ValidSoft (ETAK) Announces Partnership With Spindle

LONDON — (Marketwire) — 05/16/12 — ValidSoft (www.validsoft.com), a global supplier of advanced telecommunications-based fraud prevention, authentication and transaction verification solutions, and a wholly owned subsidiary of Elephant Talk Communications, Corp. (NYSE MKT: ETAK) (NYSE Amex: ETAK), today announced a strategic partnership with Spindle, Inc. (OTCBB: SPDL), a US-based provider of innovative mobile commerce and alternative payment solutions for merchants and consumers.

Spindle is well positioned to take advantage of the nascent mobile payments industry in North America and offers leading banks and merchants the ability to leverage their patented technology to enable participation in this emerging payments eco-system. As part of the relationship, ValidSoft will provide Spindle with its custom-built, advanced multi-layered, multi-factor authentication and transaction verification technologies: SMART (Secure Mobile Architecture for Real-time Transactions), which will be integrated into Spindle’s RhinoVerify security solution.

“We are delighted to announce this partnership with Spindle, which offers its banking customers, merchants and partners a compelling and innovative value proposition that we believe will generate a great deal of attention in the marketplace,” said Pat Carroll, chief executive officer of ValidSoft. “This is a strong technical win for ValidSoft, which provides further validation of our advanced security capabilities in the mobile payments arena and gives ValidSoft the ability to greatly expand our company’s presence in the United States. IE Market Research estimates that the potential mobile payments market in America is expected to reach $260 billion by 2015, so this relationship is a welcome opportunity to showcase ValidSoft’s unique capability to deliver its superior security and authentication solutions which are custom built for the mobile payments ecosystem in one of the world’s most security-demanding markets.”

Spindle is a pioneer in, and at the forefront of frictionless finance©, and a leading provider of alternative and mobile commerce payment platforms for merchants and consumers. Spindle, one of a handful of providers that offer an open payment service for both consumers and merchants, is actively pursuing what Mercator Advisory Group recently published is a 16 million underserved micro merchant addressable market. In addition, the company is pursuing the approximately 58 million households actively engaged in online and mobile commerce money movement as reported by Javelin Research.

“Spindle offers customers a patented solution and approach to mobile and alternative commerce,” said Bill Clark, president of Spindle. Mr. Clark continued, “With global mobile payments transactions projected to rise to $945 billion in 2015, and mobile payment users to rise to 893.3million, Spindle continues to seek best in breed international partners for this emerging mobile community.” Clark added, “Our Nurture, Convert, and Transact philosophy enables commerce across a wide range of payment form factors and infrastructure fully addressing both consumer and merchant interaction in the mobile ecosystem within the evolving social marketplace.”

Spindle’s patented portfolio includes RhinoPay®, a simple, mobile, secure payment solution which enables person-to-person, person-to-business, business-to-person, and business-to-business payments. The RhinoPay® platform is accessible universally through any networked or mobile device and delivers superior flexibility by enabling payments through credit and debit cards, check, closed loop, and ACH transfers.

Spindle’s RhinoVerify solution is a verification process that uses instant messaging, SMS, and other technologies to authenticate purchases and transactions. It works for all modes of transactions, including mobile commerce, e-commerce, and traditional retail.

“Maintaining the security and privacy of customer data has been — and will continue to be — Spindle’s highest priority,” said Clark. “Our relationship with ValidSoft enables us to integrate a ‘best-in-class’ payments-specific layered authentication and security solution that is seamless, transparent, and above all, highly effective. The integration of ValidSoft’s SMART into the RhinoVerify solution will further differentiate Spindle’s solutions in a burgeoning marketplace and we expect to be live in the second half of 2012.”

About ValidSoft

ValidSoft is a subsidiary of Elephant Talk Communications Corp. (NYSE MKT: ETAK) (NYSE Amex: ETAK), (www.elephanttalk.com) and is a market leader in providing solutions to counter electronic fraud relating to card, the internet, and telephone channels. ValidSoft’s solutions are at the cutting edge of the market and are used to verify the authenticity of both parties to a transaction (Mutual Authentication), and the integrity of the transaction itself (TransactionVerification) for the mass market, in a highly cost effective and secure manner, yet easy to use and intuitive. For more information, please visit (www.validsoft.com).

About Spindle, Inc.

Spindle, Inc. (OTCBB: SPDL) is an innovator of mobile payment solutions for the banking industry, retail sector and consumer-facing companies. A pioneer in “Frictionless Finance,” the company is actively developing new and improved ways for companies and end consumers to fluidly transact and exchange funds, regardless of platform. The Company is dedicated to delivery of simple, mobile, secure payment services crossing traditional boundaries by offering cutting-edge solutions that enable buyers, sellers and individuals to transact face-to-face or virtually using mobile or internet devices, this includes RhinoPay®, a frictionless way to pay. The company also owns and has developed an extensive intellectual property portfolio, including issued, pending, and provisional patents covering networked and mobile payments, credit card processing, and security. For more information, visit www.spindleHQ.com.

About Elephant Talk Communications
Elephant Talk Communications Corp. (NYSE MKT: ETAK), (www.elephanttalk.com) is an international provider of business software and services to the telecommunications and financial services industry. The company enables both mobile carriers and virtual operators to offer a full suite of products, delivery platforms, support services, superior industry expertise and high quality customer service without substantial upfront investments from clients. Elephant Talk provides global telecommunication companies, mobile network operators, banks, supermarkets, consumer product companies, media firms, and other businesses a full suite of products and services that enables them to fully provide telecom services as part of their business offerings. The company offers various dynamic products that include remote health care, credit card fraud prevention, mobile internet ID security, multi-country discounted phone services, loyalty management services, and a whole range of other emerging customized mobile services. For more information, visit (www.elephanttalk.com).

Forward-Looking Statements
Certain statements contained herein constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may include, without limitation, statements with respect to the Company’s plans and objectives, projections, expectations and intentions. These forward-looking statements are based on current expectations, estimates and projections about the Company’s industry, management’s beliefs and certain assumptions made by management. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Because such statements involve risks and uncertainties, the actual results and performance of the Company may differ materially from the results expressed or implied by such forward-looking statements. Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Unless otherwise required by law, the Company also disclaims any obligation to update its view of any such risks or uncertainties or to announce publicly the result of any revisions to the forward-looking statements made here. Additional information concerning certain risks and uncertainties that could cause actual results to differ materially from that projected or suggested is contained in the Company’s filings with the Securities and Exchange Commission (SEC), copies of which, are available from the SEC or may be obtained upon request from the Company.

Contacts:

Elephant Talk Communications Corp.
Mr. Steven van der Velden
Tel: + 31 20 653 59 16
Email: Email Contact

Investors Relations:
Alliance Advisors, LLC
Thomas P. Walsh
Tel: +1 212-398-3486
Email: Email Contact

Spindle Contact:
Investor Relations
John McFarland
SE Media
404-441-2027

ValidSoft:
Emmanuelle Filsjean
Tel: +44 (0)20 3170 8999
Email: Email Contact

For UK and EU:
Fishburn Hedges
+44 (0)20 7839 4321
Email: Email Contact

GlobalWise (GWIV) Reports First Quarter 2012 Financial Results

COLUMBUS, OH — (Marketwire) — 05/16/12 — GlobalWise Investments, Inc. (OTCBB: GWIV) (OTCQB: GWIV) (www.GlobalWiseInvestments.com) and its wholly owned subsidiary Intellinetics, Inc., 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, today announce financial results for the three months ended March 31, 2012.

The company’s total revenues for the quarter were $360,328, an increase of $121,202, or 51%, from the company’s first quarter 2011 results of $239,126. Additionally, gross profit increased $21,398 to $56,381 for the quarter as compared to $34,983 during the first quarter of 2011, a 61% increase.

Total operating expenses increased by $780,852 for the quarter versus the same period a year earlier. This increase is primarily due to one-time expenses and corresponding costs of public company reporting incurred when Intellinetics, Inc. merged with GlobalWise.

GlobalWise’s President and CEO Mr. William J. “BJ” Santiago stated, “We had a very busy first quarter this year and we’re extremely pleased with the direction and transformation of the company in such a short period. Leveraging our 18-year operating history as a software solutions provider, we’re now rapidly migrating to a cloud-based, channel distribution model with great success. For example, our substantial first quarter growth is in direct correlation to the success of on-boarding just one key channel partner in the third quarter of 2011 that serves the healthcare industry. I believe that the success we’ve had in on-boarding similar dynamic partners late last year and throughout this first quarter will replicate the same financial success over the next year. We believe the short-term, one-time expenses of the merger will be more than offset in the future by the benefits of having access to additional sources of capital as we continue to execute our growth strategy both in North America and abroad in the cloud computing sector.”

With the merger complete, GlobalWise has significantly ramped-up its sales efforts and has entered into five new channel partner agreements since February. The Company believes the expansion of its reseller program to include Latin America in the second quarter of 2012 will continue to increase, driving growth for the next several years.

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

This press release may contain “forward-looking statements.” Expressions of future goals and similar expressions reflecting something other than historical fact are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements. These forward-looking statements may include, without limitation, statements about our market opportunity, strategies, competition, expected activities and expenditures as we pursue our business plan. Although we believe that the expectations reflected in any forward-looking statements are reasonable, we cannot predict the effect that market conditions, customer acceptance of products, regulatory issues, competitive factors, or other business circumstances and factors described in our filings with the Securities and Exchange Commission may have on our results. The company undertakes no obligation to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this press release.

GlobalWise Investments, Inc.
Columbus, Ohio
www.GlobalWiseInvestments.com
614-388-8909
Contact@GlobalWiseInvestments.com

Mission Investor Relations
Atlanta, Georgia
http://www.MissionIR.com
404-941-8975
Investors@MissionIR.com

SEFE Inc. (SEFE) Pursuing Relationship with the University of Colorado

SEFE, Inc. (OTCBB:SEFE) (“SEFE”) (“The Company”), a technology- and solutions-driven sustainability company, announced today that it is pursuing a partnership with the University of Colorado’s Department of Electrical and Computer Engineering. The SEFE team plans to work with both the Colorado Center for Power Electronics and the Center for Environmental Technology to perform research and development related to the physics and engineering of the Harmony III system.

“We are pleased to have the privilege of working with some of the top atmospheric scientists in the world through the University of Colorado,” stated Michael Hurowitz, SEFE’s Director of Engineering. “The university will be a critical partner in perfecting SEFE’s core technology and further developing the key aspects of the Harmony III platform.”

The research partnership will seek to develop a more accurate understanding of the physics governing atmospheric corona discharge. The goal is to develop a mathematical routine and compare to experimental data gathered in testing various elements of the Harmony III system. SEFE will also engage engineering teams from the university to assist in the design and testing of various subsystems related to Harmony III.

For more information, visit www.SEFElectric.com.

About SEFE, Inc.

SEFE focuses on pushing the boundaries of what’s possible, embracing innovation and employing the cutting-edge to solve problems, and offering sustainable solutions to a world hungry for invention, direction and leadership. SEFE is technology- and solutions-driven, focusing on developing inventions that provide a real-world impact and true profitability. So, success is measured by both a sustainable return on investment, as well as a project’s sustainability from an environmental perspective.

For more information, visit www.SEFElectric.com.

Forward-Looking Statements

This release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements regarding our expected future financial position, results of operations, cash flows, financing plans, business strategy, products and services, competitive positions, growth opportunities, plans and objectives of management for future operations, as well as statements that include words such as “anticipate,” “if,” “believe,” “plan,” “estimate,” “expect,” “intend,” “may,” “could,” “should,” “will,” and other similar expressions are forward-looking statements. All forward-looking statements involve risks, uncertainties and contingencies, many of which are beyond our control, which may cause actual results, performance, or achievements to differ materially from anticipated results, performance, or achievements. We are under no obligation to (and expressly disclaim any such obligation to) update or alter our forward-looking statements, whether as a result of new information, future events or otherwise.

Mindspeed (MSPD) to Present at the 13th Annual B. Riley & Co. Investor Conference

Mindspeed Technologies, Inc. (NASDAQ: MSPD), a leading supplier of semiconductor solutions for network infrastructure applications, today announced that Raouf Y. Halim, chief executive officer, will present at the 13th Annual B. Riley & Co. Investor Conference on Wednesday, May 23, 2012 at 8:30 a.m. PT. The conference will be held at Loews Santa Monica Beach Hotel, in Santa Monica, California.

Mindspeed’s team will discuss current business trends as well as its innovative product line and strength in supplying network infrastructure semiconductor solutions. In particular, management will highlight its leading position in small cell solutions to meet the infrastructure needs required by the global wireless 4G/LTE rollouts, including 25 customer engagements. The presentation will also focus on its system-on-chip (SoC) products for high growth markets, including fiber optic access, communication convergence processing and high-performance analog solutions, all of which it currently supplies to tier-1 OEMs. The presentation will be webcast live and archived for replay for 30 days on the Investors section of Mindspeed’s website at www.mindspeed.com.

About Mindspeed Technologies

Mindspeed Technologies (NASDAQ: MSPD) is a leading provider of network infrastructure semiconductor solutions to the communications industry. The company’s low-power system-on-chip (SoC) products are helping to drive video, voice and data applications in worldwide fiber-optic networks and enable advanced processing for 3G and long-term evolution (LTE) mobile networks. The company’s high-performance analog products are used in a variety of optical, enterprise, industrial and video transport systems. Mindspeed’s products are sold to original equipment manufacturers (OEMs) around the globe.

To learn more, please visit www.mindspeed.com. Company news and updates are also posted at www.twitter.com/mindspeed.

Spanish Broadcasting System (SBSA) Appoints Albert Rodriguez To Chief Operating Officer

Timberline Resources (TLR) Amends Acquisition of 100-Percent Ownership of the Butte Highlands Gold Mine

COEUR D’ALENE, IDAHO — (Marketwire) — 05/16/12 — Timberline Resources Corporation (TSX VENTURE:TBR)(NYSE Amex:TLR) (“Timberline” or the “Company”) announced today that it has signed an amended non-binding Letter of Intent to increase its ownership stake in the Butte Highlands Gold Project from 50-percent to 100-percent, acquiring the remaining interest in Butte Highlands JV, LLC (“BHJV”) from its joint venture partner, Highland Mining, LLC (“Highland Mining”) as previously announced on April 10, 2012.

The revised terms of the agreement call for Timberline to acquire the remaining 50-percent interest in BHJV in exchange for issuance of shares of the Company’s common stock, not to exceed 5% of the common stock issued and outstanding as of the date of closing, along with a Net Smelter Return (NSR) production royalty of 5% on all production from Butte Highlands, and a future cash payment to Highland Mining of $6 million to be made no later than 2 years subsequent to the commencement of commercial production at Butte Highlands. Consistent with the original agreement, Highland Mining will completely cancel its outstanding loan, including principal and interest, to BHJV for more than $24-million of development costs incurred at the project to-date. The deal is expected to close in the current quarter, subject to standard closing conditions and regulatory approvals, including the approval of the NYSE Amex and the TSX Venture Exchange.

Highland Mining is controlled by Ron Guill, who is also a director of the Company and the Company’s largest shareholder.

About Timberline Resources

Timberline Resources Corporation is exploring and developing advanced-stage gold properties in the western United States. Timberline is working on a transaction to increase its ownership stake in its Butte Highlands Joint Venture in Montana where gold production is targeted to commence later this year. Timberline’s exploration is primarily focused on the goldfields of Nevada, where it is advancing its flagship Lookout Mountain Project toward a production decision while exploring a pipeline of quality earlier-stage projects at its South Eureka Property and elsewhere. Timberline management has a proven track record of discovering economic mineral deposits and developing them into profitable mines.

Timberline is listed on the NYSE Amex where it trades under the symbol “TLR” and on the TSX Venture Exchange where it trades under the symbol “TBR”.

Forward-Looking Statements

Statements contained herein that are not based upon current or historical fact are forward-looking in nature and constitute 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. Such forward-looking statements reflect the Company’s expectations about its future operating results, performance and opportunities that involve substantial risks and uncertainties. These statements include but are not limited to statements regarding the timing of the Company’s continued exploration and drill program at South Eureka and Lookout Mountain, the timing of assay results from such drilling program being released, the Company’s ability to expand the South Eureka resource, purchase of the Butte Highlands JV, LLC membership interests (including the expected timing of such purchase), the timing or results of the Company’s drill programs at Butte Highlands, including the timing of obtaining necessary permits, the development and production of the Company’s Butte Highlands project and projects on its South Eureka property, the potential life of the mine at the Butte Highlands project, the targeted production date for the Butte Highlands project, targeted date for production at South Eureka, the potential for a heap-leach mine at South Eureka, targeted dates for the South Eureka technical report and economic scoping study, and possible growth of the Company and the Company’s expected operations, including potential development of an open pit extraction and run-of-mine heap leach processing and operation at South Eureka. When used herein, the words “anticipate,” “believe,” “estimate,” “upcoming,” “plan,” “target”, “intend” and “expect” and similar expressions, as they relate to Timberline Resources Corporation, its subsidiaries, or its management, are intended to identify such forward-looking statements. These forward-looking statements are based on information currently available to the Company and are subject to a number of risks, uncertainties, and other factors that could cause the Company’s actual results, performance, prospects, and opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, whether or not the Company completes the purchase of the Butte Highlands JV, LLC membership interests, risks related to the timing and completion of the drilling programs at Butte Highlands and South Eureka, risks and uncertainties related to mineral estimates, risks related to the inherently dangerous activity of mining, and other such factors, including risk factors discussed in the Company’s Annual Report on Form 10-K for the year ended September 30, 2011. Except as required by Federal Securities law, the Company does not undertake any obligation to release publicly any revisions to any forward-looking statements.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contacts:
Timberline Resources Corporation
Paul Dircksen
CEO
208.664.4859

Salesforce.com (CRM) Announces Annual Stockholders Meeting

Intellicheck Mobilisa (IDN) Receives Contract Worth $1M

Intellicheck Mobilisa, Inc. (NYSE Amex: IDN), a leading technology company specializing in wireless and identity systems, announced today that a seaport has purchased the Company’s IM2700 mobile Transportation Worker Identity Credential (TWIC) reader system. The contract, valued at $1 million, is the largest single TWIC sale in the Company’s history.

Steve Williams, Chief Executive Officer of Intellicheck Mobilisa, said, “This is the largest TWIC sale we have made to one facility and a market we’ve been creating and leading. The port wanted to increase their security efforts in order to meet the new security requirements associated with the use of TWIC cards. Our IM2700 TWIC reader was a natural addition to their security procedures.”

The TWIC program is an initiative of the Transportation Security Administration and U.S. Coast Guard to provide tamper-resistant biometric identification cards to port facility workers. TWIC cards have become a mandatory requirement for access to all U.S. ports as of April 15, 2009. Intellicheck Mobilisa’s TWIC reader handheld device is used to validate TWIC cards. The company believes such a universal reader will ultimately be needed at each of the more than 175 seaports in the U.S. Intellicheck Mobilisa’s TWIC reader is currently in use at major port facilities in California, Massachusetts, New Jersey, Texas and the State of Washington.

About Intellicheck Mobilisa

Intellicheck Mobilisa (ICMOBIL) is a leading technology company that is engaged in developing and marketing wireless technology and identity systems for various applications, including mobile and handheld access control and security systems for the government, military and commercial markets. ICMOBIL’s products include the Fugitive Finder system, an advanced ID card access control product currently protecting approximately 100 military and federal locations; ID Check, a patented technology that instantly reads, analyzes, and verifies encoded data in magnetic stripes and barcodes on government-issued IDs from U.S. and Canadian jurisdictions, designed to improve the Customer Experience for the financial, hospitality and retail sectors; and Aegeus, a wireless security buoy system for the government, military and oil industry.

For more news and information on ICMOBIL, please visit www.icmobil.com.

YM BioSciences (YMI) Reports Operational and Financial Results for the Third Quarter

Goldfield (GV) Announces Sharply Improved First Quarter Results

MELBOURNE, Fla., May 11, 2012 /PRNewswire/ — The Goldfield Corporation (NYSE Amex: GV) today announced continued improved results for the three months ended March 31, 2012. The Goldfield Corporation is a leading provider of electrical construction services in the Southeast with operations throughout much of the United States. Goldfield is also engaged, to a much lesser extent, in real estate development activities on the east coast of Florida.

Revenue for the three months ended March 31, 2012 nearly doubled, increasing to $17.7 million from $8.9 million in the comparable prior year period. This increase was attributable to higher electrical construction revenue.

Because of improved results in the electrical construction segment, the Company’s operating income for the three months ended March 31, 2012 increased to $2.7 million from an operating loss of $1,000 in the same prior year period.

For the three months ended March 31, 2012, the electrical construction segment’s operating results showed significant improvement, with revenue of $17.1 million and operating income of $3.3 million, compared to revenue of $8.2 million and operating income of $328,000 in the prior year. This increase in revenue was largely attributable to an increase in demand for our electrical construction services, particularly our transmission work, as a result of our expansion efforts during 2010 and 2011. As previously announced in February of 2012, the Company’s electrical construction segment was awarded a $52.0 million transmission line construction contract as part of the Competitive Renewable Energy Zones (“CREZ”) projects. Construction of the CREZ project commenced last month, and is currently scheduled to be completed on August 31, 2013. Our results for the first quarter did not include any revenue from this project.

For the three months ended March 31, 2012, the real estate development segment had revenue of $634,000 and operating income of $124,000, compared to revenue of $766,000 and operating income of $225,000, respectively, for 2011. We currently have no condominium projects under construction, and only have one unit remaining unsold from our Pineapple House project.

Net income for the three months ended March 31, 2012 was $2.7 million, or $0.10 per share, compared to a net loss of $11,000, or ($0.00) net loss per share, in the comparable prior year period.

John H. Sottile, Goldfield’s President and Chief Executive Officer stated, “The prospects for our electrical construction business are brighter today than at any time in recent history. Our backlog at March 31, 2012 was $70.6 million, up from $6.2 million at March 31st last year.” Mr. Sottile also added, “We believe that our recent expansion into Texas and our new CREZ project will provide a good opportunity for further growth in this region.”

About Goldfield

Goldfield is a leading provider of electrical construction and maintenance services in the energy infrastructure industry throughout much of the United States. The company specializes in installing and maintaining electrical transmission lines for a wide range of electric utilities. Goldfield is also involved, to a much lesser extent, in real estate development activities on Florida’s east coast.

For additional information on our first quarter results, please refer to our Quarterly Report on Form 10-Q being filed with the Securities and Exchange Commission and visit the Company’s website at http://www.goldfieldcorp.com.

This press release includes forward-looking statements based on our current expectations. Our actual results may differ materially from what we currently expect. Factors that may affect the results of our electrical construction operations include, among others: the level of construction activities by public utilities; the timing and duration of construction projects for which we are engaged; our ability to estimate accurately with respect to fixed price construction contracts; and heightened competition in the electrical construction field, including intensification of price competition. Factors that may affect the results of our real estate development operations include, among others: the continued weakness in the Florida real estate market; the level of consumer confidence; our ability to acquire land; increases in interest rates and availability of mortgage financing to our buyers; and increases in construction and homeowner insurance and the availability of insurance. Factors that may affect the results of all of our operations include, among others: adverse weather; natural disasters; effects of climate changes; changes in generally accepted accounting principles; ability to obtain necessary permits from regulatory agencies; our ability to maintain or increase historical revenue and profit margins; general economic conditions, both nationally and in our region; adverse legislation or regulations; availability of skilled construction labor and materials, and material increases in labor and material costs; and our ability to obtain additional and/or renew financing. Other important factors which could cause our actual results to differ materially from the forward-looking statements in this press release are detailed in the Company’s Risk Factors and Management’s Discussion and Analysis of Financial Condition and Results of Operation sections of our Annual Report on Form 10-K and Goldfield’s other filings with the Securities and Exchange Commission, which are available on Goldfield’s website: http://www.goldfieldcorp.com.

For further information, please contact:
The Goldfield Corporation
Phone: (321) 724-1700
Email: investorrelations@goldfieldcorp.com

Wowjoint Holdings Limited (BWOW) Signs Contract with Titan Peru S.A.C.

BEIJING, May 11, 2012 /PRNewswire-Asia/ — Wowjoint Holdings Limited (“Wowjoint,” or the “Company”) (Nasdaq: BWOW, BWOWU, BWOWW), China’s innovative infrastructure solutions provider of customized heavy duty lifting and carrying machinery, today announced it entered into an agreement to provide a tire gantry to a Peruvian company.

The agreement is with Titan Peru S.A.C., an import/export company in the construction industry, for a 50 ton Rubber Tire Gantry. The equipment is used for transporting precast concrete beams from the yard to the project site. The Company has started production and received 30% of the contract price as an advance payment. This is an initial contract with Titan Peru and we expect to have future contracts to export other Wowjoint products to Peru.

“We are pleased to have another new customer and to continue our International expansion with our first sale into South America,” Mr. Yabin Liu, Chief Executive Officer of Wowjoint stated. “Our sales team has continued to focus on our expansion into new markets and we’re pleased to see the progress we’ve made with the recent agreement with customers in Malaysia and now in Peru. Wowjoint has been successful in developing a sales team and business network covering East Asia, Southeast Asia, Europe, the Middle East, North American and South America. We are excited about the opportunities we have in these new markets.”

About Wowjoint Holdings Limited

Wowjoint is a leading provider of customized heavy duty lifting and carrying machinery used in large scale infrastructure projects such as railway, highway and bridge construction. Wowjoint’s main product lines include launching gantries, tyre trolleys, special carriers, marine hoists and special purpose equipment. The Company’s innovative design capabilities have resulted in patent grants and proprietary products. Wowjoint believes it is well-positioned to benefit directly from China’s rapid infrastructure development by leveraging its extensive operational experience and long-term relationships with established blue chip customers. Information on Wowjoint’s products and other relevant information are available on its website at http://www.wowjoint.com.

Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions are intended to identify such forward-looking statements. Forward-looking statements in this press release include matters that involve known and unknown risks, uncertainties and other factors that may cause actual results, levels of activity, performance or achievements to differ materially from results expressed or implied by this press release. Wowjoint undertakes no obligation and does not intend to update these forward-looking statements to reflect events or circumstances occurring after the date of this communication. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this communication. All forward-looking statements are qualified in their entirety by this cautionary statement. All subsequent written and oral forward-looking statements concerning Wowjoint or other matters and attributable to Wowjoint or any person acting on their behalf are expressly qualified in their entirety by the cautionary statements above. Wowjoint does not undertake any obligation to update any forward-looking statement, whether written or oral, relating to the matters discussed in this news release.

For additional information contact:

Wowjoint Holdings:
Aubrye Foote, Vice President Investor Relations
Tel: +1-530-475-2793
Email: aubrye@wowjoint.com
Website: www.wowjoint.com

Tengion Provides Business Update and Reports Q1 2012 Financial Results

NOVAVAX (NVAX) Reports First Quarter 2012 Financial Results

ROCKVILLE, Md., May 4, 2012 (GLOBE NEWSWIRE) — Novavax, Inc. (Nasdaq:NVAX) today announced its financial results for the first quarter ended March 31, 2012.

The company reported a net loss of $7.3 million, or $0.06 per share, for the first quarter of 2012, compared to a net loss of $7.5 million, or $0.07 per share, for the first quarter of 2011. The company had significantly higher revenue in the first quarter of 2012 of $4.6 million as compared to $0.8 million for the same period in 2011, due primarily to revenue under the contract with the U.S. Department of Health and Human Services’ Office of Biomedical Advanced Research and Development Authority (HHS BARDA). In conjunction with the increased HHS BARDA revenue, the cost of contract revenue increased to $3.8 million in the first quarter of 2012 as compared to $0.3 million for the same period in 2011. In addition, research and development expenses remained flat year-over-year at $5.1 million.

The increase in cost of contract revenue reflects a company decision to conduct the current Phase II dose-ranging clinical trial in Australia under its existing U.S. investigational new drug application (“IND”) for its trivalent seasonal influenza vaccine candidate as opposed to waiting to conduct the trial under a new IND for its quadrivalent vaccine candidate. The company will record the outside clinical trial costs as cost of contract revenue until it submits the data from the trial for FDA review, expected in the second half of 2012. The outside clinical trial costs for this trial will be submitted for reimbursement to HHS BARDA and recorded as revenue by the company following its submission of the data to the quadrivalent IND. The financial impact of this delay in revenue recognition is based on this trial’s outside clinical trial costs that are expected to total approximately $3.1 million, of which $1.7 million was incurred through March 31, 2012.

General and administrative expenses increased to $3.2 million in the first quarter of 2012 as compared to $2.8 million for the same period in 2011, due primarily to non-cash expenses associated with the company’s new office facility and higher professional fees.

As of March 31, 2012, the company had $20.7 million in cash and cash equivalents and short-term investments compared to $18.3 million as of December 31, 2011. Net cash used in operating activities for the first quarter of 2012 was $4.2 million compared to $9.0 million for the same period in 2011, a 53% reduction from the prior year due primarily to revenue under the HHS BARDA contract.

Key Highlights during the First Quarter of 2012:

• Launched a Phase II dose-ranging clinical trial of the company’s trivalent and quadrivalent seasonal influenza virus-like particle (VLP) vaccine candidates in Australia. The trial will evaluate the immunogenicity and safety of three dose levels of the company’s seasonal recombinant VLP influenza vaccine candidates in healthy adults between the ages of 18 and 64.
• Presented positive results from a Phase I trial of the company’s recombinant nanoparticle vaccine candidate against respiratory syncytial virus (RSV) at the XIV International Symposium on Viral Infections. Findings from this Phase I trial are consistent with pre-clinical results in relevant animal models, which indicated that the company’s vaccine candidate was generally well-tolerated, highly immunogenic and produced functional antibodies that neutralized RSV.
• Reported manufacturing progress and preparations to begin clinical testing of influenza and rabies vaccines under the company’s joint venture in India with Cadila Pharmaceuticals. Rabies is the largest selling vaccine in India and China is the largest market with 12-15 million vaccine doses annually; and
• Expanded the company’s senior management team with the appointments of John Herrmann III as Vice President and General Counsel and Mervyn Hamer as Vice President of Manufacturing.

“The first quarter was a very productive period for our company as we launched a Phase II trial of our seasonal influenza vaccine candidates and reported the very encouraging, positive results from our Phase I RSV trial,” said Stanley C. Erck, President and Chief Executive Officer of Novavax. “The Phase II seasonal influenza vaccine trial is particularly important because we expect that it will help us establish the immunogenicity, safety and tolerability of our quadrivalent seasonal influenza VLP vaccine candidate. The data resulting from this trial will aid in determining the most effective and appropriate dose for evaluation in our upcoming Phase IIb dose-confirmatory trial and ultimately in our Phase III registration trial. In addition, the data from our Phase I RSV trial continues to drive interest among potential partners for this important disease target. We expect to launch two RSV clinical trials in both the elderly and women-of-child bearing-age populations in the second half of 2012.”

Conference Call

Novavax’s management will host its quarterly conference call today at 10:00 a.m. EDT. The live conference call will be accessible on Novavax’s website at www.novavax.com under “Investor Info/Events” or by telephone at 1 (877) 212-6076 (Domestic) or 1 (707) 287-9331 (International). A replay of the webcast will be available on the Novavax website for 60 days after the call and a replay of the conference call will be available beginning today at 1:00 pm through July 04, 2012. To access the replay of the conference call, dial 1 (855) 859-2056 (Domestic) or 1 (404) 537-3406 (International) and enter passcode 76044510.

About Novavax

Novavax, Inc. (Nasdaq:NVAX) is a clinical-stage biopharmaceutical company creating novel vaccines to address a broad range of infectious diseases worldwide. Using innovative virus-like particle (VLP) and recombinant nanoparticle technology, as well as new and efficient manufacturing approaches, the company produces potent vaccine candidates to combat diseases, with the goal of allowing countries to better prepare for and more effectively respond to rapidly spreading infections. Novavax is committed to using its technology platforms to create geographic-specific vaccine solutions and is therefore involved in several international partnerships, including collaborations with Cadila Pharmaceuticals of India and LG Life Sciences of Korea. Together, these companies have worldwide commercialization capacity and the global reach to create real and lasting change in the biopharmaceutical field. Additional information about Novavax is available on the company’s website, www.novavax.com.

Forward Looking Statements

Statements herein relating to the future of Novavax and its ongoing development of its vaccine products are forward-looking statements. Novavax cautions that these forward-looking statements are subject to numerous risks and uncertainties, that may cause actual results to differ materially from those expressed or implied by such statements. These risks and uncertainties include those identified under the heading “Risk Factors” in the Novavax Annual Report on Form 10-K for the year ended December 31, 2011, and filed with the Securities and Exchange Commission. Novavax cautions investors not to place considerable reliance on the forward-looking statements contained in this press release. Investors, potential investors, and others should give careful consideration to risks and uncertainties and are encouraged to read Novavax filings with the SEC, available at sec.gov, for a discussion of these and other risks and uncertainties. The forward-looking statements in this press release speak only as of the date of this document, and Novavax undertake no obligation to update or revise any of the statements.

CONTACT: Frederick W. Driscoll
         VP, Chief Financial Officer and Treasurer
         Novavax, Inc.
         240-268-2000

Real Goods Solar (RSOL) Engages Liolios Group to Lead Investor Relations Program

LOUISVILLE, Colo., May 2, 2012 (GLOBE NEWSWIRE) — Real Goods Solar, Inc. (Nasdaq:RSOL), a leading provider of turnkey commercial and residential solar energy solutions, has engaged Liolios Group to lead a new investor relations and financial communications program.

“We have arrived at a major inflection point in our growth, demonstrated by record revenue and solid cash flow in 2011, and supported by the Alteris acquisition that has dramatically increased our economy of scale and national presence,” stated Bill Yearsley, Real Goods Solar’s chief executive officer. “With this stronger foundation in place, we believe our company and its shareholders would benefit from the experienced IR professionals at Liolios Group.”

In collaboration with Real Goods Solar management, Liolios Group will refine and deliver the company’s message to the financial community. Liolios Group will also schedule a number of one-on-one conference calls, road shows and financial conferences that will engage key influencers, such as equity analysts, institutional investors and members of the financial press.

For more information about Real Goods Solar, contact Liolios Group at 1-949-574-3860 or email RSOL@liolios.com.

About Liolios Group, Inc.

Liolios Group, Inc. is a strategic financial communications firm focused on small-cap companies across a broad range of industry classifications. Liolios Group aims to deliver superior performance in corporate messaging and positioning, investor awareness, analyst and financial press coverage, and capital attraction. Founded in 1999, Liolios Group executives have extensive experience in finance and investments, and have represented more than 125 global companies in a wide range of industries. For more information about Liolios Group, go to www.liolios.com.

About Real Goods Solar, Inc.

Real Goods Solar, Inc. (Nasdaq:RSOL) is a leading provider of turnkey commercial and residential solar energy solutions, with more than 13,000 solar systems in place. Real Goods Solar has more than 33 years of experience in solar energy, beginning with the sale in 1978 of the first solar photovoltaic panels in the United States. With 16 offices across the West and the Northeast, Real Goods Solar is one of the largest solar energy installers in the U.S. For more information about Real Goods Solar, please visit www.realgoodssolar.com, or call (888) 507-2561.

The Real Goods Solar, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6455

CONTACT: Company Contact:
         John Coletta
         Chief Financial Officer
         Real Goods Solar, Inc.
         Tel (303) 222-8310
         john.coletta@realgoods.com

         Investor Relations:
         Ron Both
         Liolios Group, Inc.
         Tel (949) 574-3860
         RSOL@liolios.com

PURE Bioscience (PURE) Hard Surface Showcased at National Restaurant Association Show 2012

PURE Bioscience, Inc. (NASDAQ:PURE), creator of the patented silver dihydrogen citrate (SDC) antimicrobial, today announced that Intercon Chemical Company is showcasing the PURE Complete System in conjunction with its Clearly Better Solutions product line at this year’s National Restaurant Association Show, May 5-8 at McCormick Place in Chicago (booth number 1085). The annual NRA Show draws more than 58,000 restaurant and food service industry professionals from all 50 states and more than 100 countries, and presents the newest innovations and latest information on trends and issues.

The PURE Complete System product line includes PURE Hard Surface disinfectant and food contact surface sanitizer, PURE Multi-Purpose Cleaner Concentrate and PURE Floor Cleaner Concentrate.

Jim Epstein, President of Intercon, stated, “The NRA Show is an excellent venue to present PURE Hard Surface, as restaurants bear tremendous responsibility for national food safety. Americans are spending more time and money each year eating away from home, and studies show that at least 50% of foodborne disease outbreaks can be attributed to restaurants. We know that disinfection and food contact surface sanitization is a key element of pathogen control in restaurants because bacteria and viruses survive on, and can contaminate, hard surfaces such as counters, door handles, appliances, tables, chairs and trays. Restaurants can be confident that PURE Hard Surface quickly stops the contamination cycle.”

Tom Myers, PURE Bioscience’s Executive Vice President, Sales and Marketing, added, “Even just one outbreak of foodborne illness can have devastating effects on a business, and Intercon’s presentation of the benefits of implementing PURE Hard Surface will resonate with distributors and customers. The quick kill times of PURE’s low-toxicity and odorless formula, along with SDC’s GRAS status as a contact biocide, set PURE apart from toxic chemicals currently used in restaurants. PURE Hard Surface is an ideal choice to meet the health and business challenges of food safety in the restaurant industry.”

About the PURE Complete Cleaning, Sanitizing and Disinfecting System

US EPA registered PURE Hard Surface disinfectant and food contact surface sanitizer provides an unparalleled combination of high efficacy and low toxicity with 30-second bacterial and viral kill times and 24-hour residual protection. SDC-based PURE Hard Surface completely kills resistant pathogens like MRSA and Carbapenem-resistant Klebsiella pneumoniae (NDM-1) and also effectively eliminates dangerous fungi and viruses including HIV, Hepatitis B, Hepatitis C, Norovirus, Influenza A, Avian Influenza and H1N1 as well as hazardous food pathogens such as E. coli, Salmonella and Campylobacter. PURE Hard Surface delivers powerful broad-spectrum efficacy while remaining classified as least-toxic (Category IV) by the US EPA, and its active ingredient, SDC, has been determined Generally Recognized as Safe (GRAS) for use as a biocide on food processing equipment, machinery and utensils.

PURE’s Multi-Purpose Cleaner and Floor Cleaner concentrates are non-toxic, environmentally responsible cleaning products protected by SDC, a natural, non-toxic antimicrobial. SDC ensures the quality and safety of PURE Floor Cleaner and PURE Multi-Purpose Cleaner without human or environmental exposure to toxic chemical preservatives. PURE Floor Cleaner and PURE Multi-Purpose cleaner are non-flammable and contain no EDTA, phosphates, ammonia or bleach as well as no VOCs or NPEs. PURE Floor Cleaner and PURE Multi-Purpose Cleaner provide professional strength cleaning in a concentrate formula that yields a 1:128 use dilution that is safe for use on all resilient surfaces. The PURE Complete system strengthens infection control and sustainability programs while providing a cost-effective and user-friendly solution.

About Intercon Chemical Company and Clearly Better Solutions.

Privately owned Intercon Chemical Company in St. Louis, Missouri, employees more than 150 people at its 250,000 square foot FDA and EPA-registered cGMP compliant manufacturing facility. Intercon has operated for more than 30 years in the cleaning and sanitation chemical manufacturing and service industries with expertise in formulating, manufacturing and marketing liquids, powders and solids as well as packaging and labeling. Intercon provides state-of-the-art chemical products and programs to its network of distributors in multiple markets, including: facility management companies, janitorial supply companies, food service sanitation, healthcare and infection control, commercial floor care, critical process cleaning, food processing facility maintenance, institutional laundry, contract packaging and green products. For more information about Intercon Chemical Company, please visit www.interconchemical.com. Intercon’s Clearly Better brand products and programs are designed to bring breakthrough cleaning, disinfection, sanitization, skin care, air treatment and odor control technologies to market that offer innovative solutions to solve problems not adequately addressed by current options. Clearly Better offers programs under its Smart Drains, Smart Floors, Smart Air, Clearly Better Scents and Clearly Better Medical brands. More information is available at www.clearlybetter.com.

About PURE Bioscience, Inc.

PURE Bioscience, Inc. develops and markets technology-based bioscience products that provide solutions to numerous global health challenges, including Staph (MRSA). PURE’s proprietary high efficacy/low toxicity bioscience technologies, including its silver dihydrogen citrate-based antimicrobials, represent innovative advances in diverse markets and lead today’s global trend toward industry and consumer use of “green” products while providing competitive advantages in efficacy and safety. Patented SDC is an electrolytically generated source of stabilized ionic silver, which formulates well with other compounds. As a platform technology, SDC is distinguished from competitors in the marketplace because of its superior efficacy, reduced toxicity and the inability of bacteria to form a resistance to it. PURE is headquartered in El Cajon, California (San Diego metropolitan area). Additional information on PURE is available at www.purebio.com.

This press release includes statements that may constitute “forward-looking” statements, usually containing the words “believe,” “estimate,” “project,” “expect” or similar expressions. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. 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, the Company’s cash position and liquidity requirements, the Company’s failure to implement or otherwise achieve the benefits of its strategic initiatives, acceptance of the Company’s current and future products and services in the marketplace, the ability of the Company to develop effective new products and receive regulatory approvals of such products, competitive factors, dependence upon third-party vendors, and other risks detailed in the Company’s periodic report 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.

Digital Ally, Inc. (DGLY) Schedules Investor Conference Call to Discuss First Quarter 2012 Operating Results

OVERLAND PARK, KS — (Marketwire) — 05/04/12 — Digital Ally, Inc. (NASDAQ: DGLY), which develops, manufactures and markets advanced digital technology products for law enforcement, homeland security and commercial security applications, today announced that the Company will host an investor conference call on Friday, May 11, 2012 at 11:15 a.m. Eastern Time to discuss its operating results for the first quarter of 2012, along with other topics of interest. The Company will release its operating results in a press release after the market closes on Thursday, May 10, 2012.

Shareholders and other interested parties may participate in the conference call by dialing 877-317-6789 (international/local participants dial 412-317-6789) and asking to be connected to the “Digital Ally, Inc. Conference Call” a few minutes before 11:15 a.m. EDT on May 11, 2012.

A replay of the conference call will be available one hour after the completion of the conference call from May 11, 2012 until 9:00 a.m. on July 10, 2012 by dialing 877-344-7529 (international/local participants dial 412-317-0088) and entering the conference ID# 10013728.

About Digital Ally, Inc.

Digital Ally, Inc. develops, manufactures and markets advanced technology products for law enforcement, homeland security and commercial applications. The Company’s primary focus is digital video imaging and storage. For additional information, visit www.digitalallyinc.com

The Company is headquartered in Overland Park, Kansas, and its shares are traded on The Nasdaq Capital Market under the symbol “DGLY”.

For Additional Information, Please Contact:
Stanton E. Ross
CEO
(913) 814-7774
or
RJ Falkner & Company, Inc.
Investor Relations Counsel
(800) 377-9893
or via email at info@rjfalkner.com

GlobalWise (GWIV) Provides Shareholder Update and Reports International Expansion to Latin America

COLUMBUS, OH — (Marketwire) — 05/03/12 — GlobalWise Investments, Inc. (OTCBB: GWIV) (OTCQB: GWIV) (www.GlobalWiseInvestments.com) and its wholly owned subsidiary Intellinetics, Inc., 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, today provide an update to shareholders as well as announce global expansion to Latin America.

The management of GlobalWise thought it appropriate at this time to update shareholders on the Company’s recent accomplishments, and the competitive advantages of its technology and the successes the Company is having in developing a strong partner/reseller network.

GlobalWise is a leading-edge technology company focused on the rapidly growing Enterprise Content Management (ECM) industry, which Gartner predicts will exceed $5.7 billion by 2014 with a compound annual growth rate of 10.1%. Through its cloud-based Intellivue™ ECM product line and unique Channel / OEM distribution model, Intellinetics, a wholly owned subsidiary of GlobalWise, is well positioned to dominate in the underserved small-to-mid sized business ECM marketplace.

Intellivue™, the company’s flagship platform, offers substantial savings to any size organization in virtually any industry by offering them immediate access to all of their structured and unstructured (i.e. Word documents, JPEGs, Images, Audio Files, Video Files, Email w/ Attachments, Fax, Hard-copy documents, etc.) corporate information securely, at their desktop or mobile devices (i.e. iPad or iPhone technologies) via the Web. Utilizing this system flexibility, Intellivue™ has seen great success in the following target vertical markets by building ‘on-demand’ process solution templates that are pre-configured with 90% ‘best-practice’ for immediate economic and improved operational impact by enabling ‘quicker-time-to-value’ and increased client adoption; they include:

• Accounts Payable
• Automotive Dealership
• Education K-12
• Financial Services
• Healthcare
• Higher Education
• Human Resources
• Law Enforcement Corrections
• Legal
• Manufacturing Distribution
• Public Sector
• Retail
• Special Education

Through these solution templates, the Intellinetics platform defines a new industry benchmark and game-changing approach by combining advanced virtualization and automated content management with an open and service-oriented architecture using Web services. The Company provides strategies, tactics and technologies to manage paper and digital assets from capture to long-term archive, without the need for manual processes conducted by a full-time employee. In short, the Company offers process efficiencies on their Intellivue™ ECM platform versus selling features and functions of ECM technologies.

IBM Market Insights predicts adoption of cloud computing to grow by 26% CAGR between 2010 and 2013.

The Company’s ECM service is delivered to customers via five unique delivery models that cover the full spectrum of business needs: Cloud/SaaS (Software as a Service); Hardware Vendor Integrated Service; Software Vendor Integrated Service; Premise (Client-Server); and Hybrid (Premise & Cloud/SaaS). This diversity provides advanced security and privacy features with an on-demand structure for businesses in the large, underserved small-to-mid sized business markets.

About the Company’s Channel Partners

Each successful channel partner will add to the revenue of the Company without a significant increase in fixed expenses. While revenue from each successful partner will vary from $50,000 to $900,000 annually, the average channel partner is expected to grow annual revenue by $150,000 – $200,000.

GlobalWise added 14 new channel partner agreements throughout 2011 and expects the growth of its reseller program to accelerate substantially in 2012. By implementing a channel sales model with strategic partners who are already selling software solutions into an established and trusted client base with strategic target markets, the Company is now able to rapidly access a much larger universe of potential clients. The Company anticipates that new channel partnerships will drive triple-digit growth for the next several years.

On April 25, 2012, the company signed its first global expansion partner, SOIN Integrales (www.soin.co.cr), which is headquartered out of Costa Rica. SOIN is a 20+year integrator with a core practice of reselling SAP, Oracle and Sybase ERP systems in both the public and private sectors. Intellinetics will be their only exclusive ECM offering to Latin America. The initial Intellivue™ solution and product launch will start initially in Mexico, Costa Rica, Panama, El Salvador and Nicaragua.

In addition, the Company has signed multiple agreements recently, including:

March 6, 2012 – GlobalWise Announces Channel Sales Partnership With Primary Solutions

Primary Solutions (www.primarysolutions.net) provides software products and services for private and governmental markets within the developmentally disabled community in Ohio. Founded in 1998, Primary Solutions provides its software products to over 330 private agencies and governmental entities.

March 27, 2012 – GlobalWise Announces Channel Sales Partnership With B2B Computer Products

B2B Computer Products, LLC (www.b2bcomp.com) is a national business-to-business value-added reseller and service provider of computer hardware and software with over 35 distribution centers throughout the US. They are a client-focused technology provider with proven experience in design, product recommendation and implementation of complex multi-vendor IT solutions. The partnership with Intellinetics will allow B2B Computer to add the cloud-based Intellivue™ ECM software to its vast array of service offerings and better serve its roster of over 24,000 clients. The company is consistently named as one of the fastest-growing private companies in the U.S. by Inc. magazine. B2B Computer grew 534.2% from 2005 to 2010.

April 3, 2012 – GlobalWise Announces Channel Sales Partnership With ImageSoft

ImageSoft (www.imagesoftinc.com) provides innovative content management solutions that enable organizations to operate more efficiently and effectively. Founded in 1996, ImageSoft provides high-end ECM software products to serve state and county governments, insurance, healthcare, court systems and educational institutions. ImageSoft has ECM clients within the United States, Canada and Mexico. Since 2000 ImageSoft, Inc. has been a Platinum partner of one of Gartner Magic Quadrant’s top ECM companies. The company has been named one of Inc. magazine’s fastest growing private companies for the last four years and was named one of the top 50 small and mid-sized organizations to work for in 2011.

April 10, 2012 – GlobalWise Joins the Center for Digital Education to Expand K-12 Educational Services

GlobalWise announced membership with the Center for Digital Education (www.centerdigitaled.com) to expand scope of service offerings with kindergarten through 12th (K-12) grade educational solutions. The Center for Digital Education (CDE) is a national research and advisory institute specializing in K-12 and higher education technology trends, policy and funding. Along with its research services, CDE issues white papers and conducts the annual Digital School Districts and Digital Community Colleges surveys and award programs as well as hosting events across the K-12 and higher education arena.

April 17, 2012 – GlobalWise Announces Channel Sales Partnership With FormFast, New Agreement Extends Company’s Product Scope Into Healthcare Organizations

Since 1992, FormFast (www.formfast.com) has been the recognized leader in e-forms software that has enabled healthcare organizations to achieve significant process improvement across the enterprise. With custom workflow solutions ranging from HR, contract management, risk management and compliance, FormFast is the top-ranked workflow provider for over 950 high performance hospitals in achieving their goal of being paperless. Among the 950 hospitals the company serves internationally are the Cleveland Clinic, the Mayo Health Organization, the Hospital Corporation of America and the University of Maryland Medical System. For a more complete client list: http://www.formfast.com/Client-List.

FormFast alone represents up to $51 million in potential sales for GWIV. While 100% market penetration into Form Fast’s client base is not expected, this will likely be one of GlobalWise’s key revenue drivers moving forward.

May 2, 2012 – GlobalWise Announces Channel Sales Partnership With the eVero Corporation, Partnership Expands GlobalWise Sales Opportunities Within the Health and Human Services Industries

The eVero Corporation (www.evero.com) has been an information technology (IT) solutions provider exclusively to the Health and Human Services marketplace for over a decade. Their clients include government agencies, health care institutions, medical billing companies and large health service organizations that focus on developmentally disabled patients. The eVero objective is to provide their clients with the ability to obtain the same level of technology solutions that Fortune 500 companies receive, but at a fraction of the cost. eVero’s products and services automate core functionality allowing among other functions:

• A single record to be accessed by all members of the treatment team;
• Track providers and patients at multiple locations and record information about each visit;
• Allow a stand-alone electronic eligibility verification system for Medicaid.

In addition to Intellinetics, eVero partners are global companies that support the execution of eVero’s Information Technology as a Service. They are considered “Best Of Breed” in their various industries.

GlobalWise anticipates signing many more of these agreements with domestic as well as international partners during the course of 2012 as it continues to position itself as a leader of the industry. The Company expects to deliver significant and consistent annual revenue growth each year for the foreseeable future as its experienced management team takes advantage of the significant opportunities that currently exist in the marketplace and continues to partner with the some of the largest and most successful companies in the industry.

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

This press release may contain “forward-looking statements.” Expressions of future goals and similar expressions reflecting something other than historical fact are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements. These forward-looking statements may include, without limitation, statements about our market opportunity, strategies, competition, expected activities and expenditures as we pursue our business plan. Although we believe that the expectations reflected in any forward-looking statements are reasonable, we cannot predict the effect that market conditions, customer acceptance of products, regulatory issues, competitive factors, or other business circumstances and factors described in our filings with the Securities and Exchange Commission may have on our results. The company undertakes no obligation to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this press release.

GlobalWise Investments, Inc.
Columbus, Ohio
www.GlobalWiseInvestments.com
614-388-8909
Contact@GlobalWiseInvestments.com

Mission Investor Relations
Atlanta, Georgia
http://www.MissionIR.com
404-941-8975
Investors@MissionIR.com

Cubic Wire Detector Represents Enhancements to SEFE, Inc. (SEFE)

SEFE, Inc. (OTCBB: SEFE) (“SEFE”) (“The Company”), a technology- and solutions-driven sustainability company, has revealed important details on its Cubic Wire Detector, which represents an enhancement to the Company’s pending patent covering Collection of Atmospheric Ions.

The Cubic Wire Detector is categorized as a “continuation-in-part” application, adding a variation to SEFE’s patent-pending application for Collection of Atmospheric Ions while claiming priority based on the original patent, which was filed with the U.S. Patent and Trademark Office on May 12, 2011. The variation employs an open-frame cubic box with alternating wires rather than parallel plates to collect atmospheric ions, and provides insight into where the most abundant source of atmospheric charge is located.

The cubic wire geometry is more suited to the flight environment and is also able to capture directionality, depletion, and charge mobility measurements. The alternating wires are held at a high voltage and the ions that pass between the wires are accelerated by the high voltage and measured as a current. The system adds a secondary decay mode to measure the mobility of the charge in the atmosphere during the test.

“The Cubic Wire Detector provides an important variation of the ion categorization technology; this allows us to perform the testing essential to the development of the Harmony III product line,” said Ryan Coulson, Lead Scientist for SEFE. “Understanding where the highest charge density lies is absolutely critical to Harmony III. The Cubic Detector improves our ability to study how atmospheric static charge is consumed and replenished.”

For more information visit www.SEFElectric.com.

About SEFE, Inc.

SEFE focuses on pushing the boundaries of what’s possible, embracing innovation and employing the cutting-edge to solve problems, and offering sustainable solutions to a world hungry for invention, direction and leadership. SEFE is technology- and solutions-driven, focusing on developing inventions that provide a real-world impact and true profitability. So, success is measured by both a sustainable return on investment, as well as a project’s sustainability from an environmental perspective.

For more information, visit www.SEFElectric.com.

Forward-Looking Statements

This release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements regarding our expected future financial position, results of operations, cash flows, financing plans, business strategy, products and services, competitive positions, growth opportunities, plans and objectives of management for future operations, as well as statements that include words such as “anticipate,” “if,” “believe,” “plan,” “estimate,” “expect,” “intend,” “may,” “could,” “should,” “will,” and other similar expressions are forward-looking statements. All forward-looking statements involve risks, uncertainties and contingencies, many of which are beyond our control, which may cause actual results, performance, or achievements to differ materially from anticipated results, performance, or achievements. We are under no obligation to (and expressly disclaim any such obligation to) update or alter our forward-looking statements, whether as a result of new information, future events or otherwise.

EDGAR Online (EDGR) Reports Record Revenue for Fifth Consecutive Quarter

Wowjoint Holdings Limited (BWOW) Announces Listing Transfer

Hudson Technologies (HDSN) Reports $0.10 Earnings Per Diluted Share for First Quarter 2012

Hudson Technologies, Inc. (NASDAQ: HDSN), announced results for the first quarter ended March 31, 2012.

Revenues for the three months ended March 31, 2012 increased more than 7% to $14,854,000 from $13,818,000 in the comparable 2011 period. Hudson reported a gross profit margin of 40% for the first quarter of 2012 compared to 27% in the first quarter last year. The Company also reported net income of $2,509,000, or $0.11 per basic share and $0.10 per diluted share for the first quarter of 2012, compared to net income of $1,088,000, or $0.05 per basic share and $0.04 per diluted share for the first quarter of 2011. Income tax expense of $1,538,000 and $667,000 for the first quarter of 2012 and for the first quarter of 2011, respectively, is largely a non-cash item as a result of the Company’s deferred tax asset.

Kevin J. Zugibe, Chairman and Chief Executive Officer of Hudson Technologies commented, “During the first quarter of 2012 the industry saw, and continues to see, a dramatic increase in the price of R-22 which favorably impacted our first quarter performance. The increased sales price of R-22 followed the Environmental Protection Agency’s (EPA) issuance in January 2012 of ‘No Action Assurance’ letters to producers and importers of R-22 that, until the EPA’s issuance of a final rule, limits the amount of R-22 that can be manufactured and/or imported in 2012 by approximately 45% from the amount allowed in 2011. We believe a final rule from the EPA establishing the actual production and consumption limits for 2012, 2013 and 2014 will be issued later this year. Despite a slight decline in the volume of pounds sold during the first quarter, which is a result of our inventory management as we move through the current year, increased R-22 pricing contributed to our ability to achieve record revenues and gross margins of 40%.

“As we’ve stated previously, we believe that increases in the price of R-22 support the growth of reclamation by providing contractors with the needed economic incentive to recover used, or ‘dirty’ gas. As R-22 increases in value and it becomes more economically attractive for contractors to recover and return used R-22, we believe Hudson will acquire an increased number of pounds of refrigerant that we can reclaim to virgin specifications and then resell in the marketplace to help fill the supply gap created by the EPA as virgin R-22 production phases out. It’s important to note that reclamation is largely a seasonal activity that commences in late spring and typically continues into early winter, slightly trailing the cooling season. We have always believed that the missing catalyst for increased reclamation was the price of R-22 so, although we have not yet entered the traditional reclamation season, the recent and dramatic increase in the price of R-22 could possibly drive significant growth in reclamation beginning this summer.

“In 2011, despite a strong first quarter, we saw declines in refrigerant prices and reduced profitability during the balance of the 2011 cooling season. In 2012, we again had a strong first quarter, but unlike last year, we are expecting improvement in the profitability of the Company for the remainder of the 2012 cooling season. We remain confident that we are well positioned to take advantage of the industry shift currently underway and we’ve been carefully managing our inventory to effectively capitalize on the ongoing opportunities resulting from the increase in R-22 pricing. Likewise, we recognize the importance of ensuring that our broad product and service offerings provide the right solution in the right place at the right time to meet our customers’ needs and we are focused on executing on this strategy to drive sustainable revenue and earnings growth.”

CONFERENCE CALL INFORMATION

The Company will host a conference call to discuss the first quarter results today, May 2, 2012 at 10:00 A.M. Eastern Time.

To access the live webcast log onto the Hudson Technologies website at www.hudsontech.com and click on “Investor Relations”.

To participate in the call by phone, dial (877) 407-9205 approximately five minutes prior to the scheduled start time. International callers please dial (201) 689-8054.

A replay of the webcast will be available until April 6, 2012 and may be accessed by dialing (877) 660-6853 and international callers may dial (201) 612-7415. Callers should use account number 286 and pass code 390085.

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.

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

Statements contained herein which are not historical facts constitute forward-looking statements. Such forward-looking statements involve a number of known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, but are not limited to, changes in the markets for refrigerants (including unfavorable market conditions adversely affecting the demand for, and the price of, refrigerants), the Company’s ability to source refrigerants, regulatory and economic factors, seasonality, competition, litigation, the nature of supplier or customer arrangements which become available to the Company in the future, adverse weather conditions, possible technological obsolescence of existing products and services, possible reduction in the carrying value of long-lived assets, estimates of the useful life of its assets, potential environmental liability, customer concentration, the ability to obtain financing, risks associated with the Company’s joint venture which include the ability of the parties to perform their obligations under the joint venture agreement, any delays or interruptions in bringing products and services to market, the timely availability of any requisite permits and authorizations from governmental entities and third parties as well as factors relating to doing business outside the United States, including changes in the laws, regulations, policies, and political, financial and economic conditions, including inflation, interest and currency exchange rates, of countries in which the joint venture may seek to conduct business, and other risks detailed in the Company’s periodic reports filed with the Securities and Exchange Commission. The words “believe”, “expect”, “anticipate”, “may”, “plan”, “should” and similar expressions identify forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statement was made.

CASMED (CASM) to Announce First Quarter 2012 Financial Results and Hold Conference Call on May 8, 2012

BRANFORD, Conn., April 30, 2012 (GLOBE NEWSWIRE) — CAS Medical Systems, Inc. (Nasdaq:CASM) (CASMED) a leader in medical devices for non-invasive patient monitoring, today announced that it will report its financial results for the first quarter of 2012 on Tuesday, May 8^th prior to the market’s opening. Management will host a conference call to discuss these results and answer questions at 10:00 a.m. (ET) that day.

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 11:00 a.m. (ET) on May 8, 2012, through 11:59 p.m. (ET) on May 15, 2012. 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): 76917538
• 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 is the only cerebral oximeter available with FDA clearance for non-invasive, continuous measurement of absolute cerebral tissue oxygen saturation for all patients, regardless of age or weight. Direct monitoring of tissue oxygenation provides a unique 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 meet the needs of a full spectrum of patient populations worldwide, ranging from adults to pediatrics and neonates.

For further information regarding CASMED, visit the Company’s website at www.casmed.com.

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

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

ClearSign Combustion (CLIR) Announces Completion of Initial Public Offering of Common Stock

SEATTLE, WA — (Marketwire) — 04/30/12 — ClearSign Combustion Corporation (NASDAQ: CLIR) today announced the completion of its previously announced public offering of 3,000,000 shares of its common stock. Gross proceeds to the Company of the public offering are $12 million.

MDB Capital Group LLC acted as the underwriter for the offering.

The securities described above were sold by the Company pursuant to a registration statement previously filed and declared effective by the Securities and Exchange Commission. This press release does not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. Copies of the final prospectus relating to this offering may be obtained from MDB Capital Group LLC, 401 Wilshire Boulevard, Suite 1020, Santa Monica CA 90401, (310) 526-5000.

About ClearSign Combustion Corporation
ClearSign Combustion Corporation designs and develops technologies that aim to improve key performance characteristics of combustion systems including energy efficiency, emissions control, fuel flexibility and overall cost effectiveness. Our Electrodynamic Combustion Control™ (ECC™) platform technology improves control of flame shape and heat transfer and optimizes the complex chemical reactions that occur during combustion in order to minimize harmful emissions. For more information about the Company, please visit www.clearsigncombustion.com

About MDB Capital Group
MDB Capital Group LLC is an investment banking and institutional research firm focused exclusively on companies possessing or seeking to develop market changing, disruptive technologies and intellectual property. For more information on MDB Capital Group, please visit www.mdb.com

Cautionary note on forward-looking statements

This press release includes forward-looking information and statements. Except for historical information contained in this release, statements in this release may constitute forward-looking statements regarding our assumptions, projections, expectations, targets, intentions or beliefs about future events that are based on management’s belief, as well as assumptions made by, and information currently available to, management. While we believe that our expectations are based upon reasonable assumptions, there can be no assurances that our goals and strategy will be realized. Numerous factors, including risks and uncertainties, may affect our actual results and may cause results to differ materially from those expressed in forward-looking statements made by us or on our behalf. Some of these factors include the acceptance of existing and future products, the impact of competitive products and pricing, general business and economic conditions, and other factors detailed in our Annual Report on Form 10-K and other periodic reports filed with the SEC. We specifically disclaim any obligation to update or revise any forward-looking statement whether as a result of new information, future developments or otherwise.

CONTACT:
John McFarland
Investor Relations
(206) 673-4848
john@clearsigncombustion.com

Cleantech Solutions (CLNT) Receives $1.7 Million Order for Airflow Dyeing Machines

Anderson Family Proposes Transaction to Acquire 100% of Public Interest in Books-A-Million, Inc. (BAMM)

Clyde B. Anderson announced on April 28, 2012, that the Anderson family has made a non-binding proposal to acquire all of the outstanding publicly-held shares of the common stock of Books-A-Million, Inc. (NASDAQ: BAMM) (the “Company”). Mr. Anderson is the Executive Chairman of the Company and Mr. Anderson and other members of the Anderson family currently directly or indirectly control shares of stock representing, in the aggregate, approximately 53 percent of the common stock of the Company.

According to the proposal, public shareholders would receive $3.05 per share in cash, representing a premium of approximately 20 percent over the closing price on April 27, 2012, and 13 percent over the average closing price of the Company’s common stock for the past 90 trading days. The proposal values the total equity of the Company at approximately $48.8 million.

In the proposal letter, Mr. Anderson stated he anticipates the acquisition would be in the form of a merger of the Company with a newly formed acquisition vehicle that the Anderson family would control. Mr. Anderson also stated in the letter that the transaction would be financed through borrowings available under the Company’s existing credit line, and that the proposal is conditioned on availability of sufficient funds under that credit line. The Anderson family expects the Company’s management to remain in place following the merger along with the rest of the Company’s valued employees.

In the letter, Mr. Anderson said: “We believe that this Proposal presents a unique and highly attractive opportunity for the public shareholders of the Company.”

Mr. Anderson also noted in his letter that he expects that the Board of Directors of the Company will establish a special committee of independent directors with its own legal and financial advisors to review the proposal on behalf of the Company’s public shareholders. Mr. Anderson indicated in his letter that he and the other interests of the Anderson family do not intend to move forward with the proposed transaction unless the special committee makes a favorable recommendation to the Board.

In the letter, Mr. Anderson also stated that the definitive transaction documents will provide that the transactions will be conditioned upon the approval of a majority of the shares of stock of the Company that are not directly or indirectly controlled by members of the Anderson family. Mr. Anderson also made clear that he and the other members of the Anderson family are interested only in acquiring the outstanding shares of the Company that they do not already own, and are not currently interested in considering a sale of their shares to a third party or any merger or other strategic transaction involving any third party and do not intend to vote in their capacity as shareholders in favor of any such transaction.

Mr. Anderson has engaged Ropes & Gray LLP as his legal advisor and BDT & Company, LLC as his financial advisor for the proposed transaction.

A copy of Mr. Anderson’s letter to the Board is attached as an exhibit to Amendment No. 8 to the Anderson family’s Schedule 13D, which is being filed with the Securities and Exchange Commission (“SEC”) today, and once filed will be available at no charge on the SEC’s website at www.sec.gov.

Pending the execution of a definitive agreement, the Company’s shareholders and others considering trading in its securities should recognize that the announcement of this proposal is only the beginning of the process of considering the proposal and that no definitive time frame has been determined and that there can be no assurance that any transaction, whether on the proposed terms or other terms, will be consummated. There can also be no assurance that Mr. Anderson will be able to obtain the financing commitments necessary to proceed with the proposal.

This press release is not a solicitation of a proxy, an offer to purchase nor a solicitation of an offer to sell shares of the Company, and it is not a substitute for any proxy statement or other filings that may be made with the Securities and Exchange Commission (the “SEC”) should this proposed transaction go forward. If such documents are filed with the SEC, investors will be urged to thoroughly review and consider them because they will contain important information, including risk factors. Any such documents, once filed, will be available free of charge at the SEC’s website (www.sec.gov) and from the Company.

SEFE, Inc. (SEFE) Announces Tether Contact System

SEFE, Inc. (OTCBB: SEFE) (“SEFE”) (“The Company”), a technology- and solutions-driven sustainability company, has introduced a summary of its tether contact system and its role in the company’s flagship Harmony III product.

In brief, the tether contact system is designed to minimize electrical path length on the power tether. The system uses a proprietary mechanism to complete the power circuit, removing the unused power tether from the path. This system functions in tandem with the dynamic electrical converter and the electrostatic motor-generator as an efficiency booster. This allows for the same hardware to be used no matter what the flight elevation of the aerostat will be.

“The most oft-asked questions about the design of our system are related to its safety and efficiency. This component of our system is one of several inventions geared toward addressing both of those issues in order to enhance the product as a whole,” stated Mike Hurowitz, SEFE’s Director of Engineering.

For more information visit www.SEFElectric.com.

About SEFE, Inc.

SEFE focuses on pushing the boundaries of what’s possible, embracing innovation and employing the cutting-edge to solve problems, and offering sustainable solutions to a world hungry for invention, direction and leadership. SEFE is technology- and solutions-driven, focusing on developing inventions that provide a real-world impact and true profitability. So, success is measured by both a sustainable return on investment, as well as a project’s sustainability from an environmental perspective.

For more information, visit www.SEFElectric.com.

Forward-Looking Statements

This release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements regarding our expected future financial position, results of operations, cash flows, financing plans, business strategy, products and services, competitive positions, growth opportunities, plans and objectives of management for future operations, as well as statements that include words such as “anticipate,” “if,” “believe,” “plan,” “estimate,” “expect,” “intend,” “may,” “could,” “should,” “will,” and other similar expressions are forward-looking statements. All forward-looking statements involve risks, uncertainties and contingencies, many of which are beyond our control, which may cause actual results, performance, or achievements to differ materially from anticipated results, performance, or achievements. We are under no obligation to (and expressly disclaim any such obligation to) update or alter our forward-looking statements, whether as a result of new information, future events or otherwise.

Exceed Company Limited (EDS) Full Year 2011 Financial Results

FUJIAN, China, April 30, 2012 /PRNewswire-Asia-FirstCall/ — Exceed Company Ltd. (NASDAQ: EDS) (“Exceed” or “the Company”), the owner and operator of “Xidelong” brand and one of the leading domestic sportswear brands in China, today released its financial results for 2011.

Financial Highlights – Full Year ended December 31, 2011 (audited)(1)

• Revenue was RMB3,288.6 million (US$522.5 million), representing a 21.8% year-over-year increase.
• Gross profit was RMB992.3 million (US$157.7 million), representing a 17.9% year-over-year increase. Gross margin decreased from 31.2% for 2010 to 30.2% for 2011.
• Operating profit was RMB498.2 million (US$79.2 million), representing a 21.6% year-over-year increase.
• Net profit was RMB470.1 million (US$74.7 million), representing a 33.1% year-over-year increase.

Mr. Shuipan Lin, Exceed’s founder, Chairman and CEO, commented, “We are pleased to report healthy results for the full year 2011, with over 20% growth in revenue and 30% growth in net income. Our results were supported by our ongoing marketing and branding efforts which have promoted our brand image and allowed us to further penetrate the domestic sportswear market in China. Our key target audience, younger generations in China’s developing second and third-tier cities continue to identify with our ‘happy lifestyle’ branding theme. In addition, our involvement in the nationwide ‘Fitness for All Campaign 2011’ was recently recognized with an Outstanding Contribution Award from China’s General Administration of Sport, the government agency responsible for sports in China, which further enhanced our brand image. By continuing to improve the awareness and acceptance of a ‘Sports Lifestyle,’ Exceed is helping to educate a whole new generation of Chinese youth about the benefits of leading a healthy and active life.

“In addition to our ongoing marketing and branding efforts, we have made progress on our operational plan to maximize our growth potential in the evolving PRC domestic sportswear market. As recently announced, we have sought to improve our internal manufacturing capacity, thereby increasing our bargaining power, providing more stability to our supply chain, which, in turn, we believe will positively affect our gross profit margin. A significant part of our new operational plan is to purchase a 400,000 square meter parcel of land in Ruichang City, Jiangxi Province, where we plan to establish a new operating subsidiary and construct a new production facility upon this parcel of land. Upon completion of the construction of our new production facility in Ruichang City by the end of 2013, we expect that our annual production capacity for our footwear products will increase to approximately 30.0 million pairs while also gaining certain internal apparel production capabilities.

“The filing of our annual results was rescheduled to allow us sufficient time to properly assess the accounting treatment of certain escrow shares and earn-out shares. To reflect the revision to our method of accounting in relation to our conditional obligations in relation to release and issue these escrow shares and earn-out shares, we subsequently restated results for 2009 and 2010. The restatement resulted in a non-cash and non-operating gain of RMB170.9 million, RMB1.6 million and RMB36.6 million from change in fair value of contingent share liability for the year ended 2009, 2010 and 2011, respectively. In addition, we believe our reassessment of the accounting treatment in this instance demonstrates our commitment to maintaining the highest level of transparency and disclosure in all of our reporting practices. Looking ahead, despite ongoing macroeconomic headwinds, we believe the execution of our operational plan combined with our continued brand building activities will position us to deliver steady growth in the year ahead. We will continue to expand our market presence at a measured pace to keep our sales and distribution channel and inventories in-line with consumer demand. Beyond our operational initiatives, the Company is also seeking to maximize shareholder value by extending the date of expiration of our previously announced US$10 million share repurchase program from February 14, 2012 to August 14, 2012. As of today, this extension will give us more time to prudently repurchase shares up to US$7.6 million that may yet be purchased under the share repurchase program. The strength of our balance sheet and financial position allow us to continue investing in the Company’s future while simultaneously returning value to our shareholders.”

Audited Fiscal Year 2011 Financial Results

Revenue breakdown

Revenue. Revenue for 2011 was RMB3,288.6 million (US$522.5 million), representing a year-over-year increase of 21.8% from RMB2,698.9 million in 2010.

The increase in revenue in 2011 was primarily due to further market penetration as a result of our continuous marketing and brand promotion efforts. In 2011, we engaged one of the largest and longest standing China-based marketing and public relations firms to further enhance our advertising and promotional initiatives. This engagement, together with our ongoing marketing initiatives including production of television commercials for our spokespersons, By2, and our sponsorship of the “Fitness for All Campaign – Walking to 100 Universities” program and “Inter-City” television program has enhanced our brand significantly. Furthermore, we have engaged a new advertising company, a member of the American Association of Advertising Agencies, for the planning and production of television commercials for our spokespersons, By2, and print advertisements for our products. The commercials are intended to position Xidelong as a sports brand that emphasizes a “happy lifestyle”. Meanwhile, strong demand from end customers encouraged the expansion of the Xidelong retail network by our distributors and authorized third-party retailers. The number of the Xidelong retail locations increased by 511 from 4,333 as of December 31, 2010 to 4,844 as of December 31, 2011.

• Footwear. Footwear accounted for 46.0% of revenue for 2011, and principally includes nine categories of footwear: running footwear, leisure footwear, basketball footwear, skateboarding footwear, canvas footwear, tennis footwear, outdoor footwear, vintage design footwear and cross-training footwear. A portion of our footwear production is outsourced.

Revenue from footwear for 2011 was RMB1,514.1 million (US$240.6 million), a 19.6% increase from RMB1,266.4 million in 2010, primarily due to a 4.7% increase in average selling price (“ASP”) and a 14.2% increase in sales volume. Such increases were mainly attributable to the introduction of our new vintage design footwear and cross-training footwear product lines in June 2011. As a result of our continuous marketing and brand promotion efforts, footwear ASP increased, leading to an increase in our overall footwear revenue.

• Apparel. Sports apparel accounted for 52.7% of revenue for 2011, and principally includes sports tops, sports pants, jackets and track suits. Our apparel production is entirely outsourced.

Revenue from apparel for 2011 was RMB1,731.5 million (US$275.1 million), a 23.4% increase from RMB1,403.7 million in 2010. This increase was primarily due to a 4.5% increase in sales volume and an 18.0% increase in ASP. Such increases were mainly attributable to the improvement of the design and quality of our apparel products and the introduction of certain new products, particularly the new lifestyle apparel products, which has created demand from end customers. In addition, the increase in the average size of the Xidelong retail locations, which typically now have larger display areas for apparel, has attracted more customer traffic. The increased consumer recognition of our Xidelong brand as a result of our continuous marketing and brand promotion efforts also contributed to the increase in ASP of apparel products.

• Accessories. Accessories accounted for 1.3% of revenue for 2011, and principally include bags, socks, hats and caps. Our accessories production is entirely outsourced.

Revenue from accessories for 2011 was RMB43.0 million (US$6.8 million), a 49.2% increase from RMB28.8 million in 2010. This increase was primarily driven by an increase in product varieties.

Gross profit and Gross profit margin. Gross profit for 2011 increased by 17.9% to RMB992.3 million (US$157.7 million) from RMB841.6 million in 2010, primarily as a result of the increase in sales. Overall gross margin for 2011 decreased to 30.2% from 31.2% in 2010, primarily as a result of the decrease in proportion of footwear produced in-house relative to overall footwear production as a result of the limited production capacity within our existing production facility. We have formulated a new operational plan in response to these production capacity restraints. Please refer to the “Business Highlights and Outlook” section of this release. Furthermore, rising inflation in China resulted in an increase in raw material and wage costs, leading to an increase in the manufacturing cost. We will continue our efforts to balance the mix between in-house production and outsourced manufacturing in the future.

Other income and gains. Other income and gains increased by 131.3% to RMB14.8 million (US$2.4 million) in 2011 from RMB6.4 million in 2010. Other income and gains in 2011 included a governmental award of RMB2.4 million (US$0.4 million) for technological innovation and business development, and interest income of RMB11.9 million (US$1.9 million). The increase in other income and gains in 2011 was mainly attributable to an increase in interest income, derived from a short term time deposit of RMB400.0 million (US$63.6 million), which carried an interest rate ranging from 1.7% to 3.1% per annum.

Operating expenses. Total operating expenses for 2011 was RMB508.8 million (US$80.8 million), increased by approximately 16.1% from RMB438.2 million for 2010.

Selling and distribution costs. Selling and distribution costs for 2011 was RMB377.9 million (US$60.0 million), an increase of 11.3% from RMB339.6 million in 2010. The increase in selling and distribution costs for 2011 was primarily due to increases in advertising and promotional expenses. Advertising and promotional expenses increased by 11.2% from RMB316.8 million in 2010 to RMB352.4 million (US$56.0 million) in 2011 primarily because we invested more resources on marketing, advertising and store image and renovation activities to build our brand recognition and market penetration. In 2011, over 500 Xidelong retail selling locations were newly opened by our distributors and third-party retailers. During the same period, over 450 existing Xidelong retail locations were renovated by our distributors and third-party retailers, certain of which received renovation subsidies from Exceed in the form of standardized promotional materials and display equipment. In 2011, our advertising and promotional activities continued to focus on the events relating to the Nationwide “Fitness for All” Sports Campaign and the continued engagement of By2 as our official product series spokesperson. We have also engaged Genedigi, one of the largest and longest standing China-based marketing and public relations firms to support our advertising and promotional initiatives in conjunction with the our sponsorship of the “Fitness for All” Sports Campaign in 2011 and for general public relations and marketing initiatives in mainland China. In addition, we have continued to sponsor the “Inter-City” television program, a popular entertainment show featuring athletic challenges that airs on channels 1 and 5 of China Central Television, which is the predominant state television broadcaster in China, starting from the second quarter of 2011.

As a percentage of sales, advertising and promotional expenses decreased from 11.7% in 2010 to 10.7% in 2011. The decrease in advertising and promotional expenses as a percentage of sales was mainly due to the effective management of our promotional strategy and spending on advertising which further improved our operating profit.

Administrative expenses. Administrative expenses for 2011 was RMB77.1 million (US$12.2 million), an increase of 33.4% from RMB57.8 million in 2010, primarily due to the increase in UMC Tax, Educational Surcharge, salaries of administrative staff and rental expenses. Commencing from December 1, 2010, foreign enterprises, foreign funded enterprises and foreign individuals have been required to pay UMC Tax and Educational Surcharge. UMC Tax and Educational Surcharge increased by 780.0% from RMB1.5 million in 2010 to RMB13.2 million (US$2.1 million) in 2011. Salaries of administrative staff increased by 15.9% from RMB11.3 million in 2010 to RMB13.1 million (US$2.1 million) in 2011 primarily due to an increase in the number of administrative staff and a general increase in average wages. Office rental expenses increased by 236.4% from RMB1.1 million in 2010 to RMB3.7 million (US$0.6 million) in 2011 due to the business expansion of the Company. Administrative expenses as a percentage of revenue increased from 2.1% in 2010 to 2.3% in 2011.

Research and development expenses. Research and development expenses for 2011 was RMB53.9 million (US$8.6 million), an increase of 32.1% from RMB40.8 million in 2010. The increase in research and development expenses for 2011 was primarily due to the continued investment in the design of new products and components to improve our product offerings, as well as our research and development efforts in cooperation with a PRC sports institute.

Finance costs. Finance costs for 2011 was RMB0.9 million (US$0.1 million), a decrease of 52.6% from RMB1.9 million in 2010, primarily due to a decrease in the average of our short-term bank borrowings.

Gain from change in fair value of contingent share liability. The gain from the change in contingent share liability was RMB1.6 million and RMB38.6 million in 2010 and 2011, respectively, reflecting the decrease in the fair value of the conditional obligation to release and issue shares to the former shareholders of Windrace as part of the reverse recapitalization transaction effective on October 21, 2009.

Profit before tax. As a result of the foregoing, profit before tax for 2011 was RMB536.0 million (US$85.2 million), an increase of 30.9% from RMB409.5 million in 2010.

Tax. Tax expenses for 2011 were RMB65.9 million (US$10.5 million), compared to RMB56.3 million in 2010. The full exemption period of Xidelong (China) Co. Ltd., our principal PRC subsidiary, from PRC corporate income tax expired on December 31, 2009. Xidelong (China) Co. Ltd. is entitled to a 50% reduction in the PRC corporate income tax until December 31, 2012, after which it will be subject to the standard tax rate of 25%. The effective tax rate for 2011 and 2010 was 12.3% and 13.7%, respectively.

Profit. As a result of the above factors, profit for 2011 was RMB470.1 million (US$74.7 million), an increase of 33.1% from RMB353.2 million in 2010.

Balance Sheet

Inventory. The average inventory turnover days for 2011 and 2010 were 6 days and 10 days, respectively. Inventory turnover days decreased mainly due to the decreased proportion of in-house production, as fewer inventories were stored in 2011 as compared with 2010, and our improved production planning and effective procurement control and logistics management.

Trade receivables. The average trade receivables turnover days for 2011 and 2010 were 73 days and 96 days, respectively. Trade receivables turnover days were within the Company’s credit policy and we will continue our effort to maintain the trade receivables balance.

Trade payables. The average trade payables turnover days for 2011 and 2010 were 14 days and 30 days, respectively. Average trade payables turnover days decreased as a result of our decision to opt for the bulk purchase discounts offered by our suppliers in exchange for quicker payment for raw materials and finished products.

Cash and cash equivalents. Cash and cash equivalents increased to RMB964.3 million (US$153.2 million) as of December 31, 2011 from RMB762.8 million as of December 31, 2010, primarily as a result of an increase in profit derived from the sales of products.

Cash Flow

Cash inflow from operating activities for 2011 was RMB320.4 million (US$50.9 million) compared to an inflow of RMB523.5 million in 2010. The changes were mainly due to revenue growth, resulting in an increase in trade receivables, as well as a decrease in trade and bills payables for our proactive strategy to maximize the bulk purchase discounts offered by the suppliers in exchange for quicker payment for raw materials.

Business Highlights and Outlook

• 2012 Autumn collection sales fair
  • 2012 Autumn sales fair was held at our headquarters in Jinjiang during the period of December 15 to 19, 2011. The total value of the wholesale orders placed at the sales fair grew by approximately 9% over the same sales fair last year.
• Expansion of sales and distribution network
  • There were 4,844 Xidelong retail locations, which are operated by our distributors and authorized third-party retailers, as of December 31, 2011, an increase of 511 compared with the number as of December 31, 2010.
  • We continued to deepen penetration into new cities, with a focus on third-tier cities in affluent provinces such as Guangdong, Jiangsu and Zhejiang provinces. From December 31, 2010 to December 31, 2011, 92 new Xidelong retail locations, which are operated by our distributors and authorized third-party retailers, were opened in these provinces.
• Marketing initiatives and brand recognition
  • We use the “happy lifestyle” theme in our promotional activities and product offerings and continue to engage By2, a popular Taiwan-based musical group, as a product spokesperson. We will maintain these promotional initiatives as they have been effective in enhancing the “Xidelong” brand image and have helped to support our strong results.
• We attended the “Fitness for All Campaign 2011” closing and award ceremony in Beijing in mid-January 2012, where we received the Chinese General Administration of Sport’s Outstanding Contribution Award for the second consecutive year.
• We have engaged Genedigi, one of the largest and longest standing China-based marketing and public relations firms to support our general public relations and marketing initiatives in China.
• We have engaged an American Association of Advertising Agencies member agency to support the planning and production of television commercials for our spokespersons, By2 and print advertisement for our products.

Update on new operational plan

Construction of New Staff Quarters:

To specifically address the shortage of labor faced by all players in the sportswear industry in China, we initiated a solution to construct new staff quarters to improve the working and living environments of our employees and bolster staff retention. The expected staff quarter construction project cost is approximately RMB150 million, with an aggregate gross floor area of approximately 66,000 square meters, which can accommodate approximately 2,000 staff. We commenced construction of the new staff quarters in 2011, with three buildings completed in 2012 and the construction on the remaining two buildings expected to start in 2012. The renovation of the three staff quarter’s buildings will start in April 2012 and is expected to be completed by the fourth quarter in 2012.

Construction of New Production Facility:

In order to expand our internal capacity, in December 2011, we entered into a contract with the municipal government of Ruichang City for the investment and construction of a sportswear manufacturing base on a parcel of land in the Ruichang City. Pursuant to this contract, we would purchase a parcel of land with an aggregate site area of 400,000 square meters (approximately 600 acres) in Ruichang City, Jiangxi Province, PRC. We plan to use this parcel of land for the construction of a new production facility to increase our internal manufacturing capacity. The total consideration for the land will amount to RMB198,000,000 (approximately US$31.5 million), of which a deposit of RMB46,800,000 (approximately US$7.4 million) has been paid as a performance bond. The Company intends to establish a new operating subsidiary in Jiangxi Province and construct a new production facility on the purchased land in order to increase its internal manufacturing capacity. Upon completion of the construction of our new production facility in Ruichang City by the end of 2013, we expect that our annual production capacity for our footwear products will increase to approximately 30.0 million pairs as well as gaining certain internal apparel production capabilities. We believe increased in-house production capacity will give us more control over the production process and allow us to reduce costs over time.

Expansion of Head Office, Sales, Marketing and Distribution:

In order to cope with the expected business expansion, we plan to expand our head office facilities and our network of regional sales and logistics centers to consolidate the Company’s brand management, advertising and promotional functions, and business development function. We are currently investigating possible locations within Fujian Province.

The production facility plan has not been finalized and may be subject to change in the future.

In the long-term, as previously announced, we plan to selectively acquire or partially invest in distributors of our products. Furthermore, to improve our market share in China, our strategy involves leveraging our established nationwide network to introduce new brands, which may include entering into licensing agreements with a foreign brand to target different market segments, in order to develop Exceed into a multi-brand operator.

First Quarter Fiscal 2012 Guidance

Exceed expects to generate net revenues in the range of RMB841.6 million to RMB864.1 million in the first quarter of 2012, representing a year-over-year increase of approximately 12% to 15%, as compared with RMB751.4 million in the same period of 2011. This represents the Company’s preliminary estimates, and is subject to change.

Update on Shares Repurchase Program

In accordance with its share repurchase program announced on August 15, 2011 and extended on February 14, 2012, the Company has purchased 563,364 of its ordinary shares as of April 27, 2012, at an aggregate cost of approximately US$2.4 million, with a balance of approximately US$7.6 million available for further repurchases under the share repurchase program. As previously announced, the Company has extended the date of expiration of Exceed’s existing US$10 million share repurchase program from February 14, 2012 to August 14, 2012. The share repurchase program will be reviewed from time to time and may be adjusted or terminated at any time without prior notice. Stock repurchases under this program may be made through open market purchases, in privately negotiated transactions, in block trades, pursuant to a 10b5-1 plan, or otherwise. The timing and actual number of shares repurchased will depend on market conditions, trading price of the ordinary shares and other factors and will be subject to the restrictions relating to volume, price and timing under applicable laws.

Revisions to Previously Issued Consolidated Financial Statements

The Company has revised its previously issued financial statements for 2009 and 2010 to reflect the revision to its method of accounting in relation to the conditional obligation to release and issue shares to the former shareholders of Windrace International Company Limited as part of the reverse recapitalization transaction effective on October 21, 2009. The Company believes that this revised accounting treatment is more relevant and reliable under the circumstances.

The Company’s original accounting method was to record the contingent shares issuable, consisting of escrow shares and earn-out shares, as a stock dividend, and upon issuance as an adjustment to the par value of common shares, with an offsetting adjustment to capital reserve. The Company included such contingent shares in the calculation of basic earnings per share from the date of issuance. Under this accounting method, the Company did not recognize a liability for its conditional obligation to issue shares, and did not recognize changes in the fair value of that conditional obligation in its consolidated statements of comprehensive income.

During 2012, prior to the issuance of the Company’s December 31, 2011 financial statements, the Company concluded it would be more relevant and reliable to revise its method of accounting with respect to the accounting for the contingent shares issuable, retroactive to the closing of the reverse recapitalization transaction, to recognize a liability for the fair value of the escrow shares and the earn-out shares, and to recognize changes in the fair value of the escrow shares and the earn-out shares in the Company’s consolidated statements of comprehensive income. The Company adopted this revised accounting method based on, among other factors, its review of IAS 8, IAS 32 and IAS 39.

In particular, the Company considered IAS 8, “Accounting Policies, Changes in Accounting Estimates and Errors”, which states that, in the absence of a standard or an interpretation that specifically applies to a transaction, other event or condition, management shall use its judgment in developing and applying an accounting policy that results in information that is relevant and reliable. One of the permitted changes in an accounting policy under IAS 8 is if such change results in the financial statements providing reliable and more relevant information about the effects of transactions, other events or conditions on the company’s financial position, financial performance or cash flows. The Company believes that revising comparative amounts for all prior periods presented will provide more relevant and reliable information to shareholders and investors.

The Company also considered the example of another SEC registrant that, after consultation with the Securities and Exchange Commission, revised its accounting for contingent shares issuable in a reverse recapitalization transaction to reflect contingent shares issuable as a liability in its balance sheet at fair value, with the changes in fair value of the contingent shares issuable recognized in the consolidated statements of operations.

The Company now believes accounting for the contingent shares issuable as a liability at fair value, with the changes in fair value recognized in the consolidated statements of comprehensive income, is a more relevant and reliable accounting method under the circumstances. The Company’s reconsideration was significantly influenced by evolving professional views as to the accounting for this type of transaction, as well as the continuing movement to fair value/derivative accounting for an expanding array of financial instruments.

For the details of the adjustments made to the previously reported 2009 and 2010 consolidated balance sheets, consolidated statements of comprehensive income, consolidated statements of cash flows, and consolidated statements of changes in equity, please refer to Note 2 to the consolidated financial statements filed in our annual report on Form 20-F.

Investor Conference Call / Webcast Details

The Company’s senior management will host a conference call on Thursday, May 3, 2012 at 7:00 am (US Pacific) / 10:00 am (US Eastern) / 10:00 pm (Beijing) to discuss the Company’s 2011 full year financial results and recent business activity. The conference call may be accessed by dialing:

Please dial in 10 minutes before the call is scheduled to begin.

A replay of the conference call may be accessed by phone at the following numbers until May 10, 2012:

Additionally, a live and archived webcast of the conference call will be available on the investor relations section of Exceed’s website at http://www.ir.xdlong.cn.

About Exceed Company Ltd.

Exceed Company Ltd. designs, develops and engages in wholesale of footwear, apparel and accessories under its own brand, XIDELONG, in China. Since it began operations in 2002, Exceed has targeted its growth on the consumer markets in the second and third-tier cities in China. Exceed has three principal categories of products: (i) footwear, which comprises running, leisure, basketball, skateboarding and canvas footwear, (ii) apparel, which mainly comprises sports tops, pants, jackets, track suits and coats, and (iii) accessories, which mainly comprise bags, socks, hats and caps. Exceed Company Ltd. currently trades on Nasdaq under the symbols “EDS”.

Safe Harbor Statement

This announcement contains forward-looking statements that are based on our current expectations, assumptions, estimates and projections about us and our industry. All statements other than statements of historical fact in this form are forward-looking statements. These forward-looking statements can be identified by words or phrases such as “may”, “will”, “expect”, “anticipate”, “estimate”, “plan”, “believe”, “is/are likely to” or other similar expressions.

These forward-looking statements involve various risks and uncertainties. Although we believe that our expectations expressed in these forward-looking statements are reasonable, we cannot assure you that our expectations will turn out to be correct. Our actual results could be materially different from and worse than our expectations. A number of factors could cause actual results to differ materially from those contained in these forward-looking statements, including but not limited to changes in our goals and strategies, our ability to control costs and expenses, success of our products, competition in the sportswear industry in China, and changes in PRC government preferential tax treatment and financial incentives. The forward-looking statements made in this announcement relate only to events or information as of the date on which this announcement is published. We undertake no obligation to update any forward-looking statements to reflect events or circumstances after the date this announcement is published or to reflect the occurrence of unanticipated events.

(1) The Company’s reporting currency is Renminbi (“RMB”). RMB numbers included in this press release have been translated into U.S. dollars at the rate of US$1.00 = RMB6.294, the exchange rate refers to the exchange rate as set forth in the H.10 statistical release of the Federal Reserve Board, on December 31, 2011. The translation of amounts from RMB to United States dollars is solely for the convenience of the reader. No representation is made that RMB amounts could have been, or could be, converted into U.S. dollars at that rate or at any other rate on December 31, 2011.

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