Archive for January, 2013

EntreMed (ENMD) Initiates Phase 2 Trial In Advanced/Metastatic Soft Tissue Sarcoma

ROCKVILLE, Md., Jan. 23, 2013 /PRNewswire/ — EntreMed, Inc. (Nasdaq: ENMD), a clinical-stage pharmaceutical company, announced today the initiation of a single-center Phase 2 study entitled “A Phase 2 Study of Oral ENMD-2076 Administered to Patients with Advanced/Metastatic Soft Tissue Sarcoma” at Princess Margaret Hospital where the study is led by Malcolm Moore, MD and Albiruni R.A. Razak, MD.  The study is sponsored by Princess Margaret Cancer Centre. More information about the clinical trial can be found at www.clinicaltrials.gov.

(Logo:  http://photos.prnewswire.com/prnh/20010620/ENMDLOGO)

Albiruni R.A. Razak, MD, commented on the study, “Soft tissue sarcomas (STS) are diverse mesenchymal tumors that commonly affect patients in the prime of life.  The prognosis for patients with advanced/metastatic sarcoma remains poor and there are limited options for their treatment.  The median disease progression-free survival (PFS) for those patients is less than two months without treatment or less than five months with treatments currently available. This is certainly an area of unmet medical need.  The primary objective of this Phase 2 study is to evaluate the safety and efficacy of ENMD-2076 in advanced/metastatic STS patients with the 6 month PFS rate as the end point of the study.  We will also perform biomarker correlative studies that may define patients with a superior/inferior progression free survival. A number of pre-clinical and clinical investigations have provided encouraging results for the use of ENMD-2076 in the treatment of various types of cancer, including sarcoma.  We believe the co-inhibition of Aurora kinase A and angiogenesis would render ENMD-2076 an attractive and logical treatment for sarcoma.”

Ken K. Ren, Ph.D., EntreMed’s Chief Executive Officer commented, “We are excited about the initiation of this trial.  We believe ENMD-2076 has good potential in the treatment of sarcoma along with other oncology indications.  In our Phase 1 trial in solid tumors, we had one patient with advanced/metastatic sarcoma relapse after multiple lines of previous therapies, however after being treated with ENMD-2076, the patient had prolonged disease PFS for 21 months.  This Phase 2 trial will enable us to explore the potential of ENMD-2076 for this indication further. We look forward to our continued advancement and development of ENMD-2076 as an oncology platform.”

About EntreMed

EntreMed, Inc. is a clinical-stage pharmaceutical company employing a drug development strategy primarily in the United States and China to develop targeted therapeutics for the global market.  Its lead compound, ENMD-2076, a selective angiogenic kinase inhibitor, has completed several Phase 1 studies in solid tumors, multiple myeloma, and leukemia, and is currently completing a multi-center Phase 2 study in ovarian cancer.  EntreMed, Inc. recently announced the initiation of a Phase 2 study of ENMD-2076 in triple-negative breast cancer and the initiation of a Phase 2 study of ENMD-2076 in advanced/metastatic soft tissue sarcoma.  Additional information about EntreMed is available on the Company’s web site at www.entremed.com and in various filings with the Securities and Exchange Commission (the SEC).

About ENMD-2076

ENMD-2076 is an orally-active, Aurora A/angiogenic kinase inhibitor with a unique kinase selectivity profile and multiple mechanisms of action.  ENMD-2076 has been shown to inhibit a distinct profile of angiogenic tyrosine kinase targets in addition to the Aurora A kinase.  Aurora kinases are key regulators of mitosis (cell division), and are often over-expressed in human cancers.  ENMD-2076 also targets the VEGFR, Flt-3 and FGFR3 kinases which have been shown to play important roles in the pathology of several cancers.  ENMD-2076 has shown promising activity in Phase 1 clinical trials in solid tumor cancers, leukemia, and multiple myeloma.  ENMD-2076 is currently completing a Phase 2 trial for ovarian cancer.  EntreMed, Inc. recently initiated a dual-institutional Phase 2 study of ENMD-2076 in triple-negative breast cancer.

Forward Looking Statements

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act with respect to the outlook for expectations for future financial or business performance, strategies, expectations and goals.  Forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Forward-looking statements speak only as of the date they are made, and no duty to update forward-looking statements is assumed.

Actual results could differ materially from those currently anticipated due to a number of factors, including: the risk that we may be unable to continue as a going concern as a result of our inability to raise sufficient capital for our operational needs; the possibility that we may be delisted from trading on the Nasdaq Capital Market; the volatility of our common stock; the difficulty of executing our business strategy in China; our inability to enter into strategic partnerships for the development, commercialization, manufacturing and distribution of our proposed product candidate; risks relating to the need for additional capital and the uncertainty of securing additional funding on favorable terms; declines in actual sales of Thalomid® resulting in reduced royalty payments; risks associated with our product candidates; any early-stage products under development; results in preclinical models are not necessarily indicative of clinical results; uncertainties relating to preclinical and clinical trials, including delays to the commencement of such trials; the lack of success in the clinical development of any of our products; dependence on third parties; and risks relating to the commercialization, if any, of our proposed products (such as marketing, safety, regulatory, patent, product liability, supply, competition and other risks).  Such factors, among others, could have a material adverse effect upon our business, results of operations and financial condition.  We caution readers not to place undue reliance on any forward-looking statements, which only speak as of the date made. Additional information about the factors and risks that could affect our business, financial condition and results of operations, are contained in our filings with the U.S. Securities and Exchange Commission (“SEC”), which are available at www.sec.gov.

COMPANY CONTACT:
Investor Relations
EntreMed, Inc.
240.864.2643
investorrelations@entremed.com

Wednesday, January 23rd, 2013 Uncategorized Comments Off on EntreMed (ENMD) Initiates Phase 2 Trial In Advanced/Metastatic Soft Tissue Sarcoma

Vistagen (VSTA) Successfully Completes Final Phase 1 Safety Study of AV-101

SOUTH SAN FRANCISCO, CA — (Marketwire) — 01/23/13 — VistaGen Therapeutics, Inc. (OTCQB: VSTA), a biotechnology company applying stem cell technology for drug rescue, predictive toxicology and drug metabolism screening, today announced the successful completion of its final Phase 1 safety study of AV-101, a novel orally available prodrug candidate being developed for treatment of multiple conditions involving chronic neuropathic pain. The study results indicate that AV-101 is safe and well tolerated, with favorable bioavailability and pharmacokinetics.

“This important confirmation of AV-101’s safety is the final step in our Phase 1 program for AV-101,” said Shawn K. Singh, JD, VistaGen’s Chief Executive Officer. “With $8.8 million of funding from the National Institutes of Health (NIH) and outstanding strategic development and regulatory support from Cato Research Ltd., we have successfully completed the required studies enabling Phase 2 clinical development of AV-101 for multiple large market neurological diseases and conditions. In addition, recent data from the NIH suggest that the same neural pathway modified by AV-101 may be useful for treating depression. Launching a broad strategic collaboration to advance development and commercialization of AV-101 is among our key goals in 2013.”

About the Final AV-101 Phase 1 Safety Study

VistaGen’s final AV-101 Phase 1 safety study was a randomized, double-blind, placebo-controlled, dose-escalation clinical trial conducted at the University of California, San Diego (UCSD). The study involved three cohorts of healthy volunteers, each receiving multiple daily treatments of one of three dose levels of orally administered AV-101 over a 14-day period. The primary objectives of the study were to evaluate the safety, tolerability and pharmacokinetics (PK) of three different daily doses of AV-101 compared to placebo controls. A total of 46 healthy volunteers completed the study. The oral administration of AV-101 was safe and well tolerated by all subjects at all three dose levels tested. In addition, the PK of AV-101 was fully characterized across the range of three dose levels in the study. The data indicate that AV-101 had good bioavailability and a favorable PK profile.

“The primary safety and tolerability endpoints of the Phase 1 program were met. This is a very safe compound with no observed side effects,” commented Mark S. Wallace, MD, Chair of the Division of Pain Medicine, Department of Anesthesiology at UCSD and the principal investigator of the study. “AV-101 is an exciting prodrug compound that acts through a promising mechanism to treat pain. I am excited to move this compound into Phase 2 studies for the treatment of pain.”

About AV-101

Aimed at multi-billion dollar neurological disease and disorders and depression markets, AV-101, also known as “L-4-chlorokynurenine” (4-Cl-KYN), is a novel, orally available prodrug that is converted in the brain into an active metabolite, 7-chlorokynurenic acid (7-Cl-KYNA), which regulates an important neurotransmitter in the brain called the N-methyl-D-aspartate (or NMDA) receptor. A synthetic analogue of kynurenic acid, a naturally occurring neural regulatory compound, 7-Cl-KYNA is one of the most potent and selective blockers of the regulatory GlyB-site of the NMDA receptor.

VistaGen’s AV-101 IND application covers clinical development for neuropathic pain. In addition to neuropathic pain, VistaGen expects the results of its Phase 1 clinical program to be useful for supporting the development of AV-101 for other neurological disorders including depression and epilepsy.

About VistaGen Therapeutics

VistaGen is a biotechnology company applying human pluripotent stem cell technology for drug rescue, predictive toxicology and drug metabolism screening. VistaGen’s drug rescue activities combine its human pluripotent stem cell technology platform, Human Clinical Trials in a Test Tube™, with modern medicinal chemistry to generate novel, safer chemical variants (Drug Rescue Variants) of once-promising small molecule drug candidates. These are drug candidates discontinued by pharmaceutical companies, the U.S. National Institutes of Health (NIH) or university laboratories, after substantial investment in discovery and development, due to heart or liver toxicity or metabolism issues. VistaGen uses its pluripotent stem cell technology to generate early indications, or predictions, of how humans will ultimately respond to new drug candidates before they are ever tested in humans, bringing human biology to the front end of the drug development process.

VistaGen’s small molecule prodrug candidate, AV-101, has completed Phase 1 development for treatment of neuropathic pain. Neuropathic pain, a serious and chronic condition causing pain after an injury or disease of the peripheral or central nervous system, affects millions of people worldwide.

Visit VistaGen at http://www.VistaGen.com, follow VistaGen at http://www.twitter.com/VistaGen or view VistaGen’s Facebook page at http://www.facebook.com/VistaGen.

Cautionary Statement Regarding Forward Looking Statements

The statements in this press release that are not historical facts may constitute forward-looking statements that are based on current expectations and are subject to risks and uncertainties that could cause actual future results to differ materially from those expressed or implied by such statements. Those risks and uncertainties include, but are not limited to, risks related to the success of VistaGen’s stem cell technology-based drug rescue, predictive toxicology and metabolism screening activities, further clinical development and commercialization of AV-101 for chronic neuropathic pain or any other disease or condition, its ability to enter into strategic predictive toxicology, metabolism screening, drug rescue and/or drug development and commercialization collaborations and/or licensing arrangements with respect to AV-101 or any one or more drug rescue variants, risks and uncertainties relating to the availability of substantial additional capital to support its research, drug rescue, development and commercialization activities, and the success of its research and development plans and strategies, including those plans and strategies related to AV-101 and any drug rescue variant identified and developed by VistaGen. These and other risks and uncertainties are identified and described in more detail in VistaGen’s filings with the Securities and Exchange Commission (SEC). These filings are available on the SEC’s website at www.sec.gov. VistaGen undertakes no obligation to publicly update or revise any forward-looking statements.

For more information:

Shawn K. Singh, J.D.
Chief Executive Officer
VistaGen Therapeutics, Inc.
www.VistaGen.com
650-244-9990 x224
Investor.Relations@VistaGen.com

Mission Investor Relations
Atlanta, Georgia
www.MissionIR.com
404-941-8975
Investors@MissionIR.com

Wednesday, January 23rd, 2013 Uncategorized Comments Off on Vistagen (VSTA) Successfully Completes Final Phase 1 Safety Study of AV-101

GlobalWise (GWIV) Comments on Balance Sheet Improvements, Channel Partners

COLUMBUS, OH — (Marketwire) — 01/23/13 — GlobalWise Investments, Inc. (OTCBB: GWIV) (OTCQB: GWIV) (www.GlobalWiseInvestments.com) and its wholly owned subsidiary Intellinetics, Inc., a leading-edge technology company focused on the design, implementation and management of cloud-based Enterprise Content Management (“ECM”) systems in both the public and private sectors, commented today on the Company’s recent debt to equity conversions, channel partnerships and market opportunities.

On December 31, 2012, GlobalWise converted a total of $945,729 of debt issued by the Company and its operating subsidiary, Intellinetics, Inc., into 3,152,432 restricted shares of the Company’s common stock at a price of $0.30 per share (based on the closing price of GlobalWise common stock on December 28, 2012, the immediately preceding business day).

“The conversion of debt to equity underscores the confidence of our key investors in the recent successes and future growth potential of our business,” stated Kendall D. Gill, Chief Financial Officer of GlobalWise. “As a result, we have substantially improved our balance sheet, created more flexibility in our cash flow and improved the attractiveness of the Company for shareholders and potential investors. We’re currently in discussions with remaining debt holders and expect to announce additional equity conversions in the coming weeks.”

The Company’s focus in 2012 was on the development of its channel partner program and on training and equipping new channel partners for success. As of December 31, 2012, the Company had 25 channel partners vs. 14 channel partners at the end of 2011. We added hundreds of new customers during 2012 as a result of these efforts and expect to add significantly more in 2013 when these sales channels are engaged for a full year.

“We began the transition to a channel sales model in 2011 as a part of a new strategy to leverage the strengths of our unique software platform by dramatically expanding our sales capability,” stated William J. “BJ” Santiago, CEO of GlobalWise. “With the Intellivue™ software platform now fully cloud-enabled and the addition of 25 channel sales partners, our service model is highly scalable and our software can be delivered virtually anywhere in the world. By investing time, effort and resources in our channel sales program and training strategic partners in 2012 who are already selling software solutions into our target markets, we’re now able to efficiently access an expanding universe of potential clients.”

“Our software platform and delivery model are uniquely focused on providing ECM solutions to the underserved small-to-mid-sized business (SMB) market,” continued Santiago. “According to the most recent US Census Bureau data, there are approximately 100,000 businesses in the US with 100 employees or more and over 5,000,000 businesses with fewer than 100 employees.”

According to a recent report released by Global Industry Analysts, Inc., “competition in the ECM market is a mix of a high concentration of large vendors in the top tier, and highly fragmented second tier, which includes niche players and open-source vendors. The third and fourth tier, the SMB market, is virtually unserviced.”

“In 2012 we began to reap the benefits of our channel building efforts and market opportunities. While the numbers are still being finalized and will not be released until completion of our annual audit, I’m pleased with our results for the fourth quarter ended December 31, 2012 and expect to announce annual revenue growth in line with previously announced guidance of 50-60%. We also experienced stable gross profit margins and improvements in operating profit and net income for the quarter,” continued Santiago. “More importantly, we’re seeing a significant increase in sales activity within our existing channel partners. Based upon this activity and our current growth rate, we expect 2013 to be a defining year for our Company that could result in doubling or tripling our annual revenue. We also expect to announce the addition of new national and international channel partners in the near future and believe that we will see both accelerating revenue growth and profitability in 2013.”

About GlobalWise Investments, Inc.

GlobalWise Investments, Inc., via its wholly owned subsidiary Intellinetics, Inc., is a Columbus, Ohio based Enterprise Content Management (ECM) pioneer with industry-leading software that delivers cloud ECM based solutions on-demand. The Company’s flagship platform, Intellivue™, represents a new industry benchmark and game-changing solution by enabling clients to access and manage the content of every scanned document, file, spreadsheet, email, photo, audio file or video tape — virtually anything that can be digitized — in their enterprise from any PC, laptop, tablet or smartphone from anywhere in the world.

For additional information, please visit the Company’s corporate website: www.GlobalWiseInvestments.com

This press release may contain “forward-looking statements.” Expressions of future goals and similar expressions reflecting something other than historical fact are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements. These forward-looking statements may include, without limitation, statements about our market opportunity, strategies, competition, expected activities and expenditures as we pursue our business plan. Although we believe that the expectations reflected in any forward-looking statements are reasonable, we cannot predict the effect that market conditions, customer acceptance of products, regulatory issues, competitive factors, or other business circumstances and factors described in our filings with the Securities and Exchange Commission may have on our results. The company undertakes no obligation to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this press release.

GlobalWise Investments, Inc.
Columbus, Ohio
www.GlobalWiseInvestments.com
614-921-8170
Contact@GlobalWiseInvestments.com

Mission Investor Relations
Atlanta, Georgia
http://www.MissionIR.com
404-941-8975

Wednesday, January 23rd, 2013 Uncategorized Comments Off on GlobalWise (GWIV) Comments on Balance Sheet Improvements, Channel Partners

Central European Distribution (CEDC) Board of Directors appoints Ryan Lee as CFO

MT. LAUREL, N.J., Jan. 22, 2013 /PRNewswire/ — Central European Distribution Corporation (NASDAQ: CEDC) announced today that it had appointed Mr. Ryan Lee as Chief Financial Officer (CFO).

Mr. Lee, who had served as CFO of Russian Alcohol Group, a CEDC subsidiary, since April 2012, brings over 23 years of financial management experience in both retail and tobacco. He has worked for 13 years in Russia, five years in Switzerland, and two years in each of the UK and the Netherlands. From November 2008 to March 2012, Mr. Lee worked for Eldorado as Vice President Finance, leading the successful turnaround of one of Russia’s largest electronic retailers. From 1999-2008, Mr. Lee worked for Japan Tobacco International, Geneva as Vice President Finance, Business Service Centres & Integration, among other senior roles, including as CFO, Vice President Finance and Financial Controller for Russia.  From 1989-1999, Mr. Lee held accounting, finance and commercial positions at Unilever PLC and its group subsidiaries.

CEDC also announced that Bartosz Kołacinski agreed to resume his position as Deputy CFO of CEDC.  Mr. Kołacinski had been serving as Interim CFO of CEDC since September 2012.

About CEDC
CEDC is one of the largest producers of vodka in the world and Central and Eastern Europe’s largest integrated spirit beverage business. CEDC produces the Green Mark, Absolwent, Zubrowka, Bols, Parliament, Zhuravli, Royal and Soplica brands, among others. CEDC currently exports its products to many markets around the world, including the United States, England, France and Japan.

CEDC also is a leading importer of alcoholic beverages in Poland, Russia and Hungary. In Poland, CEDC imports many of the world’s leading brands, including Carlo Rossi Wines, Concha y Toro wines, Metaxa Liqueur, Remy Martin Cognac, Sutter Home wines, Grant’s Whisky, Jagermeister, E&J Gallo, Jim Beam Bourbon, Sierra Tequila, Teacher’s Whisky, Campari, Cinzano and Old Smuggler. CEDC is also a leading importer of premium spirits and wines in Russia with such brands as Concha y Toro, among others.

Cautionary Statements about Forward Looking
This press release contains forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements about the expected effects of CEDC management changes announced. Forward looking statements are based on our knowledge of facts as of the date hereof and involve known and unknown risks and uncertainties that may cause the actual results, performance or achievements of CEDC to be materially different from any future results, performance or achievements expressed or implied by our forward looking statements.

Investors are cautioned that forward looking statements are not guarantees of future performance and that undue reliance should not be placed on such statements. CEDC undertakes no obligation to publicly update or revise any forward looking statements or to make any other forward looking statements, whether as a result of new information, future events or otherwise, unless required to do so by securities laws. Investors are referred to the full discussion of risks and uncertainties included in CEDC’s Form 10-K for the fiscal year ended December 31, 2011, including statements made under the caption “Item 1A. Risks Relating to Our Business,” and in other documents filed by CEDC with the United States Securities and Exchange Commission.

Contact details:

CEDC
Anna Załuska
+48 22 456 6061

Tuesday, January 22nd, 2013 Uncategorized Comments Off on Central European Distribution (CEDC) Board of Directors appoints Ryan Lee as CFO

Galectin (GALT) New Potential Therapy for Diabetic Kidney Disease

New Potential Therapy for Diabetic Kidney Disease: Galectin Therapeutics Announces Anti-Galectin Drug is Effective in Preclinical Studies

Galectin Therapeutics (NASDAQ: GALT), the leading developer of therapeutics that target galectin proteins to treat fibrosis and cancer, today announced new preclinical data on the efficacy of anti-galectin therapy on diabetic kidney disease. Treatment of diabetic mice with GR-MD-02 was found to reverse the primary kidney disease associated with diabetes, called diabetic nephropathy, the leading cause of kidney failure, dialysis and kidney transplant. GR-MD-02 is the Company’s lead galectin inhibitor in development for the treatment of liver fibrosis, including non-alcoholic steatohepatitis (NASH) liver disease.

“These data extend the potential therapeutic use of GR-MD-02 into diabetic kidney disease, a progressive disorder resulting in kidney scarring and ultimately kidney failure,” said Peter G. Traber, MD, President, Chief Executive Officer and Chief Medical Officer, Galectin Therapeutics Inc. “These findings show the broad potential of GR-MD-02 for treating organ fibrosis which positions us to develop partnerships with companies focused on kidney disease, while we continue our focus on development for the treatment of liver fibrosis.”

In the preclinical study, diabetic mice developed histological findings consistent with diabetic nephropathy, consisting of glomerular lesions in the form of diffuse mesangial matrix accumulation and proliferation. The kidneys of the diabetic mice also showed fibrosis evidenced by interstitial collagen deposition. Treatment with GR-MD-02 reduced the mesangial matrix accumulation, which suggests the drug suppressed the production and/or accumulation of extracellular matrix components. Additionally, GR-MD-02 markedly reduced the area of interstitial fibrosis. These results demonstrate the anti-fibrotic efficacy of GR-MD-02 in the kidney and its therapeutic potential in diabetic nephropathy as well as other chronic kidney diseases.

About Diabetic Kidney Disease

Diabetic Nephropathy is the leading cause of dialysis and kidney transplantation. It is a progressive kidney disease caused by angiopathy of capillaries in the kidney glomeruli. It is characterized pathologically as a diffuse glomerulosclerosis which results in proteinuria, nephrotic syndrome, progressive reduction in glomerular filtration rate, and results eventually in kidney failure. Diabetic nephropathy is due to longstanding diabetes mellitus and is the major indication for dialysis in many Western countries. While control of serum glucose level and control of blood pressure are effective in reducing the progression of diabetic nephropathy, renal failure remains a major health problem. Accordingly, there is a great need to provide therapies that are efficacious in preventing, slowing the progression or reversing diabetic nephropathy and kidney fibrosis.

About Galectin Therapeutics

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

Forward Looking Statements

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

Tuesday, January 22nd, 2013 Uncategorized Comments Off on Galectin (GALT) New Potential Therapy for Diabetic Kidney Disease

GSE Systems (GVP) Comments on Unusual Trading Activity

GSE Systems, Inc. (“GSE” or “the Company”) (NYSE MKT: GVP) announced that the New York Stock Exchange has notified the Company about significant and unusual trading activity in GSE’s shares on January 22, 2013 and requested the Company to respond by press release to the unusual activity.

Ordinarily, it is GSE’s policy not to comment on unusual market activity or market rumors; however the Company did confirm that it is not aware of any material corporate developments beyond its most recently issued news releases which could account for the recent unusual trading activity in its shares.

ABOUT GSE SYSTEMS, INC.

GSE Systems Inc. is a world leader in real-time high-fidelity simulation, providing a wide range of simulation, training and engineering solutions to the energy and process industries. Its comprehensive and modular solutions help customers achieve performance excellence in design, training and operations. GSE’s products and services are tailored to meet specific client requirements such as scope, budget and timeline. The Company has over four decades of experience, more than 1,100 installations, and hundreds of customers in over 50 countries spanning the globe. GSE Systems is headquartered in Sykesville (Baltimore), Maryland, with offices in St. Marys, Georgia; Madison, New Jersey; Cary, North Carolina; Chennai, India; Nyköping, Sweden; Stockton-on-Tees, UK; Glasgow, UK; and Beijing, China. Information about GSE Systems is available at www.gses.com.

FORWARD LOOKING STATEMENTS

We make statements in this press release that are considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. These statements reflect our current expectations concerning future events and results. We use words such as “expect,” “intend,” “believe,” “may,” “will,” “should,” “could,” “anticipates,” and similar expressions to identify forward-looking statements, but their absence does not mean a statement is not forward-looking. These statements are not guarantees of our future performance and are subject to risks, uncertainties, and other important factors that could cause our actual performance or achievements to be materially different from those we project. For a full discussion of these risks, uncertainties, and factors, we encourage you to read our documents on file with the Securities and Exchange Commission, including those set forth in our periodic reports under the forward-looking statements and risk factors sections. We do not intend to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

Tuesday, January 22nd, 2013 Uncategorized Comments Off on GSE Systems (GVP) Comments on Unusual Trading Activity

Daegis (DAEG) CEO to Step Down in February 2013

Daegis Inc. (NASDAQ: DAEG), an eDiscovery and information management company, today announced that Todd Wille plans to step down as President, Chief Executive Officer and member of the Board of Directors to pursue new leadership opportunities. Timothy Bacci, Executive Chairman of the Board, will serve as Interim CEO and work with Mr. Wille to ensure a smooth transition, which is expected to be completed in February 2013.

The Company further announced that Chief Financial Officer Steven Bonham will also step down in February 2013. The Board has appointed Steve Baker Interim CFO. Mr. Baker is a Partner with Tatum, a national Executive Services consulting company, with more than 25 years of experience. The Board will begin the search process, starting with the CFO, and expects to have it completed in the next 4-6 months.

Executive Chairman Timothy Bacci commented, “The Company is on course in its evolution to become a market leader with our SaaS eDiscovery and archive offerings. Starting with the hiring of our eDiscovery Division President last May, we have been planning the integration of business strategies for our eDiscovery and AXS-One archiving divisions. We believe there is growing customer demand for comprehensive information management and eDiscovery to support Big Data, analytics and Information Governance requirements. Accordingly, the board has decided to accelerate this vision and bring in the pertinent skill sets to capture new market opportunities. With the continued stability and profitability of our tools and migration businesses, strong division leadership in place, and technology advancements over the past year, we believe we are primed to drive growth, profitability, and value for our investors and customers.”

Mr. Bacci continued, “On behalf of the board, I thank Todd for his leadership, integrity and resolve in guiding Daegis over the past 12 years and solidly positioning the Company for future growth. We thank Steve for his dedication and diligence in serving the board, investors, customers, and vendors for the past seven years and through multiple acquisitions and financings. We wish Todd and Steve all the best in the future.”

“For the past 12 years, I have had the great fortune to work with a talented team of employees, board members, investors and loyal customers, and guide the Company’s growth from less than $10 million to where we are currently,” said Mr. Wille. “Today, Daegis is on a solid foundation and with strong leadership at the helm of each of the divisions, I decided that it was time for me to move on and pursue new passions.”

“The board’s decision on the timing of this leadership change was made following considerable discussion over the last several months regarding our evolution as a Company. Today’s announcement should not be taken as any positive or negative indication of the Company’s expected performance for the third quarter of fiscal 2013, which will be announced on March 7, 2013,” concluded Mr. Bacci.

Timothy Bacci Biography

Daegis Interim CEO and Executive Chairman Tim Bacci brings more than 20 years of executive experience in private and publicly traded companies. He joined the Daegis Inc. Board of Directors in 2009 and was appointed Executive Chairman in 2012. Mr. Bacci is the co-founder of BlueLine Partners, a strategic opportunities fund with more than $100 million in assets invested in small, publicly-traded, and undervalued healthcare and IT companies. Prior to BlueLine, he served in executive positions for software companies, including serving as Chairman and interim CEO of Instant802 Networks and CEO of siteROCK Corp. He was a co-founder of Vicinity Corporation, which had a successful public offering in 2000 and was subsequently acquired by Microsoft in 2002. Additionally, he has served as a consultant to several early stage technology companies addressing areas relating to corporate strategy and executive recruiting. Mr. Bacci holds a B.S. in Engineering from the United States Naval Academy and served as an officer on active duty in the U.S. Navy as a fighter pilot.

Steve Baker Biography

Steve Baker is a partner in the Northern California practice of Tatum, a national Executive Services firm that assists clients with Interim executive placements, staffing and consulting. He has over 25 years of operational and financial experience in the software and SaaS industries. Most recently, he held an Interim Executive Placement with Plug and Play Tech Center serving as advisor and mentor to its executive team. Prior to that, he was the Vice President and Chief Financial Officer for Frontrange Solutions where he directed all financial, human resources, IT functions, including managing multiple business units and debt financings. Previously, he was the Vice President of Revenue Operations for PeopleSoft, where he directed global revenue recognition, revenue accounting, credit and collections, and Sarbanes Oxley compliance activities. He also served in Vice President and CFO roles at Roamware and Geoworks Corp. Mr. Baker holds an MBA in Finance and Accounting from Columbia Graduate School of Business and a BA from the University of Pennsylvania.

About Daegis Inc.

Daegis delivers eDiscovery and information management solutions. Daegis’ eDiscovery Platform combines technology and on-demand services to deliver end-to-end and cost-effective solutions for corporations and law firms. The Company’s information management business delivers solutions for developing, managing, modernizing, and archiving applications and business data. For additional information, visit www.daegis.com.

Forward Looking Statements

Some of the information in this press release may contain projections or other forward-looking statements regarding future events or the future financial performance of the Company. We wish to caution you that these statements involve risks and uncertainties and actual events or results may differ materially. When the words “believes,” “expects,” “plans,” “projects,” “estimates” and similar expressions are used, they identify forward-looking statements. These forward-looking statements are based on management’s current beliefs and assumptions and information currently available to management and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. Examples of forward-looking statements in the press release include the statements made by Mr. Bacci and Mr. Wille. Among the important factors which could cause actual results to differ materially from those in the forward-looking statements are general market and economic conditions, our ability to execute our business strategy, the effectiveness of our sales team and approach, our ability to target, analyze and forecast the revenue to be derived from a client and the costs associated with providing services to that client, the date during the course of a fiscal year that a new client is acquired, the length of the integration cycle for new clients and the timing of revenues and costs associated therewith, our client concentration given that the Company is currently dependent on a few large client relationships, potential competition in the marketplace, the ability to retain and attract employees, market acceptance of our service programs and pricing options, our ability to maintain our existing technology platform and to deploy new technology, our ability to sign new clients and control expenses, the possibility of the discontinuation of some client relationships, the financial condition of our clients’ business and other factors detailed in the Company’s filings with the Securities and Exchange Commission. The Company undertakes no obligation to update or revise the information in this press release, whether as a result of new information, future events, circumstances or otherwise.

Tuesday, January 22nd, 2013 Uncategorized Comments Off on Daegis (DAEG) CEO to Step Down in February 2013

Chanticleer Holdings (HOTRW) 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

Tuesday, January 22nd, 2013 Uncategorized Comments Off on Chanticleer Holdings (HOTRW) Provides Corporate Update

Inventergy Global, Inc. (INVT)

Inventergy Global, Inc. is an intellectual property (IP) licensing partner specializing in IP value creation. Led by industry veteran Joe Beyers, former head of global licensing for Hewlett-Packard, Inventergy identifies, acquires and licenses patented technologies to help market-leading technology companies monetize and achieve more value from their innovations.

With more than 100 years of combined experience and track record of handling more than $15 billion in IP and technology transactions, Inventergy’s team of professionals handle every aspect of the IP business, from valuation and branding through legal analysis, decision making and patent sales.

Inventergy partners with world-class, market-significant companies who may lack internal manpower, budget or other resources necessary to realize appropriate return-on-investment. Through collaborative, business-centered, and forward-thinking strategies, Inventergy is able to create portfolios with significant market potential and optimize the innovator’s overall return-on-investment.

The company has established a network of key industry relationships to complement its solid licensing model and growing portfolio of assets, which currently stands at more than 760 global patent assets. Inventergy pursues maturing telecommunications technologies already adopted in the marketplace and earning accretive value.

Key Investment Highlights

  • Applying decades of IP and business expertise and best practices
  • Integrating technology and market expertise to achieve fair IP value
  • Strong history of structuring IP licensing and vale creation strategies
  • Growing portfolio of more than 760 telecommunication patents

 

Friday, January 18th, 2013 Uncategorized Comments Off on Inventergy Global, Inc. (INVT)

Eurasian Minerals (EMXX) Drills the Highest Grade Intercept to Date

Eurasian Minerals Drills the Highest Grade Intercept to Date of 2.15 Meters Averaging 89.34 g/t Gold and 835.16 g/t Silver at the Akarca Project, Northwest Turkey

VANCOUVER, BRITISH COLUMBIA–(Marketwire – Jan. 18, 2013) – Eurasian Minerals Inc. (the “Company” or “EMX”) (TSX VENTURE:EMX)(NYSE MKT:EMXX) is pleased to announce results from the first two holes of the 2012-2013 drill campaign at the Akarca gold-silver project in northwest Turkey. The results include an oxide intercept starting at surface of 36.4 meters averaging 5.67 g/t gold and 53.31 g/t silver, with a sub-interval of 2.15 meters averaging 89.34 g/t gold and 835.16 g/t silver that represents the highest grade intercept drilled to date on the property (true widths interpreted as 60-75% of reported interval length). The bonanza intercept highlights the project’s high-grade gold-silver exploration potential. In addition, the Company’s recent programs of geologic mapping and surface sampling have identified several new zones of gold-silver mineralization for follow-up drilling.

Akarca is 100% controlled by EMX, and is available for partnership. The Company is currently in advanced discussions with a number of potential partners interested in the property. Please see the attached map for more information.

Current Program Results. EMX initiated a drill program in December, 2012 to test new target concepts, as well as extend gold-silver mineralization identified from previous exploration. The first two holes were drilled at the Sarikaya Tepe prospect, which is a zone of surface-exposed quartz veining, silicification, and gold-silver mineralization coincident with a steep north-northwest trending ridge. A summary of drill results from Sarikaya Tepe are given in the table below.

Drill
Hole
From
(m)
To
(m)
Interval
(m)
Au
(g/t)
Ag
(g/t)
AuEq
(g/t)
Comments
AKC-69 3.6 78.8 75.2 0.60 4.48 0.68 Sarikaya Tepe, TD = 124.5 m. Angle hole drilled across the zone from the east that is predominantly oxidized from surface to 59.4m. True width interpreted to be approximately 60-75% of reported interval.
including 69.4 78.8 9.4 2.00 4.60 2.08
AKC-70 0 36.4 36.4 5.67 53.31 6.64 Sarikaya Tepe, TD = 150.4 m. Angle hole drilled across the zone from the east that is predominantly oxidized from surface to 71.8m. True width interpreted to be 60-75% of reported interval.
including 23.6 25.75 2.15 89.34 835.16 104.53
59.1 72.9 13.8 0.38 8.18 0.53
Notes: Intervals reported at a nominal 0.2 g/t Au cutoff. Au equivalent calculated as 55:1 Ag:Au ratio, and assumes that metallurgical recoveries and net smelter returns are 100%.

Previous drilling at Sarikaya Tepe was angled across the zone from the west due to a lack of access from the top of the ridge. For the current campaign, EMX constructed a drill road on the top of Sarikaya Tepe and during excavation a new, 200 meter long, conglomerate-hosted zone of veining and silicification was discovered on the east side of the prospect. This new zone is an additional target for follow-up exploration.

Elsewhere on the property, EMX continued with geologic mapping, soil sampling, drill road construction, and trenching (please refer to map: http://media3.marketwire.com/docs/EMX0118.pdf).

  • Recent extensions to soil sample grids identified new vein and silicified zones north of Sarikaya Tepe and west of Percem Tepe.
  • Drill road construction at Fula Tepe exposed a broad corridor of silicification, quartz veining and mineralization. Trench samples across the Fula Tepe trend yielded nearly continuous mineralization along 200 meters of drill road, including 168.6 m @ 0.66 g/t gold with 8.66 g/t silver, and 7 m @ 5.29 g/t gold with 27.61 g/t silver. To the north, additional across-trend sampling extended the width of Fula Tepe with trench intervals of 38.2 m @ 1.19 g/t gold with 6.70 g/t silver, and 20 m @ 0.29 g/t gold with 3.17 g/t silver. Trench sampling to the south further broadened the mineralized corridor with 31.3 m @ 0.65 g/t gold.
  • Drill road construction at Arap Tepe exposed silicification, quartz veining and mineralization that extended the overall width of the zone at surface. Follow-up trench sampling across the zone returned gold intervals of 55.5 m @ 1.27 g/t and 14.5 m @ 0.42 g/t from one drill road, and 38.5 m @ 0.29 g/t and 23.5 m @ 0.26 g/t from a second road exposure.

EMX’s recent exploration work has returned a bonanza grade drill intercept, discovered new vein zones from mapping and sampling, and identified extensions to known zones of mineralization. These ongoing exploration successes underscore the upside, district-scale exploration potential of the Akarca property.

Akarca Overview. The Akarca project is an EMX grassroots discovery consisting of six separate gold-silver mineralized zones occurring within a district-scale area. Gold and silver mineralization occurs as both structurally focused vein-style, as well as disseminated-style mineralization in silicified zones. The quartz veins typically host higher-grade mineralization, while the silicified halos in the wall-rocks host lower-grade disseminated mineralization. In addition, mineralization is hosted at the intersection of vein structures and the underlying basement contact, significantly increasing the project’s exploration potential.

To date, 83 drill holes totaling over 10,000 meters, 3,100 rock and 3,300 soil geochemical samples, 74 line-kilometers of IP-resistivity surveys, and a property-wide gravity survey have been completed. Less than 20% of the 14,000 meters of vein target strike length as currently defined by mapping and IP-resistivity anomalies have been drill tested to date, with additional gold-silver zones continuing to be discovered.

Additional EMX Properties in Turkey Available for Partnership. EMX’s Alankoy high-sulfidation/porphyry copper-gold project is available for partnership. The property is located in the vicinity of the recently discovered Halilaga porphyry copper-gold deposit and the Kirazli project in northwest Turkey. Shallow historic drilling at Alankoy was focused on epithermal gold targets, but one hole drilled in the center of the system ended in copper mineralization.

Comments on Sampling, Assaying, and QA/QC. EMX’s drill and geochemical samples were collected in accordance with accepted industry standards. The samples were submitted to ALS Chemex laboratories in Izmir, Turkey (ISO 9001:2000) and Vancouver, Canada (ISO 9001:2000 and 17025:2005 accredited) for sample preparation and analysis. Gold was analyzed by fire assay with an AAS finish, and silver underwent aqua regia digestion and analysis with MS/AES techniques. Over limit assays for gold (> 10 g/t Au) were conducted with fire assay and a gravimetric finish. As standard procedure, the Company conducts routine QA/QC analysis on all assay results, including the systematic utilization of certified reference materials, blanks, and field duplicates.

About EMX. Eurasian is a global gold and copper exploration company utilizing a partnership business model to explore the world’s most promising and underexplored mineral belts. Eurasian generates wealth via grassroots prospect generation, strategic acquisition and royalty growth.

Mr. Michael P. Sheehan, CPG, a Qualified Person as defined by National Instrument 43-101 and employee of the Company, has reviewed and verified the technical information contained in this news release.

Forward-Looking Statements

This news release may contain “forward looking statements” that reflect the Company’s current expectations and projections about its future results. When used in this news release, words such as “estimate”, “intend”, “expect”, “anticipate”, “will” and similar expressions are intended to identify forward-looking statements, which, by their very nature, are not guarantees of the Company’s future operational or financial performance, and are subject to risks and uncertainties and other factors that could cause Eurasian’s actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks, uncertainties and factors may include, but are not limited to: unavailability of financing, failure to identify commercially viable mineral reserves, fluctuations in the market valuation for commodities, difficulties in obtaining required approvals for the development of a mineral project, increased regulatory compliance costs, expectations of project funding by joint venture partners and other factors.

Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release or as of the date otherwise specifically indicated herein. Due to risks and uncertainties, including the risks and uncertainties identified in this news release, and other risk factors and forward-looking statements listed in the Company’s MD&A for the nine-month period ended September 30, 2012 (the “MD&A”) and most recently filed Annual Information Form for the nine-month period ended December 31, 2011 (the “AIF”), actual events may differ materially from current expectations. More information about the Company, including the MD&A, the AIF and financial statements of the Company, is available on SEDAR at www.sedar.com and on the SEC’s EDGAR website at www.sec.gov.

The NYSE MKT, TSX Venture Exchange and the Investment Industry Regulatory Organization of Canada do not accept responsibility for the adequacy or accuracy of this release.

Contact Information:
Eurasian Minerals Inc.
David M. Cole
President and Chief Executive Officer
(303) 979-6666
Dave@EurasianMinerals.com

Eurasian Minerals Inc.
Valerie Barlow
Corporate Secretary
(604) 688-6390
(604) 688-1157 (FAX)
Valerie@EurasianMinerals.com
www.EurasianMinerals.com

Friday, January 18th, 2013 Uncategorized Comments Off on Eurasian Minerals (EMXX) Drills the Highest Grade Intercept to Date

BGC Partners (BGCP) Announces Its 2013 Annual Meeting of Stockholders

To be held on Tuesday, June 4, 2013 at 10:00 a.m. ET Webcast available for investors

NEW YORK, Jan. 18, 2013 /PRNewswire/ — BGC Partners, Inc. (NASDAQ: BGCP) (“BGC Partners,” “BGC” or “the Company”), a leading global brokerage company primarily servicing the wholesale financial and real estate markets, today announced that it currently plans to hold its 2013 Annual Meeting of Stockholders on Tuesday, June 4, 2013, at 10:00 a.m. ET at the Company’s executive offices in New York City.  The meeting will include a brief discussion of BGC’s business by Chairman and Chief Executive Officer, Howard W. Lutnick. Revised deadlines for proposals by stockholders for the Annual Meeting will be included on a filing on Form 8-K attaching this release.

(Logo: http://photos.prnewswire.com/prnh/20110720/MM38935LOGO )

A live audio webcast of the event will start at approximately 10:00 a.m. ET and is expected to last approximately one hour. It will also be available via the following site:
http://www.bgcpartners.com/ir

The webcast archive will be available for 365 days, beginning June 4, 2013.

(Note: If clicking the above link does not open up a new web page, you may need to cut and paste the above url into your browser’s address bar.)

About BGC Partners, Inc.

BGC Partners is a leading global brokerage company primarily servicing the wholesale financial and real estate markets.  Products include fixed income securities, interest rate swaps, foreign exchange, equities, equity derivatives, credit derivatives, commercial real estate, commodities, futures, and structured products. BGC also provides a wide range of services, including trade execution, broker-dealer services, clearing, processing, information, and other back-office services to a broad range of financial and non-financial institutions.  Through its eSpeed, BGC Trader, and BGC Market Data brands, BGC offers financial technology solutions, market data, and analytics related to select financial instruments and markets.  Through the Newmark Grubb Knight Frank brand, the Company offers a wide range of services including leasing and corporate advisory, investment sales and financial services, consulting, project and development management, and property and facilities management. BGC’s customers include many of the world’s largest banks, broker-dealers, investment banks, trading firms, hedge funds, governments, corporations, property owners, real estate developers, and investment firms. For more information, please visit www.bgcpartners.com.

eSpeed, BGC, BGC Trader, Grubb & Ellis, Grubb and Newmark are trademarks and service marks of BGC Partners, Inc. and its affiliates.  Knight Frank is a service mark of Knight Frank Limited Corp., used with permission.

Discussion of Forward-Looking Statements by BGC Partners, Inc.

Statements in this press release regarding BGC Partners’ business that are not historical facts are “forward-looking statements” that involve risks and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see BGC Partners’ Securities and Exchange Commission filings, including, but not limited to, the risk factors set forth in its public filings, including its most recent Form 10-K and any updates to such risk factors contained in subsequent Form 10-Q or Form 8-K filings.

Friday, January 18th, 2013 Uncategorized Comments Off on BGC Partners (BGCP) Announces Its 2013 Annual Meeting of Stockholders

Atossa (ATOS) to Present at NINE 2013 – Noble Financial Conference

SEATTLE, WA — (Marketwire) — 01/18/13 — Atossa Genetics, Inc. (NASDAQ: ATOS) announced today that Kyle Guse, chief financial officer, general counsel and secretary, will present at the NINE 2013 – Noble Financial Capital Markets’ Ninth Annual Equity Conference held at the Hard Rock Hotel & Casino, Hollywood, Florida, on Tuesday, January 22, at 3:00 pm Eastern Time. A webcast of the presentation will be available on Atossa’s web site at www.atossagenetics.com.

Mr. Guse stated, “I look forward to participating in this prestigious conference and presenting the Atossa Genetics story to investors. My presentation will include a discussion of the recently announced national rollout of our ForeCYTE Breast Health Test, further commercialization of our ArgusCYTE Breast Health Test, advancement of two additional tests and of the planned clinical development of our intraductal therapeutic for treatment of pre-cancerous cellular changes as a means to potentially prevent breast cancer.”

About Atossa Genetics, Inc.

Atossa Genetics, Inc. (NASDAQ: ATOS), The Breast Health Company™, is based in Seattle, Washington, and is focused on preventing breast cancer through the commercialization of patented, FDA-cleared diagnostic medical devices and patented, laboratory developed tests (LDT) that can detect precursors to breast cancer up to eight years before mammography, and through research and development that will permit it to commercialize treatments for pre-cancerous lesions.

The National Reference Laboratory for Breast Health (NRLBH), a wholly owned subsidiary of Atossa Genetics, Inc., is a CLIA-certified high-complexity molecular diagnostic laboratory located in Seattle, WA, that provides the patented ForeCYTE Breast Health Test, a risk assessment test for women 18 to 73 years of age akin to the Pap smear, and the ArgusCYTE Breast Health Test, a blood test for recurrence in breast cancer survivors that provides a “liquid biopsy” for circulating cancer cells and a tailored treatment plan for patients and their caregivers.

Forward-Looking Statements

Except for the historical information contained herein, the matters set forth in this press release, including statements regarding Atossa’s plans, expectations, projections, potential opportunities, goals and objectives are forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from the anticipated or estimated future results, including the risks and uncertainties associated with the efficacy of Atossa’s products and services, the market demand for and acceptance of Atossa’s products and services and other risks detailed from time to time in the Atossa’s final prospectus, dated November 7, 2012, filed with the U.S. Securities and Exchange Commission and other filings with the SEC. All forward-looking statements are qualified in their entirety by this cautionary statement, and Atossa undertakes no obligation to revise or update any forward-looking statement to reflect events or circumstances after the issuance of this press release.

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Contact:

Atossa Genetics, Inc.
Steven C. Quay, M.D., Ph.D., FCAP
Chairman, President and CEO of Atossa Genetics and
Director of the National Reference Laboratory for Breast Health
800-351-3902
Email Contact

Matthew D. Haines (Investors and Media)
Managing Director
MBS Value Partners
212-710-9686

Friday, January 18th, 2013 Uncategorized Comments Off on Atossa (ATOS) to Present at NINE 2013 – Noble Financial Conference

TigerLogic (TIGR) and Storycode Complete Merger

IRVINE, Calif., Jan. 18, 2013 /PRNewswire/ — TigerLogic Corporation (Nasdaq: TIGR) today confirmed the closing of its previously announced acquisition of privately held Storycode, Inc., a mobile app publishing studio, effective January 17, 2013.

“We believe the combination of TigerLogic’s Postano social visualization platform and Storycode will create a social platform with unique mobile distribution capabilities,” said Richard Koe, President and CEO, TigerLogic. “This new platform will allow brands to use original and fan-generated content to develop engaging experiences across web, events, and mobile environment to drive improved consumer loyalty with visually based engagement in real-time. In addition to the complimentary technology, Storycode will add recognized expertise in areas of user experience, data visualization, and creative services.”

James McDermott, former chief executive officer of Storycode, has been appointed as TigerLogic’s Senior Vice President, Mobile and Social, and Justin Garrity, former chief creative officer of Storycode, has assumed the role of Vice President, Product and Marketing.

Conference Call

TigerLogic will hold a conference call to discuss the merger on January 22, 2013 at 4:30 p.m. Eastern Time.

The call can be accessed by dialing 1-877-481-4996 (Domestic) or 1-518-444-5106 (International), and by providing the operator the conference ID number 90770506.

A taped rebroadcast of the call will be available approximately two hours after the call through January 29, 2013. To access the taped rebroadcast, dial 1-855-859-2056/1-800-585-8367 (Domestic) or 1-404-537-3406 (International), and enter security code 012213 and conference ID number 90770506.

The call will also be archived for two weeks in the Press Release section of TigerLogic’s website at: http://www.tigerlogic.com/tigerlogic/company/press/index.jsp.

About TigerLogic Corporation
TigerLogic Corporation (Nasdaq: TIGR) is a global provider of data management and application development solutions for enterprises that need to launch easy and cost-effective e-business initiatives. TigerLogic’s installed customer base includes more than 500,000 active users representing more than 20,000 customer sites worldwide, who rely on TigerLogic’s offerings for multidimensional database management, rapid application development, search enhancement, as well as content aggregation, syndication and a mobile publishing platform, which platform includes such customers as The University of Oregon Athletic Department, Nine West, Owens Illinois, Tommy Hilfiger, Entrepreneur Media, The Independent, Mindjet, CBS, NBC, and Thomson Reuters. Built on proven technology, TigerLogic helps control data and content and transform them into business intelligence and engagement. More information about TigerLogic and its products can be found at http://www.tigerlogic.com.

The foregoing release contains forward-looking information, including statements about the expected synergies from the Storycode acquisition transaction and the anticipated development and benefits of integrated products and capabilities. Any forward-looking statements are subject to risks and uncertainties, and actual results could differ materially due to several factors, including but not limited to TigerLogic’s ability to successfully integrate the Storycode technology and employees and to realize the anticipated synergies, the success of the combined companies research and development efforts to develop new products and to penetrate new markets, the market acceptance of the  new products and updates, technical risks related to such products and updates, TigerLogic’s ability to maintain market share for its existing products, the availability of adequate liquidity and other risks and uncertainties. Please consult the various reports and documents filed by TigerLogic with the U.S. Securities and Exchange Commission, including but not limited to the most recent reports on Form 10-K and Form 10-Q for factors potentially affecting TigerLogic’s future financial results. All forward-looking statements are made as of the date hereof and TigerLogic disclaims any responsibility to update or revise any forward-looking statement provided in this news release.

TigerLogic, Postano, yolink, Raining Data, Pick, mvDesigner, D3, mvEnterprise, mvBase, Omnis, and Omnis Studio are trademarks of TigerLogic Corporation. Storycode is a trademark of Storycode, Inc. All other trademarks and registered trademarks are properties of their respective owners.

Friday, January 18th, 2013 Uncategorized Comments Off on TigerLogic (TIGR) and Storycode Complete Merger

Magellan (MPET) Announces the Repurchase of 17% of its Common Stock

DENVER, Jan. 17, 2013 /PRNewswire/ — Magellan Petroleum Corporation (“Magellan” or the “Company”) (NASDAQ: MPET) (ASX: MGN) today announced that on January 14, 2013, the Company entered into a Collateral Purchase Agreement with Sopak AG (“Sopak”), a Swiss subsidiary of Glencore International plc.  Under the terms of this agreement, Magellan agreed to purchase from Sopak 9,264,637 shares of Magellan’s common stock and a warrant granting Sopak the right to purchase from the Company an additional 4,347,826 shares of common stock.  In exchange for the shares and the warrant, Magellan paid to Sopak $10 million in cash consideration, which the Company funded from its own balance sheet resources.

Excluding the warrant, the shares repurchased from Sopak represent approximately 17% of the Company’s shares outstanding immediately prior to the transaction.  As of today, the Company’s outstanding shares total 44,642,983.

J. Thomas Wilson, President and CEO of Magellan, stated, “This transaction is a significant milestone in our path to deliver value to our shareholders.  We have succeeded in buying back a substantial amount of our own stock at an attractive price.  At the same time, we have eliminated the overhang from the warrant, which could have had a significant dilutive impact on our share value and shareholders.  With this transaction now behind us, we remain focused on achieving a number of operational milestones over the coming months in line with our strategy of proving up the value of our existing assets.”

Sopak originally obtained the shares and warrant in September 2012 by exercising its rights under a pledge and security agreement between Sopak and Young Energy Prize S.A., a Luxembourg corporation.

The Company has disclosed further details of this transaction on Form 8-K filed with the U.S. Securities and Exchange Commission on January 17, 2013.  This Form 8-K is also available on the Company’s website at www.magellanpetroleum.com.

CAUTIONARY INFORMATION ABOUT FORWARD LOOKING STATEMENTS

Statements in this release that are not historical in nature are intended to be, and are hereby identified as, forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995.  These statements about Magellan may relate to its businesses, prospects, and other matters that involve a number of risks and uncertainties that may cause actual results to differ materially from the results expressed or implied in the forward-looking statements.  Among these risks and uncertainties are: (i) whether repurchase of the shares and the warrant will impact our share value or shareholders; and (ii) those set forth in the Risk Factors sections of Magellan’s most recent 10-K and subsequent 10-Qs filed with the SEC.

ABOUT MAGELLAN
Magellan is an independent energy company engaged in the exploration, development, production, and sale of crude oil and natural gas from currently held assets in the United States, Australia, and the United Kingdom.  Traded on NASDAQ since 1972, the Company conducts its operations through two wholly owned subsidiaries, Nautilus Poplar LLC, which owns interests at Poplar, a highly attractive oil field in the Williston Basin, and Magellan Petroleum Australia Limited, a successful independent oil and gas company in Australia and the UK in existence since the 1964.  The Company’s mission is to enhance shareholder value by maximizing the full potential of existing assets.  Magellan routinely posts important information about the Company on its website at www.magellanpetroleum.com.

For further information, please contact:
Matthew Ciardiello, Manager, Investor Relations at 720.484.2404

Thursday, January 17th, 2013 Uncategorized Comments Off on Magellan (MPET) Announces the Repurchase of 17% of its Common Stock

Pacific Booker Minerals (PBM) Reiterates 2009 Feasibility Study Results

VANCOUVER, British Columbia, Jan. 17, 2013 /PRNewswire/ — Pacific Booker Minerals Inc. (NYSE MKT: PBM), (BKM.V) Reiterates a positive Feasibility Study, as defined by National Instrument 43-101, was released by the Company for its 100% owned Morrison Copper/Gold Project in February 2009. The study described the scope, design and financial viability of a conventional open pit mine with a 30,000 tonnes per day mill with a 21 year mine life.

The proven and probable mineable reserve was estimated to be 224.25 Mt with an average grade of 0.33% Copper, 0.163 g/t Gold and 0.004% Molybdenum. The Capital cost estimate was CDN $516.68 million (including a CDN $59.92 million contingency allocation) and operating cost was CDN $8.15 per tonne milled over the life of the mine. The Pre-Income Tax Internal Rate of Return (“IRR”) was 20.05%, based on metal prices of (four year trailing average as of January 12, 2009) Copper ($2.75), Gold ($658.32) and Molybdenum ($29.23). The Net Present Value (“NPV”) at 8.0% discount rate was CDN $495.9M.

Using a 5.0% discount rate, the NPV based on the Feasibility Study is estimated to be CDN $790M. The Feasibility Study used historical four-year average metal prices calculated as of January 12, 2009. The current upward trend in metal prices has resulted in metals trading at prices that are currently higher than their respective four year average price with the exception of molybdenum, which is lower. The CDN to US dollar exchange rate has increased since the Feasibility Study.

Silver was not included in the financial analysis; however, there is an opportunity for improved economic performance if silver credits are received from the treatment and refining of the copper concentrate. Metallurgical test-work to date has reported silver present in the concentrate. The Company’s current share capital is 14.9 M shares fully diluted including 250,000 common voting shares to be issued to Xstrata (formerly Noranda, Falconbridge) upon the start of commercial production as part of the purchase agreement with Noranda.

The mineral reserve estimates have been prepared and classified in accordance with CIM Classification established under National Instrument 43-101 of the Canadian Securities Administrators. The reserve estimate takes into consideration all geologic, mining, milling and economic factors and is stated according to Canadian Standards (NI 43-101). Under US standards, no reserve declaration is possible until financing and permits are acquired.

The Company wishes to emphasize that it is strongly committed to continue to work towards bringing the proposed Morrison Copper/Gold Project to commercial production.

If you would like to be added to our email newsgroup, please send your request by email to info@pacificbooker.com.

Contact:

Gregory R Anderson
Director, CEO and President
1-800-747-9911
1-800-324-3680

Thursday, January 17th, 2013 Uncategorized Comments Off on Pacific Booker Minerals (PBM) Reiterates 2009 Feasibility Study Results

Dot Hill (HILL) to Present at Noble Financial Capital Markets’ 9th Annual Equity Conference

LONGMONT, Colo., Jan. 17, 2013 (GLOBE NEWSWIRE) — Dot Hill Systems Corp. (Nasdaq:HILL), a leading provider of SAN storage solutions, announced Hanif Jamal, chief financial officer, will present at “NINE”, Noble Financial Capital Markets’ Ninth Annual Equity Conference at the Hard Rock Hotel in Hollywood, Florida, on Wednesday, January 23, at 11:30 a.m. Eastern Time.

At the time of the presentation, a live audio and high-definition video webcast of Dot Hill’s presentation and a copy of the presentation materials will be available on the Company’s web site www.dothill.com, or through the Noble Financial websites: www.noblefcm.com, or www.nobleresearch.com/NINE/home.htm. The Company recommends registering at least 10 minutes prior to the start of the presentation to ensure timely access. You will require a Microsoft SilverLight viewer (a free download from the presentation link) to participate. The webcast and presentation will also be archived on Dot Hill’s website for 90 days following the event.

About Dot Hill

Delivering innovative technology and global support, Dot Hill empowers the OEM and channels community to bring unique storage solutions to market, quickly, easily and cost-effectively. Offering high performance and industry-leading uptime, Dot Hill’s RAID technology is the foundation for best-in-class storage solutions offering enterprise-class security, availability and data protection. The Company’s products are in use today by the world’s leading service and equipment providers, common carriers and advanced technology and telecommunications companies, as well as government agencies and small and medium enterprise customers. Dot Hill solutions are certified to meet rigorous industry standards and military specifications, as well as RoHS and WEEE international environmental standards. Headquartered in Longmont, Colorado, Dot Hill has offices and/or representatives in China, Germany, Japan, United Kingdom, Singapore and the United States. For more information, visit us at http://www.dothill.com.

The Dot Hill Systems Corporation logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=13870

About Noble Financial

Noble Financial Capital Markets was established in 1984 and is an equity research driven, full-service, investment banking boutique focused on life sciences, technology and media, emerging growth, companies. The company has offices in New York, Boston, New Jersey, Los Angeles, and Boca Raton, FL. In addition to non-deal road shows and sector-specific conferences throughout the year, Noble Financial hosts its large format annual equity conference in January in South Florida featuring 120 – 150 presenting companies from across North America and total attendance of close to 600. For more information: www.noblefcm.com.

HILL-F

CONTACT: Hanif Jamal
         Chief Financial Officer
         Tel: 303-845-3377
         Email: investors@dothill.com

         Jodi Bochert
         Investor Relations
         Tel:  303-845-3469
         Email:  investors@dothill.com

         Becky Herrick & Kirsten Chapman
         LHA Investor Relations
         Tel: 415-433-3777
         Email: dothill@lhai.com

Dot Hill Systems Corporation Logo

Thursday, January 17th, 2013 Uncategorized Comments Off on Dot Hill (HILL) to Present at Noble Financial Capital Markets’ 9th Annual Equity Conference

NewLead (NEWL) to Acquire Properties with Estimated Coal Reserves of 18.6 Million Tons

NewLead Holdings Ltd. Announces Signing Agreement to Acquire Properties with Estimated Coal Reserves of 18.6 Million Tons; Signing Agreement to Acquire Properties with Estimated Coal Reserves of 143.1 Million Tons and Securing 3-year Coal Supply Contracts Expected to Generate $873.5 million of Revenue

PIRAEUS, Greece, Jan. 17, 2013 /PRNewswire/ — NewLead Holdings Ltd. (NASDAQ: NEWL) (“NewLead”) today announced that the Company has entered into an agreement to acquire title and excavation rights in properties containing 18.6 million tons of estimated coal reserves for $11.0 million. NewLead also entered into an agreement to acquire ownership and leasehold interests in properties containing approximately 143.1 million tons of coal for $55.0 million.

Michael Zolotas, President and Chief Executive Officer of NewLead, stated, “We have expanded our recently launched commodities business with the agreement to acquire an estimated 18.6 million tons of coal reserves.  We are in the process of acquiring additional coal properties with reserves estimated at approximately 143.1 million tons.  Once we have acquired all of the assets, our coal reserves will consist primarily of sub bituminous B coal, which is 13,500 BTU with low sulfur. We will also have ‘Blue Gem’ and ‘Rich Mountain’ seams of coal, highly sought after in the international market. We believe that our international shipping expertise will allow us to exploit the demand for these coal reserves.”

Michael Zolotas continued, “In entering the mining business, we undertook to secure supply contracts for the coal reserves.  Consequently, we entered into two agreements to supply coal to third parties.  These agreements are expected to generate $873.5 million of revenue over a three-year period. Based on our projections of operating costs, we believe that these sales will have healthy margins and will generate significant cash flow with which to fund continued growth.  We intend to supplement the supply agreements by allowing contract miners to mine and pay us a royalty for coal removed.”

Coal and Natural Gas Reserve Acquisitions
As of December 28, 2012, NewLead entered into an agreement to acquire title and mineral excavation rights to 5,000 acres of land in Kentucky.  The coal reserves in these properties are estimated to be approximately 18.6 million tons. The transaction is subject to execution and delivery of certain definitive agreements and other closing conditions, but is currently expected to close by January 29, 2013. There can be no assurance that the transaction will be consummated. The consideration of $11.0 million was paid in the form of notes maturing on January 29, 2013. The notes do not accrue interest, but remain subject to a guaranty by the initial purchaser and are secured by a mortgage lien and a security interest in the assets being purchased.

NewLead has also entered into an agreement to acquire ownership and leasehold interests in 18,335 acres in Tennessee containing coal and natural gas and other natural resources.  The agreement contemplates that the Company will acquire rights, title, permits and leases to coal mines with total reserves estimated at 143.1 million tons. The transaction is subject to execution and delivery of certain definitive agreements and other closing conditions, but is currently expected to close in February 2013. There can be no assurance that the transaction will be consummated. The agreement contemplates that consideration of $55.0 million shall be payable in cash in two installments; $30.0 million at closing and the remaining $25.0 million on the first anniversary of the closing.

The estimated reserves stated above are as determined by independent appraisals. The methodology used by the independent appraisers was not compliant with the methodology required by the Securities and Exchange Commission (“SEC”) in reserve reports and, accordingly, should not be relied upon. Such reserve information is only provided to give the best currently available information. NewLead is undertaking to obtain reserve reports that comply with SEC methodology. Such reports may differ materially from the information provided herein.

The properties in Tennessee and Kentucky also include natural gas wells and projects relating to extraction of timber, sand, gravel, fly ash and dimension stone. Third parties are currently extracting these commodities on the properties and paying royalties.

Coal Supply Contracts
NewLead signed two coal supply contracts with creditworthy counterparties for the sale of coal to such parties. Annual revenue from these two contracts is expected to be $184.7 million in the first year, $318.4 million in the second year and $370.4 million for the third and final year.

The first contract provides for the sale of 70,000 tons of coal per month for the first 12 months (840,000 tons annually), increasing to 140,000 tons per month for the second year (1.68 million tons annually) and 210,000 tons per month for the third year (2.52 million tons annually).  All tonnage is subject to a variation of 5%. The price was established based on the prevailing market price for coal at the time the contract was entered into.

The second contract provides for the sale of 130,000 metric tons per month for the first 12 months (1.56 million metric tons annually), increasing to 210,000 metric tons per month for the second and third years (2.52 million metric tons annually).  All tonnage is subject to a variation of 5%. The price was established based on the prevailing market price for coal at the time the contract was entered into.

NewLead intends to source the coal to meet such contracts from the estimated reserves discussed above, but to the extent it is unable to do so, it will be required to seek to source the coal from other suppliers at the prevailing prices.

Management Company
NewLead also entered into an agreement to acquire a local coal mining management company in exchange for compensation, paid in the form $3.0 million in common shares of NewLead and a warrant for $6.4 million in common shares of NewLead. Such acquisition is subject to a number of terms and conditions and there is no assurance it will be consummated. The management company shall be responsible for managing the daily operations of the coal mines and the excavation of the coal from the properties.

About NewLead Holdings Ltd.
NewLead Holdings Ltd. is an international, vertically integrated shipping and commodity company that manages product tankers and dry bulk vessels. NewLead currently controls four vessels, two tankers and two dry bulk vessels. NewLead’s common shares are traded under the symbol “NEWL” on the NASDAQ Global Select Market. To learn more about NewLead Holdings Ltd., please visit the new website at www.newleadholdings.com.

“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995
This press release includes assumptions, expectations, projections, intentions and beliefs about future events. These statements, as well as words such as “anticipate,” “estimate,” “project,” “plan,” and “expect,” are intended to be ”forward-looking” statements. We caution that assumptions, expectations, projections, intentions and beliefs about future events may vary from actual results and the differences can be material. Forward-looking statements include, but are not limited to, such matters as the creditworthiness of our counterparties, the reliability of the reserve reports, our ability to extract or acquire coal to fulfil contracts, future operating or financial results; our liquidity position and cash flows, our ability to borrow additional amounts under our revolving credit facility and, if needed, to obtain waivers from our lenders and restructure our debt, and our ability to continue as a going concern; statements about planned, pending or recent vessel disposals and/or acquisitions, business strategy, future dividend payments and expected capital spending or operating expenses, including dry-docking and insurance costs; statements about trends in the product tanker and dry bulk vessel shipping segments, including charter rates and factors affecting supply and demand; expectations regarding the availability of vessel acquisitions; completion of repairs; length of off-hire; availability of charters; and anticipated developments with respect to any pending litigation. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management’s examination of historical operating trends, data contained in our records and other data available from third parties. Although NewLead believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, NewLead cannot assure you that it will achieve or accomplish these expectations, beliefs or projections described in the forward looking statements. Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, general market conditions, including changes in charter rates and vessel values, failure of a seller to deliver one or more vessels, and other factors discussed in NewLead’s filings with the U.S. Securities and Exchange Commission from time to time. NewLead expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in NewLead’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

Cautionary Note to U.S. Investors
The United States Securities and Exchange Commission limits disclosure for reporting purposes to mineral deposits that a company can economically and legally extract or produce. We use certain terms on this press release, such as “reserves,” “resources,” “geologic resources,” “proven,” or “probable,” which may not be consistent with the reserve definitions established by the SEC. U.S. Investors are cautioned not to assume that any part or all of mineral deposits in these categories will ever be converted into SEC Industry Guide 7 reserves. U.S. investors are urged to consider closely the disclosure in our SEC filings to be filed in the future. You can review and obtain copies of these filings from our website or at http://www.sec.gov/edgar.shtml.

Investor and Media Relations:
Elisa Gerouki
NewLead Holdings Ltd.
Telephone: + 30 213 014 8023
Email: egerouki@newleadholdings.com

Thursday, January 17th, 2013 Uncategorized Comments Off on NewLead (NEWL) to Acquire Properties with Estimated Coal Reserves of 18.6 Million Tons

Newman Ferrara LLP Announces Investigation of K-Swiss Inc. (KSWS)

Newman Ferrara LLP is investigating potential claims against the board of directors of K-Swiss Inc. (“K-Swiss”) (NasdaqGS: KSWS) concerning the proposed acquisition of K-Swiss by South Korean retail conglomerate E.Land World Ltd. (“E.Land”).

On January 16, 2013, K-Swiss announced that it had entered into a definitive agreement to be acquired by E.Land in an all cash deal valued at approximately $170 million. Under the terms of the agreement, K-Swiss shareholders will receive $4.75 in cash per share of K-Swiss stock owned. However, analysts have set a target price for K-Swiss stock at $5.60 per share.

K-Swiss’ Board of Directors has unanimously approved the proposed deal, which requires the approval of 80% of K-Swiss’ outstanding voting power. However, Steven Nichols, Chief Executive Officer and Chairman of the K-Swiss Board, possesses approximately 69% of that total voting power, which he has pledged to vote in favor of the deal.

Newman Ferrara LLP’s investigation concerns whether K-Swiss’ Board of Directors has breached its fiduciary duties to act in the best interests of K-Swiss shareholders and to take all necessary steps to ensure that K-Swiss shareholders receive the maximum value readily available for their shares of K-Swiss common stock.

Concerned investors are encouraged to contact Newman Ferrara attorney Roy Shimon at (212) 619-5400 or rshimon@nfllp.com to discuss this investigation, their rights, or potential remedies.

Newman Ferrara maintains a multifaceted practice based in New York City with attorneys specializing in complex commercial and multi-party litigation, securities fraud and shareholder litigation, consumer protection, civil rights, and real estate. For more information, please visit the firm website at www.nfllp.com.

Thursday, January 17th, 2013 Uncategorized Comments Off on Newman Ferrara LLP Announces Investigation of K-Swiss Inc. (KSWS)

GlobalWise (GWIV) CEO to Speak at Technology United Executive Conference

COLUMBUS, OH — (Marketwire) — 01/17/13 — GlobalWise Investments, Inc. (OTCBB: GWIV) (OTCQB: GWIV) (www.GlobalWiseInvestments.com) and its wholly owned subsidiary Intellinetics, Inc., a leading-edge technology company focused on the design, implementation and management of cloud-based Enterprise Content Management (“ECM”) systems in both the public and private sectors, today announce a speaking engagement for William J. “BJ” Santiago, CEO of GlobalWise, at the prestigious Technology United Executive Connection Summit.

The Technology United Executive Connection Summit (www.technologyunited.com) is being held in Scottsdale, AZ, from January 22nd – 24th. Other speakers scheduled to deliver a presentation at the event include Konica, SAP and the Technology United Alliance members: Intel, Newfield IT, GreatAmerica Financial Services, LMI, ESP, Green Hills Software, Barrister and GreenPrint.

“We announced being accepted into the invitation-only Technology United organization this past summer and are very pleased to now be presenting at the summit this month,” stated William J. “BJ” Santiago, CEO of GlobalWise. “The Alliance members and the office technology audience in attendance create a fantastic stage for us to grow our channel partnerships and expand the marketing of our cloud-based ECM strategies. This invitation-only conference is geared toward CEOs, Presidents and Senior Vice Presidents, with over 225 confirmed to be attending the 3-day event. I will be speaking in a session titled ‘Channel Changer — Click Charges for Document Management’ to show how the integration of the Intellivue™ software into the copier and multi-function printer eco-system provides a new revenue source for the dealer community. More importantly, this unique approach enables a state-of-the-art ECM solution that finally fits seamlessly within their end-user procurement vessels under similar contracts such as Managed Print Service (MPS) or Document Managed Services (MDS).

“Many in the industry have called our flagship software a ‘channel changer’ because our user-friendly model is similar to the traditional per click charge standard, but introduces a fixed cost model that appeals to a wider customer base. Therefore, the end-user no longer has to worry about being charged more money for each mono (black and white), color or virtual image scan (i.e. Video, Audio, JPEG, PPT, Excel, etc.). Intellivue™ allows the end-user to scan both hard-copy and virtual images, as well as index, search, and retrieve archived data via the cloud, in the same model in which they buy their products today through their dealer. Instead of a per page or per click charge, there is simply a capacity based monthly subscription fee,” concluded Mr. Santiago.

About Technology United

Technology United was established by GlobalWise Channel Partner MWAi’s CEO Mike Stramaglio to form a strategic hub alliance that provides the best-in-class and most aggressive solutions and services that can collectively cover the technology needs within the office space, including IT automation, security and document management services, such as those provided by GlobalWise. Technology United brings together the best partners with the best technology to deliver the best user experience. The solutions created also enable significant cost savings that can improve the bottom line of their clients.

About GlobalWise Investments, Inc.

GlobalWise Investments, Inc., via its wholly owned subsidiary Intellinetics, Inc., is a Columbus, Ohio based Enterprise Content Management (ECM) pioneer with industry-leading software that delivers cloud ECM based solutions on-demand. The Company’s flagship platform, Intellivue™, represents a new industry benchmark and game-changing solution by enabling clients to access and manage the content of every scanned document, file, spreadsheet, email, photo, audio file or video tape — virtually anything that can be digitized — in their enterprise from any PC, laptop, tablet or smartphone from anywhere in the world.

For additional information, please visit the Company’s corporate website: www.GlobalWiseInvestments.com

This press release may contain “forward-looking statements.” Expressions of future goals and similar expressions reflecting something other than historical fact are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements. These forward-looking statements may include, without limitation, statements about our market opportunity, strategies, competition, expected activities and expenditures as we pursue our business plan. Although we believe that the expectations reflected in any forward-looking statements are reasonable, we cannot predict the effect that market conditions, customer acceptance of products, regulatory issues, competitive factors, or other business circumstances and factors described in our filings with the Securities and Exchange Commission may have on our results. The company undertakes no obligation to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this press release.

GlobalWise Investments, Inc.
Columbus, Ohio
www.GlobalWiseInvestments.com
614-388-8909
Contact@GlobalWiseInvestments.com

Mission Investor Relations
Atlanta, Georgia
http://www.MissionIR.com
404-941-8975
Investors@MissionIR.com

Thursday, January 17th, 2013 Uncategorized Comments Off on GlobalWise (GWIV) CEO to Speak at Technology United Executive Conference

AtriCure (ATRC) Prices Public Offering of Common Stock

AtriCure, Inc. (Nasdaq: ATRC), a medical device company and a leader in cardiac surgical ablation systems for the treatment of atrial fibrillation, or AF, and systems for the exclusion of the left atrial appendage, today announced the pricing of its previously announced underwritten public offering of 3,475,000 shares of its common stock at a public offering price of $7.25 per share. In connection with the offering, AtriCure has also granted the underwriter a 30-day option to purchase up to an additional 521,250 shares of common stock to cover over-allotments, if any. Piper Jaffray & Co. is acting as the sole manager for the offering.

Net proceeds from the sale of the shares after underwriting discounts and commissions and other offering expenses are expected to be approximately $23.5 million. The offering is subject to customary closing conditions and is expected to close on Tuesday, January 22, 2013.

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

The offering was made pursuant to a prospectus supplement to AtriCure’s prospectus, dated July 20, 2011, filed as part of AtriCure’s effective $50 million shelf registration statement.

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

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

About AtriCure, Inc.

AtriCure, Inc. is a medical device company and a leader in developing, manufacturing and selling innovative cardiac surgical ablation systems designed to create precise lesions, or scars, in cardiac, or heart, tissue for the treatment of atrial fibrillation, or AF, and systems for the exclusion of the left atrial appendage. The Company believes cardiothoracic surgeons are adopting its ablation products for the treatment of AF during concomitant open-heart surgical procedures and sole-therapy minimally invasive procedures. AF affects more than 5.5 million people worldwide and predisposes them to a five-fold increased risk of stroke. The FDA has not cleared or approved certain AtriCure products for the treatment of AF or a reduction in the risk of stroke.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements that address activities, events or developments that AtriCure expects, believes or anticipates will or may occur in the future, such as earnings estimates, other predictions of financial performance, launches by AtriCure of new products and market acceptance of AtriCure’s products. Forward-looking statements are based on AtriCure’s experience and perception of current conditions, trends, expected future developments and other factors it believes are appropriate under the circumstances and are subject to numerous risks and uncertainties, many of which are beyond AtriCure’s control. These risks and uncertainties include the rate and degree of market acceptance of AtriCure’s products, AtriCure’s ability to develop and market new and enhanced products, the timing of and ability to obtain and maintain regulatory clearances and approvals for its products, the timing of and ability to obtain reimbursement of procedures utilizing AtriCure’s products, competition from existing and new products and procedures or AtriCure’s ability to effectively react to other risks and uncertainties described from time to time in AtriCure’s SEC filings, such as fluctuation of quarterly financial results, reliance on third party manufacturers and suppliers, litigation or other proceedings, government regulation and stock price volatility. AtriCure does not guarantee any forward-looking statement, and actual results may differ materially from those projected. AtriCure undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.

Wednesday, January 16th, 2013 Uncategorized Comments Off on AtriCure (ATRC) Prices Public Offering of Common Stock

Newtek (NEWT) to Announce Full Year 2012 Financial Results

NEW YORK, Jan. 16, 2013 /PRNewswire/ —  Newtek Business Services, Inc. (Nasdaq:NEWT), The Small Business Authority, today announced that it will report its fourth quarter and full year 2012 financial results on Wednesday, February 27, 2013.  A conference call to discuss these results will be hosted by Barry Sloane, Chairman, President and Chief Executive Officer, and Jennifer Eddelson, Chief Accounting Officer, on Wednesday, February 27, 2013 at 4:15 pm EST.  The live conference call can be accessed by dialing (877) 303-6993 or (760) 666-3611.

A live video webcast of the call and the corresponding presentation will be available in the ‘Events & Presentation’ section of the Investor Relations portion of Newtek’s website at http://investor.newtekbusinessservices.com/events.cfm. A replay of the webcast with the corresponding presentation will be available on Newtek’s website shortly following the live presentation.

About Newtek Business Services, Inc.

Newtek Business Services, The Small Business Authority, provides the following products and services:

  • Electronic Payment Processing: eCommerce, electronic solutions to accept non-cash payments, including credit and debit cards, check conversion, remote deposit capture, ACH processing, and electronic gift and loyalty card programs.
  • Managed Technology Solutions (Cloud Computing): Full-service web host, which offers eCommerce solutions, shared and dedicated web hosting and related services including domain registration and online shopping cart tools.
  • eCommerce:  A suite of services that enable small businesses to get up and running on-line quickly and cost effectively, with integrated web design, payment processing and shopping cart services.
  • Business Lending: Broad array of lending products including SBA 7(a) and SBA 504 loans through our lending subsidiary, Newtek Small Business Finance, Inc.
  • Insurance Services: Commercial and personal lines of insurance, including health and employee benefits in all 50 states, working with over 40 insurance carriers.
  • Web Services: Customized web design and development services.
  • Data Backup, Storage and Retrieval: Fast, secure, off-site data backup, storage and retrieval designed to meet the specific regulatory and compliance needs of any business.
  • Accounts Receivable Financing: Receivable purchasing and financing services.
  • Payroll: Complete payroll management and processing services.

Newtek Business Services, Inc., The Small Business Authority, is a direct distributor of a wide range of business services and financial products to the small- and medium-sized business market under the Newtek ® brand. Since 1999, Newtek has helped small- and medium-sized business owners realize their potential by providing them with the essential tools needed to manage and grow their businesses and to compete effectively in today’s marketplace. Newtek provides its services to over 100,000 business accounts and has positioned the Newtek ® brand as a one-stop-shop provider of such business services. According to the U.S. Small Business Administration, there are over 27.5 million small businesses in the United States, which in total represent 99.7% of all employer firms.

Note Regarding Forward Looking Statements

Statements in this press release including statements regarding Newtek’s beliefs, expectations, intentions or strategies for the future, may be “forward-looking statements” under the Private Securities Litigation Reform Act of 1995. All forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from the plans, intentions and expectations reflected in or suggested by the forward-looking statements. Such risks and uncertainties include, among others, intensified competition, operating problems and their impact on revenues and profit margins, anticipated future business strategies and financial performance, anticipated future number of customers, business prospects, legislative developments and similar matters. Risk factors, cautionary statements and other conditions, which could cause Newtek’s actual results to differ from management’s current expectations, are contained in Newtek’s filings with the Securities and Exchange Commission and available through http://www.sec.gov.

Rubenstein Public Relations
Telephone: (212) 843-9335
Contact: Jonathan Goldberg / jgoldberg@rubensteinpr.com

Investor Relations
Telephone: (212) 273-8179
Contact: Jayne Cavuoto / jcavuoto@thesba.com
Telephone: (646) 536-7331
Contact: Brett Maas / brett@haydenir.com

Wednesday, January 16th, 2013 Uncategorized Comments Off on Newtek (NEWT) to Announce Full Year 2012 Financial Results

Quantum (QTWW) Announces New Orders for Natural Gas Storage Tanks for Light Duty Vehicles

LAKE FOREST, Calif., Jan. 16, 2013 /PRNewswire/ — Quantum Fuel Systems Technologies Worldwide, Inc. (NASDAQ: QTWW), a leader in natural gas, alternative fuel systems and clean propulsion vehicle technologies, today announced that it has received purchase orders from new and existing customers for approximately $600,000 for supplying its ultra-lightweight Q-Lite™ compressed natural gas (CNG) fuel storage tanks for light-duty vehicles.

“We are excited about our expanding industry and providing CNG solutions to the market, including existing and new customers. The remarkable light-weight and high capacity advantage of Quantum’s advanced carbon composite natural gas vehicle storage systems are attractive for a broad range of vehicle classes from light duty to heavy duty, for improved performance and fuel economy,” said Brian Olson, President and Chief Executive Officer of Quantum. “Our business plan in 2013 is centered on CNG and will be driven by the momentum created in 2012 along with continued demand for Quantum’s CNG products, technologies and solutions.”

Quantum’s patented Q-Lite™ fuel tank technology offers the lightest natural gas fuel storage solution in the industry, coupled with superior fuel storage capacity, enhanced safety features and the capability to quickly integrate fuel systems on to vehicles.

About Quantum:
Quantum Fuel Systems Technologies Worldwide, Inc. is a leader in the development and production of natural gas fuel storage and system technologies, alternative fuel vehicles, and advanced vehicle propulsion systems. Quantum’s portfolio of technologies includes natural gas and hydrogen storage and metering systems, electronic and software controls, hybrid electric drive systems, and other alternative fuel technologies and solutions that enable fuel efficient, low emission natural gas and hybrid, plug-in hybrid electric and fuel cell vehicles. Quantum’s powertrain engineering, system integration, vehicle manufacturing, and assembly capabilities provide fast-to-market solutions to support the production of natural gas, plug-in hybrid, hydrogen-powered hybrid, fuel cell, and specialty vehicles, as well as modular, transportable hydrogen refueling stations. Quantum’s customer base includes automotive OEMs, fleets, aerospace industry, military and other governmental agencies, and other strategic alliance partners. Quantum’s wholly owned subsidiary, Schneider Power Inc., and affiliate, Asola Solarpower GmbH, complement Quantum’s alternative and renewable energy presence through the development and ownership of wind and solar farms, and the manufacture of high efficiency solar modules for traditional and automotive applications. Quantum is headquartered in Lake Forest, California, and has operations and affiliations in the USA, Canada, Germany and India.

Forward Looking Statements:
This press release contains forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements included in this report, other than those that are historical, are forward-looking statements and can generally be identified by words such as “may,” “could,” “will,” “should,” “assume,” “expect,” “anticipate,” “plan,” “intend,” “believe,” “predict,” “estimate,” “forecast,” “outlook,” “potential,” or “continue,” or the negative of these terms, and other comparable terminology. Various risks and other factors could cause actual results, and actual events that occur, to differ materially from those contemplated by the forward looking statements. Risk factors include Quantum’s ability to secure materials and manufacture tanks and systems to meet the customer demand. The Company undertakes no obligation to update the information in this press release to reflect events or circumstances after the date hereof or to reflect the occurrence of anticipated or unanticipated events.

More information can be found about the products and services of Quantum at http://www.qtww.com/ or you may contact:

Brion D. Tanous
Principal, CleanTech IR, Inc.
Email:btanous@cleantech-ir.com
310-541-6824

©2013 Quantum Fuel Systems Technologies Worldwide, Inc.
Advanced Technology Center
25242 Arctic Ocean Drive ~ Lake Forest, CA 92630
Phone 949-399-4500 Fax 949-399-4600

Wednesday, January 16th, 2013 Uncategorized Comments Off on Quantum (QTWW) Announces New Orders for Natural Gas Storage Tanks for Light Duty Vehicles

Intervest (IBCA) Reports 2012 Fourth Quarter Earnings of $3.1 Million or $0.14 Per Share

Full Year Earnings of $10.4 Million or $0.48 Per Share

Intervest Bancshares Corporation (NASDAQ-GS:IBCA), parent company of Intervest National Bank, today reported that its net earnings for the fourth quarter of 2012 increased to $3.1 million, or $0.14 per common share, from $2.7 million, or $0.13 per share, for the fourth quarter of 2011, and net earnings for the full year 2012 increased to $10.4 million, or $0.48 per share, from $9.5 million, or $0.45 per share, for 2011.

Key Points Follow:

  • Intervest National Bank’s regulatory capital ratios continued to increase through the retention of earnings and a planned gradual reduction in the size of its balance sheet. The Bank’s ratios at December 31, 2012 were as follows: Tier One Leverage – 14.44%; Tier One Risk-Based – 19.80%; and Total Risk-Based Capital – 21.06%; well above its minimum requirements of 9%, 10% and 12%, respectively. The Bank’s Tier One capital amounted to $244 million and was $92 million in excess of the required minimum for the Tier One Leverage ratio.
  • The net interest margin (exclusive of loan prepayment income) increased to 2.47% in Q4-12 and 2.29% for 2012, from 2.22% in Q4-11 and 2.18% for 2011.
  • Net interest and dividend income, which was affected by a smaller balance sheet, decreased to $9.7 million in Q4-12 from $10.6 million in Q4-11, and to $39.2 million in 2012 from $42.3 million in 2011.
  • New loan originations increased to $242 million in 2012, from $82 million in 2011, while total repayments increased to $291 million in 2012 from $243 million in 2011.
  • Nonaccrual loans decreased to $46 million at December 31, 2012, from $57 million at December 31, 2011. Nonaccrual loans include certain restructured loans (TDRs) that are current as to payments and performing in accordance with their renegotiated terms, but are required to be classified nonaccrual based on regulatory guidance. At December 31, 2012, such loans totaled $36 million compared to $46 million at December 31, 2011. These loans were yielding approximately 5% at December 31, 2012.
  • Real estate owned through foreclosure (REO) decreased to $15.9 million at December 31, 2012, from $28.3 million at December 31, 2011, reflecting $12.9 million of sales and $4.1 million of writedowns in carrying value, partially offset by $4.6 million of additions.
  • Provisions for loan and real estate losses decreased to a total of $1.1 million in Q4-12 from $1.4 million in Q4-11, and to $4.1 million in 2012 from $8.4 million in 2011.
  • Operating expenses increased to $4.2 million in Q4-12, from $3.8 million in Q4-11, and to $16.7 million in 2012, from $15.9 million in 2011. Despite the increases, the Company’s efficiency ratio (which measures its ability to control expenses as a percentage of revenues) continued to be favorable and was 35% for Q4-12 and 37% for 2012.
  • Book value per common share (after subtracting preferred dividends in arrears) increased to $8.44 at December 31, 2012.

Net earnings for Q4-12 increased by $0.4 million from Q4-11 due to the following: a $1.5 million increase in noninterest income (due to a $1.9 million increase in loan prepayment income partially offset by a $0.4 million security impairment charge); a $0.3 million decrease in the provision for loan and real estate losses; and a $0.3 million decrease in real estate expenses associated with REO. The sum of these items was partially offset by a $0.9 million decrease in net interest and dividend income (as detailed below), a $0.4 million increase in operating expenses (primarily due to a $0.3 million aggregate increase in salaries, benefits and stock compensation expense including the impact of several new officer positions filled during 2012) and a $0.3 million increase in income tax expense (due to higher pre-tax income).

Net interest and dividend income for Q4-12 decreased due to a smaller balance sheet. In Q4-12, average interest-earning assets decreased by $339 million from Q4-11, reflecting decreases of $79 million in loans and $260 million in total securities and overnight investments. At the same time, average deposits and borrowed funds decreased by $272 million and $15 million, respectively, while stockholders’ equity increased by $13 million. The net interest margin benefited from a 31 basis point improvement in the interest rate spread, partially offset by a $52 million decrease in net average interest-earning assets (due to a higher level of cash on hand). The spread increased due to a steady reduction in rates paid on deposits and run off of higher-cost CDs and borrowings, largely offset by payoffs of higher yielding loans and calls of security investments, coupled with the re-investment of a large portion of these cash inflows into new loans and securities at lower market interest rates. Overall, the average cost of funds decreased by 40 basis points to 2.22% in Q4-12, from 2.62% in Q4-11, while the average yield on earning assets decreased at a slower pace or by 9 basis points to 4.54% in Q4-12, from 4.63% in Q4-11.

Net earnings for 2012 increased by $0.9 million over 2011 due to a $5.0 million decrease in the provision for loan losses (primarily due to fewer loans outstanding and fewer credit rating downgrades) and a $1.8 million increase in noninterest income (primarily due to a $2.6 million increase in loan prepayment income partially offset by a $0.4 million increase in security impairment charges). The sum of these items was partially offset by: a $3.1 million decrease in net interest and dividend income (due to a smaller balance sheet); a $0.7 million increase in the provision for real estate losses (due to lower estimated values on REO); a $0.5 million increase in real estate expenses associated with REO; a $0.8 million increase in operating expenses (primarily due to a $1.4 million aggregate increase in salaries, benefits and stock compensation expense including the impact of increased officers during 2012, partially offset by a $0.7 million decrease in FDIC insurance expense); and a $0.8 million increase in income tax expense (due to higher pre-tax income).

Total assets at December 31, 2012 decreased to $1.67 billion from $1.97 billion at December 31, 2011, primarily reflecting a $257 million decrease in security investments and a $56 million decrease in loans, partially offset by a $31 million increase in cash and short-term investments.

Securities held to maturity decreased to $444 million at December 31, 2012 from $700 million at December 31, 2011, reflecting calls of securities exceeding new purchases. The bulk of the resulting proceeds were used to fund planned deposit outflow and repayments of borrowings and a portion was being held temporarily in cash and short-term investments. At December 31, 2012, the securities portfolio, which represented 27% of total assets and was comprised almost entirely of U.S. government agency debt ($355 million) and residential mortgage-backed pass through securities ($84 million), had a weighted-average expected yield, remaining life and remaining contractual maturity of 1.05%, 2.0 years and 7.1 years, respectively.

Loans totaled $1.11 billion at December 31, 2012, compared to $1.16 billion at December 31, 2011. The decrease reflected $249 million of payoffs, $42 million of amortization, $2.3 million of net chargeoffs and $4.7 million of transfers to REO, mostly offset by $242 million of new loans. Loans paid off had a weighted-average yield of 6.15%. New loans, nearly all with fixed interest rates, had a weighted-average yield, term and loan-to-value ratio of 4.87%, 5.8 years and 56%, respectively.

Nonaccrual loans and REO aggregated to $62 million, or 3.7% of total assets, at December 31, 2012, compared to $86 million, or 4.3%, at December 31, 2011. Nonaccrual loans totaled $46 million at December 31, 2012, down from $57 million at December 31, 2011. Nonaccrual loans included $36 million (10 loans) and $46 million (12 loans) of TDRs that were current at each date, respectively. All the TDRs classified as nonaccrual have performed as agreed under their renegotiated terms and interest income is being recorded on a cash basis. Based on annual updated appraisals received on the underlying collateral properties, a portion of five TDRs (or $2.0 million of aggregate principal) was charged off for financial statement purposes during 2012. The borrowers remain obligated to pay all contractual principal due on the TDRs.

The allowance for loan losses at December 31, 2012 was $28.1 million, representing 2.54% of total net loans, compared to $30.4 million, or 2.61%, at December 31, 2011. The allowance included specific reserves for impaired loans (comprised of all nonaccrual loans as well as accruing TDRs) at each date totaling $6 million and $8 million, respectively.

At December 31, 2012, the Company had a deferred tax asset totaling $29 million, which included remaining unused NOL and AMT credit carryforwards totaling $17 million for Federal tax purposes and $47 million for State and Local tax purposes. These carryforwards are available to reduce taxes payable on the Company’s future taxable income.

Deposits at December 31, 2012 decreased to $1.36 billion from $1.66 billion at December 31, 2011, primarily reflecting a $262 million decrease in CD accounts, of which $50 million were brokered. At December 31, 2012, there were $78 million of brokered CDs outstanding with a rate of 4.91%, of which $38 million mature within one year.

Borrowed funds and related interest payable at December 31, 2012 decreased to $62.9 million, from $78.6 million at December 31, 2011, due to the repayment of $17.5 million of FHLB borrowings, partially offset by a $1.9 million increase in accrued interest payable on trust preferred securities (TRUPs). Stockholders’ equity increased to $211 million at December 31, 2012 from $198 million at December 31, 2011, primarily due to $12.2 million of net earnings before preferred dividend requirements.

Since February 2010, as required by its regulator and as permitted by the underlying documents, the Company has suspended the payment of interest on $55 million of its debt in the form of TRUPs and the declaration and payment of dividends on $25 million of its preferred stock held by the U.S. Treasury (TARP). Late last year, the Treasury announced that it will continue to conduct periodic, individual auctions of TARP securities, including those of 53 named institutions, one of which was the Company. Although the precise timing of any auction is not known, the Company and its subsidiary bank have applied for the necessary approvals from their respective regulators to permit the Company to bid for the preferred stock in any such auction. There is no assurance that such approvals will be granted.

Intervest Bancshares Corporation (IBC) is a bank holding company. Its operating subsidiary is Intervest National Bank (INB), a nationally chartered commercial bank that has its headquarters and full-service banking office at One Rockefeller Plaza, in New York City, and a total of six full-service banking offices in Clearwater and Gulfport, Florida. IBC’s Common Stock is listed on the NASDAQ Global Select Market: Trading Symbol IBCA. This release may contain forward-looking information. Words such as “may,” “will,” “could,” “should,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “intend,” “plan,” “project,” “assume,” “indicate,” “continue,” “target,” “goal,” and similar words or expressions of the future are intended to identify forward-looking statements. Except for historical information, the matters discussed herein are subject to certain risks and uncertainties that may adversely affect our business, financial condition and results of operations. The following factors, among others, could cause actual results to differ materially from those set forth in forward looking statements: the regulatory agreements to which IBC and INB are currently subject to and any operating restrictions arising therefrom including availability of regulatory approvals or waivers; changes in economic conditions and real estate values both nationally and in our market areas; changes in our borrowing facilities, volume of loan originations and deposit flows; changes in the levels of our non-interest income and provisions for loan and real estate losses; changes in the composition and credit quality of our loan portfolio; legislative or regulatory changes, including increased expenses arising therefrom; changes in interest rates which may reduce our net interest margin and net interest income; increases in competition; technological changes which we may not be able to implement; changes in accounting or regulatory principles, policies or guidelines; changes in tax laws and our ability to utilize our deferred tax asset, including NOL and AMT carryforwards; and our ability to attract and retain key members of management. Reference is made to IBC’s filings with the SEC for further discussion of risks and uncertainties regarding our business. We assume no obligation to update any forward looking statements. Historical results are not necessarily indicative of our future prospects.

Selected Consolidated Financial Information Follows.

INTERVEST BANCSHARES CORPORATION
Selected Consolidated Financial Information
(Dollars in thousands, except per share amounts) Quarter Ended Year Ended
December 31, December 31,
Selected Operating Data: 2012 2011 2012 2011
Interest and dividend income $17,798 $22,166 $77,284 $92,837
Interest expense 8,103 11,524 38,067 50,540
Net interest and dividend income 9,695 10,642 39,217 42,297
Provision for loan losses 40 5,018
Noninterest income 2,476 974 6,194 4,308
Noninterest expenses:
Provision for real estate losses 1,135 1,370 4,068 3,349
Real estate expenses 324 619 2,146 1,619
Operating expenses 4,195 3,774 16,668 15,861
Earnings before income taxes 6,517 5,813 22,529 20,758
Provision for income taxes 2,987 2,679 10,307 9,512
Net earnings before preferred dividend requirements 3,530 3,134 12,222 11,246
Preferred dividend requirements (1) 456 440 1,801 1,730
Net earnings available to common stockholders $ 3,074 $ 2,694 $ 10,421 $ 9,516
Basic and diluted earnings per common share $0.14 $0.13 $0.48 $0.45
Average shares used for basic earnings per share 21,589,589 21,125,289 21,566,009 21,126,187
Average shares used for diluted earnings per share (2) 21,594,468 21,125,289 21,568,196 21,126,187
Common shares outstanding at end of period 21,589,589 21,125,289 21,589,589 21,125,289
Common stock options/warrants outstanding at end of period (2) 1,078,122 1,085,622 1,078,122 1,085,622
Yield on interest-earning assets 4.54% 4.63% 4.51% 4.80%
Cost of funds 2.22% 2.62% 2.40% 2.83%
Net interest margin (3) 2.47% 2.22% 2.29% 2.18%
Return on average assets (annualized) 0.82% 0.63% 0.66% 0.56%
Return on average common equity (annualized) 7.67% 7.31% 6.82% 6.74%
Effective income tax rate 46% 46% 46% 46%
Efficiency ratio (4) 35% 32% 37% 34%
Average loans outstanding $1,112,357 $1,191,177 $1,149,689 $1,258,454
Average securities outstanding 437,604 700,221 555,777 665,608
Average short-term investments outstanding 10,350 7,658 8,273 11,806
Average assets outstanding 1,712,892 1,984,615 1,839,727 2,023,957
Average interest-bearing deposits outstanding $1,395,622 $1,668,111 $1,522,625 $1,707,150
Average borrowings outstanding 59,452 74,202 65,789 78,298
Average stockholders’ equity 208,691 195,576 203,647 190,954
At Dec 31, At Sep 30, At Jun 30, At Mar 31, At Dec 31,
Selected Financial Condition Information: 2012 2012 2012 2012 2011
Total assets $1,665,792 $1,751,880 $1,862,110 $1,909,052 $1,969,540
Cash and short-term investments 60,395 94,268 122,378 89,839 29,863
Securities held to maturity 443,777 440,002 535,056 590,959 700,444
Loans, net of unearned fees 1,107,466 1,155,171 1,137,780 1,155,437 1,163,790
Allowance for loan losses 28,103 28,382 28,844 29,169 30,415
Allowance for loan losses/net loans 2.54% 2.46% 2.54% 2.52% 2.61%
Deposits 1,362,619 1,432,209 1,554,615 1,599,653 1,662,024
Borrowed funds and accrued interest payable 62,930 69,487 72,528 72,064 78,606
Preferred stockholder’s equity 24,624 24,528 24,431 24,335 24,238
Common stockholders’ equity 186,323 182,580 179,690 176,716 173,293
Common book value per share (5) 8.44 8.28 8.16 8.04 8.07
Loan chargeoffs for the quarter $ 676 $ 548 $498 $1,430 $2,044
Loan recoveries for the quarter 397 86 173 184 54
Real estate chargeoffs for the quarter 1,124 3,642
Security impairment writedowns for the quarter 425 157
Nonaccrual loans (6) $45,898 $47,957 $50,643 $53,208 $57,240
Real estate owned, net of valuation allowance 15,923 21,858 26,370 27,767 28,278
Investment securities on a cash basis 3,721 4,221 4,221 4,221 4,378
Accruing troubled debt restructured (TDR) loans (7). 20,076 14,167 14,596 8,980 9,030
Loans 90 days past due and still accruing 4,391 6,503 5,290 2,798 1,925
Loans 60-89 days past due and still accruing 15,477 1,902 6,303 3,894
Loans 31-59 days past due and still accruing 15,497 50 11,840 24,876
(1) Represents dividend requirements on cumulative preferred stock held by the U.S. Treasury and amortization of related preferred stock discount.
(2) Outstanding options/warrants to purchase 997,622 shares and 1,085,622 shares were not dilutive for the 2012 and 2011 periods, respectively.
(3) Net interest margin is reported exclusive of income from loan prepayments, which is included as a component of noninterest income. Inclusive of such income, the margin would compute to 3.08%, 2.33%, 2.59% and 2.31%, respectively.
(4) Represents operating expenses as a percentage of net interest and dividend income plus noninterest income.
(5) Represents common stockholders’ equity less preferred dividends in arrears of $4.2 million, $3.8 million, $3.5 million, $3.1 million and $2.8 million, respectively, divided by common shares outstanding.
(6) Include performing TDRs maintained on nonaccrual status of $36 million, $39 million, $39 million, $44 million and $46 million, respectively.
(7) Represent loans whose terms have been modified mostly through the deferral of principal and/or a partial reduction in interest payments, or extension of maturity date. All loans were performing and current as of December 31, 2012 and were yielding approximately 5%.
INTERVEST BANCSHARES CORPORATION
Consolidated Financial Highlights
At or For The Period Ended
Year Year Year Year Year
Ended Ended Ended Ended Ended
($ in thousands, except per share amounts) Dec 31, Dec 31, Dec 31, Dec 31, Dec 31,
2012 2011 2010 2009 2008
Balance Sheet Highlights:
Total assets $1,665,792 $1,969,540 $2,070,868 $2,401,204 $2,271,833
Cash and short-term investments 60,395 29,863 23,911 7,977 54,903
Securities held to maturity 443,777 700,444 614,335 634,856 475,581
Loans, net of unearned fees 1,107,466 1,163,790 1,337,326 1,686,164 1,705,711
Allowance for loan losses 28,103 30,415 34,840 32,640 28,524
Allowance for loan losses/net loans 2.54% 2.61% 2.61% 1.94% 1.67%
Deposits 1,362,619 1,662,024 1,766,083 2,029,984 1,864,135
Borrowed funds and accrued interest payable 62,930 78,606 84,676 118,552 149,566
Preferred stockholder’s equity 24,624 24,238 23,852 23,466 23,080
Common stockholders’ equity 186,323 173,293 162,108 190,588 188,894
Common book value per share (1) 8.44 8.07 7.61 23.04 22.84
Market price per common share 3.89 2.65 2.93 3.28 3.99
Asset Quality Highlights
Nonaccrual loans $45,898 $57,240 $52,923 $123,877 $108,610
Real estate owned, net of valuation allowance 15,923 28,278 27,064 31,866 9,081
Investment securities on a cash basis 3,721 4,378 2,318 1,385
Accruing troubled debt restructured loans (2) 20,076 9,030 3,632 97,311
Loans past due 90 days and still accruing 4,391 1,925 7,481 6,800 1,964
Loans past due 31-89 days and still accruing 15,497 28,770 11,364 5,925 18,943
Loan chargeoffs 3,152 9,598 100,146 8,103 4,227
Loan recoveries 840 155 883 1,354
Real estate chargeoffs 4,766 15,614
Impairment writedowns on security investments 582 201 1,192 2,258
Statement of Operations Highlights:
Interest and dividend income $77,284 $92,837 $107,072 $123,598 $128,497
Interest expense 38,067 50,540 62,692 81,000 90,335
Net interest and dividend income 39,217 42,297 44,380 42,598 38,162
Provision for loan losses 5,018 101,463 10,865 11,158
Noninterest income 6,194 4,308 2,110 297 5,026
Noninterest expenses:
Provision for real estate losses 4,068 3,349 15,509 2,275 518
Real estate expenses 2,146 1,619 4,105 4,945 4,281
Operating expenses 16,668 15,861 19,069 19,864 14,074
Earnings (loss) before income taxes 22,529 20,758 (93,656) 4,946 13,157
Provision (benefit) for income taxes 10,307 9,512 (40,348) 1,816 5,891
Net earnings (loss) before preferred dividend requirements 12,222 11,246 (53,308) 3,130 7,266
Preferred dividend requirements (3) 1,801 1,730 1,667 1,632 41
Net earnings (loss) available to common stockholders $10,421 $ 9,516 $(54,975) $ 1,498 $ 7,225
Basic earnings (loss) per common share $0.48 $0.45 $(4.95) $0.18 $0.87
Diluted earnings (loss) per common share $0.48 $0.45 $(4.95) $0.18 $0.87
Average common shares used to calculate:
Basic earnings (loss) per common share 21,566,009 21,126,187 11,101,196 8,270,812 8,259,091
Diluted earnings (loss) per common share 21,568,196 21,126,187 11,101,196 8,270,812 8,267,781
Common shares outstanding 21,589,589 21,125,289 21,126,489 8,270,812 8,270,812
Other ratios:
Net interest margin (4) 2.29% 2.18% 2.11% 1.83% 1.79%
Return on average assets 0.66% 0.56% -2.42% 0.13% 0.34%
Return on average common equity 6.82% 6.74% -32.20% 1.65% 3.94%
Effective income tax rate 46% 46% 43% 37% 45%
Efficiency ratio (5) 37% 34% 41% 46% 33%
(1) Represents common stockholders’ equity less preferred dividends in arrears ($4.2 million at December 31, 2012, $2.8 million at December 31, 2011 and $1.4 million at December 31, 2010) divided by common shares outstanding.
(2) Represent loans whose terms have been modified mostly through the deferral of principal and/or a partial reduction in interest payments.
(3) Represents dividend requirements on cumulative preferred stock held by the U.S. Treasury and amortization of related preferred stock discount.
(4) Net interest margin is reported exclusive of income from loan prepayments, which is included as a component of noninterest income. Inclusive of such income, the margin would compute to 2.59%, 2.31%, 2.17%, 1.89% and 1.90%, respectively.
(5) Represents operating expenses as a percentage of net interest and dividend income plus noninterest income.
Wednesday, January 16th, 2013 Uncategorized Comments Off on Intervest (IBCA) Reports 2012 Fourth Quarter Earnings of $3.1 Million or $0.14 Per Share

Kingold (KGJI) Signs $40.2M Gold Leasing Agreement with China Construction Bank

Agreement to Provide Growth Capital for Kingold’s Investment Gold Business

WUHAN CITY, China, Jan. 16, 2013 /PRNewswire/ — Kingold Jewelry, Inc. (NASDAQ: KGJI), (“Kingold” or the “Company”), one of China’s leading manufacturers and designers of high quality 24-karat gold jewelry, ornaments and investment-oriented products, today announced that the Company has signed a Gold Leasing Agreement (“Agreement”) with China Construction Bank’s (“CCB”) Wuhan Jiang’An branch.

The Agreement is similar to a revolving credit line, with CCB providing Kingold a reusable credit line of up to RMB250 million (approximately US$40.2 million); however, draw downs under the facility (and repayment thereunder) will be made in gold rather than currency. Gold loans under the facility will bear interest at a rate of approximately 6% p.a., with interest based on the actual weight of gold loaned under the facility (in grams), the price of gold (yuan/gram), in addition to the rate and number of days the gold was loaned under the facility. The initial line of credit is available until October 26, 2013. Because the market price of gold may fluctuate during the term of the Agreement, Kingold and CCB have agreed to a cap of 95% on the credit line based on the actual value of gold loans outstanding at any time under the credit facility.

Kingold anticipates utilizing this access to additional gold reserves to accelerate the turnover of capital and inventory, to further develop its 24K gold jewelry and investment gold business by expanding market share, as well as further improving its leading position in the 24k gold processing industry. Working capital shortages limited further development, caused some shortfall in production, and impacted the Company’s ability to meet increased demand from customers. This new Agreement with CCB, one of China’s leading commercial banks, is expected to allow the Company to gain additional gold and address its working capital needs.

Mr. Zhihong Jia, Chairman and CEO of Kingold Jewelry, Inc. stated, “The signing of this agreement with CCB is strategically important for Kingold’s development as it provides our company with a new source of gold and eases pressure on cash flow, which accelerates our ability to seize market opportunities in China’s booming 24K gold consumer goods market. We believe this innovative gold credit line from CCB will certainly elevate our 24K gold jewelry business and assist us in taking our emerging investment gold business to the next level.”

Chairman Jia continued, “We are honored to be partnering with China Construction Bank’s Wuhan Jiang’An branch and look forward to utilizing the leased gold to maximize its economic benefit by producing high quality 24K gold products and continuously delivering returns to Kingold’s shareholders and business partners.”

About Kingold Jewelry, Inc.

Kingold Jewelry, Inc. (NASDAQ: KGJI), centrally located in Wuhan City, China’s fourth largest city, was founded in 2002 and today is one of China’s leading designers and manufacturers of 24-karat gold jewelry, ornaments and investment-oriented products. The Company sells both directly to retailers as well as through major distributors across China. Kingold has received numerous industry awards and has been a member of the Shanghai Gold Exchange since 2003. For more information, please visit www.kingoldjewelry.com.

Business Risks and Forward-Looking Statements

This press release contains forward-looking statements that are subject to the safe harbors created under the Securities Act of 1933 and the Securities Exchange Act of 1934. These include statements regarding accelerating the turnover of capital and inventory, developing the  24K gold jewelry and investment gold business, improving its position in the 24k gold processing industry, improving its working capital requirements, seizing market opportunities in the 24k gold consumer goods market and development and expansion of the investment gold business. Readers are cautioned that actual results could differ materially from those expressed in any forward-looking statements. In addition, please refer to the risk factors contained in Kingold’s SEC filings available at www.sec.gov, including Kingold’s most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date on which they are made. Kingold undertakes no obligation to update or revise any forward-looking statements for any reason.

Company Contact

Kingold Jewelry, Inc.
Bin Liu, CFO
Phone: +1-847-660-3498 (US) / +86-27-6569-4977 (China)
Email: bl@kingoldjewelry.com

INVESTOR RELATIONS

The Equity Group Inc.
Adam Prior, Vice President
(212) 836-9606
aprior@equityny.com

Katherine Yao, Account Associate
+86 10-6587-6435
kyao@equityny.com

Wednesday, January 16th, 2013 Uncategorized Comments Off on Kingold (KGJI) Signs $40.2M Gold Leasing Agreement with China Construction Bank

Net Element (NETE) TOT Money gets Voluntary Increase of 100 million Rubles

Net Element International (NASDAQ: NETE) a technology driven group in mobile commerce and payment processing, as well as in entertainment and culture Internet destinations in Russia and other emerging markets, announced that it has received additional capital of 100 million rubles from Alfa-Bank, Russia’s largest private bank. This credit facility was extended to TOT Money, Net Element’s mobile payment processing company, and is in addition to 300 million rubles (approximately $9.5 million) that Alfa-Bank extended to Net Element in September 2012 to support the company’s growth and operations.

Alfa-Bank voluntarily increased this credit limit on the factoring facility after endorsing the increase in business volume across TOT Money’s platform. The added working capital will allow for Net Element to continually expand its business.

“We have seen how TOT Money successfully continues to capitalize in their mobile commerce and payment processing initiatives in a short period of time and decided to grant them additional funds to increase their funding capacity,” said Ilina Polina, director of business development at Alfa-Bank. She continued: “In particular, the volume of business conducted at TOT Money continues to grow and surpass the needs and expectations of its clients.”

This additional working capital will aid in accelerating TOT Money’s strategic and financial initiatives.

About Net Element (NASDAQ: NETE)

Net Element International (NASDAQ: NETE) is a technology-driven company that operates in mobile commerce and payment processing, as well as entertainment and culture Internet destinations in Russia and other emerging markets. For more information, visit www.NetElement.com.

About Alfa-Bank

Founded in 1990, Alfa-Bank is Russia’s largest private bank in terms of total assets, total equity, customer accounts and loan portfolio. The full-service bank operates in most sectors of the financial market, including retail and corporate lending, investment banking, trade finance and asset management. According to its audited IFRS financial statements for the full year 2011, the Alfa Banking Group, which comprises OJSC Alfa-Bank as well as its subsidiary banks and financial companies, had total assets of $31.4 billion, gross loans of $23.2 billion, and total equity of $3.4 billion. Net profit after tax for 2011 amounted to $641 million. The Alfa Banking Group’s corporate and retail client base has grown considerably during the past several years. As of January 2012, Alfa-Bank Group serves approximately 55,800 corporate and 6.3 million retail customers, while the branch network consists of 465 offices across Russia and abroad, including a subsidiary bank in the Netherlands and financial subsidiaries in the United States, the United Kingdom and Cyprus. For more information, visit www.alfabank.com.

Tuesday, January 15th, 2013 Uncategorized Comments Off on Net Element (NETE) TOT Money gets Voluntary Increase of 100 million Rubles

G-Net (RSYS) Deploys Radisys Integrated Conferencing Solution

Radisys® Corporation (NASDAQ:RSYS), a leading provider of embedded wireless infrastructure solutions announced today that G-NET Integrated Services Co. Ltd has deployed an integrated Radisys conferencing solution. G-NET, a Beijing-based conferencing service provider (CSP), deployed the Radisys platform because it provides the economics, flexibility and advanced features required to offer next-generation collaboration capabilities to the growing Chinese conferencing market.

Radisys is honored to have been deployed by G-NET for its ongoing conferencing service expansion plans into the emerging Asian conferencing market,” said Amit Agarwal, vice president and general manager, Software and Solutions, Radisys. “Radisys is a leading supplier of VoIP audio conferencing solutions to many of the world’s leading CSPs that have deployed and networked together our products around the globe to service their international conferencing customers, including Asia. This G-NET deployment marks the strategic expansion of Radisys conferencing solutions with a CSP headquartered in, and focused on, building and growing the conferencing market in China. By coupling Radisys software and hardware into an integrated platform, G-NET has selected a compelling, IP-based architecture that provides the scalability, reliability, features and cost-efficiencies needed to compete and thrive in both existing and emerging conferencing markets.”

Like many leading CSPs, G-NET must balance demand for international conferencing services with the increased competition that is pushing down price points. By combining Radisys SIPware™ and media servers into one VoIP collaboration platform, G-NET can provide next-generation service offerings to its customers that help them provide high-value conferencing services, while reducing operating costs using a cost-effective architecture. The G-NET deployment also includes Radisys Voice Quality Enhancement (VQE) capabilities, which uniquely combines VoIP conference mixing with integrated VQE features, including acoustic echo cancellation, noise reduction and packet loss concealment. The Radisys SIPware solution with integrated VQE positions G-NET to offer its customers a differentiated, high-quality end-user conferencing experience.

“G-NET selected a Radisys conferencing solution as it offered an overall improved total cost of ownership, innovative and award-winning conferencing features and enhanced deployment flexibility,” said Chen Xue Jun, CEO of G-NET. “As the adoption of conferencing services in Asia is still very much in its infancy, G-NET sees immense opportunity in being an early innovator of collaboration tools. This Radisys solution enables us to present the best possible conferencing service offerings to our customers.”

The Radisys Next-Generation Integrated Conferencing Solution

For CSPs looking for complete turn-key audio conferencing solutions, Radisys offers the SIPware audio conferencing solution, which is pre-integrated with Radisys media servers. This pre-integrated solution enables CSPs to deliver high-quality, feature-rich services, with the ability to efficiently scale to very large configurations. Radisys’ integrated conferencing solution also provides the following capabilities:

  • Supports existing TDM-based endpoints, with emerging IP-based devices using a common IP-based conferencing solution.
  • Delivers feature-rich event conferencing and reservationless conferencing with web and MS Outlook integration, conference recording, Internet broadcast and other IP-based enhancements.
  • Enables rapid and cost-effective customization of services to meet CSPs’ needs, including the addition of new languages and features.
  • Increases port density and reduces overall footprint.
  • Reduces backhaul costs for long distance conferencing services using cascaded conferencing feature.
  • Provides high quality VoIP audio through Voice Quality Enhancement (VQE) capabilities.
  • Enhances flexibility to rapidly add new services and call flow models using the SIPware Service Creation Environment.

For more information about Radisys’ integrated conferencing solutions, visit the Radisys Conferencing Solutions webpage, contact info@radisys.com or call 800-950-0044.

About G-NET

G-NET is the leading conferencing service provider in China and currently serves more than 2,000 enterprise customers across all industry sectors. G-NET is unique by being the only professional world-class conferencing service in China that provides a full portfolio of audio, web, and video conferencing services in the Chinese marketplace. For more information, please call Ms. Keke (Coco) Shi at +8610 59933400, send email to service@quanshi.com, or visit the G-NET website at http://www.quanshi.com/en/.

About Radisys

Radisys (NASDAQ:RSYS) is a leading provider of embedded wireless infrastructure solutions for telecom, aerospace, defense and public safety applications. Radisys’ market-leading ATCA, IP Media Server and COM Express platforms coupled with world-renowned Trillium software, services and market expertise enable customers to bring high-value products and services to market faster with lower investment and risk. Radisys solutions are used in a wide variety of 3G & 4G / LTE mobile network applications including: Radio Access Networks (RAN) solutions from femtocells to picocells and macrocells, wireless core network applications, Deep Packet Inspection (DPI) and policy management; conferencing and media services including voice, video and data, as well as customized mobile network applications that support the aerospace, defense and public safety markets.

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Galectin Therapeutics (GALT) Appoints Industry Veteran Rex Horton

Galectin Therapeutics Inc. (NASDAQ: GALT), the leading developer of therapeutics that target galectin proteins to treat fibrosis and cancer, today announced the appointment of Rex Horton as Executive Director of Regulatory Affairs and Quality Assurance. Mr. Horton is an experienced industry professional with 20 years of management and leadership experience in global regulatory affairs matters including drugs, biologics and vaccines.

“Rex Horton has broad range of regulatory affairs and quality leadership experience that is directly relevant to Galectin Therapeutics development programs, with expertise spanning preclinical development through new drug approvals in diverse therapeutic areas, including gastroenterology,” said Peter G. Traber, MD, President, Chief Executive Officer and Chief Medical Officer of Galectin. “Rex joins us at an auspicious time in the Company’s history as we are poised to submit an IND for GR-MD-02 for treatment of non-alcoholic steatohepatitis (NASH) with fibrosis and expect to initiate a Phase 1 clinical trial early this year. I am therefore glad to welcome Rex to our team and expect that he will make significant contributions to Galectin Therapeutics as we continue to develop a treatment with the promise to effectively treat these common and deadly disorders.”

“I am extremely pleased to be joining Galectin Therapeutics at a pivotal stage in the development of its novel carbohydrate compounds for the treatment of fibrotic disease and cancer,” added Mr. Horton. “The Company has extensive scientific and development expertise within its organization, and I am impressed by the balanced strategic vision of the leadership team, which has a clear long-term focus on developing galectin inhibitors for these serious and life-threatening indications where significant unmet medical needs still exist.”

Mr. Horton most recently was Director of Regulatory Affairs at Chelsea Therapeutics, where he successfully led the organization through its first NDA filing and favorable FDA Advisory Committee Meeting. In past leadership roles at Solvay Pharmaceuticals and Abbott Laboratories, he led approval efforts for key products including Androgel® Stickpack, Creon® Capsules and Luvox® CR Capsules. He has also provided chemistry, manufacturing and controls (CMC) regulatory leadership and support of INDs and NDAs, including Estrogel® and Androgel® Pump. Mr. Horton was a member of the executive leadership team that successfully implemented solutions to significant regulatory issues encountered by Solvay in its interactions with the FDA.

Mr. Horton earned his Bachelor’s degree in industrial/manufacturing & systems engineering from The Georgia Institute of Technology. He is a member of the Regulatory Affairs Professional Society (RAPS), Drug Information Association (DIA) and American Association of Pharmaceutical Scientists (AAPS).

About Galectin Therapeutics

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

AndroGel® and Creon® are registered trademarks of Abbott Laboratories (formerly Solvay Pharmaceuticals). Luvox® CR is a registered trademark of Abbot Products, Inc. EstroGel® is a registered trademark of Merck Canada Inc.

Forward Looking Statements

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

Tuesday, January 15th, 2013 Uncategorized Comments Off on Galectin Therapeutics (GALT) Appoints Industry Veteran Rex Horton

eGain (EGAN) Reports Positive Preliminary Revenue Results for the Q2 FY13

SUNNYVALE, CA — (Marketwire) — 01/15/13 — eGain Corporation (NASDAQ: EGAN), a leading provider of cloud customer engagement solutions, today announced selected preliminary financial results for its fiscal 2013 second quarter ended December 31, 2012.

Fiscal Second Quarter Selected Preliminary Financial Results:

  • Total revenue for the second quarter is expected to exceed $14.5 million, an increase of approximately 33% sequentially and 35% year-over-year.
  • Cloud revenue for the second quarter is expected to exceed $4.3 million, an increase of approximately 15% sequentially and 65% year-over-year.
  • Total deferred revenue (which includes both deferred revenue on the balance sheet and unbilled deferred revenue that remains off balance sheet, collectively representing contractual commitments that have not been recognized as revenue) at December 31, 2012 is expected to increase to approximately $40.0 million, up approximately 21% sequentially from $33.0 million at September 30, 2012 and up approximately 110% from $19 million at December 31, 2011.
  • As of December 31, 2012, cash equivalents and restricted cash are expected to increase to $19.9 million, up from $11.4 million at September 30, 2012.
  • eGain is increasing its guidance for growth in annual cloud revenue for fiscal 2013 from 40% to at least 50%.

These results are based on preliminary information and are subject to change. The company plans to announce final second quarter fiscal 2013 results on February 5, 2013.

Ashu Roy, Chairman and CEO, and Eric Smit, CFO, will present at the Needham & Company 15th Annual Growth Conference today, January 15, 2013, at 4:50 p.m. Eastern Time.

A live audio webcast will be available on the Investor Relations section of eGain’s website at www.egain.com. A replay of the webcast will be made available for 90 days following the event.

Conference Details:

  • Needham & Company 15th Annual Growth Conference
  • January 15-17, 2013
  • The New York Palace Hotel in New York City
  • More information can be found at http://www.needhamco.com.

About eGain
eGain (NASDAQ: EGAN) is a leading provider of cloud customer engagement solutions. Trusted by leading brands, eGain solutions help design and deliver smart, connected customer journeys across social, mobile, web, and contact centers.

Headquartered in Sunnyvale, California, eGain has operating presence in North America, EMEA, and APAC. To learn more about us, visit www.eGain.com or call the company’s offices: +1-800-821-4358 (US), +44-(0)-1753-464646 (EMEA), or +91-(0)-20-6608-9200 (APAC).

Cautionary Note Regarding Forward-Looking Statements –
All statements in this release that involve eGain’s forecasts (including the above stated guidance), beliefs, projections, expectations, including but not limited to our financial performance and guidance, the anticipated growth of our business, market trends, plans to invest in our business and expectations regarding the market acceptance of our products, are forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements, which are based on information available to eGain at the time of this release, are not guarantees of future results; rather, they are subject to risks and uncertainties that may cause actual results to differ materially from those set forth in this release. These risks include, but are not limited to, the uncertainty of demand for eGain products, including our guidance regarding bookings and revenue and mix of new license and cloud contracts; our expectations related to our operations; our ability to invest resources to improve our products and continue to innovate; our partnerships; our future markets; and other risks detailed from time to time in eGain’s filings with the Securities and Exchange Commission, including eGain’s annual report on Form 10-K filed on September 25, 2012, and eGain’s quarterly reports on Form 10-Q. eGain assumes no obligation to update these forward-looking statements.

Note: eGain is a registered trademark, and the other eGain product and service names appearing in this release are trademarks or service marks, of eGain Communications Corp. All other company names and products are trademarks or registered trademarks of their respective companies.

Company Contact:
Eric Smit
CFO
408-636-4455
iregain@eGain.com

Investor Relations:
Charles Messman or Todd Kehrli
MKR Group, Inc.
323-468-2300

Tuesday, January 15th, 2013 Uncategorized Comments Off on eGain (EGAN) Reports Positive Preliminary Revenue Results for the Q2 FY13

Intellicheck (IDN) Awarded Contract by Major U.S. Retail Chain to Deploy ID-Check

Intellicheck Mobilisa, Inc. (NYSE MKT: IDN), a global leader in identity solutions and wireless security systems, has been awarded a software license agreement by a major U.S. luxury specialty retail chain to deploy its ID-Check® verification software in the retailer’s stores nationwide.

During spring of 2013, ID-Check will be initially rolled out at a select number of the retailer’s stores that are currently equipped with the hardware required to integrate Intellicheck Mobilisa’s software, and will continue to roll out this technology nationwide over the next two years. ID-Check technology has proven its ability to enhance customer service by speeding the time of credit enrollment significantly, as many of Intellicheck Mobilisa’s Tier 1-Fortune 100, retail and top banking customers have experienced.

Dr. Nelson Ludlow, President and CEO of Intellicheck Mobilisa, said, “We are pleased to have our software solution chosen by such a prestigious retailer, and we are confident it will enhance their customers’ experience while bolstering security chainwide.”

About Intellicheck Mobilisa

Intellicheck Mobilisa is a leading technology company providing wireless technology and identity systems for various applications, including mobile and handheld access control and security systems for the government, military and commercial markets. Products include the Fugitive Finder system, an advanced ID card access control product currently protecting military bases and secure federal locations; ID Check, a patented technology that instantly reads, analyzes, and verifies encoded data in magnetic stripes and barcodes on government-issued IDs, designed to improve the Customer Experience for the financial, hospitality and retail sectors; and Aegeus, a wireless security buoy system for the government, military and oil industry. For more information on Intellicheck Mobilisa, please visit www.icmobil.com.

Safe Harbor Statement

Certain statements in this press release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. When used in this press release, words such as “will,” “believe,” “expect,” “anticipate,” “encouraged,” and similar expressions, as they relate to the company or its management, as well as assumptions made by and information currently available to the company’s management identify forward-looking statements. Actual results may differ materially from the information presented here. Additional information concerning forward-looking statements is contained under the heading of risk factors listed from time to time in the company’s filings with the SEC. We do not assume any obligation to update the forward-looking information.

Monday, January 14th, 2013 Uncategorized Comments Off on Intellicheck (IDN) Awarded Contract by Major U.S. Retail Chain to Deploy ID-Check

SoundBite Announces Preliminary Q4 and Year End 2012 Financial Results

Exceeds Guidance for Revenue and Non-GAAP Operating Income Driven by Strength in Mobile and Voice Channels

BEDFORD, Mass., Jan. 14, 2013 (GLOBE NEWSWIRE) — SoundBite Communications, Inc. (Nasdaq:SDBT), a provider of customer experience management solutions, today announced preliminary unaudited financial results for the fourth quarter and the year ended December 31, 2012.

Based on currently available information, the Company expects to report fourth quarter revenue, computed in accordance with U.S. generally accepted accounting principles (GAAP), of at least $13.6 million, a 13% increase over the fourth quarter of 2011 and the highest revenue quarter in the Company’s history. This compares to the previously guided range of $12.3 million to $13.1 million for the fourth quarter of 2012, and $12.0 million in the year ago period. GAAP operating income for the fourth quarter of 2012 is expected to have been at least $250,000, compared to $397,000 in the year ago period.

In addition, the Company anticipates non-GAAP operating income to have been at least $1.0 million, exceeding the Company’s previously guided range of breakeven to $500,000. In computing the preliminary non-GAAP operating income for the fourth quarter, the Company excluded the following estimated amounts:  amortization of intangibles of $400,000, stock based compensation of $300,000 and a present value adjustment of contingent consideration related to the SmartReply earn-out of approximately $40,000.

On a full year basis, the Company anticipates revenues of at least $47.8 million.  This preliminary result is a 15% increase over the $41.7 million for the full year of 2011. The GAAP operating loss is expected to be approximately $3.0 million, compared to $2.4 million in 2011.

“SoundBite continued to see momentum in its business, driven by a seasonally strong performance in our mobile marketing business and increased demand in our hosted contact center business during the fourth quarter. We are very pleased with these preliminary record revenue results, as well as other significant business events such as the positive FCC ruling and dismissal of one of our class action suits in the fourth quarter. The FCC ruling further validates SoundBite’s leadership position and delivers clarity to our clients and the industry,” stated Jim Milton, president and CEO of SoundBite Communications. “In addition, based on the growing confidence in our business and in an effort to return value to our shareholders, we delivered a special one-time dividend in December of $0.50 per share. These significant business events and the successes we are having in transforming our business – growing  revenue, attaining sustainable profitability, and removing a great deal of these regulatory headwinds – set a solid foundation for us to build on as we enter 2013.”

Fourth Quarter and Full Year Financial Results

The anticipated unaudited results in this press release are based on management’s preliminary analysis of revenue and GAAP operating income for the fourth quarter and year ended December 31, 2012.

Non-GAAP Measures

To supplement its statements of operations information presented in accordance with GAAP, SoundBite uses non-GAAP measures for operating income. SoundBite believes the presentation of this non-GAAP financial measure enhances investors’ overall understanding of SoundBite’s historical financial performance. The presentation of non-GAAP operating income is not meant to be considered in isolation or as a substitute for SoundBite’s financial results prepared in accordance with GAAP and SoundBite’s non-GAAP financial measures may be different from non-GAAP financial measures used by other companies.

About SoundBite Communications

SoundBite Communications is a customer experience management company with deep expertise in delivering cloud-based mobile marketing, proactive customer care, and collections/payments solutions. More than 450 global end-clients, including nearly 50 Fortune 500 companies, leverage SoundBite’s proactive multi-channel communications and preference management platforms to power 2.5 billion personalized and compliant customer interactions annually across the full consumer lifecycle. Visit SoundBite.com and follow SoundBite on Twitter for more information.

The SoundBite Communications, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=4393

Forward-Looking Statement

This is a “safe harbor” statement under the Private Securities Litigation Reform Act of 1995. The statements regarding operating results for the fourth quarter of 2012 contained in the second through fifth paragraphs of this press release are forward looking and are based upon SoundBite’s historical performance and its current plans, estimates and expectations. The inclusion of this forward-looking information should not be regarded as a representation by SoundBite, its management or any other person that the future plans, estimates or expectations contemplated by SoundBite will be achieved. These forward-looking statements represent SoundBite’s expectations as of the date of this press release. Subsequent events may cause these expectations to change and SoundBite disclaims any obligation to update the forward-looking statements in the future. Matters subject to forward-looking statements involve known and unknown risks and uncertainties, including: slower than anticipated development of the market for automated voice messaging services; defects in SoundBite’s platform; disruptions in its service or errors in its execution; discontinued or decreased use of SoundBite’s service by its clients, which are not subject to minimum purchase requirements for any reason, including market conditions and regulatory developments; and the occurrence of events adversely affecting the collection agencies industry or in-house collection departments, which account for a significant portion of SoundBite’s revenues. These and other factors, including the factors set forth under the caption “Item 1A. Risk Factors” of Part I in SoundBite’s most recent quarterly report on Form 10-Q filed with the Securities and Exchange Commission, could cause SoundBite’s performance or achievements to be materially different from those expressed or implied by the forward-looking statements.

SoundBite is a registered service mark of SoundBite Communications, Inc.

(SDBT-F, G)

CONTACT: Investor Contacts:
         Lynn Ricci
         SoundBite Communications
         +1 781 897 2696
         lricci@SoundBite.com

SoundBite Communications

Monday, January 14th, 2013 Uncategorized Comments Off on SoundBite Announces Preliminary Q4 and Year End 2012 Financial Results
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