who ya gonna call? wallbusters!
Followers | 289 |
Posts | 10,327 |
Boards Moderated | 1 |
Alias Born | 09/17/2010 |
Twitter Profile: | Temporarily Unavailable |
Follow on Twitter: | Follow @ Temporarily Unavailable |
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Board Buzz from BB’s Stock Haven
Symbol # Picks Authors
ICTY 3 Cheesofriezzz , klce , BIG BALLER
SMMT 2 balamidas , Doc Holliday
OTOW 2 olandug , stockman69
CBAI 2 paramount , LazeeBoy
BFHJ 2 Taber , stressfreeliving
WRIT 1 op9171787
SHHHA 1 Zoom-Zoom-Away
ORRV 1 nycrew
NNAN 1 danrpoints
NABI 1 pumpnass
MNYC 1 MNYC
MBST 1 cjstocksup
LWSP 1 Pontair
LGTT 1 kerriella
IROG 1 1millman
IMSC 1 shmoopy38
HIMR 1 needbucks
EPGL 1 jagz1414
DKAM 1 cargo_hauler
DGRI 1 jjkochen
CYSG 1 Tony_From_MI
CSCO 1 cjstocksup
CGAQ 1 sssneo
BLLD 1 cjstocksup
Buzz from Raging Bull
Symbol # Picks Authors
SDIR 2 peteski6 , skeeedaddy
STHG 1 Zoro99
SNEY 1 stervc
SNDY 1 x-ray-eyes
SIBN 1 nittany777
SFRX 1 Schlappi
PYCT 1 stervc
PRMO 1 skeeedaddy
PPHM 1 theliwhiteshark
PPBL 1 theliwhiteshark
NXHD 1 capstar2
MMUH 1 Zoro99
GRNE 1 capstar2
GMXS 1 thegerb49
DTSL 1 rctrader2
DGIN 1 luvpennies
CWRN 1 grajekk
CGFIA 1 thegerb49
CALVF 1 thegerb49
BGLA 1 tradingspaz
AMEL 1 thegerb49
ABHI 1 luvpennies
Top Ticker Mentions in Chat
1) LFBG(27)
2) ICOA(10)
3) CPMCF(9)
4) SLXCF(7)
5) WRIT(6)
6) CBAI(5)
7) CGAQ(5)
8) SAEIE(5)
9) SPPH(4)
10) IROG(4)
Highest Percentage Gainer Penny Stocks
SYMB Last %Chg Volume
NIHK 0.007 180.0% 2,852,300
INVX 0.02 110.5% 5,060,000
AWBCQ 0.02 100.0% 201,400
EUBK 0.02 100.0% 19,600
NGEN 0.02 100.0% 76,000
CGAQ 0.02 100.0% 8,776,200
KYUS 0.02 100.0% 20,000
DRLY 0.02 100.0% 122,700
MCUJ 0.02 96.1% 7,400
AVOE 0.04 73.3% 201,300
PPLB 0.08 60.0% 5,000
Penny Stock Price Jumps
SYMB Last %Chg Volume
INVX 0.02 110.5% 5,060,075
CGAQ 0.02 110.0% 8,392,015
CIMT 2.54 42.7% 1,732,283
PCBC 0.55 41.0% 16,439,042
BNVI 1.3 28.7% 3,018,460
Penny Stock Volume Spikes
SYMB Last %Chg Volume
CBAI 0.0072 33.3% 264,479,424
SNV 2.17 8.0% 52,790,880
EMXC 0.0015 7.1% 45,598,752
SMMT 0.0053 -24.3% 40,494,400
CYCA 0.0013 0.0% 36,907,676
Penny Stocks (Most Active)
SYMB Last %Chg Volume
CBAI 0.0072 33.3% 266,544,900
BZCN 0.0007 0.0% 105,387,300
ABKFQ 0.2 33.3% 81,109,200
LFBG 0.0081 -11.0% 70,040,900
CGFIA 0.0025 4.2% 63,666,900
BFHJ 0.0023 35.3% 49,857,000
EMXC 0.0015 7.1% 45,598,700
IDOI 0.0018 -5.3% 45,480,100
SMMT 0.0053 -24.3% 40,494,300
CYCA 0.0013 0.0% 36,907,600
PTSH 0.0008 0.0% 30,860,700
CommerceWest Bank Reports Solid Profitability and Net Income Growth Year Over Year of 141%
CommerceWest Bank Reports Solid Profitability and Net Income Growth Year Over Year of 141%
Nov. 9, 2010 (Business Wire) -- CommerceWest Bank (OTCBB: CWBK) announced today its financial results for the three and nine months ended September 30, 2010. The company reported earnings for the three months ended September 30, 2010 of $8,000 or $0.01 per basic common share and $0.01 per diluted common share, as compared to net income of $1.0 million or $0.27 per basic common share and $0.26 per diluted common share for the three months ended September 30, 2009, a decrease of 99%. Net income for the nine months ended September 30, 2010 was $510,000 or $0.12 per basic common share and $0.12 per diluted common share, as compared to a loss of $1.2 million or $(0.26) per basic common share and $(0.26) per diluted common share for the nine months ended September 30, 2009, an increase of 141%.
Financial performance highlights for the nine months ended September 30, 2010:
Year to date income of $510,000
34% increase in non-interest income year over year
A fortress balance sheet, with a tier 1 leverage ratio of 12.24% and total risk based capital ratio of 20.08%
3.65% provision for loan losses as a percent of total loans on the CommerceWest Bank portfolio
28% decrease in non-performing assets from 12/31/09
Strong liquidity with a liquidity position to total assets ratio of 24%
No TARP funds
Total assets decreased $63.3 million as of September 30, 2010, a decrease of 17% as compared to the same period one year ago. Total loans decreased $70.4 million as of September 30, 2010, a decrease of 29% over the prior year. Total deposits decreased $55.1 million as of September 30, 2010, a decrease of 18% from September 30, 2009. Stockholders’ equity on September 30, 2010 was $43.8 million, an increase of 2% as compared to stockholders’ equity of $42.9 million on September 30, 2009.
Mr. Ivo Tjan, Chairman and CEO, said, “The Bank has aggressively de-levered the assets of Discovery Bank. The Bank successfully moved out over $50 million in high cost non-core relationship deposits. The Bank has also aggressively reduced non-performing and criticized assets. The net result has been the strengthening of the Bank’s tier 1 leverage ratio, which has increased 6% from the prior year to 12.24%, as well as strengthening the total risk based capital ratio, which increased 31% to 20.08%, without raising additional capital. We have substantial capital and liquidity to deploy and attract new business clients, which will be part of our strategy for the remainder of this year and 2011.”
Provision for loan losses for the three months ended September 30, 2010 was $690,000 compared to $575,000 for the three months ended September 30, 2009, an increase of 20%. Provision for loan losses for the nine months ended September 30, 2010 was $2,215,000 compared to $6,745,000 for the nine months ended September 30, 2009, a decrease of 67%.
The Bank’s allowance for loan losses as a percent of total loans was 3.65% for the CommerceWest Bank portfolio on September 30, 2010 as compared to 2.76% on September 30, 2009, an increase of 32%.
Non-interest expense for the three months ended September 30, 2010 was $2,532,000 compared to $2,804,000 for the same period last year, a decrease of 10%. This favorable trend in the third quarter is attributable to the Bank’s continued efforts to review and improve the operating efficiency of the Bank.
Capital ratios for the Bank remain above the levels required for a “well capitalized” institution as designated by regulatory agencies. As of September 30, 2010, the leverage ratio, tier 1 capital ratio, and total risk-based capital ratio was 12.24%, 18.82% and 20.08%, respectively.
CommerceWest Bank is headquartered at 2111 Business Center Drive in Irvine, CA, with Regional Offices in Orange County, Riverside County, Los Angeles County and San Diego County. We are a full service business bank and offer a wide range of commercial banking services, including, concierge services, remote deposit solution, full-service internet banking, lines of credit, term loans, commercial real estate lending, SBA lending, and full cash management.
Mission Statement: CommerceWest Bank will create a complete banking experience for each client, catering to businesses and their specific banking needs, while accommodating our clients and providing them high-quality, low stress and personally tailored banking and financial services.
Please visit www.cwbk.com to learn more about the bank. “BANK ON THE DIFFERENCE”
Statements concerning future performance, developments or events, expectations for growth and income forecasts, and any other guidance on future periods, constitute forward-looking statements that are subject to a number of risks and uncertainties. Actual results may differ materially from stated expectations. Specific factors include, but are not limited to, loan production, balance sheet management, expanded net interest margin, the ability to control costs and expenses, interest rate changes, financial policies of the United States government and general economic conditions. The Company disclaims any obligation to update any such factors or to publicly announce the results of any revisions to any forward-looking statements contained in this release to reflect future events or developments.
THIRD QUARTER REPORT - SEPTEMBER 30, 2010 (Unaudited)
BALANCE SHEET September 30, Increase
(dollars in thousands) 2010 2009 (Decrease)
ASSETS
Cash and due from banks 54,661 64,633 -15 %
Securities 63,177 45,931 38 %
Loans 172,429 242,792 -29 %
Less allowance for loan losses (4,150 ) (3,366 ) 23 %
Loans, net 168,279 239,426 -30 %
Bank premises and equipment, net 919 671 37 %
Other assets 22,984 22,635 2 %
Total assets 310,020 373,296 -17 %
LIABILITIES AND STOCKHOLDERS' EQUITY
Non-interest bearing deposits 62,826 83,461 -25 %
Interest bearing deposits 195,397 229,876 -15 %
Total deposits 258,223 313,337 -18 %
Total borrowings 6,500 14,000 -54 %
Other liabilities 1,453 3,000 -52 %
266,176 330,337 -19 %
Stockholders' equity 43,844 42,959 2 %
Total liabilities and stockholders' equity 310,020 373,296 -17 %
STATEMENT OF EARNINGS For the Nine Months Ended Increase
(dollars in thousands except share and per share data) Sept 30, 2010 Sept 30, 2009 (Decrease)
Interest income 12,050 12,294 -2 %
Interest expense 2,534 2,250 13 %
Net interest income 9,516 10,044 -5 %
Provision for loan losses 2,215 6,745 -67 %
Other non-interest income 1,189 890 34 %
Other non-interest expense 7,980 6,433 24 %
Earnings before income taxes 510 (2,244 ) 123 %
Income taxes - (1,006 ) -100 %
Net earnings 510 (1,238 ) 141 %
Basic earnings per share $ 0.12 $ (0.26 ) 146 %
Diluted earnings per share $ 0.12 $ (0.26 ) 146 %
FINANCIAL RATIOS:
Return on Assets (annualized) 0.21 % -0.62 % 134 %
Return on Equity (annualized) 1.56 % -4.65 % 134 %
Efficiency Ratio 73.45 % 55.79 % 32 %
Net Interest Margin 4.45 % 5.59 % -20 %
CAPITAL RATIOS:
Tier 1 leverage ratio 12.24 % 11.55 % 6 %
Tier 1 risk-based capital ratio 18.82 % 14.06 % 34 %
Total risk-based capital ratio 20.08 % 15.31 % 31 %
CommerceWest Bank, N.A.
Mr. Ivo A. Tjan, CEO
Ms. Leeann M. Cochran, CFO
Telephone: (949) 251-6959
Facsimile: (949) 251-6957
E-mail: itjan@cwbk.com or lcochran@cwbk.com
Website: www.cwbk.com
"Bank on the Difference"
Source: Business Wire (November 9, 2010 - 8:19 PM EST)
News by QuoteMedia
www.quotemedia.com
Sodexo announces increase in earnings
Sodexo announces increase in earnings
for Fiscal 2010
Revenues up 3.9%, including 2.5% organic growth
Operating profit up 9.5% (at constant exchange rates)
Growth in Net income of 4.1%
Strong increase i
Nov. 10, 2010 (Business Wire) -- Regulatory News:
Sodexo (NYSE Euronext Paris FR 0000121220- OTC : SDXAY) (PARIS:SW) (OTCBB:SDXAY): At the Board of Directors meeting held on November 8, 2010 and chaired by Pierre Bellon, Sodexo CEO Michel Landel presented the Fiscal 2010 performance.
Fiscal 2010 financial performance
millions of euros Year ended August 31 Change
excluding
currency
impacts
Currency
impacts
Total change
2010 2009
Income statement highlights
Revenues 15,256 14,681 +3.7% +0,2% +3.9%
Organic growth 2.5% 2.5%
Operating profit 771 746 +9.5% -6,1% +3.4%
Operating margin 5.1% 5.1%
Group net income 409 393 +5.9% 1.8% +4.1%
Earnings per share (in euro) 2.64 2.54 +3.9%
Dividend per share (in euro) 1.35 1.27 +6.3%
Financial structure highlights
Net cash provided by operating activities 1,006 577
As of August
31, 2010
As of August
31, 2009
Gearing 24% 38%
Commenting on the results, Sodexo CEO Michel Landel said:
"Sodexo’s performance was solid during the past year, exceeding the objectives set at the beginning of the year, in a still uncertain global economy. This performance demonstrates the relevance of our strategy, our novel positioning, our comprehensive services offer tailored to our different client segments and our unique global network in 80 countries and presence in the strong growth zones such as Asia. These results could not have been achieved without the active commitment of our 380,000 employees. Since Sodexo’s creation, our people have been at the heart of our business model and today are a powerful source of competitive advantage in which we continue to invest. The seven point increase in our most recent employee engagement survey, in the midst of the economic crisis, is evidence of our progress. The survey, which is totally anonymous and has been conducted every two years since 2006, also showed that 85% of our employees rate Sodexo as a better employer than its competitors. We are encouraged by this progress and it renews our confidence in our ability to accelerate profitable organic growth in the years ahead."
Revenue grows 3.9%
The 3.9% increase in revenues comprises the following:
organic growth: +2.5%
currency impact: +0.2%
acquisitions and changes in scope of consolidation: +1.2%
In On-site Service Solutions1, organic growth was 2.3%, including:
moderate growth of +1.9% in North America, driven mainly by Education, Health Care and Seniors, offsetting the decrease in Corporate;
an improvement to +1.7% in Continental Europe, resulting from strong business development in certain countries such as France and the Netherlands;
a decline (-1.7%) in activity in the United Kingdom and Ireland, particularly in Corporate and Sports and Leisure;
solid growth of +7.5% in the Rest of the World despite the conclusion of some major Remote Sites contracts; the increase resulted in particular from good growth in Latin America and from Sodexo’s strong activity in Asia.
This organic growth also results from:
+2% organic growth in Corporate, in particular as a result of satisfactory growth in Justice and Defense;
+2.6% growth in Health Care and Seniors, lower than in the recent past as a result of often slower decision-making by prospective clients.
A +2.3% increase in Education resulting from rising university enrollments but offset by lower spending by students and their families in the present economic environment.
The bulk of the 7.3% organic growth in Motivation Solutions stemmed from the excellent performance of Sodexo’s Latin America teams. Issue volume rose to 12.5 billion euro, compared with 12.1 billion euro in the prior year.
Sodexo’s key performance indicators reflect:
an improvement in the client retention rate which increased to 94.2% from 93.5% in Fiscal 2009, reflecting, in particular, strong performance in North America;
modest comparable unit growth of 2% across the Group, but close to zero in continental Europe and in the United Kingdom and Ireland;
a business development rate (i.e., new contract wins) of 8%, compared to 6% in Fiscal 2009.
1 As part of the redefinition of Sodexo’s strategic positioning, its activities were renamed in 2009 as follows:
“Food and Facilities Management Services” became “On-site Service Solutions”
“Service Vouchers and Cards” became “Motivation Solutions.”
Increase in operating profit
Operating profit rose by +3.4% over the prior year to 771 million euro and by +9.5% at constant exchange rates.
This growth in operating profit resulted primarily from improved profitability in On-site Service Solutions as follows:
in Continental Europe, reflecting in particular the successful integration of Zehnacker2 in Germany and improved performance in Sweden;
in the United Kingdom and Ireland; and
in the Rest of the World (Latin America, Asia and Remote Sites).
The increase also reflects growth in Motivation Solutions.
Operating profit was down slightly in North America as a result of reduced activity in Concierge Services in the present economic environment and a settlement payment of 15 million euro to resolve a dispute.
The newly introduced Contribution économique territoriale (CET), replacing the Taxe professionnelle or professional tax in France, also contributed 22 million euro to the positive trend in consolidated operating profit.
Exchange rate movements as compared to the previous fiscal year reduced operating profit by 47 million euro (-6.1%) due to currency translation impacts, the most significant of which resulted from the devaluation of the Venezuelan Bolivar Fuerte in January 2010.
The consolidated operating margin was 5.1%, comparable to the prior fiscal year. Excluding currency translation effects, the operating margin would have increased by 0.3 percentage points to 5.4%.
2 Zehnacker, Facilities Management specialist and a leader in Health Care in Germany.
Increase in net income and earnings per share
Group net income was 409 million euro, an increase of 4.1% compared to Fiscal 2009. Growth is higher than the increase in operating profit, a result of overall lower effective tax rates as the Group benefited from tax loss carryforwards in several countries.
Earnings per share was 2.64 euro, a 3.9% increase at current exchange rates.
Dividend
In view of the solid earnings growth, the strong generation of cash during the year and its strong confidence for the future, Sodexo’s Board of Directors will propose an increase in the dividend of 6.3% over Fiscal 2009, to 1.35 euro per share at the January 24, 2011 General Shareholders Meeting. This represents a pay-out ratio of 52% on Group net income and a yield of 2.98% based upon a share price of 45.35 euros (as at August 31, 2010).
A cash generating financial model
Net cash provided by operating activities exceeded 1 billion euro, again demonstrating the quality of Sodexo’s financial model, a major asset in the current economic climate. This significant improvement compared to Fiscal 2009 reflects the change in working capital needs. It should be noted that Fiscal 2009 net cash provided by operating activities was lower as a result of the impact of regulatory changes concerning supplier payment terms (in application of the Economic Modernization Law in France, among others). The increase in Fiscal 2010 also stems from the more than 138 million euro increase in vouchers redeemable in the Motivation Solutions activity as a result of solid growth in issue volumes in the last quarter and the success of the Eco Pass offer.
Net cash provided by operating activities enabled:
net capital expenditures and client investments of 230 million euro (1.5% of revenues);
acquisitions totaling 22 million euro, which mainly related to the acquisition of a 35% interest in Crèche Attitude in France and the buyout of a handful of minority interests in other Group subsidiaries.
Consequently, as of August 31, 2010, net debt was 656 million euro, compared to 889 million euro at August 31, 2009, representing 24% of Group consolidated equity, compared to 38% at August 31, 2009. Gross debt repayment capacity at August 31, 2010 represented 3.6 years of operating cash flow.
Subsequent events
At the end of January 2009, Sodexo joined the Metrix consortium, named preferred bidder for the British Defence Ministry tender for the design and implementation of the Defence Training Review, a program to meet the British armed forces’ training needs for the next 30 years. On October 18, 2010, as part of wider spending cuts, the British Government terminated the procurement of this program in its current form. Since this announcement, Sodexo continues to work with the UK Ministry of Defence at the designated site for this project in Wales and, more broadly, on solutions better adapted to the armed forces’ training needs in the medium term. As a result of this announcement, Sodexo recognized an impairment charge of 15 million euro for certain expenses incurred by the Group for which reimbursement is not certain at this stage.
Outlook
At the November 8, 2010 meeting of the Board of Directors, Sodexo CEO Michel Landel presented the outlook for Fiscal 2011.
With revenue growth of 3.9% for Fiscal 2010 and 2.5% organic growth, Michel Landel reminded the Board that, contrary to many major international corporations, Sodexo had continued to grow in the present global economic climate, as a result of:
its focus on client segments with strong outsourcing potential (Health Care, Seniors, Education, Defense, and Justice);
its comprehensive service solutions offer;
its international presence; and
the motivation and commitment of its teams.
In Fiscal 2010, Sodexo continued the transformation begun last year with the redefinition of its strategic positioning with the dual objectives of differentiation and positioning itself to seize new growth opportunities arising in the coming years. Sodexo is positioned as a strategic partner for its clients, providing them with comprehensive Quality of Daily Life service solutions.
To achieve this transformation, Sodexo has continued to invest in training for its teams and recruiting talent with new expertise.
Fiscal 2011 objectives
Against this still uncertain economic environment, which requires prudence, Sodexo has set the following goals for Fiscal 2011:
a modest acceleration in organic revenue growth of between 3 and 4%;
an increase in operating profit of around 10%, at constant exchange rates.
These objectives are based on:
our growth indicators, in other words, our client retention rate, existing site sales and the development rate,
continuing dynamism by Sodexo in the countries which will ensure future global growth.
These objectives also take into account the Group’s ongoing drive for greater efficiency and productivity, both in the management of its sites and in overhead expenses.
Medium term
Sodexo once again confirms its medium term objectives, which are to achieve annual average revenue growth of 7% and an operating margin of 6%.
With a huge potential market estimated at over 780 billion euro, particularly in the Health Care, Seniors, Education, Justice and Defense segments in which the Group holds leadership positions, Sodexo enjoys major competitive advantages, including:
a unique mission;
strong shared values;
committed teams;
an integrated service solutions offer combining On-site Services Solutions, Motivation Solutions and Personal and Home Solutions;
a unique global network, operating in 80 countries that account for over 80% of the world’s population and more than 92% of global GDP;
a financial model that has proven its strength and effectiveness, allowing Sodexo to self-finance its future development;
and, finally, Sodexo’s independence, allowing it to remain focused on a long-term strategy.
Analysts briefing
SODEXO will hold a briefing today at 9:00 a.m. at the Capital 8 Conference Center (32, rue Monceau, Paris 8th) to comment on the Fiscal 2010 results. The briefing also can be followed via webcast on www.sodexo.com
Future financial communications
First quarter Fiscal 2011 revenues: January 12, 2011
General shareholders meeting: January 24, 2011
First half Fiscal 2011 results: April 21, 2011
About Sodexo
Sodexo, world leader in Quality of Daily Life Solutions
Quality of Life plays an important role in the progress of individuals and the performance of organizations. Based on this conviction, Sodexo acts as the strategic partner for companies and institutions that place a premium on performance and employee well-being, as it has since Pierre Bellon founded the company in 1966. Sharing the same passion for service, Sodexo’s 380,000 employees in 80 countries design, manage and deliver an unrivaled array of On-site Service Solutions and Motivation Solutions. Sodexo has created a new form of service business that contributes to the fulfillment of its employees and the economic, social and environmental development of the communities, regions and countries in which it operates.
Key Figures (as of August 31, 2010)
15.3 billion euro consolidated revenue
380,000 employees
34,000 sites
50 million consumers served daily
80 countries
21st largest employer worldwide
7.5 billion euro market capitalization (as of November 9, 2010)
This press release contains statements that may be considered as forward-looking statements and as such may not relate strictly to historical or current facts. These statements represent management's views as of the date they are made and Sodexo assumes no obligation to update them.
Appendix 1
Analysis of activities and geographic zones
On-site Service Solutions
North America
Revenues in North America were 5.9 billion euro, with organic growth of +1.9%.
With a decrease of -1.6%, Corporate declined relative to the prior year in the absence of a rebound in hiring by large companies as well as significant reductions in their discretionary spending.
However, the ramping up of comprehensive service solutions with large corporate clients such as P&G, GSK and Campbell Soup lifted Sodexo’s activity levels in the second half of the fiscal year. New contract wins during the year included Abbott Pharmaceuticals (Puerto Rico), Henkel of America, Toyota (Georgetown, Kentucky), Google Inc., British Aerospace, Bayer (Ontario, Canada) and Hydro Québec (Quebec, Canada).
Selected by the Vancouver Olympic Games Organizing Committee (VANOC), Sodexo provided foodservices and cleaning services for the two athletes’ villages at Whistler and Vancouver (British Columbia). A thousand Sodexo employees contributed to the provision of Quality of Life services on a daily basis for athletes, officials and other staff working at these Winter Olympics and Paralympics, held in February and March 2010.
Organic growth in the Health Care and Seniors client segments was +2.9%. The client retention rate remained high and well above the Group’s 95% target. Organic growth slowed relative to the recent past, reflecting primarily:
near zero inflation;
slower business development resulting from the increasing complexity of comprehensive service solutions offers and lengthier decision-making by clients and prospects in the current economic climate.
The integration of Comfort Keepers (a specialist in non-medical home care for seniors) has broadened Sodexo’s comprehensive offering for seniors and contributed to growth with the opening of new franchises.
New contract wins in Fiscal 2010 include Abbott Northwestern Hospital (Minneapolis, Minnesota), Jefferson Regional Medical Center, Cheyenne Regional Medical Center, Bridgewater Retirement Community (Bridgewater, Virginia), Trident Regional Medical Center (Charleston, South Carolina), San Francisco General Hospital Medical Center and the Kisco Senior Living chain of senior living communities.
In Education, organic revenue growth was +2.9%, reflecting:
increased student enrollment at universities and higher student participation in university and school meal programs,
stringent control of expenses by students and their families,
a slowing of renovation and construction projects at universities.
Significant contracts won during the year include University of Washington (Seattle, Washington), University of Michigan, Kansas State University, Monroe Community College, Fort Wayne Community School District, Thomas County School District (Thomasville, Georgia) and Spartanburg School District (South Carolina).
Operating profit was 281 million euro, down -5.1% (excluding currency effects) compared to the prior year and reflecting the effects of the following factors:
A 15 million euro settlement following an investigation by the New York Attorney General regarding the application by foodservices providers of the National School Lunch Program in schools.
A decline in performance in Concierge Services related to the economic environment and resulting restructuring decisions.
Excluding these two factors, operating profit continued to grow as a result of productivity gains at sites and tight control of overhead costs.
The operating margin was 4.8% compared to 5.2% for the previous fiscal year.
Continental Europe
Revenues in Continental Europe increased by 4.3% to 5.3 billion euro as follows:
organic growth: +1.7%;
changes in the scope of consolidation resulting from the recent acquisitions of Zehnacker in Germany and Score in France: +2%;
currency effects: +0.6%.
Despite the continuing tough economic environment, Corporate achieved organic revenue growth of +1.8%, reflecting:
the contribution in the second half of the year of new contracts to provide comprehensive service solutions such as those for the French Justice Ministry and KPN in the Netherlands;
sustained new business development wins in Russia and Central Europe such as with the utility vehicle manufacturer Kamaz, the Cirque du Soleil tour, Salym Petroleum and PSA Peugeot Citroën in Russia and Audi in Hungary.
Organic revenue growth in Health Care and Seniors was +1.3%, reflecting weak growth on existing sites but also the ramping up of certain contracts, notably in Belgium (e.g., UZ Gent) and Sweden (e.g., Stockholm City Council). However, similar to North America, sales development was hampered by slower decision-making by potential clients.
Business wins during the fiscal year included Universitätsklinikum Schleswig-Holstein Campus Kiel (Kiel, Germany), H. Juan Grande Jerez (Jerez, Spain), A.P.S.P. Civica di Trento (Trento, Italy), Centre Médico-Chirurgical de l’Europe (Port-Marly, France), Polyclinique Saint-François, Groupe Vitalia (Désertines, France), and the Naberezhnye Chelny Hospital in Russia,
Organic growth of +2.4% in Education mainly reflects comparable unit growth and prior year contract wins in France, Hungary and Sweden.
New contracts won during the year included the signing of a contract with EDHEC business school in Lille (France), the Sagrate and Cassano d’Adda schools (Italy), the City of Helsingborg (Sweden) and Enka Schools in Istanbul (Turkey).
Operating profit increased by 50 million euro (+27%) over Fiscal 2009, to 233 million euro. The replacement of the French Taxe professionnelle professional tax by the Contribution économique territoriale (CET) contributed 19 million euro to the improvement in operating profit. 3
Other contributing factors included:
improved profitability in Sweden, where charges for restructuring, renegotiation and the termination of certain contracts had weighed on the previous year;
initial benefits from the integration of Zehnacker;
increased summer activity in Sports and Leisure in France compared to Fiscal 2009; and
tight control of overhead costs, contributing to improved efficiency across the organization.
Operating margin increased from 3.6% in Fiscal 2009 to 4.4% in Fiscal 2010.
3 The French Taxe Professionnelle was recognized as an expense in operating profit in Fiscal 2009, whereas the CVAE portion of the CET is accounted for as a tax expense. The impact on net profit attributable to the equity holders of the parent is immaterial.
United Kingdom and Ireland
Revenues in the United Kingdom and Ireland were 1.3 billion euro, down -1.7% at constant exchange rates.
Revenues in Corporate declined -2.8% over the year as a whole, a result particularly, from:
steep cuts in discretionary spending impacting events in Sports and Leisure; and
weak client retention rates in the prior year.
However, the decline was limited by the start-up in the second half of the year of new comprehensive service solutions contracts with clients such as GSK.
In Justice, Sodexo provided innovative solutions to the HM Prison Service in the UK and obtained extensions on its contracts at the Bronzefield and Forrest Bank sites.
The London Organising Committee of the Olympic Games and the Paralympic Games (LOCOG) has signed an exclusive Hospitality Services Agreement with Prestige Ticketing Limited, a company owned by Sodexo in partnership with Mike Burton Group. Prestige Ticketing Limited will design, implement and market the official Prestige Ticketing hospitality packages for the London 2012 Games.
Another prestigious contract signed in partnership with Mike Burton at the end of the year was the hospitality contract for the Rugby World Cup tournaments in the United Kingdom in 2015 and Japan in 2019.
Health Care and Seniors continued to benefit from the ramp-up of Public Private Partnership contracts signed in previous years, such as Manchester Royal Infirmary and North Staffordshire Hospital, and registered +5.2% growth in Fiscal 2010. New business was moderate in a year of electoral uncertainty.
Revenues in Education fell by -6.5%, reflecting Sodexo’s highly selective approach to sales activity in the state schools sector. A significant development has been the expansion into universities, particularly in the management of accommodation services on the Medway, Sheffield and Lincoln university and college campuses.
Operating profit was 57 million euro, up +9.6% (also up +9.6% at constant exchange rates), as a result of improved site management efficiency across all segments and good control of overhead costs.
The operating margin increased by +0.5% compared to Fiscal 2009, to 4.6%.
Rest of the World
Revenues in the Rest of the World (Latin America, Middle East, Asia and Australia and Remote Sites) were nearly 2.2 billion euro for the year, with +7.5% organic growth.
Growth continued to accelerate in Latin America and Asia over the fiscal year, with particularly strong sales growth in Brazil and Peru, as well as satisfactory growth on existing sites in the Middle East. In Asia, where Sodexo is an undisputed leader, growth also accelerated in the second half of the year. At the same time, the completion of a number of major Remote Sites projects (including Rio Tinto in Madagascar, Goro Nickel in New Caledonia and Oxiana Prominent Hill, Precious Metals, Australia Windamurra and Rio Tinto Alcan Gove in Australia), weighed on aggregate organic growth.
New contracts signed during the year included Petrobras, Votorantim, Pirelli and Hyundai (Brazil), Karazhanbasmunai (Aktau, Kazakhstan), Baytur Abba (Saudi Arabia), Wuhan Heavy Duty Machine Tool Group Corporation and Beijing Friendship Hospital, Beijing University Hospital (China), BBVA Continental in Peru, MNET in South Africa, and the Ministry of Defense in Kuwait.
In India, Sodexo successfully continued to integrate RKHS, now Sodexo India, following its acquisition in April 2009. Major new contracts in this market included Bajaj Auto Ltd and Tata Motors Ltd.
Operating profit in the Rest of the World increased +22.8% (+15.8% at constant exchange rates) to 70 million euro.
This excellent progress stemmed primarily from:
an offer increasingly adapted to Sodexo clients’ performance criteria;
growth, enabling Sodexo progressively to spread its overhead expenses; and
continuing stringent application of contractual clauses.
Operating margin increased 0.2% compared to Fiscal 2009, to 3.2%.
Sodexo continues to invest in these countries, which have considerable medium-term potential, with particular emphasis on training and preparing human resources and on introducing management processes for comprehensive services solutions.
Motivation Solutions
Issue volume (face value multiplied by the number of vouchers and cards issued) rose +3.2% (or more than +12.3% at constant exchange rates) to 12.5 billion euro.
Revenues for Motivation Solutions totaled 689 million euro, with +7.3% organic growth. Currency translation adjustments of 74 million euro had a negative -10.4% impact on revenues compared to the prior year, reflecting the combination of the devaluation of the Bolivar Fuerte in Venezuela and a 17% appreciation of the Brazilian Real against the euro during the period. Latin America accounts for around 51% of Sodexo’s revenues in this activity.
Organic growth remains very solid in Latin America, particularly in Brazil and Venezuela, as a result of increases in face values and strong new business development.
Organic growth in the Motivation Solutions activity slowed relative to the prior year, especially at the beginning of the fiscal year, as a result of three factors:
the continuing decline in the number of beneficiaries, particularly in Central Europe;
the decrease in financial income from the lower interest rate environment;
pressure on client commissions stemming from strong competition in some countries.
Sales and marketing teams continued to innovate including the successful launch of the Eco Pass in Belgium, a new service solution aimed both at enhancing consumers’ purchasing power and promoting the purchase of environmentally responsible products and services.
In addition, the rate of client retention remained excellent, which should lead to accelerating growth in this activity in the medium term.
Business wins during the year included Amadeus (a global contract), Media Markt (Belgium), CNES and Kuhne+Nagel (France), Sberbank (Russia), Global Village Telecom, SAP and CORSAN (Brazil), Microsoft (China), PepsiCo India Holding, CSC and Accenture (India).
Operating profit totaled 215 million euro, a decline of 32 million euro compared to the prior year, with the devaluation of the Boliva Fuerte in Venezuela accounting for 67 million euro of this decline.
Operating profit was up +7.3% at constant exchange rates.
The activity’s operating margin was 31.2%. Excluding the impact of the Bolivar Fuerte’s devaluation, the margin would have been unchanged from the prior year, at 34.7%, as a result of strong productivity gains and reduced fixed costs, which largely offset the decline in interest rates.
Appendix 2
Full Year financial statements
Statement of income
(in euro million) Variation
Fiscal 2010 % Revenues
Fiscal 2009
% Revenues
Revenue 15,256 100% 3.9% 14,681 100%
Cost of sales (12,853) -84.2% (12,366) - 84.2%
Gross profit 2,403 15.8% 3.8% 2,315 15.8%
Sales department costs (226) -1.5% (221) - 1.5%
General and administrative costs (1,377) -9.0% (1,322) - 9.0%
Other operating income 12 5
Other operating expenses (41) -0.2% (31) - 0.2%
Operating profit before financing costs 771 5.1% 3.4% 746 5.1%
Financial income 62 0.4% 74 0.5%
Financial expenses (212) -1.4% (194) - 1.3%
Share of profit of associates 14 0.1% 12 0.1%
Profit before tax 635 4.2% -0.5% 638 4.3%
Income tax expense (205) -1.3% (216) - 1.5%
Net result from discontinued operations
Profit for the period 430 2.8% 1.9% 422 2.9%
Minority interests 21 0.1% 29 0.2%
Group profit for the period 409 2.7% 4.1% 393 2.7%
Earnings per share (€) 2.64 2.54
Consolidated balance sheet
ASSETS EQUITY AND LIABILITIES
(in euro million)
August
31, 2010
August
31, 2009
(in euro million) August
31, 2010
August
31, 2009
Shareholders' equity
Capital 628 628
Share premium 1,109 1,109
Consolidated reserves 970 542
Total Group shareholders' equity 2,707 2,279
Non-current assets Minority interests 37 37
Property, plant and equipment 531 520 Total shareholders' equity 2,739 2,316
Goodwill 4,634 4,226
Other intangible assets 527 392 Non-current liabilities
Client investments 228 186 Borrowings 2,534 2,547
Associates 71 48 Employee benefits 348 257
Financial assets 142 124 Other liabilities 243 106
Other non-current assets 14 11 Provisions 64 46
Deferred tax assets 162 93 Deferred tax liabilities 122 99
Total non-current assets 6,309 5,600 Total non-current liabilities 3,311 3,055
Current assets Current liabilities
Financial assets 6 7 Bank overdraft 59 42
Derivative financial instruments 6 4 Borrowings 150 94
Inventories 235 204 Derivative financial instruments 25 11
Income tax 81 64 Income tax 138 71
Trade receivable 3,033 2,728 Provisions 61 53
Restricted cash and financial assets related to the Service Vouchers and Cards activity 578 597 Trade and other payable 2,985 2,689
Cash and cash equivalents 1,527 1,204 Vouchers payable 2,307 2,077
Total current assets 5,466 4,808 Total current liabilities 2,725 5,036
Total assets 11,775 10,408 Total equity
and liabilities
11,775 10,408
Consolidated statement of cash flow
(in euro million) Fiscal 2010 Fiscal 2009
Operating activities
Operating profit before financing costs 771 746
Non cash items
Depreciations
240 217
Provisions
19 (2)
Losses (gains) on disposals and other, net of tax
9 10
Dividends received from associates 9 6
Change in working capital from operating activities 257 (96)
change in inventories
(12) 1
change in client and other accounts receivable
(177) 9
change in suppliers and other liabilities
201 (73)
change in Service Vouchers and Cards to be reimbursed
233 95
change in financial assets related to the Service Vouchers and Cards activity
12 (128)
Interest paid (141) (147)
Interest received 28 37
Income tax paid (186) (194)
Net cash provided by operating activities 1,006 577
Investing activities
Tangible and intangible fixed assets investments
(236) (221)
Fixed assets disposals
26 19
Change in Client investments
(19) (21)
Change in financial investments
(23) (17)
Acquisitions of consolidated subsidiaries
(25) (528)
Disposals of consolidated subsidiaries
3 2
Net cash used in investing activities (274) (766)
Financing activities
Dividends paid to parent company shareholders
(197) (197)
Dividends paid to minority shareholders of consolidated companies
(18) (21)
Change in treasury shares
(90) 18
Change in capital
0 41
Proceeds from borrowings
321 1,614
Repayment of borrowings
(393) (1,623)
Net cash provided by (used in) financing activities (377) (168)
INCREASE IN NET CASH AND CASH EQUIVALENTS 355 (357)
Net effect of exchange rates on cash
(49) (44)
Cash and cash equivalents, as of beginning of period
1,162 1,563
CASH AND CASH EQUIVALENTS, AS OF END OF PERIOD 1,468 1,162
Sector analysis: revenue
Revenue
(in euro million)
Fiscal
2010
Fiscal
2009
Organic
growth (1)
Exchange
rate
variation(2)
External
Growth
Variation
at current
rate
On-site Service Solutions
North America
5,850 5,730 1.9% -0.2% 0.3% 2.1%
Continental Europe
5,289 5,074 1.7% 0.6% 2.0% 4.3%
UK and Ireland
1,252 1,285 -1.7% -0.9% 0 -2.6%
Rest of the World
2,194 1,900 7.5% 5.2% 2.7% 15.4%
Total 14,585 13,989 2.3% 0.8% 1.2% 4.3%
Motivation Solutions
689 711 7.3% -10.4% 0 -3.1%
Elimination -18 - 19
Total 15,256 14,681 2.5% 0.2% 1.2% 3.9%
1 Organic growth: revenue growth, at constant scope of consolidation and exchange rates.
2 The main currency impact for the fiscal year was due to the devaluation of the Venezuelan Bolivar in January 2010. Over the period, the Brazilian Real increasing 17% vs the Euro more than offset negative currency impacts affecting the Euro / US dollar exchange rate and the Euro / Pound exchange rate.
It should be noted that, contrary to exporting companies, the revenues and expenses of Sodexo subsidiaries are denominated in the same currency. Consequently, foreign exchange variations do not have an operational risk. The average exchange rate for the USD/euro for Fiscal 2010 was 1.363.
Sector analysis: operating profit
Operating profit
(in euro million)
Before corporate expenses
Fiscal 2010
Fiscal 2009
Change
On-site Service Solutions
North America
281 297 -5.4%
Continental Europe
233 183 27.3%
UK and Ireland
57 52 9.6%
Rest of the World
70 57 22.8%
Motivation Solutions 215 247 -13%
Headquarters -67 - 71 -5.6%
Elimination -18 - 19 -5.3%
TOTAL 771 746 3.4%
Revenue
On-site Service Solutions by segment
Consolidated Group
(in euro million) Fiscal 2010
Fiscal 2009
Organic growth
Corporate 7,174 6 833 2.0%
Health Care & Seniors 4,014 3,847 2.6%
Education 3,397 3,309 2.3%
TOTAL 14,585 13,989 2.3%
North America
(in euro million) Fiscal 2010 Fiscal 2009
Organic growth
Corporate 1,282 1,286 -1.6%
Health Care & Seniors 2,281 2,211 2.9%
Education 2,287 2,233 2.9%
TOTAL 5,850 5,730 1.9%
Continental Europe
(in euro million) Fiscal 2010 Fiscal 2009
Organic growth
Corporate 3,028 2,893 1.8%
Health Care & Seniors 1,367 1,313 1.3%
Education 894 868 2.4%
TOTAL 5,289 5,074 1.7%
United Kingdom and Ireland
(in euro million) Fiscal 2010 Fiscal 2009
Organic growth
Corporate 887 921 -2.8%
Health Care & Seniors 246 236 5.2%
Education 119 128 - 6.5%
TOTAL 1,252 1,285 -1.7%
Rest of the World
(in euro million) Fiscal 2010 Fiscal 2009
Organic growth
Corporate 1,977 1,733 7.7%
Health Care & Seniors 120 87 10.9%
Education 97 80 -0.5%
TOTAL 2,194 1,900 7.5%
Sodexo
Press contact
Amélie SALLES
Tel. & Fax : + 33 1 57 75 81 50
E-mail : amelie.salles@sodexo.com
or
Investor Relations
Pierre BENAICH
Tel. & Fax : + 33 1 57 75 80 56
E-mail : pierre.benaich@sodexo.com
Source: Business Wire (November 10, 2010 - 1:00 AM EST)
News by QuoteMedia
www.quotemedia.com
Park Place Energy Corp. Retains Boost Marketing LLC to Provide Investor Relations Services
Park Place Energy Corp. Retains Boost Marketing LLC to Provide Investor Relations Services
Nov. 10, 2010 (PR Newswire) --
OTCBB:PKPL
FRANKFURT: 3P2
VANCOUVER - Park Place Energy Corp. ("Park Place" or "the Company") is pleased to announce that the Company has retained the services of Boost Marketing LLC ("Boost Marketing") to provide investor relations services. Boost Marketing will initiate and maintain contact with the financial community, shareholders, investors and other stakeholders for the purpose of increasing awareness of the Company and its activities.
The Company has also engaged the services of MoneyTV with Donald Baillargeon. An interview featuring Company representatives regarding Park Place's plans in Bulgaria will be aired in the upcoming weeks.
David Johnson, president Park Place Energy, stated "This is a very busy, exciting and active period for Park Place. We look forward to working with Boost Marketing as well as MoneyTV to ensure that all information is distributed to shareholders as well as the financial community."
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.
For Further Information Contact:
Investor Relations: 1 (877) 685 0076
Email: info@parkplaceenergy.com
Website: www.parkplaceenergy.com
Source: PR Newswire (November 10, 2010 - 3:30 AM EST)
News by QuoteMedia
www.quotemedia.com
Manas Petroleum Corp. Announces the Completion of Seismic Acquisition on Block 13 & 14 in Mongolia
Manas Petroleum Corp. Announces the Completion of Seismic Acquisition on Block 13 & 14 in Mongolia
Nov. 10, 2010 (Marketwire) --
BAAR, SWITZERLAND -- (Marketwire) -- 11/10/10 -- Manas Petroleum Corporation (OTCBB: MNAP) ("Manas") is pleased to announce that the seismic acquisition on blocks 13 & 14 has been completed without incident. The Chinese contractor DQE International Tamsag (Mongol) LLC acquired 300 km of 2D seismic, representing 100% of the total seismic program 2010 on blocks 13 & 14. Manas expects that the processing of the data will be completed by the end of December 2010.
Manas intends to use the additional 2D seismic data to improve its technical database and its chance of drilling a successful exploration well. After interpretation of the full dataset, Manas will decide whether it is ready to drill one or more exploration wells or that it needs to acquire 3D seismic to define the drilling prospects in better detail. Depending on this decision, Manas hopes to spud the first well in 2011.
About Manas Petroleum Corp.
Manas Petroleum is an international oil and gas company with primary focus on exploration and development in South-Eastern Europe, Central Asia and Mongolia. In Albania, Manas participates in a 1.7 million acre exploration project through its equity interest in Petromanas Energy Inc., a Canadian public company. In Kyrgyzstan, Manas has signed a US $54 million farm-out agreement with Santos International Holdings Pty Ltd., a subsidiary of Australia's third largest oil and gas company. In addition to the development of its Kyrgyzstan project, Santos is developing the company's neighboring Tajikistan license under an option farm out agreement. In Mongolia, Manas owns record title to the two Production Sharing Contracts covering Blocks XIII and XIV through its wholly-owned subsidiary DWM Petroleum AG, but 26% of the beneficial ownership interest in these blocks is held in trust for others.
Forward-Looking Statement Disclaimer
This press release contains forward-looking statements. Forward-looking statements are projections of events, revenues, income, future economic performance or management's plans and objectives for future operations. In some cases you can identify forward-looking statements by the use of terminology such as "may," "should," "anticipates," "believes," "expects," "intends," "forecasts," "plans," "future," "strategy," or words of similar meaning. Forward-looking statements in this press release include statements about Manas' expectation that it will finish processing the data acquired from the recently completed seismic program by the end of the year, its expectation that the seismic data will improve its chance of drilling a succesful well or enable it to choose between drilling an exploration well or acquiring 3D seismic data, and its anticipation that the first exploration well should be spudded in 2011. While these forward-looking statements and any assumptions upon which they are based are made in good faith and reflect current judgment regarding the direction of Manas' business, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggested in this press release. These statements are only predictions and involve known and unknown risks, uncertainties and other factors, including the risks presented by field conditions and the risks described in Manas periodic disclosure documents filed on SEDAR and EDGAR, copies of which are also available on the company's website at www.manaspetroleum.com. Any of these risks could cause Manas' or its industry's 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. Except as required by applicable law, including the securities laws of the United States and Canada, Manas does not intend to update any of the forward-looking statements to conform these statements to actual results.
For further information please contact:
Roger Jenny
Corporate Secretary
Manas Petroleum Corp.
Bahnofstr. 9, P.O. Box 155
CH-6341 Baar, Switzerland
Phone: +41 44 718 1030
Fax: +41 44 718 1039
Email: info@manaspete.com
Web: www.manaspete.com
Source: Marketwire (November 10, 2010 - 5:31 AM EST)
News by QuoteMedia
www.quotemedia.com
IntelGenx Reports Third Quarter 2010 Results and Highlights Recent Developments
IntelGenx Reports Third Quarter 2010 Results and Highlights Recent Developments
Nov. 10, 2010 (Marketwire) --
SAINT LAURENT, QUEBEC -- (Marketwire) -- 11/10/10 -- IntelGenx Technologies Corp. (TSX VENTURE: IGX)(OTCBB: IGXT) ("IntelGenx") today announced its financial results for the three and nine month period ended September 30, 2010 and presented highlights of recent business developments. All figures are in U.S. dollars, unless otherwise stated.
"The third quarter was a very productive period for the Company, both from a development and a financial perspective," commented Dr. Horst G. Zerbe, President and Chief Executive Officer of IntelGenx. "We continue to generate new and exciting clinical data from our VersaFilm oral pharmaceutical film platform. This quarter we delivered what we believe to be the first human data with a pharmaceutical film containing a PDE-5 inhibitor for the treatment of erectile dysfunction. This is the second oral film where IntelGenx has successfully completed human bioequivalency studies, the first being our anti-migraine film, which we recently partnered with RedHill Biopharma in a co-development agreement."
Dr. Zerbe added, "We also completed a successful private placement during the third quarter. The proceeds from this fundraising, combined with the cash from the completion of the RedHill deal, put IntelGenx in a comfortable financial position as we head into 2011."
RECENT DEVELOPMENTS:
Private Placement Financing:
On August 27, 2010 IntelGenx announced that it has closed a private placement offering of 6,500,000 units at CAD$0.40 per unit for gross proceeds of CAD$2.6 million. Each unit consists of one common share in the capital of the Company and one common share purchase warrant. Each warrant entitles the holder thereof to purchase one common share in the capital of the Company at an exercise price of CAD$0.50 expiring on August 27, 2013. The proceeds of the private placement will be used to support the Company's strategic development projects and for working capital purposes.
Anti-Migraine Film:
On August 30, 2010 IntelGenx and RedHill Biopharma Ltd., an Israeli corporation ("RedHill") announced that they have entered into a co-development and commercialization agreement for IntelGenx' first oral thin film product based upon the Company's proprietary VersaFilm technology. Under the terms of the definitive agreement, RedHill has obtained certain exclusive worldwide rights to market and sell IntelGenx' rapidly dissolving anti-migraine oral film product.
In exchange IntelGenx will receive upfront, milestone, and external development fees totaling up to $2.1 million from RedHill. RedHill will also be responsible for regulatory filing fees, if necessary. Furthermore, upon commercialization of the product, IntelGenx could receive, depending on the circumstance, up to 75% of all proceeds including, but not limited to, all sales milestones and income from the product world-wide.
Erectile Dysfunction Film:
On September 2, 2010 IntelGenx announced the completion of a pilot study that indicates that IntelGenx has successfully developed a novel oral film, INT007, that is bioequivalent to a leading branded tablet containing a phosphodiesterase type 5 (PDE-5) inhibitor for the treatment of erectile dysfunction. INT007 has been developed using IntelGenx' proprietary immediate release VersaFilm drug delivery technology.
This was a randomized, two-period, two-way crossover study in healthy male subjects. The study was designed to determine whether INT007 was bioequivalent to a leading branded PDE-5 inhibitor tablet as measured by industry standard pharmacokinetic measures, peak plasma concentration (Cmax) and area under the curve (AUC). The study results demonstrated that INT007 was within the range of bioequivalency on both of these measures. The study also measured time to peak concentration (Tmax), a common determinant of rate of absorption. IntelGenx' INT007 film achieved Tmax 27% quicker than the oral tablet formulation, indicating a potentially faster onset of action.
YEAR-TO-DATE FINANCIAL HIGHLIGHTS:
Cash and cash equivalents at September 30, 2010 of approximately $1.7 million (2009: $2.2 million).
Total Revenue of $1.2 million (2009: $1.1 million).
Total Expenses increased by $0.7 million to $3.3 million (2009: $2.6 million) primarily due to $1.0 million related to the Biovail litigation and $0.3 million related to the foreign exchange impact arising from the translation of the Company's operating currency (CAD$) into its reporting currency (US$), partly compensated by the reduction of financing fees of $0.7 million following repayment of the convertible debt in Q3, 2009.
The Net Loss widened by $0.7 million to $2.1 million (2009: $1.4 million).
The Basic and Diluted Loss Per Common Share remained constant at $0.06.
About IntelGenx:
IntelGenx is a drug delivery company focused on the development of oral controlled-release products as well as novel rapidly disintegrating delivery systems. IntelGenx uses its unique multiple layer delivery system to provide zero-order release of active drugs in the gastrointestinal tract. IntelGenx has also developed novel delivery technologies for the rapid delivery of pharmaceutically active substances in the oral cavity based on its experience with rapidly disintegrating films. IntelGenx' research and development pipeline includes products for the treatment of pain, hypertension, erectile dysfunction and depressive disorders. More information is available about the company at www.intelgenx.com.
Forward Looking Statements:
This document may contain forward-looking information about IntelGenx' operating results and business prospects that involve substantial risks and uncertainties. Statements that are not purely historical are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. These statements include, but are not limited to, statements about IntelGenx' plans, objectives, expectations, strategies, intentions or other characterizations of future events or circumstances and are generally identified by the words "may," "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," "could," "would," and similar expressions. All forward looking statements are expressly qualified in their entirety by this cautionary statement. Because these forward-looking statements are subject to a number of risks and uncertainties, IntelGenx' actual results could differ materially from those expressed or implied by these forward looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed under the heading "Risk Factors" in IntelGenx' annual report on Form 10-K for the fiscal year ended December 31, 2009, filed with the United States Securities and Exchange Commission and available at www.sec.gov, and also filed with Canadian securities regulatory authorities and www.sedar.com. IntelGenx assumes no obligation to update any such forward-looking statements.
Each of the TSX Venture Exchange and OTC Bulletin Board has neither approved nor disapproved the contents of this press release.
Contacts:
IntelGenx Technologies Corp.
Dr. Horst G. Zerbe
President and CEO
+1 514-331-7440 (ext. 201)
+1 514-331-0436 (FAX)
horst@intelgenx.com
www.intelgenx.com
Source: Marketwire (November 10, 2010 - 6:01 AM EST)
News by QuoteMedia
www.quotemedia.com
UV Flu Technologies ViraTech UV-400 Featured This Weekend on Nationally Televised Designing Spaces "Holiday Spaces" Show
UV Flu Technologies ViraTech UV-400 Featured This Weekend on Nationally Televised Designing Spaces "Holiday Spaces" Show
Nov. 10, 2010 (Marketwire) --
CENTERVILLE, MA -- (Marketwire) -- 11/10/10 -- UV Flu Technologies, Inc. (OTCBB: UVFT) (the "Company") is pleased to announce that the Company's ViraTech UV-400 air purifier technology is featured during "Designing Spaces-Innovations for a Healthy Home this Holiday Season," scheduled to air on Women's Entertainment (WeTV) this Friday, November 12th, at 9:30 am, EST, and again at the same hour on Sunday the 14th and Monday the 15th.
"I was very excited to participate on the show, particularly with Dr. Dennis Rosen, a Director of our Company and one of the foremost Pediatricians in the country today, as well as a real advocate for issues affecting children's health," said Jack Lennon, President of UV Flu Technology. "We hope to educate the public on the dangers associated with poor indoor air quality at every opportunity, as we believe it contributes to tens of thousands of deaths and billions of dollars of health care and lost work expenditures every year. We also wanted to inform and educate the public of the hazards posed though the use of existing filter based products on the market today that can cause serious illness if the filters or the electrostatic plates are not changed or cleaned on a constant basis."
"Our ViraTech UV-400 was developed in part as a response to the filter issue as it has no filters to change or plates to clean and kills airborne bacteria and other organic contaminants for years with virtually no maintenance. As Dr. Rosen states on the show, Doctors have become reluctant to recommend air purifiers principally because the public was found to not regularly maintain their filter products as required, which led to many of their patients suffering from additional symptoms and increased instances of illness. Our product overcomes these shortcomings and that is why Designing Spaces thought it would be the perfect product to feature in order to help keep families healthy over the Holidays, and far into the future," said Mr. Lennon.
For those who miss the television broadcast, the segment will available for viewing next week at: www.uvflutech.com.
Further details regarding the Company's business, financial reports and agreements are filed as part of the Company's continuous public disclosure as a reporting issuer under the Securities Exchange Act of 1934 filed with the Securities and Exchange Commission's ("SEC") EDGAR database.
About UV Flu Technologies, Inc. (OTCBB: UVFT)
UV Flu Technologies is an innovative developer, manufacturer and distributor of bio technology products initially targeting the rapidly growing Indoor Air Quality ("IAQ") industry sector. The Company manufactures the ViraTech UV-400, which utilizes high-intensity germicidal ultraviolet radiation (UV-C) inside a killing chamber that goes beyond filtration to destroy harmful airborne bacteria at rates exceeding 99.2% on a first-pass basis. The FDA has issued a coveted Class II medical listing that enables UV Flu Technologies to market the product as a medical device.
Notice Regarding Forward-Looking Statements
This news release contains "forward-looking statements" as that term is defined in Section 27A of the United States Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the development, costs and results of new business opportunities. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with new projects and development stage companies. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K for the most recent fiscal year, our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
ON BEHALF OF THE BOARD
UV Flu Technologies, Inc.
-----------------------------
John J. Lennon, President & CEO
Add to Digg Bookmark with del.icio.us Add to Newsvine
Investor Information:
Geaux IR Services, Inc.
Toll-Free: 1-888-355-8838
investors@uvflutech.com
Source: Marketwire (November 10, 2010 - 6:30 AM EST)
News by QuoteMedia
www.quotemedia.com
InVivo Therapeutics to Present at Lazard Capital Markets Annual Healthcare Conference
InVivo Therapeutics to Present at Lazard Capital Markets Annual Healthcare Conference
Nov. 10, 2010 (Business Wire) -- InVivo Therapeutics (OTCBB: NVIV), a company focused on the development of groundbreaking technologies for the treatment of spinal cord injuries (SCI), today announced that Frank Reynolds, CEO of InVivo, will be presenting at the Lazard Capital Markets Annual Healthcare Conference on Tuesday, November 16, 2010 at 3:40 P.M. Eastern Time at the St. Regis Hotel in New York City.
A live webcast of this presentation will be available on the investor relations page of the InVivo Therapeutics website at www.invivotherapeutics.com. A replay of the webcast will be archived on the website for two weeks.
About InVivo Therapeutics
InVivo Therapeutics Holdings Corp. is a Cambridge, MA medical device company focused on utilizing polymers as a platform technology to develop treatments to improve function in individuals paralyzed as a result of traumatic spinal cord injury. The company was founded in 2005 on the basis of proprietary technology co-invented by Robert Langer, ScD, Professor at Massachusetts Institute of Technology, and Joseph P. Vacanti, MD, who is affiliated with Massachusetts General Hospital in Boston.
Argot Partners
David Pitts, 212-600-1902
david@argotpartners.com
Source: Business Wire (November 10, 2010 - 6:30 AM EST)
News by QuoteMedia
www.quotemedia.com
SpectrumDNA Tapped by Vann's, Inc. as Digital Developer and Social Marketer for The ON Store
SpectrumDNA Tapped by Vann's, Inc. as Digital Developer and Social Marketer for The ON Store
SpectrumDNA is serving as strategic 'appification,' 'gamification' and social loyalty marketing partner for Vann's new themed retail experience.
Nov. 10, 2010 (PR Newswire) --
PARK CITY, Utah, Nov. 10, 2010 /PRNewswire/ -- SpectrumDNA, Inc. (OTC Bulletin Board: SPXA), a social media agency and digital development studio that creates high-engagement web and mobile applications, has been selected as the provider of strategic planning, app development and social media marketing services for an innovative new themed retail experience created by esteemed retail and e-tail pioneer Vann's, Inc.
SpectrumDNA is an innovator in gCommerce, or "gamified" and "appified" commerce and ecommerce. gCommerce has evolved to help transaction-oriented companies leverage the rapidly changing landscape of web, social media and mobile. Specifically, SpectrumDNA employs APIs (application programming interfaces) to build transmedia application or "apps" (independent of platform) for its clients to engage customers. Using APIs, SpectrumDNA's clients can "sync" their offerings and rewards across media channels, to better match observed customer behavior—across iPhone and Android, Facebook and web apps, and the physical world. These APIs are frequently a combination of third-party social utility APIs (like Facebook and Twitter), Spectrum-proprietary APIs, and client-owned APIs.
Building apps—or "appification"— with an API-based framework enables companies to treat the social graph, across web and mobile, as concerted, perpetual lead generation instead of disparate and often unconnected marketing campaigns. Gamification takes it a step further by creating next-generation "loyalty programs" that speak directly to a target affinity group in the context of the mobile-social age. The gCommerce strategy is always focused on driving loyalty and transactions.
For the ON Store, SpectrumDNA has worked a multifaceted and coordinated strategy for customer engagement including multiple web-apps to engage potential customers prior to store launch. It also created a themed social iPhone app and companion web-app based on SpectrumDNA's PlanetTagger social nicheworking API. Utilizing the ON Store proprietary retail API it designed and is building the in-store POS (Point of Sale) iPod Touch app. The POS app was designed such that it can evolve into a multi-purpose consumer-app that enables customers to create and manage their own point-of-sale experience, while earning and reaping the rewards of ON Store loyalty programs and offers.
SpectrumDNA was also engaged to build up the ON Store's social graph. As a new brand, the focus was necessarily on the target affinity groups—lovers of gadgets, fans of innovation, and residents local to the first store, which opens in Missoula, Montana, in early December 2010. SpectrumDNA has grown the ON Store social graph substantially— to date, it increased Twitter followers nearly 25-fold and the Facebook friends network by nearly 1,000%.
Planned next steps include a v2 mobile app focused on "cool hunting," knowledge sharing, and themed online/offline "missions" and mini-games where customers can explore and discover new products, engage in knowledge sharing about those products; and earn free or discounted gear through that community-involvement. Overlaying and underlying all these modes of engagement, SpectrumDNA leverages its HuckleMonkey virtual economy API that "gamifies" the marketing and retail experiences by creating a cross-platform loyalty program where users collect rewards that can be used toward the purchase of gear in-store or online.
"Vann's is a pioneer in innovative e-tail experiences," said Jim Banister, CEO of SpectrumDNA. "They pretty much define success in Web1.0 commerce. We're excited to work with them on replicating and exceeding that success in the emerging age of social shopping and gCommerce, and to contribute to the perpetuation of their reputation by integrating and coordinating multiple customer-touchpoints—a virtuous circle of eCommerce and eCommunity. It promises to be appified and gamified social commerce at its best."
"We're very pleased with Spectrum and the contribution they're making towards ON," said George Manlove, President and CEO of Vann's. "Jim and his team have helped bring to life the shopping and community experience we want to create around ON. We're excited to have them helping to bring the apps and gamified social commerce to our customers."
About SpectrumDNA, Inc.
SpectrumDNA, Inc. is an innovation agency and digital studio focused on creating high-engagement web and mobile applications that enable marketers to drive transactional behavior and empower their community members to take an active, measurable, and monetizable role in the extension of their brand.
SpectrumDNA's process is based on the gCommerce cycle: API--->Appify--->Gamify. It employs its proprietary APIs ("application programming interfaces") in combination with third party social APIs and client-proprietary APIs to create engaging applications ("apps") on a single platform, or multiple apps coordinated across many mobile, social and web customer touchpoints. It can also "gamify" the marketer's online and offline presence by designing and integrating "game mechanics" to increase loyalty and transactional behavior. The successful execution of the gCommerce cycle turns the marketer's social graph into a lead generation engine and a loyalty engine, instead of disparate marketing programs.
More at http://spectrumdna.com
About ON Store and Vann's.
Vann's, an audio, video, and appliance specialist based in Missoula, has been serving Montana since 1961. Vann's, Inc. consists of six retail stores (located in Billings, Bozeman, Flathead Valley, Hamilton, Helena and Missoula), an outlet store in Missoula, and an e-commerce site at http://www.vanns.com. Vann's strives to provide a best-in-class customer experience and became a 100-percent employee-owned company in 2005.
Vann's has partnered with Apple, Sony and other vendors to launch a new retail brand and format: ON, a mall-based store focused on convergence and content-driven products. Think of it as a multi-branded Apple Store. The store will practice what it preaches by using the latest business processes and ecommerce tools, such as cloud-based computing, custom POS solutions and proprietary networking applications, which will allow customers to share their thoughts about the store and its products with others.
To learn more about The ON Store or Vann's, Inc., go to http://www.vanns.com
SOURCE SpectrumDNA, Inc.
Jim Banister of SpectrumDNA, Inc., +1-435-658-1349, jim@spectrumdna.com; or Matt Ranta, Marketing Manager of Vann's, Inc., +1-406-532-6720
Source: PR Newswire (November 10, 2010 - 6:30 AM EST)
News by QuoteMedia
www.quotemedia.com
eGain reports increase in net income to USD4.85m for fiscal Q1
eGain reports increase in net income to USD4.85m for fiscal Q1
Nov. 10, 2010 (M2 Communications Ltd.) --
eGain Communications Corporation (OTCBB: EGAN), a provider of customer service and contact centre software, reported on Tuesday that net income for the first quarter of its fiscal year 2011 grew to USD 4.85m or USD 0.22 per share on a basic and diluted basis.
This is a considerable increase from net income of USD 787,000, or USD 0.04 per share on a basic and diluted basis, for the first quarter last year.
Total revenue for the first quarter of fiscal 2011 was USD 13.09m, a rise of 64% from USD 7.98m in the same quarter a year ago.
eGain said that licence revenue for the quarter was up 277% to USD 7.36m and recurring services revenue grew 12% to USD 4.45m, while professional services revenue declined by 37% year-on-year to USD 1.28m.
(Comments on this story may be sent to info@m2.com)
Source: M2 Presswire (November 10, 2010 - 7:01 AM EST)
News by QuoteMedia
www.quotemedia.com
Vyteris to Present at Lazard Capital Markets 7th Annual Healthcare Conference
Vyteris to Present at Lazard Capital Markets 7th Annual Healthcare Conference
Nov. 10, 2010 (Marketwire) --
FAIR LAWN, NJ -- (Marketwire) -- 11/10/10 -- Vyteris, Inc. (OTCBB: VYTR), developer of the first FDA-approved active transdermal patch and an innovator in alternative drug delivery technology, today announced that President and Chief Executive Officer Haro Hartounian, Ph.D., will present at the Lazard Capital Markets 7th Annual Healthcare Conference on Wednesday, November 17 at 3:45 p.m. ET at the St. Regis Hotel in New York City. Dr. Hartounian will provide an overview of the Company and its proprietary smart patch technology as well as the Company's merger agreement with MediSync Bioservices, a consolidator of contract research organizations and related businesses.
A live webcast of the presentation will be available on Vyteris' website at http://investor.vyteris.com/events.cfm/. A replay will be archived on the "Events & Presentations" page in the Investors Information section of the Vyteris website.
About Vyteris, Inc.
Vyteris, Inc. is the maker of the first active, ready-to-use drug delivery patch (LidoSite®) to receive marketing clearance from the U.S. Food and Drug Administration (FDA). Vyteris' proprietary active transdermal smart patch technology delivers drugs comfortably through the skin using low-level electrical energy (iontophoresis). This smart patch technology is intended to allow precise dosing, giving physicians and patients control in the rate, dosage and pattern of drug delivery that may result in considerable therapeutic, economic, and lifestyle advantages over existing methods of drug administration. Vyteris has successfully delivered a peptide non-invasively using its system, where the Company demonstrated achievement of therapeutic levels of a peptide without using any needles. For more information, please visit us at www.vyteris.com.
Vyteris Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Words such as "expect," "estimate," "project," "anticipate," "intend," "plan," "may," "will," "could," "would," "should," "believes," and similar expressions are intended to identify such forward-looking statements. Forward-looking statements in this press release include, without limitation, statements concerning the potential impact of the new marketing agreement and other matters that involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to differ materially from results expressed or implied by this press release. Such risk factors include, among others, the competitive environment and competitive responses to the new marketing arrangement. The Company has described other important risks and uncertainties under the caption "Risk Factors" in its most recent Annual Report on Form 10-K and in various filings made with the SEC. Actual results may differ materially from those contained in the forward-looking statements in this press release.
Contacts:
Joseph Himy
Chief Financial Officer
Vyteris, Inc.
Tel: (201) 703-2299 begin_of_the_skype_highlighting (201) 703-2299 end_of_the_skype_highlighting
Source: Marketwire (November 10, 2010 - 7:30 AM EST)
News by QuoteMedia
www.quotemedia.com
Madison Ave. Media, Inc. Announces Co-Sponsorship of Hollywood Music in Media Awards
Madison Ave. Media, Inc. Announces Co-Sponsorship of Hollywood Music in Media Awards
Recognition Ceremonies to Honor Musical Artists From Around the World
Nov. 10, 2010 (Marketwire) --
BOCA RATON, FL -- (Marketwire) -- 11/10/10 -- Madison Ave. Media, Inc. (OTCBB: KHZM) today announced a second year of co-sponsorship of the Awards Ceremonies with The Hollywood Music in Media Awards (HMMA). The two organizations will honor the music composed or utilized within film, television, video games, commercial advertisements and movie trailers including the vast array of current mainstream and independent songs from music artists around the world.
2010 HMMA delivers an exciting show featuring a VIP cocktail reception, gourmet banquet, award presentations, celebrity appearances and live performances, including nominated artists MoZella, Gram Rabbit, Keaton Simons with more to be announced. The festivities will be held at The Highlands located in the Hollywood & Highland/Kodak Theatre Center in Hollywood, CA, November 18, 2010.
Hosts, presenters, performers and VIP guests include Oscar-nominated actor and music enthusiast Eric Roberts, artist/actor Suzan Brittan-Gault, radio/TV host Samantha Phillips, former Matchbox 20 member Adam Gaynor, along with celebrities, VIPs and nominated music performers Mozella, Gram Rabbit, Keaton Simons, Steve Palmer Band and more.
Film composer nominees include Trent Reznor and Atticus Ross ("The Social Network"); Hans Zimmer ("Inception"); Howard Shore ("The Twilight Saga: Eclipse"); Tomandandy ("Resident Evil: Afterlife"); Craig Armstrong ("Wall Street: Money Never Sleeps"); Marcelo Zarvos ("Brooklyn's Finest"); Chingon ("Machete") and Clint Mansell ("Black Swan"). Additional music categories include Original Score for TV, Video Game and Indie/Short/Documentary, as well as Best Song for TV, Film Video Game and Commercial Advertisement.
The HMMA is also the only awards show to recognize and award music supervisors for their work in TV, film, video games and movie trailers. PJ Bloom, who won the 2009 HMMA for Outstanding Music Supervision for "Glee," is again nominated for his music supervision in the film, "Eat Pray Love."
Original Score-TV nominees include Wendy Melvoin and Lisa Coleman ("Nurse Jackie"); The Angel ("Hawthorne"); Steffan Fantini, Marc Fantini and Scott Gordon ("Criminal Minds"); Sean Callery ("24"); and Andrew Lockington ("Sanctuary"). Video Game Composer nominees include Petri Alanko, Garry Schyman, Knut Avenstroup Haugen, Martin O'Donnell and Michael Salvatori, Tom Salta, Jesper Kyd, Jim Dooley and Ramin Djawadi. A special Outstanding Career Achievement honor will be presented to film composer/educator Christopher Young ("Spiderman 2" & "Spiderman 3," "The Shipping News," "Swordfish," etc.).
About Madison Ave. Media
Madison Ave. Media, Inc. is an advanced digital media company that provides products and services that connect traditional media with digital and organic media exposure opportunities. Our integration of branding, marketing and communications into the ever changing digital media space includes extensive data base aggregation and targeting, forward looking mobile messaging capabilities, highly deliverable E-mail service solutions, evolving digital media technologies including Social Media and Search Engine Marketing, plus business intelligence analysis systems that keep client promotional objectives on target and on budget.
For more information about Madison Ave. Media, Inc., please contact Ned Barnett at ned@barnettmarcom.com or call 702-696-1200 www.madisonavemedia.com.
***ATTN MEDIA: Please email hmma@luckmedia.com no later than Monday, November 15, 2010 for press credential forms required to cover the HMMA. Call (818) 760-8077 with questions.
(This Press Release may contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. KHZM has tried, whenever possible, to identify these forward-looking statements using words such as "anticipates," "believes," "estimates," "expects," "plans," "intends," "potential" and similar expressions. These statements reflect KHZM's current beliefs and are based upon information currently available to it. Accordingly, such forward-looking statements involve known and unknown risks, uncertainties and other factors which could cause KHZM's actual results, performance or achievements to differ materially from those expressed in or implied by such statements. KHZM undertakes no obligation to update or advise in the event of any change, addition or alteration to the information contained in this Press Release including such forward-looking statements.)
For more information
Frank Bradley
frankb@madisonavemedia.com
423-827-2031
For media inquiries
Ned Barnett
ned@barnettmarcom.com
702-696-1200
Source: Marketwire (November 10, 2010 - 7:30 AM EST)
News by QuoteMedia
www.quotemedia.com
Beacon Solutions Achieves 56% Increase in ITS Services Volume
Beacon Solutions Achieves 56% Increase in ITS Services Volume
Nov. 10, 2010 (PR Newswire) --
LOUISVILLE, Ky., Nov. 10, 2010 /PRNewswire/ -- Beacon Enterprise Solutions Group, Inc. (OTC Bulletin Board: BEAC) (www.askbeacon.com) an emerging global leader in the design, implementation and management of high performance Information Technology Systems (ITS) infrastructure solutions, today announces the progress of providing ITS infrastructure services to one of the nation's largest grocery chains.
(Logo: http://photos.prnewswire.com/prnh/20101021/DA85933LOGO)
(Logo: http://www.newscom.com/cgi-bin/prnh/20101021/DA85933LOGO)
Beacon announced in early 2009 the first engagement with this nationwide Fortune 100 company to design prototypical ITS infrastructure for its grocery store chain. The results of the initial contract evolved into Beacon writing a Corporate Standards document which standardizes the design, installation and management of the ITS infrastructure of not only the client's grocery stores, but additional facilities as well. In addition to the grocery stores, Beacon has more recently been engaged to provide similar ITS services in facilities ranging from manufacturing and processing to regional distribution and logistics centers and administrative offices.
In slightly over 20 months, Beacon has performed ITS infrastructure services for approximately 250 of this client's locations. During the first 8 months of the engagement, Beacon provided services for 75 locations averaging 9 sites per month. During the most recent 12 months, Beacon provided services for 175 locations averaging 14 sites per month, representing an increase of 56 percent in average monthly service volume. The client has more than 3,000 locations throughout the United States. Beacon provides a wide variety of professional services including ITS assessment, design / engineering, installation, quality assurance reviews and reporting services. With such a wide variety of facility types over a large geographic area, Beacon clients such as this are finding the implementation of ITS infrastructure standardization results in cost containment and improvements in efficiency throughout the enterprise.
"As companies across the globe consolidate and find ways to lower costs, many are looking to Beacon to outsource their ITS infrastructure requirements," said Bruce Widener, CEO of Beacon. "This client has utilized Beacon's ITS professional services to implement a documented, consistent and scalable ITS strategy for their various facilities nationwide. We look forward to working with them in their remaining locations and as they continue to build new stores and support facilities."
About Beacon Enterprise Solutions Group, Inc.
Beacon Enterprise Solutions Group is an emerging global leader in the design, implementation and management of high performance Information Technology Systems ("ITS") infrastructure solutions. Beacon offers fully integrated, turnkey IT infrastructure solutions capable of fully servicing the largest companies in the world as they increasingly outsource to reduce costs while optimizing critical IT design and infrastructure management. Through an integrated team approach, Beacon offers a broad range of products and services including IT infrastructure design, implementation and management, application development and voice/data/security system integration, installation and maintenance. Beacon's client roster includes state and local agencies, educational institutions, and over 4,000 companies ranging in size from mid-sized companies to the Fortune 500. Beacon is headquartered in Louisville, Kentucky, with a regional headquarters in Dublin, Ireland, Prague, Czech Republic and personnel located throughout the United States and Europe.
For additional information, please visit Beacon's corporate website: www.askbeacon.com
This press release may contain "forward looking statements." Expressions of future goals and similar expressions reflecting something other than historical fact are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements. These forward-looking statements may include, without limitation, statements about our market opportunity, strategies, competition, expected activities and expenditures as we pursue our business plan. Although we believe that the expectations reflected in any forward looking statements are reasonable, we cannot predict the effect that market conditions, customer acceptance of products, regulatory issues, competitive factors, or other business circumstances and factors described in our filings with the Securities and Exchange Commission may have on our results. The company undertakes no obligation to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this press release.
Contact:
Bruce Widener, CEO
502-657-3507 begin_of_the_skype_highlighting 502-657-3507 end_of_the_skype_highlighting
investors@askbeacon.com
Porter, LeVay & Rose, Inc.
Marlon Nurse, V.P. – Investor Relations
212-564-4700 begin_of_the_skype_highlighting 212-564-4700 end_of_the_skype_highlighting
Halliburton Investor Relations
Geralyn DeBusk, President, or Hala Elsherbini, COO
972-458-8000 begin_of_the_skype_highlighting 972-458-8000 end_of_the_skype_highlighting
SOURCE Beacon Enterprise Solutions Group, Inc.
Bruce Widener, CEO of Beacon Enterprise Solutions Group, Inc., +1-502-657-3507 begin_of_the_skype_highlighting +1-502-657-3507 end_of_the_skype_highlighting, investors@askbeacon.com; or Marlon Nurse, V.P. - Investor Relations of Porter, LeVay & Rose, Inc., +1-212-564-4700 begin_of_the_skype_highlighting +1-212-564-4700 end_of_the_skype_highlighting; or Geralyn DeBusk, President, or Hala Elsherbini, COO, both of Halliburton Investor Relations, +1-972-458-8000 begin_of_the_skype_highlighting +1-972-458-8000 end_of_the_skype_highlighting; all for Beacon Enterprise Solutions Group, Inc.
Source: PR Newswire (November 10, 2010 - 7:30 AM EST)
News by QuoteMedia
www.quotemedia.com
Hipso Multimedia Announces That it Has Engaged Notre-Dame Capital in Connection With a Proposed $15 Million US Financing
Hipso Multimedia Announces That it Has Engaged Notre-Dame Capital in Connection With a Proposed $15 Million US Financing
Nov. 10, 2010 (GlobeNewswire) --
MONTREAL, Nov. 10, 2010 (GLOBE NEWSWIRE) -- Hipso Multimedia Inc. (OTCBB: HPSO) is pleased to announce that is has engaged Notre-Dame Capital Inc. to raise $15 million (USD) through an equity and debt financing on a best efforts basis.
The debentures will be offered in tranches of $50,000 and will bear interest at a rate of 8% per annum, payable quarterly in arrears, and maturing five years from the date of issuance. The principal amount of each debenture will be convertible into common shares of the Corporation at the option of the holder. The conversion price will be $0.25 per share for the first two years from the date of issuance, and thereafter at a price per share of $0.30 until maturity.
The securities will be offered by Notre-Dame Capital Inc. to subscribers qualifying as "accredited investors" or otherwise on a prospectus-exempt basis in those jurisdictions where the private placement may be offered for sale by Notre-Dame Capital Inc.
In connection with the financing, Notre-Dame Capital Inc. will receive a cash fee equal to 8% of the gross proceeds raised under the equity offering plus 4% in warrants of the raised funds. Each warrant entitling Notre-Dame Capital to purchase one common share of Hipso Multimedia. The warrants will be exercisable at the financing price for a period of 36 months after the closing of the financing.
The gross proceeds from the placement of the financing will be used for working capital, marketing, and other corporate purposes including the building of Hipso's new IPTV Network based on the Ericsson platform.
In addition to the above-mentioned proposed private placement, Notre-Dame Capital Inc. and its affiliates have purchased 3 million common shares of the Corporation from the directors of the company.
The financing is subject to approval by the Board of Directors of Hipso Multimedia, and regulatory approval. The securities issued in connection with the private placement and Hipso agrees to file appropriate filing statements as per Canadian and US securities legislation.
About Hipso Multimedia Inc.
Hipso Multimedia, Inc., through its wholly owned subsidiary Valtech Communications Inc. provides cutting edge technology and service in the triple play telecommunications industry. It intends to become a major force in the IPTV (Internet Protocol Television Broadcasting) arena.
Please visit www.HIPSO.tv and www.VALTECH.ca for additional information.
Hipso Multimedia is listed on the OTC Bulletin Board under the symbol HPSO and its financial statements are filed on the EDGAR database online (www.sec.gov/edgar).
ON BEHALF OF THE BOARD
Rene Arbic
President & CEO
The Exchange does not accept responsibility for the adequacy or accuracy of this release.
CONTACT: Hipso Multimedia Inc.
Investor Relations Contact
Andrew Barwicki
516-662-9461 begin_of_the_skype_highlighting 516-662-9461 end_of_the_skype_highlighting
andrew@barwicki.com
Source: Globe Newswire (November 10, 2010 - 7:30 AM EST)
News by QuoteMedia
www.quotemedia.com
Huifeng Bio-Pharmaceutical Technology Enters into a US$3.9 Million Financing and Construction Agreement with Xi'an Jucheng Investment & Consulting Co., Ltd.
Huifeng Bio-Pharmaceutical Technology Enters into a US$3.9 Million Financing and Construction Agreement with Xi'an Jucheng Investment & Consulting Co., Ltd.
Nov. 10, 2010 (PR Newswire) --
XI'AN, China, Nov. 10, 2010 /PRNewswire-Asia-FirstCall/ -- Huifeng Bio-Pharmaceutical Technology, Inc. (OTC Bulletin Board: HFGB) ("the Company"), specializing in developing and producing botanical extracts and other raw materials for pharmaceuticals and food additives, today announced it entered into a $3.9 million USD Financing and Construction agreement with Xi'an Jucheng Investment & Consulting Co., Ltd. ("Jucheng"), a company organized and operating under the laws of the People's Republic of China ("PRC").
Under the agreement, Jucheng shall provide $3.9 million in financing for the construction of a Diosmin plant with an annual production capacity of 500 tons. The plant will be designed to meet the COS Standard for Diosmin production. In consideration, the Company has agreed to issue to Jucheng 6,500,000 shares of the Company's restricted common stock, of which 1,500,000 shares shall remain restricted until Huifeng Bio-Technic approves and accepts the plant upon completion. The Company expects the construction of the plant to be completed within 8 months.
The addition of this plant will increase the Company's Diosmin production capacity to 600 tons. Diosmin production lines that meet the COS Standard will significantly improve the quality of the Company's Diosmin products, enable the Company to attract larger customers and solidify the Company's leading position in the Diosmin market with the ability to capture more than 50% share of China's exports.
"The financing will provide us capital to construct a new COS Standard Diosmin plant with 500 tons of production capacity, which will enable us to become the largest Diosmin producer in Asia. Demand for our Diosmin products continues to grow rapidly in the global market and this expansion will give us a significant competitive advantage," said Mr. Jing'an Wang, CEO.
"The completion of this new plant will mark another key milestone in the rapid growth of Huifeng. Our company has received many orders from European customers for Diosmin that complies with the COS Standard. We expect to see continued robust demand for our Diosmin products as a result of our competitive pricing and quality compared to our competitors and we believe this plant has the capacity to generate an additional $20 million in revenue each year for the Company"
About Huifeng Bio-Pharmaceutical Technology, Inc.
Huifeng Bio-Pharmaceutical Technology, Inc., located in Xi'an, People's Republic of China, develops and produces plant extracts and pharmaceutical raw materials for use in pharmaceutical, nutraceutical and food production. It is the leading Chinese producer of rutin and related plant-derived chemicals in a class called flavonoids, with medicinal and other beneficial properties. Founded in 2002, Huifeng uses proprietary patented processes to extract rutin more efficiently than traditional extraction techniques. The Company is diversifying its product lines through internal development, acquisition and cooperation with scientific research organizations. More information can be found on the Company's web site at: http://www.hfgb.cn/
Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the "safe-harbor" provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve known and unknown risks, uncertainties and other factors that could cause the actual results of the Company to differ materially from the results expressed or implied by such statements, including delays in completing construction of the Diosmin plant due to unforeseen events, delays in obtaining COS certification, changes from anticipated levels of sales, future national or regional economic and competitive conditions, changes in relationships with customers, access to capital, difficulties in developing and marketing new products, marketing existing products, customer acceptance of existing and new products, and other factors disclosed in the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2009 and the Company's subsequent Quarterly Reports on Form 10-Q, especially in the "Risk Factors" sections of these reports. Accordingly, although the Company believes that the expectations reflected in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. The Company has no obligation to update the forward-looking information contained in this press release.
For more information, please contact:
Investor Relations:
NUWA GROUP
Mr. Kevin Fickle
Tel: +1-925-330-8315 begin_of_the_skype_highlighting +1-925-330-8315 end_of_the_skype_highlighting
Email: Kevin@nuwagroup.com
Company Contact:
Huifeng Bio-Pharmaceutical Technology, Inc.
Ms. Bing He
Tel: +86-139-9195-4170 begin_of_the_skype_highlighting +86-139-9195-4170 end_of_the_skype_highlighting
Email: bing@xahuifeng.com
SOURCE Huifeng Bio-Pharmaceutical Technology, Inc.
Investor Relations -- NUWA GROUP, Mr. Kevin Fickle, +1-925-330-8315 begin_of_the_skype_highlighting +1-925-330-8315 end_of_the_skype_highlighting, or Kevin@nuwagroup.com; or Company Contact -- Huifeng Bio-Pharmaceutical Technology, Inc., Ms. Bing He, +86-139-9195-4170 begin_of_the_skype_highlighting +86-139-9195-4170 end_of_the_skype_highlighting, or bing@xahuifeng.com
Source: PR Newswire (November 10, 2010 - 7:30 AM EST)
News by QuoteMedia
www.quotemedia.com
RK Dixon Continues Growth by Partnering With AltiGen Communications
RK Dixon Continues Growth by Partnering With AltiGen Communications
Nov. 9, 2010 (Marketwire) --
SAN JOSE, CA -- (Marketwire) -- 11/09/10 -- AltiGen Communications, Inc. (PINKSHEETS: ATGN) (OTCQX: ATGN), the leading provider of integrated Microsoft-based Unified Communications solutions, is pleased to announce the addition of RK Dixon (www.rkdixon.com) to its partner network.
Now in its third decade of growth, RK Dixon has become a leading provider of IT solutions. During their history, RK Dixon has grown steadily and continued to offer advanced technologies to their customers. RK Dixon services 80 counties in Iowa, Illinois and Wisconsin with office locations in the Quad Cities, Bloomington, Champaign, Peoria, Rockford, Springfield and Cedar Rapids. Over the past 27 years, RK Dixon has continuously shown its commitment to customers by matching the best product with their customers' needs. They partner with a variety of the industry's most respected technological companies to help reduce costs and provide solutions ensuring that "Everything Just Runs Better."
"At the end of the day, we needed a solid offering for the majority of our SMB customers who have large investments in Microsoft technologies," stated Jeff Dixon, President of Information Technology. "Rather than a product, we sought out true solutions that incorporated the Microsoft communications infrastructure. AltiGen was the perfect fit with its Microsoft-based software and native integration into Exchange and Communications Server. AltiGen understands the future of Unified Communications and have positioned their company well by offering flexible software solutions rather than proprietary hardware."
"AltiGen's Unified Communications solutions are setup to take advantage of all that Microsoft has to offer and provide scalability long into the future," said RK Dixon CEO, Bryan Dixon. "In addition, AltiGen offers a next-generation mobility solution without losing any PBX functionality. We are excited about adding AltiGen to our advanced technology solutions offering."
"We are excited about adding RK Dixon to our growing reseller network," said AltiGen Director of Channel Development, Bill Glau. "With dedicated industry employees servicing 80 counties, RK Dixon is able to provide superior solutions and support to their customers. Our advanced Unified Communications solution provides RK Dixon yet another edge in their business consulting service."
About AltiGen Communications
AltiGen Communications, Inc. (PINKSHEETS: ATGN) (OTCQX: ATGN) is a leading provider of 100% Microsoft-based VoIP business phone systems and Unified Communications solutions. Having more than 10,000 customers around the world, AltiGen solutions are designed for high reliability, ease of use, seamless integration to Microsoft infrastructure technologies, and are built on a scalable, open standards platform. AltiGen's worldwide headquarters is in Silicon Valley, California, with international operations based in Shanghai, China. Local sales, service and support are provided by AltiGen's worldwide network of over 300 certified partners. For more information, call 1-888-ALTIGEN or visit the web site at www.altigen.com.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, including, without limitation, statements regarding the continued market acceptance of our 100 percent Microsoft-based business phone systems and Unified Communications solutions, AltiGen's continuing success as a certified vendor for Microsoft OCS via the Microsoft Open Interoperability Program, with our native SIP integration into Exchange and Communications Server, as well as our successful introduction of our next generation mobility solution. These statements reflect management's current expectation. However, actual results could differ materially as a result of unknown risks and uncertainties, including but not limited to, risks related to AltiGen's limited operating history. For a more detailed description of these and other risks and uncertainties affecting AltiGen's performance, please refer to AltiGen's Annual Report on Form 10-K for the fiscal year ended September 30, 2009 and all subsequent current reports on Form 8-K and quarterly reports on Form 10-Q. All forward-looking statements in this press release are based on information available to AltiGen as of the date hereof and AltiGen assumes no obligation to update these forward-looking statements.
Source: Marketwire (November 9, 2010 - 4:05 PM EST)
News by QuoteMedia
www.quotemedia.com
Black Dragon Resource Companies, Inc. Gross Production Up for the Month of October
Black Dragon Resource Companies, Inc. Gross Production Up for the Month of October
Nov. 9, 2010 (GlobeNewswire) --
OIL CITY, La., Nov. 9, 2010 (GLOBE NEWSWIRE) -- Black Dragon Resource Companies, Inc. ("the Company," "Dragon") (Pink Sheets:BDGR) is pleased to announce today that Black Dragon's gross production oil sales were up over 20% over September's figures. October gross production was $168,197.21 compared to $136,570.70 in September.
Black Dragon management believes it will be able to continue this rapid revenue growth into the month of November as additional wells continue to be put online expeditiously. Management also expects increasing spot oil prices to help increase revenues sharply in November. The company believes it can attain fourth quarter production goals, making the company cash flow positive.
Black Dragon is an oil and gas exploration and production company currently focused on the acquisition of mature, producing and existing domestic oil and gas fields. This focus has eliminated exploration risk, reduced costs of completion, and provided rapid generation of income in a niche market where larger independent and major oil companies are not positioned to compete. Black Dragon intends to recomplete additional shallow producing wells and to expand its focus to include drilling of new wells, some to deeper levels and to purchase additional leases.
Forward-Looking Statements - Safe Harbor:
Certain information discussed in this press release may constitute forward-looking statements within the Private Securities Litigation Reform Act of 1995 and the federal securities laws. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions at the time made, it can give no assurance that its expectations will be achieved. Readers are cautioned not to place undue reliance on these forward-looking statements. Forward-looking statements are inherently subject to unpredictable and unanticipated risks, trends and uncertainties such as the Company's inability to accurately forecast its operating results; the Company's potential inability to achieve profitability or generate positive cash flow; the availability of financing; and other risks associated with the Company's business. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.
CONTACT: Black Dragon Resource Companies, Inc.
Investor Relations
913-226-3818
Source: Globe Newswire (November 9, 2010 - 3:10 PM EST)
News by QuoteMedia
www.quotemedia.com
BCGold Corp. and Kestrel Gold Inc. Provide Exploration Update-Toe Property, Yukon
BCGold Corp. and Kestrel Gold Inc. Provide Exploration Update-Toe Property, Yukon
VANCOUVER, BRITISH COLUMBIA, Nov. 9, 2010 (Marketwire) -- BCGold Corp. (or the "Company") (TSX VENTURE:BCG)(PINK SHEETS:BCGOF) and Kestrel Gold Inc. ("Kestrel") (TSX VENTURE:KGC) are pleased to announce results from a limited diamond drill program conducted on the Toe property, situated seven kilometres northwest of and along trend with Capstone Mining Corp.'s Minto Mine, in Yukon. The $380,000 drill program was funded by Kestrel and operated by BCGold Corp. as per stipulations under Kestrel's property option agreement with BCGold Corp. (see Toe Property Option Agreement below for more details).
2010 Toe Property Drill Program and Results
BCGold Corp. conducted a four-hole, 1,058 metre diamond drill program on the Toe property in order to test four Minto-type, coincidental geochemical and geophysical anomalies for near-surface copper-gold mineralization earlier this season. Although no significant copper or gold intersections were returned, a number of intervals of biotite alteration and magnetite enrichment in Granite Mountain granodiorite (the geological setting of Minto-type copper-gold mineralization) were encountered in two of the four drill holes.
BCGold Corp. and Kestrel are encouraged by geological observations, alteration distribution and intensity in the drill core and maintain that the Toe property holds excellent potential for Minto-type copper-gold mineralization. Both companies deem additional exploration to be warranted. This opinion is supported by Mr. Todd A. Ballantyne, P. Geo., consulting geophysicist to BCGold Corp. and Kestrel. Mr. Ballantyne suggests that drill target definition would be improved by conducting a pole-dipole induced polarization survey over the current gradient array survey area. Mr. Ballantyne further recommends that, before further drilling occurs on the Toe property and specifically on remaining induced polarization anomalies, a detailed pole-dipole induced polarization survey be conducted. He proposes this work in order to better resolve the induced polarization and resistivity targets with respect to their location, depth and extent.
Drill targets on the Toe property to date have been defined primarily by using the results of mobile metal ion (MMI(TM)) soil geochemical surveys and a combination of gradient array induced polarization and airborne magnetic geophysical surveys.
2011 Proposed Exploration on the Toe Property
BCGold Corp. and Kestrel are currently reviewing exploration results and formulating plans for the 2011 exploration season on the Toe property. In order to retain the Toe property option in good stead, Kestrel must issue 100,000 Kestrel common shares and make a cash payment of $25,000 to BCGold Corp. on or before June 1, 2011. In addition Kestrel must incur exploration expenditures of $350,000 in 2011.
Mr. Gary N. Lustig, P.Geo., a Qualified Person for the purposes of National Instrument 43-101, has reviewed the technical content of this news release.
BCGold Corp.'s Minto/Carmacks Copper-Gold Properties
BCGold Corp. is the largest land holder in the Carmacks Copper-Gold Belt. The 1,600 hectare Toe property is one of BCGold Corp.'s 17, one-hundred-percent-owned, Minto/Carmacks Copper-Gold Properties (16,985 hectares) in Yukon. The Company has spent approximately $4 million in exploration on the Minto/Carmacks Copper-Gold Properties over the past four years and has advanced seven of the properties to the drill-ready stage. The Company optioned two of these properties (Toe and Pepper) in 2010, to Kestrel and Goldbard Capital Corp. respectively.
The Minto/Carmacks Copper-Gold Properties are strategically located proximal and adjacent to Capstone Mining Corp.'s Minto Mine and Western Copper Corp.'s Carmacks Copper Project, which is in the advanced permitting stage and situated 42 kilometres south of Minto Mine. The Minto/Carmacks properties were staked in 2006, by Yukon prospector Shawn Ryan, over areas with certain geological, geochemical and geophysical characteristics known to indicate near surface, high-grade copper-gold mineralization in the district.
Toe Property Option Agreement
BCGold Corp. granted Kestrel the option to acquire up to a 60% interest in the Toe property over a four year period by paying $250,000 cash to the Company, issuing 400,000 Kestrel common shares to the Company, and spending $2,000,000 in exploration on the Toe property. Kestrel can earn an additional 10% interest in the Toe property by completing a bankable feasibility study, for a total interest of up to 70%. The Toe property is subject to a 2.5% net smelter returns royalty interest, which is held by BCGold Corp. and a third party.
About BCGold Corp.
BCGold Corp. (TSX VENTURE:BCG) is a Vancouver-based junior resource company focused on copper and gold exploration in under-explored historic and emerging mining districts in British Columbia and Yukon. BCGold Corp. acquires and develops conceptual, early and mid-stage, exploration opportunities and advances them towards resource development by using internal expertise, engaging preferred joint venture partners, and creating strategic alliances with major exploration and mining companies.
On behalf of the Board of Directors,
Brian P. Fowler, P. Geo., President & CEO
Some statements in this news release contain forward-looking information. These statements include, but are not limited to, statements with respect to future payments, expenditures and unit issuances and exploration, development and production activities. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, among others, the timing of future payments, expenditures and unit issuances and the timing and success of future exploration, development and production activities.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
BCGold Corp. (604) 646-1589 info@bcgoldcorp.com www.bcgoldcorp.com
Source: Marketwire Canada (November 9, 2010 - 2:58 PM EST)
News by QuoteMedia
www.quotemedia.com
Torch River Announces Private Placement
Torch River Announces Private Placement
CALGARY, ALBERTA, Nov. 9, 2010 (Marketwire) -- Torch River Resources Ltd. ("Torch" or the "Corporation") (TSX VENTURE:TCR) (FRANKFURT:WNF) (PINK SHEETS:TORVF) is pleased to announce a non-brokered private placement of up to 1,250,000 units (the "Units") at a price of $0.08 per Unit for gross proceeds of approximately $100,000 (the "Offering"). Each Unit will consist of one (1) common share in the capital of the Corporation issued and one-half of a common share purchase warrant (a whole common share purchase warrant a "Warrant") Each whole Warrant will entitle the holder to purchase one Common Share of the Corporation at an exercise price of $0.12 for a period of twenty four (24) months from the closing of the Offering.
The private placement is expected to close on or about November 19, 2010.
The proceeds of the private placement will be used as working capital to fund the continued work program on the mineral properties held by Torch. The private placement is subject to receipt of all necessary regulatory approvals.
Torch is a company listed and trading on the TSX Venture Exchange, symbol: TCR.
Forward Looking Information
This press release may contain forward-looking statements which may include estimates, plans, expectations, opinions, forecasts, projections, guidance or other statements that are not statements of fact, including without limiting the generality of the foregoing, statements made regarding Torch's work programs. Although Torch believes that the expectations reflected in such forward-looking statements are reasonable, it cannot give any assurance that such expectations will prove to be correct. Results of Torch including its ability to mobilize and drill on schedule may be affected by a variety of variables and risks associated with the mining industry such as availability of human and capital resources, competition, exploration and development plans and results, anticipated capital expenditures and financing thereof, timing of applications and approvals. As such the future plans and objectives of Torch are forward-looking statements that involve risks and uncertainties and may be based on assumptions that could cause actual results to differ materially from those anticipated or implied in such statements. Torch's forward-looking statements are expressly qualified in their entirety by this cautionary statement. Unless otherwise required by applicable securities laws, Torch does not intend nor does it undertake any obligation to update or review any forward-looking statements to reflect subsequent information , events, results or circumstances or otherwise.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Torch River Resources Ltd. President (403) 444-6888 www.torchriver.ca ProActive Communications Co. Toll Free (800) 540-1995
Source: Marketwire Canada (November 9, 2010 - 2:15 PM EST)
News by QuoteMedia
www.quotemedia.com
First Majestic Silver Corp.: Another Record Quarter of Earnings and Cash Flows
First Majestic Silver Corp.: Another Record Quarter of Earnings and Cash Flows
Nov. 9, 2010 (Marketwire) --
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/09/10 -- FIRST MAJESTIC SILVER CORP. (TSX: FR)(OTCQX: FRMSF)(FRANKFURT: FMV)(WKN: A0LHKJ) (the "Company" or "First Majestic") is pleased to announce the unaudited financial results for the Company's third quarter ending September 30, 2010. The full version of the financial statements and the management's discussion and analysis can be viewed on the Company's web site at www.firstmajestic.com or on SEDAR at www.sedar.com.
---------------------------------------------------------------------------
Third Quarter 2010 Highlights ($CAD) Change from Q3-2009
---------------------------------------------------------------------------
Gross Revenue $36.1 million Up 114%
---------------------------------------------------------------------------
Net Revenue $33.5 million Up 144%
---------------------------------------------------------------------------
Mine Operating Earnings $16.9 million Up 307%
---------------------------------------------------------------------------
Net Income after Taxes $10.3 million Up 458%
---------------------------------------------------------------------------
Cash Flow Per Share (non-GAAP
measure) $0.17 per share Up 279%
---------------------------------------------------------------------------
Earnings Per Share - basic $0.11 per share Up 450%
---------------------------------------------------------------------------
Silver Ounces Produced (excluding
equivalent ounces of gold and lead) 1,823,370 ounces Ag Up 95%
---------------------------------------------------------------------------
Silver Equivalent Production 1,920,498 eq. oz. Up 76%
---------------------------------------------------------------------------
Silver Equivalent Ounces Sold 1,869,393 eq. oz. Up 84%
---------------------------------------------------------------------------
Total Cash Costs per Ounce US$ 7.42 Down 14%
---------------------------------------------------------------------------
Direct Cash Costs per Ounce US$ 5.79 Up 4%
---------------------------------------------------------------------------
Average Revenue per Ounce sold US$ 18.57 Up 23%
---------------------------------------------------------------------------
Cash and Cash Equivalents (as at
Sept 30th) $25.5 million Up $19.6 million
---------------------------------------------------------------------------
Results of Operations
Consolidated gross revenue (prior to smelting & refining charges, and metal deductions) for the quarter ended September 30, 2010 increased 114% to $36.1 million (US$34.7 million) compared to $16.8 million (US$15.4 million) for the quarter ended September 30, 2009, for an increase of $19.2 million. Compared to the second quarter ended June 30, 2010, consolidated gross revenue increased by $4.3 million or 13%. The increase in revenues in the third quarter of 2010 is primarily attributable to a 15% increase in silver ounces sold compared to the previous quarter. The increase in ounces sold is due to increased production from the plant at the La Encantada Silver Mine as well as from improving operating levels at the La Parrilla Silver Mine which combined to contribute a 95% increase in silver production when compared to the third quarter of 2009.
Net sales revenue (after smelting and refining charges and metals deductions) for the quarter ended September 30, 2010 was $33.5 million, an increase of 144% compared to $13.7 million for the third quarter of 2009. Net sales revenue for the quarter ended September 30, 2010 increased by 16% compared to $29.0 million in the second quarter of 2010. Smelting and refining charges and metal deductions decreased to 7% of gross revenue in the third quarter of 2010 compared to 19%of gross revenue in the third quarter of 2009, due to a shift in the production mix toward silver dore which is a benefit from the new cyanidation plant at La Encantada. Average smelting charges for dore in the third quarter of 2010 were US$0.39 per silver ounce as compared to US$3.84 per silver ounce for concentrates.
Net income after taxes was $10.3 million in the third quarter of 2010 resulting in basic earnings per common share ("EPS") of $0.11, compared to a net income in the third quarter of 2009 of $1.8 million or an EPS of $0.02. Net income for the third quarter of 2010 was after taking a non-cash future income tax provision of $3.5 million or $0.04 per share and a foreign exchange loss (due to a stronger Peso) which increased by $1.0 million or $0.01 per share over the previous quarter, when net income after taxes was $8.9 million and basic EPS was $0.10.
Mine operating earnings for the third quarter of 2010 increased by 307% to $16.9 million, compared to mine operating earnings of $4.1 million for the third quarter of 2009, and are associated with an increase in net revenue during the third quarter of 2010. When compared to the second quarter of 2010, mine operating earnings increased by 29% from $13.1 million to $16.9 million.
Operating income increased by 617%, or $11.8 million, to $13.8 million for the quarter ended September 30, 2010, from $1.9 million for the quarter ended September 30, 2009, due to the 84% increase in ounces sold and the 23% increase in average US$ revenue per ounce of silver sold. When compared to the second quarter of 2010, operating income increased by 38% from $10.0 million to $13.8 million.
Production of silver, excluding any equivalents from gold, lead or zinc, increased 95% compared to the third quarter of 2009. The Company produced 1,823,370 ounces of silver in the current quarter, 1,538,798 ounces of silver in prior quarter and 935,996 ounces in the third quarter of 2009. In the current quarter, 95% of First Majestic's revenue resulted from the sale of pure silver making it the purest silver producer relative to its peers.
Total silver equivalents production for the third quarter of 2010 increased 76% from the same quarter of the prior year and 16% from the prior quarter to 1,920,498 ounces of silver equivalents consisting of 1,823,370 ounces of silver, 323 ounces of gold, 1,248,086 pounds of lead and 228,517 pounds of zinc. This compares to the 1,089,481 ounces of silver equivalents produced in the third quarter of 2009, which consisted of 935,996 ounces of silver, 732 ounces of gold, 1,690,354 pounds of lead, and 8,913 pounds of zinc and compares with production in the previous quarter of 1,656,165 ounces of silver equivalents consisting of 1,538,798 ounces of silver, 541 ounces of gold and 1,494,548 pounds of lead.
In the third quarter of 2010, the Company sold 1,869,393 ounces of silver equivalent at an average price of $19.30 per ounce (US$18.57) compared to 1,018,417 ounces in the third quarter of 2009 at an average price of $16.54 per ounce (US$15.07), representing an increase of 84% in shipments over the same quarter in 2009 and a 15% increase over the preceding quarter. The average trading price for silver in the third quarter was US$18.96.
The new La Encantada cyanidation plant achieved average throughput of 3,477 tonnes per day in the third quarter compared to 2,900 tonnes per day in the second quarter. The La Encantada plant produces silver dore bars which are 93-97% silver with small amounts of lead, gold and other metals making up the balance of the contents in these bars. The economic differences between dore and concentrate production are significant and are beginning to reflect in improved financial numbers. The economics of switching from concentrate production to dore production resulted in a 56% savings of smelting and refining costs per silver ounce for consolidated operations in the third quarter of 2010 compared to the third quarter of 2009.
Total cash costs per ounce (including smelting, refining, metal deductions, transportation and other selling costs, and byproduct credits, which is a non-GAAP measure) for the third quarter of 2010 was US$7.42 per ounce of silver compared to US$8.64 per ounce of silver in the third quarter of 2009 and US$8.20 per ounce in the second quarter of 2010. The cost decrease was attributed to reduced smelting & refining costs (US$1.34 per ounce this quarter versus US$3.08 per ounce for the same quarter last year) related to the converting the production at La Encantada plant to dore production instead of concentrate production.
On a year to date basis, the Company's cash position has increased by $19.6 million to $25.5 million at the end of the third quarter, and working capital increased by $19.3 million to $24.1 million over the same period. The Company achieved these increases while also investing $11.6 million in plant and equipment and $10.0 million in its mineral properties. In addition, in September and October the Company repaid in advance 100% of the $4.1 million balance of the FIFOMI loans outstanding leaving the Company debt free, excluding the small prepayment facility and capital leases.
In Summary
First Majestic has delivered another quarter of strong operating results thanks to the additional production, earnings and cash flow from operations including the new plant at the La Encantada Silver Mine, which have also come at a time when there's been a significant increase in the price of silver, which combined, have had an extremely positive impact on the Company's balance sheet on a year to date basis.
"These are clearly very exciting times in the silver commodity markets and a very exciting time for the Company to be reaping the rewards of over six years of hard work, and which have delivered increased capacities into a very buoyant market. We will continue to focus on the fundamentals of minimizing cash costs and increasing production as we grow First Majestic into a senior silver producer," commented Keith Neumeyer, President and CEO of First Majestic.
First Majestic is a producing silver company focused in Mexico and is aggressively pursuing its business plan of becoming a senior silver producer through the development of its existing mineral property assets and the pursuit through acquisition of additional mineral assets which contribute to the Company achieving its aggressive corporate growth objectives.
FIRST MAJESTIC SILVER CORP.
Keith Neumeyer, President & CEO
This press release includes certain "Forward-Looking Statements" within the meaning of section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein, including without limitation, statements regarding potential mineralization and reserves, exploration results and future plans and objectives of First Majestic Silver Corp. are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.
Contacts:
First Majestic Silver Corp.
Keith Neumeyer
President & CEO
(604) 688-3033 begin_of_the_skype_highlighting (604) 688-3033 end_of_the_skype_highlighting or Toll Free: 1-866-529-2807 begin_of_the_skype_highlighting 1-866-529-2807 end_of_the_skype_highlighting
(604) 639-8873 begin_of_the_skype_highlighting (604) 639-8873 end_of_the_skype_highlighting (FAX)
info@firstmajestic.com
www.firstmajestic.com
Source: Marketwire (November 9, 2010 - 1:35 PM EST)
News by QuoteMedia
www.quotemedia.com
Goldrea Closes Private Placement
Goldrea Closes Private Placement
VANCOUVER, BRITISH COLUMBIA, Nov. 9, 2010 (Marketwire) -- Goldrea Resources Corp. (TSX VENTURE:GOR)(PINK SHEETS:GORAF)(FRANKFURT:GOJ) ("Goldrea" or the "Company") announces that the Company has closed its Private Placement announced in its news release dated October 13, 2010.
The total amount raised pursuant to the private placement was $475,080 which was comprised of 7,918,000 units ("Units") at a price of $0.06 per Unit.
Each Unit is comprised of one common share in the capital of the Company (a "Share") plus a two year share purchase warrant (a "Warrant). Each Warrant entitles the holder to purchase one common share at a price of $0.10 per share at any time up to 5:00 pm (Vancouver Time) on November 5, 2012. All of the securities issued pursuant to the private placement have a hold period expiring four months and one day after the closing date.
The proceeds of the private placement will be used for general working capital. The Company has paid finder's fees totaling $27,828 and issued 128,000 broker warrants, in connection with the private placement.
About Goldrea Resources Corp:
Goldrea Resources Corp. is a mineral exploration and development company that is engaged in the acquisition, exploration and development of mineral properties in North American and China.
GOLDREA RESOURCES CORP.
Larry W. Reaugh, President and Chief Executive Officer
This news release may contain certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time with the TSX-Venture Exchange, the British Columbia Securities Commission and the US Securities and Exchange Commission.
The TSX-Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Goldrea Resources Corp. President and Chief Executive Officer 604-531-9639 604-531-9634 (FAX) info@goldrea.com www.goldrea.com
Source: Marketwire Canada (November 9, 2010 - 1:13 PM EST)
News by QuoteMedia
www.quotemedia.com
Mill Bay Ventures Completes Private Placement
Mill Bay Ventures Completes Private Placement
VANCOUVER, BRITISH COLUMBIA, Nov. 9, 2010 (Marketwire) -- Mill Bay Ventures Inc. (the "Company") (TSX VENTURE:MBV)(PINK SHEETS:MLBVF)(FRANKFURT:M4K) is pleased to announce that it has closed a non-brokered private placement originally announced July 29, 2010, and subsequently amended on September 15, 2010, raising aggregate proceeds of $1,173,174.
Common Share Units:
The Company placed 2,188,000 common share units (the "Units") for gross proceeds totalling $437,600. Each Unit consists of one common share and one common share purchase warrant. Each warrant will allow the holder to purchase one additional common share in the Company for a period of two years at a price of $0.25 per share.
Flow Through Units:
The Company placed 3,343,516 flow-through units (the "FT Units") for gross proceeds totalling $735,574. Each FT Unit consists of one flow-through share and one non-flow through common share purchase warrant. Each warrant will allow the holder to purchase one common share in the Company for a period of two years at a price of $0.25 per share. The Company will incur and renounce qualifying Canadian Exploration Expenditures under the Income Tax Act (Canada) to purchasers of the flow-through common shares in an amount equal to the subscription price of such shares.
Net proceeds of the FT Units will be used to finance continued exploration on its Valentine Mountain property, located on Vancouver Island, British Columbia. The Company has recently completed 50% of the first phase of drilling on the property. Approximately 3,000 m of drilling has been completed and core logging, splitting and sample assaying is currently underway.
Net proceeds of the Units will be used for general working capital requirements. The Company will pay a commission and/or warrants of 10% to certain arms' length parties assisting in the completion of the private placement.
Mill Bay Ventures Inc. owns a 50% interest in the BRX gold claims at Bralorne and 100% interest in three sets of gold claims in Nevada, namely the NV claims, Golden Repeat claims and the E&E-DH claims. See website for details: www.millbayventures.com.
ON BEHALF OF THE BOARD
William Glasier, President
This release contains statements that are forward-looking statements and are subject to various risks and uncertainties concerning the specific factors disclosed under the heading "Risk Factors" and elsewhere in the Company's periodic filings with Canadian securities regulators. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The Company does not assume the obligation to update any forward-looking statement.
Shares issued: 6,605,025
Last Trading Price: $0.22
The TSX Venture Exchange has not reviewed and does not accept the responsibility for the accuracy or adequacy of this release.
Mill Bay Ventures Inc. 604-682-3701 604-682-3600 (FAX) darrylg@shaw.ca www.millbayventures.com
Source: Marketwire Canada (November 9, 2010 - 12:45 PM EST)
News by QuoteMedia
www.quotemedia.com
ALAS Defense Systems, Inc. Signs 5 Million Dollar Distributor Agreement for UAV Sales
ALAS Defense Systems, Inc. Signs 5 Million Dollar Distributor Agreement for UAV Sales
Nov. 9, 2010 (GlobeNewswire) --
CLEARWATER, Fla., Nov. 9, 2010 (GLOBE NEWSWIRE) -- ALAS Defense Systems, Inc. (Pink Sheets:VDSC), today announced that Redtide Defense Group, Inc., a wholly owned subsidiary of ALAS, signed a new Distributor to market UAV in Brazil, Peru, Ecuador, Colombia and Mexico. The Exclusive Distributorship was given to Import and Export Specialized Equipment and Services, Inc. of Miami, Florida and requires $5 million in annual sales.
Edwin Salmon, ALAS CEO, said, "We are excited about signing IESES, Inc., as our exclusive Distributor for Redtide Defense Group UAV products in Brazil, Ecuador, Peru, Colombia and Mexico."
About Import and Export Specialized Equipment and Services, Inc.
IESES was founded in 1996 in Florida to import and export high tech products throughout Central and South America utilizing a network of highly skilled agents. Mr. Arturo Altamirano, head of IESES, is an Electromechanical Engineer with a Master's Degree in Industrial Administration. He has over 41 years of security experience in this country and Latin America in corporate security, consulting and training services and marketing high end security equipment.
About ALAS Defense Systems, Inc.:
ALAS Defense Systems, Inc. is a holding company which owns and operates through its wholly owned subsidiary, Redtide Defense Group, Inc. (http://www.redtidedefense.com/) which is a manufacturer of UAV (Unmanned Aerial Vehicles). The Company has created an inexpensive and, it believes, technically superior solution to the growing $6 billion dollar a year worldwide market demand for UAV's. The Company is looking to grow both organically and through strategic acquisitions.
Safe Harbor Act Disclaimer: Statements regarding financial matters in this press release other than historical facts are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. The Company intends that such statements about the Company's future expectations, including future revenues and earnings, technology efficacy and all other forward-looking statements be subject to the Safe Harbors created thereby. The Company is a development stage firm that continues to be dependent upon outside capital to sustain its existence. Since these statements (future operational results and sales) involve risks and uncertainties and are subject to change at any time, the Company's actual results may differ materially from expected results.
CONTACT: ALAS Defense Systems, Inc.
Investor Relations
Edwin Salmon
727-736-4724
edwin.salmon@gmail.com
Source: Globe Newswire (November 9, 2010 - 12:08 PM EST)
News by QuoteMedia
www.quotemedia.com
Genmab Announces Results for the Nine Month Period of 2010 and Updated 2010 Financial Guidance
Genmab Announces Results for the Nine Month Period of 2010 and Updated 2010 Financial Guidance
Nov. 9, 2010 (GlobeNewswire) --
COPENHAGEN, Denmark, Nov. 9, 2010 (GLOBE NEWSWIRE) --
- Significant reduction in operating loss to DKK 73 million in first nine months
of 2010 compared to DKK 361 million in 2009
- Fair value of Minnesota manufacturing facility reduced by DKK 130 million;
projected sale moved into 2011 impacting projected cash balance in the updated
guidance
- Updated guidance includes Arzerra royalty income and DKK 125 million
improvement in operating loss
COPENHAGEN, Denmark, Nov. 9, 2010 (GLOBE NEWSWIRE) -- Genmab A/S (OMX:GEN) announced
today results for the nine month period ended September 30, 2010 and updated 2010
financial guidance.
"We have made a number of significant steps towards securing Genmab's future
during the third quarter, including updating our corporate strategy, clarifying
plans for ofatumumab and zalutumumab and implementing a reorganization that will
reduce operating expenses by DKK 30 million annually," said Jan van de Winkel,
Ph.D., Chief Executive Officer of Genmab. Further he added, "Our focus on the
most dominant priorities has led to a significant reduction in operating
expenses which will help us grow into a sustainable and profitable business."
During this period, Genmab reported the following results:
- Revenues were DKK 491 million (USD 90 million) for the nine months period
ended September 30, 2010. In the same period of 2009, Genmab recognized revenues
of DKK 393 million (USD 72 million). The revenues consist primarily of deferred
revenue and milestone payments.
- An operating loss of DKK 73 million (USD 13 million). This compares to an
operating loss of DKK 361 million (USD 66 million) for the corresponding period
of 2009. The improved operating result was mainly related to an increase in
revenues and a reduction in the research and development costs compared to the
first nine months of 2009.
- A net loss for continuing operations of DKK 66 million (USD 12 million)
compared to a net loss of DKK 228 million (USD 42 million) for the same period
in 2009. The net loss per share for continuing operations was DKK 1.46 (USD
0.27) for the first nine months of 2010 compared to DKK 5.08 (USD 0.93) for the
first nine months of 2009.
- A net loss of DKK 238 million (USD 44 million) compared to DKK 403 million
(USD 74 million) for the first nine months of 2009. This includes the results of
our manufacturing facility, which has been classified as held for sale and
presented as a discontinued operation due to our decision to sell the facility.
The loss for discontinued operation amounted to DKK 172 million (USD 32 million)
for the first nine months of 2010 compared to DKK 175 million (USD 32 million)
for the first nine months of 2009. The fair value less cost to sell the facility
has been reduced from approximately USD 145 million to USD 120 million as of
September 30, 2010, resulting in a non-cash impairment charge of approximately
DKK 130 million (USD 24 million). This charge is included in the DKK 172 million
(USD 32 million) mentioned above.
- Genmab ended the nine month period with a cash position of DKK 1,694 million
(USD 310 million). This represents a net increase of DKK 413 million (USD 75
million) compared to the end of December 2009 which is primarily related to the
upfront payment received from GSK partially offset by the ongoing investment in
our research and development activities.
Third Quarter 2010 Highlights
- In July, GSK and Genmab announced an amendment to the ofatumumab
co-development and commercialization agreement. Under the terms of the
amendment, GSK will take responsibility for developing ofatumumab in autoimmune
indications whilst continuing to jointly develop ofatumumab with Genmab in
oncology indications.
- In September, GSK and Genmab announced plans to focus on the development of
the subcutaneous delivery of ofatumumab in autoimmune indications and will stop
further development work on the intravenous route of administration in
autoimmune disease.
- In September, the first patient was treated in the Phase III study of
ofatumumab in patients with indolent B-cell non-Hodgkin's lymphoma (B-NHL) who
did not respond to or progressed during, or within 6 months of a rituximab
containing regimen. This event triggered a milestone payment to Genmab of
approximately DKK 116 million.
- In September, Genmab updated its corporate strategy whereby it will focus on
its core competence of antibody creation and development, turn science into
medicine by producing antibodies with significant commercial potential, while
striving to build a profitable and successful company.
- Genmab entered into a research collaboration agreement with Seattle Genetics
to utilize Seattle Genetics' antibody-drug conjugate technology with HuMax-TF in
September.
Subsequent to the balance sheet date
In October Genmab announced:
- An agreement to create and develop antibodies for central nervous system
disorders with H. Lundbeck A/S. If all milestones in the agreement are achieved,
the total value of the agreement to Genmab would be approximately EUR 38 million
(approximately DKK 283 million at the date of the agreement), plus single-digit
royalties.
- An update on the potential regulatory pathway for zalutumumab following
preliminary, non-binding discussions with a number of selected national European
regulatory authorities and the FDA.
- Net sales of Arzerra for the third quarter of 2010 of approximately DKK 78
million, with an expected royalty payment to Genmab of DKK 15.6 million.
- Plans to reorganize its workforce and reduce staff by approximately 33
positions as part of its strategy to build a profitable and successful biotech
company. The annualized impact of the reorganization is estimated to yield
savings of approximately DKK 30 million.
- The start of a Phase III study of single agent ofatumumab compared to single
agent rituximab in patients with follicular non-Hodgkin's lymphoma (NHL) that
has relapsed at least 6 months after completion of treatment with a
rituximab-containing regimen to which they responded.
Outlook
Genmab is changing its 2010 financial guidance primarily as a result of a
reduction in the fair value of the Minnesota manufacturing facility and a delay
of the anticipated sale into 2011. We have also, for the first time, included
Arzerra royalty income in the financial guidance.
We expect our 2010 revenue, including DKK 55 million of royalties from Arzerra
sales, to be approximately DKK 575 - 585 million compared to the previous
guidance of DKK 475 - 525 million. This improvement is mostly driven by the
inclusion of the royalty income from Arzerra sales, although given the
difficulty of estimating product revenues due to the short period that the
product has been on the market the estimated royalties for the fourth quarter
have been kept constant with the actual royalties reported in the third quarter.
We anticipate that our 2010 operating expenses from continuing operations will
be DKK 775 - 825 million compared to DKK 825 - 875 million shown in the previous
guidance. The decrease is primarily attributable to an anticipated reduction in
the charges from GSK relating to the development of ofatumumab.
The operating expense also includes the impact of the reorganization which was
announced on October 25, 2010, with an approximate reorganization and transition
expense impact of DKK 29 million in 2010.
We expect the operating loss from continuing operations for 2010 to be
approximately DKK 200 - 250 million, compared to the operating loss of DKK 325 -
375 shown in the previous guidance. The improvement is due to the increased
revenue, including the inclusion of royalty income and decreased operating
expenses as discussed above.
The discontinued operation guidance of DKK 55 million relates to the ongoing
running costs of the Minnesota manufacturing facility and represents a full 12
months of activity maintaining the facility in a validated state. The decrease
from the previous guidance of DKK 60 million is mostly due to the exchange rate
movement between the USD and DKK.
In September, a non-cash impairment charge of approximately DKK 130 million was
recognized, as the fair value less cost to sell of the manufacturing facility
has been reduced from approximately USD 145 million to USD 120 million as of
September 30, 2010. Sales related costs are still estimated to be approximately
USD 5 million. Please refer to the Manufacturing section and note 2 in the
interim report for further details.
In 2009, we launched an active sales process and we remain focused on entering a
sales agreement. However, the sale of the facility has been removed from the
2010 guidance as it is now projected that the sale will take place in 2011 due
to a change in the general market conditions.
The cash projection includes the upfront payment relating to the amended
agreement of GBP 90 million (DKK 815 million at the date of the agreement) as
included in the previous guidance.
As of December 31, 2009, we had cash, cash equivalents and marketable securities
of DKK 1,281 million. Excluding the sale of the manufacturing facility, the
projected cash balance is now expected to be approximately DKK 1,475 - 1,525
compared to DKK 1,375 - 1,475 in the previous guidance.
As the anticipated sale of the facility has been moved into 2011, the projected
cash balance shown above will be below the previous projected balance at the end
of the year (including the facility sale) of approximately DKK 2,175 - 2,275
million.
--------------------------------------------------------------------------------
2010 Guidance Revised Previous
--------------------------------------------------------------------------------
DKK USD DKK USD
Millions Millions Millions Millions
--------------------------------------------------------------------------------
Revenue 575 - 585 105 - 107 475 - 525 87 - 96
--------------------------------------------------------------------------------
Operating expenses (775) - (142) - (825) - (151) -
(825) (151) (875) (160)
--------------------------------------------------------------------------------
Operating loss (200) - (37) - (46) (325) - (60) - (69)
continuing (250) (375)
operations
--------------------------------------------------------------------------------
Discontinued (55) (10) (60) (11)
operation (130) (24) - -
Non-cash
impairment charge
--------------------------------------------------------------------------------
Opening cash* 1,281 235 1,281 235
--------------------------------------------------------------------------------
GSK upfront 815 149 815 149
payment
--------------------------------------------------------------------------------
Closing cash with 1,475 - 270 - 279 1,375 - 252 - 270
GSK* 1,525 1,475
--------------------------------------------------------------------------------
Facility sale - - 800 147
--------------------------------------------------------------------------------
Closing cash with 1,475 - 270 - 279 2,175 - 398 - 417
MN and GSK* 1,525 2,275
--------------------------------------------------------------------------------
* cash, cash equivalents and marketable securities
--------------------------------------------------------------------------------
In addition to factors already mentioned, the estimates above are subject to
change due to numerous reasons, including the timing and variation of
development activities, related income and costs and fluctuations in the value
of our marketable securities, fair value less cost to sell related to our
manufacturing facility and currency exchange rates. The financial guidance also
assumes that no further significant agreements are entered into during 2010 that
could materially affect the results.
Conversion of Certain DKK Amounts to USD
For the convenience of the reader certain DKK amounts have been converted to
USD. Unless otherwise indicated, conversion herein of financial information from
DKK to USD in our 2010 guidance has been made using the Danish Central Bank
closing spot rate on September 30, 2010 of USD 1.00 = DKK 5.4601.
Conference Call
Genmab will hold a conference call to discuss the results for the nine month
period of 2010 tomorrow, Wednesday, November 10, 2010, at
3.00 pm CET
2.00 pm GMT
9.00 am EST
The conference call will be held in English.
The dial in numbers are as follows:
+1 877 941 8631 (in the US) and provide conference ID no. 4378926
+1 480 629 9819 (outside the US) and provide conference ID no. 4378926
A live webcast of the call and relevant slides will be available at
www.genmab.com. The webcast will also be archived on Genmab's website.
About Genmab A/S
Genmab is a leading international biotechnology company focused on developing
fully human antibody therapeutics for the potential treatment of cancer.
Genmab's world class discovery and development teams are using cutting-edge
technology to create and develop products to address unmet medical needs. Our
primary goal is to improve the lives of patients who are in urgent need of new
treatment options. For more information on Genmab's products and technology,
visit www.genmab.com.
This Stock Exchange Release contains forward looking statements. The words
"believe", "expect", "anticipate", "intend" and "plan" and similar expressions
identify forward looking statements. Actual results or performance may differ
materially from any future results or performance expressed or implied by such
statements. The important factors that could cause our actual results or
performance to differ materially include, among others, risks associated with
product discovery and development, uncertainties related to the outcome and
conduct of clinical trials including unforeseen safety issues, uncertainties
related to product manufacturing, the lack of market acceptance of our products,
our inability to manage growth, the competitive environment in relation to our
business area and markets, our inability to attract and retain suitably
qualified personnel, the unenforceability or lack of protection of our patents
and proprietary rights, our relationships with affiliated entities, changes and
developments in technology which may render our products obsolete, and other
factors. For a further discussion of these risks, please refer to the section
"Risk Management" in Genmab's Annual Report, which is available on
www.genmab.com. Genmab does not undertake any obligation to update or revise
forward looking statements in this Stock Exchange Release nor to confirm such
statements in relation to actual results, unless required by law.
Genmab(R); the Y-shaped Genmab logo(R); HuMax(R); HuMax-CD20(R); HuMax-EGFr(TM);
HuMax-IL8(TM); HuMax-TAC(TM); HuMax-HepC(TM); HuMax-CD38(TM); HuMax-TF(TM);
HuMax-Her2(TM); HuMax-Wnt(TM); HuMax-cMet(TM) and UniBody(R) are all trademarks
of Genmab A/S. Arzerra(R) is a trademark of GlaxoSmithKline.
Stock Exchange Release no. 45
CONTACT: Genmab A/S
Helle Husted, Vice President, Investor Relations
+45 33 44 77 30
M: +45 25 27 47 13
h.husted@genmab.com
Source: Globe Newswire (November 9, 2010 - 11:55 AM EST)
News by QuoteMedia
www.quotemedia.com
First Gold Intersects by Drilling Mineralized Zone on New Showings and Obtains 1.72% Li2O Over 15.1 Metres at Rose
First Gold Intersects by Drilling Mineralized Zone on New Showings and Obtains 1.72% Li2O Over 15.1 Metres at Rose
Nov. 9, 2010 (Marketwire) --
LAVAL, QUEBEC -- (Marketwire) -- 11/09/10 -- First Gold Exploration Inc. (TSX VENTURE: EFG) (FRANKFURT: F12) (OTCQX: FGEXF) is pleased to report the most recent drill results for the Lac Pivert/Rose project. The table below shows the results for holes LR-10-124 to LR-10-139, drilled to test the extension of the zones to the east. All the holes intersected mineralization and extended the mineralized zone at Rose eastward.
Drilling continues, with the drill now working on the Hydro, Pivert and JR showings. To date, three holes have been drilled on the Hydro showing and twelve on the JR showing. Drilling has returned numerous mineralized intersections. The details and assay results for these intersections will be disclosed over the coming weeks as they are received.
InnovExplo was hired in June to prepare a 43-101 report on the Pivert/Rose property, as well as a resource estimate for the project.
The 43-101 property report can be found on Sedar, and the resource estimate is expected before the end of the year. The work is progressing well to date, and no delays are expected. The Company will order a prefeasibility study as soon as it receives the resource estimate.
A map showing the location of the holes drilled on the Pivert/Rose Lithium Project can be found in the Projects section of the Company's website, at www.firstgoldexploration.com.
THE BEST RESULTS OBTAINED TO DATE ARE AS FOLLOWS:
TRUE
HOLE FROM TO WIDTH Li20 Rb Ta2O5 Be Cs Ga
ppm ppm ppm ppm ppm
No. (m) (m) (m) (%) (g/t) (g/t) (g/t) (g/t) (g/t)
--------------------------------------------------------------------------
LR-10-106 111.70 114.70 3.00 0.93 2555 213 121 108 85
143.10 159.15 16.05 1.49 2384 161 158 77 68
--------------------------------------------------------------------------
LR-10-124 128.55 130.7 2.15 0.32 2146 165 126 72 92
158.2 172.9 14.7 1.48 2651 99 170 78 70
187.85 189.6 1.75 1.34 2736 110 130 85 82
--------------------------------------------------------------------------
LR-10-125 161.6 166.45 4.85 0.83 1997 152 116 60 88
175.05 187.75 12.7 1.34 2266 111 160 67 73
--------------------------------------------------------------------------
LR-10-126 133.25 140.6 7.35 0.97 2001 135 189 66 71
--------------------------------------------------------------------------
LR-10-127 107.10 115.55 8.45 0.83 1899 135 154 57 72
124.20 134.10 9.90 0.78 2259 104 209 82 61
--------------------------------------------------------------------------
LR-10-128 100.15 116.85 16.70 0.66 2037 130 146 67 68
--------------------------------------------------------------------------
LR-10-129 98.35 112.3 13.95 0.61 3005 106 141 74 57
--------------------------------------------------------------------------
LR-10-130 101.15 112.8 11.65 1.23 2532 107 163 70 62
--------------------------------------------------------------------------
LR-10-131 97.1 112.2 15.1 1.72 1557 134 137 51 78
--------------------------------------------------------------------------
LR-10-132 80.7 86.15 5.45 1.45 2219 149 144 69 74
91.95 97.8 5.85 1.01 2812 60 135 67 57
--------------------------------------------------------------------------
LR-10-133 65.7 76.65 10.95 1.34 3094 103 104 109 71
--------------------------------------------------------------------------
LR-10-134 61.9 76.05 14.15 1.4 2582 164 108 88 67
--------------------------------------------------------------------------
LR-10-135 79.35 83.9 4.55 0.35 3091 189 375 96 65
89.3 92.15 2.85 1.16 2061 127 129 70 69
--------------------------------------------------------------------------
LR-10-136 107.25 117.25 10 1.25 2181 108 172 83 64
--------------------------------------------------------------------------
LR-10-137 110.95 119.3 8.35 0.22 2321 67 150 75 56
--------------------------------------------------------------------------
LR-10-138 107.55 118.8 11.25 1.47 2536 117 208 73 80
140.35 143.75 3.4 0.65 3985 103 131 112 64
--------------------------------------------------------------------------
LR-10-139 111.65 128.45 16.80 0.94 2015 119 134 56 72
--------------------------------------------------------------------------
(i) 1 ppm = 1 g/t
All the samples were sent for analysis in sealed containers to the Chemex laboratory in Val-d'Or by employees of the Company. Chemex is the laboratory used for analysis of all samples from programs on the Lac Pivert/Rose property. The samples are weighed and identified prior to sample preparation. The samples are crushed to 70% minus 2 mm, then separated and pulverized to 85% passing 75 um. All samples are analyzed using ICP-MS, with full analysis for 47 elements.
Jean-Sebastien Lavallee (OGQ #773), geologist, shareholder, interim president and chief executive officer of the Company and Qualified Person under NI 43-101, has reviewed and approved the technical content of this release.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
First Gold Exploration Inc.
Jean-Sebastien Lavallee, P.Geo.
President and Chief Executive Officer
819-354-5146
jslavallee@consul-teck.com
www.firstgoldexploration.com
Source: Marketwire (November 9, 2010 - 10:59 AM EST)
News by QuoteMedia
www.quotemedia.com
TAG Provides Details on Recent Developments and Future Outlook
TAG Provides Details on Recent Developments and Future Outlook
Nov. 9, 2010 (GlobeNewswire) --
NEW YORK, Nov. 9, 2010 (GLOBE NEWSWIRE) -- Total Apparel Group, Inc. ("TAG" or the "Company") (Pink Sheets:TLAG), a licensing, merchandising and distribution company focused on bringing national and international brands to the North American marketplace, has today provided its shareholders with an open letter detailing recent developments and outlining the Company's future outlook.
To view the letter, visit http://bit.ly/cDvqO7.
To be added to the Total Apparel Group, Inc. investor email list, please send an email with TLAG in the subject line to justin.davis@cirrusfc.com.
About Total Apparel Group, Inc.
Total Apparel Group, Inc. (Pink Sheets:TLAG) (www.tapginc.com) is a licensing, distribution and merchandising company focused on bringing national and international brands to the North American marketplace through strategic licensing and distribution agreements with partners who have existing brand recognition and the ability to develop, design and manufacture products. TAG is currently a licensing and distribution partner for several internationally known lifestyle apparel, shoe and accessory brands, specifically, Kappa™, FIFA™ and FIFA World Cup™.
CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING STATEMENTS
This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and relate to future events, including, without limitation, our future financial performance. These statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Such forward-looking statements may be identified by terminology such as "intend," "should," "expect," "may," "plan," "anticipate," "believe," "estimate," "project" or "predict," and the negative and variations of such words and comparable terminology. You should not place undue reliance on these forward-looking statements since they involve known and unknown risks, uncertainties and other factors, which are, in some cases, beyond our control. Any forward-looking statement reflects our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions. Except as required by applicable law, we assume no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons why actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.
CONTACT: Cirrus Financial Communications, LLC
Justin K. Davis
(877) 640-TLAG (8524)
Justin.Davis@cirrusfc.com
www.cirrusfc.com
Source: Globe Newswire (November 9, 2010 - 10:55 AM EST)
News by QuoteMedia
www.quotemedia.com
El Maniel International, Inc. Completes Geological Mapping on Additional 100 Acres in Ghana, West Africa
El Maniel International, Inc. Completes Geological Mapping on Additional 100 Acres in Ghana, West Africa
Nov. 9, 2010 (GlobeNewswire) --
NEW YORK, Nov. 9, 2010 (GLOBE NEWSWIRE) -- El Maniel International Inc (Pink Sheets:EMLL) announces completion of geological mapping on the additional 100 acres alluvial gold mining concession in the South-Western Region of Ghana, West Africa. "During this additional 100 acres geological mapping and also the on-going geological survey of the first 100 acres, we gained significant knowledge of our property located in Ghana's Golden Triangle, an area in the South-Western Region of Ghana and we are very excited about the progress" according to CEO of El Maniel, Jamie Khoo
"Current gold reserves in Ghana's Golden Triangle combined with historical gold production amounts to over 168 million ounces and we are situated right in the middle of proven gold fields where gold deposits yield an average of over 2.0 g/t" adds Jamie Khoo "Several gold miners that are publicly listed on major stock exchanges such as the Toronto Stock Exchange (TSX), Australian Stock Exchange (ASX) and Frankfurt Stock Exchange are also centered in this Golden Triangle."
Ghana is well known as a mining-friendly nation with over 1000 years history of gold production and the country is the second largest gold producer in Africa. The famous mines in Ghana has been in continuous production for 110 years and the country is still continuously attracting billions of foreign investment due to the long mining history, prospective minerals deposits, reasonable taxation and stable government.
"El Maniel is definitely moving on the right track with the West African venture as gold's primary trend continues to be on the upside relentlessly pursuing US$1600 per ounce" states Jamie Khoo "El Maniel has developed a promising portfolio of international properties in regions marked by stable politics, sound economies and friendly business relations and the company is currently working towards accelerating the progress of its rich gold production potential holdings of alluvial gold mining concessions in the well defined gold belt of the South-Western Region of Ghana, West Africa." For more information on the Company and its projects, visit El Maniel's website at www.elmanielinc.com
"SAFE HARBOR" STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: The statements contained in this release which are not historical facts are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by forward-looking statements. These risks and uncertainties include the Company's entry into new commercial businesses, the risk of obtaining financing, recruiting and retaining qualified personnel, and other risks described in the Company's Securities and Exchange Commission filings. The forward-looking statements in this press release speak only as of the date hereof, and the Company disclaims any obligation to provide updates, revisions or amendments to any forward-looking statement to reflect changes in the Company's expectations or future events.
Gerrard Hollister Investor Relations
GH@GerrardHollister.com
+1 (310) 909-7988
Source: Globe Newswire (November 9, 2010 - 10:26 AM EST)
News by QuoteMedia
www.quotemedia.com
International Silver Inc. (OTCQB: ISLV) to Explore Prince Mine
International Silver Inc. (OTCQB: ISLV) to Explore Prince Mine
Nov. 9, 2010 (Marketwire) --
TUCSON, AZ -- (Marketwire) -- 11/09/10 -- International Silver Inc. (OTCQB: ISLV) (OTCBB: ISLV) is pleased to announce that it has entered into a lease/purchase agreement to explore and acquire the historic Prince Silver Mine in Lincoln County, Nevada U.S.A. The Prince Silver Mine is a former producer of silver, gold, lead, zinc and manganese sulfide and oxide fluxing ore. Past production from the mine which was last operated in 1951 amounts to 3.6 million ounces of silver, 68 million pounds of lead, 110 million pounds of zinc and 17 thousand ounces of gold from 1.2 million tons of ore. Past production was from both underground and surface operations which exploited bedded replacements of limestone units within the Cambrian stratigraphic section. Mineralization as presently exposed in the mine appears to be relatively uniform although displaced by faulting and is found to occur extensively in numerous horizons. The average grade mined from these replacements was 2.9 opt silver, 0.014 opt gold, 2.8% lead, 4.5% zinc and 8.5% manganese. An independent engineers report on the mine indicates that a geologic resource of at least 1.8 million tons of mineralization with similar grade and continuity is present within the previously developed mine area. Independent sampling by International Silver geologists has confirmed the reported grades of previously mined ore, however, a full exploration program is required to establish reserves that conform with SEC reporting requirements.
It is the intent of International Silver to conduct further exploration at the mine and the surrounding area in the expectation that the structural and stratigraphic factors which control mineralization have formed more extensive zones of silver mineralization. This exploration work will entail geologic mapping, surface and underground sampling, followed by core and rotary drilling.
The Company objective is to confirm an open pit resource of approximately 15 million tons of near surface oxidized mineralization at similar grades and to confirm by metallurgical testing of the cores collected during drilling that the ore is free leaching with acid and amenable to solvent extraction and electrowinning of zinc (to produce special high grade cathode zinc) and manganese (EMD-electro-manganese dioxide). Silver and lead will become insoluble sulfates in the leaching process and will be treated as a high grade lead-silver-gold concentrate.
International Silver Inc. is a publicly traded exploration and mine development company whose properties are located in North America, principally in the United States and Mexico. It currently holds the Leviathan Mine in the Calico Mining District of San Bernardino, California which is comprised of 60 unpatented mining claims (1,242 acres) and hosts three previously worked silver deposits, the Silverado, the Leviathan and the Silver Bow mines.
International Silver also wholly owns a Mexican subsidiary which holds three adjacent mining properties, the El Cumbro, El Cusito and Canada del Oro properties in the Sierra Nevada gold belt of southern Sonora State and the La Moneda precious metals property located near Puerto Libertad on the Gulf of Cortez, also in Sonora.
International Silver is focused on identifying and establishing control positions of silver properties in previously worked silver districts of North America and developing these properties through exploration and permitting to establish reserves that will ultimately result in operating silver mines.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS AND RISKS
Some of the statements in this press release are forward-looking statements and are based on our current expectations, assumptions and estimates. Forward-looking statements carry certain risks regarding an assumed set of economic conditions and courses of action, including: (a) whether International Silver, Inc. ("the Company") will be able to obtain sufficient financing to continue to meet its operational goals; (b) the Securities and Exchange Commission ("SEC") permits companies engaged in exploration or mining activities to file reports with the SEC to disclose only those mineral deposits that a company can economically and legally extract or produce and views such representations with a great amount of uncertainty; and (c) other risk factors and matters disclosed in the Company's SEC filings, including its Form 10-K for the period ending December 31, 2009 and its S-1 registration statement, both of which may be accessed at www.sec.gov. No information contained in this press release should be construed as a representation or indication, in any manner whatsoever, of the present or future value of the Company or its common stock. Readers of information contained in this press release should carefully review the Company's filings with the SEC that contain important information regarding the Company. The Company disclaims any responsibility to update forward-looking statements made herein.
For more information contact:
Matthew J. Lang
Vice President Administration & Investor Relations
(520) 889-2040 ext. 10
Email Contact
Source: Marketwire (November 9, 2010 - 9:30 AM EST)
News by QuoteMedia
www.quotemedia.com
International Silver Inc. (OTCQB: ISLV) to Explore Prince Mine
International Silver Inc. (OTCQB: ISLV) to Explore Prince Mine
Nov. 9, 2010 (Marketwire) --
TUCSON, AZ -- (Marketwire) -- 11/09/10 -- International Silver Inc. (OTCQB: ISLV) (OTCBB: ISLV) is pleased to announce that it has entered into a lease/purchase agreement to explore and acquire the historic Prince Silver Mine in Lincoln County, Nevada U.S.A. The Prince Silver Mine is a former producer of silver, gold, lead, zinc and manganese sulfide and oxide fluxing ore. Past production from the mine which was last operated in 1951 amounts to 3.6 million ounces of silver, 68 million pounds of lead, 110 million pounds of zinc and 17 thousand ounces of gold from 1.2 million tons of ore. Past production was from both underground and surface operations which exploited bedded replacements of limestone units within the Cambrian stratigraphic section. Mineralization as presently exposed in the mine appears to be relatively uniform although displaced by faulting and is found to occur extensively in numerous horizons. The average grade mined from these replacements was 2.9 opt silver, 0.014 opt gold, 2.8% lead, 4.5% zinc and 8.5% manganese. An independent engineers report on the mine indicates that a geologic resource of at least 1.8 million tons of mineralization with similar grade and continuity is present within the previously developed mine area. Independent sampling by International Silver geologists has confirmed the reported grades of previously mined ore, however, a full exploration program is required to establish reserves that conform with SEC reporting requirements.
It is the intent of International Silver to conduct further exploration at the mine and the surrounding area in the expectation that the structural and stratigraphic factors which control mineralization have formed more extensive zones of silver mineralization. This exploration work will entail geologic mapping, surface and underground sampling, followed by core and rotary drilling.
The Company objective is to confirm an open pit resource of approximately 15 million tons of near surface oxidized mineralization at similar grades and to confirm by metallurgical testing of the cores collected during drilling that the ore is free leaching with acid and amenable to solvent extraction and electrowinning of zinc (to produce special high grade cathode zinc) and manganese (EMD-electro-manganese dioxide). Silver and lead will become insoluble sulfates in the leaching process and will be treated as a high grade lead-silver-gold concentrate.
International Silver Inc. is a publicly traded exploration and mine development company whose properties are located in North America, principally in the United States and Mexico. It currently holds the Leviathan Mine in the Calico Mining District of San Bernardino, California which is comprised of 60 unpatented mining claims (1,242 acres) and hosts three previously worked silver deposits, the Silverado, the Leviathan and the Silver Bow mines.
International Silver also wholly owns a Mexican subsidiary which holds three adjacent mining properties, the El Cumbro, El Cusito and Canada del Oro properties in the Sierra Nevada gold belt of southern Sonora State and the La Moneda precious metals property located near Puerto Libertad on the Gulf of Cortez, also in Sonora.
International Silver is focused on identifying and establishing control positions of silver properties in previously worked silver districts of North America and developing these properties through exploration and permitting to establish reserves that will ultimately result in operating silver mines.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS AND RISKS
Some of the statements in this press release are forward-looking statements and are based on our current expectations, assumptions and estimates. Forward-looking statements carry certain risks regarding an assumed set of economic conditions and courses of action, including: (a) whether International Silver, Inc. ("the Company") will be able to obtain sufficient financing to continue to meet its operational goals; (b) the Securities and Exchange Commission ("SEC") permits companies engaged in exploration or mining activities to file reports with the SEC to disclose only those mineral deposits that a company can economically and legally extract or produce and views such representations with a great amount of uncertainty; and (c) other risk factors and matters disclosed in the Company's SEC filings, including its Form 10-K for the period ending December 31, 2009 and its S-1 registration statement, both of which may be accessed at www.sec.gov. No information contained in this press release should be construed as a representation or indication, in any manner whatsoever, of the present or future value of the Company or its common stock. Readers of information contained in this press release should carefully review the Company's filings with the SEC that contain important information regarding the Company. The Company disclaims any responsibility to update forward-looking statements made herein.
For more information contact:
Matthew J. Lang
Vice President Administration & Investor Relations
(520) 889-2040 ext. 10
Email Contact
Source: Marketwire (November 9, 2010 - 9:30 AM EST)
News by QuoteMedia
www.quotemedia.com
(CCTR) China Crescent Plans to Increase Profits by Seizing Market Advantage in Growing India BPO Trend That Includes Tata and Infosys Looking to Chinese IT Market
(CCTR) China Crescent Plans to Increase Profits by Seizing Market Advantage in Growing India BPO Trend That Includes Tata and Infosys Looking to Chinese IT Market
Nov. 9, 2010 (Marketwire) --
DALLAS, TX -- (Marketwire) -- 11/09/10 -- China Crescent Enterprises, Inc. (OTCBB: CCTR) recently announced a letter of intent that would establish a new sales channel for the Company to provide services to India's Business Process Outsourcing (BPO) market . Today, the Company released a Webcast to present an overview of the LOI and China Crescent's strategy to accelerate revenue growth and increase profit margins. The India BPO strategy is being executed in partnership with NewMarket Technology, Inc. (PINKSHEETS: NWMT) (OTCQB: NWMT). In addition to presenting details on LOI terms and plans to reach a $100 million annual revenue objective from the sale of India BPO services, the Webcast also includes background on the trend of current India BPO firms such as Tata and Infosys turning to the Chinese technology market. With a $40 million in annual revenue operation already established in China, China Crescent believes it has a market advantage in the pursuit of the current India BPO trend in China.
The Webcast is currently available for on-demand review at http://tinyurl.com/35rmwry.
China Crescent is a systems integration service provider of brand name technologies operating primarily in China that reported $45 million in profitable annual revenue in 2009. China Crescent reported $31.7 million in revenue for the first six months of 2010, up 87% compared to $16.9 million in revenue for the first six months in 2009. Net income increased to $1.12 million for the second quarter 2010 compared to $1.02 million for second quarter 2009 and for the first six months of 2010, net income was $1.77 million compared to $1.14 million for the same period in 2009. The Company's recent expansion into additional lines of business in China, including outsourcing services and original design manufacturing (ODM), has contributed to the growth.
Sign Up to Receive Regular China Crescent Investor Updates
China Crescent sends email updates to its opt-in, permission-based email database. Interested investors can easily, safely and quickly register to receive these communications directly on the corporate website homepage (www.chinacrescent.com). Recipients can manage their own email contact profile and unsubscribe at any time.
About China Crescent Enterprises, Inc. (www.chinacrescent.com)
China Crescent is a systems integration service provider that markets technology outsourcing services in China including the sale and service of brand name technologies such as Microsoft, Cisco, IBM, HP and Dell. Following a strategic acquisition last year, the Company expanded its business line to include original design manufacturing (ODM). China Crescent reported $45 million in profitable revenue in 2009 after reporting over $40 million in revenue for both 2007 and 2008 and has set a goal of reaching $100 million in revenue in 2010.
Headquartered in Dallas with operations in Shanghai, Shenzhen, Dalian and Beijing, China Crescent bridges the gap between global business cultures to assist clients worldwide realize the advantages of the high quality, low cost technology products and services available from China. China Crescent also assists clients in localizing products and services to realize the tremendous growth potential available by expanding into the Chinese Market.
"SAFE HARBOR STATEMENT" UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
This press release contains forward-looking statements that involve risks and uncertainties. The statements in this release are forward-looking statements that are made pursuant to safe harbor provision of the Private Securities Litigation Reform Act of 1995. Actual results, events and performance could vary materially from those contemplated by these forward-looking statements. These statements involve known and unknown risks and uncertainties, which may cause China Crescent's actual results in future periods to differ materially from results expressed or implied by forward-looking statements. These risks and uncertainties include, among other things, product demand and market competition. You should independently investigate and fully understand all risks before making investment decisions.
Add to Digg Bookmark with del.icio.us Add to Newsvine
Contact:
China Crescent Enterprises, Inc.
Email Contact
214-722-3060
Source: Marketwire (November 9, 2010 - 9:24 AM EST)
News by QuoteMedia
www.quotemedia.com
San Gold's New L10 Zone Grows With Robust Widths and Grade
San Gold's New L10 Zone Grows With Robust Widths and Grade
Nov. 9, 2010 (Marketwire) --
BISSETT, MB -- (Marketwire) -- 11/09/10 -- Dale Ginn, CEO of San Gold Corporation (TSX: SGR) (OTCQX: SGRCF) is pleased to report that underground exploration drilling is confirming and extending the new L10 Zone located below and to the footwall side (south) of the Hinge Mine. Drill hole # H955-10-010 yielded 36.3 g/tonne (1.06 oz/ton) over 13.3 meters (43.4 ft), continuing to demonstrate robust widths. Significant grade was also encountered as highlighted by drill hole # H955-10-073, cutting 120 g/tonne (3.50 oz/ton) over 2.3 meters (7.5 ft). Six of the new holes listed below were successful in extending the L10 Zone upwards above the 300 meter level. The L10 zone is located 150 meters to the footwall (south) of the Hinge zone and has similar geological characteristics and strike direction as the 007 zone. Ten intersections are reported within nine drill holes in the L10 zone as tabulated below. A summary of previous underground drilling is also included as well as a list of surface exploration holes that are now interpreted to have intersected the L10 zone:
Length Gold Zone/
Hole # From (m) To(m) (m) (ft) (g/tonne) (oz/ton) Lens
H955-10-008 218.6 220.5 1.9 6.1 3.1 0.09 L10
H955-10-010 226.4 239.7 13.3 43.4 36.3 1.06 L10
including 228.7 236.0 7.3 24.0 64.1 1.87 L10
H955-10-063 211.4 213.3 1.9 6.2 19.5 0.57 L10
H955-10-065 207.3 213.9 6.6 21.6 12.3 0.36 L10
H955-10-067 200.8 205.2 4.4 14.4 15.8 0.46 L10
H955-10-068 203.8 207.0 3.2 10.6 18.5 0.54 L10
H955-10-073 191.5 193.8 2.3 7.5 119.9 3.50 L10
H955-10-134 189.4 193.1 3.7 12.1 15.8 0.46 L10
H955-10-135 191.2 195.1 3.9 12.8 7.9 0.23 L10
The L10 zone remains open along strike in both directions as well as to depth. The drill hole intersections as listed above within the L10 zone are located between 270 meters and 430 meters in depth and over a strike length of approximately 160 meters. The L10 Zone is tabular and steeply dipping to the north and possesses robust widths with consistent mineralization which appear to be amenable to mechanized (possibly longhole) mining methods. The L10 zone is accessible from the Hinge/007 decline; development is underway and will reach the L10 zone early in the first quarter of 2011.
The following table is a summary of underground drilling results on the L10 Zone prior to today's release:
Length Gold Zone/
Hole # From (m) To(m) (m) (ft) (g/tonne) (oz/ton) Lens
H955-10-003 252.2 259.0 6.8 22.4 7.2 0.21 L10
H955-10-004 233.7 242.4 8.7 28.6 7.5 0.22 L10
H955-10-005 217.2 218.6 1.4 4.6 19.9 0.58 L10
H955-10-006 226.3 233.4 7.1 23.3 6.5 0.19 L10
H955-10-007 231.6 243.2 11.6 38.1 12.7 0.37 L10
including 239.0 242.7 3.7 12.1 22.3 0.65 L10
H955-10-009 220.2 225.8 5.6 18.4 6.5 0.19 L10
H955-10-039 244.8 259.1 14.3 46.9 4.1 0.12 L10
H955-10-051 245.0 251.6 6.6 21.8 8.6 0.25 L10
including 249.2 251.6 2.4 7.9 16.4 0.48 L10
H955-10-062 271.4 274.8 3.4 11.2 9.6 0.28 L10
H955-10-064 212.9 218.2 5.3 17.4 12.0 0.35 L10
H955-10-069 220.0 222.8 2.8 9.2 13.7 0.40 L10
H985-10-003 272.0 278.4 6.4 21.0 6.2 0.18 L10
H985-10-004 264.8 267.0 2.2 7.2 6.9 0.20 L10
H985-10-007 279.9 282.2 2.3 7.6 7.5 0.22 L10
H985-10-008 275.6 277.1 1.5 4.9 10.7 0.31 L10
H985-10-012 274.7 276.2 1.5 4.9 8.2 0.24 L10
H985-10-030 305.9 308.5 2.6 8.5 31.5 0.92 L10
H96-09-096 255.4 263.0 7.6 24.9 8.2 0.24 L10
The following table is a summary of all past exploration holes drilled from surface that are now known to have been drilled deep enough to have intersected the L10 Zone:
Length Gold Zone/
Hole # (m) (ft) (g/tonne) (oz/ton) Lens
GS-08-37 16.6 54.5 16.8 0.49 L10
including 4.3 14.1 48.4 1.41 L10
GS-08-62 2.1 6.7 3.8 0.11 L10
GS-08-64 4.3 14.1 6.2 0.18 L10
GS-08-69 5.6 18.5 6.9 0.20 L10
GS-08-90 1.7 5.5 7.5 0.22 L10
GS-08-104 4.7 15.3 7.9 0.23 L10
GS-09-06 5.4 17.8 6.9 0.20 L10
GS-09-22 7.3 24.0 7.2 0.21 L10
Sections and diagrams related to this press release are available at the company's website www.sangold.ca, including a detailed longitudinal section displaying the results to date.
This program was carried out under the supervision of W.S. Ferreira, P.Geo., the Qualified Person for this project under National Instrument 43-101. The drill core was split, with half sent to TSL Laboratories in Saskatoon, SK and fire assayed with an AA and gravimetric finish. Underground drill core samples may be assayed on site in the company's assay lab using the fire assay method with an AA finish. San Gold's quality control program includes the insertion of blanks and standards, the retention of pulps and rejects, and spot checks utilizing independent labs including TSL Laboratories in Saskatoon, SK and Accurassay Laboratories in Thunder Bay, ON. Core lengths are actual lengths as drilled and have not been adjusted for the true width of the mineralized zones. In instances where high grade intervals are combined, resulting in a lower grade, wider interval, all assays are utilized including any internal waste which may have zero grade. Whole metallic assays were performed on samples containing visible gold.
Neither the TSX Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information, contact:
Dale Ginn
Chief Executive Officer
San Gold Corporation
(204) 794-5818
Investor Relations
1-800-321-8564
Source: Marketwire (November 9, 2010 - 8:46 AM EST)
News by QuoteMedia
www.quotemedia.com
Natcore Confirms Solar Power Output Gain Using New Passivation Process
Natcore Confirms Solar Power Output Gain Using New Passivation Process
Film Passivation Process Also Removes Reliance on Costly Vacuum Furnace
RED BANK, NEW JERSEY, Nov. 9, 2010 (Marketwire) -- Scientists at Natcore Technology Inc. (TSX VENTURE:NXT)(PINK SHEETS:NTCXF) have been able to demonstrate the effectiveness of the company's method to passivate the surface of standard commercial silicon solar cells on which a silica film has been grown using Natcore's liquid phase deposition (LPD) process.
Passivation is the process of filling the dangling atomic bonds at the surface of the solar cell, as well as reducing the numbers of defects that always exist in the upper region of the cell body. It is critical to enabling production of long-term, high-performance silicon solar cells.
Following an advance announcement on September 15, Natcore's R&D team at the Ohio State University now report that measurements of the effect of the Natcore surface passivation process on an important parameter called surface recombination velocity, or SRV, show that the SRV has been improved a factor of more than 25 times compared to its value for an untreated cell. This result translates shows that Natcore's LPD passivation process achieves the same level of performance as the current industry standard technique. Importantly, it will be less costly to use in full-scale production compared to the hydrogenated silicon nitride passivation process now used in every silicon solar cell manufacturing line in the world.
In Natcore's refined LPD process, this necessary passivation is achieved using the same production steps normally applied to the solar cell to create its top and bottom metal contacts; no additional heating cycles are required. The synergistic nature of Natcore's technology with existing cell fabrication steps will greatly simplify the standard silicon solar cell manufacturing process.
Very importantly, recent developments in silicon solar cell manufacturing R&D have shown that significant gains in cell performance can be achieved with ever-thinner silicon wafers by passivating the rear surface of the cell with a layer of silica underneath the full-coverage aluminum back contact. This step has not yet been included in actual manufacturing because it presently requires the deposition of the silica film by thermal vacuum processes that are too cumbersome and costly to implement. Natcore's new technology eliminates the need for that vacuum furnace, however, thereby lowering cost and environmental harm.
Natcore's patent-pending process can be implemented in a cost-effective manner as a simple add-on to equipment that already exists on the production floor. In the near future, Natcore will pursue discussions with existing suppliers of such equipment both at home and abroad to develop beta test sites in selected cell manufacturing facilities prior to full scale introduction of the technology to the global market.
"This is a significant advance in the performance of standard solar cells, and we're thrilled by it," says Natcore President and CEO Chuck Provini. "Nevertheless, we continue to maintain our focus on our joint venture in China, our thin-film applications and, particularly, the development of our tandem solar cell. An all-silicon tandem solar cell would bring the greatest gains in solar cell efficiency to date. It remains our ultimate goal, and our scientists working at Rice University continue to make important progress toward achieving it."
Statements in this press release other than purely historical factual information, including statements relating to revenues or profits, or Natcore's future plans and objectives, or expected sales, cash flows, and capital expenditures constitute forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in Natcore's business, including risks inherent in the technology history. There can be no assurance that such forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on such statements. Except in accordance with applicable securities laws, Natcore expressly disclaims any obligation to update any forward-looking statements or forward-looking statements that are incorporated by reference herein.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Natcore Technology Inc. 732-576-8800
Source: Marketwire Canada (November 9, 2010 - 8:03 AM EST)
News by QuoteMedia
www.quotemedia.com
TVI Pacific Announces Completion of Eighteenth Shipment of Copper Concentrates Produced at Canatuan
TVI Pacific Announces Completion of Eighteenth Shipment of Copper Concentrates Produced at Canatuan
Nov. 9, 2010 (Marketwire) --
CALGARY, ALBERTA -- (Marketwire) -- 11/09/10 -- TVI Pacific Inc. (TSX: TVI) (OTCQX: TVIPF) ("TVI" or "the Company") announced today that its Philippine operating affiliate, TVI Resource Development (Phils.), Inc. ("TVIRD"), completed its eighteenth shipment of copper concentrates produced at the Canatuan Mine on November 6, 2010.
-- Gross revenue expected from eighteenth shipment US$8.9 million
-- Gross revenue year to date US$68.3 million
-- Copper concentrates shipped year-to-date 41,950 dry metric tonnes
("dmt")
Copper production remains steady at Canatuan and concentrate grade levels have been kept around 20 percent. Current production plans call for maintaining production at these concentrate grade levels in preparation for the next shipment scheduled in approximately five weeks.
The concentrates were shipped from the TVIRD warehouse facility at Santa Maria Port in Siocon, Zamboanga del Norte, in accordance with the offtake arrangement previously entered into between TVIRD and MRI Trading AG ("MRI"). TVIRD expects to earn gross revenues of US$8.9 million from MRI for 5,375 dmt of copper concentrates.
The offtake agreement provides that MRI will purchase all of the copper concentrates produced at Canatuan over the anticipated life of the sulphide operation. After the eighteenth shipment, inventory of about 488 dmt remained in the Port Sta. Maria warehouse.
About TVI Pacific Inc. (TSX: TVI) (OTCQX: TVIPF)
TVI Pacific Inc. is a publicly-traded copper producer focused on the production, development, exploration and acquisition of precious and base metal mining deposits in the Philippines. The Company's interest in the Canatuan Mine and its other Philippine assets are held through its affiliate, TVI Resource Development (Phils.), Inc.
IMPORTANT INFORMATION REGARDING FORWARD-LOOKING STATEMENTS
Certain information set out in this news release constitutes forward-looking information. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "intend", "could", "might", "should", "believe", "schedule" and similar expressions. Forward-looking statements are based upon the opinions and expectations of management of the Company as at the effective date of such statements and, in certain cases, information received from or disseminated by third parties. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions and that information received from or disseminated by third parties is reliable, it can give no assurance that those expectations will prove to have been correct. Forward-looking statements are subject to certain risks and uncertainties (known and unknown) that could cause actual outcomes to differ materially from those anticipated or implied by such forward-looking statements. These factors include, but are not limited to, such things as the volatility of prices for precious metals and base metals; commodity supply and demand; fluctuations in currency and interest rates; inherent risks associated with the exploration and development of mining properties; ultimate recoverability of mineral reserves; timing, results and costs of exploration and development activities; availability of financial resources or third-party financing; new laws (domestic or foreign); changes in administrative practices; changes in exploration plans or budgets; and availability of equipment and personnel. Accordingly, readers should not place undue reliance upon the forward-looking statements contained in this News Release and such forward-looking statements should not be interpreted or regarded as guarantees of future outcomes.
The forward-looking statements of the Company contained in this news release are expressly qualified, in their entirety, by this cautionary statement. Subject to applicable securities laws, the Company does not undertake any obligation to publicly revise the forward-looking statements included in this news release to reflect subsequent events or circumstances, except as required by law.
The Toronto Stock Exchange has neither approved nor disapproved of the information contained herein.
Contacts:
TVI Pacific Inc.
Rhonda Bennetto
Executive Director Investor Communications
403.265.4356
rhonda.bennetto@tvipacific.com
TVI Pacific Inc.
Ian McColl
Investor Relations Analyst
403.265.4356
ian.mccoll@tvipacific.com
TVI Pacific Inc.
Connect With Us www.tvipacific.com
Follow us on Twitter www.twitter.com/tvipacific
Be a Fan at www.facebook.com/tvipacific
Source: Marketwire (November 9, 2010 - 7:30 AM EST)
News by QuoteMedia
www.quotemedia.com
GreenHouse Moves to Up-List Shares to a Senior Securities Exchange
GreenHouse Moves to Up-List Shares to a Senior Securities Exchange
Nov. 9, 2010 (Marketwire) --
SAN DIEGO, CA -- (Marketwire) -- 11/09/10 -- GreenHouse Holdings, Inc. (OTCQB: GRHU) (PINKSHEETS: GRHU) ("GreenHouse"), a San Diego, California based integrated energy solutions provider and developer of eco-friendly infrastructure, today announced that the Company is completing the necessary steps to Up-List its shares to a senior U.S. stock exchange. In order to facilitate the transition, GreenHouse established an independent board and appointed PKF, a nationally recognized accounting firm, as their SEC auditors.
"Graduating to a senior U.S. exchange is a high priority for the company given the progress we have made in securing multiple contracts with the U.S. Military and Fortune 100 industrial customers," said John Galt, GreenHouse Founder and Executive Chairman. "We believe transitioning to a larger exchange is the next logical step in the Company's future growth and will allow us to gain exposure and be recognized by a broader segment of the investment community. We have witnessed that a number of companies which Up-List to national exchanges experienced impressive increases in liquidity. GreenHouse is confident that now is the appropriate time to move to a senior exchange, as our operations have increased both domestically and abroad. The Up-Listing will allow us to attract additional investors as we strive to improve shareholder value."
The Board of Directors has now announced that they have made the following appointments in advance of the planned Up-Listing:
Sy Siegel as the Chair of the Audit Committee;
Charles Allured as the Chair of the Compensation Committee; and
General Floyd Trogden as the Chair of the Nominating Committee.
About GreenHouse Holdings, Inc.
GreenHouse Holdings, Inc. is a San Diego, California based integrator of some of the world's most innovative environmental, public safety, infrastructure technologies. GreenHouse provides systems that are financially sound and sustainable to residential, commercial, industrial and government markets around the globe. GreenHouse provides energy-efficiency products, energy management systems, eco-friendly infrastructure, scalable waste-to-fuel bio-fuel and closed loop systems, as well as other proprietary technologies and products that are utilized to provide a greener and safer future for millions of people. Other flagship products and solutions include the Green Village, R.A.P.S., and One Link. For more information, please visit: www.greenhouseintl.com or the GreenHouse YouTube channel at http://www.youtube.com/greenhouseintl or follow GreenHouse on Twitter http://twitter.com/@greenhouseintl.
Safe Harbor Statement
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 GreenHouse Holdings, 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.
The listing application is subject to review and approval by each entity's Listing Qualifications Department for compliance with individual Capital Market Standards. The review process is thorough and may take an extended period of time before completion. While the Company intends to satisfy all of the necessary requirements for initial listing, no assurance can be given that its application will be approved.
Contact
Investor Relations
Alliance Advisors, LLC
Chris Camarra or Bryan Kobel
(212) 398-3487
Press Contact
Hutchens PR
Contact: Karen Hutchens
(619) 236-0227
Source: Marketwire (November 9, 2010 - 8:30 AM EST)
News by QuoteMedia
www.quotemedia.com