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(CSUN) Head of Research Wins 2013 ACAA/IELTS Australia China Alumni Awards
NANJING, China, Nov. 4, 2013 — China Sunergy Co., Ltd. (NASDAQ: CSUN) (“China Sunergy” or “the Company”), a specialized solar cell and module manufacturer, today announced that its Head of Research and Vice President, Dr. Aihua Wang, has received the 2013 ACAA/IELTS Australia China Alumni Awards for Research and Innovation. The award honors outstanding alumni of Australian universities and colleges, who have made significant contributions in their chosen field and are currently based in China. The award ceremony was held in Beijing, China on November 2, 2013.
As head of Research of China Sunergy, Dr. Wang, together with Dr. Zhao, China Sunergy’s Chief Technology Officer, have led the Company’s research and development team since its inception. With over 28 years of solar cell research experience, Dr. Wang and Dr. Zhao have set many world records for silicon solar cells’ highest lab efficiency, including the current world’s best of 25.0%. Since 2000, Dr. Wang has been a Research Fellow at the Photovoltaic Special Research Centre at the University of New South Wales, where she received a Ph.D. in Electrical Engineering.
Mr. Stephen Cai, CEO of China Sunergy, said, “We proudly congratulate Dr. Wang for this prestigious award, which recognizes her many great contributions to the industry and to China Sunergy. We are very fortunate to have Dr. Wang and Dr. Zhao serving as our technology leaders, and we remain firmly committed to spearheading the industry with cutting-edge technological innovations.”
Dr. Aihua Wang remarked, “It is a great honor to be recognized by the Australia China Alumni Association, and I especially appreciate and enjoy the marvelous opportunity to closely collaborate with the industry’s many other outstanding experts and scientists. I thank all the team members at China Sunergy for their dedicated efforts and the Company for providing us with such a great platform and resources to continue our quest for new discoveries and innovations. I, along with Dr. Zhao, will happily continue our passion for renewal energy science and our aim to continue making positive contributions to bringing reliable and affordable solar energy to the world.”
About China Sunergy Co., Ltd.
China Sunergy Co., Ltd. (NASDAQ:CSUN) designs, manufactures and delivers high efficiency solar cells and modules to the world from its production centers based in China and Turkey. China Sunergy also invests in high potential solar projects. Founded in 2004, China Sunergy is well known for its advanced solar cell technology, reliable product quality, and excellent customer service.
For more information, please visit http://www.csun-solar.com.
Safe Harbor Statement
This announcement may contain forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts in this announcement are forward-looking statements. These forward-looking statements are based on current expectations, assumptions, estimates and projections about the Company and the industry, and involve known and unknown risks and uncertainties, including but not limited to, the Company’s failure to maintain its listing qualification due to, among other things, volatility in the Company’s ADS price; the Company’s ability to raise additional capital or renew existing bank borrowings as they become due to finance the Company’s activities; the Company’s customers’ financial condition and creditworthiness, and their ability to settle accounts receivables; the effectiveness, profitability, and the marketability of its products; litigations and other legal proceedings, including any decisions by the US International Trade Committee and Department of Commerce on the petitions filed; the economic slowdown in China and elsewhere and its impact on the Company’s operations; demand for and selling prices of the Company’s products, execution of our strategy to expand into downstream solar power businesses, the future trading of the common stock of the Company; the ability of the Company to operate as a public company; the period of time for which its current liquidity will enable the Company to fund its operations; the Company’s ability to protect its proprietary information; general economic and business conditions; the volatility of the Company’s operating results and financial condition; the Company’s ability to attract or retain qualified senior management personnel and research and development staff; future shortage or availability of the supply of raw materials; impact on cost-competitiveness as a result of entering into long-term arrangements with raw material suppliers and other risks detailed in the Company’s filings with the Securities and Exchange Commission. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or to changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward looking statements are reasonable, it cannot assure you that its expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results.
Investor and Media Contacts:
China Sunergy Co., Ltd.
CSUN Investor Relations
Phone: + 86 25 5276 6666 ext. 6694
Email: ir@chinasunergy.com
Asia Bridge Group Limited
Wendy Sun
Phone: + 86 10 8556 9033
Email: wendy.sun@asiabridgegroup.com
(SED) International Announces New Director
SED International Holdings, Inc. (NYSEMKT:SED), a multinational supply chain management provider and distributor of leading computer technology, consumer electronics, and small appliances products, today announced that Arnold Kezsbom has been appointed to its Board of Directors.
Mr. Kezsbom serves as a business consultant assisting companies in manufacturing, distribution and other industries with strategic planning, financial management, cash flow management, turn-around and other strategic and corporate matters. Mr. Kezsbom has held executive positions with Earnest Products, Micro Innovations, Gibson Guitar, Recoton Corporation and Service Manufacturing. Mr. Kezsbom previously worked in the asset-based lending divisions of CIT Corporation, Chase Bank and Connecticut Bank and Trust. Mr. Kezsbom received his B.B.A. in Finance from City University of New York, Bernard Baruch College, Zicklin School of Business and his M.B.A. in Finance from Long Island University.
On November 1, 2013, SED filed a Form 8-K with the Securities and Exchange Commission regarding this and other developments at SED. The Company encourages all shareholders to read the Form 8-K.
(SPWR) Announces Acquisition of Greenbotics, Inc.
Expands Energy Services for Large Ground-Mount Systems with Robotic Solar Panel Cleaning Service that Reduces Water Usage, Improves LCOE
SAN JOSE, Calif., Nov. 4, 2013 — SunPower Corp. (NASDAQ: SPWR), a leading solar technology and energy service provider, today announced that it has acquired Greenbotics, Inc., a Davis, Calif.-based company that offers panel cleaning products and services for large-scale solar power plants. With this strategic acquisition, SunPower expands its energy services portfolio for global customers with the SunPower Oasis Power Plant product, especially in markets with challenging dirt and dust environments. SunPower expects to utilize the robotic technology and the Greenbotics team in conjunction with other product development and large-scale solar field installation projects.
To view the multimedia assets associated with this release, please click: http://www.multivu.com/mnr/64194-sunpower-announces-acquisition-of-greenbotics
(Photo: http://photos.prnewswire.com/prnh/20131104/MM07056)
Greenbotics is a leader in optimizing the performance of solar power plants through a cost-effective cleaning process. For the past two years, the company has used its proprietary CleanFleet™ robots and service offerings to wash hundreds of megawatts of systems in the Southwest and Western U.S. The robots can be configured for use with a variety of solar panels and mounting types, including fixed-tilt arrays and single-axis trackers and offer a less costly and greener alternative to manual cleaning methods, pressure washers and sprayer trucks. The robots use under a half a cup of water to clean each panel, which is approximately 90 percent less than traditional cleaning methods, making this solution optimum for solar systems built in desert conditions.
“SunPower’s acquisition of Greenbotics and its CleanFleet robots will allow us to further maximize the proven system performance of our high efficiency, most reliable solar panels, which is critical to a project’s economics and levelized cost of electricity,” said Tom Werner, SunPower president and CEO. “Customers in markets such as the Western U.S., the Middle East and Chile will especially benefit, as dust and debris is a challenge and water is in shorter supply. We are very pleased to add the valuable services offered by Greenbotics to our energy services offerings.”
The CleanFleet robots can be tailored specifically for each power plant to optimize a project’s cleaning schedule. Most panels are cleaned at night to avoid disruption during the daytime, energy-producing hours. Regularly cleaning solar panels located in dry, dusty regions can increase annual energy production by up to 15 percent.
The Greenbotics acquisition is a cash transaction that is accretive to SunPower’s results.
About SunPower
SunPower Corp. (NASDAQ: SPWR) designs, manufactures and delivers the highest efficiency, highest reliability solar panels and systems available today. Residential, business, government and utility customers rely on the company’s quarter century of experience and guaranteed performance to provide maximum return on investment throughout the life of the solar system. Headquartered in San Jose, Calif., SunPower has offices in North America, Europe, Australia and Asia. For more information, visit www.sunpower.com.
(SCTY) Announces Proposed Securitization
SAN MATEO, Calif., Nov. 4, 2013 — SolarCity® (Nasdaq:SCTY) today announced that its wholly-owned subsidiary, SolarCity LMC Series I, LLC, intends, subject to market and other conditions, to offer in a private placement $54,425,000 aggregate principal amount of Solar Asset Backed Notes, Series 2013-1 with a scheduled maturity date of December 2026. The offering will be made only to persons who are both (i) qualified institutional buyers as defined in Rule 144A under the Securities Act of 1933, as amended, and (ii) qualified purchasers as defined in Section 2(a)(51) of the Investment Company Act of 1940, as amended, and the rules and regulations thereunder, for purposes of Section 3(c)(7) of such Act.
These notes will be secured by a pool of photovoltaic systems and related leases and power purchase agreements and ancillary rights and agreements that will be owned by SolarCity LMC Series I, LLC. These notes will represent obligations solely of SolarCity LMC Series I, LLC, and will not be insured or guaranteed by SolarCity Corporation or any other affiliate thereof, or by any other person or entity.
The securities to be offered will not be registered under the Securities Act of 1933, as amended, or applicable state securities laws, and may not be offered or sold in the United States except pursuant to an exemption from the registration requirements of the Securities Act and applicable state securities laws.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, and there shall not be any offer or sale of these securities in any state in which such offer, solicitation or sale would be unlawful.
CONTACT: Media Contact Jonathan Bass (650) 963-5156 press@solarcity.com
(ABTL) Teams with SaleMove to Enhance Online Automotive Shopping Experience
Autobytel Inc. (Nasdaq: ABTL), the company dedicated to connecting automotive consumers with dealers, today announced it has teamed with SaleMove, Inc. (“SaleMove”) to become the exclusive provider to the auto industry of SaleMove’s innovative technology for enhancing communications with consumers.
SaleMove’s patent-pending technology allows auto dealers and manufacturers to enhance the online shopping experience by interacting with consumers in real-time, using the method most comfortable to them, including live video, audio and text-based chat or by phone. Utilizing SaleMove’s “guided tour” capabilities, dealers can take advantage of a new line of high-touch communication with consumers by browsing the dealer’s website with them, creating a virtual extension of the dealer’s physical showroom.
Additionally, SaleMove’s technology helps dealers and manufacturers improve the online consumer experience and identify potential buyers by better understanding visitor preferences gathered through real-time viewing of how consumers are interacting with a website. The auto industry will be able to interact directly with consumers on a deeper and more personal level, providing a highly customized experience for car buyers.
“This exciting technology allows dealers and manufacturers to personally welcome online consumers, offer assistance, provide helpful suggestions, and help guide consumers to their perfect cars,” said Jeff Coats, chief executive officer of Autobytel Inc. “The human element is very important to the car buying experience, and this new functionality allows dealers and manufacturers to make the most of their interactions with consumers by re-creating the showroom experience wherever the customer may be. This is another step in our commitment to helping dealers and auto manufacturers sell more cars.”
“Our proprietary technology enabling real time one-on-one interaction with today’s online consumers falls perfectly in line with Autobytel’s industry leading products and services,” said Daniel Michaeli, chief executive officer of SaleMove. “The virtual experience we’ve created of observing, communicating with and guiding online consumers through the car buying process is as close as you can get to an actual showroom experience. Autobytel understands how essential this is in enhancing online car buying, to ultimately help its industry partners sell more cars. We’re pleased to work with the team at Autobytel who continues to innovate after having pioneered the automotive Internet nearly 20 years ago.”
Autobytel made an initial investment in SaleMove and plans to support the company in SaleMove’s ongoing development of its innovative technology. Autobytel intends to maximize use of this technology in the full range of mobile services it already offers, including the recent acquisition of Advanced Mobile.
Visit Autobytel.com to access the company’s leading automotive information; watch exclusive new car videos, test drives and car reviews at Autobytel’s YouTube page; or join the conversation on the Autobytel Facebook Fan Page.
About Autobytel Inc.
Autobytel Inc. provides high quality consumer leads and associated marketing services to automotive dealers and manufacturers throughout the United States and offers consumers robust and original online automotive content to help them make informed car-buying decisions. The company pioneered the automotive internet in 1995 with its flagship website www.autobytel.com and has since helped tens of millions of automotive consumers research vehicles; connected thousands of dealers nationwide with motivated car buyers; and helped every major automaker market its brand online.
Investors and other interested parties can receive Autobytel news releases and invitations to special events by accessing the online registration form at investor.autobytel.com/alerts.cfm.
About SaleMove
The patent-pending technology developed by SaleMove, Inc. (www.salemove.com) enables automotive dealers and manufacturers to observe, communicate with and guide consumers through the online car buying process in real-time. The company’s seamless combination of tools re-creates the in-store experience, allowing the automotive industry to gauge the behaviors of online car buyers with real-time analytics and browsing observations, and by providing communication tools such as live video, audio or text-based chat in addition to phone capabilities and virtual guided tours in the form of collaborative browsing. SaleMove also provides dealers and manufacturers with advanced metrics and in-depth reporting, and in-browser technology for ease of integration.
(ACUR) Distribution of Nexafed(R) by Rite Aid Pharmacies
PALATINE, IL–(Nov 4, 2013) – Acura Pharmaceuticals, Inc. (NASDAQ: ACUR) today announced that NEXAFED [pseudoephedrine hydrochloride (HCl)], its next generation pseudoephedrine with abuse deterrent technology, will now be stocked by Rite Aid Pharmacies.
NEXAFED is a 30 mg immediate-release pseudoephedrine product that combines effective nasal-congestion relief with a unique technology that disrupts the conversion of pseudoephedrine into the dangerous drug, methamphetamine (meth). Meth production and abuse is a growing problem in communities nationwide.
About NEXAFED
NEXAFED [pseudoephedrine hydrochloride (HCl)] is a 30 mg immediate-release abuse-deterrent decongestant. The next generation pseudoephedrine tablet combines effective nasal-congestion relief with Impede® technology, a unique polymer matrix that disrupts the conversion of pseudoephedrine into the dangerous drug, methamphetamine. Specifically, the Impede® technology forms a thick gel when the tablets are dissolved in solvents typically used in the pseudoephedrine extraction or methamphetamine production processes, trapping the pseudoephedrine or converted methamphetamine to prevent its isolation or purification.
About Acura Pharmaceuticals
Acura Pharmaceuticals is a specialty pharmaceutical company engaged in the research, development and commercialization of product candidates intended to address medication abuse and misuse, utilizing its proprietary AVERSION and IMPEDE technologies. In June 2011, the U.S. Food and Drug Administration approved OXECTA which incorporates the AVERSION technology. The Company has a development pipeline of additional AVERSION technology products including other opioids and its IMPEDE technology for pseudoephedrine hydrochloride products.
The trademark OXECTA is owned by Pfizer Inc.
Forward Looking Statements
Certain statements in this press release constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements. Forward-looking statements may include, but are not limited to, our and our licensee’s ability to successfully launch and commercialize our products and technologies including OXECTA Tablets and NEXAFED Tablets, the price discounting that may be offered by Pfizer for Oxecta, our and our licensee’s ability to obtain necessary regulatory approvals and commercialize products utilizing our technologies and the market acceptance of and competitive environment for any of our products, the willingness of wholesalers and pharmacies to stock NEXAFED Tablets, expectations regarding potential market share for our products and the timing of first sales, our ability to enter into additional license agreements for our Aversion Technology product candidates, our exposure to product liability and other lawsuits in connection with the commercialization of our products, the increasing cost of insurance and the availability of product liability insurance coverage, the ability to avoid infringement of patents, trademarks and other proprietary rights of third parties, and the ability of our patents to protect our products from generic competition, our ability to protect and enforce our patent rights in any paragraph IV patent infringement litigation, and the ability to fulfill the FDA requirements for approving our product candidates for commercial manufacturing and distribution in the United States, including, without limitation, the adequacy of the results of the laboratory and clinical studies completed to date, the results of laboratory and clinical studies we may complete in the future to support FDA approval of our product candidates and the sufficiency of our development to meet OTC Monograph standards as applicable, the adequacy of the development program for our product candidates, including whether additional clinical studies will be required to support FDA approval of our product candidates, changes in regulatory requirements, adverse safety findings relating to our product candidates, whether the FDA will agree with our analysis of our clinical and laboratory studies and how it may evaluate the results of these studies or whether further studies of our product candidates will be required to support FDA approval, whether or when we are able to obtain FDA approval of labeling for our product candidates for the proposed indications and will be able to promote the features of our abuse discouraging technologies, whether our product candidates will ultimately deter abuse in commercial settings and whether our Impede technology will disrupt the processing of pseudoephedrine into methamphetamine. In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “could,” “would,” “expects,” “plans,” “anticipates,” “believes,” “indicates,” “estimates,” “projects,” “predicts,” “potential” and similar expressions intended to identify forward-looking statements. These statements reflect our current views with respect to future events and are based on assumptions and subject to risks and uncertainties. Given these uncertainties, you should not place undue reliance on these forward-looking statements. We discuss many of these risks in greater detail in our filings with the Securities and Exchange Commission.
Contact:
for Acura Investor Relations
Email Contact
847-705-7709
for Acura Media Relations
Email Contact
847-705-7709
(IG) Receives Formal US FDA Approval For Site Transfer Of Econazole Nitrate
BUENA, N.J., Nov. 1, 2013 — IGI Laboratories, Inc. (NYSE MKT: IG), a New Jersey based generic topical pharmaceutical company, today announced it has received formal approval from the U.S. Food and Drug Administration (FDA) of its supplemental filing for the site transfer of econazole nitrate cream 1%, to the company’s manufacturing facility in Buena, NJ. IGI had purchased econazole nitrate cream 1% from Prasco, LLC in February of 2013.
Jason Grenfell-Gardner, President and CEO of the Company, commented, “This approval marks the first time the FDA has granted an approval to an IGI own-label project. In less than eight months, we successfully completed all the required steps to achieve approval from the FDA to manufacture our first proprietary IGI label product. This accomplishment is a testament to the dedication and efforts of our entire team. We are currently actively manufacturing, marketing and selling this product through our existing commercial infrastructure.”
About IGI Laboratories, Inc.
IGI Laboratories is a generic topical pharmaceutical company. We develop and manufacture topical formulations for the pharmaceutical, OTC, and cosmetic markets. Our mission is to be a leading player in the generic topical prescription drug market.
Forward-Looking Statements
This press release includes certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, plans, objectives, expectations and intentions, and other statements contained in this press release that are not historical facts and statements identified by words such as “plan,” “believe,” “continue”, “should” or words of similar meaning. Factors that could cause actual results to differ materially from these expectations include, but are not limited to: our inability to meet current or future regulatory requirements in connection with existing or future ANDAs; our inability to achieve profitability; our failure to obtain FDA approvals as anticipated; our inability to execute and implement our business plan and strategy; the potential lack of market acceptance of our products; our inability to protect our intellectual property rights; changes in global political, economic, business, competitive, market and regulatory factors; and our inability to complete successfully future product acquisitions. These statements are based on our current beliefs or expectations and are inherently subject to various risks and uncertainties, including those set forth under the caption “Risk Factors” in IGI Laboratories, Inc.’s most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other periodic reports we file with the Securities and Exchange Commission. IGI Laboratories, Inc. does not undertake any obligation to update any forward-looking statements contained in this document as a result of new information, future events or otherwise, except as required by law.
(CSIQ) 100MW Module Supply Agreement w/ Three Gorges New Energy, China
GUELPH, Ontario, Nov. 1, 2013 – Canadian Solar Inc. (the “Company”, or “Canadian Solar”) (NASDAQ: CSIQ), one of the world’s largest solar power companies, today announced that it has been awarded a module supply agreement to provide China Three Gorges New Energy Co., Ltd. (“Three Gorges New Energy”) with photovoltaic (“PV”) modules totaling 100MW for a solar power project located in Guazhou County, in the Gansu Province of China.
“We feel honored to be awarded this module supply agreement by Three Gorges New Energy, a rapidly growing renewable energy project developer in China,” said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar. “This agreement underscores that Canadian Solar’s brand is well recognized in the Chinese market and that we remain on track with our market diversification strategy to expand our global footprint and gain market share in important growth markets,” added Dr. Qu.
“The feedback we receive from our customers is that they are very pleased to work with Canadian Solar as a module supplier for their solar power projects in China because of our track record delivering high quality solar modules to large-scale solar power projects worldwide,” continued Dr. Qu. “Clearly this agreement is an important milestone for our cooperation with China Three Gorges New Energy in the Chinese market.”
Canadian Solar will supply its high efficiency 60 cell CS6P250P and CS6P-255P modules with power output of 250Wp and 255Wp for the project. The Company’s 250Wp and 255Wp CS6P-P modules outperform competing 60 polycrystalline cell module brands in the market, producing over 6% more power annually according to PVsyst PV system simulation. In addition, all Canadian Solar modules come with a 10-year material warranty and a 25-year linear power output performance guarantee backed by a third-party insurance policy underwritten by leading insurance companies. Module delivery has already commenced and is expected to be completed in December 2013.
About China Three Gorges New Energy Co., Ltd.
China Three Gorges New Energy is a wholly-owned subsidiary of China Three Gorges Corporation, which is one of the first state owned enterprises to enter the field of wind power. Three Gorges New Energy actively explores opportunities in renewable energy including wind, solar, and hydropower as well as other clean energy technologies. Three Gorges New Energy specializes in large-scaled renewable energy development and operations.
About Canadian Solar
Founded in 2001 in Canada, Canadian Solar Inc. (NASDAQ: CSIQ) is one of the world’s largest and foremost solar power companies. As a leading vertically integrated provider of solar modules, specialized solar products and solar power plants with operations in North America, South America, Europe, Africa, the Middle East, Australia and Asia, Canadian Solar has delivered more than 5GW of premium quality solar modules to customers in over 70 countries. Canadian Solar is committed to improve the environment and dedicated to provide advanced solar energy products, solutions and services to enable sustainable development around the world. For more information, please visit www.canadiansolar.com
Safe Harbor/Forward-Looking Statements
Certain statements in this press release are forward-looking statements that involve a number of risks and uncertainties that could cause actual results to differ materially. These statements are made under the “Safe Harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by such terms as “believes,” “expects,” “anticipates,” “intends,” “estimates,” the negative of these terms, or other comparable terminology. Factors that could cause actual results to differ include the risks regarding general business and economic conditions and the state of the solar industry; governmental support for the deployment of solar power; future available supplies of high-purity silicon; demand for end-use products by consumers and inventory levels of such products in the supply chain; changes in demand from significant customers; changes in demand in our project markets, including Canada; changes in customer order patterns; capacity utilization; level of competition; pricing pressure and declines in average selling prices; delays in new product introduction; continued success in technological innovations and delivery of products with the features customers demand; utility-scale project approval process; delays in utility-scale project construction; shortage in supply of materials or capacity requirements; availability of financing; exchange rate fluctuations; litigation and other risks as described in the Company’s SEC filings, including its annual report on Form 20-F filed on April 26, 2013. Although the Company believes that the expectations reflected in the forward looking statements are reasonable, it cannot guarantee future results, level of activity, performance, or achievements. You should not place undue reliance on these forward-looking statements. All information provided in this press release is as of today’s date, unless otherwise stated, and Canadian Solar undertakes no duty to update such information, except as required under applicable law.
(LNCO) LINN Energy, Announce Regulatory Update and Conference Call Details
HOUSTON, Nov. 1, 2013 — LINN Energy, LLC (Nasdaq:LINE) and LinnCo, LLC (Nasdaq:LNCO) announced today a regulatory update and provided conference call details. The companies noted that the Division of Corporation Finance of the Securities and Exchange Commission has advised that it has no further comments on Amendment No. 6 to the Joint Registration Statement on Form S-4.
Conference Call Information
LINN Energy’s management will host a conference call on Wednesday, Nov. 6, 2013, at 10 a.m. Central (11 a.m. Eastern) to discuss the Company’s third quarter 2013 results and update on the Berry merger. Prepared remarks by Mark E. Ellis, Chairman, President and Chief Executive Officer, and Kolja Rockov, Executive Vice President and Chief Financial Officer, will be followed by a question and answer session.
Investors and analysts are invited to participate in the call by dialing (877) 224-9081, or (720) 545-0032 for international calls using Conference ID: 95444509. Interested parties may also listen over the Internet at www.linnenergy.com.
A replay of the call will be available on the Company’s website or by phone until 4:00 p.m. Central (5 p.m. Eastern), Nov. 13, 2013. The number for the replay is (855) 859-2056, or (404) 537-3406 for international calls using Conference ID: 95444509.
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.
Additional Information about the Proposed Transactions and Where to Find It
In connection with the proposed transactions, Berry, 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.
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 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 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. Neither of 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
(ARIA) Adopts Shareholder Rights Plan
ARIAD Pharmaceuticals, Inc. (NASDAQ:ARIA) announced today that its Board of Directors has adopted a shareholder rights plan in the form of a Section 382 Rights Agreement designed to preserve its substantial tax assets.
As of December 31, 2012, ARIAD had tax assets, including net operating loss carryforwards of $307.7 million and research tax credits of $17.8 million, which could be used in certain circumstances to offset ARIAD’s future taxable income or otherwise payable taxes and therefore reduce its federal and state income tax liabilities. ARIAD’s plan is similar to plans adopted by numerous other public companies with significant tax assets.
ARIAD’s ability to use these tax assets and others which may be generated would be substantially limited in the event of an “ownership change” under Sections 382 and 383 of the Internal Revenue Code and related U.S. Treasury regulations. In general, an ownership change would occur if ARIAD’s shareholders who own, or are deemed to own, 5% or more of ARIAD’s common stock increase their collective ownership in ARIAD by more than 50% over a rolling three-year period. The shareholder rights plan is intended to reduce the likelihood of an unintended ownership change occurring through the buying of ARIAD common stock.
As part of the plan, on October 31, 2013, ARIAD’s Board declared a dividend of one preferred-share-purchase-right for each share of ARIAD common stock outstanding as of November 11, 2013. Effective today, if any person or group acquires 4.99% or more of the outstanding shares of ARIAD common stock, or if a person or group that already owns 4.99% or more of ARIAD common stock acquires additional shares representing 0.5% or more of the outstanding shares of ARIAD common stock, then, subject to certain exceptions, there would be a triggering event under the plan. The rights would then separate from the ARIAD common stock and would be adjusted to become exercisable to purchase shares of ARIAD common stock having a market value equal to twice the exercise price, resulting in significant dilution in the ownership interest of the acquiring person or group.
ARIAD’s Board has the discretion to exempt any acquisition of ARIAD common stock from the provisions of the plan if it determines that doing so would not jeopardize or endanger the Company’s use of its tax assets. ARIAD’s Board also has the ability to terminate the plan prior to a triggering event, including but not limited to in connection with a transaction, if it determines that doing so would be in the best interests of the Company’s shareholders.
The Company expects to seek shareholder approval of the Section 382 Rights Agreement at its 2014 Annual Meeting. The rights issued under the plan will expire on October 30, 2014 if not approved by ARIAD’s shareholders prior to that date or October 30, 2016, if the plan is approved. The rights may also expire on an earlier date if certain events occur, as described more fully in the Section 382 Rights Agreement that the Company will file with the Securities and Exchange Commission.
Cravath, Swaine & Moore LLP and Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. are acting as ARIAD’s legal counsel.
Additional information regarding the Section 382 Rights Agreement will be contained in a Form 8-K and in a Registration Statement on Form 8-A that ARIAD is filing with the Securities and Exchange Commission. In addition, ARIAD shareholders of record as of November 11, 2013 will be sent a summary of the rights.
About ARIAD
ARIAD Pharmaceuticals, Inc., headquartered in Cambridge, Massachusetts and Lausanne, Switzerland, is an integrated global oncology company focused on transforming the lives of cancer patients with breakthrough medicines. ARIAD is working on new medicines to advance the treatment of various forms of chronic and acute leukemia, lung cancer and other difficult-to-treat cancers. ARIAD utilizes computational and structural approaches to design small-molecule drugs that overcome resistance to existing cancer medicines. For additional information, visit http://www.ariad.com or follow ARIAD on Twitter (@ARIADPharm).
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These “forward-looking statements” are based on management’s current expectations of future events and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in or implied by forward-looking statements. These risks and uncertainties include, but are not limited to, the difficulty of determining all of the facts relative to Sections 382 and 383 of the Internal Revenue Code, unreported buying and selling activity by shareholders and unanticipated interpretations of the Internal Revenue Code and regulations, as well as those risk factors discussed under the heading “Risk Factors” contained in ARIAD’s Form 10-K, for the year ended December 31, 2012, which was filed with the Securities and Exchange Commission on March 1, 2013, as well as any updates to those risk factors filed from time to time in ARIAD’S Quarterly Reports on Form 10-Q or Current Reports on Form 8-K. All information in this press release is as of the date of the release, and ARIAD undertakes no duty to update this information unless required by law.
(UNTD) Completes Tax-Free Spin Off of FTD
United Online, Inc. (Nasdaq:UNTD) today announced that it has successfully completed the separation of FTD Companies, Inc. (“FTD”) from United Online, Inc. (“United Online”) through a tax-free dividend involving the distribution of all FTD common stock held by United Online to United Online’s stockholders. In addition, United Online also announced the completion of a one-for-seven reverse stock split of United Online shares. Under the terms of the distribution and the reverse stock split:
- United Online stockholders were distributed one share of FTD common stock for every five shares of United Online common stock they held as of the close of business on October 10, 2013, the record date, effective as of 12:01 a.m. Eastern Daylight Time (“EDT”) on November 1, 2013 (prior to giving effect to the reverse stock split of United Online shares).
- United Online effected a one-for-seven reverse stock split of United Online common stock at 11:59 p.m. EDT on October 31, 2013.
As of today, FTD is an independent, publicly-traded company on the NASDAQ stock exchange, called FTD Companies, Inc. FTD will begin “regular-way” trading today on the Nasdaq Global Select Market under the symbol “FTD.”
United Online continues to operate the businesses of its Content & Media and Communications segments, supported by the Classmates®, StayFriends™, MyPoints®, NetZero®, and Juno® brands. United Online’s common stock will begin trading on a post one-for-seven reverse stock split basis today on the Nasdaq Global Select Market under the symbol “UNTD.”
About United Online®
United Online, Inc. (Nasdaq: UNTD), through its operating subsidiaries, is a leading provider of consumer products and services over the Internet, where their respective brands have attracted a large online audience that includes more than 100 million registered accounts worldwide. United Online’s Content & Media segment provides online nostalgia products and services (Classmates and StayFriends) and online loyalty marketing (MyPoints). Its primary Communications segment service is Internet access (NetZero and Juno), including NetZero Mobile Broadband (NetZero Wireless).
(MITL) Provisioning Tool And CallHosted Deliver Cloud-Based Communications Control
MiCloud Solution Enables Streamlined Web-Based Management of Communications Resources
UTRECHT, Netherlands and DORDRECHT, Netherlands, Oct. 31, 2013 — CallHosted, a leading Dutch communications service provider, is now able to extend self-care capabilities out to customers of the cloud communications service built on Mitel ® (Nasdaq:MITL) (TSX:MNW). Part of its MiCloud ‘Powered by Mitel’ solution, Mitel’s Oria Provisioning Platform provides customers with the flexibility and control of their environments required for efficient delivery and utilization of cloud based services. CallHosted was one of the first partners globally to build a service on the MiCloud platform and is now the first partner in the Netherlands to be Mitel Oria certified.
Mitel Oria is a flexible tool that allows customers to manage their own cloud communications environments by themselves, without having to rely on external resources. This allows organizations to make quick and easy changes through a standard web browser interface with no training required, on an on demand basis to support their business needs. Mitel Oria also provides efficient management tools within the Service Provider environment, including operationally aligned profiles for managing the MiCloud ‘Powered by Mitel’ solution. It offers multi-tier distribution models, back office integration into other business and operational systems, and detailed insight into the actual usage of the system. This enables partners such as CallHosted to now offer attractive ‘pay-per-use’ options.
Paul Smissaert, director at CallHosted said, “We are constantly looking for technology that is of added value for our resellers. We noticed customers want more control and to be able to do simple management themselves, like adding new users or changing access rights. Mitel Oria allows this and also gives us better insight into the usage so we can invoice the end user for what they actually use. With this technology, we want to support our resellers and bring them to the next level. These advantages made the decision to go for the certification very easy.”
Mitel Oria is part of the MiCloud ‘Powered by Mitel’ program, which offers service providers and business partners several options to deliver feature-rich cloud communications services. This includes flexible communications platforms, commercial models and optional services that align with the specific market needs and operational profile of the service provider. For more information on the MiCloud ‘Powered by Mitel’ program, please visit www.mitel.com.
About CallHosted
CallHosted offers flexible communications solutions via an extensive partner network of certified Telecom and ICT service providers. By using the smart Mitel communications and collaborations solutions, CallHosted and his partners are able to provide solutions that meet the specific customer needs. It does not matter if it is a on premise, hosted, virtualised on VMware, private cloud or hybrid solution.
About Mitel
Mitel® (Nasdaq:MITL) (TSX:MNW) is a global provider of unified communications and collaboration (UCC) software, solutions and services that enable organizations to conduct business anywhere, over any medium with the device of their choice. Through a single cloud-ready software stream, Mitel’s Freedom architecture provides customers in over 100 countries the flexibility and simplicity needed to support today’s dynamic work environment. For more information visit www.mitel.com.
MITL-C
European Contacts:
CallHosted, Angelique Adriaans Tel: +31 (0)88 003 72 34, a.adriaans@callhosted.com
Mitel, Marieke Adama, Tel: +31 (0)30 8500 030, marieke_adama@mitel.com
Whizpr, Yvon Reitsma, Tel: +31 (0)317 410 483, mitel@whizpr.nl
North American Contacts:
Amy MacLeod (media), 613-592-2122 x71245, amy_macleod@mitel.com
Malcolm Brown (industry analysts), 613-592-2122 x71246, malcolm_brown@mitel.com
Michael McCarthy (investor relations), 469-574-8134, michael_mccarthy@mitel.com
(THRM) Registers Squeeze-Out Transaction in Germany
Acquires Remaining Shares Held by Minority Shareholders
NORTHVILLE, Mich., Oct. 31, 2013 — Gentherm (NASDAQ-GS:THRM), the global market leader and developer of innovative thermal management technologies, today announced that it has registered a squeeze-out transaction in Germany and now owns 100 percent of the outstanding shares of W.E.T. Automotive Systems AG. As a result of the squeeze-out, the remaining shares of W.E.T., representing less than one percent of W.E.T.’s outstanding shares, are transferred to Gentherm and the applicable minority shareholders are entitled to receive €90.05 per share held at the time of registration.
“With the registration of the squeeze-out complete,” said President and CEO Daniel R. Coker, “we will begin the process to delist W.E.T. as a publicly traded company in Germany. As a result, W.E.T. will no longer be subject to and have to bear the expense of the separate reporting requirements for public companies in Germany. The integration of the two companies is moving forward, and we are very pleased to have this important step of this process completed and behind us.”
About Gentherm
Gentherm (NASDAQ-GS:THRM) is a global developer and marketer of innovative thermal management technologies for a broad range of heating and cooling and temperature control applications. Automotive products include actively heated and cooled seat systems and cup holders, heated and ventilated seat systems, thermal storage bins, heated automotive interior systems (including heated seats, steering wheels, armrests and other components), cable systems and other electronic devices. The Company’s advanced technology team is developing more efficient materials for thermoelectric and systems for waste heat recovery and electrical power generation for the automotive market that may have far-reaching applications for consumer products as well as industrial and technology markets. Gentherm has more than 7,500 employees in facilities in the U.S., Germany, Mexico, China, Canada, Japan, England, Korea, Malta, Hungary and the Ukraine. For more information, go to www.gentherm.com.
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. These statements include statements regarding future business activities and decisions. 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 adverse conditions in the industry in which the Company operates may negatively affect its ability to complete its intended activities and carry out its business decisions. Those and other risks are described in the Company’s annual report on Form 10-K for the year ended December 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.
Contact: | Allen & Caron Inc |
Jill Bertotti (investors) | |
jill@allencaron.com | |
Len Hall (media) | |
len@allencaron.com | |
(949) 474-4300 |
(FARO) to present at Baird’s 2013 Industrial Conference
LAKE MARY, Fla., Oct. 31, 2013 – FARO Technologies, Inc., (Nasdaq: FARO) the world’s most trusted source for 3D measurement, imaging and realization technology, announced today that President and CEO Jay Freeland and Senior Vice President and CFO, Keith Bair will present at the Baird’s Advanced Industrial Technologies Conference on Tuesday, November 5, 2013 at 9:00am CST at the Four Season Hotel in Chicago, IL.
The audio will be simultaneously web cast at
FARO recommends registering at least 15 minutes prior to the start of the presentation to ensure timely access.
For more information on the FARO’s global industries, applications and products, visit www.faro.com.
About FARO
FARO is the world’s most trusted source for 3D measurement, imaging and realization technology. The Company develops and markets computer-aided measurement and imaging devices and software. Technology from FARO permits high-precision 3D measurement, imaging and comparison of parts and compound structures within production and quality assurance processes. The devices are used for inspecting components and assemblies, production planning, documenting large volume spaces or structures in 3D, surveying and construction, as well as for investigation and reconstruction of accident sites or crime scenes.
Worldwide, approximately 15,000 customers are operating more than 30,000 installations of FARO’s systems. The Company’s global headquarters is located in Lake Mary, Fla., its European head office in Stuttgart, Germany and its Asia/Pacific head office in Singapore. FARO has branches in Brazil, Mexico, Germany, United Kingdom, France, Spain, Italy, Poland, Netherlands, India, China, Singapore, Malaysia, Vietnam, Thailand and Japan.
Further information: http://www.faro.com.
(CYTR) Further Positive Data from Global Phase 2b Clinical Soft Tissue Sarcoma Aldoxorubicin Trial
CytRx Corporation (NASDAQ: CYTR), a biopharmaceutical research and development company specializing in oncology, announces further positive clinical data from a multi-site global Phase 2b study comparing the Company’s aldoxorubicin as a first-line treatment for advanced soft tissue sarcomas (STS) versus the widely used chemotherapeutic agent doxorubicin. The data is contained in a poster presented today at the 18th Annual Connective Tissue Oncology Society Meeting at the Sheraton New York Times Square Hotel and includes additional information captured between September 27 and October 16, 2013. The study is still ongoing, and as of October 16, 2013, 47 patients remained active in the clinical trial (36 on aldoxorubicin and 11 on doxorubicin). CytRx expects to report top-line progression-free survival results for the global Phase 2b clinical trial in December 2013.
In this trial 123 patients age 18-80 years with histologically confirmed metastatic, locally advanced or unresectable soft tissue sarcomas were randomized 2:1 to receive 350 mg/m2 aldoxorubicin (260 mg/m2 doxorubicin equivalents) IV or 75 mg/m2 doxorubicin IV every three weeks for up to six cycles.
According to the findings presented in the poster, aldoxorubicin can be administered at doses greater than 3 1/2 x the standard doxorubicin dose with similar or fewer systemic side effects. A significantly higher percentage of patients receiving aldoxorubicin are still active, have received at least 4 or 6 cycles of treatment and have a greater number of tumor responses and stable disease.
Among the findings presented today, patients in the trial treated with aldoxorubicin had a higher Overall Response Rate (ORR) (22%) compared with those treated with doxorubicin (0%) (p=0.004). In addition, a lower percentage of patients treated with aldoxorubicin (32%) showed progressive disease compared with patients treated with doxorubicin (50%) at the time of analysis.
A higher percentage of aldoxorubicin patients completed four cycles of treatment compared with doxorubicin patients (59 vs. 22, respectively) and six cycles of treatment (45 vs. 14, respectively). A similar percentage of aldoxorubicin patients (15%) and doxorubicin patients (16%) experienced neutropenic fever, and a higher percentage of doxorubicin patients (22%) had decreased cardiac output compared with aldoxorubicin patients (11%), as measured by a 15% decrease in left ventricular ejection fraction. No patient treated with aldoxorubicin had ejection fractions below 50% of their institutional norm versus 9.4% of patients that had received doxorubicin. Most importantly, there was no clinically significant reduction in cardiac function in the aldoxorubicin patients despite receiving 3 ½ times the standard dose of doxorubicin.
The poster also reported 24 serious adverse events (SAEs) associated with aldoxorubicin therapy versus 6 SAEs in patients receiving doxorubicin. All SAEs resolved and did not require treatment discontinuation. One treatment-related death in a patient treated with doxorubicin was reported.
“We are very pleased with the continued clinical findings from our global Phase 2b trial with aldoxorubicin as a first-line treatment in advanced soft tissue sarcomas, and the strength of the data presented today reinforces our belief that the linker technology platform can be applied to a broad range of cancer treatments,” said CytRx President and CEO Steven A. Kriegsman. “We look forward to advancing our aldoxorubicin second-line program into a Phase 3 pivotal trial in the first quarter of 2014 as well as evaluating aldoxorubicin as treatment for malignant glioblastoma (brain cancer) and HIV-related Kaposi’s sarcoma.”
STS is a cancer occurring in muscle, fat, blood vessels, tendons, fibrous tissues and connective tissue, and can arise anywhere in the body at any age. There are more than 30 types of STS, and according to the National Cancer Institute more than 11,410 new cases are diagnosed each year in the U.S., with 4,390 deaths. According to the Annals of Oncology, incidence of STS in Europe is approximately 4 out of every 100,000 people.
About Aldoxorubicin
The widely used chemotherapeutic agent doxorubicin is delivered systemically and is highly toxic, which limits its dose to a level below its maximum therapeutic benefit. Doxorubicin also is associated with many side effects, especially the potential for damage to heart muscle at cumulative doses greater than 500 mg/m2. Aldoxorubicin combines doxorubicin with a novel single-molecule linker that binds directly and specifically to circulating albumin, the most plentiful protein in the bloodstream. Protein-hungry tumors concentrate albumin, thus increasing the delivery of the linker molecule with the attached doxorubicin to tumor sites. In the acidic environment of the tumor, but not the neutral environment of healthy tissues, doxorubicin is released. This allows for greater doses of doxorubicin to be administered in a greater number of drug cycles while reducing its toxic side effects. In studies thus far there has been no evidence of clinically significant effects of aldoxorubicin on heart muscle, even at cumulative doses of drug well in excess of 2 g/m2.
About CytRx Corporation
CytRx Corporation is a biopharmaceutical research and development company specializing in oncology. CytRx currently is focused on the clinical development of aldoxorubicin (formerly known as INNO-206), its improved version of the widely used chemotherapeutic agent doxorubicin. CytRx is conducting a global Phase 2b clinical trial with aldoxorubicin as a treatment for soft tissue sarcomas, has completed its Phase 1b/2 clinical trial primarily in the same indication and a Phase 1b study of aldoxorubicin in combination with doxorubicin in patients with advanced solid tumors, and has completed a Phase 1b pharmacokinetics clinical trial in patients with metastatic solid tumors. CytRx plans to initiate under a special protocol assessment a potential pivotal Phase 3 global trial with aldoxorubicin as a therapy for patients with soft tissue sarcomas whose tumors have progressed following treatment with chemotherapy. CytRx also is initiating Phase 2 clinical trials with aldoxorubicin in patients with late-stage glioblastoma (brain cancer) and AIDS-related Kaposi’s sarcoma. CytRx plans to expand its pipeline of oncology candidates based on a linker platform technology that can be utilized with multiple chemotherapeutic agents and may allow for greater concentration of drug at tumor sites. CytRx also has rights to two additional drug candidates, tamibarotene and bafetinib. CytRx completed its evaluation of bafetinib in the ENABLE Phase 2 clinical trial in high-risk B-cell chronic lymphocytic leukemia (B-CLL), and plans to seek a partner for further development of bafetinib. For more information about CytRx Corporation, visit www.cytrx.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Such statements involve risks and uncertainties that could cause actual events or results to differ materially from the events or results described in the forward-looking statements, including risks relating to the outcome, timing and results of CytRx’s clinical trials, the risk that any future human testing of aldoxorubicin, including the conclusion of the Phase 2b clinical testing of aldoxorubicin as a first-line treatment in patients with metastatic, locally advanced or unresectable soft tissue sarcomas who have not been previously treated with any chemotherapy, might not produce objective response results similar to the preliminary data described in this press release, or might not correlate with the trial’s primary endpoint of progression-free survival, risks related to CytRx’s ability to manufacture its drug candidates in a timely fashion, cost-effectively or in commercial quantities in compliance with stringent regulatory requirements, risks related to CytRx’s need for additional capital or strategic partnerships to fund its ongoing working capital needs and development efforts, including the Phase 3 clinical development of aldoxorubicin, and the risks and uncertainties described in the most recent annual and quarterly reports filed by CytRx with the Securities and Exchange Commission and current reports filed since the date of CytRx’s most recent annual report. All forward-looking statements are based upon information available to CytRx on the date the statements are first published. CytRx undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
(NCIT) $9.4M Air Force Data Storage and Dissemination Systems Contract
NCI, Inc. (NASDAQ:NCIT), a leading provider of information technology (IT) solutions and professional services to U.S. Federal Government agencies, announced today that it was awarded a task order under NETCENTS in the third quarter of 2013 for the development, integration, and delivery of two additional nodes of the Air Force Distributed Common Ground System (AF DCGS) Data Storage and Dissemination (DSD) system. NCI provided the first two DSD nodes under a similar contract in 2012.
The DSD accelerates data transfers across the AF DCGS network and provides storage, dissemination, processing, and retrieval capabilities to the net-centric AF DCGS enterprise. The DSD is completely redundant for fail-safe considerations, and it is anticipated that the deployment of DSD capabilities to specified locations will be used as the primary distribution method for large data files over the AF DCGS network.
“We are pleased to continue our relationship with the AF DCGS and are proud to provide solutions to the AF DCGS enterprise by bringing innovation to the warfighter and enabling battlefield readiness through affordable IT and cyber capabilities,” said Brian Clark, NCI’s President.
About NCI, Inc.:
NCI is a worldwide provider of leading-edge enterprise services and solutions to Defense, Intelligence, Healthcare, and Civilian Government agencies. Inspired by its customers’ missions and driven by their challenges, NCI helps them achieve higher levels of performance by utilizing innovative, cutting-edge technologies and methodologies in the following capability areas: Cloud Computing and IT Infrastructure Optimization; Cybersecurity and Information Assurance; Engineering and Logistics Support; Enterprise Information Management and Advanced Analytics; Health IT and Medical Support; IT Service Management; Modeling, Simulation, and Training; and Software and Systems Development/Integration.
Headquartered in Reston, Virginia, NCI has nearly 2,000 employees operating in more than 100 locations around the globe. For more information, visit www.nciinc.com or email investor@nciinc.com. Like us on Facebook and follow us on Twitter (@nciinc_) and LinkedIn.
(PRAN) PBT2 Reverses Memory Loss in Normal Aging
MELBOURNE, AUSTRALIA–(Oct 30, 2013) – Prana Biotechnology (ASX: PBT) (NASDAQ: PRAN),
- PBT2 Increases numbers of Neurons in the brain
- PBT2 increases numbers of Synapses in the brain
- PBT2 increases NMDA and AMPA levels
- PBT2 increases Protein Phosphatase 2a (PP2a)
Prana Biotechnology (ASX: PBT) (NASDAQ: PRAN), a leading global developer of first-in-class treatments for neurodegenerative disease, has today announced the publication of an article in the peer reviewed Aging Cell showing the effects of PBT2 on neurogenesis and in reversing the memory and learning losses associated with the aging process, in normal (ie non transgenic) old mice.
The paper, entitled “A Novel Approach To Rapidly Prevent Age-Related Cognitive Decline”, appears in the journal Aging Cell available now online here*. The authors were led by Associate Professor Paul Adlard, Head, Synaptic Neurobiology Laboratory, The Florey Institute of Neuroscience and Mental Health.
“It is very exciting to discover that PBT2 not only helps clear amyloid from the brain, but is promoting the birth of new nerve cells in a part of the brain that is particularly affected by Alzheimer’s disease, the hippocampus. This now adds to the predicted beneficial properties of PBT2 for the treatment and prevention of Alzheimer’s disease,” commented Dr Rudy Tanzi, Professor of Neurology at Harvard Medical School, Vice Chair of Neurology at Massachusetts General Hospital, and Prana’s Chief Scientific Advisor.
Age-related cognitive decline occurs in humans along with all other mammals. Data in this publication, describes how PBT2 reversed both memory and cognitive loss in aged mice.
Previously Prana reported the positive effects of PBT2 on increasing neuronal number, synaptic density and up regulation of critical markers of synaptic function and plasticity in an transgenic animal model of Alzheimer’s disease, as well as significantly improved cognition (see Prana press release 21 March 2011 here). These new findings are in normal old mice that have not been genetically modified and do not form amyloid.
“In my view, these data help explain why other Alzheimer’s therapies that solely target Abeta or tau pathology may, at best, be only partially effective. PBT2, by addressing metal induced oligomer formation, restoring metal balance in affected brain regions, and by promoting new neuronal cell growth, elicits a distinct set of disease modifying effects. Thus PBT2 may not only ameliorate Alzheimers pathology, but perhaps other detrimental aspects of aging on the brain,” concluded Dr Tanzi.
Synopsis of the Aging Cell publication
Typically mice live for 24 to 30 months, developing progressive cognitive impairment from 16 to 18 months. Age related cognitive decline is associated with measurable structural and biochemical changes in the brain, which were significantly improved by PBT2. In the study 22 month old mice were treated with PBT2 for a total of 12 days.
- PBT2 restored learning and memory. The old mice treated with PBT2 performed learning and memory tasks to the same level exhibited by young mice and significantly better than untreated old mice (p < .01 or better).
- PBT2 Increases markers of neurogenesis and neuron number:
a) Increased number of mature neurons by up to 27% in the hippocampus
b) Increased markers of cell proliferation by 67% and markers of numbers of immature neurons by 130% in the hippocampus.
c) Neuronal proliferation markers were elevated around the lateral ventricles by 214% (atrophy of peri-ventricular tissue is a feature of Huntington’s disease) - PBT2 increases numbers of synapses in the hippocampus:
a) Synaptophysin levels increased by 38%
b) Dendritic spine density increased by 15% - PBT2 increases glutamate receptor levels in the hippocampus:
a) NMDA R2b levels increased by 88%
b) AMPA levels increased by 97% - PBT2 increases Protein Phosphotase 2a (PP2a) in the hippocampus:
a) PP2a increased by 22%
b) Phosphorylated Tau levels decreased by 81%
* Adlard et al, A Novel Approach To Rapidly Prevent Age-Related Cognitive Decline
http://onlinelibrary.wiley.com/doi/10.1111/acel.12178/pdf
About Prana Biotechnology Limited
Prana Biotechnology was established to commercialise research into Alzheimer’s disease and other major age-related neurodegenerative disorders. The Company was incorporated in 1997 and listed on the Australian Stock Exchange in March 2000 and listed on NASDAQ in September 2002. Researchers at prominent international institutions including The University of Melbourne, The Mental Health Research Institute (Melbourne) and Massachusetts General Hospital, a teaching hospital of Harvard Medical School, contributed to the discovery of Prana’s technology.
PBT2 is currently the subject of the Phase II IMAGINE trial in AD and the Phase II Reach2HD trial in Huntington’s disease. Both trials are expected to report results in Q1 2014.
For further information please visit the Company’s web site at www.pranabio.com.
Forward Looking Statements
This press release contains “forward-looking statements” within the meaning of section 27A of the Securities Act of 1933 and section 21E of the Securities Exchange Act of 1934. The Company has tried to identify such forward-looking statements by use of such words as “expects,” “intends,” “hopes,” “anticipates,” “believes,” “could,” “may,” “evidences” and “estimates,” and other similar expressions, but these words are not the exclusive means of identifying such statements. Such statements include, but are not limited to any statements relating to the Company’s drug development program, including, but not limited to the initiation, progress and outcomes of clinical trials of the Company’s drug development program, including, but not limited to, PBT2, and any other statements that are not historical facts. Such statements involve risks and uncertainties, including, but not limited to, those risks and uncertainties relating to the difficulties or delays in financing, development, testing, regulatory approval, production and marketing of the Company’s drug components, including, but not limited to, PBT2, the ability of the Company to procure additional future sources of financing, unexpected adverse side effects or inadequate therapeutic efficacy of the Company’s drug compounds, including, but not limited to, PBT2, that could slow or prevent products coming to market, the uncertainty of patent protection for the Company’s intellectual property or trade secrets, including, but not limited to, the intellectual property relating to PBT2, and other risks detailed from time to time in the filings the Company makes with Securities and Exchange Commission including its annual reports on Form 20-F and its reports on Form 6-K. Such statements are based on management’s current expectations, but actual results may differ materially due to various factions including those risks and uncertainties mentioned or referred to in this press release. Accordingly, you should not rely on those forward-looking statements as a prediction of actual future results.
Contacts:
Investor Relations
Global (ex USA):
Rebecca Wilson
T: +61 3 8866 1216
rwilson@buchanwe.com.au
USA:
Vivian Chen
T: +1 646-284-9472
Vivian.Chen@grayling.com
Media Relations
Ben Oliver
T: +61 3 8866 1233
boliver@buchanwe.com.au
(OXBT) and Phyxius Pharma, New Evidence on Levosimendan in Heart Surgery Patients
Phyxius Pharma, Inc. and Oxygen Biotherapeutics, Inc., (NASDAQ: OXBT), today announced that researchers at the Duke Clinical Research Institute (DCRI), part of the Duke University School of Medicine, recently published findings of a meta-analysis of multiple clinical trials that evaluated the use of levosimendan in patients undergoing heart surgery. The study aggregated and analyzed results from 14 independent clinical trials with a total of 1,155 patients. The published results showed that levosimendan was associated with reduced mortality (death) and other adverse outcomes including heart attacks during and after operation in patients with reduced heart function undergoing heart surgery. This research was recently published in the Journal of Cardiothoracic and Vascular Anesthesia as an “in Press” online version of the publication that precedes the final publication. A link to the online version of the publication is available here: http://www.jcvaonline.com/article/S1053-0770(13)00171-7/abstract.
Oxygen Biotherapeutics has a Definitive Agreement to acquire certain assets of Phyxius Pharma, including the U.S. and Canadian development and commercialization rights to levosimendan. The United States Food and Drug Administration (FDA) has granted Fast Track status for levosimendan for the reduction of morbidity and mortality in cardiac surgery patients at risk for developing Low Cardiac Output Syndrome (LCOS). In addition, the FDA has agreed to Phyxius Pharma’s Phase 3 protocol design under Special Protocol Assessment (SPA), and provided guidance that a single successful trial will be sufficient to support approval of levosimendan in this indication.
John Alexander, M.D., MHS, Director, Cardiovascular Research, Duke Clinical Research Institute said, “Our meta-analysis of 14 randomized clinical trials suggests that levosimendan, in conjunction with standard care in high-risk cardiac surgery patients with reduced left ventricular function, may reduce mortality and other adverse outcomes by as much as 50 percent.”
John Kelley, CEO of Phyxius Pharma stated, “These findings are highly supportive of our definitive Phase 3 trial design which includes mortality, need for dialysis, peri-operative myocardial infarction, as components of the primary composite endpoint. With the support of these data and the FDA’s guidance we have designed a very modest sized and highly cost efficient trial of 760 patients. This is far smaller than other cardiac trials which typically require larger patient populations.”
Robert Harrington, M.D. Chairman of the Department of Medicine at Stanford University stated, “LCOS represents an area of unmet medical need. The results of this meta-analysis are highly supportive of Phyxius Pharma’s current Phase 3 clinical trial design that intends to evaluate the ability of levosimendan treatment to prevent LCOS and the associated mortality and morbidity.”
Consistent with the positive meta-analysis findings, the Phase 3 trial is designed to include low EF (Ejection Fraction) cardiac surgery patients and evaluates several end points included in the meta-analysis.
About Phyxius Pharma
Phyxius Pharma, Inc. is a privately-held development stage pharmaceutical company. The company is focused on developing products for use in acute care settings. The company has licensed North American rights to develop and commercialize levosimendan from Orion Pharma, Orion Corporation of Espoo, Finland.
About Levosimendan
Levosimendan is a calcium sensitizer developed for intra-venous use in hospitalized patients with acutely decompensated heart failure. It is currently approved in 53 countries for this indication. It is not available in the United States. It is under development in North America for reduction in morbidity and mortality of cardiac surgery patients at risk of low cardiac output syndrome (LCOS).
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.
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, including, but not limited to, the likelihood of the consummation of the Phyxius transaction, as well as the successful integration of Phyxius into the Company, 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 in the current Form 10-Q filed on September 17, 2013, and 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.
(CLPI) CEO Harold Montgomery to Present at the Sixth Annual LD Micro Cap Conference
Calpian, Inc. (OTC:CLPI), today announced that Chairman and Chief Executive Officer, Harold Montgomery, will be presenting at the Sixth Annual LD Micro Conference which will be held in Los Angeles from December 3rd through December 5th.
Mr. Montgomery will discuss the company’s domestic operations as well as the services platform of its Indian subsidiary, Money-On-Mobile, the Indian leader in pre-paid mobile payment solutions.
About Calpian, Inc.
Calpian, Inc. (CLPI) is a publicly traded company with corporate offices in Dallas, Texas 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 163,000 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.
(AAOI) Expands Its Data Center Product Line With 40 Gbps Transceivers
SUGAR LAND, Texas, Oct. 29, 2013 — Applied Optoelectronics, Inc. (Nasdaq:AAOI), a leading provider of fiber-optic access network products for the cable broadband, internet data center, and fiber-to-the-home markets today announces a new line of short reach 40 Gbps fiber optic transceivers aimed at the data center market.
The new QSFP+SR4 transceivers utilize AOI’s proprietary silicon photonics-based optical engine technology. They employ laser and photodiode/pre-amp arrays in multi-channel links that are interoperable with other 40GBASE-SR4 QSFP+ and QDR transceivers. The MSA-compliant transceivers have an extended reach to 300 meters over OM3 fiber.
AOI also announces active optical cable assemblies (AOC’s) for data centers and core network applications, also operating at 40 Gbps. These AOC products are pre-configured with a pair of 40G transceivers, mutually conjoined by a fiber optic cable. AOI’s modules provide an industry-leading ultra high-speed interconnectivity solution for data center operators. The AOCs are also available for breakout of 40G to four individual SFP+ 10G serial ports for data centers in transition.
“The need for bandwidth in the datacenter is constantly growing. As a leading provider of internet datacenter optics, AOI has spent years developing the suite of technologies desired by our customers, who need interconnection speeds higher than the now-current 10 Gbps rate,” comments Robinson Tsai, VP of R&D for AOI’s Network Equipment Business Unit. “These technologies currently support 40 Gbps and are extensible to 100 Gbps and beyond. AOI is positioned to work closely with customers to offer a cost-effective solution with industry-leading performance and the ability to customize functions as needed for individual customer requirements.”
For more information about AOI’s complete portfolio of 40G QSFP+ transceivers, contact us by email at sales@ao-inc.com, or visit our website at www.ao-inc.com.
About Applied Optoelectronics (AOI)
Applied Optoelectronics, Inc. (Nasdaq:AAOI) is a leading, vertically-integrated provider of fiber-optic networking products, principally used in the cable television broadband, fiber-to-the-home, and internet datacenter markets. AOI was founded in 1997, and has its headquarters in Sugar Land, Texas, with additional manufacturing and R&D operations in Taipei, Taiwan and Ningbo, China. For additional information, visit www.ao-inc.com.
CONTACT: Media Enquiries: Willis Chen 281/295-1807 wchen@ao-inc.com
(MDCA) Adds Two Senior Executives to Management Team
Fast-Growing Company Enlists Former GE Executive Dennis McGuire as Senior Vice President, Treasurer, and Deutsche Bank Analyst Matt Chesler as Vice President, Investor Relations
NEW YORK, Oct. 29, 2013 — MDC Partners announced today that it has enlisted two new senior executives to bolster its management team. Dennis McGuire is taking on the role of SVP, Treasurer for the company, while Matt Chesler joins as VP, Investor Relations. With over 20 years of experience in treasury, corporate finance, M&A and banking, McGuire will lead and direct all corporate and Partner network treasury activities. Chesler brings over 10 years of experience as Equity Research Analyst to MDC, where he will work alongside CFO David Doft on all investor relations activities.
“We are extremely pleased to welcome Dennis and Matt at a time of accelerated growth and international expansion for MDC,” said Doft. “Dennis brings both impressive versatility and a broad-based skill set to the role, with not only extensive corporate treasury experience, but also significant bank-side and practical international expertise. A strategic and veteran corporate treasury executive, he will be an enormous asset to MDC and to our Partner agencies.”
Added Doft, “Matt is one of the best senior analysts in the advertising and media space, and has a deep knowledge and understanding of our industry and of MDC’s business. We are thrilled that he will enhance our team’s level of sophistication as the company’s market cap and business continue to grow.”
McGuire comes to MDC Partners from the General Electric Company, where he worked in Corporate Treasury for 10 years as a Managing Director and Assistant Treasurer supporting the company’s GE Capital and Industrial businesses, including GE’s former media business, NBC Universal. Earlier in his career, McGuire held treasury leadership roles at blue-chip firms PepsiCo and Honeywell and began his career in corporate banking with Chase Manhattan Bank and Bankers Trust.
“I am extremely impressed by the progressive way in which MDC has approached all aspects of its business and by its dedication to creating best-in-class operations and services for its Partners,” said McGuire. “This is an extraordinary opportunity to work for a truly innovative company at a particularly exciting time in its growth trajectory, and I am looking forward to adding the benefit of my experience and perspective to the team.”
Since 2003, Chesler has worked at Deutsche Bank as an analyst covering the media sector, with primary subsector responsibilities for advertising agencies, magazines, local TV, and audience measurement, and has been a lead analyst since 2008. From 2009 to 2011, he also served as a member of the Internet & Interactive Entertainment team. He was named an “Up and Comer” in the Publishing & Advertising sector by Institutional Investor two times in 2009 and 2010, was a member of a team that ranked third in the annual Institutional Investor survey in 2007 and that won a Wall Street Journal “Best of the Street” stock-picking award in 2005. Prior to joining Deutsche Bank in 2003, Chesler worked in the accounting industry for six years for Ernst & Young and PriceWaterhouseCoopers.
“I’ve admired MDC for a long time, and from the vantage point of an analyst, I gained a unique perspective on the industry,” said Chesler. “I’m looking forward to now being a part of what I see as a best-in-class organization that is truly dedicated and structured to building value for its clients, agency partners and shareholders.”
About MDC Partners Inc.
MDC Partners is one of the world’s largest Business Transformation Organizations that utilizes technology, marketing communications, data analytics, insights and strategic consulting solutions to drive meaningful returns on Marketing and Communications Investments for multinational clients in the United States, Canada, and worldwide.
MDC Partners’ durable competitive advantage is to Empower the Most Talented Entrepreneurial Thought Leaders to Drive Business Success to new levels of Achievement, for both our Clients and our Shareholders, reinforcing MDC Partners’ reputation as “The Place Where Great Talent Lives.”
MDC Partners’ Class A shares are publicly traded on NASDAQ under the symbol “MDCA” and on the Toronto Stock Exchange under the symbol “MDZ.A”.
CONTACT:
Alexandra Delanghe
SVP, Corporate Communications
646-429-1845
adelanghe@mdc-partners.com
(SHLD) Kmart® Integrated Retail Services Expand To Puerto Rico
Localized Online Shopping Experience Enables New Services for Puerto Rico
HOFFMAN ESTATES, Ill., and SAN JUAN, Puerto Rico, Oct. 29, 2013 — Kmart announced today that it will extend its integrated retail shopping conveniences to customers in Puerto Rico. Kmart’s integrated retail strategy connects online and in-store shopping channels to provide more flexible ways to shop. For the first time this holiday season, Puerto Rico-based Kmart customers and Shop Your WaySM members will have access to online layaway, store-to-home shipping, free Anyone, Anywhere pickup and free store pickup.
The expansion coincides with the launch of a localized e-commerce channel that has been created within Kmart.com. The site also allows customers in Puerto Rico to enter their zip code and shop online at Kmart.com for a relevant assortment of products.
“Kmart strives to provide a seamless experience for our customers,” said Dave Rodney, regional vice president of Kmart Puerto Rico and the U.S. Virgin Islands. “We are excited to give our Shop Your Way members and customers in Puerto Rico access to new options that enhance the experience in-store and online.”
Expanded in-store and online shopping amenities will bring added convenience to customers in Puerto Rico by giving more choices and additional ways to shop and save this holiday season. Customers will find new ways to plan holiday spending with online layaway, save time with store-to-home shipping and minimize unnecessary shipping costs with free Anyone, Anywhere pickup and free store pickup.
Online Layaway
Kmart customers and Shop Your Way members in Puerto Rico can now take advantage of online layaway as a way to plan their holiday spending. Customers can initiate a layaway contract online and choose to ship their purchases home or pick up their purchases from their selected Kmart store. Kmart shoppers can enjoy free layaway online or in-store through Nov. 23, plus free shipping on purchases $59 or more for the holidays.
Store-to-Home Shipping
Checking-off holiday shopping lists will be easier than ever as Kmart’s 23 Puerto Rico store locations will now offer free store-to-home shipping for customers and members when the product they want is not immediately available in-store.
Free Anyone, Anywhere Pickup
Free Anyone, Anywhere Pickup provides customers with a way to alleviate shipping fees as they purchase gifts online and have friends or family pick them up at a Kmart location, whether stateside or in Puerto Rico.
Free Store Pickup
Shop Your Way members can also take advantage of free store pickup while shopping at Kmart.com, featuring free same-day pick up at a local Puerto Rico store.
About Kmart
Kmart, a wholly owned subsidiary of Sears Holdings Corporation (NASDAQ: SHLD), is a mass merchandising company and part of SHOP YOUR WAY, a social shopping experience where members have the ability to earn points and receive benefits across a wide variety of physical and digital formats through ShopYourWay.com. Kmart offers customers quality products through a portfolio of exclusive brands that include Sofia by Sofia Vergara, Jaclyn Smith, Joe Boxer, Route 66 and Smart Sense. For more information visit the company’s website at www.kmart.com | Sears Holdings Corporation website at www.searsholdings.com | Facebook: www.facebook.com/kmart
Media Contacts: | |
Shannelle Armstrong-Fowler | Nathaly Gamino |
Sears Holdings | Flowers Communications Group |
847-286-0715 | 312-228-8832 |
shannelle.armstrong-fowler@searshc.com | ngamino@flowerscomm.com |
(USAT) Lands Largest Commitment Ever for ePort Connect Cashless Payment and Telemetry
USA Technologies, Inc. (NASDAQ: USAT), (“USAT”), a leader of wireless, cashless payment and M2M telemetry solutions for small-ticket, self-serve retailing industries, today announced that it has received its largest purchase commitment ever. The commitment comes from USConnect®, an alliance of independent vending and food service companies throughout the United States, which is targeting the adoption of cashless payment and telemetry technologies for the majority of the self-serve locations owned or operated by its members by 2018.
The agreement calls for the purchase of 50,000 ePorts® by USConnect through its members over the next five years, all of which will utilize USAT’s comprehensive ePort Connect® suite of services.
According to Jeff Whitacre, longstanding vending operator and industry entrepreneur, USConnect is the largest connected network of independent vending and food service companies in the United States. Consisting of approximately 25 members to date, the USConnect consortium manages over 100,000 snack, food, beverage and other self-serve machines.
“The goal of USConnect is to facilitate, in a leadership role, the modernization of the vending and food service industry through cashless payment, wireless telemetry and the value-added capabilities that a connected base of self-serve terminals can provide—both now and in the future,” said Jeff Whitacre, chief executive officer and founder of USConnect. “Technology that connects people, information and machinery is changing the landscape in the self-serve retail market, and our industry needs to embrace it. We believe it’s time to re-engage the consumer and disrupt the traditional business model.”
“USConnect is taking this assertive step with USAT because we’re confident that a cashless payment and telemetry platform can deliver immense value to businesses like ours—and USAT has played a huge part in that educational process since the beginning,” continued Whitacre. “We value the reliability and flexibility of their service and their commitment to innovative technologies, services and programs that are good for business and the industry at large. We look forward to influencing the vending and food service industry in a positive way with USAT.”
“We are pleased to see USConnect, on behalf of its members, take a prominent role in the transformation of the vending industry,” said Stephen P. Herbert, chairman and chief executive officer of USA Technologies. “Our business is based on the fundamental view that the self-serve retail industry as a whole has tremendous potential to increase revenues and consumer engagement by making the transition to cashless payment. With cashless adoption in its early stages, customers like USConnect and its members are clearly positioned to take early advantage.”
About USConnect:
USConnect is a consortium of industry-leading, independent food service companies across the United States. Together, USConnect member companies provide outstanding quality fresh foods, vending and unattended retail services, along with corporate catering and coffee services as well as consistent service and state-of-the-art technology and programs to their corporate food service clients. To learn more, visit the website at www.usconnect.biz
About USA Technologies:
USA Technologies is a leader of wireless, cashless payment and M2M telemetry solutions for small-ticket, self-serve retailing industries. ePort Connect® is the company’s flagship service platform, a PCI-compliant, end-to-end suite of cashless payment and telemetry services specially tailored to fit the needs of small ticket, self-service retailing industries. USA Technologies also provides a broad line of cashless acceptance technologies including its NFC-ready ePort® G8, ePort Mobile™ for customers on the go, and QuickConnect™, an API Web service for developers. USA Technologies has been granted 86 patents; and has agreements with Verizon, Visa, Elavon and customers such as Compass, Crane, AMI Entertainment and others. Visit the website at www.usatech.com.
Forward-looking Statements:
“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: All statements other than statements of historical fact included in this release, including without limitation the business strategy and the plans and objectives of USAT’s management for future operations, are forward-looking statements. When used in this release, words such as “anticipate”, “believe”, “estimate”, “expect”, “intend”, and similar expressions, as they relate to USAT or its management, identify forward-looking statements. Such forward-looking statements are based on the beliefs of USAT’s management, as well as assumptions made by and information currently available to USAT’s management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors, including but not limited to, the ability of USAT to retain key customers from whom a significant portion of its revenues is derived; whether USAT’s customers would continue to add additional connections to our network in the future at levels currently anticipated by USAT; the ability of USAT to compete with its competitors to obtain market share; whether USAT’s customers continue to utilize USAT’s transaction processing and related services, as our customer agreements are generally cancelable by the customer on thirty to sixty days’ notice; the ability of USAT to obtain widespread commercial acceptance of its products; and whether USAT’s existing or anticipated customers purchase, rent or utilize ePort devices or our cashless payment services in the future at levels currently anticipated by USAT. Readers are cautioned not to place undue reliance on these forward-looking statements. Any forward-looking statement made by us in this release speaks only as of the date of this release. Unless required by law, USAT does not undertake to release publicly any revisions to these forward-looking statements to reflect future events or circumstances or to reflect the occurrence of unanticipated events.
(CYTR) Reports 2013 Third Quarter Financial Results
CytRx Corporation (NASDAQ: CYTR), a biopharmaceutical research and development company specializing in oncology, today reported financial results for the three and nine-month periods ended September 30, 2013, and provided a clinical update.
“Our achievements during the third quarter and recent weeks position CytRx to make significant progress and create shareholder value for the remainder of 2013 and well into 2014,” said Steven A. Kriegsman, CytRx President and CEO. “With our cash position bolstered by a recent equity offering that netted approximately $24.1 million, we have the resources to continue a robust program of clinical trials with aldoxorubicin in multiple oncology indications. Later this week, we will be presenting further impressive preliminary results from our global Phase 2b clinical trial in first-line soft tissue sarcoma at the Connective Tissue Oncology Society Annual Meeting in New York.
“In the third quarter, we were excited to announce that aldoxorubicin significantly increased survival rates in mice transplanted with human glioblastoma cells in a confirmatory study, and demonstrated the ability in that study to cross the blood-brain barrier and induce key biomarkers that lead to glioblastoma tumor cell death. Glioblastoma is a deadly form of brain cancer, and we plan to initiate a Phase 2 trial later this year in patients with advanced, relapsed glioblastoma, and a Phase 2 trial in Kaposi’s sarcoma, a common HIV-associated tumor,” continued Mr. Kriegsman. “Finally, we expect to commence a global Phase 3 pivotal trial in the first quarter of 2014 to evaluate aldoxorubicin as a treatment for patients with second-line soft tissue sarcomas that have progressed following prior treatment with chemotherapy. That trial is being conducted under a special protocol assessment with progression-free survival as the primary endpoint.”
Recent Clinical Highlights
- July – reported highly favorable data from a human model of glioblastoma implanted in animals and treated with aldoxorubicin, including statistically significant efficacy and prolonged survival.
- September – announced preliminary data from the global Phase 2b soft tissue sarcoma trial showing patients treated with aldoxorubicin had an Overall Response Rate (ORR) of 22%, whereas those administered the widely used chemotherapeutic agent doxorubicin had an ORR of 0%.
Upcoming Milestones
- 4Q13 – initiate a Phase 2 trial with aldoxorubicin in patients with relapsed glioblastoma. Study site participants include The John Wayne Cancer Center in Santa Monica, Calif., the City of Hope in Duarte, Calif. and the LSU Health Science Center in New Orleans.
- 4Q13 – initiate a Phase 2 trial evaluating the preliminary efficacy of aldoxorubicin in treating AIDS-related Kaposi’s sarcoma; this trial will enroll up to 30 patients at the LSU Health Science Center.
- December 2013 – report top-line progression-free survival results from the global Phase 2b trial comparing the efficacy and safety of aldoxorubicin and doxorubicin as a first-line treatment for patients with soft tissue sarcoma.
- 1Q14 – initiate a global Phase 3 pivotal trial with aldoxorubicin as a second-line treatment for patients with soft tissue sarcoma who have failed chemotherapy under a special protocol assessment.
- Ongoing – work to expand the oncology pipeline by combining our novel linker platform technology with additional chemotherapeutic agents.
Third Quarter 2013 Financial Results
The net loss for the third quarter of 2013 was $10.0 million, or $0.33 per share, compared with net income for the third quarter of 2012 of $1.6 million, or $0.07 per diluted share. The difference is largely attributable to the Company’s warrant derivative liabilities – In the third quarter of 2013, the Company recorded a loss of $4.0 million on warrant derivative liabilities, compared with a non-cash gain on warrant derivative liabilities of $6.4 million in the third quarter of 2012. The derivative liabilities are related to warrants issued in August 2011 and July 2009. The Company did not recognize revenue for either quarter.
Research and development (R&D) expenses were $4.0 million for the third quarter of 2013, and included aldoxorubicin development expenses of $3.3 million. R&D expenses were $3.2 million for the third quarter of 2012.
General and administrative (G&A) expenses were $2.0 million for the third quarter of 2013, compared with $1.7 million for the comparable period in 2012.
CytRx reported cash, cash equivalents and short-term investments of $23.0 million and no debt as of September 30, 2013. Subsequent to the close of the quarter, on October 15, 2013 the Company completed an underwritten public offering of common stock, raising net proceeds of approximately $24.1 million.
About Soft Tissue Sarcoma
Sarcoma is an umbrella term for more than 50 subtypes of cancer that occur in the muscles, fat, blood vessels, tendons and other connective tissues in the body. Last year an estimated 38,000 new cases of soft tissue sarcoma were reported and more than 13,000 deaths were attributed to this cancer in the U.S. and Europe. Patients with metastatic, locally advanced or unresectable soft tissue sarcomas have a poor prognosis with progression-free survival of around 2 months to 4.6 months and median overall survival of approximately 9 months to 12 months. CytRx has been granted orphan drug designation by the FDA for the treatment of patients with soft tissue sarcomas.
About Glioblastoma
Glioblastoma is the most common and most malignant brain tumor in adults and afflicts more than 12,000 new patients in the U.S. annually. Despite surgical resection, radiotherapy and chemotherapy, the median survival after diagnosis is approximately 12 months to 14 months. Although the reason for treatment failure may depend upon several factors, limited efficacy of chemotherapeutic agents has been attributed to several contributing factors including insufficient drug delivery to the tumor site through the blood-brain barrier.
About Aldoxorubicin
The widely used chemotherapeutic agent doxorubicin is delivered systemically and is highly toxic, which limits its dose to a level below its maximum therapeutic benefit. Doxorubicin also is associated with many side effects, especially the potential for damage to heart muscle at cumulative doses greater than 500 mg/m2. Aldoxorubicin combines doxorubicin with a novel single-molecule linker that binds directly and specifically to circulating albumin, the most plentiful protein in the bloodstream. Protein-hungry tumors concentrate albumin, thus increasing the delivery of the linker molecule with the attached doxorubicin to tumor sites. In the acidic environment of the tumor, but not the neutral environment of healthy tissues, doxorubicin is released. This allows for greater doses of doxorubicin to be administered while reducing its toxic side effects. In studies thus far there has been no evidence of clinically significant effects of aldoxorubicin on heart muscle, even at cumulative doses of drug well in excess of 2 g/m2.
About CytRx Corporation
CytRx Corporation is a biopharmaceutical research and development company specializing in oncology. CytRx currently is focused on the clinical development of aldoxorubicin (formerly known as INNO-206), its improved version of the widely used chemotherapeutic agent doxorubicin. CytRx is conducting a global Phase 2b trial with aldoxorubicin as a treatment for soft tissue sarcomas, has completed its Phase 1b/2 trial primarily in the same indication and a Phase 1b study of aldoxorubicin in combination with doxorubicin in patients with advanced solid tumors, and has completed a Phase 1b pharmacokinetics trial in patients with metastatic solid tumors. CytRx plans to initiate under a special protocol assessment a potential pivotal Phase 3 global trial with aldoxorubicin as a therapy for patients with soft tissue sarcomas whose tumors have progressed following treatment with chemotherapy. CytRx also is initiating Phase 2 trials with aldoxorubicin in patients with late-stage glioblastoma (brain cancer) and AIDS-related Kaposi’s sarcoma. CytRx plans to expand its pipeline of oncology candidates based on a linker platform technology that can be utilized with multiple chemotherapeutic agents and may allow for greater concentration of drug at tumor sites. CytRx also has rights to two additional drug candidates, tamibarotene and bafetinib. CytRx completed its evaluation of bafetinib in the ENABLE Phase 2 trial in high-risk B-cell chronic lymphocytic leukemia (B-CLL), and plans to seek a partner for further development of bafetinib. For more information about CytRx Corporation, visit www.cytrx.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Such statements involve risks and uncertainties that could cause actual events or results to differ materially from the events or results described in the forward-looking statements, including risks relating to the outcome, timing and results of CytRx’s clinical trials, the risk that any future human testing of aldoxorubicin, including the conclusion of the global Phase 2b trial testing of aldoxorubicin as a first-line treatment in patients with metastatic, locally advanced or unresectable soft tissue sarcomas who have not been previously treated with any chemotherapy, might not produce objective response results similar to the preliminary data described in this press release, or might not correlate with the trial’s primary endpoint of progression-free survival, risks related to CytRx’s ability to manufacture its drug candidates in a timely fashion, cost-effectively or in commercial quantities in compliance with stringent regulatory requirements, risks related to CytRx’s need for additional capital or strategic partnerships to fund its ongoing working capital needs and development efforts, including the Phase 3 clinical development of aldoxorubicin, and the risks and uncertainties described in the most recent annual and quarterly reports filed by CytRx with the Securities and Exchange Commission and current reports filed since the date of CytRx’s most recent annual report. All forward-looking statements are based upon information available to CytRx on the date the statements are first published. CytRx undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
CYTRX CORPORATION | ||||||||
CONDENSED BALANCE SHEETS | ||||||||
(Unaudited) | ||||||||
September 30, 2013 | December 31, 2012 | |||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 6,036,220 | $ | 14,344,088 | ||||
Short-term investments | 17,000,000 | 24,000,000 | ||||||
Receivables | 2,451 | 109,802 | ||||||
Interest receivable | 77,960 | 26,517 | ||||||
Prepaid expenses and other current assets | 875,093 | 1,212,041 | ||||||
Total current assets | 23,991,724 | 39,692,448 | ||||||
Equipment and furnishings, net | 188,235 | 253,277 | ||||||
Goodwill | 183,780 | 183,780 | ||||||
Other assets | 103,271 | 102,271 | ||||||
Total assets | $ | 24,467,010 | $ | 40,231,776 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 2,865,616 | $ | 3,060,516 | ||||
Accrued expenses and other current liabilities | 3,314,859 | 3,033,189 | ||||||
Warrant liabilities | 7,144,554 | 3,972,230 | ||||||
Total current liabilities | 13,325,029 | 10,065,935 | ||||||
Commitments and contingencies | ||||||||
Stockholders’ equity: | ||||||||
Preferred Stock, $0.01 par value, 5,000,000 shares authorized, including 25,000 shares of Series A Junior Participating Preferred Stock; no shares issued and outstanding | — | — | ||||||
Common stock, $0.001 par value, 250,000,000 shares authorized; 30,608,392 shares issued and outstanding at September 30, 2013; 30,607,916 shares issued and outstanding at December 31, 2012 | 30,609 | 30,608 | ||||||
Additional paid-in capital | 262,656,237 | 261,318,638 | ||||||
Treasury stock, at cost (132,980 shares at September 30, 2013 and 90,546 shares at December 31, 2012) | (2,373,442 | ) | (2,279,238 | ) | ||||
Accumulated deficit | (249,171,423 | ) | (228,904,167 | ) | ||||
Total stockholders’ equity | 11,141,981 | 30,165,841 | ||||||
Total liabilities and stockholders’ equity | $ | 24,467,010 | $ | 40,231,776 | ||||
CYTRX CORPORATION | ||||||||||||||||
CONDENSED STATEMENTS OF OPERATIONS | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Revenue: | ||||||||||||||||
License revenue | $ | — | $ | — | $ | 200,000 | $ | — | ||||||||
Expenses: | ||||||||||||||||
Research and development | 4,013,572 | 3,157,656 | 11,828,575 | 10,245,637 | ||||||||||||
General and administrative | 1,987,512 | 1,729,893 | 5,775,767 | 5,736,464 | ||||||||||||
6,001,084 | 4,887,549 | 17,604,342 | 15,982,101 | |||||||||||||
Loss before other income (loss) | (6,001,084 | ) | (4,887,549 | ) | (17,404,342 | ) | (15,982,101 | ) | ||||||||
Other income (loss): | ||||||||||||||||
Interest income | 31,068 | 25,034 | 106,890 | 88,039 | ||||||||||||
Other income, net | 822 | 10,370 | 202,520 | 60,921 | ||||||||||||
Gain (loss) on warrant derivative liabilities | (4,010,811 | ) | 6,436,342 | (3,172,324 | ) | (5,980,016 | ) | |||||||||
Net income (loss) | $ | (9,980,005 | ) | $ | 1,584,197 | $ | (20,267,256 | ) | $ | (21,813,157 | ) | |||||
Basic net income (loss) per share | $ | (0.33 | ) | $ | 0.07 | $ | (0.67 | ) | $ | (1.03 | ) | |||||
Basic weighted-average shares outstanding | 30,443,293 | 21,208,660 | 30,426,460 | 21,208,960 | ||||||||||||
Diluted net income (loss) per share | $ | (0.33 | ) | $ | 0.07 | $ | (0.67 | ) | $ | (1.03 | ) | |||||
Diluted weighted-average shares outstanding | 30,443,293 | 21,724,986 | 30,426,460 | 21,208,960 |
(HOTR) Appoints Richard Adams President, COO of American Roadside Burgers
Brings on Thomas Lewison as Chanticleer Holdings’ Strategic Advisor — Continues to Build World Class Leadership Team
Brings on Thomas Lewison as Chanticleer Holdings’ Strategic Advisor — Continues to Build World Class Leadership Team
CHARLOTTE, NC–(October 29, 2013) – Chanticleer Holdings, Inc. (NASDAQ: HOTR) (“Chanticleer Holdings” or the “Company”), headquartered in Charlotte, N.C., announced today that the Company has appointed Richard Adams, former Regional Vice President of Bojangles’ Restaurants Inc., as President and Chief Operating Officer of its subsidiary, American Roadside Burgers, effective October 28th, 2013. The Company also welcomes Thomas Lewison as a strategic advisor for Chanticleer Holdings.
Mr. Adams joins the leadership team with more than 35 years of experience in the restaurant industry. In his 10-year tenure at Bojangles’ Restaurants, Mr. Adams served in several different capacities including Director of Training, Vice President of Franchise Operations and for the past 5 years Regional Vice President of Company Operations where he led Bojangles’ core market in Charlotte, NC. Prior to Bojangles’ Restaurants, Mr. Adams worked through the ranks at CKE Restaurants to become Regional Vice President and later, Area Vice President for a Burger King Franchisee in Louisiana leading 100 restaurants.
Mr. Lewison, a Franchisee of 15 Qdoba Mexican Grill restaurants, and was a Board Member of American Roadside Burgers. In addition to restaurant ownership, Mr. Lewison has ownership in 20/20 Restaurant Group, LLC which operates as a consulting service to the restaurant industry. Previously, Mr. Lewison worked his way up at CKE Restaurants and moved to Hardee’s Food Systems as EVP of Operations after CKE acquired the brand in 1997. After 22 years with CKE, Mr. Lewison became President and COO of Bojangles’ Restaurants Inc. in 2001. Tom developed and executed the strategic plan that ultimately led to the turnaround of the Bojangles’ brand. Through Tom’s efforts, the shareholders of Bojangles’ realized an above average return on investment upon the sale of the company in 2007.
Mike Pruitt, Chairman and Chief Executive Officer of the Company, stated: “We are pleased to welcome Rich to lead the management and development of our newest subsidiary, American Roadside Burgers. With his extensive experience in the restaurant industry, Rich is an excellent addition to the team, especially at this exciting time in our company’s development.” Mr. Pruitt goes on to say, “Tom’s vast industry knowledge and experience will help Chanticleer Holdings move towards further expansion for all our subsidiaries and evaluation of new opportunities.”
Mr. Adams added: “I am excited about the opportunity to join American Roadside Burgers at this time as Chanticleer Holdings advances its subsidiaries in the United States and all over the world.”
“There are so many great operators out there without capital, and so much capital that can’t operate a restaurant,” says Tom Lewison. “That’s why I love Mike Pruitt’s model. It understands the balance.”
For further information, please visit www.chanticleerholdings.com
Facebook: www.Facebook.com/ChanticleerHOTR
Twitter: http://Twitter.com/ChanticleerHOTR
Google+: https://plus.google.com/u/1/b/118048474114244335161/118048474114244335161/posts
About Chanticleer Holdings, Inc.
Chanticleer Holdings (HOTR) is focused on expanding the Hooters® casual dining restaurant brand in international emerging markets and American Roadside Burgers Inc (“ARB”), a Charlotte, N.C. based chain. Chanticleer currently owns in whole or part of the exclusive franchise rights to develop and operate Hooters restaurants in South Africa, Hungary and parts of Brazil, and has joint ventured with the current Hooters franchisee in Australia, while evaluating several additional international opportunities. The Company currently owns and operates in whole or part of six Hooters restaurants in its international franchise territories: Durban, Johannesburg, Cape Town and Emperor’s Palace in South Africa; Campbelltown in Australia; and Budapest in Hungary. ARB, purchased by Chanticleer Holdings on October 1, 2013, has a total of 5 casual restaurants — 1 location in Smithtown, N.Y., 2 locations in Charlotte, N.C., 1 location in Columbia, S.C., and the newest location is in Greenville, S.C.
Forward-Looking Statements:
Any statements that are not historical facts contained in this release are “forward-looking statements” as that term is defined under the Private Securities Litigation Reform Act of 1995 (PSLRA), which statements may be identified by words such as “expects,” “plans,” “projects,” “will,” “may,” “anticipates,” “believes,” “should,” “intends,” “estimates,” and other words of similar meaning. Such forward-looking statements are based on current expectations, involve known and unknown risks, a reliance on third parties for information, transactions or orders that may be cancelled, and other factors that may cause our actual results, performance or achievements, or developments in our industry, to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from anticipated results include risks and uncertainties related to the fluctuation of global economic conditions, the performance of management and our employees, our ability to obtain financing or required licenses, competition, general economic conditions and other factors that are detailed in our periodic reports and on documents we file from time to time with the Securities and Exchange Commission. The forward-looking statements contained in this press release speak only as of the date the statements were made, and the companies do not undertake any obligation to update forward-looking statements. We intend that all forward-looking statements be subject to the safe-harbor provisions of the PSLRA.
Contact:
Chanticleer Holdings, Inc.
Mike Pruitt
Chairman/CEO
Phone: 704.366.5122 x 1
mp@chanticleerholdings.com
(USAT) to Showcase ePortGO at the TLPA 95th Annual Convention
USA Technologies, Inc. (NASDAQ: USAT), (“USAT”), a leader of wireless, cashless payment and M2M telemetry solutions for small-ticket, self-serve retailing industries, today announced that it will be showcasing its new, all-in-one solution for the taxi and for-hire vehicle industry—ePortGO™—at the Taxi, Limousine and Paratransit Association’s (“TLPA”) 95th Annual Convention & Trade Show in Boston, October 27-31, 2013, in the Verizon Wireless booth, Number 120.
Designed to turn a smartphone into a dynamic business terminal, ePortGO is a fully integrated transport system that enables credit/debit card fare payment, trip management, recordkeeping, vehicle dispatching, navigation, and other features. It’s an easily scalable and cost-effective solution that essentially eliminates the need for costly, multi-hardware investments, redundant processes and higher “card not present” processing rates.
ePortGO is available for one monthly fee per device for Android smartphones or tablets. Standard features of ePortGO include:
- Integrated recordkeeping
- Reconciliation
- Web-based reports
- Taximeter integration
- In-vehicle credit/debit card acceptance
- 24 x 7 customer service and support
Premium features include:
- ePortGO’s standard features, plus
- Cloud-based dispatch system
- Reservation capability
- Integrated GPS navigation and driver tracking
- Branded passenger mobile app
View Product Overview video, or visit www.ePortGO.com.
ePortGO links software specifically designed for the taxi and for-hire vehicle industries with USAT’s ePort Mobile™ solution for secure credit/debit card mobile acceptance and USAT’s comprehensive cashless payment service, ePort Connect®. ePort Connect handles all aspects of credit/debit card acceptance—from merchant account setup to credit/debit card reconciliation and settlement to sales reporting and customer service—making it easy for businesses to implement and maintain their cashless payment offering. ePort Connect includes the Verizon Wireless network for connectivity.
According to the TLPA, the TLPA Annual Convention trade show is the largest trade show for for-hire transportation fleet owners in the taxicab, limousine & paratransit industry. The TLPA Annual Convention trade show is where leading industry vendors showcase and introduce the most advanced products, services, technologies and solutions to key decision makers. The TLPA’s 95th Annual Convention and Trade Show will be held at the John B. Hynes Veterans Memorial Convention Center, Boston, Massachusetts, from October 27-31, 2013. For more information, visit http://www.tlpa.org/meetings/13annual_convention.cfm.
About USA Technologies:
USA Technologies is a leader of wireless, cashless payment and M2M telemetry solutions for small-ticket, self-serve retailing industries. ePort Connect® is the company’s flagship service platform, a PCI-compliant, end-to-end suite of cashless payment and telemetry services specially tailored to fit the needs of small ticket, self-service retailing industries. USA Technologies also provides a broad line of cashless acceptance technologies including its NFC-ready ePort® G8, ePort Mobile™ for customers on the go, and QuickConnect™, an API Web service for developers. USA Technologies has been granted 86 patents; and has agreements with Verizon, Visa, Elavon and customers such as Compass, Crane, AMI Entertainment and others. Visit the website at www.usatech.com.
Forward-looking Statements:
“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: All statements other than statements of historical fact included in this release, including without limitation the business strategy and the plans and objectives of USAT’s management for future operations, are forward-looking statements. When used in this release, words such as “anticipate”, “believe”, “estimate”, “expect”, “intend”, and similar expressions, as they relate to USAT or its management, identify forward-looking statements. Such forward-looking statements are based on the beliefs of USAT’s management, as well as assumptions made by and information currently available to USAT’s management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors, including but not limited to, the ability of USAT to compete with its competitors to obtain market share; whether USAT’s customers continue to utilize USAT’s transaction processing and related services, as our customer agreements are generally cancelable by the customer on thirty to sixty days’ notice; whether USAT’s existing or anticipated customers purchase, rent or utilize ePort devices, including the ePortGO, or our cashless payment services in the future at levels currently anticipated by USAT; the ability of USAT to use available data to accurately predict future market conditions, consumer behavior and any level of cashless usage; whether the features and operation of the ePortGO fully comply with the legal requirements of local taxicab agencies; the ability of USAT to obtain licenses to sell or rent the ePortGO from local taxicab agencies, where mandated; and the ability of USAT to operate without infringing the proprietary rights of others. Readers are cautioned not to place undue reliance on these forward-looking statements. Any forward-looking statement made by us in this release speaks only as of the date of this release. Unless required by law, USAT does not undertake to release publicly any revisions to these forward-looking statements to reflect future events or circumstances or to reflect the occurrence of unanticipated events.
(PME) Independent Members of Board Approves Sale of Dredging Subsidiary for $365.5M
Board of Directors Receives Independent Fairness Opinion from Duff and Phelps, LLC
FUZHOU, China, Oct. 28, 2013 – Pingtan Marine Enterprise Ltd. (Nasdaq: PME), (“Pingtan,” or the “Company”) an integrated marine services company in the People’s Republic of China (PRC), today announced that the independent members of the Company’s Board of Directors (“the Board”) have agreed to sell Pingtan’s 100% owned dredging subsidiary, China Dredging Group (“CDGC”) and its PRC operating subsidiaries, Fujian Xing Gang Port Service Co., Ltd. business and operating assets to an affiliate of the Company’s Chairman, CEO and majority shareholder Mr. Xinrong Zhuo.
Highlights
- In addition to the fairness opinion on the proposed transaction from Duff and Phelps, LLC, the Board received appraisal reports from BMI Appraisals Limited (“BMI”) for the respective operating rights and licenses to conduct fishing services of 20 new vessels which are included as part of transaction consideration (available on the Company’s website, www.ptmarine.com).
- The Board, excluding Chairman and CEO Mr. Xinrong Zhuo, and the Company’s Senior Officer, Mr. Bin Lin, unanimously approved moving forward with the transaction.
- During a period of 30 days from the date of this press release, the Board, excluding Mr. Zhuo and Mr. Lin, will evaluate other alternative proposals received.
- The transaction is expected to close during the fourth quarter of 2013.
Terms and Background of the Transaction
Under the terms of the proposed transaction, the consideration to be received by the Company consists of:
(i) forgiveness of the Company’s current $155.2 million 4% promissory note due on June 19, 2015; and
(ii) the transfer to the Company of the 25-year exclusive operating rights (see description of operating rights below) for 20 new fishing vessels, with such rights appraised at $216.1 million by BMI as described below.
As previously announced on July 29, 2013, the Board received an offer from its Chairman and CEO, Mr. Xinrong Zhuo for CDGC. At that time the Board, excluding Chairman and CEO Mr. Xinrong Zhuo, and the Company’s Senior Officer, Mr. Bin Lin, retained Duff & Phelps LLC, as its independent financial advisor and investment banking firm, to provide an opinion as to the fairness, from a financial point of view, to the public stockholders of the Company (excluding Mr. Xinrong Zhuo, the Company’s Chairman and Chief Executive Officer, and his affiliates) of the consideration to be received by the Company in the proposed transaction.
The Board also retained, BMI (www.bmi-appraisals.com) to provide an independent valuation of the vessel operating rights that would constitute a portion of the consideration. BMI is one of the leading valuation companies in Hong Kong and China and has been engaged by more than 1,000 companies, the majority of which are listed companies in Hong Kong, China and overseas. The Board recently received the appraisal report from BMI, which values the right to use 20 new vessels and the licenses to conduct fishing operations, at approximately $216.1 million.
Subsequent to the receipt of the fairness opinion from Duff and Phelps and the BMI appraisal reports, the Board, excluding Mr. Zhuo and Mr. Lin, unanimously voted to approve the proposed transaction.
The Board, excluding Mr. Zhuo and Mr. Lin, will evaluate any potential alternative proposals received during the next 30 days. Assuming the proposed transaction closes, Pingtan would own or have exclusive operating rights to 126 fishing vessels and licenses. At current prices and operating at full capacity, each vessel is expected to generate annual revenue of approximately USD$3 million with annual net income of approximately $800,000 to $1 million.
Company to Receive Operating Rights for Vessels
The proposed transaction includes the transfer of exclusive operating rights for 25 years for each of the 20 new fishing vessels and licenses from Mr. Zhuo to the Company. These 20 fishing vessels received subsidies from China’s central government budget in 2012, and a recent notification from the Government prohibits the sale or transfer of ownership for a period of 10 years for fishing vessels that have received such subsidies.
Below is a link to the above mentioned notification by the Pingtan Government (in Mandarin): http://www.pingtan.gov.cn/xxgk/show.aspx?ctlgid=27147864&Id=8797
About Pingtan
Pingtan is a marine enterprises group, engaging in dredging services and ocean fishing through its wholly-owned subsidiaries, China Dredging Group and Merchant Supreme, and their respective PRC operating subsidiaries, Fujian Xinggang Port Service Co., Ltd., or Fujian Service, Pingtan Xingyi Port Service Co., Ltd., or Pingtan Xingyi and Fujian Provincial Pingtan County Ocean Fishing Group Co., Ltd., or Pingtan Fishing.
Pingtan Fishing primarily engages in ocean fishing with many of its self-owned vessels operating within the Indian Exclusive Economic Zone and the Arafura Sea of Indonesia. Pingtan Fishing is a growing fishing company and provider of high quality seafood in the PRC.
Business Risks and Forward-Looking Statements
This press release may contain forward-looking statements that are subject to the safe harbors created under the Securities Act of 1933 and the Securities Exchange Act of 1934. Readers are cautioned that actual results could differ materially from those expressed in any forward-looking statements. In addition, please refer to the risk factors contained in the Company’s SEC filings available at www.sec.gov, including the Company’s most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Definitive Proxy Statement and Registration Statement on Form S-3. Readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date on which they are made. Pingtan undertakes no obligation to update or revise any forward-looking statements for any reason.
CONTACT:
Roy Yu
Chief Financial Officer
Pingtan Marine Enterprise Ltd.
Tel: +86 591 87271753
ryu@ptmarine.net
INVESTOR RELATIONS:
The Equity Group Inc.
Adam Prior, Senior Vice President
(212) 836-9606
aprior@equityny.com
In China
Katherine Yao, Associate
86 10 6587 6435
kyao@equityny.com
(HPJ) Delivers EV Battery System to Harbin Institute of Technology
SAN FRANCISCO, CA and SHENZHEN, CHINA–(Oct 28, 2013) – Highpower International, Inc. (NASDAQ: HPJ), a developer, manufacturer, and marketer of nickel-metal hydride (Ni-MH) and lithium rechargeable batteries and battery solutions, today announced that it successfully delivered an advanced electric vehicle (EV) battery system to the Harbin Institute of Technology (HIT).The EV battery was installed on an electric race car designed by HIT and was used for electrical car racing at Formula SAE China, which took place in Xiangyang, Hubei Province from October 15th to October 19th, 2013.
“The Formula SAE China is a perfect forum to showcase this significant milestone for Highpower as it allows us to display our capabilities to design and manufacture effective power battery systems for electric high speed racing cars. We plan to continue to pursue the growing EV market,” said Mr. George Pan, CEO of Highpower International.
Mr. Wenliang Li, CTO of Highpower International, added, “Highpower’s engineers selected 7.5Ah high-rate discharging cells which are made of ternary lithium manganese, to satisfy weight, size, power, and energy density required by the Harbin Institute of Technology. Our power battery system can achieve active energy balancing and has a real-time, remote management system to track the battery system’s working status.”
Additional information about the event can be found on our website: http://www.highpowertech.com/product_903cc7be42d6fae3.html
About Formula SAE
Formula SAE is an established educational motorsport competition, hosted by the Society of Automotive Engineers (SAE). The competition aims to inspire and develop enterprising and innovative young engineers. Universities from across the globe are challenged to design and build a single-seat racing car in order to compete in static and dynamic events, which demonstrate their understanding and test the performance of the vehicle. The format of the event is such that it provides an ideal opportunity for the students to demonstrate and improve their capabilities to deliver a complex and integrated product in the demanding environment of a motorsport competition.
About Highpower International, Inc.
Highpower International was founded in 2001 and produces high-quality Nickel-Metal Hydride (Ni-MH) and lithium-based rechargeable batteries used in a wide range of applications such as mobile devices, computer tablets, electric bikes, energy storage systems, power tools, medical equipment, digital and electronic devices, personal care products, and lighting, etc. With over 3,000 employees and advanced manufacturing facilities located in Shenzhen and Huizhou of China, Highpower is committed to clean technology, not only in the products it makes, but also in the processes of production. The majority of Highpower International’s products are distributed to worldwide markets mainly in the United States, Europe, China and Southeast Asia.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the “safe-harbor” provisions of the Private Securities Litigation Reform Act of 1995 that are not historical facts. These statements can be identified by the use of forward-looking terminology such as “believe,” “expect,” “may,” “will,” “should,” “project,” “plan,” “seek,” “intend,” or “anticipate” or the negative thereof or comparable terminology, and include discussions of strategy, and statements about industry trends and the Company’s future performance, operations and products. Such statements involve known and unknown risks, uncertainties and other factors that could cause the Company’s actual results to differ materially from the results expressed or implied by such statements. For a discussion of these and other risks and uncertainties see “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s public filings with the SEC. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. The Company has no obligation to update the forward-looking information contained in this press release.
Financial Profiles, Inc.
Tricia Ross
+1-916-939-7285
Email Contact
(GOGO) Goes Global: Partners with Japan Airlines to Deliver In-flight Internet
ITASCA, Ill., Oct. 28, 2013 – Gogo (NASDAQ: GOGO), the world leader of in-flight connectivity and a pioneer in wireless in-flight digital entertainment solutions, announced today that it has signed a contract with Japan Airlines (JAL) to provide Gogo’s in-flight Internet service on JAL’s entire domestic fleet, which consists of 77 aircraft.
“We couldn’t be more excited to work with JAL on bringing Gogo’s connectivity services to JAL’s passengers,” said Gogo’s president and CEO, Michael Small. “We know from our experience that having connectivity has become a competitive necessity for airlines. We look forward to providing this service to JAL and keeping its passengers productive, connected and entertained during their travels.”
The new service will utilize Gogo’s Ku-satellite connectivity technology and is expected to be available to JAL passengers beginning in the summer of 2014
“Gogo is the global leader when it comes to in-flight connectivity solutions and we are excited to work with them to be the first Japanese airline to bring Internet service to passengers onboard domestic aircraft,” said Yoshiharu Ueki, JAL’s president. “JAL is continually striving to bring passengers a unique and completely refreshing onboard experience and offering our passengers Internet access on domestic flights is part of that experience.”
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 more than 2,000 Gogo equipped commercial aircraft. In-flight connectivity partners include American Airlines, Air Canada, AirTran Airways, Alaska Airlines, Delta Air Lines, Frontier Airlines, Japan 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 |
(OSN) Announces Receipt of Japanese Industrial Standards Certification
SHANGHAI, Oct. 28, 2013 —
- Important certificate allows Ossen to sell its SWPR7BL prestressed concrete strands in Japan
- R&D for key technology recognized in the Annual Jiangxi Province Science and Technology Award List
Ossen Innovation Co., Ltd. (“Ossen” or the “Company”) (Nasdaq: OSN), a China-based manufacturer of an array of plain surface, rare earth and zinc coated pre-stressed steel materials, today announced that it has been awarded a Japanese Industrial Standards (JIS) certificate. This certification allows Ossen to begin selling its SWPR7BL prestressed concrete strands in Japan. This standardization and certification process, which was completed after a six month in-depth inspection of the Company’s manufacturing facilities and products, was coordinated by the Japanese Industrial Standards Committee, the organization which specifies the standards used for industrial activities in Japan.
“Ossen is very pleased to announce our receipt of this important certification,” said Dr. Liang Tang, Chairman of Ossen Innovation. “The certificate, awarded after rigorous review and testing of our SWPR7BL prestressed concrete strands, affirms the world class quality of our product. We look forward to selling our SWPR7BL prestressed concrete strands in Japan, a market with strict quality controls. Although the Japanese market has high barriers to entry, I am pleased to announce that Ossen has already received indications of interest from one Japanese customer to purchase at least 10,000 tons of our SWPR7BL prestressed concrete strands, with delivery expected in early 2014,” concluded Dr. Tang.
Separately, Ossen’s subsidiary company, Ossen Jiujiang Steel Wire & Cable Co., Ltd., is pleased to announce that its Research and Development (R&D) work on key technology related to the manufacturing of stay cable of large span cable stayed bridges was included in the 2013 Annual Jiangxi Province Science and Technology Award List.
About Ossen Innovation Co., Ltd.
Ossen Innovation Co., Ltd. manufactures and sells a wide variety of plain surface pre-stressed steel materials and rare earth coated and zinc coated pre-stressed steel materials. The Company’s products are mainly used in the construction of bridges, as well as in highways and other infrastructure projects. Ossen has two manufacturing facilities located in Maanshan, Anhui Province, and Jiujiang, Jiangxi Province.
Safe Harbor Statements
This press release may contain 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 as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements involve inherent risks and uncertainties that could cause actual results to differ materially from those projected or anticipated, including risks outlined in the Company’s public filings with the Securities and Exchange Commission, including the Company’s annual report on Form 20-F. All information provided in this press release is as of the date hereof. Except as required by law, the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.
For more information, please contact: |
Ossen Innovation Co., Ltd. |
Feng Peng, Chief Financial Officer |
Email: feng.peng@ossencorp.com |
Phone: +86 (21) 6888-8886 |
Web: www.osseninnovation.com |
Investor Relations |
FCC Group LLC |
Phone: +1-347-850-7098 |
Email: ir@ossencorp.com |
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