pis...(put something here)
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I would have liked it better if they were off the pinks and then released that deal!
Oh, geez...he rides a motorcycle too?
I hope he didn't jump? I tried it earlier this morning when CGO dived - but don't worry - I trade from a subbasement and didn't get hurt!
How can you tell when GNET is off for good - the other day it looked that way and then they were back on the ask again.
Are you in Live?
They are talking about it now:
Sprint says "that it doesn't matter what the average joe thinks - the key is what the big boys think and that the default is actually an extension negotiated".
I don't know, but it was mentioned (I think on RB) that the probe began last October. Why the heck did that have to come out the same day with earnings news? Hopefully you are right and it is old news. It does say:
federal securities regulators have stepped up their investigation of the company
and...
Reuters
SEC Probe of Atlas Air is Stepped Up
Friday February 28, 8:38 am ET
PURCHASE, N.Y. (Reuters) - Cargo carrier Atlas Air Worldwide Holdings Inc. (NYSE:CGO - News) on Friday said federal securities regulators have stepped up their investigation of the company.
It also said it has not made six lease payments on aircraft in its fleet and may defer others.
The company also has agreed with aircraft builder Boeing Co. (NYSE:BA - News) to delay by about three years the delivery of a Boeing 747-400 plane that had been set for this October.
The Securities and Exchange Commission had launched an informal investigation last October after the company said it was re-auditing past results.
News CGO:
Atlas Air Worldwide Holdings Provides Fourth-Quarter Update
Business Editors
PURCHASE, N.Y.--(BUSINESS WIRE)--Feb. 28, 2003--Atlas Air
Worldwide Holdings, Inc. (NYSE:CGO) today provided the following
summary of certain of its operating results for the fourth quarter
ending December 31, 2002. The Company also announced the appointment
of Jeffrey H. Erickson to the position of acting President of Atlas
Air Worldwide Holdings. The Company's third quarter Form 10Q and 2002
Form 10K to the SEC will be delayed until the ongoing re-audit of its
annual financial results for fiscal years 2000 and 2001 has been
completed.
Chief Executive Officer Richard Shuyler said, "In the fourth
quarter of 2002, both our scheduled service and charter services
benefited from the disruption of port operations on the West Coast,
primarily resulting in stronger yields, as well as strong demand from
the US military. Although Atlas's traditional ACMI market is still
depressed, we have adapted to today's market by shifting our
operations towards maximizing military and commercial charter
opportunities. Military charter demand has continued into the first
quarter of 2003, and our fleet remains at near capacity operation as a
result."
Financial Results
For a more detailed update regarding the Company's financial and
operational performance in the fourth quarter 2002, please refer to
the Form 8-K filed today by the Company with the SEC.
Total operating revenues for the three months ended December 31,
2002, increased $129.9 million, or 45.8% to $413.7 million, primarily
due to the inclusion of Polar Air Cargo's revenues in 2002 as well as
strong military charter demand and commercial charter demand created
by labor disruptions at West Coast ports. Revenues from traditional
ACMI services were down 44.5%, or $67.8 million, compared to the same
period during 2001. However, revenues from other contract services
were up 201.1%, to $26.5 million year-over-year, and revenues from
charter services were up 106.0%, to $153.3 million.
For Atlas Air, operated block hours decreased 0.2% year over year,
from 30,311 block hours operated during the fourth quarter of 2001, to
30,236 block hours in the same period in 2002. At Polar, total block
hours operated were up 36.5% in the fourth quarter of 2002, compared
to the same period in 2001, increasing from 10,929 to 14,922. The
revenue and block hour information provided for Polar for the fourth
quarter of 2001 does not include the period prior to Atlas Air
Worldwide Holdings' acquisition of Polar on November 1, 2001.
Liquidity
As of December 31, 2002, the Company's cash and investment balance
stood at $254.9 million on a consolidated basis at the end of the year
and $228.4 million at Atlas Air, Inc. As of the same date, the
Company's outstanding long-term debt, including the current portion,
amounted to $930.6 million on a consolidated basis and $921.3 million
at Atlas Air. Total future payments of long-term lease obligations, as
of that date, amounted to $3.7 billion on a consolidated basis and
$2.5 billion at Atlas Air.
Debt Covenant and Lease Negotiations, Re-Audit Status
Atlas has begun negotiating with some of its aircraft lessors to
reduce or defer operating lease payments relating to five Boeing
747-200 and one Boeing 747-300 aircraft. At this time, Atlas has not
made six lease payments, and may choose to defer others pending the
outcome of the negotiations. After receiving a notice of lease
termination for one Boeing 747-200, Atlas is in the process of
returning that aircraft to its lessor. While the company is optimistic
that the ongoing lease renegotiations will result in payments that
better reflect market conditions, there can be no assurance that other
lessors will not elect to exercise remedies available to them,
including initiating litigation, under their leases in response to any
non-payments.
As previously reported, in January the Company entered into an
agreement with its bank lenders to amend loan agreements to waive
previously announced events of default. As part of this amendment, the
bank lenders agreed to waive application of financial covenants
contained in the loan agreements through March 31, 2003. Atlas Air is
currently in discussions with its lenders to address financial
covenant levels beyond March 31, 2003. It is likely that the Company
will also have to seek additional waivers to extend the requirement
for providing financial statements beyond such date.
Commitments and Contingencies
Atlas Air and Boeing have agreed to delay the delivery of one
Boeing 747-400 aircraft, previously scheduled for delivery in October
2003, until September 2006. The Company has no obligations or
commitments with respect to additional aircraft deliveries beyond the
aircraft referred to here.
Regulatory Matters
The SEC notified the Company on October 17, 2002 that an informal
investigation had begun, arising from the Company's October 16, 2002
announcement that it would restate its financial results for 2000 and
2001. The SEC has since formalized that investigation, and required,
among other things, that the Company provide the SEC with certain
documents. The Company intends to continue cooperating fully with the
SEC in its investigation.
About Atlas Air Worldwide Holdings, Inc.
Atlas Air Worldwide Holdings, Inc. is the parent company of Atlas
Air, Inc. ("Atlas Air"), and of Polar Air Cargo, Inc. ("Polar"). Atlas
Air offers its customers a complete line of freighter services,
specializing in ACMI (Aircraft, Crew, Maintenance, and Insurance)
contracts, utilizing its fleet of Boeing 747 aircraft. Polar's fleet
of Boeing 747 freighter aircraft specializes in time-definite,
cost-effective, airport-to-airport scheduled airfreight service. Polar
and Atlas Air are operated as separate subsidiaries of the Company.
For more information, go to http://www.atlasair.com.
Forward-Looking Statements
This press release contains projections and other forward-looking
statements that involve assumptions, risks and uncertainties. Readers
are cautioned not to place undue reliance on these statements, which
speak only as of the day of this Report. These statements are
inherently uncertain, and readers must recognize that our actual
results may differ materially from our expectations. Further, we
undertake no duty to update any of these forward-looking statements.
Readers are referred to the documents filed by Atlas Air Worldwide
Holdings, Inc. (together with its affiliates, "Atlas", "we" or "us")
with the Securities and Exchange Commission, specifically our Annual
Report on Form 10-K for the year ended December 31, 2001, our
Quarterly Reports on Form 10-Q for the quarters ended March 31, 2002
and June 30, 2002 and our Current Reports on Form 8-K dated October
16, 2002, October 18, 2002, November 14, 2002, December 2, 2002,
January 8, 2003, January 21, 2003 and February 26, 2003, which
identify important risk factors that could cause our actual results to
differ from those contained in the forward-looking statements. Other
factors that may affect our plans or results include, without
limitation, the outcome of various legal actions brought against
Atlas, the filing of additional lawsuits against us, the nature, scope
and results of the Company's internal accounting investigation and the
Company's ability to effect a restatement of its financial statements,
the outcome of the SEC's formal investigation concerning our decision
to initiate a re-audit of our financial statements for 2000 and 2001,
our ability to obtain various waivers from our bank lenders and
reduced or deferred operating lease payments from certain of our
aircraft lessors, significant changes in fuel prices and other
operating and maintenance expenses, the possible outbreak of war in
the Middle East, and the availability and cost of war and terrorism
risk and other insurance for the Company.
-0-
*T
Atlas Air Worldwide Holdings, Inc.
Three Months Ended
December 31, Percent
(in millions) 2002 2001 Difference Variance
---------- ------------ ---------- --------
Operating Revenue:
ACMI Service $84.5 $152.3 $(67.8) (-44.5)
Charter Service 153.3 74.4 78.9 106.0%
Scheduled Service 140.4 37.0 103.4 -
Other Contract Service 26.5 8.8 17.7 201.1%
Other 9.0 11.3 (2.3) (-20.4)
---------- ------------ ---------- --------
Total Operating Revenue $413.7 $283.8 $129.9 45.8%
Polar Air Cargo, Inc.
Three Months Ended(a)
December 31,
2002 2001 Difference Variance
---------- ------------ ---------- --------
(unaudited) (unaudited)
Scheduled Service
Revenue (millions) (1) $140.9 $57.9 $83.0 143.4%
Yield (cents) 33.61 25.62 7.99 31.2%
Load Factor 63.0% 61.3% 1.7 2.8%
Available Ton-Miles
(000's) 665,195 368,630 296,565 80.5%
Revenue Ton-Miles
(000's) 419,278 225,950 193,328 85.6%
(a) The table represents Polar's pro-forma Scheduled Service revenue
for the three months ended December 31, 2001.
Operating Statistics
Three Months Ended
December 31, Percent
2002 2001(1) Difference Variance
-------- -------- ---------- --------
Atlas Air Worldwide Holdings, Inc.
Block Hours: Total Operated 45,158 41,240 3,918 9.5%
ACMI service 17,393 23,491 (6,098) -26.0%
Charter service 12,621 8,906 3,715 41.7%
Scheduled service 11,679 6,018 5,661 94.1%
Other contract service 3,465 2,825 640 22.7%
Three Months Ended
December 31, Percent
2002 2001(1) Difference Variance
-------- -------- ---------- --------
Atlas Air, Inc.
Block Hours: Total Operated 30,236 30,311 (75) (-0.2%)
ACMI service (2) 16,868 22,562 (5,694) (-25.2%)
Charter service (3) 9,903 4,924 4,979 101.1%
Other contract service 3,465 2,825 640 22.7%
Polar Air Cargo, Inc.
Block Hours: Total Operated 14,922 10,929 3,993 36.5%
ACMI service 525 929 (404) (-43.5%)
Scheduled service (4) 11,679 6,018 5,661 94.1%
Charter service 2,718 3,982 (1,264) (-31.7%)
Polar Air Cargo, Inc.
(Scheduled Service) (4) (5)
Revenue Ton Miles (000's) 419,278 142,411
Available Ton Miles (000's) 665,195 241,874
Load Factor 63.0% 58.9%
Yield per RTM (cents) 33.61 25.97
Revenue per ATM (cents) 21.19 15.29
Aircraft at end of period
Atlas Air, Inc. (6) 40 37
Polar Air Cargo, Inc. (7) 11 15
Total aircraft 51 52
(1) 2002 operating statistics include Polar Air Cargo, Inc. (a wholly
owned subsidiary acquired November 1, 2001) for the entire quarter
whereas 2001 statistics include Polar for November and December
only.
(2) Wet-leases to Polar accounted for 6.0% of Atlas Air, Inc's. total
ACMI services block hours in Q4, 2002 and 0% in Q4, 2001.
(3) Charters to Polar represented 10.5% of Atlas Air, Inc.'s total
charter block hours in Q4, 2002.
(4) Scheduled service statistics are prior to revenue eliminations
resulting from consolidation.
(5) See Polar's pro forma scheduled service revenue table above for
further details
(6) Total Atlas aircraft include eight aircraft that are dry-leased to
other carriers (five of which were dry-leased to Polar) in Q4,
2002 and one dry-leased aircraft and six parked aircraft in Q4,
2001.
(7) Total Polar aircraft include one aircraft that was dry-leased to
another carrier in Q4, 2002 and two parked aircraft and one that
was dry-leased to another carrier in Q4, 2001
*T
--30--CE/cg*
CONTACT: Atlas Air Worldwide Holdings, Inc.
Rachel Berry (Media), 914/701-8400
Jason Grant (Investors), 914/701-8402
KEYWORD: NEW YORK
INDUSTRY KEYWORD: TRANSPORTATION AIRLINES EARNINGS
SOURCE: Atlas Air Worldwide Holdings, Inc.
Today's News On The Net - Business Wire's full file on the Internet
with Hyperlinks to your home page.
URL: http://www.businesswire.com
Feb-28-2003 13:17 GMT
Symbols:
US;CGO
Source BW Business Wire
Categories:
MST/R/US/NY MST/I/TRQ MST/I/AIR MST/S/ERN
I'll settle for a ride on one of their planes as payback.
Can we package you as cargo?
I just got back - that is so typical with this one - they either drive it down in last few minutes or what happened to day:
us;CGO Atlas Air Worldwide Holdings Inc *# Common Stock
+ 1.09 Up 0.07 H 1.09 L 1 V 88,700 27-Feb-03
Price Vol Exc Time ActMMID Price Vol Exc Time ActMMID
1.09 4 (M)16.00.03 1.03 12 (T)15.38.54
1.09 4 (N)15.59.54 1.03 50 (M)15.38.48
1.08 1 (N)15.59.18 1.03 28 (T)15.38.18
1.09 2 (N)15.58.51 1.02 1 (N)15.23.18
1.08 5 (N)15.58.09 1.01 41 (T)15.20.27
1.08 1 (N)15.58.06 1.01 1 (T)15.16.21
1.07 5 (N)15.57.42 1.01 1 (T)15.14.57
1.07 2 (N)15.57.24 1.01 3 (N)14.54.12
1.07 2 (N)15.56.06 1.01 1 (N)14.37.06au
1.07 2 (N)15.55.03 1.01 1 (N)14.35.24au
1.05 1 (N)15.49.21 1.02 1 (N)14.22.30
1.05 2 (N)15.48.57 1.02 20 (M)14.15.51
1.05 27 (T)15.48.39 1.02 100 (T)14.11.42
1.05 20 (N)15.48.27 1.02 15 (T)14.11.21
1.05 220 (N)15.48.21 1.02 20 (M)14.11.12
1.04 10 (N)15.48.18 1.03 1 (N)13.12.39
1.04 10 (N)15.44.39au 1.03 4 (N)13.00.36
1.03 10 (N)15.43.18 1.03 1 (T)12.36.42
1.03 10 (T)15.42.39 1.03 1 (N)12.35.18
1.02 3 (N)15.42.00 1.03 20 (M)12.18.12
27-Feb-03 17:14 NYC For help: /TT/? (c)REUTERS
MODG to IMDK to ITEK
13:33 02/26/2003 IMDK** Immediatek Inc ITEK Immediatek Inc New (1-250 R/S)
Woulda, coulda, shoulda! That's what trading is all about, isn't it? LOL
Well we hit three different persons, hopefully one will respond.
Just curious - what email address do you have:
spierce@atlasair.com ?
Go back for another lunch - maybe it will go up more. I told you awhile back that we should have been daytrading this one with the intraday price swings! I emailed the company regarding their lack of pr's - if I hear back from them I will let you know.
Ha - real estate! Don't forget about when that market dived in the late 80's (at least I think it was then - could have been the early 90's - I was sooo young then I can't remember - LOL).
So what are you going to do - pick up a few cheap shares here?
Hopefully you'll hit something real big and you won't have to carry them over too many years - at least that's what I keep telling myself! Too bad we couldn't just write off the full amount each year - at least there would be some kind of consolation to a lose!
Yeah, posted at Yahoo, but this morning I couldn't find it on the news wire for BAB, CGO, or BA. I even checked Reuters web site and couldn't find it. Do you have a link other than what was posted on Yahoo?
I was thinking the same, but maybe we shouldn't! When the heck is this company going to say something?
Hope you don't have to write off as many losses as I did!
Morning ou!
Is there some kind of holiday I don't know about today? Where the heck is everyone?
Well, I'm going to answer my own question regarding CGCP:
Revenues for the 2002 fourth quarter rose 31 percent over the fourth
quarter of the prior year and were up sequentially 14 percent over the third
quarter of 2002.
Revenues in the fourth quarter of 2002 grew to $3.7 million from
$2.8 million in the prior year period, with the Company reporting net income
of $149,000 or $0.00 per fully diluted share for the 2002 fourth quarter.
Revenues for the full 2002 year were $13.0 million, with a net loss of
$530,000, or $0.01 fully diluted loss per share, compared to 2001 revenues of
$14.2 million, with a net loss of $10.2 million, or $0.31 loss per fully
diluted share.
and I second that!
Hi Matt,
This is from a post on Yahoo this morning - I don't where he got this information:
Due to a scheduling conflict, the financial conference call scheduled for Tuesday has been cancelled.
However, Atlas Air Worldwide Holdings expects to provide a 4th quarter financial update in an 8-K filing to the Securities and Exchange Commission within the next several days. That update will be available via e-mail and will be posted to GlobalNet, PolarNet and the company's public web site. It will be similar to the update provided to employees and investors following the third quarter.
CGCP - I sold that darn thing last week at .33 (bought at .25 - don't feel too sorry for me). My logic was that they already hinted that revenues were going to be up about 25% from last year - unless the numbers are going to be much better?
Here it is:
IVP Technology Corporation's Subsidiary Ignition Entertainment Announces Interna
/FROM PR NEWSWIRE NEW YORK 800-776-8090/
TO BUSINESS, FOREIGN AND TECHNOLOGY EDITORS:
IVP Technology Corporation's Subsidiary Ignition Entertainment Announces
International Distribution Agreements for Nintendo Game Boy(R) Advance Titles
Distribution Agreements for North America, UK, Spain, France and Benelux
TORONTO and LONDON, Feb. 24 /PRNewswire-FirstCall/ -- IVP Technology
Corporation (OTC Bulletin Board: TALL). IVP Technology Corporation's wholly
owned subsidiary Ignition Entertainment Limited, a worldwide publisher,
developer and distributor of entertainment software, today announced that it
has signed agreements with selected distribution partners across the UK,
Europe and North America for nine new Game Boy(R) Advance (GBA) titles, which
began shipping earlier this month into the European market at the very
aggressive recommended retail price point of 14.99 pounds sterling including
VAT, a new breakthrough in GBA pricing.
Ignition has signed exclusive GBA distribution agreements with COKeM
International Inc. in North America, Prism Leisure in the UK, Virgin Play in
Spain, SG Diffusion in France and Games World BV in the Benelux. In addition,
Ignition's nine new GBA titles will also be sold through UK retail giant
Sainsbury's as well as Game (formerly known as Electronics Boutique) in the
UK.
Partners were carefully selected in each region based on their track
record, market reach and commercial suitability to take GBA titles to market.
The current distribution agreements are specifically for Ignition's nine
current GBA games. Over the coming months, the company will be releasing a
number of new games on multiple formats and in various genres and will be
working with a variety of distribution partners worldwide.
"Our recommended retail price of 14.99 pounds is a breakthrough for the
GBA market. No other company has released a brand new GBA title at this price
point. We believe this will create further demand for impulse purchases that
will appeal to the wider mass market gamer," said Ajay Chadha, European Sales
Director for Ignition Entertainment Ltd. "We have carefully selected the right
partners for our GBA games. The majority of Ignition's staff has worked with
many of these partners before in their previous roles at other companies and
in most cases we already have an established good working relationship, and
are aware of their sound track record, market reach and ability to deliver."
Ignition's GBA titles began shipping into the European market in early
February 2003 at the recommended retail price point of 14.99 pounds including
VAT. The nine titles include IK+, one of the best known classic Karate games
of all time from the award-winning author Archer MacLean, which has sold in
excess of one million units to date on 8 and 16-bit platforms, as well as
suite of new and updated games including, Super Drop Zone, Monster Bass
Fishing, World Star Tennis, Strike Force Hydra, Stadium Games, Pin Ball
Tycoon, Demon Driver and Animal Snap.
About Ignition Entertainment
Ignition Entertainment is a wholly owned subsidiary or IVP Technology
Corporation and is a worldwide publisher, developer and distributor of
entertainment software. The company has its own internal development group,
Awesome Studios located in Banbury, UK.
Ignition targets all current platforms and formats, including PC,
PlayStation(R) game console, PlayStation2(R) entertainment system,
Microsoft(R) Xbox(TM),. The management team's game-industry experience spans
20 years, providing a rich heritage and knowledge base to design and develop
front line games. Ignition's mandate is to become a major player on the world
stage of quality entertainment software.
About IVP Technology Corporation
IVP Technology Corporation (www.ivptechnology.com) is a public company
that develops markets and distributes software and related products through
its consumer and enterprise divisions. IVP's main wholly owned subsidiaries
Springboard Technology Solutions Inc. (enterprise) and Ignition Entertainment
Limited (consumer) operate offices in Europe and North America in Toronto,
Chicago, London, and Banbury UK.
IVP's enterprise software division develops, markets, licenses and
installs and services data solutions that solve problems and create value for
mid size companies, large corporations and government agencies. These data
solutions incorporate data capture, storage, analysis, reporting and
presentation. IVP's data solutions use Vaayu(TM), "Classifier(TM)",
"I-Bos(TM)" and "VIPER(TM)" to take data from cross platform mobile enterprise
applications to the executive suite. IVP data solutions facilitate
remote-data-collection and reception, management, analysis, delivery and
presentation of information over corporate Intranets and the Internet. IVP
also operates a group dedicated to providing medical data integration to
health care facilities in North America.
IVP Technology Corporation is a Nevada registered corporation that trades
on the over the counter Bulletin Board under the symbol TALL: BB. For more
information visit www.ivptechnology.com.
Forward-Looking Statements
Statements contained in this news release regarding IVP Technology's and
other planned events are forward-looking statements, subject to uncertainties
and risks, many of which are beyond IVP Technology's control, including, but
not limited to, reliance on key markets, suppliers, and products, currency
fluctuations, dependence on key personnel and trade restrictions, each of
which may be impacted, among other things, by economic, competitive or
regulatory conditions. These and other applicable risks are summarized under
the caption "Risk Factors" in IVP Technology's Registration Statement on Form
SB-2 filed with the Securities and Exchange Commission on February 14, 2003.
Forward-looking statements by their nature involve substantial risks and
uncertainties. As a result, actual results may differ materially depending on
many factors, including those described above.
For further information on Ignition, please contact:
Vanessa Land
Devonshire Marketing
Tel: +44 (0)1276 675571 Email: vanessa@devonshiremarketing.com
IVP Technology Corporation Contact:
Brian J. MacDonald
President and CEO
01-416-255-7578 ext. 313
01-416-255-7579 Email: bmacdonald@ivptechnology.com
SOURCE IVP Technology Corporation
/CONTACT: Vanessa Land of Devonshire Marketing,
+44-1276-675571,vanessa@devonshiremarketing.com, for Ignition; Brian J.
MacDonald, Presidentand CEO of IVP Technology Corporation, +1-416-255-7578 ext.
313, or+1-416-255-7579, bmacdonald@ivptechnology.com/
/Web site: http://www.ivptechnology.com /
Feb-24-2003 14:02 GMT
Symbols:
US;TALL
Source PRN PR Newswire
Categories:
NWR/NV NWI/CPR NWI/CSE NWI/STW NWI/ENT NWI/OTC NWS/PDT MST/R/CA
MST/R/GB MST/R/US/NV MST/I/CPM MST/I/CSE MST/I/SOF MST/I/ENT MST/I/MKT
MST/S/PDT
So are we buying more then? I'm getting a bit nervous here - the market is up today so we can't blame it on market conditions - volume high and selling going on - why?
Staten Island refinery ablaze - one more nightmare for the NYC fire department!
derf,
Your animations crack me up! eom
I'm in at .0157. Just wished it said "planning on" instead of "is considering".
You're cruel - San Diego happens to be one of my most favorite towns! LOL
Thanks arkie, where are you - hopefully somewhere dry and warm.
I'm in such pain I can hardly type! I have been shovelling since 11am this morning and the damn plow just came by and snowed my driveway in once again - how long will I suffer! We must have close to two feet. We are still getting more snow here in NY. Anyone south of here?
Has it stopped down there?
BRCD - what does everyone think of this - bottomed, or more to go?
Agreed. I almost got tempted yesterday but was concerned with all the volume and buying and no move with the pps.
Thanks, for posting that! I have gotten so fed up with the nonsense at Yahoo that I haven't been reading too many posts over there so I missed that. Do companies have "quiet periods" for that reason? I don't know anything about that.
ou,
Nice to know SOMEONE is having a good day!
They looked good - profitable, etc. I got screwed on this one too.
CGCP - CardioGenesis Participates in International Meeting of Society of Thoracic Surgeons
/FROM PR NEWSWIRE LOS ANGELES 213-626-5500/
TO BUSINESS AND MEDICAL EDITORS:
CardioGenesis Participates in International Meeting of
Society of Thoracic Surgeons
Five-Year Data on Long Term Efficacy of TMR Presented to
Cardiothoracic Surgeons From Around the World
FOOTHILL RANCH, Calif., Feb. 12 /PRNewswire-FirstCall/ --
CardioGenesis Corporation (Nasdaq: CGCP), the market leader in angina-
relieving Transmyocardial Revascularization (TMR) and Percutaneous Myocardial
Revascularization (PMR), today announced that it exhibited at the 39th annual
meeting of The Society of Thoracic Surgeons (STS) held early this month at the
San Diego Convention Center. Throughout the STS meeting, the Company's senior
management, sales and marketing team and a number of leading cardiothoracic
surgeons were on hand to review the latest long-term follow-up data on TMR and
to demonstrate to surgeons attending from around the world how the procedure
can dramatically improve the quality of life for many of their patients who
suffer from debilitating angina pain.
The CardioGenesis exhibit drew large crowds of attending surgeons during a
series of presentations of the five-year data, which demonstrated the long-
term clinical efficacy of TMR for patients treated with the CardioGenesis
proprietary Ho: YAG laser.
The presentations were conducted by Keith B. Allen, M.D., a cardiothoracic
surgeon at St. Vincent's Hospital in Indianapolis, who is one of the leaders
of the five-year follow-up study of the pivotal clinical trial that served as
the basis of the FDA approval in 1999 of the CardioGenesis Ho:YAG system. Dr.
Allen reported that 96 percent of the surviving patients continue to show a
substantial reduction in angina pain (an improvement of at least two angina
classes) five years after their initial TMR treatment. The data, which was
collected at St. Vincent's and Jewish Hospital in Louisville, also shows that
incremental pain reductions occurred after one year, and that TMR is
significantly superior to the best drug treatment available for these
patients.
"There is no doubt that TMR is an effective means of reducing often
crippling angina pain, which is a tremendous benefit in terms of quality of
life for patients with coronary artery disease," Dr. Allen said. He added
that those patients experiencing the most pain seem to receive the most
dramatic benefit from TMR.
CardioGenesis is cooperating with the other study centers to collect
additional long-term follow-up data from patients enrolled in the original
randomized clinical trial.
Chairman and CEO Michael J. Quinn said the enthusiastic reception the
surgeons gave the TMR presentations is indicative of the growing support the
laser procedure is receiving throughout the country. He added that the large
number of sales leads received by the Company at STS was very encouraging.
"The five-year follow-up data presented by Dr. Allen provides strong
commentary on the efficacy and safety of TMR and we are encouraged by the
positive reaction we enjoyed at the conference," Quinn said. "We remain
confident that as more and more physicians and surgeons become aware of the
significant results TMR can produce, the more acceptance it will receive in
the medical marketplace."
TMR and PMR are related procedures in which physicians use lasers to
create small channels in the heart muscle to trigger the mechanisms of
angiogenesis, or the creation of new blood vessels in the heart. The FDA
approved TMR, a surgical version of the procedure, in 1999. PMR is a
catheter-based version of the procedure that is not yet cleared by the FDA in
the U.S., but is CE approved. The Company is continuing to move ahead in its
efforts to gain FDA clearance this year to market PMR in the U.S. and extend
the benefits of that minimally invasive procedure well beyond the
2,000 patients who have already been successfully treated with PMR.
About CardioGenesis Corporation
CardioGenesis is a medical device company specializing in the treatment of
cardiovascular disease and is the leader in products that stimulate cardiac
angiogenesis. The Company's market leading Holmium: YAG laser system and
disposable fiber-optic accessories are used to perform a FDA-cleared surgical
procedure known as transmyocardial revascularization (TMR) to treat patients
suffering from angina. The CardioGenesis TMR procedure, which is marketed in
the U.S. and around the world, has been shown to reduce angina and improve the
quality of life in patients with coronary artery disease. The Company's
minimally invasive percutaneous myocardial revascularization (PMR) procedure
is currently being marketed in Europe and other international markets.
For more information on the Company and its products, please visit the
CardioGenesis web site at http://www.cardiogenesis.com . For investor
relations information, visit the CardioGenesis pages in the "Client" section
of the Allen & Caron Inc web site at www.allencaron.com .
Any forward-looking statements in this news release related to the
Company's sales, profitability, the adoption of its technology and products
and FDA clearances are based on current expectations and beliefs and are
subject to numerous risks and uncertainties that could cause actual results to
differ materially. Other factors that could cause CardioGenesis' actual
results to differ materially are discussed in the "Risk Factors" section of
the Company's Annual Report on Form 10-K for the year ended December 31, 2001,
its Quarterly Report on Form 10-Q for the third quarter ended September 30,
2002, and the Company's other recent SEC filings. The Company disclaims any
obligation to update any forward-looking statements as a result of
developments occurring after the date of this press release.
For further information, please contact: investors, Mike Mason,
+1-212-691-8087, michaelm@allencaron.com, or media, Len Hall, +1-949-474-4300,
len@allencaron.com, both of Allen & Caron Inc, for CardioGenesis Corporation;
or Darrell Eckstein, President of CardioGenesis Corporation, +1-714-649-5000.
SOURCE CardioGenesis Corporation
/CONTACT: investors, Mike Mason, +1-212-691-8087,michaelm@allencaron.com, or
media, Len Hall, +1-949-474-4300,len@allencaron.com, both of Allen & Caron Inc,
for CardioGenesis Corporation;or Darrell Eckstein, President of CardioGenesis
Corporation, +1-714-649-5000/
/Web site: http://www.allencaron.com /
/Web site: http://www.cardiogenesis.com /
Feb-12-2003 12:30 GMT
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