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(PCC) Enters Into Merger Agreement with CIM Urban REIT, LLC
Existing PMC Shareholders to Receive A Special Cash Dividend of $5.50 Per Share
DALLAS, July 8, 2013 /PRNewswire/ — PMC Commercial Trust (NYSE MKT: PCC), (“PMC Commercial”), a real estate investment trust (“REIT”) that specializes in real estate financing primarily through first lien collateralized loans to small businesses, announced today that it has entered into a definitive merger agreement with CIM Urban REIT, LLC and subsidiaries of the respective parties. CIM Urban REIT is a private commercial REIT with Class A commercial real estate assets located in premier urban markets throughout the United States. CIM Urban REIT is managed by a subsidiary of CIM Group, LLC, a real estate and infrastructure investment firm with approximately $12 billion in assets under management. The merger and other transactions were unanimously approved by both PMC Commercial’s Board of Trust Managers and CIM Urban REIT’s Director.
Pursuant to the merger agreement, CIM Urban REIT and its affiliates will receive approximately 22.0 million newly-issued PMC Commercial Common Shares of beneficial interest and approximately 65.0 million newly-issued PMC Commercial Preferred Shares. Each Preferred Share will be convertible into seven Common Shares, resulting in the issuance of approximately 477.2 million Common Shares in the merger and other transactions. This will represent approximately 97.8% of PMC Commercial’s outstanding Common Shares.
All PMC Commercial Common Shares that are outstanding immediately prior to the transactions will remain outstanding following the transactions. In addition, PMC Commercial shareholders of record at the close of the business day prior to the closing of the transactions will receive a special cash dividend of $5.50 per common share, to be paid shortly after closing. The special dividend will be funded from existing cash and credit lines. Based on the agreed equity value of CIM Urban REIT’s contributed portfolio of $2.386 billion and the issuance of 477.2 million PMC Commercial Common Shares, the merged company (including subsidiaries) will have an implied valuation of $2.439 billion. The merged company is initially expected to pay a quarterly cash dividend of $0.175 per common share, which will provide a 3.5% annualized yield on its pro forma equity market capitalization.
After the closing of the merger and other transactions, it is expected that the merged company will primarily invest in substantially stabilized real estate and real estate-related assets in high density, high barrier–to-entry urban markets throughout the United States. CIM Group will manage most aspects of the merged company’s business and it is anticipated that the merged company will be the principal investment vehicle through which CIM Group will place substantially stabilized real estate investments. As a result of CIM Group’s urban market investment and operating experience developed over the last 19 years, the merged company will benefit from investment opportunities in a diverse range of stabilized urban properties (and to a lesser extent loans secured by such properties), including office, retail, hotel, multifamily apartments, signage and parking. Over time, the merged company may expand into new real estate-related activities, supported by CIM Group’s broad real estate investing capabilities. In addition, the merged company will continue to originate loans to small businesses collateralized by first liens on the real estate of the related business, in accordance with the current investment strategy of PMC Commercial and its subsidiaries.
“This transaction offers an efficient program to provide our institutional partners with liquidity over time while maintaining their ability to hold their investment and continue to benefit from expected quarterly dividends and capital appreciation from the portfolio of exceptionally attractive properties assembled by CIM Urban REIT over the last eight years,” said Richard S. Ressler, Co-Founder and Principal of CIM Group. “The merged company will be a well-capitalized owner of top-tier real estate assets located in some of the best performing real estate markets in North America. Additionally, we believe that the merged company will be an attractive investment for a broad array of investors, including some that have been precluded from investing in CIM Urban REIT because of restrictions against private investments or because of the large minimum investment required to participate in CIM Group’s private institutionally-focused funds.”
“The Board of Trust Managers and the executive officers of PMC Commercial seek to drive long-term growth and maximize value for our shareholders,” said Jan F. Salit, President and Chief Executive Officer of PMC Commercial. “This transaction demonstrates our ability to set strategic growth initiatives and execute those initiatives swiftly. We believe this transaction will allow us to combine our lending expertise with CIM Group’s real estate expertise, as well as offer efficiencies of scale that will benefit all of our shareholders.”
TIMING AND OTHER MATTERS
The merger and other transactions are subject to certain customary closing conditions, including the approval of PMC Commercial’s shareholders. PMC Commercial expects to hold a special meeting of its shareholders to consider and vote on the proposed transactions contemplated by the merger agreement. The parties expect the transactions to be completed during the fourth quarter of 2013.
Under the merger agreement, PMC Commercial has the right to solicit competing proposals from third parties during the 30-day period ending August 6, 2013. PMC Commercial does not intend to disclose developments regarding this process, unless PMC Commercial’s Board of Trust Managers reaches a decision regarding any superior proposals that may be made. There is no assurance that this process will result in a superior proposal.
Sandler O’Neill + Partners, L.P. is acting as financial advisor (and rendered a fairness opinion in connection with the transactions) and Locke Lord LLP is acting as legal advisor to PMC Commercial. DLA Piper LLP is acting as legal advisor to CIM Group.
ABOUT PMC COMMERCIAL
PMC Commercial is a REIT organized in 1993 that primarily originates loans to small businesses collateralized by first liens on the real estate of the related business, predominantly (94%at March 31, 2013) in the hospitality industry. Its operations are located in Dallas, Texas and include originating, servicing and selling the government guaranteed portions of certain loans. PMC Commercial originates loans, either directly or through its wholly-owned lending subsidiaries, as follows: First Western SBLC, Inc. (“First Western”), PMC Investment Corporation (“PMCIC”) and Western Financial Capital Corporation (“Western Financial”). First Western is licensed as a small business lending company (“SBLC”) that originates loans through the Small Business Administration’s (“SBA”) 7(a) Guaranteed Loan Program (“SBA 7(a) Program”). PMCIC and Western Financial are licensed small business investment companies (“SBICs”).
ABOUT CIM URBAN REIT, LLC
CIM Urban REIT, LLC, through its wholly owned subsidiary, CIM Urban Partners, LP, invests primarily in substantially stabilized real estate and real estate-related assets in high density, high barrier-to-entry urban markets throughout North America that CIM Group has targeted for opportunistic investments. CIM invests in these properties anticipating that they will experience above-average rent growth compared to both national averages and their neighboring central business districts.
ABOUT CIM GROUP
CIM Group is a leading real estate and infrastructure investment firm that since 1994 has systematically and successfully invested in dynamic and densely populated communities throughout North America. CIM Group draws on its experienced team of real estate, investment and finance professionals to identify and pursue investment opportunities in three primary strategic categories: repositioning and development projects in established and emerging urban areas; well-positioned operating properties in transitional and established districts; and infrastructure. CIM manages three distinct portfolios, including opportunistic, stabilized and infrastructure funds, each of which are diversified by geography and type of property within that risk profile. These portfolios are supported by a full array of expertise in real estate-related activities. Headquartered in Los Angeles, CIM has offices in New York, the San Francisco Bay Area and the Washington, D.C. Metropolitan Area. For more information, please visit www.cimgroup.com.
IMPORTANT ADDITIONAL INFORMATION AND WHERE TO FIND IT
This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval. PMC Commercial plans to file with the U.S. Securities and Exchange Commission (SEC) a Registration Statement on Form S-4 and file with the SEC and mail to its shareholders a Proxy Statement/Prospectus in connection with the merger and other transactions. The Registration Statement and the Proxy Statement/Prospectus will contain important information about PMC Commercial, CIM Urban REIT and their respective affiliates, the merger and other transactions, and related matters. Investors and security holders are urged to read the Registration Statement and the Proxy Statement/Prospectus carefully when they are available.
Investors and security holders will be able to obtain free copies of the Registration Statement and the Proxy Statement/Prospectus and other documents filed with the SEC by PMC Commercial through the web site maintained by the SEC at www.sec.gov and that maintained by PMC Commercial Trust at www.pmctrust.com.
In addition, investors and security holders will be able to obtain free copies of the Registration Statement and the Proxy Statement/Prospectus from PMC Commercial by contacting PMC Commercial Trust, Attn: Investor Relations, 17950 Preston Road, Suite 600, Dallas, Texas 75252.
PMC Commercial and its trust managers and executive officers may be deemed to be participants in the solicitation of proxies in respect of the merger and other transactions contemplated by the merger agreement. Information regarding PMC Commercial’s trust managers and executive officers is contained in PMC Commercial’s Annual Report on Form 10-K for the year ended December 31, 2012, and in its definitive proxy statement dated April 29, 2013, which are filed with the SEC. As of April 15, 2013, PMC Commercial’s trust managers and executive officers beneficially owned as a group approximately 499,243 Common Shares, or 4.7% of PMC Commercial’s Common Shares. Additional information regarding the interests of such potential participants will be included in the Proxy Statement/Prospectus and other relevant documents filed with the SEC in connection with the proposed merger and other transactions if and when they become available.
FORWARD-LOOKING STATEMENTS
The information set forth herein (including information included or referenced herein) contains “forward-looking statements” (as defined in Section 21E of the Securities Exchange Act of 1934, as amended), which reflect PMC Commercial’s and CIM Urban REIT’s expectations regarding future events. The forward-looking statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those contained in the forward-looking statements. Such forward-looking statements include, but are not limited to, whether and when the merger and other transactions contemplated by the merger agreement will be consummated, PMC Commercial’s and CIM Group’s plans for the merged company, market and other expectations, objectives, intentions, as well as any expectations with respect to the merged company, including regarding valuations, future dividends, estimates of growth, and other statements that are not historical facts.
The following additional factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: (1) the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement; (2) the inability to complete the proposed merger and other transactions due to the failure to obtain PMC Commercial shareholder approval for the transactions or the failure to satisfy other conditions to completion of the transactions, including that a governmental entity may prohibit, delay or refuse to grant approval for the consummation of the transactions; (3) risks related to disruption of management’s attention from ongoing business operations due to the merger and other transactions; (4) the effect of the announcement of the proposed merger and other transactions on PMC Commercial’s or CIM Urban REIT’s relationships with its customers, investors, tenants, lenders, operating results and business generally; (5) risks related to substantial expenditures with respect to the merger and other transactions, which may or may not be reimbursable in the event of the termination of the Merger Agreement; (6) the outcome of any legal proceedings relating to the merger and other transactions; and (7) risks to consummation of the merger and other transactions, including the risk that the merger and other transactions will not be consummated within the expected time period or at all. Additional factors that may affect future results are contained in PMC Commercial’s filings with the SEC, which are available at the SEC’s website at www.sec.govand on PMC Commercial’s website at www.pmctrust.com, including those set forth in PMC Commercial’s Annual Report on Form 10-K for the year ended December 31, 2012. PMC Commercial and CIM Group disclaim any obligation to update and revise statements contained in this press release or the materials referenced herein based on new information or otherwise.
(LUNA) Announces Multi-Year Agreement with Intuitive Surgical
Luna Innovations Incorporated (NASDAQ: LUNA), which develops and manufactures new-generation products for the healthcare, telecommunications, energy and defense markets, today announced a multi-year agreement that amends its development and supply agreement with Intuitive Surgical, Inc., (NASDAQ: ISRG), the global leader in robotically-assisted minimally invasive surgical systems. The agreement provides for the achievement of various development milestones through 2015.
The new agreement builds on previous work between the companies to integrate Luna’s high-speed shape-sensing technology into Intuitive’s platform for robotically-assisted minimally invasive surgery. The agreement covers the work planned over a multi-year period so that the component representing Luna’s technology is ready to be brought to market. Under the existing development and supply agreement, Luna is the exclusive supplier to Intuitive of these components.
“This new commitment with Intuitive further expands our relationship with a leader in the growing field of robotically-assisted surgery,” said My Chung, Luna’s CEO. “It further demonstrates the significant advancements our company has made toward revenue-enhancing productization as we continue to focus on shape sensing as an area for growth. We’re pleased to strengthen our relationship with Intuitive and are committed to achieving key milestones in the agreement in the years ahead.”
About Luna
Luna Innovations Incorporated (www.lunainc.com) focuses on sensing and instrumentation. Luna develops and manufactures new-generation products for the healthcare, telecommunications, energy and defense markets. The company’s products are used to measure, monitor, protect and improve critical processes in the markets it serves.
Forward Looking Statements
This release includes information that constitutes “forward-looking statements” made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995, including statements regarding, but not limited to: the uniqueness of Luna’s technology and intellectual property, the future relationship between Luna and Intuitive and incorporation of Luna’s technology into Intuitive’s products. Statements that describe the company’s business strategy, goals, prospects, opportunities, outlook, plans or intentions are also forward-looking statements. Actual results may differ materially from the expectations expressed in such forward-looking statements as a result of various factors, including technical and scientific difficulties, complications or difficulties in improving medical surgeries and/or outcomes, market forces in the medical industry, and issues that might arise in any particular business relationship, and risks and uncertainties set forth in the company’s periodic reports and other filings with the Securities and Exchange Commission. Such filings are available at the SEC’s website at http://www.sec.gov, and at the company’s website at http://www.lunainc.com. The statements made in this release are based on information available to the company as of the date of this release and Luna Innovations undertakes no obligation to update any of the forward-looking statements after the date of this release.
(GST) Declares Monthly Cash Dividend on 8.625% Series A Preferred Stock
HOUSTON, July 3, 2013 /PRNewswire/ — Gastar Exploration Ltd. (NYSE MKT: GST) (“Gastar”) announced today that Gastar Exploration USA, Inc., the wholly-owned subsidiary of Gastar, has declared a monthly cash dividend on its 8.625% Series A Preferred Stock (“Series A Preferred Stock”) for July 2013.
The dividend on the Series A Preferred Stock is payable on July 31, 2013 to holders of record at the close of business on July 15, 2013. The July 2013 dividend payment will be an annualized 8.625% per share, which is equivalent to $0.179688 per share, based on the $25.00 per share liquidation preference of the Series A Preferred Stock. The Series A Preferred Stock is currently listed on the NYSE MKT and trades under the ticker symbol “GST.PRA.”
About Gastar Exploration
Gastar Exploration Ltd. is an independent energy company engaged in the exploration, development and production of oil, natural gas, condensate and natural gas liquids in the United States. Gastar’s principal business activities include the identification, acquisition, and subsequent exploration and development of oil and natural gas properties with an emphasis on unconventional reserves such as shale resource plays. Gastar is currently pursuing the development of liquids-rich natural gas in the Marcellus Shale in West Virginia and is also in the early stages of exploring and developing the Hunton Limestone horizontal oil play in Oklahoma. Gastar also holds producing natural gas acreage in the deep Bossier play in the Hilltop area of East Texas, but has entered into a definitive agreement to sell its East Texas assets. For more information, visit Gastar’s website at www.gastar.com.
Safe Harbor Statement and Disclaimer
This news release includes “forward looking statements“ within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward looking statements give our current expectations, opinion, belief or forecasts of future events and performance. A statement identified by the use of forward looking words including “may,“ “expects,“ “projects,“ “anticipates,“ “plans,“ “believes,“ “estimate,“ “will,“ “should,“ and certain of the other foregoing statements may be deemed forward-looking statements. Although Gastar believes that the expectations reflected in such forward-looking statements are reasonable, these statements involve risks and uncertainties that may cause actual future activities and results to be materially different from those suggested or described in this news release. These include risks inherent in natural gas and oil drilling and production activities, including risks of fire, explosion, blowouts, pipe failure, casing collapse, unusual or unexpected formation pressures, environmental hazards, and other operating and production risks, which may temporarily or permanently reduce production or cause initial production or test results to not be indicative of future well performance or delay the timing of sales or completion of drilling operations; delays in receipt of drilling permits; risks with respect to natural gas and oil prices, a material decline in which could cause Gastar to delay or suspend planned drilling operations or reduce production levels; risks relating to the availability of capital to fund drilling operations that can be adversely affected by borrowing base redeterminations by our banks, adverse drilling results, production declines and declines in natural gas and oil prices; risks relating to unexpected adverse developments in the status of properties; risks relating to the absence or delay in receipt of government approvals or fourth party consents; and other risks described in Gastar’s Annual Report on Form 10-K and other filings with the SEC, available at the SEC’s website at www.sec.gov. Our actual sales production rates can vary considerably from tested initial production rates depending upon completion and production techniques and our primary areas of operations are subject to natural steep decline rates. By issuing forward looking statements based on current expectations, opinions, views or beliefs, Gastar has no obligation and, except as required by law, is not undertaking any obligation, to update or revise these statements or provide any other information relating to such statements.
Contacts:
Gastar Exploration Ltd.
J. Russell Porter, Chief Executive Officer
713-739-1800 / rporter@gastar.com
Investor Relations Counsel:
Lisa Elliott / Anne Pearson
Dennard-Lascar Associates: 713-529-6600
lelliott@DennardLascar.com/apearson@DennardLascar.com
(LODE) Receives Unanimous Approval For Expansion Permit
VIRGINIA CITY, Nev., July 3, 2013 /PRNewswire/ — Comstock Mining Inc. (“Comstock Mining” or “the Company”) (NYSE MKT: LODE) announced today that it received unanimous approval from the Storey County Commission to expand processing capacity through an application to amend the Company’s existing Special Use Permit No. 2000-222-A-2. The full board was present and voted to approve Comstock Mining’s application.
The Company’s amendments to its existing SUP are to expand the land area and modify uses allowed on its existing ore processing facility at 1200 American Flat Road, Gold Hill, Nevada. Comstock Mining applied for amendments in conjunction with its plans to expand its existing 40-acre processing facility site and to accommodate anticipated growth and efficiency opportunities related to processing and post-operations reclamation. In addition, the proposed expansion will also accommodate the development of three additional heap leach pad cells and will ultimately increase the rate of processing and other ancillary uses.
“This permit is foundational to our sustainability and growth objectives. We appreciate the County’s highest level of environmental diligence, social responsibility and overall continued support. Storey County is a model for balanced, responsible economic development and public-private partnerships that work,” said Corrado De Gasperis, President and CEO of Comstock Mining Inc.
Comstock Mining is in the process of obtaining the necessary Nevada Department of Environmental Protection (NDEP) approval plans and required permit amendments, primarily for water control and reclamation for the aforementioned expansion. After the plans and permits are in place, the Company will begin final construction of its heap leach and site expansion.
“We thank the Storey County Planning Commission for its unanimous recommendation for approval on June 24th and the Storey County Commissioners’ final approval on July 2, 2013. The expansion to the land area will allow Comstock to operate and grow more efficiently,” said Mr. De Gasperis.
About Comstock Mining Inc.
Comstock Mining Inc. is a producing, Nevada-based, gold and silver mining company with extensive, contiguous property in the Comstock District. The Company began acquiring properties in the Comstock District in 2003. Since then, the Company has consolidated a significant portion of the Comstock District, amassed the single largest known repository of historical and current geological data on the Comstock region, secured permits, built an infrastructure and commenced production in 2012. The Company continues acquiring additional properties in the district, expanding its footprint and creating opportunities for further exploration and mining. The near term goal of our business plan is to deliver stockholder value by validating qualified resources (measured and indicated) and reserves (proven and probable) of at least 3,250,000 gold equivalent ounces from our first two resource areas, Lucerne and Dayton, achieve initial commercial mining and processing operations in the Lucerne Mine with annual production rates of approximately 20,000 gold equivalent ounces and significantly grow production through the commercial development and expansions of both the Lucerne and Dayton Mine plans.
Forward-Looking Statements
This press release and any related calls or discussions may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about Comstock. Forward-looking statements are statements that are not historical facts. All statements, other than statements of historical facts, are forward-looking statements. Forward-looking statements include statements about matters such as: future prices and sales of, and demand for, our products; future industry market conditions; future changes in our exploration activities, production capacity and operations; future exploration, production, operating and overhead costs; operational and management restructuring activities (including implementation of methodologies and changes in the board of directors); future employment and contributions of personnel; tax and interest rates; capital expenditures and their impact on us; nature and timing and accounting for restructuring charges, gains or losses on debt extinguishment, derivative liabilities and the impact thereof; productivity, business process, rationalization, investment, acquisition, consulting, operational, tax, financial and capital projects and initiatives; contingencies; environmental compliance and changes in the regulatory environment; offerings, sales and other actions regarding debt or equity securities; and future working capital, costs, revenues, business opportunities, debt levels, cash flows, margins, earnings and growth.
The words “believe,” “expect,” “anticipate,” “estimate,” “project,” “plan,” “should,” “intend,” “may,” “will,” “would,” “potential” and similar expressions identify forward-looking statements, but are not the exclusive means of doing so. These statements are based on assumptions and assessments made by our management in light of their experience and their perception of historical and current trends, current conditions, possible future developments and other factors they believe to be appropriate. Forward-looking statements are not guarantees, representations or warranties and are subject to risks and uncertainties that could cause actual results, developments and business decisions to differ materially from those contemplated by such forward-looking statements. Some of those risks and uncertainties include the risk factors discussed in Item 1A, “Risk Factors” of our annual report on Form 10-K and the following: current global economic and capital market uncertainties; the speculative nature of gold or mineral exploration, including risks of diminishing quantities or grades of qualified resources and reserves; operational or technical difficulties in connection with exploration or mining activities; contests over our title to properties; potential dilution to our stockholders from our recapitalization and balance sheet restructuring activities; potential inability to continue to comply with government regulations; adoption of or changes in legislation or regulations adversely affecting our businesses; business opportunities that may be presented to, or pursued by, us; changes in the United States or other monetary or fiscal policies or regulations; interruptions in our production capabilities due to unexpected equipment failures; fluctuation of prices for gold or certain other commodities (such as silver, copper, diesel fuel, and electricity); changes in generally accepted accounting principles; geopolitical events; potential inability to implement our business strategies; potential inability to grow revenues organically; potential inability to attract and retain key personnel; interruptions in delivery of critical supplies and equipment raw materials due to credit or other limitations imposed by vendors; assertion of claims, lawsuits and proceedings against us; potential inability to maintain an effective system of internal controls over financial reporting; potential inability or failure to timely file periodic reports with the SEC; potential inability to maintain the listing of our securities on any securities exchange or market; and work stoppages or other labor difficulties. Occurrence of such events or circumstances could have a material adverse effect on our business, financial condition, results of operations or cash flows or the market price of our securities. All subsequent written and oral forward-looking statements by or attributable to us or persons acting on our behalf are expressly qualified in their entirety by these factors. We undertake no obligation to publicly update or revise any forward-looking statement.
Neither this press release nor any related calls or discussions constitute an offer to sell or the solicitation of an offer to buy any securities.
| Contact information for Comstock Mining Inc.:PO Box 1118
Virginia City, NV 89440 |
||
| questions@comstockmining.com | ||
| http://www.comstockmining.com | ||
| Corrado De Gasperis | Kimberly Shipley | |
| President & CEO | Manager of Investor Relations | |
| Tel (775) 847-4755 | Tel (775) 847-0545 | |
| degasperis@comstockmining.com | shipley@comstockmining.com | |
USPTO Rejects Neste’s ‘344 Patent, Action Initiated by Syntroleum (SYNM)
TULSA, Okla., July 3, 2013 (GLOBE NEWSWIRE) — On June 26, 2013, the U.S. Patent & Trademark Office (“PTO”) issued an Office Action Closing Prosecution and rejecting all claims in the ongoing inter partes reexamination of Neste Oil’s U.S. Patent No. 8,187,344. The reexamination was initiated by Syntroleum Corporation (Nasdaq:SYNM) in August of 2012 after Neste filed suit against Syntroleum on May 29, 2012 in federal court in the District of Delaware. On January 31, 2013, the District Court stayed the lawsuit pending the final outcome of the PTO’s reexamination of the ‘344 patent. Mirroring its prior office action (dated September 14, 2012), the PTO has again rejected both the original claims of the ‘344 patent, as well as the amended and new claims submitted by Neste, as obvious in view of the prior art. The reexamination proceedings remain pending at the PTO under Reexam Control Number 95/002,084.
On July 2, 2013, the District Court stayed Neste’s second lawsuit in federal court in the District of Delaware (filed on December 20, 2012) alleging infringement of Neste Oil’s U.S. Patent No. 8,212,094. The ‘094 patent covers similar subject matter and shares a common inventor with Neste’s ‘344 patent, but adds nothing new to the field of diesel fuels or methods for making same. On March 8, 2013, Syntroleum filed a petition with the PTO seeking inter partes review of the ‘094 patent. The District Court’s July 2nd decision was based on the pending request for inter partes review of the ‘094 patent. Syntroleum expects a decision from the PTO no later than September 2013 on whether to grant the petition for inter partes review, which is currently pending at the PTO under Trial Number IPR2013-00178.
Syntroleum denies Neste’s infringement claims and will continue to vigorously defend against the Neste patents, and remains confident that its position will be vindicated. Syntroleum has invested substantial time and resources in its proprietary Bio-Synfining® technology and will likewise seek to defend and enforce its intellectual property rights in venues around the world.
About Syntroleum (Nasdaq:SYNM)
Syntroleum Corporation owns the Syntroleum® Process for Fischer-Tropsch (FT) conversion of synthesis gas into liquid hydrocarbons, the Synfining® Process for upgrading FT liquid hydrocarbons into refined petroleum products, and the Bio-Synfining® technology for converting renewable feedstocks into drop-in fuels. For additional information, visit the Company’s web site at www.syntroleum.com.
This document may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as well as historical facts. These forward-looking statements include statements relating to the Fischer-Tropsch (“FT”) process, Syntroleum ® Process, Synfining ® Process, and related technologies including, gas-to-liquids (“GTL”), coal-to-liquids (“CTL”) and biomass-to-liquids (“BTL”), our renewable fuels Bio-Synfining ® Technology (hereinafter “Technologies”), plants based on these Technologies, anticipated cost and schedule to design, construct and operate plants, expected production of fuel, obtaining required financing for these plants and other activities, the value and markets for products, testing, certification, characteristics and use of plant products, the continued development of our Technologies, use of proceeds from our equity offerings, anticipated revenues, availability of catalyst, our support of and relationship with our licensees, and any other forward-looking statements including future growth, cash needs, capital availability, operations, business plans and financial results. When used in this document, the words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “plan,” “project,” “should” and similar expressions are intended to be among the statements that identify forward-looking statements. Although we believe that the expectations reflected in these forward-looking statements are reasonable, these kinds of statements involve risks and uncertainties. Actual results may not be consistent with these forward-looking statements. Syntroleum undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time. Important factors that could cause actual results to differ from these forward-looking statements are described under “Item 1A. Risk Factors” and elsewhere in our 2012 Annual Report on Form 10K.
®“Syntroleum”, “Synfining”, and “Bio-Synfining” are registered as trademarks and service marks in the U.S. Patent and Trademark Office.
CONTACT: Ron Stinebaugh
Syntroleum Corporation
(281) 224-9862
www.syntroleum.com
(PRAN) Approval for 12-Month Open-Label Extension Study in Alzheimer’s
MELBOURNE, AUSTRALIA — (Marketwired) — 07/03/13 — Prana Biotechnology (NASDAQ: PRAN) (ASX: PBT) today announced that it has received approval from the Austin Health Human Research Ethics Committee (HREC) to commence a 12-month open-label extension study with Alzheimer’s Disease patients participating in Prana’s IMAGINE trial.
The approval follows a full review by Austin Health HREC of the potential benefit to patients and safety data collected during the ongoing IMAGINE trial, a 12-month double-blind Phase II clinical trial of PBT2 in Alzheimer’s patients. Fifteen percent of participants in IMAGINE have now finished the full 12 months of treatment and one hundred percent have completed at least 6 months of treatment.
Patients who have completed the full 12-month term of the IMAGINE trial are eligible for participation in the open-label extension study. All participants in the extension study will receive a 250mg once daily oral dose of PBT2 for an additional 12 months, with the first patient expected to start next month.
Prana’s Chairman and CEO, Geoffrey Kempler, said, “We are keenly looking forward to the completion of the current IMAGINE trial to see the effects of PBT2 over 12 months, and we expect to report the results in March 2014. This will allow us to take the steps necessary to progress the commercialisation of PBT2 for Alzheimer’s. What is so helpful about the open-label study is that it will provide ongoing information to support the safety, tolerability and efficacy of PBT2 over a 24-month period.”
The open-label extension study protocol will closely follow the IMAGINE protocol, measuring amyloid burden and physical changes in the brains of Alzheimer’s patients, through PET imaging, MRI and FDG-PET, as well as cognition and function. The protocol synopsis appears below in Appendix 1.
About Prana Biotechnology Limited
Prana Biotechnology was established to commercialise research into age-related neurodegenerative disorders. The Company was incorporated in 1997 and listed on the Australian Securities 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.
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.
Appendix 1:
Open Label Extension Trial Synopsis
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Title An open-label extension study to assess the safety
and tolerability of PBT2, and its effect on amyloid
deposition in the brains of Patients with prodromal
or mild Alzheimer's disease.
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Study Number PBT2-204-Ext
----------------------------------------------------------------------------
Study Name/Acronym IMAGINE Extension
----------------------------------------------------------------------------
Study Design Open-label, non-randomised, extension study of the
PBT2-204 IMAGINE Study.
----------------------------------------------------------------------------
Objectives Prodromal or mild Alzheimer's disease patients were
entered on IMAGINE. Following 52 weeks of treatment
with either 250mg of PBT2 or placebo, they may now
proceed to the extension study.
Primary objective:
To evaluate the effect after 52 weeks of treatment
with 250mg of PBT2 on:
-- Safety and tolerability, and
-- Brain amyloid levels.
----------------------------------------------------------------------------
Secondary objectives:
To evaluate the effect after 52 weeks of treatment
with 250mg of PBT2 on:
-- Brain metabolic activity
-- Brain volumes
-- Cognition
-- Functional abilities
-- Blood biomarkers.
----------------------------------------------------------------------------
Number of Patients Approximately 40 Patients who have completed Visit
10 (Week 52) of the PBT2-204 clinical trial.
----------------------------------------------------------------------------
Key Patient Criteria Must have completed Visit 10 (Week 52) of the PBT2-
204 clinical trial.
----------------------------------------------------------------------------
Doses 250mg PBT2 capsules, once daily
----------------------------------------------------------------------------
Per Patient Duration 56+ weeks: Screening period (1 week, if required),
Treatment Period (52 weeks) and Follow-up Period (4
weeks) post last dose of PBT2.
----------------------------------------------------------------------------
Endpoints Primary
-- 11C-PiB PET neocortical SUVR
-- Safety and Tolerability assessments.
Secondary
-- MRI: Total brain, hippocampal and ventricular
volumes
-- 18F-FDG PET: SUVR
-- Cognition: NTB and MMSE
-- Function: ADCS-ADL-23
-- Blood biomarkers: A-beta oligomer
----------------------------------------------------------------------------
Trial Locations -- Australia
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Trial Standard Study will be conducted according to ICH GCP
----------------------------------------------------------------------------
Contacts:
USA:
Christopher Chu
Grayling
Christopher.chu@grayling.com
or
Vivian Chen
Grayling
Vivian.Chen@grayling.com
SEC Closes Investigation of (ONP) With No Enforcement Action
BAODING, China, July 3, 2013 /PRNewswire/ — Orient Paper, Inc. (NYSE MKT: ONP) (“Orient Paper” or the “Company”), a leading manufacturer and distributor of diversified paper products in North China, today announces that the staff of the United States Securities and Exchange Commission (“SEC”) has notified the Company that it has completed an investigation of the Company and does not intend to recommend any enforcement action by the SEC. The staff began an informal inquiry regarding the Company in December 2010.
“We are very pleased that the SEC has completed its investigation of the Company and recommended that no action be taken by the Commission,” said Mr. Zhenyong Liu, Chairman and CEO of Orient Paper.
“We are very happy to put this matter behind us as we continue to expand our business in the North China region to ride on the growth opportunities presented by the rising urbanization in the country. We are ramping up our new corrugating medium paper production line and building our new tissue paper facility as planned to tap on the unmet market needs here in this region,” Mr. Liu added.
About Orient Paper, Inc.
Orient Paper, Inc. is a leading paper manufacturer in North China. Using recycled paper as its primary raw material, Orient Paper produces and distributes three types of paper products namely, packaging paper (corrugating medium paper), offset printing paper, and other paper products, including digital photo paper, and household/tissue paper that the company is currently expanding into.
With production operations based in Baoding in North China’s Hebei Province, Orient Paper is located strategically close to the Beijing and Tianjin region, home to a growing base of industrial and manufacturing activities and one of the largest markets for paper products consumption in the country.
Orient Paper’s production facilities are controlled and operated by its wholly owned subsidiary Shengde Holdings, Inc., which in turn controls and operates Baoding Shengde Paper Co., Ltd., and Hebei Baoding Orient Paper Milling Co., Ltd for manufacturing digital photo, printing and packaging paper.
Founded in 1996, ONP has been listed on the NYSE MKT Board since December 2009. (Please visit http://www.orientpaperinc.com.)
(SGOC) Appoints Johnson Lau As Chief Financial Officer
BEIJING, July 2, 2013 /PRNewswire/ — SGOCO Group, Ltd. (NASDAQ: “SGOC”) (“SGOCO” or the “Company”), a company focused on building its own brands and retail distribution network in the Chinese flat panel display market, today announced that its board of directors appointed Mr. Johnson Lau to serve as the Company’s Chief Financial Officer (“CFO”), effective immediately, to replace Mr. David Xu. Mr. David Xu will transition his chief financial officer duties to Mr. Lau and serve as the Company’s Chief Operating Officer.
Mr. Johnson Lau, age 39, is a Certified Public Accountant of the Hong Kong Institute of Certified Public Accountants and CPA Australia. Mr. Lau has over 17 years of experience in the accounting profession. Mr. Lau started his career in Deloitte in Hong Kong and Beijing from 1997 to 2004. Prior to joining SGOCO, Mr. Lau worked in various public companies in the United States and England as Director of Finance and CFO for nine years. He holds a bachelor degree in commerce from Monash University, Australia.
Mr. Burnette Or, President and Chief Executive Officer of SGOCO, commented, “We are delighted to welcome Johnson as our new CFO. We believe Mr. Lau’s strong financial management and reporting background as well as his proven skills in communicating with the investor community will make significant contributions to SGOCO’s growth and development. ”
“We are also delighted to engage our former CFO, Mr. David Xu as our new COO effective immediately. David will be extensively involved in our sales and operations in China in his new role, which allows the management team to be better-positioned in achieving long-term sustainable growth and value creation for our shareholders,” Mr. Or continued.
About SGOCO Group, Ltd.
SGOCO Group, Ltd. is focused on product design, brand development and distribution in the Chinese flat-panel display market, including computer monitors, TVs and application specific products. SGOCO sells its products and services in the Chinese market and abroad. For more information about SGOCO, please visit our investor relations website http://www.sgocogroup.com.
Safe Harbor and Informational Statement
This announcement 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. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, including, without limitation, those with respect to the objectives, plans and strategies of the Company set forth herein and those preceded by or that include the words “believe,” “expect,” “anticipate,” “future,” “will,” “intend,” “plan,” “estimate” or similar expressions, are “forward-looking statements”. Forward-looking statements in this release include, without limitation, the effectiveness of the Company’s multiple-brand, multiple channel strategy and the transitioning of its product development and sales focus and to a “light-asset” model, Although the Company’s management believes that such forward-looking statements are reasonable, it cannot guarantee that such expectations are, or will be, correct. These forward-looking statements involve a number of risks and uncertainties, which could cause the Company’s future results to differ materially from those anticipated. These forward-looking statements can change as a result of many possible events or factors not all of which are known to the Company, which may include, without limitation, requirements or changes adversely affecting the LCD and LED market in China; fluctuations in customer demand for LCD and LED products generally; our success in promoting our brand of LCD and LED products in China and elsewhere; our ability to have effective internal control over financial reporting; our success in designing and distributing products under brands licensed from others; management of sales trend and client mix; possibility of securing loans and other financing without efficient fixed assets as collaterals; changes in government policy in China; the fluctuations and competition in sales and sale prices of LCD and LED products in China; China’s overall economic conditions and local market economic conditions; our ability to expand through strategic acquisitions and establishment of new locations; changing principles of generally accepted accounting principles; compliance with government regulations; legislation or regulatory environments; geopolitical events, and other events and/or risks outlined in SGOCO’s filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F and other filings. All information provided in this press release and in the attachments is as of the date of the issuance, and SGOCO does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
For investor and media inquiries, please contact:
SGOCO Group, Ltd.
Serena Wu
Investor Relations Manager
Tel: +86 (10) – 85870173 (China)
US: +1(646) – 5831616 (Voice mail)
Email:ir@sgoco.com
(PPHM) Q4 and FY13 Financials
TUSTIN, CA — (Marketwired) — 07/02/13 — Peregrine Pharmaceuticals, Inc. (NASDAQ: PPHM), a clinical-stage biopharmaceutical company developing first-in-class monoclonal antibodies focused on the treatment and diagnosis of cancer, today announced that it will report financial results for the fourth quarter and fiscal year (FY) 2013 on July 11, 2013 after market and will host a conference call and webcast at 1:30 PM Pacific Daylight Time (4:30 PM Eastern Daylight Time). Peregrine’s senior management will discuss financial results for the fourth quarter ended April 30, 2013 of FY 2013 and will review recent progress of its clinical development programs.
To listen to the live webcast, or access the archived webcast, please visit: http://ir.peregrineinc.com/events.cfm.
To listen to the conference call, please dial (877) 312-5443 or (253) 237-1126 and request the Peregrine Pharmaceuticals call. A replay of the call will be available starting approximately two hours after the conclusion of the call through July 18, 2013 by calling (855) 859-2056, or (404) 537-3406 and using passcode 10642041.
About Peregrine Pharmaceuticals, Inc.
Peregrine Pharmaceuticals, Inc. is a biopharmaceutical company with a portfolio of innovative monoclonal antibodies in clinical trials focused on the treatment and diagnosis of cancer. The company is pursuing multiple clinical programs in cancer with its lead immunotherapy candidate bavituximab and novel brain cancer agent Cotara®. Peregrine also has in-house cGMP manufacturing capabilities through its wholly-owned subsidiary Avid Bioservices, Inc. (www.avidbio.com), which provides development and biomanufacturing services for both Peregrine and third-party customers. Additional information about Peregrine can be found at www.peregrineinc.com.
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Contact:
Christopher Keenan or Jay Carlson
Peregrine Pharmaceuticals, Inc.
(800) 987-8256
info@peregrineinc.com
(UNTK) $75 Million Asset-Based Revolving Credit Facility
BLUE BELL, Pa., July 2, 2013 (GLOBE NEWSWIRE) — UniTek Global Services, Inc. (“UniTek” or the “Company”) (Nasdaq:UNTK), a premier provider of permanently outsourced infrastructure services to the telecommunications, broadband cable, wireless, transportation, public safety and satellite television industries, today announced that it has received a commitment letter from Apollo Investment Corporation (“Apollo”) for financing arrangements including an asset-based revolving credit facility (“ABL Facility”) totaling $75 million (the “Commitment Amount”). The commitment letter contemplates that the parties will enter into definitive documentation for the ABL Facility no later than July 10, 2013.
Once closed, UniTek plans to use the funds available under the ABL Facility to replace its existing Revolving Credit and Security Agreement, dated April 15, 2011. The ABL Facility is expected to increase the Company’s borrowing availability as compared to its existing revolving credit facility, providing UniTek with greater financial flexibility as the Company continues to explore refinancing alternatives for its outstanding indebtedness. The increase in borrowing availability over current availability will be $30 million through October 31, 2013, $25 million from November 1, 2013 through November 30, 2013 and $20 million thereafter.
“When finalized, this ABL Facility will provide us with additional liquidity as we continue working on the refinancing of our outstanding debt,” said Rocky Romanella, Chief Executive Officer of UniTek. “We are progressing on a number of fronts related to the completion of the audit and refinancing of our debt, and this commitment letter is an important step in the overall process.”
Pursuant to the commitment letter, UniTek will pay Apollo a commitment fee equal to 4% of the total amount of the proposed ABL Facility, payable in two equal installments due upon receipt of the commitment letter and the initial funding of the ABL Facility.
About UniTek Global Services
UniTek Global Services is a provider of engineering, construction management and installation fulfillment services to companies specializing in the telecommunications, broadband cable, wireless, two-way radio, transportation, public safety and satellite industries. UniTek has created a scalable operating platform, enabling each UniTek subsidiary to deliver quality services to its Fortune 200 customers. www.unitekglobalservices.com.
Forward-Looking Statements
The statements in this press release that are not historical fact are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts, including but not limited to statements regarding the Company’s plans to negotiate and enter into definitive documents for the ABL facility, to replace the existing Revolving Credit and Security Agreement, to achieve an expanded Company’s borrowing base, to obtain greater financial flexibility as the Company continues to explore refinancing alternatives for its outstanding indebtedness, to explore refinancing alternatives; and to file historical financial results, including restatements of previously issued financial statements. These statements are subject to uncertainties and risks including, but not limited to, operating performance, general financial, economic, and political conditions affecting the Company’s business and its target industries, the ability of the Company to perform its obligations under its contracts and agreements with customers and other risks contained in reports filed by the Company with the Securities and Exchange Commission, including in our Form 10-K for the year ended December 31, 2011. The words “may,” “could,” “should,” “would,” “believe,” “are confident,” “anticipate,” “estimate,” “expect,” “intend,” “plan,” “aspire,” and similar expressions are intended to identify forward-looking statements. All such statements are made in good faith by the Company pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. The Company does not undertake to update any forward looking statement, whether written or oral, which may be made from time to time by or on behalf of the Company, except as may be required by applicable law or regulations.
CONTACT: The Piacente Group | Investor Relations
Lee Roth
(212) 481-2050
unitek@tpg-ir.com
Cleantech Solutions (CLNT) Provides Guidance for Full Year 2013
WUXI, China, July 2, 2013 /PRNewswire-FirstCall/ — Cleantech Solutions International, Inc. (“Cleantech Solutions” or “the Company”) (NASDAQ: CLNT), a manufacturer of metal components and assemblies, primarily used in the wind power, solar and other clean technology industries and dyeing and finishing equipment to the textile industry, today provided guidance for the full year 2013.
Based on current and anticipated orders, for the full year ending December 31, 2013 the Company anticipates revenue in the range of $60 – $62 million and net income in the range of $8.0 – $8.5 million.
“We expect to see strong growth in our top and bottom lines in 2013, led by sales of airflow dyeing machines and anticipated sales of new products, including our after treatment compacting machine. Although we have concerns regarding potential credit problems in China, we are confident about our future prospects. We will continue to devote resources to developing products that meet the needs of the heavy equipment and clean technology industries,” said Mr. Jianhua Wu, Chairman and CEO of Cleantech Solutions.
About Cleantech Solutions International
Cleantech Solutions is a manufacturer of metal components and assemblies, primarily used in clean technology industries. The Company supplies forging products, fabricated products and machining services to a range of clean technology customers and supplies dyeing and finishing equipment to the textile industry. Cleantech Solutions is committed to achieving long-term growth through ongoing technological improvement, capacity expansion, and the development of a strong customer base. The Company’s website is www.cleantechsolutionsinternational.com. Any information on the Company’s website or any other website is not a part of this press release.
Safe Harbor Statement
This release contains certain “forward-looking statements” relating to the business of the Company and its subsidiary and affiliated companies. These forward looking statements are often identified by the use of forward-looking terminology such as “believes,” “expects” or similar expressions. Such forward looking statements involve known and unknown risks and uncertainties that may cause actual results to be materially different from those described herein and in the conference call referred to in this press release as anticipated, believed, estimated or expected. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release, including the ability of the Company to generate meaningful profit margins from the sale of the products or to meet the timetable described in this press release or to generate sufficient volume to justify increasing our production capacity. The guidance is based on assumptions and estimates made by management which may not be realized. The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including the failure of the Company to generate the anticipated orders or the failure of any other assumptions used in determining the guidance, including the availability of credit to the Company’s customers and potential customers as well as those risks and conditions discussed in the Company’s periodic reports that are filed with the Securities and Exchange Commission and available on its website, including factors described in “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Form 10-K for the year ended December 31, 2012 and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Form 10-Q for the quarter ended March 31, 2013. All forward-looking statements attributable to the Company or to persons acting on its behalf are expressly qualified in their entirety by these factors other than as required under the securities laws. The Company does not assume a duty to update these forward-looking statements.
Company Contact:
Cleantech Solutions International, Inc.
Adam Wasserman, CFO
E-mail: adamw@cleantechsolutionsinternational.com
Web: www.cleantechsolutionsinternational.com
Cardium (CXM) Announces Final Voting Results Of Annual Meeting Of Stockholders
Company Also Provides Update on Exchange Listing
SAN DIEGO, July 2, 2013 /PRNewswire/ — Cardium Therapeutics (NYSE MKT: CXM) today reported the voting results of its reconvened annual meeting of stockholders held earlier today. The annual meeting had been temporarily adjourned to allow for additional time for stockholders to vote on the proposed reverse stock split and a charter amendment to increase authorized stock (which would only be entered in the event that the reverse stock split was not approved).
At the meeting, stockholders approved the proposed reverse split, with a majority of the issued and outstanding shares voted in favor of the proposal. Of the shares represented and voted at the meeting, a super majority (more than 67%) of shareholders supported the reverse split proposal. The charter amendment was likewise favored by a super majority of shares voted but did not receive the requisite vote from a majority of the issued and outstanding common stock, and it would not in any case have been entered since the reverse split was approved. Both of these proposals received favorable support and a “For” vote recommendation by Glass Lewis and Institutional Shareholder Services (ISS), leading independent proxy and corporate governance advisory firms.
As previously reported, at the June 6, 2013 annual meeting, stockholders approved the following matters: (a) the re-election of the Company’s Class I Directors, which included Edward W. Gabrielson, M.D. and Lon E. Otremba, each to serve for a three-year term; (b) the compensation paid to the Company’s named executive officers; (c) establishment of a three-year advisory say on pay frequency; (d) the sale of certain Series A preferred stock; and (e) ratification of the selection of Marcum LLP as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2013. The final vote totals for the matters acted upon by stockholders at the annual meeting will be reported in a Form 8-K filing with the SEC.
As a result of the matters approved by stockholders at today’s annual meeting, Cardium plans to complete the second closing of the remaining 1,656 shares of Series A convertible preferred stock under the April 2013 registered direct offering for gross proceeds of approximately $1.7 million and effect a 20:1 reverse stock split of the Company’s common stock, which was a condition of the securities purchase agreement approved by shareholders at the annual meeting.
The Company also provided an update on its exchange listing. As previously reported, a communication from the staff of the Company’s current listing exchange, NYSE MKT, indicated that the Company was considered to be noncompliant with certain listing requirements based on its quarterly report for the period ended September 30, 2012, and provided that the company should submit a plan to staff of the exchange that would reestablish compliance with the NYSE MKT listing requirement by March 31, 2013. On December 6, 2012, the company reported that it had submitted a plan designed to reestablish compliance with the exchange’s requirement in advance of the March 31, 2013 time frame, and on January 6, 2013, announced that the plan had been accepted by the listing exchange. On April 5, 2013, the Company reported that in view of the proposed preferred stock financing, the NYSE MKT had granted an additional quarterly extension of the listing exchange compliance plan from March 31 to June 30, 2013. The Company today reports that the NYSE MKT has granted an additional quarterly extension of the listing exchange compliance plan from June 30, 2013 to September 30, 2013, provided that the Company closes the preferred stock financing, which was approved by stockholders at the annual meeting of stockholders, by July 31, 2013.
The notification received from the listing exchange had no current effect on the listing of the company’s shares on the exchange. Rather the Company has now been afforded the opportunity to regain compliance with the requirements of Section 1003(a)(iv) of the exchange’s company guide by the end of the revised plan period of September 30, 2013, provided the preferred stock financing is completed by July 31, 2013. Additional information and provisions regarding the NYSE MKT requirements are found in Part 10 of its company guide. The Company will be subject to periodic review by the exchange staff during the period covered by the plan. Failure to make progress consistent with the plan or to regain compliance with the continued listing standards by the end of the applicable extension periods could result in the Company’s shares being delisted from the exchange. If the Company’s common stock was not traded on the NYSE MKT, it would be expected to trade on the OTC exchange, an alternative regulated quotation service that provides quotes, sale prices and volume information in over-the-counter equity securities. The Company’s common stock was traded on the OTC until July 2007, when the company elected to instead list its shares on the American Stock Exchange.
About Cardium
Cardium is an asset-based health sciences and regenerative medicine company focused on the acquisition and strategic development of innovative products and businesses with the potential to address significant unmet medical needs and having definable pathways to commercialization, partnering or other economic monetizations. Cardium’s current portfolio includes LifeAgain medical data analytics, Tissue Repair Company, Cardium Biologics, and the Company’s To Go Brands® nutraceutical business. The Company’s lead commercial product, Excellagen® topical gel for wound care management, has received FDA clearance for marketing and sale in the United States. Cardium’s lead clinical development product candidate Generx® is a DNA-based angiogenic biologic intended for the treatment of patients with myocardial ischemia due to coronary artery disease. To Go Brands® develops, markets and sells dietary supplements through established regional and national retailers. In addition, consistent with its capital-efficient business model, Cardium continues to actively evaluate new technologies and business opportunities. For more information, visit www.cardiumthx.com.
Forward-Looking Statements
Except for statements of historical fact, the matters discussed in this press release are forward looking and reflect numerous assumptions and involve a variety of risks and uncertainties, many of which are beyond our control and may cause actual results to differ materially from expectations. For example, there is no assurance that the Company will satisfy the requirements of its compliance plan and will otherwise continue to satisfy the listing requirements of its exchange or that its shares can continue to be listed on a national exchange; that planned product development efforts and clinical studies can be performed in an efficient and effective manner; that regulatory approvals can be obtained in a timely manner or at all; that partnering, distribution or other commercialization efforts can be achieved; that our products or proposed products will prove to be sufficiently safe and effective; that our products or product candidates will not be unfavorably compared to competitive products that may be regarded as safer, more effective, easier to use or less expensive; that third parties on whom we depend will behave as anticipated; or that necessary regulatory approvals will be obtained. Actual results may also differ substantially from those described in or contemplated by this press release due to risks and uncertainties that exist in our operations and business environment, including, without limitation, risks and uncertainties that are inherent in the development, testing and marketing of biologics, medical devices and other products, and the conduct of human clinical trials, including the timing, costs and outcomes of such trials, whether our efforts to launch new products and expand our markets will be successful or completed within the time frames contemplated, our dependence upon proprietary technology, our ability to obtain necessary funding, regulatory approvals and qualifications, our history of operating losses and accumulated deficits, our reliance on collaborative relationships and critical personnel, and current and future competition, as well as other risks described from time to time in filings we make with the Securities and Exchange Commission. We undertake no obligation to release publicly the results of any revisions to these forward-looking statements to reflect events or circumstances arising after the date hereof.
Copyright 2013 Cardium Therapeutics, Inc. All rights reserved.
For Terms of Use Privacy Policy, please visit www.cardiumthx.com.
Cardium Therapeutics®, Generx®,Cardionovo®, Tissue Repair™, Excellagen®, Excellarate™, LifeAgain™, Genedexa™, Neo-Apps®, MedPodium®, Neo-Energy®, Neo-Chill™ and Neo-Carb Bloc® are trademarks of Cardium Therapeutics, Inc. or Tissue Repair Company. To Go Brands®, High Octane®, Green Tea Energy Fusion™, Acai Natural Energy Boost™, Greens to Go®, Extreme Berries to Go®, Healthy Belly®, VitaRocks®, Smoothie Complete®, Trim Green Coffee Bean™, and Trim Energy®, are trademarks of To Go Brands, Inc. Other trademarks belong to their respective owners.
(AFOP) Announces Preliminary Results With Over 50% Sequential Revenue Growth
SUNNYVALE, Calif., July 1, 2013 (GLOBE NEWSWIRE) — Alliance Fiber Optic Products, Inc. (Nasdaq:AFOP), an innovative supplier of fiber optic components, subsystems and integrated modules for the optical network equipment market, today announced its preliminary sales for the quarter ending June 30, 2013. These results are subject to change as a result of final management review and closing adjustments for the quarter ending on June 30, 2013.
For the 2nd quarter of 2013, the Company expects to report sales above $19 million, which represents over 55% sequential growth and is higher than $16 million of the revised revenue guidance issued on May 22, 2013. In addition, customer demands remained strong till the end of quarter.
A more detailed review of second quarter financial results as well as the outlook for the third quarter of 2013 will be provided, when the complete second quarter results are discussed on a conference call at 1:30 p.m. (Pacific) on July 23, 2013. To participate in AFOP’s conference call, please call 877-675-3572 at least ten minutes prior to the call in order for the operator to connect you. The confirmation number for the call is 11703727. AFOP will also provide a live webcast of its second quarter 2013 conference call at AFOP’s website: www.afop.com. The webcast replay will be available on AFOP’s website 90 minutes after the live conference call.
About AFOP
Founded in 1995, Alliance Fiber Optic Products, Inc. designs, manufactures and markets a broad range of high performance fiber optic components and integrated modules. AFOP’s products are used by leading and emerging communications equipment manufacturers to deliver optical networking systems to the long-haul, enterprise, metropolitan and last mile access segments of the communications network. AFOP offers a broad product line of passive optical components including interconnect systems, couplers and splitters, thin film CWDM and DWDM components and modules, optical attenuators, and micro-optics devices. AFOP is headquartered in Sunnyvale, California, with manufacturing and product development capabilities in the United States, Taiwan and China. AFOP’s website is located at http://www.afop.com.
Except for the historical information contained herein, the matters set forth in this press release, including statements as to our expectations regarding future revenue levels and profits and the time periods thereof are forward looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including, but not limited to general economic conditions and trends, trends in demand for bandwidth, the impact of competitive products and pricing, timely introduction of new technologies, timely design acceptance by our customers, the acceptance of new products and technologies by our customers, customer demand for our products, the timing of customer orders, loss of key customers, our ability to ramp new products into volume production, the mix of products sold and product pricing, the costs associated with running our operations, industry-wide shifts in supply and demand for optical components and modules, industry overcapacity and demand for bandwidth, the success of cost control initiatives, our ability to obtain and maintain operational efficiencies, financial stability in foreign markets, and other risks detailed from time to time in our SEC reports, including AFOP’s quarterly report on Form 10-Q for the quarter ended March 31, 2013. These forward-looking statements speak only as of the date hereof. AFOP disclaims any intention or obligation to update or revise any forward-looking statements.
CONTACT: Alliance Fiber Optic Products, Inc.
Helen Chan, 408-720-3288
Email: hchan@afop.com
(OXBT) Announces Progress in its Phase IIb Clinical Trial of Oxycyte
Begins second cohort with first patient enrolled in Israel
Oxygen Biotherapeutics, Inc., (“OBI”) (NASDAQ: OXBT), today announced enrollment of the first subject in the second cohort of its global Phase IIb clinical trial to investigate the safety and tolerability of Oxycyte® in patients with severe, non-penetrating traumatic brain injury (“STOP-TBI”). The first patient of the second cohort was enrolled in Israel at the Rambam Health Care Campus (RHCC) – the only Level 1 trauma center in the north of Israel. The RHCC’s neurotrauma center treats approximately 200 severe brain injuries annually and is recognized as a teaching center of excellence for the region. The neurotrauma center is led by Dr. Leon Levi who, together with Department of Neurosurgery Chief, Professor Menashe Zaaroor, serve as co-principal investigators in the STOP-TBI trial.
The first cohort, of the three-cohort study, concluded with an independent safety monitoring board recommending, unanimously, advancement to Cohort 2. In addition to the 5 study centers receiving ethics committee approval in Israel, the study is expected to include sites in Switzerland, France and Spain, as well as other countries to be named later.
Dr. Levi, who is Oxygen Biotherapeutics’ National Advisor in Israel for the study, recently commented, “The neurosurgical department at RHCC is proud to be a part of the research with Oxycyte as a treatment for TBI. We look forward to productive work on this important study.”
“With this first patient, we’ve officially begun our second cohort in the Phase IIb clinical trial in Israel and Switzerland,” stated Michael Jebsen, Interim CEO, President and Chief Financial Officer. “Each milestone that moves us towards regulatory approvals for Oxycyte® is a result of the commitment we’ve made to focus on this critical TBI indication for treatment markets both in the U.S. and internationally, where there are currently no approved treatments for any phase of TBI. We are pleased to be working with the top neurosurgeons and thought leaders in the world who seek advanced methods to treat and prevent critical medical conditions resulting from TBI.”
The STOP-TBI trial is a randomized, double-blind, placebo-controlled dose-escalation study of Oxycyte®. The primary objective of the trial is to evaluate the safety and tolerability of Oxycyte® in patients with severe non-penetrating traumatic brain injury. The secondary objective is to assess the potential of Oxycyte® in ameliorating the severity of TBI and represents an opportunity for the collection of placebo-controlled efficacy data, specifically, clinical and functional improvement. Functional status will be measured by the Glasgow Outcome Scale – Extended (GOS-E), a validated tool that helps to assess progress in patient recovery from their injury.
About Oxygen Biotherapeutics, Inc.
Oxygen Biotherapeutics, Inc. is developing medical products that efficiently deliver oxygen to tissues in the body. The company has developed a proprietary perfluorocarbon (PFC) therapeutic oxygen carrier called Oxycyte® that is currently in clinical and preclinical studies for intravenous delivery for indications such as traumatic brain injury, decompression sickness and stroke. The company is also developing PFC-based creams and gels for topical delivery to the skin for dermatologic conditions and potentially wound care. In addition, the Company has commercialized its Dermacyte® line of skin care cosmetics for the anti-aging market. Dermacyte is now out-licensed to Valor Cosmetics of Switzerland.
Caution Regarding Forward-Looking Statements
This news release contains certain forward-looking statements by the company that involve risks and uncertainties and reflect the company’s judgment as of the date of this release. The forward-looking statements are subject to a number of risks and uncertainties, delays in new product introductions and customer acceptance of these new products, and other risks and uncertainties as described in our filings with the Securities and Exchange Commission, including in the current Form 10-Q filed on March 18, 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.
(SINO) Announces Global Logistic Service Agreement
BEIJING, July 1, 2013 /PRNewswire/ — Sino-Global Shipping America, Ltd. (Nasdaq: SINO), a leading, non-state-owned provider of shipping agency services operating primarily in China, today announced that it signed a 5-year global logistic service agreement on June 27, 2013 with TEWOO Chemical & Light Industry Zhiyuan Trade Co., Ltd and TianJin Zhi Yuan Investment Group Co., Ltd (together “Zhiyuan”).
Under the terms of the agreement, Sino-Global will serve as Zhiyuan’s exclusive global logistics service provider in charge of cargo import and export issues. Sino-Global will provide door-to-door chartering, agency and logistics services for Zhiyuan, taking care of everything from assistance with sales contracts, logistics planning, local agent and surveyor appointments, customs compliance, and arrangement of warehousing and land transportation for shipments. Zhiyuan will prepay 40% of total freight prior to a shipment. The agreement, which was unanimously approved by Sino-Global’s Board of Directors, will last for 5 years, at which point Sino-Global has the right to renew for successive one-year terms.
Mr. Cao Lei, Sino-Global’s Chief Executive Officer, stated, “When we asked our shareholders to approve the issuance of shares of common stock to Mr. Zhang Zhong, we were excited not only about the cash sale of our common stock to an investor eager to share in our company’s future, but also about the long-term opportunity to serve the shipping needs of Mr. Zhang’s companies. We believe this exclusive arrangement offers an important new revenue stream to our company and offers economic upside to both Zhiyuan and our company.”
About Sino-Global Shipping America, Ltd.
Registered in the United States in 2001 and with operations in mainland China, Sino-Global is a leading, non-state-owned provider of high-quality shipping agency services. With local branches in most of China’s main ports and contractual arrangements in all those where it does not have branch offices, Sino-Global is able to offer efficient, high-quality shipping agency services to shipping companies entering Chinese ports. With a subsidiary in Perth, Australia, where it has a contractual relationship with a local shipping agency, Sino-Global provides complete shipping agent services to companies involved in trades between Chinese and Australian ports. Sino-Global also cooperates with companies in Hong Kong, China, India, and South Africa to offer comprehensive shipping agent services to vessels going to and from some of the world’s busiest ports.
Sino-Global provides ship owners, operators and charters with comprehensive yet customized shipping agency services including intelligence, planning, real-time analysis and on-the-ground implementation and logistics support. Sino-Global has achieved both ISO9001 and UKAS certifications.
Forward Looking Statements
No statement made in this press release should be interpreted as an offer to purchase any security. Such an offer can only be made in accordance with the Securities Act of 1933, as amended, and applicable state securities laws. Any statements contained in this release that relate to future plans, events or performance are forward-looking statements that involve risks and uncertainties as identified in Sino-Global’s filings with the Securities and Exchange Commission. Actual results, events or performance may differ materially. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as the date hereof. Sino-Global undertakes no obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect the events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
CONTACTS:
Michael Huang, Chief Operating Officer
Sino-Global, Beijing
+86-10-6439-1888
Stephen D. Axelrod, CFA
Wolfe Axelrod Weinberger Assoc. LLC
Tel. (212) 370-4500 Fax (212) 370-4505
Bayer and (ONXX) Submission of FDA and EMA Applications for Nexavar®
WAYNE, N.J. and SOUTH SAN FRANCISCO, Calif., July 1, 2013 /PRNewswire/ — Bayer HealthCare and Onyx Pharmaceuticals (NASDAQ: ONXX) today announced the submission of a supplemental New Drug Application (sNDA) to the U.S. Food and Drug Administration (FDA) and an application for marketing authorization to the European Medicines Agency (EMA) for the oral multi-kinase inhibitor Nexavar® (sorafenib) tablets for the treatment of locally advanced or metastatic radioactive iodine (RAI)-refractory differentiated thyroid cancer.
“The filings in the U.S. and Europe for sorafenib for the potential treatment of this type of thyroid cancer bring us closer to addressing an unmet medical need for these patients who have limited or no treatment options,” said Kemal Malik, M.D., Member of the Bayer HealthCare Executive Committee and Head of Global Development. “We are committed to exploring sorafenib’s potential applicability in hard-to-treat cancers.”
“Based on results from clinical studies we believe sorafenib could potentially provide a new option for the treatment of differentiated thyroid cancer that no longer responds to radioactive iodine therapy,” said Pablo J. Cagnoni, M.D., Executive Vice President, Global Research & Development and Technical Operations, Onyx Pharmaceuticals.
The regulatory submission is based on data from the Phase 3 DECISION (stuDy of sorafEnib in loCally advanced or metastatIc patientS with radioactive Iodine refractory thyrOid caNcer) trial, an international, multicenter, placebo-controlled study. In the trial, sorafenib significantly extended progression-free survival (PFS), the primary endpoint of the study, compared to placebo. Results from the study were presented at the Annual Meeting of the American Society of Clinical Oncology (ASCO) in June 2013.
DECISION Trial Design
The DECISION (stuDy of sorafEnib in loCally advanced or metastatIc patientS with radioactive Iodine refractory thyrOid caNcer) trial was an international, multicenter, placebo-controlled study. A total of 417 patients with locally advanced or metastatic, RAI-refractory, differentiated thyroid cancer (papillary, follicular, Hurthle cell and poorly differentiated) who had received no prior chemotherapy, tyrosine kinase inhibitors, monoclonal antibodies that target VEGF or VEGF receptor, or other targeted agents for thyroid cancer were randomized to receive 400 mg of oral sorafenib twice daily (207 patients) or matching placebo (210 patients). Ninety-six percent of randomized patients had metastatic disease.
The primary endpoint of the study was progression-free survival, as defined by Response Evaluation Criteria in Solid Tumors (RECIST). Secondary endpoints included overall survival, time to progression, response rate and duration of response. Safety and tolerability were also evaluated.
About Thyroid Cancer
Thyroid cancer has become the fastest-increasing cancer in the world in recent years and is the sixth most common cancer in women.1,2 There are more than 213,000 new cases of thyroid cancer annually and approximately 35,000 people die from thyroid cancer worldwide each year.3
Papillary, follicular, Hürthle cell and poorly differentiated types of thyroid cancer are classified as “differentiated thyroid cancer” and account for approximately 94 percent of all thyroid cancers.4 While the majority of differentiated thyroid cancers are curable, RAI-refractory locally advanced or metastatic disease, is more difficult to treat and is associated with a lower patient survival rate.4,5
About Nexavar® (sorafenib) Tablets
Nexavar is approved in the U.S. for the treatment of patients with unresectable hepatocellular carcinoma and for the treatment of patients with advanced renal cell carcinoma. Nexavar is thought to inhibit both the tumor cell and tumor vasculature. In in vitro studies, Nexavar has been shown to inhibit multiple kinases thought to be involved in both cell proliferation (growth) and angiogenesis (blood supply) – two important processes that enable cancer growth. These kinases include Raf kinase, VEGFR-1, VEGFR-2, VEGFR-3, PDGFR-B, KIT, FLT-3 and RET.
Nexavar is currently approved in more than 100 countries. Nexavar is also being evaluated by Bayer and Onyx, international study groups, government agencies and individual investigators in a range of cancers.
Important Safety Considerations For Nexavar® (sorafenib) Tablets
Nexavar in combination with carboplatin and paclitaxel is contraindicated in patients with squamous cell lung cancer.
Cardiac ischemia and/or myocardial infarction may occur. Temporary or permanent discontinuation of Nexavar should be considered in patients who develop cardiac ischemia and/or myocardial infarction.
An increased risk of bleeding may occur following Nexavar administration. If bleeding necessitates medical intervention, consider permanent discontinuation of Nexavar.
Hypertension may occur early in the course of treatment. Monitor blood pressure weekly during the first 6 weeks and periodically thereafter and treat, if required.
Hand-foot skin reaction and rash are common and management may include topical therapies for symptomatic relief. In cases of any severe or persistent adverse reactions, temporary treatment interruption, dose modification, or permanent discontinuation of Nexavar should be considered. Nexavar should be discontinued if Stevens-Johnson Syndrome or toxic epidermal necrolysis are suspected as these may be life threatening.
Gastrointestinal perforation was an uncommon adverse reaction and has been reported in less than 1% of patients taking Nexavar. Discontinue Nexavar in the event of a gastrointestinal perforation.
Patients taking concomitant warfarin should be monitored regularly for changes in prothrombin time (PT), International Normalized Ratio (INR) or clinical bleeding episodes.
Temporary interruption of Nexavar therapy is recommended in patients undergoing major surgical procedures.
Nexavar in combination with gemcitabine/cisplatin is not recommended in patients with squamous cell lung cancer. The safety and effectiveness of Nexavar has not been established in patients with non-small cell lung cancer.
Nexavar can prolong the QT/QTc interval and increase the risk for ventricular arrhythmias. Avoid use in patients with congenital long QT syndrome and monitor patients with congestive heart failure, bradyarrhythmias, drugs known to prolong the QT interval, and electrolyte abnormalities.
Drug-induced hepatitis with Nexavar may result in hepatic failure and death. Liver function tests should be monitored regularly and in cases of increased transaminases without alternative explanation Nexavar should be discontinued.
Nexavar may cause fetal harm when administered to a pregnant woman. Women of childbearing potential should be advised to avoid becoming pregnant while on Nexavar and female patients should also be advised against breastfeeding while receiving Nexavar.
Elevations in serum lipase and reductions in serum phosphate of unknown etiology have been associated with Nexavar.
Avoid concomitant use of strong CYP3A4 inducers, when possible, because inducers can decrease the systemic exposure of Nexavar. Nexavar exposure decreases when coadministered with oral neomycin. Effects of other antibiotics on Nexavar pharmacokinetics have not been studied.
Most common adverse reactions reported for Nexavar-treated patients vs. placebo-treated patients in unresectable HCC, respectively, were: diarrhea (55% vs. 25%), fatigue (46% vs. 45%), abdominal pain (31% vs. 26%), weight loss (30% vs. 10%), anorexia (29% vs. 18%), nausea (24% vs. 20%), and hand-foot skin reaction (21% vs. 3%). Grade 3/4 adverse reactions were 45% vs. 32%.
Most common adverse reactions reported for Nexavar-treated patients vs. placebo-treated patients in advanced RCC, respectively, were: diarrhea (43% vs. 13%), rash/desquamation (40% vs. 16%), fatigue (37% vs. 28%), hand-foot skin reaction (30% vs. 7%), alopecia (27% vs. 3%), and nausea (23% vs. 19%). Grade 3/4 adverse reactions were 38% vs. 28%.
For information about Nexavar including U.S. Nexavar prescribing information, visit
www.nexavar-us.com or call 1.866.NEXAVAR (1.866.639.2827).
About Bayer HealthCare Pharmaceuticals Inc.
Bayer HealthCare Pharmaceuticals Inc. is the U.S.-based pharmaceuticals business of Bayer HealthCare LLC, a subsidiary of Bayer AG. Bayer HealthCare is one of the world’s leading, innovative companies in the healthcare and medical products industry, and combines the activities of the Animal Health, Consumer Care, Medical Care, and Pharmaceuticals divisions. As a specialty pharmaceutical company, Bayer HealthCare provides products for General Medicine, Hematology, Neurology, Oncology and Women’s Healthcare. The company’s aim is to discover and manufacture products that will improve human health worldwide by diagnosing, preventing and treating diseases.
About Onyx Pharmaceuticals, Inc.
Based in South San Francisco, California, Onyx Pharmaceuticals, Inc. is a global biopharmaceutical company engaged in the development and commercialization of innovative therapies for improving the lives of people with cancer. The company is focused on developing novel medicines that target key molecular pathways. For more information about Onyx, visit the company’s website at www.onyx.com. Onyx Pharmaceuticals is on Twitter. Sign up to follow our Twitter feed @OnyxPharm at http://twitter.com/OnyxPharm.
Forward Looking Statements
This news release may contain forward-looking statements based on current assumptions and forecasts made by Bayer Group or subgroup management. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of the company and the estimates given here. These factors include those discussed in Bayer’s public reports which are available on the Bayer Web site at www.bayer.com. The company assumes no liability whatsoever to update these forward-looking statements or to conform them to future events or developments.
This news release contains “forward-looking statements” of Onyx within the meaning of the federal securities laws. These forward-looking statements include without limitation, statements regarding the progress and results of the clinical development, safety, regulatory processes, commercialization efforts or commercial potential of Nexavar. These statements are subject to risks and uncertainties that could cause actual results and events to differ materially from those anticipated, including risks related to the development and commercialization of pharmaceutical products. Any statements contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Reference should be made to Onyx’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2013, filed with the Securities and Exchange Commission under the heading “Risk Factors” for a more detailed description of such factors. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date of this release. Onyx undertakes no obligation to update publicly any forward-looking statements to reflect new information, events, or circumstances after the date of this release except as required by law.
Nexavar® is a registered trademark of Bayer HealthCare Pharmaceuticals Inc.
| References: | ||
| 1. | Raghunandan Venkat and Marlon A. Guerrero, “Recent Advances in the Surgical Treatment of Differentiated Thyroid Cancer: A Comprehensive Review,” The Scientific World Journal, vol. 2013. http://www.hindawi.com/journals/tswj/2013/425136/. Accessed April 11, 2013. | |
| 2. | Brown RL, de Souza JA, Cohen EEW. Thyroid Cancer: Burden of Illness and Management of Disease. J Cancer 2011; 2:193-199. http://www.jcancer.org/v02p0193.htm. Accessed April 11, 2013. | |
| 3. | World Health Organization: GLOBOCAN 2008. Cancer Incidence and Mortality Worldwide in 2008. http://globocan.iarc.fr/factsheets/populations/factsheet.asp?uno=900. Accessed October 16, 2012. | |
| 4. | Naifa Lamki Busaidy and Maria E. Cabanillas, “Differentiated Thyroid Cancer: Management of Patients with Radioiodine Nonresponsive Disease,” Journal of Thyroid Research, vol. 2012. http://www.hindawi.com/journals/jtr/2012/618985/cta/. Accessed April 11, 2013. | |
| 5. | Lucia Brilli, Furio Pacini. Future Oncology. Targeted Therapy in Refractory Thyroid Cancer. 2011;7(5):657-668. http://www.medscape.com/viewarticle/742987. Accessed April 22, 2013. | |
(WAVX) Completes 100k Seat Trusted Computing Deployment With BASF
LEE, MA — (Marketwired) — 07/01/13 — Wave Systems Corp. (NASDAQ: WAVX), the Trusted Computing Company, announced that it has completed the installation of its software on BASF’s fleet of more than 100,000 PCs and laptops.
“Ensuring that sensitive data is always safe — even if a device is lost or stolen — is one of the foremost priorities for BASF,” stated Joseph Souren, General Manager EMEA & Vice President Wave. “Thanks to a strong partnership with the BASF’s IT Governance and Information Services groups, Wave and BASF were able to complete the deployment of a fully-managed, hardware-based encryption solution across a hundred thousand endpoints in record time. It was truly a ‘world-class’ achievement and one built on mutual trust and commitment.”
BASF, headquartered in Ludwigshafen, Germany, is the world’s leading chemical company. Its portfolio ranges from chemicals, plastics, performance products, and agricultural products to oil and gas. BASF partners with its customers to create chemistry for virtually all industries.
To protect sensitive data, BASF elected self-encrypting drives (SEDs) as opposed to software encryption, as part of the standard configuration for all of BASF’s laptops. Built in accordance with the Opal specification published by the Trusted Computing Group, SEDs are among the most secure, best performing and most transparent encryption options available. Available in solid state or traditional rotating disk form, they are available from all the leading storage providers and PC OEMs.
The original order with BASF was initiated in 2011, involving tens of thousands of licenses for Wave’s flagship EMBASSY® Remote Administration Server. With the completion of this installation, BASF has extended its license with Wave until 2015. Wave enables IT to activate each SED in seconds (as opposed to up to several hours per device with software-based encryption), set security policies and provide detailed event logs to prove data was encrypted if a laptop goes missing.
“BASF is the pre-eminent name in the global chemical industry and truly one of the world’s top brands,” said Steven Sprague, CEO & President. “We’ve enjoyed a strong working relationship with BASF as they’ve completed this significant installation of more than 100,000 self-encrypting drives on every BASF laptop — all of them managed by Wave. This collaboration is yet another example of Wave’s ability to bring our world-class solutions to customers of every size, across a variety of industries.”
About Wave Systems
Wave Systems Corp. (NASDAQ: WAVX) reduces the complexity, cost and uncertainty of data protection by starting inside the device. Unlike other vendors who try to secure information by adding layers of software for security, Wave leverages the security capabilities built directly into endpoint computing platforms themselves. Wave has been a foremost expert on this growing trend, leading the way with first-to-market solutions and helping shape standards through its work as a board member for the Trusted Computing Group.
Safe Harbor for Forward-Looking Statements
This press release may contain forward-looking information within the meaning of the Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act), including all statements that are not statements of historical fact regarding the intent, belief or current expectations of the company, its directors or its officers with respect to, among other things: (i) the company’s financing plans; (ii) trends affecting the company’s financial condition or results of operations; (iii) the company’s growth strategy and operating strategy; and (iv) the declaration and payment of dividends. The words “may,” “would,” “will,” “expect,” “estimate,” “anticipate,” “believe,” “intend” and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the company’s ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. Wave assumes no duty to and does not undertake to update forward-looking statements.
All brands are the property of their respective owners.
Company:
Wave Systems Corp.
Michael Wheeler
413-243-7026
mwheeler@wavesys.com
Investor Relations:
David Collins, Eric Lentini
212-924-9800
wavx@catalyst-ir.com
Uranium Energy Corp. (UEC)
Uranium Energy Corp. is a U.S.-based exploration and development company focused on uranium production in the U.S. The company’s operations are managed by professionals who have earned a reputable profile through many decades of hands-on experience in the key facets of uranium exploration, development, and mining.
The company is the newest uranium producer in North America, operating the first new uranium mine in the U.S. in over 6 years. In 2011, Uranium Energy completed its first full year of production with a cumulative total of 236,000 lbs. of uranium produced at average cost of $16 per pound, which the company then sold at the current spot price of $52 per pound. Uranium utilizes the In-Situ Recovery (ISR) production method, which is a more cost-effective and environmentally friendly way of mining uranium.
Well financed to execute on its key programs, the company controls 28 projects in the U.S. with total resources of more than 41.5M lbs. U3O8. Uranium Energy’s fully licensed and permitted Hobson processing facility is central to all of its projects in South Texas, eliminating the need to construct a new processing plant on site at each project.
Additionally, Uranium Energy controls one of the largest databases of historic uranium exploration and development in the nation. Using this knowledge base, the company has acquired and is advancing exploration properties of merit throughout the southwestern U.S., a region known as being the most concentrated area for uranium mining in the United States.
The company’s strategy of acquiring exploration databases and leveraging those databases to generate acquisition targets has proven to be effective thus far. With plans to continue aggressively pursuing this strategy, Uranium Energy is well positioned to capitalize on the world’s overwhelming demand for more uranium, more energy, cheaper energy, and a cleaner environment.
Key Investment Highlights:
• $16.9M Cash, No Debt, and Only 75.6M Shares Outstanding
• Final Stages of Mine Permitting for Production at Goliad ISR Project
• Ramping Up Initial Production at Flagship Palangana ISR Project
• Analysts Forecast a Large Supply-Demand Gap for Uranium in the Near Term
PITOOEY! Inc. (PTOO)
PITOOEY! Inc. is a digital marketing agency with proprietary technology designed to assist companies in establishing and developing a presence on the Internet. The company’s offerings come from three distinct, yet synergistic, business groups, Choice One Mobile, Rockstar Digital, and PITOOEY!™ Mobile, with the company’s flagship product, the PITOOEY!™ app.
The PITOOEY! app is a preference based, searchable ad network. Using the PITOOEY!™ platform, a partner business is able to upload broadcasts into a database, which consumers “pull” according to a profile based on their interests, previous purchases, current location, or other data. The PITOOEY! app provides businesses with a unique engagement tool while serving consumers deals, valuable content, and location-based information.
Choice One Mobile provides various services involving content creation, search engine optimization, social media management, and mobile platform optimization using “Mobile Caviar” (sm) – an array of unique processes for the distribution of mobile marketing content. Rockstar Digital develops and manages high-end digital content including site, social and mobile content management, as well as customized e-commerce.
PITOOEY! is putting the power to fundamentally change the nature of interaction between a business and their customers directly into the consumer’s hands via its powerful mobile and digital marketing capabilities. Leveraging its own marketing expertise to attract a crowd of businesses and consumers, the company is quickly capitalizing on a new era in communication that enables an unparalleled level of engagement between customer and merchant.
Key Investment Highlights:
• Leading Position in Today’s Digital Advertising Market
• Next-Generation Technology Driven by Proprietary Platform
• Experienced Marketing Team Executing Growth Strategies
• Synergistic Business Model with Numerous Expansion Opportunities
Galena Biopharma, Inc. (GALE)
Galena Biopharma (GALE) is focused on developing and commercializing targeted oncology treatments to address major unmet medical needs and advance cancer care. The company’s peptide vaccine immunotherapies harness the patient’s own immune system to identify and fight off cancer cells. Utilizing peptide immunogens has many clinical advantages, including an excellent safety profile and long-lasting protection through immune system activation and convenient delivery.
Abstral® is Galena’s FDA-approved therapy for inadequately controlled breakthrough cancer pain in opioid-tolerant cancer patients. It is estimated that at least 40% of cancer patients experience breakthrough pain episodes multiple times per day, each with a median duration of 30 minutes. The innovative Abstral formulation provides rapid pain relief, predictable dosing, and convenient ease of use via a sublingual tablet that dissolves within seconds.
NeuVax™, currently in Phase III trials, has been developed to bolster the immune response in breast cancer patients. The therapy targets the 50% to 60% of patients with tumors that express HER2 in low-to-intermediate amounts and achieve remission with current standard of care, but who have no available HER2 targeted adjuvant treatment options to maintain their disease-free status. NeuVax can be used to help the body target and kill undetected cancer cells before they grow into metastatic tumors.
The company’s second product candidate, Folate Binding Protein (FBP), is a highly immunogenic peptide that can stimulate the immune system to recognize and destroy preclinical FBP-expressing cancer cells. FBP is over-expressed in more than 90% of ovarian and endometrial cancers, as well as 20%-50% of breast, lung, colorectal, and renal cell carcinomas. This vaccine is currently in a Phase 1/2 trial in two gynecological cancers: ovarian and endometrial adenocarcinomas.
Galena’s experienced management team has an excellent track record in clinical development, commercial operations, and successful partnership execution. Enhanced by multiple development and commercial collaborations, the company’s suite of immunotherapeutic solutions is poised to capitalize on the vast opportunities in today’s healthcare industry.
Key Investment Highlights
- FDA-Approved Product to Address Significant Unmet Medical Need
- Pipeline of Next-Generation Cancer Therapies Targeting Major Markets
- Strong Analyst Support with Median Price Target of $5.50
- The Therapeutic Cancer Vaccine Market is Doubling in Size Each Year
Digital Cinema Destinations Corp. (DCIN)
Digital Cinema Destinations, also known as Digiplex Destinations, is redefining what it means to go to a movie theater. Currently operating 18 cinemas and 178 screens in AZ, CA, CT, NJ, OH, and PA, the company is focused on transforming movie theaters into interactive entertainment centers. Digiplex’s customers enjoy live sports events, concerts, conferences, operas, videogames, auctions, fashion shows, and the very best major motion pictures.
Digiplex combines the full promise of digital technology with dynamic content that far transcends traditional movies to create downstream ancillary revenue opportunities. Going beyond the passive theatergoing business model, the company allows its customers to actively engage in live and lively events for uniquely satisfying experiences. The appeal and applications are as unlimited as the number of these events held worldwide.
Digiplex’s fiscal 2013 Q2 revenues were up more than seven-fold compared to the prior year. The acquisition-based growth strategy employed by management has enabled Digiplex’s rapid expansion in leading markets around the country. Each acquired facility (digitally transformed) represents significant incremental value to Digiplex’s operating base, adding accretive revenue, EBITDA, and free cash flow generation.
The movie theater business is undergoing a paradigm shift and Digiplex is well positioned to capitalize on the burgeoning opportunities. Introducing new ways to drive business during the week, attract wider audiences (capitalizing on social media and targeted marketing), and provide immersive digital programming, the company has proven its ability to increase revenue streams of existing facilities while continuously growing its national footprint.
Key Investment Highlights:
• Company Operates in Stable Industry with Consistent Pricing Power
• Ideal Environment for Aggressive Acquisition Strategy Employed
• Progressive Business Model Enables Multiple New Revenue Streams
• Rapidly Growing Company Well Positioned to Achieve Further Success
Grupo Simec (SIM) announces repurchases of its own shares
GUADALAJARA, Mexico, June 28, 2013 /PRNewswire/ — Grupo Simec, S.A.B de C.V. (NYSE: SIM) announces to the general public that through its repurchase fund, on Jun 27, 2013, bought 16,278 of its own shares, (SIMEC-B).
Grupo Simec S.A.B de C.V. has authorized a repurchase fund of $ 1,000 million pesos, which will be used to support interested investors in generating greater liquidity of its stock in the market, buying stocks when needed and selling them when there is excess of demand.
Grupo Simec and the Group who controls them, reports that they have no interest in selling their shares, as has been the case since the current administration took over, this fund will be operated only to give the necessary support to investors.
The objective of this fund is to increase the turnover of the floating shares, it is not intended to decrease or increase the current number of shares in the market.
Contact:
Mario Moreno Cortez
+52-33-3770-6734
mmoreno@gruposimec.com.mx
Emmis (EMMS) Announces Accelerating Revenue Growth in First Quarter
Emmis pro forma radio revenues up 7%
INDIANAPOLIS, June 28, 2013 /PRNewswire/ — Emmis Communications Corporation (NASDAQ: EMMS) today announced results for its first fiscal quarter ending May 31, 2013.
Emmis’ radio net revenues for the first fiscal quarter were up 6%, from $34.9 million to $36.9 million. Excluding 98.7FM in New York, which is being programmed by ESPN pursuant to an LMA, radio revenues were up 7%. These results outperformed Emmis’ local radio markets in which revenue growth improved 5% during the quarter.
For the first fiscal quarter, operating income increased 536% to $7.0 million, compared to $1.1 million for the same quarter of the prior year. Emmis’ station operating income for the first fiscal quarter was up 55% to $12.9 million, compared to $8.3 million for the same quarter of the prior year.
Diluted net income per common share from continuing operations for the quarter was $0.08, compared to a diluted net loss per common share from continuing operations of $0.07 for the same quarter of the prior year.
“Results like these are the reason that Emmis is known as one of the best operators of radio stations in the country,” Jeff Smulyan, President & CEO of Emmis said. “In addition to our improving financial performance, our stations and magazines received a number of awards in our first fiscal quarter for community service and content excellence. I’m so proud of our Emmis team for its consistent track record of creativity, innovation and operating excellence.”
Emmis has included supplemental station operating expenses and certain other financial data on its website, www.emmis.com under the “Investors” tab.
Emmis generally evaluates the performance of its operating entities based on station operating income. Management believes that station operating income is useful to investors because it provides a meaningful comparison of operating performance between companies in the industry and serves as an indicator of the market value of a group of stations or publishing entities. Station operating income is generally recognized by the broadcast and publishing industries as a measure of performance and is used by analysts who report on the performance of broadcasting and publishing groups. Station operating income does not take into account Emmis’ debt service requirements and other commitments, and, accordingly, station operating income is not necessarily indicative of amounts that may be available for dividends, reinvestment in Emmis’ business or other discretionary uses.
Station operating income is not a measure of liquidity or of performance, in accordance with accounting principles generally accepted in the United States, and should be viewed as a supplement to, and not a substitute for, our results of operations presented on the basis of accounting principles generally accepted in the United States. Operating Income is the most directly comparable financial measure in accordance with accounting principles generally accepted in the United States.
Moreover, station operating income is not a standardized measure and may be calculated in a number of ways. Emmis defines station operating income as revenues net of agency commissions and station operating expenses, excluding depreciation, amortization and non-cash compensation. A reconciliation of station operating income to operating income is attached to this press release.
The information in this news release is being widely disseminated in accordance with the Securities & Exchange Commission’s Regulation FD.
Emmis Communications – Great Media, Great People, Great Service®
About Emmis Communications
Emmis Communications Corporation is a diversified media company, principally focused on radio broadcasting. Emmis operates the 10th largest publicly traded radio portfolio in the United States based on total listeners. Emmis owns 18 FM and 3 AM radio stations in New York, Los Angeles, St. Louis, Austin (Emmis has a 50.1% controlling interest in Emmis’ radio stations located there), Indianapolis and Terre Haute, IN. One of our FM radio stations in New York is operated pursuant to a Local Marketing Agreement (“LMA”) whereby a third party provides the programming for the station and sells all advertising within that programming.
Note: Certain statements included in this press release which are not statements of historical fact, including but not limited to those identified with the words “expect,” “will” or “look” are intended to be, and are, by this Note, identified as “forward-looking statements,” as defined in the Securities and Exchange Act of 1934, as amended. Such statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future result, performance or achievement expressed or implied by such forward-looking statement. Such factors include, among others:
- general economic and business conditions;
- fluctuations in the demand for advertising and demand for different types of advertising media;
- our ability to service our outstanding debt;
- increased competition in our markets and the broadcasting industry;
- our ability to attract and secure programming, on-air talent, writers and photographers;
- inability to obtain (or to obtain timely) necessary approvals for purchase or sale transactions or to complete the transactions for other reasons generally beyond our control;
- increases in the costs of programming, including on-air talent;
- inability to grow through suitable acquisitions or to consummate dispositions;
- changes in audience measurement systems
- new or changing regulations of the Federal Communications Commission or other governmental agencies;
- competition from new or different technologies;
- war, terrorist acts or political instability; and
- other factors mentioned in documents filed by the Company with the Securities and Exchange Commission.
Emmis does not undertake any obligation to publicly update or revise any forward-looking statements because of new information, future events or otherwise
| EMMIS COMMUNICATIONS CORPORATION AND SUBSIDIARIES | ||||
| CONDENSED CONSOLIDATED FINANCIAL DATA | ||||
| (Unaudited, amounts in thousands, except per share data) | ||||
| Three months ended May 31, | ||||
| 2013 | 2012 | |||
| OPERATING DATA: | ||||
| Net revenues: | ||||
| Radio | $ 36,926 | $ 34,876 | ||
| Publishing | 13,660 | 14,092 | ||
| Total net revenues | 50,586 | 48,968 | ||
| Station operating expenses excluding | ||||
| depreciation and amortization expense: | ||||
| Radio | 22,911 | 26,320 | ||
| Publishing | 14,801 | 14,252 | ||
| Total station operating expenses excluding | ||||
| depreciation and amortization expense | 37,712 | 40,572 | ||
| Corporate expenses excluding depreciation | ||||
| and amortization expense | 4,400 | 4,972 | ||
| Hungary license litigation expense | 252 | 204 | ||
| Depreciation and amortization | 1,176 | 1,125 | ||
| Impairment loss | – | 10,971 | ||
| (Loss) gain on sale of assets | – | (10,000) | ||
| Operating income | 7,046 | 1,124 | ||
| Interest expense | (1,921) | (5,767) | ||
| Loss on debt extinguishment | – | (484) | ||
| Other income, net | 7 | 198 | ||
| Income (loss) before income taxes and | ||||
| discontinued operations | 5,132 | (4,929) | ||
| Provision (benefit) for income taxes | 175 | (4,415) | ||
| Income (loss) from continuing operations | 4,957 | (514) | ||
| Loss from discontinued operations, net of tax | – | (2,359) | ||
| Consolidated net income (loss) | 4,957 | (2,873) | ||
| Net income attributable to noncontrolling interests | 1,481 | 1,262 | ||
| Net income (loss) attributable to the Company | 3,476 | (4,135) | ||
| Gain on extinguishment of preferred stock | 249 | – | ||
| Preferred stock dividends | – | (896) | ||
| Net income (loss) attributable to common shareholders | $ 3,725 | $ (5,031) | ||
| Amounts attributable to common shareholders for basic earnings per share: | ||||
| Continuing operations | 3,725 | (2,672) | ||
| Discontinued operations | – | (2,359) | ||
| Net income (loss) attributable to commonshareholders | 3,725 | (5,031) | ||
| Amounts attributable to common shareholders for diluted earnings per share: | ||||
| Continuing operations | 3,476 | (2,672) | ||
| Discontinued operations | – | (2,359) | ||
| Net income (loss) attributable to commonshareholders | 3,476 | (5,031) | ||
| Basic net loss per common share: | ||||
| Continuing operations | $ 0.09 | $ (0.07) | ||
| Discontinued operations | – | (0.06) | ||
| Net income (loss) attributable to commonshareholders | $ 0.09 | $ (0.13) | ||
| Diluted net loss per common share: | ||||
| Continuing operations | $ 0.08 | $ (0.07) | ||
| Discontinued operations | – | (0.06) | ||
| Net income (loss) attributable to commonshareholders | $ 0.08 | $ (0.13) | ||
| Weighted average shares outstanding: | ||||
| Basic | 41,174 | 38,779 | ||
| Diluted | 45,504 | 38,779 | ||
| OTHER DATA: | ||||
| Station operating income (See below) | 12,875 | 8,343 | ||
| (Refund from) cash paid for income taxes, net | (666) | 194 | ||
| Cash paid for interest | 1,699 | 7,696 | ||
| Capital expenditures | 1,016 | 750 | ||
| Noncash compensation by segment: | ||||
| Radio | $ 169 | $ 100 | ||
| Publishing | 84 | 51 | ||
| Corporate | 410 | 238 | ||
| Total | $ 663 | $ 389 | ||
| COMPUTATION OF STATION OPERATING INCOME: | ||||
| Operating income | $ 7,046 | $ 1,124 | ||
| Plus: Depreciation and amortization | 1,176 | 1,125 | ||
| Plus: Corporate expenses | 4,400 | 4,972 | ||
| Plus: Station noncash compensation | 253 | 151 | ||
| Plus: Impairment loss | – | 10,971 | ||
| Less: Gain on disposal of assets | – | (10,000) | ||
| Station operating income | $ 12,875 | $ 8,343 | ||
| SELECTED BALANCE SHEET INFORMATION: | May 31, 2013 | February 28, 2013 | ||
| Total Cash and Cash Equivalents | $ 4,959 | $ 8,735 | ||
| Credit Agreement Debt | $ 66,000 | $ 67,000 | ||
| 98.7FM Nonrecourse Debt | $ 78,085 | $ 79,068 | ||
(HALO) Positive Opinion from CHMP On Roche’s Herceptin for EU Approval
SAN DIEGO, June 28, 2013 /PRNewswire/ — Halozyme Therapeutics, Inc. (NASDAQ: HALO) announced today that Roche received a positive recommendation from the European Medicines Agency’s Committee for Medicinal Products for Human Use (CHMP) for the subcutaneous formulation of Herceptin® (trastuzumab) using Halozyme’s recombinant human hyaluronidase (rHuPH20) for the treatment of patients with HER2-positive breast cancer in Europe.
Roche’s pivotal Phase 3 HannaH study, conducted in 102 sites outside the US, demonstrated that Herceptin SC may help decrease the time patients spend receiving treatment at a hospital or physician’s practice, by reducing the administration time. A typical IV infusion of Herceptin can take 30 to 90 minutes, per dose, whereas the same dose delivered subcutaneously can be administered in two to five minutes by an injection under the skin.1
“Pending European approval, this subcutaneous formulation of Herceptin will provide a new route of administration that could potentially save time for both physicians and HER2-positive breast cancer patients in Europe,” said Gregory I. Frost, Ph.D., President and Chief Executive Officer, Halozyme Therapeutics. “We are pleased that our technology has helped enable this new option for patients.”
Study results showed that the safety and efficacy of the subcutaneous formulation of Herceptin is comparable to treatment with Herceptin administered intravenously.1 Overall, the safety profile in both arms of the HannaH study was consistent with that expected from standard treatment with Herceptin and chemotherapy in this setting. No new safety signals were identified.
About breast cancer
Breast cancer is the most common cancer among women worldwide.2 Each year, about 1.4 million new cases of breast cancer are diagnosed worldwide, and over 450,000 women will die of the disease annually.2In HER2-positive breast cancer, increased quantities of the human epidermal growth factor receptor 2 (HER2) are present on the surface of the tumour cells. This is known as “HER2 positivity” and affects approximately 15-20 percent of women with breast cancer.3 HER2-positive cancer is a particularly aggressive form of breast cancer.4
About Halozyme
Halozyme Therapeutics is a biopharmaceutical company dedicated to developing and commercializing innovative products that advance patient care. With a diversified portfolio of enzymes that target the extracellular matrix, the Company’s research focuses primarily on a family of human enzymes, known as hyaluronidases, which increase the absorption and dispersion of biologics, drugs and fluids. Halozyme’s pipeline addresses therapeutic areas, including diabetes, oncology and dermatology that have significant unmet medical need. The Company markets Hylenex® recombinant (hyaluronidase human injection) and has partnerships with Roche, Pfizer, Baxter, ViroPharma and Intrexon. Halozyme is headquartered in San Diego, CA. For more information on how we are innovating, please visit our corporate website at www.halozyme.com.
Halozyme-Roche Collaboration
In December 2006, Halozyme entered into an agreement with Roche to apply Halozyme’s proprietary Enhanze™ technology to Roche’s biological therapeutic compounds. To date, Roche has elected to develop and commercialize products using rHuPH20 to a total of five exclusive targets, and Roche retains the option to apply rHuPH20 to three additional targets through the payment of annual license maintenance fees. In February 2011, Roche began a Phase 3 registration trial of subcutaneous (SC) MabThera (rituximab), an anticancer biologic, in patients with non-Hodgkin’s lymphoma (NHL) and chronic lymphocytic leukemia (CLL). Subject to the successful achievement of clinical, regulatory, and sales events, Roche will pay Halozyme additional milestones as well as royalties on product sales for Herceptin SC, MabThera SC and other product candidates developed and commercialized under the agreement.
Safe Harbor Statement
This release includes forward-looking statements such as the potential benefits of Herceptin SC to patients, physicians and the healthcare system, and the possible receipt by Halozyme of future milestones and royalties under the Roche/Halozyme collaboration agreement. The statements are based on assumptions about many important factors, including the following, which could cause actual results to differ materially from those in the forward-looking statements: the approval of Herceptin SC by the European Union; satisfaction of regulatory and other requirements; actions of regulatory bodies and other governmental authorities; unexpected adverse events; changes in laws and regulations; competitive conditions; and other risks identified in Halozyme’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on May 8, 2013. Halozyme does not undertake to update its forward-looking statements.
References:
1Gustavo Ismael, et al. Subcutaneous versus intravenous administration of (neo)adjuvant trastuzumab in patients with HER2-positive, clinical stage I–III breast cancer (HannaH study): a phase 3, open-label, multicentre, randomised trial. Lancet Oncology, published online August 2012.
2Ferlay J, Shin HR, Bray F, Forman D, Mathers C and Parkin DM GLOBOCAN 2008, Cancer Incidence and Mortality Worldwide: IARC Cancer Base No. 10 [Internet]. Lyon, France: International Agency for Research on Cancer; 2010. Available from: http://globocan.iarc.fr.
3 Wolff A.C et al. American Society of Clinical Oncology/ College of American Pathologists Guideline Recommendations for Human Epidermal Growth Factor Receptor 2 Testing in Breast Cancer. Arch Pathol Lab Med—Vol 131, January 2007.
4Slamon D et al. Adjuvant Trastuzumab in HER2-Positive Breast Cancer. N Engl J Med 2011; 365:1273-83.
Investor Contact:
David Ramsay
Halozyme Therapeutics
858-704-8260
ir@halozyme.com
Media Contact:
Nurha Hindi
Hill+Knowlton Strategies
310-633-9434
Nurha.Hindi@hkstrategies.com
VistaGen (VSTA) Provides Update on $36 Million Strategic Financing Agreement
SOUTH SAN FRANCISCO, CA — (Marketwired) — 06/28/13 — VistaGen Therapeutics, Inc. (OTCQB: VSTA), a biotechnology company applying pluripotent stem cell technology for drug rescue, predictive toxicology and drug metabolism assays, today announced an update on the status of its strategic financing agreement with Autilion AG.
Under the terms of the parties’ April 2013 agreement, as amended, Autilion AG has committed to invest $36 million in VistaGen in consideration for 72 million shares of restricted VistaGen common stock, at a price of $0.50 per share, in a series of closings ending on or before September 30, 2013. The parties have amended their agreement, completed a first closing and scheduled additional closings to occur in July, August and September 2013. As noted previously, the self-placed strategic financing does not include warrants or investment banking fees.
Shawn K. Singh, VistaGen’s Chief Executive Officer, stated, “I met with Autilion’s team earlier this week, and we have been working closely with them since signing our agreement in April. We are confident and excited about completing this transformative financing. Building on the positive developments in our labs presented during the Annual Meetings of the Society of Toxicology and International Society of Stem Cell Research in March and this month, respectively, we look forward to accelerating our lead programs towards valuable outcomes for our shareholders.”
About VistaGen Therapeutics
VistaGen is a biotechnology company applying human pluripotent stem cell technology for drug rescue, predictive toxicology and drug metabolism screening. VistaGen’s drug rescue activities combine its human pluripotent stem cell technology platform, Human Clinical Trials in a Test Tube™, with modern medicinal chemistry to generate novel, safer chemical variants (Drug Rescue Variants) of once-promising small molecule drug candidates. These are drug candidates discontinued by pharmaceutical or biotechnology companies, the U.S. National Institutes of Health (NIH) or university laboratories, after substantial investment in discovery and development, due to unexpected safety issues relating to the heart or liver or adverse drug-drug interactions. VistaGen uses its pluripotent stem cell technology to generate early indications, or predictions, of how humans will ultimately respond to new drug candidates before they are ever tested in humans, bringing human biology to the front end of the drug development process.
VistaGen’s small molecule prodrug candidate, AV-101, has successfully completed Phase 1 development for treatment of neuropathic pain. Neuropathic pain, a serious and chronic condition causing pain after an injury or disease of the peripheral or central nervous system, affects millions of people worldwide.
Visit VistaGen at http://www.VistaGen.com, follow VistaGen at http://www.twitter.com/VistaGen or view VistaGen’s Facebook page at http://www.facebook.com/VistaGen.
Cautionary Statement Regarding Forward-Looking Statements
The statements in this press release that are not historical facts may constitute forward-looking statements that are based on current expectations and are subject to risks and uncertainties that could cause actual future results to differ materially from those expressed or implied by such statements. Those risks and uncertainties include, but are not limited to, risks related to the satisfaction of certain conditions to closing the strategic financing referred to in this press release, the success of VistaGen’s stem cell technology-based drug rescue, predictive toxicology and metabolism screening activities, further development of stem cell-based bioassay systems and cell therapies, clinical development and commercialization of AV-101 for neuropathic pain or any other disease or condition, its ability to enter into strategic predictive toxicology, metabolism screening, drug rescue and/or drug discovery, development and commercialization collaborations and/or licensing arrangements with respect to one or more drug rescue variants, regenerative cell therapies or AV-101, risks and uncertainties relating to the availability of substantial additional capital to support its research, drug rescue, development and commercialization activities, and the success of its research and development plans and strategies, including those plans and strategies related to any drug rescue variant or regenerative cell therapy identified and developed by VistaGen, or AV-101. These and other risks and uncertainties are identified and described in more detail in VistaGen’s filings with the Securities and Exchange Commission (SEC). These filings are available on the SEC’s website at www.sec.gov. VistaGen undertakes no obligation to publicly update or revise any forward-looking statements.
For more information:
Shawn K. Singh, J.D.
Chief Executive Officer
VistaGen Therapeutics, Inc.
www.VistaGen.com
650-244-9990 x224
Investor.Relations@VistaGen.com
Mission Investor Relations
IR Communications
Atlanta, Georgia
www.MissionIR.com
404-941-8975
Investors@MissionIR.com
(HSOL) Subsidiary Obtains Three-Year US$100 Million Term-Loan Facility
SHANGHAI, June 27, 2013 /PRNewswire/ — Hanwha SolarOne Co., Ltd. (“SolarOne” or the “Company”) (Nasdaq: HSOL), a vertically integrated manufacturer of silicon ingots, wafers, and photovoltaic (“PV”) cells and modules in China, today announced that its wholly-owned subsidiary Hanwha SolarOne (Qidong) Co., Ltd., has secured a three-year US$100 million term loan facility (the “Loan”) from the Export-Import Bank of Korea (KEXIM). The loan will mature on June 25, 2016 with payment of principal to be made at maturity. The interest rate floats with the three-month LIBOR, plus 1.99 % per annum. The loan proceeds will be used primarily for working capital purposes.
Mr. Jay SEO, Chief Financial Officer of Hanwha SolarOne, commented, “this new capital will enhance our ability to support current working capital needs, continues our shift of loans from short to longer term, and allows some flexibility in developing our business strategies for the future.” Mr. SEO concluded, “We continue to be fortunate to access relatively low-cost funding from offshore sources.”
About Hanwha SolarOne
Hanwha SolarOne Co., Ltd. (NASDAQ: HSOL) is a vertically-integrated manufacturer of silicon ingots, wafers, PV cells, and modules. Hanwha SolarOne offers high-quality, reliable products, and services at competitive prices. Partnering with third-party distributors, OEM manufacturers, and systems integrators, Hanwha SolarOne serves the utility, commercial, government, and residential markets. The Company maintains a strong presence worldwide, with employees located throughout Europe, North America, and Asia, and embraces environmental responsibility and sustainability, with an active role in the voluntary photovoltaic recycling program. Hanwha Group, Hanwha SolarOne’s largest shareholder, is active in solar project development and financing, and plans to produce polysilicon in the future. For more information, please visit: http://www.hanwha-solarone.com.
Trovagene (TROV) to Present at the OneMedForum Conference
Presentation scheduled on June 27, 2013 at 9:20 a.m. ET in New York
SAN DIEGO, June 27, 2013 /PRNewswire/ — Trovagene, Inc. (NASDAQ: TROV), a developer of cell-free molecular diagnostics, today announced that Chief Executive Officer Antonius Schuh, Ph.D. is scheduled to present a corporate overview at the OneMedForum Conference in New York on Thursday, June 27, 2013 at 9:20 a.m. Mr. Schuh and Chief Financial Officer Stephen Zaniboni will be available for one-on-one meetings during the conference.
The presentation will be webcast live at http://onemedplace.com/forum/webcast/ and can also be accessed through the investor relations page at www.trovagene.com. A replay of the presentation will be available at www.trovagene.com and will be archived for 90 days.
About Trovagene, Inc.
Headquartered in San Diego, California, Trovagene is developing its patented technology for the detection of transrenal DNA and RNA, short nucleic acid fragments, originating from normal and diseased cell death that cross the kidney barrier and can be detected in urine. Trovagene is leveraging its intellectual property in oncogene mutations via out-licensing and use of its transrenal technologies to extend oncogene mutation detection using urine as a sample. As a non-invasive and abundant sample, urine may overcome many of the cost and collection challenges associated with biopsy, as well as the volume limitations of blood.
Trovagene has a strong patent position as it relates to transrenal molecular testing. It has U.S. and European patent applications and issued patents that cover testing for HPV and other infectious diseases, cancer, transplantation, prenatal and genetic testing. In addition, it owns worldwide rights to nucleophosmin-1 (NPM1), an informative biomarker for acute myelogenous leukemia (AML) and mutations in the SF3B1 gene, which have been shown to be associated with chemotherapy response in chronic lymphocytic leukemia (CLL) patients, as well as other hematologic malignancies.
Certain statements in this press release are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified by the use of forward-looking words such as “anticipate,” “believe,” “forecast,” “estimated” and “intend,” among others. These forward-looking statements are based on Trovagene’s current expectations and actual results could differ materially. There are a number of factors that could cause actual events to differ materially from those indicated by such forward-looking statements. These factors include, but are not limited to, substantial competition; our ability to continue as a going concern; our need for additional financing; uncertainties of patent protection and litigation; uncertainties of government or third party payer reimbursement; limited sales and marketing efforts and dependence upon third parties; and risks related to failure to obtain FDA clearances or approvals and noncompliance with FDA regulations. As with any medical diagnostic tests under development, there are significant risks in the development, regulatory approval and commercialization of new products. There are no guarantees that future clinical trials discussed in this press release will be completed or successful or that any product will receive regulatory approval for any indication or prove to be commercially successful. Trovagene does not undertake an obligation to update or revise any forward-looking statement. Investors should read the risk factors set forth in Trovagene’s Form 10-K for the year ended December 31, 2012 and other periodic reports filed with the Securities and Exchange Commission.
Contact
Trovagene, Inc.
Amy Caterina
Investor Relations
+1 (858) 952-7593
acaterina@trovagene.com
http://www.trovagene.com
Intevac (IVAC) Qualifies Ion Implantation Production System at Tier 1 Solar Company
Company Narrows Q2’13 Revenue Guidance Range
Intevac, Inc. (Nasdaq: IVAC) announced today that it has successfully qualified the ENERGi™ ion implant production system that was ordered and shipped in the first quarter of 2013 to a Tier 1 solar company in Asia.
“We are pleased that our ENERGi system has been selected to meet our customer’s current and future production needs for their advanced cell technologies,” commented Chris Smith, executive vice president and general manager of solar equipment. “We expect this customer to add incremental cell production capacity, and we are well positioned to provide several additional systems as they expand capacity through 2014.”
“This competitive win demonstrates the value of ion implant technology and our ability to meet the needs of solar customers by delivering innovative equipment that increases cell efficiency and lowers their cost per watt,” added Norm Pond, chairman and chief executive officer. “The compact ENERGi ion implant system was designed to meet the cost, efficiency and productivity requirements of solar cell manufacturing, and we believe it is the most cost-effective doping solution available. The systemincorporates enabling technologies that align with today’s solar industry cost reduction roadmap and is extendible to meet the advanced cell architectures and efficiency requirements of the future.”
Based upon the system’s qualification, acceptance and revenue recognition achieved this month, Intevac has narrowed its revenue guidance range for the second quarter of 2013, from $14.0 to $16.5 million, to $16.0 to $16.5 million.
About Intevac
Intevac was founded in 1991 and has two businesses: Equipment and Intevac Photonics.
In our Equipment business, we are a leader in the design, development and manufacturing of high-productivity, vacuum process equipment solutions. Our systems are production-proven for high-volume manufacturing of small substrates with precise thin film properties, such as those required in the hard drive and solar cell markets.
In the hard drive industry, our 200 Lean® systems process approximately 60% of all magnetic disk media produced worldwide. In the solar cell manufacturing industry, our LEAN SOLAR™ systems increase the conversion efficiency of silicon solar cells.
In our Photonics business, we are a leader in the development and manufacturing of leading-edge, high-sensitivity imaging products and vision systems. Our products primarily address the defense markets.
Safe Harbor Statement
This press release includes statements that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Reform Act”). Intevac claims the protection of the safe-harbor for forward-looking statements contained in the Reform Act. These forward-looking statements are often characterized by the terms “may,” “believes,“ “projects,” “expects,” or “anticipates,” and do not reflect historical facts. Specific forward-looking statements contained in this press release include, but are not limited to; anticipated second-quarter 2013 revenues and future ion implant system shipments. The forward-looking statements contained herein involve risks and uncertainties that could cause actual results to differ materially from the company’s expectations. These risks include, but are not limited to: failure to meet the anticipated revenue range for the second quarter and future ion implant system shipments, which could have a material impact on our business, our financial results, and the company’s stock price. These risks and other factors are detailed in the company’s regular filings with the U.S. Securities and Exchange Commission.
For more information call 408-986-9888, or visit the company’s website at www.intevac.com.
INTEVAC ENERGi™, 200 Lean®, and LEAN SOLAR™, are trademarks of Intevac, Inc.
CalAmp (CAMP) Reports Fiscal 2014 First Quarter Results
OXNARD, CA — (Marketwired) — 06/27/13 — CalAmp Corp. (NASDAQ: CAMP), a leading provider of wireless products, services and solutions, today reported results for its first quarter ended May 31, 2013. Highlights for the quarter include:
- Consolidated first quarter revenue of $53.7 million, up 22.5% compared to the first quarter last year with Wireless Datacom revenue up 29% over prior year first quarter to $40.9 million.
- First quarter GAAP net income of $1.7 million, or $0.05 per diluted share, compared to $4.2 million, or $0.14 per diluted share for the first quarter last year.
- Adjusted Basis (non-GAAP) net income of $5.6 million, or $0.16 per diluted share, compared to $5.3 million, or $0.18 per diluted share, for the same period last year.
- Net cash provided by operations for the first quarter of $5.8 million, and total cash balance at May 31, 2013 of $24.5 million.
Commenting on the first quarter results, Michael Burdiek, CalAmp’s President and Chief Executive Officer said, “We’re off to a strong start in fiscal 2014. In the first quarter, our Wireless Datacom segment revenue increased 29% year-over-year driven by continued momentum from our Mobile Resource Management (MRM) products and contributions from our Wireless Matrix acquisition that was completed at the beginning of the first quarter. The Wireless Datacom gross margin improved to 39.1% due mainly to higher margin subscription revenue from our Wireless Matrix acquisition. In addition, rapid progress on the integration front during the first quarter resulted in lower than expected operating expenses from the acquired operations of Wireless Matrix. In our Satellite segment, we saw improving margins along with some growth resulting in a meaningful impact to our bottom line results. We believe our unique hardware, software and service portfolio, supported by expanding channel partnerships with global reach, has given us the leverage to win an increasing share of Machine-to-Machine (M2M) market opportunities as they emerge.”
Fiscal 2014 First Quarter Results
Total revenue for the fiscal 2014 first quarter was $53.7 million compared to $43.9 million for the first quarter of fiscal 2013, an increase of 22.5%. Wireless Datacom revenue increased to $40.9 million from $31.7 million in the same period last year, and Satellite revenue was $12.9 million compared to $12.2 million in the first quarter last year.
Consolidated gross profit for the fiscal 2014 first quarter was $18.5 million, an increase of $4.8 million over the same quarter last year that was primarily driven by higher revenue. The consolidated gross margin was 34.4% in the fiscal 2014 first quarter, up from 31.2% in the first quarter last year. The increase in consolidated gross margin reflects the higher proportion of total revenues represented by the Wireless Datacom segment in fiscal 2014 versus the prior year and, within Wireless Datacom, the shift in revenue mix toward higher margin subscription-based revenues associated with the Wireless Matrix acquisition.
GAAP net income for the fiscal 2014 first quarter was $1.7 million, or $0.05 per diluted share, compared to net income of $4.2 million, or $0.14 per diluted share, in the first quarter of last year. The lower GAAP net income is due in part to the elimination of substantially all of the Company’s deferred income tax asset valuation allowance at the end of fiscal 2013 that caused GAAP basis income tax expense to revert to a level that reflects full statutory tax rates beginning in the first quarter of fiscal 2014. Despite this, on a cash basis, the Company’s pretax income is still largely sheltered from taxation by net operating loss (NOL) carryforwards, and is expected to remain so for the next few years.
Non-GAAP net income for the fiscal 2014 first quarter was $5.6 million, or $0.16 per diluted share, compared to non-GAAP net income of $5.3 million, or $0.18 per diluted share, for the same quarter last year. Non-GAAP earnings exclude the impact of intangibles amortization, stock-based compensation and acquisition-related expenses, and include income tax expense that reflects cash taxes paid for the period after giving effect to the utilization of NOL and tax credit carryforwards. A reconciliation of the GAAP-basis pretax income to the non-GAAP net income and earnings per diluted share is provided in the table at the end of this press release.
Liquidity
As of May 31, 2013, the Company had total cash of $24.5 million and an outstanding bank term loan of $4.8 million. Net cash provided by operating activities during the first quarter was $5.8 million, and the unused borrowing capacity on the bank revolver as of the end of the first quarter was $10.2 million.
Business Outlook
Commenting on the Company’s business outlook, Mr. Burdiek said, “Based on our latest projections, we expect fiscal 2014 second quarter consolidated revenues to be in the range of $53 to $57 million. We anticipate that Wireless Datacom second quarter revenues will be up moderately on a sequential basis and up significantly year-over-year. We expect Satellite second quarter revenues to be down slightly on a sequential basis, but up year-over-year. At the bottom line, we expect second quarter GAAP basis net income in the range of a $0.04 to $0.08 per diluted share, and non-GAAP net income in the range of $0.14 to $0.18 per diluted share. Looking further ahead, we continue to expect that the second half of fiscal 2014 will be stronger than the first half of the year, as several previously announced opportunities as well as recently launched products begin ramping up, and we realize the full benefit of synergies from our Wireless Matrix acquisition.”
Conference Call and Webcast
A conference call and simultaneous webcast to discuss first quarter results and business outlook will be held today at 4:30 p.m. Eastern / 1:30 p.m. Pacific. CalAmp’s President and CEO Michael Burdiek and CFO Rick Vitelle will host the conference call. Participants can dial into the live conference call by calling 1-877-407-0784 (1-201-689-8560 for international callers) and using the Conference ID # 416358. An audio replay will be available through July 4, 2013 by calling 1-877-870-5176 or 1-858-384-5517 and entering the Conference ID # 416358.
Additionally, a live webcast of the call will be available on CalAmp’s web site at www.calamp.com. Participants are encouraged to visit the web site at least 15 minutes prior to the start of the call to register, download and install any necessary audio software. After the live webcast, a replay will remain available until the next quarterly conference call in the Investor Relations section of CalAmp’s web site.
About CalAmp
CalAmp Corp. (NASDAQ: CAMP) is a proven leader in providing wireless communications solutions to a broad array of vertical market applications and customers. CalAmp’s extensive portfolio of intelligent communications devices, robust and scalable cloud service platform, and targeted software applications streamline otherwise complex M2M deployments. These solutions enable customers to optimize their operations by collecting, monitoring and efficiently analyzing business critical data and desired intelligence from high-value fixed and mobile remote assets. For more information, please visit www.calamp.com.
Forward-Looking Statements
Statements in this press release that are not historical in nature are forward-looking statements that involve known and unknown risks and uncertainties. Words such as “may”, “will”, “expect”, “intend”, “plan”, “believe”, “seek”, “could”, “estimate”, “judgment”, “targeting”, “should”, “anticipate”, “goal” and variations of these words and similar expressions, are intended to identify forward-looking statements. Actual results could differ materially from those implied by such forward-looking statements due to a variety of factors, including product demand, competitive pressures and pricing declines in the Company’s wireless and satellite markets, the timing of customer approvals of new product designs, intellectual property infringement claims, the effects of the automatic federal budget cuts required pursuant to the sequester that took effect on March 1, 2013, interruption or failure of our Internet-based systems used to wirelessly configure and communicate with the tracking and monitoring devices that we sell, integration issues that may arise in connection with the Wireless Matrix acquisition that was consummated on March 4, 2013, and other risks or uncertainties that are described in the Company’s Annual Report on Form 10-K that was filed on April 25, 2013 with the Securities and Exchange Commission. Although the Company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be attained. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
CAL AMP CORP.
CONSOLIDATED INCOME STATEMENTS
(Unaudited, in thousands except per share amounts)
Three Months Ended
May 31,
--------------------------
2013 2012
------------ ------------
Revenues $ 53,746 $ 43,861
Cost of revenues 35,265 30,185
------------ ------------
Gross profit 18,481 13,676
------------ ------------
Operating expenses:
Research and development 5,158 3,172
Selling 4,985 2,808
General and administrative 3,812 3,098
Intangible asset amortization 1,649 317
------------ ------------
15,604 9,395
------------ ------------
Operating income 2,877 4,281
Non-operating expense, net (169) (90)
------------ ------------
Income before income taxes 2,708 4,191
Income tax provision (1,023) (9)
------------ ------------
Net income $ 1,685 $ 4,182
============ ============
Earnings per share:
Basic $ 0.05 $ 0.15
Diluted $ 0.05 $ 0.14
Shares used in computing earnings per share:
Basic 34,566 27,925
Diluted 35,663 29,263
BUSINESS SEGMENT INFORMATION
(Unaudited, in thousands)
Three Months Ended
May 31,
--------------------------
2013 2012
------------ ------------
Revenues
Wireless DataCom $ 40,865 $ 31,671
Satellite 12,881 12,190
------------ ------------
Total revenues $ 53,746 $ 43,861
============ ============
Gross profit
Wireless DataCom $ 15,960 $ 11,745
Satellite 2,521 1,931
------------ ------------
Total gross profit $ 18,481 $ 13,676
============ ============
Operating income (loss)
Wireless DataCom $ 2,366 $ 4,391
Satellite 1,548 1,080
Corporate expenses (1,037) (1,190)
------------ ------------
Total operating income $ 2,877 $ 4,281
============ ============
CAL AMP CORP.
CONSOLIDATED BALANCE SHEETS
(In thousands)
May 31, February 28,
2013 2013
------------ ------------
Assets (Unaudited)
Current assets:
Cash and cash equivalents $ 24,495 $ 63,101
Accounts receivable, net 25,501 19,111
Inventories 12,443 13,516
Deferred income tax assets 6,858 6,400
Prepaid expenses and other current assets 5,449 4,641
------------ ------------
Total current assets 74,746 106,769
Property, equipment and improvements, net 4,448 2,778
Deferred income tax assets, less current portion 33,166 34,616
Goodwill 18,304 1,112
Other intangible assets, net 28,574 4,603
Other assets 1,156 893
------------ ------------
$ 160,394 $ 150,771
============ ============
Liabilities and Stockholders' Equity
Current liabilities:
Current portion of long-term debt $ 2,145 $ 2,261
Accounts payable 15,882 11,871
Accrued payroll and employee benefits 4,199 5,298
Deferred revenue 6,626 6,410
Other current liabilities 4,203 3,109
------------ ------------
Total current liabilities 33,055 28,949
------------ ------------
Long-term debt 5,409 2,434
Other non-current liabilities 1,990 1,839
Stockholders' equity:
Common stock 351 350
Additional paid-in capital 203,073 202,368
Accumulated deficit (83,419) (85,104)
Accumulated other comprehensive loss (65) (65)
------------ ------------
Total stockholders' equity 119,940 117,549
------------ ------------
$ 160,394 $ 150,771
============ ============
CAL AMP CORP.
CONSOLIDATED CASH FLOW STATEMENTS
(Unaudited - In thousands)
Three Months Ended
May 31,
--------------------------
2013 2012
------------ ------------
Cash flows from operating activities:
Net income $ 1,685 $ 4,182
Depreciation and amortization 2,067 537
Stock-based compensation expense 631 858
Amortization of debt issue costs and discount 88 41
Deferred tax assets, net 992 -
Changes in operating working capital 321 (2,423)
------------ ------------
Net cash provided by operating activities 5,784 3,195
------------ ------------
Cash flows from investing activities:
Capital expenditures (404) (435)
Navman Wireless asset purchase agreement - (1,000)
Wireless Matrix acquisition, net of cash
acquired (46,837) -
Collections on note receivable - 140
------------ ------------
Net cash used in investing activities (47,241) (1,295)
------------ ------------
Cash flows from financing activities:
Proceeds from bank term loan 5,000 -
Debt repayments (2,224) (200)
Taxes paid related to net share settlement of
vested equity awards (258) (92)
Proceeds from exercise of stock options and
warrants 333 106
------------ ------------
Net cash provided (used) by financing
activities 2,851 (186)
------------ ------------
Net change in cash and cash equivalents (38,606) 1,714
Cash and cash equivalents at beginning of period 63,101 5,601
------------ ------------
Cash and cash equivalents at end of period $ 24,495 $ 7,315
============ ============
CAL AMP CORP.
NON-GAAP EARNINGS RECONCILIATION
(Unaudited)
“GAAP” refers to financial information presented in accordance with U.S. Generally Accepted Accounting Principles. This press release includes historical non-GAAP financial measures, as defined in Regulation G promulgated by the Securities and Exchange Commission. CalAmp believes that its presentation of historical non-GAAP financial measures provides useful supplementary information to investors. The presentation of historical non-GAAP financial measures is not meant to be considered in isolation from or as a substitute for results prepared in accordance with GAAP.
In this press release, CalAmp reports the non-GAAP financial measures of Adjusted Basis Net Income and Adjusted Basis Net Income Per Diluted Share. CalAmp uses these non-GAAP financial measures to enhance the investor’s overall understanding of the financial performance and future prospects of CalAmp’s core business activities. Specifically, CalAmp believes that a report of Adjusted Basis Net Income and Adjusted Basis Net Income Per Diluted Share provides consistency in its financial reporting and facilitates the comparison of results of core business operations between its current and past periods.
The reconciliation of the GAAP Basis Pretax Income to Adjusted Basis (non-GAAP) Net Income is as follows (in thousands except per share amounts):
Three Months Ended
May 31,
--------------------------
2013 2012
------------ ------------
GAAP basis pretax income $ 2,708 $ 4,191
Amortization of intangible assets 1,649 317
Stock-based compensation expense 631 858
Acquisition and integration expenses 637 -
------------ ------------
Pretax income (non-GAAP basis) 5,625 5,366
Income tax provision (non-GAAP basis) (a) (32) (59)
------------ ------------
Adjusted Basis net income $ 5,593 $ 5,307
============ ============
Adjusted Basis net income per diluted share $ 0.16 $ 0.18
Weighted average common shares outstanding on
diluted basis 35,663 29,263
(a) The non-GAAP income tax provision represents cash taxes paid for the
period after giving effect to the utilization of net operating loss and
tax credit carryforwards.
AT CALAMP:
Garo Sarkissian
SVP Corporate Development
(805) 987-9000
AT ADDO COMMUNICATIONS:
Lasse Glassen
(424) 238-6249
lasseg@addocommunications.com
Bellatrix (BXE) announces the closing of a $122 million joint venture
CALGARY, June 27, 2013 /PRNewswire/ – Bellatrix Exploration Ltd. (“Bellatrix” or the “Company”) (TSX, NYSE MKT: BXE) is pleased to announce it has closed a joint venture (the “Joint Venture”) with Grafton Energy Co I Ltd. (“Grafton”), to accelerate development on a portion of Bellatrix’s extensive undeveloped land holdings. The Joint Venture is in Willesden Green and Brazeau areas of West-Central Alberta. Under the terms of the agreement, Grafton will contribute 82%, or $100 million, to the $122 million Joint Venture to participate in an expected 29 Notikewin/Falher and Cardium well program. Under the agreement, Grafton will earn 54% of Bellatrix’s working interest in each well drilled in the well program until payout (being recovery of Grafton’s capital investment plus an 8% return on investment) on the total program, reverting to 33% of Bellatrix’s working interest (“WI”) after payout. At any time after payout of the entire program, Grafton shall have the option to elect to convert all wells from the 33% WI to a 17.5% Gross Overriding Royalty (“GORR”) on Bellatrix’s pre-Joint Venture working interest. Grafton will have until September 15, 2013 to elect on an option to increase the committed capital investment by an additional $100 million on the same terms and conditions. Grafton shall also have an additional one-time option within 12 months of the effective date to increase its exposure by an additional $50 million on the same terms and conditions. The effective date of the agreement is July 1, 2013 and has a term of 2 years. If the $50 million option is exercised, Bellatrix shall have until the end of the third anniversary of the effective date to spend the additional capital (if the $100 million option is exercised it will not result in an extension of the term of the Joint Venture).
In the event Bellatrix fails to expend all of the commitment capital within 2 years of the closing date and if the funding period has not been otherwise terminated before such time in accordance with the terms of the Joint Venture, Grafton will be entitled to a non-performance payment from Bellatrix equal to 0.4 times the unspent capital. Should Grafton fail to fund as required in accordance with the Joint Venture, Bellatrix will have the option to terminate the funding period under the Joint Venture and if they do so Bellatrix shall be entitled to a non-funding payment from Grafton equal to 0.2 times of the unpaid commitment capital.
In certain circumstances if Bellatrix is in default of its commitments under the Joint Venture or there is a change of control of Bellatrix, Grafton shall have the right to cause Bellatrix to acquire Grafton’s earned working interest or GORR, as applicable. Under certain circumstances if Grafton fails to fund in accordance with the Joint Venture, in addition to the non-funding payment, Bellatrix shall be entitled to elect to acquire Grafton’s earned working interest or GORR, as applicable. The value paid under Grafton’s put option and Bellatrix’s call option shall depend on the circumstances and be based on formulas as set out in the Joint Venture.
As a result of the Joint Venture and based on the initial funding commitment, Bellatrix’s updated net capital expenditure plan for 2013 is expected to be $210 to $220 million, not including Grafton capital. Based on the timing of proposed expenditures in the latter half of 2013, completion of anticipated infrastructure and normal production declines, execution of the updated 2013 capital expenditure plan is expected to provide average daily production of 23,000 to 24,000 boe/d and 2013 exit rate of 30,000 to 31,000 boe/d.
Bellatrix continues to consider alternative joint venture partners for the previously announced proposed Ferrier area Cardium Joint Venture as well as continuing to consider other joint venture partners for the Company’s other interests in the Cardium resource play.
The Company has recently entered into three additional crude oil commodity price risk management arrangements as follows:
| Type | Period | Volume | Price | Index |
| Crude Oil Fixed | Jul. 1, 2013 to Dec. 31, 2013 | 1,500 bbl/d | $96.87 CDN/bbl | WTI |
| Crude Oil Fixed | Jan. 1, 2014 to Dec. 31, 2014 | 1,500 bbl/d | $94.00 CDN/bbl | WTI |
| Crude Oil Fixed | Jan. 1, 2014 to Dec. 31, 2014 | 1,500 bbl/d | $95.22 CDN/bbl | WTI |
As at June 26, 2013, the Company has entered into commodity price risk management arrangements as follows:
| Type | Period | Volume | Price Floor | Price Ceiling | Index | ||||||
| Crude oil fixed | Jan. 1, 2013 to Dec. 31, 2013 | 1,500 bbl/d | $ 94.50 CDN | $ 94.50 CDN | WTI | ||||||
| Crude oil fixed | Jul. 1, 2013 to Dec.31,2013 | 1,500 bbl/d | $ 96.87 CDN | $ 96.87 CDN | WTI | ||||||
| Crude oil fixed | Jan. 1, 2014 to Dec. 31, 2014 | 1,500 bbl/d | $ 94.00 CDN | $ 94.00 CDN | WTI | ||||||
| Crude oil fixed | Jan. 1, 2014 to Dec. 31, 2014 | 1,500 bbl/d | $ 95.22 CDN | $ 95.22 CDN | WTI | ||||||
| Crude oil call options (1) | Nov. 1, 2013 to Dec. 31, 2013 | 3,000 bbl/d | – | $ 110.00 US | WTI | ||||||
| Crude oil call options | Jan. 1, 2014 to Dec. 31, 2014 | 3,000 bbl/d | – | $ 105.00 US | WTI | ||||||
| Natural gas fixed | Apr. 1, 2013 to Oct. 31, 2013 | 20,000 GJ/d | $ 3.05 CDN | $ 3.05 CDN | AECO | ||||||
| Natural gas fixed | Apr. 1, 2013 to Oct. 31, 2013 | 10,000 GJ/d | $ 3.095 CDN | $ 3.095 CDN | AECO | ||||||
| Natural gas fixed | Feb. 1, 2013 to Dec. 31, 2013 | 10,000 GJ/d | $ 3.05 CDN | $ 3.05 CDN | AECO | ||||||
| Natural gas fixed | Apr. 1, 2013 to Jun. 30, 2014 | 15,000 GJ/d | $ 3.05 CDN | $ 3.05 CDN | AECO |
(1) This crude oil call option for the period May 1 to October 31, 2013 was settled for $0.2 million.
Bellatrix continues to focus on growth by development of its core Cardium and Notikewin/Falher assets utilizing its large inventory of geological prospects. The Company has developed an inventory of 692 net remaining Cardium locations and 401 net Notikewin/Falher locations representing net remaining capital requirements of $4.34 billion based on current costs. Based on the initial funding commitment, the Joint Venture represents approximately 2.7% of the aforementioned inventory. As at March 31, 2013, Bellatrix has approximately 205,113 net undeveloped acres and including all opportunities has approximately 1,700 net exploitation drilling opportunities identified, with capital requirements of $8.22 billion based on current costs representing over 40 years of drilling inventory based on current annual cash flow. The Company continues to focus on adding Cardium and Notikewin/Falher prospective lands.
The Company’s updated corporate presentation is available at www.bellatrixexploration.com.
Bellatrix Exploration Ltd. is a Western Canadian based growth oriented oil and gas company engaged in the exploration for, and the acquisition, development and production of oil and natural gas reserves in the provinces of Alberta, British Columbia and Saskatchewan. Common shares and convertible debentures of Bellatrix trade on the Toronto Stock Exchange (“TSX”) under the symbols BXE and BXE.DB.A, respectively and the common shares of Bellatrix trade on the NYSE MKT under the symbol BXE.
Grafton Asset Management Inc. (“Grafton”) is an energy focused, Calgary-based investment management firm. Grafton creates bespoke energy investment solutions on behalf of sovereign, institutional and private clients through its proprietary access and intelligence in the Canadian energy sector. As a financial partner, Grafton provides both investors and energy companies with unique financing strategies to meet requisite investment mandates and a variety of risk parameters.
For all Grafton Asset Management Inc. inquiries, please direct your questions to Ashley Vickers, Investor Relations (ashley@graftonfunds.com, 403-991-4274 or 403-228-8247).
All amounts in this press release are in Canadian dollars unless otherwise identified.
Forward looking statements: Certain information set forth in this news release, including management’s assessments of the future plans and operations including anticipated 2013 average daily production and exit rate, 2013 capital expenditure budget, drilling inventory and amount of capital required to develop inventory and time for development may contain forward-looking statements, and necessarily involve risks and uncertainties, certain of which are beyond Bellatrix’s control, including risks related to satisfaction of conditions precedent to the Joint Venture and related to closing thereof, risks associated with oil and gas exploration, development, exploitation, production, marketing and transportation, loss of markets and other economic and industry conditions, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other producers, inability to retain drilling services, incorrect assessment of value of acquisitions and failure to realize the benefits therefrom, delays resulting from or inability to obtain required regulatory approvals, the lack of availability of qualified personnel or management, stock market volatility and ability to access sufficient capital from internal and external sources and economic or industry condition changes. Actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits that Bellatrix will derive therefrom. Additional information on these and other factors that could affect Bellatrix are included in reports on file with Canadian securities regulatory authorities and the United States Securities and Exchange Commission and may be accessed through the SEDAR website (www.sedar.com), the SEC’s website (www.sec.gov or at Bellatrix’s website www.bellatrixexploration.com. Furthermore, the forward-looking statements contained in this news release are made as of the date of this news release, and Bellatrix does not undertake any obligation to update publicly or to revise any of the included forward looking statements, whether as a result of new information, future events or otherwise, except as may be expressly required by applicable securities law.
Conversion: The term barrels of oil equivalent (“boe”) may be misleading, particularly if used in isolation. A boe conversion ratio of six thousand cubic feet of natural gas to one barrel of oil equivalent (6 mcf/bbl) is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value. All boe conversions in this report are derived from converting gas to oil in the ratio of six thousand cubic feet of gas to one barrel of oil.
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