Archive for February, 2013

Antares Pharma (ATRS) Announces FDA Acceptance of New Drug Application for OTREXUP™

Antares Pharma, Inc. (NASDAQ: ATRS) today announced that the New Drug Application (NDA) for OTREXUP™, a potential new product for the subcutaneous delivery of methotrexate (MTX) using Medi-Jet™ technology, has been accepted by the U.S. Food and Drug Administration (FDA) indicating that the application is sufficiently complete to permit a substantive review. OTREXUP is being developed for self-administration of MTX to enhance the treatment of rheumatoid arthritis (RA), poly-articular-course juvenile RA and psoriasis.

The FDA has assigned a Prescription Drug User Fee Act (PDUFA) date of October 14, 2013, ten months from the official NDA filing. The PDUFA date is the target date for the FDA to complete its review of the NDA.

“The FDA’s acceptance of the OTREXUP NDA is an important start to the review process and a significant milestone for our shareholders,” said Paul K. Wotton Ph.D., President and Chief Executive Officer. “We look forward to working closely with the FDA during their review of the application.”

About Medi-Jet and Methotrexate

Medi-Jet is a proprietary parenteral drug delivery system protected by several issued and pending patents. Medi-Jet is designed to enable patients to quickly and easily self-administer a drug subcutaneously or intramuscularly, reliably and comfortably while also enhancing safety with an integrated, shielded needle that protects against accidental needle stick and drug exposure. Medi-Jet is a trademark of Antares Pharma.

Methotrexate is a commonly prescribed disease-modifying anti-rheumatic drug (DMARD), for the treatment of RA, used in a majority of patients either on its own or in combination with biological therapies.

About Antares Pharma

Antares Pharma focuses on self-administered parenteral pharmaceutical products and topical gel-based medicines. The Company is developing OTREXUP™, a combination product for the delivery of methotrexate using Medi-Jet™ technology for the treatment of rheumatoid arthritis, poly-articular-course juvenile rheumatoid arthritis and psoriasis, as well as VIBEX™ QS T for testosterone replacement therapy. The Company’s technology platforms include VIBEX™ disposable Medi-Jet™, disposable multi-use pen injectors and Vision™ reusable needle-free injectors marketed as Tjet® and Zomajet® by Teva Pharmaceutical Industries, Ltd (Teva) and Ferring Pharmaceuticals (Ferring), respectively. Antares Pharma has a multi-product deal with Teva that includes Tev-Tropin® human growth hormone (hGH), VIBEX™ epinephrine and several other products. Antares Pharma’s partnership with Ferring includes Zomacton® hGH. In the U.S. Antares has received FDA approval for Gelnique 3%™, a treatment for overactive bladder that is marketed by Actavis. Elestrin® (estradiol gel) is FDA approved for the treatment of moderate-to-severe vasomotor symptoms associated with menopause, and is marketed in the U.S. by Meda Pharma. Antares Pharma has two facilities in the U.S. The Parenteral Products Group located in Minneapolis, Minnesota directs the manufacturing and marketing of the Company’s reusable needle-free injection devices and related disposables, and develops its disposable pressure-assisted Medi-Jet and pen injector systems. The Company’s corporate office and Product Development Group is located in Ewing, New Jersey.

Forward-Looking Statement

This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are indicated by the words “may,” “will,” “plans,” “intends,” “believes,” “expects,” “anticipates,” “potential,” “could,” “would,” “should,” and similar expressions. Such forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties that may cause actual results to differ materially from those anticipated by the forward-looking statements. These risks and uncertainties include, among others, changes in revenue growth and difficulties or delays in the initiation, progress, or completion of product development. Additional information concerning these and other factors that may cause actual results to differ materially from those anticipated in the forward-looking statements is contained in the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the year ended December 31, 2011, and in the Company’s other periodic reports and filings with the Securities and Exchange Commission. The Company cautions investors not to place undue reliance on the forward-looking statements contained in this press release. All forward-looking statements are based on information currently available to the Company on the date hereof, and the Company undertakes no obligation to revise or update these forward-looking statements to reflect events or circumstances after the date of this press release, except as required by law.

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Mitel (MITL) Completes Refinancing of Credit Facilities

Utilizes Surplus Cash to Reduce Debt

OTTAWA, Feb. 27, 2013 (GLOBE NEWSWIRE) — Mitel® (Nasdaq:MITL) (TSX:MNW), a leading provider of cloud and premises-based unified communications and collaboration (UCC) solutions, today announced the Company has completed the refinancing of its first and second lien credit facilities with $320 million in new senior secured credit facilities. Bank of America Merrill Lynch, RBC Capital Markets, and MerchCap Solutions were Joint Lead Arrangers and Joint Book-Running Managers on the transactions.

“We are pleased to have secured new credit facilities on favorable terms, enhancing our operating flexibility,” said Steve Spooner, Chief Financial Officer, Mitel. “In line with our previously announced intentions, we took advantage of the company’s strong cash position to reduce our overall debt, further strengthening our financial position.”

The new credit facilities consist of an undrawn $40 million first lien revolving credit facility maturing in February 2018, a $200 million first lien term loan maturing in February 2019 and an $80 million second lien term loan maturing in February 2020. The undrawn $40 million first lien revolving credit facility is priced at LIBOR, plus 5.75%. The $200 million term loan facility is priced at LIBOR, plus 5.75% with a LIBOR floor of 1.25%. The $80 million term loan facility is priced at LIBOR, plus 9.75%, with a LIBOR floor of 1.25%.

Proceeds from the new credit facilities, along with approximately $35 million in cash, were used to repay the $304 million outstanding under the existing credit facilities, as well as fees and expenses related to the transactions.

About Mitel

Mitel® (Nasdaq:MITL) (TSX:MNW) is a global provider of unified communications and collaboration (UCC) software, solutions and services that enable organizations to conduct business anywhere, over any medium with the device of their choice. Through a single cloud-ready software stream, Mitel’s Freedom architecture provides customers in over 100 countries the flexibility and simplicity needed to support today’s dynamic work environment. For more information visit www.mitel.com.

The Mitel Networks Corporation logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=8599

Mitel and the Mitel logo are registered trademarks of Mitel Networks Corporation.

All other trademarks are the property of their respective owners.

MITL-F

CONTACT: Amy MacLeod (media)
         613-592-2122 x71245
         amy_macleod@mitel.com

         Malcolm Brown (industry analysts)
         613-592-2122 x71246
         malcolm_brown@mitel.com

         Cynthia Hiponia and Alice Kousoum (investor relations)
         613-592-2122 x71997
         investorrelations@mitel.com

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FAB Universal (FU) Announces Strong Podcast Network Growth

FAB Universal (NYSE MKT:FU), a worldwide distributor of digital entertainment today announced podcast download requests topped 1.6 billion for 2013 (or well over 2 billion adjusted for new algorithmic process improvements implemented in 2011 and 2012), achieving an all-time high in the fourth quarter of 2012. This new milestone marks nearly 5 million audience requests for podcast shows each and every day on the Libsyn Network, representing 1.7 million hours of daily content distributed in 240 countries around the world.

Unique monthly audience members continued to grow to over 25 million individuals at the beginning of 2013, marking another milestone achievement. The Libsyn Network is now expected to reach over 60 million unique individuals in 2013.

Statistical algorithms were tweaked over the past two years with a shift in podcast consumption behavior to better account for requests from mobile devices. 50% of the podcast shows are now being distributed to mobile devices such as iPhones and iPads. A recent snapshot of media distribution shows that iOS devices (Apple) make up 84% of the mobile requests while Android accounts for 15%.

Lastly, network and audience milestones are being driven by the continued expansion of content by producers, which has also reached a new all-time high. Over 13,000 paying content publishers use the Libsyn Network for distribution and monetization services for over 1.1 million unique episodes. New account sign-ups and revenues are also at an all-time high with the addition of over 1,500 shows already in 2013.

“Revenue and network numbers are up across the Libsyn podcast business and we are excited that focus on expanding recurring revenues through hosting and monetization is paying off,” said Laurie Sims, President, Libsyn. “Steady growth in 2012 allowed us to reach new highs and proved that podcasting represents significant opportunities for revenue and audience expansion. We continue to exceed goals and enter 2013 with strong momentum to increase revenue as content, audience numbers and download requests grow. Libsyn remains the premier podcast distribution and monetization platform in the world and continues to demonstrate its dominance over all other podcast media distributors.”

About FAB Universal Corp:

FAB Universal Corp. is a global leader in digital media entertainment sales and distribution. FAB delivers media to its customers worldwide through Intelligent Kiosks, Retail Stores, Retail Franchises and online through Apple iTunes and Google Android through three business units: Digital Media Services, Retail Media Sales and Wholesale Media Distribution. We distribute billions of movie, music, podcast, TV show and other digital files to consumers in 240 countries. Sales of digital media are generated through kiosks networks, subscription sales for mobile devices, smartphone Apps and Netflix-like subscription models. In 2011, we distributed billions of downloads of copyrighted music, video games, ringtones, ebooks, movies and podcasts to over 50 million people worldwide through iPods, iPhones, iPads, iTunes, Blackberrys, Windows Phones, Androids and many other devices and destinations. We are a publicly held, Pittsburgh based company with thousands of shareholders and a world-class team. Visit us on the web at www.fabuniversal.com, email us at contact@fabuniversal.com.

Legal Notice

Legal Notice Regarding Forward-Looking Statements: “Forward-looking Statements” as defined in the Private Securities litigation Reform Act of 1995 may be included in this news release. These statements relate to future events or our future financial performance. These statements are only predictions and may differ materially from actual future results or events. We disclaim any intention or obligation to revise any forward-looking statements whether as a result of new information, future developments or otherwise. There are important risk factors that could cause actual results to differ from those contained in forward-looking statements, including, but not limited to risks associated with changes in general economic and business conditions, actions of our competitors, the extent to which we are able to develop new services and markets for our services, the time and expense involved in such development activities, the level of demand and market acceptance of our services, changes in our business strategies and acts of terror against the United States.

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USA Technologies (USAT) Expands Distribution Arm to $4.7 Billion U.S. Amusement Industry

USA Technologies, Inc. (NASDAQ: USAT) (“USAT”), a leader of wireless, cashless payment and M2M telemetry solutions for small-ticket, self-serve retailing industries and Betson Enterprises, a division of H. Betti Industries, Inc. (“Betson”), a leading worldwide distributor of coin-operated amusement and vending equipment, coin-operated parts and service, today announced a national distribution agreement designed to expand the use of cashless payment within the amusement industry.

Betson, with 12 distribution offices across the United States, represents the industry’s leading designers and manufacturers of amusement games. Subject to the terms of the three year agreement, Betson will serve as an authorized distributor of USAT’s ePort® for cashless payment and data reporting services, including exclusive use of USAT’s ePort Connect® service in conjunction with a customer’s ePort.

According to Vending Times’ 2012 Census based on 2011 data, the amusement vending industry, which includes categories such as video games, digital jukeboxes, electronic dart boards, ticket redemption arcade games and prize dispensing games, is a $4.67 billion industry with approximately 1 million machine locations.

“We are excited to be launching this new distribution relationship with USAT,” said Betson’s vice president of sales and business development, Jonathan Betti. “In our view, there is a tremendous amount of potential to improve business performance in the amusement industry by offering cashless payment. Similar to the way advances in technology and programming have altered the user experience and demographics in the amusement industry, we believe USAT’s cashless payment and data reporting can provide another powerful boost to the industry.

“The growing appeal of cashless payment alternatives and the data reporting element available through USAT’s ePort Connect service should support broader market appeal and greater returns for amusement operators,” added Betti. “Players of high-end prize redemption games, digital jukeboxes, simulators and high volume plush toy merchandisers (crane machines) are a great match for the convenience of cashless payment. No more wrestling with the bill acceptor or searching for more coins in your pocket. In addition, amusement operators can benefit from the increased play cashless should facilitate while also reducing the inherent costs of handling cash,” said Betti.

USAT’s ePort cashless payment system is supported by its one-stop ePort Connect service—a PCI-compliant, comprehensive suite of cashless payment, telemetry and consumer engagement services specially tailored to fit the needs of the unattended, small-ticket retailing industry. ePort Connect enables self-service terminals to accept credit, debit, contactless cards and other cashless forms of payment and includes all elements of transaction processing, 24 x 7 customer service and online tracking of cash and cashless transactions.

“Betson is the gold standard for distribution in the amusement industry,” said Michael Lawlor, USAT’s senior vice president of sales and business development. “We believe their reputation and nationwide reach will be a facilitator to our anticipated growth platform as we continue to extend our reach beyond traditional vending to new market segments in small-ticket, unattended retail. We look forward to working with Betson in this exciting new opportunity.”

Betson Enterprises

Betson Enterprises, headquartered in Carlstadt, New Jersey, is a division of H. Betti Industries. With 12 distribution offices nationwide, Betson Enterprises is the leading worldwide distributor of coin-operated amusement and vending equipment, OCS solutions, coin-operated parts, and service in the United States. Betson Enterprises, with over 75 years of experience and leadership in the coin-operated industry, offers entertainment and vending solutions for businesses through their strong relationships with the operator community. For more information on Betson Enterprises, visit www.betson.com, email us at info@betson.com or just call 1-800-524-2343.

About USA Technologies:

USA Technologies is a leader of wireless, cashless payment and M2M telemetry solutions for small-ticket, self-serve retailing industries. ePort Connect® is the company’s flagship service platform, a PCI-compliant, end-to-end suite of cashless payment and telemetry services specially tailored to fit the needs of the small ticket, self-service retail industries. USA Technologies also provides a broad line of cashless acceptance technologies including its NFC-ready ePort® G8, ePort Mobile™ for customers on the go, and QuickConnect™, an API Web service for developers. USA Technologies has been granted 84 patents; and has agreements with Verizon, Visa, Isis, Elavon and major customers such as Compass, Crane, AMI Entertainment and others. Visit the website at www.usatech.com.

Forward-looking Statements:

“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: All statements other than statements of historical fact included in this release, including without limitation anticipated growth and business strategy, are forward-looking statements. When used in this release, words such as “anticipate”, “believe”, “estimate”, “expect”, “intend”, and similar expressions, as they relate to USAT or its management, identify forward-looking statements. Such forward-looking statements are based on the beliefs of USAT’s management, as well as assumptions made by and information currently available to USAT’s management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors, including but not limited to whether USAT’s existing or anticipated customers purchase, rent or utilize ePort devices in the future at levels currently anticipated by USAT, including appropriate diversification resulting from sources other than our Jumpstart Program; the ability of USAT to retain key customers from whom a significant portion of its revenues is derived; whether USAT’s customers would continue to add additional connections to our network in the future at levels currently anticipated by USAT; the ability of USAT to compete with its competitors to obtain market share; whether USAT’s customers continue to utilize USAT’s transaction processing and related services, as our customer agreements are generally cancelable by the customer on thirty to sixty days’ notice; the ability of USAT to obtain widespread commercial acceptance of its products; the ability of USAT to raise funds in the future through the sales of securities in order to sustain its operations if an unexpected or unusual non-operational event would occur; and the incurrence by us of any unanticipated or unusual non-operational expenses, such as in connection with a proxy contest, which would require us to divert our cash resources from achieving our business plan. Readers are cautioned not to place undue reliance on these forward-looking statements. Any forward-looking statement made by us in this release speaks only as of the date of this release. Unless required by law, USAT does not undertake to release publicly any revisions to these forward-looking statements to reflect future events or circumstances or to reflect the occurrence of unanticipated events.

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Appliance Recycling Centers of America (ARCI) Reports Fourth Quarter and Annual 2012 Results

MINNEAPOLIS, Feb. 27, 2013 /PRNewswire/ — Appliance Recycling Centers of America, Inc. (NASDAQ: ARCI), a leading provider of appliance retailing and recycling services, today reported sales and operating results for the fourth quarter and year ended December 29, 2012.

Total revenues decreased 5% to $26.6 million versus $28.0 million for the fourth quarter of 2011. Overall, the Company reported a consolidated net loss of $2.1 million, or ($0.37) per diluted share, compared with breakeven results in the fourth quarter of 2011. During the fourth quarter, the Company’s joint venture, ARCA Advanced Processing, LLC (AAP) recorded a non-cash goodwill impairment charge of $1.1 million. The Company’s share of the goodwill impairment charge included in the consolidated net loss was $541,000 or ($0.10) per diluted share.

The Company is pleased to report that it has agreed in principle with PNC Bank, National Association (PNC) to a modification of its credit agreement that extends the credit agreement two years and waives the default caused by being out of compliance with two financial covenants. The modification to the credit agreement has been submitted for approval by PNC. The modified terms do not impact the total amount of available borrowing, include a resetting of the financial covenants and require a minimum EBITDA through 2013. The Company expects the agreement to be completed by mid-March.

“We appreciate PNC Bank’s confidence in our business and we’re very pleased to reach this important agreement, including extending our $15 million line of credit,” said Edward R. (Jack) Cameron, president and chief executive officer of ARCA, Inc. “Their supportive partnership better enables us to meet our strategic objectives and capitalize on future growth opportunities.”

Although retail store sales rebounded modestly in October, total retail store sales for the fourth quarter of 2012 declined 10% compared with the same period of 2011. Consumer anxiety about the election, economy and government spending cuts dampened demand. For fiscal 2012, total retail store revenues decreased 2.1% to $71.2 million. By comparison, industry shipments of the six primary appliances sold at ApplianceSmart decreased 2.3% for fiscal 2012 according to the Association of Home Appliance Manufacturers. For fiscal 2012, the Company’s retail stores generated an operating loss before corporate overhead of $0.7 million, a $2.4 million decline compared with fiscal 2011. During the fourth quarter of 2012, the Company recorded a $0.5 million non-cash inventory charge related to aged inventory. Also during the fourth quarter of 2012, the Company closed two underperforming stores in Georgia that resulted in a non-cash lease termination charge of $0.2 million. The Company is implementing strategies for addressing underperforming stores, from right-sizing showroom space to closure. The Company plans to close another one or two underperforming stores in 2013.

Recycling revenues, which are comprised of appliance recycling fees and appliance replacement program revenues, increased to $6.8 million in the fourth quarter of 2012 from $6.4 million in the same period of 2011. Replacement program revenues increased $1.8 million while appliance recycling fees declined $1.4 million. The Company reported a 36% increase in replacement units and a 25% decline in overall recycling volumes. The increase in replacement program revenues was partially offset by lower appliance recycling revenues, resulting in a $0.4 million improvement in operating profit. In January the Company announced recycling contract extensions into 2015 with two utilities – Southern California Edison and Ameren Missouri.

Byproduct revenues, excluding AAP and carbon offset sales, decreased to $1.6 million compared with $1.9 million in the fourth quarter of 2011. The decrease was a direct result of the 25% reduction in overall recycling volumes cited earlier coupled with a 16% decrease in scrap metal prices compared with the fourth quarter of 2011. During the fourth quarter of 2011, the Company, including AAP, recognized $0.4 million in carbon offset revenues by electing to destroy CFC refrigerants.

Despite ferrous scrap metal prices falling as much as 26% during the quarter, AAP revenues declined only 7% to $2.9 million compared with the fourth quarter of 2011. AAP’s operating loss for the fourth quarter of 2012, excluding the impact of the $1.1 million goodwill impairment charge, was $49,000 due primarily to lower ferrous scrap metal prices along with the accumulation of CFCs (chlorofluorocarbons) to be sold in the future.

By operating the only UNTHA Recycling Technology (URT) System in the United States, AAP is uniquely positioned for large-volume refrigerator recycling including the capture of ozone-depleting CFCs contained in the foam insulation. Since 2011, AAP’s URT system in Philadelphia has recycled over 150,000 refrigerators and freezers.

AAP and ARCA were pleased with the California Superior Court decision on January 25, 2013, rejecting a challenge to California’s cap and trade program for reducing greenhouse gases. Several other suits are pending, but the Environmental Defense Fund hailed this ruling as “a bright green light…for further investment” in pollution-reduction projects inside and outside California. Last week, California’s second auction of carbon-emissions allowances took place; prices rose 36% since the November 2012 auction. The ongoing accumulation of CFCs at both ARCA and AAP is significant; both companies expect to create carbon offsets through the destruction of CFCs throughout 2013 and derive revenues in the second half of 2013.

“The court’s decision removes a significant roadblock to California’s carbon offset market and indicates how momentum is growing regionally and globally for these markets,” Cameron noted. The value of the North American carbon market is expected to more than double during 2013 to $2.5 billion, according to Thomson Reuters Point Carbon. Bloomberg New Energy Finance states that trading activity in the world’s carbon markets has increased 25% annually since 2010.

“Our unique ability to capture CFCs from insulating foam benefits the environment by reducing greenhouse gas emissions and landfill waste, while also generating revenue for us. It’s a win-win all around,” said Brian Conners, president and chief operating officer of AAP.

Overall gross profit as a percentage of total revenues declined to 23% for the fourth quarter of 2012 compared with 29% during the same period of 2011. The decline in overall gross profit percentage was primarily the result of lower byproduct and carbon offset revenues along with the non-cash inventory charge cited earlier.

“After a challenging quarter and fiscal year, we have taken decisive steps to improve ARCA’s operational execution and profitability in 2013,” said Cameron. “Our strategic initiatives span all aspects of our business, including our retail stores, regional recycling centers, corporate office and AAP joint venture. We will be even more nimble this year, better able to capitalize on new opportunities and weather adversity. Our outlook remains positive, bolstered by confidence in the long-term synergies across our business units and some early signs of economic recovery indicated by the housing market.”

Last year ended with construction activity and home prices both rising, according to the National Association of Home Builders (NAHB); the latest NAHB confidence index is also near its highest level since May 2006. The Company expects the ripple effects of increased housing market activity to benefit appliance sales and related recycling volumes. During 2012, building permits for single-family homes rose 24%; multi-family housing permits climbed 53%.

“In recent months our retail operations have seen a significant increase in bid requests for multi-family housing projects, although these potential contracts take time to reach fruition,” Cameron noted. “We started this year with an improved inventory mix – more out-of-carton appliances and a strong product portfolio to suit a wide range of tastes and budgets.”

For the year ended December 29, 2012, total revenues decreased 10% to $114.3 million, compared with revenues of $126.7 million for the 2011 fiscal year. Overall, the Company reported a consolidated net loss of $3.9 million, or ($0.69) per diluted share, compared with a consolidated net income of $4.5 million, or $0.77 per diluted share, for the year ended December 31, 2011.

Liquidity and Capital Resources

Cash and cash equivalents as of December 29, 2012, were $3.2 million compared with $4.4 million as of December 31, 2011. As of December 29, 2012, the Company had $2.5 million of available borrowings under its revolving line of credit compared with $3.5 million as of December 31, 2011. Based on the agreement in principle with PNC for modification of the Company’s credit agreement, $1.8 million of borrowings have been classified as long-term obligations as of December 29, 2012. Net working capital of $7.6 million decreased $3.8 million as of December 29, 2012, compared with $11.4 million as of December 31, 2011. The decline was primarily the result of carrying $1.2 million less in cash, $1.3 million less appliance inventory and $1.2 million in lower receivables.

Conference Call Information

In conjunction with this release, Appliance Recycling Centers of America, Inc. will host a conference call tomorrow, February 28, 2013, at 10:00 a.m. CST. To participate in the conference call, please dial the following number ten minutes prior to the scheduled time: 1-800-671-7004. A replay of the conference call will be available on the Company’s website, www.ARCAInc.com, approximately 24-48 hours after the completion of the call.

About ARCA

ARCA’s three business components are uniquely positioned in the industry to work together to provide a full array of appliance-related services. ARCA Advanced Processing, LLC employs advanced technology to refine traditional appliance recycling techniques to achieve optimal revenue-generating and environmental benefits. ARCA is also the exclusive North American distributor for UNTHA Recycling Technology (URT), one of the world’s leading manufacturers of technologically advanced refrigerator recycling systems and recycling facilities for electrical household appliances and electronic scrap. ARCA’s regional centers process appliances at end of life to remove environmentally damaging substances and produce material byproducts for recycling for over 200 utilities in the U.S. and Canada. Nineteen Company-owned stores under the name ApplianceSmart, Inc.® sell new appliances directly to consumers and provide affordable ENERGY STAR® options for energy efficiency appliance replacement programs.

This press release contains statements that are forward-looking statements as defined within the Private Securities Litigation Reform Act of 1995, including statements regarding ARCA’s future success. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the statements made, including the risks associated with general economic conditions, competition in the retail and recycling industries and regulatory risks. Other factors that could cause operating and financial results to differ are described in ARCA’s periodic reports filed with the Securities and Exchange Commission. Other risks may be detailed from time to time in reports to be filed with the SEC.

APPLIANCE RECYCLING CENTERS OF AMERICA, INC.

CONSOLIDATED BALANCE SHEETS

(In Thousands)

December 29,
2012

December 31,

2011

ASSETS

(unaudited)

Current assets:

Cash and cash equivalents

$            3,174

$            4,401

Accounts receivable, net of allowance of $8 and $18, respectively

6,256

7,445

Inventories, net of reserves of $682 and $85, respectively

17,274

18,456

Income taxes receivable

522

392

Other current assets

1,332

1,028

Deferred income tax assets

173

Total current assets

28,558

31,895

Property and equipment, net

12,248

12,535

Goodwill

38

1,120

Other assets

935

1,232

Deferred income taxes assets

25

27

Total assets (a)

$          41,804

$          46,809

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current liabilities:

Accounts payable

$            4,957

$            4,323

Accrued expenses

4,310

4,453

Line of credit

10,559

10,685

Current maturities of long-term obligations (b)

955

989

Deferred income tax liabilities

146

Total current liabilities

20,927

20,450

Long-term obligations, less current maturities (b)

6,357

7,251

Deferred gain, net of current portion

365

853

Deferred income tax liabilities

921

875

Total liabilities (a)

28,570

29,429

Commitments and contingencies

Shareholders’ equity:

Common Stock, no par value; 10,000 shares authorized; issued and outstanding: 5,556 shares and 5,527 shares, respectively

20,577

20,338

Accumulated deficit

(8,649)

(4,797)

Accumulated other comprehensive loss

(290)

(361)

Total shareholders’ equity

11,638

15,180

Noncontrolling interest

1,596

2,200

13,234

17,380

Total liabilities and shareholders’ equity

$          41,804

$          46,809

(a)

Assets of ARCA Advanced Processing, LLC (AAP), ARCA’s consolidated variable interest entity (VIE), that can only be used to settle obligations of AAP were $10,045 and $11,771 as of December 29, 2012, and December 31, 2011, respectively. Liabilities of AAP for which creditors do not have recourse to the general credit of Appliance Recycling Centers of America, Inc. were $1,948 and $2,186 as of December 29, 2012, and December 31, 2011, respectively.

(b)

Based on the agreement in principle with PNC Bank, National Association (PNC) for modification of the Company’s credit agreement, $1,785 of borrowings have been classified as long-term obligations as of December 29, 2012.

APPLIANCE RECYCLING CENTERS OF AMERICA, INC.

UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(In Thousands, Except Per Share Amounts)

Three Months Ended

Year Ended

December 29,

2012

December 31,

2011

December 29,

2012

December 31,

2011

Revenues:

Retail

$      15,228

$     16,424

$       71,234

$     72,773

Recycling

6,845

6,362

25,280

33,062

Byproduct

4,490

5,209

17,799

20,834

Total revenues

26,563

27,995

114,313

126,669

Costs of revenues

20,514

19,987

86,358

89,934

Gross profit

6,049

8,008

27,955

36,735

Selling, general and administrative expenses

7,346

7,473

30,095

29,491

Impairment charge

1,082

1,082

Operating income (loss)

(2,379)

535

(3,222)

7,244

Other expense:

Interest expense, net

(307)

(253)

(1,139)

(1,133)

Other income (expense), net

10

(4)

(12)

(22)

Income (loss) before income taxes and noncontrolling interest

(2,676)

278

(4,373)

6,089

Provision for (benefit of) income taxes

(7)

75

83

1,367

Net income (loss)

(2,669)

203

(4,456)

4,722

Net loss (income) attributable to noncontrolling interest

606

(200)

604

(261)

Net income (loss) attributable to controlling interest

$     (2,063)

$             3

$       (3,852)

$        4,461

Income (loss) per common share:

Basic

$       (0.37)

$              –

$         (0.69)

$         0.81

Diluted

$       (0.37)

$              –

$         (0.69)

$         0.77

Weighted average common shares outstanding:

Basic

5,556

5,510

5,551

5,493

Diluted

5,556

5,876

5,551

5,809

Net income (loss)

$     (2,669)

$         203

$        (4,456)

$       4,722

Other comprehensive income (loss), net of tax:

Effect of foreign currency translation adjustments

(38)

53

71

(87)

Total other comprehensive income (loss), net of tax

(38)

53

71

(87)

Comprehensive income (loss)

(2,707)

256

(4,385)

4,635

Comprehensive loss (income) attributable to noncontrolling interest

606

(200)

604

(261)

Comprehensive income (loss) attributable to controlling interest

$     (2,101)

$           56

$        (3,781)

$       4,374

Wednesday, February 27th, 2013 Uncategorized Comments Off on Appliance Recycling Centers of America (ARCI) Reports Fourth Quarter and Annual 2012 Results

Vicon (AMEX) Chairman and CEO Announces Retirement

Vicon Industries, Inc. (VII: NYSE-AMEX), a designer and producer of enterprise class video security and surveillance systems, today announced that Kenneth M. Darby has informed the Board of Directors of his decision to retire as Chief Executive Officer and President no later than December 31, 2013. Mr. Darby, 67, will continue to serve in his current capacity, until a successor is named and the CEO transition is complete.

The Board has formed a search committee and has retained The Onstott Group, an executive recruiting firm, to assist in the CEO selection process of both internal and external candidates. “For 35 years Ken has provided a unique and extraordinary contribution to Vicon’s growth and success. As CEO and President over the past 22 years, his leadership, integrity and dedication to the Company, shareholders, customers and staff has served as an inspiration to many. We are fortunate that Ken has agreed to stay on after December to serve as Chairman of the Board of Directors. His guidance during this coming transition period will be invaluable,” said Bernard F. Reynolds, Search Committee Chairman, on behalf of the Board of Directors.

Vicon develops video management software and also designs, assembles, and markets cameras, network video servers/recorders, encoders and storage medium. Vicon products are used in video system applications principally for security, surveillance, safety and communication purposes by a broad group of end users worldwide.

This news release contains forward-looking statements that involve risks and uncertainties. Statements that are not historical facts, including statements about the adequacy of reserves, estimated costs, Company intentions, probabilities, beliefs, prospects and strategies and its expectations about expansion into new markets, growth in existing markets, enhanced operating margins or growth in its business, are forward-looking statements that involve risks and uncertainties. Actual results and events may differ significantly from those discussed in the forward-looking statements and the Company undertakes no obligation to publicly update or revise any forward-looking statements.

Wednesday, February 27th, 2013 Uncategorized Comments Off on Vicon (AMEX) Chairman and CEO Announces Retirement

Meru Networks (MERU) Announces Pricing of Public Offering of Common Stock

SUNNYVALE, Calif., Feb. 27, 2013 /PRNewswire/ — Meru Networks, Inc. (NASDAQ: MERU) today announced the pricing of an underwritten public offering of 3,000,000 shares of its common stock at a purchase price of $4.00 per share.  Gross proceeds, before deducting the underwriting discounts and commissions and offering expenses payable by Meru, are expected to be approximately $12 million.  The offering is expected to close on or about March 4, 2013, subject to satisfaction of customary closing conditions.  Meru has granted the underwriter a 30-day option to purchase up to 450,000 additional shares of common stock to cover overallotments, if any.  Directors and executive officers of Meru Networks will purchase shares from the underwriters at the public offering price.

(Logo: http://photos.prnewswire.com/prnh/20100621/SF23611LOGO)

William Blair & Company, L.L.C. is acting as the sole book-running manager of the public offering.

The offering is being made to purchasers pursuant to an effective shelf registration statement that was previously filed with the Securities and Exchange Commission, or SEC.  A preliminary prospectus supplement relating to the offering has been filed with the SEC and a final prospectus relating to the offering will be filed with the SEC.  Copies of the final prospectus supplement and accompanying prospectus, when available, may be obtained by contacting William Blair & Company, L.L.C. at 222 West Adams Street, Chicago, IL 60606, Attention: Prospectus Department, by telephone at (800) 621-0687 or by email at prospectus@williamblair.com.  Electronic copies of the final prospectus supplement and accompanying prospectus will also be available on the website of the SEC at http://www.sec.gov.

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

About Meru Networks

Meru Networks (NASDAQ: MERU) designs, develops, and distributes virtualized wireless LAN solutions that provide enterprises with the performance, reliability, predictability and operational simplicity of a wired network with the advantages of mobility.  Meru Networks eliminates the deficiencies of multichannel, client-controlled architectures with its innovative, single-channel, virtualized network architecture that easily handles device density and diversity.  Meru’s wireless LAN solutions are deployed in major verticals, including Fortune 500 businesses, education, hospitality, healthcare and retail supply chain.  Founded in 2002, Meru is headquartered in Sunnyvale, Calif., with operations in North America, Europe, the Middle East and Asia Pacific.  Visit www.merunetworks.com or call (408) 215-5300 for more information.

Forward Looking Statements

This news release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements concerning the completion, timing and size of the proposed offering. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. These statements are based on management’s current expectations and beliefs and are subject to a number of risks, uncertainties and assumptions that could cause actual results to differ materially from those described in the forward-looking statements, including, among others, the ability to manage successfully and complete the public offering, the general economic and/or market conditions and the risk factors set forth in the Meru Network’s filings with the SEC, including Meru Network’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2012 and the preliminary prospectus supplement related to this public offering.  Meru Networks undertakes no obligation to update the forward-looking statements contained herein or to reflect events or circumstances occurring after the date hereof, other than as may be required by applicable law.

Press Contact:
Parallax Public Relations for Meru Networks
Wilson Craig
+1 408 516 6182
wilson@parallaxpr.com

Wednesday, February 27th, 2013 Uncategorized Comments Off on Meru Networks (MERU) Announces Pricing of Public Offering of Common Stock

Regulus (RGLS) to Present at Cowen and Company 33rd Annual Healthcare Conference

LA JOLLA, Calif., Feb. 26, 2013 /PRNewswire/ — Regulus Therapeutics Inc. (NASDAQ:RGLS), a biopharmaceutical company leading the discovery and development of innovative medicines targeting microRNAs, today announced that Garry E. Menzel, Ph.D., Chief Operating Officer and Executive Vice President, Finance, will present a company overview at the Cowen and Company 33rd Annual Healthcare Conference on Tuesday, March 5, 2013 at 8:40 am EST.  The conference is being held at the Boston Marriott Copley Place.

The presentation will be webcast at the time of the presentation and can be accessed on the Investor Relations page of the Company’s website at www.regulusrx.com.  A replay of each webcast will be archived on the Company’s website for two weeks following the presentation date.

About Regulus

Regulus Therapeutics Inc. (NASDAQ:RGLS) is a biopharmaceutical company leading the discovery and development of innovative medicines targeting microRNAs. Regulus is leveraging a mature therapeutic platform based on technology that has been developed over 20 years. Regulus works with a broad network of academic collaborators and leverages the oligonucleotide drug discovery and development expertise of its founding companies, Alnylam Pharmaceuticals and Isis Pharmaceuticals. Regulus is advancing microRNA therapeutics toward clinical development in several areas, including oncology, fibrosis, hepatitis C and metabolic diseases. Regulus has formed strategic alliances with AstraZeneca, GlaxoSmithKline and Sanofi and a research collaboration with Biogen Idec.

For more information, please visit http://www.regulusrx.com.

Forward-Looking Statements

Statements contained in this press release regarding matters that are not historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements associated with Regulus’ expectations regarding future therapeutic and commercial potential of Regulus’ business plans, technologies and intellectual property related to microRNA therapeutics being discovered and developed by Regulus.  Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Words such as “believes,” “anticipates,” “plans,” “expects,” “intends,” “will,” “goal,” “potential” and similar expressions are intended to identify forward-looking statements. These forward-looking statements are based upon Regulus’ current expectations and involve assumptions that may never materialize or may prove to be incorrect.  Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties, which include, without limitation, risks associated with the process of discovering, developing and commercializing drugs that are safe and effective for use as human therapeutics, and in the endeavor of building a business around such drugs.  These and other risks concerning Regulus’ programs are described in additional detail in Regulus’ SEC filings.  All forward-looking statements contained in this press release speak only as of the date on which they were made. Regulus undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made.

Tuesday, February 26th, 2013 Uncategorized Comments Off on Regulus (RGLS) to Present at Cowen and Company 33rd Annual Healthcare Conference

USA Technologies’ (USAT) Veronica Rosa Selected by ExecRank as a Top Comms Exec for 2012

USA Technologies, Inc. (NASDAQ: USAT), a leader of wireless, cashless payment and M2M telemetry solutions for small-ticket, self-serve retailing industries today announced that Veronica Rosa, Vice President of Corporate Communications and Investor Relations has been selected by the ranking committee of ExecRank as a “Top Communications Executive” for 2012. The rankings are the result of two years of research and feedback from evaluation committees and top Chief Communications Officers that yielded an algorithm for how to rank communications executives based on their performance in 24 key areas.

Chairman and CEO of USA Technologies, Stephen P. Herbert, commented, “Veronica’s top five ranking, surrounded by well-recognized brands such as Facebook, Sprint Nextel Corporation and eBay Inc., is a wonderful achievement to be celebrated by the entire USA Technologies team. We have a very high commitment level to communication with our shareholders and other constituencies, so recognition in this regard is very important to us. Veronica’s energy, skill and approach to integrated communications are integral to our business objectives and culture.”

According to Adam Navrozally, Analyst for the rankings division of ExecRank, “Ms. Rosa has a strong record of success in strategic communications and investor relations, most recently at USA Technologies. Her strong leadership has helped further her company’s reputation as a leader in electronic payments. She is highly regarded in her field, and among other Communication Executives.”

Veronica Rosa is responsible for USA Technologies’ integrated communications program including public relations, media and investor relations efforts. She joined USA Technologies in February 2012. Ms. Rosa’s experience, which extends from Fortune 500 to small cap companies as well as “Big 4” public accounting, includes over 25 years in investor relations, corporate communication and finance.

ExecRank indicates that there are over 15,000 Chief Communications Officers and Communications Executives at publicly traded companies in the United States. The number one area of focus for ExecRank’s Top Communications Executives in 2012 was their ability to integrate the multitude of communication platforms and ensure the consistency and accuracy of the information circulated regarding their company. ExecRank also weighed heavily the sentiment of the investment community surrounding these companies, as it believes that investor relations is a crucial component of corporate communications. In addition, ExecRank saw a significant uptick in the number of Communications Executives that serve as members of their company’s board and displayed a skill set that is applicable to multiple industries.

For the complete rankings, please visit www.ExecRank.com.

About ExecRank

ExecRank is the definitive ranking service of leading executives who have achieved the highest level of professional achievement and peer recognition. ExecRank was founded by Jonathan Aspatore, one of the most authoritative figures in business publishing. As former CEO of one of the 5 largest business book publishing houses (Aspatore Books), and current CEO of three other business media companies, Mr. Aspatore has published over 5,000 of the world’s top business and legal executives, including C-Level executives (CEO, CFO, CTO, CMO, COO) from 74% of the Fortune 500 and senior level partners from 100% of the AmLaw 200 largest law firms. As the creator of the patent-pending, proprietary algorithm that took two years to develop for ExecRank, ExecRank believes that Mr. Aspatore is uniquely qualified to have created a system that ranks leading executives. ExecRank rankings reach over 6 million readers a year in the United States alone given its partnerships with leading publishers, web sites, trade shows and more.

Contact:

Adam Navrozally – adam@execrank.com; 415-578-7426 ext. 130; 700 Irwin Street, Suite 100, San Rafael, CA 94901

About USA Technologies:

USA Technologies is a leader of wireless, cashless payment and M2M telemetry solutions for small-ticket, self-serve retailing industries. ePort Connect® is the company’s flagship service platform, a PCI-compliant, end-to-end suite of cashless payment and telemetry services specially tailored to fit the needs of the small ticket, self-service retail industries. USA Technologies also provides a broad line of cashless acceptance technologies including its NFC-ready ePort® G8, ePort Mobile™ for customers on the go, and QuickConnect™, an API Web service for developers. USA Technologies has been granted 84 patents; and has agreements with Verizon, Visa, Isis, Elavon and major customers such as Compass, Crane, AMI Entertainment and others. Visit the website at www.usatech.com.

Tuesday, February 26th, 2013 Uncategorized Comments Off on USA Technologies’ (USAT) Veronica Rosa Selected by ExecRank as a Top Comms Exec for 2012

ADVENTRX (ANX) Reviews Data Supporting Development Of ANX-188 In New Indications

– Platform includes over 100 pharmacology studies, 15 clinical studies and 2,500 patient exposures – ANX-188 phase 2-ready in multiple indications outside of sickle cell disease

SAN DIEGO, Feb. 26, 2013 /PRNewswire/ — ADVENTRX Pharmaceuticals, Inc. (NYSE MKT: ANX) today reviewed the platform of data and know-how that supports development of ANX-188 in multiple indications, including those outside of sickle cell disease.  This platform has been derived from over 100 pharmacology studies, more than 15 clinical studies in multiple indications in which over 2,500 subjects have been exposed to both purified and non-purified poloxamer 188, and over two decades of experience manufacturing and purifying poloxamers.

(Logo:  http://photos.prnewswire.com/prnh/20120612/LA22456LOGO-a)

Brian M. Culley, Chief Executive Officer, said:  “Since acquiring SynthRx, we have come to appreciate the extent of the data supporting the development of ANX-188 not just in sickle cell disease, but in any indication where improving microcirculatory insufficiency is central to improving clinical outcomes.  The breadth and depth of these data can be characterized as a ‘platform,’ which we refer to as the Molecular Adhesion and Sealant Technology, or MAST, platform.  We plan to leverage the knowledge and know-how that is the MAST platform to advance ANX-188 in multiple indications, and will announce development plans outside of sickle cell disease later this quarter.”

R. Martin Emanuele, Ph.D, Senior Vice President, Development, said: “In addition to initiating EPIC, our pivotal phase 3 study in sickle cell disease, we have analyzed the impressive body of data that supports development of ANX-188 in a broader range of diseases and conditions.  ANX-188 adheres specifically to hydrophobic surfaces characteristic of damaged cells in the circulation, effectively ‘sealing’ the damaged area and, as a result, minimizing or preventing other hydrophobic adhesive interactions and providing time for natural repair mechanisms to restore normal functioning.  Meanwhile, because pathological hydrophobic domains are not characteristically present in a healthy circulation, ANX-188 has no clinically significant activity in healthy circulatory tissue.  While this mechanism specifically targets hydrophobic domains, these domains can be widespread in sick or injured patients.  This ‘broadly targeted’ activity gives ANX-188 potential to address multiple pathophysiological processes in complex indications relative to drugs based on specific receptor/ligand interactions.”

Santosh Vetticaden, Chief Medical Officer, said: “Proof-of-concept in experimental models has been demonstrated with the active ingredient in ANX-188 in a wide range of diseases, such as arterial disease, stroke, shock and heart failure.  As we advance ANX-188 into new indications, we intend to leverage already completed IND-enabling toxicology studies, phase 1 safety studies and the other activities that consume so much time and money in drug development.  With clinical trial material already in-hand, we expect to move ANX-188 directly into phase 2 studies and generate clinical proof-of-concept data in new indications in relatively short time frames with relatively modest investment.”

About the MAST (Molecular Adhesion and Sealant Technology) Platform

The MAST platform reflects the repository of both proprietary (to ADVENTRX) and non-proprietary poloxamer-related data, know-how and other information that has been developed over the course of several decades by numerous sponsors, most recently by ADVENTRX.  It reflects the accumulated knowledge of over 100 pharmacology studies, more than 15 clinical studies in multiple indications in which over 2,500 subjects have been exposed to both purified and non-purified poloxamer 188, and over two decades of experience manufacturing and purifying poloxamers.

About ADVENTRX Pharmaceuticals

ADVENTRX Pharmaceuticals is a biopharmaceutical company developing novel therapies for serious or life-threatening diseases with significant unmet needs.  ADVENTRX is leveraging the MAST platform to develop ANX-188, its lead product candidate, for conditions characterized by microcirculatory insufficiency (endothelial dysfunction and/or impaired blood flow).  The Company initially is developing ANX-188 in sickle cell disease and is recruiting subjects in EPIC, a randomized, double-blind, placebo-controlled phase 3 study in patients with sickle cell disease.  More information can be found on the Company’s web site at www.adventrx.com.

Forward Looking Statements

ADVENTRX cautions you that statements included in this press release that are not a description of historical facts are forward-looking statements that are based on ADVENTRX’s current expectations and assumptions. Such forward-looking statements include, but are not limited to, statements regarding the potential for the MAST platform to facilitate development of ANX-188 in one or more indications, including by reducing time and expense of its development in any particular indication, the potential for the pharmacodynamics properties of ANX-188 to translate into clinical benefit in one or more indications, and the timing of development in ANX-188 in indications outside of sickle cell disease.  Among the factors that could cause or contribute to material differences between ADVENTRX’s actual results and expectations indicated by the forward-looking statements are risks and uncertainties that include, but are not limited to: the potential for delays in the commencement or completion of clinical studies, including as a result of difficulties in obtaining regulatory agency agreement on clinical development plans or clinical study design, opening trial sites, enrolling study subjects, manufacturing clinical trial material, completing manufacturing process development activities, and being subject to a “clinical hold”; the risk of suspension or termination of a clinical study, including due to lack of adequate funding or patient safety concerns; the potential for institutional review boards or the FDA or other regulatory agencies to require additional nonclinical and clinical studies prior to initiation of planned phase 2 clinical studies in any particular indication in which ADVENTRX determines to develop ANX-188, which likely would increase the total time and cost of development in the indication; the risk that clinical studies of ANX-188 are not successfully executed and/or do not successfully demonstrate its safety or efficacy; the risk that, even if clinical studies are successful, the FDA determines they are not sufficient to support a new drug application; the risk that even if clinical studies of ANX-188 in one indication are successful, clinical studies in another indication may not be successful; ADVENTRX’s reliance on contract research organizations (CROs), contract manufacturing organizations (CMOs), and other third parties to assist in the conduct of important aspects of development of ANX-188, including clinical studies, and regulatory activities for ANX-188 and that such third parties may fail to perform as expected; ADVENTRX’s ability to obtain additional funding on a timely basis or on acceptable terms, or at all; the potential for ADVENTRX to delay, reduce or discontinue current and/or planned development activities, including clinical studies, partner ANX-188 at inopportune times or pursue less expensive but higher-risk development paths if it is unable to raise sufficient additional capital as needed; the risk that the FDA does not grant marketing approval of ANX-188, on a timely basis, or at all; the risk that ADVENTRX is not able to adequately protect its intellectual property rights relating to the MAST platform and ANX-188 and prevent competitors from duplicating or developing equivalent versions of its product candidates, including ANX-188; and other risks and uncertainties more fully described in ADVENTRX’s press releases and periodic filings with the Securities and Exchange Commission. ADVENTRX’s public filings with the Securities and Exchange Commission are available at www.sec.gov.

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

Tuesday, February 26th, 2013 Uncategorized Comments Off on ADVENTRX (ANX) Reviews Data Supporting Development Of ANX-188 In New Indications

BSD Medical (BSDM) Reports Significant Growth of MicroThermX

BSD Medical Corporation (NASDAQ:BSDM) (Company or BSD) (www.BSDMedical.com), a leading provider of medical systems utilizing heat therapy to treat cancer, announced today a 319% increase in sales of its MicroThermX® Microwave Ablation System (MicroThermX®) disposable SynchroWave antennas during the first five months of fiscal 2013, when compared to the first five months of fiscal 2012 sales of its SynchroWave antennas. BSD President Harold Wolcott stated, “This increase in sales of disposable antennas is indicative of the growing acceptance and use of MicroThermX® products in the ablation market.”

About the MicroThermX® Microwave Ablation System

The MicroThermX® Microwave Ablation System is a compact, mobile, state-of-the-art, proprietary system that includes a microwave generator, single-patient-use disposable antennas, and a thermistor-based temperature monitoring system. The innovative design of the MicroThermX® is the first of its kind that allows delivery of higher power levels using a single generator. The MicroThermX® utilizes innovative synchronous phased array technology that was developed and patented by BSD to provide larger and more uniform zones of ablation during a single procedure. The MicroThermX® introduces into the Company’s product line an innovative, high-end disposable that is used in each ablation treatment, and will provide a significant ongoing revenue stream. The soft tissue ablation world market potential is estimated to exceed $2.3 billion. The U.S. Food and Drug Administration (FDA) has granted the Company a 510(k) clearance to market the MicroThermX® for ablation of soft tissue. BSD has also received CE Marking for the MicroThermX® System, which allows BSD to market the MicroThermX® system in Europe. CE marking is also recognized in many countries outside of the EU, providing BSD the ability to market the MicroThermX® to a number of international markets.

About BSD Medical Corporation

BSD Medical Corporation develops, manufactures, markets and services systems to treat cancer and benign diseases using heat therapy delivered using focused radiofrequency (RF) and microwave energy. BSD’s product lines include both hyperthermia and ablation treatment systems. BSD’s hyperthermia cancer treatment systems, which have been in use for several years in the United States, Europe and Asia, are used to treat certain tumors with heat (hyperthermia) while increasing the effectiveness of other therapies such as radiation therapy. BSD’s microwave ablation system has been developed as a stand-alone therapy to ablate and destroy soft tissue. The Company has developed extensive intellectual property, multiple products in the market and well established distribution in the United States, Europe and Asia. Certain of the Company’s products have received regulatory approvals in the United States, Europe and China. For further information visit BSD Medical’s website at www.BSDMedical.com.

Statements contained in this press release that are not historical facts are forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. All forward-looking statements are subject to risks and uncertainties detailed in the Company’s filings with the Securities and Exchange Commission. These forward-looking statements speak only as of the date on which such statements are made, and the Company undertakes no obligation to update such statements to reflect events or circumstances arising after such date.

Tuesday, February 26th, 2013 Uncategorized Comments Off on BSD Medical (BSDM) Reports Significant Growth of MicroThermX

Elbit Imaging (EMITF) Announces Dispute, Controlling Shareholders and Bank Hapoalim

Elbit Imaging Ltd. (“EI” or the “Company”) (TASE, NASDAQ: EMITF) announced today that the Company’s controlling shareholders, Europe-Israel MMS Ltd. (“Europe Israel“) and Mr. Mordechay Zisser, have notified the Company that Europe Israel has filed with the Tel Aviv District Court a request for an arrangement with creditors under Section 350 of the Israeli Companies Law. This action follows a notice received by Europe Israel from Bank Hapoalim (the “Bank“) of an alleged breach of its loan agreement with the Bank and demanding immediate repayment. Europe Israel and Mr. Zisser have also notified the Company that they utterly reject the Bank’s claim of breach and intend to vigorously defend their rights. The Bank has a pledge on the shares of the Company held by Europe Israel as collateral for the loan in question.

About Elbit Imaging Ltd.

Elbit Imaging Ltd. operates in the following principal fields of business: (i) Commercial and Entertainment Centers – Initiation, construction and sale of shopping and entertainment centers and other mixed-use real property projects, predominantly in the retail sector, located in Central and Eastern Europe and in India, primarily through its subsidiary Plaza Centers N.V. In certain circumstances and depending on market conditions, we operate and manage commercial and entertainment centers prior to their sale; (ii) U.S. Real Property – Investment in commercial real property in the United States; (iii) Hotels – Hotel operation and management; (iv) Medical Industries – (a) research and development, production and marketing of magnetic resonance imaging guided focused ultrasound treatment equipment and (b) development of stem cell population expansion technologies and stem cell therapy products for transplantation and regenerative medicine; (v) Residential Projects – Initiation, construction and sale of residential projects and other mixed-use real property projects, predominately residential, located primarily in India; (vi) Fashion Apparel – Distribution and marketing of fashion apparel and accessories in Israel; and (vii) Other Activity – venture capital investments.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995

Any forward-looking statements in our releases include statements regarding the intent, belief or current expectations of Elbit Imaging Ltd. and our management about our business, financial condition, results of operations, and its relationship with its employees and the condition of our properties. Words such as “believe,” “would,” “expect,” “intend,” “estimate” and similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. Actual results may differ materially from those projected, expressed or implied in the forward-looking statements as a result of various factors including, without limitation, the factors set forth in our filings with the Securities and Exchange Commission including, without limitation, Item 3.D of our annual report on Form 20-F for the fiscal year ended December 31, 2011, under the caption “Risk Factors.” Any forward-looking statements contained in our releases speak only as of the date of such release, and we caution existing and prospective investors not to place undue reliance on such statements. Such forward-looking statements do not purport to be predictions of future events or circumstances, and therefore, there can be no assurance that any forward-looking statement contained our releases will prove to be accurate. We undertake no obligation to update or revise any forward-looking statements.

For Further Information:
Company Contact:
Shimon Yitzhaki
Chairman of the Board of Directors
Tel: +972-3-608-6048
shimony@elbitimaging.com

Investor Contact:
Mor Dagan
Investor Relations
Tel: +972-3-516-7620
mor@km-ir.co.il

Tuesday, February 26th, 2013 Uncategorized Comments Off on Elbit Imaging (EMITF) Announces Dispute, Controlling Shareholders and Bank Hapoalim

Wireless Ronin (RNIN) Reports Fourth Quarter and Full Year 2012 Results

MINNEAPOLIS, MN — (Marketwire) — 02/26/13 — Wireless Ronin Technologies, Inc. (NASDAQ: RNIN), a leading digital marketing technologies solutions provider, reported financial results for the fourth quarter and fiscal year ended December 31, 2012.

2012 Financial Highlights

  • Revenue was $6.7 million, with the recurring revenue portion increasing 22% to a record $2.0 million
  • Record gross margin at 55% of total revenue
  • Achieved lowest level of operating expenses since becoming a public company

2012 Operational Highlights

  • Deployed digital marketing solutions for Buffalo Wild Wings, Boston University, Villanova University, Burgerville and ECOtality
  • Received additional order for content development from company’s largest automotive customer
  • Released RoninCast® software upgrade which extends multi-channel capabilities
  • Rolled-out iPad-supported interactive sales system for national retailer

Q4 2012 Financial Results
Revenue in the fourth quarter of 2012 increased 5% to $1.6 million from $1.5 million in the same year-ago period.

Recurring revenue in the fourth quarter of 2012 from the company’s hosting and support services was $491,000 or 31% of total revenue compared to $422,000 or 28% of total revenue in the same year-ago quarter. The increase was driven by a continued expansion of support services through the company’s network operations center.

Gross margin in the fourth quarter of 2012 was $885,000 or 55% of total revenue compared to $446,000 or 29% of total revenue in the same year-ago quarter. The gross margin percentage improvement was due to a higher proportion of marketing technology solutions and services versus hardware sales.

Net loss in the fourth quarter of 2012 totaled $1.2 million or $(0.24) per basic and diluted share, an improvement from a net loss of $1.7 million or $(0.41) per basic and diluted share in Q4 2011. Net loss for the fourth quarter of 2012 included $80,000 of non-cash stock compensation expense versus $48,000 in the fourth quarter of 2011.

Non-GAAP operating loss in the fourth quarter of 2012 totaled $1.0 million or $(0.21) per basic and diluted share, an improvement from a non-GAAP operating loss of $1.5 million or $(0.37) per basic and diluted share in Q4 2011. The company defines non-GAAP operating loss as GAAP operating loss less stock-based compensation expense, depreciation and amortization, and severance expense (see further discussion of this non-GAAP term as well as a reconciliation to GAAP operating loss, below).

Full Year 2012 Financial Results
Revenue in 2012 was $6.7 million compared to $9.3 million in 2011. The decrease was primarily attributable to fewer hardware orders offset by an increase in sales of the company’s marketing technology solutions and services.

Recurring revenue in 2012 increased 22% to a record $2.0 million or 30% of total revenue as compared to $1.6 million or 17% of total revenue in 2011. The increase was driven by a continued expansion of support services through the company’s network operations center.

Gross margin in 2012 was $3.7 million or 55% of total revenue compared to $4.1 million or 44% of total revenue in 2011. The gross margin percentage improvement was due to a higher proportion of marketing technology solutions and services versus hardware sales.

Net loss in 2012 totaled $5.4 million or $(1.14) per basic and diluted share, an improvement from a net loss of $6.7 million or $(1.72) per basic and diluted share in 2011. Net loss for the full year of 2012 included $484,000 of non-cash stock compensation expense compared to $740,000 in 2011.

Non-GAAP operating loss in 2012 totaled $4.5 million or $(0.95) per basic and diluted share, an improvement from a non-GAAP operating loss of $5.5 million or $(1.40) per basic and diluted share in 2011.

Management Commentary
“In 2012, we made significant progress advancing our RoninCast software platform and diversifying our sales pipeline, while effectively managing costs and improving operational efficiencies,” said Scott Koller, president and CEO of Wireless Ronin. “This was evident from the several milestones we achieved for the year, including record recurring revenue, our highest gross margin and our lowest operating expense level as a public company.

“During 2012, we continued to grow our customer base and marketing technology offerings with major new wins in the QSR and food service verticals, including Buffalo Wild Wings, Boston University, Villanova and Burgerville. Additionally, in the current quarter, we were selected by an international food service provider with more than 2,000 franchised locations to supply the company’s digital menu board and marketing technology systems and services. The food service provider will market and sell the company’s digital menu board and promotional board systems to its existing franchised locations, and plans to require new franchisees to install the company’s digital menu board and promotional board systems. The food service company anticipates approximately 300 new franchised locations will open in 2013. A key driver in securing this major win was our recently released RoninCast 4.0 software platform, which ensures consistent messaging, brand positioning and advertising compliance across a network of nationwide locations. As more locations deploy our interactive media technology, we are highly confident in our ability to enhance their customer experience, increase customer loyalty and drive new business.

“Our expectations for the New Year remain strong as we build on the operational and financial momentum we achieved in 2012 due to our robust pipeline of new opportunities, deployments in progress, and contracts signed.”

Conference Call
The company will hold a conference call today (February 26, 2013) to discuss these results. The company’s president and CEO, Scott Koller, and SVP and CFO, Darin McAreavey, will host the call starting at 4:30 p.m. Eastern time (3:30 p.m. Central time). A question and answer session will follow management’s presentation.

To participate in the call, dial the appropriate number 5-10 minutes prior to the start time, ask for the Wireless Ronin conference call and provide the conference ID:

Dial-In Number: 1-877-941-2068
International: 1-480-629-9712
Conference ID#: 4592351

The presentation will be webcast live and available for replay via the Investors section of the company’s website at www.wirelessronin.com. Please go to the website at least 15 minutes early to register, download, and install any necessary audio software. If you have any difficulty connecting with the conference call or webcast, please contact Liolios Group at 1-949-574-3860.

A replay of the call will be available after 7:30 p.m. Eastern time on the same day and until March 26, 2013.

Toll-Free Replay Number: 1-877-870-5176
International Replay Number: 1-858-384-5517
Replay PIN #: 4592351

About Wireless Ronin Technologies, Inc.
Wireless Ronin Technologies, Inc. (WRT) (www.wirelessronin.com) is a pioneering marketing technologies company. WRT combines interactive digital media — signage, kiosks, mobile, social media and web — to create 360-degree solutions so companies can “communicate at life speed” to deliver the right content at the right place at the right time. WRT’s turnkey approach includes strategic consulting, creative development, installation, hosting, training and support. Since launching its cloud-based RoninCast® content management platform in 2003, WRT has become the leading digital marketing provider for large-scale deployments in retail, automotive, food service and public venues. The company is headquartered in Minneapolis, Minnesota; it’s common stock trades on the NASDAQ as RNIN.

Non-GAAP Financial Measures
In addition to disclosing financial measures prepared in accordance with Generally Accepted Accounting Principles (GAAP), this press release and the accompanying tables contain the following non-GAAP financial measures: non-GAAP operating loss and non-GAAP operating loss per common share. The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.

Non-GAAP operating loss and non-GAAP operating loss per share. We define non-GAAP operating loss as the GAAP operating loss less stock-based compensation expense, depreciation and amortization, severance expense. We define non-GAAP operating loss per share as non-GAAP operating loss divided by the weighted average basic and diluted shares outstanding. Our management utilizes a number of different financial measures, both GAAP and non-GAAP, in making operating decisions, in forecasting and planning, and in analyzing and assessing our company’s overall performance. Our annual financial plan is prepared and reviewed both on a GAAP and non-GAAP basis. We budget and forecast for revenue and expenses on GAAP and non-GAAP bases, and assess actual results on GAAP and non-GAAP bases against our annual financial plan. Our board of directors and management utilize these financial measures (both GAAP and non-GAAP) to determine our allocation of resources. In addition, and as a consequence of the importance of these non-GAAP financial measures in managing our business, we use non-GAAP financial measures in the evaluation process to establish management compensation. For example, our senior management’s bonus program is partially based upon the achievement of non-GAAP operating income (loss). Our management believes that these non-GAAP financial measures provide meaningful supplemental information regarding our performance by excluding the items mentioned above. We consider the use of non-GAAP operating loss per share helpful in assessing the ongoing performance of the continuing operations of our business, as it excludes recurring non-cash items and non-recurring one-time charges. Our rationale for the items we omit from our non-GAAP measures is as follows:

Stock-based compensation. We exclude non-cash stock-based compensation expense because of varying available valuation methodologies, subjective assumptions and the variety of award types that companies can use under FASB ASC 718-10. Stock-based compensation expense is a recurring expense for our company and is expected to be in the future as we have a history of granting stock options and other equity instruments as a means of incentivizing and rewarding our employees.

Depreciation and amortization expense. Depreciation and amortization are non-cash charges that are impacted by our accounting methods and book value of assets. By excluding these non-cash charges, our management, together with our investors, are provided with supplemental metrics to evaluate cash earnings, distinguishing the impact of our performance on earnings from the impact of our performance on cash. Management believes that the review of these supplemental metrics in conjunction with other GAAP metrics, such as capital expenditures, is useful for management and investors in understanding our business. Depreciation is a recurring expense for our company and is expected to continue to be in the future as we continue to make further investments in our infrastructure through the acquisition of property, plant and equipment. Due to the exclusion of these non-cash items, investors should not use this metric as a measure of evaluating our liquidity. Instead, to evaluate our liquidity, investors should refer to the Consolidated Statements of Cash Flow and the Liquidity and Capital Resources section contained within Management’s Discussion and Analysis in our most recently filed periodic reports.

Severance and other one-time charges. We exclude severance and other one-time charges that are the result of other, unplanned events as one means of measuring operating performance. Included in these expenses are items such as severance costs associated with the termination of employees as part of an unplanned restructuring, a non-acquisition-related restructuring and other charges. Because these events are unplanned and arise outside the ordinary course of continuing operations, by providing this information, we believe our management and our investors may more fully understand the financial results of what we consider to be organic continuing operations.

There are a number of limitations related to the use of non-GAAP operating loss and non-GAAP operating loss per share versus operating income and loss per share calculated in accordance with GAAP. First, these non-GAAP financial measures exclude stock-based compensation and depreciation expenses that are recurring. Both stock-based expenses and depreciation have been, and will continue to be for the foreseeable future, a significant recurring expense with an impact upon our company notwithstanding the lack of immediate impact upon cash. Second, stock-based awards are an important part of our employees’ compensation and impact their performance. Third, there is no assurance we will avoid further personnel changes and, therefore, may recognize additional severance and other one-time charges associated with a future restructuring. Fourth, there is no assurance the components of the costs that we exclude in our calculation of non-GAAP operating loss do not differ from the components that our peer companies exclude when they report their results of operations. Our management compensates for these limitations by providing specific information regarding the GAAP amounts excluded from these non-GAAP financial measures and evaluating these non-GAAP financial measures together with their most directly comparable financial measures calculated in accordance with GAAP. The accompanying tables have more details on these non-GAAP financial measures, including reconciliations between these financial measures and their most directly comparable GAAP equivalents.

WIRELESS RONIN TECHNOLOGIES, INC.
2012 SUPPLEMENTARY QUARTERLY FINANCIAL DATA
(In thousands, except percentages and per share amounts)
(Unaudited)

Supplementary Data
                                                   2011
                               -------------------------------------------
Statement of Operations           Q1       Q2       Q3       Q4     TOTAL
                               -------  -------  -------  -------  -------
Sales                          $ 2,397  $ 3,054  $ 2,301  $ 1,522  $ 9,274

Cost of sales - exclusive of
 depreciation and amortization   1,304    1,662    1,166    1,076    5,208

Operating expenses               3,350    2,824    2,509    2,095   10,778

Interest expense                    11        7        6        6       30

Other income, net                   (2)      (1)       -       (1)      (4)

                               -------  -------  -------  -------  -------
Net loss                       $(2,266) $(1,438) $(1,380) $(1,654) $(6,738)
                               =======  =======  =======  =======  =======

Share based payment expense        353      180      173       55      761
(included in operating
 expenses & interest expense)

Weighted average shares          3,855    3,879    3,899    4,050    3,920

Reconciliation Between GAAP
 and Non-GAAP Operating Loss

GAAP operating loss            $(2,257) $(1,432) $(1,374) $(1,649) $(6,712)

Adjustments:
  Depreciation and
   amortization                    144      122      111       90      467
  Stock-based compensation
   expense                         345      178      169       48      740
  Severance                          -        -        -        -        -

                               -------  -------  -------  -------  -------
Total operating expense
 adjustment                        489      300      280      138    1,207
                               -------  -------  -------  -------  -------

Non-GAAP operating loss        $(1,768) $(1,132) $(1,094) $(1,511) $(5,505)
                               =======  =======  =======  =======  =======
Non-GAAP operating loss per
 common share                  $ (0.46) $ (0.29) $ (0.28) $ (0.37) $ (1.40)

Supplementary Data
                                                  2012
                              -------------------------------------------
Statement of Operations          Q1       Q2       Q3       Q4     TOTAL
                              -------  -------  -------  -------  -------
Sales                         $ 1,773  $ 1,557  $ 1,769  $ 1,605  $ 6,704

Cost of sales - exclusive of
 depreciation and amortization    824      612      873      720    3,029

Operating expenses              2,773    2,151    2,075    2,075    9,074

Interest expense                    5        1        1        1        8

Other income, net                  (1)       0        0        0       (1)

                              -------  -------  -------  -------  -------
Net loss                      $(1,828) $(1,207) $(1,180) $(1,191) $(5,406)
                              =======  =======  =======  =======  =======

Share based payment expense       349      132      111       84      676
(included in operating
 expenses & interest expense)

Weighted average shares         4,603    4,626    4,685    4,992    4,732

Reconciliation Between GAAP
 and Non-GAAP Operating Loss

GAAP operating loss           $(1,824) $(1,206) $(1,179) $(1,190) $(5,399)

Adjustments:
  Depreciation and
   amortization                    80       75       68       63      286
  Stock-based compensation
   expense                        161      132      111       80      484
  Severance                       137        -        -        -      137

                              -------  -------  -------  -------  -------
Total operating expense
 adjustment                       378      207      179      143      907
                              -------  -------  -------  -------  -------

Non-GAAP operating loss       $(1,446) $  (999) $(1,000) $(1,047) $(4,492)
                              =======  =======  =======  =======  =======
Non-GAAP operating loss per
 common share                 $ (0.31) $ (0.22) $ (0.21) $ (0.21) $ (0.95)

Forward-Looking Statements
This release contains certain forward-looking statements of expected future developments, as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect management’s expectations regarding continued operating improvement and other matters and are based on currently available data; however, actual results are subject to future risks and uncertainties, which could materially affect actual performance. Risks and uncertainties that could affect such performance include, but are not limited to, the following: the adequacy of funds for future operations; estimates of future expenses, revenue and profitability; the pace at which the company completes installations and recognizes revenue; trends affecting financial condition and results of operations; ability to convert proposals into customer orders; the ability of customers to pay for products and services; the revenue recognition impact of changing customer requirements; customer cancellations; the availability and terms of additional capital; ability to develop new products; dependence on key suppliers, manufacturers and strategic partners; industry trends and the competitive environment; and the impact of losing one or more senior executives or failing to attract additional key personnel. These and other risk factors are discussed in detail in the cautionary statement set forth in the company’s current report on Form 8-K filed with the Securities and Exchange Commission on January 4, 2013.

                     WIRELESS RONIN TECHNOLOGIES, INC.
                        CONSOLIDATED BALANCE SHEETS
                  (In thousands, except share information)

                                                December 31,   December 31,
                                                    2012           2011
                                               -------------  -------------

                    ASSETS
CURRENT ASSETS
  Cash and cash equivalents                    $       2,252  $       5,478
  Accounts receivable, net of allowance of $49
   and $50                                             1,358          1,347
  Inventories                                            158            170
  Prepaid expenses and other current assets              111            193
                                               -------------  -------------
    Total current assets                               3,879          7,188
Property and equipment, net                              415            651
Restricted cash                                           50             50
Other assets                                              20             40
                                               -------------  -------------
    TOTAL ASSETS                               $       4,364  $       7,929
                                               =============  =============

     LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
  Current maturities of capital lease
   obligations                                 $           -  $          41
  Line of credit - bank                                  400              -
  Accounts payable                                       584            870
  Deferred revenue                                       596            687
  Accrued liabilities                                    527            569
                                               -------------  -------------
    Total current liabilities                          2,107          2,167
                                               -------------  -------------

COMMITMENTS AND CONTINGENCIES

SHAREHOLDERS' EQUITY

  Capital stock, $0.01 par value, 26,667
   shares authorized
    Preferred stock, 16,667 shares authorized,
     no shares issued and outstanding as of
     December 31, 2012 and December 31, 2011               -              -
    Common stock, 10,000 shares authorized;
     5,004 and 4,594 shares issued and
     outstanding at December 31, 2012 and
     December 31, 2011, respectively                      50             46
  Additional paid-in capital                          97,128         95,231
  Accumulated deficit                                (94,422)       (89,016)
  Accumulated other comprehensive loss                  (499)          (499)
                                               -------------  -------------
    Total shareholders' equity                         2,257          5,762
                                               -------------  -------------
    TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $       4,364  $       7,929
                                               =============  =============
                     WIRELESS RONIN TECHNOLOGIES, INC.
                   CONSOLIDATED STATEMENTS OF OPERATIONS
                  (In thousands, except per share amounts)

                            Three Months Ended        Twelve Months Ended
                               December 31,              December 31,
                         ------------------------  ------------------------
                             2012         2011         2012         2011
                         -----------  -----------  -----------  -----------
                         (unaudited)  (unaudited)   (audited)    (audited)
Sales
  Hardware               $       394  $       358  $     1,540  $     3,845
  Software                        44           88          339        1,150
  Services and other           1,167        1,076        4,825        4,279
                         -----------  -----------  -----------  -----------
    Total sales                1,605        1,522        6,704        9,274

Cost of sales
  Hardware                       236          340          943        2,704
  Software                         2           17           67          141
  Services and other             482          719        2,019        2,363
                         -----------  -----------  -----------  -----------
    Total cost of sales
     (exclusive of
     depreciation and
     amortization shown
     separately below)           720        1,076        3,029        5,208
                         -----------  -----------  -----------  -----------
    Gross profit
     (exclusive of
     depreciation and
     amortization shown
     separately below)           885          446        3,675        4,066

Operating expenses:
  Sales and marketing
   expenses                      353          382        1,550        2,090
  Research and
   development expenses          378          368        1,795        2,116
  General and
   administrative
   expenses                    1,281        1,255        5,443        6,105
  Depreciation and
   amortization expense           63           90          286          467
                         -----------  -----------  -----------  -----------
    Total operating
     expenses                  2,075        2,095        9,074       10,778
                         -----------  -----------  -----------  -----------
    Operating loss            (1,190)      (1,649)      (5,399)      (6,712)

Other income (expenses):
  Interest expense                (1)          (6)          (8)         (30)
  Interest income                  -            1            1            4
                         -----------  -----------  -----------  -----------
    Total other loss              (1)          (5)          (7)         (26)
                         -----------  -----------  -----------  -----------
    Net loss             $    (1,191) $    (1,654) $    (5,406) $    (6,738)
                         ===========  ===========  ===========  ===========
Basic and diluted loss
 per common share        $     (0.24) $     (0.41) $     (1.14) $     (1.72)
                         ===========  ===========  ===========  ===========
Basic and diluted
 weighted average shares
 outstanding                   4,992        4,050        4,732        3,920
                         -----------  -----------  -----------  -----------

Company Contact:
Darin P. McAreavey
Senior Vice President and Chief Financial Officer
Email Contact
952-564-3525

Investor Relations Contact:
Matt Glover or Michael Koehler
Liolios Group, Inc.
Email Contact
949-574-3860

Tuesday, February 26th, 2013 Uncategorized Comments Off on Wireless Ronin (RNIN) Reports Fourth Quarter and Full Year 2012 Results

Richmont (RIC) Adds New High Grade Inferred Resources of 508k oz at 10.73 g/t

MONTREAL, QUEBEC — (Marketwire) — 02/25/13 — Richmont Mines Inc. (TSX:RIC)(NYSE MKT:RIC), (“Richmont” or the “Corporation”) announces a first inferred mineral resource estimate for the C Zone at depth at its operating Island Gold Mine near Wawa, Ontario. A 43-101 compliant technical report will be filed within 45 days of this release.

Highlights:

--  New C Zone inferred mineral resource estimate of 1.5 million tonnes
    grading 10.73 g/t Au for 508,000 ounces. The C Zone is sub-vertical, at
    depths of between 450 metres and 1,000 metres, and appears to be an
    extension of the areas currently being mined. The mineral resource has
    been drilled on an approximate 50 m x 50 m pattern, with 55 drill hole
    intercepts, about 60% of which contained visible gold; 

--  The average true width of the new C Zone at depth is estimated at 4.5
    metres, compared to an average of 2.7 metres above the 400 metre level
    (current mining operations); 

--  Preliminary metallurgical testing on representative samples have shown
    high recovery rates (over 96% at a 24 hour retention time); 

--  The C Zone remains open in all directions; Several previously identified
    parallel zones (X, G, E1E, etc) require further drilling and, as such,
    their results have not been included in the current mineral resource
    estimation; 

--  $35 million investment planned on the Island Gold Deep project in 2013
    to extend the existing ramp from its current depth of 450 metres below
    surface, and to commence work on the first segment of a vertical shaft
    which will be raise-bored from a depth of 450 metres to surface; 

--  39,000 metres of exploration drilling at depth planned for 2013 with the
    objective of extending the C Zone resource base laterally, and expanding
    geological information of other previously identified sub-parallel
    zones.

Paul Carmel, President and CEO, commented: “We are extremely pleased with this first resource estimate for the area below the existing operating Island Gold Mine. Good continuity of the zone is demonstrated and, even more encouraging, this new resource has higher average widths and grades than what we are currently mining closer to surface, and remains open in all directions. These results reaffirm our belief in the long-term potential of the Island Gold mine and, as such, we will be investing a total of $45 million on this asset ($35 million in Island Gold Deep and $10 million in the existing upper operation) in 2013 to improve both our access to and geological information of the area below our current infrastructure where these newly identified resources exist. More specifically, our plans include extending the ramp from its current depth of 450 metres in order to accelerate and extend the resource base at depth at Island Gold and, upon permitting approval, beginning to raise bore the first 450 metre section of a vertical shaft.”

===========================================================================
           ISLAND GOLD DEEP: FIRST INFERRED MINERAL RESOURCE(1)
                          ESTIMATE - C ZONE(2)(3)
---------------------------------------------------------------------------
Tonnes                            Gold Grade (g/t)           Ounces of gold
---------------------------------------------------------------------------
1,500,000                                    10.73                  508,000
===========================================================================

(1)  Please see the Regulation 43-101 section at the end of this release for
     full details.                                                          

(2)  Established on January 25, 2013, based on a gold price of $1,450/oz and
     an exchange rate of 1.00. Established using a minimum true width of 2.0
     metres, bulk density of 2.80 t/m3, cut-off grade of 3 g/t Au, and a
     capping of 75 g/t Au. A 43-101 technical report will be filed on SEDAR
     within 45 days of this release.                                        

(3)  Tonnage and ounces have been rounded.

The mineral resource estimate was prepared by Mr. Daniel Adam, Geo., Ph.D., Vice-President, Exploration, Qualified Person as defined by Regulation 43-101 and employee of Richmont Mines Inc.

2013 Planned Work

Richmont will invest an initial $35 million to advance the Island Gold Deep project in 2013. Capital will be focused on extending the existing ramp to gain access to the Island Gold Deep resource and to establish an exploration horizon for further definition and step-out drilling. Ultimately, it is expected that the ramp will reach a final depth of approximately 1,000 metres over a 3 year period. In addition, the Corporation’s objective is to commence the excavation of a 1,000 metre deep vertical shaft to gain access to the Island Gold Deep project. With access at a depth of 450 metres expected shortly, Richmont will benefit from being able to employ a lower cost raise-boring method for the first 450 metre section of the shaft. The permitting approval process has begun in this regard. The Corporation’s objective is to raise-bore the subsequent two vertical sections of the shaft as work on the project advances.

Parameters used for mineral resource estimation

The C Zone that is being defined at depth is typical of the Island Gold mine mineralization with decimeter-sized grey quartz veins, which often contain visible gold, inside plurimetric altered zones with disseminated pyrite. Some drill holes intersected other good mineralized zones that appear to be lateral to the C Zone, but drill spacing was insufficient for them to be included in the current mineral resource estimation.

The current mineral resource estimation of the C Zone was completed for an area which extends over 400 metres laterally, between 450 metres and 1,000 metres below the area of the Island Gold Mine currently being mined. A total of 117 surface and underground drill holes were used to model the C mineralized zone with a 3D wireframe using a minimum true thickness of 2 metres. While mineralized C Zone intersects exist laterally to the West, we consider that the hole spacing is presently too large for a mineral resource estimation. Drilling in this western area will be completed in 2013 from an underground exploration drift currently being extended to the 470 metre level below surface.

Mineral resources were estimated by 3D block modeling (multi-folder block model, with block dimension of 10 metres x 10 metres x 4 metres) with Gems software and using 2 metre composites. Grade estimation was done using an inverse squared distance weighted interpolation method. A minimum of 2 composites and a maximum of 30 composites within a spherical 75 metre search ellipse were used for the interpolation. A high grade assay capping value of 75 g/t Au was used, which is the capping presently used at the Island Gold Mine. A density of 2.80 t/m3 was used for the tonnage calculation, which is based on one URSTM laboratory measurement completed on a composite sample of 4 C Zone core intercepts (a density of 2.82 t/m3 is presently used at the Island Gold Mine).

Mineral resources were estimated using a minimum average grade of 3.0 g/t Au inside the modeled mineralized zone. This cut-off, based on a gold price of US$1,450 (CAN$1,450) per ounce, is presently used to estimate the mineral reserves at the Island Gold Mine. The mineral resource area was cut into the C Zone wireframe using an extrapolation of about 30 metres from drill hole intercepts. All the blocks inside the clipped wireframe are accounted for in the mineral resource. Inside the mineral resource area, the drill spacing average is 50 meters although there are areas with a larger spacing as well as areas with tighter spacing.

Chart 1: Longitudinal Section – Island Gold Mine Deep: C Zone Deep Estimated Inferred Mineral Resource

At the request of Richmont, RPA has carried out a desktop review of the inferred mineral resources of the Deep C Zone of the Island Gold mine. It is RPA’s opinion that this first inferred mineral resource is reasonable, adequately estimated using standard industry practices and that it complies with the NI 43-101 regulation.

Management Changes

Richmont is pleased to announce the following management appointments:

Mr. Rosaire Emond, Eng., has been appointed as Project Manager for the Island Gold Deep project. Mr. Emond holds a Mining Engineer degree from the University of Laval in Quebec, and has over 28 years of project management and mine-building experience with various companies including Placer Dome Canada and Agnico-Eagle Mines Limited.

Mr. Daniel Adam, Geo., Ph.D., has been appointed to the position of Vice-President, Exploration for Richmont Mines. Mr. Adam obtained a Ph.D in Geology from the University of Nancy in France. He has more than 20 years of experience in production and geological exploration, which include numerous positions of varying responsibility at Selbaie Mines.

Ms. Jennifer Aitken, MBA, has been appointed to the position of Manager, Investor Relations. Ms. Aitken holds a Bachelor’s degree in Industrial Relations from McGill University, and an MBA from Concordia University’s John Molson School of Business. Ms. Aitken has more than five years of communication, sales and marketing experience in addition to six years as a sell-side associate research analyst with a leading Canadian Investment Bank.

Additional details about the Island Gold Mine Property

The 84.4 km2 (8,444 hectare) Island Gold Mine property is located 83 km northeast of Wawa, Ontario. Ore from the Island Gold Mine is processed at Richmont’s on-site mill, an 850 tonne per day rated CIP facility. Since beginning commercial production in October 2007, Richmont’s 100%-owned Island Gold Mine has produced more than 225,000 ounces of gold. Underground operations are accessed via a ramp, and the mine’s infrastructure currently reaches a vertical depth of approximately 400 metres.

About Richmont Mines Inc.

Richmont Mines has produced over 1,300,000 ounces of gold from its operations in Quebec, Ontario and Newfoundland since beginning production in 1991. The Corporation currently produces gold from the Island Gold Mine in Ontario and the Beaufor Mine in Quebec. With extensive experience in gold exploration, development and mining, the Corporation is well positioned to cost-effectively build its Canadian reserve base through a combination of organic growth, strategic acquisitions and partnerships. Richmont routinely posts news and other important information on its website (www.richmont-mines.com).

About RPA

RPA is a group of engineers and geologists who have provided advice to the mining industry for nearly 30 years. RPA provides services to the mining industry at all stages of project development from exploration and resource evaluation through scoping, prefeasibility and feasibility studies, financing, permitting, construction, operation, closure and rehabilitation. RPA’s portfolio of customers includes clients in banking (both debt and equity), institutional investors, government, major mining companies, exploration and development firms, law firms, individual investors, and private equity ventures. RPA offices are located in Canada, the United States, and the United Kingdom (www.rpacan.com).

Forward-Looking Statements

This news release contains forward-looking statements that include risks and uncertainties. When used in this news release, the words “estimate”, “project”, “anticipate”, “expect”, “intend”, “believe”, “hope”, “may” and similar expressions, as well as “will”, “shall” and other indications of future tense, are intended to identify forward-looking statements. The forward-looking statements are based on current expectations and apply only as of the date on which they were made.

The factors that could cause actual results to differ materially from those indicated in such forward-looking statements include changes in the prevailing price of gold, the Canadian-United States exchange rate, grade of ore mined and unforeseen difficulties in mining operations that could affect revenue and production costs. Other factors such as uncertainties regarding government regulations could also affect the results. Other risks may be set out in Richmont Mines’ Annual Information Form, Annual Reports and periodic reports.

Cautionary note to US investors concerning resource estimates

Information in this press release is intended to comply with the requirements of the Toronto Stock Exchange and applicable Canadian securities legislation, which differ in certain respects with the rules and regulations promulgated under the United States Securities Exchange Act of 1934, as amended (“Exchange Act”), as promulgated by the SEC. The reserve and resource estimates in this press release were prepared in accordance with Regulation 43-101 adopted by the Canadian Securities Administrators. The requirements of Regulation 43-101 differ significantly from the requirements of the United States Securities and Exchange Commission (the “SEC”).

U.S. Investors are urged to consider the disclosure in our annual report on Form 20-F, File No. 001-14598, as filed with the SEC under the Exchange Act, which may be obtained from us (without cost) or from the SEC’s web site: http://sec.gov/edgar.shtml.

Regulation 43-101

The exploration program was conducted by qualified persons as defined by Regulation 43-101. Specifically, the program was overseen by Mr. Daniel Adam, Geo., Ph.D., Vice-President, Exploration, who is a Qualified Person as defined by Regulation 43-101, and an employee of Richmont Mines Inc. Mr. Adam verified and approved the information in this press release. The analyses were conducted at Activation Laboratories Ltd. in Geraldton, Ontario, Swastika Laboratories Ltd. in Swastika, Ontario and at the Lab Expert laboratory in Rouyn-Noranda, Quebec, by means of fire assay fusion with atomic absorption (AA) and gravimetric finish. Samples from 5 holes were assayed at the Wesdome Laboratory in Wawa in order to expedite results; these samples will be re-assayed in a commercial laboratory.

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Contacts:
Investor Relations:
Jennifer Aitken
Richmont Mines Inc.
514 397-1410
jaitken@richmont-mines.com

Medias:
Francis Beauvais
Richmont Mines Inc.
819 797-2465
fbeauvais@richmont-mines.com

Monday, February 25th, 2013 Uncategorized Comments Off on Richmont (RIC) Adds New High Grade Inferred Resources of 508k oz at 10.73 g/t

(TCS) Expands Location-Based Services in the Cloud and in the Network

Fully Integrated, End-to-End LBS Solution Offers Precise Location Data Driving Value-Added Services and Revenue Growth

BARCELONA, Spain, Feb. 25, 2013 /PRNewswire/ — (Mobile World Congress Booth: 3B15) — TeleCommunication Systems, Inc. (TCS) (NASDAQ: TSYS), a world leader in highly reliable and secure mobile communication technology, today announced its Location-Based Services (LBS) solution for hosted in-the-cloud and in-network implementation. TCS consumer and enterprise LBS solution helps leading consumer brands, content providers and carriers monetize the growing opportunities associated with location applications – with minimal initial investment.

Recent studies by the Pew Research Center show that three-quarters of smartphone owners receive real-time, location-based information, and one in five use geosocial services. LBS has become part of today’s mobile device experience as consumers have realized the benefits of location applications. With a proven background delivering operator-grade LBS systems and services, TCS is at the forefront of LBS implementation, providing a fully integrated, accurate and precise solution that includes infrastructure, location gateways, middleware, mapping and applications.

News Facts

  • In the past six months, TCS has deployed four new commercial mobile operators on its hosted in-the-cloud LBS solution.
  • TCS LBS infrastructure supports GSM (2G), UMTS (3G) and LTE networks.
  • As a hosted solution, the cloud-based model is designed to minimize deployment time, costs and resource requirements.
  • The hosted solution provides the ability to transition to an in-network solution in the future when customers are administratively, financially and technically ready.
  • The end-to-end LBS in-network solution is modular, thus allowing future vertical expansion with no impact to existing services.
  • TCS’ location solution provides accurate and precise location data, which is obtained with various interconnected location algorithms and technologies.
  • TCS offers top revenue-producing branded and private-label applications for navigation, hyper-local search, workforce tracking and family locators.

Supporting Quote

Jay Whitehurst, senior vice president, Commercial Software Group, TCS, said:
“Advances with LBS have created new market opportunities.  Location applications are fueling both demand and revenue growth. ABI Research predicts that carrier-based LBS services revenue will grow to almost $6 billion by 2017. At TCS, we have invested in developing, testing and deploying innovative LBS solutions and serve more than 50 wireless operators globally. Our hosted, in-network and hybrid LBS solutions have the highest level of performance combined with the scalability and flexibility to meet our customer’s current and future needs.”

TeleCommunication Systems is a world-class specialist in high-reliability location-based services. Pioneers of the world’s first wireless location platform, the first U.S. wireless E9-1-1 deployment and innovator of E9-1-1 solutions for cable and VoIP providers, TeleCommunication Systems has become the industry’s leading provider of LBS infrastructure. For more information on TeleCommunication Systems LBS services, go to www.telecomsys.com/LBS.

About TeleCommunication Systems, Inc.
TeleCommunication Systems, Inc. (TCS) (NASDAQ: TSYS) is a world leader in highly reliable and secure mobile communication technology. TCS infrastructure forms the foundation for market leading solutions in E9-1-1, text messaging, commercial location and deployable wireless communications. TCS is at the forefront of new mobile cloud computing services providing wireless applications for navigation, hyper-local search, asset tracking, social applications and telematics. Millions of consumers around the world use TCS wireless apps as a fundamental part of their daily lives. Government agencies utilize TCS’ cyber security expertise, professional services, and highly secure deployable satellite solutions for mission-critical communications. Headquartered in Annapolis, MD, TCS maintains technical, service and sales offices around the world. To learn more about emerging and innovative wireless technologies, visit www.telecomsys.com.

Except for the historical information contained herein, this news release contains forward-looking statements as defined within Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended. These statements are subject to risks and uncertainties and are based upon TCS’ current expectations and assumptions that if incorrect would cause actual results to differ materially from those anticipated. Risks include those detailed from time to time in the Company’s SEC reports, including the report on Form 10-K for the year ended December 31, 2011, and on Form 10-Q for the quarter ended September 30, 2012.

Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to update or revise the information in this press release, whether as a result of new information, future events or circumstances, or otherwise.

(Logo: http://photos.prnewswire.com/prnh/20120503/PH99996LOGO )

TCS Contact:

Media Contact:

Investor Relations:

TeleCommunication Systems, Inc.

Nadel Phelan, Inc.

Liolios Group, Inc.

Meredith Allen

Graham Sorkin

Scott Liolios

410-295-1865

831-440-2406

949-574-3860

Mallen@telecomsys.com

graham@nadelphelan.com

info@liolios.com

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Mitel (MITL) Announces Q3 Fiscal 2013 Financial Results Conference Call

OTTAWA, Feb. 25, 2013 (GLOBE NEWSWIRE) — Mitel® (Nasdaq:MITL) (TSX:MNW), a leading provider of cloud and premises-based unified communications and collaboration (UCC) solutions, today announced that it will release its third quarter fiscal 2013 financial results after the market closes on Thursday, February 28, 2013.

The company will host an investor conference call and live webcast at 5:00 p.m. EST (2:00 p.m. PST) on the same day. To access the conference call, dial 866-321-8231. Callers outside the US and Canada should dial 416-642-5213. The webcast will be accessible on Mitel’s investor relations website at http://investor.mitel.com/.

A replay of the conference call will be available through Tuesday, March 5, 2013. To access the replay, please dial 888-203-1112 and enter pass code 6324700. Callers outside the US and Canada should dial 647-436-0148 and enter pass code 6324700.

About Mitel

Mitel® (Nasdaq:MITL) (TSX:MNW) is a global provider of unified communications and collaboration (UCC) software, solutions and services that enable organizations to conduct business anywhere, over any medium with the device of their choice. Through a single cloud-ready software stream, Mitel’s Freedom architecture provides customers in over 100 countries the flexibility and simplicity needed to support today’s dynamic work environment. For more information visit www.mitel.com.

The Mitel Networks Corporation logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=8599

Mitel and the Mitel logo are registered trademarks of Mitel Networks Corporation.

All other trademarks are the property of their respective owners.

MITL-F

CONTACT: Mitel
         Amy MacLeod (media), 613-592-2122 x71245,
         amy_macleod@mitel.com
         Malcolm Brown (industry analysts),
         613-592-2122 x71246, malcolm_brown@mitel.com
         Cynthia Hiponia and Alice Kousoum (investor relations),
         613-592-2122 x71997, investorrelations@mitel.com

company logo

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RADCOM (RDCM) Presents its QoE-based Self-Optimizing Network Solution

BARCELONA, February 25, 2013 /PRNewswire/ —

RADCOM Ltd. (NASDAQ: RDCM) a leading service assurance provider, today presents QiSolve, a new network vendor agnostic QoE-based Self-Optimizing Network (SON) solution for LTE, UMTS and CDMA networks. QiSolve is featured at this year’s Mobile World Congress in Barcelona, Spain (February 25-28, 2013).

The QiSolve solution gathers, correlates and analyzes network intelligence from the Radio Access Network (RAN) and Packet Core network to provide real-time insights into network performance and how it affects the subscribers’ Quality of Experience.

QiSolve can interact with Policy and Charging Control and Traffic Management solutions, such as Policy Management, Policy Enforcement, Service Gateways and Video Optimization systems. QiSolve provides network self-optimization by triggering corrective action in these network elements to automatically optimize network performance and resolve customer experience issues. With QiSolve, service providers can improve subscriber QoE, monetize network resources and differentiate their services, while reducing congestion and deferring the need for costly investments in additional network capacity.

“Self-optimizing mechanisms increase network performance and quality while reducing minimizing operational efforts,” said Eyal Harari, RADCOM’s VP Products and Marketing. “Operators are looking for self-optimization solutions based on real-time network monitoring. QiSolve provides the critical network intelligence that can identify RAN and Core performance degradation and identify which subscribers are affected to enable proactive automatic real-time solutions.”

Visit RADCOM at Mobile World Congress, Barcelona: Hall 2, Meeting Room 2MR 216

About RADCOM

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

Risks Regarding Forward-Looking Statements

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

Contact:
Eyal Harari
VP Products and Marketing
+972-77-774-5030
eyalh@radcom.com

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U.S. EPA Approves Ocean Bio-Chem’s (OBCI) New Liquid Disinfectant

FORT LAUDERDALE, FL — (Marketwire) — 02/25/13 — Ocean Bio-Chem, Inc. (NASDAQ: OBCI), a leading manufacturer and distributor of appearance, performance, and maintenance products serving the marine, automotive, power sports, recreational vehicle and outdoor power equipment markets, is pleased to announce the U.S. Environmental Protection Agency approval of Ocean Bio-Chem’s new product, Xtrem-A-Cide P®, a broad-spectrum disinfectant that is approved for use as a sanitizer, virucide, tuberculocide, fungicide, algaecide, slimicide and deodorizer.

This new product is an extension of Star brite’s OdorStar line of NosGuard® mold and mildew products.

“Xtrem-A-Cide P® utilizes Ocean Bio-Chem’s patented technology to generate a chlorine dioxide solution which can be applied as a deep-penetrating spray for easy application,” said Peter Dornau, CEO.

Chlorine dioxide is a proven disinfectant and deodorizing agent. It is widely used in municipal water treatment operations, in toothpaste, mouthwashes, and to eliminate bedbugs in hotels. Chlorine dioxide was also the agent used to remediate buildings contaminated in 2001 by Anthrax bacteria and more recently was used to eliminate mold from homes and buildings in New Orleans and the surrounding area that were flooded during Hurricane Katrina.

“The applications and markets for this new product are immense, ranging from home use to hospitals, cruise ships, hotels and other hospitality facilities, gyms, rest rooms, arenas, food processing operations, schools and other facilities,” Mr. Dornau explained.

When used as directed, Xtrem-A-Cide P® has been approved for surface eradication of Staphylococcus aureus (MRSA), salmonella, HIV1, Hepatitis A, Herpes Simplex-2, Influenza-A, Rhinovirus Type 37, E-Coli and many more viruses and fungi. While extremely powerful, the new product is designed to be easily applied with a minimum of training.

Xtrem-A-Cide P® will be manufactured in Star brite’s 300,000 square foot manufacturing and distribution facility in Montgomery, Alabama, in a recently constructed state-of-the-art “clean room” where the Company is currently manufacturing other chlorine dioxide products designed for marine, RV and automotive use.

“We are enthusiastic about the potential future revenues and profits this product can generate. The addition of Xtrem-A-Cide P® will position Ocean Bio-Chem to continue its rapid expansion into many additional new markets,” Mr. Dornau concluded.

About Ocean Bio-Chem, Inc.:
Ocean Bio-Chem, Inc. is principally engaged in the manufacturing, marketing and distribution of a broad line of appearance and maintenance products for boats, recreational vehicles, automobiles, power sports, outdoor power equipment and motorcycle markets under the Star brite® StarTron® and other trademarks within the United States of America and Canada. In addition, the Company produces private label formulations of many of its products for various customers and provides custom blending and packaging services for these and other products.

The Company trades publicly under NASDAQ Capital Markets, Ticker Symbol: OBCI.

The Company’s web sites are: www.oceanbiochem.com, www.starbrite.com and www.startron.com and nos-guard.com

Forward-looking Statements:
Certain statements contained in this Press Release including without limitation expectations as to future sales and operating results, constitute forward-looking statements. For this purpose, any statements contained in this report that are not statements of historical fact may be deemed forward-looking statements. Without limiting the generality of the foregoing, words such as “believe,” “may,” “will,” “expect,” “anticipate,” “intend,” “could” including the negative or other variations thereof or comparable terminology are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Factors that may affect these results include, but are not limited to, the highly competitive nature of our industry, reliance on certain key customers, changes in consumer demand for marine, recreational vehicle and automotive products, advertising and promotional efforts, exposure to market risks for changes in interest rates and in foreign exchange rates, and other factors.

Contact:
Peter Dornau
CEO and President
pdornau@starbrite.com
954-587-6280

Jeff Barocas
Vice President & CFO
Jbarocas@starbrite.com
954-587-6280

Paul Knopick
E & E Communications
pknopick@eandecommunications.com
940.262.3584

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Synergy Pharma (SGYP) to Present at Two Upcoming Investor Conferences

NEW YORK, Feb. 22, 2013 (GLOBE NEWSWIRE) — Synergy Pharmaceuticals, Inc. (Nasdaq:SGYP), a developer of new drugs to treat gastrointestinal (GI) disorders and diseases, announced today that President and CEO Gary S. Jacob, Ph.D., will be presenting a corporate overview at two healthcare conferences in New York this month.

  • Citi 2013 Global Healthcare Conference on Monday, February 25th, 2013 at 10:20am at the Hilton New York Hotel.
  • RBC Capital Markets Healthcare Conference on Tuesday, February 26th, 2013 at 4:35pm at the New York Palace Hotel.

Live audio webcasts of both presentations will be available under the investor relations section of Synergy’s website at www.synergypharma.com. Replays of the presentations will be available for 60 days afterward.

About Synergy Pharmaceuticals, Inc.

Synergy is a biopharmaceutical company focused on the development of new drugs to treat gastrointestinal disorders and diseases. Synergy’s lead proprietary drug candidate, plecanatide, is a synthetic analog of the human gastrointestinal hormone uroguanylin, and functions by activating the guanylate cyclase C receptor on epithelial cells of the GI tract. Synergy completed a positive Phase I study of plecanatide in healthy volunteers, and positive Phase IIa and Phase IIb/III clinical trials in patients with chronic idiopathic constipation (CIC). Detailed positive findings from a recently completed 951 patient CIC clinical trial will be presented at a major scientific meeting this year. Synergy is also developing plecanatide for the treatment of irritable bowel syndrome with constipation (IBS-C), having initiated the first trial in IBS-C patients in late 2012. Synergy’s second GC-C agonist, SP-333, is in clinical development to treat inflammatory bowel diseases, and has recently completed its first Phase I trial in healthy volunteers. More information is available at http://www.synergypharma.com

CONTACT: Media Contact: Janet Skidmore
         Office:  215-658-4915
         Mobile:  215-429-2917
         skidmorecomm@earthlink.net

         Investor Contact: Danielle Spangler
         The Trout Group
         synergy@troutgroup.com
         (646) 378-2924

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Crown Media Holdings (CRWN) Announces Operating Results for Fourth Quarter of 2012

Operating Highlights

  • Strong Operating and Financial Results. Adjusted EBITDA for the year ended December 31, 2012 increased 18% over last year to $137.7 million on the strength of an 8% increase in total revenues and a 2% decrease in programming costs.
  • Hallmark Channel Holiday Programming Success. Over the course of its holiday schedule, from November 10 through December 30, Hallmark Channel ranked as the #1 cable network in weekend primetime (Sat-Sun, 8-11pm) among women 25-54, households, and total viewers according to Nielsen. With 1,100 hours of holiday programing, “Countdown to Christmas” reached more than 65.4 million unduplicated viewers overall, while the 12 new original movie premieres attracted more than 21.1 million unduplicated viewers and delivered the #1 rated ad-supported cable movie of the day for seven consecutive Saturdays. Five of those seven movies ranked as the #1 cable program of the day. The seasonal programming also brought Hallmark Channel its highest week of all time, from November 26 to December 2.
  • Hallmark Movie Channel Achieves Key Distribution Milestone. Hallmark Movie Channel recently marked the important distribution benchmark of 50 million homes, with the channel’s February 2013 universe estimate at 49.8 million homes, an increase of 897,000 homes over the January 2013 universe estimate, according to Nielsen. Since becoming Nielsen measured in April 2010, Hallmark Movie Channel has added nearly 16 million new subscriber homes, representing the largest percentage increase of any cable network in that period.
  • Original Content Continues to Draw Viewers to Hallmark Channel. Kicking off the year, the January 12 premiere of “The Nearlyweds” was the #1 rated prime time ad-supported cable movie of the day, earning a 1.2 household rating and reaching 2.1 million unduplicated viewers. One week later, the debut of “The Sweeter Side of Life” on January 19 delivered a 1.8 household rating and reached 3.1 million unduplicated viewers. “Be My Valentine”, the most recent original movie premiere, continued the trend with another 1.8 household rating and an audience of more than 3 million unduplicated viewers.
  • Upfront Negotiations Nearly Completed. 2013 calendar year Upfront negotiations are nearly completed for both Hallmark Channel and Hallmark Movie Channel, reflecting the maintenance of strong relationships with a diverse group of high-quality, stable advertisers.

“We implemented a number of strategic initiatives and reached some key milestones in 2012 that positioned our business for strong results in fourth quarter and for the full year,” said Bill Abbott, President and CEO of Crown Media Family Networks. “Fourth quarter culminated in another highly successful run of Hallmark Channel’s ‘Countdown to Christmas’ campaign, which garnered record ratings and positively impacted advertising sales revenue. On the Hallmark Movie Channel side, the network continues to show impressive growth, recently reaching the key distribution benchmark of 50 million subscriber homes. At the outset of 2013, we have a strong foundation from which to further develop our business and monetize the gains we are seeing in ratings and distribution.”

Financial Results

Historical financial information is provided in tables at the end of this release.

Operating Results

For the fourth quarter of 2012 Crown Media reported revenue of $102.3 million, a 3% increase from $99.6 million in the fourth quarter of 2011. Advertising revenue increased 2% to $83.1 million from $81.7 million in the fourth quarter of 2011 due to Hallmark Movie Channel audience growth. Subscriber fee revenue increased 7% to $19.1 million from $17.8 million in the fourth quarter of 2011 due to contractual rate increases.

Crown Media reported revenue of $349.9 million for 2012, an 8% increase from $323.4 million for 2011. Advertising revenue increased 8% to $271.2 million during 2012 from $251.3 million during 2011. Subscriber fee revenue increased 9% to $78.0 million, from $71.7 million in the prior year.

For the fourth quarter of 2012, cost of services increased 1% to $39.8 million from $39.3 million during the same quarter of 2011.

For 2012 cost of services decreased 1% to $148.3 million from $149.0 million during 2011. Within cost of services, programming expenses decreased $2.2 million to $134.5 million due to the expiration of a number of programming license agreements. Other cost of services including amortization of capital leases increased 12% from $12.3 million in 2011 to $13.7 million for 2012 due to increases in residual expense of $2.0 million from increased usage of original programming.

Selling, general and administrative expense increased 35% to $16.8 million for the fourth quarter of 2012 from $12.5 million during the same quarter of 2011 due to the increases in performance-based employee costs and legal expenses of $2.5 million and $1.5 million, respectively. Selling, general and administrative expense increased 9% for 2012 to $59.2 million from $54.2 million during 2011. Research costs increased $0.9 million, legal costs increased $1.7 million, and performance-based employee costs increased $4.0 million. During 2011 the Company recorded non-recurring banking fees of $2.5 million attributable to its June 2010 recapitalization.

Marketing expense increased to $2.2 million for the quarter ended December 31, 2012, from $6.3 million for the quarter ended December 31, 2011 due to the promotion of original holiday programming. Marketing expenses of $10.2 million for 2012 increased $0.4 million from $9.8 million for 2011.

Interest expense decreased $0.6 million for the three months ended December 31, 2012 as compared to the three months ended December 31, 2011. Interest expense on the Note was $8.0 million and $8.1 million for the three months ended December 31, 2011 and 2012, respectively. Interest expense on the Term Loan was $3.3 million and $3.0 million for the three months ended December 31, 2011 and 2012, respectively.

Interest expense increased $20.2 million for 2012 as compared to 2011 due to the 2010 Recapitalization and the treatment of this transaction under troubled debt restructuring accounting. Interest expense on the Term A and Term B loans was $1.5 million for 2011. Interest expense on the Note was $14.8 million and $32.2 million for 2011 and 2012, respectively. Interest expense on the Term Loan was $6.0 million and $12.2 million for 2011 and 2012, respectively.

The Company recorded income tax expense of $0.5 million for the three months ended December 31, 2011. The income tax benefits recorded for the three months and year ended December 31, 2012, were $44.8 million and $22.6 million, respectively. During 2011, the Company released $236.0 million of valuation allowance while the Company released $54.2 million of valuation allowance during 2012.

Adjusted EBITDA was $38.5 million for the fourth quarter of 2012 compared to $42.3 million for the same period last year. Cash provided by operating activities totaled $10.5 million for the fourth quarter of 2012 compared to $15.5 million for the same period last year. The net income to common shareholders for the quarter ended December 31, 2012, totaled $70.1 million, or $0.19 per share, compared to $29.9 million, or $0.08 per share, in the fourth quarter of 2011.

Adjusted EBITDA was $137.7 million for 2012 compared to $116.9 million for 2011. Cash provided by operating activities totaled $30.7 million for 2012 compared to $41.5 million for 2011. Net income to common shareholders for 2012 totaled $107.4 million, or $0.30 per share, compared to $249.0 million, or $0.69 per share, for 2011.

Conference Call and Webcast to be Held Friday, February 22nd, at 11:00 a.m. ET

Crown Media Holdings’ management will conduct a conference call today at 11:00 a.m., Eastern Time to discuss the results of the fourth quarter and year ended December 31, 2012. Investors and interested parties may listen to the call via a live webcast accessible on the Company’s investor relations page, http://ir.crownmedia.net/, or by dialing (877) 307-0246 (Domestic) or (224) 357-2394 (International) and using the conference number 87608420. For those listeners accessing the call through the Company’s website, please register and download audio software at the site at least 15 minutes prior to the start of the call. The webcast will be archived on the site, and a telephone replay of the call will be available for 7 days following the call beginning at 1:00 p.m. Eastern Time on Friday, February 22nd at (855) 859-2056 (Domestic) or (404) 537-3406 (International), using the conference number 87608420.

About Crown Media Holdings

Crown Media Holdings, Inc. is the corporate parent for the portfolio of cable networks and related businesses under Crown Media Family Networks. The company currently operates and distributes Hallmark Channel in both high definition (HD) and standard definition (SD) to over 87 million subscribers in the U.S. Hallmark Channel is the nation’s leading network in providing quality family programming with an ambitious slate of original TV movies, general entertainment, and an array of home and lifestyle content. Hallmark Channel’s sibling network, Hallmark Movie Channel, is available in 50 million homes in HD and SD. One of America’s fastest-growing cable networks, Hallmark Movie Channel provides family-friendly original movies with a mix of classic theatrical films, and presentations from the acclaimed Hallmark Hall of Fame library. In addition, Crown Media Family Networks includes the online offerings of HallmarkChannel.com and HallmarkMovieChannel.com.

Forward-looking Statements

Statements contained in this press release may contain forward-looking statements as contemplated by the 1995 Private Securities Litigation Reform Act that are based on management’s current expectations, estimates and projections. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “estimates,” variations of such words and similar expressions are intended to identify such forward-looking statements. Forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from those projected or implied in the forward-looking statements. Such risks and uncertainties include: competition for distribution of channels, viewers, advertisers, and the acquisition of programming; fluctuations in the availability of programming; fluctuations in demand for the programming Crown Media airs on its channels; our ability to address our liquidity needs; our incurrence of losses; our substantial indebtedness affecting our financial condition and results; and other risks detailed in the Company’s filings with the Securities and Exchange Commission, including the Risk Factors stated in the Company’s most recent 10-K and 10-Q Reports. Crown Media Holdings is not undertaking any obligation to release publicly any updates to any forward looking statements to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events.

Use of Adjusted EBITDA

Crown Media evaluates operating performance based on several factors, including Adjusted EBITDA. Our calculation of Adjusted EBITDA adds back non-cash expenses and other items mentioned below.

Our measure of Adjusted EBITDA differs from the normal definition of EBITDA (earnings before interest, taxes, depreciation and amortization) used by most companies. We define Adjusted EBITDA as earnings before interest, taxes, depreciation, amortization, subscriber acquisition fee amortization, and other non-cash expenses. For this purpose, restricted stock unit compensation and long term incentive plan expense are treated as non-cash items, although they may result in cash payments during subsequent periods. See “Selected Unaudited Financial Information” below for a reconciliation to GAAP net income. Management views Adjusted EBITDA as a critical measure of our operating performance and monitors this measure closely. We disclose Adjusted EBITDA so that our investors can have some of the same information available to our management to evaluate their investment in our Company.

We also believe that an Adjusted EBITDA provides an indication of the Company’s ability to generate cash flows from operating activities since our non-cash expenses are excluded from our calculation of Adjusted EBITDA. The Adjusted EBITDA calculation allows the Company to assess how much is available to pay debt service and gives a further indication of how much remains to fund discretionary expenditures such as the acquisition of programming or additional subscriber base. However, Adjusted EBITDA should be considered in addition to, not as a substitute for, historical operating income or loss, net loss, cash flow from operations and other measures of financial performance reported in accordance with accounting principles generally accepted in the United States.

Adjusted EBITDA differs significantly from cash flows from operating activities reflected in the consolidated statement of cash flows. Cash flow from operating activities is net of interest and taxes paid and is a more comprehensive determination of periodic income on a cash basis, exclusive of non-cash items of income and expenses such as depreciation and amortization. In contrast, Adjusted EBITDA is derived from accrual basis income and is not reduced for cash invested in working capital. Consequently, Adjusted EBITDA is not affected by the timing of receivable collections or when accrued expenses are paid. We are not aware of any uniform standards for determining EBITDA or our Adjusted EBITDA and believe that our calculation of Adjusted EBITDA is probably calculated differently than presentations of EBITDA by other entities because our calculation was based upon the definition in a bank credit agreement.

Crown Media Holdings, Inc.
Unaudited Consolidated Income Statement Information
(In thousands, except per share data)
Three Months Ended December 31, Years Ended December 31,
2012 2011 2012 2011
Revenue:
Advertising $ 82,045 $ 80,645 $ 268,252 $ 249,888
Advertising by Hallmark Cards 1,079 1,079 2,990 1,437
Subscriber fees 19,053 17,774 78,005 71,668
Other revenue 124 70 623 368
Total revenue, net 102,301 99,568 349,870 323,361
Cost of services:
Non-affiliate programming 34,864 35,277 131,186 134,742
Hallmark Cards affiliate programming 1,295 799 3,363 2,040
Amortization of capital lease 290 290 1,158 1,158
Other cost of services 3,375 2,950 12,546 11,108
Total cost of services 39,824 39,316 148,253 149,048
Selling, general and administrative expense 16,814 12,484 59,156 54,224
Marketing expense 8,510 6,308 10,179 9,816
Depreciation and amortization expense 408 358 1,477 1,455
Gain on extinguishment of indemnification (1,246 ) (1,246 )
Income from operations before interest
and income tax expense 36,745 42,348 130,805 110,064
Interest expense (11,401 ) (11,971 ) (46,056 ) (25,857 )
Income from operations before income tax expense 25,344 30,377 84,749 84,207
Income tax benefit (expense) 44,768 (504 ) 22,604 234,589
Income before gain from sale of discontinued operations 70,112 29,873 107,353 318,796
Gain from sale of discontinued operations, net of tax 1 189
Net income and comprehensive income 70,112 29,874 107,353 318,985
Income allocable to Preferred Stockholder (69,974 )
Net income attributable to common stockholders $ 70,112 $ 29,874 $ 107,353 $ 249,011
Net income per share – basic $ 0.19 $ 0.08 $ 0.30 $ 0.69
Net income per share – diluted $ 0.19 $ 0.08 $ 0.30 $ 0.69
Weighted average number of common shares outstanding 359,676 359,676 359,676 359,676
Unaudited Consolidated Balance Sheets
(In thousands, except share and per share data)
As of December 31, As of December 31,
2012 2011
ASSETS
Cash and cash equivalents $ 43,705 $ 35,181
Accounts receivable, less allowance for doubtful
accounts of $245 and $181, respectively 92,062 83,798
Programming rights 85,946 98,158
Prepaid programming rights 13,820 11,533
Deferred tax asset, net 34,200 14,200
Prepaid and other assets 2,326 1,174
Total current assets 272,059 244,044
Programming rights 174,971 154,428
Prepaid programming rights 13,748
Property and equipment, net 10,455 11,236
Deferred tax asset, net 225,149 221,800
Debt issuance costs, net 10,421 11,711
Other assets 3,826 1,217
Goodwill 314,033 314,033
Total assets $ 1,024,662 $ 958,469
LIABILITIES AND STOCKHOLDERS’ EQUITY
LIABILITIES
Accounts payable and accrued liabilities $ 25,801 $ 15,391
Audience deficiency reserve liability 5,679 10,256
Programming rights payable 112,503 135,768
Payables to Hallmark Cards affiliates 1,239 4,051
Interest payable 14,468 17,135
Current maturities of long-term debt 19,600 19,600
Total current liabilities 179,290 202,201
Accrued liabilities 15,852 16,667
Programming rights payable 30,121 8,737
Long-term debt, net of current maturities 468,040 487,368
Total liabilities 693,303 714,973
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ EQUITY
Class A common stock, $.01 par value; 500,000,000 shares
authorized; 359,675,936 shares issued and outstanding as of
both December 31, 2012 and 2011 3,597 3,597
Paid-in capital 2,062,751 2,082,241
Accumulated deficit (1,734,989 ) (1,842,342 )
Total stockholders’ equity 331,359 243,496
Total liabilities and stockholders’ equity $ 1,024,662 $ 958,469
Crown Media Holdings, Inc.
Selected Unaudited Financial Information
(in thousands)
Three Months Ended December 31, Year Ended December 31,
2012 2011 2012 2011
Net income $ 70,112 $ 29,874 $ 107,353 $ 318,985
Gain from sale of discontinued operations (1 ) (189 )
Gain from extinguishment of indemnification (1,246 ) (1,246 )
Promotion and placement expense 297 317 1,191 1,211
Depreciation and amortization 698 648 2,635 2,613
Interest expense 11,401 11,971 46,056 25,857
Income tax (benefit) expense (44,768 ) 504 (22,604 ) (234,589 )
Bank fees 2,500
Long term incentive plan expense 692 199 2,804 1,673
Restricted stock unit compensation 39 39 237 67
Adjusted earnings before interest, taxes, depreciation
and amortization $ 38,471 $ 42,305 $ 137,672 $ 116,882
Programming and other amortization 36,555 32,203 129,345 126,255
Provision for allowance for doubtful account (17 ) 193 39 454
Changes in operating assets and liabilities:
Change to programming rights (62,439 ) (31,882 ) (131,964 ) (140,464 )
Change to prepaid programming rights 10,023 6,872 (16,035 ) (7,434 )
Change in programming rights payable 22,254 (5,970 ) (1,033 ) 8,949
Interest paid (3,115 ) (3,379 ) (46,909 ) (5,951 )
Amounts paid to Hallmark Cards under tax
agreements (11,740 ) (761 ) (22,338 ) (11,296 )
Changes in other operating assets and
liabilities, net of adjustments above (19,497 ) (24,106 ) (18,097 ) (45,913 )
Net cash provided by operating activities $ 10,495 $ 15,475 $ 30,680 $ 41,482
Crown Media Holdings, Inc.
Selected Unaudited Cash Flow Statement Information
(in thousands)
Three Months Ended December 31, Year Ended December 31,
2012 2011 2012 2011
Net cash provided by operating activities $ 10,495 $ 15,475 $ 30,680 $ 41,482
Net cash used in investing activities (395 ) (321 ) (1,376 ) (1,145 )
Net cash used in financing activities (831 ) (975 ) (20,780 ) (35,721 )
Net increase in cash and cash equivalents 9,269 14,179 8,524 4,616
Cash and cash equivalents, beginning of period 34,436 21,002 35,181 30,565
Cash and cash equivalents, end of period $ 43,705 $ 35,181 $ 43,705 $ 35,181
Friday, February 22nd, 2013 Uncategorized Comments Off on Crown Media Holdings (CRWN) Announces Operating Results for Fourth Quarter of 2012