Elecsys (ESYS) Reports Third Quarter Financial Results

Sales increase by 43% and net income grows to $.18 per share

OLATHE, Kan., March 11, 2013 /PRNewswire/ — Elecsys Corporation (NASDAQ: ESYS), a provider of innovative machine to machine (M2M) communication technology solutions, data acquisition systems, and custom electronic equipment for critical industrial applications worldwide, today announced the financial results for its third fiscal quarter ended January 31, 2013.

Sales for the quarter were $7,458,000, which was an increase of 43%, or $2,240,000, from sales of $5,218,000 during the third quarter of fiscal 2012.  Total sales year-to-date increased 5%, or $829,000, to $17,853,000.

Operating income for the quarter was $1,146,000, compared to operating income of $473,000 for the same quarter in the prior year.  For the first nine months of fiscal 2013, operating income grew to $1,617,000, an increase of $273,000 over the same period of the prior year.

Net income was $716,000, or $0.18 per diluted share, for the quarter ended January 31, 2013.  For the quarter ended January 31, 2012, net income was $262,000, or $0.07 per diluted share. For the nine-month period ended January 31, 2013, net income totaled $968,000, or $0.25 per diluted share, while for the comparable prior year period net income was $754,000, or $0.19 per diluted share.

Sales of proprietary products and services were $3,034,000 for the quarter ended January 31, 2013, an increase of 19%, or $481,000 from the previous year quarter.  Proprietary product sales increased $609,000, or 8%, to $7,885,000 for the nine-month period ended January 31, 2013 compared to $7,276,000 in the comparable period of the prior fiscal year.  Sales of wireless remote monitoring and industrial data communication solutions decreased $412,000, from the previous year to $1,470,000 for the current quarter.  For the year-to-date period ended January 31, 2013, sales decreased $582,000 as compared to the year-to-date period of the prior year.  In addition, sales of Radix mobile data acquisition solutions increased by $914,000, or 160%, to $1,484,000 for the three-month period ended January 31, 2013. For the nine-month period ended January 31, 2013, sales of Radix mobile data acquisition solutions increased 79% to $2,765,000.  The increase was driven by an increase in shipments of the Radix FW950 and peripherals to a large domestic customer and continued sales to international partners.

Sales for the Company’s custom Electronic Manufacturing Services (“EMS”) business segment grew 66%, or $1,759,000, to approximately $4,424,000 for the quarter ended January 31, 2013.  Fiscal year-to-date EMS sales were $9,968,000, an increase of 2%, or $220,000, from $9,748,000 in the nine-month period ended January 31, 2012.

The Company expects that total sales for its proprietary products and services will continue to increase as a result of its continued investments in both sales and marketing and new product development.  The Company anticipates that its wireless remote monitoring solutions and industrial data communications product lines will generate increased sales over the next few quarters.  The Company also believes that EMS sales will grow modestly over the longer term based upon the current scheduled orders in backlog, the anticipated addition of new EMS customers, and renewed investment in sales and marketing that will focus on customers that can benefit from the Company’s proprietary technology solutions.

Total backlog at January 31, 2013 was approximately $9,576,000, an increase of $1,671,000, or 21%, from a total backlog of $7,905,000 on April 30, 2012.  The increase in backlog was primarily due to an increase in EMS bookings during the quarter combined with an increase in proprietary product backlog.

Gross margin for the quarters ended January 31, 2013 and 2012 was approximately 38%, or $2,803,000 and  $1,990,000, respectively.  The $813,000 increase in gross margin dollars for the quarter was a function of increased overall sales volume led by the growth in EMS sales.  Gross margin for the nine-month period increased to 37% of sales, or $6,603,000 from a gross margin of 36% of sales or $6,091,000 from the nine-month period ended January 31, 2012.  The increase of gross margin dollars and gross margin percentage was the direct result of higher overall sales during the year-to-date period and a favorable product mix.

Total selling, general and administrative expenses were approximately $1,657,000 during the quarter ended January 31, 2013 compared with $1,517,000 in the comparable quarter of the prior fiscal year.  The increase of $140,000, or 9%, resulted primarily from increases in research and development costs and general and administrative expenses.  The increase in research and development costs included continued investment in engineering design personnel engaged in new product development.  General and administrative expenses increased from the comparable period of the prior year due to growth in personnel expenses, professional fees, and general office costs.  Selling, general and administrative expenses for the nine-month periods ended January 31, 2013 and 2012 totaled $4,986,000 and $4,747,000, respectively.

Karl B. Gemperli, Chief Executive Officer, stated, “We are pleased with our performance during the third quarter which demonstrated solid revenue growth, strong gross margins, and a substantial increase in earnings compared to our prior year.  Sales increased 43% from the third quarter of last year with strong growth in both proprietary products and custom OEM solutions.  We continued to invest in the growth of Elecsys on many fronts during the quarter.  Most significantly, we increased our investments in both new product development and sales and marketing initiatives in order to penetrate new markets that are vital to our long term expansion.  In addition, our dependable and efficient operations continued to build our reputation as a world-class electronics solutions partner and cement the long-term business relationships that are important for growth in our electronic design and manufacturing services segment.”

Gemperli continued, “We believe that our innovative M2M technology is a key component of our future expansion that can open new business opportunities for proprietary and custom OEM solutions in the strong and growing industries that we target.  With both next generation system solutions currently in development and additional products being introduced, we anticipate the growth of both our proprietary and OEM solutions to accelerate.  In conjunction with new product and technology investment, our continuing business development initiatives are focused on both expanding applications for our products into new industry segments and increasing our business in new markets with attractive new business potential.  Although the pace and sustainability of the economic recovery is difficult to predict, we are focused on growing Elecsys and expect positive trends in both revenues and earnings to continue during the coming quarters.”

About Elecsys Corporation
Elecsys Corporation provides innovative machine to machine (M2M) communication technology solutions, data acquisition and management systems, and custom electronic equipment for critical industrial applications worldwide.  The Company’s primary markets include energy, agriculture, safety and security systems, water management, and transportation.  Elecsys proprietary equipment and services encompass wireless remote monitoring, industrial data communication, and mobile data acquisition technologies that are deployed wherever high quality and reliability are essential.  Elecsys develops, manufactures, and supports proprietary technology and equipment under several premium brand names.  In addition to its proprietary products, Elecsys designs and manufactures rugged and reliable custom electronic assemblies and integrated display modules for multiple original equipment manufacturers in a variety of industries worldwide.  For more information, visit www.elecsyscorp.com.

Safe-Harbor Statement
The discussions set forth in this press release may contain forward-looking comments based on current expectations that involve a number of risks and uncertainties. Actual results could differ materially from those projected or suggested in the forward-looking comments. The difference could be caused by a number of factors, including, but not limited to the factors and conditions that are described in Elecsys Corporation’s SEC filings, including the Form 10-K for the year ended April 30, 2012. The reader is cautioned that Elecsys Corporation does not have a policy of updating or revising forward-looking statements and thus he or she should not assume that silence by management of Elecsys Corporation over time means that actual events are bearing out as estimated in such forward-looking statements.

VistaGen (VSTA) to Present CardioSafe 3D™ Developments at Society of Toxicology

SOUTH SAN FRANCISCO, CA — (Marketwire) — 03/11/13 — VistaGen Therapeutics, Inc. (OTCQB: VSTA), a biotechnology company applying stem cell technology for drug rescue, predictive toxicology and drug metabolism assays, today announces it will feature key developments involving CardioSafe 3D™, its pluripotent stem cell-based bioassay system for heart toxicity, 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 11, 2013, at 7:30 am PDT.

Dr. Hai-Qing Xian, Senior Scientist, will present VistaGen’s poster titled “Development of Improved hESC-Based High-Throughput Screening Assays for Cardiotoxicity Assessment,” which will detail the following expanded functional and electrophysiological results:

• Optimized differentiation protocols that, without selection, reproducibly yield more than 80% human cardiomyocytes (human heart cells) that function reliably in various established and newly developed assays relevant to cardiac drug effects
• The use of patented technology involving the CD172a cell surface marker, allows the purification of substantially pure (more than 95%) human cardiomyocytes
• The development of a series of fluorescence or luminescence-based high-throughput assays that are used to assess drug-induced: 1) necrosis; 2) apoptosis; 3) mitochondrial toxicity; and 4) oxidative stress of human cardiomyocytes
• New assays are validated using compounds that include: 1) inhibitors of protein kinases; 2) DNA intercalating agents; 3) ion-channel blockers; and 4) compounds that block the surface expression of critical ion-channels
• The assays measured drug effects with high sensitivity, yielding results consistent with known human biology of the compounds

H. Ralph Snodgrass, PhD, VistaGen’s President and Chief Scientific Officer, stated, “I am very pleased with these results, because they confirm that our stem cell-based human cardiomyocyte screening systems will provide improved capabilities and resolution for our cardiac drug rescue programs, which we believe will contribute to the efficient and rapid identification of safer and highly effective new drug therapies.”

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 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, and potentially improved cell therapies, for human blood system disorders or other diseases or conditions, 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

Chanticleer Holdings (HOTR) Engages Dian Griesel Inc.

CHARLOTTE, NC–(Marketwire – March 11, 2013) – Chanticleer Holdings, Inc. (NASDAQ: HOTR) (“Chanticleer Holdings” or the “Company”), a minority owner in the privately held parent company of the Hooters® brand, Hooters of America, and a franchisee of international Hooters restaurants, has hired Dian Griesel Inc. (DGI) to serve as its investor relations and public relations agency. DGI’s investor and public relations teams will work toward the objective of increasing investor and public awareness of Chanticleer Holdings’ plans to develop the Hooters brand in international emerging markets.

“Chanticleer Holdings is focused on expanding the Hooters casual dining restaurant brand in a variety of emerging markets worldwide, and building on the successes we have achieved to date in South Africa, Australia, Brazil, and Hungary,” said Mike Pruitt, CEO of Chanticleer Holdings. “As we continue to explore and develop these markets and expand our opportunities in regions such as Eastern Europe, we know that conveying the unique appeal of the Hooters brand, both to potential investors and potential customers, will be key to our success. We believe that we have a compelling investment thesis for investors and an exciting story to share with the media, and we look forward to leveraging DGI’s experience, relationships and expertise.”

DGI is a full-service corporate communications firm providing the equivalent of “large-cap” investor relations and public relations services to smaller emerging growth companies. Always budget-conscious, its carefully planned programs blend the best of traditional strategies with the opportunities of new media.

About Chanticleer Holdings, Inc.

Chanticleer Holdings (HOTR) is focused on expanding the Hooters® casual dining restaurant brand in international emerging markets. Chanticleer currently owns in whole or part of the exclusive franchise rights to develop and operate Hooters restaurants in South Africa, Hungary and parts of Brazil, and has joint ventured with the current Hooters franchisee in Australia, while evaluating several additional international opportunities. The Company currently owns and operates in whole or part of six Hooters restaurants in its international franchise territories: Durban, Johannesburg, Cape Town and Emperor’s Palace in South Africa; Campbelltown in Australia; and Budapest in Hungary.

In 2011, Chanticleer and a group of noteworthy private equity investors, which included H.I.G. Capital, KarpReilly, LLC and Kelly Hall, president of Texas Wings Inc., the largest Hooters franchisee in the United States, acquired Hooters of America, a privately held company. Today, Hooters of America is an operator and the franchisor of over 430 Hooters® restaurants in 28 countries. Chanticleer maintains a minority ownership stake in Hooters of America and its CEO, Mike Pruitt, is also a member of Hooters’ Board of Directors.

For further information, please visit www.chanticleerholdings.com
Facebook: www.Facebook.com/ChanticleerHOTR
Twitter: http://Twitter.com/ChanticleerHOTR

For further information on Hooters of America, visit www.Hooters.com
Facebook: www.Facebook.com/Hooters
Twitter: http://Twitter.com/Hooters

Forward-Looking Statements:

Any statements that are not historical facts contained in this release are “forward-looking statements” as that term is defined under the Private Securities Litigation Reform Act of 1995 (PSLRA), which statements may be identified by words such as “expects,” “plans,” “projects,” “will,” “may,” “anticipates,” “believes,” “should,” “intends,” “estimates,” and other words of similar meaning. Many factors could cause our actual activities or results to differ materially from the activities and results anticipated in forward-looking statements. These factors include those described in the companies’ filings with the Securities and Exchange Commission. The forward-looking statements contained in this press release speak only as of the date the statements were made, and the companies do not undertake any obligation to update forward-looking statements. We intend that all forward-looking statements be subject to the safe-harbor provisions of the PSLRA.

Contact:
Chanticleer Holdings, Inc.
Mike Pruitt
Chairman/CEO
Phone: 704.366.5122 x 1
mp@chanticleerholdings.com

Dian Griesel Inc.
Investor Relations:
Cheryl Schneider
cschneider@dgicomm.com

Public Relations:
Enrique Briz
ebriz@dgicomm.com
212.825.3210

ParkerVision (PRKR) to Host Q4 2012 Conference Call/Webcast March 18th

JACKSONVILLE, Fla., March 8, 2013 (GLOBE NEWSWIRE) — ParkerVision, Inc. (Nasdaq:PRKR), a developer and marketer of semiconductor technology solutions for wireless applications, will hold a conference call and webcast to discuss fourth quarter 2012 financial results on Monday, March 18, 2013 at 4:30 p.m. Eastern time. Jeffrey Parker, Chief Executive Officer and Cindy Poehlman, Chief Financial Officer, will review the Company’s results, which will be released after the close of trading that day, as well as provide a general corporate update.

If you are unable to participate during the live conference call and webcast, the conference call audio cast will be archived and available for replay in the Investor Relations section of the Company’s website at http://parkervision.com for approximately 90 days.

About ParkerVision

ParkerVision, Inc. designs, develops and markets its proprietary RF technologies, which enable advanced wireless communications for current and next generation mobile communications networks. Its solutions for wireless transfer of radio frequency (RF) waveforms enable significant advancements in wireless products, addressing the needs of the cellular industry for efficient use of power, reduced cost and size, greater design simplicity and enhance performance in mobile handsets as the industry migrates to next generation networks. ParkerVision is headquartered in Jacksonville, Fla. For more information, please visit http://www.parkervision.com. (PRKR-I)

The ParkerVision, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=9410

CONTACT: Cindy Poehlman
         Chief Financial Officer
         ParkerVision, Inc.
         904-737-1367, cpoehlman@parkervision.com

         or

         Ron Stabiner
         Vice President
         The Wall Street Group, Inc.
         212-888-4848, rstabiner@thewallstreetgroup.com

ZBB Energy (ZBB) Panel Discussion at the 25th Annual Roth Conference March 17th

MILWAUKEE, WI — (Marketwire) — 03/08/13 — ZBB Energy Corporation (NYSE MKT: ZBB), a leading developer of intelligent, renewable energy power platforms and hybrid vehicle control systems, today announced that Eric C. Apfelbach, President and CEO, will participate in a panel discussion at the 25th Annual Roth Conference. The conference will be at the Ritz-Carlton Hotel in Laguna Niguel, California. The panelists are scheduled to present on Sunday, March 17, 2013 from 3:30-5:00 pm (Pacific Daylight Time) on “The Resurgence of Renewable Energy – The Future of Natural Gas & Electricity Infrastructure Development.”

About ZBB Energy Corporation

ZBB Energy Corporation (NYSE MKT: ZBB) designs, develops, and manufactures advanced energy storage, power electronic systems, and engineered custom and semi-custom products targeted at the growing global need for distributed renewable energy, energy efficiency, power quality, and grid modernization. ZBB and its power electronics subsidiary, Tier Electronics, LLC, have developed a portfolio of integrated power management platforms that combine advanced power and energy controls plus energy storage to optimize renewable energy sources and conventional power inputs whether connected to the grid or not. Tier Electronics participates in the energy efficiency markets through their hybrid vehicle control systems, and power quality markets with their line of regulation solutions. Together, these platforms solve a wide range of electrical system challenges in global markets for utility, governmental, commercial, industrial and residential end customers. Founded in 1986, ZBB’s platforms ensure optimal efficiencies today, while offering the flexibility to adapt and scale to future requirements. ZBB’s corporate offices and production facilities are located in Menomonee Falls, WI, USA with offices also located in Perth, Western Australia. For more information, visit: www.zbbenergy.com.

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Investor Relations Contact:

Lewis W. Kreps
Three Part Advisors, LLC
www.threepa.com
214-599-7955

David Mossberg
Three Part Advisors, LLC

CallidusCloud (CALD) Announces C3 2013 Program

PLEASANTON, CA — (Marketwire) — 03/08/13 — Callidus Software Inc. (NASDAQ: CALD) today announced the program for CallidusCloud® C3 2013, the company’s annual customer conference, to be held May 5-7 at the ARIA Hotel, Las Vegas. C3 will provide an interactive forum where attendees can engage with analysts and like-minded customers to explore the latest trends, solutions, best practices and industry secrets for driving revenue.

“Strong profitable revenue growth is a top priority for all businesses, yet many are relying on legacy, stand-alone sales and marketing automation systems,” said Giles House, Vice President, Marketing Communications and Products, CallidusCloud. “C3 will focus on better ways to drive performance throughout the sales cycle from leads to compensation. Attendees will see the next generation of our products including brand new Quota and Territory Management, a new HTML5 User Interface for Commissions, hands on product training and certifications as well as the best practice sharing and networking opportunities with business leaders across all industries.”

Conference Highlights:

• Executive Keynote: CallidusCloud’s President and CEO, Leslie Stretch, discusses CallidusCloud’s strategy to take sales and marketing to the next level and raises the curtain on the latest innovation from CallidusCloud.
• Featured Industry Analysts: Peter Ostrow, Vice President and Research Group Director at Aberdeen Group, chairs a panel of visionary customers discussing the latest research on compensation management, marketing alignment, sales enablement and mobile learning across different industries. Scott Santucci, Principal Analyst & Research Director, Forrester Research, Inc., reveals the latest trends in sales and marketing alignment and how best to cope with today’s buyers. Patrick Stakenas, Research Director, Gartner, reveals how Mobile, Social, Cloud, and Big Data will power the future of sales.
• Customer Speakers: 30 breakout sessions packed with best practices and insight from customers and partners across all industries and products will cover everything from building a business case to successfully navigating a project. For a full list of confirmed speakers visit the C3 website
• Product Experts: Onsite training sessions will run throughout the conference, providing attendees free access to hands on training and certification. Demo pods will be located in the expo hall showcasing the latest product innovations.
• Partner Expo: Meet the leading strategic partners, resellers and implementers from the CallidusCloud ecosystem.

C3 registration is now open. To see the full list of speakers, agenda and to register for the event visit: www.calliduscloud.com/c3

Follow the major C3 announcements on social:

• Twitter: @calliduscloud #caldc3
• Facebook: www.facebook.com/callidussoftware

For more information visit www.calliduscloud.com

About CallidusCloud
Callidus Software Inc. (NASDAQ: CALD), doing business as CallidusCloud, is a leading provider of cloud software. CallidusCloud enables organizations to drive performance and productivity across their business with our hiring, learning, marketing and selling clouds. From back office to the field, from desktop to mobile, we ensure organizations have the right tools to be more effective and perform better. The combined power of our clouds, our people, and our partners fuels growth, empowers the work force and delivers real value. CallidusCloud drives performance and productivity for over 1700 leading organizations. Small, medium and large enterprises across multiple industries and geographies rely on CallidusCloud for quicker hiring, simpler learning, better marketing, and smarter selling.

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

©2013. Callidus Software Inc. All rights reserved. Callidus, Callidus Software, the Callidus Software logo, CallidusCloud, the CallidusCloud logo, TrueComp Manager, ActekSoft, ACom3, ForceLogix, Salesforce Assessments, iCentera, Webcom, Litmos, the Litmos logo, LeadFormix, Rapid Intake and 6FigureJobs are trademarks, service marks, or registered trademarks of Callidus Software Inc. and its affiliates in the United States and other countries. All other brand, service or product names are trademarks or registered trademarks of their respective companies or owners.

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Press Contact:
Giles House
CallidusCloud
925-251-2200
pr@calliduscloud.com

Progenics (PGNX) to Host Conference Call to Review Fourth Quarter Financials

TARRYTOWN, N.Y., March 8, 2013 (GLOBE NEWSWIRE) — Progenics Pharmaceuticals, Inc. (Nasdaq:PGNX) announced today that it will host a conference call and webcast to discuss its financial results for the fourth quarter 2012 on Friday, March 15, 2013 at 8:30 a.m. ET.

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.

About Progenics

Progenics Pharmaceuticals, Inc. is discovering and developing innovative medicines for oncology, with 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

(PGNX-G)

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

CEO of ARCA biopharma (ABIO) to Speak at ACC.13 Conference March 10th

ARCA biopharma, Inc. (Nasdaq: ABIO), a biopharmaceutical company developing genetically-targeted therapies for atrial fibrillation and other cardiovascular diseases, announced today that Dr. Michael Bristow, President and Chief Executive Officer, will present “The Changing Paradigms in Drug Development” at conference session “Joint Symposium of the Heart Failure Society and the American College of Cardiology II: Heart Failure Care in the Era of Health Care Reform” at the American College of Cardiology 62^nd Annual Scientific Sessions & Expo, being held March 9-11, 2013 in San Francisco, California. The conference session is scheduled on Sunday, March 10, 2013, from 12:30pm – 1:45pm Pacific.

More information about the conference is available at: www.accscientificsession.org.

About ARCA biopharma

ARCA biopharma is dedicated to developing genetically-targeted therapies for cardiovascular diseases. The Company’s lead product candidate is Gencaro^TM (bucindolol hydrochloride), an investigational, pharmacologically unique beta-blocker and mild vasodilator being developed for the prevention of atrial fibrillation. ARCA has identified common genetic variations that it believes predict individual patient response to Gencaro, giving it the potential to be the first genetically-targeted atrial fibrillation prevention treatment. For more information please visit www.arcabiopharma.com.

Safe Harbor Statement

This press release and the associated presentation may contain “forward-looking statements” for purposes of the safe harbor provided by the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements regarding genetic variations to predict individual patient response to Gencaro, Gencaro’s potential to treat atrial fibrillation, future treatment options for patients with atrial fibrillation and the potential for Gencaro to be the first genetically-targeted atrial fibrillation prevention treatment. Such statements are based on management’s current expectations and involve risks and uncertainties. Actual results and performance could differ materially from those projected in the forward-looking statements as a result of many factors, including, without limitation, the risks and uncertainties associated with: the Company’s financial resources and whether they will be sufficient to meet the Company’s business objectives and operational requirements; results of earlier clinical trials may not be confirmed in future trials, the protection and market exclusivity provided by the Company’s intellectual property; risks related to the drug discovery and the regulatory approval process; and the impact of competitive products and technological. These and other factors are identified and described in more detail in ARCA’s filings with the SEC, including without limitation the Company’s annual report on Form 10-K for the year ended December 31, 2011 and subsequent filings. The Company disclaims any intent or obligation to update these forward-looking statements.

Trans World (TWMC) Announces Fourth Quarter And Annual Results

Company reports net income of $33.7 million for fiscal 2012

ALBANY, N.Y., March 7, 2013 /PRNewswire/ — Trans World Entertainment Corporation (Nasdaq: TWMC) today reported financial results for its fourth quarter and fiscal year ended February 2, 2013.  For the fourteen weeks ended February 2, 2013 (“fourth quarter”), the Company reported net income of $35.0 million, or $1.09 per diluted share, compared to net income of $16.5 million, or $0.51 per diluted share, for the thirteen week fourth quarter last year. For the 53 weeks ended February 2, 2013 (“Fiscal 2012”), the Company reported net income of $33.7 million, or $1.06 per diluted share, compared to net income of $2.2 million, or $0.07 per diluted share, for the 52 weeks ended January 28, 2012 (“Fiscal 2011”).  These results included a one-time gain of $22.8 million from the sale of real property in Miami, Florida.  Excluding the gain, the Company recorded net income of $12.2 million, or $0.38 per diluted share for the fourth quarter, and $10.9 million, or $0.34 per diluted share for Fiscal 2012.

Comparable store sales for the fourth quarter were down 3% compared to the same quarter last year.  Total sales for the fourth quarter decreased 15% to $163.4 million compared to $193.1 million in 2011.  During the fourth quarter, the Company operated an average of 373 stores compared to 427 stores last year, a 13% decline.

Gross profit for the fourth quarter was $59.8 million, or 36.6% of sales, as compared to $69.2 million, or 35.8%, of sales for the fourth quarter last year.

Selling, general and administrative expenses (“SG&A expenses”) decreased 9% for the fourth quarter to $45.9 million compared to $50.5 million for the fourth quarter last year.    As a percentage of sales, SG&A expenses were 28.1% in the fourth quarter compared to 26.2% for the fourth quarter last year.

For Fiscal 2012, comparable store sales were down 1% as compared to Fiscal 2011.  Total sales for Fiscal 2012 decreased 15% to $458.5 million, compared to $542.6 million for Fiscal 2011.  During Fiscal 2012, the Company operated an average of 378 stores compared to 439 stores in Fiscal 2011, a 14% decline.

Gross profit for Fiscal 2012 was $172.1 million, or 37.5% of sales, compared to $198.2 million, or 36.5%, of sales for Fiscal 2011.  For Fiscal 2012, SG&A expenses decreased 17% to $154.8 million compared to $186.7 million in Fiscal 2011.  As a percentage of sales, SG&A expenses improved by 60 basis points to 33.8% from 34.4% for the same period last year.

Inventory was $155.4 million at the end of Fiscal 2012, versus $191.3 million at the end of Fiscal 2011, a reduction of 19%. Cash on hand at the end of Fiscal 2012 was $133.0 million, compared to $88.5 million at the end of Fiscal 2011.  The Company did not require any borrowings under its line of credit at any point during Fiscal 2012 and Fiscal 2011.

“Our strong financial position provides us many options to enhance shareholder value.  In fact, our Board gave careful consideration to and decided to pay a $15 million special cash dividend to return value to shareholders during the fourth quarter, which was the first dividend in the Company’s history.  The Board will continue to monitor the Company’s financial needs and resources and will consider all options to enhance shareholder value,” said Bob Higgins, Chairman and Chief Executive Officer.

Trans World will host a teleconference call today, Thursday, March 7, 2013, at 10:00 AM ET to discuss its financial results. Interested parties can listen to the simultaneous webcast on the Company’s corporate website, www.twec.com.

Trans World Entertainment is a leading specialty retailer of entertainment products, including video, music, trend, electronics, video games and related products.  The Company operates retail stores in the United States, the District of Columbia and Puerto Rico, primarily under the names f.y.e. for your entertainment and Suncoast and on the web at www.fye.com, www.wherehouse.com, and www.secondspin.com.

Certain statements in this release set forth management’s intentions, plans, beliefs, expectations or predictions of the future based on current facts and analyses.  Actual results may differ materially from those indicated in such statements.  Additional information on factors that may affect the business and financial results of the Company can be found in filings of the Company with the Securities and Exchange Commission.

—      table to follow —

NW Bio (NWBO) Provides Guidance On Phase III Trial Enrollment Timing

BETHESDA, Md., March 7, 2013 /PRNewswire/ — Northwest Biotherapeutics (NASDAQ: NWBO) (NW Bio), a biotechnology company developing DCVax^® personalized immune therapies for solid tumor cancers, announced today that it expects to complete enrollment in its 312-patient Phase III clinical trial for Glioblastoma multiforme (GBM) brain cancer within a period that is faster or more efficient than relevant comparison trials with immune therapies for the same brain cancer.  The Company anticipates completing enrollment of its Phase III trial by Q1 or early Q2 of next year, and expects to reach its first interim analysis for efficacy by approximately Q3 of this year.

(Logo: http://photos.prnewswire.com/prnh/20110329/SF73084LOGO)

Relevant comparisons include the following (according to information publicly reported on www.clinicaltrials.gov and in company announcements and filings):

• Celldex Therapeutics (NASDAQ: CLDX) is conducting a Phase III trial with 440 patients, at 164 clinical trial sites worldwide, which began enrolling in November 2011, and appears likely to continue enrolling over at least a 4-year period through the end of 2015, with topline results expected at the end of 2016.
• Immunocellular Therapeutics (NYSE MKT: IMUC) is conducting a Phase II trial with 124 patients, which were enrolled over the course of 7 calendar quarters from Q1 2011 through Q3 2012.  (IMUC apparently screened 278 patients, but actually enrolled and treated less than half of them:  only 124 patients were enrolled, in aggregate, and treated in either the treatment arm or the placebo arm of the trial.)
• Agenus, Inc. (NASDAQ: AGEN) is conducting a Phase II trial with 55 patients, which began recruiting in Q2, 2009 and stopped recruiting in Q2, 2012.

NW Bio has primarily been enrolling its Phase III trial since Q2 of 2011.  The Company undertook a limited period of enrollment in 2008, and then kept the trial going with the patients already enrolled, but suspended new enrollment due to resource constraints during the worst of the economic downturn, through the end of 2010.  The Company began the process of reactivating clinical trial sites for new enrollment in Q1 2011, and resumed screening in Q2 of 2011.

NW Bio expects to complete enrollment in its phase III trial by Q1 or early Q2 of next year – an overall enrollment period of 14 or 15 calendar quarters, including both the 2008 period and the period since Q2 2011.

This represents a rate of enrollment that compares as follows with Celldex, IMUC and Agenus:

Notably, even if the completion of NW Bio’s Phase III trial enrollment were to take substantially longer than the Company’s projection of Q1 or early Q2 2014, the Company’s enrollment would still compare favorably with these relevant comparison trials.

“There has been widespread confusion in the investment community about the size and pace of clinical trials being conducted with various immune therapies for brain cancer,” commented Linda F. Powers, CEO of NW Bio.  “It is basic to clinical trials that the sponsor must screen more patients than they enroll.  Normally, there is no confusion about the fundamental difference between these: ‘enrollment’ means only the patients actually being treated (with drug or placebo) in the trial.  This is a key metric for investors:  it is the measure of the size and the pace of a trial.  By providing detailed information here, our intention is to help correct the misunderstandings about the actual enrollment (both size and pace) of certain immune therapy trials in brain cancer.”

The Company plans to provide periodic updates of this enrollment guidance through various communication channels.

About Northwest Biotherapeutics

Northwest Biotherapeutics is a biotechnology company focused on developing immunotherapy products to treat cancers more effectively than current treatments, without toxicities of the kind associated with chemotherapies, and on a cost-effective basis, in both the United States and Europe.  The Company has a broad platform technology for DCVax dendritic cell-based vaccines.  The Company’s lead program is a 312-patient Phase III trial in newly diagnosed Glioblastoma multiforme (GBM).  GBM is the most aggressive and lethal brain cancer.  The Company also previously received clearance from the FDA for a 612-patient Phase III trial in prostate cancer, and clearance from the FDA for Phase I/II trials in multiple other cancers.  The Company has also conducted a Phase I/II trial with DCVax for metastatic ovarian cancer together with the University of Pennsylvania.

Disclaimer

Statements made in this news release that are not historical facts, including statements concerning future treatment of patients using DCVax and future clinical trials, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  Words such as “expect,” “believe,” “intend,” “plan,” “continue,” “may,” “will,” “anticipate,” and similar expressions are intended to identify forward-looking statements.  Actual results may differ materially from those projected in any forward-looking statement.  Specifically, there are a number of important factors that could cause actual results to differ materially from those anticipated, such as the Company’s ability to raise additional capital, risks related to the Company’s ability to enroll patients in its clinical trials and complete the trials on a timely basis, the uncertainty of the clinical trials process, uncertainties about the timely performance of third parties, and whether the Company’s products will demonstrate safety and efficacy.  Additional information on these and other factors, including Risk Factors, which could affect the Company’s results, is included in its Securities and Exchange Commission (“SEC”) filings.  Finally, there may be other factors not mentioned above or included in the Company’s SEC filings that may cause actual results to differ materially from those projected in any forward-looking statement.  You should not place undue reliance on any forward-looking statements.  The Company assumes no obligation to update any forward-looking statements as a result of new information, future events or developments, except as required by securities laws.

Hudson (HDSN) to Present at 25th Annual Roth Orange County Growth Stock Conference

Hudson Technologies (NASDAQ: HDSN), today announced that Brian Coleman, President and Chief Operating Officer, will be presenting at the 25^th Annual Roth Orange County Growth Stock Conference, to be held at the Ritz Carlton Laguna Nigel, California. The Hudson Technologies presentation will be held on Tuesday March 19^th at 2:30 p.m. Pacific Time in the Promenade Room.

Mr. Coleman will provide an overview of Hudson’s operations and financial results. A webcast of the conference presentation will be available at:

http://wsw.com/webcast/roth27/hdsn/ or on the investor page of the Company’s website at www.hudsontech.com.

About Hudson Technologies

Hudson Technologies, Inc. is a leading provider of innovative solutions to recurring problems within the refrigeration industry. Hudson’s proprietary RefrigerantSide^® Services increase operating efficiency and energy savings, and remove moisture, oils and other contaminants frequently found in the refrigeration circuits of large comfort cooling and process refrigeration systems. Performed at a customer’s site as an integral part of an effective scheduled maintenance program or in response to emergencies, RefrigerantSide^® Services offer significant savings to customers due to their ability to be completed rapidly and at higher purity levels, and can be utilized while the customer’s system continues to operate. In addition, the Company sells refrigerants and provides traditional reclamation services to the commercial and industrial air conditioning and refrigeration markets. For further information on Hudson, please visit the Company’s web site at www.hudsontech.com.

Prospect Global (PGRX) Names Damon G. Barber as President and CEO

Internationally accomplished mining and finance expert brings substantial depth to the next growth phase Prospect Global and Apollo agree to mutual termination of previously-announced finance agreement

DENVER, March 7, 2013 /PRNewswire/ — Prospect Global Resources, Inc. (NASDAQ: PGRX) today announced the appointment of Damon G. Barber as President and Chief Executive Officer, effective immediately. Mr. Barber, a veteran international mining and finance executive, joined the company in December 2012 as Executive Vice President and Chief Financial Officer. Mr. Barber’s promotion brings to Prospect’s CEO office the extensive mining and finance experience necessary for its next phase of development.

Mr. Barber said: “I am extremely excited about the opportunity to lead the development of Prospect Global Resources and its Holbrook project. The fundamentals of the project and the potash mining industry are tremendous for potential value creation. I am grateful that the Board has given me this opportunity to build North America’s next potash company and mine.”

Mr. Barber has more than 20 years’ experience in natural-resources finance and operations and is former Chief Executive Officer of CST Mining Group Limited, a Hong Kong-based mining company. While CEO of CST, Mr. Barber led and directed the simultaneous and successful development of two copper mine development projects. The first project was developed into production, and the second project was developed to where it was sold for $505 million, approximately two times CST’s total investment in the project. During this time, Mr. Barber also served as Chairman of Marcobre S.A.C., a joint venture between CST and Korea Resources Corporation and LS Nikko.

Prior to joining CST Mining, Mr. Barber was a Managing Director at Deutsche Bank and served as the Head of Deutsche Bank’s Metals and Mining investment banking practice in Asia-Pacific. Mr. Barber also spent more than 11 years at Credit Suisse, including almost 10 years as an investment banker in Credit Suisse’s Energy Group.

Mr. Barber graduated from the University of Kentucky with a B.S. in Mining Engineering and began his career as a section foreman at CONSOL Energy Inc.’s Loveridge Mine. Mr. Barber holds an MBA from the Wharton School of the University of Pennsylvania.

Gregory M. Dangler, currently a senior member of the finance team, will assume the role of interim CFO.

Also today, Prospect Global and investment funds affiliated with Apollo Global Management, LLC (NYSE: APO) mutually terminated the previously-announced investment agreement.

During the past several months, Prospect Global has made significant progress in the development of its Holbrook, AZ, potash mining project, including recently completing and submitting its Air Permit and Mineral Development Resource Applications with state regulators in Arizona.

About Prospect Global Resources, Inc.
Prospect Global Resources, Inc. is a Denver-based company engaged in the exploration and development of a large, high-quality potash deposit located in the Holbrook Basin of eastern Arizona. The company’s stock is traded on the NASDAQ Stock Exchange under the ticker symbol PGRX.

Regarding Forward-Looking Statements
With the exception of historical matters, the matters discussed in this press release include forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from projections or estimates contained herein. Such forward-looking statements include statements regarding current and future classification of our potash resources and development of our potash mining facility. Factors that could cause actual results to differ materially from projections or estimates include, among others, potash prices, economic and market conditions, and the additional risks described in Prospect Global’s filings with the SEC, including Prospect Global’s Annual Report on Form 10-K for the year ended March 31, 2012. Most of these factors are beyond Prospect Global’s ability to predict or control. The forward looking statements are made as of the date hereof and, except as required under applicable securities legislation, Prospect Global does not assume any obligation to update any forward-looking statements. Readers are cautioned not to put undue reliance on forward-looking statements.

CASMED (CASM) Announces Fourth Quarter and Full-Year 2012 Financial Results

2012 Domestic FORE-SIGHT® Sales Increase 43%

Conference Call Begins at 10:00 a.m. ET Today

BRANFORD, Conn., March 7, 2013 (GLOBE NEWSWIRE) — CAS Medical Systems, Inc. (Nasdaq:CASM) (CASMED), a leader in medical devices for non-invasive patient monitoring, today reported financial results for the three and 12 months ended December 31, 2012. Net sales were $6.0 million for the fourth quarter and $22.7 million for the year, compared with $5.3 million and $22.5 million in comparable prior-year periods, respectively. The net loss applicable to common stockholders was ($0.18) per basic and diluted share in the fourth quarter and ($0.63) per basic and diluted share for the year.

Highlights of the fourth quarter of 2012 and recent weeks include (all comparisons are with the fourth quarter of 2011):

• Net sales increased 12%.
• FORE-SIGHT sales increased 31% led by a 36% increase in FORE-SIGHT disposable sensor sales.
• The installed base of FORE-SIGHT units reached 741 as of December 31, 2012, up 35% with 45 units added during the fourth quarter.
• Sales of the Company’s traditional monitoring products were $3.8 million, up 4%.
• The Company ended the year with cash and short-term investments of $10.5 million.
• CASMED filed 510(k) applications with the U.S. Food and Drug Administration for its next-generation FORE-SIGHT product in the fourth quarter, and for its new vital signs monitor and non-invasive blood pressure technology early in the first quarter of 2013.

Full-year 2012 highlights include (all comparisons are with full-year 2011):

• Net sales increased 1%.
• FORE-SIGHT sales were up 23% led by a 43% increase in domestic FORE-SIGHT sales.
• FORE-SIGHT disposable sensor sales were up 37% led by a 46% increase in domestic sensor sales.
• The Company continued to penetrate key academic centers in the U.S with FORE-SIGHT and now counts eight of the top 25 adult cardiac surgery centers as customers, and five of the top 10 pediatric cardiac hospitals.
• CASMED spent more than 17% of net sales on R&D in 2012, principally for the development of its next-generation FORE-SIGHT product, a new non-invasive blood pressure technology and an updated vital signs monitor. Each of those products is expected to be launched early in the second half of 2013.
• The number of scientific publications regarding the use of FORE-SIGHT oximetry exceeded 200 early in 2012, with dozens of abstracts, posters and papers published throughout the year. A few of the key studies showed:

• New data using FORE-SIGHT cerebral oximetry, with its unique ability as a spot-check monitor, in the treatment of heart failure patients;
• High correlations of cognitive harm from cerebral desaturation events during thoracic surgery;
• The groundbreaking discovery of significant desaturation events in post- surgical ICU patients due to the ability of FORE-SIGHT to provide absolute values;
• The utility of FORE-SIGHT’s new algorithm with the ability to monitor the gut of newborns without the typical interference from meconium.

Management Commentary

“We are pleased with the progress we made in 2012 toward returning our Company to growth, which we achieved with a 9% gain in net sales in the second half of the year, while remaking our product offering to provide leading-edge and cost-effective monitoring solutions,” commented Thomas M. Patton, President and Chief Executive Officer of CASMED. “We exceeded our goal of delivering 40% domestic FORE-SIGHT sensor sales growth in 2012 while we continued to upgrade our distribution, penetrate key hospital institutions and build upon the body of clinical evidence in support of FORE-SIGHT.

“Dangerous oxygen desaturation in cerebral tissue is an unrecognized yet common occurrence during and after surgical procedures,” continued Mr. Patton, “and our FORE-SIGHT oximeter provides unparalleled accuracy to guide clinicians in their care of patients. As awareness of these benefits grows, we look forward to the opportunity to increase market share and to expand the market for cerebral oximetry. Also, with new products in each of our major product lines expected to be released early in the second half of the year, we continue to build our foundation for future growth.”

Mr. Patton added, “We expect FORE-SIGHT sales increases for 2013 to exceed our 23% gain for 2012. We plan to provide more specific sales guidance for the year in early May, when we report our first quarter financial results, as we should have more information on the timing of the launch of our new products at that time.”

Financial Results

For the fourth quarter of 2012, the Company reported net sales of $6.0 million, an increase of $0.7 million, or 12%, from the $5.3 million reported for the fourth quarter of 2011. FORE-SIGHT oximetry sales were $2.2 million, an increase of $0.5 million, or 31%, over the fourth quarter of 2011.  FORE-SIGHT disposable sensor sales increased $0.5 million, or 36%, to $1.8 million over the prior year period. All other sales were 3.8 million, an increase of $0.1 million, or 4%, over the fourth quarter of 2011.

The Company recorded a net loss applicable to common stockholders for the fourth quarter of 2012 of $2.4 million, or ($0.18) per basic and diluted common share, compared with ($0.15) per basic and diluted common share for the fourth quarter of 2011.

Net sales for 2012 were $22.7 million compared with $22.5 million for 2011, a gain of $0.2 million, or 1%. FORE-SIGHT oximetry sales were $7.8 million, an increase of $1.4 million, or 23%, over 2011. FORE-SIGHT disposable sensor sales increased $1.8 million, or 37%, to $6.6 million over 2011. All other sales decreased $1.2 million, or 8%, to $14.9 million for 2012, principally due to lower sales of vital signs monitors.

The Company reported a net loss applicable to common shareholders for 2012 of $8.4 million, or ($0.63) per basic and diluted common share, compared with ($0.51) for 2011. The 2011 results contained income from discontinued operations of $0.2 million or $0.02 per basic and diluted common share.

Cash, cash equivalents and short-term investments were $10.5 million as of December 31, 2012, compared with $13.9 million as of December 31, 2011. During 2012, the Company consummated a $3.5 million term loan with East West Bank.

Conference Call Information

CASMED will host a conference call today at 10:00 a.m. ET to discuss fourth quarter and full-year 2012 results.

Conference call dial-in information is as follows:

• U.S. callers: (866) 239-5859
• International callers: (702) 495-1913

Individuals interested in listening to the live conference call via the Internet may do so by logging on to the Company’s website: www.casmed.com.

A telephone replay will be available from 1:00 p.m. ET on March 7, 2013, through 11:59 p.m. ET on March 13, 2013. Replay dial-in information is as follows:

• U.S. callers: (855) 859-2056
• International callers: (404) 537-3406
• Conference ID number (U.S. and international): 16912969
• The replay will also be available at www.casmed.com.

About CASMED^® – Monitoring What’s Vital

CASMED is a leading developer and manufacturer of medical devices for non-invasive patient monitoring. The Company’s FORE-SIGHT Absolute Cerebral Oximeter provides a highly accurate, non-invasive, continuous measurement of absolute cerebral tissue oxygen saturation. Direct monitoring of tissue oxygenation provides a superior and powerful tool to alert clinicians to otherwise unrecognized and dangerously low levels of oxygenation of the brain and other tissues, thereby allowing them to intervene appropriately in the care of their patients. In addition to FORE-SIGHT Oximeters and accessories, the Company provides a line of bedside patient vital signs monitoring products, proprietary non-invasive blood pressure monitoring solutions for OEM use, neonatal intensive care supplies, and service. CASMED products are designed to provide unique monitoring solutions that are vital to patient care. For further information regarding CASMED, visit the Company’s website at www.casmed.com.

Statements included in this press release, which are not historical in nature, are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Statements relating to the future performance of the Company are subject to many factors including, but not limited to, the customer acceptance of the products in the market, the introduction of competitive products and product development, the impact of any product liability or other adverse litigation, working capital and availability of capital, commercialization and technological difficulties, the impact of actions and events involving key customers, vendors, lenders, competitors, and other risks detailed in the Company’s Form 10-K for the year ended December 31, 2011, and other subsequent Securities and Exchange Commission filings.

Such statements are based upon the current beliefs and expectations of the Company’s management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. When used in this press release, the terms “anticipate”, “believe”, “estimate”, “expect”, “may”, “objective”, “plan”, “possible”, “potential”, “project”, “will”, and similar expressions identify forward-looking statements. The forward-looking statements contained in this press release are made as of the date hereof, and we do not undertake any obligation to update any forward-looking statements, whether as a result of future events, new information, or otherwise.

(Tables to follow)

CONTACT: Company Contact
         CAS Medical Systems, Inc.
         Jeffery A. Baird
         Chief Financial Officer
         203-315-6303
         ir@casmed.com

         Investors
         LHA
         Kim Sutton Golodetz (kgolodetz@lhai.com)
         (212) 838-3777
         Bruce Voss (bvoss@lhai.com)
         (310) 691-7100
         @LHA_IR_PR

Lpath (LPTN) Signs Collaboration and License Agreement With Provista Diagnostics

SAN DIEGO, CA — (Marketwire) — 03/06/13 — Lpath, Inc. (NASDAQ: LPTN), the industry leader in bioactive lipid-targeted therapeutics, has signed a collaboration and license agreement to develop cancer diagnostics with Provista Diagnostics, Inc. a leader in molecular cancer diagnostics and a CLIA-accredited reference laboratory.

The collaboration will focus on the bioactive lipid lysophosphatidic acid (LPA), with the agreement granting Provista an exclusive license to Lpath’s murine LPA antibodies for use in clinical laboratory applications involving the diagnoses of cancer.

Provista will initially conduct a prospective pilot study in ovarian cancer patients and Lpath will measure levels of LPA from patient plasma. Based on the results, additional studies may be conducted in ovarian and other cancers. Lpath will receive an upfront payment, research funding and development milestone payments, as well as royalties on diagnostic-product revenue.

The American Cancer Society estimates more than 22,000 new cases of ovarian cancer will be diagnosed in the United States this year, leading to 14,000 deaths. While other cancers have shown a reduction in mortality due to early detection tests and improved treatments, this has not been so with ovarian cancer, the deadliest of all gynecologic cancers.

“While our ImmuneY2™ technology platform is known for generating therapeutic antibodies against disease, it also has potential utility in diagnostic settings,” said Lpath President and CEO Scott Pancoast. “So by collaborating with Provista, a leader in molecular cancer diagnostics settings, we believe we can develop tests that provide early detection of ovarian cancer and that improve treatment outcomes. This agreement also underscores the significant value and capabilities of ImmuneY2 and further reinforces the importance of bioactive lipids as disease-relevant molecules.”

Dr. David Reese, CEO of Provista, commented: “Provista is committed to advancing the standard of diagnostic care for women at risk or suffering from ovarian and other cancers, and LPA is a potential biomarker that could be critical to achieving this goal. We believe the ability to detect bioactive lipids using Lpath’s unique technology will provide a distinct advantage in diagnosing gynecologic cancers.”

About Provista Diagnostics
Provista Diagnostics, Inc., develops and commercializes breakthrough, easy-to-administer blood-based diagnostic tests for early oncology-related disease state recognition and detection purposes. The company’s focus is on oncology-related diagnostics where a significantly high unmet clinical need exists. Near-term development and commercialization efforts focus on women’s cancers such as breast and ovarian cancer. For more about Provista is available at www.provistadx.com.

About Lpath
San Diego-based Lpath, Inc., a therapeutic antibody company, is the category leader in lipid-targeted therapeutics. The company’s ImmuneY2™ drug-discovery engine has the unique ability to generate monoclonal antibodies that bind to and inhibit bioactive lipids that contribute to disease. The company is developing three drug candidates: iSONEP™ is being studied in a Phase 2 trial in wet AMD patients; ASONEP™ is being studied in a Phase 2 trial in renal cell carcinoma patients; and Lpathomab is a preclinical drug candidate that holds promise in pain, neurotrauma, and other diseases. For more information, visit www.Lpath.com.

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Lpath, Inc.
Scott R. Pancoast
President & CEO
Tel: (858) 926-3200
Email Contact

Lpath Investor Relations
Liolios Group, Inc.
Tel: (949) 574-3860
Email Contact
Ron Both: Email Contact
Geoffrey Plank: Email Contact

Provista Diagnostics, Inc.
David Reese
President & CEO
Tel: (917) 551-6960

Prana’s (PRAN) PBT434 Inhibits Accumulation of Parkinson’s Protein

MELBOURNE, AUSTRALIA — (Marketwire) — 03/06/13 — Prana Biotechnology (NASDAQ: PRAN) (ASX: PBT) today announced that PBT434, Prana’s lead drug candidate for Parkinson’s Disease (PD) and movement disorders, will be presented at two international conferences in March. The key finding to be reported is that PBT434 reduces the aggregation and accumulation of a key protein (alpha-synuclein) in multiple transgenic animal models of the disease.

The alpha-synuclein (s.n.) protein aggregates inside the nerve cells of the substantia nigra, the part of the brain that is progressively damaged in the disease. The substantia nigra is responsible for controlling movement. The (s.n.) protein aggregates are associated with the onset and progression of Parkinson’s Disease and in three different Parkinson’s Disease animal models, PBT434 significantly prevented the death of substantia nigra brain cells.

“A treatment for Parkinson’s Disease and other movement diseases that actually modifies the course of the diseases remains a major unmet medical need. Our data suggests that PBT434 intervenes in metal dependent pathways which otherwise promote the aggregation of alpha-synuclein. Thus, PBT434 prevents the death of substantia nigra cells. We have observed marked improvements in motor function and coordination with PBT434,” commented Associate Professor Robert Cherny, Prana’s Head of Research.

Associate Professor David Finkelstein will present the new data at the 11th International Basal Ganglia Society Meeting in Eilat, Israel, March 3rd to 7th, 2013 in a talk titled “PD: Towards New Disease Modifying Therapies.”

In addition, Associate Prof Kevin Barnham will discuss PBT434 at the 11th International Conference on Alzheimer’s and Parkinson’s Disease, to be held in Florence, Italy, March 6th to 10th, 2013. In a talk titled “The Role of Nitrated Tau in PD.”

PBT434 is being developed by Prana with support from the Michael J Fox Foundation for Parkinson’s Disease Research.

About Prana Biotechnology Limited
Prana Biotechnology was established to commercialize research into age-related neurodegenerative disorders. The Company was incorporated in 1997 and listed on the Australian Securities Exchange in March 2000 and listed on NASDAQ in September 2002. Researchers at prominent international institutions including The University of Melbourne, The Mental Health Research Institute (Melbourne) and Massachusetts General Hospital, a teaching hospital of Harvard Medical School, contributed to the discovery of Prana’s technology.

For further information please visit the Company’s web site at www.pranabio.com.

About the New York Academy of Sciences
The New York Academy of Sciences is an independent, not-for-profit organization committed to advancing science, technology, and society worldwide since 1817. With 25,000 members in 140 countries, the Academy is creating a global community of science for the benefit of humanity. The Academy’s core mission is to advance scientific knowledge, positively impact the major global challenges of society with science-based solutions, and increase the number of scientifically informed individuals in society at large. Visit www.nyas.org for more information on the Academy.

Forward Looking Statements
This press release contains “forward-looking statements” within the meaning of section 27A of the Securities Act of 1933 and section 21E of the Securities Exchange Act of 1934. The Company has tried to identify such forward-looking statements by use of such words as “expects,” “intends,” “hopes,” “anticipates,” “believes,” “could,” “may,” “evidences” and “estimates,” and other similar expressions, but these words are not the exclusive means of identifying such statements. Such statements include, but are not limited to any statements relating to the Company’s drug development program, including, but not limited to the initiation, progress and outcomes of clinical trials of the Company’s drug development program, including, but not limited to, PBT2, and any other statements that are not historical facts. Such statements involve risks and uncertainties, including, but not limited to, those risks and uncertainties relating to the difficulties or delays in financing, development, testing, regulatory approval, production and marketing of the Company’s drug components, including, but not limited to, PBT2, the ability of the Company to procure additional future sources of financing, unexpected adverse side effects or inadequate therapeutic efficacy of the Company’s drug compounds, including, but not limited to, PBT2, that could slow or prevent products coming to market, the uncertainty of patent protection for the Company’s intellectual property or trade secrets, including, but not limited to, the intellectual property relating to PBT2, and other risks detailed from time to time in the filings the Company makes with Securities and Exchange Commission including its annual reports on Form 20-F and its reports on Form 6-K. Such statements are based on management’s current expectations, but actual results may differ materially due to various factions including those risks and uncertainties mentioned or referred to in this press release. Accordingly, you should not rely on those forward-looking statements as a prediction of actual future results.

Contacts:
Australia
Prana Biotechnology
+61 3 9349 4906

US
Leslie Wolf-Creutzfeldt
T: 646-284-9472

BIOLASE (BIOL) Reports 2012 Fourth Quarter, Year-End Results

IRVINE, CA — (Marketwire) — 03/06/13 — BIOLASE, Inc. (NASDAQ: BIOL), the world’s leading dental laser manufacturer and distributor, today reported unaudited financial results for the fourth quarter and year ended December 31, 2012.

Financial Highlights of the 2012 Fourth Quarter:

• Net revenue of $19.1 million for Q4 2012, a 45.0% increase over $13.2 million for Q4 2011, and a 12.4% increase over the midpoint of the Company’s guidance of $16.5 million to $17.5 million.
• Net income of $1.0 million, or $0.03 per share, as compared to a net loss of $2.0 million or a loss of $0.06 per share for Q4 2011.
• Non-GAAP net income of $1.7 million, or $0.05 per share, as compared to a non-GAAP net loss of $1.3 million, or a loss of $0.04 per share, for Q4 2011.
• Unit sales of WaterLase® systems increased by 42.0% as compared to Q4 2011 levels.
• Revenues from the sale of WaterLase systems increased $2.6 million, or 29.2%, as compared to Q4 2011 levels.
• Revenues from the sale of diode laser systems increased $1.3 million, or 79.9%, as compared to Q4 2011 levels.

2012 Financial Highlights:

• Net revenue of $57.4 million, as compared to $48.9 million in the prior year. Excluding the effects of the $1.1 million inventory repurchase in Q2 2012 and one-time prepaid purchase orders from Henry Schein, Inc. (NASDAQ: HSIC)‎ (“Schein”) in 2011 totaling $5.9 million, non-GAAP adjusted revenue for 2012 increased $15.5 million, or 36.1%, over 2011, which was in line with our guidance of 36%.
• Revenues from the sale of WaterLase systems increased $6.8 million, or 23.1%, as compared to the prior year. Excluding the effects of the $1.1 million inventory repurchase in Q2 2012, and one-time prepaid purchase orders of WaterLase systems from Schein in 2011 totaling $2.3 million, non-GAAP adjusted revenue for WaterLase systems in 2012 increased $10.2 million, or 37.7%, over 2011.
• Net loss improved to $3.1 million, or a loss of $0.10 per share, as compared to a net loss of $4.5 million, or a loss of $0.15 per share, for 2011.
• Non-GAAP net loss improved to $431,000 for 2012, as compared to a non-GAAP net loss of $1.4 million in 2011.

Operating highlights of and subsequent to the 2012 fourth quarter include:

• Received U.S. Food and Drug Administration (“FDA”) clearance for the EPIC 10™ diode laser.
• Received FDA clearance for 940nm Diolase 10™ diode soft-tissue laser for a broad spectrum of medical procedures; includes clearance for over 80 procedures in 19 additional medical markets.
• Launched the EPIC™ V-Series™ veterinary soft-tissue diode laser.
• Launched a website to showcase BIOLASE’s wholly-owned subsidiary OCCULASE and to expand the multiple applications of its proprietary WaterLase technology into ophthalmology.
• Issued broad new patent for treating eye conditions, including Presbyopia, Cataracts, and Glaucoma; provides additional support for ophthalmic applications.
• Appointed Samir Chowdhury, Ph.D., as General Manager and Colleen Boswell as Vice President, Regulatory Affairs.
• Declared a one-half percent stock dividend payable on March 29, 2013, to stockholders of record as of March 15, 2013.

Federico Pignatelli, Chairman and CEO, said, “For the past two years, BIOLASE has undergone a radical restructuring, which was substantially completed at year-end 2012. Now we can concentrate on continued execution and the meaningful expansion of our business in 2013 and beyond.”

“Overall 2012 was a year of execution where we met or exceeded our guidance throughout the year and went on to generate cash from operations in the fourth quarter. We have expanded our offerings of internally developed lasers and in-licensed cone beam and CAD/CAM imaging products while significantly strengthening our intellectual property and patent portfolio. As a result of these efforts, our annual revenue for 2012 increased significantly over 2011 and more than doubled that of 2010,” noted Pignatelli. “With a number of solid initiatives in place, including new product launches, the recent approval of over 80 new procedures in 19 additional medical markets, and the launch of EPIC V-Series in to the veterinary market, we expect BIOLASE to continue to grow strongly in 2013.”

Fourth Quarter Financial Results
Net revenue for the 2012 fourth quarter totaled $19.1 million, compared with $13.2 million in the 2011 fourth quarter. The increase of $5.9 million, or 45.0%, was primarily driven by increased sales of the Company’s all-tissue WaterLase systems, diode soft-tissue laser systems, and imaging systems.

The number of WaterLase systems sold increased by 42.0% in the 2012 fourth quarter as compared to the prior year quarter. Such growth was the result of successful efforts of our direct sales force in North America. Revenues from the sale of WaterLase systems increased $2.6 million, or 29.2%, to $11.7 million in the 2012 fourth quarter as compared to $9.1 million in the prior year quarter. WaterLase system sales comprised approximately 61.5% of net revenues for the 2012 fourth quarter compared to 69.0% for the prior year quarter. The majority of these WaterLase revenues in both quarters were from sales of the Company’s flagship WaterLase iPlus all-tissue laser system.

“The number of WaterLase systems sold increased by a larger percentage than WaterLase revenues quarter over quarter because of our strategy to offer systems of varying capabilities at multiple price points. The iPlus is our flagship product and our primary revenue driver, and we expect this to continue in 2013. By offering multiple product configurations across a range of price points, we believe we can attract more customers, drive adoption, and generate more significant product and consumables revenue,” said Fred Furry, Chief Operating Officer and Chief Financial Officer.

Revenues from the sale of diode laser systems increased $1.3 million, or 79.9%, to $2.8 million in the 2012 fourth quarter as compared to $1.5 million in the prior year quarter. Diode laser system sales comprised approximately 14.4% of net revenues for the 2012 fourth quarter compared to 11.6% for the prior year quarter. BIOLASE received the CE Mark for the EPIC 10 in the final days of September 2012, and received notice of its regulatory clearance from the FDA on October 1, 2012.

Furry added, “As expected, sales of diode laser systems increased significantly in the fourth quarter, and we anticipate that the EPIC 10 will continue to be a strong contributor to revenue in 2013 and beyond. We also believe that the low price point of our EPIC diode soft-tissue laser system will continue to broaden the demand for lasers and create an up-sell opportunity for our more expensive, all-tissue WaterLase systems.”

Imaging revenues, which included both cone beam and CAD/CAM, totaled approximately $1.6 million, or 8.6% of net revenue, during the 2012 fourth quarter as compared to $138,000, or 1.0% of net revenue, for the prior year quarter.

Gross profit as a percentage of net revenue was 46.6% as compared to 42.2% for the prior year quarter. This quarter-over-quarter increase was primarily due to higher unit sales of WaterLase systems, diode laser systems, and imaging systems, increased consumables, and increased license fees and royalty revenue, combined with decreased costs of revenues as service and warranty expenses continue to decline as manufacturing processes and quality continue to improve.

Operating expenses totaled $7.7 million, or 40.4% of net sales, as compared to $7.5 million, or 56.9% of net sales, in the 2011 fourth quarter. The increased sales and marketing expense is primarily a result of sales commissions accrued on higher system revenues as well as higher payroll and consulting costs associated with the development of our direct sales force in North America and an increase in convention costs, which were offset by a decrease in the cost of supplies.

General and administrative expenses decreased to $1.8 million during the 2012 fourth quarter as compared to $2.0 million for the prior year quarter.

Engineering and development totaled $1.0 million during the 2012 fourth quarter, essentially flat with the prior year quarter.

As a result, net income for the 2012 fourth quarter totaled $1.0 million, or $0.03 per share, compared to a net loss of $2.0 million, or a loss of $0.06 per share, for the 2011 fourth quarter.

After removing interest expense of $99,000, non-cash depreciation and amortization expenses of $140,000, and non-cash stock-based, other equity instruments, and other non-cash compensation expense of $383,000, the 2012 fourth quarter resulted in non-GAAP net income of $1.7 million, or $0.05 per share, compared with a non-GAAP net loss of $1.3 million, or ($0.04) per share, for the 2011 fourth quarter.

2012 Financial Results
GAAP net revenue for the year ended December 31, 2012, totaled $57.4 million, compared with net revenue of $48.9 million in the prior year. Domestic revenues were $40.6 million, or 70.7% of net revenue, for 2012 compared to $32.8 million, or 67.1% of net revenue, for 2011. International revenues for 2012 were $16.8 million, or 29.3% of net revenue compared to $16.1 million, or 32.9% of net revenue for 2011.

Adjusting for the inventory re-purchased in connection with the Schein termination agreement, non-GAAP adjusted revenue for 2012 was $58.5 million, which was the midpoint of our initial annual revenue guidance for 2012. This represents an increase of $9.6 million, or 19.7% as compared to net revenue of $48.9 million for 2011. When excluding both the 2012 inventory re-purchased in connection with the Schein termination agreement, which was offset against our 2012 second quarter, and the 2011 non-recurring event of equipment sales to Schein for irrevocable purchase orders of $5.9 million; non-GAAP adjusted revenue for 2012 represents a 36.1% increase over non-GAAP adjusted revenue for the prior year, which was in line with our guidance of 36%.

The number of WaterLase systems sold during 2012 increased by 37.1% as compared to the prior year, primarily due to increased sales of WaterLase iPlus systems and sales of MD Turbo™ systems, including 100% of the equipment that the Company re-purchased in connection with the Schein termination agreement.

Net revenues from the sale of WaterLase systems, including the effect of the $1.1 million inventory repurchase from Schein during the 2012 second quarter, increased $6.8 million, or 23.1%, for 2012 as compared to the prior year. Excluding the effect of the Schein inventory re-purchase and the 2011 non-recurring event of equipment sales to Schein for irrevocable purchase orders of $2.3 million; non-GAAP adjusted net revenue from the sales of our WaterLase systems for 2012 increased by $10.2 million, or 37.7%, compared to 2011.

WaterLase system sales comprised approximately 62.8% of gross revenues for 2012 compared to 59.9% for the prior year. The majority of these WaterLase revenues were from sales of the Company’s flagship WaterLase iPlus all-tissue laser system.

Revenues from the sale of diode laser systems decreased $2.9 million, or 31.2%, to $6.3 million for 2012 as compared to $9.2 million for 2011. Diode laser system sales comprised approximately 11.0% of net revenues for 2012 compared to 18.8% for the prior year. Excluding the effect of the 2011 non-recurring diode sales to Schein for irrevocable purchase orders of $3.6 million, non-GAAP adjusted net revenue from the sales of our diode systems for 2012 increased by $729,000, or 13.1%, compared to 2011. Diode laser system sales were negatively impacted during 2012 due to market anticipation of new EPIC 10 diode laser system which was cleared by the FDA in October 2012.

Imaging system net revenue, which included our in-licensed cone beam and CAD/CAM products, totaled approximately $3.4 million, or 5.9% of net revenue, in 2012, as compared to $238,000, or 0.5% of net revenue, in 2011.

Pignatelli commented, “We added cone beam digital imaging to our product offerings in late 2011, and further enhanced our imaging products with the addition of CAD/CAM intra-oral scanning in late 2012. These in-licensed imaging systems are expected to generate greater revenue growth while increasing awareness in our core internally developed laser products.”

Gross profit as a percentage of net revenue was 46.2% for 2012 as compared to 43.6% for the prior year. The year-over-year increase was primarily due to increased sales of WaterLase systems and increased sales of ancillary consumables, coupled with lower costs of revenues, reflecting lower service and warranty expenses due to ongoing improvements in manufacturing processes and quality.

Operating expenses totaled $29.0 million for 2012, or 50.6% of net sales, as compared to $25.3 million, or 51.8% of net sales, for 2011. The increase was primarily due to increased sales commission earned on higher revenues, increased convention costs associated with the imaging product lines, increased payroll and consulting fees related to further development of the Company’s direct sales force, and increased media and advertising costs.

The net loss for 2012 was $3.1 million, or a loss of $0.10 per share, compared with a net loss of $4.5 million, or a loss of $0.15 per share, for 2011.

After removing interest expense of $239,000, non-cash depreciation and amortization expenses of $513,000, and non-cash stock-based, other equity instruments, and other non-cash compensation expense of $1.9 million, the non-GAAP net loss for 2012 was $431,000, or a loss of $0.01 per share, compared with a non-GAAP net loss of $1.4 million, or a loss of $0.05 per share, for 2011.

Liquidity and Capital Resources
As of December 31, 2012, BIOLASE had approximately $7.5 million in working capital. Cash and cash equivalents totaled approximately $2.5 million at December 31, 2012, compared to $1.3 million at September 30, 2012, and $3.3 million at December 31, 2011.

Accounts receivable totaled $11.7 million at December 31, 2012, compared to $10.3 million at September 30, 2012, and $8.9 million at December 31, 2011. Stockholders’ equity was $11.8 million at December 31, 2012. In addition, the Company had two revolving credit facilities totaling $8.0 million, with $6.4 million of available borrowings, in excess of the $1.6 million outstanding, at December 31, 2012.

Financial Outlook
For the 2013 first quarter, BIOLASE expects net revenue of approximately $14.0 million to $15.0 million. The midpoint of $14.5 million reflects expected growth of approximately 18% as compared to the 2012 first quarter. After the 2013 first quarter the Company does not plan to provide quarterly guidance for the rest of 2013.

For the year ending December 31, 2013, the Company expects net revenue of approximately $68 million to $72 million. The midpoint of $70 million represents a 22% increase over 2012 net revenue and would also represent record revenue for the Company. The Company also expects to generate cash from operations for the year ending December 31, 2013.

Conference Call
As previously announced, BIOLASE will hold a conference call to discuss these financial results as follows:

Date:             Wednesday, March 6, 2013
Time:             4:30pm EST
Dial-in numbers:  1-877-941-1428 (toll-free/U.S. & Canada)
                  1-480-629-9665 (toll/international)
Live webcast:     www.biolase.com, under 'Investors'

The archived webcast will be available for 30 days on the Company’s website, www.biolase.com, in the ‘Investors’ section under ‘Audio Archive’.

About BIOLASE, Inc.
BIOLASE, Inc. is a biomedical company that develops, manufactures and markets dental lasers and also distributes and markets dental imaging equipment and CAD/CAM systems; products that are focused on technologies that advance the practice of dentistry and medicine. The Company’s laser products incorporate approximately 314 patented and patent-pending technologies designed to provide biologically clinically superior performance with less pain and faster recovery times. Its imaging products provide cutting-edge technology at competitive prices to deliver the best results for dentists and patients. BIOLASE’s principal products are dental laser systems that perform a broad range of dental procedures, including cosmetic and complex surgical applications, and a full line of dental imaging equipment. BIOLASE has sold more than 22,000 lasers worldwide. Other products under development address ophthalmology and other medical and consumer markets.

WaterLase®, WaterLase MD®, iPlus®, WaterLase MD Turbo™, and EPIC™ are trademarks of BIOLASE, Inc.

TRIOS® is a registered trademark of 3Shape A/S.

For updates and information on WaterLase and laser dentistry, find BIOLASE online at www.biolase.com, Facebook at www.facebook.com/biolaseinc, Twitter at twitter.com/biolaseinc, and YouTube at www.youtube.com/biolasevideos.

Non-GAAP Financial Measures
The non-GAAP financial measures contained herein are a supplement to the corresponding financial measures prepared in accordance with generally accepted accounting principles (“GAAP”). The non-GAAP financial measures presented exclude the items summarized in the table on page 10 of this press release. Management believes that adjustments for these items assist investors in making comparisons of period-to-period operating results and that these items are not indicative of the Company’s on-going core operating performance.

Management uses non-GAAP net income (loss) and non-GAAP net income (loss) per basic and diluted share in its evaluation of the Company’s core after-tax results of operations and trends between fiscal periods and believes that these measures are important components of its internal performance measurement process. Management believes that providing these non-GAAP financial measures allows investors to view the Company’s financial results in the way that management views the financial results.

The non-GAAP financial measures presented herein have certain limitations in that they do not reflect all of the costs associated with the operations of the Company’s business as determined in accordance with GAAP. Therefore, investors should consider non-GAAP financial measures in addition to, and not as a substitute for, or as superior to, measures of financial performance prepared in accordance with GAAP. The non-GAAP financial measures presented by the Company may be different from the non-GAAP financial measures used by other companies.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Statements contained in this press release that refer to BIOLASE’s estimated or anticipated future results or other non-historical facts are forward-looking statements, as are any statements in this press release concerning prospects related to BIOLASE’s strategic initiatives, product introductions and anticipated financial performance. Forward-looking statements can also be identified through the use of words such as “anticipates,” “expects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “may,” “will,” and variations of these words or similar expressions. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect BIOLASE’s current perspective of existing trends and information and speak only as of the date of this release. Actual results may differ materially from BIOLASE’s current expectations depending upon a number of factors affecting BIOLASE’s business. These factors include, among others, adverse changes in general economic and market conditions, competitive factors including but not limited to pricing pressures and new product introductions, uncertainty of customer acceptance of new product offerings and market changes, risks associated with managing the growth of the business, and those other risks and uncertainties that may be detailed, from time-to-time, in BIOLASE’s reports filed with the SEC. BIOLASE does not undertake any responsibility to revise or update any forward-looking statements contained herein.

(financial tables follow)

                               BIOLASE, INC.

                   CONSOLIDATED STATEMENTS OF OPERATIONS
              (unaudited, in thousands, except per share data)

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

Products and services revenue    $  19,044  $  13,137  $  58,332  $  48,419
Non-recurring event                     --         --     (1,141)        --
License fees and royalty revenue        36         20        165        439
                                 ---------  ---------  ---------  ---------
  Net revenue                       19,080     13,157     57,356     48,858
                                 ---------  ---------  ---------  ---------
Cost of revenue                     10,190      7,609     32,019     27,540
Non-recurring event                     --         --     (1,141)        --
                                 ---------  ---------  ---------  ---------
  Net cost of revenue               10,190      7,609     30,878     27,540
                                 ---------  ---------  ---------  ---------
Gross profit                         8,890      5,548     26,478     21,318
                                 ---------  ---------  ---------  ---------
Operating expenses:
  Sales and marketing                4,867      4,395     16,250     13,075
  General and administrative         1,804      2,023      8,075      7,936
  Engineering and development        1,027      1,073      4,684      4,311
                                 ---------  ---------  ---------  ---------
    Total operating expenses         7,698      7,491     29,009     25,322
                                 ---------  ---------  ---------  ---------
Income (loss) from operations        1,192     (1,943)    (2,531)    (4,004)
                                 ---------  ---------  ---------  ---------

Loss on foreign currency
 transactions                          (38)       (78)      (175)       (88)
Interest expense                       (99)         1       (239)      (305)
                                 ---------  ---------  ---------  ---------
Non-operating loss, net               (137)       (77)      (414)      (393)
                                 ---------  ---------  ---------  ---------
Income (loss) before income tax
 provision                           1,055     (2,020)    (2,945)    (4,397)
Income tax provision                    14         10        111         89
                                 ---------  ---------  ---------  ---------
Net income (loss)                $   1,041  $  (2,030) $  (3,056) $  (4,486)
                                 =========  =========  =========  =========

Net income (loss) per share:
  Basic                          $    0.03  $   (0.06) $   (0.10) $   (0.15)
                                 =========  =========  =========  =========
  Diluted                        $    0.03  $   (0.06) $   (0.10) $   (0.15)
                                 =========  =========  =========  =========

Shares used in the calculation
 of net income (loss) per share:
  Basic                             31,284     31,248     31,308     29,907
                                 =========  =========  =========  =========
  Diluted                           31,406     31,248     31,308     29,907
                                 =========  =========  =========  =========

                               BIOLASE, INC.

                        CONSOLIDATED BALANCE SHEETS
              (unaudited, in thousands, except per share data)

                                                        December 31,
                                                 --------------------------
                                                     2012          2011
                                                 ------------  ------------
                     ASSETS

Current assets:
  Cash and cash equivalents                      $      2,543  $      3,307
  Accounts receivable, less allowance of $304
   and $289 in 2012 and 2011, respectively             11,680         8,899
  Inventory, net                                       11,142        11,312
  Prepaid expenses and other current assets             1,552         1,808
                                                 ------------  ------------
    Total current assets                               26,917        25,326
Property, plant and equipment, net                      1,509         1,148
Intangible assets, net                                    300           212
Goodwill                                                2,926         2,926
Deferred tax asset                                         16             8
Other assets                                              305           187
                                                 ------------  ------------
    Total assets                                 $     31,973  $     29,807
                                                 ============  ============

 LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
Current liabilities:
  Lines of credit                                $      1,637  $         --
  Accounts payable                                      7,663         7,804
  Accrued liabilities                                   6,267         6,177
  Customer deposits                                       582           165
  Deferred revenue, current portion                     3,226         2,136
                                                 ------------  ------------
    Total current liabilities                          19,375        16,282
Deferred tax liabilities                                  663           594
Deferred revenue, long-term                                 3            25
Other liabilities, long-term                              138           337
                                                 ------------  ------------
    Total liabilities                                  20,179        17,238
                                                 ------------  ------------

Commitments and contingencies
Stockholders' equity (deficit):
  Preferred stock, par value $0.001                        --            --
  Common stock, par value $0.001                           34            33
  Additional paid-in capital                          140,747       138,507
  Accumulated other comprehensive loss                   (320)         (360)
  Accumulated deficit                                (112,268)     (109,212)
                                                 ------------  ------------
                                                       28,193        28,968
  Treasury stock (cost of 1,964 shares
   repurchased)                                       (16,399)      (16,399)
                                                 ------------  ------------
    Total stockholders' equity                         11,794        12,569
                                                 ------------  ------------
    Total liabilities and stockholders' equity   $     31,973  $     29,807
                                                 ============  ============

                               BIOLASE, INC.
  Reconciliation of GAAP Financial Results to Non-GAAP Financial Measures
              (unaudited, in thousands, except per share data)

                                  Three months ended    Twelve months ended
                                     December 31,          December 31,
                                ---------------------  --------------------
                                   2012        2011       2012       2011
                                ----------  ---------  ---------  ---------

GAAP net revenue                $   19,080  $  13,157  $  57,356  $  48,858
Add: inventory re-purchase in
 connection with Schein
 Termination Agreement                  --         --      1,141         --
Less: equipment sales to Schein
 for irrevocable purchase
 orders                                 --         --         --     (5,877)
                                ----------  ---------  ---------  ---------
Non-GAAP adjusted revenue       $   19,080  $  13,157  $  58,497  $  42,981
                                ==========  =========  =========  =========

GAAP net income (loss)          $    1,041  $  (2,030) $  (3,056) $  (4,486)
Adjustments:
  Interest expense                      99         (1)       239        305
  Depreciation and amortization
   expense                             140        133        513        695
  Stock-based, other equity
   instruments, and other non-
   cash compensation expense           383        638      1,873      2,051
                                ----------  ---------  ---------  ---------
Non-GAAP net income (loss)      $    1,663  $  (1,260) $    (431) $  (1,435)
                                ==========  =========  =========  =========

GAAP net income (loss) per
 share:
  Basic and diluted             $     0.03  $   (0.06) $   (0.10) $   (0.15)
Adjustments:
  Interest expense                    0.00       0.00       0.01       0.01
  Depreciation and amortization
   expense                            0.00       0.00       0.02       0.02
  Stock-based, other equity
   instruments, and other non-
   cash compensation expense          0.02       0.02       0.06       0.07
                                ----------  ---------  ---------  ---------
Non-GAAP net income (loss) per
 share:
  Basic and Diluted             $     0.05  $   (0.04) $   (0.01) $   (0.05)
                                ==========  =========  =========  =========

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For further information, please contact:
Lisa Wilson
In-Site Communications, Inc.

ValueVision Media (VVTV) Reports Q4 and Fiscal 2012 Results

MINNEAPOLIS, MN — (Marketwire) — 03/06/13 — ValueVision Media, Inc. (NASDAQ: VVTV), a multichannel electronic retailer operating as ShopNBC (www.shopnbc.com), today announced operating results for its fiscal 2012 fourth quarter (Q4’12) and year ended February 2, 2013. ValueVision will host an investor conference call/webcast today at 4:30 pm ET, details below.

During the fourth quarter, ValueVision achieved net sales of $177.5 million, adjusted EBITDA of $4.2 million, and a net loss of $11.4 million. For the full fiscal year, the Company achieved net sales of $586.8 million, adjusted EBITDA of $4.5 million, and a net loss of $27.7 million.

Because ValueVision follows a 4-5-4 retail calendar, every five to six years the Company has an extra week of operations, and this occurred in fiscal 2012. Therefore, Q4’12 and full year periods have 14 and 53 weeks, respectively, as compared to the same periods last year of 13 and 52 weeks. To facilitate more meaningful comparisons with fiscal 2011 results, ValueVision is presenting in the table below pro forma results for Q4 and fiscal 2012, reflecting current period results on an equivalent 13- and 52-week basis. Q4’12 pro forma results were calculated by dividing actual Q4’12 results by 14 and by multiplying the quotients by 13. The 52-week pro formas were calculated by adding the Q4 13-week pro formas to the previously reported fiscal year-to-date Q3 results of operations.

SUMMARY RESULTS AND KEY OPERATING METRICS -- FOURTH QUARTER

($ Millions, except average price points)

                                   Actual   Pro Forma    Actual   Pro Forma
                                   Q4'12      Q4'12      Q4'11      Change
                                  2/2/2013             1/28/2012
                                  14 Weeks   13 Weeks   13 Weeks   13 Weeks
                                 ---------  ---------  ---------  ---------
Net Sales                        $   177.5  $   164.8  $   147.5       11.7%
Gross Profit                     $    58.9  $    54.7  $    49.2       11.1%
Gross Profit %                        33.2%      33.2%      33.3%    -10bps
EBITDA, as adjusted              $     4.2  $     3.9  $    (2.7) $     6.6

Loss Before Write Downs          $    (0.3) $    (0.3) $    (8.3) $     8.0
  FCC License Impairment         $   (11.1) $   (11.1) $       -  $   (11.1)
  Debt Extinguishment            $       -  $       -  $       -  $       -
                                 ---------  ---------  ---------  ---------
Net Loss                         $   (11.4) $   (11.4) $    (8.3) $    (3.1)
                                 =========  =========  =========  =========

Homes (Average 000s)                83,914     83,900     81,162        3.4%
Net Shipped Units (000s)             1,763      1,637      1,467       11.6%
Average Selling Price            $      92  $      92  $      93       -1.1%
Return Rate %                         22.1%      22.1%      22.2%    -10bps
Internet Net Sales %                  46.3%      46.3%      44.7%   +160bps

SUMMARY RESULTS AND KEY OPERATING METRICS -- FISCAL YEAR

($ Millions, except average price points)

                                   Actual   Pro Forma    Actual   Pro Forma
                                   FY'12      FY'12      FY'11      Change
                                  2/2/2013             1/28/2012
                                  53 Weeks   52 Weeks   52 Weeks   52 Weeks
                                 ---------  ---------  ---------  ---------
Net Sales                        $   586.8  $   574.1  $   558.4        2.8%
Gross Profit                     $   212.4  $   208.3  $   204.1        2.0%
Gross Profit %                        36.2%      36.3%      36.6%   -30 bps
EBITDA, as adjusted              $     4.5  $     4.2  $     1.0  $     3.2

Loss Before Write Downs          $   (16.1) $   (16.0) $   (22.4) $     6.4
  FCC License Impairment         $   (11.1) $   (11.1) $       -  $   (11.1)
  Debt Extinguishment            $    (0.5) $    (0.5) $   (25.7) $    25.2
                                 ---------  ---------  ---------  ---------
Net Loss                         $   (27.7) $   (27.6) $   (48.1) $    20.5
                                 =========  =========  =========  =========

Homes (Average 000s                 82,761     82,757     79,822        3.7%
Net Shipped Units (000s)             5,620      5,494      4,947       11.1%
Average Selling Price            $      96  $      96  $     104       -7.7%
Return Rate %                         22.1%      22.1%      22.6%    -50bps
Internet Net Sales %                  45.7%      45.7%      44.9%    +80bps

Management believes that the pro forma Q4’12 and full fiscal 2012 results are a more appropriate basis for analysis and comparison to prior-year results. Therefore, the Company’s subsequent commentary will utilize pro forma results presented in the above table.

The Company’s Q4’12 pro forma net sales rose 11.7% to $164.8 million over Q4’11. Sales growth was achieved by a significant rebound in the Consumer Electronics category and by solid performances in the Home and Beauty segments. Pro forma adjusted EBITDA improved to a positive $3.9 million in Q4’12 vs. a loss of $2.7 million last year, reflecting higher sales and lower distribution costs.

Pro forma net shipped units rose 11.6% to 1.6 million in Q4’12 vs. Q4’11, reflecting the benefit of continued improvements to the Company’s merchandise mix as well as a modest decline in average price points. Internet Net Sales increased 160 bps to 46.3% versus Q4’11, principally driven by growth in mobile transaction volume compared to last year.

For the full year 2012, pro forma net sales grew 2.8% to $574.1 million, while pro forma adjusted EBITDA for the year improved to $4.2 million compared to $1.0 million in 2011. ValueVision also increased its distribution footprint to 84 million homes at year-end 2012 and began calendar 2013 with two channels of exposure in 70% of its homes.

ValueVision CEO Keith Stewart, commented, “I am encouraged by our performance this quarter and believe we have made further progress toward our goals. We overcame the adverse impact of Superstorm Sandy on our business in the first few weeks of Q4’12 to post solid net sales growth for the quarter. We also achieved continued improvements in both new and active customer counts versus last year, providing further evidence that our customer service, engagement and retention initiatives are resonating with our customers.”

Added Mr. Stewart, “With the start of 2013, we are benefiting from reduced TV distribution costs negotiated last year and improved channel positioning. Overall, we feel our Q4 performance is another step forward toward realizing the full potential of our business.”

ValueVision EVP & CFO William McGrath, stated, “ValueVision ended the year with $28 million in cash and restricted cash versus $32 million at the end of Q3’12. The net use of cash in the quarter was primarily due to the increase in accounts receivable, reflecting higher Q4 sales. We anticipate the collection of these accounts receivable will provide positive cash flow in Q1’13.”

As a result of ValueVision’s annual asset impairment analysis, the Company recorded a non-cash impairment charge of $11.1 million in Q4’12 related to its Boston television station and FCC broadcast license. This adjustment to carrying value reflects current trends in revenues and operating margins among independent television station properties as well as recent comparable market transactions. The impairment charge reduced the Company’s FCC license asset carrying value of $23.1 million to $12.0 million.

Conference Call / Webcast Today, Wednesday, March 6 at 4:30 pm ET:

WEBCAST/WEB REPLAY: http://www.media-server.com/m/p/67fgny7u

TELEPHONE: 866-383-8009; Passcode: 65252850

Adjusted EBITDA

EBITDA represents net loss for the respective periods excluding depreciation and amortization expense, interest income (expense) and income taxes. The Company defines Adjusted EBITDA as EBITDA excluding debt extinguishment, non-operating gains (losses); non-cash impairment charges and write-downs; restructuring; and non-cash share-based compensation expense. The Company has included the term “Adjusted EBITDA” in our EBITDA reconciliation in order to adequately assess the operating performance of our “core” television and Internet businesses and in order to maintain comparability to our analyst’s coverage and financial guidance, when given. Management believes that Adjusted EBITDA allows investors to make a more meaningful comparison between our core business operating results over different periods of time with those of other similar companies. In addition, management uses Adjusted EBITDA as a metric measure to evaluate operating performance under its management and executive incentive compensation programs. Adjusted EBITDA should not be construed as an alternative to operating income (loss), net income (loss) or to cash flows from operating activities as determined in accordance with generally accepted accounting principles and should not be construed as a measure of liquidity. Adjusted EBITDA may not be comparable to similarly entitled measures reported by other companies. The company has included a reconciliation of Adjusted EBITDA to net loss, its most directly comparable GAAP financial measure, in this release.

About ValueVision Media/ShopNBC (www.shopnbc.com/ir)

ValueVision Media, Inc. operates ShopNBC, a multichannel electronic retailer that enables customers to shop via TV, phone, Internet and mobile devices and to interact via the ShopNBC website as well as Facebook, Twitter and YouTube. The ShopNBC television network reaches 84 million cable and satellite homes and is also available nationwide on PCs, tablets and iPhone, Android and other mobile devices via live streaming at www.shopnbc.com. ShopNBC’s merchandise categories include Home & Consumer Electronics, Beauty, Health & Fitness, Fashion & Accessories, and Jewelry & Watches. Please visit www.shopnbc.com/ir for more investor information.

Forward-Looking Information

This release contains certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements contained herein that are not statements of historical fact may be deemed forward-looking statements. These statements are based on management’s current expectations and accordingly are subject to uncertainty and changes in circumstances. Actual results may vary materially from the expectations contained herein due to various important factors, including (but not limited to): consumer preferences, spending and debt levels; the general economic and credit environment; interest rates; seasonal variations in consumer purchasing activities; the ability to achieve the most effective product category mixes to maximize sales and margin objectives; competitive pressures on sales; pricing and gross sales margins; the level of cable and satellite distribution for our programming and the associated fees; our ability to establish and maintain acceptable commercial terms with third-party vendors and other third parties with whom we have contractual relationships, and to successfully manage key vendor relationships; our ability to manage our operating expenses successfully and our working capital levels; our ability to remain compliant with our long-term credit facility covenants; the market demand for television station sales; our management and information systems infrastructure; challenges to our data and information security; changes in governmental or regulatory requirements; litigation or governmental proceedings affecting our operations; significant public events that are difficult to predict, or other significant television-covering events causing an interruption of television coverage or that directly compete with the viewership of our programming; and our ability to obtain and retain key executives and employees. More detailed information about those factors is set forth in the Company’s filings with the Securities and Exchange Commission, including the Company’s annual report on Form 10-K, quarterly reports on Form 10-Q, and current reports on Form 8-K. You are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this announcement. The Company is under no obligation (and expressly disclaims any such obligation) to update or alter its forward-looking statements whether as a result of new information, future events or otherwise.

(tables follow)

                          VALUEVISION MEDIA, INC.
                              AND SUBSIDIARIES
                        CONSOLIDATED BALANCE SHEETS
               (In thousands except share and per share data)

                                                  February 2,   January 28,
                                                     2013          2012
                                                 ------------  ------------
                                                  (Unaudited)

                                   ASSETS
Current assets:
  Cash and cash equivalents                      $     26,477  $     32,957
  Restricted cash and investments                       2,100         2,100
  Accounts receivable, net                             98,360        80,274
  Inventories                                          37,155        43,476
  Prepaid expenses and other                            6,620         4,464
                                                 ------------  ------------
    Total current assets                              170,712       163,271
Property and equipment, net                            24,665        27,992
FCC broadcasting license                               12,000        23,111
NBC trademark license agreement, net                    3,997         1,215
Other assets                                              725         2,871
                                                 ------------  ------------
                                                 $    212,099  $    218,460
                                                 ============  ============

                    LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities:
  Accounts payable                               $     65,719  $     53,437
  Accrued liabilities                                  30,596        37,842
  Deferred revenue                                         85            85
                                                 ------------  ------------
    Total current liabilities                          96,400        91,364

Deferred revenue                                          420           507
Term loan                                                   -        25,000
Long term credit facility                              38,000             -
                                                 ------------  ------------
    Total liabilities                                 134,820       116,871

Commitments and contingencies

Shareholders' equity:
  Common stock, $.01 par value, 100,000,000
   shares authorized; 49,139,361 and 48,560,205
   shares issued and outstanding                          491           486

  Warrants to purchase 6,000,000 and 6,007,372
   shares of common stock                                 533           567

  Additional paid-in capital                          407,244       403,849

  Accumulated deficit                                (330,989)     (303,313)
                                                 ------------  ------------
    Total shareholders' equity                         77,279       101,589
                                                 ------------  ------------
                                                 $    212,099  $    218,460
                                                 ============  ============

                          VALUEVISION MEDIA, INC.
                              AND SUBSIDIARIES
                   CONSOLIDATED STATEMENTS OF OPERATIONS
              (In thousands, except share and per share data)
                                (Unaudited)

                            For the Three Month      For the Twelve Month
                               Periods Ended             Periods Ended
                         ------------------------  ------------------------

                         February 2,  January 28,  February 2,  January 28,
                             2013         2012         2013         2012
                         -----------  -----------  -----------  -----------
Net sales                $   177,500  $   147,537  $   586,820  $   558,394
Cost of sales                118,630       98,344      374,448      354,299
                         -----------  -----------  -----------  -----------
      Gross profit            58,870       49,193      212,372      204,095
      Margin %                  33.2%        33.3%        36.2%        36.6%
Operating expense:
  Distribution and
   selling                    50,729       48,447      193,037      188,813
  General and
   administrative              4,851        4,746       18,297       19,542
  Depreciation and
   amortization                3,198        3,300       13,224       12,578
  FCC license impairment      11,111            -       11,111            -
                         -----------  -----------  -----------  -----------
    Total operating
     expense                  69,889       56,493      235,669      220,933
                         -----------  -----------  -----------  -----------
Operating loss               (11,019)      (7,300)     (23,297)     (16,838)
                         -----------  -----------  -----------  -----------

Other expense:
  Interest income                  -            3           11           64
  Interest expense              (399)        (999)      (3,970)      (5,527)
  Gain on sale of assets           -            -          100            -
  Loss on debt
   extinguishment                  -            -         (500)     (25,679)
                         -----------  -----------  -----------  -----------
    Total other expense         (399)        (996)      (4,359)     (31,142)
                         -----------  -----------  -----------  -----------

Loss before income taxes     (11,418)      (8,296)     (27,656)     (47,980)

Income tax provision               -          (32)         (20)         (84)
                         -----------  -----------  -----------  -----------

Net loss                 $   (11,418) $    (8,328) $   (27,676) $   (48,064)
                         ===========  ===========  ===========  ===========

Net loss per common
 share                   $     (0.23) $     (0.17) $     (0.57) $     (1.03)
                         ===========  ===========  ===========  ===========

Net loss per common
 share---assuming
 dilution                $     (0.23) $     (0.17) $     (0.57) $     (1.03)
                         ===========  ===========  ===========  ===========

Weighted average number
 of common shares
 outstanding:
      Basic               49,076,122   48,546,447   48,874,842   46,451,262
                         ===========  ===========  ===========  ===========
      Diluted             49,076,122   48,546,447   48,874,842   46,451,262
                         ===========  ===========  ===========  ===========

                          VALUEVISION MEDIA, INC.
                              AND SUBSIDIARIES

               Reconciliation of Adjusted EBITDA to Net Loss:

                            For the Three Month      For the Twelve Month
                               Periods Ended             Periods Ended
                         ------------------------  ------------------------

                         February 2,  January 28,  February 2,  January 28,
                             2013         2012         2013         2012
                         -----------  -----------  -----------  -----------

Adjusted EBITDA (000's)  $     4,194  $    (2,681) $     4,494  $       996
Less:
  FCC license impairment     (11,111)           -      (11,111)           -
  Debt extinguishment              -            -         (500)     (25,679)
  Gain on sale of assets           -            -          100            -
  Non-cash share-based
   compensation                 (854)      (1,270)      (3,257)      (5,007)
                         -----------  -----------  -----------  -----------
EBITDA (as defined) (a)       (7,771)      (3,951)     (10,274)     (29,690)
                         -----------  -----------  -----------  -----------

A reconciliation of
 EBITDA to net loss is
 as follows:

EBITDA (as defined) (a)       (7,771)      (3,951)     (10,274)     (29,690)
Adjustments:
  Depreciation and
   amortization               (3,248)      (3,349)     (13,423)     (12,827)
  Interest income                  -            3           11           64
  Interest expense              (399)        (999)      (3,970)      (5,527)
  Income taxes                     -          (32)         (20)         (84)
                         -----------  -----------  -----------  -----------
Net loss                 $   (11,418) $    (8,328) $   (27,676) $   (48,064)
                         ===========  ===========  ===========  ===========

(a) EBITDA as defined for this statistical presentation represents net income (loss) for the respective periods excluding depreciation and amortization expense, interest income (expense) and income taxes. The Company defines Adjusted EBITDA as EBITDA excluding debt extinguishment, non-operating gains (losses); non-cash impairment charges and writedowns, restructuring costs; and non-cash share-based compensation expense.

Management has included the term Adjusted EBITDA in its EBITDA reconciliation in order to adequately assess the operating performance of the Company’s “core” television and Internet businesses and in order to maintain comparability to its analyst’s coverage and financial guidance, when given. Management believes that Adjusted EBITDA allows investors to make a more meaningful comparison between our core business operating results over different periods of time with those of other similar companies. In addition, management uses Adjusted EBITDA as a metric measure to evaluate operating performance under its management and executive incentive compensation programs. Adjusted EBITDA should not be construed as an alternative to operating income (loss), net income (loss) or to cash flows from operating activities as determined in accordance with GAAP and should not be construed as a measure of liquidity. Adjusted EBITDA may not be comparable to similarly entitled measures reported by other companies.

Contact:
Media Relations:
Dawn Zaremba
ShopNBC
dzaremba@shopnbc.com
(952) 943-6043 O

Investors:
David Collins, Eric Lentini
Catalyst Global LLC
vvtv@catalyst-ir.com
(212) 924-9800 O

Ballard (BLDP) Signs Long-Term Engineering Services Contract

• Expected contract value of C$60-100 million

VANCOUVER, March 6, 2013 /PRNewswire/ – Ballard Power Systems (NASDAQ: BLDP)(TSX: BLD) has announced signing of an agreement with Volkswagen Group (www.volkswagenag.com) for a major Engineering Services contract to advance development of fuel cells for use in powering demonstration cars in Volkswagen’s fuel cell automotive research program. The contract term is for 4-years, with an option for a 2-year extension. The expected contract value is in the range of C$60-100 million.

Dr. Juergen Leohold, Head of Group Research at Volkswagen AG said, “This research agreement with Ballard demonstrates our commitment to the development of clean energy fuel cell transportation alternatives. I anticipate accelerating our automotive fuel cell program as a result of this collaborative effort, which will bring together additional fuel cell skills and expertise in both organizations.”

Work will involve the design and manufacture of a next-generation fuel cell for use in Volkswagen HyMotion demonstration cars. Ballard engineers will lead critical areas of fuel cell product design – including the membrane electrode assembly (MEA), plate and stack components – along with testing and integration work.

“The announcement of this research agreement with Volkswagen Group, a recognized global leader, is a major step for Ballard both strategically and financially,” said John Sheridan, Ballard President and CEO. “It represents a tremendous ramp-up in our Engineering Services business following the recent expiration of the five year automotive non-compete agreement. Ballard’s focus with Volkswagen in this new automotive fuel cell research program will parallel our continuing work in commercial fuel cell markets for backup power and material handling — enhancing product durability and performance while radically reducing product costs.”

Over the past several years, Ballard has made significant advances in its commercial fuel cell products, with average product cost reductions of 60% and increases in product durability. Sales of Ballard’s clean energy fuel cell products have also been accelerating, with a 30% cumulative annual growth rate (CAGR) in revenue since 2010.

Additional details regarding the agreement between Ballard and Volkswagen will be filed by Ballard in a Material Change Report which will be available on SEDAR at www.sedar.com.

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 revenues, product development activities, anticipated 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

GlobalWise Investments (GWIV) Completes $3.0 Million Private Placement

COLUMBUS, OH — (Marketwire) — 03/06/13 — GlobalWise Investments, Inc. (OTCBB: GWIV) (OTCQB: GWIV) (the “Company” or “GlobalWise”) (www.GlobalWiseInvestments.com) a leading-edge technology company focused on the design, implementation and management of cloud-based Enterprise Content Management (“ECM”) systems in both the public and private sectors, announced that on February 28, 2013 and March 6, 2013, the Company entered into a securities purchase agreement (the “Purchase Agreement”) with certain accredited investors, pursuant to which it sold an aggregate of 15,000,000 shares of the Company’s common stock, par value, $0.001 per share (“Common Stock”) at a purchase price of $0.20 per share, for aggregate cash proceeds of $2,650,000 and the exchange of $350,000 in previously issued convertible promissory notes issued between January 28, 2013 and February 7, 2013 to certain investors associated with the Placement Agent (as defined below) (the “Offering”). GlobalWise intends to use the net proceeds of the Offering for working capital and general corporate purposes, including without limitation, debt reduction purposes.

William J. “BJ” Santiago, CEO of GlobalWise, said, “The proceeds from this Offering will, among other uses, provide us capital to expand and participate in joint growth strategies with our global channel partners and increase market penetration for our cloud-based ECM initiatives. We welcome our new shareholders and appreciate their support.”

The Securities sold by GlobalWise in the Offering were not registered under the Securities Act of 1933, as amended (the “Securities Act”) or the securities laws of any state and were sold in reliance upon exemptions from the registration requirements of the Securities Act and applicable state securities laws. Therefore, such securities may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and any applicable state securities laws. This press release does not constitute an offer to sell any securities or a solicitation of an offer to purchase any securities.

Taglich Brothers, Inc. served as the Company’s placement agent (the “Placement Agent”) for the transaction. For more details, please see the current report on Form 8-K to be filed by GlobalWise on March 6, 2013.

About Taglich Brothers, Inc.
Founded in 1991, Taglich Brothers, Inc. is a full service brokerage firm specializing in the microcap segment of the market for publicly traded securities. We define the microcap market as companies with less than $250 million of stock outstanding. The firm has selected this unique niche for two reasons. First and foremost, the small cap market has historically outperformed the large cap market over the past 75 years. Second, this area of the market is virtually ignored by the larger institutions and other Wall Street firms because they cannot invest enough capital in each situation to justify the expense of investigating these companies. Our focus and high energy level allow us to exploit these inefficiencies, giving us the added advantage needed to prosper in the microcap market. For additional information, please visit the firm’s website: www.Taglich.com

About GlobalWise Investments, Inc.
GlobalWise Investments, Inc., via its wholly owned subsidiary Intellinetics, Inc., is a Columbus, Ohio based Enterprise Content Management (ECM) pioneer with industry-leading software that delivers cloud ECM based solutions on-demand. The Company’s flagship platform, Intellivue™, represents a new industry benchmark and game-changing solution by enabling clients to access and manage the content of every scanned document, file, spreadsheet, email, photo, audio file or video tape – virtually anything that can be digitized – in their enterprise from any PC, laptop, tablet or smartphone from anywhere in the world.

For additional information, please visit the Company’s corporate website: www.GlobalWiseInvestments.com

Forward Looking Statements

Under The Private Securities Litigation Reform Act of 1995: Except for historical information contained herein, the statements in this news release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Act of 1995. Forward looking statements involve known and unknown risks and uncertainties, which may cause a company’s actual results, performance and achievement in the future to differ materially from forecasted results, performance, and achievement. These risks and uncertainties are described in the Company’s periodic filings with the Securities and Exchange Commission. The Company undertakes no obligation to publicly release the results of any revisions to these forward looking statements that may be made to reflect events or circumstances after the date hereof, or to reflect the occurrence of unanticipated events or changes in the Company’s plans or expectation.

Contacts:

GlobalWise Investments, Inc.
William “BJ” Santiago
President & Chief Executive Officer
contact@globalwiseinvestments.com
614-921-8170

Michael J. Porter
President
Porter, LeVay & Rose, Inc.
mike@plrinvest.com
212-564-4700

Peregrine (PPHM) to Report Third Quarter Fiscal Year 2013 Financial Results

TUSTIN, CA — (Marketwire) — 03/05/13 — Peregrine Pharmaceuticals, Inc. (NASDAQ: PPHM), a clinical-stage biopharmaceutical company developing first-in-class monoclonal antibodies focused on the treatment and diagnosis of cancer, today announced that it will report financial results for the third quarter of the fiscal year (FY) 2013 on March 12, 2013 after market and will host a conference call and webcast at 1:30 PM Pacific Daylight Time (4:30 PM Eastern Daylight Time). Peregrine’s senior management will discuss financial results for the third quarter ended January 31, 2013 of FY 2013 and will review recent progress of its clinical development programs.

To listen to the live webcast, or access the archived webcast, please visit: http://ir.peregrineinc.com/events.cfm.

To listen to the conference call, please dial (877) 312-5443 or (253) 237-1126 and request the Peregrine Pharmaceuticals call. A replay of the call will be available starting approximately two hours after the conclusion of the call through March 19, 2013 by calling (855) 859-2056, or (404) 537-3406 and using passcode 18046320.

About Peregrine Pharmaceuticals, Inc.
Peregrine Pharmaceuticals, Inc. is a biopharmaceutical company with a portfolio of innovative monoclonal antibodies in clinical trials focused on the treatment and diagnosis of cancer. The company is pursuing multiple clinical programs in cancer with its lead product candidate bavituximab and novel brain cancer agent Cotara®. Peregrine also has in-house cGMP manufacturing capabilities through its wholly-owned subsidiary Avid Bioservices, Inc. (www.avidbio.com), which provides development and biomanufacturing services for both Peregrine and outside customers. Additional information about Peregrine can be found at www.peregrineinc.com.

Contact:
Christopher Keenan or Jay Carlson
Peregrine Pharmaceuticals, Inc.
(800) 987-8256

Stereotaxis (STXS) Reports 2012 Financial Results; Provides 2013 Outlook

-Achieves Record Fourth Quarter Cash Burn of Less than $0.1M-

-Lowers Operating Loss to a Record $0.9M in Fourth Quarter, an 81% YOY Improvement-

-Reduces Operating Expenses 31% in Quarter and for Full Year-

-Grows Full Year Total Revenue 11%-

-Hosts Conference Call Today at 4:30 p.m. Eastern Time-

ST. LOUIS, March 5, 2013 (GLOBE NEWSWIRE) — Stereotaxis, Inc. (Nasdaq:STXS) today reported financial results for the fourth quarter and full year ended December 31, 2012.

Michael P. Kaminski, President and Chief Executive Officer of Stereotaxis, said, “During 2012, we made significant progress in converting the excitement around our unique Epoch™ platform into capital orders and customer upgrades, resulting in an 11% increase in total full year revenue over 2011. By year-end, we achieved our strategic milestone of upgrading half of our installed base in North America and Europe to the new technology. We also reached shipment targets for the Niobe® ES system, receiving an additional $2.5 million of funding on January 31, 2013, under our existing agreement with Healthcare Royalty Partners (previously ‘Cowen’).”

Mr. Kaminski continued, “Our strong financial performance for the year included record improvement to the bottom line, primarily occurring in the second half of the year. Through strict financial management, we reduced our annual operating expenses 31% and cash burn by 68% from the prior year. As a result, operating loss for the full year decreased 67% over 2011. In the fourth quarter, operating loss declined 81% to an eight-year low of $880,000 and cash burn was a record $77,000.

“While significantly reduced, our new cost structure has not compromised our plans for growth or ability to fund key innovation projects. We will continue work to execute on our strategic priorities in 2013, including optimizing our robotic EP solutions for improved top line results, securing important product approvals in Japan and the U.S., beginning multi-center clinical studies to expand our clinical proof and leveraging global strategic partnerships for long-term growth,” he said.

Fourth Quarter Financial Results

Revenue for the fourth quarter 2012 totaled $12.2 million, compared to $11.6 million in the prior year quarter. The Company recognized revenue of $3.6 million on three Niobe ES systems and several upgrades, $0.3 million on Vdrive™ system sales and $1.7 million in Odyssey® system sales in the fourth quarter 2012. Recurring revenue of $6.6 million in the quarter was down 10% from $7.4 million in the 2011 fourth quarter. Utilization in Niobe ES sites increased 9% for the fourth quarter of 2012 over the same period last year, and overall utilization was down 2%.

“While procedure growth in Niobe ES sites exceeded the market rate during 2012, the rate of growth in the fourth quarter was less than expected,” added Mr. Kaminski. “We have thoroughly analyzed utilization trends and are executing a plan of action centered on strengthening the learning path of physicians as well as providing clinical evidence of the value of our technology.”

The Company generated new capital orders of $4.2 million in the fourth quarter, including $2.8 million on two Niobe ES orders and eight upgrades, compared to $3.6 million in the fourth quarter of 2011, representing a 17% increase. New capital orders in the last six months of 2012 grew 96% over 2011. Ending capital backlog for the fourth quarter was $8.9 million.

Gross margin in the quarter was $7.9 million, or 65% of revenue, versus $8.3 million, or 71.4% of revenue, in the fourth quarter 2011. Gross margin in the 2012 fourth quarter was impacted primarily by shifts in mix from recurring revenue to system revenue and from QuikCAS™ disposables to lower margin Vdrive disposables (prior to the rollout of the multi-use product), as well as lower margins on distributor sales of Odyssey systems.

Operating expenses in the fourth quarter decreased to $8.8 million, down 31.5% from the year ago period.

Operating loss in the fourth quarter improved to $(0.9) million, an 80.8% reduction compared to $(4.6) million in the prior year quarter, representing the Company’s lowest reported operating loss since its initial public offering in August 2004. This significant improvement is a result of increased revenue and lower operating expenses in 2012.

Interest expense increased to $2.0 million in the fourth quarter, compared to $1.1 million in the prior year quarter. The increase was primarily related to the Healthcare Royalty Partners (HC Royalty) financing in November 2011, an additional $2.5 million in HC Royalty borrowings in August 2012 and the issuance of $8.5 million in subordinated convertible debentures in May 2012.

The net loss for the fourth quarter was $(4.3) million, or $(0.55) per share, compared to a net loss of $(5.5) million, or $(1.00) per share, reported for the fourth quarter 2011. The weighted average shares outstanding for the fourth quarter of 2012 and 2011 totaled 7.8 million and 5.5 million, respectively. Excluding mark-to-market warrant revaluation and amortization of convertible debt discount related to the $18.5 million financing in May 2012, the net loss would have been $(2.3) million, or $(0.29) per share.

Cash burn for the fourth quarter of 2012 was $0.1 million, a record low and a 99% decline compared to $14.8 million in the prior year quarter.

At December 31, 2012, Stereotaxis had cash and cash equivalents of $7.8 million, compared to $9.9 million at September 30, 2012. At year end, total debt was $29.1 million, including $16.2 million related to HC Royalty debt.

Full Year Financial Results

Revenue for the full year ended December 31, 2012 was $46.6 million, up 11% compared to $42 million in the 12 months ended December 31, 2011. System and recurring revenues were $19.7 million and $26.9 million, respectively, for 2012, compared to $15.6 million and $26.4 million for system and recurring revenues during 2011. Utilization in Niobe ES sites increased 19% compared to last year, and overall utilization was up 7%.

Gross margin in the full year 2012 was $31.8 million, or 68.3% of revenue, compared with $29.5 million, or 70.2% of revenue, in 2011. Operating expenses for 2012 were $42.4 million, a 31% reduction compared to $61.4 million in 2011.

Operating loss was $(10.6) million, a 66.7% decrease from $(31.9) million in the prior year, with the largest improvement occurring in the second half of the year. Operating loss for the last six months of 2012 was $1.8 million.

Interest expense in full year 2012 increased to $6.9 million, compared to $3.5 million in the prior year. The increase was primarily related to the HC Royalty financing in November 2011, an additional $2.5 million in HC Royalty borrowings in August 2012 and the issuance of $8.5 million in subordinated convertible debentures in May 2012.

Other income for 2012 included an $8.3 million gain primarily related to mark-to-market conversion features of the warrants and subordinated convertible debt associated with the $18.5 million financing in May 2012. Results through December 31, 2011 included a $3.4 million gain in other income related to the change in market value of certain warrants issued in December 2008.

The net loss for 2012 was $(9.2) million, a 71.2% reduction compared to $(32.0) million for the prior year. Excluding the mark-to-market warrant revaluation and amortization of convertible debt discount related to the $18.5 million financing in May 2012, the net loss through December 31, 2012, would have been $(16.5) million and $(35.4) million for the comparable period in 2011, representing a 53.4% reduction.

Cash burn for 2012 was $12.2 million, compared to $38.1 million in the prior year, a 68% improvement.

Strategic and Financing Alternatives

As the Company indicated in its third quarter earnings release, the Stereotaxis Board of Directors is reviewing possible strategic and financing alternatives to strengthen its balance sheet. Currently, the Company is in advanced discussions with multiple companies concerning various geographic rights of Stereotaxis products and the sale of non-core assets. The Company hopes to report more on these activities in the near term.

Clinical Update

Patient enrollment continues for the clinical trial of the Vdrive V-Loop™ circular catheter manipulator, which is studying the Vdrive system versus manual navigation of a circular mapping catheter at five clinical sites. The study is a critical step in obtaining clearance of the V-Loop device by the U.S. Food and Drug Administration (FDA). In response to additional FDA requirements for approval of V-Sono™ ICE catheter manipulator, the Company has developed an enhanced pre-clinical trial which it will soon complete. Additionally, the Company is launching its first-ever randomized, prospective, multi-center study in European sites during 2013 in order to evaluate the efficacy, efficiency and safety of the Niobe ES system versus manual catheters for the treatment of paroxysmal atrial fibrillation. The Company anticipates reviewing the study design with participating centers at the Heart Rhythm Society’s scientific session in May.

2013 Outlook

Stereotaxis does not provide revenue and earnings per share guidance, but provides the following outlook for the full year 2013:

• Continue to achieve top line growth, primarily occurring in second half of year
• Expand global footprint through Japanese market approval of Niobe technology in first half of year
• Manage operating expenses at current level and continue to reduce cash burn for improved cash flow and bottom line performance
• Strengthen balance sheet through strategic and financing alternatives

Conference Call and Webcast

Stereotaxis will host a conference call and webcast today, March 5, 2013, at 4:30 p.m. Eastern Time, to discuss fourth quarter and full year results. The dial-in number for the conference call is 1-877-941-2068 for domestic participants and 1-480-629-9712 for international participants. Participants are asked to call the above numbers 5-10 minutes prior to the start time. To access the live and replay webcast, please visit the investor relations section of the Stereotaxis website at www.stereotaxis.com.

About Stereotaxis

Stereotaxis is a healthcare technology and innovation leader in the development of robotic cardiology instrument navigation systems designed to enhance the treatment of arrhythmias and coronary disease, as well as information management solutions for the interventional lab. With over 100 patents in support of technologies for electrophysiology and other interventional applications, Stereotaxis helps physicians around the world provide unsurpassed patient care with robotic precision and safety, improved lab efficiency and productivity, and enhanced collaboration of life-saving information. Stereotaxis’ core technologies are the Niobe^® ES Remote Magnetic Navigation system, the Odyssey^® portfolio of lab optimization, networking and patient information management systems and the Vdrive™ Robotic Navigation system and consumables.

The core components of Stereotaxis systems have received regulatory clearance in the U.S., Europe, Canada and elsewhere. The V-Loop^™ circular catheter manipulator is currently in clinical trials in order to obtain clearance by the U.S. Food and Drug Administration; the Company also is pursuing U.S. clearance for the V-Sono™ ICE catheter manipulator. For more information, please visit www.stereotaxis.com and www.odysseyexperience.com.

This press release includes statements that may constitute “forward-looking” statements, usually containing the words “believe,” “estimate,” “project,” “expect” or similar expressions. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, our continued access to capital and financial resources, on a timely basis and on terms that are acceptable, our continued listing on the Nasdaq Global Market, continued acceptance of the Company’s products in the marketplace, the effect of global economic conditions on the ability and willingness of customers to purchase our systems and the timing of such purchases, the outcome of various shareholder litigation filed against us, competitive factors, changes resulting from the recently enacted healthcare reform in the U.S., including changes in government reimbursement procedures, dependence upon third-party vendors, timing of regulatory approvals, and other risks discussed in the Company’s periodic and other filings with the Securities and Exchange Commission. By making these forward-looking statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release. There can be no assurance that the Company will recognize revenue related to its purchase orders and other commitments in any particular period or at all because some of these purchase orders and other commitments are subject to contingencies that are outside of the Company’s control. In addition, these orders and commitments may be revised, modified, delayed or canceled, either by their express terms, as a result of negotiations, or by overall project changes or delays.

CONTACT: Company Contact:
         Marty Stammer
         Interim Chief Financial Officer
         314-678-6155

         Investor Contact:
         Todd Kehrli / Jim Byers
         MKR Group, Inc.
         323-468-2300

Galectin (GALT) Receives OK from FDA to Proceed with First Human Clinical Trial

NORCROSS, Ga., March 5, 2013 /PRNewswire/ — Galectin Therapeutics (NASDAQ:GALT), the leading developer of therapeutics that target galectin proteins to treat fibrosis and cancer, announced today that following review of its Investigational New Drug (IND) application, the US Food and Drug Administration (FDA) notified the company that it may proceed with a Phase 1 clinical trial. The first-in-man Phase 1 clinical trial will support a proposed indication of GR-MD-02 for treatment of non-alcoholic steatohepatitis (NASH, or fatty liver disease) with advanced fibrosis.

“There are currently no approved medical treatments available for patients with NASH and advanced fibrosis. This decision by the FDA is an important milestone in our clinical development program to bring forward a treatment option for these patients,” said Dr. Peter G. Traber, President, Chief Executive Officer, and Chief Medical Officer of Galectin Therapeutics Inc. “We have recruited a world-class group of clinical investigators and engaged CTI of Cincinnati Ohio, a full service Clinical Research Organization with extensive experience in liver-related clinical trials, to run the operations of the Phase 1 clinical trial.”

The Phase 1 Clinical Trial is entitled, “A Multi-Center, Partially Blinded, Maximum Tolerated Multiple Dose Escalation, Phase 1 Clinical Trial to Evaluate the Safety of GR‑MD‑02 in Subjects with Non-Alcoholic Steatohepatitis (NASH) with Advanced Hepatic Fibrosis” and will be conducted in up to seven centers in the United States. It is anticipated that the enrollment and infusion of the first cohort will begin in May, 2013. Future communications will outline study sites and investigators, notification of first infusion of patients, and expected milestone timings for the study.

About NASH
NASH has become a common disease of the liver with the rise in obesity rates, affecting 9 to 15 million people, including children, in the United States. NASH is characterized by the presence of fat in the liver along with inflammation and damage in people who drink little or no alcohol. Over time, patients with NASH can develop fibrosis, or scarring of the liver, and it is estimated that as many as 3,000,000 will develop cirrhosis, a severe liver disease where transplantation is the only current treatment available. Approximately 6,300 liver transplants are done on an annual basis in the United States.

About Galectin Therapeutics Inc.
Galectin Therapeutics (NASDAQ: GALT) is developing promising carbohydrate-based therapies for the treatment of fibrotic liver disease and cancer based on the Company’s unique understanding of galectin proteins, key mediators of biologic function. We are leveraging extensive scientific and development expertise as well as established relationships with external sources to achieve cost effective and efficient development. We are pursuing a clear development pathway to clinical enhancement and commercialization for our lead compounds in liver fibrosis and cancer. Additional information is available at www.galectintherapeutics.com.

Forward Looking Statements
This press release contains, in addition to historical information, statements that look forward in time or that express management’s beliefs, expectations or hopes. Such statements are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements relate to future events or future financial performance, and use words such as “may,” “estimate,” “could,” “expect” and others. They are based on our current expectations and are subject to risks and uncertainties that could cause actual results to differ materially from those described in the statements. These statements include our plans, expectations and goals regarding the clinical trial and estimates regarding those impacted by NASH. Our plans, expectations and goals regarding the clinical trial are subject to factors beyond our control. Our clinical trial may not begin or produce positive results in a timely fashion, if at all, and any necessary changes during the course of the trial could prove time consuming and costly. We may have difficulty in enrolling candidates for testing and we may not be able to achieve the desired results. Upon receipt of FDA approval, we may face competition with other drugs and treatments that are currently approved or those that are currently in development, which could have an adverse impact on our ability to achieve revenues from this proposed indication. Plans regarding development, approval and marketing of any of our drugs, including GR-MD-02, are subject to change at any time based on the changing needs of our company as determined by management and regulatory agencies. To date, we have incurred operating losses since our inception, and our ability to successfully develop and market drugs may be impacted by our ability to manage costs and finance our continuing operations. For a discussion of additional factors impacting our business, see our Annual Report on Form 10-K for the year ended December 31, 2011, and our subsequent filings with the SEC. You should not place undue reliance on forward-looking statements. Although subsequent events may cause our views to change, we disclaim any obligation to update forward-looking statements.

Winland (WEX) Reports Q4 2012 and Full Year Financial Results

Winland Electronics, Inc. (NYSE Amex: WEX) today reported sales of Environmental Monitoring products of $946,000 for the fourth quarter ended December 31, 2012, an increase of $175,000, or 22.7 percent, from the $771,000 in the comparable period in 2011.

Net income from the quarter totaled $303,000, or $0.08 per share, versus a loss of $94,000, or $0.03 per share, in the fourth quarter of 2011. The company reported a net loss of $156,000, or $0.04 per share, from continuing operations, a result that does not include the gain on the sale of the company’s land and building, completed in the fourth quarter of 2012.

For the full-year, product sales totaled $3,713,000, up $269,000, or 7.9 percent, over 2011. Winland reported a net income of $21,000, or $0.01 per basic and diluted share, versus a $740,000 net loss, or $0.20 per basic and diluted share, for fiscal 2011.

The news release detailing the company’s fourth quarter and full year results will be available on www.winland.com at 8:00 a.m. central time, and will also be included in the Company’s Form 8-K filing with the Securities and Exchange Commission.

About Winland Electronics

Winland Electronics, Inc. (www.winland.com), is an industry leader of critical condition monitoring devices. Products including EnviroAlert, WaterBug, TempAlert, Vehicle Alert and more are designed in-house to monitor critical conditions for industries including health/medical, grocery/food service, commercial/industrial, as well as agriculture and residential. Proudly made in the USA, Winland products are compatible with any hard wire or wireless alarm system and are available through distribution worldwide. Headquartered in Mankato, MN, Winland trades on the NYSE Amex Exchange under the symbol WEX.

Acura (ACUR) Reaches Key Milestone With Entrance Into Chain Drug Store Market

PALATINE, IL — (Marketwire) — 03/05/13 — Acura Pharmaceuticals, Inc. (NASDAQ: ACUR) today announced that its new next generation pseudoephedrine with abuse deterrent technology will now be stocked by chain drug store KERR DRUG. Nexafed® [pseudoephedrine hydrochloride (HCl)], is a 30 mg immediate-release pseudoephedrine product that combines effective nasal-congestion relief with a unique technology that disrupts the conversion of pseudoephedrine into the dangerous drug, methamphetamine (meth). Meth production and abuse is a growing problem in communities nationwide.

“We are extremely pleased with KERR DRUG’s decision to join the fight against methamphetamine abuse by stocking Nexafed®,” said Robert B. Jones, president and chief executive officer of Acura Pharmaceuticals. “We anticipated early interest in Nexafed® from independent pharmacies but it is rewarding that forward-looking drug chains like KERR DRUG are stepping up to make a difference in the communities in which they operate.”

With more than 75 locations, KERR DRUG is a North Carolina-based drug store chain with deep roots in their communities and has historically been recognized as a pharmacy leader. Nexafed® should begin to appear on KERR DRUG shelves within two weeks.

Nexafed® launched commercially in December 2012 and is now available through national and regional drug wholesalers. Nexafed® delivers the same efficacy and is priced comparably to name-brand pseudoephedrine products. For more information about Nexafed®, please visit JOIN-FIGHT.COM.

About Nexafed®

Nexafed® [pseudoephedrine hydrochloride (HCl)] is a 30 mg immediate-release abuse-deterrent decongestant. The next generation pseudoephedrine tablet combines effective nasal-congestion relief with Impede™ technology, a unique polymer matrix that disrupts the conversion of pseudoephedrine into the dangerous drug, methamphetamine. Specifically, the Impede™ technology forms a thick gel when the tablets are dissolved in solvents typically used in the pseudoephedrine extraction or methamphetamine production processes, trapping the pseudoephedrine or converted methamphetamine to prevent its isolation or purification.

About Acura Pharmaceuticals

Acura Pharmaceuticals is a specialty pharmaceutical company engaged in the research, development and commercialization of product candidates intended to address medication abuse and misuse, utilizing its proprietary AVERSION® and IMPEDE™ technologies.

In June 2011, the U.S. Food and Drug Administration approved OXECTA® which incorporates the AVERSION® technology. The Company has a development pipeline of additional AVERSION® technology products including other opioids.

In December, 2012 the Company commenced commercialization of Nexafed® [pseudoephedrine hydrochloride (HCl)] a 30 mg immediate-release abuse-deterrent decongestant.

The trademark OXECTA® is owned by Pfizer Inc.

Forward-Looking Statements

Certain statements in this press release constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements. Forward-looking statements may include, but are not limited to, our and our licensee’s ability to successfully launch and commercialize our products and technologies including Oxecta® Tablets and Nexafed® Tablets, the price discounting that may be offered by Pfizer for Oxecta®, our and our licensee’s ability to obtain necessary regulatory approvals and commercialize products utilizing our technologies and the market acceptance of and competitive environment for any of our products, the willingness of wholesalers and pharmacies to stock Nexafed® Tablets, expectations regarding potential market share for our products and the timing of first sales, our ability to enter into additional license agreements for our other product candidates, our exposure to product liability and other lawsuits in connection with the commercialization of our products, the increased cost of insurance and the availability of product liability insurance coverage, the ability to avoid infringement of patents, trademarks and other proprietary rights of third parties, and the ability of our patents to protect our products from generic competition, our ability to protect and enforce our patent rights in any paragraph IV patent infringement litigation, and the ability to fulfill the FDA requirements for approving our product candidates for commercial manufacturing and distribution in the United States, including, without limitation, the adequacy of the results of the laboratory and clinical studies completed to date, the results of laboratory and clinical studies we may complete in the future to support FDA approval of our product candidates and the sufficiency of our development to meet over-the-counter, or OTC, Monograph standards as applicable, the adequacy of the development program for our product candidates, including whether additional clinical studies will be required to support FDA approval of our product candidates, changes in regulatory requirements, adverse safety findings relating to our product candidates, whether the FDA will agree with our analysis of our clinical and laboratory studies and how it may evaluate the results of these studies or whether further studies of our product candidates will be required to support FDA approval, whether or when we are able to obtain FDA approval of labeling for our product candidates for the proposed indications and will be able to promote the features of our abuse discouraging technologies, whether our product candidates will ultimately deter abuse in commercial settings and whether our Impede technology will disrupt the processing of pseudoephedrine into methamphetamine. In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “could,” “would,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “projects,” “predicts,” “potential” and similar expressions intended to identify forward-looking statements. These statements reflect our current views with respect to future events and are based on assumptions and subject to risks and uncertainties. Given these uncertainties, you should not place undue reliance on these forward-looking statements. We discuss many of these risks in greater detail in our filings with the Securities and Exchange Commission.

Contact:
for Acura Investor Relations
Email Contact
847-705-7709

for Acura Media Relations
Email Contact

ARCA biopharma (ABIO) Announces Reverse Stock Split

ARCA biopharma, Inc. (Nasdaq: ABIO), a biopharmaceutical company developing genetically-targeted therapies for atrial fibrillation, heart failure and other cardiovascular diseases, today announced a 6-for-1 reverse split of its common stock. The reverse stock split became effective on March 4, 2013 at 5:01 p.m. Eastern Time, and ARCA’s common stock will continue trading on The NASDAQ Capital Market, on a split-adjusted basis, when the market opens on Tuesday, March 5, 2013.

At the effective time of the reverse stock split, every six shares of ARCA’s issued and outstanding common stock converted automatically into one issued and outstanding share of common stock, without any change in the par value per share. The reverse stock split reduced the number of shares of ARCA’s issued and outstanding common stock from approximately 19.1 million shares to approximately 3.2 million shares. In addition, the reverse stock split effected a proportionate adjustment to the per share exercise price and the number of shares issuable upon the exercise or settlement of all outstanding options and warrants to purchase shares of ARCA’s common stock, and the number of shares reserved for issuance pursuant to ARCA’s existing stock option plans were reduced proportionately. No fractional shares will be issued as a result of the reverse stock split, and stockholders who otherwise would be entitled to a fractional share will receive, in lieu thereof, a cash payment based on the closing sale price of ARCA’s common stock as reported today on the NASDAQ Capital Market. ARCA’s transfer agent will provide instructions to stockholders regarding the process for exchanging shares. Additional information regarding the reverse stock split can be found in ARCA’s definitive proxy statement filed with the Securities and Exchange Commission on February 1, 2013.

The purpose of the reverse stock split is to raise the per share trading price of ARCA’s common stock to regain compliance with the $1.00 per share minimum bid price requirement for continued listing on The NASDAQ Capital Market. As previously disclosed, in order to maintain ARCA’s listing on The NASDAQ Capital Market, the common stock must have a minimum closing bid price of $1.00 per share for a minimum of ten consecutive trading days prior to April 9, 2013. There can be no assurance that ARCA will regain compliance with the minimum bid price requirement.

About ARCA biopharma

ARCA biopharma is dedicated to developing genetically-targeted therapies for cardiovascular diseases. The Company’s lead product candidate, Gencaro^TM (bucindolol hydrochloride), is an investigational, pharmacologically unique beta-blocker and mild vasodilator being developed for atrial fibrillation. ARCA has identified common genetic variations that it believes predict individual patient response to Gencaro, giving it the potential to be the first genetically-targeted atrial fibrillation prevention treatment. ARCA has a collaboration with the Laboratory Corporation of America (LabCorp), under which LabCorp has developed a companion genetic test for Gencaro. For more information please visit www.arcabiopharma.com.

Safe Harbor Statement

This press release and the associated presentation may contain “forward-looking statements” for purposes of the safe harbor provided by the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements regarding genetic variations to predict individual patient response to Gencaro, Gencaro’s potential to treat atrial fibrillation, future treatment options for patients with atrial fibrillation, the potential for Gencaro to be the first genetically-targeted atrial fibrillation prevention treatment, and ARCA’s ability to regain compliance with NASDAQ Capital Market minimum bid price. Such statements are based on management’s current expectations and involve risks and uncertainties. Actual results and performance could differ materially from those projected in the forward-looking statements as a result of many factors, including, without limitation, the risks and uncertainties associated with: the Company’s financial resources and whether they will be sufficient to meet the Company’s business objectives and operational requirements; results of earlier clinical trials may not be confirmed in future trials, the protection and market exclusivity provided by the Company’s intellectual property; risks related to the drug discovery and the regulatory approval process; the impact of competitive products and technological changes; and the impact of the reverse split on ARCA’s continuing share price. These and other factors are identified and described in more detail in ARCA’s filings with the SEC, including without limitation the Company’s annual report on Form 10-K for the year ended December 31, 2011 and subsequent filings. The Company disclaims any intent or obligation to update these forward-looking statements.

Luna (LUNA) Sells Secure Computing and Communications Group

Luna Innovations Incorporated (NASDAQ: LUNA), which develops and manufactures new-generation products for the healthcare, telecommunications, energy and defense markets, today announced the sale of its Secure Computing and Communications (SCC) group to MacAulay-Brown, Inc. (MacB).

The sale of SCC will enable Luna to more narrowly focus on the company’s key strategic initiatives that relate to its core strength in fiber optic sensing while reducing the company’s exposure to reductions in government spending.

“We are very proud of the unique expertise we developed in secure computing technology. The sale of SCC allows us to increase liquidity and focus on the growth potential of our core fiber-optic technology,” said My Chung, Luna’s CEO. “MacB has a strategic focus in areas where our SCC technology is already being applied as well as the infrastructure to advance this technology for military and intelligence customers. This is truly an ideal home for this unique technology and the talented people of SCC.

“This sale accelerates the monetization of our secure computing technology while mitigating exposure to reductions in government spending,” Chung added. “We look forward to working with MacB and SCC’s customers on a smooth transition.”

Since 2003, SCC has conducted research and development of innovative electronic components and methods, and has provided technical services with a focus on critical U.S. military and National Security applications. In addition, SCC is a leader in the development of methods and technologies to build trust into integrated circuits and energy management systems.

“We are delighted to welcome SCC to our growing portfolio,” said Sid Fuchs, President and CEO of MacB. “This advanced technology is a good strategic fit that builds on the role we play in our nation’s defense. In working with SCC to verify the capability and usability of its products, we recognized the benefits of this growing technology for our existing customers and our ability to bring this technology to market.”

Employees of SCC, as well as the business and intellectual property portfolio, will shift to MacB, a privately held company that provides advanced engineering services and national security solutions.

About Luna

Luna Innovations Incorporated (www.lunainc.com) focuses on sensing and instrumentation. Luna develops and manufactures new-generation products for the healthcare, telecommunications, energy and defense markets. The company’s products are used to measure, monitor, protect and improve critical processes in the markets it serves.

About MacAulay-Brown

For more than 30 years, MacAulay-Brown, Inc. (MacB), owned by industry veterans Syd and Sharon Martin, has been solving some of the Nation’s most complex National Security challenges. Defense, Intelligence Community, Homeland Security and Federal agencies rely on MacB’s innovative and proven engineering and technical solutions to meet the challenges of an ever-changing world. With Corporate Headquarters in Dayton, Ohio and National Capital Headquarters in Vienna, Va., MacB’s 2,000 employees worldwide are dedicated to developing mission focused and results oriented solutions that make a difference where and when it matters most.

Forward Looking Statements

This release includes information that constitutes “forward-looking statements” made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995, including statements regarding, but not limited to: the transition of the SCC business to MacAulay-Brown and the future growth of Luna’s core fiber optic technologies. Statements that describe Luna’s business strategy, goals, prospects, opportunities, outlook, plans or intentions are also forward-looking statements. Actual results may differ materially from the expectations expressed in such forward-looking statements as a result of various factors, including technological challenges in specific applications and risks and uncertainties set forth in Luna’s periodic reports and other filings with the Securities and Exchange Commission. Such filings are available at the SEC’s website at http://www.sec.gov, and at Luna’s website at http://www.lunainc.com. The statements made in this release are based on information available to Luna as of the date of this release and Luna undertakes no obligation to update any of the forward-looking statements after the date of this release.

Central European Distribution Corporation (CEDC) Working With RTL

MT. LAUREL, N.J., March 4, 2013 /PRNewswire/ — Central European Distribution Corporation (NASDAQ: CEDC) confirmed today that it has received a proposal for a financial restructuring of CEDC and CEDC Finance Corporation International, Inc. (“CEDC FinCo”) from Roust Trading Ltd. (“Roust Trading”) that is also supported by certain beneficial owners of the $380 million 9.125% senior secured notes and €430 million 8.875% senior secured notes, each due 2016 issued by CEDC FinCo (the “2016 Steering Committee”).

CEDC is evaluating this proposal and expects to make a final determination on its merits within the coming days. In the interim, CEDC’s advisors are working with the advisors to Roust Trading and the 2016 Steering Committee to position CEDC to implement a revised consensual transaction consistent with the timing described in the offering memorandum distributed by CEDC in respect of the exchange offers launched on February 25, 2013.

This press release is for informational purposes only and is neither an offer to buy nor a solicitation of an offer to sell the notes or any other securities of CEDC.

Contacts:

Sitrick And Company
Thomas Mulligan
thomas_mulligan@sitrick.com
+1 212 573 6100

Central European Distribution Corporation
Anna Zaluska
Corporate PR Manager
+48 22 456 6061

American (APP) Reports Fourth Quarter and Full Year 2012 Financial Results

American Apparel, Inc. (NYSE MKT: APP), a vertically integrated manufacturer, distributor, and retailer of branded fashion-basic apparel, announced financial results for its fourth quarter and year ended December 31, 2012. The Company also provided guidance with respect to expected 2013 performance.

Financial Performance Highlights for 2012 and the Fourth Quarter of 2012

Sales:

• Net sales: Up 13% for year; 10% for the fourth quarter.
• Comparable retail store sales: Up 13% for the year; 7% for the fourth quarter.
• Online sales: Up 30% for the year; 42% for the fourth quarter.
• Wholesale sales: Up 12% for the year; 19% for the fourth quarter.

Gross Profit:

• For the year: Up 11% to $327.4 million in 2012 from $294.9 million in 2011.
• For the fourth quarter: Up 11% to $93.1 million in 2012 from $83.8 million in 2011.

Operating Expenses as a Percentage of Sales:

• For the year: Down 5.2 percentage points to 52.9% in 2012 from 58.1% in 2011.
• For the fourth quarter: Down 4.9 percentage points to 49.8% in 2012 from 54.7% in 2011.

Cash Generated from Operating Activities:

• For the year: Up $21.3 million to $23.6 million in 2012 from $2.3 million in 2011.
• For the fourth quarter: Up $9.7 million to $22.0 million in 2012 from $12.3 million in 2011.

Operating Income:

• For the year: Up $24.3 million to $1 million in 2012 from a loss of $23.3 million in 2011.
• For the fourth quarter: Up $9.2 million to $6.8 million in 2012 from a loss of $2.4 million in 2011.

Adjusted EBITDA:

• For the year: Up 150% to $36.6 million in 2012 from $14.5 million in 2011.
• For the fourth quarter: Up 95% to $17.8 million in 2012 from $9.1 for in 2011.

Earnings (Loss) per Share, Diluted:

• For the year: Up $0.07 per share to a loss of $0.35 in 2012 from a loss of $0.42 in 2011.
• For the fourth quarter: Up $0.15 per share to $0.04 in 2012 from a loss of $0.11 in 2011.

Dov Charney, Chairman and CEO of American Apparel, Inc., stated, “We are pleased with our fourth quarter results that again show solid growth and continuing momentum in all business segments and almost all major geographies. Significant sales growth, operating expense control and the acceleration of leverage of our fixed costs allowed us to increase EBITDA performance to $17.8 million for the fourth quarter of 2012 from $9.1 million for the fourth quarter of 2011. For the full year, EBITDA increased to $36.6 million from $14.5 million in the prior year. Although we are pleased with this growth, we are focused on continuing to improve our financial performance. During this past year, we have carefully invested in systems and infrastructure to facilitate future growth.

Our Three to Five Year Outlook

As we look towards the longer term, we have set a goal to achieve, over the next three to five years, an EBITDA margin of 15% or 200 basis points higher than our previous peak reached in 2008. Our plans to accomplish that goal include the following:

Bricks and Mortar Retail:

• Opening 60 to 70 new stores in a disciplined fashion over the next three to five years. We believe our store base has the potential to exceed 500 locations. As demonstrated by our successful launch into accessories and the growth of denim in our women’s collection, we believe we can accelerate customer visits and the velocity of sales at our stores. For example, our goal is to increase accessories as a percent of total sales from 2% to 15% during the next three to five years. Also, as a result of improvements made in inventory production planning and forecasting systems, we are in the process of substantially eliminating back stock and increasing selling square footage in our existing stores. This opportunity to increase sales without additional expense should have a meaningful impact on operating margins.

Online Retail to Consumer:

• Our online sales of $55 million for 2012 represented 12.4% of total retail sales, an improvement of 300 basis points in the last two years (see Graph One). Our three to five year goal is to increase our online sales as a percentage of total retail sales to at least 17% by continuously improving the online experience, providing additional categories for sale, expanding our offering of third party non-apparel products, increasing our international reach by offering and shipping our products to more countries, offering a shopping experience in more languages and allowing checkouts in more currencies.

Wholesale to Screen Printers and Ad-Specialty Dealers:

• We have set a three to five year goal to grow our business to business wholesale channel a minimum of 25% by improving the functionality and offering of our wholesale online store, expanding the assortment of product offered to our wholesale customers (such as baseball caps, just as one example) and increasing the reach of our sales force.

Operating Expenses:

• We have implemented disciplined processes and controls to minimize overhead cost increases in the future. For example our new 225,000 square foot distribution center is now open and we started shipping out of this facility last month. We will continue to wisely invest in technology and processes in order to continue to improve efficiency. As of the end of February, we have implemented radio frequency identification (RFID) in a total of 213 stores, fully implemented a workforce and labor schedule optimization system in our retail and manufacturing locations, updated our production forecasting and allocation systems and enhanced our online web store capabilities with implementation of Oracle ATG web platform. We expect further benefits from these investments in the near term.

In addition, we are focused in the near-term on improving our capital structure. We believe we have demonstrated performance that supports refinancing our debt at a lower cost and we are actively involved in evaluating possible financing alternatives,” concluded Charney.

Operating Results – Fourth Quarter 2012

Comparing the fourth quarter 2012 to the corresponding period last year, net sales increased 10% to $173.0 million on an 11% increase in comparable store sales in the retail and online business and a 19% increase in net sales in the wholesale business.

Gross profit of $93.1 million for the fourth quarter of 2012 represented an increase of 11% from $83.8 million reported for the fourth quarter of 2011. Foreign currency effects were minimal for the quarter. Gross margin for the fourth quarter of 2012 was 53.8% as compared with 53.2% for the same quarter in 2011. The gross margin improvement was due to a shift in sales mix to higher margin online sales, reductions in manufacturing costs, and an improvement in retail gross margin.

As a percent of revenue, operating expenses for the quarter decreased 490 basis points to 49.8% from 54.7% in the fourth quarter 2011. The decrease was primarily due to control over and leverage of fixed overhead expenses.

Other expense for the fourth quarter of 2012 was $0 versus $8.1 million in the prior year quarter. In 2012, interest expense of $11.3 million was offset by an $11.2 million mark-to-market unrealized gain on our warrant liability. In 2011, interest expense was $9.5 million and was partially offset by a $2.3 million mark-to-market unrealized gain on our warrant liability. As our warrant liability is deemed to be a derivative financial instrument it is marked-to-market based primarily upon the change in our stock price between accounting periods. The warrant liability will not result in a future cash outflow and will be classified as equity when the warrants are exercised or if the related debt is paid off. We incurred higher interest expense in 2012 due to a higher average balance of debt outstanding and higher interest rates related to the Crystal Credit Agreement.

Income tax provision in the fourth quarter 2012 was $1.9 million versus $0.7 million in the 2011 fourth quarter. In accordance with U.S. GAAP, we have discontinued recognizing potential tax benefits associated with current operating losses. As of December 31, 2012, we had available federal net operating loss carry forwards of approximately $95.6 million and unused federal and state tax credits of $12.7 million.

Net income for the fourth quarter of 2012 was $4.9 million, or $0.04 per common share on a fully-diluted basis, compared to net loss for the fourth quarter of 2011 of $11.2 million or $0.11 per common share. The 2012 fourth quarter includes an income statement credit of $11.2 million ($0.10 per common share on a fully-diluted basis) associated with a non-cash reduction in the fair value of outstanding warrants. The 2011 fourth quarter includes a similar credit of $2.3 million ($0.02 per common share) for a non-cash reduction in the fair value of such warrants. Fully-diluted weighted average shares outstanding were 115.4 million in the fourth quarter of 2012 versus 104.3 million for the fourth quarter of 2011.

Operating Results – Full Year 2012

Net sales increased 13% to $617.3 million on a 15% increase in comparable retail store and online sales and a 12% increase in net sales in the wholesale business.

Gross profit of $327.4 million in 2012 represented an increase of 11% from $294.9 million in 2011. Foreign currency effects were minimal for the year. Gross margin for 2012 was 53.0% as compared with 53.9% in 2011. The decrease in gross margin was due to the net sales impact of planned promotional activities and the effect of warehouse type clearance sales as part of our overall inventory reduction strategy, as well as moderated production in connection with our inventory turn improvement efforts.

Operating expenses of $326.4 million in 2012 represented a decrease of 520 basis points to 52.9% from 58.1% in 2011. Corporate overhead expenses decreased by $4.0 million from $45.8 million in 2011 to $41.7 million in 2012. The remainder of the decrease in operating expense is primarily due to fixed cost leverage as a result of increased sales.

Other expense in 2012 was $34.4 million versus $14.3 million in 2011. In 2012, interest expense of $41.6 million was offset by an $11.6 million gain on extinguishment of debt related to a first quarter 2012 amendment to the Lion Credit Agreement. Additionally in 2012, we recognized a $4.1 million mark-to-market loss on our warrant liability. In 2011, interest expense was $33.2 million and was partially offset by a $23.5 million mark-to-market unrealized gain on our warrant liability. Additionally, we recognized a $3.1 million loss on extinguishment of debt related to a first quarter 2011 amendment to the Lion Credit Agreement. We incurred higher interest expense in 2012 due to a higher average balance of debt outstanding and higher interest rates related to the Crystal Credit Agreement.

Income tax provision in 2012 was $3.8 million versus $1.7 million in 2011. In accordance with U.S. GAAP, we have discontinued recognizing potential tax benefits associated with current operating losses.

Net loss for 2012 was $37.3 million, or $0.35 per common share, compared to net loss for 2011 of $39.3 million or $0.42 per common share. The 2012 results includes $4.1 million of expense ($0.04 per common share) associated with a non-cash charge for an increase in the fair value of outstanding warrants. The 2011 results include an income statement credit of a $23.5 million ($0.25 per common share) for a non-cash reduction in the fair value of such warrants Weighted average shares outstanding were 106.2 million in 2012 versus 92.6 million in 2011.

As of February 28, 2013 there were approximately 107.6 million shares outstanding.

Cash flow from operating activities was $23.6 million in 2012 as compared with $2.3 million in 2011 primarily as a result of improvements in sales.

Capital expenditures in 2012 were $21.6 million as compared with $11.1 million in 2011. The increase in 2012 was primarily due to investments in our new distribution center in La Mirada, California, implementation of our new web platform – Oracle ATG, and continued implementation of RFID tracking systems at our stores. We have implemented RFID at 213 stores. We expect to substantially complete implementation of RFID at all our stores in early 2013. In addition, in 2012 we continued to invest in implementation of production forecasting and allocation systems, store remodels and factory equipment.

Adjusted EBITDA more than doubled from $14.5 million in 2011 to $36.6 million in 2012. For a reconciliation of consolidated adjusted EBITDA, a non-GAAP financial measure, to consolidated net income or loss, as applicable, please refer to the Table A attached to this press release.

2013 EBITDA and Sales Guidance

For 2013, we are initially projecting adjusted EBITDA to be in the range of $47 million to $54 million. This outlook assumes net sales between $652 million and $660 million. Raw material costs are estimated at current prices and foreign currency exchange rates are estimated to remain at current levels. Capital expenditures are estimated at $18 million for the year with five new net store openings.

About American Apparel

American Apparel is a vertically integrated manufacturer, distributor and retailer of branded fashion basic apparel based in downtown Los Angeles, California. As of March 1, 2013 American Apparel had approximately 10,000 employees and operated 251 retail stores in 20 countries, including the United States, Canada, Mexico, Brazil, United Kingdom, Ireland, Austria, Belgium, France, Germany, Israel, Italy, Netherlands, Spain, Sweden, Switzerland, Australia, Japan, South Korea and China. American Apparel also operates a global e-commerce site that serves over 60 countries worldwide at http://www.americanapparel.net. In addition, American Apparel also operates a leading wholesale business that supplies high quality T-shirts and other casual wear to distributors and screen printers.

Safe Harbor Statement

This press release, and other statements that the Company may make, may contain forward-looking statements. Forward-looking statements are statements that are not historical facts and include statements regarding, among other things, the Company’s future financial condition, results of operations and plans and the Company’s prospects, expectations, goals and strategies for future growth, operating improvements and cost savings, and the timing of any of the foregoing. Such forward-looking statements are based upon the current beliefs and expectations of American Apparel’s management, but are subject to risks and uncertainties, which could cause actual results and/or the timing of events to differ materially from those set forth in the forward-looking statements, including, among others: the ability to generate sufficient liquidity for operations and debt service; changes in the level of consumer spending or preferences or demand for the Company’s products; increasing competition, both in the U.S. and internationally; the evolving nature of the Company’s business; the Company’s ability to hire and retain key personnel and the Company’s relationship with its employees; suitable store locations and the Company’s ability to attract customers to its stores; the availability of store locations at appropriate terms and the Company’s ability to identify and negotiate new store locations effectively and to open new stores and expand internationally; effectively carrying out and managing the Company’s strategy, including growth and expansion both in the U.S. and internationally; disruptions in the global financial markets; failure to maintain the value and image of the Company’s brand and protect its intellectual property rights; declines in comparable store sales and wholesale revenues; financial nonperformance by the Company’s wholesale customers; the adoption of new accounting pronouncements or changes in interpretations of accounting principles; seasonality of the business; consequences of the Company’s significant indebtedness, including the Company’s relationships with its lenders and the Company’s ability to comply with its debt agreements, including the risk of acceleration of borrowings thereunder as a result of noncompliance; the Company’s ability to generate cash flow to service its debt; the Company’s liquidity and losses from operations; the Company’s ability to develop and implement plans to improve its operations and financial position; costs of materials and labor, including increases in the price of yarn and the cost of certain related fabrics; the Company’s ability to pass on the added cost of raw materials to its wholesale and retail customers; the Company’s ability to improve manufacturing efficiency at its production facilities; the Company’s ability to effectively manage inventory and inventory reserves; location of the Company’s facilities in the same geographic area; manufacturing, supply or distribution difficulties or disruptions; risks of financial nonperformance by customers; investigations, enforcement actions and litigation, including exposure from which could exceed expectations; compliance with or changes in U.S. and foreign government laws and regulations, legislation and regulatory environments, including environmental, immigration, labor and occupational health and safety laws and regulations; costs as a result of operating as a public company; material weaknesses in internal controls; interest rate and foreign currency risks; loss of U.S. import protections or changes in duties, tariffs and quotas and other risks associated with international business including disruption of markets and foreign supply sources and changes in import and export laws; technological changes in manufacturing, wholesaling, or retailing; the Company’s ability to upgrade its information technology infrastructure and other risks associated with the systems that are used to operate the Company’s online retail operations and manage the Company’s other operations; adverse changes in its credit ratings and any related impact on financing costs and structure; general economic and industry conditions, including U.S. and worldwide economic conditions; disruptions due to severe weather or climate change; and other risks detailed in the Company’s filings with the Securities and Exchange Commission, including the Company’s Report on Form 10-K for the year ended December 31, 2012. The Company’s filings with the SEC are available at www.sec.gov. You are urged to consider these factors carefully in evaluating the forward-looking statements herein and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by this cautionary statement. The forward-looking statements speak only as of the date on which they are made and the Company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.

Table A

American Apparel, Inc. and Subsidiaries

Calculation and Reconciliation of Consolidated Adjusted EBITDA

(Amounts in thousands)

(unaudited)

In addition to its GAAP results, American Apparel considers non-GAAP measures of its performance. Adjusted EBITDA, as defined below, is an important supplemental financial measure of American Apparel’s performance that is not required by, or presented in accordance with, GAAP. EBITDA represents net income (loss) before income taxes, interest expense and depreciation and amortization. Consolidated Adjusted EBITDA represents EBITDA further adjusted for other expense (income), foreign currency loss (gain), retail store impairment, and share based compensation expense. American Apparel’s management uses Adjusted EBITDA as a financial measure to assess the ability of its assets to generate cash sufficient to pay interest on its indebtedness, meet capital expenditure and working capital requirements, pay taxes, and otherwise meet its obligations as they become due. American Apparel’s management believes that the presentation of Adjusted EBITDA provides useful information regarding American Apparel’s results of operations because they assist in analyzing and benchmarking the performance and value of American Apparel’s business. American Apparel believes that Adjusted EBITDA is useful to stockholders as a measure of comparative operating performance, as it is less susceptible to variances in actual performance resulting from depreciation and amortization and more reflective of changes in pricing decisions, cost controls and other factors that affect operating performance.

Adjusted EBITDA also is used by American Apparel’s management for multiple purposes, including:

• to calculate and support various coverage ratios with American Apparel’s lenders
• to allow lenders to calculate total proceeds they are willing to loan to American Apparel based on its relative strength compared to its competitors
• to more accurately compare American Apparel’s operating performance from period to period and company to company by eliminating differences caused by variations in capital structures (which affect relative interest expense), tax positions and amortization of intangibles.

In addition, Adjusted EBITDA is an important valuation tool used by potential investors when assessing the relative performance of American Apparel in comparison to other companies in the same industry. Although American Apparel uses Adjusted EBITDA as a financial measure to assess the performance of its business, there are material limitations to using a measure such as Adjusted EBITDA, including the difficulty associated with using it as the sole measure to compare the results of one company to another and the inability to analyze significant items that directly affect a company’s net income (loss) or operating income because it does not include certain material costs, such as interest and taxes, necessary to operate its business. In addition, American Apparel’s calculation of Adjusted EBITDA may not be consistent with similarly titled measures of other companies and should be viewed in conjunction with measures that are computed in accordance with GAAP. American Apparel’s management compensates for these limitations in considering Adjusted EBITDA in conjunction with its analysis of other GAAP financial measures, such as net income (loss).

The following table reflects the forecasted guidance range for 2013 for Adjusted EBITDA and reconciles such Adjusted EBITDA guidance to net loss (in millions):

Advanced Photonix (API) Announces the Acquisition of Certain Assets of Silonex

ANN ARBOR, Mich., March 4, 2013 /PRNewswire/ — Advanced Photonix^® (NYSE MKT: API), a leading supplier of Optoelectronic components, sub-systems and systems to industry, announced today that it has acquired certain assets of Silonex, Inc. Silonex, Inc. is/was a wholly owned subsidiary of ARCAS Automotive Group (Luxco 1) S.a.r.l. , in exchange for a cash payment of $900,000.

(Logo: http://photos.prnewswire.com/prnh/20130304/LA69982LOGO)

The Silonex acquisition is expected to bring in over $4 million in annual revenue and generate positive EBITDA during the first full fiscal year ending March 31, 2014. Engineering and Product development for the Silonex products will continue in Montreal, while production will be transitioned to an off-shore facility or to Advanced Photonix’s operations in Camarillo, California.

“I would like to welcome Silonex customers, staff and suppliers to the Advanced Photonix family. Silonex brings a rich history of product development, new markets, new optoelectronic sensing capabilities with the addition of Cadmium Sulfide, or CdS, and a strong off-shore supply chain and customer base. We are looking forward to building and leveraging those relationships to expand our revenue growth and lower our unit costs,” said Rick Kurtz, Advanced Photonix President and CEO. “We have had a long relationship with Silonex, working together as customer and supplier, and believe the synergies of our engineering, sales and customer base will provide a strong foundation for future growth. To facilitate this transaction, we have established a new Canadian subsidiary that will be called Advanced Photonix Canada, Inc. In addition, because our previously announced supply chain issues have lowered expected revenues from the sale of our HSOR line of products, we are introducing a cost-cutting program which includes a 20% wage and compensation reduction by “C” management and the Board of Directors over the next five months, and a suspension of the company 401k match.”

About Silonex, Inc.

Silonex designs, manufactures and markets optoelectronic devices and sensor solutions. Its expertise in optical sensor design and integrated manufacturing meet the most challenging application requirements. A number of various vertical markets are addressed by Silonex’s innovative optoelectronic-based sensor solutions, including Industrial Controls, Banking, Vending, Medical and Telecommunications.

About Advanced Photonix, Inc.

Advanced Photonix, Inc.^® (NYSE MKT: API) is a leading supplier with a broad offering of optoelectronic products to a global customer base. We provide optoelectronic solutions, high-speed optical receivers and terahertz instrumentation for telecom, homeland security, military, medical and industrial markets. With our patented technology and state-of-the-art manufacturing we offer industry leading performance, exceptional quality, and high value-added products to our OEM customer base. For more information visit us on the web at www.advancedphotonix.com.

The information contained herein includes forward looking statements that are based on assumptions that management believes to be reasonable but are subject to inherent uncertainties and risks including, but not limited to, unforeseen technological obstacles which may prevent or slow the development and/or manufacture of new products; potential problems with the integration of the acquired company and its technology and possible inability to achieve expected synergies; obstacles to successfully combining product offerings and lack of customer acceptance of such offerings; limited (or slower than anticipated) customer acceptance of new products which have been and are being developed by the Company; and a decline in the general demand for optoelectronic products. API-G

Contact: Torrey Hills Capital
(858) 456-7300
Jim Macdonald: jim@sdthc.com

New Energy Receipt of Non-Binding Going Private Chairman Proposal $1.30/share

SHENZHEN, CHINA–(Marketwire – March 04, 2013) – New Energy Systems Group (NYSE MKT: NEWN) (“New Energy” or the “Company”), an original design manufacturer and distributor of Anytone® and MeePower® branded consumer backup power systems for mobile devices and solar related application products to service municipal power applications, today announced that its Board of Directors has received a preliminary, non-binding proposal from its Chairman and Chief Executive Officer, Mr. Weihe (“Jack”) Yu, which stated that Mr. Yu intends to acquire all of the outstanding shares of the Company’s common stock not currently owned by him in a going private transaction at a proposed price of $1.30 per share in cash. Mr. Yu currently beneficially owns approximately 13.65% of the Company’s common stock. A copy of the proposal letter is attached hereto as Exhibit A.

The Company’s Board of Directors intends to form a special committee of independent directors to consider this proposal and any additional proposal that may be made by Mr. Yu and his affiliates, if any. There can be no assurance that any definitive offer will be made, that any agreement will be executed or that a transaction with Mr. Yu or any other transaction will be approved or consummated.

About New Energy Systems Group

New Energy Systems Group is an original design manufacturer and distributor of lithium ion batteries and backup power systems for leading manufacturers of mobile phones, laptops, digital cameras, MP3s and a variety of other portable electronics. The Company’s end-user consumer products are sold under the Anytone® and MeePower® brand in China and globally. The fast pace of new mobile device introductions in China combined with a growing middle class make it fertile ground for New Energy’s end-user consumer products. Additional information about the company is available at: www.newenergysystemsgroup.com.

Forward Looking Statements

This release contains certain “forward-looking statements” relating to the business of the Company and its subsidiary and affiliated companies. These forward looking statements are often identified by the use of forward-looking terminology such as “believes,” “expects” or similar expressions. Such forward looking statements involve known and unknown risks and uncertainties that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company’s periodic reports that are filed with the Securities and Exchange Commission and available on its website (www.sec.gov). All forward-looking statements attributable to the Company or to persons acting on its behalf are expressly qualified in their entirety by these factors other than as required under the securities laws. The Company does not assume a duty to update these forward-looking statements.

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For more information, please contact:

COMPANY
New Energy Systems Group
Ken Lin
VP of Investor Relations
Tel: +1-917-573-0302
Email: ken@newenergysystemsgroup.com
www.newenergysystemsgroup.com