Archive for September, 2013
(GALE) Announces Pricing of Public Offering of Common Stock and Warrants
PORTLAND, Ore., Sept. 13, 2013 — Galena Biopharma, Inc. (Nasdaq:GALE), a biopharmaceutical company focused on developing and commercializing innovative, targeted oncology treatments to address major unmet medical needs to advance cancer care, announced today the pricing of an underwritten public offering of 17,500,000 units at a public offering price of $2.00 per unit, resulting in gross proceeds of $35,000,000. Each unit consists of one share of common stock, and a warrant to purchase 0.35 of a share of common stock at an exercise price of $2.50 per share. The warrants are immediately exercisable and expire on the fifth anniversary of the date of issuance. The shares of common stock and warrants are immediately separable and will be issued separately.
The offering is expected to close on September 18, 2013, subject to the satisfaction of customary closing conditions. Galena has granted the underwriters a 30-day option to purchase up to 2,625,000 additional shares of common stock and/or additional warrants to purchase up to 918,750 shares of common stock to cover over-allotments, if any.
Oppenheimer & Co. Inc. is acting as the sole book-running manager for the proposed offering. JMP Securities LLC, Roth Capital Partners, Maxim Group LLC, MLV & Co., and Noble Financial Capital Markets are acting as co-managers.
Galena intends to use the net proceeds of the offering for the commercialization of its first commercial product, Abstral® (fentanyl) Sublingual Tablets, and its ongoing Phase 3 NeuVax™ (nelipepimut‑S) PRESENT (Prevention of Recurrence in Early-Stage, Node-Positive Breast Cancer with Low to Intermediate HER2 Expression with NeuVax Treatment) clinical trial, other clinical trials of its product candidates, and general corporate purposes.
The securities described above are being offered by Galena pursuant to a “shelf” registration statement on Form S-3 previously filed with the Securities and Exchange Commission (SEC), which the SEC declared effective on June 12, 2013. A preliminary prospectus supplement and accompanying prospectus related to the offering was filed with the SEC on September 12, 2013. A final prospectus supplement related to the offering will be filed with the SEC and will be available on the SEC’s website located at www.sec.gov. When available, copies of the final prospectus supplement and the accompanying prospectus relating to this offering may be obtained by contacting Oppenheimer & Co. Inc., Attention: Syndicate Prospectus Department, 85 Broad Street, 26th Floor, New York, NY 10004, or by telephone at (212) 667-8563, or by email at EquityProspectus@opco.com.
Before investing in the offering, interested parties should read in their entirety the prospectus supplement and the accompanying prospectus and the other documents that the company has filed with the SEC that are incorporated by reference in the prospectus supplement and the accompanying prospectus, which provide more information about the company and the offering.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities described herein, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.
About Galena Biopharma
Galena Biopharma, Inc. is a Portland, Oregon-based biopharmaceutical company commercializing and developing innovative, targeted oncology treatments that address major unmet medical needs to advance cancer care. For more information, please visit us at www.galenabiopharma.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the proposed public offering and the intended use of proceeds from the offering and statements about the progress of the commercialization of Abstral and development of the company’s product candidates. The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed. These forward-looking statements also are subject to risks, uncertainties and assumptions, including those detailed from time to time in the company’s filings with the SEC, and represent the company’s views only as of the date they are made and should not be relied upon as representing the company’s views as of any subsequent date. The company’s actual results may differ materially from those contemplated by these forward-looking statements. The company does not undertake to update any of these forward-looking statements to reflect a change in its views or events or circumstances that occur after the date of this press release.
CONTACT: Remy Bernarda Senior Director, Communications +1 (503) 405-8258 rbernarda@galenabiopharma.com
(RENT) Dave Boylan Joins Board, Former Chairman Of ABC Affiliate Board
PORTLAND, Ore., Sept. 12, 2013 — Rentrak (NASDAQ: RENT), the leader in precisely measuring movies and TV everywhere, serving the advertising, television and movie industries, today announced Dave Boylan has been elected to join its Board of Directors. This prominent endorsement of Rentrak by a highly respected and well-connected industry leader will help Rentrak’s management team accelerate its exceptional growth in local television stations.
“Over the years, Dave has been a change agent in local television. As Vice President/General Manager of the ABC affiliate in Miami (WPLG-TV), his station was one of the first to make Rentrak part of its sales strategy. Since then, he has been working to encourage the television industry to adopt Rentrak’s local TV currency,” said Rentrak’s Chief Executive Officer and Vice Chairman Bill Livek. “Dave’s experience gives our Board first-hand input on what local stations want and will help us with the future local TV roadmap, so that every station will want to join the revolution that is happening in local TV with Rentrak.”
Prior to the announcement of his retirement from WPLG, Boylan was the Chairman of the ABC Affiliate Board of Governors, serving as liaison with over 200 ABC affiliates. He brings almost 40 years of television experience to Rentrak’s Board of Directors and 27 years as a Television General Manager in four different markets. In addition to Miami’s WPLG, Boylan oversaw FOX owned-and-operated stations KTTV in Los Angeles, WTVT in Tampa Bay and WGHP in Greensboro.
“Being an early adopter of Rentrak and understanding the need for local TV to be measured in a vastly improved way, my seat on Rentrak’s Board of Directors is a natural fit,” said Boylan. “Leaving Post-Newsweek, a company that I love, to join Rentrak’s Board is a direct reflection of my focus on helping Rentrak continue to change the future of the way local television stations are measured.”
“Our Board is extraordinarily strong because we have carefully selected seasoned veterans who have served as executives from all spectrums of the industry. We have experts in advertising, research, direct marketing, media, communications, finance—and now local television,” said Rentrak’s Non-Executive Chairman of the Board Brent Rosenthal, “I am so proud of what Rentrak has accomplished and very excited for what we have in store.”
About Rentrak
Rentrak (NASDAQ: RENT) is the entertainment and marketing industries’ premier provider of worldwide consumer viewership information, precisely measuring actual viewing behavior of movies and TV everywhere. Using our proprietary intelligence and technology, combined with Advanced Demographics, only Rentrak is the census currency for VOD and movies. Rentrak provides the stable and robust audience measurement services that movie, television and advertising professionals across the globe have come to rely on to better deliver their business goals and more precisely target advertising across numerous platforms including box office, multiscreen television and home video. For more information on Rentrak, please visit www.rentrak.com.
RENTM
RENTF
Contact for Rentrak:
Antoine Ibrahim
Office: 646-722-1561
E-mail: aibrahim@rentrak.com
(EXTR) Announces Agreement to Acquire Enterasys Networks
Transaction Accelerates Vision for High Performance Open Networking
SAN JOSE and SALEM, N.H., Sept. 12, 2013 — Extreme Networks, Inc. (Nasdaq: EXTR) and Enterasys Networks, Inc. today announced that Extreme Networks has entered into a definitive agreement to acquire all outstanding stock of Enterasys in an all cash transaction valued at $180 million.
As network switching leaders in enterprise, data center and cloud, Extreme Networks and Enterasys Networks together will combine and extend their world-class products and technologies to provide customers with some of the most advanced, high performance, and open solutions in the market as well as a superb overall customer experience.
“The combination of Extreme Networks and Enterasys is significant in that it brings together two companies with distinct strengths addressing the key areas of the network, from unified wired and wireless edge, to the enterprise core, to the data center and cloud,” said Zeus Kerravala, principal analyst and president of ZK Research. “With an open software approach, the companies can drive product innovations and customers will benefit from their increased resources and larger scale.”
The combined company will be committed to continue to support the product roadmaps of both companies going forward to protect the investments of current customers and avoid any disruption to businesses.
Within approximately two years, the combined companies expect that ExtremeXOS®, Extreme Networks advanced network operating system, will be extended to incorporate additional features that are available in the Enterasys network operating systems and fully support both hardware platforms. We believe customers will benefit by having a single network operating system that delivers functionality across both product lines and is designed to allow customers to seamlessly choose which hardware platform best meets their deployment needs.
“Since its first release in 2004, ExtremeXOS® has been developed with a Linux abstraction layer that makes it relatively easy to extend ExtremeXOS to support other vendors’ switching hardware,” said Chuck Berger, President and CEO of Extreme Networks. “Combining Enterasys technologies and products including their Coreflow modular switches, IdentiFi™ wireless and the NetSight® system management application will extend and complement our product offering which we expect will provide significant added value to the current customers of both Extreme and Enterasys.”
“Our number one priority is to ensure an even more positive customer experience by preserving the value of our current customers’ investments and combining the best of both companies’ technologies and talent,” said Chris Crowell, President and CEO of Enterasys Networks.
The companies’ revenue will be approximately double that of either company alone. Significantly increased scale is expected to enable greater investments in R&D to accelerate innovation and bring better technologies and products to market faster. It is also planned that the operating margin of the combined company will increase over time as synergies are realized. The acquisition, excluding transaction, integration and purchase accounting related costs, is expected to be immediately accretive.
Enterasys Networks, based in Salem, NH, is a privately held provider of wired and wireless network infrastructure and security solutions. It has approximately 900 employees and $330 million in annual revenues.
Terms of the Transaction
The transaction is subject to customary closing conditions and regulatory approvals and is expected to close in the fourth calendar quarter of 2013. Under the terms of the agreement, Extreme Networks will pay $180 million in cash in exchange for all outstanding shares of Enterasys. The acquisition has been approved by the board of directors of each company. Prior to the closing of the transaction, each company will continue to operate separately. Extreme Networks has received a preliminary debt commitment to finance at least $75 million of the purchase price, with the balance to be funded from cash on hand, although the closing of the transaction is not conditioned upon the receipt of any bank financing.
Conference Call
Extreme Networks will host a conference call on Thursday, Sept. 12th, to discuss the transaction with Enterasys today at 7:30 am Eastern Daylight Time (4:30 a.m. Pacific Daylight Time). The conference call may be heard by dialing 1- (877) 303-9826 (international callers dial 1-(224) 357-2194. A 7-day replay will be available following the call by dialing 1-(855) 859-2056. The conference call passcode is 57769175. In addition, a live webcast and replay of the call will be available at http://investor.extremenetworks.com.
About Extreme Networks
Extreme Networks, Inc. is a technology leader in high-performance Ethernet switching for cloud, data center and mobile networks. Based in San Jose, CA, Extreme Networks has more than 6,000 customers in more than 50 countries. For more information, visit the company’s website at http://www.extremenetworks.com.
Extreme Networks and ExtremeXOS are registered trademarks of Extreme Networks, Inc. in the United States and other countries. Enterasys and NetSight are registered trademarks and IdentiFi is a trademark of Enterasys Networks, Inc. All other names and marks are the property of their respective owners.
Forward Looking Statements: Extreme Networks
Actual results, including with respect to Extreme Networks financial targets and business prospects, could differ materially due to a number of factors, including but not limited to: the closing of the proposed transaction, including obtaining regulatory approval and financing; the ability to achieve expected engineering goals and financial synergies within the business combination; the combined companies’ ability to continue to obtain sufficient orders to achieve targeted revenues for products and services; the response to the acquisition by the customers, employees, and strategic and business partners of both companies; the overall growth rates for the network switching market; unanticipated restructuring expenses; any restrictions or limitations imposed by regulatory authorities; the ability to retain key Extreme Networks and Enterasys personnel; and Extreme Networks’ ability to realize its broader strategic and operating objectives.
More information about potential factors that could affect Extreme Networks’ business and financial results as well as the success of this business combination is included in its filings with the Securities and Exchange Commission, including, without limitation, under the captions: “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and “Risk Factors,” which are on file with the Securities and Exchange Commission. Except as required under the U.S. federal securities laws and the rules and regulations of the SEC. Extreme Networks disclaims any obligation to update any forward-looking statements after the date of this release, whether as a result of new information, future events, developments, changes in assumptions or otherwise.
(NBS) Awarded $147,765 NIH Grant for Treating Scleroderma Wounds
NEW YORK, Sept. 12, 2013 — NeoStem, Inc. (Nasdaq:NBS) (“NeoStem” or the “Company”), a leader in the emerging cellular therapy industry, today announced that it has received an award under the Small Business Innovative Research Program (“SBIR”) of $147,765 for the “Development of Adult Pluripotent Very Small Embryonic Like (VSEL) Stem Cells to Treat Skin Wounds in Scleroderma” from the National Institutes of Health, National Institute of Arthritis and Musculoskeletal and Skin Diseases (“NIH-NIAMS”). This award will fund studies to investigate the potential of very small embryonic-like stem cells (“VSELs™”) in treating difficult to heal wounds in an animal model of scleroderma. The grant will support research to be headed by Denis O. Rodgerson, Ph.D., Director of Grants and Academic Liaison of NeoStem, and Dr. Vincent Falanga, M.D., The Barbara A. Gilchrest Professor of Dermatology and Professor of Biochemistry at the Boston University School of Medicine.
The study will employ the tight skin (“Tsk”) mouse to test the potential wound healing capabilities of autologous VSELs™ in treating difficult to heal skin ulcers in this disease. The Tsk mouse carries a heterogeneous mutation for the fibrillin-1 gene and rapidly exhibits the characteristic tight and thickened skin phenotype of scleroderma patients. Depending on the results of the study, the Company may qualify for up to an additional $1.5 million phase 2 grant for the indication from NIH-NIAMS.
Over 300,000 people in the United States live with scleroderma, an autoimmune, connective tissue disorder which causes fibrosis of the skin and internal organs. Patients with scleroderma have an overproduction of extracellular matrix, and type 1 and 3 collagen. The disease involves vascular breakdown where the blood vessels in the skin degenerate and are replaced by collagen to form fibrotic tissue. The sclerotic tissue can also lead to digital ischemia and ulcers. Because of the vasculopathy, there is diminished blood supply to the lesion making the ulcers difficult to heal, prone to infection and possible progression to gangrene can occur that requires amputation. The ischemic ulcers are frequent, painful, and cause significant morbidity. There is presently no effective treatment of scleroderma or the ischemic ulcers.
“Our collaboration with Dr. Falanga, a recognized expert in the management of chronic wounds and fibrosis, offers NeoStem a solid foundation to advance its investigation into the use of human VSELs™ in treating skin wounds and a host of other degenerative diseases and disorders in humans, including scleroderma,” said Dr. Denis O. Rodgerson. “This study has the potential to advance treatments that could one day help patients suffering from this and other debilitating autoimmune diseases.”
Dr. Vincent Falanga added, “The NIH award will allow us to explore the great potential of these very special stem cells that reside in the bone marrow and that we believe are able to convert to many other cell types and accelerate healing.”
“NeoStem is pleased that the NIH has awarded this funding to support NeoStem’s continued development of VSEL™ Technology as a therapeutic to heal chronic dermal wounds,” said Dr. Robin L. Smith, Chairman and CEO of NeoStem. “We look forward to this study, as well as studies by other academic collaborators, serving as a catalyst for the Company in its investigation of VSEL™ Technology therapeutics for multiple clinical indications.”
NeoStem continues to develop its VSELTM Technology platform in pre-clinical models and expects to advance into early clinical studies that assess the therapeutic potential of VSELTM Technology in wound care, bone regeneration and/or macular restoration. Recent pre-clinical data in animal models suggest that VSELs™ may be capable of developing into cells of all three germ layers which, if substantiated by further research, could imply significant potential for restorative healing. Unlike in the case of classically defined “pluripotent” stem cells, it is believed that VSELs™ do not contribute to teratoma formation. Independent investigators in preclinical models have observed the regenerative potential of VSELs™ and NeoStem will continue to support preclinical and early clinical studies to further assess their regenerative potential.
This research is supported by the National Institute of Arthritis And Musculoskeletal And Skin Diseases of the National Institutes of Health under Award Number 1R43AR062432-01A1. The content of this press release is solely the responsibility of the authors and does not necessarily represent the official views of the National Institutes of Health.
About NeoStem, Inc.
NeoStem, Inc. (“NeoStem” or the “Company”) is a leader in the emerging cellular therapy industry. Our business model includes the development of novel proprietary cell therapy products as well as operating a contract development and manufacturing organization providing services to others in the regenerative medicine industry. The combination of a therapeutic development business and revenue-generating service provider business provides the Company with capabilities for cost effective in-house product development and immediate revenue and cash flow generation.
For more information, please visit: www.neostem.com
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect management’s current expectations, as of the date of this press release, and involve certain risks and uncertainties. Forward-looking statements include statements herein with respect to the successful execution of the Company’s business strategy, including with respect to the Company’s research and development and clinical evaluation efforts as well as efforts towards commercialization of cellular therapies, including with respect to AMR-001, the future of the regenerative medicine industry and the role of stem cells and cellular therapy in that industry and the Company’s ability to successfully grow its contract development and manufacturing business. The Company’s actual results could differ materially from those anticipated in these forward- looking statements as a result of various factors. Factors that could cause future results to materially differ from the recent results or those projected in forward-looking statements include the “Risk Factors” described in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 11, 2013 and in the Company’s periodic filings with the SEC. The Company’s further development is highly dependent on future medical and research developments and market acceptance, which is outside its control.
CONTACT: NeoStem Eric Powers Manager of Communications and Marketing Phone: +1-212-584-4173 Email: epowers@neostem.com
(MFRI) Announces Record Second Quarter 2013 Earnings
NILES, IL–(Sep 12, 2013) – MFRI, Inc. (NASDAQ: MFRI) announced today financial results for the second quarter and six months ended July 31, 2013. Second quarter net sales were $62 million compared to $43 million in the prior-year quarter; net income in the quarter was a second quarter record of $4.4 million or $0.62 per diluted share compared to a net loss of $1.4 million or ($0.20) per diluted share in the prior-year quarter.
SECOND FISCAL QUARTER ENDED JULY 31, 2013
SALES – Sales increased 44% to $62 million in the current quarter from $43 million in the prior-year quarter. Piping systems sales increased 90% or $21 million in the quarter mainly due to sales growth in Saudi Arabia and the United Arab Emirates, (“U.A.E.”) for major projects expanding the Grand Mosque in Mecca and the King Abdul-Aziz International Airport in Jeddah. Filtration products sales decreased by $2 million due primarily to reduced domestic demand for fabric filter bags.
GROSS PROFIT – Gross profit approximately doubled to $14 million in the current quarter from $8 million in the prior-year quarter mainly due to the sales increase in piping systems. Filtration products’ gross profit increased 11.4% resulting from sales mix favoring cartridge filters versus fabric filter bags.
EXPENSES – Operating expenses as a percent of net sales decreased to 14.5% in the current quarter from 19.1% in the prior-year quarter. Operating expenses increased to $8.9 million in the current quarter from $8.2 million in the prior-year quarter. This dollar increase was due to management incentive compensation expense partially offset by reduced health insurance costs.
NET INCOME – Second quarter net income was $4.4 million compared to net loss of $1.4 million in the comparable prior-year’s quarter. Income rose primarily due to the gross profit generated from increased piping system sales.
YEAR-TO-DATE SIX MONTHS (“YTD”)
SALES – YTD net sales of $117.2 million increased 35% from $86.5 million for the prior-year YTD. Piping systems sales increased 86% or $37 million due to the aforementioned projects in the Middle East. Filtration products decreased by $6 million primarily due to reduced domestic demand for fabric filter bags.
GROSS PROFIT – Gross profit approximately doubled to $27 million from $14 million in the prior-year period due to the sales increase in piping systems.
EXPENSES – Operating expenses as a percent of sales decreased to 16% in the current year from 19% in the prior year. Operating expenses for the first half of the current year were $19 million, up from $17 million in the prior year. This dollar increase was due to management incentive compensation expense partially offset by reduced health insurance costs.
TAXES – The Company’s consolidated effective tax rate from continuing operations was a negative 2.9% for the six months ended July 31, 2013, which was affected primarily by the release of the full valuation allowance related to the Company’s deferred tax assets in Saudi Arabia.
NET INCOME – Net income was $15.5 million in 2013 compared to a net loss of $3.4 million in the comparable prior-year’s period. Income rose due to the asset sale of Thermal Care, Inc., and the aforementioned improvement in sales and profit primarily related to piping systems growth.
BACKLOG – The Company’s backlog from continuing operations has increased 61% or $46 million from July 31, 2012. The July 31, 2013 backlog rose $5 million or 4% to $121 million from January 31, 2013.
Backlog | July 31, 2013 | January 31, 2013 | July 31, 2012 | |||||
in millions | ||||||||
Piping Systems | $100.7 | $89.5 | $63.4 | |||||
Filtration Products | 19.5 | 25.8 | 11.1 | |||||
Corporate and Other | .3 | .3 | .4 | |||||
Total Backlog | $120.5 | $115.6 | $74.9 | |||||
Bradley Mautner, President and CEO, said, “The record second quarter results were led by the terrific performance of the Piping Systems business as the team continued delivery of products for the large scale projects in Saudi Arabia and the U.A.E. In addition, piping systems’ bookings in the second quarter for offshore pre-insulated piping, sub-sea equipment and other activities increased the backlog $11 million from the beginning of this year. We expect our active marketing efforts continue to add to our project base for future quarters.
“As we have been reporting, the filtration products segment faces a very difficult market for fabric filters but with improved margins and cost controls, we were able to achieve a profit compared to a loss in the prior year’s quarter. There are many initiatives under way to improve the Filtration segment, yet soft demand for fabric filters will continue to provide a headwind in the coming quarters.
“Finally, during the quarter we made the strategic decision to exit the HVAC business via the sale of substantially all of its assets, which consisted primarily of backlog on existing orders. The backlog for this business was previously reported in corporate and other. We believe the focus on major project driven needs for our piping systems and on consumables in filtration remain an excellent platform for our manufacturing activities going forward.”
MFRI, Inc. is a company engaged in the manufacturing of pre-insulated specialty piping systems for oil and gas gathering, district heating and cooling as well as other applications and custom-designed industrial filtration products to remove particulates from dry gas streams.
Form 10-Q for the period ended July 31, 2013 will be accessible at www.sec.gov and www.mfri.com. For more information visit the Company’s website or contact the Company directly.
Statements and other information contained in this announcement which can be identified by the use of forward-looking terminology such as “anticipate,” “may,” “will,” “expect,” “continue,” “remain,” “intend,” “aim,” “should,” “prospects,” “could,” “position,” “future,” “potential,” “believes,” “plans,” “likely,” “seems,” and “probable,” or the negative thereof or other variations thereon or comparable terminology, 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 and are subject to the safe harbors created thereby. These statements should be considered as subject to the many risks and uncertainties that exist in the Company’s operations and business environment. Such risks and uncertainties include, but are not limited to, economic conditions, market demand and pricing, competitive and cost factors, raw material availability and prices, global interest rates, currency exchange rates, labor relations and other risk factors.
MFRI, INC. AND SUBSIDIARIES | |||||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (In 000’s except per share data) |
Three Months Ended July 31, | Six Months Ended July 31, | |||||||||||||||
Operating Statement Information | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Net sales | |||||||||||||||||
Piping Systems | $ | 43,478 | $ | 22,905 | $ | 79,536 | $ | 42,649 | |||||||||
Filtration Products | 17,324 | 19,276 | 35,957 | 42,252 | |||||||||||||
Corporate and Other | 863 | 701 | 1,756 | 1,603 | |||||||||||||
Total | $ | 61,665 | $ | 42,882 | $ | 117,249 | $ | 86,504 | |||||||||
Gross profit | |||||||||||||||||
Piping Systems | $ | 10,590 | $ | 4,869 | $ | 21,034 | $ | 8,267 | |||||||||
Filtration Products | 2,842 | 2,552 | 5,117 | 5,664 | |||||||||||||
Corporate and Other | 261 | 162 | 509 | 398 | |||||||||||||
Total | $ | 13,693 | $ | 7,583 | $ | 26,660 | $ | 14,329 | |||||||||
Income (loss) from operations | |||||||||||||||||
Piping Systems | $ | 6,493 | $ | 1,443 | $ | 11,873 | $ | 1,598 | |||||||||
Filtration Products | 501 | (292 | ) | 18 | (96 | ) | |||||||||||
Corporate and Other | (2,224 | ) | (1,754 | ) | (4,231 | ) | (3,967 | ) | |||||||||
Total | $ | 4,770 | $ | (603 | ) | $ | 7,660 | $ | (2,465 | ) | |||||||
(Loss) income from joint venture | (172 | ) | 69 | (467 | ) | (177 | ) | ||||||||||
Interest expense, net | 403 | 353 | 840 | 658 | |||||||||||||
Income (loss) from continuing operations before income taxes | 4,195 | (887 | ) | 6,353 | (3,300 | ) | |||||||||||
Income tax (benefit) expense | (241 | ) | 350 | (183 | ) | 61 | |||||||||||
Income (loss) from continuing operations | 4,436 | (1,237 | ) | 6,536 | (3,361 | ) | |||||||||||
(Loss) income from discontinued operations, net of tax | (40 | ) | (120 | ) | 8,941 | (52 | ) | ||||||||||
Net income (loss) | $ | 4,396 | $ | (1,357 | ) | $ | 15,477 | $ | (3,413 | ) | |||||||
Weighted average number of common shares outstanding | |||||||||||||||||
Basic | 6,985 | 6,923 | 6,958 | 6,919 | |||||||||||||
Diluted | 7,054 | 6,923 | 6,985 | 6,919 | |||||||||||||
Earnings (loss) per share from continuing operations | |||||||||||||||||
Basic | $ | 0.64 | $ | (0.18 | ) | $ | 0.94 | $ | (0.49 | ) | |||||||
Diluted | $ | 0.63 | $ | (0.18 | ) | $ | 0.94 | $ | (0.49 | ) | |||||||
Earnings (loss) per share from discontinued operations | |||||||||||||||||
Basic and diluted | $ | (0.01 | ) | $ | (0.02 | ) | $ | 1.28 | $ | (0.01 | ) | ||||||
Earnings (loss) per share | |||||||||||||||||
Basic | $ | 0.63 | $ | (0.20 | ) | $ | 2.22 | $ | (0.49 | ) | |||||||
Diluted | $ | 0.62 | $ | (0.20 | ) | $ | 2.22 | $ | (0.49 | ) | |||||||
See the Company’s Form 10-Q for the period for notes to financial statements.
Note: Earnings per share calculations could be impacted by rounding.
(NTWK) Reports Strong Fiscal Fourth Quarter and Full-Year Results
Full Year Revenue Advances 28% to Record $50.8 Million
On Fourth Quarter Revenue of $15.1 Million
Full Year Earnings Advance to $0.95 per Diluted Share
With Fourth Quarter Earnings of $0.35 per Diluted Share
Company to Discuss Outlook on Conference Call Scheduled Today at 11 a.m. ET (8 a.m. PT)
CALABASAS, Calif., Sept. 12, 2013 — NetSol Technologies, Inc. (Nasdaq:NTWK), a worldwide provider of global IT and enterprise application solutions, today reported strong financial results for its fiscal 2013 fourth quarter and full fiscal year ended June 30, 2013.
Fiscal 2013 Fourth Quarter Financial Results
Total revenue for the fourth quarter rose to a record $15.1 million from $14.3 million in the fourth quarter of fiscal 2012.
Fourth quarter license revenue was $6.2 million, compared with $7.2 in the corresponding period of fiscal 2012. Maintenance revenue improved to $2.4 million from $1.9 million last year. Service revenue increased to $6.5 million from $5.2 million in the fourth quarter of fiscal 2012.
“We are very proud of the strong results we delivered for the year and the quarter and remain focused on taking the necessary steps to capture increasing market share throughout world, accelerating our growth and building sustainable shareholder value,” said Najeeb Ghauri, CEO of NetSol. “In each of our key regions, we are actively marketing our solutions, with our core NFS solution increasingly recognized as the standard of excellence. As a result, our average deal size is increasing, new business leads are growing, and add-on projects are expanding.”
Total cost of revenue for the fiscal 2013 fourth quarter increased to $5.8 million from $5.4 million last year, primarily reflecting an increase in staffing and new business activities, as well as an increase in depreciation and amortization, a non-cash expense. Total operating expenses for the fiscal 2013 fourth quarter amounted to $4.7 million, versus $4.2 million in the fiscal 2012 fourth quarter.
Operating income for the fourth quarter of fiscal 2013 was $4.6, compared with $4.7 million last year.
NetSol achieved fourth quarter net income of $3.2 million, equal to $0.35 per diluted share, compared with $1.9 million, or $0.25 per diluted share, a year ago, including a $1.5 million deduction in the most recent quarter for non-controlling interest, compared with a deduction of $2.6 million in the prior year period.
Weighted average number of diluted shares outstanding for the fourth quarter was 9.0 million shares, compared with 7.5 million shares for the fourth quarter of fiscal 2012. The increase was primarily related to the conversion from a convertible note holder of all its debt to equity.
The net EBITDA (a non-GAAP measure), was $5.2 million for the fiscal 2013 fourth quarter, or $0.58 per diluted share, an improvement from $3.4 million, or $0.46 per diluted share, for the fiscal 2012 fourth quarter. The reconciliation of net EBITDA to net income, the most comparable non-GAAP financial measure, as well as a further explanation about adjusted EBITDA, is included in the financial tables at the end of this news release.
NetSol’s cash and cash equivalents balance was $7.9 million at June 30, 2013, up from $7.6 million last year. NetSol’s cash balance reflects equipment purchases and infrastructure enhancements at the NetSol Technology Campus and Bangkok office as a result of increased headcount and system upgrades.
Fourth Quarter 2013 and Recent Highlights:
- Received three new orders for NetSol Financial Suite (NFS™) solution, representing more than $15 million in combined license, maintenance and service billings;
- Signed $5 million in new orders for the NetSol Financial Suite (NFS™) solution following the close of the fiscal year;
- Secured two new LeaseSoft license upgrades for NetSol Technologies Europe clients, one new LeaseSoft license in Europe, and was also selected by a UK merchant bank to provide a system solution to support a new line of consumer finance business;
- Signed a global agreement with one of Australia’s largest non-bank lenders with approximately $5 billion of loan and lease assets under management;
- Continued expansion of the customer base and business volume in the Virtual Lease Services subsidiary, with contract numbers managed by VLS 35% higher than the previous year;
- Obtained the first LeasePAK SaaS customer in North America and continued to make progress on a multi-million dollar agreement to implement the complete NFS suite for a global equipment manufacture at its Mexico-based subsidiary;
- Signed an agreement to implement the Centralized Driving License Issuance Management System for the province of The Punjab and signed a contract with Ufone Pakistan, one of the leading telecom companies, to develop an information technology risk assessment framework and information security strategy;
- Formed a partnership with BWise, a NASDAQ OMX company and the leading provider of enterprise Governance, Risk Management and Compliance, to provide local support in the Kingdom of Saudi Arabia through Atheeb NetSol;
- Broadened Vroozi’s channel partners in North America with addition of three new partners to facilitate increased adoption the subsidiary’s solution; and,
- Recently registered 30 new customers for the Vroozi Purchase Manager platform.
2013 Full-Year Financial Results
Net revenue for fiscal 2013 increased 28% to a record $50.8 million from $39.8 million last fiscal year.
License revenue rose to $17.8 million from $13.4 million in fiscal 2012. Maintenance revenue for fiscal 2013 rose to $9.5 million from $7.9 million last fiscal year. Services revenue increased to $23.5 million from $18.5 million for fiscal 2012.
Gross margin for the 2013 fiscal year was 55%, compared with 54% last year. Gross margin for the fiscal 2013 year reflects increased staffing levels to service and deliver current and projected projects in NetSol’s new business pipeline. Total operating expenses were $16.2 million for fiscal 2013, compared with $14.2 million in fiscal 2012. Operating income for fiscal 2013 rose to $11.7 million from $7.3 million in fiscal 2012.
Net income advanced to $7.9 million for fiscal 2013, equal to $0.95 per diluted share, from $2.4 million, or $0.39 per diluted share, in fiscal 2012. Weighted average number of diluted shares outstanding for the year was 8.3 million, compared with 6.2 million shares in fiscal 2012.
Business Outlook
“Today, our new business pipeline and add-on requests from customers are stronger than ever, a fact demonstrated by the signing of more than $20 million in projects in the past two months alone,” added Ghauri. “We are actively working on a number of similar game-changing deals for the company across the globe.
“At the same time, we remain cognizant of the need to attract and invest in a strong bench of employees with solid technological expertise and a penchant for unparalleled service, characteristics for which NetSol is known. Today we have more than 100 people going through training, a strong indication of where we see the business going just over the near term,” concluded Ghauri.
NetSol will review its results and discuss its business strategy and outlook on today’s conference. Details are as follows:
Fiscal 2013 Fourth Quarter Conference Call
When: | Thursday, September 12 |
Time: | 11a.m. Eastern |
Phone: | 1-877-941-8609 (domestic) |
1-480-629-9818 (international) | |
Conference ID: | 4638372 |
A live Webcast will be available online on NetSol’s website at http://www.netsoltech.com/us/investors/event-presentation, where it will be archived for 90 days.
Investors can also interact with NetSol Investor Relations online at Stockr at https://stockr.com/ntwk/, by email at investors@netsoltech.com or by phone at 310-279-5980.
About NetSol Technologies
NetSol Technologies, Inc. (www.netsoltech.com) is a worldwide provider of global IT and enterprise application solutions that include credit and finance portfolio management systems, SAP consulting and services, custom development, systems integration, and technical services for the global Financial, Leasing, Insurance, Energy, and Technology markets. Headquartered in Calabasas, Calif., NetSol’s product and services offerings have achieved ISO 9001, ISO 20000, ISO 27001, and SEI (Software Engineering Institute) CMMI (Capability Maturity Model) Maturity Level 5 assessments, a distinction shared by only 178 companies worldwide. The Company’s clients include Fortune 500 manufacturers, global automakers, financial institutions, utilities, technology providers, and government agencies. NetSol has delivery and support locations in San Francisco, London, Beijing, Bangkok, Lahore, Adelaide, Sydney, and Riyadh.
Investors can receive news releases and invitations to special events by accessing our online signup form at http://www.netsoltech.com/us/investors/signupform
Follow NetSol Technologies on Twitter at https://twitter.com/NetSolTech
NetSol Technologies Google+ page at https://plus.google.com/+netsoltechnologies
Forward-Looking Statements
This press release may contain forward-looking statements relating to the development of the Company’s products and services and future operation results, including statements regarding the Company that are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. The words “expects,” “anticipates,” variations of such words, and similar expressions, identify forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, but their absence does not mean that the statement is not forward-looking. These statements are not guarantees of future performance and are subject to certain risks, uncertainties, and assumptions that are difficult to predict. Factors that could affect the Company’s actual results include the progress and costs of the development of products and services and the timing of the market acceptance. The subject Companies expressly disclaim any obligation or undertaking to update or revise any forward-looking statement contained herein to reflect any change in the Company’s expectations with regard thereto or any change in events, conditions or circumstances upon which any statement is based.
(Tables Follow)
NetSol Technologies, Inc. and Subsidiaries | ||
Consolidated Balance Sheets | ||
As of June 30, | As of June 30, | |
ASSETS | 2013 | 2012 |
Current assets: | ||
Cash and cash equivalents | $ 7,874,318 | $ 7,599,607 |
Restricted cash | 1,875,237 | 141,231 |
Accounts receivable, net | 14,684,212 | 13,757,637 |
Revenues in excess of billings | 15,367,198 | 12,131,329 |
Other current assets | 2,273,314 | 2,648,302 |
Total current assets | 42,074,279 | 36,278,106 |
Investment under equity method | 545,483 | — |
Property and equipment, net | 20,978,369 | 16,912,795 |
Intangible assets, net | 29,452,654 | 28,502,983 |
Goodwill | 9,653,330 | 9,653,330 |
Total assets | $ 102,704,115 | $ 91,347,214 |
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
Current liabilities: | ||
Accounts payable and accrued expenses | $ 3,923,921 | $ 3,869,355 |
Current portion of loans and obligations under capitalized leases | 3,326,465 | 1,631,687 |
Other payables – acquisitions | 103,226 | 103,226 |
Unearned revenues | 2,446,018 | 2,704,661 |
Convertible notes payable, current portion | — | 2,809,093 |
Loans payable, bank | 1,982,161 | 2,116,402 |
Common stock to be issued | 88,325 | 105,575 |
Total current liabilities | 11,870,116 | 13,339,999 |
Convertible notes payable less current maturities | — | 936,364 |
Long term loans and obligations under capitalized leases; less current maturities | 1,412,212 | 2,076,199 |
Total liabilities | 13,282,328 | 16,352,562 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Common stock, $.01 par value; 15,000,000 shares authorized; 8,929,523 | ||
& 7,513,745 issued and outstanding as of June 30, 2013 and 2012 | 89,295 | 75,137 |
Additional paid-in-capital | 114,292,510 | 106,101,165 |
Treasury stock | (415,425) | (415,425) |
Accumulated deficit | (23,821,256) | (31,684,399) |
Stock subscription receivable | (2,280,488) | (2,119,488) |
Other comprehensive loss | (15,714,112) | (12,361,759) |
Total NetSol stockholders’ equity | 72,150,524 | 59,595,231 |
Non-controlling interest | 17,271,263 | 15,399,421 |
Total stockholders’ equity | 89,421,787 | 74,994,652 |
Total liabilities and stockholders’ equity | $ 102,704,115 | $ 91,347,214 |
NetSol Technologies, Inc. and Subsidiaries | |||
Consolidated Statement of Operations | |||
For the Year | |||
Ended June 30, | |||
2013 | 2012 | ||
Net Revenues: | |||
License fees | 17,756,447 | 13,369,701 | |
Maintenance fees | 9,550,471 | 7,866,930 | |
Services | 23,490,243 | 18,538,893 | |
Total net revenues | 50,797,161 | 39,775,524 | |
Cost of revenues: | |||
Salaries and consultants | 13,051,360 | 10,236,109 | |
Travel | 1,710,561 | 1,273,259 | |
Repairs and maintenance | 485,070 | 373,359 | |
Insurance | 179,959 | 145,351 | |
Depreciation and amortization | 4,147,347 | 3,528,229 | |
Other | 3,379,636 | 2,721,716 | |
Total cost of revenues | 22,953,933 | 18,278,023 | |
Gross profit | 27,843,228 | 21,497,501 | |
Operating expenses: | |||
Selling and marketing | 3,556,997 | 3,130,379 | |
Depreciation and amortization | 1,555,402 | 1,113,758 | |
Bad debt expense | 415,482 | 124,291 | |
Salaries and wages | 5,078,278 | 4,191,593 | |
Professional services, including non-cash compensation | 907,844 | 993,058 | |
General and administrative | 4,662,127 | 4,679,840 | |
Total operating expenses | 16,176,130 | 14,232,919 | |
Income from operations | 11,667,098 | 7,264,582 | |
Other income and (expenses) | |||
Gain (loss) on sale of assets | 3,682 | (18,979) | |
Interest expense | (664,025) | (823,684) | |
Interest income | 185,343 | 82,039 | |
Gain on foreign currency exchange transactions | 1,367,448 | 404,708 | |
Share of net income (loss) from equity investment | 482,664 | (300,000) | |
Amortization of financing costs | (635,882) | (179,576) | |
Other income | 147,153 | 275,565 | |
Total other income (expenses) | 886,383 | (559,927) | |
Net income before income taxes | 12,553,481 | 6,704,655 | |
Income taxes | (465,426) | (55,384) | |
Net income after tax | 12,088,055 | 6,649,271 | |
Non-controlling interest | (4,224,912) | (4,202,727) | |
Net income attributable to NetSol | 7,863,143 | 2,446,544 | |
Other comprehensive loss: | |||
Translation adjustment | (4,725,022) | (5,308,958) | |
Comprehensive income (loss) | 3,138,121 | (2,862,414) | |
Comprehensive loss attributable to non-controlling interest | (1,372,669) | (1,753,122) | |
Comprehensive income (loss) attributable to NetSol | 4,510,790 | (1,109,292) | |
Net income per share: | |||
Basic | $ 0.96 | $ 0.39 | |
Diluted | $ 0.95 | $ 0.39 | |
Weighted average number of shares outstanding | |||
Basic | 8,201,247 | 6,217,842 | |
Diluted | 8,288,951 | 6,244,185 |
NetSol Technologies, Inc. and Subsidiaries | ||
Consolidated Statement of Cash Flows | ||
For the Year | ||
Ended June 30, | ||
2013 | 2012 | |
Cash flows from operating activities: | ||
Net income | $ 12,088,055 | $ 6,649,271 |
Adjustments to reconcile net income | ||
to net cash provided by operating activities: | ||
Depreciation and amortization | 5,702,749 | 4,641,987 |
Provision for bad debts | 415,482 | 192,250 |
Gain on settlement of finance lease | — | (110,990) |
Share of net (income) loss from investment under equity method | (482,664) | 300,000 |
(Gain) loss on sale of assets | (3,682) | 18,979 |
Stock issued for interest on notes payable | 211,111 | — |
Stock issued for services | 38,790 | 216,446 |
Fair market value of warrants and stock options granted | 678,494 | 453,100 |
Amortization of financing costs | 635,882 | 179,577 |
Changes in operating assets and liabilities: | ||
(Increase) decrease in accounts receivable | (2,124,884) | 1,774,837 |
Increase in other current assets | (3,590,104) | (5,124,497) |
Increase (decrease) in accounts payable and accrued expenses | 276,590 | (1,078,245) |
Net cash provided by operating activities | 13,845,819 | 8,112,715 |
Cash flows from investing activities: | ||
Purchases of property and equipment | (8,958,876) | (4,912,322) |
Sales of property and equipment | 118,432 | 44,690 |
Purchase of treasury stock | — | (19,417) |
Investment under equity method | — | (100,000) |
Purchase of non-controlling interest in subsidiaries | (799,349) | — |
Acquisition, net of cash acquired | — | (253,192) |
Increase in intangible assets | (4,832,459) | (6,167,105) |
Net cash used in investing activities | (14,472,252) | (11,407,346) |
Cash flows from financing activities: | ||
Proceeds from sale of common stock | — | 5,743,300 |
Proceeds from the exercise of stock options and warrants | 2,537,712 | 728,500 |
Payment to common shareholders against fractional shares | (194) | — |
Proceeds from exercise of subsidiary options | 111,330 | — |
Proceeds from convertible notes payable | — | 4,000,000 |
Payments on convertible notes payable | — | (2,758,330) |
Restricted cash | (1,734,006) | 5,558,769 |
Dividend Paid | (388,997) | (341,657) |
Bank overdraft | — | 59,913 |
Proceeds from bank loans | 1,795,663 | 4,190,395 |
Payments on capital lease obligations and loans – net | (630,714) | (8,089,139) |
Net cash provided by financing activities | 1,690,794 | 9,091,751 |
Effect of exchange rate changes in cash | (789,650) | (2,370,315) |
Net increase in cash and cash equivalents | 274,711 | 3,426,805 |
Cash and cash equivalents, beginning of year | 7,599,607 | 4,172,802 |
Cash and cash equivalents, end of year | $ 7,874,318 | $ 7,599,607 |
NetSol Technologies, Inc. and Subsidiaries | ||
Reconciliation to GAAP | ||
Year | Year | |
Ended | Ended | |
June 30, 2013 | June 30, 2012 | |
Net Income (loss) before preferred dividend, per GAAP | $ 7,863,143 | $ 2,446,544 |
Income Taxes | 465,426 | 55,384 |
Depreciation and amortization | 5,702,749 | 4,641,987 |
Interest expense | 664,025 | 823,684 |
Interest (income) | (185,343) | (82,039) |
EBITDA | $ 14,510,000 | $ 7,885,560 |
Weighted Average number of shares outstanding | ||
Basic | 8,201,247 | 6,217,842 |
Diluted | 8,288,951 | 6,244,185 |
Basic EBITDA | $ 1.77 | $ 1.27 |
Diluted EBITDA | $ 1.75 | $ 1.26 |
Although the net EBITDA income is a non-GAAP measure of performance, we are providing it because we believe it to be an important supplemental measure of our performance that is commonly used by securities analysts, investors, and other interested parties in the evaluation of companies in our industry. It should not be considered as an alternative to net income, operating income or any other financial measures calculated and presented, nor as an alternative to cash flow from operating activities as a measure of our liquidity. It may not be indicative of the Company’s historical operating results nor is it intended to be predictive of potential future results.
Investor Contacts: |
PondelWilkinson |
Roger Pondel | Matt Sheldon |
investors@netsoltech.com |
(310) 279-5980 |
Media Contacts: |
PondelWilkinson |
George Medici | gmedici@pondel.com |
(310) 279-5968 |
(OCLR) Sells Zurich Gallium Arsenide Laser Diode Business for $115M
Oclaro also receives $5 million for option to sell amplifier and micro-optics business for $88 million
SAN JOSE, Calif., Sept. 12, 2013 — Oclaro, Inc. (NASDAQ: OCLR), a leading provider and innovator of optical communications solutions, today announced that it has sold its Oclaro Switzerland GmbH subsidiary and associated laser diodes business to II-VI Incorporated (NASDAQ:IIVI) in a transaction valued at $115 million. In addition, II-VI acquired an exclusive option to purchase Oclaro’s optical amplifier and micro-optics business for $88 million in cash.
(Logo: http://photos.prnewswire.com/prnh/20130129/SF49903LOGO)
“The sale of our Gallium Arsenide laser diode business is an important first step in our plan to restructure the company,” said Greg Dougherty, CEO, Oclaro. “The Zurich-based business, including the team and its rich legacy, is a valuable asset and we wish II-VI and the team much future success. We will use the proceeds from the sale to fully repay our bridge financing and to begin restructuring the company for the future. We intend to further simplify our operating footprint, reduce our cost structure and focus our R&D investment in the optical communications market where we can leverage our core competencies.”
Transaction Terms
Of the total transaction value of $115 million, Oclaro received $92 million in cash today. Oclaro will retain the existing accounts receivable of the business, estimated at approximately $15 million. The remaining $8 million is being held by II-VI subject to traditional post-closing conditions.
As part of the agreement, II-VI has purchased the Oclaro Zurich, Switzerland company, which includes its GaAs fabrication facility, and also the corresponding high power laser diodes, VCSEL and 980nm pump laser product lines, including intellectual property, inventory, equipment and a related R&D facility in Tucson all of which are associated with these businesses (“the Zurich business”). Revenues for the Zurich business were approximately $87 million for the fiscal year ended June 29, 2013.
Oclaro will continue the back-end manufacturing of the 980nm pump and some high power laser diode products at its Shenzhen, China manufacturing facility and supply them to II-VI under a manufacturing services agreement. The employees of Shenzhen, China will continue to be employed by Oclaro. In addition, various supply and transition service agreements have been established between the companies to ensure a smooth transition.
The option to purchase Oclaro’s optical amplifier and micro-optics business, for which II-VI separately paid $5 million in cash, will expire if not exercised within 30 days. If this option is exercised and II-VI purchases the amplifier and micro-optics business, the option price will be applied to the purchase price. If II-VI does not exercise this option, the $5 million payment will be retained by Oclaro.
Total proceeds received by Oclaro today were $97 million.
Foros and Imperial Capital acted as financial advisors to Oclaro.
Conference Call
Oclaro will hold a conference call on September 16, 2013 at 5:00 p.m. ET/2:00 p.m. PT to discuss the transaction in more detail, as well as the company’s financial results for the fiscal fourth quarter and full fiscal year, ending June 29, 2013. To listen to the live conference call, please dial (480) 629-9760. A replay of the conference call will be available through September 23, 2013. To access the replay, dial (858) 384-5517. The passcode for the replay is 4639762. A webcast of this call and a supplemental presentation will be available in the investor section of Oclaro’s website at www.oclaro.com.
About Oclaro
Oclaro, Inc. (NASDAQ: OCLR) is one of the largest providers of optical components, modules and subsystems for the optical communications market. The company is a global leader dedicated to photonics innovation, with cutting-edge research and development (R&D) and chip fabrication facilities in the U.S., U.K., Italy, Korea and Japan. It has in-house and contract manufacturing sites in China, Malaysia and Thailand, with design, sales and service organizations in most of the major regions around the world. For more information, visit http://www.oclaro.com.
Safe Harbor Statement
This press release contains statements about management’s future expectations, plans or prospects of Oclaro and its business, and together with the assumptions underlying these statements, constitute forward-looking statements for the purposes of the safe harbor provisions of The Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements concerning (i) expectation regarding the sale of its Zurich business, (ii) closing the sale of the Amplifier business, (iii) restructuring Oclaro for the future, (iv) simplifying Oclaro’s operating footprint, (v) progress toward Oclaro’s target business model, including financial guidance for the fiscal quarter ending September 28, 2013 regarding revenue, non-GAAP gross margin and Adjusted EBITDA, and (vi) Oclaro’s market position and future operating prospects. Such statements can be identified by the fact that they do not relate strictly to historical or current facts and may contain words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” “will,” “should,” “outlook,” “could,” “target,” “model,” and other words and terms of similar meaning in connection with any discussion of future operations or financial performance. There are a number of important factors that could cause actual results or events to differ materially from those indicated by such forward-looking statements, including (i) The exercise of the option to purchase the optical amplifier and micro optics business (“Amplifier business”) and Oclaro’s ability to close the sale of the Amplifier business, (ii) the future performance of Oclaro and its ability to effectively integrate the operations of acquired companies following the closing of acquisitions and mergers, including its merger with Opnext, and to effectively restructure its operations and business following the sale of its Zurich and Amplifier business in accordance with its business plan, (iii) the potential inability to realize the expected and ongoing benefits and synergies of acquisitions and mergers and benefits of asset dispositions, (iv) the impact to our operations, revenues and financial condition attributable to the flooding in Thailand, (v) the impact of continued uncertainty in world financial markets and any resulting reduction in demand for our products, (vi) our ability to meet or exceed our gross margin expectations, (vii) the effects of fluctuating product mix on our results, (viii) our ability to timely develop and commercialize new products, (ix) our ability to reduce costs and operating expenses, (x) our ability to respond to evolving technologies and customer requirements and demands, (xi) our dependence on a limited number of customers for a significant percentage of our revenues, (xii) our ability to maintain strong relationships with certain customers, (xiii) our ability to effectively compete with companies that have greater name recognition, broader customer relationships and substantially greater financial, technical and marketing resources than we do, (xiv) our ability to effectively and efficiently transition to an outsourced back-end assembly and test model, (xv) our ability to timely capitalize on any increase in market demand, (xvi) increased costs related to downsizing and compliance with regulatory and legal requirements in connection with such downsizing, (xvii) competition and pricing pressure, (xviii) the potential lack of availability of credit or opportunity for equity based financing, (xix) the risks associated with our international operations, (xx) Oclaro’s ability to service and repay its outstanding indebtedness pursuant to the terms of the applicable agreements, (xxi) the outcome of tax audits or similar proceedings, (xxii) the outcome of pending litigation against the company, (xxiii) Oclaro’s ability to maintain or increase its cash reserves and obtain financing on terms acceptable to it or at all, and (xxiv) other factors described in Oclaro’s most recent annual report on Form 10-K, quarterly report on Form 10-Q and other documents it periodically files with the SEC. The forward-looking statements included in this announcement represent Oclaro’s view as of the date of this announcement. Oclaro anticipates that subsequent events and developments may cause Oclaro’s views and expectations to change. Oclaro specifically disclaims any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this announcement.
Net Element, Inc. (NETE)
Net Element is a technology-driven group specializing in mobile payments and value-added transactional services that add convenience to mobile phone users’ lives and everyday commerce. The company’s innovations enable consumers to conduct commerce transactions from their mobile device, while online and offline payment capabilities allow merchants to reliably transact business anywhere and anyhow.
The company owns and operates TOT Group, Inc., a global mobile payments and transaction processing provider. TOT Group companies include Unified Payments, which was recognized by Inc. Magazine as the No. 1 fastest growing private company in America in 2012; Aptito, a next-gen cloud-based point of sale (“POS”) payments platform; and TOT Money, a mobile billing solutions provider and Russia’s top-ranked SMS content provider, according to Beeline, the country’s second largest telecommunications operator.
Net Element has headquarters in Miami, Florida, with international presence in selected emerging markets. Utilizing its global development centers and high-level business relationships, Net Element has positioned itself for continued growth in the mobile commerce and alternative payments environments.
Key Investment Highlights
- Using proprietary technology to transform global mobile, online and offline commerce
- Management team with extensive backgrounds in technology, payment processing, finance and marketing
- Recently expanded board of directors contributes strong, additional guidance to company initiatives
- Subsidiary portfolio of industry leading, top-ranked companies contributing to overall growth
- Resilient business with strong recurring revenue, diversified customer base and good visibility
(RTIX) Successful FDA Inspection of Alachua, Fla. Facility
RTI Surgical Inc. (RTI) (Nasdaq: RTIX), a global surgical implant company, announced that on Sept. 9 and 10 the Food and Drug Administration (FDA) performed an inspection of the company’s Alachua, Fla. facility to verify effective implementation of the corrective actions taken after the company received a warning letter in October 2012. Upon completion of the inspection, inspectors noted the adequacy and effectiveness of the voluntary corrective actions and acknowledged the significant improvement in RTI’s overall environmental monitoring program. All items in the warning letter were closed, and no new items, issues or FDA 483 observations were issued as part of this inspection.
On Oct. 23, 2012 the company received a warning letter from the FDA related to environmental monitoring activities in certain areas of its Alachua, Fla. processing facility. In response to the FDA’s observations, the company implemented a series of voluntary corrective actions to improve the overall environmental monitoring within the facility. The corrective actions were implemented in mid to late 2012. The FDA found these actions to be adequate during its two-day inspection, and the company expects a close-out letter to be issued.
“The outcome of this inspection confirms that we have taken the necessary steps to significantly improve our environmental monitoring program,” said Brian K. Hutchison, president and CEO. “We hold ourselves to a higher standard because of the importance of the work we do for the medical community and on behalf of the donation community. We are committed to ensuring that we have the most robust environmental monitoring and quality control procedures in our industry to maintain our status as the industry leader in patient safety.”
The October 2012 warning letter did not restrict the company’s ability to process or distribute implants, nor did it require the withdrawal of any implants from the marketplace. The issues noted in the warning letter did not impact patient safety.
About RTI Surgical Inc.
RTI is a leading global surgical implant company providing surgeons with safe biologic, metal and synthetic implants. Committed to advancing science, safety and innovation, RTI’s implants are used in sports medicine, general surgery, spine, orthopedic, trauma and cardiothoracic procedures and are distributed in nearly 50 countries. RTI is headquartered in Alachua, Fla., and has four manufacturing facilities throughout the U.S. and Europe. RTI is accredited in the U.S. by the American Association of Tissue Banks and is a member of AdvaMed. For more information, please visit www.rtix.com.
(LYTS) Introduces the Scottsdale Legacy
CINCINNATI, Sept. 11, 2013 — LSI Industries Inc. (Nasdaq:LYTS) today announced that it has expanded its LED canopy lighting family with the addition of the new Scottsdale® Legacy™ LED canopy lighting solution, featuring high performance LED optics coupled with the Scottsdale prismatic glass drop lens to deliver bright, white light with diamond-like precision. In addition to its outstanding performance, this attractive fixture is extremely energy-efficient and is designed for easy installation by just one person.
Scott Ready, President, commented, “I am very excited to introduce the Scottsdale Legacy to our highly successful LED canopy lighting solution family. The Scottsdale Legacy is not only the most cost-effective LED canopy fixture available, but is also the fastest and easiest to install and is virtually maintenance free. It allows for tremendous flexibility in site lighting, offering up to 12,538 lumens with superior light distribution. The optically cut prismatic glass refractor, combined with high brightness LEDs, offers crisp, white light and long-range visibility. On the heels of a strong 15 year run with the most successful canopy fixture ever released, the market will recognize the Scottsdale look now in LED. This expansion of our LED canopy lighting family solidifies LSI’s position as a leader in the canopy fixture market.”
Mr. Ready continued, “Looking forward, we have a robust flow of new LED product introductions planned for the current fiscal year. Although the first quarter does not end until September 30th, we are experiencing strong unit and sales growth quarter-to-date in our lighting business. The environment for lighting products continues to improve, particularly for solid-state LED products. Our graphics business is strengthening, and we look forward to much improved operating results in fiscal 2014. Overall, we expect to see a significant improvement in sales and earnings during the current fiscal year.”
“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995
This document contains certain forward-looking statements that are subject to numerous assumptions, risks or uncertainties. The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements. Forward-looking statements may be identified by words such as “estimates,” “anticipates,” “projects,” “plans,” “expects,” “intends,” “believes,” “seeks,” “may,” “will,” “should” or the negative versions of those words and similar expressions, and by the context in which they are used. Such statements, whether expressed or implied, are based upon current expectations of the Company and speak only as of the date made. Actual results could differ materially from those contained in or implied by such forward-looking statements as a result of a variety of risks and uncertainties over which the Company may have no control. These risks and uncertainties include, but are not limited to, the impact of competitive products and services, product demand and market acceptance risks, potential costs associated with litigation and regulatory compliance, reliance on key customers, financial difficulties experienced by customers, the cyclical and seasonal nature of our business, the adequacy of reserves and allowances for doubtful accounts, fluctuations in operating results or costs whether as a result of uncertainties inherent in tax and accounting matters or otherwise, unexpected difficulties in integrating acquired businesses, the ability to retain key employees of acquired businesses, unfavorable economic and market conditions, and the results of asset impairment assessments. You are cautioned to not place undue reliance on these forward-looking statements. In addition to the factors described in this paragraph, the risk factors identified in our Form 10-K and other filings the Company may make with the SEC constitute risks and uncertainties that may affect the financial performance of the Company and are incorporated herein by reference. The Company does not undertake and hereby disclaims any duty to update any forward-looking statements to reflect subsequent events or circumstances.
About the Company
Leadership. Strength. Innovation. Those are the key values behind the smart vision upon which LSI Industries Inc. was founded when established in 1976. Today LSI demonstrates this in our dedication to advancing technology throughout all aspects of our business – in both product solutions and production techniques. We are committed to American innovation through technology.
We are a vertically integrated manufacturer who combines assimilated technology, design and manufacturing to produce the most efficient, high quality products possible. We are dedicated to advancing solid-state technology to make affordable, high performance, energy efficient lighting and custom graphic products that bring value to our customers. In addition, we can provide sophisticated lighting and energy management control solutions to help customers manage their energy performance. Further, we offer design support, engineering, installation and project management for custom graphics rollout programs for today’s retail environment.
LSI is proud to be an American company with an American work force, building an American product. We are a U.S. manufacturer with marketing / sales efforts throughout the world with concentration currently on North America, Latin America, Australia, New Zealand, Asia, Europe and the Middle East. Our major markets include the commercial / industrial lighting, petroleum / convenience store, multi-site retail (including automobile dealerships, restaurants and national retail accounts), sports and entertainment markets. Headquartered in Cincinnati, Ohio, LSI has facilities in Ohio, Kansas, Kentucky, New York, North Carolina, Oregon, Rhode Island, Texas and Montreal, Canada. The Company’s common shares are traded on the NASDAQ Global Select Market under the symbol LYTS.
As we redefine LSI Industries’ place in the markets we serve, we will emphasize our commitment to preserving the foundation of a well-managed, financially strong and creatively unique company with even stronger emphasis on a growing technology base. Through the Leadership, Strength and Innovation that is core to our culture, we move forward continuing our transition to a technology-reliant company with lighting and graphics and the ability to provide the stronger performance our many partners expect.
Additional note: Today’s news release, along with past releases from LSI Industries, is available on the Company’s internet site at www.lsi-industries.com or by email or fax, by calling the Investor Relations Department at (513) 793-3200.
CONTACT: Bob Ready, Chief Executive Officer, or Ron Stowell, Vice President, Chief Financial Officer, and Treasurer at (513) 793-3200
(LINE) LinnCo and Berry Petroleum Company Provide Update on Merger
HOUSTON and DENVER, Sept. 11, 2013 — LINN Energy, LLC (Nasdaq:LINE), LinnCo, LLC (Nasdaq:LNCO) and Berry Petroleum Company (NYSE:BRY) announced today that LINN Energy and LinnCo recently received comments related to the Amended Registration Statement on Form S-4 filed on August 9, 2013 in connection with the proposed merger transaction, and are working diligently to file an Amended Form S-4. Furthermore, LINN Energy, LinnCo and Berry Petroleum have agreed to set the record dates for their respective unitholder, shareholder and stockholder meetings as of September 30, 2013.
ABOUT LINN ENERGY
LINN Energy’s mission is to acquire, develop and maximize cash flow from a growing portfolio of long-life oil and natural gas assets. LINN Energy is a top-15 U.S. independent oil and natural gas development company, with approximately 4.8 Tcfe of proved reserves in producing U.S. basins as of December 31, 2012. More information about LINN Energy is available at www.linnenergy.com.
ABOUT LINNCO
LinnCo was created to enhance LINN Energy’s ability to raise additional equity capital to execute on its acquisition and growth strategy. LinnCo is a Delaware limited liability company that has elected to be taxed as a corporation for United States federal income tax purposes, and accordingly its shareholders will receive a Form 1099 in respect of any dividends paid by LinnCo. More information about LinnCo is available at www.linnco.com.
ABOUT BERRY PETROLEUM COMPANY
Berry Petroleum Company is a publicly traded independent oil and natural gas production and exploitation company with operations in California, Texas, Utah, and Colorado. The company uses its website as a channel of distribution of material company information. Financial and other material information regarding the company is routinely posted on and accessible at http://www.bry.com.
Additional Information about the Proposed Transactions and Where to Find It
In connection with the proposed transactions, LINN and LinnCo have filed with the SEC a registration statement on Form S-4 (Registration No. 333-187484) that includes a joint proxy statement of LinnCo, LINN and Berry that also constitutes a prospectus of LINN and LinnCo. Each of Berry, LINN and LinnCo also plan to file other relevant documents with the SEC regarding the proposed transactions. INVESTORS ARE URGED TO READ THE JOINT PROXY STATEMENT/PROSPECTUS AND OTHER RELEVANT DOCUMENTS FILED WITH THE SEC IF AND WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. You may obtain a free copy of the joint proxy statement/prospectus and other relevant documents filed by Berry, LINN and LinnCo with the SEC at the SEC’s website at www.sec.gov. You may also obtain these documents by contacting LINN’s and LinnCo’s Investor Relations department at (281) 840-4193 or via e-mail at ir@linnenergy.com or by contracting Berry’s Investor Relations department at (866) 472-8279 or via email at ir@bry.com.
Participants in the Solicitation
Berry, LINN and LinnCo and their respective directors and executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies in respect of the proposed transactions. Information about LINN’s directors and executive officers is available in LINN’s proxy statement dated March 12, 2012, for its 2012 Annual Meeting of Unitholders. Information about LinnCo’s directors and executive officers is available in LinnCo’s Registration Statement on Form S-1 dated June 25, 2012, as amended, with respect to its initial public offering of common shares. Information about Berry’s directors and executive officers is available in Berry’s proxy statement dated April 6, 2012, for its 2012 Annual Meeting of Stockholders. Other information regarding the participants in the proxy solicitations and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the joint proxy statement/prospectus and other relevant materials to be filed with the SEC regarding the proposed transactions when they become available. Investors should read the joint proxy statement/prospectus carefully when it becomes available before making any voting or investment decisions. You may obtain free copies of these documents from Berry, LINN or LinnCo using the sources indicated above.
This document shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the U.S. Securities Act of 1933, as amended.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements, which are all statements other than statements of historical facts. These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those anticipated. Important economic, political, regulatory, legal, technological, competitive and other uncertainties are identified in the documents filed with the SEC by Berry, LINN and LinnCo from time to time, including their respective Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. The forward-looking statements including in this press release are made only as of the date hereof. None of Berry, LINN nor LinnCo undertakes any obligation to update the forward-looking statements included in this press release to reflect subsequent events or circumstances.
CONTACT: LINN Energy, LLC and LinnCo, LLC Investors & Media: Clay Jeansonne, Vice President, Investor and Public Relations 281-840-4193 Berry Petroleum Company Investors & Media: Zach Dailey, Manager, Investor Relations 303-999-4071
(GOGO) Announces its Next Generation In-Flight Internet Technology
New Service Expected to Increase Speeds by more than Six Times Current Performance
ITASCA, Ill., Sept. 11, 2013 — Gogo (NASDAQ: GOGO), the world leader of in-flight connectivity and a pioneer in wireless in-flight digital entertainment solutions, announces the next step in its technology roadmap, which will be capable of delivering more than 60 Mbps to the aircraft.
The new service – called Gogo GTO, or Ground to Orbit – is a proprietary hybrid technology that combines the best aspects of existing satellite technologies with Gogo’s Air to Ground (ATG) cellular network. The technology will use satellite for receive only (transmission to the plane) and Gogo’s Air to Ground network for the return link (transmission to the ground). Virgin America will be the launch partner of the new service, which is expected to be available in the second half of 2014.
“Gogo has proven time and again that it’s the leader in developing new technologies that will bring more bandwidth for the buck to the aero market. GTO is the next step in our technological evolution and is a ground breaking new technology for the commercial aviation market in North America,” said Gogo’s president and CEO, Michael Small. “When we launched our in-flight Internet service five years ago, we were able to deliver 3.1 Mbps per aircraft through our Air to Ground network. About a year ago, we began rapidly deploying our next generation Air to Ground service that took peak speeds to 9.8 Mbps. GTO will now take peak speeds to more than 60 Mbps. That’s a 20-fold increase from where we started.”
“Because we are a Silicon Valley-based airline, Virgin America guests expect a fully connected in–flight experience that enables them to remain productive even at 35,000 feet,” said President and CEO of Virgin America David Cush. “We were proud to be the first to offer Gogo’s ATG-4 product last year and we are pleased to be the launch partner for GTO, which will be another leap forward in terms of speed and performance of in–flight Wi-Fi for our guests.”
Gogo will be utilizing a Ku antenna developed specifically for receive only functionality. The advantages of using satellite for reception only and Gogo’s ATG Network for the return link are unprecedented. Existing two-way satellite antennas in the commercial aviation market have limited power for transmissions so they don’t interfere with other satellites. This dynamic makes the connection from the aircraft to the ground using two-way satellite an inefficient and expensive return link compared to Gogo’s ATG Network. Gogo’s receive only antenna will be two times more spectrally efficient and half the height of other antennas in the commercial aviation market. The low profile of the antenna will result in much less drag and therefore fuel burn on the aircraft and, ultimately, greater operational efficiencies for airlines.
Gogo’s new satellite antenna can also leverage a number of today’s Ku band satellites as well as future Ku band satellites, including spot beam Ku satellites. This enables Gogo to take advantage of new Ku satellite technologies as they become available without having to install a new antenna. The ability to use multiple satellites avoids reliance on a single satellite and provides a more robust and reliable network for airline partners and our end users. The system is also backed up by Gogo’s Air to Ground network, which gives the service significant advantages in terms of resiliency.
“By using this type of hybrid technology you’re utilizing the low latency of ATG and the high throughput of current and future satellite technologies, which we feel will give passengers a much better user experience,” added Gogo’s chief technology officer, Anand Chari. “We also expect GTO to be the most TV friendly solution in the market. The receive-only GTO antenna’s higher spectral efficiency and lower cost structure will produce a better quality picture for various types of applications including IPTV.”
Gogo will seek FAA approval for the new service in the 2014. Because the antenna is receive only, the company doesn’t believe there is any additional FCC licensing needed for the new antenna.
About Gogo
Gogo is the global leader of in-flight connectivity and wireless in-flight digital entertainment solutions. Using Gogo’s exclusive products and services, passengers with Wi-Fi enabled devices can get online on nearly 2,000 Gogo equipped commercial aircraft. In-flight connectivity partners include American Airlines, Air Canada, AirTran Airways, Alaska Airlines, Delta Air Lines, Frontier Airlines, United Airlines, US Airways and Virgin America. In-flight entertainment partners include American Airlines, Delta Air Lines, Scoot and US Airways. In addition to its commercial airline business, Gogo has more than 6,500 business aircraft outfitted with its communications services.
Back on the ground, Gogo’s 600+ employees in Itasca, IL, Broomfield, CO and London are working to continually redefine flying as a productive, socially connected, and all-around more satisfying experience. Connect with Gogo at www.gogoair.com, on Facebook at www.facebook.com/gogo and on Twitter at www.twitter.com/gogo.
Media Relations Contact: | Investor Relations Contact: |
Steve Nolan | Varvara Alva |
630-647-1074 | 630-647-7460 |
pr@gogoair.com | ir@gogoair.com |
(VTUS) Announces Positive Results From Clinical Dermal Safety
Results From Second Pivotal Phase 3 Trial in Anal Fissures Expected First Quarter 2014
NEW YORK, Sept. 11, 2013 — Ventrus Biosciences, Inc. (Nasdaq:VTUS), a pharmaceutical company focused on developing and commercializing gastrointestinal products, today announced positive results from two clinical dermal safety studies and one pharmacokinetic (PK) study of diltiazem hydrochloride 2% cream (VEN 307). All three studies were conducted to support the Company’s planned New Drug Application (NDA) for VEN 307 as a treatment for anal fissures (AF).
For the dermal safety studies, Ventrus conducted two single-center, randomized, controlled trials to evaluate the irritation and sensitization potential of VEN 307 in healthy volunteers. The studies utilized cumulative as well as repeat insult patch designs, which aim to provide a standard assessment of cutaneous tolerability and safety. In these studies, results demonstrated that VEN 307 was safe and well tolerated. Irritation and sensitization caused by VEN 307 was similar to that seen with both placebo and saline, and was significantly better than that seen with sodium lauryl sulfate (SLS), the positive control. Minimal adverse events (AE) and no severe or serious AEs were reported.
The Company also announced results from a pharmacokinetic (PK) study comparing VEN 307 to oral diltiazem in subjects with anal fissure. All PK parameters, including AUC, Cmax, Tmax and half-life, were consistent with expectations, and results demonstrated that systemic exposure of VEN 307 was approximately only 10% that of oral diltiazem, in line with prior data from an investigator sponsored trial with this product, and confirming a potentially high safety margin.
“These results mark another important step in our effort to develop and commercialize VEN 307 as a treatment for anal fissures,” said Russell H. Ellison, M.D., M.Sc., Chairman and Chief Executive Officer of Ventrus Biosciences, Inc. “With enrollment in our second, pivotal Phase 3 study moving toward completion, we remain focused on conducting a high-quality trial with the appropriate patient population and rigorous inclusion/exclusion criteria. We have added several new clinical sites in Europe to help expedite screening and enrollment, and now expect to complete enrollment near the end of this year, with data expected in the first quarter of 2014. Based on our anticipated timeline, we believe we remain sufficiently capitalized to support operations through a potential launch of VEN 307.”
VEN 307 is currently being studied in a second pivotal trial, a Phase 3b, randomized, double-blind, placebo-controlled, parallel-treatment group, multicenter efficacy and safety study in subjects with AF (VEN307-AF-001). The study is expected to enroll 400 subjects at approximately 140 clinical sites in the U.S., Europe, Canada, and Israel. The primary objective is to evaluate the efficacy of VEN 307 on reduction of worst AF-related pain associated with or following defecation when administered three times a day for 28 days. The secondary objectives are to evaluate the effect of VEN 307 on reduction of overall daily AF-related pain and to evaluate patient global impression of improvement (PGI-I) at Day 29 in subjects with AF-related pain.
Results from this ongoing pivotal Phase 3 study of VEN 307 are expected in the first quarter of 2014 and, assuming a successful outcome, Ventrus expects to file an NDA in the second quarter of 2014.
Ventrus reported positive results in 2012 from its first pivotal Phase 3, randomized, double-blind, placebo-controlled clinical trial of VEN 307 for the treatment of AF. The trial randomized 465 subjects to diltiazem hydrochloride 4% or 2% w/w cream, or placebo, applied topically three times daily (TID) for 8 weeks, followed by a 4 week blinded observation period. At 4 weeks, the 2% diltiazem treatment arms demonstrated improvements compared to placebo in the primary endpoint of average of worst anal pain associated with or following defecation (pain score improvement of 0.43, p=0.0122) and in the secondary endpoints of overall anal-fissure-related pain (pain score of 0.42, p=0.0143). Pain endpoints were assessed using an 11-point numerical pain rating scale (Likert-like scale).
Because diltiazem is approved in oral formulations for the treatment of angina and high blood pressure, VEN 307 is eligible for the FDA’s 505(b)2 registration pathway.
Dermal Safety and PK Study Design Details
The clinical dermal irritation study was conducted in 30 subjects using 0.2 g of diltiazem hydrochloride 2% cream, 0.2 g placebo cream, 0.2 mL of solution of 0.2% SLS as positive control, and 0.2 mL of 0.9% saline as negative control applied topically under occlusive patch conditions to the infrascapular area of the back, once daily for 21 consecutive days. AE data was collected throughout the duration of the study.
The clinical dermal sensitization study was conducted in 200 subjects using 0.2 g of diltiazem hydrochloride 2% cream, 0.2 g placebo cream, 0.2 mL of solution of 0.1% SLS as positive control, and 0.2 mL of 0.9% saline as negative control applied topically 3 times weekly for 21 days (9 applications) during the Induction Phase, and one time at Challenge (10 times in total). AE data was collected throughout the duration of the study.
The clinical PK study was an open-label, single- and multi-dose study comparing VEN 307 to single-dose oral diltiazem in subjects with anal fissure. Twelve subjects were enrolled in this study which evaluated AUC, Cmax, Tmax, and half-life.
About Anal Fissures
Anal fissure is a tear in the lining of the anal canal characterized by severe anal pain associated with or after bowel movements. It is a common anal disorder, which we believe is underdiagnosed. The pathogenesis of anal fissure is hypothesized to be initiated by the passage of a hard fecal bolus, resulting in a split in the epithelium of the anal canal. Along with poor vascular supply of the anal epithelium, increased activity (tone) of the internal anal sphincter smooth muscle further compromises the anodermal blood supply and contributes to the pain and ischemia of the anal epithelium, perpetuating ulceration and preventing healing.
In 2010, it was estimated by SDI Health LLC that there were approximately 1.1 million office visits per year for anal fissures. Topical diltiazem, which is not approved by the FDA as a use for anal fissure, is currently listed in the U.S. anal fissure treatment guidelines as a preferred agent prior to attempting surgery, and is available only as a compounded medicine.
About VEN 307: Diltiazem Hydrochloride cream
Diltiazem hydrochloride is a calcium-channel blocker that has been marketed in oral formulations for the treatment of angina and high blood pressure for over two decades. Diltiazem hydrochloride cream is applied perianally to treat pain related to anal fissure. It has been shown to normalize internal anal sphincter pressure and reduce anal maximal resting pressure, or MRP, and its vasodilator activity has the potential to improve blood supply, thereby decreasing the pain associated with anal fissures.
About Ventrus
Ventrus is a development stage pharmaceutical company focused on the development of late-stage prescription drugs for gastrointestinal problems, specifically anal disorders. Our lead product is topical diltiazem (VEN 307) for the treatment of anal fissures, for which the first Phase 3 trial was initiated in November 2010, and reported positive top line results in May 2012. The second Phase 3 trial began enrollment in the fourth quarter of 2012 and is ongoing. Our product candidate portfolio also includes topical phenylephrine (VEN 308) intended to treat fecal incontinence. VEN 307 and VEN 308 are two molecules that were previously approved and marketed for other indications and that have been formulated into our in-licensed proprietary topical treatments for these new gastrointestinal indications.
Please Note: The information provided herein contains estimates and other forward-looking statements regarding future events. Such statements are just predictions and are subject to risks and uncertainties that could cause the actual events or results to differ materially. These risks and uncertainties include, among others: the components, timing, cost and results of clinical trials and other development activities involving our product candidates; the unpredictability of the clinical development of our product candidates and of the duration and results of regulatory review of those candidates by the FDA and foreign regulatory authorities; the unpredictability of the size of the markets for, and market acceptance of, any of our products; our anticipated capital expenditures, our estimates regarding our capital requirements, and our need for future capital; our reliance on our lead product candidate, VEN 307; our ability to retain and hire necessary employees and to staff our operations appropriately; and the possible impairment of, or inability to obtain, intellectual property rights and the costs of obtaining such rights from third parties. The reader is referred to the documents that we file from time to time with the Securities and Exchange Commission.
CONTACT: Ventrus Biosciences, Inc. David Barrett 646-706-5208 dbarrett@ventrusbio.com Argot Partners David Pitts 212-600-1902 david@argotpartners.com
(SGMA) Reports First Quarter Financial Results for Fiscal 2014
ELK GROVE VILLAGE, Ill., Sept. 11, 2013 — SigmaTron International, Inc.(Nasdaq:SGMA), an electronic manufacturing services company, today reported revenues and earnings for the fiscal quarter ended July 31, 2013.
Revenues increased to $56.2 million in the first quarter of fiscal 2014 from $47.6 million for the same quarter in the prior year. Net income of $967,464 was recorded for the period ended July 31, 2013 compared to a net loss of $93,144 for the same period in the prior year. Basic and diluted earnings per share for the quarter ended July 31, 2013, were each $0.24, compared to basic and diluted loss per share of $0.02 for the same quarter ended July 31, 2012.
Commenting on SigmaTron’s first quarter fiscal 2014 results, Gary R. Fairhead, President, Chief Executive Officer and Chairman of the Board, said, “The first quarter of fiscal 2014 was an excellent quarter for the Company, with fully diluted earnings per share the strongest since the fourth quarter of fiscal 2010. Comparisons to the first quarter of fiscal 2013 are difficult, as one third of the way through that quarter we acquired Spitfire Control, Inc. and had significant one-time expenses during the quarter related to the acquisition as well as the relocation of our Tijuana facility. A comparison to the fourth quarter of fiscal 2013, which was our best quarter in that fiscal year, shows revenue was up sequentially 9.4% and fully diluted earnings per share up 200%.
“During the quarter we saw increased revenue from existing customers and the launch of several new programs that had previously been delayed. We saw improved performance from the two plants we acquired in 2013 and steady performance from our other operations. All of these factors combined to produce this strong quarter.
“With that said, it was reported by the U.S. Census Bureau in the last week of August that manufactured durable goods fell over 7% in July and we have seen some indication of a slowdown at the beginning of our second quarter. Accordingly, we continue to anticipate an overall sluggish yet volatile economy without sustained growth. If the signs change, we will be in a position to respond quickly.
“Finally, while the economy remains a concern, we continue to work on many new opportunities for the future, and we are quoting multiple projects that will allow us to utilize the engineering strength that came with the Spitfire acquisition. For those reasons we believe the Company will continue to move forward as we battle the general economy, the increased costs of doing business and the margin pressures we continue to experience.”
Headquartered in Elk Grove Village, IL, SigmaTron International, Inc. is an electronic manufacturing services company that provides printed circuit board assemblies and completely assembled electronic products. SigmaTron International, Inc. operates manufacturing facilities in Elk Grove Village, Illinois; Acuna, Chihuahua, and Tijuana Mexico; Union City, California; Suzhou, China, and Ho Chi Minh City, Vietnam. SigmaTron International, Inc. maintains engineering and materials sourcing offices in Elgin, Illinois and Taipei, Taiwan.
Note: This press release contains forward-looking statements. Words such as “continue,” “anticipate,” “will,” “expect,” “believe,” “plan,” and similar expressions identify forward-looking statements. These forward-looking statements are based on the current expectations of the Company. Because these forward-looking statements involve risks and uncertainties, the Company’s plans, actions and actual results could differ materially. Such statements should be evaluated in the context of the risks and uncertainties inherent in the Company’s business including, but not necessarily limited to, the Company’s continued dependence on certain significant customers; the continued market acceptance of products and services offered by the Company and its customers; pricing pressures from our customers, suppliers and the market; the activities of competitors, some of which may have greater financial or other resources than the Company; the variability of our operating results; the results of long-lived assets and goodwill impairment testing; the variability of our customers’ requirements; the availability and cost of necessary components and materials; the ability of the Company and our customers to keep current with technological changes within our industries; regulatory compliance, including conflict minerals; the continued availability and sufficiency of our credit arrangements; changes in U.S., Mexican, Chinese, Vietnamese or Taiwanese regulations affecting the Company’s business; the turmoil in the global economy and financial markets; the stability of the U.S., Mexican, Chinese, Vietnamese and Taiwanese economic, labor and political systems and conditions; currency exchange fluctuations; and the ability of the Company to manage its growth, including its integration of the Spitfire operation acquired in May 2012. These and other factors which may affect the Company’s future business and results of operations are identified throughout the Company’s Annual Report on Form 10-K and as risk factors and may be detailed from time to time in the Company’s filings with the Securities and Exchange Commission. These statements speak as of the date of such filings, and the Company undertakes no obligation to update such statements in light of future events or otherwise unless otherwise required by law.
Financial tables to follow…
CONDENSED CONSOLIDATED STATEMENTS OF INCOME | ||
Three Months | Three Months | |
Ended | Ended | |
July 31, | July 31, | |
2013 | 2012 | |
Net sales | $56,166,061 | $47,629,229 |
Cost of products sold | 49,877,653 | 42,923,331 |
Gross profit | 6,288,408 | 4,705,898 |
Selling and administrative expenses | 4,855,558 | 4,665,405 |
Operating income | 1,432,850 | 40,493 |
Other expense | 192,511 | 188,337 |
Income (loss) from operations before income tax | 1,240,339 | (147,844) |
Income tax expense (benefit) | 272,875 | (54,700) |
Net income (loss) | $967,464 | ($93,144) |
Net income (loss) per common share — basic | $0.24 | ($0.02) |
Net income (loss) per common share — assuming dilution | $0.24 | ($0.02) |
Weighted average number of common equivalent shares outstanding – assuming dilution | 4,011,001 | 3,922,478 |
CONDENSED CONSOLIDATED BALANCE SHEETS | ||
July 31, | April 30, | |
2013 | 2013 | |
Assets: | ||
Current assets | $78,450,371 | $78,939,507 |
Machinery and equipment-net | 32,293,609 | 28,567,052 |
Intangibles | 5,862,188 | 5,949,434 |
Goodwill | 3,222,899 | 3,222,899 |
Other assets | 797,045 | 910,025 |
Total assets | $120,626,112 | $117,588,917 |
Liabilities and stockholders’ equity: | ||
Current liabilities | $39,569,081 | $38,129,159 |
Long-term obligations | 28,071,308 | 27,476,027 |
Stockholders’ equity | 52,985,723 | 51,983,731 |
Total liabilities and stockholders’ equity | $120,626,112 | $117,588,917 |
CONTACT: For Further Information Contact: SigmaTron International, Inc. Linda K. Frauendorfer 1-800-700-9095
(OXBT) Issued U.S. Patent for Dermatologic Indications
Marks Company’s 9th Patent Issued
Oxygen Biotherapeutics, Inc., (“OBI”) (NASDAQ: OXBT) a developer of oxygen-carrying therapeutics, today announced that the United States Patent and Trademark Office has issued the Company patent#8,513,309, titled, “Perfluorocarbons for use in Treating Pruritus.” This patent addresses methods for treating pruritus (itching), a sensation that a patient instinctually attempts to relieve by rubbing or scratching.
The newly issued patent addresses part of the global dermatological drugs market, which is projected to reach $24.4 billion by 2015, according to market research firm Visiongain. The Company is currently evaluating commercialization strategies, which may include out-licensing, for prescription dermatologic indications of PFC-based products for conditions including allergic contact dermatitis, psoriasis and acne.
Among several beneficial properties, the Company’s platform technology of proprietary perfluorocarbons (PFCs) carry 4 times more oxygen than red blood cells (RBCs), have 20 times higher oxygen solubility than water, and form stable emulsions 35 – 40 times smaller than RBCs.
In May of 2012, Oxygen Biotherapeutics completed a clinical study in which its proprietary PFC-based emulsion showed efficacy in relieving histamine-induced pruritus. Efficacy in treating pruritus was assessed, as reported by each subject using a Visual Analogue Scale, a validated instrument used to evaluate itch in clinical studies. The randomized, double-blind, placebo-controlled study which included 30 healthy male and female volunteers aged 18-65 showed that there was a profound drop in itch sensation when the Company’s PFC-based topical treatment was applied.
“This latest patent builds upon our family of patents that address dermatologic conditions. While our focus is the development of PFCs for critical indications, we seek to unlock the value of our IP through out-licensing non-core indications including those in dermatology,” stated Michael Jebsen, Interim CEO, President and Chief Financial Officer.
Oxygen Biotherapeutics now owns or in-licenses 9 issued patents for medical and dermatological conditions with an average remaining life of approximately 18 years. Oxygen Biotherapeutics relies on a combination of use, method, therapeutic, delivery and composition patents, patent applications, trade secrets, and proprietary know-how in order to protect its medical products. The Company is also expanding its IP portfolio by exploring new high-potential therapeutic applications through third-party research collaborations.
“Perfluorocarbons for use in Treating Pruritus” Patent Abstract:
The subject application provides a method of treating pruritus comprising administering to the skin of a subject afflicted with pruritus an amount of perfluorocarbon effective to treat the pruritus. The subject application provides a method of alleviating a symptom of psoriasis comprising administering to the skin of a subject afflicted with psoriasis an amount of a perfluorocarbon effective to alleviate the symptom of psoriasis. The subject application also provides a perfluorocarbon composition for use in treating a subject afflicted with pruritus or psoriasis. The subject application further provides a pharmaceutical composition comprising an amount of perfluorocarbon for use in treating pruritus or psoriasis.
About Oxygen Biotherapeutics, Inc.
Oxygen Biotherapeutics, Inc. is developing medical products that efficiently deliver oxygen to tissues in the body. The company has developed a proprietary perfluorocarbon (PFC) therapeutic oxygen carrier called Oxycyte® that is currently in clinical and preclinical studies for intravenous delivery for indications such as traumatic brain injury, decompression sickness and stroke. The company is also developing PFC-based creams and gels for topical delivery to the skin for dermatologic conditions and potentially wound care. In addition, the Company has commercialized its Dermacyte® line of skin care cosmetics for the anti-aging market. Dermacyte is now out-licensed to Valor Cosmetics of Switzerland.
Caution Regarding Forward-Looking Statements
This news release contains certain forward-looking statements by the company that involve risks and uncertainties and reflect the company’s judgment as of the date of this release. The forward-looking statements are subject to a number of risks and uncertainties, delays in new product introductions and customer acceptance of these new products, and other risks and uncertainties as described in our filings with the Securities and Exchange Commission, including our annual report on Form 10-K filed on June 26, 2013, as well as other filings with the SEC. The company disclaims any intent or obligation to update these forward-looking statements beyond the date of this release. This caution is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
(GALT) Receives US Patent for Potential Ground-Breaking Treatment for Fatty Liver Disease
NORCROSS, Ga., Sept. 10, 2013 — Galectin Therapeutics (Nasdaq:GALT), the leading developer of therapeutics that target galectin proteins to treat fibrosis and cancer, today announced that it has received a notice of issuance from the U.S. Patent and Trademark Office for Patent Application Number 13/573,454 titled “Galacto-rhamnogalacturonate compositions for the treatment of non-alcoholic steatohepatitis and non-alcoholic fatty liver disease.” The patent covers the Company’s carbohydrate-based galectin inhibitor compound GR-MD-02 for use in patients with fatty liver disease with or without fibrosis or cirrhosis. Fatty liver disease affects as many as 15 million Americans, results in severe scarring of the liver (cirrhosis), and there are no currently approved pharmaceutical therapies.
The U.S. Food and Drug Administration (FDA) recently granted GR-MD-02 Fast Track designation for non-alcoholic steatohepatitis (NASH) with hepatic fibrosis, commonly known as fatty liver disease with advanced fibrosis. Galectin Therapeutics is currently conducting a Phase 1 clinical trial to evaluate the safety, tolerability and exploratory biomarkers for efficacy for single and multiple doses of GR-MD-02 over four weekly doses of GR-MD-02 treatment in patients with fatty liver disease with advanced fibrosis.
“The issuance of this patent provides broad coverage in the U.S. for the use of GR-MD-02 in fatty liver disease through September 2031 and international patent coverage is pending for the same intellectual property,” said Peter G. Traber, MD, President, CEO and CMO of Galectin Therapeutics. “There is a truly vast unmet medical need for the treatment of fatty liver disease with fibrosis, as the most prevalent liver disease in the U.S. We are hopeful that our development program for GR-MD-02 will lead to the first therapy for this unmet medical need.”
The patent inventors include Peter Traber, Eliezer Zomer and Anatole Klyosov with assignment to Galectin Therapeutics. The major claims are for methods of obtaining galectin inhibitor compounds, obtaining a composition for parenteral or enteral administration in an acceptable pharmaceutical carrier and administering to a subject having at least one of the following: fatty liver, non-alcoholic fatty liver disease, non-alcoholic steatohepatitis, non-alcoholic hepatitis with liver fibrosis, non-alcoholic steatohepatitis with cirrhosis, or non-alcoholic steatohepatitis with cirrhosis and hepatocellular carcinoma. The use covers reversing or slowing the progression of disease activity or medical consequences of the disease. Moreover, additional claims cover the use of the galectin inhibitor compounds in combination with multiple other agents that may have potential activity in the disease that are under investigation elsewhere.
About Fatty Liver Disease with Advanced Fibrosis
Non-alcoholic steatohepatitis (NASH), also known as fatty liver disease, has become a common disease of the liver with the rise in obesity rates, estimated to affect nine to 15 million people, including children, in the U.S. Fatty liver disease is characterized by the presence of fat in the liver along with inflammation and damage in people who drink little or no alcohol. Over time, patients with fatty liver disease can develop fibrosis, or scarring of the liver, and it is estimated that as many as three million individuals will develop cirrhosis, a severe liver disease where liver transplantation is the only current treatment available. Approximately 6,300 liver transplants are done on an annual basis in the U.S. There are no drug therapies approved for the treatment of liver fibrosis. FDA and AASLD (American Association for the Study of Liver Disease) recently held a 2-day workshop with leading scientific experts in NASH and key FDA officials to discuss acceptable regulatory endpoints for approval of drugs to treat NASH (http://www.aasld.org/additionalmeetings/Pages/aasldfdanash.aspx).
About Galectin Therapeutics
Galectin Therapeutics (Nasdaq:GALT) is developing promising carbohydrate-based therapies for the treatment of fibrotic liver disease and cancer based on the Company’s unique understanding of galectin proteins, key mediators of biologic function. We are leveraging extensive scientific and development expertise as well as established relationships with external sources to achieve cost effective and efficient development. We are pursuing a clear development pathway to clinical enhancement and commercialization for our lead compounds in liver fibrosis and cancer. Additional information is available at www.galectintherapeutics.com.
Forward Looking Statements
This press release contains, in addition to historical information, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements relate to future events or future financial performance, and use words such as “may,” “estimate,” “could,” “expect” and others. They are based on our current expectations and are subject to factors and uncertainties which could cause actual results to differ materially from those described in the statements. These statements include those regarding the hope that our development program for GR-MD-02 will lead to the first therapy for the treatment of fatty liver disease with fibrosis. Factors that could cause our actual performance to differ materially from those discussed in the forward-looking statements include, among others, that we may not be successful in developing effective treatments and/or obtaining the requisite approvals for the use of GR-MD-02 or any of our other drugs in development. Our current clinical trial and any future clinical studies may not produce positive results in a timely fashion, if at all, and could prove time consuming and costly. Plans regarding development, approval and marketing of any of our drugs are subject to change at any time based on the changing needs of our company as determined by management and regulatory agencies. Regardless of the results of any of our development programs, we may be unsuccessful in developing partnerships with other companies that would allow us to further develop and/or fund any studies or trials. To date, we have incurred operating losses since our inception, and our ability to successfully develop and market drugs may be impacted by our ability to manage costs and finance our continuing operations For a discussion of additional factors impacting our business, see our Annual Report on Form 10-K for the year ended December 31, 2012, and our subsequent filings with the SEC. You should not place undue reliance on forward-looking statements. Although subsequent events may cause our views to change, we disclaim any obligation to update forward-looking statements.
CONTACT: Galectin Therapeutics Inc. Peter G. Traber, MD, 678-620-3186 President, CEO, & CMO ir@galectintherapeutics.com
(SCTY) and Direct Energy Sign Multimillion Dollar Deal to Provide Solar Electricity
Financing Tailored for New and Existing Direct Energy Customers May Make it Possible for Many to Pay Less for Clean Energy Than They Currently Pay for Energy Costs
PITTSBURGH and SAN MATEO, Calif., Sept. 10, 2013 — Direct Energy and SolarCity® (Nasdaq:SCTY) have undertaken a broad agreement to provide solar electricity directly to businesses. The two companies have created a dedicated investment fund capable of financing up to $124 million in solar projects for Direct Energy’s commercial and industrial (C&I) customers, which is partially funded with up to $50 million from Direct Energy. While many retail electricity providers ask customers to pay a price premium for a “green energy” option, SolarCity can make it possible for many of Direct Energy’s customers to pay less than current rates for clean power*. Through the arrangement, eligible Direct Energy C&I customers will be able to utilize solar power with little or no upfront cost, depending on the customer’s choice of plans. Customers will be given a choice to pre-pay for their solar electricity or pay a monthly payment, with installation, insurance, repairs and monitoring service included.
Solar energy’s use of free, abundant sunlight and rapidly falling technology and operations costs have made it cost-competitive with power generated from fossil fuels in a growing number of markets nationwide. SolarCity’s vertically integrated service model, combined with Direct Energy’s energy expertise, North American footprint, customer relationships and financial stability are attractive to customers in a fragmented solar market.
“Solar is a viable opportunity that positions Direct Energy Business as a total energy management service provider for commercial and industrial customers,” said Mike Senff, head of U.S. sales, marketing and 360Direct for Direct Energy Business. “Solar complements Direct Energy Business’ other product offerings while supporting our customers’ corporate sustainability goals.”
SolarCity is America’s No. 1 full-service solar power provider in the U.S. with more than 68,000 customers across 14 states, including more than 1,000 commercial and government customers. SolarCity has created 28 investment funds to date. Direct Energy Business serves commercial and industrial customers in 14 states, the District of Columbia and five Canadian provinces, providing electricity and natural gas supply and energy management services to more than 180,000 customers. Direct Energy Business is part of Direct Energy, North America’s largest competitive retail energy supplier, with more than six million customer relationships across the continent.
“This unique relationship demonstrates how traditional energy companies and renewable energy companies can work together to make clean energy more accessible and affordable,” said Jimmy Chuang, vice president of structured finance for SolarCity. “Direct Energy is giving business and industrial customers direct access to cheaper, cleaner energy. SolarCity gains an important new avenue to provide its groundbreaking services to businesses at a lower cost.”
*Please note, this is not a guarantee for future energy costs.
About Direct Energy
Direct Energy is North America’s largest provider of heating & cooling, plumbing and electrical services and a leading energy and energy-related services provider with over six million residential and commercial customer relationships. Direct Energy provides customers with choice and support in managing their energy costs through a portfolio of innovative products and services. A subsidiary of Centrica plc (LSE:CNA), one of the world’s leading integrated energy companies, Direct Energy operates in 46 U.S. states plus the District of Columbia and 10 provinces in Canada. To learn more about Direct Energy, please visit www.directenergy.com.
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About SolarCity
SolarCity® (Nasdaq:SCTY) provides clean energy. The company has disrupted the century-old energy industry by providing renewable electricity directly to homeowners, businesses and government organizations for less than they spend on utility bills. SolarCity gives customers control of their energy costs to protect them from rising rates. The company offers solar power, energy efficiency and electric vehicle services, and makes clean energy easy by taking care of everything from design and permitting to monitoring and maintenance. SolarCity currently serves 14 states and signs a new customer every five minutes. Visit the company online at www.solarcity.com and follow the company on Facebook & Twitter.
This release contains forward-looking statements including, but not limited to, statements regarding the number of organizations that can pay less for solar electricity, the value of the projects that will be financed and the benefits to SolarCity and Direct Energy. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved, if at all. Forward-looking statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward looking statements. You should read the section entitled “Risk Factors” in SolarCity’s registration statement on Form S-1, which has been filed with the Securities and Exchange Commission and identifies certain of these and additional risks and uncertainties. SolarCity does not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.
CONTACT: Andrea Romo Direct Energy 412.334.9510 Andrea.Romo@directenergy.com Jonathan Bass SolarCity 650.963.5156 press@solarcity.com
(TOFC) Old National Bancorp to Partner w/ Tower Financial
EVANSVILLE, IN and FORT WAYNE, IN–(Sep 10, 2013) –
- The acquisition strengthens Old National ‘s objective of being Indiana’s largest community bank and strengthens Tower’s commitment to ensure a strong community banking presence in attractive Fort Wayne and Warsaw, Indiana
- Adds seven full-service banking centers — six in Fort Wayne and one in Warsaw, Ind.
- Includes $581.6 million in deposits and $438.6 million in loans
- Adds attractive fee businesses with $523.3 million in trust assets and over 50,000 Health Savings Accounts
Evansville-based Old National Bancorp (NASDAQ: ONB) and Fort Wayne-based Tower Financial Corporation (NASDAQ: TOFC), jointly announced today the execution of a definitive agreement under which Old National will acquire Tower Financial Corporation through a stock and cash merger.
With nearly $680.9 million in total assets, and an additional $523.3 million in trust assets under management, Tower Financial Corporation is an Indiana bank holding company with Tower Bank & Trust Company (Tower Bank) as its wholly-owned subsidiary. Tower Bank currently operates six full-service banking centers in Fort Wayne and one in Warsaw, Ind., with total deposits of $581.6 million and $438.6 million in loans. Tower Bank is the largest independent bank headquartered in Fort Wayne, Ind.
Founded in Evansville in 1834, with $9.6 billion in assets and 176 branches, Old National is the largest financial services holding company headquartered in Indiana. This acquisition will strengthen Old National’s position to the third largest deposit holder in Indiana. Old National also has branches in Southern Illinois, Western Kentucky and Louisville, and Southwestern Michigan.
“We are absolutely thrilled about this partnership, which dramatically expands Old National’s presence in the attractive Fort Wayne market, and which will continue and strengthen Tower’s community banking commitment, while helping to solidify our standing as Indiana’s bank,” said Old National Bancorp President & CEO Bob Jones. “Tower Bank has a well-earned reputation for excellence, as demonstrated by their recent Best Places to Work in Indiana designation, as well as a history of delivering outstanding client service. Tower clients will benefit from the additional services provided by working with a larger community bank, while continuing to receive continued excellent local service from the people they are accustomed to working with. We look forward to the opportunity to continue this legacy while earning the trust and continued business of Tower clients.”
Michael Cahill, Tower Financial Corporation President and CEO, added: “Tower is excited to be able to expand its abilities to meet the needs of our team members, customers, community, and shareholders through our partnership with Indiana’s largest financial institution. The fact that Old National was founded almost 180 years ago, along with its commitment to our state and our region, and its high level of business ethics, community banking and active community involvement made it the right partner for Tower. We have had the opportunity to get to know Bob Jones and his excellent team over many years. We have similar missions and share many of the same corporate values. Our Tower team looks forward to becoming a key part of the Old National organization and continuing our role in our local market.”
Under the terms of the merger agreement, which was unanimously approved by the boards of both companies, shareholders of Tower Financial Corporation will receive 1.20 shares of Old National Bancorp common stock and $6.75 in cash (fixed) for each share of Tower Financial common stock. Based upon the September 5, 2013, closing price of $13.52 per share of Old National common stock, the transaction is valued at approximately $107.7 million. The transaction value is likely to change due to fluctuations in the price of Old National common stock. As provided in the merger agreement, the exchange ratio is subject to adjustment (calculated prior to closing) in the event shareholders’ equity of Tower Financial Corporation is below a specified amount.
The transaction is expected to close in the first quarter of 2014. The transaction remains subject to approval by federal and state regulatory authorities and Tower Financial Corporation shareholders as well as the satisfaction of other closing conditions provided in the merger agreement. The merger agreement also provides that Tower Bank, the bank subsidiary of Tower Financial Corporation, will be merged into Old National Bank, the bank subsidiary of Old National Bancorp.
Old National was advised by Sandler O’Neill + Partners, L.P. and the law firm of Krieg DeVault LLP. Tower was advised by Keefe, Bruyette & Woods, Inc. and the law firm of Barrett & McNagy LLP.
About Old National
Old National Bancorp (NASDAQ: ONB) is the largest financial services holding company headquartered in Indiana. With $9.6 billion in assets, it ranks among the top 100 banking companies in the United States. Since its founding in Evansville, Ind., in 1834, Old National has focused on community banking by building long-term, highly valued partnerships with its clients. Today, Old National’s footprint includes Indiana, Western Kentucky and Louisville, Southern Illinois and Southwestern Michigan. In addition to providing extensive services in retail and commercial banking, wealth management, investments and brokerage, Old National owns Old National Insurance, one of the 100 largest brokers in the nation. For more information and financial data, please visit Investor Relations at oldnational.com.
About Tower Financial Corporation
Headquartered in Fort Wayne, Indiana, Tower Financial Corporation is a financial services holding company with one subsidiary; Tower Bank & Trust Company (Tower Bank), a community bank headquartered in Fort Wayne. Tower Bank provides a wide variety of financial services to businesses and consumers through its six full-service financial centers in Fort Wayne, and one in Warsaw, Indiana. Tower Bank has a wholly-owned subsidiary, Tower Trust Company, which is a state-chartered wealth services firm doing business as Tower Private Advisors. Tower Bank also markets under the HSA Authority brand, which provides Health Savings Accounts to clients in 50 states. Tower Financial Corporation’s common stock is listed on the NASDAQ Global Market under the symbol “TOFC.” For further information, visit Tower’s web site at towerbank.net.
Conference Call
Old National will hold a conference call at 8:15 a.m. Central Time on Tuesday, September 10, 2013, to discuss the announced acquisition of Tower Financial Corporation. The live audio web cast of the call, along with the corresponding presentation slides, will be available on the Company’s Investor Relations web page at oldnational.com and will be archived there for 12 months. A replay of the call will also be available from 8:00 a.m. Central Time on September 11 through September 24. To access the replay, dial 1-855-859-2056, conference code 57861200.
Additional Information for Shareholders
In connection with the proposed merger, Old National Bancorp will file with the Securities and Exchange Commission (SEC) a Registration Statement on Form S-4 that will include a Proxy Statement of Tower Financial Corporation and a Prospectus of Old National Bancorp, as well as other relevant documents concerning the proposed transaction. Shareholders are urged to read the Registration Statement and the Proxy Statement/Prospectus regarding the merger when it becomes available and any other relevant documents filed with the SEC, as well as any amendments or supplements to those documents, because they will contain important information. A free copy of the Proxy Statement/Prospectus, as well as other filings containing information about Old National Bancorp and Tower Financial Corporation, may be obtained at the SEC’s Internet site (http://www.sec.gov). You will also be able to obtain these documents, free of charge, from Old National Bancorp at www.oldnational.com under the tab “Investor Relations” and then under the heading “Financial Information” or from Tower Financial Corporation by accessing Tower Financial Corporation’s website at www.towerbank.net under the tab “Investor Relations” and then under the heading “SEC Filings.”
Old National Bancorp and Tower Financial Corporation and certain of their directors and executive officers may be deemed to be participants in the solicitation of proxies from the shareholders of Tower Financial Corporation in connection with the proposed merger. Information about the directors and executive officers of Old National Bancorp is set forth in the proxy statement for Old National’s 2013 annual meeting of shareholders, as filed with the SEC on a Schedule 14A on March 15, 2013. Information about the directors and executive officers of Tower Financial Corporation is set forth in the proxy statement for Tower Financial Corporation’s 2013 annual meeting of shareholders, as filed with the SEC on a Schedule 14A on March 28, 2013. Additional information regarding the interests of those participants and other persons who may be deemed participants in the transaction may be obtained by reading the Proxy Statement/Prospectus regarding the proposed merger when it becomes available. Free copies of this document may be obtained as described in the preceding paragraph.
Forward-Looking Statement
This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, descriptions of ONB’s and TFC’s financial condition, results of operations, asset and credit quality trends and profitability and statements about the expected timing, completion, financial benefits and other effects of the proposed merger. Forward-looking statements can be identified by the use of the words “anticipate,” “believe,” “expect,” “intend,” “could” and “should,” and other words of similar meaning. These forward-looking statements express management’s current expectations or forecasts of future events and, by their nature, are subject to risks and uncertainties and there are a number of factors that could cause actual results to differ materially from those in such statements. Factors that might cause such a difference include, but are not limited to: expected cost savings, synergies and other financial benefits from the proposed merger might not be realized within the expected time frames and costs or difficulties relating to integration matters might be greater than expected; the requisite shareholder and regulatory approvals for the proposed merger might not be obtained; market, economic, operational, liquidity, credit and interest rate risks associated with ONB’s and TFC’s businesses, competition, government legislation and policies (including the impact of the Dodd-Frank Wall Street Reform and Consumer Protection Act and its related regulations); ability of ONB and TFC to execute their respective business plans (including the proposed acquisition of TFC) and satisfy the items addressed in ONB’s Consent Order with the Office of the Comptroller of the Currency; changes in the economy which could materially impact credit quality trends and the ability to generate loans and gather deposits; failure or circumvention of either ONB’s or TFC’s internal controls; failure or disruption of our information systems; significant changes in accounting, tax or regulatory practices or requirements; new legal obligations or liabilities or unfavorable resolutions of litigations; other matters discussed in this release and other factors identified in ONB’s and TFC’s Annual Reports on Form 10-K and other periodic filings with the Securities and Exchange Commission. These forward-looking statements are made only as of the date of this release, and neither ONB nor TFC undertakes an obligation to release revisions to these forward-looking statements to reflect events or conditions after the date of this release.
(AEPI) Reports Fiscal 2013 Third Quarter And Year-To-Date-Results
SOUTH HACKENSACK, N.J., Sept. 9, 2013 — AEP Industries Inc. (Nasdaq: AEPI, the “Company” or “AEP”) today reported financial results for its third quarter ended July 31, 2013.
Net sales for the third quarter of fiscal 2013 decreased $0.1 million to $291.9 million from $292.0 million for the third quarter of fiscal 2012. Net sales for the nine months ended July 31, 2013 decreased $11.7 million, or 1.4%, to $844.6 million from $856.3 million in the same period of the prior fiscal year. The decrease during the three months ended July 31, 2013 was the result of a decrease in average selling prices offset by a 0.3% increase in sales volume compared to the prior year period. The decrease during the nine months ended July 31, 2013 was the result of a 1% decrease in sales volume combined with a decrease in average selling prices compared to the prior year period. The sales volume for the nine months ended July 31, 2013, was negatively impacted by supply disruption from the movement and installation of equipment related to the Company’s Webster and Transco acquisitions.
Gross profit for the third quarter of fiscal 2013 was $37.7 million, a decrease of $18.9 million, or 33.4%, compared to the comparable period in the prior fiscal year. Excluding the impact of the LIFO reserve change of $14.7 million during the periods and a $1.5 million increase in depreciation expense, gross profit decreased $2.7 million primarily from costs due to realignments and increases to manufacturing capabilities.
Gross profit for the first nine months of fiscal 2013 was $117.3 million, a decrease of $17.0 million, or 12.7%, compared to the comparable period in the prior fiscal year. Excluding the impact of the LIFO reserve change of $12.7 million during the periods and an increase in depreciation expense of $3.3 million, gross profit decreased $1.0 million primarily from unabsorbed costs and costs due to realignments and increases to manufacturing capabilities.
Operating expenses for the third quarter of fiscal 2013 were $31.0 million, a decrease of $0.7 million, or 2.4%, compared to the same period in the prior fiscal year and for the first nine months of fiscal 2013 were $91.1 million, a decrease of $0.3 million, or 0.3%, compared to the comparable period in the prior fiscal year. The decrease for the three months ended July 31, 2013 was primarily due to a decrease in the Company’s provisions related to employee cash performance incentives and a decrease in professional fees, partially offset by severance payments related to the Company’s Webster operations. Included in the nine months ended July 31, 2012 was $0.6 million of acquisition-related fees associated with the Webster acquisition. Excluding such fees, operating expenses for the nine months ended July 31, 2013 increased $0.3 million primarily due to an increase in share-based compensation costs associated with the Company’s stock option and performance units and severance payments related to the Company’s Webster operations, partially offset by synergies achieved related to the integration of Webster, lower bad debt expense and a decrease in the Company’s provisions related to employee cash performance incentives. Operating expenses during the three and nine months ended July 31, 2013 also include a temporary increase in inter-plant transportation costs incurred to maintain traditional customer service levels as manufacturing sites are realigned and higher fuel costs.
“Our results for the third quarter reflect the stability of our business and our strength in generating cash flow in the face of continued challenges due to market and resin cost volatility, and the realignment of certain AEP manufacturing sites,” said Brendan Barba, Chairman, President and Chief Executive Officer of the Company. “During the quarter, we completed the majority of the equipment relocations associated with our Webster and Transco acquisitions, and, as anticipated, we recorded a modest improvement in volumes. We remain confident that our realignment efforts, combined with our targeted price management and investment strategies, will optimize our operations, support our sales growth and improve margins. We believe AEP remains well positioned in the current market, and we look forward to continuing to enhance value for shareholders.”
Interest expense for the three months and nine months ended July 31, 2013 decreased $0.1 million and $0.4 million, respectively, as compared to the prior year periods resulting primarily from lower average borrowings under the Company’s credit facility and unrealized gains on the Company’s interest rate swap, partially offset by additional interest expense on new capital leases and interest expense on the Company’s mortgage note which was entered into on July 25, 2012.
Net income for the three months ended July 31, 2013 was $1.8 million, or $0.32 per diluted share, as compared to net income of $12.3 million, or $2.20 per diluted share, for the three months ended July 31, 2012. Net income for the nine months ended July 31, 2013 was $9.8 million, or $1.74 per diluted share, as compared to net income of $17.5 million, or $3.15 per diluted share, for the nine months ended July 31, 2012. The nine months ended July 31, 2013 included a gain on bargain purchase of the Transco business of $1.0 million.
Adjusted EBITDA (defined below) was $14.4 million in the current quarter as compared to $16.4 million for the three months ended July 31, 2012. Adjusted EBITDA for the nine months ended July 31, 2013 was $58.0 million, as compared to $56.5 million for the nine months ended July 31, 2012.
Reconciliation of Non-GAAP Measures to GAAP
The Company defines Adjusted EBITDA as net income (loss) before discontinued operations, interest expense, income taxes, depreciation and amortization, changes in LIFO reserve, other non-operating income (expense) and share-based compensation expense. The Company believes Adjusted EBITDA is an important measure of operating performance because it allows management, investors and others to evaluate and compare its core operating results, including its return on capital and operating efficiencies, from period to period by removing the impact of its capital structure (interest expense from its outstanding debt), asset base (depreciation and amortization), tax consequences, changes in LIFO reserve (a non-cash charge/benefit to its consolidated statements of operations), other non-operating items and share-based compensation. Furthermore, management uses Adjusted EBITDA for business planning purposes and to evaluate and price potential acquisitions. In addition to its use by management, the Company also believes Adjusted EBITDA is a measure widely used by securities analysts, investors and others to evaluate the financial performance of the Company and other companies in the plastic films industry. Other companies may calculate Adjusted EBITDA differently, and therefore the Company’s Adjusted EBITDA may not be comparable to similarly titled measures of other companies.
Adjusted EBITDA is not a measure of financial performance under U.S. generally accepted accounting principles (GAAP), and should not be considered in isolation or as an alternative to net income (loss), cash flows from operating activities and other measures determined in accordance with GAAP. Items excluded from Adjusted EBITDA are significant and necessary components to the operations of the Company’s business, and, therefore, Adjusted EBITDA should only be used as a supplemental measure of the Company’s operating performance.
The following is a reconciliation of the Company’s net income, the most directly comparable GAAP financial measure, to Adjusted EBITDA:
Third Quarter | Third Quarter | July YTD | July YTD | |||||
Fiscal 2013 | Fiscal 2012 | Fiscal 2013 | Fiscal 2012 | |||||
(in thousands) | ||||||||
Net income | $ 1,788 | $ 12,277 | $ 9,758 | $ 17,468 | ||||
Provision for taxes | 579 | 7,868 | 3,825 | 11,153 | ||||
Interest expense | 4,567 | 4,694 | 13,965 | 14,402 | ||||
Depreciation and amortization expense | 7,343 | 5,626 | 20,884 | 16,927 | ||||
(Decrease) increase in LIFO reserve | (1,407) | (16,050) | 5,566 | (7,150) | ||||
Gain on bargain purchase of a business | – | – | (1,001) | – | ||||
Other non-operating income | (224) | (14) | (308) | (78) | ||||
Share-based compensation | 1,799 | 2,012 | 5,301 | 3,781 | ||||
Adjusted EBITDA | $ 14,445 | $ 16,413 | $ 57,990 | $ 56,503 | ||||
The Company invites all interested parties to listen to its third quarter conference call live over the Internet at www.aepinc.com on September 10, 2013, at 10:00 a.m. ET or by dialing 888-802-8577 for domestic participants or 404-665-9935 for international participants and referencing passcode 35038294. An archived version of the call will be made available on the Company’s website after the call is concluded and will remain available for one year.
AEP Industries Inc. manufactures, markets, and distributes an extensive range of plastic packaging products for the consumer, industrial and agricultural markets. The Company has manufacturing operations in the United States and Canada.
Except for historical information contained herein, statements in this release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties which may cause the Company’s actual results in future periods to differ materially from forecasted results. Those risks include, but are not limited to, risks associated with resin and product pricing, volume, resin availability, the integration of Webster Industries and Transco Plastics Industries, our liquidity and market conditions generally, including the continuing impacts of the U.S. recession and the global credit and financial crisis. Those and other risks are described in the Company’s annual report on Form 10-K for the year ended October 31, 2012 and subsequent reports filed with the Securities and Exchange Commission (SEC), copies of which are available from the SEC or may be obtained from the Company. Except as required by law, the Company assumes no obligation to update the forward-looking statements, which are made as of the date hereof, even if new information becomes available in the future.
AEP INDUSTRIES INCCONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED) (in thousands, except per share data) |
||||
For the ThreeMonths Ended
July 31, |
For the NineMonths Ended July 31, |
|||
2013 | 2012 | 2013 | 2012 | |
NET SALES | $291,873 | $291,988 | $844,589 | $856,315 |
COST OF SALES | 254,204 | 235,457 | 727,273 | 721,988 |
Gross profit | 37,669 | 56,531 | 117,316 | 134,327 |
OPERATING EXPENSES: | ||||
Delivery | 13,308 | 13,066 | 39,310 | 38,847 |
Selling | 10,373 | 10,528 | 29,486 | 30,333 |
General and administrative | 7,278 | 8,112 | 22,281 | 22,202 |
Total operating expenses | 30,959 | 31,706 | 91,077 | 91,382 |
Operating income | 6,710 | 24,825 | 26,239 | 42,945 |
OTHER (EXPENSE) INCOME: | ||||
Interest expense | (4,567) | (4,694) | (13,965) | (14,402) |
Gain on bargain purchase of a business | — | — | 1,001 | — |
Other, net | 224 | 14 | 308 | 78 |
Income before provision for income taxes | 2,367 | 20,145 | 13,583 | 28,621 |
PROVISION FOR INCOME TAXES | (579) | (7,868) | (3,825) | (11,153) |
Net income | $1,788 | $12,277 | $9,758 | $17,468 |
BASIC EARNINGS PER COMMON SHARE: | ||||
Net income per common share | $0.32 | $2.22 | $1.75 | $3.17 |
DILUTED EARNINGS PER COMMON SHARE: | ||||
Net income per common share | $0.32 | $2.20 | $1.74 | $3.15 |
Contact: Paul M. Feeney
Executive Vice President, Finance
and Chief Financial Officer
AEP Industries Inc.
(201) 807-2330
feeneyp@aepinc.com
(CMRX) Initiates Phase 3 SUPPRESS Trial of Brincidofovir
DURHAM, N.C., Sept. 9, 2013 — Chimerix, Inc. (Nasdaq:CMRX), a biopharmaceutical company developing novel, oral antivirals in areas of high unmet medical need, today announced initiation of dosing in the Phase 3 SUPPRESS trial (ClinicalTrials.gov ID: NCT01769170). SUPPRESS is evaluating brincidofovir (CMX001) for the prevention of cytomegalovirus (CMV) infection, the most significant infectious disease in hematopoietic cell transplant (HCT) recipients. Brincidofovir is an investigational oral nucleotide analog lipid-conjugate that has demonstrated activity against all pathogenic double-stranded DNA (dsDNA) viruses, including herpesviruses, adenoviruses, and polyomaviruses.
“Initiation of our Phase 3 SUPPRESS trial marks a significant milestone in the development program for brincidofovir,” said Kenneth I. Moch, President and CEO of Chimerix. “A well-tolerated and effective prevention for CMV disease in hematopoietic cell transplant patients remains an important unmet medical need, as existing antiviral therapies are limited by significant hematologic and renal toxicities.”
SUPPRESS is designed to demonstrate the efficacy and safety of brincidofovir for the prevention of CMV infection versus a placebo control, as no therapy is currently approved for the prevention of CMV in HCT recipients. The primary endpoint for SUPPRESS is prevention of clinically significant CMV infection through the first 24 weeks post-transplant. The trial is powered to detect a relative 50% decrease in clinically significant CMV infection in subjects receiving brincidofovir versus those receiving placebo. Secondary endpoints in the SUPPRESS trial include evidence of other dsDNA viruses, including adenovirus (AdV), varicellovirus (VZV), BK virus (BKV), and other herpesviruses such as HHV-6, which contribute to morbidity and mortality in the first year following HCT.
SUPPRESS is anticipated to enroll approximately 450 HCT recipients who are at increased risk of CMV infection, with approximately 300 of the 450 enrolled subjects receiving twice weekly (BIW) brincidofovir versus placebo (2-to-1 ratio). Dosing of study drug will begin shortly after subjects receive their transplant, and will not require evidence of stem cell “engraftment” (evidence of production of blood cells by the new transplant), a safety precaution in the Phase 2 trial of brincidofovir and other recent trials of investigational antivirals for CMV prevention. The ability to begin prevention during the early post-transplant period may decrease the risk of CMV infection in transplant patients.
Subjects enrolled in SUPPRESS will receive brincidofovir or placebo from the early post-transplant period through Week 14 post-transplant, the period of highest risk for viral reactivation. Enrolled subjects will continue to be monitored for evidence of CMV reactivation and other dsDNA viral infections through Week 24 post-transplant. The recently approved Roche TAQMAN® real-time polymerase chain reaction assay will be used to monitor levels of CMV in the blood. Approximately 40 transplant centers will participate in SUPPRESS.
Data from SUPPRESS are anticipated in 2015 and, if positive, may support Accelerated Approval of brincidofovir for the prevention of CMV infection.
“Initiation of patient dosing in SUPPRESS advances the development program for brincidofovir, which has the potential to make a meaningful difference in the lives of immunocompromised patients,” said M. Michelle Berrey, MD, MPH, Chief Medical Officer of Chimerix. “Because transplant patients are too often faced with the clinical consequences of multiple dsDNA viral infections, brincidofovir with its broad spectrum antiviral activity has the potential to improve overall outcomes in patients undergoing HCT, through both direct and indirect effects of prevention of CMV and other dsDNA viral infections.”
In addition to the ongoing Phase 3 SUPPRESS trial, Chimerix has recently announced top line data from a Phase 2 trial of brincidofovir for AdV infection in pediatric and high-risk adult HCT recipients. Results from this trial will be presented as a late-breaker at the annual ICAAC Conference on September 10, 2013.
About Brincidofovir (CMX001)
Brincidofovir is an investigational oral nucleotide analog lipid-conjugate that has shown broad-spectrum antiviral activity against all five families of dsDNA viruses that affect humans, including herpesviruses such as CMV, adenoviruses, polyomaviruses such as BKV, papillomaviruses, and orthopoxviruses. In a Phase 2 trial of 230 HCT recipients, brincidofovir demonstrated potential clinical utility in prevention of CMV infection. In this same CMV trial, brincidofovir-treated subjects had improvements in kidney function and hematuria (blood in the urine) when compared to placebo-treated subjects, suggesting that brincidofovir may reduce BKV-associated bladder and renal damage. In September 2013, Chimerix initiated the Phase 3 SUPPRESS trial for the prevention of CMV in HCT recipients. Chimerix recently announced top line data from its Phase 2 trial in pediatric and adult HCT recipients evaluating brincidofovir as a preemptive therapy for AdV disease, an often fatal infection with no approved therapies. These data, which will be presented at the annual ICAAC conference, support continued development of brincidofovir as a broad-spectrum antiviral therapy for CMV and AdV. Brincidofovir has a favorable safety and tolerability profile, with no evidence of kidney or bone marrow toxicity in over 900 patients dosed with brincidofovir for prevention, preemptive therapy, or treatment of dsDNA viruses that cause disease in humans.
About Cytomegalovirus (CMV) and Double-Stranded DNA (dsDNA) Viruses
CMV is a member of the herpesvirus family and the most common infectious pathogen in transplant recipients. A majority of adults in the US have been exposed to CMV, generally in childhood, with lifelong viral latency established following resolution. In healthy individuals with a functioning immune system, CMV remains dormant throughout life. A functioning immune system protects an infected individual against future exposure to CMV but does not clear the virus from their body. In immunocompromised individuals with weakened immune systems, such as transplant recipients, CMV often reactivates during the post-transplant period when the immune system is rebuilding itself. No therapies are approved for the prevention of CMV in HCT recipients. Currently available systemic anti-CMV agents can be effective against CMV; however, their use is limited by significant toxicities, including bone marrow suppression and renal impairment, and these therapies are only approved for certain solid organ transplant patient populations. CMV infection is known to correlate with progression to CMV disease and death. CMV itself is immunosuppressive and reactivation of the virus can predispose a patient to other opportunistic viral infections in addition to fungal and bacterial infections.
About Hematopoietic Cell Transplantation (HCT)
HCT is a medical procedure performed most frequently for hematology and oncology indications to treat patients with certain cancers of the blood and bone marrow, such as multiple myeloma or leukemia, or genetic diseases. For these patients, replacement of the blood forming system is the best therapeutic alternative. Because of chemotherapy and immunosuppressants that are used before, during and after the procedure, patients are highly susceptible to viral, bacterial and fungal infections and associated complications related to the chemotherapy and immunosuppression. These post-transplant complications are a significant cause of morbidities and mortalities following the procedure.
About Chimerix
Chimerix, a biopharmaceutical company based in Durham, NC, is committed to the discovery, development and commercialization of novel, oral antiviral therapeutics designed to transform patient care in areas of high unmet medical need. Chimerix’s proprietary lipid technology has given rise to two clinical-stage nucleotide analog lipid-conjugates, brincidofovir (CMX001) and CMX157, which have demonstrated the potential for enhanced activity and safety in convenient, orally administered dosing regimens. Brincidofovir has shown broad-spectrum activity against dsDNA viruses, including herpesviruses, adenoviruses and polyomaviruses. Chimerix’s second product candidate, CMX157, an oral nucleotide analog for the treatment of HIV infection, was licensed to Merck in July 2012.
Forward-Looking Statements
Statements contained in this press release regarding matters that are not historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Such statements include, but are not limited to, statements regarding Chimerix’s Phase 3 SUPPRESS trial, the efficacy of brincidofovir and its ability to provide a broad spectrum of antiviral activity and the positive impact of brincidofovir on transplant recipients. Risks that contribute to the uncertain nature of the forward-looking statements include: the success of SUPPRESS; the demonstrated efficacy of brincidofovir in the SUPPRESS trial; and regulatory developments in the United States and foreign countries. Other risks and uncertainties affecting Chimerix are described more fully in Chimerix’s filings with the Securities and Exchange Commission, including without limitation its most recent Quarterly Report on Form 10-Q, its most recently filed reports on Form 8-K and other documents subsequently filed with or furnished to the Securities and Exchange Commission. All forward-looking statements contained in this press release speak only as of the date on which they were made. Chimerix undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made.
CONTACT: CHIMERIX CONTACT: Joseph T. Schepers Executive Director, Investor Relations 919-287-4125 MEDIA CONTACT: Tony Plohoros tplohoros@6degreespr.com
(ADEP) to Host North American Automation Industry Summit
System Integrator-Targeted Automation Event to Feature Industry Leaders, Real-World Case Studies, Live Automation Demonstrations and Industry Networking
PLEASANTON, Calif., Sept. 9, 2013 — Adept Technology, Inc. (Nasdaq:ADEP), a leading provider of intelligent robots and autonomous mobile solutions and services, today announced that it will host its North American Summit 2013 event in Pleasanton, CA October 15 – 17, 2013. The automation conference will feature industry leaders, real-world case studies, live automation demonstrations and a chance to network with automation leaders. Speakers will include food processors, industrial manufacturers and industry experts. Major themes include integration of industrial and fully-autonomous mobile vehicles and the shift from hard automation to flexible, lean manufacturing techniques in the food industry.
“We are very excited to be hosting this event which will give attendees the opportunity to learn about the latest trends and opportunities in robotics, meet with leading Adept end-users and solution providers alike and view live demonstrations,” said Rob Cain, president and CEO for Adept Technology, Inc. “It will be an excellent forum to connect with peers and some of the top U.S. manufacturers.”
To see the full agenda and to register please go to www2.adept.com/conference2013.
About Adept Technology, Inc.
Adept is a global, leading provider of intelligent robots and autonomous mobile solutions and services that enable customers to achieve precision, speed, quality and productivity in their assembly, handling, packaging, testing, and logistical processes. With a comprehensive portfolio of high-performance motion controllers, application development software, vision-guidance technology and high-reliability robot mechanisms with autonomous capabilities, Adept provides specialized, cost-effective robotics systems and services to high-growth markets including Medical, Electronics, Food and Semiconductor; as well as to traditional industrial markets including Machine Tool Automation and Automotive Components. More information is available at www.adept.com.
All trade names are either trademarks or registered trademarks of their respective holders.
CONTACT: Press and Industry Analysts: Glenn Hewson Adept Technology, Inc. 858 699 3909 (voice) 925 960 0452 (fax) glenn.hewson@adept.com
(MOLX) Agrees to Be Acquired by Koch for $38.50/share Cash
Molex Incorporated (NASDAQ: MOLX, MOLXA), a global electronic components company, today announced that it has entered into a definitive agreement to be acquired by Koch Industries, Inc., one of the world’s largest and most successful private companies. Under the terms of the agreement, Koch Industries will acquire all of Molex’s outstanding shares, including the Common Stock (MOLX), the Class A Common Stock (MOLXA) and the Class B Common Stock, for $38.50 per share in cash, for a total equity value of approximately $7.2 billion. Based on the closing stock prices on September 6, 2013, the purchase price represents a 42% premium to the equity value of Molex’s publicly-traded stock, specifically a 31% premium to the Common Stock and a 56% premium to the Class A Common Stock.
The agreement has been approved by both the Molex and the Koch Industries boards of directors. Certain members of the Krehbiel Family and certain executive officers of Molex, owning in the aggregate voting stock representing approximately 32% of the Common Stock and 94% of the Class B Common Stock, have entered into voting agreements with Koch by which they have agreed to vote their stock in support of the transaction.
At the close of the transaction, Molex will become a standalone subsidiary of Koch Industries and will continue to be operated by the company’s current management team. Molex, with a 75-year history of industry-leading product innovation, will retain the company name following the transaction as well as its headquarters in Lisle, Illinois.
“After 75 years this was a difficult decision, but our board of directors and our family believe that this transaction, which follows a diligent and thorough review process by the board, provides outstanding benefits for all our stakeholders. Importantly, our shareholders will receive a significant premium and compelling value for their holdings. The transaction is expected to provide substantial opportunities for our worldwide employees, many of whom have spent much of their working lives at Molex and are responsible for the company’s long term success,” said Fred Krehbiel, co-chairman of the Molex board.
“For our customers and employees, this transaction will allow us to build on Molex’s proud past and strengthen us for a powerful future. We are excited to work with Koch to continue our track record of growth and investment in people, innovation and technology,” said Martin Slark, vice chairman and chief executive officer of Molex.
Charles Koch, chairman and chief executive officer of Koch Industries, considers Molex “an exciting acquisition that matches up well with our culture and our core capabilities. It also provides a significant new platform for growth.
“Molex has become a global leader by focusing on product innovation and value creation, driven by its talented leadership and employees,” Koch said. “We look forward to jointly applying the capabilities of our two companies to help take both to the next level.”
The transaction is not subject to a financing condition, and the parties are targeting a calendar year-end close, subject to customary closing conditions, including receipt of shareholder and regulatory approvals.
William Blair & Company and BDT & Company are serving as lead financial advisors to Molex in connection with this transaction, and Goldman, Sachs & Co. provided a fairness opinion and other financial advice. Dentons is acting as Molex’s legal advisor. Koch is represented by Latham & Watkins LLP in connection with the transaction.
Forward-Looking Statements
Statements in this release that are not historical are forward-looking and are subject to various risks and uncertainties that could cause actual results to vary materially from those stated. Forward-looking statements are based on currently available information. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict. Respective risks, uncertainties and assumptions that could affect the outcome or results of operations are described in Part 1, Item 1A of Molex’s Annual Report on Form 10-K for the year ended June 30, 2013, which is incorporated by reference and in other reports that Molex files or furnishes with the Securities and Exchange Commission (“SEC”).
Among other risks and uncertainties, there can be no guarantee that the acquisition will be completed, or if it is completed, the time frame in which it will be completed. The acquisition is subject to the satisfaction of certain conditions contained in the Agreement and Plan of Merger, a copy of which will be filed with the SEC. Pursuing the acquisition could disrupt certain of Molex’s current plans, operations, business, and employee relationships.
Molex has based its forward-looking statements, including statements made regarding the proposed transaction, the expected timetable for completing the proposed transaction and other statements, on its management’s beliefs and assumptions based on information available to management at the time the statements are made. Molex cautions you that actual outcomes and results may differ materially from what is expressed, implied, or forecast by the forward-looking statements. Except as required under the federal securities laws, Molex does not have any intention or obligation to update publicly any forward-looking statements, whether as a result of new information, future events, changes in assumptions, or otherwise.
Important Additional Information about the Proposed Merger
In connection with the proposed merger transaction, Molex intends to file with the SEC a current report on Form 8-K, which will include the merger agreement and related documents and also to file with the SEC and to make available to Molex’s stockholders a proxy statement and other relevant materials regarding the proposed transaction. This press release does not constitute a solicitation of any proxy or vote. MOLEX’S STOCKHOLDERS ARE URGED TO CAREFULLY READ THE PROXY STATEMENT AND OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED WITH THE SEC WHEN THEY BECOME AVAILABLE BEFORE MAKING ANY VOTING OR INVESTMENT DECISION WITH RESPECT TO THE PROPOSED MERGER BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED MERGER TRANSACTION, THE PARTIES TO THE PROPOSED MERGER TRANSACTION AND RELATED MATTERS. In addition to receiving the proxy statement and related materials, Molex stockholders will be able to obtain, without charge, copies of the proxy statement and other Molex filings with the SEC from the SEC’s website (http://www.sec.gov). Stockholders may obtain, without charge, copies of the proxy statement and other Molex filings with the SEC from Molex’s website at www.molex.com or by contacting Steve Martens, VP Investor Relations, at (630)527-4344 or steve.martens@molex.com.
Participants in Solicitation
Molex’s executive officers and directors and other members of its management and employees may be deemed “participants” in the solicitation of proxies from Molex’s stockholders with respect to the matters relating to the proposed merger. Information concerning the interests of the persons who may, under SEC rules, be considered participants in the solicitation of Molex stockholders will be set forth in the proxy statement and other relevant documents to be filed with the SEC. Information about Molex’s executive officers and directors can be found in Molex’s Annual Report on Form 10-K, and Amendment No. 1 to the Form 10-K, for the fiscal year ended June 30, 2013 and its proxy statement for the 2012 Annual Meeting of Stockholders, which was filed with the SEC on September 7, 2012. Information concerning the interests of Molex’s participants in the solicitation, which may, in some cases, be different than those of Molex’s stockholders generally, will be set forth in the proxy statement relating to the merger when it becomes available.
About Molex Incorporated
Molex Incorporated is a 75-year-old global manufacturer of electronic, electrical and fiber optic interconnection systems. Based in Lisle, Illinois, the Company operates 41 manufacturing locations in 15 countries and employs more than 35,000 people globally. Molex offers approximately 100,000 products through direct salespeople and authorized distributors. Markets that Molex serves include mobile devices, infotech, consumer electronics, automotive, telecommunications, industrial, medical, military and aerospace. Sales for the fiscal year ended June 30, 2013 were $3.6 billion. Over 70% of Molex’s revenues come from products sold outside the United States. The Molex website is www.molex.com.
About Koch Industries, Inc.
Based in Wichita, Kan., Koch Industries, Inc. is one of the largest private companies in America with annual revenues of about $115 billion. It owns a diverse group of companies involved in refining, chemicals and biofuels; forest and consumer products; fertilizers; polymers and fibers; process and pollution control equipment and technologies; minerals; commodity trading and services; ranching; glass; and investments. Since 2003, Koch companies have invested about $50 billion in acquisitions and other capital expenditures. With a presence in nearly 60 countries, Koch companies employ about 60,000 people worldwide. In 2012, Koch companies employed nearly 50,000 people in the United States and paid compensation and benefits totaling more than $4 billion. From January 2009 to present, Koch companies earned more than 752 awards for safety, environmental excellence, community stewardship, innovation, and customer service. For more information, visit www.kochind.com.
(CLPI) Money-on-Mobile Service Serves over 67 Million Users
Calpian, Inc. (OTC:CLPI) announced today that, as of August 31, 2013, the Money-on-Mobile service offered by its Indian subsidiary is now being supported by 157,860 retail locations, an increase of 6,330 stores from 151,530 stores on July 31, 2013. Additionally, Money-on-Mobile was accessed by approximately 67.5 million unique phone number customers from inception through August 31, 2013, up from the 62.6 million reported from the previous month. Processed transaction volume for August 2013, which is measured in Indian rupees, was slightly over 933 million INR, a gain of 20.8 million Rupees or about 2% from the previous month. At current exchange rates, August processed transaction volume was approximately $14.2 million, down from $15.0 million in July due to a nearly 10% decline in the value of the Indian rupee during August.
According to Calpian CEO, Harold Montgomery, “Money on Mobile continues to show an increased growth rate in stores participating in the system. Whereas we had added 3,000 to 4,000 stores per month, in the last two months we have added over 8,000 and over 6,000 respectively. Month after month we are seeing further evidence of the increase in popularity of our Money-on-Mobile service.”
Money-on-Mobile Managing Director Shashank Joshi said, “We are very pleased to see a volume increase in August relative to July. There are three big holidays in India in August including our National Independence Day on August 15th. Despite this, we showed solid volume growth from July to August.”
About Calpian, Inc.
Calpian, Inc. (CLPI) is a publicly traded company with corporate offices in Dallas, Texas, operating centers in Georgia and New York and mobile payments emerging-market operations through its subsidiary in India.
Calpian’s Indian subsidiary offers Money-on-Mobile, a pre-paid mobile payment solution, to 157,860 Indian retail locations. Calpian’s management team has over 70 years in combined experience in the payments business. Calpian’s CEO, Harold Montgomery, is a recognized industry leader who has provided expert testimony to the U.S. Congress and Federal Reserve Bank on payments-related issues and regularly appears in numerous industry publications, such as Transaction World Magazine. Please visit our website at www.calpian.com for more information.
(CLSN) to Present at the Rodman & Renshaw Global Investment Conference
LAWRENCEVILLE, N.J., Sept. 6, 2013 /PRNewswire/ — Celsion Corporation (Nasdaq: CLSN), a leading oncology drug development company, today announced that Michael H. Tardugno, Celsion’s President and Chief Executive Officer, will present at the Rodman & Renshaw Global Investment Conference on Monday, September 9, 2013 at 11:40 a.m. Eastern time. The conference is being held at the Millennium Broadway Hotel in New York City. The investor presentation will be available on Celsion’s website at http://investor.celsion.com/events.cfm.
About the Rodman & Renshaw Global Investment Conference
The 2013 Rodman & Renshaw Global Investment Conference, sponsored by H.C. Wainwright & Co., LLC, will be held in New York City from September 8 – 10, 2013 at The Millennium Broadway Hotel. More than 200 public and private companies from around the world are expected to present to an audience of over 1,500 attendees. The conference will feature tracks devoted to Biotechnology/Healthcare, Technology, Natural Resources and Growth.
About Celsion Corporation
Celsion is dedicated to transforming the landscape of treating cancer by utilizing innovative targeting technologies, including tumor-targeting treatments using focused heat energy in combination with heat-activated liposomal drug technology. Celsion has research, license or commercialization agreements with leading institutions, including the National Institutes of Health, Duke University Medical Center, University of Hong Kong, the University of Pisa, the UCLA Department of Medicine, the Kyungpook National University Hospital, the Beijing Cancer Hospital and the University of Oxford. For more information on Celsion, visit our website: http://www.celsion.com.
Investor Contact
Jeffrey W. Church
Senior Vice President and
Chief Financial Officer
609-482-2455
(KONG) Begins its 2nd Closed Beta Test of Guild Wars 2
BEIJING, Sept. 6, 2013 – Kongzhong Corporation (NASDAQ:KONG), a leading provider of digital entertainment services for consumers in the PRC, announced that it will begin its 2nd Closed Beta Test (CBT) of the Award winning MMORPG Guild Wars 2 in China at 2:00pm on Sept.17th. Guild Wars® 2 is a visually stunning MMO that offers players the epic grandeur of a massive role playing environment combined with innovative combat mechanics, dynamic events, and customized personal storytelling. This will be the only second opportunity that Chinese players can experience this breathtaking fantasy MMO again since its alpha test in March 2013.
Unveiling of the CBT Content
The 2nd CBT will last a week from 2:00 pm on Sept.17th. Compared to the March 2013 test, more content will be available to players such as 1-35 level maps, personal stories up to level 30, WvWvW and Structured PvP, etc.
This test includes three races: Human, Asura and Sylvari. The other two races Norn and Char will not be available this time. But all eight professions will be available: Guardian, Warrior, Elementalist, Thief, Ranger, Mesmer, Engineer, and Necromancer.
CBT CDkey distribution activities have already been launched on the official website, media and ecommerce partner Taobao. Those Chinese players fortunate enough to obtain these keys through various online events operated by KONG will have a chance to experience this fantastic game.
Epic PvP Combat – World vs. World vs. World (WvWvW)
WvWvW will bring you epic PvP combat experience on massive maps. From 2:00pm on Sept 20th, epic WvWvW in GW2 will start the 4-day battles, which will run until the end of the test. All 2nd CBT users can login and battle on three massive maps with hundreds of players!
Living World and Dynamic Events
Guild Wars 2 defines the future of online roleplaying games with action-oriented combat, customized personal storylines, epic dynamic events, world-class PvP, and no subscription fees!
The living world of Guild Wars 2 is filled with thousands of dynamic events that constantly change based on the actions of players like you. You never know what you’ll discover when you log in!
An Epic Product to Change the Game Industry
Moreover, Guild Wars 2 now ranks as the all-time fastest selling Massively Multiplayer Online Role-Playing Game (MMORPG) in Europe North America and Europe, with territorial sales topping more than 3 million in the first nine months of availability.
“After triangulating against multiple data sources, it’s clear that Guild Wars 2 is the fastest-selling Western MMO of all time based on the first nine months of availability”, said analyst David Cole of DFC Intelligence. “This puts Guild Wars 2 in an impressive position when they release in China, where we’ve seen similar franchises really take off”.
Guild Wars 2 is expected to experience rapid growth once it releases in China, where the player-base has the potential to exceed that of the West. To bring Guild Wars 2 to China, ArenaNet has partnered with KongZhong Corporation, a leading Chinese provider of digital entertainment services.
On Sept.17th 2013, We’ll see you in game China!
GW2 China Official Website: http://gw2.kongzhong.com/
Reserve a GW2 China CBT CDKey: http://ic.act.gw2.kongzhong.com/
GW2 China Developers Site: http://gw2.kongzhong.com/act/team/bin/
GW2 China Official Forum: http://bbs.gw2.kongzhong.com/index.php
GW2 Awards and Accolades: https://www.guildwars2.com/en/media/awards/
About ArenaNet
ArenaNet is the developer of the ground-breaking Guild Wars 2 and the best-selling Guild Wars online role-playing games. The studio’s mission is to create innovative online worlds, cultivate a vibrant and engaged global community of players, and to incorporate hand-crafted artistry into every aspect of their games. ArenaNet was formed in 2000 and is a wholly-owned subsidiary of Korea-based NCSOFT Corporation.
About Guild Wars 2
Guild Wars® 2 is a visually stunning MMO that offers players the epic grandeur of a massive role playing environment combined with innovative combat mechanics, dynamic events, and customized personal storytelling. Building on the success of Guild Wars, NCSOFT and game developer ArenaNet™ have created an MMO that lets gamers play the way they want, while at the same time retaining the no-subscription-fee business model that made the original Guild Wars so popular. For more information about Guild Wars 2, visit www.guildwars2.com.
About Kongzhong
Kongzhong (NASDAQ:KONG), listed in Nasdaq in 2004, is one of the leading providers of digital entertainment services for consumers in the PRC. We operate three main business units, namely WVAS, mobile games and Internet games. Within Internet games, KONG has the exclusive publishing rights for World of Tanks, World of Warplanes, World of Warships, Guild Wars 2 and other titles in mainland China. Since the acquisiton of our proprietary smartphone game engine platform in 2011, KONG has expanded our smartphone game development team across 4 cities in China currently developing over 10 smartphone games across various genres, including MMORPG, RTS, military, and fantasy.
(CLPI) to Present at the 15th Annual Rodman and Renshaw Conference
Calpian, Inc. (OTC: CLPI) announced today that Harold Montgomery, Chairman and Chief Executive Officer, will be presenting at the Rodman & Renshaw Annual Global Investment Conference on Monday, September 9, 2013 at 4:05 p.m. ET in Room 5.08 of the Millennium Broadway Hotel in New York. Mr. Montgomery will provide a brief overview of the Company’s business and will be available for a Q&A session after the presentation. Additionally, Mr. Montgomery will be available for one-on-one meetings with investors attending the conference.
The Calpian presentation will be webcast live and archived for later replay. To access the webcast, please visit the investor page on the Company’s website at www.calpian.com. A replay of the presentation will be archived after the conference at the same location.
For more information about the Rodman & Renshaw Global Investment Conference, please refer to the conference website at
http://www.meetmax.com/sched/event_20174/~public/conference_home.html?event_id=20174.
Calpian, Inc.
Calpian, Inc. (CLPI) is a publicly traded company with corporate offices in Dallas, Texas, operating centers in Georgia, and New York and mobile payments emerging-market operations through its subsidiary in India.
Calpian’s Indian subsidiary offers Money-on-Mobile, a pre-paid mobile payment solution, to more than 151,000 Indian retail locations. Calpian’s management team has over 70 years in combined experience in the payments business. Calpian’s CEO, Harold Montgomery, is a recognized industry leader who has provided expert testimony to the U.S. Congress and Federal Reserve Bank on payments-related issues and regularly appears in numerous industry publications, such as Transaction World Magazine. Please visit our website at www.calpian.com for more information.
(ECTE) Sends Response to Shareholder Letter
PHILADELPHIA, Sept. 5, 2013 – Echo Therapeutics, Inc. (Nasdaq: ECTE), a medical device company developing its needle-free Symphony® CGM System as a non-invasive, wireless, continuous glucose monitoring system, announced that the independent members of the Board of Directors and Mr. Robert F. Doman, the Executive Chairman and Interim Chief Executive Officer, today sent a letter to its shareholder, Platinum-Montaur Life Sciences, LLC, in response to an August 30, 2013 public communication made by Platinum-Montaur and its affiliated funds. In addition, Echo has communicated with Platinum-Montaur to discuss the matters raised in the August 30, 2013 communication. The Company and Platinum-Montaur have scheduled a meeting for next week.
As Echo has previously announced, it continues to consider and seek to enter into collaborations or licenses regarding the future development and distribution of its products and remains willing to enter into discussions regarding potential collaborations or licenses.
About Echo Therapeutics
Echo Therapeutics is developing the Symphony CGM System as a non-invasive, wireless, continuous glucose monitoring system for use initially in the critical care setting. Significant opportunity also exists for Symphony to be used in the hospital beyond the critical care setting, as well as in patients with diabetes in the outpatient setting. Echo is also developing its needle-free skin preparation component of Symphony, the Prelude® SkinPrep System, as a platform technology to enhance delivery of topical pharmaceuticals.
Cautionary Statement Regarding Forward Looking Statements
The statements in this press release that are not historical facts may constitute forward-looking statements that are based on current expectations and are subject to risks and uncertainties that could cause actual future results to differ materially from those expressed or implied by such statements. Those risks and uncertainties include, but are not limited to, risks related to regulatory approvals and the success of Echo’s ongoing studies, including the safety and efficacy of Echo’s Symphony CGM System, the failure of future development and preliminary marketing efforts related to Echo’s Symphony CGM System, Echo’s ability to secure additional commercial partnering arrangements, risks and uncertainties relating to Echo’s and its partners’ ability to develop, market and sell the Symphony CGM System, the availability of substantial additional equity or debt capital to support its research, development and product commercialization activities, and the success of its research, development, regulatory approval, marketing and distribution plans and strategies, including those plans and strategies related to its Symphony CGM System. These and other risks and uncertainties are identified and described in more detail in Echo’s filings with the Securities and Exchange Commission, including, without limitation, its Annual Report on Form 10-K for the year ended December 31, 2012, its Quarterly Reports on Form 10-Q, and its Current Reports on Form 8-K. Echo undertakes no obligation to publicly update or revise any forward-looking statements.
For More Information:
Christine H. Olimpio
Director, Investor Relations and Corporate Communications
(215) 717-4104
Connect With Us:
– Visit our website at www.echotx.com
– Follow us on Twitter at www.twitter.com/echotx
– Join us on Facebook at www.facebook.com/echotx
(RVM) Troy Mine Update
SPOKANE VALLEY, WASHINGTON–(Marketwired – Sept. 5, 2013) – Revett Minerals Inc. (NYSE MKT:RVM)(TSX:RVM) is pleased to provide a status update on efforts to re-establish access to mining areas in the A and C Beds via the Lower Quartzite haulage route at its Troy Mine in northwest Montana.
Since the suspension of underground activities in December 2012, Revett has continued to monitor conditions underground and has undertaken efforts to identify a viable and safe route back into the previously established mining areas. Operating crews have recently completed the D Drive development into the southeast stope of the previously-mined Lower Quartzite ore zone within the North Ore Body. Yesterday afternoon, our operating team, along with our geotechnical consultant and an MSHA representative were able to inspect an area extending approximately 400 feet south of the D Drive to current water levels. Initial observations reveal safe travel conditions to this point. Over the next 30 to 60 days, the Company will continue to dewater and inspect further to the south to ensure this route meets our operating standards. If assessments and inspections continue to indicate no further structural damage at the Lower Quartzite level, then the Company could possibly resume mining operations as early as the fourth quarter of 2013.
John Shanahan, Revett’s President and CEO stated “We are pleased to confirm that the D Drive is indeed viable. We remain cautiously optimistic that the remainder of this access route will meet our standards of safety, but we cannot be categorically sure until all inspections are complete. Our commitment to getting the Troy Mine back into operation has not wavered, nor has our commitment to the safety of our employees.”
About Revett
Revett, through its subsidiaries, owns and operates the Troy Mine in Lincoln County, Montana and development-stage Rock Creek Project located in Sanders County, Montana, USA. The proven reserves at the Troy Mine and significant resources at the Rock Creek project form the basis of our plan to become a premier mid-tier base and precious metals producer. Revett plans on expanding production through exploration in and around its current properties, as well as through targeted business combinations of advanced stage projects.
John Shanahan |
President & CEO |
Except for the statements of historical fact contained herein, the information presented in this news release may contain “forward-looking statements” within the meaning of applicable Canadian securities legislation and The Private Securities Litigation Reform Act of 1995. Generally, these forward looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects”, or “does not expect”, “is expected”, “is not expected”, “budget”, “schedule”, “estimates”, “forecasts”, “intends”, “anticipates”, “or does not anticipate” or “believes” or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking statements contained in this news release include statements relating to the estimated time to complete dewatering and inspections and the possible resumption of mining operations in the fourth quarter of this year and the Company’s expectation that it will be back in operation. Actual results will depend upon the results of the assessments conducted of the Lower Quartzite and whether further structural damage is discovered, the views of MSHA and decisions made by management having regard to the nature of the geotechnical conditions and the safety of Revett’s employees. Forward looking statements, are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business and economic uncertainties, risks and contingencies and those factors discussed in the section entitled “Risk Factors” in the Form 10-K filed on SEDAR at www.sedar.com and with the SEC on EDGAR. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Revett Minerals does not undertake to update any forward-looking statements except as required by applicable securities laws.
Monique Hayes
Corporate Secretary / Director of Investor Relations
(509) 921-2294
www.revettminerals.com
(LOCM) Provides Location-Based Product Data for Microsoft’s Bing
Local Corporation (NASDAQ:LOCM), a leading online local media company, today announced that the company has signed an agreement with Microsoft, Inc. to provide location-based local product data for Bing.
As part of the agreement, Local Corporation’s Krillion™ shopping data platform is helping power Bing’s local product search results, including relevant retail locations, brands, categories, and product availability data and details.
“We’re pleased to be partnering with Bing to provide relevant local product shopping information to millions of consumers,” said Heath Clarke, Local Corporation, chairman and CEO. “Our dynamic local product data enhances the online shopping experience for consumers by providing them with valuable information about which retailers carry the products they are looking for.”
According to a study conducted by Local Corporation and the e-tailing group, consumers are increasingly relying on non-store channels such as search for researching prior to purchase. The study also reports that 90 percent of shopping still involves a trip to the store and almost half of consumers reported spending 50 percent or more of their shopping time researching products online.
About Local Corporation
Local Corporation (NASDAQ:LOCM) is a leading online local media company that connects brick-and-mortar businesses with over a million online and mobile consumers each day using a variety of innovative digital marketing products. To advertise, or for more information, visit: http://www.localcorporation.com.
Forward Looking Statements
This press release contains certain forward-looking statements that are based upon current expectations and involve certain risks and uncertainties within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Words or expressions such as “anticipate,” “plan,” “will,” “intend,” “believe” or “expect'” or variations of such words and similar expressions are intended to identify such forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements. Key risks are described in the filings we make with the U.S. Securities and Exchange Commission. The forward-looking statements in this release speak only as of the date they are made. We undertake no obligation to revise or update publicly any forward-looking statement for any reason. Unless otherwise stated, all site traffic and usage statistics are from third-party service providers engaged by the company. Traffic and our monetization of that traffic combine to determine our revenues for any given period. Our traffic volume alone for a period should not be viewed as demonstrative of our financial results for such period.
Microsoft and Bing are either registered trademarks or trademarks of Microsoft Corporation in the United States and/or other countries.
(ADXS) Lead Product Candidate Significant Efficacy in HPV-Associated Cancers
Advaxis, Inc. (OTCQB: ADXS) (“Advaxis” or the “Company”), a leader in developing the next generation of immunotherapies for cancer and infectious diseases, announced the publication of preclinical research with ADXS-HPV, Advaxis’ Lm-LLO lead drug candidate, for the treatment of HPV-associated cancers in combination with PD-1 antibody.
The research was conducted by Dr. Samir N. Khleif and his research team at the Georgia Regents University Cancer Center. Advaxis provided the Lm-LLO immunotherapies and partial research funding. The paper titled “Anti-PD-1 antibody significantly increases therapeutic efficacy of Listeria monocytogenes (Lm)-LLO immunotherapy” by Drs. Mkrtichyan, Chong, Eid, Wallecha, Singh, Rothman, and Khleif, has been e-published in the Journal for Immunotherapy of Cancer.
The studies demonstrated that treatment with an Lm-LLO immunotherapy, in combination with an anti-PD-1 antibody, significantly improved immune and therapeutic efficacy in preclinical mouse models. In addition, the study showed that a significant reduction of regulatory T cells (Treg) and myeloid-derived suppressor cells (MDSC) in both the spleen and the tumor microenvironment were mediated solely by the Lm-LLO immunotherapy. The addition of anti-PD-1 antibody to the Lm-LLO immunotherapy treatment resulted in a significant increase in antigen-specific immune responses in the periphery and in CD8 T cell infiltration into the tumor. As a result, this treatment combination led to significant inhibition of tumor growth and prolonged survival/complete regression of tumors in treated animals.
Given the findings in the mouse model, additional studies were conducted to evaluate activity in human cells. In separate studies, Lm-LLO immunotherapy treatment was found to significantly upregulate surface PD-L1 expression on human monocyte-derived dendritic cells isolated from healthy volunteers. This finding suggests that the combination of Lm-LLO immunotherapy with an anti-PD-1 antibody could have clinical application.
“Previous studies with Lm-LLO immunotherapies have established the ability to combine with chemotherapy and radiation. Dr. Khleif’s data are first to show the potential of combining Advaxis constructs with promising immune modulator (PD-1) in active clinical development,” commented Dr. Petit.
The provisional publication is available online.
About Advaxis, Inc.
Advaxis is a clinical-stage biotechnology company developing the next generation of immunotherapies for cancer and infectious diseases. Advaxis immunotherapies are based on a novel platform technology using live, attenuated bacteria that are bio-engineered to secrete an antigen/adjuvant fusion protein(s) that is designed to redirect the powerful immune response all human beings have to the bacterium to the cancer itself.
ADXS-HPV is currently being evaluated in four clinical trials for human papillomavirus (HPV)-associated cancers: recurrent/refractory cervical cancer (India), locally advanced cervical cancer (GOG/NCI U.S. study, Clinical Trials.gov Identifier NCT01266460), head & neck cancer (CRUK study, Clinical Trials.gov Identifier NCT01598792), and anal cancer (BrUOG study, Clinical Trials.gov Identifier NCT01671488). Advaxis has over 15 distinct immunotherapies in various stages of development, developed directly by Advaxis and through strategic collaborations with recognized centers of excellence such as: the National Cancer Institute, Cancer Research – UK, the University of Pennsylvania, the Georgia Regents University Cancer Center, the Karolinska Institutet, and others.
For more information please visit: www.advaxis.com
Forward-Looking Statements
This news release contains forward-looking statements, including, but not limited to: statements regarding the potential clinical application of combining Lm-LLO immunotherapy with an anti-PD-1 antibody. These forward-looking statements are subject to a number of risks, including the risk factors set forth from time to time in Advaxis’ SEC filings, including but not limited to its report on Form 10-K for the fiscal year ended October 31, 2012, which is available at http://www.sec.gov. The Company undertakes no obligation to publicly release the result of any revision to these forward-looking statements, which may be made to reflect the events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as required by law. You are cautioned not to place undue reliance on any forward-looking statements.
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