Brigus Gold Corp. (BRD)

Brigus Gold Corp. announced that exploration drilling on the southern portion of the Black Fox Complex continues to return high-grade assays over significant widths. The most recent results confirm a new gold zone, running north south and located approximately 150 metres to the east and running parallel to the Contact Zone. Expanded drilling of this zone is now a key focus for Brigus as the company continues to delineate this new discovery.

About Brigus Gold Corp. (BRD)

Brigus Gold Corp., a high quality emerging mid-tier gold producer, is dedicated to maximizing shareholder value through ongoing development and exploration with projects in Ontario, Saskatchewan, Mexico and the Dominican Republic. With total reserves of 2.3 million ounces of gold and projects ready for development, Brigus Gold is well positioned for growth.

The company combines strong production strategies with an excellent development pipeline in primarily low-risk operating jurisdictions. The company’s Black Fox mine near Timmins, Ontario is currently producing gold and is expected to increase production in the upcoming years – generating steady cash flow for further expansion.

Brigus Gold intends to channel its resources into advancing its second flagship mine project, the Goldfields Project, near Uranium City, Saskatchewan. The Goldfields Project is set to begin production in 2013 and has documented resources, existing infrastructure and permits already in place. In addition to the properties adjacent to its flagship mine sites, the company also plans to advance the Ixhuatan and Huizopa projects in Mexico in the future.

China Pharma Holdings, Inc. (CPHI) Reports First Quarter 2011 Financial Results

HAIKOU CITY, China, May 11, 2011 /PRNewswire-Asia-FirstCall/ — China Pharma Holdings, Inc. (NYSE AMEX: CPHI) (“China Pharma” or the “Company”), a fully-integrated specialty pharmaceuticals company in China, today announced financial results for the quarter ended March 31, 2011.

First Quarter 2011 Highlights

• Revenue increased 20% to $18.1 million from $15.1 million in the first quarter of 2010.
• Cashflow from operations rose 23% to $1.4 million from $1.1 million in first quarter of 2010.
• Gross profit grew 12% to $6.9 million from $6.1 million in the first quarter of 2010.
• Net income, excluding the impact of change in fair value of derivative liability, increased 3% to $4.4 million, compared $4.3 million in the first quarter of 2010.

“In the first quarter of 2011 we achieved solid sales growth primarily due to strong performances by our Digestive Diseases and Anti-Viro product categories. We continue to face moderate pricing pressure across several of our product categories during the quarter, but we expect gross margin and revenue to benefit from anticipated launches of Candesartan and Rosuvastatin in the seasonally strong second half of the year,” said Ms. Zhilin Li, China Pharma’s Chairman and CEO. “In addition to the expected launch of these two higher margin products later in 2011, we continue to advance our novel cephalosporin-based combination antibiotic through Phase II clinical trials. Commercializing exciting new drugs like this, along with first-to-market generic medicines, is an important part of our strategy to enhance China Pharma’s growth and profitability.”

First Quarter 2011 Results

Revenues for the quarter ended March 31, 2011 were $18.1 million, up 20% from revenues of $15.1 million for the quarter ended March 31, 2010, reflecting higher sales across all of the Company’s product categories led by growth in the Digestive Diseases and Anti-Viro Infection & Respiratory (“Anti-Viro”) categories.

The Digestive Diseases product group was the Company’s fastest growing revenue category in the first quarter of 2011, with sales increasing 53% to $2.6 million from $1.7 million in the first quarter of 2010. The strong performance of the Digestive Diseases product group primarily reflects continued robust sales of Omeprazole, the Company’s generic gastroesophageal reflux disease drug, and Tiopronin, a drug prescribed for treatment of acute Hepatitis B and drug-induced liver damage.

Revenue from the Anti-Viro product category grew 31% to $7.1 million in the quarter ending March 31, 2011, from $5.4 million in the first quarter of 2010. We saw year-over-year sales growth in nearly all products within the Anti-Viro category.

Revenue from the Other product category increased 15% to $3.1 million in the first quarter of 2011 from $2.7 million in the same period last year, driven by strong sales of Vitamin B6.

The CNS Cerebral & Cardio Vascular (“CNS”) product group generated revenue of $5.4 million in the first quarter of 2011, roughly flat compared to revenue of $5.3 million in the first quarter of 2010. The Company expects significantly improved future sales growth and profitability in this category upon launch of Candesartan and Rosuvastatin, both of which are CNS products.

Gross profit for the quarter ended March 31, 2011 was $6.9 million, up 12% from gross profit of $6.1 million in the same period of 2010. Gross margin decreased to 37.9% in the first quarter of 2011 from 40.6% in the first quarter of 2010, reflecting pricing pressure across product lines, with the exception of the Digestive Diseases category. The Company estimates that the new tax and surcharges that became applicable recently accounted for approximately 0.8% of the decline in overall margin.

Gross margin for the Digestive Diseases product group increased to 48.4% in the first quarter of 2011 from 47.5% in the same period last year. Anti-Viro gross margin declined slightly to 27.5% in the first quarter of 2011 from 28.6% in the same period last year. Gross margin for the Other product category fell more sharply to 44.9% in the first quarter of 2011 from 49.7% in the same period last year, primarily reflecting strong sales of Vitamin B6, which is on the Essential Drug List and generates lower margin than the category average. CNS product gross margin decreased slightly to 45.3% in the first quarter of 2011 from 45.8% in the same period last year.

Selling, general and administrative expenses in the first quarter of 2011 were $1.5 million, or 8.4% of sales, compared to $1.2 million, or 8.2% of sales, in the same period of 2010. For the quarter ended March 31, 2011, the Company’s bad debt expense was $9,428, compared to bad debt expense of $70,906 in the same period of 2010.

Operating income was $5.3 million in the first quarter of 2011, up 11% from $4.8 million in the first quarter of 2010.

For the quarter ended March 31, 2011, the Company paid income tax at a rate of approximately 14%. Income tax expense for the first quarter of 2011 was $0.9 million, compared to $0.5 million for the same period last year. The Company obtained “National High-Tech Enterprise” status from the PRC government in the fourth quarter of 2010. With this designation, the Company is entitled to a preferential tax rate of 15% for the next three years (2011 to 2013), which is notably lower than the statutory income tax rate of 25%.

Net income for the first quarter of 2011 was $5.1 million, or $0.12 per basic and diluted share, compared to $4.9 million, or $0.11 per basic and diluted share, in the first quarter of 2010. Excluding the effect of change in fair value of derivative warrant liability, adjusted non-GAAP net income in the first quarter of 2011 was $4.4 million, or $0.10 per diluted share, compared to $4.3 million, or $0.10 per diluted share, in the first quarter of 2010.

Financial Condition

As of March 31, 2011, the Company had cash and cash equivalents of $3.8 million compared to $3.7 million as of December 31, 2010.

Working capital increased to $84 million at March 31, 2011 from $79 million at December 31, 2010. The current ratio rose to 7.6 times at March 31, 2011 from 7.2 times at December 31, 2010.

Accounts receivable balance rose to $64 million at the end of the first quarter of 2011 from $62 million at the end 2010. The Company’s management team continues to be sharply focused on improving accounts receivable collection and expects to make further progress in the quarters to come.

For the quarter ended March 31, 2011, cash flow from operating activities was $1.4 million, as compared to $1.1 million in the first quarter of 2010.

“In 2011, we anticipate adding new higher-margin revenue streams to our upcoming new products, which should help offset pockets of margin pressure coming from higher raw material costs and more competitive pricing due to government reform policies. Overall we are very optimistic that we have the right mix of products and pipeline opportunities to position China Pharma to benefit from China’s unprecedented $124 billion healthcare reform program,” said Ms. Li. “We believe our success in 2011 and beyond will be defined by our high-quality manufacturing facilities and promising pipeline, strong distribution relationships, and commercialization expertise.”

Pipeline Update

As of March 31, 2011, China Pharma had nine pipeline drugs in different stages of active development. The development of three of such products is highlighted below:

• The Company completed clinical trials of Candesartan, a front-line drug therapy for the treatment of hypertension. The Company has completed all testing procedures and currently awaits final SFDA production approval.
• The Company completed clinical trials of Rosuvastatin, a generic form of Crestor, in December 2010 and has submitted an application for SFDA production approval.
• The Company completed Phase I clinical trials of its novel cephalosporin-based combination antibiotic in September 2010. Phase I of the clinical trials focused on the study of clinical pharmacology as well as the evaluation of safety on the human body, while observing tolerance and pharmacokinetics to provide support for dosage and drug delivery design. The Company has entered Phase II clinical trials for this drug.

Conference Call

The Company will hold a conference call at 8:30 a.m. ET on May 11, 2011 to discuss first quarter fiscal year 2011 results. Listeners may access the call by dialing 1-866-783-2145, or 1-857-350-1604 for international callers; access code: 43412948. A webcast will also be available through the Company’s website at http://www.chinapharmaholdings.com. A replay of the call will be accessible from 12:30 p.m. ET on May 11, 2011 through May 18, 2011 by dialing 1-888-286-8010, or 1-617-801-6888 for international callers; access code: 49458851.

Use of Non-GAAP Financial Measures

GAAP results for the quarter ended March 31, 2011 and March 31, 2010 include the impact of gains from changes in value of derivative warrant liability. To supplement its consolidated financial statements presented on a GAAP basis, the Company has provided non-GAAP adjusted financial information, including adjusted net income and adjusted diluted earnings per share, that excludes the impact of the changes in value of derivative warrant liability. The Company’s management believes that this adjusted measure provides investors with a better understanding of how the results relate to the Company’s historical performance. A reconciliation of adjustment to GAAP results appears in the tables accompanying this press release. This additional adjusted information is not meant to be considered in isolation or as a substitute for GAAP financials. The adjusted financial information that the Company provides also may differ from the adjusted information provided by other companies.

About China Pharma Holdings, Inc.

China Pharma Holdings, Inc. is a rapidly growing specialty pharmaceutical company that develops, manufactures and markets a diversified portfolio of products focused on conditions with a high incidence and high mortality rates in China, including cardiovascular, CNS, infectious, and digestive diseases. The Company’s cost-effective, high-margin business model is driven by market demand and supported by eight scalable GMP-certified product lines covering the major dosage forms. In addition, the Company has a broad and expanding nationwide distribution network across all major cities and provinces in China. The Company’s wholly-owned subsidiary, Hainan Helpson Medical & Biotechnology Co., Ltd., is located in Haikou City, Hainan Province. For more information about China Pharma Holdings, Inc., please visit http://www.chinapharmaholdings.com.

Safe Harbor Statement

Certain statements in this press release constitute forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Any statements set forth above that are not historical facts are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements, which may include, but are not limited to, such factors as the achievability of financial guidance, success of new product development, unanticipated changes in product demand, increased competition, downturns in the Chinese economy, uncompetitive levels of research and development, and other information detailed from time to time in the Company’s filings and future filings with the United States Securities and Exchange Commission. The forward-looking statements made herein speak only as of the date of this press release and the Company undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the Company’s expectations except as required by applicable law or regulation.

– FINANCIAL TABLES FOLLOW –

Ever-Glory (EVK) Reports First Quarter 2011 Financial Results

NANJING, China, May 11, 2011 /PRNewswire-Asia-FirstCall/ — Ever-Glory International Group, Inc. (the “Company” or “Ever-Glory”) (NYSE Amex: EVK), a leading apparel supply chain manager and retailer based in China, today reported its financial results for the first quarter ended March 31, 2011.

During the first quarter of 2011, net sales increased 103.6% to $53.2 million compared to $26.1 million in the first quarter of 2010. The increase was primarily attributable to increased sales in Ever-Glory’s retail business as well as its wholesale business in China.

Retail sales from LA GO GO, the Company’s branded retail division, increased 86.5% to $12.6 million, compared to $6.8 million in the first quarter of 2010. This increase was primarily due to the increase in same store sales and new stores opened. Ever-Glory had 305 LA GO GO stores as of March 31, 2011, compared to 195 LA GO GO stores at March 31, 2010. LA GO GO stores are located in more than 20 provinces in China.

Sales generated from the Company’s wholesale business increased 109.5% to $40.6 million, compared to $19.4 million in the first quarter of 2010. The increase was mainly attributable to the increased sales in China. In response to the global economic uncertainty and political instability, in mid 2010 Ever-Glory shifted its wholesale marketing effort to develop its wholesale business in the Chinese market. Management believes that Ever-Glory’s expertise in supply chain management and years of experience in the wholesale business enabled the Company to quickly obtain significant orders in the Chinese wholesale market.

In the first quarter of 2011, gross profit was $9.1 million, an increase of 67.8% compared to the same period in 2010. Gross margin decreased 3.7% to 17.1% in the first quarter of 2011, compared to 20.8% in the first quarter of 2010. The decrease was mainly due to increased raw materials prices and outsourced manufacturing costs.

“In the first quarter of 2011, sales increased significantly in both our wholesale and retail segments.” commented Mr. Edward Yihua Kang, Chairman of the Board and Chief Executive Officer of Ever-Glory. “We are especially encouraged by our strong performance. The total number of LA GO GO stores in China increased from 293 at the end of 2010 to 305 stores as of March 31, 2011, we expect to open additional 80-100 new stores in 2011 based on the 293 stores we had at the end of 2010.

“In 2011, we plan to continue to develop LA GO GO through perfecting design styles, improving store management efficiency and opening more stores in desired locations,” continued Mr. Kang. “We are confident that, through these measures, we can enhance same-store sales, expand LA GO GO’s market penetration and increase its brand influence in China.”

Selling expenses increased 112.5% to $3.6 million in the first quarter of 2011 from $1.7 million in the first quarter of 2010. The increase was attributable to the enlarged number of retail employees and increased average salaries, as well as increased store decoration and marketing expenses associated with the promotion of the LA GO GO brand.

General and administrative expenses increased 15.7% to $2.2 million in the first quarter of 2011 from $1.9 million in the first quarter of 2010. As a percentage of total sales, general and administrative expenses decreased to 4.2% of total sales for the three months ended March 31, 2011, compared to 7.3% of total sales for the three months ended March 31, 2010. The total general and administrative expenses increase was attributable to an increase in payroll for additional management and design and marketing staff as a result of our business expansion. The decrease in general and administrative expenses as a percentage of total sales was due to the increase in our sales.

Income from operations for the first quarter of 2011 increased 81.1% to $3.3 million, compared to $1.8 million in the first quarter of 2010.

For the first quarter of 2011, GAAP net income attributable to the Company was $2.6 million, or $0.18 per diluted share, an increase of 65.8% from $1.6 million, or $0.11 per diluted share in the first quarter of 2010. GAAP net income attributable to the Company results for in the first quarter of 2011 include approximately $0.2 million, or $0.01 per diluted share, of non-cash income related to the change in fair value of a derivative liability compared to approximately $0.1 million, or $0.01 per diluted share, of non-cash income related to the change in fair value of a derivative liability in the first quarter of 2010. Excluding these non-cash items for the first quarter 2011 and 2010, non-GAAP diluted earnings per share were $0.17 in the first quarter of 2011 compared to $0.10 in the first quarter of 2010. (see “About Non-GAAP Financial Measures” below).

Balance Sheet and Cash Flow

As of March 31, 2011, the Company had approximately $9.7 million of cash and cash equivalents, compared to approximately $3.7 million as of March 31, 2010. Ever-Glory had working capital of approximately $27.4 million as of March 31, 2011, and outstanding bank loans of approximately $19.5 million as of March 31, 2011.

Business Outlook

For the second quarter of 2011, the Company anticipates total net sales of $32 to $42 million and net income of $1.3 to $1.8 million. For full year 2011, Ever-Glory anticipates total net sales between $180 and $215 million and net income between $7.3 and $9.0 million. The full year revenue forecast is comprised of $120 to $150 million in expected wholesale revenue and $60 to $65 million in expected revenue from retail operations.

About Non-GAAP Financial Measures

This press release and presentations of management related to the subject matter of this press release contains financial measures for earnings that are not prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) in that they exclude the items arising from the change in fair value of a derivative liability. Ever-Glory believes that these non-GAAP financial measures are useful to investors because they reflect the essential operating activities of Ever-Glory. Readers are cautioned, however, that non-GAAP measures are subject to inherent limitations because they involve the exercise of judgment about which items are excluded in the determination of the non-GAAP financial measure.

The following table provides the non-GAAP financial measure and the related GAAP measure and provides a reconciliation of the non-GAAP measure to the equivalent GAAP measure for the three months ended March 31, 2011 and 2010:

Conference Call

The Company will hold a conference call today at 8:30 a.m. Eastern Time which will be hosted by Edward Yihua Kang, Chairman of the Board, President, and CEO, and Jason Jiansong Wang, Chief Financial Officer. Listeners can access the conference call by dialing # 1-719-325-2100 and referring to the confirmation code 9102398. The conference call will also be broadcast live over the Internet and can be accessed at the Company’s web site at the following URL: http://www.everglorygroup.com.

A replay of the call will be available from 11:30 am May 11, 2011 through May 18, 2011 Eastern Time by calling # 1-858-384-5517; pin number: 9102398.

About Ever-Glory International Group, Inc.

Based in Nanjing, China, Ever-Glory International Group, Inc. is a leading apparel supply chain manager and retailer in China. Ever-Glory is the first Chinese apparel Company listed on the American Stock Exchange (now called NYSE Amex), and has a focus on middle-to-high grade casual wear, outerwear, and sportswear brands. Ever-Glory maintains global strategic partnerships in Europe, the United States, Japan and China, conducting business with several well-known brands and retail chain stores. In addition, Ever-Glory operates its own domestic chain of retail stores known as “LA GO GO.”

Cautionary Note Regarding Forward-Looking Statements

Certain statements in this release and other written or oral statements made by or on behalf of Ever-Glory International Group, Inc. (the “Company”) are “forward looking statements” within the meaning of the federal securities laws. Statements regarding future events and developments and the Company’s future performance, as well as management’s expectations, beliefs, plans, estimates or projections relating to the future, are forward-looking statements within the meaning of these laws. The forward looking statements are subject to a number of risks and uncertainties including, without limitation, market acceptance of the Company’s products and offerings, development and expansion of the Company’s wholesale and retail operations, the Company’s continued access to capital, currency exchange rate fluctuation and other risks and uncertainties. The actual results the Company achieves (including, without limitation, the revenue, net income and new retail store projections set forth herein) may differ materially from those contemplated by any forward-looking statements due to such risks and uncertainties (many of which are beyond the Company’s control). These statements are based on management’s current expectations and speak only as of the date of such statements. Readers should carefully review the risks and uncertainties described in the Company’s latest Annual Report on Form 10-K and other documents that the Company files from time to time with the U.S. Securities and Exchange Commission. The Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.

Discovery Labs (DSCO) Reports First Quarter Financial Results and Provides an Update on Key Pipeline Programs

WARRINGTON, Pa., May 11, 2011 (GLOBE NEWSWIRE) — Discovery Laboratories, Inc. (Nasdaq:DSCO) today reports financial results for the first quarter ended March 31, 2011 and provides an update on key pipeline programs. The Company will host a conference call this morning at 10:00 AM EDT. The call-in number is 866-332-5218.

Selected financial information, discussed in greater detail below includes:

• For the quarter ended March 31, 2011, the Company reported a net loss of $3.8 million. Excluding accounting for non-cash items related to depreciation, stock-based compensation and the change in fair value of certain outstanding warrants accounted for as derivative liabilities, the first quarter 2011 loss was $5.4 million.
• For the first quarter of 2011, net cash outflows, before financing activities, was $5.1 million. Financing activities included a public offering of the Company’s securities in February 2011, which resulted in net proceeds of $21.6 million, and a financing in January 2011 under the Company’s June 2010 Committed Equity Financing Facility (2010 CEFF), which resulted in net proceeds of $1 million.
• As of March 31, 2011 the Company had cash and cash equivalents of $27.7 million. The Company also has two Committed Equity Financing Facilities (CEFFs) that, subject to certain conditions, may allow the Company in the future to raise additional capital to support its business plans.

W. Thomas Amick, Chairman of the Board and Chief Executive Officer of Discovery Labs commented, “In the first quarter, we concluded a number of key corporate initiatives that we believe fundamentally strengthen our Company and provides sufficient capital to take us through the potential FDA approval of Surfaxin, our first priority, which we believe could occur in the first quarter of 2012. Additionally, we are prudently advancing and are very encouraged by our aerosolization technology, which we believe has the potential to address the substantial unmet medical need for an aerosolized surfactant for several respiratory disorders. We are also pleased to have recently presented a series of related, new data to the pediatric critical care community at the prestigious PAS Annual Meeting.”

Selected Pipeline Development Updates include:

• Surfaxin^® (lucinactant) for the prevention of respiratory distress syndrome (RDS) in premature infants: The Company is conducting a comprehensive preclinical program to validate its optimized biological activity test (BAT), a key remaining issue that must be addressed to potentially gain U.S. Food and Drug Administration (FDA) marketing approval for Surfaxin in the United States. The Company has had several interactions with the FDA intended to ensure that the comprehensive preclinical program would ultimately satisfy the FDA. In January 2011, the Company announced that the FDA had provided guidance to increase the sample size of a specific data set by testing additional Surfaxin batches. To comply with the FDA’s suggestion, the Company has successfully manufactured eight Surfaxin batches and presently plans to manufacture two additional Surfaxin batches for use in the comprehensive preclinical program. The Company presently plans to complete all related analytical testing and concordance studies, and be in a position to file a Surfaxin Complete Response in the third quarter of 2011.
• Surfaxin LS^TM (lyophilized lucinactant) for neonatal RDS: The Company continues to advance this program. Our plans for 2011 include establishing a commercial-scale manufacturing capability at a cGMP-compliant contract manufacturer with expertise in lyophilized formulations and seeking regulatory guidance from the FDA and the European Medicines Agency (EMA) for the planned clinical development program.
• Aerosolization Technology: Recently, at the 2011 Pediatric Academic Societies Annual Meeting (PAS), new data was presented including: (i) a collaborative study indicating that aerosolized KL4 surfactant significantly improved lung function and survival when treating Acute Lung Injury in a well established preclinical model of this severe respiratory condition, (ii) a dose-ranging assessment of aerosolized KL4 surfactant in a widely recognized preclinical model of RDS, demonstrating significant improvement in lung function, lung structural integrity and pulmonary inflammatory mediator profile following treatment with aerosolized KL4 surfactant versus controls, and (iii) a study highlighting the Company’s novel patient interface technology intended to increase the efficiency of pulmonary aerosol drug delivery to patients requiring positive pressure ventilatory support.

Regarding our lead aerosolized KL4 surfactant program, Aerosurf^® (aerosolized lucinactant for neonatal RDS), data from the preclinical dose ranging assessment study presented at PAS mentioned above suggests that, out of several doses tested, KL4 surfactant delivered via the Company’s proprietary capillary aerosol generator during a 20 to 30 minute dosing interval results in the most favorable physiologic outcomes. This study provides guidance for future clinical dosing strategies for this program. The Company’s plans for 2011 include finalizing the clinical and potential commercial design of the capillary aerosol generator, finalizing the clinical and potential commercial design for the novel patient interface, and seeking regulatory guidance in the U.S. and Europe for the planned development program.

Summary Financial Position and Results for the Quarter ended March 31, 2011

For the quarter ended March 31, 2011, the Company reported a net loss of $3.8 million (or $0.21 per share) on 18.1 million weighted-average common shares outstanding, compared to a net loss of $6.1 million (or $0.66 per share) on 9.2 million weighted-average common shares outstanding for the same period in 2010. Included in the net loss is non-cash income of $2.2 million and $1.2 million for the three months ended March 31, 2011 and 2010, respectively, representing the change in fair value of certain common stock warrants classified as derivative liabilities.

For the quarter ended March 31, 2011, the Company reported an operating loss of $6.1 million, compared to $7.1 million for the same period last year. Excluding non-cash items related to depreciation and stock-based compensation, the first quarter 2011 operating loss was $5.4 million, compared to $6.3 million for the same period last year. Included in the first quarter of 2011 is $0.4 million of revenue recognized under our grant from the National Institutes of Health (NIH) to support the development of the Company’s program for aerosolized KL4 surfactant for RDS.

As of March 31, 2011 the Company had cash and cash equivalents of $27.7 million compared to $10.2 million as of December 31, 2010. Net cash outflows from ongoing operating activities, before financings, for the first quarter of 2011 was $5.1 million. Financing activities in the first quarter of 2011 included: (i) in January 2011, the Company received net proceeds of approximately $1.0 million from the issuance of 314,179 shares of common stock pursuant to a financing under the 2010 CEFF; and (ii) in February 2011, the Company completed a public offering that resulted in net proceeds of $21.6 million from the issuance of 10 million shares of common stock and warrants to purchase 10 million shares. The shares and warrants were priced at $2.35 per unit, with each unit consisting of one share of common stock, one 15-month warrant to purchase 0.5 share of common stock and one five-year warrant to purchase 0.5 share of common stock. The 15-month warrants have an exercise price of $2.94 per share, the five-year warrants have an exercise price of $3.20 per share, subject to certain anti-dilution provisions. If the market price of the Company’s common stock were to exceed $2.94 at any time prior to May 2012, the Company may potentially realize up to an additional $14.7 million in proceeds from the potential exercise of the 15-month warrants.

Additionally, the Company currently has two Committed Equity Financing Facilities (CEFFs) that, subject to certain conditions, including price and volume limitations, may allow the Company in the future to raise additional capital to support its business plans. Under the 2010 CEFF (which expires in June 2013), there are 1.3 million shares available for potential future issuance. Under the May 2008 CEFF (which expires in June 2011), there are 0.9 million shares available for potential future issuance.

As of March 31, 2011, the Company reported common stock warrant liability of $8.3 million, as compared to $2.5 million as of December 31, 2010. The increase in common stock warrant liability is due primarily to the issuance in February 2011 of the five-year warrants discussed above. These warrants may be exercised for cash only, except in certain limited circumstances, and expressly state that there is no circumstance in which the Company shall be required to settle the warrants in cash. These warrants contain anti-dilution provisions that reset the exercise price upon the future issuance of lower-priced securities (with certain exceptions). Due to the nature of the anti-dilution provisions, to comply with applicable accounting guidelines (Accounting Standards Codification Topic 815), these warrants were classified as derivative liabilities and reported as of March 31, 2011 at an estimated fair value of $7.3 million using a trinomial valuation model.

The Company had 24.1 million and 13.8 million common shares outstanding as of March 31, 2011 and December 31, 2010, respectively.

Readers are referred to, and encouraged to read in their entirety, the Forms 8-K regarding the matters referred to herein, including any exhibits attached thereto, and the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2011 to be filed with the Securities and Exchange Commission, which includes further detail on above-referenced transactions and the Company’s business plans and operations, financial condition and results of operations.

Surfaxin, Surfaxin LS, Aerosurf and the Company’s other aerosolized KL4 surfactant drug product candidates are investigational medications and are not approved by the FDA or any other world health regulatory authority for use in humans. The capillary aerosol generator and the proprietary patient interface are investigational devices and are not approved by the FDA or any other world health regulatory authority for use in humans.

Conference Call Details

Discovery Labs will hold a conference call on Wednesday May 11, 2011 at 10:00 AM EDT to further discuss the foregoing. The call in number is 866-332-5218. The international call in number is 706-679-3237. This audio webcast will be available through a live broadcast on the Internet at http://us.meeting-stream.com/discoverylaboratories_051111 and www.discoverylabs.com. The replay number to hear the conference call is 800-642-1687 or 706-645-9291. The passcode is 63905586.

About Discovery Labs

Discovery Laboratories, Inc. is a specialty biotechnology company developing surfactant therapies for respiratory diseases. Surfactants are produced naturally in the lungs and are essential for breathing. Discovery Labs’ novel proprietary KL4 surfactant technology produces a synthetic, peptide-containing surfactant that is structurally similar to pulmonary surfactant and is being developed in liquid, aerosol or lyophilized formulations. Discovery Labs is also developing its proprietary capillary aerosolization technology and novel patient interfaces, to enable efficient, targeted upper respiratory or alveolar delivery of aerosolized KL4 surfactant. Discovery Labs believes that its proprietary technology makes it possible, for the first time, to develop a significant pipeline of surfactant products to address a variety of respiratory diseases for which there frequently are few or no approved therapies. For more information, please visit our website at www.Discoverylabs.com.

Forward-Looking Statements

To the extent that statements in this press release are not strictly historical, all such statements are forward-looking, and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from the statements made. Examples of such risks and uncertainties are: risks relating to the rigorous regulatory requirements required for approval of any drug or drug-device combination products that Discovery Labs may develop, including that: (a) Discovery Labs and the U.S. Food and Drug Administration (FDA) or other regulatory authorities will not be able to agree on the matters raised during regulatory reviews, or Discovery Labs may be required to conduct significant additional activities to potentially gain approval of its product candidates, if ever, (b) the FDA or other regulatory authorities may not accept or may withhold or delay consideration of any of Discovery Labs’ applications, or may not approve or may limit approval of Discovery Labs’ products to particular indications or impose unanticipated label limitations, and (c) changes in the national or international political and regulatory environment may make it more difficult to gain FDA or other regulatory approval; risks relating to Discovery Labs’ research and development activities, including (i) time-consuming and expensive pre-clinical studies, clinical trials and other efforts, which may be subject to potentially significant delays or regulatory holds, or fail, and (ii) the need for sophisticated and extensive analytical methodologies, including an acceptable biological activity test as well as other quality control release and stability tests to satisfy the requirements of the regulatory authorities; risks relating to Discovery Labs’ ability to develop and manufacture drug products, and capillary aerosol generators and patient interface systems for clinical studies, and, if approved, for commercialization of drug and combination drug-device products, including risks of technology transfers to contract manufacturers and problems or delays encountered by Discovery Labs, its contract manufacturers or suppliers in manufacturing drug products, drug substances and other materials and capillary aerosol generators and patient interface systems on a timely basis or in an amount sufficient to support Discovery Labs’ development efforts and, if approved, commercialization; the risk that Discovery Labs may be unable to identify potential strategic partners or collaborators to develop and commercialize its products, if approved, in a timely manner, if at all; the risk that Discovery Labs will not be able in a changing financial market to raise additional capital or enter into strategic alliances or collaboration agreements, or that the ongoing credit crisis will adversely affect the ability of Discovery Labs to fund its activities, or that additional financings could result in substantial equity dilution; the risk that Discovery Labs will not be able to access credit from its committed equity financing facilities (CEFFs), or that the minimum share price at which Discovery Labs may access the CEFFs from time to time will prevent Discovery Labs from accessing the full dollar amount potentially available under the CEFFs; the risk that Discovery Labs or its strategic partners or collaborators will not be able to retain, or attract, qualified personnel; the risk that Discovery Labs will be unable to maintain compliance with The Nasdaq Capital Market listing requirements, which could cause the price of Discovery Labs’ common stock to decline; the risk that recurring losses, negative cash flows and the inability to raise additional capital could threaten Discovery Labs’ ability to continue as a going concern; the risks that Discovery Labs may be unable to maintain and protect the patents and licenses related to its products, or other companies may develop competing therapies and/or technologies, or health care reform may adversely affect Discovery Labs; risks of legal proceedings, including securities actions and product liability claims; risks relating to health care reform; and other risks and uncertainties described in Discovery Labs’ filings with the Securities and Exchange Commission including the most recent reports on Forms 10-K, 10-Q and 8-K, and any amendments thereto.

Top Image Systems (TISA) Reports Financial Results for First Quarter 2011

TEL AVIV, Israel, May 11, 2011 (GLOBE NEWSWIRE) — Top Image Systems™, Ltd. (TIS™) (Nasdaq:TISA) (TASE:TISA) the leading ECM (Enterprise Content Management) solutions provider, today announced its financial results for the first quarter ended March 31, 2011.

First Quarter Highlights

• Revenues of $7.2 million, compared to $5.3 million, a 36% increase;
• Net income of $0.74 million, or $0.07 per diluted share, compared to a loss of $1.1 million, or ($0.12) per diluted share, an increase of 167%. On a non-GAAP basis, net income of $1.09 million, up from $0.26 million;
• Operating income of $1.01 million, an increase of $0.66 million compared to last year; Non-GAAP operating income of $1.03 million, compared to $0.45 million in the first quarter of 2010;
• Ninth consecutive quarter of operational profit;
• Adjusted EBITDA of $1.16 million; increased from 7% to 16% of revenues;
• Positive cash flow from operations of $2.4 million, compared to $0.2 million for the same quarter in 2010;

Commenting on the first quarter results, Dr. Ido Schechter, CEO of TIS said, “This quarter we saw significant progress in our new growth areas – our Business Banking Unit and Global Partner Program. As previously announced, in April, we exhibited at the 12^th Annual Asian Banker Summit in Hong Kong where we saw great receptivity to our technology. In addition, we are expanding our partner network and look forward to announcing new customer wins in the months ahead.”

He continued, “While executing on our growth strategy we presented our 9^th consecutive quarter of operation profit. In addition, during the first quarter we recognized a net profit on a GAAP basis and achieved significant positive cash flow from operations of $2.4 million. We are committed to staying focused on our plan and to continuing to deliver superior financial results. Given our success in the first quarter, we are increasing our guidance to 20% to 25% for organic revenues and profitability from our initial 2011 guidance range of 17% to 23%.”

First Quarter 2011 Results

Revenues for the first quarter of 2011 were $7.2 million, compared to $5.3 million for the first quarter of 2010. Product revenues were $4.2 million as compared to $2.4 million in the same period of 2010. Service revenues were $3.0 million as compared to $2.9 million for the first quarter of 2010. Adjusted EBITDA for the first quarter of 2011 was $1.16 million, compared to $0.36 million in the first quarter of 2010. As a percentage of revenues, Adjusted EBITDA margin increased to 16% from 7% for the same period in 2010.

Non-GAAP net income for the first quarter of 2011 totaled $1.09 million, or $0.10 per diluted share, compared to non-GAAP net income of $0.26 million for the first quarter of 2010, or $0.03 per diluted share. Non-GAAP operating income was $1.03 million for the first quarter of 2011, compared to $0.45 million in the prior year period.

TIS had a net income on a GAAP basis of $0.74 million, or a gain of $0.07 per diluted share, for the first quarter of 2011 compared to a GAAP net loss of $1.1 million, or a loss of $0.12 per diluted share, for the first quarter of 2010. GAAP operating income was $1.01 million for the first quarter of 2011, compared to $0.36 million for the same period in 2010.

Non-GAAP financial measures

Non-GAAP measures are reconciled to comparable GAAP measures in the table entitled “Reconciliation of GAAP to Non-GAAP Results”. The release includes non-GAAP financial measures, including, Adjusted EBITDA (which excludes interest expenses, taxes on income, depreciation and amortization expenses, non cash stock-based compensation expenses and changes in fair value of convertible debentures), Adjusted EBITDA Margin (determined by dividing Adjusted EBITDA by revenues), and Non-GAAP Net Income (which excludes depreciation and amortization expenses, non cash stock-based compensation expenses and changes in fair value of convertible debentures).

The presentation of these non-GAAP financial measures should be considered in addition to TIS’s GAAP results provided in the attached financial statements for the three mounts ended March 31, 2011 which include a reconciliation of each non-GAAP financial measure to its most directly comparable GAAP financial measure, and is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. TIS’s management believes that these non-GAAP financial measures provide meaningful supplemental information regarding its performance by excluding certain charges, gains that may not be indicative of TIS’s core business operating results. TIS believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing TIS’s performance. These non-GAAP financial measures also facilitate comparisons to TIS’s historical performance and its competitors’ operating results. TIS’s includes these non-GAAP financial measures because management believes they are useful to investors in allowing for greater transparency with respect to supplemental information used by management in its financial and operational decision-making.

Conference Call

The Company will be holding a conference call today, May 11, 2011, at 10:00am ET (7:00am Pacific Time, 5:00pm Israel Time) to review the first quarter of 2011 results.

Dr. Ido Schechter, CEO of TIS, will be on-line to discuss these results and take part in a question and answer session.

To participate, please call one of the following teleconferencing numbers at least 5 minutes before the conference call commences.

US Dial-in Number: 1-888-668-9141

ISRAEL Dial-in Number: 03 9180609

INTERNATIONAL Dial-in Number: +972 3 9180609

At:

10:00am Eastern Time

7:00am Pacific Time

5:00pm Israel Time

For those unable to listen to the live call, a replay of the call will be available from the day after the call in the investor relations section of Top Image Systems’ website at: www.topimagesystems.com

About Top Image Systems

Top Image Systems™ (TIS™) is a leading innovator of enterprise solutions for managing and validating content entering organizations from various sources. Whether originating from mobile, electronic, paper or other sources, TIS solutions deliver the content to applications that drive the organization. TIS’s eFLOW Platform is a common platform for the company’s solutions. TIS markets its platform in more than 40 countries through a multi-tier network of distributors, system integrators, value-added resellers as well as strategic partners. Visit the company’s website http://www.TopImageSystems.com for more information.

The Top Image Systems logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=4212

Caution Concerning Forward-Looking Statements

Certain matters discussed in this news release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results to be materially different from any future results expressed or implied in those forward looking statements. Words such as “will,” “expects,” “anticipates,” “estimates,” and words and terms of similar substance in connection with any discussion of future operating or financial performance identify forward-looking statements. These statements are based on management’s current expectations or beliefs and are subject to a number of risks and uncertainties that could cause actual results to differ materially including, but not limited to, risks in product development, approval and introduction plans and schedules, rapid technological change, customer acceptance of new products, the impact of competitive products and pricing, the lengthy sales cycle, proprietary rights of TIS and its competitors, risk of operations in Israel, government regulation, litigation, general economic conditions and other risk factors detailed in the Company’s most recent annual report on Form 20-F and other subsequent filings with the United States Securities and Exchange Commission. We are under no obligation to, and expressly disclaim any obligation to, update or alter our forward-looking statements, whether as a result of new information, future events or otherwise.

CONTACT: Dana Rubin
         Director of Corporate Marketing and Investor Relations
         dana.rubin@topimagesystems.com
         +972 37679114

         KCSA Strategic Communications
         Marybeth Csaby / Phil Carlson
         212-896-1276 / 1233
         mcsaby@kcsa.com / pcarlson@kcsa.com

Gibraltar Reserves (TGB) Increase 80% to 802 Million Tons

VANCOUVER, May 10 /PRNewswire/ – Taseko Mines Limited (TSX: TKO) (NYSE Amex: TGB) (“Taseko” or the “Company”) announces an 80% increase in mineral reserves from 445 million tons to 802 million tons at its Gibraltar Copper-Molybdenum mine near Williams Lake, British Columbia.

The reserve evaluation maintained a 0.20% copper cut-off, incorporating a $2.25/lb pit shell design across the 5 pits that make up the Gibraltar deposit. The last reserve update completed in 2008 used a $1.75/lb pit shell for the Gibraltar Extension and $1.50/lb for all other areas. This update will add roughly 1.8 billion lbs of recoverable copper to Gibraltar’s present reserve of 2.5 billion lbs for a total of 4.3 billion recoverable lbs. Molybdenum reserves increase from 30 million lbs to nearly 60 million lbs.

After the completion of Gibraltar Development Plan 3 (GDP3), by December 2012, the Gibraltar ore body will be capable of supporting mining operations of 30 million tons of ore per year, production capacity of 180 million lbs of copper and 2.2 million lbs of molybdenum.

Russell Hallbauer, President and CEO of Taseko, stated, “One of the key objectives for the Company over the past five years has been to unlock the value of Gibraltar by acquiring adjacent mineralized properties like the Gibraltar Extension undertaking additional drilling to more fully understand the geology of the deposit and ultimately putting that all together in a mine engineering design and financial plan that ensures the full economic potential of this large ore body can be unlocked for our shareholders.

The 4.3 billion lbs of recoverable copper that is going to be produced from Gibraltar over the next 27 years is a testament of fulfilling that objective.”

Mr. Hallbauer continued, “Gibraltar will provide significant economic benefit to our current 480 employees, as well as the additional 140 that will be hired once GDP3 is complete. In addition, the mine will make a large contribution to the local, provincial and national economies, as a result of the multiplier effect.”

Gibraltar’s proven and probable reserves as of March 31, 2011 are tabulated below:

The mineral reserves stated above are contained within the following mineral resources:

The resource and reserve estimation was completed by Gibraltar mine staff under the supervision of Scott Jones, P.Eng., Vice President, Engineering and a Qualified Person under National Instrument 43-101. Mr. Jones has verified the methods used to determine grade and tonnage in the geological model, reviewed the long range mine plan, and directed the updated economic evaluation. The estimates used long term metal prices of US$2.25/lb for copper and US$14.00/lb for molybdenum and a foreign exchange of US$0.85/C$1.00. Mr. Jones has reviewed this release. A technical report will be filed on www.sedar.com.

Russell Hallbauer
President and CEO

No regulatory authority has approved or disapproved of the information contained in this news release.

CAUTION REGARDING FORWARD-LOOKING INFORMATION

This document contains “forward-looking statements” that were based on Taseko’s expectations, estimates and projections as of the dates as of which those statements were made. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “outlook”, “anticipate”, “project”, “target”, “believe”, “estimate”, “expect”, “intend”, “should” and similar expressions.

Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. These included but are not limited to:

• uncertainties and costs related to the Company’s exploration and development activities, such as those associated with continuity of mineralization or determining whether mineral resources or reserves exist on a property;
• uncertainties related to the accuracy of our estimates of mineral reserves, mineral resources, production rates and timing of production, future production and future cash and total costs of production and milling;
• uncertainties related to feasibility studies that provide estimates of expected or anticipated costs, expenditures and economic returns from a mining project;
• uncertainties related to our ability to complete the mill upgrade on time estimated and at the scheduled cost;
• uncertainties related to the ability to obtain necessary licenses permits for development projects and project delays due to third party opposition;
• uncertainties related to unexpected judicial or regulatory proceedings;
• changes in, and the effects of, the laws, regulations and government policies affecting our exploration and development activities and mining operations, particularly laws, regulations and policies;
• changes in general economic conditions, the financial markets and in the demand and market price for copper, gold and other minerals and commodities, such as diesel fuel, steel, concrete, electricity and other forms of energy, mining equipment, and fluctuations in exchange rates, particularly with respect to the value of the U.S. dollar and Canadian dollar, and the continued availability of capital and financing;
• the effects of forward selling instruments to protect against fluctuations in copper prices and exchange rate movements and the risks of counterparty defaults, and mark to market risk;
• the risk of inadequate insurance or inability to obtain insurance to cover mining risks;
• the risk of loss of key employees; the risk of changes in accounting policies and methods we use to report our financial condition, including uncertainties associated with critical accounting assumptions and estimates;
• environmental issues and liabilities associated with mining including processing and stock piling ore; and
• labour strikes, work stoppages, or other interruptions to, or difficulties in, the employment of labour in markets in which we operate mines, or environmental hazards, industrial accidents or other events or occurrences, including third party interference that interrupt the production of minerals in our mines.

For further information on Taseko, investors should review the Company’s annual Form 40-F filing with the United States Securities and Exchange Commission www.sec.com and home jurisdiction filings that are available at www.sedar.com.

Information Concerning Estimates of Measured and Indicated Resources

This news release uses the terms “measured resources” and “indicated resources”. Taseko Mines Limited advises investors that although these terms are recognized and required by Canadian regulations (under National Instrument 43-101 Standards of Disclosure for Mineral Projects), the U.S. Securities and Exchange Commission does not recognize them. Investors are cautioned not to assume that any part or all of the mineral deposits in these categories will ever be converted into reserves.

Northgate Minerals (NXG) Reports First Quarter Results

CKx, Inc. (CKXE) Agrees to be Acquired by an Affiliate of Apollo Global Management

May 10, 2011 (Business Wire) — CKx, Inc. (NASDAQ: CKXE), an owner of premium entertainment content, today announced that it has entered into a definitive merger agreement to be acquired by an affiliate of Apollo Global Management (“Apollo”), a leading global alternative asset manager.

Under the terms of the agreement, CKx stockholders will receive $5.50 in cash for each share that they hold, representing an approximately 40% premium over CKx’s average closing price over the past six months and an approximately 25% premium over the closing price on Monday, May 9, 2011. Goldman Sachs Bank USA provided a debt financing commitment in connection with the transaction, which is subject to customary conditions.

The Board of Directors of CKx has approved the merger agreement and has resolved to recommend that CKx stockholders approve the merger. In connection with the definitive merger agreement reached with the Company, Apollo has also obtained support agreements from two significant stockholders, The Promenade Trust, the sole beneficiary of which is Lisa Marie Presley and which is the Company’s partner in Elvis Presley Enterprises, and Robert F.X. Sillerman, the Company’s largest stockholder.

Michael G. Ferrel, Chairman and Chief Executive Officer of CKx, said: “We look forward to working with Apollo, a growth-oriented investor who has a successful history of investing in the media and entertainment sector and one that the Board and management team are confident will serve as a strong steward for the Company’s brands going forward. The transaction allows CKx stockholders to realize significant value from their investment in the Company and the Board has determined that the transaction is advisable, fair and in the best interest of the Company’s public stockholders.”

Aaron J. Stone, a senior partner of Apollo said: “CKx owns a portfolio of irreplaceable assets that present a strong foundation on which to build an exciting future. We look forward to working with Mike Ferrel and the rest of the CKx management team.”

The acquisition of CKx will be completed through a cash tender offer for shares of common stock that is expected to commence shortly and will expire 20 business days after it commences, subject to extension as permitted or required by the merger agreement. The tender offer will be subject to customary conditions, including (i) that the number of shares validly tendered and not withdrawn, together with the shares subject to the stockholder support agreements, represent at least a majority of the outstanding shares of CKx on a fully-diluted basis upon consummation of the tender offer and (ii) the expiration of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976. The merger agreement does not include a financing condition.

The tender offer would be followed by a merger in which each share of common stock not acquired in the offer will be converted into the right to receive $5.50. In certain circumstances, the parties have agreed to complete the transaction through a one-step merger after receipt of stockholder approval. Upon completion of the transaction, CKx will become a private company, controlled by an affiliate of Apollo Global Management.

Gleacher & Company and Wachtell, Lipton, Rosen & Katz are serving as financial and legal advisor to the Company, respectively. AGM Partners LLC acted as lead financial advisor to Apollo. Other financial advisors to Apollo include Goldman Sachs & Co. and Evolution Media Capital. Legal advisers to Apollo include Paul, Weiss, Rifkind, Wharton & Garrison LLP and O’Melveny & Myers LLP.

About CKx, Inc.

CKx, Inc. is engaged in the ownership, development and commercial utilization of globally recognized entertainment content. The Company’s current properties include the rights to the name, image and likeness of Elvis Presley and Muhammad Ali, the operations of Graceland, and proprietary rights to the IDOLS and So You Think You Can Dance television brands, including the American Idol series in the United States and local adaptations of the IDOLS and So You Think You Can Dance television show formats which, collectively, air in more than 100 countries. For more information about CKx, Inc., visit its corporate website at www.ckx.com.

About Apollo Global Management, LLC

Apollo is a leading global alternative asset manager with offices in New York, Los Angeles, London, Frankfurt, Luxembourg, Singapore, Mumbai and Hong Kong. Apollo had assets under management of $68 billion as of December 31, 2010, in private equity, credit-oriented capital markets and real estate funds invested across a core group of nine industries where Apollo has considerable knowledge and resources. For more information about Apollo, please visit www.agm.com.

IMPORTANT NOTICE: This press release is for informational purposes only and is not an offer to buy or the solicitation of an offer to sell any shares of CKx’s common stock. The tender offer described herein has not yet been commenced. On the commencement date of the tender offer, an offer to purchase, a letter of transmittal and related documents will be filed with the Securities and Exchange Commission, will be mailed to stockholders of record and will also be made available for distribution to beneficial owners of common stock. The solicitation of offers to buy the CKx common stock will only be made pursuant to the offer to purchase, the letter of transmittal and related documents. When they are available, stockholders should read those materials carefully because they will contain important information, including the various terms of, and conditions to, the tender offer. When they are available, stockholders will be able to obtain the offer to purchase, the letter of transmittal and related documents without charge from the Securities and Exchange Commission’s Website at www.sec.gov or from the information agent that we select. Stockholders are urged to read carefully those materials when they become available prior to making any decisions with respect to the tender offer.

CKx will file a solicitation/recommendation statement with the SEC in connection with the tender offer, and, if required, will file a proxy statement or information statement with the SEC in connection with the second-step merger. Stockholders are strongly advised to read these documents if and when they become available because they will contain important information about the tender offer and the proposed merger. Stockholders would be able to obtain a free copy of the solicitation/recommendation statement and the proxy statement or information statement as well as other filings containing information about CKx, the tender offer and the merger, if any, when available, without charge, at the SEC’s internet site (http://www.sec.gov). In addition, copies of the solicitation/recommendation statement, the proxy statement or information statement and other filings containing information about CKx, the tender offer and the merger may be obtained, if and when available, without charge, by directing a request to CKx, Inc., Attention: Investor Relations, 650 Madison Avenue, New York, New York 10022 or on the CKx website at (http://ir.ckx.com).

Forward-Looking Statements

This release contains forward-looking statements as defined by the federal securities law which are based on our current expectations and assumptions, which are subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated, projected or implied, including, among other things, risks relating to the expected timing of the completion and financial benefits of the tender offer and the merger. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.

Notice to Investors

SOURCE: CKx, Inc.

Website: http://ir.ckx.com/index.cfm

ckxe-g

For CKx, Inc.:

William Schmitt, ICR Inc.

203-682-8200

For Apollo Global Management, LLC investor inquiries:

Gary M. Stein

212-822-0467

Head of Corporate Communications

gstein@apollolp.comor

For Apollo Global Management, LLC media inquiries:

Charles Zehren, Rubenstein Associates

212-843-8590

czehren@rubenstein.com

FONAR (FONR) Announces 3rd Quarter Fiscal 2011 Financial Results

MELVILLE, NY — (Marketwire) — 05/10/11 — FONAR Corporation (NASDAQ: FONR), today announced its earnings for the third quarter of fiscal 2011, ended March 31, 2011. The Company has net income for the past four quarters and net income from operations for the past five quarters.

Statement of Operations Items

For the quarter ended March 31, 2011, net income was $1.2 million and income from operations was $1.4 million. This is compared to the same period ended March 31, 2010, when the net loss was $8,000 and income from operations was $25,000. (For a Chart visit: www.fonar.com/news/051011.htm).

For the nine months ended March 31, 2011, net income was $2.9 million as compared to a loss of $3.0 million for the nine-month period ended March 31, 2010.

Total revenues increased 15% to $8.7 million for the three-month period ended March 31, 2011, from $7.5 million for the corresponding quarter which ended one year earlier on March 31, 2010. Total revenues for the nine months ended March 31, 2011 were $25.4 million, as compared to the nine months ended December 31, 2010, one year earlier, when net revenues were $23.2 million.

Total operating costs and expenses decreased 3% from $7.5 million for the quarter ended March 31, 2010 to $7.3 million for the quarter ended March 31, 2011.

Revenues from product sales were $1.9 million for the fiscal quarter ended March 31, 2011 as compared to $2.0 million for the corresponding quarter ended March 31, 2010. Revenues from service and repair fees were $2.8 million for the fiscal quarter ended March 31, 2011 and the fiscal quarter ended March 31, 2010. FONAR’s principal product is the UPRIGHT® Multi-Position™ MRI.

Significantly, revenues from the management and other fees segment (management of the ten FONAR UPRIGHT® Multi-Position™ MRI diagnostic imaging centers segment) increased 46% from $2.7 million for the three months ended March 31, 2010, to $4.0 million for the three-month period ended March 31, 2011.

Balance Sheet Items

As of March 31, 2011 total current assets were $17.0 million, total assets were $26.4 million, total current liabilities were $24.3 million, and total long-term liabilities were $2.8 million.

As of March 31, 2011, total cash and cash equivalents and marketable securities were $2.4 million as compared to $1.3 million as of June 30, 2010.

As of March 31, 2011, the total stockholder’s deficiency was $781,000 as compared to a total stockholder’s deficiency of $5.8 million as of June 30, 2010, an improvement of $5.0 million.

NASDAQ Continued Listing

On October 14, 2010, the Company received a notice of non-compliance from The NASDAQ Stock Market, LLC, based upon NASDAQ Marketplace Listing Rule 5550(b)(1) which requires a minimum stockholders’ equity requirement of $2.5 million for continued listing on The NASDAQ Capital Market. A hearing was held on March 17, 2011, and subsequently the NASDAQ Hearings Panel granted the Company an extension until May 11, 2011 to complete a newly proposed financing and regain compliance with the stockholders’ equity requirement of $2.5 million.

The Company commenced a private placement of equity and succeeded in raising $6 million by May 2, 2011, which amount was more than sufficient to eliminate the stockholders’ deficiency of $781,000 as of March 31, 2011 and achieve compliance with the stockholders’ equity requirement of $2.5 million.

Significant Highlight

As of March 31, 2011, FONAR has now installed 150 FONAR UPRIGHT® Multi-Position™ MRIs. The 150th was installed in Hamburg, Germany during the recent quarter. It is the fourth UPRIGHT® MRI installed in Germany by Medserena, AG. At the time of the sale, Matthias Schulz, CEO of Medserena, said, “The first three UPRIGHT® Multi-Position™ MRI centers have had great success. With physicians all over Germany asking about this technology, it has become imperative for us to expand and install a fourth FONAR UPRIGHT® MRI scanner. This is in spite of an intensely active MRI market in Germany, where there are already many conventional lie-down MRIs installed.

“The large number of requests coming from our physicians in Germany,” said Mr. Schulz, “are arising because of the special medical need for FONAR’s unique technology. “The German people tend to recognize the potential of any new technology quickly. We have been very successful in Germany with the FONAR UPRIGHT® MRI and its power for scanning patients in multiple UPRIGHT® and recumbent positions because our physicians have quickly appreciated the benefits of this new technology and want their patients to have access to those benefits as soon as possible.

“With 50% of MRIs being of the spine, it is self-evident that to make a satisfactory imaging diagnosis of the spine, the spine needs to be supporting its normal weight load which the conventional lie-down MRI does not permit. We firmly believe that the FONAR UPRIGHT® Multi-Position™ MRI will become a standard for MRI diagnostics in Europe, especially in evaluating the spine.”

Management Commentary

“We are proud that we have now accomplished one year of solid profitability,” said Raymond Damadian, M.D., president and chairman of FONAR Corporation. “Our total net income for these last four quarters was approximately $3 million and is among the most profitable one year periods in the Company’s history.”

“At this time, all of the segments of our business are strong. Significantly, the management of the ten UPRIGHT® Multi-Position™ MRI centers has given us steady profitability that we can rely on regardless of the state of our economy. A major reason for our profitability has been the cost-control measures that we have taken and which continue to yield results. We are pleased with our accomplishments and plan to continue capitalizing on building a strong business and increasing shareholder value,” said Dr. Damadian.

About FONAR

FONAR was incorporated in 1978, making it the first, oldest and most experienced MRI company in the industry. FONAR introduced the world’s first commercial MRI in 1980, and went public in 1981. Since its inception, nearly 300 recumbent-OPEN MRIs and 150 UPRIGHT® Multi-Position™ MRI scanners worldwide have been installed. FONAR’s stellar product line includes the Upright™ MRI (also known as the Stand-Up™ MRI), the only whole-body MRI that performs Position™ imaging (pMRI™) and scans patients in numerous weight-bearing positions, i.e. standing, sitting, in flexion and extension, as well as the conventional lie-down position. The FONAR UPRIGHT® MRI often sees the patient’s problem that other scanners cannot because they are lie-down only. The patient-friendly UPRIGHT® MRI has a near zero claustrophobic rejection rate by patients. As a FONAR customer states, “If the patient is claustrophobic in this scanner, they’ll be claustrophobic in my parking lot.” Approximately 85% of patients are scanned sitting while they watch a 42″ flat screen TV. FONAR is headquartered on Long Island, New York.

For investor and other information visit: www.fonar.com

UPRIGHT® and STAND-UP® are registered trademarks and The Inventor of MR Scanning™, Multi-Position™, pMRI™, Dynamic™, Full Range of Motion™, True Flow™, The Proof is in the Picture™, Spondylography™, Spondylometry™ Landscape™, CSP™ and Upright Radiology™ are trademarks of FONAR Corporation.

This release may include forward-looking statements from the company that may or may not materialize. Additional information on factors that could potentially affect the company’s financial results may be found in the company’s filings with the Securities and Exchange Commission.

                FONAR CORPORATION AND SUBSIDIARIES
              CONDENSED CONSOLIDATED BALANCE SHEETS
                        (000's OMITTED)

ASSETS                                                March 31,    June 30,
                                                        2011         2010
                                                     (UNAUDITED)
Current Assets:                                       ---------   ---------
  Cash and cash equivalents                           $   2,354   $   1,299

  Marketable securities                                      33          28

  Accounts receivable - net                               6,577       4,821

  Accounts receivable - related parties - net                30           -

  Medical receivables - net                                   2          25

  Management fee receivable - net                         3,033       2,569

  Management fee receivable - related medical
   practices - net                                        1,755       1,922

  Costs and estimated earnings in excess of
   billings on uncompleted contracts                        601         277

  Inventories                                             2,192       2,826

  Advances and notes to related medical
   practices - net                                            -          83

  Current portion of notes receivable                       190         272

  Prepaid expenses and other current assets                 246         553
                                                      ---------   ---------
        Total Current Assets                             17,013      14,675
                                                      ---------   ---------

Property and equipment - net                              4,034       2,109

Notes receivable - net                                      229           -

Management agreement - net                                  504           -

Other intangible assets - net                             4,009       4,291

Other assets                                                565         554
                                                      ---------   ---------
        Total Assets                                  $  26,354   $  21,629
                                                      =========   =========

                FONAR CORPORATION AND SUBSIDIARIES
              CONDENSED CONSOLIDATED BALANCE SHEETS
                        (000's OMITTED)

LIABILITIES AND STOCKHOLDERS' DEFICIENCY              March 31,    June 30,
                                                        2011         2010
                                                     (UNAUDITED)
Current Liabilities:                                  ---------   ---------
  Current portion of long-term debt and capital
   leases                                             $   2,148   $     579
  Current portion of long-term debt-related party             -          88
  Accounts payable                                        2,356       3,192
  Other current liabilities                               8,151       8,065
  Unearned revenue on service contracts                   6,748       5,220
  Unearned revenue on service contracts -
   related parties                                           27           -
  Customer advances                                       4,693       4,813
  Billings in excess of costs and estimated
   earnings on uncompleted contracts                        188       2,743
                                                      ---------   ---------
      Total Current Liabilities                          24,311      24,700

Long-Term Liabilities:
  Accounts payable                                          115          63
  Due to related medical practices                          230         528
  Long-term debt and capital leases, less current
   portion                                                1,982       1,567
  Long-term debt less current portion-related party           -          72
  Other liabilities                                         497         475
                                                      ---------   ---------
      Total Long-Term Liabilities                         2,824       2,705
                                                      ---------   ---------
      Total Liabilities                                  27,135      27,405
                                                      ---------   ---------

                FONAR CORPORATION AND SUBSIDIARIES
              CONDENSED CONSOLIDATED BALANCE SHEETS
                (000's OMITTED, except share data)

                                                     March 31,    June 30,
LIABILITIES AND STOCKHOLDERS' DEFICIENCY               2011         2010
 (continued)                                        (UNAUDITED)
                                                     ---------   ---------
STOCKHOLDERS' DEFICIENCY:

Class A non-voting preferred stock $.0001 par value;
 453,000 and 1,600,000 shares authorized at
 March 31, 2011 and June 30, 2010, respectively;
 313,451 issued and outstanding at March 31, 2011
 and June 30, 2010                                           -           -

Preferred stock $.001 par value; 567,000 and
 2,000,000 shares authorized at March 31, 2011
 and June 30, 2010, respectively;
 issued and outstanding - none                               -           -

Common Stock $.0001 par value; 8,500,000 and
 30,000,000 shares authorized at March 31, 2011
 and June 30, 2010, respectively; 5,480,958 and
 4,985,850 issued at March 31, 2011 and
 June 30, 2010, respectively; 5,469,315 and
 4,974,207 outstanding at March 31, 2011
 and June 30, 2010, respectively                             1           1

Class B Common Stock $.0001 par value; 227,000 and
 800,000 shares authorized at March 31, 2011 and
 June 30, 2010, respectively; (10 votes per share),
 158 issued and outstanding at March 31, 2011 and
 June 30, 2010                                               -           -

Class C Common Stock $.0001 par value; 567,000 and
 2,000,000 shares authorized at March 31, 2011 and
 June 30, 2010, respectively; (25 votes per share),
 382,513 issued and outstanding at March 31, 2011
 and June 30, 2010                                           -           -

Paid-in capital in excess of par value                 173,122     172,379
Accumulated other comprehensive loss                       (15)        (19)
Accumulated deficit                                   (174,339)   (177,271)
Notes receivable from employee stockholders               (117)       (191)
Treasury stock, at cost - 11,643 shares of common
 stock at March 31, 2011 and June 30, 2010                (675)       (675)
Non controlling interests                                1,242           -
                                                     ---------   ---------
    Total Stockholders' Deficiency                        (781)     (5,776)
                                                     ---------   ---------
    Total Liabilities and Stockholders' Deficiency   $  26,354   $  21,629
                                                     =========   =========

                FONAR CORPORATION AND SUBSIDIARIES
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
              (000's OMITTED, except per share data)

                                                 FOR THE THREE MONTHS ENDED
                                                          MARCH 31,
                                                    ---------------------
                                                      2011        2010
REVENUES                                            ---------   ---------
  Product sales - net                               $   1,855   $   1,955
  Service and repair fees - net                         2,769       2,778
  Service and repair fees - related parties - net          55          55
  Management and other fees - net                       2,726       1,738
  Management and other fees - related medical
   practices - net                                      1,249         988
                                                    ---------   ---------
     Total Revenues - Net                               8,654       7,514
                                                    ---------   ---------
COSTS AND EXPENSES
  Costs related to product sales                        1,392       1,353
  Costs related to service and repair fees                792         566
  Costs related to service and repair
   fees - related parties                                  16          11
  Costs related to management and other fees            1,768       1,338
  Costs related to management and other
   fees - related medical practices                       616         703
  Research and development                                453         528
  Selling, general and administrative                   2,064       2,708
  Provision for bad debts                                 175         282
                                                    ---------   ---------
     Total Costs and Expenses                           7,276       7,489
                                                    ---------   ---------
Income From Operations                                  1,378          25

Interest Expense                                         (128)        (66)
Interest Expense - Related Party                            -         (21)
Investment Income                                          64          51
Interest Income - Related Party                             -           2
Other (Expense) Income                                    (61)          1
                                                    ---------   ---------
Income (Loss) Before Non Controlling Interests          1,253          (8)
Net Income - Non Controlling Interests                    (69)          -
                                                    ---------   ---------
NET INCOME (LOSS) - Controlling Interests           $   1,184   $      (8)
                                                    =========   =========
Net Income (Loss) Available to Common Stockholders  $   1,099   $      (8)
                                                    =========   =========
Net Income Available to Class C Common Stockholders $      21   $     N/A
                                                    =========   =========
Basic Net Income (Loss) Per Common Share            $    0.21   $   (0.00)
                                                    =========   =========
Diluted Net Income (Loss) Per Common Share          $    0.20   $   (0.00)
                                                    =========   =========
Basic and Diluted Income Per Share-Common C         $    0.05         N/A
                                                    =========   =========
Weighted Average Basic Shares Outstanding           5,345,349   4,929,752
                                                    =========   =========
Weighted Average Diluted Shares Outstanding         5,472,853   4,929,752
                                                    =========   =========

                FONAR CORPORATION AND SUBSIDIARIES
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
              (000's OMITTED, except per share data)

                                                  FOR THE NINE MONTHS ENDED
                                                          MARCH 31,
                                                    ---------------------
                                                      2011        2010
REVENUES                                            ---------   ---------
  Product sales - net                               $   6,303   $   6,479
  Service and repair fees - net                         8,111       8,163
  Service and repair fees - related parties - net         165         165
  Management and other fees - net                       7,195       5,212
  Management and other fees - related medical
   practices - net                                      3,584       2,613
  License fees and royalties                                -         585
                                                    ---------   ---------
     Total Revenues - Net                              25,358      23,217
                                                    ---------   ---------
COSTS AND EXPENSES
  Costs related to product sales                        5,265       5,289
  Costs related to service and repair fees              2,158       2,485
  Costs related to service and repair
   fees - related parties                                  44          50
  Costs related to management and other fees            4,789       3,989
  Costs related to management and other
   fees - related medical practices                     1,988       2,208
  Research and development                              1,060       2,159
  Selling, general and administrative                   6,192       9,042
  Provision for bad debts                                 606         659
                                                    ---------   ---------
     Total Costs and Expenses                          22,102      25,881
                                                    ---------   ---------
Income (Loss) From Operations                           3,256      (2,664)

Interest Expense                                         (359)       (235)
Interest Expense - Related Party                           (4)        (40)
Investment Income                                         160         203
Interest Income - Related Party                             1           9
Other (Expense) Income                                    (53)         35
Loss on Note Receivable                                     -        (350)
                                                    ---------   ---------
Net Income (Loss) Before Non Controlling Interests      3,001      (3,042)
                                                    ---------   ---------
Net Income - Non Controlling Interests                    (69)          -

NET INCOME (LOSS) - Controlling Interests           $   2,932   $  (3,042)
                                                    =========   =========
Net Income (Loss) Available to Common Stockholders  $   2,720   $  (3,042)
                                                    =========   =========
Net Income Available to Class C Common Stockholders $      53   $     N/A
                                                    =========   =========
Basic Net Income (Loss) Per Common Share            $    0.53   $   (0.62)
                                                    =========   =========
Diluted Net Income (Loss) Per Common Share          $    0.51   $   (0.62)
                                                    =========   =========
Basic and Diluted Income Per Share-Common C         $    0.14         N/A
                                                    =========   =========
Weighted Average Basic Shares Outstanding           5,169,253   4,917,990
                                                    =========   =========
Weighted Average Diluted Shares Outstanding         5,296,757   4,917,990
                                                    =========   =========

Image Available: http://www2.marketwire.com/mw/frame_mw?attachid=1605244

Contact:
Daniel Culver
FONAR Corporation
Tel: 631-694-2929
Fax: 631-390-1709
http://www.fonar.com

Pro-Dex, Inc. (PDEX) Announces Fiscal Third Quarter and Nine Month Results

IRVINE, Calif., May 10, 2011 /PRNewswire/ — PRO-DEX, INC. (Nasdaq: PDEX) today announced financial results for its fiscal third quarter and nine months ended March 31, 2011.

Sales for the quarter ended March 31, 2011 were $7.6 million, 24% higher than sales of $6.2 million for the corresponding quarter in 2010. For the nine months ended March 31, 2011, sales were $19.6 million, 12% higher than sales of $17.5 million for the corresponding period in 2010. These results for both the quarter and the nine-month periods were due primarily to increases in sales of the Company’s medical device products to its two largest customers, with the nine-month period also benefitting from growth in sales of the Company’s motion control products.

Operating income was $1.1 million for the quarter, a 177% improvement from $409,000 for the corresponding 2010 period. For the nine months ended March 31, 2011, operating income improved 171% to $2.1 million from $778,000 for the corresponding nine-month period in 2010.

Net income for the 2011 quarter was $868,000, or $0.26 per fully-diluted share, which represents a 399% increase from net income of $174,000, or $0.05 per fully-diluted share, for the corresponding 2010 quarter. For the nine months ended March 31, 2011, net income was $1.6 million, an increase of 72% from net income of $937,000 for the corresponding period in 2010.

Gross profit for the quarter ended March 31, 2011 increased to $2.9 million, a 38% gross profit margin, compared to gross profit of $2.3 million, a 37% gross profit margin, for the year-ago period. For the nine months ended March 31, 2011, gross profit was $7.5 million, a 38% gross profit margin, compared to gross profit and margin of $6.2 million and 35%, respectively, for the corresponding nine-month period in 2010. The increase in gross profit as a percentage of sales during both periods was due to a change in mix toward sales of medical device and motion control products at relatively higher margins, and to cost reductions.

Mark Murphy, the Company’s President and Chief Executive Officer, commented, “We are very pleased with the results through the first nine months of fiscal 2011. Sales and profitability for the third quarter continue to be strong, however looking forward, we remain committed to taking the necessary steps to diversify our customer base as these results may not represent the future buying pattern of our largest customer.”

The Company also announced that Mr. Paul Rudzinski has joined the Company as Vice President of Sales. Mr. Rudzinski brings 29 years of sales and sales leadership experience, most of which has been in the medical device space. Mr. Murphy commented “We are delighted to have Paul join us and believe that the combination of his experience, leadership, and industry relationships will connect the substantial capabilities of Pro-Dex with the right customers.”

Commenting on the Company’s cash generation in the third quarter, Mr. Murphy concluded, “During this nine-month period of increased sales which was accompanied by higher levels of accounts receivable and inventory, Pro-Dex nonetheless generated $1.8 million of cash from operations.”

Teleconference Information:

Investors and analysts are invited to listen to a broadcast review of the Company’s fiscal 2011 third quarter financial results today at 9:30 a.m. Eastern Time (6:30 a.m. Pacific Time) that may be accessed by visiting the Company’s website at www.pro-dex.com. The conference call may also be accessed at www.InvestorCalendar.com. Investors and analysts who would like to participate in the conference call may do so via telephone at (877) 407-8033, or at (201) 689-8033 if calling from outside the U.S.

For those who cannot access the live broadcast, a replay will be available from two hours after the completion of the call until midnight (Eastern Time) on May 21, 2011 by calling (877) 660-6853, or (201) 612-7415 if calling from outside the U.S., and then entering account number 286 and conference I.D. number 372315. An online archive of the broadcast will be available on the Company’s website www.pro-dex.com for a period of 365 days.

Pro-Dex, Inc., with operations in California, Oregon and Nevada, specializes in bringing speed to market in the development and manufacture of technology-based solutions that incorporate miniature rotary drive systems, embedded motion control and fractional horsepower DC motors, serving the medical, dental, semi-conductor, scientific research and aerospace markets. Pro-Dex’s products are found in hospitals, dental offices, medical engineering labs, commercial and military aircraft, scientific research facilities and high tech manufacturing operations around the world. For more information, visit the Company’s website at www.pro-dex.com.

Statements herein concerning the Company’s plans, growth and strategies may include ‘forward-looking statements’ within the context of the federal securities laws. Statements regarding the Company’s future events, developments and future performance, as well as management’s expectations, beliefs, plans, estimates or projections relating to the future, are forward-looking statements within the meaning of these laws. The Company’s actual results may differ materially from those suggested as a result of various factors. Interested parties should refer to the disclosure concerning the operational and business concerns of the Company set forth in the Company’s filings with the Securities and Exchange Commission.

China GengSheng Minerals (CHGS) to Report First Quarter 2011 Financial Results on May 16, 2011

GONGYI, China, May 6, 2011 /PRNewswire-Asia-FirstCall/ — China GengSheng Minerals, Inc. (AMEX: CHGS), a leading China-based high-tech industrial materials manufacturer producing heat resistant, energy efficient materials for a variety of industrial applications, today announced that it will release first quarter 2011 financial results on Monday, May 16, 2011 before the open of trading in the U.S.

Management will hold a conference call on Monday, May 16, 2011 at 8:00 a.m. ET (8:00 p.m. Beijing time) to discuss the first quarter results and other recent developments. To participate in the call, please dial (877) 407-9205 in the U.S. and Canada, or (201) 689-8054 internationally.

For those unable to participate, an audio replay of the call will be available beginning approximately one hour after the conclusion of the live call through May 23, 2011. The audio replay can be accessed by dialing (877) 660-6853 in the U.S. and Canada, or (201) 612-7415 internationally, and entering account number 286 and conference ID 372447.

The call will also be available as a live, listen-only webcast under the “Events Calendar” section of the Company’s website at http://www.gengsheng.com/english/affair.aspx. Following the live webcast, an online archive will be available for one year.

About China GengSheng Minerals, Inc.

China GengSheng Minerals, Inc. (“GengSheng”) develops, manufactures and markets a broad range of high-tech industrial material products, including monolithic refractories, industrial ceramics, fracture proppants and fine precision abrasives. A market leader offering customized solutions, GengSheng sells its products primarily to the iron and steel industry as heat-resistant components for steel-making furnaces, industrial kilns and other high-temperature vessels to guarantee and improve the productivity of those expensive pieces of equipment while reducing their consumption of energy. Founded in 1986 and based in China’s Henan province, GengSheng currently has over 200 customers in the iron, steel, oil, glass, cement, aluminum and chemical businesses located in China and other countries. GengSheng conducts business through GengSheng International Corporation, a British Virgin Islands company, and its Chinese subsidiaries, which are Henan GengSheng Refractories Co., Ltd., Zhengzhou Duesail Fracture Proppant Co., Ltd., Henan GengSheng Micronized Powder Materials Co., Ltd, Guizhou SouthEast Prefecture Co., Ltd., GengSheng New Materials Co., Ltd, and Henan GengSheng High Temperature Materials Co., Ltd.

For more information about the Company, please visit http://www.gengsheng.com.

To be added to the Company’s email distribution for future press releases, please send your request to gengsheng@tpg-ir.com.

SinoTech (CTE) Raises Outlook for Fiscal Year 2011

BEIJING, May 6, 2011 (GLOBE NEWSWIRE) — SinoTech Energy Limited (“Sinotech” or the “Company”) (Nasdaq:CTE), a fast-growing provider of enhanced oil recovery (“EOR”) services in China, today released updated outlook for fiscal year 2011 and announced that it will release its unaudited financial results for the second quarter ended March 31, 2011, on May 19, 2011.

Based on current operating and business conditions, the Company expects to report total sales in the range of US$100 million to US$105 million in fiscal year 2011, compared to the previously announced range of US$90 million to US$95 million.

Mr. Boxun Zhang, chief financial officer of SinoTech, commented, “We are very pleased with our rapid growth, which is driven by the expansion of our LHD fleet and MDF service coverage as well as our team’s effective execution. We believe China’s pressing need to enhance oil production combined with our steadily expanding capacity to provide reliable EOR services will lead to sustainable growth for the Company in the coming years.”

The Company has scheduled a conference call to discuss its second quarter results at 8:30 AM Eastern Time (ET) (8:30PM Beijing/Hong Kong time) on May 19, 2011.

Dial-in details for the live conference call are as follows:

A replay of the conference call will also be available until May 26, 2011 by dialing:

In addition, a live and archived webcast of the conference call will be available on Sinotech’s website at http://ir.sinotechenergy.com/events.cfm.

About SinoTech Energy Limited

SinoTech Energy Limited (“Sinotech” or the “Company”) (Nasdaq:CTE) is a fast-growing provider of enhanced oil recovery (“EOR”) services in China. SinoTech provides innovative EOR services to major oil companies in China using leading edge technologies, including certain patented lateral hydraulic drilling (“LHD”) technologies, which the company has an exclusive right to use in China, and a molecular deposition film technology, for which the company holds a PRC patent. SinoTech also provides technical services to coalbed methane customers using the LHD technology.

For more information, please visit http://ir.sinotechenergy.com.

CONTACT: For investor and media inquiries:
         Ms. Rebecca Guo
         SinoTech Energy Limited, Beijing
         Tel: + 86-10-8712-5555
         Email: rebecca.guo@sinotechenergy.com

         Ms. Yue Yu
         Brunswick Group LLP
         Tel: +86-10-6566-2256
         Email: sinotech@brunswickgroup.com

Nature’s Sunshine Products (NATR) Reports First Quarter Financial Results

PROVO, Utah, May 6, 2011 (GLOBE NEWSWIRE) — Nature’s Sunshine Products, Inc. (Nasdaq:NATR), a leading natural health and wellness company, today reported consolidated financial results for the first quarter ended March 31, 2011.

For the First Quarter of 2011:

• Net sales were $92.8 million, compared with $86.8 million in the same quarter a year ago, an increase of 7.0 percent.
• Operating income from continuing operations was $7.6 million, compared with $0.6 million in the same quarter a year ago, an increase of 1,237.0%.
• EBITDA, defined here as net income before taxes, depreciation and amortization, other income and adjusted to include share-based compensation expense, was $8.8 million, compared with $1.8 million in the same quarter a year ago, an increase of 398.7 percent.
• Net income from continuing operations was $6.6 million, compared with net income of $4.8 million in the same quarter a year ago, an increase of 38.8 percent.
• Basic and diluted net income per share from continuing operations was $0.43, compared with earnings per share of $0.31 for the same quarter a year ago.
• As of March 31, 2011, shareholders’ equity was $75.6 million, compared to $68.4 million on December 31, 2010, an increase of 10.6 percent.
• As of March 31, 2011, active Managers worldwide were 30,300, an increase of 7.1 percent from the end of the prior quarter, while active Distributors worldwide were 696,400, an increase of 1.7 percent from the end of the prior quarter.

Additional Financial Information:

Certain events affected the comparability of 2011 versus 2010 quarterly results, as outlined below. For a more detailed comparison of 2011 versus 2010 results, refer to Management’s Discussion and Analysis of Financial Condition and Results of Operations included in the Company’s Quarterly Report on Form 10-Q for the three months ended March 31, 2011.

• Other income in the prior year quarter benefited from a $3.7 million foreign exchange gain related to the implementation of highly-inflationary accounting for Venezuela and the devaluation of the Venezuelan bolivar.
• The effective income tax rate was 16.0% compared with a tax benefit of 37.0% in the same quarter a year ago. The change in the effective tax rate was primarily due to the Company’s increase in operating income for the current quarter compared to the same quarter a year ago. The effective tax rates for both periods were reduced by decreases in tax liabilities associated with uncertain tax positions due to the expiration of the statue of limitations of $1.2 million and $1.4 million, respectively.

NSP United States Segment Results for the First Quarter:

• Net sales were $35.6 million, compared with $36.7 million in the same quarter a year ago, a decrease of 2.8 percent. Shifting the timing of our national convention from the fall of 2010 to the spring of 2011 negatively affected Manager retention and Distributor recruiting efforts during the prior year and the current quarter. The prior year quarter also included heavy Manager and Distributor purchases in advance of price increases the following quarter. Net sales revenue also decreased compared to the same period in the prior year due to changes to some of our promotional programs.
• Operating income was $3.8 million, compared with $0.5 million in the same quarter a year ago, an increase of 717.0 percent. The increase in operating income is primarily the result of significant cost reductions in our selling, general and administrative expenses.

NSP International Segment Results for the First Quarter:

• Net sales were $36.5 million, compared with $36.2 million in the same quarter a year ago, an increase of 1.0 percent. In local currencies, net sales decreased by 0.3 percent compared to the same quarter a year ago. The decrease in local currency sales is due to lower sales in our Dominican Republic, Japan and Mexico markets, mostly offset by higher sales in our Russian markets and positive currency fluctuations.
• Operating income was $2.1 million, compared with $0.8 million in the same quarter a year ago, an increase of 149.0 percent. This increase was the result of cost reductions, as well as the impact of prior year value-added tax reserve charges in our Mexico business.

Synergy Worldwide Results for the First Quarter:

• Net sales were $20.7 million, compared with $13.9 million in the same quarter a year ago, an increase of 48.1 percent. In local currencies, net sales increased 42.8 percent compared to the same quarter a year ago. The increase in net sales was primarily due to growth in our United States, Korean and European markets, and the opening of our Vietnam market.
• Operating income was $1.8 million, compared with an operating loss of $0.7 million for the same quarter in the prior year, an increase of 353.0 percent. This increase was primarily due to improvements in sales within its European, U.S, and Korean subsidiaries as well as cost reductions.

Non-GAAP Financial Measures

The Company has included information concerning EBITDA because management utilizes this information in the evaluation of its operations and believes that this measure is a useful indicator of the Company’s ability to fund its business. EBITDA has not been prepared in accordance with generally accepted accounting principles (GAAP). This non-GAAP financial measure should not be considered as an alternative to, or more meaningful than, net income as an indicator of the Company’s operating performance. Further, this non-GAAP financial measure, as presented by the Company, may not be comparable to similarly titled measures reported by other companies. The Company has included a reconciliation of EBITDA to reported earnings under GAAP in the attached financial tables.

About Nature’s Sunshine Products

Nature’s Sunshine Products (Nasdaq:NATR), a leading natural health and wellness company, markets and distributes nutritional, herbal, weight management, energy, and other complementary products through a global direct sales force of over 600,000 independent distributors in more than 40 countries. Nature’s Sunshine manufactures its products through its own state-of-the-art facilities to ensure its products continue to set the standard for the highest quality, safety and efficacy on the market today. The Company also supports health and wellness for children around the world through its partnership with the Little Heroes Foundation. Additional information about the Company can be obtained at its website, www.natr.com.

Cautionary Statement Regarding Forward-Looking Statements

In addition to historical information, this release contains forward-looking statements. Nature’s Sunshine may, from time to time, make written or oral forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements encompass Nature’s Sunshine’s beliefs, expectations, hopes, or intentions regarding future events. Words such as “expects,” “intends,” “believes,” “anticipates,” “should,” “likely,” and similar expressions identify forward-looking statements. All forward-looking statements included in this release are made as of the date hereof and are based on information available to the Company as of such date. Nature’s Sunshine assumes no obligation to update any forward-looking statement. Actual results will vary, and may vary materially, from those anticipated, estimated, projected or expected for a number of reasons, including, among others: further reviews of the Company’s financial statements by the Company and its Audit Committee; modification of the Company’s accounting practices; foreign business risks; industry cyclicality; fluctuations in customer demand and order pattern; changes in pricing and general economic conditions; as well as other risks detailed in the Company’s previous filings with the SEC.

* Other income, net is primarily comprised of foreign exchange gains (losses), interest income, and interest expense.

CONTACT: Stephen M. Bunker
         Chief Financial Officer
         Nature's Sunshine Products, Inc.
         Provo, Utah 84606
         (801) 342-4370

OXiGENE (OXGN) Announces First Quarter 2011 Earnings Conference Call and Webcast

SOUTH SAN FRANCISCO, Calif., May 6, 2011 (GLOBE NEWSWIRE) — OXiGENE, Inc. (Nasdaq:OXGN), a clinical-stage, biopharmaceutical company developing novel therapeutics to treat cancer and eye diseases, will report first quarter 2011 results on Thursday, May 12, 2011. A conference call and webcast hosted by OXiGENE management will begin at 4:30 pm EDT (1:30 p.m. PDT).

To listen to a live or an archived version of the audio webcast, please log on to the Company’s website, www.oxigene.com. Under the “Investors” tab, select the link to “Events & Presentations.”

OXiGENE’s earnings conference call can also be heard live by dialing (888) 841-3431 in the United States and Canada, and +1 (678) 809-1060 for international callers, five minutes prior to the beginning of the call. A replay will be available starting at 7:30 p.m. EDT, (4:30 p.m. PDT) on May 12, 2011 and ending at midnight EST (9:00 p.m. PDT) on Wednesday, May 18, 2011. To access the replay, please dial (800) 642-1687 if calling from the United States or Canada, or +1 (706) 645-9291 from international locations. Please refer to replay pass code 66014001.

About OXiGENE, Inc.

OXiGENE is a clinical-stage biotechnology company developing novel small-molecule therapeutics to treat cancer and eye diseases. The Company’s major focus is the clinical advancement of drug candidates that selectively disrupt abnormal blood vessels associated with solid tumor progression and visual impairment. OXiGENE is dedicated to leveraging its intellectual property position and therapeutic development expertise to bring life saving and enhancing medicines to patients.

The OXiGENE, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=4969

CONTACT: Investor and Media Contact:
         Michelle Edwards, Investor Relations
         medwards@oxigene.com
         650-635-7006

Bacterin International Holdings (BONE) Launches Third Biologic Scaffold

China GengSheng Minerals (CHGS) Announces Plans to Build New Fracture Proppant Manufacturing Facility

GONGYI, China, May 5, 2011 /PRNewswire-Asia-FirstCall/ — China GengSheng Minerals, Inc. (AMEX: CHGS), a leading China-based high-tech industrial materials manufacturer producing heat-resistant, energy-efficient materials for a variety of industrial applications, today announced plans to construct a new fracture proppant manufacturing facility in Gongyi, Henan Province, which will increase the Company’s annual proppant manufacturing capacity by 60,000 metric tons, to 150,000 tons, including 30,000 tons produced by third parties under OEM agreements. Construction on this new facility began in the second quarter of 2011, with production expected to commence during the second half of the year.

“New technological developments and a global surge in oil and gas drilling is driving a sharp increase in demand for high-quality, cost-effective proppant materials such as ours, and we believe that the time is right to expand our production capacity in order to capture this sizeable market opportunity,” said Mr. Shunqing Zhang, Chairman and CEO of China GengSheng Minerals. “Through our organic capacity expansion, we are able to easily scale manufacturing volume, while maintaining tight quality and cost controls. In addition, we are working to further diversify our marketing channels to build the GengSheng brand among overseas customers. In light of these favorable market trends, our renewed sales and marketing initiatives and this additional capacity, we expect to achieve continued strong growth from our fracture proppants business as we move forward and the markets continue to mature.”

This new facility will be constructed on approximately 87,000 square meters of land, for which the Company has signed a 20-year lease, and will include 2 production lines capable of manufacturing proppant materials to customer specifications. Total cost of the new facility is expected to be approximately $8.6 million, which will be fully funded through operating cash flow and the proceeds of GengSheng’s registered direct offering, completed in January 2011.

About China GengSheng Minerals, Inc.

China GengSheng Minerals, Inc. (“GengSheng”) develops, manufactures and markets a broad range of high-tech industrial material products, including monolithic refractories, industrial ceramics and fracture proppants. A market leader offering customized solutions, GengSheng sells its products primarily to the iron-and-steel industry as heat-resistant components for steel-making furnaces, industrial kilns and other high-temperature vessels to guarantee and improve the productivity of those expensive pieces of equipment while reducing their consumption of energy. Founded in 1986 and based in China’s Henan province, GengSheng currently has over 200 customers in the iron, steel, oil, glass, cement, aluminum and chemical businesses located in China and other countries. GengSheng conducts business through GengSheng International Corporation, a British Virgin Islands company, and its Chinese subsidiaries, which are Henan GengSheng Refractories Co., Ltd., Zhengzhou Duesail Fracture Proppant Co., Ltd., Henan GengSheng Micronized Powder Materials Co., Ltd., Guizhou SouthEast Prefecture Co., Ltd., GengSheng New Materials Co., Ltd., and Henan GengSheng High Temperature Materials Co., Ltd.

For more information about the Company, please visit http://www.gengsheng.com.

To be added to the Company’s email distribution for future press releases, please send your request to gengsheng@tpg-ir.com.

Forward-looking Statement

This press release contains statements that are forward-looking within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate, or imply future results, performance or achievements, and may contain the words “estimate,” “project,” “intend,” “forecast,” “anticipate,” “plan,” “planning,” “expect,” “believe,” “will,” “will likely, ” “should,” “could,” “would,” “may” or words or expressions of similar meaning. Such forward-looking statements are only predictions and are not guarantees of future performance. Investors are cautioned that any such forward-looking statements are and will be, as the case may be, subject to many risks, uncertainties, certain assumptions and factors relating to the operations and business environments of China GengSheng Minerals, Inc. and its subsidiaries that my cause the actual results of the companies to be materially different from any future results expressed or implied in such forward-looking statements. Although China GengSheng Minerals, Inc. believes that the expectations and assumptions reflected in the forward-looking statements are reasonable based on information currently available to its management, China GengSheng Minerals, Inc. cannot guarantee future results or events. China GengSheng Minerals, Inc. expressly disclaims a duty to update any of the forward-looking statement.

DUSA Pharmaceuticals (DUSA) Reports First Quarter 2011 Corporate Highlights and Financial Results

WILMINGTON, Mass., May 5, 2011 (GLOBE NEWSWIRE) — DUSA Pharmaceuticals, Inc.^(R) (Nasdaq:DUSA – News), a dermatology company that is developing and marketing Levulan^(R) Photodynamic Therapy (PDT) and other products focused on patients with common skin conditions, reported today its corporate highlights and financial results for the first quarter ended March 31, 2011.

Highlights for the first quarter include:

• Total product revenues were $11.1 million for the quarter, representing a $2.4 million or 27% year-over-year improvement.

• Domestic PDT revenues totaled $10.7 million for the quarter, representing a $2.6 million or 33% year-over-year improvement.
• Domestic Kerastick^(R) revenues totaled $10.2 million for the quarter, representing a $2.6 million or 35% year-over-year improvement.

• Kerastick^(R) gross margins for the quarter reached a record high at 89%.
• The Company experienced a $1.8 million bottom line year-over-year improvement on a non-GAAP basis for the quarter. Please refer to the section entitled “Use of Non-GAAP Financial Measures” included at the end of this release.
• The Company generated $1.4 million in positive cash flow (change in cash and cash equivalents and marketable securities) during the first quarter of 2011.
• The Company expanded its sales force to 45 with the addition of 5 individuals.

Management Comments:

“We are off to a great start in 2011,” stated Robert Doman, President and CEO. “Continued growth of our core domestic PDT revenues, as well as record gross margins, drove significant year-over-year improvement in our non-GAAP profitability and cash flow.”

“The results of the quarter are even more impressive given the fact that they followed our record performance of the fourth quarter of 2010,” continued Doman.

“As the year progresses, we remain focused on building upon the momentum we have created in the marketplace by further leveraging our expanding sales force in an effort to increase market penetration and acceptance of Levulan^(R) PDT,” concluded Doman.

Other updates:

• At present, we are continuing to evaluate the initiation of a DUSA-sponsored clinical trial designed to study the broad area application and/or short drug incubation, or BASDI, method of using the Levulan^(R) Kerastick^(R). The protocol objectives would be to compare the safety and efficacy of various incubation times (1, 2 or 3 hours) of Levulan^(R) plus BLU-U^(R) PDT versus vehicle plus BLU-U^(R) for the treatment of multiple actinic keratoses of the face or scalp. The timing on the initiation of this study has been delayed as we refine the protocol in consultation with outside experts. We expect to complete our evaluation and determine next steps in the coming months.

First Quarter 2011 Financial Results:

Total product revenues were $11.1 million in the first quarter of 2011, an increase of $2.4 million or 27% from $8.7 million in the first quarter of 2010. PDT revenues totaled $11.0 million, an increase of $2.7 million or 32% from $8.3 million for the comparable 2010 period. The increase in PDT revenues was attributable to a $2.7 million increase in Kerastick^(R) revenues. The Kerastick^(R) revenue improvement was driven by a 22% increase in sales volumes and an 11% increase in our average selling price. Kerastick^(R) sales volumes increased to 75,213 units sold in the first quarter of 2011 from 61,422 units sold in the comparable 2010 period. Domestic Kerastick^(R) sales volumes increased by 12,822 units or 22% and were supplemented by a 969 unit increase in our international sales volumes. BLU-U^(R) revenues were flat year-over-year at $0.5 million. There were 64 units sold during the first quarter, as compared to the 77 units sold in the comparable prior year quarter. The average selling price of the unit increased by 20% year-over-year due to the absence of incentive pricing offered to customers in the first quarter of 2010 in an effort to sell off our existing BLU-U inventory in advance of the introduction of the upgraded design which became available in April 2010. Non-PDT revenues were $0.1 million for the quarter, down $0.3 million year-over-year.

DUSA’s net loss on a GAAP basis was $0.6 million or $0.02 per common share for the first quarter of 2011, compared to a net loss of $0.4 million or $0.02 per common share in the first quarter of 2010. Our financial results on a GAAP basis have been negatively impacted by the fair value accounting over the warrants issued in conjunction with a 2007 equity financing transaction. The fair value accounting of the warrants is subject to significant fluctuation based on changes in our stock price. Appreciation in DUSA’s stock price has resulted the recording of significant non-cash charges related to the change in the fair value of warrants in our Statement of Operations. The non-cash charges recorded in the first quarter of 2011 and 2010 were $2.2 million and $0.2 million, respectively.

Please refer to the section entitled “Use of Non-GAAP Financial Measures” and the accompanying financial table included at the end of this release for a reconciliation of GAAP to non-GAAP results for the three month periods ended March 31, 2011 and 2010, respectively.

DUSA’s non-GAAP net income for the first quarter of 2011 was $1.8 million or $0.07 per common share, compared to breakeven in the prior year period. The improvement in the Company’s profitability was mainly the result of the year-over-year increase in our PDT revenues, which was partially offset by an increase in our operating costs.

As of March 31, 2011, total cash, cash equivalents, and U.S. government securities were $21.1 million, compared to $19.6 million at December 31, 2010, representing an increase of $1.4 million during the quarter.

Conference Call and Audio Webcast Details and Dial-in Information:

In conjunction with this announcement, DUSA will host a conference call and audio webcast today:

Thursday, May 5^th – 8:30 am EDT

North American callers dial:

877-645-6210

International callers dial:

970-315-0447

Participant Conference ID: 63830923

To access the call online via webcast, please click here, or visit http://bit.ly/ioG9Oa.

A telephone replay will be available shortly after the live call concludes. To access the replay, dial 800-642-1687 (North American callers) or 706-645-9291 (International callers). The telephone replay and webcast will also be accessible on the investors section of our website approximately six hours following the call at www.dusapharma.com.

Revenues Table, Condensed Consolidated Balance Sheets, Condensed Consolidated Statement of Operations and GAAP to Non-GAAP reconciliation follow:

Revenues for the three-month periods were comprised of the following:

Use of Non-GAAP Financial Measures

In addition to reporting financial results in accordance with GAAP, DUSA has provided in the table below non-GAAP financial measures adjusted to exclude stock-based compensation expense, consideration provided to the former Sirius shareholders, and the non-cash change in fair value of warrants. The Company believes that this presentation is useful to help investors better understand DUSA’s financial performance, competitive position and prospects for the future. Management believes that these non-GAAP financial measures assist in providing a more complete understanding of the Company’s underlying operational results and trends, and in allowing for a more comparable presentation of results. Management uses these measures along with their corresponding GAAP financial measures to help manage the Company’s business and to help evaluate DUSA’s performance compared to the marketplace. However, the presentation of non-GAAP financial measures is not meant to be considered in isolation or as superior to or as a substitute for financial information provided in accordance with GAAP. The non-GAAP financial measures used by the Company may be calculated differently from, and, therefore, may not be comparable to, similarly titled measures used by other companies.

Investors are encouraged to review the reconciliations of these non-GAAP financial measures to the comparable GAAP results, contained in the table below.

About DUSA Pharmaceuticals

DUSA Pharmaceuticals, Inc. is an integrated dermatology pharmaceutical company focused primarily on the development and marketing of its Levulan^(R) PDT technology platform, and other dermatology products. Levulan^(R) Kerastick^(R) for topical solution plus DUSA’s BLU-U^(R) Blue Light Photodynamic Therapy Illuminator is currently approved for the treatment of minimally to moderately thick actinic keratoses (AKs) of the face or scalp. DUSA also sells other dermatology products, including ClindaReach^(R). DUSA is based in Wilmington, Mass. Please visit our website at www.dusapharma.com.

Except for historical information, this news release contains certain forward-looking statements that represent our current expectations and beliefs concerning future events, and involve certain known and unknown risk and uncertainties. These forward-looking statements relate to management’s expectations concerning objectives for a BASDI clinical study and timing thereof, and management’s beliefs concerning non-GAAP financial measures. These forward-looking statements are further qualified by important factors that could cause actual results to differ materially from future results, performance or achievements expressed or implied by those in the forward-looking statements made in this release. These factors include, without limitation, marketing of competitive products, actions and potential actions by health regulatory authorities, clinical trial risks, expenses and results, changing economic conditions, the status of our patent portfolio, reliance on third parties, including sole source vendors, sufficient funding, and other risks and uncertainties identified in DUSA’s Form 10-K for the year ended December 31, 2010.

Robert F. Doman, President & CEO
978.909.2216
Richard Christopher, VP Finance & CFO
978.909.2211
Chad Rubin, Investor Relations Contact, The Trout Group LLC
646.378.2947
Cory Tromblee, Media Contact, MacDougall Biomedical
Communications
781.235.3060

Wowjoint Holdings Limited (BWOW) Signs $8 Million in New Contracts; Order Backlog Expanded

Heska (HSKA) Announces Q1 2011 Results

LOVELAND, Colo., May 5, 2011 /PRNewswire/ — Heska Corporation (NASDAQ: HSKA, “Heska” or the “Company”) today reported financial results for its first quarter ended March 31, 2011.

(Logo: http://photos.prnewswire.com/prnh/20000622/HESKALOGO)

Highlights since January 1, 2011 include:

• 10% growth in year-over-year quarterly revenue
• Growth in year-over-year quarterly revenue in both of the Company’s operating segments
• 34% increase in year-over-year quarterly gross profit
• 42.5% Gross Margin – the highest quarterly level in three years
• Over $1.5MM in operating income – the second highest quarterly operating income in Heska history
• An operating expense increase of less than 1%
• Continued net cash balance sheet position
• Joe Aperfine employed as Executive Vice President, Sales and Marketing
• Announcement of a new platform technology agreement

“We had a strong quarter with revenue growth, margin expansion and an improved level of profitability. Once again, our results met or exceeded our stated guidance in all areas,” said Robert Grieve, Heska’s Chairman and CEO. “In addition, Joe Aperfine formally began as our new Executive Vice President, Sales and Marketing earlier this week. We conducted an extensive search for this position and were highly impressed with Joe’s experience, skills and track record of success. We are excited by the potential for Joe’s leadership of our commercial efforts.”

Investor Conference Call

Management will conduct a conference call on Thursday, May 5, 2011 at 9:00 a.m. MDT (11:00 a.m. EDT) to discuss the first quarter 2011 financial results. To participate, dial (877) 941-9205 (domestic) or (480) 629-9835 (international); the conference call access number is 4435526. The conference call will also be broadcast live over the Internet at http://www.heska.com. To listen, simply log on to the web at this address at least ten minutes prior to the start of the call to register, download and install any necessary audio software. Telephone replays of the conference call will be available for playback until May 19, 2011. The telephone replay may be accessed by dialing (800) 406-7325 (domestic) or (303) 590-3030 (international). The webcast replay may be accessed from Heska’s home page at www.heska.com until May 19, 2011.

About Heska

Heska Corporation (NASDAQ: HSKA) sells advanced veterinary diagnostic and other specialty veterinary products. Heska’s state-of-the-art offerings to its customers include diagnostic instruments and supplies as well as single use, point-of-care tests, pharmaceuticals and vaccines. The company’s core focus is on the canine and feline markets where it strives to provide high value products and unparalleled customer support to veterinarians. For further information on Heska and its products, visit the company’s website at www.heska.com.

Forward-Looking Statements

This announcement contains forward-looking statements regarding Heska’s future financial and operating results. These statements are based on current expectations and are subject to a number of risks and uncertainties. Investors should note that there is an inherent risk in using past results, including trends, to predict future outcomes. In addition, factors that could affect the business and financial results of Heska generally include the following: uncertainties related to Heska’s ability to maintain a given level of profitability, or profitability at all; risks related to relying on a key individual or group of individuals; uncertainties regarding Heska’s ability to successfully market and sell its products in an economically sustainable manner; risks regarding Heska’s reliance on third-party suppliers such as minimum purchase requirements, which could have a significant adverse impact on Heska’s financial position; uncertainties regarding Heska’s reliance on third parties to whom Heska has granted substantial marketing rights to certain of Heska’s existing products and whom may be large Heska customers, including Schering-Plough Animal Health Corporation which has exclusive rights to our heartworm preventive in the United States; competition; risks related to Heska’s reliance on third parties to develop certain of Heska’s future products; and the risks set forth in Heska’s filings and future filings with the Securities and Exchange Commission, including those set forth in Heska’s Annual Report on Form 10-K for the year ended December 31, 2010.

Financial Table Follows: