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HealthWarehouse.com Reports 203% Prescription Growth in the Third Quarter 2010 Compared to 2009
Gross Margins Increase From 34.6% to 41.6% Year-Over-Year
Nov. 16, 2010 (PR Newswire) --
CINCINNATI, Nov. 16, 2010 /PRNewswire-FirstCall/ -- HealthWarehouse.com, Inc. (OTC Bulletin Board: HEWA) a leading VIPPS accredited retail mail-order pharmacy, today announced its financial results for the third quarter ended September 30th, 2010.
In the third quarter of 2010, the Company's quarterly net sales increased $208,866 to $1,215,476, up from $1,006,610, compared to the same period in 2009, driven by growth in its prescription business. Prescriptions filled increased 12,215 to 18,218, up from 6,003, compared to the same period in 2009. Gross margins increased from 34.6% to 41.6% year-over-year.
Selling, general and administrative expenses ("SG&A") increased by $339,999 for the three months ended September 30th, 2010 compared to the same period in 2009. Net loss for the three months ended September 30th, 2010 increased to $955,869, as compared with a net loss of $619,114 for the same period in 2009. The increase in SG&A expenses and net loss was due primarily to the expansion of resources to handle growth in prescription sales.
"We continue to see rising insurance co-pays and high unemployment," said Lalit Dhadphale, President and CEO of HealthWarehouse.com. "We believe these trends are driving Americans to look for an affordable solution online. We remain committed to providing a convenient, legal, cost-effective way for Americans to purchase their medications without having to sacrifice their health."
As was previously reported in the Company's Form 8K filed on November 12, 2010, the Company completed a private placement of $3.3 million in preferred stock and $1 million in convertible debt.
About HealthWarehouse.com, Inc.
HealthWarehouse.com, Inc. (OTC Bulletin Board: HEWA) is a trusted VIPPS accredited retail mail-order pharmacy based in Cincinnati, Ohio. HealthWarehouse.com offers 300 prescription drugs for $3.50 with 100% FREE shipping and is a 2009 & 2010 winner of the BizRate Circle of Excellence Award for outstanding customer satisfaction and service. With a mission to provide affordable healthcare to every American by eliminating inefficiencies in the drug distribution chain, HealthWarehouse.com has become one of the fastest growing online pharmacies in the United States. HealthWarehouse.com is licensed in 49 states and only sells drugs which are FDA-approved and legal for sale in the United States. Visit HealthWarehouse.com online at http://www.HealthWarehouse.com.
SOURCE HealthWarehouse.com, Inc.
Source: PR Newswire (November 16, 2010 - 8:58 AM EST)
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China Redstone Group Reports Second Quarter Fiscal Year 2011 Financial Results
Nov. 16, 2010 (PR Newswire) --
CHONGQING, China, Nov. 16, 2010 /PRNewswire-FirstCall/ -- China Redstone Group (OTC Bulletin Board: CGPI) ("Redstone" or the "Company"), the largest private provider of cemetery products and services in Chongqing, China, today announced financial results of the second quarter ended September 30, 2010.
Q2 FY11 revenue increased 71.7% to $11.6 million, driven by both unit growth and pricing increases
Q2 FY11 Non-GAAP adjusted net income increased 82.5% to $5.0 million with adjusted EPS of $0.39
Gross margin increased 390 basis points to 61.3%
China Redstone reaffirms guidance for FY2011: Revenue of $40.0 million and net income of $19.5 million with EPS of $1.45
Management to host earnings conference call on November 16, 2010 at 9:00am ET
SUMMARY FINANCIALS
Fiscal Second Quarter 2011 Results (unaudited)
Q2 2011
Q2 2010
CHANGE
Net Sales
$11.6 million
$6.7 million
+71.7%
Gross Profit
$7.1 million
$3.9 million
+83.0%
GAAP Net Income
Adjusted Non-GAAP Net Income
$4.7 million
$4.9 million (1)
$2.7 million
$2.7 million
+72.7%
+80.1%
GAAP EPS (Diluted)
Adjusted Non-GAAP EPS (Diluted)
$0.37
$0.39 (1)
$0.36
$0.36
+2.8%
+8.3%
Weighted Average Shares
12.7 million
8.8 million
+44.0%
(1)Excluding loss on change in fair value of warrants of $0.3 million for Q2 2011. For more information about the non-GAAP financial measures contained in this press release, please see "About Non-GAAP Financial Measures" below.
Second Quarter FY 2011 Financial Results
Revenue for the second quarter of fiscal year 2011 increased 71.7% to approximately $11.6 million compared to $6.7 million for the second quarter of fiscal 2010. All revenue in the quarter was generated by selling cemetery plot sales. The significant increase in revenue was driven by enhanced marketing and advertising efforts and the successful sell through of new cemetery plots which were recently completed. For the second fiscal quarter of fiscal 2011, which ended September 30, the Company sold 1,726 plots, representing a 34.6% increase from the second quarter ended September 30, 2010. The average sales price per plot for the second quarter of fiscal 2011 was $6,800, 25.8% higher than the second quarter of fiscal 2010 and well above the $5,000 to $6,250 the Company forecasts for fiscal year ending March 31, 2011.
Fiscal year ending March 31
Q1 2011
Q2 2011
FY 2011 YTD
FY 2011 Guidance
Cemetery Plot Sales
1,824
1,726
3,580
7,000
Average Sales Per Plot
$6,557
$6,800
$6,613
$5,000 - $6,250
"We are pleased with our positive operating results which are the result of timely execution of our growth plan," stated Mr. Yivou Ran, Chairman and Chief Executive Officer of China Redstone. "We continue to experience robust growth in our cemetery business, which showed measured gains in revenues, number of plots sold and average sales price. As one of the few private cemetery companies in Chongqing with a large inventory of desirable plots, we are uniquely positioned to benefit from the secular growth in this industry."
Gross profits for the second quarter of fiscal 2011 were $7.1 million with gross margins of 61.3%, compared to $3.9 million in gross profit and gross margins of 57.4% for the second quarter of fiscal 2010. The increase in gross profit was primarily due to a decrease in cemetery development cost per plot and an increase in sales of deluxe tombs which generate approximately 20% higher margins than traditional tombs. In addition, the Company applied a new technology for casting shale stone memorials which led to a 60% decrease in the use of raw materials, which led to a cost savings on average of approximately 3% per cemetery plot.
Operating expenses for the second quarter of fiscal 2011 were approximately $0.7 million, an increase of 73.8% compared to the same period in 2010, which resulted from higher advertising expenses to attract more customers, and higher general and administrative expenses commensurate with increased sales activities, in addition to public company expenses.
Operating income for the second quarter of fiscal 2011 totaled approximately $6.4 million, an 84.1% increase from $3.5 million reported for the second quarter of fiscal 2010. Operating margins increased 370 basis points for the second quarter of fiscal 2011 over the same period of the prior year.
GAAP net income was approximately $4.7 million for the second quarter of fiscal 2011, a 72.7% increase from the second quarter of fiscal 2010. Diluted earnings per share were $0.37 for the second quarter of fiscal 2011 compared to $0.31 for the second quarter of fiscal 2010, based upon 12.7 million and 8.8 million diluted common shares outstanding, respectively. Adjusted Non-GAAP net income excluding a $0.3 million loss on change in fair value of warrants in the second quarter was $5.0 million, or $0.39 per diluted common share based on 12.7 million diluted common shares outstanding for the second quarter of fiscal 2011.
FY 2011 Six Months Financials Results
For the first six months of fiscal 2011, revenue increased 57.2% to $23.7 million from $15.1 million in the same period of the prior year. Year-to-date, the Company sold 3,580 plots, representing a 23.1% increase from the first six months ended fiscal 2010. Average sales price per plot for the first six months of fiscal 2011 increased 27.1% to $6,613. Cost of goods sold increased 36.8% to $9.3 million yielding gross profits of $14.4 million and gross margin of 60.9% for the first six months of fiscal 2011. Operating expenses increased 241.3% to $2.6 million due to improved sales levels and the costs for being a public company. Income from operations increased 57.1% to $11.8 million with operating margins of 55.0%. GAAP net income for the first six months of fiscal 2011 was $9.5 million and diluted earnings per share was $0.75 compared to net income of $5.9 million and diluted earnings per share of 0.67 in the same period of fiscal 2010, based on 12.7 million shares and 8.8 million shares, respectively. Adjusting for the $0.7 million non-cash gain for the change in fair value of warrants, net income was $9.0 million for the first six months of fiscal 2011, yielding $0.71 in diluted earnings per share, respectively.
Balance Sheet and Cash Flow
Cash and cash equivalents totaled $8.0 million on September 30, 2010, compared to $9.4 million on March 31, 2010. Inventory was approximately $13.2 million on September 30, 2010, versus approximately $11.2 million on March 31, 2010. The Company had a current ratio of 4.1 to 1 and stockholders' equity of $47.6 million, with total assets of $62.9 million versus total liabilities of $15.3 million on September 30, 2010.
For the first six months of fiscal 2011, net cash used in operating activities was $1.2 million versus $1.1 million for the same period in 2010. The increase was primarily attributable to $11.8 million in supplier advances to support further expansion of its cemetery property and prepare 4,170 additional plots for sale.
Fiscal 2011 Guidance
Based on the strong results recorded in the first six months of fiscal 2011, Management reaffirms guidance of sales of $40 million and net income of $19.5 million with EPS of $1.45 for the fiscal year ending March 31, 2011. Guidance assumes 7,000 plots sold at an average sales price of $5,000 to $6,250.
"Momentum in our business is reflective of the strong secular growth drivers and underlying fundamentals in the death care industry. We own the largest cemetery in Chongqing which is located in a peaceful, convenient location with recognized "Feng Shui" and are becoming a natural choice for many families making advance purchase decisions for multiple plots. Our marketing efforts have further strengthened our brand image, which we expect to lead to further pricing power, and we are confident in surpassing 7,000 cemetery plots sold this year. With 16.47 acres under development and 136.74 acres for future development, equating to more than 200,000 standard plots and 300,000 – 400,000 wall tomb and inside room tomb, we are in a position to grow organically for years to come without the need to acquire more property."
Conference Call
The conference call will take place at 9:00 a.m. ET on Tuesday, November 16, 2010. Interested participants should call 1-877-941-1427 when calling within the United States or 1-480-629-9664 when calling internationally (passcode 4383892).
This conference call will be broadcast live over the Internet and can be accessed by all interested parties by clicking on this link: http://viavid.net/dce.aspx?sid=00007DA3, or visiting http://www.viavid.net, where the webcast can be accessed through November 23, 2010.
A playback will be available through November 23, 2010. To listen, please call 1-877-870-5176 within the United States or 1-858-384-5517 when calling internationally (passcode 4383892).
About China Redstone Group, Inc.
China Redstone is a cemetery developer and provider of cemetery products and services in Chongqing, China, through its contractually controlled affiliate Chongqing Foguang Tourism Development (Group) Co., Ltd. Founded in 2002, the Company provides a complete range of funeral merchandise and services, including cemetery property, both at the time of need and on a preneed basis. Its cemeteries are highly regarded in terms of a number of factors such as tradition, reputation, physical size, capacity of business, available supply, name recognition, aesthetics and potential for development or expansion.
About Non-GAAP Financial Measures
This press release contains non-GAAP financial measures. The Company believes that these non-GAAP financial measures are useful to investors because they exclude non-cash charges that management excludes when it internally evaluates the performance of the Company's business and makes operating decisions, including internal budgeting, and performance measurement, because these measures provide a consistent method of comparison to historical periods. Moreover, management believes these non-GAAP measures reflect the essential operating activities of China Redstone Group, Inc. Accordingly, management excludes the change in derivative liabilities. The Company believes that providing to its investors the non-GAAP measures that management uses is useful to investors for a number of reasons. The non-GAAP measures provide a consistent basis for investors to understand the Company's financial performance in comparison to historical periods. In addition, it allows investors to evaluate the Company's performance using the same methodology and information as that used by our management. Non-GAAP measures are subject to inherent limitations because they do not include all of the expenses included under GAAP and because they involve the exercise of judgment of which charges are excluded from the non-GAAP financial measure. However, our management compensates for these limitations by providing the relevant disclosure of the items excluded.
Reconciliation of GAAP Net Income to Adjusted Net Income (Unaudited)
Three Months Ended September 30,
2010
2009
GAAP Net (loss) income
$ 4,721,996
$ 2,734,158
Change in fair value of derivative liabilities
$( 269,933)
--
Adjusted net income after tax
$ 4,922,534
$ 2,734,158
Weighted Average Shares Outstanding
12,672,262
8,800,000
Adjusted Earnings Per Share
$0.39
$0.31
Six Months Ended September 30,
2010
2009
GAAP Net (loss) income
$ 9,518,811
$ 5,887,760
Change in fair value of derivative liabilities
$ 664,499
--
Adjusted Net income
$ 9,028,358
$ 5,887,760
Weighted Average Shares Outstanding
12,663,929
8,800,000
Adjusted Earnings Per Share
$0.71
$0.67
Safe Harbor Statement
Certain statements set forth in this press release constitute "forward-looking statements." Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate, or imply future results, performance or achievements, and may contain the words "estimate," "project," "intend," "forecast," "anticipate," "plan," "planning," "expect," "believe," "will likely," "should," "could," "would," "may" or words or expressions of similar meaning. Such statements are not guarantees of future performance and are subject to risks and uncertainties that could cause the company's actual results and financial position to differ materially from those included within the forward-looking statements. Forward-looking statements involve risks and uncertainties, including those relating to the Company's ability to grow its business. Actual results may differ materially from the results predicted and reported results should not be considered as an indication of future performance. The potential risks and uncertainties include, among others, the Company's limited operating history, the limited financial resources, domestic or global economic conditions -- especially those relating to China, activities of competitors and the presence of new or additional competition, and changes in Federal or State laws, restrictions and regulations on doing business in a foreign country, in particular China, and conditions of equity markets. More information about the potential factors that could affect the Company's business and financial results is included in the Company's filings, available via the United States Securities and Exchange Commission.
-- Tables to Follow –
CHINA REDSTONE GROUP, INC
CONSOLIDATED BALANCE SHEETS
September 30,
2010
March 31,
2010
ASSETS
CURRENT ASSETS
Cash and cash equivalents
$
8,005,280
$
9,367,276
Inventory
13,209,870
11,194,905
Construction in progress - cemetery property
11,832,041
-
Other current assets
-
2,430
TOTAL CURRENT ASSETS
33,047,191
20,564,611
PROPERTY AND EQUIPMENT, NET
7,171,687
7,241,174
OTHER NON-CURRENT ASSETS
Costs incurred for real estate projects in progress
8,682,600
10,122,300
Related party receivable
1,437,120
1,408,320
Prepaid lease expense
784,232
787,412
Intangible assets , net
11,758,545
11,787,903
TOTAL OTHER NON-CURRENT ASSETS
22,662,497
24,105,935
TOTAL ASSETS
$
62,881,375
$
51,911,720
LIABILITIES & STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable
$
110,070
$
113,197
Welfare payable
99,049
97,064
Taxes payable
1,655,381
1,441,490
Other accrued payables
68,370
76,507
Current portion of deferred revenue
436,431
425,000
Accrued inventory purchases
-
443,036
Short-term notes payable
2,076,339
2,474,829
Warrant derivative liability
701,827
1,366,326
TOTAL CURRENT LIABILITIES
5,147,467
6,437,449
LONG-TERM LIABILITIES
Long-term other payables
589,349
-
Deferred revenue
9,587,343
9,625,403
TOTAL LONG-TERM LIABILITIES
10,176,692
9,625,403
COMMITMENTS AND CONTINGENCIES
-
-
STOCKHOLDERS' EQUITY
Preferred stock, 20,000,000 shares authorized, $0.001 par value; no shares issued and outstanding
-
-
Common stock, 100,000,000 shares authorized, $0.001 par value; 12,672,262 and 12,402,262 shares issued and outstanding, respectively
12,673
12,402
Additional-paid-in capital
16,826,897
15,488,593
Retained earnings
27,680,674
18,161,863
Accumulated other comprehensive income
3,036,972
2,186,010
TOTAL STOCKHOLDERS' EQUITY
47,557,216
35,848,868
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
$
62,881,375
$
51,911,720
-
-
CHINA REDSTONE GROUP, INC.
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
For the three
months ended
September 30,
2010
For the three
months ended
September 30,
2009
For the six
months ended
September 30,
2010
For the six
months ended
September 30,
2009
REVENUE
$
11,581,873
$
6,746,388
$
23,676,460
$
15,063,916
COST OF GOODS SOLD
4,487,805
2,870,697
9,261,263
6,770,583
GROSS PROFIT
7,094,068
3,875,691
14,415,197
8,293,333
OPERATING E X P E N S E S
Selling expenses
66,274
36,421
135,199
81,341
General & administrative expenses
656,454
379,350
2,438,252
672,643
TOTAL OPERATING EXPENSES
722,728
415,771
2,573,451
753,984
INCOME FROM OPERATIONS
6,371,340
3,459,920
11,841,746
7,539,349
OTHER INCOME (EXPENSES)
Other income
223,043
81,431
340,887
184,712
Gain on change in fair value of warrants classified as derivatives
(269,933)
-
664,499
-
Interest expenses
(50,419)
(59,400)
(106,675)
(118,800)
Interest income
23,044
2,495
38,812
4,924
Rental income, net
59,483
65,433
120,789
130,866
Non-operating expenses
-
-
(2,612)
-
TOTAL OTHER INCOME (EXPENSES)
(14,782)
89,959
1,055,700
201,702
INCOME BEFORE INCOME TAXES
6,356,558
3,549,879
12,897,446
7,741,051
INCOME TAXES
(1,634,562)
(815,721)
(3,378,635)
(1,853,291)
NET INCOME
$
4,721,996
$
2,734,158
$
9,518,811
$
5,887,760
OTHER COMPREHENSIVE INCOME
Foreign currency translation
694,332
31,327
850,962
50,280
COMPREHENSIVE INCOME
$
5,416,328
$
2,765,485
$
10,369,773
$
5,938,040
EARNINGS PER SHARE:
EARNINGS PER SHARE - BASIC
$
0.37
$
0.31
$
0.75
$
0.67
EARNINGS PER SHARE - DILUTED
$
0.37
$
0.31
$
0.75
$
0.67
WEIGHTED AVERAGE SHARES OUTSTANDING - BASIC
12,672,262
8,800,000
12,663,929
8,800,000
WEIGHTED AVERAGE SHARES OUTSTANDING - DILUTED
12,672,262
8,800,000
12,663,929
8,800,000
CHINA REDSTONE GROUP, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the six
months ended
September 30,
2010
For the six
months ended
September 30,
2009
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income
$
9,518,811
$
5,887,760
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization
178,720
161,465
Gain on change in fair value of warrants classified as derivatives
(664,499)
-
Stock issued for consulting services
1,220,450
-
Stock issued for board of director fees
118,126
-
Changes in assets and liabilities:
-
Accounts receivable
-
61,468
Inventory
189,219
(2,334,934)
Prepaid lease expense
2,662
-
Other currents assets
-
30
Prepayments to related party supplies
-
(4,841,130)
Accounts payable
(29,940)
29,609
Taxes payable
184,412
(29,062)
Other accrued payables
(9,702)
3,433
Accrued inventory purchases
(452,097)
-
Deferred revenue
(232,158)
-
Net cash provided by (used in) operating activities
10,613,353
(1,061,361)
CASH FLOWS FROM INVESTING ACTIVITIES:
Construction in progress - cemetery property
(11,832,041)
-
Net cash used in investing activities
(11,832,041)
-
CASH FLOWS FROM FINANCING ACTIVITY:
Long-term other payables
589,349
-
Payment on note payable
(449,100)
-
Net cash provided by financing activities
140,249
-
Net decrease in cash and cash equivalents
(1,667,788)
(1,061,361)
Effects of foreign exchange
305,792
1,902
Cash and cash equivalents, beginning of period
9,367,276
1,392,961
Cash and cash equivalents, end of period
$
8,005,280
$
333,502
SUPPLEMENTAL INFORMATION
Interest paid
$
109,052
$
59,552
Taxes paid
$
3,463,456
$
1,034,519
SOURCE China Redstone Group
Source: PR Newswire (November 16, 2010 - 8:45 AM EST)
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Smart Kids Group Is Taking Steps to Create Strategic Canadian-American Partnerships With Companies in Hollywood and New York to Generate Revenues From 3D Conversions
"We Inspire Vision"(TM)
Nov. 16, 2010 (Marketwire) --
LONGWOOD, FL and EDMONTON, AB -- (Marketwire) -- 11/16/10 -- Smart Kids Group, Inc. (OTCBB: SKGP) www.smartkidsgroup.com, a global provider of children's digital education and entertainment, is pleased to announce that it is taking steps to create strategic Canadian-American partnerships with companies in Hollywood and New York to generate revenues from the multi-billion dollar 3D industry.
"The market has been steadily growing since the release of 'Avatar' in Stereoscopic 3D. It's a smart move that we are making by stepping to the front of the line with a strategic partner in the United States. We have already identified several companies that have been in business for years in Hollywood and New York with an extensive client list. All have shown interest in creating a strategic partnership with us so they can refer their existing clients to us to convert 2D movies and commercials into 3D movies and commercials," stated Richard Shergold, Founder & President of Smart Kids Group, Inc.
"This bold step will put the Smart Kids Group in Hollywood and New York at our strategic partner's facility. We won't have to search for new clients because our strategic partners will provide us with a line-up of existing clients," stated Joseph DiFrancesco, CEO & Co-Chairman of SKG.
For more information go to www.smartkidsgroup.com or e-mail the company at info@smartkidsgroup.com.
Safe Harbor for Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and section 21B of the Securities and Exchange Act of 1934, as amended. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and only speak as of the date hereof. Forward-looking statements usually contain the words "estimate," "anticipate," "believe," "plan," "expect," or similar expressions and are subject to numerous known and unknown risks and uncertainties. These risks and uncertainties could cause the Company's actual results to differ materially from those indicated in the forward-looking statements.
Investors are encouraged to carefully review regulatory filings prior to investment consideration. Past performance is no guarantee of future success or that there cannot be losses or business interruption. The Company is in a rapid growth sector that may or may not continue to grow in the future and therefore poses risks that may be different than other investments. Management regularly provides news and additional information believed to be true and accurate at the time of dissemination but has no requirement to modify, comment or change in the future should circumstance change or information prove to be inaccurate for any reason. Additionally, the Company makes every effort to comply with all applicable laws.
Contact
Smart Kids Group, Inc.
info@smartkidsgroup.com
www.smartkidsgroup.com
Source: Marketwire (November 16, 2010 - 8:45 AM EST)
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ChromaDex Reports Third Quarter 2010 Financial Results
Nov. 16, 2010 (PR Newswire) --
IRVINE, Calif., Nov. 16, 2010 /PRNewswire-FirstCall/ -- ChromaDex Corporation, (OTC Bulletin Board: CDXC) a leader in phytochemical reference standards and contract research, today announced financial results for the third quarter of 2010. On a reported basis calculated in accordance with U.S. Generally Accepted Accounting Principles (U.S. GAAP), ChromaDex announced a net loss attributable to common stockholders of $0.01 per share for the thirteen week period ended October 2, 2010.
As of October 2nd, 2010, cash, cash equivalents, and marketable securities totaled $3,381,744.
"ChromaDex continues to work on implementing its business plan, which included the recent launch of pTeroPure™ pterostilibene as the next generation resveratrol," said Frank Jaksch, CEO and co-founder of ChromaDex. "There are currently 12 products on the market containing pTeroPure pterostilbene and with this increased market adoption we are expecting many more over the next few months, which should give consumers many different options for supplementing with this very promising compound."
Additional Financial Results & Notes
On a reported basis, ChromaDex recorded revenue during the third quarter of 2010 of $1,562,352 as compared to $1,433,086 for the same period in 2009. The net loss attributable to common stockholders for the thirteen weeks ended October 2, 2010, was $883,223 as compared to a net loss of $177,544 for the same period in 2009. The net loss in the third quarter of 2010 was attributable to an increase in share based compensation expenses of $423,764 as compared to $55,947 for the same period in 2009, increased expenses related to marketing and further development of the pTeroPure product line, increased legal and accounting expenses related to registration rights issued in the May 2010 private placement and an adoption of a formal investor relations program to increase market and shareholder awareness.
About ChromaDex
ChromaDex is a leader in the development of phytochemical and botanical reference standards and the creation of associated intellectual property. ChromaDex is committed to sustainable "green chemistry" and provides the dietary supplement, food, beverage, nutraceutical and cosmetic industries with the novel ingredients, analytical tools and services to meet product regulatory, quality, efficacy and safety standards. Among other things, the Company is currently focusing on clinical studies and the commercialization of its new product, pTeroPure™ pterostilbene (www.pteropure.com) as a result of its exclusive worldwide patent rights for pterostilbene. For more information, visit www.chromadex.com or follow ChromaDex on Twitter @ChromaDex.
Forward-Looking Statements
Any statements that are not historical facts contained in this release are forward-looking statements. Actual results may differ materially from those projected or implied in any forward-looking statements. Such statements involve risks and uncertainties, including but not limited to: the ability to market, produce and sell the referenced ingredients; risks relating to product and customer demand, market acceptance of our products; the effect of economic conditions both nationally and internationally; the ability to protect our intellectual property rights; the impact of any litigation or infringement actions brought against us; competition from other providers and products; risks in product development; our ability to raise capital to fund continuing operations; the ability to complete transactions; and other factors discussed from time to time in the Company's Securities and Exchange Commission filings. The Company undertakes no obligation to update or revise any forward-looking statement for events or circumstances after the date on which such statement is made except as required by law.
Investor Inquiries
Liviakis Financial Communications, Inc.
John M. Liviakis, President
415-389-4670
John@Liviakis.com
ChromaDex Contact
Jenny Robles
Administrative Assistant to the CEO
10005 Muirlands Blvd, Suite G, Irvine, CA 92618
949-419-0288
jennyr@chromadex.com
Media Contact
Megan Lavine
Canale Communications
3033 5th Ave., Suite 400, San Diego, CA 92103
619-849-5388
megan@canalecomm.com
ChromaDex Corporation and Subsidiaries
Consolidated Statement of Operations (Unaudited)
For the Three Month Periods ended
Three Months Ended
October 2, 2010
October 3, 2009
Sales
$ 1,562,352
$ 1,433,086
Cost of sales
1,059,626
953,043
Gross profit
502,726
480,043
Operating expenses:
Sales and marketing
235,582
190,153
General and administrative
1,140,815
463,618
1,376,397
653,771
Operating loss
(873,671)
(173,728)
Nonoperating (income) expenses:
Interest expense
10,130
3,938
Interest income
(578)
(122)
9,552
3,816
Net loss
$ (883,223)
$ (177,544)
Basic and Diluted loss per common share
$ (0.01)
$ (0.01)
Basic and Diluted average common shares outstanding
60,118,183
28,838,216
SOURCE ChromaDex Corporation
Source: PR Newswire (November 16, 2010 - 8:40 AM EST)
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Global MobileTech Reports Excellent First Quarter Fiscal 2011 Results and Earnings per Share of $0.35
Nov. 16, 2010 (Marketwire) --
SPOKANE, WA -- (Marketwire) -- 11/16/10 -- Global MobileTech, Inc. (OTCBB: GLMB), a diversified renewable energy, mobile communications and advertising company, today announced that the Company has posted revenues of $8.05 million for the first three months of fiscal 2011 and income before tax of $890,858.
During July 2010, the Company expanded its operations into the renewable energy business. The Company has two operating segments. The first segment handles the development and sale of mobile voice over Internet protocol or VoIP calls and mobile advertising services. The second segment is involved in the design, integration, marketing and sale of solar photovoltaic or PV-wind and solar PV-biomass hybrid power generation applications. The biomass used in the power generation system includes oil palm bio-wastes and forest residues.
First Quarter Fiscal 2011 Financial Highlights
Three Months Ended September 30, 2010
Revenue
Mobile VoIP Calls and Mobile
Advertising $ 5,860,044 73%
Renewable Energy 2,194,082 27%
------------------- ------------------
8,054,126 100%
Gross Profit
Mobile VoIP Calls and Mobile
Advertising 807,465 65%
Renewable Energy 438,943 35%
------------------- ------------------
1,246,408 100%
Income Before Tax
Mobile VoIP Calls and Mobile
Advertising 503,747 57%
Renewable Energy 387,111 43%
------------------- ------------------
890,858 100%
Comments on the First Quarter
Revenues in the first fiscal quarter ended September 30, 2010 were generated by our Malaysian subsidiary, Info-Accent Sdn Bhd, from the operations of our mobile VoIP calls and mobile advertising business which accounted for 73% of our total revenues. Revenues from our new renewable energy segment accounted for 27% of our total revenues.
Gross profit for the first quarter of fiscal 2011 was $1.25 million. The gross profit derived from our mobile VoIP calls and mobile advertising segment was $807,465 or 65% of our total gross profit while gross profit from our renewable energy segment was $438,943 or 35%. Gross profit margin from our new renewable energy segment was 20% compared with 13.8% from our mobile VoIP calls and mobile advertising segment.
Income before tax for the first quarter of fiscal 2011 totaled $890,858. Operating profit margin from our new renewable energy segment was 17.6% compared with 8.6% from our mobile VoIP calls and mobile advertising segment. The higher operating margin from our new renewable energy segment was attributed to a higher gross profit margin and lower operating expenses compared to our mobile VoIP calls and mobile advertising segment.
Business Outlook
During the last quarter, the Company expanded the scope of its strategic partnership with Powernique Technology Sdn Bhd to include the production and sale of torrefied wood commonly known as biocoal to the U.S. and countries within the European Union. Torrefied wood can replace 20% of the coal used in a co-firing application for pulverized coal plant.
Stringent European Union (EU) regulatory requirements and broad public support for renewable initiatives have accelerated the demand for torrefied wood in Europe. Currently, the 27 nations of the EU have agreed to raise the share of renewables in the energy mix to 21% for electricity and 20% for heat by 2020. As a result of these regulatory requirements, growing public awareness; and the Kyoto Protocol, the market for biomass in Europe is strong and growing. According to the European Biomass Association, the EU will increase its current biomass consumption from 13 million tons annually to 100 million tons by 2010.
"We are encouraged by the performance of our new renewable energy segment," said Aik Fun Chong, President and CEO of GLMB. "Results of GLMB for first quarter fiscal 2011 have demonstrated that the Company's profitable growth initiatives have proven to be effective within the constraints of a competitive market environment."
About Global MobileTech, Inc.
Global MobileTech, Inc. ("GLMB") based in Spokane, WA with Asian operations located in Malaysia, is a diversified renewable energy, mobile communications and advertising company. The Company's operations are organized under two business segments. The first segment handles the development and sale of mobile voice over Internet protocol or VoIP calls and mobile advertising services. The second segment is involved in the design, integration, marketing and sale of solar photovoltaic or PV-wind and solar PV-biomass hybrid power generation applications. The biomass used in the power generation system includes oil palm bio-wastes and forest residues. The target market for GLMB's products and services include customers from Asia, Europe and the United States. For more information, please visit www.globalmobiletech.com. Information on our website does not comprise a part of this press release.
Safe Harbor Statement:
Information contained in this press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the use of forward-looking terminology such as "believes," "expects," "is expected," "intends," "may," "will," "should," "anticipates," "plans" or the negative thereof. These forward-looking statements often include forecasts and projections for future revenue and/or profits and are subject to revision and are not based on audited results. The Company does not undertake to update, revise or correct any forward-looking statements. Investors are cautioned that current results are not necessarily indicative of future results, and actual results may differ from projected amounts. For more complete information concerning factors that could affect the Company's results, reference is made to the Company's registration statements, reports and other documents filed with the Securities and Exchange Commission.
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Contact
Global MobileTech, Inc.
Valerie Looi
509-723-1312
e-mail: Email Contact
Source: Marketwire (November 16, 2010 - 8:33 AM EST)
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New VIASPACE Green Energy Inc. Website
Features Giant King™Grass Capabilities and Applications
Nov. 16, 2010 (PR Newswire) --
IRVINE, Calif., Nov. 16, 2010 /PRNewswire/ -- VIASPACE Inc. (OTC Bulletin Board: VSPC), announced that its renewable energy subsidiary, VIASPACE Green Energy Inc. (OTC Bulletin Board: VGREF), launched its new website focusing on Giant King Grass. The website can be accessed at www.viaspacegreenenergy.com or www.vgref.com or through www.VIASPACE.com.
Chief Executive Dr. Carl Kukkonen commented, "The new website is designed to answer many customer and investor requests for information about what Giant King Grass can do; what are its applications; and its advantages over other energy crops. We worked to present all of this information in one easily accessible website. We also have additional detailed technical information and test results that are available to qualified potential customers under confidentiality agreements."
The website covers the VIASPACE Green Energy business plan and strategy, the role of biomass in renewable energy, the characteristics of Giant King Grass including its extremely high yield and excellent energy content. Giant King Grass is a tropical and subtropical perennial grass that yields 45 dry tons per acre with energy content of 7900 BTU per pound. Giant King Grass has much higher yield than other energy crops, and therefore can be produced at much lower cost. It is not a food crop, and can be grown on marginal land that is not being used for agriculture today. Giant King Grass can be sustainably grown and does not sacrifice food for fuel. It is low carbon-- nearly carbon neutral--and renewable.
VIASPACE Green Energy's website explains the multiple applications for Giant King Grass including fuel for biomass power plants, and feedstock for biomass pellets, cellulosic liquid biofuels, and bio-methane. Kukkonen stated, "We want to show people how diverse Giant King Grass is by explaining its many applications, and how much more advantageous it is to use Giant King Grass in producing energy compared to other energy crops out there."
The website also features VIASPACE Green Energy's first commercial product, the Green Log™ campfire and fireplace logs. The first container of the Green Log will be arriving in the US later this week.
VIASPACE Green Energy is a majority owned (75.7%) subsidiary of VIASPACE Inc. Both companies are publicly listed on the OTC Bulletin Board. VIASPACE (VSPC) has been listed and fully reporting to the SEC since June 2005. VIASPACE Green Energy (VGREF) has been listed and reporting since January 2010 and the company is awaiting approval of electronic clearing by the Depository Trust Company (DTC). Shares in VGREF can be traded now without electronic clearing but this could be more costly. VIASPACE shares are electronically cleared by DTC. VIASPACE Green Energy currently has 8,600,000 shares issued and outstanding.
About VIASPACE Inc.
VIASPACE is a clean energy company providing products and technology for renewable and alternative energy that reduce or eliminate dependence on fossil and high-pollutant energy sources. Through its majority-owned subsidiary VIASPACE Green Energy Inc., the Company grows Giant King Grass as a low-carbon fuel for electricity generating power plants, as a feedstock for bio methane production and cellulosic biofuels, and for other low-carbon, renewable energy products. VIASPACE Green Energy recently introduced its Green Log™ fireplace and campfire log product. For more information, please go to www.viaspace.com or www.viaspacegreenenergy.com, or contact Dr. Jan Vandersande, Director of Communications, at 800-517-8050 or IR@VIASPACE.com.
Safe Harbor Statement
Information in this news release includes forward-looking statements. These forward-looking statements relate to future events or future performance and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Such factors include, without limitation, risks outlined in our periodic filings with the U.S. Securities and Exchange Commission, including Annual Report on Form 10-K for the year ended December 31, 2009, as well as general economic and business conditions; the ability to acquire and develop specific products and technologies; changes in consumer and business demand for the Company's products; competition from larger companies; changes in demand for alternative and clean energy; risks associated with international transactions; risks related to technological change; and other factors over which VIASPACE has little or no control.
SOURCE VIASPACE Inc.
Source: PR Newswire (November 16, 2010 - 8:30 AM EST)
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Vicor Technologies Announces New Directors
Nov. 16, 2010 (Marketwire) --
BOCA RATON, FL -- (Marketwire) -- 11/16/10 -- David H. Fater, CEO of Vicor Technologies, Inc. (OTCBB: VCRT), today announced the election of two new directors and re-election of an existing director to the Company's Board at the Company's annual shareholder meeting on November 4, 2010. Vicor Technologies, Inc. (OTCBB: VCRT) is a biotechnology company focused on the development of innovative, non-invasive medical devices using its patented, proprietary PD2i® nonlinear algorithm and software. Vicor is currently in the process of commercializing diagnostics that enable physicians to accurately risk stratify specific target populations for future pathological events, including cardiovascular disease patients for death resulting from arrhythmia or pump failure, diabetics for diabetic autonomic neuropathy (DAN), and trauma victims for imminent death absent immediate lifesaving intervention.
Former Ambassador Frank B. Wheeler and Ronald B. Malone are newly-elected Class III directors. Joseph C. Franchetti, a Class III director since July 2008, will continue as a Class III director. The term for new Class III directors is three years.
"We are delighted to have Ambassador Wheeler and Mr. Malone joining our Board of Directors. Both gentlemen bring outstanding credentials and important experience to Vicor as we progress from biotechnology start-up to a fully-formed, revenue-generating medical diagnostics company. We're gratified to have Mr. Franchetti remaining with us. His vast experience with healthcare and medical device start-ups and leading companies will continue to serve Vicor well," stated Mr. Fater.
Former Ambassador Frank B. Wheeler is an independent business consultant involved with health insurance and software companies. He currently serves as chairman of the British-Chilean Chamber of Commerce in London, and was international adviser to the English Football Association in its campaign to host the 2006 World Cup. Mr. Wheeler was a member of the British Diplomatic Service for 35 years until his retirement in 1997. During his tenure, he was Ambassador to Chile and Ecuador, Charge d'Affairs in Czechoslovakia, and foreign policy adviser on East-West affairs and Middle East issues. Mr. Wheeler holds an Advanced Level Certificate in French and German from the Mill Hill School in London. He is a graduate in Russian Studies from the Joint Services College for Linguists and obtained Diploma in Economics from the Treasury Centre for Administrative Studies in London.
Ronald A. Malone is the former chief executive officer (6/02-9/08) and current chairman of the Board (6/02-present) of Gentiva Health Services, Inc., the leading provider of home healthcare services in the U.S. Earlier, Mr. Malone served in various executive positions at Gentiva (3/00-6/02). Prior to joining Gentiva, Mr. Malone held various executive positions with Olsten Corporation, a world leader in staffing services and the leading provider of home healthcare and related services in North America. Mr. Malone also serves on the Board of Directors of Hill-Rom Holdings, Inc., a worldwide manufacturer and provider of medical technologies and related services for the healthcare industry, and Capital Senior Living Corporation, a leading operator of senior living communities in the U.S. Mr. Malone holds a bachelors degree from Furman University.
Joseph C. Franchetti is, and has been, a consultant, director, and advisor to several healthcare/medical device companies in the cardiology/cardiovascular and life sciences areas, including 31 start-up companies. He is currently vice chairman of CVAC Health Systems Inc. Earlier, he was president and chief executive officer of Colin Medical Instruments Corp. (now Omron), a Japanese-owned world leader in noninvasive blood pressure and physiological/vital signs monitoring and diagnosis. Additionally, Mr. Franchetti co-founded and was chief executive officer of Bio-Chem Laboratory Systems Inc., and a corporate and international vice-president and general manager for Technicon (now Siemens) and Narco Scientific (now Respirionics). He is a trustee emeritus of Southwest Research Institute of Texas and a commissioned U.S. Army Infantry Officer. Mr. Franchetti is a graduate of the Wharton School of the University of Pennsylvania
About Vicor Technologies, Inc.
Vicor Technologies is a biotechnology company creating innovative non-invasive diagnostics employing its patented, proprietary point correlation dimension algorithm (PD2i®). The PD2i® nonlinear algorithm is a deterministic, nonlinear measure of electrophysiological potentials that predicts future pathological events with a high degree of accuracy in target populations.
Vicor currently has three products employing the PD2i® nonlinear algorithm. The PD2i Analyzer™, which has FDA 510(k) marketing clearance, measures heart rate variability; physicians performing diagnostic tests with the PD2i Analyzer™ are able to receive reimbursement under existing CPT codes. The PD2i VS™ (Vital Sign), in clinical trials under a collaborative effort with the U.S. Army Institute for Surgical Research (http://www.usaisr.amedd.army.mil/), risk stratifies combat and civilian trauma victims. The PD2i CA™ (Cardiac Analyzer), in multiple clinical trials, identifies patients at risk of cardiac death.
Vicor anticipates additional applications employing the PD2i® nonlinear algorithm to enable early detection and risk stratification for a variety of other disorders and diseases. Additional information is available at www.vicortech.com.
Disclaimer
The appearance of name-brand institutions, such as the U.S. Army Institute for Surgical Research, in this media release does not constitute endorsement by institutions of the information, products or services contained therein.
Caution Regarding Forward-Looking Statements
Forward-looking statements in this press release are based on current plans and expectations that are subject to uncertainties and risks, which could cause our future results to differ materially. The following factors, among others, could cause our actual results to differ: our ability to successfully complete the normal range study for PD2i®values; our ability to generate revenues from the sale of the PD2i Analyzer™; our ability to obtain FDA approval of our 510(k) submission to secure a claim for the PD2i CA™(Cardiac Analyzer) to be used in patients undergoing cardiovascular disease testing and our ability to obtain marketing clearance from the FDA for the PD2i VS™ (Vital Sign) for military and civilian applications; our ability to develop additional applications for the PD2i® algorithm; our ability to continue to receive financing sufficient to continue operations and complete critical clinical trials; our ability to continue as a going concern; our ability to successfully develop products based on our technologies; our ability to obtain and maintain adequate levels of third-party reimbursement for our products; the impact of competitive products and pricing; our ability to receive regulatory approval for our products; the ability of third-party contract research organizations to perform preclinical testing and clinical trials for our technologies; the ability of third-party manufacturers to manufacture our products; our ability to retain the services of our key personnel; our ability to market and sell our products successfully; our ability to protect our intellectual property; product liability; changes in federal income tax laws and regulations; general market conditions in the medical device and pharmaceutical industries; and other matters that are described in Vicor's Annual Report on Form 10-K for the fiscal year ended December 31, 2009 and subsequent filings with the Securities and Exchange Commission. Forward-looking statements in this press release speak only as of the date of the press release, and we assume no obligation to update forward-looking statements or the reasons why actual results could differ.
Release 10-24
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CORPORATE CONTACT
David H. Fater
Vicor Technologies, Inc.
561.995.7313
dfater@vicortech.com
INVESTOR CONTACT
Richard Moyer
Cameron Associates
212.554.5466
richard@cameronassoc.com
MEDIA CONTACT
Robin Schoen
Robin Schoen Public Relations
215.504.2122
schoenpr@comcast.net
Source: Marketwire (November 16, 2010 - 8:30 AM EST)
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Pacific Biomarkers, Inc. Reports First Quarter Operating Results
Revenue Increased 24% From Prior-Year Period
Nov. 16, 2010 (Marketwire) --
SEATTLE, WA -- (Marketwire) -- 11/16/10 -- Pacific Biomarkers, Inc. (OTCBB: PBMC) ("PBI" or "the Company"), a leading provider of clinical biomarker testing and novel biomarker development services, today announced its operating results for the first quarter of FY2011.
For the three months ended September 30, 2010, revenues increased 24% to $2,853,533, compared with $2,301,375 in the first quarter of the previous fiscal year. The Company posted an operating loss of $47,524 in the most recent quarter, versus an operating loss of $213,708 in the prior-year period. The Company reported a net loss of $202,363, or $0.01 per share, in the most recent quarter, versus a net loss of $273,150, or $0.01 per share, in the corresponding period of the previous fiscal year. The decrease in net loss was primarily due to higher revenues, which also drove the reduction in operating loss. The reduction in net loss was somewhat offset by higher interest cost of our debt financing.
"This is the second fiscal year in a row where we have shown over a twenty percent increase in revenue for the first quarter of the fiscal year. We are pleased that our first quarter revenues were 24% above last year's levels," commented Ron Helm, Chairman and Chief Executive Officer of Pacific Biomarkers, Inc. "Having said that, while we did reach our internal revenue goal this quarter, we did not reach our net income goal because of lower margins and higher expenses experienced during the quarter. We also continued to see early termination of several clinical studies for reasons unrelated to our performance. This is simply a characteristic element of our business. We also cannot ignore the ongoing economic difficulties that continue to impact the clinical trials industry, our primary market." Mr. Helm added, "In light of demanding market trends and persistent economic difficulties that exist in our industry we find it necessary to continue with further cost cutting measures in order to address these challenges."
"Although our gross profit margins improved from the last fiscal year and our SG&A expense ratio declined relative to the prior-year period, we still recorded an operating loss in this year's first quarter. This reflects, in part, the significant and ongoing investments we are making in both our organ injury biomarker initiative and expansion of our clinical biomarker testing and novel biomarker development services business, which we continue to see as a major growth opportunity going forward.
We recently received good news that the IRS approved our application requesting certification for our PBI Organ Injury Biomarker Initiative, as a qualified therapeutic discovery project under section 48D of the Internal Revenue Code. This certification entitles us to a future cash grant of up to $244,479, as reimbursement of certain qualified expenses. We expect to receive this grant later in FY2011 or FY2012, after filing of our 2009 and 2010 tax returns. See our 10-Q filing under "Subsequent Events" for additional details on this grant.
"Based on our internal financial metrics, we remain cautious in our assessment of our potential for success in fiscal 2011. We believe it is likely that FY2011 will exceed the revenue levels achieved in fiscal 2010," Mr. Helm continued. "We are encouraged by our first quarter results, but remain concerned about cancellations and margins. We will continue to focus on novel biomarkers and expect to gain increasing traction in a market that is experiencing significant growth in outsourced lab services. To capitalize on these trends, we are investing in new instrument platforms that will be partially funded by the monies received from the 48D grant as noted above. This will allow us to broaden our therapeutic areas of expertise and open up additional growth opportunities."
For additional information, see Pacific Biomarkers' Annual Report on Form 10-K for the fiscal year ended June 30, 2010 and the Quarterly Report on Form 10-Q for the three months ended September 30, 2010, available on the SEC's website at www.sec.gov.
About Pacific Biomarkers, Inc. (PBI)
Established in 1989, PBI provides specialized central laboratory and contract research services to support pharmaceutical and diagnostic manufacturers conducting human clinical trial research. The Company provides expert services in the areas of cardiovascular disease, diabetes, osteoporosis, arthritis, and nutrition. The PBI laboratory is accredited by the College of American Pathologists, New York State, and the Lipid Standardization Program. PBI's clients include many of the world's largest pharmaceutical, biotech, and diagnostic companies. PBI also provides clinical biomarker services focusing on the emerging field of biomarker assay development and testing. Services include validating and performing ligand-binding assays for novel clinical biomarkers, immunogenicity testing, and multiplex testing.
PBI is headquartered in Seattle, Washington, and its common stock trades on the OTC Bulletin Board under the symbol "PBMC". For more information about PBI, visit the company's web site at www.pacbio.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This press release includes forward-looking statements including, but not limited to, the growth opportunities for the future, market developments, future revenues and operating results, and expansion of our biomarker services. These forward-looking statements are subject to a number of risks and uncertainties that may cause actual results to differ materially from those described in the forward-looking statements. These risks include, but are not limited to, our ability to bid on and win services contracts, client changes or early terminations of studies, results of our marketing and business development efforts, market acceptance of our services, competition in the industry, general economic factors in the industry, and our ability to manage growth and manage our expenses and margins. Additional risks factors that affect our business are described in our periodic filings with the U.S. Securities and Exchange Commission (including our Form 10-K for the year ended June 30, 2010).
PACIFIC BIOMARKERS, INC.
CONSOLIDATED BALANCE SHEETS
September 30, June 30,
ASSETS 2010 2010
(unaudited)
------------ ------------
Current assets:
Cash and cash equivalents $ 1,505,736 $ 1,861,155
Short-term bank deposits 461,824 468,619
Accounts receivable, net 1,935,243 1,852,987
Other receivable, net 6,500 6,500
Inventory 136,204 239,863
Prepaid expenses and other assets 263,622 229,802
------------ ------------
Total current assets 4,309,129 4,658,926
Property and equipment, net 1,219,372 1,309,764
Total assets $ 5,528,501 $ 5,968,690
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 799,312 $ 605,944
Accrued liabilities 473,381 632,429
Advances from customers 353,620 408,455
Capital lease obligation - current portion 205,289 200,806
Secured note - current portion, net of
discount 1,049,486 1,015,603
------------ ------------
Total current liabilities 2,881,088 2,863,237
Capital lease obligations - long - term
portion 337,178 389,820
Secured note - long - term portion, net of
discount 2,408,983 2,676,969
------------ ------------
Total liabilities 5,627,249 5,930,026
------------ ------------
Commitments and contingencies - -
Stockholders' equity:
Common stock, $0.01 par value, 30,000,000
shares authorized, 16,909,501 shares issued
and outstanding at September 30, 2010,
16,669,856 shares issued and outstanding
at June 30, 2010 166,840 166,699
Additional paid-in-capital 27,787,834 27,723,024
Accumulated deficit (28,053,422) (27,851,059)
------------ ------------
Total stockholders' equity (deficit) (98,748) 38,664
Total liabilities and stockholders'
equity $ 5,528,501 $ 5,968,690
============ ============
PACIFIC BIOMARKERS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
Three Months Ended
September 30,
--------------------------
2010 2009
------------ ------------
Revenues $ 2,853,533 $ 2,301,375
------------ ------------
Laboratory expenses and cost of sales 1,678,809 1,393,700
------------ ------------
Gross profit 1,174,724 907,675
------------ ------------
Operating expenses:
Selling, general and administrative 1,222,248 1,121,383
------------ ------------
Operating loss (47,524) (213,708)
------------ ------------
Other expense:
Interest expense (139,961) (53,100)
Amortization of discount on debt (18,811) (5,958)
Other income (expense) 3,933 (384)
------------ ------------
Total other expense (154,839) (59,442)
Net loss before tax expense (202,363) (273,150)
------------ ------------
Tax expense - -
Net loss $ (202,363) $ (273,150)
============ ============
Net loss per share $ (0.01) $ (0.01)
============ ============
Weighted average common shares outstanding,
basic and diluted: 16,909,501 18,832,061
============ ============
PACIFIC BIOMARKERS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
Three Months Ended
September 30,
--------------------------
2010 2009
------------ ------------
Cash flows from operating activities:
Net loss $ (202,363) $ (273,150)
Reconciliation of net loss to net cash
provided by (used in) operating activities:
Depreciation and amortization 98,528 75,609
Amortization of discount on debt 18,811 5,958
Income on deposits 6,795 1,713
Compensation expense from restricted shares
and options 64,951 72,774
Changes in assets and liabilities:
Accounts receivable (82,256) 550,526
Other receivable - 2,500
Inventory 103,659 44,206
Prepaid expenses and other assets (33,820) 47,661
Advances from customers (54,835) 19,308
Accounts payable 193,368 (167,736)
Accrued liabilities (159,048) (238,760)
------------ ------------
Net cash provided by (used in) operating
activities (46,210) 140,609
------------ ------------
Cash flows from investing activities:
Purchases of capital equipment (8,136) (76,977)
Purchases of investments - (506,033)
Net cash used in investing activities (8,136) (583,010)
------------ ------------
Cash flows from financing activities:
Payments on notes payable (252,913) -
Proceeds from loan - 4,000,000
Repurchases of common stock - (1,674,334)
Payments on capital lease obligations (48,160) (14,883)
------------ ------------
Net cash provided by (used in) financing
activities (301,073) 2,310,783
------------ ------------
Net increase (decrease) in cash and cash
equivalents (355,419) 1,868,382
Cash and cash equivalents, beginning of period 1,861,155 1,365,406
------------ ------------
Cash and cash equivalents, end of period $ 1,505,736 $ 3,233,788
============ ============
Supplemental Information:
Cash paid during the period for interest $ 87,002 $ 85,846
Cash paid during the period for income tax $ - $ -
Contact
Pacific Biomarkers, Inc.
Ron Helm
CEO
(206) 298-0068
The Investor Relations Group
Janet Vasquez
(212) 825-3210
Source: Marketwire (November 16, 2010 - 8:30 AM EST)
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EGPI Firecreek, Inc. Subsidiary Terra Telecom Continues to Advance Communications Network for Risk Enterprise Management
Nov. 16, 2010 (Marketwire) --
SCOTTSDALE, AZ -- (Marketwire) -- 11/16/10 -- EGPI Firecreek, Inc. (OTCBB: EFIR) is pleased to announced that Terra Telecom ("Terra") is continuing to expand the communications network for Risk Enterprise Management ("REM") through the networking of all of their branches while fully centralizing management of their communications.
Risk Enterprise Management, founded in 1995, specializes in claims management services. The services REM offers are more than a collection of claims management products. They're an integrated, comprehensive set of tools created, designed, and continually improved, to serve their customers from First Notice of Loss through claim resolution for matters pertaining to Workers' Compensation, General Liability, Commercial & Person Automobile, Professional Liability, Product Liability, Excess, Construction Defect and Personal Property.
REM also provides highly integrated services like Risk Management Information System (RMIS), Managed Care & Medical Management, Litigation Management, Special Investigations/Fraud Detection and Subrogation & Recovery, in order to support their claims management processes.
Since communication is at the very core of REM's business, Terra Telecom has proven themselves to be a perfect partner, not only in providing the type of reliability that REM requires for their business mission, but also in bringing REMs communications up to date and into the future. Terra Telecom has already deployed Alcatel-Lucent OmniPCX Enterprise phone systems at their four main offices in New Jersey, Georgia, California and Texas. Through a fully meshed network utilizing Session Initiated Protocol (SIP), Centralized Voicemail, and dial by name access through QWERTY keyboards, REM has increased productivity and lowered capital and operating expenses, on a platform designed for second-to-none reliability.
Wade Clark, Terra Telecom CEO, stated, "The ongoing relationship with a company like REM with such demanding telecommunications needs demonstrates Terra's commitments to quality, performance and superior customer service. This project illustrates how our reputation in the enterprise industry has been built on our experience in implementing complex solutions for both government and private sectors since 1980. These Terra trademarks, together with our customer concentric business approach, has proven to increase our client's total value."
David Shepard, CIO of Terra Telecom, stated, "In looking at the Risk Enterprise Management project and understanding not just their technology needs, but their goals and objectives as an organization, all of us at Terra are excited to be a crucial part of the REM team."
About Terra Telecom
Terra is an industry leader in value creation for each of their clients and stakeholders. Terra's enterprise business has experienced exponential sales volume and revenue growth since January 2005 with year to year revenue growth averaging 46.6% over 2005, 2006 and 2007. The revenue growth fueled by increases in the volume and scope of jobs created the need for significant infrastructure growth. In 2006 Terra relocated its company headquarters to a modern, 25,000 square foot facility in Tulsa, Oklahoma. This facility provides the Company the space to continue growth and the ability to manage operations throughout the nation.
Terra Telecom also works with the United Nations delivering Alcatel voice products to several countries and the Texas Dept. of Transportation, which will bring significant opportunities to EGPI through various ITS/DOT opportunities with Alcatel products.
For more information on Terra Telecom, please go to:
http://www.terratele.com
More information about Risk Management Systems can be found at:
http://www.remltd.com/SITES/REM/REMWEB2009.NSF/content/AboutREM
About EGPI Firecreek, Inc.
EGPI Firecreek, Inc.'s business and acquisition strategy is focused on both the vertical integration of enterprises serving the D.O.T. Construction and Intelligent Traffic System markets through South Atlantic Traffic, Inc. (SATCO) alongside its wholly owned subsidiary M3 Lighting, Inc. (M3), and on oil and gas production with an emphasis on acquiring existing fields with proven reserves, the rehabilitation of potentially high throughput oilfields, resource properties and inventories, through its wholly owned subsidiary Energy Producers, Inc. (Energy Producers) and for oil and gas servicing business through its wholly owned subsidiary Chanwest Resources, LLC (CWR). EGPI Firecreek, Inc. is also looking to expand into alternative energy sources as well as industries in the energy field. Other companies in the oil sector include Exxon Mobil, Pantina Oil and Gas Inc., Frontier Oil Inc. and Cabot Oil & Gas Inc.
Safe Harbor
This release contains statements that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of EGPI Firecreek, Inc., its directors or its officers with respect to, among other things: (i) financing plans; (ii) trends affecting its financial condition or results of operations; (iii) growth strategy and operating strategy. The words "may," "would," "will," "expect," "estimate," "can," "believe," "potential" and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond EGPI Firecreek, Inc.'s ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. More information about the potential factors that could affect the business and financial results is and will be included in EGPI Firecreek, Inc.'s filings with the Securities and Exchange Commission.
CONTACT:
EGPI Firecreek, Inc.
Public Relations and Shareholder Information
Joe Vazquez
(754) 204-4549
Email: infinityglobalconsulting@gmail.com
Source: Marketwire (November 16, 2010 - 8:30 AM EST)
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Polycom and Glowpoint Host Global Telepresence Press Launch for Kiehl's
Event Reveals How Immersive Telepresence Gives Distant Audiences the Sense of Being There
Nov. 16, 2010 (Marketwire) --
NEW YORK, NY and PLEASANTON, CA -- (Marketwire) -- 11/16/10 -- When skincare products innovator Kiehl's began selling its Limited Edition Creme de Corps Holiday Collection, in a global effort to raise funding and awareness for child abduction, the new line's colorful packaging immediately made a big impression on consumers.
But journalists in several countries had known for months about the stunning artwork collection and that Kiehl's has pledged to donate its worldwide net profits from the collection, up to $200,000 to an initiative of the International Center for Missing and Exploited Children (ICMEC). The journalists had received an up close, sneak preview during a global press conference enabled by high definition (HD) telepresence rooms from Polycom, Inc. (NASDAQ: PLCM), a global leader in unified communications, along with managed video services provider Glowpoint, Inc. (OTCBB: GLOW).
The July event was conducted live via Polycom immersive telepresence, enabling reporters from around the world to interact in HD with Kiehl's General Manager Cheryl Vitali, and ICMEC President Ernie Allen, who were located at Polycom's Executive Briefing Center in New York. Journalists viewed the new packaging designs, learned about the collaboration, and asked questions of presenters -- all from Polycom Executive Briefing Centers in Seoul, Hong Kong, Singapore, Tokyo, Madrid, Sao Paulo, and Toronto.
"Kiehl's unique collaboration required a truly global press event that brought our charitable effort to reporters in every part of the world," said Vitali. "We consider this launch to be one of the most innovative we've ever had.
"At Kiehl's we are conscious of the environmental impact of our initiatives. It was important to us to reduce the carbon footprint of flying journalists from Asia, Europe and Latin America to New York," Vitale continued.
By relying on Polycom immersive telepresence, the event's hosts and attendees experienced the world's most lifelike meeting experience, enhanced by Polycom UltimateHD™ technology and patented Polycom EyeConnect™ technology. Participants can pick up every nuance of a conversation, see facial expressions, make eye contact, and read body language. The immersive environment is made even more realistic with seamless, cinematic video walls that reach up to 16 feet wide, enabling entire groups to meet face-to-face.
"Polycom is proud to have provided the telepresence needed to put Kiehl's and ICMEC in the same room with journalists from around the globe," said Joe Burton, Polycom chief strategy and technology officer. "This event underscores the power of immersive telepresence to engage people, enable clearer communication and faster decisions, and create an environment that supports real collaboration."
The global locations participating in the press conference were connected flawlessly through managed telepresence service provider, Glowpoint. Polycom works with Glowpoint and other service providers to offer managed telepresence services such as 24x7 meeting monitoring, fault management, solution usage reporting and reservation and scheduling, as part of Polycom's complete solution.
"Kiehl's pioneering use of Polycom's Executive Briefing Centers sets the stage for companies and news organizations around the world to come together at a moment's notice and have the full support they need to conduct interviews and disseminate information," said Jonathan Brust, Glowpoint's vice president of marketing. "Beyond the communication benefits, we also calculated travel savings of more than $40,000, time savings of 910 hours and overall carbon reduction achieved in this meeting to be the equivalent of taking 8 cars off the road for an entire year."
About Glowpoint
Glowpoint, Inc. (OTCBB: GLOW) enables video users to effortlessly and securely call one another regardless of their video technology or network. With unlimited, "open" access to Glowpoint's cloud-based, hosted-video infrastructure and services, video calling within -- and between -- companies is dramatically simplified. From full-featured telepresence and video conferencing suites to desktop video, Glowpoint supports customers around the world with 24/7 managed services that allow business professionals to enjoy "in-the-same-room" intimacy and cost savings. To see a video-in-the-cloud demonstration, and to learn more about how cost-effective and easy telepresence and video conferencing can be for your business, email us at contactme@glowpoint.com or visit http://www.glowpoint.com.
About Polycom
Polycom, Inc. (NASDAQ: PLCM) is a global leader in unified communications solutions with industry-leading telepresence, video, voice and infrastructure solutions built on open standards. Polycom powers smarter conversations, transforming lives and businesses worldwide. Please visit www.polycom.com for more information or connect with Polycom on Twitter, Facebook, and LinkedIn.
About Kiehl's Since 1851
Kiehl's was founded as an old-world apothecary in New York's East Village neighborhood more than 159 years ago. Its unique, extensive background represents a blend of cosmetic, pharmaceutical, herbal, and medicinal knowledge developed and passed on through the generations. For more information, visit Kiehls.com, Facebook, Twitter, and the Kiehl's Blog.
© 2010 Polycom, Inc. All rights reserved. POLYCOM®, the Polycom "Triangles" logo and the names and marks associated with Polycom's products are trademarks and/or service marks of Polycom, Inc. and are registered and/or common law marks in the United States and various other countries. All other trademarks are property of their respective owners.
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Contacts:
Robin Raulf-Sager
Polycom, Inc.
+ 1.303.583.5342
Email Contact
Jonathan Brust
Glowpoint, Inc.
+1 312-235-3888, ext. 2052
Email Contact
Source: Marketwire (November 16, 2010 - 8:30 AM EST)
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Idle Media, Inc. to Attend Social Gaming Summit East
Social Gaming Development and Monetization Leaders Converge on NYC to Discuss New Technologies, Trends and Opportunities for the Industry
Nov. 16, 2010 (Marketwire) --
LEESPORT, PA -- (Marketwire) -- 11/16/10 -- Idle Media, Inc. (OTCBB: IDLM) announced today that it will be attending Mediabistro's Social Gaming Summit East, on December 1st, in New York City. The event is being held at the New Yorker Hotel, located at 481 Eighth Avenue.
Produced by Charles Hudson and Mediabistro, the Summit features social gaming leaders like EA founder and Digital Chocolate CEO Trip Hawkins, PopCap EVP Dennis Ryan, Viximo founder Brian Balfour, OMGPOP CEO Dan Porter, MyYearbook CEO Geoff Cook, GSN VP of Social Games Davin Miyoshi, and many more. The Summit is an excellent opportunity to network and form new relationships with industry leaders. More information is available at the Summit website.
"The Summit is an excellent opportunity for us to meet and network with the current thought leaders in social gaming," stated Mr. Marcus Frasier, President and CEO of Idle Media, Inc. "With our recent launch of Backyard Buddies on Facebook, our first social gaming application, we have the opportunity to expand our target audience dramatically. I think it will be extremely beneficial to meet with other executives who are intimately involved with shaping the future of our industry worldwide."
According to a recent report from Inside Network, the social media gaming and virtual goods market is expected to hit $1.6 billion in revenue in the U.S. this year.
About Idle Media, Inc.
Idle Media, Inc. is a publicly traded new media technology company that delivers cutting-edge content and online gaming through its wholly-owned operating companies, including: Dat Piff, a leading provider of online mixtapes and user-generated content; Chixrus, a tween-focused girl gaming site; Prison Block, a multi-player social game with over 50,000 users; Backyard Buddies, a casual game designed for Facebook, and Tweetvibe, a site where users can purchase unique Twitter backgrounds.
Learn more about Idle Media, Inc. at: http://www.idlemedia.com. Follow Idle Media on Facebook and Twitter.
Information in this press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Without limiting the foregoing, the words "believes," "anticipates," "plans," "expects" and similar expressions are intended to identify forward-looking statements. The forward-looking statements may include our future operations, financial condition and prospects and business strategies. These forward-looking statements are subject to certain risks and uncertainties that could cause our actual results to differ materially. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in this press release or in other documents including those filed with the SEC. We undertake no obligation to revise or publicly release the results of any revision to these forward-looking statements. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements.
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Contact:
Investor Relations
Mark Moline
760-208-1894
Email Contact
Source: Marketwire (November 16, 2010 - 8:30 AM EST)
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Solar Energy Initiatives, Inc. Announces Record Results for the Financial Year End 2010
Annual Revenue Increases 18% Year-Over-Year
Nov. 16, 2010 (Marketwire) --
PONTE VEDRA BEACH, FL -- (Marketwire) -- 11/16/10 -- Solar Energy Initiatives, Inc. (OTCBB: SNRY), with businesses in solar project development, distribution and workforce training, announced revenues of over $4.6 million for the year ended July 31, 2010.
"The previous year was a period of market expansion, operational growth and escalating top-line financials," said Mr. David Fann, CEO of Solar Energy Initiatives. "In addition to breaking ground on municipal installations, Solar Energy Initiatives opened its second certified solar training school in South Carolina, received approval by the Florida Department of Business and Professional Regulation (DBPR) to provide Continuing Education for Electrical Contractors and officially completed the spin-out of Solar Parks Initiatives. Going forward, management will continue to focus its efforts on leveraging our emerging sales division, SNRY Solar, and the numerous government tax incentives related to solar energy in order to increase earnings, and improve overall shareholder value."
Recent Operational Highlights
Signed three Power Purchase Agreements (PPAs) with the Tennessee Valley Authority (TVA) to build 2.5 MWs of projects with municipal and institutional clients. Under the completed agreements, TVA has agreed to purchase all of the power the systems produce, as well as the associated environmental benefits.
Solar Energy Initiatives, Inc. will lead the project development effort, including system design, installation and operation of the proposed 2.5 megawatts (MW) of photovoltaic (PV) systems on the sites.
Completed the necessary funding to facilitate the first phase of a 1 Megawatt (MW) installation of photovoltaic (PV) system for a southeast municipality.
The current funding for ½ Mw will allow the first phase of the project to be finalized within 90 days and generate an estimated and projected $2 million of revenue.
Announced that the company's SNRY Solar Inc. division has been approved to open its solar technical training school in South Carolina.
The Solar Installation School, developed and facilitated by Solar EOS -- a wholly owned subsidiary of Solar Energy Initiatives, Inc. -- will be added to the South Carolina Workforce Investment's Eligible Training Provider list and the School will be a new training option to which area Career One-Stop locations will begin referring eligible training applications.
Approved by the Florida Department of Business and Professional Regulation (DBPR) to provide Continuing Education for Electrical Contractors
Solar EOS has developed specific training programs titled "Solar for Electrical Contractors" and "Solar for Building Inspectors" that will earn (5) CE's towards their licensure in Florida.
Financial Results for the Fiscal Year Ended July 31, 2010
For the years ending July 31, 2010 and 2009, Solar Energy Initiatives recorded revenues of $4,643,974 and $3,925,886, respectively. The increase in revenue is due to beginning operations and is derived from the training of our new dealers and the sale of product.
For the period ending July 31, 2010 and 2009, we had cost of sales of $3,925,886 and $3,023,639, respectively. As we began to generate revenue and record sales in this fiscal year, we generated a cost of sales expense.
Selling, general and administrative expenses for the year ended July 31, 2010 and July 31, 2009 were $5,572,818 and $3,461,128, respectively. Cash-based management fees, wages and salaries were $1,104,155 for fiscal 2010 and $625,416 for fiscal 2009, the increase is due to the addition of employees. Stock-based compensation was $1,623,465, management consulting fees were $328,735 for fiscal 2010 and $464,492 for fiscal 2009, travel and entertainment was $283,588 for fiscal 2010 and $135,433 for fiscal 2009, and legal and professional costs totaled $217,081 for fiscal 2010 and $232,810 in fiscal 2009, of which the increases primarily relate to our acquisition costs, selling activities, financing activities, the preparation of audited and reviewed financial statements and SEC reporting.
Net Loss attributable to Solar Energy Initiatives, Inc. was $5,891,324 for the year ended July 31, 2010 compared to $3,155,269 for the year ended July 31, 2009. The net loss primarily reflects our expenses relating to business activities that have been incurred ahead of our ability to recognize material revenues from our business plan. Loss from non-controlling interest in Solar Park Initiatives, Inc was $342,766 for the year ended July 31, 2010 and $0 for the year ended July 31, 2009.
Mr. Fann continued, "Management is encouraged with the continued positive trending as we strive to establish ourselves as the industry leader in solar energy service solutions. The Company believes that our strong proprietary relationships coupled with the readily available tax breaks for clean energy have SNRY well positioned for significant near term growth and long term stability. We look forward to capitalizing on the numerous outstanding prospects that are presently available to us while at the same time uncovering new profitable opportunities."
About Solar Energy Initiatives, Inc.
Solar Energy Initiatives, Inc. (OTCBB: SNRY) is a diversified provider of solar solutions with three principal operating groups focused on large-scale projects, solar education and distribution of solar products. SNRY Power is a developer and manager of municipal and commercial scale solar projects. The SolarEOS Group is dedicated to the education and continuous improvement of solar energy trade professionals. SNRY Solar is a wholesale distributor of branded photovoltaic and thermal (water heating) systems selling via a network of dealers throughout the United States and the Caribbean. Through its diversified portfolio of solar businesses, Solar Energy Initiatives, Inc. is committed to restoring the nation's economy through a grassroots campaign called "Renew the Nation." Renew the Nation brings together a broad alliance of public and private sector interests focused on workforce development, job creation and economic growth through solar energy. For more information please visit http://www.solarenergy-us.com/.
Contact:
Investors:
Solar Energy Initiatives, Inc.
David Fann
Chief Executive Officer
904-644-6090
Email Contact
or
Alliance Advisors, LLC
Chris Camarra or Bryan Kobel
212-398-3487
Email Contact
Source: Marketwire (November 16, 2010 - 8:30 AM EST)
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Lithium Corporation Begins Phase I Program
Nov. 16, 2010 (Business Wire) -- Lithium Corporation (OTCBB: LTUM) (the "Company", or “Lithco”) is pleased to announce that it has recently initiated its program of shallow drilling and assaying for lithium brines at its Fish Lake Valley Prospect in Esmeralda County, Nevada.
Chemetall Foote’s Silver Peak Lithium Brine producing operation, located in Clayton Valley, Nevada, is only 22 miles (35 km) to the Southeast of Fish Lake Valley, and is an almost identical geological setting.
Preliminary sampling at the Fish Lake Valley prospect by Lithium Corporation indicates that surficial Lithium enrichment can be found in sediments that is equivalent to lithium values at Silver Peak. The total area at Fish Lake Valley currently held by Lithium Corporation is approximately 7,360 acres.
For further information please contact Samantha White at (888) 299-3989 or via email at info@lithiumcorporation.com
About Lithium Corporation
Lithium Corporation is an exploration company based in Nevada devoted to the exploration and discovery of new, clean energy-related resources. The company is focused on its Fish Lake Valley Lithium Brine prospect in Esmeralda County, Nevada, however it continues to investigate, or evaluate other lithium opportunities in other jurisdictions. For further information please visit the Company’s website www.lithiumcorporation.com
Forward-Looking Statements
Included in this release are certain "forward-looking" statements involving risks and uncertainties which are intended to conform to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's financial performance. Such statements are based on management's current expectations and are subject to certain factors, risks and uncertainties that may cause actual results, events and performance to differ materially from those referred to or implied by such statements. In addition, actual future results may differ materially from those anticipated, depending on a variety of factors, sales and earnings growth, ability to attract and retain key personnel and general economic conditions, including uncertainties relating to global political conditions, such as terrorism. Information with respect to important risk factors that should be considered may be contained in the Company's Annual Report on Form 10-K and its Reports on Form 10-Q to be filed with the U.S. Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company does not intend to update any of the forward-looking statements after the date of this release to conform these statements to actual results or to changes in its expectations, except as may be required by law.
Lithium Corporation
Samantha White, 888-299-3989
info@lithiumcorporation.com
Source: Business Wire (November 16, 2010 - 8:30 AM EST)
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Neoprobe Names Executive Vice President, Chief Development Officer
Mark Pykett Tapped to Lead Efforts Supporting Lymphoseek(R)
Development, Identifying Corporate Partners for RIGScan(TM)
Program and Expanding Investor Outreach
Nov. 16, 2010 (Business Wire) -- Neoprobe Corporation (OTCBB: NEOP), a diversified developer of innovative oncology surgical and diagnostic products, announced today that Dr. Mark Pykett has joined the company as Executive Vice President and Chief Development Officer. Pykett, 46, brings to Neoprobe more than 15 years of experience guiding public and private biotechnology companies in successful product and business development, partnering and investor relations efforts.
“Mark has an outstanding mix of knowledge and experience leading successful pharmaceutical development efforts to help companies maximize portfolio potential and capitalize on growth opportunities,” said David Bupp, President and Chief Executive Officer of Neoprobe. “In leading our corporate development efforts, Mark will leverage those experiences to help us drive Lymphoseek to the approval finish line and beyond as well as identify potential partners that will help us successfully navigate the development stages for our RIGScan program. In addition, Mark’s previous extensive interactions with investors and analysts will assist Neoprobe in expanding its investor relations activities and enhancing the Company’s visibility with key stakeholders.”
Prior to joining Neoprobe, Pykett held senior leadership positions at a number of biotechnology and diagnostics companies where he was charged with product and corporate development efforts. As CEO and Founder of Talaris Advisors, a strategic drug development company serving the biotech industry, Pykett led portfolio management efforts focusing on milestone acceleration and capital efficiency for clients in a range of therapeutic areas, including oncology, dermatology and transplantation. As President and Chief Operating Officer of Alseres Pharmaceuticals, Dr. Pykett oversaw development efforts for the company’s neurology therapeutics and diagnostics products and helped manage the company’s fund-raising efforts in public capital markets. Prior to Alseres, Mark co-founded and led three development-stage biotechnology companies – Cygenics, Oramax and Cytomatrix – where he was responsible for overall management, capital formation and development efforts. Pykett has also served as an adjunct lecturer in cancer biology at Harvard University’s School of Public Health and served on Northeastern University’s Center for Enterprise Growth Corporate Advisory Board. Pykett earned a BA from Amherst College, a PhD and VMD from the University of Pennsylvania and an MBA from Northeastern University.
“I am honored to join the strong management team at Neoprobe during a very exciting phase of the company’s growth cycle. The opportunities that lie ahead for our success in delivering novel diagnostic and therapeutic approaches for the medical community are very attractive,” said Mark Pykett, Neoprobe’s Executive Vice President and Chief Development Officer. “I look forward to helping the company achieve its business objectives, open new avenues for future growth and success in the years ahead, and to spearheading communication of our compelling product initiatives to our stakeholders and partners.”
About Neoprobe
Neoprobe is a biomedical company focused on enhancing patient care and improving patient outcome by meeting the critical intraoperative diagnostic information needs of physicians and therapeutic treatment needs of patients. Neoprobe currently markets the neoprobe® GDS line of gamma detection systems that are widely used by cancer surgeons. In addition, Neoprobe holds significant interests in the development of related biomedical systems and radiopharmaceutical agents including Lymphoseek® and RIGScan™ CR. Neoprobe’s subsidiary, Cira Biosciences, Inc., is also advancing a patient-specific cellular therapy technology platform called ACT. Neoprobe’s strategy is to deliver superior growth and shareholder return by maximizing its strong position in gamma detection technologies and diversifying into new, synergistic biomedical markets through continued investment and selective acquisitions. www.neoprobe.com
Neoprobe Corporation
Brent Larson, 614-822-2330
Sr. Vice President / CFO
or
Makovsky + Company
Gene Marbach, 212-508-9645
Source: Business Wire (November 16, 2010 - 8:30 AM EST)
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VitaminSpice Expands Product Offerings to Include Vitamin Enhanced Ketchup and Mustard
Nov. 16, 2010 (Marketwire) --
WAYNE, PA -- (Marketwire) -- 11/16/10 -- VitaminSpice (OTCBB: VTMS) (German WKN: A0YE4L) (www.vitaminspice.net) is pleased to announce that it is currently expanding its product lines to include Vitamin Ketchup and Vitamin Mustard due to an extremely high number of requests from several, iconic retailers, national restaurants, and food service providers.
It was initially expected that the Ketchup and Mustard launches would be in the second quarter of 2011. However, now that funding will be available to fulfill orders, management felt that the additional product lines should be made available for the first quarter of 2011.
"We will continue to expand our product lines as it makes sense. The ketchup is all natural and does not contain high fructose corn syrup as is found in market leading products from Heinz Ketchup and Hunt's Ketchup brands. It is well known that high fructose corn syrup contributes to obesity in children and adults in the United States. With healthier options available, why would parents want to feed their kids condiments that will contribute to childhood obesity? The ketchup and mustard are exciting products because there is a high rate of use by consumers leading to high volumes and frequent sales," stated Edward Bukstel, CEO VitaminSpice.
About VitaminSpice
VitaminSpice is uniquely positioned between the $150 billion health food/vitamin supplement industry and the multi-trillion-dollar traditional food industry. A pioneer in the emerging FoodCeutical Industry, VitaminSpice sells vitamin-, mineral- and antioxidant-infused spices and food products. Their offerings include Crushed Red Pepper, Ground Black Pepper, Italian Seasoning, Ground Cinnamon and Granulated Garlic. A proprietary micro-encapsulation process keeps vitamin properties locked inside, even when heated, allowing the seasonings, condiments, and food products to retain their full flavor. www.vitaminspice.net
VitaminSpice Safe Harbor
This News Release may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove correct.
Contact:
VitaminSpice Corporation
Edward Bukstel
ph. 484.367.7401
ebukstel@vitaminspice.net
VitaminSpice Investor Relations
Integrated Capital Partners, Inc.
908-204-0004
www.stockreportcard.com
Source: Marketwire (November 16, 2010 - 8:30 AM EST)
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MedeFile Announces Record Revenues
Nov. 16, 2010 (PR Newswire) --
BOCA RATON, Fla., Nov. 16, 2010 /PRNewswire-FirstCall/ -- MedeFile International, Inc. (OTC Bulletin Board: MDFI), a leader in portable electronic medical records management, announced today that the company posted unprecedented record revenues for the third quarter 2010. Revenues and memberships are at an all time high. Year over year, MedeFile realized an increase in revenues of over 750%. MedeFile also realized an increase of approximately 950% revenue growth quarter over quarter. In the third quarter of 2010 alone, MedeFile's revenue was nearly triple the annual sales for all of 2009.
Kevin Hauser, Chairman and Chief Executive Officer of MedeFile International, Inc. commented, "We are extremely pleased to report significantly improved upward momentum in our business throughout the third quarter, with record highs in revenues and in quantity of memberships sold. Our performance this quarter has been favorably impacted by several new marketing initiatives that were launched in July 2010.
We continue to expand the business in the United States and are also very excited to be discussing numerous prospects overseas. We will continue to explore each and every possibility that we believe will increase revenue, client base and ultimately shareholder value. As such, we are looking forward to offering our system and services in a variety of translated languages in the fourth quarter 2010. We believe this will enable us to take hold of a lucrative market both in the United States and abroad.
"It is very rewarding to have reported record revenues in what was my first quarter as CEO of MedeFile. We are very optimistic that MedeFile's team and existing infrastructure position us to take advantage of upcoming opportunities to increase our market share and continue to show consistent future growth."
About MedeFile International, Inc.
Headquartered in South Florida, MedeFile has a proprietary system for gathering and digitizing medical records so that individuals can have a comprehensive record of all of their medical visits. MedeFile's primary product is the MedeFile system, a highly secure system for gathering and maintaining medical records. The MedeFile system is designed to gather all of its members' actual medical records and create a single, comprehensive medical record that is accessible 24 hours a day, seven days a week. For more information about MedeFile and its annual subscription-based programs, please visit www.medefile.com.
Safe Harbor Statement Under the Private Securities Litigation Act of 1995
With the exception of historical information, the matters discussed in this press release are forward-looking statements that involve a number of risks and uncertainties. The actual future results of MedeFile could differ significantly from those statements. Factors that could cause actual results to differ materially include risks and uncertainties such as the inability to finance the Company's operations or expansion, inability to hire and retain qualified personnel, changes in the general economic climate, including rising interest rates, and unanticipated events such as terrorist activities. In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "expect," "plan," "anticipate," "believe," "estimate," "predict," "potential" or "continue," the negative of such terms, or other comparable terminology. These statements are only predictions. Although we believe that the expectations reflected in the forward-looking statements are reasonable, and such statements should not be regarded as a representation by the Company, or any other person, that such forward-looking statements will be achieved. We undertake no duty to update any of the forward-looking statements, whether as a result of new information, future events or otherwise. In light of the foregoing, readers are cautioned not to place undue reliance on such forward-looking statements. For further risk factors associated with our Company, review our SEC filings.
CONTACT: Investors, 1-888-241-0800 investor@medefile.com
SOURCE MedeFile International, Inc.
Source: PR Newswire (November 16, 2010 - 8:23 AM EST)
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KILL Oragenics, Inc. Expands Distribution of Its EvoraPlus(R) Oral Care Probiotic to Include Winn-Dixie Stores
Nov. 16, 2010 (Business Wire) -- Oragenics, Inc. requests that their press release NewsItemId: 20101116006201, entitled “Oragenics, Inc. Expands Distribution of Its EvoraPlus® Oral Care Probiotic to Include Winn-Dixie Stores” be killed.
The release was issued prematurely by Oragenics, Inc.
Oragenics, Inc.
Jennifer Zimmons, 212-317-1400
jzimmons@cooperglobalcommunications.com
Source: Business Wire (November 16, 2010 - 8:15 AM EST)
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Richter Rubber Technology Selects Vystar Corporation's Vytex® Natural Rubber Latex (NRL) for Products to Launch This Year
Pioneer Condom Manufacturer to Introduce New Line of Condoms and Ultrasound Probe Covers 'Made With Vytex NRL'
Nov. 16, 2010 (PR Newswire) --
ATLANTA, Nov. 16, 2010 /PRNewswire/ -- Vystar® Corporation (OTC Bulletin Board: VYST), the creator of Vytex® Natural Rubber Latex (NRL), a patented, all-natural raw material that significantly reduces antigenic proteins found in natural rubber latex, announces that condom manufacturer, Richter Rubber Technology (RRT), Sdn. Bhd., Malaysia, will launch two new product lines: Vytex NRL condoms and ultrasound probe covers.
(Logo: http://photos.prnewswire.com/prnh/20100203/CL48049LOGO )
(Logo: http://www.newscom.com/cgi-bin/prnh/20100203/CL48049LOGO )
The line of Viva condoms and probe covers made with Vytex NRL is expected to be commercially available by the end of the year through Richter Rubber's established distribution channels and retail outlets. Richter Rubber will announce the launch and showcase the new line of products at MEDICA 2010, The 42nd World Forum for Medicine/ International Trade Fair, in Dusseldorf, Germany from November 17 to 20. MEDICA is the world's largest medical trade show, attracting over 138,000 attendees in 2009.
With over 85 years of manufacturing expertise, Richter Rubber markets its own "Viva" line of condoms throughout Europe and provides contract manufacturing for those manufacturers seeking preferred German quality combined with the competitive advantages of Malaysian manufacturing. The Vytex NRL probe covers, which are structurally identical to condoms, are designed to protect both the patient and the equipment when ultrasound procedures are being performed.
"Our condoms and probe covers made with Vytex NRL will provide our customers with the best protective material, natural rubber latex, enhanced by the performance benefits of Vytex NRL, with virtually undetectable levels of antigenic proteins." says Klaus Richter, President, Richter Rubber Technology. Mr. Klaus continues: "The condom and probe cover markets are highly competitive and require continual innovation to retain and grow share. We are confident that Vytex NRL will provide us with this competitive advantage."
William Doyle, Vystar's President and CEO, says "We are pleased to see the adoption of Vytex NRL and look forward to working with Richter Rubber on their new lines of condoms and ultrasound probe covers. Richter Rubber represents high quality and innovation from a long tenured condom manufacturer in the industry. Vytex NRL is well positioned for the condom market where natural rubber latex remains the consumer's material of choice. With Vytex NRL there is no trade off for fit, comfort, and sensitivity in condoms."
About Richter Rubber Technology, Sdn. Bhd.
Richter Rubber Technology (RRT), headquartered in Kedah Darul Aman, Malaysia, is a pioneer in the condom industry with over 85 years in the manufacturing of own-brand and third party branded condoms. Richter Rubber Technology was the developer of the first automatic latex condom dipping line in Germany. Its own brand, "Viva", is a well known brand sold throughout Europe and is known for its specialty line to meet the growing demand of consumers worldwide. Richter Rubber production facilities are ISO-9001-2000 Certified and RRT holds CE (Europe) Certification, EN (Europe), ISO (International), and U.S. FDA 510(k) market clearance for their condom line. For more information, visit www.richterrubber.com.
About Vystar Corporation
Based in Duluth, GA, Vystar ® Corporation (OTC Bulletin Board: VYST) is the exclusive creator of Vytex Natural Rubber Latex (Vytex NRL), a multi-patented, all-natural, raw material that contains significantly reduced levels of antigenic proteins found in natural rubber latex and can be used in over 40,000 products. Vytex NRL is a 100% renewable resource, environmentally safe, "green" and fully biodegradable. Vystar is working with manufacturers across a broad range of consumer and medical products to bring Vytex NRL to market in adhesives, balloons, surgical and exam gloves, other medical devices and natural rubber latex foam mattresses, pillows and sponges. For more information, visit www.vytex.com.
Forward-looking Statements: Certain statements in this document are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from those included in these statements due to a variety of factors. More information about these factors is contained in Vystar's filings with the Securities and Exchange Commission.
SOURCE Vystar Corporation
Source: PR Newswire (November 16, 2010 - 8:07 AM EST)
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Composite Technology Announces Guidance for Fiscal Year Ended September 30, 2010 and December 31, 2010 Quarter
Nov. 16, 2010 (Marketwire) --
IRVINE, CA -- (Marketwire) -- 11/16/10 -- Composite Technology Corporation (CTC) (OTCBB: CPTC) today announced that it expects revenue for the first quarter of fiscal 2011 ending December 31, 2010 to be in excess of $4.5 million on increased shipments of ACCC® products. Projected December 31, 2010 revenues of $4.5 million would represent an increase of 36% sequentially from the September 30, 2010 projected revenues and a 67% improvement over the comparable revenues from the quarter ended December 31, 2009.
CTC expects revenue for the fourth quarter ending September 30, 2010 to be approximately $3.3 million. Fiscal year ending September 30, 2010 revenues are projected to be $10.8 million. The September 2010 quarter represents an increase of $2.7 million in revenues over the previous quarter ending June 30, 2010. Projected fiscal 2010 revenues represent a decrease of $8.8 million from fiscal 2009. The annual revenue decrease was due to $10.3 million reduction in revenues attributable to China, offset by increased revenues of $1.5 million from the U.S. and the rest of the world.
Additional commentary pertaining to the fiscal 2010 fourth quarter and the 2010 fiscal year will be available when CTC reports its full fiscal year results on December 14, 2010. No conference call will be held in conjunction with the guidance provided in this release.
Benton Wilcoxon, Chief Executive Officer of CTC commented, "We are pleased that sales are increasing as well as the fact that they are coming from many different parts of the world. In the past two weeks, we have received over $1.5 million in ACCC® product orders from customers in Europe, South America, and China from both new customers and repeat orders from existing customers. We are also very pleased with the new marketing efforts of our new CTC Cable President, Stewart Ramsay, who is making an immediate impact in strengthening our sales process."
Stewart Ramsay, President of CTC Cable commented, "I am pleased with our recent sales wins and anticipate additional sales based on the continued growth in acceptance of ACCC® conductor's high capacity and efficiency performance advantages as well as the increased awareness of our conductor's ability to solve thermal sag clearance issues."
About CTC:
Composite Technology Corporation's patented ACCC® conductor technology enables superior performance of high voltage transmission and distribution electrical grids. ACCC® conductors use CTC's proven carbon fiber core which is produced by its subsidiary, CTC Cable Corporation, at its Irvine, California headquarters and delivered to qualified conductor manufacturers who produce and distribute ACCC® conductors to operators of electrical grids worldwide. CTC's conductor technology significantly reduces thermal line sag and can replace similar diameter and weight traditional conductors with its higher capacity and more energy efficient ACCC® conductor. It is an ideal conductor for both upgrading existing power lines as well as building new lines since the technology allows for the reduction of the number of support structures and/or a reduction of their height. Since its commercial introduction in 2005, ACCC® conductor has been selected for over 6,000 miles (over 9,700 kilometers) of projects in all environmental and operating conditions, including severe heat and ice environments, long span applications and high capacity corridors for the modern grid. ACCC® is a registered trademark of CTC Cable Corporation.
For further information, visit our website: www.compositetechcorp.com or contact Investor Relations, James Carswell, +1-949-428-8500.
This press release may contain forward-looking statements, as defined in the Securities Reform Act of 1995 (the "Reform Act"). The safe harbor for forward-looking statements provided to companies by the Reform Act does not apply to Composite Technology Corporation (the "Company"). However, actual events or results may differ from the Company's expectations on a negative or positive basis and are subject to a number of known and unknown risks and uncertainties including, but not limited to, resolution of pending and threatened litigation matters involving CTC or its subsidiaries, resolution of disputes with CTC's or subsidiaries' creditors competition with larger companies, development of and demand for a new technology, general economic conditions, the availability of funds for capital expenditure and financing in general by us and our customers, availability of timely financing, cash flow, securing sufficient quantities of essential raw materials, timely delivery by suppliers, ability to maintain quality control, collection-related and currency risks from international transactions, the successful outcome of joint venture negotiations, or the Company's ability to manage growth. Other risk factors attributable to the Company's business may affect the actual results achieved by the Company, including those that are found in the Company's Annual Report filed with the SEC on Form 10-K for fiscal year ended September 30, 2009 and subsequent Quarterly Reports on Form 10-Q and subsequent Current Reports filed on Form 8-K that will be included with or prior to the filing of the Company's next Quarterly or Annual Report.
Contact Investor Relations
James Carswell
+1-949-428-8500
Source: Marketwire (November 16, 2010 - 8:05 AM EST)
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Sauer Energy Issues Special Letter to Shareholders
Nov. 16, 2010 (Marketwire) --
NEWBURY PARK, CA -- (Marketwire) -- 11/16/10 -- Sauer Energy, Inc. ("SEI") (OTCBB: SENY), a developer and producer of home and enterprise scale vertical axis wind turbine (VAWT) systems, today issued the following Special Letter to Shareholders.
Dear Shareholder:
Sauer Energy's successful transition into a public company this summer was an important milestone in our company's history, and I would like to welcome all of our new shareholders. Upon the change of our parent company name to Sauer Energy, and new stock ticker symbol (SENY), this is an opportune time to introduce myself, discuss our favorable industry position and plans for the next year.
Sauer Energy develops and produces wind turbine systems that are roof mountable on homes or small buildings. Unlike the 200 to 300-foot high commercial scale horizontal-axis wind turbines you may have seen on plains, deserts or off shore, ours are about five feet tall and designed specifically for the individual home or small business owner's roof. To see our new wind turbine photo gallery, click on: http://bit.ly/aqaxyE or just visit www.sauerenergy.com and go to The Turbine/Pictures.
Sauer Energy: The Beginning
In 2007, about the time oil prices were climbing to $150 a barrel, and gasoline reached $5 per gallon, we began developing the Sauer Energy Vertical Axis Wind Turbine (VAWT) and filing patents to protect our valuable intellectual property. Vertical axis means that our turbine blades revolve around a rotor that is in the vertical position.
Wind is an ideal solution, especially if you can make it affordable and easy to install. Sauer Energy is deploying multi-patented technology that makes our turbines highly productive yet small and affordable. We are targeting the individual home and small or mid size enterprise because almost no one is working to help the family or small business lower their utility bills.
Today, we have developed a pre-production prototype of a patented VAWT that is being readied for commercialization and launch. With a growing patent estate, its revolutionary design addresses a number of the technology's known shortcomings such as noise pollution, minimum blade speed threshold, bird endangerment and space limitation, while enhancing its advantages. It is designed to provide at least one quarter of an average home's electricity, economically.
Vast Wind Energy Marketplace
With energy prices spiraling higher, home and small business owners are searching for ways to lower energy costs and reduce their carbon footprint. Dependence on foreign oil is considered by many to be a national security threat, while one need look no further than the Gulf of Mexico and the recent BP disaster to understand oil and gas' environmental threat.
The ultimate renewable energy target for the United States is to install and generate 20 percent of our consumption by the year 2030, while we are under three percent currently, according to a recent U.S. Department of Energy report.
Industry experts forecast sales of small wind energy capacity to rise ten-fold over the next five years. According to the American Wind Energy Association (AWEA), "Despite an economic downturn, the U.S. market for small wind turbines -- those with rated capacities of 100 kilowatts (kW) and less -- grew 15% in 2009 with 20.3 Megawatts of new capacity... The world's leading 15 manufacturers continue to predict exponential sales growth in the U.S. market over the next five years, with projections of over one gigawatt of cumulative installed wind capacity in the U.S. by 2015."
The Sauer Energy Turbine
The vertical axis design is a compact turbine design that can be sited on location without being intrusive and may be integrated directly into existing building structures. It is designed to be highly cost effective, for a fast payback of its net cost, and for simple, plug & play installation.
Each blade of the turbine is curved and approximately two and a half feet wide by about three feet tall. The unit requires about a six-foot diameter and is mounted about two feet above a roof line or about five feet tall in total -- approximately the same height as a standard chimney. You can paint it or have it custom made with different colors, logos, names or even order it with landscape camouflage or a sky pattern. People have become accustomed to seeing satellite dishes, telephone poles and chimneys that burn and produce carbon with little efficiencies. To see a short, casual informative video of me demonstrating the ease of assembling a Sauer turbine, go to our home page www.sauerenergy.com and click on the "YouTube" screen/link on the left side of the home page.
Competitive Advantage: Compelling Economics
We fully expect our turbines' small size, robust electricity production and low cost to offer a major competitive advantage. We anticipate our initial turbine model will offer 1 - 3 kWh, using our innovative design proven to outperform conventional turbines. It offers a low startup speed with a higher threshold for capturing more mass to create more torque and produce higher energy output. Its many benefits include no electronic interference, no ground resonance, remarkably quieter than the propeller types in operation and ease of operation.
Depending on configuration and output, our turbines are estimated to be retail priced between $6,000 and $15,000. With average wind usage, our preliminary test results indicate an approximate 24-month payback to the consumer including the various federal and other rebates and energy tax credits. After that, all the electricity produced is as free as the wind. We are projecting that, in a windy area, the Sauer Energy Turbine can produce about 25 to 50 percent of the electricity for an average home.
Our turbine is designed to be virtually maintenance free. We plan to provide an industry leading ten-year warranty. Additionally, Sauer Energy turbine users may have the option of storing energy produced into powerful compact batteries. If they are connected to the grid, the turbine owner can be paid for all excess electricity produced that is returned to the grid (net-metering).
Sauer Energy Product Roadmap
The Sauer Energy VAWT is presently in pre-production prototype stage. It is under development and testing at world-class specialized engineering facilities that include CADCAM, other computer modeling technologies and wind tunnel tests to validate its design.
In the first quarter of 2011, we expect to submit our design to the American Wind Energy Association's (AWEA) Small Wind Certification Council, or SWCC. The SWCC will begin testing to certify that our turbine meets industry standards of safety, durability, vibration, noise, performance, power, longevity and more. SWCC will also test to validate that our turbine meets its power and performance specifications.
We estimate it will then take about three months to receive SWCC certification of the Sauer Energy Turbine's power curve and validation of its performance. The power curve is the amount of electricity generated at various wind speeds. This prestigious SWCC validation is a critical milestone, as it then enables the Company to print (validated) sales sheets and begin selling to retailers and others.
At that time, we will begin to move into commercial production with the completion of a new manufacturing facility with production molds, manufacturing equipment, machinery, tooling, parts, inventory, warehouse and distribution. SWCC will continue to test for additional industry certifications as well as one-year durability.
At the same time, we will launch our sales and marketing campaign targeting mass-market home and appliance retailers as well as wholesale government and various direct sales organizations. We target full commercial manufacturing and distribution ramping up in the second half of 2011.
Sauer Energy 2011: Positioned for Success
The Sauer Energy VAWT was met with much anticipation at the WindPower 2010 trade show in Dallas, Texas. Since then, various media publications have interviewed management, reviewed our VAWT prototype and published articles -- many of which are posted on our website. We have received strong retail and government agency interest for purchasing and distribution.
With continued ability to raise equity capital, our growth strategy envisions a full commercial launch in the second half of 2011 with early revenue growth driven by strong market penetration. In the year ahead, our goals include:
Raise Growth Capital. We will access the public markets for our lowest cost of capital to fund completion of development, commercial manufacturing and marketing to generate strong cash flow and reach profitability.
Advance R&D. Our research and development continues to accelerate, and we plan to file and receive additional patents increasing the value of our intellectual property.
Secure Top Industry Certification. We plan to receive the prestigious AWEA (American Wind Energy Association) Standard Certification from the SWCC (Small Wind Certification Council) in early 2011, as well as UL, ISO 9000 and other safety and manufacturing designations.
Reinforce Management Team. As the Company grows, we will selectively add leading industry executives to key management and board of director positions. As we are tapping the public capital markets, we will announce the addition of a veteran Director of Investor Relations soon. We plan to add a Sales & Marketing Director and reinforce our management team in 2011.
Build Manufacturing Capacity. To ensure quality control and facilitate distribution, we intend to manufacture in California and have already identified prospective facilities and vendors for the required capital equipment and parts.
Execute Aggressive Marketing Strategy. While our VAWT addresses many market sectors from government and military to homebuilders and retail, we plan a focused, cost effective marketing strategy to maximize revenue and cash flow. We will also pursue partnerships with utility companies, model "green" cities and eco-friendly institutions.
Form Strategic Alliances. We will look to form strategic alliances with industry suppliers, key customers and distributors that may include vertical integration, distribution, co-marketing, private label, JV or other agreements.
In summary, Sauer Energy has a revolutionary, plug & play home & enterprise-scale wind turbine that addresses vast unmet market demand. It is cost-effective, consumer friendly and capitalizes on a growing patent portfolio. Positive, preliminary third-party feedback increases our confidence it offers great value.
As a newly public company, Sauer Energy has greatly raised its visibility and increased its opportunities for growth. It is a privilege to lead this company into what I strongly believe to be an exciting and rewarding future.
Sincerely yours,
Dieter Sauer
President and Chief Executive Officer
Forward-Looking Statements
This news release includes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. While these statements are made to convey Company progress, business opportunities and growth prospects, readers are cautioned that such forward-looking statements represent management's opinion. Whereas management believes such representations to be true and accurate based on information and data available to the Company at this time, actual results may differ materially and are subject to risk and uncertainties. Factors that may cause actual results to differ include without limitation: dependence on key personnel and suppliers; SEI's ability to commercialize its wind turbine technology; ability to defend intellectual property; wind turbine material and component costs; competition; economic conditions; consumer demand and product acceptance, and availability of growth capital.
Additional considerations and risk factors are set forth in reports filed on Form 8-K and 10-K with the SEC and other filings. Readers are cautioned not to place undue reliance upon these forward-looking statements; historical information is not an indicator of future performance. The Company undertakes no obligation to update publicly any forward-looking statements.
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Contact:
Sauer Energy, Inc.
Dieter Sauer
President/CEO
(888) 829-8748
www.SauerEnergy.com
Source: Marketwire (November 16, 2010 - 8:01 AM EST)
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Xinde Technology Reports First Quarter Results
Nov. 16, 2010 (Marketwire) --
WEIFANG, CHINA -- (Marketwire) -- 11/16/10 -- Xinde Technology Company (OTCBB: WTFS), a widely respected China based designer and manufacturer of internal combustion engines and parts, primarily for the domestic market in China, announced today that net income in its first quarter ended September 30, 2010 increased 23% year over year despite a 20% decline in revenues in the same period.
Revenues in the quarter were $30,138,909 compared to $37,634,510 in the year earlier period, which the Company said primarily reflected lower diesel engine sales, in an increasingly competitive market which lowered selling prices per unit. Net income in the period of $5,456,377, compared with $4,426,736 in the prior year first quarter, and was boosted by an exemption granted by local tax authorities for a Value Added Tax payable of $3,231,156.
Continued Focus on Environmentally Friendly Products
Mr. Dianjun Liu, President and CEO of the Company, stated, "There were significant bright spots in the quarter. Sales of our electricity pump, which has met the Euro III standard, increased 24% compared to the same period last year and we remain very excited about the growth potential of our environmentally friendly product lines." He continued, "Sales of one of our traditional, multi-cylinder engines also showed strength, increasing 41% compared with the same period in 2009. Going forward, I also believe adjustments we made in our product structure at Huaxin and Jinma to improve overall margins will contribute to improved results."
About Xinde Technology Company
Based in China's Shandong Province in the city of Weifang, Xinde Technology Company competes in three primary product segments, namely (1) fuel injection system products, (2) diesel engine products and (3) generator products. The Company has a broad range of products including non-vehicle diesel engines, diesel generators, injection pumps, injectors and three-coupling components, agricultural machinery and construction machinery which greatly reduces its comprehensive costs which, in turn, increases its competitiveness. The Company recently announced the successful launch of its 6CT/6LT Internal Combustion Engine Product Line.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995:
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations or beliefs, including, statements concerning the Company's operations, financial performance and condition. For this purpose, statements that are not statements of historical fact may be deemed to be forward-looking statements. The Company cautions that these statements by their nature involve risks and uncertainties, and actual results may differ materially depending on a variety important factors, including, but not limited to, the impact of competitive conditions and effectiveness of marketing; changes in laws and regulations; fluctuations in costs of production, financing and other factors as discussed in the Company's reports filed with the Securities and Exchange Commission from time to time, In addition, the Company disclaims any obligation to update any forward-looking statement to reflect events or circumstances after the date hereof. No securities regulatory authority has either approved or disapproved the contents of this new release. This release is not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States absent registration or an exemption from registration. Any public offering of securities to be made in the United States will be made by means of a prospectus that may be obtained from the issuer or selling security holder and that will contain detailed information about the company and management, as well as financial statements. The Company filings with the US Securities and Exchange Commission, including the annual report for the fiscal year ended March 31, 2009 on Form 10-K, can be viewed on EDGAR Online or www.sec.gov.
XINDE TECHNOLOGY COMPANY
AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND
COMPREHENSIVE INCOME
(UNAUDITED)
Three Months Ended
----------------------------
September 30, September 30,
2010 2009
REVENUES, NET $ 30,138,909 $ 37,634,510
COST OF GOODS SOLD (25,480,066) (31,642,335)
GROSS PROFIT 4,658,843 5,992,175
Selling and marketing 1,232,706 433,004
General and administrative 326,022 293,212
INCOME FROM OPERATIONS 3,100,115 5,265,959
Interest expense, net (141,090) (106,323)
Other income (expense), net 134,603 (5,263)
Refundable value added tax 3,231,156 -
INCOME FROM OPERATIONS BEFORE INCOME TAXES 6,324,784 5,154,373
INCOME TAXES (868,407) (727,637)
NET INCOME 5,456,377 4,426,736
OTHER COMPREHENSIVE INCOME
Foreign currency translation gain 973,804 28,886
OTHER COMPREHENSIVE INCOME 973,804 28,886
COMPREHENSIVE INCOME $ 6,430,181 $ 4,455,622
WEIGHTED AVERAGE SHARES OUTSTANDING BASIC AND
DILUTED 60,000,000 42,000,000
NET INCOME PER COMMON SHARE, BASIC AND DILUTED $ 0.09 $ 0.11
============= =============
Contacts:
Dianjun Liu
President and CEO
ceo@chinaxinde.cn
Tel (Fax): 86-536-8322068
Ken Donenfeld
DGI Investor Relations
kdonenfeld@dgiir.com
Ph: (212) 425-5700
Fax: (646) 381-9727
Source: Marketwire (November 16, 2010 - 8:00 AM EST)
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Integrated Freight Corporation Executes Letter of Intent With Texas Star Express of Rockwall, Texas
Nov. 16, 2010 (Marketwire) --
SARASOTA, FL -- (Marketwire) -- 11/16/10 -- Integrated Freight Corporation (http://www.integrated-freight.com) (OTCBB: IFCR) announced today that it has executed a Letter of Intent to acquire Texas Star Express of Rockwall, TX. The LOI allows for 45 days of due diligence and a definitive agreement to be completed within that time frame. The current proposed deal is for a combination of cash, stock and a note from IFC.
Paul Henley, CEO of Integrated Freight, stated, "It is very exciting to have a company of this size and with the geographic region it covers become a part of Integrated Freight Corporation as we continue to expand."
Founded in 1987, Texas Star Express is a subsidiary of Epes Carriers, Inc. With a fleet of 315 tractors and 1,100 trailers, Texas Star Express provides regional and long haul dry van truckload services to a diverse group of general commodity customers. Dedicated services are also offered. Areas of service include Texas and surrounding states to and from the Midwest, Southeast and intra-state Texas. 2010 revenues are expected to exceed $58 million.
Integrated Freight is a Sarasota, Florida headquartered motor freight company providing long-haul, regional and local service to our customers. We specialize in dry freight, refrigerated freight and haz-waste truckload services, operating primarily in well-established traffic lanes in the upper mid-West, Texas, California and the Atlantic seaboard. Integrated Freight was formed for the purpose of acquiring and consolidating operating motor freight companies. We completed our third acquisition in May of 2010 and recently reported first quarter revenues (for the three months ended June 30, 2010) of $6.7M.
The foregoing press release contains forward-looking statements, including statements regarding the company's expectation of its future business and earnings, subject to the safe-harbor provisions for forward-looking statements provided in the Securities Exchange Act and the regulations thereunder. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the company's control. Actual results could differ materially from these forward-looking statements.
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Investor Relations Contact:
The Eversull Group, Inc.
Jack Eversull
President
972-571-1624
214-469-2361 fax
Email Contact
Source: Marketwire (November 16, 2010 - 8:00 AM EST)
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St. Bernard Software Announces Its Financial Results for the Third Quarter Ended September 30, 2010
Nov. 16, 2010 (Marketwire) --
SAN DIEGO, CA -- (Marketwire) -- 11/16/10 -- St. Bernard Software, Inc. (OTCBB: SBSW), a leader in Secure Content Management (SCM) solutions, today announced unaudited financial results for its third quarter ended September 30, 2010.
Third Quarter 2010 Financial and Operational Highlights
-- Company gained approximately 2,000 customers as a result of the recent
purchase of substantially all of the assets of Red Condor, Inc., an
award-winning provider of email security.
-- Net billings* for the 2010 third quarter totaled $5.6 million, an
increase of approximately 29% compared to the same period in 2009.
-- Net billings* for the nine months ended September 30, 2010 were $15.4
million, an increase of approximately 16% over the same period last
year.
-- Cash and cash equivalents increased to $2.8 million as of September 30,
2010 from $2.5 million as of December 31, 2009 and $1.4 million as of
September 30, 2009.
-- Generated positive cash flow of $335,000 for YTD 2010 compared to
$630,000 negative cash flow for the same period in 2009, an increase
of 153%. Cash flow for the period includes $3.2 million of convertible
notes issued by the company in connection with a Security Purchase
Agreement. The notes can be converted into shares of Company stock at
$1.10 per share.
-- Q3 operating expenses increased approximately 36 % from $3.3 million in
2009 to $4.4 million in 2010 as a result of additional operating
expenses and transaction costs associated with the Red Condor
Transaction.
-- Year to date net loss increased to $1.9 million through September 30,
2010 from $600,000 for the same period of 2009 mainly a result of
additional operating expenses and transaction costs associated with the
Red Condor Transaction.
-- In August 2010, the company entered into a lease agreement for new
corporate offices effective January 1, 2011. The Company's lease
payment is expected to decrease approximately $1 million per year
starting in 2011.
"Our third quarter met operational expectations and we are optimistic about the substantial growth in billings that we saw compared to 2009," said Lou Ryan, CEO of St. Bernard Software. "Additionally, we were fully prepared for the integration of Red Condor Inc. and are pleased with the results. Our expense line continues to be within expectations."
Third Quarter and Year-to-Date 2010 Net Billings*
Net billings* increased for the quarter ended September 30, 2010 by approximately 29% from $4.4 million in 2009 to $5.6 million in 2010. Year to date, for the nine months ending September 30, 2010, net billings totaled $15.4 million, a 16% increase compared to $13.3 million for the same period ending September 30, 2009.
* Net billings represent the amount of subscription contracts billed to customers net of discounts and are not numerical measurements that can be calculated in accordance with GAAP. The Company provides this measurement in its financial performance because this measurement provides a consistent basis for understanding the company's sales activities for the current period. The Company believes the billing measurement is useful to investors because the GAAP measurements of revenue and deferred revenue in the current period include subscription contracts commenced in the prior periods. The rollforward of deferred revenue (which includes net billings and revenue) for the third quarter of 2010 is set forth at the end of this press release.
Asset Purchase Agreement
On July 28, 2010, the Company entered into an Asset Purchase Agreement ("APA") with Red Condor, Inc., an award-winning provider of fully managed email security solutions, pursuant to which St. Bernard purchased substantially all of the assets and assumed certain liabilities of Red Condor in return for restricted shares of Common Stock of St. Bernard. The acquisition builds upon the success of St. Bernard's existing hybrid platform as Red Condor's managed security solutions is a natural extension of St. Bernard's product portfolio and business strategy. As a result of the acquisition, the Company gained approximately 2,000 new customers, a highly scalable on-demand platform, a sophisticated Threat Analysis Center, and a world class provisioning engine.
During the third quarter, we focused on and completed a significant portion of the transition of the Red Condor product on to our current hybrid platform. We have integrated Red Condor's 24x7x365 messaging Threat Analysis Center into our Unified Threat Intelligence Center.
Financing/Credit Facilities
On August 2, 2010, the Company issued convertible notes (the "Notes") in the amount of $3.2 million pursuant to a Securities Purchase Agreement ("SPA") with certain Noteholders (the "Investors"). Pursuant to the terms of the SPA, St. Bernard issued to the Investors Notes and Warrants ("Warrants") to purchase up to 210,111 shares of Common Stock in the aggregate. Under the terms of the Notes, the Notes mature on August 2, 2014. Interest on the outstanding principal balance accrues at a rate of three percent (3.0%) per annum and accrued interest is added to the balance of the Notes. All unpaid principal and interest on the Notes is due and payable at maturity. The Investors may convert the Notes at any time into shares of Common Stock of St. Bernard at a fixed conversion price of $1.10. At any time after the issuance date of the Notes and prior to the Maturity Date, following the occurrence of any period of 60 consecutive trading days where the average closing price of the Common Stock of St. Bernard for such period is equal to or greater than $1.25 per share, the entire unpaid principal amount of the Notes together with any unpaid interest shall be converted into Common Stock of St. Bernard at a conversion price of $1.10. The Warrants have an exercise price equal to $1.10 per share, are immediately exercisable and expire on August 2, 2014. The Company expects to use the additional funding to improve the Company's market leadership position through accelerated hybrid platform development and the delivery of new and innovative offerings to its global customers.
The Company has an existing credit facility with Silicon Valley Bank under which there was a borrowing availability of $1.9 million with no balance outstanding as of September 30, 2010.
Corporate Facilities Lease Agreement
On August 2, 2010, the Company entered into a lease agreement (the "New Lease") for approximately 28,633 square feet. The premises will serve as the Company's new headquarters when its current lease expires on December 31, 2010. The New Lease has a term of sixty-five (65) months. Beginning January 1, 2011, the Company will only be required to pay a monthly Base Rent in the amount of $46,000. The Company currently leases approximately 56,000 square feet for its corporate office space. The current facility lease calls for monthly rent of approximately $142,000 per month.
Business Outlook
Mr. Ryan added, "In addition to strong current quarterly billings and operational execution, we anticipate significant expense savings as we move to our new Company Headquarters in Q1 2011. The move enables us to significantly improve our space creating long term operational benefits while reducing annual cost by approximately $1 million. We expect that this savings will be reinvested in our overall growth strategy.
"We are also excited about this quarter's new product offering; iPrism RF. iPrism RF, our Remote Filtering Client, has been well received and sales are meeting expectations. We have an ambitious new product schedule and that we will continue to invest in our engineering and product development efforts to differentiate our offerings.
"Year to date we have executed well against our growth plan. We began this year with an aggressive strategy which outlined new products, new experienced executives and the acquisition of additional working capital. We have met all of our goals to and are poised to exit 2010 from a position of strength."
About St. Bernard
St. Bernard Software develops and markets on demand, on-premises, and hybrid Secure Content Management (SCM) solutions to the mid-enterprise and small to medium business (SMB) markets. The company recently expanded its product portfolio with the acquisition of substantially all of the assets of Red Condor, a leading provider of messaging security solutions. With an extensive ISP and MSP partner network and millions of end users worldwide in more than 8,000 enterprises, educational institutions, SMB, and government agencies, St. Bernard strives to deliver simple, high performance solutions that offer excellent value to our customers.
Based in San Diego, California, St. Bernard (OTCBB: SBSW) markets its solutions through a network of value added resellers, distributors, system integrators, OEM partners and directly to end users. For more information about St. Bernard Software, visit www.stbernard.com.
Forward Looking Statement
This press release may contain forward-looking statements that involve risks and uncertainties, as well as assumptions that, if they prove incorrect, could cause our results to differ materially from those expressed or implied by such forward-looking statements. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including, among other things, any projections of billings or net billings, savings and our ability to reinvest any savings towards our growth strategy; any statements of the plans, strategies, and objectives of management (including statements about product schedules, investment in engineering and product development efforts to differentiate St. Bernard's offerings, and statements about our ability to exit 2010 from a position of strength); any statements concerning proposed new products, services, or developments; statements of belief and any statement of assumptions underlying any of the foregoing. The risks, uncertainties and assumptions referred to above include, among other things, performance of contracts by customers and partners; the ability to retain the customers obtained through the recent Red Condor transaction; employee management issues; the timely development, production and acceptance of products and services and their feature sets; the challenge of managing asset levels, including inventory; the flow of products into third-party distribution channels; our ability to integrate our acquisitions in accordance to plan; and the difficulty of keeping expense growth at modest levels while increasing revenues. These and other risks and factors that could cause events or our results to differ from those expressed or implied by such forward-looking statements are described in our most recent annual report on Form 10-K, as well as other subsequent filings with the Securities and Exchange Commission. We assume no obligation and do not intend to update these forward-looking statements.
©2010 St. Bernard Software Inc. All rights reserved. The St. Bernard Software logo, iPrism, iGuard, the Red Condor logo, and Vx Technology are trademarks of St. Bernard Software Inc. All other trademarks and registered trademarks are hereby acknowledged.
St. Bernard Software, Inc.
Condensed Consolidated Balance Sheets
September 30, December 31,
2010 2009
------------- -------------
(Unaudited)
Assets
Current Assets
Cash and cash equivalents $ 2,789,000 $ 2,454,000
Accounts receivable - net of allowance for
doubtful accounts of $30,000 and $13,000
at September 30, 2010 and December 31,
2009, respectively 4,446,000 2,534,000
Inventories - net 447,000 242,000
Prepaid expenses and other current assets 409,000 335,000
------------- -------------
Total current assets 8,091,000 5,565,000
Fixed Assets - Net 588,000 564,000
Goodwill 8,280,000 7,568,000
Intangible Assets - Net 619,000 -
Other Assets 737,000 148,000
------------- -------------
Total Assets $ 18,315,000 $ 13,845,000
============= =============
Liabilities and Stockholders' Deficit
Current Liabilities
Short-term borrowings $ 483,000 $ 2,250,000
Accounts payable 981,000 817,000
Accrued compensation 1,349,000 834,000
Accrued expenses and other current
liabilities 819,000 597,000
Warranty liability 190,000 192,000
Capitalized lease obligations - 22,000
Deferred revenue 10,942,000 10,209,000
------------- -------------
Total current liabilities 14,764,000 14,921,000
Convertible Note Payable 3,175,000 -
Deferred Revenue 10,054,000 7,708,000
------------- -------------
Total liabilities 27,993,000 22,629,000
------------- -------------
Stockholders' Deficit
Preferred stock, $0.01 par value; 5,000,000
shares authorized; no shares issued and
outstanding - -
Common stock, $0.01 par value; 50,000,000
shares authorized; 15,922,696 and
13,319,991 shares issued and outstanding at
September 30, 2010 and December 31, 2009,
respectively 157,000 132,000
Additional paid-in capital 41,742,000 40,774,000
Accumulated deficit (51,577,000) (49,690,000)
------------- -------------
Total stockholders' deficit (9,678,000) (8,784,000)
------------- -------------
Total Liabilities and Stockholders' Deficit $ 18,315,000 $ 13,845,000
============= =============
St. Bernard Software, Inc.
Condensed Consolidated Statements of Operations (Unaudited)
Three months ended Nine months ended
September 30, September 30,
-------------------------- --------------------------
2010 2009 2010 2009
------------ ------------- ------------ ------------
Revenues
Subscription $ 3,623,000 $ 3,615,000 $ 10,534,000 $ 10,996,000
Appliance 961,000 875,000 2,727,000 2,691,000
License 3,000 3,000 56,000 9,000
------------ ------------- ------------ ------------
Total Revenues 4,587,000 4,493,000 13,317,000 13,696,000
------------ ------------- ------------ ------------
Cost of Revenues
Subscription 678,000 416,000 1,488,000 1,316,000
Appliance 651,000 594,000 1,884,000 1,826,000
License 1,000 9,000 13,000 11,000
------------ ------------- ------------ ------------
Total Cost of
Revenues 1,330,000 1,019,000 3,385,000 3,153,000
------------ ------------- ------------ ------------
Gross Profit 3,257,000 3,474,000 9,932,000 10,543,000
Operating Expenses
Sales and
marketing 1,868,000 1,474,000 5,288,000 4,715,000
Research and
development 1,249,000 860,000 2,964,000 2,988,000
General and
administrative 1,330,000 462,000 3,335,000 2,709,000
Impairment
expense - 473,000 - 473,000
------------ ------------- ------------ ------------
Total Operating
Expenses 4,447,000 3,269,000 11,587,000 10,885,000
------------ ------------- ------------ ------------
(Loss) Income from
Operations (1,190,000) 205,000 (1,655,000) (342,000)
Other Expense
(Income)
Interest expense
- net 37,000 79,000 133,000 250,000
Other expense
(income) 79,000 9,000 99,000 (29,000)
Total Other Expense 116,000 88,000 232,000 221,000
------------ ------------- ------------ ------------
Loss (Income)
Before Income
Taxes (1,306,000) 117,000 (1,887,000) (563,000)
Income tax expense - - - (5,000)
------------ ------------- ------------ ------------
Net (Loss) Income $ (1,306,000) $ 117,000 $ (1,887,000) $ (568,000)
============ ============= ============ ============
(Loss) Income Per
Common Share -
Basic $ (0.09) $ 0.01 $ (0.14) $ (0.04)
------------ ------------- ------------ ------------
(Loss) Income Per
Common Share -
Diluted $ (0.09) $ 0.01 $ (0.14) $ (0.04)
------------ ------------- ------------ ------------
------------ ------------- ------------ ------------
Weighted Average
Shares
Outstanding -
Basic 15,069,595 13,720,371 13,956,331 14,467,141
============ ============= ============ ============
Weighted Average
Shares
Outstanding -
Diluted 15,069,595 13,873,815 13,956,331 14,467,141
============ ============= ============ ============
St. Bernard Software, Inc.
Condensed Consolidated Statements of Cash Flows (Unaudited)
Nine months ended
September 30,
--------------------------
2010 2009
------------ ------------
Cash Flows From Operating Activities
Net loss $ (1,887,000) $ (568,000)
Adjustments to reconcile net loss to net
cash used in operating activities:
Depreciation and amortization 314,000 281,000
Allowance for doubtful accounts (9,000) (32,000)
Loss on change in fair value of warrant
derivative liability 102,000 8,000
Write-off of capitalized software - 473,000
Stock-based compensation expense 135,000 486,000
Noncash interest expense 48,000 116,000
Change in operating assets and liablilities,
net of effect of acquisition:
Accounts receivable (1,265,000) 495,000
Inventories (156,000) (10,000)
Prepaid expenses and other assets (650,000) (418,000)
Accounts payable (256,000) (376,000)
Accrued expenses and other current
liabilities 47,000 (1,165,000)
Accrued compensation 515,000 543,000
Warranty liability (2,000) -
Deferred revenue 2,102,000 67,000
------------ ------------
Net cash used by operating activities (962,000) (100,000)
------------ ------------
Cash Flows From Investing Activities
Acquisition, net of cash acquired (66,000) -
Purchases of fixed assets (59,000) (75,000)
------------ ------------
Net cash used by investing activities (125,000) (75,000)
------------ ------------
Cash Flows From Financing Activities
Proceeds from convertible note payable 3,175,000 -
Proceeds from stock option exercises 12,000 -
Proceeds from the sales of stock under the
employee stock purchase plan 24,000 24,000
Principal payments on capitalized lease
obligations (22,000) (117,000)
Net decrease in short-term borrowings (1,767,000) (362,000)
------------ ------------
Net cash provided (used) by financing
activities 1,422,000 (455,000)
------------ ------------
Net Increase (Decrease) in Cash and Cash
Equivalents 335,000 (630,000)
Cash and Cash Equivalents at Beginning of
Period 2,454,000 2,051,000
------------ ------------
Cash and Cash Equivalents at End of Period $ 2,789,000 $ 1,421,000
============ ============
St. Bernard Software, Inc.
Rollforward of GAAP Deferred Revenue (Unaudited)
Three Months Ended September 30, 2010
GAAP deferred revenue balance at June 30, 2010 $ 19,000
Assumed deferred revenue of Red Condor, Inc 977
Net billings during third quarter 2010 5,606
Less GAAP revenue recognized during third quarter 2010 (4,587)
-----------
GAAP deferred revenue balance at September 30, 2010 $ 20,996
===========
Rollforward of GAAP Deferred Revenue (Unaudited)
Nine Months Ended September 30, 2010
GAAP deferred revenue balance at January 1, 2010 $ 17,917
Assumed deferred revenue of Red Condor, Inc 977
Net billings year to date 2010 15,419
Less GAAP revenue recognized year to date 2010 (13,317)
-----------
GAAP deferred revenue balance at September 30, 2010 $ 20,996
===========
Contact:
Lorrie Hunsaker
St. Bernard Software
Investor and Public Relations Manager
(858) 524-2002
Email Contact
Source: Marketwire (November 16, 2010 - 8:00 AM EST)
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Roomlinx Reports Results for Third Quarter and Nine Months Ended September 30, 2010
Roomlinx Third Quarter Revenues up 131% Compared to Third Quarter 2009
Nov. 16, 2010 (GlobeNewswire) --
DENVER, Nov. 16, 2010 (GLOBE NEWSWIRE) -- Roomlinx, Inc. (OTCBB:RMLX), the innovative developer of hotel interactive TV applications, announced results for the third quarter of 2010 and nine months ended September 30, 2010.
Financial Highlights
Q3 revenue of $1,282,180 -- up 131 percent over same period of 2009
Q3 gross profit of $236,727 -- up 37 percent over same period of 2009
Q3 Media & Entertainment recurring revenues increased 346 percent over same period of 2009
Year to date revenue of approximately $2,700,000 -- up 60 percent over same period of 2009
Year to date gross profit of $661,816 -- up 28 percent over same period of 2009
"In a down economy we continue to gain new customers," stated Michael Wasik, CEO of Roomlinx. "We will continue to focus on customer acquisitions that increase our recurring revenue streams and overall shareholder value."
Third Quarter of 2010 and Nine Months Ended September 30, 2010 Operating Results:
Roomlinx's reported revenues for the third quarter of 2010 and nine months ended September 30, 2010 were $1,282,180 and $2,656,455, respectively. This third quarter increase of 131% over the same period of 2009 numbers is primarily due to increased installations and recurring revenue streams of the media and entertainment products (iTV) and is continued validation of the shift in efforts toward maximizing revenues and profits resulting from the iTV offering.
Roomlinx's gross profit for the third quarter of 2010 and nine months ended September 30, 2010 was $236,727 and $661,816, respectively. This third quarter increase of 37% over the same period of 2009 numbers is primarily due to revenue from increased sales of goods and services, partially offset by the increased cost of goods sold.
Net loss for the third quarter of 2010 and nine months ended September 30, 2010 was $371,726 and $1,085,028, respectively, compared to a net loss of $436,973 and net loss of $2,645,126 for the third quarter of 2009 and nine months ended September 30, 2009, respectively. A non-cash derivative loss of $1,409,356 in the nine months ended September 30, 2009 strongly impacted the 2009 results.
Net loss, excluding non-cash items, was $281,678 and $859,017 for third quarter of 2010 and nine months ended September 30, 2010, respectively, compared to a net loss of $456,086 and $883,803 for the third quarter of 2009 and nine months ended September 30, 2009, respectively. These improved results are primarily due to a slight increase in operating expenses from 2009 to 2010 being offset by an increase in 2010 revenues.
About Roomlinx, Inc.
Roomlinx is a leading provider of Interactive TV products and premium digital video on demand systems for hotels, resorts, and other properties, utilizing premium content and applications demanded by today's traveler. For more information about Roomlinx, visit www.roomlinx.com.
Safe Harbor Cautionary Statement
Certain statements in this news release, including statements that we "believe," "expect," "intend," "plan" or words of similar import, are forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans, new products and services and objectives of the company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Factors that could cause actual results to differ materially from those in the forward-looking statements include, among other things, the following: the company's successful implementation of the new products and services, demand for the new products and services, the company's ability to successfully compete against competitors offering similar products and services, general economic and business conditions; unexpected changes in technologies and technological advances; ability to commercialize and manufacture products; results of experimental studies research and development activities; changes in, or failure to comply with, governmental regulations; and the ability to obtain adequate financing in the future. This information is qualified in its entirety by cautionary statements and risk factors disclosure contained in certain of the Company's Securities and Exchange Commission filings available at http://www.sec.gov, which you should carefully review. Roomlinx does not assume any obligation to update or revise any forward-looking statements, whether as the result of new developments or otherwise
CONTACT: Roomlinx
Kelly Frey
(720) 880 - 5155
kfrey@roomlinx.com
Source: Globe Newswire (November 16, 2010 - 8:00 AM EST)
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Man Shing Agricultural Holdings Announces Fiscal 2011 First Quarter Financial Results
Nov. 16, 2010 (GlobeNewswire) --
HONG KONG, Nov. 16, 2010 (GLOBE NEWSWIRE) -- Man Shing Agricultural Holdings, Inc. (OTCBB:MSAH) ("Man Shing," the "Company," "we," "us," or "our"), one of the largest Chinese exporters of fresh ginger to Japan, United Kingdom, and the Netherlands located in the Shandong Province of China, today announced strong financial results for the fiscal 2011 first quarter ending September 30, 2010.
Financial Highlights for the Three Months Ended September 30, 2010
Revenue increased 58.7% year-over-year to $7.3 million
Gross profit increased 145.4% to $3.2 million; gross margin increased 150 basis points to 43.2%
Net income increased 90.8% to $2.2 million; basic EPS of $0.06; fully diluted EPS of $0.03
"Our strong financial results during the quarter were driven by several factors including the increase in demand of our frozen and fresh ginger product line, more efficient utilization of our raw materials, economies of scale at our facility and increase in market price. The acceleration of our revenue led to significant margin expansion year-over-year and an increase in net income of over 90%," stated Eddie Cheung, Chief Executive Officer of Man Shing. "Today we remain one of the largest ginger exporters in China with over 5.3 million square meters of farmland strategically located in the Shandong Province of northern China. Our processing factory conforms with the food safety standards of the British Retail Consortium Global Food Standard requirements for food safety and also meets the Operational HACCP Specification requirements. Our resources and implemented safety standards, which enable us to provide the highest quality ginger, have presented our company with a strategic competitive advantage within the industry and opportunity to continue gaining market share."
Fiscal First Quarter 2011 Results (USD) (unaudited)
Three months ended Sep. 30, 2010 Fiscal Q1 2011 Fiscal Q1 2010 CHANGE
Sales $7.3 million $4.6 million +58.7%
Gross Profit $3.2 million $1.3 million +145.4%
Net Income $2.2 million $1.2 million +90.8%
Basic EPS $0.06 $0.06 --
Fully diluted EPS $0.03 $0.02 +50%
Financial results for the three months ended September 30, 2010
Revenue for the fiscal first quarter of 2011 ending September 30, 2010 totaled $7.3 million an increase of 58.7% compared to $4.6 million for the same period in 2009. The increase in revenue was driven by the increased consumer demand of our products, marketing strategy and quality of the Company's frozen and fresh ginger product line and increase in market price.
Cost of sales for the period ending September 30, 2010 totaled $4.2 million or 57% of revenue, an increase of 25%, compared to $3.3 million or 72% of revenue for the period ending September 30, 2009. Cost of sales primarily includes the costs associated with the planting, harvesting and maintaining of ginger and other agricultural products. As a percentage of sales, cost of sales decreased due to the large increase in sales and market price and more efficient utilization of raw materials.
Gross profit for the fiscal first quarter of 2011 totaled $3.2 million, an increase of 145.4%, compared to $1.3 million for the fiscal first quarter of 2010. Gross profit margin increased 150 basis points to 43% for the fiscal first quarter of 2011 as compared to 28% for the fiscal first quarter of 2010. This increase was primarily attributable to the increase in the selling prices of our products and the reduction in the cost of material and overhead. During the quarter we were able to utilize our plantation and processing facilities more efficiently due to economies of scale from larger output volume.
Operating expenses for the three months ended September 30, 2010 and 2009 were $932,000 and $130,000, respectively. Operating expenses increased during the quarter primarily because of an increase in selling and marketing expenses to gain market share in both existing and new markets. Income from operations increased 92.6% to $2.2 million for the fiscal first quarter of 2011 compared to $1.2 million for the fiscal first quarter of 2010.
Net income for the fiscal first quarter of 2011 totaled $2.2 million, an increase of 90.8% compared to $1.2 million for the fiscal first quarter of 2010. Basic earnings per share for the fiscal first quarter of 2011 were $0.06 and diluted earnings per share were $0.03.
Liquidity and Capital Resources
As of September 30, 2010 Man Shing Agricultural Holdings had approximately $3.8 million in cash and cash equivalents or approximately $0.10 per share. As of September 30, 2010 total current assets and total assets were $18 million and $19 million, respectively. During the same period total current liabilities and total liabilities were $5.4 million and $6.9 million, respectively. Working capital increased year-over-year by $2.3 million of 22% to $12.6 million as compared to $10.3 million the previous year. Shareholder's equity increased 25.5% to $12.1 million compared to $9.6 million the previous year.
Eddie Cheung continued, "In the near future we anticipate the worldwide ginger industry to continue to grow and consumer demand for high quality ginger to continue to increase. Today we lease 5.3 million square meters of farmland and to satisfy this demand we are enacting an aggressive growth strategy to expand to 8 million square meters. Additionally, we anticipate further penetrating the existing markets we export our products to, including Japan and the UK, through the long existing customer relationships we have in those regions and increased marketing of our products. Our goal is to enhance the market share we currently possess as a Chinese exporter of ginger and remain confident in our ability to attain our previously stated guidance of $8 million in net income for the fiscal year 2011."
About Man Shing Agricultural Holdings, Inc.
Man Shing Agricultural Holdings, Inc., through its operating subsidiary in Shandong of China, is focused on the production and processing of fresh vegetables, including mainly ginger and others such as onion and garlic. The Company produces high quality ginger which meets the requirements of the British Retail Consortium Global Food Standard. The Company focuses on customers located in countries such as Japan and the European Union which are food safety oriented. For further information about Man Shing Agricultural Holdings, Inc, please visit the Company's website at http://www.msaginger.com/
Forward Looking Statement:
This Annual Report on Form 10-K contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. These statements relate to future events or our future financial performance. We have attempted to identify forward-looking statements by terminology including "anticipates," "believes," "expects," "can," "continue," "could," "estimates," "expects," "intends," "may," "plans," "potential," "predict," "should" or "will" or the negative of these terms or other comparable terminology. These statements are only predictions. Uncertainties and other factors may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels or activity, performance or achievements expressed or implied by these forward-looking statements.
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. Our expectations are as of the date hereof, and we do not intend to update any of the forward-looking statements after the filing date to conform these statements to actual results, unless required by law.
We file annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and proxy and information statements and amendments to reports filed or furnished pursuant to Sections 13(a) and 15(d) of the Securities Exchange Act of 1934, as amended. You may read and copy these materials at the SEC's Public Reference Room at 100 F Street, N.E., Washington, D.C. 20549. You may obtain information on the operation of the public reference room by calling the SEC at 1-800-SEC-0330. The SEC also maintains a website (http://www.sec.gov) that contains reports, proxy and information statements and other information regarding us and other companies that file materials with the SEC electronically.
Man Shing Agricultural Holdings, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
As of September 30, 2010 and June 30, 2010
9/30/2010 6/30/2010
(Audited)
ASSETS
CURRENT ASSETS
Cash and cash equivalents $3,807,609 $378,929
Accounts receivable, trade 2,737,418 2,249,998
Inventory 2,702,548 4,938,043
Prepayments 8,727,491 5,469,226
Other receivables 760 747
TOTAL CURRENT ASSETS $17,975,827 $13,036,943
FIXED ASSETS
Property, plant, and equipment 944,694 908,105
Accumulated depreciation (205,396) (182,665)
Construction in progress 283,536 124,697
NET FIXED ASSETS $1,022,834 $850,137
TOTAL ASSETS $18,998,661 $13,887,080
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Short-term borrowings $358,150 $352,087
Note payable 318,375 318,375
Accounts payable 532,752 597,791
Other payables and accrued liabilities 1,057,337 1,047,529
Received in advance 2,939,755 314,916
Tax payable 207,554 128,338
TOTAL CURRENT LIABILITIES $5,413,922 $2,759,037
LONG-TERM LIABILITIES
Convertible Notes $1,500,000 $1,500,000
TOTAL LIABILITIES $6,913,922 $4,259,037
STOCKHOLDERS' EQUITY
Preferred stock, $.001 par, 25,000,000 shares authorized, 3,535,000 shares issued and outstanding at
September 30, 2010 and June 30, 2010 3,535 3,535
Common stock, $.001 par, 175,000,000 shares authorized, 38,026,958 shares issued and outstanding at
September 30, 2010 and June 30, 2010 38,027 38,027
Additional paid-in capital 177,187 177,187
Accumulated other comprehensive income 437,148 189,186
Statutory reserves 2,134,501 2,134,501
Accumulated earnings 9,294,340 7,085,608
TOTAL STOCKHOLDERS' EQUITY $12,084,738 $9,628,043
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $18,998,661 $13,887,080
Man Shing Agricultural Holdings, Inc. and Subsidiaries
Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income
For the Three Months ended September 30, 2010 and 2009
For the Three Months Ended
9/30/2010 9/30/2009
Revenues 7,333,954 4,621,526
Cost of sales 4,163,709 3,329,582
Gross profit 3,170,245 1,291,944
Operating expenses
Selling and marketing 782,208 80,123
General and administrative 150,202 49,899
Total Operating Expenses 932,410 130,022
Income from Operations 2,237,835 1,161,922
Other income (expenses)
Financial income (expenses) (28,867) (6,232)
Non-operating income (expense) (236) 2,190
Total other income (loss) (29,103) (4,042)
Income from Operations 2,208,732 1,157,880
Income taxes 0 0
Net Income 2,208,732 1,157,880
Other comprehensive income
Foreign currency translation gain 247,962 1,959
Total comprehensive income 2,456,694 1,159,839
Earnings per share
Basic 0.06 0.06
Diluted 0.03 0.02
Weighted-average common shares outstanding
Basic 36,345,522 19,951,326
Diluted 72,389,015 56,806,882
CONTACT: Man Shing Agricultural Holdings, Inc.
Mr. Eddie Cheung, CEO
+86-536-464-4888
eddie@msaginger.com
http://www.msaginger.com/
HSC Global, an affiliate of HC International, Inc.
Investor Contact:
Alan Sheinwald, Managing Director
(914) 669-0222
Alan.sheinwald@hscglobal.net
www.hcinternational.net
Source: Globe Newswire (November 16, 2010 - 8:00 AM EST)
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Spicy Pickle Franchising Reports Third Quarter Results
Nov. 16, 2010 (Marketwire) --
DENVER, CO -- (Marketwire) -- 11/16/10 -- Spicy Pickle Franchising, Inc. (OTCBB: SPKL), fast casual restaurant operator and franchisor of its Spicy Pickle U.S. and BG Urban Café Canadian brands, today announced results for its third quarter and nine months ended September 30, 2010.
For the third quarter, the first full quarter under new management, revenues increased to $1,132,631 from $954,188. For the nine months, revenues increased to $3,321,222 from $3,181,641. Revenues were higher due to increases in franchise fees, royalties and rebates which totaled $487,375 for the quarter vs $295,979 in the year ago quarter, and $1,383,206 for the nine months, up from $1,094,367 for the nine months the year before.
The loss from operations totaled $810,616 for the quarter compared with $608,190 for the year ago quarter and $1,851,663 for the nine months vs $1,570,875 for the nine months of 2009.
"Approximately $350,000 in expenses for the quarter was either non-cash or severance related and we have increased our investments in re-branding the Spicy Pickle and Urban Cafés concepts. Additionally, we have increased our advertising spending for both brands and have invested in strengthening our management team and board of directors," reported CEO Mark Laramie.
"Most importantly, we are now seeing increased restaurant average weekly sales. Furthermore, we are beginning to experience improved unit level economics as a result of our new supply chain. However, company owned store revenue has been reduced due to closing one of our company owned restaurants pending relocation. Thus, we are now operating six rather than seven company owned units. A full discussion is included in our current 10Q report and we encourage interested parties to review it," said Mr. Laramie.
The company had total assets of $5.3 million at September 30, 2010, versus $5.8 million at the same time a year ago. Current assets amounted to $1.13 million versus current liabilities of $1.45 million of which the $350,000 in deferred franchise revenue is a non-cash obligation. The company reported it has borrowed about $1 million on its $2 million line of credit.
Outlook:
"We are still somewhat dependent on the economy and consumer spending, but we believe we have accomplished a great deal in a short time. We believe that through the marketing and re-branding investments we are making, and will continue to make, we are positioning both of our brands for future growth and development. We are optimistic 2011 will be a very active year in terms of franchisee development activities," concluded Laramie.
About Spicy Pickle® and BG Urban Café™ Brands:
Founded in 1999, Spicy Pickle Franchising, Inc. (OTCBB: SPKL) serves high quality meats and fine artisan breads baked fresh daily, along with a wide choice of eight cheeses, 22 toppings, and 14 proprietary spreads to create healthy, delicious panini and sub sandwiches with flavors from around the world. As a leading "fast-casual" concept, Spicy Pickle restaurants offer menu items that are far beyond traditional fast food without the price points of casual dining. The hallmark of a Spicy Pickle restaurant is great food and quality service in an enjoyable atmosphere. The company is headquartered in Denver, Colorado, with restaurants in 10 states. A Spicy Pickle Franchising subsidiary owns and operates as franchisor of the BG Urban Café brand in the metropolitan Vancouver, Canada area. BG Urban Café locations serve coffee, pastries, breakfast items, lunch, dinner and a wide variety of desserts. Visit our website at www.spicypickle.com.
Forward-Looking Statements:
Certain statements in this press release, including statements regarding the number of restaurants we intend to open, are forward-looking statements. We use words such as "anticipate," "believe," "could," "should," "estimate," "expect," "intend," "may," "predict," "project," "target," and similar terms and phrases, including references to assumptions, to identify forward-looking statements. The forward-looking statements in this press release are based on information available to us as of the date any such statements are made and we assume no obligation to update these forward-looking statements. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those described in the statements. These risks and uncertainties include, but are not limited to, the following: factors that could affect our ability to achieve and manage our planned expansion, such as the availability of a sufficient number of suitable new restaurant sites and the availability of qualified franchisees and employees; risks relating to our expansion into new markets; the risk of food-borne illnesses and other health concerns about our food products; changes in the availability and costs of food; changes in consumer preferences, general economic conditions or consumer discretionary spending; the impact of federal, state or local government regulations relating to our franchisees and employees, and the sale of food or alcoholic beverages; the impact of litigation; our ability to protect our name and logo and other proprietary information; the potential effects of inclement weather; the effect of competition in the restaurant industry; and other risk factors described from time to time in our SEC reports.
Source: Marketwire (November 16, 2010 - 8:00 AM EST)
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TV Goods Announces Partnership With Allstar Products Group
The Consumer Products Company Behind the Snuggie(R) Blanket, Topsy Turvy(R) Tomato Planter and Bendaroos(R) Building Sticks, Adds TV Goods' BrightFeet(TM) Lighted Slippers to Their Brand Portfolio
Nov. 16, 2010 (Marketwire) --
CLEARWATER, FL -- (Marketwire) -- 11/16/10 -- TV Goods Holding Corporation, ("TV Goods") a direct response marketing organization and wholly owned subsidiary of H & H Imports, Inc. (OTCBB: HNHI), has entered into a partnership agreement with Allstar Products Group. Allstar Products Group (www.allstarproductsgroup.com) is a leading direct response and consumer products company, whose products include the popular Snuggie® Blanket with Sleeves and the Topsy Turvy® Upside Down Planter. Under the terms of the agreement, Allstar Products Group and TV Goods will coordinate efforts to market the complete line of BrightFeet™ Lighted Slippers.
Steve Rogai, CEO of TV Goods, stated, "This innovative product has the potential to become a strong retail selling brand. We look forward to our strategic partnership with Allstar Products Group, which can put BrightFeet™ Lighted Slippers on the fast track into national retail distribution channels."
BrightFeet™ Lighted Slippers are an innovative consumer product which combine the comfort of slippers with a LED providing a guiding light in the dark. In September, TV Goods announced the acquisition of exclusive marketing rights to the BrightFeet™ Lighted Slippers. BrightFeet™ Slippers have been featured on ABC's "Good Morning America," "The View" and "World News Now," CNN "Money," NBC's "The Today Show," Fox News' "Day Side," HGTV's "I Want That!," and "The Montel Williams Show." They have also been showcased in The Boston Herald, Real Simple magazine, and Better Homes and Garden magazine. For more information about BrightFeet™ Lighted Slippers or to view the infomercial please visit http://www.tvgoodsinc.com/videos.cfm.
About the Company:
H & H Imports, Inc. is the parent company of TV Goods Holding Corporation. TV Goods Holding Corporation is a direct response marketing company. We identify, develop and market consumer products for global distribution. TV Goods was established by Kevin Harrington, a pioneer and principal architect of the "infomercial" industry. Kevin Harrington is an original investor on the ABC show "Shark Tank," which is owned by SONY Pictures and produced by reality TV mogul Mark Burnett. TV Goods management is responsible for over 500 infomercial spots accounting for over $4 billion in sales revenues. For more information go to www.TVGoodsInc.com.
Forward-Looking Statements:
Except for statements of historical fact, the matters discussed in this press release are forward looking and made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "future," "plan" or "planned," "expects," or "projected." These forward-looking statements reflect numerous assumptions and involve a variety of risks and uncertainties, many of which are beyond the company's control that may cause actual results to differ materially from stated expectations. These risk factors include, among others, limited operating history, difficulty in developing, exploiting and protecting proprietary technologies, intense competition and additional risks factors as discussed in reports filed by the company with the Securities and Exchange Commission, which are available at http://www.sec.gov.
Investor Contact:
DC Consulting, LLC
407-792-3332
investorinfo@dcconsultingllc.com
Source: Marketwire (November 16, 2010 - 8:00 AM EST)
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Deltron Blu Vu's Dr. Bozanic to Launch New Book at International Diving Conference
Nov. 16, 2010 (Business Wire) -- Deltron, Inc. (OTCBB: DTRO) is pleased to announce that Dr. Jeffrey Bozanic, Vice President of Deltron’s Blu Vu division, has written a book entitled “Mastering Rebreathers, Second Edition,” published by Best Publishing Company, the largest distributor of educational diving literature. Dr. Bozanic’s book on the leading edge underwater breathing systems will launch at the international Diving Equipment & Marketing Association (DEMA) Show in Las Vegas, Nevada, on November 17, 2010.
Blu Vu, a division of Deltron, designs and develops components and systems for closed-circuit rebreathers. Rebreathers are underwater life support systems that recirculate breathing gases to enable deeper, longer and more productive dives. Research and development is led by internationally renowned deep sea and cave diving expert, author and accident investigator Jeffrey Bozanic, Ph.D.
Dr. Bozanic has been teaching technical diving since 1983. He serves as a National Diving Advisor to the U.S. National Park Service, Research Associate for the Natural History Museum of Los Angeles, Chairman of the NSS-CDS Accident Committee, TDI Rebreather Advisory Committee member, and Diving Safety Officer of Island Caves Research Center. Dr. Bozanic has provided consulting services for a wide variety of companies involved with rebreathers including Poseidon, Titan Dive Gear, Steam Machines, Dive Rite, B&E Engineering (Nautilus America), Micropore and Teledyne.
Dr. Bozanic’s first edition of “Mastering Rebreathers,” published in 2002, was widely distributed and became internationally acclaimed as the seminal textbook on rebreather technology and use. “Mastering Rebreathers, Second Edition” is both an update and continuation of the first book, offering new information and appendices. It is designed for use as a textbook for all agencies and users—recreational, technical, commercial, military and scientific. The comprehensive text covers different types of rebreathers, the pros and cons of different equipment for a variety of diving situations, diving physiology and physics, emergency procedures, and dive travel with rebreathers. Each chapter begins with a list of specific learning objectives to enable divers to learn about the equipment and supplies needed for pre-dive, dive, post-dive, and maintenance procedures.
Henry Larrucea, Deltron CEO, commented: “Dr. Jeff Bozanic is a highly regarded expert in the use and development of rebreather technology. In 2007 he was chosen by his peers to receive the DAN/Rolex Diver of the Year award. His knowledge and experience are unmatched in the diving world. Deltron is extremely proud to have him at the helm of Blu Vu leading design, development and marketing of our rebreather products and we congratulate him on this latest accomplishment.”
Dr. Jeffrey Bozanic, Vice President of Deltron’s Blu Vu division, commented: “I am delighted to be able to share my experiences and knowledge with the international diving community. I hope that ‘Mastering Rebreathers, Second Edition’ will provide lifesaving information, technical instruction and practical advice for my fellow underwater explorers. Rebreather technology is truly the next generation of breathing equipment and I hope to help advance awareness and adoption of rebreathers worldwide.”
Founded in 1966, Best Publishing Company has become the largest and one of the most respected publishers of educational books on diving, wound care and hyperbaric medicine. With a warehouse and distribution center in Flagstaff, Arizona, and corporate offices in West Palm Beach, Florida, Best Publishing distributes titles to government agencies, hospitals, physicians, libraries, universities, bookstores, commercial dive organizations, sport divers, dive shops, museums, aquariums, and hyperbaric chamber operators around the world.
About Deltron, Inc. (DTRO.OB)
Deltron acquires profitable businesses with strong management teams, substantial revenue and established market positions. Wholly owned Elasco is a proven innovator in product manufacturing with a 31-year operating history, diverse customer base and vertically integrated manufacturing facility in Garden Grove, California. Blu Vu, a division of Deltron, is a developer of proprietary closed circuit rebreather technology and components that go beyond conventional scuba systems to enable commercial and recreational divers to go deeper, stay underwater longer and recover faster.
This Press Release may contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. DTRO has tried, whenever possible, to identify these forward-looking statements using words such as "anticipates", "believes", "estimates", "expects", "plans", "intends", "potential" and similar expressions. These statements reflect DTRO’s current beliefs and are based upon information currently available to it.
Accordingly, such forward-looking statements involve known and unknown risks, uncertainties and other factors which could cause DTRO’s actual results, performance or achievements to differ materially from those expressed in or implied by such statements. DTRO undertakes no obligation to update or advise in the event of any change, addition or alteration to the information catered in this Press Release including such forward-looking statements.
Deltron, Inc.
Investor Relations
Henry Larrucea, 714.908.5164
info@dtro.com
www.dtro.com
Source: Business Wire (November 16, 2010 - 8:00 AM EST)
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AlphaRx To Present GAI-122 and Zysolin Pre-Clinical Study Data At AAPS Annual Meeting
Nov. 16, 2010 (PR Newswire) --
HONG KONG - AlphaRx, Inc. (OTCBB: ALRX) is pleased to announce that Dr. Joseph Schwarz, Chief Scientist of the Company will present GAI-122 and Zysolin™ development program through two poster presentations at the American Association of Pharmaceutical Scientists annual meeting held in New Orleans from November 14th to November 18th, 2010.
About GAI-122
GAI-122, an investigational, injectable nanoemulsion of a Mitochondria-targeted neuroprotective agent formulated with AlphaRx's proprietary drug delivery technology, and has been shown to provide significant neuroprotection in multiple in vitro and in vivo animal studies, suggesting that this injectable nanoemulsion formulation has the potential to effectively treat patients with acute ischemic stroke or to prevent postoperative delirium. Mitochondria are intracellular structures that are responsible for generating energy within all cells and play an important role in mediating brain cell function and survival. Mitochondrial dysfunction has been linked to Stroke, Alzheimer's and Huntington's diseases. It is thought that GAI-122 facilitates Adenosine Triphosphate (ATP) production, protecting cell membranes and mitochondria from oxidative damage and, in particular, brain mitochondria from swelling.
About Zysolin™
Zysolin™ is a Tobramycin compound, encapsulated in AlphaRx's Nano Drug Delivery Platform, intended for the adjunctive treatment of Gram-negative pneumonia in intubated and mechanically ventilated patients. Zysolin™ improves the intracellular activity of Tobramycin - in layman's term, increasing the drug concentration of Tobramycin inside human macrophages, thus improving its antibacterial activity against intracellular Klebsiella, Pseudomondas aeruginosa and Staphylococcus bacterial strains in pneumonia patients. The active ingredient in Zysolin™, Tobramycin, has a longstanding and proven clinical treatment record. Delivered by inhalation, using proprietary nanotechnology developed by AlphaRx, the company believes Zysolin™ will have an attractive safety, tolerability and efficacy profile when compared to injectible Tobramycin.
About AlphaRx Inc.
AlphaRx is a specialty pharmaceutical company dedicated to developing proven therapies by reformulating FDA approved and marketed drugs which through the application of its proprietary site-specific nano drug delivery technology, offers improved medical benefits and a potential for significant commercial product development. The Company's product candidates address various pharmaceutical markets, including inflammation, stroke and pneumonia.
Forward Looking Statements:
This release contains forward-looking statements within the meaning and pursuant to the Safe Harbor provisions of the Securities Litigation Reform Act of 1995 and involve risks and uncertainties that may individually or mutually impact the matters herein described, including but not limited to product development and acceptance, manufacturing, competition, regulatory and/or other factors, which are outside the control of the companies.
SOURCE AlphaRx Inc.
Source: PR Newswire (November 16, 2010 - 7:30 AM EST)
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Huifeng Bio-Pharmaceutical Reported Third-Quarter 2010 Financial Results and Raises its 2010 Year-End Guidance
Nov. 16, 2010 (PR Newswire) --
XI'AN, China, Nov. 16, 2010 /PRNewswire-Asia-FirstCall/ -- Huifeng Bio-Pharmaceutical Technology, Inc. (OTC Bulletin Board: HFGB), specializing in developing and producing botanical extracts and other raw materials for pharmaceuticals and food additives today announced its financial results for its third-quarter 2010.
Third Quarter 2010 Highlights
Net Revenues grew 66.2% year over year to $7,422,334
Gross profit was $3,906,538, up 165.5% from the third quarter of 2009 with gross margin of 52.6%, significantly increased 19.7% from 32.9% for the third quarter of 2009.
Net income was $2,155,930, an increase of $1,153,925 or 115% from the third quarter 2009, and earnings per diluted share were $0.08 based on 25.9 million shares.
Company increases full-year guidance for net income to $5.5-$6 million from previous guidance of $4.5-$5 million.
Third Quarter 2010 Results
Q3 2010
Q3 2009
CHANGE
Revenue
$7.4 million
$4.4 million
+66.2%
Gross profit
$3.9 million
$1.4 million
+165.5%
Net Income
$2.1 million
$1.1 million
+115%
EPS (Diluted)*
$0.08
$0.05
+60%
* Weighted average shares outstanding (diluted) for Q3 2010 was 25,908,427 and for Q3 2009 was 22,354,212.
"We are pleased to announce record financial results and robust growth in both our revenue and net income," Mr. Jing'an Wang, the Company's CEO, commented. "Net Revenues grew 66.2% year over year, as we experienced increased sales in our Diosmin and Rutin product lines. Our gross margins for the third-quarter 2010 increased 165%, which is a result of higher selling prices and further economies of scale. This strong performance and growth has led us to raise our full-year net income guidance for 2010."
"We are also very excited about the construction of our new 500 ton Diosmin plant, which we expect will be completed in 2011 and the final stages of the European COS audit and certification process. We believe that with European COS certification and our new 500 ton COS Standard Diosmin, the Company is positioned to be the leading producer of Diosmin for years to come." Mr. Wang continued.
For the Three Months Ended September 30, 2010 and 2009
Revenues for the quarter ended September 30, 2010 were $7,422,334, an increase of $2,956,564, or 66.2%, from $4,465,770 for the same quarter in 2009. Our increase in sales revenues for the third quarter of 2010 was mainly due to the increase in our sales of pharmaceutical raw-material and pharmaceutical intermediates, which include our products of Rutin, Troxerutin and Quercetin. An analysis of our results in sales of our products is as follows:
For the quarter ended
September 30,
Increase
Product
2010
2009
Pharmaceutical intermediates
$
2,305,410
$
1,104,279
$
1,201,131
Pharmaceutical raw-material
4,417,384
2,696,843
1,720,541
Plant extractive and others
699,540
664,648
34,892
TOTAL
$
7,422,334
$
4,465,770
$
2,956,564
Cost of sales for the quarter ended September 30, 2010 was $3,515,796, an increase of $521,191, or 17.4%, from $2,994,605 for the quarter ended September 30, 2009. Compared to the quarter ended September 30, 2009, the increase in cost of sales for the third quarter of 2010 was caused by an increase in sales of our pharmaceutical intermediates. An analysis of our results in cost of sales of our products is as follows:
For the quarter ended
September 30,
Increase
Product
2010
2009
Pharmaceutical intermediates
$
1,108,012
$
697,933
$
410,079
Pharmaceutical raw-material
1,972,627
1,863,999
108,628
Plant extractive and others
435,157
432,673
2,484
TOTAL
$
3,515,796
$
2,994,605
$
521,191
Our gross margin for the quarter ended September 30, 2010 was $3,906,538, an increase of $2,435,373, or 165%, from $1,471,165 for the same quarter in 2009 as a result of the increase in our products sold and a significant increase in the selling price of our products, mainly due to the sales increase of pharmaceutical raw-material and pharmaceutical intermediates.
Our gross margin as a percentage of revenues for 2010 increased 19.6% from 33% for the third quarter of 2009 to 52.6% in the same quarter in 2010, mainly because of a significant increase in the selling price of our products.
For the Nine Months Ended September 30, 2010 and 2009
Revenues for the nine months ended September 30, 2010 were $18,273,172, an increase of $9,389,982, or 106%, from $8,883,190 for the same period in 2009. Our increase in revenues for the nine months ended September 30, 2010 was mainly due to the increase in our sales of pharmaceutical raw-material and pharmaceutical intermediates, which include our products of Rutin, Troxerutin, L-Rhamnose, Quercetin and Diosmin. An analysis of our results in sales of our products is as follows:
Nine Months ended
September 30,
Increase
Product
2010
2009
Pharmaceutical intermediates
$
4,611,947
$
2,002,165
$
2,609,782
Pharmaceutical raw-material
11,894,424
5,445,430
6,448,994
Plant extractive and others
1,766,801
1,435,595
331,206
TOTAL
$
18,273,172
$
8,883,190
$
9,389,982
Cost of sales for the nine months ended September 30, 2010 were $10,276,838, an increase of $4,316,373, or 72.4%, from $5,960,465 for the nine months ended September 30, 2009. The increase in the cost of sales for the nine months ended September 30, 2010 was caused by an increase in sales of pharmaceutical intermediates and pharmaceutical raw-materials, which include our products L-Rhamnose, Quercetin and Diosmin. An analysis of our results in cost of sales of our products is as follows:
Nine Months ended
September 30,
Increase
Product
2010
2009
Pharmaceutical intermediates
$ 2,597,664
$ 1,247,493
$ 1,350,171
Pharmaceutical raw-material
6,830,394
3,864,665
2,965,729
Plant extractive and others
848,780
848,307
473
TOTAL
$ 10,276,838
$ 5,960,465
$ 4,316,373
The gross profit margin for the nine months ended September 30, 2010 was $7,996,334, an increase of $5,073,609 or 173.6% from $2,922,725 for the nine months ended September 30, 2009 as a result of an increase in sales of our products and a significant increase in the selling price of our products, mainly due to an increase in sales of our pharmaceutical raw-material and pharmaceutical intermediates.
Our gross margin as a percentage of sales for the nine months ended September 30, 2010 increased by 10.8% to 43.8% from 33% in the same period in 2009. The increase in gross margin was mainly due to the increase in the selling price of raw-materials.
Financial condition
Cash and cash equivalents as of September 30, 2010 were $2,088,599.
In the nine months ended September 30, 2010, cash provided by operating activities was $2,931,146, compared to cash used in operating activities of $169,785 for the nine months ended September 30, 2009, mainly due to the significant increase in our net income from continuing operations. In the nine months ended September 30, 2010, cash used in investing activities was $545,997 compared to cash used in investing activities of $194,238 for the same period in 2009, mainly as a result of the purchase of new production machinery and equipment. Cash used in financing activities in the nine months ended September 30, 2010 was $854,937, compared to cash provided by financing activities of $263,062 in the same period in 2009, primarily as the result of the repayment of a bank loan and the repayment of amounts owed to six Note holders.
The Company Increases its 2010 Guidance
The Company reaffirms its expectation that it will earn approximately $25 million in revenues for the year ended December 31, 2010, however, the Company now expects to earn net income for the year ended December 31, 2010 of approximately $5.5-$6 million, an increase of $1 million from its previous guidance of approximately $4.5-$5 million. The Company expects continued revenue growth in the last quarter of 2010 as it enters its most profitable selling period.
About Huifeng Bio-Pharmaceutical Technology, Inc.
Huifeng Bio-Pharmaceutical Technology, Inc., located in Xi'an, People's Republic of China, develops and produces plant extracts and pharmaceutical raw materials for use in pharmaceutical, nutraceutical and food production. It is the leading Chinese producer of rutin and related plant-derived chemicals in a class called flavonoids, with medicinal and other beneficial properties. Founded in 2002, Huifeng uses proprietary patented processes to extract rutin more efficiently than traditional extraction techniques. The Company is diversifying its product lines through internal development, acquisition and cooperation with scientific research organizations. More information can be found on the Company's web site at: http://www.hfgb.cn/
Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the "safe-harbor" provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve known and unknown risks, uncertainties and other factors that could cause the actual results of the Company to differ materially from the results expressed or implied by such statements, including changes from anticipated levels of sales, future national or regional economic and competitive conditions, changes in relationships with customers, access to capital, difficulties in developing and marketing new products, marketing existing products, customer acceptance of existing and new products, and other factors disclosed in the Company's Annual Report on Form 10K for the year ended Dec. 31, 2009 and all of the Company's subsequent Quarterly Reports on Form 10Q, especially in the "Risk Factors" sections of these reports. Accordingly, although the Company believes that the expectations reflected in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. The Company has no obligation to update the forward-looking information contained in this press release.
For more information, please contact:
Investor Relations:
NUWA GROUP,LLC
Mr. Kevin Fickle
Tel: +1-925-330-8315
Email: Kevin@nuwagroup.com
Company Contact:
Huifeng Bio-Pharmaceutical Technology, Inc.
Ms. Bing He
Tel: +86-139-9195-4170
Email: bing@xahuifeng.com
SOURCE Huifeng Bio-Pharmaceutical Technology, Inc.
Source: PR Newswire (November 16, 2010 - 7:30 AM EST)
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China SHESAYS Announces Third Quarter 2010 Results
Nov. 16, 2010 (PR Newswire) --
CHENGDU, China, Nov. 16, 2010 /PRNewswire-Asia-FirstCall/ -- China SHESAYS Medical Cosmetology Inc. (OTC Bulletin Board: CSAY) ("China SHESAYS" or the "Company"), which operates a network of specialized medical cosmetology hospitals, clinics and skincare centers in Sichuan province, China, today announced its unaudited financial results for the third quarter ended September 30, 2010.
Third Quarter 2010 Highlights
Revenue increased 34.5% year-over-year to $3.2 million
Gross profit increased 25.3% year-over-year to $2.2 million
Net income was $0.4 million, or $0.02 per diluted share
Completed a share-exchange transaction to list on the OTC Bulletin Board
Opened two new outpatient clinics in Leshan and Yibin cities in Sichuan province in August 2010
"We continued to experience strong demand for our medical cosmetology services thanks to our strong brand equity, high standard of quality, experience medical team and safety in our medical procedures, which resulted in continued growth in our revenues during the third quarter," commented by Mr. Yixiang Zhang, Chairman and Chief Executive Officer. "During the quarter, we achieved several milestones that strategically positioned us for strong future growth. First, we became the first Chinese company in the medical cosmetology industry to list on a US stockexchange. Second, we opened new clinics in additional Tier II cities in Sichuan province, which represents a first step to roll out our unique chain of clinics and hospitals, thereby expanding our presence in these underdeveloped markets."
Third Quarter 2010 Results
For the quarter ended September 30, 2010, customer service revenue increased 34.5% to $3.2 million from $2.4 million in the comparable period of 2009 due to a continued growth in customer base and demand for the Company's cosmetology services. On a sequential basis, revenue increased 15.6% to from $2.7 million for the three months ended June 30, 2010 as the summer is traditionally a strong season for cosmetic procedures.
The Company's gross profit increased 25.3% to $2.2 million in the third quarter of 2010 compared to $1.8 million in the same period of 2009. Gross margin declined to 68.8% from 73.8% in the third quarter of 2009. Although there was a slight decline in gross margin, the company still shows relatively high earnings ability compared to the industry.
For the third quarter of 2010, operating expenses increased 73.1% to $1.6 million, or 49.3% of revenue, from $0.9 million, or 38.3% of revenue, in the third quarter of 2009. The increase was primarily due to the Company's enhanced marketing efforts and higher professional fees associated with being a public company. Noticeably, advertising costs for the third quarter of 2010 increased 363.3% to $0.5 million, or 16.3% of revenue, from $0.1 million, or 4.7% of revenue, for the same period of 2009. The increase was mainly due to the management's efforts to strengthen the marketing activities in order to increase sales. Selling, general and administrative expenses increased 12.3% to $0.9 million, or 26.8% of revenue, from $0.8 million, or 32.1% of revenue, for the same period of 2009. On a sequential basis, total operating expenses declined to 49.3% of sales from 53.7% in the second quarter of 2010.
As a result, operating income decreased 26.2% to $0.6 million compared to $0.8 million in the third quarter of 2009.
Net income decreased 46.7% to $0.4 million, or $0.02 per diluted share, for the three months ended September 30, 2010 compared to $0.8 million, or $0.06 per diluted share, for the same period of 2009. Weighted average diluted shares outstanding increased to 16.4 million shares from 13.5 million shares in the third quarter of 2009.
The effective tax rate for the Company for the three months ended September 30, 2010 and 2009 was 31.5% and 7.3%, respectively. The increase was primarily due to the expiration of the 10% income tax rate in 2009. From 2010 onwards, China SHESAYS has an income tax rate of 25%.
Nine Months Results
Revenue for the nine months ended September 30, 2010, increased 35.5% to $9.2 million compared to $6.8 million in the same period of 2009. Gross profit increased 36.2% to $6.7 million from $4.9 million a year ago. Gross margin improved 30 basis points to 72.4% for the nine months ended September 30, 2010, compared to 72.1% for the same period of 2009. Operating income grew 11.2% to $2.7 million from $2.4 million in the first nine months of 2009. Net income decreased 16.8% to $1.9 million, or $0.12 per diluted share compared to net income of $2.2 million, or $0.17 per diluted share, for the first nine months of 2009. Weighted average diluted shares outstanding increased to 15.4 million shares from 13.5 million shares in the first nine months of 2009.
Financial Condition
As of September 30, 2010, cash and cash equivalents totaled $1.1 million compared to $1.4 million as of December 31, 2009. Total assets were at $8.0 million versus total liabilities of $3.3 million on September 30, 2010. Stockholders' equity was $4.6 million compared to $2.6 million as of December 31, 2009. Net cash generated from operating activities was $2.1 million for the nine months ended September 30, 2010, compared to $2.4 million generated from operating activities for the nine months ended September 30, 2009.
Recent Events
On November 12, 2010, China SHESAYS announced that it has completed an offering of 600,000 shares of the Company's common stock at a price of $2.00 per share to a group of investors in a private placement transaction. The offering resulted in gross proceeds of $1.2 million to the Company. The Company expects to use the net proceeds from the transaction for expansion of network and working capital requirements.
On November 3, 2010, the Company announced that it recently opened another new outpatient clinic in Zigong city in Sichuan province.
Business Outlook
"We are excited about the future of medial cosmetology in China and the vast opportunities present in many Tier II and Tier III Chinese cities with rapid economic growth. Our recent debut in Zigong city, Sichuan province is another reflection of our long-time strategy to expand our network in regional markets in Southwest China," commented Mr. Zhang. "As we continue to scale up revenues, we remain confident that our gross margin will remain at attractive levels as we leverage our unique chain operations involving hospitals, clinics and skincare centers to improve economies of scale and operating efficiency and maintain our competitive advantage."
About China SHESAYS Medical Cosmetology Inc.
China SHESAYS, founded in 2005, operates a chain of specialized medical cosmetology hospitals, clinics and skincare centers in Sichuan province. The Company has a full range of services including cosmetic surgery, cosmetic dermatology, cosmetic dentistry and cosmetic Traditional Chinese Medicine ("TCM"). Headquartered in Chengdu, China, China SHESAYS has become one of the fastest growing cosmetology businesses in China and it is one of the most renowned cosmetology hospital chains in Sichuan province. Currently, the Company serves more than 20,000 patients each year. For more information about the Company, contact CCG Investor Relations or visit the Company's website at www.xichan.cn.
Safe Harbor Statements
This press release contains forward-looking statements made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Such forward looking statements are based upon the current plans, estimates and projections the Company's management and are subject to known and unknown risks and uncertainties, which could cause actual results to differ materially from the forward looking statements. Such statements include, but are not limited to, those concerning the Company's market and industry segment growth and penetration and demand; the acceptance of the Company's cosmetic services and products; any projections of sales, earnings, revenue, margins or other financial items; any statements of the plans, strategies and objectives of management for future operations; any statements regarding future economic conditions or performance, including earning ability; uncertainties related to conducting business in China, as well as all assumptions, expectations, hopes, beliefs, predictions, and intentions about future events. Therefore, you should not place undue reliance on these forward-looking statements. The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: business conditions in China, general economic conditions; geopolitical events and regulatory changes, availability of capital, the Company's ability to maintain its competitive position as well as other relevant risks, including but not limited to risks outlined in the Company's periodic filings with the U.S. Securities and Exchange Commission. Accordingly, although the Company believes that the expectations reflected in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. China SHESAYS does not assume any obligation to update the forward-looking information contained in this press release.
Financial Tables Follow
CHINA SHESAYS MEDICAL COSMETOLOGY INC. AND SUBSIDIARIES
CONDENSED BALANCE SHEETS
ASSETS
September 30,
December 31,
2010
2009
Consolidated
Combined
(Unaudited)
CURRENT ASSETS
Cash and cash equivalents
$
1,054,501
$
1,371,732
Inventories, net
485,692
335,932
Due from stockholders
52,821
-
Other current assets and prepaid expenses
1,673,139
526,507
Total Current Assets
3,266,153
2,234,171
OTHER ASSETS
242,681
-
PROPERTY AND EQUIPMENT, NET
4,497,538
1,629,661
TOTAL ASSETS
$
8,006,372
$
3,863,832
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable
$
603,711
$
508,643
Notes payable
895,776
42,659
Deferred revenue
30,283
24,254
Other payables and accrued liabilities
1,007,917
655,913
Income tax payable
705,089
54,428
Sales tax payable and other taxes payable
55,619
7,260
Due to a related company
-
20,555
Total Current Liabilities
3,298,395
1,313,712
COMMITMENTS AND CONTINGENCIES
-
-
STOCKHOLDERS' EQUITY
China SHESAYS Stockholder's equity
Preferred stock, $0.001 par value, 5,000,000 shares authorized, none issued or outstanding as of September 30, 2010 and December 31, 2009
-
-
Common stock, $0.001 par value, 65,849,200 shares authorized, 18,000,012 shares issued as of September 30, 2010 and 13,500,012 shares issued as of December 31, 2009
18,000
13,500
Additional paid in capital
1,057,082
1,011,153
Retained earnings
Unappropriated
3,244,998
1,373,765
Appropriated
151,284
151,284
Accumulated other comprehensive income
90,411
418
Total China SHESAYS Stockholders' Equity
4,561,775
2,550,120
Noncontrolling interests
146,202
-
Total Equity
4,707,977
2,550,120
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
$
8,006,372
$
3,863,832
CHINA SHESAYS MEDICAL COSMETOLOGY INC. AND SUBSIDIARIES
CONDENSED STATEMENTS OF OPERATIONS AND
COMPREHENSIVE INCOME (UNAUDITED)
Three months ended
Nine months ended
September, 30
September, 30
2010
2009
2010
2009
Consolidated
Combined
Consolidated
Combined
CUSTOMER SERVICE REVENUE
$
3,197,490
$
2,377,600
$
9,210,165
$
6,794,850
COST OF REVENUE
Cost of service revenue
(896,097)
(572,099)
(2,289,436)
(1,748,158)
Depreciation
(101,957)
(50,481)
(248,224)
(146,229)
Total Cost of Revenue
(998,054)
(622,580)
(2,537,660)
(1,894,387)
GROSS PROFIT
2,199,436
1,755,020
6,672,505
4,900,463
OPERATING EXPENSES
Selling, general and administrative expenses
857,809
763,531
2,119,718
1,832,372
Advertising costs
520,612
112,378
1,205,331
508,222
Professional and consultant fees
152,945
2,103
531,851
47,374
Depreciation
44,494
32,114
122,567
90,387
Total Operating Expenses
1,575,860
910,126
3,979,467
2,478,355
INCOME FROM OPERATIONS
623,576
844,894
2,693,038
2,422,108
OTHER INCOME (EXPENSES)
Other income
24
85
641
49,546
Interest income
1,809
-
4,399
907
Interest expenses
(13,844)
-
(35,450)
-
Imputed interest
-
(256)
(247)
(770)
Other expenses
(20,654)
(20,052)
(95,623)
(50,366)
Total Other Expenses, net
(32,665)
(20,223)
(126,280)
(683)
INCOME FROM OPERATIONS BEFORE TAXES
590,911
824,671
2,566,758
2,421,425
Add (less):
Income tax expenses
(186,492)
(60,017)
(698,565)
(171,676)
Net loss attributable to noncontrolling interests
3,040
-
3,040
-
NET INCOME ATTRIBUTABLE TO CHINA SHESAYS COMMON STOCKHOLDERS
407,459
764,654
1,871,233
2,249,749
OTHER COMPREHENSIVE INCOME (LOSS)
Total foreign currency translation gain
74,071
1,968
90,047
1,697
Less: foreign currency gain attributable to noncontrolling interests
(54)
-
(54)
-
Foreign currency translation gains attributable to China SHESAYS common stockholders
74,017
1,968
89,993
1,697
COMPREHENSIVE INCOME ATTRIBUTABLE TO CHINA SHESAYS COMMON STOCKHOLDERS
$
481,476
$
766,622
$
1,961,226
$
2,251,446
Net income per share-basic and diluted
$
0.02
$
0.06
$
0.12
$
0.17
Weighted average number of shares outstanding during the period
- basic and diluted
16,377,056
13,500,012
15,428,576
13,500,012
CHINA SHESAYS MEDICAL COSMETOLOGY INC. AND SUBSIDIARIES
CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED)
Nine months ended
September 30,
2010
2009
Consolidated
Combined
CASH FLOWS FROM OPERATING ACTIVITIES
Net income
$
1,871,233
$
2,249,749
Adjusted to reconcile net income to cash provided by operating activities:
Depreciation - cost of revenue
248,224
146,229
Depreciation - operating expenses
122,567
90,387
Loss on disposal of property and equipment
8,769
-
Imputed interest
247
770
Minority interest
(3,040)
-
Changes in operating assets and liabilities
(Increase) decrease in:
Inventories
(140,305)
(155,627)
Other current assets and prepaid expenses
(1,115,989)
(1,446)
Increase (decrease) in:
Accounts payable
83,039
80,261
Deferred revenue
5,430
3,707
Other payables and accrued liabilities
332,512
177,308
Income tax payable
641,845
92,680
Sales tax payable and other taxes payable
48,127
(325,533)
Net cash provided by operating activities
2,102,659
2,358,485
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property and equipment
(3,164,408)
(435,346)
Other assets
(238,469)
-
Due from stockholders
(52,821)
(57,080)
Net cash used in investing activities
(3,455,698)
(492,426)
CASH FLOWS FROM FINANCING ACTIVITIES
Bank loan borrowed
880,230
73,125
Bank loan repaid
(42,789)
-
Due to related companies
(20,618)
(83,975)
Due to stockholders
-
(726,261)
Contribution by stockholders
50,182
731,294
Contribution by minority stockholder
149,296
-
Net cash provided by (used in) financing activities
1,016,301
(5,817
EFFECT OF EXCHANGE RATES ON CASH
19,507
816
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS
(317,231)
1,861,058
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD
1,371,732
40,411
CASH AND CASH EQUIVALENTS AT END OF PERIOD
$
1,054,501
$
1,901,469
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid for interest expenses
$
35,450
$
-
Cash paid for income tax
$
56,720
$
78,996
Company Contact:
Ms. Wenbin Zhu, Chief Financial Officer
China SHESAYS Medical Cosmetology Inc.
Tel: +86-135-1816-1269
E-mail: zwb10305@126.com
Web Site: www.xichan.cn
Investor Relations Contact:
CCG Investor Relations
Crocker Coulson, President
Tel: +1-646-213-1915
E-mail: crocker.coulson@ccgir.com
Linda Salo, Senior Financial Writer
Tel: +1-646-922-0894
E-mail: linda.salo@ccgir.com
Web Site: http://www.ccgir.com
SOURCE China SHESAYS Medical Cosmetology Inc.
Source: PR Newswire (November 16, 2010 - 7:30 AM EST)
News by QuoteMedia
www.quotemedia.com
TEC Technology Announces Third-Quarter 2010 Results and Introduces Fourth-Quarter Guidance
Nov. 16, 2010 (PR Newswire) --
JINGDE, China, Nov. 16, 2010 /PRNewswire-Asia-FirstCall/ -- TEC Technology, Inc. (OTC Bulletin Board: HGHN) ("TEC" or the "Company"), a leading supplier of power and communications transmission towers and related infrastructure products, announced unaudited financial results for the third quarter ended September 30, 2010.
Summary of Third-Quarter 2010 Results
Revenues were $7.3 million in the third quarter of 2010, an 8.1% increase from $6.7 million in the third quarter of 2009;
Gross profit was $1.9 million in the third quarter of 2010, a 7.3% decrease from $2.1 million in the third quarter of 2009;
Net income was $0.9 million in the third quarter of 2010, a 33.7% decrease from $1.3 million in the third quarter of 2009;
Projected fiscal year 2010 revenue is estimated to be approximately $30.0 million and projected fiscal year 2010 net income is estimated to be approximately $6.0 million
"In the third quarter of 2010, we experienced a solid increase in revenue as compared to the same period in 2009," commented Mr. Chun Lu, TEC's Chairman and Chief Executive Officer. "Our sales initiatives and marketing efforts in the third quarter of 2010 positioned us for continued growth as we expect a favorable fourth quarter and currently have a backlog of orders through April of next year."
Financial Results for the Third Quarter of 2010
Revenues for the third quarter of 2010 were $7.3 million, representing a $0.5 million or 8.1% increase compared to the third quarter of 2009. The period-over-period increase in revenue resulted from a 498% increase in sales revenue generated from higher sales volume of towers to customers in the power transmission industry. The increase in sales volume to power transmission industry customers during this quarter offset by a 61% period-over-period decrease in sales revenue generated by sales to customers in the communications industry.
Gross profit decreased by 7.3% to $1.9 million from $2.1 million in the year-ago quarter. Gross margin was 26.5% in the third quarter of 2010, compared to 30.9% in the same period last year. Gross profit and gross margin decreased primarily because the cost of raw materials used in our operations increased during the third quarter at a faster pace than the increase in the price of our products.
Selling, general and administrative expenses increased to $0.29 million, from $0.22 million in the year-ago quarter. The increase in expense was attributable to start up costs and compensation associated with the establishment and expansion of TEC's sales team in Shenzhen, China, and expenses associated with being a public company.
The provision for income taxes totaled $0.15 million, compared to $0.45 million in the year-ago period. TEC has been qualified as a high-tech enterprise since January 2010 and as a result, its income tax rate has been reduced to 15%.
Net income was $0.87 million, or $0.03 per basic and diluted share, compared to $1.3 million, or $0.07 per basic and diluted share, in the year-ago quarter.
Nine-Month 2010 Results
Revenues for the first nine months of 2010 were $21.9 million, representing an $8.7 million or 66.6% increase compared to the same period last year. The increase primarily resulted from a 133% increase in sales revenue generated from sales of towers to customers in the power transmission industry during the nine months ended September 30, 2010 as compared to the same period in 2009, and an 21% increase in revenue from sales of towers to customers in the communications industry during the nine months ended September 30, 2010 as compared to the same period in 2009.
Gross profit increased by 53.8% to $6.6 million from $4.3 million in the year-ago nine-month period, driven primarily by higher revenues. Gross margin was 30.1% in the first nine months of 2010, compared to 32.5% in the same period last year. The margin decrease was due to a combination of a slight decrease in tower prices during the nine month period ended September, 30, 2010 compared with the same period in 2009 and increased cost of goods sold mostly from work-in-progress orders that remained unshipped at the end of the third quarter of 2010.
Selling, general and administrative expenses increased to $2.1 million from $0.7 million in the year-ago quarter, which we believe was in line with our increased sales volume and which resulted from the establishment and expansion of TEC's sales team in Shenzhen, China, and expenses associated with being a public company.
The provision for income taxes totaled $3.2 million, compared to $2.5 million in the year-ago nine-month period. TEC has been qualified as a high-tech enterprise since January 2010, and as a result, its income tax rate has been reduced to 15%.
Net income was $3.2 million, or $0.13 per basic and diluted share compared to $2.5 million, or $0.13 per basic and diluted share, in the year-ago nine-month period.
Financial Condition
Cash and cash equivalents were $0.23 million as of September 30, 2010, an increase of $0.07 million from $0.16 million as of December 31, 2009. The Company has $16.4 million in accounts receivables, $11.4 million of which are due within three months, and $3.9 million of which are due within three to six months. The Company had $11.6 million of short-term borrowings as of September 30, 2010, a decrease by $1.1 million from $12.7 million as of December 31, 2009. Shareholders' equity was $8.9 million as of September 30, 2010, versus $5.5 million as of December 31, 2009, due to increased net income in the first nine months of 2010.
Cash flow from operations was $1.7 million in the nine months ended September 30, 2010, versus an outflow of $4.5 million in the nine months ended September 30, 2009. The change in net cash flow from operating activities from period-to-period was primarily attributable to a $3.2 million decrease in deposits and prepaid expenses, a $1.7 million decrease in other receivables, and a $2.1 million increase in other payables and accrued expense for the nine month period ended September 30, 2010 as compared to the same period in 2009.
Business Outlook
For the fourth quarter of 2010, we project revenue of approximately $12 million and net income of approximately $2.8 million. Our revenue projection for the current fiscal year is approximately $30 million and our projected net income for the current fiscal year is approximately $6.0 million.
Our diversified and multi-channel sales strategy has generated increased customer wins in both China and international emerging markets. Our backlog at the end of the third quarter of 2010 has reached to April of next year. "Looking at our current backlog and the effectiveness of our strategy to increase sales in both China and abroad in international markets, we believe our revenue and net income guidance for the remainder of this year is attainable and we are well positioned for a strong start in 2011." concluded Mr. Lu.
About TEC
TEC Technology, Inc., founded in 2006, is a leader in the design, production and sale of transmission towers and related products used in high-voltage electric power transmission and wireless communications in fast-growing Chinese and international markets. The Company's headquarters are located in Anhui Province in southeastern China, and its international sales network is located in the Shenzhen Special Economic Zone. TEC's electric transmission towers currently support 35kV, 110kV, 220kV, and 500kV transmission lines. TEC's wireless communication towers include single-tube towers, 4-strut towers and rooftop towers for 2G, 3G, and microwave networks. For more information, please visit: http://www.tectower.com
Safe Harbor Statement
This press release may contain certain "forward-looking statements" relating to the business of TEC Technology, Inc., and its subsidiary companies. All statements, other than statements of historical fact included herein are "forward-looking statements" including statements regarding: the general ability of the Company to achieve its commercial objectives, including the ability of the Company to fulfill its obligations under existing contracts, increase sales in domestic and international markets and meet its guidance for 2010 revenue and net income; the business strategy, plans and objectives of the Company and its subsidiaries; and any other statements of non-historical information. These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
Company Contact:
Mr. Kai Sun
Vice President of Investor Relations
Tel: (408) 429-9345
E-mail: info@tecgroup.cn
Investor Relations Contact:
Mr. John Harmon
Sr. Account Manager, CCG Investor Relations
Tel: +86-10-6561-6886 x807 (Beijing)
E-mail: john.harmon@ccgir.com
Kristin Knies, Senior Market Intelligence Executive
Phone: +1-646-833-3401 (New York)
E-mail: kristin.knies@ccgir.com
- Financial Tables Follow -
TEC Technology, Inc
Consolidated Balance Sheets
(in U.S. Dollars)
(unaudited)
September 30,
December 31,
2010
2009
Assets
Current Assets
Cash and equivalents
$233,365
$164,927
Accounts receivable, net of allowance for doubtful accounts
16,414,916
8,791,842
Inventory
8,025,464
7,066,787
Deposits and prepaid expenses
1,244,275
2,716,237
Other receivables
3,742,625
3,802,358
Taxes recoverable
11,225
4,889
Total current assets
29,671,870
22,547,040
Property, plant and equipment, net of accumulated depreciation
3,781,980
3,353,841
Land use rights, net of accumulated amortization
2,061,456
2,051,837
Construction in progress
36,959
--
Long-term accounts receivable, net of allowance for doubtful accounts
55,697
--
Total Assets
$35,607,962
$27,952,718
Liabilities and Shareholders' Equity
Current Liabilities
Accounts payable
$9,372,472
$5,012,224
Other payables and accrued expenses
5,207,080
3,251,687
Taxes payable
444,383
1,306,915
Customer deposits
32,588
113,867
Short-term borrowings
11,609,235
12,733,709
Total current liabilities
26,665,758
22,418,402
Commitments and contingencies
--
--
Total Liabilities
26,665,758
22,418,402
Shareholders' equity
Common stock
30,182
19,195
Additional paid-in capital
1,009,926
951,605
Retained earnings
7,521,814
4,235,616
Accumulated other comprehensive loss
380,282
327,900
Total Shareholders' Equity
8,942,204
5,534,316
Total Liabilities and Shareholders' Equity
$35,607,962
$27,952,718
TEC Technology, Inc
Consolidated Statements of Income and Other Comprehensive Income
(in U.S. Dollars, except share and per share amounts)
(unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2010
2009
2010
2009
Net sales
$7,285,615
$6,736,629
$21,892,594
$13,144,149
Total cost of sales
5,355,307
4,655,139
15,313,202
8,866,788
Gross Profit
1,930,308
2,081,490
6,579,392
4,277,361
Selling and marketing expenses
(337,423)
(30,860)
(1,127,290)
(126,089)
General and administrative expenses
(293,389)
(224,525)
(938,337)
(581,233)
Income from operations
1,299,496
1,826,105
4,513,765
3,570,039
Government grant
10,798
43,920
190,215
106,930
Other income
--
12,631
13,695
41,969
Interest expense
(299,865)
(137,192)
(979,425)
(392,644)
Net other expenses
(289,067)
(80,641)
(775,515)
(243,745)
Net income before provision for income taxes
1,010,429
1,745,464
3,738,250
3,326,294
Provision for income taxes
(151,535)
(450,585)
(538,396)
(847,396)
Net income
858,894
1,294,879
3,199,854
2,478,898
Foreign currency translation gain
12,462
(40,527)
(177,290)
(57,274)
Comprehensive income
871,356
1,254,352
3,022,564
2,421,624
Basic EPS
$0.03
$0.07
$0.13
$0.13
Diluted EPS
$0.03
$0.07
$0.13
$0.13
Basic shares outstanding
25,298,383
19,194,421
25,298,383
19,194,421
Diluted shares outstanding
25,298,383
19,194,421
25,298,383
19,194,421
TEC Technology, Inc
Consolidated Statements of Cash Flows
(in U.S. Dollars)
(unaudited)
Nine Months Ended
September 30,
2010
2009
Cash Flows from Operating Activities
Net Income
3,199,854
2,478,898
Adjustments to Net Income
Depreciation
207,350
105,510
Amortization of intangible assets
31,779
31,665
Changes in Operating Assets and Liabilities
Decrease (increase) in inventory
(958,677)
(2,155,676)
Decrease (increase) in deposits and prepaid expenses
1,471,962
(1,715,679)
Decrease (increase) in accounts receivable
(7,678,771)
(6,763,709)
Increase (decrease) in other receivables
59,733
(1,597,108)
Decrease (increase) in taxes recoverable
(6,336)
92,151
Increase (decrease) in taxes payable
(862,532)
400,893
Increase (decrease) in accounts payable
4,360,248
4,955,165
Decrease (increase) in customer deposits
(81,279)
(342,875)
Increase (decrease) in other payables and accrued expenses
1,955,393
(201,226)
Net cash provided by (used in) operating activities
1,698,724
(4,590,891)
Cash Flows from Investing Activities
Purchases of property and equipment
(622,961)
(382,679)
Payment for construction in progress
(36,959)
--
Purchases of land rights
--
(1,643,546)
Net cash used in investing activities
(659,920)
(2,026,225)
Cash Flows from Financing Activities
Common stock issued
10,987
--
Provision of short term borrowings
58,321
117,909
Proceeds from short-term borrowings
--
6,007,365
Repayment of short-term borrowings
(1,124,474)
--
Net cash (used in) provided by financing activities
(1,055,166)
6,125,274
Effect of exchange rate changes on cash and cash equivalents
84,800
(144,558)
Net increase in cash and cash equivalents
68,438
(576,400)
Cash and cash equivalents at beginning of period
164,927
704,854
Cash and cash equivalents at end of period
233,365
128,454
SOURCE TEC Technology, Inc.
Source: PR Newswire (November 16, 2010 - 7:30 AM EST)
News by QuoteMedia
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Dionics, Inc. Announces 66% Sales Growth for Q-3 2010, but Losses Widen Via Non-Cash Stock Compensation Paid to Chinese Consultants
Nov. 16, 2010 (GlobeNewswire) --
WESTBURY, N.Y., Nov. 16, 2010 (GLOBE NEWSWIRE) -- Dionics, Inc. (OTCBB:DION), a semiconductor/micro-electronics manufacturer known for its high-reliability PV (photo-voltaic) MOSFET-Drivers, today issued its Nine-Month and Q-3 reports for 2010 showing advancing sales volume over last year. Losses, however, widened as the company's program for increasing its sales in the large potential Chinese market-place required it to make a significant non-cash stock-compensation payment of 900,000 shares to its new Chinese consultants. Sales volume for the Third Quarter rose 66% compared to the same period last year, reaching $143,800, while Nine-Month sales volume reached $567,200, an increase of 24% over the comparable period in 2009.
Bernard L. Kravitz, company president, explained that, "Losses grew as a result of programmed investments in both PV MOSFET-Driver cost-reductions and the establishment of a sales/marketing and distribution capability in the large Chinese market-place. A major cost item," he explained, "was the Q-3 non-cash stock-compensation payment made to our new Chinese consultants. It is worthy of note," he added, "that they were confident enough in our future to accept shares in our company rather than insisting on cash payments. We look forward to working with them through some admittedly difficult times ahead as we grow our brand in the China-market," he explained. "We, and our consultants, expect our investment to pay off handsomely in the future," he concluded.
Forward-Looking Statements
This report contains certain forward-looking statements and information relating to the Company that are based on the beliefs and assumptions made by the Company's management, as well as on information currently available to the management. When used in this document, the words "anticipate," "believe," "estimate" and "expect" and similar expressions are intended to identify forward-looking statements. Such statements reflect the current views of the company with respect to future events 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 from those described herein as anticipated, believed, estimated or expected.
CONTACT: Dionics, Inc.
Bernard L. Kravitz, President
(516) 997-7474
Source: Globe Newswire (November 16, 2010 - 7:30 AM EST)
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GelTech Solutions to Host Investor Conference Call
Nov. 16, 2010 (GlobeNewswire) --
JUPITER, Fla., Nov. 16, 2010 (GLOBE NEWSWIRE) -- GelTech Solutions Inc. (OTCBB:GLTC), creators of FireIce, a revolutionary water enhancing fire suppressant that has the potential to change current firefighting techniques globally, announced today that the Company will host an investor conference call on Friday, November 19, 2010 at 11:00 AM ET.
GelTech invites all interested parties, including individual investors and press to join them on the call to discuss the Company's first quarter 2011 results as well as recent Company events and outlook for the Company's products and markets.
On the call will be Michael Cordani, Chairman and CEO; Joe Ingarra, President; Barry Sloan, West Coast Regional Sales Director and Michael Hull, CFO.
Conference Call Details:
Date: November 19, 2010
Time: 11:00 AM ET
Dial-in: 1.800.868.1837
Conference Code: 467789#
It is recommended that participants call-in approximately five to ten minutes prior to the start of the call.
A replay of the conference call will be available through December 19, 2010 at http://ir.stockpr.com/geltechsolutions/conference-calls.
About GelTech Solutions, Inc.
GelTech Solutions creates innovative, Earth-friendly, cost-effective products that help industry, agriculture, and the general public accomplish environmental and safety goals, such as water conservation and the protection of lives, homes, and property from fires. FireIce(R) is a patent pending fire suppressant used for direct attack of fires as well as a medium term retardant for structure protection. FireIce can be used in all types of apparatus; fire extinguishers, pumper trucks, aerial units for wildfires and home defense units for personal home protection.
For more information on GelTech, please visit: http://www.GelTechSolutions.com
To learn more about FireIce, please visit: http://www.fireice.com
Join our growing FireIce fan base at: http://www.facebook.com/FireIce911
Become a fan of our new homeowner solution at: http://www.facebook.com/FireIceHDU
CONTACT: DRC Partners, LLC
Investor Contact:
Ross DiMaggio
(609) 718-0777
Source: Globe Newswire (November 16, 2010 - 7:30 AM EST)
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Mass Megawatts Wind Power, Inc. Announces Stock Ticker Symbol Change to 'MMMW'.
Nov. 16, 2010 (PR Newswire) --
WORCESTER, Mass., Nov. 16, 2010 /PRNewswire/ -- Mass Megawatts Wind Power, Inc. (OTC Bulletin Board: MMMW) announces a change in its stock ticker symbol from 'MMGW' to 'MMMW'. The reasoning behind this decision involves avoiding any confusion from the abbreviation of a controversial global political organization relating to this previous symbol. Also, the new ticker 'MMMW' is more easily identifiable, recognizable and easier to remember.
Mass Megawatts Wind Power, Inc. is a leader in the development of patented wind power technology producing electricity at a cost lower than other wind power equipment. As final testing for its mass production model nears completion, Mass Megawatts plans to expand the marketing of these Multi-Axis Turbo (MAT) wind systems in various areas throughout the country.
This press release contains forward-looking statements that could be affected by risks and uncertainties, including but not limited to Mass Megawatts' ability to produce a cost-effective wind energy conversion device. Among the factors that could cause actual events to differ materially from those indicated herein are: the failure of Mass Megawatts Wind Power, Inc. (MMMW.OB) to achieve or maintain necessary zoning approvals with respect to the location of its MAT power developments; the ability to remain competitive; to finance the marketing and sales of its electricity; general economic conditions; and other risk factors detailed in periodic reports filed by Mass Megawatts Wind Power, Inc. (MMMW.OB).
SOURCE Mass Megawatts Wind Power, Inc.
Source: PR Newswire (November 16, 2010 - 7:30 AM EST)
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(OTCBB: MFTH) Patented Technology Aims at Reducing Unauthorized Drug Administration
NOTE TO EDITORS: The Following Is an Investment Opinion Being Issued by the IO News Wire
Nov. 16, 2010 (Marketwire) --
NEW YORK, NY -- (Marketwire) -- 11/16/10 -- Medisafe 1 Technologies Corp. (OTCBB: MFTH), a patent holder of a unique locking mechanism for hypodermic needles, has recently announced the tremendous attention it received at the HealthAchieve Conference on November 8th through the 10th.
Wrongful medication administration has been estimated at nearly 8,000 deaths a year in the US alone. Medication errors account for 1 in 131 outpatient deaths and 1 in 854 inpatient deaths.
But utilizing Medisafe 1 technology, hospitals and care givers can help reduce the number of deaths by ensuring the correct dosage and drug is given to the right patient.
For more information please visit www.medisafe1.com
Other active stocks are Unilife (NASDAQ: UNIS) Sharps Compliance Corp (NASDAQ: SMED) and Fidelis Energy Inc (OTC: FDEI)
Information, opinions and analysis contained herein are based on sources believed to be reliable, but no representation, expressed or implied, is made as to its accuracy, completeness or correctness. The opinions contained herein reflect our current judgment and are subject to change without notice. We accept no liability for any losses arising from an investor's reliance on or use of this report. This report is for information purposes only, and is neither a solicitation to buy nor an offer to sell securities. A third party has hired and paid IO News Wire twelve hundred and ninety five dollars for the publication and circulation of this news release. Certain information included herein is forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements concerning manufacturing, marketing, growth, and expansion. Such forward-looking information involves important risks and uncertainties that could affect actual results and cause them to differ materially from expectations expressed herein. We have no ownership of equity, no representation; do no trading of any kind and send no faxes or emails.
Contact:
Eric Jensen
www.ionewswire.com
516.942.4910
Source: Marketwire (November 16, 2010 - 7:30 AM EST)
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Diguang International Announces Third Quarter 2010 Results
Nov. 16, 2010 (PR Newswire) --
SHENZHEN, China, Nov. 16, 2010 /PRNewswire-Asia-FirstCall/ -- Diguang International Development Co., Ltd. (OTC Bulletin Board: DGNG) ("Diguang" or the "Company"), a developer and producer of CCFL and LED backlights for a wide range of TFT-LCD products, today announced its financial results for the third quarter of fiscal year 2010 ended September 30, 2010.
Third Quarter 2010 Highlights
Net revenue increased 41% year-over-year to $19.1 million
Gross profit increased 61% year-over-year to $1.5 million with gross margin improving 1 percentage points to 8%
The Company reported net loss of $0.9 million, or $(0.04) per diluted share, compared to a net loss of $1.2 million, or $(0.06) per diluted share, in the third quarter of fiscal year 2009
Adjusted net loss (non-GAAP) was $0.3 million, or $(0.01) per share, compared to an adjusted net loss of $0.4 million, or ($0.02) per diluted share, in the third quarter of fiscal year 2009
"Our Wuhan factory's low gross margin significantly impacted the Company's gross margin level for all products in the third quarter," said Mr. Song Yi, the President and Chief Executive Officer of Diguang. "The Wuhan factory only manufactures OEM products for a Taiwanese customer, and operates on a very low gross margin in order to reduce the occupation of the Company's working capital. From January to September 2010, the total revenue at the Wuhan facility was US$14.5 million but the gross margin was only 6.2%. And, in the third quarter of 2010, the total revenue was US$5.1 million, which accounted for 27% of the total sales volume in the third quarter, but the gross margin was only 4%. However, the Company is now focusing more on sales of LED BLU for large-size backlights (18' to 32' inch), which has a higher gross margin (approximately 20%). As Diguang Technology's revenue for LED BLU products is US$3.8 million, with a gross margin of 22%, and the Wuhan factory's revenue is US$0.8 million, with a gross margin of 10%, the Company anticipates that the growth of this new business line at Diguang Technology will provide profit growth in the future."
Highlights for the Three Months Ended September 30, 2010
Net revenue was $19.1 million for the three months ended Sept 30, 2010, an increase of 41.0% from $13.5 million for the comparable period in 2009. This was due to the improved market demand for the Company's traditional and newly-developed backlight products along with continued economic recovery from the global financial crisis which adversely affected sales in the previous year. Sales of LED products, including LED backlights, LED liquid crystal modules (LCM), LED general lights and liquid crystal displays (LCD), amounted to $13.5 million, or 71% of total sales revenue, while sales of CCFL products, including CCFL backlights and CCFL LCMs were $5.6 million, or 29%of total sales revenue. Sales of LED backlights grew 57% to $10.6 million, while sales of CCFL backlights increased 93% to $5.6 million in the third quarter of 2010. Sales of LCMs totaled $2.0 million in the third quarter of 2010, representing a decrease of $1.2 million, or 38%, compared with $3.2 million for the same period in 2009. Sales of Liquid Crystal Displays (LCD) were $0.6 million in the third quarter of 2010, representing an increase of $0.5 million, compared with $0.1 million for the same period in 2009. LCD products were launched in 2009, and the Company began the mass production of LCDs in the second quarter of 2010. Sales continued to grow in the third quarter of 2010, and the Company expects further sales growth in the near future. Sales of LED general lighting products declined due to aggressive competition. However, management is still confident about the prospect of the LED general lighting segment in the next few years.
Gross profit for the third quarter of 2010 totaled $1.5 million, or 8.0% of net revenue, compared to $0.9 million, or 7% of net revenue, for the same period of 2009. The overall gross margin for the third quarter of 2010 was 8%, representing an increase of 1%, compared with 7% for the same period of 2009. The overall increase is mainly attributable to the Company's efforts on adjusting product mix and enhanced control on raw materials. The Company developed new products to replace products with very low or negative gross margins. Moreover, the Company introduced incentives to enhance the efficiency of production and reduce manufacturing costs. However, the increase in gross margin was to some extent offset by a loss on the disposal of obsolete raw materials. Operating expenses totaled approximately $2.1 million for the third quarter of 2010, down 5% from $2.2 million in the third quarter of 2009. Total operating expenses in the third quarter of 2010 amounted to 11% of net revenue, compared to 16.3% in the third quarter of 2009. Selling expenses rose 10%, primarily due to increased commissions and transportation expenses associated with increased sales. The net research and development costs were $391,000 for the third quarter of 2010, representing a decrease of $70,000, or 15%, compared with $461,000 for the third quarter of 2009. The decrease of net research and development costs was attributable to the Company's reduced research and development activities when new products were put into production. Research and development expenses accounted for 2% and 3% of total sales revenue in the third quarters of 2010 and 2009, respectively. General and administrative expenses were $0.9 million in the third quarter of 2010, compared to $1.0 million in the same period in 2009.
Interest expense was $0.2 million for the third quarter of 2010, up from $0.1 million in the same period of 2009 as the Company utilized additional bank loans to support its working capital needs.
The Company's net loss attributable to common shares during the three months ended Sept 30, 2010 was $0.9 million, improved from a net loss of $1.2 million attributable to common shares for the same period in 2009. Loss per basic and diluted share were ($0.04) for the third quarter of 2010, improved from losses per basic and diluted share of ($0.06) for the same period of 2009.
Adjusted net loss (non-GAAP), which excludes non-cash items (including non-controlling interest, depreciation, inventory provision, loss on disposal of assets and share-based compensation), for the third quarter of 2010 would have been $305,874, or $(0.01) per basic and diluted share. Adjusted net loss (non-GAAP) for the third quarter of 2009 would have been $0.4 million, or ($0.02) per basic and diluted share. Please see the reconciliation table below.
Nine Months Results Ended Sept 30, 2010
Total revenue for the nine months of 2010 was $48.6 million, up 64.2% from the nine months of 2009. Gross profit for the nine months of 2010 was $4.8 million, a significant increase of 140% from gross profit of $2.0 million in the comparable period a year ago. Gross margin was 10.0% for the nine months of 2010, up from 6.6% in the same period of 2009. The Company recorded an operating loss of $0.8 million, compared with an operating loss of $4.4 million in the nine months of 2009. Net loss attributable to common shares for the nine months of 2010 was $1.3 million, compared with a loss of $4.3 million in the nine months of 2009. Basic and diluted loss per share were ($0.06) for the nines months of 2010 compared to ($0.19) in the nine months of 2009. Excluding non-cash items, net loss for the first nine months of 2010 on a non-GAAP basis would have been $0.2 million, or $(0.01) per share, compared to non-GAAP net loss of $2.4 million, or ($0.11) per share a year ago. Please see the reconciliation table above.
Reconciliation of GAAP Net Income and Earnings per Share to Non-GAAP Net Income and Earnings per Share
Three Months ended Sept 30
Nine Months ended Sept 30
2010
2009
2010
2009
GAAP net income (loss)
-855,089
-1,217,550
-1,305,120
-4,265,143
Non-cash items:
Non controlling interest
-12,067
-65,543
-72,570
-248,609
Depreciation
543,542
362,126
1,483,654
1,219,618
Bad debts allowance (recovery)
480
0
-108,420
0
Inventory provision
-149
411,651
-33,619
568,265
Loss (gain) on disposal of assets
8480
10,308
10,787
30,487
Share-based compensation
11,218
101,300
33,655
301,480
Research and development costs offset by funding advanced
-2,289
0
-516,156
0
Deferred tax assets
0
0
0
28,485
Non GAAP net income (loss)
-305,874
-397,708
-507,789
2,365,417
GAAP net income (loss)
-0.04
-0.05
-0.06
-0.19
Non-cash items:
Non controlling interest
0.00
0.00
0.00
-0.01
Depreciation
0.02
0.02
0.07
0.05
Bad debts allowance
0.00
0.00
0.00
0.00
Inventory provision
0.00
0.02
0.00
0.03
Loss on disposal of assets
0.00
0.00
0.00
0.00
Share-based compensation
0.00
0.00
0.00
0.01
Research and development costs offset by funding advanced
0.00
0.00
-0.02
0.00
Deferred tax assets
0.00
0.00
0.00
0.00
Non GAAP net income (loss)
-0.01
-0.02
-0.02
-0.11
Weighted average shares outstanding - diluted
22,072,000
22,072,000
22,072,000
22,072,000
Financial Condition
As of Sept 30, 2010, Diguang had $5.0 million in cash and cash equivalents and $3.0 million in restricted cash. Working capital increased to approximately $4.2 million compared to $2.8 million at the end of 2009. As of Sept 30, 2010, the Company had $7.7 million in short-term bank loans and $8.6 million in long-term bank loans. Shareholders' equity was $19.2 million as of Sept 30, 2010. Cash used in operating activities was $3.3 million, improved from $8.9 million for the nine months ended Sept 30, 2009, primarily due to reduced net loss and increased funds provided by suppliers.
Business Outlook
Diguang continues to anticipate strong growth driven by increased demand for its LED TVs and monitors and LED backlights. In the third quarter the Company started large-scale production of its 32" and 42" ultra-thin LED backlights and TVs, and also large-scale production of 19" LED TV and 24" LED backlights for TCL, one of the largest TV manufacturers in China.
Diguang's new production facility in Shenzhen, which is designed to manufacture large-size LED backlights and LED TVs with ten production lines and a total annual production capacity of 1.0 million units, is proceeding on schedule. The Company expects to complete construction in the fourth quarter of 2010 and will begin production in the first quarter of 2011.
The Company's product mix has continuously been changing in recent years given the trend that the proportion of LED sales is increasing while the proportion of CCFL product sales is decreasing. For the third quarter of 2010, sales of LED products, including LED backlights, LED LCMs, LED general lights and LCDs, amounted to $13.1 million, representing 69% of total sales revenue, whereas sales of CCFL products, including CCFL backlights and CCFL LCMs, amounted to $5.7 million, representing 30% of total sales revenue. In comparison to CCFL, LED products have a superior contrast ratio, color gamut, localized dimming and lower power consumption, meeting the environmental protection standards of the market. Moreover, small to mid-size LED backlights have the advantage of being lower in cost than the same size CCFL product. In recent years, the Company has invested in LED research and development and adjusted its product mix by gradually increasing the proportion of LEDs products manufactured. The Company expects that, overall, LED product shipments will continue to grow and experience sustainable growth, as the transition from CCFL to LED backlights becomes more compelling due to LEDs' higher performance levels.
Use of Non-GAAP Financial Measures
The Company's financial results prepared based on U.S. GAAP for the three and nine months ended September 30, 2010 and 2009 include non-cash expenses such as depreciation, share based compensation, bad debt allowance, inventory provisions, loss on the disposal of assets, research and development costs offset by funding advanced and deferred tax assets. To supplement the Company's condensed consolidated financial statements presented in accordance with U.S. GAAP, the Company has provided non-GAAP financial measures excluding the impact of these items in this release, including adjusted net income and adjusted diluted earnings per share. The Company's management believes that, in conjunction with U.S. GAAP financial measures, these non-GAAP financial measures (i) improve transparency for investors, (ii) assist investors in their assessment of the Company's operating performance, (iii) facilitate comparison to the Company's historical performance, (iv) ensure that these measures are fully understood in light of how the Company evaluates its operating results, (v) properly define the metrics used and confirm their calculation. The additional adjusted information is not meant to be considered in isolation or as a substitute for items appearing on the Company's financial statements prepared in accordance with U.S GAAP. Rather, the non-GAAP measures should be used as supplement to U.S. GAAP results to assist the reader in better understanding the operational performance of the Company. The adjusted financial information that the Company provides may also differ from the adjusted information provided by other companies, which limits their usefulness as comparative measures. Our management believes that these adjusted financial measures are useful to investors because they exclude non-cash expenses that management excludes when it internally evaluates the performance of the Company's business and makes operating decisions, including internal budgeting, and performance measurement, as these measures provide a consistent method of comparison to historical periods. As a result, the provision of these adjusted measures allows investors to evaluate the Company's performance using the same methodology and information as that used by the Company's management. Moreover, management believes that these adjusted measures reflect the essential operating activities of the Company. Adjusted measures are subject to inherent limitations because they do not include all of the expenses included under the U.S. GAAP and because they involve the exercise of judgment of which charges are excluded from the adjusted financial measure. However, the Company's management compensates for these limitations by providing the relevant disclosure of the items excluded. A reconciliation of each adjusted measures to the nearest U.S. GAAP financial measures appears in the table above.
About Diguang International Development Co., Ltd.
Through its subsidiaries, Diguang develops and produces CCFL and LED backlights for a wide range of TFT-LCD products. A backlight is the typical light source of a liquid crystal display (LCD), with applications spanning televisions, computer monitors, cellular phones, digital cameras, DVDs and other home appliances. Leveraging its LED expertise, the Company also creates and markets energy-saving technologies and solutions for rapidly growing markets such as LED backlight monitors and LED general lighting. For more information, please go to Diguang's website at http://www.diguangintl.com.
Safe Harbor Statements
This press release contains forward-looking statements made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward looking statements are based upon the current plans, estimates and projections of Diguang's management and are subject to risks and uncertainties, which could cause actual results to differ from the forward looking statements. Therefore, you should not place undue reliance on these forward-looking statements. The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: business conditions in China, weather and natural disasters, changing interpretations of generally accepted accounting principles; outcomes of government reviews; inquiries and investigations and related litigation; continued compliance with government regulations; legislation or regulatory environments, requirements or changes adversely affecting the businesses in which Diguang is engaged; fluctuations in customer demand; management of rapid growth; intensity of competition from other providers of backlights; timing approval and market acceptance of new product introductions; general economic conditions; geopolitical events and regulatory changes, as well as other relevant risks, including but not limited to risks outlined in the Company's periodic filings with the U.S. Securities and Exchange Commission. Diguang does not assume any obligation to update the information contained in this press release.
For more information, please contact:
Company Contact:
Harvey Li
Diguang International Development Co., Ltd.
Email: Lijunjiang@diguang.com
Tel: +86-755-2655-3152 Ext 8888
DIGUANG iNTERNATIONAL DEVELOPMENT CO., LTD.
CONSOLIDATED STATEMENTS OF INCOME
AND COMPREHENSIVE INCOME
(In US Dollars)
Three months ended September 30,
2010
2009
(Unaudited)
(Unaudited)
Revenues:
Revenues, net
$
19,050,932
$
13,456,366
Cost of sales
17,539,034
12,518,206
Gross profit
1,511,898
938,160
Selling expense
784,572
714,206
Research and development
391,103
460,946
General and administrative
889,226
997932
2,198,747
1,955,536
Loss on disposing assets
8,480
10,308
Loss from operations
(561,483)
(1,245,232)
Interest income (expense), net
(226,099)
(126,251)
Investment income (expense)
-
0
Other income (expense)
(63,375)
87,744
Loss before income taxes
(850,957)
(1,283,739)
Income tax provision
16,199-
(646)
Net loss
(867,156)
(1,283,093)
Net income (loss) attributable to non-controlling interest
(12,067)
(65,543)
Net loss attributable to common shares
$
(855,089)
$
(1,217,550)
Weighted average common shares outstanding – basic
22,072,000
22,072,000
Losses per share – basic
(0.04)
(0.06)
Weighted average common shares outstanding – diluted
22,072,000
22,072,000
Losses per shares – diluted
(0.04)
(0.06)
Other comprehensive income:
Translation adjustment
(282,519)
(8,346)
Comprehensive loss
(584,637)
(1,274,747)
Comprehensive income (loss) attributable to non-controlling interest
(21,082)
(64,179)
Comprehensive income attributable to common shares
$
(605,719)
$
(1,210,568)
DIGUANG iNTERNATIONAL DEVELOPMENT CO., LTD.
CONSOLIDATED BALANCE SHEETS
(In US Dollars)
September 30,
December 31,
2010
2009
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents
$
5,244,308
$
6,190,513
Restricted cash
3,030,857
4,341,112
Accounts receivable, net of allowance for doubtful accounts $1,529,505 and $1,592,221
17,290,322
13,972,086
Inventories, net of provision$3,519,124and $3,485,777
10,921,816
7,439,287
Other receivables, net of provision $69,032 and $69,032
513,637
465,013
VAT recoverable
269,286
82,497
Advance to suppliers
1,270,769
900,328
Total current assets
38,540,995
33,390,836
Investment, net of impairment $1,500,000and $1,500,000
-
-
Plant, property and equipment, net
23,942,877
17,868,845
Long-term prepayments
381,137
439,502
Total assets
$
62,865,009
$
51,699,183
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Bank loans
7,660,318
$
10,213,683
Accounts payable
22,149,847
15,446,721
Advance from customers
874,619
325,165
Accruals and other payables
2,030,277
2,510,206
Accrued payroll and related expense
824,202
712,206
Income tax payable
404,879
394,989
Amount due to stockholders – current
358,052
943,378
Total current liabilities
34,302,194
30,546,348
Long-term bank loans
8,639,115
-
Research funding advanced
688,476
952,255
Total non-current liabilities
9,327,591
952,255
Total liabilities
43,629,785
31,498,603
Equity:
Common stock, par value $0.001 per share, 50 million shares authorized, 22,593,000 and 22,593,000 shares issued, 22,072,000 and 22,072,000 shares outstanding
22,593
22,593
Additional paid-in capital
20,915,290
20,881,635
Treasury stock at cost
(674,455)
(674,455)
Appropriated earnings
798,928
802,408
Accumulated deficit
(8,945,894)
(7,644,254)
Translation adjustment
4,668,489
4,338,891
Total stockholders' equity
16,784,951
17,726,818
Non-controlling interest
2,450,273
2,473,762
Total equity
19,235,224
20,200,580
Total liabilities and stockholders' equity
$
62,865,009
$
51,699,183
DIGUANG iNTERNATIONAL DEVELOPMENT CO., LTD.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Increase (Decrease) in Cash and Cash Equivalents
(In US Dollars)
Nine Months Ended September 30,
2009
2010
(Unaudited)
(Unaudited)
Cash flows from operating activities:
Net loss
$
(4,513,752)
$
(1,377,690)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation
1,219,618
1,483,654
Bad debts allowance
-
(108,420)
Inventory provision
568,265
(33,619)
Loss on disposing assets
30,487
10,787
Share-based compensation
301,480
33,655
Research and development costs offset by funding advanced
-
(516,156)
Deferred tax asset
28,485
-
Changes in operating assets and liabilities:
Accounts receivable
(3,294,841)
(3,147,437)
Inventory
(2,953,544)
(3,374,239)
Other receivables
110,788
(46,814)
VAT recoverable
(256,989)
(183,117)
Prepayments and other assets
(371,720)
(371,260)
Accounts payable
238,456
4,156,825
Accruals and other payable
(64,672)
(362,591)
Advance from customers
(11,404)
557,944
Accrued interest payable to related parties
57,103
-
Taxes payable
(17,492)
9,928
Net cash used in operating activities
(8,929,732)
(3,268,550)
Cash flows from investing activities:
Purchase of fixed assets investment in construction
(87,631)
(4,738,704)
Proceeds from disposal of fixed assets
29,152
11,805
Net cash used in investing activities
(58,479)
(4,726,899)
Cash flows from financing activities:
Due to related parties
(800,912)
(597,568)
Proceeds from (repayments for) short-term bank facilities
8,741,354
(1,253,804)
Repayments for import financing loans
-
(1,356,660)
Restricted cash released from (pledged for) import financing loans
(4,340,769)
1,310,255
Proceeds from long-term loan facilities
-
8,639,115
Research funding advanced
-
248,603
Net cash received from financing activities
3,599,673
6,989,941
Effect of changes in foreign exchange rates
(187,961)
59,303
Net decrease in cash and cash equivalents
(5,576,499)
(946,205)
Cash and cash equivalents, beginning of the period
15,024,363
6,190,513
Cash and cash equivalents, end of the period
$
9,447,864
$
5,244,308
Supplemental disclosures of cash flow information:
Cash paid for interest
$
233,986
$
588,700
Cash paid for income taxes
14,821
24,174
SOURCE Diguang International Development Co., Ltd.
Source: PR Newswire (November 16, 2010 - 7:25 AM EST)
News by QuoteMedia
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Emerald Dairy, Inc. Reports Record Revenue for the Third Quarter 2010
New Hailun Facility Begins Production on 10,000-ton Infant Formula Production Line in November
Company Launches Xinganling® Organic Label and Product Line
Nov. 16, 2010 (PR Newswire) --
HARBIN, China, Nov. 16, 2010 /PRNewswire-Asia-FirstCall/ -- Emerald Dairy, Inc. (OTC Bulleting Board: EMDY) ("Emerald Dairy" or "the Company") a leading producer and distributor of infant and children's formula products, today announced financial results for its third quarter ended September 30, 2010.
Third Quarter 2010 Highlights
Revenue was $12.9 million, up 27.0% from 3Q2009 and a quarterly record
Gross margins increased 510 basis points to 50.3% driven by higher sales of the Company's high-margin Xinganling(R) brand
Adjusted net income was 2.0 million and adjusted EPS was 0.06, an increase of 127% and 100% respectively
$7.2 million in cash flow from operations for the first nine months of 2010
Third Quarter 2010 Results
3Q 2010
3Q 2009
CHANGE
Net Sales
$ 12.9 million
$ 10.2 million
27.0%
Gross Profit
$ 6.5 million
$4.6 million
41.4%
GAAP Net Income
$ 1.5 million
$ 0.9 million
66.4%
EPS (Diluted)
$0.04
$0.03
50.9%
Adjusted Net Income*
$ 2.0 million
$ 0.9 million
127.3%
Adjusted EPS*
$0.06
$0.03
100.0%
* Adjusted Net Income' and 'Adjusted EPS' and non-GAAP calculations and excludes the non-cash charge of $0.1 million related to stock options granted to employees as of September 30, 2010, $0.1 related to the fair value of warrants issued to consultants amortized during the period and $0.3 related to the fair value of warrants issued for loan costs amortized during the period.
"We had a very productive third quarter on several fronts," stated Yong Shan Yang, CEO and President of Emerald Dairy, "Xinganling® continues to demonstrate increasing market preference among consumers and families who are willing to pay a bit more to buy Xinganling versus local and lower end brands. We continued to make adjustment in our current 9,000 ton capacity line and increased our production for the quarter to meet at least part of this demand. Beginning November, we brought on line our second production line (line "B") at our new facility in Hailun and we have already begun shipping out orders of Xinganling to our customer base. The expanded capacity will allow us to meet incremental customer demand for our products in 'Tier Two' to 'Tier Four' cities which is are showing increasing appetite for mid-range infant formula products like our Xinganling® -branded products. Our initial target is to reach forty percent capacity utilization over the next six months and near full capacity within 12 months which should meet forecasted demand with our installed customer base. We are pleased with the returns we have seen with our brand and marketing investments to date as evidenced by growth in our key product lines. We started selling three organic products under our Xinganling(R) brand and will leverage our broad distribution footprint to gain additional market share," Yang concluded.
Third Quarter 2010 Review
Total revenue for the third quarter of 2010 ended September 30, 2010 was $12.9 million, up 27.0% from $10.2 million for the quarter ended September 30, 2009, which was driven by a 344 metric ton increase in production and shipments of Emerald Dairy products in the quarter. Sales of its mid- and high end price point Xinganling®-branded products increased by24.5% over the year ago period and represented 86.2% of third quarter sales. The Company was also able to further maximize production output in on its current 9,000 ton line to produce and ship more of Emerald Dairy's Xinganling product line. Another contributor to its revenues was higher pricing on some of the Company's subcontracting production runs, leading to sales increasing by 63.4% to $1.1 million in that business segment during the third quarter.
Gross profit for the third quarter of 2010 was $6.5 million, a 41.4% increase from $4.6 million in the third quarter of 2009. Overall gross profit margin expanded 510 basis points to 50.3% in the third quarter, with margins up in every product category compared to the same period last year. Xinganling® increased sales volume and margins contributed the most to gross profits and overall gross profit margins for the quarter. On average, gross margins for Emerald Dairy core products are detailed below.
Xinangling® Milk Powders – 45%-55% margins
Rice Powders (for lactose intolerance) – 60%-68% margins
Soybean Powders (for lactose intolerance) - 20%-30% margins
Private Label Contracting - ~10%
Operating expenses for the quarter were $4.1 million, an increase of 19.4%, and were attributed to higher advertising and marketing promotion expenses, in addition to investments to increase the Company's sales force. Operating income totaled $2.4 million in the third quarter of 2010, a 103.7% increase from $1.2 million in the third quarter of the previous year. Adjusted operating income excluding non-cash items was $3.0 million. The Company's adjusted operating margin was 23.6% compared to 11.8% in the third quarter of the prior year, a 1,180 basis point improvement.
GAAP net income for the third quarter of 2010 was $1.5 million, an increase of 66.4% from $0.9 million in the third quarter of 2009. Earnings per share were $0.04 per diluted share in the quarter. Adjusted net income excluding the non-cash value of stock options and warrants expensed was $2.0 million, an increase of 127.3% year over year. Adjusted earnings per share increased 100.0% to $0.06 based on 34.5 million weighted average diluted shares outstanding on September 30, 2010, compared to 30.8 million fully diluted shares in the year ago period.
Nine Months Results
YTD 2010
YTD 2009
CHANGE
Net Sales
$ 40.5 million
$ 31.3 million
29.4%
Gross Profit
$ 20.1 million
$14.2 million
41.5%
GAAP Net Income
$ 0.5 million
$ 3.7 million
-87.6%
EPS (Diluted)
$0.01
$0.12
-88.9%
Adjusted Net Income*
$7.1 million
$ 3.7 million
91.9%
Adjusted EPS*
$0.21
$0.12
72.9%
* 'Adjusted Net Income' and 'Adjusted EPS' are non-GAAP calculations and excludes $5 million in non-cash liquidating damages during the nine months ended September 30, 2010, as a result of the extension of warrants previously issued by Company to satisfy certain registration provisions.
Adjusted net income and EPS also excludes the non-cash charge of $0.7 million related to stock options granted to employees as of September 30th, 2010; $0.1 million related to the fair value of warrants issued to consultants amortized during the nine months ended September 30, 2010 and $0.8 related to the fair value of warrants issued for loan costs amortized during the nine months ended September 30, 2010. Adjusted net income and EPS in YTD 2010 exclude the total amount of $6.6 million in non-cash items.
Revenue for the first nine months of 2010 was $40.5 million, up 29.4% from $31.3 million in the prior year's period, as contribution from each category remained consistent. Milk powders accounted for 86.6% of revenues, private labeling sales accounted for 7.6% of revenues, rice powder accounted for 3.1% of revenues while soybean powder accounted for 2.7% of revenues for the first nine months of 2010.
Gross profits were $20.1 million, an increase of 41.5% for the period. Gross profit margin increased by 420 basis points to 49.7% in the first nine months ended September 30, 2010.
Operating expenses grew by 78.3% in the first nine months of 2010 to $17.1 million. Advertising expenses increased by 81.4% to $0.4 million and promotion expenses increased by 64.6% to $0.8 million due to a focus on brand building and marketing. The Company also coordinated direct marketing programs and introductory promotions to new mothers events with the Company's distributors and retail partners.
The Company recorded four non-cash charges in the first nine months of 2010; (i) $5.0 million in liquidated damages as a result of the extension of warrants previously issued by the Company to satisfy certain registration rights provisions (ii) $0.7 million in non-cash stock options for employees (iii) $0.1 million related to the fair value of warrants issued to consultants amortized during the nine months ended September 30, 2010 and (iv) $0.8 related to the fair value of warrants issued for loan costs amortized during the nine months ended September 30, 2010. Excluding these non-cash expenses of approximately $6.6 million, total operating expenses were $10.5 million in the first nine months of 2010 compared to $9.6 million in the first nine months of 2010.
Operating income for the first nine months of 2010 was down 34.7% year-over-year to $3.0 million. Adjusted operating income, excluding $6.6 million of non-cash expenses, was $9.6 million in the first nine months of 2010 compared to $4.6 million in the first nine months of 2009, a 109% increase year over year.
US GAAP net income for the first nine months of fiscal year 2010 was $0.5 million, compared to $3.7 million in the prior year's corresponding period, an 87.6% decrease year over year. Adjusted net income for the first nine months of 2010, which excludes the $6.6 in non-cash expenses was $7.1 million, an increase of 91.9% year over year. Adjusted earnings per share were $0.21 vs. $0.12 in the year ago period, based on 34.1 million and $30.4 million diluted shares outstanding for each respective period.
Financial Condition
As of September 30, 2010, the Company had $14.6 million in cash and equivalents; working capital was $24.4 million, up from $17.3 million as of December 31, 2009; accounts receivable were $6.6 million, compared to $7.2 million as of December 31, 2009; cash flow from operations for the first nine months of 2010 was $7.2 million, compared to $2.1 million for the year ago period due to higher net income and improvements in accounts working capital. The Company had $5.8 million in short term loans as of September 30, 2010. Shareholder's equity was $43.7 million, a 34.0 % increase from $33.4 million reported on December 31, 2009.
Guidance for 2010
Emerald Dairy reiterated its full year 2010 guidance of $60-65 million in revenues and $8.0 to $9.0 in non-GAAP adjusted net income.
Third Quarter 2010 Conference Call
To attend the call, please use the dial-in information below. When prompted, ask for the "Emerald Dairy Call" and/or be prepared to provide the conference ID.
Conference Call Date:
Tuesday, November 16, 2010
Time:
11:00 a.m. Eastern
Conference Line Dial-In (U.S.):
1-877-941-1427
International Dial-In:
1-480-629-9664
Conference ID:
4385521
Webcast link:
http://viavid.net/dce.aspx?sid=00007E2E
Please dial in at least 10 minutes before the call to ensure timely participation. A playback will be available through November 23, 2010. To listen, please call 1-877-870-5176 within the United States or 1-858-384-5517 if calling internationally. Utilize the pass code 4385521 for the replay.
This call is being webcast by ViaVid Broadcasting and can be accessed by clicking on this link, http://viavid.net/dce.aspx?sid=00007E2E or at ViaVid's website at http://www.viavid.net , where the webcast can be accessed through November 17, 2011.
About Emerald Dairy
Through its wholly-owned operating subsidiaries, Emerald Dairy, Inc. is a producer and distributor of infant and children's formula, milk powder and soybean products in the People's Republic of China. The Company's products are sold under two brand names -- "Xing An Ling," designed for middle and high-end customers, and "Yi Bai," designed for low-end customers. Emerald Dairy's products are distributed throughout 20 provinces in mainland China and sold in over 6,000 retail points. For further information about Emerald Dairy Inc., please visit the Company's website at http://www.emeralddairy.com/
About Non-GAAP Financial Measures
To supplement the Company's consolidated financial statements, which statements are prepared and presented in accordance with GAAP, we use the following non-GAAP financial measures: non-GAAP adjusted net income, and non-GAAP adjusted EPS. The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. The Company uses these non-GAAP financial measures for financial and operational decision making and as a means to evaluate period-to-period comparisons. Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding the Company's performance and liquidity by excluding certain expenses and expenditures that may not be indicative of "recurring core business operating results", meaning operating performance excluding non-cash amortization charges for intangibles. The Company believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing performance and when planning, forecasting and analyzing future periods. These non-GAAP financial measures also facilitate management's internal comparisons to historical performance and liquidity as well as comparisons to competitors' operating results. The Company believes these non-GAAP financial measures are useful to investors both because (1) they allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making and (2) they are used by our institutional investors and the analyst community to help them analyze the health of the business.
Forward-Looking Statements
This press release contains certain "forward-looking statements" that involve a number of risks and uncertainties. There can be no assurance that such statements will prove to be accurate and the actual results and future events could differ materially from management's current expectations. Such factors include, but are not limited to, the Company's ability to obtain the necessary financing to continue and expand operations, to market its products in new markets and to offer products at competitive pricing, to attract and retain management, and to integrate and maintain technical information and management information systems, political and economic factors in the PRC, compliance requirement of laws and regulations of the PRC, the effects of currency policies and fluctuations, general economic conditions and other factors detailed from time to time in the Company's filings with the United States Securities and Exchange Commission and other regulatory authorities. The Company undertakes no obligation to publicly update or revise any forward- looking statements, whether as a result of new information, future events or otherwise.
EMERALD DAIRY INC
CONSOLIDATED INCOME STATEMENT
Three months ended
Nine months ended
September 30,
September 30,
September 30,
September 30,
2010
2009
2010
2009
Sales
$ 12,897,019
$ 10,158,004
$ 40,459,377
$ 31,261,491
Cost of Goods Sold
6,408,452
5,569,598
20,356,931
17,057,583
Gross Profit
6,488,567
4,588,406
20,102,446
14,203,908
Operating Expenses
Selling expenses and administrative expenses
3,999,971
3,348,522
11,906,641
9,448,920
Liquidated damages
5,021,669
Depreciation and amortization
51,404
43,595
154,356
130,107
Total operating expenses
4,051,375
3,392,117
17,082,666
9,579,027
2,437,192
1,196,289
3,019,780
4,624,881
Other Income (Expense)
18.9%
11.8%
19.9%
14.8%
Interest income
1,418
1,277
3,553
4,421
Interest expense
(555,257)
(67,887)
(1,339,936)
(67,887)
Total other income (expense)
(553,839)
(66,610)
(1,336,383)
(63,466)
Net Income Before Provision for Income Tax
1,883,353
1,129,679
1,683,397
4,561,415
Provision for Income Taxes
Current
411,266
245,054
1,224,008
860,948
411,266
245,054
1,224,008
860,948
Net Income
$ 1,472,087
$ 884,625
$ 459,389
$ 3,700,467
Basic Earnings Per Share
$ 0.04
$ 0.03
$ 0.01
$ 0.12
Basic Weighted Average Shares Outstanding
34,020,324
30,844,547
33,643,729
29,979,356
Diluted Earnings Per Share
$ 0.04
$ 0.03
$ 0.01
$ 0.12
Diluted Weighted Average Shares Outstanding
34,464,712
31,631,381
34,132,311
30,429,024
The Components of Other Comprehensive Income (Loss)
Net Income
$ 1,472,087
$ 884,625
$ 459,389
$ 3,700,467
Foreign currency translation adjustment
977,589
24,487
1,431,900
(14,933)
Income tax related to other comprehensive income
(332,380)
(8,326)
(486,846)
5,077
Comprehensive Income
$ 2,117,296
$ 900,786
$ 1,404,443
$ 3,690,611
EMERALD DAIRY INC
CONSOLIDATED BALANCE SHEETS
ASSETS
September 30,
December 31,
2010
2009
(Unaudited)
Current Assets
Cash and cash equivalents
$ 14,559,414
$ 13,486,429
Trade accounts receivable, net
6,567,168
7,223,016
Inventory, net
1,624,509
1,298,488
Advances to equipment supplier
10,033,849
3,710,707
Other current assets
2,914,909
1,292,749
Total current assets
35,699,849
27,011,389
Property, plant and equipment
Property, plant and equipment, net
5,759,821
5,946,330
Construction in progress
14,900,348
8,772,931
20,660,169
14,719,261
Intangible assets, net
1,339,817
1,341,534
$ 57,699,835
$ 43,072,184
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Accounts payable and accrued expenses
$ 3,750,273
$ 2,917,798
Notes payable, net of debt discount of $171,755 and $729,830 at September 30, 2010 and December 31, 2009, respectively
5,844,656
5,843,472
Other current liabilities
391,337
704,056
Current portion of long-term lease
1,080,770
-
Loan from shareholder
214,397
210,142
Total current liabilities
11,281,433
9,675,468
Long-term lease payable
2,754,828
-
Commitments and Contingencies (Note 19)
Stockholders' Equity
Preferred stock ($0.001 par value, 10,000,000 shares authorized, none issued and outstanding at September 30, 2010 and December 31, 2009)
-
-
Common stock ($0.001 par value, 100,000,000 shares authorized, 35,976,575 and 34,890,267 issued and outstanding at September 30, 2010 and December 31, 2009, respectively)
35,977
34,890
Treasury Stock (1,944,444 shares at September 30, 2010 and December 31, 2009, respectively)
(1,944)
(1,944)
Additional paid-in capital
25,862,219
17,003,093
Retained earnings (of which $3,191,614 and $1,834,742 are restricted at September 30, 2010 and December 31, 2009, respectively, for common welfare reserves)
14,777,814
14,318,425
Accumulated other comprehensive income
2,989,508
2,042,252
Total stockholders' equity
43,663,574
33,396,716
$ 57,699,835
$ 43,072,184
EMERALD DAIRY INC
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30
2010
2009
Cash flows from operating activities
Net Income (Loss)
$ 459,389
$ 3,700,467
Adjustments to reconcile net cash provided by
operating activities
Depreciation and amortization
415,021
400,227
Amortization of loan discount
558,075
65,916
Capitalized interest
(763,495)
(351,071)
Stock issued for services
34,657
33,475
Warrants modified for liquidated damages
5,021,669
-
Warrants modified for services
-
3,975
Warrants issued for services
915,097
-
Warrants issued for loan costs
79,991
117,155
Incentive stock options
385,891
125,452
Net change in assets and liabilities
Trade accounts receivable
799,208
(559,266)
Inventory
(300,249)
(837,027)
Other current assets
(1,112,306)
140,875
Accounts payable and accrued expenses
1,024,764
(424,925)
Other current liabilities
(326,693)
(313,945)
Net cash provided by operating activities
7,191,019
2,101,308
Cash flows from investing activities
Deposit on equipment and construction
(6,733,689)
-
Construction in progress
(5,189,800)
-
Purchases of fixed assets and intangibles
(82,097)
(4,194,717)
Net cash used in investing activities
(12,005,586)
(4,194,717)
Cash flows from financing activities
Advances on notes payable
800,000
-
Repayments of notes payable
(477,464)
-
Advances on sale-leaseback
5,090,026
-
Repayments of sale-leaseback
(257,555)
-
Exercise of warrants
296,408
4,433,590
Net cash provided by financing activities
5,451,415
4,433,590
Effect of exchange rate
436,137
(2,762)
Net decrease in cash
1,072,985
2,337,419
Cash and cash equivalents at beginning of period
13,486,429
7,343,588
Cash and cash equivalents at end of period
$ 14,559,414
$ 9,681,007
For more information, please contact:
COMPANY:
Mr. Shu Kaneko, CFO
Emerald Dairy Inc.
Email: shu.kaneko@amnutriadairy.com
Web: http://www.emeralddairy.com/
INVESTOR RELATIONS:
John Mattio, SVP
HC International, Inc.
Tel: US +1-203-616-5144
Email: john.mattio@hcinternational.net
Web: http://www.hcinternational.net
SOURCE Emerald Dairy, Inc.
Source: PR Newswire (November 16, 2010 - 7:00 AM EST)
News by QuoteMedia
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Nutrastar Announces the Launch of Their New Website
Nov. 16, 2010 (PR Newswire) --
HARBIN, China, Nov. 16, 2010 /PRNewswire-Asia-FirstCall/ -- Nutrastar International Inc. (OTC Bulletin Board: NUIN; "Nutrastar" or the "Company"), a leading producer and supplier of premium branded Traditional Chinese Medicine ("TCM") consumer products, today announced that it has a brand new company website, which can be viewed at www.nutrastarintl.com.
The new website is modern, fresh, and better reflects the company and its unique product offering. It offers a vast array of information on Nutrastar including company description, detailed product information, management biographies and an in depth investor relations section. The website also details its primary product, Chinese Golden Grass and its new Functional Health Drink, including information on their important health benefits, market potential, as well as sales and marketing efforts.
Ms. Lianyun Han, Founder and Chief Executive Officer of Nutrastar commented, "We are so very pleased to have a new, clean, sophisticated corporate website. This innovative website not only better represents Nutrastar as a public company but also further promotes our TCM consumer product line and helps to educate investors on the benefits and market potential of Chinese Golden Grass. We are very proud of our new website and urge the financial community to review the site for its valuable information on our company and our unique position in the TCM marketplace."
About Nutrastar International
Nutrastar is a China based leading producer and supplier of premium branded TCM consumer products including commercially cultivated Chinese Golden Grass ("Cordyceps Militaris") and functional health beverages. Cordyceps Militaris is one of the most highly regarded herbal nutrients in TCM. The Company believes it is the largest manufacturer of bioengineered Chinese Golden Grass in China, ranked by volume, according to China Market Monitoring Center (CMMC), accounting for approximately 19% market share in China. The Company is headquartered in Harbin, capital of Heilongjiang province, with 302 employees, 21 in R&D, and 132 in sales and marketing. The products of Nutrastar are sold throughout China via a direct and distribution network that covers more than 10 provinces. More information may be found at http://www.nutrastarintl.com or e-mail: ir@nutrastarintl.com.
Safe Harbor Statement
This news release contains "forward-looking statements" relating to the business of Nutrastar International Inc. and its subsidiary companies. All statements, other than statements of historical fact included herein are "forward-looking statements" including 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 forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions. 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 forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required under the securities laws, the Company does not assume a duty to update any forward-looking statements to reflect events or circumstances after the date hereof.
For more information, please contact:
Howard Gostfrand
American Capital Ventures
Tel: 305.918.7000
info@amcapventures.com
SOURCE Nutrastar International Inc.
Source: PR Newswire (November 16, 2010 - 7:00 AM EST)
News by QuoteMedia
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OXIS International to Present at the 3rd Annual LD Micro Conference on December 9
Nov. 16, 2010 (PR Newswire) --
BEVERLY HILLS, Calif., Nov. 16, 2010 /PRNewswire-FirstCall/ -- OXIS International, Inc., (OTC Bulletin Board: OXIS; Paris: OXI) today announced that Anthony Cataldo, chief executive officer, and Bernie Landes, president, are scheduled to make an investor presentation at the 3rd Annual LD Micro Conference in Los Angeles on Thursday, December 9, 2010 at 2:00 p.m. Pacific time. The conference is being held at the Luxe Sunset Boulevard Hotel.
President of LD MICRO, Chris Lahiji stated, "We are very pleased that a local company with fantastic growth potential chose to present at our event. We are excited to learn more about their unique story."
About LD MICRO
LD MICRO is a by-invitation only newsletter firm that focuses on finding undervalued companies in the micro-cap space. Since 2002, the firm has published an annual list of recommended stocks as well as comprehensive reports on select companies throughout the year. LD MICRO concentrates on finding, researching, and investing in companies that are overlooked by institutional investors. It is a non-registered investment advisor.
For more information on the list of presenting companies or to register for the event, please visit http://www.ldmicro.com or call (408) 457-1042.
About OXIS International, Inc.
OXIS International, Inc. develops technologies and products to research, diagnose, treat and prevent diseases of oxidative stress/inflammation associated with damage from free radical and reactive oxygen species (ROS). The company holds the rights to several therapeutic classes of compounds in the area of oxidative stress, and has focused commercialization programs that include SOD (superoxide dismutase), MPO (myeloperoxidase), GPx (glutathione peroxidase), as well as a highly potent antioxidant, Ergothioneine, that may be sold over-the-counter (OTC) as a dietary supplement. Ergothioneine can also be sold to the cosmetics markets as well as the functional food and beverage markets.
SOURCE OXIS International, Inc.
Source: PR Newswire (November 16, 2010 - 7:00 AM EST)
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