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Aviat Networks (AVNW) Reaffirms Revenue Guidance
SANTA CLARA, Calif., Jan. 9, 2012 /PRNewswire/ — Aviat Networks, Inc. (NASDAQ: AVNW), a leading expert in wireless transmission solutions, today reaffirmed guidance for its second quarter of fiscal 2012. Revenue for the second quarter is expected to be in the range of $100 to $110 million.
“During our second quarter, both bookings and revenue remained solid and our business visibility improved,” said Michael Pangia, CEO. “During our earnings call in November 2011, we indicated that we would be assessing the impact of the natural disaster in Thailand. We’re gratified to report that our contract manufacturing facility in Thailand has recovered from the recent flooding and is now fully operational. We managed to minimize the impact to our customers on November and December deliveries through our safety stock inventory and swift execution of our Disaster Recovery Process. We continue to work closely with our supply chain to ensure a return to standard lead-times by the end of January. We look forward to discussing overall business trends, as well as earnings results in more detail on our regularly-scheduled earnings call on February 1, 2012.”
Q2 2012 Financial Results and Conference Call Information
Today’s announcement is based on management’s preliminary analysis of operations for the quarter ended December 30, 2011. Aviat Networks will report full financial results for its second quarter fiscal 2012 during its regularly scheduled earnings announcement on February 1, 2012 after the close of the market. The company will host a conference call at 4:30 p.m. ET that same day to discuss its financial results. To listen to the live conference call, please dial 480-629-9771 or toll free at 800-762-8779 access code 4503833 by 4:20 p.m. ET. A replay also will be available starting approximately one hour after the completion of the call until February 8, 2012. To access the replay, dial 303-590-3030 or toll free at 800-406-7325 access code 4503833.
About Aviat Networks
Aviat Networks, Inc. is a leader in wireless transmission solutions. We apply innovation and IP networking expertise toward building a carrier class foundation for future mobile and fixed broadband networks. With more than 750,000 systems installed around the world, Aviat Networks has built a reputation as a leader in offering best-of-breed solutions including LTE-ready microwave backhaul and a complete portfolio of service and support options to public and private telecommunications operators worldwide. With a global reach and local presence in more than 46 countries, Aviat Networks works by the side of its customers allowing them to quickly and cost effectively seize new market and service opportunities. Aviat Networks, formerly Harris Stratex Networks Inc., is headquartered in Santa Clara, California and is listed on NASDAQ (AVNW). For more information, please visit www.aviatnetworks.com or join the dialogue at www.twitter.com/aviatnetworks.
Forward-Looking Statements
The information contained in this document includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 21E of the Securities Exchange Act and Section 27A of the Securities Act. All statements, trend analyses and other information contained herein about the markets for the services and products of Aviat Networks, Inc. and trends in revenue, as well as other statements identified by the use of forward-looking terminology, including “anticipates”, “believe”, “plan”, “estimate”, “expect”, “goal”, “will”, “see”, “continues”, “delivering”, “view”, and “intend”, or the negative of these terms or other similar expressions, constitute forward-looking statements. These forward-looking statements are based on estimates reflecting the current beliefs of the senior management of Aviat Networks. These forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. Forward-looking statements should therefore be considered in light of various important factors, including those set forth in this document. Important factors that could cause actual results to differ materially from estimates or projections contained in the forward-looking statements include the following:
- continued price erosion as a result of increased competition in the microwave transmission industry;
- the impact of the volume, timing and customer, product and geographic mix of our product orders;
- our suppliers’ inability to perform and deliver on time as a result of their financial condition, component shortages or other supply chain constraints;
- our ability to meet projected new product development dates or anticipated cost reductions of new products;
- customer acceptance of new products;
- the ability of our subcontractors to timely perform;
- continued weakness in the global economy affecting customer spending;
- retention of our key personnel;
- our ability to manage and maintain key customer relationships;
- uncertain economic conditions in the telecommunications sector combined with operator and supplier consolidation;
- the timing of our receipt of payment for products or services from our customers;
- our failure to protect our intellectual property rights or defend against intellectual property infringement claims by others;
- the effects of currency and interest rate risks; and
- the impact of political turmoil in countries where we have significant business.
For more information regarding the risks and uncertainties for our business, see “Risk Factors” in our Form 10-K filed with the U.S. Securities and Exchange Commission (“SEC”) on September 12, 2011 as well as other reports filed by Aviat Networks, Inc. with the SEC from time to time. Aviat Networks undertakes no obligation to update publicly any forward-looking statement for any reason, except as required by law, even as new information becomes available or other events occur in the future.
SOURCE Aviat Networks, Inc.

Lantronix (LTRX) Demonstrates Easy Plug-and-Print Solution for iPad and Apple iOS Devices at Digital Experience 2012
LAS VEGAS, NV — (Marketwire) — 01/09/12 — Lantronix, Inc. (NASDAQ: LTRX), a leading global provider of smart connectivity solutions, today announced it is showcasing its new xPrintServer™ at Digital Experience on January 9, 2012, the evening prior to the 2012 International CES in Las Vegas. With more than 900 editors and members of the press in attendance, Digital Experience is the nation’s largest technology media event.
The xPrintServer is the first Apple iOS® print server compatible with the iPad®2, iPad, iPhone®, iPod® touch, and virtually any device running Apple’s iOS mobile operating system. Lantronix will provide the first live public demonstration of the xPrintServer in action — enabling iPad and other iOS users to print directly from their iOS devices during the event.
“We are very pleased to see the positive response from the market on our xPrintServer,” said Kurt Busch, president and CEO for Lantronix. “It’s clear we are filling a much needed gap in the Apple ecosystem, and we look forward to the first live demonstration at Digital Experience.”
The xPrintServer, roughly the size of an iPhone, is an easy-to-use hardware solution that utilizes the iOS native print menu and requires no additional applications, software downloads, or printer driver installations. With automatic printer discovery and no configuration, printing is easy and hassle-free. Simply open the box, plug the xPrintServer anywhere into the network, and print wirelessly from any iOS device running iOS version 4.2 or later, to virtually any network-connected printer.
The xPrintServer currently supports thousands of networked printer models from leading printer families including HP, Brother, Epson, Canon, Dell, Lexmark, and Xerox. As new printer brands and printer models become available, Lantronix will post updates on www.Lantronix.com.
How to Buy
The xPrintServer, which is currently available for pre-ordering at www.Lantronix.com, is scheduled to begin shipping in the first calendar quarter of 2012, at which time it will also be available on Amazon, NewEgg, Buy.com, and MacMall websites. As the first product in the xPrintServer family, the xPrintServer-Network Edition retails for $149.95 MSRP, and is designed for enterprises and consumers using network-connected printers, either wired or wireless.
About Lantronix
Lantronix, Inc. (NASDAQ: LTRX) is a global leader of secure communication technologies that simplify access and communication with and between virtually any electronic device. Our smart connectivity solutions enable sharing data between devices and applications to empower businesses to make better decisions based on real-time information, and gain a competitive advantage by generating new revenue streams, improving productivity and increasing efficiency and profitability. Easy to integrate and deploy, Lantronix products remotely and securely connect electronic equipment via networks and the Internet. Founded in 1989, Lantronix serves some of the largest medical, security, industrial and building automation, transportation, retail/POS, financial, government, consumer electronics/appliances, IT/data center and pro-AV/signage entities in the world. The company’s headquarters are located in Irvine, Calif.
For more information, visit www.lantronix.com. The Lantronix blog, http://www.lantronix.com/blog, features industry discussion and updates.
Watch our xPrintServer launch video today! To follow Lantronix on Twitter, visit http://www.twitter.com/Lantronix.
© 2012 Lantronix, Inc. Lantronix, Inc. and Lantronix are registered trademarks, and xPrintServer is a trademark of Lantronix, Inc. iPad, iPhone, iPod, iPod classic, iPod nano, and iPod touch are trademarks of Apple, Inc., registered in the U.S. and other countries. All other trademarks and trade names are the property of their respective holders. Specifications subject to change without notice. All rights reserved.
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Media Contacts:
Christine Cabori
Lages & Associates, Inc.
Email Contact
949.453.8080
Beverly Lages
Lages & Associates, Inc.
Email Contact
949.453.8080
Pansoft (PSOF) Receives Offer from Timesway Group to Acquire Remaining Outstanding Shares
JINAN, China, Jan. 9, 2012 /PRNewswire/ — Pansoft Company Limited (NASDAQ: PSOF) (“Pansoft” or the “Company”), a leading ERP software service provider for the oil and gas industry in China, today announced that on January 7, 2012, the Company’s Board of Directors received an offer from Chairman Hugh Wang, representing Timesway Group Limited (“Timesway”), to acquire all outstanding Pansoft shares that it did not already own at a price of $3.76 per share in a transaction under the British Virgin Islands law that would result in the Company becoming a privately-held company. The transaction is intended to be structured as a merger between the Company and a special purpose vehicle company incorporated under the British Virgin Islands law and wholly owned by Timesway. Timesway is represented by Chairman Hugh Wang and had voting power over 64% of the Company’s voting securities as of June 30, 2011.
The Company has formed a Special Committee, consisting of independent Board members Paul Gillis, Samuel Shen, and Tony Luh, to evaluate the offer. Dr. Gillis will serve as the Special Committee’s chairman.
The board of directors cautions Pansoft’s shareholders and others considering trading in its securities that it has only received the proposal and that no decisions have been made by the board of directors with respect to the Company’s response to the proposal. There can be no assurance that any definitive offer will be made, that any agreement will be executed or that this or any other transaction will be approved or consummated.
About Pansoft Company Limited
Pansoft is a leading enterprise resource planning (“ERP”) software and professional services provider for the oil and gas industry in China. Its ERP software offers comprehensive solutions for various business operations including accounting, order processing, delivery, invoicing, inventory control, and customer relationship management. For more information, go to Pansoft’s website at http://www.pansoft.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
This press release contains forward-looking statements concerning Pansoft Company Limited, which include but are not limited to, statements regarding the proposed acquisition of outstanding shares of Pansoft by Timesway Group Limited, Pansoft’s ability to expand its service offerings and maintain leadership as a provider of ERP software and services for the oil and gas industry in China. The actual results may differ materially depending on a number of risk factors including but not limited to, the following: general economic and business conditions, development, shipment and market acceptance of products, additional competition from existing and new competitors, changes in technology or product techniques, the Company’s ability to successfully integrate acquisitions, its ability to repurchase shares, share-repurchase plans, and various other factors beyond its control. All forward-looking statements are expressly qualified in their entirety by this Cautionary Statement and the risk factors detailed in the Company’s reports filed with the Securities and Exchange Commission. Pansoft Company Limited undertakes no duty to revise or update any forward-looking statements to reflect events or circumstances after the date of this release.
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Company Contact: Pansoft Company Limited Allen Zhang, Chief Financial Officer Phone: +86-531-8887-1159 E-mail: allen.zhang@pansoft.com
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Investor Contact: CCG Investor Relations Mr. John Harmon, CFA, Sr. Account Manager Phone: +86-10-6561-6886 Ext. 807 (Beijing) E-mail: john.harmon@ccgir.com
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SOURCE Pansoft Company Limited
Cardium (CXM) Regains Listing Compliance With NYSE Amex
SAN DIEGO, Jan. 6, 2012 /PRNewswire/ — Cardium Therapeutics (NYSE Amex: CXM) today reported that it had received notice from NYSE Regulation that the Company is now considered to have regained compliance with the listing requirements of the NYSE Amex LLC (formerly the American Stock Exchange).
In the communication from its listing exchange, Cardium was informed that based upon a review of information provided by the Company and publicly available information, including the Company’s Form 8-K filed on January 3, 2012, the Company has resolved the continued listing deficiencies referenced in the NYSE Amex LLC’s letter dated November 26, 2010, as previously reported. In addition, the Exchange also indicated that as with the case for all listed issuers, the Company’s continued listing eligibility will continue to be assessed on an ongoing basis and that the Company is subject to the provisions of Section 1009(h) of the NYSE Amex Company Guide, which may be accessed at www.nyse.com/regulation.
About Cardium
Cardium is focused on the acquisition and strategic development of new and innovative bio-medical product opportunities and businesses with the potential to address significant unmet medical needs that have definable pathways to commercialization, partnering and other economic monetizations. Cardium’s current medical opportunities portfolio, which is focused on health sciences and regenerative medicine, includes the Tissue Repair Company, Cardium Biologics, and the Company’s in-house MedPodium Health Sciences healthy lifestyle product platform. The Company’s lead commercial product Excellagen™ topical gel for wound care management, has recently received FDA clearance for marketing and sale in the United States. Cardium’s lead clinical development product candidate Generx® is a DNA-based angiogenic biologic intended for the treatment of patients with myocardial ischemia due to coronary artery disease. In addition, consistent with its capital-efficient business model, Cardium continues to actively evaluate new technologies and business opportunities. In July 2009, Cardium completed the sale of its InnerCool Therapies medical device business to Royal Philips Electronics, the first asset monetization from the Company’s biomedical investment portfolio. News from Cardium is located at www.cardiumthx.com.
Forward-Looking Statements
Except for statements of historical fact, the matters discussed in this press release are forward looking and reflect numerous assumptions and involve a variety of risks and uncertainties, many of which are beyond our control and may cause actual results to differ materially from stated expectations. For example, there can be no assurance that the company can continue to maintain levels of stockholders’ equity in excess of the exchange’s listing requirements or otherwise achieve and maintain compliance with all of the requirements of its listing exchange or that its shares can continue to be listed on national exchange; that we can attract suitable commercialization partners for our products or that such partners will successfully commercialize our products; that our product or product candidates will not be unfavorably compared to other competitive products that may be regarded as safer, more effective, easier to use or less expensive; that results or trends observed in one clinical study or procedure will be reproduced in subsequent studies or procedures or in actual use; that clinical studies and regulatory clearances even if successful will lead to product advancement or partnering; that that FDA or other regulatory clearances or other certifications, or other commercialization efforts will effectively enhance our businesses or their market value; that our products or product candidates will prove to be sufficiently safe and effective after introduction into a broader patient population; that new collaborative partners will be found; that additional product opportunities will be established; or that that third parties on whom we depend will perform as anticipated.
Actual results may also differ substantially from those described in or contemplated by this press release due to risks and uncertainties that exist in our operations and business environment, including, without limitation, risks and uncertainties that are inherent in the development of complex biologics and in the conduct of human clinical trials, including the timing, costs and outcomes of such trials, our ability to obtain necessary funding, regulatory approvals and expected qualifications, our dependence upon proprietary technology, our history of operating losses and accumulated deficits, our reliance on collaborative relationships and critical personnel, and current and future competition, as well as other risks described from time to time in filings we make with the Securities and Exchange Commission. We undertake no obligation to release publicly the results of any revisions to these forward-looking statements to reflect events or circumstances arising after the date hereof.
Copyright 2012 Cardium Therapeutics, Inc. All rights reserved.
For Terms of Use Privacy Policy, please visit www.cardiumthx.com.
Cardium Therapeutics®, Generx®, Cardionovo™, Tissue Repair™, Gene Activated Matrix™, GAM™, Excellagen™, Excellarate™, Osteorate™, MedPodium™, Appexium™, Linée™, Alena™, Cerex™, and Nutra-Apps™, Neo-Energy™, and Neo-Carb Bloc™ are trademarks of Cardium Therapeutics, Inc. or Tissue Repair Company.
(Any other trademarks belong to their respective owners)
SOURCE Cardium Therapeutics

AdCare Health Systems (ADK) to Acquire Three Skilled Nursing Facilities in Arkansas
SPRINGFIELD, OH — (Marketwire) — 01/06/12 — AdCare Health Systems, Inc. (NYSE Amex: ADK), a leading nursing home and assisted living company, has signed a definitive purchase agreement for three skilled nursing facilities in Arkansas for $27.3 million.
The facilities have an aggregate of 439 beds and generate an estimated $22.2 million in gross annualized revenues according to their most recent financials. The acquisition is anticipated to be completed in the first quarter of 2012. AdCare plans to finance the acquisition of the facilities with a traditional bank loan.
Combining the company’s current annualized run-rate with transactions in the process of closing, AdCare’s estimated annualized revenue run-rate is expected to exceed $322 million. This would represent an increase of more than 500% over the company’s revenues in 2010, and an increase of more than 12 times revenues since initiating its M&A campaign in the fall of 2009.
“Included in this portfolio is a 157 bed skilled nursing facility located in close proximity to a major Little Rock acute-care hospital,” said Boyd Gentry, AdCare’s president and chief executive officer. “This facility has recently been completely renovated, which allows us to reposition it as a major provider of sub-acute services. We expect this strategy to generate a significant increase in revenues as we improve this facility’s occupancy with higher acuity patients. The other two facilities are ideally configured with a significant number of private rooms.”
According to Chris Brogdon, AdCare’s vice chairman and chief acquisitions officer: “This signing brings the total number of facilities we’ve put under contract to 54 since we began our current M&A program. With our M&A program and the integration of new facilities remaining our major focus in 2012, we continue to evaluate a number of opportunities that fit our acquisition strategy.”
Gentry added: “We have been targeting facilities in the Midwest and Southern states that have not traditionally concentrated on providing post-acute services. Then, once acquired, we have worked to increase Medicare census and occupancy, as well as optimize reimbursement and patient care. This strategy continues to yield results, as our team has been successful at increasing both higher acuity patients and associated reimbursement rates in excess of 25% versus pre-acquisition levels.”
AdCare expects to complete the acquisition of at least 23 additional facilities in the first quarter of 2012: the three announced today, five facilities in Oklahoma and the company’s largest transaction to-date of 15 facilities across the Southeast.
About AdCare Health Systems
AdCare Health Systems, Inc. (NYSE Amex: ADK) is a recognized innovator in senior living and health care facility management. AdCare develops, owns and manages assisted living facilities, nursing homes and retirement communities. Since its inception in 1988, AdCare’s mission has been to provide the highest quality of healthcare services to the elderly. For more information about AdCare, visit www.adcarehealth.com.
Important Cautions Regarding Forward-Looking Statements
Statements contained in this press release that are not historical facts may be forward-looking statements within the meaning of federal law. Such statements can be identified by the use of forward-looking terminology, such as “believes,” “expects,” “plans,” “intends,” “anticipates” and variations of such words or similar expressions, but their absence does not mean that the statement is not forward-looking. Statements in this announcement that are forward-looking include, but are not limited to, statements about the company’s expected annualized revenue run-rate and statements regarding the signing and expected closing of transactions, as well as statements regarding transactions being accretive to the company’s earnings. Such forward-looking statements reflect management’s beliefs and assumptions and are based on information currently available to management, and involve known and unknown risks, results, performance or achievements of AdCare which may differ materially from those expressed or implied in such statements. Such factors are identified in the public filings made by AdCare with the Securities and Exchange Commission and include, among others, AdCare’s ability to secure lines of credit and/or an acquisition credit facility, find suitable acquisition properties at favorable terms, changes in the health care industry because of political and economic influences, changes in regulations governing the industry, changes in reimbursement levels including those under the Medicare and Medicaid programs and changes in the competitive marketplace. There can be no assurance that such factors or other factors will not affect the accuracy of such forward-looking statements. Except where required by law, AdCare undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date of this press release.
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Company Contacts
Boyd Gentry, CEO
Chris Brogdon, Vice Chairman & CAO
David A. Tenwick, Chairman of Board
AdCare Health Systems, Inc.
Tel (937) 964-8974
Investor Relations
Ron Both or Geoffrey Plank
Liolios Group, Inc.
Tel (949) 574-3860
Jingwei International Ltd. (JNGW) Announces Receipt of “Go Private” Proposal
SHENZHEN, China, Jan. 6, 2012 /PRNewswire-Asia-FirstCall/ — Jingwei International Limited (NASDAQ: JNGW) (“Jingwei” or “the Company”), a leading provider of data-mining, interactive marketing and software services in China, today announced it has received a proposal from George (Jianguo) Du, Chairman and CEO of the Company, for a “going private” transaction designed to eliminate Jingwei’s status as a public company in the U.S..
Mr. Du owns 41.1% of Jingwei’s common shares. According to the proposal letter, he would ask the Board of Directors to consider a reverse stock split transaction that would include a reverse split at a 1-for-50,000 share ratio followed by a cancellation of all fractional shares below one whole share at a per share price of $1.56. To the extent necessary to finance the proposed transaction, he is willing to provide funding to Jingwei at a price of $1.56 per share to fund the cancellation of fractional shares following a reverse split in order to effect the going-private transaction, which would be financed solely through available personal funds.
The board of directors cautions Jingwei’s shareholders and others considering trading in its securities that it has only received the proposal and that no decisions have been made by the board of directors with respect to the Company’s response to the proposal. There can be no assurance that any definitive offer will be made, that any agreement will be executed or that this or any other transaction will be approved or consummated. The board of directors has formed a special committee of independent directors to consider the proposal. The committee has retained independent financial advisors to assist it in its work.
About Jingwei International Limited:
Jingwei International Limited (“Jingwei”) has established a leading position in China in data mining, interactive marketing and software services. To capitalize on China’s rapid growth on mobile, Internet and e-Commerce applications, Jingwei has focused on new data mining offerings that encompass interactive marketing, bundled mobility solutions and mobile value added services. The Company’s software services include business intelligence, billing, customer relationship management and decision support solutions for Chinese telecom operators and power companies.
Business Risks and Forward-Looking Statements
This report includes forward-looking statements. Generally, the words “believes,” “anticipates,” “may,” “will,” “should,” “expect,” “intend,” “estimate,” “continue,” and similar expressions or the negative thereof or comparable terminology are intended to identify forward-looking statements. Such statements are subject to certain risks and uncertainties, including the matters set forth in this report or other reports or documents we file with the Securities and Exchange Commission from time to time, which could cause actual results or outcomes to differ materially from those projected. Undue reliance should not be placed on these forward-looking statements, which speak only as of the date hereof. We undertake no obligation to update these forward-looking statements.
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Company Contact: |
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Jingwei International Limited |
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Cao Wei |
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Email: weicao@jingweicom.com |
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PLC Systems (PLCSF) to Present at OneMedForum in San Francisco
MILFORD, Mass., Jan. 6, 2012 /PRNewswire/ — PLC Systems Inc. (OTC: PLCSF) today announced that it will participate in the OneMedForum 2012 investor conference at the Sir Francis Drake Hotel in San Francisco, California. PLC is scheduled to present on Wednesday, January 11, 2012 at 11:30 am local time in the Windsor Room. Presenting for the company will be Mark R. Tauscher, President and CEO.
The presentation will be streamed live and accessible at the time by visiting the OneMedForum website (www.onemedplace.com, following links for the OneMedForum 2012). Within 24 hours after the presentation, a webcast replay will be available at PLC’s website (www.plcmed.com) by accessing the link on the investor relations page. The webcast will be archived on the company’s website for 30 days following completion of the event.
About PLC Systems
PLC Systems Inc., headquartered in Milford, Mass., is a medical device company focused on innovative technologies for the cardiac and vascular markets. PLC’s newest product, RenalGuard, has been developed to help prevent the onset of Contrast-Induced Nephropathy (CIN) in at-risk patients undergoing certain cardiac and vascular imaging procedures. The Product is CE-marked and is being marketed in Europe and selected countries around the world. Two investigator-sponsored European studies have demonstrated RenalGuard’s effectiveness at preventing CIN. RenalGuard is being studied in a pivotal trial in the U.S., as required for approval by FDA.
This press release contains “forward-looking” statements. For this purpose, any statements contained in this press release that relate to prospective events or developments are deemed to be forward-looking statements. Words such as “believes,” “anticipates,” “plans,” “expects,” “will” and similar expressions are intended to identify forward-looking statements. Our statements of our objectives are also forward-looking statements. While we may elect to update forward-looking statements in the future, we specifically disclaim any obligation to do so, even if our estimates change, and you should not rely on these forward-looking statements as representing our views as of any date subsequent to the date of this press release. Actual results could differ materially from those indicated by such forward-looking statements as a result of a variety of important factors, including that we may not receive necessary regulatory approvals to market our RenalGuard product or that such approvals may be withdrawn, the U.S. clinical trial for RenalGuard may not be completed in a timely fashion, if at all, or, if this clinical trial is completed, it may not produce clinically significant or meaningful results, the RenalGuard product may not be commercially accepted, operational changes, the need for additional financing, competitive developments may affect the market for our products, regulatory approval requirements may affect the market for our products, and additional risk factors described in the “Forward Looking Statements” section of our Annual Report on Form 10-K for the year ended December 31, 2010, a copy of which is on file with the SEC.
Contact: Mary T. Conway
508-520-2545
mconway@plcmed.com
SOURCE PLC Systems
Endo Pharmaceuticals (ENDP) and BioDelivery Sciences International (BDSI) Sign Licensing Agreement
CHADDS FORD, Pa., Jan. 6, 2012 /PRNewswire-FirstCall/ — Endo Pharmaceuticals (Nasdaq: ENDP) announced today it has signed a worldwide license and development agreement with U.S.-based BioDelivery Sciences International (Nasdaq: BDSI) for BEMA Buprenorphine.
BEMA Buprenorphine is a transmucosal form of buprenorphine, a partial mu-opiate receptor agonist, which incorporates a bioerodible mucoadhesive (BEMA) technology. BEMA Buprenorphine is currently in phase III trials for the treatment of moderate to severe chronic pain.
Financial terms of the agreement include an upfront payment of $30 million to BioDelivery Sciences International, royalties of net sales, and up to approximately $150 million in milestones contingent upon achievement of pre-defined, late state clinical and regulatory events and achievement of certain sales targets.
“Endo is committed to serving as an integrated solutions provider for the development and commercialization of products focused on the management of pain,” said Dave Holveck, president and chief executive officer of Endo Pharmaceuticals. “The addition of BEMA Buprenorphine will broaden Endo’s portfolio of pain therapeutics, allowing us to offer an integrated suite of products that currently include Opana ER, Voltaren Gel and Lidoderm, as well as a broad range of generic pain products. We look forward to working closely with BDSI on the development of this important asset.”
About Endo
Endo Pharmaceuticals is a U.S.-based, specialty healthcare solutions company with a diversified business model, operating in three key business segments – branded pharmaceuticals, generics and devices and services. We deliver an innovative suite of complementary products and services to meet the needs of patients in areas such as pain management, pelvic health, urology, endocrinology and oncology. For more information about Endo Pharmaceuticals, and its wholly owned subsidiaries American Medical Systems and Qualitest Pharmaceuticals, as well as its affilate HealthTronics, Inc., please visit http://www.endo.com/.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements including words such as “believes,” “expects,” “anticipates,” “intends,” “estimates,” “plan,” “will,” “may,” “look forward,” “intend,” “guidance,” “future” or similar expressions are forward-looking statements. Because these statements reflect our current views, expectations and beliefs concerning future events, these forward-looking statements involve risks and uncertainties. Investors should note that many factors, as more fully described under the caption “Risk Factors” in our Form 10-K, Form 10-Q and Form 8-K filings with the Securities and Exchange Commission and as otherwise enumerated herein or therein, could affect our future financial results and could cause our actual results to differ materially from those expressed in forward-looking statements contained in our Annual Report on Form 10-K. The forward-looking statements in this press release are qualified by these risk factors. These are factors that, individually or in the aggregate, could cause our actual results to differ materially from expected and historical results. We assume no obligation to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise.
SOURCE Endo Pharmaceuticals
Cardium (CXM) Announces First International Marketing and Distribution Agreement for Commercialization of Excellagen™ in South Korea
SAN DIEGO, Jan. 5, 2012 /PRNewswire/ — Cardium Therapeutics (NYSE Amex: CXM) today announced that it has entered into its first international agreement for the commercialization of Excellagen™ in the South Korean market. Cardium entered into a marketing and distribution agreement with BL&H Co. Ltd., an established pharmaceutical company based in Korea, for the commercialization of Excellagen Formulated Fibrillar Collagen Gel in the South Korean market under a transfer price arrangement as further described below.
(Logo: http://photos.prnewswire.com/prnh/20051018/CARDIUMLOGO)
“With our successful regulatory clearance of Excellagen by the FDA, and production of commercial supplies in process, we look forward to initiating commercialization of Excellagen with strategic and distribution partners having access to podiatrists and other wound care specialists,” stated Christopher J. Reinhard, Chairman and CEO of Cardium Therapeutics. “In that regard, we are pleased to announce the first of what we plan to be a series of marketing and distribution agreements with commercialization partners in the U.S. and other markets consistent with Cardium’s business model.”
Under the BL&H agreement, Cardium will manufacture and supply Excellagen to BL&H at an up-front transfer price which will be 40% of the sales price based on reimbursement pricing to be established for the South Korean market. BL&H will be responsible for all costs related to regulatory filings, as well as sales, marketing and distribution activities. The Korea Food and Drug Administration registration process is adaptive to products that have received U.S. FDA clearance and the registration and reimbursement pricing process can typically be completed within about a year from application. As part of the regulatory process in Korea, BL&H plans to provide the health authorities with the findings of Cardium’s Matrix clinical study, which showed that formulated collagen can significantly accelerate reductions in wound radius immediately following application compared to standard of care therapy in diabetic foot ulcers, and can support platelet activation and release of the wound healing protein, Platelet-Derived Growth Factor (PDGF). These findings were published in the peer-reviewed official journal of the Wound Healing Society, Wound Repair and Regeneration, (2011) 19: 302-308, available at www.cardiumthx.com/pdf/ExcellagenPaper_WoundRepair.pdf.
About Excellagen™ Formulated Fibrillar Collagen Gel
Cardium recently received 510(k) clearance from the U.S. Food and Drug Administration (FDA) to market and sell its Excellagen™ professional-use, sterile, syringe-based wound care product for the management of diabetic foot ulcers, pressure ulcers and other dermal wounds. Excellagen is a highly-refined fibrillar flowable bovine collagen topical gel (2.6%) intended to support a favorable wound healing environment. Excellagen is intended for use at one- to two-week intervals following surgical debridement (with weekly outer dressing changes) and will initially be supplied in the form of a kit consisting of four sterile, pre-filled, ready to use single-use syringes, each containing 0.5 cc of Excellagen formulated collagen topical gel (2.6%), and four sterile flexible applicators to facilitate topical administration to the wound site over a course of up to four treatments. Detailed information about Excellagen, including the product’s directions for use, is available at www.excellagen.com and the investor presentation can be accessed at http://phx.corporate-ir.net/phoenix.zhtml?c=77949&p=irol-presentations. An informational video, Excellagen: A New Wound Care Pathway, is available at http://www.youtube.com/watch?v=D2GYCYc_8JE.
About BL&H Co. Ltd.
BL&H Co. Ltd. is a privately-owned pharmaceutical company based in South Korea. BL&H was established in 1999 with the aim of becoming a leader in the delivery of pharmaceuticals and services that fulfill unmet medical needs in the Korean market. The management team has extensive experience in the pharmaceutical and healthcare sectors and in bringing specialty products to market.
About Cardium
Cardium is focused on the acquisition and strategic development of new and innovative bio-medical product opportunities and businesses with the potential to address significant unmet medical needs that have definable pathways to commercialization, partnering and other economic monetizations. Cardium’s current medical opportunities portfolio, which is focused on health sciences and regenerative medicine, includes the Tissue Repair Company, Cardium Biologics, and the Company’s in-house MedPodium Health Sciences healthy lifestyle product platform. The Company’s lead commercial product Excellagen™ topical gel for wound care management, has recently received FDA clearance for marketing and sale in the United States. Cardium’s lead clinical development product candidate Generx® is a DNA-based angiogenic biologic intended for the treatment of patients with myocardial ischemia due to coronary artery disease. In addition, consistent with its capital-efficient business model, Cardium continues to actively evaluate new technologies and business opportunities. In July 2009, Cardium completed the sale of its InnerCool Therapies medical device business to Royal Philips Electronics, the first asset monetization from the Company’s biomedical investment portfolio. News from Cardium is located at www.cardiumthx.com.
Forward-Looking Statements
Except for statements of historical fact, the matters discussed in this press release are forward looking and reflect numerous assumptions and involve a variety of risks and uncertainties, many of which are beyond our control and may cause actual results to differ materially from stated expectations. For example, there can be no assurance that we can successfully introduce Excellagen into wound care markets for the treatment of diabetic foot ulcers or other dermal wounds; that Excellagen will be approved for commercialization in Korea or other international markets and sufficiently reimbursed; that we can have Excellagen or our other products manufactured in a successful and cost-effective manner; that we can attract suitable commercialization partners for our products or that such partners will successfully commercialize our products; that our exchange listing compliance can be reestablished and maintained; that our product or product candidates will not be unfavorably compared to other competitive products that may be regarded as safer, more effective, easier to use or less expensive; that results or trends observed in one clinical study or procedure will be reproduced in subsequent studies or procedures or in actual use; that clinical studies and regulatory clearances even if successful will lead to product advancement or partnering; that that FDA or other regulatory clearances or other certifications, or other commercialization efforts will effectively enhance our businesses or their market value; that our products or product candidates will prove to be sufficiently safe and effective after introduction into a broader patient population; that new collaborative partners will be found; that additional product opportunities will be established; or that that third parties on whom we depend will perform as anticipated.
Actual results may also differ substantially from those described in or contemplated by this press release due to risks and uncertainties that exist in our operations and business environment, including, without limitation, risks and uncertainties that are inherent in the development of complex biologics and in the conduct of human clinical trials, including the timing, costs and outcomes of such trials, our ability to obtain necessary funding, regulatory approvals and expected qualifications, our dependence upon proprietary technology, our history of operating losses and accumulated deficits, our reliance on collaborative relationships and critical personnel, and current and future competition, as well as other risks described from time to time in filings we make with the Securities and Exchange Commission. We undertake no obligation to release publicly the results of any revisions to these forward-looking statements to reflect events or circumstances arising after the date hereof.
Copyright 2012 Cardium Therapeutics, Inc. All rights reserved.
For Terms of Use Privacy Policy, please visit www.cardiumthx.com.
Cardium Therapeutics®, Generx®, Cardionovo™, Tissue Repair™, Gene Activated Matrix™, GAM™, Excellagen™, Excellarate™, Osteorate™, MedPodium™, Appexium™, Linee™, Alena™, Cerex™, and Nutra-Apps™, Neo-Energy™, and Neo-Carb Bloc™ are trademarks of Cardium Therapeutics, Inc. or Tissue Repair Company.
(Other trademarks belong to their respective owners)
SOURCE Cardium Therapeutics
A123 Systems (AONE) to Supply Advanced Lithium Ion Battery Packs to VIA Motors for Extended-Range Electric Trucks
WALTHAM, Mass., Jan. 5, 2012 (GLOBE NEWSWIRE) — A123 Systems (Nasdaq:AONE), a developer and manufacturer of advanced Nanophosphate®lithium ion batteries and systems, today announced that it will supply complete lithium ion battery packs to VIA Motors, an electric vehicle company building next-generation electrified trucks, vans and SUVs. To be integrated into VIA’s Extended-Range Electric Vehicle (eREV) Powertrain, A123’s 24kWh battery packs combine with a 300kW electric motor and an onboard generator to deliver an expected all-electric driving range of up to 40 miles.
“VIA plans to ramp up production significantly over the next three years to satisfy demand for clean, fuel-efficient full-size trucks and SUVs,” said Kraig Higginson, CEO of VIA Motors. “We selected A123’s Nanophosphate lithium ion battery systems because they are able to package higher power into a compact space in the vehicle.”
VIA offers a full lineup of extended-range electric trucks, vans and SUVs called VTRUX, each equipped with the company’s eREV Powertrain. In addition to supporting an expected all-electric range of about 40 miles, A123’s lithium ion battery systems are also designed to provide exportable power capabilities that can be used externally. A123 has already begun producing the battery packs at its Livonia, Mich. facility as VIA has started delivering trucks to commercial fleet customers.
“We believe that the high power, greater usable energy and long life offered by our Nanophosphate lithium ion battery solutions will help VIA better position its eREV Powertrain platform as a cost-effective solution to maximize vehicle range and increase fuel economy,” said Jason Forcier, vice president of A123’s Automotive Solutions Group. “We think that commercial and government fleets represent a tremendous opportunity for vehicle electrification, and we look forward to working with VIA Motors to design eREV trucks, vans and SUVs that meet fleet customers’ needs for efficient, environmentally friendly vehicles that also satisfy their performance, range and reliability requirements.”
About A123 Systems
A123 Systems, Inc. (Nasdaq:AONE) is a leading developer and manufacturer of advanced lithium-ion batteries and energy storage systems for transportation, electric grid and commercial applications. The company’s proprietary Nanophosphate® technology is built on novel nanoscale materials initially developed at the Massachusetts Institute of Technology and is designed to deliver high power and energy density, increased safety and extended life. A123 leverages breakthrough technology, high-quality manufacturing and expert systems integration capabilities to deliver innovative solutions that enable customers to bring next-generation products to market. For additional information please visit www.a123systems.com.
The A123 Systems, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6600
Safe Harbor Disclosure
This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to risks, uncertainties and other factors, including statements with respect to including statements with respect to the expected production and availability of VIA’s Extended-Range Electric Vehicle (eREV), and its anticipated performance, benefits and features, as well as the expected demand by VIA for battery packs to be supplied by A123, the expected performance of such battery packs and their ability to meet the eREV’s requirements, and the market for alternative-energy transportation in commercial vehicle fleet and consumer transportation applications. Among the factors that could cause actual results to differ materially from those indicated by such forward-looking statements are: delays in customer and market demand for and adoption of VIA’s eREV, delays in the development, production and supply of A123’s battery packs, adverse economic conditions in general and adverse economic conditions specifically affecting the markets in which A123 and VIA operate and other risks detailed in A123 Systems’ 10-Q for the quarter ended September 30, 2011 and other publicly available filings with the Securities and Exchange Commission. All forward-looking statements reflect A123’s expectations only as of the date of this release and should not be relied upon as reflecting A123’s views, expectations or beliefs at any date subsequent to the date of this release.
CONTACT: A123 Systems PR Contact:
A123 Systems
Dan Borgasano
617-972-3471
dborgasano@a123systems.com
A123 Systems IR Contact:
ICR, LLC
Garo Toomajanian
617-956-6725
ir@a123systems.com
Edelman
Courtney Kessler
212-277-3720
courtney.kessler@edelman.com

Magyar Bank (MGYR) Sells $6.3 Million in Real Estate Owned During 2011
NEW BRUNSWICK, N.J., Jan. 5, 2012 /PRNewswire/ — Magyar Bank, the principal subsidiary of Magyar Bancorp, Inc., announced today that in calendar year 2011, the Bank disposed of 9 properties with a carrying value of $6.3 million that were previously held by the Bank as Other Real Estate Owned. Included in this total are 2 properties with a carrying value of $3.2 million which were sold during the Company’s First Quarter of Fiscal Year 2012.
John Fitzgerald, President and Chief Executive Officer of Magyar Bancorp stated, “The sale of these properties is further confirmation that our strategy in addressing non-performing assets is working. In New Jersey, it is not uncommon for the foreclosure process to take 3 years before the Bank can gain control of the property and begin actively selling it. However, our aggressive approach has allowed the Bank to gain control of and dispose of certain properties in a quicker fashion.”
Mr. Fitzgerald added, “We expect this positive momentum in resolution of credit issues to continue in 2012. We currently have contracts of sale for additional properties which we expect to close during this calendar year.”
About Magyar Bancorp
Magyar Bancorp is the parent company of Magyar Bank, a community bank headquartered in New Brunswick, New Jersey. Magyar Bank has been serving families and businesses in Central New Jersey since 1922 with a complete line of financial products and services. Today, Magyar operates six branch locations in Edison, New Brunswick, North Brunswick, South Brunswick, Branchburg and Bridgewater. Please visit us online at www.magbank.com.
Forward Looking Statements
This press release contains statements about future events that constitute forward-looking statements within the meaning of the Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements may be identified by reference to a future period or periods, or by the use of forward- looking terminology, such as “may,” “will,” “believe,” “expect,” or similar terms or variations on those terms, or the negative of those terms. Forward-looking statements are subject to numerous risks and uncertainties, including, but not limited to, those risks previously disclosed in the Company’s filings with the SEC, and with respect to the loans extended by the Bank and real estate owned, the following: risks related to the economic environment in the market areas in which the Bank operates, particularly with respect to the real estate market in New Jersey; the risk that the value of the real estate securing these loans may decline in value; and the risk that significant expense may be incurred by the Company in connection with the resolution of these loans. The Company wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The Company does not undertake and specifically declines any obligation to publicly release the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.
Frederick’s of Hollywood (FOH) Announces a 6.3% Increase in December Comparable Store Sales
HOLLYWOOD, Calif., Jan. 5, 2012 /PRNewswire/ — Frederick’s of Hollywood Group Inc. (NYSE Amex: FOH) (“Company”) announced today that its comparable store sales for the five weeks ended December 31, 2011 increased 6.3% compared to the five weeks ended January 1, 2011. The Company also announced a comparable store sales increase of 5.3% for the 22 weeks ended December 31, 2011, compared to the 22 weeks ended January 1, 2011.
“The 2012 Holiday season was topped off by strong comparable store sales and healthy store margins for the December period. It is exciting to see many of the improvements made to drive sales for our retail stores, including our new product line introduced in mid-2011, continued to gain traction throughout the holiday period,” stated Thomas Lynch, the Company’s Chairman and Chief Executive Officer.
Forward Looking Statement
Certain of the matters set forth in this press release are forward-looking and involve a number of risks and uncertainties. These statements are based on management’s current expectations or beliefs. Actual results may vary materially from those expressed or implied by the statements herein. Among the factors that could cause actual results to differ materially are the following: competition; business conditions and industry growth; rapidly changing consumer preferences and trends; general economic conditions; working capital needs; continued compliance with government regulations; loss of key personnel; labor practices; product development; management of growth, increases in costs of operations or inability to meet efficiency or cost reduction objectives; timing of orders and deliveries of products; risks of doing business abroad; the ability to protect our intellectual property; and the other risks that are described from time to time in the Company’s SEC reports. The Company is under no obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements, whether as a result of new information, future events, changes in assumptions or otherwise.
About Frederick’s of Hollywood Group Inc.
Frederick’s of Hollywood Group Inc., through its subsidiaries, sells women’s intimate apparel, swimwear and related products under its proprietary Frederick’s of Hollywood® brand through 123 specialty retail stores, a world-famous catalog and an online shop at http://www.fredericks.com/. With its exclusive product offerings including Seduction by Frederick’s of Hollywood and the Hollywood Exxtreme Cleavage® bra, Frederick’s of Hollywood is the Original Sex Symbol®.
Our press releases and financial reports can be accessed on our corporate website at http://www.fohgroup.com.
This release is available on the KCSA Strategic Communications Web site at http://www.kcsa.com.
CONTACT:
Frederick’s of Hollywood Group Inc.
Thomas Rende, CFO
(212) 779-8300
Investor Contacts:
Todd Fromer / Garth Russell
KCSA Strategic Communications
212-896-1215 / 212-896-1250
tfromer@kcsa.com / grussell@kcsa.com
NEI (NEI) Announces Improved Outlook for First Fiscal Quarter
CANTON, Mass., Jan. 5, 2012 /PRNewswire/ — NEI (Nasdaq: NEI), a leading provider of server-based application platforms, deployment solutions and lifecycle support services for software technology developers and OEMs worldwide, today provided revised and improved expectations for the first fiscal quarter, the period ended December 31, 2011.
Based upon preliminary estimates for the fiscal first quarter, management now expects:
- Net revenues in the range of $68 million to $70 million, greater than the original guidance of $58 million to $63 million provided on November 10, 2011.
- Net income on a GAAP basis in the range of $1.3 million to $1.6 million, compared to prior guidance of GAAP net income of $500,000 to $1.0 million.
Greg Shortell, President and Chief Executive Officer of NEI, commented, “In providing our December quarter guidance, we expected an impact of between $4.0 million and $5.0 million of revenues related to the unavailability of hard disk drives due to supply constraints tied to the Thailand flooding. Based on the extraordinary efforts of our supply chain team and our vendors, we were able to secure drives needed to realize most of these revenues. Additionally, some of our customers exceeded the volume estimates that we had projected for the December quarter, resulting in higher revenues. Our review of the quarter’s financial results is ongoing, and we will provide more detail on our conference call at the end of January.”
NEI expects to announce its financial results on or about January 26, 2012, at which time management will hold a conference call to discuss the Company’s operating performance and financial outlook for the second fiscal quarter.
About NEI
NEI is a leading provider of server-based application platforms and lifecycle support services for software developers and OEMs worldwide. Through its expertise and comprehensive suite of solution design, system integration, application management, global logistics, support, and maintenance services, NEI is redefining application deployment solutions to provide customers with a sustainable competitive advantage. More than a decade of appliance innovation with the ability to provide physical, virtual and cloud-ready solutions makes NEI one of the most trusted software deployment partners in the industry. Founded in 1997, NEI is headquartered in Canton, Massachusetts, with facilities in Plano, Texas and Galway, Ireland, and trades on the NASDAQ exchange under the symbol NEI. For more information, visit www.nei.com.
Safe Harbor for Forward-Looking Statements
Statements in this press release regarding the Company’s future financial performance, including statements regarding net revenues, net income and any other statements about the Company’s management’s future expectations, beliefs, goals, plans or prospects, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Company’s actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including those factors contained in the Company’s most recent Annual Report on Form 10-K for the year ended September 30, 2011 under the section “Risk Factors” as well as other documents that may be filed by the Company from time to time with the Securities and Exchange Commission. Forward-looking statements include statements regarding the Company’s expectations, beliefs, intentions or strategies regarding the future and can be identified by forward-looking words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “should,” “will,” and “would” or similar words. The Company assumes no obligations to update the information included in this press release.
CONTACT: Peter Seltzberg of Hayden IR, 646-415-8972
AdCare Health (ADK) Completes Acquisition of Skilled Nursing and Assisted Living Center in Ohio
SPRINGFIELD, OH — (Marketwire) — 01/03/12 — AdCare Health Systems, Inc. (NYSE Amex: ADK), a leading nursing home and assisted living company, has completed the previously announced agreement to purchase a skilled nursing and assisted living community in Ohio. The final purchase price was $12.5 million — $1.0 million less than the initial purchase agreement — with the effective closing date of December 30, 2011.
The community has 179 beds in service and generates an estimated $12 million in gross annualized revenues according to its most recent financials. Its addition is expected to be immediately accretive to AdCare’s earnings.
AdCare will finance the acquisition of the assisted living facility with a 30-year, fixed-rate, tax-exempt bond issuance, and financed the skilled nursing facility with a traditional bank loan.
This transaction brings the total number of facilities AdCare’s purchased, leased, or managed to 44 facilities since its M&A campaign began in the fall of 2009, representing more than 3,900 beds in service.
The company plans to continue pursuing an aggressive M&A program. Combining its current annualized run-rate with transactions in the process of closing, AdCare’s estimated annualized revenue run-rate is expected to exceed $300 million. This would represent an increase of more than 460% over the company’s revenues in 2010, and an increase of more than 11 times revenues since initiating its M&A campaign in the fall of 2009.
“After expanding our operations to Alabama, Arkansas, Georgia, North Carolina and Oklahoma, with this acquisition we’ve built upon our home base in Ohio,” noted Chris Brogdon, AdCare’s vice chairman and chief acquisitions officer. “These new facilities will leverage the professional support staff we’ve long maintained in the state, as well as enhance our overall economies of scale.”
“We’re continuing to evaluate a number of attractive opportunities in the Midwest, as well as in the Southwest and Southeast,” added Brogdon, “with our M&A program and the integration of new facilities remaining our primary focus going forward.”
According to Boyd P. Gentry, AdCare’s president and chief executive officer: “Our strategy of acquiring skilled nursing facilities is proving highly successful, not only in our closing rate and terms, but especially in our post-acquisition performance. We have been targeting facilities that have not traditionally concentrated on providing post-acute services, and then once acquired, we increase Medicare census and occupancy, as well as optimize reimbursement and patient care.”
“Historically, it takes our operations team a year to 15 months to fully harvest this opportunity in an individual facility,” continued Boyd. “This means we still have optimization opportunities in our current portfolio, and significant upside exists in our pending acquisition pipeline.”
AdCare finishes 2011 having placed 29 new facilities under contract during the year, with the acquisition of 18 facilities completed. As previously announced, AdCare expects to complete the acquisition of at least 20 more in the first quarter of 2012, including five facilities in Oklahoma and the company’s largest transaction to-date of 15 facilities across the Southeast.
About AdCare Health Systems
AdCare Health Systems, Inc. (NYSE Amex: ADK) is a recognized innovator in senior living and health care facility management. AdCare develops, owns and manages assisted living facilities, nursing homes and retirement communities. Since its inception in 1988, AdCare’s mission has been to provide the highest quality of healthcare services to the elderly. For more information about AdCare, visit www.adcarehealth.com.
Important Cautions Regarding Forward-Looking Statements
Statements contained in this press release that are not historical facts may be forward-looking statements within the meaning of federal law. Such statements can be identified by the use of forward-looking terminology, such as “believes,” “expects,” “plans,” “intends,” “anticipates” and variations of such words or similar expressions, but their absence does not mean that the statement is not forward-looking. Statements in this announcement that are forward-looking include, but are not limited to, statements about the company’s expected annualized revenue run-rate, as well as statements regarding transactions being accretive to the company’s earnings.. Such forward-looking statements reflect management’s beliefs and assumptions and are based on information currently available to management, and involve known and unknown risks, results, performance or achievements of AdCare which may differ materially from those expressed or implied in such statements. Such factors are identified in the public filings made by AdCare with the Securities and Exchange Commission and include, among others, AdCare’s ability to secure lines of credit and/or an acquisition credit facility, find suitable acquisition properties at favorable terms, changes in the health care industry because of political and economic influences, changes in regulations governing the industry, changes in reimbursement levels including those under the Medicare and Medicaid programs and changes in the competitive marketplace. There can be no assurance that such factors or other factors will not affect the accuracy of such forward-looking statements. Except where required by law, AdCare undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date of this press release.
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Company Contacts
Boyd Gentry, CEO
Chris Brogdon, Vice Chairman & CAO
David A. Tenwick, Chairman of Board
AdCare Health Systems, Inc.
Tel (937) 964-8974
Email Contact
Investor Relations
Ron Both or Geoffrey Plank
Liolios Group, Inc.
Tel (949) 574-3860
Email Contact
NeurogesX (NGSX) Appoints Ronald Martell President and Chief Executive Officer
SAN MATEO, Calif., Jan. 3, 2012 (GLOBE NEWSWIRE) — NeurogesX, Inc. (Nasdaq:NGSX), a biopharmaceutical company focused on developing and commercializing novel pain management therapies, today announced that the Board of Directors has appointed Ronald A. Martell as President and Chief Executive Officer, and a member of the board. Mr. Martell brings over 30 years of experience in the biotechnology industry including direct commercialization experience.
Prior to joining NeurogesX, Mr. Martell was Chief Executive Officer at Poniard Pharmaceuticals, Inc., where he served for four years. Mr. Martell’s experience includes Imclone Systems, where over his tenure he held progressively more responsible positions, and led the successful launch and initial commercialization of oncology drug Erbitux and served as a member of the deal execution teams that led to major pharmaceutical partnerships. Earlier in his career, Mr. Martell was with Genentech and led the commercial launch of the company’s blockbuster oncology drugs, Rituxan and Herceptin, as well as the development of global marketing plans for the oncology product portfolio.
Gary Lyons, Executive Chairman of the board, stated, “The board has conducted a thorough and diligent process to identify the optimum candidate to lead NeurogesX at this pivotal time in its development. During the last quarter, we announced positive Phase 2 data for NGX-1998, our topical liquid formulation of high-concentration capsaicin, the restructuring of the Company’s sales force and the FDA acceptance of review of our sNDA for Qutenza (capsaicin) 8% patch for HIV-associated peripheral neuropathy, or HIV-PN.”
Mr. Lyons continued, “Ronald Martell brings the attributes and track record that meet the leadership needs for a commercial company with two major near term product opportunities. His experience in launching and developing drugs will be invaluable to the team as we move forward. Commensurate with Ron’s appointment, long time President and CEO, Tony DiTonno retired as of December 31, 2011. On behalf of the board, we thank Tony for his leadership and dedication and wish him well in his new endeavors.”
Ronald Martell, President and CEO of NeurogesX, noted, “NeurogesX is an exciting opportunity as it is uniquely positioned with Qutenza approved for PHN and a potential label expansion in painful HIV-peripheral neuropathy. I am also very excited about our liquid formulation NGX-1998, which recently completed a successful Phase 2 clinical study demonstrating initial evidence of safety and efficacy, which I believe represents a very significant potential product opportunity. I look forward to advancing NeurogesX’ strategy as a world leading pain management biopharmaceutical company.”
About NeurogesX, Inc.
NeurogesX, Inc. (Nasdaq:NGSX) is a San Francisco Bay Area-based biopharmaceutical company focused on developing and commercializing novel pain management therapies. NeurogesX was founded on the concept that use of prescription-strength capsaicin could help manage the pain associated with neuropathic pain conditions. Since its inception, NeurogesX has leveraged its passion to help people with pain to efficiently develop this concept, resulting in the commercial launch of Qutenza (capsaicin) 8% patch in 2010. The Company continues to apply its knowledge and expertise in the development of other novel treatments for pain.
The Company’s lead product, Qutenza, is a localized dermal delivery system containing prescription strength capsaicin that is currently approved in the United States and the European Union. Qutenza is now available in the United States for the management of neuropathic pain associated with postherpetic neuralgia (PHN). In Europe, Qutenza is being marketed by Astellas Pharma Europe Ltd. (Astellas), the European affiliate of Tokyo-based Astellas Pharma Inc., for the treatment of peripheral neuropathic pain in non-diabetic adults, either alone or in combination with other medicinal products for pain.
The Company has submitted a supplemental new drug application (sNDA) to expand the U.S. label for Qutenza for the management of pain due to HIV-associated peripheral neuropathy (HIV-PN) previously referred to as HIV-associated neuropathy (HIV-AN) and HIV-distal sensory polyneuropathy (HIV-DSP).
The Company’s most advanced product candidate, NGX-1998, is a topically applied liquid formulation containing a high concentration of capsaicin designed to treat pain associated with neuropathic pain conditions such as PHN. NGX-1998 has completed three Phase 1 clinical trials and one Phase 2 clinical trial in PHN patients.
The Company’s early-stage pipeline includes pre-clinical compounds which include a number of prodrugs of acetaminophen. The Company has evaluated certain of these compounds in vitro and in vivo.
Safe Harbor Statement
This press release contains forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995 (the Act). NeurogesX disclaims any intent or obligation to update these forward-looking statements, and claims the protection of the Safe Harbor for forward-looking statements contained in the Act. Examples of such statements include but are not limited to statements regarding: the potential expansion of the U.S. label for Qutenza to include management of pain due to HIV-associated peripheral neuropathy (HIV-PN); and expectations regarding NGX-1998 as a very significant potential product opportunity if approved by the FDA. Such statements are based on management’s current expectations, but actual results may differ materially due to various risks and uncertainties, including, but not limited to: difficulties or delays in the further development of Qutenza for additional indications, including difficulties or delays in receipt of FDA approval of the sNDA to expand the U.S. label for Qutenza for the management of pain due to HIV-PN; market acceptance of Qutenza in already approved indications may not be sufficient to support further pursuit of an expanded label for Qutenza; Qutenza, NGX-1998 and NeurogesX’ other product candidates may have unexpected adverse side effects; and NGX-1998 may fail to demonstrate sufficient safety or efficacy in clinical trials to support further development or potential marketing approval. For further information regarding these and other risks related to NeurogesX’ business, investors should consult NeurogesX’ filings with the Securities and Exchange Commission.
CONTACT: NeurogesX, Inc.
Stephen Ghiglieri
Executive Vice President, COO
and CFO
(650) 358-3310
sghiglieri@neurogesx.com
The Ruth Group
Stephanie Carrington (investors)
(646) 536-7017
scarrington@theruthgroup.com
Victoria Aguiar (media)
(646) 536-7013
vaguiar@theruthgroup.com
Sonde Resources Corp. (SOQ) Announces Redemption of Convertible Preferred Shares
CALGARY, ALBERTA — (Marketwire) — 01/03/12 — Sonde Resources Corp. (“Sonde” or the “Company”) (TSX:SOQ) (NYSE Amex:SOQ) announced today that it has redeemed all 150,000 of its previously outstanding US $100.00 5% Cumulative Redeemable Convertible Preferred Shares, Series B (the “Preferred Shares”). The Preferred Shares were redeemed at a price equal to US $100.00 for each Preferred Share, plus an amount equal to all accrued and unpaid dividends per Preferred Share to December 30, 2011, being US $1.25 per Preferred Share. Sonde used existing cash balances to fund the redemption of the Preferred Shares, which totaled US $15,186,987.
Sonde Resources Corp. is a Calgary, Alberta, Canada based energy company engaged in the exploration and production of oil and natural gas. Its operations are located in Western Canada and offshore North Africa. See Sonde’s website at www.sonderesources.com to review further detail on Sonde’s operations.
Contacts:
Sonde Resources Corp.
Investor Relations
(403) 294-1411
(403) 216-2374 (FAX)
Sonde Resources Corp.
Suite 3200, 500 – 4th Avenue S.W.
Calgary, Alberta, Canada T2P 2V6
www.sonderesources.com
XOMA (XOMA) Secures $10 Million Term Loan
BERKELEY, Calif., Jan. 3, 2012 (GLOBE NEWSWIRE) — XOMA Corporation (Nasdaq:XOMA), a leader in the discovery and development of antibody therapeutics, announced that it has entered into a $10.0 million 42-month secured term loan agreement with GE Capital, Healthcare Financial Services. The funds will be used for advancement of gevokizumab (XOMA 052), XOMA’s lead clinical product candidate, and for general corporate purposes. Interest on the loan is payable at 11.71% per annum. In addition, XOMA has issued warrants to the lender to purchase 263,158 shares of its common stock exercisable at $1.14 per share.
“The increase in cash position provided by this debt financing is part of our overall strategy to fund gevokizumab development and other programs toward potential value-creating milestones,” said Fred Kurland, XOMA’s Vice President and Chief Financial Officer.
About XOMA
XOMA is a leader in the discovery and development of novel antibody therapeutics. The company’s proprietary product pipeline includes:
- Gevokizumab (XOMA 052), a humanized antibody that binds to the inflammatory cytokine interleukin-1 beta, or IL-1 beta. XOMA plans to enter gevokizumab into Phase 3 clinical development in non-infectious uveitis affecting the intermediate and/or posterior segments of the eye, and has initiated a Phase 2 proof-of-concept trial for the treatment of moderate and severe acne vulgaris. Les Laboratoires Servier is XOMA’s development and commercialization partner for gevokizumab.
- A preclinical pipeline with candidates in development for autoimmune, cardio-metabolic, inflammatory and oncological diseases. Among these are two new classes of fully human monoclonal antibodies that activate (XMetA) or sensitize (XMetS) the insulin receptor in vivo, which represent distinct new therapeutic approaches to the treatment of patients with diabetes.
- Antibodies against botulinum toxins, led by XOMA 3AB, a novel combination of three antibodies to prevent and treat botulism poisoning caused by exposure to botulinum neurotoxin Type A, among the most deadly bioterror threats. XOMA 3AB is in a Phase 1 clinical trial sponsored by the National Institute of Allergy and Infectious Diseases (NIAID) of the National Institutes of Health (NIH). Development of these antibodies has been funded in whole or in part with funds from NIAID, NIH, Department of Health and Human Services under Contract No. HHSN266200500004C, Contract No. HHSN266200600008C, Contract No. HHSN272200800028C, Contract No. HHSN266200600011C, Contract No., HHSN272200800026C, and Contract No. HHSN2722011031C.
XOMA has a premier antibody discovery and development platform that incorporates an unmatched collection of antibody phage display libraries and proprietary optimization and expression and manufacturing technologies that it uses for its own pipeline and in collaborations with pharmaceutical and biotechnology companies. XOMA’s fully integrated product development infrastructure extends from preclinical science to approval and is located in Berkeley, California. For more information, please visit www.xoma.com.
The XOMA Ltd. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=5960
About GE Capital, Healthcare Financial Services
With in-depth industry knowledge and expertise, GE Capital, Healthcare Financial Services has provided more than $60 billion in financing over 10 years to companies in over 40 healthcare sub-sectors including senior housing, hospitals, medical offices, outpatient services, pharmaceuticals and medical devices. Our team of professionals creates business and financial solutions tailored to meet the individual needs of our customers. For more information, visit gecapital.com/healthcare.
Forward-Looking Statements
Certain statements contained herein concerning product development or that otherwise relate to future periods are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are based on assumptions that may not prove accurate. Actual results could differ materially from those anticipated due to certain risks inherent in the biotechnology industry and for companies engaged in the development of new products in a regulated market.
These risks, including those related to the generally unstable nature of current economic and financial market conditions; the results of discovery and pre-clinical testing; the timing or results of pending and future clinical trials (including the design and progress of clinical trials; safety and efficacy of the products being tested; action, inaction or delay by the FDA, European or other regulators or their advisory bodies; and analysis or interpretation by, or submission to, these entities or others of scientific data); changes in the status of existing collaborative or licensing relationships; the ability of collaborators, licensees and other third parties to meet their obligations and their discretion in decision-making; XOMA’s ability to meet the demands of the United States government agency with which it has entered into its government contracts; competition; market demand for products; scale-up, manufacturing and marketing capabilities; availability of additional licensing or collaboration opportunities; international operations; share price volatility; XOMA’s financing needs and opportunities; uncertainties regarding the status of biotechnology patents; uncertainties as to the costs of protecting intellectual property; and risks associated with XOMA’s status as a Bermuda company, are described in more detail in XOMA’s most recent filing on Form 10-K and in other SEC filings. Consider such risks carefully when considering XOMA’s prospects.
CONTACT: XOMA Corporation
Company and Investor Contact:
Carol DeGuzman
510-204-7270
deguzman@xoma.com
Canale Communications
Media Contact:
Pam Lord
619-849-6003
pam@canalecomm.com
Susan Cochran Joins Capital Bank (CBKN) as Senior Commercial Portfolio Manager
TEGA CAY, S.C., Jan. 3, 2012 /PRNewswire/ –Capital Bank, N.A. (Nasdaq: CBKN) recently announced the appointment of Susan Cochran as Senior Commercial Portfolio Manager in Tega Cay, South Carolina. Cochran will serve the Commercial Banking division by completing spreads and renewals, assisting with new loan requests and by completing annual reviews for lenders in the Tega Cay & Charleston markets.
Cochran comes to Capital Bank with a bachelor’s degree in Business Administration with a concentration in Finance from Tennessee Technological University, and nearly 20 years of experience in the commercial lending industry where she has completed the credit analysis and underwriting on loans $2 million and above. “I’m excited to join the Stonecrest and Charleston teams and to have the opportunity to work with Capital Bank,” said Cochran. “I look forward to the growth 2012 has to bring.” Cochran currently resides in Rock Hill, South Carolina where she is an active member of Westminster Presbyterian Church.
About Capital Bank
Capital Bank, N.A.was formed in July 2010 as the banking subsidiary of North American Financial Holdings, Inc., a bank holding company incorporated in 2009 with the goal of creating a regional banking franchise in the Southeastern United States. With approximately $7 billion in total assets and more than 1,500 employees, Capital Bank offers a broad range of financial services and operates 146 branches in Florida, North Carolina, South Carolina, Tennessee and Virginia. More information on Capital Bank is available at www.capitalbank-us.com.
NAPCO Security Technologies (NSSC) Ships First Quantities of Its New Starlink 2, Two-Way GSM Alarm System Communicator
NAPCO Security Technologies, Inc., (NASDAQ: NSSC), one of the world’s leading suppliers of high performance electronic security equipment for over 30 years, has shipped Starlink 2, its innovative, two-way GSM alarm system communicator that replaces hardwire dial up phone lines by transmitting GPRS burglar/fire/medical emergency signals to alarm central stations. Starlink 2 marks the launch of NAPCO’s second potentially significant recurring revenue product line. It is priced at $99.95 to installers and provides a $5.00 to $8.00 recurring monthly service fee to NAPCO.
NAPCO believes the potential addressable market includes a hundred thousand plus new alarm systems produced each year, five million plus current alarm systems it has out in the field that can be upgraded to the new Starlink 2 system, and tens of millions of competing alarm systems that could also be upgraded to Starlink 2.
NAPCO expects many factors to drive demand to upgrade. Approximately one-third of all households do not have dial-up phone lines and would need Starlink 2 to communicate to the central station. Homes with VoIP lines which block alarm signals also need Starlink 2. In addition, Starlink 2 provides added security to vulnerable homes that have dial-up phone lines, maintaining communications even if burglars cut outside cables in an effort to bypass existing alarm systems.
Starlink 2 also offers dealers easy installation which is fully 2 way uploadable and downloadable, so security dealers can program or reprogram the installed NAPCO alarm systems without visiting the premise. The Starlink 2 also provides the central station with information on the location of the burglar on a premise as well as the location of a fire. Additionally, alarm central stations do not have to install any special equipment to receive the StarLink 2 signals.
Richard Soloway, Chairman and CEO of NAPCO Security Technologies commented, “NAPCO is committed to selling products like Starlink 2 that will improve security while adding predictable revenue, expanding our margins and driving top line growth. As we increase our revenue by gaining new customers, selling deeper into existing channels and launching new products like Starlink 2 today, we multiply gains to the bottom line due to fixed costs and leverage that exist in our business. We are excited about the market potential for upgrading existing security systems as well as for new installations. Current alarm systems that depend on dial up phone lines unfortunately have exposure to tampering and VoIP line caused interference. Starlink 2 addresses both of these issues as well as adding an impressive array of new features for the security professional.”
About NAPCO Security Technologies, Inc.
NAPCO Security Technologies, Inc. is one of the world’s leading manufacturers of technologically advanced electronic security equipment including intrusion and fire alarm systems, access control and door locking systems. The Company consists of NAPCO plus three wholly-owned subsidiaries: Alarm Lock, Continental Instruments, and Marks USA. The products are installed by security professionals worldwide in commercial, industrial, institutional, residential and government applications. NAPCO products have earned a reputation for technical excellence, reliability and innovation, poising the Company for growth in the rapidly expanding electronic security market, a multi-billion dollar market.
For additional information on NAPCO, please visit the Company’s web site at www.napcosecurity.com.
This press release contains forward-looking statements that involve numerous risks and uncertainties. Actual results, performance or achievements could differ materially from those anticipated in such forward-looking statements as a result of certain factors, including those set forth in the Company’s filings with the Securities and Exchange Commission.
Eric Garcia, VP of SBS (SBSA) Sales in New York Named ‘Businessman of the Year’ by NYC Hispanic Chamber of Commerce
MIAMI, Dec. 28, 2011 /PRNewswire/ — Spanish Broadcasting System, Inc. (SBS) (Nasdaq: SBSA) VP of SBS New York Sales, Eric Garcia, has been named the “Sales Businessman of the Year” by the New York Hispanic Chamber of Commerce. Garcia’s achievements were recognized alongside those of other outstanding business leaders at the New York Hispanic Chamber of Commerce’s 6th Annual Hispanic Business Awards Banquet & Scholarship Ceremony. The gala took place on Friday, December 2nd, 2011 at Maestro’s Caterer’s in the Bronx.
(Logo: http://photos.prnewswire.com/prnh/20111005/CL81506LOGO )
Nearly 200 distinguished guests of the business community, along with local elected officials and other special guests were in attendance for the event. The prestigious New York Hispanic Businessman of the Year Award is presented to a New York Executive who is recognized for making outstanding contributions to his company and the community.
“Eric Garcia is a leader in the Hispanic community, a mentor to all entrepreneurs and a hugely successful business leader,” said Nick Lugo, President and CEO of NYCHCC. “SBS New York has a proven track record of success as one of the leading Hispanic businesses in the market and it is because of this success that we have named Eric Garcia as Businessman of the Year.”
“It’s an honor to accept this distinguished award from the New York Hispanic Chamber of Commerce,” said Garcia. “At SBS we have created a team of people dedicated to providing the best possible service to our clients. Together, we are proving that competition and opportunity can benefit consumers and businesses of all sizes. The New York Hispanic Chamber of Commerce is a first-class organization for professionals, business owners and corporate entrepreneurs and we look forward to supporting its continued advocacy in promoting and facilitating the success of Hispanic businesses.”
Mr. Garcia oversees all advertising sales and operations for WSKQ 97.9FM- La Mega 97.9FM and WPAT 93.1FM, 93.1FM Amor. He’s also responsible for growing and overseeing the revenue in all of the company’s divisions for the New York market.
This announcement marks the first year in which Garcia has received this prestigious recognition for his accomplishments on behalf of the NYCHCC as one of the top Hispanic business leaders in New York City. Under Garcia’s leadership, SBS New York was recognized by Advertising Age in the Hispanic Fact Pack 2011 with two of its stations ranked in the Top 10 Spanish-Formatted Radio Stations in the U.S. for an outstanding number of Hispanic average listeners. WSKQ-FM “La Mega 97.9FM” in New York ranked # 1 and WPAT-FM “93.1FM Amor” ranked # 3.
www.spanishbroadcasting.com
www.lamusica.com
About Spanish Broadcasting System, Inc.
Spanish Broadcasting System, Inc. is the largest publicly traded Hispanic-controlled media and entertainment company in the United States. SBS owns and/or operates 21 radio stations located in the top U.S. Hispanic markets of New York, Los Angeles, Miami, Chicago, San Francisco and Puerto Rico, airing the Tropical, Mexican Regional, Spanish Adult Contemporary and Hurban format genres. SBS has 3 of the top 6 Spanish-language stations in the nation including the #1 Spanish station in America, WSKQ-FM in New York City (WPAT is ranked #3 and KLAX is ranked #6). The Company also owns and operates MegaTV, a television operation with over-the-air, cable and satellite distribution and affiliates throughout the U.S. and Puerto Rico. SBS also produces live concerts and events throughout the country and operates LaMusica.com, a bilingual Spanish-English online site providing content related to Latin music, entertainment, news and culture. The Company’s corporate Web site can be accessed at www.spanishbroadcasting.com.
American DG Energy (ADGE) to Supply Low Cost Clean Energy to New Jersey High-Rise
WALTHAM, Mass., Dec. 28, 2011 /PRNewswire/ — American DG Energy Inc. (NYSE Amex: ADGE), a leading On‑Site Utility, offering clean electricity, heat, hot water and cooling solutions to hospitality, healthcare, housing and athletic facilities, has reached an agreement to supply clean energy to Governor Paterson Towers, a 225 unit, 30 story, residential high-rise, located in Paterson, New Jersey. Under the terms of the agreement, Governor Paterson will soon receive a significant portion of its energy from a 75 kW combined heat and power (also called CHP or cogeneration) system, which will be owned and operated by American DG Energy. Governor Paterson will receive a discount on the energy produced by the CHP system and reduce its greenhouse gas emissions. The value of the agreement to the Company is $1.9 million over the fifteen-year term.
Working with our partner, Peter Westerhoff, to develop this project, American DG Energy will produce clean energy in the form of electricity, space heat and domestic hot water at Governor Paterson Towers and sell it to the residential property at a price lower than the local energy utility rates. Having opted for the Company’s On-Site Utility energy solution, Governor Paterson will pay only for the energy used by the property and will avoid all capital, installation and operating costs. The energy will be produced with small-scale, combined heat and power equipment, located at the property site but owned and operated by American DG Energy. The Company will also handle all service, maintenance and repair; therefore, Governor Paterson will not need to provide manpower to support the equipment.
CHP systems offer considerable environmental benefits when compared with purchased electricity and on-site-generated heat from a boiler. By capturing and utilizing heat that would otherwise be wasted from the production of electricity, CHP systems require less fuel than equivalent separate heat and power systems to produce the same amount of energy. Because less fuel is combusted, greenhouse gas emissions, such as carbon dioxide, as well as air pollutants like nitrogen oxides and sulfur dioxide, are reduced.
The CHP system planned for Governor Paterson Towers will be comprised of a CM-75 Ultra by Tecogen, which is equipped with a proprietary ultra-clean emissions technology and has recently been granted the new air emissions certification from the New Jersey Department of Environmental Protection (NJDEP). This certification eliminates the process of applying for pre-construction operation certification and air permits prior to installation which will save time and money on implementation of this project. In addition, the CHP system is expected to reduce the residential property’s emissions by 252 tons of carbon dioxide annually, the equivalent of removing the carbon emissions of 42 cars each year.*
* Figures were calculated using the EPA CHP Partnership emissions calculator.
On-Site Utility
American DG Energy sells the energy produced from an onsite energy system to an individual property as an alternative to the outright sale of energy equipment. On-Site Utility customers only pay for the energy produced by the system and receive a guaranteed discount rate on the price of the energy. All system capital, installation and operating expenses are paid by American DG Energy. All system installation, operation and support are handled by the Company as well.
About American DG Energy
American DG Energy supplies low-cost energy to its customers through distributed power generating systems. The Company is committed to providing institutional, commercial and small industrial facilities with clean, reliable power, cooling, heat and hot water at lower costs than charged by local utilities – without any capital or start-up costs to the energy user – through its On-Site Utility energy solutions. American DG Energy is headquartered in Waltham, Massachusetts. More information can be found at www.americandg.com.
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements under the Private Securities Litigation Reform Act of 1995 that involve a number of risks and uncertainties. Important factors could cause actual results to differ materially from those indicated by such forward-looking statements, as disclosed on the Company’s website and in Securities and Exchange Commission filings. This press release does not constitute an offer to buy or sell securities by the Company, its subsidiaries or any associated party and is meant purely for informational purposes. The statements in this press release are made as of the date of this press release, even if subsequently made available by the Company on its website or otherwise. The Company does not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.
Delcath’s (DCTH) Ireland Operations Achieves ISO 13485 Certification
NEW YORK, Dec. 28, 2011 /PRNewswire/ –Delcath Systems, Inc. (NASDAQ: DCTH) today announced that the Company’s Galway, Ireland location has achieved ISO 13485:2003 Certification—an internationally recognized quality standard designed to ensure that medical device manufacturers have the necessary comprehensive quality management systems in place to safely design, develop, manufacture and distribute medical devices in the European Union (EU). ISO 13485 Certification is a regulatory requirement of the EU’s Medical Device Directive, and represents an important step toward commercialization of the Delcath Hepatic CHEMOSAT® Delivery System following its European CE Mark approval in April 2011.
“ISO 13485 Certification of our Galway facility confirms that our manufacturing and quality systems meet the high standards required of medical device companies selling into Europe,” said Eamonn P. Hobbs, CEO & President of Delcath Systems. “This achievement represents one more important milestone toward commercialization of CHEMOSAT in the EU, and we are looking forward to a successful initial launch of the product early next year.”
About Delcath Systems
Delcath Systems, Inc. is a development stage specialty pharmaceutical and medical device company focused on oncology. Delcath’s proprietary system for chemosaturation is designed to administer high dose chemotherapy and other chemotherapeutic agents to diseased organs or regions of the body, while controlling the systemic exposure of those agents. The Company’s initial focus is on the treatment of primary and metastatic liver cancers. In 2010, Delcath concluded a Phase III metastatic melanoma study, and the Company recently completed a multi-arm Phase II trial to treat other liver cancers. The Company obtained authorization to affix a CE Mark for the Hepatic CHEMOSAT Delivery System in April 2011. The Company has not yet received FDA approval for commercial sale of its system in the United States. For more information, please visit the Company’s website at http://www.delcath.com/.
The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements made by the Company or on its behalf. This news release contains forward-looking statements, which are subject to certain risks and uncertainties that can cause actual results to differ materially from those described. Factors that may cause such differences include, but are not limited to, uncertainties relating to: the future initial launch and distribution of the CHEMOSAT system Europe, CE Marking for the Generation Two system and the timing of our commercial launch in Europe, the time required to build inventory and establish commercial operations in Europe, adoption, use and resulting sales, if any, for the Hepatic CHEMOSAT delivery system in the EEA, our ability to successfully commercialize the chemosaturation system and the potential of the chemosaturation system as a treatment for patients with terminal metastatic disease in the liver, acceptability of the Phase III clinical trial data by the FDA, our ability to address the issues raised in the Refusal to File letter received from the FDA and the timing of our re-submission of our NDA, re-submission and acceptance of the Company’s NDA by the FDA, approval of the Company’s NDA for the treatment of metastatic melanoma to the liver, adoption, use and resulting sales, if any, in the United States, approval of the current or future chemosaturation system for other indications, actions by the FDA or other foreign regulatory agencies, our ability to obtain reimbursement for the CHEMOSAT system, our ability to successfully enter into distribution and strategic partnership agreements in foreign markets and the corresponding revenue associated with such foreign markets, uncertainties relating to the results of research and development projects and future clinical trials, and uncertainties regarding our ability to obtain financial and other resources for any research, development and commercialization activities. These factors, and others, are discussed from time to time in our filings with the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date they are made. We undertake no obligation to publicly update or revise these forward-looking statements to reflect events or circumstances after the date they are made.
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Doug Sherk/Gregory Gin |
Janine McCargo |
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EVC Group |
EVC Group |
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415-568-4887/646-445-4801 |
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B.O.S (BOSC) Received a $2.5 Million Order for Components to be Supplied to the Automotive Industry
RISHON LEZION, Israel, Dec. 28, 2011 (GLOBE NEWSWIRE) — B.O.S Better Online Solutions Ltd. (the “Company,” “BOS”) (Nasdaq:BOSC), a leading Israeli provider of RFID and Supply Chain solutions to global enterprises, announced today that its Supply Chain division received a $2.5 million order from a leading manufacturer of customized LCD displays for the automotive Industry. The supply and revenues will spread over a 3 year period, mostly in the years 2013-2014
Avidan Zelicovsky, BOS President, stated: “The car industry has been one of the focus points of our growth strategy. We are very pleased with this order for a tier-one auto maker. We consider this an important first step and expect that it would lead to an increased penetration of this market.”
About BOS
B.O.S. Better Online Solutions Ltd. (Nasdaq:BOSC) is a leading provider of RFID and Supply Chain solutions to global enterprises. BOS’ RFID and mobile division offers both turnkey integration services as well as stand-alone products, including best-of-breed RFID and AIDC hardware and communications equipment, BOS middleware and industry-specific software applications. The Company’s supply chain division provides electronic components consolidation services to the aerospace, defense, medical, automotive and telecommunications industries as well as to enterprise customers worldwide.
For more information, please visit: www.boscom.com
CONTACT: B.O.S. Better Online Solutions Ltd.
Mr. Eyal Cohen, CFO
+972-54-2525925
eyalc@boscom.com
Cardium (CXM) and SourceOne Global Partners Enter Into Cross-Strategic Equity Investment
SAN DIEGO, Calif., Dec. 21, 2011 /PRNewswire/ — Cardium Therapeutics (NYSE Amex: CXM) today announced that it has entered into a cross-strategic investment agreement with SourceOne Global Partners, a leading supplier of exclusive science-based ingredients and proprietary formulas to the nutritional supplement and related functional food & beverage industries. The Cardium and SourceOne agreement provides for the joint development and commercialization of customized nutritional supplements, as well as pharmaceuticals and medical foods based on SourceOne’s branded ingredients that include specialized formulations of EPA/DHA Omega-3 oils, Citrus Polymethoxylated Flavonoids (PMFs, which have been used for promoting cholesterol balance and health), Ubiquinol-QH (a specialized CoQ10 formulation), TocoSource® Palm Tocotrienols, and VESIsorb® (which is designed to enhance bioavailability of a variety of nutraceutical ingredients and dietary supplements).*
(Logo: http://photos.prnewswire.com/prnh/20051018/CARDIUMLOGO)
“We are pleased to announce this cross-equity investment agreement with SourceOne Global Partners, a global nutritional business with an industry-wide reputation in the health markets,” stated Christopher J. Reinhard, Chairman and Chief Executive Officer of Cardium. “We look forward to working collaboratively with SourceOne’s seasoned team to expand our MedPodium healthy lifestyle brand platform, and to identify, develop and commercialize customized nutritional supplements, as well as pharmaceuticals and medical foods through appropriate commercialization pathways.”
Jesse Lopez, founder and Chief Executive Officer of SourceOne Global Partners, commented, “We look forward to working with Cardium in the development of strategic and proprietary nutraceutical products, as well as pharmaceutical and medical food product candidates designed to support cardiovascular health. We believe Cardium’s extensive clinical research and development experience, combined with their business acumen, will be instrumental in expanding our leadership role in the nutritional marketplace.”
Under the agreement, Cardium has made a $0.75 million equity investment in the form of unregistered, restricted Cardium shares to acquire rights to a 15% ownership interest in SourceOne Global Partners. Cardium’s ownership interest was acquired through the issuance into escrow of 1.5 million shares of Cardium common stock based on a $0.50 per share value representing a 70% premium above the closing price of Cardium stock on December 19, 2011. The shares would be held in escrow and subject to release in four allotments at 6, 9, 12 and 18 months following the closing date. Cardium also has certain rights to maintain its proportionate ownership interest in SourceOne, and to acquire SourceOne in the event SourceOne were to receive an offer from a third-party acquiror.
In parallel with the cross-equity investment and acquisition of an ownership interest in SourceOne, Cardium also received a license for a portfolio of nutraceutical, pharmaceutical and medical food product opportunities for a licensing fee of $0.75 million, which SourceOne applied to the purchase of 1.5 million restricted shares of Cardium common stock at $0.50 per share, which shares are to be held in escrow for six months and subject to release at future dates thereafter based on Cardium’s advancement of certain jointly-developed products. Under terms of the licensing arrangement, Cardium received a fully-paid-up license to commercialize formulations of various SourceOne ingredients to be marketed as nutraceuticals, pharmaceuticals and/or medical foods. In addition, Cardium can designate up to ten products to be jointly developed by the partners, with cash and other resources to be contributed by both Cardium and SourceOne under a profit-share arrangement.
Medical foods, which are defined in Section 5(b) of the Orphan Drug Act, are formulated and administered under the supervision of a physician and are intended for the specific dietary management of a disease or condition. There are a number of medical foods in pill and capsule form that are marketed and sold in the U.S. for disorders including depression, Alzheimer’s disease, osteopenia, osteoporosis, osteoarthritis, central nervous system disorders and diabetic neuropathy.
About Cardium
Cardium is focused on the acquisition and strategic development of new and innovative bio-medical product opportunities and businesses with the potential to address significant unmet medical needs that have definable pathways to commercialization, partnering and other economic monetizations. Cardium’s current medical opportunities portfolio, which is focused on health sciences and regenerative medicine, includes the Tissue Repair Company, Cardium Biologics, and the Company’s in-house MedPodium Health Sciences healthy lifestyle product platform.
Cardium’s lead commercial product Excellagen™ topical gel for advanced wound care management, has recently received FDA clearance for marketing and sale in the United States. Cardium’s lead clinical development product candidate Generx® is a DNA-based angiogenic biologic intended for the treatment of patients with myocardial ischemia due to coronary artery disease. In addition, consistent with its capital-efficient business model, Cardium continues to actively evaluate new technologies and business opportunities. In July 2009, Cardium completed the sale of its InnerCool Therapies medical device business to Royal Philips Electronics, the first asset monetization from the Company’s biomedical investment portfolio. News from Cardium is located at www.cardiumthx.com.
About SourceOne Global Partners
SourceOne Global Partners, headquartered in Chicago, IL, is a leading provider of health and wellness solutions, created through scientific research and innovative product development. SourceOne’s focus is on clinically-proven formulations, combined with technologically-advanced and proprietary delivery systems with applications in nutritional supplements, functional food and beverage, and personal care markets. The formulations are bundled in easily identifiable platforms that address condition-specific, consumer health concerns.
SourceOne develops formulations designed to incorporate the best science nature has to offer through health solutions like the award-winning Cholesstrinol™ Family of Heart Healthy Formulas; Omega Choice® Concentrated Omega-3 EPA/DHA fish oil; CoQsource® and CoQsource® QH Ubiquinol Bio-Enhanced Coenzyme Q10; AlivEL 100™ Eurycoma longifolia; and SterolSource® Phytosterols.* The Company’s product line, which continues to expand, also includes TocoSource® Palm Tocotrienols; GammaSource® Mixed Tocopherols; PMF-source™ Citrus Flavonoids (PMF); and others. The SourceOne network of research and technology partners encompasses collaborations with Vesifact AG (Baar, Switzerland), FINA (Cincinnati, OH), and Ingredients By Nature (Montclair, CA). Additional information about SourceOne Global Partners can be found at http://www.source-1-global.com.
Forward-Looking Statements
Except for statements of historical fact, the matters discussed in this press release are forward looking and reflect numerous assumptions and involve a variety of risks and uncertainties, many of which are beyond our control and may cause actual results to differ materially from stated expectations. For example, there can be no assurance that that company will be successful in jointly developing customized nutritional supplements, pharmaceuticals or medical foods; that clinical studies will be regarded as sufficient substantiation for corresponding product claims or that the products will be accepted as being sufficiently safe, improved or cost-effective compared to other products; that the products can be successfully developed and commercially successful or will effectively enhance our businesses; that results or trends observed in clinical studies or other observations will be reproduced in subsequent studies or in broader use; that our products or product candidates will not be unfavorably compared to competitive products that may be regarded as safer, more effective, easier to use or less expensive; that the Food and Drug Administration, the Federal Trade Commission or other regulatory agencies will not introduce additional or more restrictive regulations covering naturally-derived products; that our in-house or external product commercialization efforts will be successful or will effectively enhance our businesses or their market value; that our co-development and strategic licensing arrangements will successfully and in a timely manner lead to the development, formulation, manufacture and licensing of products; or that these or any other third parties on whom we depend will perform as anticipated.
Actual results may also differ substantially from those described in or contemplated by this press release due to risks and uncertainties that exist in our operations and business environment, including, without limitation, risks and uncertainties that are inherent in the development of biologics and in the development and commercialization of new products, the conduct of human clinical trials and other product development efforts, including the timing, costs and outcomes of such trials, our ability to obtain necessary funding, regulatory approvals and qualifications and to maintain our listing on a national stock exchange, our dependence upon proprietary technology, our history of operating losses and accumulated deficits, our reliance on collaborative relationships and critical personnel, and current and future competition and regulation, as well as other risks described from time to time in filings we make with the Securities and Exchange Commission. We undertake no obligation to release publicly the results of any revisions to these forward-looking statements to reflect events or circumstances arising after the date hereof.
* Note: These statements have not been evaluated by the Food and Drug Administration. These products are not intended to diagnose, treat, cure or prevent any disease.
Copyright 2011 Cardium Therapeutics, Inc. All rights reserved.
For Terms of Use Privacy Policy, please visit www.cardiumthx.com.
Cardium Therapeutics®, Generx®, Cardionovo™, Tissue Repair™, Gene Activated Matrix™, GAM™, Excellagen™, Excellarate™, Osteorate™, MedPodium™, Appexium™, Linee™, Alena™, Cerex™, D-Sorb™, Neo-Energy™, Neo-Carb Bloc™, Nutra-Apps™ are trademarks of Cardium Therapeutics, Inc. or Tissue Repair Company.
(Other trademarks belong to their respective owners)
SOURCE Cardium Therapeutics
BioTime (BTX) Signs Agreement with USCN Life Science to Source Antibody-Based Products
BioTime, Inc. (NYSE Amex: BTX) today announced agreements with USCN Life Science, Inc. (USCN) of Wuhan, China, granting BioTime an option to license USCN’s antibody-producing cell lines and certain related technology that may be used by BioTime and its subsidiary OncoCyte Corporation for the large-scale manufacture of the antibody components of PanC-DxTM. PanC-DxTM is a novel diagnostic technology discovered at BioTime and OncoCyte that is intended to detect the presence of various human cancers, including cancers of the breast, lung, bladder, uterus, stomach, and colon, during routine check-ups. Initial studies performed by OncoCyte indicate that PanC-DxTM may be useful for detecting a much wider range of cancer types than can be detected by blood tests currently available to clinicians. The option agreement for sourcing the antibody-producing cell lines will facilitate attainment of the goal of launching PanC-DxTM for use in cancer screening in Europe in 2013, followed by entry into the United States and other markets.
In addition to this option agreement, BioTime and USCN signed a distribution agreement granting BioTime and its subsidiaries the right to market over four thousand diverse ELISA and CLIA kits for detecting a wide array of other proteins for the stem cell research market. Beginning in 2012, BioTime plans to sell these research products through its subsidiary LifeMap Sciences, Inc.
Background
OncoCyte scientists have identified a pattern of proteins produced by tumors that can be detected in the blood of cancer patients, but not in the blood of healthy people. In laboratory tests, the percentage of times that the test correctly identified people as having cancer versus being cancer-free was higher than that of commonly used cancer diagnostics such as the prostate-specific antigen test for prostate cancer. The use of new cancer diagnostics is experiencing rapid growth; according to data from Business Insights, Ltd. revenues will reach US $8.14 billion by 2014, thus outpacing the growth of the general diagnostics market.
OncoCyte intends to initially develop and market PanC-DxTM in Europe before seeking regulatory approvals required to market the product in the United States and other countries. OncoCyte will be pursuing full medical device quality system certification, which should be achieved by the fourth quarter of 2013.
An important factor in the rapid development of antibody-based diagnostics is a scalable source of the antibodies that specifically recognize a target protein. USCN Life Sciences offers thousands of diverse antibody-based assay kits for enzyme-linked immunosorbent assay (ELISA) and chemiluminescent immuno-assay (CLIA). These kits utilize antibodies that recognize a wide array of proteins and are useful in the measurement of the levels of these proteins for research purposes. These antibodies are produced from cell lines called hybridomas. A hybridoma cell line is an expandable culture of cells engineered to secrete a distinct antibody known as a monoclonal antibody that is directed to a specific protein. The specific combination of antibodies in PanC-DxTM useful in diagnosing tumors in patients is proprietary technology developed by OncoCyte. As a result of the agreement with USCN, OncoCyte will have the choice of creating its own antibody-producing cell lines to manufacture the components of PanC-DxTM, or of saving time and development costs by using existing USCN hybridomas under a royalty-bearing license.
“The option to use USCN’s hybridomas for the manufacture of the antibody components of PanC-DxTM will allow OncoCyte to keep the development of its lead human pan-cancer diagnostic product on the fast track,” said Michael D. West, Ph.D., CEO of BioTime. “We are also impressed with the quality of the antibody-based products manufactured by USCN Life Sciences, and look forward to collaborating with USCN to distribute over 4,000 diverse ELISA and CLIA kits to the stem cell research community through the LifeMap database currently under development by LifeMap Sciences Ltd. of Tel Aviv, Israel.”
About BioTime, Inc.
BioTime, headquartered in Alameda, California, is a biotechnology company focused on regenerative medicine and blood plasma volume expanders. Its broad platform of stem cell technologies is developed through subsidiaries focused on specific fields of applications. BioTime develops and markets research products in the field of stem cells and regenerative medicine, including a wide array of proprietary ACTCellerate™ cell lines, culture media, and differentiation kits. BioTime’s wholly owned subsidiary ES Cell International Pte. Ltd. has produced clinical-grade human embryonic stem cell lines that were derived following principles of Good Manufacturing Practice and currently offers them for use in research. BioTime’s therapeutic product development strategy is pursued through subsidiaries that focus on specific organ systems and related diseases for which there is a high unmet medical need. BioTime’s majority owned subsidiary Cell Cure Neurosciences, Ltd. is developing therapeutic products derived from stem cells for the treatment of retinal and neural degenerative diseases. Cell Cure’s minority shareholder Teva Pharmaceutical Industries has an option to clinically develop and commercialize Cell Cure’s OpRegen™ retinal cell product for use in the treatment of age-related macular degeneration. BioTime’s subsidiary OrthoCyte Corporation is developing therapeutic applications of stem cells to treat orthopedic diseases and injuries. Another subsidiary, OncoCyte Corporation, focuses on the diagnostic and therapeutic applications of stem cell technology in cancer, including using vascular progenitor cells engineered to destroy malignant tumors. ReCyte Therapeutics, Inc. is developing applications of BioTime’s proprietary induced pluripotent stem cell technology to reverse the developmental aging of human cells to treat cardiovascular and blood cell diseases. BioTime’s newest subsidiary, LifeMap Sciences, Inc., is developing an online database of the complex cell lineages arising from stem cells to guide basic research and to market BioTime’s research products. In addition to its stem cell products, BioTime develops blood plasma volume expanders, blood replacement solutions for hypothermic (low-temperature) surgery, and technology for use in surgery, emergency trauma treatment and other applications. BioTime’s lead product, Hextend®, is a blood plasma volume expander manufactured and distributed in the U.S. by Hospira, Inc. and in South Korea by CJ CheilJedang Corp. under exclusive licensing agreements. Additional information about BioTime, ReCyte Therapeutics, Cell Cure, OrthoCyte, OncoCyte, BioTime Asia, LifeMap Sciences, and ESI can be found on the web at www.biotimeinc.com.
About USCN Life Science, Inc.
USCN Life Science Inc. is a biotechnology company based in Wuhan, China, concentrating on producing detection reagents and related biological reagents used primarily for academic research. USCN applies innovative techniques to efficiently extract and isolate natural proteins from both animal and plant sources. USCN also obtains recombinant proteins by gene construction, expression and protein purification. Researchers in USCN’s Antibody Center are able to modify small molecules to improve immunogenicity. They have accumulated rich experience and mastered the methods of immunizing, collecting, fusing, selecting, isolating, and purifying polyclonal antibodies, as well as preparing, identifying, and storing those antibodies. USCN’s automated production technology ensures the stability of product quality and reduces intra-assay coefficient variations. Through its Technology & Quality Department, USCN enforces technical parameters and quality standards, and provides after-sale service and technical consultation for the company’s customers.
Forward-Looking Statements
Statements pertaining to future financial and/or operating results, future growth in research, technology, clinical development, and potential opportunities for BioTime and its subsidiaries, along with other statements about the future expectations, beliefs, goals, plans, or prospects expressed by management constitute forward-looking statements. Any statements that are not historical fact (including, but not limited to statements that contain words such as “will,” “believes,” “plans,” “anticipates,” “expects,” “estimates”) should also be considered to be forward-looking statements. Forward-looking statements involve risks and uncertainties, including, without limitation, risks inherent in the development and/or commercialization of potential products, uncertainty in the results of clinical trials or regulatory approvals, need and ability to obtain future capital, and maintenance of intellectual property rights. Actual results may differ materially from the results anticipated in these forward-looking statements and as such should be evaluated together with the many uncertainties that affect the business of BioTime and its subsidiaries, particularly those mentioned in the cautionary statements found in BioTime’s Securities and Exchange Commission filings. BioTime disclaims any intent or obligation to update these forward-looking statements.
FieldPoint Petroleum (FPP) and Partner Cimarex Complete Well in Lea County, New Mexico
AUSTIN, Texas, Dec. 21, 2011 /PRNewswire/ — FieldPoint Petroleum Corporation (NYSE/AMEX:FPP) announced today that the Company and its drilling partner Cimarex Energy Co., www.cimarex.com, have completed the East Lusk Federal 15 well #1 in the Bone Spring Formation.
FieldPoint’s President and CEO, Ray Reaves stated, “On December 17, 2011 the first oil production began to hit the tanks. Since then the well has produced and continues to produce oil. On December 20, 2011 the well produced 446 barrels of oil during a 24 hour period, and was venting all gas. Without certainty, the Company has reason to believe that the oil production could increase. We continue venting gas as we wait on the gas line hook-up.”
As previously disclosed, the agreement with Cimarex Energy calls for the drilling of a second well on this property, dependant upon the results of this first well. Based on these early results, the Company anticipates that the second well will be drilled.
Mr. Reaves concluded with, “Our shareholders are aware that this is our first participation in a horizontal drilling project. At this point, I would have to say that we are very glad that we did, and that we partnered with Cimarex. As in the past, we will attempt to keep our shareholders up to date as progress is made with this very important drilling program.”
FieldPoint will own a 43.75% working interest, Cimarex will own a 37.5% working interest, and other partners will own the remaining 18.75% working interest in the two wells.
About FieldPoint Petroleum Corporation
FieldPoint Petroleum Corporation is engaged in oil and gas exploration, production and acquisition, primarily in New Mexico, Oklahoma, Texas and Wyoming. For more information, please visit www.fppcorp.com.
This press release may contain projections and other forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Act of 1934, as amended, and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Any such projections or statement reflect the company’s current views with respect to future events and financial performance. No assurances can be given, however, that these events will occur or that such projections will be achieved and that actual results could differ materially from those projected. A discussion of important factors that could cause actual results to differ from those projected, such as decreases in oil and gas prices and unexpected decreases in oil and gas production is included in the company’s periodic reports filed with the Securities and Exchange Commission (at www.sec.gov).
SOURCE FieldPoint Petroleum Corporation
Delcath (DCTH) Appoints Gregory Gores, M.D. to Medical Advisory Board
NEW YORK, Dec. 21, 2011 /PRNewswire/ — Delcath Systems, Inc. (NASDAQ: DCTH) appointed Gregory Gores, M.D. to the Company’s Medical Advisory Board.
“As a widely respected hepatologist and 2011 President of the International Liver Cancer Association (ILCA), Dr. Gores will contribute a wealth of clinical knowledge on hepatotoxicity and drug induced liver pathology to our Medical Advisory Board,” said Eamonn P. Hobbs, CEO & President of Delcath Systems. “His insight will help provide valuable support to the commercialization of the Delcath Hepatic CHEMOSAT® Delivery System in Europe and the rest of the world, as well as to our regulatory process in the United States.”
Dr. Gores is the Reuben R. Eisenberg Endowed Professor in Gastroenterology and Hepatology, professor of Medicine, and chair of the Division of Gastroenterology and Hepatology at the Mayo Clinic in Rochester, Minnesota. His research is focused on the fundamental mechanisms underpinning cell death in the liver, employing models relevant to human disease. He has published more than 400 original articles, chapters, reviews, and editorials. Dr. Gores serves on the editorial boards for the American Journal of Physiology, American Journal of Gastroenterology, and Nature Reviews in Clinical Gastroenterology and Hepatology and is a past Associate Editor for Hepatology.
Dr. Gores has served as a standing member for two NIH Study Sections and recently chaired the Hepatobiliary Pathobiology Study Section. He has served on the Grants Review Committee for the American Liver Foundation. Dr. Gores is a past president of the American Association for the Study of Liver Diseases and has participated in many activities and committees of this organization. He has been elected into the honorific societies of the American Society for Clinical Investigation and the American Association of Physicians. He is a Mayo Distinguished Investigator.
“The efficacy results of Delcath’s Phase 3 trial are impressive,” said Dr. Gores. “I am excited to be joining Delcath’s Medical Advisory Board. The Hepatic CHEMOSAT Delivery System provides a minimally invasive, repeatable means for delivering high-dose chemotherapy to the liver and has the potential to complement existing systemic therapies that often fail to adequately treat primary or metastatic liver tumors. This is an innovative technology, and I look forward to contributing to its clinical and commercial development.”
About Delcath Systems
Delcath Systems, Inc. is a development stage specialty pharmaceutical and medical device company focused on oncology. Delcath’s proprietary system for chemosaturation is designed to administer high dose chemotherapy and other chemotherapeutic agents to diseased organs or regions of the body, while controlling the systemic exposure of those agents. The Company’s initial focus is on the treatment of primary and metastatic liver cancers. In 2010, Delcath concluded a Phase III metastatic melanoma study, and the Company recently completed a multi-arm Phase II trial to treat other liver cancers. The Company obtained authorization to affix a CE Mark for the Hepatic CHEMOSAT Delivery System in April 2011. The Company has not yet received FDA approval for commercial sale of its system in the United States. For more information, please visit the Company’s website at http://www.delcath.com/.
The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements made by the Company or on its behalf. This news release contains forward-looking statements, which are subject to certain risks and uncertainties that can cause actual results to differ materially from those described. Factors that may cause such differences include, but are not limited to, uncertainties relating to: the future initial launch and distribution of the CHEMOSAT system Europe, CE Marking for the Generation Two system and the timing of our commercial launch in Europe, the time required to build inventory and establish commercial operations in Europe, adoption, use and resulting sales, if any, for the Hepatic CHEMOSAT delivery system in the EEA, our ability to successfully commercialize the chemosaturation system and the potential of the chemosaturation system as a treatment for patients with terminal metastatic disease in the liver, acceptability of the Phase III clinical trial data by the FDA, our ability to address the issues raised in the Refusal to File letter received from the FDA and the timing of our re-submission of our NDA, re-submission and acceptance of the Company’s NDA by the FDA, approval of the Company’s NDA for the treatment of metastatic melanoma to the liver, adoption, use and resulting sales, if any, in the United States, approval of the current or future chemosaturation system for other indications, actions by the FDA or other foreign regulatory agencies, our ability to obtain reimbursement for the CHEMOSAT system, our ability to successfully enter into distribution and strategic partnership agreements in foreign markets and the corresponding revenue associated with such foreign markets, uncertainties relating to the results of research and development projects and future clinical trials, and uncertainties regarding our ability to obtain financial and other resources for any research, development and commercialization activities. These factors, and others, are discussed from time to time in our filings with the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date they are made. We undertake no obligation to publicly update or revise these forward-looking statements to reflect events or circumstances after the date they are made.
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Contact Information: |
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|
Investor Contact: |
Media Contact: |
|
Doug Sherk/Gregory Gin |
Janine McCargo |
|
EVC Group |
EVC Group |
|
415-568-4887/646-445-4801 |
646-688-0425 |
SOURCE Delcath Systems, Inc.
Republic First Bancorp, Inc. (FRBK) Announces Loan Sale to Dramatically Improve Asset Quality
PHILADELPHIA, Dec. 21, 2011 /PRNewswire/ — Republic First Bancorp, Inc. (NASDAQ: FRBK), the holding company for Republic Bank, announced that it has completed the sale of $59.0 million of commercial real estate loans and foreclosed properties to a single investor. This transaction will dramatically reduce non-performing asset balances and significantly improve credit quality metrics while still leaving the Company with strong capital ratios.
(Logo: http://photos.prnewswire.com/prnh/20100707/PH31611LOGO)
The loans and foreclosed properties had a book balance of $45.1 million and included $28.4 million of non-accrual loans and other real estate owned. Net proceeds amounted to $30.6 million and the Company expects to incur a loss of approximately $14.5 million in the quarter ending December 31, 2011 as a result of the sale. Excluding the completion of the loan transaction, the Company was projecting an estimated profit of approximately $1.1 million for the quarter ending December 31, 2011.
“Strengthening the balance sheet has been a top priority over the last two years,” said Harry D. Madonna, the Company’s Chairman and Chief Executive Officer. “During that time period we have transformed Republic into a new bank with a new brand, new management team, renovated store locations and a retail model focused on fanatical customer service,” said Madonna. “We have strengthened our capital position and brought stabilization to the balance sheet in an incredibly challenging economic environment. We believe this transaction represents the final step in completing the transformation and we anxiously look forward to building out our model to serve the customers in our market.”
This loan sale significantly improves the Company’s asset quality ratios which are now superior to the average ratios of comparable financial institutions in its peer group. Some of the key ratios impacted as a result of the loan sale are as follows:
|
|
Actual Ratio 09/30/11 |
|
Projected Ratio 12/31/11 |
|
|
|
|
|
|
Non-Performing Loans / Total Loans |
5.05% |
|
1.95% |
|
Non-Performing Assets / Total Assets |
4.83% |
|
1.80% |
|
Loan Loss Reserve / Total Loans |
1.95% |
|
2.15% |
|
Loan Loss Reserve / Non-Performing Loans |
38.68% |
|
110.00% |
|
Non-Performing Assets / Capital and Reserves |
45.68% |
|
20.00% |
Capital levels remain strong after recording the impact of the loan sale. The Company, along with its banking subsidiary, continue to meet the criteria necessary to be considered well capitalized as defined under the regulatory guidelines established by federal banking agencies. In addition, sufficient capital still exists for the Company to pursue its growth and expansion plans.
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|
Actual Ratio 09/30/11 |
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Projected Ratio 12/31/11 |
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|
|
|
|
|
Leverage Ratio |
10.66% |
|
8.80% |
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Tier 1 Risk Based Capital Ratio |
12.72% |
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11.60% |
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Total Risk Based Capital Ratio |
13.97% |
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12.90% |
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|
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|
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Book Value per Common Share |
$3.40 |
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$2.90 |
About Republic Bank
Republic Bank, a subsidiary of Republic First Bancorp, Inc., is a full-service, state-chartered commercial bank, whose deposits are insured up to the applicable limits by the Federal Deposit Insurance Corporation (FDIC). The Bank provides diversified financial products through its thirteen offices located in Abington, Ardmore, Bala Cynwyd, Plymouth Meeting, Media and Philadelphia, Pennsylvania and Voorhees and Haddonfield, New Jersey. For more information about Republic Bank, visit myrepublicbank.com.
Forward Looking Statements
The Company may from time to time make written or oral “forward-looking statements”, including statements contained in this release and in the Company’s filings with the Securities and Exchange Commission. The forward-looking statements contained herein are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected in the forward-looking statements. For example, risks and uncertainties can arise with changes in: general economic conditions, including their impact on capital expenditures; new service and product offerings by competitors and price pressures; and similar items. You should carefully review the risk factors described in the Form 10-K for the year ended December 31, 2010 and other documents the Company files from time to time with the Securities and Exchange Commission. The words “may”, “believes,” “expect,” “estimate,” “project,” “anticipate,” “should,” “intend,” “probability,” “risk,” “target,” “objective,” and similar expressions or variations on such expressions are intended to identify forward-looking statements. All such statements are made in good faith by the Company pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. The Company does not undertake to update any forward-looking statement, whether written or oral, that may be made from time to time by or on behalf of the Company, except as may be required by applicable law or regulations.
SOURCE Republic First Bancorp, Inc.
Tri-Tech Holding (TRIT) Wins $8.3 Million Contract for a Seawater Desalination Unit in Middle East
BEIJING, Dec. 6, 2011 /PRNewswire-Asia-FirstCall/ — Tri-Tech Holding Inc. (Nasdaq: TRIT), which provides turn-key water resources management, water and wastewater treatment, industrial safety and pollution control solutions, announced today that its subsidiary, Tri-Tech Infrastructure LLC (Tri-Tech U.S.), was awarded a contract to provide a seawater desalination unit for the Utility Plant of Qatar Petrochemical Co. Ltd. (QAPCO) at Mesaieed Industrial City in Doha, Qatar. The contract is valued at $8.3 million.
(Logo: http://photos.prnewswire.com/prnh/20100603/CNTH016LOGO)
Under the terms of the contract, Tri-Tech U.S. will provide a Multiple Effect Thermocompression (MED-TC) desalination unit. The design capacity will be 240 cubic meters per hour (or 5,760 cubic meters per day). The work scope of Tri-Tech U.S. covers design, engineering, fabrication, commissioning, performance testing and on-site training for QAPCO’s technical personnel. Tri-Tech U.S. expects to deliver the desalination unit by November 2012.
Mr. Jim Schwartz, General Manager of Tri-Tech U.S. said, “The desalination unit will use our unique MED-TC design, will be fully automated to require minimal operator attention and will operate efficiently at low temperatures to reduce scaling.”
Mr. Warren Zhao, CEO of Tri-Tech Holding, Inc. commented, “We are pleased with our first thermal seawater desalination contract in the Middle East region, which signals another significant step in our market expansion plan. This is also our third new contract outside China in 2011 following several municipal wastewater projects in India and an ultrafiltration water treatment contract in Canada. We are delighted to work with QAPCO, a leading petrochemical company producing and supplying ethylene and polyethylene from the Middle East to the global market. With our unique technologies and products in industrial wastewater treatment and seawater desalination, we will continue to refine our competitive edge in the industrial sector and seek more such opportunities.”
Mr. Phil Fan, co-president of Tri-Tech Holding, Inc., added, “Qatar is abundant with oil and natural gas. The economy depends heavily on export of oil natural gas, and related products. Presently, the country is greatly developing petrochemicals to boost its economy. Qatar has no natural waterways and scarcity in fresh water, so almost all potable water and industrial processing water is desalted seawater.
“Qatar plans to invest $75 billion in natural gas and petrochemical industries by 2012 and expects to upgrade its refining capacity to 18 million tons by 2016. Given the country’s needs for fresh water for its people and industry demands for wastewater, water treatment and desalination, especially for use in the petrochemical sector, we will continue to enhance our marketing and sales effort in the Middle East.”
About Qatar Petrochemical Company Ltd.
Established in 1974, QAPCO is one of the leading producers of ethylene and low-density polyethylene (LDPE) in the Middle East Region. As a joint multinational venture, QAPCO owned by the state-owned Industrial Qatar and Total Petrochemicals of France. QAPCO utilizes the associated and non-associated ethane feed from petroleum/natural gas production in line with the industrialization plan of the State of Qatar. QAPCO mainly produces ethylene, LDPE and sulfur. With plants situated on the seacoast with jetty facilities, QAPCO exports its entire range of products worldwide and is well established in the global market due to its quality and reliability. QAPCO has quickened its ambitious pace to become a petrochemical supplier with a diversified product portfolio and intends to serve the customers at their doorsteps through its growing global network of self-operating offices, warehouses and agents. It has a full commercial and marketing organization in Qatar and now has a presence in over 145 countries through an integrated global marketing and sales network that is spread across 28 self-operated offices, 6 regional warehouses and a well-established agent and distributor network.
About Tri-Tech Holding Inc.
Tri-Tech designs customized sewage treatment and odor control systems for municipalities and private sectors in China and international markets. These systems combine software, information management systems, resource planning and local and distant networking hardware that includes sensors, control systems, programmable logic controllers, supervisory control and data acquisition systems. The company also designs systems that track natural waterway levels for drought control, monitor groundwater quality and assist the Chinese government in managing its water resources. The company is also moving into the industrial pollution control market. Tri-Tech owns 27 software copyrights and six technological patents, and employs 300 people. Please visit http://www.tri-tech.cn for more information.
This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include references to the successful completion of the project referenced herein and other statements concerning plans, objectives, goals, strategies, future events such as project payments, results of marketing efforts or performance, and underlying assumptions and other statements that are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, product and service demand and acceptance, changes in technology, economic conditions, the impact of competition and pricing, government regulation, and other risks contained in reports filed by the company with the Securities and Exchange Commission. All such forward-looking statements, whether written or oral, and whether made by or on behalf of the company, are expressly qualified by the cautionary statements and any other cautionary statements which may accompany the forward-looking statements. In addition, the company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.
Investor Relations Contact:
Mr. Craig T. Stewart
North Coast Advisors Inc.
Rochester, N.Y.
+1 (585) 388-3340
cstewart@ncainc.com
SOURCE Tri-Tech Holding Inc.
QuickLogic (QUIK) Solves HD Display Bridging Issues in Mobile Device Designs With New Family of CSSPs
SUNNYVALE, CA — (Marketwire) — 12/06/11 — QuickLogic Corporation (NASDAQ: QUIK)
- Features LVDS, RGB and MIPI DSI interface bridging capabilities in a variety of configurations
- Supports up to WUXGA (1920×1200) resolution
- DPO HD dramatically improves battery life up to 50%; VEE HD enhances bright sunlight viewability
QuickLogic Corporation, the lowest power programmable solutions leader, has introduced a new line of display interface and enhancement solutions for the mobile market, the ArcticLink III VX series. This family of devices helps designer’s bridge incompatible display interfaces between processors and displays, while improving display viewability and increasing system battery life. Leveraging the latest generation of QuickLogic’s OEM-proven VEE (Visual Enhancement Engine) and DPO (Display Power Optimization) technologies, the ArcticLink III VX platform series handles virtually all displays used in tablet and smartphone designs.
Serving as a complement to QuickLogic’s existing ArcticLink II VX family, the ArcticLink III VX series features numerous technical enhancements that further address tablet and smartphone display challenges. The VEE and DPO 2.0 technologies, based on the iridix® core from Apical Limited, have undergone an upgrade to HD+ (1920×1200, or WUXGA) resolution, enabling them to provide support that surpasses today’s high-definition standards. Compared to the current generation, ArcticLink III VX has reduced the device area by 44%, and power consumption has been reduced by as much as 80%.
The ArcticLink III VX series features 13 distinct products, each featuring QuickLogic’s VEE HD+ and DPO HD+ technologies. To support mismatched interface systems, certain products feature integrated bridging between the popular RGB, MIPI DSI, and LVDS standards. According to Randy Lawson, Principal Analyst and Manager at HIS iSuppli, “More than 60M smartphones will ship this year with a mismatched processor and display interface.” To support matched interface systems, the ArcticLink III VX series also offers a number of MIPI ‘pass-through’ interface architectures. Finally, to support easy integration of embedded pico projectors, other products within the series feature a single-input, dual-output architecture, supporting both matched and mismatched interfaces.
Display and Power Optimization
Unlike existing stand-alone bridging solutions, the ArcticLink III VX series can enhance display viewability in adverse lighting conditions and extend battery life by as much as 50%. QuickLogic’s VEE HD+ technology substantially enhances viewability by dynamically optimizing the display content’s dynamic range, contrast, and color saturation based on a human visual model to provide a natural viewing experience to the user, regardless of the viewing environment. QuickLogic’s DPO HD+ technology works in conjunction with the VEE HD+ technology to extend battery life by modulating display brightness based on ambient lighting and content without negatively affecting the user experience.
“Mobile device developers are often forced to make compromises in their display choices,” says Brian Faith, Vice President of Worldwide Sales and Marketing at QuickLogic. “The ArcticLink III VX series offers system designers multiple solutions to address their specific needs through the combination of the bridging, pass-through, and dual output architectures with resolution support up to 1920 x 1200, coupled with our VEE HD+ and DPO HD+ technologies.”
Availability
QuickLogic will begin sampling the ArcticLink III VX to lead customers in Q1 2012, with mass production slated for Q3 2012. Contact QuickLogic sales at sales@quicklogic.com for more information.
Stay up to date with QuickLogic and help us spread the word:
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About QuickLogic
QuickLogic Corporation (NASDAQ: QUIK) is the inventor and pioneer of innovative, customizable semiconductor solutions for mobile and portable electronics OEMs and ODMs. These silicon plus software solutions are called Customer Specific Standard Products (CSSPs). CSSPs enable our customers to bring their products to market more quickly and remain in the market longer, with the low power, cost and size demanded by the mobile and portable electronics market. For more information about QuickLogic and CSSPs, visit www.quicklogic.com.
QuickLogic and ArcticLink are registered trademarks and the QuickLogic logo is a trademark of QuickLogic Corporation. All other brands or trademarks are the property of their respective holders and should be treated as such.
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