Archive for September, 2013

(ZAZA) Second Transaction with JV Partner In Eaglebine/Eagle Ford East

JV Partner Accelerates Joint Venture Phases and Exchanges Acreage and Production ZaZa to Receive $16.5 MM Net Cash Plus Production Interests in 23 Wells (~$16.1 MM PDP)

ZaZa Energy Corporation (“ZaZa” or the “Company”) (NASDAQ:ZAZA) today announced that it has signed a Second Amendment and First Restatement of Joint Exploration and Development Agreement (the “Agreement”) with its current joint venture partner, one of the largest independent crude oil and natural gas companies in the United States, to further develop and expand its Eaglebine/Eagle Ford East assets.

TRANSACTION HIGHLIGHTS

  • Acceleration of Phase II. ZaZa’s joint venture partner has elected into Phase II ahead of the schedule set forth in the original agreement. As consideration for the Phase II election, ZaZa will receive (i) $17 MM in cash consideration and (ii) interests in 15 of its venture partner’s wells outside of the Area of Mutual Interest (“AMI”) line in Madison County (the “Southern Madison Wells”) with a PDP present value of $3 MM based on an independent reserves report. In addition to the preceding, ZaZa will receive 100 percent carry consideration for one (1) vertical well completion, two (2) horizontal well completions and a $1.25 MM credit towards miscellaneous land or operational expenses. In return, ZaZa will assign to its joint venture partner 20,000 net Phase II acres. The Company also continues to anticipate timely drilling and completion of three (3) carried Phase I obligation wells.
  • Acceleration of Phase III. As consideration for the assignment of at least 6,000 net former Phase III acres, ZaZa will receive additional interests in the Southern Madison Wells with an incremental PDP present value of approximately $9 million based on an independent reserves report. Pro forma for this transaction, ZaZa will retain approximately 14,000 net Phase III acres, and its joint venture partner has the option to elect into some or all of this acreage on or before January 31, 2014, by making a further cash payment to ZaZa. The original agreement called for a Phase III election by January 31, 2015.
  • Acreage and Production Exchange. The Company’s joint venture partner will assign to ZaZa (i) a 25 percent working interest in approximately 19,000 net additional acres recently acquired by its venture partner in the Agreement’s AMI and (ii) related AMI interests in multiple producing wells with a PDP present value of approximately $4.1 MM. The Company also expects additional production in the near future from two (2) recently drilled wells, in various stages of completion, within this newly assigned acreage. In return for the 25 percent working interest and immediately available production, ZaZa will pay $2 MM and assign a 75 percent working interest in approximately 18,500 net acres of its retained acreage position in Walker and Madison Counties, Texas.

MANAGEMENT COMMENTS

According to Todd A. Brooks, ZaZa’s President and CEO, “This is a significant step forward for our company as we establish our production base and create the right platform for growth. Through this transaction we’ve successfully increased our contiguous JV acreage footprint, established $16.1 million in PDP value across interests in 23 producing wells and will see an influx of $16.5 million in net cash. I look forward to providing investors with operational updates as the joint venture progresses.”

About ZaZa Energy Corporation

Headquartered in Houston, Texas, ZaZa Energy Corporation is a publicly-traded exploration and production company with primary assets in the Eagle Ford and Eaglebine/Eagle Ford East resource plays in Texas. More information about the Company may be found at www.zazaenergy.com.

Safe Harbor Statement

This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements can be identified by words such as “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects,” “forecasts” and similar references to future periods. These statements include, but are not limited to, statements about ZaZa’s ability to execute on exploration, production and development plans, estimates of reserves, estimates of production, future commodity prices, exchange rates, interest rates, geological and political risks, drilling risks, product demand, transportation restrictions, actual recoveries of insurance proceeds, the ability of ZaZa to obtain additional capital, and other risks and uncertainties described in the Company’s filings with the Securities and Exchange Commission. While forward-looking statements are based on our assumptions and analyses that we believe to be reasonable under the circumstances, whether actual results and developments will meet our expectations and predictions depend on a number of risks and uncertainties that could cause our actual results, performance and financial condition to differ materially from our expectations. See “Risk Factors” in our 2012 Form 10-K and 2013 First and Second Quarter Form 10-Q filed with the Securities and Exchange Commission for a discussion of risk factors that affect our business. Any forward-looking statement made by us in this news release 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 development, or otherwise, except as may be required by law.

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(OINK) Announces $3.2 Million Private Placement Transaction

WUHAN, China, Sept. 30, 2013 — Tianli Agritech, Inc. (NASDAQ:OINK) (“Tianli” or the “Company”), a leading producer of breeder hogs, market hogs and black hogs, headquartered in Wuhan City, China, today announced that the Company has agreed to sell 2,760,000 shares of its common stock at a price of $1.16 per share ($3.2 million in the aggregate) to Mr. Wei Gong (the “Investor”), a citizen of the PRC. The offering price represents an approximately 43% premium over Tianli’s share price at last Friday’s market close of $0.81.

To comply with Nasdaq Marketplace Rule 5635(d) which limits the number of shares of the Company’s common stock that can be sold in a private placement to no more than 20% of the 11,194,000 shares outstanding, subject to certain exceptions as provided in the Nasdaq Marketplace Rules, the Company sold 2,238,000 shares of its common stock to the Investor for a total consideration of $2,596,080 on September 28, 2013. The balance, 522,000 shares with a total consideration of $605,520, is expected to be completed within three days after the first to occur of (1) the receipt by the Company from Nasdaq of an acknowledgement that it is exempt from Marketplace Rule 5635(d) or (ii) the receipt by the Company of a vote of its shareholders approving the sale by the Company to the Investor of a number of shares greater than 20% of the shares currently outstanding.

Mrs. Hanying Li, Chairwoman and CEO of Tianli Agritech commented, “We are very pleased to welcome Mr. Wei Gong to be a substantial shareholder of Tianli and appreciate the support of our new and existing investors. As a prominent investor, a prolific author, and one of the pioneers of incubation centers in China, Mr. Gong currently serves as the Director of Wuhan East Lake Hi-tech Innovation Center, a position he has been holding since 1987. We believe the value of having Mr. Gong as our substantial shareholder is both financial and strategic and expect to benefit tremendously from Mr. Gong’s involvement in our business.”

Mr. Wei Gong stated, “We believe China’s continuing transition from export- and investment- driven growth to domestic consumption-driven growth bodes well for the hog industry. With its well established market position, steadily growing Black Hog Program in Enshi Prefecture, and quickly expanding retail presence, in our view Tianli is well positioned to further strengthen its leading market position in the Wuhan market and take full advantage of the growing trend in pork consumption in China. With the stock trading at just 0.2x of its book value, we are thrilled to have the opportunity to take a large position in the Company at a very reasonable price. We look forward to a mutually beneficial relationship with Mrs. Li and the Tianli team for many years to come.”

About Tianli Agritech, Inc.

Tianli Agritech, Inc. is in the business of breeding, raising and selling breeder and market hogs in China and is developing a retail channel for its pork products including high-value, black hog meat. The Company is focused on growing high quality hogs for sale for breeding and meat purposes. The Company conducts genetic, breeding and nutrition research to steadily improve its production capabilities.

Forward-Looking Statements

This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, product and service demand and acceptance, changes in technology, economic conditions, the impact of competition and pricing, government regulation, and other risks contained in reports filed by the company with the Securities and Exchange Commission. All such forward-looking statements, whether written or oral, and whether made by or on behalf of the company, are expressly qualified by this cautionary statement and any other cautionary statements which may accompany the forward-looking statements. In addition, the company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.

For more information, please contact:

Tina Xiao
Weitian Group LLC
Phone: +1-917-609-0333
Email: tina.xiao@weitian-ir.com
Web: http://www.weitian-ir.com

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(CNR) Announces Aug 29 Groundbreaking Ceremony in Hengyang, Hunan Province

NEW YORK, NY–(Aug 30, 2013) – China Metro-Rural Holdings Limited (NYSE MKT: CNR) (the “Company”) is pleased to announce attendance of groundbreaking ceremony of its latest project in Hengyang Province (the “Hengyang Project”) invited by the Hengyang Government on August 29, 2013.

Prior to the groundbreaking ceremony, on August 28, 2013, the Secretary of Communist Party of China of Hunan Provincial Committee Mr. Xu Shousheng and the Governor of Hunan Province Mr. Du Jiahao have granted an interview with founding shareholders of the Company, the Chairman and CEO of the Company and senior management of the Hengyang Project company. Both Mr. Xu and Mr. Du have expressed that the Hengyang Project is highly important for the economic development of Hunan Province and the Hunan Government will provide all necessary supports for the development of the Hengyang Project.

The guests for the groundbreaking ceremony included Vice-Governor of Hunan Province, the Mayor of Communist Party of China of Hengyang Municipal Committee and the Mayor of Hengyang City. “With the assistance provided by the local government, we have already acquired approximately 2,000,000 square meters of land through auction for our development,” Sam Sio stated, CEO and Chairman of the Company.

The planned site area of the Hengyang Project is approximately 2.7 million square meters with corresponding maximum gross floor area of approximately 7.5 million square meters. The Hengyang Project will include trading outlets and other supporting facilities such as exhibition centres, residential and commercial areas. The development duration is expected to take approximately 10 years for the entire project.

ABOUT CHINA METRO-RURAL HOLDINGS LIMITED

China Metro-Rural Holdings Limited is a leading agricultural logistics platform development and rural-urban migration redevelopment company in China.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which are, by their nature, subject to risks and uncertainties. This Act provides a “safe harbor” for forward-looking statements to encourage companies to provide prospective information about themselves so long as they identify these statements as forward-looking and provide meaningful cautionary statements identifying important factors that could cause actual results to differ from the projected results. All statements, including statements regarding industry prospects and future results of operations or financial position, made in this press release are forward looking.

Words such as “continue”, “consider”, “probably”, “will”, “strive” and similar expressions may identify forward-looking statements. These forward-looking statements include, without limitation, statements relating to: the Company’s future performance, the Company’s expansion efforts, the state of economic conditions, the Company’s market and the governmental policy. These forward-looking statements are based on assumptions and analyses made by the Company in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors the Company believes to be appropriate in particular circumstances. However, whether actual results and developments will meet the Company’s expectations and predictions depends on a number of known and unknown risks and uncertainties and other factors, any or all of which could cause actual results, performance or achievements to differ materially from the Company’s expectations, whether expressed or implied by such forward-looking statements.

CONTACT:
China Metro-Rural Holdings Limited
Investor Relations Department
Phone: (852) 2111 3815
E-mail: Email Contact

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(PTOO) PITOOEY!, Inc. Provides Focused Social Media Advertising

PHOENIX, AZ–(Sep 30, 2013) – PITOOEY!™, Inc. (OTCBB: PTOO) (the “Company”) is a complete digital marketing agency that specializes in social media advertising through services like Facebook, Twitter, YouTube and Instagram.

Use of social media continues to explode, with Facebook reporting over 1 billion monthly active users. Social media allows advertisers to reach a massive worldwide audience, as well as provides the ability to deliver laser-focused advertising. According to industry experts, global social advertising revenues are projected to reach $14 billion by 2014. Smart advertisers are turning their attention to social media, and, as a result, the Company reported record revenues and an ongoing expansion in its customer base.

According to Company executives, there is significant evidence that many business customers are aware of or have previously used social media to attract new customers. “Unfortunately, business owners have little time to dedicate to maintaining a presence on every social media platform in existence,” commented CEO, Jacob DiMartino. “PITOOEY! is here to provide businesses a focused approach to social media so that businesses can increase brand awareness, engage with consumers and drive sales.”

PITOOEY! and its subsidiaries have over 30 full-time employees dedicated to consulting and assisting businesses in delivering a cohesive and effective social media advertising campaign.

About PITOOEY!™, Inc.

PITOOEY!, Inc., via its wholly owned subsidiaries PITOOEY! Mobile, Inc. and Choice One Mobile, Inc., is a complete digital marketing agency offering businesses unique service packages based on the client’s requests. These requests, including the type of following or reach desired, are filtered through the Company’s subsidiaries to provide the perfect fit.

For more information, please visit:
www.PitooeyInc.com
www.Pitooey.com
www.ChoiceOneMobile.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.
Corporate Communications
Phoenix, AZ
www.PitooeyInc.com
480-999-6025
investorrelations@pitooey.com

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(FNRG) Partners with the Louisiana Nursing Home Association Over LED Lighting

Market Comprised of 80,000 US Nursing Homes and Long-Term Care Establishments

NEW YORK, NY (September 30, 2013) ForceField Energy Inc. (“ForceField”) (OTCQB: FNRG), an international manufacturer, seller and distributor of energy products and solutions, today announced the signing of a consulting and sales agreement for LED lighting products with LNHA Service Corporation servicing the Louisiana Nursing Home Association’s Member (“LNHA”), a non-profit federation representing more than 250 nursing facilities and assisted living communities that care for approximately 30,000 elderly and disabled individuals. LNHA will support the marketing and sales efforts with its existing members, as well as, assist in penetrating the approximate 80,000 U.S.-based nursing homes and long-term care establishments with combined annual revenues approximating $200 billion.

Many LED adopters have based their decision largely on safety aspects. The typical nursing home’s lighting is often inadequate and does not meet the needs of its residents. Furthermore, leading medical studies on major depressive disorders in elderly individuals have shown that using bright light treatment may improve mood, sleep, and hormonal rhythms in these patients. Better lighting in nursing homes could potentially enable residents to be more independent, while simultaneously reducing the demand on the facility’s staff.

Myron Chatelain, LNHA’s Service Corporation Manager remarked, “Improving staff efficiency, lowering operating costs, and enhancing safety first provide significant value to long-term care facility operators and their residents, and second addresses the key challenges that the industry faces as a result of the increased health needs of its residents and reimbursement pressures. In the light of these challenges and through the significant benefits available with LED lighting, we are confident that by partnering with ForceField we can accelerate the adoption of LED lighting in the market.”

Richard St-Julien, ForceField Energy’s Chairman commented, “The long-term care and healthcare markets represent significant opportunities given the continued aging of the general, domestic population and the push for greater efficiency by healthcare providers. With their more than 55 years of industry experience, we are proud to partner with a respected leader such as LNHA that clearly understands the needs of both the patients and facility of long-term care facilities. We are confident that the insight and accessibility LNHA brings to this partnership will enable us to increase awareness as to the many benefits of LED lighting and provide us with significant revenue opportunities for our products and services.”

 

About the US Nursing Home and Long Term Care Industry
The US nursing homes and long-term care facilities industry includes about 80,000 establishments (single-location companies and branches of multi-location companies) with combined annual revenue of about $200 billion. A key driver of demand is the aging population. Between 2015 and 2030, the number of Americans 65 and over is expected to increase to around 72 million (Based on First Research, a division of Hoover’s Inc.). According to the Center for Medicare and Medicaid Services, persons 75 years of age and older spend 60% more on healthcare than those 65-74 and 200% more than the population average. An increase in the number of older Americans is expected to fuel a large increase in demand for health care services and health care properties.

Demand for nursing care is linked to the demographics of the US population. The profitability of individual nursing facilities depends on efficient operations, as revenue per patient is largely controlled by the government insurance programs, Medicare, and Medicaid. Large companies have some economies of scale in administration and purchasing, but small operators can compete effectively by offering better service. The US industry is fragmented: the 50 largest companies account for about 20 percent of revenue.

About Louisiana Nursing Home Association (LNHA)
LNHA was founded in 1957 on the premise that members have a moral obligation to the residents they serve. LHNA is a non-profit federation representing more than 250 non-profit and for-profit nursing facilities and assisted living communities that care for approximately 30,000 elderly and disabled individuals each day. On behalf of our members, LNHA advocates for providing quality care and nurturing environments to Louisiana’s frail and elderly. LNHA is dedicated to serving the needs of our membership by providing public policy advocacy, education, professional development, quality initiatives and various other services. These tools allow members to offer the highest practicable measure of care to their residents. http://www.lnha.org/

About ForceField Energy, Inc.
ForceField Energy is a global company whose products and solutions focus on renewable energy and improved energy efficiency. ForceField’s subsidiary, TransPacific Energy Inc. (“TPE”) has patented a technology which uses proprietary multiple component fluids that are environmentally sound, non-toxic and non-flammable. Custom formulated mixtures efficiently capture and convert heat directly from the heat source at temperatures ranging from 75° F to 950° F. TPE’s technology offers applications at broader temperature ranges than other energy recovery systems. TPE’s systems in certain applications reduce operating and maintenance costs thereby significantly improving return on capital expenditures thus making the purchase of waste heat recovery systems which previously yielded nominal savings, economically viable. ForceField is the exclusive distributor in the U.S., Canada, Mexico, Latin America, and the Caribbean of Light Emitting Diode (“LED”) commercial lighting products and fixtures for a premier LED manufacturer, Lightsky. An LED is a semiconductor device which converts electricity into light. The LED light is considered “green” because of the absence of dangerous chemicals and an accompanying significant reduction in energy consumption depending on the application, from 50% to 70% of traditional lighting products.

ForceField is a distributor for PowerOneData International, Inc. a company that provides Advanced Metering Infrastructure and ASLM solutions to the international energy markets, reducing energy resource consumption and its negative impact on the environment and public health ForceField is also a significant manufacturer and distributor of trichlorosilane (“TCS”) in China. TCS is a specialty chemical primarily used in the production of polysilicon, which is an essential raw material in the production of solar cells for PV panels that convert sunlight to electricity. TCS is considered to be the first product in the solar PV value chain before polysilicon, and is also the principal source of ultrapure silicon in the semiconductor industry. For additional information regarding ForceField Energy Inc. or Transpacific Energy, Inc., please visit the companies’ websites at http://www.forcefieldenergy.com/, www.transpacenergy.com, www.lightsky-led.com.

Forward-Looking Statements
Except for statements of historical fact, the matters discussed in this press release are forward-looking. “Forward-looking statements” describe future expectations, plans, results, or strategies and are generally preceded by words such as “future,” “plan” or “planned,” “expects” or “projected.” These forward-looking statements reflect numerous assumptions and involve a variety of risks and uncertainties, many of which are beyond the company’s control that may cause actual results to differ materially from stated expectations. Some of the factors that could cause actual results to differ materially from the forward-looking statements contained herein include i) the Company’s ability to generate significant revenues and profits from its waste heat technology and LED lighting segments, (ii) the Company’s ability to obtain adequate financing to achieve its LED and waste heat technology business plan (iii) the successful installation and efficacy of the Company’s LED lighting products (iv) a decision by LNHA’s members to purchase LED lighting, (v) the ability of LNHA’s members to finance the purchase of LED lighting (vi) other factors without limitation which are detailed in documents we file from time to time with the Securities and Exchange Commission, which are available at www.sec.gov.

Contact information
ForceField Energy Inc.
Richard ST Julien
212-672-1786
www.ForceFieldenergy.com

Mission Investor Relations
Sherri Franklin
404-941-8975
www.MissionIR.com

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(CYTR) New Aldoxorubicin Data Demonstrates Significant Advantages over Doxorubicin

CytRx Corporation (NASDAQ:CYTR), a biopharmaceutical research and development company specializing in oncology, today announced compelling preliminary data from its global Phase 2b soft tissue sarcoma trial indicating that patients treated with aldoxorubicin had a significantly higher OVERALL RESPONSE RATE (ORR) of 22% as compared to those administered the widely used chemotherapeutic agent doxorubicin with an ORR of 0%.

Additionally, aldoxorubicin compared with doxorubicin produced statistically significant improvement in survival rates in animals with a human model of glioblastoma (brain tumor), and showed an improved and narrow distribution of aldoxorubicin within the human body in a pharmacokinetics trial. Results from the glioblastoma trial and pharmacokinetics trial were discussed in poster presentations at the 2013 European Cancer Congress (ECCO/ESMO/ESTRO) being held in Amsterdam, Netherlands.

“We are compiling an ever-increasing portfolio of impressive human and pre-clinical data that aldoxorubicin could have an essential role in the treatment of patients with a wide range of cancers,” said CytRx President and CEO Steven A. Kriegsman. “This collective body of data gives us tremendous hope that we will be able to make an important difference in the lives of cancer patients worldwide. This data also supports our belief in the potential benefit of our linker technology platform to one day form the basis of a multi-billion dollar revenue oncology franchise with drugs to treat a wide range of cancers.

“Given the promising prospects for aldoxorubicin, we are aggressively moving forward with its clinical development,” he added. “We recently received acceptance from the U.S. Food and Drug Administration (FDA) for a protocol to conduct a Phase 2 clinical trial with aldoxorubicin in glioblastoma, a very difficult-to-treat and deadly cancer, and also plan to conduct a Phase 2 clinical trial in HIV-related Kaposi’s sarcoma.”

Increased Responses Show OVERALL RESPONSE RATE of 22% in Global Phase 2b Trial in Advanced Soft Tissue Sarcoma

Preliminary data from the Phase 2b clinical trial directly comparing aldoxorubicin with doxorubicin as a first-line treatment for patients with metastatic, locally advanced or unresectable soft tissue sarcomas showed that aldoxorubicin-treated patients demonstrated a significantly greater percentage of overall responses compared with those treated with doxorubicin, the current standard-of-care for advanced, metastatic soft tissue sarcoma. This was based on a blinded reading of tumor scans by an independent radiology review. In this trial, aldoxorubicin was safely delivered at 3.5 times the dose level of doxorubicin in the comparator arm. The overall response data, which were reviewed on a blinded basis by independent radiologists, are as follows:

82 Evaluated Patients
58 aldoxorubicin-treated 24 doxorubicin-treated
Number Percentage Number Percentage
Partial response 13 22% 0 0%
Stable disease 27 46% 11 46%

Responses were evaluated using the RECIST 1.1 criteria. Partial responses are defined as at least a 30% shrinkage in the sum of the longest diameters of target tumors with no increase in non-target tumors or development of new tumors. Stable disease is defined as less than a 20% increase in the longest diameter of target tumors with no increase in non-target tumors or development of new tumors.

“The magnitude of the clinical response difference supports our belief that aldoxorubicin could fill an important medical need in patients with advanced soft tissue sarcoma,” said Executive Vice President and Chief Medical Officer Daniel Levitt, M.D., Ph.D. Although preliminary, we are certainly optimistic about aldoxorubicin’s prospects in soft tissue sarcoma based on the favorable results from our earlier second-line Phase 1b/2 clinical trial in patients who had failed other therapies and these preliminary overall response results as a first-line treatment announced today. The study is ongoing and many of the patients with tumor responses and stable disease are still receiving treatment.” The Company expects to report top-line data for the global Phase 2b clinical trial in December 2013.

Significantly Increased Survival with Excellent Safety Profile in Glioblastoma Model

CytRx announced additional data from a trial in immunodeficient mice transplanted with human glioblastoma cells in their brain that showed those animals treated with aldoxorubicin had a median survival rate of more than 63 days, compared with approximately 25 days for animals treated with doxorubicin or saline.

“We saw clear evidence of drug concentration inside tumors growing in the brain and significant tumor regression in aldoxorubicin-treated animals, where doxorubicin did not appear to enter the tumor to any significant degree and showed virtually no efficacy in the treatment of these brain tumors,” said Om Prakash, Ph.D., the study’s principal investigator and poster presenter at ESMO. “Aldoxorubicin significantly reduced the number of dividing cells within the brain tumors in this trial and showed a statistically relevant increased expression of apoptosis or cell death markers. The combined results of this trial are significant as glioblastoma is the most common and aggressive of the adult brain tumors with a median survival of 12-14 months despite aggressive treatment.” Dr. Prakash is Research Professor of Medicine, Stanley S. Scott Cancer Center, Louisiana State University (LSU) Health Sciences Center, New Orleans.

FDA Agreement for Phase 2 Clinical Trial in Glioblastoma

“We have reached an agreement with the FDA to enroll up to 28 patients in a Phase 2 clinical trial to evaluate the preliminary efficacy and safety of aldoxorubicin in patients with unresectable glioblastoma whose tumors have progressed following prior treatment with surgery, radiation and with the drug temozolomide. I am pleased to announce that the John Wayne Cancer Center in Santa Monica, Calif.; City of Hope in Duarte, Calif.; and the LSU Cancer Center in New Orleans have agreed to participate in this trial,” stated Dr. Levitt. The trial is set to commence this year with preliminary results expected in the third quarter of 2014. “The strong survival, tumor regression and safety evidence from this study provides more than sufficient rationale to move into clinical development of aldoxorubicin for the treatment of patients suffering from this devastating cancer,” Dr. Levitt added.

Phase 2 Clinical Trial in AIDS-related Kaposi’s Sarcoma

CytRx announced plans to initiate a Phase 2 clinical trial in 2013 evaluating the preliminary efficacy of aldoxorubicin in patients with AIDS-related Kaposi’s sarcoma, a common HIV-associated tumor. The current standard-of-care for severe dermatological and systemic Kaposi’s sarcoma is liposomal doxorubicin (Doxil®); however, a significant proportion of patients exhibit minimal to no clinical response to this agent and the drug’s toxicity often prevents continued therapy. The Phase 2 trial will enroll up to 30 patients and will be conducted at the LSU Health Science Center in New Orleans.

“The key to this trial is that Kaposi’s sarcoma usually manifests as skin lesions. We have the opportunity to biopsy these lesions as the trial progresses and to collect important information about the accumulation of aldoxorubicin at the tumor site,” said Dr. Levitt.

Better, Safer Distribution of Aldoxorubicin in Cancer Patients

CytRx announced in its poster presentation at ESMO that additional data from a Phase 1b clinical trial at the Cedars Sinai Medical Center in Beverly Hills, Calif., evaluating the pharmacokinetics and safety of aldoxorubicin in patients with metastatic solid tumors who have either relapsed or not responded to treatment with standard therapies clearly demonstrate that aldoxorubicin has circulating half-life of approximately 20-24 hours with narrow volume of distribution to healthy tissue and slow clearance from the circulation. Doxorubicin has a significantly shorter half-life and a much wider distribution in normal, healthy tissues in cancer patients than aldoxorubicin. In this study, treatment with aldoxorubicin has extended past 13 cycles (a cycle is 21 days).

“We found that only trace amounts of either free doxorubicin or its major metabolite, doxorubicinol, were detectable in the blood stream even over multiple cycles of administration,” said Dr. Levitt. “The long circulating half-life, slow clearance and narrower volume of distribution of aldoxorubicin provide insights into its ability to safely deliver higher levels of agent to tumors and not normal, healthy tissues compared with doxorubicin.”

About Aldoxorubicin

The widely used chemotherapeutic agent doxorubicin is delivered systemically and is highly toxic, which limits its dose to a level below its maximum therapeutic benefit. It is associated with many side effects–especially the potential for damage to the heart muscle at cumulative doses greater than 500 mg/m2. Aldoxorubicin combines doxorubicin with a novel single-molecule linker that binds directly and specifically to circulating albumin, the most plentiful protein in the bloodstream. Protein-hungry tumors concentrate albumin thus increasing the delivery of the linker molecule with the attached doxorubicin to tumor sites. In the acidic environment of the tumor, but not the neutral environment of healthy tissues, doxorubicin is released. This allows for greater doses of doxorubicin to be administered while reducing its toxic side effects. In studies thus far there has been no evidence of clinically significant effects of aldoxorubicin on the heart muscle, even at cumulative doses of drug well over 2 grams/m2.

About CytRx Corporation

CytRx Corporation is a biopharmaceutical research and development company specializing in oncology. The CytRx oncology pipeline is focused on the clinical development of aldoxorubicin (formerly known as INNO-206), its improved version of the widely used chemotherapeutic agent doxorubicin. CytRx is conducting a global Phase 2b clinical trial with aldoxorubicin as a treatment for soft tissue sarcomas, has completed its Phase 1b/2 clinical trial primarily in the same indication and a Phase 1b study of aldoxorubicin in combination with doxorubicin in patients with advanced solid tumors, and has completed a Phase 1b pharmacokinetics clinical trial in patients with metastatic solid tumors. The Company plans to initiate a Phase 3 global pivotal trial under a special protocol assessment (SPA) with aldoxorubicin as a therapy for patients with soft tissue sarcomas whose tumors have progressed following treatment with chemotherapy. CytRx also is initiating Phase 2 clinical trials with aldoxorubicin in patients with late-stage glioblastoma (brain cancer) and Kaposi’s sarcoma. CytRx is expanding its pipeline of oncology candidates based on a novel linker platform technology that can be utilized with multiple chemotherapeutic agents and could allow for greater concentration of drug at tumor sites. The Company also has rights to two additional drug candidates, tamibarotene and bafetinib. CytRx completed its evaluation of bafetinib in the ENABLE Phase 2 clinical trial in high-risk B-cell chronic lymphocytic leukemia (B-CLL), plans to seek a partner for further development of bafetinib, and is evaluating further development of tamibarotene. For more information about CytRx Corporation, visit www.cytrx.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Such statements involve risks and uncertainties that could cause actual events or results to differ materially from the events or results described in the forward-looking statements, including risks relating to the outcome, timing and results of CytRx’s clinical trials, the risk that any future human testing of aldoxorubicin, including the conclusion of the Phase 2b clinical testing of aldoxorubicin as a first-line treatment in patients with metastatic, locally advanced or unresectable soft tissue sarcomas who have not been previously treated with any chemotherapy, might not produce objective response results similar to the preliminary data described in this press release, or might not correlate with the trial’s primary endpoint of progression-free survival, risks related to CytRx’s ability to manufacture its drug candidates in a timely fashion, cost-effectively or in commercial quantities in compliance with stringent regulatory requirements, risks related to CytRx’s need for additional capital or strategic partnerships to fund its ongoing working capital needs and development efforts, including the Phase 3 clinical development of aldoxorubicin, and the risks and uncertainties described in the most recent annual and quarterly reports filed by CytRx with the Securities and Exchange Commission and current reports filed since the date of CytRx’s most recent annual report. All forward-looking statements are based upon information available to CytRx on the date the statements are first published. CytRx undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Monday, September 30th, 2013 Uncategorized Comments Off on (CYTR) New Aldoxorubicin Data Demonstrates Significant Advantages over Doxorubicin

(BNFT) Recognized with Trailblazer Award

Benefits software provider recognized for exceptional products by Charleston Metro Chamber of Commerce

Charleston, S.C., September 27, 2013 /PRNewswire/ — Benefitfocus, Inc. (NASDAQ: BNFT), a leading provider of cloud-based benefits software solutions, has received the Trailblazer Award from the Charleston Metro Chamber of Commerce. The award recognizes an organization that has created a cutting-edge product or service and one that has impacted multiple user groups and revolutionized activities in the Charleston region. This acknowledges the innovation that Benefitfocus is bringing to the market to simplify health insurance and benefits management for employers, insurance carriers and consumers.

“Benefitfocus has grown from a small startup to a publicly traded company, and its commitment to innovation is critical to how we continue to attract talent and grow our region,” stated Bryan Derreberry, President and CEO, Charleston Metro Chamber of Commerce. “Personally, I am very proud to present Benefitfocus with the Trailblazer Award as the company is an integral part of the Charleston region.”

At the core of Benefitfocus is creative design coupled with dynamic engineering talent. Both drive the company to deliver leading benefits solutions for the more than 20 million consumers using the BENEFITFOCUS® Platform to manage their benefits. Shawn Jenkins, President and CEO of Benefitfocus, accepted the award on behalf of the company on September 26 at the Riviera Theatre in Charleston, South Carolina.

“It’s an honor to accept the Trailblazer Award,” said Jenkins. “The Charleston region has proven to be a great foundation for building our leading engineering and creative teams. The accelerated pace of change in the health insurance and benefits industry presents our associates with an amazing opportunity to showcase their skills. This recognition is a reflection of how our associates have taken advantage of this opportunity and continue to work together to accomplish great things.”

The Charleston-based company attracts skilled software engineers who have an affinity for evolving technology to address the constant change and increasing complexity inherent to the health insurance and benefits market. The collaborative and dynamic work environment at Benefitfocus contributes to the unique corporate culture which is shared by associates in the book, Benefitfocus: Winning with Culture. The Trailblazer Award was accepted on behalf of all the Benefitfocus associates working to transform the benefits industry.

About Benefitfocus
Benefitfocus, Inc. (NASDAQ: BNFT) is a leading provider of cloud-based benefits software solutions for consumers, employers, insurance carriers and brokers. Benefitfocus has served more than 20 million consumers on its platform, that consists of an integrated portfolio of products and services enabling clients to more efficiently shop, enroll, manage and exchange benefits information. With a user-friendly interface and consumer-centric design, the Benefitfocus Platform provides one place for consumers to access all their benefits. Benefitfocus solutions support the administration of all types of benefits including core medical, dental and other voluntary benefits plans as well as wellness programs. For more information, visit www.benefitfocus.com.

Except for historical information, all of the statements, expectations, and assumptions contained in this press release are forward-looking statements. Actual results might differ materially from those explicit or implicit in the forward-looking statements. Important factors that could cause actual results to differ materially include: the lack of a long-term public market for Benefitfocus’ stock and potential volatility; reliance on key personnel; competition, privacy, security and other risks associated with our business; and the other risk factors set forth from time to time in our Form S-1 and other SEC filings, copies of which are available free of charge within the Investor Relations section of the Benefitfocus website at http://investor.benefitfocus.com/sec.cfm or upon request from our investor relations department. Benefitfocus assumes no obligation and does not intend to update these forward-looking statements, except as required by law.

Benefitfocus, Inc.
843-284-1052 ext. 6907
pr@benefitfocus.com

Friday, September 27th, 2013 Uncategorized Comments Off on (BNFT) Recognized with Trailblazer Award

(GRH) Interim-CEO, President & COO to Present at OGIS IPAA Conference

Mr. Jonathan D. Hoopes, Interim-CEO, President and Chief Operating Officer of GreenHunter Resources, Inc. (NYSE MKT: GRH) (NYSE MKT: GRH.PRC) (the “Company”), will present Monday, September 30th at 1:30 PM PDT (4:30 PM EDT) to the Oil & Gas Investment Symposia, IPAA, being held at the Palace Hotel in San Francisco, CA.

Mr. Hoopes will also provide an update on the Company’s Oilfield Fluid Management Solutions™ business activity in the unconventional shale resource plays. The operations and finance update will include:

  • Recent $3.2 million private placement of non-dilutive Series C equity
  • Record current volumes of fluid transport, fluid disposal and water treatment activities
  • Raise 2013 expected revenues guidance to a range of $36 million to $40 million (from $31.6 million)
  • Visibility of a strong outlook into early-2014

A live webcast of Mr. Hoopes’ presentation can be accessed at the following Internet address: http://www.investorcalendar.com/CEPage.asp?ID=171589

About GreenHunter Water, LLC (a wholly owned subsidiary of GreenHunter Resources, Inc.)

GreenHunter Water, LLC provides Oilfield Fluid Management Solutions™. An understanding that there is no single solution to E&P fluids management drives GreenHunter’s technology-agnostic approach to services. In addition to licensing of and joint ventures with manufacturers of mobile water treatment systems (Frac-Cycle®), GreenHunter Water is expanding capacity of UIC Class II salt water disposal facilities, next-generation modular above-ground storage systems (MAG Tank™), advanced hauling and barge logistics services and 21st Century tracking technologies (RAMCATTM) that help oil and gas producers comply with emerging regulations and reduce operating costs.

For a visual animation of the Class II Salt Water Disposal well development and completion technique that is being utilized in GreenHunter Water’s Appalachia, Eagle Ford, Mississippian Lime and Bakken SWD program, navigate to the video by clicking on “Salt Water Disposal Animation” button on the Operations tab at GreenHunterResources.com or click here.

Additional information about GreenHunter Water may be found at www.GreenHunterWater.com.

Forward-Looking Statements

Any statements in this press release about future expectations and prospects for GreenHunter Resources and its business and other statements containing the words “believes,” “anticipates,” “plans,” “expects,” “will” and similar expressions constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including the substantial capital expenditures required to fund its operations, the ability of the Company to implement its business plan, government regulation and competition. GreenHunter Resources undertakes no obligation to update these forward-looking statements in the future.

Friday, September 27th, 2013 Uncategorized Comments Off on (GRH) Interim-CEO, President & COO to Present at OGIS IPAA Conference

(CSIQ) Installs Two Solar Projects for Massachusetts Utilities

Berkley, MA, and Sterling, MA, September 27, 2013 groSolar has announced the completion of a 3 MW AC solar photovoltaic (PV) system in Berkley, Massachusetts. This is the second municipal utility‑tied project which groSolar has built in Massachusetts this year. The first was a 2 MW AC system in Sterling, completed in early January 2013.

Both projects are co-owned by Canadian Solar Inc. (NASDAQ: CSIQ), one of the worlds largest solar power companies, and INDU Solar Holdings a joint venture between subsidiaries of Duke Energy and of Integrys Energy Services. The projects were developed by Community Energy Solar, LLC.

With record high temperatures this summer in the Northeast U.S., many regional electricity markets were near or at all-time records for peak consumption. By adding solar to their power generation portfolios, Sterling Municipal Light Department (SMLD) and Taunton Municipal Lighting Plant (TMLP) are now able to purchase power at competitive rates and support solar energy production during peak demand. TMLP General Manager Mike Horrigan stated, This is the third solar installation of this size in our territory that TMLP has committed to purchase power from. We wholeheartedly continue to support projects involving this valuable, sustainable resource with our customers best interests in mind.

 

The Berkley East Solar Power Project and Sterling Solar systems are expected to generate enough energy to power approximately 600 homes and 400 homes per year, respectively. The systems not only provide energy that will be fed into the municipal grids for community use, but also help support the Commonwealths environmental goals. Massachusetts is a national leader in encouraging smarter choices about energy.

 

About groSolar

groSolar is an industry-leading large commercial- and utility-scale solar engineering, procurement, and construction firm serving the 1 to 30 MW market, and is dedicated to high quality, on time, and on budget project performance. With megawatt+ projects and over 2,000 installations nationwide, groSolars experience spans a broad spectrum of applications. These include design and build applications atop brownfields/landfills, commercial, educational, municipal facilities, and manufacturing plants. groSolar provides a one stop source for all your solar project needs including on-going operations and maintenance. Additionally, groSolars distribution channel offers product procurement and logistics services to approximately 1,500 solar installers and contractors across the nation whose focus is on residential and small- to mid-scale commercial solar applications.

 

Media Inquiries, contact:

Christine Tachovsky

802.359.6538

christine.tachovsky@grosolar.com

Friday, September 27th, 2013 Uncategorized Comments Off on (CSIQ) Installs Two Solar Projects for Massachusetts Utilities

(FINL) Reports Second Quarter Fiscal Year 2014 Results

The Finish Line, Inc. (NASDAQ: FINL) today reported results for the 13-weeks ended August 31, 2013.

For the thirteen weeks ended August 31, 2013:

  • Consolidated net sales were $436.0 million, an increase of 13.3% over the prior year period.
  • Finish Line comparable store sales increased 0.9%.
  • Diluted earnings per share increased 10.2% to $0.54.

“We are pleased to have delivered a solid second quarter performance,” said Chairman and Chief Executive Officer, Glenn Lyon. “The combination of positive comparable sales and good expense control drove a 10% increase in earnings per share over last year. At the same time, we continued to make good progress building our business with Macy’s and growing our Running Specialty Group. Looking ahead, we are cognizant of the headwinds currently facing the retail industry and this has been incorporated into our near-term planning. We remain confident that our strategy to create a leading multi-divisional, omni-channel business will lead to sustainable sales and earnings growth and increased shareholder value over the long term.”

Balance Sheet

As of August 31, 2013, consolidated merchandise inventories increased 18.1% to $296.0 million compared to $250.6 million as of September 1, 2012. The increase resulted primarily from the start-up of Macy’s business. For Finish Line, merchandise inventories decreased 0.5%.

The company repurchased 250,000 shares of its common stock in the second quarter, totaling $5.5 million. The company has 4.3 million shares remaining on its current Board authorized repurchase plan.

As of August 31, 2013, the company had no interest-bearing debt and $203.8 million in cash and cash equivalents, compared to $254.2 million a year ago.

Outlook

For the fiscal year ending March 1, 2014, the company now expects Finish Line comparable store sales to increase low single digits compared to its previous expectation for a slight increase. The company still expects earnings per share to increase mid-single digit percent over fiscal year 2013 Non-GAAP diluted earnings per share of $1.47.

Q2 Fiscal 2014 Conference Call Today, September 27, 2013 at 8:30 a.m.

The company will host a conference call for investors today, September 27, 2013, at 8:30 a.m. Eastern. To participate in the live conference call, dial 866-923-8645 (U.S. and Canada) or 660-422-4970 (International), conference ID #52725232. The live conference call will also be accessible online at www.finishline.com. A replay of the conference call can be accessed approximately two hours following the completion of the call by dialing 855-859-2056, conference ID #52725232. This recording will be made available through Sunday, October 27, 2013. The replay will also be accessible online at www.finishline.com.

Disclosure Regarding Non-GAAP Measures

This report refers to certain financial measures that are identified as non-GAAP. The Company believes that these non-GAAP measures, including gross profit, selling, general and administrative expenses, operating income, net income attributable to The Finish Line, Inc., and diluted earnings per share attributable to The Finish Line, Inc. shareholders, are helpful to investors because they allow for a more direct comparison of the Company’s year-over-year performance and are useful in assessing the Company’s progress in achieving its long-term financial objectives. This supplemental information should not be considered in isolation or as a substitute for the related GAAP measures. A reconciliation of the non-GAAP measures to the comparable GAAP measures can be found in the Company’s Form 8-K filed with the Securities and Exchange Commission with this release.

About The Finish Line, Inc.

The Finish Line, Inc. is a premium retailer of athletic shoes, apparel and accessories. Headquartered in Indianapolis, Finish Line has 658 stores in malls across the U.S., manages the athletic footwear inventory in 660 Macy’s stores including 182 branded shops, and employs more than 11,000 sneakerologists who help customers every day connect with their sport, their life and their style. Online shopping is available at www.finishline.com and www.macys.com. Mobile shopping is available at m.finishline.com. Follow Finish Line on Twitter at Twitter.com/FinishLine and “like” Finish Line on Facebook at Facebook.com/FinishLine.

Finish Line also operates, through a venture with Gart Capital Partners, the Running Specialty Group, including 39 specialty running shops in 11 states and the District of Columbia under The Running Company, Run On!, Blue Mile and Boulder Running Company banners. More information is available at www.run.com.

Forward-Looking Statements

This news release includes statements that are or may be considered “forward-looking” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements generally can be identified by the use of words or phrases such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “foresee,” “may,” “should,” “will,” “estimates,” “outlook,” “potential,” “optimistic,” “confidence,” “continue,” “evolve,” “expand,” “growth” or words and phrases of similar meaning. Statements that describe objectives, plans or goals also are forward-looking statements.

All of these forward-looking statements are subject to risks, management assumptions and uncertainties that could cause actual results to differ materially from those contemplated by the relevant forward-looking statements. The principal risk factors that could cause actual performance and future actions to differ materially from the forward-looking statements include, but are not limited to, the company’s reliance on a few key vendors for a majority of its merchandise purchases (including a significant portion from one key vendor); the availability and timely receipt of products; the ability to timely fulfill and ship products to customers; fluctuations in oil prices causing changes in gasoline and energy prices, resulting in changes in consumer spending as well as increases in utility, freight and product costs; product demand and market acceptance risks; deterioration of macro-economic and business conditions; the inability to locate and obtain or retain acceptable lease terms for the company’s stores; the effect of competitive products and pricing; loss of key employees; execution of strategic growth initiatives (including actual and potential mergers and acquisitions and other components of the company’s capital allocation strategy); and the other risks detailed in the company’s Securities and Exchange Commission filings. Readers are urged to consider these factors carefully in evaluating the forward-looking statements. The forward-looking statements included herein are made only as of the date of this report and Finish Line undertakes no obligation to publicly update these forward-looking statements to reflect subsequent events or circumstances.

The Finish Line, Inc.
Consolidated Statements of Income (Unaudited)
(In thousands, except per share and store/shop data)
Thirteen Weeks Ended Twenty-Six Weeks Ended
August 31, September 1, August 31, September 1,
2013 2012 2013 2012
Net sales $ 436,030 $ 385,011 $ 787,083 $ 704,060
Cost of sales (including occupancy costs) 289,693 250,461 533,751 464,851
Gross profit 146,337 134,550 253,332 239,209
Selling, general and administrative expenses 103,455 94,711 202,811 179,557
Store closing costs 17 325 203 420
Operating income 42,865 39,514 50,318 59,232
Interest income, net 10 58 24 129
Income before income taxes 42,875 39,572 50,342 59,361
Income tax expense 16,682 15,136 19,635 22,844
Net income 26,193 24,436 30,707 36,517
Net loss attributable to redeemable noncontrolling interest 314 537 875 734
Net income attributable to The Finish Line, Inc. $ 26,507 $ 24,973 $ 31,582 $ 37,251
Diluted earnings per share attributable to The Finish Line, Inc. shareholders $ 0.54 $ 0.49 $ 0.64 $ 0.72
Diluted weighted average shares 48,757 50,866 48,744 51,135
Dividends declared per share $ 0.07 $ 0.06 $ 0.14 $ 0.12
Finish Line store activity for the period:
Beginning of period 651 640 645 637
Opened 9 4 19 13
Closed (1) (6) (5) (12)
End of period 659 638 659 638
Square feet at end of period 3,571,267 3,449,041
Average square feet per store 5,419 5,406
Branded shops within department stores activity for the period:
Beginning of period 44 3
Opened 89 130
Closed
End of period 133 133
Square feet at end of period 158,948
Average square feet per shop 1,195
Running Company store activity for the period:
Beginning of period 38 19 27 19
Acquired 9
Opened 1 3
Closed
End of period 39 19 39 19
Square feet at end of period 119,964 60,436
Average square feet per store 3,076 3,181
Thirteen Weeks Ended Twenty-Six Weeks Ended
August 31, September 1, August 31, September 1,
2013 2012 2013 2012
Net sales 100.0 % 100.0 % 100.0 % 100.0 %
Cost of sales (including occupancy costs) 66.4 65.0 67.8 66.0
Gross profit 33.6 35.0 32.2 34.0
Selling, general and administrative expenses 23.8 24.6 25.8 25.5
Store closing costs 0.1 0.1
Operating income 9.8 10.3 6.4 8.4
Interest income, net
Income before income taxes 9.8 10.3 6.4 8.4
Income tax expense 3.8 3.9 2.5 3.2
Net income 6.0 6.4 3.9 5.2
Net loss attributable to redeemable noncontrolling interest 0.1 0.1 0.1
Net income attributable to The Finish Line, Inc. 6.0 % 6.5 % 4.0 % 5.3 %
Condensed Consolidated Balance Sheets
August 31, September 1, March 2,
2013 2012 2013
(Unaudited) (Unaudited)
ASSETS
Cash and cash equivalents $ 203,832 $ 254,225 $ 226,982
Merchandise inventories, net 295,952 250,634 243,770
Other current assets 23,852 25,742 20,942
Property and equipment, net 202,450 157,539 180,601
Goodwill 21,544 8,503 13,888
Other assets 19,932 24,770 20,239
Total assets $ 767,562 $ 721,413 $ 706,422
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities $ 172,122 $ 138,814 $ 134,037
Deferred credits from landlords 28,544 26,748 27,215
Other long-term liabilities 17,131 15,970 16,638
Redeemable noncontrolling interest 2,772 5,248 3,669
Shareholders’ equity 546,993 534,633 524,863
Total liabilities and shareholders’ equity $ 767,562 $ 721,413 $ 706,422
The Finish Line, Inc.
Reconciliation of Gross Profit, GAAP to Gross Profit, Non-GAAP (unaudited)
(In thousands)
Thirteen Weeks Ended Twenty-Six Weeks Ended
August 31, 2013 September 1, 2012 August 31, 2013 September 1, 2012
Gross profit, GAAP $ 146,337 33.6 % $ 134,550 35.0 % $ 253,332 32.2 % $ 239,209 34.0 %
Start up costs 5,758 0.7
Gross profit, Non-GAAP $ 146,337 33.6 % $ 134,550 35.0 % $ 259,090 32.9 % $ 239,209 34.0 %
Reconciliation of Selling, General and Administrative Expenses, GAAP to
Selling, General and Administrative Expenses, Non-GAAP (unaudited)
(In thousands)
Thirteen Weeks Ended Twenty-Six Weeks Ended
August 31, 2013 September 1, 2012 August 31, 2013 September 1, 2012
Selling, general and administrative expenses, GAAP $ 103,455 23.8 % $ 94,711 24.6 % $ 202,811 25.8 % $ 179,557 25.5 %
Start up costs (2,202) (0.3)
Selling, general and administrative expenses, Non-GAAP $ 103,455 23.8 % $ 94,711 24.6 % $ 200,609 25.5 % $ 179,557 25.5 %
Reconciliation of Operating Income, GAAP to Operating Income, Non-GAAP (unaudited)
(In thousands)
Thirteen Weeks Ended Twenty-Six Weeks Ended
August 31, 2013 September 1, 2012 August 31, 2013 September 1, 2012
Operating income, GAAP $ 42,865 9.8 % $ 39,514 10.3 % $ 50,318 6.4 % $ 59,232 8.4 %
Start up costs 7,960 1.0
Operating income, Non-GAAP $ 42,865 9.8 % $ 39,514 10.3 % $ 58,278 7.4 % $ 59,232 8.4 %
Reconciliation of Net Income Attributable to The Finish Line, Inc., GAAP to
Net Income Attributable to The Finish Line, Inc., Non-GAAP (unaudited)
(In thousands)
Thirteen Weeks Ended Twenty-Six Weeks Ended
August 31, 2013 September 1, 2012 August 31, 2013 September 1, 2012
Net income attributable to The Finish Line, Inc., GAAP $ 26,507 6.0 % $ 24,973 6.5 % $ 31,582 4.0 % $ 37,251 5.3 %
Start up costs 7,960 1.0
Tax effect of start up costs (3,109) (0.4)
Net income attributable to The Finish Line, Inc., Non-GAAP $ 26,507 6.0 % $ 24,973 6.5 % $ 36,433 4.6 % $ 37,251 5.3 %
Reconciliation of Diluted Earnings Per Share Attributable to The Finish Line, Inc. Shareholders, GAAP to
Diluted Earnings Per Share Attributable to The Finish Line, Inc. Shareholders, Non-GAAP (unaudited)
Thirteen Weeks Ended Twenty-Six Weeks Ended
August 31, 2013 September 1, 2012 August 31, 2013 September 1, 2012
Diluted earnings per share attributable to The Finish Line, Inc. shareholders, GAAP $ 0.54 $ 0.49 $ 0.64 $ 0.72
Start up costs, net of income taxes 0.10
Diluted earnings per share attributable to The Finish Line, Inc. shareholders, Non-GAAP $ 0.54 $ 0.49 $ 0.74 $ 0.72
* See Non-GAAP Financial Measures Disclosure Above
Friday, September 27th, 2013 Uncategorized Comments Off on (FINL) Reports Second Quarter Fiscal Year 2014 Results

(RDA) Announces Receipt of Non-Binding Acquisition Proposal

SHANGHAI, China, Sept. 27, 2013 (GLOBE NEWSWIRE) — RDA Microelectronics, Inc. (Nasdaq:RDA) (“RDA Microelectronics” or the “Company”), a fabless semiconductor company that designs, develops and markets wireless systems-on-chip and radio-frequency (RF) semiconductors for cellular, connectivity and broadcast applications, today announced that its Board of Directors has received an unsolicited, preliminary non-binding proposal letter dated September 27, 2013 from Shanghai Pudong Science and Technology Investment Co., Ltd. (“PDSTI”), a wholly state-owned limited liability company directly under Pudong New Area government of Shanghai, pursuant to which PDSTI proposes to acquire all of the outstanding ordinary shares of the Company (the “Shares) and American Depositary Shares of the Company (the “ADSs,” each ADS representing six Shares), in each case other than those Shares or ADSs owned by PDSTI and its affiliates, for US$2.5833 in cash per Share or US$15.50 per ADS. A copy of the proposal letter is attached hereto as Appendix 1.

The Company’s Board of Directors is reviewing and evaluating PDSTI’s proposal. No decision has been made with respect to the Company’s response to the proposal. There can be no assurance that any definitive offer will be made, that any agreement will be executed or that this or any other transaction will be approved or consummated. The Company does not undertake any obligation to provide any updates with respect to this or any other transaction, except as required under applicable law.

About RDA Microelectronics

RDA Microelectronics is a fabless semiconductor company that designs, develops and markets wireless system-on-chip and radio-frequency semiconductors for cellular, connectivity and broadcast applications. The Company’s product portfolio currently includes baseband, radio-frequency front-end modules, power amplifiers, transceivers, Bluetooth system-on-chip, Wi-Fi, Bluetooth and FM combo chips, FM radio receivers, set-top box tuners, analog mobile television receivers, CMMB mobile television receivers, walkie-talkie transceivers and LNB satellite down converters. For additional information, please see the Company’s website at http://www.rdamicro.com.

Appendix 1 – PDSTI Proposal Letter

September 27, 2013

The Board of Directors
RDA Microelectronics, Inc.
6/F, Building 4, 690 Bibo Road
Pudong District, Shanghai 201203
People’s Republic of China

Dear Members of the Board of Directors,

Shanghai Pudong Science and Technology Investment Co., Ltd. (“PDSTI“) is pleased to submit this preliminary non-binding proposal (the “Proposal“) to acquire all of the outstanding ordinary shares (the “Shares“) of RDA Microelectronics, Inc. (the “Company“) and the American Depositary Shares of the Company (the “ADSs“, each ADS representing six Shares of the Company), in each case other than those Shares or ADSs owned by PDSTI and its affiliates (the “Acquisition“).

We believe that our proposal of US$2.5833 in cash per Share or US$15.50 per ADS, as the case may be, provides a very attractive opportunity to the Company’s shareholders. Our Proposal represents a premium of 30.5% to the volume-weighted average closing price of the ADSs during the last 60 trading days.

Set forth below are the key terms of our Proposal. We are confident that the Acquisition can be closed on the basis outlined in this letter.

1. Acquisition and Purchase Price

We propose to acquire all of the outstanding Shares and ADSs not already owned by us at a purchase price equal to US$2.5833 in cash per Share or US$15.50 per ADS, as the case may be, through a one-step merger of a newly formed acquisition vehicle with and into the Company.

2. Financing

We intend to finance the Acquisition with a combination of equity and debt capital. Equity financing will be provided by us. Debt financing will be provided by third party financial institutions. We have been in discussions with several leading financial institutions and have received a highly confident letter indicating that they are highly confident of their ability to provide loans to finance the Acquisition subject to the terms and conditions set forth therein.

3. Due Diligence

We and the parties providing debt financing will require a timely opportunity to conduct customary due diligence on the Company including business, legal, financial and accounting due diligence. We believe that we and our financing sources will be in a position to complete due diligence in a timely manner and in parallel with discussions on the definitive agreements.

4. Definitive Documentation

We have engaged Shearman & Sterling LLP as international legal counsel in connection with the Acquisition and are prepared to promptly negotiate and finalize definitive agreements in relation to the Acquisition and related transactions. These definitive agreements will provide for representations, warranties, covenants and conditions which are appropriate for transactions of this type.

5. Confidentiality

Other than the announcement of this Proposal, we are sure that you will agree that it is in all of our interests to ensure that we proceed in a confidential manner, unless otherwise required by law, until we have executed definitive agreements or terminated our discussions.

6. About PDSTI

PDSTI, a wholly state-owned limited liability company directly under Pudong New Area government of Shanghai, combines proprietary investments with investments management services. The business of PDSTI currently covers a broad range of areas, including venture capital and private equity investments, mergers and acquisitions, management of fund of funds and private equity funds, and debt investments. PDSTI has deep industry knowledge of integrated circuit design and has invested in several well-known IC design companies.

7. No Binding Commitment

This Proposal is not a binding offer, agreement or agreement to make a binding offer or agreement at any point in the future. This letter is a preliminary indication of interest by PDSTI and does not contain all matters upon which agreement must be reached in order to consummate the Acquisition, nor does it create any binding commitment with respect to the Acquisition. Such a commitment will result only from the execution of definitive agreements, and then will be on the terms provided in such agreements.

In closing, we would like to express our commitment to working together to bring the Acquisition to a successful and timely conclusion. Should you have any questions regarding this Proposal, please do not hesitate to contact us. We look forward to hearing from you.

Sincerely,

Shanghai Pudong Science and Technology Investment Co., Ltd.

By: /s/ Zhu, Xudong________

Name: Zhu, Xudong

Title: Chairman and President

CONTACT: Lily Dong, Chief Financial Officer
         RDA Microelectronics, Inc.
         +86-21-5027-1108
         ir@rdamicro.com

         or

         Leanne Sievers, EVP
         Shelton Group Investor Relations
         949-224-3874
         lsievers@sheltongroup.com
Friday, September 27th, 2013 Uncategorized Comments Off on (RDA) Announces Receipt of Non-Binding Acquisition Proposal

(CXM) Unusual Trading Activity In Cardium Common Stock

SAN DIEGO, Sept. 27, 2013 /PRNewswire/ — Cardium Therapeutics (NYSE MKT: CXM) today released the following statement.

In view of the unusual market activity in the Company’s common stock on Friday, Sept. 27, 2013, the New York Stock Exchange contacted the Company in accordance with its usual practice.  The Company stated that its policy is not to comment on market activity.

About Cardium

Cardium is an asset-based health sciences and regenerative medicine company focused on the acquisition and strategic development of innovative products and businesses with the potential to address significant unmet medical needs and having definable pathways to commercialization, partnering or other economic monetizations. Cardium has four private company business units in its medical opportunities portfolio: (1) LifeAgain® Insurance Solutions, Inc. which is focused on building the Company’s medical data analytics platform technology and selling term life insurance.  LifeAgain recently announced its first term life insurance program for men with prostate cancer; (2) Angionetic Biologics™, which includes Cardium’s late-stage DNA-based Generx® cardiovascular biologic product candidate; (3) Activation Therapeutics™, which includes the Company’s regenerative medicine wound healing technology platform, including its Excellagen® advanced wound care product; and (4) To Go Brands®, which includes the Company’s health sciences and nutraceutical business.  In addition, consistent with its capital-efficient business model, Cardium continues to actively evaluate new technologies and business opportunities. For more information, visit www.cardiumthx.com.

Forward-Looking Statements

Except for statements of historical fact, the matters discussed in this press release are forward looking and reflect numerous assumptions and involve a variety of risks and uncertainties, many of which are beyond our control and may cause actual results to differ materially from expectations. For example, there is no assurance that clinical studies will be successful or will lead to approvals or clearances from health regulatory authorities, or that approvals in one jurisdiction will help to support studies or approvals elsewhere; that the Company can attract suitable commercialization partners for our products or that we or partners can successfully commercialize them; that our product or product candidates will not be unfavorably compared to competitive products that may be regarded as safer, more effective, easier to use or less expensive or blocked by third party proprietary rights or other means; that the products and product candidates referred to in this report or in our other reports will be successfully commercialized and their use reimbursed, or will enhance our market value; that new product opportunities or commercialization efforts will be successfully established; that third parties on whom we depend will perform as anticipated; that the Company will not be adversely affected by risks and uncertainties that could impact our operations, business or other matters, as described in more detail in our filings with the Securities and Exchange Commission. We undertake no obligation to release publicly the results of any revisions to these forward-looking statements to reflect events or circumstances arising after the date hereof.

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

Cardium Therapeutics®, Generx®, Excellagen®, LifeAgain®, BlueMetric™, Decision Rule Adaption™, ADAPT™, Angionetics Biologics, Activation Therapeutics are trademarks of Cardium Therapeutics, Inc. or Tissue Repair Company.  To Go Brands®,  High Octane®, Green Tea Energy Fusion™, Acai Natural Energy Boost™, Greens to Go®, Extreme Berries to Go®, Healthy Belly®, VitaRocks®, Smoothie Complete®, Trim Green Coffee Bean™, and Trim Energy®, are trademarks of To Go Brands, Inc.  Other trademarks belong to their respective owners.

Friday, September 27th, 2013 Uncategorized Comments Off on (CXM) Unusual Trading Activity In Cardium Common Stock

(CUR) To Present At Stem Cells & Regenerative Medicine Congress

Ted Harada, ALS Stem Cell Trial Patient, To Talk

ROCKVILLE, Md., Sept. 26, 2013 — Neuralstem, Inc. (NYSE MKT: CUR) announced that President and CEO, Richard Garr, will present at the Stem Cells & Regenerative Medicine Congress, on Monday, September 30 at 12:00 PM at the Hyatt Regency in Cambridge, MA (http://www.terrapinn.com/2013/stem-cells-usa-regenerative-medicine/index.stm). Mr. Garr will give an overview of Neuralstem’s ongoing trial testing NSI-566 stem cells in amyotrophic lateral sclerosis (ALS or Lou Gehrig’s disease), now in Phase II, as well as a clinical progress update.

In a separate presentation, ALS patient, Ted Harada, who received transplants in both his lumbar and cervical spinal regions in Phase I of the Neuralstem trial, will talk about his experience as a patient on Monday, September 30, at 9:00 AM.

About Neuralstem

Neuralstem’s patented technology enables the ability to produce neural stem cells of the human brain and spinal cord in commercial quantities, and the ability to control the differentiation of these cells constitutively into mature, physiologically relevant human neurons and glia. Neuralstem’s NSI-566 spinal cord-derived stem cell therapy is in an FDA-approved Phase II clinical trial for amyotrophic lateral sclerosis (ALS), often referred to as Lou Gehrig’s disease. Neuralstem has been awarded orphan status designation by the FDA for its ALS cell therapy.

In addition to ALS, the company is also targeting major central nervous system conditions with its NSI-566 cell therapy platform, including spinal cord injury and ischemic stroke. The company has received FDA approval to commence a Phase I safety trial in chronic spinal cord injury.

Neuralstem also has the ability to generate stable human neural stem cell lines suitable for the systematic screening of large chemical libraries. Through this proprietary screening technology, Neuralstem has discovered and patented compounds that may stimulate the brain’s capacity to generate new neurons, possibly reversing the pathologies of some central nervous system conditions.  The company is conducting a Phase Ib safety trial evaluating NSI-189, its first neurogenic small molecule compound, for the treatment of major depressive disorder (MDD). Additional indications could include traumatic brain injury (TBI), Alzheimer’s disease, and post-traumatic stress disorder (PTSD).

For more information, please visit www.neuralstem.com or connect with us on Twitter, Facebook and LinkedIn

Cautionary Statement Regarding Forward Looking Information

This news release may contain forward-looking statements made pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements in this press release regarding potential applications of Neuralstem’s technologies constitute forward-looking statements that involve risks and uncertainties, including, without limitation, risks inherent in the development and commercialization of potential products, uncertainty of clinical trial results or regulatory approvals or clearances, need for future capital, dependence upon collaborators and maintenance of our intellectual property rights. Actual results may differ materially from the results anticipated in these forward-looking statements. Additional information on potential factors that could affect our results and other risks and uncertainties are detailed from time to time in Neuralstem’s periodic reports, including the annual report on Form 10-K for the year ended December 31, 2012 and the Form 10-Q for the period ended June 30, 2013.

Thursday, September 26th, 2013 Uncategorized Comments Off on (CUR) To Present At Stem Cells & Regenerative Medicine Congress

(AMPE) Announces $25 Million Financing

GREENWOOD VILLAGE, Colo., Sept. 26, 2013 — Ampio Pharmaceuticals, Inc. (NYSE MKT: AMPE) today announced a financing transaction that will provide $25 million in gross proceeds to the Company.  The financing is a registered direct placement of common stock of the Company.

The Company has entered into a definitive agreement with a limited number of purchasers, mainly institutional investors, in connection with the registered direct placement of common stock of the Company, in which the investors have agreed to purchase an aggregate of 4,600,319 shares of common stock of the Company pursuant to the Company’s effective registration statement at an offering price of $5.50 per share, for a total of $25 million of gross proceeds.  The Company is not using any placement agent for this offering. A registration statement relating to these securities has been filed with and declared effective by the Securities and Exchange Commission. A prospectus supplement relating to the offering will be filed with the Securities and Exchange Commission.

The closing of the registered direct placement of the common stock of the Company is expected to take place on or about September 30, 2013, subject to satisfaction of customary closing conditions.  The net proceeds from this offering will be used for general corporate purposes, including continuation and completion of our Ampion and Optina clinical trials, potential submission of a BLA relating to Ampion and a NDA relating to Optina, executing a long term supply agreement of the Human Serum Albumin source material for Ampion, acquisition and/or leasing of new manufacturing equipment and manufacturing facility for Ampion, and the potential hiring of additional personnel to manufacture Ampion.

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

About Ampio Pharmaceuticals
Ampio Pharmaceuticals, Inc. is a development stage biopharmaceutical company primarily focused on the development of therapies to treat prevalent inflammatory conditions for which there are limited treatment options. We are developing compounds that decrease inflammation by (i) inhibiting specific pro-inflammatory compounds by affecting specific pathways at the protein expression and at the transcription level; (ii) activating specific phosphatase or depletion of the available phosphate needed for the inflammation process; and (iii) decreasing vascular permeability.

Forward Looking Statements
Ampio’s statements in this press release that are not historical fact and that relate to future plans or events are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by use of words such as “believe,” “expect,” “plan,” “anticipate,” and similar expressions. These forward-looking statements include statements regarding Ampio’s expectations with respect to the completion, timing and size of the registered direct offering, as well as risks associated with clinical trials, expected results, regulatory approvals, and changes in business conditions and similar events. The risks and uncertainties involved include those detailed from time to time in Ampio’s filings with the Securities and Exchange Commission, including without limitation, under Ampio’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.  Ampio undertakes no obligation to revise or update these forward-looking statements, whether as a result of new information, future events or otherwise.

Investor Contact:
Rick Giles
Director of Investor Relations
Ampio Pharmaceuticals, Inc.
Direct: (720) 437-6530
Email: rgiles@ampiopharma.com

 

Thursday, September 26th, 2013 Uncategorized Comments Off on (AMPE) Announces $25 Million Financing

(USAK) Knight Transportation Proposes Acquisition for $9.00 Per Share in Cash

Proposal Provides USA Truck Shareholders with Substantial Premium and Immediate Cash Value Transaction Would Complement Knight’s Existing Operations and Solidify Knight’s Position as a Premier North American Transportation Services Company Knight Files Schedule 13D Disclosing Approximately 8% Ownership Stake in USA Truck

Knight Transportation, Inc. (NYSE:KNX)(“Knight”), one of North America’s largest and most diversified truckload transportation companies, today announced that it has proposed to acquire all of the outstanding shares of USA Truck, Inc. (NASDAQ:USAK) for $9.00 per share in cash, valuing the equity of USA Truck at approximately $95 million. The total value of the proposed transaction is approximately $242 million, including USA Truck’s approximately $147 million of outstanding net indebtedness. The proposal represents a significant premium of approximately 39% to USA Truck’s closing price on September 25, 2013, the last trading day prior to this announcement; a premium of approximately 50% to USA Truck’s average closing price for the ten trading days preceding this announcement; and a premium of approximately 58% to USA Truck’s closing price on August 27, 2013, the last trading day prior to Knight’s August 28, 2013, proposal letter to USA Truck’s Board of Directors.

Knight also announced today that it has filed a Schedule 13D with the U.S. Securities and Exchange Commission disclosing ownership of 829,946 shares of USA Truck common stock, representing approximately 8% of USA Truck’s shares outstanding.

“We are confident that USA Truck shareholders will share our strong belief that Knight’s $9.00 per share all-cash, premium proposal would provide significant and immediate cash value that is significantly more attractive than USA Truck’s standalone prospects,” said Kevin Knight, Chairman and Chief Executive Officer of Knight. “For Knight’s shareholders, we are confident that a combination with USA Truck would create value by further enhancing our position as a leading provider of multiple truckload transportation services in North America. Today Knight is well positioned to gain market share by leveraging our services, technology, relationships and service center network, and we are confident that the proposed transaction would further accelerate our growth.

“Knight and USA Truck operate in complementary service lines, and this proposed transaction would create an operationally and financially stronger transportation company that is better positioned to deliver value for all of our stakeholders,” continued Mr. Knight. “Our company has a demonstrated history of operational excellence, and we believe that we can meaningfully increase the financial performance of USA Truck’s operations. Knight is ready and willing to complete this transaction, and we are prepared to take the necessary steps to realize the benefits inherent in this proposed combination.

“We look forward to the opportunity to engage constructively with USA Truck’s Board to discuss our proposal and to agree upon the terms of a transaction that is beneficial for both companies and all of our stakeholders. Although we believe our current proposal would provide full and fair value to USA Truck shareholders, we would be prepared to modestly increase our proposed purchase price if additional value is identified during the due diligence process,” Mr. Knight concluded.

Knight believes that there are compelling strategic and financial benefits for a combination of the two companies, including:

  • The $9.00 per share all-cash proposal represents a significant premium to USA Truck’s current share price and would provide shareholders with immediate value and liquidity for their shares;
  • Knight’s proposal would eliminate the significant execution risk of USA Truck’s turnaround plan and reverse the erosion of value stemming from eight consecutive quarters of USA Truck net losses aggregating approximately $30 million or approximately $3 per USA Truck share;
  • Knight’s proposal would liberate USA Truck shareholders from selling constraints imposed by USA Truck’s illiquidity, as evidenced by its average daily trading volume of only approximately 11,000 shares during the three month period ending September 25, 2013;
  • Knight can finance USA Truck’s capital needs on a lower cost basis, reducing the risk to meeting the business’ ongoing capital obligations; and
  • The transaction is expected to be accretive to Knight’s expected earnings per share in 2014 and beyond. Knight’s consolidated operating ratio for the six months ended June 30, 2013, was 85.3%, compared with USA Truck’s consolidated operating ratio of 101.7% during the same period, and Knight expects to realize considerable operational improvements at USA Truck.

Below is the text of the letter that was sent on August 28, 2013, to USA Truck’s Board of Directors:

August 28, 2013

Board of Directors
USA Truck, Inc.
3200 Industrial Park Road
Van Buren, AR 72956
Attn: Robert A. Peiser

Gentlemen:

As you know, Knight Transportation, Inc. (“Knight”, “we”, “our”, or “us”) has invested significant time and effort to advance a Knight / USA Truck combination. We are writing this letter to share our frustration with USA Truck’s unwillingness to constructively engage with us regarding our interest in a transaction while at the same time communicating directly to the Board of USA Truck the significant value we would propose to pay for the USA Truck shares as well as our rationale for a combination.

Based on an extensive analysis we have performed of the Company’s publicly disclosed information, at this time we are prepared to acquire all of the outstanding shares of common stock of USA Truck for an all-cash purchase price of $9.00 per share. This proposed purchase price reflects a significant premium equating to approximately 58% to USA Truck’s closing price of $5.69 on August 27, 2013. Our proposal would provide your shareholders with immediate liquidity for their shares at an attractive price, without being subject to the significant execution risk associated with your current turnaround plan. We would note that although the Company’s operational performance has improved, the Company’s operating ratio remains above 100%, its book value continues to fall, and the share volume remains quite limited, making it difficult for your shareholders to achieve liquidity.

Although we believe our proposal would provide full and fair value to your shareholders, we would be prepared to modestly increase our proposed purchase price if we were allowed to conduct due diligence and the Company were to demonstrate to us value that we have not already identified.

We believe there would be no impediment to completing a transaction on an expedited basis. Based on discussions we have had with our potential financing sources, we are confident that we would be able to readily obtain the financing necessary to complete a transaction. As such, our proposal is not subject to any financing contingency. Moreover, based on our knowledge of the trucking industry, we do not believe there would be any antitrust impediment to completing a transaction.

Knight’s interest in a Knight / USA Truck combination is motivated by our belief that there is a compelling strategic rationale for a combination of our two companies:

  • Knight and USA Truck operate in complementary service lines, both with young tractor fleets with similar average lengths of haul.
  • Knight and USA Truck share similar positive cultures: Both the Knight and USA Truck teams are hard-working, ethical, dedicated, family-oriented and committed to providing quality service to customers.
  • Knight believes that it can improve operational efficiencies at USA Truck – and do so more quickly than the USA Truck management team can alone.
  • Knight can finance USA Truck’s capital needs on a lower cost basis.

This letter is not a binding offer, and there will be no binding agreement between us or any commitment or obligation on either party with respect to a potential transaction unless and until a definitive agreement is executed by Knight and USA Truck. Knight’s proposal is subject to customary conditions, including, among other things, Knight’s satisfaction with the results of due diligence in Knight’s sole discretion, the negotiation of a mutually satisfactory definitive agreement, and the approval of the negotiated terms of a transaction by Knight’s Board of Directors.

We are prepared to meet with members of the Board of Directors to discuss any aspect of our proposal and believe there could be a transaction with Knight that would be viewed as highly favorable by your shareholders.

We kindly request that by September 6, 2013, the USA Truck Board of Directors formally: (i) affirm to Knight a willingness to constructively advance discussions towards a transaction, or (ii) communicate to Knight a lack of willingness to constructively advance discussions. Absent a satisfactory response, we will consider all options available to us, including making your shareholders aware of our offer.

We look forward to hearing back from you.

Very truly yours,

Kevin P. Knight
Chairman and CEO
Knight Transportation, Inc.

Knight’s proposal is subject to the satisfaction of customary closing conditions. The proposed transaction is not subject to any financing condition. Knight has significant financial flexibility to acquire all of the outstanding shares of USA Truck and to assume or refinance USA Truck’s existing indebtedness. With USA Truck’s cooperation, it is anticipated that the proposed transaction could close as early as the fourth quarter of 2013.

Evercore is acting as financial advisor to Knight and Fried, Frank, Harris, Shriver & Jacobson LLP is acting as Knight’s legal advisor.

About Knight Transportation

Knight Transportation, Inc. is a provider of multiple truckload transportation services using a nationwide network of service centers in the U.S. to serve customers throughout North America. In addition to operating one of the country’s largest tractor fleets, Knight also partners with third-party equipment providers to provide a broad range of truckload services to its customers while creating quality driving jobs for our driving associates and successful business opportunities for owner-operators.

Forward-Looking Statements

Some statements set forth in this press release, including those regarding Knight’s proposal to acquire USA Truck and the expected impact of an acquisition of USA Truck on Knight and its financial results and operations, contain forward-looking statements that are subject to change. Statements including words such as “believe”, “expect”, or similar words as well as statements in the future tense are forward-looking statements. These forward-looking statements are subject to risks and uncertainties that could cause actual events or actual future results to differ materially from the expectations set forth in the forward-looking statements. Some of the factors which could cause results to differ materially from the expectations expressed in these forward-looking statements include the following: the possibility that an acquisition of USA Truck by Knight may not be completed; the risk that, if the acquisition is completed, Knight may face difficulty or be unable to enhance the performance of USA Truck’s operations or successfully integrate USA Truck’s operations; and other factors identified from time-to-time in Knight’s filings with the Securities and Exchange Commission. All forward-looking statements in this press release are qualified by these cautionary statements and are made only as of the date of this news release.

Thursday, September 26th, 2013 Uncategorized Comments Off on (USAK) Knight Transportation Proposes Acquisition for $9.00 Per Share in Cash

(KIOR) Announces Project to Double Columbus Production Capacity

$50 MILLION JOINTLY COMMITTED TO PROJECT BY VINOD KHOSLA AND KHOSLA VENTURES

ENABLES LONG-TERM BUSINESS PLAN OF LARGER STANDARD SCALE COMMERCIAL FACILITIES

PASADENA, Texas, Sept. 26, 2013 — KiOR, Inc. (Nasdaq:KIOR) announced today that it is pursuing plans to double production capacity at its Columbus, Mississippi, cellulosic fuels facility through construction of a second facility incorporating KiOR’s commercially proven technology. KiOR estimates that the project – Columbus II – will cost approximately $225 million, will break ground within 90 days of the Company raising sufficient equity and debt capital to commence the project, and will take approximately 18 months to construct and start up. Once completed with its latest technology improvements, KiOR expects that the Columbus II project will allow each Columbus facility to achieve greater yields, production capacity and feedstock flexibility than the original design basis for the existing Columbus facility, enabling KiOR to more quickly make progress towards its long-term goal of 92 gallons per bone dry ton of biomass.

KiOR also announced that it has received commitments, subject only to negotiation and execution of final documentation, from Khosla Ventures and Vinod Khosla for an aggregate commitment of up to $50 million as the cornerstone investor for the Columbus II project and to meet the Company’s ongoing liquidity needs. Khosla Ventures and Mr. Khosla have advised that they are prepared to fund these commitments either as part of a broader debt and/or equity financing structure, in connection with a note that would convert at a premium to the current price of the Company’s Common Stock or on alternative terms if requested by the Company, and mutually agreed by the parties, as in the best interest of the Company and its stockholders.

Fred Cannon, KiOR’s President and CEO, stated, “The Columbus II project marks an important step in the execution of the long-term business plan of KiOR for several reasons:

  • First, we believe that this project will enable us to achieve cash flow profitability in 2015 at a lower capital cost with decreased execution and start-up risk.
  • Second, we expect that construction timing and cost are more certain for the Columbus II project, as it is essentially a duplicate of our existing Columbus facility that can be leveraged to reduce construction risk.
  • Third, through the Columbus II project we plan to achieve significant operational and technological synergies between the two Columbus facilities, as we expect to incorporate our most recent technology developments into both the new Columbus II facility and retroactively to the existing Columbus facility, thereby improving facility economics for both Columbus I and II.
  • Fourth, we expect a shorter startup period for the Columbus II facility as a result of sharing personnel, infrastructure and operational knowledge with the existing Columbus I facility. This expansion of Columbus has been partially enabled by significant improvements to our technology that we expect will facilitate our use of a wider range of less expensive feedstocks such as railroad ties.

“We believe that the Columbus II project also enables KiOR to continue to execute on our long-term business plan consisting of larger, standard scale commercial production facilities,” continued Cannon. “In parallel with the Columbus II project, we plan to accelerate our efforts to refine the design, based on the newest technology improvements, of our next standard scale commercial production facility, currently planned for groundbreaking in the second half of 2014 in Natchez, Mississippi. As a result of these additional efforts, we would expect to improve both the capital and operating cost profiles of the planned Natchez facility against the estimates outlined in our last earnings call. We believe these improvements to both capital and operating costs will enable us to attain financing for the planned Natchez facility on terms more favorable to KiOR and less dilutive to its shareholders. We are pleased that Khosla Ventures, our founding investor, and Vinod Khosla continue to show their confidence in both our progress to date and our future business through these commitments.”

Vinod Khosla stated, “While KiOR has faced normal start-up issues at the Columbus I facility, I believe that the Columbus I facility has proven that KiOR’s technology can meet and over time exceed the technology performance metrics of approximately 80 gallons per bone dry ton I expected for 2015, driving toward the ultimate goal of producing 92 gallons of hydrocarbon fuels (or over 150 gallons of ethanol equivalent) per bone dry ton of biomass, particularly given the Company’s continued progress in research and development. I believe that KiOR’s proprietary technology platform is substantially better, and can produce hydrocarbon fuels at lower cost, than any other currently visible biofuels fermentation technology, cellulosic or otherwise, that I am aware of.  I expect that cash costs per gallon (excluding depreciation) on an energy content basis at the two Columbus facilities should be lower than today’s corn based ethanol. I also believe that KiOR’s cellulosic fuels, which have a higher per gallon energy content than ethanol and can integrate seamlessly into the existing hydrocarbon fuels infrastructure, will provide a biofuel alternative without blendwall issues that is more attractive than ethanol, considering both production costs and logistical efficiencies.”

Concluded Khosla, “I am more excited than ever about KiOR’s long-term business prospects. Given the technical, operational and commercial milestones they have achieved to date, I am pleased to support KiOR’s growth through these financial commitments to the Company and the Columbus II project, while providing the flexibility for KiOR to secure market-based financing that will minimize dilution for all stockholders and to achieve cash flow breakeven with relatively small amounts of capital. I remain convinced that biofuels are necessary for America’s prosperity and security and my hope is that in this decade they can match the economics of oil sands and deep offshore drilling, without subsidies. The biofuels industry, if properly funded, is also capable of creating more jobs, with unsubsidized economics, than traditional fossil oil technology and putting every mill town in America with a shut down paper mill back in business as a thriving community. Technology progress reinforces my long-term hope that many of today’s emerging advanced biofuels technologies succeed, both cellulosic and other non-food based biofuels technologies. In the meantime however, I believe KiOR’s unique, direct biomass-to-hydrocarbon fuel production process (e.g., not ethanol or biodiesel) holds the most near-term promise of being cost competitive and gaining market acceptance. Though all technology development is risky, biofuels technology progress has been significant.”

About KiOR

KiOR, a global leader in cellulosic gasoline and diesel transportation fuels, has developed a unique proprietary technology platform to convert abundant and sustainable non-food biomass into fuels for use in vehicles on the road today. KiOR’s cellulosic fuels, which may be transported using existing distribution networks, help ease dependence on foreign oil, reduce lifecycle greenhouse gas emissions and create high-quality jobs and economic benefit across rural communities.

KiOR’s shares are traded on NASDAQ under the symbol “KiOR.” For more information, please visit www.KiOR.com.

Forward-Looking Statements

This release contains “forward looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934, as amended, regarding future results and events. For this purpose, any statements contained herein that are not statements of historical fact may be deemed forward looking statements. Without limiting the foregoing, the words “believes,” “anticipates,” “plans,” “expects,” “intends,” “appears,” “estimates,” “projects,” “would,” “could,” “should,” “targets,” and similar expressions are also intended to identify forward looking statements. The forward looking statements in this press release, including those related to the timing and cost of constructing the Company’s contemplated Columbus II and Natchez facilities, the production estimates at those facilities, the effects of Columbus II and Natchez on the Company’s cash flows, financial condition and future capital raising efforts, the effect of Columbus II on the Company’s Natchez facility, the cost-competitiveness and market acceptance of the Company’s products, the effects that improvements to the Company’s technology will have on the Columbus expansion and the ability of Columbus II to leverage resources from and synergies with Columbus I, involve a number of important risks and uncertainties, which could cause our actual future results to differ significantly from the results discussed in the forward looking statements contained in this press release. Such factors are discussed more fully in the section entitled “Risk Factors” in the Company’s Annual Report on Form 10-K as filed with the United States Securities and Exchange Commission (SEC) on March 18, 2013, in the Company’s Quarterly Report on Form 10-Q filed with the SEC on August 9, 2013 and in the Company’s subsequent filings with the SEC. The “Risk Factors” discussion in the filings listed above is incorporated by reference in this press release. In addition, the terms upon which Khosla Ventures and Vinod Khosla propose to invest in the Company are subject to negotiation and are not final. There are no assurances that such terms will be favorable to the Company. Furthermore, the cash from the commitments will be used to meet the Company’s ongoing liquidity needs. The Company’s liquidity needs are subject to change and the amount of the investment commitments may not be sufficient to meet such liquidity needs. If the timing, structure or terms of the investment commitments are not favorable to the Company or if the amount of the investment commitments are insufficient to meet the Company’s liquidity needs, the investment commitments may not adequately address the Company’s liquidity concerns. If any of these risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, actual results, levels of activity, performance or achievement may vary significantly from what we have projected. We specifically disclaim any obligation to update these forward looking statements in the future. These forward-looking statements should not be relied upon as representing our estimates or views as of any date subsequent to the date of this press release.

CONTACT: For investors:
         Dan Richardson, Vice President, Finance
         281-694-8744
         Investor.relations@kior.com

         For media:
         Kate Perez, Director,
         Corporate Communications & Public Relations
         281-694-8831
         Media@kior.com
Thursday, September 26th, 2013 Uncategorized Comments Off on (KIOR) Announces Project to Double Columbus Production Capacity

(PTOO) Reports Substantial Customer Base Growth

PHOENIX, AZ–(Sep 26, 2013) – PITOOEY!™, Inc. (OTCQB: PTOO) (the “Company”), a complete digital marketing agency, today announces the ongoing, rapid expansion of its customer base.

Choice One Mobile, Inc., a wholly owned subsidiary of the company, has attracted over 350 unique customers for the quarter ending June 30, 2013. The bulk of these customers are enrolled in either a monthly recurring payment plan or a prepaid plan for service over a specific number of months. As indicated by the significant increase in revenue and gross profit reported earlier this month, Choice One Mobile is now one of the key growth drivers of PITOOEY!.

“We are particularly proud of our Choice One Mobile sales force and experienced social media consultants. Our team attracts and enlists customers by customizing specific programs and services to meet their varying requirements,” commented CEO, Jacob DiMartino. “Importantly, the relationship with our customers does not end with securing their account. An ongoing relationship is established and reinforced through continual individual monitoring and adjustment of the account.”

PITOOEY! is poised to capitalize on the global digital marketing industry, which is expected to reach over $160 billion by 2016, according to eMarketer. As 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 wholly owned subsidiaries: PITOOEY! Mobile, Inc. and Choice One Mobile, Inc.

About PITOOEY!™, Inc.

PITOOEY!, Inc., via its wholly owned subsidiaries PITOOEY! Mobile, Inc. and Choice One Mobile, Inc., is a complete digital marketing agency offering businesses unique service packages based on the client’s requests. These requests, including the type of following or reach desired, are filtered through the Company’s subsidiaries to provide the perfect fit.

For more information, please visit:
www.PitooeyInc.com
www.Pitooey.com
www.ChoiceOneMobile.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.
Corporate Communications
Phoenix, AZ
www.Pitooey.com
480-999-6025
PTOO@MissionIR.com

Mission Investor Relations (MissionIR)
Investor Relations
Atlanta, GA
www.MissionIR.com
404-941-8975 Direct
Investors@MissionIR.com

Thursday, September 26th, 2013 Uncategorized Comments Off on (PTOO) Reports Substantial Customer Base Growth

(IDRA) Announces Pricing of Public Offering of Common Stock

Idera Pharmaceuticals, Inc. (NASDAQ: IDRA) (“Idera” or, the “Company”) today announced the pricing of an underwritten public offering of 13,727,251 shares of common stock for a public offering price of $1.55 per share, and pre-funded warrants to purchase up to an aggregate of 4,175,975 shares of common stock at the per share public offering price for the common stock less the $0.01 per share exercise price for each such pre-funded warrant. The gross proceeds to Idera from this offering are expected to be approximately $27.7 million, before deducting the underwriting discounts and commissions and other estimated offering expenses payable by Idera and excluding the proceeds, if any, from the exercise of the pre-funded warrants. The offering is expected to close on or about September 30, 2013, subject to customary closing conditions.

Idera anticipates using the net proceeds from the offering to fund its planned Phase 1/2 clinical trials of IMO-8400 intended to evaluate its use in certain genetically defined forms of B-cell lymphomas, to fund its planned Phase 1 clinical trial of IMO-9200 and for working capital and other general corporate purposes.

Piper Jaffray & Co. is acting as sole manager for the offering.

The securities described above are being offered by the Company pursuant to a shelf registration statement previously filed with and declared effective by the Securities and Exchange Commission (the “SEC”) on September 18, 2013. The offering will be made only by means of the written prospectus and prospectus supplement that form a part of the registration statement. A preliminary prospectus supplement and the accompanying prospectus relating to the securities being offered has been filed with the SEC and is available on the SEC’s website at http://www.sec.gov. Copies of the preliminary prospectus supplement and the accompanying prospectus relating to the securities being offered may also be obtained from Piper Jaffray & Co., Attention: Prospectus Department, 800 Nicollet Mall, J12S03, Minneapolis, MN 55402, via telephone at 800-747-3924 or email at prospectus@pjc.com.

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

About Idera Pharmaceuticals, Inc.

Idera’s technology platform involves creating novel synthetic RNA- and DNA-based compounds to modulate immune responses. Idera has applied this platform to develop proprietary Toll-like receptor (TLR) antagonists as immunomodulatory drug candidates. Toll-like receptor antagonists block the overactivation of immune factors which can cause a range of pathological effects. Idera is conducting clinical development of TLR antagonists in autoimmune and inflammatory diseases, and preclinical development of their use in certain genetically defined forms of B-cell lymphoma. More information on Idera is available at iderapharma.com.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included or incorporated in this press release, including statements regarding the Company’s strategy, future operations, collaborations, intellectual property, cash resources, financial position, future revenues, projected costs, prospects, plans, and objectives of management, are forward-looking statements. The words “believes,” “anticipates,” “estimates,” “plans,” “expects,” “intends,” “may,” “could,” “should,” “potential,” “likely,” “projects,” “continue,” “will,” and “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Idera cannot guarantee that it will actually achieve the plans, intentions or expectations disclosed in its forward-looking statements and you should not place undue reliance on the Company’s forward-looking statements. There are a number of important factors that could cause Idera’s actual results to differ materially from those indicated or implied by its forward-looking statements. Factors that may cause such a difference include: whether Idera’s cash resources will be sufficient to fund its continuing operations and the further development of the Company’s programs; whether results obtained in early research, preclinical studies and clinical trials will be indicative of the results that will be generated in future clinical studies; whether products based on Idera’s technology will advance into or through the clinical trial process on a timely basis or at all and receive approval from the United States Food and Drug Administration or equivalent foreign regulatory agencies; whether, if the Company’s products receive approval, they will be successfully distributed and marketed; whether Idera will be able to enter into collaborations that will advance the development of its compounds for autoimmune disease indications; and such other important factors as are set forth under the caption “Risk Factors” in the Company’s Quarterly Report on Form 10-Q and the Current Report on Form 8-K that was filed on September 24, 2013. Although Idera may elect to do so at some point in the future, the Company does not assume any obligation to update any forward-looking statements and it disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

Wednesday, September 25th, 2013 Uncategorized Comments Off on (IDRA) Announces Pricing of Public Offering of Common Stock

(PRTS) Maguire Asset Management Seeks to Purchase 28% Ownership

Expresses Extreme Disappointment with Multi-Year Stock Price Performance Urges Board to Remove the CEO and Articulate Its Turnaround Plan or Sell the Business to the Highest Bidder

LAGUNA BEACH, Calif., Sept. 25, 2013 /PRNewswire/ — Maguire Asset Management today delivered a letter to the Board of Directors of U.S. Auto Parts Network, Inc. (NASDAQ: PRTS) commenting on the Company’s 90%+ drop in shareholder value since its IPO debut in 2007, most of which was realized under the leadership and direction of its current board and management team.

In the letter sent to U.S. Auto Parts, Timothy Maguire, Managing Partner of Maguire Asset Management stated, “Given the staggering loss of value shareholders have endured over the past six years, it is simply not conceivable that the current board is content with the status quo.  I encourage them to take decisive action and for ALL shareholders to join me in demanding that a new sense of urgency is embraced before shareholder value is further eroded.”

The full text of the letter follows:

September 24, 2013

The Board of Directors
U.S. Auto Parts Network, Inc.
16941 Keegan Avenue
Carson, CA 90746

Dear Members of the Board of Directors:

We appreciate the time that Chairman Robert Majteles, Chief Executive Officer Shane Evangelist, and Chief Financial Officer David Robson have spent with us over the past few months to discuss our views about US Auto Parts Network, Inc. (“US Auto Parts” or the “Company”).

Maguire Asset Management, LLC currently owns 5.3% of the outstanding shares of US Auto Parts.  Further to this, as you may know, we recently reached out to Fred Harman, a Partner at Oak Investment Partners and Board Member at US Auto Parts, to inquire if Oak Investment would be interested in selling us its approximate 28% ownership stake in the Company.

We continue to acquire shares of US Auto Parts because we believe the Company’s stock price is extremely undervalued regardless of the valuation metric we apply to our analysis.  Further to this, we find several industry and business characteristics all very compelling: the online automotive parts industry in the US is expected to grow 6% annually over the next five years, the Company is a market leader with an 11.4% market share and, most importantly, we believe the business has enormous potential for improvement.

You should not interpret our interest to own 33%+ of US Auto Parts as an indication of confidence or support for this Board’s governance of the business or for its management team.  In fact, we are writing to express our profound disappointment with management’s ability to effectively manage the Company and its abject failure to safeguard shareholder value over the past five years – a period of time in which many of the Company’s peers have generated considerable value for their shareholders.

As you can see in the graph below, US Auto Parts’ stock price has drastically underperformed its competition losing 90.08% of shareholder value since its IPO debut in February 2007.

(Photo: http://photos.prnewswire.com/prnh/20130925/CL86126 )

SHARE VALUE PERFORMANCE UNDER CEO SHANE EVANGELIST HAS SIGNIFICANTLY UNDERPERFORMED PEER COMPANIES

Since Oct. 15, 2007, when Shane Evangelist became CEO, U.S. Auto Parts has lost 85.27% of its value.

Company Shareholder Value (includes dividends)Oct. 15, 2007 – September 16, 2013
US Auto Parts (PRTS) -85.27%
NASDAQ +38.51%
O’Reilly Automotive (ORLY) +282.77%
LKQ Corp. (LKQ) +264.80%
AutoZone, Inc. (AZO) +253.92%
Advance Auto Parts, Inc. (AAP) +155.78%

Despite this precipitous decline in shareholder value and peer group underperformance, we are confident that, under the right leadership and direction, US Auto Parts can reverse course and become a high performing business once again.

To put our confidence in perspective, it’s worth reflecting on US Auto Parts during its pre-IPO era under its former leadership regime.  From the Company’s inception in 1995 through the last fiscal year before its IPO in 2007, the Company’s previous management grew sales to $120 million, generated $3.5 million in net income and $0.24 in earnings per share.

Since then, a series of poor management decisions and weak risk oversight have contributed to today’s current state – a rapidly declining revenue business losing nearly $36 million in FY 2012 net income and a stock languishing around $1.00 per share and on the brink of being de-listed.

PRE IPO POST IPO
FYE 2005 FYE 2006 FYE 2007 FYE 2008 FYE 2009 FYE 2010 FYE 2011 FYE 2012
NET SALES 59,698 120,060 160,957 $153,424 $176,288 $262,277 $327,072 $304,017
Cost of Sales 34,829 78,573 107,132 100,869 112,415 172,668 220,072 212,379
Gross Profit 24,869 41,487 53,825 52,555 63,873 89,609 107,000 91,638
Gross Profit % 41.7% 34.6% 33.4% 34.3% 36.2% 34.2% 32.7% 30.1%
Net Income (loss) 6,819 3,496 (3,597) (16,906) 1,317 (13,926) (15,137) (35,978)
Earnings Per Share 0.52 0.24 (0.13) (0.57) 0.04 (0.46) (0.50) (1.17)

 

DESPITE POOR PERFORMANCE MANAGEMENT CONTINUES TO BE REWARDED

Inexplicably, despite this persistent multi-year decline in performance, management has recently been rewarded as if the responsibly for managing shareholder value resides elsewhere.  We note, for example, the Company’s recently revised Share Option Exchange Program in which a substantial portion of the stock options outstanding with an exercise price greater than $4.00 per share (many of these options were held by senior managers who have led the business for the past five years) have been given a new strike price of $0.9866 per share.  In our opinion, this is simply unconscionable and given management’s performance over the past five years, the Company’s proclamation that the value exchange was necessary to retain good management is absolutely absurd.

POOR CORPORATE GOVERNANCE AND LACK OF DIRECTOR INDEPENDENCE IS ALARMING

This Board’s laissez faire attitude toward good corporate governance is alarming, but unfortunately not surprising.  Not only has the board continued to accept management’s justifications for poor performance quarter-after-quarter and year-after-year, there appears to be no real sense of urgency whatsoever to eliminate the looming threat of the Company becoming de-listed from NASDAQ for its lack of independence in the boardroom.

This Board has known since last February when Ellen Siminoff decided not to seek re-election that the Company would no longer be compliant under NASDAQ listing standards due to a lack of independent directors.  Yet, nearly eight months later, nothing has been done to cure this by adding at least one new independent board member.  To this day, the US Auto Parts Board is comprised of six members (see chart below), half of which are NOT considered “independent” under stock exchange listing standards.

Committee Representation
Director Director Since Audit Compensation Nominating & Governance Considered “Independent”
Sol Khazani 2001 No(Former Chairman & CFO)
Frederic Harman 2006 No(28% shareholder through Oak Investment)
Shane Evangelist 2007 No(CEO)
Robert Majteles 2006 X X Chair Yes(However, due to Mr. Majteles’ role as a Venture
Partner at Oak Investment, we believe he should
not be considered truly “Independent”)
Joshua Berman 2007 X Chair X Yes
Warren Phelps III 2007 Chair X X Yes

As you know, we have proposed Sean Sweeney – a highly competent operating executive with a stellar track record of creating value for investors, as a possible candidate for filling the open position on the Board of Directors.  Unfortunately, this recommendation was quickly dismissed out-of-hand by Mr. Majteles because of concerns that Sean would not be recognized as “Independent” by NASDAQ due to the fact that he is related to a 5% shareholder.  We find this reasoning to be completely unsubstantiated and furthermore suggests that any idea (no matter how good it is) put forth by outsiders will be immediately discharged because it was not generated from within.

For the record, we have confirmed with NASDAQ that Sean would indeed be considered an “Independent Director” under its Listing Rule 5605.  Toward this end, we implore the Board to reconsider Sean as a board candidate and contemplate these facts:

  • Mr. Sweeney is the former President and CEO of Philadelphia Insurance Companies, a global, publicly-traded insurance business which traded on NASDAQ from 1993 to 2008 under the ticker symbol PHLY
  • PHLY designs markets and underwrites property and casualty insurance products for niche markets, including the automobile and truck rental and leasing industry
  • Mr. Sweeney opened and successfully integrated 21 sales offices for PHLY, increasing revenues from $96 million to $2.2 billion over a 10-year period
  • In December 2008 PHLY was sold to Tokio Marine Holdings for $4.7 billion in cash – which is considered one of the largest transactions for financial firms in Japanese history
  • Mr. Sweeney is currently a Director at Fortegra Financial Corporations (NYSE: FRF), a former member of the Board of Directors at Tokio Marine North America, and a former member of the Board of Directors at Philadelphia Insurance Companies

IMPROVING PERFORMANCE AND REGAINING INVESTOR CONFIDENCE

There are both immediate and near-term options available to management that we believe will regain investor confidence and uncover the value lying dormant within this business.  We strongly believe the Board should convene immediately to evaluate the following options.

1.       Immediately replace Shane Evangelist as CEO

The core issue facing the Company is leadership and we believe now is the time for the Board to take decisive action to address this.  Five years of poor performance, the lack of an adequate plan to improve the business and the loss of shareholder confidence has resulted in an 85%+ decline in share value during Mr. Evangelist’s tenure as CEO.  It is time for a change!

2.       Sell the AutoMD business

Earlier this year Cars.com announced a $13 million investment into a similar online source for auto repair called RepairPal.  We suggest the Board examine selling AutoMD’s assets instead of continuing to invest millions into a business with no clear strategy or return on investment for shareholders. (During the first six months of 2013 management invested $1.2 million into AutoMD despite the fact that no significant revenues have been generated for four years.)

3.       Implement and communicate to shareholders a Company-wide cost
restructuring plan

The Company reported a FY 2011 net loss of approximately $15 million, or ($0.50) EPS and a FY 2012 net loss of approximately $36 million, or ($1.17) EPS.  In Q2 2013 the Company lost $9.6 million, or ($0.29) EPS.  Despite this, CEO Shane Evangelist had the audacity to announce during the quarterly conference call, “For the first time in a while, we’re able to report some positive news as it relates to our strategy…”

It is unclear to us if the Company’s strategy going forward will be any different from the past.  After years of underperformance, reinforced by the Company’s Q2 results, we believe that shareholders are fatigued with management’s failed initiatives and its inability to articulate a clear path to profitability.  In an effort to regain investor confidence, we believe it is now time for the Board to adopt a new policy of transparency and to take it upon themselves to communicate a metric-driven restructuring plan that holds management accountable (and rewards them appropriately) for generating positive earnings per share.

4.       Reconstitute the board and consider Sean Sweeney as a truly
independent board member

We implore you to update shareholders immediately regarding the progress on the Board’s search for an independent director.  As discussed previously, we believe Sean Sweeney’s distinguished track record for improving performance in a multi-billion dollar public-traded Company, will enhance the board’s current capabilities and provide a balanced, operational perspective inside the boardroom.

5.       Build the offline business via telemarketing and direct sales

Offline sales contribute approximately 10% of the Company’s total revenues and have provided stability to the business as online sales continue to decline.  It is our belief that the Company needs to develop a more stable overall revenue stream, reduce the substantial dependence on search engine advertising and algorithmic listings to attract online customers to the Company’s websites, and ultimately exert more control over its destiny.

The offline market (namely commercial repair shops) has experienced significant growth in recent years.  We believe it would be sensible for the Company to allocate more resources to a telemarketing and direct sales force focused on selling its private-label Kool-Vue™ products directly to commercial repair shops initially in states where the Company presently has geographically feasible distribution facilities.  In addition, management must improve its disclosure practice by providing shareholders with quarterly updates relating to product sales and gross margins for this division.

6.       Stop rewarding management for poor performance

Management compensation should be tied to positive earnings per share/net income.  We do not think it was appropriate that the board re-priced options for senior management given the poor performance of the stock price.

7.       Examine strategic alternatives, including a sale of the entire business

Absent the Board’s ability to communicate a turnaround plan that shows a clear path to generating positive earnings per share, the board has an obligation – indeed a fiduciary duty to shareholders, to examine all of its alternatives to protect shareholder value, which we believe should include a sale of the business to the highest bidder.

In our view, US Auto Parts would be an attractive acquisition target for a strategic buyer.   Less than one year ago AutoZone acquired AutoAnything, a major competitor to US Auto Parts, for up to $150 million in cash, which we estimate to be a sale price of approximately 1x sales (US Auto Parts is currently trading around 0.15x trailing-twelve-month sales).  Applying the transaction metrics in the AutoAnything transaction, US Auto Parts would be valued at $8.10 per share.

Accordingly, we believe a newly reconstituted Board – including Mr. Sweeney, should promptly form a special committee comprised of independent directors to explore all strategic alternatives for the Company before shareholder value is further eroded.

We believe US Auto Parts is in a constant state of undervaluation for all of the reasons we have expressed in this letter.  However, in order for the Company to realize its true value potential, there must be a major paradigm shift in the way this Board of Directors thinks and acts.

Finally, we would like to reiterate our interest in acquiring Oak Investment’s 28% ownership position and look forward to examining the possibility of such a transaction with Mr. Harman.  In the meantime, we would like to participate in the effort to create value for all shareholders by continuing to engage in a constructive dialogue about these critical areas of concern — which we believe are shared by many other shareholders.

We call on the Board to act now with a renewed sense of urgency and to update shareholders by the end of October about what is being done to substantially improve results.

Sincerely,

Timothy Maguire

 

Contact:
Tim Maguire
Maguire Asset Management
610-517-6058

Wednesday, September 25th, 2013 Uncategorized Comments Off on (PRTS) Maguire Asset Management Seeks to Purchase 28% Ownership

(QTWW) Awarded Record $9.3M Order for High-Cap Q-Lite™ CNG Fuel Storage Tanks

LAKE FOREST, Calif., Sept. 25, 2013 — Quantum Fuel Systems Technologies Worldwide, Inc. (NASDAQ:  QTWW), a global leader in natural gas storage systems, integration and vehicle system technologies, today announced a record $9.3 million production contract for delivery of Q-Lite™ CNG storage tanks for heavy-duty truck applications.

“This record production contract for Quantum reflects the accelerated growth in the industry and is indicative of rapid compressed natural gas adoption within the heavy-duty truck market, especially after the release of the CWI 11.9 liter natural gas engine,” said Mr. Brian Olson, President and CEO of Quantum. “We are excited to be providing cost-effective, high capacity, lightweight CNG storage solutions to enable the transition to natural gas, which at the same time is helping us continue to streamline and scale our operations to meet the increasing demand,” added Mr. Olson.

Quantum’s premier Q-Lite™ natural gas storage tank is specifically designed and engineered for OEM level truck applications and is the lightest and most storage efficient large diameter tank on the market.

About Quantum
Quantum Fuel Systems Technologies Worldwide, Inc. is a leader in the innovation, development and production of natural gas fuel storage systems and the integration of vehicle system technologies including engine and vehicle control systems and drivetrains. Quantum produces one of the most innovative, advanced, and light‐weight compressed natural gas storage tanks in the world and supplies these tanks, in addition to fully‐integrated natural gas storage systems, to truck and automotive OEMs and aftermarket and OEM truck integrators. Quantum provides low emission and fast‐to‐market solutions to support the integration and production of natural gas fuel and storage systems, hybrid, fuel cell, and specialty vehicles, as well as modular, transportable hydrogen refueling stations. Quantum is headquartered in Lake Forest, California, and has operations and affiliations in the United States, Canada, and India.

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

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

Brion D. Tanous
Principal
CleanTech IR, Inc.
Email: btanous@cleantechir.com

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

Wednesday, September 25th, 2013 Uncategorized Comments Off on (QTWW) Awarded Record $9.3M Order for High-Cap Q-Lite™ CNG Fuel Storage Tanks