Tuesday Morning Corp. (TUES) Announces Second Quarter Fiscal 2010 Sales

DALLAS, Jan. 11, 2010 (GLOBE NEWSWIRE) — Tuesday Morning Corporation (Nasdaq:TUES) today reported net sales for the second quarter ended December 31, 2009 were $289.6 million compared to $272.7 million for the quarter ended December 31, 2008, an increase of 6.2%. Comparable store sales for the quarter ended December 31, 2009 increased by 5.1% comprised of a 5.3% increase in traffic and a 0.2% decrease in ticket. For the six-month period ended December 31, 2009, net sales were $455.5 million compared to $446.1 million for the same time last year. Comparable store sales for the six-month period ended December 31, 2009 increased 0.8%.

Based upon the results of the quarter, the Company currently expects diluted earnings per share for the second quarter to be in the range of $0.40 to $0.43. Diluted earnings per share were $0.31 for the quarter ended December 31, 2008. Based upon the above results, we have revised our guidance for the full fiscal year ending June 30, 2010 as follows:

 Net Sales:                   $805 million to $815 million
 Comparable store sales:      Negative low single digits to flat
 Diluted earnings per share:  $0.06 to $0.10
 Capital expenditures:        $21 million
 Decrease in store count:     (7)

Kathleen Mason, President and Chief Executive Officer, stated, “We were pleased with the increase in traffic during the holiday selling season in the midst of a highly competitive retail environment. We increased our cash position from the prior year, achieved higher sales on reduced inventory, and eliminated debt. All of these factors contributed to improving an already strong balance sheet.”

The Company expects to release second quarter financial results on January 26, 2010.

About Tuesday Morning

Tuesday Morning is a leading closeout retailer of upscale, decorative home accessories, housewares and famous-maker gifts in the United States. The Company opened its first store in 1974 and currently operates 858 stores in 43 states. Tuesday Morning is nationally known for bringing its more than 9.0 million loyal customers a unique treasure hunt of high-end, first quality, brand name merchandise…never seconds or irregulars…at prices well below those of department and specialty stores and catalogues.

This press release contains forward-looking statements within the meaning of the federal securities laws and the Private Securities Litigation Reform Act of 1995, which are based on management’s current expectations, estimates and projections. Forward-looking statements typically are identified by the use of terms such as “may,” “will,” “should,” “expect,” “anticipate,” “believe,” “estimate,” “intend” and similar words, although some forward-looking statements are expressed differently. You should carefully consider statements that contain these words because they describe our expectations, plans, strategies and goals and our beliefs concerning future business conditions, our future results of operations, our future financial positions, and our business outlook or state other “forward-looking” information.

Reference is hereby made to “Item 1A. Risk Factors” of the Company’s Annual Report on Form 10-K for the year ended June 30, 2009 for examples of risks, uncertainties and events that could cause our actual results to differ materially from the expectations expressed in our forward-looking statements. These risks, uncertainties and events also include, but are not limited to, the following: uncertainties regarding our ability to open stores in new and existing markets and operate these stores on a profitable basis; conditions affecting consumer spending and the impact, depth and duration of the current economic recession; inclement weather; changes in our merchandise mix; timing and type of sales events, promotional activities and other advertising; increased or new competition; loss or departure of one or more members of our senior management, or experienced buying and management personnel; an increase in the cost or a disruption in the flow of our products; seasonal and quarterly fluctuations; fluctuations in our comparable store results; our ability to operate in highly competitive markets and to compete effectively; our ability to operate information systems and implement new technologies effectively; our ability to generate strong cash flows from our operations; our ability to maintain internal control over financial reporting; our ability to continue obtaining funding from external sources; our ability to anticipate and respond in a timely manner to changing consumer demands and preferences; and our ability to generate strong holiday season sales. The forward-looking statements made in this press release relate only to events as of the date on which the statements were made. We undertake no obligations to update our forward-looking statements to reflect events and circumstances after the date on which the statements were made or to reflect the occurrence of unanticipated events.

MAP Pharmaceuticals (MAPP) Announces FDA will not Require a Second Pivotal Efficacy Study

MOUNTAIN VIEW, Calif. /PRNewswire-FirstCall/ — MAP Pharmaceuticals, Inc. (Nasdaq: MAPP) today announced that the U.S. Food and Drug Administration (FDA) has informed the Company that a second pivotal efficacy study is not required for the Company’s LEVADEX™ new drug application (NDA) submission for the acute treatment of migraine. The Company announced in that the efficacy portion of its Phase 3 FREEDOM-301 clinical study of LEVADEX met all four primary endpoints. The Company had previously anticipated initiating a second pivotal efficacy study in the first quarter of 2010.

“We are pleased that the LEVADEX program can move forward without a second pivotal efficacy study; this news underscores our confidence in the program and allows us to focus our resources and efforts on completing our remaining clinical studies to support our NDA submission,” said Timothy S. Nelson, president and chief executive officer of MAP Pharmaceuticals. “We believe that LEVADEX has the potential to provide rapid and sustained relief of migraine symptoms to many of the approximately 30 million migraine sufferers in the U.S., including many who are not helped by currently available migraine therapies and we are committed to rapidly moving this program forward.”

The remaining clinical studies include the ongoing 12 month open-label safety extension of the FREEDOM-301 study, a pharmacokinetic (PK) study and a pharmacodynamic (PD) study. The Company anticipates that patients in these studies will complete treatment in 2010.

The goal of the long-term safety extension is to evaluate overall safety, including pulmonary and cardiovascular safety, of LEVADEX in 300 patients for six months and 150 patients, including asthmatics, for 12 months. The study is being conducted under a Special Protocol Assessment with the FDA. As previously announced, as of , more than 400 patients had completed at least six months of treatment and over 7,800 headaches had been treated, with no drug-related serious adverse events reported.

The PK study will compare the safety, PK and metabolic profiles of LEVADEX with IV dihydroergotamine (DHE) in smokers. The PD study will evaluate pulmonary artery pressure in healthy volunteers.

About LEVADEX™

LEVADEX orally inhaled migraine therapy is a novel migraine therapy in Phase 3 development. Patients administer LEVADEX themselves using the company’s proprietary TEMPO® inhaler. In the Phase 3 FREEDOM-301 trial, LEVADEX met all four co-primary endpoints at two hours: pain relief (p<0.0001); phonophobia free (p<0.0001); photophobia free (p<0.0001); and nausea free (p=0.02). Data from this Phase 3 trial show the potential for LEVADEX to be effective in treating acute migraine as well as a broad spectrum of migraine subpopulations that are often difficult to treat with current therapies, including triptans. For example in this trial, patients with allodynia, menstrual migraine, migraine with nausea and vomiting, severe migraine and those treating late in their migraine cycle responded well to LEVADEX.

LEVADEX is designed to be differentiated from existing migraine treatments. It is a novel formulation of dihydroergotamine (DHE), a drug used intravenously in clinical settings to effectively and safely treat migraines. Based on clinical results, the company believes that LEVADEX has the potential to provide both fast onset of action, sustained pain relief and other migraine symptom relief in an easy-to-use and non-invasive at-home therapy.

LEVADEX is designed to incorporate the multiple beneficial mechanisms of action that allow DHE to block initiation of migraine, limit pain, reduce inflammation and stop a migraine at any point in the migraine cycle. Based on research to date, including the efficacy portion of the FREEDOM-301 trial, the company believes the unique pharmacokinetic profile of LEVADEX has the potential to effectively treat migraines, while minimizing the side effects commonly seen with DHE and other currently available medicines.

About Migraine

Common symptoms of migraine include recurrent headaches, nausea, vomiting, photophobia (sensitivity to light) and phonophobia (sensitivity to sound). According to the National Headache Foundation, most migraines last between four and 24 hours, but some last as long as three days. On average, migraine sufferers experience 1.5 migraine attacks monthly, although 25 percent of them experience one or more attacks weekly, according to published studies. Migraine patients report that currently approved drugs do not fully meet their needs due to slow onset of action, short duration of effect, inconsistent response and unacceptable side effect profiles. The economic burden of migraine remains substantial despite existing treatments, with the direct and indirect costs of migraine in the United States estimated at over $20 billion annually.

About MAP Pharmaceuticals

MAP Pharmaceuticals is dedicated to developing and commercializing new therapies for patients suffering from conditions that are not adequately treated by currently available medicines. The company is developing LEVADEX orally inhaled therapy for the potential treatment of migraine and has reported positive results from the efficacy portion of the first Phase 3 trial of LEVADEX. In addition, MAP Pharmaceuticals generates new pipeline opportunities by applying its proprietary drug particle and inhalation technologies to enhance the therapeutic benefits of proven drugs, while minimizing risk by capitalizing on their known safety, efficacy and commercialization history.

Additional information about MAP Pharmaceuticals can be found at http://www.mappharma.com.

Forward-Looking Statements

In addition to statements of historical facts or statements of current conditions, this press release contains forward-looking statements, including with respect to MAP Pharmaceuticals’ LEVADEX product candidate. Actual results may differ materially from current expectations based on risks and uncertainties affecting the company’s business, including, without limitation, risks and uncertainties relating to the enrollment, conduct and completion of clinical trials, failure to achieve favorable clinical outcomes and to have the company’s LEVADEX product candidate approved for commercial use. The reader is cautioned not to unduly rely on the forward-looking statements contained in this press release. MAP Pharmaceuticals expressly disclaims any intent or obligation to update these forward-looking statements, except as required by law. Additional information on potential factors that could affect MAP Pharmaceuticals’ results and other risks and uncertainties are detailed in its Annual Report on Form 10-K for the year ended , as amended, and its Quarterly Report on Form 10-Q for the quarter ended , available at http://edgar.sec.gov.

Energy XXI (EXXI) Announces Major Discovery at Davy Jones Ultra-Deep Well

HOUSTON, Jan. 11, 2010 (GLOBE NEWSWIRE) — Energy XXI (Bermuda) Limited (Nasdaq:EXXI) (LSE:EXXI) today announced a discovery on its Davy Jones ultra-deep prospect located on South Marsh Island Block 230 in approximately 20 feet of water. The well has been drilled to 28,263 feet and has been logged with pipe-conveyed wireline logs to 28,134 feet. The wireline log results indicated a total of 135 net feet of hydrocarbon-bearing sands in four zones in the Wilcox section of the Eocene/Paleocene. All of the zones were full to base, with two of the zones containing a combined 90 net feet. The Eocene/Paleocene (Wilcox) suite of sands logged below 27,300 feet appears to be of exceptional quality. Flow testing will be required to confirm the ultimate hydrocarbon flow rates from the four separate zones. The resistivity log obtained on January 10th was the last data needed to confirm hydrocarbons in South Marsh Island Block 230. Drilling will resume to deepen the well to a proposed depth of 29,000 feet to test additional objectives.

“The Davy Jones discovery verifies the ultra-deep potential of the Gulf of Mexico shelf and opens this horizon as a major exploration frontier,” Energy XXI Chairman and CEO John Schiller said. “Our partner McMoRan has done an outstanding job leading this extraordinary exploration effort, and we look forward to an active and exciting drilling program to further define and expand the ultra-deep shelf play.”

Energy XXI, through a joint venture Area of Mutual Interest with McMoRan, has the option to continue participating in further exploration within the ultra-deep shelf play below the salt weld. Prospects on this acreage have multi-Tcfe gross unrisked potentials and target objective sections on the shelf in the Miocene and older age sections that have been correlated to those productive sections seen in deepwater discoveries made by other industry participants.

Energy XXI is funding 14.1 percent of the exploratory costs to earn a 15.8 percent working interest and 12.6 percent net revenue interest at Davy Jones. Other working interest owners in Davy Jones include: McMoRan Exploration Co. (NYSE:MMR), with 32.7 percent; Plains Exploration & Production Company (NYSE:PXP), with 27.7 percent; Nippon Oil Exploration USA Limited, with 12 percent; and W.A. “Tex” Moncrief, Jr., with 8.8 percent.

Forward-Looking Statements

All statements included in this release relating to future plans, projects, events or conditions and all other statements other than statements of historical fact included in this release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based upon current expectations and are subject to a number of risks, uncertainties and assumptions, including changes in long-term oil and gas prices or other market conditions affecting the oil and gas industry, reservoir performance, the outcome of commercial negotiations and changes in technical or operating conditions, among others, that could cause actual results, including project plans and related expenditures and resource recoveries, to differ materially from those described in the forward-looking statements. Energy XXI assumes no obligation and expressly disclaims any duty to update the information contained herein except as required by law.

Competent Person Disclosure

The technical information contained in this announcement relating to operations adheres to the standard set by the Society of Petroleum Engineers. Tom O’Donnell, Vice President of Corporate Development, a registered Petroleum Engineer, is the qualified person who has reviewed and approved the technical information contained in this announcement.

About the Company

Energy XXI is an independent oil and natural gas exploration and production company whose growth strategy emphasizes acquisitions, enhanced by its value-added organic drilling program. The company’s properties are located in the U.S. Gulf of Mexico waters and the Gulf Coast onshore. Collins Stewart Europe Limited and Macquarie Capital (Europe) Limited are Energy XXI listing brokers in the United Kingdom. To learn more, visit the Energy XXI website at www.energyXXI.com.

The Energy XXI logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3587

Glossary

Barrel — unit of measure for oil and petroleum products, equivalent to 42 U.S. gallons.

BOE — barrels of oil equivalent, used to equate natural gas volumes to liquid barrels at a general conversion rate of 6,000 cubic feet of gas per barrel.

Field — an area consisting of a single reservoir or multiple reservoirs all grouped on, or related to, the same individual geological structural feature or stratigraphic condition. The field name refers to the surface area, although it may refer to both the surface and the underground productive formations.

MCF — thousand cubic feet of gas.

MMBOE — million barrels of oil equivalent.

MMCF — million cubic feet of gas.

PV10 — the estimated present value of the resource, discounted at a 10 percent annual rate.

Tcfe — trillion cubic feet equivalent.

InvestorSoup Initiates Independent Research Coverage for Pacific Ethanol Inc. (PEIX)

DALLAS, Jan. 11, 2010 (GLOBE NEWSWIRE) — InvestorSoup.com announces an investment report featuring Pacific Ethanol Incorporated (Nasdaq:PEIX). The report includes financial, comparative and investment analyses, and pertinent industry information you need to know to make an educated investment decision.

The full report is available at: http://www.investorsoup.com/lp/PEIX

Get our alerts BEFORE the rest of the market. Follow us on Twitter: www.twitter.com/investorsoup

Pacific Ethanol Inc. (PEIX) produces and markets cellulose-based ethanol and bio-diesel in the United States. The Company intends to take advantage of the Energy Independence and Security Act of 2007 which mandates the use of 36 billion gallons of ethanol in the United States by 2022.

Message Board Search for PEIX: http://www.boardcentral.com/boards/PEIX

In the report, the analyst notes:

“Global production remains a key driver of fossil fuels prices, with production in both OECD and ASEAN countries weighing heavily on total world production outputs. Most economists expect a rebound in durable goods production in Asia, especially China. China’s real GDP growth is expected to reach 8% in 2010, officially, while GDP growth in the OECD countries is anticipated to be flat or rise slightly. Since the demand for energy correlates strongly with overall economic activity, oil and natural gas prices may continue higher as excess inventories are depleted and diminishing new supplies struggle to satisfy increasing demand beginning early in 2010, according to the Energy Information Administration (EIA). The condition of growing GDP dependent on increasing demand for a increasingly more expensive energy source is very bullish for the demand for biofuels.

“On January 6, the Company announced that production has resumed at its southern Idaho ethanol plant following a nearly year-long hiatus and a federal bankruptcy protection filing in May 2009 of the Company’s subsidiary that runs the plant. The Company said that it intends to add 35 workers at the plant built to process as much as 60 million gallons of ethanol per year.”

To read the entire report visit: http://www.investorsoup.com/lp/PEIX

See what investors say about PEIX at penny stock forum.

InvestorSoup.com is a small-cap research and investment commentary provider. InvestorSoup.com strives to provide a balanced view of many promising small-cap companies that would otherwise fall under the radar of the typical Wall Street investor. We provide investors with an excellent first step in their research and due diligence by providing daily trading ideas, and consolidating the public information available on them. For more information on InvestorSoup.com, please visit http://www.InvestorSoup.com

InvestorSoup.com Disclosure

InvestorSoup.com is not a registered investment advisor and nothing contained in any materials should be construed as a recommendation to buy or sell any securities. InvestorSoup.com is a Web site wholly owned by BlueWave Advisors, LLC. Please read our report and visit our Web site, InvestorSoup.com, for complete risks and disclosures.

Adeona (AEN) Announces Additional $860,000 Grant for Oral Estriol Multiple Sclerosis Clinical Trial

ANN ARBOR, MI–(Marketwire – 01/08/10) – Adeona Pharmaceuticals, Inc., (AMEX:AEN – News), a specialty pharmaceutical company dedicated to the awareness, diagnosis, prevention and treatment of zinc deficiency and chronic copper toxicity in the mature population, announced today that the ongoing clinical trial of its Trimesta(TM) (oral estriol) drug candidate being conducted by Dr. Rhonda Voskuhl, Director, UCLA Multiple Sclerosis Program, UCLA Dept. of Neurology has received an additional $860,440 in grant funding through the American Recovery and Reinvestment Act. The current phase II/III clinical study is a double-blind, placebo-controlled trial taking place at sixteen sites in the US and will enroll up to 150 female Multiple Sclerosis (MS) patients. Investigators will administer Trimesta along with glatimer acetate (Copaxone�), an FDA approved therapy for MS, to women between the ages of 18-50 who have been recently diagnosed with relapsing-remitting MS. This ongoing clinical trial previously received a $5 million grant from the National Multiple Sclerosis Society (NMSS) in partnership with the National MS Society’s Southern California chapter, with support from the National Institutes of Health (NIH).

According to Dr. Voskuhl, “This additional funding has already had a very positive impact on our trial. It has greatly increased the rate of enrollment by supporting the addition of 9 more clinical sites, bringing the total up to 16 sites across the US. We were extremely pleased that our trial was deemed important enough to be supplemented with these additional funds.”

Previous Phase II Clinical Trial Results in Relapsing Remitting Multiple Sclerosis

Trimesta (oral estriol) has previously completed an initial 22-month, single-agent, crossover Phase I/II clinical trial in the US for the treatment of MS in relapsing remitting patients, with highly encouraging results. The results showed the total volume and number of enhancing pathogenic myelin lesions (established neuroimaging measurements of disease activity in MS) decreased during the treatment period as compared to a six-month pretreatment baseline period. The median total enhancing lesion volumes decreased by 79 percent (p=0.02) and the number of lesions decreased by 82 percent (p=0.09) within the first three months of treatment with Trimesta. Following a six-month drug holiday during which the patients weren’t on any drug therapies, Trimesta therapy was reinitiated during a four-month retreatment phase of this clinical trial. The relapsing-remitting MS patients again demonstrated a decrease in enhancing lesion volumes of 88 percent (p=0.008) and a decrease in the number of lesions by 48 percent (p=0.04) compared with original baseline scores (1),(2).

Improvement in Cognitive Testing Scores

During the prior Phase I/II clinical trial, a 14-percent improvement in Paced Auditory Serial Addition Test (“PASAT”) cognitive testing scores (p=0.04) was also observed in the MS patients at six months of therapy. PASAT is a routine cognitive test performed in patients with a wide variety of neuropsychological disorders such as MS. The PASAT scores were expressed as a mean percent change from baseline and were significantly improved in the relapsing-remitting group.

About the Trimesta Phase II/III Study

In the current phase II/III study, Trimesta is being given orally once-a-day versus placebo to 150 female relapsing-remitting MS patients in combination with a standard of care background therapy, subcutaneously injected glatimer acetate. The primary endpoint for the study will evaluate effects of the treatment combination on relapse rates at two years with a one year interim analysis using standard clinical measures of MS disability as well as secondary endpoints of magnetic resonance imaging measurements of brain lesion and effects on cognition. The study is approaching 50% enrollment with the rate of enrollment benefiting significantly from the expansion of clinical sites.

About Trimesta

Trimesta is an orally active, immunomodulatory and anti-inflammatory molecule which has been approved and marketed throughout Europe and Asia for approximately 40 years for the treatment of post-menopausal hot flashes, but which has never been introduced in North America. Estriol, the active ingredient in Trimesta, is a weak estrogenic-based molecule that is produced in the placenta by women during pregnancy. Estriol is considered to play an important role in the immunologic privilege offered to the fetus during pregnancy, and is also thought to be responsible for the spontaneous remission of Th1-mediated autoimmune diseases of women (such as multiple sclerosis and rheumatoid arthritis) during pregnancy, especially during the third trimester. Adeona has an exclusive worldwide license from UCLA to issued and pending patents invented by Dr. Voskuhl including U.S. Patent 6,936,599 covering estriol’s use for MS. While currently marketed therapies for MS sell billions of dollars annually, all require frequent injections and currently is no FDA-approved oral therapy for the treatment of MS.

About Adeona Pharmaceuticals, Inc.

Adeona Pharmaceuticals, Inc. (AMEX:AEN – News) is a specialty pharmaceutical company dedicated to the awareness, diagnosis, prevention and treatment of zinc deficiency and chronic copper toxicity in the mature population. Adeona believes that these conditions may contribute to the progression of debilitating degenerative diseases, including, Dry Age-Related Macular Degeneration (Dry AMD), Alzheimer’s disease (AD) and mild cognitive impairment (MCI) in susceptible persons. Using Adeona’s proprietary, modified oral zinc delivery technologies, Adeona is preparing to initiate the first clinical trial of oral zinc therapy for the once-a-day dietary management of AD and MCI. Adeona is also developing a number of late-stage clinical drug candidates for the treatment of rheumatoid arthritis and multiple sclerosis. For further information, please visit www.adeonapharma.com.

This release includes forward-looking statements on Adeona’s current expectations and projections about future events. In some cases forward-looking statements can be identified by terminology such as “may,” “should,” “potential,” “continue,” “expects,” “anticipates,” “intends,” “plans,” “believes,” “estimates,” and similar expressions. These statements are based upon current beliefs, expectations and assumptions and are subject to a number of risks and uncertainties, many of which are difficult to predict and include statements regarding designing additional clinical trials for its oral zinc therapies, dnaJP1, Zinthionein, Zinthionein ZC, flupirtine, or Trimesta. Adeona is at an early stage of development and may not ever have any products that generate significant revenue. Adeona’s Hartlab subsidiary is generating modest revenues and its future success will likely depend upon its ability to successfully introduce and market new specialty diagnostic assays to generate additional revenues. Important factors that could cause actual results to differ materially from those reflected in Adeona’s forward-looking statements include, among others, a failure of Adeona’s product candidates to be demonstrably safe and effective, a failure to obtain regulatory approval for the company’s products or to comply with ongoing regulatory requirements, regulatory limitations relating to the company’s ability to promote or commercialize its products for awareness, prevention, diagnosis or treatment of zinc deficiency and chronic copper toxicity, a lack of acceptance of Adeona’s product candidates in the marketplace, a failure of the company to become or remain profitable, that we will continue to meet the continued listing requirements of the American Stock Exchange (which, unlike other exchanges, does not require us to maintain any minimum bid price with respect our stock but does require us to maintain a minimum of $6 million in stockholders’ equity during the current year, for example), our inability to obtain the capital necessary to fund the company’s research and development activities, a loss of any of the company’s key scientists or management personnel, and other factors described in Adeona’s report on Form 10-K for the year ended December 31, 2008, Forms 10-Q for quarters ending in 2009 and any other filings with the SEC. No forward-looking statements can be guaranteed and actual results may differ materially from such statements. The information in this release is provided only as of the date of this release, and Adeona undertakes no obligation to update any forward-looking statements contained in this release on account of new information, future events, or otherwise, except as required by law. Copaxone� is a registered trademark of Teva Neurosciences, Inc.

WorldHeart (WHRT) Receives Unconditional BTT Study Approval From FDA for Levacor(TM) VAD

SALT LAKE CITY /PRNewswire-FirstCall/ — World Heart Corporation (“WorldHeart”; Nasdaq: WHRT), a developer of mechanical circulatory systems, announced today that it has received unconditional approval from the U.S. Food and Drug Administration (“FDA”) for the bridge-to-transplant (“BTT”) study of the Levacor Ventricular Assist Device (“VAD”).  Study enrollment will encompass 160 subjects, a reduction from the approximately 200 subjects of the original statistical plan.  As previously announced, the BTT study will begin initially at ten clinical sites.

“We are especially pleased to receive unconditional approval for the Levacor BTT clinical trial in conjunction with a significant reduction in total sample size,” notes Mr. J. Alex Martin, WorldHeart’s President and Chief Executive Officer.  “Since receiving the FDA’s conditional approval, we have been actively working with involved physicians, their hospital administrations and Institutional Review Boards (IRBs) to attain individual center readiness.  We have also been providing in-depth surgical and technical training and expect to have our first implant this quarter.”

As described by Mr. Jal S. Jassawalla, WorldHeart’s Executive Vice President and Chief Technology Officer, “The Levacor VAD is the only fully magnetically levitated, bearingless, implantable centrifugal pump to move into clinical trial.”  By using magnetic levitation to fully suspend a spinning rotor, the Levacor VAD’s only moving part, the pump is designed to eliminate wear and to provide unobstructed clearances for blood flow across a wide range of operation.  Mr. Jassawalla said, “We are enthusiastic about the potential for this technology and look forward to demonstrating its safety and efficacy in the upcoming trial.”

About World Heart Corporation

WorldHeart is a developer of mechanical circulatory support systems in Salt Lake City, Utah with additional facilities in Oakland, California, USA and Herkenbosch, The Netherlands. World Heart’s registered office is in Delaware, USA.

Any forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and include all statements relating to WorldHeart’s bridge-to-transplant clinical study of the Levacor Ventricular Assist Device, strategic direction, increase in shareholder value, access to investment capital, its clinical development programs and the product pipeline, and the growth of WorldHeart’s overall business, as well as other statements that can be identified by the use of forward-looking language, such as “believes,” “feels,” “expects,” “may,” “will,” “should,” “seeks,” “plans,” “anticipates,” or “intends” or the negative of those terms, or by discussions of strategy or intentions. Investors are cautioned that all forward-looking statements involve risk and uncertainties, including without limitation: WorldHeart’s need for additional capital in the future; risks in product development, regulatory approvals and market acceptance of and demand for WorldHeart’s products; and other risks detailed in WorldHeart’s filings with the U.S. Securities and Exchange Commission, including without limitation its Annual Report on Form 10-K  for the year ended and its Quarterly Reports on Form 10-Q for the quarters ended and .

Zargis Cardioscan Cleared for Sale in Canada

STAMFORD, Conn. — Zargis Medical Corp., a majority-owned subsidiary of Speedus Corp. (Nasdaq: SPDE), today announced that Health Canada, the Canadian equivalent of the U.S. FDA, has cleared the Zargis Cardioscan™ device for sale in Canada.

The Cardioscan heart sound analysis software connects wirelessly to a Bluetooth®-enabled electronic stethoscope and is designed to help physicians analyze cardiac sounds for the identification and classification of suspected heart murmurs. As previously announced, Zargis Medical was a co-recipient of Popular Science magazine’s 2009 “Innovation of the Year” award for Cardioscan.

With 62,000 physicians treating a population of nearly 34 million people, Canada represents a significant market for Zargis. Furthermore, Cardioscan’s optional telemedicine capabilities are well suited for the Canadian healthcare system, which has embraced telemedicine as a core initiative. The introduction of Cardioscan into this market will provide benefits during face-to-face patient encounters and allow healthcare providers to extend the use of auscultation (listening with a stethoscope) to situations and environments where face-to-face encounters are not always feasible.

“We’ve been seeing increasing interest among the Canadian medical community in Cardioscan and its telemedicine functionality, which is predictable given Canada’s geography and the nature of its population distribution,” stated Zargis CEO John Kallassy.

This clearance allows Zargis to immediately begin marketing Cardioscan and the accompanying stethoscope in Canada. To order or inquire about distribution opportunities visit www.zargis.com.

About Zargis Medical Corp.

Zargis is a global medical device company focused on improving health outcomes and cost-effectiveness through diagnostic support software and innovation. Zargis is majority-owned by Speedus Corp. (Nasdaq: SPDE), and both 3M Company (NYSE: MMM) and Siemens Corporate Research, a division of Siemens AG (NYSE: SI), hold equity positions.

For additional information about Zargis or Speedus Corp., contact Peter Hodge at 888.773.3669 (ext. 23) or phodge@zargis.com, or visit the following Web sites: www.zargis.com and www.speedus.com.

Statements contained herein that are not historical facts, including but not limited to statements about the Company’s product, corporate identity and focus, may be forward-looking statements that are subject to a variety of risks and uncertainties. There are a number of important factors that could cause actual results to differ materially from those expressed in any forward-looking statements made by the Company, including, but not limited to, the continuing development of the Company’s sales, marketing and support efforts.

Immunomedics (IMMU) – Potential Lupus Drug Gains U.S. Patent

MORRIS PLAINS, N.J., Jan. 8, 2010 (GLOBE NEWSWIRE) — Immunomedics, Inc. (Nasdaq:IMMU), a biopharmaceutical company focused on developing monoclonal antibodies to treat cancer and other serious diseases, today announced that its patent for “Immunotherapy of autoimmune disorders using antibodies which target B-cells” has been issued as U.S. patent no. 7,641,901. The patent covers the use of monoclonal antibodies that bind to the CD22 antigen on B-lymphocytes for treating autoimmune disorders. The allowed claims cover the use of epratuzumab, the Company’s proprietary humanized anti-CD22 monoclonal antibody, and other anti-CD22 antibodies, alone and in combination with other therapeutics, such as antibodies, cytokines, or drugs, for the treatment of a wide range of autoimmune diseases that include systemic lupus erythematosus, rheumatoid arthritis, Sjogren’s syndrome, multiple sclerosis, myasthenia gravis, diabetes mellitus, and ulcerative colitis.

“This patent further strengthens our intellectual property protection of epratuzumab, for the treatment of autoimmune diseases,” commented Cynthia L. Sullivan, President and CEO. “Our partner, UCB, has recently reported encouraging top-line results from their Phase IIb study of epratuzumab in lupus and is planning to initiate a Phase III program for 2010,” added Ms. Sullivan.

About Immunomedics

Immunomedics is a New Jersey-based biopharmaceutical company primarily focused on the development of monoclonal, antibody-based products for the targeted treatment of cancer, autoimmune and other serious diseases. We have developed a number of advanced proprietary technologies that allow us to create humanized antibodies that can be used either alone in unlabeled or “naked” form, or conjugated with radioactive isotopes, chemotherapeutics or toxins, in each case to create highly targeted agents. Using these technologies, we have built a pipeline of therapeutic product candidates that utilize several different mechanisms of action. We also have a majority ownership in IBC Pharmaceuticals, Inc., which is developing a novel Dock-and-Lock (DNL) methodology with us for making fusion proteins and multifunctional antibodies, and a new method of delivering imaging and therapeutic agents selectively to disease, especially different solid cancers (colorectal, lung, pancreas, etc.), by proprietary, antibody-based, pretargeting methods. We believe that our portfolio of intellectual property, which includes approximately 141 patents issued in the United States and more than 300 other patents issued worldwide, protects our product candidates and technologies. For additional information on us, please visit our website at www.immunomedics.com. The information on our website does not, however, form a part of this press release.

This release, in addition to historical information, may contain forward-looking statements made pursuant to the Private Securities Litigation Reform Act of 1995. Such statements, including statements regarding clinical trials, out-licensing arrangements (including the timing and amount of contingent payments), forecasts of future operating results, and capital raising activities, involve significant risks and uncertainties and actual results could differ materially from those expressed or implied herein. Factors that could cause such differences include, but are not limited to, risks associated with new product development (including clinical trials outcome and regulatory requirements/actions), our dependence on our licensing partners for the further development of epratuzumab for autoimmune indications and veltuzumab for non-cancer indications, competitive risks to marketed products and availability of required financing and other sources of funds on acceptable terms, if at all, as well as the risks discussed in the Company’s filings with the Securities and Exchange Commission. The Company is not under any obligation, and the Company expressly disclaims any obligation, to update or alter any forward-looking statements, whether as a result of new information, future events or otherwise.

Luna Innovations (LUNA) and Intuitive Surgical (ISRG) Expand Relationship

Jan. 8, 2010 (Business Wire) — Luna Innovations Incorporated (NASDAQ: LUNA) announced today that it will be extending its development and supply agreement with Intuitive Surgical, Inc. (NASDAQ: ISRG) to continue integrating Luna’s shape sensing technology into Intuitive’s products.

In June 2007, Luna and Intuitive entered into a multi-year development and supply agreement in which Luna would supply its fiber optic based shape sensing system for integration into Intuitive’s medical robotics products and license its shape sensing technology to Intuitive for this purpose. Intuitive Surgical is the global technology leader in robotic-assisted minimally invasive surgery and its products include the da Vinci® Surgical System. Luna has successfully achieved the expectations of the development work in the original agreement, which concluded in December of 2009.

Luna and Intuitive will be extending their development and supply agreement to further develop Luna’s technology for its products.

“This new agreement with Intuitive Surgical will continue Luna’s relationship with the leader in the medical robotics market and further demonstrates the potential of our technology and intellectual property,” stated Kent Murphy, Luna’s Chairman and Chief Executive Officer. “It has been a great relationship over the past thirty months, and it is extremely rewarding to know that Luna’s technology will be assisting in complex minimally invasive surgery in the pursuit of delivering the best outcome for patients.”

“We continue to view Luna as a strong technology partner in the area of advanced shape sensing and position tracking systems,” said Dave Rosa, Intuitive’s Vice President of New Product Development. “Our development with Luna is progressing well and Intuitive remains committed to our joint project.”

Luna’s exclusive shape sensing system tracks the position of an optical fiber along its entire length, providing real-time measurements that can assist surgeons in navigating through the body. This technology could be particularly helpful in certain minimally invasive surgical techniques because of the need to track the position of medical instruments in the patient, using optical fibers as thin as a human hair to provide sensing and feedback as the nervous system does for the human body.

Luna will host a conference call with investors on Jan. 11, 2010, at 1:30 p.m. (EST) to discuss this and other announcements upon the company’s emergence from bankruptcy. The investor conference call will be available via live webcast on the Luna Innovations’ website at http://www.lunainnovations.com/ under the tab “Investor Relations.” To participate by telephone, the domestic dial-in number is 1.800.299.7928 and the international dial-in number is 1.617.614.3926. The participant access code is 97312544. Investors are advised to dial in at least five minutes prior to the call to register. The webcast will be archived on the company’s website under “Webcasts and Presentations” for 30 days following the conference call.

About Luna Innovations:

Luna Innovations Incorporated (www.lunainnovations.com) is focused on sensing and instrumentation, and pharmaceutical nanomedicines. Luna develops and manufactures new-generation products for the healthcare, telecommunications, energy and defense markets. The company’s products are used to measure, monitor, protect and improve critical processes in the markets we serve. Through its disciplined commercialization business model, Luna has become a recognized leader in transitioning science to solutions. Luna is headquartered in Roanoke, Virginia.

Forward-Looking Statements:

This release includes information that constitutes “forward-looking statements” made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995, including statements regarding, but not limited to the potential of Luna’s technology and intellectual property, any possible improvements to medical surgeries and/or medical outcomes, and the future relationship between Luna and Intuitive and incorporation of Luna’s technology into Intuitive’s products. Statements that describe the Company’s business strategy, goals, prospects, opportunities, outlook, plans or intentions are also forward looking statements. Actual results may differ materially from the expectations expressed in such forward-looking statements as a result of various factors, including technical and scientific difficulties, complications or difficulties in improving medical surgeries and/or outcomes, market forces in the medical industry, and issues that might arise in any particular business relationship, and risks and uncertainties set forth in the company’s periodic reports and other filings with the Securities and Exchange Commission. Such filings are available at the SEC’s website at http://www.sec.gov, and at the company’s website at http://www.lunainnovations.com. The statements made in this release are based on information available to the company as of the date of this release and Luna Innovations undertakes no obligation to update any of the forward-looking statements after the date of this release.

Versar (VSR) Awarded $7 Million Contract by U.S. Environmental Protection Agency

Jan. 7, 2010 (Business Wire) — Versar, Inc. (NYSE Amex: VSR) announced today that the Office of Pollution Prevention and Toxics (OPPT) of the U.S. Environmental Protection Agency (EPA) has awarded Versar a 5-year, $7 million contract for exposure assessments for toxic substances. This contract is one of five major EPA contracts currently managed by Versar’s Exposure and Risk Assessment Division, and will continue Versar’s 30 years of support for the EPA’s toxic substances exposure and risk assessment programs.

Under this contract, Versar will conduct exposure and risk assessments for toxic chemicals, develop data analysis models and databases, and refine exposure assessment methodologies in support of OPPT’s review of new and existing chemicals.

Dr. Ted Prociv, President and CEO of Versar, said, “Versar continues to be recognized as a leader in risk and exposure assessment of toxic and other chemical substances. These programs are among the EPA’s highest priorities to better characterize chemical exposures and risks to our communities. Versar brings innovative approaches and rigorous scientific analysis forward to support the EPA’s programs that ensure the safety of all our citizens.”

VERSAR, INC., headquartered in Springfield, VA, is a publicly held international professional services firm supporting government and industry in national defense/homeland defense programs, environmental health and safety and infrastructure revitalization. VERSAR operates a number of web sites, including the corporate Web sites, http://www.versar.com, http://www.homelanddefense.com, http://www.geomet.com; http://www.viap.com; http://www.dtaps.com; and www.ppsgb.com.

This press release contains forward-looking information. The forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be significantly impacted by certain risks and uncertainties described herein and in Versar’s Annual Report on Form 10-K filed with the Securities and Exchange Commission for the year ended June 26, 2009. The forward-looking statements are made as of the date hereof and Versar does not undertake to update its forward-looking statements.

ZixCorp’s (ZIXI) Preliminary Results for Fourth Quarter 2009 Point to Best Quarter in Company History

DALLAS, Jan. 6

COMSYS IT Partners, Inc. (CITP) Revises Fourth Quarter 2009 Guidance Upward

Jan. 6, 2010 (Business Wire) — COMSYS IT Partners, Inc. (NASDAQ:CITP), a leading provider of information technology staffing and consulting services, today revised its guidance upward for the fourth quarter of 2009.

The Company now expects to report revenue in a range of $170 million to $175 million for the fourth quarter and net income in the range of $5.3 million to $6.4 million, or approximately $0.25 to $0.30 per diluted share, up on a comparable basis from the Company’s earlier guidance of revenue in a range of $161 million to $166 million and net income in the range of $2.5 million to $3.6 million, or approximately $0.13 to $0.18 per diluted share.

For the year ended January 3, 2010, the Company now expects to report revenue in the range of $647 million to $652 million, and net income before restructuring charges in the range of $12.9 million to $14.0 million, or approximately $0.62 to $0.67 per diluted share, also up on a comparable basis from the previous full year guidance. The revised estimates are also based on an effective tax rate of approximately 6.4%.

Like our prior guidance, the revised net income and earnings per share estimates above exclude an expected reversal of a portion of restructuring expense previously recognized related to our Washington DC area lease, as well as any potential effects of our quarterly review of the recoverability of our deferred tax assets.

“The strengthening activity levels that we reported on in late October have continued through November and December,” said Larry L. Enterline, COMSYS Chief Executive Officer, “and we also expect to report a sequential increase in gross margins due to higher margins in our core staffing business and increased fee income in TAPFIN. As a result, earnings per share should be well above our previous range notwithstanding our continued spending in the fourth quarter on the business initiatives we have commented on throughout the year. Cash flow in the fourth quarter was also better than expected and we ended the year with less than $40 million of debt.”

About COMSYS IT Partners

COMSYS IT Partners, Inc. (NASDAQ: CITP) is a leading IT services company with 52 offices across the U.S. and offices in Puerto Rico, Canada and the U.K. COMSYS service offerings include contingent and direct hire placement of IT professionals and a wide range of technical services and solutions addressing requirements across the enterprise. TAPFIN Process Solutions delivers critical management solutions across the resource spectrum from contingent workers to outsourced services.

Forward-looking Statements

Certain information contained in this press release may be deemed forward-looking statements regarding events and financial trends that could affect our plans, objectives, future operating results, financial condition, performance and business. These statements may be identified by words such as “estimate,” “forecast,” “plan,” “intend,” “believe,” “should,” “expect,” “anticipate,” or variations or negatives thereof, or by similar or comparable words or phrases. These forward-looking statements are largely based on our expectations and beliefs concerning future events, which reflect estimates and assumptions made by our management. These estimates and assumptions reflect our best judgment based on currently known market conditions and other factors relating to our operations and business environment, all of which are difficult to predict and many of which are beyond our control, including:

• economic declines that affect our business, including our profitability, liquidity or the ability to comply with applicable loan covenants;
• the financial stability of our lenders and their ability to honor their commitments related to our credit agreements;
• regulatory changes that impose additional regulations or licensing requirements in such a manner as to increase our costs of doing business or restrict access to qualified technology workers;
• the risk of increased tax rates;
• adverse changes in credit and capital markets conditions that may affect our ability to obtain financing or refinancing on favorable terms or that may warrant changes to existing credit terms;
• the financial stability of our customers and other business partners and their ability to pay their outstanding obligations or provide committed services;
• changes in levels of unemployment and other economic conditions in the United States, or in particular regions or industries;
• the impact of changes in demand for our services or competitive pressures on our ability to maintain or improve our operating margins, including pricing pressures;
• the risk in an uncertain economic environment of increased incidences of employment disputes, employment litigation and workers’ compensation claims;
• our success in attracting, training, retaining and motivating billable consultants and key officers and employees;
• our ability to shift a larger percentage of our business mix into IT solutions, project management and business process outsourcing and, if successful, our ability to manage those types of business profitably;
• weakness or reductions in corporate information technology spending levels;
• our ability to maintain existing client relationships and attract new clients in the context of changing economic or competitive conditions;
• the entry of new competitors into the U.S. staffing services and consulting markets due to the limited barriers to entry or the expansion of existing competitors in that market;
• increases in employment-related costs such as healthcare and unemployment taxes;
• the possibility of our incurring liability for the activities of our billable consultants or for events impacting our billable consultants on our clients’ premises;
• the risk that we may be subject to claims for indemnification under our customer contracts;
• the risk that cost cutting or restructuring activities could cause an adverse impact on certain of our operations; and
• adverse changes to management’s periodic estimates of future cash flows that may affect our assessment of our ability to fully recover our goodwill.

Although we believe our estimates and assumptions to be reasonable, they are inherently uncertain and involve a number of risks and uncertainties that are beyond our control. In addition, management’s assumptions about future events may prove to be inaccurate. Management cautions all readers that the forward-looking statements contained in this report are not guarantees of future performance, and we cannot assure any reader that those statements will be realized or that the forward-looking events and circumstances will occur. Actual results may differ materially from those anticipated or implied in the forward-looking statements due to various factors, including the factors listed in this section and the “Risk Factors” section contained in our Annual Report on Form 10-K as filed with the Securities and Exchange Commission. All forward-looking statements speak only as of the date of this report. We do not intend to publicly update or revise any forward-looking statements as a result of new information, future events or otherwise, except as required by law. These cautionary statements qualify all forward-looking statements attributable to us or persons acting on our behalf.

ZYGO (ZYGO) Board Evaluating Unsolicited Proposal From II-VI

MIDDLEFIELD, CT — (Marketwire) — 01/07/10 — Zygo Corporation (“ZYGO”) (NASDAQ: ZIGO) today announced that its Board of Directors received from II-VI Incorporated (NASDAQ: IIVI) on January 5, 2010 an unsolicited proposal to acquire all of the outstanding shares of common stock of ZYGO for $10.00 per share in cash or II-VI common stock (subject to a limitation on the aggregate amount of II-VI common stock). The Board of Directors will engage an independent financial advisor and evaluate this proposal carefully and pursue the best course of action to enhance value for ZYGO’s shareholders.

Bruce W. Worster, Chairman of the Board of ZYGO, stated, “The Board of Directors will evaluate this proposal in the context of ZYGO’s current strategic plans to increase shareholder value. ZYGO is in the late stages of implementing a substantial reorganization of its business which we believe will strengthen the company’s ability to concentrate on its core markets and technology, and enhance shareholder value. The company is continuing to recognize significant benefits from implementation of its previously announced cost reduction initiatives and completion of sales and other strategic arrangements for its non-core business units. In addition, ZYGO is in the advanced stages of discussions with a dynamic and industry-experienced CEO candidate and with regard to the augmentation of its existing product line in a core competency, which should further increase shareholder value. The Board is optimistic about ZYGO’s future prospects and the shareholder value we expect the company to deliver through its current strategy,” continued Dr. Worster. In addition, J. Bruce Robinson, Chief Executive Officer of ZYGO, said, “Our financial results for fiscal 2010 to date include a number of highlights. Orders have increased quarter on quarter. The increase in customer bookings across virtually all of our markets is an indication that the business environment in these markets appears to be improving, and we anticipate that our margins will continue to improve. Our balance sheet remains strong.”

Zygo Corporation is a worldwide supplier of optical metrology instruments, precision optics, and electro-optical design and manufacturing services, serving customers in the semiconductor capital equipment and industrial markets.

Forward-Looking Statements

All statements other than statements of historical fact included in this news release regarding financial performance, condition and operations, and the business strategy, plans, anticipated sales, orders, market acceptance, growth rates, market opportunities, and objectives of management of the Company for future operations are forward-looking statements. Forward-looking statements are intended to provide management’s current expectations or plans for the future operating and financial performance of the Company based upon information currently available and assumptions currently believed to be valid. Forward-looking statements can be identified by the use of words such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plans,” “strategy,” “project,” and other words of similar meaning in connection with a discussion of future operating or financial performance. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors. Among the important factors that could cause actual events to differ materially from those in the forward-looking statements are fluctuations in capital spending of our customers; fluctuations in net sales to our major customer; manufacturing and supplier risks; risks of order cancellations, push-outs and de-bookings; dependence on timing and market acceptance of new product development; rapid technological and market change; risks in international operations; risks related to the reorganization of our business; dependence on proprietary technology and key personnel; length of the sales cycle; environmental regulations; investment portfolio returns; fluctuations in our stock price; the risk that anticipated growth opportunities may be smaller than anticipated or may not be realized; and the risk related to the Company’s transition to new senior management. Zygo Corporation undertakes no obligation to publicly update or revise forward-looking statements to reflect events or circumstances after the date of this news release. Further information on potential factors that could affect Zygo Corporation’s business is described in our reports on file with the Securities and Exchange Commission, including our Form 10-K, as amended by our Form 10-K/A, for the fiscal year ended June 30, 2009, filed with the Securities and Exchange Commission on September 14, 2009, October 26, 2009, and December 23, 2009 respectively.

Cyclacel’s (CYCC) Seliciclib Found Effective Against Lung Cancer Cell Lines

BERKELEY HEIGHTS, N.J., Jan. 7, 2010 (GLOBE NEWSWIRE) — Cyclacel Pharmaceuticals, Inc. (Nasdaq:CYCC) (Nasdaq:CYCCP) today announced the publication of two peer-reviewed journal articles featuring the company’s seliciclib (CYC202 or R-roscovitine) drug candidate, an orally available inhibitor of multiple cyclin-dependent kinases (CDKs). CDKs have been extensively investigated as therapeutic targets in light of their frequent deregulation in lung carcinogenesis. In an article published in Clinical Cancer Research, seliciclib was found to be effective in killing lung cancer cells through a novel apoptotic mechanism or induction of cancer cell suicide. Nearly all lung cancer cell lines against which seliciclib was most effective had Ras-activating mutations. Ras is a family of mutations which make lung cancer cells highly resistant to approved drugs such as those targeting epidermal growth factor receptors (EGFR).

“Drugs that target EGFR, such as cetuximab (Erbitux(R)), erlotinib (Tarceva(R)) and gefitinib (Iressa(R)), are active against non-small cell lung cancer (NSCLC). However Ras family mutations, such as K-RAS and N-RAS, in NSCLC patients are associated with increased resistance to treatment. Approximately 15%-30% of patients with NSCLC harbor Ras mutations and have a poor prognosis,” said Professor David Glover, Ph.D., Cyclacel’s Chief Scientist. “The data published in Clinical Cancer Research show a high correlation between Ras mutations and sensitivity to seliciclib. Investigating a correlation between clinical outcomes and Ras mutation status in patients from completed seliciclib trials may provide a rationale to select patients for treatment with seliciclib or other CDK inhibitors based on mutational profile. We look forward to unblinding data from our completed Phase 2, randomized, double-blinded APPRAISE trial in patients with pretreated NSCLC during 2010. If seliciclib is found to be effective in patients with Ras-mutant NSCLC, it could address an area of high unmet medical need.”

Among 52 cell lines of NSCLC origin tested, 2 (4%) were relatively insensitive to seliciclib, 21 (40%) displayed modest sensitivity and 29 (56%) showed marked sensitivity. Of the 13 lung cancer cell lines which had the highest sensitivity to seliciclib, 12 (92%) had Ras-activating mutations, including K-RAS and N-RAS. However of the 15 lung cancer cell lines which were least sensitive to seliciclib, none had Ras-activating mutations.

The Clinical Cancer Research article entitled, “Targeting the Cyclin E-Cdk-2 Complex Represses Lung Cancer Growth by Triggering Anaphase Catastrophe” reported that inhibition of CDK2 by seliciclib suppressed lung cancer growth both in vitro and in vivo of lung cancer cells addicted to CDK2/cyclin E. As a consequence, lung cancer cells underwent apoptosis or cell suicide by induction of a novel mechanism called anaphase catastrophe, as illustrated in the journal’s front cover.

Combining seliciclib with microtubule-targeting agents, such as paclitaxel or docetaxel, was found to be an attractive clinical regimen to consider in patients with lung cancer. The authors also reported studying second-generation CDK inhibitors from Cyclacel with greater potency to seliciclib in terms of inhibiting the growth of lung cancer cells. Citation: Galimberti F., et. al., Clinical Cancer Research, 2010 16:1:109-120.

Seliciclib is currently being evaluated in the APPRAISE trial, a Phase 2b randomized, double-blinded, placebo-controlled trial studying the efficacy and safety of single-agent seliciclib as a third, fourth or fifth line treatment in patients with NSCLC. The trial is using a randomized discontinuation design. The primary endpoint is progression free survival (PFS).

A second peer-reviewed article is entitled “R-roscovitine (seliciclib) affects CLL cells more strongly than combinations of fludarabine or cladribine with cyclophosphamide: Inhibition of CDK7 sensitizes leukemic cells to caspase-dependent apoptosis”. While CDK inhibitors are known to have clinical activity against B-cell Chronic Lymphocytic Leukemia (B-CLL) cells, this publication directly compares the activity of seliciclib with commonly used therapeutic options, such as the combination of fludarabine and cyclophosphamide. In these ex vivo studies, seliciclib was compared to fludarabine and cladribine given in combination with cyclophosphamide. Seliciclib was found to be the most effective at inducing apoptosis or programmed cell death in malignant B-CLL cells while resulting in significantly less apoptosis induction in “normal” peripheral blood mononuclear cells, suggesting the largest therapeutic window among the treatments studied. Citation: Rogalinska M., et. al., Journal of Cell Biochemistry, 2010 Jan 1, 109:1:217-235.

About seliciclib

Seliciclib is an orally available molecule that selectively inhibits multiple CDK enzyme targets, CDK2/E, CDK2/A, CDK7 and CDK9, that are central to the process of cell division and cell cycle control. Seliciclib has been administered to approximately 420 patients in Phase 1 and Phase 2 trials. It is currently being evaluated in the APPRAISE trial, a Phase 2b randomized, placebo-controlled, double-blinded study as a treatment in patients with non-small cell lung cancer (NSCLC) who failed at least two prior therapies and in a randomized Phase 2 study as a single agent in patients with nasopharyngeal cancer.

About Cyclacel Pharmaceuticals, Inc.

Cyclacel is a biopharmaceutical company dedicated to the discovery, development and commercialization of novel, mechanism-targeted drugs to treat human cancers and other serious disorders. Three orally-available Cyclacel drugs are in clinical development. Sapacitabine (CYC682), a cell cycle modulating nucleoside analog, is in Phase 2 studies for the treatment of acute myeloid leukemia in the elderly, myelodysplastic syndromes and lung cancer. The Company plans to submit a Special Protocol Assessment (SPA) request for a pivotal study with sapacitabine during the first quarter of 2010. Seliciclib (CYC202 or R-roscovitine), a CDK (cyclin dependent kinase) inhibitor, is in Phase 2 studies for the treatment of lung cancer and nasopharyngeal cancer and in a Phase 1 trial in combination with sapacitabine. CYC116, an Aurora kinase and VEGFR2 inhibitor, is in a Phase 1 trial in patients with solid tumors. Cyclacel’s ALIGN Pharmaceuticals subsidiary markets directly in the U.S. Xclair(R) Cream for radiation dermatitis, Numoisyn(R) Liquid and Numoisyn(R) Lozenges for xerostomia. Cyclacel’s strategy is to build a diversified biopharmaceutical business focused in hematology and oncology based on a portfolio of commercial products and a development pipeline of novel drug candidates. Please visit www.cyclacel.com for additional information.

Risk factors

This news release contains certain forward-looking statements that involve risks and uncertainties that could cause actual results to be materially different from historical results or from any future results expressed or implied by such forward-looking statements. Such forward-looking statements include statements regarding, among other things, the efficacy, safety, and intended utilization of Cyclacel’s product candidates, the conduct and results of future clinical trials, plans regarding regulatory filings, future research and clinical trials and plans regarding partnering activities. Factors that may cause actual results to differ materially include the risk that product candidates that appeared promising in early research and clinical trials do not demonstrate safety and/or efficacy in larger-scale or later clinical trials, the risk that Cyclacel will not obtain approval to market its products, the risks associated with reliance on outside financing to meet capital requirements, and the risks associated with reliance on collaborative partners for further clinical trials, development and commercialization of product candidates. You are urged to consider statements that include the words “may,” “will,” “would,” “could,” “should,” “believes,” “estimates,” “projects,” “potential,” “expects,” “plans,” “anticipates,” “intends,” “continues,” “forecast,” “designed,” “goal,” or the negative of those words or other comparable words to be uncertain and forward-looking. These factors and others are more fully discussed under “Risk Factors” in the Annual Report on Form 10-K for the year ended December 31, 2008, as supplemented by the interim quarterly reports, filed with the SEC.

(c) Copyright 2010 Cyclacel Pharmaceuticals, Inc. All Rights Reserved. The Cyclacel logo and Cyclacel(R) are trademarks of Cyclacel Pharmaceuticals, Inc. Numoisyn(R) and Xclair(R) are trademarks of Sinclair Pharma plc. Erbitux(R) is a trademark of Imclone Systems, Iressa(R) is a trademark of AstraZeneca and Tarceva(R) is a trademark of OSI Pharmaceuticals.

India Globalization Capital (IGC) Commissions First Quarry for Commercial Use

BETHESDA, MD–(Marketwire – 01/06/10) – India Globalization Capital, Inc. (AMEX:IGC – News), a company competing in the rapidly growing materials and infrastructure industry in India, today announced that it has commissioned the first of two quarries for commercial production in Maharashtra, India. The second quarry is in the final construction phase and is expected to begin production in the middle of February 2010.

The quarry is located on 10 acres of land leased from the Government of India under a mining license; the second quarry is on 22 acres of land. Combined capacity of the two quarries is projected between 10 million and 11 million metric tons of rock aggregate, representing potential revenue of approximately $40 million, based on current pricing, over five to seven years.

Ram Mukunda, Chief Executive Officer of India Globalization Capital, commented: “We are excited to commission our first quarry, which will strengthen our market position for aggregate sales in Maharashtra, India’s leading industrial state. We see a very strong market for rock aggregate, and we plan to create a pure-play rock aggregate business in India. This industry and investments in this sector are encouraged by the Indian Government, which is offering incentives for the deployment of quarries. With India poised to accelerate its infrastructure build out, the demand for rock aggregate is expected to increase substantially.”

Through its IGC Materials subsidiary, India Globalization Capital produces crushed rock for construction projects in India, where developing infrastructure remains vital to maintaining the country’s economic growth. According to the Freedonia Group, India was the fourth largest aggregate market in the world in 2006, with annual demand of up to 1.1 billion metric tons. Sales have risen an average of 7.7% annually during the past 10 years compared to a global average of approximately 4.4%, with roughly 40% of the demand being for crushed stone. The quarry market is fragmented, with much of India’s aggregate supply coming from small local quarries.

About India Globalization Capital

India Globalization Capital is an infrastructure and materials company operating in India, and builds roads, bridges and highways, and provides materials to the infrastructure industry in India and China. The Company has offices in Maryland, Mauritius, Nagpur, Cochin, Delhi, and Bangalore. For more information about India Globalization Capital, please visit www.indiaglobalcap.com.

Forward-Looking Statements:

This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements reflect management’s current views and are subject to risks and uncertainties that could cause actual results to differ materially from those projected, expressed or implied in these statements. Factors that could cause actual results to differ, relate to: (i) ability of the parties to successfully execute on contracts and business plans, (ii) ability to raise capital and the structure of such capital including the exercise of warrants, and (iii) exchange rate changes between the U.S. dollar and the Indian Rupee. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events, or otherwise. Other factors and risks that could cause or contribute to actual results differing materially from such forward-looking statements have been discussed in greater detail in the company’s definitive proxy statement and supplement filed with the SEC and incorporated by reference into the Form S-3.

Cyclacel Pharmaceuticals (CYCC) to Present at OneMedForum 2010

BERKELEY HEIGHTS, N.J., Jan. 6, 2010 (GLOBE NEWSWIRE) — Cyclacel Pharmaceuticals, Inc. (Nasdaq:CYCC – News) (Nasdaq:CYCCP – News) announced today that Spiro Rombotis, President and Chief Executive Officer, will present at the OneMedForum 2010 Finance Conference taking place at the Sir Francis Drake Hotel in San Francisco January 12 -13, 2010. Cyclacel’s presentation will take place on Wednesday, January 13, 2010 at 10:00 a.m. Pacific Time.

Cyclacel’s presentation will be webcast live and archived for 90 days on the Corporate Presentations page of the Cyclacel website at www.cyclacel.com.

About Cyclacel Pharmaceuticals, Inc.

Cyclacel is a biopharmaceutical company dedicated to the discovery, development and commercialization of novel, mechanism-targeted drugs to treat human cancers and other serious disorders. Three orally-available Cyclacel drugs are in clinical development. Sapacitabine (CYC682), a cell cycle modulating nucleoside analog, is in Phase 2 studies for the treatment of acute myeloid leukemia in the elderly, myelodysplastic syndromes and lung cancer. The Company plans to submit a Special Protocol Assessment (SPA) request for a pivotal study with sapacitabine during the first quarter of 2010. Seliciclib (CYC202 or R-roscovitine), a CDK (cyclin dependent kinase) inhibitor, is in Phase 2 studies for the treatment of lung cancer and nasopharyngeal cancer and in a Phase 1 trial in combination with sapacitabine. CYC116, an Aurora kinase and VEGFR2 inhibitor, is in a Phase 1 trial in patients with solid tumors. Cyclacel’s ALIGN Pharmaceuticals subsidiary markets directly in the U.S. Xclair(R) Cream for radiation dermatitis, Numoisyn(R) Liquid and Numoisyn(R) Lozenges for xerostomia. Cyclacel’s strategy is to build a diversified biopharmaceutical business focused in hematology and oncology based on a portfolio of commercial products and a development pipeline of novel drug candidates. Please visit www.cyclacel.com for additional information.

Risk factors

This news release contains certain forward-looking statements that involve risks and uncertainties that could cause actual results to be materially different from historical results or from any future results expressed or implied by such forward-looking statements. Such forward-looking statements include statements regarding, among other things, the efficacy, safety, and intended utilization of Cyclacel’s product candidates, the conduct and results of future clinical trials, plans regarding regulatory filings, future research and clinical trials and plans regarding partnering activities. Factors that may cause actual results to differ materially include the risk that product candidates that appeared promising in early research and clinical trials do not demonstrate safety and/or efficacy in larger-scale or later clinical trials, the risk that Cyclacel will not obtain approval to market its products, the risks associated with reliance on outside financing to meet capital requirements, and the risks associated with reliance on collaborative partners for further clinical trials, development and commercialization of product candidates. You are urged to consider statements that include the words “may,” “will,” “would,” “could,” “should,” “believes,” “estimates,” “projects,” “potential,” “expects,” “plans,” “anticipates,” “intends,” “continues,” “forecast,” “designed,” “goal,” or the negative of those words or other comparable words to be uncertain and forward-looking. These factors and others are more fully discussed under “Risk Factors” in the Annual Report on Form 10-K for the year ended December 31, 2008, as supplemented by the interim quarterly reports, filed with the SEC.

The Cyclacel logo and Cyclacel(R) are trademarks of Cyclacel Pharmaceuticals, Inc. Numoisyn(R) and Xclair(R) are trademarks of Sinclair Pharma plc.

Cleveland BioLabs (CBLI) Receives First U.S. Patent for Radiation Protection Drug CBLB502

BUFFALO, NY — (Marketwire) — 01/06/10 — Cleveland BioLabs, Inc. (NASDAQ: CBLI) announced today that the U.S. Patent and Trademark Office has issued US Patent No. 7,638,485 titled “Modulating Apoptosis” covering the method of protecting a mammal from radiation using flagellin or its derivatives, including CBLB502. This patent was already granted by the nine member countries of the Eurasian Patent Organization (EAPO), and two additional nations.

Cleveland BioLabs has also filed two additional new patent applications related to Protectan technology in the U.S. around various aspects and properties for CBLB502 and related Protectan compounds, including new methods of use of flagellin derivatives and screening for new compounds with similar properties.

Yakov Kogan, Ph.D., MBA, Chief Operating Officer of Cleveland BioLabs, noted, “With more than 13 sets of patents filed to date in the U.S. and internationally around various properties of CBLB502 and related compounds, we believe we have protected the potentially broad uses of our Protectan technology. The receipt of our first U.S. patent for protection from radiation is a major milestone in our development of CBLB502 and we continue to advance our work in this and other areas of protection from acute stresses.”

About CBLB502

CBLB502 is a derivative of a microbial protein, which has demonstrated the capacity to reduce injury from acute stresses, such as radiation in animal models. CBLB502 mobilizes several cell protective mechanisms, including inhibition of programmed cell death (apoptosis), reduction of oxidative damage and induction of regeneration-promoting cytokines.

CBLB502 is being developed under the U.S. Food and Drug Administration’s Animal Efficacy Rule to treat Acute Radiation Syndrome (ARS) or radiation poisoning from any exposure to radiation such as a nuclear or radiological weapon/ dirty bomb, or from a nuclear accident. This approval pathway requires demonstration of efficacy in representative animal models and safety and drug metabolism testing in healthy human volunteers.

Evidence of CBLB502’s mechanism of action and activity in animal models was published in Science Magazine in April 2008 (Science, 2008, vol. 320, pp. 226-230). Data from 50 subjects in an initial Phase I safety and tolerability study indicated that CBLB502 was well tolerated and that normalized biomarker results corresponded to previously demonstrated activity in animal models of ARS. There is currently no FDA approved medical countermeasure to treat ARS.

CBLB502 is also being developed as a supportive care measure to reduce and prevent occurrence of side effects of radiotherapy or chemotherapy in cancer treatment.

About Cleveland BioLabs, Inc.

Cleveland BioLabs, Inc. is a drug discovery and development company leveraging its proprietary discoveries around programmed cell death to develop treatments for cancer and protection of normal tissues from exposure to radiation and other stresses. The Company has strategic partnerships with the Cleveland Clinic, Roswell Park Cancer Institute, ChemBridge Corporation and the Armed Forces Radiobiology Research Institute. To learn more about Cleveland BioLabs, Inc., please visit the company’s website at http://www.cbiolabs.com.

TASER (TASR) to Introduce ‘PROTECTOR’ Family Safety Platform

SCOTTSDALE, Ariz., Jan. 6, 2010 (GLOBE NEWSWIRE) — TASER International Inc. (Nasdaq:TASR), a market leader in technologies that protect life, will introduce a groundbreaking new family safety platform called PROTECTOR(TM) during the International Consumer Electronics Show (CES) that runs from January 7-10 in Las Vegas, NV.

PROTECTOR is a revolutionary toolset that gives parents the ability to supervise their children’s mobile phone usage and driving behaviors. Parents can manage the contact lists and content of their child’s mobile phone – including calls, texts, emails, photos and video, and can automatically limit phone functionality to prevent dangerous distractions while driving. PROTECTOR uses integrated GPS, allowing parents to track their child’s location, monitor driving habits, and release vital records to the authorities in emergency situations.

“Our mission at TASER International is to protect life – PROTECTOR is our latest technology breakthrough to further our mission by empowering families to protect the most precious of lives: our children,” says Rick Smith, CEO and founder of TASER International. “Auto accidents are the leading cause of death among American teenagers, and distracted driving is becoming a major factor in these accidents. PROTECTOR will play a significant role in addressing this national tragedy.”

“Keeping my family safe is crucial, but being engaged and staying involved in my kids’ lives is important too. With PROTECTOR, I can do both,” says Smith. “Many kids spend more time with their mobile phone than their families, and most parents have been helpless, in the dark as to who their kids are interacting with and what kind of content their kids are exposed to every day. PROTECTOR empowers parents to stay involved and provide parenting guidance in a fast moving, mobile world.”

PROTECTOR works on multiple devices, each managed through an intuitive control panel accessible through a smart phone, PC, MAC or smart TV. Parents can control who their children interact with and monitor their mobile phone activity and driving behavior at any time – and change permissions and settings in real time. PROTECTOR is carrier-independent and seamlessly connects parents and children, even if they’re on different cellular networks.

Smith adds, “It’s unlike anything on the market today. PROTECTOR is a technologically advanced, yet flexible product suite that grows with the family by providing controls as needs and situations change – from a child’s first mobile phone through the critical teenage years. PROTECTOR adapts as children mature. Through a simple, user-friendly interface, parents can modify parameters or rules anytime.”

TASER will introduce PROTECTOR at CES from booth SOUTH 4 36200 in the Las Vegas Convention Center Thursday, January 7 through Sunday, January 10, 2010. PROTECTOR is anticipated to launch as a subscription service in mid 2010. More information will be available at www.PROTECTOR.com on January 7, 2010.

About TASER International, Inc.

TASER International’s products protect life. TASER provides advanced Electronic Control Devices (ECDs) for use in the law enforcement, medical, military, corrections, professional security, and personal protection markets. TASER devices use proprietary technology to incapacitate dangerous, combative, or high-risk subjects who pose a risk to law enforcement officers, innocent citizens, or themselves in a manner that is generally recognized as a safer alternative to other uses of force. For more information, please call TASER International at (800) 978-2737 or visit our website at www.TASER.com.

The TASER International logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=2931

PharmAthene (PIP) Updates Status of BARDA rPA Contract Discussions

ANNAPOLIS, Md., Jan. 5 /PRNewswire-FirstCall/ — PharmAthene, Inc. (NYSE Amex: PIP) a biodefense company specializing in the development and commercialization of medical countermeasures against chemical and biological threats, today commented on a Special Notice published by the US Department of Health and Human Services (DHHS), Assistant Secretary for Preparedness and Response, Biomedical Advanced Research and Development Authority (BARDA) on December 29, 2009.  This Special Notice, Solicitation Number: HHSO100200900103C announced BARDA’s intentions to negotiate a contract modification with PharmAthene Inc. for continued development of the Company’s recombinant protective rPA anthrax vaccine candidate, SparVax™.

“We look forward to working closely with BARDA to meet their needs and the critical needs of the Strategic National Stockpile as quickly as possible,” said David P. Wright, PharmAthene’s President and Chief Executive Officer.  “We believe the Special Notice reflects BARDA’s commitment to work with companies to provide funding to advance the development of rPA vaccines and ensure the maintenance of the timeline set under RFP BARDA 08-15 as if a contract had been awarded for our rPA anthrax vaccine candidate under that solicitation.”

This Special Notice appears to be consistent with BARDA’s stated intention to develop and eventually procure a second generation recombinant anthrax vaccine (rPA) for the Strategic National Stockpile, and is consistent with the remarks made by Mr. Wright in an investor teleconference on December 9, 2009 where he described BARDA’s intention to develop and stockpile improved anthrax vaccines as demonstrated by the Special Notice and the ability of PharmAthene to submit a proposal under BARDA Broad Agency Announcement (BAA-09-34).

This Special Notice was published by DHHS as a procedural matter prior to a contract modification.  The Special Notice states, “PharmAthene Inc. has been under contract with the US government since 2003 to develop an rPA vaccine via Contract N01-AI-30052. These development activities were transferred to BARDA as of April 1, 2009 (HHSO100200900103C). This product has matured as demonstrated by successful clinical and non clinical studies. Many of the (R&D) activities that are currently being executed have a direct impact on the government’s urgent need to devise effective measures to protect US citizens from harmful effects of anthrax spores used as instruments of terror.  This contracts increased level of effort does not represent a material difference between the modified contract and the contract that was originally awarded.”  According to the BARDA Special Notice, an amended contract scope of activities include manufacturing activities such as process scale-up and validation, assay validation, and non-clinical safety assessment and study plans.

BARDA announced on December 7, 2009, it has amended an existing Broad Agency Announcement (BAA-09-34) to accommodate proposals for rPA-based vaccine development.  If awarded, the Company’s expectation is that the funding under a BAA contract would be sufficient to advance the rPA vaccine program to the stage of a procurement solicitation.    PharmAthene plans to submit a white paper as required under the BAA instructions by February 1, 2010.

About SparVax™

SparVax™ is a novel second generation recombinant protective (rPA) anthrax vaccine being developed for administration by intramuscular injection.  Phase I and Phase II clinical trials involving more than 700 healthy human subjects have been completed and demonstrated that SparVax™ appears to be well tolerated and induces an immune response in humans.  These studies suggest that three doses of SparVax™, administered several weeks apart, should be sufficient to induce protective immunity.  In preclinical studies SparVax™ has also demonstrated the capability to protect rabbits and non-human primates against a lethal aerosol spore challenge of the anthrax Ames strain.

About PharmAthene, Inc.

PharmAthene was formed to meet the critical needs of the United States and its allies by developing and commercializing medical countermeasures against biological and chemical weapons.  PharmAthene’s lead product development programs include (1) SparVax™ – a second generation recombinant protective antigen (rPA) anthrax vaccine, (2) Valortim® – a fully human monoclonal antibody for the prevention and treatment of anthrax infection, (3) Protexia® – a novel bioscavenger for the prevention and treatment of morbidity and mortality associated with exposure to chemical nerve agents, and (4) a third generation rPA anthrax vaccine.

Statement on Cautionary Factors

Except for the historical information presented herein, matters discussed may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. Statements that are not historical facts, including statements preceded by, followed by, or that include the words “appears”; “potential”; “believe”; “anticipate”; “intend”; “intention”; “plan”; “expect”; “estimate”; “could”; “may”; “should”; or similar statements are forward-looking statements. PharmAthene disclaims, however, any intent or obligation to update these forward-looking statements. Risks and uncertainties include risk associated with the reliability of the results of the studies relating to human safety and possible adverse effects resulting from the administration of the Company’s product candidates, unexpected funding delays and/or reductions or elimination of U.S. government funding for one or more of the Company’s development programs, the award of government contracts to our competitors, unforeseen safety issues, challenges related to the development, scale-up, and/or process validation of manufacturing processes for our product candidates, unexpected determinations that these product candidates prove not to be effective and/or capable of being marketed as products, as well as risks detailed from time to time in PharmAthene’s Forms 10-K and 10-Q under the caption “Risk Factors” and in its other reports filed with the U.S. Securities and Exchange Commission (the “SEC”). In particular, there can be no assurance that the Company will be awarded further government funding to support development of its second generation anthrax vaccine.

Universal Power Group (UPG) Signs Letter of Intent

Jan. 5, 2010 (Business Wire) — Universal Power Group, Inc. (NYSE Amex: UPG), today announced that it has signed a letter of intent to enter into a multi-year battery distribution agreement with K2 Energy Solutions, Inc., a developer and manufacturer of rechargeable battery systems for electric vehicles and energy storage applications.

Under terms of the agreement, UPG will have the rights to market, distribute and sell K2’s complete line of lithium iron phosphate products. These products include batteries, prismatic cells and polymer cells, as well as battery modules, systems and packs. UPG will act as a sales and marketing arm for K2 products, establishing growth opportunities through multiple channels in various markets. K2 will provide manufacturing, engineering and technical expertise, as well as support relating to products covered under the agreement.

“This partnership allows for K2 to leverage UPG’s sales and marketing expertise and established channels of distribution in core market segments for our lithium iron phosphate energy storage solutions,” said Dr. Johnnie Stoker, President and CEO of K2. “We look forward to executing a definitive agreement with UPG that will allow for further mutual growth opportunities.”

“We are pleased to announce this latest step in the development and growth of UPG,” said Ian Edmonds, UPG’s President and CEO. “This agreement matches well with UPG’s long-term strategy of penetrating new markets through strategic alliances, and engaging in new and progressive technologies. Our partnership with K2 provides UPG with exposure to the emerging market for electric vehicles, and serves as another platform for future growth. This agreement highlights the kinds of strategic partnerships we are seeking, and we look forward to working together with K2 over the long term.”

UPG is planning to display a high performance electric vehicle featuring K2 batteries at the International Consumer Electronics Show to be held January 7-10 in Las Vegas. Terms of the distribution agreement are currently being finalized, and both companies anticipate a definitive agreement on or before February 22, 2010.

About Universal Power Group, Inc.

Universal Power Group, Inc. (NYSE Amex: UPG) is a leading supplier and distributor of batteries and power accessories, and a provider of supply chain and other value-added services. UPG’s product offerings include proprietary brands of industrial and consumer batteries of all chemistries, chargers, jump-starters, 12-volt accessories, solar and security products. UPG’s supply chain services include procurement, warehousing, inventory management, distribution, fulfillment and value-added services such as sourcing, battery pack assembly, coordination of battery recycling efforts, and product design and development. For more information, please visit the UPG website at www.upgi.com.

About K2 Energy Solutions, Inc.

K2 Energy Solutions, Inc. is an advanced lithium battery technology company focused on commercialization and manufacture of rechargeable battery systems for electric vehicles and energy storage. The company’s battery systems are based on a lithium iron phosphate cathode material whose inherent safety and low cost makes them ideal for the large format systems required for energy storage and EV applications. K2 differentiates itself as a solutions provider for large format battery packs and systems, developing products based upon customer requirements and utilizing expertise in Lithium Iron Phosphate (LFP) battery chemistry. K2 is a private corporation headquartered in Henderson, Nevada, with manufacturing capabilities in both Nevada and China. Additional information may be found at www.k2battery.com.

$30 Million in New Contracts Awarded to WPCS

EXTON, Pa. /PRNewswire-FirstCall/ — WPCS International Incorporated (Nasdaq: WPCS), a leader in design-build engineering services for communications infrastructure, has announced that it has received approximately $30 million in new projects.

The new contracts include projects to be completed for Beale Air Force Base, Los Angeles Unified School District, Mount Si High School, T-Mobile, DNV Global Energy Concepts, MONOC, Dejana Truck and Utility Equipment, City of Kissimmee, Duke Farms, City of Camden, City of Providence, Neptune Township Police Department, Galloway Township Police Department, Highlands Borough and Six Flags. In addition, WPCS received international project awards in China for Qingdao Gas and Kunshan Pipeline as well as projects from Australia for the City of Kippa-Ring and Kedron State High School.

James Heinz, Executive Vice President of WPCS commented, “We are now beginning to see strong momentum in converting our bid activity into revenue producing backlog. These newly awarded projects will keep us very busy in the months ahead. We remain very encouraged with the communications infrastructure opportunities that continue to be present in public services, healthcare and energy.”

About WPCS International Incorporated:

WPCS is a design-build engineering company that focuses on the implementation requirements of communications infrastructure. The company provides its engineering capabilities including wireless communication, specialty construction and electrical power to the public services, healthcare, energy and corporate enterprise markets worldwide. For more information, please visit www.wpcs.com

Statements about the company’s future expectations, including future revenue and earnings and all other statements in this press release, other than historical facts, are “forward looking” statements and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.  Such forward looking statements involve risks and uncertainties and are subject to change at any time.  The company’s actual results could differ materially from expected results.  In reflecting subsequent events or circumstances, the company undertakes no obligation to update forward-looking statements.

China ACM (CADC) to Ring NASDAQ Opening Bell on Friday January 8, 2010

BEIJING /PRNewswire-FirstCall/ — China Advanced Construction Materials Group, Inc. (“China ACM”) (Nasdaq: CADC), a leading provider of ready-mix concrete in China, today announced that the executive management team will ring the Opening Bell at the NASDAQ MarketSite© in New York City at on .  Mr. Xianfu Han, Chairman and Chief Executive Officer, and Mr. Weili He, Vice Chairman and Chief Operating Officer, will attend the event.

China ACM’s common stock commenced trading on the NASDAQ Global Market on under the symbol “CADC”.

China ACM is a low emission, environmentally friendly, ready-mix concrete producer and provides environmentally friendly solutions to other industry participants.  The Company is introducing revolutionary products through its R&D capabilities. According to China’s National Development and Reform Commission (NDRC), the Company helped create the first environmental, or “green product”, standard for the concrete industry in China and it remains as 1 of only 10 companies nationwide in China to comply with this nationalized standard. The Company’s technology lowers the cement composition of its concrete mix by utilizing more industrial byproducts and ore waste to create a more solid, long-lasting product. Government support for China ACM includes being one of a few concrete producers recognized as a High Tech Enterprise, preference for government contracts, tax advantages and input into emerging regulatory guidelines. A growing portion of revenues are from technical services to other concrete producers around the country.

Mr. Xianfu Han, Chairman and Chief Executive Officer, stated, “We are excited to be part of the most influential market and exchange in the world. We are proud that our environmentally friendly ready-mix concrete along with our proprietary engineering services, have been widely used in signature architectures in Beijing, and we have begun penetrating into high-speed rail projects throughout China. These achievements are attributable to the hard work of our dedicated employees who helped grow our revenue from $27.6 million to $39.7 million with net income increasing from $5.2 million to $12.1 million between fiscal year 2008 and fiscal year 2009. We are pleased to start 2010 with this milestone event and remain upbeat for the future growth prospects.”

A live web cast of the NASDAQ Opening Bell (starting from ) will be available at:

http://www.nasdaq.com/about/marketsitetowervideo.asx

About China ACM

China ACM, founded in 2002 and based in Beijing, China, is a leading producer of advanced construction materials for large scale commercial, residential, and infrastructure developments. The company is primarily focused on producing and supplying a wide range of advanced ready-mix concrete materials for highly technical, large scale, and environmental construction projects. The company also aims to develop and produce new and innovative environmentally conscious construction materials.

China ACM provides materials and services through its six ready-mix concrete plant network covering Beijing metropolitan area. China ACM owns one plant, leases three plants and has technical services and preferred procurement agreements with two other independently-owned plants.  China ACM is ISO 9001 (product quality), ISO 14001 (environmental safety), and ISO 18001 (employment environment safety) certified.  Additional information about the company is available at www.china-acm.com.

This press release contains “forward-looking statements” within the meaning of the “safe-harbor” provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve known and unknown risks, uncertainties and other factors that could cause the actual results of the Company to differ materially from the results expressed or implied by such statements, including changes from anticipated levels of sales, future national or regional economic and competitive and regulatory conditions, changes in relationships with customers, access to capital, difficulties in developing and marketing new products, marketing existing products, customer acceptance of existing and new products, and other factors. Additional Information regarding risks can be found in the Company’s Annual Report on Form 10K and in the Company’s recent report on Form 8K filed with the SEC. Accordingly, although the Company believes that the expectations reflected in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. The Company has no obligation to update the forward-looking information contained in this press release.

OTI (OTIV) Wins Over $30 Million in Contracts for National eID Program

ISELIN, N.J., Jan. 5, 2010 (GLOBE NEWSWIRE) — On Track Innovations Ltd. (OTI) (Nasdaq:OTIV), a global leader in contactless microprocessor-based smart card solutions for homeland security & eID systems, payments, petroleum payments and other applications, announced today that it had signed contracts relating to a national eID program with total consideration that exceeds $30 million. Revenues from this Project in 2010 are expected to be over $20 million. An advance payment has been received to support the initial stages of the project which have already commenced.

The award of the project follows a successful completion by OTI of a pilot program and provides for the supply of new biometric-based electronic ID cards and other official documents (relating to birth, death, marriage, etc.), as well as the equipment required for the setup of the document issuing stations country-wide.

The contracts provide for the supply of OTI’s end-to-end turnkey solution, based on its proprietary state-of-the-art, field-proven eID Magna(TM) platform. The solution includes supply of both stationary and mobile stations for data enrollment and issuing stations, and the creation of a central national registry database, as well as the provision of contactless, highly-secured smart ID cards and a Biometric Automatic Fingerprint Identification System (AFIS), to detect and prevent double registration attempts by the same ID applicant.

OTI’s secured ID solution supports both online and offline communication, thereby allowing every citizen, living in cities and rural areas, to apply for an ID card regardless of the area’s communication infrastructure. This user-friendly solution is designed to provide maximum accuracy and security.

Oded Bashan, Chairman and CEO of OTI, stated, “We are proud to be part of this remarkable technological development and modernization effort. We are confident that the success, quality commitment and reliability OTI demonstrated in the pilot program has contributed to the continuation of the project.”

About OTI

Established in 1990, OTI (Nasdaq:OTIV) designs, develops and markets secure contactless microprocessor-based smart card technology to address the needs of a wide variety of markets. Applications developed by OTI include product solutions for petroleum payment systems, homeland security solutions, electronic passports and IDs, payments, mass transit ticketing, parking and loyalty programs. OTI has a global network of regional offices to market and support its products. The company was awarded the Frost & Sullivan 2005 and 2006 Company of the Year Award in the field of smart cards.

The On Track Innovations Ltd. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=5736

For more information on OTI, visit www.otiglobal.com, the content of which is not part of this press release.

Safe Harbor for Forward-Looking Statements:

This press release may contain forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws. Whenever we use words such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate” or similar expressions, we are making forward-looking statements. Because such statements deal with future events and are based on OTI’s current expectations, they are subject to various risks and uncertainties and actual results, performance or achievements of OTI could differ materially from those described in or implied by the statements in this press release. For example, forward-looking statements include statements regarding our beliefs, objectives, plans or current expectations, such as those regarding the expected revenues to be generated from the project for the National eID System and the expected timing for generating such revenues, or regarding the superiority of our technology and solutions. These forward-looking statements could be impacted by our ability to execute production on orders, as well as the other risk factors discussed in OTI’s Annual Report on Form 20-F for the year ended December 31, 2008, which is on file with the Securities and Exchange Commission. Although OTI believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be achieved. Except as otherwise required by law, OTI disclaims any intention or obligation to update or revise any forward-looking statements, which speak only as of the date hereof, whether as a result of new information, future events or circumstances or otherwise.

Sinclair (SBGI) Revises Fourth Quarter Net Broadcast Revenues Upwards

BALTIMORE, Jan. 4 /PRNewswire-FirstCall/ — Sinclair Broadcast Group, Inc. (Nasdaq: SBGI), the “Company” or “Sinclair,” today reported that it expects its net broadcast revenues for the three months ended December 31, 2009 to be better than the guidance it provided on November 4, 2009.  The Company now expects fourth quarter net broadcast revenues to be approximately $153.8 million, or only 6.5% lower than the same period last year.  This is an improvement over its prior guidance which estimated net broadcast revenues to be approximately $143.3 to $146.3 million, or 11.0% to 12.8% down, as compared to fourth quarter 2008 net broadcast revenues of $164.4 million.  Advertising revenues from the auto sector has been a major driver of the revenue improvement due to increased spending by dealers and domestic manufacturers.   The Company now expects the auto category to be down by approximately 4.0% in the fourth quarter versus its prior estimate for auto to be down by high teen percents.

In addition, the Company announced that the affiliation agreements with the ABC Network for nine stations it owns and/or operates have been extended for one month while the two sides continue to negotiate.  The network affiliation agreements were due to expire on December 31, 2009.

The Company will report its actual fourth quarter results on February 17, 2010.

Forward-Looking Statements:

The matters discussed in this press release, particularly those in the section labeled “Outlook,” include forward-looking statements regarding, among other things, future operating results.  When used in this press release, the words “outlook,” “intends to,” “believes,” “anticipates,” “expects,” “achieves,” and similar expressions are intended to identify forward-looking statements.  Such statements are subject to a number of risks and uncertainties.  Actual results in the future could differ materially and adversely from those described in the forward-looking statements as a result of various important factors, including and in addition to the assumptions identified in this release, the impact of changes in national and regional economies, successful execution of outsourcing agreements, pricing and demand fluctuations in local and national advertising, volatility in programming costs, the market acceptance of new programming, the CW Television Network and MyNetworkTV programming, our news share strategy, our local sales initiatives, the execution of retransmission consent agreements, and the other risk factors set forth in the Company’s most recent reports on Form 10-Q and Form 10-K, as filed with the Securities and Exchange Commission.  There can be no assurances that the assumptions and other factors referred to in this release will occur.  The Company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements except as required by law.

About Sinclair:

Sinclair Broadcast Group, Inc., one of the largest and most diversified television broadcasting companies, owns and operates, programs or provides sales services to 58 television stations in 35 markets.  Sinclair’s television group reaches approximately 22% of U.S. television households and is affiliated with all major networks.  Sinclair owns equity interests in various non-broadcast related companies.

The Company regularly uses its website as a key source of Company information and can be accessed at www.sbgi.net.

Intevac, Inc. (IVAC) Receives Order for Eight 200 Lean(R) Systems

Jan. 4, 2010 (Business Wire) — Intevac, Inc. (NASDAQ:IVAC) today announced an order for eight 200 Lean^® magnetic disk sputtering systems, scheduled for delivery in the second and third quarter of 2010.

“We are very pleased to receive this capacity-driven order for our 200 Lean system,” commented Kevin Fairbairn, president and chief executive of Intevac. “The hard drive industry currently is seeing very high rates of media capacity utilization, requiring incremental new capacity to support the growth expected this year.”

About Intevac

Intevac was founded in 1991 and has two businesses: Equipment and Intevac Photonics.

Equipment Business: We are a leader in the design, manufacture and marketing of high-productivity lean manufacturing systems and have been producing Lean Thinking platforms since 1994. We are the leading supplier of magnetic media processing systems to the hard drive industry and offer highly efficient technology solutions to the photovoltaic industry and advanced etch systems to the semiconductor industry.

Intevac Photonics: We are a leader in the development and manufacture of leading edge, high-sensitivity imaging products and vision systems, as well as table-top and handheld Raman instruments. Markets addressed include military, industrial, physical science and life science.

For more information call 408-986-9888, or visit the company’s website at www.intevac.com.

200 Lean^® is a registered trademark of Intevac, Inc.

Safe Harbor Statement

This press release includes statements that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Reform Act”). Intevac claims the protection of the safe-harbor for forward-looking statements contained in the Reform Act. These forward-looking statements are often characterized by the terms “may,” “believes,“ “projects,” “expects,” or “anticipates,” and do not reflect historical facts. Specific forward-looking statements contained in this press release include, but are not limited to; the need for capacity additions in 2010 and the timing of the 200 Lean shipments. The forward-looking statements contained herein involve risks and uncertainties that could cause actual results to differ materially from the company’s expectations. These risks include, but are not limited to: continued high utilization rates in the hard drive industry and failure to meet planned shipment dates, each of which could have a material impact on our business, our financial results, and the company’s stock price. These risks and other factors are detailed in the company’s regular filings with the U.S. Securities and Exchange Commission.

Digital Ally (DGLY) Achieves Record Revenue of Over $9.2 Million in Fourth Quarter of 2009

OVERLAND PARK, Kan. /PRNewswire-FirstCall/ — Digital Ally, Inc. (Nasdaq: DGLY), which develops, manufactures and markets advanced video surveillance products for law enforcement, homeland security and commercial security applications, today announced that, on a preliminary unaudited basis, its revenue for the three months ended set a new Company record of over $9.2 million.  This represents an increase of approximately 37% when compared with revenue of $6.7 million in the prior-year quarter and an increase of over 61% when compared with revenue of $5.7 million in the third quarter of 2009.  The Company’s previous quarterly revenue record of $8.9 million was posted in the three-month period ended .  For the year ended , revenue approximated $26.3 million on a preliminary unaudited basis, versus revenue of approximately $32.6 million in the year ended .

“After a rough first half of the year that was penalized by delays in new product introductions and operating inefficiencies related to the ramp-up in production of our DVM-750 In Car Digital Video System Integrated into a Rear View Mirror, we returned to net profitability in the third quarter and expect to report a further improvement in fourth quarter earnings,” stated Stanton E. Ross, Chief Executive Officer of Digital Ally, Inc.  “For the full year, we delivered approximately 1,700 DVM-750 systems to customers, including 800 systems in the fourth quarter of 2009.”

“We have significantly improved manufacturing productivity in recent months and look forward to 2010, when we expect sales growth to be driven by strong demand for the DVM-750 and our legacy DVM-500 Plus; increasing shipments of our new DM-500 Ultra video system for motorcycles, ATVs and boats, and the recently-introduced FirstVu wearable body camera; entry into the Fleet and Transportation market with the DVM-250; and our planned expansion in the second half of the year into the School Bus video and License Plate Recognition markets,” continued Ross.  “We ended the year 2009 with approximately 3,250 customers, representing law enforcement agencies in all 50 states and 36 foreign countries that are familiar with our products and reputation for quality customer services.  This should provide a solid platform for the introduction of new products, while our feature-rich DVM-750 should allow Digital Ally to make further inroads with large domestic and foreign law enforcement agencies.”

About Digital Ally, Inc.

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

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

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934.  These forward-looking statements are based largely on the expectations or forecasts of future events, can be affected by inaccurate assumptions, and are subject to various business risks and known and unknown uncertainties, a number of which are beyond the control of management. Therefore, actual results could differ materially from the forward-looking statements contained in this press release. A wide variety of factors that may cause actual results to differ from the forward-looking statements include, but are not limited to, the following: the Company’s ability to deliver its new product offerings as scheduled and have them perform as planned or advertised; its ability to continue to increase revenue and profits in the current economic environment; the degree to which the Company’s new products may increase revenue and earnings in 2010 and enhance its ability to make further inroads into large domestic and foreign law enforcement agencies; its ability to continue to expand its share of the in-car video market in the domestic and international law enforcement communities; whether there will be a commercial market, domestically and internationally, for one or more of its new products; its ability to commercialize its products and production processes, including increasing its production capabilities to satisfy orders in a cost-effective manner; whether the Company will be able to adapt its technology to new and different uses, including being able to introduce new products; competition from larger, more established companies; its ability to attract and retain customers and quality employees; its ability to obtain patent protection on any of its products and, if obtained, to defend such intellectual property rights; the effect of changing economic conditions; and changes in government regulations, tax rates and similar matters. These cautionary statements should not be construed as exhaustive or as any admission as to the adequacy of the Company’s disclosures. The Company cannot predict or determine after the fact what factors would cause actual results to differ materially from those indicated by the forward-looking statements or other statements. The reader should consider statements that include the words “believes”, “expects”, “anticipates”, “intends”, “estimates”, “plans”, “projects”, “should”, or other expressions that are predictions of or indicate future events or trends, to be uncertain and forward-looking. The Company does not undertake to publicly update or revise forward-looking statements, whether as a result of new information, future events or otherwise. Additional information respecting factors that could materially affect the Company and its operations are contained its annual report on Form 10-K for the year ended and its report on Form 10-Q for the nine months ended , as filed with the Securities and Exchange Commission.

China Direct Industries (CDII) Provides Financial Outlook for Fiscal 2010

DEERFIELD BEACH, FL — (Marketwire) — 01/04/10 — China Direct Industries, Inc. (“China Direct Industries”) (NASDAQ: CDII), a U.S. owned holding company operating in China in two core business segments, pure magnesium production and distribution of basic materials, announced today its financial outlook for its fiscal 2010 year ending September 30, 2010.

As a result of improved visibility in the operations of its subsidiaries in China, coupled with continued price stabilization and improvement in demand in its magnesium segment, management has decided to reinitiate providing an annual financial outlook. Management sees improvement across all its business areas resulting in revenues for the full fiscal year of 2010 ranging between $130 and $150 million with net income ranging from $8 to $10 million. This guidance is predicated on management’s belief that magnesium prices and demand will continue to gradually improve in fiscal 2010. Management also believes its consulting operations will improve significantly as global markets continue to strengthen for small to medium sized Chinese entities.

Commenting on its outlook, Dr. James Wang, Chairman and CEO of China Direct Industries, Inc. stated, “We have navigated the company through unprecedented difficulties and have worked diligently to remain in a solid financial position with operations capable of resuming growth when markets improve. We believe that that time is at hand in 2010 and we intend to work diligently on a return to profitability and a resumption of growth for all our businesses in China and the U.S. We are confident in our ability to deliver and optimistic that our end markets will continue to solidify and improve as we move throughout fiscal 2010.”

About China Direct Industries, Inc.

China Direct Industries, Inc. (NASDAQ: CDII), is a U.S. owned holding company operating in China in two core business segments, pure magnesium production and distribution and distribution of basic materials in China. China Direct Industries also provides advisory services to China based companies in competing in the global economy. Headquartered in Deerfield Beach, Florida, China Direct Industries operates 10 subsidiaries throughout China. This infrastructure creates a platform to expand business opportunities globally while effectively and efficiently accessing the U.S. capital markets. For more information about China Direct Industries, please visit http://www.cdii.net.

DISCLOSURE NOTICE:

In connection with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, China Direct Industries, Inc., is hereby providing cautionary statements identifying important factors that could cause our actual results to differ materially from those projected in forward-looking statements (as defined in such act). Any statements that are not historical facts and that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, indicated through the use of words or phrases such as “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimated,” “intends,” “plans,” “believes” and “projects”) may be forward-looking and may involve estimates and uncertainties which could cause actual results to differ materially from those expressed in the forward-looking statements. These statements include, but are not limited to, our guidance and expectations regarding revenues, net income and earnings, magnesium prices and demand and our consulting operations and performance. In addition, any such statements are qualified in their entirety by reference to, and are accompanied by, the following key factors that have a direct bearing on our results of operations:

--  Continued global economic weakness is expected to reduce demand for our
    products in each of our segments.
--  Fluctuations in the pricing and availability of magnesium and in levels
    of customer demand.
--  Changes in the prices of magnesium and magnesium-related products.
--  Our ability to implement our acquisition strategy of growing our
    business through increased magnesium production capacity and
    acquisitions.
--  Fluctuations in the cost or availability of coke gas and coal.
--  Loss of orders from any of our major customers.
--  The value of the equity securities we accept as compensation is subject
    to adjustment which could result in losses to us in future periods.
--  Our ability to effectively integrate our acquisitions and to manage our
    growth and our inability to fully realize any anticipated benefits of
    acquired business.
--  Our need for additional financing which we may not be able to obtain on
    acceptable terms, the dilutive effect additional capital raising
    efforts in future periods may have on our current shareholders and the
    increased interest expense in future periods related to additional debt
    financing.
--  Our dependence on certain key personnel.
--  Difficulties we have in establishing adequate management, cash, legal
    and financial controls in the PRC.
--  Our ability to maintain an effective system of internal control over
    financial reporting.
--  The lack various legal protections in certain agreements to which we
    are a party and which are material to our operations which are
    customarily contained in similar contracts prepared in the United
    States.
--  Potential impact of PRC regulations on our intercompany loans.
--  Our ability to assure that related party transactions are fair to
    our company.
--  Yuwei Huang, our executive vice president -- magnesium, director and an
    officer of several of our magnesium subsidiaries and his daughter Lifei
    Huang is also an owner and executive officer of several companies which
    directly compete with our magnesium business.
--  The impact of a loss of our land use rights.
--  Our ability to comply with the United States Foreign Corrupt Practices
    Act which could subject us to penalties and other adverse consequences.
--  Limits under the Investment Company Act of 1940 on the value of
    securities we can accept as payment for our business consulting
    services.
--  Our acquisition efforts in future periods may be dilutive to our then
    current shareholders.
--  The risks and hazards inherent in the mining industry on the operations
    of our basic materials segment.
--  Our inability to enforce our rights due to policies regarding the
    regulation of foreign investments in China.
--  The impact of environmental and safety regulations, which may increase
    our compliance costs and reduce our overall profitability.
--  The effect of changes resulting from the political and economic
    policies of the Chinese government on our assets and operations located
    in the PRC.
--  The impact of Chinese economic reform policies.
--  The influence of the Chinese government over the manner in which our
    Chinese subsidiaries must conduct our business activities.
--  The impact on future inflation in China on economic activity in China.
--  The impact of any recurrence of severe acute respiratory syndrome, or
    SAR's, or another widespread public health problem.
--  The limitation on our ability to receive and use our revenues
    effectively as a result of restrictions on currency exchange in China.
--  Delisting of our securities by NASDAQ from quotation on its exchange
    could limit investors' ability to make transactions in our securities
    and subject us to additional trading restrictions.
--  Recent substantial declines in the market price for shares of our
    common stock and continued highly volatile and wide market price
    fluctuations.

We caution that the factors described herein could cause actual results to differ materially from those expressed in any forward-looking statements we make and that investors should not place undue reliance on any such forward-looking statements. Further, any forward-looking statement speaks only as of the date on which such statement is made, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of anticipated or unanticipated events or circumstances. New factors emerge from time to time, and it is not possible for us to predict all of such factors. Further, we cannot assess the impact of each such factor on our results of operations or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. This press release is qualified in its entirety by the cautionary statements and risk factor disclosure contained in our Securities and Exchange Commission filings, including our Transition Report on Form 10-K for the fiscal year ended September 30, 2009 and our reports on Form 10-Q.

Contact Information:

For the Company:

China Direct Industries, Inc.
Richard Galterio or
Lillian Wong
Investor Relations
Phone: 1-877-China-57
Email: richard.galterio@cdii.net
lillian.wong@cdii.net

Merz to Acquire BioForm Medical (BFRM)

FRANKFURT, Germany and SAN MATEO, Calif., Jan. 4, 2010 (GLOBE NEWSWIRE) — Merz Pharma Group (“Merz”), a privately-held company based in Frankfurt am Main, Germany, and BioForm Medical, Inc. (Nasdaq:BFRM) today announced that the Board of Directors of BioForm Medical and the Merz Shareholders Council have unanimously approved a definitive agreement under which Merz will acquire all of the outstanding shares of BioForm Medical for US$5.45 per share in cash pursuant to a cash tender offer followed by a second-step merger. The transaction has a total equity value of approximately US$253 million based on BioForm Medical’s outstanding shares of common stock.

The US$5.45 per share cash purchase price represents a premium of 55% over BioForm Medical’s 30-day average closing stock price, and a premium of 60% over the closing price of BioForm Medical’s common stock on December 31, 2009, the last trading day prior to today’s announcement.

This transaction advances Merz’s strategy of becoming a leading player in aesthetic medicine, a fast growing, multi-billion dollar global market. BioForm Medical is a leader in the dermal filler market in the United States and Europe with its flagship product, RADIESSE(R) dermal filler. Following completion of the transaction, BioForm Medical will become a wholly-owned subsidiary of Merz and will be renamed Merz Aesthetics. With BioForm Medical, the new Merz Aesthetics will be distinguished in the marketplace by its ability to offer dermal fillers based on three distinct technologies: RADIESSE(R) dermal filler, Belotero(R) and Novabel(R). With this broader dermal filler product offering and other innovative aesthetics products under development, including Polidocanol, a sclerotherapy agent, and Bocouture(R)/XEOMIN(R), a neurotoxin free of complexing protein, the combined company will be positioned to enable healthcare professionals to achieve excellent patient results and satisfaction.

“We are pleased with this transaction, which has been strongly supported by Merz shareholders. Together with BioForm Medical, we will have even greater potential for future growth in our worldwide, fast growing aesthetics and dermatological business,” said Dr. Jochen Huckmann, Chairman of the Merz Shareholders Council. “We are delighted to welcome BioForm Medical to our company and expect them to be an important part of Merz’s continued growth and success.”

“This transaction strengthens our operating foundation and builds on Merz’s history of providing innovative and effective products to the aesthetic medical community and the patients we serve,” said Dr. Martin Zugel, Chairman of the Merz Management Board. “With BioForm Medical, we expand our product offering in the high-growth aesthetic market and increase our direct commercial presence in the United States and Europe. Through the addition of BioForm Medical’s experienced commercial organization, we will be able to offer healthcare providers a broader range of high quality aesthetic treatment options, further enhancing Merz’s customer relationships and our competitive position.”

“After thorough and extensive analysis, the BioForm Medical Board of Directors unanimously approved this transaction with Merz, recognizing that it provides significant immediate value to our stockholders and is also in the best interests of our customers and employees,” said Steve Basta, Chief Executive Officer of BioForm Medical. “We are pleased to join Merz. I believe this combination offers a platform for future growth as well as expanded opportunities for our employees and our company as a whole. I am confident that with Merz’s expertise, resources, product portfolio and pipeline, we will be better positioned to develop and market the solutions our customers need. We look forward to working closely with the Merz team to ensure a smooth transition and complete the transaction as expeditiously as possible.”

BioForm Medical will maintain its headquarters in San Mateo, California, and its manufacturing, distribution and other operations in Franksville, Wisconsin. BioForm Medical’s Asia operations as well as its Netherlands operation, including its European sales team, will also become part of Merz Aesthetics. Merz Pharmaceuticals’ U.S. Pharmaceutical operations with its Clinical Dermatology and Neurology Business units will remain in Greensboro, North Carolina, with the U.S. aesthetics commercial organization led from San Mateo.

Mr. Basta and BioForm Medical’s management team and employees are expected to remain with the Company following completion of the transaction. Mr. Basta will serve as CEO of Merz Aesthetics U.S.

Transaction Summary

In January 2010, a wholly-owned acquisition subsidiary of Merz will commence a tender offer to purchase all of the outstanding shares of BioForm Medical common stock for US$5.45 per share, net to the seller in cash, without interest and less any required tax withholding. The Board of Directors of BioForm Medical has resolved to recommend to BioForm Medical’s stockholders that they tender their shares pursuant to the tender offer.

Following completion of the tender offer, Merz’s acquisition subsidiary will merge with BioForm Medical, with BioForm Medical surviving the merger as a wholly-owned subsidiary of Merz. Following the tender offer, Merz will commence a second-step merger in which any remaining BioForm Medical stockholders will receive the same price per share paid in the tender offer.

The transaction, which is expected to close in the first quarter of calendar year 2010, is conditioned on the tender of a majority of the outstanding shares of BioForm Medical common stock as well as regulatory approvals and other customary closing conditions. The transaction is not subject to financing.

Members of BioForm Medical’s Board of Directors and management team (and related entities), who collectively own approximately 26% of BioForm Medical’s outstanding shares of common stock, including Essex Woodlands Health Ventures, the Company’s largest stockholder which owns approximately 15% of BioForm Medical’s outstanding shares, have entered into agreements with Merz pursuant to which they have agreed to tender their shares in the Merz tender offer.

Advisors

Piper Jaffray & Co. is serving as financial advisor to Merz, and Dewey & LeBoeuf LLP is serving as legal counsel. J.P. Morgan Securities Inc. is serving as financial advisor to BioForm Medical, and Ropes & Gray LLP is serving as legal counsel.

About BioForm Medical, Inc.

BioForm Medical, Inc. is a medical aesthetics company headquartered in San Mateo, California, developing products that enhance aesthetic procedures performed in dermatology and plastic surgery practices. BioForm Medical’s lead product is RADIESSE(R) dermal filler, a long-lasting filler for use in facial aesthetics. BioForm Medical is developing several future aesthetics products, including a radiofrequency treatment to reduce nerve function in the forehead, a sclerotherapy treatment for spider veins, and a surgical adhesive for brow lifts. For more information about BioForm Medical, please visit www.bioform.com.

About the Merz Pharma Group

Merz’s focus is on drugs for treating neurological and psychiatric conditions and holds a leading position in the field of Alzheimer’s research. With memantine, Merz has developed the first active ingredient in the world for treating moderate to severe cases of Alzheimer’s. Worldwide, memantine is the second best-selling drug for treating Alzheimer’s. Another core competency of Merz lies in clinical and aesthetic dermatology. In addition to pharmaceuticals, Merz also serves the non-pharmacy related healthcare sector. In the Consumer Products segment, Merz Consumer Care is the leading provider of OTC medication, dietary supplements and skincare products in the German-speaking countries with its well-known tetesept(R) and Merz Spezial(R) brands. The Merz Pharma Group is an affiliate of Merz Group, a German based family held group of companies that also owns Senator, a leading promotional products manufacturer. The Merz Pharma Group employs 1,745 people worldwide (prior year: 1,619). The Company generated revenue of EUR 589.8 million (US$828.7 million)(1) in the fiscal year 2008/09 (prior year: EUR 546.5 million / US$863.5 million)(2).

Forward-Looking Statements

This press release contains forward-looking statements, including those relating to Merz’s anticipated acquisition of BioForm Medical and expected benefits of the transaction, such as the introduction of new products and products under development, or the timing thereof, the ability to obtain, and the timing of, future U.S. regulatory clearances and approvals, including for Polidocanol and Bocouture(R)/XEOMIN(R) neurotoxin, the potential for future growth in Merz’ worldwide aesthetics and dermatological business, the impact that the acquisition would have on Merz’ competitive positioning and future growth in its worldwide aesthetics and dermatological business, and the growth in the aesthetic market, generally. Forward-looking statements may contain words such as “expect,” “believe,” “may,” “can,” “should,” “will,” “forecast,” “anticipate” or similar expressions, and include the assumptions that underlie such statements. These statements are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those stated or implied, including but not limited to: the risk that the transaction will not be consummated in a timely manner or at all if, among other things, fewer than a majority of the shares of BioForm Medical common stock are tendered, clearance under the Hart-Scott-Rodino Antitrust Improvements Act is not obtained, or other closing conditions are not satisfied; the successful integration and performance of the acquired business; unknown, underestimated or undisclosed commitments or liabilities; the effectiveness of internal controls; Merz’s ability to: (i) realize synergies expected to result from the acquisition; (ii) successfully commercialize purchased products; (iii) develop, deliver and support a broad range of products, expand its markets, and develop new markets; (iv) attract, motivate and retain key employees; and (v) obtain and protect intellectual property rights in key technologies; and other risks described in BioForm Medical’s filings with the U.S. Securities and Exchange Commission (the “SEC”). All forward-looking statements are based on managements’ estimates, projections and assumptions as of the date hereof and are subject to risks and uncertainties, which may cause BioForm Medical’s actual results to differ materially from the statements contained herein. Undue reliance should not be placed on forward-looking statements, which speak only as of the date they are made. Neither Merz nor BioForm Medical undertake any obligation to update publicly any forward-looking statements to reflect new information, events or circumstances after the date they were made, or to reflect the occurrence of unanticipated events.

Additional Information

The tender offer described herein has not commenced. This announcement is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell shares of BioForm Medical. At the time the tender offer is commenced, Merz and its acquisition subsidiary will file a Tender Offer Statement on Schedule TO with the SEC and BioForm Medical will file a Solicitation/Recommendation Statement on Schedule 14D-9 with respect to the tender offer.

The tender offer will be made solely by the Tender Offer Statement. Holders of shares of BioForm Medical common stock are urged to read the Tender Offer Statement (including the Offer to Purchase, related Letter of Transmittal and all other offer documents) and the Solicitation/Recommendation Statement when they become available because they will contain important information that holders of shares of BioForm Medical common stock should consider before making any decision regarding tendering their securities.

Stockholders of BioForm Medical will be able to obtain free copies of the Tender Offer Statement, the Tender Offer Solicitation/Recommendation Statement and other documents filed with the SEC by Merz and BioForm Medical through the web site maintained by the SEC at www.sec.gov. In addition, investors and security holders will be able to obtain free copies of these documents by contacting the Investor Relations department of BioForm Medical or by mailing a request to the information agent for the tender offer, MacKenzie Partners, Inc., 105 Madison Avenue, New York, New York 10016; by calling toll free at 1-800-322-2885 or call collect 212-929-5500; and at tenderoffer@mackenziepartners.com.

China Valves Technology, Inc. (CVVT) Raises Additional $21.7 Million in Registered Direct Offering

KAIFENG, China, Dec. 31 /PRNewswire-Asia-FirstCall/ — China Valves Technology, Inc. (Nasdaq: CVVT) (“China Valves” or the “Company”), a leading metal valve manufacturer with operations in the People’s Republic of China (the “PRC”), today announced that the Company has entered into definitive agreements with certain accredited investors to sell in a registered direct offering an aggregate of 2,414,113 shares of its common stock at a price of $9.00 per share for gross proceeds of approximately $21.7 million. In addition, the Company will issue at closing to the investors warrants to purchase 362,116 shares of common stock, in the aggregate, at a price of $9.00 per share, exercisable for 30 days beginning on the date of the initial issuance of the warrants.

Combined with the closing of the Company’s initial registered direct offering on December 28, 2009, the Company will receive aggregate gross proceeds of approximately $24.7 million, which will be used for working capital and certain identified acquisitions.

“The gross proceeds raised in this offering will enable us to complete two near-term acquisition opportunities that we believe will be accretive in 2010 and further strengthens our confidence that we will meet or exceed our make good targets for net income and earnings per share for 2010,” said Mr. Siping Fang, chairman and CEO of China Valves.

Rodman & Renshaw, LLC, a wholly owned subsidiary of Rodman & Renshaw Capital Group, Inc. (Nasdaq: RODM), acted as the lead placement agent and Brean Murray, Carret & Co., LLC acted as co-placement agent in connection with the offering. The shares and warrants in this offering are being issued under a shelf registration statement declared effective by the Securities and Exchange Commission on December 14, 2009. A prospectus supplement related to the public offering will be filed with the Securities and Exchange Commission. Copies of the final prospectus supplement and accompanying prospectus relating to the offering may be obtained from Rodman & Renshaw, LLC, 1251 Avenue of the Americas 20th Floor, New York, NY 10020 or by calling (212) 356-0502. An electronic copy of such prospectus is also available on the web site of the Securities and Exchange Commission (the “SEC”) at http://www.sec.gov .

For more detailed information on this financing, please refer to the Company’s Form 8-K and related exhibits filed with the Securities and Exchange Commission on Thursday, December 31, 2009.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About China Valves Technology, Inc.

China Valves Technology, Inc. through its subsidiaries, Zhengzhou Zhengdie Valve Co, Ltd., Henan Kaifeng High Pressure Valve Co., Ltd., and Tai Zhou Tai De Valve Co., Ltd. is engaged in development, manufacture and sale of high-quality metal valves for the electricity, petroleum, chemical, water, gas and metallurgy industries. The Company has one of the best known brand names in China’s valve industry, and its history can be traced back to 1959 when it was formed as a state-owned enterprise. The Company develops valve products by extensive research and development and owns a number of patents. It enjoys significant domestic market shares and exports to Asia and Europe. For more information, visit http://www.cvalve.com .

Safe Harbor Statements

Any statements set forth above that are not historical facts are forward- looking statements that involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such factors include, but are not limited to, the Company’s ability to develop and market new products, the ability to meet make good targets for net income and earnings per share, the ability to acquire other companies, changes from anticipated levels of sales, changes in national or regional economic and competitive conditions, changes in relationships with customers, changes in principal product profits and other factors detailed from time to time in the Company’s filings with the United States Securities and Exchange Commission and other regulatory authorities. The Company undertakes no obligation to update or revise to the public any forward-looking statements, whether as a result of new information, future events or otherwise. This press release was developed by China Valves, and is intended solely for informational purposes and is not to be construed as an offer or solicitation of an offer to buy or sell the Company’s stock. This press release is based upon information available to the public, as well as other information from sources which management believes to be reliable, but it is not guaranteed by China Valves to be accurate, nor does China Valves purport it to be complete. Opinions expressed herein are those of management as of the date of publication and are subject to change without notice.

Morningstar, Inc. (MORN) Completes Acquisition of Chicago-based Logical Information Machines

CHICAGO, Dec. 31 /PRNewswire-FirstCall/ — Morningstar, Inc. (Nasdaq: MORN), a leading provider of independent investment research, has completed its previously announced acquisition of Logical Information Machines, Inc. (LIM), a leading provider of data and analytics for the energy, financial, and agriculture sectors, for $51.5 million, subject to post-closing adjustments.

LIM provides market pricing data, securities reference data, historical event data, predictive analytics, and advanced data management solutions that help customers manage large sets of time-series data. The company collects, unifies, and conducts quality assurance on data from more than 180 providers in the energy, financial, and agriculture sectors and provides clients with one central source for data intelligence and analysis.

About Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offers an extensive line of Internet, software, and print-based products and services for individuals, financial advisors, and institutions. Morningstar provides data on more than 325,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 4 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. The company has operations in 20 countries and minority ownership positions in companies based in two other countries.

Caution Concerning Forward-Looking Statements

This press release contains forward-looking statements as that term is used in the Private Securities Litigation Reform Act of 1995. These statements are based on our current expectations about future events or future financial performance. Forward-looking statements by their nature address matters that are, to different degrees, uncertain, and often contain words such as “may,” “could,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” or “continue.” These statements involve known and unknown risks and uncertainties that may cause the events we discussed not to occur or to differ significantly from what we expected. For us, these risks and uncertainties include, among others, general industry conditions and competition, including the global financial crisis that began in 2007; the impact of market volatility on revenue from asset-based fees; damage to our reputation resulting from claims made about possible conflicts of interest; liability for any losses that result from an actual or claimed breach of our fiduciary duties; financial services industry consolidation; a prolonged outage of our database and network facilities; challenges faced by our non-U.S. operations; and the availability of free or low-cost investment information. A more complete description of these risks and uncertainties can be found in our filings with the SEC, including our Annual Report on Form 10-K for the year ended December 31, 2008. If any of these risks and uncertainties materialize, our actual future results may vary significantly from what we expected. We do not undertake to update our forward-looking statements as a result of new information or future events.