Origin Agritech (SEED) Announces Final Approval of World’s First Genetically Modified Phytase Corn

Nov. 21, 2009 (Business Wire) — Origin Agritech Limited (NASDAQ GS: SEED) (“Origin”), a leading technology-focused supplier of crop seeds and agri-biotech research in China, today announced it has received the Bio-safety Certificate from the Ministry of Agriculture as a final approval for commercial approval of the world’s first genetically modified phytase corn. Origin’s phytase corn is the first transgenic corn to officially introduce the next generation of corn product approved and sold commercially into the domestic marketplace.

Genetically modified seed products in China must undergo five separate stages of approval beginning with a phase one laboratory approval to the final receipt of the Bio-safety Certificate in phase five. Currently, this GM seed approval process is restricted only to domestic seed producers such as Origin Agritech.

Phytase is currently used as an additive in animal feed to breakdown phytic acid in corn, which holds 60% of the phosphorus in corn. Phytase increases phosphorus absorption in animals by 60%. Phosphorus is an essential element for the growth and development of all animals, and plays key roles in skeletal structure and in vital metabolic pathways. Phytase, as an additive for animal feed, is mandatory in Europe, Southeast Asia, South Korea, Japan, and other regions for environmental purposes.

Phytase transgenic corn, developed by and licensed from Chinese Academy of Agricultural Science (CAAS) after 7 years of study, will allow animal feed producers the ability to eliminate purchasing phytase and corn separately. It will eliminate the need for mixing the two ingredients together, saving time, machinery, and labor for the animal feed producers.

Origin’s GMO phytase-producing corn is expected to reduce the need for inorganic phosphate supplements as animals will directly absorb more phosphate from their feed, reducing animal feed’s high cost. Inorganic phosphates may be contaminated with fluorin and heavy metal residues created in the manufacturing process. These fluorin and heavy metal residues in the feedstuff are toxic to animals, and dangerous to humans. Origin plans to release further details of the development of their phytase product line as this develops.

Dr. Gengchen Han, Origin’s Chairman said, “With this landmark seed approval, we are not only own the first GM corn seed product in China, but we are actively leading the new genetically modified generation of agricultural products for China, and will continue to do so for the future.”

Forward Looking Statement

This release contains forward-looking statements. All forward-looking statements included in this release are based on information available to us on the date hereof. These statements involve known and unknown risks, uncertainties and other factors, which may cause our actual results to differ materially from those implied by the forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “could,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential,” “targets,” “goals,” “projects,” “continue,” or variations of such words, similar expressions, or the negative of these terms or other comparable terminology. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. Therefore, actual results may differ materially and adversely from those expressed in any forward-looking statements. Neither we nor any other person can assume responsibility for the accuracy and completeness of forward-looking statements. Important factors that may cause actual results to differ from expectations include, but are not limited to, those risk factors discussed in Origin’s filings with the SEC including its annual report on Form 20-F filed with the SEC on March 23, 2009. We undertake no obligation to revise or update publicly any forward-looking statements for any reason.

Lannett (LCI) Reauthorizes Stock Repurchase Program

Nov. 20, 2009 (Business Wire) — Lannett Company, Inc. (NYSE AMEX: LCI) today announced that its Board of Directors has approved a reauthorization of the stock repurchase program. Under the program, the company is authorized to repurchase up to $5 million of Lannett’s outstanding common stock from time to time in open market and privately negotiated transactions.

“The repurchase program reflects the board’s optimism and confidence in the future of our company and the belief that at current prices Lannett shares represent an attractive long term investment for the company and its shareholders,” said Arthur Bedrosian, president and chief executive officer of Lannett.

About Lannett Company, Inc.:

Lannett Company, founded in 1942, develops, manufactures, packages, markets and distributes generic pharmaceutical products for a wide range of indications. For more information, visit the company’s website at www.lannett.com.

This news release contains certain statements of a forward-looking nature relating to future events or future business performance. Any such statements, including, but not limited to, investing in R&D to add to the company’s growing product offering and further diversify its portfolio, whether expressed or implied, are subject to risks and uncertainties which can cause actual results to differ materially from those currently anticipated due to a number of factors which include, but are not limited to, the difficulty in predicting the timing or outcome of FDA or other regulatory approvals or actions, the ability to successfully commercialize products upon approval, Lannett’s estimated or anticipated future financial results, future inventory levels, future competition or pricing, future levels of operating expenses, product development efforts or performance, and other risk factors discussed in the company’s Form 10-K and other documents filed with the Securities and Exchange Commission from time to time. These forward-looking statements represent the company’s judgment as of the date of this news release. The company disclaims any intent or obligation to update these forward-looking statements.

Inovio Biomedical (INO) Universal Flu Vaccines Demonstrate Broadly Protective Immune Responses Against Multiple Seasonal & Pandemic Influenza Viruses in Pre-Clinical Studies

Nov. 20, 2009 (Business Wire) — Inovio Biomedical Corporation (NYSE Amex:INO), a leader in DNA vaccine design, development and delivery, announced today that a combination of its synthetic consensus H1N1, H2N2, H3N2, and H5N1 influenza vaccine candidates achieved protective antibody responses against several different influenza sub-types and strains in ferrets. In addition, ferrets immunized with Inovio’s SynCon^TM universal flu vaccine combinations were 100% protected against death and sickness in a challenge with the A/H1N1 (2009) swine-origin influenza. Dr. Niranjan Y. Sardesai, Inovio’s SVP, Research and Development, presented this data at the Influenza Congress USA 2009 in Washington, DC, in a presentation titled, “Development of Universal SynCon™ DNA Vaccines for Pandemic and Seasonal Influenza.”

Inovio previously reported that its consensus H5N1 and H1N1 vaccine candidates induced protective immune responses in ferrets and other animal models against multiple strains of H5N1 (clade 1 and 2) and H1N1 viruses with pandemic potential. The studies reported here mark one of the first demonstrations of a vaccine formulation proving effective against a broad panel of influenza viruses representing seasonal and pandemic influenza strains.

Dr. J. Joseph Kim, Inovio’s President and CEO, said, “Inovio is proud to be one of the first organizations to demonstrate a vaccine capable of providing protection against a broad set of unmatched influenza sub-types and strains, both seasonal and pandemic. If we can achieve similar outcomes in humans, this universal vaccine concept would have the potential to shift the current reactive paradigm of influenza vaccine design, manufacturing, and inoculation – a paradigm unrealistically challenged every year to correctly match key emerging strains, manufacture the vaccine, and inoculate people in an eight to 12 month cycle – to one that preemptively provides broader protection without having to match the minor and major changes in influenza that create new seasonal and pandemic strains. Such a shift would provide tremendous health and economic benefits worldwide.”

In these studies the researchers immunized ferrets with either a vaccine formulation targeting only H1N1 viruses (seasonal and pandemic) or a universal vaccine formulation targeting H1N1, H2N2, H3N2, and H5N1 viruses. Ferrets are considered to be the most relevant animal model for influenza vaccine development. The first test was a measurement of hemagglutination inhibition (HI) responses: blood taken from vaccinated animals was tested against different influenza strains for the level of anti-HA (e.g. H1, H2, etc.) protective antibodies in the blood serum. A measured “antibody titer” of 1:20 is generally regarded as a positive vaccine response; 1:40 is generally associated with protection against influenza in humans.

Mean HI titers for both the H1N1 and universal vaccine groups were measured to be significantly greater than 1:40 against 2009 H1N1 pandemic strains and seasonal H1N1 strains (ranging from 1:104 to 1:747). Moreover, the universal vaccine group also generated strong mean HI titers against the H3N2 strains (> 1:80). Testing of HI titers against H2N2 viruses is on-going.

Both sets of ferrets were subsequently challenged with the A/H1N1 Mexico/InDRE/4487/2009 virus. 100% of the vaccinated ferrets in both the H1N1 and universal vaccine groups survived the swine flu A/H1N1 challenge. In contrast, 75% of the animals in an unvaccinated control group died by day 10 following the challenge. The vaccinated animals were also protected from morbidity, as judged by their negligible average loss in body weight of less than 7% through the challenge period, whereas the unvaccinated animals lost as much as 17% of their body weight.

Dr. Sardesai stated in his presentation, “We continue to build an impressive and compelling set of evidence validating our universal influenza vaccine concept. This data showing broadly cross-protective antibody titers against multiple sub-types and unmatched strains of seasonal and pandemic influenza adds to our previously announced H5N1 avian flu and H1N1 pandemic flu virus data that highlighted similarly compelling protective results in mice, ferrets, and non-human primates. The consistently positive test results we are achieving with our consensus influenza vaccines are very encouraging.”

About Inovio’s SynCon^TM Universal Influenza Vaccines

Conventional influenza vaccines can only provide protection if they substantially match the genetic makeup of the circulating virus strain(s). They have limited ability to protect against genetic shifts of the virus. As a result, a new vaccine is created each year in anticipation of the next flu season’s new strain(s). If a significantly different new strain emerges, such as the current swine-origin pandemic strain, then the current vaccine will provide little or no protective capability.

Inovio is developing DNA-based influenza vaccines intended to provide broad protection against known as well as newly emerging, unknown seasonal and pandemic influenza strains. Using its SynCon™ process, Inovio’s scientists designed DNA constructs representing an optimal consensus of HA, NA, and NP proteins derived from multiple strains of the sub-types H1N1, H2N2, H3N2, and H5N1. These virus sub-types have been responsible for the majority of the last century’s seasonal and pandemic influenza outbreaks. Animal data is showing that Inovio’s synthetically-derived consensus DNA constructs, which do not match specific influenza strains, provide protection against viruses sharing genetic roots within sub-types. By formulating a single vaccine with constructs from some or all of the key sub-types, protection may be achieved against seasonal as well as pandemic strains such as swine flu or pandemic-potential strains such as avian influenza.

About Inovio Biomedical Corporation

Inovio Biomedical is focused on the design, development, and delivery of a new generation of vaccines, called DNA vaccines, to prevent and treat cancers and infectious diseases. The company’s SynCon™ technology enables the design of “universal” vaccines capable of protecting against multiple – including newly emergent, unknown – strains of pathogens such as influenza. Inovio’s proprietary electroporation-based DNA vaccine delivery technology has been shown by initial human data to safely and significantly increase gene expression and immune responses. Inovio’s clinical programs include HPV/cervical cancer (therapeutic) and HIV vaccines. An IND has been filed for an avian influenza vaccine. Inovio is developing its universal and avian influenza vaccines in collaboration with scientists from the University of Pennsylvania, the National Microbiology Laboratory of the Public Health Agency of Canada, and the NIH’s Vaccine Research Center. Other partners and collaborators include Merck, Tripep, University of Southampton, National Cancer Institute, and HIV Vaccines Trial Network. More information is available at www.inovio.com.

This press release contains, in addition to historical information, forward-looking statements. Such statements are based on management’s current estimates and expectations and are subject to a number of uncertainties and risks that could cause actual results to differ materially from those described in the forward-looking statements. Inovio is providing this information as of the date of this press release, and expressly disclaims any duty to update information contained in this press release.

Forward-looking statements in this press release include, without limitation, express and implied statements relating to Inovio’s business, plans to develop electroporation-based drug and gene delivery technologies and DNA vaccines and pre-clinical and clinical studies. Actual events or results may differ from the expectations set forth herein as a result of a number of risks, uncertainties and other factors, including but not limited to: Inovio has a history of losses; all of Inovio’s potential human products are in research and development phases; no revenues have been generated from the sale of any such products, nor are any such revenues expected for at least the next several years; Inovio’s product candidates will require significant additional research and development efforts, including extensive preclinical and clinical testing; uncertainties inherent in clinical trials and product development programs, including but not limited to the fact that pre-clinical and clinical results may not be indicative of results achievable in other trials or for other indications, that results from one study may not necessarily be reflected or supported by the results of other similar studies, that results from an animal study may not be indicative of results achievable in human studies, that clinical testing is expensive and can take many years to complete, that the outcome of any clinical trial is uncertain and failure can occur at any time during the clinical trial process, and that Inovio’s electroporation technology and DNA vaccines may fail to show the desired safety and efficacy traits in clinical trials; all product candidates that Inovio advances to clinical testing will require regulatory approval prior to commercial use, and will require significant costs for commercialization; the availability of funding; the ability to manufacture vaccine candidates; the availability or potential availability of alternative therapies or treatments for the conditions targeted by Inovio or its collaborators, including alternatives that may be more efficacious or cost-effective than any therapy or treatment that Inovio and its collaborators hope to develop; whether Inovio’s proprietary rights are enforceable or defensible or infringe or allegedly infringe on rights of others or can withstand claims of invalidity; and the impact of government healthcare proposals. Readers are also referred to Inovio’s Annual Report on Form 10-K for the year ended December 31, 2008 and its Quarterly Report on Form 10-Q for the quarter ended September 30, 2009 filed with the Securities and Exchange Commission which identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements.

Archipelago Learning, Inc. (ARCL) Prices Its Initial Public Offering

DALLAS, Nov. 20, 2009 (GLOBE NEWSWIRE) — Archipelago Learning, Inc. (Nasdaq:ARCL), a leading subscription-based online education company, today announced that the initial public offering of 6,250,000 shares of its common stock has been priced at $16.50 per share. The shares will begin trading on November 20, 2009 on The NASDAQ Global Market under the ticker symbol “ARCL.” The closing of the offering is expected to take place on November 25, 2009. Of the shares being sold, 3,125,000 are being offered by the Company and 3,125,000 shares are being offered by selling stockholders. In addition, the selling stockholders have granted the underwriters a 30-day option to purchase up to an additional 937,500 shares at the initial public offering price to cover over-allotments, if any. The Company will not receive any of the proceeds from the sale of shares by the selling stockholders.

BofA Merrill Lynch and William Blair & Company acted as joint book-running managers for the offering. Robert W. Baird & Co., Piper Jaffray and Stifel Nicolaus acted as co-managers of the offering. The offering of these securities is being made only by means of a prospectus, copies of which may be obtained from BofA Merrill Lynch, 4 World Financial Center, New York, NY 10080, Attn: Preliminary Prospectus Department or email Prospectus.Requests@ml.com; or William Blair & Company, Attention: Mailroom, 222 West Adams, Chicago, Illinois 60606 or email printshoprequests@williamblair.com.

A registration statement relating to these securities has been filed and declared effective by the Securities and Exchange Commission. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Archipelago Learning

Archipelago Learning is a leading subscription-based online education company. Archipelago Learning provides standards-based instruction, practice, assessments and reporting tools that improve the performance of educators and students via proprietary web-based platforms.

Kirkland’s (KIRK) Reports Third Quarter Results

Nov. 20, 2009 (PR Newswire) — NASHVILLE, Tenn., Nov. 20 /PRNewswire-FirstCall/ —

Highlights:

--  Comparable store sales increase 11.3%
--  Reports EPS of $0.27 versus loss of $0.07 a year ago
--  Total sales increased 7.6% despite 30 fewer stores from a year ago

--  Raises guidance assumptions for fiscal 2009

Kirkland’s, Inc. (Nasdaq: KIRK) today reported financial results for the 13-week and 39-week periods ended October 31, 2009.

Net sales for the 13-week period ended October 31, 2009, increased 7.6% to $92.4 million compared with $85.9 million for the 13-week period ended November 1, 2008. Comparable store sales for the third quarter of fiscal 2009 increased 11.3% compared with an increase of 1.2% in the prior year period. Comparable store sales in off-mall stores increased 11.2% for the quarter, and comparable store sales in mall stores increased 11.7%. The Company opened 7 stores and closed 2 stores during the quarter to end the period with 296 stores.

Net sales for the 39-week period ended October 31, 2009, increased 2.2% to $263.4 million compared with $257.6 million for the 39-week period ended November 1, 2008. Comparable store sales for the 39 weeks ended October 31, 2009 increased 7.6% compared with an increase of 2.7% in the prior year period. Comparable store sales in off-mall stores increased 7.3% for the period, and comparable store sales in mall stores increased 8.4%. The Company opened 15 stores and closed 18 stores during the 39-week period.

The Company reported net income of $5.6 million, or $0.27 per diluted share, for the 13-week period ended October 31, 2009, compared with a net loss of $1.5 million, or $0.07 per diluted share, for the 13-week period ended November 1, 2008. For the 39-week period, the Company reported net income of $12.5 million, or $0.62 per diluted share, compared with a net loss of $5.7 million, or $0.29 per diluted share in the prior-year period.

As discussed in previous quarters, over the course of fiscal 2009 the Company has been reversing the valuation allowance established in prior years against its deferred tax assets. The Company believes that presenting adjusted net income and earnings per share for its 2009 periods to reflect more normalized tax rates is instrumental in judging the Company’s performance for future periods when the Company is expected to incur a higher effective tax rate. Excluding adjustments to the valuation allowance for deferred tax assets and the recognition in the current period of certain income tax credits related to prior periods, adjusted net income was $4.6 million, or $0.23 per diluted share (adjusted), for the 13-week period, and $9.9 million, or $0.49 per diluted share (adjusted), for the 39-week period.

Robert Alderson, Kirkland’s President and Chief Executive Officer, said, “This was an exceptional quarter for Kirkland’s. The execution of our merchandise and store operating plans yielded strong sales and margin improvement due to improved conversion and reduced markdown activity. Our inventory has remained on-plan, clean, and fresh with an increasing percentage of new and replenished items, contributing to increased traffic throughout the quarter. The strong sell-through of our seasonal merchandise also complemented the year-long momentum in our core merchandise categories.

“Our operating performance through the first three quarters provides greater confidence in our outlook for the fourth quarter. New store openings are in place for the quarter, and inventory is well positioned for the holiday selling season. However, the deteriorating unemployment situation and its potential impact on consumer spending remains a concern despite the supposed end to the 2008-2009 recession. The fourth quarter is always our most important quarter of the year. We have planned for the tougher comparisons from a year ago that start in mid-December and supplemented our offerings to respond to expected challenges. With earnings through the first three quarters already exceeding full year fiscal 2008 earnings, we are well on our way to a record year for Kirkland’s.”

Mr. Alderson continued, “As we look ahead to fiscal 2010, our plan is to return to net store growth and a more normalized number of annual store closings. We plan to open 30 to 40 new stores and close 15 to 20 stores. However, year-over-year sales comparisons from this ramp-up in growth will be somewhat muted until 2011 due to the impact of net sales lost from store closings during fiscal 2009 and the timing of 2010 new store openings. We will continue to focus on achieving incremental gains in operating results from our key item merchandise strategy, merchandise productivity, higher sales volumes and lower operating costs in off-mall locations, continued occupancy cost reductions from renegotiating existing leases, operating expense control, and continued leverage of our distribution infrastructure.

“With the completion of the reversal of our valuation allowance on deferred tax assets during fiscal 2009, we expect to incur an effective tax rate of 39.5% in fiscal 2010 versus approximately 26.1% in fiscal 2009, which will impact year-over-year earnings comparisons in fiscal 2010. We expect to again generate positive cash flow in 2010 while fully funding all store growth and other capital needs from operations.”

Fiscal 2009 Outlook Raised

Based on the Company’s continued strong performance, the Company has revised its assumptions for several key metrics as noted below. These assumptions discount the likelihood of a return to the severe economic conditions of last fall, but do consider continued adverse trends in unemployment rates, job creation, and housing recovery that could negatively impact the holiday selling season.

Store Base: The Company started fiscal 2009 with 299 stores compared with 335 stores a year ago. For fiscal 2009, the store base is expected to average approximately 30 stores less per quarter than the comparable quarters of fiscal 2008. In accordance with the Company’s plan to reposition its store base, closings from natural lease expirations are expected to be approximately 35 stores. New store openings are expected to be 18 stores in fiscal 2009.

Net Sales: Full year sales are expected to be slightly above fiscal 2008.

Margins: Full year merchandise and operating margins are expected to be significantly above fiscal 2008 levels with fiscal 2009 operating margin expected to be in the very high single-digit range, approaching 10%. The margin assumptions are based upon the lack of a heavy promotional environment and a comparable store sales increase in the fourth quarter of approximately 3% to 5%.

Earnings: Full year pre-tax earnings, which will continue to be the most relevant measurement of business performance in fiscal 2009, are expected to be significantly above the $10.1 million in pre-tax earnings achieved in fiscal 2008. The magnitude of the improvement will be largely determined by the comparable sales growth and margin trends in the fourth quarter. The Company’s income tax rate will remain difficult to model in fiscal 2009 due to the remaining valuation allowance on deferred tax assets and the accounting rules that govern the timing of any changes to the amount of the valuation allowance. Our current expectation is for a full year effective tax rate of approximately 26.1%.

Cash Flow: The Company expects to generate positive cash flow for the year with no borrowings expected on its revolving line of credit. Through the first three quarters of fiscal 2009, the Company has generated $8.3 million in cash flow from operations and raised its cash balance from $2.0 million at November 1, 2008, to $37.0 million as of October 31, 2009. Fiscal 2009 capital expenditures are estimated to range between $10 and $12 million, primarily to fund new store construction and information technology projects. Through the first three quarters of fiscal 2009, capital expenditures have totaled $8.0 million. We expect to continue to fund all capital investments through cash generated from operations.

Investor Conference Call and Web Simulcast

Kirkland’s will host a conference call today, at 11:00 a.m. ET to discuss its results of operations for the third quarter of fiscal 2009. The number to call for this interactive teleconference is (212) 231-2921. A replay of the conference call will be available through November 27, 2009, by dialing (402) 977-9140 and entering the confirmation number, 21440712.

The live broadcast of Kirkland’s quarterly conference call will be available online at the Company’s website, www.kirklands.com, or at http://www.videonewswire.com/event.asp?id=63578 on November 27, 2009, beginning at 11:00 a.m. ET. The online replay will follow shortly after the call and continue for one year.

Reconciliation of non-GAAP information

This release includes certain financial information not derived in accordance with generally accepted accounting principles (“GAAP”). The non-GAAP measures are “adjusted net income” and “adjusted earnings per share” and are equal to net income, and earnings per share excluding adjustments to the Company’s valuation allowance for deferred tax assets and certain income tax credits related to prior periods. Management uses these measures to focus on on-going operations, and believes that it is useful to investors because it enables them to perform more meaningful comparisons of past, present and future operating results. The Company believes that using this information, along with the corresponding GAAP measures, provides for a more complete analysis of the results of operations by quarter. Net income and earnings per share are the most directly comparable GAAP measures. Below is a reconciliation of the non-GAAP measures to their most comparable GAAP measures:

Reconciliation of Non-GAAP Financial Information

13 Weeks Ended      39 Weeks Ended
------------------- -------------------
Oct. 31,    Nov. 1,  Oct. 31,   Nov. 1,
(dollars in thousands,             --------    -------  --------   -------
except per share amounts)           2009       2008     2009       2008
----       ----     ----       ----
Net income

Net income in accordance
with GAAP                         $5,570   ($1,471)   $12,492    ($5,717)

Adjustments to the valuation
allowance for deferred
tax assets and certain
income tax credits related
to prior periods                   ($954)     $618    ($2,562)    $2,258

Adjusted net income                $4,616     ($853)    $9,930    ($3,459)

Diluted earnings per share

Diluted EPS in accordance
with GAAP                          $0.27    ($0.07)     $0.62     ($0.29)

Adjustments to the valuation
allowance for deferred tax assets
and certain income tax credits
related to prior periods          ($0.04)    $0.03     ($0.13)     $0.11

Adjusted diluted earnings per
share                              $0.23    ($0.04)     $0.49     ($0.18)

Kirkland’s, Inc. was founded in 1966 and is a specialty retailer of home decor in the United States. Although originally focused in the Southeast, the Company has grown beyond that region and currently operates 298 stores in 32 states. The Company’s stores present a broad selection of distinctive merchandise, including framed art, mirrors, candles, lamps, picture frames, accent rugs, garden accessories and artificial floral products. The Company’s stores also offer an extensive assortment of gifts, as well as seasonal merchandise. More information can be found at www.kirklands.com.

Except for historical information contained herein, the statements in this release are forward-looking and made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause Kirkland’s actual results to differ materially from forecasted results. Those risks and uncertainties include, among other things, the competitive environment in the home décor industry in general and in Kirkland’s specific market areas, inflation, product availability and growth opportunities, seasonal fluctuations, and economic conditions in general. Those and other risks are more fully described in Kirkland’s filings with the Securities and Exchange Commission, including the Company’s Annual Report on Form 10-K filed on April 20, 2009. Kirkland’s disclaims any obligation to update any such factors or to publicly announce results of any revisions to any of the forward-looking statements contained herein to reflect future events or developments.

KIRKLAND'S, INC.
UNAUDITED CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(dollars in thousands, except per share amounts)

13 Weeks Ended  13 Weeks Ended
October 31,     November 1,
2009            2008
--------------   --------------
Net sales                                     $92,389         $85,878
Cost of sales                                  54,247          57,253
--------------   --------------
Gross profit                               38,142          28,625

Operating expenses:
Other operating expenses                     26,968          25,461
Depreciation and amortization                 3,531           4,685
--------------   --------------
Operating income (loss)                         7,643          (1,521)

Interest expense                                   43              34
Interest income                                     -             (16)
Other income                                      (50)             45
--------------   --------------
Income (loss) before income taxes               7,650          (1,584)
Income tax provision (benefit)                  2,080            (113)
--------------   --------------
Net income (loss)                          $5,570         $(1,471)
==============   ==============

Earnings (loss) per share:
Basic                                         $0.28          $(0.07)
==============   ==============
Diluted                                       $0.27          $(0.07)
==============   ==============
Shares used to calculate earnings
(loss) per share:
Basic                                        19,708          19,634
==============   ==============
Diluted                                      20,333          19,634
==============   ==============

KIRKLAND'S, INC.
UNAUDITED CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(dollars in thousands, except per share amounts)

39 Weeks Ended   39 Weeks Ended
October 31,      November 1,
2009            2008
--------------   --------------
Net sales                                    $263,397        $257,639
Cost of sales                                 159,512         174,237
--------------   --------------
Gross profit                              103,885          83,402

Operating expenses:
Other operating expenses                     76,421          75,644
Depreciation and amortization                11,017          13,840
--------------   --------------
Operating income (loss)                        16,447          (6,082)

Interest expense                               111              93
Interest income                                  -             (63)
Other income                                  (184)           (291)
--------------   --------------
Income (loss) before income taxes          16,520          (5,821)
Income tax provision (benefit)                  4,028            (104)
--------------   --------------
Net income (loss)                         $12,492         $(5,717)
==============   ==============
Earnings (loss) per share:
Basic                                         $0.63          $(0.29)
==============   ==============
Diluted                                         $0.62          $(0.29)
==============   ==============
Shares used to calculate earnings
(loss) per share:
Basic                                        19,684          19,621
==============   ==============
Diluted                                      20,181          19,621
==============   ==============

KIRKLAND'S, INC.
UNAUDITED CONSOLIDATED CONDENSED BALANCE SHEETS
(dollars in thousands)

October 31, 2009  January 31, 2009   November 1, 2008
----------------  ----------------   ----------------
ASSETS
Current assets:
Cash and cash
equivalents             $37,017          $36,445           $2,020
Inventories, net          53,701           38,686           58,773
Prepaid expenses
and other
current assets           10,143            6,191            5,645
--------         --------         --------
Total current
assets             100,861           81,322           66,438
Property and
equipment, net             38,505           41,826           46,726
Other assets                 3,604            3,616              827
--------         --------         --------

Total assets              $142,970         $126,764         $113,991
========         ========         ========

LIABILITIES AND
SHAREHOLDERS' EQUITY

Accounts payable           $24,899          $13,501          $21,826
Accrued expenses and other  22,619           30,330           22,197
--------         --------         --------
Total current
liabilities           47,518           43,831           44,023

Deferred rent               26,590           27,534           30,075
Other long-term
liabilities                 2,891            3,048            2,715
--------         --------         --------
Total liabilities      76,999           74,413           76,813
Net shareholders' equity    65,971           52,351           37,178
--------         --------         --------
Total
liabilities and
shareholders'
equity                   $142,970         $126,764         $113,991
========         ========         ========

KIRKLAND'S, INC.
UNAUDITED CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(dollars in thousands)

39 Week Period Ended
------------------------------
October 31,     November 1,
2009            2008
--------------   --------------
Net cash provided by (used in):

Operating activities                $8,332         $(5,442)
Investing activities                (7,946)          1,573
Financing activities                   186              69
--------------   --------------
Cash and cash equivalents:
Net increase (decrease)               $572         $(3,800)
Beginning of the period             36,445           5,820
--------------   --------------
End of the period                  $37,017          $2,020
==============   ==============

SeraCare (SRLS) Reports Fourth Quarter and Fiscal Year 2009 Results

Nov. 19, 2009 (Business Wire) — SeraCare Life Sciences, Inc. (NASDAQ: SRLS), a global life sciences company providing vital products and services to facilitate the discovery, development and production of human diagnostics and therapeutics, today reported operational and financial results for its fourth quarter and fiscal year ended September 30, 2009.

“SeraCare met its most significant operating objective for the year—the achievement of profitability in both the third and fourth quarters,” said Susan Vogt, President and Chief Executive Officer. “Over the course of the year, we introduced several new products including a very promising portfolio of genetic controls, expanded our distribution channels in the United States and overseas, added more than 250 new customers worldwide and were awarded multiple new or expanded contracts for our BioServices business.

These growth initiatives contributed to a 9% increase in revenue over the fourth quarter of 2008. We are confident that we will continue this momentum in 2010, focusing our resources on initiatives that reinforce SeraCare’s status as the provider of choice for customers across each of our business segments.”

SeraCare delivered revenue of $12.5 million for the quarter ended September 30, 2009 compared to $11.4 million for the same quarter of the prior year, reflecting 9% growth. Gross margins increased to 41% for the quarter compared to 23% for the same quarter of the prior year. The Company earned net income of $1.4 million and earnings per share on a basic and diluted basis of $0.08 for the quarter ended September 30, 2009 compared to a net loss of $10.4 million (which included an $8.0 million impairment charge) and a loss per share on a basic and diluted basis of $0.56 during the same period in 2008.

The Company had revenue of $44.4 million for the year ended September 30, 2009 compared to $49.0 million for the year ended September 30, 2008. Gross margins increased to 35% compared to 31% for the prior year. The Company had a net loss of $15.4 million (which included $15.7 million of impairment charges) and a loss per share on a basic and diluted basis of $0.83 for the year ended September 30, 2009 compared to a net loss of $12.0 million (which included an $8.0 million impairment charge) and a loss per share on a basic and diluted basis of $0.64 during fiscal 2008.

Fiscal 2009 and Recent Corporate Highlights:

• Generated $3.0 million in cash from operations during the quarter ended September 30, 2009 and $4.0 million for fiscal year 2009
• Ended fiscal year 2009 with $6.2 million in cash
• Achieved operating profitability of $0.6 million for fiscal year 2009, excluding impairment charges of $15.7 million related to goodwill and the declining value of a real estate asset held for sale
• Increased Diagnostic & Biopharmaceutical Products revenue by $0.6 million or 8% and BioServices revenue by $0.4 million or 15% for the quarter ended September 30, 2009 compared to the same quarter in the prior year
• Grew international sales 15% in fiscal 2009 over the prior fiscal year through a combination of new products and expanded sales channels
• Launched a new genetic controls business line to support the growing demand for personalized medicine
• Introduced six new product offerings including cellular products for immune response monitoring, quality controls for sexually transmitted diseases and controls for genetic testing

“Since achieving positive operating cash flow in the second quarter of fiscal year 2009, we have continued to make measurable progress across a number of key financial indicators, achieving profitability in the third and fourth quarters of fiscal year 2009 and generating $4.0 million in cash flow from operations for the year,” said Gregory Gould, Chief Financial Officer. “SeraCare’s 2009 operating initiatives resulted in a strong financial position at the end of the year and we anticipate sustained and profitable growth in 2010.”

About SeraCare Life Sciences, Inc.:

SeraCare serves the global life sciences industry by providing vital products and services to facilitate the discovery, development and production of human diagnostics and therapeutics. The Company’s innovative portfolio includes diagnostic controls, plasma-derived reagents and molecular biomarkers, biobanking and contract research services. SeraCare’s quality systems, scientific expertise and state-of-the-art facilities support its customers in meeting the stringent requirements of the highly regulated life sciences industry.

Forward-Looking Statements:

This press release contains disclosures that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about SeraCare Life Sciences, Inc. (“SeraCare” or the “Company”). All statements regarding our expected future financial position, results of operations, cash flows, dividends, financing plans, business strategy, budget, projected costs or cost savings, capital expenditures, competitive positions, growth opportunities for existing products or products under development, plans and objectives of management for future operations and markets for stock are forward-looking statements. In addition, forward-looking statements include statements in which we use words such as “expect,” “believe,” “anticipate,” “intend,” or similar expressions. Although we believe the expectations reflected in such forward-looking statements are based on reasonable assumptions, we cannot assure you that these expectations will prove to have been correct, and actual results may differ materially from those reflected in the forward-looking statements. Factors that could cause our actual results to differ from the expectations reflected in the forward-looking statements in this press release include, but are not limited to, failure to maintain proper inventory levels, availability of financing, reductions or terminations of government or other contracts, interruption in our supply of products or raw materials, actions of SeraCare’s competitors and changes in the regulatory environment. Many of these factors are beyond our ability to control or predict.

Digital Power Corp. (DPW), Through Its Subsidiary Gresham, Wins Major Defense Contract in Australia

FREMONT, Calif., Nov. 19 /PRNewswire-FirstCall/ — Digital Power Corporation (DPC) announced that its wholly-owned Salisbury, UK subsidiary, Digital Power Limited (DPL), has been awarded a major contract for the Australian Navy. DPL operates under the name Gresham Power Electronics (Gresham).

Gresham has been selected to supply helicopter starting rectifiers and DC power distribution systems for the new Air Warfare Destroyer (AWD), which will be built by Australia’s largest specialized defense shipbuilding organization. The AWD is based on the existing F100 frigate platform, and already is in service with the Spanish navy. It is a baseline design that requires minimal modifications for Australian use. The AWD incorporates a modified version of the power system models that Gresham has provided to Spain in support of its F-100 program.

The primary role of an air warfare destroyer (AWD) is to control air, surface and subsurface environments. To do so, its missions will involve providing air defense for accompanying ships, land forces and nearby coastal infrastructure. Other missions will include collecting and evaluating of intelligence, performing law enforcement operations, assisting in evacuations and performing diplomatic operations. Once deployed, an AWD is capable of operating in all weather conditions and can launch helicopters from its deck.

This Australian contract will be in effect over the next three years.

Jake Moir, managing director of Gresham Power Electronics, says, “This effort is one of the most significant shipbuilding projects to be undertaken in Australia. In these challenging times, we are delighted to have been awarded this major contract. It is continuing evidence of the quality and reliability of our world-class power conversion and distribution systems and our ongoing commitment to produce innovative and cost-effective solutions for these challenging defense applications.”

Amos Kohn, president and CEO of DPC, comments, “We are extremely pleased with the growth of DPC’s subsidiary Gresham in the international defense market as Gresham continues to expand its power technology to AWDs worldwide.

Gresham also is in discussions with a shipbuilder for the Indian navy to provide specialized charging systems to be installed in the Indian navy’s submarines.

About Digital Power Limited

Digital Power Limited is based in Salisbury, England, and operates under the name Gresham Power Electronics. The company is a wholly-owned subsidiary of Digital Power Corporation, a publicly traded corporation (NYSE AMEX: DPW) with corporate offices at Fremont, California.

Gresham Power Electronics has been involved in power conversion for almost 60 years. Its facility in Salisbury, England has fully-approved design and manufacturing capabilities for commercial and military power products. Gresham Power also provides European sales and application support for its partner companies, Digital Power Corporation and Telkoor Power, which provide cutting-edge, high efficiency, and high power system solutions to diverse industries. Gresham Power has a thriving European distribution business, which enables it to offer a “one stop shop” for power conversion products. The company’s website is www.greshampower.com

American Lorain Corp. (ALN) Reaffirms Guidance for 2009, Issues New Guidance for 2010

China, Nov. 19, 2009 (PRNewswire-Asia-FirstCall) — American Lorain Corporation (NYSE Amex: ALN) (“American Lorain,” or the “Company”), today announced that company management reaffirms guidance for the current fiscal year ending December 31, 2009, and issues new guidance for the next fiscal year ending December 31, 2010.

Mr. Si Chen, Chairman and Chief Executive Officer of American Lorain Corporation, stated: “We reaffirm guidance previously provided in our November 13, 2009, third-quarter earnings conference call and expect total sales revenue between $146 million and $148 million for the fiscal year ending December 31, 2009. This would represent a revenue increase of 10%-12% for 2009 over 2008 levels. Furthermore, we expect net income of between $14.4 million and $14.8 million in the 2009 fiscal year. Our expectations for fiscal year 2009 sales revenue and net income are consistent with previous guidance for low-to-medium double-digit top-line growth.

Mr. Chen continued: “For the fiscal year ending December 31, 2010, we issue new guidance for total sales revenue of approximately $182 million to $190 million. This would represent an increase of 25%-30% for 2010 over 2009 levels. We also project income of approximately $17.8 million to $19.0 million in the 2010 fiscal year.

“For fiscal 2010, our revenue and net income projections are based on three major factors. First, our strategy of strengthening our domestic sales channels through shifting sales to agents will provide a wider distribution for our products with access to more supermarkets and convenience stores. Second, our new agreements with popular chain restaurants in China, such as KUNGFU Catering Management Co. Ltd. and CSC Catering Management Co., will begin adding significant revenue in 2010. Third, our nationwide marketing campaign, funded by the recent private placement transaction which raised approximately $12 million, will boost sales, particularly in the convenience food segment.”

Mr. Chen continued: “We view our strong sales and earnings thus far in 2009 and our high expectations for full-year 2009 and 2010 as validation of the effectiveness of our business model, our growth strategy and our commitment to providing the highest quality food products to customers.”

About American Lorain Corporation

American Lorain Corporation is a Nevada corporation that develops, manufactures and sells various food products. The Company’s products include chestnut products, convenience food products and frozen, canned and bulk food products. The Company currently sells over 234 products to 26 provinces and administrative regions in China as well as to 42 foreign countries. The Company operates through its four direct and indirect subsidiaries and one leased factory located in China. For further information about American Lorain Corporation, please visit the Company’s website at http://www.americanlorain.com .

Forward-looking statements:

Statements contained herein that relate to the Company’s future performance, including statements with respect to forecasted revenues, margins, cash generation and capital expenditures are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements involve a number of risks, uncertainties and contingencies, many of which are beyond our control, which may cause actual results, performance or achievements to differ materially from those anticipated. Such statements are based on current expectations only, and are subject to certain risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or projected. Among the factors that could cause actual results to materially differ include: general business and economic conditions, particularly the current downturn in the worldwide economy; our ability to obtain adequate supplies of raw materials; our ability to manage our expansion strategy; changes in foreign currency exchange rates; government regulation; difficulties in new product development; changing consumer tastes in disparate markets worldwide and our ability to address those changes; our ability to attract and retain highly qualified personnel; and other factors affecting our operations that are set forth in our Annual Report on Form 10-K for the year ended December 31, 2008 filed with the Securities and Exchange Commission. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

The Bon-Ton Stores, Inc. (BONT) Announces Third Quarter Fiscal 2009 Results

Nov. 19, 2009 (Business Wire) — The Bon-Ton Stores, Inc. (NASDAQ: BONT) today reported results for the third quarter of fiscal 2009 ended October 31, 2009.

• Total sales for the third quarter of fiscal 2009 were $703.9 million compared with $724.9 million in the third quarter of fiscal 2008.
• The gross margin rate for the third quarter of fiscal 2009 was 37.6% of net sales, an increase of 200 basis points compared with the prior year period.
• Selling, general and administrative (“SG&A”) expenses in the third quarter of fiscal 2009 decreased $27.1 million compared with the third quarter of fiscal 2008.
• Operating income for the third quarter of fiscal 2009 was $19.6 million compared with an operating loss of $12.0 million reported in the third quarter of fiscal 2008.
• EBITDA, defined as earnings before interest, income taxes and depreciation and amortization, including amortization of lease-related interests and goodwill impairment charge, increased $29.8 million in the third quarter of fiscal 2009 to $48.8 million compared with $19.0 million in the third quarter of fiscal 2008. EBITDA is not a measure recognized under generally accepted accounting principles (see Note 1).
• Net loss totaled $4.2 million, or $0.24 per diluted share, for the third quarter of fiscal 2009 compared with a net loss of $14.3 million, or $0.85 per diluted share, for the third quarter of fiscal 2008.

Comments

Bud Bergren, President and Chief Executive Officer, commented, “Our third quarter financial performance reflects the benefit of initiatives we implemented in 2008 and 2009. We were pleased with the sustained improvement of our sales trend throughout the quarter, which included a comparable store sales increase of 3.1% in the month of October, as well as a 200 basis point gross margin improvement in the third quarter which we attribute to well-managed inventory levels and reduced levels of clearance merchandise in our assortment. In addition, we realized $27.1 million in cost savings during the quarter. Looking ahead, we believe we have a great assortment of distinctive quality merchandise at value price-points to entice customers to shop Bon-Ton for holiday gift-giving. While encouraged by recent trends, we will continue to manage our business conservatively to ensure we maintain cash flow and liquidity.”

Sales

For the third quarter of fiscal 2009, comparable store sales decreased 2.6%. Total sales for the thirteen weeks ended October 31, 2009 decreased 2.9% to $703.9 million compared with $724.9 million for the prior year period.

Year-to-date comparable store sales decreased 6.9%. Year-to-date total sales decreased 6.7% to $1,957.7 million compared with $2,098.6 million for the same period last year.

Other Income

Other income in the third quarter of fiscal 2009 decreased to $18.7 million compared with $22.7 million in the third quarter of fiscal 2008. Year-to-date other income decreased to $53.1 million compared with $67.0 million in the prior year period. The third quarter and year-to-date fiscal 2009 amounts reflect reduced sales volume and reduced income from our proprietary credit card.

Gross Margin

In the third quarter of fiscal 2009, gross margin dollars increased $6.8 million compared with the third quarter of fiscal 2008. The gross margin rate for the third quarter of fiscal 2009 increased 200 basis points to 37.6% of net sales compared with 35.6% in the third quarter of fiscal 2008, reflecting a decreased net markdown rate and increased net markup. Year-to-date gross margin dollars decreased $22.1 million compared with the prior year period. The year-to-date gross margin rate improved 140 basis points to 36.5% compared with 35.1% in the prior year period.

Selling, General and Administrative Expenses

SG&A expenses in the third quarter of fiscal 2009 decreased $27.1 million to $234.8 million compared with $261.9 million in the third quarter of fiscal 2008. The SG&A expense rate for the third quarter of fiscal 2009 was 33.4%, compared with 36.1% in the prior year period. Year-to-date SG&A expenses decreased $69.5 million compared with the prior year period. The year-to-date SG&A expense rate decreased to 35.5% compared with 36.4% in the prior year period.

EBITDA

EBITDA increased $29.8 million in the third quarter of fiscal 2009 to $48.8 million compared with $19.0 million in the third quarter of fiscal 2008. Year-to-date EBITDA increased $33.5 million to $73.8 million compared with $40.3 million in the prior year period. EBITDA is not a measure recognized under generally accepted accounting principles (see Note 1).

Depreciation and Amortization / Amortization of Lease-related Interests

Depreciation and amortization expense, including amortization of lease-related interests, decreased $1.8 million to $29.2 million in the third quarter of fiscal 2009 compared with $31.0 million in the third quarter of fiscal 2008. Year-to-date depreciation and amortization expense, including amortization of leased-related interests, decreased $3.8 million to $88.5 million compared with $92.3 million in the prior year period.

Interest Expense, Net

Interest expense, net, decreased $1.5 million to $23.2 million in the third quarter of fiscal 2009 compared with $24.7 million in the third quarter of fiscal 2008. Year-to-date interest expense, net, decreased $4.1 million to $69.3 million compared with $73.4 million in the prior year period. The decreases in the third quarter and year-to-date periods are primarily due to decreased borrowing levels and reduced interest rates.

Income Tax Provision (Benefit)

An income tax provision of $0.5 million was recorded in the third quarter of fiscal 2009 compared with a $22.4 million income tax benefit in the third quarter of fiscal 2008. The year-to-date income tax provision was $0.4 million compared with an income tax benefit of $61.0 million in the prior year period. The current year amounts principally reflect the Company’s continuation throughout 2009 of a valuation allowance position against virtually all net deferred tax assets.

Guidance

Keith Plowman, Executive Vice President and Chief Financial Officer, stated, “As noted in the Company’s November 5, 2009 sales press release, our October excess borrowing capacity under our revolving credit facility was approximately $246 million, well above the required minimum availability. Additionally, borrowings under the $75 million second lien term loan, as disclosed in our press release dated November 18, 2009, will benefit future excess borrowing capacity under our revolving credit facility.”

“We are revising our full year 2009 guidance for EBITDA to a range of $180 million to $200 million and loss per diluted share in the range of $2.30 to $1.20. Additionally, our current estimate for cash flow (see Note 2) is a range of $45 million to $65 million for the year, which we believe will permit us to manage and reduce our debt levels. Assumptions reflected in our full-year guidance include:

• Comparable store sales decrease in the range of 5.0% to 6.5%;
• Gross margin rate of 36.5%;
• SG&A expense decrease of approximately $70 million to $75 million;
• Effective tax rate of 0% (exclusive of the potential favorable impact in the fourth quarter of The Worker, Homeownership, and Business Assistance Act of 2009);
• Capital expenditures not to exceed $35 million, net of landlord contributions; and
• Estimated 17 million diluted weighted average shares outstanding.”

Conference Call Details

The Company’s quarterly conference call to discuss its third quarter fiscal 2009 results will be broadcast live today at 10:00 a.m. Eastern time. To access the call, please visit the investor relations section of the Company’s website at http://investors.bonton.com. An online archive of the broadcast will be available within two hours after the conclusion of the call. You may also participate by calling (800) 967-7184 at 9:55 a.m. Eastern time. A taped replay of the conference call will be available within two hours of the conclusion of the call and will remain available through Thursday, December 3, 2009. The number to call for the taped replay is (888) 203-1112 and the conference PIN is 3516514.

The Bon-Ton Stores, Inc., with corporate headquarters in York, Pennsylvania and Milwaukee, Wisconsin, operates 279 department stores, which includes 12 furniture galleries, in 23 states in the Northeast, Midwest and upper Great Plains under the Bon-Ton, Bergner’s, Boston Store, Carson Pirie Scott, Elder-Beerman, Herberger’s and Younkers nameplates and, under the Parisian nameplate, stores in the Detroit, Michigan area. The stores offer a broad assortment of brand-name fashion apparel and accessories for women, men and children, as well as cosmetics and home furnishings. For further information, please visit the investor relations section of the Company’s website at http://investors.bonton.com.

Certain information included in this press release contains statements that are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements, which may be identified by words such as “may,” “could,” “will,” “plan,” “expect,” “anticipate,” “estimate,” “project,” “intend” or other similar expressions, involve important risks and uncertainties that could significantly affect results in the future and, accordingly, such results may differ from those expressed in any forward-looking statements made by or on behalf of the Company. Factors that could cause such differences include, but are not limited to, risks related to retail businesses generally; a significant and prolonged deterioration of general economic conditions which could negatively impact the Company, including the potential write-down of the current valuation of intangible assets and deferred taxes; changes in the terms of the Company’s proprietary credit card program; potential increase in pension obligations; consumer spending patterns, debt levels, and the availability and cost of consumer credit; additional competition from existing and new competitors; inflation; changes in the costs of fuel and other energy and transportation costs; weather conditions that could negatively impact sales; uncertainties associated with expanding or remodeling existing stores; the ability to attract and retain qualified management; the dependence upon relationships with vendors and their factors; a security breach; the ability to reduce SG&A expenses; the incurrence of unplanned capital expenditures; and the ability to obtain financing for working capital, capital expenditures and general corporate purposes. Additional factors that could cause the Company’s actual results to differ from those contained in these forward-looking statements are discussed in greater detail under Item 1A of the Company’s Form 10-K filed with the Securities and Exchange Commission.

Note 1: As used in this release, EBITDA is defined as earnings before interest, income taxes and depreciation and amortization, including amortization of lease-related interests, and goodwill impairment charge. EBITDA is not a measure of financial performance under generally accepted accounting principles (“GAAP”). However, we present EBITDA in this release because we consider it to be an important supplemental measure of our performance and believe that it is frequently used by securities analysts, investors and other interested parties to evaluate the performance of companies in our industry and by some investors to determine a company’s ability to service or incur debt. In addition, our management uses EBITDA internally to compare the profitability of our stores. EBITDA is not calculated in the same manner by all companies and accordingly is not necessarily comparable to similarly entitled measures of other companies and may not be an appropriate measure for performance relative to other companies. EBITDA should not be assessed in isolation from or construed as a substitute for net income or cash flows from operations, which are prepared in accordance with GAAP. EBITDA is not intended to represent, and should not be considered to be a more meaningful measure than, or an alternative to, measures of operating performance as determined in accordance with GAAP. A reconciliation of net income to EBITDA is provided in the financial schedules accompanying this release.

Note 2: As used in this release, cash flow reflects the forecasted pre-tax loss, plus depreciation and amortization and minus capital expenditures.

Stein Mart, Inc. (SMRT) Reports 3Q and Year-To-Date 2009 Financial Results

Nov. 19, 2009 (PR Newswire) — JACKSONVILLE, Fla., Nov. 19 /PRNewswire-FirstCall/ — Stein Mart, Inc. (Nasdaq: SMRT) today announced financial results for its third quarter and first nine months ended October 31, 2009.

Third Quarter of 2009

For the third quarter of 2009, the Company’s net earnings were $3.2 million or $0.07 per diluted share as compared to a net loss of $(14.1) million or $(0.34) per diluted share in 2008. Net sales decreased 9.6 percent to $270.2 million for the third quarter of 2009 from $298.8 million for the third quarter of 2008. Comparable store sales for the third quarter of 2009 decreased 6.2 percent from the same period a year ago.

Gross profit increased to $69.6 million or 25.8 percent of sales in the third quarter of 2009 compared to $67.5 million or 22.6 percent of sales in the same period last year. The gross profit rate increased primarily from increased markup and decreased markdowns, somewhat offset by a higher occupancy expense rate due to lack of sales leverage.

Selling, general and administrative (SG&A) expenses were $73.3 million or 27.1 percent of sales as compared to $93.5 million or 31.3 percent of sales during the same period last year. The $20.2 million decrease in SG&A resulted primarily from reduced operating expenses in the stores and in the corporate office, as well as lower advertising, store closing and depreciation expense.

During the third quarter, we reversed a portion of our valuation allowance for deferred tax assets as a result of a tax accounting method change and decreased our estimated annual effective tax rate due to changes in book/tax differences which resulted in favorable adjustments. If these favorable tax adjustments had not been recorded during this period, third quarter and year-to-date 2009 earnings would have been $2.5 million ($0.05 per diluted share) lower.

First Nine Months of 2009

For the first nine months of 2009, the Company’s net earnings were $20.8 million or $0.47 per diluted share as compared to a net loss of $(15.1) million or $(0.37) per diluted share for the same 2008 period. Net sales decreased 8.9 percent to $877.3 million for the nine months ended October 31, 2009 from $962.6 million for the same nine months in 2008. Comparable store sales for the first nine months of the year decreased 6.3 percent from the 2008 period to the 2009 period.

Gross profit increased to $241.9 million or 27.6 percent of sales in the first nine months of 2009 compared to $239.3 million or 24.9 percent of sales in the same period last year. The gross profit rate increased primarily from increased markup and decreased markdowns, somewhat offset by higher occupancy expense rate due to lack of sales leverage.

SG&A expenses were $227.4 million or 25.9 percent of sales as compared to $277.6 million or 28.8 percent of sales during the same period last year. The $50.2 million decrease in SG&A resulted primarily from reduced operating expenses in the stores and in the corporate office, as well as lower advertising, store closing and depreciation expense.

“We are pleased to report a profitable quarter despite continued challenging sales trends,” noted David H. Stovall, Jr., president and chief executive officer, “Our bottom line continues to benefit from lowered overall inventory levels, less clearance, reduced markdowns and lowered expenses.”

“Our challenge remains improving top line sales in a time when the customer appears determined to reduce her purchases,” Stovall continued. “We enter the holiday selling season focused on enticing the customer with fashion-right merchandise at compelling prices, special promotions, and a great in-store experience. Our plan in this highly competitive retail environment is to maximize our opportunities for the holiday selling season and to end the season with clean inventory, and positioned for an optimal start to 2010.”

Store network update

One new store opened and four stores were closed during the third quarter, resulting in 267 stores in operation at October 31, 2009 as compared to 279 at the same time last year. We have completed our store closing/opening activity for 2009.

Conference Call

A conference call for institutional analysts to discuss these results will be held at 10 a.m. ET today, Thursday, November 19, 2009. The call may be heard on the investor relations portion of the Company’s website at http://ir.steinmart.com. A replay of the conference call will be available on the website through November 27, 2009.

About Stein Mart

Stein Mart stores offer the fashion merchandise, service and presentation of a better department or specialty store, at prices up to 60 percent off department and specialty store original prices, every day. Currently with locations from California to Massachusetts, Stein Mart’s focused assortment of merchandise features current season, moderate to better fashion apparel for women and men, as well as accessories, gifts, linens and shoes.

SAFE HARBOR STATEMENT>>>>>>>Except for historical information contained herein, the statements in this release may be forward-looking, and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The Company does not assume any obligation to update or revise any forward-looking statements even if experience or future changes make it clear that projected results expressed or implied will not be realized. Forward-looking statements involve known and unknown risks and uncertainties that may cause Stein Mart’s actual results in future periods to differ materially from forecasted or expected results. Those risks include, without limitation:

--  consumer sensitivity to general economic conditions including continued
uncertainty in the financial and credit markets
--  the effectiveness of advertising, marketing and promotional strategies
--  intense competition from other retailers
--  changing preferences in apparel
--  access to additional capital at favorable terms, if required
--  ability to successfully negotiate advantageous lease terms with current
landlords
--  unanticipated weather conditions and unseasonable weather
--  adequate sources of merchandise at acceptable prices
--  the Company's ability to attract and retain qualified employees
--  seasonality, including the importance of the holiday selling season
--  disruption of the Company's distribution system
--  acts of terrorism

--  fluctuation in results could negatively impact stock price

and the other risks and uncertainties described in the Company’s filings with the Securities and Exchange Commission.

SMRT-F

Additional information about Stein Mart, Inc. can be found at www.steinmart.com

Stein Mart, Inc.
Consolidated Balance Sheets
(Unaudited)
(In thousands, except for share data)

October     January      November
31, 2009    31, 2009     1, 2008
--------    --------     -------
ASSETS
Current assets:
Cash and cash equivalents                $59,219     $88,903     $64,834
Trade and other receivables               10,000       9,011       7,754
Inventories                              253,658     207,139     306,030
Income taxes receivable                        -      24,439      18,482
Prepaid expenses and other
current assets                           13,806      12,089      14,553
------      ------      ------
Total current assets                 336,683     341,581     411,653
Property and equipment, net               76,624      86,321     105,629
Other assets                              16,622      21,988      29,368
------      ------      ------
Total assets                        $429,929    $449,890    $546,650
========    ========    ========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable                        $118,479     $55,683    $100,019
Accrued liabilities                       79,963      79,794      77,438
Income taxes payable                         226           -           -
---         ---         ---
Total current liabilities            198,668     135,477     177,457
Notes payable to banks                         -     100,000     100,000
Other liabilities                         20,146      28,063      28,926
------      ------      ------
Total liabilities                    218,814     263,540     306,383

COMMITMENTS AND CONTINGENCIES
Stockholders' equity:
Preferred stock - $.01 par value;
1,000,000 shares authorized; no
shares issued or outstanding
Common stock - $.01 par value;
100,000,000 shares authorized;
42,843,900, 42,655,544 and 42,332,941
shares issued and outstanding,
respectively                                428         427         423
Additional paid-in capital                13,963       9,986       8,514
Retained earnings                        195,961     175,152     231,330
Accumulated other comprehensive income       763         785           -
---         ---         ---
Total stockholders' equity           211,115     186,350     240,267
-------     -------     -------
Total liabilities and stockholders'
equity                             $429,929    $449,890    $546,650
--------    --------    --------

Stein Mart, Inc.
Consolidated Statements of Operations
(Unaudited)
(In thousands, except per share amounts)

13 Weeks   13 Weeks  39 Weeks   39 Weeks
Ended      Ended     Ended      Ended
October   November   October   November
31, 2009    1, 2008  31, 2009    1, 2008
--------    -------  --------    -------

Net sales                      $270,209   $298,815  $877,280   $962,566
Cost of merchandise sold        200,608    231,351   635,400    723,234
-------    -------   -------    -------
Gross profit                     69,601     67,464   241,880    239,332
Selling, general and
administrative expenses         73,330     93,525   227,406    277,587
Other income, net                 4,887      4,954    14,194     16,257
-----      -----    ------     ------
Income (loss) from operations     1,158    (21,107)   28,668    (21,998)
Interest income (expense), net       10       (519)     (248)    (1,091)
---      -----     -----     ------
Income (loss) before income
taxes                            1,168    (21,626)   28,420    (23,089)
Income tax benefit (provision)    2,031      7,508    (7,611)     7,966
-----      -----    ------      -----
Net income (loss)                $3,199   $(14,118)  $20,809   $(15,123)
------   --------   -------   --------

Net income (loss) per share:
Basic                             $0.07     $(0.34)    $0.49     $(0.37)
-----     ------     -----     ------
Diluted                           $0.07     $(0.34)    $0.47     $(0.37)
-----     ------     -----     ------
Weighted-average shares
outstanding:
Basic                            41,883     41,410    41,780     41,323
------     ------    ------     ------
Diluted                          44,251     41,410    43,344     41,323
------     ------    ------     ------

Stein Mart, Inc.
Consolidated Statements of Cash Flows
(Unaudited)
(In thousands)

39 Weeks   39 Weeks
Ended      Ended
October    November
31, 2009    1, 2008
--------    -------
Cash flows from operating activities:
Net income (loss)                       $20,809   $(15,123)
Adjustments to reconcile net
income (loss) to net cash
provided by (used in) operating
activities:
Depreciation and amortization         14,476     19,027
Impairment of property and
other assets                            726        475
Change in valuation allowance
for deferred tax assets              (5,781)         -
Deferred income taxes                  6,067       (584)
Store closing charges                  1,675      3,810
Share-based compensation               3,024      2,836
Tax benefit from equity issuances        255          -
Excess tax benefits from
share-based compensation               (198)         -
Changes in assets and liabilities:
Trade and other receivables       (989)     4,618
Inventories                    (46,519)   (43,534)
Income taxes receivable         24,439     (4,379)
Prepaid expenses and other
current assets                 (1,717)      (690)
Other assets                     3,368      1,898
Accounts payable                62,796     22,895
Accrued liabilities                683        872
Income taxes payable               226          -
Other liabilities               (8,522)    (1,906)
------     ------
Net cash provided by (used in)
operating activities                    74,818     (9,785)
------     ------
Cash flows from investing activities:
Capital expenditures                     (5,399)   (13,924)
------    -------
Net cash used in investing
activities                              (5,399)   (13,924)
------    -------
Cash flows from financing activities:
Borrowings under notes payable to banks  57,250    625,860
Repayments of notes payable to banks   (157,250)  (552,993)
Excess tax benefits from
share-based compensation                   198          -
Proceeds from exercise of stock options     691          -
Proceeds from employee stock
purchase plan                               96        548
Repurchase of common stock                  (88)       (17)
---        ---
Net cash (used in) provided by
financing activities                   (99,103)    73,398
-------     ------
Net (decrease) increase in
cash and cash equivalents                 (29,684)    49,689
Cash and cash equivalents at
beginning of year                          88,903     15,145
------     ------
Cash and cash equivalents at
end of period                             $59,219    $64,834

TTI Telecom (TTIL) Reports Third Quarter 2009 Financial Results

ROSH HA’AYIN, Israel, Nov. 19, 2009 (GLOBE NEWSWIRE) — TTI Team Telecom International Ltd. (Nasdaq:TTIL), (‘the Company’), a global supplier of Operations Support Systems (OSS) to communications service providers, today announced results for the third quarter ended September 30, 2009.

Total revenues for the third quarter were $10.3 million, compared with $12.7 million in the third quarter of 2008, and $10.7 million for the second quarter of 2009. Total operating expenses were $4.9 million, compared to $7.0 million in the third quarter of 2008 and $5.3 million in the second quarter of 2009.

Operating income for the third quarter was $744 thousands compared with an operating loss of $441 thousands for the third quarter last year and an operating income of $644 thousands in the second quarter of 2009. Net income for the third quarter was of $1.3 million or $0.07 dollar per basic and diluted share, compared to a net loss of $1 million or $0.06 dollar per basic share and diluted share in the third quarter of 2008, and net income of $0.9 million or $0.05 dollar per basic and diluted share for the second quarter of 2009.

Total revenues for the nine months ended September 30, 2009 were $31.8 million, compared to $39.1 million in the nine months ended September 30, 2008. Total operating expenses for the period were $15.4 million, compared to $21 million in the first nine months of 2008.

Operating income for the nine months ended September 30, 2009 was $2 million compared with operating income of $96 thousands in the comparable period in 2008. Net income was $2.7 million or $0.14 dollar per basic and diluted share, compared to net income of $119 thousands or $0.00 dollar per basic and diluted share for the first nine months of 2008.

As of September 30, 2009, the Company had approximately $30.1 million in cash and liquid investments.

Commenting on this quarter’s results, Meir Lipshes, Chairman and CEO of TTI, said, “This quarter, as the previous one, still stands in light of the continuing recession. Since we do see an awakening in the market, we carefully look forward to seeing the results of the fourth quarter. In preparation for a market awakening, we have decided to accelerate our investment in the building of an LTE solution that will offer product capabilities and additional services for the LTE domain. We believe that these investments will strengthen TTI’s market position”.

Conference Call Information:

A conference call has been scheduled for 10:00am ET today, November 19, 2009, during which management will discuss the Company’s performance for the quarter.

To participate in the live call, please dial the following teleconferencing numbers at least five minutes before the scheduled start time: (888) 229-0736 in the U.S., or (706) 679-0692 internationally. Participants will be asked to provide the following access code: 41165100.

For those unable to participate in the live call, a replay will be available two hours after the call’s completion. To access the replay, please call (800) 642-1687 in the U.S., and (706) 645-9291 internationally. The access code for the replay is 41165100. The recording will be available from: 11/19/2009 11:30 to11/24/2009 Midnight.

About TTI Telecom:

TTI Team Telecom International Ltd. (“TTI Telecom”) is a leading provider of next generation Operations Support Systems (OSS) to communications service providers worldwide. The company’s Netrac portfolio delivers an automated, proactive and customer-centric approach to service assurance and network management.

Anchored by market-leading service assurance solutions — Fault Management (FaM) and Performance Management (PMM) — that give customers an end-to-end view of their network, TTI Telecom’s Netrac enables service providers to reduce operating costs, enhance profitability and launch new, revenue-generating services more rapidly. Netrac is compatible with multiple technologies and industry standards, and is uniquely positioned to bridge legacy, next-generation, convergent, and LTE Networks. TTI Telecom’s customer base consists of tier-one and tier-two service providers globally, including large incumbents in the Americas, Europe and Asia-Pacific.

Forward looking statements in this release involve a number of risks and uncertainties including, but not limited to, product demand, pricing, market acceptance, changing economic conditions, risks in product and technology development, the effect of the Company’s accounting policies as well as certain other risk factors which are detailed in the Company’s SEC filings. For more information, please visit www.tti-telecom.com

                 TTI TEAM TELECOM INTERNATIONAL LTD.
                         STATEMENTS OF INCOME
 --------------------------------------------------------------------
                    (in thousands of U.S. dollars)

                         Nine Months ended       Three Months ended
                           September 30,           September 30,
                       ----------------------  ----------------------
                         2008        2009        2008         2009
                       ----------  ----------  ----------  ----------
                             Unaudited               Unaudited
                       ----------------------  ----------------------
 Revenues
 Product                   23,508      17,004       6,716       5,510
 Services                  15,573      14,795       5,992       4,814
                       ----------  ----------  ----------  ----------

 Total revenues            39,081      31,799      12,708      10,324
                       ----------  ----------  ----------  ----------

 Cost of revenues:
 Product                   12,177       9,761       4,119       3,276
 Services                   5,793       4,654       2,059       1,377
                       ----------  ----------  ----------  ----------

 Total cost
  of revenues              17,970      14,415       6,178       4,653
                       ----------  ----------  ----------  ----------

 Gross profit              21,111      17,384       6,530       5,671
                       ----------  ----------  ----------  ----------

 Operating expenses:
 Research and
  development               8,671       5,843       2,721       1,781
 Sales and marketing        7,609       5,981       2,682       1,857
 General and
  administrative            4,735       3,576       1,568       1,289
                       ----------  ----------  ----------  ----------

 Total operating
  expenses                 21,015      15,400       6,971       4,927
                       ----------  ----------  ----------  ----------

 Operating income
  (loss)                       96       1,984        (441)        744
 Financial income
  (expenses), net            (114)      1,128        (504)        566
                       ----------  ----------  ----------  ----------

 Income (loss)
  before taxes
  on income                   (18)      3,112        (945)      1,310
 Taxes on income              286         134          45          25
                       ----------  ----------  ----------  ----------

 Income (loss) from
  continuing
  operations                 (304)      2,978        (990)      1,285
 Income (loss) from
  discontinued
  operations                  423        (314)        (24)          0
                       ----------  ----------  ----------  -----------
 Net Income (loss)            119       2,664      (1,014)      1,285
                       ==========  ==========  ==========  ==========

 Net income
  attributed to
  preferred shares
  from continuing and
  discontinued
  operation                    66         462           0         200
                       ==========  ==========  ==========  ==========

 Net income (loss)
  attributed to
  ordinary shares
  from continuing
  operation                  (304)      2,516        (990)      1,085
                       ==========  ==========  ==========  ==========

 Net income (loss)
  attributed to
  ordinary shares
  from discontinued
  operation                   357        (314)        (24)          0
                       ==========  ==========  ==========  ==========

 Basic and diluted
  income (loss) per
  share attributable
  to Ordinary
  shareholders

 From continuing
  operations                (0.02)       0.16       (0.06)       0.07
                       ==========  ==========  ==========  ==========
 From discontinued
  operations                 0.02       (0.02)       0.00        0.00
                       ==========  ==========  ==========  ==========
 Net income per share        0.00        0.14       (0.06)       0.07
                       ==========  ==========  ==========  ==========

 Weighted average
  number of shares
  used for computing
  net income per
  share to ordinary
  shareholders -
  Basic and Diluted    16,003,158  16,003,158  16,003,158  16,003,158
                       ==========  ==========  ==========  ==========

                   TTI TEAM TELECOM INTERNATIONAL LTD.
                       CONSOLIDATED BALANCE SHEET
 --------------------------------------------------------------------
                     (in thousands of U.S. dollars)
                                                    Dec. 31, Sept. 30,
                                                      2008      2009
                                                    -------   -------
 ASSETS                                                              

 CURRENT ASSETS:
 Cash and cash equivalents                           24,921    23,749
 Short term  deposits                                     0     6,327
 Trade receivables                                    9,790     7,870
 Unbilled receivables                                 3,093     2,542
 Related parties                                        459       528
 Other accounts receivable and prepaid expenses       2,150     2,472
 Current assets of discontinued operations              958         0
                                                    -------   -------

 Total current assets                                41,371    43,488
                                                    -------   -------

 LONG-TERM INVESTMENTS:
 Long term deposits                                       0        50
 Investment in affiliate                                165       165
 Severance pay fund                                   3,836     4,271
                                                    -------   -------

 Total long-term investments                          4,001     4,486
                                                    -------   -------

 PROPERTY AND EQUIPMENT
 Cost                                                25,771    18,558
 Less - accumulated depreciation                     18,572    12,474
                                                    -------   -------

 Property and equipment, net                          7,199     6,084
                                                    -------   -------

 Total Assets                                        52,571    54,058
                                                    =======   =======

 LIABILITIES AND SHAREHOLDERS' EQUITY                                

 CURRENT LIABILITIES:
 Trade payables                                       2,187     1,638
 Related parties                                        420        78
 Deferred revenues                                    3,648     4,643
 Other accounts payable and accrued expenses          6,040     5,758
 Liabilities of discontinued operations                 844         0
                                                    -------   -------

 Total current liabilities                           13,139    12,117
                                                    -------   -------

 ACCRUED SEVERANCE PAY                                6,412     6,414
                                                    -------   -------

 Long term liability                                  1,372     1,256
                                                    -------   -------

 SHAREHOLDERS' EQUITY:
 Share capital                                        2,595     2,595
 Additional paid-in capital                          75,251    75,260
 Accumulated deficit                                (46,198)  (43,584)
                                                    -------   -------

 Total shareholders' equity                          31,648    34,271
                                                    -------   -------

 Total liabilities and shareholders' equity          52,571    54,058
                                                    =======   =======

CONTACT:  TTI Team Telecom International Ltd.
          Rebecca (Rivi) Aspler, Investor Relations Director
          +972-3-926-9093
          Mobile: +972-54-777-9093
          Fax: +972-3-926-9574
          rebecca.aspler@tti-telecom.com

ZBB Energy Corp. (ZBB) Announces Order from Powertech Labs, a Subsidiary of BC Hydro

Nov. 18, 2009 (Business Wire) — ZBB Energy Corporation (NYSE AMEX: ZBB) today announced that following a successful bidding process it has received an order for four (4) standard, modular ZESS 50 energy storage systems (inclusive of power electronics) from Powertech Labs, a subsidiary of BC Hydro, for the Bella Coola Hydrogen Assisted Renewable Power (HARP) project in Bella Coola British, Columbia.

The ZESS energy storage systems will be used as part of a demonstration project that uses multiple components (power generation, utilization, storage, and dispatch optimization) to provide electrical power to an isolated remote area grid with the goal of reducing reliance on diesel generation and the reduction of greenhouse gas emissions in remote communities in British Columbia. The project objective is to increase the utilization of BC Hydro’s Clayton Falls small hydro plant and reduce the reliance on diesel generators at its Ah Sin Heek generating facility.

The ZESS units will be used to store excess power from Clayton Falls, to be later dispatched during periods when Clayton Falls is unable to supply sufficient power to the community (e.g. higher load and/or lower water flow at Clayton Falls). The ZESS 50 storage units system will be interfacing with a smart grid system, in order to optimize the storage and dispatch of power throughout the overall Bella Coola system.

ZBB’s Vice President Sales and Marketing, Mr. Kevin Dennis said, “We are delighted to have been selected by Powertech Labs (BC Hydro) for this demonstration project. We recognize their global reputation as a leader in technology advancement and implementation in the electrical utility industry. Being successfully selected following a thorough evaluation of our technology has shown that the ZESS products integrate effectively with conventional generation systems.”

The HARP Project, managed by Powertech, is supported by BC Hydro, GE, Sustainable Development Technology Canada, an arm’s-length, not-for-profit Corporation created by the Government of Canada, and the Province of British Columbia through the Innovative Clean Energy Fund.

About ZBB Energy Corporation

ZBB Energy Corporation (NYSE AMEX: ZBB) provides clean energy storage solutions based on proprietary zinc rechargeable energy storage technology that addresses requirements in multiple markets such as alternative energy applications, large electrical utilities and green residential and commercial architecture. A developer and manufacturer of its modular, transportable and environmentally friendly Zinc Energy Storage Systems (“ZESS”), ZBB Energy was founded in 1998 and is headquartered in Wisconsin with offices also located in Perth, Western Australia. ZESS POWR is a ZBB registered trade mark.

Safe Harbor

Except for the historical information contained herein, the matters set forth in this press release, including the description of the companies and their product offerings, are forward-looking statements within the “safe harbor” provision of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risk and uncertainties that may cause actual results to differ materially, including historical volatility and low trading volume of our stock, the risk and uncertainties inherent in the early stages of growth companies, the company’s need to raise substantial additional capital to proceed with its business, risks associated with competitors, and other risks detailed from time to time in the company’s most recent filings with the Securities and Exchange Commission. These forward-looking statements speak only as of the date hereof. The company disclaims any intent or obligation to update these forward-looking statements.

Pressure BioSciences, Inc. (PBIO) Announces the Receipt of Over $1.1 Million From the Initial Tranche of a Private Placement

SOUTH EASTON, Mass., Nov. 18, 2009 (GLOBE NEWSWIRE) — Pressure BioSciences, Inc. (Nasdaq:PBIO) (“PBI” or the “Company”) today announced that it has closed on the sale of approximately $1.16 million of units in the first tranche of a $2.5 million private placement. Each unit was priced at $18.80 and consists of (i) one share of non-voting Series B Convertible Preferred Stock, and (ii) one warrant to purchase a share of Series B Convertible Preferred Stock at an exercise price of $23.80 per share, expiring on August 11, 2011. Each share of non-voting Series B Convertible Preferred Stock is convertible into ten shares of the Company’s common stock. The closing bid of PBI common stock as reported on the NASDAQ Capital Market as of the close of business on Tuesday, November 17, 2009 was $1.43 per common share.

The units were issued in a private placement without registration under the Securities Act of 1933, as amended (the “Securities Act”), in reliance upon the exemption from registration set forth in Rule 506 of Regulation D promulgated under the Securities Act. In connection with the private placement, the Company is paying a cash finder’s fee plus warrants to purchase shares of Series B Convertible Preferred Stock, expiring August 11, 2012.

Mr. R. Wayne Fritzsche, Chairman of the PBI Board of Directors commented: “The funds from this financing will support on-going efforts to increase sales of our Pressure Cycling Technology (“PCT”) products. To that end, we plan to add one full-time sales director, one full-time applications scientist, and several part-time support personnel. We also plan to finish the development of PCT-dependent consumables and instrumentation for the mass spectrometry, forensics, and biomarker discovery sample preparation markets.”

This press release is not an offer to sell or a solicitation of offers to buy units, Series B Convertible Preferred Stock, or warrants. The units, shares of Series B Convertible Preferred Stock, and warrants have not been registered under the Securities Act and may not be sold in the United States absent registration under the Securities Act or an applicable exemption from registration requirements.

About Pressure BioSciences, Inc.

Pressure BioSciences, Inc. (PBI) is a publicly traded company focused on the development of a novel, enabling technology called Pressure Cycling Technology (PCT). PCT uses cycles of hydrostatic pressure between ambient and ultra-high levels (up to 35,000 psi and greater) to control bio-molecular interactions. PBI currently holds 13 US and 6 foreign patents covering multiple applications of PCT in the life sciences field, including genomic and proteomic sample preparation, pathogen inactivation, the control of chemical (primarily enzymatic) reactions, immunodiagnostics, and protein purification. PBI currently focuses its efforts on the development and sale of PCT-enhanced enzymatic digestion products designed specifically for the mass spectrometry marketplace, as well as sample preparation products for biomarker discovery, soil and plant biology, forensics, histology, and counter-bioterror applications.

Forward Looking Statements

Statements contained in this press release regarding the Company’s intentions, hopes, beliefs, expectations, or predictions of the future are “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward looking statements include statements that the funds raised in the first tranche of the private placement will allow the Company to hire additional personnel and finish several key projects in target application areas; or the implication that the Company will sell any additional securities in subsequent closings of the private placement. These statements are based upon the Company’s current expectations, forecasts, and assumptions that are subject to risks, uncertainties, and other factors that could cause actual outcomes and results to differ materially from those indicated by these forward-looking statements. These risks, uncertainties, and other factors include, but are not limited to: possible difficulties or delays in the implementation of the Company’s strategies that may adversely affect the Company’s continued commercialization of its PCT Sample Preparation System; changes in customer’s needs and technological innovations; the Company’s sales force may not be successful in selling the Company’s PCT product line because scientists may not perceive the advantages of PCT over other sample preparation methods, particularly in the mass spectrometry, biomarker discovery, and forensics markets; that the Company may not be successful in raising additional funds beyond the first tranche of approximately $1.16 million; and if actual operating costs are higher than anticipated, or revenues from product sales are less than anticipated, the Company will need additional capital sooner than the beginning of calendar year 2011. Additional risks and uncertainties that could cause actual results to differ materially from those indicated by these forward-looking statements are discussed under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2008, and other reports filed by the Company from time to time with the SEC. The Company undertakes no obligation to update any of the information included in this release, except as otherwise required by law.

Fortinet (FTNT) Announces Pricing of Initial Public Offering

SUNNYVALE, CA — (Marketwire) — 11/18/09 — Fortinet® (NASDAQ: FTNT) — a provider of network security appliances and unified threat management (UTM) solutions — today announced its initial public offering of 12,500,000 shares of its common stock at a price to the public of $12.50 per share. The shares will begin trading on Wednesday, November 18, 2009 on the NASDAQ Global Market under the ticker symbol “FTNT.” Of the shares in the offering, 5,781,683 shares are being offered by the company and 6,718,317 shares are being offering by selling stockholders. In addition, Fortinet has granted the underwriters a 30-day option to purchase up to an additional 1,875,000 shares of common stock to cover over-allotments, if any. Fortinet will not receive any proceeds from the sale of shares by the selling stockholders.

Morgan Stanley & Co. Incorporated, J.P. Morgan Securities Inc., and Deutsche Bank Securities Inc. are acting as joint book-runners for the offering. Robert W. Baird & Co. Incorporated, RBC Capital Markets Corporation, ThinkEquity LLC, JMP Securities LLC, and Signal Hill Capital Group LLC are acting as co-managers.

The offering of these securities will be made only by means of a prospectus, copies of which may be obtained from Morgan Stanley & Co. Incorporated, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, New York 10014, telephone: (866) 718-1649, or by emailing prospectus@morganstanley.com; J.P. Morgan, Attention: Prospectus Department, 4 Chase Metrotech Center, CS Level, Brooklyn, NY 11245, telephone: (718) 242-8002, or by emailing addressing.services@jpmorgan.com; and Deutsche Bank Securities Inc., 100 Plaza One, Jersey City, New Jersey 07311, Telephone: (800) 503-4611, or by emailing prospectusrequest@list.db.com.

A registration statement relating to these securities has been declared effective by the Securities and Exchange Commission. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Fortinet (www.fortinet.com)

Fortinet (NASDAQ: FTNT) is a worldwide provider of network security and unified threat management (UTM) solutions. Our products and subscription services provide broad, integrated and high-performance protection against dynamic security threats while simplifying the IT security infrastructure. Our customers include enterprises, service providers and government entities worldwide, including the majority of the 2009 Fortune Global 100. Fortinet is headquartered in Sunnyvale, Calif., with offices around the world.

Copyright © 2009 Fortinet, Inc. All rights reserved. The symbols ® and (TM) denote respectively federally registered trademarks and unregistered trademarks of Fortinet, Inc., its subsidiaries and affiliates. Fortinet’s trademarks include, but are not limited to, the following: Fortinet, FortiGate, FortiGuard, FortiManager, FortiMail, FortiClient, FortiCare, FortiAnalyzer, FortiReporter, FortiOS, FortiASIC, FortiWiFi, FortiSwitch, FortiVoIP, FortiBIOS, FortiLog, FortiResponse, FortiCarrier, FortiScan, FortiDB and FortiWeb. Other trademarks belong to their respective owners.

China Green Agriculture, Inc. (CGA) Announces VAT Exemption for Organic Fertilizer Product Sales

XI’AN, China, Nov. 18, 2009 (PRNewswire-Asia-FirstCall) — China Green Agriculture, Inc. (NYSE Amex: CGA; “China Green Agriculture” or “the Company”), a leading producer and distributor of humic acid (“HA”) based compound fertilizer through its wholly owned subsidiary, Shaanxi TechTeam Jinong Humic Acid Product Co., Ltd., announced that the National Taxation Bureau of Yangling Hi-tech Development Zone has recently approved a value-added tax (“VAT”) exemption for Shaanxi Techteam Jinong Humic Acid Product Co., Ltd.

Jinong previously was paying a VAT rate of 13% for producing and distributing humic acid-based compound fertilizer products. The application was submitted to the local Taxation Bureau in May 2009. This VAT exemption will be valid through December 31, 2015 based on the “Notice of Exempting Value Added Tax of Organic Fertilizer” (2008 No.56).

“We are extremely pleased with the tax advantaged status that China Green Agriculture has received from the PRC government as it will have a significant and immediate effect on our net income while further expanding margins to 3-5%,” stated Mr. Tao Li, Chairman and CEO of China Green Agriculture. “Our usage of humic acid in our products substantially increases the fertility of soil while meeting the country’s highest environmental standards. We currently use humic acid as the base organic element in our fertilizer. We commend the government’s commitment to improving the environment, while increasing and ensuring the highest standards across the industry.”

About China Green Agriculture, Inc.

China Green Agriculture, Inc. produces and distributes humic acid (“HA”) based liquid compound fertilizer through its wholly owned subsidiary, Shaanxi TechTeam Jinong Humic Acid Product Co., Ltd., (“TechTeam”). TechTeam produces and sells over 130 different kinds of fertilizer products per year. All of TechTeam’s fertilizer products are certified by the PRC government as green food production materials, as stated by the China Green Food Research Center. TechTeam’s fertilizers are highly concentrated liquids which require an application of approximately 120 ml per mu per application. Its average end user has approximately four mu of land (one mu = .165 acres). Techteam also has the capacity to produce highly concentrated powdered fertilizers. China Green Agriculture currently markets its fertilizer products to private wholesalers and retailers of agricultural farm products in 21 provinces, 4 autonomous regions and 3 municipal cities in the PRC. The leading five provinces which collectively accounted for 36.4% of the Company’s fertilizer revenue for the year ended June 30, 2009 are Shandong (9.5%), Shaanxi (8.3%), Heilongiiang (6.5%), Xinjiang (6.5%) and Anhui (5.9%). For more information, visit http://www.cgagri.com .

Safe Harbor Statement

This press release contains forward-looking statements concerning the Company’s business, products and financial results. The Company’s actual results may differ materially from those anticipated in the forward-looking statements depending on a number of risk factors including, but not limited to, the following: general economic and business conditions, development, shipment, market acceptance, additional competition from existing and new competitors, changes in technology, and various other factors beyond the Company’s control. All forward-looking statements are expressly qualified in their entirety by this Cautionary Statement and the risk factors detailed in the Company’s reports filed with the Securities and Exchange Commission. China Green Agriculture undertakes no duty to revise or update any forward-looking statements to reflect events or circumstances after the date of this release.

Chromcraft Revington, Inc. (CRC) Reports Third Quarter and First Nine Months Results

Nov. 17, 2009 (Business Wire) — Chromcraft Revington, Inc. (NYSE Amex: CRC) today reported improved third quarter 2009 operating results. The net loss for the current quarter was reduced by over 90% from the same period in 2008 and over 60% as compared to the second quarter of 2009. The Company’s net loss for the current quarter was $979,000 as compared to a net loss of $10,167,000 for the third quarter of 2008 and a net loss of $2,464,000 for the second quarter of 2009. Included in the third quarter 2008 results were restructuring and asset impairment charges totaling $6.6 million.

Operating losses have been reduced for three consecutive quarters in 2009. The net loss for the nine months ended October 3, 2009 was 64% lower at $6.6 million as compared to a net loss of $18.5 million for the same period last year. Results for 2008 include total restructuring and asset impairment charges of $8.6 million.

The Company’s third quarter sales were $16.0 million, which were up 10% from the second quarter of 2009, but down 31% from the third quarter of 2008. For the first nine months of 2009, sales were $47.3 million, a decrease of 38% compared to the prior year period due to the discontinuation of certain high end, low demand products, and the effects of the current economic recession.

For the nine-month period ended October 3, 2009, cash flow provided by operating activities was approximately $2.0 million, which compares to $11.3 million of cash used in the prior year period. Reduced working capital requirements and a reduction in slow moving and unprofitable products have improved the Company’s cash and liquidity position. Inventory reductions provided $6.8 million in cash in the first nine months of 2009. At October 3, 2009, the Company had cash of $3.2 million and no bank borrowings.

Weak consumer confidence and housing activity, and the effects of the economic recession continue to depress demand for furniture. Additionally, sales were lower in 2009 due to the discontinuation of certain low margin products and the globalization of the furniture industry.

The Company also announced the anticipated positive effect of recently-enacted federal law that significantly expands the five-year Net Operating Loss (NOL) carryback opportunity enacted earlier this year as part of the Federal stimulus bill. The new law expands the NOL carryback period from two years to five years for U.S. companies. As a result, the Company expects to receive a significant refund in 2010 of previously paid federal income taxes based on the amount of such taxes paid for the 2003 and 2004 tax years.

Commenting on these results, Ronald H. Butler, Chairman and Chief Executive Officer, said that the restructuring and cost containment actions implemented over the last year have made a significant positive impact on third quarter results and have helped reduce the effects of the economic downturn. He added, “As we look to 2010, we assume the economic environment for consumers will continue to be challenging. We’ll continue the process of repositioning our product line focusing on products with broader appeal from our global sourcing network including our new entity, CR International, and from our customizable casual dining and contract furniture facility in Mississippi. When the furniture market improves, we believe the Company is well positioned to return to profitability.”

Chromcraft Revington™ businesses design residential and commercial furniture marketed throughout North America. The Company wholesales its residential furniture products under Chromcraft™, Cochrane™, and Peters-Revington™, as primary brand names. It sells commercial furniture under the Chromcraft™ brand name. The Company sources furniture from overseas, with domestic contract specialty facilities, and operates one U.S. manufacturing facility for its commercial furniture and motion based casual dining furniture in Mississippi.

This release contains forward-looking statements that are based on current expectations and assumptions. These forward-looking statements can be generally identified as such because they include future tense or dates, or are not historical or current facts, or include words such as “believes,” “may,” “expects,” “anticipates,” or words of similar import. Forward-looking statements are not guarantees of performance or outcomes and are subject to certain risks and uncertainties that could cause actual results or outcomes to differ materially from those reported, expected, or anticipated as of the date of this release.

Among such risks and uncertainties that could cause actual results or outcomes to differ materially from those reported, expected or anticipated are general economic conditions, including the impact of the current global recession; import and domestic competition in the furniture industry; ability of the Company to execute its business strategies, implement its new business model and successfully complete its business transition; ability to grow sales and reduce expenses to eliminate its operating loss; supply disruptions with products manufactured in China and other Asian countries; continued availability under the Company’s bank credit facility; market interest rates; consumer confidence levels; cyclical nature of the furniture industry; consumer and business spending; changes in relationships with customers; customer acceptance of existing and new products; new and existing home sales; financial viability of the Company’s customers and their ability to continue or increase product orders; loss of key management; the actual amount and the receipt by the Company of the refund of previously paid federal income taxes; and other factors that generally affect business; and certain risks as set forth in the Company’s annual report on Form 10-K for the year ended December 31, 2008 and Form 10-Q for the quarter ended October 3, 2009.

The Company does not undertake any obligation to update or revise publicly any forward-looking statements to reflect information, events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events or circumstances.

GSK and Nabi (NABI) Announce Agreement for NicVAX(R), a Vaccine for Nicotine Addiction

LONDON and ROCKVILLE, Md., Nov. 16, 2009 (GLOBE NEWSWIRE) — GlaxoSmithKline Biologicals SA (GSK) and Nabi Biopharmaceuticals (Nabi) today announced an exclusive worldwide option and licensing agreement for a nicotine conjugate candidate vaccine (NicVAX(R)), an investigational vaccine for the treatment of nicotine addiction and the prevention of smoking relapse, as well as for the development of a second generation nicotine vaccine.

Under the terms of the agreement GSK will pay to Nabi an upfront non-refundable fee of $40 million at closing and will receive an option to exclusively in-license NicVAX on a worldwide basis and a license to develop follow-on next-generation nicotine vaccines using Nabi’s intellectual property. Together with the upfront payment, Nabi is eligible to receive over $500 million in option fees and regulatory, development and sales milestones for NicVAX and follow-on nicotine vaccines. Nabi will also receive double-digit royalties on global sales of NicVAX should GSK exercise its option as well as royalties on global sales of next generation nicotine vaccines.

NicVAX has recently entered the first of two Phase III clinical trials. Nabi will be responsible at its cost for the Phase III development of this candidate vaccine. Upon successful completion of the Phase III studies, if GSK exercises its option, GSK will take responsibility for further development and commercialisation of NicVAX. In parallel with the Phase III studies, and independent of whether it exercises its option to in-license NicVAX, GSK will be developing a next-generation nicotine vaccine based on Nabi’s intellectual property together with GSK’s own technology.

“If approved, this smoking cessation vaccine technology could be a novel solution to help the millions of smokers who want to stop smoking and remain abstinent; a habit that is well documented to be very hard to stop permanently,” said Jean Stephenne, President of GSK Biologicals. “This technology builds our capability in the therapeutic uses of vaccines and is a great addition to our smoking cessation portfolio.”

“We are very pleased with this deal and proud it is with GSK, one of the world’s leading vaccine companies, to further develop and commercialise NicVAX,” said Dr. Raafat Fahim, President and Chief Executive Officer of Nabi Biopharmaceuticals. “We look forward to addressing one of the largest unmet medical needs of our time with what we believe will be an effective tool to help people quit smoking and remain smoke-fee for the rest of their lives.”

Tobacco use is the leading cause of preventable death in the world. Smoking is a global epidemic, affecting an estimated 1.2 billion smokers worldwide and is responsible for 5.4 million deaths per year worldwide. Nicotine dependence is a chronically relapsing condition with only a minority of smokers achieving permanent abstinence in the first attempt to quit. Tobacco has been recognised by the Royal College of Physicians as being on par, from an addictive standpoint, with heroin and cocaine(1) and as such, many tobacco users need support to stop.

The vaccine is designed to stimulate the immune system to produce antibodies that bind to nicotine. A nicotine molecule attached to an antibody is too large to cross the blood-brain barrier. Therefore, NicVAX blocks nicotine from reaching its receptors in the brain and prevents the highly-addictive pleasure sensation experienced by smokers and users of nicotine products.

Pre-clinical and clinical data show that NicVAX’s ability to block nicotine from reaching the brain could help people quit smoking. Because the body’s immune system can be boosted to produce long-lasting antibodies, Nabi believes the candidate vaccine could also be effective in preventing smoking relapse. Relapse is a significant challenge facing smokers. Currently available smoking cessation therapies have relapse rates that can be as high as 90%(2) in the first year after a smoker quits.

The transaction is subject to approval by Nabi shareholders and customary closing conditions, and is expected to be completed in the first quarter 2010.

How NicVAX Works

When nicotine enters the bloodstream, it quickly crosses the blood-brain barrier and binds to nicotinic receptors in the brain, triggering the release of stimulants like dopamine that provide the smoker with a positive sensation that eventually leads to addiction. NicVAX(R) stimulates the immune system to produce antibodies that bind to nicotine creating an antigen/antibody complex that is too large to cross the blood-brain barrier. In this way, NicVAX(R) blocks nicotine from reaching these receptors in the brain and prevents the highly-addictive pleasure sensation experienced by smokers and users of nicotine products. Pre-clinical and previous clinical data show that NicVAX(R)’s ability to block nicotine from reaching the brain could help people quit smoking. Because the nicotine antibodies circulate for long periods of time, Nabi believes NicVAX(R) may also be effective in preventing smoking relapse. This is a very important difference between NicVAX(R) and existing anti-smoking treatment therapies. Relapse is a significant challenge facing smokers and, with currently-available smoking cessation therapies, relapse rates can be as high as 90% in the first year after a smoker quits.

About Nabi Biopharmaceuticals

Nabi Biopharmaceuticals leverages its experience and knowledge in powering the immune system to develop products that target serious medical conditions in the areas of nicotine addiction and gram-positive bacterial infections. Nabi Biopharmaceuticals is currently developing NicVAX(R) (Nicotine Conjugate Vaccine), an innovative and proprietary investigational vaccine for treatment of nicotine addiction and prevention of smoking relapse. The company is headquartered in Rockville, Maryland. For additional information about Nabi Biopharmaceuticals, please visit www.nabi.com

GlaxoSmithKline — one of the world’s leading research-based pharmaceutical and healthcare companies — is committed to improving the quality of human life by enabling people to do more, feel better and live longer. For further information please visit www.gsk.com

 --------------------------------------------------------------
 Enquiries:
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 UK Media enquiries:         Philip Thomson     (020) 8047 5502
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                             Claire Brough      (020) 8047 5502
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                             Stephen Rea        (020) 8047 5502
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                             Alexandra Harrison (020) 8047 5502
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                             Gwenan White       (020) 8047 5502
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 US Media enquiries:         Nancy Pekarek       (919) 483 2839
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                             Mary Anne Rhyne     (919) 483 2839
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                             Kevin Colgan        (919) 483 2839
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                             Lisa Behrens        (919) 483 2839
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 European Analyst/Investor
 enquiries:                  David Mawdsley     (020) 8047 5564
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                             Sally Ferguson     (020) 8047 5543
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                             Gary Davies        (020) 8047 5503
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 US Analyst/ Investor
 enquiries:                  Tom Curry           (215) 751 5419
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                             Jen Hill Baxter     (215) 751 7002
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 Nabi Biopharmaceuticals
 Investor/Media Inquiries    Greg Fries          (301) 255 6803
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Cautionary statement regarding forward-looking statements

Under the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, GSK cautions investors that any forward-looking statements or projections made by GSK, including those made in this announcement, are subject to risks and uncertainties that may cause actual results to differ materially from those projected. Factors that may affect GSK’ s operations are described under ‘Risk Factors’ in the ‘Business Review’ in the company’ s Annual Report on Form 20-F for 2008.

Nabi Biopharmaceuticals Forward-Looking Statements

Statements in this release that are not strictly historical are forward-looking statements and include statements about products in development, results and analyses of clinical trials and studies, research and development expenses, cash expenditures, licensure applications and approvals, and alliances and partnerships, among other matters. You can identify these forward-looking statements because they involve our expectations, intentions, beliefs, plans, projections, anticipations, or other characterizations of future events or circumstances. These forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties that may cause actual results to differ materially from those in the forward-looking statements as a result of any number of factors. These factors include, but are not limited to, risks relating to our ability to: complete the PentaStaph sale milestones; successfully close the licensing agreement transactions for NicVAX; initiate and conduct clinical trials and studies; raise sufficient new capital resources to fully develop and commercialize our products in development; attract, retain and motivate key employees; collect further milestone and royalty payments under the PhosLo Agreement; obtain regulatory approval for our products in the U.S. or other markets; successfully contract with third party manufacturers for the manufacture and supply of NicVAX; and comply with reporting and payment obligations under government rebate and pricing programs. Some of these factors are more fully discussed, as are other factors, in our Annual Report on Form 10-K for the fiscal year ended December 27, 2008 and our Quarterly Reports on Form 10-Q for the period ended September 26, 2009 filed with the Securities and Exchange Commission.

Netlist (NLST) Demonstrates New HyperCloud Memory Modules at Supercomputing 09

Nov. 16, 2009 (PR Newswire) — PORTLAND, Ore., Nov. 16 /PRNewswire-FirstCall/ — Visit Netlist at SC09 in Booth # 2398 — At Supercomputing 09, Netlist, Inc. (Nasdaq: NLST), a designer and manufacturer of high-performance memory subsystems, is demonstrating the world’s first 16GB 2 virtual rank (vRank) double-data-rate three, registered dual in-line memory module (DDR3 RDIMM), HyperCloud(TM). Netlist will also showcase the interoperability of HyperCloud memory with standard JEDEC server memory solutions on popular enterprise servers. This demonstration reinforces HyperCloud’s ability to function as a standard RDIMM while increasing memory bandwidth and capacity for datacenter servers.

To showcase its 2-vRank HyperCloud modules, Netlist is using industry standard servers, such as the HP ProLiant DL380, demonstrated in the following configurations:

--  8GB and 16GB 2 vRank DDR3 RDIMM functionality
--  Three 2 vRank modules per channel
--  1333 Mega Transfers per second (MT/s)
--  Interoperability with standard JEDEC DDR3 modules

--  Interoperability with different RDIMM capacities

“This technology maximizes server utilization with a simple plug-and-play memory module,” said Paul Duran, director of business development at Netlist. “HyperCloud enables high-performance cloud computing while reducing datacenter costs and increasing application performance.”

“Customers running memory intensive computing environments, such as virtualization, cloud computing, and HPC applications, are often limited by memory bottlenecks in their servers,” said Mike Gill, vice president, Industry Standard Servers Platform Engineering at HP. “The Netlist technology on HP industry-standard servers increases server memory capacity and bandwidth to enhance application performance in converged infrastructures.”

HyperCloud will debut at the Supercomputing trade-show, taking place in Portland, Oregon during November 17-19, 2009, in booth number 2398. Netlist plans to sample HyperCloud to major OEM customers in December with production slated for Q1 2010. HyperCloud will be available in 4GB, 8GB, and 16GB 2 vRank module options.

About Netlist:

Netlist, Inc. designs and manufactures high-performance, logic-based memory subsystems for the server and high-performance computing and communications markets. The Company’s memory subsystems are developed for applications in which high-speed, high-capacity memory, enhanced functionality, small form factor, and heat dissipation are key requirements. These applications include tower-servers, rack-mounted servers, blade servers, high-performance computing clusters, engineering workstations, and telecommunication equipment. Netlist was founded in 2000 and is headquartered in Irvine, California with manufacturing facilities in Suzhou, People’s Republic of China.

Netlist is listed on the NASDAQ stock exchange under the ticker “NLST.” More information can be found on the Company’s web site: www.netlist.com.

Spherix Inc. (SPEX) To Raise $6.3 Million In Registered Direct Offering

BETHESDA, Md., Nov. 16 /PRNewswire-FirstCall/ — Spherix Incorporated (Nasdaq: SPEX), an innovator in biotechnology for diabetes therapy, and a provider of technical and regulatory consulting services to food, supplement, biotechnology and pharmaceutical companies, today announced that it has received commitments from investors to purchase $6.3 million of securities in a registered direct offering. Spherix expects to receive net proceeds of approximately $6 million after deducting placement agent fees and other offering expenses. Spherix has entered into securities purchase agreements with the investors pursuant to which Spherix has agreed to sell an aggregate of 2,760,870 shares of its common stock and warrants to purchase up to 1,104,348 additional shares of its common stock. Each unit, consisting of one share of common stock and a warrant to purchase 0.40 of a share of common stock, will be sold for a purchase price of $2.30.

“The proceeds from this offering will provide critical support for the Company’s on-going development of D-tagatose as a treatment for Type 2 diabetes, currently in Phase 3 clinical trial,” said Dr. Claire L. Kruger, CEO of Spherix.

The warrants to purchase additional shares will be exercisable immediately at an exercise price of $3.25 per share and will expire 5 years from the date they are first exercisable. All of the securities were offered pursuant to an effective shelf registration statement. The offering is expected to be consummated by November 19, 2009, subject to customary closing conditions. Rodman & Renshaw, LLC (Nasdaq: RODM), a wholly owned subsidiary of Rodman & Renshaw Capital Group, Inc., acted as the exclusive placement agent for the transaction.

A shelf registration statement relating to the shares of common stock and warrants issued in the offering (and the shares of common stock issuable upon exercise of the warrants) has been filed with the Securities and Exchange Commission (the “SEC”) and has been declared effective. A prospectus supplement relating to the offering will be filed by Spherix with the SEC. Copies of the prospectus supplement and accompanying prospectus may be obtained directly from Spherix by contacting Spherix Incorporated, 6430 Rockledge Drive, #503, Bethesda, MD 20817. This announcement is neither an offer to sell nor a solicitation of an offer to buy any shares of common stock or warrants of Spherix. No offer, solicitation or sale will be made in any jurisdiction in which such offer, solicitation or sale is unlawful.

About Spherix

Spherix Incorporated was launched in 1967 as a scientific research company under the name Biospherics Research. The company now leverages its scientific and technical expertise and experience through its two subsidiaries — Biospherics Incorporated and Spherix Consulting, Inc. Biospherics is currently running a Phase 3 clinical trial to study the use of D-tagatose as an oral, monotherapy treatment for patients with Type 2 diabetes. Its Spherix Consulting subsidiary provides scientific and strategic support for suppliers, manufacturers, distributors and retailers of conventional foods, biotechnology-derived foods, medical foods, infant formulas, food ingredients, dietary supplements, food contact substances, pharmaceuticals, medical devices, consumer products, and industrial chemicals and pesticides. For more information, please visit www.spherix.com.

Forward-Looking Statements

This release contains forward-looking statements which are made pursuant to provisions of Section 21E of the Securities Exchange Act of 1934. Investors are cautioned that such statements in this release, including statements relating to planned clinical study design, regulatory and business strategies, plans and objectives of management and growth opportunities for existing or proposed products, constitute forward-looking statements which involve risks and uncertainties that could cause actual results to differ materially from those anticipated by the forward-looking statements. The risks and uncertainties include, without limitation, risks that product candidates may fail in the clinic or may not be successfully marketed or manufactured, we may lack financial resources to complete development of Naturlose, the FDA may interpret the results of studies differently than us, competing products may be more successful, demand for new pharmaceutical products may decrease, the biopharmaceutical industry may experience negative market trends, our continuing efforts to develop Naturlose may be unsuccessful, our common stock could be delisted from the Nasdaq Capital Market, and other risks and challenges detailed in our filings with the U.S. Securities and Exchange Commission, including our current report on Form 8-K filed on October 10, 2007. Readers are cautioned not to place undue reliance on any forward-looking statements which speak only as of the date of this release. We undertake no obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect events or circumstances that occur after the date of this release or to reflect the occurrence of unanticipated events.

Maxygen, Inc. (MAXY) Commences Dutch Auction Tender Offer to Repurchase 6,557,377 Shares of Common Stock

REDWOOD CITY, Calif., Nov. 13 /PRNewswire-FirstCall/ — Maxygen, Inc. (Nasdaq: MAXY – News), a biotechnology company focused on the development of improved protein drugs, today announced that it is commencing a modified “Dutch Auction” tender offer to repurchase 6,557,377 shares of its common stock, representing approximately 17% of Maxygen’s outstanding shares. The closing price of Maxygen’s common stock on the Nasdaq Global Market on November 12, 2009 was $5.03.

Maxygen intends to finance the repurchases from cash on hand. At September 30, 2009, cash, cash equivalents and marketable securities totaled $203.0 million, $20.3 million of which was held by Maxygen’s majority-owned subsidiary, Perseid Therapeutics LLC, and may only be used for Perseid’s operations.

Under the tender offer, stockholders will have the opportunity to tender some or all of their shares at a price within a range of $5.30 to $6.10 per share. Based on the number of shares tendered and the prices specified by the tendering stockholders, Maxygen will determine the lowest per share price within the range that will enable it to buy 6,557,377 shares, or such lesser number of shares that are properly tendered. If more than 6,557,377 shares are properly tendered at or below the determined price per share, Maxygen will purchase shares tendered at the determined price per share, on a pro rated basis. Additionally, if more than 6,557,377 shares are properly tendered, the number of shares to be repurchased by Maxygen pursuant to the tender offer may, at the discretion of Maxygen, be increased by up to 2% of Maxygen’s outstanding shares, or approximately 787,726 shares, without amending or extending the tender offer.

Stockholders whose shares are purchased in the offer will be paid the determined purchase price per share net in cash, without interest, promptly after the expiration of the offer period. The offer is not contingent upon any minimum number of shares being tendered, and is subject to a number of other terms and conditions specified in the offer to purchase that is being distributed to stockholders. The offer will expire at 12:00 midnight, New York City Time, on Friday, December 11, 2009 (which is the end of the day on December 11, 2009), unless extended by Maxygen. Tenders of Maxygen’s common stock must be made prior to the expiration of the tender offer and may be withdrawn at any time prior to the expiration of the tender offer.

The information agent for the offer is Okapi Partners LLC and the depositary for the offer is Computershare Trust Company. Lazard Freres & Co. LLC is providing strategic advisory services to Maxygen in connection with the offer. None of Maxygen, its board of directors or the information agent is making any recommendation to stockholders as to whether to tender or refrain from tendering their shares into the tender offer. Stockholders must decide how many shares they will tender, if any, and the price within the stated range at which they will offer their shares for purchase by Maxygen.

IMPORTANT NOTICE: This press release is for informational purposes only and is neither an offer to buy nor the solicitation of an offer to sell any shares of Maxygen’s common stock. The tender offer is being made solely by the offer to purchase, the related letter of transmittal and other related documents that Maxygen is sending to its stockholders. The materials will be filed as exhibits to Maxygen’s tender offer statement on Schedule TO, which will be filed with the Securities and Exchange Commission, as well as any subsequent amendment or supplement. These tender offer materials contain important information that investors are urged to read carefully before making any decision with respect to the tender offer. Each of these documents has been or will be filed with the Securities and Exchange Commission, and investors may obtain them for free from the Securities and Exchange Commission at its website (www.sec.gov) or from Okapi Partners, the information agent for the tender offer, by directing such request to: Okapi Partners LLC, 780 Third Avenue, 30th Fl., New York, NY 10017, telephone (212) 297-0720 or toll-free (877) 285-5990.

Cautionary Statement Regarding Maxygen Forward-Looking Statements

This press release contains forward-looking statements. These statements are based on the current expectations and beliefs of Maxygen’s management and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. The forward-looking statements contained in this document include references to completion of the tender offer and the payment for shares related thereto. These statements, including their underlying assumptions, are subject to risks and uncertainties and are not guarantees of future performance. Results may differ due to various factors such as the possibility that stockholders may not tender their shares in the tender offer, or other conditions to completion of the tender offer are not satisfied. For further details of these risks, you should read our filings with the Securities and Exchange Commission related to the tender offer, including our Schedule TO and the documents referred to therein. Except as required by law, Maxygen is under no obligation to (and expressly disclaims any such obligation to) update or alter its forward-looking statements whether as a result of new information, future events, or otherwise.

About Maxygen

Maxygen is a biopharmaceutical company focused on developing improved versions of protein drugs through both internal development and external collaborations and other arrangements. Maxygen uses its proprietary DNA shuffling technology and extensive protein modification expertise to pursue the creation of biosuperior proteins. For more information, please visit www.maxygen.com.

China Holdings Acquisition Corp. (CHHL) To Hold Special Meeting on November 20, 2009

Nov. 13, 2009 (PR Newswire) — WILMINGTON, Del. and JINJIANG , China, Nov. 13 /PRNewswire-FirstCall/ — On August 7th, 2009, China Holdings Acquisition Corp. (Amex: HOL) (“CHAC”) announced that it had entered into a definitive share purchase agreement to acquire Jinjiang Hengda Ceramics Co., Ltd. (“Hengda”). Hengda is a leading Chinese manufacturer of ceramic tiles used for exterior siding and for interior flooring and design in residential and commercial buildings.

A special meeting of stockholders of China Holdings Acquisition Corp. will be held at the offices of Loeb & Loeb, 345 Park Avenue, New York, New York on November 20, 2009 at 9:00 am to vote on the acquisition of Hengda. Following a successful vote and the completion of the transaction, CHAC will redomesticate to the BVI and the new company will be called China Ceramics Co., Ltd (“China Ceramics”). The transaction, which has been unanimously approved by the board of directors of CHAC, is expected to be completed by November 21, 2009. The proxy statement/prospectus and other relevant documents are filed with the SEC under the company name China Ceramics and can be obtained, without charge, from the SEC’s website at http://www.sec.gov.

Recent Developments

The following is preliminary summary third quarter 2009 financial information for Hengda.

Highlights

--  Revenue for the third quarter ending September 30,2009 increased 15.8%
compared to the third quarter ending September 30, 2008 and revenue for
nine months ending September 30, 2009 increased by 9.6% from the
equivalent period in 2008
--  Net income for the third quarter ending September 30, 2009 increased
18.8% compared to the third quarter ending September 30, 2008 and net
income for nine months ending September 30, 2009 decreased by 2.8% from
the equivalent period in 2008 since the tax rate changed from
approximately 12.5% in 2008 to approximately 25% in 2009
--  Earnings Before Interest Tax Depreciation and Amortization ("EBITDA")
for the third quarter 2009 increased 36.3% compared to the third quarter
2008 and EBITDA for 9 months 2009 increased by 12.7% from the equivalent
period in 2008
--  Sales volume for the third quarter increased by 16.4% compared to the
third quarter 2008
--  Average selling price per square meter increased by 4.3% from Q2 2009

--  Sales volume backlog for Q4 2009 (as of October 15) was 8.7 mm square
meters, which is 20% year over year growth from 7.2 mm square meters Q4
2008

Summary Financials

In RMB '000         Q3 2009    Q2 2009    Q3 2008   9 Mo. 2009  9 mo. 2008
--------------------------------------------------------
Revenue             248,911    221,497    214,974     648,640     591,807
Net Income           52,698     43,096     44,340     126,963     130,557
EBITDA               74,804     61,628     54,878     182,373     161,782

Sales volume
(square
meters)         9,369,226  8,692,665  8,046,826  25,027,824  21,639,226
Average selling
price (RMB/per
square meter)         26.6       25.5       26.7        25.9        27.4

In US$'000          Q3 2009    Q2 2009    Q3 2008   9 Mo. 2009  9 mo. 2008
--------------------------------------------------------
Revenue              36,337     32,335     31,383      94,692      86,395
Net Income            7,693      6,291      6,473      18,535      19,059
EBITDA               10,920      8,997      8,011      26,624      23,618

In RMB '000              In US$'000
--------------------------------------------
Q3 2009    Q2 2009    Q3 2009     Q2 2009

Cash and Bank
Balances           162,344     93,247     23,700      13,613
Inventories         102,327    107,845     14,938      15,744
Trade Receivables   291,227    251,664     42,515      36,739
Trade Payables      118,502     97,847     17,300      14,284
Interest-bearing
bank borrowings     34,500     34,500      5,036       5,036

Note: Converted at 6.85 RMB/US$

Non GAAP Reconciliation

In  RMB '000                                         9 Mo.      9 Mo.
Q3 2009   Q2 2009    Q3 2008      2009       2008
--------------------------------------------------
Net Income           52,698    43,096     44,340    126,963    130,557
--------------------------------------------------
Plus Tax          17,668    14,369      6,350     42,648     18,894
Plus Interest        513       208        263        929        660
Plus Dep.
and Amort.        3,925     3,955      3,925     11,833     11,671
--------------------------------------------------
EBITDA               74,804    61,628     54,878    182,373    161,782

In US$'000                                           9 Mo.      9 Mo.
Q3 2009   Q2 2009     Q3 2008     2009       2008
--------------------------------------------------
Net Income            7,693     6,291      6,473     18,535     19,059
--------------------------------------------------
Plus Tax           2,579     2,098        927      6,226      2,758
Plus Interest         75        30         38        136         96
Plus Dep.
and Amort.          573       577        573      1,727      1,704
--------------------------------------------------
EBITDA               10,920     8,997      8,011     26,624     23,618

Note: Converted at 6.85 RMB/US$

About China Holdings Acquisition Corp.

Founded in 2007, China Holdings Acquisition Corp. (“CHAC”) is a blank check company focused on acquiring companies with primary operations in Asia through a merger, capital stock exchange, stock purchase, asset acquisition or other similar business combination or contractual arrangements. CHAC currently has no operating businesses.

Additional Information about the Transaction and Where to Find It

In connection with the proposed acquisition, China Ceramics Co., Ltd. has prepared a registration statement containing a proxy statement/prospectus that is filed with the SEC. The definitive proxy statement/prospectus and a form of proxy have been mailed to the stockholders of CHAC, seeking their approval of the transaction. Stockholders are urged to read the proxy statement/prospectus regarding the proposed acquisition carefully and in its entirety because it will contain important information about the proposed acquisition. Stockholders can obtain, without charge, a copy of the proxy statement/prospectus and other relevant documents filed with the SEC from the SEC’s website at http://www.sec.gov. Stockholders will also be able to obtain, without charge, a copy of the proxy statement/prospectus and other relevant documents (when available) by directing a request by mail to Mark L. Wilson at China Holdings Acquisition Corp., 1000 North West Street Suite 1200, Wilmington, DE. 19801, or by telephone at (302) 295-4832.

CHAC and its directors and officers may be deemed to be participants in the solicitation of proxies from CHAC’s stockholders with respect to the proposed acquisition. Information about CHAC’s directors and executive officers and their ownership of CHAC’s common stock and warrants is set forth in CHAC’s annual report on Form 10-K for the Fiscal Year ended December 31, 2008. Stockholders may obtain additional information regarding the interests of CHAC and its directors and executive officers in the proposed acquisition, which may be different than those of CHAC’s stockholders generally, by reading the proxy statement/prospectus and other relevant documents regarding the proposed acquisition when filed with the SEC.

Non-GAAP Financials

The financial information and data contained in this communication is unaudited and does not conform to the SEC’s Regulation S-X. Accordingly, such information and data may not be included in, may be adjusted in or may be presented differently in, CHAC’s proxy statement to solicit stockholder approval for the proposed acquisition of Hengda.

This communication includes certain estimated financial information that is not derived in accordance with generally accepted accounting principles (“GAAP”), and which may be deemed to be non-GAAP financial measures within the meaning of Regulation G promulgated by the SEC. CHAC and Hengda believe that the presentation of these non-GAAP financial measures serves to enhance the understanding of the financial performance of Hengda and the proposed acquisition. However, these non-GAAP financial measures should be considered in addition to and not as substitutes for, or superior to financial measures of financial performance prepared in accordance with GAAP. Our pro forma financial measures may not be comparable to similarly titled pro forma measures reported by other companies.

This communication contains disclosure of EBITDA for certain periods, which may be deemed to be a non-GAAP financial measure within the meaning of Regulation G promulgated by the Securities and Exchange Commission. Management believes that EBITDA, or earnings before interest, taxes, depreciation and amortization, is an appropriate measure of evaluating operating performance and liquidity, because it reflects the resources available for strategic opportunities including, among others, investments in the business and strategic acquisitions. EBITDA may not be comparable to similarly titled measures reported by other companies. EBITDA is not a recognized term under U.S. GAAP, and EBITDA should be considered in addition to, and not as substitutes for, or superior to, operating income, cash flows, revenues, or other measures of financial performance prepared in accordance with generally accepted accounting principles. EBITDA is not a completely representative measure of either the historical performance or, necessarily, the future potential of Hengda.

Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions are intended to identify such forward-looking statements. Forward-looking statements in this press release include matters that involve known and unknown risks, uncertainties and other factors that may cause actual results, levels of activity, performance or achievements to differ materially from results expressed or implied by this press release. Such risk factors include, among others: future operating or financial results; future growth expectations and acquisitions; uncertainties as to the timing of the acquisition; approval of the transaction by CHAC stockholders; the satisfaction of closing conditions to the transaction; costs related to the acquisition; the performance of Hengda; the impact of inflation generally as well as on the rising costs of materials; specific economic conditions in China generally or in the markets in which Hengda Ceramics operates; changes in laws and regulations; potential liability from future litigation; the diversion of management time on acquisition and integration related issues; modifications or adjustments to the financial statements of Hengda as a result of applicable securities laws; and general economic conditions such as inflation or recession. Actual results may differ materially from those contained in the forward-looking statements in this communication and documents filed with the SEC. CHAC undertakes no obligation and does not intend to update these forward-looking statements to reflect events or circumstances occurring after the date of this communication. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this communication. All forward-looking statements are qualified in their entirety by this cautionary statement.

RINO International Corp. (RINO) Announces Record Third Quarter 2009 Financial Results

    DALIAN, China, Nov. 13 /PRNewswire-Asia-FirstCall/ --

- Q3 2009 net sales increased 41.0% to $63.3 million vs. Q3 2008; net
income increased 73.3% to $17.1 million; EPS of $0.68 vs. $0.39

- First nine months of 2009 net contract sales increased 41.7% to $139.6
million YOY; net income increased 94.5% to $39.4 million; EPS was $1.57
vs. $0.81

- Cash flow from operations was $9.5 million for the first nine months
of 2009

- Backlog on September 30, 2009 was approximately $52.7 Million

- Management to host earnings conference call November 13th at
8:30 a.m. ET

RINO International Corp. (OTC Bulletin Board: RINO), which through its subsidiaries and controlled affiliates in the People’s Republic of China (collectively, the “Company” or “RINO”), designs, manufactures, installs and services proprietary and patented wastewater treatment, desulphurization equipment, and high temperature anti-oxidation systems for iron and steel manufacturers in the People’s Republic of China (“PRC”), today announced the Company’s financial results for the third quarter of 2009.

    SUMMARY FINANCIALS

First Quarter 2009 Results
Q3 2009*         Q3 2008**       CHANGE
Sales                     $63.3 million    $44.9 million      +41.0%
Gross Profit              $26.1 million    $20.6 million      +27.1%
Adjusted Net Income       $19.7 million    $15.7 million      +25.5%
GAAP Net Income           $17.1 million     $9.9 million      +73.3%
Adjusted EPS (Diluted)         $0.78            $0.62         +25.8%
GAAP EPS (Diluted)             $0.68            $0.39         +74.4%

*Q3 2009 included a $2.6 million non-cash charge related to the changes in the value of warrants.

**Q3 2008 included $5.8 million in non-cash equity compensation charges not present in 2009.

Adjusted Net Income and EPS are non-GAAP and utilized to illustrate operating numbers.

    First Nine Months of 2009 Results
2009             2008*       CHANGE
Sales                    $139.6 million    $98.5 million    +41.7%
Gross Profit              $56.3 million    $43.6 million    +29.1%
Adjusted Net Income       $43.8 million    $31.9 million    +37.2%
GAAP Net Income           $39.4 million    $20.3 million    +94.5%
Adjusted EPS (Diluted)         $1.74           $1.27        +37.0%
GAAP EPS (Diluted)             $1.57           $0.81        +93.8%

* The first nine months of 2009 included a $4.4 million non-cash charge related to changes in values of warrants.

**The first nine months of 2008 included $11.7 million in non-cash equity compensation expenses not present in 2009.

Adjusted Net Income and EPS are non-GAAP and utilized to show operating numbers.

2009 Third Quarter Financial Results

Net revenues for the third quarter ended September 30, 2009 increased 41.0% to $63.3 million as compared to $44.9 million for the third quarter in 2008. Revenue growth was driven by demand across its product lines, including a significant increase in both wastewater treatment and anti-oxidation systems and coatings sales. Specifically, the Company recorded $33.3 million in desulphurization revenues, a decrease of 11.8% from the third quarter of 2008, $15.1 million in wastewater treatment system sales, an increase of 241.9% from the third quarter of 2008, and $13.8 million in anti-oxidation equipment and coatings, an over 8-fold increase compared to the same year ago period. The Company recorded $1.1 million in machining service revenues.

Cost of sales for the third quarter of 2009 was $37.2 million as compared to $24.3 million in the same period of 2008, an increase of 52.9%. Gross profit was $26.1 million in the third quarter of 2009, a 27.1% increase from $20.6 million for the same period in 2008, representing gross margins of approximately 41.3% and 45.8%, respectively. The 4.5% variance in gross margins was mainly attributable to outsourcing, which has enabled the Company to continue growing its revenue base without significantly expanding its facility.

Total operating expenses for the third quarter of 2009 were $6.6 million, a 38.7% decrease from $10.7 million reported during the same period in 2008. The third quarter of 2008 included a non-cash stock compensation expense of $5.8 million related to a “Make Good Provision” relating to a private placement of the Company’s Common Stock in 2007. Eliminating this expense, operating expenses would have increased by 35.1%, which was primarily the result of $2.4 million in commission expenses for new contracts. Operating income for the third quarter of 2009 and 2008 was $19.6 million and $9.9 million, respectively, representing operating margins of 30.9% for the third quarter of 2009 compared to the third quarter 2008 operating margin of 22.0%, or 35.0% when adjusted to eliminate the non-cash expense.

GAAP net income for the third quarter was $17.1 million, representing an increase of 73.3% as compared to $9.9 million reported in the same period in the prior year. Earnings per diluted share were $0.68 for the third quarter in 2009 as compared to $0.39 for the third quarter in 2008, which was based on 25.2 million shares outstanding. The Company did not incur any taxes during either period.

During the third quarter of 2009 the Company incurred a non-cash charge of $2.6 million for the change in the value of warrants. Adjusting for non-cash charges in each respective period, net income for the third quarter of 2009 and 2008 was $19.7 million and $15.7 million, with $0.78 and $0.62 in earnings per diluted share.

“The third quarter continued our momentum as we executed on our growth plan while making further improvements in all of our key financial metrics,” stated Mr. Zou Dejun, President and CEO of RINO International. “This was the first quarter we saw meaningful uptake by customers for our anti-oxidation systems. During the quarter we performed work on a total of 12 FGD desulphurization systems, 5 wastewater treatment systems and installed 7 anti-oxidation systems for a total of 23 customers. We are excited about our DXT desulphurization system which we believe will enable us to cement our position as the leader in this particular FGD application, while providing a strong conduit for growth during the next few years as adoption accelerates. In addition, our backlog as of September 30, 2009 was approximately $52.7 million, which represents 6 desulphurization, 4 wastewater treatment and 6 anti-oxidation projects. We believe our collective growth initiatives will continue to provide incremental and robust top-line and bottom line growth and we currently expect to surpass our previous revenue estimate of $176.5 million for 2009”.

2009 Nine Month Financial Results

For the first nine months of 2009 revenues increased 41.7% to $139.6 million from $98.5 million in the year ago period. FGD sales increased 18.5% to $89.1 million and represented 63.8% of total sales. Wastewater treatment equipment increased 150.1% to $31.6 million and represented 22.6% of sales. Anti-oxidation equipment and coatings increased 308.9% to $17.4 million, representing 12.5% of total sales while machining services were $1.6 million.

Cost of sales increased 51.7% to $83.4 million yielding gross profit of $56.3 million, an increase of 29.1% from $43.6 million reported in 2008. Gross margins were 40.3% compared to 44.2% during the first nine months of 2009 and 2008, respectively.

Operating expenses decreased 39.1% to $14.1 million during the first nine months of 2009 from $23.1 million in 2008, which included an $11.7 million non-cash equity compensation charge. Income from operations increased 106.2% to $42.2 million from $20.5 million with operating margins of 30.2% compared to 20.8%, or 32.6% excluding the charge.

GAAP Net income for the first nine months of 2009 increased 94.5% to $39.4 million from $20.3 million with corresponding diluted earnings per share of $1.57 compared to $0.81 in 2008 based on 25.1 million and 25.2 million diluted shares in each respective period. The Company incurred no income taxes in either period. During the first nine months of 2009 the Company incurred a non-cash charge of $4.4 million for the change in the value of warrants, with no associated charge in 2008. Adjusting for non-cash charges during each respective period, net income was $43.8 million and $31.9 million, yielding $1.74 and $1.27 in earnings per diluted share.

“Our business continues to be driven by a number of factors centered around government mandates stipulating that iron and steel manufacturers be equipped with desulphurization systems. The Chinese Ministry of Industry and Information Technology showed its commitment to support this initiative by publishing a formal plan on July 31, 2009 which prioritizes steel FGD installations, sets specific desulphurization guidelines and targets, while offering priority funding by both the central and local governments and further support for domestic based technology. This is the single most important regulatory event since our Company was formed and clears a path toward doubling the number of sinters to be equipped with FGD systems annually through 2011. We expect that growth from our FGD system installations, in addition to the large Sludge Treatment System for the Dalian Government, will drive further growth during 2010.”

Balance Sheet and Cash Flow Discussion

Cash and cash equivalents as of September 30, 2009 were $29.0 million, representing an increase of 47.0% as compared to $19.7 million as of December 31, 2008. Working capital on September 30, 2009 was $115.4 million for the third quarter of 2009, an increase of 62.8% from $70.9 million on December 31, 2008. Accounts receivable stood at $44.6 million, a 13.5% decrease from $51.5 million reported as of December 31, 2008. The Company reported $8.8 million in short term loans payable, maintained a current ratio of 4.7 to 1 and saw stockholder’s equity increase 65.2% to $110.5 million as of September 30, 2009 as compared to $66.9 million as of December 31, 2008.

For the nine months ended September 30, 2009, the Company generated $9.5 million in cash flow from operations, as compared to $10.0 million cash used in operation for the first nine months in 2008. The variance between cash flow and net income was mainly related to $34.7 million in advances for inventory purchases as the company prepares for several large project installations and $13.2 million in costs and estimated earnings surpassing billings for projects still underway.

Conference Call

The Company will host a conference call on November 13, 2009, at 8:30 a.m. ET. To attend the call, please use the dial information below. When prompted, ask for the “RINO International Call” and/or be prepared to provide the conference ID.

    Date:                           November 13, 2009
Time:                           8:30am ET
Conference Line Dial-In (U.S.): +1-877-941-8416
International Dial-In:          +1-480-629-9808
Conference ID:                  4182665
Webcast link:                   http://viavid.net/dce.aspx?sid=00006CFF

Please dial in at least 10 minutes before the call to ensure timely participation. A playback will be available through November 20, 2009. To listen, please call +1-800-406-7325 within the United States or +1-303-590-3030 when calling internationally. Utilize the pass code 4182665 for the replay.

About RINO International Corporation

RINO International Corporation, through its direct and indirect subsidiaries, including Innomind Group Limited and Dalian Innomind Environment Engineering Co., Ltd., its contractually-controlled affiliate, Dalian RINO Environmental Engineering Science and Technology Co., Ltd. (“Dalian Rino”) and Dalian Rino’s wholly-owned subsidiaries, Dalian Rino Environmental Engineering Project Design Co., Ltd. and Dalian Rino Environmental Construction & Installation Project Co., Ltd., is a leading provider of environmental protection equipment for the iron and steel industry in China. Specifically, RINO designs, manufactures, installs and services proprietary and patented wastewater treatment, flue gas desulphurization equipment, and high temperature anti-oxidation systems, which are all designed to reduce either industrial pollution and/or improve energy utilization. RINO’s manufacturing facility maintains the ISO 9001 Quality Management System and ISO 14001 Environment Management System certifications, in addition to receiving numerous government and industry awards.

Additional information about the Company is available at the Company’s website: http://www.rinogroup.com .

Cautionary Statement Regarding Forward-Looking Information

Certain statement in this press release may contain forward-looking information about the Company. Forward-looking statements are statements that are not historical facts. These statements can be identified by the use of forward-looking terminology such as “believe,” “expect,” “may,” “will,” “should,” “project,” “plan,” “seek,” “intend,” or “anticipate” or the negative thereof or comparable terminology, and statements which may include discussions of strategy, and statements about industry trends future performance, operations and products of each of the entities referred to above. Actual performance results may vary significantly from expectations and projections as a result of various factors, including, without limitation, the risks set forth “Risk Factors” contained in the Company’s Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. In addition, this press release contains certain Non-GAAP financial results. Management believes, given the nature of certain non-cash charges, the adjusted net income and EPS enables investors to understand the correct operating metrics of its business. Management does not intend, nor suggest that investors utilize, non-GAAP financial results to make investment decisions.

    For more information, please contact:

For the Company:
Jenny Liu
Tel:   +86-411-8766-2700
Email: jennyliu@rinogroup.com

Investors:
Matt Hayden
HC International, Inc.
Tel:   +1-561-245-5155
Email: matt.hayden@hcinternational.net

FINANCIAL STATEMENTS FOLLOW

RINO INTERNATIONAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
AS OF SEPTEMBER 30, 2009 AND DECEMBER 31, 2008

ASSETS
September 30,      December 31,
2009               2008
(Unaudited)
CURRENT ASSETS
Cash and cash equivalents               $29,020,242        $19,741,982
Restricted cash                                  --          1,030,317
Notes receivable                            717,363          2,157,957
Accounts receivable, trade, net of
allowance for doubtful accounts of
$342,749 and $0 as of September 30,
2009 and December 31, 2008,
respectively                            44,559,387         51,503,245
Costs and estimated earnings in
excess of billings on uncompleted
contracts                               13,202,094                 --
Inventories                               1,793,396          1,203,448
Advances for inventory purchases         56,754,792         21,981,669
Other current assets and prepaid
expenses                                   678,271            517,847
Total current assets                  146,725,545         98,136,465

PROPERTY, PLANT AND EQUIPMENT, NET         12,516,348         13,197,119

OTHER ASSETS
Prepaid expenses (non-current)               64,576             73,350
Advances for equipment and
construction material purchases          5,550,966          5,550,966
Prepayment for land use right               799,965            458,292
Intangible assets, net                    1,161,499          1,211,608
Total other assets                      7,577,006          7,294,216

Total assets                         $166,818,899       $118,627,800

LIABILITIES AND SHAREHOLDERS' EQUITY

CURRENT LIABILITIES
Accounts payable                         $5,471,857         $5,816,714
Short-term loan                           8,802,000          8,802,000
Billings in excess of costs and
estimated earnings on uncompleted
contracts                                1,484,554                 --
Customer deposits                         3,712,082          3,609,407
Liquidated damages payable                   20,147          2,598,289
Other payables and accrued
liabilities                                427,043            746,267
Notes payable                                73,790                 --
Due to a stockholder                        308,182            596,023
Tax Payable                              11,013,805          5,062,901
Total current liabilities              31,313,460         27,231,601

Warrant Liabilities                           512,498                 --

REDEEMABLE COMMON STOCK ($0.0001 par
value, 5,464,357 shares issued with
conditions for redemption outside the
control of the company)                   24,480,319         24,480,319

COMMITMENTS AND CONTINGENCIES

SHAREHOLDERS' EQUITY
Preferred Stock ($0.0001 par value,
50,000,000 shares authorized,
none issued and outstanding)                    --                 --
Common Stock ($0.0001 par value,
10,000,000,000 shares authorized,
25,330,769 shares and 25,040,000
shares issued and outstanding as of
September 30, 2009 and December
31, 2008)                                     2,533              2,504
Additional paid-in capital                30,492,770         25,924,007
Retained earnings                         63,271,930         28,570,948
Statutory reserves                        10,491,526          6,196,478
Accumulated other comprehensive
income                                    6,253,863          6,221,943
Total shareholders' equity             110,512,622         66,915,880

Total liabilities and
shareholders' equity               $166,818,899       $118,627,800

RINO INTERNATIONAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME AND OTHER COMPREHENSIVE INCOME
FOR THE THREE MONTHS AND NINE MONTHS ENDED SEPTEMBER 30, 2009 AND 2008
(UNAUDITED)

Three Months Ended        Nine Months Ended
September 30,              September 30,
2009         2008          2009         2008
REVENUES:
Contracts            $62,194,946  $43,575,844  $138,030,264  $92,060,717
Services               1,107,257    1,305,292     1,602,308    6,482,958
63,302,203   44,881,136   139,632,572   98,543,675

COST OF SALES
Contracts             36,452,495   23,298,573    81,701,500   51,144,465
Services                 531,440      848,959     1,124,270    3,341,128
Depreciation             185,201      165,889       555,528      486,145
37,169,136   24,313,421    83,381,298   54,971,738

GROSS PROFIT            26,133,067   20,567,715    56,251,274   43,571,937

OPERATING EXPENSES
Selling, general and
administrative
expenses              6,615,171    4,849,778    14,111,637   11,182,374
Research and
development             (61,564)          --       (31,749)     267,817
Stock compensation
expense-shares
placed in escrow             --    5,832,960            --   11,665,920

TOTAL OPERATING
EXPENSES                6,553,607   10,682,738    14,079,888   23,116,111

INCOME FROM
OPERATIONS             19,579,460    9,884,977    42,171,386   20,455,826

OTHER INCOME
(EXPENSE), NET
Other (expense)
income, net              (3,144)      44,947        (8,923)      50,651
Change in fair
value of
warrants             (2,592,201)          --    (4,402,335)          --
Interest income
(expense), net          101,785      (72,810)      (90,148)    (241,650)
Gain on liquidated
damage
settlement                   --           --     1,746,120           --

TOTAL OTHER
EXPENSES, NET          (2,493,560)     (27,863)   (2,755,286)    (190,999)

INCOME BEFORE
PROVISION FOR
INCOME TAXES           17,085,900    9,857,114    39,416,100   20,264,827

PROVISION FOR
INCOME TAXES                   --           --            --           --

NET INCOME              17,085,900    9,857,114    39,416,100   20,264,827

OTHER COMPREHENSIVE
INCOME:
Foreign currency
translation
adjustment              169,559      335,796        31,920    4,051,389

COMPREHENSIVE
INCOME                $17,255,459  $10,192,910   $39,448,020  $24,316,216

WEIGHTED AVERAGE
NUMBER
OF SHARES:
Basic                 25,204,199   25,000,000    25,104,972   25,000,000
Diluted               25,220,159   25,153,941    25,112,087   25,152,127

EARNINGS PER SHARE:
Basic                      $0.68        $0.39         $1.57        $0.81
Diluted                    $0.68        $0.39         $1.57        $0.81

RINO INTERNATIONAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2009 AND 2008
(UNAUDITED)

2009            2008
CASH FLOWS FROM OPERATING ACTIVITIES
Net income                                   $39,416,100     $20,264,827
Adjusted to reconcile net income to
cash used in operating activities:
Depreciation                                   717,490         603,965
Amortization                                    50,072          48,972
Allowance for bad debt                         342,495              --
Imputed interest                                13,558          21,974
Amortization of long term prepaid
expense                                        10,994          25,090
Stock compensation expense                      28,324      11,665,920
Gain (expense) on liquidated damage
settlement                                 (1,746,120)      1,116,708
Change in fair value of warrants             4,402,335              --
Changes in operating assets and
liabilities
Notes receivable                             1,439,514      (4,804,195)
Accounts receivable                          6,596,159     (29,979,156)
Costs and estimated earnings in excess
of billings on uncompleted contracts      (13,192,194)      2,413,818
Inventories                                   (589,505)        (63,928)
Advances for inventory purchase            (34,747,048)    (10,826,678)
Other current assets and prepaid
expenses                                     (160,940)         39,658
Accounts payable                              (344,598)       (851,537)
Billings in excess of costs and
estimated earnings on uncompleted
contracts                                   1,483,440         110,250
Customer deposits                              102,598       3,816,435
Other payables and accrued liabilities        (318,983)      1,169,036
Tax payable                                  5,946,440      (4,739,308)
Net cash provided by (used in)
operating activities                      9,450,131      (9,968,149)

CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property and equipment               (37,232)       (902,594)
Advances for construction material and
equipment purchases                                  --      (3,231,748)
Prepayment for land use right                   (341,417)             --
Net cash used in investing activities         (378,649)     (4,134,342)

CASH FLOWS FROM FINANCING ACTIVITIES
Payment on due to shareholder                 (1,058,480)     (1,785,305)
Proceeds from shareholder advances               770,889       2,334,594
Decrease (increase) of restricted cash         1,030,317         (24,951)
Increase in notes payable                         73,735              --
Proceeds from short-term loan                 29,360,000       7,168,500
Bank loan repaid                             (29,315,000)             --
Payment to liquidated damage penalty            (615,018)             --
Net cash provided by financing
activities                                    246,443       7,692,838

EFFECT OF EXCHANGE RATE ON CASH                    (39,665)        385,533

INCREASE (DECREASE) IN CASH AND CASH
EQUIVALENTS                                     9,278,260      (6,024,120)

CASH AND CASH EQUIVALENTS AT BEGINNING
OF PERIOD                                      19,741,982       7,390,631

CASH AND CASH EQUIVALENTS AT END OF
PERIOD                                        $29,020,242      $1,366,511

SUPPLEMENTAL DISCLOSURE OF CASH FLOW
INFORMATION
Cash paid during the period for:
Interest                                        $632,816        $352,529
Income taxes                                    $229,880      $5,384,128
Shares issuance for liquidated damage
penalty settlement                               $217,004             $--

SOURCE RINO International Corp.

rue21, Inc. (RUE) Chief Executive Officer To Ring The NASDAQ Stock Market Opening Bell

What:
 Robert Fisch, Chief Executive Officer of rue21, Inc. will preside
 over the NASDAQ Opening Bell to celebrate the company's initial
 public offering on the NASDAQ Stock Market. rue21, Inc. will trade
 under the ticker symbol "RUE."

 Where:
 NASDAQ MarketSite - 4 Times Square - 43rd & Broadway - Broadcast Studio

 When:
 Friday, November 13th, 2009 at 9:15 - 9:30 a.m. ET

 Contacts:
 Joseph Teklits
 ICR, Inc
 (203) 682-8258
 Joseph.Teklits@icrinc.com

 NASDAQ MarketSite:
 Robert Madden
 (646) 441-5045
 Robert.Madden@NASDAQOMX.com

Feed Information:

The Opening Bell is available from 9:20 a.m. to 9:35 a.m. on Galaxy 19 C/15, downlink frequency 4000 vertical. The feed can also be found on Ascent fiber 1623. If you have any questions, please contact Robert Madden at (646) 441-5045.

Radio Feed:

An audio transmission of the Opening Bell is also available from 9:20 a.m. to 9:35 a.m. on uplink IA6 C band / transponder 24, downlink frequency 4180 horizontal. The feed can be found on Ascent fiber 1623 as well.

Facebook and Twitter:

For multimedia features such as exclusive content, photo postings, status updates and video of bell ceremonies please visit our Facebook page at: http://www.facebook.com/pages/NASDAQ-OMX/108167527653

For news tweets, please visit our Twitter page at: http://twitter.com/nasdaqomx

Webcast:

A live webcast of the NASDAQ Opening Bell will be available at: http://www.nasdaq.com/reference/marketsite_about.stm.

Photos:

To obtain a hi-resolution photograph of the Market Open, please go to http://www.nasdaq.com/reference/marketsite_events.stm and click on the market open of your choice.

About rue21, Inc.:

rue21 (Nasdaq:RUE) is a fast-growing specialty retailer offering the newest fashion trends for girls and guys at value prices. The Company operates over 500 stores in 43 states, and merchandise is designed to appeal to 11-to-17 year olds who aspire to be “21” and adults who want to look and feel “21.” rue21 offers its own exclusive brands such as rue21 etc!, Carbon, tarea and rueKicks, to create merchandise excitement and differentiation in its stores. Through viral marketing and an interactive website, www.rue21.com, the Company is building a rueCommunity with a loyal customer base that will drive its growth into the future. The Company and customer culture being created invokes one simple thought in the minds of most. Do you rue? I do!

About NASDAQ OMX:

The NASDAQ OMX Group, Inc. is the world’s largest exchange company. It delivers trading, exchange technology and public company services across six continents, with over 3,700 listed companies. NASDAQ OMX offers multiple capital raising solutions to companies around the globe, including its U.S. listings market, NASDAQ OMX Nordic, NASDAQ OMX Baltic, NASDAQ OMX First North, and the U.S. 144A sector. The company offers trading across multiple asset classes including equities, derivatives, debt, commodities, structured products and exchange-traded funds. NASDAQ OMX technology supports the operations of over 70 exchanges, clearing organizations and central securities depositories in more than 50 countries. NASDAQ OMX Nordic and NASDAQ OMX Baltic are not legal entities but describe the common offering from NASDAQ OMX exchanges in Helsinki, Copenhagen, Stockholm, Iceland, Tallinn, Riga, and Vilnius. For more information about NASDAQ OMX, visit http://www.nasdaqomx.com.

Hong Kong Highpower Technology (HPJ) Reports Third Quarter 2009 Financial Results

NEW YORK, NY and SHENZHEN, CHINA — (Marketwire) — 11/12/09 — Hong Kong Highpower Technology, Inc. (NYSE Amex: HPJ), a leading developer, manufacturer and marketer of nickel-metal hydride (Ni-MH) and lithium-ion (Li-ion) rechargeable batteries and related products, today announced financial results for the third quarter ended September 30, 2009.

Business Highlights

--  Earned net income of $0.18 per diluted share for third quarter 2009,
    an 800% increase year-over-year, and 157% increase sequentially;
--  Generated gross margins of 25% on net sales of $21.1 million for third
    quarter 2009, an 8% points increase year-over-year, and 5% points
    improvement sequentially;
--  Gross profit up 49% year-over-year and 70% sequentially;
--  Debt-to-capital ratio remained healthy consistent with prior quarter;
--  Inventory reduced 36% from the year-ago quarter greatly decreasing
    inventory carry exposure.

“Our business trends in the third quarter clearly show that the ill effects of the global recession on our business are fading,” said George Pan, Chairman and Chief Executive Officer of Hong Kong Highpower Technology. “We produced a substantial increase in both our net sales and gross profit over the second quarter, which demonstrates that we are poised to capture even greater rechargeable battery market share as the economy continues to strengthen due to our ongoing customer relationships and strong financial position.

“Recently, we also announced a significant new contract with Siemens Gigaset Communications to supply rechargeable batteries for cordless phones sold in Europe under the Gigaset brand. This contract represents a significant new ODM relationship for the Company.

“The Company’s lithium-ion battery products division, which was launched in 2008, continues to grow. At the end of the third quarter, average monthly production reached over 800,000 pieces, which is still well ahead of our initial expectations.

“As we head into the fourth quarter, we believe 2009 will be a much stronger year for us in terms of profitability and overall financial performance,” said Mr. Pan. “Our net income through the first nine months is already double of where it stood for the comparable time frame in 2008. This strong financial performance is mainly the result of the fading effects of global economic recession on Hong Kong Highpower Technology’s business and better raw material cost management.”

Third Quarter 2009 Financial Results

Net sales for the third quarter ended September 30, 2009 increased 2.8% to $21.1 million, compared to $20.5 million for the third quarter ended September 30, 2008. On a sequential basis, third quarter net sales increased by 36.3% compared to $15.4 million for the second quarter of 2009. The year-over-year increase was largely due to an increase in the number of battery units sold and was partially offset by a decrease in the average selling price of our battery units.

Gross profit for the third quarter ended September 30, 2009 increased 48.7% to $5.2 million, compared to $3.5 million for the third quarter ended September 30, 2008. On a sequential basis, third quarter gross profit increased 69.9%, compared to $3.1 million for the second quarter 2009. Gross margin was 24.8% for the third quarter ended September 30, 2009, compared to 17% for the third quarter ended September 30, 2008, and 19.9% for the second quarter 2009. The increase in our gross profit is primarily due to a decrease in the average per unit cost of goods sold during the three months ended September 30, 2009 as compared to same period in 2008.

Selling and distribution costs were $767,200 or 3.6% for the third quarter ended September 30, 2009, compared to $800,000 or 3.9% for the comparable period in 2008 and $580,000 or 3.8% for the second quarter 2009.

General and administrative expenses, including stock-based compensation, were $1.5 million or 7% of net sales for the third quarter ended September 30, 2009, compared to $1.9 million, or 9.4% of net sales for the third quarter 2008, and $1.0 million or 6.8% of net sales for the second quarter 2009.

During the three months ended September 30, 2009, the exchange rate of the Renminbi (“RMB”) to the U.S. Dollar (“USD”) only decreased approximately 0.03% from the level at the end of June 30, 2009. There were no obvious effects that resulted from the foreign current exchange rate.

The Company recorded a provision for income taxes of $529,200 for the third quarter ended September 30, 2009, compared with provisions for income taxes of $35,700 for the third quarter 2008 and $229,000 for the second quarter 2009.

Net income for the third quarter of 2009 was $2.4 million, or $0.18 per diluted share, based on 13.6 million weighted average shares outstanding. This compares with third quarter 2008 net income of $289,400, or $0.02 per diluted share, based on 13.6 million weighted average shares outstanding, and second quarter 2009 net income of $969,000, or $0.07 per diluted share, based on 13.8 million weighted average shares outstanding.

Balance Sheet

At September 30, 2009, Hong Kong Highpower Technology had cash and cash equivalents and restricted cash totaling $11.7 million, total assets of $52 million, working capital of $6.5 million and stockholders’ equity of $20.5 million. Bank credit facilities totaled $23.2 million at September 30, 2009, of which $16.7 million was available as unused credit.

Conference Call and Webcast

Management of Hong Kong Highpower Technology will host a conference call today, Thursday, November 12, 2009 at 8:00 a.m. Pacific time/11:00 a.m. Eastern time to discuss third quarter 2009 financial results and answer questions.

Individuals interested in participating in the conference call may do so by dialing 800-891-5765 from the U.S., or 702-696-4830 from outside the U.S. Those interested in listening to the conference call live via the Internet may do so by visiting the Investor Relations section of the Company’s Web site at www.haopengbattery.com or www.InvestorCalendar.com.

A telephone replay will be available for 48 hours following the conclusion of the call by dialing 800-642-1687 from the U.S., or 706-645-9291 from outside the U.S., and entering reservation code 40001543. A webcast replay will be available for one year.

About Hong Kong Highpower Technology, Inc.

Hong Kong Highpower Technology develops, manufactures and markets rechargeable nickel metal hydride (Ni-MH) and lithium-ion (Li-ion) batteries and related products for use in a variety of electronic devices. The majority of Hong Kong Highpower Technology’s products are distributed worldwide to markets in the United States, Europe, China, Hong Kong, Southeast Asia and Taiwan. For more information, visit www.haopengbattery.com.

To be added to the Company’s email distribution for future news releases, please send your request to HPJ@finprofiles.com. Company news can also be found at http://ir.haopengbattery.com/en/introduce028.html.

Media and Investor Inquiries:
Henry H. Ngan
Chief Financial Officer
+1-917-887-0614
ir@highpowerbatteries.net

Financial Profiles, Inc.
Tricia Ross
(310) 277-4711
HPJ@finprofiles.com

Forward-Looking Statement

This press release contains “forward-looking statements” within the meaning of the “safe-harbor” provisions of the Private Securities Litigation Reform Act of 1995 that are not historical facts. These statements can be identified by the use of forward-looking terminology such as “believe,” “expect,” “may,” “will,” “should,” “project,” “plan,” “seek,” “intend,” or “anticipate” or the negative thereof or comparable terminology, and include discussions of strategy, and statements about industry trends and the Company’s future performance, operations and products. Such statements involve known and unknown risks, uncertainties and other factors that could cause the Company’s actual results to differ materially from the results expressed or implied by such statements. For a discussion of these and other risks and uncertainties see “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s public filings with the SEC. 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.

– financial tables to follow –

          HONG KONG HIGHPOWER TECHNOLOGY, INC. AND SUBSIDIARIES

              CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                          (Stated in US Dollars)

                           Three months ended         Nine months ended
                              September 30,             September 30,
                        ------------------------  ------------------------
                               2009         2008         2009         2008
                         (Unaudited)  (Unaudited)  (Unaudited)  (Unaudited)
                                  $            $            $            $

Net sales                21,056,149   20,473,472   47,811,438   57,326,510
Cost of sales           (15,835,110) (16,961,664) (37,120,495) (47,731,537)
                        -----------  -----------  -----------  -----------

Gross profit              5,221,039    3,511,808   10,690,943    9,594,973
Depreciation                (50,120)     (49,792)    (169,309)    (130,448)
Selling and
 distribution costs        (767,194)    (799,666)  (1,879,001)  (1,761,386)
General and
 administrative costs,
 including stock-based
 compensation            (1,464,392)  (1,915,367)  (3,613,654)  (4,256,468)
Loss on exchange rate
 difference                  (6,813)    (159,310)     (62,402)    (994,985)
                        -----------  -----------  -----------  -----------

Income from operations    2,932,520      587,673    4,966,577    2,451,686
Change in fair value of
 currency forwards           (7,483)           -     (117,106)      29,102
Change in fair value of
 warrants                         -     (204,750)           -     (276,000)
Other income                289,843      101,179      378,432      325,833
Interest expenses          (199,125)    (159,063)    (279,622)    (559,830)
Other expenses              (52,878)           -     (223,963)           -
                        -----------  -----------  -----------  -----------

Income before taxes       2,962,877      325,039    4,724,318    1,970,791
Income taxes               (529,201)     (35,683)    (919,020)    (266,861)
                        -----------  -----------  -----------  -----------

Net income for the
 period                   2,433,676      289,356    3,805,298    1,703,930

Other comprehensive
 income
  - Foreign currency
     translation gain       (99,446)     109,161      392,618      857,900
                        -----------  -----------  -----------  -----------

Comprehensive income      2,334,230      398,517    4,197,916    2,561,830
                        ===========  ===========  ===========  ===========

Earnings per share of
 common stock
  - Basic                      0.18         0.02         0.28         0.13
                        ===========  ===========  ===========  ===========

  - Diluted                    0.18         0.02         0.28         0.13
                        ===========  ===========  ===========  ===========

Weighted average number
 of common stock
  - Basic                13,562,597   13,562,596   13,621,466   13,088,737
                        ===========  ===========  ===========  ===========

  - Dilutive             13,612,097   13,615,096   13,673,966   13,108,644
                        ===========  ===========  ===========  ===========

          HONG KONG HIGHPOWER TECHNOLOGY, INC. AND SUBSIDIARIES

                  CONDENSED CONSOLIDATED BALANCE SHEETS
                          (Stated in US Dollars)

                                                          As of
                                                ---------------------------
                                                September 30,  December 31,
                                                        2009          2008
                                                  (Unaudited)     (Audited)
                                                           $             $

ASSETS
    Current Assets:
      Cash and cash equivalents                     7,203,175     4,175,780
      Restricted cash                               4,552,798     4,845,478
      Accounts receivable                          11,260,286     8,765,593
      Notes receivable                                400,876       429,815
      Prepaid expenses and other receivables        4,191,720     1,732,709
      Deferred charges - Stock-based compensation           -       216,667
      Inventories                                  10,437,454    11,208,697
                                                ------------- -------------

    Total Current Assets                           38,046,309    31,374,739
    Deferred tax assets                               137,400       104,556
    Plant and equipment, net                        9,962,416     7,778,477
  Leasehold land, net                               3,002,530     3,050,510
  Intangible asset, net                               862,500       900,000
    Currency forward                                        -       116,157
                                                ------------- -------------

TOTAL ASSETS                                       52,011,155    43,324,439
                                                ============= =============

LIABILITIES AND STOCKHOLDERS' EQUITY

LIABILITIES
    Current Liabilities:
      Non-trading foreign currency derivatives
       liabilities                                      5,335       293,830
      Accounts payable                             15,152,492     8,306,123
      Other payables and accrued liabilities        9,067,162     3,139,275
      Income taxes payable                            812,688       476,330
      Bank borrowings                               6,495,909    14,829,228
                                                ------------- -------------

    Total Current Liabilities                      31,533,586    27,044,786
                                                ------------- -------------

COMMITMENTS AND CONTINGENCIES

STOCKHOLDERS' EQUITY
  Preferred stock
  Par value: US$0.0001
  Authorized: 10,000,000 shares
  Issued and outstanding: none

  Common stock
  Par value : US$0.0001
  Authorized: 100,000,000 shares
  Issued and outstanding: 2009 - 13,562,597
   shares (2008 - 13,562,596 shares)                    1,356         1,356
  Additional paid-in capital                        5,048,194     5,048,194
  Accumulated other comprehensive income            1,987,709     1,595,091
  Retained earnings                                13,440,310     9,635,012
                                                ------------- -------------

TOTAL STOCKHOLDERS' EQUITY                         20,477,569    16,279,653
                                                ------------- -------------

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY         52,011,155    43,324,439

Tri-Tech Holding Inc. (TRIT) Q3 Revenue Up 131% to $4.9M; Net Income Up 112% to $1.1M

BEIJING, Nov. 12, 2009 (PRNewswire-Asia-FirstCall) — Tri-Tech Holding Inc. (Nasdaq: TRIT), a premier Chinese company that engineers, manages and monitors China’s municipal sewer systems, natural waterways and resources, announced today that revenue for the third quarter ended September 30, 2009 increased 131% to $4.9 million from $2.1 million in the third quarter of 2008. Diluted earnings per share for the quarter were $0.27 based on net income of $1.1 million. This compares with net income of $506,000 or $0.14 diluted EPS a year ago.

    Third Quarter 2009 Highlights

-- Revenue for Q3 2009 increased 131% to $4.9 million from $2.1 million in
Q3 2008.
-- Gross profit (exclusive of depreciation and amortization) increased
112% to $1.9 million for Q3 2009 from $0.9 million in Q3 2008.
-- Q3 2009 gross margins decreased slightly at 39.1%, vs. 42.6% for Q3
2008.
-- Income from operations increased 150% to $1.3 million from $536,000 in
Q3 2008.
-- Net income increased 112% to $1.1 million from $506,000 in Q3 2008.
-- Diluted earnings per share increased to $0.27, from $0.14 in Q3 2008.
-- Weighted average number of diluted shares outstanding was 3.95 million
as of September 30, 2009, compared to 3.56 million as of September 30,
2008.
-- Completed an initial public offering of 1,700,000 ordinary shares at a
price of $6.75 per share, traded on NASDAQ Capital Market on September
10, 2009.
-- Awarded $960,000 in Mountain Torrent Forecasting contracts covering
eight projects in four provinces.
-- Awarded $1.6 million Municipal Sewage Treatment contract in Kuancheng
County of Hebei Province.

Third Quarter 2009 Financial Performance

Total revenue was $4.9 million in the quarter ended September 30, 2009, a 131% increase from $2.1 million in the quarter ended September 30, 2008. The increase was mostly because of increased sales of system integration services in the wastewater and tail gas treatment segment, which generated revenue of $3.8 million, or 77.4% of revenues in Q3 2009 compared to $1.2 million, or 58% of revenues in Q3 2008. Revenue from Tri-Tech’s other business segment — water resources management — was approximately $1.1 million in Q3 2009, accounting for 22.6% of total quarter revenues.

Net income in the quarter increased to $1.1 million or $0.27 per diluted share, compared to net income of $506,000 or $0.14 per diluted share in the quarter ended September 30, 2008.

Gross profit (exclusive of depreciation and amortization) was $1.9 million in the quarter, a 112% increase from $0.9 million a year ago. This strong increase was primarily due to an increase in the number and size of contractual engagements as a result of the growth of its client base and improvement of its project execution capabilities.

Gross margin (exclusive of depreciation and amortization) was 39.1% compared to 42.6% in the quarter ended September 30, 2008. This decrease was due to relatively higher costs of the hardware products compared to system integration and software products. Gross margins in the wastewater and tail gas business and water resources management segments were 39.2% and 38.7% respectively.

Operating income was $1.3 million, a 150% increase from $536,000 in the quarter ended September 30, 2008. Operating margin was 27.3%, compared to 25.2% in the three months ended September 30 2008.

As a certified software hi-tech enterprise, Tri-tech received a partial tax rebate of $26,275 from the Chinese government for value added tax (VAT) paid on sold software. This partial rebate was classified as other income.

Liquidity and Capital Resources

The cash balance following the IPO was approximately $10.3 million. As of September 30, 2009, the Company had long-term debt of $69,000 and short-term debt of $695,000. The Company had working capital of $17.4 million. Stockholders’ equity totaled $18.3 million compared to $5.8 million as of September 30, 2008. Net cash provided in financing activities totaled $10.5 million.

Initial Public Offering

On September 10, 2009, Tri-Tech completed an initial public offering of 1,700,000 ordinary shares at a price of $6.75 per share. Net proceeds from the initial public offering, after deducting underwriting discounts, commissions and offering expenses, totaled $10 million.

Nine months 2009 Financial Performance

For the first nine months of 2009, revenue was $10.9 million, an increase of 96.5% over $5.6 million for the comparable period last year. Net income for the first nine months was up 97.3% at $2.5 million compared to $1.3 million for the first nine months of 2008. Diluted EPS was $0.68 compared to $0.36 for the first nine months of 2008.

Warren Zhao, Tri-Tech’s Chief Executive Officer, said, “We are pleased with our Q3 2009 financial results and our first financial report as a public company. We believe our over triple digit growth in Q3 revenue and our operational performance demonstrated the strength of our business model and our competitive position in enhancing water quality and people’s health in China. Several factors contributed to our strong performance including our patented technology, the increasing efforts of our sales force and growth of our customer base. We feel confident that our water resources management business and wastewater and tail gas treatment businesses will continue their robust growth through the remainder of 2009.

“Our business in water resources, flood control and mitigation, water quality monitoring and assessment, municipal water and wastewater management, water reuse, and odor control are poised to benefit from China’s massive ongoing investments in infrastructure. Government investment in the water resources sector last year was up over 54% and is expected to increase $11.7 billion in 2009 and $45 billion over the next three years.

“We are excited to move forward into the last quarter of 2009 and the year 2010 in a strong and flexible financial position. We expect to take advantage of long-term opportunities driven by the urgent need for water treatment projects for commercial, industrial and residential uses and the solid support from the government for water resources projects. We intend to use the proceeds from the IPO to reinforce our competitive position. We plan to undertake new projects in municipal projects, and to focus our research and development on improved water treatment systems to maximize water disposal capacity and disposal rates at a lower cost.

“We are currently pursuing over 100 smaller river basin flood monitoring and forecasting systems and groundwater monitoring systems for over 100 counties across the country with a market potential of approximately $145 million. Through local distributors and partnerships, we also expect to promote our proprietary products targeting the water monitoring and dispatching systems of the Northward Rerouting of Southern River engineering project with a market potential of approximately $43.5 million.

“We expect an increase in sales associated with the South-North Water Transfer Project with dozens of major urban water supply tasks and six nation-wide projects of flood forecasting and hydrological monitoring proposed by the Ministry of Water Resources.

“Based on multiple contracts for sewage treatment plants won in Hebei Province recently, we will continue to target our wastewater treatment business in the Tianjin area and Hebei Province. Within the next few years, Tianjin Binhai New Area plans to construct over 40 large-scale pumping stations and over 30 sewage treatment plants with a total market potential of approximately $8.7 billion. Hebei Province plans to construct over 50 sewage and grey water reuse treatment plants in the next two years with total spending of approximately US$ 1.23 billion.

“We will also actively pursue opportunities in the industrial wastewater and process tail gas treatment market in the petrochemical industry, such as the SINOPEC Yanshan Plant, the Petro China Jilin Plant, the SINOPEC Anqing Plant, and Dalian Petro China Plant. Currently almost all newly designed sewage treatment plants have odorous gases containment and control requirements. As such, we expect an increase in sales of our proprietary biofiltration odor control systems,” Zhao said.

Conference Call

Tri-Tech CEO Warren Zhao, President Phil Fan and CFO Peter Dong will host a conference call at 10:00 AM Eastern Time tomorrow November 13, 2009 (11:00 PM Beijing/Hong Kong Time on November 13) to review the company’s financial results and respond to questions and comments.

To participate, call U.S. Toll Free Number 1-877-941-4775 approximately 10 minutes before the call. International callers, please dial 1-480-629-9761. The conference ID number is 4182163. A live webcast of the call will be available at http://viavid.net/dce.aspx?sid=00006CEE . An MP3 file will be available approximately one hour after the call and a transcript within 48 hours after the call. These will be archived for 90 days via http://www.tri-tech.cn and http://www.hawkassociates.com .

                              --FINANCIAL TABLES--

TRI-TECH HOLDING INC.
CONSOLIDATED STATEMENTS OF INCOME AND OTHER COMPREHENSIVE INCOME
(Unaudited)

For the Nine Months      Quarter Ended
ended September 30,      September 30,
2009       2008       2009       2008
USD         USD        USD        USD
Revenues:
System integration           7,523,762  4,708,939  4,145,404  1,753,264
Hardware products:           1,878,048     64,489    483,907     29,112
Software products
revenues:                   1,503,359    777,938    281,522    340,122
Total revenues            10,905,169  5,551,366  4,910,833  2,122,498
Cost of revenues:
(exclusive of
depreciation and
amortization shown
separately below)
System integration           4,907,767  3,161,601  2,552,799  1,202,537
Hardware products            1,586,613     35,492    437,290     15,020
Cost of software                42,064      3,935         --        189
Total cost of
revenues(exclusive
of depreciation and
amortization shown
separately below)         6,536,444  3,201,028  2,990,089  1,217,746
Operating expenses:
Depreciation and
amortization expenses          75,449     59,722     30,049     20,705
Other operating expenses     1,370,115  1,015,065    550,498    348,233
Total operating expenses       1,445,564  1,074,787    580,547    368,938
Income from operations         2,923,162  1,275,551  1,340,198    535,813
Other income (expenses):
Other expense                   (4,694)    (1,291)    (3,542)       223
Interest income                 25,126     16,544     24,291        865
Interest expense                (4,173)    (2,389)      (514)    (1,462)
Tax rebates                     49,042     65,243     26,275        356
Total other income
(expenses), net                65,301     78,108     46,511        (19)
Income before provision for
income taxes and
noncontrolling interests
income                        2,988,463  1,353,659  1,386,709    535,795
Provision for income taxes       450,466     60,476    314,371     20,276
Net income                     2,537,997  1,293,183  1,072,338    515,519
Noncontrolling Interests
Income                           12,452     13,525     (1,273)     9,078
Net income attributable to
Tri-Tech Holding Inc          2,525,545  1,279,658  1,073,611    506,441
Other comprehensive income
Foreign currency
Translation adjustment       67,115    306,542     50,372     83,417
Comprehensive income           2,605,112  1,599,725  1,122,710    598,936
Comprehensive income
attributable to
noncontrolling interests         13,158     24,206       (508)    11,580
Comprehensive income
attributable to Tri-Tech
Holding Inc.                  2,591,954  1,575,519  1,123,218    587,356
Net income attributable to
Tri-Tech Holding Inc. per
share:
Basic                             0.69       0.36       0.27       0.14
Diluted                           0.68       0.36       0.27       0.14
Shares used in computation:
Basic                        3,679,542  3,555,000  3,924,565  3,555,000
Diluted                      3,689,604  3,555,000  3,954,422  3,555,000

TRI-TECH HOLDING INC.
CONSOLIDATED BALANCE SHEETS

September 30,      December 31,
2009              2008
(Unaudited)        (Restated)
ASSETS
Current Assets
Cash                                     $10,306,076          $732,418
Accounts receivable, net of allowance
for doubtful accounts of $51,285 and
$62,286 as of September 30, 2009 and
December 31, 2008, respectively           4,125,163         3,105,859
Unbilled revenue                           4,213,095         1,429,846
Notes receivable                             594,523             7,316
Other receivables                            327,531           166,395
Inventories                                1,651,819         1,466,468
Deposits on projects                         580,161           266,973
Deferred income taxes                             --                --
Prepayments to suppliers and
subcontractors                              364,501           567,346
Total current assets                    22,162,869         7,742,621
Plant and equipment, net                       325,148           174,128
Proprietary technology, net                    820,186           857,475
Total assets                               $23,308,203        $8,774,224

LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Accounts payable and cost accrual on
projects                                 $2,844,743        $1,589,103
Commercial paper and other short-term
notes payable
Non-related parties                        695,370           271,041
Related party                                   --            14,631
Customer deposits                            350,017           436,372
Billings in excess of revenue                108,275            30,639
Other payables                                45,946            81,721
Accrued liabilities                           52,978            84,660
Deferred income taxes                        327,257            83,643
Income taxes payable                         181,249           141,818
Other taxes payable                            138,145            90,908
Total current liabilities                4,743,980         2,824,536
Long-term liabilities                           69,069                --
Total liabilities                        4,813,049         2,824,536
Shareholders' equity
Tri-Tech Holding Inc. shareholders'
equity
Common stock (30,000,000 shares
authorized and $0.001 par value,
5,255,000 and 3,555000 issued as of
September 30, 2009 and December 31,
2008, 340,000 shares issued were held
in escrow. See note 11 for more
discussions.)                                 5,255             3,555
Additional paid-in-capital                12,852,713         2,914,058
Statutory reserves                            50,655            50,655
Retained earnings                          5,008,118         2,482,573
Accumulated other comprehensive
income                                      427,737           361,328
Total Tri-Tech Holding Inc.
shareholders' equity                 18,344,478         5,812,169
Noncontrolling Interests                   150,676           137,519
Total shareholders' equity          18,495,154         5,949,688
Total liabilities and shareholders'
equity                                    $23,308,203        $8,774,224

TRI-TECH HOLDING INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)

For the Nine Months ended
September 30,
2009                2008
USD                 USD
Cash flows from operating
activities:
Net income                               2,537,997           1,293,183
Adjustments to reconcile net
income to cash:
Depreciation                                37,826              27,445
Amortization                                38,116              72,011
Allowance for doubtful
accounts                                  (11,047)             26,921
Deferred income taxes                      251,765              11,408
Changes in operating assets
and liabilities:
Accounts receivable                     (1,005,397)         (1,308,486)
Unbilled revenue                        (2,780,854)            329,785
Other receivables                         (494,253)           (178,636)
Inventories                               (184,068)             83,927
Prepayments and deferred
expenses                                   99,301            (149,336)
Accounts payable                       1,190,555              99,485
Customer deposits                        (80,481)            328,867
Billings in excess of
revenue                                  93,774                  --
Other payables                           (35,826)             72,891
Accrued liabilities                      (31,738)             56,225
Taxes payable                             86,438             (36,158)
Net cash provided by operating              (287,892)            729,533
activities
Cash flows from investing
activities:
Loan to the other parties               (586,944)                 --
Additions to equipment                    (188,778)             26,103
Net cash provided by investing
activities                                 (775,722)             26,103
Cash flows from financing
activities:
Common stock                              10,038,847                  --
Borrow money from third parties            522,234             459,322
Repayments to third
parties of advances                       (43,911)            (76,372)
Repayment from a related party
of an advance                                  --                  --
Net cash provided by (used in)
financing activities                     10,517,170             382,950
Effect of exchange rate changes on
cash and cash equivalents                   120,102             101,827
Net increase in cash                       9,573,658           1,240,413
Cash, beginning of year                      732,418             367,713
Cash, end of period                       10,306,076           1,608,126
Supplemental Data:
Income taxes paid                             17,496                  --
Interest paid on debt                          4,173               2,388

About Tri-Tech Holding Inc.

Tri-Tech designs customized sewage treatment and odor control systems for China’s municipalities and its larger cities. These systems combine software, information management systems, resource planning and local and distant networking hardware that includes sensors, control systems, programmable logic controllers, supervisory control and data acquisition systems. The company also designs systems that track natural waterway levels for drought control, monitor groundwater quality and assist the government in managing its water resources. Tri-Tech owns seven software copyrights and two technological patents and employs 108 people. Please visit http://www.Tri-Tech.cn for more information.

An online investor kit including a company profile, press releases, current price quotes, stock charts and other valuable information for investors is available at http://www.hawkassociates.com/profile/trit.cfm . To subscribe to future releases via e-mail alert, visit http://www.hawkassociates.com/about/alert/ .

Tri-Tech Holding Inc. has based these forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, product and service demand and acceptance, changes in technology, economic conditions, the impact of competition and pricing, government regulation, and other risks contained in reports filed by the company with the Securities and Exchange Commission. All such forward-looking statements, whether written or oral, and whether made by or on behalf of the company, are expressly qualified by the cautionary statements and any other cautionary statements which may accompany the forward-looking statements. In addition, the company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.

Cyanotech Corp. (CYAN) Reports Financial Results for the Second Quarter of Fiscal 2010

Nov. 12, 2009 (Business Wire) — Cyanotech Corporation (Nasdaq Capital Market: CYAN), a world leader in microalgae-based, high-value nutrition and health products, today announced financial results for the second quarter and first six months of fiscal 2010, ended September 30, 2009.

Second Quarter Fiscal 2010

Revenues for the second quarter of fiscal 2010 increased 20% to $3,925,000, compared to revenues of $3,274,000 for the second quarter of fiscal 2009. Gross profit was $1,762,000, with gross profit margin of 45%, in the current quarter compared to a gross profit of $1,378,000 and gross profit margin of 42% reported for the same quarter in 2009. Net income increased 267% to $599,000, or $0.11 per diluted share, compared to $163,000, or $0.03 per diluted share for the second quarter of fiscal 2009.

Cash and cash equivalents were $1,100,000 at September 30, 2009 compared to the March 31, 2009 balance of $977,000. Working capital increased to $4,648,000 at September 30, 2009 compared to $3,892,000 at March 31, 2009.

“These results affirm the company’s strategy of focusing on and building sound business fundamentals throughout the organization,” said Andrew H. Jacobson, President and CEO. “Improved production levels increased inventory, allowing better customer service. Continued cost containment delivered margin growth. Sustained high quality continued our nutritional leadership and our dedicated employees made it all possible.”

Sales of both of Cyanotech’s core products, Spirulina Pacifica® and BioAstin® Natural Astaxanthin, grew during the second quarter. The Company again delivered margin growth, resulting in higher income from the increased sales.

“We are looking forward to the complete roll out of our new Nutrex branding in the second half of 2010 and the introduction of a number of innovative products featuring Hawaiian Spirulina Pacifica® and BioAstin® Natural Astaxanthin,” concluded Mr. Jacobson.

First Six Months Fiscal 2010

Revenues for the first six months of fiscal 2010 increased 14% to $7,946,000, compared to revenues of $6,975,000 for the first six months of fiscal 2009. Gross profit was $3,495,000, with gross profit margin of 44%, compared to a gross profit of $2,682,000 and gross profit margin of 38% reported for the same period in 2009. Net income increased 133% to $1,012,000, or $0.19 per diluted share, compared to $434,000, or $0.08 per diluted share for the first six months of fiscal 2009.

About Cyanotech — Cyanotech Corporation, a world leader in microalgae technology, produces BioAstin® Natural Astaxanthin and Hawaiian Spirulina Pacifica® — all natural, functional nutrients that leverage our experience and reputation for quality, building nutritional brands which promote health and well-being. Cyanotech’s Spirulina products offer complete nutrition, and augment energy and immune response. They are FDA reviewed and accepted as Generally Recognized as Safe (GRAS) for use in food products. BioAstin’s superior antioxidant activity and ability to support and maintain a natural anti-inflammatory response enhance skin, muscle and joint health. All Cyanotech products are produced from microalgae grown at its 90-acre facility in Kona, Hawaii using patented and proprietary technology. Cyanotech distributes to nutritional supplement, nutraceutical and cosmeceutical manufacturers and marketers in more than 40 countries worldwide. Cyanotech was the first microalgae company in the world to obtain quality management standards ISO 9001:2000 certification and is GMP-certified by the Natural Products Association^TM. Visit www.cyanotech.com for more information.

“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995

Except for statements of historical fact, the statements in this press release are forward-looking. Such statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from the statements made. These factors include, but are not limited to, general economic conditions, forecasts of sales in future periods, changes in sales levels to our largest customers, weather patterns, production problems caused by contamination, risks associated with the acceptance of new products, competition, foreign exchange fluctuations, government regulation, and other factors more fully detailed in the Company’s recent Form 10-Q and annual Form 10-K filings with the Securities and Exchange Commission.

(Financial Tables Follow: The following tables do not contain footnotes or other information contained in the Company’s Form 10-Q for the period ended September 30, 2010. As such the following Financial Tables are provided only as a guide and other factors are more fully detailed in the Company’s Form 10-Q and annual Form 10-K filings with the Securities and Exchange Commission.)

Kandi Technologies, Corp. (KNDI) Announces First Electric Car Sales in China

JINHUA, CHINA — (Marketwire) — 11/12/09 — Kandi Technologies, Corp. (NASDAQ: KNDI), an established China-based leader in the design and manufacture of all terrain recreational vehicles and developer of the Kandi “COCO,” a battery powered two-seater low-speed vehicle for casual driving, announced today that pursuant to the previously announced letter of intent it signed in July with China Post in Jinhua City, it has completed the sale of 30 modified, electric COCO hardtops to the Postal Service there. These are the Company’s first sales of its all-electric COCO super mini car in China.

A Milestone Event

“This is a milestone event for Kandi,” stated Mr. Xiaoming Hu, Kandi’s Chairman and CEO, “representing the start of what we see could be a significant ramping up of COCO electric car sales in China to the Postal Service nationwide. They as well as other public services such as sanitation and taxis are being strongly encouraged by government programs to update their fleets to reduce oil and gas consumption and help clean up the environment.”

Template For Future Electric China Postal Services Sales

The Company said the COCOs sold to Jinhua City China Post, with a selling price of 51,800 RMB (US$7,587.63) per vehicle, were modified to meet the particular needs and specifications of the Postal Service. Specifically, the Company pointed to changes in the interior of the vehicle such as a larger trunk and elimination of the passenger seat to permit increased storage space. Otherwise, the vehicle is a “standard” all-electric COCO hardtop, running on two twelve volt batteries that are fully rechargeable in six hours and permit the super mini to travel distances up to 80 miles at speeds up to 25 miles per hour.

Significant Market Opportunity For Kandi

The Company said it believes that with these modifications the electric COCO will meet and exceed the needs of the China Postal Services throughout the country which it estimates currently at more than 300,000 outdated gas powered small trucks and bicycles that will be eligible for replacement under direct purchase grants being developed by the government to encourage the use of “new energy” vehicles.

“We are actively pursuing Postal Service sales with a particular focus initially in our home province of Zhejiang and neighboring cities where we believe we have a leg up on potential competition,” Mr. Hu said, adding, “in any case, the very substantial national public service opportunity provides lots of room for growth for Kandi as well as other potential manufacturers of electric or other alternative fuel cars.”

About the Company

In 2008, Kandi Technologies, Corp. (NASDAQ: KNDI) generated nearly $41 million in sales and profits of about $5 million, principally from its core All Terrain Recreational Vehicle (ATRV) businesses. The Company ranks as one of the largest manufacturers and exporters of go-karts in China, making it a world leader in the production of this popular recreational vehicle. It also ranks among the leading manufacturers in China of all terrain vehicles (ATVs), and specialized utility vehicles (UTVs), especially for agricultural purposes. Recently, it introduced a second generation high mileage, two seater three-wheeled motorcycle. A major company focus also has been on the manufacture and sales of a highly economical, beautifully designed, all-electric super mini car — the COCO — for neighborhood driving and commuting. Kandi believes that battery powered, electric super minis will become the Company’s largest revenue and profit generator. While nearly all Kandi products have been exported, including more than 65% to the U.S., the Company is intensifying efforts to shift 50% of its sales to China where markets have continued to be strong.

The Company’s products can be viewed at http://www.kandivehicle.com. Its corporate/ir website is http://www.chinakandi.com.

Information Regarding Forward-Looking Statements

Except for historical information contained herein, the statements in this Press Release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause our actual results in future periods to differ materially from forecasted results. These risks and uncertainties include, among other things, product demand, market competition, and risks inherent in our operations. These and other risks are described in our filings with the Securities and Exchange Commission.

SMART Modular Technologies (SMOD) Raises First Quarter Fiscal Year 2010 Guidance

NEWARK, CA — (Marketwire) — 11/11/09 — SMART Modular Technologies (WWH), Inc. (“SMART” or the “Company”) (NASDAQ: SMOD), a leading independent manufacturer of memory modules, solid state storage products including SSDs, embedded computing subsystems, and display products, today announced that it is raising its guidance for the first quarter of fiscal 2010 based on the Company’s preliminary review of its anticipated financial performance.

The Company expects to report GAAP diluted net income per share in the range of $0.04 to $0.06 for the first quarter of fiscal 2010, substantially exceeding its previous guidance of ($0.01) to $0.01 per share announced on October 1, 2009. Non-GAAP diluted net income per share is expected to be in the range of $0.06 to $0.08, a substantial increase to the previous guidance provided by the Company of $0.02 to $0.04.

The Company expects to report net sales in the range of $110 to $120 million, more than 10% higher than the previous guidance of $98 to $105 million. Gross profit is expected to be in the range of $24 to $26 million, approximately 20% higher than the previous guidance of $20 to $22 million.

The improved guidance is primarily driven by growth in end user demand, particularly in the PC and enterprise markets.

Please refer to the Non-GAAP Information section and the “Reconciliation of Q1 FY2010 Guidance for Non-GAAP Financial Measures” table below for further detail.

No conference call will be held in conjunction with this revised guidance. Additional information for the first quarter of fiscal 2010 will be available when SMART reports its quarterly financial results in December.

Forward-Looking Statements

Statements contained in this press release that are not statements of historical fact, including any statements that use the words “will,” “believes,” “anticipates,” “estimates,” “expects,” “projects,” “intends” or similar words that describe the Company’s or its management’s future expectations, plans, objectives, or goals, are “forward-looking statements” and are made pursuant to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. From time to time, we also may provide oral or written forward-looking statements in other materials we release to the public. These forward-looking statements include projections and expectations regarding the Company’s revenues and financial performance, benefits associated with operational efficiencies, the DRAM market, new product introductions, and customer demand for products.

Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause the actual results of the Company to be materially different from the historical results and/or from any future results or outcomes expressed or implied by such forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, the post-closing integration of the businesses and product lines of SMART and Adtron, production or manufacturing difficulties, competitive factors, new products and technological changes, difficulties with or delays in the introduction of new products, fluctuations in product prices and raw material costs and availability, dependence upon third-party vendors, customer demand (particularly from key customers), changes in industry standards or release plans, fluctuations in the quarterly effective tax rate, possible increases in previously estimated restructuring charges, lower than anticipated savings from restructuring, possible future restructuring plans, higher anticipated costs from increasing capacity, changes in foreign currency exchange rates and other risks detailed in the Company’s periodic report filings with the Securities and Exchange Commission including the Company’s recently filed Annual Report on Form 10-K for the fiscal year ended August 28, 2009. Such risk factors as outlined in these reports may not constitute all factors that could cause actual results to differ materially from those discussed in any forward-looking statement. The Company operates in a continually changing business environment and new factors emerge from time to time. The Company cannot predict such factors, nor can it assess the impact, if any, from such factors on the Company or its results. Accordingly, forward-looking statements should not be relied upon as a prediction of actual results. Investors are cautioned not to place undue reliance on any forward-looking statements. The Company is not obligated to revise or update any forward-looking statements in order to reflect events or circumstances that may arise or be discovered after the date of this press release.

About SMART

SMART is a leading independent designer, manufacturer and supplier of electronic subsystems to original equipment manufacturers, or OEMs. SMART offers more than 500 standard and custom products to OEMs engaged in the computer, industrial, networking, gaming, telecommunications and embedded application markets. Taking innovations from the design stage through manufacturing and delivery, SMART has developed a comprehensive memory product line that includes DRAM, SRAM, and Flash memory in various form factors. SMART also offers high performance, high capacity SSDs for enterprise, defense/aerospace, industrial automation, medical, and transportation markets. SMART’s Display Products Group designs, manufactures, and sells thin film transistors (TFT) liquid crystal display (LCD) solutions to customers developing casino gaming systems as well as embedded applications such as kiosk, ATM, point-of-service, and industrial control systems. SMART’s presence in the U.S., Europe, Asia, and Latin America enables it to provide its customers with proven expertise in international logistics, asset management, and supply-chain management worldwide. See www.smartm.com for more information.

Non-GAAP Information

Certain non-GAAP financial measures are included in this press release, including non-GAAP net income and non-GAAP net income per diluted share. Non-GAAP financial results do not include stock-based compensation expense and other infrequent or unusual items. These non-GAAP financial measures are provided to enhance the user’s overall understanding of our financial performance. By excluding these charges, as well as the related tax effects, our non-GAAP results provide information to management and investors that is useful in assessing SMART’s core operating performance and in evaluating and comparing our results of operations on a consistent basis from period to period. These non-GAAP financial measures are also used by management to evaluate financial results and to plan and forecast future periods. The presentation of this additional information is not meant to be a substitute for the corresponding financial measures prepared in accordance with generally accepted accounting principles. In addition, these measures may not be used similarly by other companies and therefore may not be comparable between companies. Investors are encouraged to review the reconciliations of GAAP to non-GAAP financial measures, which are included below.

   Reconciliation of Q1 FY2010 Guidance for Non-GAAP Financial Measures
              (In millions, except per share data; unaudited)

                                Three Months Ending November 27, 2009
                            -----------------------------------------------
                            Non-GAAP Range                   GAAP Range of
                             of Estimates                      Estimates
                            --------------                   --------------
                            From      To    Adjustments      From      To
                            ------  ------  -----------      ------  ------

Net income                  $  3.6  $  4.9  $       0.9 (a)  $  2.7  $  4.0
                            ======  ======                   ======  ======
Net income per diluted
 share                      $ 0.06  $ 0.08                   $ 0.04  $ 0.06
                            ======  ======                   ======  ======
Shares used in computing
 net income per diluted
 share                        64.0    64.0                     64.0    64.0
                            ======  ======                   ======  ======

(a) Reflects an estimated $1.7 million adjustment for stock-based
    compensation expense, offset by a $0.8 million net gain on the
    repurchase and retirement of a portion of long-term debt.

Emerson Radio Corp. (MSN) Reports Fiscal 2010 Second Quarter Results

PARSIPPANY, NJ — (Marketwire) — 11/11/09 — Emerson Radio Corp. (NYSE Amex: MSN) today reported financial results for its second quarter and six months ended September 30, 2009.

While net revenues for the second quarter of fiscal 2010 decreased $1.7 million, or 3.3%, to $51.8 million as compared to net revenues in the second quarter of fiscal 2009 of $53.5 million, net revenues for the fiscal year 2010 to date were $107.4 million, an increase of $10.0 million, or 10.3%, compared to net revenues of $97.4 million in the same period of fiscal 2009. The increase in net revenues for year to date fiscal 2010 was due to higher sales in the home appliances category, partially offset by lower sales in the Company’s audio and themed categories, and lower revenue earned from licensing activities.

Operating income for the second quarter of fiscal 2010 was $3.4 million compared to $0.2 million for the second quarter of fiscal 2009, an increase of $3.2 million. Operating income for the fiscal year 2010 to date was $4.8 million, an increase of $4.2 million over operating income of $0.6 million for the same period of fiscal 2009. The increase in fiscal year to date operating income is driven by the Company’s efforts to manage costs while growing net revenue, as reflected in a nearly 20% reduction in year-over-year SG&A expenses, coupled with a 10.3% increase in year-over-year net revenue.

Net income from continuing operations for the second quarter of fiscal 2010 was $3.2 million or $0.12 per diluted share compared to $0.2 million for the second quarter of fiscal 2009 or $0.01 per diluted share. Net income from continuing operations for fiscal year 2010 to date was $4.4 million or $0.16 per diluted share compared to a net loss from continuing operations of $61,000 for the same period in fiscal 2009.

After considering the impact of discontinued operations, net income for the second quarter of fiscal 2010 was $3.2 million, or $0.12 per diluted share, compared to net income of $26,000 for the second quarter of fiscal 2009. After considering the impact of discontinued operations, net income for fiscal year 2010 to date was $4.3 million, or $0.16 per diluted share, compared to a net loss of $0.2 million or $0.01 per diluted share for the same period in fiscal 2009.

“Through the second quarter the Company continued to focus on reducing its cost structure while growing sales of its home appliance products resulting in operating income of $4.8 million for fiscal year 2010 to date,” said Greenfield Pitts, Executive Vice President and Chief Financial Officer of Emerson Radio. “While the Company is pleased with its results to date this fiscal year, it continues to focus on building sales of its home appliance products and exploring opportunities to leverage its portfolio of well known consumer brands through strategic licensing agreements without losing the discipline that has been built around its cost management efforts.”

About Emerson Radio Corp.

Emerson Radio Corporation (NYSE Amex: MSN), founded in 1948, is headquartered in Parsippany, N.J. The Company designs, sources, imports and markets a variety of home appliance and consumer electronic products, and licenses its trademarks to others on a worldwide basis for a variety of products. For more information, please visit Emerson Radio’s Web site at www.emersonradio.com.

Forward-Looking Statements

This release contains “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect management’s current knowledge, assumptions, judgment and expectations regarding future performance or events. Although management believes that the expectations reflected in such statements are reasonable, they give no assurance that such expectations will prove to be correct and you should be aware that actual results could differ materially from those contained in the forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties, including the risk factors detailed in the Company’s reports as filed with the Securities and Exchange Commission. The Company assumes no obligation to update the information contained in this news release.

                   Emerson Radio Corp. and Subsidiaries
                   Consolidated Statement of Operations
                                (Unaudited)
                  (in thousands, except per share data)

                                 Three months ended     Six months ended
                                    September 30,         September 30,
                                             2008
                                  2009     RESTATED *   2009 *     2008 *
                                ---------- ---------  ---------  ---------

Net revenues:
Net revenues                    $   51,774 $  53,529  $ 107,373  $  97,356
Net revenues-related party               -         2          -         15
                                ---------- ---------  ---------  ---------
                                    51,774    53,531    107,373     97,371
                                ---------- ---------  ---------  ---------

Costs and expenses:
Cost of sales                       43,701    47,024     93,304     84,822
Other operating costs and
 expenses                            1,077     1,586      1,855      2,711
Selling, general &
 administrative expenses             3,643     4,733      7,432      9,262
                                ---------- ---------  ---------  ---------
                                    48,421    53,343    102,591     96,795
                                ---------- ---------  ---------  ---------

                                ---------- ---------  ---------  ---------
Operating income                     3,353       188      4,782        576

Interest income, net                    12        63         22        206
Unrealized holding (losses) on
 trading securities                      -       (52)         -        (21)
Realized gains on trading
 securities                              -       301          -        532
                                ---------- ---------  ---------  ---------
Income from continuing
 operations before income taxes      3,365       500      4,804      1,293

Provision for income taxes             144       349        422      1,354

                                ---------- ---------  ---------  ---------
Income (loss) from continuing
 operations                          3,221       151      4,382        (61)

Loss from discontinued
 operations, net of tax benefit          -      (125)       (55)      (181)

                                ---------- ---------  ---------  ---------
Net income (loss)               $    3,221 $      26  $   4,327  $    (242)
                                ========== =========  =========  =========

Basic net income (loss) per
 share
   Continuing operations        $     0.12 $    0.01  $    0.16  $       -
   Discontinued operations               -     (0.01)         -      (0.01)
                                ---------- ---------  ---------  ---------
                                $     0.12 $       -  $    0.16  $   (0.01)
                                ========== =========  =========  =========

Diluted net income (loss) per
 share
   Continuing operations        $     0.12 $    0.01  $    0.16  $       -
   Discontinued operations               -     (0.01)         -      (0.01)
                                ---------- ---------  ---------  ---------
                                $     0.12 $       -  $    0.16  $   (0.01)
                                ========== =========  =========  =========

Weighted average shares
 outstanding:
Basic and Diluted                   27,130    27,130     27,130     27,130

* The results of operations for three months ended September 30, 2008 have
been restated as set forth in the Company's amended quarterly report on
Form 10-Q/A for the same period on file with the Securities and Exchange
Commission.  Additionally, as a result of the Company's sale of its
membership in the ASI joint venture in April 2009, the results of
operations of the Company's membership interest in the ASI joint venture
have been presented as discontinued operations for all periods presented.

                   Emerson Radio Corp. and Subsidiaries
                        Consolidated Balance Sheet
                              (in thousands)

                                               September 30,    March 31,
                                                   2009           2009
                                               -------------  -------------
ASSETS
Current assets:
   Cash and cash equivalents                   $      28,997  $      22,518
   Restricted cash                                         2          3,025
   Accounts receivable, net                           18,733         15,970
   Other receivables                                   1,447          1,587
   Due from affiliates                                    11             78
   Inventory, net                                     22,255         20,691
   Prepaid expenses and other current assets           1,480          2,190
   Deferred tax assets                                 4,648          4,872
                                               -------------  -------------
      Total current assets                            77,573         70,931
Property, plant, and equipment, net                    1,074          1,139
Trademarks and other intangible assets, net            1,667            255
Due from affiliates                                      185            114
Investments in marketable securities                   6,031          6,031
Deferred tax assets                                    7,200          7,102
Other assets                                             312            472
                                               -------------  -------------
      Total assets                                    94,042         86,044
                                               =============  =============

LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
   Short term borrowings                               5,668          5,733
   Current maturities of long-term borrowings             68             85
   Accts payable and other current liabilities        22,541         18,929
   Due to affiliates                                      41             66
   Accrued sales returns                               1,236          1,130
   Income taxes payable                                  148            155
                                               -------------  -------------
      Total current liabilities                       29,702         26,098
Long-term borrowings                                      43             59
Deferred tax liabilities                                 103             87
Shareholders equity                                   64,194         59,800
                                               -------------  -------------
      Total liabilities and shareholders'
       equity                                  $      94,042  $      86,044
                                               =============  =============

Sypris Electronics (SYPR) Awarded Multi-Year, $200 Million IDIQ Contract from the U.S. Department of Defense

Nov. 11, 2009 (Business Wire) — Sypris Electronics, LLC, a subsidiary of Sypris Solutions, Inc. (Nasdaq/NM: SYPR), announced today that it has been awarded an Indefinite Delivery Indefinite Quantity (IDIQ) contract from the United States Department of Defense (DoD) for its RASKL^® (KIK-30) electronic key fill device. This contract is in support of the DoD’s modernization effort to replace the aging KYK-13 key fill device. The product was designed and will be produced at the Sypris Electronics facility located in Tampa, Florida.

The RASKL IDIQ contract is for a five-year period with a not-to-exceed value of $200 million. The IDIQ contract is the U.S. Government’s vehicle for its Services and Agencies to order the RASKL and product ancillaries.

The Really Simple Key Loader, or RASKL, is a modernized electronic key fill product used for loading keying data into secure communication equipments. Due to the demanding, tactical environments for which the product was designed, RASKL is fully ruggedized, small, lightweight, requires no formal training and implements a one-button “key squirt” process for simplified loading operations. The RASKL holds up to 40 modern electronic keys and is depot repairable.

“Sypris Electronics is a strategic partner and key contractor with the Department of Defense in support of their security initiatives and modernization efforts,” said John Walsh, President of Sypris Electronics. “This contract award further demonstrates our position as a leading provider of information assurance solutions to the U.S. Government.”

Sypris Electronics is a world-class, integrated systems solutions provider. Our ruggedized electronic products, advanced engineering services and complete electronic manufacturing capabilities are aligned to provide our customers the best people, practices and technologies to continually exceed expectations. We consistently promote an agile, innovative culture by strategically partnering with leading-edge technology companies, agencies and universities. With over 40 years of experience, Sypris Electronics is proud to develop, manufacture and integrate leading technologies into mission critical electronics systems that secure America’s interest. Visit www.sypriselectronics.com for additional company information.