Archive for March, 2013
MakeMusic (MMUS) to be Acquired by LaunchEquity
MakeMusic, Inc. (NASDAQ: MMUS), a world leader in music technology, and LaunchEquity Acquisition Partners, LLC Designated Series Education Partners (“LEAP”), an affiliate of LaunchEquity Partners, LLC, today announced that they have entered into a definitive merger agreement under which LEAP will acquire MakeMusic through an all-cash transaction. A special committee of MakeMusic’s Board of Directors, consisting of independent directors, and MakeMusic’s Board of Directors have unanimously approved the transaction.
Under the terms of the agreement, LEAP, through a wholly-owned subsidiary, will commence a tender offer to purchase all outstanding shares of MakeMusic at $4.85 per share in cash, which represents a premium of approximately 31% over the closing share price on March 12, 2013, the last trading day prior to today’s announcement. MakeMusic anticipates that tender offer materials will be provided to shareholders around the end of March 2013.
The tender offer will be followed by a back-end merger, which may be effected without the need for a shareholder vote depending on LEAP’s percentage ownership of MakeMusic’s common stock after the close of the tender offer. As of the date of the agreement, LEAP beneficially owned approximately 27.8% of the outstanding common stock of MakeMusic. At the effective time of the merger, each share of common stock that has not been tendered and accepted in the tender offer (other than shares owned by LEAP or its affiliates or shares subject to perfected appraisal rights under applicable law) will be converted into the right to receive the offer price of $4.85 per share.
The transaction is expected to close in the second quarter of 2013, subject to the satisfaction of customary closing conditions, including the tender of a number of shares that, when added to the shares owned by LEAP and its affiliates, constitutes a majority of MakeMusic’s outstanding shares on a fully-diluted basis. The acquisition is not subject to any financing contingencies.
Robert B. Morrison, Chairman of the Board of MakeMusic, commented, “The special committee and board believe this transaction represents an attractive value and are pleased to recommend it to MakeMusic’s shareholders. Equally important, we believe this step will create new opportunities for the company, its partners and employees.”
Advisors
Lazard Middle Market LLC served as financial advisor, and Fredrikson & Byron, P.A. served as legal advisor, to MakeMusic in connection with the transaction.
Olshan Frome Wolosky LLP served as legal advisor to LaunchEquity.
About MakeMusic, Inc.
MakeMusic®, Inc. is a world leader in music technology whose mission is to develop and market solutions that transform how music is composed, taught, learned and performed. For more than 20 years, Finale® has been the industry standard in music notation software, enabling composers, arrangers, musicians, teachers, students and publishers to create, edit, audition, print and publish musical scores. MakeMusic is also the creator of SmartMusic® interactive software that is transforming the way students practice. With SmartMusic, students and teachers have access to thousands of band, orchestra and vocal pieces allowing students to practice with background accompaniment and get immediate feedback on their performance. SmartMusic allows teachers to individualize instruction and document the progress of every student. The SmartMusic Inbox™, an Android™ and Apple® mobile application, provides additional access for teachers to review, grade and comment on student assignments. MusicXML™ is an Internet-friendly way to publish musical scores, enabling musicians to distribute interactive sheet music online and to use sheet music files with a wide variety of musical applications. Garritan™ sound libraries provide musicians with state-of-the-art virtual instruments with the playback quality of a live performance. Additional information about this Minnesota company can be found at www.makemusic.com.
About LaunchEquity
LaunchEquity Partners, LLC is an investment entity that provides growth capital and strategic leadership to intellectual property based businesses.
Forward-Looking Statements
Statements in this press release regarding the proposed transaction between MakeMusic and LEAP, the expected timetable for completing the transaction, future financial and operating results, benefits of the transaction, future opportunities for MakeMusic’s business and any other statements by management of MakeMusic and LaunchEquity concerning future expectations, beliefs, goals, plans or prospects constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Generally, forward-looking statements include expressed expectations, estimates and projections of future events and financial performance and the assumptions on which these expressed expectations, estimates and projections are based. Statements that are not historical facts, including statements about the beliefs and expectations of the parties and their management are forward-looking statements. All forward-looking statements are inherently uncertain as they are based on various expectations and assumptions about future events, and they are subject to known and unknown risks and uncertainties and other factors that can cause actual events and results to differ materially from historical results and those projected. Risks and uncertainties include the satisfaction of closing conditions for the acquisition, including the tender of a number of shares that, when added to the shares owned by LEAP and its affiliates, constitutes a majority of MakeMusic’s outstanding shares on a fully-diluted basis; the possibility that the transaction will not be completed, or if completed, not completed on a timely basis; the ability of MakeMusic’s management team to successfully implement growth initiatives for SmartMusic; market acceptance of MakeMusic’s products; the impact of changing technology on MakeMusic’s product upgrades; delays in finalizing and implementing product modernization initiatives.
Neither LaunchEquity nor MakeMusic can give any assurance that any of the transactions contemplated by the agreement will be completed or that the conditions to the tender offer and the back-end merger will be satisfied. A further list and description of additional business risks, uncertainties and other factors can be found in MakeMusic’s Annual Report on Form 10-K for the fiscal year ended December 31, 2012, as well as other MakeMusic SEC filings. Copies of these filings, as well as subsequent filings, are available online at www.sec.gov and www.makemusic.com. Many of the factors that will determine the outcome of the subject matter of this communication are beyond LaunchEquity’s or MakeMusic’s ability to control or predict. Neither LaunchEquity nor MakeMusic undertakes to update any forward-looking statements as a result of new information or future events or developments.
Important Additional Information
The tender offer described in this press release for all of the outstanding shares of common stock of MakeMusic has not yet commenced. LaunchEquity intends to file tender offer documents with the Securities and Exchange Commission (the “SEC”). This press release is for informational purposes only and does not constitute an offer to purchase, or a solicitation of an offer to sell, shares of common stock of MakeMusic, nor is it a substitute for the tender offer documents. Investors and MakeMusic shareholders are strongly advised to read the tender offer documents, the related solicitation/recommendation statement on Schedule 14D-9 that will be filed by MakeMusic and the related Schedules 13E-3 that will be filed by MakeMusic and LaunchEquity with the SEC, and other relevant materials when they become available, because they will contain important information.
Investors and MakeMusic shareholders can obtain copies of these materials (and all other related documents filed with the SEC) when available, at no charge on the SEC’s website at www.sec.gov. Copies can also be obtained at no charge by directing a request to LaunchEquity at LaunchEquity Partners, LLC, 4230 N. Oakland Avenue #317, Shorewood, WI 53211-2042, or by phone at (414) 390-8221. Investors and MakeMusic shareholders may also read and copy any reports, statements and other information filed by LaunchEquity or MakeMusic with the SEC, at the SEC public reference room at 100 F Street, N.E., Washington, D.C. 20549. Please call the SEC at 1-800-SEC-0330 or visit the SEC’s website for further information on its public reference room.
Cardium’s (CXM) To Go Brands® to Launch Expanded VitaRocks® kids Vitamin Line
SAN DIEGO, March 13, 2013 /PRNewswire/ — Cardium Therapeutics (NYSE MKT: CXM) today announced that its To Go Brands® operating unit has expanded its VitaRocks® kids vitamins product line and that retail distribution of the newly-designed products is being been broadened into select Target stores.
The VitaRocks products are inspired by a popping pellet candy that is popular with kids and represents a next-generation, easy-use delivery platform for multivitamins and nutrients, dietary supplements, and potentially over-the-counter (OTC) medicines for children as well as adults. The Kids VitaRocks product line is fun, and uses tasty antioxidant and mineral-rich formulas to provide vitamins A, B, C, D and E, as well as calcium, iodine, magnesium, zinc and selenium. Each packet provides 50% of Daily Value, so that children four and above may enjoy this nutritious treat twice a day. VitaRocks products include cherryBLAST, grapeGUSHER, the new blueRAZZ, as well as orangeBURST, providing 250 mg of Vitamin C. To Go Brands’ adult VitaRocks C delivers a powerful dose of 1000 mg of Vitamin C in every packet.
“Special formulations allow VitaRocks to melt cleanly in the mouth and deliver vitamins and nutrients while being fun and great tasting. Unlike many other products in this class, VitaRocks require no mixing with water and can be directly consumed. While the initial product line was designed for children, with the success of new adult multivitamin chews and gummies, consumers of all ages are increasingly seeking easy-to-use and great tasting nutritional products, and we believe that our VitaRocks platform aligns with this important and rapidly emerging trend. Because of our unique manufacturing process, we now have the flexibility to expand the product line into formulas that could include enzymes, electrolytes, amino acids, vitamins and minerals, as well as nutrients, and into other applications including OTC drugs,” stated Hanna Wagari, Cardium’s Vice President of Sales and Marketing.
Current VitaRocks products are available through retailers, including Whole Foods, Sprouts and Vitamin Shoppe. The new product line will be available at the beginning of April 2013 in select Target stores, as well as directly from the To Go Brands web-based store at www.togobrands.com.
About To Go Brands
Since 2007, To Go Brands has been making healthy, great tasting and anti-oxidant-rich phytonutrients and nutraceutical supplements in an array of easy use formats, including drink mixes, chews, powders and capsules, to empower busy lifestyles in today’s fast-paced, tech-driven world. The Go Active! product line includes High Octane®, Green Tea Energy Fusion™, Acai Natural Energy Boost™, and Neo-Energy®. The Go Healthy! product line includes Greens to Go®, Extreme Berries to Go®, Healthy Belly®, VitaRocks®, and Neo-Chill™. Go Trim! products include Smoothie Complete®, Trim Energy Green Coffee Bean™, Trim Energy®, and Neo-Carb Bloc®. To Go Brands products are sold through mass, food and drug channels at retailers including Whole Foods, Sprouts, Kroger, GNC, RiteAid, Jewel-Osco, Ralph’s Supermarkets, Vitamin World, Meijer, Fred Meyer, King Soopers, and the Vitamin Shoppe® as well as directly from the company’s web-based store. To learn more about To Go Brands, visit togobrands.com.
About Cardium
Cardium is an asset-based health sciences and regenerative medicine company focused on the acquisition and strategic development of innovative products and businesses with the potential to address significant unmet medical needs and having definable pathways to commercialization, partnering or other economic monetizations. Cardium’s current portfolio includes the Tissue Repair Company, Cardium Biologics, and the Company’s newly-acquired To Go Brands® nutraceutical business. The Company’s lead commercial product, Excellagen® topical gel for wound care management, has received FDA clearance for marketing and sale in the United States. Cardium’s lead clinical development product candidate Generx® is a DNA-based angiogenic biologic intended for the treatment of patients with myocardial ischemia due to coronary artery disease. To Go Brands® develops, markets and sells dietary supplements through established regional and national retailers. In addition, consistent with its business model, Cardium continues to actively evaluate new technologies and business opportunities. For more information, visit www.cardiumthx.com.
Forward-Looking Statements
Except for statements of historical fact, the matters discussed in this press release are forward looking and reflect numerous assumptions and involve a variety of risks and uncertainties, many of which are beyond our control and may cause actual results to differ materially from expectations. For example, there can be no assurance that To Go Brands products or Cardium’s other products can be successfully commercialized; that the retail distribution of VitaRocks or other products will be successfully expanded; that new products will be developed and launched in a timely and effective manner; that our product or product candidates will not be unfavorably compared to competitive products that may be regarded as safer, more effective, easier to use or less expensive, or will not be blocked by third party intellectual property rights or other means; that our products will substantially enhance our revenues or perceived value; that the company can attract suitable commercialization partners for our products or that we or partners can successfully commercialize them; that third parties on whom we depend will perform as anticipated; that we can raise sufficient capital from partnering, monetization or other fundraising transactions to maintain our stock exchange listing or adequately fund ongoing operations; or that we will not be adversely affected by these or other risks and uncertainties that could impact our operations, business or other matters, as described in more detail in our filings with the Securities and Exchange Commission. We undertake no obligation to release publicly the results of any revisions to these forward-looking statements to reflect events or circumstances arising after the date hereof.
Copyright 2013 Cardium Therapeutics, Inc. All rights reserved.
For Terms of Use Privacy Policy, please visit www.cardiumthx.com.
To Go Brands®, High Octane®, Green Tea Energy Fusion™, Acai Natural Energy Boost™, Greens to Go®, Extreme Berries to Go®, Healthy Belly®, VitaRocks®, Smoothie Complete®, Trim Green Coffee Bean™, and Trim Energy®, are trademarks of To Go Brands, Inc.
Cardium Therapeutics®, Generx®,Cardionovo®, Tissue Repair™, Excellagen®, Excellarate™, LifeAgain™, Genedexa™, Neo-Apps®, MedPodium®, Neo-Energy®, Neo-Chill™ and Neo-Carb Bloc® are trademarks of Cardium Therapeutics, Inc. or Tissue Repair Company.
Other trademarks belong to their respective owners.
Net Element (NETE) to Acquire Unified Payments
Proposed Acquisition Expected to Broaden Net Element International’s Suite of Payment Processing Solutions and Position the Company for Continued Global Growth
Net Element International (NASDAQ: NETE), a technology-driven group specializing in electronic commerce and mobile payment processing, and Unified Payments, a leading provider of transaction processing services and payment-enabling technologies that was recognized by Inc. Magazine as the fastest-growing private company in the U.S. in 2012, today announced that they have entered into a binding term sheet for Net Element International to acquire Unified Payments and operate it through its newly formed subsidiary and holding company, TOT, Inc. (TOT).
The acquisition is expected to position and diversify Net Element International’s TOT Money business and expand its global presence in the payments market. When the acquisition has been completed, Net Element International plans to aggressively begin deploying Unified Payments’ products and services in Russia and other emerging markets, while Unified Payments provides a strong foundation of recurring revenues in the U.S.
Both companies consider the acquisition a major win-win that will create a strong, driven and innovative force in the mobile and transaction processing markets. Their robust global networks and top-tier business relationships, combined with their shared commitment to payment technology innovation, are expected to help Net Element International spread its technology and business to a broader range of users in Russia and other emerging markets while expanding and diversifying its business base in North America.
“We became motivated to acquire Unified Payments after learning about its remarkable success, as it is very rare to see a young company with such an impressive growth track record,” said Net Element International Chairman Kenges Rakishev, himself a noted global business leader and strategic technology investor named one of the 50 most influential people in Kazakhstan. “This acquisition is extremely synergistic, as Net Element will leverage its deep industry relationships in Russia and Commonwealth of Independent States markets to introduce Unified Payment’s unique business model and technologies in these growth markets. Indeed, the combination of these two cutting-edge companies resulting in the formation of TOT is expected to build a strong, technology-driven company in the global mobile and transaction processing markets.”
Oleg Firer, co-founder and executive chairman of Unified Payments, echoed Rakishev’s enthusiasm: “Unified Payments shares Net Element International’s vision to energize and enhance the world of payment processing. I am excited to lead our team to bring the best, most compelling technologies to our focus markets. There are enormous opportunities in Russia and other emerging markets, and we are well-positioned to implement our products and services in these high-growth markets.”
Plans call for appointing Firer to the position of Chief Executive Officer of Net Element International, with Steven Wolberg joining Net Element International as Chief Legal Officer, and Tim Greenfield, Net Element International’s president of mobile commerce and payment processing, becoming President of Corporate Development. Ivan Onuchin will remain as Chief Technology Officer and Jonathan New will remain as Chief Financial Officer. Francesco Piovanetti, Net Element International’s current Chief Executive Officer, will become a consultant to the company. These changes in management of Net Element International are expected to take place following closing of Net Element International’s proposed acquisition of Unified Payments.
The terms of the proposed acquisition are disclosed in Net Element International’s Form 8-K filed with the SEC today.
The proposed acquisition is subject to Net Element International’s satisfactory completion of due diligence, the execution of an acquisition agreement and ancillary agreements and documents satisfactory to the parties, and other customary closing conditions.
About Net Element International (NASDAQ: NETE)
Net Element International (NASDAQ: NETE) is a global technology-driven group specializing in electronic commerce and mobile payments. The company owns and operates a mobile payments company, TOT Money, as well as several popular content monetization verticals. Together with its subsidiaries, Net Element International enables ecommerce and content-management companies to monetize their assets in ecommerce and mobile commerce environments. Its global development centers and high-level business relationships in the United States, Russia and Commonwealth of Independent States strategically position the company for continued growth. The company has U.S. headquarters in Miami and international headquarters in Moscow. More information is available at www.netelement.com.
About Unified Payments
Unified Payments, which has been recognized by Inc. Magazine as the fastest-growing private company in America in 2012, is a leading socially responsible provider of transaction processing services and payment-enabling technologies to small, medium, and large merchants across the United States. Unified Payments provides comprehensive turnkey, transaction processing solutions to merchants across the United States. By utilizing the products and services offered by Unified Payments, merchants are able to accept both traditional card present, mobile payments, card-not present payments, and other forms of cashless payments such as prepaid cards, stored-value cards, gift cards and other closed loop network payments. Its corporate headquarters are in Miami.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Any statements contained in this press release that are not statements of historical fact may be deemed forward-looking statements. Words such as “possible,” “potential,” “proposed,” “will,” “may,” “could,” “should,” “expect,” “expected,” “contemplated,” “plans,” “project,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue,” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, Net Element International’s plans, intentions and expectations with respect to the proposed acquisition of Unified Payments; Net Element International’s satisfactory completion of due diligence with respect to Unified Payments and its business, financial condition, assets and operations; the execution of an acquisition agreement and ancillary agreements and documents satisfactory to Net Element International and United Payments; the satisfaction of customary closing conditions; who the executive officers of Net Element International will be upon closing of the proposed transaction; the extent to which the proposed acquisition diversifies Net Element International’s TOT Money business and/or expands its presence in the payment processing market; the extent that Unified Payments’ business provides recurring revenues in the United States to Net Element International following the closing of the proposed acquisition; the extent that the proposed acquisition helps Net Element International spread its technology and business to a broader range of users in Russia and other emerging markets; and the extent that the proposed acquisition helps Net Element International expand and diversify its business base in North America. All forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, many of which are generally outside the control of Net Element International and are difficult to predict. Examples of such risks and uncertainties include, but are not limited to: (i) the failure for any reason of Net Element International to satisfactorily complete due diligence with respect to Unified Payments and its business, financial condition, assets and operations; (ii) the failure of Net Element International for any reason to enter into an acquisition agreement for the acquisition of Unified Payments; (iii) if such an acquisition agreement is entered into, the failure of the proposed acquisition to close for any reason; (iv) the change for any reason in who the executive officers of Net Element International will be upon closing of the proposed acquisition; (v) risks relating to the consummation of the contemplated acquisition, including the risk that required consents to the acquisition might not be obtained in a timely manner or at all or that other closing conditions are not satisfied; (vi) the impact of the proposed acquisition on the markets for Net Element International’s and its subsidiaries’ products and services and on the markets for Unified Payments’ products and services; (vii) the employees of Net Element International and Unified Payments not being integrated successfully; (viii) operating costs and business disruption following the proposed acquisition, including adverse effects on employee retention and on Net Element International’s and/or Unified Payments’ business relationships with third parties; (ix) adverse effects on the financial condition of Net Element International following the proposed acquisition as a result of the assumption of indebtedness of United Payments; (x) adverse changes in the performance of the business of Unified Payments; (xi) the future performance of Net Element International following the closing of the proposed acquisition; and (xii) local, industry and general business and economic conditions. Additional factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements can be found in the current report, as amended, on Form 8-K/A filed with the Securities and Exchange Commission (the “SEC”) on November 19, 2012 (including, without limitation, the information incorporated by reference therein from the Definitive Joint Proxy Statement and Prospectus, dated September 4, 2012, filed with the SEC on September 5, 2012), the most recent annual report on Form 10-K and the subsequently filed quarterly reports on Form 10-Q and current reports on Form 8-K filed by Net Element International with the SEC. Net Element International anticipates that subsequent events and developments may cause its plans, intentions and expectations to change. Net Element International assumes no obligation, and it specifically disclaims any intention or obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by law.
Glu Mobile (GLUU) Launches First Real-Money Gambling Offering with Probability
Glu Mobile Launches First Real-Money Gambling Offering with Probability
Mobile slot game featuring intellectual property from Glu’s popular Samurai vs. Zombies Defense is immediately available in the UK
San Francisco, Calif. – Mar. 12, 2012 – Glu Mobile Inc. (NASDAQ: GLUU), a leading global developer and publisher of freemium games for smartphone and tablet devices, today announced the availability of the company’s first real-money mobile gambling offering through Probability plc, the mobile entertainment gambling provider. The mobile slot game features intellectual property from Glu’s popular Samurai vs. Zombies Defense and is made available to mobile real-money gamers in the UK through Probability’s distribution network.
“We are pleased to expand our mobile portfolio to include real-money gambling. We anticipate that real-money gambling will continue to gain momentum globally and believe that with this offering, Glu is well positioned to capitalize to the extent that additional markets adjust regulations,” said Niccolo de Masi, Chief Executive Officer of Glu Mobile. “We plan to leverage Probability’s extensive partner network to further extend Glu’s successful original IP to new demographics.”
Glu and Probability entered into a strategic relationship for real-money gambling in 2012 and plan to offer additional Glu-branded mobile gambling games. Glu original IP-branded casino games will be offered as part of the Probability portfolio and will be offered to a broad range of Probability’s partners such as Paddy Power, William Hill, and Probability’s white label partners.
The relationship is structured so that Probability provides a comprehensive operational role, accepting all regulatory responsibilities.
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Cautions Regarding Forward-Looking Statements
This news release contains forward-looking statements, including that as we anticipate that real-money gambling will continue to gain momentum globally; our belief that Glu is well positioned to capitalize to the extent that additional markets adjust regulations; that we plan to leverage Probability’s extensive partner network to further extend Glu’s successful original IP to new demographics; and our expectation that Glu’s original IP-branded casino games will be offered as part of the Probability portfolio and will be offered to a broad range of partners such as Paddy Power, William Hill and Probability white label partners. These forward-looking statements are subject to material risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Investors should consider important risk factors, which include: the risk that real-money mobile gaming does not grow as significantly as we anticipate or does not expand to additional markets; the risk that consumer demand for smartphones and tablets does not grow as significantly as we anticipate or that we will be unable to capitalize on any such growth; the risk that we do not realize the expected benefits from our strategic relationship with Probability; and other risks detailed under the caption “Risk Factors” in our Form 10-Q filed with the Securities and Exchange Commission on November 9, 2012 and our other SEC filings. You can locate these reports through our website at http://www.glu.com/investors. We are under no obligation, and expressly disclaim any obligation, to update or alter our forward-looking statements whether as a result of new information, future events or otherwise.
Glu Mobile
Glu Mobile (NASDAQ:GLUU) is a leading global developer and publisher of freemium games for smartphone and tablet devices. Glu is focused on creating compelling original IP games such as CONTRACT KILLER, GUN BROS, DEER HUNTER, BLOOD & GLORY, and SAMURAI VS. ZOMBIES DEFENSE on a wide range of platforms including iOS, Android, Windows Phone, Google Chrome, and MAC OS. Glu’s unique technology platform enables its titles to be accessible to a broad audience of consumers globally. Founded in 2001, Glu is headquartered in San Francisco with a major office outside Seattle, and international locations in Canada, China, and Russia. Consumers can find high-quality entertainment wherever they see the ‘g’ character logo or at www.glu.com. For live updates, please follow Glu via Twitter at www.twitter.com/glumobile or become a Glu fan at Facebook.com/glumobile.
Probability plc
Founded in 2004 and headquartered in London, Probability is the largest direct-to-mobile gambling service in the UK, serving both B2B and B2C audiences. The company holds gambling licenses in Gibraltar and Italy, and gambling operations are hosted in Gibraltar. Probability shares trade on the AIM market of the London Stock Exchange with the symbol PBTY.
GUN BROS, DEER HUNTER, BLOOD & GLORY, SAMURAI VS. ZOMBIES DEFENSE, GLU, GLU MOBILE and the ‘g’ character logo are trademarks of Glu Mobile Inc.
Media Contacts
Jason Enriquez
Glu Mobile Inc.
PR@glu.com
(415) 800-6263
Investor Relations
Seth Potter
ICR Inc.
IR@glu.com
(646) 277-1230
Elbit Imaging (EMITF) Announces the Appointment of a Court-Appointed Expert
TEL AVIV, Israel, March 12, 2013 /PRNewswire/ —
Elbit Imaging Ltd. (“EI” or the “Company”) (TASE, NASDAQ: EMITF) announced today that the Tel Aviv District Court appointed Mr. Ron Alroy, CPA, as an expert following a petition filed by the Trustees of the Company’s outstanding Series C, D, E, F and Series 1 Notes, with respect to the negotiations regarding a restructuring of the debt of the Company as announced by the Company on February 27, 2013.
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
Crossroads (CRDS) Reports Fiscal First Quarter 2013 Financial Results
AUSTIN, TX — (Marketwire) — 03/12/13 — Crossroads Systems, Inc. (NASDAQ: CRDS), a global provider of data archive solutions, reported financial results for its fiscal first quarter ended January 31, 2013.
Fiscal Q1 2013 Financial Results
Revenue for fiscal Q1 2013 increased 38% to $3.6 million from $2.6 million in the same quarter a year ago. The increase was due to the addition of StrongBox® revenue.
Gross profit for fiscal Q1 2013 was $2.6 million, or 73% of total revenue, as compared to $2.3 million or 88% of total revenue in the same quarter a year ago. The decrease in gross margin as a percentage of revenue was due to the lower margin percentage attributable to the development efforts associated with StrongBox service revenue in Q1 2013.
Operating expenses for fiscal Q1 2013 totaled $5.7 million as compared to $5.0 million in the same period a year ago. The increase in operating expenses is mainly due to increases in sales and marketing personnel from the same quarter a year ago.
Net loss for fiscal Q1 2013 totaled $3.1 million or $.27 per share, as compared to a net loss of $2.7 million or $.25 per share in the same quarter a year ago. Gross profit increases were offset by increased operating expenses in Q1 2013 as compared to the same quarter a year ago.
At January 31, 2013, cash and cash equivalents and short-term investments totaled $2.5 million, as compared to $6.9 million in the previous quarter. The decrease in cash was largely due to continued development, marketing and sales efforts of StrongBox as well as a payment on Crossroads’ debt facility of $1.5 million.
Management Commentary
“StrongBox continues to gain traction as evidenced by $1.4 million in revenue from StrongBox in our fiscal first quarter,” said Rob Sims, President and CEO at Crossroads Systems. “We are adding to the growing list of StrongBox customers as evidenced by our pipeline growing from $14 million to $17 million over the last quarter. Our recent reduction in workforce has strengthened our operational efficiency, reducing our annual expenses by more than $5 million and positioning us for profitability as we continue to see growth in StrongBox.”
Crossroads will hold a conference call later today (Tuesday, March 12, 2013) at 4:30 p.m. Eastern Time (3:30 p.m. Central Time) to discuss the financial results. Crossroads’ CEO Rob Sims and CFO Jennifer Crane will host the call starting at 4:30 p.m. Eastern Time. A question and answer session will follow management’s presentation.
Date: Tuesday, March 12, 2013
Time: 4:30 p.m. Eastern Time (3:30 p.m. Central Time)
Dial-In Number: (877) 221-8809
International: (706) 679-8667
The conference call will be broadcasted and available for replay at:
http://us.meeting-stream.com/crossroadssystemsinc_031213
The conference call will also be available via the company’s Web site in the Investor Relations Events & Presentations section.
Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. For more information and to view recent press releases, visit www.crossroads.com.
About Crossroads Systems
Crossroads Systems, Inc. (NASDAQ: CRDS) is a global provider of data archive solutions. Through the innovative use of new technologies, Crossroads delivers customer-driven solutions that enable proactive data security, advanced data archiving, optimized performance and significant cost-savings. Founded in 1996 and headquartered in Austin, TX, Crossroads holds more than 100 patents and has been honored with numerous industry awards for data archiving, storage and protection. Visit www.crossroads.com.
Important Cautions Regarding Forward-Looking Statements
This press release includes forward-looking statements that relate to the business and future events or future performance of Crossroads Systems, Inc. and involve known and unknown risks, uncertainties and other factors that may cause its actual results, levels of activity, performance or achievements to differ materially from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Words such as, but not limited to, “believe,” “expect,” “anticipate,” “estimate,” “intend,” “plan,” “targets,” “likely,” “will,” “would,” “could,” and similar expressions or phrases identify forward-looking statements. Forward-looking statements include, but are not limited to, statements about Crossroads Systems’ ability to implement its business strategy, including the transition from a hardware storage company to a software solutions and services provider, its ability to expand its distribution channels, its ability to maintain or broaden relationships with existing distribution channels and strategic alliances and develop new industry relationships, the performance of third parties in its distribution channels and of its strategic alliances, uncertainties relating to product development and commercialization, the ability to obtain, maintain or protect patent and other proprietary intellectual property rights, technological change in its industry, market acceptance of its products and services, future capital requirements, regulatory actions or delays, competition in general and other factors that may cause actual results to be materially different from those described herein. Forward-looking statements in this press release are based on management’s beliefs and opinions at the time the statements are made. Crossroads Systems does not intend, and undertakes no duty, to update this information to reflect future events or circumstances.
©2013 Crossroads Systems, Inc., Crossroads and Crossroads Systems are registered trademarks of Crossroads Systems, Inc. All trademarks are the property of their respective owners. All specifications are subject to change without notice.
CROSSROADS SYSTEMS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
October 31, January 31,
ASSETS 2012 2013
----------- -----------
(Unaudited)
Current assets:
Cash and cash equivalents $ 6,895 $ 2,456
Accounts receivable, net of allowance for
doubtful accounts of $102 and $97, respectively 2,847 2,282
Inventory 376 405
Prepaid expenses and other current assets 309 324
----------- -----------
Total current assets 10,427 5,467
Property and equipment, net 1,521 1,439
Other assets 76 98
----------- -----------
Total assets $ 12,024 $ 7,004
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
Current liabilities:
Accounts payable $ 1,260 $ 1,158
Accrued expenses 2,879 1,869
Deferred revenue 1,306 1,506
Current portion of long term debt 2,948 1,481
----------- -----------
Total current liabilities 8,393 6,014
Long term liabilities 1,634 1,445
Commitments and contingencies (See Note 7) - -
Stockholders' equity:
Common stock, $0.001 par value, 75,000,000
shares authorized, 11,679,860 and 11,827,458
shares issued and outstanding, respectively 12 12
Additional paid-in capital 204,582 205,280
Accumulated other comprehensive loss (39) (44)
Accumulated deficit (202,558) (205,703)
----------- -----------
Total stockholders' equity (deficit) 1,997 (455)
----------- -----------
Total liabilities and stockholders' equity $ 12,024 $ 7,004
=========== ===========
CROSSROADS SYSTEMS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In Thousands, Except Share and Per Share Data)
Three Months Ended
January 31,
------------------------
2012 2013
----------- -----------
Revenue:
Product $ 1,112 $ 1,918
IP license, royalty and other 1,467 1,633
----------- -----------
Total revenue 2,579 3,551
Cost of revenue:
Product 81 194
IP license, royalty and other 236 754
----------- -----------
Total cost of revenue 317 948
----------- -----------
Gross profit 2,262 2,603
----------- -----------
Operating expenses:
Sales and marketing 1,409 1,960
Research and development 2,757 2,857
General and administrative 762 876
Amortization of intangible assets 47 -
----------- -----------
Total operating expenses 4,975 5,693
----------- -----------
Loss from operations (2,713) (3,090)
Interest expense (50) (54)
Other expense 14 (1)
----------- -----------
Net loss $ (2,749) $ (3,145)
=========== ===========
Basic and diluted net loss per share $ (0.25) $ (0.27)
=========== ===========
Basic and diluted average common shares
outstanding 10,974,049 11,819,003
=========== ===========
CROSSROADS SYSTEMS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)
Three Months Ended
January 31,
------------------------
2012 2013
----------- -----------
Cash flows from operating activities:
Net loss $ (2,749) $ (3,145)
Adjustments to reconcile net loss to net cash
used in operating activities:
Depreciation 161 201
Amortization of intangible assets 47 -
Gain on disposal of property and equipment (15) -
Stock-based compensation 763 383
Provision for doubtful accounts receivable 33 (5)
Changes in assets and liabilities:
Accounts receivable (304) 570
Inventory (162) (29)
Prepaid expenses and other assets 26 (37)
Accounts payable (1,237) (102)
Accrued expenses (468) (706)
Deferred revenue 665 264
----------- -----------
Net cash used in operating activities (3,240) (2,606)
----------- -----------
Cash flows from investing activities:
Purchase of property and equipment (119) (119)
Purchase of held-to-maturity investments (185) -
Maturity of held-to-maturity investments 1,578 -
----------- -----------
Net cash provided by (used in) investing
activities 1,274 (119)
----------- -----------
Cash flows from financing activities:
Proceeds from issuance of common stock, net of
expenses 34 2
Proceeds from borrowing on debt 2,000 -
Repayment of debt - (1,720)
----------- -----------
Net cash provided by (used in) financing
activities 2,034 (1,718)
----------- -----------
Effect of foreign exchange rate on cash and cash
equivalents (177) 4
----------- -----------
Net decrease in cash and cash equivalents (109) (4,439)
Cash and cash equivalents, beginning of period 7,336 6,895
----------- -----------
Cash and cash equivalents, end of period $ 7,227 $ 2,456
=========== ===========
Company Contacts:
Jennifer Crane
Crossroads Systems
Email Contact
512.928.6897 or 800.643.7148
Investor Contact:
Mark Hood
Crossroads Systems
Email Contact
512.928.7330
Press Contact:
Matthew Zintel
Zintel Public Relations
Email Contact
VistaGen (VSTA) Enhancements, Expanded Validation of LiverSafe 3D™ at Society of Toxicology
SOUTH SAN FRANCISCO, CA — (Marketwire) — 03/12/13 — VistaGen Therapeutics, Inc. (OTCQB: VSTA), a biotechnology company applying stem cell technology for drug rescue, predictive toxicology and drug metabolism assays, today announces that it will present key enhancements to LiverSafe 3D™, its human liver cell-based bioassay system designed to predict liver toxicity and drug metabolism issues, in a poster presentation at the Society of Toxicology’s 52nd Annual Meeting, the world’s premier toxicology conference, in San Antonio, Texas, on March 12, 2013, at 11:00 am PDT.
Dr. Kristina Bonham, Senior Scientist, Hepatocyte Biology Project Leader, will present VistaGen’s poster titled “Selection of CYP3A4+ hESC-derived Hepatocytes for Drug Metabolism and Toxicity Assays,” which will detail the following expanded data:
- 3A4BLA-hepatocytes (human liver cells) can be used to: monitor the differentiation of mature hepatocytes; sort for mature hepatocytes; monitor drug induction of the CYP3A4 gene, the crucial adult enzyme responsible for metabolizing approximately 50% of existing drugs; and develop in vitro assays for drug metabolism and toxicity
- Using appropriate reagents, the 3A4BLA system can be used to select and enrich stem cell-derived functionally mature hepatocytes
H. Ralph Snodgrass, PhD, VistaGen’s President and Chief Scientific Officer, stated, “These data demonstrate that we have substantially improved our LiverSafe 3D™ and now have the potential to identify and purify human hepatocytes with more mature functions, as well as provide a novel assay for drugs that effect CYP3A4 enzyme expression, activity and key drug-drug interactions.” Dr. Snodgrass continued, “I am excited by the fact that further improvements in our differentiation protocols have enabled our scientists to produce cultures with more than 80% mature hepatocytes expressing CYP3A4 without cell enrichment, which will dramatically accelerate our initiation of drug rescue programs focusing on both liver and heart toxicity.”
About VistaGen Therapeutics
VistaGen is a biotechnology company applying human pluripotent stem cell technology for drug rescue, predictive toxicology and drug metabolism screening. VistaGen’s drug rescue activities combine its human pluripotent stem cell technology platform, Human Clinical Trials in a Test Tube™, with modern medicinal chemistry to generate novel, safer chemical variants (Drug Rescue Variants) of once-promising small molecule drug candidates. These are drug candidates discontinued by pharmaceutical companies, the U.S. National Institutes of Health (NIH) or university laboratories, after substantial investment in discovery and development, due to heart or liver toxicity or metabolism issues. VistaGen uses its pluripotent stem cell technology to generate early indications, or predictions, of how humans will ultimately respond to new drug candidates before they are ever tested in humans, bringing human biology to the front end of the drug development process.
VistaGen’s small molecule prodrug candidate, AV-101, has completed Phase 1 development for treatment of neuropathic pain. Neuropathic pain, a serious and chronic condition causing pain after an injury or disease of the peripheral or central nervous system, affects millions of people worldwide.
Visit VistaGen Therapeutics, Inc. at http://www.VistaGen.com, follow VistaGen at http://www.twitter.com/VistaGen or view VistaGen’s Facebook page at http://www.facebook.com/VistaGen.
Cautionary Statement Regarding Forward Looking Statements
The statements in this press release that are not historical facts may constitute forward-looking statements that are based on current expectations and are subject to risks and uncertainties that could cause actual future results to differ materially from those expressed or implied by such statements. Those risks and uncertainties include, but are not limited to, risks related to the success of VistaGen’s stem cell technology-based drug rescue, predictive toxicology and metabolism screening activities, further development of stem cell-based bioassay systems, clinical development and commercialization of AV-101 for neuropathic pain or any other disease or condition, its ability to enter into strategic predictive toxicology, metabolism screening, drug rescue and/or drug discovery, development and commercialization collaborations and/or licensing arrangements with respect to one or more drug rescue variants, cell therapies or AV-101, risks and uncertainties relating to the availability of substantial additional capital to support its research, drug rescue, development and commercialization activities, and the success of its research and development plans and strategies, including those plans and strategies related to any drug rescue variant or cell therapy identified and developed by VistaGen, or AV-101. These and other risks and uncertainties are identified and described in more detail in VistaGen’s filings with the Securities and Exchange Commission (SEC). These filings are available on the SEC’s website at www.sec.gov. VistaGen undertakes no obligation to publicly update or revise any forward-looking statements.
For more information:
Shawn K. Singh, J.D.
Chief Executive Officer
VistaGen Therapeutics, Inc.
www.VistaGen.com
650-244-9990 x224
Investor.Relations@VistaGen.com
Mission Investor Relations
IR Communications
Atlanta, Georgia
www.MissionIR.com
404-941-8975
Revolution (RVLT) Announces $5 Million Equity Investment
CHARLOTTE, N.C., March 11, 2013 /PRNewswire/ — Advanced LED lighting technology provider, Revolution Lighting Technologies, Inc. (NASDAQ: RVLT), announces the completion of a $5 million equity investment from a new unaffiliated investor. The investment will be in the form of common stock and the proceeds will be used for general purposes, including working capital and expansion of the company’s distribution network.
“I am pleased to announce a new equity investment in RVLT by a large, highly regarded, Midwestern financial institution. This latest investment not only provides additional capital to fund our increasing growth, but also expands our shareholder base with an important new investor. Revolution is well positioned to significantly increase revenue and profitability in 2013 and beyond,” commented Robert V. LaPenta, Chairman and CEO of Revolution Lighting Technologies, Inc.
“This investment expands our capital base and better positions us to support our dynamic growth and aggressively pursue our growing pipeline of opportunities. We continue to invest in our unique and expansive platform to take advantage of the significant opportunities in the marketplace,” said Charlie Schafer, Revolution’s President and Chief Financial Officer.
The $5 million investment has been completed through the sale of a newly issued common stock at a price of $1.17 per share. The transaction closed March 8, 2013 and has been approved by the board of directors of RVLT. The Company will provide a more detailed description of the terms and conditions of the transaction in a Current Report on Form 8-K to be filed with the SEC.
About Revolution Lighting Technologies
Revolution Lighting Technologies, Inc. engages in the design, manufacture, marketing, and sale of light emitting diode (LED) lighting solutions in the United States, Canada, and internationally. The company sells its products under the Seesmart, Lumificient, and Array brand names. Revolution Lighting Technologies, Inc. markets and distributes its product through a network of independent sales representatives and distributors, as well as through energy savings companies and national accounts. For more information about Revolution Lighting Technologies, visit http://www.rvlti.com/ and http://www.seesmartled.com
Certain of the above statements contained in this press release are forward-looking statements that involve a number of risks and uncertainties, including the satisfaction of closing conditions prior to the consummation of the acquisition of Seesmart and the anticipated benefits of such acquisition. Such forward-looking statements are within the meaning of that term in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Reference is made to Revolution Lighting’s filings under the Securities Exchange Act for additional factors that could cause actual results to differ materially. Revolution Lighting Technologies, Inc. undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those indicated in the forward-looking statements as a result of various factors. Readers are cautioned not to place undue reliance on these forward-looking statements.
Chyron (CHYR) Reports Q4 and FY12 Financial Results
MELVILLE, NY — (Marketwire) — 03/11/13 — Chyron Corporation (NASDAQ: CHYR), a leading provider of Graphics as a Service for on-air and digital video applications, today announced its financial results for the fourth quarter and full year ended December 31, 2012.
Fourth Quarter and Full Year 2012 Financial Highlights include:
- Q4 2012 revenues decreased 9% to $7.4 million compared to $8.1 million in Q4 2011;
- Q4 2012 service revenues increased 6% to $2.2 million compared to $2.1 million in Q4 2011;
- Product revenues were down 13% to $5.2 million in Q4 2012 versus $6.0 million in Q4 2011;
- Full year 2012 revenues decreased 4% to $30.2 million versus $31.6 million in 2011;
- Full year service revenues increased 11% in 2012 to $8.5 million versus $7.7 million in 2011;
- Full year 2012 product revenues decreased 9% to $21.7 million compared to $23.9 million in 2011;
Michael Wellesley-Wesley, Chyron CEO commented; “While somewhat disappointing, our fourth quarter financial results were in line with our experience of 2012 as a whole and similar from an end user demand standpoint to conditions being reported by our principal competitors. Demand weakened in the second half of 2012 and didn’t have a meaningful recovery in the fourth quarter. We believe that revenue growth in our traditional mature segments is achievable only through competitive wins and the current depressed and price competitive environment suggests that we will need to move in a different direction for us to rebuild shareholder value. Our industry will consolidate over the next 2-3 years in response to the rapid technology changes currently impacting the broadcast space. There are pockets of strong growth that we need to address and the best way to achieve growth is through alliances, partnerships and acquisitions.”
Fourth Quarter 2012 Financial Results
Revenues for the fourth quarter decreased 9% to $7.4 million compared to $8.1 million in the fourth quarter of 2011.
Product sales for the fourth quarter decreased 13% to $5.2 million compared to $6.0 million in the comparable quarter of 2011. Service revenues, which include revenues from the Company’s AXIS cloud-based graphics service, as well as systems hardware and software maintenance agreements, systems commissioning, training and creative services, increased 6% to $2.2 million from $2.1 million in the comparable quarter last year. Service revenues as a percentage of total revenues for the fourth quarter of 2012 were 29% as compared to 25% in the prior year’s fourth quarter.
Gross profit margin for the fourth quarter decreased to 69.1% compared to 71.4% in last year’s fourth quarter. Operating expenses for the quarter were $5.7 million compared to $6.2 million in the comparable quarter of 2011, representing a decrease of 8%. The Company had an operating loss of $0.57 million for the fourth quarter of 2012 compared to an operating loss of $0.43 million in the fourth quarter of 2011.
The Company recorded a net loss of $20.0 million, or $(1.17) per diluted share, in the fourth quarter of 2012 compared to a net loss of $0.4 million, or $(0.02) per diluted share, in the fourth quarter of 2011. Included in the $20.0 million net loss was a $19.5 million valuation allowance against the Company’s deferred tax assets as explained in more detail below.
Full Year 2012 Results
Revenues for full year 2012 decreased 4% to $30.2 million compared to $31.6 million in 2011.
Product revenues in 2012 decreased 9% to $21.7 million compared to $23.9 million in full year 2011. Product revenues as a percentage of total revenues for 2012 were 72% as compared to 76% in 2011.
Service revenues for the full year, which include revenues from the Company’s AXIS cloud-based graphics service, as well as systems hardware and software maintenance agreements, system commissioning, training and creative services, increased 11% to $8.5 million from $7.7 million in 2011. Service revenues as a percentage of total revenues for 2012 were 28% as compared to 24% in 2011.
Gross profit margin for full year 2012 decreased to 69.2% compared to 70% in 2011. Operating expenses for full year 2012 were $24.7 million compared to $24.1 million in 2011, representing an increase of 2%, primarily driven by 10% higher research and development expenses and 4% higher sales and marketing expenses, offset somewhat by 12% lower general and administrative expenses. The Company had an operating loss of $3.7 million in 2012 compared to an operating loss of $1.9 million in 2011.
For the full year 2012 the Company recorded a net loss of $22.3 million compared to a net loss of $4.2 million in full year 2011. As required by generally accepted accounting principles, the Company’s management assessed the likelihood that the Company’s deferred tax assets will be realizable in the future. In making this assessment management considered all available evidence, both positive and negative, in determining whether it is more likely than not that the deferred tax assets will be realized. Management considered that the Company incurred a loss in 2012 and preceding fiscal years, and that near-term market and economic conditions remain uncertain, thereby reducing management’s ability to reliably project future taxable income in determining the realizability of the Company’s deferred tax assets. Based on management’s evaluation, the Company recorded a $19.5 million charge to its income tax provision and a corresponding decrease in deferred tax assets to recognize a valuation allowance against those deferred tax assets. This $19.5 million charge is included in the total $18.5 million income tax provision for 2012.
The Company reported basic and diluted loss per share of $(1.31) for the full year ended December 31, 2012, compared to a basic and diluted loss per share of $(0.26) for the full year 2011.
Conference Call and Webcast: Fourth Quarter and Full Year 2012 Financial Results:
Chyron Corporation management will host a conference call on Monday, March 11, 2013, at 10:00 AM eastern time, to review the fourth quarter and full year 2012 results. Participants using the telephone should dial 877-556-5248 (U.S. and Canada) or 720-545-0029 (International), and enter conference code 20581174. Web participants are encouraged to go to http://investor.chyron.com or www.earnings.com. A replay will be available shortly after the call on http://investor.chyron.com, click on Events & Presentations.
About Chyron
Chyron (NASDAQ: CHYR) is a leading provider of Graphics as a Service for on-air and digital video applications including newsrooms, studios, sports broadcasting facilities, and corporate video environments. An Emmy® Award-winning company whose products have defined the world of digital and broadcast graphics, Chyron’s graphics solutions include the Axis World Graphics online content creation software and order management system, on-air graphics systems, clip servers, channel branding, and graphics asset management solutions, all of which may be incorporated into the company’s BlueNet™ end-to-end graphics workflow. More information about Chyron products and services is available on the company websites: www.chyron.com and www.axisgraphics.tv. The company’s investor relations information is at www.chyron.com, click on Investors.
Special Note Regarding Forward-looking Statements
This press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to: (i) revenue growth in our traditional mature segments being achievable only through competitive wins, (ii) our belief that the current depressed, price competitive environment suggests that we will need to move in a different direction to rebuild shareholder value, (iii) our belief that our industry will consolidate over the next 2-3 years, and (iv) our belief that there are pockets of strong growth that may be addressed through alliances, partnerships and acquisitions. These forward-looking statements are based on management’s current expectations and are subject to certain risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to: current and future economic conditions that may adversely affect our business and customers; potential fluctuation of our revenues and profitability from period to period which could result in our failure to meet expectations; our ability to maintain adequate levels of working capital; our ability to successfully maintain the level of operating costs; our ability to obtain financing for our future needs should there be a need; our ability to incentivize and retain our current senior management team and continue to attract and retain qualified scientific, technical and business personnel; our ability to expand our Axis online graphics creation solution or to develop other new products and services; our ability to generate sales and profits from our Axis online graphics services, workflow and asset management solutions; rapid technological changes and new technologies that could render certain of our products and services to be obsolete; competitors with significantly greater financial resources; introduction of new products and services by competitors; challenges associated with expansion into new markets; failure to stay in compliance with all applicable NASDAQ requirements could result in NASDAQ delisting our common stock; and, other factors discussed under the heading “Risk Factors” contained in Item 1A in our Annual Report on Form 10-K for the year ended December 31, 2012, which has been filed with the Securities and Exchange Commission, as well as any updates to those risk factors filed from time to time. All information in this press release is as of the date of the release and we undertake no duty to update this information unless required by law.
CHYRON CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(In thousands, except per share amounts)
Three Months Ended Year Ended
December 31, December 31,
2012 2011 2012 2011
--------- --------- --------- ---------
Net sales $ 7,414 $ 8,108 $ 30,222 $ 31,587
Gross profit 5,120 5,786 20,903 22,114
Operating expenses:
Selling, general and
administrative 3,931 4,460 17,209 17,287
Research and development 1,761 1,759 7,443 6,775
--------- --------- --------- ---------
Total operating expenses 5,692 6,219 24,652 24,062
--------- --------- --------- ---------
Operating loss (572) (433) (3,749) (1,948)
Interest and other income
(expense), net (8) (12) (13) (21)
--------- --------- --------- ---------
Loss before taxes (580) (445) (3,762) (1,969)
Income tax (expense) benefit,
net (19,439) 45 (18,539) (2,277)
--------- --------- --------- ---------
Net loss $ (20,019) $ (400) $ (22,301) $ (4,246)
Net loss per common share -
Basic $ (1.17) $ (0.02) $ (1.31) $ (0.26)
Diluted $ (1.17) $ (0.02) $ (1.31) $ (0.26)
Weighted average number of
common and common equivalent
shares outstanding:
Basic 17,111 16,617 16,961 16,458
Diluted 17,111 16,617 16,961 16,458
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(in thousands)
December 31, December 31,
2012 2011
------------ ------------
Assets:
Cash and cash equivalents $ 2,483 $ 4,216
Accounts receivable, net 5,630 5,727
Inventories, net 2,285 2,132
Deferred taxes - 2,508
Other current assets 626 792
------------ ------------
Total current assets 11,024 15,375
Deferred taxes - 15,994
Goodwill and intangible assets, net 2,625 2,724
Other non-current assets 1,466 1,713
------------ ------------
Total assets $ 15,115 $ 35,806
============ ============
Liabilities and shareholders' equity:
Current liabilities $ 7,315 $ 8,006
Non-current liabilities 5,819 3,758
------------ ------------
Total liabilities 13,134 11,764
------------ ------------
Shareholders' equity 1,981 24,042
------------ ------------
Total liabilities and shareholders' equity $ 15,115 $ 35,806
============ ============
All trademarks and registered trademarks mentioned herein are the property of their respective owners.
Blog: http://chyronchat.com
Facebook: http://www.facebook.com/chyronmelville
LinkedIn: http://www.linkedin.com/company/chyron
Twitter: http://twitter.com/chyronmelville
Tumblr: http://chyronmelville.tumblr.com/
User Forum: http://forum.chyron.com/vbb/index.php
YouTube: http://www.youtube.com/user/chyronmelville
Pinterest: http://pinterest.com/chyron/
Copyright 2013 Chyron Corporation
Contact:
Chyron Investor Relations
Tel: (631) 845-2000, press 7
General (JOB) Provides update on Filing of Reports
OAKBROOK TERRACE, Ill., March 11, 2013 /PRNewswire/ — General Employment Enterprises, Inc. (NYSE MKT: JOB) today announced that on January 17, 2013 and February 21, 2013 the Company received notices from the NYSE MKT staff indicating that the Company is below certain of the Exchange’s continued listing standards due to its delinquency in filing Form 10-K for fiscal year ended September 30, 2012 and the delinquency in filing Form 10-Q for the quarter ended December 31, 2012, as set forth in sections 134 and 1101 of the NYSE MKT Company Guide. The Company was afforded the opportunity to submit a plan of compliance to the Exchange and on January 31, 2013 presented its plan for both reports to the Exchange. On March 5, 2013 the Exchange notified the Company that it accepted the Company’s plan of compliance and granted the Company an extension until May 1, 2013 to regain compliance with the continued listing standards. The Company will be subject to periodic review by the Exchange staff during the extension period. Failure to make progress consistent with the plan or to regain compliance with the continued listing standards by the end of the extension period could result in the Company being delisted from the NYSE MKT LLC.
Commenting on the Company’s status, Michael Schroering, Chairman of the Board & CEO stated, “We have made great progress on the audit with Friedman, LLP and expect to meet or exceed the expectations of the NYSE MKT.” Mr. Schroering also commented, “We are transitioning to a new and invigorated team at General Employment Enterprise, Inc., whom I believe will work aggressively and be able to accomplish our strategic goals for this year and beyond. We have seen encouraging results from this year’s first quarter of operations and have already started the necessary infrastructure changes for our future.”
Business Information
General Employment Enterprises, Inc. (the “Company”) was incorporated in the State of Illinois in 1962 and is the successor to employment offices doing business since 1893. The Company’s segments consist of the following: (a) professional placement services specializing in the placement of information technology, engineering, and accounting professionals for direct hire and contract staffing, (b) temporary staffing services in the agricultural industry and (c) temporary staffing services in light industrial staffing.
Forward-Looking Statements
The statements made in this press release which are not historical facts, including the preliminary financial results, are forward-looking statements. Such forward-looking statements often contain or are prefaced by words such as “will” and “expect.” As a result of a number of factors, our actual results could differ materially from those set forth in the forward-looking statements. Certain factors that might cause our actual results to differ materially from those in the forward-looking statements include, without limitation, those factors set forth under the heading “Forward-Looking Statements” in our annual report on Form 10-K for the fiscal year ended September 30, 2011, and in our other filings with the SEC. General Employment is under no obligation to (and expressly disclaims any such obligation to) and does not intend to update or alter its forward-looking statements whether as a result of new information, future events or otherwise.
Elecsys (ESYS) Reports Third Quarter Financial Results
Sales increase by 43% and net income grows to $.18 per share
OLATHE, Kan., March 11, 2013 /PRNewswire/ — Elecsys Corporation (NASDAQ: ESYS), a provider of innovative machine to machine (M2M) communication technology solutions, data acquisition systems, and custom electronic equipment for critical industrial applications worldwide, today announced the financial results for its third fiscal quarter ended January 31, 2013.
Sales for the quarter were $7,458,000, which was an increase of 43%, or $2,240,000, from sales of $5,218,000 during the third quarter of fiscal 2012. Total sales year-to-date increased 5%, or $829,000, to $17,853,000.
Operating income for the quarter was $1,146,000, compared to operating income of $473,000 for the same quarter in the prior year. For the first nine months of fiscal 2013, operating income grew to $1,617,000, an increase of $273,000 over the same period of the prior year.
Net income was $716,000, or $0.18 per diluted share, for the quarter ended January 31, 2013. For the quarter ended January 31, 2012, net income was $262,000, or $0.07 per diluted share. For the nine-month period ended January 31, 2013, net income totaled $968,000, or $0.25 per diluted share, while for the comparable prior year period net income was $754,000, or $0.19 per diluted share.
Sales of proprietary products and services were $3,034,000 for the quarter ended January 31, 2013, an increase of 19%, or $481,000 from the previous year quarter. Proprietary product sales increased $609,000, or 8%, to $7,885,000 for the nine-month period ended January 31, 2013 compared to $7,276,000 in the comparable period of the prior fiscal year. Sales of wireless remote monitoring and industrial data communication solutions decreased $412,000, from the previous year to $1,470,000 for the current quarter. For the year-to-date period ended January 31, 2013, sales decreased $582,000 as compared to the year-to-date period of the prior year. In addition, sales of Radix mobile data acquisition solutions increased by $914,000, or 160%, to $1,484,000 for the three-month period ended January 31, 2013. For the nine-month period ended January 31, 2013, sales of Radix mobile data acquisition solutions increased 79% to $2,765,000. The increase was driven by an increase in shipments of the Radix FW950 and peripherals to a large domestic customer and continued sales to international partners.
Sales for the Company’s custom Electronic Manufacturing Services (“EMS”) business segment grew 66%, or $1,759,000, to approximately $4,424,000 for the quarter ended January 31, 2013. Fiscal year-to-date EMS sales were $9,968,000, an increase of 2%, or $220,000, from $9,748,000 in the nine-month period ended January 31, 2012.
The Company expects that total sales for its proprietary products and services will continue to increase as a result of its continued investments in both sales and marketing and new product development. The Company anticipates that its wireless remote monitoring solutions and industrial data communications product lines will generate increased sales over the next few quarters. The Company also believes that EMS sales will grow modestly over the longer term based upon the current scheduled orders in backlog, the anticipated addition of new EMS customers, and renewed investment in sales and marketing that will focus on customers that can benefit from the Company’s proprietary technology solutions.
Total backlog at January 31, 2013 was approximately $9,576,000, an increase of $1,671,000, or 21%, from a total backlog of $7,905,000 on April 30, 2012. The increase in backlog was primarily due to an increase in EMS bookings during the quarter combined with an increase in proprietary product backlog.
Gross margin for the quarters ended January 31, 2013 and 2012 was approximately 38%, or $2,803,000 and $1,990,000, respectively. The $813,000 increase in gross margin dollars for the quarter was a function of increased overall sales volume led by the growth in EMS sales. Gross margin for the nine-month period increased to 37% of sales, or $6,603,000 from a gross margin of 36% of sales or $6,091,000 from the nine-month period ended January 31, 2012. The increase of gross margin dollars and gross margin percentage was the direct result of higher overall sales during the year-to-date period and a favorable product mix.
Total selling, general and administrative expenses were approximately $1,657,000 during the quarter ended January 31, 2013 compared with $1,517,000 in the comparable quarter of the prior fiscal year. The increase of $140,000, or 9%, resulted primarily from increases in research and development costs and general and administrative expenses. The increase in research and development costs included continued investment in engineering design personnel engaged in new product development. General and administrative expenses increased from the comparable period of the prior year due to growth in personnel expenses, professional fees, and general office costs. Selling, general and administrative expenses for the nine-month periods ended January 31, 2013 and 2012 totaled $4,986,000 and $4,747,000, respectively.
Karl B. Gemperli, Chief Executive Officer, stated, “We are pleased with our performance during the third quarter which demonstrated solid revenue growth, strong gross margins, and a substantial increase in earnings compared to our prior year. Sales increased 43% from the third quarter of last year with strong growth in both proprietary products and custom OEM solutions. We continued to invest in the growth of Elecsys on many fronts during the quarter. Most significantly, we increased our investments in both new product development and sales and marketing initiatives in order to penetrate new markets that are vital to our long term expansion. In addition, our dependable and efficient operations continued to build our reputation as a world-class electronics solutions partner and cement the long-term business relationships that are important for growth in our electronic design and manufacturing services segment.”
Gemperli continued, “We believe that our innovative M2M technology is a key component of our future expansion that can open new business opportunities for proprietary and custom OEM solutions in the strong and growing industries that we target. With both next generation system solutions currently in development and additional products being introduced, we anticipate the growth of both our proprietary and OEM solutions to accelerate. In conjunction with new product and technology investment, our continuing business development initiatives are focused on both expanding applications for our products into new industry segments and increasing our business in new markets with attractive new business potential. Although the pace and sustainability of the economic recovery is difficult to predict, we are focused on growing Elecsys and expect positive trends in both revenues and earnings to continue during the coming quarters.”
About Elecsys Corporation
Elecsys Corporation provides innovative machine to machine (M2M) communication technology solutions, data acquisition and management systems, and custom electronic equipment for critical industrial applications worldwide. The Company’s primary markets include energy, agriculture, safety and security systems, water management, and transportation. Elecsys proprietary equipment and services encompass wireless remote monitoring, industrial data communication, and mobile data acquisition technologies that are deployed wherever high quality and reliability are essential. Elecsys develops, manufactures, and supports proprietary technology and equipment under several premium brand names. In addition to its proprietary products, Elecsys designs and manufactures rugged and reliable custom electronic assemblies and integrated display modules for multiple original equipment manufacturers in a variety of industries worldwide. For more information, visit www.elecsyscorp.com.
Safe-Harbor Statement
The discussions set forth in this press release may contain forward-looking comments based on current expectations that involve a number of risks and uncertainties. Actual results could differ materially from those projected or suggested in the forward-looking comments. The difference could be caused by a number of factors, including, but not limited to the factors and conditions that are described in Elecsys Corporation’s SEC filings, including the Form 10-K for the year ended April 30, 2012. The reader is cautioned that Elecsys Corporation does not have a policy of updating or revising forward-looking statements and thus he or she should not assume that silence by management of Elecsys Corporation over time means that actual events are bearing out as estimated in such forward-looking statements.
|
Investor Relations Contact: |
Todd A. Daniels |
|
(913) 647-0158, Phone |
|
|
(913) 982-5766, Fax |
|
|
investorrelations@elecsyscorp.com |
|
Elecsys Corporation and Subsidiary
|
|||||||
|
Three Months Ended January 31, |
Nine Months Ended January 31, |
||||||
|
2013 |
2012 |
2013 |
2012 |
||||
|
Sales |
$7,458 |
$5,218 |
$17,853 |
$17,024 |
|||
|
Cost of products sold |
4,655 |
3,228 |
11,250 |
10,933 |
|||
|
Gross margin |
2,803 |
1,990 |
6,603 |
6,091 |
|||
|
Selling, general and administrative expenses: |
|||||||
|
Research and development expense |
411 |
374 |
1,245 |
1,084 |
|||
|
Selling and marketing expense |
529 |
517 |
1,636 |
1,602 |
|||
|
General and administrative expense |
717 |
626 |
2,105 |
2,061 |
|||
|
Total selling, general and administrative expenses |
1,657 |
1,517 |
4,986 |
4,747 |
|||
|
Operating income |
1,146 |
473 |
1,617 |
1,344 |
|||
|
Financial income (expense): |
|||||||
|
Interest expense |
(15) |
(31) |
(51) |
(127) |
|||
|
Other income (expense), net |
(2) |
— |
(3) |
(1) |
|||
|
(17) |
(31) |
(54) |
(128) |
||||
|
Net income before income taxes |
1,129 |
442 |
1,563 |
1,216 |
|||
|
Income tax expense |
413 |
180 |
595 |
462 |
|||
|
Net income |
$716 |
$262 |
$968 |
$754 |
|||
|
Net income per share information: |
|||||||
|
Basic |
$0.18 |
$0.07 |
$0.25 |
$0.20 |
|||
|
Diluted |
$0.18 |
$0.07 |
$0.25 |
$0.19 |
|||
|
Weighted average common shares outstanding: |
|||||||
|
Basic |
3,914 |
3,789 |
3,895 |
3,789 |
|||
|
Diluted |
3,925 |
3,906 |
3,904 |
3,919 |
|||
|
Elecsys Corporation and Subsidiary
|
||||
|
January 31, 2013 |
April 30, 2012 |
|||
|
ASSETS |
(unaudited) |
|||
|
Current assets: |
||||
|
Cash and cash equivalents |
$24 |
$136 |
||
|
Accounts receivable, net |
3,406 |
2,631 |
||
|
Inventories, net |
5,773 |
5,940 |
||
|
Other current assets |
801 |
826 |
||
|
Total current assets |
10,004 |
9,533 |
||
|
Property and equipment, net |
5,251 |
5,295 |
||
|
Goodwill |
1,942 |
1,942 |
||
|
Intangible assets, net |
1,735 |
1,886 |
||
|
Other assets, net |
48 |
51 |
||
|
Total assets |
$18,980 |
$18,707 |
||
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
||||
|
Current liabilities: |
||||
|
Accounts payable |
$1,135 |
$825 |
||
|
Accrued expenses |
1,168 |
1,393 |
||
|
Income taxes payable |
112 |
5 |
||
|
Current maturities of long-term debt |
184 |
181 |
||
|
Total current liabilities |
2,599 |
2,404 |
||
|
Deferred taxes |
476 |
485 |
||
|
Long-term debt, less current maturities |
2,665 |
3,554 |
||
|
Stockholders’ equity: |
||||
|
Common stock |
39 |
39 |
||
|
Additional paid-in capital |
11,314 |
11,166 |
||
|
Treasury stock |
(140) |
— |
||
|
Retained earnings |
2,027 |
1,059 |
||
|
Total stockholders’ equity |
13,240 |
12,264 |
||
|
Total liabilities and stockholders’ equity |
$18,980 |
$18,707 |
||
VistaGen (VSTA) to Present CardioSafe 3D™ Developments at Society of Toxicology
SOUTH SAN FRANCISCO, CA — (Marketwire) — 03/11/13 — VistaGen Therapeutics, Inc. (OTCQB: VSTA), a biotechnology company applying stem cell technology for drug rescue, predictive toxicology and drug metabolism assays, today announces it will feature key developments involving CardioSafe 3D™, its pluripotent stem cell-based bioassay system for heart toxicity, in a poster presentation at the Society of Toxicology’s 52nd Annual Meeting, the world’s premier toxicology conference, in San Antonio, Texas, on March 11, 2013, at 7:30 am PDT.
Dr. Hai-Qing Xian, Senior Scientist, will present VistaGen’s poster titled “Development of Improved hESC-Based High-Throughput Screening Assays for Cardiotoxicity Assessment,” which will detail the following expanded functional and electrophysiological results:
- Optimized differentiation protocols that, without selection, reproducibly yield more than 80% human cardiomyocytes (human heart cells) that function reliably in various established and newly developed assays relevant to cardiac drug effects
- The use of patented technology involving the CD172a cell surface marker, allows the purification of substantially pure (more than 95%) human cardiomyocytes
- The development of a series of fluorescence or luminescence-based high-throughput assays that are used to assess drug-induced: 1) necrosis; 2) apoptosis; 3) mitochondrial toxicity; and 4) oxidative stress of human cardiomyocytes
- New assays are validated using compounds that include: 1) inhibitors of protein kinases; 2) DNA intercalating agents; 3) ion-channel blockers; and 4) compounds that block the surface expression of critical ion-channels
- The assays measured drug effects with high sensitivity, yielding results consistent with known human biology of the compounds
H. Ralph Snodgrass, PhD, VistaGen’s President and Chief Scientific Officer, stated, “I am very pleased with these results, because they confirm that our stem cell-based human cardiomyocyte screening systems will provide improved capabilities and resolution for our cardiac drug rescue programs, which we believe will contribute to the efficient and rapid identification of safer and highly effective new drug therapies.”
About VistaGen Therapeutics
VistaGen is a biotechnology company applying human pluripotent stem cell technology for drug rescue, predictive toxicology and drug metabolism screening. VistaGen’s drug rescue activities combine its human pluripotent stem cell technology platform, Human Clinical Trials in a Test Tube™, with modern medicinal chemistry to generate novel, safer chemical variants (Drug Rescue Variants) of once-promising small molecule drug candidates. These are drug candidates discontinued by pharmaceutical companies, the U.S. National Institutes of Health (NIH) or university laboratories, after substantial investment in discovery and development, due to heart or liver toxicity or metabolism issues. VistaGen uses its pluripotent stem cell technology to generate early indications, or predictions, of how humans will ultimately respond to new drug candidates before they are ever tested in humans, bringing human biology to the front end of the drug development process.
VistaGen’s small molecule prodrug candidate, AV-101, has completed Phase 1 development for treatment of neuropathic pain. Neuropathic pain, a serious and chronic condition causing pain after an injury or disease of the peripheral or central nervous system, affects millions of people worldwide.
Visit VistaGen at http://www.VistaGen.com, follow VistaGen at http://www.twitter.com/VistaGen or view VistaGen’s Facebook page at http://www.facebook.com/VistaGen.
Cautionary Statement Regarding Forward Looking Statements
The statements in this press release that are not historical facts may constitute forward-looking statements that are based on current expectations and are subject to risks and uncertainties that could cause actual future results to differ materially from those expressed or implied by such statements. Those risks and uncertainties include, but are not limited to, risks related to the success of VistaGen’s stem cell technology-based drug rescue, predictive toxicology and metabolism screening activities, further development of stem cell-based bioassay systems, and potentially improved cell therapies, for human blood system disorders or other diseases or conditions, clinical development and commercialization of AV-101 for neuropathic pain or any other disease or condition, its ability to enter into strategic predictive toxicology, metabolism screening, drug rescue and/or drug discovery, development and commercialization collaborations and/or licensing arrangements with respect to one or more drug rescue variants, cell therapies or AV-101, risks and uncertainties relating to the availability of substantial additional capital to support its research, drug rescue, development and commercialization activities, and the success of its research and development plans and strategies, including those plans and strategies related to any drug rescue variant or cell therapy identified and developed by VistaGen, or AV-101. These and other risks and uncertainties are identified and described in more detail in VistaGen’s filings with the Securities and Exchange Commission (SEC). These filings are available on the SEC’s website at www.sec.gov. VistaGen undertakes no obligation to publicly update or revise any forward-looking statements.
For more information:
Shawn K. Singh, J.D.
Chief Executive Officer
VistaGen Therapeutics, Inc.
www.VistaGen.com
650-244-9990 x224
Investor.Relations@VistaGen.com
Mission Investor Relations
IR Communications
Atlanta, Georgia
www.MissionIR.com
404-941-8975
Chanticleer Holdings (HOTR) Engages Dian Griesel Inc.
CHARLOTTE, NC–(Marketwire – March 11, 2013) – Chanticleer Holdings, Inc. (NASDAQ: HOTR) (“Chanticleer Holdings” or the “Company”), a minority owner in the privately held parent company of the Hooters® brand, Hooters of America, and a franchisee of international Hooters restaurants, has hired Dian Griesel Inc. (DGI) to serve as its investor relations and public relations agency. DGI’s investor and public relations teams will work toward the objective of increasing investor and public awareness of Chanticleer Holdings’ plans to develop the Hooters brand in international emerging markets.
“Chanticleer Holdings is focused on expanding the Hooters casual dining restaurant brand in a variety of emerging markets worldwide, and building on the successes we have achieved to date in South Africa, Australia, Brazil, and Hungary,” said Mike Pruitt, CEO of Chanticleer Holdings. “As we continue to explore and develop these markets and expand our opportunities in regions such as Eastern Europe, we know that conveying the unique appeal of the Hooters brand, both to potential investors and potential customers, will be key to our success. We believe that we have a compelling investment thesis for investors and an exciting story to share with the media, and we look forward to leveraging DGI’s experience, relationships and expertise.”
DGI is a full-service corporate communications firm providing the equivalent of “large-cap” investor relations and public relations services to smaller emerging growth companies. Always budget-conscious, its carefully planned programs blend the best of traditional strategies with the opportunities of new media.
About Chanticleer Holdings, Inc.
Chanticleer Holdings (HOTR) is focused on expanding the Hooters® casual dining restaurant brand in international emerging markets. Chanticleer currently owns in whole or part of the exclusive franchise rights to develop and operate Hooters restaurants in South Africa, Hungary and parts of Brazil, and has joint ventured with the current Hooters franchisee in Australia, while evaluating several additional international opportunities. The Company currently owns and operates in whole or part of six Hooters restaurants in its international franchise territories: Durban, Johannesburg, Cape Town and Emperor’s Palace in South Africa; Campbelltown in Australia; and Budapest in Hungary.
In 2011, Chanticleer and a group of noteworthy private equity investors, which included H.I.G. Capital, KarpReilly, LLC and Kelly Hall, president of Texas Wings Inc., the largest Hooters franchisee in the United States, acquired Hooters of America, a privately held company. Today, Hooters of America is an operator and the franchisor of over 430 Hooters® restaurants in 28 countries. Chanticleer maintains a minority ownership stake in Hooters of America and its CEO, Mike Pruitt, is also a member of Hooters’ Board of Directors.
For further information, please visit www.chanticleerholdings.com
Facebook: www.Facebook.com/ChanticleerHOTR
Twitter: http://Twitter.com/ChanticleerHOTR
For further information on Hooters of America, visit www.Hooters.com
Facebook: www.Facebook.com/Hooters
Twitter: http://Twitter.com/Hooters
Forward-Looking Statements:
Any statements that are not historical facts contained in this release are “forward-looking statements” as that term is defined under the Private Securities Litigation Reform Act of 1995 (PSLRA), which statements may be identified by words such as “expects,” “plans,” “projects,” “will,” “may,” “anticipates,” “believes,” “should,” “intends,” “estimates,” and other words of similar meaning. Many factors could cause our actual activities or results to differ materially from the activities and results anticipated in forward-looking statements. These factors include those described in the companies’ filings with the Securities and Exchange Commission. The forward-looking statements contained in this press release speak only as of the date the statements were made, and the companies do not undertake any obligation to update forward-looking statements. We intend that all forward-looking statements be subject to the safe-harbor provisions of the PSLRA.
Contact:
Chanticleer Holdings, Inc.
Mike Pruitt
Chairman/CEO
Phone: 704.366.5122 x 1
mp@chanticleerholdings.com
Dian Griesel Inc.
Investor Relations:
Cheryl Schneider
cschneider@dgicomm.com
Public Relations:
Enrique Briz
ebriz@dgicomm.com
212.825.3210
ParkerVision (PRKR) to Host Q4 2012 Conference Call/Webcast March 18th
JACKSONVILLE, Fla., March 8, 2013 (GLOBE NEWSWIRE) — ParkerVision, Inc. (Nasdaq:PRKR), a developer and marketer of semiconductor technology solutions for wireless applications, will hold a conference call and webcast to discuss fourth quarter 2012 financial results on Monday, March 18, 2013 at 4:30 p.m. Eastern time. Jeffrey Parker, Chief Executive Officer and Cindy Poehlman, Chief Financial Officer, will review the Company’s results, which will be released after the close of trading that day, as well as provide a general corporate update.
| Date: Monday, March 18, 2013 |
| Time: 4:30 P.M. ET |
| To listen via live webcast, please go to the ParkerVision website at: http://ir.parkervision.com/events.cfm |
| To participate in the teleconference, please dial (10 min. before conference is scheduled to begin): |
| Domestic toll-free: 1-877-561-2750 |
| International: + 763-416-8565 |
If you are unable to participate during the live conference call and webcast, the conference call audio cast will be archived and available for replay in the Investor Relations section of the Company’s website at http://parkervision.com for approximately 90 days.
About ParkerVision
ParkerVision, Inc. designs, develops and markets its proprietary RF technologies, which enable advanced wireless communications for current and next generation mobile communications networks. Its solutions for wireless transfer of radio frequency (RF) waveforms enable significant advancements in wireless products, addressing the needs of the cellular industry for efficient use of power, reduced cost and size, greater design simplicity and enhance performance in mobile handsets as the industry migrates to next generation networks. ParkerVision is headquartered in Jacksonville, Fla. For more information, please visit http://www.parkervision.com. (PRKR-I)
The ParkerVision, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=9410
CONTACT: Cindy Poehlman
Chief Financial Officer
ParkerVision, Inc.
904-737-1367, cpoehlman@parkervision.com
or
Ron Stabiner
Vice President
The Wall Street Group, Inc.
212-888-4848, rstabiner@thewallstreetgroup.com
ZBB Energy (ZBB) Panel Discussion at the 25th Annual Roth Conference March 17th
MILWAUKEE, WI — (Marketwire) — 03/08/13 — ZBB Energy Corporation (NYSE MKT: ZBB), a leading developer of intelligent, renewable energy power platforms and hybrid vehicle control systems, today announced that Eric C. Apfelbach, President and CEO, will participate in a panel discussion at the 25th Annual Roth Conference. The conference will be at the Ritz-Carlton Hotel in Laguna Niguel, California. The panelists are scheduled to present on Sunday, March 17, 2013 from 3:30-5:00 pm (Pacific Daylight Time) on “The Resurgence of Renewable Energy – The Future of Natural Gas & Electricity Infrastructure Development.”
About ZBB Energy Corporation
ZBB Energy Corporation (NYSE MKT: ZBB) designs, develops, and manufactures advanced energy storage, power electronic systems, and engineered custom and semi-custom products targeted at the growing global need for distributed renewable energy, energy efficiency, power quality, and grid modernization. ZBB and its power electronics subsidiary, Tier Electronics, LLC, have developed a portfolio of integrated power management platforms that combine advanced power and energy controls plus energy storage to optimize renewable energy sources and conventional power inputs whether connected to the grid or not. Tier Electronics participates in the energy efficiency markets through their hybrid vehicle control systems, and power quality markets with their line of regulation solutions. Together, these platforms solve a wide range of electrical system challenges in global markets for utility, governmental, commercial, industrial and residential end customers. Founded in 1986, ZBB’s platforms ensure optimal efficiencies today, while offering the flexibility to adapt and scale to future requirements. ZBB’s corporate offices and production facilities are located in Menomonee Falls, WI, USA with offices also located in Perth, Western Australia. For more information, visit: www.zbbenergy.com.
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Investor Relations Contact:
Lewis W. Kreps
Three Part Advisors, LLC
www.threepa.com
214-599-7955
David Mossberg
Three Part Advisors, LLC
CallidusCloud (CALD) Announces C3 2013 Program
PLEASANTON, CA — (Marketwire) — 03/08/13 — Callidus Software Inc. (NASDAQ: CALD) today announced the program for CallidusCloud® C3 2013, the company’s annual customer conference, to be held May 5-7 at the ARIA Hotel, Las Vegas. C3 will provide an interactive forum where attendees can engage with analysts and like-minded customers to explore the latest trends, solutions, best practices and industry secrets for driving revenue.
“Strong profitable revenue growth is a top priority for all businesses, yet many are relying on legacy, stand-alone sales and marketing automation systems,” said Giles House, Vice President, Marketing Communications and Products, CallidusCloud. “C3 will focus on better ways to drive performance throughout the sales cycle from leads to compensation. Attendees will see the next generation of our products including brand new Quota and Territory Management, a new HTML5 User Interface for Commissions, hands on product training and certifications as well as the best practice sharing and networking opportunities with business leaders across all industries.”
Conference Highlights:
- Executive Keynote: CallidusCloud’s President and CEO, Leslie Stretch, discusses CallidusCloud’s strategy to take sales and marketing to the next level and raises the curtain on the latest innovation from CallidusCloud.
- Featured Industry Analysts: Peter Ostrow, Vice President and Research Group Director at Aberdeen Group, chairs a panel of visionary customers discussing the latest research on compensation management, marketing alignment, sales enablement and mobile learning across different industries. Scott Santucci, Principal Analyst & Research Director, Forrester Research, Inc., reveals the latest trends in sales and marketing alignment and how best to cope with today’s buyers. Patrick Stakenas, Research Director, Gartner, reveals how Mobile, Social, Cloud, and Big Data will power the future of sales.
- Customer Speakers: 30 breakout sessions packed with best practices and insight from customers and partners across all industries and products will cover everything from building a business case to successfully navigating a project. For a full list of confirmed speakers visit the C3 website
- Product Experts: Onsite training sessions will run throughout the conference, providing attendees free access to hands on training and certification. Demo pods will be located in the expo hall showcasing the latest product innovations.
- Partner Expo: Meet the leading strategic partners, resellers and implementers from the CallidusCloud ecosystem.
C3 registration is now open. To see the full list of speakers, agenda and to register for the event visit: www.calliduscloud.com/c3
Follow the major C3 announcements on social:
- Twitter: @calliduscloud #caldc3
- Facebook: www.facebook.com/callidussoftware
For more information visit www.calliduscloud.com
About CallidusCloud
Callidus Software Inc. (NASDAQ: CALD), doing business as CallidusCloud, is a leading provider of cloud software. CallidusCloud enables organizations to drive performance and productivity across their business with our hiring, learning, marketing and selling clouds. From back office to the field, from desktop to mobile, we ensure organizations have the right tools to be more effective and perform better. The combined power of our clouds, our people, and our partners fuels growth, empowers the work force and delivers real value. CallidusCloud drives performance and productivity for over 1700 leading organizations. Small, medium and large enterprises across multiple industries and geographies rely on CallidusCloud for quicker hiring, simpler learning, better marketing, and smarter selling.
For more information, please visit www.calliduscloud.com.
©2013. Callidus Software Inc. All rights reserved. Callidus, Callidus Software, the Callidus Software logo, CallidusCloud, the CallidusCloud logo, TrueComp Manager, ActekSoft, ACom3, ForceLogix, Salesforce Assessments, iCentera, Webcom, Litmos, the Litmos logo, LeadFormix, Rapid Intake and 6FigureJobs are trademarks, service marks, or registered trademarks of Callidus Software Inc. and its affiliates in the United States and other countries. All other brand, service or product names are trademarks or registered trademarks of their respective companies or owners.
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Press Contact:
Giles House
CallidusCloud
925-251-2200
pr@calliduscloud.com
Progenics (PGNX) to Host Conference Call to Review Fourth Quarter Financials
TARRYTOWN, N.Y., March 8, 2013 (GLOBE NEWSWIRE) — Progenics Pharmaceuticals, Inc. (Nasdaq:PGNX) announced today that it will host a conference call and webcast to discuss its financial results for the fourth quarter 2012 on Friday, March 15, 2013 at 8:30 a.m. ET.
To participate, please dial (877) 250-8889 (domestic) or (720) 545-0001 (international) and reference conference ID 21225492. A live webcast will be available on the Events section of the Progenics website, www.progenics.com, and a replay will be available on the website for two weeks.
About Progenics
Progenics Pharmaceuticals, Inc. is discovering and developing innovative medicines for oncology, with a pipeline that includes product candidates in preclinical through late-stage development. Progenics’ first commercial product, Relistor® (methylnaltrexone bromide) for opioid-induced constipation, is marketed and in further development by Salix Pharmaceuticals, Ltd. for markets worldwide other than Japan, where Ono Pharmaceutical Co., Ltd. holds an exclusive license for the subcutaneous formulation. For additional information, please visit www.progenics.com.
The Progenics Pharmaceuticals Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=9678
(PGNX-G)
CONTACT: Kathleen Fredriksen
Corporate Development
(914) 789-2871
kfredriksen@progenics.com
CEO of ARCA biopharma (ABIO) to Speak at ACC.13 Conference March 10th
ARCA biopharma, Inc. (Nasdaq: ABIO), a biopharmaceutical company developing genetically-targeted therapies for atrial fibrillation and other cardiovascular diseases, announced today that Dr. Michael Bristow, President and Chief Executive Officer, will present “The Changing Paradigms in Drug Development” at conference session “Joint Symposium of the Heart Failure Society and the American College of Cardiology II: Heart Failure Care in the Era of Health Care Reform” at the American College of Cardiology 62nd Annual Scientific Sessions & Expo, being held March 9-11, 2013 in San Francisco, California. The conference session is scheduled on Sunday, March 10, 2013, from 12:30pm – 1:45pm Pacific.
More information about the conference is available at: www.accscientificsession.org.
About ARCA biopharma
ARCA biopharma is dedicated to developing genetically-targeted therapies for cardiovascular diseases. The Company’s lead product candidate is GencaroTM (bucindolol hydrochloride), an investigational, pharmacologically unique beta-blocker and mild vasodilator being developed for the prevention of atrial fibrillation. ARCA has identified common genetic variations that it believes predict individual patient response to Gencaro, giving it the potential to be the first genetically-targeted atrial fibrillation prevention treatment. For more information please visit www.arcabiopharma.com.
Safe Harbor Statement
This press release and the associated presentation may contain “forward-looking statements” for purposes of the safe harbor provided by the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements regarding genetic variations to predict individual patient response to Gencaro, Gencaro’s potential to treat atrial fibrillation, future treatment options for patients with atrial fibrillation and the potential for Gencaro to be the first genetically-targeted atrial fibrillation prevention treatment. Such statements are based on management’s current expectations and involve risks and uncertainties. Actual results and performance could differ materially from those projected in the forward-looking statements as a result of many factors, including, without limitation, the risks and uncertainties associated with: the Company’s financial resources and whether they will be sufficient to meet the Company’s business objectives and operational requirements; results of earlier clinical trials may not be confirmed in future trials, the protection and market exclusivity provided by the Company’s intellectual property; risks related to the drug discovery and the regulatory approval process; and the impact of competitive products and technological. These and other factors are identified and described in more detail in ARCA’s filings with the SEC, including without limitation the Company’s annual report on Form 10-K for the year ended December 31, 2011 and subsequent filings. The Company disclaims any intent or obligation to update these forward-looking statements.
Trans World (TWMC) Announces Fourth Quarter And Annual Results
Company reports net income of $33.7 million for fiscal 2012
ALBANY, N.Y., March 7, 2013 /PRNewswire/ — Trans World Entertainment Corporation (Nasdaq: TWMC) today reported financial results for its fourth quarter and fiscal year ended February 2, 2013. For the fourteen weeks ended February 2, 2013 (“fourth quarter”), the Company reported net income of $35.0 million, or $1.09 per diluted share, compared to net income of $16.5 million, or $0.51 per diluted share, for the thirteen week fourth quarter last year. For the 53 weeks ended February 2, 2013 (“Fiscal 2012”), the Company reported net income of $33.7 million, or $1.06 per diluted share, compared to net income of $2.2 million, or $0.07 per diluted share, for the 52 weeks ended January 28, 2012 (“Fiscal 2011”). These results included a one-time gain of $22.8 million from the sale of real property in Miami, Florida. Excluding the gain, the Company recorded net income of $12.2 million, or $0.38 per diluted share for the fourth quarter, and $10.9 million, or $0.34 per diluted share for Fiscal 2012.
Comparable store sales for the fourth quarter were down 3% compared to the same quarter last year. Total sales for the fourth quarter decreased 15% to $163.4 million compared to $193.1 million in 2011. During the fourth quarter, the Company operated an average of 373 stores compared to 427 stores last year, a 13% decline.
Gross profit for the fourth quarter was $59.8 million, or 36.6% of sales, as compared to $69.2 million, or 35.8%, of sales for the fourth quarter last year.
Selling, general and administrative expenses (“SG&A expenses”) decreased 9% for the fourth quarter to $45.9 million compared to $50.5 million for the fourth quarter last year. As a percentage of sales, SG&A expenses were 28.1% in the fourth quarter compared to 26.2% for the fourth quarter last year.
For Fiscal 2012, comparable store sales were down 1% as compared to Fiscal 2011. Total sales for Fiscal 2012 decreased 15% to $458.5 million, compared to $542.6 million for Fiscal 2011. During Fiscal 2012, the Company operated an average of 378 stores compared to 439 stores in Fiscal 2011, a 14% decline.
Gross profit for Fiscal 2012 was $172.1 million, or 37.5% of sales, compared to $198.2 million, or 36.5%, of sales for Fiscal 2011. For Fiscal 2012, SG&A expenses decreased 17% to $154.8 million compared to $186.7 million in Fiscal 2011. As a percentage of sales, SG&A expenses improved by 60 basis points to 33.8% from 34.4% for the same period last year.
Inventory was $155.4 million at the end of Fiscal 2012, versus $191.3 million at the end of Fiscal 2011, a reduction of 19%. Cash on hand at the end of Fiscal 2012 was $133.0 million, compared to $88.5 million at the end of Fiscal 2011. The Company did not require any borrowings under its line of credit at any point during Fiscal 2012 and Fiscal 2011.
“Our strong financial position provides us many options to enhance shareholder value. In fact, our Board gave careful consideration to and decided to pay a $15 million special cash dividend to return value to shareholders during the fourth quarter, which was the first dividend in the Company’s history. The Board will continue to monitor the Company’s financial needs and resources and will consider all options to enhance shareholder value,” said Bob Higgins, Chairman and Chief Executive Officer.
Trans World will host a teleconference call today, Thursday, March 7, 2013, at 10:00 AM ET to discuss its financial results. Interested parties can listen to the simultaneous webcast on the Company’s corporate website, www.twec.com.
Trans World Entertainment is a leading specialty retailer of entertainment products, including video, music, trend, electronics, video games and related products. The Company operates retail stores in the United States, the District of Columbia and Puerto Rico, primarily under the names f.y.e. for your entertainment and Suncoast and on the web at www.fye.com, www.wherehouse.com, and www.secondspin.com.
Certain statements in this release set forth management’s intentions, plans, beliefs, expectations or predictions of the future based on current facts and analyses. Actual results may differ materially from those indicated in such statements. Additional information on factors that may affect the business and financial results of the Company can be found in filings of the Company with the Securities and Exchange Commission.
— table to follow —
|
TRANS WORLD ENTERTAINMENT CORPORATION |
|||||||||
|
Financial Results |
|||||||||
|
STATEMENTS OF OPERATIONS: |
|||||||||
|
(in thousands, except per share data) |
|||||||||
|
Fourteen and Thirteen Weeks Ended (1) |
Fiscal Year Ended (2) |
||||||||
|
February 2, |
% to |
January 28, |
% to |
February 2, |
% to |
January 28, |
% to |
||
|
2013 |
Sales |
2012 |
Sales |
2013 |
Sales |
2012 |
Sales |
||
|
Net sales |
$ 163,449 |
$ 193,106 |
$ 458,544 |
$ 542,589 |
|||||
|
Cost of sales |
103,699 |
63.4% |
123,885 |
64.2% |
286,422 |
62.5% |
344,435 |
63.5% |
|
|
Gross profit |
59,750 |
36.6% |
69,221 |
35.8% |
172,122 |
37.5% |
198,154 |
36.5% |
|
|
Selling, general and |
|||||||||
|
administrative expenses |
45,861 |
28.1% |
50,538 |
26.2% |
154,789 |
33.8% |
186,650 |
34.4% |
|
|
Gain on sale of asset, net |
(22,750) |
-13.9% |
– |
0.0% |
(22,750) |
-5.0% |
– |
0.0% |
|
|
Depreciation and amortization |
1,010 |
0.6% |
1,337 |
0.7% |
3,783 |
0.8% |
6,003 |
1.1% |
|
|
Income from operations |
35,629 |
21.8% |
17,346 |
8.9% |
36,300 |
7.9% |
5,500 |
1.0% |
|
|
Interest expense, net |
513 |
0.3% |
790 |
0.4% |
2,318 |
0.5% |
3,189 |
0.6% |
|
|
Income before income taxes |
35,116 |
21.5% |
16,556 |
8.5% |
33,982 |
7.4% |
2,311 |
0.4% |
|
|
Income tax expense (benefit) |
107 |
0.1% |
59 |
0.0% |
248 |
0.1% |
149 |
0.0% |
|
|
Net income |
$ 35,009 |
21.4% |
$ 16,497 |
8.5% |
$ 33,734 |
7.3% |
$ 2,162 |
0.4% |
|
|
Basic income per common share: |
|||||||||
|
Basic income per share |
$ 1.11 |
$ 0.52 |
$ 1.07 |
$ 0.07 |
|||||
|
Weighted average number of |
|||||||||
|
common shares outstanding – basic |
31,670 |
31,527 |
31,577 |
31,520 |
|||||
|
Diluted income per common share: |
|||||||||
|
Diluted income per share |
$ 1.09 |
$ 0.51 |
$ 1.06 |
$ 0.07 |
|||||
|
Weighted average number of |
|||||||||
|
common shares outstanding – diluted |
32,055 |
32,090 |
31,878 |
32,036 |
|||||
|
SELECTED BALANCE SHEET CAPTIONS: |
February 2, |
January 28, |
|||||||
|
(in thousands, except store data) |
2013 |
2012 |
|||||||
|
Cash and cash equivalents |
$ 132,982 |
$ 88,515 |
|||||||
|
Merchandise inventory |
155,429 |
191,327 |
|||||||
|
Fixed assets (net) |
9,057 |
16,651 |
|||||||
|
Accounts payable |
79,438 |
93,141 |
|||||||
|
Borrowings under line of credit |
– |
– |
|||||||
|
Long-term debt, less current portion |
2,004 |
4,009 |
|||||||
|
Stores in operation, end of period |
358 |
390 |
|||||||
|
Stores in operation, average during the period |
378 |
439 |
|||||||
|
(1) – The fourth fiscal quarter ended February 2, 2013 contains 14 weeks. |
|||||||||
|
The fourth fiscal quarter ended January 28, 2012 contains 13 weeks. |
|||||||||
|
(2) – The fiscal year ended February 2, 2013 contains 53 weeks. |
|||||||||
|
The fiscal year ended January 28, 2012 contains 52 weeks. |
|||||||||
NW Bio (NWBO) Provides Guidance On Phase III Trial Enrollment Timing
BETHESDA, Md., March 7, 2013 /PRNewswire/ — Northwest Biotherapeutics (NASDAQ: NWBO) (NW Bio), a biotechnology company developing DCVax® personalized immune therapies for solid tumor cancers, announced today that it expects to complete enrollment in its 312-patient Phase III clinical trial for Glioblastoma multiforme (GBM) brain cancer within a period that is faster or more efficient than relevant comparison trials with immune therapies for the same brain cancer. The Company anticipates completing enrollment of its Phase III trial by Q1 or early Q2 of next year, and expects to reach its first interim analysis for efficacy by approximately Q3 of this year.
(Logo: http://photos.prnewswire.com/prnh/20110329/SF73084LOGO)
Relevant comparisons include the following (according to information publicly reported on www.clinicaltrials.gov and in company announcements and filings):
- Celldex Therapeutics (NASDAQ: CLDX) is conducting a Phase III trial with 440 patients, at 164 clinical trial sites worldwide, which began enrolling in November 2011, and appears likely to continue enrolling over at least a 4-year period through the end of 2015, with topline results expected at the end of 2016.
- Immunocellular Therapeutics (NYSE MKT: IMUC) is conducting a Phase II trial with 124 patients, which were enrolled over the course of 7 calendar quarters from Q1 2011 through Q3 2012. (IMUC apparently screened 278 patients, but actually enrolled and treated less than half of them: only 124 patients were enrolled, in aggregate, and treated in either the treatment arm or the placebo arm of the trial.)
- Agenus, Inc. (NASDAQ: AGEN) is conducting a Phase II trial with 55 patients, which began recruiting in Q2, 2009 and stopped recruiting in Q2, 2012.
NW Bio has primarily been enrolling its Phase III trial since Q2 of 2011. The Company undertook a limited period of enrollment in 2008, and then kept the trial going with the patients already enrolled, but suspended new enrollment due to resource constraints during the worst of the economic downturn, through the end of 2010. The Company began the process of reactivating clinical trial sites for new enrollment in Q1 2011, and resumed screening in Q2 of 2011.
NW Bio expects to complete enrollment in its phase III trial by Q1 or early Q2 of next year – an overall enrollment period of 14 or 15 calendar quarters, including both the 2008 period and the period since Q2 2011.
This represents a rate of enrollment that compares as follows with Celldex, IMUC and Agenus:
|
Total Trial Enrollment |
Enrollment Period |
Pace of Enrollment to Completion, Based On Enrollment Period |
|
|
NW Bio Ph. III
|
312 patients |
14 quarters or 15 quarters |
22.3 patients per quarter or 20.8 patients per quarter |
|
IMUC Ph. II
|
124 patients |
7 quarters |
17.7 patients per quarter |
|
Celldex Ph. III |
440 patients |
≥16 quarters [est.] |
27.5 patients per quarter*
*[164 clinical trial sites worldwide]
|
|
Agenus Ph. II
|
55 patients |
12 quarters |
4.6 patients per quarter |
Notably, even if the completion of NW Bio’s Phase III trial enrollment were to take substantially longer than the Company’s projection of Q1 or early Q2 2014, the Company’s enrollment would still compare favorably with these relevant comparison trials.
“There has been widespread confusion in the investment community about the size and pace of clinical trials being conducted with various immune therapies for brain cancer,” commented Linda F. Powers, CEO of NW Bio. “It is basic to clinical trials that the sponsor must screen more patients than they enroll. Normally, there is no confusion about the fundamental difference between these: ‘enrollment’ means only the patients actually being treated (with drug or placebo) in the trial. This is a key metric for investors: it is the measure of the size and the pace of a trial. By providing detailed information here, our intention is to help correct the misunderstandings about the actual enrollment (both size and pace) of certain immune therapy trials in brain cancer.”
The Company plans to provide periodic updates of this enrollment guidance through various communication channels.
About Northwest Biotherapeutics
Northwest Biotherapeutics is a biotechnology company focused on developing immunotherapy products to treat cancers more effectively than current treatments, without toxicities of the kind associated with chemotherapies, and on a cost-effective basis, in both the United States and Europe. The Company has a broad platform technology for DCVax dendritic cell-based vaccines. The Company’s lead program is a 312-patient Phase III trial in newly diagnosed Glioblastoma multiforme (GBM). GBM is the most aggressive and lethal brain cancer. The Company also previously received clearance from the FDA for a 612-patient Phase III trial in prostate cancer, and clearance from the FDA for Phase I/II trials in multiple other cancers. The Company has also conducted a Phase I/II trial with DCVax for metastatic ovarian cancer together with the University of Pennsylvania.
Disclaimer
Statements made in this news release that are not historical facts, including statements concerning future treatment of patients using DCVax and future clinical trials, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “expect,” “believe,” “intend,” “plan,” “continue,” “may,” “will,” “anticipate,” and similar expressions are intended to identify forward-looking statements. Actual results may differ materially from those projected in any forward-looking statement. Specifically, there are a number of important factors that could cause actual results to differ materially from those anticipated, such as the Company’s ability to raise additional capital, risks related to the Company’s ability to enroll patients in its clinical trials and complete the trials on a timely basis, the uncertainty of the clinical trials process, uncertainties about the timely performance of third parties, and whether the Company’s products will demonstrate safety and efficacy. Additional information on these and other factors, including Risk Factors, which could affect the Company’s results, is included in its Securities and Exchange Commission (“SEC”) filings. Finally, there may be other factors not mentioned above or included in the Company’s SEC filings that may cause actual results to differ materially from those projected in any forward-looking statement. You should not place undue reliance on any forward-looking statements. The Company assumes no obligation to update any forward-looking statements as a result of new information, future events or developments, except as required by securities laws.
Hudson (HDSN) to Present at 25th Annual Roth Orange County Growth Stock Conference
Hudson Technologies (NASDAQ: HDSN), today announced that Brian Coleman, President and Chief Operating Officer, will be presenting at the 25th Annual Roth Orange County Growth Stock Conference, to be held at the Ritz Carlton Laguna Nigel, California. The Hudson Technologies presentation will be held on Tuesday March 19th at 2:30 p.m. Pacific Time in the Promenade Room.
Mr. Coleman will provide an overview of Hudson’s operations and financial results. A webcast of the conference presentation will be available at:
http://wsw.com/webcast/roth27/hdsn/ or on the investor page of the Company’s website at www.hudsontech.com.
About Hudson Technologies
Hudson Technologies, Inc. is a leading provider of innovative solutions to recurring problems within the refrigeration industry. Hudson’s proprietary RefrigerantSide® Services increase operating efficiency and energy savings, and remove moisture, oils and other contaminants frequently found in the refrigeration circuits of large comfort cooling and process refrigeration systems. Performed at a customer’s site as an integral part of an effective scheduled maintenance program or in response to emergencies, RefrigerantSide® Services offer significant savings to customers due to their ability to be completed rapidly and at higher purity levels, and can be utilized while the customer’s system continues to operate. In addition, the Company sells refrigerants and provides traditional reclamation services to the commercial and industrial air conditioning and refrigeration markets. For further information on Hudson, please visit the Company’s web site at www.hudsontech.com.
Prospect Global (PGRX) Names Damon G. Barber as President and CEO
Internationally accomplished mining and finance expert brings substantial depth to the next growth phase Prospect Global and Apollo agree to mutual termination of previously-announced finance agreement
DENVER, March 7, 2013 /PRNewswire/ — Prospect Global Resources, Inc. (NASDAQ: PGRX) today announced the appointment of Damon G. Barber as President and Chief Executive Officer, effective immediately. Mr. Barber, a veteran international mining and finance executive, joined the company in December 2012 as Executive Vice President and Chief Financial Officer. Mr. Barber’s promotion brings to Prospect’s CEO office the extensive mining and finance experience necessary for its next phase of development.
Mr. Barber said: “I am extremely excited about the opportunity to lead the development of Prospect Global Resources and its Holbrook project. The fundamentals of the project and the potash mining industry are tremendous for potential value creation. I am grateful that the Board has given me this opportunity to build North America’s next potash company and mine.”
Mr. Barber has more than 20 years’ experience in natural-resources finance and operations and is former Chief Executive Officer of CST Mining Group Limited, a Hong Kong-based mining company. While CEO of CST, Mr. Barber led and directed the simultaneous and successful development of two copper mine development projects. The first project was developed into production, and the second project was developed to where it was sold for $505 million, approximately two times CST’s total investment in the project. During this time, Mr. Barber also served as Chairman of Marcobre S.A.C., a joint venture between CST and Korea Resources Corporation and LS Nikko.
Prior to joining CST Mining, Mr. Barber was a Managing Director at Deutsche Bank and served as the Head of Deutsche Bank’s Metals and Mining investment banking practice in Asia-Pacific. Mr. Barber also spent more than 11 years at Credit Suisse, including almost 10 years as an investment banker in Credit Suisse’s Energy Group.
Mr. Barber graduated from the University of Kentucky with a B.S. in Mining Engineering and began his career as a section foreman at CONSOL Energy Inc.’s Loveridge Mine. Mr. Barber holds an MBA from the Wharton School of the University of Pennsylvania.
Gregory M. Dangler, currently a senior member of the finance team, will assume the role of interim CFO.
Also today, Prospect Global and investment funds affiliated with Apollo Global Management, LLC (NYSE: APO) mutually terminated the previously-announced investment agreement.
During the past several months, Prospect Global has made significant progress in the development of its Holbrook, AZ, potash mining project, including recently completing and submitting its Air Permit and Mineral Development Resource Applications with state regulators in Arizona.
About Prospect Global Resources, Inc.
Prospect Global Resources, Inc. is a Denver-based company engaged in the exploration and development of a large, high-quality potash deposit located in the Holbrook Basin of eastern Arizona. The company’s stock is traded on the NASDAQ Stock Exchange under the ticker symbol PGRX.
Regarding Forward-Looking Statements
With the exception of historical matters, the matters discussed in this press release include forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from projections or estimates contained herein. Such forward-looking statements include statements regarding current and future classification of our potash resources and development of our potash mining facility. Factors that could cause actual results to differ materially from projections or estimates include, among others, potash prices, economic and market conditions, and the additional risks described in Prospect Global’s filings with the SEC, including Prospect Global’s Annual Report on Form 10-K for the year ended March 31, 2012. Most of these factors are beyond Prospect Global’s ability to predict or control. The forward looking statements are made as of the date hereof and, except as required under applicable securities legislation, Prospect Global does not assume any obligation to update any forward-looking statements. Readers are cautioned not to put undue reliance on forward-looking statements.
CASMED (CASM) Announces Fourth Quarter and Full-Year 2012 Financial Results
2012 Domestic FORE-SIGHT® Sales Increase 43%
Conference Call Begins at 10:00 a.m. ET Today
BRANFORD, Conn., March 7, 2013 (GLOBE NEWSWIRE) — CAS Medical Systems, Inc. (Nasdaq:CASM) (CASMED), a leader in medical devices for non-invasive patient monitoring, today reported financial results for the three and 12 months ended December 31, 2012. Net sales were $6.0 million for the fourth quarter and $22.7 million for the year, compared with $5.3 million and $22.5 million in comparable prior-year periods, respectively. The net loss applicable to common stockholders was ($0.18) per basic and diluted share in the fourth quarter and ($0.63) per basic and diluted share for the year.
Highlights of the fourth quarter of 2012 and recent weeks include (all comparisons are with the fourth quarter of 2011):
- Net sales increased 12%.
- FORE-SIGHT sales increased 31% led by a 36% increase in FORE-SIGHT disposable sensor sales.
- The installed base of FORE-SIGHT units reached 741 as of December 31, 2012, up 35% with 45 units added during the fourth quarter.
- Sales of the Company’s traditional monitoring products were $3.8 million, up 4%.
- The Company ended the year with cash and short-term investments of $10.5 million.
- CASMED filed 510(k) applications with the U.S. Food and Drug Administration for its next-generation FORE-SIGHT product in the fourth quarter, and for its new vital signs monitor and non-invasive blood pressure technology early in the first quarter of 2013.
Full-year 2012 highlights include (all comparisons are with full-year 2011):
- Net sales increased 1%.
- FORE-SIGHT sales were up 23% led by a 43% increase in domestic FORE-SIGHT sales.
- FORE-SIGHT disposable sensor sales were up 37% led by a 46% increase in domestic sensor sales.
- The Company continued to penetrate key academic centers in the U.S with FORE-SIGHT and now counts eight of the top 25 adult cardiac surgery centers as customers, and five of the top 10 pediatric cardiac hospitals.
- CASMED spent more than 17% of net sales on R&D in 2012, principally for the development of its next-generation FORE-SIGHT product, a new non-invasive blood pressure technology and an updated vital signs monitor. Each of those products is expected to be launched early in the second half of 2013.
- The number of scientific publications regarding the use of FORE-SIGHT oximetry exceeded 200 early in 2012, with dozens of abstracts, posters and papers published throughout the year. A few of the key studies showed:
- New data using FORE-SIGHT cerebral oximetry, with its unique ability as a spot-check monitor, in the treatment of heart failure patients;
- High correlations of cognitive harm from cerebral desaturation events during thoracic surgery;
- The groundbreaking discovery of significant desaturation events in post- surgical ICU patients due to the ability of FORE-SIGHT to provide absolute values;
- The utility of FORE-SIGHT’s new algorithm with the ability to monitor the gut of newborns without the typical interference from meconium.
Management Commentary
“We are pleased with the progress we made in 2012 toward returning our Company to growth, which we achieved with a 9% gain in net sales in the second half of the year, while remaking our product offering to provide leading-edge and cost-effective monitoring solutions,” commented Thomas M. Patton, President and Chief Executive Officer of CASMED. “We exceeded our goal of delivering 40% domestic FORE-SIGHT sensor sales growth in 2012 while we continued to upgrade our distribution, penetrate key hospital institutions and build upon the body of clinical evidence in support of FORE-SIGHT.
“Dangerous oxygen desaturation in cerebral tissue is an unrecognized yet common occurrence during and after surgical procedures,” continued Mr. Patton, “and our FORE-SIGHT oximeter provides unparalleled accuracy to guide clinicians in their care of patients. As awareness of these benefits grows, we look forward to the opportunity to increase market share and to expand the market for cerebral oximetry. Also, with new products in each of our major product lines expected to be released early in the second half of the year, we continue to build our foundation for future growth.”
Mr. Patton added, “We expect FORE-SIGHT sales increases for 2013 to exceed our 23% gain for 2012. We plan to provide more specific sales guidance for the year in early May, when we report our first quarter financial results, as we should have more information on the timing of the launch of our new products at that time.”
Financial Results
For the fourth quarter of 2012, the Company reported net sales of $6.0 million, an increase of $0.7 million, or 12%, from the $5.3 million reported for the fourth quarter of 2011. FORE-SIGHT oximetry sales were $2.2 million, an increase of $0.5 million, or 31%, over the fourth quarter of 2011. FORE-SIGHT disposable sensor sales increased $0.5 million, or 36%, to $1.8 million over the prior year period. All other sales were 3.8 million, an increase of $0.1 million, or 4%, over the fourth quarter of 2011.
The Company recorded a net loss applicable to common stockholders for the fourth quarter of 2012 of $2.4 million, or ($0.18) per basic and diluted common share, compared with ($0.15) per basic and diluted common share for the fourth quarter of 2011.
Net sales for 2012 were $22.7 million compared with $22.5 million for 2011, a gain of $0.2 million, or 1%. FORE-SIGHT oximetry sales were $7.8 million, an increase of $1.4 million, or 23%, over 2011. FORE-SIGHT disposable sensor sales increased $1.8 million, or 37%, to $6.6 million over 2011. All other sales decreased $1.2 million, or 8%, to $14.9 million for 2012, principally due to lower sales of vital signs monitors.
The Company reported a net loss applicable to common shareholders for 2012 of $8.4 million, or ($0.63) per basic and diluted common share, compared with ($0.51) for 2011. The 2011 results contained income from discontinued operations of $0.2 million or $0.02 per basic and diluted common share.
Cash, cash equivalents and short-term investments were $10.5 million as of December 31, 2012, compared with $13.9 million as of December 31, 2011. During 2012, the Company consummated a $3.5 million term loan with East West Bank.
Conference Call Information
CASMED will host a conference call today at 10:00 a.m. ET to discuss fourth quarter and full-year 2012 results.
Conference call dial-in information is as follows:
- U.S. callers: (866) 239-5859
- International callers: (702) 495-1913
Individuals interested in listening to the live conference call via the Internet may do so by logging on to the Company’s website: www.casmed.com.
A telephone replay will be available from 1:00 p.m. ET on March 7, 2013, through 11:59 p.m. ET on March 13, 2013. Replay dial-in information is as follows:
- U.S. callers: (855) 859-2056
- International callers: (404) 537-3406
- Conference ID number (U.S. and international): 16912969
- The replay will also be available at www.casmed.com.
About CASMED® – Monitoring What’s Vital
CASMED is a leading developer and manufacturer of medical devices for non-invasive patient monitoring. The Company’s FORE-SIGHT Absolute Cerebral Oximeter provides a highly accurate, non-invasive, continuous measurement of absolute cerebral tissue oxygen saturation. Direct monitoring of tissue oxygenation provides a superior and powerful tool to alert clinicians to otherwise unrecognized and dangerously low levels of oxygenation of the brain and other tissues, thereby allowing them to intervene appropriately in the care of their patients. In addition to FORE-SIGHT Oximeters and accessories, the Company provides a line of bedside patient vital signs monitoring products, proprietary non-invasive blood pressure monitoring solutions for OEM use, neonatal intensive care supplies, and service. CASMED products are designed to provide unique monitoring solutions that are vital to patient care. For further information regarding CASMED, visit the Company’s website at www.casmed.com.
Statements included in this press release, which are not historical in nature, are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Statements relating to the future performance of the Company are subject to many factors including, but not limited to, the customer acceptance of the products in the market, the introduction of competitive products and product development, the impact of any product liability or other adverse litigation, working capital and availability of capital, commercialization and technological difficulties, the impact of actions and events involving key customers, vendors, lenders, competitors, and other risks detailed in the Company’s Form 10-K for the year ended December 31, 2011, and other subsequent Securities and Exchange Commission filings.
Such statements are based upon the current beliefs and expectations of the Company’s management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. When used in this press release, the terms “anticipate”, “believe”, “estimate”, “expect”, “may”, “objective”, “plan”, “possible”, “potential”, “project”, “will”, and similar expressions identify forward-looking statements. The forward-looking statements contained in this press release are made as of the date hereof, and we do not undertake any obligation to update any forward-looking statements, whether as a result of future events, new information, or otherwise.
(Tables to follow)
| CAS MEDICAL SYSTEMS, INC. | ||||||||
| STATEMENTS OF INCOME | ||||||||
| Unaudited | ||||||||
| Three Months Ended | Twelve Months Ended | |||||||
| December 31, 2012 |
December 31, 2011 |
December 31, 2012 |
December 31, 2011 |
|||||
| Net sales | $ 5,951,133 | $ 5,304,432 | $ 22,669,065 | $ 22,450,567 | ||||
| Cost of sales | 3,579,691 | 3,202,212 | 13,565,148 | 13,892,572 | ||||
| Gross profit | 2,371,442 | 2,102,220 | 9,103,917 | 8,557,995 | ||||
| Operating expenses: | ||||||||
| Research and development | 1,273,874 | 1,011,373 | 4,019,896 | 3,525,078 | ||||
| Selling, general and administrative | 3,392,574 | 2,801,371 | 12,528,686 | 11,509,670 | ||||
| Total operating expenses | 4,666,448 | 3,812,744 | 16,548,582 | 15,034,748 | ||||
| Operating loss | (2,295,006) | (1,710,524) | (7,444,665) | (6,476,753) | ||||
| Interest expense | 67,000 | — | 113,941 | — | ||||
| Other Income | (2,982) | (12,987) | (39,129) | (26,738) | ||||
| Loss from continuing operations before income taxes | (2,359,024) | (1,697,537) | (7,519,477) | (6,450,015) | ||||
| Income tax benefit | (211,159) | (5,374) | (211,159) | (124,763) | ||||
| Loss from continuing operations | (2,147,865) | (1,692,163) | (7,308,318) | (6,325,252) | ||||
| Income from discontinued operations | — | 10,433 | — | 242,188 | ||||
| Net loss | (2,147,865) | (1,681,730) | (7,308,318) | (6,083,064) | ||||
| Preferred stock dividend accretion | 288,159 | 268,840 | 1,123,239 | 631,143 | ||||
| Net loss applicable to common stockholders | $ (2,436,024) | $ (1,950,570) | $ (8,431,557) | $ (6,714,207) | ||||
| Per share basic and diluted income (loss) applicable to common stockholders: | ||||||||
| Continuing operations | $ (0.18) | $ (0.15) | $ (0.63) | $ (0.53) | ||||
| Discontinued operations | $ — | $ — | $ — | $ 0.02 | ||||
| Net loss | $ (0.18) | $ (0.15) | $ (0.63) | $ (0.51) | ||||
| Weighted average number of common shares outstanding: | ||||||||
| Basic and diluted | 13,353,124 | 13,174,680 | 13,286,553 | 13,104,245 | ||||
| CAS MEDICAL SYSTEMS, INC. | ||
| BALANCE SHEETS | ||
| Unaudited | ||
| December 31, 2012 |
December 31, 2011 |
|
| Cash and cash equivalents | $ 9,245,094 | $ 11,387,300 |
| Short-term investments | 1,250,794 | 2,490,587 |
| Accounts receivable | 2,197,513 | 2,535,331 |
| Inventories | 3,543,325 | 3,276,568 |
| Other current assets | 612,082 | 299,620 |
| Total current assets | 16,848,808 | 19,989,406 |
| Property and equipment | 9,158,677 | 7,712,998 |
| Less accumulated depreciation | (6,443,303) | (5,583,358) |
| 2,715,374 | 2,129,640 | |
| Intangible and other assets, net | 830,245 | 704,648 |
| Total assets | $ 20,394,427 | $ 22,823,694 |
| Accounts payable | $ 1,906,327 | $ 1,340,488 |
| Accrued expenses | 1,625,923 | 1,443,367 |
| Current portion of long-term debt | 697,834 | — |
| Total current liabilities | 4,230,084 | 2,783,855 |
| Income taxes payable | — | 211,159 |
| Deferred gain on sale and leaseback of property | 630,152 | 764,789 |
| Long-term debt, less current portion | 2,685,560 | — |
| Total liabilities | 7,545,796 | 3,759,803 |
| Series A convertible preferred stock | 8,802,000 | 8,802,000 |
| Series A exchangeable preferred stock | 5,135,640 | 5,135,640 |
| Common stock | 55,069 | 54,805 |
| Additional paid-in capital | 12,023,721 | 10,930,927 |
| Treasury stock | (101,480) | (101,480) |
| Accumulated deficit | (13,066,319) | (5,758,001) |
| Total stockholders’ equity | 12,848,631 | 19,063,891 |
| Total liabilities & stockholders’ equity | $ 20,394,427 | $ 22,823,694 |
CONTACT: Company Contact
CAS Medical Systems, Inc.
Jeffery A. Baird
Chief Financial Officer
203-315-6303
ir@casmed.com
Investors
LHA
Kim Sutton Golodetz (kgolodetz@lhai.com)
(212) 838-3777
Bruce Voss (bvoss@lhai.com)
(310) 691-7100
@LHA_IR_PR
Lpath (LPTN) Signs Collaboration and License Agreement With Provista Diagnostics
SAN DIEGO, CA — (Marketwire) — 03/06/13 — Lpath, Inc. (NASDAQ: LPTN), the industry leader in bioactive lipid-targeted therapeutics, has signed a collaboration and license agreement to develop cancer diagnostics with Provista Diagnostics, Inc. a leader in molecular cancer diagnostics and a CLIA-accredited reference laboratory.
The collaboration will focus on the bioactive lipid lysophosphatidic acid (LPA), with the agreement granting Provista an exclusive license to Lpath’s murine LPA antibodies for use in clinical laboratory applications involving the diagnoses of cancer.
Provista will initially conduct a prospective pilot study in ovarian cancer patients and Lpath will measure levels of LPA from patient plasma. Based on the results, additional studies may be conducted in ovarian and other cancers. Lpath will receive an upfront payment, research funding and development milestone payments, as well as royalties on diagnostic-product revenue.
The American Cancer Society estimates more than 22,000 new cases of ovarian cancer will be diagnosed in the United States this year, leading to 14,000 deaths. While other cancers have shown a reduction in mortality due to early detection tests and improved treatments, this has not been so with ovarian cancer, the deadliest of all gynecologic cancers.
“While our ImmuneY2™ technology platform is known for generating therapeutic antibodies against disease, it also has potential utility in diagnostic settings,” said Lpath President and CEO Scott Pancoast. “So by collaborating with Provista, a leader in molecular cancer diagnostics settings, we believe we can develop tests that provide early detection of ovarian cancer and that improve treatment outcomes. This agreement also underscores the significant value and capabilities of ImmuneY2 and further reinforces the importance of bioactive lipids as disease-relevant molecules.”
Dr. David Reese, CEO of Provista, commented: “Provista is committed to advancing the standard of diagnostic care for women at risk or suffering from ovarian and other cancers, and LPA is a potential biomarker that could be critical to achieving this goal. We believe the ability to detect bioactive lipids using Lpath’s unique technology will provide a distinct advantage in diagnosing gynecologic cancers.”
About Provista Diagnostics
Provista Diagnostics, Inc., develops and commercializes breakthrough, easy-to-administer blood-based diagnostic tests for early oncology-related disease state recognition and detection purposes. The company’s focus is on oncology-related diagnostics where a significantly high unmet clinical need exists. Near-term development and commercialization efforts focus on women’s cancers such as breast and ovarian cancer. For more about Provista is available at www.provistadx.com.
About Lpath
San Diego-based Lpath, Inc., a therapeutic antibody company, is the category leader in lipid-targeted therapeutics. The company’s ImmuneY2™ drug-discovery engine has the unique ability to generate monoclonal antibodies that bind to and inhibit bioactive lipids that contribute to disease. The company is developing three drug candidates: iSONEP™ is being studied in a Phase 2 trial in wet AMD patients; ASONEP™ is being studied in a Phase 2 trial in renal cell carcinoma patients; and Lpathomab is a preclinical drug candidate that holds promise in pain, neurotrauma, and other diseases. For more information, visit www.Lpath.com.
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Lpath, Inc.
Scott R. Pancoast
President & CEO
Tel: (858) 926-3200
Email Contact
Lpath Investor Relations
Liolios Group, Inc.
Tel: (949) 574-3860
Email Contact
Ron Both: Email Contact
Geoffrey Plank: Email Contact
Provista Diagnostics, Inc.
David Reese
President & CEO
Tel: (917) 551-6960
Prana’s (PRAN) PBT434 Inhibits Accumulation of Parkinson’s Protein
MELBOURNE, AUSTRALIA — (Marketwire) — 03/06/13 — Prana Biotechnology (NASDAQ: PRAN) (ASX: PBT) today announced that PBT434, Prana’s lead drug candidate for Parkinson’s Disease (PD) and movement disorders, will be presented at two international conferences in March. The key finding to be reported is that PBT434 reduces the aggregation and accumulation of a key protein (alpha-synuclein) in multiple transgenic animal models of the disease.
The alpha-synuclein (s.n.) protein aggregates inside the nerve cells of the substantia nigra, the part of the brain that is progressively damaged in the disease. The substantia nigra is responsible for controlling movement. The (s.n.) protein aggregates are associated with the onset and progression of Parkinson’s Disease and in three different Parkinson’s Disease animal models, PBT434 significantly prevented the death of substantia nigra brain cells.
“A treatment for Parkinson’s Disease and other movement diseases that actually modifies the course of the diseases remains a major unmet medical need. Our data suggests that PBT434 intervenes in metal dependent pathways which otherwise promote the aggregation of alpha-synuclein. Thus, PBT434 prevents the death of substantia nigra cells. We have observed marked improvements in motor function and coordination with PBT434,” commented Associate Professor Robert Cherny, Prana’s Head of Research.
Associate Professor David Finkelstein will present the new data at the 11th International Basal Ganglia Society Meeting in Eilat, Israel, March 3rd to 7th, 2013 in a talk titled “PD: Towards New Disease Modifying Therapies.”
In addition, Associate Prof Kevin Barnham will discuss PBT434 at the 11th International Conference on Alzheimer’s and Parkinson’s Disease, to be held in Florence, Italy, March 6th to 10th, 2013. In a talk titled “The Role of Nitrated Tau in PD.”
PBT434 is being developed by Prana with support from the Michael J Fox Foundation for Parkinson’s Disease Research.
About Prana Biotechnology Limited
Prana Biotechnology was established to commercialize research into age-related neurodegenerative disorders. The Company was incorporated in 1997 and listed on the Australian Securities Exchange in March 2000 and listed on NASDAQ in September 2002. Researchers at prominent international institutions including The University of Melbourne, The Mental Health Research Institute (Melbourne) and Massachusetts General Hospital, a teaching hospital of Harvard Medical School, contributed to the discovery of Prana’s technology.
For further information please visit the Company’s web site at www.pranabio.com.
About the New York Academy of Sciences
The New York Academy of Sciences is an independent, not-for-profit organization committed to advancing science, technology, and society worldwide since 1817. With 25,000 members in 140 countries, the Academy is creating a global community of science for the benefit of humanity. The Academy’s core mission is to advance scientific knowledge, positively impact the major global challenges of society with science-based solutions, and increase the number of scientifically informed individuals in society at large. Visit www.nyas.org for more information on the Academy.
Forward Looking Statements
This press release contains “forward-looking statements” within the meaning of section 27A of the Securities Act of 1933 and section 21E of the Securities Exchange Act of 1934. The Company has tried to identify such forward-looking statements by use of such words as “expects,” “intends,” “hopes,” “anticipates,” “believes,” “could,” “may,” “evidences” and “estimates,” and other similar expressions, but these words are not the exclusive means of identifying such statements. Such statements include, but are not limited to any statements relating to the Company’s drug development program, including, but not limited to the initiation, progress and outcomes of clinical trials of the Company’s drug development program, including, but not limited to, PBT2, and any other statements that are not historical facts. Such statements involve risks and uncertainties, including, but not limited to, those risks and uncertainties relating to the difficulties or delays in financing, development, testing, regulatory approval, production and marketing of the Company’s drug components, including, but not limited to, PBT2, the ability of the Company to procure additional future sources of financing, unexpected adverse side effects or inadequate therapeutic efficacy of the Company’s drug compounds, including, but not limited to, PBT2, that could slow or prevent products coming to market, the uncertainty of patent protection for the Company’s intellectual property or trade secrets, including, but not limited to, the intellectual property relating to PBT2, and other risks detailed from time to time in the filings the Company makes with Securities and Exchange Commission including its annual reports on Form 20-F and its reports on Form 6-K. Such statements are based on management’s current expectations, but actual results may differ materially due to various factions including those risks and uncertainties mentioned or referred to in this press release. Accordingly, you should not rely on those forward-looking statements as a prediction of actual future results.
Contacts:
Australia
Prana Biotechnology
+61 3 9349 4906
US
Leslie Wolf-Creutzfeldt
T: 646-284-9472
BIOLASE (BIOL) Reports 2012 Fourth Quarter, Year-End Results
IRVINE, CA — (Marketwire) — 03/06/13 — BIOLASE, Inc. (NASDAQ: BIOL), the world’s leading dental laser manufacturer and distributor, today reported unaudited financial results for the fourth quarter and year ended December 31, 2012.
Financial Highlights of the 2012 Fourth Quarter:
- Net revenue of $19.1 million for Q4 2012, a 45.0% increase over $13.2 million for Q4 2011, and a 12.4% increase over the midpoint of the Company’s guidance of $16.5 million to $17.5 million.
- Net income of $1.0 million, or $0.03 per share, as compared to a net loss of $2.0 million or a loss of $0.06 per share for Q4 2011.
- Non-GAAP net income of $1.7 million, or $0.05 per share, as compared to a non-GAAP net loss of $1.3 million, or a loss of $0.04 per share, for Q4 2011.
- Unit sales of WaterLase® systems increased by 42.0% as compared to Q4 2011 levels.
- Revenues from the sale of WaterLase systems increased $2.6 million, or 29.2%, as compared to Q4 2011 levels.
- Revenues from the sale of diode laser systems increased $1.3 million, or 79.9%, as compared to Q4 2011 levels.
2012 Financial Highlights:
- Net revenue of $57.4 million, as compared to $48.9 million in the prior year. Excluding the effects of the $1.1 million inventory repurchase in Q2 2012 and one-time prepaid purchase orders from Henry Schein, Inc. (NASDAQ: HSIC) (“Schein”) in 2011 totaling $5.9 million, non-GAAP adjusted revenue for 2012 increased $15.5 million, or 36.1%, over 2011, which was in line with our guidance of 36%.
- Revenues from the sale of WaterLase systems increased $6.8 million, or 23.1%, as compared to the prior year. Excluding the effects of the $1.1 million inventory repurchase in Q2 2012, and one-time prepaid purchase orders of WaterLase systems from Schein in 2011 totaling $2.3 million, non-GAAP adjusted revenue for WaterLase systems in 2012 increased $10.2 million, or 37.7%, over 2011.
- Net loss improved to $3.1 million, or a loss of $0.10 per share, as compared to a net loss of $4.5 million, or a loss of $0.15 per share, for 2011.
- Non-GAAP net loss improved to $431,000 for 2012, as compared to a non-GAAP net loss of $1.4 million in 2011.
Operating highlights of and subsequent to the 2012 fourth quarter include:
- Received U.S. Food and Drug Administration (“FDA”) clearance for the EPIC 10™ diode laser.
- Received FDA clearance for 940nm Diolase 10™ diode soft-tissue laser for a broad spectrum of medical procedures; includes clearance for over 80 procedures in 19 additional medical markets.
- Launched the EPIC™ V-Series™ veterinary soft-tissue diode laser.
- Launched a website to showcase BIOLASE’s wholly-owned subsidiary OCCULASE and to expand the multiple applications of its proprietary WaterLase technology into ophthalmology.
- Issued broad new patent for treating eye conditions, including Presbyopia, Cataracts, and Glaucoma; provides additional support for ophthalmic applications.
- Appointed Samir Chowdhury, Ph.D., as General Manager and Colleen Boswell as Vice President, Regulatory Affairs.
- Declared a one-half percent stock dividend payable on March 29, 2013, to stockholders of record as of March 15, 2013.
Federico Pignatelli, Chairman and CEO, said, “For the past two years, BIOLASE has undergone a radical restructuring, which was substantially completed at year-end 2012. Now we can concentrate on continued execution and the meaningful expansion of our business in 2013 and beyond.”
“Overall 2012 was a year of execution where we met or exceeded our guidance throughout the year and went on to generate cash from operations in the fourth quarter. We have expanded our offerings of internally developed lasers and in-licensed cone beam and CAD/CAM imaging products while significantly strengthening our intellectual property and patent portfolio. As a result of these efforts, our annual revenue for 2012 increased significantly over 2011 and more than doubled that of 2010,” noted Pignatelli. “With a number of solid initiatives in place, including new product launches, the recent approval of over 80 new procedures in 19 additional medical markets, and the launch of EPIC V-Series in to the veterinary market, we expect BIOLASE to continue to grow strongly in 2013.”
Fourth Quarter Financial Results
Net revenue for the 2012 fourth quarter totaled $19.1 million, compared with $13.2 million in the 2011 fourth quarter. The increase of $5.9 million, or 45.0%, was primarily driven by increased sales of the Company’s all-tissue WaterLase systems, diode soft-tissue laser systems, and imaging systems.
The number of WaterLase systems sold increased by 42.0% in the 2012 fourth quarter as compared to the prior year quarter. Such growth was the result of successful efforts of our direct sales force in North America. Revenues from the sale of WaterLase systems increased $2.6 million, or 29.2%, to $11.7 million in the 2012 fourth quarter as compared to $9.1 million in the prior year quarter. WaterLase system sales comprised approximately 61.5% of net revenues for the 2012 fourth quarter compared to 69.0% for the prior year quarter. The majority of these WaterLase revenues in both quarters were from sales of the Company’s flagship WaterLase iPlus all-tissue laser system.
“The number of WaterLase systems sold increased by a larger percentage than WaterLase revenues quarter over quarter because of our strategy to offer systems of varying capabilities at multiple price points. The iPlus is our flagship product and our primary revenue driver, and we expect this to continue in 2013. By offering multiple product configurations across a range of price points, we believe we can attract more customers, drive adoption, and generate more significant product and consumables revenue,” said Fred Furry, Chief Operating Officer and Chief Financial Officer.
Revenues from the sale of diode laser systems increased $1.3 million, or 79.9%, to $2.8 million in the 2012 fourth quarter as compared to $1.5 million in the prior year quarter. Diode laser system sales comprised approximately 14.4% of net revenues for the 2012 fourth quarter compared to 11.6% for the prior year quarter. BIOLASE received the CE Mark for the EPIC 10 in the final days of September 2012, and received notice of its regulatory clearance from the FDA on October 1, 2012.
Furry added, “As expected, sales of diode laser systems increased significantly in the fourth quarter, and we anticipate that the EPIC 10 will continue to be a strong contributor to revenue in 2013 and beyond. We also believe that the low price point of our EPIC diode soft-tissue laser system will continue to broaden the demand for lasers and create an up-sell opportunity for our more expensive, all-tissue WaterLase systems.”
Imaging revenues, which included both cone beam and CAD/CAM, totaled approximately $1.6 million, or 8.6% of net revenue, during the 2012 fourth quarter as compared to $138,000, or 1.0% of net revenue, for the prior year quarter.
Gross profit as a percentage of net revenue was 46.6% as compared to 42.2% for the prior year quarter. This quarter-over-quarter increase was primarily due to higher unit sales of WaterLase systems, diode laser systems, and imaging systems, increased consumables, and increased license fees and royalty revenue, combined with decreased costs of revenues as service and warranty expenses continue to decline as manufacturing processes and quality continue to improve.
Operating expenses totaled $7.7 million, or 40.4% of net sales, as compared to $7.5 million, or 56.9% of net sales, in the 2011 fourth quarter. The increased sales and marketing expense is primarily a result of sales commissions accrued on higher system revenues as well as higher payroll and consulting costs associated with the development of our direct sales force in North America and an increase in convention costs, which were offset by a decrease in the cost of supplies.
General and administrative expenses decreased to $1.8 million during the 2012 fourth quarter as compared to $2.0 million for the prior year quarter.
Engineering and development totaled $1.0 million during the 2012 fourth quarter, essentially flat with the prior year quarter.
As a result, net income for the 2012 fourth quarter totaled $1.0 million, or $0.03 per share, compared to a net loss of $2.0 million, or a loss of $0.06 per share, for the 2011 fourth quarter.
After removing interest expense of $99,000, non-cash depreciation and amortization expenses of $140,000, and non-cash stock-based, other equity instruments, and other non-cash compensation expense of $383,000, the 2012 fourth quarter resulted in non-GAAP net income of $1.7 million, or $0.05 per share, compared with a non-GAAP net loss of $1.3 million, or ($0.04) per share, for the 2011 fourth quarter.
2012 Financial Results
GAAP net revenue for the year ended December 31, 2012, totaled $57.4 million, compared with net revenue of $48.9 million in the prior year. Domestic revenues were $40.6 million, or 70.7% of net revenue, for 2012 compared to $32.8 million, or 67.1% of net revenue, for 2011. International revenues for 2012 were $16.8 million, or 29.3% of net revenue compared to $16.1 million, or 32.9% of net revenue for 2011.
Adjusting for the inventory re-purchased in connection with the Schein termination agreement, non-GAAP adjusted revenue for 2012 was $58.5 million, which was the midpoint of our initial annual revenue guidance for 2012. This represents an increase of $9.6 million, or 19.7% as compared to net revenue of $48.9 million for 2011. When excluding both the 2012 inventory re-purchased in connection with the Schein termination agreement, which was offset against our 2012 second quarter, and the 2011 non-recurring event of equipment sales to Schein for irrevocable purchase orders of $5.9 million; non-GAAP adjusted revenue for 2012 represents a 36.1% increase over non-GAAP adjusted revenue for the prior year, which was in line with our guidance of 36%.
The number of WaterLase systems sold during 2012 increased by 37.1% as compared to the prior year, primarily due to increased sales of WaterLase iPlus systems and sales of MD Turbo™ systems, including 100% of the equipment that the Company re-purchased in connection with the Schein termination agreement.
Net revenues from the sale of WaterLase systems, including the effect of the $1.1 million inventory repurchase from Schein during the 2012 second quarter, increased $6.8 million, or 23.1%, for 2012 as compared to the prior year. Excluding the effect of the Schein inventory re-purchase and the 2011 non-recurring event of equipment sales to Schein for irrevocable purchase orders of $2.3 million; non-GAAP adjusted net revenue from the sales of our WaterLase systems for 2012 increased by $10.2 million, or 37.7%, compared to 2011.
WaterLase system sales comprised approximately 62.8% of gross revenues for 2012 compared to 59.9% for the prior year. The majority of these WaterLase revenues were from sales of the Company’s flagship WaterLase iPlus all-tissue laser system.
Revenues from the sale of diode laser systems decreased $2.9 million, or 31.2%, to $6.3 million for 2012 as compared to $9.2 million for 2011. Diode laser system sales comprised approximately 11.0% of net revenues for 2012 compared to 18.8% for the prior year. Excluding the effect of the 2011 non-recurring diode sales to Schein for irrevocable purchase orders of $3.6 million, non-GAAP adjusted net revenue from the sales of our diode systems for 2012 increased by $729,000, or 13.1%, compared to 2011. Diode laser system sales were negatively impacted during 2012 due to market anticipation of new EPIC 10 diode laser system which was cleared by the FDA in October 2012.
Imaging system net revenue, which included our in-licensed cone beam and CAD/CAM products, totaled approximately $3.4 million, or 5.9% of net revenue, in 2012, as compared to $238,000, or 0.5% of net revenue, in 2011.
Pignatelli commented, “We added cone beam digital imaging to our product offerings in late 2011, and further enhanced our imaging products with the addition of CAD/CAM intra-oral scanning in late 2012. These in-licensed imaging systems are expected to generate greater revenue growth while increasing awareness in our core internally developed laser products.”
Gross profit as a percentage of net revenue was 46.2% for 2012 as compared to 43.6% for the prior year. The year-over-year increase was primarily due to increased sales of WaterLase systems and increased sales of ancillary consumables, coupled with lower costs of revenues, reflecting lower service and warranty expenses due to ongoing improvements in manufacturing processes and quality.
Operating expenses totaled $29.0 million for 2012, or 50.6% of net sales, as compared to $25.3 million, or 51.8% of net sales, for 2011. The increase was primarily due to increased sales commission earned on higher revenues, increased convention costs associated with the imaging product lines, increased payroll and consulting fees related to further development of the Company’s direct sales force, and increased media and advertising costs.
The net loss for 2012 was $3.1 million, or a loss of $0.10 per share, compared with a net loss of $4.5 million, or a loss of $0.15 per share, for 2011.
After removing interest expense of $239,000, non-cash depreciation and amortization expenses of $513,000, and non-cash stock-based, other equity instruments, and other non-cash compensation expense of $1.9 million, the non-GAAP net loss for 2012 was $431,000, or a loss of $0.01 per share, compared with a non-GAAP net loss of $1.4 million, or a loss of $0.05 per share, for 2011.
Liquidity and Capital Resources
As of December 31, 2012, BIOLASE had approximately $7.5 million in working capital. Cash and cash equivalents totaled approximately $2.5 million at December 31, 2012, compared to $1.3 million at September 30, 2012, and $3.3 million at December 31, 2011.
Accounts receivable totaled $11.7 million at December 31, 2012, compared to $10.3 million at September 30, 2012, and $8.9 million at December 31, 2011. Stockholders’ equity was $11.8 million at December 31, 2012. In addition, the Company had two revolving credit facilities totaling $8.0 million, with $6.4 million of available borrowings, in excess of the $1.6 million outstanding, at December 31, 2012.
Financial Outlook
For the 2013 first quarter, BIOLASE expects net revenue of approximately $14.0 million to $15.0 million. The midpoint of $14.5 million reflects expected growth of approximately 18% as compared to the 2012 first quarter. After the 2013 first quarter the Company does not plan to provide quarterly guidance for the rest of 2013.
For the year ending December 31, 2013, the Company expects net revenue of approximately $68 million to $72 million. The midpoint of $70 million represents a 22% increase over 2012 net revenue and would also represent record revenue for the Company. The Company also expects to generate cash from operations for the year ending December 31, 2013.
Conference Call
As previously announced, BIOLASE will hold a conference call to discuss these financial results as follows:
Date: Wednesday, March 6, 2013
Time: 4:30pm EST
Dial-in numbers: 1-877-941-1428 (toll-free/U.S. & Canada)
1-480-629-9665 (toll/international)
Live webcast: www.biolase.com, under 'Investors'
The archived webcast will be available for 30 days on the Company’s website, www.biolase.com, in the ‘Investors’ section under ‘Audio Archive’.
About BIOLASE, Inc.
BIOLASE, Inc. is a biomedical company that develops, manufactures and markets dental lasers and also distributes and markets dental imaging equipment and CAD/CAM systems; products that are focused on technologies that advance the practice of dentistry and medicine. The Company’s laser products incorporate approximately 314 patented and patent-pending technologies designed to provide biologically clinically superior performance with less pain and faster recovery times. Its imaging products provide cutting-edge technology at competitive prices to deliver the best results for dentists and patients. BIOLASE’s principal products are dental laser systems that perform a broad range of dental procedures, including cosmetic and complex surgical applications, and a full line of dental imaging equipment. BIOLASE has sold more than 22,000 lasers worldwide. Other products under development address ophthalmology and other medical and consumer markets.
WaterLase®, WaterLase MD®, iPlus®, WaterLase MD Turbo™, and EPIC™ are trademarks of BIOLASE, Inc.
TRIOS® is a registered trademark of 3Shape A/S.
For updates and information on WaterLase and laser dentistry, find BIOLASE online at www.biolase.com, Facebook at www.facebook.com/biolaseinc, Twitter at twitter.com/biolaseinc, and YouTube at www.youtube.com/biolasevideos.
Non-GAAP Financial Measures
The non-GAAP financial measures contained herein are a supplement to the corresponding financial measures prepared in accordance with generally accepted accounting principles (“GAAP”). The non-GAAP financial measures presented exclude the items summarized in the table on page 10 of this press release. Management believes that adjustments for these items assist investors in making comparisons of period-to-period operating results and that these items are not indicative of the Company’s on-going core operating performance.
Management uses non-GAAP net income (loss) and non-GAAP net income (loss) per basic and diluted share in its evaluation of the Company’s core after-tax results of operations and trends between fiscal periods and believes that these measures are important components of its internal performance measurement process. Management believes that providing these non-GAAP financial measures allows investors to view the Company’s financial results in the way that management views the financial results.
The non-GAAP financial measures presented herein have certain limitations in that they do not reflect all of the costs associated with the operations of the Company’s business as determined in accordance with GAAP. Therefore, investors should consider non-GAAP financial measures in addition to, and not as a substitute for, or as superior to, measures of financial performance prepared in accordance with GAAP. The non-GAAP financial measures presented by the Company may be different from the non-GAAP financial measures used by other companies.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Statements contained in this press release that refer to BIOLASE’s estimated or anticipated future results or other non-historical facts are forward-looking statements, as are any statements in this press release concerning prospects related to BIOLASE’s strategic initiatives, product introductions and anticipated financial performance. Forward-looking statements can also be identified through the use of words such as “anticipates,” “expects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “may,” “will,” and variations of these words or similar expressions. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect BIOLASE’s current perspective of existing trends and information and speak only as of the date of this release. Actual results may differ materially from BIOLASE’s current expectations depending upon a number of factors affecting BIOLASE’s business. These factors include, among others, adverse changes in general economic and market conditions, competitive factors including but not limited to pricing pressures and new product introductions, uncertainty of customer acceptance of new product offerings and market changes, risks associated with managing the growth of the business, and those other risks and uncertainties that may be detailed, from time-to-time, in BIOLASE’s reports filed with the SEC. BIOLASE does not undertake any responsibility to revise or update any forward-looking statements contained herein.
(financial tables follow)
BIOLASE, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited, in thousands, except per share data)
Three Months Ended Twelve Months Ended
December 31, December 31,
-------------------- --------------------
2012 2011 2012 2011
--------- --------- --------- ---------
Products and services revenue $ 19,044 $ 13,137 $ 58,332 $ 48,419
Non-recurring event -- -- (1,141) --
License fees and royalty revenue 36 20 165 439
--------- --------- --------- ---------
Net revenue 19,080 13,157 57,356 48,858
--------- --------- --------- ---------
Cost of revenue 10,190 7,609 32,019 27,540
Non-recurring event -- -- (1,141) --
--------- --------- --------- ---------
Net cost of revenue 10,190 7,609 30,878 27,540
--------- --------- --------- ---------
Gross profit 8,890 5,548 26,478 21,318
--------- --------- --------- ---------
Operating expenses:
Sales and marketing 4,867 4,395 16,250 13,075
General and administrative 1,804 2,023 8,075 7,936
Engineering and development 1,027 1,073 4,684 4,311
--------- --------- --------- ---------
Total operating expenses 7,698 7,491 29,009 25,322
--------- --------- --------- ---------
Income (loss) from operations 1,192 (1,943) (2,531) (4,004)
--------- --------- --------- ---------
Loss on foreign currency
transactions (38) (78) (175) (88)
Interest expense (99) 1 (239) (305)
--------- --------- --------- ---------
Non-operating loss, net (137) (77) (414) (393)
--------- --------- --------- ---------
Income (loss) before income tax
provision 1,055 (2,020) (2,945) (4,397)
Income tax provision 14 10 111 89
--------- --------- --------- ---------
Net income (loss) $ 1,041 $ (2,030) $ (3,056) $ (4,486)
========= ========= ========= =========
Net income (loss) per share:
Basic $ 0.03 $ (0.06) $ (0.10) $ (0.15)
========= ========= ========= =========
Diluted $ 0.03 $ (0.06) $ (0.10) $ (0.15)
========= ========= ========= =========
Shares used in the calculation
of net income (loss) per share:
Basic 31,284 31,248 31,308 29,907
========= ========= ========= =========
Diluted 31,406 31,248 31,308 29,907
========= ========= ========= =========
BIOLASE, INC.
CONSOLIDATED BALANCE SHEETS
(unaudited, in thousands, except per share data)
December 31,
--------------------------
2012 2011
------------ ------------
ASSETS
Current assets:
Cash and cash equivalents $ 2,543 $ 3,307
Accounts receivable, less allowance of $304
and $289 in 2012 and 2011, respectively 11,680 8,899
Inventory, net 11,142 11,312
Prepaid expenses and other current assets 1,552 1,808
------------ ------------
Total current assets 26,917 25,326
Property, plant and equipment, net 1,509 1,148
Intangible assets, net 300 212
Goodwill 2,926 2,926
Deferred tax asset 16 8
Other assets 305 187
------------ ------------
Total assets $ 31,973 $ 29,807
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
Current liabilities:
Lines of credit $ 1,637 $ --
Accounts payable 7,663 7,804
Accrued liabilities 6,267 6,177
Customer deposits 582 165
Deferred revenue, current portion 3,226 2,136
------------ ------------
Total current liabilities 19,375 16,282
Deferred tax liabilities 663 594
Deferred revenue, long-term 3 25
Other liabilities, long-term 138 337
------------ ------------
Total liabilities 20,179 17,238
------------ ------------
Commitments and contingencies
Stockholders' equity (deficit):
Preferred stock, par value $0.001 -- --
Common stock, par value $0.001 34 33
Additional paid-in capital 140,747 138,507
Accumulated other comprehensive loss (320) (360)
Accumulated deficit (112,268) (109,212)
------------ ------------
28,193 28,968
Treasury stock (cost of 1,964 shares
repurchased) (16,399) (16,399)
------------ ------------
Total stockholders' equity 11,794 12,569
------------ ------------
Total liabilities and stockholders' equity $ 31,973 $ 29,807
============ ============
BIOLASE, INC.
Reconciliation of GAAP Financial Results to Non-GAAP Financial Measures
(unaudited, in thousands, except per share data)
Three months ended Twelve months ended
December 31, December 31,
--------------------- --------------------
2012 2011 2012 2011
---------- --------- --------- ---------
GAAP net revenue $ 19,080 $ 13,157 $ 57,356 $ 48,858
Add: inventory re-purchase in
connection with Schein
Termination Agreement -- -- 1,141 --
Less: equipment sales to Schein
for irrevocable purchase
orders -- -- -- (5,877)
---------- --------- --------- ---------
Non-GAAP adjusted revenue $ 19,080 $ 13,157 $ 58,497 $ 42,981
========== ========= ========= =========
GAAP net income (loss) $ 1,041 $ (2,030) $ (3,056) $ (4,486)
Adjustments:
Interest expense 99 (1) 239 305
Depreciation and amortization
expense 140 133 513 695
Stock-based, other equity
instruments, and other non-
cash compensation expense 383 638 1,873 2,051
---------- --------- --------- ---------
Non-GAAP net income (loss) $ 1,663 $ (1,260) $ (431) $ (1,435)
========== ========= ========= =========
GAAP net income (loss) per
share:
Basic and diluted $ 0.03 $ (0.06) $ (0.10) $ (0.15)
Adjustments:
Interest expense 0.00 0.00 0.01 0.01
Depreciation and amortization
expense 0.00 0.00 0.02 0.02
Stock-based, other equity
instruments, and other non-
cash compensation expense 0.02 0.02 0.06 0.07
---------- --------- --------- ---------
Non-GAAP net income (loss) per
share:
Basic and Diluted $ 0.05 $ (0.04) $ (0.01) $ (0.05)
========== ========= ========= =========
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For further information, please contact:
Lisa Wilson
In-Site Communications, Inc.
ValueVision Media (VVTV) Reports Q4 and Fiscal 2012 Results
MINNEAPOLIS, MN — (Marketwire) — 03/06/13 — ValueVision Media, Inc. (NASDAQ: VVTV), a multichannel electronic retailer operating as ShopNBC (www.shopnbc.com), today announced operating results for its fiscal 2012 fourth quarter (Q4’12) and year ended February 2, 2013. ValueVision will host an investor conference call/webcast today at 4:30 pm ET, details below.
During the fourth quarter, ValueVision achieved net sales of $177.5 million, adjusted EBITDA of $4.2 million, and a net loss of $11.4 million. For the full fiscal year, the Company achieved net sales of $586.8 million, adjusted EBITDA of $4.5 million, and a net loss of $27.7 million.
Because ValueVision follows a 4-5-4 retail calendar, every five to six years the Company has an extra week of operations, and this occurred in fiscal 2012. Therefore, Q4’12 and full year periods have 14 and 53 weeks, respectively, as compared to the same periods last year of 13 and 52 weeks. To facilitate more meaningful comparisons with fiscal 2011 results, ValueVision is presenting in the table below pro forma results for Q4 and fiscal 2012, reflecting current period results on an equivalent 13- and 52-week basis. Q4’12 pro forma results were calculated by dividing actual Q4’12 results by 14 and by multiplying the quotients by 13. The 52-week pro formas were calculated by adding the Q4 13-week pro formas to the previously reported fiscal year-to-date Q3 results of operations.
SUMMARY RESULTS AND KEY OPERATING METRICS -- FOURTH QUARTER
($ Millions, except average price points)
Actual Pro Forma Actual Pro Forma
Q4'12 Q4'12 Q4'11 Change
2/2/2013 1/28/2012
14 Weeks 13 Weeks 13 Weeks 13 Weeks
--------- --------- --------- ---------
Net Sales $ 177.5 $ 164.8 $ 147.5 11.7%
Gross Profit $ 58.9 $ 54.7 $ 49.2 11.1%
Gross Profit % 33.2% 33.2% 33.3% -10bps
EBITDA, as adjusted $ 4.2 $ 3.9 $ (2.7) $ 6.6
Loss Before Write Downs $ (0.3) $ (0.3) $ (8.3) $ 8.0
FCC License Impairment $ (11.1) $ (11.1) $ - $ (11.1)
Debt Extinguishment $ - $ - $ - $ -
--------- --------- --------- ---------
Net Loss $ (11.4) $ (11.4) $ (8.3) $ (3.1)
========= ========= ========= =========
Homes (Average 000s) 83,914 83,900 81,162 3.4%
Net Shipped Units (000s) 1,763 1,637 1,467 11.6%
Average Selling Price $ 92 $ 92 $ 93 -1.1%
Return Rate % 22.1% 22.1% 22.2% -10bps
Internet Net Sales % 46.3% 46.3% 44.7% +160bps
SUMMARY RESULTS AND KEY OPERATING METRICS -- FISCAL YEAR
($ Millions, except average price points)
Actual Pro Forma Actual Pro Forma
FY'12 FY'12 FY'11 Change
2/2/2013 1/28/2012
53 Weeks 52 Weeks 52 Weeks 52 Weeks
--------- --------- --------- ---------
Net Sales $ 586.8 $ 574.1 $ 558.4 2.8%
Gross Profit $ 212.4 $ 208.3 $ 204.1 2.0%
Gross Profit % 36.2% 36.3% 36.6% -30 bps
EBITDA, as adjusted $ 4.5 $ 4.2 $ 1.0 $ 3.2
Loss Before Write Downs $ (16.1) $ (16.0) $ (22.4) $ 6.4
FCC License Impairment $ (11.1) $ (11.1) $ - $ (11.1)
Debt Extinguishment $ (0.5) $ (0.5) $ (25.7) $ 25.2
--------- --------- --------- ---------
Net Loss $ (27.7) $ (27.6) $ (48.1) $ 20.5
========= ========= ========= =========
Homes (Average 000s 82,761 82,757 79,822 3.7%
Net Shipped Units (000s) 5,620 5,494 4,947 11.1%
Average Selling Price $ 96 $ 96 $ 104 -7.7%
Return Rate % 22.1% 22.1% 22.6% -50bps
Internet Net Sales % 45.7% 45.7% 44.9% +80bps
Management believes that the pro forma Q4’12 and full fiscal 2012 results are a more appropriate basis for analysis and comparison to prior-year results. Therefore, the Company’s subsequent commentary will utilize pro forma results presented in the above table.
The Company’s Q4’12 pro forma net sales rose 11.7% to $164.8 million over Q4’11. Sales growth was achieved by a significant rebound in the Consumer Electronics category and by solid performances in the Home and Beauty segments. Pro forma adjusted EBITDA improved to a positive $3.9 million in Q4’12 vs. a loss of $2.7 million last year, reflecting higher sales and lower distribution costs.
Pro forma net shipped units rose 11.6% to 1.6 million in Q4’12 vs. Q4’11, reflecting the benefit of continued improvements to the Company’s merchandise mix as well as a modest decline in average price points. Internet Net Sales increased 160 bps to 46.3% versus Q4’11, principally driven by growth in mobile transaction volume compared to last year.
For the full year 2012, pro forma net sales grew 2.8% to $574.1 million, while pro forma adjusted EBITDA for the year improved to $4.2 million compared to $1.0 million in 2011. ValueVision also increased its distribution footprint to 84 million homes at year-end 2012 and began calendar 2013 with two channels of exposure in 70% of its homes.
ValueVision CEO Keith Stewart, commented, “I am encouraged by our performance this quarter and believe we have made further progress toward our goals. We overcame the adverse impact of Superstorm Sandy on our business in the first few weeks of Q4’12 to post solid net sales growth for the quarter. We also achieved continued improvements in both new and active customer counts versus last year, providing further evidence that our customer service, engagement and retention initiatives are resonating with our customers.”
Added Mr. Stewart, “With the start of 2013, we are benefiting from reduced TV distribution costs negotiated last year and improved channel positioning. Overall, we feel our Q4 performance is another step forward toward realizing the full potential of our business.”
ValueVision EVP & CFO William McGrath, stated, “ValueVision ended the year with $28 million in cash and restricted cash versus $32 million at the end of Q3’12. The net use of cash in the quarter was primarily due to the increase in accounts receivable, reflecting higher Q4 sales. We anticipate the collection of these accounts receivable will provide positive cash flow in Q1’13.”
As a result of ValueVision’s annual asset impairment analysis, the Company recorded a non-cash impairment charge of $11.1 million in Q4’12 related to its Boston television station and FCC broadcast license. This adjustment to carrying value reflects current trends in revenues and operating margins among independent television station properties as well as recent comparable market transactions. The impairment charge reduced the Company’s FCC license asset carrying value of $23.1 million to $12.0 million.
Conference Call / Webcast Today, Wednesday, March 6 at 4:30 pm ET:
WEBCAST/WEB REPLAY: http://www.media-server.com/m/p/67fgny7u
TELEPHONE: 866-383-8009; Passcode: 65252850
Adjusted EBITDA
EBITDA represents net loss for the respective periods excluding depreciation and amortization expense, interest income (expense) and income taxes. The Company defines Adjusted EBITDA as EBITDA excluding debt extinguishment, non-operating gains (losses); non-cash impairment charges and write-downs; restructuring; and non-cash share-based compensation expense. The Company has included the term “Adjusted EBITDA” in our EBITDA reconciliation in order to adequately assess the operating performance of our “core” television and Internet businesses and in order to maintain comparability to our analyst’s coverage and financial guidance, when given. Management believes that Adjusted EBITDA allows investors to make a more meaningful comparison between our core business operating results over different periods of time with those of other similar companies. In addition, management uses Adjusted EBITDA as a metric measure to evaluate operating performance under its management and executive incentive compensation programs. Adjusted EBITDA should not be construed as an alternative to operating income (loss), net income (loss) or to cash flows from operating activities as determined in accordance with generally accepted accounting principles and should not be construed as a measure of liquidity. Adjusted EBITDA may not be comparable to similarly entitled measures reported by other companies. The company has included a reconciliation of Adjusted EBITDA to net loss, its most directly comparable GAAP financial measure, in this release.
About ValueVision Media/ShopNBC (www.shopnbc.com/ir)
ValueVision Media, Inc. operates ShopNBC, a multichannel electronic retailer that enables customers to shop via TV, phone, Internet and mobile devices and to interact via the ShopNBC website as well as Facebook, Twitter and YouTube. The ShopNBC television network reaches 84 million cable and satellite homes and is also available nationwide on PCs, tablets and iPhone, Android and other mobile devices via live streaming at www.shopnbc.com. ShopNBC’s merchandise categories include Home & Consumer Electronics, Beauty, Health & Fitness, Fashion & Accessories, and Jewelry & Watches. Please visit www.shopnbc.com/ir for more investor information.
Forward-Looking Information
This release contains certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements contained herein that are not statements of historical fact may be deemed forward-looking statements. These statements are based on management’s current expectations and accordingly are subject to uncertainty and changes in circumstances. Actual results may vary materially from the expectations contained herein due to various important factors, including (but not limited to): consumer preferences, spending and debt levels; the general economic and credit environment; interest rates; seasonal variations in consumer purchasing activities; the ability to achieve the most effective product category mixes to maximize sales and margin objectives; competitive pressures on sales; pricing and gross sales margins; the level of cable and satellite distribution for our programming and the associated fees; our ability to establish and maintain acceptable commercial terms with third-party vendors and other third parties with whom we have contractual relationships, and to successfully manage key vendor relationships; our ability to manage our operating expenses successfully and our working capital levels; our ability to remain compliant with our long-term credit facility covenants; the market demand for television station sales; our management and information systems infrastructure; challenges to our data and information security; changes in governmental or regulatory requirements; litigation or governmental proceedings affecting our operations; significant public events that are difficult to predict, or other significant television-covering events causing an interruption of television coverage or that directly compete with the viewership of our programming; and our ability to obtain and retain key executives and employees. More detailed information about those factors is set forth in the Company’s filings with the Securities and Exchange Commission, including the Company’s annual report on Form 10-K, quarterly reports on Form 10-Q, and current reports on Form 8-K. You are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this announcement. The Company is under no obligation (and expressly disclaims any such obligation) to update or alter its forward-looking statements whether as a result of new information, future events or otherwise.
(tables follow)
VALUEVISION MEDIA, INC.
AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands except share and per share data)
February 2, January 28,
2013 2012
------------ ------------
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents $ 26,477 $ 32,957
Restricted cash and investments 2,100 2,100
Accounts receivable, net 98,360 80,274
Inventories 37,155 43,476
Prepaid expenses and other 6,620 4,464
------------ ------------
Total current assets 170,712 163,271
Property and equipment, net 24,665 27,992
FCC broadcasting license 12,000 23,111
NBC trademark license agreement, net 3,997 1,215
Other assets 725 2,871
------------ ------------
$ 212,099 $ 218,460
============ ============
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 65,719 $ 53,437
Accrued liabilities 30,596 37,842
Deferred revenue 85 85
------------ ------------
Total current liabilities 96,400 91,364
Deferred revenue 420 507
Term loan - 25,000
Long term credit facility 38,000 -
------------ ------------
Total liabilities 134,820 116,871
Commitments and contingencies
Shareholders' equity:
Common stock, $.01 par value, 100,000,000
shares authorized; 49,139,361 and 48,560,205
shares issued and outstanding 491 486
Warrants to purchase 6,000,000 and 6,007,372
shares of common stock 533 567
Additional paid-in capital 407,244 403,849
Accumulated deficit (330,989) (303,313)
------------ ------------
Total shareholders' equity 77,279 101,589
------------ ------------
$ 212,099 $ 218,460
============ ============
VALUEVISION MEDIA, INC.
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share data)
(Unaudited)
For the Three Month For the Twelve Month
Periods Ended Periods Ended
------------------------ ------------------------
February 2, January 28, February 2, January 28,
2013 2012 2013 2012
----------- ----------- ----------- -----------
Net sales $ 177,500 $ 147,537 $ 586,820 $ 558,394
Cost of sales 118,630 98,344 374,448 354,299
----------- ----------- ----------- -----------
Gross profit 58,870 49,193 212,372 204,095
Margin % 33.2% 33.3% 36.2% 36.6%
Operating expense:
Distribution and
selling 50,729 48,447 193,037 188,813
General and
administrative 4,851 4,746 18,297 19,542
Depreciation and
amortization 3,198 3,300 13,224 12,578
FCC license impairment 11,111 - 11,111 -
----------- ----------- ----------- -----------
Total operating
expense 69,889 56,493 235,669 220,933
----------- ----------- ----------- -----------
Operating loss (11,019) (7,300) (23,297) (16,838)
----------- ----------- ----------- -----------
Other expense:
Interest income - 3 11 64
Interest expense (399) (999) (3,970) (5,527)
Gain on sale of assets - - 100 -
Loss on debt
extinguishment - - (500) (25,679)
----------- ----------- ----------- -----------
Total other expense (399) (996) (4,359) (31,142)
----------- ----------- ----------- -----------
Loss before income taxes (11,418) (8,296) (27,656) (47,980)
Income tax provision - (32) (20) (84)
----------- ----------- ----------- -----------
Net loss $ (11,418) $ (8,328) $ (27,676) $ (48,064)
=========== =========== =========== ===========
Net loss per common
share $ (0.23) $ (0.17) $ (0.57) $ (1.03)
=========== =========== =========== ===========
Net loss per common
share---assuming
dilution $ (0.23) $ (0.17) $ (0.57) $ (1.03)
=========== =========== =========== ===========
Weighted average number
of common shares
outstanding:
Basic 49,076,122 48,546,447 48,874,842 46,451,262
=========== =========== =========== ===========
Diluted 49,076,122 48,546,447 48,874,842 46,451,262
=========== =========== =========== ===========
VALUEVISION MEDIA, INC.
AND SUBSIDIARIES
Reconciliation of Adjusted EBITDA to Net Loss:
For the Three Month For the Twelve Month
Periods Ended Periods Ended
------------------------ ------------------------
February 2, January 28, February 2, January 28,
2013 2012 2013 2012
----------- ----------- ----------- -----------
Adjusted EBITDA (000's) $ 4,194 $ (2,681) $ 4,494 $ 996
Less:
FCC license impairment (11,111) - (11,111) -
Debt extinguishment - - (500) (25,679)
Gain on sale of assets - - 100 -
Non-cash share-based
compensation (854) (1,270) (3,257) (5,007)
----------- ----------- ----------- -----------
EBITDA (as defined) (a) (7,771) (3,951) (10,274) (29,690)
----------- ----------- ----------- -----------
A reconciliation of
EBITDA to net loss is
as follows:
EBITDA (as defined) (a) (7,771) (3,951) (10,274) (29,690)
Adjustments:
Depreciation and
amortization (3,248) (3,349) (13,423) (12,827)
Interest income - 3 11 64
Interest expense (399) (999) (3,970) (5,527)
Income taxes - (32) (20) (84)
----------- ----------- ----------- -----------
Net loss $ (11,418) $ (8,328) $ (27,676) $ (48,064)
=========== =========== =========== ===========
(a) EBITDA as defined for this statistical presentation represents net income (loss) for the respective periods excluding depreciation and amortization expense, interest income (expense) and income taxes. The Company defines Adjusted EBITDA as EBITDA excluding debt extinguishment, non-operating gains (losses); non-cash impairment charges and writedowns, restructuring costs; and non-cash share-based compensation expense.
Management has included the term Adjusted EBITDA in its EBITDA reconciliation in order to adequately assess the operating performance of the Company’s “core” television and Internet businesses and in order to maintain comparability to its analyst’s coverage and financial guidance, when given. Management believes that Adjusted EBITDA allows investors to make a more meaningful comparison between our core business operating results over different periods of time with those of other similar companies. In addition, management uses Adjusted EBITDA as a metric measure to evaluate operating performance under its management and executive incentive compensation programs. Adjusted EBITDA should not be construed as an alternative to operating income (loss), net income (loss) or to cash flows from operating activities as determined in accordance with GAAP and should not be construed as a measure of liquidity. Adjusted EBITDA may not be comparable to similarly entitled measures reported by other companies.
Contact:
Media Relations:
Dawn Zaremba
ShopNBC
dzaremba@shopnbc.com
(952) 943-6043 O
Investors:
David Collins, Eric Lentini
Catalyst Global LLC
vvtv@catalyst-ir.com
(212) 924-9800 O
Ballard (BLDP) Signs Long-Term Engineering Services Contract
- Expected contract value of C$60-100 million
VANCOUVER, March 6, 2013 /PRNewswire/ – Ballard Power Systems (NASDAQ: BLDP)(TSX: BLD) has announced signing of an agreement with Volkswagen Group (www.volkswagenag.com) for a major Engineering Services contract to advance development of fuel cells for use in powering demonstration cars in Volkswagen’s fuel cell automotive research program. The contract term is for 4-years, with an option for a 2-year extension. The expected contract value is in the range of C$60-100 million.
Dr. Juergen Leohold, Head of Group Research at Volkswagen AG said, “This research agreement with Ballard demonstrates our commitment to the development of clean energy fuel cell transportation alternatives. I anticipate accelerating our automotive fuel cell program as a result of this collaborative effort, which will bring together additional fuel cell skills and expertise in both organizations.”
Work will involve the design and manufacture of a next-generation fuel cell for use in Volkswagen HyMotion demonstration cars. Ballard engineers will lead critical areas of fuel cell product design – including the membrane electrode assembly (MEA), plate and stack components – along with testing and integration work.
“The announcement of this research agreement with Volkswagen Group, a recognized global leader, is a major step for Ballard both strategically and financially,” said John Sheridan, Ballard President and CEO. “It represents a tremendous ramp-up in our Engineering Services business following the recent expiration of the five year automotive non-compete agreement. Ballard’s focus with Volkswagen in this new automotive fuel cell research program will parallel our continuing work in commercial fuel cell markets for backup power and material handling — enhancing product durability and performance while radically reducing product costs.”
Over the past several years, Ballard has made significant advances in its commercial fuel cell products, with average product cost reductions of 60% and increases in product durability. Sales of Ballard’s clean energy fuel cell products have also been accelerating, with a 30% cumulative annual growth rate (CAGR) in revenue since 2010.
Additional details regarding the agreement between Ballard and Volkswagen will be filed by Ballard in a Material Change Report which will be available on SEDAR at www.sedar.com.
About Ballard Power Systems
Ballard Power Systems (TSX: BLD) (NASDAQ: BLDP) provides clean energy fuel cell products enabling optimized power systems for a range of applications. Products deliver incomparable performance, durability and versatility. To learn more about Ballard, please visit www.ballard.com.
This release contains forward-looking statements concerning revenues, product development activities, anticipated product improvements and cost reductions. These forward-looking statements reflect Ballard’s current expectations as contemplated under section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Any such forward-looking statements are based on Ballard’s assumptions relating to its financial forecasts and expectations regarding its product development efforts, manufacturing capacity, and market demand.
These statements involve risks and uncertainties that may cause Ballard’s actual results to be materially different, including general economic and regulatory changes, detrimental reliance on third parties, successfully achieving our business plans and achieving and sustaining profitability. For a detailed discussion of these and other risk factors that could affect Ballard’s future performance, please refer to Ballard’s most recent Annual Information Form. Readers should not place undue reliance on Ballard’s forward-looking statements and Ballard assumes no obligation to update or release any revisions to these forward looking statements, other than as required under applicable legislation.
Guy McAree +1.604.412.7919, media@ballard.com or investors@ballard.com
GlobalWise Investments (GWIV) Completes $3.0 Million Private Placement
COLUMBUS, OH — (Marketwire) — 03/06/13 — GlobalWise Investments, Inc. (OTCBB: GWIV) (OTCQB: GWIV) (the “Company” or “GlobalWise”) (www.GlobalWiseInvestments.com) a leading-edge technology company focused on the design, implementation and management of cloud-based Enterprise Content Management (“ECM”) systems in both the public and private sectors, announced that on February 28, 2013 and March 6, 2013, the Company entered into a securities purchase agreement (the “Purchase Agreement”) with certain accredited investors, pursuant to which it sold an aggregate of 15,000,000 shares of the Company’s common stock, par value, $0.001 per share (“Common Stock”) at a purchase price of $0.20 per share, for aggregate cash proceeds of $2,650,000 and the exchange of $350,000 in previously issued convertible promissory notes issued between January 28, 2013 and February 7, 2013 to certain investors associated with the Placement Agent (as defined below) (the “Offering”). GlobalWise intends to use the net proceeds of the Offering for working capital and general corporate purposes, including without limitation, debt reduction purposes.
William J. “BJ” Santiago, CEO of GlobalWise, said, “The proceeds from this Offering will, among other uses, provide us capital to expand and participate in joint growth strategies with our global channel partners and increase market penetration for our cloud-based ECM initiatives. We welcome our new shareholders and appreciate their support.”
The Securities sold by GlobalWise in the Offering were not registered under the Securities Act of 1933, as amended (the “Securities Act”) or the securities laws of any state and were sold in reliance upon exemptions from the registration requirements of the Securities Act and applicable state securities laws. Therefore, such securities may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and any applicable state securities laws. This press release does not constitute an offer to sell any securities or a solicitation of an offer to purchase any securities.
Taglich Brothers, Inc. served as the Company’s placement agent (the “Placement Agent”) for the transaction. For more details, please see the current report on Form 8-K to be filed by GlobalWise on March 6, 2013.
About Taglich Brothers, Inc.
Founded in 1991, Taglich Brothers, Inc. is a full service brokerage firm specializing in the microcap segment of the market for publicly traded securities. We define the microcap market as companies with less than $250 million of stock outstanding. The firm has selected this unique niche for two reasons. First and foremost, the small cap market has historically outperformed the large cap market over the past 75 years. Second, this area of the market is virtually ignored by the larger institutions and other Wall Street firms because they cannot invest enough capital in each situation to justify the expense of investigating these companies. Our focus and high energy level allow us to exploit these inefficiencies, giving us the added advantage needed to prosper in the microcap market. For additional information, please visit the firm’s website: www.Taglich.com
About GlobalWise Investments, Inc.
GlobalWise Investments, Inc., via its wholly owned subsidiary Intellinetics, Inc., is a Columbus, Ohio based Enterprise Content Management (ECM) pioneer with industry-leading software that delivers cloud ECM based solutions on-demand. The Company’s flagship platform, Intellivue™, represents a new industry benchmark and game-changing solution by enabling clients to access and manage the content of every scanned document, file, spreadsheet, email, photo, audio file or video tape – virtually anything that can be digitized – in their enterprise from any PC, laptop, tablet or smartphone from anywhere in the world.
For additional information, please visit the Company’s corporate website: www.GlobalWiseInvestments.com
Forward Looking Statements
Under The Private Securities Litigation Reform Act of 1995: Except for historical information contained herein, the statements in this news release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Act of 1995. Forward looking statements involve known and unknown risks and uncertainties, which may cause a company’s actual results, performance and achievement in the future to differ materially from forecasted results, performance, and achievement. These risks and uncertainties are described in the Company’s periodic filings with the Securities and Exchange Commission. The Company undertakes no obligation to publicly release the results of any revisions to these forward looking statements that may be made to reflect events or circumstances after the date hereof, or to reflect the occurrence of unanticipated events or changes in the Company’s plans or expectation.
Contacts:
GlobalWise Investments, Inc.
William “BJ” Santiago
President & Chief Executive Officer
contact@globalwiseinvestments.com
614-921-8170
Michael J. Porter
President
Porter, LeVay & Rose, Inc.
mike@plrinvest.com
212-564-4700
Peregrine (PPHM) to Report Third Quarter Fiscal Year 2013 Financial Results
TUSTIN, CA — (Marketwire) — 03/05/13 — Peregrine Pharmaceuticals, Inc. (NASDAQ: PPHM), a clinical-stage biopharmaceutical company developing first-in-class monoclonal antibodies focused on the treatment and diagnosis of cancer, today announced that it will report financial results for the third quarter of the fiscal year (FY) 2013 on March 12, 2013 after market and will host a conference call and webcast at 1:30 PM Pacific Daylight Time (4:30 PM Eastern Daylight Time). Peregrine’s senior management will discuss financial results for the third quarter ended January 31, 2013 of FY 2013 and will review recent progress of its clinical development programs.
To listen to the live webcast, or access the archived webcast, please visit: http://ir.peregrineinc.com/events.cfm.
To listen to the conference call, please dial (877) 312-5443 or (253) 237-1126 and request the Peregrine Pharmaceuticals call. A replay of the call will be available starting approximately two hours after the conclusion of the call through March 19, 2013 by calling (855) 859-2056, or (404) 537-3406 and using passcode 18046320.
About Peregrine Pharmaceuticals, Inc.
Peregrine Pharmaceuticals, Inc. is a biopharmaceutical company with a portfolio of innovative monoclonal antibodies in clinical trials focused on the treatment and diagnosis of cancer. The company is pursuing multiple clinical programs in cancer with its lead product candidate bavituximab and novel brain cancer agent Cotara®. Peregrine also has in-house cGMP manufacturing capabilities through its wholly-owned subsidiary Avid Bioservices, Inc. (www.avidbio.com), which provides development and biomanufacturing services for both Peregrine and outside customers. Additional information about Peregrine can be found at www.peregrineinc.com.
Contact:
Christopher Keenan or Jay Carlson
Peregrine Pharmaceuticals, Inc.
(800) 987-8256
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