Innovative Solutions & Support, Inc. (ISSC) Board of Directors Authorizes Stock Repurchase Program

Feb. 16, 2010 (Business Wire) — Innovative Solutions & Support, Inc. (NASDAQ:ISSC) (the “Company”) today announced that the Board of Directors has approved a stock repurchase program pursuant to which the Company may repurchase up to 1 million shares of its common stock. The program will remain in effect until February 10, 2011, unless extended by the Board of Directors. This program replaces the Company’s previous stock repurchase program, which expires as of February 22, 2010.

Geoffrey S. M. Hedrick, Chief Executive Officer of Innovative Solutions & Support, said, “The Board’s repurchase authorization demonstrates our commitment to improve shareholder value. Given the Company’s strong financial position, our Board has encouraged us to opportunistically use this repurchase authorization so long as our stock remains at a level they believe is significantly below our intrinsic value.”

Under the repurchase program, the Company may purchase shares of its common stock through open market transactions or in privately negotiated block purchases or other private transactions (either solicited or unsolicited). The timing and amount of repurchase transactions under this program will depend on market conditions and corporate and regulatory considerations, and the program may be discontinued or suspended at any time. The Company anticipates funding for this program to come from available corporate funds, including cash on hand and future cash flow.

About Innovative Solutions & Support, Inc.

Headquartered in Exton, Pa., Innovative Solutions & Support, Inc. (www.innovative-ss.com) designs, manufactures and markets flight information computers, electronic displays and advanced monitoring systems that measure and display critical flight information. This includes data relative to aircraft separation (RVSM), airspeed and altitude, as well as engine and fuel data measurements.

Certain matters contained herein that are not descriptions of historical facts are “forward-looking” (as such term is defined in the Private Securities Litigation Reform Act of 1995). Because such statements include risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause results to differ materially from those expressed or implied by such forward-looking statements include, but are not limited to, those discussed in filings made by the Company with the Securities and Exchange Commission. Many of the factors that will determine the Company’s future results are beyond the ability of management to control or predict. Readers should not place undue reliance on forward-looking statements, which reflects management’s views only as of the date hereof. The Company undertakes no obligation to revise or update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.

Magic Software (MGIC) Signs Two New German iBOLT Partners

Mar. 15, 2010 (PR Newswire) —

OR-YEHUDA, Israel, March 15 /PRNewswire-FirstCall/ — Magic Software Enterprises Ltd. (Nasdaq: MGIC), a global provider of application platforms and business and process integration solutions, today announced new partnerships agreements with IT software solution providers Accantum GmbH and AZTEKA Consulting GmbH.

The AZTEKA partnership enables the IT consulting company to use Magic Software’s iBOLT business integration suite to connect their customer’s SAP R/3, Opacc One and Lotus Notes systems. According to Wolfgang Plitzko, CEO of AZTEKA Consulting GmbH, “The iBOLT system offers our customers in the ERP segment a fast and cost-effective integration. There is a demand for the combination of ERP systems and other software solutions and we can now offer an enormous added value to our customers.”

Accantum will be using the iBOLT code-free business integration platform to integrate their web-based document management and archiving system (DMS) with their customer’s enterprise applications.

Hans Lemke, CEO of Accantum GmbH describes the deal as a win-win situation, “iBOLT helps us to close customer projects must faster. The customer gets a productive system in shorter time, we need fewer resources to complete each project and we increase the satisfaction of all parties involved.”

In addition, Magic Software will be using the [accantum] DMS system in its own projects to archive data and make it available for various other IT systems.

Commenting on the two new deals, Stephan Romeder, Managing Director for Magic Software GmbH said, “We are very happy to be partnering with both AZTEKA and Accantum. Both partners will help us provide our business-focused integration technology for projects that demand speed of delivery coupled with an intuitive and adaptable framework for future growth and cost-effective customization.”

With more than 50 adapters together with intuitive wizards and drag-and-drop functionality, iBOLT utilizes Magic Software’s proven metadata-based framework to enable fast, business-focused integration.

Through integration, iBOLT helps users get more value from their IT investments by automating manual and repetitive workflows. With an integrated view of company data in real-time, management and employees can make more informed business decisions, get more value from each business interaction and achieve faster time to market for their products and services.

iBOLT Resources

    --  iBOLT White Papers
    --  Video: iBOLT for SAP
    --  iBOLT for SAP R/3
    --  Find out more about iBOLT
    --  iBOLT customer stories

Notes for Editors

iBOLT’s code-free approach is facilitated by a pre-compiled and pre-configured coding engine based upon Magic Software’s 25 years of application development experience. This enables both simple and complex business processes to be designed and implemented quickly – and also makes it more cost-efficient to assimilate and integrate future IT application acquisitions.

iBOLT works natively with systems such as SAP Business One, SAP Business All in One, SAP R/3, Salesforce.com, Oracle JD Edwards, IBM i applications and databases (AS/400), Lotus Notes applications, forms and databases, Health Care systems using HL7, EDI systems, and many more.

The iBOLT business and process integration suite has won SAP’s quality and innovation awards for three consecutive years in a row, from 2006 to 2008.

About AZTEKA Consulting GmbH

As a major reseller of software solutions AZTEKA Consulting GmbH today serves more than 7,000 users. Our priorities include ERP solutions, software for document management and archiving, human resources and finance and accounting. For more information, please visit www.azteka.de.

About Accantum GmbH

Founded in 2000 with Rosenheim in Bavaria, Accantum GmbH today is a provider of archival and document management systems in Germany. For more information, please visit www.accantum.de.

About Magic Software

Magic Software Enterprises Ltd. (NASDAQ: MGIC) is a global provider of hybrid business application platforms – including Client/Server, Rich Internet Applications (RIA), Mobile, Software-as-a-Service (SaaS) and cloud modes – and integration solutions. Magic Software has 13 offices worldwide and a presence in over 50 countries with a global network of ISV’s, system integrators, value-added distributors and resellers, and consulting and OEM partners. The company’s award-winning code-free solutions give partners and customers the power to leverage existing IT resources, enhance business agility and focus on core business priorities. Magic Software’s technological approach, product roadmap and corporate strategy are recognized by leading industry analysts. Magic Software has partnerships with global IT leaders including SAP AG, salesforce.com, IBM and Oracle. For more information about Magic Software and its products and services, visit www.magicsoftware.com, and for more about our industry related news, business issues and trends, read the Magic Software Blog.

Except for the historical information contained herein, the matters discussed in this news release include forward-looking statements that may involve a number of risks and uncertainties. Actual results may vary significantly based upon a number of factors including, but not limited to, risks in product and technology development, market acceptance of new products and continuing product conditions, both here and abroad, release and sales of new products by strategic resellers and customers, and other risk factors detailed in the Company’s most recent annual report and other filings with the Securities and Exchange Commission.

Magic is the trademark of Magic Software Enterprises Ltd. All other trademarks are the trademarks of their respective owners.

    USA                                       UK

    Cathy Caldeira                            Ranbir Sahota
    Metis Communications                      Vitis PR Agency
    Tel: +1-617-236-0500                      Tel: +44 (0)121 242 8048
    Email: magicsoftware@metiscomm.com        Email: ranbir@vitispr.com

    Germany                                   Others

    Hartmut Giesen                            Arita Mattsoff
    Publizistik Projekte                      Magic Software
    Tel. +49 (0)2471 921301                   Tel. +972 (0)3 538 9292
    Email: giesen@publizistik-projekte.de     Email: arita@magicsoftware.com

Town Sports International Holdings, Inc. (CLUB) Announces Fourth Quarter and Full-Year 2009 Financial Results

Mar. 15, 2010 (Business Wire) — Town Sports International Holdings, Inc. (“TSI” or the “Company”) (NASDAQ: CLUB), a leading owner and operator of health clubs located primarily in major cities from Washington, DC north through New England, operating under the brand names “New York Sports Clubs,” “Boston Sports Clubs,” “Washington Sports Clubs” and “Philadelphia Sports Clubs,” announced its results for the fourth quarter and full-year ended December 31, 2009.

4th Quarter and Full-Year Overview:

• Revenue decreased 7.0% in Q4 2009 compared to Q4 2008 and 4.2% in full-year 2009 compared with full-year 2008.
• Comparable club revenue decreased 7.1% in Q4 2009 compared to Q4 2008 and 5.6% in full-year 2009 compared to full-year 2008.
• Total member count decreased 4.7% to 486,000 at December 31, 2009, compared to December 31, 2008.
• Membership attrition averaged 3.6% per month in Q4 2009 and 3.8% per month in full-year 2009 compared to 3.5% per month in Q4 2008 and 3.4% in full-year 2008.
• Loss per share was ($0.33) in Q4 2009 and ($0.25) in the full-year 2009.
• Q4 2009 results reflected internal use software and fixed asset impairment charges and the effect of an accounting error, which collectively resulted in charges, net of taxes, of $7.4 million, or ($0.33) per share.

Alex Alimanestianu, Chief Executive Officer of TSI, commented: “We are starting to see early indications that our business is turning the corner. Membership trends began to move in the right direction in the fourth quarter; and the improvement, though modest, is continuing in the first quarter of 2010. While we expect to produce member growth during 2010, we started the year with 24,000 or 4.7% less members than we had at the start of 2009, and as a result we do not expect quarter on quarter revenue improvements before the fourth quarter. Over the past two years we have strengthened the executive and operating organization and pursued broad initiatives to enhance the member experience in our clubs. With the economy beginning to improve, and our increased focus on sales and marketing initiatives, we expect to see improved results as we progress through this year and work back towards year-over-year membership and revenue gains later in the year.”

Correction of an Accounting Error:

The results for Q4 and full-year 2009 include the correction of an accounting error that resulted in a cumulative pre-tax charge of $751,000 to payroll and related expense and a related decrease in deferred membership costs on our consolidated statement of operations and consolidated balance sheet, respectively. Historically, we applied an accounting policy of capitalizing and then amortizing membership consultants’ commissions, bonuses and a portion of their base salaries, and related taxes and benefits, as direct costs of obtaining new members. Company policy limited the costs that could be capitalized to the amount of initiation fee revenue deferred for new memberships. The application of this policy required us to make certain estimates. In connection with a review of the accounting treatment for membership consultant salaries, including the application of the accounting policy and appropriateness of its estimate methodology, we determined that our previous estimates were incorrect. We concluded that it was not clear whether any portion of the consultants’ base salaries and the taxes and benefits related to those base salaries should have been capitalized. While we are no longer deferring a portion of membership consultants’ salaries and related taxes and benefits, we will continue to defer membership consultants’ commissions and bonuses and portions of taxes and benefits related to those commissions and bonuses. Although we believe that our accounting policy for deferred membership costs was not unreasonable, the errors in our estimates combined with our review of the policy have led us to conclude that the capitalization of any portion of membership consultant salaries and related taxes and benefits should be regarded as an accounting error. We have recorded a one-time adjustment in Q4 2009 to correct this error. The effect of the accounting error, net of taxes, was a charge of $424,000, or $0.02 per share. See Note 2— Correction of an Accounting Error to our consolidated financial statements in our 2009 Annual Report for further details.

Total revenue for Q4 2009 decreased $8.6 million, or 7.0%, compared to Q4 2008. For Q4 2009, revenues increased $3.9 million at the 13 clubs opened or acquired subsequent to December 31, 2007, offset by decreases in revenue of 8.9% or $10.2 million at our clubs opened or acquired prior to December 31, 2007 and $2.3 million related to the 13 clubs that were closed subsequent to December 31, 2007.

Total revenue for the year ended December 31, 2009 decreased $21.3 million, or 4.2%, compared to the year ended December 31, 2008. Revenue increased $19.6 million at the 13 clubs opened or acquired subsequent to December 31, 2007, offset by decreases in revenue of 6.8%, or $32.7 million, at clubs opened or acquired prior to December 31, 2007 and $8.2 million related to the 13 clubs that were closed subsequent to December 31, 2007.

Revenue at clubs operated for over 12 months (“comparable club revenue”) decreased 7.1% in Q4 2009 compared to Q4 2008 and 5.6% in the full-year 2009 compared to the full-year 2008.

Total operating expenses decreased 7.5% for Q4 2009 compared to Q4 2008 and increased 0.8% for full-year 2009 compared to full-year 2008. Operating margin was (6.9)% for Q4 2009 compared to (7.6)% for Q4 2008 and 1.6% for full-year 2009 compared to 6.5% in full-year 2008. Operating expenses were impacted by the following:

Club operating. In Q4 and full-year 2009, we had decreases in operating expenses related to laundry and towels of $808,000 and $1.2 million, respectively. In the full-year 2009, club operating expenses increased 3.7% as these laundry and towel efficiencies were offset primarily by a $7.8 million net increase in rent and occupancy expense. Included in this net increase were $1.3 million of early lease termination costs at five clubs which were closed prior to their lease expiration dates.

General and administrative. Decreases in Q4 2009 and full-year 2009 general and administrative expenses compared to the same periods in 2008 were principally attributable to decreases in general liability insurance expense due to a reduction in claims activity and therefore a reduction of claims reserves. The remainder of the expense decrease was due to cost reduction efforts realized within various general and administrative expense accounts, including data and phone lines, office supplies and travel.

Depreciation and amortization. For full-year 2009 compared to 2008, depreciation and amortization increased due to 13 clubs opened subsequent to December 31, 2007 and depreciation expense accelerated at clubs that were closed prior to the lease termination dates.

Impairment of fixed assets. For Q4 2009, losses of $2.1 million were recorded representing impairment of fixed assets at four underperforming clubs. For Q4 2008, losses of $1.9 million were recorded representing impairment of fixed assets at six underperforming clubs.

For the full-year 2009, losses of $6.7 million were recorded representing impairment of fixed assets at nine underperforming clubs. For the full-year 2008, losses of $2.7 million were recorded representing impairment of fixed assets at seven underperforming clubs and an impairment loss of $1.2 million related to the planned closures of two clubs prior to their lease expiration dates.

Impairment of internal-use software. For Q4 2009, we recorded a $10.2 million impairment charge related to an internally developed software project. Although the software project was not yet completed and is the subject of litigation, we determined that it is not probable that we will continue in the development of this project.

Impairment of goodwill. In Q4 and full-year 2008, we recorded a goodwill impairment charge of $17.6 million, representing a $15.8 million write-off of the total goodwill amount in our Boston Sports Clubs region and $1.8 million of goodwill at two of our remote clubs that did not benefit from being part of a regional cluster. There were no goodwill impairments in 2009.

Net Loss for Q4 2009 was $7.3 million compared to $13.1 million for Q4 2008. For full-year 2009, net loss was $5.7 million compared to net income of $2.3 million for full-year 2008.

Cash flow from operating activities for the full-year 2009 totaled $76.2 million, a decrease of $19.4 million from full-year 2008, which was primarily related to the decrease in overall earnings. Also contributing to the decrease were the effects of an increase in cash paid for interest and reductions in deferred revenue. Total cash paid for interest increased $3.8 million to $13.8 million. Deferred revenue decreased $8.2 million in the year ended December 31, 2009 and $4.2 million in the prior year. In 2009, we had tax refunds, net of tax payments, of $3.9 million while in 2008 we had tax payments, net of refunds, of $15.9 million for an increase in cash of $19.8 million.

Share Repurchases: The Company did not repurchase shares during Q4 2009. The Company repurchased 2.1 million shares at a total cost of $5.4 million in Q1 2009, resulting in a decrease in the number of total common shares outstanding. A total of 1.8 million shares were repurchased during Q4 2008 at a cost of $4.6 million.

First Quarter 2010 Business Outlook:

The Company is limiting its guidance to the first quarter of 2010. Based on the current business environment, recent performance and current trends in the marketplace, and subject to the risks and uncertainties inherent in forward-looking statements, the Company’s outlook for the first quarter of 2010 includes the following:

• Revenue for Q1 2010 is expected to be between $117.0 million and $118.0 million versus $126.7 million for Q1 2009. As percentages of revenue, the Company expects Q1 2010 payroll and related expenses to approximate 41.0%, club operating expenses to approximate 37.0%, general and administrative expenses to approximate 7.7% and depreciation and amortization expenses to approximate 11.6%.
• The Company expects a net loss for Q1 2010 of between $750,000 and $1.25 million, and loss per share to be in the range of $0.03 per share to $0.06 per share, assuming a 50% effective tax rate and 22.6 million weighted average fully diluted shares outstanding.

Investing Activities Outlook:

For the year ending December 31, 2010, we currently plan to invest $34.0 million to $37.0 million in capital expenditures. This is down from $49.3 million of capital expenditure investing activity in 2009. We expect that this 2010 amount will include $25.0 million to continue to upgrade existing clubs and $7.0 million principally related to major renovations at clubs with recent lease renewals and upgrading our in club entertainment system network. We also expect to invest $3.0 million to enhance our management information systems.

Forward-Looking Statements:

Statements in this release that do not constitute historical facts, including, without limitation, statements under the captions “First Quarter 2010 Business Outlook” and “Investing Activities Outlook”, other statements regarding future financial results and performance and potential sales revenue and other statements that are predictive in nature or depend upon or refer to events or conditions, or that include words such as “expects,” “anticipated,” “intends,” “plans,” “believes,” “estimates” or “could”, are “forward-looking” statements made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to various risks and uncertainties, many of which are outside the Company’s control, including, among others, the level of market demand for the Company’s services, economic conditions affecting the Company’s business, the geographic concentration of the Company’s clubs, competitive pressures, the ability to achieve reductions in operating costs and to continue to integrate acquisitions, environmental initiatives, any security and privacy breaches involving customer data, the application of Federal and state tax laws and regulations, the levels and terms of the Company’s indebtedness, and other specific factors discussed herein and in other releases and public filings made by the Company (including the Company’s reports on Forms 10-K and 10-Q filed with the Securities and Exchange Commission). The Company believes that all forward-looking statements are based on reasonable assumptions when made; however, the Company cautions that it is impossible to predict actual results or outcomes or the effects of risks, uncertainties or other factors on anticipated results or outcomes and that, accordingly, one should not place undue reliance on these statements. Forward-looking statements speak only as of the date they were made, and the Company undertakes no obligation to update these statements in light of subsequent events or developments. Actual results may differ materially from anticipated results or outcomes discussed in any forward-looking statement.

About Town Sports International Holdings, Inc.:

New York-based Town Sports International Holdings, Inc. is a leading owner and operator of fitness clubs in the Northeast and mid-Atlantic regions of the United States and, through its subsidiaries, operated 161 fitness clubs as of December 31, 2009, comprising 109 New York Sports Clubs, 25 Boston Sports Clubs, 18 Washington Sports Clubs (two of which are partly-owned), six Philadelphia Sports Clubs, and three clubs located in Switzerland. These clubs collectively served approximately 486,000 members. For more information on TSI, visit http://www.mysportsclubs.com.

The Company will hold a conference call on Tuesday, March 16, 2010 at 8:30 AM (Eastern) to discuss the fourth quarter 2009 and full-year 2009 results. Alex Alimanestianu, Chief Executive Officer, and Dan Gallagher, Chief Financial Officer, will host the conference call. The conference call will be Web cast and may be accessed via the Company’s Investor Relations section of its Website at www.mysportsclubs.com. A replay and transcript of the call will be available via the Company’s Website beginning March 17, 2010.

From time to time we may use our Web site as a channel of distribution of material company information. Financial and other material information regarding the Company is routinely posted on and accessible at http://www.mysportsclubs.com. In addition, you may automatically receive email alerts and other information about us by enrolling your email by visiting the “Email Alert” section at http://www.mysportsclubs.com/.

Optibase (OBAS) Announces Sale of its Video Business to a Subsidiary of VITEC Multimedia

Mar. 16, 2010 (Business Wire) — Optibase Ltd. (Nasdaq: OBAS) (the “Company”), a leader in advanced digital video solutions, today announced that it has entered into an asset purchase agreement with Optibase Technologies Ltd., a wholly owned subsidiary of VITEC Multimedia (“Vitec”) pursuant to which Optibase Ltd. and its subsidiary Optibase Inc. (collectively, “Optibase”) will sell their entire video business to Vitec (the “Business” and the “Transaction”, respectively).

Under the terms of the transaction, which was approved by the Board of Directors of both companies, in consideration for the sale of the Business, Vitec will pay the Company an aggregate amount of US $8 million in cash of which US $1 million will be deposited in escrow for a 2-year period as a security, inter alia, for breach or material inaccuracy relating to Optibase’s representations and warranties. In addition, Optibase and Vitec agreed on an earn-out mechanism pursuant to which 45% of Vitec’s revenues deriving from the Business exceeding $14 million in the year following the closing of the Transaction will be paid to Optibase.

Consummation of the Transaction is subject to the fulfillment of certain conditions precedent standard for transactions of this nature, including, inter alia, receipt of all necessary approvals and permits and the Company’s shareholders’ approval. The Transaction is expected to close during the second quarter of 2010. However, there is no assurance that the parties will be able to satisfy the conditions precedent to the Transaction by the time set in the agreement or at all.

Upon signing of the Transaction, Vitec deposited US $500,000 in escrow to be paid to Optibase if closing does not take place within a specific period of time from signing, subject to certain limited circumstances, principally relating to non fulfillment of certain closing conditions by Optibase, in which case, such funds will be returned to Vitec.

“Following an offer from Vitec, we have decided to pursue this opportunity as we believe that Vitec is the right company to ensure the continuity of the business in its existing markets as well as maintaining the Optibase brand,” commented Tom Wyler, President & Chief Executive Officer of the Company. “As a pioneer and a market leader in the field of digital video, Optibase proved to be a significant player in the market as well as being a greenhouse for such advanced technologies, and I’m sure that it will continue this course in its new form.”

“We are delighted to be a part of this significant agreement. The two pioneers in the Digital Video domain merge forces, thus providing the most complete offering on the market. We will continue to develop the growing Optibase markets such as the enterprise and IPTV markets and their related products, and support the needs of current and future customers,” commented Philippe Wetzel, President & CEO of VITEC Multimedia. “From Advanced Video Streaming and management solutions to Specialized Video Recorders, this joining of forces will introduce a wide array of products and solutions such as MPEG Encoders and Decoders, Smart Cameras, Digital Video converters, IPTV solutions, and much more.”

About Optibase

Optibase operates in the video technologies field in which it provides video over IP solutions, specializing in video encoding, decoding and streaming for federal and state government agencies, Telco operators, enterprise organizations and the world’s leading broadcast service providers and, in addition, Optibase have recently started operating in the fixed-income real-estate field. For further information, please visit www.optibase.com.

About VITEC Multimedia:

VITEC specializes in the development and industrialization of Advanced Digital Video solutions in the MPEG field for OEM and Integrators. Since 1988, VITEC Multimedia has been devoted to the development of MPEG Encoding and Decoding Solutions and the creation of innovative concepts intended for the digital video applications and since 1990 has focused its entire efforts on digital video, conforming to ISO standards (MPEG for video) and others.

Since its creation, VITEC Multimedia has been universally recognized for its groundbreaking product development. Its strengths are based on a team of skilled and experienced engineers who understand the challenge and nature of an ever demanding customer’s requirements.

VITEC Multimedia’s main objectives are to provide high-end Technology and complete solutions to the Digital Video Market.

For more information visit: www.vitecmm.com or www.stradis.com

This press release contains forward-looking statements concerning a business transaction. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. All forward-looking statements in this press release are made based on management’s current expectations which involve risks, uncertainties and other factors that could cause results to differ materially from those expressed in forward-looking statements. These statements involve a number of risks and uncertainties including, but not limited to, risks related to the uncertainty that closing of the Transaction will take place and, in particular, the uncertainty relating to the occurrence or fulfillment of the conditions to closing of both Optibase and Vitec, risks relating to the requisite regulatory and other approvals that may not be obtained; and the other risks and uncertainties faced by each company, as reported, in the case of Optibase, in its most recent Forms 20-F and other filings with the Securities and Exchange Commission, including in the case of Optibase ,but not limited to, risks related to the video technologies market in general, and the evolving IPTV market in particular, competition and Optibase’s ability to manage growth and expansion. The Company does not undertake any obligation to update forward-looking statements made herein.

The Orchard (ORCD) Signs Merger Agreement with Dimensional Associates

Mar. 16, 2010 (Business Wire) — The Orchard (NASDAQ: ORCD), a global leader in music and video distribution and comprehensive digital strategy, announced today that it has entered into a definitive merger agreement with Dimensional Associates, LLC, a private equity affiliate of JDS Capital, L.P. Dimensional currently owns approximately 42% of the Company’s outstanding common stock and 99% of the Company’s outstanding Series A Preferred Stock, representing an aggregate of approximately 53% of the Company’s voting securities.

Following the unanimous recommendation and approval of a Special Committee of independent and disinterested directors, the Board of Directors of The Orchard (other than Daniel C. Stein, who abstained from voting on the matter due to his position as an executive of Dimensional Associates) has approved the merger agreement and is recommending to The Orchard’s stockholders that they adopt and approve the merger agreement. Under the terms of the merger agreement, Dimensional Associates will acquire all of the common stock of The Orchard not currently owned by it or its affiliates for $2.05 per share and stockholders will also receive a contingent right to receive additional consideration, under certain circumstances post-closing if Dimensional Associates or any of its affiliates enters into a commitment to sell at least 80% of The Orchard’s voting securities or assets within six months of the consummation of the merger. The $2.05 per share consideration represents a 52% premium to the closing price of The Orchard’s common stock on October 14, 2010, the day before Dimensional Associates first presented its acquisition proposal to The Orchard’s Board of Directors and a 21% premium to the closing price of The Orchard’s common stock on March 15, 2010, the last trading day prior to the announcement of the execution of a definitive merger agreement.

The proposed transaction is expected to close in the third quarter of this calendar year, subject to customary closing conditions, including the absence of any material adverse change affecting The Orchard’s business prior to closing. In addition, the transaction is subject to the approval of the merger agreement by holders of a majority of the outstanding shares of The Orchard’s common stock not owned by Dimensional Associates or it’s affiliates, at a meeting of stockholders which will be held on a date to be announced. If The Orchard’s stockholders approve the merger, following the closing under the merger agreement, The Orchard will be owned by Dimensional Associates and will return to private company status.

Under the terms of the merger agreement, The Orchard’s Special Committee will oversee a 30 day go-shop period ending April 14, 2010 to determine if there are any other interested buyers for The Orchard. The Special Committee has retained Craig-Hallum Capital Group LLC to coordinate its solicitation activities during the go-shop period.

“The Special Committee of the Board has an obligation to our shareholders to review and evaluate The Orchard’s options for creating shareholder value,” said Michael Donahue, Chairman of the Board and the Special Committee for The Orchard. “We have undertaken an intensive review of The Orchard and its value, both independently and with the assistance of a financial advisor. We have negotiated a fair price, while also demanding the right to solicit additional potential buyers. In order to ensure that our shareholders concur with our conclusion, we have conditioned the consummation of the merger on its approval by a majority of the minority shareholders.”

“Dimensional Associates has always been a strong supporter of The Orchard and our management team in delivering services and content to our clients and retail partners,” said Brad Navin, CEO of The Orchard.

Dimensional Associates was the primary owner of The Orchard from 2003 until the reverse merger with DMGI in November 2007 and has continued to be the majority owner. Daniel C. Stein, an executive of Dimensional Associates, has been a member of The Orchard’s Board of Directors since 2007.

About The Orchard(R)

Headquartered in New York and London with operations in 25 markets around the world, The Orchard (NASDAQ: ORCD) is an independent music and video distributor specializing in comprehensive digital strategies for content owners. Through innovative global marketing and promotions, The Orchard drives sales across more than 660 digital and mobile storefronts in 75 countries, as well as physical retailers across North America and Europe. The company was founded in 1997 as a business partner that fosters creativity and independence within its global clients. For further information, please visit www.theorchard.com.

Forward Looking Statements

This release may contain certain forward-looking statements regarding The Orchard’s expectations regarding future events and operating performance within the meaning of Federal Securities laws that are subject to certain risks and uncertainties and involve factors that may cause actual results to differ materially from those projected or suggested. Factors that could cause actual results to differ include, but are not limited to: the growth of the digital music and video markets; the impact of the general economic recession and management’s ability to capitalize on our business strategy and take advantage of opportunities for revenue expansion; satisfaction of the conditions of the pending merger with Dimensional Associates, including the approval of a majority of the stockholders unaffiliated with Dimensional Associates; the costs and expenses associated with the pending merger; contractual restrictions on the conduct of The Orchard’s business included in the merger agreement; the potential loss of key personnel, disruption of our sales and operations or any impact on The Orchard’s relationships with third parties as a result of the pending merger; any delay in consummating the proposed merger with Dimensional Associates or the failure to consummate the transaction; and the outcome of, or expenses associated with, any litigation which may arise in connection with the pending merger with Dimensional Associates. Undue reliance should not be placed on such forward-looking statements as they speak only as of the date hereof, and The Orchard undertakes no obligation to update these statements to reflect subsequent events or circumstances except as may be required by law. Additional factors that could cause actual results to differ materially from those projected or suggested in any forward-looking statements are contained in The Orchard’s most recent periodic reports on Form 10-K and Form 10-Q that are filed with the Securities and Exchange Commission (the “SEC”). The Orchard intends to file with the SEC a preliminary proxy statement in connection with the proposed merger and to mail a definitive proxy statement and other relevant documents to The Orchard’s stockholders. Stockholders of The Orchard and other interested persons are advised to read, when available, The Orchard’s preliminary proxy statement, and amendments thereto, and definitive proxy statement in connection with The Orchard’s solicitation of proxies for the stockholders meeting to be held to approve the merger and the merger agreement because these proxy statements will contain important information about The Orchard, Dimensional and the proposed merger. The definitive proxy statement will be mailed to stockholders as of a record date to be established for voting on the merger and the merger agreement. Stockholders will also be able to obtain a copy of the preliminary and definitive proxy statements, without charge, once available, at the SEC’s internet site at http://www.sec.gov or by directing a request to: Attention: Secretary, The Orchard Enterprises, Inc., 23 East 4th Street, 3rd Floor, New York, New York 10003.

The Orchard and its directors and executive officers may be deemed participants in the solicitation of proxies from The Orchard’s stockholders. A list of the names of those directors and the executive officers and descriptions of their interests in The Orchard is contained in The Orchard’s proxy statement dated April 29, 2009, and The Orchard’s Form 8-K dated February 22, 2010, which are filed with the SEC, and will also be contained in The Orchard’s proxy statement when it becomes available. The Orchard’s stockholders may obtain additional information about the interests of its directors and executive officers in the merger by reading The Orchard’s proxy statement when it becomes available.

Endeavour (END) Announces Strategic Alternative Review for its North Sea Assets

HOUSTON, March 15 /PRNewswire-FirstCall/ — Endeavour International Corporation (NYSE-Amex: END) (LSE:ENDV.l – News) announced today that its board of directors has approved a review of strategic alternatives for its North Sea assets.

In an effort to unlock the value of its underlying North Sea assets, Endeavour will study a full range of options, including:

• Continuing to execute current operations plan
• Entering into a joint venture to accelerate activities in the North Sea
• Selling specific assets or the North Sea entire business

“Our board, management and shareholders continue to be disappointed by the dislocation between underlying asset values and our stock price. Last year, Endeavour sold just 19 percent of its reserves for $150 million, which was more than the market capitalization of the company at that time,” said William L. Transier, chairman, chief executive officer and president. “Since then, our stock price has traded back to pre-sale levels even though we believe the value of our remaining asset base represents a multiple of the existing share price. As fiduciaries of the capital entrusted to Endeavour, we want our stockholders and the market to recognize the full potential of their investment.”

“The board is committed to a thorough and systematic review for all of our North Sea alternatives,” Transier added “We have believed for some time that the discount in our stock price was related to the length of time between discovery and production and the relatively high development costs in the UK. Our entry into the US onshore arena balances this position with an inventory of properties that can be developed in a much shorter time period and at lower cost.”

Endeavour will announce the results of the effort once a course of action is chosen. At the end of this review process, the company may elect to make no changes. Jefferies International Limited and Lambert Energy Advisory Ltd. have been retained by the company to lead the review.

Originally founded as a North Sea-focused exploration and production company, Endeavour currently owns interests in four producing fields in the UK sector of the North Sea with four developments underway. In 2009, the company shifted its strategy to include a growth initiative in the United States. In January, Endeavour unveiled a new portfolio of domestic shale plays, including the highly prospective Haynesville and Marcellus formations and two frontier plays.

Endeavour International Corporation is an oil and gas exploration and production company focused on the acquisition, exploration and development of energy reserves in the North Sea and the United States. For more information, visit http://www.endeavourcorp.com.

Certain statements in this news release should be regarded as “forward-looking” statements within the meaning of the securities laws. These statements speak only as of the date made. Such statements are subject to assumptions, risk and uncertainty. Actual results or events may vary materially. The estimates of recoverable resources per well and completed well costs included herein are based upon other typical results in these shale plays and may not be indicative of actual results.

Angiotech Pharmaceuticals (ANPI) Announces PERSEUS Trial Results

VANCOUVER, March 15 /PRNewswire-FirstCall/ – Angiotech Pharmaceuticals, Inc. (NASDAQ: ANPI, TSX: ANP) today announced that its corporate partner, Boston Scientific Corporation (NYSE: BSX), announced 12-month results from its PERSEUS clinical program that demonstrated positive safety and efficacy outcomes in workhorse lesions for the platinum chromium TAXUS(R) Element(TM) Paclitaxel-Eluting Stent System compared to the TAXUS(R) Express(2)(TM) Paclitaxel-Eluting Stent System. The results also reported a similar safety profile and statistically superior efficacy outcomes in small vessels for the TAXUS Element Stent compared to a historical control group of patients receiving the Express(R) bare-metal stent.

Analysis of the data was presented at the American College of Cardiology Annual Scientific Sessions during a late-breaking trial session by Dean Kereiakes, M.D., Medical Director at The Christ Hospital Heart and Vascular Center and The Lindner Research Center in Cincinnati and the Principal Investigator for the PERSEUS clinical program.

“We are very encouraged by the one-year data demonstrating positive safety and efficacy outcomes for the TAXUS Element Stent and its innovative platinum chromium alloy,” said Dr. Kereiakes. “In my experience, the TAXUS Element Stent offers increased flexibility, visibility and deliverability compared with currently available products. The PERSEUS data confirm that the proven TAXUS drug and polymer combination has been successfully transferred to the Element platform with excellent performance and comparable safety.”

The TAXUS Element Stent is designed specifically for coronary stenting. The novel stent architecture and proprietary platinum chromium alloy combine to offer greater radial strength and flexibility. The stent architecture helps create consistent lesion coverage and drug distribution while improving deliverability, which is enhanced by an advanced catheter delivery system. The higher density alloy provides superior visibility and reduced recoil while permitting thinner struts compared to prior-generation stents(1).

The PERSEUS clinical program compares the TAXUS Element Stent to prior-generation stents in more than 1,600 patients in two parallel trials at 90 centers worldwide.

    Workhorse trial
    ---------------

The pivotal PERSEUS Workhorse trial is evaluating the safety and efficacy of the TAXUS Element Stent compared to Boston Scientific’s first-generation TAXUS Express Stent in 1,262 patients with de novo lesions.

The prospective, randomized (3:1) trial met its primary endpoint of non-inferiority for target lesion failure(2) (TLF) at 12 months with rates of 5.6 percent for the TAXUS Element Stent and 6.1 percent for the TAXUS Express Stent(3). The secondary endpoint of in-segment percent diameter stenosis at nine months as measured by quantitative coronary angiography (QCA) was also met.

The Workhorse results also demonstrated similar safety for the TAXUS Element Stent as demonstrated by low rates of Major Adverse Cardiac Events (MACE) and stent thrombosis. All components of MACE, including cardiac death, myocardial infarction (MI) and target vessel revascularization (TVR) were similar to the TAXUS Express Stent control. A numerically lower rate of non-Q-wave MI for the TAXUS Element Stent resulted in lower overall MI (2.2 vs. 2.9 percent, p=0.48). Stent thrombosis rates using the Academic Research Coalition (ARC) definite/probable definition were statistically similar for the TAXUS Element Stent and the TAXUS Express Stent (0.4 and 0.3 percent, p(greater than)0.99).

    Small Vessel trial
    ------------------

Results were also presented from the PERSEUS Small Vessel trial, a single-arm study which compares the TAXUS Element Stent in 224 patients with small vessels ((greater than or equal to)2.25 to (less than)2.75 mm in diameter and (less than or equal to)20 mm in length) to a matched historical control group of 125 patients treated with the Express bare-metal stent. The trial met its primary endpoint of superiority for in-stent late loss at nine months with unadjusted values of 0.38 mm for the TAXUS Element Stent and 0.80 mm for the Express Stent (p(less than)0.001). The trial also met its secondary endpoint of superiority for TLF at 12 months, showing a statistically significant reduction with an unadjusted rate of 7.3 percent for the TAXUS Element Stent compared to a pre-specified performance goal of 19.5 percent (p(less than)0.001) based on historical outcomes for the control stent. The propensity-adjusted MACE rates were significantly lower for the TAXUS Element Stent compared to the bare-metal control stent (10.5 vs. 30.4 percent, p=0.002), showing a safety benefit for the TAXUS Element Stent. Stent thrombosis rates using the ARC definite/probable definition were comparable for the TAXUS Element Stent and Express Stent (0.3 vs. 0.6 percent, p=0.65).

“The PERSEUS trials build on the extensive data from the TAXUS clinical program and extend the consistent outcomes seen in the TAXUS trials to the novel Element Stent platform,” said Louis Cannon, M.D., of the Cardiac and Vascular Research Center of Northern Michigan in Petoskey, Michigan and the trial’s Co-Principal Investigator. “With the positive outcomes of the TAXUS Element Stent in workhorse lesions and the superior efficacy data in small vessels, platinum chromium promises to offer significant advantages in acute performance with no compromise to safety.”

Clinical data from the PERSEUS trials will support regulatory approval of the TAXUS Element Paclitaxel-Eluting Stent System in Europe, the U.S. and Japan. Boston Scientific is evaluating its PROMUS(R) Element(TM) Everolimus-Eluting Stent System in the PLATINUM clinical trial, which completed enrollment of 1,531 patients in September 2009 at 133 sites worldwide. PLATINUM is a randomized, controlled, pivotal trial designed to support U.S. and Japanese approval of the PROMUS Element Stent System. Results are expected to be presented in early 2011.

Boston Scientific received CE Mark approval for the PROMUS Element Stent System in October 2009 and expects CE Mark approval for the TAXUS Element Stent System in the second quarter of this year. In the U.S., the Company expects FDA approval for the TAXUS Element Stent System in the middle of next year and for the PROMUS Element Stent System in the middle of 2012. In Japan, the Company expects approval for the TAXUS Element Stent System in late 2011 or early 2012 and for the PROMUS Element Stent System in the middle of 2012.

The TAXUS Element Stent and the PROMUS Element Stent are investigational devices in the U.S. and are limited by applicable law to investigational use only and are not available for sale.

    Forward Looking Statements
    --------------------------

Statements contained in this press release that are not based on historical fact, including without limitation statements containing the words “believes,” “may,” “plans,” “will,” “estimates,” “continues,” “anticipates,” “intends,” “expects” and similar expressions, constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and constitute “forward-looking information” within the meaning of applicable Canadian securities laws. All such statements are made pursuant to the “safe harbor” provisions of applicable securities legislation. Forward- looking statements may involve, but are not limited to, comments with respect to our objectives and priorities for the remainder of 2009 and beyond, our strategies or future actions, our targets, expectations for our financial condition and the results of, or outlook for, our operations, research and development and product and drug development. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, events or developments to be materially different from any future results, events or developments expressed or implied by such forward-looking statements. Many such known risks, uncertainties and other factors are taken into account as part of our assumptions underlying these forward-looking statements and include, among others, the following: general economic and business conditions in the United States, Canada and the other regions in which we operate; market demand; technological changes that could impact our existing products or our ability to develop and commercialize future products; competition; existing governmental regulations and changes in, or the failure to comply with, governmental regulations; availability of financial reimbursement coverage from governmental and third-party payers for products and related treatments; adverse results or unexpected delays in pre-clinical and clinical product development processes; adverse findings related to the safety and/or efficacy of our products or products sold by our partners; decisions, and the timing of decisions, made by health regulatory agencies regarding approval of our technology and products; the requirement for substantial funding to conduct research and development, to expand manufacturing and commercialization activities; and any other factors that may affect our performance. In addition, our business is subject to certain operating risks that may cause any results expressed or implied by the forward-looking statements in this press release to differ materially from our actual results. These operating risks include: our ability to attract and retain qualified personnel; our ability to successfully complete pre-clinical and clinical development of our products; changes in our business strategy or development plans; our failure to obtain patent protection for discoveries; loss of patent protection resulting from third-party challenges to our patents; commercialization limitations imposed by patents owned or controlled by third parties; our ability to obtain rights to technology from licensors; liability for patent claims and other claims asserted against us; our ability to obtain and enforce timely patent and other intellectual property protection for our technology and products; the ability to enter into, and to maintain, corporate alliances relating to the development and commercialization of our technology and products; market acceptance of our technology and products; our ability to successfully manufacture, market and sell our products; the availability of capital to finance our activities; our ability to restructure and to service our debt obligations; and any other factors referenced in our other filings with the applicable Canadian securities regulatory authorities or the Securities and Exchange Commission (“SEC”). For a more thorough discussion of the risks associated with our business, see the “Risk Factors” section in our annual report for the year ended December 31, 2008 filed with the SEC on Form 10-K/A, as amended, and our quarterly reports for the first, second and third quarters of 2009 filed with the SEC on Form 10-Q.

Given these uncertainties, assumptions and risk factors, investors are cautioned not to place undue reliance on such forward-looking statements. Except as required by law, we disclaim any obligation to update any such factors or to publicly announce the result of any revisions to any of the forward-looking statements contained in this press release to reflect future results, events or developments.

(C)2010 Angiotech Pharmaceuticals, Inc. All Rights Reserved.

About Angiotech Pharmaceuticals

Angiotech Pharmaceuticals, Inc. is a global specialty pharmaceutical and medical device company. Angiotech discovers, develops and markets innovative treatment solutions for diseases or complications associated with medical device implants, surgical interventions and acute injury. To find out more about Angiotech (NASDAQ: ANPI, TSX: ANP), please visit our website at www.angiotech.com.

    -------------------------------
    (1)  Based on bench testing. Data on file with Boston Scientific.
    (2)  TLF is defined as ischemia-driven target lesion revascularization
         (TLR) or myocardial infarction/cardiac death related to the target
         vessel. Complete trial design at Allocco et al., Trials 2010, 11:1.
    (3)  Bayesian probability of non-inferiority = 99.96 percent.

Amylin (AMLN), Lilly and Alkermes Receive Complete Response Letter From FDA for Exenatide Once Weekly Submission

SAN DIEGO, INDIANAPOLIS, and WALTHAM, Mass., March 15, 2010 /PRNewswire-FirstCall/ — Amylin Pharmaceuticals, Inc. (Nasdaq: AMLN), Eli Lilly and Company (NYSE: LLY) and Alkermes, Inc. (Nasdaq: ALKS) today announced that the U.S. Food and Drug Administration (FDA) has issued a complete response letter regarding the New Drug Application (NDA) for BYDUREON(TM) (exenatide for extended-release injectable suspension).

In the complete response letter there are no requests for new pre-clinical or clinical trials. Requests raised in the letter primarily relate to the finalization of the product labeling with accompanying Risk Evaluation and Mitigation Strategy (REMS) and clarification of existing manufacturing processes.

The complete response letter does not contain requests related to the December 2009 observations from the FDA’s pre-approval inspection at the Ohio manufacturing facility. All of those observations have been addressed.

“This is a significant step forward in our ability to bring this important therapy to patients,” said Orville G. Kolterman, M.D., senior vice president of research and development, Amylin Pharmaceuticals. “We have a clear path forward and are working diligently to submit our response to the FDA in the next few weeks.”

BYDUREON (pronounced by-DUR-ee-on) is the proposed brand name for exenatide once weekly. It is an investigational, extended-release medication for type 2 diabetes designed to deliver continuous therapeutic levels of exenatide in a single weekly dose. BYDUREON is a once-weekly formulation of exenatide, the active ingredient in BYETTA® (exenatide) injection, which has been available in the U.S. since June 2005 and is used in approximately 60 countries worldwide to improve glycemic control in adults with type 2 diabetes. BYDUREON and BYETTA belong to the glucagon-like peptide-1 (GLP-1) receptor agonist class of medications.

The NDA for BYDUREON was submitted in May 2009 and accepted by the FDA in July 2009. It is based on data from the DURATION clinical trial program, as well as more than seven years of clinical experience with BYETTA.

Amylin to Host Investor Conference Call

Amylin will host a conference call to discuss the complete response letter for BYDUREON on Monday, March 15 at 8:30 a.m. ET/5:30 a.m. PT. Daniel M. Bradbury, president and chief executive officer, Amylin Pharmaceuticals, will lead the call.

The call will be webcast live through Amylin’s corporate Web site and a recording will be made available following the close of the call. To access the webcast, please log on to www.amylin.com approximately 15 minutes prior to the call to register, download and install any necessary audio software. For those without access to the Internet, the live call may be accessed by phone by calling (800) 291-9234 (U.S./Canada) or (617) 614-3923 (international), conference access code 12781062. A replay of the call will also be available by phone beginning approximately two hours after the close of the call and can be accessed at (888) 286-8010 (U.S./Canada) or (617) 801-6888 (international), conference access code 34108583.

About Diabetes

Diabetes affects more than 24 million people in the U.S. and an estimated 285 million adults worldwide.(i,ii) Approximately 90-95 percent of those affected have type 2 diabetes. Diabetes is the fifth leading cause of death by disease in the U.S. and costs approximately $174 billion per year in direct and indirect medical expenses.(iii)

According to the Centers for Disease Control and Prevention’s National Health and Nutrition Examination Survey, approximately 60 percent of people with diabetes do not achieve their target blood sugar levels with their current treatment regimen.(iv) In addition, 85 percent of type 2 diabetes patients are overweight and 55 percent are considered obese.(v) Data indicate that weight loss (even a modest amount) supports patients in their efforts to achieve and sustain glycemic control.(vi,vii)

About BYETTA® (exenatide) injection

BYETTA is the first FDA-approved GLP-1 receptor agonist for the treatment of type 2 diabetes. BYETTA exhibits many of the same effects as the human incretin hormone glucagon-like peptide-1 (GLP-1). GLP-1 improves blood sugar after food intake through multiple effects that work in concert on the stomach, liver, pancreas and brain.

BYETTA is an injectable prescription medicine that may improve blood sugar (glucose) control in adults with type 2 diabetes mellitus, when used with a diet and exercise program. BYETTA is not insulin and should not be taken instead of insulin. BYETTA is not recommended to be taken with insulin. BYETTA is not for people with type 1 diabetes or people with diabetic ketoacidosis.

BYETTA provides sustained A1C control and low incidence of hypoglycemia when used alone or in combination with metformin or a thiazolidinedione, with potential weight loss. BYETTA is not a weight-loss product. BYETTA was approved in April 2005 and has been used by more than one million patients since its introduction. See important safety information below. Additional information about BYETTA is at www.BYETTA.com.

Important Safety Information for BYETTA® (exenatide) injection

Based on post-marketing data, BYETTA has been associated with acute pancreatitis, including fatal and non-fatal hemorrhagic or necrotizing pancreatitis. The risk for getting low blood sugar is higher if BYETTA is taken with another medicine that can cause low blood sugar, such as a sulfonylurea. BYETTA should not be used in people who have severe kidney problems, and should be used with caution in people who have had a kidney transplant. Patients should talk with their healthcare provider if they have severe problems with their stomach, such as delayed emptying of the stomach (gastroparesis) or problems with digesting food. Severe allergic reactions can happen with BYETTA.

The most common side effects with BYETTA include nausea, vomiting, diarrhea, dizziness, headache, feeling jittery, and acid stomach. Nausea most commonly happens when first starting BYETTA, but may become less over time.

These are not all the side effects from use of BYETTA. A healthcare provider should be consulted about any side effect that is bothersome or does not go away.

For additional important safety information about BYETTA, please see the full Prescribing Information (http://pi.lilly.com/us/byetta-pi.pdf) and Medication Guide (http://pi.lilly.com/us/byetta-ppi.pdf).

About Amylin, Lilly and Alkermes

Amylin, Lilly and Alkermes are working together to develop BYDUREON, a subcutaneous injection of exenatide for the treatment of type 2 diabetes based on Alkermes’ proprietary Medisorb® technology for long-acting medications. BYDUREON is not currently approved by any regulatory agencies.

Amylin Pharmaceuticals is a biopharmaceutical company dedicated to improving lives of patients through the discovery, development and commercialization of innovative medicines. Amylin’s research and development activities leverage the Company’s expertise in metabolism to develop potential therapies to treat diabetes and obesity. Amylin is headquartered in San Diego, California.

Through a long-standing commitment to diabetes care, Lilly provides patients with breakthrough treatments that enable them to live longer, healthier and fuller lives. Since 1923, Lilly has been the industry leader in pioneering therapies to help healthcare professionals improve the lives of people with diabetes, and research continues on innovative medicines to address the unmet needs of patients.

Lilly, a leading innovation-driven corporation, is developing a growing portfolio of pharmaceutical products by applying the latest research from its own worldwide laboratories and from collaborations with eminent scientific organizations. Headquartered in Indianapolis, Indiana, Lilly provides answers – through medicines and information – for some of the world’s most urgent medical needs.

Alkermes, Inc. is a fully integrated biotechnology company committed to developing innovative medicines to improve patients’ lives. Alkermes’ robust pipeline includes extended-release injectable, pulmonary and oral products for the treatment of prevalent, chronic diseases, such as central nervous system disorders, addiction and diabetes. Headquartered in Waltham, Massachusetts, Alkermes has a research facility in Massachusetts and a commercial manufacturing facility in Ohio.

This press release contains forward-looking statements about Amylin, Lilly and Alkermes. Actual results could differ materially from those discussed or implied in this press release due to a number of risks and uncertainties, including the risk that BYDUREON may not be approved by the FDA in a timely manner or at all; the companies’ response to the complete response letter may not be submitted in a timely manner and/or the information provided in such a response may not satisfy the FDA; the FDA may request additional information prior to approval; BYETTA and/or the approval of BYDUREON and the revenues generated from these products may be affected by competition; unexpected new data; safety and technical issues; clinical trials not being completed in a timely manner, not confirming previous results, not being predictive of real world use or not achieving the intended clinical endpoints; label expansion requests or NDA filings, such as the NDA filing for BYDUREON mentioned in this press release, not receiving regulatory approval; the commercial launch of BYDUREON being delayed; or manufacturing and supply issues. The potential for BYETTA and/or BYDUREON may also be affected by government and commercial reimbursement and pricing decisions, the pace of market acceptance, or scientific, regulatory and other issues and risks inherent in the development and commercialization of pharmaceutical products including those inherent in the collaboration with and dependence upon Amylin, Lilly and/or Alkermes. These and additional risks and uncertainties are described more fully in Amylin’s, Lilly’s and Alkermes’ most recent SEC filings including their Quarterly Reports on Form 10-Q and Annual Reports on Form 10-K. Amylin, Lilly and Alkermes undertake no duty to update these forward-looking statements.

BYDUREON(TM) and BYETTA® are trademarks of Amylin Pharmaceuticals, Inc., and Medisorb® is a registered trademark of Alkermes, Inc.

Pegasystems to Acquire Chordiant Software (CHRD)

CAMBRIDGE, MA and CUPERTINO, CA — (Marketwire) — 03/15/10 — Pegasystems Inc., (NASDAQ: PEGA), the leader in business process management (BPM) software solutions, and Chordiant Software, Inc.(NASDAQ: CHRD), a leading provider of customer relationship management (CRM) software and services, today announced they have entered into a definitive agreement for Pegasystems to acquire Chordiant.

Under the terms of the agreement, Pegasystems will make a cash tender offer of $5.00 per share for all outstanding shares of Chordiant common stock for a total purchase price of up to approximately $161.5 million, assuming all outstanding shares are tendered. Upon satisfaction of the conditions to the tender offer and after such time as all shares tendered in the tender offer are accepted for payment, the agreement provides for the parties to effect, subject to customary conditions, a merger to be completed following the completion of the tender offer which would result in all shares not tendered in the tender offer being converted into the right to receive $5.00 per share in cash. The transaction is subject to customary closing conditions, including regulatory approvals, and is expected to close in the second calendar quarter of 2010. Chordiant reported revenue of $76.3 million and $52.3 million of cash and investments for its four quarters ended December 31, 2009. The boards of directors of both Pegasystems and Chordiant unanimously approved the definitive agreement.

Pegasystems’ commitment to innovation and customer success has resulted in ten consecutive quarters of record revenue. Its industry-leading Build for Change® technology is both fueling widespread BPM adoption and being widely embraced to improve customer experience. Chordiant’s predictive decision management solutions are renowned for delivering increased customer lifetime value to their clients.

The combined company’s expanded global customer base, including many of the world’s largest organizations, can now take advantage of these complementary solutions. Chordiant clients will be able to incorporate Pegasystems intent-driven process automation to enhance customer experience in their existing foundation and marketing solutions. Pegasystems’ clients can take advantage of Chordiant’s predictive decision management solutions, extensive CRM assets, and expertise in customer experience.

Many of the leading global systems integrators, who are part of Pegasystems’ growing alliance program, have also built practices around Chordiant software. The combination of the two companies would enable an expanded partner network to enhance their practices and realize incremental growth.

“This combination creates a broader portfolio which will offer an expanded client base new capabilities to meet next-generation CRM needs,” said Alan Trefler, Founder and CEO of Pegasystems. “We are excited to add Chordiant’s technology and domain expertise to bolster our previously announced investment plans in BPM and CRM.”

“We expect this acquisition to be accretive, but under the new purchase accounting rules, transactional costs are now expensed rather than included in the calculation of goodwill,” said Craig Dynes, CFO for Pegasystems. “Accordingly, significant closing costs, integration expenses and other purchase accounting valuation charges will be dilutive to GAAP reported earnings. However, on a non GAAP basis, excluding these one-time charges and the reduction in maintenance and other revenues that are currently recorded as deferred revenue on Chordiant’s balance sheet, we expect this transaction to be accretive by as much as $0.03 to Pegasystems’ 2010 earnings per share and by as much as $0.20 to Pegasystems’ 2011 earnings per share. Pegasystems has not yet provided guidance on 2011 earnings. We anticipate providing revised guidance giving effect to these purchase accounting adjustments as the closing of this transaction approaches.”

“We are excited to bring Pegasystems’ industry-leading Build for Change technology to help our clients further optimize customer experience,” commented Steven Springsteel, Chairman, President and CEO of Chordiant Software. “We expect that our customer base will welcome this news, and can look forward to the increased innovation that Pegasystems is known for, along with the many other benefits resulting from the mutual strengths and combined scale of our companies.”

Bridge Street Advisory Services, a division of Financial Telesis Inc., is acting as financial advisor to Pegasystems, and Wilson Sonsini Goodrich & Rosati P.C., is acting as legal advisor to Pegasystems. Morgan Stanley & Co. Incorporated is acting as financial advisor to the Board of Chordiant, and Cooley Godward Kronish LLP is acting as legal advisor to Chordiant.

Pegasystems and Chordiant will be hosting a conference call and live Webcast associated with this announcement at 9:00 a.m. ET on March 15, 2010. Dial-in information is as follows: (877) 348-9349 (domestic) or (678) 809-1406 (international).

To listen to the Webcast, log onto www.pega.com at least 5 minutes prior to the event’s broadcast and click on the Webcast icon in the Investor Relations section. A replay of the call will also be available on www.pega.com in the Investor Relations section Audio Archives link.

Safe Harbor Statement: This press release contains forward-looking statements that involve risks and uncertainties, including statements regarding completion of the acquisition; the impact of the acquisition on Pegasystems’ earnings per share, business performance and product offerings; and the impact of the combined product capabilities. Factors that could cause actual results to differ materially include the following: costs related to the proposed acquisition; the risk of failing to obtain any regulatory approvals or satisfy other conditions to the acquisition; the risk that the transaction will not close or that closing will be delayed; the risk that our respective businesses will suffer due to uncertainty related to the transaction; difficulties encountered in integrating merged businesses; whether certain market segments grow as anticipated; the competitive environment in the software industry and competitive responses to the acquisition; and whether the companies can successfully develop new products or modify existing products and the degree to which these gain market acceptance. Further information on potential factors that could affect our respective businesses and financial results are included Pegasystems’ and Chordiant’s filings with the Securities and Exchange Commission, including Pegasystems’ report on Form 10-K for the year ended December 31, 2009 and Chordiant’s report on Form 10-K for the year ended September 30, 2009, and Form 10-Q for the quarter ended December 31, 2009, respectively, which are on file with the Securities and Exchange Commission. There can be no assurance that the acquisition or any other transaction will be consummated.

Additional Information: The tender offer has not yet commenced. This press release is for informational purposes only and is not an offer to buy or the solicitation of an offer to sell any securities. The tender offer will be made only pursuant to an offer to purchase and related materials that Pegasystems and its wholly-owned subsidiary intend to file with the Securities and Exchange Commission. Chordiant also intends to file a solicitation/recommendation statement on Schedule 14D-9 with respect to the tender offer. Chordiant stockholders and other investors should read these materials carefully when they are filed because they contain important information, including the terms and conditions of the tender offer. Chordiant stockholders and other investors will be able to obtain copies of these materials without charge from the Securities and Exchange Commission through its website at www.sec.gov, from Pegasystems (with respect to documents filed by Pegasystems with the Securities and Exchange Commission), or from Chordiant (with respect to documents filed by Chordiant with the Securities and Exchange Commission). Chordiant stockholders and other investors are urged to read carefully those materials prior to making any decisions with respect to the tender offer.

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About Chordiant Software, Inc.
Chordiant Software optimizes the customer experience to help global brands multiply customer lifetime value. Chordiant arms marketing, customer service and customer loyalty executives with a suite of intelligent conversation management applications to deliver an order of magnitude improvement in customer experience. By maximizing the value of every conversation across all channels, Chordiant enables today’s fast-paced brands to engage more effectively with customers and quickly measure whether business strategies are succeeding, resulting in faster acquisition, improved competitiveness, less churn, and superior customer service. For more information please visit www.chordiant.com.

About Pegasystems
Pegasystems, the leader in Business Process Management, provides software to drive revenue growth, productivity and agility for the world’s most sophisticated organizations. Customers use our award-winning SmartBPM® suite to improve customer service, reach new markets and boost operational effectiveness.

Our patented SmartBPM technology makes enterprise applications easy to build and change by directly capturing business objectives and eliminating manual programming. SmartBPM unifies business rules and processes into composite applications that leverage existing systems — empowering businesspeople and IT staff to Build for Change®, deliver value quickly and outperform their competitors.

Pegasystems’ suite is complemented by best-practice frameworks designed for leaders in financial services, insurance, healthcare, government, life sciences, communications, manufacturing and other industries.

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Derek Van Bronkhorst
Chordiant Software
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Mo Mohmoud
Eastwick Communications
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ChinaEdu (CEDU) Reports Fourth Quarter 2009 Results

BEIJING, March 11 /PRNewswire-Asia-FirstCall/ — ChinaEdu Corporation (Nasdaq:CEDU – News) (“ChinaEdu” or the “Company”), an educational services provider in China, today announced its unaudited financial results for the fourth quarter ended December 31, 2009.(1)

    (in thousands,
     unaudited)           Three Months Ended         Twelve Months Ended
                      December  December  Period   December  December   Year
    Period Ended      31, 2008  31, 2009   over    31, 2008  31, 2009   over
    Currency             USD       USD    Period %    USD       USD     Year %
    Financial Data:
      Net revenue       12,678    13,993    10.4%    46,546    51,965   11.6%
      Gross profit       6,965     8,481    21.8%    29,298    31,695    8.2%
      Income from
       operations       (7,216)    2,913      N/A    (1,912)   11,635     N/A
      Net income
       attributable
       to ChinaEdu      (5,711)    1,326      N/A    (6,302)    5,096     N/A
      Adjusted
       EBITDA (2)
       (non-GAAP)        1,539     4,004   160.2%    12,492    16,011   28.2%
      Adjusted net
       income attri-
       butable to
       ChinaEdu (3)
       (non-GAAP)        2,491     1,722   -30.9%     6,198     6,904   11.4%

      Net income
       (loss)
       attributable
       to ChinaEdu
       per ADS (4)      (0.308)    0.082      N/A    (0.330)    0.313     N/A
      Adjusted net
       income per
       ADS (5)
       (non-GAAP)        0.133     0.107   -19.5%     0.322     0.424   31.7%
      Net income
       per diluted
       ADS              (0.308)    0.075      N/A    (0.330)    0.291     N/A
      Adjusted net
       income per
       diluted ADS
       (6) (non-
       GAAP)             0.130     0.098   -24.6%     0.308     0.394   27.9%

    Operating Data:
      Revenue
       students (7)
       for online
       degree
       program         118,000   140,000    18.6%   243,000   287,000   18.1%

    (1) The reporting currency of the Company is RMB, but for the convenience
        of the reader, the amounts for the three and twelve months ended
        December 31, 2009 and the years ended December 31, 2008 and 2009 are
        presented in U.S. dollars. Unless otherwise stated, all translations
        from RMB to U.S. dollars were made at the rate of RMB6.8259 to $1.00,
        the noon buying rate in effect on December 31, 2009 in the H.10
        statistical release of the Federal Reserve Board. The Company makes
        no representation that the RMB or U.S. dollar amounts referred could
        be converted into U.S. dollars or RMB, as the case may be, at any
        particular rate or at all. For analytical presentation, all
        percentages are calculated using the numbers presented in the
        financial statements contained in this earnings release. An
        explanation of the Company's non-GAAP financial measures is included
        in the section entitled "Non-GAAP Financial Measures" below, and the
        related reconciliations to GAAP financial measures are presented in
        the accompanying financial statements.
    (2) "Adjusted EBITDA" is a non-GAAP measure defined as net income before
        interest income, taxes, exchange loss, depreciation, amortization of
        intangible assets and land use rights, share-based compensation and
        goodwill and intangible assets impairment charges, if applicable.
    (3) "Adjusted net income attributable to ChinaEdu" is a non-GAAP measure
        defined as net income attributable to ChinaEdu excluding share-based
        compensation, exchange loss, noncontrolling interest for share-based
        compensation, amortization of intangible assets and land use rights
        and goodwill and intangible assets impairment charges, if applicable.
    (4) "ADS" is American Depositary Share. Each ADS represents three ordinary
        shares.
    (5) "Adjusted net income per ADS" is a non-GAAP measure which is computed
        using adjusted net income attributable to ChinaEdu over number of ADSs
        used in net income (loss) attributable to ChinaEdu per ADS calculation.
    (6) "Adjusted net income per diluted ADS" is a non-GAAP measure which is
        computed using adjusted net income attributable to ChinaEdu over
        number of ADSs used in net income per diluted ADS calculation.
    (7) "Revenue students" refer to students of university online degree
        programs who have paid tuitions in the applicable period.

    Fourth Quarter 2009 Highlights

    -- Total net revenue for the fourth quarter of 2009 increased by 10.4% to
       $14.0 million from $12.7 million for the corresponding period in 2008,
       exceeding our previously disclosed guidance for the fourth quarter of
       2009 of $12.9 million to $13.5 million.
    -- Net revenue from online degree programs, the Company's major business
       segment, increased by 9.3% to $11.2 million for the fourth quarter of
       2009 from $10.3 million for the corresponding period in 2008.
    -- The number of revenue students in online degree programs during the
       fourth quarter of 2009 increased by approximately 18.6% to over 140,000
       from approximately 118,000 for the corresponding period in 2008.
    -- Adjusted EBITDA increased by 160.2% to $4.0 million in the fourth
       quarter of 2009 from $1.5 million for the corresponding period in 2008.
    -- Net income attributable to ChinaEdu increased to $1.3 million in the
       fourth quarter of 2009 from a loss $5.7 million for the corresponding
       period in 2008.
    -- Adjusted net income attributable to ChinaEdu decreased by 30.9% to $1.7
       million in the fourth quarter of 2009 from $2.5 million for the
       corresponding period in 2008.
    -- Net income per diluted ADS was $0.075 for the fourth quarter of 2009 as
       compared to a loss of $0.308 for the corresponding period in 2008.
    -- Adjusted net income per diluted ADS was $0.098 for the fourth quarter
       of 2009 as compared to $0.130 for the corresponding period in 2008.

    Fiscal Year 2009 Highlights

    -- Total net revenue for the fiscal year 2009 increased by 11.6% to $52.0
       million from $46.5 million for the fiscal year 2008.
    -- Net revenue from online degree programs for the fiscal year 2009
       increased by 11.7% to $41.8 million from $37.4 million for the fiscal
       year 2008.
    -- The number of revenue students in online degree programs for the fiscal
       year 2009 increased by approximately 18.1% to over 287,000 from
       approximately 243,000 for the fiscal year 2008.
    -- Adjusted EBITDA for the fiscal year 2009 increased by 28.2% to $16.0
       million from $12.5 million for the fiscal year 2008.
    -- Net income attributable to ChinaEdu increased to $5.1 million in the
       fiscal year 2009 from a loss $6.3 million for the fiscal year 2008.
    -- Adjusted net income attributable to ChinaEdu increased by 11.4% to $6.9
       million in the fiscal year 2009 from $6.2 million for the fiscal year
       2008.
    -- Net income per diluted ADS was $0.291 for the fiscal year 2009 as
       compared to a loss of $0.330 for the fiscal year 2008.
    -- Adjusted net income per diluted ADS was $0.394 for the fiscal year 2009
       as compared to $0.308 for the fiscal year 2008.

“We are pleased to report solid results for the fourth quarter of 2009, completing the fiscal year 2009 with 11.6% total net revenue growth over 2008. Adjusted net income per diluted ADS for the fiscal year 2009 increased 27.9% over 2008. In 2009, all of our major business lines have recorded strong growth and we are very confident of our future prospects,” said Ms. Julia Huang, ChinaEdu’s Chairman and Chief Executive Officer. “In 2009, we announced several strategic partnerships for our online degree programs, which we believe will contribute significantly to our company’s future growth. Our learning centers network continued to expand, reaching 60 learning centers at the end of 2009, contributing to over 5% of our total net revenue in the fourth quarter of 2009. We are also very pleased with our 101 online tutoring segment’s performance, which recorded nearly 27% of net revenue growth in 2009. Looking ahead, we are committed to continuing research and development efforts of the technology platform and the internet & mobile applications for the online degree and non-degree programs, while continue to maintain a tight control over our expenses. Overall, we believe our company is positioned strongly to capture the immense potential that online education can offer in the future.”

Financial Results for the Fourth Quarter Ended December 31, 2009

Net Revenue

Total net revenue for the fourth quarter of 2009 was $14.0 million, representing a 10.4% increase from the corresponding period in 2008. Net revenue from online degree programs for the fourth quarter of 2009 was $11.2 million, representing a 9.3% increase from $10.3 million for the corresponding period in 2008. The growth in net revenue was due to strong enrollment growth for the 2009 fall semester, which registered over 140,000 revenue students representing an increase of 18.6% as compared to 118,000 revenue students for the 2008 fall semester.

Net revenue from the Company’s non-online degree programs (online tutoring programs, international curriculum programs and private primary and secondary schools) for the fourth quarter of 2009 was $2.8 million, representing a 14.9% increase from $2.4 million for the corresponding period in 2008. This increase was attributable to a 23.2% increase in net revenue for the 101 online tutoring programs from increased sales and a 43.9% increase in net revenue at Anqing School due to increase in student enrollment from the academic year beginning in September 2008 as a result of the completion of construction of the new campus, but offset by a 29.6% decrease in net revenue for the international curriculum programs due to the termination of our New Zealand contract.

A refund of valued-added tax (“VAT”) of $0.6 million in the fourth quarter of 2009 and $0.9 million in the corresponding period in 2008 was recognized as net revenue primarily in online degree programs.

Cost of Revenue

Total cost of revenue for the fourth quarter of 2009 was $5.5 million, representing a decrease of 3.5% as compared to $5.7 million for the corresponding period of 2008. Cost of revenue for online degree programs for the fourth quarter of 2009 was $3.9 million, representing a decrease of 5.8% as compared to $4.1 million for the fourth quarter of 2008. The decrease in online degree programs’ cost of revenue was primarily due to a decrease in special courseware development in the fourth quarter of 2009 as compared to the fourth quarter of 2008, as well as a decrease in employee and recruiting commission related costs.

By the end of the fourth quarter of 2009, we had 60 operational learning centers of which 22 were proprietary and 38 were contracted locations, as compared to 37 operational learning centers as of the end of the fourth quarter of 2008, of which 16 were proprietary and 21 were contracted locations.

Cost of revenue for non-online degree programs for the fourth quarter of 2009 was $1.6 million, representing a 2.3% increase for the corresponding period in 2008. This increase was attributable primarily to an increase in cost of revenue related to Anqing School’s new campus, which was partially offset by a decrease in cost of revenue for the international curriculum programs and our 101 online tutoring programs.

Gross Profit and Gross Margin

Gross profit for the fourth quarter of 2009 was $8.5 million, representing a 21.8% increase from $7.0 million for the corresponding period of 2008. Total gross margin for the fourth quarter of 2009 was 60.6% as compared to 54.9% for the corresponding period of 2008. Gross margin for the online degree programs increased to 65.2% for the fourth quarter of 2009 as compared to 59.7% for the corresponding period of 2008. Gross margin for Anqing School improved significantly, due to increased enrollment at the new campus, as compared to the corresponding period in 2008 despite additional depreciation expenses resulting from the construction of the new campus. Gross margin for 101 online tutoring programs also improved due to tight cost controls.

Operating Expenses

Total operating expenses were $5.6 million for the fourth quarter of 2009, representing a 60.7% decrease from $14.2 million for the corresponding period in 2008. This decrease was attributable primarily to the factors discussed below:

    -- General and administrative expenses for the fourth quarter of 2009 were
       $3.4 million, which represented a 16.0% decrease from $4.0 million for
       the corresponding period of 2008. This decrease was primarily
       attributable to a decrease in headquarter employee related expenses of
       approximately $0.3 million in the fourth quarter of 2009 as compared to
       the corresponding period of 2008. General and administrative expenses
       for the fourth quarter of 2008 were also higher due to an account
       receivables write-off of approximately $0.2 million.
    -- Selling and marketing expenses were $1.0 million for the fourth quarter
       of 2009, which represented a 19.8% decrease from $1.2 million for the
       corresponding period in 2008. This decrease was attributable primarily
       to a decrease in the amount spent on conferences and other sales
       activities at our 101 online tutoring programs in the fourth quarter of
       2009.
    -- Research and development expenses, mainly contributing to technology
       platform upgrade and the internet & mobile applications development,
       for the fourth quarter of 2009 were $1.2 million, representing a 6.0%
       decrease from $1.3 million for the corresponding period in 2008. The
       decrease was attributable primarily to a reduction in employee related
       expenses in the fourth quarter of 2009 as compared to the fourth
       quarter of 2008. However, research and development expenses for fiscal
       year 2009 increased by 16.0% compared with fiscal year 2008.
    -- There was no impairment charge of goodwill and intangible assets in the
       fourth quarter of 2009, while such charge was $7.7 million in the
       corresponding period of 2008.
    -- Share-based compensation for the fourth quarter of 2009, which was
       allocated to the related cost and operating expense line items,
       remained flat at $0.2 million as compared to $0.2 million for the
       corresponding period in 2008.

Income from Operations

As a result of the factors discussed above, income from operations for the fourth quarter of 2009 was $2.9 million, as compared to a loss of $7.2 million for the corresponding period of 2008. Operating margin was 20.8% for the fourth quarter of 2009 as compared to a loss of 56.9% in the corresponding period of 2008. The increase in income from operations and operating margin was primarily because there was not an impairment charge of goodwill and intangible assets in the fourth quarter of 2009, while such charge was $7.7 million in the corresponding period of 2008.

Adjusted income from operations, which is a non-GAAP measure defined as income from operations excluding share-based compensation, exchange loss, amortization of intangible assets and land use rights and goodwill and intangible assets impairment charges, if applicable, was $3.3 million for the fourth quarter of 2009, which increased by 228.3% as compared to $1.0 million in the corresponding period of 2008. Adjusted operating margin, which is a non-GAAP measure defined as a ratio of adjusted operating income from operations (non-GAAP) over net revenue, for the fourth quarter of 2009, was 23.9% as compared to 8.0% for the corresponding period of 2008.

Interest Income

Interest income was $0.2 million in the fourth quarter of 2009, as compared to $0.4 million in the corresponding quarter of 2008. This decrease was attributable primarily to (i) reduced interest-bearing cash and bank deposit balance of $47.7 million as of December 31, 2009, as compared to $61.2 million as of December 31, 2008, and (ii) a lower interest rate for the fourth quarter of 2009 as compared to the corresponding period of 2008.

Income Tax Expense

Income tax expense for the fourth quarter of 2009 was $0.8 million, as compared to income tax benefit of $2.9 million for the corresponding period in 2008. In December 2008, seven of our subsidiaries and affiliate companies obtained the “high and new technology enterprises” or “HNTE” status under the new PRC Enterprise Income Tax Law, which came into effect on January 1, 2008. The HNTE entities enjoy a 15% tax rate, which is lower than the statutory tax rate of 25%. A catch-up adjustment was recorded in the fourth quarter of 2008 to adjust our 2008 income tax expenses based on a decrease in tax rate from 25% to 15%. As a result, we had an income tax benefit in the fourth quarter of 2008.

Noncontrolling Interest

Noncontrolling interest was $1.1 million in the fourth quarter of 2009, representing a decrease from $1.8 million in the corresponding period in 2008, which was attributable primarily to the noncontrolling interest impact related to the reduction in our deferred tax liabilities for the fiscal year 2008 resulted from a change of tax rate from 25% to 15%.

Net Income (Loss) attributable to ChinaEdu

Net income (loss) attributable to ChinaEdu, which is net income excluding net income attributable to noncontrolling interest, was $1.3 million for the fourth quarter of 2009, as comparable to a net loss of $5.7 million for the corresponding period in 2008. The increase was primarily because there was not an impairment charge of goodwill and intangible assets in the fourth quarter of 2009, while such a charge was $7.7 million in the corresponding period of 2008.

Net income per basic and diluted ADS were $0.082 and $0.075, respectively, for the fourth quarter of 2009, which have improved significantly as compared to losses of $0.308 and $0.308, respectively, for the corresponding period in 2008.

Adjusted net income attributable to ChinaEdu (non-GAAP) decreased by 30.9% to $1.7 million for the fourth quarter of 2009, as compared to $2.5 million in the corresponding period of 2008. Adjusted net margin, which is a non-GAAP measure defined as a ratio of adjusted net income attributable to ChinaEdu (non-GAAP) over net revenue, was 12.3% in the fourth quarter of 2009 as compared to 19.6% in the corresponding period of 2008. The decrease in adjusted net income attributable to ChinaEdu (non-GAAP) was primarily due to a one-time reduction in income tax expenses in the fourth quarter of 2008.

Adjusted net income per basic and diluted ADS were $0.107 and $0.098, respectively, for the fourth quarter of 2009.

Adjusted EBITDA (Non-GAAP)

Adjusted EBITDA (non-GAAP) was $4.0 million for the fourth quarter of 2009, which increased by 160.2% as compared to $1.5 million for the corresponding period in 2008. This increase was attributable primarily to improved operating results from our learning centers network, 101 online tutoring programs and Anqing School.

Deferred Revenue

Deferred revenue at the end of the fourth quarter of 2009 was $15.5 million, with current deferred revenue of $14.3 million and non-current deferred revenue of $1.2 million. Deferred revenue at the end of the fourth quarter of 2009 increased significantly as compared to deferred revenue of $6.1 million at the end of the third quarter 2009 due to seasonality of enrollments, which results from tuition received generally during the second quarter (spring semester) and the fourth quarter (fall semester) of each year.

Cash and Cash Equivalents

As of December 31, 2009, ChinaEdu reported cash and cash equivalents of $29.8 million, which primarily consisted of cash-on-hand, demand deposits and term deposits with maturity periods of three months or less.

Term Deposits and Amount Due from Related Parties

Term deposits and amount due from related parties (which represents cash owed to us by our collaborative alliance partners) were $17.9 million and $25.9 million, respectively, on December 31, 2009.

Financial Results for the Fiscal Year Ended December 31, 2009

Net Revenue

Total net revenue for the fiscal year ended December 31, 2009 was $52.0 million, representing an 11.6% increase from $46.5 million for the fiscal year 2008. Net revenue from online degree programs for the fiscal year 2009 was $41.8 million, representing an 11.7% increase from $37.4 million for the fiscal year 2008. This increase was attributable primarily to enrollment growth at our university partners’ online degree programs in fiscal year 2009 as compared to fiscal year 2008. In the aggregate, our university partners had approximately 287,000 revenue students during fiscal year 2009, representing an 18.1% increase from approximately 243,000 revenue students in fiscal year 2008.

Net revenue from the Company’s non-online degree programs for the fiscal year 2009 was $10.2 million, representing an 11.5% increase compared to $9.1 million for the fiscal year 2008. This result was attributable primarily to the increase in student enrollment at the Anqing School and increase in net revenue from the 101 online tutoring programs in fiscal year 2009, which was offset by a decrease in net revenue from international curriculum programs.

Cost of Revenue

Total cost of revenue for the fiscal year 2009 was $20.3 million, representing an increase of 17.5% as compared to $17.2 million for the fiscal year 2008. Cost of revenue from our online degree programs for fiscal year 2009 was $14.0 million, representing a 25.2% increase from $11.2 million in fiscal year 2008. The increase was primarily due to the cost increase related to the expansion of our learning centers network and increase in employee related costs throughout fiscal year 2009.

Cost of revenue for non-online degree programs for the fiscal year 2009 was $6.3 million, representing a 3.5% increase from $6.1 million for the fiscal year 2008. This increase was attributable primarily to the increase in cost of revenue at Anqing School and 101 online tutoring programs, but was offset by a decrease in cost of revenue for the international curriculum programs.

Gross Profit

Gross profit for the fiscal year 2009 was $31.7 million as compared with $29.3 million for the fiscal year 2008, representing an increase of 8.2%.

Gross margin for the fiscal year 2009 was 61.0%, as compared with gross margin of 62.9% for the fiscal year 2008. Gross margin for the online degree programs was 66.5% in 2009 as compared with gross margin for the online degree programs of 70.2% for 2008. The decrease in gross margin was primarily due to investment in our learning centers network.

Operating Expenses

Total operating expenses for the fiscal year 2009 were $20.1 million, representing a 35.7% decrease from $31.2 million for fiscal year 2008. This decrease was attributable primarily to the factors discussed below:

    -- General and administrative expenses for the fiscal year 2009 were $12.1
       million, representing a 4.7% decrease from $12.7 million for fiscal
       year 2008. The decrease was primarily because there was almost no
       account receivables write off and exchange loss in 2009 as well as a
       reduction in rent in fiscal year 2009 as compared to fiscal year 2008.
    -- Selling and marketing expenses for the fiscal year 2009 were $3.5
       million, representing a 20.6% decrease from $4.4 million for the fiscal
       year 2008. The decrease was attributable primarily to a shift from
       conducting general sales and marketing activities to focusing on direct
       recruiting related activities at our learning centers network.
    -- Research and development expenses for the fiscal year 2009 were $4.5
       million, representing a 16.0% increase from $3.8 million for the fiscal
       year 2008. This increase was attributable primarily to technology
       platform upgrade and the internet & mobile applications development for
       the online degree and non-degree programs.
    -- There was not an impairment charge of goodwill and intangible assets in
       the fiscal year 2009, while such charge was $10.3 million in the fiscal
       year 2008.
    -- Share-based compensation for the fiscal year 2009, which was allocated
       to the related cost of revenue and operating expense line items, was
       $1.1 million, representing an increase of $0.3 million from $0.8
       million for the fiscal year 2008. This increase was attributable
       primarily to the re-pricing for under-water options and an increase in
       the number and fair value of options granted in fiscal year 2009 as
       compared to fiscal year 2008.

Income (Loss) from Operations

Income from operations was $11.6 million for the fiscal year 2009, as compared to a loss of $1.9 million for the fiscal year 2008. Operating margin was 22.4% for the fiscal year 2009 as compared to a negative 4.1% for the fiscal year 2008. The increase was primarily because there was not an impairment charge of goodwill and intangible assets in the fiscal year 2009, while such charge was $10.3 million in the fiscal year 2008.

Adjusted income from operations was $13.6 million for fiscal year 2009, representing a 26.9% increase from $10.7 million for the fiscal year 2008. Correspondingly, adjusted operating margin for the fiscal year 2009 was 26.1% for the fiscal year 2009 as compared to 23.0% for the fiscal year 2008. The increase was primarily due to improved operating results from our learning centers network, 101 online tutoring programs and Anqing School.

Interest Income

Interest income decreased by 53.2% to $0.7 million in the fiscal year 2009, as compared to $1.6 million in the fiscal year 2008. This decrease was attributable primarily to (i) the reduced interest bearing cash and bank deposit balance of $47.7 million as of December 31, 2009, as compared to $61.2 million as of December 31, 2008, and (ii) a lower interest rate for the fiscal year 2009 as compared to the fiscal year 2008.

Income Tax Expense

Income tax expense for the fiscal year 2009 was $2.8 million, representing a significant increase from $0.5 million for the fiscal year 2008. In December 2008, seven of our subsidiaries and affiliate companies obtained the HNTE status under the new PRC Enterprise Income Tax Law, which came into effect on January 1, 2008. The HNTE entities enjoy a 15% tax rate, which is lower than the statutory tax rate of 25%. An adjustment was recorded in the fourth quarter of 2008 to adjust our deferred income tax expenses based on the decrease in tax rate from 25% to 15%, which resulted in a low deferred income tax expense in 2008.

In addition, 2008 income tax was lower because there was a significant decrease in deferred tax liabilities related to impairment of acquired intangible assets in our international curriculum programs, while there was no such charge in 2009.

Noncontrolling Interest

Noncontrolling interest was $4.7 million in the fiscal year 2009, representing an 11.9% decrease, as compared to $5.3 million in the fiscal year 2008, which was attributable primarily to the noncontrolling interest impact related to the reduction in our deferred tax liabilities for the fiscal year 2008 resulted from change of tax rate from 25% to 15%.

Net Income (Loss) attributable to ChinaEdu

Net income attributable to ChinaEdu was $5.1 million for the fiscal year 2009, compared with a loss of $6.3 million for the fiscal year 2008, primarily because there was not an impairment charge of goodwill and intangible assets in the fiscal year 2009, while such charge was $10.3 million in the fiscal year 2008.

Net income per basic and diluted ADS were $0.313 and $0.291, respectively for the fiscal year of 2009, which improved significantly as compared to losses of $0.330 and $0.330, respectively, for the fiscal year 2008.

Adjusted net income attributable to ChinaEdu (non-GAAP) increased by 11.4% to $6.9 million for the fiscal year 2009, as compared to $6.2 million in the fiscal year 2008. Adjusted net margin remained flat at 13.3% for the fiscal year 2009.

Adjusted net income per basic and diluted ADS were $0.424 and $0.394, respectively for the fiscal year 2009, which increased by 31.7% and 27.9% from $0.322 and $0.308, respectively, for the fiscal year 2008.

Adjusted EBITDA (Non-GAAP)

Adjusted EBITDA (non-GAAP) was $16.0 million for the fiscal year 2009, which increased by 28.2% as compared to $12.5 million for the fiscal year 2008. This increase was attributable primarily to the increased net revenue and decreased general and administrative expenses and selling and marketing expenses as discussed above. Adjusted EBITDA margin was 30.8% for the fiscal year 2009 as compared to 26.8% for the fiscal year 2008.

First Quarter 2010 Total Net Revenue Guidance

For the first quarter of 2010, ChinaEdu expects its total net revenue to be in the range of RMB87 million to RMB90 million or $12.7 million to $13.2 million. This forecast reflects ChinaEdu’s current and preliminary view, which is subject to change.

Conference Call

ChinaEdu senior management will host a conference call on Friday, March 12, 2010 at 8:00 a.m. U.S. Eastern time / 5:00 a.m. U.S. Pacific time / 9:00 p.m. Beijing/Hong Kong time.

The conference call may be accessed by calling (US) 866 396 2384/ (International) +1 617 847 8711/ (HK) +852 3002 1672/ (China) +86 10 800 152 1490, and entering the passcode: 76490238. A telephone replay of the conference call will be available shortly after the call until March 19, 2010 at (US) 888 286 8010/ (International) +1 617 801 6888 and entering passcode: 86606775. A live and archived webcast may be accessed via ChinaEdu’s investor relations website at http://ir.chinaedu.net .

Non-GAAP Financial Measures

To supplement the unaudited condensed consolidated financial information presented in accordance with Accounting Principles Generally Accepted in the United States of America (“GAAP”), the Company uses non-GAAP measures of income from operations and net income attributable to ChinaEdu, which are adjusted from results based on GAAP to exclude certain non-cash items of share-based compensation, exchange loss, amortization of intangible assets and land use rights and goodwill and intangible assets impairment charges, if applicable. The Company also uses adjusted EBITDA, which is also a non-GAAP measure and is adjusted from GAAP results of net income to exclude interest income, taxes, exchange loss, depreciation, amortization of intangible assets and land use rights, share-based compensation and goodwill and intangible assets impairment charges, if applicable. These non-GAAP financial measures are provided to enhance the investors’ overall understanding of the Company’s current and past financial performance in on-going core operations as well as prospects for the future. These measures should be considered in addition to results prepared and presented in accordance with GAAP, but should not be considered a substitute for or superior to GAAP results. Management considers the non-GAAP information as important measures internally and therefore deems it important to provide all of this information to investors.

About ChinaEdu

ChinaEdu Corporation is an educational services provider in China, incorporated as an exempted limited liability company in the Cayman Islands. Established in 1999, the Company’s primary business is to provide comprehensive services to the online degree programs of leading Chinese universities. These services include academic program development, technology services, enrollment marketing, student support services and finance operations. The Company’s other lines of businesses include the operation of private primary and secondary schools, online interactive tutoring services and providing marketing and support for international curriculum programs.

The Company believes it is the largest service provider to online degree programs in China in terms of the number of higher education institutions that are served and the number of student enrollments supported. The Company currently has 15 long-term, exclusive contracts that generally vary from 10 to 50 years in length. ChinaEdu also performs recruiting services for 15 universities through its nationwide learning centers network.

Forward-Looking Statement

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including certain plans, expectations, goals, and projections, which are subject to numerous assumptions, risks, and uncertainties. Forward-looking statements involve known and unknown risks, uncertainties and contingencies, many of which are beyond our control which may cause actual results, levels of activity, performance or achievements to differ materially from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. The Company’s actual results could differ materially from those contained in the forward-looking statements due to a number of factors, including those described under the heading “Risk Factors” in the Company’s Annual Report on Form 20-F for the year ended December 31, 2008, and in documents subsequently filed by the Company from time to time with the Securities and Exchange Commission. Unless required by law, the Company undertakes no obligation to (and expressly disclaim any such obligation to) update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

    For more information, please contact:

    Lily Liu, CFO
    ChinaEdu Corporation
    Phone: +86-10-8418-6655 x1002
    Email: ir@chinaedu.net

    S. Jimmy Xia, IR Manager
    ChinaEdu Corporation
    Phone: +86-10-8418-6655 x1150
    Email: ir@chinaedu.net

    ChinaEdu Corporation
    Unaudited Condensed Consolidated Balance Sheets

                                            December
                                            31, 2008    December   December
    (in thousands, unaudited)            As Adjusted(1) 31, 2009   31, 2009
                                               RMB         RMB         US$
    Current assets:
      Cash and cash equivalents              353,933     203,143     29,761
      Term deposits                           63,500     122,304     17,918
      Restricted cash                             --         365         53
      Accounts receivable, net                14,854      28,334      4,151
      Inventory                                   --       1,852        271
      Prepaid expenses and other
       current assets                         20,251      25,315      3,709
      Amounts due from related parties       150,472     176,802     25,902
      Deferred tax assets                      3,986       3,309        485
      Investments                                 --      17,706      2,594
    Total current assets                     606,996     579,130     84,844
      Cost method investment                   1,210       1,210        177
      Investment                                  --       3,000        440
      Land use rights, net                    28,344      27,874      4,084
      Property and equipment, net            161,925     203,995     29,885
      Deposits paid for acquisition
       of property and equipment               8,619      13,898      2,036
      Intangible assets, net                  70,377      66,621      9,760
      Deferred tax assets                      2,096       1,541        226
      Rental deposits                            958         868        127
      Goodwill                                38,155      38,155      5,590
    Total assets                             918,680     936,292    137,169

    Liabilities and equity
    Current liabilities:
      Accounts payable                         8,530       6,467        947
      Deferred revenues                       96,068      97,853     14,336
      Accrued expenses and other
       current liabilities                    51,629      68,917     10,096
      Amounts due to related parties          25,769      25,668      3,760
      Income taxes payable                    27,917      33,389      4,892
      Other taxes payable                     12,008      15,900      2,329
    Total current liabilities                221,921     248,194     36,360
      Deferred revenues                        6,073       8,075      1,183
      Deferred tax liabilities                11,069      10,143      1,486
      Unrecognized tax benefit                 5,473       7,727      1,132
    Total liabilities                        244,536     274,139     40,161

      ChinaEdu shareholders' equity          589,829     559,973     82,039
      Noncontrolling interest                 84,315     102,180     14,969
    Total equity                             674,144     662,153     97,008
    Total liabilities and equity             918,680     936,292    137,169

    (1) Amount in relation to noncontrolling interest, formerly named minority
        interest, as of December 31, 2008 is reclassified in accordance with
        ASC 810 (formerly FASB Statement No. 160, Noncontrolling Interest),
        which was adopted by the Company on January 1, 2009.

    ChinaEdu Corporation
    Unaudited Condensed Consolidated Statements of Operations

                                               Three Months Ended
    (in thousands, except       December 31,
    for percentage, share,        2008 As    September   December    December
    and per share               Adjusted (1)  30, 2009   31, 2009    31, 2009
    information)                     RMB         RMB         RMB         US$

    Gross Revenue (2)              89,441      94,303      95,871      14,045

    Business Tax and Surcharge      2,901       4,559         354          52

    Net Revenue:
    Online degree programs         69,945      71,510      76,457      11,201
    Online tutoring programs        4,472       5,778       5,510         807
    Private primary and
     secondary schools              6,823       7,669       9,816       1,438
    International curriculum
     programs                       5,300       4,787       3,734         547
    Total net revenue              86,540      89,744      95,517      13,993

    Cost of revenue:
    Online degree programs         28,195      23,633      26,575       3,893
    Online tutoring programs        1,443       1,426       1,222         179
    Private primary and
     secondary schools              5,828       7,070       7,298       1,069
    International curriculum
     programs                       3,532       2,840       2,531         371
    Total cost of revenue          38,998      34,969      37,626       5,512

    Gross profit:
    Online degree programs         41,750      47,877      49,882       7,308
    Online tutoring programs        3,029       4,352       4,288         628
    Private primary and
     secondary schools                995         599       2,518         369
    International curriculum
     programs                       1,768       1,947       1,203         176
    Total gross profit             47,542      54,775      57,891       8,481

    Online degree programs          59.7%       67.0%       65.2%       65.2%
    Online tutoring programs        67.7%       75.3%       77.8%       77.8%
    Private primary and
     secondary schools              14.6%        7.8%       25.7%       25.7%
    International curriculum
     programs                       33.4%       40.7%       32.2%       32.2%
    Gross margin                    54.9%       61.0%       60.6%       60.6%

    Operating expenses:
    General and administrative     27,410      20,519      23,014       3,372
    Selling and marketing           8,202       6,766       6,578         964
    Research and development        8,947       7,522       8,410       1,232
    Goodwill and intangible
     assets impairment             52,236          --          --          --
    Total operating expenses       96,795      34,807      38,002       5,568
    Income (loss) from
     operations                   (49,253)     19,968      19,889       2,913
    Operating margin               -56.9%       22.2%       20.8%       20.8%

    Other income (expense)            145        (264)        761         111
    Interest income                 2,973       1,041       1,085         159
    Interest expense                   (1)         (1)         (1)         --
    Income (loss) before
     income tax provisions        (46,136)     20,744      21,734       3,183

    Income tax expense             19,621      (4,835)     (5,487)       (804)
    Net income (loss)             (26,515)     15,909      16,247       2,379
    Net income attributable to
     the noncontrolling
     interest                     (12,469)     (8,610)     (7,191)     (1,053)
    Net income (loss)
     attributable to ChinaEdu     (38,984)      7,299       9,056       1,326
    Net margin                     -45.0%        8.1%        9.5%        9.5%

    Net income (loss)
     attributable to ChinaEdu
     per ADS:
      Basic                         (2.10)       0.45        0.56       0.082
      Diluted                       (2.10)       0.41        0.51       0.075

    Weighted average aggregate
     number of ADSs
     outstanding:
      Basic                    18,650,558  16,227,267  16,148,719  16,148,719
      Diluted                  18,650,558  17,604,567  17,589,699  17,589,699

    (2) Gross revenue are
        detailed as follows
    Online degree programs         72,411      75,564      76,441      11,199
    Online tutoring programs        4,643       6,002       5,658         829
    Private primary and
     secondary schools              6,853       7,671       9,821       1,439
    International curriculum
     programs                       5,534       5,066       3,951         579

                                                  Twelve Months Ended
                                            December
    (in thousands, except                   31, 2008     December    December
    for percentage, share,              As Adjusted (1)  31, 2009    31, 2009
    and per share information)                  RMB         RMB         US$

    Gross Revenue (2)                         327,903     368,447      53,978

    Business Tax and Surcharge                 10,183      13,741       2,013

    Net Revenue:
    Online degree programs                    255,388     285,178      41,779
    Online tutoring programs                   15,436      19,584       2,869
    Private primary and secondary schools      19,289      30,627       4,487
    International curriculum programs          27,607      19,317       2,830
    Total net revenue                         317,720     354,706      51,965

    Cost of revenue:
    Online degree programs                     76,224      95,428      13,980
    Online tutoring programs                    4,017       5,713         837
    Private primary and secondary schools      17,572      26,109       3,825
    International curriculum programs          19,920      11,112       1,628
    Total cost of revenue                     117,733     138,362      20,270

    Gross profit:
    Online degree programs                    179,164     189,750      27,799
    Online tutoring programs                   11,419      13,871       2,032
    Private primary and secondary schools       1,717       4,518         662
    International curriculum programs           7,687       8,205       1,202
    Total gross profit                        199,987     216,344      31,695

    Online degree programs                      70.2%       66.5%       66.5%
    Online tutoring programs                    74.0%       70.8%       70.8%
    Private primary and secondary schools        8.9%       14.8%       14.8%
    International curriculum programs           27.8%       42.5%       42.5%
    Gross margin                                62.9%       61.0%       61.0%

    Operating expenses:
    General and administrative                 86,908      82,858      12,139
    Selling and marketing                      29,851      23,688       3,470
    Research and development                   26,185      30,385       4,451
    Goodwill and intangible assets
     impairment                                70,093          --          --
    Total operating expenses                  213,037     136,931      20,060
    Income (loss) from operations             -13,050      79,413      11,635
    Operating margin                            -4.1%       22.4%       22.4%

    Other income (expense)                        562       1,748         256
    Interest income                            10,652       4,980         730
    Interest expense                           (1,298)         (2)         --
    Income (loss) before income tax
     provisions                                (3,134)     86,139      12,621

    Income tax expense                         (3,473)    (19,287)     (2,826)
    Net income (loss)                          (6,607)     66,852       9,795
    Net income attributable to the
     noncontrolling interest                  (36,412)    (32,073)     (4,699)
    Net income (loss) attributable to
     ChinaEdu                                 (43,019)     34,779       5,096
    Net margin                                 -13.5%        9.8%        9.8%

    Net income (loss) attributable to
     ChinaEdu per ADS:
          Basic                                 (2.25)       2.14       0.313
          Diluted                               (2.25)       1.99       0.291

    Weighted average aggregate number of
     ADSs outstanding:
          Basic                            19,226,501  16,281,535  16,281,535
          Diluted                          19,226,501  17,506,561  17,506,561

    (2) Gross revenue are detailed as
        follows
    Online degree programs                    263,727     297,192      43,539
    Online tutoring programs                   16,058      20,130       2,949
    Private primary and secondary schools      19,319      30,684       4,495
    International curriculum programs          28,799      20,441       2,995

    ChinaEdu Corporation
    Unaudited Condensed Consolidated Statements of Cash Flow

                                                   Three Months Ended
                                        December   September December December
    (in thousands)                    31, 2008 (1)  30, 2009 31, 2009 31, 2009
                                            RMB        RMB      RMB     US$

    Operating activities:
      Net income (loss)                  (26,515)    15,909   16,247   2,379
        Share-based compensation           1,683      1,488    1,611     236
        Depreciation                       3,570      4,119    4,560     668
        Amortization of land use
         rights                              182        152      152      22
        Amortization of intangible
         assets                            2,087      1,114    1,129     165
        Goodwill and intangible
         assets impairment                52,236         --       --      --
        Accounts receivable write-
         off                               1,215         16      (61)     (9)
        Loss from disposal of
         property and equipment            1,663        110      310      45
        Deferred income taxes            (16,310)      (613)     (51)     (7)
        Accounts receivable              (10,341)    11,797  (15,121) (2,215)
        Inventory                             --       (722)     (53)     (8)
        Prepaid expenses and other
         current assets                   (7,287)    (6,582)  (2,800)   (410)
        Amounts due from related
         parties                         (22,991)    26,821   11,511   1,686
        Rental deposits                      107        (67)      62       9
        Land use right                      (160)        --       --      --
        Accounts payable                  (1,084)    (1,368)  (1,373)   (201)
        Deferred revenues                 68,925    (60,114)  64,517   9,452
        Accrued expenses and other
         current liabilities              16,213      8,437   10,043   1,472
        Amounts due to related
         parties                         (29,096)    11,946  (37,523) (5,497)
        Unrecognized tax benefit             872         89      184      27
        Other taxes payable                5,287      2,122    2,054     301
        Income tax payable                (4,556)     4,800    5,131     752

    Net cash provided by operating
     activities                           35,700     19,454   60,529   8,867

    Investing activities:
        Purchase of  business                 --         --       --      --
        Purchase of property and
         equipment                        (4,745)   (10,270)  (6,277)   (920)
        Deposits paid for
         acquisition of property and
         equipment                        (2,616)     2,616  (13,987) (2,049)
        Redeem (purchase) of term
         deposits                         41,000     (8,988) (33,825) (4,955)
        Purchase of investments               --    (14,083)  (6,495)   (952)
        Purchase of contractual
         right                                --         --     (735)   (108)
        Change in restricted cash             --         --     (365)    (53)
        Proceeds from disposal of
         property and equipment               --         --       --      --
    Net cash provided by (used in)
     investing activities                 33,639    (30,725) (61,684) (9,037)

    Financing activities:
        Repurchase of ordinary
         shares                          (13,714)        --  (14,740) (2,159)
        Cancellation fee of
         repurchased ordinary shares          --       (249)      --      --
        Short term loan                       --      2,117   (2,117)   (310)
        Repayment of long-term loan
         interest and principal               --         --       --      --
        Cash dividends paid to
         noncontrolling shareholders      (7,269)        --   (4,098)   (600)
        Capital contributions by
         noncontrolling shareholders          --         --      735     108
        Proceeds from exercise of
         options                           1,383      2,463      274      40
    Net cash provided by (used in)
     financing activities                (19,600)     4,331  (19,946) (2,921)

    Effect of foreign exchange
     rate changes                            865         48        4       1

    CASH AND CASH EQUIVALENTS,
     beginning of period                 303,329    231,132  224,240  32,851

    CASH AND CASH EQUIVALENTS,
     end of period                       353,933    224,240  203,143  29,761

    Net increase (decrease) in cash       50,604     (6,892) (21,097) (3,090)

                                                  Twelve Months Ended
                                            December    December    December
    (in thousands)                        31, 2008 (1)  31, 2009    31, 2009
                                               RMB         RMB         US$

    Operating activities:
      Net income (loss)                       (6,607)     66,852      9,795
        Share-based compensation               5,231       7,416      1,086
        Depreciation                          12,212      16,603      2,432
        Amortization of land use
         rights                                  606         619         91
        Amortization of intangible
         assets                                8,746       5,237        767
        Goodwill and intangible
         assets impairment                    70,093          --         --
        Accounts receivable write-
         off                                   1,215         364         53
        Loss from disposal of
         property and equipment                1,663         513         75
        Deferred income taxes                 (8,387)        306         45
        Accounts receivable                  (14,658)    (13,844)    (2,028)
        Inventory                                 --      (1,852)      (271)
        Prepaid expenses and other
         current assets                       (2,970)     (5,075)      (743)
        Amounts due from related
         parties                             (44,950)    (26,330)    (3,857)
        Rental deposits                          665          90         13
        Land use right                          (160)     (1,989)      (291)
        Accounts payable                        (950)        115         17
        Deferred revenues                     15,210       3,792        556
        Accrued expenses and other
         current liabilities                  10,011      19,082      2,796
        Amounts due to related
         parties                              (4,368)        268         39
        Unrecognized tax benefit               1,141       2,254        330
        Other taxes payable                    5,342       3,892        570
        Income tax payable                     5,462       5,472        802

    Net cash provided by operating
     activities                               54,547      83,785     12,277

    Investing activities:
        Purchase of  business                 (6,700)         --         --
        Purchase of property and
         equipment                           (36,323)    (57,071)    (8,361)
        Deposits paid for
         acquisition of property
         and equipment                        (8,650)    (11,371)    (1,666)
        Redeem (purchase) of term
         deposits                            (57,458)    (58,813)    (8,616)
        Purchase of investments                   --     (20,578)    (3,015)
        Purchase of contractual
         right                                (1,225)     (1,235)      (181)
        Change in restricted cash                 --        (365)       (53)
        Proceeds from disposal of
         property and equipment                   31          --         --
    Net cash provided by (used in)
     investing activities                   (110,325)   (149,433)   (21,892)

    Financing activities:
        Repurchase of ordinary
         shares                              (34,190)    (76,387)   (11,191)
        Cancellation fee of
         repurchased ordinary
         shares                                   --        (249)       (36)
        Short term loan                           --          --         --
        Repayment of long-term
         loan interest and
         principal                           (25,724)         --         --
        Cash dividends paid to
         noncontrolling
         shareholders                        (11,319)    (14,698)    (2,153)
        Capital contributions by
         noncontrolling
         shareholders                          1,225       1,715        251
        Proceeds from exercise of
         options                               1,787       4,161        610
    Net cash provided by (used in)
     financing activities                    (68,221)    (85,458)   (12,519)

    Effect of foreign exchange rate
     changes                                 (19,182)        316         44

    CASH AND CASH EQUIVALENTS, beginning
     of period                               497,114     353,933     51,851

    CASH AND CASH EQUIVALENTS, end of
     period                                  353,933     203,143     29,761

    Net increase (decrease) in cash         (143,181)   (150,790)   (22,090)

    ChinaEdu Corporation
    Reconciliations from income (loss) from operations to adjusted income from
    operations (non-GAAP) and adjusted operating margin (non-GAAP)

                                              Three Months Ended
                                  December   September   December     December
    (in thousands, unaudited)     31, 2008    30, 2009   31, 2009     31, 2009
                                     RMB         RMB         RMB         US$
    Income (loss) from
     operations
    GAAP Result                   (49,253)     19,968      19,889       2,913
    Share-based compensation        1,683       1,488       1,611         236
    Exchange loss                      --          --          --          --
    Amortization                    2,269       1,266       1,281         187
    Goodwill and intangible
     assets impairment             52,236          --          --          --
    Adjusted income from
     operations (non-GAAP)          6,935      22,722      22,781       3,336
    Adjusted operating margin
     (non-GAAP)                      8.0%       25.3%       23.9%       23.9%

                                                    Twelve Months Ended
                                              December    December    December
    (in thousands, unaudited)                 31, 2008    31, 2009    31, 2009
                                                 RMB         RMB         US$
    Income (loss) from operations
    GAAP Result                               (13,050)     79,413      11,635
    Share-based compensation                    5,231       7,416       1,086
    Exchange loss                               1,433          --          --
    Amortization                                9,352       5,856         858
    Goodwill and intangible assets
     impairment                                70,093          --          --
    Adjusted income from operations
     (non-GAAP)                                73,059      92,685      13,579
    Adjusted operating margin (non-GAAP)        23.0%       26.1%       26.1%

    ChinaEdu Corporation
    Reconciliation from net income (loss) to adjusted EBITDA (non-GAAP)
    and adjusted EBITDA margin (non-GAAP)

                                                 Three Months Ended
                                          December September December December
    (in thousands, unaudited)             31, 2008 30, 2009  31, 2009 31, 2009
                                             RMB       RMB      RMB      US$

    Net income (loss)                      (26,515)  15,909   16,247    2,379
      Income tax expense                   (19,621)   4,835    5,487      804
      Share-based compensation               1,683    1,488    1,611      236
      Exchange loss                             --       --       --       --
      Amortization                           2,269    1,266    1,281      187
      Depreciation                           3,570    4,119    4,560      668
      Interest income and other, net        (3,117)    (776)  (1,845)    (270)
      Goodwill and intangible assets
       impairment                           52,236       --       --       --

    Adjusted EBITDA (non-GAAP)              10,505   26,841   27,341    4,004
    Adjusted EBITDA margin (non-GAAP)        12.1%    29.9%    28.6%    28.6%

                                                 Twelve Months Ended
                                            December     December     December
    (in thousands, unaudited)               31, 2008     31, 2009     31, 2009
                                               RMB          RMB          US$

    Net income (loss)                         (6,607)      66,852       9,795
      Income tax expense                       3,473       19,287       2,826
      Share-based compensation                 5,231        7,416       1,086
      Exchange loss                            1,433           --          --
      Amortization                             9,352        5,856         858
      Depreciation                            12,212       16,603       2,432
      Interest income and other, net          (9,916)      (6,726)       (986)
      Goodwill and intangible assets
       impairment                             70,093           --          --

    Adjusted EBITDA (non-GAAP)                85,271      109,288      16,011
    Adjusted EBITDA margin (non-GAAP)          26.8%        30.8%       30.8%

    ChinaEdu Corporation
    Reconciliations from net income (loss) attributable to ChinaEdu to
    adjusted net income attributable to ChinaEdu (non-GAAP), adjusted net
    margin (non-GAAP) and adjusted net income per ADS (non-GAAP)

                                               Three Months Ended
    (in thousands, unaudited)    December    September    December    December
                                 31, 2008     30, 2009    31, 2009    31, 2009
                                     RMB         RMB         RMB         US$
    Net income (loss) attri-
     butable to ChinaEdu
    GAAP Result                   (38,984)      7,299       9,056       1,326
    Share-based compensation        1,683       1,488       1,611         236
    Exchange loss                      --          --          --          --
    Share-based compensation
     attributable to the
     noncontrolling interest         (203)       (168)       (183)        (27)
    Amortization                    2,269       1,266       1,281         187
    Goodwill and intangible
     assets impairment             52,236          --          --          --
    Adjusted net income
     attributable to ChinaEdu
     (non-GAAP)                    17,001       9,885      11,765       1,722
    Adjusted net margin (non-
     GAAP)                          19.6%       11.0%       12.3%       12.3%

    Adjusted net income per
     ADS (non-GAAP)
      Basic                          0.91        0.61        0.73       0.107
      Diluted                        0.89        0.56        0.67       0.098

    Weighted average aggregate
     number of ordinary shares
     outstanding:
      Basic                    18,650,558  16,227,267  16,148,719  16,148,719
      Diluted                  19,187,923  17,604,567  17,589,699  17,589,699

                                                  Twelve Months Ended
    (in thousands, unaudited)                December    December    December
                                             31, 2008    31, 2009    31, 2009
                                                RMB         RMB         US$
    Net income (loss) attributable to
     ChinaEdu
    GAAP Result                               (43,019)     34,779       5,096
    Share-based compensation                    5,231       7,416       1,086
    Exchange loss                               1,433          --          --
    Share-based compensation attributable
     to the noncontrolling interest              (786)       (925)       (136)
    Amortization                                9,352       5,856         858
    Goodwill and intangible assets
     impairment                                70,093          --          --
    Adjusted net income attributable to
     ChinaEdu (non-GAAP)                       42,304      47,126       6,904
    Adjusted net margin (non-GAAP)              13.3%       13.3%       13.3%

    Adjusted net income per ADS (non-GAAP)
      Basic                                      2.20        2.89       0.424
      Diluted                                    2.10        2.69       0.394

    Weighted average aggregate number of
     ordinary shares outstanding:
      Basic                                19,226,501  16,281,535  16,281,535
      Diluted                              20,162,529  17,506,561  17,506,561

    Adjusted income from operations, which is a non-GAAP measure defined as
    income from operations excluding share-based compensation, exchange loss,
    amortization of intangible assets and land use rights, and goodwill and
    intangible assets impairment charges, if applicable.

    Adjusted net income attributable to ChinaEdu, which is a non-GAAP measure
    defined as net income attributable to the ChinaEdu excluding share-based
    compensation, exchange loss, noncontrolling interest for share-based
    compensation, amortization of intangible assets and land use rights, and
    goodwill and intangible assets impairment charges,  if applicable.

Frequency Electronics, Inc. (FEIM) Announces Third Quarter Fiscal Year 2010 Results

MITCHEL FIELD, N.Y., March 12, 2010 (GLOBE NEWSWIRE) — Frequency Electronics, Inc. (Nasdaq:FEIM – News) reported net income for the third quarter of fiscal 2010, which ended January 31, 2010, of $2.0 million, or $0.25 per diluted share, compared to a net loss of $129,000, or ($0.02) per diluted share in the preceding quarter, and net income of $99,000, or $0.01 per diluted share, in the third quarter of fiscal 2009. Net income for the first nine months of fiscal 2010 was $2.6 million, or $0.31 per diluted share, compared to net loss of $1.6 million, or ($0.19) per diluted share, in the same period of fiscal 2009. The fiscal year 2010 periods include a tax benefit of $2.0 million as a result of a change in tax laws regarding the carryback of net operating losses and also include non-cash investment impairment charges to income of $350,000 for the quarter and $550,000 for the nine months ended January 31, 2010.

Revenues for the third quarter were $12.5 million, compared to $11.4 million for the preceding quarter and $13.2 million for the same period of fiscal 2009. Revenues for the first nine months of fiscal 2010 were $36.4 million compared to $40.3 million for the same period of fiscal 2009.

Operating income for the third quarter of fiscal 2010 was $314,000, an increase over the $242,000 operating income in the preceding quarter, and compared to an operating loss of $215,000 in the third quarter of fiscal 2009. For the first nine months of fiscal 2010, operating income was $1.2 million compared to an operating loss of $2.5 million for the same period in the previous fiscal year.

Chairman of the Board General Joseph Franklin made the following comments: “Recent results add further support to our very positive outlook for Frequency Electronics. The Company is generating increased operating profits at current revenue rates, reflecting operating efficiencies that were put in place last year. Our cash position has increased from $14.9 million at year end to $16.9 million at the end of the third quarter. We are making great progress on the design of new standardized space products which will address a larger share of the satellite payload market. Engineering models for these products are on schedule for completion by the end of this fiscal year. The Company has also made large R&D investments to develop and qualify state-of-the-art products which in many cases are sole-source on large, multi-year government programs. We anticipate significant additional bookings for follow-on phases of these programs, which will add to revenues and profitability.”

Reports on the Company’s major business areas:

– Satellite Payloads: Revenues from this business area in the third quarter continued on the same trend, approximately 33% of consolidated revenues. U.S. Government space program revenues continued to grow, while commercial revenues were relatively flat. Significant engineering effort is directed at development of new C and Ku band beacon/telemetry transceivers, and a new family of frequency generators and converters.

– U.S. Government/DOD non-satellite programs: Revenues from this business area exceeded 20% of consolidated revenues in the third quarter. Year-over-year for the first nine months, revenues from this business area have increased 25%.

– Telecommunications infrastructure: Revenues from this business area in the third quarter were approximately 30% of consolidated revenues. Sales of wireless products continued to decline. Sales of the US5G and other wireline synchronization products are gaining significant market share and now represent a major portion of this business area.

Reporting segments:

(Including inter-segment sales of $595,000 in the third quarter of fiscal 2010, $635,000 in the previous quarter, and $786,000 in the third quarter of fiscal 2009.)

– FEI-NY revenues were $7.4 million for this quarter, compared to $6.9 million in the preceding quarter, and $9.5 million in the third quarter of fiscal 2009. The FEI-NY segment includes revenues from all major business areas.

– Gillam-FEI recorded revenues of $3.8 million for this quarter, compared to $2.5 million in the preceding quarter and $2.4 million in the third quarter of fiscal 2009. The Gillam-FEI segment includes revenues primarily from wireline telecommunications infrastructure and from other network management products

– FEI-Zyfer revenues were $1.9 million for this quarter, compared to $2.6 million for the preceding quarter and $2.1 million in the third quarter of fiscal 2009. The majority of FEI-Zyfer’s sales are derived from U.S. Government/DOD programs, and also include US5G sales.

Chief Financial Officer Alan Miller stated: “Our third quarter and nine-month gross margins improved substantially over the same periods of fiscal year 2009. Consequently, we were able to generate operating profits during the fiscal 2010 periods. We recorded $465,000 in positive operating cash flow for this past quarter; $3.1 million year-to-date and we anticipate adding another $2.8 million upon receipt of the tax refund. Frequency is on a very sound financial footing to take advantage of new opportunities.”

Investor Conference Call

As previously announced, the Company will hold a conference call to discuss these results on Friday, March 12, 2010, at 11:30 AM Eastern Time. Investors and analysts may access the call by dialing 1-877-407-9205. International callers may dial 1-201-689-8054. Ask for the Frequency Electronics conference call.

The call will be archived on the Company’s website through April 12, 2010. The archived call may also be retrieved at 1-877-660-6853 (domestic) or 1-201-612-7415 (international) using Passcodes (both are required for playback): Account: 286, Conference ID: 346964.

About Frequency Electronics

Frequency Electronics, Inc. is a world leader in the design, development and manufacture of high precision timing, frequency control and synchronization products for space and terrestrial applications. Frequency’s products are used in commercial, government and military systems, including satellite payloads, missiles, UAVs, aircraft, GPS, secure radios, SCADA, energy exploration and wireline and wireless communication networks. Frequency has received over 60 awards of excellence for achievements in providing high performance electronic assemblies for over 120 space programs. The Company invests significant resources in research and development and strategic acquisitions world-wide to expand its capabilities and markets. Subsidiaries and Affiliates: Gillam-FEI provides expertise in wireline network synchronization and SCADA; FEI-Zyfer provides GPS and secure timing (“SAASM”) capabilities for critical military and commercial applications, and US5G and related wireline synchronization products; FEI-Asia provides cost-effective manufacturing and distribution capabilities in a high growth market. Frequency’s Morion affiliate supplies high-quality, cost-effective quartz oscillators and components. The Elcom Technologies affiliate provides added resources for state-of-the-art RF microwave products. Additional information is available on the Company’s website: http://www.frequencyelectronics.com/.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The Statements in this press release regarding the future constitute “forward-looking” statements pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, inability to integrate operations and personnel, actions by significant customers or competitors, general domestic and international economic conditions, consumer spending trends, reliance on key customers, continued acceptance of the Company’s products in the marketplace, competitive factors, new products and technological changes, product prices and raw material costs, dependence upon third-party vendors, competitive developments, changes in manufacturing and transportation costs, the availability of capital, and other risks detailed in the Company’s periodic report filings with the Securities and Exchange Commission. By making these forward-looking statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release.

ATP (ATPG) Announces Deepwater Development Update and Fourth Quarter and Annual 2009 Results

HOUSTON–(BUSINESS WIRE)–ATP Oil & Gas Corporation (NASDAQ:ATPG – News) today issued its annual 2009 results, a 376% reserve replacement ratio, and announced that its major deepwater Gulf of Mexico development, the Telemark Hub, is on schedule for first production later this month. At ATP’s other deepwater development, the Canyon Express Hub, the MC 217 #3 well was placed on initial production March 11, 2010 at 30 MMcf/d gross.

Telemark Hub Update

ATP’s major deepwater Gulf of Mexico development, the Telemark Hub, is on schedule to commence production during March 2010 from the Atwater Valley 63 # 4 well. This well was tested in February at a gross rate in excess of 10,700 Boe/d from two zones. The ATP Titan, the Telemark Hub’s state-of-the-art floating production and processing facility, is in the final stages of commissioning following the installation of all major production and processing components. The sales pipelines have been hydro-tested and dewatered.

The initial sections of the Nabor’s platform rig 202 began arriving this week. Following erection of the drilling rig on the ATP Titan over the next several weeks, ATP will begin the process of re-entering and completing the Mississippi Canyon (“MC”) 941 #3 well. The MC 941 #3 well, which has been drilled and cased, is expected to commence production in the second quarter 2010. In September 2009, this well encountered 266’ of net pay, triple the amount of net pay found in the original control well.

ATP operates the Telemark Hub with a 100% working interest and owns 100% of the ATP Titan and associated pipelines and infrastructure.

Canyon Express Hub Update

At King’s Peak, the MC 217 #3 well began production through the Canyon Express pipeline on March 11, 2010 at a gross rate of 30 MMcf/d. At Aconcagua, MC 305, two additional wells, the #3 and #4, are scheduled to resume production at a rate of 30 MMcf/d gross, bringing the entire Canyon Express Hub production rate up to 60 MMcf/d gross.

ATP operates the Canyon Express Hub with a greater than 50% working interest in the wells and associated pipelines, which have a throughput capacity of approximately 500 MMcf/d.

Results of Operations

Oil revenues rose to 75% of total oil and gas revenues in 2009 compared with 56% in 2008. Oil and gas production for 2009 was 5.9 MMBoe compared to 9.6 MMBoe for 2008. In the fourth quarter 2009, ATP produced 1.3 MMBoe compared to 0.9 MMBoe in the fourth quarter 2008. With the startup of production at the Telemark Hub, ATP anticipates a further increase in its oil revenues as a percent of total revenues as well as its oil to gas production ratio during 2010.

Lease operating expense was $85.0 million for 2009 and $24.5 million for the fourth quarter 2009, compared to $91.2 million for 2008 and $18.1 million for the fourth quarter 2008. Lease operating expense for 2009 decreased compared to 2008 primarily due to the sale of 80% of the two North Sea properties mentioned above and from reduced fuel and chemical costs in the Gulf of Mexico. These cost decreases were partially offset by increases related to insurance premiums and nonrecurring workover activities at various Gulf of Mexico and North Sea properties.

General and administrative expense was $44.2 million for 2009 and $19.1 million for the fourth quarter of 2009, compared to $41.7 million for 2008 and $14.4 million for the fourth quarter of 2008. The general and administrative expense increased in 2009 compared to 2008 due primarily to the payment of third party fees related to ATP’s debt modification in the fourth quarter 2009.

Interest expense decreased to $40.9 million in 2009 compared to $100.7 million in 2008 primarily due to 2009 capitalized interest of $110.1 million compared to capitalized interest of $44.6 million in 2008. Capitalized interest in 2009 increased due to higher average construction work-in-progress balances.

ATP recorded a net loss attributable to common shareholders of $51.8 million or $1.24 per basic and diluted share for 2009, compared to net income of $121.7 million or $3.43 per basic and $3.39 per diluted share for 2008. For the fourth quarter, ATP recorded a net loss of $40.0 million or $0.80 per basic and diluted share, compared to net income of $50.2 million or $1.41 per basic and diluted share for the fourth quarter 2008. Fourth quarter results were impacted by delays related to a well recompletion at ATP’s Gomez Hub. The recompletion of the MC 711 #4 well was successful in January 2010 and, as a result, the comingled well tested at a net rate in excess of 4,600 Boe/d.

The net loss for the fourth quarter 2009 was impacted by several nonrecurring items research analysts typically exclude from their published estimates including an after-tax impairment at several Gulf of Mexico shelf properties of $24.1 million, an after-tax gain on the sale of properties of $8.5 million, an after-tax expense of $4.0 million relating to debt modification and an unrealized after-tax loss on derivatives of $10.1 million. Accordingly, net loss before these nonrecurring items, a non-GAAP measure, in the fourth quarter 2009 was $10.3 million or $0.20 per basic and diluted share. For the same metric in 2008, ATP recorded net income of $78.4 million or $2.21 per basic and $2.20 per diluted share. A reconciliation of non-GAAP net income is provided below:

ATP’s selected operating statistics and financial information below contain additional information on the company’s activities for the year and fourth quarter of 2009 and the comparable periods in 2008.

Proved Reserves

ATP reported independent third-party proved reserves at year-end 2009 of 135.2 MMBoe. ATP’s proved reserves are located 62% in the deep waters of the Gulf of Mexico, 6% on the Gulf of Mexico shelf and 32% in the North Sea. The December 31, 2009 pre-tax PV-10 was determined using SEC pricing. All of the proved reserves shown below were prepared by independent reservoir engineers whose certification letters are available on ATP’s web site.

ATP achieved a 376% reserve replacement ratio from all sources in 2009, based on net additions of 22.0 MMBoe. A reconciliation of ATP’s reserve replacement ratio and the changes in proved reserves from December 31, 2008 to December 31, 2009 is provided below.

Transactions

During 2009, ATP closed a series of capital market, asset monetization, and financing transactions, a summary of which is provided below:

First Quarter

• Raised $149 million from the sale of a redeemable noncontrolling interest in ATP-IP. ATP continues to hold a 51% interest in ATP-IP, the entity that owns the ATP Innovator;

Second Quarter

• Completed a $68 million common stock issuance, net of fees and expenses;
• Conveyed limited-term net profits interests (“NPIs”) to three vendors in exchange for their services for a total expected value of approximately $200 million;

Third Quarter

• Executed an agreement with the contractor to defer approximately $99 million of Octabuoy hull construction costs without delaying the construction schedule;
• Realized $75 million, net of fees and expenses, from monetizing both the oil and natural gas pipelines that service ATP’s Gomez Hub;
• Raised $93 million by selling common stock and $136 million by selling convertible perpetual preferred stock, net of fees and expenses;

Fourth Quarter

• Conveyed a limited-term dollar denominated overriding royalty interest for $15 million;
• Sold a 25% working interest in the deep operating rights in one of our properties for $13 million.

ATP has continued this monetization program in 2010. On January 6, 2010, ATP completed a $140 million limited-term overriding royalty interest transaction. ATP intends to monetize other assets, primarily the ATP Titan or other Telemark Hub infrastructure, and potentially other overriding royalty and net profits interests in 2010.

As a result of the above transactions, ATP reduced its Term Loans from $1.4 billion at December 31, 2008 to $1.2 billion at December 31, 2009. Substantially all of this reduction related to the Asset Sale Facility tranche of our Term Loan Facility falling from $326.7 million at year-end 2008 to $160.7 million at year-end 2009. Additional reductions in 2010 have decreased the outstanding balance to $146.0 million as of March 11, 2010. ATP was in compliance with the covenants of its Term Loans and expects to remain in compliance throughout 2010.

Hedging and Derivative Update

Since ATP announced third quarter earnings on November 5, 2009, ATP has been active in the U.S. derivatives market, hedging 3.1 million Bbls of crude oil at prices ranging from $73.15 per Bbl to $81.00 per Bbl and 3.7 Bcf of natural gas at $5.42 per MMBtu. ATP plans to add additional hedges throughout 2010 to coincide with the ramp-up in production at the Telemark Hub.

In addition, ATP unwound 2.1 MMMBtu of natural gas collars in the U.K. and replaced them with 1.8 Bcf of natural gas swaps at an average price of $5.45 per MMBtu. A detailed hedge and derivative schedule is provided near the end of this press release.

4^th Quarter and Year-End 2009 Conference Call

ATP management will host a conference call on Friday, March 12th at 10:00 am CT to discuss the company’s year-end 2009 results followed by a Q&A session.

Date: Friday, March 12, 2010

Time: 11:00 am ET; 10:00 am CT; 9:00 am MT and 8:00am PT

ATP invites interested persons to listen to the live webcast on the company’s website at http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.atpog.com&esheet=6212266&lan=en_US&anchor=www.atpog.com&index=1&md5=d3e1e773c609b6f1eb76609831058366. Phone participants should dial 877-675-4757. A digital replay of the conference call will be available at 888-203-1112, ID# 9413300, for a period of 24 hours beginning at 1:00 pm CT, and the webcast will be archived for 30 business days at http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.atpog.com&esheet=6212266&lan=en_US&anchor=www.atpog.com&index=2&md5=3f4a8af0479da5bbb8e76f8ac4d45394.

About ATP Oil & Gas Corporation

ATP Oil & Gas is focused on development and production of oil and natural gas in the Gulf of Mexico and the North Sea. The company trades publicly as ATPG on the NASDAQ Global Select Market. For more information about ATP Oil & Gas Corporation, visit http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.atpog.com&esheet=6212266&lan=en_US&anchor=www.atpog.com&index=3&md5=df37d6b4d560b5ca87fd12bd279cfe25.

Forward-looking Statements

Certain statements included in this news release are “forward-looking statements” under the Private Securities Litigation Reform Act of 1995. ATP cautions that assumptions, expectations, projections, intentions, or beliefs about future events may, and often do, vary from actual results and the differences can be material. Some of the key factors which could cause actual results to vary from those ATP expects include changes in natural gas and oil prices, the timing of planned capital expenditures, availability of acquisitions, uncertainties in estimating proved reserves and forecasting production results, operational factors affecting the commencement or maintenance of producing wells, the condition of the capital markets generally, as well as our ability to access them, and uncertainties regarding environmental regulations or litigation and other legal or regulatory developments affecting our business. During December 2008, the SEC issued the final rule, “Modernization of Oil and Gas Reporting” and we have adopted it as of December 31, 2009. Those new regulations allow, among other things, disclosure of probable and possible reserve quantities in reports filed with the SEC. While we do not include such reserves in our filings with the SEC, our publicly available independent third party reservoir engineering reports set forth probable and possible reserve quantities. We and our independent third party reservoir engineers use the term “probable” to describe volumes of reserves potentially recoverable through additional drilling or recovery techniques that, by their nature, are more speculative than estimates of proved reserves. All estimates of reserves in this news release have been prepared by our independent third party engineers. More information about the risks and uncertainties relating to ATP’s forward-looking statements is found in our SEC filings.

DeLorme Places Large Initial Order for New GPS Satellite Communicators From Globalstar (GSAT)

MILPITAS, Calif., March 11, 2010 (GLOBE NEWSWIRE) — Globalstar, Inc. (Nasdaq:GSAT), a leading provider of mobile satellite voice and data services to businesses, governments and consumers, today announced it has received a substantial order for the initial delivery of more than 15,000 SPOT Satellite Communicators from DeLorme, an innovation leader in mapping and GPS technologies. The introductory order will address DeLorme’s retail distribution channel fill requirements. Earlier this year at the Consumer Electronics Show in Las Vegas, the two companies jointly announced the introduction of the world’s first rugged, handheld GPS and satellite communicator product. The DeLorme Earthmate® PN-60w with SPOT Satellite Communicator is the first handheld GPS navigation device capable of sending customized text messages even when the user is operating far beyond the range of cellular communications. The product is expected to be ready for general availability beginning in late spring.

“The DeLorme Earthmate PN-60w with the SPOT Satellite Communicator provides customers with the utility of a sophisticated handheld GPS device combined with SPOT’s global satellite messaging and tracking capability,” said Peter Dalton, Chief Executive Officer of Globalstar Inc. “We were very pleased with the reception this new product received when it was unveiled at CES and today’s announcement further demonstrates the level of market excitement and potential pent up demand there is for a handheld GPS device capable of sending customized text messages and location coordinates from virtually anywhere in the world.”

The revolutionary SPOT Satellite Communicator, designed exclusively for the new PN-60w, merges SPOT satellite message functionality with DeLorme’s state-of-the-art GPS mapping utility. Together, this integrated solution offers broad messaging capabilities enabling users to send freeform text messages using the PN-60w’s keyboard to select individuals or groups, even when the user is far beyond the range of traditional terrestrial-based wireless communications.

Established SPOT technology allows real-time location updates and the ability to summon help in an emergency. Custom messages and waypoints can easily be shared with social networking sites like SPOTadventures.com, Geocaching.com, Twitter, and Facebook. As an emergency back-up, the SPOT Satellite Communicator has stand-alone capability to send location-based SOS notification to an emergency response center.

For more information regarding the SPOT Satellite GPS Messenger please visit www.findmespot.com.

About Globalstar, Inc.

With over 375,000 subscribers, Globalstar is a leading provider of mobile satellite voice and data services. Globalstar offers these services to commercial and recreational users in more than 120 countries around the world. The Company’s products include mobile and fixed satellite telephones, simplex and duplex satellite data modems and flexible service packages. Many land based and maritime industries benefit from Globalstar with increased productivity from remote areas beyond cellular and landline service. Global customer segments include: oil and gas, government, mining, forestry, commercial fishing, utilities, military, transportation, heavy construction, emergency preparedness, and business continuity as well as individual recreational users. Globalstar data solutions are ideal for various asset and personal tracking, data monitoring and SCADA applications.

For more information regarding Globalstar, please visit Globalstar’s web site at www.globalstar.com

About DeLorme

DeLorme is the longtime leader in innovative mapping and GPS solutions serving millions of satisfied consumers and enterprise customers. Based in Yarmouth, ME, DeLorme offers a unique set of core competencies across the complex areas of map data creation and management, software development, and integration with GPS. The ability to develop all the critical components necessary to compete in the fast-changing navigation world provides a distinct competitive advantage. DeLorme is one of a handful of mapmakers that still own and produce their own content, and its Street Atlas USA, Topo USA, XMap, and Earthmate GPS products have introduced countless first-to-market innovations. To learn more, go to www.delorme.com.

Safe Harbor Language for Globalstar Releases

This press release contains certain statements such as, “The product is expected to be ready for general availability beginning in late spring,” that are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond our control, including demand for our products and services, including commercial acceptance of our Simplex products, including SPOT Satellite GPS Messenger, and the ability to retain and migrate our two-way communications services subscribers to our second-generation constellation when it is deployed; problems relating to the construction, launch or in-orbit performance of our existing and future satellites, including the effects of the degrading ability of our first-generation satellite constellation to support two-way communication; problems relating to the ground-based facilities operated by us or by independent gateway operators; competition and its competitiveness vis-a-vis other providers of satellite and ground-based communications products and services; the pace and effects of industry consolidation; the continued availability of launch insurance on commercially reasonable terms, and the effects of any insurance exclusions; changes in technology; our ability to continue to attract and retain qualified personnel; worldwide economic, geopolitical and business conditions and risks associated with doing business on a global basis; and legal, regulatory, and tax developments, including changes in domestic and international government regulation.

Any forward-looking statements made in this press release speak as of the date made and are not guarantees of future performance. Actual results or developments may differ materially from the expectations expressed or implied in the forward-looking statements, and we undertake no obligation to update any such statements. Additional information on factors that could influence our financial results is included in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

iGo (IGOI) Reports Fourth Quarter 2009 Financial Results

Mar. 10, 2010 (Business Wire) — iGo, Inc. (Nasdaq: IGOI), a leading provider of power management solutions, today reported financial results for the fourth quarter ended December 31, 2009. Net income attributable to iGo, Inc. was $90,000, or $0.00 per share, in the fourth quarter of 2009, compared with net income of $103,000, or $0.00 per share, in the same quarter of the prior year. Net income was positively impacted by a $234,000 income tax benefit recorded in the fourth quarter of 2009 relating to an application for a refund of federal alternative minimum taxes paid in 2005 and 2006 in connection with the Worker, Homeownership, and Business Assistance Act of 2009. Total revenue was $11.6 million in the fourth quarter of 2009, compared with revenue of $19.6 million in the fourth quarter of 2008.

According to Generally Accepted Accounting Principles in the United States (U.S. GAAP), iGo must consolidate the operating results of Mission Technology Group, which acquired the Company’s expansion/docking business in 2007, into its financial results until such time as the Company’s financial interest in the performance of Mission Technology Group no longer meets the criteria for consolidation. As a result of a recently issued accounting pronouncement, beginning with the first quarter of 2010, the Company has determined it will no longer be required to consolidate the operating results of Mission Technology Group.

Excluding revenues related to business lines acquired by Mission Technology Group, total revenues were $9.9 million in the fourth quarter of 2009, compared to $17.6 million in the same quarter of the prior year.

Excluding the operating results of the divested business, net loss was ($10,000), or ($0.00) per share, in the fourth quarter of 2009, compared to net income of $45,000, or $0.00 per share, in the fourth quarter of 2008. A detailed reconciliation of GAAP to non-GAAP financial results is provided in the financial tables at the end of this release.

Michael D. Heil, President and Chief Executive Officer of iGo, commented, “Our fourth quarter performance was in line with our expectations. Although total revenues were lower than the prior year, we have seen a substantial improvement in gross margin due to a shift from an OEM and private label distributor model to a direct sales to retailers model. Direct sales should prove increasingly beneficial as we continue to add new retail accounts and expand on our existing customer relationships in the future.”

New Product Introductions

During the fourth quarter of 2009, iGo introduced three new products:

• Power Smart Tower with iGo Green Technology – A tower-style surge protector that features four outlets with iGo Green Technology that reduce energy consumption, four “always on” outlets for devices requiring continuous power and two USB ports to conveniently charge mobile devices
• Power Smart Wall with iGo Green Technology – A wall-mounted surge protector with two power outlets with iGo Green Technology and two “always on” outlets for devices requiring continuous power
• Laptop Anywhere Charger with iGo Green Technology – An energy-saving charger that powers laptops and mobile devices at the same time from a wall, car or airplane power outlet

All three of these products feature iGo Green™ Technology, which is specifically designed to reduce energy consumption and virtually eliminate “Vampire Power.” Vampire Power (or standby power) results from the multitude of electronic devices that continue to consume power even when they are idle or shut-off, such as computers and printers.

Fourth Quarter Product Area Highlights

Revenue from the sale of power products for laptop computers and netbooks was $5.0 million in the fourth quarter of 2009, compared to $11.5 million in the same period of the prior year. The decline in revenue is primarily due to lower sales to private label distributors.

Revenue from the sale of power products for low-power mobile electronic devices (e.g. mobile phones, smart phones, MP3 players and digital cameras) was $4.7 million in the fourth quarter of 2009, compared with $6.0 million in the same period of the prior year. The decline in revenue is primarily due to lower sales to the retail channel.

Financial Highlights

Gross margin was 35.1% in the fourth quarter of 2009, compared to 27.9% in the fourth quarter of 2008. Excluding the operations of the divested business, gross margin was 32.7% in the fourth quarter of 2009, compared to 25.7% in the fourth quarter of 2008. The increase in gross margin is primarily due to a decline in sales to private label distributors.

Total selling, general and administrative expenses in the fourth quarter of 2009 were $4.3 million, compared with $6.2 million in the fourth quarter of 2008. Excluding the operations of the divested business, selling, general and administrative expenses were $3.6 million in the fourth quarter of 2009, compared to $5.3 million in the fourth quarter of 2008. The decline in selling, general and administrative expenses is primarily due to expense reductions made during the past year.

Excluding assets of the divested business, the Company’s balance sheet remained strong with $32.6 million in cash, cash equivalents, and short-term investments as of December 31, 2009. The Company continues to have no long-term debt and had a book value per share of $1.24 based on 32.4 million common shares issued and outstanding as of December 31, 2009.

Non-GAAP Financial Measures

Although the Company currently consolidates the operating results of Mission Technology Group, the acquirer of its docking/expansion business, for accounting purposes under U.S. GAAP, the Company believes that the discussion of operating results excluding the handheld and expansion/docking lines of business allows management and investors to evaluate and compare the Company’s operating performance on a more meaningful and consistent manner. In addition, management uses these measures internally for evaluation of the performance of the business, including the allocation of resources. These non-GAAP financial measures should be considered in addition to, not as a substitute for, or superior to, measures of financial performance in accordance with GAAP.

About iGo, Inc.

iGo, Inc., based in Scottsdale, Arizona, is a leading provider of power management solutions, including eco-friendly chargers for laptop computers and mobile electronic devices (e.g., mobile phones, PDAs, digital cameras, etc.). All of these chargers leverage iGo’s intelligent tip technology, which significantly minimizes electronic waste by enabling one charger to power/charge hundreds of brands and thousands of models of mobile electronic devices through the use of interchangeable tips. iGo is also the creator of a new, innovative patent-pending power saving technology that automatically eliminates wasteful and expensive standby or “vampire” power that is generated from chargers continuing to draw electricity when a mobile electronic device no longer requires charging or is disconnected from the charger.

iGo’s products are available at www.iGo.com as well as through leading resellers and retailers. For additional information call 480-596-0061, or visit www.igo.com.

iGo is a registered trademark of iGo, Inc. All other trademarks or registered trademarks are the property of their respective owners.

This press release contains “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934. The words “believe,” “expect,” “anticipate,” “should,” and other similar statements of expectations identify forward-looking statements. Forward-looking statements in this press release include expectations that the Company will add more accounts in the future and that the Company’s business model will prove increasingly beneficial, including higher gross margins, as new accounts are added, and the belief that the Company can continue adding accounts and expanding its relationships with existing customers in the future. These forward-looking statements are based largely on management’s expectations and involve known and unknown risks, uncertainties and other factors, which may cause the Company’s actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. Risks that could cause results to differ materially from those expressed in these forward-looking statements include, among others, the loss of, and failure to replace, or substantial declines in orders from, any significant customers, most notably including RadioShack; the inability of the Company’s sales and marketing strategy to generate broader consumer awareness, increased adoption rates, or impact sell-through rates at the retail and wireless carrier level; the timing and success of product development efforts and new product introductions, including internal development projects as well as those being pursued with strategic partners; the timing and success of product developments, introductions and pricing of competitors; the timing of, or declines in, substantial customer orders; the availability of qualified personnel; the availability and performance of suppliers and subcontractors; increases in manufacturing or component costs; the ability to expand and protect the Company’s proprietary rights and intellectual property; the successful resolution of unanticipated and pending litigation matters; market demand and industry and general economic or business conditions; and other factors to which this press release refers. Additionally, other factors that could cause actual results to differ materially from those set forth in, contemplated by, or underlying these forward-looking statements are included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2009 under the heading “Risk Factors.” In light of these risks and uncertainties, the forward-looking statements contained in this press release may not prove to be accurate. The Company undertakes no obligation to publicly update or revise any forward-looking statements, or any facts, events, or circumstances after the date hereof that may bear upon forward-looking statements. Additionally, the Company does not undertake any responsibility to update you on the occurrence of unanticipated events which may cause actual results to differ from those expressed or implied by these forward-looking statements.