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NaturalNano Inc. Announces 3rd Quarter Financial Results; Sales Revenue Increases 318%
Nov. 16, 2010 (GlobeNewswire) --
ROCHESTER, N.Y., Nov. 16, 2010 (GLOBE NEWSWIRE) -- NaturalNano, Inc. (Pink Sheets:NNAN) (Frankfurt:N3N) announced today financial results for the Third Quarter of 2010. During the Third Quarter, sales revenue significantly increased over both same quarter in 2009 and the year to date results. The first nine months of 2010 showed an increase over the similar period in 2009 by 318% and same quarter results were up 1229%.
Acting CEO and President James Wemett said, "NaturalNano is pleased to report the positive results for the Quarter that continued to evidence growth in revenues. We are particularly pleased with the performance of Combotexs which is majority owned by NNAN. Combotexs markets and provides high quality Patient Safety Checklists Boards and CRM training to Hospitals and Healthcare Facilities. Patient safety is a hot topic right now and we are providing high quality, made to order Safety Boards to Operating Theaters and Emergency Rooms where an increasing number of customers seek to provide their professional staff with the latest tools in Error Prevention. "
Wemett also noted, "Year-to-date sales for our proprietary HNT product remained the same as last year as we continue to supply, market leading nail polish producer, Fiabila with our HNT product.
About NaturalNano, Inc.
NaturalNano, Inc. (Pink Sheets:NNAN) (Frankfurt:N3N) is a materials science company focused on developing and commercializing advanced nanocomposites. The Company is focused on additive technologies and processes, including its proprietary Pleximer used in industrial polymers, plastics and composites. NaturalNano holds and/or licenses 20 patents and patent applications for extraction and separation processes, compositions, and derivatives of Halloysite. www.naturalnano.com.
Combotexs, LLC, (www.combotexs.com ) which is 51% owned by NaturalNano, markets a range of consumer and industrial products, including its Patient Safety Checklist Boards, the BASF manufactured Super Magic Eraser product and a complete product line of non-alcohol sanitizers for hands and hard surfaces.
Cautionary Statement Regarding Forward-Looking Statements: Contains forward-looking statements regarding future events and future performance that involve risks and uncertainties that could materially affect actual results. This information is qualified in its entirety by cautionary statements and risk factors disclosure contained in certain of NaturalNano's filings with the Securities and Exchange Commission. The most recent annual reports on Form 10-K and quarterly reports on Form 10-Q filed by NaturalNano provide information about these factors, which may be revised or supplemented in future reports to the SEC on those forms or on Form 8-K. We caution investors not to place undue reliance on forward-looking statements, and we do not undertake any obligation to update or otherwise revise any forward-looking statements, whether as a result of new information, future events, or other such factors that affect the subject of these statements, except where expressly required by law.
CONTACT: NaturalNano, Inc.
Jim Wemett
585-267-4848
jimwemett@aol.com
Source: Globe Newswire (November 16, 2010 - 8:30 AM EST)
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Union Dental Reports an 11% Increase in Revenues for 9 Months 2010
Nov. 16, 2010 (GlobeNewswire) --
CORAL SPRINGS, Fla., Nov. 16, 2010 (GLOBE NEWSWIRE) -- Union Dental Holdings, Inc. (Pink Sheets:UDHI) - http://www.uniondental.com/ir - a national provider of a suite of dental services to union members and dentists has announced its revenues for the nine months ending 9/30/2010. The revenues from operations as compared to the same period for 2009 increased 11.25 percent to $2,856,501 from $2,534,864. The revenues for the quarter ending 9/30/2010 were $1,100,686 down from $1,176,604 for the same period in 2009.
The Company's Consolidated Statements of Operations for September 30, 2010 reflects a profit of $366,281 from operating income as compared to a profit of $365,681 during the comparable nine month period in 2009. The profits for the third quarter 2010 were $198,613 as compared to $454,414.
Dr. Green, President and CEO, commented: "I am pleased we are again profitable especially in this dramatic worldwide economic downturn we are facing. We now have converted a good portion of debt into equity showing the confidence our debt holders have in the Company's future. The downturn of profits in the 3rd quarter were directly attributed to building the certified surgical, staff of the surgical unit and expenses attributed to the specialists' pay during that time."
Union Dental, in an ongoing effort to provide shareholders with transparency and a greater understanding of the Company's business operations, has released the latest Income Statement and Balance Sheet for the three months and nine months 2010.
UNION DENTAL HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
For the Three Months Ended For the Nine Months Ended
September 30, September 30,
2010 2009 2010 2009
Unaudited Unaudited Unaudited Unaudited
Revenues, net $ 1,100,686 $ 1,176,604 $ 2,856,501 $ 2,534,864
Total Revenues 1,100,686 1,176,604 2,856,501 2,534,864
Operating expenses:
Cost of services performed 242,529 142,678 601,325 340,446
Salaries and related taxes and stock-based compensation 436,586 338,411 1,196,875 1,104,013
Depreciation and amortization 25,037 43,469 81,043 130,485
Professional fees 10,988 12,610 22,721 46,326
Consulting fees -- -- -- 22,600
Other general and administrative 186,933 181,022 588,256 525,313
Total operating expenses 902,073 718,190 2,490,220 2,169,183
Income from operations 198,613 454,414 366,281 365,681
Other income (expense):
Gain from settlement of litigation -- -- -- 3,000
Gain (loss) from valuation of derivatives liability -- (69,787) (165,512) (375,347)
Interest income -- 1 -- 17
Interest expense (9,689) (18,983) (28,562) (82,430)
Total other income (expense) (9,689) (88,769) (194,074) (454,760)
Income (loss) before provision for income taxes 188,924 369,645 172,207 (89,079)
Income tax expense -- -- -- --
Net Income (Loss) $ 188,924 $ 365,645 $ 172,207 $ (89,079)
Net Income (loss) per common share:
Net Income (loss) per common share - basic $ 0.00 0 $ 0.00 $ (0.00)
Net Income (loss) per common share - diluted $ 0.00 0 $ 0.00 $ (0.00)
Weighted average common shares outstanding - basic 203,658,932 144,844,732 190,725,217 144,844,732
Weighted average common shares outstanding - diluted 203,658,932 144,844,732 190,725,217 144,844,732
UNION DENTAL HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
UNAUDITED
Year ended
September 30, December 31,
2010 2009
ASSETS Unaudited Unaudited
CURRENT ASSETS:
Cash $ 120,234 $ 51,674
Accounts receivable, net 913,514 919,446
Inventory of supplies 39,354 39,354
Total current assets 1,073,102 1,010,474
Property and equipment, net 436,340 513,168
Total Assets $ 1,509,442 $ 1,523,642
LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT)
CURRENT LIABILITIES:
Convertible notes payable $ -- $ 467,413
Convertible debenture payable -- 226,873
Notes payable 618,810 768,524
Loan payable - related party 216,498 263,867
Line of credit 50,650 50,650
Accounts payable 76,583 64,988
Accrued expenses 246,119 239,749
Unearned membership fees 144,144 308,419
Derivative liability -- 635,463
Total current liabilities 1,352,804 3,025,946
Commitments and contingencies -- --
SHAREHOLDERS' EQUITY (DEFICIT):
Preferred stock ($.0001 Par value; 25,000,000 shares
authorized; 8,000,000 shares issued and outstanding) 800 300
Common stock ($.0001 Par value; 300,000,000 share
authorized; 203,658,932 shares and 177,572,510 issued
and outstanding at September 30, 2010 and
December 31, 2009, respectively) 20,366 17,757
Common stock issuable (1,000,000 shares)
Additional paid-in capital 5,830,023 4,346,396
Accumulated deficit (4,204,840) (4,377,046)
Shareholder transactions (1,489,711) (1,489,711)
Less: Deferred compensation -- --
Total shareholders' equity (deficit) 156,638 (1,502,304)
Total liabilities and shareholders' equity (deficit) $ 1,509,442 $ 1,523,642
About Union Dental Holdings, Inc., Direct Dental Services, Inc. and Union Dental Corp.
Direct Dental Services and Union Dental Corp. are wholly owned subsidiaries. Direct Dental Services provides dentists with "areas of exclusivity" to participate with various unions including the Communications Workers of America (CWA) and the International Brotherhood of Electrical Workers (IBEW), United Association of Plumbers and Pipe Fitters (UA) and The Association of Flight Attendants - Communications Workers of America (AFA-CWA). Direct Dental Services receives annual management fees from the dentists in exchange for practicing in these "areas of exclusivity" where CWA and IBEW members use the dentists' services. Union Dental manages a dental practice in Coral Springs, Florida.
The Union Dental Holdings Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=8310
WEBSITE: www.uniondentalcorp.com/ir
"Safe-Harbor" Statement: Under the Private Securities Litigation Reform Act of 1995. This press release may contain forward-looking information within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), including all statements that are not statements of historical fact regarding the intent, belief or current expectations of the Company, its directors or its officers with respect to, among other things: (i) the Company's financing plans; (ii) trends affecting the Company's financial condition or results of operations; (iii) the Company's growth strategy and operating strategy; and (iv) the declaration and payment of dividends. The words "may," "would," "will," "expect," "estimate," "anticipate," "believe," "intend," 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 the Company'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.
WEBSITE: www.uniondental.com/ir
CONTACT: Union Dental Holdings Inc.
Dr. George D. Green, President
info@uniondentalcorp.com
Source: Globe Newswire (November 16, 2010 - 7:10 AM EST)
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Sen Yu International Holdings, Inc. Reports Higher Revenues and Net Income
Nov. 16, 2010 (Marketwire) --
NEW YORK, NY -- (Marketwire) -- 11/16/10 -- Sen Yu International Holdings, Inc. (OTCBB: CSWG) (OTCQB: CSWG), a leading producer and distributor of breeding and commercial hogs in the People's Republic of China, today reported higher revenues and net income for its quarter ended September 30, 2010.
Quarter ended September 30, 2010 Highlights
Net revenues increased 8% to $23.56 million for the quarter ended September 30, 2010 from $21.89 million for the same period ended September 30, 2009
Gross profit increased 13% to $5.34 million for the quarter ended September 30, 2010 from $4.73 million for the quarter ended September 30, 2009
Net income increased 3% to $3.68 million for the quarter ended September 30, 2010 from $3.56 million for the quarter ended September 30, 2009
Diluted earnings per common share decreased 44% to $0.10 per share for the quarter ended September 30, 2010 from $0.18 per share for the same period ended September 30, 2009
Net revenues increased $1.67 million or 8% to $23.56 million for the quarter ended September 30, 2010 from $21.89 million for the same period ended September 30, 2009. The increase in net revenues resulted from increased orders from our major customers, Beijing Dahongmen and Beijing Fifth Meat Factory. Hog sales increased to 134,561 heads for the quarter ended September 30, 2010 from 121,626 heads for the period ended September 30, 2009. Net income increased $124,012 or 3% to $3.68 million for the period ended September 30, 2010 from $3.56 million for the quarter ended September 30, 2009, mainly due to the higher revenues and continuing control over expenses. However, general and administrative expenses increased by approximately $417,652 or 613%, for the quarter ended September 30, 2010 from the period ended September 30, 2009, principally due to the payment of investor relation related charges and professional fees. Diluted earnings per share decreased 44% to $0.10 per share for the quarter ended September 30, 2010 from $0.18 per share for the same period ended September 30, 2009, mainly due to an 81% increase in diluted common shares outstanding during the period ended September 30, 2010 from the quarter ended September 30, 2009.
Revenues from commercial hogs were up $1.77 million or 8% to $23.34 million for the quarter ended September 30, 2010 from $21.57 million for the quarter ended September 30, 2009. Revenues from other hogs decreased from $322,313 or 30% for the period ended September 30, 2009 to $224,269 for the same three month period ended September 30, 2010. Commercial hogs refer to the hogs purchased from Wang Da farmers. Other hogs refer to hogs raised in the Company's own breeding facilities. The increase in the commercial hogs product line was primarily attributable to the Company's policy of committing all of its available cash resources to the commercial hog market.
Gross profit margin increased by 13% to 22.67% for the quarter ended September 30, 2010 from 21.59% for the same period ended September 30, 2009 on higher unit margin. The Company's income from operations increased to $3.77 million for the quarter ended September 30, 2010 from $3.70 for the same period ended September 30, 2009.
Total other expenses decreased $160,181 or 65% to $84,686 for the three months ended September 30, 2010 from $244,867 for the quarter ended September 30, 2009, mainly due to decrease in mortality losses. Swine mortality caused an expense of $48,479 during the three months ended September 30, 2010, recorded as "losses on disposal of fixed assets" or "losses on disposal of inventories" depending on the category of the deceased hog. During the three month period ended September 30, 2009, mortality losses were $346,932.
As a result, the Company's net income increased $124,012 or 3% for the three months ended September 30, 2010, compared to $3.68 million from $3.56 million for the same period ended September 30, 2009. The Company's net profit margin before non-controlling Interest was 15.65% for the three months ended September 30, 2010 from 15.79% for the same period ended September 30, 2009.
As of September 30, 2010 there was an advance to Wang Da of $35.21 million. In order to raise quality commercial hogs, and control the quality of feeding materials and procedures, the Company entered into a cooperation agreement with Wang Da, its major feedstuff supplier, to provide Wang Da's farmers with fodder to raise their commercial hogs. The supplier offsets the advances from the Company once it delivers the Wang Da farmers commercial hogs to the Company.
The Company's cash outstanding for the three months ended September 30, 2010 was $4.99 million.
The Company's current liability and total liability for the fiscal year ended June 30, 2010 was $7.80 million, as compared to $7.82 million for the fiscal year ended June 30, 2009. The Company recorded derivative warrant liability of $4.17 million in 2010.
About Sen Yu International Holdings, Inc.
Based in Northeast China, Sen Yu International Holdings, Inc. (OTCBB: CSWG) (OTCQB: CSWG) is a leading producer and distributor of breeding and commercial hogs, engaged in the research, development and sale of breeding swine and the sale of their mature offspring in the PRC. The Company entered into the hog breeding and production business in September 2004, and has developed into one of the largest providers of breeding swine and commercial hogs in Heilongjiang Province.
Cautionary Note Regarding Forward Looking Statements
Certain statements in this release concerning our future growth prospects are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. Such statements may include, without limitation, statements with respect to the Company's plans, objectives, projections, beliefs, expectations and intentions and other statements identified by words such as "guidance," "projects," "may," "could," "would," "should," "believe," "expect," "anticipate," "estimate," "intend," "plan," or similar expressions. These statements are based upon the current beliefs and expectations of the Company's management and are subject to significant risks and uncertainties (many of which are beyond the Company's control), including, but are not limited to, risks and uncertainties regarding the success of our investments, risks and uncertainties regarding fluctuations in earnings, our ability to sustain our previous levels of profitability including on account of our ability to manage growth, intense competition, wage increases in China, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, our ability to successfully complete and integrate potential acquisitions, withdrawal of governmental fiscal incentives, political instability and regional conflicts and legal restrictions on raising capital or acquiring companies outside China.
Additional risks that could affect our future operating results are more fully described in our filings with United States Securities and Exchange Commission. These filings are available at www.sec.gov.
We may, from time to time, make additional written and oral forward-looking statements, including statements contained in our filings with the Securities and Exchange Commission and our reports to shareholders. We do not undertake to update any forward-looking statements that may be made from time to time by or on our behalf.
Source: Marketwire (November 16, 2010 - 7:00 AM EST)
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MacroSolve Raises $775,000 in Bridge Funding to Support Patent Monetization Strategy
Fund Raise Oversubscribed by $275,000
Nov. 16, 2010 (Marketwire) --
TULSA, OK -- (Marketwire) -- 11/16/10 -- MacroSolve, Inc., (OTCBB: MCVE) (OTCQB: MCVE), a leading provider of mobile technologies, apps and solutions, announced today it has closed on a convertible debenture for bridge funding in the amount of $775,000. Funding sources included some of the company's current investors as well as select institutional investors. The bridge funding was originally set at $500,000. Greater than expected investor interest among a few investors, however, led to an oversubscription of $275,000, for a total raise of $775,000.
Funds will be used to support the company's monetization strategy for its newly issued mobile app patent, as well as for general operating expenses.
MacroSolve President and CEO, Clint Parr, commented, "Clearly the market, including both equity and debt investors, has reacted quite enthusiastically to the award of our patent. We are pleased to accept further investment from our current, very loyal shareholders, as well as from select institutional investors who are new investors with MacroSolve. With these funds, we will further accelerate our patent monetization timeline."
As previously announced on October 28, MacroSolve was awarded a landmark mobile app patent, U.S. Patent Number 7,822,816.
About MacroSolve
MacroSolve, Inc. is a pioneer in delivering mobile apps, technologies, and solutions to businesses and government. Founded in 1997, the company has an extensive network including the top name brands in wireless hardware and software as well as wireless carriers. Leveraging its intellectual property portfolio, MacroSolve is positioned to become a leader in the mobile app space, projected to become a $17.5 billion market by 2012. The company operates through its subsidiaries including Anyware Mobile Solutions (http://www.goanyware.com) and Illume Mobile (http://www.illumemobile.com). For more information, visit MacroSolve (http://www.macrosolve.com) or call 800-401-8740.
Safe Harbor Statement
This press release contains projections of future results and other forward-looking statements that involve a number of risks and uncertainties and are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Important factors that may cause actual results and outcomes to differ materially from those contained in the projections and forward-looking statements included in this press release are described in our publicly filed reports. Factors that could cause these differences include, but are not limited to, the acceptance of our products, lack of revenue growth, failure to realize profitability, inability to raise capital and market conditions that negatively affect the market price of our common stock. The Company disclaims any responsibility to update any forward-looking statements.
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Investor Contact:
Dilek Mir
(310) 591-5619
Email Contact
Company Contact:
April Sailsbury
(918) 388-3529
Email Contact
Source: Marketwire (November 16, 2010 - 6:00 AM EST)
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Titan Pharmaceuticals Announces Third Quarter 2010 Financial Results
Titan Pharmaceuticals Announces Third Quarter 2010 Financial Results
Conference Call to be Held November 16 at 10:00 a.m. PST
Nov. 15, 2010 (PR Newswire) --
SOUTH SAN FRANCISCO, Calif., Nov. 15, 2010 /PRNewswire-FirstCall/ -- Titan Pharmaceuticals, Inc. (OTC Bulletin Board: TTNP) today reported financial results for the third quarter ended September 30, 2010.
Total revenues for the third quarter of 2010 were approximately $3.6 million, consisting primarily of grant and royalty revenues. Grant revenue from the National Institutes of Health (NIH) in support of the Phase 3 clinical study of Probuphine® was approximately $3.2 million, while royalty revenue received from Novartis on net sales of Fanapt® was approximately $ 0.4 million.
Total operating expenses for the third quarter of 2010 were approximately $3.7 million, compared with $1.6 million for the third quarter of 2009. The year-over-year increase in expenses resulted primarily from an increase of approximately $2.3 million in research and development (R&D) expense related to the Phase 3 clinical study of Probuphine currently in progress, which was offset in part by a decrease in general and administrative (G&A) expenses during the 2010 quarter of $0.2 million due primarily to lower non-cash stock compensation and facility related expenses.
Net loss for the third quarter of 2010 was approximately $0.4 million or $0.01 per share compared with a net loss of $1.6 million or $0.03 per share for the third quarter of 2009.
At September 30, 2010, we had cash and cash equivalents of $6.4 million. We believe that our working capital at September 30, 2010, together with proceeds from the NIH grants and the royalty revenue expected from sales of Fanapt® will be sufficient to sustain our planned operations into the second quarter of 2011.
"We have continued to make excellent progress with the confirmatory Phase 3 study of Probuphine with full enrollment completed in late September, and qualified patients completing this study will have the opportunity for an additional six months of treatment with Probuphine in an open label safety study" said Sunil Bhonsle, President of Titan Pharmaceuticals. "We are also very pleased with the publication of the results from the first Phase 3 study in the Journal of the American Medical Association (JAMA) in October," he noted.
"The board is very pleased by the continued progress in the development of Probuphine and fully supports the ongoing efforts," said Marc Rubin, M.D., Executive Chairman of Titan Pharmaceuticals. "The publication of the clinical results in JAMA recognize the innovative nature of Probuphine, and its potential to offer a meaningful therapeutic alternative to patients in the future," he added.
Third Quarter 2010 Additional Financial Results
R&D expenses for the third quarter of 2010 were approximately $3.0 million, compared with approximately $0.7 million in the third quarter of 2009. The increase in R&D expense reflects the costs of conducting the Phase 3 clinical study of Probuphine and includes $2.5 million of external expenses such as clinical research organization charges, investigator and patient related clinical site expenses, and other associated costs. The remaining R&D expenses reflect internal operating costs such as personnel related expenses, meeting and travel expenses and allocation of facility and corporate costs.
G&A expenses for the third quarter of 2010 decreased to approximately $0.7 million from approximately $0.9 million in the comparable period of 2009 primarily due to decreases in non-cash stock compensation costs of approximately $0.1 million, and consulting fees and facility expenses of $0.1 million.
Probuphine: Recent and Upcoming Events
Probuphine is a novel formulation of buprenorphine designed to provide six months of continuous drug delivery with a single administration. It is in Phase 3 development by Titan for the treatment of opioid addiction and we are currently conducting a confirmatory Phase 3 clinical study in the U.S. which is partially funded through a two year $7.6 million National Institutes of Health (NIH) grant being administered by the National Institute on Drug Abuse (NIDA). Recent and upcoming events include the following:
Patient enrollment in the confirmatory Phase 3 study was completed in late September, with study results expected in mid second quarter 2011.
A symposium on Probuphine was conducted at the International Society of Addiction Medicine annual meeting on October 6, 2010 in Milan, Italy. This symposium was co-sponsored by NIDA.
Upcoming scientific presentations of Probuphine data:
Society for Neuroscience (SfN), November 2010, San Diego (Therapeutic area symposium)
American College of Neuropsychopharmacology (ACNP), December 2010, Miami (Poster presentation)
Conference Call
Titan management will host a live call and webcast tomorrow, Tuesday, November 16, at 10:00 a.m. PST (1:00 p.m. EST) to discuss our third quarter 2010 results and current corporate developments. The live webcast of the call may be accessed by visiting our website at www.titanpharm.com. The call can also be accessed by dialing 1-800-860-2442, International Dial-In: +1 412-858-4600, Canadian Toll Free: +1-866-605-3852 five minutes prior to the start time. A replay of the call will be available on our website approximately two hours after completion of the call and will be archived for two weeks.
About Titan Pharmaceuticals
For information concerning Titan Pharmaceuticals, Inc., please visit the Company's website at www.titanpharm.com.
The press 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. Such statements include, but are not limited to, any statements relating to the Company's development program and any other statements that are not historical facts. Such statements involve risks and uncertainties, including, but not limited to, those risks and uncertainties relating to difficulties or delays in development, testing, regulatory approval, production and marketing of the Company's drug candidates, adverse side effects or inadequate therapeutic efficacy of the Company's drug candidates that could slow or prevent product development or commercialization, the uncertainty of patent protection for the Company's intellectual property or trade secrets, and the Company's ability to obtain additional financing. Such statements are based on management's current expectations, but actual results may differ materially due to various factors, including those risks and uncertainties mentioned or referred to in this press release.
CONTACT:
Titan Pharmaceuticals, Inc.
Pure Communications
Sunil Bhonsle, 650-244-4990
Dan Budwick, 973-271-6085
President
dan@purecommunicationsinc.com
TITAN PHARMACEUTICALS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amount)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2010
2009
2010
2009
(unaudited)
(unaudited)
Revenue:
Grant revenue
$ 3,203
$ -
$ 5,251
$ -
Royalty revenue
396
-
2,104
-
License revenue
1
-
12
52
Total revenue
3,600
-
7,367
52
Operating expense:
Research and development
3,044
709
6,770
1,741
General and administrative
691
876
2,638
2,723
Total operating expense
3,735
1,585
9,408
4,464
Loss from operations
(135)
(1,585)
(2,041)
(4,412)
Other expense, net
(249)
(8)
(494)
(6)
Net loss
$ (384)
$ (1,593)
$ (2,535)
$ (4,418)
Basic and diluted net loss per share
$ (0.01)
$ (0.03)
$ (0.04)
$ (0.08)
Weighted average shares used in computing basic and diluted net loss per share
59,248
58,297
59,248
58,291
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
September 30,
December 31,
2010
2009
(unaudited)
(Note A)
Assets
Cash and cash equivalents
$ 6,401
$ 3,300
Accounts receivable
1,904
66
Prepaid expenses and other current assets
181
250
Total current assets
8,486
3,616
Furniture and equipment, net
61
110
$ 8,547
$ 3,726
Liabilities and Stockholders' Equity
Current liabilities
$ 4,586
$ 1,547
Long-term debt
6,113
2,386
Non-controlling interest
1,241
1,241
Stockholders' deficit
(3,393)
(1,448)
$ 8,547
$ 3,726
Note A: The year end condensed balance sheet data was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America.
SOURCE Titan Pharmaceuticals, Inc.
Sunil Bhonsle, President of Titan Pharmaceuticals, Inc., +1-650-244-4990; or Dan Budwick of Pure Communications, +1-973-271-6085, dan@purecommunicationsinc.com, for Titan Pharmaceuticals, Inc.
Source: PR Newswire (November 15, 2010 - 7:00 AM EST)
News by QuoteMedia
www.quotemedia.com
Nutrastar Announces Third Quarter 2010 Financial Results
Nutrastar Announces Third Quarter 2010 Financial Results
Financial Highlights for the Three Months Ended September 30, 2010:
-- Recorded revenues of $6.46 million, an 81.2% increase Year-Over-Year
-- Gross profit of $5.28 million, an increase of $2.51 million or 90.6% Year-Over-Year
-- Net income rises 100.4
Nov. 15, 2010 (PR Newswire) --
HARBIN, China, Nov. 15, 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 financial results for the three and nine months ended September 30, 2010.
Three Months Ended September 30, 2010
Revenues reached $6.46 million, an increase of approximately $2.90 million, or 81.2% from the same period in 2009. This increase was mainly attributable to the increase in sales of the Company's core product, Chinese Golden Grass, driven by the continued increase in market demand combined with an increase in average selling price ("ASP") of approximately 20% during the three months ended September 30, 2010 compared with the same period in 2009.
Gross profit was $5.28 million, an increase of approximately $2.51 million, or 90.6% as compared to the same period in 2009. Gross margin was 81.8%, an increase of 4.0% from 77.8% during the third quarter of 2009. The increase in gross margin was mainly due to the increase in the ASP of the Company's Chinese Golden Grass for the third quarter of 2010 as well as economy of scale on the fixed cost portion of the cost of goods sold.
Cost of goods sold increased by $0.39 million, or 48.5%, to approximately $1.18 million from approximately $0.79 million during the same period in 2009. This increase was mainly due to the increase in the Company's sales. As a percentage of revenues, the cost of goods sold decreased to 18.2% for the three months ended September 30, 2010 from 22.2% in 2009 mainly due to the increase in their ASP in the third quarter 2010 as well as economy of scale on the fixed cost portion of the cost of goods sold.
Income before income tax was approximately $4.67 million, an increase of $2.30 million, or up 97.2% from the same period of 2009. Operating margin was 72.3% for the third quarter 2010, an increase of 5.90% from 66.4% during the comparable 2009 period.
Net income was $4.07 million, an increase of $2.04 million, or 100.4% from the comparable period of 2009.
Basic EPS for the quarter ended September 30, 2010 was $0.28 based on 14.3 million shares outstanding, an increase of $0.13 per basic share from the same period in 2009 when there were approximately 13.3 million shares outstanding. Diluted EPS was $0.25 for the third quarter based on 16.4 million shares outstanding. This represents an increase of $0.10 per diluted share from the comparable 2009 period when there were approximately 13.3 million shares outstanding.
Nine Months Ended September 30, 2010
Revenues were $16.69 million, an increase of $5.14 million or 44.5% from approximately $11.55 million for the same nine month period in 2009. The increase was primarily as a result of an increase in demand for our core products, Chinese Golden Grass combined with the increase in the ASP of approximately 20% and product mix shift towards smaller packages with higher gross margins during the nine months ended September 30, 2010 compared with the same period in 2009.
Gross profit was $13.57 million, an increase of $5.75 million or 73.6% from approximately $7.82 million during the same period in 2009. Gross margin was 81.3% for the nine months ended September 30, 2010, an increase of 13.6% from 67.7% during the comparable period in 2009. The increase was a result of continued product mix shift towards smaller packages of the Chinese Golden Grass with higher gross margins combined with improved production process and economy of scale.
Cost of goods sold was $3.12 million, a decrease of $0.61 million, or 16.4%, for the nine months ended September 30, 2010 from approximately $3.73 million during the same period in 2009. This decrease was mainly due to the improved production process and economy of scale. As a percentage of revenues, the cost of goods sold decreased to 18.7% for the nine months ended September 30, 2010 from 32.3% in 2009 mainly attributable to the increase of sales volume of small package products with higher gross margins.
Income before income tax was approximately $11.75 million, up 77.2% from $6.63 million in the same nine month period of 2009. Operating margin was 70.4% for the first nine months of 2010, an increase of 13.0% from 57.4% recorded in the comparable nine month period of 2009.
Net income was $10.20 million, an increase of 77.7% from $5.74 million in the first nine months of 2009.
Basic and diluted EPS for the nine months ended September 30, 2010 was $0.58 based on 14.3 million and 14.4 million shares outstanding, respectively, an increase of $0.14 per basic and diluted share from the same period in 2009 when there were approximately 13.0 million shares outstanding.
Financial Position as of September 30, 2010
At September 30, 2010, the Company had cash and cash equivalents totaling $35.82 million, total assets of $50.16 million, working capital of $26.68 million and stockholders' equity of $39.31 million. The Company generated $10.69 million in net cash from operating activities for the nine months ended September 30, 2010.
Ms. Lianyun Han, President and Chief Executive Officer of Nutrastar commented, "We are very pleased by Nutrastar's most recent three month and nine month financial performance, posting record sales of our golden grass products and earnings for our shareholders. Chinese Golden Grass products, especially our high margin, small packaged products, have seen steady, healthy sales volume and order flow."
Ms. Han continued, "In the third quarter not only did the Company outperform financially, but we have continued to make strides growing our manufacturing capabilities, expanding our TCM consumer product line and geographical reach, and improving our investor relations and corporate governance efforts. As announced early in the quarter, we are in the midst of expanding our production capacity to 72 tons by the end of 2010. We believe we are well on the way to meeting this goal. We announced in July 2010 the signing of a product purchase agreement with Century Brighton Holdings, which will further expand our TCM customer base and penetration into the wealthy Hong Kong market. We have been well received in this market and look forward to continued growth on both the product side and customer side. The development of our Golden Grass wine and oral liquids are on track and is expected to commence trial production in Q1 2011."
Ms. Han further commented, "So far in the fourth quarter, we began the initial rollout of our functional health drink with the signing of a key distributor in Changzhou city. We are very excited to be bringing this TCM based health beverage to the public market and look forward to further expanding its presence in other key areas and cities in China. With our new TCM functional health drink product line and the continued growth of our commercially cultivated Golden Grass product line, we expect to further expand our market position as a leading producer and supplier of premium TCM consumer products."
Recent Events
On October 5, 2010, the Company elected Mr. Henry Ngan, Ms. Virginia P'an and Mr. Jianbing Zhong as independent directors. As a result, the majority of the Company's board members are now independent. Each newly elected independent director was also appointed to the newly established Audit Committee, Compensation Committee and Governance and Nominating Committee of the board of directors of the Company. Mr. Ngan was appointed as the Chair of the Audit Committee, Ms. P'an was appointed as the Chair of the Compensation Committee and Mr. Zhong was appointed as the Chair of the Governance and Nominating Committee.
On October 22, 2010, the Company's subsidiary, New Zealand WAYNE's New Resources Development Co., Ltd. ("New Resources") entered into an equity transfer agreement with nine original shareholders (the "Founders") of the Company's former subsidiary, Heilongjiang Shuaiyi New Energy Development Co., Ltd. ("Heilongjiang Shuaiyi"), pursuant to which New Resources transferred all of its equity interests in Heilongjiang Shuaiyi back to the Founders. In connection with the equity transfer, the Founders, the Company's subsidiary, Harbin Baixin Biotech Development Co., Ltd. ("Harbin Baixin") and Heilongjiang Shuaiyi also entered into a series of commercial arrangements, pursuant to which the Company obtained contractual rights to control and operate the businesses of Heilongjiang Shuaiyi and its subsidiaries (collectively, the "VIEs"), indirectly through Harbin Baixin. The Company, accordingly, became the primary beneficiary of the VIEs. As a result, the Company is allowed to consolidate the financial results of the VIEs into its consolidated financial statements under Financial Accounting Standards Board Accounting Standard Codification (ASC) Topic 810 and related subtopics related to the consolidation of variable interest entities. Also on October 22, 2010, New Resources entered into a termination agreement with each of the Founders, pursuant to which, the loan agreement and the promissory note, dated December 8, 2008, as amended (the "Loan Agreement"), was terminated and the parties have no further obligations and rights under the Loan Agreement. Subsequent to the above-mentioned restructuring, the Company is no longer obligated for the acquisition payable of $8.9 million.
For more information regarding Nutrastar's financial performance during the third quarter of 2010, please refer to the Quarterly Report on Form 10-Q to be filed with the Securities and Exchange Commission on November 15, 2010
NUTRASTAR INTERNATIONAL INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
(UNAUDITED)
(AMOUNTS EXPRESSED IN US DOLLARS)
For the Three Months
For the Nine Months
Ended September 30,
Ended September 30,
2010
2009
2010
2009
Revenue
$
6,461,523
$
3,565,961
$
16,688,070
$
11,549,244
Cost of goods sold
(1,177,739)
(793,101)
(3,122,669)
(3,733,026)
Gross profit
5,283,784
2,772,860
13,565,401
7,816,218
Selling expenses
(305,151)
(87,901)
(710,179)
(281,025)
General and administrative expenses
(545,533)
(330,660)
(1,522,650)
(943,903)
Income from operations
4,433,100
2,354,299
11,332,572
6,591,290
Other income (expenses):
Interest income
24,971
18,507
91,767
50,150
Exchange loss
(88,023)
(3,709)
(103,292)
(7,218)
Change in fair value of warrants
302,113
-
433,201
-
Other
-
13
-
165
Total other income(expenses)
239,061
14,811
421,676
43,097
Income before income tax
4,672,161
2,369,110
11,754,248
6,634,387
Provision for income tax
(605,967)
(340,056)
(1,551,351)
(891,220)
Net income
4,066,194
2,029,054
10,202,897
5,743,167
Other comprehensive income:
Foreign currency translation adjustment
541,692
25,251
719,779
20,940
Total comprehensive income
$
4,607,886
$
2,054,305
$
10,922,676
$
5,764,107
Earnings per share:
Basic
$
0.28
$
0.15
$
0.58
$
0.44
Diluted
$
0.25
$
0.15
$
0.58
$
0.44
Weighted average number of shares outstanding:
Basic
14,332,731
13,297,731
14,326,138
12,989,613
Diluted
16,435,334
13,297,731
14,383,936
12,989,613
NUTRASTAR INTERNATIONAL INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(AMOUNTS EXPRESSED IN US DOLLARS)
September 30
December 31
2010
2009
(Unaudited)
ASSETS
CURRENT ASSETS
Cash and cash equivalents
$
35,815,681
$
20,115,677
Restricted cash
231,025
-
Accounts receivable
391,212
215,486
Inventories
760,281
616,073
Prepayments and other receivables
335,393
251,235
Total current assets
37,533,592
21,198,471
OTHER ASSETS
Intangible assets, net
2,463,575
2,747,402
Property, plant and equipment, net
10,166,240
10,396,507
Total assets
$
50,163,407
$
34,342,380
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable
$
120,316
$
863
Other payables and accruals
456,967
453,504
Payable for intangible assets
-
878,709
Income tax payable
524,194
319,873
Due to related parties
50,738
49,794
Preferred stock dividend payable
97,464
-
Acquisition payable
8,902,545
8,736,833
Warrants liabilities
704,166
-
Total liabilities
$
10,856,390
$
10,439,576
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS' EQUITY
Preferred Stock, $0.001 par value, 1,000,000 shares authorized, 197,706 shares and none shares issued and outstanding, respectively; aggregate liquidation preference amount: $5,535,768 and $nil, plus accrued but unpaid dividend of $97,464 and $nil, at September 30, 2010 and December 31, 2009, respectively
4,554,406
-
Common stock, $0.001 par value, 190,000,000 shares authorized,
14,332,731 and 14,297,731 shares issued and outstanding, at September 30, 2010 and December 31, 2009, respectively
14,333
14,298
Additional paid-in capital
6,482,690
4,715,891
Statutory reserves
1,348,036
1,341,687
Retained earnings
25,214,857
16,858,012
Accumulated other comprehensive income
1,692,695
972,916
Total shareholders' equity
39,307,017
23,902,804
Total liabilities and shareholders' equity
$
50,163,407
$
34,342,380
About Nutrastar International Inc.
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:
Robert Tick, CFO
Nutrastar International Inc.
Tel: +1-408-306-9881
Email: roberttick@nutrastarintl.com
Howard Gostfrand
American Capital Ventures
Tel: +1-305-918-7000
Email: info@amcapventures.com
SOURCE Nutrastar International Inc.
Robert Tick, CFO, Nutrastar International Inc. at +1-408-306-9881 or roberttick@nutrastarintl.com; Howard Gostfrand, American Capital Ventures at +1-305-918-7000 or info@amcapventures.com
Source: PR Newswire (November 15, 2010 - 7:00 AM EST)
News by QuoteMedia
www.quotemedia.com
Weikang Bio-Technology Reports Record Third Quarter 2010 Financial Results; Revenue of $17 Million and Non-GAAP Net Income of $6.5 Million or $0.23 Earnings per Share
Weikang Bio-Technology Reports Record Third Quarter 2010 Financial Results; Revenue of $17 Million and Non-GAAP Net Income of $6.5 Million or $0.23 Earnings per Share
-- $30 Million in Cash and Equivalents
-- Revenue of $41.9 million for the First Nine Months
-- Non-GAAP Net Income of $14.8 million or $.53 EPS for the First Nine Months
Nov. 15, 2010 (PR Newswire) --
HARBIN, China, Nov. 15, 2010 /PRNewswire-Asia-FirstCall/ -- Weikang Bio-Technology Group Co., Inc. (OTC Bulletin Board: WKBT) ("Weikang" or the "Company"), a leading developer, manufacturer and marketer of Traditional Chinese Medicine (TCM), Western prescription and OTC pharmaceuticals and other health and nutritional products in the People's Republic of China, today announced record fiscal 2010 third quarter results for period ended September 30, 2010.
Third Quarter Highlights
Revenue increased 55.2% year-over-year to a record $17.4 million
Gross profit increased 74.7% year-over-year to a record $10.4 million
Gross margin was 60.0%
Net income increased 52.5% to a record $6.1 million with fully diluted earnings per share of $0.22
Adjusting for non-cash, stock-based compensation of $0.4 million, non-GAAP net income was $6.5 million and non-GAAP fully diluted earnings per share was $0.23
"We are highly pleased with our record revenue and net income for the quarter," commented Mr. Yin Wang, Chairman and CEO of Weikang. "Our increase in sales was due to an strong positive response from consumers for our new therapeutics launch this year, which represented 12.6% of our total sales for the quarter, combined with the delivery of products that were postponed during the first and second quarter due to weather problems. We anticipate our revenue and net income will continue to increase as we regularly launch new and exciting therapeutics that have a broad market potential."
Revenue for the third quarter of 2010 was $17.4 million, up 55.2% from revenue of $11.2 million in the third quarter of 2009. Revenue from the Company's operating entity Tianfang Pharmaceutical Co., Ltd was $10.3 million, or 59% of total sales, and revenue from the Company's other operating entity Heilongjiang WeiKang was $7.1 million, or 41% of total sales. Revenue for the quarter benefitted from delivery of products that were postponed during the first and second quarter of 2010 as well the introduction of new products. The new products launched during the year accounted for $2.2 million or 12.6% of total revenue.
Gross profit for the quarter increased 74.7% to $10.5 million from $6.0 million in the same period of 2009. Gross margin for the third quarter of 2010 was 60.0% compared to 53.3% in the third quarter of 2009. The increase in gross margin over the previous year period is the result of an increase of the percent of total sales of the Company's higher margin products as well as management's continuous efforts to control costs related to purchasing, manufacturing, storage and transportation.
Operating expenses were $2.3 million or 13.4% of sales, compared to $0.8 million or 7.5% of sales in the third quarter of 2009. The increase in operating expenses was attributable to an increase in marketing and promotion expense. The Company also recognized $401,273 in non-cash, stock-based compensation expenses that it did not incur in the comparable period a year ago. Adjusting for the non-cash, stock-based compensation, operating expenses were $1.9 million or 11.1% of total sales. The non-cash, stock-based compensation relates to the private placement closed on January 20, 2010 and associated investor relation expense as well as compensation to four directors and a key employee.
Operating income for the third quarter was $8.1 million, up 57.9% from $5.1 million in the third quarter of 2009. Operating margin was 46.6% compared to 45.8% in the same period a year ago. Adjusting for the previously mentioned non-cash, stock-based compensation, non-GAAP operating income was $8.5 million in the third quarter of 2010 and operating margin was 48.9%.
Net income was $6.1 million in the third quarter of 2010, up 52.5% from $4.0 million in net income from the same period a year ago. Fully diluted earnings per share were $0.22 compared to fully diluted earnings per share of $0.16 in the third quarter of 2009. Excluding the non-cash, stock-based compensation, non-GAAP net income and fully diluted earnings per share for the third quarter of 2010 was $6.5 million and $0.23, respectively.
Financial Condition
As of September 30, 2010, Weikang Bio-Technology Group Co., Inc. had $30.0 million in cash and cash equivalents, $27.2 million in working capital and $7.7 million in total liabilities. Net cash provided by operating activities for the first nine months of 2010 was $16.3 million. Shareholders' equity stood at $49.6 million, up from $23.4 million at year end 2009.
Nine Months Financial Results
Revenue for the first nine months of fiscal 2010 was $41.9 million, up 21.3% from $34.5 million in the same period a year ago. Gross profit was $24.9 million, up 32.9% from gross profit of $18.7 million for the first nine months of fiscal 2009. Gross margin was 59.5% compared to 54.2% for the comparable period a year ago. Operating income was $17.4 million, up 21.5% from $14.3 million in the first nine months of fiscal 2009. Adjusting for $2.3 million in non-cash, stock-based compensation, non-GAAP operating income was $19.6 million. Net income was $12.5 million, up 12.2% from $11.2 million in the same period a year ago. Fully diluted earnings per share were $0.45 compared to $0.44 in the first nine months of fiscal 2009. Excluding the non-cash, stock-based compensation, non-GAAP net income and fully diluted earnings per share for the first nine months of 2010 was $14.8 million and $0.53.
Business Outlook
Weikang Bio-Technology expects to complete the construction of its manufacturing line for producing licorice flavonoids by the end of 2010. The total estimated cost for the production line is $0.75 million of which the Company has already spent $0.47 million and is committed to pay an additional $0.28 million by the end of 2010. The Company expects to start production of licorice flavonoid extraction in 2011. Once full production is achieved in 2012, the project is expected to add over $13 million to annual revenue and approximately $5.7 million in annual net income. In addition, Weikang Bio-Technology plans to launch two new therapeutics by the end of 2010 and three new therapeutics during the first quarter of 2011. Combined, the new therapeutics are expected to add approximately $8.8 million in revenue and up to approximately $3.3 million in net income in 2011.
Weikang maintains its fiscal 2010 revenue guidance of $55 million, net profit of $21 million and earnings per share of $0.75. The Company also expects stockholders' equity to be $48 million or $1.71 per share. For fiscal year 2011, Weikang Bio-Technology is targeting revenue growth to be in the range of 30% to 50% over 2010 revenue.
"We believe that our growth opportunities remain robust as we are actively expanding our product portfolio and distribution network," Mr. Wang continued. "During the quarter we added a new distributor in Changsha, Hunan Province and Nanning, Guangxi Provinces. In addition, this December, we are presenting at the 64th National Medicine Trade Conference where we will have the opportunity to introduce our new therapeutics to a large number of distributors and retailers."
About Weikang Bio-Technology Group Co., Inc.
Weikang Bio-Technology Group Co., Inc. is principally engaged in developing, manufacturing and distributing Traditional Chinese Medicine (TCM) and health and nutritional supplements in China, in compliance with requisite Chinese licenses and approvals. The Company is also expanding its business scope to develop, manufacture and distribute Chinese herbal extract products and GMP certified western prescription and OTC pharmaceuticals through its acquisition of Tianfang. For more information, please visit http://www.weikangbio.com.
Use of Non-GAAP Financial Measures
To supplement Weikang's condensed consolidated financial statements presented on a GAAP basis, Weikang is providing certain income statement information that is not calculated according to GAAP. Weikang believes that its non-GAAP disclosures are useful in evaluating its operating results as this information supplies the user with another view of the matching of costs and expenses. A reconciliation of the adjustments to GAAP results for the three and nine month periods ended September 30, 2010 is included below. The non-GAAP information presented is supplemental and is not purported to be a substitute for information prepared in accordance with GAAP.
Non-GAAP financial results for the three and nine month periods ended September 30, 2010 discussed in this release reflect operating results excluding the impact of the non-cash, stock-based compensation recognized under general and administrative expenses in connection to deferred compensation and associated investor relation expense related to its private placement financing in January 2010 as well as compensation to four Directors and a key employee.
Safe Harbor Statement
Certain statements in this press release constitute forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. 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. You 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.
-FINANCIAL TABLES FOLLOW-
WEIKANG BIO-TECHNOLOGY GROUP CO, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
SEPTEMBER 30, 2010
DECEMBER 31, 2009
(Unaudited)
ASSETS
CURRENT ASSETS
Cash & cash equivalents
$ 29,949,501
$ 11,380,019
Accounts receivable
925,028
-
Advances to suppliers and other receivables
133,262
26,079
Inventory
364,441
285,395
Deferred tax asset
84,553
-
Total current assets
31,456,785
11,691,493
NONCURRENT ASSETS
Property and equipment, net
9,675,213
10,162,946
Construction in progress
475,863
-
Intangible assets
15,639,935
15,558,731
Total noncurrent assets
25,791,011
25,721,677
TOTAL ASSETS
$ 57,247,796
$ 37,413,170
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable
$ 14,038
$ 12,668
Unearned revenue
783,453
11,716
Taxes payable
3,186,403
2,247,410
Other payables
230,462
-
Due to related party
25,369
-
Total current liabilities
4,239,725
2,271,794
ADVANCE FORM OFFICER
-
650,000
OTHER PAYABLES - LONG TERM
-
7,620,321
CONTINGENCIES
DEFERRED TAX LIABILITY
3,447,049
3,450,005
STOCKHOLDERS' EQUITY
Common stock, $.00001 par value; authorized shares
100,000,000; issued and outstanding shares 28,064,388
and 25,486,800 at September 30, 2010 and December 31, 2009, respectively
280
255
Additional paid in capital
13,365,240
139,245
Deferred compensation
(479,232)
-
Statutory reserve
1,702,111
1,069,507
Accumulated other comprehensive income
1,713,415
844,526
Retained earnings
33,259,208
21,367,517
Total stockholders' equity
49,561,022
23,421,050
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
$ 57,247,796
$ 37,413,170
WEIKANG BIO-TECHNOLOGY GROUP CO, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (UNAUDITED)
NINE MONTHS ENDED SEPTEMBER 30,
THREE MONTHS ENDED SEPTEMBER 30,
2010
2009
2010
2009
Net sales
$41,878,410
$34,534,249
$17,426,211
$11,227,275
Cost of goods sold
16,976,845
15,803,400
6,962,482
5,238,634
Gross profit
24,901,565
18,730,849
10,463,729
5,988,642
Operating expenses
Selling
2,416,638
1,569,270
622,337
651,056
General and administrative
3,373,023
939,378
755,640
191,622
Research and development
1,760,631
1,937,928
957,724
-
Total operating expenses
7,550,292
4,446,576
2,335,701
842,678
Income from operations
17,351,273
14,284,273
8,128,028
5,145,964
Non-operating income (expenses)
Interest income
53,054
5,584
16,864
3,968
Other income
246,776
778,095
246,582
256,181
Other (expenses)
(1,947)
(48,479)
(40)
(13,045)
Total non-operating income, net
297,883
735,200
263,406
247,104
Income before income tax
17,649,156
15,019,473
8,391,434
5,393,068
Income tax
5,124,858
3,853,312
2,325,991
1,414,837
Net income
12,524,298
11,166,161
6,065,443
3,978,231
Basic and diluted weighted average shares outstanding
27,814,024
25,339,690
28,052,649
25,339,690
Basic and diluted net earnings per share
$ 0.45
$ 0.44
$ 0.22
$ 0.16
WEIKANG BIO-TECHNOLOGY GROUP CO., INC
RECONCILIATION OF NON- GAAP FINANCIAL MEASURES
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2010
Adjusted Net income
Three months ended
Nine months ended
30-Sep-10
30-Sep-10
Net Income (Loss) and Diluted EPS
Net Income
Diluted EPS
Net Income
Diluted EPS
Adjusted Amount Non-GAAP
$6,466,716
$0.23
$14,803,266
$0.53
Adjustments
Non-cash compensation adjustment (1)
354,391
0.01
2,123,571
0.08
Stock based compensation adjustment (2)
46,882
0.00
155,397
0.01
Amount per consolidated statement of operations
6,065,443
0.22
12,524,298
0.45
(1) Non cash compensation expense in connection with the private placement done on January 20, 2010 and associated investor relation expense.
(2) Stock-based compensation expense issued to a key employee and four directors
WEIKANG BIO-TECHNOLOGY GROUP CO, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF NON-GAAP INCOME
(Unaudited)
NINE MONTHS ENDED SEPTEMBER 30,
THREE MONTHS ENDED SEPTEMBER 30,
2010
2009
2010
2009
Net sales
$41,878,410
$34,534,249
$17,426,211
$11,227,275
Cost of goods sold
16,976,845
15,803,400
6,962,482
5,238,634
Gross profit
24,901,565
18,730,849
10,463,729
5,988,642
Operating expenses
Selling
2,416,638
1,569,270
622,337
651,056
General and administrative
1,094,055
939,378
354,367
191,622
Research and development
1,760,631
1,937,928
957,724
-
Total operating expenses
5,271,324
4,446,576
1,934,428
842,678
Income from operations
19,630,241
14,284,273
8,529,301
5,145,964
Non-operating income (expenses)
Interest income
53,054
5,584
16,864
3,968
Other income
246,776
778,095
246,582
256,181
Other (expenses)
(1,947)
(48,479)
(40)
(13,045)
Total non-operating income, net
297,883
735,200
263,406
247,104
Income before income tax
19,928,124
15,019,473
8,792,707
5,393,068
Income tax
5,124,858
3,853,312
2,325,991
1,414,837
Net income
14,803,266
11,166,161
6,466,716
3,978,231
Basic and diluted weighted average shares outstanding
27,814,024
25,339,690
28,052,649
25,339,690
Basic and diluted net earnings per share
$ 0.53
$ 0.44
$ 0.23
$ 0.16
WEIKANG BIO-TECHNOLOGY GROUP CO, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
NINE MONTHS ENDED SEPTEMBER 30,
2010
2009
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income
$ 12,524,298
$11,166,161
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization
894,867
881,636
Stock issued for consulting expenses
192,400
127,500
Deferred compensation
2,086,567
-
Changes in deferred tax
(150,571)
(78,033)
(Increase) decrease in current assets:
Accounts receivable
(910,677)
(329,328)
Advances to suppliers and other receivables
(106,552)
(103,775)
Inventory
(72,491)
(346,268)
Increase (decrease) in current liabilities:
Accounts payable
1,112
942
Unearned revenue
759,546
(219,552)
Other payables
226,886
6,024
Taxes payable
882,460
219,946
Net cash provided by operating activities
16,327,845
11,325,254
CASH FLOWS FROM INVESTING ACTIVITIES:
Construction in progress
(468,480)
-
Acquisition of property & equipment
(14,351)
(27,751)
Net cash used in investing activities
(482,831)
(27,751)
CASH FLOWS FROM FINANCING ACTIVITIES:
Changes in due from management
-
1,198,035
Net proceeds from shares issued
2,197,500
-
Payment for purchase of Tianfang
-
(3,812,466)
Changes in due from related party
24,975
-
Net cash provided by (used in) financing activities
2,222,475
(2,614,430)
EFFECT OF EXCHANGE RATE CHANGE ON CASH & CASH EQUIVALENTS
501,993
8,443
INCREASE IN CASH & CASH EQUIVALENTS
18,569,482
8,691,516
CASH & CASH EQUIVALENTS, BEGINNING OF PERIOD
11,380,019
16,927
CASH & CASH EQUIVALENTS, END OF PERIOD
$29,949,501
$8,708,443
Investors Relation contacts:
John Marco, Partner, Elite IR
Tel: +1-310-819-2948
Email: John.marco@elite-ir.com
Leslie J. Richardson, Partner, Elite IR
Tel: +852-3183-0283
Email: Leslie.richardson@elite-ir.com
SOURCE Weikang Bio-Technology Group Co., Inc.
Investors Relation, John Marco, Partner, Elite IR, +1-310-819-2948, John.marco@elite-ir.com, or Leslie J. Richardson, Partner, Elite IR, +852-3183-0283, Leslie.richardson@elite-ir.com
Source: PR Newswire (November 15, 2010 - 7:00 AM EST)
News by QuoteMedia
www.quotemedia.com
NeoGenomics to Present at the Lazard Capital Markets 7th Annual Healthcare Conference on November 16, 2010
NeoGenomics to Present at the Lazard Capital Markets 7th Annual Healthcare Conference on November 16, 2010
Nov. 15, 2010 (PR Newswire) --
FT. MYERS, Fla., Nov. 15, 2010 /PRNewswire-FirstCall/ -- NeoGenomics, Inc. (OTC Bulletin Board: NGNM) announced today that it will present at the Lazard Capital Markets 7th Annual Healthcare Conference being held November 16-17, 2010, at the St. Regis, New York Hotel in New York City. The conference will showcase public and private life sciences and biotech companies. Senior executives of attending companies will make presentations to portfolio managers and analysts on their business strategy and outlook. One-on-one meetings with interested parties will also be arranged during the three-day conference.
NeoGenomics is scheduled to present on Tuesday, November 16th at 3:10 PM EST in the Rambouillet Room on the second floor of the hotel. A live audio webcast of the presentation can be accessed at http://www.wsw.com/webcast/lz8/ngnm/. A PowerPoint presentation and a link to the webcast can also be accessed through the investor relations section of the NeoGenomics website at http://www.neogenomics.com at the time of the conference. The webcast will be available for three months.
About NeoGenomics, Inc.
NeoGenomics, Inc. is a high-complexity CLIA–certified clinical laboratory that specializes in cancer genetics diagnostic testing, the fastest growing segment of the laboratory industry. The company's testing services include cytogenetics, fluorescence in-situ hybridization (FISH), flow cytometry, morphology studies, anatomic pathology and molecular genetic testing. Headquartered in Fort Myers, FL, NeoGenomics has labs in Nashville, TN, Irvine, CA and Fort Myers and services the needs of pathologists, oncologists, urologists, and hospitals throughout the United States. For additional information about NeoGenomics, visit http://www.neogenomics.org.
For more news and information on NeoGenomics, please visit www.IRGnews.com/coi/NGNM where you can find a fact sheet on the company, investor presentations, and more. Interested parties can also access additional investor relations material, including an investment profile and an equity research report, from Hawk Associates at http://www.hawkassociates.com or from the American Microcap Institute at http://www.americanmicrocapinstitute.com/ngnm/.
SOURCE NeoGenomics, Inc.
Steven C. Jones, Director of Investor Relations, NeoGenomics, Inc., +1-239-325-2001, sjones@neogenomics.com; or Ms. Julie Marshall, Hawk Associates, Inc., +1-305-451-1888, neogenomics@hawkassociates.com; or Investor Relations: Dillon Heins, +1-212-825-3210, dheins@investorrelationsgroup.com, or Media Relations: Janet Vasquez, +1-212-825-3210, jvasquez@investorrelationsgroup.com, both of The Investor Relations Group, for NeoGenomics, Inc.
Source: PR Newswire (November 15, 2010 - 7:00 AM EST)
News by QuoteMedia
www.quotemedia.com
MusclePharm Invited to Present at HIV DART(TM) 2010 Medical Conference
MusclePharm Invited to Present at HIV DART(TM) 2010 Medical Conference
Nov. 15, 2010 (GlobeNewswire) --
DENVER, Nov. 15, 2010 (GLOBE NEWSWIRE) -- MusclePharm® Corporation (OTCBB:MSLP), one of the fastest growing nutritional supplement companies in the United States, has been invited to present at the upcoming HIV DART™ 2010: Frontiers in Drug development for Antiretroviral Therapies Conference being held from December 7-10, 2010 in Los Cabos, Mexico.
This innovative conference, HIV DART™ 2010, will uniquely blend the areas of biology, chemistry, pharmacology and clinical research to provide the scientific community an increased understanding of the current and future challenges in therapeutics for HIV infection. This brings leaders in the research community together to advance the medical communities knowledge of the ongoing drug development processes in antiretroviral research.
At this year's HIV DART™ 2010 Conference, MusclePharm will present its results on the use of its product, Recon, in HIV patients. Early results show that Recon may help prevent the onset of wasting syndrome by facilitating the growth and maintenance of muscle mass in people living with HIV, which has been associated with antiretroviral drug resistance.
MusclePharm's President, Cory Gregory stated, "We started MusclePharm to enable people of all fitness levels to maintain and improve their general fitness through a daily nutritional supplement regimen. We are very pleased to have our work accepted by such a prestigious group of physicians and researchers focused on improving the lives of people with the HIV virus."
Mr. Gregory continued, "This conference is well known for its prominent list of attendees, which includes the greatest minds HIV research has to offer. The fact that the scientific committee at HIV DART 2010 viewed our work as significant and ground breaking shows the scientific strength of our products and great promise for the future use of therapeutic nutritional supplements for the treatment of HIV disease."
Recon contains important amino acids, assisting in reaching the higher levels of nutrition required for people living with HIV. MusclePharm's Recon Nutritional Supplement is easily digestible, helps the absorption of amino acids and proteins. It contains essential minerals, digestive enzymes, Glutamine and other metabolic agents that maximize recovery, protein synthesis and endurance.
MusclePharm recently presented its findings on the use of Recon to prevent and treat wasting syndrome in HIV patients at XVIII International AIDS Conference this past July in Vienna, Austria at the Research Advances satellite symposium sponsored by the National Association of People with AIDS and The AIDS Institute. The Company also presented this past week at the 138th Annual Meeting of the American Public Health Association in Denver, CO.
MusclePharm is currently striving to obtain Medicaid approval for the product in states with designated Eligible Metropolitan Areas under the Ryan White HIV/AIDS Treatment Modernization Act.
MusclePharm has recently expanded their market to include therapeutic medical modalities beginning with the utilization of Recon, a multi-component therapeutic nutritional supplement in the treatment of people living with HIV and AIDS.
About MusclePharm
Headquartered in Denver, Colorado, MusclePharm is a rapidly expanding healthy life-style company that develops and manufacturers a full line of NSF and scientifically approved nutritional supplements that are 100% free of any banned substances. Based on years of research, MusclePharm products are created through an advanced six-stage research protocol involving the expertise of top nutritional scientists and field tested by more than 100 elite professional athletes from various sports including the NFL, MMA, and MLB. The Company's propriety and award winning products address all categories of an active lifestyle including muscle building, weight loss, and maintaining general fitness through a daily nutritional supplement regimen. MusclePharm is sold in over 120 countries and available in over 5,000 US retail outlets that include GNC, and Vitamin Shoppe, as well as over 100 online stores, including bodybuilding.com, Amazon and Vitacost.com. For more information, please visit www.musclepharm.com.
Forward-looking Statements
MusclePharm Corporation believes the information set forth in this Press Release may include "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. Certain factors that could cause results to differ materially from those projected in the forward-looking statements are set forth in "Risk Factors" in Item 2.02 of the Company's Form 8-K dated February 18, 2010, which has been filed with the Securities and Exchange Commission.
CONTACT: ICR
Investor Contact:
John Mills, Senior Managing Director
310.954.1105
Source: Globe Newswire (November 15, 2010 - 7:00 AM EST)
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Drinks Americas' Rheingold Beer Launch Generates $106,000 Incremental Sales in First Two Months
Drinks Americas' Rheingold Beer Launch Generates $106,000 Incremental Sales in First Two Months
Nov. 15, 2010 (GlobeNewswire) --
WILTON, Conn., Nov. 15, 2010 (GLOBE NEWSWIRE) -- Drinks Americas Holdings, Ltd. (OTCBB:DKAM), announced today that top line revenue from the Company's introduction of Rheingold Beer in Metro New York has generated $106, 000 in sales through October 30th. Rheingold Beer was launched in September 2010 by the Company in New York, New Jersey, Pennsylvania and Connecticut in 12 oz. can twelve packs, bringing back New York's historic and well remembered beer.
The Company further stated that of the $106,000 in Rheingold orders for the two months, over half of the orders placed were reorders resulting in the sell through of the initial orders taken by distributors. Rheingold Beer is selling in a wide variety of accounts in the Metro New York market and four state launch markets. Accounts ranging from key New York grocery chains to on premise accounts like the Tribeca Grill and The Maritime Hotel in New York City have all purchased the famous beer.
A photo accompanying this release can be found at: http://www.issuerdirect.com/corporate/mediaroom/69083
J. Patrick Kenny, Drinks' CEO stated, "Rheingold Beer is really well remembered by beer consumers. The aspect of the launch that is most exciting is how many repeat orders we are seeing, both at retail and by distributors. As an example, our Fairfield County distributor is on his third order and our larger New York distributor is ordering their second full container. The financial impact the brand can have on the Company, as we scale up with the roll out of additional sizes like bottles and expand to markets like Florida where there is a deep familiarity with New York, will be important. The last time Rheingold was distributed in just New York City the brand generated over $6 million in sales, and we know we can cover a larger market area and in time exceed that target."
About Drinks Americas
Drinks Americas develops, owns, markets, and nationally distributes alcoholic and non-alcoholic premium beverages associated with renowned icon celebrities, including Willie Nelson's Old Whiskey River Bourbon, Olifant Vodka, Aguila Tequila, Trump Vodka and Damiana. For further information, please visit our new websites at www.drinksamericas.com and www.rheingoldbrewingcompany.com. The Drinks Americas Holdings, Ltd. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=7881
Safe Harbor
Except for the historical information contained herein, the matters set forth in this release, including the description of the company and its product offerings, are forward-looking statements within the meaning of the "safe harbor" provision of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including the historical volatility and low trading volume of our stock, the risk and uncertainties inherent in the early stages of growth companies, the company's need to raise substantial additional capital to proceed with its business, risks associated with competitors, and other risks detailed from time to time in the company's most recent filings with the Securities and Exchange Commission. These forward-looking statements speak only as of the date hereof. The company disclaims any intent or obligation to update these forward-looking statements.
CONTACT: Drinks Americas, Inc.
Charles Davidson
203-762-7000
CEOcast, Inc.
Dan Schustack
212-732-4300
Source: Globe Newswire (November 15, 2010 - 7:00 AM EST)
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NanoViricides Announces Dramatic Viral Load Reduction in Lethal In Vivo Influenza Study
NanoViricides Announces Dramatic Viral Load Reduction in Lethal In Vivo Influenza Study
Nov. 15, 2010 (Business Wire) -- NanoViricides, Inc. (OTC BB: NNVC.OB) (the "Company") reports that its optimized FluCide™ drug candidates achieved dramatic reduction in viral load within the lungs of animals infected with a lethal dose of H1N1 influenza virus.
The Company has previously announced that these optimized FluCide drug candidates demonstrated dramatically improved survival in this animal study. We now report that there was good correlation between viral load reduction and the length of survival.
The most effective FluCide candidate demonstrated a fifteen-fold (15X) greater viral load reduction as compared to Tamiflu(r) (Roche), and a thirty-fold (30X) greater viral load reduction as compared to untreated animals. Tamiflu demonstrated a viral load reduction of only twofold (2X) compared to the untreated animals in this high infection, lethality study. The viral load is a measure of the amount of infectious influenza virus in the lungs of infected animals. This profound decrease in viral load is consistent with the observed substantial increase in length of survival upon nanoviricide treatment. The Company previously reported that animals treated with this FluCide candidate survived for as long as 18.1 days on average, compared with only 7.8 days for Tamiflu treated animals. A survival length of 21 days would be considered indefinite survival in this animal model.
The studies were conducted by Dr. Krishna Menon, PhD, VMD, MRCS, at KARD Scientific, MA. One million virus particles of Influenza A Strain A/WS/33 (H1N1) were aspirated directly into the lungs of mice. A repeat infection was performed at 22 hrs. This influenza model was designed to be uniformly fatal in 100% of the infected, untreated animals within 5 days after infection. Treatment with both FluCide candidates and Tamiflu commenced 24 hours after the initial viral infection. Tamiflu was administered orally twice daily at 20mg/kg (i.e. 40mg/kg/day) while the nanoviricides were intravenous injections at 100mg/kg every 48 hrs.
“Treatment with the Nanoviricide compounds resulted in a profound reduction in viral load. Other overt parameters of virus infection were similarly decreased. In addition, survival time was significantly increased,” said Krishna Menon, PhD, President of KARD Scientific.
The nanoviricides have been well tolerated with no overt adverse effects observed even in animals treated for more than 2 weeks. The Company, therefore, believes that dosage of the nanoviricides can be further increased to achieve greater levels of effectiveness. Additional data related to various parameters including histology and cytokines are pending from this study. The Company plans to report on the same as the datasets are analyzed.
About NanoViricides:
NanoViricides, Inc. (www.nanoviricides.com) is a development stage company that is creating special purpose nanomaterials for viral therapy. The Company's novel nanoviricide® class of drug candidates are designed to specifically attack enveloped virus particles and to dismantle them. The Company is developing drugs against a number of viral diseases including H1N1 swine flu, H5N1 bird flu, seasonal Influenza, HIV, oral and genital Herpes, viral diseases of the eye including EKC and herpes keratitis, Hepatitis C, Rabies, Dengue fever, and Ebola virus, among others.
This press release contains forward-looking statements that reflect the Company's current expectation regarding future events. Actual events could differ materially and substantially from those projected herein and depend on a number of factors. Certain statements in this release, and other written or oral statements made by NanoViricides, Inc. are “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. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond the Company's control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. The Company assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. Important factors that could cause actual results to differ materially from the company's expectations include, but are not limited to, those factors that are disclosed under the heading "Risk Factors" and elsewhere in documents filed by the company from time to time with the United States Securities and Exchange Commission and other regulatory authorities. Although it is not possible to predict or identify all such factors, they may include the following: demonstration and proof of principle in pre-clinical trials that a nanoviricide is safe and effective; successful development of our product candidates; our ability to seek and obtain regulatory approvals, including with respect to the indications we are seeking; the successful commercialization of our product candidates; and market acceptance of our products.
NanoViricides, Inc.
Amanda Schuon, 310-550-7200
info@nanoviricides.com
Source: Business Wire (November 15, 2010 - 7:00 AM EST)
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Worldwide Energy & Manufacturing USA, Inc. to Present at Brean Murray, Carret & Co. (BMC) 2010 China Growth Conference
Worldwide Energy & Manufacturing USA, Inc. to Present at Brean Murray, Carret & Co. (BMC) 2010 China Growth Conference
Nov. 15, 2010 (Marketwire) --
SOUTH SAN FRANCISCO, CA and SHANGHAI, CHINA -- (Marketwire) -- 11/15/10 -- Worldwide Energy & Manufacturing USA, Inc. (OTCBB: WEMU) ("Worldwide" or the "Company"), a rapidly growing international supplier of photovoltaic (PV) solar modules, announced today that the Company's President, Mr. Jeff Watson, will present at the upcoming Brean Murray, Carret & Co. 2010 China Growth Conference being held in New York City on November 17-18, 2010.
The date, time and location of Worldwide's presentation at the Brean Murray, Carret & Co. 2010 China Growth Conference are as follows:
Date:
Thursday, November 18, 2010
Time:
4:10 p.m. ET, Track I
Presenter:
Jeff Watson, President
Venue:
The Millennium Broadway Hotel
145 West 44th Street
New York, NY 10036
Hosted by the international investment banking firm Brean Murray, Carret & Co., the 2010 China Growth Conference will feature management presentations to institutional investors interested in U.S.-listed Chinese companies. The conference will provide a unique and comprehensive look at numerous industries across China and will feature 25 minute presentations by participating company executives, followed by 10 minutes of open floor Q&A sessions. One-on-one sessions will also take place throughout the day.
Interested parties and investors who wish to meet with Worldwide's management may contact Brean Murray, Carret & Co. directly. For more information on the event please visit: www.breanmurraycarret.com/conferences.asp.
About Worldwide Energy & Manufacturing USA, Inc.
Worldwide Energy and Manufacturing USA, Inc. (http://www.wwmusa.com), headquartered in South San Francisco, California, is a 17-year-old engineering-oriented firm specializing in photovoltaic (PV) module, mechanical, electronics and fiber optic products manufacturing. The company's worldwide customer base includes the solar energy, wireless telecommunications, aerospace, automobile and medical equipment industries. Subsidiaries include Shanghai Intech Electro Mechanical Products Co. Ltd., Shanghai Intech Electronics Manufacturing Co. Ltd. and Shanghai Intech Precision Mechanical Products Manufacturing Co. Ltd., located in Shanghai, China.
Safe Harbor Statement
The information contained herein includes forward-looking statements. These statements relate to future events or to our future anticipated financial 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. These statements can be identified by the use of forward-looking terminology such as "believe," "expect," "may," "will," "should," "project," "plan," "seek," "intend," or "anticipate" or the negative thereof or comparable terminology. Such statements typically involve risks and uncertainties and may include financial projections or information regarding the progress of new product development and market conditions. Actual results could differ materially from the expectations reflected in such forward-looking statements as a result of a variety of factors, including the risks associated with the effect of changing economic conditions in The People's Republic of China. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. We do not intend to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. The safe harbor for forward-looking statements contained in the Securities Litigation Reform Act of 1995 protects companies from liability for their forward-looking statements if they comply with the requirements of the Act.
Investor Relations Contacts:
Mr. Andrew Haag
Managing Partner
IRTH Communications, LLC
Tel: +1-866-976-IRTH (4784)
E-mail: Email Contact
Website: www.irthcommunications.com
Mr. Dave Gentry
RedChip Companies, Inc.
Tel: 1-800-733-2447, Ext. 104
E-mail: Email Contact
Website: www.redchip.com
Source: Marketwire (November 15, 2010 - 7:00 AM EST)
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Milestone Scientific Announces Third Quarter 2010 Financial Results
Milestone Scientific Announces Third Quarter 2010 Financial Results
--Conference Call To Be Held Today at 11:00 a.m. EST--
Nov. 15, 2010 (Business Wire) -- Milestone Scientific Inc. (OTC BB: MLSS), the recognized leader in advanced, computer-controlled drug delivery technologies, announces its financial results for the third quarter and nine months ended September 30, 2010.
Financial Highlights for the Third Quarter 2010 vs. Third Quarter 2009 Include:
Total revenues were $1.93 million compared with $1.91 million in the year-ago quarter;
Total instrument sales of $427,000 compared with $512,000 in the year-ago quarter
Sales of disposable handpieces for the quarter were $1.48 million compared with $1.37 million in the year-ago quarter, an increase of $104,000, or 7.6%
International sales were $1.06 million, a 40% increase over last year’s sales of $758,000
Domestic sales of $866,000 compared with $1.15 million in the year-ago quarter. The decrease in domestic sales incorporates the Company’s planned reduction in its sales force in 2009. In 2010 the company implemented a new sales strategy involving the deployment of a professionally trained group of independent hygienists to train, educate and sell its customers.
Gross profit margin was 62.3% for the quarter compared with 62.9% last year’s third quarter
Total operating expenses of $1.77 million compared with $1.54 million in the year-ago third quarter
Selling, general and administrative expenses were $1.70 million compared with $1.48 million in the year-ago quarter
Research and development expenses were $61,000 compared with $58,000 for the year-ago third quarter
Net loss for the quarter was $584,000 or $0.04 per diluted share, compared with a net loss of $373,000 or $0.03 per diluted share during last year’s third quarter
Net cash decreased during the third quarter 2010 by $612,000. This reduction in cash is due primarily to the advances to contract manufacturers related to the China purchase order of 12,000 instruments.
Financial Highlights for the Nine Months 2010 vs. Nine Months 2009 Include:
Total revenues were $7.71 million compared with $6.16 million in the year-ago nine month period;
Total instrument sales were $2.85 million compared with $2.11 million in the year-ago nine month period, an increase of $738,000 or 34.9%
Sales of disposable handpieces for the nine months were $4.78 million, compared with $3.97 million, an increase of $813,000 or 20.5%
International sales were $4.38 million for the nine months, more than double last year’s sales of $2.11 million
Domestic sales of $3.33 million for the nine months compared with $4.04 million last year. The decrease in domestic sales is a result of the Company’s planned reduction in its domestic sales force in 2009, and lowered advertising expenditures, as management implemented its new sales strategy focused on concentrated geographical sales efforts and the deployment of professionally trained independent hygienists to support its sales efforts.
Gross profit margin was 63.8% for the nine months compared with 59.5% for last year’s comparable period
Total operating expenses of $5.25 million compared with $5.12 million in the nine-month period
Selling, general and administrative expenses were $5.02 million compared with $4.96 million in the year-ago period
Research and development expenses were $229,000 compared with $158,000 for the year-ago period
Net loss for the nine months was $319,000 or $0.02 per diluted share, compared with a net loss of $1.59 million or $0.12 per diluted share during last year’s nine-month period
Net cash decreased during the nine months ended September 30, 2010 by $821,000. This is primarily attributable to the advances to contract manufacturers related to the China purchase order of 12,000 instruments.
As of September 30, 2010, Milestone had $2.3 million in cash, cash equivalents and accounts receivables, working capital of $1.96 million and total shareholders’ equity of $2.81 million. Additionally, advances to contract manufacturers increased by $1.7 million from December 31, 2009 as the Company prepared for the production and shipment of instruments relating to the 12,000 unit China purchase order. This advanced payment reduced our cash on hand by approximately $900,000 for the nine-month period.
Leonard Osser, Chief Executive Officer of Milestone Scientific said, “During the third quarter we implemented a number of refinements to our domestic sales strategy, the positive results, of which, have already begun to take hold. We expect these changes will significantly increase the amount of instruments, and more importantly, disposables in the market.”
Joseph D’Agostino, Chief Financial Officer said, “In order for us to market to large dental practices in the United States, it is imperative that we have a strong customer service/education team. Our team of professionally trained independent dental hygienists, which now number more than thirty, is responsible for selling our STA Single Tooth Anesthesia System® directly to dental offices in key markets throughout the United States and Canada. Our hygienists sell the product and also provide training and hands-on support to our customers, adding significant depth and strength as we market to the larger dental chains. This team, along with our proven management in this sector, is expected to produce improved results as we ramp up with additional hygienists. This enhanced support, we believe, will result in improved instrument sales and handpiece usage on the part of both individual dentists and dental groups. We expect this strategy to produce measurable results beginning in the fourth quarter of this year.”
He added, “We have begun investing efforts and capital in our sales and marketing to support the growth of our instruments and disposables in the domestic market. Towards that end, we hired Marvin Terrell as Director of Domestic Distribution, who is responsible for all U.S. and Canadian distribution and sales efforts. Marvin’s impact on our new marketing strategy has already been taking hold, and we look forward to his continued contributions.”
Mr. Osser continued, “On the international side of our business, we continue our efforts, and are benefiting from the strengthening of our distribution partners. We also continue to wait for regulatory approval in China to sell the STA Single Tooth Anesthesia System, and are not aware of any regulatory issues that would deter the sale of the product. We eagerly await the government’s final decision, which would then enable our distribution partner to launch the product.”
Mr. Osser concluded, “As we enter the final quarter of the year, we remain focused on our strategy of optimizing our sales and marketing efforts for our STA Single Tooth Anesthesia System, and identifying and pursuing strategic collaborations in order to jointly develop new products that utilize our patented CompuFlo system’s pressure force technology. Our recently announced agreement with Ordway Research Institute is a prime example of how our technology can be used for novel new medical applications that provide us the platform to become a participant in the burgeoning medical markets. We remain confident that we have implemented strategies that will result in continued growth in the dental market, and also enable us to identify and seek additional opportunities that will expand our portfolio of products into other areas of the medical industry.”
Conference Call Information
Joseph D’Agostino, Chief Financial Officer of Milestone Scientific will host a conference call today at 11:00 a.m. EST. Those who wish to participate in the conference call may telephone 877-407-8037 from the U.S.; international callers may telephone 201-689-8037, approximately 15 minutes before the call. A digital replay will be available by telephone approximately two hours after the call’s completion for two weeks, and may be accessed by dialing 877-660-6853 from the U.S. or 201-612-7415 for international callers, Acct# 377; Replay ID# 359568.
About Milestone Scientific Inc.
Milestone Scientific is engaged in pioneering advanced computer-controlled drug delivery technologies for the medical and dental markets; and currently sells its award-winning products through a global distribution network serving North America, Central and South America, Asia, Africa and Europe. For more information on the STA Single Tooth Anesthesia System® unit and other innovative Milestone products, please visit the Company's web site found at www.milestonescientific.com or follow the Company on Twitter @painlessdental or become a fan on Facebook at Painless Dentistry.
Safe Harbor Statement
This press release contains forward-looking statements regarding the timing and financial impact of Milestone's ability to implement its business plan, expected revenues and future success. These statements involve a number of risks and uncertainties and are based on assumptions involving judgments with respect to future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond Milestone's control. Some of the important factors that could cause actual results to differ materially from those indicated by the forward-looking statements are general economic conditions, failure to achieve expected revenue growth, changes in our operating expenses, adverse patent rulings, FDA or legal developments, competitive pressures, changes in customer and market requirements and standards, and the risk factors detailed from time to time in Milestone's periodic filings with the Securities and Exchange Commission, including without limitation, Milestone's Annual Report for the year ended December 31, 2009. The forward looking-statements in this press release are based upon management's reasonable belief as of the date hereof. Milestone undertakes no obligation to revise or update publicly any forward-looking statements for any reason.
MILESTONE SCIENTIFIC INC.
CONDENSED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended September 30, Nine Months Ended September 30,
2010 2009 2010 2009
Product sales, net $ 1,926,889 1,909,263 $ 7,708,136 $ 6,150,984
Cost of products sold 725,795 709,003 2,788,353 2,488,294
Gross profit 1,201,094 1,200,260 4,919,783 3,662,690
Selling, general and administrative expenses 1,704,896 1,477,948 5,024,791 4,960,000
Research and development expenses 60,533 57,972 228,734 157,941
Total operating expenses 1,765,429 1,535,920 5,253,525 5,117,941
Loss from operations (564,335 ) (335,660 ) (333,742 ) (1,455,251 )
Other income (expense) - - 61,916 -
Interest expense (18,552 ) (30,230 ) (45,841 ) (115,619 )
Interest-Amortization of debt issuance (699 ) (7,875 ) (2,097 ) (23,625 ).
Interest income 60 495 520 3,041
Net (loss) applicable to common stockholders $ (583,526 ) $ (373,270 ) $ (319,244 ) $ (1,591,454 )
Net (loss) per share applicable to common stockholders -
Basic and diluted $ (0.04 ) $ (0.03 ) $ (0.02 ) $ (0.12 )
Weighted average shares outstanding and to be issued -
Basic and diluted 14,862,549 13,486,513 14,806,272 13,139,276
MILESTONE SCIENTIFIC INC.
CONDENSED BALANCE SHEETS
September 30, 2010 December 31, 2009
(Unaudited)
ASSETS
Current Assets:
Cash and cash equivalents $ 207,726 $ 1,029,129
Accounts receivable, net of allowance for doubtful accounts of $10,000 in 2010 and $5,000 in 2009 2,122,128 1,063,742
Inventories 1,153,023 804,736
Advances to contract manufacturer 1,941,946 151,995
Prepaid expenses and other current assets 243,498 254,501
Total current assets 5,668,321 3,304,103
Advances to contract manufacturer, non current 252,070 311,230
Investment in distributor, at cost 76,319 76,319
Furniture, Fixtures & Equipment net of accumulated depreciation of $435,443
as of September 30, 2010 and $395,630 as of December 31, 2009
66,896 77,353
Patents, net of accumulated amortization of $273,767 as of September 30, 2010
and $211,539 as of December 31, 2009
952,437 947,315
Other assets 74,417 133,674
Total assets $ 7,090,460 $ 4,849,994
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable $ 3,054,048 $ 1,154,013
Accrued interest - 6% note, current 92,000 -
Accrued expenses and other payable 564,031 524,017
Total current liabilities 3,710,079 1,678,030
Long-term Liabilities:
Accrued Interest - 6% note, non current 18,409 92,000
Accrued Interest - 12% note, non current 109,312 -
Notes Payable-net of discount of $9,759 and $11,157 respectively 440,940 438,843
Total long-term liabilities 568,661 530,843
Commitments and Contingencies
Stockholders' Equity
Common stock, par value $.001; authorized 50,000,000 shares; 14,909,262 shares issued
692,499 shares to be issued and 14,875,929 shares outstanding as of September 30, 2010;
14,781,296 shares issued, 692,499 shares to be issued, and 14,747,962 shares outstanding
as of December 31, 2009
15,601 15,472
Additional paid-in capital 62,790,333 62,300,619
Accumulated deficit (59,082,698 ) (58,763,454 )
Treasury stock, at cost, 33,333 shares (911,516 ) (911,516 )
Total stockholders' equity 2,811,720 2,641,121
Total liabilities and stockholders' equity $ 7,090,460 $ 4,849,994
Milestone Scientific Inc.
Joseph D’Agostino, 973-535-2717
Chief Financial Officer
or
Investor Relations:
Porter, LeVay & Rose, Inc.
Linda Decker, 212-564-4700
Vice President
Source: Business Wire (November 15, 2010 - 7:00 AM EST)
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CHDT Corporation Reports Record Profits for 3rd Q on Revenues of $3,013,975
CHDT Corporation Reports Record Profits for 3rd Q on Revenues of $3,013,975
Conference Call Scheduled for Today at 11:00 a.m.
Nov. 15, 2010 (Marketwire) --
DEERFIELD BEACH, FL -- (Marketwire) -- 11/15/10 -- CHDT Corporation, a Florida corporation (OTCBB: CHDO), ("Company"), with operating subsidiaries focused on designing and manufacturing consumer products for the North American retail market, reported today the following financial results for the fiscal quarter ending September 30, 2010 ("Q3FY2010"): gross revenue of $3,013,975 versus $2,424,686 in the fiscal quarter ending September 30, 2009 ("Q3FY2009") and a profit of $130,176 in Q3FY2010 versus a profit of $1,135 in Q3FY2009. The Company reports an order backlog of $1,600,000 for Q3FY2010.
The Company attributes the results in part to an increase in gross revenue resulted from the placement of the Eco-i-Lite products, the Company's multi-functional power failure lights, into new sales channels as well as re-orders from existing customers, resulting in this item surpassing $10,000,000 in gross sales since its introduction in 2008. Other revenue drivers were the placement of the Company's newest items the eBook*Lites™ and C-Lites™ as well as holiday shipments.
"This year has been a transition year as we move out of under-performing product lines and focus on our core lighting business which continues to demonstrate solid performance," said Reid Goldstein, President of Capstone Industries, an operating subsidiary of the Company.
The above summary of financial results is qualified in its entirety by reference to the Form 10-Q report of the Company for Q3FY2010 as filed with the Securities and Exchange Commission.
Conference Call
The Company will be holding a conference call today at 11:00 A.M. to allow shareholders and analysts the opportunity to hear management discuss the Company's quarterly results and future outlook. To participate: Dial 1-800-791-2345 and at the prompt enter the five digit code 45101. The conference call will also be available on the Company's website at www.chdtcorp.com shortly after the call.
About CHDT Corporation
CHDT Corporation (http://www.chdtcorp.com) is a public holding Company that engages, through its wholly owned subsidiaries, in the development, manufacturing, logistics, and distribution of consumer products to retailers and wholesalers throughout North America. See http://www.chdtcorp.com for more information about the Company and www.capstoneindustries.com for information on our current product offerings. References to URLs in this press release does not incorporate said URLs or any of their contents in this press release.
FORWARD-LOOKING STATEMENTS: This press release, including the financial summary above, contains "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995, as amended. Such statements consist of words like "anticipate," "expect," "project," "continue" and similar words. These statements are based on the Company's and its subsidiaries' current expectations and involve risks and uncertainties, which may cause results to differ materially from those set forth in the forward-looking statements. CHDT undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise. Forward-looking statements in this press release and risks associated with any investment in CHDT, which is a small business concern and a "penny stock company" and, as such, a highly risky investment suitable for only those who can afford to lose such investment, should be evaluated together with the many uncertainties that affect CHDT's business, particularly those mentioned in the cautionary statements in current and future CHDT's SEC Filings.
Source: Marketwire (November 15, 2010 - 7:00 AM EST)
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Orange 21 Inc. Reports Financial Results for the Three Months Ended September 30, 2010 and Announces Investor Conference Call
Orange 21 Inc. Reports Financial Results for the Three Months Ended September 30, 2010 and Announces Investor Conference Call
Nov. 15, 2010 (Marketwire) --
CARLSBAD, CA -- (Marketwire) -- 11/15/10 -- Orange 21 Inc. (PINKSHEETS: ORNG) (OTCBB: ORNG), a leading designer, producer and distributor of sunglasses, prescription eyewear, snow and motocross goggles, and branded apparel and accessories for the action sports, motorsports, snowsports and lifestyle markets, today announced financial results for the quarter ended September 30, 2010.
Consolidated net sales decreased 6% to $8.2 million for the three months ended September 30, 2010 from $8.8 million for the three months ended September 30, 2009.
Consolidated net loss decreased to $0.9 million for the three months ended September 30, 2010 from $1.1 million for the three months ended September 30, 2009. The three months ended September 30, 2010 included approximately $0.4 million in additional direct operating expenses related to the addition of the Margaritaville™ and Melodies by MJB™ eyewear brands for which there were minimal sales during the period. There were no such expenses during the comparable period in 2009.
"We experienced a challenging quarter given the lack of sun in Southern California this summer, which negatively affected our net sales," commented Stone Douglass, the Company's Chief Executive Officer. "Gross margins increased to 47% for the three months ended September 30, 2010 from 33% during the comparable period in 2009, aided by more effective sourcing in Asia as well as improved operations and a more favorable Euro to U.S. Dollar exchange rate on purchases from LEM, our manufacturing subsidiary in Italy. We are especially pleased that these results were achieved even though we had substantial direct and indirect additional operating costs related to our two newest brands, Margaritaville™ and Melodies by MJB™, for which there have been minimal sales during this period. Our Melodies by MJB™ line began to sell in stores and online at www.melodiesbymjb.com during September and was promoted in cities that Mary J. Blige was touring. We expect our Margaritaville™ line to launch the later part of November in select stores and online at www.margaritavilleeyewear.com."
Investor Conference Call
We invite you to join us for an investor conference call on Wednesday, November 17, 2010 at 1:30 p.m. Pacific Time. The dial-in number for the call in North America is 1-866-730-5770 and 1-857-350-1594 for international callers. The participant pass code is 60970034. The call will also be webcast live on the internet and can be accessed by logging onto www.orangetwentyone.com.
The webcast will be archived on the Company's website for at least 60 days following the call. An audio replay of the conference call will be available for seven days beginning approximately two hours after the completion of the call on November 17, 2010. The audio replay dial-in number for North America is 1-888-286-8010 and 1-617-801-6888 for international callers. The replay pass code is 27158016.
About Orange 21 Inc.
Orange 21 designs, develops, markets and produces premium products for the action sports, motorsports, snowsports and lifestyle markets under the brands Spy Optic™, O'Neill™, Margaritaville™ and Melodies by MJB™.
Safe Harbor Statement
This press release contains forward-looking statements. These statements relate to future events or future financial performance and are subject to risks and uncertainties. In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "expect," "plan," "anticipate," "believe," "feel," "estimate," "predict," "potential" or "continue," the negative of such terms or other comparable terminology. These statements are only predictions. Actual events or results may differ materially. Factors that could cause actual results to differ from those contained in the forward-looking statements include, but are not limited to: delays in the launch of the Margaritaville™ line in stores or online, the general conditions of the domestic and global economy, changes in consumer discretionary spending; changes in the value of the U.S. dollar, Canadian dollar and Euro; changes in commodity prices; our ability to source raw materials and finished products at favorable prices; risks related to the limited visibility of future orders; our ability to continue to develop, produce and introduce innovative new products in a timely manner; our ability to identify and execute successfully cost-control initiatives without adversely impacting sales; the performance of new products and continued acceptance of current products; our execution of strategic initiatives and alliances; uncertainties associated with intellectual property protection for our products; and other risks identified from time to time in our filings made with the U.S. Securities and Exchange Commission. Although, we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results. Moreover, we assume no responsibility for the accuracy or completeness of such forward-looking statements and undertake no obligation to update any of these forward-looking statements.
ORANGE 21 INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Thousands, except number of shares and per share amounts)
September 30, December 31,
------------ ------------
2010 2009
------------ ------------
(Unaudited)
Assets
Current assets
Cash $ 710 $ 654
Accounts receivable, net 5,051 5,886
Inventories, net 10,935 7,759
Prepaid expenses and other current assets 813 1,036
Income taxes receivable 3 56
------------ ------------
Total current assets 17,512 15,391
Property and equipment, net 4,206 4,892
Intangible assets, net of accumulated
amortization of $780 and $714 at September 30,
2010 and December 31, 2009, respectively 217 296
Other long-term assets 78 92
------------ ------------
Total assets $ 22,013 $ 20,671
============ ============
Liabilities and Stockholders' Equity
Current liabilities
Lines of credit $ 2,626 $ 3,750
Current portion of capital leases 423 395
Current portion of notes payable 3,800 723
Accounts payable 6,055 5,431
Accrued expenses and other liabilities 3,640 3,350
Income taxes payable 65 -
------------ ------------
Total current liabilities 16,609 13,649
Capitalized leases, less current portion 592 812
Notes payable, less current portion 114 308
Deferred income taxes 404 404
------------ ------------
Total liabilities 17,719 15,173
Stockholders' equity
Preferred stock: par value $0.0001; 5,000,000
authorized; none issued - -
Common stock: par value $0.0001; 100,000,000
shares authorized; 11,970,197 and 11,903,943
shares issued and outstanding at September 30,
2010 and December 31, 2009, respectively 1 1
Additional paid-in-capital 40,856 40,515
Accumulated other comprehensive income 790 874
Accumulated deficit (37,353) (35,892)
------------ ------------
Total stockholders' equity 4,294 5,498
------------ ------------
Total liabilities and stockholders' equity $ 22,013 $ 20,671
============ ============
ORANGE 21 INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Thousands, except per share amounts)
Three Months Ended Nine Months Ended
September 30, September 30,
------------------ ------------------
2010 2009 2010 2009
-------- -------- -------- --------
(Unaudited) (Unaudited)
Net sales $ 8,224 $ 8,776 $ 26,020 $ 25,313
Cost of sales 4,353 5,915 12,918 14,635
-------- -------- -------- --------
Gross profit 3,871 2,861 13,102 10,678
Operating expenses:
Sales and marketing 2,268 1,781 6,537 5,463
General and administrative 1,812 1,655 5,667 5,838
Shipping and warehousing 235 255 802 765
Research and development 375 292 1,186 803
-------- -------- -------- --------
Total operating expenses 4,690 3,983 14,192 12,869
-------- -------- -------- --------
Loss from operations (819) (1,122) (1,090) (2,191)
Other income (expense):
Interest expense (160) (70) (397) (235)
Foreign currency transaction gain 85 110 76 293
Other income (expense) 20 (3) 84 (1)
-------- -------- -------- --------
Total other income (expense) (55) 37 (237) 57
-------- -------- -------- --------
Loss before provision for income
taxes (874) (1,085) (1,327) (2,134)
Income tax provision 58 51 134 60
-------- -------- -------- --------
Net loss $ (932) $ (1,136) $ (1,461) $ (2,194)
======== ======== ======== ========
Net loss per share of Common Stock
Basic $ (0.08) $ (0.10) $ (0.12) $ (0.19)
======== ======== ======== ========
Diluted $ (0.08) $ (0.10) $ (0.12) $ (0.19)
======== ======== ======== ========
Shares used in computing net loss
per share of Common Stock
Basic 11,961 11,865 11,948 11,291
======== ======== ======== ========
Diluted 11,961 11,865 11,948 11,291
======== ======== ======== ========
Contact:
Orange 21 Inc.
A. Stone Douglass
Chief Executive Officer
760-804-8420
Fax: 760-804-8442
www.orangetwentyone.com
Source: Marketwire (November 15, 2010 - 6:30 AM EST)
News by QuoteMedia
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Bergio International Announces Positive Third Quarter Results
Bergio International Announces Positive Third Quarter Results
Nov. 15, 2010 (Business Wire) -- Bergio International, Inc. (OTCBB:BRGO), Bergio International announced today that they are pleased with the positive third quarter results reported in the 10-Q Financial Statement, third quarter ending September 30, 2010.
The company reported a third quarter sales increase by 35% for total net sales of $343,514 and in the first nine months, sales increased by 26% from $708,959 to $892,509. Gross margins improved from 28% to 52% from the comparable period. The company contributes the positive news to our expansion of our customer base outside the United States and the successful results experienced through our Neiman Marcus line and the JCK Show in Las Vegas earlier in the year.
The 10-Q Financial Statement, ending September 30, 2010, indicates the company improved its current assets which increased by $428,927 and current liabilities decreased by $1,115,966 while working capital increased by $1,544,893 for the 9 month period. The company took a one time share-based expense charge for the second quarter of 2010 for $535,160 which was the result of the termination of our securities purchase agreement with Tangiers LLC. The company also took a one time-share based expense charge in the first quarter for $242,900 for a total combined share-based expense charge in the first two quarters of 2010 for $778,060.
Berge Abajian, CEO of Bergio International, Inc., said, "I am pleased with the positive growth and direction of the company. This was a direct contribution of all the measures that we took in the beginning of the year. I invite all of our shareholders to read our financial statements very closely, specifically the section titled, “Net Loss” found in the Management Discussion and Analysis which explains the turn-around of the company.”
About Bergio International, Inc.
Bergio International, Inc. is a leading jeweler creating one of the world's largest diversified jewelry designers and manufacturers through acquisitions and consolidation in the estimated $160 billion a year highly fragmented independently owned Jewelry industry. Bergio currently sells its jewelry to approximately 100 jewelry retailers across the United States. Bergio has manufacturing control over its line as a result of having a manufacturing facility in New Jersey as well as subcontracts with facilities in the United States and Italy.
Forward-Looking Statement:
The statements in the press release that relate to the Company's expectations with regard to the future impact on the Company's results from acquisitions or actions in development are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The statements in this document 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. When used in this press release, the words "anticipate," "believe," "estimate," "may," "intend," "expect" and similar expressions identify such forward-looking statements. Forward-looking statements are subject to risks, uncertainties, and other factors that could cause actual results to differ materially from those contained in such statements. Such risks, uncertainties, and factors include, but are not limited to, future capital needs, changes, and delays in product development plans and schedules, or market acceptance.
BERGIO INTERNATIONAL, INC.
BALANCE SHEETS
September 30, December 31,
2010 2009
(Unaudited)
Assets:
Current Assets:
Accounts Receivable – Net $ 442,039 $ 341,695
Inventory 1,526,177 1,378,271
Prepaid Expenses and Other Current Assets 8,614 2,937
Other Receivable 175,000 --
Total Current Assets 2,151,830 1,722,903
Property and Equipment – Net 123,632 160,307
Other Assets:
Investment in Unconsolidated Affiliate 5,000 5,000
Total Other Assets 5,000 5,000
Total Assets $ 2,280,462 $ 1,888,210
BERGIO INTERNATIONAL, INC.
STATEMENTS OF OPERATIONS (UNAUDITED)
Three Months Ended Nine Months Ended
September 30, September 30,
2010 2009 2010 2009
Sales – Net $ 343,514 $ 254,652 $ 892,509 $ 708,959
Cost of Sales 226,031 150,231 428,244 511,925
Gross Profit 117,483 104,421 464,265 197,034
Selling Expenses 51,790 40,065 186,030 170,337
General and Administrative Expenses
Share-Based Compensation -- 5,000 -- 15,000
Share Based Services -- 2,000 242,900 46,000
Other 94,107 75,573 342,234 258,200
Total General and Administrative Expenses 94,107 82,573 585,134 319,200
Total Operating Expenses 145,897 122,638 771,164 489,537
Loss from Operations (28,414 ) (18,217 ) (306,899 ) (292,503 )
Other Income [Expense]
Interest Expense (17,929 ) (22,420 ) (49,007 ) (68,067 )
Gain on Sale of Subsidiary -- -- 225,000 --
Financing Costs – Shared Based -- -- (595,160 ) --
Amortization of Debt Discount (39,340 ) -- (85,184 ) --
Change in Fair Value of Derivative 39,125 -- 57,431 --
Loss on Disposal of Equipment -- -- (18,945 ) --
Other Income -- -- -- 1,158
Total Other Income [Expense] (18,144 ) (22,420 ) (465,865 ) (66,909 )
Net Loss $ (46,558 ) $ (40,637 ) $ (772,764 ) $ (359,412 )
Net Loss Per Common Share - Basic and Diluted $ -- $ -- $ (0.01 ) $ (0.01 )
Weighted Average Common Shares Outstanding – Basic and Diluted 120,607,405 31,022,100 95,222,556 30,962,075
BERGIO INTERNATIONAL, INC.
STATEMENTS OF CASH FLOWS (UNAUDITED)
Nine Months Ended
September 30,
2010 2009
Operating Activities
Net Loss $ (772,764 ) $ (359,412 )
Adjustments to Reconcile Net Loss to Net Cash Used
for Operating Activities:
Depreciation and Amortization 40,891 47,670
Share-Based Compensation -- 15,000
Share-Based Services 242,900 46,000
Share-Based Financing Costs 595,160 --
Allowance for Doubtful Accounts (6,000 ) 6,000
Amortization of Debt Discount 85,184 --
Change in Fair Value of Derivative (57,431 ) --
Gain on Sale of Subsidiary (225,000 ) --
Loss on Disposal of Equipment 18,945 --
Sales Returns and Allowances Reserve (34,808 ) (97,545 )
Changes in Assets and Liabilities
[Increase] Decrease in:
Accounts Receivable (94,344 ) 374,963
Inventory (169,406 ) (141,517 )
Prepaid Expenses (5,677 ) 32,385
Increase [Decrease] in:
Accounts Payable and Accrued Expenses (1,981 ) 22,379
Total Adjustments 388,433 305,335
Net Cash Used for Operating Activities (384,331 ) (54,077 )
Bergio International, Inc.
Investor Relations
John Cole, 973-771-3571
www.bergio.com
Source: Business Wire (November 15, 2010 - 6:30 AM EST)
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Nanostart Subsidiary MagForce Nanotechnologies AG Expands Management Team
Nanostart Subsidiary MagForce Nanotechnologies AG Expands Management Team
"important step in the transformation into a commercial company"
Therapy expected to become available in the first quarter of 2011
at leading German cancer centers
Additional commercialization positions
Nov. 15, 2010 (Business Wire) -- Nanostart subsidiary MagForce Nanotechnologies AG (FSE:MF6), a leader in the area of nanotechnology-based cancer treatment, announced today the expansion of its management team. The new positions will support both the upcoming product launch of the company’s EU approved therapy for the treatment of brain tumors and the further development of its Nano-Cancer® therapy in additional cancer indications. MagForce expects its Nano-Cancer®-therapy will become available at several leading German cancer centers in the first quarter of 2011.
“Filling these key company positions is an important step in the transformation of the company from a research and development only business into a commercial company. Additional hiring for the sales and marketing team will be completed by the end of the year,” said Dr. Peter Heinrich, CEO of MagForce. “I am extremely pleased to welcome Dr. Christoph Rehfuess, Dr. Dirk Kautz, Mr. Kajo Wiest, and Ms. Stacy Wiedenmann to MagForce. Furthermore, Dr. Hans Joachim Hutt is currently serving as a medical consultant. These individuals bring with them the experience and expertise to support MagForce as we build commercial infrastructures and medical networks.”
Dr. Christoph Rehfuess joins MagForce as Director of Intellectual Property. As a qualified European Patent attorney with twelve years of management experience in the Biotech intellectual property field at MediGene AG, he will be responsible for patents, trademarks, and technical contracts.
Dr. Dirk Kautz joins MagForce as Director of Business/Corporate Development and will support the Management Board in strategic planning. Prior to joining MagForce, he worked for more than 13 years in the medical devices industry, holding management positions in marketing and corporate development at, amongst others, Nihon Kohden and Biotronik.
Kajo Wiest joins as Director of Finance & Controlling and brings with him more than ten years of finance and controlling experience at Jerini AG. During his time at Jerini, he was responsible for the establishment of controlling structures as well as supporting the company’s IPO and the sale of its wholly-owned subsidiary JPT, where he served as Finance Manager last year.
Stacy Wiedenmann joins the company as Director of Investor Relations & Corporate Communications and brings with her over ten years of experience, including her experience at Jerini AG where she headed the same areas from their IPO through their acquisition.
Dr. Hans Joachim Hutt MD, PhD will support the company in the area of medical affairs. His medical training and over 20 years of experience at leading pharmaceutical companies, including Boehringer Ingelheim, Sanofi, Bristol-Myers Squibb, and Sanofi Pasteur MSD, will help MagForce establish commercial networks and expand its therapeutic applications.
About Nanostart:
Nanostart AG, headquartered in the German financial capital of Frankfurt, is the world’s leading nanotechnology investment company, with portfolio companies spanning the globe from Silicon Valley to Singapore. The company provides venture capital financing for nanotechnology companies in various growth phases with a focus on innovation-driven industries of the future such as cleantech, life sciences and IT/electronics. Through its subsidiary and venture capital fund in Singapore, Nanostart is proud to be the investment partner of the Singaporean government. For further information, please visit www.nanostart.de.
About MagForce Nanotechnologies:
MagForce Nanotechnologies AG is a world-leading company in the area of nanotechnology-based cancer treatment. The proprietary procedure which it has developed, Nano-Cancer® therapy, enables the targeted treatment of solid tumors through the intratumoral release of heat from magnetic nanoparticles. Its products used in the therapy, NanoTherm® and NanoActivator®, have received EU-wide regulatory approval as medical devices for the treatment of brain tumors. For further information, please visit www.magforce.com.
Disclaimer:
This notice constitutes neither an offer to sell nor a solicitation of offers to purchase or subscribe to securities. There will be no public offering of securities of Nanostart AG in conjunction with the existing listing of its shares in the “Entry Standard” segment of the regulated unofficial market (Freiverkehr) on the Frankfurt Stock Exchange. This notice does not constitute a securities prospectus. Neither this notice nor the information contained within is intended for direct or indirect distribution within Canada, Australia or Japan.
Nanostart AG
Public Relations
Dr. Hans Joachim Dürr
phone: +49 (0)69-21 93 96 111
fax: +49 (0)69-21 93 96 122
e-mail: presse@nanostart.de
Source: Business Wire (November 15, 2010 - 6:25 AM EST)
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ZIM CORPORATION REPORTS SECOND QUARTER 2011 FINANCIAL RESULTS
ZIM CORPORATION REPORTS SECOND QUARTER 2011 FINANCIAL RESULTS
Nov. 15, 2010 (PR Newswire) --
OTTAWA, Nov. 15 /PRNewswire-FirstCall/ - ZIM Corporation (OTCBB: ZIMCF), a provider of software products and services for the database and mobile markets, today announced its financial results for its second quarter ended September 30, 2010. All figures presented are calculated in accordance with generally accepted accounting principles (GAAP) in the United States and presented in US dollars.
Revenue for the quarter ended September 30, 2010 was $499,593, an increase of almost 35% from $370,660 for the same period last year. The increase in revenue is primarily attributable to increased sales of software and consulting services related to Zim's enterprise products.
Net income for the quarter ended September 30, 2010 was $152,197 or a basic and diluted income per share of $0.001. The net loss for the same period last year was $34,352 or a basic and diluted loss per share of $0.000. The increase in net income principally reflects an increase in sales combined with continued cost containment that produced an income from operations of $41,418.
"We produced solid results this quarter with the growth of our top line revenue," said Dr. Michael Cowpland, President and CEO of ZIM. "I am especially pleased that we generated positive income and cash flow from ongoing operations as a result of our growth strategy for our enterprise database business."
ZIM had cash and cash equivalents of $1,539,366 at June 30, 2010 as compared to cash and cash equivalents of $1,160,881 at March 31, 2010. The increase is due mainly to increased net income and receipt of tax credits.
About ZIM
ZIM is a provider of software products and services for the database and mobile markets. ZIM products and services are used by enterprises in the design, development and management of business, database and mobile applications. Certain of ZIM's mobile products are also provided to the consumer market. For more information on ZIM and its customers, partners and products, visit: www.zim.biz.
This news release 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, with respect to ZIM's use of its cash from operations. All forward-looking statements made in this press release relating to expectations about future events or results are made as of, and are based upon information available to ZIM as of, the date hereof. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those described or implied by any forward-looking statements. New risks can arise and it is not possible for management to predict all such risks, nor can it assess the impact of all such risks on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. All forward-looking statements speak only as of the date of this news release. We undertake no obligation to revise or update publicly any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this news release, other than as required by law. Please refer to ZIM's filings with the SEC for additional information regarding risks and uncertainties. Copies of these filings are available through the SEC's website at www.sec.gov.
SOURCE ZIM CORPORATION
investorrelations@zim.biz
ZIM Corporation
Source: PR Newswire (November 15, 2010 - 6:00 AM EST)
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Bacterin International Holdings, Inc. Reports Third Quarter 2010 Financial Results
Bacterin International Holdings, Inc. Reports Third Quarter 2010 Financial Results
Bacterin delivers over 200% year-over-year and 31% quarter-over-quarter third quarter revenue growth
Nov. 15, 2010 (PR Newswire) --
BELGRADE, Mont., Nov. 15, 2010 /PRNewswire-FirstCall/ -- Bacterin International Holdings, Inc. ("Bacterin" or the "Company") (OTC Bulletin Board: BIHI), a developer of anti-infective coatings for medical applications and revolutionary bone graft material, today reported financial results for its third quarter ended September 30, 2010. On July 1, 2010, as a result of the reverse merger transaction reported in the Company's Form 8-K dated June 30, 2010, Bacterin began trading as a public entity under the symbol BIHI.OB. During the third quarter, the Company completed a second and final closing on a private placement funding totaling $9.3 million, materially increased its direct and indirect biologics sales force, launched a marketing and sales initiative into the 6,000 medical facilities covered under the Broadlane® (a general purchasing organization) agreement, and received FDA approval to market its second coatings device (an antimicrobial needleless IV connector). Subsequent to third quarter end, Bacterin announced within its biologics division the launch of its third scaffold addressing dermal repair and within the company's coatings division a $237,000 grant was awarded from the Federal Government for its antimicrobial orthopedic surgical fixation devices.
Bacterin reported third quarter 2010 revenues of $4.2 million, a 203 percent increase from the prior year's third quarter revenues of $1.4 million and a 31 percent increase compared to revenues of $3.2 million in the second quarter of 2010. The Company's revenue growth acceleration reflected the impact of the implementation of a direct sales force effort, which commenced in July 2009. As of September 30, 2010, the Company's sales force totaled 35 biologics sales representatives, which has grown from 21 as of June 30, 2010. During October 2010, Bacterin further increased its sales force and achieved its 2010 goal of hiring 52 sales representatives. The Company anticipates continued revenue growth acceleration as both its expanding direct and indirect sales efforts impact the market.
The Company reported a net loss of $(9.0) million or $(0.26) per basic share for the third quarter of 2010, which included a non cash warrant derivative liability charge of $6.7 million due to the strong appreciation in the stock price to $7.45 during the quarter. This compares to $(1.9) million or $(0.09) per basic share for the third quarter 2009 and a net loss of $(2.0) million or $(0.07) per basic share for the second quarter 2010. During the final month of third quarter 2010, Bacterin achieved EBITDA breakeven. The Company expects to be EBITDA profitable for the fourth quarter of 2010 going forward.
For the three months ended September 30, 2010, Bacterin's gross profit on revenue totaled $3.5 million, yielding a gross margin of 83 percent, compared to 30 percent for the three months ended September 30, 2009 and 84 percent for the second quarter of 2010. The material year over year gross margin increase was due to a one time inventory adjustment of approximately $669,000 which resulted in an increase in cost of tissue sales recorded in the third quarter of 2009. Given the company's current mix of business, Bacterin expects gross margins over 80 percent for the foreseeable future.
Operating expenses during the third quarter of 2010 totaled $5.6 million, an increase of approximately $3.4 million (159%) over the third quarter of 2009 and an increase of approximately $1.6 million (41%) over the second quarter of 2010. A significant portion of the expense increase, approximately $2.0 million year-over-year and $636,000 quarter-over-quarter, was attributed to costs associated with the implementation of a direct sales force. General and administrative costs also increased approximately $672,000 year-over-year and $200,000 quarter-over-quarter due to an increase in salaries and wages and legal, professional fees and insurance expense associated with being a public company. In addition, stock options/restricted stock compensation expense which consists of non-cash expense associated with granting stock options to employees and restricted stock to consultants increased during the third quarter by $808,000 over the prior year third quarter and by $769,000 as compared to the second quarter 2010, due largely to restricted stock awards to consultants during the third quarter 2010. While Bacterin anticipates a continued increase in operating expenses going forward, the Company believes it will be able to leverage its corporate expenses and deliver increased profitability as revenues continue to rise.
The Company generated interest expense in the third quarter of $160,000 compared to $136,000 in the third quarter of 2009 and $782,000 in the second quarter of 2010. The shift in quarterly interest expense is attributed to the creation and subsequent conversion of short term convertible debt instruments.
For the nine months ended September 30, 2010, Bacterin reported revenues of $10.1 million, a 95 percent increase compared to the same period in 2009. The increase of $4.9 million was largely the result of transitioning the sales model in the second half of 2009 from a distributorship model with a limited direct sales force to a direct sales force model. Net loss totaled $(12.7) million or $(0.42) per basic share, which included approximately $1.1 million in nonrecurring costs associated with the reverse merger and concurrent capital raise as well as $6.8 million of a non cash warrant derivative liability charge due to the strong rise in the company's stock price since becoming a public traded entity on July 1, 2010. This net loss is compared to $(2.5) million or $(0.10) per basic share for the same period in 2009.
At September 30, 2010, the Company reported cash and equivalents balance of $572,000, accounts receivable of $2.6 million and an inventory balance of $7.0 million. At September 30, 2010 the Company had convertible notes payable of approximately $400,000, a decrease of $1.45 million from the prior second quarter 2010. As of September 30, 2010, Bacterin had approximately 35.9 million shares of common stock outstanding and fully diluted shares of 48.4 million (inclusive of all options, warrants and convertible debt).
"After multiple years of product development and testing, we began preparing the business to capitalize on our core markets, as well as the active marketing of our product in 2009. In particular, we diversified our supply of donor tissue, expanded our production capabilities, developed the infrastructure of what we believe will grow into a formidable sales force, refined the message to our market and started gathering proof points on how to scale our revenue in these markets. During 2010, these efforts have produced sequential increasing record revenue quarters and sustainable gross margins above 80 percent with prospects of future revenue growth acceleration and profitability as we exit this current calendar year. We anticipate further growth opportunities during 2011 as we begin to market and sell our new dermal scaffold and announce progress on our products that address subchondral bone repair," commented Guy Cook, the Company's President and CEO.
Conference Call Details:
Date/Time:
Monday, November 15, 2010—10:00 a.m. (ET)
Telephone Number:
888-713-4217
International Dial-In Number:
617-213-4869
Participant Pass code:
65563395
Internet Access:
www.bacterin.com or www.earnings.com
It is recommended that participants phone-in at least 10 minutes before the call is scheduled to begin. Participants may pre-register for the call at -https://cossprereg.btci.com/prereg/key.process?key=P4A4WLKLH
Pre-registrants will be issued a pin number to use when dialing into the live call which will provide quick access to the conference by bypassing the operator upon connection. A replay of the conference call in its entirety will be available approximately one hour after its completion by dialing 888-286-8010 (U.S.), 617-801-6888 (International) and entering the pass code 21194807 and on the Internet at www.earnings.com.
About Bacterin International Holdings, Inc.
Bacterin International Holdings, Inc. ("the "Company" or "Bacterin") develops, manufactures and markets biologics products to domestic and international markets. Bacterin's proprietary methods optimize the growth factors in human allografts to create the ideal stem cell scaffold and promote bone and other tissue growth. These products are used in a variety of applications including enhancing fusion in spine surgery, relief of back pain with a facet joint stabilization, promotion of bone growth in foot and ankle surgery, promotion of skull healing following neurosurgery and cartilage regeneration in knee and other joint surgeries.
Bacterin's Medical Device division develops anti-microbial coatings based upon proprietary coating technologies. Bacterin develops, employs, and licenses bioactive coatings for various medical device applications. Bacterin's strategic coating initiatives include antimicrobial coatings designed to inhibit biofilm formation and microbial contamination on medical devices' drug delivery, local (as opposed to systemic) pain management, and anti-thrombotic factors for medical device applications. Headquartered in Belgrade, Montana, Bacterin operates a 32,000 square foot., state-of-the-art, fully compliant and FDA registered facility, equipped with five "Class 100" clean rooms. For further information please visit www.bacterin.com
This news release contains certain disclosures that may be deemed forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to significant risks and uncertainties. Forward-looking statements include statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as "continue," "efforts," "expects," "anticipates," "intends," "plans," "believes," "estimates," "projects," "forecasts," "strategy," "will," "goal," "target," "prospects," "potential," "optimistic," "confident," "likely," "probable" or similar expressions or the negative thereof. These forward-looking statements are based on current expectations or beliefs and include, but are not limited to, statements about the Company's earnings release and its expectations based on the results of third quarter of 2010, including reductions in expenses and increases in revenues due to among other things, the anticipated growth of its sales force. Statements of historical fact also may be deemed to be forward-looking statements. We caution that these statements by their nature involve risks and uncertainties, and actual results may differ materially depending on a variety of important factors, including, among others: the Company's ability to meet its obligations under existing and anticipated contractual obligations; the Company's ability to develop, market, sell and distribute desirable applications, products and services and to protect its intellectual property; the ability and willingness of third-party manufacturers to timely and cost-effectively fulfill orders from the Company; the ability of the Company's customers to pay and the timeliness of such payments, particularly during recessionary periods; the Company's ability to obtain financing as and when needed; changes in consumer demands and preferences; the Company's ability to attract and retain management and employees with appropriate skills and expertise; the impact of changes in market, legal and regulatory conditions and in the applicable business environment, including actions of competitors; and other factors. The Company undertakes no obligation to release publicly any revisions to any forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as required by law.
*** Financial Statements Follow ***
BACTERIN INTERNATIONAL HOLDINGS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
September 30,
December 31,
2010
2009
ASSETS
(unaudited)
Current Assets:
Cash and cash equivalents
$ 571,844
$ 54,155
Accounts receivable, net of allowance of $122,949 and $81,803, respectively
2,560,692
1,314,418
Notes receivable - trade
518,905
270,565
Inventories, net
6,971,792
5,000,713
Prepaid and other current assets
221,567
30,000
10,844,800
6,669,851
Property & equipment, net
3,117,439
3,248,096
Intangible assets, net
541,417
554,268
Notes receivable – related party
82,255
-
Other assets
15,585
13,675
Total Assets
$14,601,496
$ 10,485,890
LIABILITIES & STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable
1,749,938
1,403,950
Accrued liabilities
1,052,972
463,630
Other current liabilities
315,000
-
Warrant derivative liability
7,429,968
75,231
Notes payable
956,978
1,126,693
Notes payable to stockholders
162,397
183,461
Current portion of capital lease obligations
35,780
85,071
Convertible notes payable, net of debt discount
393,834
820,787
Current portion of long-term debt
1,097,525
1,202,574
Long-term Liabilities:
Capital lease obligation, less current portion
-
27,074
Long-term debt, less current portion
292,800
412,545
Total Liabilities
13,487,192
5,801,016
Stockholders' Equity
Preferred stock, $.0001 par value; 15,000,000 shares authorized; Common stock, $0.000001 par value; 135,000,000 shares authorized; 35,903,864 Issued shares and 35,900,160 outstanding shares on September 30, 2010 and 28,211,562 Issued shares and 28,152,665 outstanding shares on December 31, 2009
36
28
Additional paid-in capital
31,538,987
22,238,747
Treasury stock, 58,897 shares on December 31, 2009 and 3,704 shares on September 30, 2010
(212,036)
(76,566)
Retained deficit
(30,212,683)
(17,477,335)
Total Stockholders' Equity
1,114,304
4,684,874
$ 14,601,496
$ 10,485,890
BACTERIN INTERNATIONAL HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three
Nine
Months Ended September 30,
Months Ended September 30,
2010
2009
2010
2009
Revenue
Tissue sales
$4,045,347
$1,356,842
$9,936,095
$4,995,682
Royalties and other
146,639
25,975
193,424
207,554
Total Revenue
4,191,986
1,382,817
10,129,519
5,203,236
Cost of tissue sales
711,173
973,436
1,832,967
1,631,555
Gross Profit
3,480,813
409,381
8,296,552
3,571,681
Operating Expenses
General and administrative
2,141,028
1,468,936
5,741,315
3,705,892
Sales and marketing
2,320,446
366,827
5,465,431
1,120,996
Depreciation
152,994
166,964
457,156
495,218
Stock Options/Restricted stock Compensation expense
951,442
143,121
1,227,871
446,960
Total Operating Expenses
5,565,910
2,145,848
12,891,773
5,769,066
Loss from Operations
(2,085,097)
(1,736,467)
(4,595,221)
(2,197,385)
Other Income (Expense)
Interest income (expense)
(160,289)
(135,715)
(680,418)
(337,303)
Change in warrant derivative liability
(6,731,857)
-
(6,826,533)
-
Other income/expense
(65,984)
-
(633,176)
11,298
Total Other Income (Expense)
(6,958,130)
(135,715)
(8,140,127)
(326,005)
Net Loss Before Benefit(Provision)for Income Taxes
(9,043,227)
(1,872,182)
(12,735,348)
(2,523,390)
Benefit (Provision) for Income Taxes
Current
-
-
-
-
Deferred
-
-
-
-
Net Loss
$(9,043,227)
$(1,872,182)
$(12,735,348)
$(2,523,390)
Net loss per share:
Basic
$(0.26)
$(0.09)
$(0.42)
$(0.10)
Shares used in the computation:
Basic
35,398,628
21,868,980
30,658,229
26,247,360
SOURCE Bacterin International Holdings, Inc.
Yvonne L. Zappulla, Managing Director of Grannus Financial Advisors, Inc., +1-212-681-4108, Yvonne@GrannusFinancial.com, for Bacterin International Holdings, Inc.; or John Gandolfo, Chief Financial Officer of Bacterin International Holdings, Inc., +1-406-388-0480, Jgandolfo@bacterin.com
Source: PR Newswire (November 15, 2010 - 6:00 AM EST)
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ITEX Corporation Announces 60 Percent Increase to Quarterly Cash Dividend
ITEX Corporation Announces 60 Percent Increase to Quarterly Cash Dividend
Nov. 15, 2010 (PR Newswire) --
BELLEVUE, Wash., Nov. 15, 2010 /PRNewswire-FirstCall/ -- ITEX Corporation (OTC Bulletin Board: ITEX), The Membership Trading Community(SM),a leading marketplace for cashless business transactions in North America, announced today that its Board of Directors has approved a 60 percent increase in the quarterly cash dividend to 4 cents per share (16 cents per share on an annual basis).
The next quarterly dividend will be paid on December 20, 2010 to stockholders of record as of the close of business on December 10, 2010.
"We continue to generate positive cash flow providing us the ability to return more cash to stockholders, without jeopardizing future strategic opportunities," said Steven White, ITEX Chairman and CEO. "We have confidence in our operational performance going forward and we will manage available and future cash resources wisely in order to deliver a consistent dividend that current and future shareholders can rely upon."
About ITEX
ITEX, The Membership Trading Community(SM), is a thriving network of participating member businesses. Members increase sales through an exclusive distribution channel managed by franchisees, licensees and corporate-owned locations, by utilizing ITEX dollars to exchange goods and services. ITEX is powered by ITEX Payment Systems, the leading payment technology platform for processing cashless business transactions. ITEX is headquartered in Bellevue, WA. For more information, please visit ITEX's website at www.itex.com. We routinely post important information on the investor relations portion of our website.
This press release contains forward-looking statements that involve risks and uncertainties concerning our expected performance (as described without limitation in the quotations from current management in this release) and comments within the safe harbor provisions established under The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from the results predicted and reported results should not be considered as an indication of our future performance. We believe that these potential risks and uncertainties include, without limitation: our revenue growth and success being tied to the operations of our broker network; our future revenue growth remaining uncertain; our brokers taking actions that could harm our business or our reputation; our failure to deal effectively with member disputes; our business being subject to online security risks; unplanned system interruptions or system failures; claims and lawsuits against us that may result in adverse outcomes; and the effect of changes in the overall economy and in technology.. Statements in this release should be evaluated in light of these factors. These risk factors and other important factors that could affect our business and financial results are discussed in our periodic reports and filings with the Securities and Exchange Commission, including our Forms 10-K and Forms 10-Q, which are available at www.sec.gov.ITEX undertakes no duty to update or revise any forward-looking statements.
For more information, please visit www.itex.com
SOURCE ITEX Corporation
Alan Zimmelman of ITEX Corporation, +1-425-463-4017, alan@itex.com
Source: PR Newswire (November 15, 2010 - 6:00 AM EST)
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ViewCast Reports 2010 Third Quarter, Nine-Month Results
ViewCast Reports 2010 Third Quarter, Nine-Month Results
Total Quarterly Revenues Up 54% Year-Over-Year, Return to Positive Net Income
Nov. 15, 2010 (PR Newswire) --
PLANO, Texas, Nov. 15, 2010 /PRNewswire-FirstCall/ -- ViewCast Corporation (OTC Bulletin Board: VCST), a developer of industry-leading solutions for the transformation, management and delivery of digital media over enterprise, broadband, and mobile networks, today reported double digit year-over-year and sequential revenue growth for the third quarter ended September 30, 2010.
The Company reported that revenue growth accelerated in the third quarter, marking its fourth straight quarter of sequential growth and a return to positive net income. The quarterly growth was principally driven by significant upticks in Osprey® card and Niagara® appliance sales to both new and established customers.
Highlights of the Quarter
Important progress made in the third quarter and subsequent weeks included:
The fourth consecutive quarter of sequential revenue improvement and a return to profitability.
UPS's Communications Digital Asset Management (DAM) System, a highly customized version of ViewCast Media Platform (VMp™) DAM software, wins Createasphere's Inaugural DAMMY Award for Best Storage, Archive and/or Preservation Solution.
VMp was voted by the readers of Streaming Media magazine as the winner of the best Enterprise Video Platform for 2010. ViewCast's Niagara 7500 streaming appliance was also one of the top three vote-getters in the Hardware Encoder (HD) category of the Readers' Choice Awards.
Successful debut of the latest ViewCast streaming media and digital content solutions at IBC 2010 in Amsterdam, including VMp integrated solutions and the new Niagara 4100 portable HD encoding appliance.
Addition of Adrian Giuhat as Senior Vice President of Product Development and Chief Technology Officer.
ViewCast President and Chief Executive Officer Dave Stoner said, "The sustained improvement in top and bottom line performance demonstrated in the third quarter reflects a company not only emerging from a challenging economic period, but hitting on all cylinders as we finish the year and enter 2011. Our sales pipeline across our product portfolio has never been healthier, and we expect that new product introductions, including the Niagara 4100 encoding appliance, will drive new customers and business opportunities in coming quarters. Our team is energized as we look forward to driving record levels of revenue in the coming periods."
Third Quarter Financial Results
In the 2010 third quarter, revenues increased 54 percent to $4.5 million from $3.0 million in the prior year period. Revenues also grew 10 percent sequentially from the $4.1 million in the 2010 second quarter.
Operating expenses for the third quarter 2010 and the prior year period remained virtually unchanged at $2.7 million. Operating income of $51,000 for the third quarter 2010 improved significantly from an operating loss of $743,000 for the year-earlier period.
Net income for the third quarter 2010 was $8,000 compared to net loss of $782,000 in the third quarter 2009. After preferred dividends adjustment, the third quarter 2010 net loss per share applicable to the common shareholders was $(0.01) per share on a fully diluted basis compared to net loss per share applicable to the common shareholders of $(0.03) per share on a fully diluted basis, in the third quarter 2009.
EBITDA (earnings before interest, taxes, depreciation and amortization) for the 2010 third quarter was $241,000, compared to $(535,000) in the 2009 third quarter. EBITDA is a non-GAAP measure that ViewCast management believes can be helpful in assessing the Company's overall performance and considers as an indicator of operating efficiency and earnings quality. The Company suggests that EBITDA be viewed in conjunction with the Company's reported financial results or other financial information prepared in accordance with GAAP.
Nine-Month Financial Results
Revenues for the nine months ended September 30, 2010 increased 18 percent to $12.4 million compared to $10.5 million for the first nine months of 2009.
Operating expenses for the first nine months of 2010 were $8.1 million, compared to $9.0 million for the first nine months of 2009. The operating loss was $573,000 compared to an operating loss of $2.4 million for the first nine months of 2009.
Net loss for the first nine months of 2010 was $693,000 compared to a net loss of $2.5 million in the first nine months of 2009. After preferred dividends, the 2010 nine month net loss per share applicable to the common shareholders was $(0.04) per share on a fully diluted basis compared to net loss of $(0.09) per share in the first nine months of 2009.
EBITDA for the first nine months of 2010 was $46,000, compared to $(1.8) million in the first nine months of 2009.
Conference Call Information
A conference call with management is scheduled today at 11:30 a.m. EST to discuss the Company's financial results, business strategy and outlook. The call may be accessed by dialing 877-941-8601 five minutes prior to the scheduled start time and referencing ViewCast. Callers outside the United States may dial +1-480-629-9809 for access. In addition, a live audio webcast of the call will be available at http://www.viewcast.com/irconferencecall. An archive of the webcast will be available at the same web page beginning approximately 30 minutes after the end of the call.
About ViewCast Corporation
ViewCast develops industry-leading hardware and software for the transformation, management and delivery of professional quality video over broadband, enterprise and mobile networks. ViewCast's award-winning solutions simplify the complex workflows required for the Web-based streaming of news, sports, music, and other video content to computers and mobile devices, empowering broadcasters, businesses, and governments to easily and effectively reach and expand their audiences. With more than 350,000 video capture cards deployed globally, ViewCast sets the standard in the streaming media industry. ViewCast Niagara® streaming appliances, Osprey® video capture cards and VMp™ video and digital asset management software provide the highly reliable technology required to deliver the multi-platform experiences driving today's digital media market.
ViewCast (www.viewcast.com) is headquartered in Plano, Texas, USA, with sales and distribution channels located globally.
ViewCast, VMp, Osprey, Niagara and Niagara SCX are trademarks or registered trademarks of ViewCast Corporation or its subsidiaries.
Safe Harbor Statement
Certain statements in this release are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995 and reflect the Company's current outlook. Such statements apply to future events and are therefore subject to risks and uncertainties that could cause actual results to differ materially. Important factors that could cause actual results to differ materially from forward-looking statements include, but are not limited to, changes in market and business conditions, demand for the Company's products and services, technological change, the ability of the Company to develop and market new products, increased competition, the ability of the Company to obtain and enforce its patent and avoid infringing other parties' patents, and changes in government regulations. All written and verbal forward-looking statements attributable to ViewCast and any person acting on its behalf are expressly qualified in their entirety by the cautionary statements set forth herein. ViewCast does not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date on which the forward-looking statements are made. For a detailed discussion of these and other cautionary statements and factors that could cause actual results to differ from the Company's forward-looking statements, please refer to the company's reports on Form 10-K and 10-Q on file with the U.S. Securities and Exchange Commission.
ViewCast Contact:
Laurie L. Latham
Chief Financial Officer
Tel: +1 (972) 488-7200
PR Agency Contact:
Jessie Glockner
Rainier Communications
Tel: +1 (508) 475-0025 x140
E-mail: jglockner@rainierco.com
Investor Contact:
Matt Clawson
Allen & Caron
Tel: +1 (949) 474-4300
E-mail: matt@allencaron.com
Financial Tables Follow
VIEWCAST CORPORATION
OPERATING HIGHLIGHTS
(Unaudited)
(In thousands – except per share amounts)
Three Months Ended
Nine Months Ended
September 30,
September 30,
2010
2009
2010
2009
Net sales
$ 4,546
$ 2,962
$ 12,365
$ 10,460
Cost of sales
1,813
1,032
4,793
3,852
Gross profit
2,733
1,930
7,572
6,608
Total operating expenses
2,682
2,673
8,145
8,997
Operating income (loss)
51
(743)
(573)
(2,389)
Total other expense
(43)
(39)
(120)
(110)
Provision for income taxes
0
0
0
0
Net income (loss)
$ 8
$ (782)
$ (693)
$ (2,499)
Preferred dividends
(205)
(205)
(615)
(615)
Net loss applicable to
common stockholders
$ (197)
$ (987)
$ (1,308)
$ (3,114)
Net loss per common share:
Basic & Diluted
$ (0.01)
$ (0.03)
$ (0.04)
$ (0.09)
Weighted Average number of
common shares outstanding:
Basic & Diluted
36,048
35,832
36,029
34,938
RECONCILIATION OF NET INCOME TO EBITDA
(Unaudited)
(In thousands)
Three Months Ended
Nine Months Ended
September 30,
September 30,
2010
2009
2010
2009
Net income (loss)
$ 8
$ (782)
$ (693)
$ (2,499)
Depreciation and amortization
190
208
619
570
Total other and income tax expense
43
39
120
110
EBITDA
$ 241
$ (535)
$ 46
$ (1,819)
SOURCE ViewCast Corporation
Laurie L. Latham, Chief Financial Officer of ViewCast, +1-972-488-7200; or PR Agency, Jessie Glockner of Rainier Communications, +1-508-475-0025, ext. 140, jglockner@rainierco.com; or Investors, Matt Clawson of Allen & Caron, +1-949-474-4300, matt@allencaron.com, both for ViewCast Corporation
Source: PR Newswire (November 15, 2010 - 6:00 AM EST)
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ZIM CORPORATION REPORTS SECOND QUARTER 2011 FINANCIAL RESULTS
ZIM CORPORATION REPORTS SECOND QUARTER 2011 FINANCIAL RESULTS
Nov. 15, 2010 (Canada NewsWire Group) --
OTTAWA, Nov. 15 /CNW/ - ZIM Corporation (OTCBB: ZIMCF), a provider of software products and services for the database and mobile markets, today announced its financial results for its second quarter ended September 30, 2010. All figures presented are calculated in accordance with generally accepted accounting principles (GAAP) in the United States and presented in US dollars.
Revenue for the quarter ended September 30, 2010 was $499,593, an increase of almost 35% from $370,660 for the same period last year. The increase in revenue is primarily attributable to increased sales of software and consulting services related to Zim's enterprise products.
Net income for the quarter ended September 30, 2010 was $152,197 or a basic and diluted income per share of $0.001. The net loss for the same period last year was $34,352 or a basic and diluted loss per share of $0.000. The increase in net income principally reflects an increase in sales combined with continued cost containment that produced an income from operations of $41,418.
"We produced solid results this quarter with the growth of our top line revenue," said Dr. Michael Cowpland, President and CEO of ZIM. "I am especially pleased that we generated positive income and cash flow from ongoing operations as a result of our growth strategy for our enterprise database business."
ZIM had cash and cash equivalents of $1,539,366 at June 30, 2010 as compared to cash and cash equivalents of $1,160,881 at March 31, 2010. The increase is due mainly to increased net income and receipt of tax credits.
About ZIM
ZIM is a provider of software products and services for the database and mobile markets. ZIM products and services are used by enterprises in the design, development and management of business, database and mobile applications. Certain of ZIM's mobile products are also provided to the consumer market. For more information on ZIM and its customers, partners and products, visit: www.zim.biz.
This news release 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, with respect to ZIM's use of its cash from operations. All forward-looking statements made in this press release relating to expectations about future events or results are made as of, and are based upon information available to ZIM as of, the date hereof. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those described or implied by any forward-looking statements. New risks can arise and it is not possible for management to predict all such risks, nor can it assess the impact of all such risks on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. All forward-looking statements speak only as of the date of this news release. We undertake no obligation to revise or update publicly any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this news release, other than as required by law. Please refer to ZIM's filings with the SEC for additional information regarding risks and uncertainties. Copies of these filings are available through the SEC's website at www.sec.gov.
investorrelations@zim.biz
ZIM Corporation
Source: Canada Newswire (November 15, 2010 - 6:00 AM EST)
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Waytronx Reports Third Quarter Revenue of $10,500,000 -- Up 32% Year-Over-Year with Year-to-Date (YTD) Earnings Per Share (EPS) of $0.02
Waytronx Reports Third Quarter Revenue of $10,500,000 -- Up 32% Year-Over-Year with Year-to-Date (YTD) Earnings Per Share (EPS) of $0.02
Company reports second consecutive positive quarter with Operating
Profit of $679,712 and Net Profit of $2,255,547
Nov. 15, 2010 (Business Wire) -- Waytronx, Inc. (OTCBB: WYNX), a platform company dedicated to the acquisition, development, and commercialization of new, innovative technologies along with its wholly owned subsidiaries, CUI, INC., a provider of electromechanical components and CUI-Japan, its Japanese subsidiary, and Comex Electronics, a partially owned (49%) Japanese subsidiary, today announced that it posted results for the third quarter ended September 30, 2010.
For the three months ended September 30, 2010, Waytronx produced consolidated revenues of $10,520,295 and EBITDA of $3,145,839. The company increased gross margins to 39% and reports Operating Profits of $679,712 and a Net Profit of $2,255,547.
This revenue growth and operating profit was accomplished while the company’s Selling, General, and Administrative (“SG&A”) expenses remained at 29% of total revenue for the third quarter 2010. The SG&A dropped from 39% of total revenue in first nine months of 2009 to 31% of total revenues in the first nine months of 2010 – a decrease of 8%.
Most significantly, the company’s YTD Net Profit of $4,570,997 represents an increase from a Net Loss in the first nine months of 2009. Likewise, YTD Operating Profit has increased from an Operating Loss in the first nine months of 2009 to an Operating Profit of $1,259,051 in the first nine months of 2010.
William Clough, Waytronx’s president and CEO, explained that, “We are especially encouraged by these numbers and our second consecutive positive quarter. This growth trend has been accomplished while maintaining our lower SG&A and increasing our gross margins, illustrating our continued focus on operational efficiencies.”
The company reports that the above analysis does not take into account any revenue or sales associated with its Novum Digital Power Line or its other proprietary technologies like the SEPIC-fed BUCK converter technology, and the GasPT2 natural gas metering device – all of which are expected to be in the market later this year.
“These results and this year-over-year growth rate and profitability demonstrate the effectiveness of our new technology/licensing model,” continued Clough. “This growth in revenues and profitability and the retirement of approximately $12,773,178 in debt this year are all part of our larger, long-term plans to expand our product line, increase our market penetration, and continue to re-structure and/or retire corporate debt.”
“We remain confident that the acquisitions and initiatives we have implemented since May 2008 will continue to produce positive results in revenue growth, profitability, and increased shareholder value,” concluded Clough.
About Waytronx, Inc.
Waytronx, Inc. has pioneered and is developing innovative thermal management solutions capable of revolutionizing the semiconductor, solar and electronic packaging industries, among others, utilizing its patented WayCool™/WayFast™ hybrid mesh architecture. In addition, through its acquisition of CUI in May 2008, Waytronx has developed the infrastructure, expertise, and platform necessary to acquire, develop, and commercialize new technologies. For its part, CUI is a solutions provider of electromechanical components and industrial controls for OEM manufacturing. Since its inception in 1989, CUI has been delivering quality products, extensive application solutions, and superior personal service. CUI’s solid customer commitment and honest corporate message are a hallmark in the industry.
Waytronx also holds CUI-Japan as a wholly owned subsidiary and Comex Electronics as a partially owned subsidiary (49%). CUI-Japan and Comex are Japanese solutions provider of electromechanical components and industrial controls for OEM manufacturing. For more information, please visit www.waytronx.com and www.cui.com.
EBITDA is a non-GAAP financial measure and is reconciled as follows:
For the three months ended Sept 30, 2010
Net profit (loss) attributable to Waytronx Inc.
$2,255,547
Plus: Interest expense – intrinsic value of
convertible debt, amortization of debt
offering
Costs and amortization of debt discount
$419,423
Plus: Interest expense $278,740
Plus: Depreciation and amortization $192,129
EBITDA
$3,145,839
EBITDA does not represent funds available for management's discretionary use and is not intended to represent cash flow from operations. EBITDA should not be construed as a substitute for net loss or as a better measure of liquidity than cash flow from operating activities, which is determined in accordance with United States generally accepted accounting principles ("GAAP"). EBITDA excludes components that are significant in understanding and assessing our results of operations and cash flows. In addition, EBITDA is not a term defined by GAAP and as a result our measure of EBITDA might not be comparable to similarly titled measures used by other companies.
However, EBITDA is used by management to evaluate, assess and benchmark the Company’s operational results and the Company believes that EBITDA is relevant and useful information, which is often reported and widely used by analysts, investors and other interested parties in our industry. Accordingly, the Company is disclosing this information to permit a more comprehensive analysis of its operating performance, to provide an additional measure of performance and liquidity and to provide additional information with respect to the Company’s ability to meet future debt service, capital expenditure and working capital requirements.
This document 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. Such statements are subject to risks and uncertainties that could cause actual results to vary materially from those projected in the forward-looking statements. The company may experience significant fluctuations in future operating results due to a number of economic, competitive, and other factors, including, among other things, our reliance on third-party manufacturers and suppliers, government agency budgetary and political constraints, new or increased competition, changes in market demand, and the performance or reliability of our products. These factors and others could cause operating results to vary significantly from those in prior periods, and those projected in forward-looking statements. Additional information with respect to these and other factors, which could materially affect the company and its operations, are included in certain forms the company has filed with the Securities and Exchange Commission.
WayCool, WayFast, Waytronx and OnScreen are trademarks of Waytronx, Inc. Other names and brands are the property of their respective owners.
Media Contact:
CUI
Maggie Lefor
503-612-2300
info@waytronx.com
or
Investor Relations:
Fred Schultz
760-429-7775
760-855-8880
fschultz@waytronx.com
Source: Business Wire (November 15, 2010 - 5:30 AM EST)
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DirectView Holdings Declares 9:1 Stock Dividend Payment to Shareholders
DirectView Holdings Declares 9:1 Stock Dividend Payment to Shareholders
Nov. 15, 2010 (Marketwire) --
BOCA RATON, FL -- (Marketwire) -- 11/15/10 -- DirectView Holdings, Inc. (OTCBB: DIRV) (OTCBB: DIRVD) announced today that its Board of Directors declared a stock dividend payable in shares of its common stock to its stockholders of record on November 9, 2010. The Financial Industry Regulatory Authority (FINRA) has approved the dividend payment. The dividend payment date is today, November 15, 2010. Each stockholder will receive nine shares of common stock for each one share owned on the record date. Stockholders are not required to take any action in connection with the declaration and payment of this stock dividend. DirectView's transfer agent, Standard Registrar & Transfer Company, will process the shares to its stockholders entitled to receive such dividend shares.
DirectView's common stock, which is quoted on the OTCBB under the symbol "DIRV," will be quoted as "DIRVD" for 20 business days, after which it will revert back to the original symbol.
About DirectView: www.DirectViewInc.com
Statements contained in this news release, other than those identifying historical facts, constitute "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934 and the Safe Harbor provisions as contained in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements relating to the Company's future expectations, including but not limited to revenues and earnings, technology efficacy, strategies and plans, are subject to safe harbors protection. Actual Company results and performance may be materially different from any future results, performance, strategies, plans, or achievements that may be expressed or implied by any such forward-looking statements. The Company disclaims any obligation to update or revise any forward-looking statements.
Contact:
DirectView Holdings, Inc.
Mr. Roger Ralston
888-704-8700 ext. 111 or +1-561-750-9777 EXT. 111
www.DirectViewInc.com
IR@DirectViewInc.com
Source: Marketwire (November 15, 2010 - 5:01 AM EST)
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Public Media Works to Launch DVD Kiosk Operations in Toronto, Canada
Public Media Works to Launch DVD Kiosk Operations in Toronto, Canada
Collaborative Agreement With Spot Venture and Signifi Solutions Brings PMW a 50% Share in DVD Rental Revenue Effective December 1, 2010
Nov. 15, 2010 (Marketwire) --
SAUSALITO, CA -- (Marketwire) -- 11/15/10 -- Public Media Works, Inc. (OTCBB: PUBM) and its wholly-owned subsidiary, EntertainmentXpress, Inc., entered into a Collaboration Agreement with Spot Venture Distribution Inc. and Signifi Solutions Inc., both based in Toronto, Canada. The agreement provides for the parties to jointly manage and expand the Spot DVD movie and game kiosk business in the greater Toronto area and other Canadian locations.
Signifi, the exclusive digital kiosk manufacturing partner for Public Media Works (PMW), designs software and manufactures digital self-service retail kiosks. Spot Venture Distribution Inc. (Spot) is a company that places and operates Signifi DVD movie and game kiosks.
Under the terms of the Collaboration Agreement, Spot will purchase and install the DVD kiosks and PMW will finance the operating costs, acquire and manage content and bring advertising revenue and marketing direction as additional value to the partnership. In exchange, PMW will receive 50% of net revenues from DVD rentals, sales and digital advertising.
"This is a solid, strategic opportunity to build on our existing partnership with Signifi, and at the same time, we will be brilliantly poised with Spot to serve a virtually untapped marketplace. Toronto is the largest city in Canada with more than 5.6 million people. Our goal is to expand our presence there as rapidly as possible to create a density in the marketplace," said Bill Zabit, president of Public Media Works.
Spot has an installed base of 15 kiosks in Sobey's grocery stores, Rabba Fine Food stores and high traffic convenience stores in Toronto. And under the terms of the agreement, Spot will use its best efforts to have an installed base of 30 kiosks by December 31, 2010 and 200 kiosks by December 31, 2011.
"Spot has strong retail ties and experience in managing locations. With PMW's backing and Signifi's support, we expect to see a greater speed of deployment as Spot rolls-out kiosks across the country with a primary focus in the Greater Toronto area," says Shamira Jaffer, CEO of Signifi.
Last week PMW announced that Signifi is their exclusive kiosk manufacturing partner. Signifi, an IBM Retail partner, has become a leader in self-service kiosk solutions with the only fully-digital robotic platform available in the DVD rental marketplace. Signifi has grown over the past 10 years to become a successful technology company with global impact that has evolved from a technology development firm to a driver of self-serve retail solutions. Their proprietary back-end is integrated with the Esprida platform to offer enterprise-wide solutions for real-time reporting and advanced analytics.
"Our strategy for EntertainmentXpress is first and foremost organic growth, complemented by targeted acquisitions and collaborative ventures such as this one with Signifi and Spot. This type of arrangement allows us to explore business opportunities with strategic partners who are willing to finance kiosks in exchange for a share in the DVD rental and digital advertising revenue for those kiosks," said Bill Zabit, president of Public Media Works.
EntertainmentXpress, a division of Public Media Works, provides a convenient way for consumers to buy or rent movies, games and other entertainment media through kiosks located in quick-serve food locations, grocery stores and other high-traffic, public venues. The company's business plan also includes an out-of-home advertising model with onboard 3D screens (no glasses required) in kiosks that provide its retail partners an opportunity to share in ad revenue as well as in DVD rental and sales revenue.
About Public Media Works
Public Media Works, Inc. (OTCBB: PUBM) was founded as a forward-thinking entertainment company, created and operated by entertainment professionals, with the objective to discover, create, develop and distribute entertainment content to world audiences. The EntertainmentXpress subsidiary of Public Media Works is rolling out a network of conveniently located self-service kiosks which deliver demographically relevant digital media content to consumers. The company's core business model focuses on the high-volume rental and sale of DVD movies, video games and other media through kiosks located in quick-serve restaurants, grocery stores and other high-traffic, public venues. Features intended to differentiate EntertainmentXpress in the marketplace are expected to include a broader variety of digital product offerings over time, retail partner branded kiosks, a fully integrated solution for in-store advertising, and kiosks designed to be converted into media filling stations to a variety of digital storage devices.
This press release may contain forward-looking statements. Such forward-looking statements, particularly as related to the business plans of Public Media Works and its wholly owned subsidiary EntertainmentXpress, expectations of partnerships and strategic relationships, deployment of DVD and video game rental kiosks and 3D LCD screens, the ability of EntertainmentXpress to enter into agreements with retail partners, to gain market share, the ability to purchase and place kiosks, the ability of Signifi and Spot to place additional kiosks in operation, the size of the market, and the ability of EntertainmentXpress to compete effectively in the marketplace, and the future opportunities of the company, are based on current expectations that involve a number of risks and uncertainties. Actual results may differ materially from the company's expectations and estimates. Public Media Works and EntertainmentXpress are trademarks of Public Media Works, Inc.
Public Media Works Corp Offices
2330 Marinship Way, Suite 300
Sausalito, CA 94965
Company Contact: 415.729.8000
www.publicmediaworks.com
For Investor Relations Contact
Jeffery Salzwedel
Salzwedel Financial Communication
503.722.7300
Source: Marketwire (November 15, 2010 - 5:00 AM EST)
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Park Place Energy Corp. Representatives in Bulgaria
Park Place Energy Corp. Representatives in Bulgaria
Nov. 15, 2010 (PR Newswire) --
OTCBB:PKPL
FRANKFURT: 3P2
VANCOUVER - Park Place Energy Corp. ("Park Place" or "the Company") is pleased to announce that Company representatives are currently in Sofia, Bulgaria.
Representatives from the Company are conducting due diligence on several possible Bulgarian natural gas exploration joint venture opportunities. The Company intends to meet with active majors within the area as well as begin negotiating the terms of any possible joint venture arrangement at that time.
David Johnson, president Park Place Energy, stated "This is very exciting period for Park Place. There is interest from major producers within our core area of focus in north-eastern Bulgaria to work together and we look forward to discussing all possible options with them."
About Park Place
Park Place Energy Corp. is a North American oil and gas exploration company that is participating in high impact gas opportunities. The Company has assets in Saskatchewan that it is committed to developing. As well Park Place is committed to the acquisition of additional blue-sky shale gas opportunities. Park Places management is focused on optimizing profitability and enhancing shareholder value.
Certain information regarding the Corporation contained herein may constitute forward-looking statements. These statements may include estimates, plans, expectations, opinions, forecasts, projections, guidance or other statements that are not statements of fact. Although Park Place believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. These statements are subject to certain risks and uncertainties and may be based on assumptions that could cause actual results to differ materially from those anticipated or implied. The Corporation is under no obligation to update or alter any forward-looking statement. These risks include operational and geological risks, the ability of the Corporation to raise necessary funds for exploration and the fact that the Corporation does not operate all its properties. Park Place's forward-looking statements are expressly qualified in their entirety by this cautionary statement.
SOURCE Park Place Energy Corp.
Investor Relations: 1 (877) 685 0076
Email: info@parkplaceenergy.com
Website: www.parkplaceenergy.com
Source: PR Newswire (November 15, 2010 - 3:30 AM EST)
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Left Behind Games Announces Registration Requirements for Webinar Attendees
Left Behind Games Announces Registration Requirements for Webinar Attendees
Nov. 15, 2010 (Business Wire) -- Left Behind Games Inc. (OTC: LFBG), the world’s leading publisher of Christian video games, announces that advance registration is required for attendees of its online Webinar to be on Tuesday, November 16, 2010 at 3:30PM EST. Seats are limited. Attendees must register at: https://www2.gotomeeting.com/register/148928811.
About Left Behind Games Inc.
Left Behind Games Inc., dba Inspired Media Entertainment, is the only publicly-traded exclusive publisher of Christian video game software. They produce quality interactive entertainment products that perpetuate positive values and appeal to faith-based and mainstream audiences. For more information, go to www.leftbehindgames.com.
LB GAMES is a trademark of Left Behind Games Inc. in the U.S. and other countries. All rights reserved.
LEFT BEHIND is a registered trademark of Tyndale House Publishers, Inc. in the U.S. and other countries. All rights reserved.
Caution Concerning Forward-Looking Statements
This release contains statements, which may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or expectations of Left Behind Games. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that results may differ materially from such statements.
Left Behind Games Inc.
MEDIA CONTACT:
Angela Dalmas, 916-990-3447 begin_of_the_skype_highlighting 916-990-3447 end_of_the_skype_highlighting direct
angela@inspiredmedia.com
or
INVESTOR RELATIONS CONTACT:
Norma Mortensen, 951-894-6597 begin_of_the_skype_highlighting 951-894-6597 end_of_the_skype_highlighting ext 334
norma@inspiredmedia.com
Source: Business Wire (November 15, 2010 - 1:40 AM EST)
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