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Well darn it...SELL half then...lol
Because I needed a break and was gone and it was suggested I let the board go for a while and see what happened.
WOW is all I can say.
ps: sorry if I offended you by removing your earnest post yesterday, just trying to keep on topic.
I have asked Matt to ban him, I don't mind negative posting bout the company but it was just ridiculous waste of board space the way he kept going on. this by the way after I warned him.
Wish Matt would give me banning priviledges.
Missy, just had to hear this after your threat on green room board...lol
Nina Simone - I Put A Spell On You
Sing it black magic woman...LOL
Thats it, I am shorting every stock you post on...lol
What? I can't hear you.
SELL....! (G'morn. mz Missy)
thnx Bob, keep up the good work.
Sue fair enough and...
the days of being bashed as a basher are over on this board
thank you
Sue,
I do not wish you to go away, just stay on topic
and try not to excite the weekminded
Already did allinone, and a note to you...
cease and desist acting like the big shot here, this is a public message forum where all opinions are needed and not to be attacked at every turn.
Thanx for that, thats what I was told also and removed from ibox.
Well it was unfounded and not nice. IMO
Show the full headers from the email allinone
Agree 100%, no more of this lil slap on the wrist crap.
Unreal Art...!
.<font color=red> R E A D T H I S.....
No more circus, yesterday was something most of you should be ashamed of. THIS IS NOT RB
get familliar with this or get lost....!
User Agreement/TOU
http://www.investorshub.com/boards/complex_terms.asp
some important facts
Using Information on iHub
The "rules of the road" are fairly simple in principle. Conduct yourself generally as you would at a gathering where polite people might attend. Watch your language. Avoid rudeness and flame wars. Stay on topic and stick to posts relevant to the board on which you are participating. Otherwise, behave legally, morally and ethically.
Posting about a stock(s) that is not relevant to the board you are posting to;
Continually posting the same or similar information;
Posting statements that do not add value to the discussion;
Posting excessively on one or more message board(s);
As well posting something that is completely off-topic to the current discussion.
Should you have a post removed, and you disagree, or want to know why, we ask that you take this up with IH Admin (Matt) privately and *not* on the board on which it happened.
If you believe a message has been intentionally posted in violation of securities laws you should contact the Securities and Exchange Commission (SEC). The SEC's e-mail address for complaints is enforcement@sec.gov. Their mailing address is: SEC Division of Enforcement Complaint Center Mail Stop 7-10 450 Fifth St., NW Washington, D.C. 20549 1-800-SEC-0330 (toll free) 202-942-9570
OLGC - OrthoLogic Announces Results of Preliminary Interim Analysis of Phase 2b Clinical Trial of Chrysalin(R) (TP508) in Fracture Repair
Tuesday August 29, 4:00 pm ET
TEMPE, Ariz., Aug. 29 /PRNewswire-FirstCall/ -- OrthoLogic Corp. (Nasdaq: OLGC - News) today announced results of an interim analysis of data from its Phase 2b dose-ranging clinical trial of the novel synthetic peptide Chrysalin® (TP508) in unstable, displaced distal radius (wrist) fractures.
Study Description
This was a prospective, double-blind, randomized, placebo-controlled Phase 2b multi-site, five-arm dose-response study. The five arms correspond to Chrysalin dosages of 0 (placebo), 1, 3, 10, and 30 ug. Two hundred seventy-four subjects were enrolled at the time enrollment was interrupted, of whom 240 were evaluable. The study was designed to evaluate the safety and efficacy of these doses of Chrysalin on the rate of healing in adult subjects with unstable and/or displaced distal radius fractures. Subjects were randomized to receive a single 1 mL percutaneous injection of Chrysalin at one of the above doses, administered into the fracture site under fluoroscopic guidance.
Subjects were evaluated post-surgery at weeks 1-8, 10, 12, 26 and 52. The primary efficacy endpoint was time to removal of all rigid immobilization used to stabilize the fracture, defined as the time elapsed between the date of fracture surgery and the first study visit at which the investigator, based on clinical and radiographic assessments of healing, removed all rigid immobilization hardware.
Secondary efficacy endpoints included:
* Time to clinical and radiographic bone healing
* Assessment of the fractured wrist range of motion and grip strength
relative to the contralateral limb
* Clinical outcomes as measured by the Patient Rated Wrist Evaluation
questionnaire
Safety was measured as incidence of treatment-emergent adverse events.
Study Results
In the dataset of 240 subjects as a group that were evaluable in the Phase 2b interim analysis, treatment with Chrysalin did not demonstrate benefit compared to placebo in the primary efficacy endpoint of time to removal of immobilization. Individual findings of efficacy in secondary endpoints, including radiographic healing, were not seen in this interim analysis. Further, no dose response relationship was observed.
The trial met the pre-specified safety endpoint by demonstrating no significant difference in the incidence of adverse events between the Chrysalin and placebo groups.
Based on these results, the Company has terminated the study with no further recruitment of subjects. The interim analysis will continue, and any significant findings will be disclosed as appropriate.
"We interrupted enrollment in the Phase 2b clinical trial in mid-March 2006 in order to perform the interim analysis of subjects enrolled to that date," commented Randolph C. Steer, MD, Ph.D., President of OrthoLogic. "This trial was not powered at the interim analysis stage to detect statistically significant differences among dose cohorts regarding the efficacy of Chrysalin. We had hoped to discern a dose response curve through this trial design."
Dr. Steer continued: "We intend to proceed with our planned approach to the U.S. and European regulatory authorities to discuss pathways forward for TP508 in fracture repair."
About OrthoLogic
OrthoLogic is a biotechnology company committed to developing a pipeline of novel therapeutic peptides and other molecules aimed at helping patients with under-served medical conditions. The Company is focused on the development and commercialization of two product platforms: Chrysalin® (TP508) and AZX100.
Chrysalin, the Company's novel synthetic 23-amino acid peptide, is being studied in two lead indications, both of which represent areas of significant unmet medical need -- fracture repair and diabetic foot ulcer healing. Based on the Company's pioneering scientific research of the natural healing cascade, OrthoLogic has become a leading company focused on bone and tissue repair. The Company owns exclusive worldwide rights to Chrysalin.
AZX100 is a novel synthetic 24-amino acid peptide in pre-clinical development, one of a new class of compounds in the field of smooth muscle relaxation called Intracellular Actin Relaxing Molecules, or ICARMs(TM). AZX100 is currently being evaluated for commercially significant medical applications, such as the treatment of vasospasm associated with subarachnoid hemorrhage, the prevention of keloid scarring and the treatment of asthma. OrthoLogic has an exclusive worldwide license to AZX100.
OrthoLogic's corporate headquarters are in Tempe, Arizona. For more information, please visit the Company's website: www.orthologic.com.
Statements in this press release or otherwise attributable to OrthoLogic regarding our business that are not historical facts are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements, which include the timing and acceptability of FDA filings and the efficacy and marketability of potential products, involve risks and uncertainties that could cause actual results to differ materially from predicted results. These risks include: delays in obtaining or inability to obtain FDA, institutional review board or other regulatory approvals of pre-clinical or clinical testing; unfavorable outcomes in our pre-clinical and clinical testing; the development by others of competing technologies and therapeutics that may have greater efficacy or lower cost; delays in obtaining or inability to obtain FDA or other necessary regulatory approval of our products; our inability to successfully and cost effectively develop or outsource manufacturing and marketing of any products we are able to bring to market; changes in FDA or other regulations that affect our ability to obtain regulatory approval of our products, increase our manufacturing costs or limit our ability to market our products; our possible need for additional capital in the future to fund the continued development of our product candidates; and other factors discussed in our Form 10-K for the fiscal year ended December 31, 2005, and other documents we file with the Securities and Exchange Commission.
--------------------------------------------------------------------------------
Source: OrthoLogic Corp.
HMX - Hartmarx Announces Acquisition of 'One Girl Who . . .' Women's Business; 2006 Remains Challenging; Significant 2007 Earnings Recovery Anticipated
Tuesday August 29, 4:01 pm ET
CHICAGO, Aug. 29 /PRNewswire-FirstCall/ -- Hartmarx Corporation (NYSE: HMX - News) today announced that it has acquired the business of Sweater.com, Inc., including its "One Girl Who . . ." brand. The business designs and markets high quality women's knitwear, tops and related products to leading specialty stores nationwide and directly through its Sweater.com website.
Homi B. Patel, chairman and chief executive officer of Hartmarx, commented, "This acquisition is another step in our stated strategy of reducing our dependence on men's tailored clothing products marketed through the mainstream department store channel and redeploying these assets in luxury or bridge businesses sold to upscale stores. For fiscal 2007, this new acquisition is anticipated to contribute approximately $15 million in sales and be accretive to diluted earnings per share by $.02 - $.03."
Mr. Patel continued, "Fiscal 2006 continues to be an extremely challenging year for us with our performance being adversely affected by the uncertainty, disruption and shipping delays, caused principally by the consolidation and ownership changes in the mainstream department store sector. We do not believe this is a temporary phenomenon which will self-correct over time. Accordingly, we are aggressively pruning those programs that are not contributing sufficient profit margins, streamlining capacities, tightening the supply chain, cutting costs and converting working capital tied up in these programs to cash. We continue to look at other acquisition candidates and to repurchase additional Hartmarx shares pursuant to the previously announced authorization to acquire up to 2 million common shares. As of August 28th, Hartmarx has repurchased approximately 1,168,000 shares at an average cost of $6.74. Collectively, all of these actions should contribute to a significant earnings rebound in 2007 and put us back on track toward achieving our long-term earnings objectives."
Mr. Patel added, "The 'One Girl Who . . ." brand is marketed nationwide through more than 1,000 specialty store accounts and has developed a strong following among its core consumers. The brand complements our other women's businesses which target the 30 year and older woman with high disposable income looking for flattering, yet comfortable fashion. We see additional future opportunities for product line extensions in bottoms, including denim. We are very pleased that the founders of the business, Bruce Gifford and Dan Jaffe, have agreed to continue in their current responsibilities under five- year employment agreements as president and executive vice president, respectively. This Los Angeles-based operation will operate as an autonomous business operating unit within the Hartmarx Women's Apparel Group," Mr. Patel concluded.
The "One Girl Who . . ." management team will continue to report to Bruce Gifford. Mr. Gifford commented, "We are very excited to become a member of the Hartmarx family of companies which share our values of quality and controlled retail distribution to specialty stores. Our affiliation will better enable us to expand our product offerings, further develop the internet capabilities of our direct-to-consumer Sweater.com website, and achieve our sales and earnings growth objectives."
The terms of the transaction include a cash payment at closing of $12.4 million, subject to certain post-closing adjustments. This all cash transaction has been financed from internally generated cash flow utilizing the availability under the Hartmarx senior credit facility. Additional contingent amounts would be payable annually over a five-year period if specified earnings levels are achieved.
Hartmarx produces and markets business, casual and golf apparel under its own brands, including Hart Schaffner Marx, Hickey-Freeman, Palm Beach, Coppley, Cambridge, Keithmoor, Society Brand, Racquet Club, Naturalife, Pusser's of the West Indies, Royal, Brannoch, Sansabelt, Exclusively Misook, Barrie Pace, Christopher Blue, Worn and L. Paseo. In addition, the Company has certain exclusive rights under licensing agreements to market selected products under a number of premier brands such as Austin Reed, Tommy Hilfiger, Kenneth Cole, Burberry men's tailored clothing, Ted Baker, Bobby Jones, Jack Nicklaus, Claiborne, DKNY Donna Karan New York, Pierre Cardin, Perry Ellis, Jeffrey Banks, Jhane Barnes, Lyle & Scott, Golden Bear, Jag and Starington. The Company's broad range of distribution channels includes fine specialty and leading department stores, value-oriented retailers and direct mail catalogs.
The comments set forth above contain forward-looking statements made in reliance upon the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements can be identified by the use of forward-looking terminology such as "anticipate," "believe," "continue," "estimate," "expect," "intend," "may," "should" or "will" or the negatives thereof or other comparable terminology. Forward-looking statements are not guarantees as actual results could differ materially from those expressed or implied in such forward-looking statements. The statements could be significantly impacted by such factors as the level of consumer spending for men's and women's apparel, the prevailing retail environment, the Company's relationships with its suppliers, customers, licensors and licensees, actions of competitors that may impact the Company's business, possible acquisitions and the impact of unforeseen economic changes, such as interest rates, or in other external economic and political factors over which the Company has no control. The reader is also directed to the Company's periodic filings with the Securities and Exchange Commission for additional factors that may impact the Company's results of operations and financial condition. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
--------------------------------------------------------------------------------
Source: Hartmarx Corporation
Oil Up Slightly Ahead of Inventories
Wednesday August 30, 8:31 am ET
Oil Prices Up Slightly; Traders Await U.S. Inventory, Watching Iran Standoff
LONDON (AP) -- Oil prices rose Wednesday as traders awaited the weekly U.S. inventories report as well as the upcoming United Nations deadline for Iran to halt uranium enrichment.
Light sweet crude for October delivery rose 29 cents to $70.00 a barrel in morning European electronic trading on the New York Mercantile Exchange. The increase follows two days of sharp drops that brought oil futures to $69.71 a barrel, roughly 10 percent below their level of three weeks ago. October Brent crude at London's ICE Futures Exchange gained 57 cents to trade at $70.43 a barrel.
Prices have fallen this week amid relief that a weaker tropical storm Ernesto, which landed in Florida late Tuesday, appeared to be of little threat to Gulf of Mexico oil facilities.
Traders have since turned their attention to Iran and the release later Wednesday of the weekly petroleum supply report by the U.S. Department of Energy. A survey by Dow Jones Newswires forecasts lower crude and gasoline inventories.
Still, the market remains anxious about Iran's diplomatic stand-off with the West over its nuclear program. Traders are concerned that Iran, the world's fourth-biggest oil producer, could block oil exports if the U.N. imposes sanctions over its nuclear program. Tehran faces a Thursday deadline to halt uranium enrichment or face possible economic and diplomatic sanctions, but has so far refused any immediate suspension.
Iran is a leading global oil exporter and has made threats in recent months to choke off the Strait of Hormuz -- through which 20 percent of the world's supply passes every day -- in retaliation for sanctions.
Eurasia Group president Ian Bremmer said Tuesday that Iran is "the single largest political risk" to the oil market in terms of the likelihood that supply could be taken off the market at some point, the near-term timeframe in which something could happen and the potential scale of the impact.
"There are a lot of cards they can play," Bremmer said, including disrupting oil production and transportation in southern Iraq and taking a small amount of their own oil off the market.
In other Nymex trading, natural gas futures fell 24.6 cents to $6.630 per 1,000 cubic feet, while gasoline futures climbed 1.26 cents to $1.8018 a gallon and heating oil futures rose 1.88 cents to $1.9470 a gallon.
LNUX - VA Software Announces Third Consecutive Quarter of Profitability on 43% Annual Year-Over-Year Revenue Growth
Tuesday August 29, 4:05 pm ET
Q4 06 EPS Reported at $0.01; Revenue Growth Led by 78% Year-Over-Year Growth in Media Revenue
FREMONT, CA--(MARKET WIRE)--Aug 29, 2006 -- VA Software Corporation (NASDAQ:LNUX - News), the online media, software and e-commerce leader in community-driven Open Source innovation, today announced financial results for its fourth quarter and fiscal year ended July 31, 2006.
"We are pleased to report our third consecutive quarter and first full fiscal year of profitability, while executing ambitious site architecture initiatives within OSTG and collaborative development capabilities within our SourceForge Enterprise Edition software business," said Ali Jenab, president and CEO. "With our third quarter of profitability, we clearly have reached momentum as a profitable and growing enterprise committed to serving the needs of our online media clients through site enhancements for the user community as well as innovative marketing programs for the advertisers reaching out to that community, and to expanding the customer base of SourceForge Enterprise Edition."
Total fourth quarter fiscal 2006 revenue from continuing operations grew 35% to $10.5 million, compared to fourth quarter fiscal 2005 total revenue of $7.8 million. For the year ended July 31, 2006, total revenue grew 43% to $43.6 million, compared to $30.6 million for the year ended July 31, 2005.
On a GAAP basis, the fourth quarter fiscal 2006 net income from continuing operations was $0.7 million, or $0.01 per share, compared to the fourth quarter of fiscal 2005 GAAP net loss of ($1.2) million, or ($0.02) per share. For the year ended July 31, 2006, the company's net income on a GAAP basis was $11.0 million, or $0.17 per diluted share, compared to a net loss of ($4.7) million, or ($0.08) per diluted share, for the year ended July 31, 2005. For the year ended July 31, 2006, excluding the gain on the sale of Animation Factory, Inc., which was completed during the second quarter of fiscal 2006, the company's net income on a GAAP basis was $1.3 million, or $0.02 per share, compared to a net loss of ($5.6) million, or ($0.09) per share, for the year ended July 31, 2005. During the fourth quarter of fiscal 2006, the company's cash and investment balances grew by $4.4 million to $54.0 million as of July 31, 2006.
As specified in the attached reconciliation of net income (loss) as reported to pro forma net income (loss), the fourth quarter fiscal 2006 net income was $1.0 million, or $0.01 per share, compared to the fourth quarter fiscal 2005 net loss of ($1.2) million, or ($0.02) per share. The fiscal 2006 net income before non-cash charges was $2.0 million, or $0.03 per share, compared to fiscal 2005 net loss before non-cash charges of ($5.7) million, or ($0.09) per share.
A conference call to review results will be held at 5:00 pm (ET) today. The live call may be accessed via webcast on the company's investor relations page at http://www.vasoftware.com or by dialing (877) 407-0782 or (201) 689-8567. Archives of the webcast and telephonic replay will be available for 60 days and may be accessed by dialing (877) 660-6853 or (201) 612-7415 (Replay 286; ID 210594) or via the company's web site.
Recent Highlights
-- Customers. Through the fourth quarter of fiscal 2006, VA Software
sold the SourceForge Enterprise Edition solution to a total of 164
customers. During the quarter, Cambrian House, IGN Entertainment, Inc.,
Beta Systems Software, AG, and WPS Parking Systems, B.V. were added to the
installed base. In addition, existing customers including Lawrence
Livermore National Laboratories, MetaSolv Software, Inc., Myrio
Corporation, TNO-FEL, and Verisign, Inc. purchased additional SourceForge
licenses or services.
-- SourceForge® Enterprise Edition. During the quarter, the Company
announced the SourceForge Enterprise Edition Download. This is a free full-
featured evaluation version of SourceForge Enterprise Edition with access
for 15 users. This product provides prospective customers a convenient way
to evaluate and test SourceForge for proprietary development projects.
Additionally, new enhancements were made to SourceForge Enterprise Edition
to make it more scalable, secure and easier to use.
-- SourceForge.net.® As part of an ongoing site re-architecture to
optimize the user experience, the world's largest Open Source collaborative
technology site has further enhanced its site and project search
capabilities. SourceForge.net community members are now better able to
navigate among the site's nearly 128,000 Open Source projects. We enhanced
sorting and filtering options available on SourceForge.net, which, coupled
with advanced project and tool search capabilities, enable visitors to
quickly search the site's vast content.
The addition of the new search capabilities is the latest change in a series of new services and upgrades to the site performed this year. In May, the SourceForge.net team upgraded the mailing list management software that powers more than 1.2 million community e-mails daily. In February, SourceForge.net launched its Subversion software configuration management (SCM) service. The use of SourceForge.net's Subversion offering has grown dramatically, attracting nearly 8,000 projects. Recent enhancements to the Subversion service enable projects to link to external repositories not hosted on the SourceForge.net site. This new linking capability will soon be extended to enable project administrators to offer users access to external tools or services, including documentation Wikis.
Slashdot and OSTG. In an effort to better meet the needs of the visitors to our sites, we have invested in additional infrastructure and software to improve site performance and load times on Slashdot and our IT focused sites. These improvements enable the community to contribute to and access the content on the sites efficiently and effectively.
In June, the Slashdot team launched, managed and executed upon the first major re-designs of the Slashdot site since its inception. The team engaged the community for design submissions and received over 250 entries from Slashdot visitors, they chose a winner and executed upon the winning design. Slashdot has also introduced additional capabilities such as: incorporating a user particpatory AJAX powered content tagging system; a bookmarking system to improve the user submission experience, improved layout of the site's index to increase visibility of sectional content; and added greater context to articles by linking them to our archives.
The OSTG Network as a whole serves nearly 30 million unique visitors monthly.* This ranks OSTG among the top technology networks both in terms of size and reach. Advertisers and sponsors of the OSTG Network include Microsoft, IBM, HP, AMD, EMC, Lenovo, Intel, Perforce, Novell, Rackspace, and Sun Microsystems, Inc. (* Source: Google Analytics and Omniture, July 2006.)
Use of Non-GAAP Financial Information
In addition to reporting financial results in accordance with generally accepted accounting principles, or GAAP, VA Software uses non-GAAP financial results. Non-GAAP net loss and loss per share exclude amortization of intangible assets and deferred stock compensation, as well as restructuring costs and other special charges. These non-GAAP adjustments are provided to enhance the user's overall understanding of current financial performance and prospects for the future. Specifically, VA Software believes the non-GAAP results provide useful information to both management and investors by excluding certain unusual expenses that VA Software believes are not indicative of core operating results. In addition, because VA Software has historically reported non-GAAP results to the investment community, VA Software believes the inclusion of non-GAAP numbers provides consistency in financial reporting. Further, these non-GAAP results are one of the primary indicators management uses for planning and forecasting in future periods. The method VA Software uses to produce non-GAAP results is not computed according to GAAP, is likely to differ from the methods used by other companies and should not be regarded as a substitute for results prepared in accordance with accounting principles generally accepted in the United States.
About VA Software Corporation
VA Software Corporation is the online media, software and e-commerce leader in community-driven Open Source innovation. VA Software is the parent company of OSTG, Inc. (Open Source Technology Group) and the creator of SourceForge. For company information, visit www.vasoftware.com.
OSTG, Inc. (Open Source Technology Group) is the cornerstone of the Open Source movement and the leading online network for IT managers and development professionals. OSTG's technology-focused sites include Slashdot.org, SourceForge.net, ITManagersJournal.com, NewsForge.com, Linux.com and freshmeat.net. OSTG also owns ThinkGeek, Inc., the leading retailer for innovative technology products. The OSTG network serves nearly 30 million unique visitors a month*. For more information or to view the media kit online, visit www.ostg.com. (* Source: Google Analytics and Omniture, July 2006.)
SourceForge Enterprise Edition is the world's leading collaborative development application in use by many Global 1000 companies for optimizing and managing distributed development within the IT and software development organizations. For more information, visit www.vasoftware.com/sourceforge/index.php.
Slashdot, freshmeat, ThinkGeek, and SouceForge.net are registered trademarks or trademarks of OSTG, Inc., in the United States and other countries. VA Software, SourceForge, and OSTG are trademarks or registered trademarks of VA Software Corporation in the United States and other countries. All other trademarks or product names are property of their respective owners.
NOTE REGARDING FORWARD-LOOKING STATEMENTS: This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations, and involve risks and uncertainties. Forward-looking statements, include statements regarding VA Software's business and sales pipeline, the acceptance of VA Software's online advertising programs, growth prospects for VA Software's media and software businesses, and ongoing improvements to SourceForge.net and any expected benefits therefrom. Actual results may differ materially from those expressed or implied in such forward-looking statements due to various factors, including: VA Software's success in expanding its SourceForge enterprise software business; customer adoption of SourceForge solutions; the size and timing in executing enterprise-level licenses; VA Software's success in designing and offering innovative online advertising programs; decreases or delays in online advertising spending; VA Software's ability to achieve and sustain higher levels of revenue; VA Software's ability to protect and defend its intellectual property rights; rapid technological and market change; future guidelines and interpretations regarding software revenue recognition; unforeseen expenses that VA Software may incur in future quarters; and competition with, and pricing pressures from larger and/or more established competitors. Investors should consult VA Software's filings with the Securities and Exchange Commission, www.sec.gov, including the risk factors sections of its Annual Report on Form 10-K for the fiscal year ended July 31, 2005 and Form 10-Q for the fiscal quarter ended April 30, 2006, for further information regarding these and other risks of VA Software's business. All forward looking statements included in this press release are based upon information available to VA Software as of the date hereof, and VA Software does not assume any obligations to update such statements or the reasons why actual results could differ materially from those projected in such statements.
VA Software Corporation
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
Three Months Ended Year Ended
July 31, July 31,
------------------ ------------------
2006 2005 2006 2005
-------- -------- -------- --------
Software revenues $ 2,658 $ 2,175 $ 9,974 $ 7,555
Online Media revenues 3,953 2,221 13,242 8,130
E-commerce revenues 3,881 3,383 20,416 14,918
-------- -------- -------- --------
Net revenues 10,492 7,779 43,632 30,603
-------- -------- -------- --------
Software cost of revenues 341 254 1,334 1,028
Online Media cost of revenues 990 811 3,732 3,320
E-commerce cost of revenues 3,072 2,548 15,605 11,591
-------- -------- -------- --------
Cost of revenues 4,403 3,613 20,671 15,939
-------- -------- -------- --------
Gross margin 6,089 4,166 22,961 14,664
-------- -------- -------- --------
Operating expenses:
Sales and marketing 2,538 2,445 9,968 9,828
Research and development 1,474 1,403 6,197 5,759
General and administrative 2,058 1,720 7,115 5,686
Impairment of Long Lived Assets - 87 - 87
Restructuring costs and other
special charges - - - (101)
Amortization of intangible assets 1 1 4 12
-------- -------- -------- --------
Total operating expenses 6,071 5,656 23,284 21,271
-------- -------- -------- --------
Income (loss) from operations 18 (1,490) (323) (6,607)
Interest and other income, net 701 246 1,638 958
-------- -------- -------- --------
Income (loss) from continuing
operations 719 (1,244) 1,315 (5,649)
Income from discontinued operations (23) 244 9,647 955
-------- -------- -------- --------
Net income (loss) $ 696 $ (1,000) $ 10,962 $ (4,694)
======== ======== ======== ========
Income (loss) per share from
continuing operations:
Basic $ 0.01 $ (0.02) $ 0.02 $ (0.09)
======== ======== ======== ========
Diluted $ 0.01 $ (0.02) $ 0.02 $ (0.09)
======== ======== ======== ========
Income per share from discontinued
operations:
Basic $ (0.00) $ 0.00 $ 0.16 $ 0.01
======== ======== ======== ========
Diluted $ (0.00) $ 0.00 $ 0.15 $ 0.01
======== ======== ======== ========
Net income (loss) per share:
Basic $ 0.01 $ (0.02) $ 0.18 $ (0.08)
======== ======== ======== ========
Diluted $ 0.01 $ (0.02) $ 0.17 $ (0.08)
======== ======== ======== ========
Shares used in computing income
(loss) per share:
Basic 63,634 61,586 62,328 61,454
======== ======== ======== ========
Diluted 67,166 61,586 64,704 61,454
======== ======== ======== ========
VA Software Corporation
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
Reconciliation of net income (loss)
as reported to pro forma net income
(loss): Three Months Ended Year Ended
July 31, July 31,
------------------ ------------------
2006 2005 2006 2005
-------- -------- -------- --------
Income (loss) from continuing
operations - as reported $ 719 $ (1,244) $ 1,315 $ (5,649)
Non cash charges:
Stock-based compensation expense
included in COGS 5 - 31 -
Stock-based compensation expense
included in Op Ex. 227 - 700 -
Restructuring costs and other
special charges - - - (101)
Amortization of intangible assets 1 1 4 12
-------- -------- -------- --------
Income (loss) from continuing
operations before non cash charges $ 952 $ (1,243) $ 2,050 $ (5,738)
======== ======== ======== ========
Basic and diluted pro-forma per
share amounts
Basic $ 0.01 $ (0.02) $ 0.03 $ (0.09)
======== ======== ======== ========
Diluted $ 0.01 $ (0.02) $ 0.03 $ (0.09)
======== ======== ======== ========
Shares used in computing pro-forma
per share amounts:
Basic 63,634 61,586 62,328 61,454
======== ======== ======== ========
Diluted 67,166 61,586 64,704 61,454
======== ======== ======== ========
VA Software Corporation
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
July 31, July 31,
2006 2005
-------- --------
ASSETS
Current assets:
Cash, cash equivalents, & current short term
investments $ 51,891 $ 36,614
Accounts receivable, net 5,398 4,306
Inventories 1,091 773
Prepaid expenses and other current assets 1,026 1,014
-------- --------
Total current assets 59,406 42,707
Property and equipment, net 627 736
Long-term investments, including long-term restricted
cash 2,152 2,806
Other assets 1,027 1,132
-------- --------
Total assets $ 63,212 $ 47,381
======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 1,172 $ 1,574
Accrued restructuring liabilities 1,592 1,748
Deferred revenue, current portion 2,320 2,134
Accrued liabilities and other 3,057 2,882
-------- --------
Total current liabilities 8,141 8,338
Accrued restructuring liabilities, net of current
portion 4,515 6,107
Other long-term liabilities 1,178 1,271
-------- --------
Total liabilities 13,834 15,716
-------- --------
Stockholders' equity:
Common stock 65 62
Additional paid-in capital 790,433 783,891
Accumulated other comprehensive gain (25) (231)
Accumulated deficit (741,095) (752,057)
-------- --------
Total stockholders' equity 49,378 31,665
-------- --------
Total liabilities and stockholders' equity $ 63,212 $ 47,381
======== ========
Contact:
Contact:
Patty Morris
Chief Financial Officer
VA Software Corporation
(510) 687-7125
ir@vasoftware.com
--------------------------------------------------------------------------------
Source: VA Software
VSNT - Versant Announces Record Quarterly Income From Continuing Operations of $1.0 Million
Tuesday August 29, 4:10 pm ET
Cash Increase of approximately $1.4 Million from the previous quarter.
Company raises fiscal year 2006 net income target to $1 per share.
FREMONT, Calif., Aug. 29 /PRNewswire-FirstCall/ -- Versant Corporation (Nasdaq: VSNT - News), an industry leader in specialized data management, today announced its operating results for the third fiscal quarter ended July 31, 2006.
For the quarter, Versant reported revenues of $3.8 million from its continuing operations, compared to $3.5 million for the comparable period last year, representing an increase of approximately 9%. Income from continuing operations for the quarter was $1.0 million, representing the highest income from operations since Versant's Initial Public Offering in 1996.
Net income for the quarter was also $1.0 million and diluted net income per share was $0.28, compared to a net loss of $14.4 million and net loss per share of $4.04 for the comparable period last year.
Versant also reported positive cash flows from its operating activities of approximately $1.2 million for the quarter, resulting in a cash and cash equivalents balance of approximately $7.3 million as of July 31, 2006. This cash and cash equivalents position represents an increase of $3.3 million compared to $4.0 million in cash and cash equivalents at the Company's most recent fiscal year end at October 31, 2005 and an increase of approximately $1.4 million compared to $5.9 million in cash and cash equivalents at the end of the Company's last fiscal quarter.
During the quarter the Company also closed and received payment for a multi-year maintenance agreement with a European customer for a total of $0.9 million, which will be recognized ratably over a five-year period as maintenance revenue.
"Record quarterly income, strong cash flow and an increase in maintenance backlog are very good news in any quarter. Given the fact that our third quarter is typically a weaker quarter, we are exceptionally pleased with these results," said Jochen Witte, CEO of Versant Corporation. Mr. Witte also noted that total operating expenses for the quarter were approximately $2.3 million, down somewhat from operating expenses of $2.4 million and $3.0 million for the Company's two most recent fiscal quarters ended April 30 and January 31, 2006, respectively.
"Our net income for the first three quarters of fiscal 2006, inclusive of the gain from sale of our WebSphere practice, has already met the top end of our previously announced range of targeted net income for fiscal 2006. We are therefore raising our net income guidance to approximately $3.5 million or $1.00 per diluted share for fiscal 2006," added Mr. Witte.
About Versant Corporation
Versant Corporation is an industry leader in specialized data management software, which helps companies to handle complex information in environments that have high performance and high availability requirements. Using the Versant Object Database, customers cut hardware costs, speed and simplify development, significantly reduce administration costs, and deliver products with a strong competitive edge. Versant's solutions are deployed in a wide array of industries including telecommunications, financial services, transportation, manufacturing, and defense. With over 50,000 installations, Versant has been a highly reliable partner for over 15 years for Global 2000 companies such as Ericsson, Verizon, Sagem, US Government, and Financial Times. For more information, call 510-789-1500 or visit www.versant.com.
Forward Looking Statements Involve Risks and Uncertainties
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and is subject to the safe harbor created by those sections. These forward-looking statements include the statements regarding our updated guidance regarding our expected net income and net income per share for fiscal 2006, our expectations regarding our achieving or exceeding these net income targets, our expectations of the receipt of contingent earn- out payments from the sale of the WebSphere consulting practice assets and our expectations for recognizing revenue from (and the timing of recognition of revenue from) a multi-year maintenance agreement with a European customer. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve significant risks and uncertainties. There are many important factors that could cause our actual results to differ materially from those anticipated in the forward-looking statements. These factors, risks and uncertainties include, without limitation; our inability to achieve revenue expectations or projected net income levels as a result of delays in the sales cycle for our products and services or failures to close key sales transactions, changing market demands or perceptions of our products and technologies, the fact that our results of operations are highly dependent on sales of our Versant Object Database product, the performance of our resellers, the possibility that existing value added resellers may not remain committed to our software or that their sales activity may not keep pace with their historical results; potential reductions in the prices we charge for our products and services due to competitive conditions; the uncertainty as to the impact and duration of the current market reductions in corporate IT spending; the possibility that additional restructuring actions or similar events may be required in the future, resulting in charges that would adversely affect net income or increase net loss; and the company's ability to successfully manage its costs and operations and maintain adequate working capital. The forward-looking statements contained in this press release are made only as of the date of this press release, and the Company assumes no obligation to publicly update any forward-looking statement. Investors are cautioned not to place undue reliance on forward-looking statements. Additional information concerning factors that could cause results to differ can be found in the Company's filings with the Securities and Exchange Commission, including without limitation the Company's most recent Annual Report on Form 10-KSB for the year ending October 31, 2005 and its Quarterly Reports on Form 10-Q for the quarters ending January 31 and April 30, 2006 and its reports on Form 8-K.
NOTE: Versant is a registered trademark or trademark of Versant Corporation in the United States and/or other countries. All other products are a registered trademark or trademark of their respective company in the United States and/or other countries.
Conference Call Information
Versant will host a teleconference today to discuss the above after markets close. The details for the call are as follows:
Date: Tuesday August 29, 2006
Time: 1:30 PM Pacific (4:30 PM Eastern)
Dial-in number: 1-800-936-9754
International: 1-973-935-2048
Conference ID: 7778950
Internet Simulcast: * http://viavid.net/dce.aspx?sid=0000350B
*Windows Media Player needed for simulcast.
Simulcast is voice only.
Dial in 5-10 minutes prior to the start time. An operator will request your name and organization and ask you to wait until the call begins. If you have any difficulty connecting, please call Versant Corporation at 510-789-1577.
A replay of the conference call will be available until September 5, 2006**
Replay number: 1-877-519-4471
International Replay number: 1-973-341-3080
Replay Pass Code: 7778950
** Enter the playback pass code to access the replay
VERSANT CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
(unaudited)
July 31, October 31,
2006 2005
----------- ------------
ASSETS
Current assets:
Cash and cash equivalents $7,317 $3,958
Trade accounts receivable, net of
allowance for doubtful account of
$49 and $114 at July 31, 2006 and
October 31, 2005, respectively 1,868 2,529
Other current assets 1,002 744
----------- ------------
Total current assets 10,187 7,231
Property and equipment, net 391 489
Goodwill 6,720 6,720
Intangible assets, net 1,275 1,512
Other assets 63 294
----------- ------------
Total assets $18,636 $16,246
=========== ============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $290 $779
Accrued liabilities 2,185 2,667
Deferred revenues 2,922 2,779
Deferred rent 136 136
----------- ------------
Total current liabilities 5,533 6,361
Long term restructuring accrual - 448
Deferred revenues 807 184
Deferred rent 32 128
Variable interest entity liability - 137
----------- ------------
Total liabilities 6,372 7,258
----------- ------------
Stockholders' equity:
Common stock, no par value 94,927 94,755
Deferred stock-based compensation - (44)
Other comprehensive income, net 514 396
Accumulated deficit (83,177) (86,119)
----------- ------------
Total stockholders' equity 12,264 8,988
----------- ------------
Total liabilities and
stockholders' equity $18,636 $16,246
=========== ============
VERSANT CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except for per share amounts)
(unaudited)
Three Months Ended Nine Months Ended
------------------- -------------------
July 31, July 31, July 31, July 31,
2006 2005 2006 2005
-------- -------- -------- ---------
Revenues:
License $1,934 $1,706 $6,192 $6,772
Maintenance 1,730 1,511 4,820 4,645
Professional services 91 235 1,148 528
-------- -------- -------- ---------
Total revenues 3,755 3,452 12,160 11,945
Cost of revenues:
License 43 53 205 164
Amortization of intangible assets 79 197 237 592
Maintenance 330 327 1,059 1,101
Professional services 84 246 709 749
-------- -------- -------- ---------
Total cost of revenues 536 823 2,210 2,606
Gross profit 3,219 2,629 9,950 9,339
-------- -------- -------- ---------
Operating expenses:
Sales and marketing 669 1,466 2,380 4,817
Research and development 723 1,004 2,294 3,050
General and administrative 860 997 2,783 3,540
Impairment of goodwill
and intangibles - 12,913 12,913
Restructuring - 621 218 500
-------- -------- -------- ---------
Total operating expenses 2,252 17,001 7,675 24,820
Income (loss) from operations 967 (14,372) 2,275 (15,481)
Outside shareholders'
income from VIE - - 138 -
Other income (loss), net 43 (41) 90 163
Gain on disposal of
Variable Interest Entity - - 131 -
-------- -------- -------- ---------
Income (loss) from continuing
operations before taxes 1,010 (14,413) 2,634 (15,318)
Net provision for income taxes 93 1 275 69
-------- -------- -------- ---------
Net income(loss) from
continuing operations 917 $(14,414) $2,359 $(15,387)
Gain from sale of discontinued
operations, net of income taxes - - 468 -
Net income from discontinued
operations, net of income taxes 91 61 113 321
-------- -------- -------- ---------
Net income (loss) $1,008 $(14,353) $2,940 $(15,066)
======== ======== ======== =========
Basic income (loss) per share:
Net income (loss) from
continuing operations
attributable to common
shareholders $0.25 $(4.06) $0.66 $(4.38)
Earnings from discontinued
operations, net of income tax $0.03 $0.02 $0.16 $0.09
-------- -------- -------- ---------
Net income (loss) attributable
to common shareholders $0.28 $(4.04) $0.82 $(4.29)
Diluted income (loss) per share:
Net income (loss) from
continuing operations
attributable to
common shareholders $0.25 $(4.06) $0.66 $(4.38)
Earnings from discontinued
operations, net of income tax $0.03 $0.02 $0.16 $0.09
-------- -------- -------- ---------
Net income (loss) attributable
to common shareholders $0.28 $(4.04) $0.82 $(4.29)
Shares used in per
share calculation:
Basic 3,573 3,553 3,564 3,515
Diluted 3,579 3,553 3,573 3,515
Non-cash stock-based compensation
included in the above expenses:
Cost of revenues $6 $6 $31 $18
Sales and marketing 11 4 31 12
Research and development 21 11 58 32
General and administrative 21 4 60 13
-------- -------- -------- ---------
Total $59 $25 $180 $75
======== ======== ======== =========
--------------------------------------------------------------------------------
Source: Versant Corporation
SUNH - Sun Healthcare Group, Inc. to Sell SunPlus Home Health Services, Inc. and Acquire Preferred Hospice of Oklahoma, Inc.
Tuesday August 29, 4:15 pm ET
IRVINE, CA--(MARKET WIRE)--Aug 29, 2006 -- Sun Healthcare Group, Inc. (NASDAQ:SUNH - News) today announced that it has agreed to sell SunPlus Home Health Services, Inc. to AccentCare Home Health, Inc. for a purchase price of $19.3 million. SunPlus is a subsidiary of Sun that provides skilled home health care, non-skilled home care, as well as home pharmacy services in California and Ohio.
"This transaction is consistent with our focus on fine-tuning our portfolio to operate businesses that further our goal of margin improvement and provide inherent value to our core inpatient business, as is the case with our remaining ancillary business segments," said Richard K. Matros, Sun's chairman and chief executive officer. "This divestiture will close late enough in the year that we do not anticipate any change to our guidance," Matros continued. "I would like to take this time to thank the employees of SunPlus for their valued contribution to Sun HealthCare Group through the most trying of times. I have been associated with many of these employees during the days of Care Enterprises and Regency Health Services when this same segment was part of those companies. They are in good hands with AccentCare," Matros said.
Consummation of the sale is contingent upon regulatory approvals and the satisfaction of a number of other customary legal and business conditions. Sun anticipates closing the transaction in the fourth quarter of 2006.
Sun also announced that it has agreed to purchase Preferred Hospice of Oklahoma, Inc., which operates two hospice programs in Oklahoma, and buy out the management agreement for the management of five hospice programs that are owned by Sun subsidiaries in Oklahoma, Colorado and New Mexico. Upon completion of this transaction, Sun subsidiaries will own and operate seven hospice programs. Consummation of the purchase is contingent upon regulatory approvals and the satisfaction of a number of other customary legal and business conditions. Sun anticipates closing the transaction later this month.
"Buying out the management agreement gives us full control of the hospice offices that had been outsourced, thereby providing greater value to the company. The acquisition of the two offices in Oklahoma consolidates our presence in that state," said Mr. Matros. "While this is a small business for us at this point, it provides a good base for earnings expansion going forward and is consistent, along with the sale of SunPlus, of our stated strategic objectives," Matros said.
About Sun Healthcare Group, Inc.
Sun Healthcare Group, Inc., with executive offices located in Irvine, California, owns SunBridge Healthcare Corporation and other affiliated companies that operate long-term and postacute care facilities in many states. In addition, the Sun Healthcare Group family of companies provides therapy through SunDance Rehabilitation Corporation, medical staffing through CareerStaff Unlimited, Inc. and home care through SunPlus Home Health Services, Inc.
Statements made in this release that are not historical facts are "forward-looking" statements (as defined in the Private Securities Litigation Reform Act of 1995) that involve risks and uncertainties and are subject to change at any time. These forward-looking statements may include, but are not limited to, statements containing words such as "anticipate," "believe," "plan," "estimate," "expect," "hope," "intend," and similar expressions. Factors that could cause actual results to differ are identified in the public filings made by Sun with the Securities and Exchange Commission and include changes in Medicare and Medicaid reimbursements, including the impact of the Deficit Reduction Act and regulations implementing it; potential liability for losses not covered by, or in excess of, our insurance; the effects of government regulations and investigations; our ability to generate cash flow sufficient to operate our business; our ability to identify, complete and integrate future acquisitions; increasing labor costs and the shortage of qualified healthcare personnel; and loss of key management personnel. More information on factors that could affect our business and financial results are included in our public filings made with the Securities and Exchange Commission, including our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, a copy of which is available on Sun's web site, www.sunh.com.
The forward-looking statements involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond our control. We caution investors that any forward-looking statements made by us are not guarantees of future performance. We disclaim any obligation to update any such factors or to announce publicly the results of any revisions to any of the forward-looking statements to reflect future events or developments.
Any documents filed by Sun with the SEC may be obtained free of charge at the SEC's web site at www.sec.gov. In addition, investors and stockholders of Sun may obtain free copies of the documents filed with the SEC by contacting Sun's investor relations department at (505) 468-2341 (TDD users, please call (505) 468-4458) or by sending a written request to Investor Relations, Sun Healthcare Group, Inc., 101 Sun Avenue N.E., Albuquerque, N.M. 87109. You may also read and copy any reports, statements and other information filed by Sun with the SEC at the SEC public reference room at Room 1580, 100 F Street, N.E., Washington, D.C. 20549. Please call the SEC at (800) SEC-0330 or visit the SEC's web site for further information on its public reference room.
Contact:
Contact:
Investor Inquiries
(505) 468-2341
Media Inquiries
(505) 468-4582
--------------------------------------------------------------------------------
Source: Sun Heathcare Group, Inc.
CHB - Genesis Modular Construction Chosen by NOLA Homebuilder to Supply High-Quality, Durable, Post-Disaster Temporary FEMA Housing Option
Tuesday August 29, 4:16 pm ET
AUBURN HILLS, MI--(MARKET WIRE)--Aug 29, 2006 -- Genesis Homes, a member of the Champion family of homebuilders (NYSE:CHB - News), and the largest nationwide builder of modular homes, today announced it has been selected by NOLA to build a modular home for use in temporary housing proposals to FEMA. The bungalow-style homes will provide unmatched durability and a 150 mph wind rating, features which are superior to those on shelters supplied by FEMA to date.
Source: Champion Homes
As the Government explores new temporary emergency housing solutions for future disasters under a $400 MM test program, NOLA hopes to replace FEMA-issued travel trailers and mobile homes with the durable and high-quality NOLA Bungalow which can be used many times over by FEMA.
"I chose Champion's Genesis brand due to its superior quality, design features and the comfort, convenience, and quality of life the construction provides to post-disaster victims," said Troy Von Otnott, NOLA chief executive officer. "This product supplies features that are not available in any other FEMA-supplied options."
The 455-sq.-ft. home was unveiled to city, state, federal officials, Government contractors and the public on August 28 and 29 in New Orleans. It includes two bedrooms, one full bath, efficiency kitchen, dining and living rooms. A front porch is included for architectural design detail. The home will be available for public viewing through November 2006.
"Champion, through its Genesis brand, offers NOLA multi-plant capacity to meet large volume requirements, as well as options for single and multi-family projects," says Kevin Flaherty, vice-president of sales and marketing for Champion's Genesis Homes.
Beyond Genesis' superior construction is the Telepier(TM) temporary foundation system, which can be installed by three people in four hours and provides wind rating of 150 mph. Once the occupant has found permanent housing, the highly durable home can be removed or relocated.
"We are very pleased to work with NOLA on this project," said Kevin Flaherty. "It is extremely gratifying to offer the best features of permanent construction in a solution that can be provided quickly to those who need it the most."
About NOLA Homebuilder
New Orleans modular home company, NOLA Homebuilder, supplies modular housing to New Orleans and suburban neighborhoods. All housing options are firmly rooted in the New Orleans architecture tradition and incorporate the latest energy saving building technologies. Please visit www.nolahomebuilder.com for more information.
About Champion Enterprises
Auburn Hills, Michigan-based Champion Enterprises, Inc. is a leader in factory-built construction, operating 36 manufacturing facilities in North America and the United Kingdom, and partnering with over 3,000 independent retailers, builders and developers, including 900 retailers that are part of the Champion Home Center retail distribution network. The Company produces manufactured and modular homes through its family of homebuilders, as well as modular buildings for military and commercial applications. Further information can be found using the company's website, www.championhomes.com.
Image Available: http://www.marketwire.com/mw/frame_mw?attachid=322303
Contact:
Contact:
Christine Fisher, for Genesis
Pushtwentytwo
248-335-9500 x 30
cfisher@pushtwentytwo.com
--------------------------------------------------------------------------------
Source: Champion Homes
UTVG - Universal Travel Group Projects Double-Digit Growth in the Third Quarter
Tuesday August 29, 4:17 pm ET
Q3 Gross Revenues Expected to Grow 135% to $1.8 Million; and Net Profits to Grow 95% to Over $877,000
SHENZHEN, CHINA and LOS ANGELES, CA--(MARKET WIRE)--Aug 29, 2006 -- Universal Travel Group (OTC BB:UTVG.OB - News) which through its wholly owned subsidiary Yu Zhi Lu Aviation Service Company Ltd. ("YZL"), a China based aviation services company, provides domestic and international travel services to the areas of Hong Kong, Macau, and Taiwan, announced today its financial forecast for the third quarter ending September 30, 2006. The Company projects a growth in gross revenues of 135% to $1,755,200 in the third quarter ending September 30, 2006 from $747,828 in the third quarter ended September 30, 2005. Net profits are expected to grow 95% to $877,600 in the third quarter ending September 30, 2006 from $449,818 in the third quarter ending September 30, 2005. All figures are in U.S. Dollars, converted from Chinese Yuan on August 25, 2006.
Jiangping Jiang, chairman and CEO of Universal Travel Group, said, "The Company continues to build on the momentum of our second quarter performance. We have historically been experiencing significant growth that management feels can be attributed to exclusively servicing a high-growth geographic niche market. We have proven our ability to increase profits through an established customer base, the integration of a sophisticated electronic infrastructure (on-line ticket booking and ordering systems), and aggressive marketing initiatives."
About Universal Travel Group
Universal Travel Group, through its wholly owned subsidiary Yu Zhi Lu Aviation Service Company Ltd. ("YZL"), is engaged in travel services pertaining to domestic and international lines through Hong Kong, Macau, and Taiwan. The Company's core services include booking services for air tickets, hotels, and restaurants, as well as tour routing for customers. For more information visit www.chutg.com.
The Private Securities Litigation Reform Act of 1995 provides a "Safe harbor" for forward-looking statements. Certain of the statements contained herein, which are not historical facts, are forward-looking statements with respect to events, the occurrence of which involved risks and uncertainties. These forward-looking statements may be impacted, either positively or negatively, by various factors. Information concerning potential factors that could affect the company is detailed from time to time in the company's reports filed with the Securities and Exchange Commission.
Contact:
For further information, contact:
At the Company:
Universal Travel Group
Jacalyn Guo
Investor Relations
(310) 443-4151
Email Contact
Investor Relations:
OTC Financial Network
Peter Clark
Investor Relations
781-444-6100, x629
Email Contact
http://www.otcfn.com/utvg
--------------------------------------------------------------------------------
Source: Universal Travel Group
ECUXF - ECU Reports First Ever Quarterly Positive Net Income Increases Resource Estimates with Update of NI-43 101 Accelerates Exploration Program
Tuesday August 29, 5:03 pm ET
TORREON, COAHUILA--(MARKET WIRE)--Aug 29, 2006 -- ECU Silver Mining Inc. (the "Company") (TSX VENTURE:ECU.V - News) is pleased to announce that financial results for the quarter ended June 30th 2006 and corresponding Management Discussion & Analysis have been filed and are available on Sedar (sedar.com) as well as being posted on the Company's website (ecu.ca).
The Company is pleased to provide Shareholders with the following financial highlights, operating results for the second quarter and first six months ending June 30th 2006. All numbers are in Canadian dollars.
Second quarter highlights:
- record gross revenues -- $1,282,615;
- record operating cash flow -- $447,815;
- First ever quarterly profit reported-- $135,027;
- Achieved increase of average daily production from 192 tpd to 254 tpd;
- Updated NI- 43 101 sees significant increase total resources;
Comparative Financial Highlights for the 3 month periods ended June 30th 2006
and 2005:
---------------------------------------------------
3 Months Ended 3 Months Ended
June 30 2006 June 30, 2005
---------------------------------------------------
REVENUE $1,282,615 $1,000,175
---------------------------------------------------
NET INCOME $135,027 ($1,271,633)
---------------------------------------------------
CASH FLOW (i) $447,815 ($1,066,985)
---------------------------------------------------
(i) Cash Flow from operations before net change in non-cash working capital.
For the three months ended June 30, 2006, the Company reported positive increases in revenue, net income and cash flow. Revenues increased to $1,282,615 from $1,000,175 a year earlier. This lead ECU to also report positive net income of $135,027 compared to a loss of $1,271,633. Cash flow form operations before net change in non-cash working capital was also positive ending the quarter at $447,815 compared to negative $1,066,985 a year earlier.
Comparative Financial Highlights for the 6 month periods ended June 30th 2006 and 2005:
---------------------------------------------------
6 Months Ended 6 Months Ended
June 30 2006 June 30, 2005
---------------------------------------------------
REVENUE $2,403,588 $1,517,850
---------------------------------------------------
NET INCOME ($1,576,219) ($2,188,181)
---------------------------------------------------
CASH FLOW (ii) $684,725 ($1,921,791)
---------------------------------------------------
ADVERTISEMENT
(ii) Cash Flow from operations before net change in non-cash working capital.
Summary of operating results for the 2nd quarter and first 6 months of 2006
For the second Quarter of 2006, the Company mined 21,594 tonnes grading 4.86g/t Au, 185g/t Ag, 0.81% Pb and 1.15% Zn from the sulfide zone of the Santa Juana mine. As for development, 33 meters of ramp, 187 meters of drifts, 194 meters of raises and 5 meters of cross-cuts were driven.
At the mill, 19,560 tonnes grading 5.85 g/t Au, 243 g/t Ag, 0.70% Pb and 1.00% Zn were processed to produce 286 tonnes of lead concentrate grading 7.82 g/t Au, 7,836 g/t Ag and 22.1% Pb and 184 tonnes of zinc concentrate grading 2,525g/t Ag and 40.1% Zn. These concentrates contained 72 ounces of gold, 87,091 ounces of silver, 139,168 pounds of lead and 162,638 pounds of zinc. The daily production for the Quarter averaged 254 tonnes per day, a 32% increase over the average daily production of 192 tonnes of the first Quarter. The Company expects to achieve further increases in average daily production in the third Quarter.
Also, as of June 30, 2006, approximately 15,000 ounces of recoverable gold were stored in the tailings pond awaiting the completion of the flotation circuit necessary to produce the gold/pyrite concentrate.
For the six months period ended of 2006, the Company mined 36,616 tonnes grading 4.71g/t Au, 209g/t Ag, 0.80% Pb and 1.20% Zn from the sulfide zone of the Santa Juana mine. As for development, 33 meters of ramp, 567 meters of drifts, 194 meters of raises and 5 meters of cross-cuts were driven.
At the mill, 34,157 tonnes grading 6.26g/t Au, 272g/t Ag, 0.82% Pb and 1.23% Zn were processed to produce 516 tonnes of lead concentrate grading 7.74 g/t Au, 8,979 g/t Ag and 24.6 % Pb and 400 tonnes of zinc concentrate grading 2,054 g/t Ag and 42.1 % Zn. These concentrates contained 128 ounces of gold, 175,237 ounces of silver, 279,477 pounds of lead and 370,270 pounds of zinc. Furthermore, for the period, approximately 6,350 ounces of recoverable gold were stored in the tailings pond awaiting the completion of the flotation circuit necessary to produce the gold/pyrite concentrate.
Corporate Development in second quarter:
During the second quarter, the Company announced the completion of a new National Instrument 43-101 report. The key points of this report are:
- Indicated Resources reaches 1.4M tonnes or 17.4 Million ounces of silver equivalent a 42% increase from last NI 43-101 compliant technical report;
- Inferred Resources reaches 6.3M tonnes or 81 Million ounces of silver equivalent a 608% increase from last NI 43-101 compliant technical report;
- Additional potential for 2.8 to 4.0M tonnes or 35 to 47 Million ounces of silver equivalent with further testing;
- The new Resources report demonstrates and justifies the need to significantly increase production;
- Numerous veins and recent discoveries, such as skarns (#1, #2) and stockwork zones are NOT included in this report despite the 42% increase in Indicated Resources and 608% in the Inferred Resources.
Corporate Developments subsequent to June 30, 2006:
Completes deal with Grupo Mexico S.A. de C.V.:
The Company is pleased to announce that it has finalized the agreement with Grupo Mexico S.A. de C.V. to acquire a 35 hectares land package including the land underlying the mine surface installations and the mill site.
This is an important step for the Company because it now has sufficient surface rights to expand its mill and ancillaries installations or to build a new one.
Pyrite Circuit:
The process to select a metallurgical process that would maximize the Company's ore value and construct a pyrite circuit began in September of 2005 with the hiring of Dr. Javier Ramï¿1/2rez. Although this undertaking has taken more time then we first anticipated, given the significant impact this process will have on the future cash flows of the Company, it was critical that the ideal method was chosen before implementation and construction began.
The Company is pleased to announce that the construction of our one hundred percent owned and operated pyrite circuit is completed. There will be a commissioning period over the next 2-6 weeks, but we expect to have the plant operating near full capacity by the last quarter of 2006. We fully expect the utilization of the pyrite circuit to improve our revenues going forward.
Future Expansion of production:
Although the Company believes and has every intention of growing revenues with our current over 300t/d mill and pyrite circuit, the major discoveries over the past few months have opened up the possibility where bulk mining methods for a portion of the veins system might better serve the Company in the future. To that end, the Company, with the help of outside professional expertise, is closely assessing and fine tuning the economical model that will be most efficient for our Company.
Simply stated, due to our on-going drilling successes, our initial plan that a thousand tonne per day (1000t/d) operation would be the next step of expansion is no longer the case as it might not be sufficient to properly handle the production capacity and capability of our mines. Given the costs and time required to purchase and implement a larger mill, the Company is taking every step to insure that the right decision will be made. In the meantime, we will continue to accelerate the exploration program with the incoming drills and new mining equipment that we expect to arrive by late September, 2006.
On- site Laboratory:
The Company would also like to announce the completion of our field test laboratory. This will be a crucial asset for the Company to have given:
1) That our drilling program is about to accelerate with the arrivals of new drills and equipment;
2) Our waiting time will be cut by 80% given the high demand and stress being placed on Labs across Mexico due to the important increase in exploration by many mining companies;
3) Our assaying expenses will be reduced by at least 50% as only tests assays will be sent to independent labs for validation purposes;
4) Will shorten the time for the Company to make a final future production decision as drilling data will be received and evaluated at a much faster rate going forward.
The Company feels it has placed itself in a prudent position with the steady operations of the mill, with the construction of the pyrite circuit, and the construction of our on-site laboratory. As the Company continues its exploration program in an attempt to discover the feeder system at our Santa Juana mine and assess future operation expansion, the current mill and mine will provide a steady stream of internally generated cash flows. But at the same time, we will be using our entire current milling and mining operations as a real live "test pilot" for our future growth plans.
ECU Silver Mining Inc is a junior Gold, Silver, Zinc and Lead producer in the prolific mining district of Velardena, Mexico where historically over 500,000 ounces of gold and 250,000,000 ounces of silver have been mined. Full scale production began in May 2005 at the Company's Santa Juana mine.
Statements in the release that are "forward-looking statements" are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially. We undertake no duty to update any forward-looking statement to conform the statements to actual results or changes in our expectations.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Contact:
Contacts:
ECU Silver Mining Inc.
Michel Roy
President and CEO
Cell: 011-52-871-727-1061
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Source: ECU Silver Mining Inc.
Economy Grows at a 2.9 Percent Pace
Wednesday August 30, 8:40 am ET
By Jeannine Aversa, AP Economics Writer
Economy Grows at a 2.9 Percent Pace in Spring, Commerce Department Says
WASHINGTON (AP) -- The economy grew at a 2.9 percent annual rate in the spring -- better than first estimated but nowhere near the brisk pace logged in the winter, another sign of slowing business growth. Inflation marched higher.
The latest snapshot of economic activity, released by the Commerce Department Wednesday, showed that gross domestic product in the April-to-June quarter increased slightly more than the 2.5 percent pace first reported a month ago. That upgrade mostly reflected an improvement in the country's trade picture and stronger inventory building by businesses.
The upward revision, though, didn't change the big picture of the economy: In the spring, it slowed sharply from the first quarter's 5.6 percent pace, the strongest growth spurt in 2 1/2 years, as consumers and businesses tightened the belt.
TPWR - TrackPower Announces Vernon Downs Racing Approval
Tuesday August 29, 5:27 pm ET
TORONTO, ONTARIO--(MARKET WIRE)--Aug 29, 2006 -- TrackPower, Inc. (OTC BB:TPWR.OB - News) today announcedthat the New York State Racing and Wagering Board approved a request for racing to return to the Vernon Downs facility.
Edward Tracy, CEO of TrackPower stated; "Jeff Gural has spent a considerable amount of time in finalizing the horsemen's contract with the Harness Horse Association of Central New York as well as the efforts of the staff at Vernon Downs getting the property ready. We are looking forward to completing the facility, including the addition of video gaming machines which will bring new levels of racing, gaming and entertainment options to the Syracuse area."
This release includes projections of future results and "forward-looking statements" as that term is defined in Sections 27A of the Securities Act of 1933 as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934 as amended (the "Exchange Act"). All statements that are included in this release, other than statements of historical fact, are forward-looking statements. Although management believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Important factors that could cause actual results to differ materially from the expectations are disclosed in this release, including, without limitation, in conjunction with those forward-looking statements contained in this release.
Contact:
Contacts:
TrackPower, Inc.
John G. Simmonds
Chairman
(905) 773-1987 ext. 223
jgs@trackpower.com
TrackPower, Inc.
Edward M. Tracy
CEO
(905) 773-1987 ext. 226
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Source: TrackPower, Inc.
TRBM - Proxim Wireless Enables "Outside-In" Residential High-Rise Wi-Fi System
Tuesday August 29, 5:55 pm ET
Network Connects to Wireless "Backbone" Inside Building
SAN JOSE, CA--(MARKET WIRE)--Aug 29, 2006 -- Proxim Wireless Corporation, a global manufacturer of broadband wireless equipment and wholly owned subsidiary of Terabeam, Inc. (NASDAQ:TRBM - News), today announced that its ORiNOCO® broadband wireless access points are powering Chicago's largest residential high-rise Wi-Fi system with "Proxim outside." With 656 apartment units, the 43-story building has the most units in the city linked by a single Wi-Fi system, offering residents free Internet access without the need for DSL, cable, or a router. The network has been designed and installed by MDI Access, a Proxim Wireless partner, for Draper and Kramer, Incorporated, a Chicago-based property and financial services company.
Proxim Wireless ORiNOCO access points -- installed on the exterior of 1130 S. Michigan Avenue in Chicago -- connect to a wireless "backbone" inside the building, providing "outside in" Internet access to all residents. Proxim's mesh technology simplifies Wi-Fi deployments such as this through the ORiNOCO Mesh Creation Protocol (OMCP), which allows creation of self-forming and self-healing non-line of sight (NLOS) mesh networks. Proxim's Wi-Fi mesh products feature a dual-radio configuration, increasing system capacity by allowing one radio to focus on Wi-Fi access and the other radio to perform mesh backhaul duties.
"Proxim outside" installation saves money, time, and inconvenience
According to Bob Heiderscheidt, president of MDI Access, "Our customer, Draper and Kramer, was very clear that rewiring the building was not an option because of the high cost, that they wanted wireless, and that they wanted it for less than half the price of a wired solution. MDI Access and Proxim Wireless delivered on all counts."
Now as a result, residents receive free wireless Internet access as part of the building's amenities package without the need for land-based telephone lines, cable service, or routers. Heiderscheidt pointed out that the new "Proxim outside" system covers the entire building with Wi-Fi signals and works much better than other Wi-Fi approaches tested. It also eliminated the need to run new wires and cables through stairways, corridors, and residents' units.
"Proxim Outside" Increases Reach of Municipal Networks
Vertical wireless LAN (WLAN) deployments in high-rises such as that of 1130 Michigan Avenue supplement municipal network deployments, which are focused primarily at people on the street and in cafés. "What we've done using 'Proxim outside' is take your typical municipal layout and turn it 90 degrees," said Heiderscheidt. "We were able to do this because Proxim's products are easy to use and configure, and they just work. That's good news for cities deploying municipal networks and those whose networks will ultimately tie into them."
Proxim Wireless has the depth of experience and breadth of product portfolio to offer end-to-end municipal wireless solutions that meet a wide variety of network needs, including supporting older high-rise buildings such as 1130 Michigan Avenue with "Proxim outside." Proxim Wireless provides the entire solution: a complete, advanced network encompassing backhaul, middle mile, edge access, client devices, and network optimization.
This product breadth delivers a number of advantages to municipalities. First, cities are able to deal with a single vendor for all their networking needs, thereby increasing personnel efficiency and speed of deployment. Second, municipalities can receive products that have been engineered and designed to work together, rather than worrying about interoperability of products acquired from multiple vendors. Third, for support after the sale, cities can place a single call to Proxim Wireless to resolve questions rather than calling multiple vendors.
"Proxim Wireless is pleased to join MDI Access and Draper and Kramer in delivering a broadband access solution that sets a new standard for high-rise Wi-Fi deployments in older buildings where rewiring is cost-prohibitive," said Geoff Smith, Proxim Wireless vice president of worldwide marketing. "We look forward to working with MDI Access as they bring wireless broadband access to additional properties in the Draper and Kramer portfolio with 'Proxim outside' Wi-Fi."
About Proxim Wireless
Proxim Wireless Corporation is a global pioneer in developing and supplying scalable broadband wireless networking systems to enterprises, municipalities and service providers. From Wi-Fi to wireless Gigabit Ethernet -- our WLAN, WiMAX, mesh and point-to-point products are available through our extensive global channel network, backed by world-class support. Proxim is a Principal Member of the WiMAX Forum and is ISO-9001 certified. Additional information about Proxim Wireless can be found at http://www.proxim.com.
Safe Harbor Statement
Statements in this press release that are not statements of historical facts are forward-looking statements that involve risks, uncertainties, and assumptions. Our actual results may differ materially from the results anticipated in these forward-looking statements. The forward-looking statements involve risks and uncertainties that could contribute to such differences including those relating to the intense competition in our industries and resulting impacts on our pricing, gross margins, and general financial performance; and difficulties or delays in developing and supplying new products with the contemplated or desired features, performance, compliances, certifications, cost, price, and other characteristics. Further information on these and other factors that could affect our actual results is and will be included in filings made by Terabeam from time to time with the Securities and Exchange Commission and in our other public statements.
Additional information:
About MDI Access
MDI Access provides design, installation, maintenance and management of high-speed Internet access and satellite TV services to multi-tenant residential, commercial and mixed-use properties. Headquartered in Alsip, Ill., MDI Access customizes solutions to meet customer needs, using wireless, cable, phone wiring, Cat5 and fiber optics as appropriate. Customers include Atlantic Realty, BJB Partners, Crescent Heights, Draper and Kramer, Duke Realty, Equity Residential, Habitat, Lincoln Properties, Realty & Mortgage, and Weisman Hughes Development. MDI Access' experienced team of project managers, installers and IT professionals has successfully designed, installed and implemented network solutions in more than 6,000 apartment units, commercial businesses and condominiums in the greater Chicagoland market and beyond. http://www.mdiaccess.com
About Draper and Kramer, Incorporated
Draper and Kramer, Incorporated, is a vertically integrated property and financial services company headquartered in Chicago. Serving institutional and commercial customers and consumers nationwide and beyond, Draper and Kramer provides a full range of services relating to property, financing, risk management and insurance. http://www.draperandkramer.com
Contact:
Contact Information:
Pamela Valentine
Director, Marketing Communications
Proxim Wireless
+1 408 731-2610
Email Contact
David L. Renauld
Investor Relations
Proxim Wireless
+1 413 584-1425
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Source: Proxim Wireless
EMA - Sagem Chooses eMagin OLEDs for FELIN Suite
Wednesday August 30, 6:50 am ET
Low-Power, High-Resolution OLED Microdisplays to Deliver Data to Future Soldiers
BELLEVUE, Wash.--(BUSINESS WIRE)--Aug. 30, 2006--Sagem Defense Securite has entered into a multi-year contract with eMagin Corporation (AMEX:EMA - News), a leader in OLED (organic light-emitting diode) microdisplay technology, to provide the microdisplays for its FELIN program. FELIN is the French Army's integrated soldier system.
eMagin has already begun production to support this program, which will require more than 37,000 microdisplays through the life of the contract. The program schedule calls for Sagem to integrate the microdisplays over the next 72 months into the lightweight, ergonomic soldier systems for the active French Army regiments.
FELIN systems will comprise, in part, a modified weapon system, integral sensors, wearable computer, communications, and display systems based on eMagin's SVGA+ OLED microdisplay. The main system integrates a helmet-mounted display that will deliver both imagery (from a head-mounted night camera) and situational awareness data. Integrating a display enables operations such as firing around a corner or "seeing" through obstacles.
"Sagem's adoption of OLED microdisplays for the FELIN program further validates OLED technology. These microdisplays have become the choice of the majority of the world's militaries. OLEDs have proven superior to legacy technologies, providing the lowest power, highest performance solution for innovative systems like FELIN," said Susan Jones, executive vice president and chief marketing and strategy officer, eMagin Corporation. "Power-efficiency and ruggedness make OLED technology ideal for sophisticated, high performance soldier systems. eMagin looks forward to supporting Sagem on this important program."
For more information about eMagin and its bright, power-efficient microdisplays, readers can refer to www.emagin.com.
About eMagin Corporation
A leader in personal display systems and OLED microdisplay technologies, eMagin integrates high-resolution OLED microdisplays, magnifying optics, and systems technologies to create a virtual image that appears comparable to that of a computer monitor or a large-screen television. eMagin's OLED displays have broad market reach and are incorporated into a variety of near-to-eye imaging products by military, industrial, medical and consumer OEMs, who choose eMagin's award-winning technology as a core component for their solutions. eMagin's first personal display system, the Z800 3DVisor, provides superb 3D stereovision and headtracking for PC gaming, training and simulation, and other applications. It won the CEA's Innovation of Year award in the digital display category and won additional recognition in the electronic gaming category. eMagin's microdisplay manufacturing and R&D operations are co-located with IBM on its campus in East Fishkill, New York. System design facilities and sales and marketing are located in Bellevue, Washington. A sales office is located in Tokyo, Japan. For additional information, please visit www.emagin.com and www.3dvisor.com.
Contact:
eMagin Corporation
Media:
Joe Runde, 425-749-3636
jrunde@emagin.com
or
Business:
Susan Jones, 425-749-3614
sjones@emagin.com
or
Investors:
John Atherly, 425-749-3622
jatherly@emagin.com
--------------------------------------------------------------------------------
Source: eMagin Corporation
CPHD - Cepheid Awarded $3.3 Million STTR NIH/NIAID Grant for TB Test Development
Wednesday August 30, 7:00 am ET
Program Complements Previously Funded TB Program with FIND
SUNNYVALE, Calif., Aug. 30 /PRNewswire-FirstCall/ -- Cepheid (Nasdaq: CPHD - News), a broad-based molecular diagnostics company, today announced the receipt of Phase 2 funding from the National Institute of Allergy and Infectious Disease (NIAID) for their Small Business Technology Transfer (STTR) Grant entitled, "Sample Processing Cartridges for Rapid PCR TB Detection." Cepheid's academic partner for this program is Dr. David Alland, of the University of Medicine and Dentistry of New Jersey (UMDNJ).
Cepheid and UMDNJ previously announced a program for development of an easy-to-use PCR cartridge that detects the presence of Mycobacterium tuberculosis and also predicts drug resistance in about one hour. This program is being supported by FIND, a Geneva-based non-profit organization partnered with the Bill and Melinda Gates Foundation. The newly awarded NIAID funding will complement these efforts by focusing on development of sample collection devices and on development of proprietary nucleic acid dyes, quenchers, interpretive software and other technologies associated with commercial implementation of a 6-color GeneXpert system. The ultimate goal of both programs is to develop a rapid test with accuracy that is equal to or better than current methods, thus shifting the burden away from culture techniques which require weeks to months to generate the same results.
"Our GeneXpert system enabled the recent attainment of the first ever moderate complexity categorization for a PCR-based assay. This gives us confidence that we can deliver, for use in developed and developing countries alike, rich-featured molecular diagnostics assays that provide medically actionable results in real time," said David Persing, MD, PhD, Cepheid's Chief Medical and Technology Officer and Principal Investigator on the award. "We are delighted that NIAID has recognized the ability of the GeneXpert system to deliver the most sophisticated molecular diagnostics capabilities for tuberculosis to areas of the world that need it most. At the same time, we believe that the same platform technology will enable this test to be performed on a STAT basis for at-risk patients presenting to hospitals and clinics in the US and developed countries around the world."
About the GeneXpert System
The GeneXpert System is the only molecular diagnostic system to combine sample preparation with real time PCR (polymerase chain reaction) amplification, detection functions and internal controls for fully integrated and automated nucleic acid analysis. The system is designed to purify, concentrate, detect and identify targeted nucleic acid sequences and deliver answers from unprocessed samples. Cepheid's Xpert GBS test was recently cleared by the FDA for in vitro diagnostic use under the "Moderately Complex" CLIA category, the first-ever such designation for a PCR-based test.
Representing a major paradigm shift in the automation of molecular diagnostics, the GeneXpert System enables unprecedented speed and ease-of-use in the clinical environment.
About Cepheid
Cepheid (Nasdaq: CPHD - News), based in Sunnyvale, Calif., is a molecular diagnostics company that develops, manufactures, and markets fully-integrated systems for genetic analysis in the clinical, industrial and biothreat markets. The company's systems enable rapid, sophisticated genetic testing for organisms and genetic-based diseases by automating otherwise complex manual laboratory procedures. The company's easy-to-use systems integrate a number of complicated and time-intensive steps, including sample preparation, DNA amplification and detection, which enable the analysis of complex biological samples in its proprietary test cartridges. Through its strong molecular biology capabilities, the company is focusing on those applications where rapid molecular testing is particularly important, such as identifying infectious disease and cancer in the clinical market; food, agricultural, and environmental testing in the industrial market; and identifying bio-terrorism agents in the biothreat market. See www.cepheid.com for more information.
This press release contains forward-looking statements that are not purely historical regarding Cepheid's or its management's intentions, beliefs, expectations and strategies for the future, including those relating to product performance and usage in the clinical diagnostics market and future products for the clinical market. Because such statements deal with future events, they are subject to various risks and uncertainties, and actual results could differ materially from the company's current expectations. Factors that could cause actual results to differ materially include risks and uncertainties such as those relating to: unforeseen development and manufacturing problems; our ability to successfully obtain regulatory approvals for additional products and to introduce new products in the clinical market; customer market acceptance of new products; the failure of products to perform as expected, whether due to manufacturing errors, defects or otherwise; the impact of competitive products and pricing; potentially lengthy sales cycles in some markets; reimbursement rates for the products; and underlying market conditions worldwide. Readers should also refer to the section entitled "Risk Factors" in Cepheid's Annual Report on Form 10-K for 2005 and in its most recent quarterly report on Form 10-Q, each filed with the Securities and Exchange Commission.
All forward-looking statements and reasons why results might differ included in this release are made as of the date of this press release, based on information currently available to Cepheid, and Cepheid assumes no obligation to update any such forward-looking statement or reasons why results might differ.
CONTACTS:
At the Company:
John L. Bishop John R. Sluis
CEO, Cepheid CFO, Cepheid
408-541-4191 408-541-4191
john.bishop@cepheid.com john.sluis@cepheid.com
At Financial Relations Board: At Schwartz Communications:
Tricia Ross Chris Stamm / Tom Bain
Investor/Analyst Information 415-512-0770
617-520-7064 cepheid@schwartz-pr.com
tross@financialrelationsboard.com
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Source: Cepheid
MRGE - Merge Tech Files 2005, 1Q 2006 Reports
Wednesday August 30, 7:29 am ET
Merge Technologies Files Delayed Reports, Asks for Extension to File 2Q Results; Shares Jump
MILWAUKEE (AP) -- Merge Technologies Inc., a maker of medical imaging software and equipment, said Wednesday it has now filed delayed financial statements for 2005 and the first quarter of 2006. The news sent shares up nearly 11 percent in the premarket session.
However, the company was unable to file its second-quarter report, and requested an extension from Nasdaq until Sept. 8. Nasdaq had warned Merge earlier this month that it faced delisting if it did not file all financial reports by Tuesday.
Merge said it will hold a conference call "promptly" following the filing of its latest report.
In early July, the company said it had uncovered improper accounting that required it to restate financial reports from 2002 to 2005 and prompted the resignation of three executives, including its then-interim CEO, William Mortimore.
In electronic premarket trading, Merge shares jumped 75 cents, or 10.5 percent, to $7.87.
CHINA - China.com Launches US$20 Million Online Games Developer Program
Wednesday August 30, 7:30 am ET
BEIJING, Aug. 30 /Xinhua-PRNewswire-FirstCall/ -- CDC Games a wholly owned subsidiary of China.com (Hong Kong GEM Stock Code: 8006), a business unit of CDC Corporation (Nasdaq: CHINA), today announced its Online Games Developer Program, which includes US$20 million earmarked for investment in strategic game development partners. CDC Games will establish strategic relationships with selected franchise partners to accelerate the development of new original online games targeted specifically for the China market.
China.com will select participating developers from Japan, Korea, China, the United States as well as Europe, India and Australia with long-standing, successful track records in the development of top quality and successful online games, and the vision and innovative skill to develop games from the ground up that will be cultural attractive to the vast and growing China gaming user base.
"China is just at the very beginning of its evolution of developing its entertainment, and gaming sector, and we believe the next step is in providing games that are culturally aware, entertaining and educational to the millions of online game users in the China market," said Fred Wang, Chairman for CDC Games and independent director of CDC. "We will also use our substantial cash reserves to help fund the development of online games in partnership with our game development partners, to bring unique titles to the China market as well as export them to the world, which would supplement in the long term games that we license from our partners today. We believe that this strategy will increase our operating margins over the long term as we will be part owners of the intellectual property rather than just a mere licensee. This program is based on the franchise partnership rolled out by CDC Games' sister company, CDC Software, earlier this year which has been very well received in the enterprise software market"
Through direct cash investments, equity investments, lines of credit or a combination of these, CDC Games will invest up to US$20 million in selected game development partners on a case-by-case basis. The investments will be used to help these partners build China culturally aware titles, and will be complemented by market research and game research from CDC Games experienced marketing and research team. CDC Games has over 30 million registered users, which allows it to data mine for specific likes and dislikes among users, to help provide the research to support the selected development partners in building titles that will appeal to the China market.
''Recently CDC Games has visited potential game development partners in Japan, Korea, China and the United States and we were impressed not only by the continual innovation of PC Online games under development for their home and overseas market, but the willingness and eagerness for developers to tap specifically into the largest PC online game market in the world,'' said Antony Yip, Vice Chairman for CDC Games and independent director of CDC Games. ''We believe that this is one of the most innovative programs aimed at fostering game development for the China market by encouraging the distribution partner and developer to work side by side through the development cycle. We believe it will greatly increase the value add to our partners and the chances of success for their titles in the China market.''
The Online Games Developer Program will be managed by Dr. Xiaowei Chen, Chief Executive Officer of CDC Games and Chief Financial Officer of China.com Inc. The company is now finalizing initial investments in several existing partners. Current or Potential Game Development Partners of CDC Games, interested in participating in the Online Games Developer Program, should contact the company at www.cdccorporation.net .
About CDC Corporation
The CDC family of companies includes CDC Software focused on enterprise software applications and services, CDC Mobile focused on mobile applications, CDC Games focused on online games, and China.com focused on portals for the greater China markets. For more information about CDC Corporation (Nasdaq: CHINA), please visit www.cdccorporation.net .
About CDC Games
CDC Games Limited is focused on building a diversified mix of online game assets and strategic alliances and is a wholly owned subsidiary of China.com Inc. CDC Games is one of the market leaders of online and mobile games in China with over 30 million registered users.
About China.com Inc.
China.com Inc. (HK GEM Stock Code: 8006; website: www.inc.china.com ), a leading Online game, MVAS and Internet services company operating principally in China, and a 77%-owned subsidiary of CDC Corporation, was listed on the GEM of the Stock Exchange of Hong Kong Limited on March 9, 2000. In December 2000, China.com Inc. was admitted as a constituent stock of the Hang Seng IT and IT Portfolio Indices.
About CDC Mobile CDC Mobile is the wholly owned subsidiary of China.com Inc and is focused on providing MVAS products to subscribers in China.
About CDC Software
CDC Software, The Customer-Driven Company(TM), is a provider of comprehensive enterprise software applications and services designed to help businesses thrive and become customer-driven market leaders. The company's industry-specific solutions are used by more than 5,000 customers worldwide within the manufacturing, financial services, health care, home building, real estate, and wholesale and retail distribution industries. CDC Software's product suite includes Pivotal CRM (customer relationship management), c360 CRM add-on products, industry solutions and development tools for the Microsoft Dynamics CRM platform, Ross ERP (enterprise resource planning) and SCM (supply chain management), IMI warehouse management and order management, Platinum China HR (human resource) and business analytics solutions. CDC Software is ranked number 18 on the Manufacturing Business Technology 2006 Global 100 List of Enterprise and Supply Chain Management Application vendors. For more information, please visit www.cdcsoftware.com .
Cautionary Note Regarding Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995, including statements relating to the development of CDC Games' Online Games Developer Program, future opportunities with development partners, ability to help development partners build new games through investment, future acquisitions, future development of the online games market in China and the ability of the development partners to build successful online games. These statements are based on management's current expectations and are subject to risks and uncertainties and changes in circumstances. There are important factors that could cause actual results to differ materially from those anticipated in the forward-looking statements, including the following: the ability to make investments in development partners, the ability of development partners to utilize any investment to build online games for the China market, the ability to make changes in business strategy, development plans and product offerings; the development of the online games market in China and regulatory developments in China. Further information on risks or other factors that could cause results to differ is detailed in filings or submissions with the United States Securities and Exchange Commission made by CDC Corporation in its Annual Report for the year ended December 31, 2005 on Form 20-F filed on June 21, 2006. All forward-looking statements included in this press release are based upon information available to management as of the date of the press release, and you are cautioned not to place undue reliance on any forward-looking statements which speak only as of the date of this press release. The company assumes no obligation to update or alter the forward-looking statements whether as a result of new information, future events or otherwise.
For More Information:
Investor Relations
Craig Celek
CDC Corporation
Tel: +1-212-661-2160
Email: craig.celek@cdccorporation.net
Media Relations
Ida Ho
CDC Corporation
Tel: +852-2237-7181
Email: ida.ho@hk.china.com
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Source: CDC Corporation
RRCG - Reality Racing, Inc. Prepares to Forward Split Shares at 4:1 Ratio
Wednesday August 30, 7:30 am ET
BOCA RATON, Fla., Aug. 30 /PRNewswire-FirstCall/ -- Reality Racing, Inc. (OTC Pink Sheets: RRCG - News) has approved a forward split of its shares at a 4 to 1 ratio; the split is scheduled to occur on September 18th. Shareholders of record at close of the trading day prior to the split (September 15th) will qualify.
"With our stock being so active and our show's production gearing up, the timing and synergy are favorable to issue a forward split to our shareholders," stated Reality Racing's Chief Executive Officer, Patrick Schaefer.
Reality Racing -- The Rookie Challenge, a new reality television show, combines two of the most popular on-air entertainment concepts -- stock car racing and reality television -- to create an unmatched, action-packed 13 week TV series scheduled to air in 2006. The Rookie Challenge winner will receive national exposure, a cash award, a gold championship ring and the opportunity to drive professionally in a NASCAR sanctioned race.
According to Reality Racing's President, Lee F. Schaefer, "There are more than 75 million racing enthusiasts in this country alone and there are plenty among them who believe they have what it takes to be a professional race car driver. Our show will help 15 total amateurs chase their dream and one lucky winner to live it. To help our hopefuls we've signed Nextel Cup® Series and NASCAR® legends like Bobby and Donny Allison, Cale Yarborough, Rusty Wallace and Junior Johnson to act as judges and mentors for our contestants so they can learn from the best."
To be eligible as a contestant, male and female drivers must be complete amateurs with no prior race experience, be 18 years of age or older and have no felony traffic offense convictions. The selected finalists will be judged on a point system by racing legends. Tests, challenges and actual races will be held weekly from which the contestants will earn points to establish their rankings for the final Championship Race. The Championship Race will determine the winner of Reality Racing -- The Rookie Challenge.
Additional information is available on the Reality Racing website: http://www.realityracingtv.com .
Safe Harbor
Forward-looking statements made in this release are made pursuant to the "safe harbor" provision of the Private Securities Litigation Reform Act of 1995. Forward-looking statements made by Reality Racing Incorporated are not a guarantee of future performance. This news release includes forward-looking statements, including with respect to the future level of business for the parties. These statements are necessarily subject to risk and uncertainty. Actual results could differ materially from those projected in these forward- looking statements as a result of certain risk factors that could cause results to differ materially from estimated results. Management cautions that all statements as to future results of operations are necessarily subject to risks, uncertainties and events that may be beyond the control of Reality Racing Incorporated and no assurance can be given that such results will be achieved. Potential risks and uncertainties include, but are not limited to, the ability to procure, properly price, retain and successfully complete projects, and changes in products and competition.
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Source: Reality Racing, Inc.
TASR - TASER International Chairman Phillips Smith to Retire
Wednesday August 30, 7:30 am ET
Company Announces Succession Plan to Be Implemented at October Board Meeting
SCOTTSDALE, Ariz., Aug. 30, 2006 (PRIMEZONE) -- TASER International, Inc. (NASDAQ:TASR - News), a market leader in advanced electronic control devices today announced that Chairman Phillips W. Smith will retire from the Board of Directors effective at the conclusion of the company's board meeting on October 23, 2006. At that time, Thomas P. Smith will become the new Chairman of the Board and Kathleen C. Hanrahan will be promoted to President.
In order to leverage senior leadership focus, the company has formed an ``Office of the Chief Executive'' comprising of the three positions of Chief Executive Officer, Chairman, and President. Rick Smith, as Chief Executive Officer, will continue to lead the organization into the future and will remain responsible for strategic initiatives, as well as product and marketing strategy. Tom Smith will serve as active, full-time Chairman with responsibility for the company's external relationships, including shareholders, media, governmental, and third party interest groups. Tom will continue to serve as the spokesperson and public face of the company. Kathy Hanrahan will serve as president, with responsibility for day-to-day execution of business operations company-wide.
``I would like to congratulate my father, Phil Smith, on his retirement after 13 years of dedicated and intense service to this company,'' said Rick Smith, Chief Executive Officer. ``Phil not only served as one of the principal financiers, together with Bruce Culver, but as an incredible mentor for all of our senior managers. Without his support and mentorship, there would never have been a TASER International. We have relied greatly on his counsel during our extraordinary growth in 2003-2004, and even more so as we overcame the challenges of 2005 and early 2006. Through his leadership, Phil has shared his incredible business knowledge with all the senior managers. He should take great pride in what this company has accomplished during his tenure as Chairman, and we look forward to his continued role as a strategic advisor as our Chairman Emeritus.''
``I would also like to congratulate Kathy Hanrahan on her promotion to President,'' continued Smith. ``Over the past decade, Kathy has proven herself in critical roles such as Chief Financial Officer, and Chief Operating Officer with responsibility for all manufacturing and logistics. As we position the company for future growth, we believe Kathy's skill set can now benefit the company by bringing her organization and management skills to bear across the company's entire operations.''
The Company anticipates hiring a Vice President of Manufacturing to manage day-to-day manufacturing operations.
About TASER International, Inc.
TASER International provides advanced electronic control devices for use in the law enforcement, military, private security and personal defense markets. TASER devices use proprietary technology to incapacitate dangerous, combative or high-risk subjects who pose a risk to law enforcement officers, innocent citizens or themselves in a manner that is generally recognized as a safer alternative to other uses of force. TASER technology saves lives every day, and the use of TASER devices dramatically reduces injury rates for police officers and suspects. For more information on TASER life-saving technology, please call TASER International at (800) 978-2737 or visit our website at http://www.TASER.com.
The statements made herein are independent statements of TASER International. The inclusion of any third parties does not represent an endorsement of any TASER International products or services by any such third parties.
Note to Investors
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the ``Securities Act''), and Section 21E of the Securities Exchange Act of 1934, as amended (the ``Exchange Act''), including statements, without limitation, regarding our expectations, beliefs, intentions or strategies regarding the future. We intend that such forward-looking statements be subject to the safe-harbor provided by the Private Securities Litigation Reform Act of 1995. The forward-looking information is based upon current information and expectations regarding TASER International. These estimates and statements speak only as of the date on which they are made, are not guarantees of future performance, and involve certain risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results could materially differ from what is expressed, implied, or forecasted in such forward-looking statements.
TASER International assumes no obligation to update the information contained in this press release. These statements are qualified by important factors that could cause our actual results to differ materially from those reflected by the forward-looking statements. Such factors include but are not limited to: (1) market acceptance of our products; (2) our ability to establish and expand direct and indirect distribution channels; (3) our ability to attract and retain the endorsement of key opinion-leaders in the law enforcement community; (4) the level of product technology and price competition for our products; (5) the degree and rate of growth of the markets in which we compete and the accompanying demand for our products; (6) risks associated with rapid technological change and new product introductions; (7) competition; (8) litigation including lawsuits resulting from alleged product related injuries and death; (9) media publicity concerning allegations of deaths and injuries occurring after use of the TASER device and the negative effect this publicity could have on our sales; (10) TASER device tests and reports; (11) product quality; (12) implementation of manufacturing automation; (13) potential fluctuations in our quarterly operating results; (14) financial and budgetary constraints of prospects and customers; (15) order delays; (16) dependence upon sole and limited source suppliers; (17) negative reports concerning the TASER device; (18) fluctuations in component pricing; (19) government regulations and inquiries; (20) dependence upon key employees and our ability to retain employees; (21) execution and implementation risks of new technology; (22) ramping manufacturing production to meet demand; (23) medical and safety studies; (24) execution and court approval of litigation settlement agreements; and (25) other factors detailed in our filings with the Securities and Exchange Commission, including, without limitation, those factors detailed in the Company's Annual Report on Form 10-K and its Form 10-Qs.
Contact:
TASER International, Inc.
Steve Tuttle, Vice President of Communications
Media ONLY Hotline: (480) 444-4000
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Source: TASER International, Inc.
ETGMF - Entourage Mining Identifies Multiple Uranium Targets on Doran Property With Values up to the Detection Limit of 4.7 Lb/t -- .235 Percent U3O8
Wednesday August 30, 7:30 am ET
VANCOUVER, British Columbia, Aug. 30, 2006 (PRIMEZONE) -- Entourage Mining Ltd. (the ``Company or ''Entourage``) (OTC BB:ETGMF.OB - News) is pleased to announce chemical analysis results of the Doran (north) rock sampling program. The comprehensive rock saw channel sampling program was successful in identifying previously unrecognized uranium targets. A total of twelve anomalies (N, X, L, Y, R, H, K, I, G, E, A, S) were tested. Selected highlights of the chemical results are as follows:
Anomaly N returned values between 1.77Lb/t U3O8 across 3 meters and over 4.7 Lb/t U3O8 across 1.5 meters (this value is over the detection limit and the Company is waiting for a final results from ACME Laboratories). Another sample returned over 3 Lb/t U3O8 over 1.50 meters.
Anomaly X tested by six samples: one sample above 2 Lb/t U3O8, one sample over 1 Lb/t U3O8, three samples returned values over 0.5 Lb/t U3O8 and 1 sample returned a value less than 0.5 Lb/t U3O8. Sample widths varied between 1 and 5 meters.
Anomaly L is characterized by a north-south trending radioactive pegmatitic ridge approximately 200 meters long by 80 meters wide; a total of 18 rock channel samples were collected, six samples returned values over 1 Lb/t U3O8, 7 samples returned values between 0.5 Lb/t U3O8 and 1 Lb/t U3O8 and 5 samples returned values less than 0.5 Lb/t U3O8. Sample widths varied between 1 and 12 meters.
(All values (t) refer to short tons)
Anomalies A, E, G, H, K R and Y all returned elevated values of U3O8 and the results of these samples are available on the Company web site (http://www.entouragemining.com) under Projects-Doran.
A total of 63 rock saw samples were tested of which four samples returned over 2 Lb/t U3O8, 13 samples returned values of more than 1 Lb/t U3O8, 15 samples returned values greater than .5Lb/t U3O8 and 12 samples above .25Lb/t U3O8. A detailed interpretation of the results is underway by the project geologist Mr. Michel Proulx (a ``Qualified Person'' as that term is defined in NI 43-101) and a drilling program is being designed to test anomalies N, X and L before the end of the season. Since the number of drill targets is high, the Company will not be able to drill all of the anomalies in this drilling season. The Company is planning to drill the remaining anomalies early next season (February 2007); additional holes in the Main Zone, situated in the southern portion of the property, are also planned. The Main Zone was drilled in May 2006. Mr. Proulx has reviewed the technical aspects of this news release.
Entourage management is pleased with the newly recognized radioactive zones as well as the sampling results and the identification of multiple uranium targets on the Doran property with values up to the detection limit of 4.7 Lb/t U3O8 (.235% U3O8). The Doran property is located just north of provincial highway 138 in southeastern Quebec, along the north shore of the Gulf of St. Lawrence, 25 kilometers west of Aguanish and approximately 109 kilometers east of Havre St. Pierre. Hydroelectric lines are located one kilometer north of highway 138.
Forward Looking Statements
Except for historical information contained herein, the statements in this Press Release may be forward-looking statements. Forward-looking statements involve known and unknown risks and uncertainties, which may cause Entourage Mining Ltd.'s actual results in future periods to differ materially from forecasted results. These risks and uncertainties include, among other things, volatility of commodity prices, product demand, market competition, and risks inherent in Entourage Mining Ltd.'s operations. These and other risks are described in the Company's Annual Report on Form 20-F and other filings with the Securities and Exchange Commission.
Gregory F Kennedy
President
Contact:
Entourage Mining Ltd.
Craig Doctor
(604) 278-4656
craig@entouragemining.com
www.entouragemining.com
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Source: Entourage Mining Ltd.
Stock Futures Flat After Costco Warning
Wednesday August 30, 7:10 am ET
Stock Futures Flat on Costco Warning and Rising Oil Prices; Nikkei Closes Down
LONDON (AP) -- U.S. stock market futures were pointing to a staid start on Wednesday after a profit warning from discount retailer Costco Wholesale Corp. and as crude-oil futures reclaimed the $70-a-barrel level.
S&P 500 futures rose half a point at 1,305.60 and Nasdaq 100 futures were flat at 1,576.00. Dow industrial futures edged up 5 points.
A drop in crude-oil futures and a slower economic growth forecast from the U.S. Federal Reserve helped lift blue chips on Tuesday, and the tech-heavy Nasdaq Composite ended with its fourth straight gain.
The Dow industrials and the S&P 500 each ended with a 0.2 percent rise, and the Nasdaq Composite put on 0.5 percent.
Crude-oil futures on Wednesday rose 52 cents to $70.23 a barrel in electronic trading, ahead of weekly oil statistics that are expected to show declining crude and gasoline inventories.
Other statistics out on Wednesday including a second reading of U.S. economic growth during the second quarter and ADP's estimate of August employment.
In addition, the president of the Dallas Federal Reserve, Richard Fisher, is due to make a speech for the second day in a row.
The euro was flat against the dollar, and the dollar crept higher on the Japanese yen.
Of companies in focus, Costco Wholesale warned it wouldn't meet earnings estimates in the quarter ending Sept. 3, due to thinner-than-forecast profit margins and an income tax charge.
Novell Inc. may decline after beginning an internal review of its stock-option grants that could result in not filing its quarterly results on time. Novell estimated that revenue fell a weaker-than-forecast 4 percent during its fiscal third quarter.
Euronext, the European stock exchange operator that agreed to merge with the NYSE Group Inc., reported a 63 percent profit rise. It also for the first time set a date for a vote on the merger, in December.
AnorMed Inc., a Vancouver-based biopharmaceutical company, said it rejected an unsolicited $8.55 a share in cash takeover bid from Genzyme Corp. AnorMed said it hired Goldman Sachs as a financial adviser and formed a special advisory committee to review, consider and evaluate strategic alternatives.
AnorMed closed Tuesday at $5.03 a share.
The Nikkei 225 ended 0.1 percent lower in Tokyo, while European stock markets managed small rises, with the French CAC 40 advancing 0.5 percent.
HNAB - FDA to Review Hana Cancer Nausea Drug
Wednesday August 30, 8:09 am ET
Hana Biosciences Says FDA to Review Zensana Oral Spray Nausea Treatment Application
SOUTH SAN FRANCISCO, Calif. (AP) -- Biotech drug maker Hana Biosciences Inc. said Wednesday that the Food and Drug Administration will review its application for an oral spray meant to treat the nausea that often accompanies cancer treatments.
The company said the FDA will evaluate data on its Zensana Oral Spray, which aims to prevent nausea and vomiting associated with chemotherapy and radiotherapy, as well as postoperative-induced nausea and vomiting.
Submitted studies showed that the spray was equivalent to similar drugs on the market that are administered in pill form. Hana filed its application to the FDA in late June.
"We plan to continue working closely with the FDA during the review," said Mark Ahn, Hana president and chief executive, in a statement. "Subject to FDA approval, we look forward to a potential commercial launch in the United States in the first half of 2007."
OK as most that bother even listening to me know
I always ask for consensus. greenie has been mean and rude
at every turn, he was pizzed when stockprofit2023 was replaced.
so I get a board run by 2 huge pumpers and try to straighten it out
and all I get is crap from greenspirit.
I asked Matt from the get go to ban him after how he treated me.
it was decided that as long as he keeps his comments on SLJB
and not on my moderation he could stay. he did not do that, instead
persisted that I was wrong with everything I was doing.
I will asked Matt to reinstate him as per your wishes
and remove me as moderator if thats what the consensus wants.