Cardium (CXM) Announces $4.0 Million Preferred Stock Financing

SAN DIEGO, April 5, 2013 /PRNewswire/ — Cardium Therapeutics (NYSE MKT: CXM) today announced that it has entered into a definitive agreement with a single institutional healthcare fund managed by Sabby Management LLC (“Sabby”), the Company’s largest shareholder, for a financing of up to $4.0 million in gross proceeds. Ladenburg Thalmann & Co. Inc., a subsidiary of Ladenburg Thalmann Financial Services Inc., served as the exclusive placement agent on the transaction.

“We are pleased by Sabby’s additional investment in the Company, and with this financing we look forward to further building Cardium’s medical opportunities portfolio, including our FDA-cleared Excellagen product which is now being introduced into targeted wound care markets,” stated Christopher J. Reinhard, Cardium’s Chairman and CEO.

Under the terms of the agreement, Cardium will issue up to 4,012 shares of zero coupon Series A Convertible Preferred Stock, which are non-voting. Each share of Series A Preferred Stock has a purchase price and liquidation preference of $1,000 per share while held as preferred stock, or they may be converted into 10,989 shares of voting common stock, subject to certain conversion adjustments and conditions as set forth in the certificate of designation, including a limitation which provides that the investor’s ownership position in common stock cannot exceed 9.99% of Cardium’s current outstanding shares of common stock.

The company also reported that in view of the proposed financing, the NYSE MKT, which is the Company’s current listing exchange has granted an additional quarterly extension of the Company’s listing exchange compliance plan from March 30, 2013 to June 30, 2013, although as is normal course the Company’s exchange compliance would continue to be evaluated on an ongoing basis.

The initial closing covering the sale of 2,356 shares of Series A preferred stock, of approximately $2.35 million in gross proceeds, which is subject to the satisfaction of customary closing conditions, is expected to be completed on or about April 9, 2013. The second closing, covering the sale of 1,656 shares of Series A preferred stock, for an additional amount of approximately $1.65 million in gross proceeds, is contingent upon stockholder approval. In connection with the Securities Purchase Agreement, and in furtherance of the Company’s NYSE MKT exchange listing compliance, Cardium has also agreed to seek stockholder approval for the company to effect a reverse stock split of its issued and outstanding common stock. The Company plans to submit proposals to approve the sale of the second tranche of 1,656 shares of Series A Preferred Stock and authorization for the proposed reverse stock split of its issued and outstanding common stock at Cardium’s upcoming annual meeting of stockholders.  A more complete description of the terms and conditions of the financing will be available in the Form 8-K to be filed by the Company with the Securities and Exchange Commission.  The net proceeds from this transaction will be used for general working capital purposes.

The preferred stock described above is being offered by the Company pursuant to a shelf registration statement that was filed by Cardium Therapeutics with the Securities and Exchange Commission (the “SEC”) and declared effective by the SEC on August 27, 2010.  A prospectus supplement related to the offering was filed with the SEC on April 5, 2013.  Copies of the prospectus and accompanying prospectus supplement relating to the offering may be obtained from the SEC’s website at http://www.sec.gov, or by request from Ladenburg Thalmann & Co., Inc., 4400 Biscayne Blvd., 14th Floor, Miami, Florida 33137.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the Company’s securities.  No offer, solicitation, or sale will be made in any jurisdiction in which such offer, solicitation, or sale is unlawful.  The terms and conditions of the transactions described in this press release are qualified in their entirety by reference to the transaction documents, which will be filed with the SEC on Form 8-K.

With respect to exchange listing compliance, on April 4, 2013, we received a communication from the NYSE MKT, the company’s current exchange, indicating that the exchange had determined that in accordance with section 1009 of the exchange’s company guide, we had made a reasonable demonstration of our ability to regain compliance with Section 1003(a)(iv) of the company guide by the end of a revised plan period which was determined to be June 30, 2013. The company will continue to be subject to periodic review by the exchange staff during the period covered by the plan.  Failure to make progress consistent with the plan or to regain compliance with the continued listing standards by the end of the applicable extension periods could result in the company’s shares being delisted from the exchange. If the company’s common stock was not traded on the NYSE MKT, it would be expected to trade on the OTCQX, an alternative regulated quotation service that provides quotes, sale prices and volume information in over-the-counter equity securities.  The company’s common stock was traded on the OTC until July 2007, when the company elected to instead list its shares on the American Stock Exchange.

About Cardium

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

Forward-Looking Statements

For example, there can be no assurance that the preferred stock offering can be completed as proposed or that the company will not be adversely affected by 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; that certain elements of the financing will be approved by stockholders or that they will authorize a reverse stock split; that the company will satisfy the requirements of its compliance plan and will otherwise continue to satisfy the listing requirements of its exchange or that its shares can continue to be listed on a national exchange; that planned product development efforts and clinical studies can be performed in an efficient and effective manner; that regulatory approvals can be obtained in a timely manner or at all; that partnering, distribution or other commercialization efforts can be achieved; that our products or proposed products will prove to be sufficiently safe and effective; that our products 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; that third parties on whom we depend will behave as anticipated; or that necessary regulatory approvals will be obtained.  Actual results may also differ substantially from those described in or contemplated by this press release due to risks and uncertainties that exist in our operations and business environment, including, without limitation, risks and uncertainties that are inherent in the development, testing and marketing of biologics, medical devices and other products, and the conduct of human clinical trials, including the timing, costs and outcomes of such trials, whether our efforts to launch new products and expand our markets will be successful or completed within the time frames contemplated, our dependence upon proprietary technology, our ability to obtain necessary funding, regulatory approvals and qualifications, our history of operating losses and accumulated deficits, our reliance on collaborative relationships and critical personnel, and current and future competition, as well as other risks described from time to time in filings we make with the Securities and Exchange Commission.  We undertake no obligation to release publicly the results of any revisions to these forward-looking statements to reflect events or circumstances arising after the date hereof.

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

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

Other trademarks belong to their respective owners.

Cardium (CXM) Presents Year-End 2012 Financial Results And Recent Developments

SAN DIEGO, April 5, 2013 /PRNewswire/ — Cardium Therapeutics (NYSE MKT: CXM) today presented highlights of financial results for fiscal year ended December 31, 2012, and other recent developments.

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

Commercialization of FDA-Cleared Excellagen
Advanced Wound Care Product

• Introduced the Company’s FDA-cleared Excellagen^® professional-use wound care product in March 2012 and entered into a logistics and cold chain services agreement with Smith Medical Partners, a subsidiary of H. D. Smith;
• Awarded ISO 13485:2003 certification for Excellagen, State of California manufacturing license and state clearances to market and sell Excellagen in the U.S., and advanced other international registrations for Excellagen, including CE Mark registration, which is expected in second quarter 2013;
• Announced sales and distribution agreements with Academy Medical to market, sell and distribute Excellagen to its growing base of over 35 U.S. government medical providers, including Veterans Administration and military hospitals;
• Excellagen selected as one of the Top Ten Podiatry Innovations in 2012 by Podiatry Today publication, and awarded the American Podiatric Medical Association’s Seal of Approval for Excellagen’s contributions to better foot health and mobility;
• Formed  the Excellagen Medical Advisory Board comprising leading practitioners, clinicians and researchers with diversified expertise in the field of advanced wound care, and presented case studies at the Desert Foot 2012 High Risk Diabetic Foot Conference;
• Entered into international agreements with (1) BL&H, Co. Ltd., an established pharmaceutical company, for the registration, marketing and distribution of Excellagen in the South Korean market; and (2) Advanced Biosciences Research, an affiliate of bioRASI, for the planned commercialization of Excellagen in the Russian Federation and CIS;
• Advanced forward with applications to support the reimbursement process for Excellagen with the Centers for Medicare & Medicaid Services (CMS) and private insurance providers, and broadened marketing and sales efforts into markets with established CPT^® codes for surgical debridement procedures and in-hospital surgical markets covered under DRG reimbursement systems.

Advancing Generx Phase 3 Angiogenic
Gene Therapy Product Candidate

• Initiated the ASPIRE Phase 3 registration study, a 100-patient randomized and controlled multi-center study being conducted at leading cardiology centers in Russia, and designed to evaluate the therapeutic efficacy of the Company’s Generx^® (Ad5FGF-4) DNA-based angiogenic growth factor therapeutic for patients with myocardial ischemia due to coronary artery disease;
• Published important Generx findings in the peer-reviewed journal Human Gene Therapy Methods demonstrating that Cardium’s innovative technique employing transient cardiac ischemia can be used to dramatically enhance gene delivery and transfection efficiency after a one-time intracoronary administration of adenovector in mammalian hearts.  The findings have been incorporated into the treatment protocols of the Generx ASPIRE Phase 3 study;
• Presented at the 2013 Phacilitate Annual Cell & Gene Therapy Forum held in Washington, DC, “Optimizing Phase III Trial Design for Generx (Ad5FGF-4)” on adaptive coronary collateral growth, the biological processes to be targeted by therapeutic angiogenesis, and discussed the lessons learned during the past decade of the Company’s Generx clinical development program;
• Favorable patent decision in Europe and successful resolution of a long standing competition between Cardium and its licensor, the University of California, and Boston Scientific Corporation and its licensor, Arch Development, over the rights to key methods for the application of cardiovascular gene therapy in the treatment of coronary heart disease, as is employed in the Company’s Generx gene therapy candidate.

Health Sciences Business and Other Strategic
Partnered-Enabled Product Initiatives

• Acquired To Go Brands^® nutraceutical supplement brand platform with over 25 products being developed and sold through established regional and national food, drug and mass channel retailers at over 10,000 retail locations to expand and broaden Cardium’s Health Sciences Business;
• Announced expansion of the To Go Brands VitaRocks^® Kids vitamin products and retail distribution of the newly-designed VitaRocks product line into select Target stores nationwide;
• Reported plans for the partner-enabled clinical development of Genedexa™ (previously referred to as the Excellarate™ product candidate), a DNA-based Phase 2b/3 product candidate initially for the treatment of chronic, non-healing diabetic foot ulcers and representing the first product extension from the Company’s FDA-cleared Excellagen technology platform;
• Developed a new in-house partner-enabled product opportunity, LifeAgain™, a medical analytics and e-commerce platform of algorithms and medical-based programs that were developed by Cardium researchers to support a strategically partnered commercialization of specialized survivable risk life insurance underwritings for cancer patients and patients with chronic medical diseases, based on the improvement of early diagnosis and new chronic treatments and curative medical therapies.

Financial Report

The majority of revenue for 2012 is comprised of sales from To Go Brands, which Cardium acquired on September 28, 2012. Pro forma revenues for the full year ended December 31, 2012, which includes the nine-month period prior to Cardium’s acquisition of To Go Brands, totaled $2.9 million, compared to revenues of $4.5 million for the year ended December 31, 2011.  The decrease in revenue during this period reflects consolidation activities by To Go Brands prior to Cardium’s acquisition of the company in September 2012. This unaudited, pro forma consolidated financial information will be outlined in footnote 3 of Cardium’s annual report on Form 10-K to be filed with the SEC.

For the year ended December 31, 2012, Cardium reported revenue of $0.8 million compared to no revenue reported for the year ended December 31, 2011.  Total revenue for the fourth quarter ended December 2012 was $0.7 million, primarily comprised of sales from To Go Brands, compared to no reported revenue for the same period in 2011.

Cardium reported a net loss of $8.3 million, or $(0.07) per share, for the year ended December 31, 2012, compared to a net loss of $7.1 million, or $(0.08) per share for the year ended December 31, 2011.  For fourth quarter ended December 31, 2012, the Company reported a net loss of $2.0 million, or $(0.02) per share, compared to a net loss of $2.1 million net loss, or $(0.02 per share), in the fourth quarter in 2011.

For the year ended December 31, 2012, research and development expenses totaled $2.6 million and selling, general and administrative expenses were $6.1 million, compared to $2.6 million and $4.8 million, respectively, for 2011.  The increase in expenses was primarily due to expenses associated with the market introduction of Excellagen, initiation of the Company’s Generx ASPIRE clinical study, and for Cardium’s nutraceutical initiative, which served as the catalyst for the acquisition of To Go Brands, Inc.  Research and development costs for the three months ended December 31, 2012 totaled $0.5 million and selling, general and administrative expenses were $1.8 million, compared to $0.7 million and $1.2 million, respectively, for the same period last year.

Cardium ended the 2012 year with a total of $2.3 million in cash compared to $4.7 million in the previous year.  During the year ended December 31, 2012, the Company raised $4.6 million in net proceeds through the completion of a registered direct equity financing with three institutional and accredited investors with the issuance of 17.9 million shares of Cardium common stock priced at $0.28 per share with no warrant coverage and through the sale of 5.2 million shares of common stock under at-the-market transactions for net proceeds of $1.9 million.  In connection with the acquisition of the To Go Brands, Inc., the Company issued 9.6 million unregistered shares of common stock.  The total shares of common stock outstanding at December 31, 2012 were 129.2 million compared to 96.6 million shares of common stock outstanding at December 31, 2011.

During the period since December 31, 2012, cash flows from financing activities include the sale of 343,749 shares of common stock in at-the-market transactions for net proceeds of $65,743, and as reported today, Cardium has entered into a definitive agreement with Sabby Management LLC (“Sabby”), the Company’s largest shareholder, for a preferred stock financing of up to $4.0 million in gross proceeds.  A more complete description of the terms and conditions of the financing is provided in a press release dated today and will be available in the Form 8-K to be filed by the Company with the Securities and Exchange Commission.

In first quarter 2013, the Company reported that its exchange listing compliance plan submitted on December 6, 2012 had been accepted by the NYSE MKT.  As previously reported, a communication from the staff of the Company’s current listing exchange indicated that the Company was considered to be noncompliant with certain listing requirements based on its quarterly report for the period ended September 30, 2012, and provided that the Company should submit a plan to staff of the exchange that would re-establish compliance with the NYSE MKT listing requirement by March 31, 2013.  On December 6, 2012, the Company reported that it had submitted a plan designed to reestablish compliance with the exchange’s requirement, and reported on January 16, 2013 that the plan had been accepted by the listing exchange.  The Company reports that in view of the proposed preferred stock financing, the NYSE MKT has granted an additional quarterly extension of the listing exchange compliance plan from March 31 to June 30, 2013, although as is normal course, the Company’s exchange compliance would continue to be evaluated on an ongoing basis.

The Company also indicated that similar to 2011, the audit opinion accompanying its consolidated financial statements for the year ended December 31, 2012, will contain a going concern qualification from its independent registered public accounting firm, Marcum LLP.  Consistent with its business strategy and as outlined in this press release, Cardium plans to raise additional funds through the strategic sale or monetization of its operating units, entering into strategic licensing agreements, through the future sales of Excellagen and To Go Brand’s products, and/or other financing transactions.

Excellagen Commercialization Plans

Since the introduction of Excellagen, the Company has entered into agreements with selected regional sales distributors and independent sales representatives to market Excellagen into their specific geographic and special markets.  These agreements allow for flexible transitions as strategic partnerships are achieved.  In January 2013, Cardium announced the distribution agreement with Academy Medical, LLC to market, sell and distribute Excellagen to U.S. government medical providers.  Academy Medical has a growing customer base of over 35 Veterans Administration (VA) and military hospitals within the U.S.  Cardium also recently announced an agreement with an independent regional distributor group consisting of ten sales representatives to market, sell and distribute Excellagen to podiatric and orthopedic physicians, plastic surgeons, hospitals and surgical centers. The Company plans to enter into additional agreements designed to support the market introduction of Excellagen into a variety of regional markets and to broaden its potential applications in wound care.

Consistent with the Company’s long-term business strategy, Cardium is also focused on establishing  strategic partnerships that would cover the marketing and sale of Excellagen into U.S. vertical wound healing market channels, including: (1) podiatry, (2) wound care centers, hospitals, and long-term care facilities, (3) government agency providers (such as the U.S. Department of Veterans Affairs, Bureau of Indian Affairs and military hospitals), (4) dermatology and plastic surgery, and (5) orthopedic surgery.  The Company’s commercialization strategy is similar to other companies in the advanced wound care space.  For example, GraftJacket^® products developed by Wright Medical are now being marketed and sold by Kinetic Concepts Inc.; TEI Biosciences’ products are being sold by Boston Scientific, Medtronic and Stryker; and Cook Medical’s Oasis^® products are currently being marketed and sold by Healthpoint Biotherapeutics.

Cardium is advancing forward with the reimbursement process for Excellagen with Centers for Medicare & Medicaid Services (CMS) and private insurance providers.  Already-established standard CPT^® procedure reimbursement codes may apply when Excellagen is used with surgical debridement procedures and through the DRG reimbursement system for in-hospital surgical procedures, as well as in long-term care facilities and through their service providers.

Internationally, Cardium plans to obtain a CE Mark for the potential marketing and sale of Excellagen in the European Union, which consists of 27 member countries.  The Company expects to be in a position to obtain a CE Mark for Excellagen in second quarter 2013.  Cardium also has a marketing and distribution agreement with BL&H Co. for the marketing and sale of Excellagen in South Korea, which is currently advancing through the regulatory and reimbursement pricing process.  In addition, Advanced Biosciences Research, an affiliate of bioRASI, is assisting Cardium for the planned commercialization of Excellagen in Russia and the eight additional member countries comprising the Commonwealth of Independent States (CIS).

Excellagen is a novel syringe-based, professional-use, pharmaceutically-formulated 2.6% fibrillar Type I bovine collagen gel that functions as an acellular biological modulator to activate the wound healing process and significantly accelerate the growth of granulation tissue.  Excellagen’s FDA-clearance provides for very broad labeling including partial and full-thickness wounds, pressure ulcers, venous ulcers, diabetic ulcers, chronic vascular ulcers, tunneled/undermined wounds, surgical wounds (donor sites/graft, post-Mohs surgery, post-laser surgery, podiatric, wound dehiscence), trauma wounds (abrasions, lacerations, second-degree burns and skin tears) and draining wounds.  Excellagen is intended for professional use following standard debridement procedures in the presence of blood cells and platelets, which are involved with the release of endogenous growth factors.  Excellagen’s unique fibrillar Type I bovine collagen gel formulation is topically applied through easy-to-control, pre-filled, sterile, single-use syringes and is designed for application at only one-week intervals.  In addition, Excellagen has been engineered to serve as a delivery platform enabling multiple device and therapeutic product extensions to include antimicrobials, small molecule drugs, peptides, conditioned cell media, stem cells and DNA-based biologic products.  Additional information about Excellagen can be viewed at www.excellagen.com.

Generx Commercialization Plans

Generx (Ad5FGF-4) is a disease-modifying regenerative medicine biologic that is being developed to offer a one-time, non-surgical option for the treatment of myocardial ischemia in patients with stable angina due to coronary artery disease, who might otherwise require surgical and mechanical interventions, such as coronary artery by-pass surgery or balloon angioplasty and stents.  Similar to surgical/mechanical revascularization approaches, the goal of Cardium’s Generx product candidate is to improve blood flow to the heart muscle – but to do so non-surgically, following a single administration from a standard balloon angioplasty catheter.

In March 2012, Cardium announced the initiation of the Generx ASPIRE Phase 3 registration study to evaluate the therapeutic effects of its lead product candidate Generx in patients with myocardial ischemia due to coronary artery disease. The ASPIRE study, a 100-patient, randomized and controlled multi-center study to be conducted at up to nine leading cardiology centers in the Russian Federation, is designed to further evaluate the safety and effectiveness of Cardium’s Generx DNA-based angiogenic product candidate, which has already been tested in clinical studies involving 650 patients at more than one hundred medical centers in the U.S., Europe and elsewhere.  The efficacy of Generx will be quantitatively assessed using rest and stress SPECT (Single-Photon Emission Computed Tomography) myocardial imaging to sensitively measure improvements in microvascular cardiac perfusion following a one-time, non-surgical, catheter-based administration of Generx.  The Cedars-Sinai Medical Center Nuclear Cardiology Core Laboratory in Los Angeles, California, is the central core lab for the study and is responsible for the analysis of SPECT myocardial imaging data electronically transmitted from the Russian medical centers participating in the ASPIRE study.  The Russian Health Authority has assigned Generx the therapeutic drug trade name of Cardionovo^® for marketing and sales in Russia.  For additional information about Generx and the ASPIRE clinical study, please visit http://www.cardiumthx.com/generx.html.

To Go Brands^® Nutraceutical Brand Platform

On September 28, 2012, Cardium acquired the business assets and product portfolio of To Go Brands^® to support the expansion of Cardium’s health sciences nutraceutical platform and to provide a revenue platform for the potential growth of the business.  With a portfolio of over 25 products, To Go Brands’ nutraceutical powder mixes, supplements and chews are being sold through mass, food and drug channel retailers and To Go Brands’ web-based store.  To Go Brands’ experienced management team has key contacts and a track record of developing and placing new and innovative health and nutraceutical products into retail channels.  To Go Brands has now assumed operational responsibility for Cardium’s nutraceutical initiative, which includes the Company’s strategic investment in SourceOne Global Partners, a leading supplier of science-based ingredients and proprietary formulas, and the MedPodium Nutra-Apps^® product line.

The Company recently announced the expansion of its To Go Brands VitaRocks^® Kids vitamin product line and the broadened retail distribution of the newly-designed products into select Target stores nationwide.  VitaRocks 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 Company’s 2013 plans for To Go Brands include (1) completing new packaging and message re-design to update the look of current products; (2) increasing online customer acquisition and retention by introducing super affiliate programs and social media-based coupon offerings (e.g. LivingSocial); (3) expanding and leveraging the VitaRocks children’s vitamin product line; and (4) expanding U.S. retail distribution and establishing international distributors to leverage on the success of To Go Brands’ lead product, Trim Green Coffee Bean™ dietary supplement.

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.

Cardium’s In-House Initiatives

The Company recently announced its partner-enabled internal product development, LifeAgain™, a medical analytics and e-commerce platform that is focused on the development, marketing and direct sales of new and innovative survivable risk, multi-year, non-convertible level term life insurance programs and other insurance products, that are currently non-accessible and unaffordable for certain sub-groups of highly motivated buyers considered “uninsurable” based on traditional underwriting standards by U.S. life insurance companies.  Traditional life insurance has become an over-optimized web-marketed, undifferentiated, low priced commodity largely marketed to healthy people.  LifeAgain is being developed based on improvements in relative mortality in certain sub-group populations, including cancer patients and patients with chronic medical diseases, as a result of the success of early diagnostic screening, public education, the introduction of advanced drugs and biologics, improved and optimized therapies, and expanded access to healthcare.

In addition, the Company will seek to initiate a partner-enabled pilot Phase 2b/3 clinical study for Genedexa™ (Ad5PDGF-B), formerly referred to as the Company’s Excellarate product candidate.  Genedexa’s initial clinical development focus will be for the treatment of chronic, non-healing diabetic foot ulcers.  The Company has completed the MATRIX-1 (Phase 1/2) and MATRIX-2 (Phase 2b) clinical studies and the planned Genedexa pilot study represents an important next step forward towards FDA registration of Cardium’s advanced DNA biologic wound care product.  Genedexa represents the first product candidate based on the Company’s Excellagen product platform and is comprised of the FDA-cleared Excellagen collagen topical gel and an adenovector gene therapy with DNA encoding for PDGF-B protein.  PDGF-B is believed to promote wound healing by directly stimulating cells involved in wound repair and also by eliciting the production of other growth factors.  The Genedexa product candidate, a DNA-based biologic, requires data from clinical studies demonstrating patient safety and efficacy prior to filing for a Biologic License Application (BLA).  The Company may use alternative independent private financings and strategic partners to finance the clinical development of Genedexa and commercialize its LifeAgain platform.

About Cardium

Cardium is an asset-based health sciences and regenerative medicine company focused on the acquisition and strategic development of innovative products and businesses with the potential to address significant unmet medical needs and having definable pathways to commercialization, partnering or other economic monetizations. Cardium’s current portfolio includes the Tissue Repair Company, Cardium Biologics, and the Company’s newly-acquired To Go Brands^® nutraceutical business. The Company’s lead commercial product, Excellagen^® topical gel for wound care management, has received FDA clearance for marketing and sale in the United States.  Cardium’s lead clinical development product candidate Generx^® is a DNA-based angiogenic biologic intended for the treatment of patients with myocardial ischemia due to coronary artery disease. To Go Brands^® develops, markets and sells dietary supplements through established regional and national retailers.  In addition, consistent with its capital-efficient business model, Cardium continues to actively evaluate new technologies and business opportunities. 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 is no assurance that planned product development efforts and clinical studies can be performed in an efficient and effective manner; that results or trends observed in one clinical study or procedure will be reproduced in subsequent studies or in actual use; that new clinical studies will be successful or will lead to approvals or clearances from health regulatory authorities, or that approvals in one jurisdiction will help to support studies or approvals elsewhere; that certain elements of the preferred stock financing will be approved by stockholders; that the Company will satisfy the requirements of its compliance plan and will otherwise continue to satisfy the listing requirements of its exchange or that its shares can continue to be listed on a national exchange; that we can raise sufficient capital from partnering, monetization or other fundraising transactions to maintain our stock exchange listing or adequately fund ongoing operations; that the Company can attract suitable commercialization partners for our products or that we or partners can successfully commercialize them; that our product or product candidates will not be unfavorably compared to competitive products that may be regarded as safer, more effective, easier to use or less expensive or blocked by third party proprietary rights or other means; that the products and product candidates referred to in this report or in our other reports will be successfully commercialized and their use reimbursed, or will enhance our market value; that our To Go Brands business can be successfully integrated and expanded; that new product opportunities or commercialization efforts will be successfully established; that third parties on whom we depend will perform as anticipated; that the preferred stock offering can be completed as proposed or that the Company will not be adversely affected by risks and uncertainties that could impact our operations, business or other matters, as described in more detail in our filings with the Securities and Exchange Commission. We undertake no obligation to release publicly the results of any revisions to these forward-looking statements to reflect events or circumstances arising after the date hereof.

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

Cardium Therapeutics^®, Generx^®, Cardionovo^®, Tissue Repair™, 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. 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.  Other trademarks belong to their respective owners.

Galectin (GALT): Turning Atlanta into America’s Next Silicon Valley

Former Silicon Valley Leaders Say Atlanta Emerging as “Silicon Valley for Biotech” and Curing Big Diseases

NORCROSS, Ga., April 4, 2013 /PRNewswire/ — Gilbert Amelio, former CEO of Apple, and Rod Martin, former counsel to PayPal, both on the Board of Directors of Galectin Therapeutics (NASDAQ: GALT) authored an opinion piece in today’s Atlanta Journal Constitution discussing the future of Atlanta as the emerging Silicon Valley for changing the world by curing the big diseases, and why they moved Galectin Therapeutics to Atlanta.

“The world needs a biotech Silicon Valley. We believe that Atlanta is perfectly poised to become just that,” wrote Amelio and Martin.

To read the full op-ed from the Atlanta Journal-Constitution, click here. To schedule interviews with Gil Amelio and Rod Martin, please contact Cheri Jacobus at cherijacobus@aol.com, or (202) 257-4638.

About Galectin Therapeutics

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

India Globalization (IGC) Completes Acquisition of Minority Interest in TBL

Bethesda, April 4, 2013 (GLOBE NEWSWIRE) — India Globalization Capital, Inc. (NYSE MKT: IGC), a company competing in the rapidly growing materials and infrastructure industry in India and China, announced today that on March 31, 2013 it completed the previously announced acquisition of the remaining 23.13% of the TBL shares that were still owned by the Founders of TBL for about $185,000.

Following thru with IGC’s consolidation effort, and as per the Agreements announced on October 18, 2013, TBL became a fully-owned subsidiary of IGC. This acquisition gives IGC control over TBL, a company with 1) assets in excess of $3 million including operating assets that can deployed in our mining operations; 2) a prior history and qualifications for bidding on construction contracts in India; and 3) an import/export license that can be used to trade various commodities worldwide.  This acquisition also provides IGC and the founders of TBL with customary releases and indemnities.

IGC’s CEO, Mr. Ram Mukunda, said: “TBL is expected to add value by allowing us to consolidate our operations in India. Additionally, TBL has approximately $6.5 million of potential claims that we are currently pursuing against construction projects that have been completed.”

About IGC:

Based in Bethesda, Maryland, India Globalization Capital, Inc. (IGC) is a materials and infrastructure company operating in India and China. We currently supply iron ore to steel companies operating in China. For more information about IGC, please visit IGC’s Web site at www.indiaglobalcap.com. For information about Ironman, please visit www.hfironman.net.

Forward-looking Statements:

Some of the statements contained in this press release that are not historical facts constitute forward-looking statements under the federal securities laws. Forward-looking statements can be identified by the use of the words “may,” “will,” “should,” “could,” “expects,” “post”, “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “intends,” “potential,” “proposed,” “confident” or “continue” or the negative of those terms. These statements are not a guarantee of future developments and are subject to risks, uncertainties and other factors, some of which are beyond IGC’s control and are difficult to predict. Consequently, actual results may differ materially from information contained in the forward-looking statements as a result of future changes or developments in our business, our competitive environment, infrastructure demands, Iron ore availability and governmental, regulatory, political, economic, legal and social conditions in China and India.

The Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events, or otherwise. Other factors and risks that could cause or contribute to actual results differing materially from such forward-looking statements have been discussed in greater detail in IGC’s Schedule 14A, Form 10-K for FYE 2012, Form 10-Q for the quarter ended September 30, 2012, filed with the Securities and Exchange Commission on December 9, 2011, July 16, 2012, and November 14, 2012, respectively.

CONTACT: Investors Contact Information
         Claudia Grimaldi
         301-983-0998

Synthetic Biologics (SYN) Announces Issuance of U.S. Patent for MS Drug

— Patent Expands Company’s Patent Portfolio to Include Combination with Number One Selling Multiple Sclerosis Drug —

ROCKVILLE, Md., April 4, 2013 /PRNewswire/ — Synthetic Biologics, Inc. (NYSE MKT: SYN), a developer of synthetic biologics and innovative medicines for serious infections and diseases, announced today that the U.S. Patent & Trademark Office has issued U.S. Patent No. 8,372,826 entitled, Estriol Therapy for Multiple Sclerosis and Other Autoimmune Diseases, to the Regents of the University of California which includes claims to the use of the Company’s drug candidate, Trimesta™ (oral estriol), in combination with glatiramer acetate injection (Copaxone®). Copaxone® is the number one selling drug for multiple sclerosis with approximately $4 billion in annual sales. Currently marketed exclusively by Teva Pharmaceutical Industries Ltd., Copaxone® is expected to face generic competition as certain patent terms begin to expire in 2014.[1] Through its wholly owned subsidiary, Synthetic Biologics holds the exclusive worldwide license to U.S. Patent 8,372,826 and 6,936,599 and pending patents for multiple sclerosis and other autoimmune diseases covering the uses of its drug candidate, Trimesta™.

Trimesta™ is currently being utilized in combination with Copaxone® in a randomized, double-blind, placebo-controlled Phase II clinical trial for the treatment of relapsing-remitting multiple sclerosis in women. Lead Principal investigator, Rhonda Voskuhl, M.D., Director, University of California, Los Angeles (UCLA) Multiple Sclerosis Program, UCLA Department of Neurology, along with investigators at 14 other centers in the U.S., are administering either Trimesta™ (8 milligrams orally per day) in combination with Copaxone® (20 milligrams per day), or a placebo plus Copaxone® to patients enrolled in the trial.

“The claims in this new patent further expand Synthetic Biologics’ coverage of our proprietary oral estriol product candidate, Trimesta™, to include its use in combination with the leading FDA-approved multiple sclerosis drug, Copaxone®,” stated Jeffrey Riley, Chief Executive Officer at Synthetic Biologics. “We look forward to reporting the clinical results of this combination therapy after the relapsing-remitting multiple sclerosis patients complete their two years of dosing and monitoring scheduled for January 2014.”

The 164-patient relapsing-remitting multiple sclerosis trial is fully enrolled and it is anticipated that the last patient will complete their last visit during January 2014. The primary outcome measure for the study is the rate of relapse between the placebo and treated groups at two years, an accepted FDA-approvable endpoint in MS. The clinical trial is supported by grants exceeding $8 million, awarded by the National Multiple Sclerosis Society in partnership with the National Multiple Sclerosis Society’s (NMSS) Southern California chapter, and the National Institutes of Health.

About Synthetic Biologics, Inc.

Synthetic Biologics, Inc. (NYSE MKT: SYN) is a biotechnology company focused on the development of product candidates for serious infections and diseases. Synthetic Biologics is developing a biologic for the prevention of C. difficile infection, and a series of monoclonal antibodies for the treatment of serious infectious diseases, including pertussis and Acinetobacter. The Company is also developing a synthetic DNA-based therapy for the treatment of pulmonary arterial hypertension. In addition, the Company is developing a drug candidate for the treatment of relapsing-remitting multiple sclerosis (MS) and cognitive dysfunction in MS. For more information, please visit Synthetic Biologics’ website at www.syntheticbiologics.com.

To download Synthetic Biologics’ investor relations mobile device app, which allows users access to the Company’s SEC documents, press releases and events, please click on the following links to download the IRapp on your iPhone and iPad or your Android mobile device.

Copaxone® is a registered trademark of Teva Pharmaceutical Industries Ltd.

This release includes forward-looking statements on Synthetic Biologics’ current expectations and projections about future events. In some cases forward-looking statements can be identified by terminology such as “may,” “should,” “potential,” “continue,” “expects,” “anticipates,” “intends,” “plans,” “believes,” “estimates,” and similar expressions. These statements are based upon current beliefs, expectations and assumptions and are subject to a number of risks and uncertainties, many of which are difficult to predict and include statements regarding the timing of completion of the trial. The forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those set forth or implied by any forward-looking statements. Important factors that could cause actual results to differ materially from those reflected in Synthetic Biologics’ forward-looking statements include, among others, a failure to of patients to successfully complete the trial and other factors described in Synthetic Biologics’ report on Form 10-K/A for the year ended December 31, 2011 and any other filings with the SEC. The information in this release is provided only as of the date of this release, and Synthetic Biologics undertakes no obligation to update any forward-looking statements contained in this release on account of new information, future events, or otherwise, except as required by law.

[1] Teva Pharmaceutical Industries Ltd. Form 20-F filed with the SEC for the year ended December 31, 2012.

Golden Star (GSS) Reports Preliminary First Quarter 2013 Production Results

TORONTO — (Marketwired) — 04/04/13 — Golden Star Resources Ltd. (NYSE MKT: GSS) (TSX: GSC) (GHANA: GSR) (“Golden Star” or the “Company”) today announced its preliminary production results for its Bogoso/Prestea and Wassa/HBB operations for the three month period ended March 31, 2013.

In the first quarter of 2013 the Company sold a total of 81,358 ounces (“oz”) of gold (“Au”) at an average realized price of $1,634 per ounce.

• Bogoso/Prestea mine sold 35,492 oz Au for the quarter
• Wassa/HBB operations sold 45,866 oz Au for the quarter

Sam Coetzer, President and CEO, commented, “The first quarter production of 81,358 ounces of gold is a very positive accomplishment despite the extended planned maintenance shutdown of the SAG mill at the Bogoso sulfide plant during the quarter which deferred some of our first quarter production into the second quarter. We are on track to meet our production guidance estimate for the year.”

Annual General Meeting

The Company’s Annual General Meeting of shareholders is on Thursday, May 9, 2013, at 2:00 p.m. Eastern Time, at Fasken Martineau, 333 Bay Street, Suite 2400 in the Escarpment/Huron Boardroom.

First Quarter Financial Results, Conference Call, and Webcast

The Company plans to release its first quarter financial results after market close on May 8, 2013. On May 9, 2013 the Company will conduct a conference call and webcast at 11:00 a.m. Eastern Time. Please call in at least five minutes prior to the conference call start time to ensure prompt access to the conference. The call can be accessed by telephone or by webcast as follows:

Participants (North America): (877) 407-8289
Participants (Outside U.S. and Canada): (201) 689-8341
Webcast: www.gsr.com

A recording of the conference call will be available until May 30, 2013, through the Company’s website at www.gsr.com or by dialing:

North America: (877) 660-6853
International (Outside U.S. and Canada): (201) 612-7415
Conference ID number: 411929

Company Profile

Golden Star holds a 90% equity interest in Golden Star (Bogoso/Prestea) Limited and Golden Star (Wassa) Limited, which respectively own the Bogoso/Prestea and Wassa/HBB open-pit gold mines in Ghana. In addition, Golden Star has an 81% interest in the currently inactive Prestea Underground mine in Ghana, as well as gold exploration interests elsewhere in Ghana, in other parts of West Africa and in Brazil in South America. Golden Star has approximately 259 million shares outstanding.

Statements Regarding Forward-Looking Information:

Some statements contained in this news release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and under Canadian securities laws. Specifically, the statement in this news release regarding expected gold production for the remainder of 2013 is a forward looking statement. Factors that could cause actual results to differ materially include timing of and unexpected events at the Wassa and Bogoso processing plants; variations in ore grade, tonnes mined, crushed or milled; variations in relative amounts of refractory, non-refractory and transition ores; the availability and cost of electrical power; timing and availability of external financing on acceptable terms; technical, mining or processing issues; changes in U.S. and Canadian securities markets; and fluctuations in gold price and costs and general economic conditions. Investors are cautioned that forward-looking statements are inherently uncertain and involve risks and uncertainties that could cause actual facts to differ materially. There can be no assurance that future developments affecting the Company will be those anticipated by management. Please refer to the discussion of these and other factors in our Form 10-K for 2012. The forecasts contained in this press release constitute management’s current estimates, as of the date of this press release, with respect to the matters covered thereby. We expect that these estimates will change as new information is received. While we may elect to update these estimates at any time, we do not undertake any estimate at any particular time or in response to any particular event.

For Further Information, Please Contact:

GOLDEN STAR RESOURCES LTD.
Jeff Swinoga
Executive Vice President Chief Financial Officer
416-583-3803

INVESTOR RELATIONS
Belinda Labatte
The Capital Lab, Inc.
647-427-0208

Greg DiTomaso
The Capital Lab, Inc.

CombiMatrix (CBMX) Reports Quarterly Growth in Prenatal Testing Volumes up 124%

Company Expanding Technology Offerings to Continue to Capture Market Share

IRVINE, Calif., April 4, 2013 (GLOBE NEWSWIRE) — CombiMatrix Corporation (Nasdaq:CBMX), a molecular diagnostics company performing DNA-based testing services for developmental disorders and cancer diagnostics, today announced that it expects to report record volumes of prenatal testing in the first quarter ended March 31, 2013. Preliminary quarterly growth rates of 124 percent over the first quarter of 2012 were achieved for billable prenatal tests.

The continued rapid growth in prenatal testing is the result of CombiMatrix’s strategic shift in mid-2012 to focus its commercial resources primarily on the prenatal molecular diagnostic testing markets, where the Company believes that chromosomal microarray analysis (CMA) is becoming the standard of care. This strategy is supported by a pair of National Institute of Health-sponsored studies published in the New England Journal of Medicine in late 2012, which favored CMA over traditional karyotyping for genetic prenatal diagnosis and genetic evaluation of stillbirths. Many experts believe that these publications marked the onset of a paradigm shift toward CMA. CombiMatrix is the only publicly-traded company that specializes in CMA.

The Company also announced that it was expanding its technology offerings to continue to capture market share and serve the expanding volumes. By recently incorporating Single Nucleotide Polymorphisms (SNPs) in its array testing, the Company has significantly expanded its ability for studying variations between whole genomes, which is crucial in providing resolution to its customers.

“We have been setting internal growth records since we refocused our commercial strategy, and now we are expanding our lab capabilities to realize our goal of being a best-of-class prenatal technology lab,” said CEO Mark McDonough. “With the technologies to match any lab and the focus of our new prenatal strategy, we anticipate continued strong progress throughout 2013 and beyond.”

Overall billable testing volumes at the Company, including its de-emphasized oncology segment, were also up strongly in the period, growing 25 percent in the quarter over 2012. CombiMatrix expects to report its operating results in early May, 2013 and file its quarterly report for 2013 on Form 10-Q in mid-May, 2013. The Company will issue a press release and hold an investor conference call to discuss results.

About CombiMatrix Corporation

CombiMatrix Corporation, through its wholly owned subsidiary, CombiMatrix Molecular Diagnostics, Inc. (CMDX), is a molecular diagnostics laboratory which offers DNA-based testing services to the prenatal, pediatric and oncology markets. The Company performs genetic testing utilizing Microarray, FISH, PCR and G-Band Chromosome Analysis. CMDX offers prenatal and pediatric testing services for the detection of abnormalities of genes at the DNA level beyond what can be identified through traditional technologies. CMDX was also the first commercial clinical laboratory in the United States to make comprehensive DNA-based genomic analysis of solid tumors, including breast, colon, lung, prostate and brain tumors, available to oncology patients and medical professionals. Additional information about CMDX is available at www.cmdiagnostics.com or by calling 1-800-710-0624.

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

This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These statements are based upon our current expectations, speak only as of the date hereof and are subject to change. All statements, other than statements of historical fact included in this press release, are forward-looking statements. Forward-looking statements can often be identified by words such as “anticipates,” “expects,” “intends,” “plans,” “goal,” “predicts,” “believes,” “seeks,” “estimates,” “may,” “will,” “should,” “would,” “could,” “potential,” “continue,” “ongoing,” “objective,” similar expressions, and variations or negatives of these words and include, but are not limited to, statements regarding the advantages and efficacy of CMA over standard karyotyping, the market momentum for CMA, the impact of our CMA focus on market share, and our preliminary report of prenatal testing volumes. These forward-looking statements are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause our actual results to differ materially and adversely from those expressed in any forward-looking statement. The risks and uncertainties referred to above include, but are not limited to: the risk that our final reported prenatal testing volumes are different from this preliminary report; market acceptance of CMA as a preferred method over karyotyping; the rate of transition to CMA from karyotyping; our ability to successfully expand the base of our customers and strategic partners, add to the menu of our diagnostic tests in both of our primary markets, develop and introduce new tests and related reports, optimize the reimbursements received for our testing services, and increase operating margins by improving overall productivity and expanding sales volumes; our ability to successfully accelerate sales, allow access to samples earlier in the testing continuum, steadily increase the size of our customer rosters in both developmental medicine and oncology; our ability to attract and retain a qualified sales force; rapid technological change in our markets; changes in demand for our future products; legislative, regulatory and competitive developments; general economic conditions; and various other factors. Further information on potential factors that could affect our financial results is included in our Annual Report on Form 10-K, Quarterly Reports of Form 10-Q, and in other filings with the Securities and Exchange Commission. We undertake no obligation to revise or update publicly any forward-looking statements for any reason, except as required by law.

CONTACT: Company Contact:
         Mark McDonough
         President & CEO, CombiMatrix Corporation
         Tel (949) 753-0624

         Investor Relations Contact:
         John Baldissera
         BPC Financial Marketing
         Tel (800) 368-1217

         Media Contact:
         Len Hall
         VP, Media Relations
         Allen & Caron
         Tel (949) 474-4300
         len@allencaron.com

Star Scientific (STSI) Issues Statement in Response to Purported Class Action

GLEN ALLEN, Va., April 4, 2013 /PRNewswire/ — Paul L. Perito, Esquire, Chairman, President and COO of Star Scientific, Inc. (NASDAQ: STSI), issued the following statement on behalf of Star Scientific and Rock Creek Pharmaceuticals, Inc.:

Numerous plaintiffs’ class action law firms have been issuing press releases and announcements since January seeking potential plaintiffs to retain them and sue the Company.  These press releases and announcements that are appearing on various websites and in other media are not lawsuits.  They are attempts by plaintiffs’ firms to solicit plaintiffs to form class action lawsuits.

As of today, two shareholder complaints have been filed against Star Scientific. The first complaint, filed in the United States District Court for the Eastern District of Virginia on March 25, 2013, is named Reuter v. Star Scientific, Inc., et al. A second complaint, subsequently filed in the United States District Court for the District of Massachusetts on March 26, 2013, is named Boravian v. Star Scientific, Inc., et al. We believe that both of these complaints are without merit and we will assert numerous defenses to the claims being made.  We have hired able and experienced trial counsel who have successfully defended similar class action cases.  We will vigorously defend these suits, and we believe that we will ultimately be successful.

Star Scientific will not be deterred by these distractions, as we stated last week.  The Company is proud of its worthy science based products, as well as the fact that these products are used by thousands of satisfied, repeat customers.  We stand behind our scientific research, and that of other credentialed third parties, which has been conducted on our anatabine compound, as well as the reporting of the results of that research.  Accordingly, the Company will continue to focus on sales of its Anatabloc® products, its new Anatabloc® facial creme, and the extension of its product line.

Certain statements contained in this release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to statements identified by words such as “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “targets,” “projects” and similar expressions. The statements in this release are based upon the current beliefs and expectations of our company’s management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. Numerous factors could cause or contribute to such differences, including, but not limited to, results of clinical trials and/or other studies, the challenges inherent in new product development initiatives, including the continued development and market acceptance of our nutraceutical dietary supplements products, the effect of any competitive products, our ability to license and protect our intellectual property, our ability to raise additional capital in the future that is necessary to maintain our business, changes in government policy and/or regulation, potential litigation by or against us and any governmental review of our products or practices, as well as other risks discussed from time to time in our filings with the Securities and Exchange Commission, including, without limitation, our annual report on Form 10-K for the fiscal year ended December 31, 2012. We undertake no duty to update any forward-looking statement or any information contained in this press release or in other public disclosures at any time.

About Star Scientific
Star Scientific, Inc. is a technology-oriented company with a mission to promote maintenance of a healthy metabolism and lifestyle. Through its wholly owned subsidiary, Rock Creek Pharmaceuticals, Star Scientific has been engaged in the manufacturing, sale, and marketing of two nutraceutical dietary supplements, a cosmetic facial cream, and the development of other nutraceuticals and pharmaceuticals. The company also continues to pursue the licensing of the technology behind its proprietary StarCured® curing process and its related products. Rock Creek Pharmaceuticals has scientific and research offices in Gloucester, MA, and a regulatory office in Washington, DC. Star Scientific has a Corporate and Sales Office in Glen Allen, VA, and an Executive, Scientific & Regulatory Affairs office in Washington, DC.

(Logo: http://photos.prnewswire.com/prnh/20130319/PH79245LOGO )

Contact:
Talhia T. Tuck
Vice President, Communications and Investor Relations
Star Scientific, Inc.
(202)887-5100
ttuck@starscientific.com

CollabRx (CLRX) and OncoDNA Partner in Molecular Diagnostics

SAN FRANCISCO, April 4, 2013 (GLOBE NEWSWIRE) — CollabRx, Inc. (Nasdaq:CLRX), a data analytics company focused on informing clinical decision making in molecular medicine, and OncoDNA, SA, a Belgium company that provides DNA next generation sequencing (NGS) tests for clinical use in cancer, today announced a multi-year agreement to purchase CollabRx SaaS-based technology and content resources to be used in conjunction with OncoDNA’s cancer mutation panels.

OncoDNA and CollabRx will develop a combined test and medical informatics solution by pairing the results of cancer mutational panels developed by OncoDNA with clinically actionable and dynamically updated knowledge provided by CollabRx. Such knowledge includes the clinical impact of specific mutational profiles and associated therapeutic strategies such as drugs and clinical trials and is supported by CollabRx’s large and growing network of over 75 leading clinical practitioners in the U.S. and Europe.

“NGS-based tests are increasingly becoming a routine part of clinical care for cancer patients, but the complexity of the genetic data from tumor mutations is outpacing the ability of physicians to stay current with advanced treatments,” said Jean-Pol Detiffe, Founder & CEO of OncoDNA. “We are excited to partner with CollabRx to close this knowledge gap and enable physicians who order OncoDNA tests to access highly credible knowledge provided by CollabRx to aid in the interpretation of test results.”

The partnership, CollabRx’s first outside the United States, will leverage the company’s semantic integration platform, a proprietary technology that enables CollabRx scientists and physicians to dynamically update the company’s molecular oncology knowledge base with the latest medical and scientific data available in the public domain.

“Our agreement with OncoDNA reflects our commitment to partner with best-in-class laboratories and diagnostic companies and is a significant step forward in our strategy to serve high-growth markets outside of the U.S.,” said Thomas Mika, Chairman, President & CEO of CollabRx. “We are excited to work with OncoDNA to establish a leadership position in the clinical next generation sequencing market in Europe by providing ordering physicians with clinically relevant interpretation of test results as a seamless part of the reporting process.”

The OncoDNA partnership demonstrates CollabRx’s accelerating pace of business, product and channel development in 2013. This new milestone attests to the growing adoption of CollabRx technology and interpretive analytics in top-tier laboratories worldwide as a standard aspect of test reporting for clinical cancer sequencing.

About CollabRx

CollabRx, Inc. (Nasdaq:CLRX) is a recognized leader in cloud-based expert systems to inform healthcare decision-making. CollabRx uses information technology to aggregate and contextualize the world’s knowledge on genomics-based medicine with specific insights from the nation’s top cancer experts, starting with the area of greatest need: advanced cancers in patients who have effectively exhausted the standard of care. More information may be obtained at http://www.collabrx.com.

About OncoDNA

Through its founders, OncoDNA has over 60 years’ expertise in medical diagnostics and was founded by a team of experts with many years’ experience in DNA sequencing and diagnostic analyses in oncology. More information can be obtained at http://www.oncodna.com.

CollabRx Safe Harbor Statement

This press release includes forward-looking statements about CollabRx’s anticipated results that involve risks and uncertainties. Some of the information contained in this press release, including, but not limited to, statements as to industry trends and CollabRx’s plans, objectives, expectations and strategy for its business, contains forward-looking statements that are subject to risks and uncertainties that could cause actual results or events to differ materially from those expressed or implied by such forward-looking statements. Any statements that are not statements of historical fact are forward-looking statements. When used, the words “believe,” “plan,” “intend,” “anticipate,” “target,” “estimate,” “expect” and the like, and/or future tense or conditional constructions (“will,” “may,” “could,” “should,” etc.), or similar expressions, identify certain of these forward-looking statements. Important factors which could cause actual results to differ materially from those in the forward-looking statements are detailed in filings made by CollabRx with the Securities and Exchange Commission. CollabRx undertakes no obligation to update or revise any such forward-looking statements to reflect subsequent events or circumstances.

CONTACT: CollabRx Contacts:
         Thomas R. Mika, CEO
         CollabRx, Inc.
         415-248-5350

         Robert Ferri Partners, LLC
         Robert Ferri
         (415) 575-1589 (direct)
         robert.ferri@robertferri.com

         OncoDNA Contacts
         Jean-Pol Detiffe, CEO
         OncoDNA SA
         +3271347899
         jp.detiffe@oncodna.com

Synthesis (SYMX) and GE to Jointly Market Small Scale Power Solution

HOUSTON, April 2, 2013 /PRNewswire/ — Synthesis Energy Systems, Inc. (“SES”) (Nasdaq: SYMX), a global energy and gasification technology company, and GE Packaged Power, Inc., a subsidiary of General Electric Company (“GE”) have agreed to jointly evaluate and market a small scale power generation unit combining SES’ gasification technology with GE’s aeroderivative gas turbines. This application marketing agreement will focus on regions of the world where conversion of non-conventional feedstock sources such as lignite and coal wastes into synthesis gas fuel via SES’ technology may be advantaged over conventional gas turbine fuel sources such as natural gas and fuel oil.

For the past 12 months, SES and GE have completed a preliminary evaluation of this application of their combined technologies.  Under the terms of this agreement, the two businesses on a non-exclusive basis will complete the market evaluation and seek initial customers for this small scale power product.  GE’s fuel-flexible LM-2500+G4 aeroderivative gas turbines are ideally suited for utilizing the syngas fuel from SES’s advanced fluidized bed gasification technology.  SES’ proven technology efficiently converts coals and other solid fuels, including inexpensive ultra-low quality coals, coal wastes and refuse derived fuels into a synthesis gas. GE’s LM-2500+G4 gas turbines can produce reliable and cost efficient power for smaller scale projects generating 50 to 100MW.

Darryl Wilson, president and CEO, Aeroderivative Gas Turbines for GE Power & Water, said, “We look forward to continuing our work with SES to evaluate the opportunity to jointly implement our respective technologies to help companies take advantage of syngas for distributed power generation.  The LM2500+G4 turbine, with its flexibility to operate on a variety of gaseous fuel types including syngas produced from low quality solid fuels, is the ideal engine choice for this type of power plant design.”

“SES’ technology is uniquely well-suited for a wide range of fuels and can produce a syngas suitable for fueling GE’s aeroderivative LM2500+G4 turbine.  Based on our initial work together, we are excited about the prospects for a replicable and cost effective small scale power unit using unconventional fuels.  This opportunity fits well into our model of developing valuable and low capital business verticals around key segments in which we can deliver our technology product including design, equipment, and services,” said Robert Rigdon, president and CEO of SES.

About Synthesis Energy Systems, Inc.

SES provides technology, equipment and engineering services for the conversion of low rank, low cost coal and biomass feedstocks into energy and chemical products. Its strategy is to create value through providing technology and equipment in regions where low rank coals and biomass feedstocks can be profitably converted into high value products through its proprietary U-GAS^® fluidized bed gasification technology, which SES licenses from the Gas Technology Institute. U-GAS® gasifies coal cost effectively, without many of the harmful emissions normally associated with coal combustion plants. The primary advantages of U-GAS® relative to other gasification technologies are (a) greater fuel flexibility provided by the ability of SES to use all ranks of coal (including low rank, high ash and high moisture coals, which are significantly cheaper than higher grade coals), many coal waste products and biomass feed stocks; and (b) the ability of SES to operate efficiently on a smaller scale, which enables the construction of plants more quickly, at a lower capital cost, and, in many cases, in closer proximity to coal sources. SES currently has offices in Houston, Texas, and Shanghai, China. For more information on SES, visit www.synthesisenergy.com or call (713) 579-0600.

About GE

GE (NYSE: GE) works on things that matter. The best people and the best technologies taking on the toughest challenges. Finding solutions in energy, health and home, transportation and finance. Building, powering, moving and curing the world. Not just imagining. Doing. GE works. For more information, visit the company’s website at www.ge.com.

About GE Power & Water

GE Power & Water provides customers with a broad array of power generation, energy delivery and water process technologies to solve their challenges locally. Power & Water works in all areas of the energy industry including renewable resources such as wind and solar, biogas and alternative fuels; and coal, oil, natural gas and nuclear energy. The business also develops advanced technologies to help solve the world’s most complex challenges related to water availability and quality. Power & Water’s six business units include Distributed Power, Nuclear Energy, Power Generation Services, Renewable Energy, Thermal Products and Water & Process Technologies. Headquartered in Schenectady, N.Y., Power & Water is GE’s largest industrial business.

Follow GE Power & Water on Twitter @GE_PowerWater

SES Forward-Looking Statements

This press release includes “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. All statements other than statements of historical fact are forward-looking statements. Forward-looking statements are subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected. Among those risks, trends and uncertainties are the early stage of development of SES, its estimate of the sufficiency of existing capital sources, its ability to successfully develop its licensing business, its ability to raise additional capital to fund cash requirements for future investments and operations including its China platform initiative, its ability to reduce operating costs, the limited history and viability of its technology, commodity prices and the availability and terms of financing opportunities, its results of operations in foreign countries, its ability to diversify, its ability to complete the restructuring of the ZZ Joint Venture, its ability to obtain the necessary approvals and permits for its future projects, the estimated timetables for achieving mechanical completion and commencing commercial operations for the Yima project as well as the ability of the Yima project to produce revenues and earnings, the sufficiency of internal controls and procedures and the ability of SES to effect the ZJX/China Energy transaction and the Hongye and Zhongmo transactions, grow its business and generate revenues and earnings as a result of its proposed China and India platform initiatives, as well as its joint venture with Midas Resource Partners. Although SES believes that in making such forward-looking statements its expectations are based upon reasonable assumptions, such statements may be influenced by factors that could cause actual outcomes and results to be materially different from those projected. SES cannot assure you that the assumptions upon which these statements are based will prove to have been correct.

Important Notice from SES

In connection with the proposed ZJX/China Energy transaction, SES has filed a preliminary proxy statement, and intends to file a definitive proxy statement, with the SEC and intends to mail the definitive proxy statement to the stockholders of SES. SES and its directors and officers may be deemed to be participants in the solicitation of proxies from the stockholders of SES in connection with the transaction. Information about the transaction is set forth in the preliminary proxy statement filed, and will be set forth in the definitive proxy statement to be filed by SES with the SEC.

You may obtain the preliminary statement and, when available, the definitive proxy statement, for free by visiting EDGAR on the SEC website at www.sec.gov. Investors should read the definitive proxy statement carefully before making any voting or investment decision because that document will contain important information.

B.O.S. Better Online Solutions (BOSC) Reports Financial Results

Net Profit in the Fourth Quarter of 2012

RISHON LEZION, Israel, April 2, 2013 (GLOBE NEWSWIRE) — B.O.S Better Online Solutions Ltd. (the “Company”, “BOS”) (Nasdaq:BOSC), a leading Israeli provider of RFID and Supply Chain solutions to global enterprises, today reported its financial results for the fourth quarter and fiscal year ended December 31, 2012.

Highlights for the fourth quarter of year 2012:

• Revenues of $6.2 million, as compared to revenues of $7.7 million in the fourth quarter of 2011. However, revenues increased by 15% on a quarter to quarter basis over the $5.4 million in revenues that we generated in the third quarter of 2012.
• Operating profit of $63,000, which represents the third consecutive quarter in 2012 in which we have generated an operating profit, as compared to operating loss of $1 million in the fourth quarter of 2011.
• Net profit, after six consecutive quarters with net loss, of $37,000 as compared to net loss of $2.1 million in the fourth quarter of 2011.
• Net profit on NON GAAP basis of $347,000 as compared to net loss of $156,000 in the fourth quarter of 2011
• EBITDA of $193,000 as compared to negative EBITDA of $300,000 in the fourth quarter of 2011.

Highlights for year 2012:

• Operating profit of $192,000 as compared to $1 million operating loss in 2011.
• Net loss reduced to $549,000 from $3,214,000 in year 2011.
• Net profit on NON GAAP basis of $287,000 as compared to net loss of $176,000 in 2011
• EBITDA of $665,000 as compared to $407,000 in 2011.

Yuval Viner, BOS CEO, stated: “We are very pleased with the fourth quarter and 2012 results that reflect continuing improvement in the Company’s performance. We anticipate that we will end 2013 with a net profit on a non-GAAP basis.”

Eyal Cohen, BOS CFO, added: “In light of the improvement in the financial results, we were also able to reduce our loans by $1.7 million during 2012 and we expect a further reduction in the loans by at least $0.5 million during 2013.”

Conference Call

BOS will host a conference call on Thursday, April 4th, 2013 at 10:00 a.m. ET 5:00 p.m. Israel time. A question-and-answer session will follow management’s presentation. Interested parties may participate in the conference call by dialing to + 972-3-9180644 approximately five to ten minutes before the call start time.

For those unable to listen to the live call, a replay of the call will be available the next day after the call on BOS’s website, at: http://www.boscorporate.com.

About BOS

B.O.S. Better Online Solutions Ltd. (Nasdaq:BOSC) is a leading provider of RFID and Supply Chain solutions to global enterprises. BOS’ RFID and mobile division offers both turnkey integration services as well as stand-alone products, including best-of-breed RFID and AIDC hardware and communications equipment, BOS middleware and industry-specific software applications. The Company’s supply chain division provides electronic components consolidation services to the aerospace, defense, medical and telecommunications industries as well as to enterprise customers worldwide.

For more information, please visit: www.boscom.com.

Use of Non-GAAP Financial Information

BOS reports financial results in accordance with U.S. GAAP and herein provides some non-GAAP measures. These non-GAAP measures are not in accordance with, nor are they a substitute for, GAAP measures. These non-GAAP measures are intended to supplement the Company’s presentation of its financial results that are prepared in accordance with GAAP. The Company uses the non-GAAP measures presented to evaluate and manage the Company’s operations internally. The Company is also providing this information to assist investors in performing additional financial analysis that is consistent with financial models developed by research analysts who follow the Company. The reconciliation set forth below is provided in accordance with Regulation G and reconciles the non-GAAP financial measures with the most directly comparable GAAP financial measures.

Safe Harbor Regarding Forward-Looking Statements

The forward-looking statements contained herein reflect management’s current views with respect to future events and financial performance. These forward-looking statements are subject to certain risks and uncertainties that could cause the actual results to differ materially from those in the forward-looking statements, all of which are difficult to predict and many of which are beyond the control of BOS. These risk factors and uncertainties include, amongst others, the dependency of sales being generated from one or few major customers, the uncertainty of BOS being able to maintain current gross profit margins, inability to keep up or ahead of technology and to succeed in a highly competitive industry, inability to maintain marketing and distribution arrangements and to expand our overseas markets, uncertainty with respect to the prospects of legal claims against BOS, the effect of exchange rate fluctuations, general worldwide economic conditions and continued availability of financing for working capital purposes and to refinance outstanding indebtedness; and additional risks and uncertainties detailed in BOS’s periodic reports and registration statements filed with the U.S. Securities Exchange Commission. BOS undertakes no obligation to publicly update or revise any such forward-looking statements to reflect any change in its expectations or in events, conditions or circumstances on which any such statements may be based, or that may affect the likelihood that actual results will differ from those set forth in the forward-looking statements.

CONTACT: B.O.S. Better Online Solutions Ltd.
         Mr. Eyal Cohen, CFO
         +972-54-2525925
         eyalc@boscom.com

Alvarion (ALVR) Announces 1:10 Reverse Split of Ordinary Shares Effective Today

TEL AVIV, Israel, April 2, 2013 (GLOBE NEWSWIRE) — Alvarion^® Ltd. (Nasdaq:ALVR) (TASE:ALVR) (Alvarion or the Company), a global provider of optimized wireless broadband solutions addressing the connectivity, coverage and capacity challenges of public and private networks, announced today that effective as of immediately prior to the opening of trading today (Tuesday, April 2, 2013), its ordinary shares have been subject to a reverse split on a 1:10 basis and are expected to trade on a post-reverse split basis when the NASDAQ market opens today. The Company’s ordinary shares continue to trade on NASDAQ and the Tel Aviv Stock Exchange (TASE) under the symbol ALVR, and have been assigned a new CUSIP number – M0861T118. The Company’s ordinary shares began to trade on a post-reverse split basis on the TASE this morning.

Upon effectiveness of the reverse split, shareholders hold one share of Alvarion in exchange for every 10 shares held by them prior to the effectiveness of the reverse split. The reverse split has reduced the number of outstanding ordinary shares of the Company from approximately 63 million to approximately 6.3 million. Proportional adjustments have been automatically made to Alvarion’s outstanding stock options and other convertible securities. Alvarion has not issued any fractional shares as a result of the reverse split. Instead, all fractional shares have been rounded up to the next whole number of shares.

As previously reported by Alvarion, the reverse split is intended to increase the per share trading price of the Company’s ordinary shares to satisfy the $1.00 minimum bid price requirement for continued listing on the NASDAQ Capital Market prior to April 24, 2013. There can be no assurance that the reverse split will have the desired effect of raising the trading price of the Company’s ordinary shares in a manner that meets such requirement.

Shareholders holding shares in “street name” will not need to do anything in connection with the reverse split, as their share totals will be adjusted automatically. Shareholders with certificated shares are required to exchange their share certificates for new share certificates representing the appropriate number of ordinary shares resulting from the reverse split. Alvarion’s transfer agent, American Stock Transfer & Trust Company, LLC, is the exchange agent for the reverse split and will distribute a letter of transmittal to shareholders with instructions for replacing old share certificates with new certificates representing the post reverse split number of ordinary shares.

About Alvarion

Alvarion Ltd. (Nasdaq:ALVR) provides optimized wireless broadband solutions addressing the connectivity, coverage and capacity challenges of telecom operators, smart cities, security, and enterprise customers. Our innovative solutions are based on multiple technologies across licensed and unlicensed spectrums. (www.alvarion.com)

This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on the current expectations or beliefs of Alvarion’s management and are subject to various factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. The following factors, among others, could cause actual results to differ materially from those described in the forward-looking statements: our failure to fully implement our 2012 turnaround plan, our inability to reallocate our resources and rationalize our business in a more efficient manner, potential impact on our business of the current global macro-economic uncertainties, the inability of our customers to obtain credit to purchase our products as a result of global credit market conditions, the failure to fund projects under the U.S. broadband stimulus program, continued delays in 4G license allocation in certain countries; the failure of the products for the 4G market to develop as anticipated; our inability to capture market share in the expected growth of the 4G market as anticipated, due to, among other things, competitive reasons or failure to execute in our sales, marketing or manufacturing objectives; the failure of our strategic initiatives to enable us to more effectively capitalize on market opportunities as anticipated; delays in the receipt of orders from customers and in the delivery by us of such orders; our failure to fully and effectively integrate the business and technology of Wavion Inc., acquired by us in November 2011, into our products and realize the expected synergies from the acquisition; the failure of the markets for our (including Wavion’s) products to grow as anticipated; our inability to further identify, develop and achieve success for new products, services and technologies; increased competition and its effect on pricing, spending, third-party relationships and revenues; our inability to establish and maintain relationships with commerce, advertising, marketing, and technology providers; our inability to comply with covenants included in our financing agreements; our inability to raise sufficient funds to continue our operations, either through equity issuances or asset sales; and other risks detailed from time to time in the Company’s annual reports on Form 20-F as well as in other filings with the U.S. Securities and Exchange Commission.

Information set forth in this press release pertaining to third parties has not been independently verified by Alvarion and is based solely on publicly available information or on information provided to Alvarion by such third parties for inclusion in this press release. The web sites appearing in this press release are not and will not be included or incorporated by reference in any filing made by Alvarion with the U.S. Securities and Exchange Commission, which this press release will be a part of.

You may request Alvarion’s future press releases by contacting Sivan Farfuri, sivan.farfuri@alvarion.com or +972.3.767.4333. Please see the Investor section of the Alvarion website for more information: http://www.alvarion.com/investors.

Alvarion®, its logo and certain names, product and service names referenced herein are either registered trademarks, trademarks, trade names or service marks of Alvarion Ltd. in certain jurisdictions. All other names are or may be the trademarks of their respective owners.

CONTACT: Investor Contacts:

         Avi Stern, CFO
         +972.3.746.4333
         avi.stern@alvarion.com

         Elana Holzman
         +972.3.645.7892
         elana.holzman@alvarion.com

GlobalWise (GWIV) Announces Results for Fiscal Year 2012

COLUMBUS, OH — (Marketwired) — 04/02/13 — 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 financial results for the fiscal year ended December 31, 2012.

The company’s total revenues for the 12 months ended December 31, 2012 were $2,734,950 compared to $1,725,752 for the same period 2011, representing an increase of $1,009,198 or 58%. The increase in total revenues year-over-year is attributable primarily to an increase in new accounts gained through the Company’s expanded sales channel partner network, as well as renewal of existing customer maintenance agreements and additional consulting projects.

Overall gross margin were 64% and 52% for the twelve months ended December 31, 2012 and 2011, respectively, an increase of 12%. The increase in gross margin is primarily a result of increase in revenue.

Total operating expenses were $3,424,507 for the twelve months ended December 31, 2012 as compared to $2,166,432 for the twelve months ended December 31, 2011, representing a 58% increase or an increase of $1,258,075. This increase in operating expenses is primarily due to legal, consulting and professional fees related to the Share Exchange consummated on February 12, 2012, the corresponding costs of operating and reporting as a public company, and the on-boarding of additional sales and marketing personnel.

GlobalWise reported a net operating loss of $1,985,493 and $1,440,062 for the twelve months ended December 31, 2012 and 2011, respectively, representing an increase in net loss of $545,431 or 38%. Gross profits were $1,753,431 and $900,826 for the twelve months ended December 31, 2012 and 2011, respectively, representing an increase of $852,605, or 95%.

Mr. William J. “BJ” Santiago, Chief Executive Officer of GlobalWise, stated, “During the past year, GlobalWise has undergone a dramatic transformation and established a foundation for strong growth in the years ahead. We are pleased with the progress we made during 2012, and we are already seeing the positive impact from our investment of time and resources to develop our sales channel distribution model. We added 11 new quality channel partners, bringing our total network of channel partners to 25, and increased our customer subscriber base to more than 300 from 51. We plan to announce a number of additional industry-leading companies as channel partners in 2013, which will expand our network both domestically and internationally, providing even greater reach for our Intellivue™ platform and significant expansion of our customer base.”

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

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

(FINANCIAL TABLES TO FOLLOW)

                        GLOBALWISE INVESTMENTS, INC.
                   Condensed Consolidated Balance Sheets
                                 (Audited)

                                   ASSETS

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

Current assets:
  Cash                                           $     46,236  $    140,271
  Accounts receivable, net                            332,413       335,453
  Prepaid expenses and other current assets            40,026        18,398
                                                 ------------  ------------

    Total current assets                              418,675       494,122

Property and equipment, net                            58,129        32,771
Other assets                                           37,239        46,404
                                                 ------------  ------------

    Total assets                                 $    514,043  $    573,297
                                                 ============  ============

                   LIABILITIES AND STOCKHOLDERS' DEFICIT

Current liabilities:
  Accounts payable and accrued expenses          $  1,143,265  $    389,080
  Deferred revenues                                   571,268       964,043
  Deravative liability                                 15,470             -
  Notes payable - current                             563,009       747,778
  Convertible note payable, net of discount           107,518
  Notes payable - related party - current              95,000             -
                                                 ------------  ------------
    Total current liabilities                       2,495,530     2,100,901

Long-term liabilities:
  Deferred compensation                               309,740       215,011
  Notes payable - net of current portion            1,509,265     1,528,915
  Notes payable - related party - net of current
   portion                                            369,415       262,707
  Deferred interest expense                            41,440        17,063
  Other long-term liabilities - related parties        72,033       157,859
                                                 ------------  ------------

    Total long-term liabilities                     2,301,893     2,181,555
                                                 ------------  ------------

    Total liabilities other than shares             4,797,423     4,282,456
Shares subject to mandatory redemption                              111,235
                                                 ------------  ------------

    Total liabilities                               4,797,423     4,393,691

Commitments and contingencies
Excess of liabilities over assets (deficit)                 -    (3,820,394)
                                                 ------------  ------------
    Total liabilities and excess of liabilities
     over assets (deficit)                          4,797,423       573,297
                                                 ------------  ------------
Stockholders' deficit:

  Common stock, $0.001 par value, 50,000,000
   shares authorized; 36,490,345 shares issued
   and outstanding at December 31, 2012                36,492             -
  Additional paid-in capital (deficit)              1,348,794             -
  Accumulated deficit                              (5,668,666)            -
                                                 ------------  ------------
    Total stockholders' deficit                    (4,283,380)            -
                                                 ------------  ------------
    Total liabilities and excess of liabilities
     over assets (deficit) and stockholders'
     deficit                                     $    514,043  $    573,297
                                                 ============  ============

       See Notes to these condensed consolidated financial statements

                GLOBALWISE INVESTMENTS, INC. and SUBSIDIARY
              Condensed Consolidated Statements of Operations
                                 (Audited)

                                                    For the Twelve Months
                                                            Ended
                                                        December 31,
                                                 --------------------------
                                                     2012          2011
                                                 ------------  ------------

Revenues:
  Sale of software licenses without professional
   services                                      $    188,894       137,068
  Sale of software licenses with professional
   services                                           929,741       542,801
  Software as a service                               108,102       143,428
  Software maintenance services                       790,007       633,302
  Consulting services                                 718,206       269,153
                                                 ------------  ------------

    Total revenues                                  2,734,950     1,725,752
                                                 ------------  ------------

Cost of revenues:
  Sale of software licenses without professional
   services                                            45,477        17,001
  Sale of software licenses with professional
   services                                           469,252       454,330
  Software as a service                                28,232        26,375
  Software maintenance services                       119,727       105,035
  Consulting services                                 318,831       222,185
                                                 ------------  ------------

    Total cost of revenues                            981,519       824,926
                                                 ------------  ------------

Gross profit                                        1,753,431       900,826
                                                 ------------  ------------

Operating expenses:
  General and administrative                        2,196,068     1,388,315
  Sales and marketing                               1,200,019       737,680
  Depreciation                                         28,420        40,437
                                                 ------------  ------------

    Total operating expenses                        3,424,507     2,166,432
                                                 ------------  ------------

Loss from operations                               (1,671,076)   (1,265,606)

Other expenses:
  Derative Loss                                       (15,470)            -
  Interest expense, net                              (298,947)     (174,456)
                                                 ------------  ------------

    Total other expenses                             (314,417)     (174,456)
                                                 ------------  ------------

Net loss                                         $ (1,985,493) $ (1,440,062)
                                                 ============  ============

Weighted average number of common shares
 outstanding - basic                               32,866,979    22,757,100
                                                 ============  ============

Weighted average number of common shares
 outstanding - fully diluted                       32,900,519    22,757,100
                                                 ============  ============

Net loss per share - basic and diluted           $      (0.06) $      (0.06)
                                                 ============  ============

       See Notes to these condensed consolidated financial statements

Contacts:

William “BJ” Santiago
President & Chief Executive Officer
GlobalWise Investments, Inc.
Email Contact
614-921-8170

Michael J. Porter
President
Porter, LeVay & Rose, Inc.
Email Contact
212-564-4700

Chanticleer (HOTR) Reports Improvements in Revenue, Gross Profit Margins

CHARLOTTE, NC–(Marketwired – April 02, 2013) – Chanticleer Holdings, Inc. (NASDAQ: HOTR) (“Chanticleer” or “the Company”), a minority owner in the privately held parent company of the Hooters® brand, Hooters of America (“HOA”), and a franchisee of international Hooters® restaurants, announced today its financial results for the fourth quarter and full year ended December 31, 2012.

Highlights Include:

• Restaurant revenue for the fourth quarter 2012 increased to $2.0 million, compared with $1.7 million in the third quarter 2012, an increase of 14.5%, and $980,000 in the year-ago fourth quarter. For the full year 2012, restaurant revenue was $6.8 million compared with $980,000 in the year-ago period. As of December 31, 2012, the Company had six restaurants (five consolidated and one joint venture) compared with three consolidated restaurants as of December 31, 2011.
• Gross profit margins for the fourth quarter 2012 were 61.4% compared with 58.2% in the third quarter 2012, and 48.5% in the year-ago fourth quarter. For the full year, gross profit margins were 59.1% compared with 48.5% in 2011.
• Same-store gross sales for restaurants opened more than a year increased 13.2% in local currency (Rands) and 5.2% in U.S. dollars for the fourth quarter 2012.
• Restaurant operating expenses for the fourth quarter 2012 were $1.1 million or 58.7% of restaurant revenue, compared with $598,000, or 61.0% for the year-ago quarter. For the full year 2012, restaurant operating expenses were $3.8 million, or 56.1% of revenue, compared with $598,000 or 61.0% for the full year 2011.
• The company opened three (two consolidated, one joint venture) new locations in 2012, and has targeted an additional four (three consolidated, one joint venture) locations for 2013.
• Net loss for the fourth quarter 2012 was $879,000, or $0.24 per share, compared with $667,000, or $0.53 per share for the year-ago fourth quarter. Net loss for the full year was $3.2 million, or $1.25 per share, compared with $1.2 million, or $0.98 per share.
• Restaurant EBITDA for the fourth quarter 2012 was $94,393 compared with $(20,625) in 2011; for the full year 2012 Restaurant EBITDA was $322,415 vs. $(20,625) in 2011.
• General and administrative (“G&A”) expenses for the fourth quarter 2012 were $784,000, or 39.7% of total revenue, compared with $488,000 or 48.4% in the year-ago fourth quarter. A portion of this increase was related to the Company’s South African operations’ accounting issues, which have been resolved. Full-year 2012 G & A was $2.6 million, or 38.0% of total revenue compared with $1.2 million, or 84.6% for the full year 2011.

Mike Pruitt, President and CEO of Chanticleer, commented, “2012 was a significant year for Chanticleer Holdings as we lay the foundation for growth in the four international regions we are doing business in, improved our gross profit margins to 61.4%, and produced a robust increase in same-store sales growth. Specifically, we increased our footprint in South Africa and also expanded to Hungary, bringing the iconic Hooters brand, and the American experience, to new audiences. We have implemented several operational initiatives in South Africa, updated our menu offerings in conjunction with Hooters of America, and have added several items to the menu that are attractive to health-conscious consumers and the female market.”

“We expect to open four new locations in 2013, to bring our total restaurants to 10. We are pleased with our expansion into Hungary, and look forward to moving ahead with our plans to increase our seating capacity in that restaurant with the opening of a new patio area, in time for the upcoming tourist season. While our Budapest location is our first entry into the Eastern Europe market, we are targeting other locations in that region. In addition to Eastern Europe, we are also focusing on opening in Rio de Janeiro, Brazil, and other South African cities. We believe we have a solid business model that will help us to propel our growth in our international markets.”

Use of Non-GAAP Measures

Chanticleer Holdings, Inc. prepares its consolidated financial statements in accordance with United States generally accepted accounting principles (“GAAP”). In addition to disclosing financial results prepared in accordance with GAAP, the company discloses information regarding EBITDA, which differs from the term EBITDA as it is commonly used. In addition to adjusting net income (loss) from continuing operations to exclude taxes, interest, and depreciation and amortization, EBITDA also excludes pre-opening costs for our restaurants. EBITDA is not a measure of performance defined in accordance with GAAP. However, EBITDA is used internally in planning and evaluating the company’s operating performance. Accordingly, management believes that disclosure of this metric offers investors, bankers and other stakeholders an additional view of the company’s operations that, when coupled with the GAAP results, provides a more complete understanding of the company’s financial results.

EBITDA should not be considered as an alternative to net loss or to net cash used in operating activities as a measure of operating results or of liquidity. It may not be comparable to similarly titled measures used by other companies, and it excludes financial information that some may consider important in evaluating the company’s performance. A reconciliation of GAAP net income (loss) to EBITDA is included in the accompanying financial schedules.

About Chanticleer Holdings, Inc.
Chanticleer Holdings is focused on expanding the Hooters® casual dining restaurant brand in international emerging markets. Chanticleer currently owns all 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 six Hooters restaurants in its international franchise territories: Durban, Johannesburg, Cape Town and Emperor’s Palace in South Africa; Campbelltown in Australia; and Budapest in Hungary.

In 2011, Chanticleer and a group of noteworthy private equity investors, which included H.I.G. Capital, KarpReilly, LLC and Kelly Hall, president of Texas Wings Inc., the largest Hooters franchisee in the United States, acquired Hooters of America (HOA), a privately held company. Today, HOA is the franchisor and operator of over 430 Hooters® restaurants in 28 countries. Chanticleer maintains a minority ownership stake in HOA and its CEO, Mike Pruitt, is also a member of HOA’s Board of Directors.

For further information, please visit www.chanticleerholdings.com
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

Safe Harbor/Risk Factors
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on expectations, forecasts, and assumptions by our management and involve a number of risks, uncertainties, and other factors that could cause actual results to differ materially from those stated, including, without limitation:

• Operating losses continuing for the foreseeable future; we may never be profitable;
• Our business strategy includes operating a new line of business that is distinct and separate from our primary existing operations, which could be subject to additional business and operating risks;
• Inherent risks in expansion of operations, including our ability to acquire additional territories, generate profits from new restaurants, find suitable sites and develop and construct locations in a timely and cost-effective way;
• General risk factors affecting the restaurant industry, including current economic climate, costs of labor and food prices;
• Intensive competition in our industry and competition with national, regional chains and independent restaurant operators;
• Our rights to operate and franchise Hooters-branded restaurants are dependent on the Hooters’ franchise agreements;
• Our business depends on our relationship with Hooters;
• We do not have full operational control over the businesses of our franchise partners;
• Failure by Hooters to protect its intellectual property rights, including its brand image;
• Our business has been adversely affected by declines in discretionary spending and may be affected by changes in consumer preferences;
• Increases in costs, including food, labor and energy prices;
• Our business and the growth of our Company is dependent on the skills and expertise of management and key personnel;
• Constraints could effect our ability to maintain competitive cost structure, including, but not limited to labor constraints;
• Work stoppages at our restaurants or supplier facilities or other interruptions of production;
• Our food service business and the restaurant industry are subject to extensive government regulation;
• We may be subject to significant foreign currency exchange controls in certain countries in which we operate;
• Inherent risk in foreign operation;
• We may not attain our target development goals and aggressive development could cannibalize existing sales;
• Current conditions in the global financial markets and the distressed economy;
• A decline in market share or failure to achieve growth;
• Unusual or significant litigation, governmental investigations or adverse publicity, or otherwise;
• Adverse effects on our operations resulting from the current class action litigation in which the Company is one of several defendants;
• Adverse effects on our results from a decrease in or cessation or clawback of government incentives related to investments;
• Adverse effects on our operations resulting from certain geo-political or other events.

Chanticleer cannot be certain that any expectation, forecast, or assumption made in preparing any forward-looking statements will prove accurate, or that any projection will be realized. It is to be expected that there may be differences between projected and actual results. The statements in this press release are made as of the date of this press release, even if subsequently made available by the Company on its Web site or otherwise. We undertake no obligation to update the forward-looking statements provided to reflect events or circumstances that occur after the date on which they were made. Further information on our business, including important factors which could affect actual results are discussed in the Company’s filings with the SEC, including its Annual Report on Form 10-K under the headings “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations.”

                Chanticleer Holdings, Inc. and Subsidiaries
                        Consolidated Balance Sheets
                         December 31, 2012 and 2011
                                                     2012          2011
                                                 ------------  ------------
                     ASSETS                       (Unaudited)
Current assets:
  Cash                                           $  1,248,274  $    165,129
  Accounts receivable                                 161,073       108,714
  Other receivable                                     85,473        42,109
  Inventory                                           227,023       105,073
  Due from related parties                            137,763        76,591
  Prepaid expenses                                    170,769       144,347
                                                 ------------  ------------
    TOTAL CURRENT ASSETS                            2,030,375       641,963
Property and equipment, net                         2,316,146     1,505,059
Goodwill                                              396,487       396,487
Intangible assets, net                                559,832       325,084
Investments at fair value                              56,949       318,353
Other investments                                   2,116,915     1,582,148
Deposits and other assets                             169,727        29,605
                                                 ------------  ------------
    TOTAL ASSETS                                 $  7,646,431  $  4,798,699
                                                 ============  ============ 

      LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
  Current maturities of long-term debt and notes
   payable                                       $    236,110  $  1,171,855
  Convertible notes payable                                 -     1,625,000
  Accounts payable and accrued expenses             1,122,633       478,005
  Other current liabilities                           361,586       330,607
  Current maturities of capital leases payable         27,965        41,590
  Deferred rent                                        10,825        43,225
  Due to related parties                               13,733        30,204
                                                 ------------  ------------
    TOTAL CURRENT LIABILITIES                       1,772,852     3,720,486
Capital leases payable, less current maturities        60,518        85,853
Deferred rent                                          98,448         7,162
Other liabilities                                     186,060       263,321
Long-term debt, less current maturities                     -       236,109
                                                 ------------  ------------
    TOTAL LIABILITIES                               2,117,878     4,312,931
                                                 ------------  ------------
Commitments and contingencies (Note 14)                                     

Stockholders' equity:
  Common stock: $0.0001 par value; authorized
   20,000,000 and 200,000,000 shares; issued
   3,698,896 shares and 1,506,061 shares; and
   outstanding 3,698,896 and 1,249,446 shares at
   December 31, 2012 and 2011, respectively               370           151
  Additional paid in capital                       14,898,423     6,459,656
  Other comprehensive (loss) income                  (181,741)       50,650
  Non-controlling interest                             70,198       593,863
  Accumulated deficit                              (9,258,697)   (6,092,132)
  Less treasury stock, 256,615 shares at
   December 31, 2011                                        -      (526,420)
                                                 ------------  ------------
                                                    5,528,553       485,768
                                                 ------------  ------------
    TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY   $  7,646,431  $  4,798,699
                                                 ============  ============

              Chanticleer Holdings, Inc. and Subsidiaries
                 Consolidated Statements of Operations                        

                           Three months ended             Years ended
                              December 31,                December 31,
                       --------------------------  --------------------------
                           2012          2011          2012          2011
                       ------------  ------------  ------------  ------------
                        (Unaudited)   (Unaudited)   (Unaudited)
                       ------------  ------------  ------------
Revenue:
  Restaurant sales,
   net                 $  1,958,073  $    980,247  $  6,752,323  $    980,247
  Management fee
   income - non-
   affiliates                25,000        26,500       100,000       493,167
  Management fee
   income - affiliates       (7,815)        1,485        30,743         3,235
                       ------------  ------------  ------------  ------------
    Total revenue         1,975,258     1,008,232     6,883,066     1,476,649
Expenses:
  Restaurant cost of
   sales                    756,235       504,971     2,761,949       504,971
  Restaurant operating
   expenses               1,148,794       594,401     3,785,034       594,401
  Restaurant pre-
   opening expenses          13,959         3,824       204,126         3,824
  General and
   administrative
   expense                  784,435       487,590     2,618,368     1,249,749
  Depreciation and
   amortization             118,386        71,969       383,454        79,542
                       ------------  ------------  ------------  ------------
    Total expenses        2,821,809     1,662,755     9,752,931     2,432,487
                       ------------  ------------  ------------  ------------
Loss from operations       (846,551)     (654,523)   (2,869,865)     (955,838)
Other income (expense)
  Equity in earnings
   (losses) of
   investments               (4,329)      (66,857)      (14,803)      (76,113)
  Realized (losses)
   gains from sales of
   investments              (16,598)       74,362       (16,598)       94,353
  Other (expense)
   income                      (816)            -           864         5,017
  Interest expense          (42,131)     (119,591)     (474,926)     (183,467)
  Other than temporary
   decline in
   available-for-sale
   securities                     -             -             -      (147,973)
                       ------------  ------------  ------------  ------------
    Total other
     expense                (63,874)     (112,086)     (505,463)     (308,183)
                       ------------  ------------  ------------  ------------
Net loss before income
 taxes                     (910,425)     (766,609)   (3,375,328)   (1,264,021)
    Provision for
     income taxes            11,208             -        19,205             -
                       ------------  ------------  ------------  ------------
Net loss before non-
 controlling interest      (921,633)     (766,609)   (3,394,533)   (1,264,021)
    Non-controlling
     interest                42,257        99,932       227,968       101,307
                       ------------  ------------  ------------  ------------
Net loss               $   (879,376) $   (666,677) $ (3,166,565) $ (1,162,714)
                       ============  ============  ============  ============ 

Net loss per share,
 basic and diluted     $      (0.24) $      (0.53) $      (1.25) $      (0.98)
                       ============  ============  ============  ============
Weighted average
 shares outstanding       3,698,896     1,249,428     2,541,696     1,185,018
                       ------------  ------------  ------------  ------------

Chanticleer Holdings, Inc. and Subsidiaries
Consolidated Statements of Operations
(Unaudited)
                                                Three months ended
                                      -------------------------------------
                                      December 31, 2012  September 30, 2012
                                      -----------------  ------------------
Revenue:
  Restaurant sales, net               $       1,958,073  $        1,710,632
  Management fee income - non-
   affiliates                                    25,000              25,000
  Management fee income - affiliates             (7,815)             31,880
                                      -----------------  ------------------
    Total revenue                             1,975,258           1,767,512
Expenses:
  Restaurant cost of sales                      756,235             714,551
  Restaurant operating expenses               1,148,794             943,618
  Restaurant pre-opening expenses                13,959             125,947
  General and administrative expense            784,435             666,300
  Depreciation and amortization                 118,386              97,883
                                      -----------------  ------------------
    Total expenses                            2,821,809           2,548,299
                                      -----------------  ------------------
Loss from operations                           (846,551)           (780,787)
Other income (expense)
  Equity in earnings (losses) of
   investments                                   (4,329)             33,412
  Realized losses from sales of
   investments                                  (16,598)                  -
  Other (expense) income                           (816)              1,680
  Interest expense                              (42,131)            (39,583)
                                      -----------------  ------------------
    Total other expense                         (63,874)             (4,491)
                                      -----------------  ------------------
Net loss before income taxes                   (910,425)           (785,278)
    Provision for income taxes                   11,208               7,997
                                      -----------------  ------------------
Net loss before non-controlling
 interest                                      (921,633)           (793,275)
    Non-controlling interest                     42,257              53,509
                                      -----------------  ------------------
Net loss                              $        (879,376) $         (739,766)
                                      =================  ================== 

Net loss per share, basic and diluted $           (0.24) $            (0.20)
                                      =================  ==================
Weighted average shares outstanding           3,698,896           3,698,896
                                      =================  ==================

                Chanticleer Holdings, Inc. and Subsidiaries
                   Consolidated Statements of Cash Flows
               For the Years Ended December 31, 2012 and 2011               

                                                     2012          2011
                                                 ------------  ------------
Cash flows from operating activities:             (Unaudited)
Net loss                                         $ (3,394,533) $ (1,264,021)
Adjustments to reconcile net loss to net cash
 used in operating activities:
  Other than temporary decline in value of
   available-for-sale securities                            -       147,973
  Bad debt expense - related party                          -           750
  Consulting and other services rendered in
   exchange for investment securities                       -        (1,500)
  Depreciation and amortization                       383,454        79,542
  Equity in (earnings) loss of investments             14,803        76,113
  Common stock issued for services                     32,400        74,573
  Loss (gain) on sale of investments                   16,598       (94,353)
  Revaluation of equity investment prior to
   acquisitions                                             -        74,362
  Amortization of warrants                            169,201        35,247
  Increase in amounts due from affiliate              (77,643)      (54,217)
  Increase in accounts receivable                     (52,359)      (81,528)
  Increase in other receivable                        (43,364)      (42,109)
  Increase in prepaid expenses and other assets      (125,368)      (58,690)
  Increase in inventory                              (121,950)      (36,676)
  Increase (decrease) in accounts payable and
   accrued expenses                                   785,965       (30,701)
  Increase in deferred rent                            58,886        20,308
  Decrease in deferred revenue                              -        (1,750)
                                                 ------------  ------------
    Net cash used by operating activities          (2,353,910)   (1,156,677)
                                                 ------------  ------------ 

Cash flows from investing activities:
  Proceeds from sale of investments                         -       190,325
  Investment distribution                                   -         8,140
  Purchase of investments                          (1,202,936)   (1,502,247)
  Franchise costs                                    (239,684)      (75,000)
  Purchase of property and equipment               (1,173,801)     (219,811)
  Treasury stock proceeds                                   -        26,400
                                                 ------------  ------------
    Net cash used by investing activities          (2,616,421)   (1,572,193)
                                                 ------------  ------------ 

Cash flows from financing activities:
  Proceeds from sale of common stock                7,051,464           500
  Proceeds from sale of common stock warrants,
   net                                                      -        20,608
  Loan proceeds                                     2,915,000     2,790,000
  Loan repayment                                   (3,939,098)       (7,036)
  Capital lease payments                              (45,814)      (13,970)
  Non-controlling interest investment                  90,000             -
  Other liabilities                                   (46,282)       62,262
                                                 ------------  ------------
    Net cash provided by financing activities       6,025,270     2,852,364
  Effect of exchange rate changes on cash              28,206        (4,372)
                                                 ------------  ------------
Net increase in cash and cash equivalents           1,083,145       119,122
Cash, beginning of year                               165,129        46,007
                                                 ------------  ------------
Cash, end of year                                $  1,248,274  $    165,129
                                                 ============  ============

Reconciliation of net income (loss) to EBITDA
Unaudited                                                                   

Year ended December 31,
 2012:
                          South Africa   Hungary    Management     Totals
                         -------------  ---------  -----------  -----------
Net loss                 $     (30,940) $(303,128) $(2,832,497) $(3,166,565)
  Interest expense              53,339          -      421,587      474,926
  Pre-opening costs             37,772    166,354            -      204,126
  Depreciation and
   amortization                334,520     45,293        3,641      383,454
  Income taxes                  19,205          -            -       19,205
                         -------------  ---------  -----------  -----------
EBITDA                   $     413,896  $ (91,481) $(2,407,269) $(2,084,854)
                         =============  =========  ===========  =========== 

Year ended December 31,
2011:
                          South Africa   Hungary    Management     Totals
                         -------------  ---------  -----------  -----------
Net loss                 $    (103,310) $       -  $(1,059,404) $(1,162,714)
  Interest expense               7,332          -      176,135      183,467
  Pre-opening costs              3,824          -            -        3,824
  Depreciation and
   amortization                 71,529          -        8,013       79,542
                         -------------  ---------  -----------  -----------
EBITDA                   $     (20,625) $       -  $  (875,256) $  (895,881)
                         =============  =========  ===========  =========== 

Three months ended
December 31, 2012:
                          South Africa   Hungary    Management     Totals
                         -------------  ---------  -----------  -----------
Net income (loss)        $      23,153  $ (86,338) $  (816,211) $  (879,396)
  Interest expense              15,824          -       26,307       42,131
  Pre-opening costs                  -     13,959            -       13,959
  Depreciation and
   amortization                 86,619     29,968        1,799      118,386
  Income taxes                  11,208          -            -       11,208
                         -------------  ---------  -----------  -----------
EBITDA                   $     136,804  $ (42,411) $  (788,105) $  (693,712)
                         =============  =========  ===========  =========== 

Three months ended
December 31, 2011:                                                          

                          South Africa   Hungary    Management     Totals
                         -------------  ---------  -----------  -----------
Net loss                 $    (103,310) $       -  $  (563,367) $  (666,677)
  Interest expense               7,332          -      112,259      119,591
  Pre-opening costs              3,824          -            -        3,824
  Depreciation and
   amortization                 71,529          -          440       71,969
                         -------------  ---------  -----------  -----------
EBITDA
                         $     (20,625) $       -  $  (450,668) $  (471,293)
                         =============  =========  ===========  ===========

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

American Spectrum Realty (AQQ) Reports 2012 Year End Results

American Spectrum Realty, Inc. (NYSE MKT: AQQ) (“the Company”), a real estate investment, management and leasing company headquartered in Houston, Texas, announced today its results for the year ended December 31, 2012.

Corporate general and administrative expenses decreased by approximately $1.7 million for the year ended December 31, 2012 compared to the year ended December 31, 2011. The decrease was in large part attributable to a reduction in corporate personnel costs and professional fees through streamlined operations. In 2012, the Company relocated its accounting department from Irvine, California to Houston, Texas, thereby reducing annual costs by approximately $0.5 million. This restructuring has allowed the Company to reduce redundancy between its two corporate office locations and provide more efficient service to third-party management clients. The decrease was also due to a decrease in legal costs, primarily related to the Evergreen lawsuit incurred in 2011, as well as other cost cutting measures implemented by management.

Rental revenue for the year ended December 31, 2012 decreased by approximately $3.7 million compared to the year ended December 31, 2011. The decrease in rental revenue was primarily due the deconsolidation of variable interest entities (“VIE’s”), which resulted in a reduction in rental revenue of approximately $4.3 million. Rental revenue from our VIE properties consolidated for the full years 2012 and 2011 increased by approximately $0.6 million, primarily due to an increase in occupancy. Rental revenue for our owned properties was virtually unchanged. The weighted average occupancy of all properties consolidated was 80% at December 31, 2012.

Net income attributable to common stockholders for the year ended December 31, 2012 was $1.2 million, or $0.40 per share, compared to net income of $3.8 million, or $1.32 per share for the year ended December 31, 2011. The net income for 2012 included income from discontinued operations of $8.3 million, compared to income from discontinued operations of $12.6 million for 2011.

The Company’s Funds From Operations (FFO), a widely accepted supplemental measure of REIT performance established by the National Association of Real Estate Investment Trusts, was $(3.8) million for the year ended December 31, 2012 compared to $2.1 million for the year ended December 31, 2011. The Company’s business is the ownership, operation and management of real estate. It believes that FFO is helpful to investors when measuring operating performance because it excludes various items that are considered in the determination of net income or loss that do not relate to or are not indicative of operating performance, such as gains or losses from sales of operating properties and depreciation and amortization, which can make periodic and peer analyses of operating performance more difficult. The following table reflects the reconciliation of FFO to net income attributable to the Company, the most directly comparable Generally Accepted Accounting Principles measure, for the year ended December 31, 2012 and December 31, 2011 (in thousands):

American Spectrum Realty, Inc. is a real estate investment company that owns, through an operating partnership, interest in office, industrial self-storage, retail and multi-family properties throughout the United States. The Company has been publicly traded since 2001. American Spectrum Management Group, Inc., a wholly-owned subsidiary of the Company, manages and leases all properties owned by American Spectrum Realty, Inc. as well as for third-party clients.

American Spectrum Management Group, Inc. provides first-class management and leasing services for office, industrial, retail, self-storage, student housing and multi-family properties totaling over 10 million square feet in multiple states. For more information, visit www.asrmanagement.com or call 713-706-6200.

Certain matters discussed in this release are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those projected, including the risks and uncertainties of acquiring, owning, operating and disposing of real estate. Such risks and uncertainties are disclosed in the Company’s past and current filings with the U.S. Securities and Exchange Commission.

– Financial Tables Follow –

Industrial Services of America (IDSA) Announces Exclusive Management Contract

Industrial Services of America, Inc. (NASDAQ: IDSA), a company that buys, processes and markets ferrous and non-ferrous metals and other recyclable commodities for domestic users and export markets, and offers programs and equipment to help businesses manage waste, today announced that it has entered into a management agreement with Louisville-based Blue Equity, LLC (“Blue Equity”).

For a 12 month term beginning April 1, 2013, Blue Equity will provide management services to Industrial Services of America, Inc. (“ISA”), including working with ISA’s existing management team to review operations and identify opportunities for growth and profitability. ISA’s Board of Directors considers Blue Equity’s role as a key to ISA’s future plans to develop and improve upon its core business operations, enhance the current platform, secure strategic alliances and to diversify corporate holdings in domestic and international markets.

Blue Equity’s Chairman and Managing Director, Jonathan Blue, has extensive experience in the scrap recycling business. The Blue family owned and operated Louisville Scrap Material Company, which became a worldwide leader in the industry. Blue represented the fourth generation of his family to operate, grow and transform the business. He expanded the business into international railroad and other markets to become one of the largest suppliers to railroads and rail-related enterprises. In 1998, the company was sold to the largest worldwide operator in the sector, Progress Rail Services Corporation, now owned by Caterpillar (CAT-NYSE). Other Blue Equity executives have also worked in the scrap and recycling-related businesses.

“Blue Equity’s business philosophies and practices have successfully transcended a diverse range of industries and now it seems we have come full circle, returning with this transaction to the scrap and recycling businesses. We look forward to working together with our partners at ISA to realize our shared vision for the future,” said Jonathan S. Blue, Chairman and Managing Director of Blue Equity, LLC.

Harry Kletter, ISA’s Chief Executive Officer and Founder, commented, “I have known Jonathan Blue his entire life and have watched him develop into one of the region’s most successful businessmen. He and his team have an impressive track record which I am confident will benefit our company and our shareholders. I am thrilled that he and his team have agreed to take ISA into a new era of growth.”

“I am pleased to be able to build upon the 60 years of hard work and vision Harry Kletter has contributed to ISA and I hope to honor his contribution by taking ISA to the next level,” concluded Blue.

Also on April 1, 2013, ISA issued 125,000 shares of its common stock to Blue Equity in a private placement at a per share purchase price of $4.00. Subject to shareholder approval and vesting provisions, ISA granted options for a total of 1,500,000 shares of its common stock to Blue Equity at an exercise price per share of $5.00.

About Blue Equity

Blue Equity, LLC (www.blueequity.com) is an independent, private equity firm investing both growth capital and business expertise in enterprises with solid development potential. Blue Equity forms strategic partnerships with existing management teams, leveraging expertise and relationships to stabilize, strengthen and grow lasting value. Investment efforts and managerial expertise are focused on the operation of a global and diversified portfolio of business enterprises, including opportunities in oil and gas, media, distribution, healthcare, art commerce, defense, financial services and real estate. Blue Equity is dedicated to helping businesses grow by accelerating opportunity and driving innovation to the marketplace.

About ISA

Headquartered in Louisville, Kentucky, Industrial Services of America, Inc., is a publicly traded company whose core business is buying, processing and marketing scrap metals and recyclable materials for domestic users and export markets. Additionally, ISA offers commercial, industrial and business customers a variety of programs and equipment to manage waste. More information about ISA is available at www.isa-inc.com.

This news release contains forward-looking statements that involve risks and uncertainties that could cause actual results to differ from predicted results. Specific risks include fluctuations in the price of recycled materials, varying demand for waste managing systems, equipment and services, competitive pressures in waste managing systems and equipment, competitive pressures in the waste managing business, and loss of customers. Further information on factors that could affect ISA’s results is detailed in ISA’s filings with the Securities and Exchange Commission. ISA undertakes no obligation to publicly release the results of any revisions to the forward-looking statements.

Bovie Medical (BVX) Announces Fiscal Year 2012 Financial Results

MELVILLE, N.Y., April 1, 2013 /PRNewswire/ — Bovie Medical Corporation (the “Company”) (NYSE Amex: BVX), a manufacturer and marketer of electrosurgical products, today announced its financial results for the year ended December 31, 2012 and fourth quarter.

Revenues for the year ended December 31, 2012 increased 8.9% to $27.7 million versus $25.4 million for the comparable period the prior year. Net income for FY 2012 totaled $617,000 or $.03 per diluted share compared to $109,000 or $.01 diluted share in the same period last year. Higher sales resulted from increased general demand in all segments of Bovie’s business.

Revenues for the quarter ended December 31, 2012 were $6.8 million versus $6.2 million in the comparable period last year; resulting in net income of $285,000 or $.02 per diluted share after the effects of adjusting the quarterly tax provision and gain on the valuation of our warrant liability.  For the fourth quarter of FY 2011 the Company reported a loss of $(875,000) or $(.05) per diluted share, which included a recognized $1,591,000 expense for the transfer of inventory and intellectual property related to a legal settlement.

In a March 2011 news release, mention was made of an anticipated developmental and manufacturing agreement with a large medical device company.  Due to modified specifications yet to be finalized, discussions are continuing.

J-Plasma™ News

On Monday, March 25 in Las Vegas, NV the Company completed the second in a series of surgical courses designed to introduce J-Plasma™ to surgeons, clinicians and sales representatives from across the U.S.  The first course was held in Nashville, TN on Thursday, March 21^st.  Both went smoothly with excellent results.  The courses are given to optimize the surgeons experience allowing the return to their respective practices and hospitals with a full understanding of J-Plasma™ and its potential.  Judging from surgeon attendee responses it is expected that a high percentage of these surgeons will commit to the use of J-Plasma™.

Royce T. Adkins, M.D., well-known researcher and gynecology surgeon, who lectured the Nashville surgical course, stated: “These courses allow surgeons from multiple disciplines to familiarize with J-Plasma™, hence becoming quickly proficient in a safe environment and, importantly, provide a better patient outcome.”

Jeff Rencher, V.P. of Sales for Surgical Production stated:  “Our representatives have done an outstanding job in introducing J-Plasma™ to large parts of the U.S.  The high level of interest resulting from these courses clearly demonstrates J-Plasma’s™ broadening appeal.”

In recent news, the U.S. Patent and Trademark Office issued a notification that a patent will issue for Bovie’s “Electrosurgical Device to Generate a Plasma Stream.”  The issue date is April 2, 2013.  Currently, there are five patents issued on J-Plasma™ and another six pending.

In other news, management is pleased to report that on February 21, 2013, Bovie Medical’s President and Chief Sales and Marketing Officer, J. Robert Saron was inducted into the Medical Distribution Hall of Fame in Atlanta Georgia.  Mr. Saron is one of only three individuals in the medical device industry to have received the Industry Award of Distinction from the Health Industry Distributors Association, The Leonard Berke Achievement Award from the Healthcare Manufacturers Management Council and be inducted into the Medical Distribution Hall of Fame.

Cautionary Note on Forward-Looking Statements

Certain matters discussed in this news release and oral statements made from time to time by representatives of the Company may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the Federal securities laws.  Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved.

Forward-looking information is subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected.  Many of these factors are beyond the Company’s ability to control or predict.  Important factors that may cause actual results to differ materially and that could impact the Company and the statements contained in this news release can be found in the Company’s filings with the Securities and Exchange Commission including the Company’s Report on Form 10‑K for the year ended December 31, 2012.  For forward-looking statements in this new release, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.  The Company assumes no obligation to update or supplement any forward-looking statements whether as a result of new information, future events or otherwise.

For further information about the Company’s current and new products, please refer to the Investor Relations section of Bovie’s website www.boviemed.com.

For further information contact:

Bovie Medical Investor Relations and Shareholder Information

Joseph M. Vazquez III
Phone: (800) 448-7097
Email: infinityglobalconsulting@gmail.com

Gastar (GST) Announces Mid-Continent Acquisition, Resolution of Litigation

HOUSTON, April 1, 2013 /PRNewswire/ — Gastar Exploration Ltd. (NYSE MKT: GST) today announced that it has entered into a definitive agreement to acquire proven reserves and undeveloped leasehold interests in Kingfisher and Canadian counties, Oklahoma from Chesapeake Energy Corporation, repurchase Chesapeake’s common shares of the Company and settle all litigation for $85 million.  The acquisition includes drilling rights omin approximately 157,000 net acres that adjoin Gastar’s existing Mid-Continent acreage and approximately 2.8 MMBoe of proven reserves. The transaction is expected to close on or before June 7, 2013, subject to customary closing adjustments, and with a property purchase effective date of October 1, 2012.

“This acquisition of undeveloped acreage and producing properties in our Mid-Continent area will provide us a tremendous opportunity to secure a much larger position in what we believe has the potential to be a highly prolific new oil play,” said J. Russell Porter, Gastar’s President and CEO.  “Based on existing data, nearly half of the acquired acreage lies within what we expect to be the most prospective area for horizontal drilling of the Hunton Limestone formation. Found at depths of 8,000 to 9,000 feet, this formation is the horizontal target of our previously undisclosed Mid-Continent Oil Play.

“We are currently seeing compelling results from the second well in our Mid-Continent joint venture, the Mid-Con 2H well, which has averaged production of more than 968 barrels (87% oil) of crude oil equivalent per day for the last ten days, with only a small percentage of the completion fluids recovered since production began in mid-February.  Based on internal projections, we believe that Hunton formation wells have the potential for average gross recoverable reserves of approximately 430,000 barrels of oil equivalent.  With an estimated $5.2 million drilling and completion cost per well, we are anticipating very attractive rates of return.”

“Our current plan is to drill approximately 12 gross (6.0 net) wells in 2013, of which eight are within the existing area of mutual interest (“AMI”) previously established in our Mid-Continent joint venture. Our first well outside of our existing Mid-Continent joint venture AMI, which will be operated by Gastar, is expected to spud late in the third quarter.  In 2014, we plan to drill eight wells (4.0 net) within the existing AMI and 16 operated wells (8.0 net) outside the AMI.  These wells will target the Hunton Limestone with lateral lengths of approximately 4,000 to 4,500 feet.  With this acquisition, we now have over 250 net potential drilling locations in our Mid-Continent play,” Porter said.

Included in the transaction are 176 producing wells (half to be operated by Gastar) with an estimated present value of proved reserves (discounted at 10% using NYMEX futures pricing as of March 8, 2013) of $32.4 million, which holds approximately 19% of the acreage by production.  Current net daily production is approximately 177 Bbls of crude oil, 54 Bbls of NGLs and 3.5 MMcf of natural gas.  Net proved reserves associated with the transaction include 494,269 barrels of oil, 270,508 barrels of natural gas liquids (NGLs) and 12.5 Bcf of natural gas, for a total of 2.8 MMBoe.  These reserves are all classified as proved developed producing.

In conjunction with the acquisition, Gastar agreed to repurchase from Chesapeake 6,781,768 shares of Gastar common stock (approximately 9.9% of Gastar’s total outstanding common shares) at a price of $1.44 per share based on a twenty day moving average price as of Friday, March 22, which represents 100% of Chesapeake’s holdings in Gastar.  In addition, Gastar and Chesapeake have agreed to settle all current litigation between the two companies, conditioned upon the closing of the stock purchase. As previously disclosed, Chesapeake filed a lawsuit against Gastar in October 2012 in U.S. District Court for the Southern District of Texas seeking rescission of certain 2005 transactions with Gastar and reimbursement of additional well costs stated to have been expended by them.

The closing of the proposed property acquisition, stock repurchase and settlement for $85 million is subject to satisfaction of customary closing conditions and delivery of the total acquisition purchase of $75.2 million (subject to adjustment for an acquisition effective date of October 1, 2012) and stock repurchase price of $9.8 million on or before June 7, 2013. In the event that Gastar does not close the acquisition by such date, Chesapeake may terminate the property acquisition agreement, but Gastar may elect to pay for the stock repurchase and effect the lawsuit settlement assuming sufficient funding is available.

The transactions are expected to be funded from a combination of Gastar’s available borrowings under its revolving credit facility, proceeds from the possible sale of East Texas assets and the issuance of debt or preferred stock.  Subsequent to closing, Gastar also intends to pursue a joint venture partner for the new acreage to reduce the company’s debt and help fund the planned exploration and development program.

Update on Existing Mid-Continent Acreage

Gastar’s previously acquired Mid-Continent oil play acreage consists of approximately 51,700 gross (21,700 net) acres in Major, Garfield and Kingfisher counties in Oklahoma acquired in a joint venture with a third party operator.  The primary target of this acreage is also the Hunton Limestone formation.  Gastar’s second well in the play began producing on February 15 and has produced a daily average rate for the most recent ten days of 853 barrels of oil, 687 Mcf of natural gas and 411 barrels of completion fluids.  Less than 7% of completion fluids have been recovered to date.  The production rates to date from the second well have significantly exceeded those of the first well due to better placement of the lateral within the formation and improved completion techniques.

Completion operations are underway on a third horizontal well in Gastar’s existing Mid-Continent acreage, with initial flow back operations expected to commence in mid-April.  This well has a 4,300-foot horizontal lateral that is being completed using the same techniques employed on the second well.  A fourth horizontal well was spud on February 16 and completion operations should commence early April.

Gastar’s existing acreage is subject to a joint venture with a third party operator which includes an area of mutual interest (AMI) that includes approximately 20,000 net acres that are being acquired in these transactions.  Our existing partner will have the right to participate in the acquisition of 50% of the proved reserves and leasehold within the existing AMI on the same terms as Gastar is acquiring these interests.

Conference Call

Gastar’s management team will hold a conference call with an accompanying slide presentation to review this transaction on Monday, April 1 at 10:30 a.m. Eastern Time (9:30 a.m. Central Time).  To participate in the call, dial 888-450-9962 and ask for the Gastar Exploration conference call.  The slide presentation can be viewed and downloaded by going to the Investor Relations section of the Company’s website at www.gastar.com.  The call will also be webcast live over the Internet and can be accessed from Gastar’s website.  To listen to the live call on the Internet, please visit the website at least 10 minutes early to register and download any necessary audio software.  An archive will be available shortly after the call.  A telephone replay will be accessible through April 8, 2013, by dialing 800-804-7944 and following the instructions. For more information, please contact Donna Washburn at Dennard-Lascar Associates at 713-529-6600 or e-mail dwashburn@DennardLascar.com.

About Gastar Exploration

Gastar Exploration Ltd. is an independent company engaged in the exploration, development and production of natural gas and oil in the United States.  Gastar’s principal business activities include the identification, acquisition, and subsequent exploration and development of natural gas and oil properties with an emphasis on unconventional reserves, such as shale resource plays. Gastar is currently pursuing the development of liquids-rich natural gas in the Marcellus Shale in the Appalachia area of West Virginia and, to a lesser extent, central and southwestern Pennsylvania. Gastar also holds prospective acreage in the deep Bossier play in the Hilltop area of East Texas and in the Mid-Continent area of the United States.  For more information, visit Gastar’s website at www.gastar.com.

Safe Harbor Statement and Disclaimer

This news release includes “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.  Forward looking statements give our current expectations, opinion, belief or forecasts of future events and performance.  A statement identified by the use of forward looking words including “may,” “expects,” “projects,” “anticipates,” “plans,” “believes,” “estimate,” “will,” “should,” and certain of the other foregoing statements may be deemed forward-looking statements.  Although Gastar believes that the expectations reflected in such forward-looking statements have a reasonable basis, these statements involve risks and uncertainties that may cause actual future activities and results to be materially different from those suggested or described in this news release.  These include risks inherent in natural gas and oil drilling and production activities, including risks of fire, explosion, blowouts, pipe failure, casing collapse, unusual or unexpected formation pressures, environmental hazards, and other operating and production risks, which may temporarily or permanently reduce production or cause initial production or test results to not be indicative of future well performance or delay the timing of sales or completion of drilling operations; delays in receipt of drilling permits; risks with respect to natural gas and oil prices, a material decline in which could cause Gastar to delay or suspend planned drilling operations or reduce production levels; risks relating to the availability of capital to fund drilling operations that can be adversely affected by borrowing base redeterminations by our banks, adverse drilling results, production declines and declines in natural gas and oil prices; risks relating to unexpected adverse developments in the status of properties; risks relating to the absence or delay in receipt of government approvals or fourth party consents; and other risks described in Gastar’s Annual Report on Form 10-K and other filings with the SEC, available at the SEC’s website at www.sec.gov.

Our actual sales production rates can vary considerably from tested initial production rates depending upon completion and production techniques and our primary areas of operations are subject to natural steep decline rates. Estimates of the potential for gross recoverable reserves contained herein were made internally after evaluation of limited production histories of wells drilled recently in the play by other operators.  Horizontal drilling in the Hunton formation in this area is a relatively new play with a limited production history and, as a result, such estimates may be subject to more uncertainties than those in more established plays.  Individual well reserves will vary and such estimates may prove to be incorrect.  By issuing forward looking statements based on current expectations, opinions, views or beliefs, Gastar has no obligation and, except as required by law, is not undertaking any obligation, to update or revise these statements or provide any other information relating to such statements.

China Housing & Land Development (CHLN) Announces Fourth Quarter 2012 Financials

XI’AN, China, April 1, 2013 /PRNewswire/ — China Housing & Land Development, Inc. (“China Housing” or the “Company;” Nasdaq: CHLN) today announced its financial results for the quarter ended December 31, 2012.

Highlights for Q4 2012:

Total revenue in the fourth quarter of 2012 increased 112.8% to $61.5 million from $28.9 million in the third quarter of 2012 and increased 28.5% from $47.9 million in the fourth quarter of 2011. Other revenue in the fourth quarter of 2012 increased to $21.3 million from $4.8 million in the third quarter of 2012 and increased from $3.0 million in the fourth quarter of 2011.

• Total gross floor area (“GFA”) sales were 27,853 sq. meters during the fourth quarter of 2012, compared to 12,773 sq. meters in the third quarter of 2012 and 44,631 sq. meters in the fourth quarter of 2011.
• Average residential selling price (“ASP”) in the fourth quarter of 2012 was RMB 5,137, compared with RMB 6,359 in the third quarter of 2012, and RMB 6,301 in the fourth quarter of 2011.
• Gross profit increased 280.2% to $21.1 million from $5.6 million in the third quarter of 2012 and increased 206.6% from $6.9 million in the fourth quarter of 2011. Fourth quarter 2012 gross margin was 34.3% compared to 19.2% in the third quarter of 2012 and 14.4% in the fourth quarter of 2011.
• SG&A expenses as a percentage of total revenue decreased to 9.3%, compared to 12.9% in the third quarter of 2012 and increased from 7.0% in the fourth quarter of 2011.
• Operating income increased significantly to $14.8 million from $1.6 million in the third quarter of 2012, and $2.4 million in the fourth quarter of 2011.
• Net income attributable to the Company in the fourth quarter of 2012 was $11.5 million, or $0.33 per diluted share.

Mr. Pingji Lu, China Housing’s Chairman, commented, “We are pleased to announce very strong financial results for the fourth quarter of 2012, which marks the fourth consecutive quarter in which we’ve exceeded our guidance forecast. Our fourth quarter 2012 revenue increased significantly compared to the prior quarter, which is reflective of the ongoing improvement in the Xi’an housing market and the successful execution of our development projects. Puhua Phase II, Puhua Phase I and JunJing III projects contributed to the majority of our revenue in the fourth quarter, GFA sales more than doubled in the fourth quarter compared to the last quarter and average selling prices increased on a sequential basis at the majority of our projects, resulting in much improved gross margin, operating income and net income results.”

“As we look at 2013, transaction volume and housing prices in Xi’an were stable during the first two months of the year and we expect housing prices in our region to gradually increase in the months ahead. Two of our new projects, Park Plaza and Puhua Phase III, are scheduled to commence presales in the first quarter. The addition of these two projects brings our total number of active development projects to eight. We continue to concentrate our efforts on the development of high-quality housing projects for Xi’an’s growing middle class and believe we can capitalize on local market trends to enhance returns for our shareholders and strengthen our prospects for growth in the coming years.”

Total revenue in the fourth quarter of 2012 increased 112.8% to $61.5 million from $28.9 million in the third quarter of 2012 and increased 28.5% from $47.9 million in the fourth quarter of 2011. Other Income in the fourth quarter of 2012 increased to $21.3 million from $4.8 million in the third quarter of 2012 and increased from $3.0 million in the fourth quarter of 2011. The significant year-over-year increase in other revenue was due to the commercial property sales at the Company’s JunJing II project, which totaled RMB 94 million ($15.1 million) in the fourth quarter, as well as revenue generated from the Company’s Ankang project, which was classified as ‘other income’ because of the construction of social housing derived from this project in the fourth quarter. Revenue from the Ankang project will be categorized as ‘real estate sales’ in the first quarter of 2013 due to the development of more normalized, non-social housing projects moving forward.

In the fourth quarter of 2012, the majority of the Company’s real estate revenue came from its Puhua Phase II project with additional revenue from its Puhua Phase I and JunJing III projects. Fourth quarter 2012 contract sales totaled $22.9 million compared to $12.8 million in the third quarter of 2012 and $44.6 million in the fourth quarter of 2011. Total gross floor area (“GFA”) sales were 27,853 sq. meters during the fourth quarter of 2012, compared to 12,773 sq. meters in the third quarter of 2012 and 44,631 sq. meters in the fourth quarter of 2011. The Company’s ASP in the fourth quarter of 2012 decreased to RMB 5,137 compared to RMB 6,359 in the third quarter of 2012, and RMB 6,301 in the fourth quarter of 2011. During the fourth quarter, the Company commenced presales at its Ankang project. Average selling prices at Ankang are lower on average compared to the Company’s other projects resulting in lower overall ASP’s, but given the low cost structure of this project, management believes gross margin of 25% – 30% can be maintained at Ankang, which is in-line with the Company’s consolidated gross margin goal for 2013. Based on accounting requirements, the Company will start to recognize revenue from Ankang in the first quarter of 2013.

Gross profit for the three months ended December 31, 2012 was $21.1 million, representing an increase of 280.2% from $5.6 million in the third quarter of 2012 and a 206.6% increase from $6.9 million in the same period of 2011. Gross profit margin for the three months ended December 31, 2012 was 34.3%, which is above the 14.4% in the same period of 2011 and the 19.2% in the third quarter of 2012. The increase in gross profit and gross profit margin was mainly due to increased sales revenue and commercial property sales at the Company’s JunJing II project. The Company expects quarterly gross margin to be in the 25% to 30% range in 2013.

SG&A expense was $5.7 million in the fourth quarter of 2012, compared to $3.7 million in the third quarter of 2012 and $3.4 million in the fourth quarter of 2011. SG&A expense as a percentage of total revenue was 9.3%, compared to 12.9% in the third quarter of 2012 and 7.0% in the fourth quarter of 2011. The year-over-year increase in SG&A expense was primarily associated with increased sales revenue and higher administrative expenses from increased employee salaries.

Operating income in the fourth quarter of 2012 increased to $14.8 million, or 24.1% of total revenue, up from $1.6 million, or 5.4% of total revenue, in the third quarter of 2012, and an increase from $2.4 million, or 5.0% of total revenue in the fourth quarter of 2011. The year-over-year increase was mainly due to increased sales revenue and commercial property sales at the Company’s JunJing II project.

Net income attributable to China Housing in the fourth quarter of 2012 was $11.5 million, or $0.33 per diluted share. This performance compares to net income of $0.9 million, or $0.03 per diluted share, in the third quarter of 2012.

Sequential Quarterly Revenue Breakout Comparison

Total debt outstanding as of December 31, 2012 was $202.6 million compared with $192.4 million on December 31, 2011. Net debt outstanding (total debt less cash and restricted cash) as of December 31, 2012 was $85.9 million compared with $64.0 million on December 31, 2011. The Company’s net debt as a percentage of total capital (net debt plus shareholders’ equity) was 36.6 percent on December 31, 2012 and 33.1 percent on December 31, 2011.

2013 First Quarter Outlook

Total recognized revenue for the 2013 first quarter is expected to reach $28 million to $30 million, compared to $60.1 million in the 2012 fourth quarter and $23.5 million in the first quarter of 2012. The Company is reporting revenues, which are subject to percentage of completion alterations.

Conference Call Information

Management will host a conference call at 8:00 am ET on April 1^st, 2013. Listeners may access the call by dialing #1-816-581-1736. To listen to the live webcast of the event, please go to http://www.viavid.net. Listeners may access the call replay, which will be available through April 8^th, 2013, by dialing #1-858-384-5517; passcode: 1009245.

About China Housing & Land Development, Inc.

Based in Xi’an, the capital city of China’s Shaanxi province, China Housing & Land Development, Inc., is a leading developer of residential and commercial properties in northwest China. China Housing has been engaged in land acquisition, development, and management, including the sales of residential and commercial real estate properties through its wholly-owned subsidiary in China, since 1992.

China Housing & Land Development is the first Chinese real estate development company traded on NASDAQ. The Company’s news releases, project information, photographs, and more are available on the internet at www.chldinc.com.

Safe Harbor

This news release may contain forward-looking information about China Housing & Land Development, Inc. which is covered under the safe harbor for forward-looking statements provided by the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical facts. These statements can be identified by the use of forward- looking terminology such as believe, expect, may, will, should, project, plan, seek, intend, or anticipate or the negative thereof or comparable terminology, and include discussions of strategy, and statements about industry trends and China Housing & Land Development’s future performance, operations, and products.

Such statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected. Actual performance results may vary significantly from expectations and projections. Further information regarding this and other risk factors are contained in China Housing’s public filings with the U.S. Securities and Exchange Commission.

All information provided in this news release and in any attachments is as of the date of the release, and the companies do not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under law.

China Housing contacts

Mr. Cangsang Huang
Chief Financial Officer
Tel: +86 29.8258.2648 in Xi’an
Email: chuang@chldinc.com

Ms. Jing Lu
Chief Operating Officer, Board Secretary, and Investor Relations Officer
+86 29.8258.2639 in Xi’an
jinglu@chldinc.com / English and Chinese

Mr. Shuai Luo, CFA
Investor Relations
+86 29.8258.2632 in Xi’an
Laurentluo@chldinc.com / English and Chinese

Mr. Bill Zima, ICR
+86 10 6583 7511
William.Zima@icrinc.com

China Housing Investor Relations Department
+1 646.308.1285

BioCryst Pharmaceuticals (BCRX) Provides Update Regarding Peramivir

BioCryst Pharmaceuticals, Inc. (NASDAQ:BCRX) today announced that it received a preliminary comment letter from the U.S. Food & Drug Administration (FDA) that outlines a pathway by which BioCryst could file a New Drug Application (NDA) seeking regulatory approval of intravenous (i.v.) peramivir. The letter was sent in response to questions BioCryst submitted to the FDA in advance of an upcoming Type C regulatory meeting regarding i.v. peramivir. The FDA also suggested the Company request a pre-NDA meeting to reach agreement on a complete NDA submission and to address review issues identified in its preliminary comment letter.

BioCryst also received written notification from the Department of Health and Human Services in the form of a Stop-Work Order directing the Company to cease work on peramivir under its U.S. Government contract, except for certain activities primarily related to the upcoming FDA Type C meeting which is scheduled. The notification confirmed that the Biomedical Advanced Research and Development Authority (BARDA/HHS) will continue to support and fund certain activities that are necessary to achieve immediate milestones, as well as activities deemed essential to maintain compliance with FDA regulations or to fulfill pending FDA requests. Following an In-Process Review (IPR) meeting, which BioCryst anticipates in the second quarter, BARDA/HHS is expected to determine the path forward for the contract.

“We are encouraged by these recent communications, and we look forward to advancing our peramivir discussions with the FDA and BARDA/HHS. Our ultimate objective is the approval of peramivir as an intravenous treatment option that could benefit patients in the United States,” said Jon P. Stonehouse, President & Chief Executive Officer. “The Stop–Work Order is understandable, as it focuses the scope of reimbursable activities to those that are essential and supportive to continuing regulatory communications, with the objective of preparing an NDA submission. If the conversations with the FDA and BARDA/HHS are successful, BioCryst stands ready to file an NDA for peramivir as soon as feasible.”

About Influenza

The influenza virus causes an acute viral disease of the respiratory tract. Unlike the common cold and some other respiratory infections, seasonal flu can cause severe illness, resulting in life-threatening complications. According to the CDC, an estimated 5% to 20% of the American population suffers from influenza annually, and there are approximately 3,000 to 49,000 flu-related deaths per year in the U.S. Most at risk are young children, the elderly and people with seriously compromised immune systems.

About Peramivir

Peramivir is a potent, intravenously administered investigational anti-viral agent that rapidly delivers high plasma concentrations to the sites of infection. Discovered by BioCryst, peramivir inhibits the interactions of influenza neuraminidase, an enzyme which is critical to the spread of influenza within a host. In laboratory tests, peramivir has shown activity against multiple influenza strains, including pandemic H1N1 swine flu viral strains. Peramivir is being developed under a $234.8 million contract from HHS/BARDA. In January 2010, Shionogi & Co., Ltd. launched intravenous (i.v.) peramivir in Japan under the name RAPIACTA® to treat patients with influenza and in August 2010, Green Cross Corporation announced that it had received marketing and manufacturing authorization for i.v. peramivir in Korea to treat patients with influenza A & B viruses, including H1N1 and avian influenza. For more information about peramivir please visit BioCryst’s Web site at http://www.biocryst.com/peramivir.

About BioCryst Pharmaceuticals

BioCryst Pharmaceuticals designs, optimizes and develops novel small molecule drugs that block key enzymes involved in infectious and inflammatory diseases, with the goal of addressing unmet medical needs of patients and physicians. BioCryst currently has two late-stage development programs: peramivir, a viral neuraminidase inhibitor for the treatment of influenza, and ulodesine, a purine nucleoside phosphorylase (PNP) inhibitor for the treatment of gout. In addition, BioCryst has several early-stage programs: BCX4161 and a next generation oral inhibitor of plasma kallikrein for hereditary angioedema and BCX4430, a broad spectrum antiviral for hemorrhagic fevers. For more information, please visit the Company’s website at www.BioCryst.com.

Forward-Looking Statements

This press release contains forward-looking statements, including statements regarding future results, performance or achievements. These statements involve known and unknown risks, uncertainties and other factors which may cause BioCryst’s actual results, performance or achievements to be materially different from any future results, performances or achievements expressed or implied by the forward-looking statements. These statements reflect our current views with respect to future events and are based on assumptions and subject to risks and uncertainties. Given these uncertainties, you should not place undue reliance on these forward-looking statements. Some of the factors that could affect the forward-looking statements contained herein include: that BioCryst or its licensees may not be able to enroll the required number of subjects in planned clinical trials of its product candidates and that such clinical trials may not be successfully completed; that the Company or its licensees may not commence as expected additional human clinical trials with product candidates; that the FDA may require additional studies beyond the studies planned for product candidates or may not provide regulatory clearances, especially associated with the peramivir program, which may result in delay of planned clinical trials, may impose a clinical hold with respect to such product candidate, or may withhold market approval for product candidates; that BARDA/HHS may further condition, reduce or eliminate future funding of the peramivir program; that BioCryst may never file an NDA for peramivir approval and peramivir may never be approved for any use by the FDA; that ongoing and future preclinical and clinical development may not have positive results; that the Company or its licensees may not be able to continue future development of current and future development programs; that such development programs may never result in future product, license or royalty payments being received; and that the Company may not be able to retain its current pharmaceutical and biotechnology partners for further development of its product candidates or may not reach favorable agreements with potential pharmaceutical and biotechnology partners for further development of product candidates. Please refer to the documents BioCryst files periodically with the Securities and Exchange Commission, specifically BioCryst’s most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and current reports on Form 8-K, all of which identify important factors that could cause the actual results to differ materially from those contained in BioCryst’s projections and forward-looking statements.