Archive for June, 2013

Grupo Simec (SIM) announces repurchases of its own shares

GUADALAJARA, Mexico, June 28, 2013 /PRNewswire/ — Grupo Simec, S.A.B de C.V. (NYSE: SIM) announces to the general public that through its repurchase fund, on Jun 27, 2013, bought 16,278 of its own shares, (SIMEC-B).

Grupo Simec S.A.B de C.V. has authorized a repurchase fund of $ 1,000 million pesos, which will be used to support interested investors in generating greater liquidity of its stock in the market, buying stocks when needed and selling them when there is excess of demand.

Grupo Simec and the Group who controls them, reports that they have no interest in selling their shares, as has been the case since the current administration took over, this fund will be operated only to give the necessary support to investors.

The objective of this fund is to increase the turnover of the floating shares, it is not intended to decrease or increase the current number of shares in the market.

Contact:
Mario Moreno Cortez
+52-33-3770-6734
mmoreno@gruposimec.com.mx

Friday, June 28th, 2013 Uncategorized Comments Off on Grupo Simec (SIM) announces repurchases of its own shares

Emmis (EMMS) Announces Accelerating Revenue Growth in First Quarter

Emmis pro forma radio revenues up 7%

INDIANAPOLIS, June 28, 2013 /PRNewswire/ — Emmis Communications Corporation (NASDAQ: EMMS) today announced results for its first fiscal quarter ending May 31, 2013.

Emmis’ radio net revenues for the first fiscal quarter were up 6%, from $34.9 million to $36.9 million.  Excluding 98.7FM in New York, which is being programmed by ESPN pursuant to an LMA, radio revenues were up 7%.  These results outperformed Emmis’ local radio markets in which revenue growth improved 5% during the quarter.

For the first fiscal quarter, operating income increased 536% to $7.0 million, compared to $1.1 million for the same quarter of the prior year.  Emmis’ station operating income for the first fiscal quarter was up 55% to $12.9 million, compared to $8.3 million for the same quarter of the prior year.

Diluted net income per common share from continuing operations for the quarter was $0.08, compared to a diluted net loss per common share from continuing operations of $0.07 for the same quarter of the prior year.

“Results like these are the reason that Emmis is known as one of the best operators of radio stations in the country,” Jeff Smulyan, President & CEO of Emmis said.  “In addition to our improving financial performance, our stations and magazines received a number of awards in our first fiscal quarter for community service and content excellence.  I’m so proud of our Emmis team for its consistent track record of creativity, innovation and operating excellence.”

Emmis has included supplemental station operating expenses and certain other financial data on its website, www.emmis.com under the “Investors” tab.

Emmis generally evaluates the performance of its operating entities based on station operating income. Management believes that station operating income is useful to investors because it provides a meaningful comparison of operating performance between companies in the industry and serves as an indicator of the market value of a group of stations or publishing entities. Station operating income is generally recognized by the broadcast and publishing industries as a measure of performance and is used by analysts who report on the performance of broadcasting and publishing groups. Station operating income does not take into account Emmis’ debt service requirements and other commitments, and, accordingly, station operating income is not necessarily indicative of amounts that may be available for dividends, reinvestment in Emmis’ business or other discretionary uses.

Station operating income is not a measure of liquidity or of performance, in accordance with accounting principles generally accepted in the United States, and should be viewed as a supplement to, and not a substitute for, our results of operations presented on the basis of accounting principles generally accepted in the United States. Operating Income is the most directly comparable financial measure in accordance with accounting principles generally accepted in the United States.

Moreover, station operating income is not a standardized measure and may be calculated in a number of ways. Emmis defines station operating income as revenues net of agency commissions and station operating expenses, excluding depreciation, amortization and non-cash compensation.  A reconciliation of station operating income to operating income is attached to this press release.

The information in this news release is being widely disseminated in accordance with the Securities & Exchange Commission’s Regulation FD.

Emmis Communications – Great Media, Great People, Great Service®

About Emmis Communications
Emmis Communications Corporation is a diversified media company, principally focused on radio broadcasting. Emmis operates the 10th largest publicly traded radio portfolio in the United States based on total listeners.  Emmis owns 18 FM and 3 AM radio stations in New York, Los Angeles, St. Louis, Austin (Emmis has a 50.1% controlling interest in Emmis’ radio stations located there), Indianapolis and Terre Haute, IN.  One of our FM radio stations in New York is operated pursuant to a Local Marketing Agreement (“LMA”) whereby a third party provides the programming for the station and sells all advertising within that programming.

Note: Certain statements included in this press release which are not statements of historical fact, including but not limited to those identified with the words “expect,” “will” or “look” are intended to be, and are, by this Note, identified as “forward-looking statements,” as defined in the Securities and Exchange Act of 1934, as amended. Such statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future result, performance or achievement expressed or implied by such forward-looking statement. Such factors include, among others:

  • general economic and business conditions;
  • fluctuations in the demand for advertising and demand for different types of advertising media;
  • our ability to service our outstanding debt;
  • increased competition in our markets and the broadcasting industry;
  • our ability to attract and secure programming, on-air talent, writers and photographers;
  • inability to obtain (or to obtain timely) necessary approvals for purchase or sale transactions or to complete the transactions for other reasons generally beyond our control;
  • increases in the costs of programming, including on-air talent;
  • inability to grow through suitable acquisitions or to consummate dispositions;
  • changes in audience measurement systems
  • new or changing regulations of the Federal Communications Commission or other governmental agencies;
  • competition from new or different technologies;
  • war, terrorist acts or political instability; and
  • other factors mentioned in documents filed by the Company with the Securities and Exchange Commission.

Emmis does not undertake any obligation to publicly update or revise any forward-looking statements because of new information, future events or otherwise

 

 

EMMIS COMMUNICATIONS CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED FINANCIAL DATA
(Unaudited, amounts in thousands, except per share data)
Three months ended May 31,
2013 2012
OPERATING DATA:
  Net revenues:
    Radio $                     36,926 $                    34,876
    Publishing 13,660 14,092
      Total net revenues 50,586 48,968
  Station operating expenses excluding
   depreciation and amortization expense:
    Radio 22,911 26,320
    Publishing 14,801 14,252
      Total station operating expenses excluding
          depreciation and amortization expense 37,712 40,572
  Corporate expenses excluding depreciation
       and amortization expense 4,400 4,972
  Hungary license litigation expense 252 204
  Depreciation and amortization 1,176 1,125
  Impairment loss 10,971
  (Loss) gain on sale of assets (10,000)
  Operating income 7,046 1,124
  Interest expense (1,921) (5,767)
  Loss on debt extinguishment (484)
  Other income, net 7 198
  Income (loss) before income taxes and
   discontinued operations 5,132 (4,929)
  Provision (benefit) for income taxes 175 (4,415)
  Income (loss) from continuing operations 4,957 (514)
  Loss from discontinued operations, net of tax (2,359)
  Consolidated net income (loss) 4,957 (2,873)
  Net income attributable to noncontrolling interests 1,481 1,262
  Net income (loss) attributable to the Company 3,476 (4,135)
  Gain on extinguishment of preferred stock 249
  Preferred stock dividends (896)
  Net income (loss) attributable to common shareholders $                       3,725 $                    (5,031)
  Amounts attributable to common shareholders for basic earnings per share:
    Continuing operations 3,725 (2,672)
    Discontinued operations (2,359)
      Net income (loss) attributable to commonshareholders 3,725 (5,031)
  Amounts attributable to common shareholders for diluted earnings per share:
    Continuing operations 3,476 (2,672)
    Discontinued operations (2,359)
      Net income (loss) attributable to commonshareholders 3,476 (5,031)
  Basic net loss per common share:
    Continuing operations $                          0.09 $                       (0.07)
    Discontinued operations (0.06)
      Net income (loss) attributable to commonshareholders $                          0.09 $                       (0.13)
  Diluted net loss per common share:
    Continuing operations $                          0.08 $                       (0.07)
    Discontinued operations (0.06)
      Net income (loss) attributable to commonshareholders $                          0.08 $                       (0.13)
  Weighted average shares outstanding:
      Basic 41,174 38,779
      Diluted 45,504 38,779
OTHER DATA:
  Station operating income (See below) 12,875 8,343
  (Refund from) cash paid for income taxes, net (666) 194
  Cash paid for interest 1,699 7,696
  Capital expenditures 1,016 750
 Noncash compensation by segment:
           Radio $                           169 $                         100
           Publishing 84 51
           Corporate 410 238
                  Total $                           663 $                         389
COMPUTATION OF STATION OPERATING INCOME:
  Operating income $                       7,046 $                      1,124
  Plus:  Depreciation and amortization 1,176 1,125
  Plus:  Corporate expenses 4,400 4,972
  Plus:  Station noncash compensation 253 151
  Plus:  Impairment loss 10,971
  Less:  Gain on disposal of assets (10,000)
  Station operating income $                     12,875 $                      8,343
SELECTED BALANCE SHEET INFORMATION: May 31, 2013 February 28, 2013
Total Cash and Cash Equivalents $                       4,959 $                      8,735
Credit Agreement Debt $                     66,000 $                    67,000
98.7FM Nonrecourse Debt $                     78,085 $                    79,068
Friday, June 28th, 2013 Uncategorized Comments Off on Emmis (EMMS) Announces Accelerating Revenue Growth in First Quarter

(HALO) Positive Opinion from CHMP On Roche’s Herceptin for EU Approval

SAN DIEGO, June 28, 2013 /PRNewswire/ — Halozyme Therapeutics, Inc. (NASDAQ: HALO) announced today that Roche received a positive recommendation from the European Medicines Agency’s Committee for Medicinal Products for Human Use (CHMP) for the subcutaneous formulation of Herceptin® (trastuzumab) using Halozyme’s recombinant human hyaluronidase (rHuPH20) for the treatment of patients with HER2-positive breast cancer in Europe.

Roche’s pivotal Phase 3 HannaH study, conducted in 102 sites outside the US, demonstrated that Herceptin SC may help decrease the time patients spend receiving treatment at a hospital or physician’s practice, by reducing the administration time. A typical IV infusion of Herceptin can take 30 to 90 minutes, per dose, whereas the same dose delivered subcutaneously can be administered in two to five minutes by an injection under the skin.1

“Pending European approval, this subcutaneous formulation of Herceptin will provide a new route of administration that could potentially save time for both physicians and HER2-positive breast cancer patients in Europe,” said Gregory I. Frost, Ph.D., President and Chief Executive Officer, Halozyme Therapeutics. “We are pleased that our technology has helped enable this new option for patients.”

Study results showed that the safety and efficacy of the subcutaneous formulation of Herceptin is comparable to treatment with Herceptin administered intravenously.1 Overall, the safety profile in both arms of the HannaH study was consistent with that expected from standard treatment with Herceptin and chemotherapy in this setting. No new safety signals were identified.

About breast cancer
Breast cancer is the most common cancer among women worldwide.2 Each year, about 1.4 million new cases of breast cancer are diagnosed worldwide, and over 450,000 women will die of the disease annually.2In HER2-positive breast cancer, increased quantities of the human epidermal growth factor receptor 2 (HER2) are present on the surface of the tumour cells. This is known as “HER2 positivity” and affects approximately 15-20 percent of women with breast cancer.3 HER2-positive cancer is a particularly aggressive form of breast cancer.4

About Halozyme
Halozyme Therapeutics is a biopharmaceutical company dedicated to developing and commercializing innovative products that advance patient care. With a diversified portfolio of enzymes that target the extracellular matrix, the Company’s research focuses primarily on a family of human enzymes, known as hyaluronidases, which increase the absorption and dispersion of biologics, drugs and fluids. Halozyme’s pipeline addresses therapeutic areas, including diabetes, oncology and dermatology that have significant unmet medical need. The Company markets Hylenex® recombinant (hyaluronidase human injection) and has partnerships with Roche, Pfizer, Baxter, ViroPharma and Intrexon. Halozyme is headquartered in San Diego, CA. For more information on how we are innovating, please visit our corporate website at www.halozyme.com.

Halozyme-Roche Collaboration
In December 2006, Halozyme entered into an agreement with Roche to apply Halozyme’s proprietary Enhanze™ technology to Roche’s biological therapeutic compounds. To date, Roche has elected to develop and commercialize products using rHuPH20 to a total of five exclusive targets, and Roche retains the option to apply rHuPH20 to three additional targets through the payment of annual license maintenance fees.  In February 2011, Roche began a Phase 3 registration trial of subcutaneous (SC) MabThera (rituximab), an anticancer biologic, in patients with non-Hodgkin’s lymphoma (NHL) and chronic lymphocytic leukemia (CLL). Subject to the successful achievement of clinical, regulatory, and sales events, Roche will pay Halozyme additional milestones as well as royalties on product sales for Herceptin SC, MabThera SC and other product candidates developed and commercialized under the agreement.

Safe Harbor Statement
This release includes forward-looking statements such as the potential benefits of Herceptin SC to patients, physicians and the healthcare system, and the possible receipt by Halozyme of future milestones and royalties under the Roche/Halozyme collaboration agreement.  The statements are based on assumptions about many important factors, including the following, which could cause actual results to differ materially from those in the forward-looking statements: the approval of Herceptin SC by the European Union; satisfaction of regulatory and other requirements; actions of regulatory bodies and other governmental authorities; unexpected adverse events; changes in laws and regulations; competitive conditions; and other risks identified in Halozyme’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on May 8, 2013. Halozyme does not undertake to update its forward-looking statements.

References:

1Gustavo Ismael, et al. Subcutaneous versus intravenous administration of (neo)adjuvant trastuzumab in patients with HER2-positive, clinical stage I–III breast cancer (HannaH study): a phase 3, open-label, multicentre, randomised trial. Lancet Oncology, published online August 2012.
2Ferlay J, Shin HR, Bray F, Forman D, Mathers C and Parkin DM GLOBOCAN 2008, Cancer Incidence and Mortality Worldwide: IARC Cancer Base No. 10 [Internet]. Lyon, France: International Agency for Research on Cancer; 2010. Available from: http://globocan.iarc.fr.
3 Wolff A.C et al. American Society of Clinical Oncology/ College of American Pathologists Guideline Recommendations for Human Epidermal Growth Factor Receptor 2 Testing in Breast Cancer. Arch Pathol Lab Med—Vol 131, January 2007.
4Slamon D et al. Adjuvant Trastuzumab in HER2-Positive Breast Cancer. N Engl J Med 2011; 365:1273-83.

Investor Contact:
David Ramsay
Halozyme Therapeutics
858-704-8260
ir@halozyme.com

Media Contact:
Nurha Hindi
Hill+Knowlton Strategies
310-633-9434
Nurha.Hindi@hkstrategies.com

Friday, June 28th, 2013 Uncategorized Comments Off on (HALO) Positive Opinion from CHMP On Roche’s Herceptin for EU Approval

VistaGen (VSTA) Provides Update on $36 Million Strategic Financing Agreement

SOUTH SAN FRANCISCO, CA — (Marketwired) — 06/28/13 — VistaGen Therapeutics, Inc. (OTCQB: VSTA), a biotechnology company applying pluripotent stem cell technology for drug rescue, predictive toxicology and drug metabolism assays, today announced an update on the status of its strategic financing agreement with Autilion AG.

Under the terms of the parties’ April 2013 agreement, as amended, Autilion AG has committed to invest $36 million in VistaGen in consideration for 72 million shares of restricted VistaGen common stock, at a price of $0.50 per share, in a series of closings ending on or before September 30, 2013. The parties have amended their agreement, completed a first closing and scheduled additional closings to occur in July, August and September 2013. As noted previously, the self-placed strategic financing does not include warrants or investment banking fees.

Shawn K. Singh, VistaGen’s Chief Executive Officer, stated, “I met with Autilion’s team earlier this week, and we have been working closely with them since signing our agreement in April. We are confident and excited about completing this transformative financing. Building on the positive developments in our labs presented during the Annual Meetings of the Society of Toxicology and International Society of Stem Cell Research in March and this month, respectively, we look forward to accelerating our lead programs towards valuable outcomes for our shareholders.”

About VistaGen Therapeutics

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

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

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

Cautionary Statement Regarding Forward-Looking Statements

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

For more information:

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

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

Friday, June 28th, 2013 Uncategorized Comments Off on VistaGen (VSTA) Provides Update on $36 Million Strategic Financing Agreement

(HSOL) Subsidiary Obtains Three-Year US$100 Million Term-Loan Facility

SHANGHAI, June 27, 2013 /PRNewswire/ — Hanwha SolarOne Co., Ltd. (“SolarOne” or the “Company”) (Nasdaq: HSOL), a vertically integrated manufacturer of silicon ingots, wafers, and photovoltaic (“PV”) cells and modules in China, today announced that its wholly-owned subsidiary Hanwha SolarOne (Qidong) Co., Ltd., has secured a three-year US$100 million term  loan facility (the “Loan”) from the Export-Import Bank of Korea (KEXIM). The loan will mature on June 25, 2016 with payment of principal to be made at maturity. The interest rate floats with the three-month LIBOR, plus 1.99 % per annum. The loan proceeds will be used primarily for working capital purposes.

Mr. Jay SEO, Chief Financial Officer of Hanwha SolarOne, commented, “this new capital will enhance our ability to support current working capital needs, continues our shift of loans from short to longer term, and allows some flexibility in developing our business strategies for the future.” Mr. SEO concluded, “We continue to be fortunate to access relatively low-cost funding from offshore sources.”

About Hanwha SolarOne

Hanwha SolarOne Co., Ltd. (NASDAQ: HSOL) is a vertically-integrated manufacturer of silicon ingots, wafers, PV cells, and modules. Hanwha SolarOne offers high-quality, reliable products, and services at competitive prices. Partnering with third-party distributors, OEM manufacturers, and systems integrators, Hanwha SolarOne serves the utility, commercial, government, and residential markets. The Company maintains a strong presence worldwide, with employees located throughout Europe, North America, and Asia, and embraces environmental responsibility and sustainability, with an active role in the voluntary photovoltaic recycling program. Hanwha Group, Hanwha SolarOne’s largest shareholder, is active in solar project development and financing, and plans to produce polysilicon in the future. For more information, please visit: http://www.hanwha-solarone.com.

Thursday, June 27th, 2013 Uncategorized Comments Off on (HSOL) Subsidiary Obtains Three-Year US$100 Million Term-Loan Facility

Trovagene (TROV) to Present at the OneMedForum Conference

Presentation scheduled on June 27, 2013 at 9:20 a.m. ET in New York

SAN DIEGO, June 27, 2013 /PRNewswire/ — Trovagene, Inc. (NASDAQ: TROV), a developer of cell-free molecular diagnostics, today announced that Chief Executive Officer Antonius Schuh, Ph.D. is scheduled to present a corporate overview at the OneMedForum Conference in New York on Thursday, June 27, 2013 at 9:20 a.m. Mr. Schuh and Chief Financial Officer Stephen Zaniboni will be available for one-on-one meetings during the conference.

 

The presentation will be webcast live at http://onemedplace.com/forum/webcast/ and can also be accessed through the investor relations page at www.trovagene.com. A replay of the presentation will be available at www.trovagene.com and will be archived for 90 days.

About Trovagene, Inc.

Headquartered in San Diego, California, Trovagene is developing its patented technology for the detection of transrenal DNA and RNA, short nucleic acid fragments, originating from normal and diseased cell death that cross the kidney barrier and can be detected in urine.  Trovagene is leveraging its intellectual property in oncogene mutations via out-licensing and use of its transrenal technologies to extend oncogene mutation detection using urine as a sample.  As a non-invasive and abundant sample, urine may overcome many of the cost and collection challenges associated with biopsy, as well as the volume limitations of blood.

Trovagene has a strong patent position as it relates to transrenal molecular testing. It has U.S. and European patent applications and issued patents that cover testing for HPV and other infectious diseases, cancer, transplantation, prenatal and genetic testing. In addition, it owns worldwide rights to nucleophosmin-1 (NPM1), an informative biomarker for acute myelogenous leukemia (AML) and mutations in the SF3B1 gene, which have been shown to be associated with chemotherapy response in chronic lymphocytic leukemia (CLL) patients, as well as other hematologic malignancies.

Certain statements in this press release are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified by the use of forward-looking words such as “anticipate,” “believe,” “forecast,” “estimated” and “intend,” among others. These forward-looking statements are based on Trovagene’s current expectations and actual results could differ materially. There are a number of factors that could cause actual events to differ materially from those indicated by such forward-looking statements. These factors include, but are not limited to, substantial competition; our ability to continue as a going concern; our need for additional financing; uncertainties of patent protection and litigation; uncertainties of government or third party payer reimbursement; limited sales and marketing efforts and dependence upon third parties; and risks related to failure to obtain FDA clearances or approvals and noncompliance with FDA regulations. As with any medical diagnostic tests under development, there are significant risks in the development, regulatory approval and commercialization of new products. There are no guarantees that future clinical trials discussed in this press release will be completed or successful or that any product will receive regulatory approval for any indication or prove to be commercially successful. Trovagene does not undertake an obligation to update or revise any forward-looking statement.  Investors should read the risk factors set forth in Trovagene’s Form 10-K for the year ended December 31, 2012 and other periodic reports filed with the Securities and Exchange Commission.

Contact

Trovagene, Inc.
Amy Caterina
Investor Relations
+1 (858) 952-7593
acaterina@trovagene.com
http://www.trovagene.com

Thursday, June 27th, 2013 Uncategorized Comments Off on Trovagene (TROV) to Present at the OneMedForum Conference

Intevac (IVAC) Qualifies Ion Implantation Production System at Tier 1 Solar Company

Company Narrows Q2’13 Revenue Guidance Range

Intevac, Inc. (Nasdaq: IVAC) announced today that it has successfully qualified the ENERGi ion implant production system that was ordered and shipped in the first quarter of 2013 to a Tier 1 solar company in Asia.

“We are pleased that our ENERGi system has been selected to meet our customer’s current and future production needs for their advanced cell technologies,” commented Chris Smith, executive vice president and general manager of solar equipment. “We expect this customer to add incremental cell production capacity, and we are well positioned to provide several additional systems as they expand capacity through 2014.”

“This competitive win demonstrates the value of ion implant technology and our ability to meet the needs of solar customers by delivering innovative equipment that increases cell efficiency and lowers their cost per watt,” added Norm Pond, chairman and chief executive officer. “The compact ENERGi ion implant system was designed to meet the cost, efficiency and productivity requirements of solar cell manufacturing, and we believe it is the most cost-effective doping solution available. The systemincorporates enabling technologies that align with today’s solar industry cost reduction roadmap and is extendible to meet the advanced cell architectures and efficiency requirements of the future.”

Based upon the system’s qualification, acceptance and revenue recognition achieved this month, Intevac has narrowed its revenue guidance range for the second quarter of 2013, from $14.0 to $16.5 million, to $16.0 to $16.5 million.

About Intevac

Intevac was founded in 1991 and has two businesses: Equipment and Intevac Photonics.

In our Equipment business, we are a leader in the design, development and manufacturing of high-productivity, vacuum process equipment solutions. Our systems are production-proven for high-volume manufacturing of small substrates with precise thin film properties, such as those required in the hard drive and solar cell markets.

In the hard drive industry, our 200 Lean® systems process approximately 60% of all magnetic disk media produced worldwide. In the solar cell manufacturing industry, our LEAN SOLAR™ systems increase the conversion efficiency of silicon solar cells.

In our Photonics business, we are a leader in the development and manufacturing of leading-edge, high-sensitivity imaging products and vision systems. Our products primarily address the defense markets.

Safe Harbor Statement

This press release includes statements that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Reform Act”). Intevac claims the protection of the safe-harbor for forward-looking statements contained in the Reform Act. These forward-looking statements are often characterized by the terms “may,” “believes,“ “projects,” “expects,” or “anticipates,” and do not reflect historical facts. Specific forward-looking statements contained in this press release include, but are not limited to; anticipated second-quarter 2013 revenues and future ion implant system shipments. The forward-looking statements contained herein involve risks and uncertainties that could cause actual results to differ materially from the company’s expectations. These risks include, but are not limited to: failure to meet the anticipated revenue range for the second quarter and future ion implant system shipments, which could have a material impact on our business, our financial results, and the company’s stock price. These risks and other factors are detailed in the company’s regular filings with the U.S. Securities and Exchange Commission.

For more information call 408-986-9888, or visit the company’s website at www.intevac.com.

INTEVAC ENERGi™, 200 Lean®, and LEAN SOLAR™, are trademarks of Intevac, Inc.

Thursday, June 27th, 2013 Uncategorized Comments Off on Intevac (IVAC) Qualifies Ion Implantation Production System at Tier 1 Solar Company

CalAmp (CAMP) Reports Fiscal 2014 First Quarter Results

OXNARD, CA — (Marketwired) — 06/27/13 — CalAmp Corp. (NASDAQ: CAMP), a leading provider of wireless products, services and solutions, today reported results for its first quarter ended May 31, 2013. Highlights for the quarter include:

  • Consolidated first quarter revenue of $53.7 million, up 22.5% compared to the first quarter last year with Wireless Datacom revenue up 29% over prior year first quarter to $40.9 million.
  • First quarter GAAP net income of $1.7 million, or $0.05 per diluted share, compared to $4.2 million, or $0.14 per diluted share for the first quarter last year.
  • Adjusted Basis (non-GAAP) net income of $5.6 million, or $0.16 per diluted share, compared to $5.3 million, or $0.18 per diluted share, for the same period last year.
  • Net cash provided by operations for the first quarter of $5.8 million, and total cash balance at May 31, 2013 of $24.5 million.

Commenting on the first quarter results, Michael Burdiek, CalAmp’s President and Chief Executive Officer said, “We’re off to a strong start in fiscal 2014. In the first quarter, our Wireless Datacom segment revenue increased 29% year-over-year driven by continued momentum from our Mobile Resource Management (MRM) products and contributions from our Wireless Matrix acquisition that was completed at the beginning of the first quarter. The Wireless Datacom gross margin improved to 39.1% due mainly to higher margin subscription revenue from our Wireless Matrix acquisition. In addition, rapid progress on the integration front during the first quarter resulted in lower than expected operating expenses from the acquired operations of Wireless Matrix. In our Satellite segment, we saw improving margins along with some growth resulting in a meaningful impact to our bottom line results. We believe our unique hardware, software and service portfolio, supported by expanding channel partnerships with global reach, has given us the leverage to win an increasing share of Machine-to-Machine (M2M) market opportunities as they emerge.”

Fiscal 2014 First Quarter Results
Total revenue for the fiscal 2014 first quarter was $53.7 million compared to $43.9 million for the first quarter of fiscal 2013, an increase of 22.5%. Wireless Datacom revenue increased to $40.9 million from $31.7 million in the same period last year, and Satellite revenue was $12.9 million compared to $12.2 million in the first quarter last year.

Consolidated gross profit for the fiscal 2014 first quarter was $18.5 million, an increase of $4.8 million over the same quarter last year that was primarily driven by higher revenue. The consolidated gross margin was 34.4% in the fiscal 2014 first quarter, up from 31.2% in the first quarter last year. The increase in consolidated gross margin reflects the higher proportion of total revenues represented by the Wireless Datacom segment in fiscal 2014 versus the prior year and, within Wireless Datacom, the shift in revenue mix toward higher margin subscription-based revenues associated with the Wireless Matrix acquisition.

GAAP net income for the fiscal 2014 first quarter was $1.7 million, or $0.05 per diluted share, compared to net income of $4.2 million, or $0.14 per diluted share, in the first quarter of last year. The lower GAAP net income is due in part to the elimination of substantially all of the Company’s deferred income tax asset valuation allowance at the end of fiscal 2013 that caused GAAP basis income tax expense to revert to a level that reflects full statutory tax rates beginning in the first quarter of fiscal 2014. Despite this, on a cash basis, the Company’s pretax income is still largely sheltered from taxation by net operating loss (NOL) carryforwards, and is expected to remain so for the next few years.

Non-GAAP net income for the fiscal 2014 first quarter was $5.6 million, or $0.16 per diluted share, compared to non-GAAP net income of $5.3 million, or $0.18 per diluted share, for the same quarter last year. Non-GAAP earnings exclude the impact of intangibles amortization, stock-based compensation and acquisition-related expenses, and include income tax expense that reflects cash taxes paid for the period after giving effect to the utilization of NOL and tax credit carryforwards. A reconciliation of the GAAP-basis pretax income to the non-GAAP net income and earnings per diluted share is provided in the table at the end of this press release.

Liquidity
As of May 31, 2013, the Company had total cash of $24.5 million and an outstanding bank term loan of $4.8 million. Net cash provided by operating activities during the first quarter was $5.8 million, and the unused borrowing capacity on the bank revolver as of the end of the first quarter was $10.2 million.

Business Outlook
Commenting on the Company’s business outlook, Mr. Burdiek said, “Based on our latest projections, we expect fiscal 2014 second quarter consolidated revenues to be in the range of $53 to $57 million. We anticipate that Wireless Datacom second quarter revenues will be up moderately on a sequential basis and up significantly year-over-year. We expect Satellite second quarter revenues to be down slightly on a sequential basis, but up year-over-year. At the bottom line, we expect second quarter GAAP basis net income in the range of a $0.04 to $0.08 per diluted share, and non-GAAP net income in the range of $0.14 to $0.18 per diluted share. Looking further ahead, we continue to expect that the second half of fiscal 2014 will be stronger than the first half of the year, as several previously announced opportunities as well as recently launched products begin ramping up, and we realize the full benefit of synergies from our Wireless Matrix acquisition.”

Conference Call and Webcast
A conference call and simultaneous webcast to discuss first quarter results and business outlook will be held today at 4:30 p.m. Eastern / 1:30 p.m. Pacific. CalAmp’s President and CEO Michael Burdiek and CFO Rick Vitelle will host the conference call. Participants can dial into the live conference call by calling 1-877-407-0784 (1-201-689-8560 for international callers) and using the Conference ID # 416358. An audio replay will be available through July 4, 2013 by calling 1-877-870-5176 or 1-858-384-5517 and entering the Conference ID # 416358.

Additionally, a live webcast of the call will be available on CalAmp’s web site at www.calamp.com. Participants are encouraged to visit the web site at least 15 minutes prior to the start of the call to register, download and install any necessary audio software. After the live webcast, a replay will remain available until the next quarterly conference call in the Investor Relations section of CalAmp’s web site.

About CalAmp
CalAmp Corp. (NASDAQ: CAMP) is a proven leader in providing wireless communications solutions to a broad array of vertical market applications and customers. CalAmp’s extensive portfolio of intelligent communications devices, robust and scalable cloud service platform, and targeted software applications streamline otherwise complex M2M deployments. These solutions enable customers to optimize their operations by collecting, monitoring and efficiently analyzing business critical data and desired intelligence from high-value fixed and mobile remote assets. For more information, please visit www.calamp.com.

Forward-Looking Statements
Statements in this press release that are not historical in nature are forward-looking statements that involve known and unknown risks and uncertainties. Words such as “may”, “will”, “expect”, “intend”, “plan”, “believe”, “seek”, “could”, “estimate”, “judgment”, “targeting”, “should”, “anticipate”, “goal” and variations of these words and similar expressions, are intended to identify forward-looking statements. Actual results could differ materially from those implied by such forward-looking statements due to a variety of factors, including product demand, competitive pressures and pricing declines in the Company’s wireless and satellite markets, the timing of customer approvals of new product designs, intellectual property infringement claims, the effects of the automatic federal budget cuts required pursuant to the sequester that took effect on March 1, 2013, interruption or failure of our Internet-based systems used to wirelessly configure and communicate with the tracking and monitoring devices that we sell, integration issues that may arise in connection with the Wireless Matrix acquisition that was consummated on March 4, 2013, and other risks or uncertainties that are described in the Company’s Annual Report on Form 10-K that was filed on April 25, 2013 with the Securities and Exchange Commission. Although the Company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be attained. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

 

                               CAL AMP CORP.
                       CONSOLIDATED INCOME STATEMENTS
             (Unaudited, in thousands except per share amounts)

                                                     Three Months Ended
                                                           May 31,
                                                 --------------------------
                                                     2013          2012
                                                 ------------  ------------

Revenues                                         $     53,746  $     43,861

Cost of revenues                                       35,265        30,185
                                                 ------------  ------------

Gross profit                                           18,481        13,676
                                                 ------------  ------------

Operating expenses:
  Research and development                              5,158         3,172
  Selling                                               4,985         2,808
  General and administrative                            3,812         3,098
  Intangible asset amortization                         1,649           317
                                                 ------------  ------------
                                                       15,604         9,395
                                                 ------------  ------------

Operating income                                        2,877         4,281

Non-operating expense, net                               (169)          (90)
                                                 ------------  ------------

Income before income taxes                              2,708         4,191

Income tax provision                                   (1,023)           (9)
                                                 ------------  ------------

Net income                                       $      1,685  $      4,182
                                                 ============  ============

Earnings per share:
  Basic                                          $       0.05  $       0.15
  Diluted                                        $       0.05  $       0.14

Shares used in computing earnings per share:
  Basic                                                34,566        27,925
  Diluted                                              35,663        29,263

                        BUSINESS SEGMENT INFORMATION
                         (Unaudited, in thousands)
                                                     Three Months Ended
                                                           May 31,
                                                 --------------------------
                                                     2013          2012
                                                 ------------  ------------
Revenues
  Wireless DataCom                               $     40,865  $     31,671
  Satellite                                            12,881        12,190
                                                 ------------  ------------

    Total revenues                               $     53,746  $     43,861
                                                 ============  ============

Gross profit
  Wireless DataCom                               $     15,960  $     11,745
  Satellite                                             2,521         1,931
                                                 ------------  ------------

    Total gross profit                           $     18,481  $     13,676
                                                 ============  ============

Operating income (loss)
  Wireless DataCom                               $      2,366  $      4,391
  Satellite                                             1,548         1,080
  Corporate expenses                                   (1,037)       (1,190)
                                                 ------------  ------------

    Total operating income                       $      2,877  $      4,281
                                                 ============  ============

                               CAL AMP CORP.
                        CONSOLIDATED BALANCE SHEETS
                               (In thousands)

                                                    May 31,    February 28,
                                                     2013          2013
                                                 ------------  ------------
                     Assets                       (Unaudited)
Current assets:
  Cash and cash equivalents                      $     24,495  $     63,101
  Accounts receivable, net                             25,501        19,111
  Inventories                                          12,443        13,516
  Deferred income tax assets                            6,858         6,400
  Prepaid expenses and other current assets             5,449         4,641
                                                 ------------  ------------
    Total current assets                               74,746       106,769
Property, equipment and improvements, net               4,448         2,778
Deferred income tax assets, less current portion       33,166        34,616
Goodwill                                               18,304         1,112
Other intangible assets, net                           28,574         4,603
Other assets                                            1,156           893
                                                 ------------  ------------

                                                 $    160,394  $    150,771
                                                 ============  ============

      Liabilities and Stockholders' Equity
Current liabilities:
  Current portion of long-term debt              $      2,145  $      2,261
  Accounts payable                                     15,882        11,871
  Accrued payroll and employee benefits                 4,199         5,298
  Deferred revenue                                      6,626         6,410
  Other current liabilities                             4,203         3,109
                                                 ------------  ------------

    Total current liabilities                          33,055        28,949
                                                 ------------  ------------
Long-term debt                                          5,409         2,434
Other non-current liabilities                           1,990         1,839

Stockholders' equity:
  Common stock                                            351           350
  Additional paid-in capital                          203,073       202,368
  Accumulated deficit                                 (83,419)      (85,104)
  Accumulated other comprehensive loss                    (65)          (65)
                                                 ------------  ------------

    Total stockholders' equity                        119,940       117,549
                                                 ------------  ------------

                                                 $    160,394  $    150,771
                                                 ============  ============

                               CAL AMP CORP.
                     CONSOLIDATED CASH FLOW STATEMENTS
                         (Unaudited - In thousands)

                                                     Three Months Ended
                                                           May 31,
                                                 --------------------------
                                                     2013          2012
                                                 ------------  ------------
Cash flows from operating activities:
  Net income                                     $      1,685  $      4,182
  Depreciation and amortization                         2,067           537
  Stock-based compensation expense                        631           858
  Amortization of debt issue costs and discount            88            41
  Deferred tax assets, net                                992             -
  Changes in operating working capital                    321        (2,423)
                                                 ------------  ------------

    Net cash provided by operating activities           5,784         3,195
                                                 ------------  ------------

Cash flows from investing activities:
  Capital expenditures                                   (404)         (435)
  Navman Wireless asset purchase agreement                  -        (1,000)
  Wireless Matrix acquisition, net of cash
   acquired                                           (46,837)            -
  Collections on note receivable                            -           140
                                                 ------------  ------------

    Net cash used in investing activities             (47,241)       (1,295)
                                                 ------------  ------------

Cash flows from financing activities:
  Proceeds from bank term loan                          5,000             -
  Debt repayments                                      (2,224)         (200)
  Taxes paid related to net share settlement of
   vested equity awards                                  (258)          (92)
  Proceeds from exercise of stock options and
   warrants                                               333           106
                                                 ------------  ------------

    Net cash provided (used) by financing
     activities                                         2,851          (186)
                                                 ------------  ------------

Net change in cash and cash equivalents               (38,606)        1,714

Cash and cash equivalents at beginning of period       63,101         5,601
                                                 ------------  ------------

Cash and cash equivalents at end of period       $     24,495  $      7,315
                                                 ============  ============

                                CAL AMP CORP.
                      NON-GAAP EARNINGS RECONCILIATION
                                 (Unaudited)

 

“GAAP” refers to financial information presented in accordance with U.S. Generally Accepted Accounting Principles. This press release includes historical non-GAAP financial measures, as defined in Regulation G promulgated by the Securities and Exchange Commission. CalAmp believes that its presentation of historical non-GAAP financial measures provides useful supplementary information to investors. The presentation of historical non-GAAP financial measures is not meant to be considered in isolation from or as a substitute for results prepared in accordance with GAAP.

In this press release, CalAmp reports the non-GAAP financial measures of Adjusted Basis Net Income and Adjusted Basis Net Income Per Diluted Share. CalAmp uses these non-GAAP financial measures to enhance the investor’s overall understanding of the financial performance and future prospects of CalAmp’s core business activities. Specifically, CalAmp believes that a report of Adjusted Basis Net Income and Adjusted Basis Net Income Per Diluted Share provides consistency in its financial reporting and facilitates the comparison of results of core business operations between its current and past periods.

The reconciliation of the GAAP Basis Pretax Income to Adjusted Basis (non-GAAP) Net Income is as follows (in thousands except per share amounts):

 

                                                     Three Months Ended
                                                           May 31,
                                                 --------------------------
                                                     2013          2012
                                                 ------------  ------------

GAAP basis pretax income                         $      2,708  $      4,191

Amortization of intangible assets                       1,649           317
Stock-based compensation expense                          631           858
Acquisition and integration expenses                      637             -

                                                 ------------  ------------
Pretax income (non-GAAP basis)                          5,625         5,366

Income tax provision (non-GAAP basis) (a)                 (32)          (59)

                                                 ------------  ------------
Adjusted Basis net income                        $      5,593  $      5,307
                                                 ============  ============

Adjusted Basis net income per diluted share      $       0.16  $       0.18

Weighted average common shares outstanding on
 diluted basis                                         35,663        29,263

(a) The non-GAAP income tax provision represents cash taxes paid for the
    period after giving effect to the utilization of net operating loss and
    tax credit carryforwards.

 

AT CALAMP:
Garo Sarkissian
SVP Corporate Development
(805) 987-9000

AT ADDO COMMUNICATIONS:
Lasse Glassen
(424) 238-6249
lasseg@addocommunications.com

Thursday, June 27th, 2013 Uncategorized Comments Off on CalAmp (CAMP) Reports Fiscal 2014 First Quarter Results

Bellatrix (BXE) announces the closing of a $122 million joint venture

CALGARY, June 27, 2013 /PRNewswire/ – Bellatrix Exploration Ltd. (“Bellatrix” or the “Company”) (TSX, NYSE MKT: BXE) is pleased to announce it has closed a joint venture (the “Joint Venture”) with Grafton Energy Co I Ltd. (“Grafton”), to accelerate development on a portion of Bellatrix’s extensive undeveloped land holdings. The Joint Venture is in Willesden Green and Brazeau areas of West-Central Alberta. Under the terms of the agreement, Grafton will contribute 82%, or $100 million, to the $122 million Joint Venture to participate in an expected 29 Notikewin/Falher and Cardium well program. Under the agreement, Grafton will earn 54% of Bellatrix’s working interest in each well drilled in the well program until payout (being recovery of Grafton’s capital investment plus an 8% return on investment) on the total program, reverting to 33% of Bellatrix’s working interest (“WI”) after payout. At any time after payout of the entire program, Grafton shall have the option to elect to convert all wells from the 33% WI to a 17.5% Gross Overriding Royalty (“GORR”) on Bellatrix’s pre-Joint Venture working interest.  Grafton will have until September 15, 2013 to elect on an option to increase the committed capital investment by an additional $100 million on the same terms and conditions. Grafton shall also have an additional one-time option within 12 months of the effective date to increase its exposure by an additional $50 million on the same terms and conditions. The effective date of the agreement is July 1, 2013 and has a term of 2 years.  If the $50 million option is exercised, Bellatrix shall have until the end of the third anniversary of the effective date to spend the additional capital (if the $100 million option is exercised it will not result in an extension of the term of the Joint Venture).

In the event Bellatrix fails to expend all of the commitment capital within 2 years of the closing date and if the funding period has not been otherwise terminated before such time in accordance with the terms of the Joint Venture, Grafton will be entitled to a non-performance payment from Bellatrix equal to 0.4 times the unspent capital.  Should Grafton fail to fund as required in accordance with the Joint Venture, Bellatrix will have the option to terminate the funding period under the Joint Venture and if they do so Bellatrix shall be entitled to a non-funding payment from Grafton equal to 0.2 times of the unpaid commitment capital.

In certain circumstances if Bellatrix is in default of its commitments under the Joint Venture or there is a change of control of Bellatrix, Grafton shall have the right to cause Bellatrix to acquire Grafton’s earned working interest or GORR, as applicable. Under certain circumstances if Grafton fails to fund in accordance with the Joint Venture, in addition to the non-funding payment, Bellatrix shall be entitled to elect to acquire Grafton’s earned working interest or GORR, as applicable. The value paid under Grafton’s put option and Bellatrix’s call option shall depend on the circumstances and be based on formulas as set out in the Joint Venture.

As a result of the Joint Venture and based on the initial funding commitment, Bellatrix’s updated net capital expenditure plan for 2013 is expected to be $210 to $220 million, not including Grafton capital. Based on the timing of proposed expenditures in the latter half of 2013, completion of anticipated infrastructure and normal production declines, execution of the updated 2013 capital expenditure plan is expected to provide average daily production of 23,000 to 24,000 boe/d and 2013 exit rate of 30,000 to 31,000 boe/d.

Bellatrix continues to consider alternative joint venture partners for the previously announced proposed Ferrier area Cardium Joint Venture as well as continuing to consider other joint venture partners for the Company’s other interests in the Cardium resource play.

The Company has recently entered into three additional crude oil commodity price risk management arrangements as follows:

Type Period Volume Price Index
Crude Oil Fixed Jul. 1, 2013 to Dec. 31, 2013 1,500 bbl/d $96.87 CDN/bbl WTI
Crude Oil Fixed Jan. 1, 2014 to Dec. 31, 2014 1,500 bbl/d $94.00 CDN/bbl WTI
Crude Oil Fixed Jan. 1, 2014 to Dec. 31, 2014 1,500 bbl/d $95.22 CDN/bbl WTI

As at June 26, 2013, the Company has entered into commodity price risk management arrangements as follows:

Type Period Volume Price Floor Price Ceiling Index
Crude oil fixed Jan. 1, 2013 to Dec. 31, 2013 1,500 bbl/d $      94.50 CDN $      94.50 CDN WTI
Crude oil fixed Jul. 1, 2013 to Dec.31,2013 1,500 bbl/d $       96.87 CDN $       96.87 CDN WTI
Crude oil fixed Jan. 1, 2014 to Dec. 31, 2014 1,500 bbl/d $       94.00 CDN $       94.00 CDN WTI
Crude oil fixed Jan. 1, 2014 to Dec. 31, 2014 1,500 bbl/d $       95.22 CDN $       95.22 CDN WTI
Crude oil call options (1) Nov. 1, 2013 to Dec. 31, 2013 3,000 bbl/d $    110.00    US WTI
Crude oil call options Jan. 1, 2014 to Dec. 31, 2014 3,000 bbl/d $    105.00    US WTI
Natural gas fixed Apr. 1, 2013 to Oct. 31, 2013 20,000 GJ/d $    3.05     CDN $    3.05   CDN AECO
Natural gas fixed Apr. 1, 2013 to Oct. 31, 2013 10,000 GJ/d $    3.095   CDN $   3.095 CDN AECO
Natural gas fixed Feb. 1, 2013 to Dec. 31, 2013 10,000 GJ/d $    3.05    CDN $    3.05    CDN AECO
Natural gas fixed Apr. 1, 2013 to Jun. 30, 2014 15,000 GJ/d $    3.05    CDN $    3.05    CDN AECO

(1)     This crude oil call option for the period May 1 to October 31, 2013 was settled for $0.2 million.

Bellatrix continues to focus on growth by development of its core Cardium and Notikewin/Falher assets utilizing its large inventory of geological prospects. The Company has developed an inventory of 692 net remaining Cardium locations and 401 net Notikewin/Falher locations representing net remaining capital requirements of $4.34 billion based on current costs. Based on the initial funding commitment, the Joint Venture represents approximately 2.7% of the aforementioned inventory. As at March 31, 2013, Bellatrix has approximately 205,113 net undeveloped acres and including all opportunities has approximately 1,700 net exploitation drilling opportunities identified, with capital requirements of $8.22 billion based on current costs representing over 40 years of drilling inventory based on current annual cash flow.  The Company continues to focus on adding Cardium and Notikewin/Falher prospective lands.

The Company’s updated corporate presentation is available at www.bellatrixexploration.com.

Bellatrix Exploration Ltd. is a Western Canadian based growth oriented oil and gas company engaged in the exploration for, and the acquisition, development and production of oil and natural gas reserves in the provinces of Alberta, British Columbia and Saskatchewan.  Common shares and convertible debentures of Bellatrix trade on the Toronto Stock Exchange (“TSX”) under the symbols BXE and BXE.DB.A, respectively and the common shares of Bellatrix trade on the NYSE MKT under the symbol BXE.

Grafton Asset Management Inc. (“Grafton”) is an energy focused, Calgary-based investment management firm. Grafton creates bespoke energy investment solutions on behalf of sovereign, institutional and private clients through its proprietary access and intelligence in the Canadian energy sector. As a financial partner, Grafton provides both investors and energy companies with unique financing strategies to meet requisite investment mandates and a variety of risk parameters.

For all Grafton Asset Management Inc. inquiries, please direct your questions to Ashley Vickers, Investor Relations (ashley@graftonfunds.com, 403-991-4274 or 403-228-8247).

All amounts in this press release are in Canadian dollars unless otherwise identified.

Forward looking statements: Certain information set forth in this news release, including management’s assessments of the future plans and operations including anticipated 2013 average daily production and exit rate, 2013 capital expenditure budget, drilling inventory and amount of capital required to develop inventory and time for development may contain forward-looking statements, and necessarily involve risks and uncertainties, certain of which are beyond Bellatrix’s control, including risks related to satisfaction of conditions precedent to the Joint Venture and related to closing thereof, risks associated with oil and gas exploration, development, exploitation, production, marketing and transportation, loss of markets and other economic and industry conditions, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other producers, inability to retain drilling services, incorrect assessment of value of acquisitions and failure to realize the benefits therefrom, delays resulting from or inability to obtain required regulatory approvals, the lack of availability of qualified personnel or management, stock market volatility and ability to access sufficient capital from internal and external sources and economic or industry condition changes. Actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits that Bellatrix will derive therefrom. Additional information on these and other factors that could affect Bellatrix are included in reports on file with Canadian securities regulatory authorities and the United States Securities and Exchange Commission and may be accessed through the SEDAR website (www.sedar.com), the SEC’s website (www.sec.gov or at Bellatrix’s website www.bellatrixexploration.com. Furthermore, the forward-looking statements contained in this news release are made as of the date of this news release, and Bellatrix does not undertake any obligation to update publicly or to revise any of the included forward looking statements, whether as a result of new information, future events or otherwise, except as may be expressly required by applicable securities law.

Conversion: The term barrels of oil equivalent (“boe”) may be misleading, particularly if used in isolation. A boe conversion ratio of six thousand cubic feet of natural gas to one barrel of oil equivalent (6 mcf/bbl) is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value. All boe conversions in this report are derived from converting gas to oil in the ratio of six thousand cubic feet of gas to one barrel of oil.

Thursday, June 27th, 2013 Uncategorized Comments Off on Bellatrix (BXE) announces the closing of a $122 million joint venture

PITOOEY! (PTOO) Provides Shareholder Update

PHOENIX, AZ — (Marketwired) — 06/27/13 — PITOOEY!™, Inc., (OTCBB: PTOO) is poised to capitalize on the digital advertising industry, in which eMarketer estimates $100 billion was spent in 2012 and is expected to grow by over 15% in 2013. A complete digital marketing agency, PITOOEY! offers an array of products and services to enhance communication between businesses and their target audiences. The Company provides a variety of social media and mobile marketing services to small- and medium-sized businesses via its three wholly-owned subsidiaries: PITOOEY! Mobile, Inc., Choice One Mobile, Inc., and Rockstar Digital, Inc.

The Company’s flagship product is the PITOOEY!™ mobile application — a mobile ad network featuring highly-targeted messages from businesses subscribed to by individual users. (The beta version is currently available on the iTunes® App Store(SM).) PITOOEY! offers businesses of all sizes and industries the ability to flip the traditional communications landscape and to deliver to consumers only the message content that they have expressed a desire to receive. In turn, PITOOEY! will rid consumers of unwanted messages, while simultaneously refining businesses’ audiences to target only consumers who are interested in connecting.

The Company is actively working on the next iteration of the PITOOEY! App and expects to release Version 2 in its third quarter 2013. The PITOOEY! App is being developed by its subsidiary, Rockstar Digital, a boutique digital agency that creates, markets, and manages digital content including, but not limited to, mobile apps, websites, and social media and digital campaigns.

The Company’s wholly-owned subsidiary, Choice One Mobile (“C1M”), is a digital social media and marketing company that offers customizable, made-to-fit design strategy to encompass each client’s unique and individual digital marketing needs. Newly formed in December 2012, Choice One Mobile has begun to generate revenues and is actively working to increase its contribution to revenues. During the first quarter of 2012, the Company’s net revenues were $52,000, all of which were attributable to C1M.

The recently launched C1M Affiliate Marketing Program allows credit card processing companies to provide their agents an additional revenue stream, by selling C1M’s mobile and social media services to their existing merchant clientele. The benefits for Choice One Mobile will include greater market penetration, with lower overhead and customer acquisition costs. The Company expects the C1M’s net revenues for the second quarter of 2013 to exceed the previous quarter.

The Company recently entered into an agreement with TopHat Capital, LLC, a full service financial advisory firm based in New York, New York. TopHat Capital, LLC, will help PITOOEY! evaluate capital structures, as well as assist with introductions to potential capital sources from accredited investors.

TopHat Capital’s senior partners and founders have decades of practical experience in corporate strategy, business development, finance, operations, product management, strategic revenue introductions, and marketing. The partners bring proven approaches, deep industry experience and expansive networks to help owners and managers improve their operations and maximize value. Co-Founder and Senior Partner, Sameer Mittal, commented, “TopHat Capital looks forward to working with PITOOEY! and helping the Company grow into an industry leading mobile advertising firm.”

As PITOOEY! looks to its future, the Company expects to place a heavy emphasis on launching Version 2 of the PITOOEY! App and executing substantial marketing programs to promote adoption and use of the App, as well as establishing a greater market share for the C1M Affiliate Program.

The global digital marketing industry is expected to reach over $160 billion by 2016, according to eMarketer. Of that amount, eMarketer believes that approximately $24 billion will be dedicated specifically to mobile advertising by 2016. PITOOEY!’s services encompass both social media and mobile advertising services, so the Company believes it is uniquely positioned to capture a niche in this large and rapidly growing industry.

Although the market for mobile marketing and advertising solutions is relatively new, it is very competitive and is characterized by frequent new service introductions and rapidly emerging new platforms and technologies. The Company believes that the key competitive factors that its customers consider in selecting marketing and advertising solutions include, but are not limited to:

1. An integrated, scalable, and relatively easy to implement platform, which can expand the reach of their future campaigns;
2. solutions providing high quality functionality that meets their immediate marketing and advertising needs;
3. sophisticated analytics and reporting; and
4. high levels of quality service and support.

PITOOEY! competes with companies of all sizes in a variety of geographies, which offer solutions that rival single elements of PITOOEY!’s platform, such as mobile advertising networks, mobile ad serving and ad routing providers, mobile website and content creators, mobile payment providers, aggregators, providers of mobile publishing and application development, SMS aggregators or providers of mobile analytics. At times, the Company expects to compete with interactive and traditional advertising agencies that perform mobile marketing and advertising as part of their services to their customers.

About PITOOEY!™, Inc.

PITOOEY!, Inc. is a complete digital marketing agency offering businesses unique service packages based on the client’s desires. Based on these desires and what type of following or reach they would like to establish enables them to be filtered through three wholly-owned subsidiaries, to provide the perfect fit: PITOOEY! Mobile, Inc., Choice One Mobile, Inc. and Rockstar Digital, Inc.

For more information, please visit:
www.PitooeyInc.com
www.Pitooey.com
www.choiceonemobile.com
www.rockstar-digital.com

About TopHat Capital, LLC

TopHat Capital LLC is an execution-based advisory firm focused on helping companies move closer to the attainment of their goals. TopHat utilizes its vast experience, global network, and access to capital to assist its clients build better businesses. We provide solutions: whether for an equity fund looking to grow an asset base and desiring to increase the size of assets under management, or for a standard company with strong potential needing capital, advisory work or introductions to reach the next level.

TopHat’s experience is both broad and deep. The firm’s professionals, who have each built and sold companies, in combination with those possessing decades of Wall Street experience, combine their knowledge and understanding to provide timely solutions that create the link for the attainment of your goals and a satisfied client.

TopHat was founded in 2011 and is headquartered in New York City. Top Hat is not a Broker-Dealer and, as such, is not compensated in connection with the introduction of assets.

www.tophat-capital.com

Safe Harbor

This release contains statements that constitute 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. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of PITOOEY!, Inc., its directors or its officers with respect to, among other things: (i) financing plans; (ii) trends affecting its financial condition or results of operations; (iii) growth strategy and operating strategy. The words “may,” “would,” “will,” “expect,” “estimate,” “can,” “believe,” “potential” and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond PITOOEY!, Inc.’s ability to control and their actual results may differ materially from those projected in the forward-looking statements as a result of various factors. More information about the potential factors that could affect the business and financial results is and will be included in PITOOEY!, Inc.’s filings with the Securities and Exchange Commission.

For further information contact:

PITOOEY!, Inc. Public Relations and Shareholder Information
Brian Barnes
Phone: (800) 953-3350
Email: InvestorRelations@PITOOEY.com

Thursday, June 27th, 2013 Uncategorized Comments Off on PITOOEY! (PTOO) Provides Shareholder Update

Data from Phase 2 ACE Study (AMBI) of Quizartinib in Refractory Acute Myeloid Leukemia

SAN DIEGO, June 26, 2013 /PRNewswire/ — Ambit Biosciences Corporation (Nasdaq: AMBI) announced today data from the Phase 2 ACE study of quizartinib (AC220), a FLT3 inhibitor, were featured in multiple presentations at the 18th Congress of the European Hematology Association in Stockholm, Sweden.

Data presented included analyses of patients with relapsed or refractory acute myeloid leukemia (AML) from a Phase 2 clinical trial of quizartinib as monotherapy. In the study, quizartinib was administered orally, once a day, in 28-day treatment cycles until disease progression, elective hematopoietic stem cell transplantation (HSCT) or unacceptable toxicity. Based on the positive data from the Phase 2 clinical trial, as well as ongoing discussions with the Food and Drug Administration (FDA), Ambit is planning to initiate a Phase 3 clinical trial in FLT3-ITD positive patients with relapsed or refractory AML in early 2014.

Data Presentations

High Response Rate and Bridging to Hematopoietic Stem Cell Transplantation With Quizartinib (AC220) in Patients With FLT3-ITD– Positive Relapsed/Refractory Acute Myeloid Leukemia (AML)
Mark J. Levis, M.D., Ph.D., Department of Oncology, Johns Hopkins University School of Medicine, Baltimore, Md.

Data from 136 FLT3-ITD positive patients, aged 18 years or older, with either relapsed disease or who were refractory to second-line chemotherapy or HSCT, were presented. Of the patients treated, 35 percent were successfully bridged to a potentially curative HSCT, with the greatest proportion receiving a HSCT after achieving a CRi (complete remission with incomplete hematologic recovery) with quizartinib. Additionally, 33 percent of patients who were bridged to HCST after achieving a CRi were still alive after one year, with multiple patients alive after more than two years.

Additional key findings presented include:

  • Forty-six percent of FLT3-ITD positive patients achieved a composite complete response (CRc: complete remission (CR) + complete remission with incomplete platelet recovery (CRp) + complete remission with incomplete hematologic recovery (CRi)), including five percent of patients who achieved either a CR or CRp
  • Median overall survival for the 47 FLT3-ITD positive patients who were bridged to a subsequent HSCT was 34.1 weeks, compared to 24.1 weeks for the 56 patients who achieved either a CRc or PR but did not undergo a subsequent  HSCT
  • Median overall survival for the 33 FLT3-ITD positive patients who did not achieve at least a PR to quizartinib and did not undergo a subsequent HSCT was 8.9 weeks
  • Twenty percent (27/136) FLT3-ITD positive patients remained alive for more than 12 months and were classified as long-term survivors
  • All but one of the long-term survivors achieved at least a PR to quizartinib, with 63 percent (17/27) proceeding to a HSCT after quizartinib
  • Ten of the 27 long-term survivors did not undergo a subsequent HSCT and had a median treatment duration of 53.5 weeks
  • Quizartinib was generally well tolerated with manageable toxicity which included a grade 3 QTcF prolongation of 20 percent and no grade 4 QTcF prolongation events

Efficacy and Safety of Quizartinib (AC220) in Patients Age ≥60 Years with FLT3-ITD Positive Relapsed/Refractory Acute Myeloid Leukemia (AML)
Hartmut Dohner, M.D., Department of Internal Medicine III, University Hospital of Ulm, Ulm, Germany

Data from 110 FLT3-ITD positive patients, aged 60 years or older, who relapsed within one year or were refractory to first-line therapy were presented. Of the patients treated, 57 percent achieved a CRc, with seven percent having either a CR or CRp, with a median survival of 25.3 weeks. Additionally, 16 patients (15 percent) remained alive for more than 12 months and were classified as long-term survivors.

Additional key findings presented include:

  • Of the 104 FLT3-ITD positive patients who lived at least 28 days to be assessed for response, the median overall survival for the 84 patients who achieved either a CRc or partial response (PR) to quizartinib is  31.1 weeks, compared to 11.8 weeks for the 20 patients who did not achieve at least a PR to quizartinib
  • Median overall survival was 25.3 weeks for all patients, with a median of 22.7 weeks for patients age 70 years or older
  • All patients who were long-term survivors achieved either a CRc or PR to quizartinib, with 52.1 weeks as median duration of treatment
  • Quizartinib was generally well tolerated, with a 30-day mortality rate of five percent

About Quizartinib
Quizartinib (AC220) is a novel, potent, highly selective, orally bioavailable FMS-like tyrosine kinase-3 (FLT3) inhibitor currently under evaluation in multiple ongoing studies, which include a Phase 2b clinical trial as monotherapy treatment for adult patients with FLT3-ITD positive relapsed or refractory AML and two Phase 1 studies in a combination treatment regimen with chemotherapy, and as a maintenance therapy following transplant, respectively.

On March 12, 2013, Ambit and Astellas Pharma Inc., announced that their collaboration for the joint development and commercialization of quizartinib will terminate effective September 3, 2013, at which time Ambit will exclusively own worldwide rights to quizartinib and any follow-on compounds.  The companies are working on the transition of the current development activities to Ambit.

About Ambit Biosciences
Ambit is a biopharmaceutical company focused on the discovery, development and commercialization of drugs to treat unmet medical needs in oncology, autoimmune and inflammatory diseases by inhibiting kinases that are important drivers for those diseases. Ambit’s lead drug candidate, quizartinib (AC220), is a once-daily, orally-administered potent and selective, inhibitor of FMS-like tyrosine kinase-3 (FLT3) and is currently under clinical development in patients with relapsed/refractory acute myeloid leukemia (AML) and in newly diagnosed AML patients in combination with chemotherapy as well as maintenance following a hematopoietic stem cell transplantation (HSCT). In addition to quizartinib, Ambit’s clinical pipeline includes AC410, an oral JAK2 inhibitor, and CEP-32496, a BRAF inhibitor licensed to Teva Pharmaceutical Industries Ltd. Ambit’s preclinical portfolio includes a proprietary CSF1R inhibitor program.

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

Contacts:

Ian Stone or David Schull (Media)
Russo Partners
(619) 308-6541
(212) 845-4271
ian.stone@russopartnersllc.com
david.schull@russopartnersllc.com

Robert Flamm, Ph.D. (Investor)
Russo Partners
(212) 845-4226
robert.flamm@russopartnersllc.com

Wednesday, June 26th, 2013 Uncategorized Comments Off on Data from Phase 2 ACE Study (AMBI) of Quizartinib in Refractory Acute Myeloid Leukemia

Medivation (MDVN) and Astellas Initiate Phase 2 Study Breast Cancer

SAN FRANCISCO, CA and TOKYO — (Marketwired) — 06/26/13 — Medivation, Inc. (NASDAQ: MDVN) and Astellas Pharma Inc. (TSE: 4503) today announced enrollment of the first patient in a global Phase 2 clinical trial evaluating enzalutamide as a single agent for the treatment of advanced, androgen receptor (AR)-positive, triple-negative breast cancer (TNBC). Medivation is conducting this study under its agreement with Astellas.

“The initiation of this Phase 2 study marks an important milestone as we expand our enzalutamide development program beyond prostate cancer to explore the clinical efficacy of enzalutamide in triple-negative breast cancer, where there is a significant unmet medical need,” said David Hung, M.D., president and chief executive officer of Medivation, Inc. “We plan to present the results from the Phase 1 study in breast cancer at an upcoming scientific conference.”

The Phase 2 open label, single-arm, multicenter trial plans to enroll approximately 80 patients with AR-positive, TNBC at sites in the United States, Canada and Europe. The primary endpoint of the trial is clinical benefit rate, defined as the proportion of patients with a best response of complete response, partial response or stable disease at ≥ 16 weeks. All patients will receive enzalutamide at a dose of 160 mg to be taken orally once daily. Information about patient eligibility and enrollment can be obtained by calling 800-888-7704 ext. 5473 or e-mailing clintrials.info@us.astellas.com.

TNBC is a type of cancer which does not express any of the three most commonly targeted receptors in breast cancer: estrogen, progesterone and HER2. TNBC remains an area of significant unmet medical need. Currently, there are no approved targeted therapies for these patients, who are typically treated with multiple regimens of chemotherapy. AR-positive breast cancer is a recently-identified subtype of TNBC that can express high levels of the androgen receptor.

About Enzalutamide
Enzalutamide is an androgen receptor inhibitor that acts on different steps in the androgen receptor signaling pathway. Enzalutamide has been shown to competitively inhibit androgen binding to androgen receptors, and inhibit androgen receptor nuclear translocation and interaction with DNA.

Please visit www.XtandiHCP.com for full Prescribing Information for XTANDI® (enzalutamide) capsules.

About XTANDI® (enzalutamide) capsules
XTANDI is indicated for the treatment of patients with metastatic castration-resistant prostate cancer (mCRPC) who have previously received docetaxel.

Important Safety Information for XTANDI
Contraindications-
XTANDI can cause fetal harm when administered to a pregnant woman based on its mechanism of action. XTANDI is not indicated for use in women. XTANDI is contraindicated in women who are or may become pregnant.

Warnings and Precautions- In the randomized clinical trial, seizure occurred in 0.9% of patients on XTANDI. No patients on the placebo arm experienced seizure. Patients experiencing a seizure were permanently discontinued from therapy. All seizures resolved.

Patients with a history of seizure, taking medications known to decrease the seizure threshold, or with other risk factors for seizure were excluded from the clinical trial. Because of the risk of seizure associated with XTANDI use, patients should be advised of the risk of engaging in any activity where sudden loss of consciousness could cause serious harm to themselves or others.

Adverse Reactions- The most common adverse drug reactions ( ≥ 5%) reported in patients receiving XTANDI in the randomized clinical trial were asthenia/fatigue, back pain, diarrhea, arthralgia, hot flush, peripheral edema, musculoskeletal pain, headache, upper respiratory infection, muscular weakness, dizziness, insomnia, lower respiratory infection, spinal cord compression and cauda equina syndrome, hematuria, paresthesia, anxiety, and hypertension. Grade 1-4 neutropenia occurred in 15% of XTANDI patients (1% Grade 3-4) and in 6% on placebo (no Grade 3-4). Grade 1-4 elevations in bilirubin occurred in 3% of XTANDI patients and 2% on placebo. One percent of XTANDI patients compared to 0.3% on placebo died from infections or sepsis. Falls or injuries related to falls occurred in 4.6% of XTANDI patients vs 1.3% on placebo. Falls were not associated with loss of consciousness or seizure. Fall-related injuries were more severe in XTANDI patients and included non-pathologic fractures, joint injuries, and hematomas. Grade 1 or 2 hallucinations occurred in 1.6% of XTANDI patients and 0.3% on placebo, with the majority on opioid-containing medications at the time of the event.

Drug Interactions- Effect of Other Drugs on XTANDI: Administration of strong CYP2C8 inhibitors can increase the plasma exposure to XTANDI. Co-administration of XTANDI with strong CYP2C8 inhibitors should be avoided if possible. If co-administration of XTANDI cannot be avoided, reduce the dose of XTANDI. Co-administration of XTANDI with strong or moderate CYP3A4 and CYP2C8 inducers can alter the plasma exposure of XTANDI and should be avoided if possible.

Effect of XTANDI on Other Drugs: XTANDI is a strong CYP3A4 inducer and a moderate CYP2C9 and CYP2C19 inducer in humans. Avoid CYP3A4, CYP2C9 and CYP2C19 substrates with a narrow therapeutic index, as XTANDI may decrease the plasma exposures of these drugs. If XTANDI is co-administered with warfarin (CYP2C9 substrate), conduct additional INR monitoring.

For Full Prescribing Information, please visit www.XtandiHCP.com.

About Medivation
Medivation, Inc. is a biopharmaceutical company focused on the rapid development of novel therapies to treat serious diseases for which there are limited treatment options. Medivation aims to transform the treatment of these diseases and offer hope to critically ill patients and their families. For more information, please visit us at www.medivation.com.

About Astellas Pharma Inc.
Astellas Pharma Inc. is a pharmaceutical company dedicated to improving the health of people around the world through provision of innovative and reliable pharmaceuticals. The organization is committed to becoming a global category leader in Oncology, and has several oncology compounds in development in addition to enzalutamide. For more information on Astellas Pharma Inc., please visit our website at www.astellas.com/en.

Note Regarding Forward-Looking Statement – Medivation
This press release contains forward-looking statements, including statements regarding the continued clinical development of enzalutamide and potential future progress related thereto, the therapeutic potential of enzalutamide in breast cancer, our strategy, and the continued effectiveness of, and continuing collaborative activities and benefits under, Medivation’s collaboration agreement with Astellas, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Any statements contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements involve risks and uncertainties that could cause Medivation’s actual results to differ significantly from those projected, including, without limitation, risks related to the timing and results of Medivation’s clinical trials, including the risk that adverse clinical trial results could alone or together with other factors result in the delay or discontinuation of some or all of Medivation’s product development activities, the risk that positive results seen in our clinical trials may not be predictive of the results of our ongoing or planned clinical trials, difficulties or delays in enrolling and retaining patients in Medivation’s clinical trials, Medivation’s dependence on the efforts of and funding by Astellas for the development of enzalutamide, the achievement of development, regulatory and commercial milestones under Medivation’s collaboration agreement with Astellas, the manufacturing of Medivation’s product candidates, the industry and competitive market, the adequacy of Medivation’s financial resources, unanticipated expenditures or liabilities, Medivation’s outstanding convertible senior notes, intellectual property matters, and other risks detailed in Medivation’s filings with the Securities and Exchange Commission, including its quarterly report on Form 10-Q for the quarter ended March 31, 2013, filed with the SEC on May 10, 2013. You are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date of this release. Medivation disclaims any obligation or undertaking to update or revise any forward-looking statements contained in this press release.

Note Regarding Forward Looking Statement – Astellas
This press release includes forward-looking statements based on assumptions and beliefs in light of the information currently available to management and subject to significant risks and uncertainties. Forward-looking statements include all statements other than statements of historical fact, including plans, strategies and expectations for the future, statements regarding the expected timing of filings and approvals relating to the transaction, the expected timing of the completion of the transaction, the ability to complete the transaction or to satisfy the various closing conditions, future revenues and profitability from or growth or any assumptions underlying any of the foregoing. Statements made in the future tense, and words such as “anticipate,” “expect,” “project,” “continue,” “believe,” “plan,” “estimate,” “pro forma,” “intend,” “potential,” “target,” “forecast,” “guidance,” “outlook,” “seek,” “assume,” “will,” “may,” “should,” and similar expressions are intended to qualify as forward-looking statements. Forward-looking statements are based on estimates and assumptions made by management that are believed to be reasonable, though they are inherently uncertain and difficult to predict. Investors and security holders are cautioned not to place undue reliance on these forward-looking statements. Actual financial results may differ materially depending on a number of factors including adverse economic conditions, currency exchange rate fluctuations, adverse legislative and regulatory developments, delays in new product launch, pricing and product initiatives of competitors, the inability of the company to market existing and new products effectively, interruptions in production, infringements of the company’s intellectual property rights and the adverse outcome of material litigation. This press release contains information on pharmaceuticals (including compounds under development), but this information is not intended to make any representations or advertisements regarding the efficacy or effectiveness of these pharmaceuticals nor provide medical advice of any kind.

Medivation Contacts:
Patrick Machado
Chief Business & Financial Officer
(415) 829-4101

Anne Bowdidge
Senior Director, Investor Relations
(650) 218-6900

Astellas Contacts:
Jenny Kite
Corporate Communications
(847) 682-4530

Mike Beyer
Sam Brown, Inc (media for both companies)

Wednesday, June 26th, 2013 Uncategorized Comments Off on Medivation (MDVN) and Astellas Initiate Phase 2 Study Breast Cancer

Receptos (RCPT) to be Added to Russell 3000 Index on June 28, 2013

SAN DIEGO, June 26, 2013 (GLOBE NEWSWIRE) — Receptos, Inc. (Nasdaq:RCPT), a biopharmaceutical company developing therapeutic candidates for the treatment of immune and metabolic diseases, today announced that it is set to join the Russell 3000® Index when Russell Investments reconstitutes its comprehensive set of U.S. and global equity indexes on June 28, 2013.

Annual reconstitution of Russell’s U.S. indexes captures the 4,000 largest U.S. stocks as of the end of May, ranking them by total market capitalization. Membership in the Russell 3000, which remains in place for one year, means automatic inclusion in the large-cap Russell 1000® Index or small-cap Russell 2000® Index as well as the appropriate growth and value style indexes. Russell determines membership for its equity indexes primarily by objective, market-capitalization rankings and style attributes.

Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for both passive and active investment strategies. Approximately $4.1 trillion in assets are benchmarked to the Russell Indexes. Russell calculates more than 700,000 benchmarks daily covering approximately 98% of the investable market globally, more than 80 countries and 10,000 securities. These investment tools originated from Russell’s multi-manager investment business in the early 1980s when the company saw the need for a more objective, market-driven set of benchmarks in order to evaluate outside investment managers.

About Receptos

Receptos is a biopharmaceutical company developing therapeutic candidates for the treatment of immune and metabolic diseases. The Company’s lead program, RPC1063, is a sphingosine 1-phosphate 1 (S1P1) receptor small molecule modulator candidate for immune indications, including relapsing multiple sclerosis and inflammatory bowel disease. The Company is also developing RPC4046, an anti-interleukin-13 antibody for an allergic/immune-mediated orphan disease, eosinophilic esophagitis. Receptos has established expertise in high resolution protein crystal structure determination, biology and drug discovery for G-protein-coupled receptors.

Forward-looking Statements

Statements contained in this release, other than statements of historical fact, constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements do not constitute guarantees of future performance and are subject to a number of risks that could cause actual results to differ materially from those anticipated. Information on various risks that could affect the Company are detailed in the Company’s filings with the Securities and Exchange Commission, including the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2013.

CONTACT: Media and Investor Contact:
         Graham K. Cooper
         Chief Financial Officer, Receptos
         (858) 652-5708
         gcooper@receptos.com

Receptos Logo

Wednesday, June 26th, 2013 Uncategorized Comments Off on Receptos (RCPT) to be Added to Russell 3000 Index on June 28, 2013

Pacific Ethanol (PEIX) Closes Second Installment of Financing Transaction

Eliminates All Plant Debt Due in 2013

Increases Ownership in Plants to 85%

SACRAMENTO, Calif., June 26, 2013 (GLOBE NEWSWIRE) — Pacific Ethanol, Inc. (Nasdaq:PEIX), the leading marketer and producer of low-carbon renewable fuels in the Western United States, announced the company closed the second installment (“Tranche B”) of its financing, issuing $8.0 million in subordinated convertible Series B notes. As announced on March 28, 2013, the company entered into an agreement to raise up to $14.0 million in two installments. The first (“Tranche A”) closed on March 28, 2013 and included the issuance of $6.0 million in subordinated convertible Series A notes, together with Series A Warrants and Series B Warrants. On June 21, 2013, the company purchased the remaining $4.1 million of Plant debt due on June 25, 2013 for $3.0 million, extending the maturity of $2.9 million of the purchased debt to June 2016 and retiring $1.2 million of the purchased debt. The company also purchased an additional 2% ownership interest in the Pacific Ethanol Plants for $0.2 million, increasing its total ownership to 85%.

“With the approval of our shareholders, we have closed the second tranche of this financing and have eliminated all of our Plant debt due in 2013 by purchasing the remainder at a discount,” stated Neil Koehler, the company’s president and CEO. “The financing as a whole strengthens our balance sheet by reducing plant debt and extending debt maturities.”

About Pacific Ethanol, Inc.

Pacific Ethanol, Inc. (Nasdaq:PEIX) is the leading marketer and producer of low-carbon renewable fuels in the Western United States. Pacific Ethanol also sells co-products, including wet distillers grain (“WDG”), a nutritious animal feed. Serving integrated oil companies and gasoline marketers who blend ethanol into gasoline, Pacific Ethanol provides transportation, storage and delivery of ethanol through third-party service providers in the Western United States, primarily in California, Arizona, Nevada, Utah, Oregon, Colorado, Idaho and Washington. Pacific Ethanol has an 85% ownership interest in New PE Holdco LLC, the owner of four ethanol production facilities. Pacific Ethanol operates and manages the four ethanol production facilities, which have a combined annual production capacity of 200 million gallons. The facilities in operation are located in Boardman, Oregon, Burley, Idaho and Stockton, California, and one idled facility is located in Madera, California. The facilities are near their respective fuel and feed customers, offering significant timing, transportation cost and logistical advantages. Pacific Ethanol’s subsidiary, Kinergy Marketing LLC, markets ethanol from Pacific Ethanol’s managed plants and from other third-party production facilities, and another subsidiary, Pacific Ag. Products, LLC, markets WDG. For more information please visit www.pacificethanol.net.

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

With the exception of historical information, the matters discussed in this press release including, without limitation, the ability of Pacific Ethanol to continue as the leading marketer and producer of low-carbon renewable fuels in the Western United States are forward-looking statements and considerations that involve a number of risks and uncertainties. The actual future results of Pacific Ethanol could differ from those statements. Factors that could cause or contribute to such differences include, but are not limited to, adverse economic and market conditions; changes in governmental regulations and policies; and other events, factors and risks previously and from time to time disclosed in Pacific Ethanol’s filings with the Securities and Exchange Commission including, specifically, those factors set forth in the “Risk Factors” section contained in Pacific Ethanol’s Form 10-K filed with the Securities and Exchange Commission on April 1, 2013.

CONTACT: Company IR Contact:
         Pacific Ethanol, Inc.
         916-403-2755
         866-508-4969
         Investorrelations@pacificethanol.net

         IR Agency Contact:
         Becky Herrick
         LHA
         415-433-3777

         Media Contact:
         Paul Koehler
         Pacific Ethanol, Inc.
         916-403-2790
         paulk@pacificethanol.net

company logo

Wednesday, June 26th, 2013 Uncategorized Comments Off on Pacific Ethanol (PEIX) Closes Second Installment of Financing Transaction

(RSOL) Selected by St. Albans Solar Partners to Deploy 2.2 MW Solar Farm

Solar Farm to Offset More Than 123 Million Pounds of CO2 Emissions Over 20 Years

LOUISVILLE, Colo., June 26, 2013 (GLOBE NEWSWIRE) — RGS Energy, the commercial and utility division of Real Goods Solar, Inc. (Nasdaq:RSOL), has been selected by St. Albans Solar Partners, LLC, to deploy a new 2.2 megawatt solar farm in Saint Albans, the largest PV system in Vermont.

RGS Energy will design, install, monitor and maintain the solar power system. Construction for the project is expected to begin next month and scheduled to be completed by November.

The fixed array ground mount solar system is expected to generate enough power to provide electricity for 400 homes. It also helps Vermont reach its goal of 20% renewable energy by 2017. Over the next 25 years, the solar energy produced is estimated to offset more than 123 million pounds of carbon dioxide emissions or the equivalent to planting more than 1.4 million trees (per EPA-based data).

“St. Albans is a great town to work with and we are proud to help bring an important renewable source of energy to the area,” said Project Owner Joe Larkin. “We are very excited to work with Real Goods Solar. Creative and dedicated partners are essential to successful development. RGS is committed to this project and to the state’s renewable energy goals.”

100% of the solar energy produced will be purchased through a feed-in tariff under the Standard Offer Program of Vermont’s Sustainably Priced Energy Development (SPEED) Program. The program was created by legislation in 2005 to promote renewable energy development in the state in order to reach the state’s goals of 20% renewable energy by 2017.

“In collaboration with St. Albans Solar Partners, we are proud to bring 100% clean renewable energy to the City of Saint Albans,” said Tim Seamans, RGS Energy’s general manager. “This is a great example of what is possible to accelerate the deployment of renewable energy both in Vermont and other states.”

About Real Goods Solar and RGS Energy
Real Goods Solar, Inc. (RSOL) is one of the nation’s pioneering solar energy companies serving commercial, residential, and utility customers. Beginning with one of the very first photovoltaic panels sold to the public in the U.S. in 1978, the company has installed more than 14,500 solar power systems representing over 100 megawatts of 100% clean renewable energy. Real Goods Solar makes it very convenient for customers to save on their energy bill by providing a comprehensive solar solution, from design, financing, permitting and installation to ongoing monitoring, maintenance and support. As one of the nation’s largest and most experienced solar power players, the company has 15 offices across the West and the Northeast. It services the commercial and utility markets through its RGS Energy division. For more information, visit RealGoodsSolar.com or RGSEnergy.com, on Facebook at http://facebook.com/realgoodssolar and on Twitter at http://twitter.com/realgoodssolar.

Forward-looking Statements
This press release includes forward-looking statements relating to matters that are not historical facts. Forward-looking statements may be identified by the use of words such as “expect,” “intend,” “believe,” “will,” “should” or comparable terminology or by discussions of strategy. While Real Goods Solar believes its assumptions and expectations underlying forward-looking statements are reasonable, there can be no assurance that actual results will not be materially different. Risks and uncertainties that could cause materially different results include, among others, introduction of new products and services, completion and integration of acquisitions, the possibility of negative economic conditions, and other risks and uncertainties included in Real Goods Solar’s filings with the Securities and Exchange Commission. Real Goods Solar assumes no duty to update any forward-looking statements.

CONTACT: Media and Investor Relations Contact:
         Ron Both
         Liolios Group, Inc.
         Tel 1-949-574-3860
         RSOL@liolios.com

Real Goods Solar, Inc. Logo

Wednesday, June 26th, 2013 Uncategorized Comments Off on (RSOL) Selected by St. Albans Solar Partners to Deploy 2.2 MW Solar Farm

Ur-Energy (URG) Closes $20M Loan Facility

LITTLETON, Colo., June 25, 2013 — Ur-Energy Inc. (TSX:URE, NYSE MKT:URG) (“Ur‑Energy” or the “Company”) is pleased to announce that the Company, and certain of its U.S. subsidiaries, closed the previously  announced US$20.0 million secured loan facility (the “Loan Facility”) with RMB Australia Holdings Ltd. (“RMBAH”) on June 24, 2013.

The Loan Facility is intended to provide additional interim working capital for the construction of the Company’s flagship Lost Creek Project.  Proceeds from the Loan Facility will also be used to repay all amounts outstanding under the previously announced US$5.0 million bridge loan facility with RMBAH.

The Loan Facility includes the following terms:

  • an interest rate of LIBOR plus 7.5% per annum calculated quarterly;
  • an arrangement fee of 6.0% payable at closing;
  • a grant of a 4,294,167 warrants with a five-year expiry exercisable for 4,294,167 common shares of the Company at an exercise price of C$1.20, and other terms as set forth in the warrant certificate;
  • customary security and other customary terms as set forth in the Loan Facility transaction documents.

The Company continues to work with the State of Wyoming and Sweetwater County to advance a US$34.0 million bond loan (the “Bond Loan”) through the State’s Industrial Development Bond program towards completion.  It is expected that the Loan Facility will be repaid upon the closing of the Bond Loan, after which time the Loan Facility will remain available to fund the acquisition and advancement of the Pathfinder Mines assets in Wyoming.  The Company continues to anticipate receiving all required regulatory approvals for the closing of the previously announced Pathfinder Mines Corporation acquisition in the near future.

Ur-Energy President and CEO Wayne Heili commented, “We are very pleased to announce the closing of this Loan Facility, which provides a great deal of flexibility to the Company as we complete the construction of the Lost Creek Project and await final approvals of the Bond Loan and Pathfinder acquisition.”

About Ur-Energy
Ur-Energy is a junior uranium mining company currently constructing its first in-situ recovery (ISR) uranium mine in south- central Wyoming at its fully licensed and permitted Lost Creek project.  The Lost Creek processing facility will have two million pounds per year capacity and is anticipated to be in production in the second half of 2013. Ur-Energy engages in the identification, acquisition, exploration and development of uranium projects in the United States and Canada.  Shares of Ur-Energy trade on the Toronto Stock Exchange under the symbol “URE” and on the NYSE MKT under the symbol “URG”. Ur-Energy’s corporate office is located in Littleton, Colorado; its registered office is in Ottawa, Ontario.  Ur-Energy’s website is www.ur-energy.com.

FOR FURTHER INFORMATION, PLEASE CONTACT

Rich Boberg, Director, IR/PR Wayne Heili, President and CEO
303-269-7707 307-265-2373
866-981-4588 866-981-4588
rich.boberg@ur-energyusa.com wayne.heili@ur-energyusa.com

This release may contain “forward-looking statements” within the meaning of applicable securities laws regarding events or conditions that may occur in the future (e.g., timing and ability to complete bond closing; timing of receipt of governmental approvals for and completion of the closing of the Pathfinder acquisition; timing of completion of construction and commencement of operations at Lost Creek) and are based on current expectations that, while considered reasonable by management at this time, inherently involve a number of significant business, economic and competitive risks, uncertainties and contingencies. Factors that could cause actual results to differ materially from any forward-looking statements include, but are not limited to, capital and other costs varying significantly from estimates; failure to establish estimated resources and reserves; the grade and recovery of ore which is mined varying from estimates; production rates, methods and amounts varying from estimates; delays in obtaining or failures to obtain required governmental, environmental or other project approvals; inflation; changes in exchange rates; fluctuations in commodity prices; delays in development and other factors. Readers should not place undue reliance on forward-looking statements. The forward-looking statements contained herein are based on the beliefs, expectations and opinions of management as of the date hereof and Ur-Energy disclaims any intent or obligation to update them or revise them to reflect any change in circumstances or in management’s beliefs, expectations or opinions that occur in the future.

Tuesday, June 25th, 2013 Uncategorized Comments Off on Ur-Energy (URG) Closes $20M Loan Facility

Sierra Wireless (SWIR) Introduces the First 4G LTE Module for Sprint

Sierra Wireless (NASDAQ: SWIR) (TSX: SW) today announced that the AirPrime® MC7355 embedded module is now Sprint-certified – the first 4G LTE embedded wireless module to be certified on the Sprint network. Demonstrating technical leadership in the LTE space, the MC7355 joins a wide range of Sierra Wireless modules available for Sprint, rounding out a portfolio that includes the AirPrime SL909x (Multimode 3G/EV-DO) and the SL501x (EV-DO), with the SL301x (CDMA 1x) currently being verified for approval.

The AirPrime MC7355 is a PCI Express Mini Card module capable of delivering LTE data speeds up to 100 Mbps downlink and 50 Mbps uplink and is compatible with CDMA/EV-DO, HSPA+ and quad-band GSM/GPRS/EDGE. For OEM customers, Sierra Wireless is uniquely positioned to manage and facilitate Sprint certification through its CTIA authorized laboratory, thereby eliminating the need for a third-party lab and significantly reducing the time to market.

“As we continue to move forward with the rollout of our all-new network, a project known as Network Vision, the delivery of a world-class LTE network experience for our customers is paramount,” said Ben Vos, general manager-M2M, Sprint. “Sierra Wireless modules have a proven track record with Sprint and we look forward to now offering our OEM customers 4G LTE speeds utilizing a preferred supplier that can streamline the certification process for Sprint’s customers and help them better achieve their individual business goals.”

“It’s rewarding to reach a new milestone in what has been a long collaboration with Sprint – one where both companies are committed to stay at the forefront of M2M and 4G LTE technology,” said Dan Schieler, senior vice president, Worldwide Sales. “The MC7355 will allow our customers to leverage Sprint’s 4G speeds and as the first LTE module supplier, and utilizing our CTIA authorized test facility, Sierra Wireless looks forward to continued collaboration that will directly benefit the operator’s wireless M2M and PC OEM customers.”

Nationwide 4G LTE is a key element in Network Vision, Sprint’s plan to consolidate multiple network technologies into one new, seamless network with the goal of increasing efficiency and enhancing network coverage, call quality and data speeds for customers across the United States. Sprint continues to be on schedule in rolling out 4G LTE nationwide, with service in 110 markets today and with sites on-air and implementation under way in hundreds more. For the most up-to-date details on Sprint’s 4G LTE portfolio, visit www.sprint.com/network. For detailed 4G LTE maps, visit www.sprint.com/coverage.

Visit the Sierra Wireless website for more information about the Sierra Wireless AirPrime MC7355 embedded wireless module. To contact the Sierra Wireless Sales Desk, call +1 (604) 232-1488 or visit http://www.sierrawireless.com/sales.

Note to editors:

To view and download images of Sierra Wireless products, please visit http://www.sierrawireless.com/newsroom/productimages.aspx.

About Sierra Wireless

Sierra Wireless (NASDAQ: SWIR) (TSX: SW) is the global leader in machine-to-machine (M2M) devices and cloud services, delivering intelligent wireless solutions that simplify the connected world. We offer the industry’s most comprehensive portfolio of 2G, 3G and 4G embedded modules and gateways, seamlessly integrated with our secure M2M cloud services. Customers worldwide, including OEMs, enterprises, and mobile network operators, trust our innovative solutions to get their connected products and services to market faster. Sierra Wireless has more than 850 employees globally and has R&D centers in North America, Europe and Asia. For more information, visit www.sierrawireless.com.

“AirPrime” is a registered trademark of Sierra Wireless. Other product or service names mentioned herein may be the trademarks of their respective owners.

Forward Looking Statements

This press release contains forward-looking statements that involve risks and uncertainties. These forward-looking statements relate to, among other things, plans and timing for the introduction or enhancement of our services and products, statements about future market conditions, supply conditions, channel and end customer demand conditions, revenues, gross margins, operating expenses, profits, and other expectations, intentions, and plans contained in this press release that are not historical fact. Our expectations regarding future revenues and earnings depend in part upon our ability to successfully develop, manufacture, and supply products that we do not produce today and that meet defined specifications. When used in this press release, the words “plan”, “expect”, “believe”, and similar expressions generally identify forward-looking statements. These statements reflect our current expectations. They are subject to a number of risks and uncertainties, including, but not limited to, changes in technology and changes in the wireless data communications market. In light of the many risks and uncertainties surrounding the wireless data communications market, you should understand that we cannot assure you that the forward-looking statements contained in this press release will be realized.

Tuesday, June 25th, 2013 Uncategorized Comments Off on Sierra Wireless (SWIR) Introduces the First 4G LTE Module for Sprint

(ALLT) Rides 4G Wave: LTE Sees Q2 Purchase Orders from Three Tier One Operators

Allot Communications Ltd. (NASDAQ: ALLT), a leading supplier of service optimization and revenue generation solutions for fixed and mobile broadband service providers and cloud operators, today announced it has secured orders from three of the world’s top ten telecommunication operators to assist in their LTE network rollouts. The three orders underscore Allot’s position as one of the world’s leading providers of service optimization solutions for 4G/LTE.

“We have had great success assisting operators with their 2G and 3G deployments. Now, as these same operators move to 4G, they recognize the value of Allot’s solutions and are looking to Allot for assistance with their LTE deployments,” said Andrei Elefant, VP Marketing and Product Management, Allot Communications. “Our scalable Service Gateway platform is able to take on the new LTE traffic alongside existing traffic from 3G and even WiFi networks. The Allot Service Gateway delivers analytics for business intelligence to operators, enabling them to make better service decisions and monetize their mobile broadband services.”

The latest LTE orders come from three of Allot’s existing tier one operator customers, including two in Europe and one in the United States. These operators will use the Allot Service Gateway as part of their initial LTE deployments. For example, one tier one European operator is deploying the Traffic Detection Function (TDF) of the Allot Service Gateway to provide critical network monitoring and analytics.  The solution will allow the operator to analyze subscriber behavior in terms of how the network is being utilized, what devices are active, and which applications are being used. Armed with this business intelligence, the operator will be able to adjust quality of service and traffic steering to manage network use more effectively and apply more flexible charging options.

TDF is part of the 3GPP Release 11 LTE standard, and it provides mobile operators with an unprecedented level of network visibility. The TDF-enabled Allot Service Gateway is a best of breed solution that enables CSPs to analyze and monetize OTT traffic by leveraging application awareness and intelligent charging   information in order to deploy innovative pricing plans, drive new service revenues and increase customer loyalty.

About Allot Communications

Allot Communications Ltd. (NASDAQ, TASE: ALLT) is a leading global provider of intelligent broadband solutions that put mobile, fixed and enterprise networks at the center of the digital lifestyle.  Allot’s DPI-based solutions identify and leverage the business intelligence in data networks, empowering operators to shape digital lifestyle experiences and to capitalize on the network traffic they generate.  Allot’s unique blend of innovative technology, proven know-how and collaborative approach to industry standards and partnerships enables service providers worldwide to elevate their role in the digital lifestyle ecosystem and to open the door to a wealth of new business opportunities. For more information please visit: http://www.allot.com

Safe Harbor Statement

Information provided in this press release may contain statements relating to current expectations, estimates, forecasts and projections about future events that are “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally relate to the Company’s plans, objectives and expectations for future operations, including the expectation to implement the next stage of deployment of tiered services and other prospects of the frame agreement. These forward-looking statements are based upon management’s current estimates and projections of future results or trends. Actual future results may differ materially from those projected as a result of certain risks and uncertainties. These factors include, but are not limited to: the expected characteristics of the deployed solution with the LATAM Tier-1 Operator and the ability to secure future orders from said customer, changes in general economic and business conditions and, specifically, a decline in demand for the company’s products; the company’s inability to develop and introduce new technologies, products and applications; loss of market; and other factors discussed under the heading “Risk Factors” in the company’s annual report on Form 20-F filed with the Securities and Exchange Commission. These forward-looking statements are made only as of the date hereof, and the company undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.

Contacts

Allot Communications

Maya Lustig, Director of Corporate Communications
+972-9-7616851, mlustig@allot.com

Finn Partners for Allot Communications
Amy Farrell, +1-214-250-4995, amy.farrell@finnpartners.com

Tuesday, June 25th, 2013 Uncategorized Comments Off on (ALLT) Rides 4G Wave: LTE Sees Q2 Purchase Orders from Three Tier One Operators

(CBMX) Conditional Approval by NY State Dept. of Health for Prenatal Miscarriage Test

Opens Large New Market for Leading Growth Product

IRVINE, Calif., June 25, 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 its chromosomal microarray analysis (CMA) test for miscarriage analysis has received conditional approval from the New York State’s Department of Health for testing on patient samples from the state. With nearly 20 million people, New York is the third most populated state in the nation, behind only California and Texas.

The Company’s CMA test for miscarriage analysis, also called a Product of Conception (POC) test, is currently CombiMatrix’s fastest growing test in terms of volumes. CombiMatrix previously announced on June 18th that volumes from both of its prenatal CMA tests have increased significantly in the past six months following the publication of data from two National Institutes of Health (NIH) studies showing the superiority of CMA over traditional karyotyping for identifying clinically significant genetic abnormalities.

“Gaining the conditional license and ultimately the final approval to market and sell our POC test throughout New York is an important milestone for us that will allow us to broaden the market for our number one growth product,” said CEO Mark McDonough. “As approved under the conditional license, we will now begin to sell directly to customers and to seek distribution partnerships to leverage our internal sales force. This could be a tremendous opportunity for us and, we believe, for the physicians and patients in New York.”

About CombiMatrix Corporation

CombiMatrix Corporation provides valuable molecular diagnostic solutions and comprehensive clinical support for the highest quality of care – specializing in miscarriage analysis, prenatal and pediatric healthcare. CombiMatrix offers comprehensive testing services for the detection of abnormalities of genes at the DNA level beyond what can be identified through traditional technologies. The Company performs genetic testing utilizing microarray, FISH, PCR and G-Band chromosome analyses. Additional information about CombiMatrix is available at www.combimatrix.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. 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: 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

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

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

CombiMatrix Corporation

Tuesday, June 25th, 2013 Uncategorized Comments Off on (CBMX) Conditional Approval by NY State Dept. of Health for Prenatal Miscarriage Test

MeetMe (MEET) Expects Q2 Revenue of Approximately $9.0 Million

MeetMe, Inc. (NYSE MKT: MEET), the public market leader for social discovery, today announced that it is now expecting second quarter revenue of approximately $9.0 million, up approximately 15% on a sequential basis. The company previously indicated that it expected revenues to be flat on a sequential basis.

Mobile advertising revenue is expected to be approximately $2.5 million, a new quarterly record, compared to $1.9 million in the first quarter, up approximately 30% sequentially and 90% year over year. The previous quarterly record for mobile revenue was $2.2 million, set in the seasonally-strong fourth quarter of 2012.

The company believes the projected improvement in second quarter revenue is being driven by strong advertiser acceptance of new MeetMe advertising products for the mobile environment. Subscribers are clicking on mobile advertisements at a rate of more than 100,000 clicks per day and viewing more than 1.5 billion mobile advertising impressions per month.

As noted earlier this month, MeetMe has observed its native feed advertisements commanding CPMs over 150% higher than its traditional mobile banners. These results are nearly on par with the CPMs achieved on the web, signaling a path toward the expected convergence of mobile and web monetization rates. In addition, mobile users are clicking on advertisements at a rate that is currently 40% higher than the click-through rate for online advertisements. In addition, the company believes that its online business has stabilized considerably in Q2.

Geoff Cook, Chief Executive Officer, stated, “With the second quarter revenue trends, we are demonstrating that the new mobile advertising products we have introduced are gaining strong acceptance from both advertisers and our subscribers alike. As we continue to monetize our mobile business, we expect the MeetMe service to continue to be a powerful tool for people to connect with each other as well as the brands that they respect. At the same time, we are pleased that our online business is projected to stabilize considerably in the second quarter.”

MeetMe expects to announce full second quarter results in early August, 2013.

About MeetMe, Inc.

MeetMe® is the leading social network for meeting new people in the US and the public market leader for social discovery (NYSE MKT: MEET). MeetMe makes meeting new people fun through social games and apps, monetized by both advertising and virtual currency. With 60% of traffic coming from mobile, MeetMe is fast becoming the social gathering place for the mobile generation. The company operates MeetMe.com and MeetMe apps on iPhone, iPad, and Android in multiple languages including English, Spanish, Portuguese, French, Italian, German, Chinese (traditional), Russian and Japanese.

Cautionary Note Concerning Forward-Looking Statements

Certain statements in this press release, including those relating to expected revenue, including mobile advertising revenue, strong acceptance of mobile advertising products, high user engagement, stability of MeetMe’s online business, and the convergence of mobile and web monetization rates are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words “believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “could,” “target,” “potential,” “project,” “is likely,” “will,” “expect” and similar expressions, as they relate to us, are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. Important factors that could cause actual results to differ from those in the forward-looking statements include: the risk that the launch of new products will not result in additional revenue, the risk that users will not accept our mobile advertising products, the risk that unanticipated events affect the functionality of our mobile application with popular mobile operating systems, any changes in such operating systems that degrade our mobile application’s functionality and other unexpected issues which could adversely affect usage on mobile devices. Further information on our risk factors is contained in our filings with the Securities and Exchange Commission (“SEC”), including the Form 10-K for the year ended December 31, 2012 and the Current Report on Form 8-K filed with the SEC on May 1, 2013. Any forward-looking statement made by us herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

Tuesday, June 25th, 2013 Uncategorized Comments Off on MeetMe (MEET) Expects Q2 Revenue of Approximately $9.0 Million

(CFP) Announces the Suspension of Its Rights Offering

NEW YORK, NY — (Marketwired) — 06/24/13 — Cornerstone Progressive Return Fund (the “Fund”) (NYSE MKT: CFP) announced today that the rights offering of shares of the Fund’s common stock (the “Rights Offering”) will be suspended until further notice.

In accordance with an undertaking made by the Fund in the Registration Statement it filed with the Securities and Exchange Commission in connection with the Rights Offering, the Fund is suspending its Rights Offering until further notice due to the Fund’s net asset value having declined more than 10% from $4.74 on May 17, 2013 (the effective date of the Fund’s registration statement) to $4.24 on June 21, 2013. All subscriptions and payments received by the Fund will be returned to subscribing shareholders.

The Rights Offering will be suspended until such time as the Board of Trustees of the Fund determines that market conditions and other factors make it appropriate to resume the Rights Offering. The Fund will continue to review market conditions and will make an announcement if it decides to resume the Rights Offering. There can be no assurance that the Fund will resume the Rights Offering.

Cornerstone Progressive Return Fund is a diversified, closed-end management investment company organized as an unincorporated Delaware statutory trust and is registered with the Securities and Exchange Commission under the Investment Company Act of 1940, as amended. The Fund is listed on the NYSE MKT under the ticker symbol “CFP”.

For further information regarding the Fund’s rights offering, or to obtain a Prospectus, please contact AST Fund Solutions, LLC, the Fund’s Information Agent, toll-free at (800) 581-4001. For more information regarding the Fund, please visit www.cornerstoneprogressivereturnfund.com.

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

Please consider the Fund’s investment objective, risks and charges and expenses carefully before investing. The prospectus, which contains this and other information about the Fund, can be obtained by calling toll-free at (800) 581-4001 and should be read carefully before investing.

Monday, June 24th, 2013 Uncategorized Comments Off on (CFP) Announces the Suspension of Its Rights Offering

(OPTT) Announces Award of Seabed Survey Contract in Australia

PENNINGTON, N.J., June 24, 2013 (GLOBE NEWSWIRE) — Ocean Power Technologies, Inc. (Nasdaq:OPTT) (“OPT” or “the Company”), a leading wave energy technology company, today announced that Victorian Wave Partners Pty Ltd. (“VWP”) has engaged Victorian company Professional Diving Services (“PDS”) to conduct a detailed seabed survey for the location of VWP’s proposed 62.5MW peak rating wave power station. The wave power station is planned for installation off the coast of Portland, Victoria.

The proposed Portland wave power station is the largest of its kind in the world. The project is being developed by VWP, a wholly owned subsidiary of Ocean Power Technologies Australasia Pty Ltd (“OPTA”). OPTA is an Australian company owned by OPT (88%) and energy company Woodside Petroleum Ltd (12%).

OPTA awarded the seabed survey contract to PDS after undertaking an extensive qualification process, marking a major step in development of the project. The project recognizes the significance of the ocean environment for the Portland region and the survey will identify the best area off the coast for the wave power project, taking into account environmental, recreational and commercial interests.

In excess of 300 sustainable jobs are expected to be created in the region associated with fabrication, engineering, marine services and maintenance operations over the life of the project. The completed project is expected to provide power for up to 30,000 homes.

PDS’ Principal Frank Zeigler stated, “I have seen the proactive and positive approach taken by Victorian Wave Partners in engaging with the regional community and I am honored to have been selected for this important work. Our local knowledge will supplement the professional skills we can bring to the task and ensure a positive outcome for the project and the community.”

VWP was awarded a A$66.5 million grant by the Commonwealth of Australia through a competitive process undertaken by the Australian Department of Resources Energy and Tourism under its Renewable Energy Demonstration Program, which is now administered by the Australian Renewable Energy Agency (ARENA). A funding deed for the project sets out the terms of the grant, including the requirement to obtain significant additional funding.

The proposed wave power station utilizes innovative PowerBuoy® technology developed by Australian electrical engineer Dr. George W. Taylor, Executive Vice Chairman of OPT. It is planned that the project will cost in excess of A$230 million once all three stages are complete.

About Ocean Power Technologies

Ocean Power Technologies, Inc. (Nasdaq:OPTT) is a pioneer in wave-energy technology that harnesses ocean wave resources to generate reliable, clean and environmentally-beneficial electricity. OPT has a strong track record in the advancement of wave energy and participates in an estimated $150 billion annual power generation equipment market. OPT’s proprietary PowerBuoy® system is based on modular, ocean-going buoys that capture and convert predictable wave energy into clean electricity. The Company is widely recognized as a leading developer of on-grid and autonomous wave-energy generation systems, benefiting from over 15 years of in-ocean experience. OPT is headquartered in Pennington, New Jersey, USA with an office in Warwick, UK and operations in Melbourne and Perth, Australia. More information can be found at www.oceanpowertechnologies.com.

Forward-Looking Statements

This release may contain “forward-looking statements” that are within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect the Company’s current expectations about its future plans and performance, including statements concerning the impact of marketing strategies, new product introductions and innovation, deliveries of product, sales, earnings and margins. These forward-looking statements rely on a number of assumptions and estimates which could be inaccurate and which are subject to risks and uncertainties. Actual results could vary materially from those anticipated or expressed in any forward-looking statement made by the Company. Please refer to the Company’s most recent Forms 10-Q and 10-K and subsequent filings with the SEC for a further discussion of these risks and uncertainties. The Company disclaims any obligation or intent to update the forward-looking statements in order to reflect events or circumstances after the date of this release.

CONTACT: Company Contact:
         Brian M. Posner, Chief Financial Officer
         Telephone: +1 609 730 0400

company logo

Monday, June 24th, 2013 Uncategorized Comments Off on (OPTT) Announces Award of Seabed Survey Contract in Australia

Keynote (KEYN) Signs Definitive Agreement to be Acquired by Thoma Bravo

Keynote® (NASDAQ:KEYN), the global leader in Internet and mobile cloud testing & monitoring, announced it has entered into a definitive agreement to be acquired by an affiliate of leading private equity investment firm Thoma Bravo, LLC in an all-cash transaction valued at approximately $395 million. Under the terms of the agreement, pending shareholder approval, Keynote stockholders will receive $20.00 in cash for each share of Keynote common stock. This represents an approximately 48% premium over the company’s closing price on June 21, 2013.

“For over a decade, Keynote has been focused on building a company to last and has established best-in-class offerings across all of our businesses: Internet cloud, mobile telecom and mobile enterprise,” said Umang Gupta, Chairman and CEO of Keynote. “We believe becoming a private company will provide additional flexibility and better position us to strategically invest in our nascent mobile enterprise business, further our sales programs and accelerate the next stage of the company’s growth and industry market leadership.”

“Our board of directors is pleased to sign an agreement that provides stockholders with immediate and substantial cash value, as well as an attractive premium to our share price. We look forward to working closely with Thoma Bravo and all parties to complete this transaction,” concluded Gupta.

“Keynote is the established leader in the internet and mobile testing & monitoring market and is currently at the forefront of a very compelling macro environment,” said Orlando Bravo, managing partner at Thoma Bravo. “The increasing complexity of websites combined with the proliferation of mobile devices is creating new markets for the company’s enterprise business, while the real-time shift to 4G and LTE networks will continue to benefit its mobile telecom business. Thoma Bravo is excited to partner with Keynote to accelerate the growth of the company through our proven buy-and-build strategy.”

The transaction is subject to customary closing conditions, including requisite regulatory approvals and the approval of Keynote stockholders. The Keynote board of directors unanimously approved the agreement and recommends that Keynote’s stockholders approve the transaction. The transaction is not subject to a financing condition. Keynote expects the transaction to close before September 30, 2013. At closing, Thoma Bravo will acquire 100% of Keynote’s outstanding shares. Upon closing, Keynote will become a privately-held company. Keynote senior management is expected to continue with the company and its headquarters are expected to remain in San Mateo.

For further information regarding all terms and conditions contained in the definitive merger agreement, please see Keynote’s Current Report on Form 8-K, which will be filed in connection with this transaction.

About Keynote

Keynote® (NASDAQ:KEYN) is the global leader in Internet and mobile cloud testing & monitoring. The company maintains the world’s largest on-demand performance monitoring and testing infrastructure for Web and mobile sites comprised of over 7,000 measurement computers and mobile devices in over 275 locations around the world that enable companies to continuously improve the online and mobile experience. Keynote currently collects over 700 million mobile and Web performance measurements daily and in 2012 was recognized by Forbes as “One of the Best 100 Companies in America” with under one billion in revenue. Known as ‘The Mobile and Internet Performance Authority™,’ Keynote offers three market-leading product platforms:

Keynote Perspective® provides on-demand performance monitoring for enterprise Web and mobile sites including online portals, e-commerce sites and B2B sites. Over 2,000 customers rely on Keynote Perspective services to know precisely how their websites, content, and applications perform on actual browsers, networks, and mobile devices.

Keynote DeviceAnywhere® is the industry’s leading cloud-based software platform for automated QA testing and monitoring of mobile applications and websites on real smartphones and tablets. DeviceAnywhere is used by over 1,000 mobile enterprises and developers to assure the highest quality experience of their connected mobile users.

Keynote SIGOS® offers active end-to-end Quality of Service (QoS) testing and monitoring solutions for mobile, fixed and VoIP communications. Its SITE and Global Roamer products are used by over 200 network operators, content providers, carriers and regulators in over 100 countries worldwide.

Keynote’s 4,000 customers represent top Internet and mobile companies and include AT&T, Disney, eBay, E*TRADE, Expedia, Google, Microsoft, SonyEricsson, T-Mobile and Vodafone. Keynote Systems, Inc. is headquartered in San Mateo, California and can be reached at http://www.keynote.com/ or by phone in the U.S. at 1-800-KEYNOTE (1-800-539-6683).

The trademarks or registered trademarks of Keynote Systems, Inc. in the United States and other countries include Keynote®, DataPulse®, Keynote Customer Experience Rankings®, Perspective®, Keynote Red Alert®, Keynote WebEffective®, The Internet Performance Authority®, MyKeynote®, SIGOS®, SITE®, keynote® The Mobile & Internet Performance Authority™, Keynote FlexUse®, Keynote DeviceAnywhere®, Keynote DeviceAnywhere Test Center®, Keynote DemoAnywhere® and Keynote MonitorAnywhere® All related trademarks, trade names, logos, characters, design and trade dress are trademarks or registered trademarks of Keynote Systems, Inc. in the United States and other countries and may not be used without written permission. All other trademarks are the property of their respective owners. © 2013 Keynote Systems, Inc.

About Thoma Bravo, LLC

Thoma Bravo is a leading private equity investment firm building on a 30+ year history of providing equity and strategic support to experienced management teams and growing companies. The firm applies its own industry consolidation investment strategy and process, which seeks to create value by partnering with a company’s management to improve business operations and make strategic acquisitions that will accelerate growth. Thoma Bravo invests across multiple industries, with a particular focus on application and infrastructure software and financial and business services. The firm currently manages a series of private equity funds representing almost $4 billion of equity commitments. In software, Thoma Bravo has invested in 26 companies that have completed 60 add-on acquisitions to produce total annual earnings of approximately $1 billion. For more information, visit www.thomabravo.com.

Information regarding the solicitation of proxies

In connection with the proposed transaction, Keynote will file a proxy statement and relevant documents concerning the proposed transaction with the SEC relating to the solicitation of proxies to vote at a special meeting of stockholders to be called to approve the proposed transaction. The definitive proxy statement will be mailed to the stockholders of Keynote in advance of the special meeting. Stockholders of Keynote are urged to read the proxy statement and other relevant materials when they become available because they will contain important information about Keynote and the proposed transaction. Stockholders may obtain a free copy of the proxy statement and other relevant documents filed by Keynote with the SEC (when available) at the SEC’s website at www.sec.gov. Keynote and its directors and certain executive officers may be deemed to be participants in the solicitation of proxies from Keynote stockholders in respect of the proposed transaction. Information about the directors and executive officers of Keynote and their respective interests in Keynote by security holdings or otherwise is set forth in its Annual Report on Form 10-K for the fiscal year ended September 30, 2012 and its proxy statement with respect to its 2013 Annual Meeting of Stockholders, previously filed with the SEC. Investors may obtain additional information regarding the interest of the participants by reading the proxy statement regarding the merger when it becomes available. Each of these documents is, or will be, available for free at the SEC’s Web site at www.sec.gov and at the Keynote Investor Relations Web site at www.keynote.com.

Cautionary Note Concerning Forward-Looking Statements

This press release, and the documents to which Keynote refers you in this press release, contain not only historical information, but also forward-looking statements made pursuant to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements represent the Company’s expectations or beliefs concerning future events, including the timing of the Merger and other information relating to the Merger. Forward-looking statements include information concerning possible or assumed future events, the expected completion and timing of the Merger and other information relating to the Merger. Without limiting the foregoing, the words “believes,” “anticipates,” “plans,” “expects,” “intends,” “forecasts,” “should,” “estimates,” “contemplate,” “future,” “goal,” “potential,” “predict,” “project,” “projection,” “may,” “will,” “could,” “should,” “would,” “assuming” and similar expressions are intended to identify forward-looking statements. You should read statements that contain these words carefully. They discuss Keynote’s future expectations or state other forward-looking information and may involve known and unknown risks over which Keynote has no control. Those risks include, (i) the risk that the Merger may not be completed in a timely manner or at all, which may adversely affect Keynote business and the price of Keynote common stock, (ii) the failure to satisfy of the conditions to the consummation of the Merger, including the adoption of the Merger Agreement by Keynote’s stockholders and the receipt of certain governmental and regulatory approvals, (iii) the occurrence of any event, change or other circumstance that could give rise to the termination of the Merger Agreement, including a termination under circumstances that could require us to pay a termination fee of $13.8 million to an affiliate of Thoma Bravo or to reimburse such Thoma Bravo affiliate for certain of its costs and expenses up to $2 million, (iv) the effect of the announcement or pendency of the Merger on Keynote’s business relationships, operating results and business generally, (v) the potential adverse effect on the Keynote’s business, properties and operations because of certain covenants Keynote agreed to in the Merger Agreement, (vi) risks that the proposed transaction disrupts current plans and operations and the potential difficulties in employee retention as a result of the Merger, (vii) risks related to diverting management’s attention from Keynote’s ongoing business operations, (viii) the outcome of any legal proceedings that may be instituted against us related to the Merger Agreement or the Merger and (ix) the amount of the costs, fees, expenses and charges related to the Merger Agreement and Merger.

Forward-looking statements speak only as of the date of this press release or the date of any document incorporated by reference in this document. Except as required by applicable law or regulation, Keynote does not undertake to update these forward-looking statements to reflect future events or circumstances.

Monday, June 24th, 2013 Uncategorized Comments Off on Keynote (KEYN) Signs Definitive Agreement to be Acquired by Thoma Bravo

Western Digital to Acquire sTec (STEC)

HGST to Deepen SSD Capabilities and Expertise with sTec IP and Engineering Talent

SAN JOSE and SANTA ANA, Calif., June 24, 2013 /PRNewswire/ — Western Digital® Corporation (NASDAQ: WDC) and sTec, Inc. (NASDAQ: STEC) announced today that they have entered into a definitive merger agreement under which sTec, Inc., an early innovator in enterprise solid-state drives (SSDs), will be acquired by HGST, a wholly-owned subsidiary of Western Digital. sTec will be acquired for approximately $340 million in cash, which equates to $6.85 per share. This represents approximately $207 million in enterprise value, net of sTec’s cash as of March 31, 2013.

The pending acquisition augments HGST’s existing solid-state storage capabilities, accelerating its ability to expand its participation in the rapidly growing area of enterprise SSDs. HGST remains committed to its highly successful joint development program with Intel® Corp. and will continue to deliver current and future SAS-based SSD products with Intel.

sTec has strong engineering talent and intellectual property that will complement HGST technical expertise and capabilities. HGST will continue to support existing sTec® products and collaborate with its customers to understand their future requirements.

“Solid state storage in the enterprise will play an increasingly strategic role in the future of Western Digital,” said Steve Milligan, president and chief executive officer, Western Digital Corporation. “This acquisition is one more building block in our strategy to capitalize on the dramatic changes within the storage industry by investing in SSDs and other high-growth storage products.”

“This acquisition demonstrates HGST’s ongoing commitment to the rapidly growing enterprise SSD segment, where we already have a successful product line,” said Mike Cordano, president, HGST. “We are excited to welcome such a talented team of professionals to HGST, where their inventive spirit will be embraced and encouraged.”

“At this key point in the evolution of the storage industry, sTec is excited to consummate this transaction. It will be an important next step in proliferating many of the innovative products and technologies that sTec has been known for throughout its 23-year history and provides immediate value for our shareholders and a strong future for our employees and customers,” said Mark Moshayedi, president and chief executive officer, sTec. “This merger will enable our world-class engineering team and IP to continue to make a significant contribution to the high-performance enterprise SSD space that has long been sTec’s focus.”

The board of directors of sTec, on the unanimous recommendation of a special committee of independent directors of the board, has unanimously approved the merger agreement and has resolved to recommend that sTec shareholders approve the transaction at a sTec shareholders meeting to be held to approve the merger agreement and the merger. The directors and executive officers of sTec have entered into separate voting agreements under which they have agreed, subject to certain exceptions, to vote their respective shares in favor of the proposed transaction.

Wells Fargo Securities, LLC has acted as the financial advisor to Western Digital and BofA Merrill Lynch has acted as the financial advisor to sTec in connection with this transaction.

Closing of the acquisition, which is subject to customary conditions, is expected to occur in the third or fourth calendar quarter of 2013.

Supplemental Information
A question and answer document related to the sTec acquisition is available on the Western Digital website at www.wdc.com or click here. The companies are not holding a conference call related to the acquisition; Western Digital will provide additional commentary on its next quarterly results conference call scheduled for Wednesday, July 24, after the close of the NASDAQ market.

About Western Digital Corporation
Western Digital Corporation (NASDAQ: WDC), Irvine, Calif., is a global provider of products and services that empower people to create, manage, experience and preserve digital content. Its subsidiaries design and manufacture storage devices, networking equipment and home entertainment products under the WD®, HGST and G-Technology brands. Visit the Investor section of the company’s website (www.westerndigital.com) to access a variety of financial and investor information.

About HGST
HGST (formerly known as Hitachi Global Storage Technologies or Hitachi GST), a Western Digital company (NASDAQ: WDC), develops advanced hard disk drives, enterprise-class solid state drives, innovative external storage solutions and services used to store, preserve and manage the world’s most valued data. Founded by the pioneers of hard drives, HGST provides high-value storage for a broad range of market segments, including Enterprise, Desktop, Mobile Computing, Consumer Electronics and Personal Storage. HGST was established in 2003 and maintains its U.S. headquarters in San Jose, California. For more information, please visit the company’s website at http://www.hgst.com.

About sTec, Inc.
sTec, Inc. is a leading global provider of enterprise-class, solid-state storage solutions designed for the ever-growing performance, reliability and endurance requirements of today’s advanced data centers. The industry’s first company to deploy solid-state drives (SSDs) into large-scale enterprise environments, sTec offers the industry’s widest range of solid-state storage solutions, which protect critical information for major business and government organizations worldwide. Headquartered in Santa Ana, California, sTec also serves the embedded and military/aerospace segments with SSDs for industrial and rugged environments. For more information, visit www.stec-inc.com.

Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements concerning benefits expected from the sTec acquisition, the expected timing of the completion of the transaction and management’s anticipated plans and strategies for the sTec business. These forward-looking statements are based on management’s current expectations and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, including failure to consummate or delay in consummating the transaction; the possibility that the expected benefits of the transaction may not materialize as expected; failure to successfully integrate the products, technology, research and development capabilities, infrastructure and employees of HGST and sTec; the impact of continued uncertainty and volatility in global economic conditions; actions by competitors; business conditions and growth in the various hard drive markets; and other risks and uncertainties listed in Western Digital’s and sTec’s filings with the Securities and Exchange Commission (the “SEC”), including Western Digital’s recent Form 10-Q filed with the SEC on May 3, 2013 and sTec’s recent Form 10-Q filed with the SEC on May 8, 2013, to which your attention is directed. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and neither Western Digital nor sTec undertakes any obligation to update these forward-looking statements to reflect subsequent events or circumstances.

Additional Information about the Merger and Where to Find It
In connection with the proposed merger, sTec, Inc. will file a proxy statement with the SEC. Additionally, sTec and Western Digital Corporation will file other relevant materials in connection with the proposed acquisition of sTec. The materials to be filed by sTec with the SEC may be obtained free of charge at the SEC’s website at www.sec.gov. Investors and security holders of sTec are urged to read the proxy statement and the other relevant materials when they become available before making any voting or investment decision with respect to the proposed merger because they will contain important information about the merger and the parties to the merger. sTec and its directors and executive officers may be deemed to be participants in the solicitation of proxies of sTec shareholders in connection with the proposed merger. Investors and security holders may obtain more detailed information regarding the names, affiliations and interests of certain of sTec’s executive officers and directors in the solicitation by reading the proxy statement relating to the merger and other relevant materials filed with the SEC when they become available. Additional information concerning sTec’s directors and executive officers, including their ownership of sTec’s common stock, is set forth in sTec’s 2013 annual meeting proxy statement filed with the SEC on June 7, 2013 and will also be set forth in the proxy statement relating to the merger when it becomes available.

Western Digital, WD, HGST and the WD and HGST logos are registered trademarks in the U.S. and other countries. sTec and the sTec logo are either registered trademarks or trademarks of sTec, Inc. in the U.S. and certain other countries.  Other marks may be mentioned herein that belong to other companies.

WESTERN DIGITAL LOGO / Western Digital Corp. logo. (PRNewsFoto)

Monday, June 24th, 2013 Uncategorized Comments Off on Western Digital to Acquire sTec (STEC)

MicroFinancial (MFI) Named to the Monitor Top 100

BURLINGTON, Mass., June 21, 2013 (GLOBE NEWSWIRE) — MicroFinancial Incorporated (Nasdaq:MFI), a financial intermediary specializing in vendor based leasing and finance programs for micro-ticket transactions, announced today that for the fourth consecutive year, it is listed as one of the Top 100 Equipment Leasing Companies in the United States according to the 2013 Edition of the Monitor 100.

The Monitor 100 is published annually and ranks the largest equipment leasing and finance companies based on net assets and new business volume. The report, published in the 2013 Monitor 100 Special Issue dated June 2013, listed the Company 88th in new business originations and 93rd in net assets for 2012, down slightly from 87th and 89th respectively, from the 2011 rankings.

Richard Latour, President and Chief Executive Officer said, “To be ranked as one of the top 100 leasing companies on the basis of net assets and originations given our focus on micro-ticket transactions is very rewarding. We are extremely pleased to once again be recognized by the Monitor Daily for our accomplishments during 2012.”

About The Company

MicroFinancial Inc. (Nasdaq:MFI), is a financial intermediary specializing in micro-ticket leasing and financing. MicroFinancial has been in operation since 1986 and is headquartered in Burlington, MA. For more information, please visit http://www.microfinancial.com.

Statements in this release that are not historical facts, including statements about future dividends or growth plans, are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. In addition, words such as “believes,” “anticipates,” “expects,” “views,” “will” and similar expressions are intended to identify forward-looking statements. We caution that a number of important factors could cause our actual results to differ materially from those expressed in any forward-looking statements made by us or on our behalf. Readers should not place undue reliance on forward-looking statements, which reflect our views only as of the date hereof. We undertake no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances. We cannot assure that we will be able to anticipate or respond timely to changes which could adversely affect our operating results. Results of operations in any past period should not be considered indicative of results to be expected in future periods. Fluctuations in operating results or other factors may result in fluctuations in the price of our common stock. For a more complete description of the prominent risks and uncertainties inherent in our business, see the risk factors described in documents that we file from time to time with the Securities and Exchange Commission.

CONTACT: Dave Mossberg
         Three Part Advisors, LLC
         Tel: 817-310-0051

MicroFinancial Inc. Logo

Friday, June 21st, 2013 Uncategorized Comments Off on MicroFinancial (MFI) Named to the Monitor Top 100