Planet Payment (PLPM) Announces 2012 Results and Guidance for 2013

Implemented 11 Customers in 9 Countries; During 2012 Increased Active Merchants 47%; Focus on Emerging Markets

LONG BEACH, N.Y., March 18, 2013 (GLOBE NEWSWIRE) — Planet Payment, Inc. (Nasdaq:PLPM) (LSE:AIM:PPT), a leading provider of international payment processing and multi-currency processing services, today announced its results for the fourth quarter and fiscal year ended December 31, 2012.

Financial Highlights for the Fourth Quarter Ended December 31, 2012

• Net revenue for the period decreased approximately 4% to $11.9 million compared to $12.3 million in the fourth quarter of 2011.
• Consolidated gross billings increased 8% to $34.0 million compared to $31.5 million in the fourth quarter of 2011. (See Table 3 for explanation of this metric).
• Gross foreign currency mark-up increased 11% to $30.1 million compared to $27.2 million in the fourth quarter of 2011. (See Table 3 for explanation of this metric).
• Net loss for the period was $(0.1) million or $0.00 earnings per diluted share compared to net income of $1.8 million or $0.03 per diluted share in the fourth quarter of 2011.
• Adjusted EBITDA for the period was $0.9 million compared to $2.7 million in the fourth quarter of 2011. (See Table 1 for reconciliation of net (loss) income to Adjusted EBITDA).

Financial Highlights for the Year Ended December 31, 2012

• Net revenue increased approximately 4% to $43.6 million compared to $41.9 million for fiscal year 2011.
• Consolidated gross billings increased 15% to $117.9 million compared $102.4 million for fiscal year 2011. (See Table 3 for explanation of this metric).
• Gross foreign currency mark-up increased 17% to $103.2 million compared to $87.8 million for fiscal year 2011. (See Table 3 for explanation of this metric).
• Net loss was $(4.5) million or $(0.09) loss per diluted share compared to net income of $2.4 million or $0.04 per diluted share for fiscal year 2011, in part due to the expensing of deferred IPO costs of $2.6 million in 2012 and additional costs incurred arising out of the acquisition and operations of Branded Payment Solutions Ltd (“BPS”) totaling $1.4 million during the year.
• Adjusted EBITDA was $2.4 million compared to $5.9 million for fiscal year 2011. (See Table 1 for reconciliation of net (loss) income to Adjusted EBITDA).

Operational Highlights for the Year Ended December 31, 2012

• Total active merchant locations increased by 47% to approximately 41,000 (See Table 3 for explanation of this metric).
• Settled multi-currency dollar volume processed increased 12% to $2.6 billion. (See Table 3 for explanation of this metric).
• Total settled dollar volume processed increased 27% to $6.1 billion and total settled transactions processed increased 48% to 46.0 million. (See Table 3 for explanation of these metrics).
• Entered into a number of new contracts, notably multi-currency processing agreements with Taishin Bank in Taiwan, Mashreq in UAE, and with Payment Alliance International for ATMs in the USA.
• Entered into a processing agreement and UPOP participation agreement with UnionPay to enable online UnionPay acceptance in the USA and Canada.
• Launched services with Global Payments Canada, Vantiv ATMs in the USA, Mashreq UAE, Citibank Philippines, Citibank Hong Kong and Macau, Taishin Bank in Taiwan and our hospitality solution with Banorte in Mexico.
• Acquired BPS commercial services platform and its enabling technology, which allows us to put value-added applications on the point-of-sale.
• Continued to enhance our processing platform including implementing support for ATMs and UnionPay online and at the point-of-sale, to help merchants access the Chinese market.
• Entered into a strategic processing relationship with Visa and launched ATM services with two banks in Myanmar.

Outlook for Fiscal Year 2013

• Net revenue estimated to be in the range of $52.2 million to $55.0 million.
• Net income estimated to be in the range of $2.6 million to $4.8 million.
• Adjusted EBITDA estimated to be in the range of $8.3 million to $10.6 million. (See Table 2 for reconciliation of prospective net income to Adjusted EBITDA).
• Fully diluted earnings per share estimated to be in the range of $0.05 to $0.09 based upon 56.4 million fully diluted common shares outstanding.
• Our guidance assumes an effective tax rate of between 12% and 15%.

Commenting on the results, Philip Beck, CEO and Chairman of Planet Payment, Inc., said:

“2012 has been a significant year for Planet Payment. We continued to make substantial progress implementing 11 customers in 9 countries including a number in exciting emerging markets, while increasing our merchant base by nearly 50%. While we are happy with this operational progress, our 2012 results are reflective of our investment in opening new markets, winning new customers, and acquiring and developing our commercial services platform. We look forward to continued growth based on our strong pipeline and significant opportunities in emerging growth markets.”

Conference Call

The Company will host a conference call to discuss fourth quarter and fiscal year 2012 financial results today at 5:00 pm EDT. Philip Beck, Chief Executive Officer, and Robert Cox, Chief Financial Officer will host the call. The conference call can be accessed live over the phone by dialing (877) 705-6003, or for international callers (201) 493-6725. A replay will be available approximately two hours after the call concludes and can be accessed by dialing (877) 870-5176, or for international callers (858) 384-5517, and entering the conference ID 410139. The replay will be available through Monday, March 25, 2013. The call will be webcast live from the Company’s investor relations website at http://ir.planetpayment.com/.

Additional analysis of the Company’s performance can be found in the “Management’s Discussion & Analysis of Financial Condition and Results of Operations,” included in the Annual Report on Form 10-K to be filed at www.sec.gov.

About Planet Payment

Planet Payment is a leading provider of international payment processing and multi-currency processing services. We provide our services in more than 20 countries and territories across the Asia Pacific region, North America, the Middle East, Africa and Europe, primarily through our more than 50 acquiring bank and processor customers. Our point-of-sale and e-commerce services help merchants sell more goods and services to consumers, and together with our ATM services are integrated within the payment card transaction flow enabling our acquiring customers, their merchants and consumers to shop, pay, transact and reconcile payment transactions in multiple currencies, geographies and channels.

Planet Payment is headquartered in New York and has offices in Atlanta, Beijing, Bermuda, Delaware, Dubai, Dublin, London, Hong Kong, Mexico City, Shanghai and Singapore. Visit ww.planetpayment.com for more information about the Company and its services. For up-to-date information follow Planet Payment on Twitter at @PlanetPayment or join Planet Payment’s Facebook page.

Notice Regarding Forward-Looking Statements.

Information contained in this announcement may include ‘forward-looking statements’. All statements other than statements of historical facts included herein, including, without limitation, those set forth in “Outlook for Fiscal Year 2013” and those regarding the financial position, business strategy, plans and objectives of management for future operations of both Planet Payment and its business partners, estimated net revenue, net income, Adjusted EBITDA, diluted earnings per share, future service launches with customers and new initiatives and customer pipeline are forward-looking statements. Such forward-looking statements are based on a number of assumptions regarding Planet Payment’s present and future business strategies, and the environment in which Planet Payment expects to operate in future, which assumptions may or may not be fulfilled in practice. Implementation of some or all of the new services referred to is subject to regulatory or other third party approvals. Actual results may vary materially from the results anticipated by these forward-looking statements as a result of a variety of risk factors, including the risk that implementation, adoption and offering of the service by processors, acquirers, merchants and others may take longer than anticipated, or may not occur at all, regulatory changes and changes in card association regulations and practices, changes in domestic and international economic conditions and changes in volume of international travel and commerce and others. Additional risks may arise, with respect to commencing operations in new countries and regions, of which Planet Payment is not fully aware at this time. See the Company’s registration statement on Form 10, filed at www.sec.gov for other risk factors which investors should consider. These forward-looking statements speak only as to the date of this announcement and cannot be relied upon as a guide to future performance. Planet Payment expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in this announcement to reflect any changes in its expectations with regard thereto or any change in events, conditions or circumstances on which any statement is based.

Non-GAAP Financial Information

The Company provides certain non-GAAP financial measures in this statement. Management believes that Adjusted EBITDA, when viewed with our results under GAAP and the accompanying reconciliations, provides useful information about our period-over-period results. Adjusted EBITDA is presented because management believes it provides additional information with respect to the performance of our fundamental business activities and is also frequently used by securities analysts, investors and other interested parties in the evaluation of comparable companies. We also rely on Adjusted EBITDA as a primary measure to review and assess the operating performance of our company and our management team in connection with our executive compensation. These non-GAAP key business indicators, which include Adjusted EBITDA, should not be considered replacements for and should be read in conjunction with the GAAP financial measures.

We define Adjusted EBITDA as GAAP net (loss) income adjusted to exclude: (1) interest expense, (2) interest income, (3) provision (benefit) for income taxes, (4) depreciation and amortization, (5) stock‑based expense from options and warrants and (6) certain other items management believes affect the comparability of operating results. Please see “Adjusted EBITDA” below for more information and for a reconciliation of Adjusted EBITDA to net (loss) income, the most directly comparable financial measure calculated and presented in accordance with GAAP.

(1) In July 2011 we filed our first registration statement on Form S-1. From July 2011 through August 2012 we continued to update and amend Form S-1. During the quarter ended September 30, 2012 we determined that it is likely that our IPO will be postponed for a period in excess of 90 days and as a result deemed it to be an aborted offering in accordance with the guidance set forth in ASC 340-10-S99-1. For the three months ending September 30, 2012, we expensed previously deferred IPO costs of $2.3 million associated with our registration statement on Form S-1 as well as any IPO costs incurred in the third quarter to selling, general and administrative expenses. The total amount of the expense for the year was $2.6 million.

(2) In April 2011, the convertible debt holders converted the outstanding principal amount of $9.0 million under convertible notes issued in 2007 and 2008 into an aggregate of 4,049,776 shares of common stock. In addition, we issued 127,318 shares of common stock valued at $0.3 million in lieu of cash payments for accrued interest and 297,682 shares of common stock valued at $0.6 million as a prepayment fee negotiated at the time of conversion. The shares issued for the accrued interest and the prepayment fee were valued at the average closing price of our common stock on AIM under the symbol “PPTR” during the 10 trading day period ending two days prior to the conversion.

(3) In 2003, we entered into an agreement with FHMS and FTB and recorded a liability. Due to a breach of the contractual terms by FHMS and FTB, we did not believe we were liable to repay these amounts. As of March 31, 2011, the statute of limitations had expired on $0.66 million of the $0.7 million balance and as of September 30, 2011, the statute of limitations had expired on the remaining $40,000. For the twelve months ended December 31, 2011, we recorded other income due to the derecognition of the note payable in the amount of $0.7 million.

Planet Payment, Inc. unaudited consolidated balance sheets

Planet Payment, Inc. unaudited consolidated statements of operations

Planet Payment, Inc. unaudited consolidated statements of cash flows

Planet Payment, Inc. unaudited consolidated statements of changes in convertible preferred stock and stockholders’ (deficit) equity

CONTACT: Planet Payment, Inc.
         Robert Cox (CFO)
         Tel: + 1 516 670 3200
         www.planetpayment.com

         Redleaf Polhill (UK PR for Planet Payment)
         Emma Kane / Henry Columbine / David Ison
         Tel: +44 207 382 4730
         planet@redleafpolhill.com

         ICR (USA IR for Planet Payment)
         Don Duffy / Dara Dierks
         Tel: +1 646-277-1212

         Canaccord Genuity Ltd (UK) (Nomad for Planet Payment)
         Simon Bridges / Andrew Chubb
         Tel: +44 20 7523 8000

Dex One and SuperMedia (SPMD) File Pre-Packaged Plans of Reorganization for Merger

Dex One Corporation (NYSE: DEXO) and SuperMedia Inc. (NASDAQ: SPMD) today announced that each company has received the requisite shareholder approval for their proposed merger and they both have voluntarily filed for Chapter 11 in the United States Bankruptcy Court for the District of Delaware (the “Court”), to implement “pre-packaged” Plans of Reorganization.

Dex One and SuperMedia intend to use this strategic process to facilitate the completion of their merger announced on Aug. 21, 2012. The operations of both companies are expected to continue without interruption during the restructuring process. Subject to Court approval of the plans, the companies believe the merger will be completed within 45 to 60 days. These plans intend to preserve the interests of all investors without any impairment to existing Dex One or SuperMedia equity holders and Dex One note holders.

“This process will facilitate the completion of our merger with Dex One and ensure the financial and strategic benefits of the merger identified and communicated previously remain unchanged,” said Peter McDonald, president and CEO of SuperMedia. “A substantial majority of our lenders and stockholders have pledged their support for this transaction and we remain committed to closing it in the first half of this year. The new company will be the trusted marketing consultant to help local businesses across the United States grow.”

“This combination is good for customers, investors, consumers and employees, and creates a stronger company that can penetrate more of the local marketplace,” said Alfred Mockett, CEO of Dex One. “By joining two industry leaders to create a national provider of social, local and mobile marketing solutions, we believe Dex One and SuperMedia will accelerate the transformation of the newly combined company and be positioned to deliver outstanding service and support. Throughout the merger process, the employees from both companies have demonstrated great dedication, and remain focused on exceeding the needs of local businesses in the markets we serve.”

Pursuant to the proposed plans, Dex One and SuperMedia do not need, nor intend to obtain debtor-in-possession (DIP) financing during the reorganization. The companies maintain substantial cash balances and continue to generate positive cash flow.

Dex One and SuperMedia have filed a series of motions with the Court to ensure the continuation of normal operations, including requesting Court approval to continue paying employee wages and salaries and providing employee benefits without interruption. The companies also are seeking Court authorization to continue paying vendors, suppliers and service providers in full under customary terms for all goods and services, including those provided before the filing date. The companies expect the Court to approve these requests shortly.

Both companies intend to work with their respective exchanges to remain listed during the restructuring.

Houlihan Lokey Capital Inc. is acting as financial advisor to Dex One, and Kirkland & Ellis LLP is acting as its legal counsel. Morgan Stanley & Co. LLC is acting as financial advisor to SuperMedia for the merger, and Fulbright & Jaworski L.L.P and Cleary Gottlieb Steen & Hamilton LLP are acting as legal counsel to SuperMedia. Chilmark Partners is acting as financial advisor to SuperMedia’s board of directors.

For access to court documents and other general information about the pre-packaged plans cases, visit www.epiq11.com/dexone or www.epiq11.com/supermedia.com.

FORWARD-LOOKING STATEMENTS

Certain statements contained in this press release regarding Dex One Corporation’s (“Dex One”) future operating results, performance, business plans, prospects, guidance, statements about the benefits of the proposed merger with SuperMedia Inc. (“SuperMedia”) and the combined company, and any other statements not constituting historical fact are “forward-looking statements” subject to the safe harbor created by the Private Securities Litigation Reform Act of 1995. Where possible, the words “believe,” “expect,” “anticipate,” “intend,” “should,” “will,” “would,” “planned,” “estimated,” “potential,” “goal,” “outlook,” “may,” “predicts,” “could,” or the negative of such terms, or other comparable expressions, as they relate to Dex One, SuperMedia or their respective management, have been used to identify such forward-looking statements. All forward-looking statements reflect only Dex One’s and SuperMedia’s current beliefs and assumptions with respect to future business plans, prospects, decisions and results, and are based on information currently available to Dex One and SuperMedia. Accordingly, the statements are subject to significant risks, uncertainties and contingencies, which could cause Dex One’s, SuperMedia’s or the combined company’s actual operating results, performance or business plans or prospects to differ materially from those expressed in, or implied by, these statements.

Factors that could cause actual results to differ materially from current expectations include risks and other factors described in Dex One’s and SuperMedia’s publicly available reports filed with the SEC, which contain discussions of various factors that may affect the business or financial results of Dex One, SuperMedia or the combined company. Such risks and other factors, which in some instances are beyond either company’s control, include: the continuing decline in the use of print directories; increased competition, particularly from existing and emerging digital technologies; ongoing weak economic conditions and continued decline in advertising sales; the companies’ ability to collect trade receivables from customers to whom they extend credit; the companies’ ability to generate sufficient cash to service their debt; the companies’ ability to comply with the financial covenants contained in their debt agreements and the potential impact to operations and liquidity as a result of restrictive covenants in such debt agreements; the companies’ ability to refinance or restructure their debt on reasonable terms and conditions as might be necessary from time to time; increasing interest rates; changes in the companies’ and the companies’ subsidiaries credit ratings; changes in accounting standards; regulatory changes and judicial rulings impacting the companies’ businesses; adverse results from litigation, governmental investigations or tax related proceedings or audits; the effect of labor strikes, lock-outs and negotiations; successful realization of the expected benefits of acquisitions, divestitures and joint ventures; the companies’ ability to maintain agreements with major Internet search and local media companies; the companies’ reliance on third-party vendors for various services; and other events beyond their control that may result in unexpected adverse operating results.

With respect to the proposed merger, important factors could cause actual results to differ materially from those indicated by forward-looking statements included herein, including, but not limited to, the ability of Dex One and SuperMedia to consummate the transaction on the terms set forth in the merger agreement; risks related to the impact that either Dex One’s or the SuperMedia’s voluntary case under Chapter 11 of title 11 of the United States Code, filed to consummate the transaction, could have on our business operations, financial condition, liquidity or cash flow; the risk that anticipated cost savings, growth opportunities and other financial and operating benefits as a result of the transaction may not be realized or may take longer to realize than expected; the risk that benefits from the transaction may be significantly offset by costs incurred in integrating the companies; potential adverse impacts or delay in completing the transaction as a result of bankruptcy cases; and difficulties in connection with the process of integrating Dex One and SuperMedia, including: coordinating geographically separate organizations; integrating business cultures, which could prove to be incompatible; difficulties and costs of integrating information technology systems; and the potential difficulty in retaining key officers and personnel. None of Dex One, SuperMedia or the combined company is responsible for updating the information contained in this release beyond the publication date, or for changes made to this document by wire services or Internet service providers.

OTK Associates to Nominate Directors to Morgans Hotel (MHGC) Board

OTK Associates LLC, the largest shareholder of Morgans Hotel Group Co. (Nasdaq: MHGC) with 13.9% of the outstanding common stock of the company, today disclosed that it intends to nominate a slate of seven candidates to the company’s board of directors and notified the company of its intent in a letter on March 15, 2013. Morgans’ 2013 Annual Meeting of Shareholders is scheduled to be held on May 15, 2013.

OTK Associates also disclosed a letter to MHGC shareholders outlining why it believes a reconfiguration of the Board is urgently needed. The full text of the letter follows:

March 18, 2013

Dear Fellow Stockholders,

We are writing to inform you that on Friday, March 15, OTK Associates, LLC delivered notice to Morgans Hotel Group of its intent to nominate seven qualified candidates to the company’s board of directors at the upcoming annual meeting of stockholders on May 15, 2013.

As the company’s largest stockholder, with a 13.9% ownership stake or 4,500,000 common shares of Morgans, we are seeking your support to elect directors that have the skills and experience necessary to either grow the business and return the company to profitability or to appropriately evaluate and pursue strategic alternatives in a disinterested fashion. We are nominating a slate of directors that brings significant lodging industry expertise, capital markets experience and superior hotel operating acumen. We strongly believe that a reconfigured board is a prerequisite for improving the company’s financial performance and competitive position, and for harvesting additional value from its existing asset base.

OTK is a partnership between families that have a demonstrated track record of creating value in the real estate and lodging industries. OTK acquired its position in Morgans more than five years ago and has not sold any shares since that time. During this period, OTK has observed as various management teams and board members squandered resources and failed to capitalize on the extraordinary brand value of the company. OTK believes that new leadership is urgently needed to protect the interests of common stockholders and maximize stockholder value going forward, and we believe the majority of Morgans’ common stockholders will agree.

Need for Alignment of Interests:

• As the company’s largest stockholder, our interests are best aligned with those of the entire stockholder base.
• The current board has significant representation from individuals directly and indirectly affiliated with the company’s largest holder of convertible debt securities and preferred shares. The next board will have to anticipate and plan for the maturity of the convertible debt and the accelerated accrual of dividends on the preferred securities. Stockholders should be represented by a board whose interests are aligned first and foremost with its fiduciary duties to common stockholders, while cognizant of the company’s contractual obligations to creditors.
• The board has engaged in a number of self-serving transactions and questionable employment decisions during its tenure. In March 2011, the board appointed a new chief executive officer who had never previously served in a public company operating role nor worked in the hotel and lodging sectors. The CEO has however served as a paid employee for Morgans’ largest holder of convertible debt securities and preferred shares from 2008 to 2011.
• Additionally, directors have received various extraordinary payments and bonuses in addition to their base compensation for activities associated with ordinary board responsibilities.

Restoring Financial Performance:

• Morgans was adversely affected by the recession, but unlike most other hotel companies, it has not recovered. Over the past five years, Morgans shares have decreased by approximately 68% representing approximately $325 million in value destruction. During that time S&P 500 Hotels, Restaurants & Leisure Index, Morgans’ self-selected reference index, has increased by 69%. Morgans’ five-year stock performance is in the bottom 20% of companies in the Nasdaq composite index.
• Systemwide comparable RevPAR for the full year 2012 was approximately 5% below the level reported as of December 31, 2008, while total company revenue is down almost 37% over the same period. Adjusted EBITDA margin, based on adjusted EBITDA as reported by the company, has fallen 59.0% from 29.5% to 12.1% over that time.
• Between 2008 and 2012, the company reported cumulative net losses of approximately $384 million, or just over 2.4x today’s remaining equity market cap. Over $144 million of those losses were recognized during 2011 and 2012 under the stewardship of current management.

Opportunity to Improve Management and Board Oversight:

• Over the past several years the board has allowed management to pursue a litany of transactions that have destroyed significant equity capital and collectively generated negative returns to stockholders. These include deals that have resulted in terminated management contracts, accounting impairments, foreclosures and restructurings.
• Poorly timed and ill executed capital markets transactions have limited the company’s financial and strategic flexibility.
• Morgans’ overhead expense is disproportionate to its asset base and market capitalization. The combined total of executive compensation for named executive officers in 2011, the most recent year for which such information is available, was $20.4 million, or 68% of the company’s 2011 reported adjusted EBITDA.
• Total SG&A expenses plus stock based compensation for 2011 and 2012 combined totaled over $94 million, or approximately 60% of today’s equity market capitalization and 1.8x the company’s reported adjusted EBITDA for those two years combined. The new board would take swift action to right size the expense structure and improve operating cash flow.
• The proposed slate includes members with deep industry relationships and the ability to draw talent, establish a more efficient management structure and forge relationships with world-class partners.

The decision to nominate a new slate of board members has not been taken lightly. After five years of observation, OTK views it impossible, based on the company’s performance over time, to effect sweeping and necessary change without replacing substantially all of the current board. The slate we are proposing has been constructed to refocus the company on its core business, extend its collection of world recognized brands and to right-size its operating cost structure. Members of this slate possess the specific industry experience, financial sophistication and operating relationships to assist the company moving forward.

Morgans Hotel Group has been a leading name in luxury boutique hotels, and can be again with proper oversight and leadership. We ask for your support in electing directors committed to stabilizing the company and maximizing its value.

If you have questions, we urge you to call our proxy solicitors, Okapi Partners LLC, toll-free at (877) 869-0171. You may also email questions to info@okapipartners.com

Sincerely,

/s/ OTK Associates, LLC

OTK Associates, LLC

IMPORTANT INFORMATION

STOCKHOLDERS ARE ADVISED TO READ THE PROXY STATEMENT AND OTHER DOCUMENTS RELATED TO SOLICITATION OF PROXIES BY OTK ASSOCIATES, LLC AND ITS AFFILIATES FROM THE STOCKHOLDERS OF MORGANS HOTEL GROUP CO. FOR USE AT THE 2013 ANNUAL MEETING OF MORGANS HOTEL GROUP CO. WHEN THEY ARE AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. WHEN COMPLETED, SUCH MATERIALS WILL, ALONG WITH OTHER RELEVANT DOCUMENTS, BE AVAILABLE AT NO CHARGE AT THE SECURITIES AND EXCHANGE COMMISSION’S WEBSITE AT HTTP://WWW.SEC.GOV OR BY CONTACTING THE PARTICIPANTS’ PROXY SOLICITOR, OKAPI PARTNERS, TOLL FREE AT (877) 869-0171, OR BY EMAIL TO INFO@OKAPIPARTNERS.COM.

INFORMATION RELATING TO THE POTENTIAL PARTICIPANTS IN A POTENTIAL PROXY SOLICITATION IS CONTAINED IN EXHIBIT 2 TO THE SCHEDULE 14A FILED PURSUANT TO RULE 14A-12 FILED WITH THE SECURITIES AND EXCHANGE COMMISSION BY OTK ASSOCIATES, LLC ON MARCH 15, 2013, AS IT MAY BE AMENDED FROM TIME TO TIME. THE SCHEDULE 14A AND ANY AMENDMENTS ARE AVAILABLE AT NO CHARGE ON THE SECURITIES AND EXCHANGE COMMISSION’S WEBSITE AT HTTP://WWW.SEC.GOV.

Swisher Hygiene (SWSH) Announces Results for the Three and Nine-Month Periods

CHARLOTTE, N.C., March 18, 2013 (GLOBE NEWSWIRE) — Swisher Hygiene Inc. (“Swisher Hygiene”) (Nasdaq:SWSH) (TSX:SWI), a leading provider of essential hygiene and sanitizing products and services, announced today that it has filed its Form 10-Q for the three and nine-month periods ended September 30, 2012. All amounts in this news release are in United States dollars.

Third Quarter 2012 Highlights

• The Waste segment, which was sold on November 15, 2012, is reported as discontinued operations for 2012.
• Total revenue from continuing operations of $59.0 million for the third quarter of 2012, a 20% increase compared to the third quarter of 2011. Hygiene revenue from company-owned operations for the third quarter of 2012, excluding acquisitions, increased 3% compared to the third quarter of 2011.
• Adjusted EBITDA loss of $2.3 million for the third quarter of 2012 based on a net loss from continuing operations of $14.3 million. For a reconciliation of non-GAAP to GAAP measures, please review the disclosures and table included with this release.
• Basic and diluted loss per share from continuing operations of $0.08 for the third quarter of 2012, compared to basic and diluted loss per share from continuing operations of $0.01 in the third quarter of 2011.

“We have now filed our outstanding quarterly reports for 2012,” said Thomas Byrne, President and Chief Executive Officer of Swisher Hygiene. “We are working to file our 2012 Form 10-K as soon as possible, and once again thank our shareholders for their patience and continued support during this process.”

“Our results in the third quarter of 2012 were significantly affected by the investigation and review process, impacting our top line and cost structure,” continued Mr. Byrne. “With the review now in the past, we look forward throughout 2013 to serving our customers nationwide on a day-to-day basis, expanding our cross-selling opportunities, and emphasizing customer retention and new customer acquisition. Further, we will continue to eliminate costs and create additional efficiencies throughout the business; this will remain a priority throughout 2013.”

Third Quarter 2012 Results

For the three months ended September 30, 2012, Swisher Hygiene reported total revenue from continuing operations of $59.0 million, a 20% increase from $49.2 million in the three months ended September 30, 2011. Hygiene revenue from company-owned operations, excluding acquisitions, increased 3% compared to the three months ended September 30, 2011.

Total costs and expenses for the three months ended September 30, 2012 increased by 41% to $72.8 million, compared to $51.7 million in the three months ended September 30, 2011. Excluding the impact of acquisition and merger expenses, the gain from bargain purchase in 2011, and $5.0 million of investigation and review-related expenses in the three months ended September 30, 2012, total costs and expenses increased 4% compared to the three months ended September 30, 2011.

For the three months ended September 30, 2012 and 2011, respectively:

The increase in cost of sales as a percentage of revenue primarily reflects a change in sales mix towards the chemical product line and entering the wholesale chemical business through Swisher Hygiene’s acquisition of Daley International, Cavalier and Kitter spanning the third quarter of 2011, while the favorable change in route expense as a percentage of revenue reflects economies of scale realized through route consolidation initiatives.

Net loss from continuing operations for the three months ended September 30, 2012 was $14.3 million, compared to net loss from continuing operations of $1.9 million in the three months ended September 30, 2011.

Adjusted EBITDA loss for the three months ended September 30, 2012 was $2.3 million, compared to an Adjusted EBITDA loss of $1.2 million in the three months ended September 30, 2011.

Nine Months 2012 Results

For the nine months ended September 30, 2012, Swisher Hygiene reported total revenue from continuing operations of $177.4 million, a 69% increase from $105.0 million in the nine months ended September 30, 2011. Hygiene revenue from company-owned operations, excluding acquisitions, increased 7% compared to the nine months ended September 30, 2011.

Total costs and expenses for the nine months ended September 30, 2012 increased by 77% to $221.5 million, compared to $125.4 million in the nine months ended September 30, 2011. Excluding the impact of acquisition and merger expenses, the gain from bargain purchase in 2011, and $16.4 million of investigation and review-related expenses in the nine months ended September 30, 2012, total costs and expenses increased 10% compared to the nine months ended September 30, 2011.

For the nine months ended September 30, 2012 and 2011, respectively:

The increase in cost of sales as a percentage of revenue primarily reflects a change in sales mix towards the chemical product line and entering the wholesale chemical business through Swisher Hygiene’s acquisition of Daley International, Cavalier and Kitter spanning the third quarter of 2011, while the favorable change in route expense as a percentage of revenue reflects economies of scale realized through route consolidation initiatives.

Net loss from continuing operations for the nine months ended September 30, 2012 was $45.6 million, compared to net loss from continuing operations of $15.7 million in the nine months ended September 30, 2011.

Adjusted EBITDA loss for the nine months ended September 30, 2012 was $8.3 million, compared to an Adjusted EBITDA loss of $8.6 million in the nine months ended September 30, 2011.

Conference Call

Swisher Hygiene will host a conference call to provide a company update and discuss 2012 results this afternoon at 1:00 PM Eastern Time.

The conference call can be accessed over the phone by dialing 1-855-541-0980 or for international callers by dialing 1-970-315-0440; please dial-in 10 minutes before the start of the call. A replay will be available two hours after the call and can be accessed by dialing 1-855-859-2056 or for international callers by dialing 1-404-537-3406; the conference ID is 24733893. The replay will be available until Monday, March 25, 2013.

In order to access the live webcast, please go to the Investors section of Swisher Hygiene’s website at http://www.swisherhygiene.com and click on the webcast link that will be made available. A replay will be available shortly after the original webcast.

Non-GAAP Financial Measures

This press release and the attached financial tables contain certain non-GAAP financial measures. In addition to net income determined in accordance with GAAP, we use certain non-GAAP measures such as “Adjusted EBITDA” in assessing Swisher Hygiene’s operating performance. Swisher Hygiene believes this non-GAAP measure serves as an appropriate measure to be used in evaluating the performance of its business.

Swisher Hygiene defines Adjusted EBITDA as net loss excluding the impact of income taxes, depreciation and amortization expense, investigation and review related expenses, net interest expense, foreign currency gain or loss and other income, net gain on debt related fair value measurements, stock based compensation, third party costs directly related to merger and acquisitions including the debt prepayment penalty, and a gain from bargain purchase related to mergers and acquisitions.

Swisher Hygiene presents Adjusted EBITDA because the company considers it an important supplemental measure of its operating performance and believes it is frequently used by securities analysts, investors and other interested parties in the evaluation of its results. Management uses this non-GAAP financial measure frequently in its decision-making because it provides supplemental information that facilitates internal comparisons to the historical operating performance of prior periods and gives an additional indication of Swisher Hygiene’s core operating performance. Swisher Hygiene includes this non-GAAP financial measure in its earnings announcement in order to provide transparency to its investors and enable investors to better compare its operating performance with the operating performance of its competitors. Adjusted EBITDA should not be considered in isolation from, and is not intended to represent an alternative measure of, revenue, operating results or cash flows from operating activities as determined in accordance with GAAP. Additionally, Swisher Hygiene’s definition of Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies.

Under SEC rules, Swisher Hygiene is required to provide a reconciliation of non-GAAP measures to the most directly comparable GAAP measures. Accordingly, the following is a reconciliation of Adjusted EBITDA to Swisher Hygiene’s net losses for the three and nine months ended September 30, 2012 and 2011:

Cautionary Statement on Forward-Looking Information

All statements other than statements of historical fact contained in this press release constitute “forward-looking information” or “forward-looking statements” within the meaning of the U.S. federal securities laws and the Securities Act (Ontario) and are based on the expectations, estimates and projections of management as of the date of this press release unless otherwise stated. All statements other than historical facts are, or may be, deemed to be forward looking statements. The words “plans,” “expects,” “is expected,” “scheduled,” “estimates,” or “believes,” or similar words or variations of such words and phrases or statements that certain actions, events or results “may,” “could,” “would,” “might,” or “will be taken,” “occur,” and similar expressions identify forward-looking statements.

Certain information in this press release is forward-looking information. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by Swisher Hygiene as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. All of these assumptions have been derived from information currently available to Swisher Hygiene including information obtained by Swisher Hygiene from third-party sources. These assumptions may prove to be incorrect in whole or in part. All of the forward-looking statements made in this press release are qualified by the above cautionary statements and those made in the “Risk Factors” section of Swisher Hygiene’s Annual Report on Form 10-K for the year ended December 31, 2011, filed with the Securities and Exchange Commission, available on www.sec.gov, and with Canadian securities regulators available on Swisher Hygiene’s SEDAR profile at www.sedar.com, and Swisher Hygiene’s other filings with the Securities and Exchange Commission and with Canadian securities regulators available on Swisher Hygiene’s SEDAR profile at www.sedar.com. The forward-looking information set forth in this press release is subject to various assumptions, risks, uncertainties and other factors that are difficult to predict and which could cause actual results to differ materially from those expressed or implied in the forward-looking information. Swisher Hygiene disclaims any intention or obligation to update or revise any forward-looking statements to reflect subsequent events and circumstances, except to the extent required by applicable law.

About Swisher Hygiene Inc.

Swisher Hygiene Inc. is a NASDAQ and TSX listed company that provides essential hygiene and sanitation solutions to customers throughout much of North America and internationally through its global network of company-owned operations, franchises and master licensees operating in countries across Europe and Asia. These essential solutions include cleaning and sanitizing chemicals, foodservice and laundry products, restroom hygiene programs and a full range of related products and services. This broad set of offerings is designed to promote superior cleanliness and sanitation in all commercial environments, enhancing the safety, satisfaction and well-being of employees and patrons. Swisher Hygiene’s customers include a wide range of commercial enterprises, with a particular emphasis on the foodservice, hospitality, retail, industrial and healthcare industries.

CONTACT: Swisher Hygiene Inc.

         Investor Contact:
         Amy Simpson
         Phone: (704) 602-7116

         Garrett Edson, ICR
         Phone: (203) 682-8331

         Media Contact:
         Alecia Pulman, ICR
         Phone: (203) 682-8224

Westell Technologies (WSTL) to Acquire Kentrox

Westell Technologies, Inc. (NASDAQ: WSTL), a leading provider of telecommunications equipment for wireline, wireless and home networks, and Kentrox^®, Inc., a worldwide leader in intelligent site management solutions, today announced that they have signed a definitive agreement for Westell to acquire Kentrox. The $30 million cash transaction is expected to close on April 1, 2013.

“Kentrox is a perfect fit with our growth strategy,” said Rick Gilbert, Westell’s chairman and chief executive officer. “The company is a leader in providing intelligent site management solutions with a wireless focus, significant software content, and global reach. Kentrox has outstanding customers and solutions that complement Westell’s. In addition, it has an impressive team, excellent capabilities and real sales momentum. We expect the acquisition to propel us to about $80 million in annual revenue and add to earnings in fiscal 2014, which starts on April 1.”

Kentrox is an innovator in comprehensive monitoring, management and control of remote sites, such as cell sites and towers. Its solutions allow network operators and service providers to reduce costs while improving network performance and security. Kentrox customers include major wireless and fixed-line telecommunications carriers, tower providers, cable and broadband network providers, utility companies, and enterprises. The company had revenues of approximately $29 million for the 12 months ended December 31, 2012.

“This is a great combination for our customers and employees,” explained Rich Cremona, Kentrox president and chief executive officer. “Westell has excellent customer relationships, supply chain capabilities, and financial strength that will help Kentrox continue to develop and market world-class solutions and leverage our growth.”

Conference Call on Acquisition

Management will host a conference call on Tuesday, March 19, 2013, at 9:30 a.m. EDT to discuss the acquisition. Participants may register for the call at www.conferenceplus.com/westell. After doing so, they will receive a dial-in number, a passcode, and a personal identification number that automatically joins them to the audio conference. Those who do not wish to register may participate in the call by dialing 888-206-4065 no later than 9:15 a.m. EDT and using confirmation number 34484823#. International participants may dial 630-827-5974.

This news release, and related information that may be discussed on the conference call, will be posted on the Investor News section of Westell’s website: www.westell.com. An archived version of the entire call will be available on the site via Digital Audio Replay by approximately noon EDT after the call ends. The replay of the conference also may be accessed by dialing 888-843-7419 or 630-652-3042 and entering 6887 757 #.

About Westell

Westell Technologies, Inc., headquartered in Aurora, Illinois, designs, distributes, markets and services a broad range of carrier-class communications equipment. This includes digital transmission, remote monitoring, power distribution, demarcation and cell-site optimization products used by wireline and wireless telecommunications service providers, industrial customers, and home network users. For more information, please visit www.westell.com.

About Kentrox, Inc.

Based in Dublin, Ohio, Kentrox, Inc. is a worldwide leader in intelligent site management solutions, providing comprehensive monitoring, management and control of any site. The machine-to-machine (M2M) communications Kentrox provides enable service providers, tower operators, and other network operators to reduce operating costs while improving network performance. With more than 1 million products successfully deployed in tower, carrier, and enterprise environments, Kentrox is a trusted partner for transforming networks into high quality, reliable systems. The company provides solutions to customers in North and South America, Australia, Africa, and Europe. For more information, please visit www.kentrox.com.

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

Certain statements made here that are not historical facts or that contain the words “believe,” “expect,” “intend,” “anticipate,” “estimate,” “may,” “will,” “plan,” “should,” or derivatives of them, and other words of similar meaning, are forward-looking statements that involve risks and uncertainties. Actual results may differ materially from those expressed in or implied by these forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, product demand and market acceptance risks; need for financing and capital; economic weakness in the U.S. economy and telecommunications market; the effect of international economic conditions and trade, legal, social and economic risks (such as import, licensing and trade restrictions); the impact of competitive products or technologies, competitive pricing pressures, customer product selection decisions, product cost increases, component supply shortages, new product development, excess and obsolete inventory, commercialization and technological delays or difficulties (including delays or difficulties in developing, producing, testing and selling new products and technologies); the ability to successfully consolidate and rationalize operations; the ability to successfully identify, acquire and integrate acquisitions; the effect of the company’s accounting policies; retention of key personnel and other risks more fully described in the company’s SEC filings, including the Form 10-K for the fiscal year ended March 31, 2012, under Item 1A – Risk Factors. The company undertakes no obligation to publicly update these forward-looking statements to reflect current events or circumstances after today’s date, or to reflect the occurrence of unanticipated events, or otherwise.

Nymox (NYMX) Announces Presentation of NX-1207 Data at Annual Meeting

HASBROUCK HEIGHTS, N.J., March 18, 2013 (GLOBE NEWSWIRE) — Nymox Pharmaceutical Corporation (Nasdaq:NYMX) is pleased to report on the presentation of data on NX-1207, the Company’s novel patented drug, at the European Association of Urology’s annual meeting held in Milan, Italy. NX-1207 is currently in Phase 3 trials for benign prostatic hyperplasia (BPH) and in a Phase 2 trial for localized prostate cancer. Ronald Tutrone Jr, MD, FACS, the Medical Director of the Chesapeake Urology Research Associates of Towson, MD and an investigator in three prospective NX-1207 clinical trials as well as follow-up studies, presented new safety and immunological data in a detailed overview of the ongoing clinical development program for NX-1207 for the treatment of BPH entitled “Clinical Studies of NX-1207: Phase 3 Injectable for BPH.”

Dr. Tutrone said “We have a large experience with many of our patients with NX-1207.  We are very confident that the majority of patients will find NX-1207 to be the most attractive first line treatment for prostate enlargement once it becomes available.”

Dr. Tutrone added “This is a new treatment paradigm for BPH with an excellent safety profile, and efficacy that is much better than standard medical therapy. It is office based and takes less than 2 minutes with no anesthesia and no catheter.”

NX-1207 is in late stage Phase 3 development in the U.S. for the treatment of BPH, a common condition of older men associated with growth in prostate size as men age. Phase 3 trial activities of NX-1207 for BPH have begun in Europe sponsored by Recordati S.p.A., the company’s European licensing partner.  In the BPH studies to date, a single dose of NX-1207 has been found to produce symptomatic improvements about double that reported for currently approved BPH drugs without causing the sexual or cardiovascular side effects associated with those drugs.  Follow-up studies have shown evidence of long lasting benefit with a significant proportion of men who received a single dose reporting maintained improvement in BPH symptoms without other treatments for up to 7½ years.

BPH causes progressive difficulties with urination, such as nocturia, urge to void frequently, acute urinary retention and other problems.  The condition can seriously impact the health and quality of life of middle aged and older men.  It is estimated that 50% of men in their 50s have pathological signs of prostatic hyperplasia and a high proportion of men as they age suffer from moderate to severe urinary problems and symptoms associated with BPH.

NX-1207 is also being evaluated for the treatment of low risk localized prostate cancer in a U.S. Phase 2 study currently in progress.

More information about Nymox is available at www.nymox.com, email: info@nymox.com, or 800-936-9669.

This press release contains certain “forward-looking statements” as defined in the United States Private Securities Litigation Reform Act of 1995 that involve a number of risks and uncertainties. There can be no assurance that such statements will prove to be accurate and the actual results and future events could differ materially from management’s current expectations. Development of drug products involves substantial risks and actual results may differ materially from expectations. Such factors are detailed from time to time in Nymox’s filings with the United States Securities and Exchange Commission and other regulatory authorities.

CONTACT: Brian Doyle
         Nymox Pharmaceutical Corporation
         1-800-93NYMOX
         www.nymox.com

PremierWest Bank (PRWT) and AmericanWest Bank Merger Amended

MEDFORD, OR and SPOKANE, WA — (Marketwire) — 03/18/13 — PremierWest Bank and AmericanWest Bank announced today that PremierWest Bancorp (NASDAQ: PRWT) and affiliates of AmericanWest Bank have entered into an amendment to the Agreement and Plan of Merger relating to the proposed merger of PremierWest Bancorp with an affiliate of AmericanWest Bank. Under the revised terms, each outstanding share of PremierWest Bancorp common stock will be converted into the right to receive $2.00 in cash, which represents an additional $0.35 per share in cash consideration. The additional consideration totals approximately $3.5 million in additional cash proceeds to the holders of PremierWest common stock, which represents an increase of approximately 21% from the prior proposal and represents a premium of approximately 32.5% over the $1.51 per share closing price of PremierWest common stock on October 26, 2012, the trading day immediately prior to the announcement of the merger agreement, and a premium of approximately 40.3% over the average price in the 20-trading days prior to and including October 26, 2012.

“We are very pleased to announce the increased merger consideration to our common shareholders and we continue to believe that the merger with AmericanWest Bank is in the best interests of PremierWest shareholders,” said Jim Ford, President and CEO of PremierWest Bancorp.

“The merger will bring together two like-minded banks creating a dynamic, financially-strong community bank with a deep commitment to providing the service and engagement PremierWest customers and communities have come to expect,” said Scott A. Kisting, Chairman and CEO, AmericanWest Bank.

PremierWest Bancorp’s board of directors approved the amendment to the merger agreement and continues to recommend that PremierWest shareholders vote “FOR” the merger proposal. Shareholders who have previously submitted their proxy or otherwise voted, and who do not want to change their vote, need not take any action. Shareholders who have questions about the merger proposal, need assistance in submitting their proxy or voting their shares (or changing a prior vote of their shares) should contact Georgeson, Inc., PremierWest’s proxy solicitor, toll-free at 1-877-278-9670. Internet and telephone voting will be available until 11:59 p.m. Eastern Time on Wednesday, March 27, 2013.

PremierWest Bancorp’s further adjourned Special Meeting will be reconvened at the PremierWest Bancorp Corporate Headquarters, 503 Airport Road, Medford, Oregon, at 9:00 a.m. on Thursday, March 28, 2013. At the reconvened Special Meeting, holders of PremierWest Bancorp common stock will be asked to consider and vote upon the merger proposal and, if necessary, the adjournment proposal, as set forth in the proxy statement.

IMPORTANT ADDITIONAL INFORMATION

PremierWest Bancorp filed a definitive proxy statement with the U.S. Securities and Exchange Commission on January 4, 2013, in connection with the proposed merger of PremierWest and an affiliate of AmericanWest Bank. PremierWest Bancorp will file a supplement to the definitive proxy statement that will describe the revisions to the merger agreement, including, among other things, the increase in the consideration. PremierWest Bancorp will mail the supplement to all holders of record of PremierWest Bancorp common stock as of December 31, 2012, the record date for the Special Meeting of shareholders. Shareholders of PremierWest are urged to read the proxy statement and the supplement, because they contain important information. Shareholders can obtain a free copy of the proxy statement and the supplement, as well as other filings containing information about PremierWest and the merger, without charge, at the U.S. Securities and Exchange Commission’s Internet site (www.sec.gov). In addition, copies of the proxy statement and the supplement, and other filings containing information about PremierWest and the proposed merger, can be obtained, without charge, by directing a request to PremierWest’s Internet site at www.premierwestbank.com under the heading “About Us” and then under the heading “Investor Relations.” Shareholders and customers may also contact: James M. Ford, PremierWest President & CEO at (541) 618-6020 or Jim.Ford@PremierWestBank.com or Doug Biddle, Executive Vice President & Chief Financial Officer at (541) 282-5391 or Doug.Biddle@PremierWestBank.com.

DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS

This press release includes forward-looking statements within the meaning of the “Safe-Harbor” provisions of the Private Securities Litigation Reform Act of 1995, which management believes are a benefit to shareholders. We make forward-looking statements in this press release about the proposed merger with Pearl Merger Sub Corp., a wholly-owned subsidiary of Starbuck Bancshares, Inc. These statements are necessarily subject to risk and uncertainty and actual results could differ materially due to certain risk factors, including those set forth from time to time in PremierWest’s filings with the SEC. Such statements are subject to risks that we may be unable to procure the required shareholder approval. You should not place undue reliance on forward-looking statements and we undertake no obligation to update any such statements.

PROXY SOLICITATION

PremierWest and its directors and executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies from PremierWest shareholders in respect of the proposed merger. You can find information about PremierWest’s executive officers and directors in PremierWest’s definitive annual proxy statement filed with the U.S. Securities and Exchange Commission on April 9, 2012. You can obtain free copies of PremierWest’s annual proxy statement, and PremierWest’s proxy statement in connection with the merger by contacting PremierWest’s investor relations department.

ABOUT PREMIERWEST BANCORP

PremierWest Bancorp (NASDAQ: PRWT) is a bank holding company headquartered in Medford, Oregon, and operates primarily through its subsidiary, PremierWest Bank. PremierWest Bank offers expanded banking-related services through its subsidiary, PremierWest Investment Services, Inc.

PremierWest Bank was created following the merger of the Bank of Southern Oregon and Douglas National Bank in May 2000. In April 2001, PremierWest Bancorp acquired Timberline Bancshares, Inc. and its wholly-owned subsidiary, Timberline Community Bank, located in Siskiyou County in northern California. In January 2004, PremierWest acquired Mid Valley Bank located in the northern California counties of Shasta, Tehama and Butte. In January 2008, PremierWest acquired Stockmans Financial Group, and its wholly-owned subsidiary, Stockmans Bank, located in the Sacramento, California area. During the last several years, PremierWest expanded into Klamath Falls and the Central Oregon communities of Bend and Redmond, and into Nevada, Yolo and Butte counties in California.

ABOUT AMERICANWEST BANK

Based in Spokane, Washington, AmericanWest Bank is a business-focused community bank offering commercial and small business banking, mortgage lending, treasury management products as well as a full-suite of personal banking products. The bank currently operates 80 branches in Washington, California, Idaho and Utah. Learn more about us at www.awbank.net.

CONTACT:
For PremierWest Bank:
Doug Biddle
EVP & Chief Financial Officer
(541) 282-5391
doug.biddle@premierwestbank.com

For AmericanWest Bank:
Kelly McPhee
Director of Communications
(509) 232-1968

Zogenix (ZGNX) Reports Fourth Quarter and Full Year 2012 Financial Results

Conference Call and Webcast Today, March 15, at 8:30 a.m. ET

SUMAVEL^® DosePro^® (sumatriptan injection) Highlights

• 2012 net product revenue of $35.9 million, up 18% over 2011
• Fourth quarter net product revenue of $9.5 million, up 12% over third quarter
• Increased total prescriptions to over 83,000 in 2012, up 16% over 2011*
• Transitioned co-promotion responsibilities to Mallinckrodt’s (Covidien) sales force, which began focused co-promotion at the beginning of October 2012
• Maintained consistent quarterly refill rate at approximately 44%*

Recent Highlights and Milestones

• Completion of the FDA review of the New Drug Application for Zohydro™ ER (hydrocodone bitartrate extended-release capsules) delayed past the Prescription Drug User Fee Act (PDUFA) target action date of March 1, 2013, with FDA indication that delay would likely be brief and last only several weeks
• Reported positive results for Relday™ phase 1 study; extended study to potentially accelerate development and partnering opportunities

SAN DIEGO, March 15, 2013 (GLOBE NEWSWIRE) — Zogenix, Inc. (Nasdaq:ZGNX), a pharmaceutical company commercializing and developing products for the treatment of central nervous system disorders and pain, today reported financial results for the fourth quarter and full year ended December 31, 2012.

Roger Hawley, chief executive officer of Zogenix, stated, “2012 was an important year of development for the Company. We drove 18% growth in net product sales of SUMAVEL DosePro and transitioned to a new co-promotion partner, Mallinckrodt, that is well positioned to work with our team to further expand product adoption in 2013.

“We continue to move forward with launch preparations for Zohydro ER while we wait for further communication from the FDA on the NDA. We believe that Zohydro ER, an extended-release hydrocodone formulation without acetaminophen, meets an important medical need based on its safety and efficacy profile. If approved, we anticipate launching the product three to four months after approval.”

Fourth Quarter and Full Year 2012 Financial Results

Total revenues for the fourth quarter 2012 of $9.5 million consisted solely of net product revenue. During the fourth quarter 2011, total revenues of $7.9 million also included $2.5 million in contract revenue related to the Company’s previous co-promotion agreement with Astellas which ended March 31, 2012. Net product revenues for the fourth quarter 2012 of $9.5 million were up 75% from $5.4 million in the fourth quarter 2011. Total revenues for the full year 2012, which consist of net product revenue and contract revenue, were $44.3 million, up 18% from $37.6 million in 2011. Net product revenues for the full year 2012 were $35.9 million, up 18% from $30.4 million in 2011. Contract revenue for the full year 2012 was $8.5 million, and includes the final amortization of license and milestone payments received from Astellas, the amortization of which was accelerated due to the earlier termination date of the co-promotion agreement. This compares to contract revenue of $7.2 million in 2011.

Cost of sales for the fourth quarter 2012 was $6.0 million, compared to $5.0 million in the fourth quarter 2011. Product gross margin was 37% in the fourth quarter 2012, compared to 9% in the fourth quarter 2011. This improvement in product gross margin was primarily due to an increase in average net selling price.

Cost of sales for the full year 2012 was $19.5 million, compared to $19.3 million in 2011. Product gross margin was 46% in the full year 2012, compared to 37% in 2011. This improvement in product gross margin was primarily due to a decrease in average unit cost.

Royalty expense for the fourth quarter and full year 2012 was $0.4 million and $1.4 million, compared to $0.2 million and $1.2 million in the fourth quarter and full year 2011, reflecting the impact of increased net product revenue.

Research and development expenses for the fourth quarter 2012 were $5.4 million, compared to $5.5 million in the fourth quarter 2011. Research and development expenses for the full year 2012 were $21.4 million, a 35% decrease from $33.0 million in 2011. The decrease in research and development expenses was primarily the result of lower costs associated with the Phase 3 clinical trials for Zohydro ER, which were completed in 2011, and an upfront fee paid in July 2011 upon execution of the Relday license agreement.

Selling, general and administrative expenses for the fourth quarter 2012 were $11.9 million, a 33% decrease from $17.8 million in the fourth quarter 2011. The decrease in selling, general and administrative expenses was primarily the result of a $5.7 million decrease in service fees to Astellas due to the termination of the co-promotion agreement on March 31, 2012.

Selling, general and administrative expenses for the full year 2012 were $49.5 million, an 18% decrease from $60.5 million in 2011. The decrease in selling, general and administrative expenses was primarily the result of a $10.8 million decrease in service fees to Astellas due to the March 31, 2012 termination of the co-promotion agreement and a decrease in advertising and promotional expenses. This was partially offset by an increase in field sales force costs.

Other income for the fourth quarter was $13.6 million, which includes a $15.4 million non-cash mark-to-market adjustment in the fair value of the Company’s outstanding warrants. Other income for the full year 2012 was not significant on a net basis. A table with a full description of other income and expense is included in this release.

Net loss for the fourth quarter 2012 was $0.6 million, or $0.01 per share, compared to a net loss of $23.7 million, or $0.36 per share, for the fourth quarter 2011. There were 100.7 million weighted average shares outstanding for the fourth quarter 2012 compared to 65.2 million for the fourth quarter of 2011. Non-GAAP net loss adjusted for certain non-cash or non-recurring items for the fourth quarter 2012 was $0.16 per share as detailed in the non-GAAP financial results table included in this release.

Net loss for the full year 2012 was $47.4 million, or $0.59 per share, compared to a net loss of $83.9 million, or $1.96 per share, for 2011. There were 80.6 million weighted average shares outstanding for the full year 2012 compared to 42.7 million for the full year 2011. Non-GAAP net loss adjusted for certain non-cash or non-recurring items for the full year 2012 was $0.72 per share as detailed in the non-GAAP financial results table included in this release.

Cash and cash equivalents as of December 31, 2012, were $41.2 million.

Because of the pending decision from the FDA regarding the potential approval of Zohydro ER, and the related business implications, the Company is not providing full year 2013 financial guidance at this time.

Conference Call and Web Cast

Zogenix will hold a conference call today, March 15, 2013 at 8:30 a.m. ET to discuss financial results and operational highlights for the fourth quarter and full year ended December 31, 2012.

To participate, please dial (866) 202-3048 (U.S.) or (617) 213-8843 (International); participant passcode: 73489853. To access the live webcast please visit the Zogenix Investor Relations website at http://ir.zogenix.com.

A replay of the conference call will be available beginning March 15, 2013 at 10:30 a.m. ET (7:30 a.m. PT) until March 22, 2013, by dialing (888) 286-8010 (U.S.) or (617) 801-6888 (International); passcode: 78479681. A replay of the webcast will also be accessible on the Investor Relations website for one month, through April 15, 2013.

Discussion during the conference call may include forward-looking statements regarding such topics as, but not limited to, the Company’s commercial activities relating to SUMAVEL DosePro, prescription trends, the Company’s financial status and performance, the Zohydro ER development program, the Relday development program and any comments the Company may make about its future plans or prospects in response to questions from participants on the conference call.

About Zogenix

Zogenix, Inc. (Nasdaq:ZGNX), with offices in San Diego and Emeryville, California, is a pharmaceutical company commercializing and developing products for the treatment of central nervous system disorders and pain. Zogenix’s first commercial product, SUMAVEL® DosePro® (sumatriptan injection) Needle-free Delivery System, was launched in January 2010 for the acute treatment of migraine and cluster headache. Zogenix’s lead investigational product candidate, Zohydro™ ER (hydrocodone bitartrate), is an oral, extended-release formulation of various strengths of hydrocodone, without acetaminophen, intended for administration every 12 hours for around the clock management of moderate to severe chronic pain. In May 2012, Zogenix submitted to the FDA a New Drug Application for Zohydro ER. Zogenix’s second investigational product candidate, Relday™, is a proprietary, long-acting injectable formulation of risperidone for the treatment of schizophrenia; an investigational new drug application was submitted to the FDA in May 2012.

For additional information, please visit www.zogenix.com.

Forward Looking Statements

Zogenix cautions you that statements included in this press release and the conference call that are not a description of historical facts are forward-looking statements. Words such as “believes,” “anticipates,” “plans,” “expects,” “indicates,” “will,” “intends,” “potential,” “suggests,” “assuming,” “designed” and similar expressions are intended to identify forward-looking statements. These statements are based on the company’s current beliefs and expectations. These forward-looking statements include statements regarding: the potential to accelerate development and partnering opportunities for Relday; the expected sales growth and adoption of SUMAVEL DosePro, including through the efforts of Mallinckrodt; the delay in the target action date for the FDA to complete its review of the Zohydro ER NDA; and the expected launch timing of Zohydro ER, if approved. The inclusion of forward-looking statements should not be regarded as a representation by Zogenix that any of its plans will be achieved. Actual results may differ from those set forth in this press release due to the risk and uncertainties inherent in Zogenix’s business, including, without limitation: the market potential for migraine treatments, and Zogenix’s ability to compete within that market; Zogenix’s ability to successfully execute its sales and marketing strategy for the commercialization of SUMAVEL DosePro; Zogenix’s reliance on Mallinckrodt to co-promote SUMAVEL DosePro;  inadequate therapeutic efficacy or unexpected adverse side effects relating to SUMAVEL DosePro that could prevent its ongoing commercialization, or that could result in recalls or product liability claims; the potential for Zohydro to receive regulatory approval on a timely basis or at all, including as a result of the delay in the PDUFA target action date for the Zohydro ER NDA; the potential for adverse safety findings relating to Zohydro ER or negative publicity concerning opioids in general to delay or prevent regulatory approval or commercialization; the potential for delays associated with any additional data required by the FDA to be submitted by Zogenix in support of the NDA; the ability of Zogenix and its licensors to obtain, maintain and successfully enforce adequate patent and other intellectual property protection of its products and product candidates and the ability to operate its business without infringing the intellectual property rights of others; difficulties in identifying, negotiating and carrying out strategic transactions relating to Zohydro ER  and Relday; the inherent risks of clinical development of Relday, including potential delays in enrollment and completion of clinical trials, and Zogenix’s dependence on its collaboration with DURECT Corporation to develop Relday; and other risks described in Zogenix’s filings with the Securities and Exchange Commission. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and Zogenix undertakes no obligation to revise or update this press release to reflect events or circumstances after the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement. This caution is made under the safe harbor provisions of Section 21E of the Private Securities Litigation Reform Act of 1995.

In this press release, Zogenix’s financial results are provided both in accordance with accounting principles generally accepted in the United States (GAAP) and using certain non-GAAP financial measures. In particular, Zogenix provides its net loss and net loss per share for the three months and twelve months ended on December 31, 2012 and 2011, adjusted for certain non-cash or non-recurring items, which are non-GAAP financial measures. Management believes these non-GAAP financial results reflect the Company’s ongoing business in a manner that allows for meaningful period-to-period comparisons and analysis of trends in the Company’s business, as they exclude certain income or other expenses that are not reflective of ongoing operating results. Management also believes that these non-GAAP financial results provide useful information to investors and others in understanding and evaluating the Company’s operating results and future prospects in the same manner as management, and in comparing financial results across accounting periods and to those of peer companies.. Non-GAAP financial measures should be considered in addition to, but not as a substitute for, the information prepared in accordance with GAAP. A reconciliation of the non-GAAP financial results to GAAP financial results is included in the attached financial statements.

SUMAVEL ^®, DosePro ^®, Relday^TM and Zohydro^TM ER are trademarks of Zogenix, Inc.

*Source Healthcare Analytics, Source® PHAST Prescription Monthly, January – December 2012

CONTACT: INVESTORS:
         Zack Kubow | The Ruth Group
         646.536.7020 | zkubow@theruthgroup.com

         MEDIA:
         Caitlin Cox | The Ruth Group
         646.536.7033 | ccox@theruthgroup.com

Destination XL Group (DXLG) Reports Fourth-Quarter and Fiscal 2012 Financial Results

Destination XL Retail Store and E-commerce Platform Drive Sales Growth; New DXL Marketing Campaign Expected to Increase Market Awareness Significantly; Expects 2013 to be Year of Accelerated Progress in DXL Transformation

CANTON, Mass., March 15, 2013 /PRNewswire/ — Destination XL Group, Inc. (NASDAQ: DXLG), the largest multi-channel specialty retailer of big & tall men’s apparel and accessories, today reported operating results for the fourth quarter and fiscal year ended February 2, 2013 (“fiscal 2012”).

Highlights

• Comparable fourth-quarter sales increased 0.5% and total fourth quarter sales increased to $114.9 million compared with $111.1 million in the fourth quarter of fiscal 2011. Full year comparable sales increased 1.5% and 2012 total sales were $399.6 million compared with $395.9 million in 2011.
• Comparable fourth quarter sales for Destination XL^® (DXL^®) stores were up 15.0%, while comparable fourth quarter sales for Casual Male XL retail and outlet stores decreased 2.3%.  In the quarter, the DXL stores represented 18.0% of the Company’s comparable retail store sales. Comparable fourth quarter sales from the e-commerce platform increased approximately 13.0%.
• Income from continuing operations, on a diluted basis, for the fourth quarter was $0.09 per share, as compared to $0.71 per share for the fourth quarter of fiscal 2011. Adjusted income from continuing operations for the fourth quarter of fiscal 2011, before the reversal of the Company’s valuation allowance and trademark impairment, was $0.08 per share. (See below for non-GAAP reconciliation.)
• For the full year, income from continuing operations, on a diluted basis, was $0.17 per share compared with $0.93 per share for fiscal 2011. Before the reversal of the Company’s valuation allowance and trademark impairment, adjusted income from continuing operations was $0.22 per share in 2011.  (See below for non-GAAP reconciliation.)
• Opened 14 Destination XL stores and closed 34 Casual Male XL stores in the fourth quarter of 2012, reaching 48 DXL stores at the end of the year towards its goal to transform its business with 215 to 230 DXL stores by 2016.

Management Comments

“Our fourth quarter results were consistent with those that we announced in our preliminary fourth-quarter news release on February 27,” said President and CEO David Levin.  “We are at a critical juncture in our transformation to Destination XL. This year we are accelerating the opening of DXL stores and the closing of Casual Male XL locations in order to begin realizing the benefit of this strategy much earlier than we initially anticipated.  We expect to have between 105 and 112 DXL stores open by the end of the fiscal year. While our SG&A costs will increase by approximately $15.0 to $17.1 million in 2013 over 2012 due to the accelerated store openings and closings, enhancements to certain aspects of our infrastructure and the implementation of our new marketing campaign, we expect these investments to result in significant financial improvement beginning in 2014.”

“To leverage the increased presence of our  DXL stores, we will be rolling out a comprehensive national marketing campaign this spring that will define the DXL brand more clearly, expand market awareness and grow our active customer base,” said Levin. “The new national marketing campaign is based on the most successful mix of TV, radio and digital marketing in the five regions where we conducted test marketing this past fall. Using the same marketing mix that we plan to roll out nationally in the spring, the test results demonstrated a 15% increase in sales, 24% growth in traffic, 64% new customer purchases, an 84% increase in web traffic and 7% higher web sales. Overall, the test results determined that awareness of the DXL brand increased by 100% in new DXL markets and 38% in established DXL markets, and our “end-of-rack” customer base grew by 38%.”

“Fiscal 2013 will be a year of significant investment in the DXL strategy,” said Levin.  “We anticipate that our capital expenditures to support our aggressive transformation will peak this year at approximately $45 million, net of anticipated lease incentives.  Buoyed by the success of our test marketing and the customer response to DXL thus far, we expect that the combination of the new marketing campaign and the acceleration of the DXL strategy will have a significant and positive effect on our performance in 2014 and beyond.  Through the successful execution of our DXL strategy, in 2016 we expect to report sales of more than $600 million, operating margins greater than 10% and cash flow generation in the range of $60 to $70 million.”

Fourth-Quarter Fiscal 2012 Results

Sales

For the fourth quarter of fiscal 2012, total sales were $114.9 million compared with $111.1 million in the fourth quarter of fiscal 2011.  Comparable sales for the fourth quarter increased 0.5% compared with the same period of the prior year.  On a comparable basis, sales from the retail stores increased 0.5% while the direct business increased 0.6%.  The increase in the retail stores of 0.5% was primarily driven by the DXL stores which had a comparable increase of 15.0%, which represented 18.0% of the Company’s comparable retail store sales.  Excluding the DXL stores, sales from the retail stores decreased 2.3%.  Sales for the 53^rd week of fiscal 2013 were $5.1 million.

The 0.6% increase in comparable direct sales during the fourth quarter was primarily related to a 13.0% increase in e-commerce sales, which was partially offset by a 49.0% decline from catalogs.  In response to lower catalog sales, the Company has intensified its digital marketing efforts, which include emails, web searches, Internet banners, and affiliate sites. During the fourth quarter the Company reduced the number of catalogs distributed by 76.0% with 70.0% fewer impressions.

For full year fiscal 2012, total sales were $399.6 million compared with $395.9 million for full year fiscal 2011.  Comparable sales for full year fiscal 2012 increased approximately 1.5%, or $5.7 million, compared with full year fiscal 2011.  This increase consisted of an increase in retail store sales of 2.0%, or $6.4 million, partially offset by a decrease in our direct business of 1.0%, or $0.7 million.

Gross Profit Margin

For the fourth quarter of fiscal 2012, gross margin, inclusive of occupancy costs, was 47.5% compared with gross margin of 44.7% for the fourth quarter of fiscal 2011.  The increase of 280 basis points was the result of an increase in merchandise margins of 290 basis points offset slightly by an increase of 10 basis points related to higher occupancy costs.  The improvement in merchandise margin was the result of lower markdowns as compared to the fourth quarter of the prior year. On a dollar basis, occupancy costs for the fourth quarter of fiscal 2012 increased 5.0% over the prior year.  This increase is partially due to higher costs related to pre-opening rents for DXL stores and the timing of store openings and closings.

For fiscal 2012, gross margin increased 20 basis points to 46.5% compared to fiscal 2011.

Selling, General & Administrative

SG&A expenses for the fourth quarter of fiscal 2012 were 37.7% of sales, compared with 36.0% in the fourth quarter of fiscal 2011.  On a dollar basis, SG&A expenses increased to $43.3 million for the fourth quarter of fiscal 2012 from $40.0 million for the prior-year quarter. The increase is primarily related to an increase in the corporate bonus accrual of $1.4 million and expenses for the additional 53^rd week of approximately $2.7 million.

For full year fiscal 2012, SG&A expenses as a percentage of sales were 39.1%, compared with 38.4% for full year fiscal 2011. SG&A expenses increased to $156.4 million for full year fiscal 2012 from $152.0 million for full year fiscal 2011.

Depreciation and Amortization

Depreciation and amortization for the fourth quarter of fiscal 2012 grew to $4.2 million from $3.5 million for the fourth quarter of fiscal 2011, primarily due to amortization of the Company’s “Casual Male” trademark. For fiscal 2012 depreciation and amortization grew to $15.5 million from $12.5 million for fiscal 2011, primarily due to $2.0 million in amortization related to the trademark.

DXL Transition Costs

The Company is incurring transition costs as it moves to its DXL format, which include pre-opening rent and payroll, store training, infrastructure costs and increased marketing. These costs are incremental to last year and are start-up costs associated with store openings that will not continue once a DXL store is open.

The Company’s results for the fourth quarter and full year fiscal 2012 include total incremental costs of $2.4 million, or $0.03 per diluted share after-tax, and $9.0 million, or $0.11 per diluted share after-tax, respectively. (See “Non-GAAP Measures” below.)  These incremental costs include $0.8 million in pre-opening occupancy costs, $6.2 million in SG&A costs and the $2.0 million in trademark impairment.

Income Taxes

As a result of its valuation allowance being substantially reversed in the fourth quarter of fiscal 2011, the Company has returned to a normal tax provision for fiscal 2012.  Accordingly, for full year fiscal 2012, the effective tax rate was 39.4% compared with 10.0% for full year fiscal 2011.  The effective tax rate for the full year fiscal 2011 was reduced from the statutory rate due to the utilization of fully reserved NOL carryforwards.

Income from Continuing Operations

Income from continuing operations for the fourth quarter of fiscal 2012 was $4.2 million, or $0.09 per diluted share, compared with $34.1 million, or $0.71 per diluted share, a year earlier.  Income from continuing operations increased $0.01 per diluted share as compared to an adjusted income from continuing operations of $0.08 per diluted share for the fourth quarter of fiscal 2011.

Income from continuing operations for full year fiscal 2012 was $8.1 million, or $0.17 per diluted share, compared with income from continuing operations of $44.8 million, or $0.93 per diluted share, for fiscal 2011.  Assuming a normal tax rate of 40.0% for fiscal 2011, and excluding the tax benefit and impairment charge, adjusted income from continuing operations for fiscal 2011 was $10.7 million, or $0.22 per diluted share. (See below for a reconciliation of adjusted income from continuing operations, a non-GAAP measure.)

Net Income

Net income for the fourth quarter of fiscal 2012 was $4.2 million, or $0.09 per diluted share, compared with $33.5 million, or $0.70 per diluted share, for the fourth quarter of fiscal 2011.  The results for the fourth quarter of fiscal 2012 include costs of $2.4 million, or $0.03 per diluted share, related to the DXL store growth initiative.  The fourth quarter of 2011 included a non-recurring income tax benefit of $42.5 million and a partial, non-cash impairment charge of $23.1 million against the “Casual Male” trademark.  Excluding these items from the fourth quarter of 2011 and assuming a normal tax rate of 40.0%, adjusted net income was $3.1 million, or $0.06 per diluted share.

Net income for full year fiscal 2012 was $6.1 million, or $0.13 per diluted share, compared with $42.7 million, or $0.89 per diluted share, for full year fiscal 2011.  Assuming a normal tax rate of 40.0% for fiscal 2011, and excluding the tax benefit and impairment charge, adjusted net income for full year fiscal 2011 was $8.6 million, or $0.18 per diluted share. The lower earnings, on a comparable non-GAAP tax basis, is primarily due to the investment in the DXL strategy. (See below for a reconciliation of adjusted net income, a non-GAAP measure.)

Cash Flow

Cash flow from operations was $29.9 million for fiscal 2012 compared with $23.4 million for fiscal 2011.  Free cash flow from operations (as defined below under “Non-GAAP Measures”) decreased by $7.9 million to $(2.5) million from $5.4 million for fiscal 2011, largely due to the increase in capital expenditures associated with the new DXL store openings.

Balance Sheet & Liquidity

At February 2, 2013, the Company had cash and cash equivalents of $8.2 million, no outstanding borrowings, and $71.0 million available under its credit facility.

Inventory was $104.2 million, flat with year end fiscal 2011.  On a unit basis, inventory decreased 4.0% compared to fiscal 2011.

Retail Store Information

The Company is in the process of significantly transforming its business as it accelerates the DXL store openings and the closure of Casual Male XL stores.  The DXL stores outperform the Casual Male XL stores and, as the chain is converted, the Company believes that the sales growth will improve. However, during the transition, the Company is experiencing some sales erosion among its Casual Male XL stores located near its DXL stores. On a comparable sales basis, sales from the DXL stores represented 18.0% of the Company’s retail store sales for the fourth quarter and 13.0% for fiscal 2012.

Fiscal 2013 Outlook

Management’s guidance for the fiscal year ending February 1, 2014 is as follows:

• Comparable sales increase of 8.5% to 10.0% and total sales of $415.0 million to $420.0 million, driven by the continued DXL expansion and growth in the direct business both benefitting from the national media campaigns planned for the Spring and Fall seasons.
• Gross profit margin is expected to change +/- 20 basis points from fiscal 2012 to a range of 46.3% to 46.7%.
• SG&A costs are expected to increase by approximately $15.0 to $17.1 million to approximately $171.4 to $173.5 million.  SG&A costs are planned to increase primarily related to preopening costs, payroll (both store and support) as well as increased marketing costs associated with two major flights of a national media campaign to raise DXL brand awareness with the Company’s target market.
• Operating margin in the range of breakeven to 0.5%.
• EBITDA (non-GAAP) in the range of $20.0 to $23.0 million.
• Diluted earnings per share of approximately breakeven.
• Negative free cash flow, such that expected borrowings at the end of fiscal 2013 will be $10.0 to $15.0 million with estimated deferred tax assets of approximately $45.3 million which can be utilized to offset future tax liabilities.

Conference Call

The Company will hold a conference call to review its financial results and business highlights today, Friday, March 15, 2013 at 9:00 a.m. ET.  Those who wish to listen to the live webcast should visit the “Investors” section of the Company’s website. The live call also can be accessed by dialing: (888) 503-8169. Please reference conference ID: 9284432. For interested parties unable to participate live, an archived version of the webcast may be accessed by visiting the “Events” section of the Company’s website for up to one year.

During the conference call, the Company may discuss and answer questions concerning business and financial developments and trends. The Company’s responses to questions, as well as other matters discussed during the conference call, may contain or constitute information that has not been disclosed previously.

Non-GAAP Measures

In addition to financial measures prepared in accordance with generally accepted accounting principles (GAAP), the above discussion refers to non-GAAP adjusted income from continuing operations and adjusted net income, with the corresponding per diluted share amounts (“non-GAAP” or “adjusted”).  These measures should not be considered superior to or as a substitute for income from continuing operations  or net income  derived in accordance with GAAP.  The Company believes that these non-GAAP measures are useful as an additional means for investors to evaluate the Company’s operating results, when reviewed in conjunction with the Company’s GAAP financial statements. The Company believes the inclusion of these non-GAAP measures enhances an investor’s understanding of the underlying trends in the Company’s business and provide for better comparability between different periods in different years.

The above discussion refers to free cash flow and EBITDA (earnings before income taxes and depreciation and amortization), which are also non-GAAP measures.  The presentation of these non-GAAP measures are not measures determined by GAAP and should not be considered superior to or as a substitute for net income or cash flows from operating activities or any other measure of performance derived in accordance with GAAP. In addition, all companies do not calculate non-GAAP financial measures in the same manner and, accordingly, the measures “free cash flows” and “EBITDA” presented in this release may not be comparable to similar measures used by other companies. The Company calculates free cash flows as cash flow from operating activities less capital expenditures and less discretionary store asset acquisitions, if applicable.  The Company calculates forecasted EBITDA for fiscal 2013 of $20.0-$23.0 million as forecasted operating income of breakeven to $3.0 million plus the add-back of depreciation and amortization of $20.0 million.

The above discussion also includes the earnings per share impact of incremental costs that have been incurred in connection with the Company’s DXL growth initiative of $2.4 million, or $0.03 per diluted share, and $9.0 million, or $0.11 per diluted share, for the fourth quarter and full year 2012, respectively.  The $0.03 per diluted share was calculated, using the fourth quarter effective tax rate of 38.4%, by taking the net of $2.4 million less $0.9 million of tax divided by outstanding diluted shares of 48.5 million.  The $0.11 per diluted share was calculated, using full year 2012 effective tax rate of 39.4%, by taking the net of $9.0 million less $3.5 million of tax divided by outstanding diluted shares of 48.4 million.

Below are tables showing the reconciliation of all GAAP measures to non-GAAP measures.

About Destination XL Group, Inc.

Destination XL Group, Inc. is the largest multi-channel specialty retailer of big & tall men’s apparel with operations throughout the United States, Canada and Europe. The retailer operates under six brands: Destination XL^®, Casual Male XL, Rochester Clothing, B&T Factory Direct, ShoesXL and LivingXL.  Several catalogs and e-commerce sites, including www.destinationxl.com, make up the Company’s direct-to-consumer business. With more than 2,000 private label and name-brand styles to choose from, customers are provided with a unique blend of wardrobe solutions not available at traditional retailers. The Company is headquartered in Canton, Massachusetts. For more information, please visit the Company’s investor relations website: http://investor.destinationxl.com/.

Forward-Looking Statements

Certain information contained in this press release, including cash flows, operating margins, store counts, revenue and earnings expectations for fiscal 2013 and fiscal 2016, constitute forward-looking statements under the federal securities laws. The discussion of forward-looking information requires management of the Company to make certain estimates and assumptions regarding the Company’s strategic direction and the effect of such plans on the Company’s financial results. The Company’s actual results and the implementation of its plans and operations may differ materially from forward-looking statements made by the Company. The Company encourages readers of forward-looking information concerning the Company to refer to its prior filings with the Securities and Exchange Commission, including without limitation, its Annual Report on Form 10-K filed on March 16, 2012, that set forth certain risks and uncertainties that may have an impact on future results and direction of the Company.

Forward-looking statements contained in this press release speak only as of the date of this release. Subsequent events or circumstances occurring after such date may render these statements incomplete or out of date. The Company undertakes no obligation and expressly disclaims any duty to update such statements.

Hastings (HAST) to Host a Military Discount Day

AMARILLO, Texas, March 15, 2013 /PRNewswire/ — Hastings Entertainment, Inc. (NASDAQ: HAST), a leading multimedia entertainment superstore retailer, has announced its plans to host a military discount day for all of our past and present military personnel.  The event will be on Tuesday, March 19, 2013 all day at all of our Hastings Entertainment locations.

Any past or present military members will be eligible for a 10% discount off of their final purchase with their ID and any number of products can be included in this discount.  All products in the store, excluding video game systems, are eligible for this discount and the discount will be rung up at the register.  Military personnel must have their military ID at the time of purchase and the offer is good for March 19^th only.

About Hastings

Founded in 1968, Hastings Entertainment, Inc. is a leading multimedia entertainment retailer that combines the sale of new and used books, videos, video games and CDs, as well as trends and consumer electronics merchandise, with the rental of videos and video games in a superstore format.  We currently operate 136 superstores, averaging approximately 24,000 square feet, primarily in medium-sized markets throughout the United States.  We also operate three concept stores, Sun Adventure Sports, located in Amarillo, Texas and Lubbock, Texas, and TRADESMART, located in Littleton, Colorado.

We also operate www.goHastings.com, an e-commerce Internet Web site that makes available to our customers new and used entertainment products and unique, contemporary gifts and toys.  The site features exceptional product and pricing offers.  The Investor Relations section of our web site contains press releases, a link to request financial and other literature and access our filings with the Securities and Exchange Commission.

Alderon (AXX) Closes C$119.9 Million Contribution by Hebei Iron & Steel Group

VANCOUVER, BRITISH COLUMBIA — (Marketwire) — 03/15/13 — Alderon Iron Ore Corp. (TSX:ADV)(NYSE MKT:AXX) (“Alderon”) is pleased to announce that Hebei Iron & Steel Group Co., Ltd. (“HBIS”) has contributed the remaining C$119.9 million of its initial investment and Alderon has contributed the Kami iron ore project (“Kami Project”) to a limited partnership (the “Kami Limited Partnership”) which is owned 25% by HBIS and 75% by Alderon. HBIS is China’s largest steel producer.

This concludes HBIS’s initial strategic investment, first announced on April 13, 2012, into both Alderon and its Kami Project for an aggregate amount of C$182.2 million, in exchange for 19.9% of the outstanding common shares of Alderon (completion announced on September 4, 2012) and a 25% interest in the Kami Limited Partnership which was established to own the Kami Project. Alderon has the remaining 75% interest in the Kami Limited Partnership.

Mark Morabito, Executive Chairman of Alderon, said, “Alderon is very pleased with its long term partnership with HBIS, China’s largest steel company and among the largest steel groups in the world. The conclusion of this strategic investment further validates and meaningfully de-risks the project and leads the way to successful development of the Kami Project into a high quality iron ore mine.”

The entire C$119.9 million of investment proceeds contributed by HBIS will be used for the continued development of the Kami Project. In addition, Alderon and HBIS will be required to contribute to capital expenditures for the development of the Kami Project not covered by initial capital contributions and project debt financing, in accordance with their respective interests subject to the terms of the agreement governing the Kami Limited Partnership.

In connection with the C$119.9 million contribution, Alderon has provided confirmations to HBIS with respect to certain information rights related to the development of the Kami Project and the expenditure of the C$119.9 million contribution. In addition, Alderon has agreed that in the event that the environmental assessment and related approvals for the Kami Project are not obtained by March 31, 2014, Alderon will be required to pay to HBIS C$3 million per month for each whole month until such approvals are obtained.

Tayfun Eldem, the President and CEO of Alderon, said, “The conclusion of this transaction with HBIS marks a significant milestone in the development of the Kami Project and further strengthens our potential to finance the remainder of the capital for the Kami project through global financial markets, including Chinese banks. Alderon now has both the initial capital and the China market access to build a leading company. We believe that this strategic partnership solidifies our ability to become the next major iron ore producer in the Labrador Trough. In addition, Alderon management is highly confident that the environmental assessment release and related approvals for the Kami Project will be obtained during the current calendar year, well in advance of March 31, 2014.”

As part of the strategic partnership transaction, HBIS is obligated to purchase upon the commencement of commercial production, 60% of the actual annual production from the Kami Project up to a maximum of 4.8 million tonnes of the first 8.0 million tonnes of iron ore concentrate produced annually at the Kami Project. The price paid by HBIS will be based on the monthly average price per DMT for iron ore sinter feed fines quoted by Platts Iron Ore Index (including additional quoted premium for iron content greater than 62%) (“Platts Price”), less a discount equal to 5% of such quoted price. HBIS will also have the option to purchase additional tonnage at a price equal to the Platts Price, without any such discount. In addition, HBIS agrees to use its best efforts to assist in obtaining project debt financing for the Kami Project from financial institutions, including Chinese banks, and HBIS has agreed to co-operate with Alderon in its efforts to attract additional off-take partners in respect of the annual production from the Kami Project that has not been committed to HBIS.

For more information relating to the strategic partnership please review news releases issued by Alderon on September 4, 2012 and April 13, 2012.

About Alderon

Alderon is a leading iron ore development company in Canada with offices in Vancouver, Toronto, Montreal, Labrador City and St. John’s. The 100% owned Kami Project is located within Canada’s premier iron ore district and is surrounded by four producing iron ore mines. The Alderon team is comprised of skilled professionals with significant iron ore expertise to advance Kami towards production.

For more information on Alderon, please visit our website at www.alderonironore.com.

ALDERON IRON ORE CORP.

On behalf of the Board

Mark J. Morabito, Executive Chairman

Cautionary Note Regarding Forward-Looking Information

This press release contains “forward-looking information” concerning anticipated developments and events that may occur in the future. Forward looking information contained in this press release include, but are not limited to, statements with respect to (i) the use of proceeds from the HBIS transaction; (ii) the funding by HBIS of costs of developing the Kami Project; (iii) the terms of the off-take agreement with HBIS; (iv) HBIS’s efforts to assist with project financing and an additional off-take partner; (v) Alderon’s ability to finance the capital required to develop the Kami Project; (vi) the development of and production from the Kami Project; and (vii) the timing of environmental assessment release and related approvals.

In certain cases, forward-looking information can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved” suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this press release is based on certain factors and assumptions regarding, among other things, the estimation of mineral reserves and resources, the realization of resource estimates, iron ore and other metal prices, the timing and amount of future exploration and development expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs, the availability of necessary financing and materials to continue to explore and develop the Kami Property (as defined herein) in the short and long-term, the progress of exploration and development activities, the receipt of necessary regulatory approvals, the completion of the environmental assessment process, the estimation of insurance coverage, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the exploration and development of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined including the possibility that mining operations may not commence at the Kami Property, risks relating to variations in mineral resources, grade or recovery rates resulting from current exploration and development activities, risks relating to the ability to access rail transportation, sources of power and port facilities, risks relating to changes in iron ore prices and the worldwide demand for and supply of iron ore and related products, risks related to increased competition in the market for iron ore and related products and in the mining industry generally, risks related to current global financial conditions, uncertainties inherent in the estimation of mineral resources, access and supply risks, reliance on key personnel, operational risks inherent in the conduct of mining activities, including the risk of accidents, labour disputes, increases in capital and operating costs and the risk of delays or increased costs that might be encountered during the development process, regulatory risks, including risks relating to the acquisition of the necessary licences and permits, financing, capitalization and liquidity risks, including the risk that the financing necessary to fund the exploration and development activities at the Kami Property may not be available on satisfactory terms, or at all, risks related to disputes concerning property titles and interest, environmental risks, and the additional risks identified in the “Risk Factors” section of the Company’s Annual Information Form for the most recently completed financial year or other reports and filings with applicable Canadian securities regulators. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this press release. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information.

Contacts:
Alderon Iron Ore Corp.
Ian Chadsey
Investor Relations
514-817-5799 or 888-990-7989
info@alderonironore.com
www.alderonironore.com

Alderon Iron Ore Corp.
Vancouver Office
604-681-8030

Progenics (PGNX) Announces Fourth Quarter and Year-End 2012 Financial Results

TARRYTOWN, N.Y., March 15, 2013 (GLOBE NEWSWIRE) — Progenics Pharmaceuticals, Inc. (Nasdaq:PGNX) today announced its results of operations for the fourth quarter and year end 2012.

Net loss for the fourth quarter was $0.3 million or $0.01 diluted per share, compared to net loss of $10.7 million or $0.32 diluted per share in the 2011 period. Net loss for the year was $35.4 million or $1.02 diluted per share, compared to net income of $10.4 million or $0.31 diluted per share in 2011. The 2012 results include revenue from partnering two proprietary research programs, while 2011 results reflect upfront payment and reimbursement revenue from the company’s Relistor^® collaboration with Salix Pharmaceuticals. At December 31, 2012, Progenics had cash, cash equivalents and securities of $62.1 million, an increase of $17.8 million in the quarter including proceeds of a fourth quarter follow-on common stock offering and reflecting use of $11.3 million for the full year.

Fourth quarter revenue totaled $8.9 million, up $6.7 million from the 2011 period, resulting primarily from the partnering transactions. For the full year, Progenics reported revenues of $14.0 million, compared to $84.8 million for 2011, a decrease primarily from 2011 recognition of the Salix collaboration.

Royalty income for the quarter was $0.8 million compared to $1.3 million in the fourth quarter of 2011, reflecting stocking activity in 2011. Royalty income for the year was $5.0 million compared to $3.0 million for 2011.

Net sales reported to Progenics by Salix (in millions):

Fourth quarter and full year research and development expenses decreased by $2.4 million and $20.7 million, respectively, compared to the 2011 periods, primarily from reduced headcount and decreased laboratory, manufacturing and operating expenses. Clinical trial expenses increased in the fourth quarter compared to the 2011 period and decreased for the full year. Fourth quarter general and administrative expenses decreased $1.1 million from 2011; full year G&A expense was down $3.5 million, in each case due to lower consulting, compensation and other operating expense. Company-wide headcount as of December 31, 2012 declined to 76 from 105 as of December 31, 2011.

Fourth Quarter Highlights

• Completed underwritten public offering of 12,650,000 primary common shares resulting in $23.3 million net proceeds.
• Out-licensed C. difficile preclinical program for $5.0 million upfront payment (received in January) with potential future milestones and royalties.
• Fourth quarter Relistor global net sales increased 8% from the third quarter, but decreased 40% from the prior year period due to 2011 stocking activity. Annual Relistor global net sales increased 23% over 2011.

Recent Events

• Acquired Molecular Insight Pharmaceuticals, expanding our oncology pipeline with diagnostic and small molecule therapeutic candidates targeting PSMA and prostate cancer.
• Reported positive clinical data from a study of two novel radiolabeled small molecule imaging agents – ¹²³I-MIP-1072 and ¹²³I-MIP-1095 – targeting PSMA.

Conference Call and Webcast

Progenics will review fourth quarter and year-end financial results in a conference call today at 8:30 a.m. EDT. To participate, please dial (877) 250-8889 (domestic) or (720) 545-0001 (international) and reference conference ID 21225492. A live webcast will be available on the Events section of the Progenics website, www.progenics.com, and a replay will be available on the website for two weeks.

– Financial Tables follow –

About Relistor

Progenics has exclusively licensed development and commercialization rights for its first commercial product, Relistor, to Salix Pharmaceuticals, Ltd. for markets worldwide other than Japan, where Ono Pharmaceutical Co., Ltd. holds an exclusive license for the subcutaneous formulation. Relistor (methylnaltrexone bromide) subcutaneous injection is a first-in-class treatment for opioid-induced constipation approved in more than 50 countries for patients with advanced illness.

Important Safety Information for subcutaneous Relistor

Relistor is indicated for the treatment of opioid-induced constipation (OIC) in patients with advanced illness who are receiving palliative care, when response to laxative therapy has not been sufficient. Use of Relistor beyond four months has not been studied.

Relistor is contraindicated in patients with known or suspected mechanical gastrointestinal obstruction. If severe or persistent diarrhea occurs during treatment, advise patients to discontinue therapy with Relistor and consult their physician. Use of Relistor has not been studied in patients with peritoneal catheters.

Safety and efficacy of Relistor have not been established in pediatric patients.

Rare cases of gastrointestinal (GI) perforation have been reported in advanced illness patients with conditions that may be associated with localized or diffuse reduction of structural integrity in the wall of the GI tract (i.e., cancer, peptic ulcer, Ogilvie’s syndrome). Perforations have involved varying regions of the GI tract (e.g., stomach, duodenum, colon).

Use Relistor with caution in patients with known or suspected lesions of the GI tract. Advise patients to discontinue therapy with Relistor and promptly notify their physician if they develop severe, persistent, and/or worsening abdominal symptoms.

The most common adverse reactions reported with Relistor compared with placebo in clinical trials were abdominal pain (28.5% vs. 9.8%), flatulence (13.3% vs. 5.7%), nausea (11.5% vs. 4.9%), dizziness (7.3% vs. 2.4%), diarrhea (5.5% vs. 2.4%), and hyperhidrosis (6.7% vs. 6.5%).

Relistor full Prescribing Information for the U.S. is available at www.relistor.com.

About Progenics

Progenics Pharmaceuticals, Inc. develops innovative medicines for oncology, and has a pipeline that includes product candidates in preclinical through late-stage development. Progenics’ first commercial product, Relistor^® (methylnaltrexone bromide) for opioid-induced constipation, is marketed and in further development by Salix Pharmaceuticals, Ltd. for markets worldwide other than Japan, where Ono Pharmaceutical Co., Ltd. holds an exclusive license for the subcutaneous formulation. For additional information, please visit www.progenics.com.

The Progenics Pharmaceuticals Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=9678

This press release may contain projections and other forward-looking statements regarding future events. Such statements are predictions only, and are subject to risks and uncertainties that could cause actual events or results to differ materially. These risks and uncertainties include, among others, the cost, timing and results of clinical trials and other development activities; the unpredictability of the duration and results of regulatory review of New Drug Applications and Investigational NDAs; market acceptance for approved products; generic and other competition; the possible impairment of, inability to obtain and costs of obtaining intellectual property rights; and possible safety or efficacy concerns, general business, financial and accounting matters, litigation and other risks. More information concerning Progenics and such risks and uncertainties is available on its website, and in its press releases and reports it files with the U.S. Securities and Exchange Commission. Progenics is providing the information in this press release as of its date and does not undertake any obligation to update or revise it, whether as a result of new information, future events or circumstances or otherwise.

Additional information concerning Progenics and its business may be available in press releases or other public announcements and public filings made after this release.

(PGNX-F)

Editors Note:

For more information, please visit www.progenics.com.

For more information about Relistor, please visit www.relistor.com.

CONTACT: Amy Martini
         Corporate Affairs
         (914) 789-2816
         amartini@progenics.com

         Kathleen Fredriksen
         Corporate Development
         (914) 789-2871
         kfredriksen@progenics.com

Syntroleum’s (SYNM) 2012 Earnings and Dynamic Fuels Plant Update Conference Call

TULSA, Okla., March 14, 2013 (GLOBE NEWSWIRE) — Syntroleum Corporation (Nasdaq:SYNM) today announced the Company will host a conference call for investors to discuss its 2012 results and to update the status of the Dynamic Fuels Geismar Plant.

The conference call will be held on Monday, March 18, 2013, at 2:00 p.m. Central time (3:00 p.m. Eastern). A webcast of the call will be available via the Internet by accessing www.syntroleum.com. Listeners should allow a few minutes for registration into the web site. To participate in the teleconference, investors should dial 1-877-317-6789 about 10 minutes before the start time and reference the Syntroleum conference call. International callers should dial 1-412-317-6789. A replay of this conference call will be available on the web site under the Syntroleum Investor Relations tab.

For additional information see the Company’s Form 10-K for the year ended December 31, 2012, to be filed with the SEC on Friday, March 15, 2013. The 10-K will be available through the Investor Relations section of the Company’s Web site, www.syntroleum.com on March 15, 2013.

About Syntroleum

Syntroleum Corporation owns the Syntroleum® Process for Fischer-Tropsch (FT) conversion of synthesis gas derived from biomass, coal, natural gas and other carbon-based feedstocks into liquid hydrocarbons, the Synfining® Process for upgrading FT liquid hydrocarbons into middle distillate products such as synthetic diesel and jet fuels, and the Bio-Synfining® technology for converting animal fat and vegetable oil feedstocks into middle distillate products such as renewable diesel and jet fuel using inedible fats and greases as feedstock. The 50/50 venture – known as Dynamic Fuels – was formed to construct and operate multiple renewable synthetic fuels facilities, with production on the first site beginning in 2010. The Company plans to use its portfolio of technologies to develop and participate in synthetic and renewable fuel projects. For additional information, visit the Company’s web site at www.syntroleum.com

The Syntroleum Corporation logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=5984

This document includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as well as historical facts. These forward‑looking statements may include statements relating to the Syntroleum® Process, the Synfining® Process, our renewable fuels Bio-Synfining® technology, plans to use the Company’s various technologies, operational activities of the Company, commercialization of the Company’s technologies, certification of Fischer-Tropsch and renewable fuels, performance and use of Syntroleum’s cobalt catalyst, and performance and use of fuels derived from the Syntroleum® Process and technology test 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 include the potential that debt or equity financing for anticipated plants may not be available, the schedule for development, construction and operation of proposed plants may not be met, anticipated appropriation and expenditure of federal monies does not occur, commercial-scale plants do not achieve the same results as those demonstrated on a laboratory or pilot basis or that such plants experience technological and mechanical problems, the potential that improvements to Syntroleum’s various technologies currently under development may not be successful, the impact on plant economics of operating conditions (including energy prices), construction risks, risks associated with investments and operations in foreign countries, our dependence on strategic relationships with manufacturing and engineering companies, volatility of energy prices, the ability to implement corporate strategies, including the continued availability of adequate working capital, competition, intellectual property risks, our ability to obtain financing and other risks described in the Company’s filings with the Securities and Exchange Commission.

® “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

T3 Motion (TTTM) CEO William Tsumpes Details Sweeping Changes

T3 Motion revamps all internal processes from supply chain to delivery, focusing on a new commitment to streamline and significantly improve customer service.

COSTA MESA, Calif., March 14, 2013 /PRNewswire/ — T3 Motion, Inc. (NYSE MKT:TTTM) a producer of clean/green EV transportation technology for commercial, law enforcement and personal use, today announced that it has begun implementing a series of newly installed systems and streamlined processes that will greatly improve its customer service and parts availability worldwide.  This much needed alignment of our priorities will ensure the rapid availability of spares and replacements, improve service response times, streamline order processing and fulfillment with online parts ordering and improve operational efficiencies throughout our entire service organization.

“As CEO of T3 Motion it is my foremost responsibility to ensure that our highly valued customers receive the best quality customer service experience possible.  Our vehicles are used throughout mission critical operations in law enforcement, homeland security and commercial security which require the immediate availability of spares and replacement parts to ensure their uninterrupted operations.  In order to improve our dealer and field service organizations we are additionally developing a new state of the art T3 Motion International Training facility designed to support our rapidly expanding dealer base and the global delivery of our products and services,” stated newly-appointed Chief Executive Officer, William Tsumpes.

“Over the past few weeks, I have taken an aggressive position with strategic and far-reaching changes to every company process from managing the supply chain through vehicle delivery, beginning with our internal customer service department and systems.  In just a very short period of time, we have already improved our call center responsiveness, significantly cleared our customer parts backlog, and implemented processes that will streamline future customer service initiatives.  With more than 30 years experience in service related industries I feel honored to have this opportunity to set new standards for the way we deliver the needed changes with the goal of exceeding the expectations of our customers.”

These customer service enhancements are just a part of a series of significant changes T3 Motion is making under its broader transformation and commitment to provide innovative products by delivering value and putting customers first.

T3 Motion, Inc. (NYSE MKT:TTTM) is headquartered in Orange County, California, and is dedicated to raising the bar on personal transportation technology.  For more information, visit www.t3motion.com.

“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding T3 Motion’s business, which are not historical facts, are “forward-looking statements” that are not guarantees of future performance. Such forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those anticipated by the forward-looking statements. These risks and uncertainties include, among others, factors associated with market conditions and the satisfaction of customary closing conditions related to the proposed public offering. For additional information concerning these and other factors that may  cause actual results to differ from those contained in the forward-looking statements, see “Risk Factors” in the Company’s  Registration Statement filed on Form S-1, as amended, and in the periodic reports the Company files from time to time with the Securities and Exchange Commission.

Company Contact

William Tsumpes

T3 Motion

(714) 619-3600

investor@t3motion.com

ChinaNet (CNET) Passes Audit for High Tech Enterprises

ChinaNet Becomes Eligible for Potential Funding From Local Agencies

BEIJING, March 14, 2013 (GLOBE NEWSWIRE) — ChinaNet Online Holdings, Inc. (Nasdaq:CNET) (the “Company” or “ChinaNet”), a leading B2B (business to business) Internet technology company focusing on providing online-to-offline (“O2O”) sales channel expansion services for small businesses (so-called small and medium-sized enterprises (“SMEs”) in China) and entrepreneurial management and LINK services for entrepreneurs in the People’s Republic of China, today announced that the Beijing Zhongguancun Enterprises Credit Promotion Association (ECPA) completed a credit audit for the company. ChinaNet was awarded a high grade, which makes the Company eligible to receive future subsidies and funding from the State Development Bank, local governments and related entities.

Beijing Zhongguancun Enterprises Credit Promotion Association is an independent entity established by various high-tech enterprises in 2003 to promote members complying with the laws and regulations and national policies and to strengthen cooperation between members. The credit audit is conducted by Beijing Credit Ratings Co., Ltd, which is certified by the Beijing Zhongguancun government and covers the areas of internal controls, financial statements and credit and working capital management. Various local financial institutions, insurance and intermediary service agencies and regulators use this audit as a part of their analysis of individual company’s financial strength.

“Our favorable audit results from ECPA are a testament to our financial stability and business potential. Lenovo also received the same grade as we did,” said Mr. George Chu, COO of ChinaNet. “We have diversified our revenues and strengthened our brands while maintaining a strong balance sheet. As we add new customers and services, we expect to generate growth in our top and bottom line.”

About ChinaNet Online Holdings, Inc.

The Company, a parent company of ChinaNet Online Media Group Ltd., incorporated in the BVI (“ChinaNet”), is a leading B2B (business to business) Internet technology company focusing on providing O2O (online to offline) sales channel expansion service for small businesses (or so-called small and medium-sized enterprises (SMEs) in China) and entrepreneurial management and LINK service for entrepreneurs in China. The Company, through certain contractual arrangements with operating companies in the PRC, provides Internet advertising and other services for Chinese small businesses via its portal websites, 28.com, Liansuo.com and Chuangye.com (for entrepreneurs’ Linking services), TV commercials and program production via China-Net TV, and in-house LCD advertising on banking kiosks targeting Chinese banking patrons. Website: http://www.chinanet-online.com.

Safe Harbor

This release contains certain “forward-looking statements” relating to the business of ChinaNet Online Holdings, Inc., which can be identified by the use of forward-looking terminology such as “believes,” “expects,” “anticipates,” “estimates” or similar expressions. Such forward-looking statements involve known and unknown risks and uncertainties, including business uncertainties relating to government regulation of our industry, market demand, reliance on key personnel, future capital requirements, competition in general and other factors that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. Certain of these risks and uncertainties are or will be described in greater detail in our filings with the Securities and Exchange Commission. These forward-looking statements are based on ChinaNet’s current expectations and beliefs concerning future developments and their potential effects on the company. There can be no assurance that future developments affecting ChinaNet will be those anticipated by ChinaNet. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond the control of the Company) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by such forward-looking statements. ChinaNet undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

CONTACT: MZ North America
         Ted Haberfield, President
         Tel: +1-760-755-2716
         Email: thaberfield@mzgroup.us
         Web: www.mzgroup.us

RiT (RITT) Strengthens its Capital Structure

Stins Coman, RiT’s Controlling Shareholder, to Convert $4.5M of the Outstanding Loan Amount into Ordinary Shares

TEL AVIV, Israel, March 14, 2013 /PRNewswire/ —

RiT Technologies (NASDAQ: RITT) today announced that it  has signed a private Share Purchase Agreement with STINS COMAN Inc., (“STINS COMAN”), its principal shareholder, under which it will convert an outstanding loan in the amount of approximately $4.5 million into 1,021,166 of the Company’s ordinary shares at an average price of $4.44 per share.

This transaction is an addition to the previous conversions completed from May 2010 – December 2012, and is being executed under the terms stipulated in the Loan Agreement between RiT and STINS COMAN dated June 11, 2009, as amended. The completion of this transaction is subject to customary conditions, and the issuance of shares is expected to take place on March 29, 2013. Upon completion, STINS COMAN’s holding (including through affiliated company) will rise to approximately 87% of the Company’s voting power.

Commenting on the news, Dr. Vadim Leiderman, RiT’s President and CEO, said, “We are completing this transaction as an initial step in correcting Nasdaq’s Shareholders’ Equity requirement, as we reported earlier today. This transaction demonstrates, once again, STINS COMAN’s confidence in our prospects. We believe that the launch of our two new breakthrough solutions – Beamcaster™ and PatchView™+ will bring the Company to a whole new era of rapid growth and profitability.”

About RiT Technologies

RiT is a leading provider of intelligent infrastructure management (IIM) solutions and a developer of a new revolutionary indoor optical wireless technology solution. Our IIM products provide and enhance security and network utilization for data centers, communication rooms and work space environments. They help companies plan and provision, monitor and troubleshoot their communications networks, maximizing utilization, reliability and physical security while minimizing unplanned downtime. RiT’s IIM solutions are deployed around the world, in a broad range of organizations, including: data centers, enterprises, corporations, government agencies, financial institutions, airport authorities, healthcare institutions, and education institutions. RiT’s indoor optical wireless technology solution will help our clients streamline deployment, reduce infrastructure design, installation and maintenance complexity and enhance security in a cost effective way. RiT’s shares are traded on the Nasdaq exchange under the symbol RITT.

For more information, please visit our website: http://www.rittech.com

Safe Harbor Statement

In this press release, all statements that are not purely about historical facts, including, but not limited to, those in which we use the words “believe,” “anticipate,” “expect,” “plan,” “intend,” “estimate”, “forecast”, “target”, “could” and similar expressions, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  For example, when we discuss the expansion of our sales and marketing efforts and the development of exciting new product lines in 2013 we are using a forward-looking statement. While these forward-looking statements represent our current judgment of what may happen in the future, actual results may differ materially from the results expressed or implied by these statements due to numerous important factors, including, but not limited to, those described under the heading “Risk Factors” in our most recent Annual Report filed with the Securities and Exchange Commission (SEC) on Form 20-F, which may be revised or supplemented in subsequent reports filed with the SEC.  These factors include, but are not limited to, the following: our ability to raise additional financing, if required; the continued development of market trends in directions that benefit our sales; our ability to maintain and grow our revenues; our dependence upon independent distributors, representatives and strategic partners; our ability to develop new products and enhance our existing products; the availability of third-party components used in our products; the economic condition of our customers; the impact of government regulation; and the economic and political situation in Israel.  We are under no obligation, and expressly disclaim any obligation, to update the forward-looking statements in this press release, whether as a result of new information, future events or otherwise.

COMPANY CONTACT:
Elan Yaish, CFO
+972-77-270-7210
elan.yaish@rittech.com

Sinovac (SVA) Top-Line Results Phase III Clinical EV71 Hand, Foot and Mouth Vaccine

BEIJING, March 14, 2013 /PRNewswire/ — Sinovac Biotech Ltd. (NASDAQ: SVA), a leading provider of vaccines in China, announced today preliminary top-line data from its Phase III clinical trial assessing the efficacy, immunogenicity and safety of the Company’s proprietary Enterovirus 71 (“EV71”) vaccine against hand, foot and mouth disease (“HFMD”).

The primary objective of the study was to evaluate the efficacy of the EV71 vaccine in the prevention of HFMD caused by EV71 in infants of 6 to 35 months old. The preliminary Phase III data showed that Sinovac’s EV71 vaccine was 95.4% (95% CI: 87.5%, 98.3%) efficacious against HFMD caused by EV71.

The Phase III trial showed good immunogenicity and safety for Sinovac’s EV71 vaccine. The overall incidence of serious adverse events in this trial was 2.2% among the EV71 candidate vaccine recipients and 2.6% among those receiving a control vaccine during the fourteen months observation period. The difference in rates of serious adverse events (“SAEs”) is not statistically significant. Most of the SAEs were considered unlikely to be vaccine-related.

The double-blinded, randomized, placebo controlled Phase III clinical trial was conducted at three sites across China’s Jiangsu province. Approximately 10,000 healthy infants completed the two dose vaccination schedule (at 0 and 28 days) in the first quarter of 2012, prior to the HFMD epidemic season in China, followed by active monitoring period.

In parallel, Sinovac conducted another clinical study that was comprised of 1,400 volunteers and designed to evaluate the consistency of three consecutive lots of EV71 vaccine manufactured by the Company. The trial was conducted in children from 6 month to 5 years old. After receiving the vaccine, the ratios of neutralizing antibody GMTs on the 56th day of any two groups were calculated and the 95% confidence intervals of the ratios are all between 0.67 and1.5, which indicates the immunogenicity of the three vaccine lots is equivalent. The study results showed consistent immune response for all three lots and a good safety profile. With immunogenicity equivalent across the three consecutive lots, the results showed Sinovac’s vaccine production process and quality are stable.

In March 2008, an EV71 outbreak in Fuyang City of China’s Anhui Province caused 23 fatalities, and attracted significant attention from the government and medical communities. In May 2008, the PRC Ministry of Health identified EV71 as a Class C infectious disease according to prevention and control regulations. EV71 outbreaks have increased over the last five years, with over 1 million cases identified and 500 to 900 reported fatalities each year.

Dr. Weidong Yin, Chairman, President and CEO of Sinovac, commented, “We are excited to report an over 95% efficacy rate from the Phase III trial on our proprietary EV71 vaccine candidate. The conclusion of this trial marks an important milestone in the development of our proprietary vaccine. Hand, foot, and mouth disease continues to represent a significant unmet public health need and economic burden in China, as well as several other Asian countries. Our EV71 vaccine is poised to provide an effective solution to prevent hand, food and mouth disease caused by EV71, a much needed resource given the current limited prevention and EV71 specific treatment methods. At Sinovac, we are committed to our stated mission to develop and supply vaccines to eliminate human diseases.”

Professor Hua Wang, Lead Principal Investigator, stated, “The Phase III study for Sinovac’s EV71 vaccine candidate met its primary objective. The trial results demonstrated that the vaccine is not only safe, but shows significant efficacy in subjects.”

The Company’s next step is to finalize the clinical report, which will become an important part of documents to be filed with the PRC State Food and Drug Administration (“SFDA”) for the application of new drug certificate, GMP certification, and the production license in order to commence the commercial production of the vaccine.  In parallel, Sinovac’s dedicated EV71 vaccine manufacturing facility has been completed and is ready for the GMP inspection by SFDA.

Sinovac obtained clinical research approval for its proprietary EV71 vaccine candidate from the SFDA in December 2010, and completed Phase I and II clinical trials in 2011. The preliminary results of the Phase I and Phase II studies confirmed that Sinovac’s vaccine candidate has good safety and immunogenicity profile.

About Sinovac

Sinovac Biotech Ltd. is a China-based biopharmaceutical company that focuses on research, development, manufacturing and commercialization of vaccines that protect against human infectious diseases including hepatitis A and B, seasonal influenza, H5N1 pandemic influenza and mumps, as well as animal rabies vaccine. In 2009, Sinovac was the first company worldwide to receive approval for its H1N1 influenza vaccine, Panflu.1, and has manufactured it for the Chinese Central Government, pursuant to the government-stockpiling program. The Company is also the only supplier of the H5N1 pandemic influenza vaccine to the government-stockpiling program. Sinovac is developing a number of new pipeline vaccines including vaccines for enterovirus 71 (against hand, foot, and mouth disease), pneumococcal conjugate, pneumococcal polysaccharides, varicella and rubella. Sinovac sells its vaccines mainly in China and exports selected vaccines to Mongolia, Nepal, and the Philippines.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by words or phrases such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Among other things, the business outlook and quotations from management in this press release contain forward-looking statements. Statements that are not historical facts, including statements about Sinovac’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Sinovac does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

Helen Yang
Sinovac Biotech Ltd.
Tel:  +86-10-8279-9871
Fax:  +86-10-6296-6910
Email: ir@sinovac.com

Investors:

Stephanie Carrington
The Ruth Group
Tel:  +1-646-536-7017
Email: scarrington@theruthgroup.com

Media:

Aaron Estrada
The Ruth Group
Tel:  +1-646-536-7028
Email: aestrada@theruthgroup.com

Cardium (CXM) Receives ISO Certification for Excellagen

SAN DIEGO, March 14, 2013 /PRNewswire/ — Cardium Therapeutics (NYSE MKT: CXM) today announced that it has received ISO 13485:2003 certification for its Excellagen^® advanced wound care product by BSI, one of the world’s leading certification bodies.  The ISO 13485:2003 certification is a stand-alone standard developed by the International Organization for Standardization that provides harmonized quality management systems requirements for manufacturers of medical devices. In their ISO report, BSI’s auditors noted that “Cardium’s quality management system has been effectively implemented, addresses the proposed scope of product registration and is in accordance with the company objectives and applicable requirements of the management standards.” Cardium’s compliance with ISO 13485 represents an important next step forward to compliance with European regulatory requirements.

(Logo:  http://photos.prnewswire.com/prnh/20051018/CARDIUMLOGO)

“This ISO certification represents a major achievement and milestone for Cardium and moves us forward in our CE Mark Certification application for authorization to market and sell Excellagen in the European Union, which currently consists of 27 member countries,” stated Christopher J. Reinhard, Chairman and CEO of Cardium Therapeutics.

With the successful completion of this key ISO certification, the Company reported that it has now completed its submission of required documentation including the technical file and design dossier of its CE mark filing for review by BSI.  Cardium also reported that a United Kingdom-based private equity company has acquired the Angel Biomedical operations, located in Glasgow, Scotland, which is responsible for a segment of Excellagen’s collagen manufacturing process. It is expected that the new entity, Collbio Ltd., will continue manufacturing of new batches required for their ISO re-certification, which is necessary for final certification of Cardium’s CE mark application, in the second quarter 2013.  Cardium previously established a supply of manufactured bulk collagen in the United States and does not anticipate any disruption in the Excellagen supply chain.

About Excellagen
Excellagen is a novel syringe-based, professional-use, pharmaceutically-formulated 2.6% fibrillar Type I bovine collagen gel that functions as an acellular biological modulator to activate the wound healing process and significantly accelerate the growth of granulation tissue.  Excellagen’s FDA-clearance provides for very broad labeling including partial and full-thickness wounds, pressure ulcers, venous ulcers, diabetic ulcers, chronic vascular ulcers, tunneled/undermined wounds, surgical wounds (donor sites/graft, post-Mohs surgery, post-laser surgery, podiatric, wound dehiscence), trauma wounds (abrasions, lacerations, second-degree burns and skin tears) and draining wounds.  Excellagen is intended for professional use following standard debridement procedures in the presence of blood cells and platelets, which are involved with the release of endogenous growth factors.  Excellagen’s unique fibrillar Type I bovine collagen gel formulation is topically applied through easy-to-control, pre-filled, sterile, single-use syringes and is designed for application at only one-week intervals.  Already-established standard CPT^® procedure reimbursement codes may apply when Excellagen is used with surgical debridement procedures and through the DRG reimbursement system for in-hospital surgical procedures.  Cardium is also advancing forward with the reimbursement process for Excellagen with Centers for Medicare & Medicaid Services (CMS) and private insurance providers.

There have been important, positive findings reported by physicians using Excellagen as part of Cardium’s initial physician sampling, patient outreach and market “seeding” programs.  In several case studies, physicians reported a rapid onset of the growth of granulation tissue in a wide array of wounds, including non-healing diabetic foot ulcers (consistent with the results of Cardium’s Matrix clinical study), as well as pressure ulcers, venous ulcers and Mohs surgical wounds.  In certain cases, rapid granulation tissue growth and wound closure have been achieved with Excellagen following unsuccessful treatment with other advanced wound care approaches.  From a dermatology perspective, a previously unexplored vertical market, remarkable healing responses have been observed following Mohs surgery for patients diagnosed with squamous and basal cell carcinomas, including deep surgical wounds extending to the periosteum (a membrane that lines the outer surface of bones).  Additionally, because of the easy-use and platelet activating capacity, physicians have been employing Excellagen in severe non-healing wounds at near-amputation status, in combination with autologous platelet-rich plasma therapy and collagen sheet products.  These case studies and positive physician feedback provide additional support of Excellagen’s potential utility as an important new tool to help promote the wound healing process.  Excellagen case studies are available at http://www.excellagen.com/surgical-wounds.html.

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 the Tissue Repair Company, Cardium Biologics, and the Company’s newly-acquired 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. News from Cardium is located at 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 can be no assurance that the receipt of ISO certification by Cardium and Collbio will lead to CE mark approval for Excellagen in Europe; that the manufacture of collagen by Collbio will be timely and successful, and that the Excellagen supply chain will not be disrupted by this transition or other occurrences; that results or trends observed in a clinical study or follow-on case studies will be reproduced in subsequent studies or in actual use; that new clinical studies will be successful or will lead to approvals or clearances from health regulatory authorities, or that approvals in one jurisdiction will help to support studies or approvals elsewhere; that the company can attract suitable commercialization partners for our products or that we or partners can successfully commercialize them; that our product or product candidates will not be unfavorably compared to competitive products that may be regarded as safer, more effective, easier to use or less expensive or blocked by third party proprietary rights or other means; that the products and product candidates referred to in this report or in our other reports will be successfully commercialized and their use reimbursed, or will enhance our market value; that new product opportunities or commercialization efforts will be successfully established; that third parties on whom we depend will perform as anticipated; that we can raise sufficient capital from partnering, monetization or other fundraising transactions to maintain our stock exchange listing or adequately fund ongoing operations; or that we will not be adversely affected by these or other risks and uncertainties that could impact our operations, business or other matters, as described in more detail in our filings with the Securities and Exchange Commission. We undertake no obligation to release publicly the results of any revisions to these forward-looking statements to reflect events or circumstances arising after the date hereof.

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

Cardium Therapeutics^®, Generx^®,Cardionovo^®, Tissue Repair™, Gene Activated Matrix™, GAM™, Excellagen^®, Excellarate™, Osteorate™, MedPodium^®, Appexium^®, Linee^®, Alena^®, Cerex^®, D-Sorb™, Neo-Energy^®, Neo-Carb Bloc^®, Neo-Chill^™, and Nutra-Apps^® are trademarks of Cardium Therapeutics, Inc. or Tissue Repair Company. To Go Brands^® is a trademark of To Go Brands, Inc.
Other trademarks belong to their respective owners.

Ballard (BLDP) to Power Fleet of 10 Clean Energy Buses

VANCOUVER, March 13, 2013 /PRNewswire/ – Ballard Power Systems (TSX: BLD; NASDAQ: BLDP) has announced the recent signing of an agreement between Van Hool NV, Europe’s fourth largest bus manufacturer, and the Transit Authority in Aberdeen, Scotland for delivery of 10 buses that will be powered by Ballard’s 150 kilowatt FCvelocity^TM-HD6 fuel cell module.

When deployed in revenue service, the 10-bus fleet to be operated in Aberdeen will be Europe’s largest hydrogen fuel cell bus fleet. Furthermore, by early-2014 approximately 40 buses in Europe will be powered by Ballard fuel cell modules.

In December 2011, Ballard announced an equipment supply agreement (ESA) with Van Hool for 21 of the Company’s latest-generation 150 kilowatt FCvelocity^TM-HD6 modules, with an expectation that the majority of these would be shipped in 2012. By the end of 2012, 14 modules had been shipped to Van Hool. These will be used in 5 buses to be deployed in San Remo, Italy, 5 buses to be deployed in Flanders, Belgium as well as 4 of the buses to be deployed in Aberdeen. All these deployments are being supported by European Joint Technology Initiative (JTI) funding through the High V.LO-City program.

Through the remainder of 2013 Ballard expects to ship a further 8 power modules to Van Hool, including 6 to be used in the Aberdeen deployment and 2 for use in buses to be deployed in Cologne, Germany. The Cologne buses are being procured by the government of North Rhine Westphalia (NRW), with funding support from the German National Innovation Program. The Aberdeen buses are being supported by JTI funding through the High V.LO-City and HyTransit programs. This will bring the total number of modules shipped to Van Hool to 22 since December 2011.

Ballard’s sixth generation FCvelocity^TM-HD6 fuel cell module features a control unit which interfaces with a system controller to make it a “plug-and-play” product for any fuel cell or hybrid fuel cell bus platform. The module also offers significant advances in durability, power density and fuel efficiency compared to earlier generation products.

Increased volumes of fuel cell-powered buses are supporting cost and price reductions through scale of economies, enabling fuel cell solutions to compete more effectively with incumbent transit technologies.

About Ballard Power Systems
Ballard Power Systems (TSX: BLD) (NASDAQ: BLDP) provides clean energy fuel cell products enabling optimized power systems for a range of applications. Products deliver incomparable performance, durability and versatility. To learn more about Ballard, please visit www.ballard.com.

This release contains forward-looking statements concerning anticipated revenues, shipments, product development activities, product improvements and cost reductions. These forward-looking statements reflect Ballard’s current expectations as contemplated under section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Any such forward-looking statements are based on Ballard’s assumptions relating to its financial forecasts and expectations regarding its product development efforts, manufacturing capacity, and market demand.

These statements involve risks and uncertainties that may cause Ballard’s actual results to be materially different, including general economic and regulatory changes, detrimental reliance on third parties, successfully achieving our business plans and achieving and sustaining profitability. For a detailed discussion of these and other risk factors that could affect Ballard’s future performance, please refer to Ballard’s most recent Annual Information Form. Readers should not place undue reliance on Ballard’s forward-looking statements and Ballard assumes no obligation to update or release any revisions to these forward looking statements, other than as required under applicable legislation.

Guy McAree +1.604.412.7919, media@ballard.com or investors@ballard.com

World Energy (XWES) Provides Update on Q4 FY12 Reports

WORCESTER, Mass., March 13, 2013 (GLOBE NEWSWIRE) — In follow up to its recent announcement postponing its fourth quarter and fiscal 2012 financial results and conference call, World Energy Solutions, Inc. (Nasdaq:XWES) today provided additional details on the cause of the delay.

The Company is currently evaluating its revenue recognition policy for its mid-market product line, an area the Company entered with its acquisition of GSE Consulting (GSE) on October 31, 2011.

The review is primarily focused on the timing of revenue recognized from up-front commissions received from mid-market energy suppliers. As currently reported, such commissions represent approximately 10 percent of World Energy’s consolidated revenues for the nine months ended September 30, 2012 and approximately 3 percent of consolidated revenues for the year ended December 31, 2011.

Under its accounting policies in effect at the time, World Energy recognized revenue from these up-front commissions as cash was received from the energy supplier. As a result of this review, the Company is in the process of determining the appropriate periods in which such commissions should be recorded. The Company believes it may be appropriate to record these revenues over the energy flow period similar to its other Retail electricity product lines, to the extent that actual energy usage is available or can be reliably estimated. If not, the recognition of revenue may be deferred to the end of the contract period. Regardless of the timing of revenue recognition, there would be no impact on the cash received by the Company.

The impact of the contemplated adjustments would be to defer the recording of revenue from historic periods to future periods. As part of this process, the Company is conducting, but has not completed, an analysis of the materiality of the potential revenue recognition adjustments on its previously reported financial results.

The Company’s finance team continues to work diligently with its auditors to complete the audit and all filings by their respective deadlines, but, because of the scope of work required – an analysis of over 3,000 accounts – the Company may file for an extension of its March 31 deadline. Once the Company has completed its audit, it expects to announce a date to release its fourth quarter and full-year 2012 financial results and host its earnings conference call.

About World Energy Solutions, Inc.

World Energy Solutions, Inc. (Nasdaq:XWES) is an energy management services firm that brings together the passion, processes and technologies to take the complexity out of energy management and turn it into bottom-line impact for the businesses, institutions and governments we serve. To date, the Company has transacted more than $30 billion in energy, demand response and environmental commodities on behalf of its customers, creating more than $1 billion in value for them. World Energy is also a leader in the global carbon market, where its World Energy Exchange® supports the Regional Greenhouse Gas Initiative (RGGI), the first mandatory market-based regulatory program in the U.S. to reduce greenhouse gas emissions. For more information, please visit www.worldenergy.com.

The World Energy Solutions, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=16555

This press release contains forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ from those indicated in the forward-looking statements. Such risks and uncertainties include, but are not limited to, the following: our revenue and backlog are dependent on actual future energy purchases pursuant to completed procurements; the demand for our services is affected by changes in regulated prices or cyclicality or volatility in competitive market prices for energy; the potential impact on our historical and prospective financial results of a change in accounting policy may negatively impact our stock price; and other factors outside our control that affect transaction volume in the electricity market as well as our overall business. Additional risk factors are identified in our Annual Report on Form 10-K and subsequent reports filed with the Securities and Exchange Commission.

CONTACT: Dan Mees
         World Energy Solutions, Inc.
         (508) 459-8156
         dmees@worldenergy.com

         Susan Forman
         Dian Griesel, Inc.
         (212) 825-3210
         sforman@dgicomm.com

MakeMusic (MMUS) to be Acquired by LaunchEquity

MakeMusic, Inc. (NASDAQ: MMUS), a world leader in music technology, and LaunchEquity Acquisition Partners, LLC Designated Series Education Partners (“LEAP”), an affiliate of LaunchEquity Partners, LLC, today announced that they have entered into a definitive merger agreement under which LEAP will acquire MakeMusic through an all-cash transaction. A special committee of MakeMusic’s Board of Directors, consisting of independent directors, and MakeMusic’s Board of Directors have unanimously approved the transaction.

Under the terms of the agreement, LEAP, through a wholly-owned subsidiary, will commence a tender offer to purchase all outstanding shares of MakeMusic at $4.85 per share in cash, which represents a premium of approximately 31% over the closing share price on March 12, 2013, the last trading day prior to today’s announcement. MakeMusic anticipates that tender offer materials will be provided to shareholders around the end of March 2013.

The tender offer will be followed by a back-end merger, which may be effected without the need for a shareholder vote depending on LEAP’s percentage ownership of MakeMusic’s common stock after the close of the tender offer. As of the date of the agreement, LEAP beneficially owned approximately 27.8% of the outstanding common stock of MakeMusic. At the effective time of the merger, each share of common stock that has not been tendered and accepted in the tender offer (other than shares owned by LEAP or its affiliates or shares subject to perfected appraisal rights under applicable law) will be converted into the right to receive the offer price of $4.85 per share.

The transaction is expected to close in the second quarter of 2013, subject to the satisfaction of customary closing conditions, including the tender of a number of shares that, when added to the shares owned by LEAP and its affiliates, constitutes a majority of MakeMusic’s outstanding shares on a fully-diluted basis. The acquisition is not subject to any financing contingencies.

Robert B. Morrison, Chairman of the Board of MakeMusic, commented, “The special committee and board believe this transaction represents an attractive value and are pleased to recommend it to MakeMusic’s shareholders. Equally important, we believe this step will create new opportunities for the company, its partners and employees.”

Advisors

Lazard Middle Market LLC served as financial advisor, and Fredrikson & Byron, P.A. served as legal advisor, to MakeMusic in connection with the transaction.

Olshan Frome Wolosky LLP served as legal advisor to LaunchEquity.

About MakeMusic, Inc.

MakeMusic^®, Inc. is a world leader in music technology whose mission is to develop and market solutions that transform how music is composed, taught, learned and performed. For more than 20 years, Finale^® has been the industry standard in music notation software, enabling composers, arrangers, musicians, teachers, students and publishers to create, edit, audition, print and publish musical scores. MakeMusic is also the creator of SmartMusic^® interactive software that is transforming the way students practice. With SmartMusic, students and teachers have access to thousands of band, orchestra and vocal pieces allowing students to practice with background accompaniment and get immediate feedback on their performance. SmartMusic allows teachers to individualize instruction and document the progress of every student. The SmartMusic Inbox^™, an Android^™ and Apple^® mobile application, provides additional access for teachers to review, grade and comment on student assignments. MusicXML^™ is an Internet-friendly way to publish musical scores, enabling musicians to distribute interactive sheet music online and to use sheet music files with a wide variety of musical applications. Garritan^™ sound libraries provide musicians with state-of-the-art virtual instruments with the playback quality of a live performance. Additional information about this Minnesota company can be found at www.makemusic.com.

About LaunchEquity

LaunchEquity Partners, LLC is an investment entity that provides growth capital and strategic leadership to intellectual property based businesses.

Forward-Looking Statements

Statements in this press release regarding the proposed transaction between MakeMusic and LEAP, the expected timetable for completing the transaction, future financial and operating results, benefits of the transaction, future opportunities for MakeMusic’s business and any other statements by management of MakeMusic and LaunchEquity concerning future expectations, beliefs, goals, plans or prospects constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Generally, forward-looking statements include expressed expectations, estimates and projections of future events and financial performance and the assumptions on which these expressed expectations, estimates and projections are based. Statements that are not historical facts, including statements about the beliefs and expectations of the parties and their management are forward-looking statements. All forward-looking statements are inherently uncertain as they are based on various expectations and assumptions about future events, and they are subject to known and unknown risks and uncertainties and other factors that can cause actual events and results to differ materially from historical results and those projected. Risks and uncertainties include the satisfaction of closing conditions for the acquisition, including the tender of a number of shares that, when added to the shares owned by LEAP and its affiliates, constitutes a majority of MakeMusic’s outstanding shares on a fully-diluted basis; the possibility that the transaction will not be completed, or if completed, not completed on a timely basis; the ability of MakeMusic’s management team to successfully implement growth initiatives for SmartMusic; market acceptance of MakeMusic’s products; the impact of changing technology on MakeMusic’s product upgrades; delays in finalizing and implementing product modernization initiatives.

Neither LaunchEquity nor MakeMusic can give any assurance that any of the transactions contemplated by the agreement will be completed or that the conditions to the tender offer and the back-end merger will be satisfied. A further list and description of additional business risks, uncertainties and other factors can be found in MakeMusic’s Annual Report on Form 10-K for the fiscal year ended December 31, 2012, as well as other MakeMusic SEC filings. Copies of these filings, as well as subsequent filings, are available online at www.sec.gov and www.makemusic.com. Many of the factors that will determine the outcome of the subject matter of this communication are beyond LaunchEquity’s or MakeMusic’s ability to control or predict. Neither LaunchEquity nor MakeMusic undertakes to update any forward-looking statements as a result of new information or future events or developments.

Important Additional Information

The tender offer described in this press release for all of the outstanding shares of common stock of MakeMusic has not yet commenced. LaunchEquity intends to file tender offer documents with the Securities and Exchange Commission (the “SEC”). This press release is for informational purposes only and does not constitute an offer to purchase, or a solicitation of an offer to sell, shares of common stock of MakeMusic, nor is it a substitute for the tender offer documents. Investors and MakeMusic shareholders are strongly advised to read the tender offer documents, the related solicitation/recommendation statement on Schedule 14D-9 that will be filed by MakeMusic and the related Schedules 13E-3 that will be filed by MakeMusic and LaunchEquity with the SEC, and other relevant materials when they become available, because they will contain important information.

Investors and MakeMusic shareholders can obtain copies of these materials (and all other related documents filed with the SEC) when available, at no charge on the SEC’s website at www.sec.gov. Copies can also be obtained at no charge by directing a request to LaunchEquity at LaunchEquity Partners, LLC, 4230 N. Oakland Avenue #317, Shorewood, WI 53211-2042, or by phone at (414) 390-8221. Investors and MakeMusic shareholders may also read and copy any reports, statements and other information filed by LaunchEquity or MakeMusic with the SEC, at the SEC public reference room at 100 F Street, N.E., Washington, D.C. 20549. Please call the SEC at 1-800-SEC-0330 or visit the SEC’s website for further information on its public reference room.

Cardium’s (CXM) To Go Brands® to Launch Expanded VitaRocks® kids Vitamin Line

SAN DIEGO, March 13, 2013 /PRNewswire/ — Cardium Therapeutics (NYSE MKT: CXM) today announced that its To Go Brands^® operating unit has expanded its VitaRocks^® kids vitamins product line and that retail distribution of the newly-designed products is being been broadened into select Target stores.

The VitaRocks products are inspired by a popping pellet candy that is popular with kids and represents a next-generation, easy-use delivery platform for multivitamins and nutrients, dietary supplements, and potentially over-the-counter (OTC) medicines for children as well as adults. The Kids VitaRocks product line is fun, and uses tasty antioxidant and mineral-rich formulas to provide vitamins A, B, C, D and E, as well as calcium, iodine, magnesium, zinc and selenium. Each packet provides 50% of Daily Value, so that children four and above may enjoy this nutritious treat twice a day. VitaRocks products include cherryBLAST, grapeGUSHER, the new blueRAZZ, as well as orangeBURST, providing 250 mg of Vitamin C. To Go Brands’ adult VitaRocks C delivers a powerful dose of 1000 mg of Vitamin C in every packet.

“Special formulations allow VitaRocks to melt cleanly in the mouth and deliver vitamins and nutrients while being fun and great tasting. Unlike many other products in this class, VitaRocks require no mixing with water and can be directly consumed. While the initial product line was designed for children, with the success of new adult multivitamin chews and gummies, consumers of all ages are increasingly seeking easy-to-use and great tasting nutritional products, and we believe that our VitaRocks platform aligns with this important and rapidly emerging trend. Because of our unique manufacturing process, we now have the flexibility to expand the product line into formulas that could include enzymes, electrolytes, amino acids, vitamins and minerals, as well as nutrients, and into other applications including OTC drugs,” stated Hanna Wagari, Cardium’s Vice President of Sales and Marketing.

Current VitaRocks products are available through retailers, including Whole Foods, Sprouts and Vitamin Shoppe.  The new product line will be available at the beginning of April 2013 in select Target stores, as well as directly from the To Go Brands web-based store at www.togobrands.com.

About To Go Brands

Since 2007, To Go Brands has been making healthy, great tasting and anti-oxidant-rich phytonutrients and nutraceutical supplements in an array of easy use formats, including drink mixes, chews, powders and capsules, to empower busy lifestyles in today’s fast-paced, tech-driven world.  The Go Active! product line includes High Octane^®, Green Tea Energy Fusion™, Acai Natural Energy Boost™, and Neo-Energy^®.  The Go Healthy! product line includes Greens to Go^®, Extreme Berries to Go^®, Healthy Belly^®, VitaRocks^®, and Neo-Chill™.  Go Trim! products include Smoothie Complete^®, Trim Energy Green Coffee Bean™, Trim Energy^®, and Neo-Carb Bloc^®.  To Go Brands products are sold through mass, food and drug channels at retailers including Whole Foods, Sprouts, Kroger, GNC, RiteAid, Jewel-Osco, Ralph’s Supermarkets, Vitamin World, Meijer, Fred Meyer, King Soopers, and the Vitamin Shoppe^® as well as directly from the company’s web-based store.  To learn more about To Go Brands, visit togobrands.com.

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 the Tissue Repair Company, Cardium Biologics, and the Company’s newly-acquired 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 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 can be no assurance that To Go Brands products or Cardium’s other products can be successfully commercialized; that the retail distribution of VitaRocks or other products will be successfully expanded; that new products will be developed and launched in a timely and effective manner; that our product or product candidates will not be unfavorably compared to competitive products that may be regarded as safer, more effective, easier to use or less expensive, or will not be blocked by third party intellectual property rights or other means; that our products will substantially enhance our revenues or perceived value; that the company can attract suitable commercialization partners for our products or that we or partners can successfully commercialize them; that third parties on whom we depend will perform as anticipated; that we can raise sufficient capital from partnering, monetization or other fundraising transactions to maintain our stock exchange listing or adequately fund ongoing operations; or that we will not be adversely affected by these or other risks and uncertainties that could impact our operations, business or other matters, as described in more detail in our filings with the Securities and Exchange Commission. We undertake no obligation to release publicly the results of any revisions to these forward-looking statements to reflect events or circumstances arising after the date hereof.

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

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.

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.

Other trademarks belong to their respective owners.

Net Element (NETE) to Acquire Unified Payments

Proposed Acquisition Expected to Broaden Net Element International’s Suite of Payment Processing Solutions and Position the Company for Continued Global Growth

Net Element International (NASDAQ: NETE), a technology-driven group specializing in electronic commerce and mobile payment processing, and Unified Payments, a leading provider of transaction processing services and payment-enabling technologies that was recognized by Inc. Magazine as the fastest-growing private company in the U.S. in 2012, today announced that they have entered into a binding term sheet for Net Element International to acquire Unified Payments and operate it through its newly formed subsidiary and holding company, TOT, Inc. (TOT).

The acquisition is expected to position and diversify Net Element International’s TOT Money business and expand its global presence in the payments market. When the acquisition has been completed, Net Element International plans to aggressively begin deploying Unified Payments’ products and services in Russia and other emerging markets, while Unified Payments provides a strong foundation of recurring revenues in the U.S.

Both companies consider the acquisition a major win-win that will create a strong, driven and innovative force in the mobile and transaction processing markets. Their robust global networks and top-tier business relationships, combined with their shared commitment to payment technology innovation, are expected to help Net Element International spread its technology and business to a broader range of users in Russia and other emerging markets while expanding and diversifying its business base in North America.

“We became motivated to acquire Unified Payments after learning about its remarkable success, as it is very rare to see a young company with such an impressive growth track record,” said Net Element International Chairman Kenges Rakishev, himself a noted global business leader and strategic technology investor named one of the 50 most influential people in Kazakhstan. “This acquisition is extremely synergistic, as Net Element will leverage its deep industry relationships in Russia and Commonwealth of Independent States markets to introduce Unified Payment’s unique business model and technologies in these growth markets. Indeed, the combination of these two cutting-edge companies resulting in the formation of TOT is expected to build a strong, technology-driven company in the global mobile and transaction processing markets.”

Oleg Firer, co-founder and executive chairman of Unified Payments, echoed Rakishev’s enthusiasm: “Unified Payments shares Net Element International’s vision to energize and enhance the world of payment processing. I am excited to lead our team to bring the best, most compelling technologies to our focus markets. There are enormous opportunities in Russia and other emerging markets, and we are well-positioned to implement our products and services in these high-growth markets.”

Plans call for appointing Firer to the position of Chief Executive Officer of Net Element International, with Steven Wolberg joining Net Element International as Chief Legal Officer, and Tim Greenfield, Net Element International’s president of mobile commerce and payment processing, becoming President of Corporate Development. Ivan Onuchin will remain as Chief Technology Officer and Jonathan New will remain as Chief Financial Officer. Francesco Piovanetti, Net Element International’s current Chief Executive Officer, will become a consultant to the company. These changes in management of Net Element International are expected to take place following closing of Net Element International’s proposed acquisition of Unified Payments.

The terms of the proposed acquisition are disclosed in Net Element International’s Form 8-K filed with the SEC today.

The proposed acquisition is subject to Net Element International’s satisfactory completion of due diligence, the execution of an acquisition agreement and ancillary agreements and documents satisfactory to the parties, and other customary closing conditions.

About Net Element International (NASDAQ: NETE)

Net Element International (NASDAQ: NETE) is a global technology-driven group specializing in electronic commerce and mobile payments. The company owns and operates a mobile payments company, TOT Money, as well as several popular content monetization verticals. Together with its subsidiaries, Net Element International enables ecommerce and content-management companies to monetize their assets in ecommerce and mobile commerce environments. Its global development centers and high-level business relationships in the United States, Russia and Commonwealth of Independent States strategically position the company for continued growth. The company has U.S. headquarters in Miami and international headquarters in Moscow. More information is available at www.netelement.com.

About Unified Payments

Unified Payments, which has been recognized by Inc. Magazine as the fastest-growing private company in America in 2012, is a leading socially responsible provider of transaction processing services and payment-enabling technologies to small, medium, and large merchants across the United States. Unified Payments provides comprehensive turnkey, transaction processing solutions to merchants across the United States. By utilizing the products and services offered by Unified Payments, merchants are able to accept both traditional card present, mobile payments, card-not present payments, and other forms of cashless payments such as prepaid cards, stored-value cards, gift cards and other closed loop network payments. Its corporate headquarters are in Miami.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Any statements contained in this press release that are not statements of historical fact may be deemed forward-looking statements. Words such as “possible,” “potential,” “proposed,” “will,” “may,” “could,” “should,” “expect,” “expected,” “contemplated,” “plans,” “project,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue,” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, Net Element International’s plans, intentions and expectations with respect to the proposed acquisition of Unified Payments; Net Element International’s satisfactory completion of due diligence with respect to Unified Payments and its business, financial condition, assets and operations; the execution of an acquisition agreement and ancillary agreements and documents satisfactory to Net Element International and United Payments; the satisfaction of customary closing conditions; who the executive officers of Net Element International will be upon closing of the proposed transaction; the extent to which the proposed acquisition diversifies Net Element International’s TOT Money business and/or expands its presence in the payment processing market; the extent that Unified Payments’ business provides recurring revenues in the United States to Net Element International following the closing of the proposed acquisition; the extent that the proposed acquisition helps Net Element International spread its technology and business to a broader range of users in Russia and other emerging markets; and the extent that the proposed acquisition helps Net Element International expand and diversify its business base in North America. All forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, many of which are generally outside the control of Net Element International and are difficult to predict. Examples of such risks and uncertainties include, but are not limited to: (i) the failure for any reason of Net Element International to satisfactorily complete due diligence with respect to Unified Payments and its business, financial condition, assets and operations; (ii) the failure of Net Element International for any reason to enter into an acquisition agreement for the acquisition of Unified Payments; (iii) if such an acquisition agreement is entered into, the failure of the proposed acquisition to close for any reason; (iv) the change for any reason in who the executive officers of Net Element International will be upon closing of the proposed acquisition; (v) risks relating to the consummation of the contemplated acquisition, including the risk that required consents to the acquisition might not be obtained in a timely manner or at all or that other closing conditions are not satisfied; (vi) the impact of the proposed acquisition on the markets for Net Element International’s and its subsidiaries’ products and services and on the markets for Unified Payments’ products and services; (vii) the employees of Net Element International and Unified Payments not being integrated successfully; (viii) operating costs and business disruption following the proposed acquisition, including adverse effects on employee retention and on Net Element International’s and/or Unified Payments’ business relationships with third parties; (ix) adverse effects on the financial condition of Net Element International following the proposed acquisition as a result of the assumption of indebtedness of United Payments; (x) adverse changes in the performance of the business of Unified Payments; (xi) the future performance of Net Element International following the closing of the proposed acquisition; and (xii) local, industry and general business and economic conditions. Additional factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements can be found in the current report, as amended, on Form 8-K/A filed with the Securities and Exchange Commission (the “SEC”) on November 19, 2012 (including, without limitation, the information incorporated by reference therein from the Definitive Joint Proxy Statement and Prospectus, dated September 4, 2012, filed with the SEC on September 5, 2012), the most recent annual report on Form 10-K and the subsequently filed quarterly reports on Form 10-Q and current reports on Form 8-K filed by Net Element International with the SEC. Net Element International anticipates that subsequent events and developments may cause its plans, intentions and expectations to change. Net Element International assumes no obligation, and it specifically disclaims any intention or obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by law.

Glu Mobile (GLUU) Launches First Real-Money Gambling Offering with Probability

Glu Mobile Launches First Real-Money Gambling Offering with Probability
Mobile slot game featuring intellectual property from Glu’s popular Samurai vs. Zombies Defense is immediately available in the UK

San Francisco, Calif. – Mar. 12, 2012 – Glu Mobile Inc. (NASDAQ: GLUU), a leading global developer and publisher of freemium games for smartphone and tablet devices, today announced the availability of the company’s first real-money mobile gambling offering through Probability plc, the mobile entertainment gambling provider. The mobile slot game features intellectual property from Glu’s popular Samurai vs. Zombies Defense and is made available to mobile real-money gamers in the UK through Probability’s distribution network.

“We are pleased to expand our mobile portfolio to include real-money gambling. We anticipate that real-money gambling will continue to gain momentum globally and believe that with this offering, Glu is well positioned to capitalize to the extent that additional markets adjust regulations,” said Niccolo de Masi, Chief Executive Officer of Glu Mobile. “We plan to leverage Probability’s extensive partner network to further extend Glu’s successful original IP to new demographics.”

Glu and Probability entered into a strategic relationship for real-money gambling in 2012 and plan to offer additional Glu-branded mobile gambling games.  Glu original IP-branded casino games will be offered as part of the Probability portfolio and will be offered to a broad range of Probability’s partners such as Paddy Power, William Hill, and Probability’s white label partners.

The relationship is structured so that Probability provides a comprehensive operational role, accepting all regulatory responsibilities.

###

Cautions Regarding Forward-Looking Statements
This news release contains forward-looking statements, including that as we anticipate that real-money gambling will continue to gain momentum globally; our belief that Glu is well positioned to capitalize to the extent that additional markets adjust regulations; that we plan to leverage Probability’s extensive partner network to further extend Glu’s successful original IP to new demographics; and our expectation that Glu’s original IP-branded casino games will be offered as part of the Probability portfolio and will be offered to a broad range of partners such as Paddy Power, William Hill and Probability white label partners. These forward-looking statements are subject to material risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Investors should consider important risk factors, which include: the risk that real-money mobile gaming does not grow as significantly as we anticipate or does not expand to additional markets; the risk that consumer demand for smartphones and tablets does not grow as significantly as we anticipate or that we will be unable to capitalize on any such growth; the risk that we do not realize the expected benefits from our strategic relationship with Probability; and other risks detailed under the caption “Risk Factors” in our Form 10-Q filed with the Securities and Exchange Commission on November 9, 2012 and our other SEC filings. You can locate these reports through our website at http://www.glu.com/investors. We are under no obligation, and expressly disclaim any obligation, to update or alter our forward-looking statements whether as a result of new information, future events or otherwise.

Glu Mobile
Glu Mobile (NASDAQ:GLUU) is a leading global developer and publisher of freemium games for smartphone and tablet devices. Glu is focused on creating compelling original IP games such as CONTRACT KILLER, GUN BROS, DEER HUNTER, BLOOD & GLORY, and SAMURAI VS. ZOMBIES DEFENSE on a wide range of platforms including iOS, Android, Windows Phone, Google Chrome, and MAC OS. Glu’s unique technology platform enables its titles to be accessible to a broad audience of consumers globally. Founded in 2001, Glu is headquartered in San Francisco with a major office outside Seattle, and international locations in Canada, China, and Russia. Consumers can find high-quality entertainment wherever they see the ‘g’ character logo or at www.glu.com. For live updates, please follow Glu via Twitter at www.twitter.com/glumobile or become a Glu fan at Facebook.com/glumobile.

Probability plc
Founded in 2004 and headquartered in London, Probability is the largest direct-to-mobile gambling service in the UK, serving both B2B and B2C audiences. The company holds gambling licenses in Gibraltar and Italy, and gambling operations are hosted in Gibraltar. Probability shares trade on the AIM market of the London Stock Exchange with the symbol PBTY.

GUN BROS, DEER HUNTER, BLOOD & GLORY, SAMURAI VS. ZOMBIES DEFENSE, GLU, GLU MOBILE and the ‘g’ character logo are trademarks of Glu Mobile Inc.

Media Contacts
Jason Enriquez
Glu Mobile Inc.
PR@glu.com
(415) 800-6263

Investor Relations
Seth Potter
ICR Inc.
IR@glu.com
(646) 277-1230

Elbit Imaging (EMITF) Announces the Appointment of a Court-Appointed Expert

TEL AVIV, Israel, March 12, 2013 /PRNewswire/ —

Elbit Imaging Ltd. (“EI” or the “Company”) (TASE, NASDAQ: EMITF) announced today that the Tel Aviv District Court appointed Mr. Ron Alroy, CPA, as an expert following a petition filed by the Trustees of the Company’s outstanding Series C, D, E, F and Series 1 Notes, with respect to the negotiations regarding a restructuring of the debt of the Company as announced by the Company on February 27, 2013.

About Elbit Imaging Ltd.

Elbit Imaging Ltd. operates in the following principal fields of business: (i) Commercial and Entertainment Centers – Initiation, construction and sale of shopping and entertainment centers and other mixed-use real property projects, predominantly in the retail sector, located in Central and Eastern Europe and in India, primarily through its subsidiary Plaza Centers N.V. In certain circumstances and depending on market conditions, we operate and manage commercial and entertainment centers prior to their sale; (ii) U.S. Real Property – Investment in commercial real property in the United States; (iii) Hotels – Hotel operation and management; (iv) Medical Industries – (a) research and development, production and marketing of magnetic resonance imaging guided focused ultrasound treatment equipment and (b) development of stem cell population expansion technologies and stem cell therapy products for transplantation and regenerative medicine; (v) Residential Projects – Initiation, construction and sale of residential projects and other mixed-use real property projects, predominately residential, located primarily in India; (vi) Fashion Apparel – Distribution and marketing of fashion apparel and accessories in Israel; and (vii) Other Activity – venture capital investments.

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

Any forward-looking statements in our releases include statements regarding the intent, belief or current expectations of Elbit Imaging Ltd. and our management about our business, financial condition, results of operations, and its relationship with its employees and the condition of our properties. Words such as “believe,” “would,” “expect,” “intend,” “estimate” and similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. Actual results may differ materially from those projected, expressed or implied in the forward-looking statements as a result of various factors including, without limitation, the factors set forth in our filings with the Securities and Exchange Commission including, without limitation, Item 3.D of our annual report on Form 20-F for the fiscal year ended December 31, 2011, under the caption “Risk Factors.” Any forward-looking statements contained in our releases speak only as of the date of such release, and we caution existing and prospective investors not to place undue reliance on such statements. Such forward-looking statements do not purport to be predictions of future events or circumstances, and therefore, there can be no assurance that any forward-looking statement contained our releases will prove to be accurate. We undertake no obligation to update or revise any forward-looking statements.

For Further Information:

Company Contact:
Shimon Yitzhaki
Chairman of the Board of Directors
Tel: +972-3-608-6048
shimony@elbitimaging.com

Investor Contact:
Mor Dagan
Investor Relations
Tel: +972-3-516-7620
mor@km-ir.co.il

Crossroads (CRDS) Reports Fiscal First Quarter 2013 Financial Results

AUSTIN, TX — (Marketwire) — 03/12/13 — Crossroads Systems, Inc. (NASDAQ: CRDS), a global provider of data archive solutions, reported financial results for its fiscal first quarter ended January 31, 2013.

Fiscal Q1 2013 Financial Results
Revenue for fiscal Q1 2013 increased 38% to $3.6 million from $2.6 million in the same quarter a year ago. The increase was due to the addition of StrongBox® revenue.

Gross profit for fiscal Q1 2013 was $2.6 million, or 73% of total revenue, as compared to $2.3 million or 88% of total revenue in the same quarter a year ago. The decrease in gross margin as a percentage of revenue was due to the lower margin percentage attributable to the development efforts associated with StrongBox service revenue in Q1 2013.

Operating expenses for fiscal Q1 2013 totaled $5.7 million as compared to $5.0 million in the same period a year ago. The increase in operating expenses is mainly due to increases in sales and marketing personnel from the same quarter a year ago.

Net loss for fiscal Q1 2013 totaled $3.1 million or $.27 per share, as compared to a net loss of $2.7 million or $.25 per share in the same quarter a year ago. Gross profit increases were offset by increased operating expenses in Q1 2013 as compared to the same quarter a year ago.

At January 31, 2013, cash and cash equivalents and short-term investments totaled $2.5 million, as compared to $6.9 million in the previous quarter. The decrease in cash was largely due to continued development, marketing and sales efforts of StrongBox as well as a payment on Crossroads’ debt facility of $1.5 million.

Management Commentary
“StrongBox continues to gain traction as evidenced by $1.4 million in revenue from StrongBox in our fiscal first quarter,” said Rob Sims, President and CEO at Crossroads Systems. “We are adding to the growing list of StrongBox customers as evidenced by our pipeline growing from $14 million to $17 million over the last quarter. Our recent reduction in workforce has strengthened our operational efficiency, reducing our annual expenses by more than $5 million and positioning us for profitability as we continue to see growth in StrongBox.”

Crossroads will hold a conference call later today (Tuesday, March 12, 2013) at 4:30 p.m. Eastern Time (3:30 p.m. Central Time) to discuss the financial results. Crossroads’ CEO Rob Sims and CFO Jennifer Crane will host the call starting at 4:30 p.m. Eastern Time. A question and answer session will follow management’s presentation.

Date: Tuesday, March 12, 2013
Time: 4:30 p.m. Eastern Time (3:30 p.m. Central Time)
Dial-In Number: (877) 221-8809
International: (706) 679-8667

The conference call will be broadcasted and available for replay at:
http://us.meeting-stream.com/crossroadssystemsinc_031213

The conference call will also be available via the company’s Web site in the Investor Relations Events & Presentations section.

Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. For more information and to view recent press releases, visit www.crossroads.com.

About Crossroads Systems
Crossroads Systems, Inc. (NASDAQ: CRDS) is a global provider of data archive solutions. Through the innovative use of new technologies, Crossroads delivers customer-driven solutions that enable proactive data security, advanced data archiving, optimized performance and significant cost-savings. Founded in 1996 and headquartered in Austin, TX, Crossroads holds more than 100 patents and has been honored with numerous industry awards for data archiving, storage and protection. Visit www.crossroads.com.

Important Cautions Regarding Forward-Looking Statements
This press release includes forward-looking statements that relate to the business and future events or future performance of Crossroads Systems, Inc. and involve known and unknown risks, uncertainties and other factors that may cause its actual results, levels of activity, performance or achievements to differ materially from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Words such as, but not limited to, “believe,” “expect,” “anticipate,” “estimate,” “intend,” “plan,” “targets,” “likely,” “will,” “would,” “could,” and similar expressions or phrases identify forward-looking statements. Forward-looking statements include, but are not limited to, statements about Crossroads Systems’ ability to implement its business strategy, including the transition from a hardware storage company to a software solutions and services provider, its ability to expand its distribution channels, its ability to maintain or broaden relationships with existing distribution channels and strategic alliances and develop new industry relationships, the performance of third parties in its distribution channels and of its strategic alliances, uncertainties relating to product development and commercialization, the ability to obtain, maintain or protect patent and other proprietary intellectual property rights, technological change in its industry, market acceptance of its products and services, future capital requirements, regulatory actions or delays, competition in general and other factors that may cause actual results to be materially different from those described herein. Forward-looking statements in this press release are based on management’s beliefs and opinions at the time the statements are made. Crossroads Systems does not intend, and undertakes no duty, to update this information to reflect future events or circumstances.

©2013 Crossroads Systems, Inc., Crossroads and Crossroads Systems are registered trademarks of Crossroads Systems, Inc. All trademarks are the property of their respective owners. All specifications are subject to change without notice.

                 CROSSROADS SYSTEMS, INC. AND SUBSIDIARIES
                        CONSOLIDATED BALANCE SHEETS
                     (In thousands, except share data)

                                                   October 31,  January 31,
                      ASSETS                           2012         2013
                                                   -----------  -----------
                                                                (Unaudited)
Current assets:
  Cash and cash equivalents                        $     6,895  $     2,456
  Accounts receivable, net of allowance for
   doubtful accounts of $102 and $97, respectively       2,847        2,282
  Inventory                                                376          405
  Prepaid expenses and other current assets                309          324
                                                   -----------  -----------

    Total current assets                                10,427        5,467

Property and equipment, net                              1,521        1,439
Other assets                                                76           98
                                                   -----------  -----------

    Total assets                                   $    12,024  $     7,004
                                                   ===========  ===========

  LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)

Current liabilities:
  Accounts payable                                 $     1,260  $     1,158
  Accrued expenses                                       2,879        1,869
  Deferred revenue                                       1,306        1,506
  Current portion of long term debt                      2,948        1,481
                                                   -----------  -----------

    Total current liabilities                            8,393        6,014

Long term liabilities                                    1,634        1,445

Commitments and contingencies (See Note 7)                   -            -

Stockholders' equity:
  Common stock, $0.001 par value, 75,000,000
   shares authorized, 11,679,860 and 11,827,458
   shares issued and outstanding, respectively              12           12
  Additional paid-in capital                           204,582      205,280
  Accumulated other comprehensive loss                     (39)         (44)
  Accumulated deficit                                 (202,558)    (205,703)
                                                   -----------  -----------

    Total stockholders' equity (deficit)                 1,997         (455)
                                                   -----------  -----------

    Total liabilities and stockholders' equity     $    12,024  $     7,004
                                                   ===========  ===========

                 CROSSROADS SYSTEMS, INC. AND SUBSIDIARIES
                   CONSOLIDATED STATEMENTS OF OPERATIONS
                                (Unaudited)
              (In Thousands, Except Share and Per Share Data)

                                                      Three Months Ended
                                                          January 31,
                                                   ------------------------
                                                       2012         2013
                                                   -----------  -----------
Revenue:
  Product                                          $     1,112  $     1,918
  IP license, royalty and other                          1,467        1,633
                                                   -----------  -----------

    Total revenue                                        2,579        3,551

Cost of revenue:
  Product                                                   81          194
  IP license, royalty and other                            236          754
                                                   -----------  -----------

    Total cost of revenue                                  317          948
                                                   -----------  -----------

Gross profit                                             2,262        2,603
                                                   -----------  -----------

Operating expenses:
  Sales and marketing                                    1,409        1,960
  Research and development                               2,757        2,857
  General and administrative                               762          876
  Amortization of intangible assets                         47            -
                                                   -----------  -----------

    Total operating expenses                             4,975        5,693
                                                   -----------  -----------

Loss from operations                                    (2,713)      (3,090)

Interest expense                                           (50)         (54)
Other expense                                               14           (1)
                                                   -----------  -----------

Net loss                                           $    (2,749) $    (3,145)
                                                   ===========  ===========

Basic and diluted net loss per share               $     (0.25) $     (0.27)
                                                   ===========  ===========

Basic and diluted average common shares
 outstanding                                        10,974,049   11,819,003
                                                   ===========  ===========

                 CROSSROADS SYSTEMS, INC. AND SUBSIDIARIES
                   CONSOLIDATED STATEMENTS OF CASH FLOWS
                                (Unaudited)
                               (In thousands)

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

Cash flows from operating activities:
  Net loss                                         $    (2,749) $    (3,145)
  Adjustments to reconcile net loss to net cash
   used in operating activities:
    Depreciation                                           161          201
    Amortization of intangible assets                       47            -
    Gain on disposal of property and equipment             (15)           -
    Stock-based compensation                               763          383
    Provision for doubtful accounts receivable              33           (5)
  Changes in assets and liabilities:
    Accounts receivable                                   (304)         570
    Inventory                                             (162)         (29)
    Prepaid expenses and other assets                       26          (37)
    Accounts payable                                    (1,237)        (102)
    Accrued expenses                                      (468)        (706)
    Deferred revenue                                       665          264
                                                   -----------  -----------
      Net cash used in operating activities             (3,240)      (2,606)
                                                   -----------  -----------
Cash flows from investing activities:
  Purchase of property and equipment                      (119)        (119)
  Purchase of held-to-maturity investments                (185)           -
  Maturity of held-to-maturity investments               1,578            -
                                                   -----------  -----------
      Net cash provided by (used in) investing
       activities                                        1,274         (119)
                                                   -----------  -----------
Cash flows from financing activities:
  Proceeds from issuance of common stock, net of
   expenses                                                 34            2
  Proceeds from borrowing on debt                        2,000            -
  Repayment of debt                                          -       (1,720)
                                                   -----------  -----------
      Net cash provided by (used in) financing
       activities                                        2,034       (1,718)
                                                   -----------  -----------

Effect of foreign exchange rate on cash and cash
 equivalents                                              (177)           4
                                                   -----------  -----------
Net decrease in cash and cash equivalents                 (109)      (4,439)
Cash and cash equivalents, beginning of period           7,336        6,895
                                                   -----------  -----------
Cash and cash equivalents, end of period           $     7,227  $     2,456
                                                   ===========  ===========

Company Contacts:
Jennifer Crane
Crossroads Systems
Email Contact
512.928.6897 or 800.643.7148

Investor Contact:
Mark Hood
Crossroads Systems
Email Contact
512.928.7330

Press Contact:
Matthew Zintel
Zintel Public Relations
Email Contact

VistaGen (VSTA) Enhancements, Expanded Validation of LiverSafe 3D™ at Society of Toxicology

SOUTH SAN FRANCISCO, CA — (Marketwire) — 03/12/13 — VistaGen Therapeutics, Inc. (OTCQB: VSTA), a biotechnology company applying stem cell technology for drug rescue, predictive toxicology and drug metabolism assays, today announces that it will present key enhancements to LiverSafe 3D™, its human liver cell-based bioassay system designed to predict liver toxicity and drug metabolism issues, in a poster presentation at the Society of Toxicology’s 52nd Annual Meeting, the world’s premier toxicology conference, in San Antonio, Texas, on March 12, 2013, at 11:00 am PDT.

Dr. Kristina Bonham, Senior Scientist, Hepatocyte Biology Project Leader, will present VistaGen’s poster titled “Selection of CYP3A4+ hESC-derived Hepatocytes for Drug Metabolism and Toxicity Assays,” which will detail the following expanded data:

• 3A4BLA-hepatocytes (human liver cells) can be used to: monitor the differentiation of mature hepatocytes; sort for mature hepatocytes; monitor drug induction of the CYP3A4 gene, the crucial adult enzyme responsible for metabolizing approximately 50% of existing drugs; and develop in vitro assays for drug metabolism and toxicity
• Using appropriate reagents, the 3A4BLA system can be used to select and enrich stem cell-derived functionally mature hepatocytes

H. Ralph Snodgrass, PhD, VistaGen’s President and Chief Scientific Officer, stated, “These data demonstrate that we have substantially improved our LiverSafe 3D™ and now have the potential to identify and purify human hepatocytes with more mature functions, as well as provide a novel assay for drugs that effect CYP3A4 enzyme expression, activity and key drug-drug interactions.” Dr. Snodgrass continued, “I am excited by the fact that further improvements in our differentiation protocols have enabled our scientists to produce cultures with more than 80% mature hepatocytes expressing CYP3A4 without cell enrichment, which will dramatically accelerate our initiation of drug rescue programs focusing on both liver and heart toxicity.”

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 companies, the U.S. National Institutes of Health (NIH) or university laboratories, after substantial investment in discovery and development, due to heart or liver toxicity or metabolism issues. 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 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 Therapeutics, Inc. 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 success of VistaGen’s stem cell technology-based drug rescue, predictive toxicology and metabolism screening activities, further development of stem cell-based bioassay systems, 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, 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 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

Revolution (RVLT) Announces $5 Million Equity Investment

CHARLOTTE, N.C., March 11, 2013 /PRNewswire/ — Advanced LED lighting technology provider, Revolution Lighting Technologies, Inc. (NASDAQ: RVLT),  announces the completion of a $5 million equity investment from a new unaffiliated investor. The investment will be in the form of common stock and the proceeds will be used for general purposes, including working capital and expansion of the company’s distribution network.

“I am pleased to announce a new equity investment in RVLT by a large, highly regarded, Midwestern financial institution. This latest investment not only provides additional capital to fund our increasing growth, but also expands our shareholder base with an important new investor. Revolution is well positioned to significantly increase revenue and profitability in 2013 and beyond,” commented Robert V. LaPenta, Chairman and CEO of Revolution Lighting Technologies, Inc.

“This investment expands our capital base and better positions us to support our dynamic growth and aggressively pursue our growing pipeline of opportunities. We continue to invest in our unique and expansive platform to take advantage of the significant opportunities in the marketplace,” said Charlie Schafer, Revolution’s President and Chief Financial Officer.

The $5 million investment has been completed through the sale of a newly issued common stock at a price of $1.17 per share. The transaction closed March 8, 2013 and has been approved by the board of directors of RVLT. The Company will provide a more detailed description of the terms and conditions of the transaction in a Current Report on Form 8-K to be filed with the SEC.

About Revolution Lighting Technologies

Revolution Lighting Technologies, Inc. engages in the design, manufacture, marketing, and sale of light emitting diode (LED) lighting solutions in the United States, Canada, and internationally. The company sells its products under the Seesmart, Lumificient, and Array brand names. Revolution Lighting Technologies, Inc. markets and distributes its product through a network of independent sales representatives and distributors, as well as through energy savings companies and national accounts. For more information about Revolution Lighting Technologies, visit http://www.rvlti.com/ and http://www.seesmartled.com

Certain of the above statements contained in this press release are forward-looking statements that involve a number of risks and uncertainties, including the satisfaction of closing conditions prior to the consummation of the acquisition of Seesmart and the anticipated benefits of such acquisition. Such forward-looking statements are within the meaning of that term in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Reference is made to Revolution Lighting’s filings under the Securities Exchange Act for additional factors that could cause actual results to differ materially. Revolution Lighting Technologies, Inc. undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those indicated in the forward-looking statements as a result of various factors. Readers are cautioned not to place undue reliance on these forward-looking statements.

Chyron (CHYR) Reports Q4 and FY12 Financial Results

MELVILLE, NY — (Marketwire) — 03/11/13 — Chyron Corporation (NASDAQ: CHYR), a leading provider of Graphics as a Service for on-air and digital video applications, today announced its financial results for the fourth quarter and full year ended December 31, 2012.

Fourth Quarter and Full Year 2012 Financial Highlights include:

• Q4 2012 revenues decreased 9% to $7.4 million compared to $8.1 million in Q4 2011;
• Q4 2012 service revenues increased 6% to $2.2 million compared to $2.1 million in Q4 2011;
• Product revenues were down 13% to $5.2 million in Q4 2012 versus $6.0 million in Q4 2011;
• Full year 2012 revenues decreased 4% to $30.2 million versus $31.6 million in 2011;
• Full year service revenues increased 11% in 2012 to $8.5 million versus $7.7 million in 2011;
• Full year 2012 product revenues decreased 9% to $21.7 million compared to $23.9 million in 2011;

Michael Wellesley-Wesley, Chyron CEO commented; “While somewhat disappointing, our fourth quarter financial results were in line with our experience of 2012 as a whole and similar from an end user demand standpoint to conditions being reported by our principal competitors. Demand weakened in the second half of 2012 and didn’t have a meaningful recovery in the fourth quarter. We believe that revenue growth in our traditional mature segments is achievable only through competitive wins and the current depressed and price competitive environment suggests that we will need to move in a different direction for us to rebuild shareholder value. Our industry will consolidate over the next 2-3 years in response to the rapid technology changes currently impacting the broadcast space. There are pockets of strong growth that we need to address and the best way to achieve growth is through alliances, partnerships and acquisitions.”

Fourth Quarter 2012 Financial Results

Revenues for the fourth quarter decreased 9% to $7.4 million compared to $8.1 million in the fourth quarter of 2011.

Product sales for the fourth quarter decreased 13% to $5.2 million compared to $6.0 million in the comparable quarter of 2011. Service revenues, which include revenues from the Company’s AXIS cloud-based graphics service, as well as systems hardware and software maintenance agreements, systems commissioning, training and creative services, increased 6% to $2.2 million from $2.1 million in the comparable quarter last year. Service revenues as a percentage of total revenues for the fourth quarter of 2012 were 29% as compared to 25% in the prior year’s fourth quarter.

Gross profit margin for the fourth quarter decreased to 69.1% compared to 71.4% in last year’s fourth quarter. Operating expenses for the quarter were $5.7 million compared to $6.2 million in the comparable quarter of 2011, representing a decrease of 8%. The Company had an operating loss of $0.57 million for the fourth quarter of 2012 compared to an operating loss of $0.43 million in the fourth quarter of 2011.

The Company recorded a net loss of $20.0 million, or $(1.17) per diluted share, in the fourth quarter of 2012 compared to a net loss of $0.4 million, or $(0.02) per diluted share, in the fourth quarter of 2011. Included in the $20.0 million net loss was a $19.5 million valuation allowance against the Company’s deferred tax assets as explained in more detail below.

Full Year 2012 Results

Revenues for full year 2012 decreased 4% to $30.2 million compared to $31.6 million in 2011.

Product revenues in 2012 decreased 9% to $21.7 million compared to $23.9 million in full year 2011. Product revenues as a percentage of total revenues for 2012 were 72% as compared to 76% in 2011.

Service revenues for the full year, which include revenues from the Company’s AXIS cloud-based graphics service, as well as systems hardware and software maintenance agreements, system commissioning, training and creative services, increased 11% to $8.5 million from $7.7 million in 2011. Service revenues as a percentage of total revenues for 2012 were 28% as compared to 24% in 2011.

Gross profit margin for full year 2012 decreased to 69.2% compared to 70% in 2011. Operating expenses for full year 2012 were $24.7 million compared to $24.1 million in 2011, representing an increase of 2%, primarily driven by 10% higher research and development expenses and 4% higher sales and marketing expenses, offset somewhat by 12% lower general and administrative expenses. The Company had an operating loss of $3.7 million in 2012 compared to an operating loss of $1.9 million in 2011.

For the full year 2012 the Company recorded a net loss of $22.3 million compared to a net loss of $4.2 million in full year 2011. As required by generally accepted accounting principles, the Company’s management assessed the likelihood that the Company’s deferred tax assets will be realizable in the future. In making this assessment management considered all available evidence, both positive and negative, in determining whether it is more likely than not that the deferred tax assets will be realized. Management considered that the Company incurred a loss in 2012 and preceding fiscal years, and that near-term market and economic conditions remain uncertain, thereby reducing management’s ability to reliably project future taxable income in determining the realizability of the Company’s deferred tax assets. Based on management’s evaluation, the Company recorded a $19.5 million charge to its income tax provision and a corresponding decrease in deferred tax assets to recognize a valuation allowance against those deferred tax assets. This $19.5 million charge is included in the total $18.5 million income tax provision for 2012.

The Company reported basic and diluted loss per share of $(1.31) for the full year ended December 31, 2012, compared to a basic and diluted loss per share of $(0.26) for the full year 2011.

Conference Call and Webcast: Fourth Quarter and Full Year 2012 Financial Results:

Chyron Corporation management will host a conference call on Monday, March 11, 2013, at 10:00 AM eastern time, to review the fourth quarter and full year 2012 results. Participants using the telephone should dial 877-556-5248 (U.S. and Canada) or 720-545-0029 (International), and enter conference code 20581174. Web participants are encouraged to go to http://investor.chyron.com or www.earnings.com. A replay will be available shortly after the call on http://investor.chyron.com, click on Events & Presentations.

About Chyron

Chyron (NASDAQ: CHYR) is a leading provider of Graphics as a Service for on-air and digital video applications including newsrooms, studios, sports broadcasting facilities, and corporate video environments. An Emmy® Award-winning company whose products have defined the world of digital and broadcast graphics, Chyron’s graphics solutions include the Axis World Graphics online content creation software and order management system, on-air graphics systems, clip servers, channel branding, and graphics asset management solutions, all of which may be incorporated into the company’s BlueNet™ end-to-end graphics workflow. More information about Chyron products and services is available on the company websites: www.chyron.com and www.axisgraphics.tv. The company’s investor relations information is at www.chyron.com, click on Investors.

Special Note Regarding Forward-looking Statements

This press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to: (i) revenue growth in our traditional mature segments being achievable only through competitive wins, (ii) our belief that the current depressed, price competitive environment suggests that we will need to move in a different direction to rebuild shareholder value, (iii) our belief that our industry will consolidate over the next 2-3 years, and (iv) our belief that there are pockets of strong growth that may be addressed through alliances, partnerships and acquisitions. These forward-looking statements are based on management’s current expectations and are subject to certain risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to: current and future economic conditions that may adversely affect our business and customers; potential fluctuation of our revenues and profitability from period to period which could result in our failure to meet expectations; our ability to maintain adequate levels of working capital; our ability to successfully maintain the level of operating costs; our ability to obtain financing for our future needs should there be a need; our ability to incentivize and retain our current senior management team and continue to attract and retain qualified scientific, technical and business personnel; our ability to expand our Axis online graphics creation solution or to develop other new products and services; our ability to generate sales and profits from our Axis online graphics services, workflow and asset management solutions; rapid technological changes and new technologies that could render certain of our products and services to be obsolete; competitors with significantly greater financial resources; introduction of new products and services by competitors; challenges associated with expansion into new markets; failure to stay in compliance with all applicable NASDAQ requirements could result in NASDAQ delisting our common stock; and, other factors discussed under the heading “Risk Factors” contained in Item 1A in our Annual Report on Form 10-K for the year ended December 31, 2012, which has been filed with the Securities and Exchange Commission, as well as any updates to those risk factors filed from time to time. All information in this press release is as of the date of the release and we undertake no duty to update this information unless required by law.

                             CHYRON CORPORATION
        CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
                  (In thousands, except per share amounts)

                                  Three Months Ended        Year Ended
                                     December 31,          December 31,
                                    2012       2011       2012       2011
                                 ---------  ---------  ---------  ---------

Net sales                        $   7,414  $   8,108  $  30,222  $  31,587
Gross profit                         5,120      5,786     20,903     22,114
Operating expenses:
  Selling, general and
   administrative                    3,931      4,460     17,209     17,287
  Research and development           1,761      1,759      7,443      6,775
                                 ---------  ---------  ---------  ---------
Total operating expenses             5,692      6,219     24,652     24,062
                                 ---------  ---------  ---------  ---------
Operating loss                        (572)      (433)    (3,749)    (1,948)
Interest and other income
 (expense), net                         (8)       (12)       (13)       (21)
                                 ---------  ---------  ---------  ---------
Loss before taxes                     (580)      (445)    (3,762)    (1,969)
Income tax (expense) benefit,
 net                               (19,439)        45    (18,539)    (2,277)
                                 ---------  ---------  ---------  ---------
Net loss                         $ (20,019) $    (400) $ (22,301) $  (4,246)

Net loss per common share -
  Basic                          $   (1.17) $   (0.02) $   (1.31) $   (0.26)
  Diluted                        $   (1.17) $   (0.02) $   (1.31) $   (0.26)

Weighted average number of
 common and common equivalent
 shares outstanding:
    Basic                           17,111     16,617     16,961     16,458
    Diluted                         17,111     16,617     16,961     16,458

              CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
                               (in thousands)

                                                   December 31, December 31,
                                                       2012         2011
                                                   ------------ ------------
Assets:
Cash and cash equivalents                          $      2,483 $      4,216
Accounts receivable, net                                  5,630        5,727
Inventories, net                                          2,285        2,132
Deferred taxes                                                -        2,508
Other current assets                                        626          792
                                                   ------------ ------------
  Total current assets                                   11,024       15,375
Deferred taxes                                                -       15,994
Goodwill and intangible assets, net                       2,625        2,724
Other non-current assets                                  1,466        1,713
                                                   ------------ ------------
    Total assets                                   $     15,115 $     35,806
                                                   ============ ============

Liabilities and shareholders' equity:
Current liabilities                                $      7,315 $      8,006
Non-current liabilities                                   5,819        3,758
                                                   ------------ ------------
  Total liabilities                                      13,134       11,764
                                                   ------------ ------------

Shareholders' equity                                      1,981       24,042
                                                   ------------ ------------
Total liabilities and shareholders' equity         $     15,115 $     35,806
                                                   ============ ============

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Copyright 2013 Chyron Corporation

Contact:
Chyron Investor Relations
Tel: (631) 845-2000, press 7

General (JOB) Provides update on Filing of Reports

OAKBROOK TERRACE, Ill., March 11, 2013 /PRNewswire/ — General Employment Enterprises, Inc. (NYSE MKT: JOB) today announced that on January 17, 2013 and February 21, 2013 the Company received notices from the NYSE MKT staff indicating that the Company is below certain of the Exchange’s continued listing standards due to its delinquency in filing Form 10-K for fiscal year ended September 30, 2012 and the delinquency in filing Form 10-Q for the quarter ended December 31, 2012, as set forth in sections 134 and 1101 of the NYSE MKT Company Guide.  The Company was afforded the opportunity to submit a plan of compliance to the Exchange and on January 31, 2013 presented its plan for both reports to the Exchange.  On March 5, 2013 the Exchange notified the Company that it accepted the Company’s plan of compliance and granted the Company an extension until May 1, 2013 to regain compliance with the continued listing standards.  The Company will be subject to periodic review by the Exchange staff during the extension period.  Failure to make progress consistent with the plan or to regain compliance with the continued listing standards by the end of the extension period could result in the Company being delisted from the NYSE MKT LLC.

Commenting on the Company’s status, Michael Schroering, Chairman of the Board & CEO stated, “We have made great progress on the audit with Friedman, LLP and expect to meet or exceed the expectations of the NYSE MKT.”  Mr. Schroering also commented, “We are transitioning to a new and invigorated team at General Employment Enterprise, Inc., whom I believe will work aggressively and be able to accomplish our strategic goals for this year and beyond.  We have seen encouraging results from this year’s first quarter of operations and have already started the necessary infrastructure changes for our future.”

Business Information

General Employment Enterprises, Inc. (the “Company”) was incorporated in the State of Illinois in 1962 and is the successor to employment offices doing business since 1893.  The Company’s segments consist of the following: (a) professional placement services specializing in the placement of information technology, engineering, and accounting professionals for direct hire and contract staffing, (b) temporary staffing services in the agricultural industry and (c) temporary staffing services in light industrial staffing.

Forward-Looking Statements

The statements made in this press release which are not historical facts, including the preliminary financial results, are forward-looking statements.  Such forward-looking statements often contain or are prefaced by words such as “will” and “expect.” As a result of a number of factors, our actual results could differ materially from those set forth in the forward-looking statements. Certain factors that might cause our actual results to differ materially from those in the forward-looking statements include, without limitation, those factors set forth under the heading “Forward-Looking Statements” in our annual report on Form 10-K for the fiscal year ended September 30, 2011, and in our other filings with the SEC. General Employment is under no obligation to (and expressly disclaims any such obligation to) and does not intend to update or alter its forward-looking statements whether as a result of new information, future events or otherwise.