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Canadian Solar Inc. (CSIQ) to Supply Solar Modules to New Solar Plant
Today, one of the world’s largest solar companies, Canadian Solar Inc., announced that it will supply 8 MW of solar modules to EOSOL Energies Nouvelles’ new ground-mounted solar power plant, which will have an installed capacity of 10.7 MW. The new solar power plant will be located in Saint-Leger in the south west of France with a total of 39,500 modules installed on an area of 180,000 m². The company anticipates that it will activate the new solar power plant in October 2011.
EOSOL EN previously selected Canadian Solar’s high-quality, high-performance solar modules for three earlier installations in France: a 230 kW project in the town of Le Barp in the region of Aquitaine, an 8 MW project in Villeneuve de Marsan in the department Landes and a 5.1 MW project in La Genetouze in the department de Charente-Maritime. For the installation in Saint-Leger in the department of Charente-Maritime, EOSOL EN is also collaborating with TSK, an EPC company, and Abraxa Investment Fund for the project finance.
M. Bruno BERNAL, President of EOSOL Group, commented, “This solar power plant is our fourth project in partnership with Canadian Solar. Canadian Solar has been an excellent partner with its modules manufactured to the highest international quality standards ensuring consistent and reliable performance. In addition, we value Canadian Solar’s excellent customer service.”
Dr. Shawn QU, Chairman and CEO of Canadian Solar, added, “We are proud to be selected for our fourth project with EOSOL EN; by having strong partners, like EOSOL EN, in key solar growth markets, like France, Canadian Solar continues to successfully expand our business and raise awareness for brand, quality, value proposition and commitment to customer service.”
Genesis Biopharma, Inc. (GNBP) Signs CRADA with the National Crisis Institute for the Development of Cancer Immunotherapies
Genesis Biopharma, Inc., a biopharmaceutical company that engages in the development and commercialization of drugs and other clinical solutions for underserved diseases, announced that it has entered into a Cooperative Research and Development Agreement (CRADA) with the National Cancer Institute (NCI). Under the terms of the five-year development and cooperative research agreement, Genesis Biopharma will be working with Steven A. Rosenburg, M.D., Ph.D., the NCI Surgery Branch Chief, in order to develop adoptive cell immunotherapies that are created to destroy metastatic melanoma cells utilizing a patient’s tumor infiltrating lymphocytes.
More specifically, the CRADA will (i) provide support to the in vitro development of improved methods to generate and select tumor infiltrating lymphocytes with anti-tumor reactivity from patients with metastatic melanoma, (ii) help develop an approach for a larger-scale production of tumor infiltrating lymphocytes in accordance with Good Manufacturing Practice (GMP) procedures that are suitable for use in treating patients that suffer from metastatic melanoma, and (iii) allow the conduct of clinical trials by utilizing these improved methods of generating tumor infiltrating lymphocytes, as well as the improved adoptive cell therapy preparative regimens used to treat patients with metastatic melanoma.
Both Genesis Biopharma and the NCI may offer personnel, facilities, services, equipment, or other resources with the agreement. Genesis Biopharma will provide funding for the CRADA research project. Genesis Biopharma will have an exclusive opportunity to negotiate an exclusive license to any new inventions that are developed jointly or entirely by NCI scientists as a result of the research activities described under the CRADA.
“The medical oncology community is very aware of Dr. Rosenberg’s groundbreaking work using adoptive cell therapy and tumor infiltrating lymphocytes for the treatment of metastatic melanoma,” stated Anthony J. Cataldo, Chairman and Chief Executive Officer of Genesis Biopharma. “We look forward to working with Dr. Rosenberg and his colleagues at the NCI on this research project.”
Genesis Biopharma has been independently working on developing Contego™, the Company’s autologous cell therapy candidate used for the treatment of metastatic melanoma, and has partnered with members of its Scientific and Medical Advisory Board for assistance and advice. Genesis Biopharma’s Scientific and Medical Advisory Board consists of leading oncology clinicians and researchers, including: David DiGiusto, Ph.D., of the City of Hope; Mario Sznol, M.D., of Yale University School of Medicine; James Mule, Ph.D. and Jeffrey Weber, M.D., Ph.D., of the H. Lee Moffitt Cancer Center & Research Institute; Daniel Powell, Ph.D., of the University of Pennsylvania School of Medicine; Cassian Yee, M.D., of the Fred Hutchinson Cancer Research Center; and James Mule, Ph.D. and Jeffrey Weber, M.D., Ph.D., of the H. Lee Moffitt Cancer Center & Research Institute.
Genesis Biopharma has also recently announced that it has signed a process development and scale-up agreement relating to the manufacturing of Contego with Lonza, one of the world’s leading supplier for the healthcare, life science, and pharmaceutical industries. Lonza is also one of the biggest manufacturers of autologous cell therapy products.
For more information on Genesis Biopharma, Inc., visit their company website at www.genesis-biopharma.com
Toreador Resources Corp. (TRGL) and ZaZa Energy, LLC to Merge
Toreador Resources Corp. and ZaZa Energy, LLC announced late Tuesday night the execution of a definitive agreement to merge the pair into a single enterprise, with Toreador bringing its oil holdings and ZaZa coming in with its oil and gas portfolio. Based on Toreador stock’s Tuesday close, the implied market capitalization for the new company is about $294 million.
Rodman & Renshaw, LLC is serving as financial advisor to Houston-based ZaZa in the deal, while RBC Capital Markets is serving as financial advisor to Toreador. The new company will assume the name ZaZa Energy Corporation.
Under the merger terms, though Toreador stockholders have yet to approve the deal, equity holders in ZaZa will get about 76.2 million shares, or approximately 75 percent of the new company, together with $50 million in notes or cash. Toreador stockholders will get about 25.4 million shares, or approximately 25 percent of the new Company. Toreador’s board and ZaZa’s equity holders have already approved the transaction.
The Company will be headquartered in Houston, with additional offices in Corpus Christi and Paris. The new Nasdaq symbol for the merged company is expected to be ZAZA. The companies’ press release indicated they expect to finalize the merger by late this year.
Combined, the two companies’ portfolios comprise three areas – the Eagle Ford core, the emerging Eagle Ford/Woodbine resource sites in Texas, and the Paris Basin in France for a total of 423,000 acres.
Net production at the Eagle Ford site and Paris Basin is expected to be more than 1,100 boe/d by the end of the year, with an increase to 5,000 boe/d by the end of 2013. This does not include any production from future drilling at Eagle Ford/Woodbine or Paris Basin conventional.
Toreador non-executive chairman Adam Kroloff said, “This combination offers a strategically distinctive international E&P investment opportunity. Together with ZaZa, we are offering stockholders access to the rapid growth of the Eagle Ford and will also maintain attractive exposure to the potential of the Paris Basin.”
ZaZa co-founder Todd Brooks commented, “Our combination with Toreador is the culmination of our efforts over the past two years to diversify our asset base while building a growth oriented company and exploiting one of the most economic shale plays in the continental United States.”
Shares of TRGL spiked to $3.79 to open the day, but have given back a good portion of the move as the markets continue to move in a chaotic fashion.
Ever-Glory International (EVK) Posts Solid Q2 Results, Continued Positive Outlook for Q3
Ever-Glory International Group Inc., a leading apparel supply chain manager and retailer based in China, today reported its financial results for the second quarter ended June 30, 2011, reflecting increased sales in its retail and wholesale businesses.
During the second quarter of 2011, Ever-Glory reported an 85 percent increase in net sales to $42.9 million compared to $23.1 million in the second quarter of 2010.
Second quarter net income was $2.3 million, or $0.15 per diluted share, an increase of 182.1 percent from $0.8 million, or $0.05 per diluted share, in the second quarter of 2010.
Second quarter 2011 gross profit was $10.4 million, an increase of 129.7 percent compared to the same period in 2010. Gross margin increased 4.6 percent to 24.1 percent in the second quarter of 2011 compared to 19.5 percent in the second quarter of 2010.
As of June 30, 2011, Ever-Glory had approximately $10.7 million of cash and cash equivalents, compared to approximately $3.7 million as of December 31, 2010. The company had working capital of approximately $29.6 million as of June 30, 2011, and outstanding bank loans of approximately $21.0 million.
The company also reported that total number of LA GO GO stores in China increased from 293 at the end of 2010 to 368 stores as of June 30, 2011. Ever-Glory plans on opening an additional 80-100 new stores in 2011.
“In 2011, we plan to continue to develop LA GO GO through perfecting design styles, improving store management efficiency and opening more stores in desired locations,” Yi Hua Kang, Ever-Glory CEO, president and chairman stated in the press release. “We are confident that, through these measures, we can enhance same-store sales, expand LA GO GO’s market penetration and increase its brand influence in China.”
For the third quarter of 2011, the company anticipates sales to remain relatively flat, offering guidance of total net sales between $42.0 million and $52.0 million and net income of $2.0 million to $2.5 million. For full year 2011, Ever-Glory anticipates total net sales between $180 million and $215 million and net income between $7.3 million and $9.0 million.
For more information visit www.everglorygroup.com
Chinese Exports Hit Record Highs in July on Strong Volume to Western Markets
Chinese exports closed out record highs in July, up 20.4% from the previous year, led by strong volume to US/European markets, allaying concerns that growth of the world’s No. 2 economy would be hampered by sovereign debt concerns.
Showing the largest jump in Chinese exports seen since April, a report released today, Aug. 10, shows that export growth beat out the median forecasting from economists by a healthy 3%, with imports rising 22.9%.
Coming in short order after the Federal Reserve announcement to keep interest rates low through 2013, this data shows illustrates the rationale for China’s signaling that it will likely pause its 10-month policy tightening campaign for the time being, in order to better react to prevailing US conditions. Because, as the data suggests, while China’s exports were not impacted as economists had feared, continual focus will fall on China and a comprehensive approach to inflation is required.
Economist at Shanghai-based Guotai Junan Securities, Li Xunlei, advised that despite robust exports, global market volatility and waning, consumer spending could force a slowdown in future growth, as debt concerns continue to plague Western markets.
Strong growth in exports to Japan and the US, alongside the almost doubled growth of annual exports into Europe, helped to bring the total value of exports to $175.1B for July, a new record.
This has led to a $31.5B trade surplus, with inflation reaching three-year highs of 6.5%, prompting people like Minsheng Securities Analyst, Zhang Lei, to describe China’s monetary policy as being kidnapped by foreign capital inflows, citing yuan appreciation as a potential option.
With analysts predicting growth easing to somewhere around 8-9%, the latest data reinforces the view that China has strong domestic growth to sustain its thriving production engine, as retail sales jumped in July, up 17.2% from the previous year. Similarly, car sales rose 6.7% in the same interval, further showing that while the US economy has sputtered, China’s economy is showing good growth momentum, as Chinese Premier, Wen Jiabao said Tuesday.
Tara Minerals Corp. (TARM) Signs Agreement with Carnegie Mining & Exploration
Tara Minerals Corp., with 100% interest in several gold/zinc/silver/lead mining properties in northwestern Mexico, announced today that they have entered into a definitive agreement for the startup of mine and mill operations at the company’s Don Romain project in the state of Sinaloa, Mexico.
Carnegie Mining and Exploration, Inc. will invest $13 million in exchange for an undivided 50% interest in various high-grade gold, silver, zinc, lead, and iron ore concessions. According to a preliminary assessment report by Hanlon Engineering & Architecture, the existing plant can be put back into production within a short time. Though work will still be needed to estimate the available tonnage, the report verified numerous visible veins, and confirmed the existence of high-grade material.
Tara Minerals President, Mr. Francis Biscan, Jr., commented on the agreement. “Carnegie’s technical team recognizes the significant near-term revenue potential our project offers, combined with the large scale long term development potential of our holdings. With the definitive agreement now behind us, Carnegie can begin to mobilize its considerable technical and financial resources to meet an aggressive development time line. We look forward to working with them to extract revenue from our gold, silver, zinc, lead and iron ore projects.”
Tara also announced the appointment of David Barefoot to the position of Chief Operating Officer. Mr. Barefoot has been involved over the past year in streamlining and strategy development for the company, and will help build and manage the company’s team in Mexico and the U.S. He will also work closely with Carnegie Mining on developing Tara’s near-term revenue generating projects.
In addition to its current projects, Tara Minerals is also pursuing future growth opportunities, and believes it is in a strong position to acquire additional opportunities due to its established office and relationships in Mexico.
For more information, visit the company’s website at www.TaraMinerals.com
Procera Networks, Inc. (PKT) on Track for 75% Rev Growth in 2011 with New and Recent Contract Wins
Procera Networks, Inc., an intelligent policy enforcement company, today announced its new contract with an eastern European national telecom operator, as well as a follow-on order with a major North American cable network operator, for an aggregate contract price of $4 million.
The company said the contracts reflect its significant progress and rapid growth leveraged by its growing network intelligence combined with its high-tech platform, PacketLogic™.
Procera said that PacketLogic’s scalability was a deal maker for the European and North American operators, which are both closely managing their capital expenditures while increasing their competitiveness to subscribers.
Procera’s customer base spans the mobile, cable and fixed-line operators in multiple geographic markets. In the last quarter, the company secured 30 new service provider customers, putting it on track to achieve approximately 75 percent revenue growth for 2011.
James Brear, president and CEO for Procera, noted the increase in recognition and demand for the company’s intelligence platforms.
“We firmly believe the growing momentum we’re experiencing is a clear and direct indication of operators recognizing the real business advantage that Procera Networks PacketLogic network intelligence platforms provide,” Brear stated in the press release. “Operators are using the intelligence and control gained from Procera’s technology to reduce costs and introduce innovative new services that are allowing them to differentiate themselves and drive additional revenue.”
Procera continues to expand its technology advantage, doubling its research and development team in the last year, with plans for additional hiring through the remainder of the year.
For more information visit www.proceranetworks.com
Points International Ltd. (PCOM) Adds Iberia Plus to List of International Loyalty Program Partners
Points International Ltd., a company that provides various ecommerce and technology services to loyalty program operators using a common proprietary infrastructure primarily in the United States, Europe, and Canada, recently announced that it has added Iberia Plus, the loyalty scheme of a leading airline in Spain, to its increasing list of international loyalty program partners.
As a result of this new partnership, 4.5 million Iberia Plus members will now be able to enjoy even more flexibility and options, which include the ability to buy, gift, or transfer Iberia Plus points that they need to reach their goals faster through the Points.com industry-leading platform for loyalty management.
“By entering into this new partnership, we’re offering Iberia and their Iberia Plus members new tools to maximize the value of their points and get the rewards they desire even quicker. We believe that this is a key tool to increase customer engagement in already strong programs such as Iberia’s,” said Rob MacLean, CEO of Points International. “We are excited to add another premium brand to our already large International network.”
“Our goal is to constantly introduce innovative ways for our members to maximize their Iberia Plus points,” said Javier Deleito, Manager of Iberia Plus. “Giving our members more options for earning points is a large step in the right direction and we are excited to work with Points.com to keep our Iberia Plus program improving.”
Iberia Plus joins with Points International’s growing group of International partners, which include: British Airways, Air France/KLM, Airmiles UK, Alitalia, bmi, Lufthansa, SAS, Saudi Arabian Airways, Icelandair, Qatar Airways, and Virgin Atlantic, as well as an excess of two dozen different programs on Points.com.
Points International operates in partnership with reward and loyalty programs around the globe. All transactions are sanctioned fully by the program operators.
For more information on Points International Ltd. visit their company website: www.pointsinternational.com
Gastar Exploration Ltd. (GST) Updates Financial and Operational Data for Second Quarter of 2011
Gastar Exploration Ltd. disclosed a financial and operational update on the company’s oil and gas activities in the onshore area of the United States. The company is active mostly in the Appalachian Basin in the United States.
Gastar Exploration reported that average daily production during the second quarter of 2011 was 18.6 million cubic feet of natural gas equivalents per day, up from 15.8 million cubic feet of natural gas equivalents per day in the comparable quarter in 2010.
Gastar Exploration recently drilled and completed two successful wells in the Appalachian Basin with a combined production rate of 15.5 million cubic feet of natural gas and 1,100 barrels of condensate per day. The company estimates that it has an additional seventy two well locations on its nearby properties.
Gastar Exploration reported that the company held cash and cash equivalents of $5.5 million at the end of the second quarter of 2011. The company also has $42.0 million of available borrowing under its credit facility.
Gastar Exploration estimates that required capital expenditures for the balance of 2011 are $37.3 million, with approximately 80% of these expenditures for oil and gas development in the Appalachian Basin. The company expects to fund this with cash on hand, operational cash flow and borrowing.
For more information on the company, go to www.gastar.com
China Medical Technologies Inc. (CMED) Partners with Leica Biosystems to Co-develop, Market FISH Kits
China Medical Technologies, a leading China-based advanced in-vitro diagnostic (IVD) company, today announced its partnership with Leica Biosystems, a division of Leica Microsystems, a world leader in microscopes and scientific instruments.
Collaboratively, the companies will co-develop and market automated FISH kits to be used on the Leica BOND system, an automated advanced staining platform. CMED will market the automated FISH kits in China, while Leica has the option to sell the automated FISH kits in the rest of the world.
The FISH solutions are designed for tissue sample tests on HER-2, EGFR and TOP2A, genes in connection with the targeted cancer therapy drugs for breast cancer, lung cancer and stomach cancer patients. By creating an automated system of these FISH tests on the Leica BOND system, pathology laboratories and independent service laboratories can run these diagnostic tests more efficiently and with higher and more consistent quality.
The partnership reflects a key achievement for CMED, extending its global reach.
“These collaborations with Leica mark a significant milestone for us,” Xiaodong Wu, chairman and CEO of CMED stated in the press release. “We believe that FISH applications will be more widely used in various clinical applications on automated basis in the future. By partnering with Leica, one of the leading global players in anatomic pathology, we can provide more efficient and higher quality FISH diagnostic solutions to the end users not only in China, but also in the global markets through Leica’s extensive global network.”
The deal is expected to not only benefit both companies, but their customers as well.
“CMED is the market leader for FISH based diagnostics in China and has played a key role in the rapid development in the use of FISH in China, especially for tissue based companion diagnostic testing. This partnership will help Leica and CMED to offer customers in China a broad test menu of high quality FISH tests automated on the Leica BOND system,” commented Arnd Kaldowski, president of Leica Biosystems.
For more information visit www.chinameditech.com or www.leica-microsystems.com
Scorpex, Inc. (SRPX) Selects Acadia Group to Prepare for its Audit
Scorpex, Inc. today announced it has engaged the Acadia Group to prepare its financials for a formal audit. The Acadia Group works with companies and their auditors to comply with the Securities and Exchange Commission’s reporting and filing requirements.
After completing the audit, the company plans to file reports with the Securities and Exchange Commission pursuant to the Securities Exchange Act of 1934.
“Audited financials are the first step towards preparing Scorpex for the next level of public disclosure. As a fully-reporting and audited company, our shareholders and future shareholders will be better informed and will see the value of our business,” stated CEO Joseph Caywood.
Scorpex, Inc. (SRPX) Selects Acadia Group to Prepare for its Audit
Scorpex, Inc. today announced it has engaged the Acadia Group to prepare its financials for a formal audit. The Acadia Group works with companies and their auditors to comply with the Securities and Exchange Commission’s reporting and filing requirements.
After completing the audit, the company plans to file reports with the Securities and Exchange Commission pursuant to the Securities Exchange Act of 1934.
“Audited financials are the first step towards preparing Scorpex for the next level of public disclosure. As a fully-reporting and audited company, our shareholders and future shareholders will be better informed and will see the value of our business,” stated CEO Joseph Caywood.
SRPX Selects Acadia Group to Prepare for its Audit
Scorpex, Inc. today announced it has engaged the Acadia Group to prepare its financials for a formal audit. The Acadia Group works with companies and their auditors to comply with the Securities and Exchange Commission’s reporting and filing requirements.
After completing the audit, the company plans to file reports with the Securities and Exchange Commission pursuant to the Securities Exchange Act of 1934.
“Audited financials are the first step towards preparing Scorpex for the next level of public disclosure. As a fully-reporting and audited company, our shareholders and future shareholders will be better informed and will see the value of our business,” stated CEO Joseph Caywood.
Broadwind Energy, Inc. (BWEN) Announces Strong First Quarter with Doubling of Sales and Order Increase in Wind Towers and Gearing Segments
Broadwind Energy, Inc., supplier of solutions for the energy needs of the future, today announced that sales in the first quarter of 2011 were $43.5 million, which is approximately 100% greater than the $21.7 million reported for the first quarter of 2010. Broadwind Energy saw a huge increase in orders for production in the tower and gearing segments of its business. Broadwind specializes in the manufacturing of large and heavier wind turbine towers that are designed for 2 megawatt and larger wind turbines. Demand for tower sections drove sales to $28.2 million, up from $12.0 million a year ago. Further the sales in the production of gearing for the wind industry as well as the mining and oilfield segment rose from $7.7 million last year to $13.6 million in 2011.
Broadwind’s earnings report noted a net loss from continuing operations of $4.1 million, or $0.04 per share, in the first quarter of 2011 compared to a loss of $12.0 million, or $0.11 per share, during the first quarter of 2010. The improvement against the 2010 quarter was the result of the beneficial impact of higher sales, improved production flow and volume efficiencies, lower selling, general and administrative expenses and lower amortization expense.
The Company reported Adjusted EBITDA (earnings before interest, taxes, depreciation, amortization and stock-based compensation) of $0.1 million during the first quarter of 2011 compared to an Adjusted EBITDA loss of $7.2 million during the first quarter of 2010, due principally to the improved tower and gearing segment results, and lower corporate expenses.
“I am pleased to report a strong first quarter for Broadwind Energy. With our revenues doubling and order intake increasing by about 150% over first-quarter 2010, our capacity utilization in our towers and gearing business continued to improve. Our focus on larger towers and rebalancing our revenue stream between wind energy and industrial customers is paying off. We are expanding our sales force and ensuring that we are customer focused in delivering a quality product, on time,” Peter C. Duprey, president and chief executive officer for Broad Wind Energy, stated in the earnings report released on Friday.
To see the full report and learn more about Broadwind Energy, please visit www.bwen.com
Spectrum Pharmaceuticals (SPPI) Reports Strongest Financial Standing Ever
Spectrum Pharmaceuticals, a commercial-stage biotechnology company that primarily focuses on oncology and hematology, has released its strongest financial standing ever, as of June 30, 2011.
“We are extremely pleased with our third consecutive profitable quarter, strong cash flow, and record revenues,” said Rajesh C. Shrotriya, MD, Chairman, Chief Executive Officer, and President of Spectrum Pharmaceuticals. “The robust sales of FUSILEV and ZEVALIN in the second quarter demonstrate the significant and sustained recognition by physicians of the therapeutic value of these products. The FDA approval of FUSILEV on April 29th was a highly transformational event for Spectrum Pharmaceuticals. We are now able to promote FUSILEV and meet the pressing needs of tens of thousands of colorectal cancer patients. As you may know, during the second quarter, we were unable to fully meet the demand for FUSILEV, until we secured FDA approval of additional supply sources. As we announced on June 21st, Spectrum now has ample supplies of FUSILEV to meet patient needs. Regarding ZEVALIN, which we believe is the most effective single-agent for the treatment of follicular non-Hodgkin’s lymphoma, we continue to work with the FDA regarding the removal of the bioscan requirement. Looking forward, we are currently on track to file two New Drug Applications in 2012 for apaziquone and belinostat. We believe these two novel drugs have great potential in the treatment of bladder cancer and Peripheral T-Cell Lymphoma, respectively.”
For the three-month period ended June 30,2011, the Company reported a net income of $7.2 million, or $0.14 per basic and $0.12 per diluted share, in comparison to a net loss of $9.7 million, or $0.20 per diluted and basic share seen for the second quarter of 2010. Consolidated revenue of $45.4 million was comprised of product sales of $42.3 million ($8.4 million from ZAVALIN and $33.9 million from FUSILEV) and $3.1 million from licensing fees. This represents a 268% increase from the $12.3 million in consolidated revenue that was recorded for the second quarter of 2010, which consisted of product sales of $9.3 million ($6.9 million from ZEVALIN and $2.4 million from FUSILEV) and $3.1 million in licensing fees. Total development and research expenses amounted to $7.7 million, in comparison to $6.3 million seen during the same period for 2010. Selling, general and administrative expenses arrived at $18.7 million, which includes non-cash charges of $6.8 million, in comparison to $13.8 million during the corresponding period for 2010, which includes non-cash charges of $1.7 million.
For the sixth-month period ended June 30,2011, the Company reported a net income of $20.0 million, or $0.39 per basic and $0.35 per diluted share, in comparison to a net loss of $48.7 million, or $1.00 per basic and diluted share. Consolidated revenue of $89.0 million was comprised of product sales of $82.8 million ($14.3 million from ZEVALIN and $68.6 million from FUSILEV) and $6.2 million from licensing fees. This represents for a 268% increase from the $12.3 million in consolidated revenue seen in the second quarter of 2010, which was comprised of product sales of $9.3 million ($6.9 million from ZEVALIN and $2.4 million from FUSILEV) and $3.1 million in licensing fees. Total development and research expenses were $18.7 million, compared to $6.3 million seen for the same period in 2010. Selling, general, and administrative expenses arrived at $18.7 million, which includes non-cash charges of $6.8 million, compared to the $13.8 million in the corresponding period in 2010, which includes non-cash charges of $1.7 million.
For more information on Spectrum Pharmaceuticals, visit their website at www.sppirx.com
Ultralife Corp. (ULBI) Reports Second Quarter Results
Earlier today, Ultralife Corp. reported its operating income for the quarter ending July 3, 2011. For the second quarter of 2010, the company reported operating income from continuing operations of $2.9 million on revenue of $43.6 million. The company’s second quarter revenue increased by 29% over last year’s numbers. Ultralife’s president, Michael D. Popielec, stated that demand from the company’s defense customers and further penetration of its batteries into the metering business in China drove the growth seen in the numbers.
He remarked, “We are continuing to make progress towards improving the company’s profitability through lean manufacturing, reductions in non-value-added overhead and the implementation of plans to further consolidate our facilities footprint. These operational efficiencies are unlocking resources that we are allocating to new product development and expanded sales coverage. Having exited the Energy Services business one quarter ahead of schedule, we are now channeling all of our attention on positioning the company for sustainable, profitable growth.”
Phillip A. Fain, Ultralife’s CFO, added, “As a result of our financial performance, working capital management and cash generated from lean initiatives, we reduced our revolver balance by $6.5 million during the second quarter to $3.7 million at quarter end. Working capital efficiencies included the reduction in inventory levels and improved accounts receivable collections.”
During the second quarter, Ultralife finalized its exit from the Energy Services business. As a result, the Energy Services segment has been reclassified as a discontinued operation. The company incurred closing costs of $2.9 million for the first six months of 2011, the cash component of which amounted to $2.0 million. All figures presented below represent results from continuing operations.
Revenue increased by 29% to $43.6 million, compared to $33.6 million for the second quarter of 2010, a 23% increase in Battery Energy Product sales and a 49% increase in Communications Systems sales. Gross margin was $11.8 million, or 27.1% of revenue, compared to $9.0 million, or 26.8% of revenue, for the same quarter a year ago, reflecting a favorable mix of high-margin Communications Systems sales. Included in gross margin for the second quarter of 2011 is a $0.3 million severance charge related to overhead reductions.
Operating expenses were $8.9 million, compared to $8.0 million a year ago reflecting higher new product development costs, higher selling expenses, and relocation and severance expenses that did not occur in the same period last year. As a percent of revenue, operating expenses were 20.5%, compared to 23.8% a year ago. Operating income grew to $2.9 million, representing an operating margin of 6.6%, compared to $1.0 million, for an operating margin of 2.9%, for the same quarter last year.
Net income from continuing operations was $2.6 million, or $0.15 per share, compared to $0.6 million, or $0.03 per share, for the second quarter of 2010. Net loss from discontinued operations was $2.1 million, or $0.12 per share, reflecting the cost of exiting the Energy Services business, compared to a net loss of $0.6 million, or $0.03 per share, for the same quarter last year. For the second quarter of 2010, the net loss from discontinued operations represented the operating loss of the Energy Services business.
Scorpex, Inc. (SRPX) Announces Submission of Urban Impact Study for State and City Permitting
Scorpex, Inc. today announced the submission of its Urban Impact Study as one of the final steps in obtaining state and city permitting for its receiving, storing, disposing, and recycling of waste, including toxic and hazardous waste, non-toxic and non-hazardous waste, and commercial waste.
The Urban Impact Study is vital to studying the effect the company’s operations will have on the environment, including wildlife, plants and the water supply. The company anticipates approval of its Urban Impact Study by the end of next week. In the press release, Scorpex affirmed its dedication to operating with the highest degree of environmental responsibility.
Joseph Caywood, CEO of Scorpex, Inc., stated, “Pending final approval, these permits will enable Scorpex open trucking routes to and from our facilities, thereby helping us get closer to our large trucking and shipping partners which will bring waste to our unique facility. We are ahead of schedule in complying with all necessary requirements from the federal, state and city permitting processes. I believe our Urban Impact Study will expedite our goal of getting our permits approved.”
FierceEnergy Recognizes Benefits of Sky Power Solutions, Corp. (SPOW) Revolutionary Solar Technology
Sky Power Solutions, Corp., an emerging leader in the development and marketing of next generation lithium-powered batteries worldwide, and a leading developer of the Sky Power standalone residential, solar concentrating, electric power generation system, today reported the following from FierceEnergy:
“Sky Power Solutions has announced optional lithium ion battery packs for storing electric power and providing a backup supply of electricity during periods of electric power outages. Sky Power’s standalone solar electric generation system allows for installation in remote locations where utility service is not available.
“The system uses a solar concentrating technology which allows users to produce electric power using much less space than standard solar panels. This technology allows for users to produce solar electric power and net-meter to the grid on a decentralized basis. When the grid is maxed out during peak load (like with the recent heat waves) and the technology adds power to a stressed electric grid.”
“Allowing users to produce electric power locally, enables the power grid to self-fulfill,” Rich Ralston, Public Relations and Media Manager at Sky Power Solutions, stated in an interview with FierceEnergy. “By decentralizing power production and distribution, there is less power loss from long-range transmissions, helping in relieving the burden on the centralized power plant.”
FierceEnergy focuses on tracking the latest developments and advancements in the energy industry. Energy service provider executives rely on FierceEnergy to stay informed.
ZST Digital Networks Inc. (ZSTN) Posts Solid Quarterly Growth Driven by Market Demand
ZST Digital Networks Inc., a major developer, manufacturer and supplier of digital and optical network equipment to cable system operators and provider of GPS tracking devices and support services for transport-related enterprises in China, yesterday announced its financial results for the second quarter ended June 30, 2011.
The company reported total revenue of $41.4 million, a 25 percent increase compared to the $33.0 million reported for the second quarter of 2010.
Gross profit for the second quarter 2011 increased 24 percent to $10.2 million, compared to the second quarter 2010.Gross profit margin for the second quarter of 2011 was 24.7 percent, essentially flat compared to 25 percent in the second quarter of 2010.
Operating income for the second quarter 2011 was $8.8 million, an increase of 22 percent compared to the second quarter of 2010 operating income of $7.2 million.
ZST reported net income for the second quarter of 2011 at $6.4 million, or $0.55 per diluted share, a 22 percent increase over the $5.2 million, or $0.45 per diluted share, reported in the second quarter of 2010.
As of June 30, 2011, ZST had cash and cash equivalents totaling $50.2 million compared to $40.2 million as of March 31, 2011.
The company attributes the solid quarterly growth to strong sales of its commercial GPS fleet management products and services, as well as to the continued expansion of its cable TV-related business. Henry Ngan, CFO of ZST, emphasized growing demand for GPS-related products and said the company plans on delivering continued growth in the second half of 2011.
“We delivered a strong financial performance in the second quarter with year-over-year revenue increases across all three of our product segments. We believe that the underlying demand for our products and services remains healthy, and we are especially pleased with the rapid growth of our commercial GPS segment,” Ngan stated in the press release. “While gross profit margin declined slightly in the quarter due to the change in sales mix of our IPTV products, we nevertheless maintained a healthy profit margin level thanks to the high-margin profile of our commercial GPS products and services. We further strengthened our balance sheet in the second quarter, and we believe that we are well-positioned to fund our continued growth. We enter the second half of the year on a strong footing and maintain our commitment to increasing long-term shareholder value.”
For the full year 2011, ZST reiterates its estimates that revenues will range between $160 million and $175 million with net income ranging between $28 million and $30 million.
For more information visit http://www.zstdigital.com/english
SMART Modular Technologies (SMOD) Debuts World’s Fastest Multi-Level Cell Technology Based, Highest Capacity SAS SSD
SMART Modular Technologies, a major driving force behind the technical evolution of advanced solid-state drives (SSDs) and high speed memory modules, designed chiefly for empowering enterprise-class storage application frameworks, reported the debut of the Company’s new Optimus SSD.
The 2.5? Optimus has several key features that make the product stand out, like the native Serial Attached SCSI (SAS) 6Gb/s interface for hard-hitting throughput and up to 1.6TB in usable capacity. Furthermore the Optimus is built around SMOD’s multi-level cell (MLC) technology, making it a truly revolutionary SSD design that is both cost-effective and robust, while offering the highest capacity and fastest drive of its type in the 200GB/400GB/1.6TB bracket. Read/write speeds of 100K/50K random IOPS with a healthy 500/500MB/s sustained transfer rate delivers a huge pipeline for critical computing needs. The Optimus also has excellent wide-port SAS support capability, laying down a whopping 1GB/s sustained read performance in apps designed to utilize this advanced feature.
The Optimus crushes I/O intensive computing expectations and delivers a powerful one-shot solution for cloud-based computing frameworks and other high-performance environments. The secret behind SMOD’s advanced design is the extensive technical expertise gained developing flash memory technologies, SAS firmware and other enterprise storage-related systems.
Available in 200/400/800GB sizes, as well as a 1.6TB size, the Optimus is primed to cause a major pole shift in the world of enterprise storage deployment according to Joe Unsworth, Research Director, NAND Flash and SSD, Gartner. A suite of proprietary features in the Optimus, called the Guardian technology, allows for advanced management of flash memory and thus ensures that the device will be able to relentlessly handle mainstream enterprise storage workloads over its 5-year warranty life.
Senior VP and GM of SMOD, John Scaramuzzo, called the debut of the new Optimus a “game changer” which marries the Company’s advanced MLC flash memory technology with the other proprietary IP, like the Guardian suite, to deliver the total one-stop solution for enterprise-class storage.
CAMAC Energy, Inc. (CAK) Conference Call Covers Operational and Management Developments
CAMAC Energy is a Texas-based energy exploration, development, and production company, with oil and gas interests in Nigeria and China. Their Nigerian interests are in OML 120 and 121, offshore oil leases in deepwater Nigeria that started production from the Oyo Field in December of 2009. In China, the company has a 100% interest in the Zijinshan Block gas asset located in Shanxi Province.
The company just completed a conference call for investors, discussing recent events and future strategy, with presentations by the following:
• Dr. Kase Lawal (Chairman & CEO)
• Edward Caminos (Sr. VP & CFO)
• Alan Halsey (Sr. VP of Exploration & Production)
One of the key points covered by the call was the fact that Dr. Lawal would continue as acting CEO for the next 12 months, and has, in support of this, resigned from his executive management roles at other related companies. A search for a new CEO will begin in earnest next year, and will be led by board members Dr. Lee P. Brown, Hazel R. O’Leary, and John Hofmeister. The move was determined to be in the best interest of shareholders, and was intended to provide enough time to identify the best individual to lead CAMAC into the future.
Dr. Lawal went on to talk about the company’s strategy, and their continuing efforts to broaden their portfolio and to develop OML 120 and 121 in Nigeria, working closely with Nigerian Agip Exploration Ltd., a subsidiary of Italian oil company Eni and the technical operator of the field. Ongoing studies should help determine the viability and locations of potential development wells for the field. OML 120 and 121 represent a landmark asset for CAMAC, with soil reports indicating gross oil resources of 627 million barrels, with a high potential estimate of 2.2 billion barrels, and with undiscovered oil estimates as high as 6.3 billion barrels. Of the 8 wells drilled in OML 120 and 121, all have identified hydrocarbons, with no dry wells. The company is working hard with NAE to put in place a more aggressive timeline, with the expectation to communicate a path forward by the end of the 4th quarter.
Edward Caminos summarized financial results for the 2nd quarter, ended in June, with the company reporting a net income of $5.7 million. In June, there was a lifting of roughly 600,000 barrels of crude oil, with a realization of $112.83 per barrel, though the company’s gross share of this was approximately 221,000 barrels. CAMAC’s balance sheet, as of June 30, showed cash and cash equivalents of $11.2 million, with an accounts receivable of $28.2 million. The only debt is a $25 million credit facility provided in June by Allied Energy.
Alan Halsey spoke about the unique opportunity that exists now in West Africa, where major oil companies are looking to divest some of their assets, opening the door for indigenous companies, especially where governments are interested in having a partnership with such companies. He indicated that the oil field has been producing at the rate of approximately 3,650 barrels of oil per day gross from the two wells Oyo 5 & 6, and that they are working to accelerate the timeline for oil field development. In terms of China, the company’s exploration program continues in partnership with PetroChina. The original exploration program was intended to target coalbed methane, but has now expanded to include tar sands and even shale targets.
For additional information, visit the company’s website at www.CamacEnergy.com
Santarus, Inc. (SNTS) and Pharming Group NV (PHARM) Disclose FDA Special Protocol Assessment
Biotech firms Santarus and Pharming Group NV announced yesterday that they have reached agreement with the FDA on a Special Protocol Assessment (SPA) regarding design of their Phase III clinical study of their investigational drug Rhucin. The drug has already gained European approval (as Ruconest) for treatment of acute angioedema episodes in HAE (hereditary angioedema) patients, a genetic disorder.
The Special Protocol Assessment (SPA) process is a streamlined method on the path to approval in which the FDA gives official guidance on the design of proposed drug trials. Or, as one Minyanville.com commentator succinctly put it, in explaining SPAs, “An SPA should eliminate most of the ability of FDA statisticians to nitpick about the design of the trial.” In effect, because FDA has pre-approved the protocol, its number-crunchers have a hard time attacking it later.
However, an SPA agreement is by no means a get-out-of-jail-free card for automatic approval. Final marketing approval still requires efficacious results, a low adverse event profile and a positive evaluation of the risk/benefit factor of treatment.
HAE causes swelling of tissues, and is particularly threatening when it affects airways, causing asphyxiation, potential organ damage, or death. According to the companies’ joint press release, the U.S. Hereditary Angioedema Association estimates that HAE occurs in the general population at the rate of one in 10,000 – 50,000 individuals. The disorder occurs because affected individuals lack a functional plasma protein C1 inhibitor.
Rhucin‘s evaluation is being done via an international, multicenter, randomized, placebo-controlled Phase III study. The study began in February 2011, but the FDA requested the companies to modify the study’s protocols. Principal study changes include increasing the number of patients from 50 to about 75, and allowing use of open-label doses of Rhucin as a rescue medication. The companies continue to expect to complete the study by Q3 2012.
Pharming chief medical officer Dr. Rienk Pijpstra commented, “We are pleased to have reached agreement with the FDA under an SPA on the protocol for the Phase III clinical study to support a BLA for Rhucin in the U.S. Over the past months we have continued to open additional investigational sites and to screen patients for eligibility who can now be randomized into the amended trial.”
Pharming has granted certain exclusive rights to Santarus to market Rhucin in North America for the treatment of HAE and other future uses. Under the license terms, Pharming will receive a $10 million milestone payment from Santarus on successfully reaching the study’s primary endpoint.
Scorpex, Inc. (SRPX) Announces Submission of Urban Impact Study for State and City Permitting
Scorpex, Inc. today announced the submission of its Urban Impact Study as one of the final steps in obtaining state and city permitting for its receiving, storing, disposing, and recycling of waste, including toxic and hazardous waste, non-toxic and non-hazardous waste, and commercial waste.
The Urban Impact Study is vital to studying the effect the company’s operations will have on the environment, including wildlife, plants and the water supply. The company anticipates approval of its Urban Impact Study by the end of next week. In the press release, Scorpex affirmed its dedication to operating with the highest degree of environmental responsibility.
Joseph Caywood, CEO of Scorpex, Inc., stated, “Pending final approval, these permits will enable Scorpex open trucking routes to and from our facilities, thereby helping us get closer to our large trucking and shipping partners which will bring waste to our unique facility. We are ahead of schedule in complying with all necessary requirements from the federal, state and city permitting processes. I believe our Urban Impact Study will expedite our goal of getting our permits approved.”
SRPX Announces Submission of Urban Impact Study for State and City Permitting
Scorpex, Inc. today announced the submission of its Urban Impact Study as one of the final steps in obtaining state and city permitting for its receiving, storing, disposing, and recycling of waste, including toxic and hazardous waste, non-toxic and non-hazardous waste, and commercial waste.
The Urban Impact Study is vital to studying the effect the company’s operations will have on the environment, including wildlife, plants and the water supply. The company anticipates approval of its Urban Impact Study by the end of next week. In the press release, Scorpex affirmed its dedication to operating with the highest degree of environmental responsibility.
Joseph Caywood, CEO of Scorpex, Inc., stated, “Pending final approval, these permits will enable Scorpex open trucking routes to and from our facilities, thereby helping us get closer to our large trucking and shipping partners which will bring waste to our unique facility. We are ahead of schedule in complying with all necessary requirements from the federal, state and city permitting processes. I believe our Urban Impact Study will expedite our goal of getting our permits approved.”
Akorn Inc. (AKRX) Posts Q1 Figures, Updates Outlook to Reflect Pending Acquisition
Akorn Inc., a niche generic pharmaceutical company, reported financial results for the first quarter of 2011, reflecting inclusion of revenues from the company’s Akorn-Strides LLC joint venture.
Consolidated revenue for the first quarter of 2011 increased 24 percent to $25.4 million compared to consolidated revenue of $20.5 million for the first quarter of the year prior. First quarter 2011 core business revenue was $25.4 million, up 66 percent over the 2010 first quarter core revenue of $15.3 million.
First quarter 2011 included $1.0 million in revenue and $1.1 million in net income from Akorn’s participation in the Akorn-Strides joint venture. The company noted that all joint-venture sales activities ended in April. The remaining joint-venture abbreviated new drug approvals (ANDAs) were transferred to Pfizer as previously announced on December 29, 2010. Akorn will recognize its share of the gain on the transfer of the remaining ANDAs I n the second quarter 2011.
Consolidated gross margin for the first quarter of 2011 was 56 percent compared to 41 percent in the first quarter of 2010.
Net income for the first quarter of 2011 was $5.8 million, or $0.06 per diluted share, compared to a net income of $3.5 million, or $0.04 per diluted share, in the prior year quarter.
The company also announced its plans to acquire Advanced Vision Research Inc., a leading player in the over-the-counter dry eye market with annual sales of approximately $20.0 million in 2010, both domestic and international.
“These are exciting times for Akorn. We are evaluating other acquisition opportunities that are complementary to our existing business. With the continued strength in our base business and the opportunities to grow through our internal R&D efforts, we feel optimistic about the long term growth prospects for our company,” Raj Rai, Akorn CEO stated in the press release.
The company revised its 2011 outlook to include the pending acquisition of AVR. The company now projects 2011 revenue in the range of $106 million to $110 million; AVR is expected to add approximately $12.0 million to 2011 revenues.
For more information visit www.akorn.com
Scorpex, Inc. (SPRX) Gets Green Light from Mexican Environmental Authority, Clearing Regulatory Hurdles
Scorpex wants one thing. And getting that “thing” takes some dirty work, so to speak. Scorpex’s goal is to own and operate a full-service waste disposal and recycling company in Mexico, and it intends to do so with adequate facilities and resources to dispose of all waste, including that of industrial, toxic and hazardous matter.
Establishing this operation takes more than sending a loaded dump truck into the Mexican desert. Mexico has stringent requirements on waste disposal, enforced by a division of the Ministry of Environment and Natural Resources, the Federal Attorney for Environmental Protection (PROFEPA).
PROFEPA recently inspected Scorpex’s industrial waste facility outside Ensenada, Mexico, to ensure its compliance with environmental-related legislation, ultimately giving the company the go-ahead to obtain permits necessary for the company to operate its industrial waste facility.
“Over the past several years, Scorpex has overcome numerous hurdles in order to meet the stringent requirements of Mexico. This most recent approval gives the company a positive recommendation and the assurance that it has complied with and passed all required testing and studies as well as the requirements for the planned and presently completed property infrastructure, build outs and improvements,” Joseph Caywood, CEO of Scorpex stated in the press release.
For more information visit www.scorpex.com
D. Medical Industries Ltd. (DMED) Signs Deal with Edgepark Medical Supplies and Independence Medical to Distribute Infusion Sets
D. Medical Industries Ltd., an Israeli medical device company engaged through its subsidiaries in the research, development, manufacture and sale of innovative products for diabetes treatment and drug delivery, announced today that it has worked out a deal to distribute its Spring(TM) Universal Infusion Sets in the United States. D. Medical’s subsidiary, Spring Health Solutions Inc., has agreed to give RGH Enterprises, Inc., the parent company of Edgepark Medical Supplies and Independence Medical, a non-exclusive distribution deal for the Infusion Sets to facilitate the product’s immediate commercial rollout in the world’s single largest insulin pump and disposables market.
The Spring Universal Infusion Set features a hidden, auto-retractable needle, 360 connector and the smallest, one-click, all-in-one inserter. The core of the Spring Universal Infusion Set is the proprietary
Detach-Detect mechanism. In the case the base of the infusion set detaches from the user’s body, a blocking mechanism is triggered which creates an occlusion and sets off an alarm in an insulin pump. This unique feature enables exceptional reliability for continuously controlled and monitored insulin delivery, providing additional safety and peace of mind – especially for athletes and the parents of pediatric patients. The Spring Universal Infusion Set works with most insulin pumps on the market today.
“The annual market for infusion sets is estimated to total $730 million in the U.S. alone – yet there has been little or no design innovation in this category in recent past. We believe that the clear advantages of our Spring Universal Infusion sets, combined with the fact that they will be available through a market leaders like Edgepark Medical Supplies and Independence Medical, will lead to maximized penetration into what was, heretofore a largely commoditized product market,” said Efri Argaman, D. Medical’s Chief Executive Officer, in a press release today.
The United States has approximately 26 million diabetes patients with 1.4 million suffering from Type 1 diabetes and about 350,000 currently rely on insulin pump therapy for treatment. A recent U.S. Centers for Disease Control and Prevention report estimated that 1 in 3 Americans will have diabetes by 2050 if current trends continue.
D. Medical is focused on research and development that will lead to the next generation of insulin pumps. To learn more about D. Medical’s research, please visit www.dmedicalindustries.com
Mon General Hospital Selects Merge Healthcare, Inc. (MRGE) for Cardiology Imaging
Merge Healthcare, Inc. recently announced that it had been selected by West Virginia hospital Mon General for cardiology imaging and information solutions. Mon General will be replacing their current cardiology imaging systems with equipment from Merge. In addition to imaging equipment, Merge will be supplying information systems for hemodynamics and ECG.
Mon Health System is an independent West Virginia healthcare organization that caters to patients in West Virginia and southwestern Pennsylvania. Merge Healthcare is a provider of enterprise imaging and interoperability solutions, including systems for radiology, cardiology and orthopedics; as well as a suite of products for clinical trials and software for financial and pre-surgical management.
Merge Cardio assists in analyzing digital medical imagery, as well as supplying a suite of other digital medical tools, such as providing reports. Merge Cardio ECG will be a web-based visualization platform that deals with non-invasive cardiology data. Cardiology and health specialists will be able to access patient data on any device that can access the internet. Merge Hemo will facilitate in data collection, waveform analysis, inventory control, patient charging, and procedure reporting.
Steve Carter, CIO at Mon General Hospital, said, “We needed to eliminate the inefficiency caused by the disparate systems we previously had. We met with executives from Merge and were impressed with the company’s direction and their roadmap for future products. Ultimately, we selected Merge because it was the best fit for our long term goal of having a fully integrated, enterprise-wide cardiovascular information system.”
“Merge Hemo will streamline many of our current processes and give us real data in real time and allow staff to focus on the patient and procedure,” said Diana Bridges, Director of Cardiovascular Services, Mon General Hospital.
“With Merge, Mon General will have a consolidated cardiology system that spans across their entire enterprise enabling them to improve communication and exchange image and patient information more effectively,” said Jeff Surges, CEO of Merge Healthcare. “We look forward to developing our relationship with Mon General and to delivering solutions that will help them improve efficiency, image interoperability, and most importantly, patient care.”
Scorpex, Inc. (SPRX) Gets Green Light from Mexican Environmental Authority, Clearing Regulatory Hurdles
Scorpex wants one thing. And getting that “thing” takes some dirty work, so to speak. Scorpex’s goal is to own and operate a full-service waste disposal and recycling company in Mexico, and it intends to do so with adequate facilities and resources to dispose of all waste, including that of industrial, toxic and hazardous matter.
Establishing this operation takes more than sending a loaded dump truck into the Mexican desert. Mexico has stringent requirements on waste disposal, enforced by a division of the Ministry of Environment and Natural Resources, the Federal Attorney for Environmental Protection (PROFEPA).
PROFEPA recently inspected Scorpex’s industrial waste facility outside Ensenada, Mexico, to ensure its compliance with environmental-related legislation, ultimately giving the company the go-ahead to obtain permits necessary for the company to operate its industrial waste facility.
"Over the past several years, Scorpex has overcome numerous hurdles in order to meet the stringent requirements of Mexico. This most recent approval gives the company a positive recommendation and the assurance that it has complied with and passed all required testing and studies as well as the requirements for the planned and presently completed property infrastructure, build outs and improvements,” Joseph Caywood, CEO of Scorpex stated in the press release.
For more information visit www.scorpex.com
SPRX Gets Green Light from Mexican Environmental Authority, Clearing Regulatory Hurdles
Scorpex wants one thing. And getting that “thing” takes some dirty work, so to speak. Scorpex’s goal is to own and operate a full-service waste disposal and recycling company in Mexico, and it intends to do so with adequate facilities and resources to dispose of all waste, including that of industrial, toxic and hazardous matter.
Establishing this operation takes more than sending a loaded dump truck into the Mexican desert. Mexico has stringent requirements on waste disposal, enforced by a division of the Ministry of Environment and Natural Resources, the Federal Attorney for Environmental Protection (PROFEPA).
PROFEPA recently inspected Scorpex’s industrial waste facility outside Ensenada, Mexico, to ensure its compliance with environmental-related legislation, ultimately giving the company the go-ahead to obtain permits necessary for the company to operate its industrial waste facility.
"Over the past several years, Scorpex has overcome numerous hurdles in order to meet the stringent requirements of Mexico. This most recent approval gives the company a positive recommendation and the assurance that it has complied with and passed all required testing and studies as well as the requirements for the planned and presently completed property infrastructure, build outs and improvements,” Joseph Caywood, CEO of Scorpex stated in the press release.
For more information visit www.scorpex.com
Aga Group Acquires Allied Healthcare (AHCI) for $175M
Allied Healthcare International Inc., a leading homecare provider of health and social care in the UK and Ireland, announced it will be acquired by Saga Group Ltd. for $175 million, or $3.90 per share, representing a premium of 59% to Allied’s closing price on July 28, 2011, of $2.45.
Allied is a leading health and social care provider in the UK and Ireland. The company operates a network of approximately 120 branches. Saga provides insurance, savings, financial advice, among other services.
Allied’s healthcare services are complementary to Saga’s broader business and acquisitions strategy, and Saga said the acquisition will help it grow its nationwide presence.
“Our strategic intent has been to grow our healthcare division organically and through carefully selected acquisitions. I am therefore delighted that Allied is joining the Saga Group. Saga will be the UK’s pre-eminent provider of domiciliary care,” John Ivers, CEO of Saga stated in the press release. “We are creating a nationally recognized and trusted provider of quality care in the home.”
Sandy Young, CEO of Allied, voiced his confidence in the transactions benefit to shareholders.
“After a robust examination of the strategic alternatives available to the company, our board unanimously concluded that this transaction is in the best interests of our company and
shareholders,” Young stated.
The acquisition is slated for completion in the fourth quarter of 2011.
For more information visit www.alliedhealthcare.com or www.saga.co.uk
TGC Industries, Inc. (TGE) Posts Improved Q2 Results, Driven by Strength in U.S. Operations
TGC Industries, Inc., a provider of seismic data acquisition services with operations throughout the continental United States and Canada, today posted its financial results for the second quarter and first half of fiscal 2011.
Revenues increased 34% to $30.2 million compared to $22.5 million in the second quarter of 2010.
Net income for the second quarter of 2011 grew to $0.6 million, or $0.03 per diluted share, compared to a net loss of $1.2 million, or ($0.06) per share, in the comparable quarter of 2010.
In response to growing customer demand, TGC Industries added an eighth seismic acquisition crew in the U.S. during the quarter.
“Overall, the seismic acquisition market continues to improve, and bidding remains active. …While our third quarter will again be impacted by the normal seasonality in Canada, we are optimistic about the remainder of the year as the U.S. business continues to strengthen and the ramp up of the winter season in Canada will occur during the latter half of the year,” Whitener stated in the press release. “In addition, we ended the quarter with approximately $22 million in cash and remain financially strong and well capitalized, with the financial and operational flexibility to make the most of opportunities in this strengthening market.”
For the first half of 2011, revenues grew 52% to $80.5 million from $52.8 million in the first six months of 2010.
TGC Industries reported net income for the first half of 2011 was $6.4 million, or $0.33 per diluted share, compared to net loss of $0.7 million, or ($0.03) per share, a year ago.
The company’s first half 2011 results include $1.1 million of transaction costs related to the proposed merger agreement with Dawson Geophysical Company.
For more information visit www.tgcseismic.com
Acorn Energy, Inc. (ACFN) Gains $61.8 Million from Sale of CoaLogix
Acorn Energy, Inc., an energy technology holding company, today announced a definitive agreement for the sale of its subsidiary CoaLogix for $101 million to funds managed by private equity firm, Energy Capital Partners (“ECP”). Acorn anticipates a $61.8 million pre-tax proceed, or approximately $3.53 per outstanding Acorn share. Acorn Energy owns about 65% of CoaLogix on a fully diluted basis with the balance held by EnerTech Capital and CoaLogix management.
CoaLogix is the worldwide leader in selective catalytic reduction (SCR) management services and catalyst regeneration technologies that reduce nitrogen oxides (NOx) emissions in coal-fired electric utility power plants. With leading-edge technologies, a highly skilled workforce, and more than 160 years of combined senior management experience, CoaLogix works to help companies maintain compliance with stringent environmental regulations through technology, optimization and efficiency improvements. Most coal-fired utility plants in the United States use CoaLogix’s SCR catalysts and regeneration technologies creating a $1.5 billion market share in the US.
Acorn created CoaLogix in November 2007 to purchase SCR-Tech LLC and its related entities. Acorn’s original investment of $11.0 million was for 100% of CoaLogix. Later, Acorn invested an additional $7.2 million in CoaLogix for a total investment of $18.2 million. Acorn anticipates that its taxes on income for 2011, after giving effect to the transaction, will not exceed $5 million.
“Acorn provided needed resources and capital for CoaLogix to grow and become the leading US player in the SCR catalyst regeneration market over the past few years. ECP has the experience and capital to extend CoaLogix’ leading position in North America and beyond. We believe that the transaction is in the best interests of our shareholders as well as the future of CoaLogix,” stated John Moore, CEO of Acorn Energy in a press release Friday.
“We are excited to be joining forces with Energy Capital Partners and its successful track record of supporting companies across the energy sector. ECP’s substantial resources, expertise and power industry relationships will enable CoaLogix to continue to execute its aggressive expansion plans going forward,” stated Bill McMahon, CEO of CoaLogix in the recent sale announcement.
For more information on the sale of CoaLogix please visit www.acornenergy.com
Ballard Power Systems (BLDP) Collaboration Agreement with Delta Power Solutions Announced
Ballard Power Systems announced execution of a collaboration agreement between Delta Power Solutions of India and Ballard’s wholly-owned subsidiary Dantherm Power to market clean energy power solutions using fuel cells in India. The deal is aimed at supplying backup power to telecom companies.
Dantherm and Delta will work together to establish and conduct field trials of Dantherm’s direct hydrogen 2-kilowatt (kW) DBX2000 fuel cell system as well as its 5kW DBX5000 fuel cell system, along with its systems control platform “Site Management & Control System”. Delta, a subsidiary of Thai company Delta Electronics, will monitor the test installations remotely at their network operations center.
Ballard CEO John Sheridan said the following, “This agreement represents an effective, managed approach to backup power market development in India. Delta will leverage its existing telecom industry relationships in order to identify interested customers, and Delta will provide on-the-ground support throughout the trial period. Onsite expertise and customer support is the key to gaining traction with solutions that are new to the market, such as fuel cells in the India telecom sector.”
Ballard expects the field trials to give a better picture of the Indian commercial fuel cell market and help identify the optimal fuel cell solutions. After that determination, Delta would be relied upon to create further marketing inroads through sales, distribution, and servicing in India.
Delta’s managing director Dalip Sharma expects the deal to be profitable for both companies. “We are very pleased to be working with PEM fuel cell products from premier providers such as Dantherm Power and Ballard. This collaborative partnership has all the right elements for a successful evaluation of the market opportunity and for potentially large-scale product roll-out down the road,” he said after the deal was signed.
Delta has a strong presence in India, serving telecom giants Indus, Bharti, Vodafone, Reliance and Idea Cellular, and is a leading provider of power management and thermal management solutions, as well as a major source for components, visual displays, industrial automation, networking products and renewable energy solutions. With sales offices worldwide and manufacturing plants in Taiwan, China, Thailand, Japan, Mexico, India, Brazil and Europe, the press release notes that it‘s “a global leader in power electronics… [and has] implemented green, lead-free production and recycling and waste management programs for many years.”
Technicolor to Buy Cinedigm (CIDM) Digital Delivery Assets
French firm Technicolor is set to acquire key Cinedigm assets and a minimum of 300 incremental satellite roof rights. The plan is part of Technicolor’s deployment of its North American digital cinema equipment and will give Technicolor about a 40% increase in market footprint, with its satellite network expanding to more than 1,100 locations in the United States and Canada.
The deal is unusual in that no financial details have been disclosed. But under its terms, Technicolor will become Cinedigm’s preferred content servicing partner, including post production and distribution services. Cinedigm’s main role under the arrangement appears to be that of research and development of next generation entertainment industry software. Also included is Technicolor’s licensing of Cinedigm’s CineSuite digital delivery tools and their CineXpress trailer distribution software.
The deal is expected to wrap up in September of this year, subject to the execution of definitive documents and satisfaction of certain closing conditions. The late-day press release called the deal “a strategic software design partnership between the two companies… expected to provide superior service and value, with greater scale and functionality, to the combined studio distribution customers of each Company.” It’s seen by the companies as an effort to take advantage of opportunities offered by a growing global cinema conversion to digital.
Wednesday’s statement hints that Cinedigm might be developing an appetite for acquisitions too: “The companies intend to expand their delivery agreement as Cinedigm’s content distribution business grows organically and through acquisitions.” Part of Cinedigm’s business model includes alternative and independent film distribution.
In announcing the deal, Cinedigm CEO Chris McGurk said, “Technicolor is the market leader and highly respected in the delivery business, with strong customer relationships both domestically and internationally that will allow Cinedigm to expand our software and content distribution businesses faster and more effectively [and] by providing Technicolor access to Cinedigm’s leading software and delivery tools like CineXpress, Technicolor will enhance its position as a global innovator and become an even stronger player in its core delivery business. This is a perfect strategic alliance.”
Echoing McGurk’s view, Technicolor CEO Frederic Rose observed that the transaction “will allow our Digital Cinema business to expand its market-leading electronic distribution footprint while continuing to provide the highest level of quality and security to our studio clients.”
Sky Power Solutions Corp. (SPOW) Focused on Major Challenges to the Grid
One of the most serious problems facing the U.S. and other parts of the industrialized world today is the inadequacy of the electrical grid, along with the generating resources that power it. Although much has been made of the vulnerability of high-voltage electrical transmission systems to outside attack, a more systemic problem is the inherent inefficiency involved in maintaining sufficient generating capacity to meet peak electrical demand.
Since electricity is not easily stored, large scale power plants must be built with enough capacity to meet potential spikes in consumer demand, such as caused by widespread hot weather, even though those spikes may represent only a small percentage of total annual requirement. As a result, excess capacity sits dormant much of the time, while being pushed to the limit, and sometimes beyond its limit, during other times. The cost to build and constantly maintain such capacity is ultimately passed on to consumers and the nation as a whole.
Adding to this long-standing problem is the new prospect of increased demand brought on by the still uncertain use of plug-in electric cars. As major manufacturers begin to turn out larger numbers of such vehicles, the next ten years could see a million or more electricity hungry cars on the road, although the price of gas and the cost of electric cars will ultimately influence final numbers. If the cars are plugged in at night, when power usage is at a minimum, the excess capacity can be fired up to meet the new demand. But there is little doubt that many of the cars could be plugged in during the day, perhaps at new work-based charging stations.
An interesting approach to the problem is presented by Sky Power Solutions, Inc., developer of advanced electrical storage and residential solar power solutions. The company uses the newest lithium ion battery technology, together with a specially designed solar concentrating system, to provide individual users with a cost-effective and reliable source of solar electricity. The idea is that the excess power generated from the sun at the household level can be used for the individual’s own use, as well as to feed the grid, helping to alleviate the growing demand for electricity, and reduce the need for oversized power plants. Even though it would mean investment at the household level, the addition of such a decentralized resource would, it is hoped, make the grid as a whole more reliable.
Most Publicly Traded Companies are Making a Huge Mistake
Wouldn’t an investor that owned 10-20% of a company be entitled to management’s attention? Of course he would as his or her decisions could easily have a material effect on the company’s operations and ability to grow. Why then do so many publicly traded companies ignore the retail investor market when the segment represents a significant portion their shareholder base?
Of course, most of these companies do not even realize the mistake they are making. There are 30,000+ institutions in the world, each with stock purchasing power that far exceeds the typical retail investor. To them it is simply a matter of resource management; as workloads increase and budgets decline, it would only make sense to focus on institutions with more buying power.
However, the individual investor audience represents trillions of dollars in investable assets and it would be a mistake to completely ignore it. Because the most attractive segment of this audience makes investment decisions based on research and fundamentals, they often have long time horizons and become long term shareholders. Companies shouldn’t question the value of these individual investors.
As an investor relations company, we understand the importance of the average retail investor and work hard to connect the community with companies that have huge potential to succeed in the short and long-term future. We offer several ways for investors to learn more about investing in these companies as well as find and evaluate them.
To learn more about our company and our clients, visit www.Clients.MissionIR.com
Spectranetics (SPNC) Posts Q2 Results reflecting Progress for Key Growth Initiatives
Spectranetics Corp., developer of single-use medical devices for the treatment of the cardiovascular system, today reported financial results for the second quarter and six months ended June 30, 2011.
Revenue for the second quarter of 2011 was $32.2 million, an increase of 7 percent over revenue of $30.0 million for the second quarter of 2010. Net income for the second quarter was $584,000, or $0.02 per diluted share, compared with net income of $91,000, or $0.00 per diluted share, in the second quarter of 2010.
The company reported a year-over-year 15 percent increase in lead management revenue to $11.5 million; laser system revenue increased 48 percent to $2.3 million; and service and other revenue increased 9 percent to $2.5 million.
While vascular intervention sales declined 1 percent to $15.8 million, segment revenue continued its turnaround from its lows in the fourth quarter of 2010, increasing sequentially by $1.2 million, or 8 percent, as compared with the first quarter of 2011.
“The second quarter results reflect continued progress on our key growth initiatives. The second consecutive quarter of sequential growth in our Vascular Intervention business, and the 15 percent growth in our lead management business demonstrate the growing demand for our portfolio of products,” Jason D. Hein, senior vice president of Sales, Marketing and Business Development for Spectranetics stated in the press release.
Revenue for the first half of 2011 rose 6 percent to $62.6 million, compared to $59.0 million reported for the first half of 2010. Net income for the first half of 2011 was $430,000, or $0.01 per diluted share, compared with a net loss of $867,000, or $0.03 per share, in the first half of 2010.
Year-to-date 2011 lead management revenue increased 14 percent to $22.8 million; laser system revenue increased 47 percent to $4.3 million; and service and other revenue increased 10 percent to $5.1 million.
Vascular intervention revenue in the first half of 2011 declined 3 percent to $30.5 million, compared with the first six months of 2010, but continued its turnaround with two consecutive quarters of sequential improvement since the fourth quarter of 2010.
For the remainder of the year, Spectranetics is focused on improving its revenue growth rate, with revenue expected in the range of $122.5 million-$126.5 million.
For more information visit www.spectranetics.com
Dunkin’ Brands Group (DNKN) IPO as Hot as Its Coffee
This week’s biggest IPO offered some hot trading Wednesday as shares of Dunkin’ Brands Group, the parent company of Dunkin’ Donuts, soared well past its $19 IPO price, to close at nearly $27.85, based on the company’s recognized potential for still unrealized domestic expansion.
Founded in 1950 in Quincy, Massachusetts, the company began franchising in 1955, and is now approaching 10,000 stores worldwide. About 2/3 of Dunkin’ stores are in the U.S., the vast majority of which are in the East. The lack of stores in the West is viewed as a prime opportunity for increased domestic branding and growth, with the chain looking to roughly double the number of U.S. stores over the next two decades.
Dunkin’ feels it’s in a strong position to take on Starbucks and McDonald’s, both of which are now considered focused more on the international market. Surprising to many is the fact that Dunkin’ Donuts is America’s largest retailer of coffee-by-the-cup, serving nearly a billion cups each year. Although the company also sells bagels, breakfast sandwiches, danishes, and, of course, all kinds of donuts, coffee provides the majority of its revenue, including grocery sales. The original proprietary coffee blend recipe used in 1950 is still the one used today, the foundation for a customer brand loyalty exceeding that of its competition.
Although planned growth is impressive, the strategy is to be careful, to ensure successful franchises as it expands on its largely working-class customer base. Its target market, in contrast to Starbuck’s target for higher-priced offerings, could stand it well during tough economic times. In addition, Dunkin’ Brands other major brand, Baskin-Robbins, is now under new management, and is seen as already undergoing a turn-around.
For additional information, visit the company’s website at www.DunkinDonuts.com
Scorpex, Inc. (SRPX) Prepares to Capitalize on Mexico’s Waste Disposal Industry
The market for hazardous and industrial waste naturally increases in correlation with growth of the human population. Landfills have long been the method of waste disposal, but below the surface of the layers of dirt “hiding” our waste, reactions take place that create long-term environmental problems.
This is where Scorpex steps in. The company is executing its operational mission to own and operate a full-service waste disposal and recycling company. Its first facility will be located on a 26-acre property just outside Ensenada, Mexico, ironically less than three miles from the region’s current landfill. The property will house ten hazardous waste storage structures, with the first storage facility 80 percent complete.
Scorpex has partnered with IET of Danville, Ky., for the installation of a waste gasification plant on site. The IET solution is a thermal oxidation process that takes waste, transported by waste haulers, and drops it into an air-tight gasification cell. Once the cell is closed, the system is activated and the temperature of cell is raised to 800 degrees, without the presence oxygen. The waste is then turned into smoke, dust-free gas, and vented into secondary processor where it is mixed with room air and then ignited by pilot burners that creates hot air flow. This hot air stream can be reclaimed to create hot water and steam.
This gasification method burns off 95% of the waste’s volume, and allows for immediate processing of waste as it arrives at the plant. Even though the process is essentially emission free, IET provides their own scrubber design for all projects to give extra protection regardless of the contaminant. With so many great features, detailed in a recent press release, and full support included, it is obvious that Scorpex did their due diligence prior to selecting the required processing equipment for their operations.
For more information visit www.scorpex.com