel (NVTL) Commercializes MT 3050 Asset Mgmt Solution for M2M Vertical Markets

Wave (WAVX) Expands Global Distribution Channels Across Asia Pacific

LEE, MA — (Marketwire) — 01/28/13 — Wave Systems Corp. (NASDAQ: WAVX), the Trusted Computing Company, today announced an expansion of its distribution channel, highlighted by strategic agreements with Infodat Technologies in India; TechSearch Corp. in Korea; and Bangkok Systems & Software in Thailand. Wave is also expanding existing relationships in Singapore and other Asian-Pacific markets.

These new distribution partners are now authorized to offer their customers Wave’s innovative solutions for data protection, data loss prevention, authentication, security compliance and malware protection.

“Today’s cyber threats call for a unique and innovative approach, and one that builds on industry-standard hardware built directly into the endpoint. We’re putting Wave’s technology into the hands of top regional distributors whose relationships and trained service professionals offer a fast path to deployment,” said Brian Berger, Wave’s Executive Vice President of Business Development and Chief Marketing Officer.”Infodat is well-anchored in the Indian market and has earned the trust of its extensive client base. TechSearch is the trusted partner for Korea’s IT industry; and Bangkok Systems & Software provides seasoned professionals on the ground in Thailand.”

Under the terms of the agreements, Wave’s distribution partners will offer both products and professional services. The distributors will offer Wave’s EMBASSY® security software for managing hardware-based data protection and authentication, as well as the full Safend portfolio of products. Infodat Technologies has built a strong reputation in India and globally, providing technology services and business solutions for more than 16 years to help its clients innovate, automate information and optimize costs.

“The mass availability of external endpoint devices, and a lack of standards, makes many companies in a country like India even more vulnerable to data threats,” said Rao Pallepati, President, Infodat Technologies India. “Therefore, it’s critical for small and large organizations alike to include endpoint protection as part of their IT security strategy. We are excited to partner with a company like Wave and offer this security to our customers.”

TechSearch has strengthened the South Korean IT industry’s competitiveness for more than 14 years by providing global software products and consulting services.

“Widespread use of smartphones and tablets has spurred the use of the wireless Internet, bringing new business opportunity and services, but this has also introduced new security issues,” said Sooduk Shin, President & CEO of TechSearch Corp. “Wave’s Safend Data Protection Suite of security software enables us to protect all corporate data not only on laptops, but also on tablets and other vulnerable devices.”

Bangkok Systems & Software Co. has served the Thai market since 1995.

“Bangkok Systems & Software has been a leading provider of security solutions for government and large enterprise in Thailand for more than 13 years,” said Kris Nawani, International Business Manager of Bangkok Systems & Software. “Wave offers a unique, forward-thinking approach to cyber security that allows us to best serve the needs of the local market. We’re also excited to showcase Wave’s Trusted Computing solutions at the upcoming Cyber Defense Initiative Conference in February.”

About Wave Systems
Wave Systems Corp. (NASDAQ: WAVX) reduces the complexity, cost and uncertainty of data protection by starting inside the device. Unlike other vendors who try to secure information by adding layers of software for security, Wave leverages the security capabilities built directly into endpoint computing platforms themselves. Wave has been a foremost expert on this growing trend, leading the way with first-to-market solutions and helping shape standards through its work as a board member for the Trusted Computing Group.

Safe Harbor for Forward-Looking Statements
This press release may contain forward-looking information within the meaning of the Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act), including all statements that are not statements of historical fact regarding the intent, belief or current expectations of the company, its directors or its officers with respect to, among other things: (i) the company’s financing plans; (ii) trends affecting the company’s financial condition or results of operations; (iii) the company’s growth strategy and operating strategy; and (iv) the declaration and payment of dividends. The words “may,” “would,” “will,” “expect,” “estimate,” “anticipate,” “believe,” “intend” and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the company’s ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. Wave assumes no duty to and does not undertake to update forward-looking statements.

All brands are the property of their respective owners.

Company:
Wave Systems Corp.
Michael Wheeler
413-243-7026
mwheeler@wavesys.com

Investor Relations:
David Collins, Eric Lentini
212-924-9800

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OCZ Technology (OCZ) Adds New 750W and 850W Power Supply Models

SAN JOSE, CA–(Marketwire – January 28, 2013) – OCZ Technology Group, Inc. (NASDAQ: OCZ), a leading provider of high-performance solid-state drives (SSDs) and power management solutions for computing devices and systems, today announced that it has added 750W and 850W power supply unit (PSU) models to the award-winning Silencer Mk III Power Supply Series from PC Power & Cooling. With these new high-wattage options, the Silencer Mk III provides a professional-grade power solution rated for industrial usage and provides the performance and stability required for demanding computing environments.

“Building on our highly reputable Silencer Mk III core architecture, we are very pleased to deliver new high-wattage options that provide the ultimate in efficiency and stability while delivering ultra-quiet operation and a modular cable design for which this portfolio is highly regarded,” said Bob Roark, Vice-President of Power Management for OCZ Technology. “With the addition of 750W and 850W models, the Silencer Mk III Power Supply Series once again defines the ultimate power management solution for today’s professional and enthusiast users.”

The Silencer Mk III 750W and 850W are rock-solid power supply solutions that meet the stringent 80 Plus Gold certification for exceptional energy-efficiency ratings and support over 90 percent efficiency under typical workloads. Featuring its popular Dual Thermal Control System (a sophisticated operation that allows either PSU model to be switched seamlessly between normal and silent modes), the Silencer Mk III works in conjunction with the load and temperature controlled fan for ultra-quiet operation. Additionally, the entire Silencer Mk III Series combines a single +12V rail, premium components (including 100 percent Japanese 105°C capacitors), rigorous protection circuitries, continuous stable output at a demanding 50°C ambient temperature, and heavy-duty chrome finish metallic cable connectors to provide excellent conductivity and lower resistance when compared to other power supplies on the market.

Where industrial-grade durability meets a sleek modular design, the Silencer Mk III 750W and 850W models are available immediately and are backed with PC Power & Cooling’s complete confidence in reliability and supported by an industry-leading 7 year warranty. For more information on OCZ’s complete PC Power & Cooling portfolio, including the new 750W and 850W Silencer Mk III Series, please visit http://www.pcpower.com/index.html.

About OCZ Technology Group, Inc.
Founded in 2002, San Jose, CA-based OCZ Technology Group, Inc. (OCZ) is a global leader in the design, manufacturing, and distribution of high-performance solid-state storage solutions and premium computer components. Offering a complete spectrum of solid-state drives (SSDs), OCZ provides SSDs in a variety of form factors and interfaces (i.e. PCIe, SAS and SATA) to address a wide range of client and enterprise applications. Having developed firmware and controller platforms, to virtualization and endurance extending technologies, the Company delivers vertically integrated solutions enabling transformational approaches to how digital data is captured, stored, accessed, analyzed and leveraged by customers. The Company also offers a complete portfolio of industrial-grade and high-performance power supply units (PSUs) and the PC Power & Cooling part of OCZ includes the popular Turbo-Cool Series and Silencer Mk Series, delivering award-winning power management for professional and enthusiast use. For more information, please visit: www.ocztechnology.com.

Forward Looking Statements
Certain statements in this release relate to future events and expectations and as such constitute forward-looking statements involving known and unknown factors that may cause actual results of OCZ Technology Group, Inc. to be different from those expressed or implied in the forward-looking statements. In this context, words such as “will,” “would,” “expect,” “anticipate,” “should” or other similar words and phrases often identify forward-looking statements made on behalf of OCZ. It is important to note that actual results of OCZ may differ materially from those described or implied in such forward-looking statements based on a number of factors and uncertainties, including, but not limited to, the risk that additional information may arise from the oversight of the audit committee; the risk that the process of preparing and auditing the financial statements or other subsequent events would require OCZ to make additional adjustments; the time and effort required to complete the restatement of the financial reports; the ramifications of OCZ’s potential inability to timely file required reports; including potential delisting of OCZ’s common stock on NASDAQ; the risk of litigation or governmental investigations or proceedings relating to such matters; the risk that OCZ may not be able to successful negotiate an amendment to its credit facility; market acceptance of OCZ’s products and OCZ’s ability to continually develop enhanced products; adverse changes both in the general macro-economic environment as well as in the industries OCZ serves, including computer manufacturing, traditional and online retailers, information storage, internet search and content providers and computer system integrators; OCZ’s ability to efficiently manage material and inventory, including integrated circuit chip costs and freight costs; and OCZ’s ability to generate cash from operations, secure external funding for its operations and manage its liquidity needs. Other general economic, business and financing conditions and factors are described in more detail in “Item 1A — Risk Factors” in Part I in OCZ’s Annual Report on Form 10-K filed with the SEC on May 14, 2012, and statements made in other subsequent filings. The filing is available both at www.sec.gov as well as via OCZ’s website at www.ocztechnology.com. OCZ does not undertake to update its forward-looking statements.

All trademarks or brand names referred to herein are the property of their respective owners.

OCZ Press Contact:
Lisa Gregersen
Marketing Manager
(408) 440-3449
lgregersen@ocztechnology.com

OCZ Investor Relations Contact:
Bonnie Mott
Senior Manager of Investor Relations
(408) 440-3428
bmott@ocztechnology.com

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Galectin (GALT) Announces Publication of Galectin Symposium Proceedings

Galectin Therapeutics (NASDAQ:GALT), the leading developer of therapeutics that target galectin proteins to treat fibrosis and cancer, today announced that the American Chemical Society (ACS), as part of its ACS Symposium Series, has published online the proceedings from the galectin-focused symposium hosted by Galectin Therapeutics, Galectins and Disease Implications for Targeted Therapeutics. The book is edited by Dr. Anatole Klyosov, Chief Scientist at Galectin, and Dr. Peter G. Traber, Chief Executive Officer and Chief Medical Officer of Galectin.

“The reviews in this compendium by international experts provide a clear picture of the emerging importance of galectin proteins in a wide variety of diseases,” said Dr. Traber. “As evidenced by this symposium, there is great interest in continuing to expand the therapeutic applications for galectin-targeted proteins and we are thrilled that Galectin Therapeutics is at the forefront of that translational medicine, with compounds in development for the treatment of liver fibrosis, including non-alcoholic steatohepatitis (NASH) liver disease, and advanced metastatic melanoma.”

This peer reviewed compendium focuses on galectins in disease and was inspired by topics discussed at the international symposium hosted by Galectin Therapeutics, “Galectin Function and Therapeutics”, which took place in Boston in September, 2012. This comprehensive guide, organized as a series of mini-reviews by leading experts on galectins and their biomedical and therapeutic applications, provides current understandings of galectin proteins and their role in inflammatory pathophysiology, as well as their potential utility in drug design of targeted therapeutics. It is designed to help chemical scientists, biologists, oncologists and gastroenterologists to understand the important role that galectins play in disease and that carbohydrate-based drugs may have in treatment of liver fibrosis, cancer and other inflammatory diseases.

These symposium proceedings are currently available at http://pubs.acs.org/isbn/9780841228801. Print copies of the book are expected to be available from Oxford University Press in Spring, 2013 under ISBN: 978-0-8412-2880-1.

About Galectin Therapeutics Inc.

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

About ACS (The American Chemical Society)

ACS is a congressionally chartered independent membership organization which represents professionals at all degree levels and in all fields of chemistry and sciences that involve chemistry. The ACS Symposium Series contains high-quality books which are peer-reviewed, at the book and chapter level, and are developed from the ACS technical divisions’ symposia. Each chapter is carefully authored by an expert in the field.

Forward Looking Statement disclaimer

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

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Radio (ROIA) Appoints Samuel Rogers to VP National Sales

WASHINGTON, Jan. 28, 2013 /PRNewswire/ — Radio One, Inc. (Nasdaq: ROIAK and ROIA) announced today that Samuel Rogers has been named Vice President of National Sales.

Samuel Rogers has over 30 years of experience managing sales, marketing, programming, and operations in the broadcasting industry.  He was with CBS Radio for 23 years as he rose through the ranks from Local Sales Manager to Senior Vice President and then on to Market Manager.  He was most recently with Cumulus Radio as both a Market Manager and Vice President of Political and Platform Sales.   Mr. Rogers will be assuming this newly created position on January 30 and will be reporting to Christopher Wegmann. As Vice President of National Sales, Mr. Rogers will be responsible for maintaining and expanding the opportunities for advertisers to reach a national audience through Radio One’s national footprint.

“I am extremely excited to be part of Radio One’s team after having competed against them for most of my career.  I really am looking forward to working with a great group of professionals and outstanding properties.  By coordinating our national sales efforts, we will be able to offer advertisers access to the substantial buying power of the African-American market coupled with the speed and efficiency advertisers and their agencies demand in today’s environment.  This is a great opportunity!” said Mr. Rogers.

Christopher Wegmann, Regional Vice President stated, “We are very pleased that Sam is now on our team.  His lengthy proven track record in the DC market and on a national level makes him a great fit for this new position here at Radio One.  Under his leadership we will see more coordinated efforts from all of our Radio markets and digital platforms to move us to the next level with our national clients.”

ABOUT RADIO ONE, INC.

Radio One, Inc., together with its subsidiaries (http://www.radio-one.com/), is a diversified media company that primarily targets African-American and urban consumers. The Company is one of the nation’s largest radio broadcasting companies, currently owning and/or operating 55 broadcast stations located in 16 urban markets in the United States.  Through its controlling interest in Reach Media, Inc. (http://www.blackamericaweb.com/), the Company also operates syndicated programming including the Tom Joyner Morning Show, the Russ Parr Morning Show, the Yolanda Adams Morning Show, the Rickey Smiley Morning Show, CoCo Brother Live, CoCo Brother’s “Spirit” program, Bishop T.D. Jakes’ “Empowering Moments”, the Reverend Al Sharpton Show, and the Warren Ballentine Show. Beyond its core radio broadcasting franchise, Radio One owns Interactive One (http://www.interactiveone.com/), an online platform serving the African-American community through social content, news, information, and entertainment.   Interactive One operates a number of branded sites, including News One, UrbanDaily, HelloBeautiful and social networking websites, including BlackPlanet, MiGente, and Asian Avenue. In addition, the Company owns a controlling interest in TV One, LLC (http://www.tvoneonline.com/), a cable/satellite network programming primarily to African-Americans.

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