IPG (IPGP) Photonics Expects to Exceed Fourth-Quarter Guidance

Feb. 10, 2011 (Business Wire) — IPG Photonics Corporation (NASDAQ: IPGP) today announced preliminary financial results for the fourth quarter ended December 31, 2010. The Company expects sales for the fourth quarter of 2010 to be approximately $100 million compared with the previously guided range of $80 to $86 million, and earnings per diluted share to be in a range of $0.53 to $0.56 compared with previous guidance of between $0.30 and $0.35. For the fourth quarter of 2009, IPG reported sales of $54.3 million and earnings per share of $0.07. As IPG Photonics’ year-end audit is not complete, these preliminary results are subject to adjustments from the audit.

“We expect to report more than 80% year-over-year growth in revenues and a seven-fold increase in earnings per share for the fourth quarter of 2010,” said Dr. Valentin Gapontsev, IPG Photonics’ Chief Executive Officer. “Our exceptional sales performance this quarter was driven by broad-based demand strength. Geographically, China and Europe were the stand-out performers for the quarter, although we experienced significant year-over-year sales increases across nearly all regions. Materials processing, communications and advanced applications were the strongest end markets and high-power and pulsed lasers both reported triple-digit year-over-year growth. Our expected bottom-line increase was due to the excellent leverage in our business model, resulting in further improvements in gross and operating margins.”

“We continue to see strong order flow into Q1 and expect the first quarter to show robust quarterly year-over-year revenue and earnings growth, even after taking into account historical seasonal patterns which typically result in lower sequential quarterly revenue in Q1. We enter 2011 with great momentum and expect to continue to capitalize on the demand for our fiber lasers and benefit from the leverage in our business model,” concluded Gapontsev.

IPG Photonics expects to provide revenue and earnings per share guidance for the first quarter of 2011 when it announces its financial results for the fourth quarter and full year 2010 on Friday, February 25, 2011.

Chief Financial Officer, Tim Mammen, will be presenting at Stifel Nicolaus’ 9th Annual Technology, Communications & Internet Conference on Friday, February 11, 2011 at 8:00 a.m. PT/11:00 a.m. ET. A live audio webcast of the presentation will be available through the “Investors” section of IPG’s website at www.ipgphotonics.com. For those unable to listen to the live webcast, an archive of the presentation will be available on the Company’s website for approximately 90 days.

About IPG Photonics Corporation

IPG Photonics Corporation is the world leader in high-power fiber lasers and amplifiers. Founded in 1990, IPG pioneered the development and commercialization of optical fiber-based lasers for use in a wide range of applications such as materials processing, advanced, telecommunications and medical. Fiber lasers have revolutionized the industry by delivering superior performance, reliability and usability at a lower total cost of ownership compared with conventional lasers, allowing end users to increase productivity and decrease operating costs. IPG has its headquarters in Oxford, Massachusetts, and has additional plants and offices throughout the world. For more information, please visit www.ipgphotonics.com.

Safe Harbor Statement

Information and statements provided by the Company and its employees, including statements in this press release, that relate to future plans, events or performance are forward-looking statements. These statements involve risks and uncertainties. Any statements in this press release that are not statements of historical fact are forward-looking statements, including, but not limited to, the Company’s expectations for revenue and earnings per share for the fourth quarter of 2010 and its expectations for robust year-over-year revenue and earnings growth in the first quarter of 2011. Factors that could cause actual results to differ materially include risks and uncertainties, including risks associated with the strength or weakness of the business conditions in industries and geographic markets that the Company serves, particularly the effect of economic downturns; reduction in customer capital expenditures; potential order cancellations and push-outs and financial and credit market issues; the Company’s ability to penetrate new applications for fiber lasers and increase market share; the rate of acceptance and penetration of IPG’s products; effective management of growth; level of fixed costs from its vertical integration; intellectual property infringement claims and litigation; interruption in supply of key components; manufacturing risks; inventory write-downs; foreign currency fluctuations; competitive factors, including declining average selling prices; building and expanding field service and support operations; uncertainties pertaining to customer orders; demand for products and services; development of markets for the Company’s products and services; and other risks identified in the Company’s SEC filings. Readers are encouraged to refer to the risk factors described in the Company’s Annual Report on Form 10-K (filed with the SEC on March 12, 2009) and its periodic reports filed with the SEC, as applicable. Actual results, events and performance may differ materially. Readers are cautioned not to rely on the forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to update the forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

IPG Photonics Corporation

Tim Mammen, 508-373-1100

Chief Financial Officer

or

Sharon Merrill Associates, Inc.

David Calusdian, 617-542-5300

Executive Vice President

Exeter (XRA) Secures Option to Purchase Water Rights for the Caspiche Gold-Copper Project in Chile

VANCOUVER, BRITISH COLUMBIA–(Marketwire – 02/08/11) – Exeter Resource Corporation (TSX:XRC)(AMEX:XRA)(Frankfurt:EXB) (“Exeter” or the “Company”) is pleased to announce that it has optioned water rights to a total volume of 300 litres per second from a private Chilean company. The rights relate to surface water flows and are consumptive in nature. The option agreement provides for staged payments deductible from a purchase price of US$15 million. The Company can withdraw from the option at any time without penalty.

The Company has also applied for water exploration concessions over three separate water basins in its own right. Importantly with respect to obtaining permission to develop these basins, the aquifers are contained, and do not appear to contribute water to downstream catchments or basins.

Both the optioned water rights and the nearest basin are located some 100 kilometres north of the project, adjacent to water rights proposed for the Cerro Casale project, 10 kilometres south of Caspiche. Additional basins are 50-100km further north again.

AKER Solutions has begun work on two concurrent pre-feasibility studies (see Press Release dated 22 November, 2010). The first is designed to provide detailed economics for the development of the shallow, heap leachable gold-only oxide deposit. The second will focus on the development of the complete Caspiche resource. At this stage preliminary studies indicate that a gold-only heap leach project would require a water supply of less than 100 litres per second.

Yale Simpson, Exeter’s Executive Chairman said, “We are very pleased to have achieved another milestone for the project. Water is a fundamental component for any potential mining operation at Caspiche. The optioned water rights are more than sufficient to meet the needs of a gold-only oxide project at Caspiche. The oxide gold resource is a +100 metre thick blanket of gold bearing oxide material that overlies the large sulphide resource.

“Metallurgical studies to date have shown favourable heap leaching characteristics. Based on the measured and indicated resource for the oxide deposit, the gold-only oxide project could produce +150,000 ounces of gold per year for five years, providing early cash flow for the project.”

Jerry Perkins, Exeter’s VP Development and Operations and a “qualified person” within the definition of that term in National Instrument 43-101, Standards of Disclosure for Mineral Projects, has supervised the preparation of the technical information contained in this news release.

About Exeter

Exeter Resource Corporation is a Canadian mineral exploration company focused on the exploration and development of the Caspiche project in Chile. The project is situated in the Maricunga gold district, between the Refugio mine (Kinross Gold Corp.) and the giant Cerro Casale gold deposit (Barrick Gold Corp. and Kinross Gold Corp.). The discovery represents one of the largest mineral discoveries made in Chile in recent years. Exeter has initiated pre-feasibility studies with the aim of demonstrating the commercial viability of this world class discovery. The Company has cash reserves of $87 million and no debt.

You are invited to visit the Exeter web site at www.exeterresource.com.

EXETER RESOURCE CORPORATION

Bryce Roxburgh, President and CEO

Safe Harbour Statement – This news release contains “forward-looking information” and “forward-looking statements” (together, the “forward-looking statements”) within the meaning of applicable securities laws and the United States Private Securities Litigation Reform Act of 1995, including in relation to the Company’s belief as to the extent and timing of its drilling programs, adequacy of water resources, various studies including pre-feasibility studies, engineering, environmental, infrastructure and other studies, and exploration results, budgets for its exploration programs, the potential tonnage, grades and content of deposits, timing, establishment and extent of resources estimates, potential for financing its activities, potential production from and viability of its properties, permitting submission and timing and expected cash reserves. These forward-looking statements are made as of the date of this news release. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the future circumstances, outcomes or results anticipated in or implied by such forward-looking statements will occur or that plans, intentions or expectations upon which the forward-looking statements are based will occur.

While the Company has based these forward-looking statements on its expectations about future events as at the date that such statements were prepared, the statements are not a guarantee that such future events will occur and are subject to risks, uncertainties, assumptions and other factors which could cause events or outcomes to differ materially from those expressed or implied by such forward-looking statements. Such factors and assumptions include, among others, the effects of general economic conditions, the price of gold and copper, changing foreign exchange rates and actions by government authorities, uncertainties associated with legal proceedings and negotiations and misjudgements in the course of preparing forward-looking information. In addition, there are known and unknown risk factors which could cause the Company’s actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. Known risk factors include risks associated with project development; including risks associated with the failure to satisfy the requirements of the Company’s agreement with Anglo American on its Caspiche project which could result in loss of title; the need for additional financing; operational risks associated with mining and mineral processing; fluctuations in metal prices; title matters; uncertainties and risks related to carrying on business in foreign countries; environmental liability claims and insurance; reliance on key personnel; the potential for conflicts of interest among certain officers, directors or promoters of the Company with certain other projects; the absence of dividends; currency fluctuations; competition; dilution; the volatility of the Company’s common share price and volume; tax consequences to U.S. investors; and other risks and uncertainties, including those described in the Company’s Annual Information Form for the financial year ended December 31, 2009 dated March 25, 2010 filed with the Canadian Securities Administrators and available at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company is under no obligation to update or alter any forward-looking statements except as required under applicable securities laws.

Cautionary Note to United States Investors – The information contained herein and incorporated by reference herein has been prepared in accordance with the requirements of Canadian securities laws, which differ from the requirements of United States securities laws. In particular, the term “resource” does not equate to the term “reserve”. The Securities Exchange Commission’s (the “SEC”) disclosure standards normally do not permit the inclusion of information concerning “measured mineral resources”, “indicated mineral resources” or “inferred mineral resources” or other descriptions of the amount of mineralization in mineral deposits that do not constitute “reserves” by U.S., unless such information is required to be disclosed by the law of the Company’s jurisdiction of incorporation or of a jurisdiction in which its securities are traded. U.S. investors should also understand that “inferred mineral resources” have a great amount of uncertainty as to their existence and great uncertainty as to their economic and legal feasibility. Disclosure of “contained ounces” is permitted disclosure under Canadian regulations; however, the SEC normally only permits issuers to report mineralization that does not constitute “reserves” by SEC standards as in place tonnage and grade without reference to unit measures.

NEITHER THE TSX NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE

Contacts:
Exeter Resource Corporation
B. Roxburgh
President
604.688.9592 or Toll-free: 1.888.688.9592
604.688.9532 (FAX)
Exeter Resource Corporation
Rob Grey
VP Corporate Communications
604.688.9592 or Toll-free: 1.888.688.9592
604.688.9532 (FAX)
exeter@exeterresource.com
www.exeterresource.com

Seabridge (SA) Reports Major New Gold/Copper Resource at KSM’s Iron Cap Zone

TORONTO, CANADA–(Marketwire – 02/08/11) – An independent mineral resource model for Seabridge Gold’s (TSX:SEA)(AMEX:SA) Iron Cap Zone at its 100% owned KSM project estimates a new indicated resource containing 5.1 million ounces of gold and 1.7 billion pounds of copper immediately adjacent to the Mitchell deposit. The indicated resource is flanked by a halo of inferred resources containing an additional 3.4 million ounces of gold and 1.3 billion pounds of copper. The Iron Cap resource estimate was prepared by Resource Modeling Inc. (“RMI”) of Stites, Idaho and will be incorporated into an updated Preliminary Feasibility Study (“PFS”) scheduled for completion in April 2011.

The NI 43-101 compliant global resource estimate is as follows:

 

     Iron Cap Mineral Resources at 0.50 g/t Gold Equivalent Cutoff-Grade
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                                                  Gold                Copper
                          Tonnes       Gold    (000 of         Cu  (millions
Resource Category          (000)      (g/t)    ounces)        (%)    of lbs)
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Indicated                361,700       0.44      5,117       0.21      1,674
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Inferred                 297,300       0.36      3,441       0.20      1,310
----------------------------------------------------------------------------
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-----------------------------------------------------------------
-----------------------------------------------------------------
                                     Silver                  Moly
                          Silver    (000 of       Moly  (millions
Resource Category          (g/t)    ounces)      (ppm)    of lbs)
-----------------------------------------------------------------
-----------------------------------------------------------------
Indicated                    5.4     62,796         47       37.5
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Inferred                     3.9     37,278         60       39.3
-----------------------------------------------------------------
-----------------------------------------------------------------

A new global resource estimate for the KSM project, including the Mitchell, Sulphurets and Kerr zones, will be released shortly.

Seabridge Gold President and CEO Rudi Fronk said “the Iron Cap resource has exceeded our expectations. Our objective was to book a five million ounce gold resource in all categories. In fact, we have achieved more than five million ounces of indicated resources with a superior copper grade which should help us optimize mine plans to maintain a favorable copper head grade. We expect that most of the indicated resource should qualify as reserves in our new PFS and improve the economics for the KSM project.”

RMI estimated gold and copper grades using inverse distance weighting methods within geologically constrained gold and copper grade domains that were constructed for the Iron Cap zone. The grade models were validated visually and by comparisons with nearest neighbor models. The estimated block grades were classified into indicated and inferred mineral resource categories based on mineralized continuity that was determined both visually and statistically (i.e. variogram ranges) together with the proximity to drill hole data. To facilitate comparisons with previous resource estimates, recoverable gold equivalent grades were calculated using the same $650 gold price with a 70% recovery rate and a $2.00 copper price with an 85% recovery rate. The cutoff grade for resource tabulation was set at 0.50 grams per tonne (g/t) gold equivalent, also consistent with the cutoff grade used for previous KSM resource estimates.

The resource model for Iron Cap incorporates data from a total of 51 core holes (41 drilled by Seabridge in 2010 plus 10 holes drilled by previous operators) totaling about 17,700 meters. Grades from the 10 holes drilled by previous operators were compared with nearby holes drilled by Seabridge. The grades of the older holes were found to be comparable with the newer holes. For example, the average gold grade of the old and new holes within 50 meters of one another was 0.43 and 0.45 g/t, respectively. RMI reviewed the quality assurance/quality control protocols and results from Seabridge’s 2010 drilling program and has deemed that the number and type of gold and copper standard reference materials (standards, blanks, and duplicates) were reasonable. Based on the performance of those standard reference materials, RMI believes that the Seabridge drill samples are reproducible and suitable for estimating mineral resources. RMI constructed a preliminary block model in August 2010 using ten historic and eight 2010 Seabridge drill holes that had been completed as of that date. After the 2010 drilling campaign was completed, RMI compared the grades from 33 Seabridge core holes that were completed after the preliminary block model had been constructed. This comparison showed that the newly obtained drill hole intervals were slightly higher in grade (gold, copper, silver, and molybdenum) than the estimated preliminary model blocks. The infill drilling program also validated and expanded the volume of mineralization that was established by the initial ten drill holes.

Gold resource estimates included herein were prepared by Resource Modeling Inc. under the direction of Michael Lechner, who is independent of Seabridge and a Qualified Person as defined by National Instrument 43-101. Mr. Lechner is a highly regarded expert in his field and frequently undertakes independent resource estimates for major mining companies. Mr. Lechner has reviewed and approved this news release. The independent technical report detailing the Iron Cap resource model, plus updated resource estimates for the Mitchell, Sulphurets and Kerr zones will be filed on SEDAR at www.sedar.com.

Exploration activities by Seabridge Gold at KSM have been conducted under the supervision of William E. Threlkeld, Registered Professional Geologist, Senior Vice President of the Company and a Qualified Person as defined by National Instrument 43-101. An ongoing and rigorous quality control/quality assurance protocol was employed during the 2010 program including blank and reference standards in every batch of assays. Cross-check analyses are being conducted at a second external laboratory on 10% of the samples. Samples were assayed at Eco Tech Laboratory Ltd., Kamloops, B.C., using fire assay atomic adsorption methods for gold and total digestion ICP methods for other elements.

Seabridge holds a 100% interest in several North American gold projects. The Company’s principal assets are the KSM property located near Stewart, British Columbia, Canada and the Courageous Lake gold project located in Canada’s Northwest Territories. For a breakdown of Seabridge’s mineral reserves and mineral resources by category please visit the Company’s website at http://www.seabridgegold.net/resources.php.

All reserve and resource estimates reported by the Corporation were calculated in accordance with the Canadian National Instrument 43-101 and the Canadian Institute of Mining and Metallurgy Classification system. These standards differ significantly from the requirements of the U.S. Securities and Exchange Commission. Mineral resources which are not mineral reserves do not have demonstrated economic viability.

This document contains “forward-looking information” within the meaning of Canadian securities legislation and “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995. This information and these statements, referred to herein as “forward-looking statements” are made as of the date of this document. Forward-looking statements relate to future events or future performance and reflect current estimates, predictions, expectations or beliefs regarding future events and include, but are not limited to, statements with respect to: (i) the amount of mineral reserves and mineral resources; (ii) any potential for the increase of mineral reserves and mineral resources, whether in existing zones or new zones; (iii) the amount of future production; (iv) further optimization of the PFS including metallurgical performance; (v) completion of and submission of the Environmental Assessment Application; and (vi) potential for engineering improvements. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects”, “anticipates”, “plans”, “projects”, “estimates”, “envisages”, “assumes”, “intends”, “strategy”, “goals”, “objectives” or variations thereof or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements.

All forward-looking statements are based on Seabridge’s or its consultants’ current beliefs as well as various assumptions made by them and information currently available to them. These assumptions include: (i) the presence of and continuity of metals at the Project at modeled grades; (ii) the capacities of various machinery and equipment; (iii) the availability of personnel, machinery and equipment at estimated prices; (iv) exchange rates; (v) metals sales prices; (vi) appropriate discount rates; (vii) tax rates and royalty rates applicable to the proposed mining operation; (viii) financing structure and costs; (ix) anticipated mining losses and dilution; (x) metallurgical performance; (xi) reasonable contingency requirements; (xii) success in realizing further optimizations and potential in exploration programs and proposed operations; (xiii) receipt of regulatory approvals on acceptable terms, including the necessary right of way for the proposed tunnels; and (xiv) the negotiation of satisfactory terms with impacted First Nations groups. Although management considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. Many forward-looking statements are made assuming the correctness of other forward looking statements, such as statements of net present value and internal rates of return, which are based on most of the other forward-looking statements and assumptions herein. The cost information is also prepared using current values, but the time for incurring the costs will be in the future and it is assumed costs will remain stable over the relevant period.

By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that estimates, forecasts, projections and other forward-looking statements will not be achieved or that assumptions do not reflect future experience. We caution readers not to place undue reliance on these forward-looking statements as a number of important factors could cause the actual outcomes to differ materially from the beliefs, plans, objectives, expectations, anticipations, estimates assumptions and intentions expressed in such forward-looking statements. These risk factors may be generally stated as the risk that the assumptions and estimates expressed above do not occur, but specifically include, without limitation: risks relating to variations in the mineral content within the material identified as mineral reserves or mineral resources from that predicted; variations in rates of recovery and extraction; developments in world metals markets; risks relating to fluctuations in the Canadian dollar relative to the US dollar; increases in the estimated capital and operating costs or unanticipated costs; difficulties attracting the necessary work force; increases in financing costs or adverse changes to the terms of available financing, if any; tax rates or royalties being greater than assumed; changes in development or mining plans due to changes in logistical, technical or other factors; changes in project parameters as plans continue to be refined; risks relating to receipt of regulatory approvals or settlement of an agreement with impacted First Nations groups; the effects of competition in the markets in which Seabridge operates; operational and infrastructure risks and the additional risks described in Seabridge’s Annual Information Form filed with SEDAR in Canada (available at www.sedar.com) for the year ended December 31, 2009 and in the Corporation’s Annual Report Form 40-F filed with the U.S. Securities and Exchange Commission on EDGAR (available at www.sec.gov/edgar.shtml). Seabridge cautions that the foregoing list of factors that may affect future results is not exhaustive.

When relying on our forward-looking statements to make decisions with respect to Seabridge, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Seabridge does not undertake to update any forward-looking statement, whether written or oral, that may be made from time to time by Seabridge or on our behalf, except as required by law.

Animal Health International, Inc. (AHII) Reports Its Second Quarter of Fiscal 2011 Earnings

WESTLAKE, Texas, Feb. 8, 2011 (GLOBE NEWSWIRE) — Animal Health International, Inc. (Nasdaq:AHII), a leading distributor of animal health products in the United States and Canada, today reported its financial results for the Company’s second fiscal quarter, which ended December 31, 2010.

Results include the following highlights.

Three Months Ended December 31, 2010

• Net sales increased 16.3%, to $198.2 million, compared to $170.5 million for the same period a year ago. The increase in net sales was primarily attributable to improving economics in the beef market as well as continued growth in our veterinary business.
• Gross margin increased $3.1 million for the quarter, with $4.5 million due to higher sales volume partially offset by a shift in mix to lower margin products of $0.9 million and a special one-time promotional rebate received last year of $0.5 million. Margin for the quarter was 16.4% of net sales, compared to 17.3% last year.
• Selling, General and Administrative (SG&A) expenses declined to 12.5% of sales this year compared to 13.8% in the same period last year. SG&A expenses increased $1.3 million from the same period last year largely due to increased sales.
• Adjusted earnings before interest, tax, depreciation and amortization (Adjusted EBITDA) increased by 29.8% or $1.9 million to $8.1 million for the quarter, compared to $6.2 million last year.
• Net income increased 52.5% to $1.9 million, or $0.07 per fully diluted share, compared to $1.2 million or $0.05 per fully diluted share in last year’s second quarter. The net income for the quarter included a one-time adjustment for the completion of the FY2010 Canadian tax provision of $0.4 million. Net income excluding this adjustment would have been $2.3 million and an 87.1% increase over last year. Earnings per share would have been $0.09 without the one-time tax provision.

Fiscal Year to Date December 31, 2010

• Net sales for the year to date were $374.7 million, an increase of 12.9% compared to $331.8 for the same period a year ago. Sales to beef producers and veterinarians led the increase.
• Gross margin increased $4.5 million, compared to the same period last year, with $7.2 million due to the increase in volume, offset $2.0 million by a shift in mix to lower margin product and a special one-time promotional rebate received last year of $0.5 million. Margins for the first half were 16.0% of net sales, compared to 16.7% last year.
• SG&A expenses declined to 13.2% of sales compared to 14.0% last year. SG&A increased $3.3 million from the same period last year primarily due to increased sales volume.
• Adjusted EBITDA for the first half of the fiscal year increased 16.7% or $1.6 million to $11.2 million, compared to $9.6 million in the same period last year.
• Net income was $1.3 million or $0.05 per fully diluted share, compared to last year’s net income of $0.5 million or $0.02 per fully diluted share. The net income for the year to date included a one-time adjustment for the completion of the FY2010 Canadian tax provision of $0.4 million. Net income excluding this adjustment would have been $1.8 million. Earnings per share would have been $0.07 without the one-time tax provision.

Jim Robison, Chairman and Chief Executive Officer, stated, “We are executing well and pleased with our second quarter results. With the refinancing of our debt completed during the quarter and good results, we are optimistic about the year.”

At December 31, 2010, the Company’s availability under its revolving credit facility totaled $30.1 million, and the Company is in compliance with all of its financial covenants.

Fiscal Year 2011 Guidance

The following statements are based on current information and the Company assumes no obligation to update them. These statements are forward-looking and inherently uncertain.

Management forecasts that our Adjusted EBITDA for the fiscal year ending June 2011 will be in the range of $25 – $27 million. This guidance excludes any projections of future acquisitions.

Conference Call

The Company plans to host its investor conference call today at 10:00 a.m. Eastern Time to discuss these results and its business outlook. You can access the conference call by dialing 877-407-9210. Participants will be required to register their name and company affiliation for the conference call.  Audio replay will be made available by accessing the Company’s web site at www.ahii.com under the Investor Relations tab.

Use of Non-GAAP measures

Adjusted EBITDA represents net income (loss) before interest expense, income tax expense, depreciation and amortization, goodwill impairment, stock-based compensation expense, and acquisition costs. We present Adjusted EBITDA as a supplemental performance measure because we believe it facilitates operating performance comparisons from period to period and company to company by backing out potential differences caused by variations in capital structures (affecting interest expense), tax positions (such as the impact on periods or companies of changes in effective tax rates or net operating losses), the age and book depreciation of fixed assets (affecting relative depreciation expense), the non-cash impact of stock-based compensation expenses and the impact of purchase accounting. Because Adjusted EBITDA facilitates internal comparisons of our historical financial position and operating performance on a more consistent basis, we also use Adjusted EBITDA in measuring our performance relative to that of our competitors and in evaluating acquisition opportunities. Adjusted EBITDA is not a measurement of our financial performance under generally accepted accounting principles in the United States, or GAAP, and should not be considered as an alternative to net income, operating income or any other performance measures derived in accordance with GAAP or as an alternative to cash flow from operating activities as a measure of our profitability or liquidity. We understand that although Adjusted EBITDA is frequently used by securities analysts, lenders and others in their evaluation of companies, Adjusted EBITDA has limitations as an analytical tool, and you should not consider it in isolation, or as a substitute for analysis of our results as reported under GAAP. Some of these limitations are:

• Adjusted EBITDA does not reflect our cash expenditures, or future requirements for capital expenditures or contractual commitments. Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future and Adjusted EBITDA does not reflect any cash requirements for such replacements;
• Adjusted EBITDA does not reflect changes in, or cash requirements for, our working capital needs;
• Adjusted EBITDA does not reflect the significant interest expense, or the cash requirements necessary to service interest or principal payments, on our debts; and
• Other companies in our industry may calculate Adjusted EBITDA differently than we do, limiting its usefulness as a comparative measure.

About Animal Health International, Inc.

Animal Health International, Inc., through its wholly owned subsidiaries, is engaged in the distribution of animal health products in the United States and Canada. The Company’s subsidiaries distribute more than 40,000 products sourced from over 1,500 manufacturers to over 71,000 customers, including veterinarians, production animal operators, and animal health product retailers. Products the Company’s subsidiaries distribute include pharmaceuticals, vaccines, parasiticides, diagnostics, capital equipment, sanitizers, pet foods, devices and supplies. The Company was founded in 1954, and has its corporate headquarters located in Westlake, Texas.

The Animal Health International logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3240

Safe Harbor for Forward-Looking Statements

Certain items in this press release may constitute forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on management’s current expectations and beliefs and are subject to a number of trends and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Animal Health International can give no assurance that expectations will be attained. Factors that could cause actual results to differ materially from our expectations include, but are not limited to, the current general economic conditions, our inability to maintain relationships with manufacturers, an adverse change in manufacturer rebates or our inability to meet applicable rebate targets, the outbreak of infectious disease within an animal population, the loss of products or delays in product availability from one or more manufacturers, the loss of key personnel, the consolidation among animal health product vendors, consolidation among our customers, currency exchange rates and other risks detailed in our filings with the Securities and Exchange Commission, including our 2010 Annual Report on Form 10-K, which was filed on September 10, 2010. Such forward-looking statements speak only as of the date of this press release. Animal Health International expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Animal Health International’s expectations with regard thereto or change in events, conditions, or circumstances on which any such statement is based.

CONTACT: Animal Health International, Inc.
         William F. Lacey
         817-859-3000

Oculus Innovative Sciences (OCLS) Receives New FDA 510(k) Clearance for Microcyn-Based Dermatology HydroGel

Feb. 8, 2011 (Business Wire) — Oculus Innovative Sciences, Inc. (NASDAQ:OCLS), a commercial healthcare company that designs, produces and markets safe and effective tissue care products based upon the Microcyn® Technology platform, announced today it had received a new FDA 510(k) clearance for its uniquely formulated Microcyn-based Epicyn™ HydroGel. Under the supervision of a healthcare professional, it is indicated to manage and relieve the burning, itching and pain experienced with various types of dermatoses, including atopic dermatitis and radiation dermatitis. Epicyn HydroGel may also be used to relieve the pain of first- and second-degree burns and can help to relieve dry waxy skin by maintaining a moist wound and skin environment, which is beneficial to the healing process. The hydrogel is a shelf-stable hypochlorous acid formulation based on the company’s proprietary Microcyn Technology platform.

“Our newly approved dermatology indication opens two interesting new markets to Oculus — atopic dermatitis, which afflicts 15 million U.S. patients, and radiation dermatitis, with over one million U.S. patients. The use of the proprietary Microcyn Technology for these challenging skin afflictions is truly a unique approach and adds both depth and breadth to Oculus’ dermatology product portfolio,” said Hoji Alimi, founder and CEO of Oculus. “And in line with our business strategy, we plan to partner this new indication at the earliest for faster commercialization.”

About Atopic Dermatitis

More than 15 million patients have symptoms of atopic dermatitis, characterized by itchy skin, which can lead to rash, redness, swelling, crusting and scaling. The disease affects up to 20 percent of infants and young children, who continue to have symptoms as adults with significant impact on their quality of life. The exact cause is unknown, but genetics are considered a key factor.

In a 2009 GlobalData study, it was estimated the global atopic dermatitis therapeutics market delivered revenues of $643 million in 2009. It is expected to grow to $810 million at a Compound Annual Growth Rate (CAGR) of 3.4% by 2016. This growth is primarily attributed to an increase in competition among existing products and the presence of a strong pipeline with more emerging therapies. Globally, the United States remains the largest market for atopic dermatitis therapeutics, and generated revenue of $402 million in 2009. It is forecast to grow at a CAGR of 3.8% over the next seven years to reach $582 million by 2016.

About Radiation Dermatitis

Radiation dermatitis is an unintended and often unavoidable skin reaction commonly experienced by patients receiving radiation therapy as part of their cancer treatment. This side effect, caused by radiation passing through skin cells, is often unpleasant and painful and may contribute to poor quality of life in cancer patients. In some cases, radiation dermatitis may become so severe as to necessitate interruption or cessation of radiation therapy. A wide variety of products have been used to treat radiation dermatitis with little or no evidence to support their use. According to estimates from the International Agency for Research on Cancer (IARC), there were 12.7 million new cancer cases in 2008 worldwide, of which 5.6 million occurred in economically developed countries and 7.1 million in economically developing countries. Of the total cancer patients, approximately 60 percent receive radiation treatment, and up to 95% of those are afflicted with radiation dermatitis.

About Oculus Innovative Sciences

Oculus Innovative Sciences is a commercial healthcare company that designs, produces and markets safe and effective tissue care products based upon the Microcyn® Technology platform, which significantly reduces the need for antibiotics while reducing infections and accelerating healing. The Microcyn Technology addresses the need for improved solutions in multiple markets, including dermatology, oral care, cosmeceutical, wound care and others. It features a biocompatible, shelf-stable solution that is currently commercialized in the United States, Europe, India, China and Mexico and select Middle East countries under various country-specific regulatory clearances and approvals. Several solutions derived from this platform have demonstrated, in a variety of research and investigational studies, the ability to treat a wide range of pathogens, including antibiotic-resistant strains of bacteria (including MRSA and VRE), viruses, fungi and spores; increase blood flow to the wound site; and reduce both inflammation and pain while assisting in faster wound closure. The company’s headquarters are in Petaluma, California, with manufacturing operations in the United States and Latin America. More information can be found at www.oculusis.com.

Forward-Looking Statements

Except for historical information herein, matters set forth in this press release are forward-looking within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including statements about the Company’s commercial and technology progress and future financial performance. These forward-looking statements are identified by the use of words such as “opens,” “adds” and “plan,” among others. Forward-looking statements in this press release are subject to certain risks and uncertainties inherent in the Company’s business that could cause actual results to vary, including such risks that regulatory clinical and guideline developments may change, scientific data may not be sufficient to meet regulatory standards or receipt of required regulatory clearances or approvals, clinical results may not be replicated in actual patient settings, protection offered by the Company’s patents and patent applications may be challenged, invalidated or circumvented by its competitors, the available market for the Company’s products will not be as large as expected, the Company’s products will not be able to penetrate one or more targeted markets, revenues will not be sufficient to fund further development and clinical studies, the Company may not meet its future capital needs, and its ability to obtain additional funding, as well as uncertainties relative to varying product formulations and a multitude of diverse regulatory and marketing requirements in different countries and municipalities, and other risks detailed from time to time in the Company’s filings with the Securities and Exchange Commission, including the annual report on Form 10-K for the year ended March 31, 2010. Oculus Innovative Sciences disclaims any obligation to update these forward-looking statements except as required by law.

Oculus, Epicyn and Microcyn Technology are trademarks or registered trademarks of Oculus Innovative Sciences, Inc. All other trademarks and service marks are the property of their respective owners.

Oculus Innovative Sciences, Inc.

Media and Investor Contact:

Dan McFadden, 425-753-2105

dmcfadden@oculusis.com

Director of Public and Investor Relations

D. Medical (DMED) Subsidiary Achieves ISO 13485:2003 and ISO 9001:2008 Certifications

TIRAT CARMEL, ISRAEL — (Marketwire) — 02/07/11 — D. Medical Industries Ltd. (NASDAQ: DMED)(TASE: DMDC) (“D. Medical” or the “Company”), a medical device company engaged through its subsidiaries in the research, development, manufacture and sale of innovative products for diabetes treatment and drug delivery, announced today that its subsidiary, Spring-Set Health Solutions Ltd. (formerly “Medx- Set Ltd.”), has achieved ISO 13485:2003 and ISO 9001:2008 certifications. Spring-Set designs and markets the Company’s Universal Detach Detect Infusion Sets.

ISO 13485:2003 is an internationally recognized standard developed to ensure that companies provide medical devices that consistently meet regulatory requirements. In order to obtain the certification, Spring-Set demonstrated the ability to consistently meet strict requirements for Quality Management Systems (QMS) applicable to medical device manufacturing and related services.

ISO 9001:2008 is an internationally recognized quality management standard. The standard focuses on defining customer quality requirements, use of data to analyze the processes, meeting applicable customer and regulatory requirements, enhancing customer satisfaction and continually improving business performance.

“The achievement of both ISO 13485:2003 and ISO 9001:2008 certifications demonstrates our continued commitment to the highest levels of quality management and design controls to ensure the delivery of safe and effective products to our international customer base. In addition, as we prepare to launch our Universal Detach Detect Infusion Sets in the United States, Canada, Europe, Mexico and the BRIC countries of Brazil, Russia, India and China – commencing in 2011 – we believe these certifications will help to simplify and, in some cases, potentially shorten this key product’s regulatory pathway in those markets,” said Efri Argaman, D. Medical’s Chief Executive Officer.

About D. Medical

D. Medical is a medical device company engaged through its subsidiaries in the research, development, manufacture and sale of innovative products for diabetes treatment and drug delivery. D. Medical has developed durable and semi-disposable insulin pumps, which continuously infuse insulin into a patient’s body, using its proprietary spring-based delivery technology. D. Medical believes that its spring-based delivery mechanism is cost-effective compared to the motor and gear train mechanisms that drive competitive insulin pumps and also allows it to incorporate certain advantageous functions and design features in its insulin pumps. D. Medical has also developed an infusion set for insulin pumps and is focusing its research and development efforts on the development of next generation insulin pumps and a device that will combine a continuous glucose monitoring system and an insulin pump on the same patch. For more information, please visit http:www.dmedicalindustries.com (corporate) and http://www.springnow.com (healthcare professionals, patients and care givers).

Forward-Looking Statements

This press release contains forward-looking statements (as defined by the Israeli Securities Law, 1968, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) that involve risks and uncertainties. These statements include, forecasts, goals, uncertainties and assumptions and relate, inter alia, to D. Medical’s future expectations in connection with its level of sales and cost of sales, manufacturing volumes, the cost-effectiveness of its spring-based design, target markets, regulatory approvals and timing of markets penetration. The forward-looking statements are based on D. Medical’s current expectations and beliefs which are based on, among other things, its analysis of publicly available information and market research reports. All forward-looking statements are subject to certain risks, uncertainties and assumptions that could cause actual results to differ materially from those described in the forward-looking statements. Such risks and uncertainties include, but are not limited to, the impact of general economic conditions, competitive products, product demand, product performance, the performance of D. Medical’s contract manufacturer and distributors, regulatory trends and approvals and healthcare reform legislation. If one or more of these risks and/or uncertainties materialize, or if the underlying assumptions prove to be incorrect, D. Medical’s actual results, performance or achievements could differ materially from those expressed in, or implied by, any such forward-looking statements or results which are based upon such assumptions. No assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or of any of them will transpire or occur, what impact it will have on D. Medical’s results of operations or financial condition. D. Medicals does not undertake to update any forward-looking statements.

Contacts:
D. Medical Industries Ltd.
Amir Loberman
Chief Financial Officer
+972-73-2507135
info@springnow.com

D. Medical Industries Ltd.
Stephen Kilmer
North American Investor Contact
T: 212.618.6347
M: 905-906-6908
stephen@dmedicalindustries.com

Israeli Investor Relations
Iris Lubitch
972-775538007
Iris@EffectiveIR.co.il

Vringo (VRNG) to Exhibit at GSMA Mobile World Congress 2011

NEW YORK, Feb. 7, 2011 (GLOBE NEWSWIRE) — Vringo, Inc. (NYSE Amex:VRNG), a provider of video ringtones and personalization solutions for mobile devices, today announced that it will exhibit at the upcoming GSMA Mobile World Congress 2011 (MWC) to be held February 14-17 in Barcelona, Spain. MWC is the leading mobile industry event of the year with 50,000 attendees from over 200 countries.

Conference participants are encouraged to join us at our booth (No. 7D46, Hall P7 – App Planet) where they can demo the latest iteration of Vringo’s award-winning video ringtone platform which has been successfully deployed for leading carrier partners such as Orange UK, Maxis, Etisalat and more. Vringo will also be demonstrating its new video remix platform for Android which it recently released with T-Pain’s Nappy Boy Entertainment.

Andrew Perlman, President of Vringo, said, “Mobile carriers around the world should be looking at Vringo’s popular service and apps that bring video ringtones, user-generated video content, and social networking to both smart phones and feature phones. We look forward to meeting with prospective new carrier and content partners at the upcoming MWC conference in Barcelona.”

Vringo’s fully-hosted carrier platform has now been deployed for international partners in six markets with new launches anticipated in the next quarter. Vringo’s scalable, cloud-based, distributed application architecture enables a carrier’s subscribers to browse and download mobile videos, set them as video ringtones and instantly share them with friends. In addition to carrier partners, Vringo has content partnerships with major content providers including EMI, T-Pain, Marvel, Discovery Mobile, Ingrooves and Agence France-Presse.

About Vringo

Founded in 2006, Vringo (NYSE Amex:VRNG) is bringing about the evolution of ringtones. With its award-winning video ringtone application and mobile software platform, Vringo transforms the basic act of making and receiving mobile phone calls into a highly visual, social experience. By installing Vringo’s application, which is compatible with more than 200 handsets, users can create or take video, images and slideshows from virtually anywhere and make them into their personal call signature. Vringo’s patented VringForward™ technology allows users to share video clips with friends with a simple call. Vringo has launched its service with various international mobile operators and dozens of content partners, and maintains a library of more than 5,000 video ringtones and growing. For more information, visit http://ir.vringo.com.

For more information about how video ringtones work, visit www.vringo.com/p_video_ringtones.html.

The Vringo, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=8289

Forward-Looking Statements

This press release includes forward-looking statements that involve risks and uncertainties. Forward-looking statements are statements that are not historical facts. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements. Vringo expressly disclaims any obligation to publicly update any forward-looking statements contained herein, whether as a results of new information, future events or otherwise, except as required by law.

CONTACT: Vringo, Inc.
         Jonathan Medved
         CEO
         Email: jon@vringo.com
         Phone: +1 646-525-4319 x 2501

         Investor Relations Firm:
         Crescendo Communications, LLC
         John J. Quirk / David K. Waldman
         Email: vrng@crescendo-ir.com
         Phone: +1 212-671-1020

Emergent Group/PRI Medical (LZR) to be Acquired by Universal Hospital Services

SUN VALLEY, Calif., Feb. 7, 2011 (GLOBE NEWSWIRE) — Emergent Group Inc. (NYSE Amex Equities:LZR), a leading provider of mobile medical lasers and surgical equipment through its wholly owned subsidiary, PRI Medical Technologies, Inc., today announced that it has signed a definitive agreement with Universal Hospital Services, Inc. (UHS), whereby UHS will make a cash tender offer of $8.46 per share for all outstanding shares of Emergent Group after a customary “go-shop” period of 21 days. UHS has estimated that the total enterprise value of the transaction including debt assumption is approximately $70 million.

Assuming that UHS acquires at least 65% of the outstanding shares on a fully diluted basis, UHS intends to promptly take appropriate action to merge Emergent Group into a wholly-owned UHS subsidiary and pay all-non-tendering holders of Emergent Group the same consideration per share as paid in the tender offer. The directors and executive officers of Emergent Group, holding in the aggregate approximately 47% of the outstanding shares, have agreed to tender their shares in the tender offer unless it is terminated as a result of a superior proposal.

The tender offer is expected to commence in early March 2011.   The transaction is not subject to a financing condition. The companies expect to close the transaction within 45 to 90 days.

“This transaction represents a new opportunity for PRI Medical and its employees to bring its cost-effective solutions nationwide through Universal Hospital Services’ extensive distribution network covering all 50 states,” said Bruce J. Haber, Chairman and CEO of both Emergent Group and PRI Medical. “We also believe that the transaction will be highly beneficial to shareholders. Emergent Group’s leadership has always acted with our shareholders in mind, as evidenced by our past efforts to enhance shareholder value and our Board’s declarations of sizeable annual dividends.”

PRI Medical currently operates in 16 states and provides surgical equipment and laser technology to hospitals, outpatient surgery centers and physicians’ offices. The equipment is supplied with specialized technicians, who support its proper operation and maintenance. PRI Medical also sells its customers the consumable items required for the equipment’s operation. The company’s equipment rentals allow hospitals and other providers to conserve capital and upgrade to new, cost-effective, physician-preferred medical technologies used primarily to treat the rapidly growing older population. PRI Medical also has partnered with medical technology manufacturers, recommending rentals as one alternative to their long selling cycles and, thus, opening up additional revenue streams for them.

“PRI Medical will allow us to expand our offerings into state-of-the-art surgical equipment and services for our hospital and surgery center customers,” said Gary Blackford, Chairman and CEO of UHS. “It will enhance and expand our ability to meet our commitment to our customers to bring comprehensive solutions that reduce costs, increase efficiencies and drive better health care outcomes.”

IMPORTANT INFORMATION AND WHERE TO FIND IT

This press release is not an offer to purchase or a solicitation of an offer to sell any securities of Emergent Group Inc. The planned tender offer by UHS for all of the outstanding shares of common stock of Emergent Group has not yet been commenced. Upon commencement of the tender offer, UHS will mail to Emergent Group stockholders an offer to purchase and related materials and Emergent will mail to its stockholders a solicitation/recommendation statement with respect to such tender offer. UHS will file its offer to purchase with the Securities and Exchange Commission (the “SEC”) on Schedule TO and Emergent Group will file its solicitation/recommendation statement with the SEC on Schedule 14D-9. Emergent Group stockholders are urged to read these materials carefully when they become available since they will contain important information, including the terms and conditions of the offer. Emergent Group stockholders may obtain a free copy of these materials (when they become available) and other documents filed by UHS or Emergent Group with the SEC at the website maintained by the SEC at www.sec.gov. The offer to purchase and related materials, the solicitation/recommendation statement, the Schedule TO, and the Schedule 14D-9 also may be obtained (when they become available) for free by contacting the information agent for the tender offer (when one is selected).

About Emergent Group Inc.

Emergent Group Inc., through its wholly owned subsidiary, PRI Medical Technologies, Inc., provides mobile medical laser and surgical equipment in 16 states on a per-procedure basis to hospitals, outpatient surgery centers and physicians’ offices. Surgical equipment is provided to customers along with technical support personnel to ensure that such equipment is operating correctly. PRI Medical currently offers its services in five states in the western United States and 11 states along the eastern seaboard. Emergent Group, Inc. is a member of the Russell Microcap^® Index. For investor and product information, please visit Emergent Group’s website, www.emergentgroupinc.com.

Forward-Looking Statements

Statements in this news release contain forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1993 and Section 21E of the Securities Exchange Act of 1934. These statements are based upon management’s current expectations and are subject to uncertainty and changes in circumstances, including the risks that the proposed transactions may not be consummated, regulatory approval that may be required is not obtained on a timely basis or is obtained with unanticipated conditions, and that, as a result of continuing diligence by UHS and unanticipated future events (some of which are discussed in the Company’s most recent Annual Report on Form 10-K and subsequently filed SEC reports), the proposed per share price may be reduced. There is no assurance that any forward-looking statements will prove accurate, as actual results and future events could differ materially from those presently anticipated.

CONTACT: Bruce J. Haber
         Emergent Group/PRI Medical
         (914) 235-5550, x. 12
         bhaber@primedical.net

         Thomas C. Blum
         G.C. Andersen Partners, LLC
         (212) 842-1608
         tblum@andersenllc.com

Charles & Colvard (CTHR) Appoints Steven M. Larkin to Board of Directors

Research Frontiers (REFR) to Host Investor Conference Call

WOODBURY, NY — (Marketwire) — 02/07/11 — Research Frontiers Inc. (NASDAQ: REFR) has scheduled a conference call at 4:15 pm EST on Wednesday, February 9, 2011 to discuss their announcement today that its patented SPD-Smart light-control technology was selected by Daimler AG for the MAGIC SKY CONTROL panoramic glass roof offered on the new Mercedes-Benz SLK that debuted on January 29, 2011.

Shareholders and other interested parties may participate in the conference call by dialing 877-317-6789 (domestic) or 412-317-6789 (international) and request to be connected to the “Research Frontiers Conference Call.”

To cover as many topics of interest as possible, we encourage participants to email their questions to questions@SmartGlass.com by 1:00 pm EST February 9, 2011.

A replay of the conference call will be available one hour after the call concludes through Wednesday, February 16, 2011 at 9:00 am EST by dialing 877-344-7529 (domestic) or 412-317-0088 (international) and entering the conference ID Number 447641.

About Research Frontiers Inc.

Research Frontiers Inc. is the developer of SPD-Smart light-control technology which allows users to instantly, precisely and uniformly control the shading of glass or plastic, either manually or automatically. Having spent over $80 million to date to develop its technology, Research Frontiers currently holds approximately 500 patents and patent applications and has built an infrastructure of 39 licensed companies that collectively are capable of serving the growing global demand for smart glass products in automobiles, homes, buildings, aircraft and boats. Further information about SPD-Smart technology, Research Frontiers and its licensees can be found at www.SmartGlass.com.

Note: From time to time Research Frontiers may issue forward-looking statements which involve risks and uncertainties. This press release may contain forward-looking statements. Actual results could differ and are not guaranteed. Any forward-looking statements should be considered accordingly. “SPD-Smart” and “SPD-SmartGlass” are trademarks of Research Frontiers Inc. “MAGIC SKY CONTROL” and “Mercedes-Benz” are trademarks of Daimler AG.

For further information, please contact:
Seth L. Van Voorhees
Vice President-Business Development and Chief Financial Officer
(516) 364-1902
info@SmartGlass.com

China Electric Motor Inc. (CELM)

China Electric Motor Inc. is a China-based company that engages in the design, production, marketing and sale of micro motor products through its subsidiaries, Shenzhen YuePengCheng Motor Co., Ltd. and Ningbo Heng Bang Long Electrical Equipment Co., Ltd. The Company’s products are incorporated into consumer electronics, automobiles, power tools, toys and household appliances.

Despite 48.90% year-over-year growth in revenues and continued profitability, CELM is now trading at a P/E of less than 6 (the average for the industry is approximately 28). The company is also undervalued by P/S, PEG, Price/Book and Price/Cash Flow. Currently two analysts cover the stock, one with a “Strong Buy” rating and one with a “Buy” rating. The average of their price targets is $9.50.

As of last report, the company had a very strong balance sheet with $75.9 million in total assets and $9.5 million in total liabilities. The management team has also shown great strength in efficiency, returning 28.1% on equity, 24.1% on assets and 28.1% on capital.

In most recent news, the company announced that through an indirect wholly owned subsidiary it will acquire Shenzhen Guofa Optoelectronics Co., Ltd. Through this acquisition, CELM will gain new production lines and expertise focused on high-end DC micro motors as well as a blue chip customer base. The acquisition is expected to be accretive immediately upon the closing.

Key statistics (2/4/11):

Market cap: $91.72 Million
P/E Ratio: 6.1 versus industry average of 28.0
P/S Ratio: 0.90 versus industry average of 2.33

Debt/Equity Ratio: 0.00 versus industry average of 0.67
Current Ratio:6.5 versus industry average of 1.9
Quick Ratio: 5.6 versus industry average of 1.5

Return on Equity: 28.1% versus industry average of 1.7%
Return on Assets: 24.1% versus industry average of 3.3%
Return on Capital: 28.1% versus industry average of 2.4%

Endeavour Silver (EXK) 2010 Exploration Review and Exploration Plans for 2011

VANCOUVER, BRITISH COLUMBIA — (Marketwire) — 02/01/11 — Endeavour Silver Corp. (TSX: EDR)(NYSE Amex: EXK)(DBFrankfurt: EJD) released today its review of exploration results in 2010 and its exploration plans for 2011. The Company’s exploration drilling programs in Mexico met with continued success in 2010, highlighted by the discovery of new, high grade silver-gold mineralized zones near Endeavour’s two silver mining operations, Guanacevi Mines in Durango State, and Guanajuato Mines in Guanajuato State.

Barry Devlin, Vice President of Exploration, commented, “Last year, our talented exploration team once again delivered some exciting new silver-gold vein discoveries which will be included in our next NI 43-101 reserve/resource estimate expected in a few weeks time. Endeavour drilled approximately 41,400 meters (136,000 feet) in 148 drill holes testing multiple exploration targets in five separate mining districts in order to make new discoveries and expand silver resources.”

“At Guanacevi, our focus last year moved north into the San Pedro area, where we received encouraging sample and drill results from a number of recently discovered mineralized zones on historic mine properties. Two exciting new finds, Epsilon and La Blanca, are in the vicinity of historic high grade silver mines along the western side of San Pedro, and two more, San Joachin and Santa Isabel, lie along strike to the north of historic high grade silver mines that occupy the east-bounding faults of the Guanacevi horst block (Endeavour’s Santa Cruz, Porvenir Norte, Porvenir Dos and Porvenir Cuatro mines are all located along the west-bounding fault of the Guanacevi horst block).”

“At Guanajuato, we enjoyed significant exploration success in 2010 extending high grade silver-gold mineralization within the Lucero vein for more than 800 meters along strike and more importantly, Endeavour discovered three new mineralized veins parallel to and in the footwall of Lucero, the Karina, Fernanda and Daniela veins. Two drill rigs are working full time to extend these mineralized zones and several compelling new vein targets will also be drilled this year. As a result, Endeavour has commenced a major expansion of the Guanajuato plant to 1000 tonnes per day in the 3rd Quarter, 2011.”

Guanacevi District

Endeavour currently holds 100% interests in 1,072 hectares (2,649 acres) within the historic silver district of Guanacevi which produced over 450 million ounces (oz) of silver according to SGM, the Mexican Geological Service. Since acquiring Guanacevi in 2004, Endeavour has found five high-grade silver ore-bodies along a five kilometer (3 mile) length of the prolific Santa Cruz silver vein (see Guanacevi maps on website, http://www.edrsilver.com/s/Guanacevi.asp).

In 2010, Endeavour drilled 7,000 meters in 23 holes in the San Pedro area resulting in two exciting new finds, Epsilon and La Blanca. Recent drill results not previously announced include 3,319 grams per tonne (gpt) silver and 7.1 gpt gold over a 2.0 meter (m) true width in the Epsilon area (hole EPS1-2), and 3,000 gpt silver and 7.7 gpt gold over a 2.1 m true width in the La Blanca area (hole BC-03).

Endeavour continued to expand its land position at Guanacevi in 2010 with the addition of the 3 properties totaling 25 hectares. Many of the old silver mining properties in Guanacevi had histories of small high grade mine production but very few of them were ever systematically explored and drilled.

Previously unreleased highlights of the 2010 drilling programs at Guanacevi were as follows:

--------------------------------------------------------------------------
San Pedro (Epsilon-Soto)
--------------------------------------------------------------------------
                                        Core      True
                              From    Length     Width     Silver     Gold
Hole        Vein                (m)       (m)       (m)      (gpt)    (gpt)
--------------------------------------------------------------------------
EPS1-2      Manto           223.90      2.50      1.96      3,319     7.06
            --------------------------------------------------------------
            Including       223.90      0.35      0.27    greater    31.80
                                                             than
                                                           10,000
--------------------------------------------------------------------------
EPS2-2      Soto            235.45      1.35      1.33        214     0.41
            --------------------------------------------------------------
            Including       235.45      0.30      0.30        917     1.67
--------------------------------------------------------------------------
EPS3-1      Epsilon         249.50      1.15      0.58      6,680    11.17
            --------------------------------------------------------------
            Soto            280.60      1.05      0.86        351     0.70
--------------------------------------------------------------------------
EPS3-3      Soto            296.25      4.10      3.72        406     0.64
            --------------------------------------------------------------
            Including       297.55      0.55      0.50        937     1.57
--------------------------------------------------------------------------

--------------------------------------------------------------------------
San Pedro (La Blanca-Mi Nina)
--------------------------------------------------------------------------
                                        Core      True
                              From    Length     Width     Silver     Gold
Hole        Vein                (m)       (m)       (m)      (gpt)    (gpt)
--------------------------------------------------------------------------
BC-01       Blanca            45.9      5.55      1.87        348     0.28
            --------------------------------------------------------------
            Including         48.8      0.35      0.12      1,165     less
                                                                      than
                                                                      0.05
--------------------------------------------------------------------------
BC-03       Blanca           33.95      3.50      2.11      3,000     7.66
            --------------------------------------------------------------
            Including        36.15      0.65      0.39    greater    37.00
                                                             than
                                                           10,000
--------------------------------------------------------------------------

--------------------------------------------------------------------------
Porvenir Norte
--------------------------------------------------------------------------
                                        Core      True
                              From    Length     Width     Silver     Gold
Hole        Vein                (m)       (m)       (m)      (gpt)    (gpt)
--------------------------------------------------------------------------
PS-618-01   Z1               433.5     11.90     10.69      274.7     0.75
--------------------------------------------------------------------------
PS-628-01   Z2              455.00      3.15      2.63      420.6     2.01
--------------------------------------------------------------------------
PS-636-01   Z2              438.50      1.81      1.62      330.4     0.47
            --------------------------------------------------------------
            Z1              482.35      4.15      2.28      316.8     0.46
--------------------------------------------------------------------------
PS-636-03   Z2N             429.69      2.61      2.49    1,919.3     6.43
            --------------------------------------------------------------
            Z1              435.28      2.41      2.29      597.1     0.92
--------------------------------------------------------------------------

Guanajuato District

Endeavour currently holds 100% interests in 2,314 hectares (5,719 acres) within the historic silver district of Guanajuato which produced over 1.2 billion oz silver according to the SGM. Since acquiring Guanajuato in 2007, Endeavour has discovered three high-grade silver-gold ore-bodies, one along the Veta Madre ore-bearing structure northwest of the Cebada mine and two along the La Luz mineralized veins southeast of the Lucero/Bolanitos mine (see Guanajuato maps on website, http://www.edrsilver.com/s/BolanitosMine.asp).

In 2010, Endeavour drilled 18,000 meters in 61 holes in the Lucero area resulting in three exciting new finds, Karina, Fernanda and Daniela. Recent drill results not previously announced include 158 gpt silver and 6.7 gpt gold over an 8.1 m true width in the Daniela vein (hole KA-27), and 367 gpt silver and 1.9 gpt gold over a 1.8 m true width in the Karina vein (hole KA-29).

Like Guanacevi, Endeavour continued to expand its land position at Guanajuato in 2010 with the addition of the 4 properties totaling 243 hectares. Many of the old silver mining properties in Guanajuato also had histories of small high grade mine production but few of them were systematically explored and drilled.

Previously unreleased highlights of the 2010 drilling programs at Guanajuato were as follows:

--------------------------------------------------------------------------
Karina-Fernanda-Daniela Drill Results
--------------------------------------------------------------------------
                                        Core      True
                              From    Length     Width     Silver     Gold
Hole        Vein                (m)       (m)       (m)      (gpt)    (gpt)
--------------------------------------------------------------------------
KA-25       Karina           77.60      1.20      1.04        286     1.22
            --------------------------------------------------------------
            Fernanda        115.90      1.60      1.20        140     3.57
            --------------------------------------------------------------
            Vein            151.25      1.35      0.87        428     6.72
--------------------------------------------------------------------------
KA-26       Vein            126.45      0.75      0.57        287     0.80
            --------------------------------------------------------------
            Daniela         160.15      6.75      3.14        110     4.57
            --------------------------------------------------------------
            Vein            174.35      0.95      0.77         91     8.22
--------------------------------------------------------------------------
KA-27       Vein            133.30      0.60      0.49        204     5.00
            --------------------------------------------------------------
            Vein            205.80      0.90      0.69        313     5.00
            --------------------------------------------------------------
            Vein            210.05      0.50      0.43        383     5.50
            --------------------------------------------------------------
            Daniela         238.45     21.10      8.08        158     6.73
            --------------------------------------------------------------
            Including       256.75      2.80      1.05        471    11.98
            --------------------------------------------------------------
            Vein            267.55      3.40      1.34         64     7.98
--------------------------------------------------------------------------
KA-29       Karina           76.45      2.20      1.80        367     1.88
            --------------------------------------------------------------
            Vein             81.80      0.75      0.48         21    10.50
            --------------------------------------------------------------
            Fernanda        119.30      1.05      0.78        189     4.80
--------------------------------------------------------------------------

--------------------------------------------------------------------------
Bolanitos, Cebada
--------------------------------------------------------------------------
                                        Core      True
                              From    Length     Width     Silver     Gold
Hole        Vein                (m)       (m)       (m)      (gpt)    (gpt)
--------------------------------------------------------------------------
BVU 11      Bolanitos       348.20      2.40      2.08        116     0.93
--------------------------------------------------------------------------
BVU 12      Bolanitos       421.87      1.63      1.15        519     0.51
--------------------------------------------------------------------------
CVU 01      Cecilia          80.20      0.85      0.80        165      1.7
--------------------------------------------------------------------------
CVU 03      Cecilia          87.25      1.75      1.64        191     2.16
--------------------------------------------------------------------------
CVU 04      Cecilia          72.10      0.80      0.75        372     0.83
--------------------------------------------------------------------------
SJU 11FW    San Jose        283.20      0.20      0.18      1,195     1.41
            --------------------------------------------------------------
            San Jose        297.75      1.90      1.72        749     0.91
--------------------------------------------------------------------------
CU-18       Veta Madre      108.00      1.00      0.80      1,190     0.85
--------------------------------------------------------------------------

Parral and Arroyo Seco Properties

In 2010, Endeavour drilled 10,000 meters in 34 holes at the San Juanico property in order to extend the known silver-gold-lead-zinc mineralization on Endeavour’s adjacent El Cometa property. Both properties are located within the historic silver district of Parral, Chihuahua, which produced more than 250 million oz silver according to the SGM.

As of March 2009, Endeavour reported an NI 43-101 indicated resource at Cometa of 1.5 million oz silver and inferred resources totaling 1.0 million oz plus significant gold, lead and zinc resources (see Parral maps on website, http://www.edrsilver.com/s/ParralMine.asp). An updated combined resource estimate is anticipated for El Cometa and San Juanico shortly.

Recent drill results not previously announced include 52 gpt silver, 0.7 gpt gold, 4.2% lead and 1.9% zinc over an 4.8 m true width in the Cometa vein (hole SJ0-2), and 267 gpt silver, 1.2 gpt gold, 0.4% lead and 0.4% zinc over a 2.0 m true width also in the Cometa vein (hole SJ1-1). Once the resource estimate is completed, management will review the economic mining potential of the Parral project.

An additional 1200 meters of drilling in 12 holes was carried out at Endeavour’s 1,215 hectare (3,002 acre) Arroyo Seco project in Michoacan to try and extend the previously discovered manto-style silver-lead-zinc mineralization along strike and down dip.

Recent drill results not previously announced include 864 gpt silver and 0.82% lead over an 1.1 m true width in hole AS-14, and 311 gpt silver and 0.94% copper over a 2.0 m true width in hole AS-13. Management has decided to seek a partner or buyer for the Arroyo Seco properties as they do not have sufficient silver potential to be of interest to Endeavour.

2011 Exploration Plans

In 2011, Endeavour plans an aggressive $9.2 million, 47,000 meter, 175-hole exploration drill program to test multiple exploration targets within three of the mining districts where Endeavour is currently active in Mexico plus any new targets within new districts the Company may acquire during the year.

The first priorities will be to follow up the new discoveries made near Endeavour’s two mining operations at Guanacevi and Guanajuato as highlighted above and to test several new prospective targets within those two districts. Management is confident that the potential to discover and develop new silver-gold resources at both Guanacevi and Guanajuato remains high.

Endeavour will also commence surface exploration drilling on the San Sebastian properties acquired last year in Jalisco state, Mexico. Surface sampling has identified numerous high-grade silver and gold mineralized zones at San Sebastian that will be tested in 2011.

Significant sample results are as follows:

SIGNIFICANT SAN SEBASTIAN SAMPLE RESULTS

----------------------------------------------------------------------
                              Width       Ag       Au       Pb      Zn
Sample ID       Zone             (m)    (gpt)    (gpt)    (ppm)   (ppm)
----------------------------------------------------------------------
ESA 10014       Los Pollos     Grab    1,185     0.74    1,370     355
----------------------------------------------------------------------
ESA 10027       La Obra        1.15    1,120     1.06      547     124
----------------------------------------------------------------------
ESA 10037       Ocote Alto     0.80      821     0.69      371      98
----------------------------------------------------------------------
ESA 10045       San Martin     0.30      364     1.23    1,130     734
----------------------------------------------------------------------
ESA 10058       La Obra        0.40      370     0.13       71      86
----------------------------------------------------------------------
ESA 10060       Guadalupe      0.35      647     2.51       34     105
----------------------------------------------------------------------
ESA 10066       La Obra        1.00      548     0.38      631     281
----------------------------------------------------------------------
ESA 10069       La Obra        0.20      429     0.07      724     535
----------------------------------------------------------------------
ESA 10075       El Tajo        Grab    1,295     2.82   11,150     500
----------------------------------------------------------------------
ESA 10076       El Porvenir    Grab    5,040    18.80    4,920   4,610
----------------------------------------------------------------------
ESA 10089       El Culebro     Grab      534     1.94    1,160      63
----------------------------------------------------------------------
ESA 10096       El Tajo        0.55      673     0.64   18,800     227
----------------------------------------------------------------------
ESA 10098       El Tajo        0.50      581     1.16   13,200   5,240
----------------------------------------------------------------------
ESA 10099       El Tajo        0.56    1,295     2.02   25,100   3,630
----------------------------------------------------------------------
ESA 10903       El Tajo        1.50      414     0.37      897     293
----------------------------------------------------------------------
ESA 10904       El Tajo        1.50      474     0.78      449     366
----------------------------------------------------------------------
ESA 10907       San Agustin    0.50      603     0.23    2,050   1,755
----------------------------------------------------------------------
ESA 10912       El Rosario     0.30      634     0.68      740     164
----------------------------------------------------------------------
ESA 10926La     Carbonera      Grab    4,010    14.75   11,800     743
----------------------------------------------------------------------

Barry Devlin, M.Sc., P.Geo. Vice President, Exploration is the Qualified Person who reviewed this news release and supervised the surface drilling and sampling programs at the Parral, Guanacevi and Guanajuato Projects. Godfrey Walton, M.Sc. P.Geo. President and Chief Operating Officer is the Qualified Person who reviewed this news release and supervised the mine surface and underground drilling programs at the Guanacevi and Guanajuato Mines. A Quality Control sampling program of reference standards, blanks and duplicates has been instituted to monitor the integrity of all assay results. All core samples are split at the Parral, Guanajuato, or Guanacevi field offices and shipped to ALS-Chemex Labs, where they are dried, crushed, split and 50 gram pulp samples are prepared for analysis. Gold and silver are determined by fire assay with an atomic absorption (AA) finish and lead, zinc and copper are determined by AA.

Endeavour Silver Corp. is a mid-cap silver mining company focused on the growth of its silver production, reserves and resources in Mexico. Since start-up in 2004, Endeavour has posted six consecutive years of growing silver production, reserves and resources. The organic expansion programs now underway at Endeavour’s two operating silver mines in Mexico combined with its strategic acquisition and exploration programs should help Endeavour achieve its goal to become the next premier mid-tier silver mining company.

ENDEAVOUR SILVER CORP.

Bradford Cooke, Chairman and CEO

CAUTIONARY DISCLAIMER – FORWARD LOOKING STATEMENTS

This news release contains “forward-looking statements” within the meaning of the United States private securities litigation reform act of 1995 and “forward-looking information” within the meaning of applicable Canadian securities legislation. Such forward-looking statements and information herein include, but are not limited to, statements regarding Endeavour’s anticipated future performance, including silver and gold production, timing and expenditures to develop new silver mines and mineralized zones, silver and gold grades and recoveries, cash costs per ounce, capital expenditures and sustaining capital and the use of proceeds from the Company’s recent financing. The Company does not intend to, and does not assume any obligation to update such forward-looking statements or information, other than as required by applicable law. Forward-looking statements or information involve known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Endeavour and its operations to be materially different from those expressed or implied by such statements.

Such factors include, among others: fluctuations in the prices of silver and gold, fluctuations in the currency markets (particularly the Mexican peso, Canadian dollar and U.S. dollar); changes in national and local governments, legislation, taxation, controls, regulations and political or economic developments in Canada and Mexico; operating or technical difficulties in mineral exploration, development and mining activities; risks and hazards of mineral exploration, development and mining (including environmental hazards, industrial accidents, unusual or unexpected geological conditions, pressures, cave-ins and flooding); inadequate insurance, or inability to obtain insurance; availability of and costs associated with mining inputs and labour; the speculative nature of mineral exploration and development, diminishing quantities or grades of mineral reserves as properties are mined; the ability to successfully integrate acquisitions; risks in obtaining necessary licenses and permits, and challenges to the company’s title to properties; as well as those factors described in the section “risk factors” contained in the Company’s most recent form 40F/Annual Information Form filed with the S.E.C. and Canadian securities regulatory authorities. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or information, there may be other factors that cause results to be materially different from those anticipated, described, estimated, assessed or intended. There can be no assurance that any forward-looking statements or information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements or information. Accordingly, readers should not place undue reliance on forward-looking statements or information.

The TSX Exchange has neither approved nor disapproved the contents of this news release.

Contacts:
Endeavour Silver Corp.
Hugh Clarke
Toll free: 877-685-9775 or (604) 685-9775
(604) 685-9744 (FAX)
hugh@edrsilver.com
www.edrsilver.com

TravelCenters of America LLC (TA) Announces Amendments to Lease Agreements

China GengSheng Minerals (CHGS) Signs 2-Year $10 Million Refractories Contract

GONGYI, China, Feb. 1, 2011 /PRNewswire-Asia/ — China GengSheng Minerals, Inc. (“GengSheng”) (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 GengSheng has signed a full-service refractories supply contract with Fushun New Steel Corporation. Shipments under the contract began in January 2011, and are expected to continue through December 2012. Revenue contribution from this new client is expected to begin in the first quarter of 2011.

Under the agreement, GengSheng will provide refractory materials, as well as installation and on site support services. Revenue will be recognized based on Fushun New Steel’s production volume. Based on Fushun’s current manufacturing capacity, GengSheng expects revenue of approximately $10 million over the two-year term of the contract.

GengSheng launched full-service programs for refractory customers in late 2003. These programs include refractory product installation, testing, maintenance, repair and replacement, in addition to traditional products sales. These full service programs, which are generally carried out under one- to- two-year contracts, generate stable and recurring revenue streams and have higher margins than product sales alone. GengSheng currently has nine full service clients. The full service programs contributed approximately 52% of GengSheng’s refractories total sales in the first nine months of 2010.

“Our full service programs are an ideal solution for steel manufacturers who face an increasingly challenging market environment, as they are able to adjust purchasing and implementation based on output,” said Shunqing Zhang, CEO of China GengSheng Minerals. “This offering has been well received by customers since its introduction, allowing GengSheng to build additional brand equity and grow our share of the refractories market. In addition, full service programs enable us to develop deeper relationships with customers, allowing us to better understand their needs and increase the value we bring to the industry.”

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 GengSheng, please visit http://www.gengsheng.com .

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

Note Regarding Forward-Looking Statements

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 may 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.

Superconductor Technologies Inc. (SCON) Produces 2G HTS Wire Samples

Denison (DNN) Outlines 2011 Operating Plans and Releases Final 2010 Production and Sales Volumes

DEG Disburses American Lorain (ALN) the Second Tranche of $15 Million Loan

Sky-mobi (MOBI) and Leading Chinese Portal Tencent Form Strategic Partnership

HANGZHOU, China, Jan. 31, 2011 (GLOBE NEWSWIRE) — Sky-mobi Limited (Nasdaq:MOBI) (“Sky-mobi” or the “Company”), the leading mobile application store in China, today announced that the Company and Tencent, one of China’s most popular Internet portals, have formed a strategic partnership. This strategic partnership is to promote Tencent’s QQ Mobile Browser on Sky-mobi’s Maopao application store and make Sky-mobi a preferred partner for a series of Tencent’s mobile software, including mobile security software and Tencent miniblog.

Under the terms of the collaboration agreement between the two companies, Tencent will pay Sky-mobi a commission for each of its users that become an active Tencent QQ Mobile Browser user. Sky-mobi estimates that this partnership will make a meaningful contribution to its top- and bottom-line results in the quarters ahead, driven by Sky-mobi’s large user base and access to the Maopao application store.

“The collaboration we have announced today represents another step in establishing Maopao as the leading application store in China,” commented Michael Song, Chairman and CEO of Sky-Mobi. “Our large user base will have access to Tencent’s QQ browser, which adds to the range of fun and useful Tencent services available on Maopao. In return, Tencent will have the opportunity to introduce its services to mobile phone users across China. We look forward to a successful collaboration for both parties.”

Sky-mobi’s Maopao store is accessed by hundreds of millions of Chinese mobile phone users and includes a variety of utilities, games and entertainment options. Sky-mobi collaborates with mobile service providers and handset vendors who pre-install the Sky-mobi’s Maopao platform on their mobile phones. The Maopao store offers a large number of applications and content titles that extends the usability of low-to-mid range mobile phones, or feature phones, by giving them many of the capabilities of more expensive smart phones, with such features as leading-edge user interfaces and Internet access. The partnership with Tencent is another important step in extending the range of applications available to Maopao users to make their phones smarter.

About Tencent:

Tencent Holdings Limited (SEHK 700) was founded in November, 1998, and has since grown into one of China’s largest and most widely used Internet portal.  Presently, Tencent is providing value-added Internet, mobile and telecom services as well as online advertising with the goal of providing users with “one-stop online lifestyle services”. Tencent’s leading Internet platforms in China — QQ (QQ Instant Messenger), QQ.com, QQ Games, Qzone, 3g.QQ.com, SoSo, PaiPai and Tenpay — have brought together China’s largest Internet community, to meet the various needs of Internet users including communication, information, entertainment, e-commerce and others. As of September 30, 2010, active QQ user accounts for QQ IM totaled 636.6 million while peak concurrent users reached 118.7 million.

About Sky-mobi Limited:

Sky-mobi Limited (Nasdaq:MOBI) operates the leading mobile application store in China.  Sky-mobi works with handset companies to pre-install its Maopao mobile application store on handsets and with content developers to provide users with high quality applications and content titles.  Users of the Maopao store can browse, download and purchase a wide range of applications and content such as single-player games, mobile music and books. In addition, Sky-mobi has established a leading mobile social network community in China, the Maopao Community, where it offers popular localized mobile social games as well as applications and content with social network functions to its registered members. The Maopao store enables mobile applications and content to be downloaded and run on a variety of mobile handsets with different hardware and operating system configurations.

The Sky-mobi Limited logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=8458

Safe Harbor Statement

This press release contains forward-looking statements that reflect the Company’s current expectations and views of future events that involve known and unknown risks, uncertainties and other factors that may cause its actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. The Company has based these forward-looking statements largely on its current expectations and projections about future events and financial trends that it believes may affect its financial condition, results of operations, business strategy and financial needs.  You should understand that the Company’s actual future results may be materially different from and worse than what  the Company expects. Information regarding these risks, uncertainties and other factors is included in the Company’s registration statement on Form F-1 and other filings with the SEC.

CONTACT: Sky-mobi Limited
         Mr. Carl Yeung, CFO
         Phone: +(86) 571-87770978 (Hangzhou)
         Email: ir@sky-mobi.com

         CCG Investor Relations
         Mr. Ed Job, Account Manager
         Phone: +(86) 21-3133-5075 (Shanghai)
         Email: ed.job@ccgir.com
         Ms. Kristin Knies, Sr. MI Executive (New York)
         Phone: + (1) 646-833-3401

GATTEX(R) (teduglutide) Meets Primary Efficacy Endpoint in Phase 3 Pivotal Study

Jan. 31, 2011 (Business Wire) — NPS Pharmaceuticals, Inc. (NASDAQ: NPSP), a specialty pharmaceutical company developing innovative therapeutics for rare gastrointestinal and endocrine disorders, today announced that its Phase 3 pivotal study of GATTEX^® (teduglutide) met the primary efficacy endpoint of reducing parenteral nutrition (PN) dependence in patients with adult short bowel syndrome (SBS). The 24-week randomized, double-blind study, known as STEPS, was designed to compare the efficacy, safety and tolerability of GATTEX to placebo.

The study reached statistical significance for the primary efficacy endpoint, defined as the percentage of patients who achieved a 20 percent or greater reduction in weekly PN volume at Weeks 20 and 24, compared to baseline. In an intent-to-treat analysis, 63 percent (27/43) of GATTEX-treated patients responded versus 30 percent (13/43) of placebo-treated patients (p=0.002). Patients treated with GATTEX for 24 weeks also achieved significantly greater reductions in weekly PN volume versus placebo. On average, patients who received GATTEX experienced a 4.4 liter reduction in weekly PN volume from a pre-treatment baseline of 12.9 liters; patients who received placebo experienced a 2.3 liter reduction from a pre-treatment baseline of 13.2 liters (p less than or equal to 0.001).

“SBS patients who receive their nutrients and fluids intravenously due to malabsorption and diarrhea are prone to a number of serious complications including life-threatening infections, blood clots and liver and kidney damage. The STEPS results suggest teduglutide helps restore normal intestinal function in patients with short bowel syndrome, thereby reducing dependence on parenteral nutrition and potentially improving their quality of life,” said Palle Bekker Jeppesen, M.D., associate professor, department of medical gastroenterology, Rigshospitalet, University Hospital of Copenhagen, Denmark. “These findings bring us closer to an important new therapeutic option for patients with this debilitating condition.”

The STEPS study showed that GATTEX was well tolerated. Four of the 86 randomized patients discontinued the study due to adverse events, of which one was GATTEX-treated and three were placebo-treated. Adverse events appear to be consistent with the pharmacological effects of the drug.

“We are very pleased with these findings as they confirm our belief that GATTEX provides meaningful clinical benefits to adult patients with short bowel syndrome,” said Francois Nader, MD, president and chief executive officer of NPS Pharmaceuticals. “Based on these results, we expect to file for FDA approval of GATTEX in the second half of this year as a first-in-class treatment for SBS. We thank the patients, clinical investigators, and study coordinators who participated in this landmark study, as well as our ex-North American partner Nycomed who co-managed and co-funded the study. We look forward to reporting additional results from the STEPS study at upcoming medical meetings.”

More than 97 percent of eligible patients who participated in STEPS elected to roll into STEPS 2, an open-label continuation study in which all participants receive up to an additional 24 months of GATTEX therapy.

STEPS study design

STEPS was an international, double-blind, placebo-controlled Phase 3 pivotal study designed to provide additional evidence of safety and efficacy of GATTEX in reducing PN dependence in adult SBS patients.

Twenty-nine centers in North America and Europe enrolled patients in the STEPS study. Eighty-six patients were randomized and analyzed for efficacy and safety. The trial included an initial PN optimization and stabilization period, after which patients were randomized 1:1 to compare daily subcutaneous dosing of 0.05 mg/kg of GATTEX to placebo over a 24-week treatment period. A total of 78 patients completed the study.

The primary efficacy endpoint was the percentage of patients who achieved a 20 percent or greater reduction in weekly PN volume at Week 20 and maintained that response at Week 24, compared to baseline. The study’s secondary endpoints included reductions in PN volume and the direct effects of improved intestinal absorption of fluid.

NPS conducted STEPS with the support of its partner, Nycomed, a global pharmaceutical company, headquartered in Switzerland, which holds the rights to develop and commercialize teduglutide outside of North America. Nycomed expects to submit a Marketing Authorization Application (MAA) to the European Medicines Agency (EMA) for teduglutide in the first half of 2011. The two companies share certain external costs for the teduglutide development program.

Conference Call Information

NPS will host a conference call today at 9:00 a.m. Eastern Time to discuss these findings. To participate in the conference call, dial (888) 396-2356 and use pass code 22757353. International callers may dial (617) 847-8709, using the same pass code. In addition, a live audio of the conference call will be available over the Internet. Interested parties can access the event through the NPS website, http://www.npsp.com.

For those unable to participate in the live call, a replay will be available at (888) 286-8010, with pass code 24296023, until midnight Eastern Time, February 14, 2011. International callers may access the replay by dialing (617) 801-6888, using the same pass code. The webcast will also be available through the NPS website for the same period.

About Short Bowel Syndrome

Short bowel syndrome, or SBS, is a highly disabling condition that can impair a patient’s quality-of-life and lead to serious life-threatening complications. SBS typically arises after extensive resection of the bowel due to Crohn’s disease, ischemia or other conditions. SBS patients often suffer from malnutrition, severe diarrhea, dehydration, fatigue, osteopenia, and weight loss due to the reduced intestinal capacity to absorb nutrients, water, and electrolytes. The usual treatment for short bowel syndrome is nutritional support, including parenteral nutrition (PN) or intravenous feeding to supplement and stabilize nutritional needs.

Although PN can provide nutritional support for short bowel syndrome patients, it does not improve the body’s own ability to absorb nutrients. PN is also associated with serious complications, such as infections, blood clots or liver damage, and the risks increase the longer patients are on PN. Patients on PN often experience a poor quality-of-life with difficulty sleeping, frequent urination and loss of independence.

There are an estimated 10,000 to 15,000 SBS patients in the U.S. who are dependent on PN, the direct cost of which can exceed $100,000 annually per patient.

About GATTEX^® (teduglutide)

GATTEX (teduglutide) is a novel, recombinant analog of human glucagon-like peptide 2, a protein involved in the rehabilitation of the intestinal lining. GATTEX is in Phase 3 development to reduce dependence on parenteral nutrition (PN) in adult patients with short bowel syndrome (SBS). NPS has reported findings from completed studies in which GATTEX demonstrated a favorable safety profile and reductions in mean PN volume from pretreatment baseline were observed. NPS is also advancing preclinical studies to evaluate teduglutide in additional intestinal failure related conditions.

Teduglutide has received orphan drug designation for the treatment of SBS from the U.S. Food and Drug Administration and the European Medicines Agency.

In 2007, NPS granted Nycomed the rights to develop and commercialize teduglutide outside the United States, Canada and Mexico. NPS retains all rights to teduglutide in North America.

About NPS Pharmaceuticals

NPS Pharmaceuticals is developing new treatment options for patients with rare gastrointestinal and endocrine disorders. The company is currently advancing two Phase 3 registration programs. Teduglutide, a proprietary analog of GLP-2, is in Phase 3 development for parenteral nutrition dependent adult short bowel syndrome and is in preclinical development for additional intestinal failure related conditions. NPSP558 (parathyroid hormone 1-84 [rDNA origin] injection) is in Phase 3 development as a hormone replacement therapy for hypoparathyroidism. NPS complements its proprietary programs with a royalty-based portfolio of products and product candidates that includes agreements with Amgen, Kyowa Hakko Kirin, Nycomed, and Ortho-McNeil Pharmaceutical.

“NPS”, “NPS Pharmaceuticals”, and “GATTEX” are the company’s registered trademarks. All other trademarks, trade names or service marks appearing in this press release are the property of their respective owners.

Statements made in this press release, which are not historical in nature, constitute forward-looking statements for purposes of the safe harbor provided by the Private Securities Litigation Reform Act of 1995. These statements are based on the company’s current expectations and beliefs and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Risks associated to the company’s business include, but are not limited to, the risks associated with any failure by the company to successfully complete its preclinical and clinical studies within the projected time frames or not at all, the risk of not gaining marketing approvals for GATTEX and NPSP558, the risks associated with the company’s strategy, as well as other risk factors described in the company’s periodic filings with the U.S. Securities and Exchange Commission, including its Annual Report on Form 10-K and Form 10-Qs. All information in this press release is as of the date of this release and NPS undertakes no duty to update this information.

NPS:

Susan M. Mesco

NPS Investor Relations

908-450-5516

smesco@npsp.com

or

Tony Plohoros

6 Degrees PR

908-591-2839

tplohoros@6degreespr.com

or

Nycomed:

Beatrix Benz

Nycomed Media Relations

+41 44 555 1508

beatrix.benz@nycomed.com

Material Sciences Corp. (MASC) Announces Stock Repurchase Program

Destination Maternity (DEST) Reports Q1 Earnings Significantly Higher Than Prior Guidance and Last Year

PHILADELPHIA, Jan. 27, 2011 /PRNewswire/ — Destination Maternity Corporation (Nasdaq: DEST), the world’s leading maternity apparel retailer, today announced operating results for the first quarter of fiscal 2011, which ended December 31, 2010, with its first quarter diluted earnings per share significantly exceeding both its prior earnings guidance and its prior year first quarter earnings results.  The Company also increased its earnings guidance for the full year fiscal 2011.  In addition, yesterday the Company announced that its Board of Directors has initiated a regular quarterly cash dividend and approved a two-for-one split of its common stock in the form of a stock dividend.

First Quarter Fiscal 2011 Financial Results

• GAAP net income for the first quarter of fiscal 2011 was $5.2 million, or $0.81 per share (diluted), a significant improvement compared to GAAP net income of $1.3 million, or $0.20 per share (diluted) for the first quarter of fiscal 2010.  This first quarter fiscal 2011 GAAP earnings performance was better than the Company’s guidance, provided in its November 18, 2010 press release, of GAAP diluted earnings per share of between $0.51 and $0.66.

• Non-GAAP adjusted net income (before restructuring and other charges, stock compensation expense, and loss on extinguishment of debt) for the first quarter of fiscal 2011 was $5.7 million, or $0.88 per share (diluted), an increase of 49% over the comparably adjusted non-GAAP net income for the first quarter of fiscal 2010 of $3.8 million, or $0.62 per share (diluted).  This first quarter fiscal 2011 non-GAAP adjusted earnings performance was better than the Company’s guidance, provided in its November 18, 2010 press release, of non-GAAP adjusted diluted earnings per share of between $0.56 and $0.71.

• Adjusted EBITDA was $13.3 million for the first quarter of fiscal 2011, an increase of 69% over the $7.9 million of Adjusted EBITDA for the first quarter of fiscal 2010.

• Adjusted EBITDA before restructuring and other charges was $13.3 million for the first quarter of fiscal 2011, an increase of 14% over the $11.6 million of Adjusted EBITDA before restructuring and other charges for the first quarter of fiscal 2010.

• Net sales for the first quarter of fiscal 2011 increased 1.2% to $135.4 million from $133.8 million for the first quarter of fiscal 2010 and were at the top end of the Company’s guidance range of $132.5 to $135.5 million provided in November.  The increase in sales for the first quarter of fiscal 2011 compared to fiscal 2010 resulted primarily from an increase in comparable store sales, increased sales due to the opening of an additional 217 Sears® and Kmart® leased department locations in September and October 2010, and increased Internet sales, partially offset by decreased sales related to the Company’s continued efforts to close underperforming stores and decreased sales from the Company’s licensed relationship.

• Comparable retail sales (which consists of comparable store sales and Internet sales) for the first quarter of fiscal 2011 increased 2.1% versus a comparable retail sales decrease of 4.4% for the first quarter of fiscal 2010.  During the first quarter of fiscal 2011, comparable store sales increased 1.2%, and Internet sales increased 17.9%.  The comparable store sales increase of 1.2% during the first quarter of fiscal 2011 exceeded the top end of the Company’s guidance range of down 1.5% to up 0.5% provided in November.

Cash Dividend and Stock Split

• Yesterday the Company announced that its Board of Directors has initiated a regular quarterly cash dividend and approved a two-for-one split of the Company’s common stock in the form of a stock dividend.  The first quarterly cash dividend of $0.35 per share pre-split (equivalent to $0.175 per share post-split) is payable March 11, 2011 to stockholders of record at the close of business on February 16, 2011.  As a result of the stock split, on March 1, 2011 stockholders of record at the close of business on February 16, 2011 will receive one additional common share for every share held.  Upon completion of the split, the number of common shares outstanding will be approximately 12.7 million.  All share and per share amounts included in this first quarter fiscal 2011 earnings release are presented on a pre-split basis unless otherwise specifically stated.

Restructuring and Other Charges

• Beginning in late fiscal 2008, the Company implemented a significant restructuring and cost reduction program, with the objectives of simplifying its merchandise brand and store nameplate structure, improving and simplifying critical processes, and reducing its expense structure.  The Company has substantially completed the planned activities of the initiative and incurred $3.9 million of pretax expense related to this initiative in fiscal 2010, of which $2.5 million was incurred in the first quarter of fiscal 2010.  This initiative resulted in pretax savings of approximately $12 million in fiscal 2009, with incremental pretax savings of approximately $11 million in fiscal 2010.  The Company projects total annualized pretax savings of approximately $27 to $30 million in fiscal 2011 as a result of this initiative, which includes the savings realized in fiscal 2009 and fiscal 2010.

• In addition, the Company recorded pretax charges of $1.3 million in the first quarter of fiscal 2010 associated with the retirement of the Company’s President and Chief Creative Officer in September 2010 and the retirement of the Company’s non-executive Chairman of the Board in January 2010.

Retail Locations

The table below summarizes store opening and closing activity for the first quarter of fiscal 2011 and 2010, as well as the Company’s store, total retail location and total international franchised location count at the end of each fiscal period.  The increase in leased department locations at December 31, 2010 versus December 31, 2009 predominantly reflects the opening of an additional 217 Sears and Kmart leased department locations in September and October 2010.

Commentary

Ed Krell, Chief Executive Officer and President of Destination Maternity Corporation, noted, “We are pleased with the continued increase in the profitability of our business, as well as the improvement of our sales performance for the first quarter of fiscal 2011.  Our GAAP diluted earnings per share of $0.81 for the first quarter exceeded the top end of our prior earnings guidance range of $0.51 to $0.66 per share that we provided in our November 18, 2010 press release, and was significantly higher than last year’s first quarter GAAP diluted earnings of $0.20 per share.  Our sales performance for the first quarter was at the high end of our sales guidance, with our comparable retail sales increasing 2.1% and our comparable store sales increasing 1.2% for the quarter.

“As we have indicated previously, we are keenly focused on initiatives to drive profitable sales growth, including increasing our comparable store sales, and we are pleased that our comparable store sales and comparable retail sales were positive for the first quarter.  Among our other initiatives, the significant expansion of our maternity apparel leased department relationship with Macy’s® will occur in February 2011, through which we will expand from our current 115 Macy’s locations to over 615 Macy’s locations throughout the United States, offering a mix of Motherhood Maternity® and A Pea in the Pod® branded merchandise.  This expansion with Macy’s will deepen our position as the leading maternity apparel retailer in the world.  In addition, we are focused on continuing to enhance our merchandise assortments, merchandise presentation and customer experience.”

Cash Dividend and Stock Split

“Yesterday we announced that our Board of Directors has initiated a regular quarterly cash dividend and approved a two-for-one split of our common stock.  Initiating a regular quarterly cash dividend demonstrates the Board’s confidence in our Company’s financial strength and our prospects for the future, and highlights our strong earnings and cash flow generation and our commitment to continue to drive shareholder value.  In addition, we believe that the stock split, combined with the regular quarterly cash dividend, will make our stock even more attractive to a broader range of investors and may increase the trading liquidity of our stock.

“Over the past several years, we have used our free cash flow predominantly to pre-pay debt and, as a result, we have significantly reduced our financial leverage and our interest expense, as reflected by our total debt decreasing from $128.9 million at the end of fiscal 2005 to $45.2 million at the end of fiscal 2010, and our interest expense decreasing from $15.3 million in fiscal 2005 to $3.3 million in fiscal 2010.  With this significant reduction in our financial leverage and interest expense, we believe it is now appropriate for us to use a portion of our earnings and cash flow to return cash to our stockholders through a regular quarterly cash dividend which can enhance the total return to our stockholders, while also potentially broadening our investor base.”

Guidance for Fiscal 2011

“Looking forward, we are confident that we can continue to drive significant growth in earnings, while also growing our sales and positioning our company for continued future growth, by continuing to improve our product and customer experience, and continuing to focus on our strategic plan as summarized in our five key goals and strategic objectives discussed later under “Company Strategy.”  For fiscal 2011, we look forward to:  the expansion into over 500 additional Macy’s locations in February 2011; the continued growth of our Internet and international sales; the continued rollout of our multi-brand Destination Maternity stores; and the continued enhancement of our merchandise assortments, merchandise presentation and customer experience.  Given the continued uncertainty as to the timing and extent of a recovery in consumer spending, we continue to plan our sales and inventory conservatively.

“Our financial guidance for the full year fiscal 2011 is as follows:

• Net sales in the $560 to $570 million range, representing a projected sales increase of between 5.4% and 7.3% versus fiscal 2010 net sales of $531.2 million.  The planned increase in net sales for fiscal 2011 versus fiscal 2010 is driven primarily from the expansion into over 500 additional Macy’s locations in February 2011; the expansion of the Sears and K-Mart relationships, with 217 additional Sears and K-Mart maternity locations added in September and October 2010; and the continued planned growth of our Internet and international sales.

• We are planning continued improvement in our comparable store sales performance, especially in the second half of fiscal 2011.  However, it is important to note that our comparable store sales and comparable retail sales will be negatively impacted by our significant Macy’s leased department expansion in February 2011.  The following table provides guidance for our projected full year fiscal 2011 comparable store sales and comparable retail sales, both before and after the projected impact of this leased department expansion.  Included in the guidance range for comparable retail sales (which consists of comparable store sales and Internet sales) is a projected increase in Internet sales of between 15% and 20% for fiscal 2011.

• Gross margin for fiscal 2011 is expected to increase modestly versus fiscal 2010, primarily driven by leveraging product overhead expenses over a larger planned sales volume, with product cost reductions expected to be recognized for much of the year being partially offset by the expected impact of upward product cost pressures for Summer 2011 and Fall 2011 merchandise to be recognized later in fiscal 2011.

• Total selling, general and administrative (SG&A) expenses are planned to be higher than fiscal 2010 in dollar terms and comparable to fiscal 2010 as a percentage of net sales.  The projected SG&A expense increase for the full year primarily results from additional operating expenses resulting from the Macy’s leased department expansion in February 2011 and certain other projected expense increases, including increased marketing expenses, partially offset by expense savings from the Company’s restructuring and cost reduction initiatives.

• Operating income in the $40.9 to $44.9 million range, a projected increase of between 30% and 43% compared to fiscal 2010 operating income of $31.4 million.  Operating income before restructuring and other charges is projected in the $41.2 to $45.2 million range, a projected increase of between 11% and 22% compared to fiscal 2010 operating income, before restructuring and other charges, of $37.1 million.

• GAAP diluted earnings per share of between $3.62 and $3.98 per share for fiscal 2011, a projected increase of between 37% and 50% compared to earnings of $2.65 per share (diluted) for fiscal 2010.  This guidance range for fiscal 2011 GAAP diluted earnings per share of $3.62 to $3.98 is higher than the prior guidance range of $3.52 to $3.87 provided by the Company in its November 18, 2010 press release.

• Non-GAAP adjusted diluted earnings per common share (before restructuring and other charges, stock compensation expense, and loss on extinguishment of debt) is projected to be between $3.89 and $4.24 per share for fiscal 2011, a projected increase of between 14% and 25% versus non-GAAP adjusted diluted earnings per share of $3.40 per share for fiscal 2010, and higher than the Company’s prior guidance range of $3.76 to $4.10.

• Adjusted EBITDA in the $58.0 to $62.0 million range, a projected increase of between 20% and 28% compared to the fiscal 2010 Adjusted EBITDA of $48.3 million.  Adjusted EBITDA before restructuring and other charges is projected in the $58.3 to $62.3 million range, a projected increase of between 8% and 15% versus the fiscal 2010 figure of $54.0 million.

• Open approximately 12 to 19 new stores during the year, including approximately 6 to 12 new multi-brand Destination Maternity stores, and close approximately 45 to 62 stores, with approximately 12 to 24 of these planned store closings related to openings of new Destination Maternity stores.

• Capital expenditures planned at between $15 and $18 million compared to fiscal 2010 capital expenditures of $10.4 million.  After deducting projected tenant construction allowance payments to us from store landlords, the Company expects net cash outlay for capital projects to be between $10 million and $12 million, compared to $7.4 million in fiscal 2010.

• Inventory at fiscal 2011 year end planned to be approximately 4-8% higher (approximately $3 to $6 million higher) than fiscal 2010 year end, primarily due to inventory increases related to the Macy’s expansion.

• Given these assumptions, the Company plans to generate free cash flow (defined as net cash provided by operating activities minus capital expenditures) of approximately $13 to $19 million for the full year fiscal 2011.

“We expect our comparable store sales for the full month of January to decrease between 0.5% and 3.0% on a reported basis, and to be between a decrease of 2.0% and an increase of 0.5% after adjusting for the “days adjustment calendar shift,” reflecting one less Friday in January 2011 compared to January 2010.  We expect our comparable retail sales for the full month of January to be between a decrease of 1.0% and an increase of 2.0% after adjusting for the “days adjustment calendar shift.”

“Our financial guidance for the second quarter of fiscal 2011 is as follows:

• Net sales in the $134 to $137 million range.

• Comparable store sales decrease of between 0.5% and 2.5% on a reported basis (including the projected cannibalization impact of the Macy’s leased department expansion) and an increase in Internet sales of between 15% and 20%.  Excluding the projected cannibalization impact of the Macy’s leased department expansion, comparable store sales are projected to be between a decrease of 1.0% and an increase of 1.0%, with comparable retail sales projected to be between flat and an increase of 2.0%.

• GAAP diluted earnings per common share of between $0.60 and $0.71 per share, a significant projected improvement versus GAAP diluted earnings per share of $0.42 for the second quarter of fiscal 2010.

• Non-GAAP adjusted diluted earnings per common share (before restructuring and other charges, stock compensation expense, and loss on extinguishment of debt) of between $0.64 and $0.75 per share, versus comparably adjusted non-GAAP diluted earnings per share of $0.61 for the second quarter of fiscal 2010.

Company Strategy

Mr. Krell added, “As we plan and execute our business for both the coming year and beyond, we continue to be guided by our five key goals and strategic objectives:

1. Be a profitable global leader in the maternity apparel business, treating all our partners and stakeholders with respect and fairness.
2. Increase the profitability of our U.S. business, focusing on the following:
   1. Increase comparable store sales, through continued improvement of merchandise assortments, merchandise presentation and customer experience, providing a more shoppable store environment for our customers, and through enhanced marketing and advertising.
   2. Reduce our expenditures and continue to be more efficient in operating our business—streamline, simplify and focus.
   3. Continue to expand our multi-brand Destination Maternity store chain where ROI hurdles are met, with the goal of operating fewer but larger stores over time.
   4. Continue to close underperforming stores.
3. In addition to achieving increased comparable store sales, we aim to grow our sales where we can do so profitably, including the following areas of focus:
   1. International expansion
   2. Potential growth of our leased department and licensed relationships
   3. Increased utilization of the Internet to drive sales, targeting both increased direct Internet sales and enhanced web marketing initiatives to drive store sales
   4. Selective new store openings and relocations in the U.S. and Canada
   5. Continued focus on enhancing our overall customer relationship, including our marketing partnership programs.
4. Focus on generating free cash flow to drive increased shareholder value.
5. Maintain and intensify our primary focus on delivering great maternity apparel product and service in each of our brands and store formats, to serve the maternity apparel customer like no one else can.”

Mr. Krell concluded, “We feel very good about our Company’s position and the actions we have taken to improve the profitability of our business and generate increased shareholder value, even in the face of a challenging sales environment, while also making investments and pursuing targeted initiatives for profitable future sales growth.  We are proud of what we have accomplished in the past two years to significantly improve our operating results, our financial position, and our outlook.  At the same time, we have not been satisfied with our sales performance, although we recognize that over the past two to three years we have faced the dual challenges of a deep recession and a 6.0% decrease in births in the United States.  We are focused on turning around our sales performance through initiatives to continue to enhance our merchandise assortments, merchandise presentation and customer experience, and we are cautiously optimistic that we may be starting to see some initial signs of this turnaround, as evidenced by our positive comparable store sales for the first quarter.  We are confident in our ability to continue to manage our business through this uncertain consumer environment and to continue to drive near term improvements while also making progress towards our longer term goals.”

Conference Call Information

As announced previously, the Company will hold a conference call today at 9:00 a.m. Eastern Time, regarding the Company’s first quarter fiscal 2011 earnings and future financial guidance.  You can participate in this conference call by calling (800) 901-5231.  Please call ten minutes prior to 9:00 a.m. Eastern Time.  The conference call (listen only) will also be available on the investor section of our website at http://investor.destinationmaternity.com.  The passcode for the conference call is “79373208.”  In the event that you are unable to participate in the call, a replay will be available through Thursday, February 10, 2011 by calling (888) 286-8010.  The passcode for the replay is “94896169.”

Destination Maternity Corporation is the world’s largest designer and retailer of maternity apparel.   In the United States and Canada, as of December 31, 2010, Destination Maternity operates 1,882 retail locations, including 690 stores, predominantly under the tradenames Motherhood Maternity®, A Pea in the Pod®, and Destination Maternity®, and sells on the web through its DestinationMaternity.com and brand-specific websites.  Destination Maternity also distributes its Oh Baby by Motherhood™ collection through a licensed arrangement at Kohl’s® stores throughout the United States and on Kohls.com.  In addition, Destination Maternity is expanding internationally and has exclusive store franchise and product supply relationships in India and the Middle East.

The Company cautions that any forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995) contained in this press release or made from time to time by management of the Company, including those regarding the continuation of the regular quarterly cash dividend, the trading liquidity of our common stock, earnings, net sales, comparable retail sales, comparable store sales, Internet sales, other results of operations, liquidity and financial condition, and various business initiatives, involve risks and uncertainties, and are subject to change based on various important factors.  The following factors, among others, in some cases have affected and in the future could affect the Company’s financial performance and actual results and could cause actual results to differ materially from those expressed or implied in any such forward-looking statements: the continuation of the economic recovery of the retail industry in general and on apparel purchases in particular, our ability to successfully manage our various business initiatives, our ability to successfully implement our merchandise brand and retail nameplate restructuring, the success of our international expansion, our ability to successfully manage and retain our leased department and licensed relationships and marketing partnerships, future sales trends in our existing store base, unusual weather patterns, changes in consumer preferences, raw material price increases, overall economic conditions and other factors affecting consumer confidence, demographics and other macroeconomic factors that may impact the level of spending for maternity apparel, expense savings initiatives, our ability to anticipate and respond to fashion trends and consumer preferences, anticipated fluctuations in our operating results, the impact of competition and fluctuations in the price, availability and quality of raw materials and contracted products, availability of suitable store locations, continued availability of capital and financing, our ability to hire and develop senior management and sales associates, our ability to develop and source merchandise, our ability to receive production from foreign sources on a timely basis, potential stock repurchases, potential debt prepayments, changes in market interest rates, war or acts of terrorism and other factors set forth in the Company’s periodic filings with the Securities and Exchange Commission, or in materials incorporated therein by reference.

Cirrus Logic (CRUS) Reports Fiscal Third Quarter Revenue of $95.6 Million

Jan. 27, 2011 (Business Wire) — Cirrus Logic, Inc. (Nasdaq: CRUS), a leader in high-precision analog and digital signal processing components, today announced financial results for the third quarter of fiscal year 2011, which ended Dec. 25, 2010.

Revenue for the quarter was $95.6 million, up 47 percent compared to the same quarter a year ago, and down five percent sequentially from the previous quarter. Gross margin for the quarter was 55 percent, up slightly from 54 percent in the third quarter a year ago, and down slightly from 56 percent for the previous quarter.

Total GAAP operating expenses for the quarter were approximately $29.4 million, compared to $27.7 million in the previous quarter. Non-GAAP operating expenses for the quarter were approximately $28.0 million compared to $27.6 million in the previous quarter.

Income from operations on a GAAP basis was approximately $23.1 million, representing an operating margin of 24 percent. Income from operations on a non-GAAP basis was $24.5 million, representing a non-GAAP operating margin of 26 percent

GAAP net income for the quarter was approximately $24.6 million, or $0.34 per share, based on 71.7 million average diluted shares outstanding. Non-GAAP net income was $24.2 million, or $0.34 per diluted share.

A reconciliation of the non-GAAP charges is included in a table below.

“Revenue from portable audio products exceeded our expectations, helping to drive overall Q3 revenue growth of 47 percent year over year,” said Jason Rhode, president and chief executive officer, Cirrus Logic. “Looking at both the fourth quarter and the next fiscal year, we believe we will continue to grow revenue at a faster rate than the semiconductor industry as a whole. With the production ramps continuing this next year in portable audio, new design wins in other audio markets, and ongoing design activity with our strategic energy initiatives, we are very excited about the opportunities ahead.”

Outlook for Fourth Quarter FY 2011 (ending Mar. 26, 2011):

• Revenue is expected to range between $88 million and $94 million;
• Gross margin is expected to be between 54 percent and 56 percent; and
• Combined R&D and SG&A expenses are expected to range between $31 million and $33 million, which include approximately $2.5 million in share-based compensation and amortization of acquisition-related intangibles expenses.

Other Highlights and Company News

• The company repurchased and retired approximately 1.76 million shares during the quarter, at an average price of $12.94, while cash and cash equivalents grew by approximately $8 million during the quarter.
• Total employee headcount during the quarter increased to 549 employees, a net increase of 15 employees.
• In January, the company began construction on its new headquarters facility at 800 W. Sixth Street in downtown Austin that is expected to be completed in the summer of 2012.
• Thurman Case, chief financial officer, will be presenting at the Stifel Nicolaus Technology Conference in San Francisco on February 11, at 11:00 a.m. ET. A live webcast will be available in the investor relations section of cirrus website.

Conference Call

Cirrus Logic management will hold a conference call to discuss the company’s results for the third quarter fiscal year 2011, on January 27, at 10:30 a.m. ET. The conference call will be simulcast over the internet in the investor relations section of the company website at http://investor.cirrus.com. A replay of the conference call will be available on the website listed above beginning one hour following the completion of the call, or by calling (303) 590-3030, or toll-free at (800) 406-7325 (Access Code: 4398706).

Shareholders who would like to submit a question to be addressed during the call are requested to email investor.relations@cirrus.com.

Cirrus Logic, Inc.

Cirrus Logic develops high-precision, analog and mixed-signal integrated circuits for a broad range of innovative customers. Building on its diverse analog and signal-processing patent portfolio, Cirrus Logic delivers highly optimized products for a variety of audio and energy-related applications. The company operates from headquarters in Austin, Texas, with offices in Tucson, Ariz., Europe, Japan and Asia. More information about Cirrus Logic is available at www.cirrus.com.

Use of non-GAAP Financial Information

To supplement Cirrus Logic’s financial statements presented on a GAAP basis, Cirrus has provided non-GAAP financial information, including non-GAAP operating expenses, non-GAAP net income, non-GAAP income from operations, non-GAAP operating margin and non-GAAP diluted earnings per share. A reconciliation of the adjustments to GAAP results is included in the tables below. Non-GAAP financial information is not meant as a substitute for GAAP results, but is included because management believes such information is useful to our investors for informational and comparative purposes. In addition, certain non-GAAP financial information is used internally by management to evaluate and manage the company. As a note, the non-GAAP financial information used by Cirrus Logic may differ from that used by other companies. These non-GAAP measures should be considered in addition to, and not as a substitute for, the results prepared in accordance with GAAP.

Safe Harbor Statement

Except for historical information contained herein, the matters set forth in this news release contain forward-looking statements, including our estimates of fourth quarter fiscal year 2011 revenue, our future growth rate, gross margin, combined research and development and selling, general and administrative expense levels, share-based compensation expense, and amortization of acquired intangible expenses. In some cases, forward-looking statements are identified by words such as “expect,” “anticipate,” “target,” “project,” “believe,” “goals,” “opportunity,” “estimates,” “intend,” and variations of these types of words and similar expressions. In addition, any statements that refer to our plans, expectations, strategies or other characterizations of future events or circumstances are forward-looking statements. These forward-looking statements are based on our current expectations, estimates and assumptions and are subject to certain risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties include, but are not limited to, the following: the level of orders and shipments during the fourth quarter of fiscal year 2011, as well as customer cancellations of orders, or the failure to place orders consistent with forecasts; the loss of a key customer; and the risk factors listed in our Form 10-K for the year ended March 27, 2010, and in our other filings with the Securities and Exchange Commission, which are available at www.sec.gov. The foregoing information concerning our business outlook represents our outlook as of the date of this news release, and we undertake no obligation to update or revise any forward-looking statements, whether as a result of new developments or otherwise.

Cirrus Logic and Cirrus are trademarks of Cirrus Logic Inc.

CRUS-F

Summary financial data follows:

Non-GAAP financial information is not meant as a substitute for GAAP results, but is included because management believes such information is useful to our investors for informational and comparative purposes. In addition, certain non-GAAP financial information is used internally by management to evaluate and manage the company. As a note, the non-GAAP financial information used by Cirrus Logic may differ from that used by other companies. These non-GAAP measures should be considered in addition to, and not as a substitute for, the results prepared in accordance with GAAP.

Cirrus Logic, Inc.

Thurman K. Case, 512-851-4125

Chief Financial Officer

Investor.Relations@cirrus.com

Arctic Cat (ACAT) Reports Fiscal 2011 Third Quarter Results

Jan. 27, 2011 (Business Wire) — Arctic Cat Inc. (NASDAQ:ACAT) today reported net earnings of $9.3 million, or $0.50 per diluted share, on net sales of $152.0 million for the fiscal 2011 third quarter ended December 31, 2010. Arctic Cat reported net earnings in the prior-year third quarter of $2.6 million, or $0.14 per diluted share, on net sales of $131.0 million.

For the nine months ended December 31, 2010, Arctic Cat’s net earnings were $22.6 million, or $1.22 per diluted share, on net sales of $391.2 million. In the first nine months of last fiscal year, the company reported net earnings of $11.4 million, or $0.63 per diluted share, on net sales of $366.7 million.

Commented Arctic Cat’s president and chief executive officer Claude Jordan: “We are very pleased with the company’s strong third-quarter and year-to-date performance. Our results were fueled by higher sales across all product lines, including double-digit gains in our snowmobile business. The combination of increased volume, product mix, product cost-reduction efforts, higher selling prices and a continued focus on efficiency led to another quarter of significantly improved gross margins and profitability.”

Among the highlights of Arctic Cat’s 2011 third quarter and year-to-date financial results versus the same periods last year:

• Gross margins improved 430 basis points in the quarter and 370 basis points year to date;
• Operating profit for the quarter rose to $12.2 million from $0.6 million, and year to date increased to $32.7 million from $13.9 million;
• Factory inventory declined 27 percent to $77.2 million from $106.3 million;
• Total cash and short-term investments rose to $107.1 million from $50.4 million; and
• The company has no short- or long-term debt.

“We are excited by the traction and momentum we’ve achieved year to date,” said Jordan. “We continued to successfully execute against our objectives to reduce dealer and factory inventory, improve gross margins and keep operating expenses flat as a percent of sales.”

Business Line Results

Snowmobile sales grew 33 percent to $77.8 million in the third quarter compared to $58.7 million in the prior-year quarter, led by increases in both North American dealer sales and international sales to distributors. Year-to-date snowmobile sales increased 15 percent to $186.5 million versus $162.3 million in the same period last year, led by higher international sales to distributors.

All-terrain vehicle (ATV) sales rose 1 percent to $48.6 million in the third quarter versus $48.2 million in the prior-year quarter, chiefly driven by sales of the company’s new Prowler HDX heavy duty utility vehicle. During the quarter, Arctic Cat announced the launch of three all-new 2011 ATV models: the full-featured, value-priced 350 4X4 automatic; the valued-priced 425 EFI 4X4 automatic; and the XC450i 4X4, a crossover model for consumers seeking four-wheel-drive capabilities in a sport ATV. Arctic Cat’s year-to-date ATV sales were up 1 percent to $133.0 million compared to $132.1 million in the first nine months of fiscal 2010.

Sales of parts, garments and accessories (PG&A) in the third quarter grew 6 percent to $25.6 million versus $24.2 million in the prior-year quarter, primarily driven by stronger garments sales including the new Drift garment line. Year-to-date PG&A sales totaled $71.7 million, down 1 percent from $72.3 million in the year-ago period.

Outlook

“We remain confident that the company is on track to deliver improved operating results, increased profitability and enhanced shareholder value again this fiscal year,” Jordan said.

Arctic Cat is focused on improving its profitability in a continued low-demand recreational vehicle market, which remains well below pre-recession industry sales levels. The company’s fiscal 2011 outlook includes the following assumptions: ATV industry retail sales declining approximately 15 to 20 percent; snowmobile industry retail sales increasing 5 to 10 percent; Arctic Cat dealer inventories declining 20 to 30 percent; improving gross margins between 200 to 300 basis points; achieving flat to slightly down operating expense levels as a percent of sales; increasing cash flow from operations; and ending the year with more cash on the balance sheet.

Based on its year-to-date results and expectations of future performance, Arctic Cat is raising and narrowing its estimated full-year earnings for the current fiscal year ending March 31, 2011. The company now anticipates that fiscal 2011 earnings will be in the range of $0.57 to $0.65 per diluted share, driven by increased international revenue, as well as higher gross margins resulting from higher volume, product mix and cost reduction efforts. The company’s previous guidance anticipated fiscal 2011 earnings of $0.40 to $0.55 per diluted share. The company continues to estimate fiscal 2011 net sales of $453 million to $463 million.

Conference Call

A conference call is scheduled for 11:00 a.m. CT (12:00 p.m. ET) today. To listen to the live webcast or replay of this call via the Internet, go to the corporate portion of the company’s website at www.arcticcat.com. To listen to a telephone replay of the conference call, dial 800-406-7325 and enter conference call passcode 4403970. The telephone replay will be available through Thursday, February 3, 2011.

About Arctic Cat

Arctic Cat Inc. designs, engineers, manufactures and markets all-terrain vehicles (ATVs) and snowmobiles under the Arctic Cat® brand name, as well as related parts, garments and accessories. Its common stock is traded on the Nasdaq Global Select Market under the ticker symbol “ACAT.” More information about Arctic Cat and its products is available at www.arcticcat.com.

Forward-Looking Statements

The Private Securities Litigation Reform Act of 1995 provides a safe harbor for certain forward-looking statements. The Company’s Annual Report, as well as the Report on Form 10-K and future filings with the Securities and Exchange Commission, the Company’s press releases and oral statements made with the approval of an authorized executive officer, contain forward-looking statements that reflect the Company’s current views with respect to future events and financial performance. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from historical results or those anticipated. The words “aim,” “believe,” “expect,” “anticipate,” “intend,” “estimate” and other expressions that indicate future events and trends identify forward-looking statements. Actual future results and trends may differ materially from historical results or those anticipated depending on a variety of factors, including, but not limited to: product mix and volume; competitive pressure on sales and pricing; cost and availability of financing for the Company, our dealers and our suppliers; increase in material or production cost which cannot be recouped in product pricing; changes in the sourcing of snowmobile engines from Suzuki; warranty expenses; foreign currency exchange rate fluctuations; product liability claims and other legal proceedings in excess of insured amounts; environmental and product safety regulatory activity; effects of the weather; overall economic conditions; and consumer demand and confidence. The Company does not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

Arctic Cat Inc.

Timothy C. Delmore, 763-354-1800

Chief Financial Officer

or

Padilla Speer Beardsley Inc.

Shawn Brumbaugh, 612-455-1754

Hanmi Financial Corp. (HAFC) Fourth Quarter 2010 Nets First Quarterly Profit of $5.3 Million in Two Years

LOS ANGELES, Jan. 27, 2011 (GLOBE NEWSWIRE) — Hanmi Financial Corporation (Nasdaq:HAFC), the holding company for Hanmi Bank, today reported a fourth quarter profit of $5.3 million or $0.04 per diluted share, with substantial improvement in credit metrics. In the fourth quarter of 2009, Hanmi’s net loss totaled $35.9 million, or $0.70 per share. For the full year in 2010, the net loss improved to $88.0 million, or $0.93 per share, compared to $122.3 million, or $2.57 per share in 2009.

“We believe that our continuing efforts to shed problem assets through credit workouts and asset sales has improved credit quality metrics and allowed us to return to profitability,” said Jay S. Yoo, President and Chief Executive Officer. “Our successful capital raise earlier in July 2010 was an additional factor in strengthening our capital position. Hanmi Bank continued to be categorized as ‘well-capitalized’ for regulatory purposes at December 31, 2010.”

2010 Highlights

• Hanmi’s fourth quarter results mark the first time in over two years that Hanmi Financial has earned a quarterly profit of $5.3 million.
• Credit metrics, which began to improve at the beginning of 2010, continued improving as the year progressed. Non-performing assets (NPA), which is non-performing loans (NPLs) and other real estate owned (OREO) assets, decreased by 20% to $173.1 million, or 5.95% of total assets, from $215.3 million or 7.25% of total assets in the third quarter and $245.4 million, or 7.76% a year ago. The coverage ratio of the allowance to non-performing loans increased to 86.4% at December 31, 2010 compared to 66.2% a year ago while slightly decreased compared to 90.4% in the prior quarter.
• During 2010, the successful deleveraging of the balance sheet reduced total assets by 8% or $256 million to $2.91 billion, with gross loans down 20%.
• Net interest margin (NIM) was stable at 3.48% in the fourth quarter of 2010, down one basis point from 3.49% in the third quarter of 2010 and up 2 basis points from the fourth quarter a year ago. For the full year, NIM increased 71 basis points to 3.55% from 2.84% at December 31, 2009.

Capital Management

“The successful rights offering and best efforts stock offerings in July 2010 have provided the necessary capital to return our balance sheet to ‘well capitalized’ regulatory status and provided us with the capital resources to assist us in achieving profitability in this most recently completed quarter,” Mr. Yoo stated. “We understand that Woori Finance continues to work closely with regulators to achieve approval for the previously announced transaction. While this transaction is no longer exclusive, we believe it is still quite viable. In addition, we are also considering alternative capital sources to further enhance our capital position and fund balance sheet growth.”

With the profit generated from operations along with the decrease in our total assets, the Bank’s Total Risk-Based Capital Ratio at year-end increased to 12.23% compared with 11.61% in the immediate prior quarter-end and 9.07% a year ago. At December 31, 2010, Tier 1 Risk-Based Capital Ratio was 10.91% compared to 10.28% at September 30, 2010, and 7.77% a year ago. Fourth quarter Tier 1 Leverage Ratio was 8.55% compared to 8.26% in the third quarter and 6.69% in the fourth quarter of 2009. The Bank’s Tangible Common Equity to Tangible Assets at year-end increased to 8.60% compared with 8.37% in the linked quarter and 7.13% a year ago.

Asset Quality

At December 31, 2010, the allowance for loan losses was $146.1 million, or 6.44% of gross loans, compared to $176.1 million, or 7.35% of gross loans, at September 30, 2010, and $145.0 million, or 5.14% of gross loans a year ago. The ratio of Hanmi’s loan loss allowance to non-performing loans at December 31, 2010, increased to 86.41%, up from 66.19% a year ago. Fourth quarter charge-offs, net of recoveries, were $35.2 million compared to $21.3 million in the third quarter and $57.3 million in the fourth quarter of 2009. For the full year in 2010, net charge-offs were $121.9 million compared to $122.6 million in 2009.

NPLs declined 13% to $169.0 million at December 31, 2010, from $194.7 million at September 30, 2010, and are down 23% from $219.1 million at December 31, 2009. Of the total $169.0 million NPLs, $43.0 million, or 25%, were current on payments. In addition, $69.4 million, or 41%, were marked to current market value with partial charge-offs. Out of the $69.4 million, $26.6 million were categorized as available for sale. We sold 29 NPLs with carrying value of $28.6 million in the fourth quarter, which contributed to the decline of NPLs in the quarter. Year-to-date, we sold 87 loans with carrying value of $156.8 million.

Sale of OREOs, real estate acquired through foreclosures, continued during the fourth quarter, with 5 properties sold for net proceeds of $17.1 million, resulting in a $115,000 net loss. In 2010, OREO sales generated $25.9 million in net proceeds on the sale of 18 properties, resulting in a $196,000 net loss. OREOs totaled $4.1 million at December 31, 2010, down from $20.6 million at September 30, 2010 and also down from $26.3 million a year ago. Hanmi actively manages its loan portfolio and regularly sells assets prior to foreclosure, which partially accounts for the reduction of OREO. The following table shows non-performing loans by loan category:

The proactive approach to resolving problematic credits in 2010 helped reduce delinquent loans on accrual status, which are not included in the NPL total. Delinquent loans on accrual status decreased to $21.5 million, or 0.95% of gross loans at December 31, 2010, from $41.2 million, or 1.46% of gross loans at December 31, 2009. On a sequential quarter basis, the amount of delinquent loans on accrual status decreased from $23.9 million at September 30, 2010 due to a decrease in delinquent construction loans on accrual status. This decrease was partially offset by a minor increase in Commercial & Industrial delinquent loans on an accrual status. The following table shows delinquent loans on accrual status by loan category:

Balance Sheet

We believe that our deleveraging strategy in the last two years has been successful in reducing portfolio risk and preserving capital. With our enhanced capital levels, we have begun to implement plans to grow our customer base, albeit at moderate levels. With loan demand still soft, we anticipate that any growth will come from attracting new customers and capitalizing on continuing disruption in the regional banking market.

Total assets decreased slightly at the end of the fourth quarter to $2.91 billion, from $2.97 billion at September 30, 2010, and down 8% from $3.16 billion at December 31, 2009. Gross loans, net of deferred loan fees, were $2.27 billion at December 31, 2010, down 5% from $2.39 billion at September 30, 2010, and down 20% from $2.82 billion at December 31, 2009.

Average gross loans decreased 20% to $2.35 billion for the fourth quarter of 2010 from $2.92 billion for the like quarter a year ago and declined 4% during the fourth quarter from $2.46 billion for the third quarter of 2010. Hanmi’s average investment securities portfolio increased 92% to $351.0 million for the fourth quarter of 2010 from $182.6 million for the fourth quarter of 2009 and increased 57% for the fourth quarter of 2010 from $223.7 million from the quarter ended September 30. 2010. The decreases in average gross loans over the past year were the direct result of the balance sheet deleveraging strategy. The Bank increased investment securities to enforce liquidity preservation strategy.

Consistent with the deleveraging strategy, average deposits also decreased 14% to $2.51 billion for the fourth quarter of 2010 from $2.91 billion for the like quarter in 2009 and declined 2% from $2.56 billion for the third quarter of 2010.

The deposit mix at year-end continues to reflect efforts to build core deposits and improve the Bank’s cost of funds. There are no brokered deposits in the deposit mix at year-end. Total deposits decreased 10% year-over-year and declined 2% from the prior quarter. The 10% year-over-year decrease in total deposits was primarily due to a $203 million decrease in brokered deposits. Total deposits were $2.47 billion at December 31, 2010, compared to $2.53 billion at September 30, 2010, and $2.75 billion at December 31, 2009.

Results of Operations

Net interest income, before the provision for credit losses, totaled $26.0 million for the fourth quarter of 2010 which was down 1% from $26.3 million in the linked quarter and down 9% from $28.4 million in the fourth quarter a year ago. Increased liquidity from the capital raise earlier in the year was deployed to cash and cash equivalent balances and investment securities which are generally lower yielding assets. The cost of funds also declined in the quarter reflecting reductions in high-cost time deposits and an increase in low-cost deposits. For the full year in 2010, net interest income before provision for credit losses increased 5% to $105.9 million compared to $101.2 million in 2009.

Loan yields increased and deposit costs decreased which benefited our net interest margin. These benefits were offset by higher balances of investment securities, which generate lower yields but allowing a strong liquidity position. The average yield on the loan portfolio increased 4 basis points to 5.48% from 5.44% from the prior quarter and decreased 6 basis points from the fourth quarter in 2009. For the full year 2010, the average yield on the loan portfolio decreased 9 basis points to 5.40% from 5.49% in 2009. In 2010, the reversal of previously recorded interest income due to the additional non-accrual loans was $3.2 million ($0.3 million in the fourth quarter), resulting in a negative impact on NIM by 11 basis points. The cost of average interest-bearing deposits in the fourth quarter was 1.55%, down 10 basis points from the prior quarter and 71 basis points from the fourth quarter of 2009. For the full year 2010, the cost of average interest bearing deposits was 1.70%, down 127 basis points from a year ago. As a result, Hanmi’s net interest margin was down just one basis point at 3.48% in the fourth quarter of 2010 from 3.49% in the third quarter and up 2 basis points compared to 3.46% in the fourth quarter of 2009. NIM improved 71 basis points to 3.55% for 2010 from 2.84% for 2009.

Despite the quarterly increase in net charge-offs, the provision for credit losses in the fourth quarter of 2010 decreased to $5.0 million, compared to $22.0 million in the prior quarter and $77.0 million in the fourth quarter a year ago, due to the decrease in classified assets, non-performing loans, and overall loan balance. For the full year, the provision for credit losses totaled $122.5 million, down from $196.4 million in 2009. The provision for loan losses has decreased steadily now for four consecutive quarters.

Total non-interest income in the fourth quarter of 2010 was $6.1 million, up 7% from $5.7 million in the third quarter of 2010 and down 23% from $7.8 million in the fourth quarter of 2009.  The year-over-year decrease in non-interest income is primarily attributable to decreases in service charges on deposit accounts and a decrease in net gain on sale of loans and securities.  Service charges on deposit accounts decreased to $3.3 million for the fourth quarter of 2010 from $3.4 million in the linked quarter and $4.0 million for the same quarter of 2009. The decrease in service charges on deposit accounts was associated with the reduction of the deposit portfolio reflecting the deleveraging strategy. The net gain on the sale of loans decreased 69% from the prior quarter and 80% from the fourth quarter a year ago. In the fourth quarter of 2009, the Bank sold accumulated inventory of SBA loans upon the recovery of the SBA secondary market.  For the year, non-interest income decreased 21%, or $6.7 million, to $25.4 million, compared to $32.1 million in 2009, primarily due to a $1.7 million decrease in net gain on sales of investment securities in addition to the aforementioned factors.

Total non-interest expense decreased 10% in the quarter and 4% year-over-year to $21.7 million for the fourth quarter, down from $24.1 million in the third quarter of 2010 and $22.7 million for the fourth quarter a year ago. The overall improvement of non-interest expense in general was across the board. For the year, non-interest expense increased 7.1%, or $6.5 million, to $96.8 million, compared to $90.4 million in 2009, primarily due to expenses related to managing and provisioning for OREO properties and the absence of reversal of a $2.5 million previously accrued liability on a post-retirement death benefit that was recognized in 2009.

Conference Call Information

Management will host a conference today at 1:30 p.m. PST (4.30 p.m. EST) to discuss these financial results. This call will also be broadcast live via the internet. Investment professionals and all others are invited to access the live call by dialing (866) 383-8108 or (617) 597-5343 for international callers at 1:30 p.m. (PST), using access code HANMI. To listen to the call online, either live or archived, visit the Investor Relations page of Hanmi Financial Corporation website at www.hanmi.com. Shortly after the call concludes, the replay will also be available at (888) 286-8010 or (617) 801-6888 for international callers, using access code #12399068 where it will be archived until February 14, 2011.

About Hanmi Financial Corporation

Headquartered in Los Angeles, Hanmi Bank, a wholly-owned subsidiary of Hanmi Financial Corporation, provides services to the multi-ethnic communities of California, with 27 full-service offices in Los Angeles, Orange, San Bernardino, San Francisco, Santa Clara and San Diego counties, and a loan production office in Washington State. Hanmi Bank specializes in commercial, SBA and trade finance lending, and is a recognized community leader. Hanmi Bank’s mission is to provide a full range of quality products and premier services to its customers and to maximize shareholder value. Additional information is available at www.hanmi.com.

Forward-Looking Statements

This press release contains forward-looking statements, which are included in accordance with the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “could,” “expects,” “plans,” “intends,” “anticipates,” “believes,” “estimates,” “predicts,” “potential,” or “continue,” or the negative of such terms and other comparable terminology. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. All statements other than statements of historical fact are “forward –looking statements” for purposes of federal and state securities laws, including, but not limited to, statements about anticipated future operating and financial performance, financial position and liquidity, business strategies, regulatory and competitive outlook, investment and expenditure plans, capital and financing needs and availability, plans and objectives of management for future operations, developments regarding our securities purchase agreement with Woori Finance Holdings, and other similar forecasts and statements of expectation and statements of assumption underlying any of the foregoing. These statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to differ from those expressed or implied by the forward-looking statement. These factors include the following: inability to consummate the proposed transaction with Woori Finance Holdings on the terms contemplated in the Securities Purchase Agreement entered into with Woori on May 25, 2010, as amended (the “transaction”); failure to receive regulatory approval for the Transaction; inability to continue as a going concern; inability to raise additional capital on acceptable terms or at all; failure to maintain adequate levels of capital and liquidity to support our operations; the effect of regulatory orders we have entered into and potential future supervisory action against us or Hanmi Bank; general economic and business conditions internationally, nationally and in those areas in which we operate; volatility and deterioration in the credit and equity markets; changes in consumer spending, borrowing and savings habits; availability of capital from private and government sources; demographic changes; competition for loans and deposits and failure to attract or retain loans and deposits; fluctuations in interest rates and a decline in the level of our interest rate spread; risks of natural disasters related to our real estate portfolio; risks associated with Small Business Administration loans; failure to attract or retain key employees; changes in governmental regulation, including, but not limited to, any increase in FDIC insurance premiums; ability to receive regulatory approval for Hanmi Bank to declare dividends to the Company; adequacy of our allowance for loan losses, credit quality and the effect of credit quality on our provision for credit losses and allowance for loan losses; changes in the financial performance and/or condition of our borrowers and the ability of our borrowers to perform under the terms of their loans and other terms of credit agreements; our ability to successfully integrate acquisitions we may make; our ability to control expenses; and changes in securities markets. In addition, we set forth certain risks in our reports filed with the U.S. Securities and Exchange Commission (“SEC”), including attached as an Exhibit to a Current Report on Form 8-K filed with the SEC on June 18, 2010, and our most recent Quarterly Report on Form 10-Q, as well as current and periodic reports filed with the U.S. Securities and Exchange Commission hereafter, which could cause actual results to differ from those projected. We undertake no obligation to update such forward-looking statements except as required by law.

Cautionary Statements

Future issuance of any securities relating to the Woori transaction has not been and will not be registered under the Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state securities laws. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction or state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction or state.