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Foundry Networks initiated with "buy" - update
05/08/08 - Wedbush Morgan Securities
NEW YORK, May 8 (newratings.com) - Analysts at Wedbush Morgan initiate coverage of Foundry Networks (FDRY) with a "buy" rating. The 12-month target price is set to $15.
In a research note published this morning, the analysts mention that the company has significant potential to expand its market share in the core businesses. Foundry Networks is poised to return to growth, benefiting from its recently refreshed and diversified product portfolio, the analysts say. The company is well positioned to withstand a weak economy and sustain/expand its share going forward, Wedbush Morgan adds.
http://www.newratings.com/en/main/company_headline.m?id=1743400
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Foundry Networks honored with 2008 'Best of Interop' Green Award
Posted on
Monday, 5 May 2008
Press Release Content
Foundry selected as being most green from more than 200 submissions.
Foundry Networks®, Inc. (NASDAQ: FDRY), a performance and total solutions leader for end-to-end switching and routing, announced it has been selected by InformationWeek, the leading multimedia business technology brand, and Interop, the leading global business technology event series, for the ‘Best of Interop' Green Award.
Selected from more than 200 submissions in all Best of Interop categories, Foundry Networks was singled out for its ability to deliver industry-leading performance while minimizing power, space and cooling consumption in its switching, routing and application delivery controller (ADC) product set and solutions.
Foundry'sTM networking solutions address these critical green issues head-on by delivering highly dense, scalable and power efficient solutions to enable greater flexibility and capabilities for organizations worldwide.
As the winner of the 2008 Best of Interop Green Award, Foundry was hand-selected by InformationWeek's panel of expert judges. Each year, Best of Interop winners prove to be the key players in the continuing evolution of business technology.
The Best of Interop Awards are designed to help IT and network managers shorten the evaluation process in assessing new technology products. By identifying innovative products debuted at Interop, the Best of Interop Awards assist in the search for creative solutions.
"The 2008 winner of the Best of Interop Green Award, Foundry Networks, has adopted an eco-friendly approach to their products," said Art Wittmann, editor for InformationWeek. "We congratulate Foundry Networks for leading the way in green computing."
Attention to green initiatives in the networking space are extremely important to IT managers, not only to be more ecologically sound, but also to significantly lower ongoing operating costs and to create highly dense and powerful switching and routing systems to enable efficient business growth.
Organizations are running out of physical space, networking capacity and power due to dramatic business-critical application growth, many of these applications require robust disaster recovery technologies as safeguards, and the new server technologies deployed to meet application growth require more than current data center infrastructures can deliver.
As part of Foundry's ongoing efforts to advance the greener, next-generation data center, the new interface modules for the BigIron® RX Series switches and the NetIron® MLX Series routers will deliver the industry's highest 10 gigabit Ethernet (10GbE) and gigabit Ethernet (GbE) density of up to 512 ports of 10GbE and 1536 ports of GbE in a single system while also dramatically reducing power per actual gigabit of performance.
The BigIron 16-port 10GbE SFP+ module (RX-BI16XG), and NetIron MLX 48-port GbE MRJ21 module (NI-MLX-1Gx48-T) deliver exceptional flexibility and scalability for advanced data centers and high-performance computing (HPC) applications1. With these new high-density interface modules, the BigIron RX Series switches and NetIron MLX Series routers now deliver more than twice the 10GbE and GbE density of their nearest competitors.
Organizations can be confident that data center expansion and HPC growth will be manageable and environmentally friendly through Foundry's industry-leading routers and switches and intelligent best-of-breed networking solutions.
"We are honored to take home the Best of Interop Green Award," said Bobby Johnson, president and chief executive officer for Foundry Networks. "Our focus on engineering leadership has allowed Foundry to create powerful high-performance networks with increased density and energy efficient attributes that enable businesses to grow effectively within the capital constraints and environmental issues facing enterprises and service providers today. With more than 200 other submissions to select from, receiving the Best of Interop Green Award is a testament to Foundry's ongoing focus on innovation and edge-to-core solutions."
http://www.arabianbusiness.com/press_releases/detail/17804
Obrem Capital Sends Letter to Micrel Stockholders
NEW YORK, May 05, 2008 (BUSINESS WIRE) ----Obrem Capital Management, LLC today issued a letter to the stockholders of Micrel, Incorporated (NASDAQ:MCRL), again urging them to hold Micrel's Board of Directors accountable for the Company's decade-long underperformance by electing Obrem's director Nominees to Micrel's Board at a special meeting of stockholders to be held on May 20, 2008.
In its letter, Obrem Capital raises eight key questions it believes shareholders should ask Micrel's Management and Board.
The full text of the letter follows: Obrem Capital Management, LLC 733 3rd Avenue New York, NY 10017 May 5, 2008
Dear Fellow Shareholder,
The vote to reclaim control of Micrel for the benefit of its shareholders, and away from an entrenched Board, is rapidly approaching. We have appreciated the opportunity to speak with many of you in recent weeks. Not surprisingly, both long-standing and newer shareholders have told us they recognize the failure of this Board and management team to create significant value for shareholders, despite their strident rhetoric to the contrary.
We have also seen this Board continue its efforts to distract shareholders from the real issue - shareholder value. As a result, we believe shareholders should ask Micrel's Board and management the following Eight Key Questions:
1) IN TRYING TO HIGHLIGHT MICREL'S SO-CALLED "VALUE CREATING RESULTS," WHY DOES MICREL NOT PROVIDE SHAREHOLDERS WITH A SIMPLE 5 OR 10 YEAR STOCK PRICE CHART?
Tellingly, management fails to mention Micrel's stock price performance over the past decade when attempting to recast its poor track record in a positive light. For all of the accomplishments Micrel claims to have made in the past few years, the shareholders have yet to see any benefit in the form of increased share price. Despite management's efforts to portray itself as accomplished and capable, it cannot escape the simple fact that it has destroyed significant shareholder value over the past decade.
THE SIMPLE FACT IS THAT AN INVESTOR WOULD HAVE BEEN SUBSTANTIALLY BETTER OFF INVESTING MONEY IN A TREASURY BILL 10 YEARS AGO THAN INVESTING IT IN MICREL STOCK.
2) WHY SHOULD SHAREHOLDERS BELIEVE MICREL'S CLAIMS THAT IT WILL "CONTINUE TO EXECUTE ITS PLAN," GIVEN ITS POOR TRACK RECORD OF REPEATEDLY FAILING TO FORECAST ITS OWN BUSINESS, RESULTING IN MICREL HAVING AT LEAST ONE NEGATIVE PREANNOUNCEMENT AND REDUCTION OF ITS OWN GUIDANCE IN SEVEN OF THE LAST EIGHT YEARS?
Micrel has been consistent in repeatedly incorrectly forecasting its own business. For Micrel to claim that it will continue to execute its plan seems disingenuous given its history of failing to meet its own guidance. Micrel's 1st quarter 2008 results and commentary is just one of many quarters in which Micrel management has been excited about its prospects (see attached history). The plain truth is that, since 2001, Micrel has had 7 negative earnings preannouncements, some coming within weeks of discussing a dramatic improvement in business conditions. These negative preannouncements often included revised and reduced enthusiasm for future quarters. Given Micrel's long track record of consistently failing to sustain business momentum for multiple quarters, it is surprising to us that Micrel management can express such pride over its 1st quarter results and such confidence regarding intermediate term prospects. Shareholders who know the history of management's failure to live up to its forecasts and promises should be skeptical of this latest forecast of future success.
3) HOW COMMITTED IS MICREL TO "THOROUGHLY REVIEW(ING: 37.57, -0.45, -1.18%) BONA FIDE PROPOSALS," AS IT CLAIMS? DID THE BOARD "THOROUGHLY REVIEW" THE REPORTED PROPOSAL FROM ON SEMICONDUCTOR LAST YEAR?
We have now heard multiple stories of Mr. Zinn's unwillingness to discuss a potential sale of Micrel. We have spoken to several executives who have advised us they were interested in acquiring Micrel, but were rebuffed with little or no response from the Board. We believe that some of them are still interested but have not pursued it because Mr. Zinn appears to be disinclined to engage in conversation on the topic. We are curious whether the Board thoroughly evaluated reported approaches from Intersil and ON Semiconductor. We believe that Micrel's apparent failure to fully evaluate and consider such approaches, particularly in light of the company's lackluster stock price performance, is unfair to shareholders.
Micrel continues to mischaracterize our intentions regarding a sale of the company. While Obrem and its nominees believe that a sale of Micrel at a significant premium to the current market price can be achieved due to strong interest and significant operational synergy opportunities, we would only pursue a sale for a full and fair price. We would move forward with a sale only if the price is acceptable to shareholders. Obrem takes a disciplined, long-term view of its investments and is prepared to be patient and pursue a stand-alone course if that will create more value for shareholders. Obrem's goal is to enhance the value of Micrel's stock for shareholders with or without a sale of the company.
4) WHO HAS MORE ALIGNMENT WITH SHAREHOLDERS - ANOTHER SHAREHOLDER, OR AN EXECUTIVE RECEIVING COMPENSATION FROM MICREL AND WHO HAS A FOUNDER'S EMOTIONAL ATTACHMENT TO THE COMPANY?
Obrem's interests in maximizing shareholder value are fully aligned with those of other shareholders, although management is claiming otherwise in its efforts to distract you from its poor track record. Many shareholders have endured years of underperformance from this Board and management team while waiting in vain for a return on their investment. We believe that we can provide an alternative. Obrem has invested in Micrel because it believes that its nominees, if elected, can achieve the value creation for all shareholders that has proven so elusive to the current management and Board. Like many other Micrel shareholders who themselves, like Obrem, have their own fiduciary responsibilities to investors and clients, Obrem will only benefit if Micrel's share price increases. In fact, the only large shareholder whose incentives differ from Obrem is CEO Ray Zinn - a founder and long-term employee with a strong emotional attachment to the company that could impact his judgment relating to the company's future.
5) SHOULDN'T MICREL'S OPERATIONAL PLAN INCLUDE MEASURES TO IMPROVE MICREL'S OUTSOURCING STRATEGY, MANUFACTURING COST STRUCTURE, OPERATING EXPENDITURES, FORECASTING, STRATEGIC PRODUCT DEVELOPMENT, AND CHANNEL STRATEGY?
Obrem and its Nominees have brought to bear their considerable experience and expertise in formulating their operating plan for Micrel and are excited for the opportunity, if elected, to enhance shareholder value. Our plan addresses the following critical issues, including, among others: 1) undeveloped outsourcing strategy; 2) poor manufacturing cost structure/underutilization; 3) excessive operating expenditures; 4) poor forecasting; 5) lack of strategic product development; and 6) weak channel strategy. We have discussed our operating plan with several institutional investors who are very familiar with the company and its problems. They have been supportive of our ideas.
In the event that Micrel remains a stand-alone company, Obrem is prepared to work with existing management to execute these improvements and would be disappointed if Ray Zinn chose to abandon Micrel rather than help it set a course of value creation.
If, however, Obrem's Nominees are elected and Mr. Zinn chooses to depart, two of our Nominees, Keith Kolerus and Bill Bradford, are prepared to join Micrel's operating leadership on an interim basis, and will utilize their extensive networks and relationships to develop a management team committed to driving shareholder value. Obrem and its Nominees are currently in contact with several successful industry veterans who we are confident could be instrumental in turning the company around for the benefit of shareholders.
6) WHY IS MICREL ATTEMPTING TO PORTRAY SUCH WELL-KNOWN AND PROVEN SEMICONDUCTOR EXECUTIVES AS KEITH KOLERUS AND BILL BRADFORD AS LACKING EXPERIENCE?
Keith Kolerus has over 40 years of experience in leading roles at semiconductor companies far larger than Micrel, including National Semiconductor, Fairchild and Motorola. While at National Semiconductor, he was Chairman of National Japan Ltd., which was run as a separate operating company. When Mr. Kolerus arrived, National Japan was generating $120 million in revenues and losing money. He and his team transformed it into a profitable company with $300 million in revenues. Mr. Kolerus has an extensive background in leading and improving operations at semiconductor companies. For Micrel to claim otherwise is a clear demonstration of the current management and Board's efforts to mischaracterize Obrem's Nominees and failure to be straightforward with shareholders.
Similarly, Bill Bradford has more than 20 years of experience in leading roles at semiconductor companies far larger than Micrel, including Freescale Semiconductor, where Mr. Bradford headed a global sales force with almost as many employees as all of Micrel.
In addition, Keith Gollust has a distinguished track record as an investor and public company board member, and has created significant value for his investors over time, an accomplishment the current Board members, unfortunately, cannot claim. Eric Gomberg covered the semiconductor industry for eight years as an Analyst at Thomas Weisel Partners and has extensive contacts in, and knowledge of, the semiconductor industry.
Obrem believes that its Nominees are better prepared and more qualified to create shareholder value than the incumbent Board, which includes Ray Zinn, during whose 10 year term as CEO the company has failed to create value for its shareholders; Neil Miotto, a retired accountant; David Conrath, a retired teacher; and Michael Callahan and Frank Schneider who are affiliated with semiconductor companies outside of the analog sector. Unlike Micrel's Board, our Nominees, if elected, will be singularly focused on maximizing shareholder value and holding management accountable for poor performance, an accountability that we believe has been sorely lacking at Micrel.
7) DOES MICREL BELIEVE IT IS A POSITIVE ACHIEVEMENT THAT IT HAS ONE OF THE LOWEST CONSENSUS RANKINGS AMONG SELL SIDE ANALYSTS IN THE ENTIRE ANALOG SECTOR? DOES MICREL BELIEVE IT SHOULD IGNORE THE OPINION OF 75% OF THE ANALYSTS WHO COVER THE COMPANY?
As of the date of this letter, of the twelve analysts who cover Micrel, six have Hold recommendations, three have Sell recommendations and only three have Buy recommendations. The average target price among these analysts is $9.50, and the highest target price is $12.00. Micrel, in its recent letter to shareholders, neglected to mention that three quarters of the analysts who cover the company do not recommend buying the shares today, despite management's touting of the supposedly exciting opportunities ahead. In fact, two of the analysts quoted, Doug Freedman and Sumult Dhanda, have Hold ratings on the stock.
Because we rely on sound fundamental analysis rather than "cherry-picked" fragments from analyst reports based on a single quarter's results, we strongly advise shareholders to look at the average stock ratings among Micrel's peers when considering management's claims of support from the analyst community. Micrel enjoys the dubious distinction of having one of the lowest consensus rankings in the entire analog sector. Management's self-serving claim that analysts share their enthusiasm is inaccurate and is not supported by the actual recommendations issued by those analysts.
8) IF A BOARD ACTS AND TALKS LIKE AN ENTRENCHED BOARD, WHY SHOULD SHAREHOLDERS BELIEVE IT IS ANYTHING BUT AN ENTRENCHED BOARD?
The facts, once again, do not support management's claim that the current Board is not entrenched. In Obrem's numerous conversations with semiconductor industry executives - ranging from Micrel's neighbors in San Jose to those overseas - we have repeatedly heard their belief that Micrel's Board is among the most entrenched in all of Silicon Valley.
For the Board to claim that it is not entrenched and is open to all options simply flies in the face of all evidence from our conversations. We encourage our fellow Micrel shareholders to speak with Micrel's competitors, as we have. We are confident they will echo our assertions of Micrel's management entrenchment. MICREL'S SHAREHOLDERS DESERVE BETTER FROM THIS BOARD AND MANAGEMENT - AT A MINIMUM THEY DESERVE ANSWERS TO THESE EIGHT KEY QUESTIONS.
Obrem strongly encourages Micrel shareholders to elect its Nominees to Micrel's Board. If a sale of the company will result in the greatest value for shareholders, Obrem's nominees will ensure that it is pursued in a proper fashion--which we do not believe the current Board would do. If, however, it is determined that the shareholders will be best served by a standalone company strategy, our nominees will pursue an operating plan to dramatically improve Micrel's results, and will hold management accountable for failure to deliver results and create value for shareholders - a long overdue concept at Micrel. Either way, we strongly believe that shareholders are better off with our independent nominees on the Board because their only interest is maximizing shareholder value. VOTE THE GOLD CARD FOR STOCKHOLDER VALUE AT MICREL.
Please do not sign any WHITE proxy cards from the company, and please DISCARD them. If you have already signed the company's card, you may revoke it by delivering a later-dated GOLD proxy card in the enclosed postage-paid envelope or voting by telephone or the Internet as described on the enclosed GOLD proxy card. Only your latest dated, executed vote counts.
If you have any questions about voting, or for more information, please contact our proxy solicitors, Innisfree M&A Incorporated, toll free at 1.888.750.5834
Sincerely yours, Obrem Capital Management, LLC. By: Andrew Rechtschaffen, as Managing
Member of the General Partner
Appendix: Micrel's History of Earnings Disappointments
Micrel in the 21st Century - a broken record of unfulfilled promises.
Q. How Many Times Have Shareholders Heard That "This is Micrel's Year"?
A. Too Many Times to Be Fooled Again.
2001
June 21, 2001 - NEGATIVE PREANNOUNCEMENT. Guidance reduced from up to a 25% sequential decline in the 2nd Quarter to down 35%-39%, excluding the Kendin acquisition.
2002
This year it's different?
April 22, 2002 - Micrel reports in-line 1Q 2002 results and indicates they had their first positive book-to-bill since 3Q 2000. Guides 12%-15% revenue growth in 2Q and continued growth in the 2nd half.
July 22, 2002 - Micrel reports in-line 2Q and says, "We estimate that Q3 revenues will be flat-to-slightly up compared to 2Q."
October 2, 2002 - NEGATIVE PREANNOUNCEMENT. Micrel reduces 3Q revenue guidance to $50-$51 million versus prior flat-to-up from $55.4 million.
2003
This year it's different?
April 22, 2003 - Micrel announces that "Bookings in the month of March were the highest level recorded for a single month in over two years...We feel confident that the recovery of Micrel and the industry is underway." The company guides 2Q revenue growth of 3%-5%.
July 2, 2003 - NEGATIVE PREANNOUNCEMENT. Micrel reduces 2Q guidance to down 3%-4% from up 3%-5%.
2004
This year it's different?
April 22, 2004 - Micrel states, "On the whole, the demand outlook for Micrel's products going into the second quarter appears to be the strongest it has been in over three years...the percentage of turns filled required to achieve the projected Q2 revenue range is expected to be less than 40%." The company guides 11%-14% growth for 2Q.
July 21, 2004 - Micrel reports in-line quarter. Management states, "We believe that the industry growth rate will be in excess of 30% in 2004 and 17-21% in 2005. We think this is just short of spectacular." Management guides 3Q growth of 6%-10%
October 2, 2004 - NEGATIVE PREANNOUNCEMENT. Micrel reduces 3Q revenue guidance to $67-$68 million, down 1-3% versus prior guidance of up 6%-10%
October 21, 2004 - Micrel guides 4Q revenues of $65-$69 million
2005
This year it's different?
January 4, 2005 - NEGATIVE PREANNOUNCEMENT. Micrel reduces 4Q revenue guidance to $60-$61 million from $65-$69 million.
2006
This year it's different?
April 24, 2006 - Management indicates they had the "highest quarterly bookings level for Micrel since calendar year 2000."
October 26, 2006 - Management states, "While the order behavior pattern of our customers has been similar to what we experienced in 2004, we believe the impact on order rates from pipelining will be less severe than two years ago." Guides 4Q revenue of $67.5 to $70 million.
2007
This year it's different?
January 5, 2007 - NEGATIVE PREANNOUNCEMENT. Micrel reduces 4Q revenue to $64-$65 million from $67-70.5 million.
October 26, 2007 - Micrel guides 4Q revenue growth of 2%-4%. CEO Ray Zinn states, "Our number, it's conservative."
2008
This year it's different?
January 3, 2008 - NEGATIVE PREANNOUNCEMENT. Micrel reduces 4Q revenue to $64 million from $66.5-$67.8 million. WHY SHOULD WE BELIEVE THIS YEAR'S ROSY PREDICTIONS WILL TURN OUT TO BE ANYTHING MORE THAN THE USUAL DISAPPOINTMENTS?
SOURCE: Obrem Capital Management, LLC
http://www.foxbusiness.com/story/markets/industries/technology/obrem-capital-sends-letter-micrel-stockholders/-551135688
Microsemi Announces New 1.7KW RF Generator Reference Design Kit
Prime Newswire
May 06, 2008: 08:30 AM EST
IRVINE, Calif., May 6, 2008 (PRIME NEWSWIRE) -- Microsemi Corporation (Nasdaq:MSCC), a leading manufacturer of high performance analog/mixed signal integrated circuits and high reliability semiconductors, has announced a 1.7KW, Push Pull, Class-D reference design kit that enables RF design engineers to immediately evaluate a highly efficient, high power, Class-D amplifier.
Based on Microsemi's DRF1300 Driver/MOSFET hybrid, the new reference design kit provides an essential tool in developing high-power, high-voltage RF generators, optimizing efficiency and power densities for plasma generation, switch mode power amplifiers, pulse generators, ultrasound transducer drivers and acoustical optical modulators.
KEY FEATURES
* Greater than 1700 Watts Output Power
* Better than 80% Efficient Class-D Operation
* 13.56 MHz Switching Frequency
* Up to 250 Supply Voltages
* Internal MOSFET Rated at 500V BV(DSS)
* Low Cost System Design
* Solid State Transition for Tube Amplifiers
Class-D amplifiers offer a degree of efficiency unavailable with linear designs. Many engineers, however, avoid the complexities of Class-D amplifier designs -- or are forced to spend months acquiring its fundamentals. Now, with Microsemi's new DRF1300/Class-D reference design kit, engineers can rapidly overcome the pitfalls of high voltage Class-D design, saving months of designer time and countless design iterations.
Using Microsemi's DRF1300 Driver/MOSFET hybrid as its core, the kit's reference board enables performance levels previously unachievable with solid state Class-D amplifiers. The DRF1300 hybrid combines two drivers, two high voltage MOSFETs and internal bypass capacitors in a push pull configuration making it a highly efficient, high voltage, cost effective solution. The drivers combined with optimally located bypass capacitors are capable of driving the high voltage MOSFETs at more than 30MHz. The 500V MOSFET enables high voltage applications, greatly simplifying output matching and reducing complexity of the output combining networks.
The new Microsemi Class-D reference design kit includes a designer's application note discussing the progression through various output voltages, while identifying proper output waveforms necessary for safe transition to greater than 1700 watts into a 50 Ohm load. It also demonstrates how to achieve efficiencies higher than 90% at sub 1KW outputs. It demonstrates supply bypassing and building the high power magnetics required for high power Class-D designs. The board comes fully assembled and is mounted to a machined heatsink.
The Class-D reference design kit is extremely versatile. After evaluating a design with the preloaded 500V, 30A DRF1300 hybrid, applications can be modified for higher voltage requirements by using the 1000V, 15A DRF1301 Driver/MOSFET hybrid.
The DRF1300 hybrid features an air cavity-flangeless package for improved reliability over plastic encapsulated packaging. Constructed with materials with closely matched CTEs the flangeless package maximizes system reliability by alleviating the stress between components during power cycling. Typical applications have demonstrated in excess of 1 million cycles with power densities of 700 Watts/square inch. The flangeless package design also reduces cost, eliminating expensive copper tungsten flanges that are typical in conventional high power RF packages.
DRF1300/Class-D reference design kits are available now, with a unit price of $1600. Samples of the DRF1300 and DRF1301 Driver/MOSFET hybrids are also available now. Additional DRF1300 hybrids are available for a unit price of $225.00 in 100 piece quantities. All devices are available through the factory or from authorized distributors of Microsemi RF products.
About Microsemi Corporation
Microsemi Corporation, with corporate headquarters in Irvine, California, is a leading designer, manufacturer and marketer of high performance analog and mixed signal integrated circuits and high reliability semiconductors. The company's semiconductors manage and control or regulate power, protect against transient voltage spikes and transmit, receive and amplify signals.
Microsemi's products include individual components as well as integrated circuit solutions that enhance customer designs by improving performance, reliability and battery optimization, reducing size or protecting circuits. The principal markets the company serves include implantable medical, defense/aerospace and satellite, notebook computers, monitors and LCD TVs, automotive and mobile connectivity applications. More information may be obtained by contacting the company directly or by visiting its web site at http://www.microsemi.com.
The Microsemi Corporation logo is available at http://www.primenewswire.com/newsroom/prs/?pkgid=1233
PLEASE READ THE FOLLOWING FACTORS THAT CAN MATERIALLY AFFECT MICROSEMI'S FUTURE RESULTS.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Any statements set forth in this news release that are not entirely historical and factual in nature, including without limitation statements concerning our expectations regarding new or existing products or technologies, are forward-looking statements. These forward-looking statements are based on our current expectations and are inherently subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements. The potential risks and uncertainties include, but are not limited to, such factors as rapidly changing technology and product obsolescence, weakness or competitive pricing environment of the marketplace, uncertain demand for and acceptance of the company's products, adverse circumstances in any of our end markets, results of in-process or planned development or marketing and promotional campaigns, difficulties foreseeing future demand, potential non-realization of expected orders or non-realization of backlog, product returns, product liability, and other potential unexpected business and economic conditions or adverse changes in current or expected industry conditions, difficulties and costs of protecting patents and other proprietary rights, and inventory obsolescence and difficulties regarding customer qualification of products. In addition to these factors and any other factors mentioned elsewhere in this news release, the reader should refer as well to the factors, uncertainties or risks identified in the company's most recent Form 10-K and all subsequent Form 10-Q reports filed by Microsemi with the SEC. The forward-looking statements included in this release speak only as of the date hereof, and Microsemi does not undertake any obligation to update these forward-looking statements to reflect subsequent events or circumstances.
Investor Inquiries: Robert C. Adams, Microsemi Corporation, Irvine, CA (949) 221-7100.
CONTACT: Microsemi Corporation
Financial Contact:
John W. Hohener, Vice President and CFO
(949) 221-7100
Investor Relations:
Robert C. Adams, Vice President Business Development &
Investor Relations
(949) 221-7100
Net sales in the first quarter of 2008 increased 12.7% to $130.8 million, compared to the 2007 first quarter. Excluding the impact of foreign currency translations, net sales increased 7.9%. International sales increased 23.6% (11.2% in local currency) led by the Asia Pacific region with a 13.7% increase on a local currency basis. Sales of all product lines increased with demand continuing to be particularly strong for the Company's new Cutmaster manual plasma cutting units and specialty hard facing products. Sales of both the Company's plasma cutting and filler metal product lines increased approximately 20%.
Gross margin in the first quarter of 2008 was 32.3% of net sales, compared to 32.6% of net sales in the prior-year first-quarter period. The decline from the prior-year's first quarter was due to the ongoing effects of commodity cost increases over the twelve-month time period. This result was better than the gross margin of 31.2% the Company recorded for the year 2007, and reflects a continuation of the longer-term progress the Company is making to control costs.
Paul D. Melnuk, Thermadyne's Chairman and Chief Executive Officer commented: "The better-than-expected sales growth is attributable to our improved customer service, more effective new product introductions and strong market demand. Gross margins also continued to build on the improving trend that began in 2007. Our continuous improvement (TCP) process cost savings, the benefits of more effective procurement practices and the value from operating leverage in the 2008 first-quarter period largely offset the double-digit material inflation that occurred across most commodities we purchase. Further, the April 1, 2008 price increase will help offset the trend of rising commodity prices in the second quarter and beyond."
Selling, general and administrative costs were $27.5 million, or 21.0% of sales, in the first quarter of 2008, compared to $26.0 million, or 22.4% of sales, in last year's first quarter. New product launches and expanded new product development activities, as well as expansion of the international sales and global operations capabilities, contributed to the 2008 first quarter increase in expenses, compared to the 2007 first quarter.
Other Income and Expense Items in the First Quarter of 2008
Interest costs of $5.3 million were $1.7 million less than the prior-year's first quarter. The average indebtedness was 11% less than in the prior-year's first quarter and the effective interest rate declined 170 basis points. This decline in the effective interest rate reflects the combined benefit of the lower Libor rates which impact approximately 40% of the Company's total debt and the reduced interest rate grids for the Working Capital and the Second Lien Facilities, as a result of the amendments to the Agreements in June 2007. The effective interest rate in the first quarter of 2008 includes the 1.25% Special Interest payment adjustment applicable to the Company's $175 million Senior Subordinated Notes. This interest payment adjustment declined to 0.75% effective April 1, 2008, as a result of the Company's reduced leverage ratio.
For the 2008 first quarter, the effective income tax rate was 44% due to the inclusion of certain foreign earnings without the recognition of the related benefit of foreign tax credits that are carried forward. In the prior-year first quarter, the effective income tax rate was 64% also as a result of the inclusion of certain foreign earnings without the recognition of the related benefit of foreign tax credits that are carried forward. Due to the use of net operating loss carryovers available to offset U.S. taxable income, the Company estimates it will pay income taxes in 2008 at the rate of approximately 22%.
Net Income (Loss)
For the first quarter of 2008, net income from continuing operations was $4.7 million, or $0.35 per diluted share. In comparison, for the first quarter of 2007 net income from continuing operations was $1.3 million, or $0.10 per diluted share. Included in net income in the 2008 first quarter were losses from discontinued operations of $0.2 million, or $0.01 net loss per diluted share. This compares to income of $0.1 million, or $0.01 net income per diluted share, in the 2007 first quarter. For the first quarter of 2008, net income was $4.5 million, or $0.34 per diluted share, compared to a net income of $1.4 million, or $0.11 net income per diluted share, in the 2007 first quarter.
Cash Flows From Operating Activities and Liquidity
Operating activities of the Company provided $2.9 million of cash in the first quarter of 2008, while in the first quarter of 2007, the Company used $20.3 million for operating activities. The first quarter is traditionally a period of high cash requirements for accounts receivable and inventory builds. The significantly improved cash flows during the first quarter of 2008 are due to improvement in all components of working capital management. In particular, inventories declined $11 million from the prior-year quarter despite the growth in the business. Inventory turns improved to 3.9 times per year versus 3.1 times in the prior-year first quarter. During the quarter, the Company repaid $7 million of the Second Lien Facility to satisfy the "Excess Cash Flow" requirement of the Senior Subordinated Notes Indenture. As of March 31, 2008, the Company had combined cash and availability under its revolver of $67 million.
Operating EBITDA, As Adjusted
In the first quarter of 2008, Operating EBITDA from continuing operations improved 18% to $17.7 million, or 13.5% of net sales, compared to $15.0 million, or 12.9% of net sales, in the first quarter of 2007. Including our discontinued operations for the first quarter of 2008, Operating EBITDA, as adjusted, was $17.5 million.
Outlook for 2008
Mr. Melnuk stated: "In the first quarter of 2008, sales, profitability and cash flow comparisons all improved, building on the momentum realized throughout 2007. Our efforts to achieve better performance levels in production, customer service and new product introductions are generating positive customer feedback and contributing to the improved results. The broad-based global demand for our products is continuing to drive sales in the second quarter and we anticipate total Company sales growth of 8-10% in the quarter over last year's second-quarter levels. From what we can determine, the growth in demand is a result of major infrastructure spending, particularly in mining, energy, agriculture, transportation and defense.
"We are pleased with the many positive comments we have received from our customers relating to our level of service. In an effort to further enhance this high level of service, we are striving to instill a customer-focused mindset throughout the Company. In addition to our ongoing emphasis on improved customer service, we are beginning to work on a number of longer-term initiatives to build our core brand and product strength further. Specifically, we are expanding our international sales capabilities to help pursue the growth opportunities in several markets, and are working on a number of product innovations and redesigns that offer very promising market potential. These strategies, combined with our efforts in cost reduction, working capital efficiency and debt reduction, should contribute to both near-term and-longer term profitability and cash flow growth, enhancing value for our shareholders," commented Mr. Melnuk.
Use of Non-GAAP Measures
Our discussions of operations include reference to "Operating EBITDA, as adjusted." While a non-GAAP measure, management believes this measure enhances the reader's understanding of underlying and continuing operating results in the periods presented. The Company defines "Operating EBITDA" as earnings before interest, taxes, depreciation, amortization, LIFO adjustments, stock-based compensation expense, minority interest, post-retirement benefit expense in excess of cash payments and the nonrecurring items of severance accruals and restructuring costs. The presentation of "Operating EBITDA, as adjusted" facilitates the reader's ability to compare current period results to other periods by isolating certain unusual items of income or expense, such as those detailed in an attached schedule. Operating EBITDA, as adjusted, for certain unusual items is reflective of management measurements which focus on operating spending levels and efficiencies and less on the non-cash and unusual items believed to be nonrecurring. Additionally, non-GAAP measures such as Operating EBITDA and Operating EBITDA, as adjusted, are commonly used to value the business by investors and lenders.
A schedule is attached which reconciles Net Income (Loss) as shown in the Consolidated Statements of Operations to Operating EBITDA and Operating EBITDA, as adjusted.
Non-GAAP measurements such as "Operating EBITDA" and "Operating EBITDA, as adjusted" are not recognized in accordance with GAAP and should not be viewed as an alternative to GAAP measures of performance. Use of Operating EBITDA and Operating EBITDA, as adjusted, has material limitations, and therefore management provides reconciliation for the reader, of Operating EBITDA and Operating EBITDA, as adjusted, to Net Income.
The financial statement information presented in accordance with generally-accepted accounting principles (GAAP) and the non-GAAP measure have not been reviewed by an independent, registered public accounting firm.
http://www.primenewswire.com/newsroom/news.html?d=141984
10-Q filed
http://pinksheets.com/edgar/GetFilingHtml?FilingID=5917509
Stock Repurchase Program
On February 12, 2007, MKS’ Board of Directors approved a share repurchase program (the “Program”) for the repurchase of up to $300.0 million of its outstanding stock over the subsequent two years. The repurchases may be made from time to time on the open market or through privately negotiated transactions. The timing and amount of any shares repurchased under the Program will depend on a variety of factors, including the price of our common stock, corporate and regulatory requirements, capital availability, and other market conditions. The Program may be discontinued at any time at the discretion of the Company and its Board of Directors. During the three months ended March 31, 2008, we repurchased 3,469,000 shares of common stock for $65,272,000 for an average price of $18.81 and during the three months ended March 31, 2007, we repurchased 510,000 shares of common stock for $12,875,000 for an average price of $25.24.
Agree 100%. The company could not have purchased the $15M winery for restricted shares imho. It seems like the company has cash to burn, why else buy the winery? Also, the winery is fairly remote, far north near Calistoga but the price was decent. All imho.
My opinion changed from sell to neutral. What are your thoughts?
PhAST/Laser Focus World Innovation Award goes to Coherent
May 2, 2008, Washington, DC--The Photonic Applications, Systems and Technologies (PhAST) Conference and Laser Focus World magazine are pleased to announce that Coherent has been selected as the recipient of this year's PhAST/Laser Focus World Innovation Award for its OPSL-577-3, the twin embodiment of technical and application innovation in exploiting the wavelength and power scalability of optically pumped semiconductor laser (OPSL) technology.
"Coherent is leading the pack in the development of precisely scalable lasers for customizable use in a variety of applications," said PhAST Co-Chair David Huff. "This new laser not only advances how the photonics industry can apply laser technology, but also offers hope for the thousands of sufferers of macular degeneration." Coherent will be accepting this award at the CLEO Plenary session on Monday, May 5 at 6 p.m. in the San Jose Civic Auditorium at the San Jose McEnery Convention Center in San Jose, CA.
The OPSL-577-3 is the first laser to fully exploit the wavelength and power scalability of OPSL technology to deliver several watts at an application-optimized wavelength rather than a legacy wavelength. From an applications viewpoint, the 577 nm output brings the promise of a significant improvement in photocoagulation treatment for the many sufferers of wet-form macular degeneration, a leading cause of age-related blindness that affects up to 250,000 people in the United States alone.
The laser is expected to significantly enhance the efficacy of photocoagulation as a treatment modality for wet-form macular degeneration. This disease is episodic in nature, characterized by periodic ruptures of small blood vessels in the retina. The goal of laser photocoagulation is to seal the leaking vessel without damaging peripheral tissue. Since leaking blood is the main differentiating material between the target area and surrounding tissue, this goal can best be achieved by using a laser wavelength that is selectively and effectively absorbed by blood. Moreover, this should be a visible laser wavelength, allowing it to be delivered through the front of the eye without any damage to the lens or aqueous humor.
"The innovation awards are a great opportunity to recognize excellence in the lasers and electro-optics industry," said Steve Andersen, editor-in-chief, Laser Focus World. "We had a number of strong submissions for this year's awards and are impressed with the advances CLEO exhibiting companies are making in the field."
In addition to the award given to Coherent, five honorable mention products were chosen from all entries. The honorable mentions are as follows:
Amplitude Systemes
TANGERINE: 20W High Energy Diode-Pumped Ultrafast Fiber Amplifier
For the introduction of a unique ultrafast fiber amplifier, offering both a high energy level and a high average power.
ColdQuanta
The RuBECi Ultracold Matter Cell
For the development of the industry's first commercial instrument designed to enable the production of Bose-Einstein Condensates (BECs) and related forms of ultracold matter.
Edmund Optics
Low-cost, Color Corrected Aspheres
For presenting the industry's first color-corrected aspherical components.
Holochip
Adaptive Polymer Lens: APL-1050
For introducing an adaptive polymer, singlet fluidic lens with a variable focal length.
Picometrix
T-Ray 4000 Time Domain Terahertz Product Platform
For creating a transportable terahertz system that is precise enough for manufacturing, process control or data collection.
The honorable mentions will be recognized by the PhAST chairs during the CLEO Plenary Session.
The PhAST/Laser Focus World Innovation Award Program honors the most timely, ground-breaking products in the field of laser science. Entries are evaluated on criteria critical to product success: impact, functionality, life expectancy, effect on the optics industry, innovation and patents or trademarks.
For more information on the PhAST/Laser Focus World Innovation Award, visit www.phastconference.org/innovation/.
Thu May 01 21:58:00 CDT 2008
http://www.laserfocusworld.com/display_article/327566/12/none/none/INDUS/PhAST/Laser-Focus-World-Innovation-Award-goes-to-Coherent
May 5, 2008
Oerlikon Gets Contract For Thin Film in China
Beijing, China [RenewableEnergyWorld.com]
Oerlikon Solar and Baoding Tianwei announced they have signed a contract for a turnkey thin-film solar module production line. The initial production capacity will be 46.5 megawatts (MW) per year.
"Our capabilities to enhance the efficiency of proven thin-film silicon solar modules result in a direct reduction of cost of ownership. This is a major advantage for our customers in gaining market share."
-- Jeannine Sargent, CEO, Oerlikon Solar
The deal includes all major thin-film solar module production equipment including metrology and testing facilities. In the coming months the machinery will be shipped, installed and commissioned by a team of Oerlikon Solar experts. The project site is located in Bao Ding.
"Our capabilities to enhance the efficiency of proven thin-film silicon solar modules result in a direct reduction of cost of ownership. This is a major advantage for our customers in gaining market share," said Jeannine Sargent, CEO of Oerlikon Solar.
http://www.renewableenergyworld.com/rea/news/story?id=52375
It's ringfence time at Reddy's
C Chitti Pantulu / DNA MONEY
Wednesday, 07 May , 2008, 09:52
The Orchid Chemicals lesson has not been lost on Dr Reddy's Laboratories.
More India business stories
The Hyderabad-based company's promoters are seeking to ringfence India's second largest pharma player.
Dr Reddy's vice-chairman and chief executive G V Prasad told DNA Money that the company's board, at a meeting on January 25, had approved a preferential issue of share warrants up to 5% of the existing equity of DRL, exercisable into an equal number of equity shares.
"We have not exercised that option because we haven't approached shareholders yet," he said, adding that the option may be looked at now.
The Bombay Stock Exchange's records show that promoters held 25.14% in Dr Reddy's as on March 31, 2008.
Asked about hostile bids, Prasad said the management was hoping to create good shareholder value and through this, keep such threats low.
"The only way (to avoid hostile bids) is to keep the share price from dipping. It shouldn't become low enough to attract such bids," he said.
But Dr Reddy's shares haven't exactly been soaring on the BSE.
The shares fell 8.49% to Rs 643.80 on Tuesday. After touching a high of Rs 747 on January 2, the company's shares have dipped 14% to date. Prasad blames the problems being faced by Betapharm, the German generics maker it acquired in 2006 to the drag on Dr Reddy's. Price reforms introduced by Germany in April have made life difficult.
The other factors that have hurt its performance are increasing rebates to insurance companies and a change in the composition of Betapharm's top products.
More India business stories
Prasad, however, felt that the downswing is temporary and won't hurt the company in the long term.
http://sify.com/finance/fullstory.php?id=14668506
KeyBanc Upgrades California Pizza Kitchen (CPKI) to Buy
More News related to CPKI
* KeyBanc Upgrades California Pizza Kitchen (CPKI) to Buy
* California Pizza Kitchen Opens Second Location in South Korea
* California Pizza Kitchen Opens Third Location in Japan
* California Pizza Kitchen Says Thank You to Customers in a Big Way
* Buckingham Research Initiates Coverage on the Restaurant Group
More News related to CPKI
More News related to Upgrades
* Matrix USA Rating Changes 5/8
* S&P Equity Research Upgrades NightHawk Radiology (NHWK) to Sell
* Keefe Bruyette Upgrades Anworth Mortgage (ANH) to Outperform
* William Blair Upgrades LKQ Corp. (LKQX) to Outperform
* Sterne Agee Upgrades Manitowoc (MTW) to Buy
More News related to Upgrades
May 7, 2008 9:03 AM EDT
KeyBanc upgrades California Pizza Kitchen (Nasdaq: CPKI) from Hold to Buy and sets a $19 price target.
The firm sees upside in shares of California Pizza Kitchen over the coming months and gives several reasons for the upgrade. KeyBanc believes:
* CPK's recently introduced "bounce back" promotion represents a near-term catalyst for improving same store sales
* that CPK will likely see a positive sales impact from the distribution of tax rebate checks over the next few weeks
* given Knapp Track statistics, we believe that casual dining sales trends are beginning to stabilize
* California Pizza Kitchen will see earnings accelerate in 2H08 given easier year-over-year SSS and commodity cost comparisons and minimal unit growth
* strong growth will improve Kraft business (at least 20% growth in 2008)
* CPK has significant unit growth prospects over the long term both on a domestic and international basis.
KeyBanc notes that its $19 price target on California Pizza Kitchen implies upside of about 21% from current levels.
California Pizza Kitchen, Inc., together with its subsidiaries, engages in the ownership, operation, licensing, and franchising of a chain of casual dining restaurants in the United States and internationally. [BCS]
http://www.streetinsider.com/Upgrades/KeyBanc+Upgrades+California+Pizza+Kitchen+(CPKI)+to+Buy/3618042.html
Spectranetics, Medtronic settle intellectual property suit
Spectranetics says Medtronic licenses disputed patent, companies reach settlement
April 28, 2008: 08:41 AM EST
NEW YORK (Associated Press) - Spectranetics Corp. said Monday it has settled its intellectual property dispute with Medtronic, with Medtronic licensing the patent at issue.
Terms of the settlement agreement were not disclosed.
Spectranetics' disposable catheters use high-energy ultraviolet light to vaporize artery blockages in the legs and heart, as well as scar tissue surrounding pacing and defibrillation leads. Top of page
http://money.cnn.com/news/newsfeeds/articles/apwire/066878e52cf556c96ea915b699dd8224.htm
Toshiba aims to double profits over three years: president
26 minutes ago
TOKYO (AFP) — Japan's Toshiba Corp. said Thursday that it aims to more than double operating profit over the next three years as it focuses on semiconductors and nuclear power plants after defeat in a DVD format war.
The upbeat forecasts came despite growing headwinds for Japan's technology giants amid fierce global price competition and a stronger yen, which is bad for overseas earnings.
Toshiba is targeting an operating profit of 500 billion yen (4.8 billion dollars) in the year to March 2011, up from 238.1 billion last year, when earnings slipped amid tough competition, president Atsutoshi Nishida told reporters.
Toshiba, which recently called it quits in a next-generation DVD format war, is targeting revenue of 10 trillion yen, up from 7.67 trillion last year.
"We aim to achieve high growth and profits in all business domains and reinforce our global business expansion," said Nishida.
The group plans capital spending of 2.2 trillion yen on new plants and equipment over the next three years, up from about 1.7 trillion yen over the previous three years, to expand its semiconductor and nuclear power businesses.
It will spend a further 1.4 trillion yen on research and development.
Toshiba is a leading manufacturer of NAND flash memory chips that are used in iPods and other digital music players, and recently announced plans to invest 1.8 trillion yen along with US partner SanDisk Corp in a new factory in Japan.
The Japanese giant aims for a 40 percent rise in sales of electronic devices over the next three years, and a similar increase in digital products such as televisions and computers.
It plans to boost exports to offset sluggish domestic demand.
Toshiba, which bought US nuclear plant maker Westinghouse Electric from British Nuclear Fuels in 2006, said it hopes to sell 33 nuclear reactors by 2015.
"The US market has acknowledged Toshiba's entry into the nuclear power business," said Nishida. "US companies, which until didn't know about Toshiba, approached us for strategic talks," he added.
Toshiba said it will hire 16,000 more workers overseas over the next three years as it expands manufacturing hubs in emerging economies in Asia, Latin America and Eastern Europe.
http://afp.google.com/article/ALeqM5iSTotSzZPx-ZSdYgFEOuuMKY0c3A
May 8, 2008, 6:38AM
Ahead of the Bell: Analyst trims Greatbatch profit estimate
NEW YORK — A Piper Jaffray analyst cut his estimates on Greatbatch Inc. Thursday, saying the medical components maker's thinning profit margins could lead to disappointing annual results.
Early Wednesday, the Clarence, N.Y., company said it swung to a first-quarter loss on buyout costs and higher manufacturing expenses. Its adjusted profit was smaller than analysts expected, and shares fell to their lowest price in three-and-a-half years.
Analyst Thomas Gunderson kept a "Neutral" rating, but slashed his profit forecast to 98 cents per share from $1.35 per share. He lowered his price target to $16 per share from $19.50.
Although Greatbatch's sales were better than he expected, Gunderson said the company's margins declined, leading to the disappointing profit. He added that revenue at Greatbatch's core medical business fell 10 percent in the quarter.
The company maintained its 2008 adjusted profit outlook, but Gunderson thinks that estimate is now "at risk."
On average, analysts reporting to Thomson Financial expect the company to earn $1.24 per share this year.
Greatbatch stock closed at $15.84 Wednesday, and has lost more than half its value since Sept. 25, when it reduced its expectations for 2007.
http://www.chron.com/disp/story.mpl/ap/fn/5763498.html
Article from last month...
Bellisimo Vineyard sells for $14 million
A Chinese rice company has purchased a 153-acre vineyard in Sonoma County's Knights Valley.
China Organic Agriculture announced the $14.8 million purchase of the Bellisimo Vineyard in its fourth-quarter earnings.
The publicly traded company intends to one day export Sonoma County wines to China. It markets and sells organic rice in China.
In recent years, the Bellisimo Vineyard has sold grapes to a number of prominent Sonoma County wineries, including E&J Gallo, Dry Creek Vineyards and Clos du Bois.
The property includes a 5,300-square-foot main house, 53-foot-long pool and three guest houses. It has been on the market for several years, at times with a list price as high as $21 million.
Last May, Irvine-based Brunton Vineyards Holdings said it had agreed to buy Bellisimo. But the deal was never consummated, said Mark McLaughlin, the broker on the deal. Brunton's stock has since been delisted, its phone numbers don't work, and its San Francisco wine bar has closed.
-- Kevin McCallum
http://www1.pressdemocrat.com/article/20080408/NEWS/804080376/1036/BUSINESS01
Governor Godswill Akpabio has emphasized that his government would lead the Niger Delta to the envisaged peace haven with strong and enduring foundation for sustainable development. The Governor made this known recently, while making his presentation at the Gulf of Guinea Energy Security Strategy/States Sustainable Development Strategy Seminar in Abuja, recently. According to the Governor who mentioned that the vision of his administration was to “transform Akwa Ibom State into a prosperous, highly educated, technologically driven, and ethnically harmonious state in Nigeria, with strategic policies/programmes to accomplish same,” his government was already funding a Joint Task Force. This, he noted was to proactively avert security incidences. Governor Akpabio who was represented by his Deputy, Engr. Patrick Ekpotu, said, “For sustainable development to be possible, there must be sustainable peace.” His government, he said, therefore strove to win peace in order to create the enabling environment and conditions for uninterrupted and sustainable development.
The State Government, he said has mounted intensive re-orientation and enlightenment program to change the mind set of citizens towards established public course, especially on the need to shun militancy, bunkering and other social vices. The result of this reorientation, he said was manifested in the peaceful and organized community reaction to the recent oil spill in Ibeno, which in the past would have generated restiveness and violent protests by youths. Apart from ensuring the physical security of the state, Chief Akpabio mentioned that his government is vigorously pursuing capacity building and training of the citizenry to develop their skills and make them employable in various industries. The state government, he said was already in partnership with SAIPEM to train 100 youths in Sea Welding.
Also, he intimated participants at the meeting that his government, aside commencing renovation and equipping of hospitals and Health Centres, had provided a kidney treatment centre with 17 Dialysis machines at the University of Uyo Teaching Hospital. According to him, an international referral hospital would soon come on stream in Akwa Ibom State. The State Chief Executive also mentioned that 20 schools in each local government area (Primary and Secondary), would be completely renovated each year by his government, with sustainable provision for routine maintenance to avoid disrepair, as was inherited by his government. In the industrial sector, Chief Akpabio said while the process of revitalizing and privatizing of ailing but promising industries in the state was on going, the state government had entered into partnership with the Centrica Group to establish an LNG Plant in the state. This he said would generate about 20,000 employment opportunities when in operation
Other key areas of intervention of the present administration in Akwa Ibom State, according to Governor Akpabio are the commencement of a Public Private Partnership in the development of a seaport at Ibaka; ongoing construction of over 308 km of roads, including Federal Government roads, to open up the entire state; and provision of potable water for the people.
Apart from providing Micro-Credit loans facilities to women, churches and other needy groups, Chief Akpabio said a Development Partners forum had been instituted in the state, where NDDC, Multi-national Corporations, the State Government and other stakeholders in the business of development converge to compare notes on their various activities. In a communiqué issued at the end of the meeting which was attended by representatives of the governments of Nigeria, the United States, United Kingdom, Canada, France, Netherlands, Norway and Switzerland; and development partners of USAID, DFID, UNDP, WB and the EU, note was taken of the positive developments in the Niger Delta. The partners agreed among others, to continue to support the Nigerian efforts to ensure maritime safety and security to eliminate oil theft, illegal bunkering and other criminal activities in the Niger Delta region. It was also agreed that there should be communication/information exchange between the Governments on the sources of illegal weapons.
posted 5/7/2008 12:23:16 PM
http://www.akwaibomstategov.com/news2-2.asp?ID=3177
Published: Thursday, May 8, 2008
Asparagus In Season Right Now
By MARGE PERRY
NEWSDAY
Asparagus should be flooding the markets now. Look for tightly closed tips and firm stalks that have no vertical wrinkles. Asparagus should be cooked only until crisp and bright green.
http://www.theledger.com/article/20080508/NEWS/805080453/1326
May 19, 2008
WaferGen to Present at Rodman & Renshaw’s 5th Annual Global Healthcare Conference
http://www.wafergen.com/
Do you think the company will buy from the open market or purchase via pre-arranged insider sales or a combination of both?
John (Quincey) Moaning, 36 Houston
An information technology and telecommunications consultant, Moaning's interests include gardening, horseback riding, anthropology and storytelling. His ideal woman is nurturing, spiritual and health-conscious, someone who "loves being a Black queen."
http://findarticles.com/p/articles/mi_m1077/is_8_56/ai_75247863/pg_2
John Moaning
Blue Diamond Ventures
CEO
Updated Q1/2008
Barack Obama
$275
PO BOX 8266
Houston TX
http://fundrace.huffingtonpost.com/neighbors.php?type=emp&employer=CEO
The A&M Board of Regents has oversight of Connors State College of Agriculture and Applied Science, Langston University, Northeastern Oklahoma Agricultural and Mechanical College, Oklahoma Panhandle State University, as well as Oklahoma State University. Langston and Panhandle State are the only two four-year colleges on that list, and Shelton said the next member of the A&M Board of Regents should come from one of those schools.
http://wwwtmrcom.blogspot.com/2007_07_01_archive.html
Excellent point and valid correlation imho. Thanks for the dd.
Laser weapons, on target
The U.S. military and its partners from industry are meeting major milestones in various programs as they move closer to making laser weaponry a standard part of the U.S. arsenal.
By John McHale
Decades of research and funding have led to the development of a laser weapons component for the U.S. military. What was once science fiction is now becoming a viable tool as the first laser weapon—the U.S. Missile Defense Agency’s (MDA’s) Airborne Laser (ABL)—is set to be fielded within a couple years.
The ABL, contained in a converted Boeing 747-400F jetliner, will be another arrow in the MDA’s already formidable quiver, evidenced by its recent shootdown of a malfunctioning U.S. radar surveillance satellite, known as USA-193.
The U.S. is by far the leader in laser weapons technology, with many of its major laser programs already reaching important milestones in 2008.
Airborne Laser
Boeing, industry teammates, and the MDA achieved a significant milestone for the ABL missile defense program with the installation of all six chemical oxygen iodine laser (COIL) modules on the ABL aircraft at Edwards Air Force Base, Calif.
The six laser modules are linked together to achieve megawatt-class power using common industrial chemicals to create the system’s lethal beam. Contrary to what many may think, the ABL high-energy laser will not blow up the target, but heat it to such an extent that it implodes.
“ABL’s weapon system integration team has done a tremendous job installing major components of the high-energy laser aboard the aircraft, and they remain on track to reach the missile shoot-down demonstration planned for 2009,” says Scott Fancher, vice president and general manager of ABL integrator Boeing Missile Defense Systems.
“Completion of laser module installation means that the overall integration of the megawatt-class laser onto the prototype ABL aircraft is more than 70 percent complete after about five months of activity,” says Alexis Livanos, Northrop Grumman corporate vice president and president of the company’s Space Technology sector in Redondo Beach, Calif.—the laser provider for the ABL. He noted that the COIL took three years to assemble and activate.
Click here to enlarge image
An engineer with Northrop Grumman Space Technology monitors a solid-state laser as it generates a beam at the company’s new Directed Energy Production Facility in Redondo Beach, Calif. The facility produces high-energy laser systems for the military.
Once plumbing and wiring installation occurs and final inspections of the laser are complete, system activation and ground tests of the laser inside the aircraft will begin. Facilities, testing, and safety procedures at Edwards are being upgraded to accommodate laser tests in the aircraft hangar.
To prepare for the current or high-power system integration phase, required laser parts were refurbished, and a streamlined planning and integration sequence was put in place. Substantial facility upgrades further positioned the ABL team to complete the laser module installation as part of the overall laser integration.
“Completion of the laser refurbishment in 2007 means required parts are available to the integration team for installation of the High Energy Laser,” says Dan Wildt, vice president of Directed Energy Systems for Northrop Grumman Space Technology.
“By implementing lessons learned and lean-plus process improvements, the team has reduced laser installation time on the aircraft to about one-third from what was required when the laser modules were installed in the system integration laboratory at Edwards,” Boeing’s Fancher says.
Click here to enlarge image
The first laser chain is a key component of the Joint High-Powered Solid State Laser system, which is designed to accelerate solid-state laser technology for military uses, including force protection and precision strike missions for air-, sea-, and ground-based platforms.
The laser modules were demonstrated in ground testing in late 2005 in the system integration laboratory at Edwards and completed the refurbishment phase in late 2007. ABL’s low-power beam control and fire-control systems demonstrated their capability in 2007 by tracking an airborne target, measuring and compensating for atmospheric turbulence, and firing a surrogate high-energy laser at the target. This dual-path approach demonstrated all of ABL’s key technologies. Integration of the high-energy laser in the aircraft will lead to ground and flight tests of the entire ABL weapon system, culminating in an airborne intercept test against a ballistic missile in 2009.
Perhaps the MDA’s most famous program, the ABL is designed to destroy missiles in their boost phase. The boost phase is the first phase of a ballistic missile trajectory its engines are firing. During this phase, which usually lasts three to five minutes for an intercontinental ballistic missile (ICBM), the missile reaches an altitude of about 125 miles, whereupon powered flight ends and the missile begins to dispense its reentry vehicles. The other phases of missile flight, including midcourse and terminal, take up the remainder of an ICBM’s flight time of 25 to 30 minutes.
The operational phase of the ABL begins with the six infrared sensors strategically placed on the aircraft that detect the exhaust plume of a boosting missile. Once a target is detected, a kilowatt-class laser, the Track Illuminator (TILL), tracks the missile and determines a precise aim point. The Beacon Illuminator (BILL), a second kilowatt-class laser, then measures disturbances in the atmosphere, which are corrected by the adaptive optics system to accurately point and focus the high energy laser at its intended target. Using a very large telescope located in the nose turret, the beam control/fire control system focuses the megawatt-class laser beam onto a pressurized area of the boosting missile, holding it there until the concentrated energy causes the missile to break apart, according to the MDA.
The ABL’s modified Boeing 747-400F, whose back half holds the high-energy laser, was designed and built by Northrop Grumman. The aircraft’s front half contains the beam control/fire control system, developed by Lockheed Martin, and the battle management system, provided by Boeing.
Click here to enlarge image
This image shows the Northrop Grumman Corp. concept of an FCS-class Army ground combat armored vehicle with a solid-state laser to defeat incoming threats like mortars and rockets.
Boeing is the prime contractor for ABL, which will provide speed-of-light capability to destroy all classes of ballistic missiles in their boost phase of flight. ABL’s speed, precision, and lethality also have potential for other missions, including destroying air-to-air, cruise, and surface-to-air missiles.
U.S. Air Force officials also awarded Boeing with a $49 million U.S. Air Force contract to advance the state of the art in laser technology. Under the Laser Application Support and In-house Research and Development (LASIR) contract, awarded Feb. 1, Boeing will support research, design, development, and testing at Air Force Research Laboratory sites at Kirtland Air Force Base in Albuquerque, N.M.
Specific efforts will include:
* working to advance gas, hybrid electric-gas, and chemical laser systems, as well as technologies related to high-power fiber lasers, fiber laser pumps, non-linear optics, solid-state lasers, and diode-pump lasers;
* coordinating, preparing, and executing tests of laser effects;
* rapid prototyping of directed energy technology, including semiconductor lasers, thin-disk lasers, ultra-short lasers, laser-based infrared countermeasures, and mid-wave and long-wave infrared lasers; and
* supporting the Laser Center of Excellence, a joint Department of Defense/academic program that partners the Air Force Office of Scientific Research, Air Force Research Lab, Air Force Institute of Technology, University of New Mexico, and New Mexico Institute of Mining and Technology.
The Center’s efforts include gas, hybrid electric-gas, and chemical laser systems.
“This Air Force program represents an important opportunity for Boeing in continuing to help develop the next generation of laser weapon technologies,” Boeing’s Fancher says. “The various laser technologies being developed represent potential solutions to equip the warfighter with ultra-precision engagement capability.”
In addition to the Airborne Laser, Boeing leads directed energy research and development for various military applications, including the Advanced Tactical Laser, High Energy Laser Technology Demonstrator, and Tactical Relay Mirror System.
JHPSSL
Northrop Grumman in Redondo Beach, Calif., meanwhile, is working on another important military project called the Joint High-Powered Solid State Laser (JHPSSEL) program to create kilowatt-class tactical weapons
The JHPSSL system is designed to accelerate solid-state laser technology for military uses, including force protection and precision strike missions for air-, sea-, and ground-based platforms.
Officials at Northrop Grumman have completed the second major demonstration milestone for the JHPSSEL Phase 3 program.
The team demonstrated a laser chain—the first part of a solid-state demonstrator laser designed produce 100 kilowatts of laser power, Northrop Grumman officials say. “With the successful demonstration of a complete laser chain—the building block of the fully integrated solid-state laser—the hardest part is over,” Wildt says.
The first laser chain (LC1) is a key component to the JHPSSL scaleable architecture, which combines eight laser chains of four gain modules each. Each laser chain is a compact 15-kilowatt solid-state laser. The company’s scaleable approach achieves higher power as more chains are added.
The laser chain milestone was demonstrated the end of last year. Power reached 15.3 kilowatts, exceeding the target requirement of 12.7 kilowatts; LC1’s run time was more than 300 seconds; and the electro-optical efficiency was 19.5 percent.
“Our team has developed a compact modular laser with excellent beam quality, which can be used alone or coherently combined with additional laser chains to reach 100 kilowatts and beyond,” says Jay Marmo, Northrop Grumman’s program manager for JHPSSL. “LC1 represents the first JHPSSL brassboard laser chain produced to the phase 3 design, proving both the production methods as well as the JHPSSL laser chain design.”
Click here to enlarge image
Boeing, industry teammates, and the U.S. Missile Defense Agency achieved a significant milestone for the Airborne Laser missile defense program with the installation of all six chemical oxygen iodine laser (COIL) modules on the ABL aircraft. The six laser modules are linked together to achieve megawatt-class power using common industrial chemicals to create the system’s lethal beam.
In 2008, the JHPSSL team will assemble and test Laser Chain 2 (LC2) and integrate it with LC1. The system alignment and phase control of the two chains will then be demonstrated. “Completion of the remaining six laser chains and their integration into the final system configuration is on track for a full power system demonstration of 100 kilowatts by the end of 2008,” Marmo says.
The JHPSSL program is funded by the Army Space and Missile Defense Command, Huntsville, Ala; Office of the Secretary of Defense - Joint Technology Office, Albuquerque; Air Force Research Laboratory, Kirtland Air Force Base, N.M.; and the Office of Naval Research, Arlington, Va.
ATILL
Northrop Grumman also received a Missile Defense Agency (MDA) contract for the second phase of a 5.5-year program to develop the Advanced Track Illuminator Laser, or ATILL—a six-kilowatt solid-state, pulsed laser for advanced MDA missions.
The four-phase program will support MDA and the Massachusetts Institute of Technology Lincoln Laboratory (MIT/LL) in building the next-generation Cryo Yb:YAG (ytterbium: yttrium aluminum garnet) solid-state laser track illuminator while improving packaging density and electrical efficiency.
During Phase 1 of the contract, Northrop Grumman supported the MIT/LL effort with laser system modeling and analysis, performed trade studies, and presented options at a conceptual design review in December. Following the 12 months of Phase 2, MDA will down-select to one company for the remaining two phases. The fourth phase will culminate in 2012 with delivery to the government of a flight-qualifiable brassboard laser system.
During Phase 1, the Northrop Grumman team conducted a four-month study focusing on system engineering and design trade-offs for the development of a packaged brassboard laser and participated in the technology transfer effort at MIT/LL. Brassboard design analysis and technology transfer with MIT/LL will continue through Phases 2 and 3, with fabrication, integration and testing of the brassboard conducted in Phase 4.
“ATILL is another opportunity to continue our leadership in high-power solid-state laser illuminators,” Wildt says. “Our previous experience in developing the ABL Beacon Illuminator and our recent, directly relevant experience on MDA’s Strategic Illuminator Laser program demonstrates the technology and packaging capability needed for success on ATILL.”
Northrop Grumman teammate Q-Peak Inc. in Bedford, Mass., has built the second most powerful Cryo Yb:YAG laser to date.
Northrop Grumman to sell Electro-Optical Systems to L-3 Communications
Officials at Northrop Grumman Corp. in Los Angeles, Calif., signed a definitive agreement to sell the company’s Electro-Optical Systems business for $175 million in cash to L-3 Communications in New York City. Completion of the transaction, subject to customary conditions including Hart-Scott-Rodino approval, is expected in the second quarter of 2008. Electro-Optical Systems, a part of the company’s Electronic Systems sector, produces night-vision and applied optics products and had sales of approximately $190 million in 2007. Headquartered in Garland, Texas, Electro-Optical Systems has approximately 1,000 employees.
“Our strategy is to acquire businesses that expand our core offerings,” says James W. Dunn, president of L-3’s Sensors and Simulation Group. “There is strong demand worldwide for image-enhancing products, and the addition of EOS’ products and technologies enhances our ability to meet that need. Including EOS, L-3’s EO/IR businesses will generate approximately $800 million in annual sales, with growth exceeding 10 percent.”
L-3 currently offers integrated imaging solutions, including EO/IR (electro-optical/infrared) sensors, high-definition turrets, tactical sights, and laser designators for air, land, and sea applications. EOS’ portfolio includes night-vision goggles, weapons sights, driver viewers, image intensification tubes, and applied optics products. The business will be integrated into L-3’s Specialized Products segment within the Sensors and Simulation Group.
L-3 Communications employs more than 64,000 people worldwide and is a prime contractor in aircraft modernization and maintenance, C3ISR (command, control, communications, intelligence, surveillance and reconnaissance) systems and government services.
To learn more about L-3, visit the company’s Web site at www.L-3Com.com.
Laser Energetics wins solid-state laser contract
Laser Energetics, Inc. in Princeton, N.J., won a contract worth $481,268 from ITT Corp. for a laser demonstration of an all solid-state frequency tripled Alexandrite laser using the LEI proprietary BrightStar technology. This contract is in support of the U.S. Army’s initiative to develop an all-solid-state laser for the next generation of chemical warfare agent sensor currently being developed by ITT.
The contract follows the Army’s selection of Laser Energetics’ BrightStar as the laser technology of choice for this remote sensing of chemical warfare agents. The technology was selected by a government panel following the panel’s evaluation of 20 different competing laser technologies from 18 laser companies. The panel’s evaluation and decision was made in part by Laser Energetics’ report on this all solid-state Alexandrite laser and the technical advantages of this tunable laser technology over other lasers, Laser Energetics officials say.
Laser Energetics has had a primary focus on its Alexandrite laser technology. These tunable solid-state lasers are unique in that they can be conductively air cooled to compete favorably against water-cooled lasers in many applications, company officials say. In addition, these lasers have a wavelength tuning range with a bandwidth of more than 250 nanometers. The company is pursuing markets that are diverse yet can use the same laser with their compact user-friendly design.
Neutralizing IEDs with lasers
Officials at Boeing Integrated Defense Systems in St. Louis demonstrated that the company’s Avenger-mounted laser system can neutralize improvised explosive devices (IEDs) and unexploded ordnance (UXO) currently threatening U.S. troops in war zones.
During laser firings at Redstone Arsenal in Huntsville, Ala., the Laser Avenger engaged and destroyed five targets representing IED and UXO threats. Laser Avenger, equipped with a 1-kilowatt solid-state laser, also destroyed two small unmanned aerial vehicles that were stationary on the ground.
“Boeing’s investment strategy is to move some of its new directed energy weapon systems into field demonstrations, and Laser Avenger is the first one we’re rolling out,” says Gary Fitzmire, vice president and program director of Boeing Directed Energy Systems. “Laser Avenger provides the speed-of-light and ultra-precision capability that the warfighter needs today to safely neutralize improvised explosive devices and unexploded ordnance.”
The Boeing-funded Laser Avenger was developed in eight months, company officials say.
Click here to enlarge image
Boeing’s Avenger air defense system is being upgraded to with a laser system to neutralize improvised explosive devices (IEDs) and unexploded ordnance (UXO).
Laser Avenger is a Boeing-funded initiative to show that directed energy weapons are relevant to today’s battlefield and are ready to be fielded. Boeing developed the system in only eight months, company officials say.
Laser Avenger also is the latest in a series of Boeing upgrades to expand the Avenger air defense system into an Agile Multi-Role Weapon System (AMWS) with ground-to-ground as well as ground-to-air capability. The laser was added while retaining Avenger’s ability to carry other weapons, including missiles and a machine gun. By building upon the Avenger, of which there are more than 600 fielded worldwide, Laser Avenger will take advantage of an existing global logistics network, Boeing officials say.
The laser segment of Laser Avenger will have uses beyond the counter-IED, counter-UXO mission. For instance, it could be upgraded to have a shoot-on-the-move capability and to destroy other kinds of targets, including low-flying unmanned aerial vehicles.
Officials at Northrop Grumman completes flight testing of latest-generation LITENING targeting system
Northrop Grumman Corp. in Rolling Meadows, Ill., announced the flight demonstration of the company’s new fourth generation LITENING all-digital precision targeting system.
During the first phase of flight tests held at the Air National Guard and Air Force Reserves Test Center in Tucson, Ariz., LITENING G4 demonstrated advanced targeting and surveillance capabilities unsurpassed by any other targeting pod, company officials say. In addition, LITENING G4 offers warfighters a new laser illumination technology that provides increased target capability, and improved situational awareness.
“Our LITENING G4 targeting pods will provide a sizable improvement in capability for the warfighter, a capability that will identify and designate targets at distances and clarity never experienced before,” says Mike Lennon, vice president of Targeting and Surveillance programs for Northrop Grumman’s Defensive System Division. “LITENING’s demonstrated spiral development process and ability to rapidly integrate, test, and field advanced technologies ensure our warfighters will have unprecedented situational awareness, target coordination, and first-pass weapon deliveries both today and, more importantly, tomorrow.”
Developed under the U.S. Air Force’s Laser Target Imaging program, the laser illumination technology was first demonstrated during Bold Quest, a U.S. Joint Forces Command-sponsored military exercise last fall at Nellis Air Force Base, Nev.
The LITENING G4’s advanced 1,024-by-1,024-pixel forward-looking infrared (FLIR) system provides significant enhancements in terms of recognition range and image quality, which enables operators more time to identify and track targets, as compared to the “512” FLIRs currently fielded. Moreover, the targeting pod’s enhanced color symbology, designed to support a new generation of aircraft color displays, provides a more viewer-friendly format that eases operator understanding of display information.
Northrop Grumman’s widely fielded LITENING AT (advanced technology) system is a self-contained, multisensor weapon-aiming system that enables aircrews to detect, acquire, auto-track, and identify targets for highly accurate delivery of both conventional and precision-guided weapons. LITENING AT features advanced image processing for target identification; coordinate generation for GPS weapons; a 1,024-by-1,024-pixel charge-coupled device television sensor; a laser spot tracker; and an infrared laser marker. LITENING G4, planned for delivery to U.S. forces this year, will add the most advanced 1,024-by-1,024-pixel FLIR sensor for improved target detection and recognition ranges under day and night conditions; new sensors for improved target identification; and other advanced target recognition and identification features.
To date, almost 500 LITENING AT pods have been ordered by U.S. forces and allied nations and more than 450 systems have been fielded, the largest number of any advanced targeting and sensor system, company officials say. LITENING AT is combat proven on AV-8B, A-10A/A+/C, B-52H, F-15E, F-16 blocks 15M-52, EA-6B, and F/A-18 aircraft. Together, all variants of the LITENING pod have amassed more than 800,000 flight hours, approximately half of which have been logged under deployed and combat conditions. LITENING recently set a world record for targeting pod availability by providing 95 percent availability consecutively for more than two years. The LITENING targeting system is currently deployed with the Air Force’s Air Combat and Air Force Reserve Commands, U.S. Air National Guard, and the U.S. Marine Corps, as well as allied users.
Military & Aerospace Electronics April, 2008
Author(s) : John McHale
http://mae.pennnet.com/display_article/325964/32/ARTCL/none/none/1/Laser-weapons,-on-target/?dcmp=ENL
John Quincy Moaning is very active in politics. How influencial is Moaning? Look at this article about Congressman Jarvis Johnson. JQM was a co-chair at this somewhat high-profile event.
http://www.aframnews.com/WEB-pdfs/09-5-TX-pg4.pdf
It was jim@nexgenbiofuels.net, probably Jim McAlinden, COO of NexGen.
http://www.ivaluerich.com/uploads/959d233be914eee50c75ecdc3de56c92.pdf
http://209.85.173.104/search?q=cache:qD41eH-xgocJ:www.nexgenbiofuels.net/investorsinfo.asp+813-767-1411&hl=en&ct=clnk&cd=1&gl=us&client=firefox-a
Now why in the world would NexGen change the contact email last night? Perhaps it was a coincidence. There may be no connection at all to NexGen.
Am I mistaken or did the contact information change from yesterday at NexGen? For some reason I thought the contact email was jmanning@nexgenbiofuels.net or similar yesterday. Now it reads info@nexgenbiofuels.net
http://www.nexgenbiofuels.net/
Glasssoto is the man!
The website is down. It was working yesterday. Very interesting -- not necessarily a bad sign imho.
I was on the NexGen site yesterday. Maybe I came through a back door. It was working fine yesterday. When did they go down? Thanks.
WOW! Great catch! Another coincidence? Both websites operated by Mannings (albeit different first names). Both websites go down at the same time for updates? Incredible.
NexGen is impressive because they apparently have deep pockets. Just to briefly rehash, NexGen made an offer of $25M m/l recently (for a shuttered ethanol plant). The offer would have been all cash or bank financed imho because the sale was offered through a court judgement.
Has anyone been to the Blue Diamond website today? Is it working? I am experiencing difficulty, maybe it is my computer.
http://www.williegary.com/
10:00AM-12:00PM
SESSION III – LEGAL SESSION
Willie Gary & Team
SESSION IV – ENERGY POLICY SESSION: ALTERNATIVE ENERGY: OPTIONS AND OPPORTUNITIES
Panelists will discuss emerging trends in the development of alternatives to fossil fuels. They will examine the options that appear most viable as well identify business and investment opportunities that merit investigation by minority entrepreneurs interested in the energy sector.
PANELISTS: D'Juan Hernandez, President & CEO, Sun Energy Group; John Quincy Moaning, CEO & President, Blue Diamond
Ventures, Inc.; Frank Stewart, President, AABE National
--- --- --- ---
Anyone familiar with Sun Energy Group? It looks like a start-up.
http://www.sunenergygrp.com/
http://wallstreetproject2008.org/agenda.html
I did not listen in on the call but I read the reports. Not good.
Hello and welcome! Any thoughts on DOW? TIA.
Old news...John Quincy Moaning rubbing shoulders with Governor Patterson, Jesse Jackson, Congressman John Conyers, Congresswoman Sheila Jackson Lee and many more.
http://wallstreetproject2008.org/agenda.html
10:00AM-12:00PM
SESSION III – LEGAL SESSION
Willie Gary & Team
SESSION IV – ENERGY POLICY SESSION: ALTERNATIVE ENERGY: OPTIONS AND OPPORTUNITIES
Panelists will discuss emerging trends in the development of alternatives to fossil fuels. They will examine the options that appear most viable as well identify business and investment opportunities that merit investigation by minority entrepreneurs interested in the energy sector.
PANELISTS: D'Juan Hernandez, President & CEO, Sun Energy Group; John Quincy Moaning, CEO & President, Blue Diamond Ventures, Inc.; Frank Stewart, President, AABE National
---Full context below---
SATURDAY, JANUARY 5, 2008
11:00AM-1:00PM
RAINBOW PUSH COALITION’S SATURDAY MORNING FORUM:
LIVE TELEVISION BROADCAST FROM THE HISTORIC TRINITY CHURCH IN NEW YORK CITY
SAVE OUR HOMES: RESTRUCTURE OUR LOANS, DON’T FORECLOSE ON OUR HOMES
MODERATOR: Reverend Jesse L. Jackson, Sr., Founder and President, Rainbow PUSH Coalition
SPEAKERS: Congressman John Conyers; Congresswoman Sheila Jackson Lee (D-Texas); Lt. Governor David Paterson (D-NY); James Sanders, NY City Council; John Taylor, President and CEO, National Community Reinvestment Coalition (NCRC)
2:00PM-4:00PM
HEARINGS AT CITY HALL
Rainbow PUSH Coalition and the New York City Council will conduct a hearing on the mortgage crisis. The hearing will include firsthand testimonies from victims of this mortgage tsunami.
Location:
City Hall
One Centre Street and Broadway
6:30PM-9:30PM
ENTERTAINMENT SHOWCASE RECEPTION
Entertainment: Marsha Ambrosius, from the Grammy Award winning Group Floetry
SUNDAY, JANUARY 6, 2008
DAY THEME
SUBPRIME LOANS AND THE STATE OF BLACK AMERICA
11:30AM-12:00PM
PRESS CONFERENCE
Focus: Sub-Prime Loans, Mortgages, the Election and the State of Black America
12:00PM-2:00PM
SESSION I – THE STATE OF BLACK AMERICA
The refrain, “free but not equal” sings from Katrina to Jena to cities around the nation. Nothing short of a state of emergency looms over Black America today. Leading civil and human rights leaders will present an analysis of measurable racial and economic disparities facing African Americans today: in health, employment, business, education, life expectancy, and other social-economic-political categories. They will also present new strategies and solutions in the political, economic and social arenas to lead our communities on the pathway to racial equality and parity. A particular emphasis will be placed on the need for the rebuilding of a coalition of conscience and operational unity to tackle the problems confronting Black America today.
Special emphasis in Part II of this workshop will focus on the criminalization of Black men – the fact that there are more black youth in jail than in college in every state in the nation; that sentencing disparities criminalize our youth and lock them up rather than lift them up; that we are losing another generation to unfair laws. Unjust laws must be challenged and changed. The time for justice and equality is ALWAYS NOW.
MODERATOR: Rev. Jesse L. Jackson, Sr., Founder and President, Rainbow PUSH Coalition
KEYNOTE SPEAKER: Marc H. Morial, President and CEO, National Urban League
PANELISTS/RESPONDENTS: Congressman John Conyers; Davey D, Hip Hop Historian, Journalist, and Community Activist, Davey D’s Hip Hop Corner; Ron Glover, Vice President, Global Workforce Diversity, IBM; Dennis C. Hayes, Interim President and CEO, NAACP; Tony Hill, State Senator, Florida; Congresswoman Sheila Jackson Lee (D-Texas); Charles Steele, Jr., President and CEO, Southern Christian Leadership Conference (SCLC); John Taylor, President and CEO, National Community Reinvestment Coalition (NCRC); Ron Walters, Professor, University of Maryland
1:00PM-5:00PM
SUMMIT REGISTRATION
2:00PM-4:00PM
SESSION II – THE STATE OF EMERGENCY OF BLACK MEN
MODERATOR: Rev. Jesse L. Jackson, Sr., Founder and President, Rainbow PUSH CoalitionPANELISTS: Congressman John Conyers; Doug E. Fresh, Entertainer, Entrepreneur; John Taylor, President and CEO, National Community Reinvestment Coalition (NCRC); Terrie M. Williams, President, The Terrie Williams Agency and Author, “BLACK PAIN: It Just Looks Like Were Not Hurting”
4:00PM-6:00PM
SESSION III – THE STATE OF HOME FORECLOSURES
The sub prime mortgage crisis has the potential to rival just about anything in recent financial history from the savings-and-loan crisis of the late 1980s to the post-Enron turndown at the beginning of this decade. Political leaders, industry practitioners, and community leaders come together develop practical solutions to the melt down in the financial markets, which has far reach to mainstream America. The “spill-over” effect is now beginning to undermine states and cities around the nation – as property values are driven down, with resulting declines in revenues…with resulting declines in state and city investment in social services, education, and infrastructure development. Members of Congress, State legislators, mayors and other political community leaders will highlight the impact of the sub-prime mortgage crisis on their cities and states, the strategies they are employing to combat predatory lenders and combat the crisis.
MODERATOR: Rev. Jesse L. Jackson, Sr., Founder and President, Rainbow PUSH Coalition
PANELISTS: Corey Booker, Mayor, Newark, NJ; Aisha Braveboy, State Delegate, Prince George County, MD; Congressman John Conyers; Keith Corbett, Senior Vice President, Center for Responsible Lending; Eugene Grant, Mayor, Seat Pleasant, MD; Tony Hill, State Senator, Florida; Congresswoman Sheila Jackson Lee (D-Texas); James Sanders, New York City Council; Senator Charles Schumer (D-NY); John Taylor, President and CEO, National Community Reinvestment Coalition (NCRC); Darlene Young, President, Blacks in Government
6:30PM-9:30PM
OPENING RECEPTION
Entertainment: Emily King
MONDAY, JANUARY 7, 2008
DAY THEME
ACCESS TO CAPITAL, INDUSTRY AND TECHNOLOGY
7:30AM-9:30AM
ACCESS TO CAPITAL BREAKFAST
Are we closer to achieving the participation initiatives that challenge corporate America to include minority asset management and servicing firms in the 1.7 trillion dollar institutional pension fund market? Continuing the discussion toward removing barriers and changing policy to institutionalize minority and women-owned investment management and brokerage firms. Who determines what managers are selected? Board of Trustees, Executive Directors others? It varies by plan. Some states only look to managers for alternative investments, what states are those? What are the secrets to being selected to make a presentation? What process must you follow in order to win the business? How does this process vary across asset classes? Is partnering with a majority firm easier? How do they interact with their consultants? Outlook for 2008?
MODERATOR: John W. Rogers, Jr. Chairman, CEO & CIO, Ariel Capital Management, LLC
SPEAKERS: John D. Hofmeister, President, Shell Oil Company; Alex Giannoulias, Illinois State Treasurer; Larry Jones, Executive Vice President, Northern Trust Global Advisors, Inc.; James Mitchell, Senior Managing Director, GE Asset Management; The Honorable William C. Thompson, Comptroller, City of New York; Sanford I. Weill, Chairman Emeritus, Citigroup, Inc.; Thurman White, President and CEO, Progress Investment Management Co.; Donna Sims Wilson, Executive Vice President, M.R. Beal & Company and Chair Legislative Committee, National Association of Securities Professional
7:00AM-7:00PM
SUMMIT REGISTRATION
9:30AM-10:00AM
PRESS CONFERENCE
Focus: Lack of minority asset/ investment managers participating in corporate/public pension funds and the lack of deal flow in the IPO, Mergers and Acquisition markets, and media and telecommunication ownership.
Morning Sessions
10:30AM-12:00PM
SESSION I - THE INTERSECTION OF CAPITAL MARKETS, RETAIL AND BANKRUPTCY --- TRENDS AND ENTREPRENEURIAL OPPORTUNITIES The economy faces increasing headwinds in the form of rising food and energy prices and the spillover from the housing downturn and resulting disruptions in the credit markets. This has increased the likelihood of Chapter 11 Bankruptcy filings in the retail sector. Recent changes in the Bankruptcy law and judicial trends have given rise to proceedings that are of shorter duration and often lead to a sale of the business, in whole or in part, rather than a “reorganization.” This session will examine these trends and the opportunities that they may create for investors and entrepreneurs.
MODERATOR: Sharon Epperson, Veteran Broadcast and Print Journalist, CNBC
PANELISTS: Sam Cusano, Former CEO of Friedman’s Jeweler’s and Former Chairman and CEO of Service Merchandise; Judge Arthur J. Gonzalez, United States Bankruptcy Judge, Southern District of New York; Scott L. Hazan, Esq., Chairman, Creditors’ Rights and Insolvency Department, Otterbourg, Steindler, Houston & Rosen, P.C.; David W. Morse, Esq., Chairman, Banking and Finance Department, Otterbourg Steindler, Houston & Rosen, P.C.; Martin Whitman, Chairman and Founder of Third Avenue Management
SESSION II - SECURING PENSION FUND BUSINESS: NAVIGATING THE WORLD OF CONSULTANTS.
What is the role of the pension consultant? Beyond, being included in their emerging markets database for potential future business opportunities, how should you market yourself and/or your firm’s services in an environment where the definition of emerging market manager has significantly changed? How can you help them to market you or should you work in tandem to market yourselves to the client? Are opportunities increasing? ; Outlook for 2008?
MODERATOR: Larry Jones, Executive Vice President, Northern Trust Global Advisors, Inc.
PANELISTS: Doris Ewing, Partner/Senior Consultant, NEPC LLC; Orem Graves, Senior Vice President, FIS Group; Joseph Haslip, Assistant Comptroller, New York City Pension Fund; Charles "Chuck" Walls, Director - Cash Management/Assistant Treasurer, Exelon Corporation
10:30AM-12:00PM
SESSION III – FINANCIAL SERVICES CEO ROUNDTABLE
This session will discuss how to develop and direct change for new opportunities, senior management and board make-up, access to capital and diversity, and its relevance.
MODERATOR:
PANELISTS: Maceo K. Sloan, Chairman, CEO and CIO, NCM Capital
SESSION IV - HBCU DEANS ROUNDTABLE
In this session, the Deans of some of the most prestigious HBCUs will discuss how to prepare their students to compete for 21st century opportunities.
MODERATOR: Dr. Westina Matthews Shatteen, Managing Director, Community Development, Merrill Lynch
PANELISTS: Dr. Glenda Glover, Dean, School of Business, Jackson State University
12:00PM-6:00PM
WALL STREET PROJECT/NEW YORK TIMES DIVERSITY CAREER OPPORTUNITY AND DEVELOPMENT EXPO
12:30PM-2:30PM
MEDIA AND TELECOMMUNICATIONS LUNCHEON
MINORITY OWNERSHIP OF TELECOMMUNICATIONS AND MEDIA PROPERTIES
The current state of ownership in this country is not at all representative of the people that make up America. This luncheon will convene FCC Commissioners as well as industry experts to discuss how to increase opportunities for minorities to own and control telecommunications and media properties.
MODERATOR: Martin L. King, Chairman, Rainbow PUSH Coalition
KEYNOTE SPEAKER: Chairman Kevin J. Martin, FCC Chairman
SPEAKERS: Jonathan S. Adelstein, FCC Commissioner; Michael J. Copps, FCC Commissioner; Robert M. McDowell, FCC Commissioner; Deborah Taylor Tate, FCC Commissioner; James L. Winston, Esq., Executive Director & General Counsel, NABOB
HONOREES: Catherine L. Hughes, Founder, Chairperson of the Board and Secretary, Radio One, Inc (“Trailblazer Award”); Larry Irving, President & CEO, The Irving Group (“Trailblazer Award”)
Afternoon Sessions
3:30PM-5:00PM
SESSION I – EQUANOMICS: A NEW STRATEGY AND MOVEMENT FOR ACHIEVING RACE AND ECONOMIC EQUALITY:
Last year marked the UK commemorated 200th anniversary of England’s Slave Trade Acta and the Ghandi-led 60th anniversary of Indian independence. But today we are “free, but not equal,” and a new movement – Equanomics – is being launched to seek racial equality through an economics lens.
Equanomics is an ambitious attempt to transition from poverty to equality, from economic disadvantage to parity and a level playing field for all communities. 'Equanomics' is also a movement, and Equanomics – UK was launched with the Rev. Jesse Jackson via a UK-wide tour covering 35 events in nine cities throughout the UK in August 2007. Equanomics UK is now an official affiliate of RPC.
This workshop will explore how Equanomics UK will create economic intelligence and a new dynamic for equality aimed at future generations. It will “model” Equanomics as the new language and strategy for achieving racial and economic rights and equality.
Panelists: Karen Chouhan, CEO, Equanomics-UK; David Weaver
Viv Ahmun; Equanomics – UK Leaders.
SESSION II - AFRICAN AMERICAN BOARD OF DIRECTORS ROUNDTABLE
By Invitation Only
3:30PM-5:00PM
SESSION III-TAPPING AND RESPECTING THE POWER OF THE BLACK CONSUMER MARKET
African American marketing and media issues have been dominating the headlines. As 2008 begins, corporate America is searching for ways the $744 billion African American market can improve the bottom line. This panel will discuss the opportunities and challenges in advertising campaigns, minority hiring practices, media ownership, minority vendor relationships, consumer research, the 2010 Census, and consumer empowerment.
MODERATOR: Ken Smikle, President, Target Market News, Inc.
PANELISTS: Toure Claiborne of Allstate Insurance Company; Kevin E. Hooks, Senior Vice President, The Axis Agency; Sherman Kizart, Senior Vice President, Urban Marketing, Interep; Dwayne Redmond, Director, Advisory Field Marketing, Public Relations & Multicultural Marketing, Merrill Lynch Global Wealth Management
3:30PM-5:00PM
SESSION IV - INTERNAL ADVOCATES FOR INCLUSION A PANEL DISCUSSION OF CORPORATE DIVERSITY EXECUTIVES
MODERATOR: Denise Singleton, Vice President, MetLife Office of Diversity
PANELISTS: Kimberly Bankston, JD Vice President, Global Diversity and Inclusion for GE Commercial Finance GE Commercial Finance Subha Barry, Managing Director, Global Diversity & Inclusion, Merrill Lynch; Desiree Dancy, Vice President, Diversity & Inclusion, The New York Times; Lawrence Ruisi, Chief Diversity Officer, Credit Suisse, Americas; Leotis Sander, Director of Diversity, Macy’s; Carlton Yearwood, Vice President of Business Ethics and Chief Diversity Officer, Waste Management; Magda Yrizarry, Vice President, Workplace Culture, Diversity & Compliance, Verizon
SESSION V - GENERAL PROCUREMENT SESSION
Conference registrants have this opportunity to interact with industry experts, decision makers and influencers in a roundtable discussion.
MODERATOR: Emmett T. Vaughn, Director of Supplier Diversity, Exelon Corporation
PANELISTS: Kristen Dixon, Assistant Vice President, Global Procurement, ESS Strategic Sourcing and Supplier Diversity; MetLife; Harvey Butler, Vice President, Corporate Supplier Diversity; JPMorgan Chase; Michelle Johnson, Director, Supplier Diversity, The Home Depot; Sandye Taylor, Vice President, Supplier Diversity, Merrill Lynch; Phillip Wall, Senior Vice President, Global Procurement Services, Citi
6:30PM-9:30PM
WELCOME RECEPTION
ENTERTAINMENT: Deemi, Atlantic Recording Artist
TUESDAY, JANUARY 8, 2008
DAY THEME
THE CHURCH AND THE SUBPRIME CRISIS
7:00AM-7:00PM
SUMMIT REGISTRATION
8:00AM-10:30AM
ONE THOUSAND CHURCHES CONNECTED BREAKFAST:
CHURCHES AND FORECLOSURE
The One Thousand Churches Connected Breakfast will consider the myths and the facts about predatory lending practices that are projected to result in more than 2 million foreclosures over the next few years. The One Thousand Churches Connected Breakfast and following inter-active OTCC plenary sessions will focus on creative strategies, opportunities and action plans that will ensure the growth, transformation and renewal of the Church and community through and beyond the challenging times ahead.
KEYNOTE SPEAKER: Dr. James A. Forbes, Senior Minister Emeritus, The Riverside Church of New York, President and Founder, Healing of the Nations Foundation
PANELISTS: Sheila C. Bair, Chairman, Federal Deposit Insurance Corporation (FDIC) Rev. Grainger Browning, Ebenezer A.M.E. Church, MD; Maurice Coleman, , Senior Vice President, New York Market Manager, Bank of America; Rev. Grainger Browning, Ebenezer A.M.E. Church, MD; Rev. Dr. Suzan Johnson Cook, Believers Christian Fellowship, NYC; The Rev. Dr. James Herbert Cooper, Rector, Trinity Church, NYC; Andrew Cuomo, New York State Attorney General; Martin J. Gruenberg, Vice Chairman, Federal Deposit Insurance Corporation (FDIC); Dr. Teresa Hairston, Founder & Publisher, Gospel Today; Rev. Charles Jenkins, PUSH Board Chair; Rev. Dr. David Jefferson, Sr., Esq., Metropolitan Baptist Church, Newark, NJ; Dr. M. L. Jemison, Vice President Social Justice, Rainbow PUSH Coalition; Rev. Greg Livingston, National Field Director and Chief of Field Operations, Rainbow PUSH Coalition; Bishop Vashti McKenzie, Thirteenth Episcopal District, A.M.E. Church; Rev. Calvin McKinney, Calvary Baptist Church of North Jersey at Garfield; John Taylor, President and CEO, National Community Reinvestment Coalition (NCRC); The Honorable William C. Thompson, Comptroller, City of New York; Rev. Stephen John Thurston, President, National Baptist Convention of America; Rev. Dr. Jonathan Weaver, Greater Mt. Nebo, Bowie, MD
PERFORMANCE: Darius Brooks, President and CEO, JMG
HONOREES: Rev. A. R. Bernard, Senior Pastor, Christian Cultural Center, Brooklyn, NY (“One Thousand Churches Connected Trailblazer Award”); Dr. T. DeWitt Smith, National President, Progressive Baptist Churches (“One Thousand Churches Connected – Bridge Builder Award“)
Morning Sessions
10:00AM-1:00PM
YOUNG ENTREPRENEURS CAMP (By Registration Only – Ages 14-19)
This exciting workshop will equip youth with the tools they need to start, manage and market their very own business and to become entrepreneurs. The students will learn how to develop a feasible business concept, assess their marketable skills, create a business plan, and apply for venture capitol and marketing. Each student will be challenged with creating a sustainable business; one that invests a portion of their profits into their community.
INSTRUCTOR: Endura Govan, Executive Director, International Business Kids
SPONSORED BY: Verizon Wireless
11:00AM-12:30PM
SESSION I - A NEW CALL TO ACTION: UNDERSTANDING CURRENT MARKET CONDITIONS IN THE SUB PRIME LENDING INDUSTRY AND THE PUBLIC PRIVATE RESPONSE TO FORECLOSURE PREVENTION
Foreclosure is a serious problem detrimental to the families it affects, as well as to the blocks in the neighborhoods within the communities and cities where they live. It is bad for business; financial Institutions undertake substantial losses when they have no choice but foreclose on borrowers. Foreclosures are a loss to all involved. As the foreclosure crisis continues to escalate across America, a variety of stakeholders and strategies are being developed and used successfully to keep people in their homes. This workshop will attempt to address Sub Prime Lending and the factors which contributed to the current sub prime market conditions; Consequences to the industry, families, communities and economy; workable solutions for all stakeholders; effective outreach, partnerships and joint efforts, reasonable, sustainable workout agreements; financial education/budgeting/credit counseling, the importance of the role of the counselor; refinancing options for borrowers at risk; Lessons learned industry best business practices, policy changes, and refinance/rescue products.
PANELISTS: Maurice Coleman, Senior Vice President, New York Market Manager, Bank of America; Keith Corbett, Senior Vice President, Center for Responsible Lending; Thasunda B. Duckett, Senior Vice President, Home Lending Executive, Retail Financial Services Mortgage Banking, JP Morgan Chase; Eric Eve, Senior VP, Community Relations, Global Consumer Group, Citibank; John Taylor, President and CEO, National Community Reinvestment Coalition (NCRC); Rev. Dr. Jonathan Weaver, Greater Mt. Nebo, Bowie, MD
1:00PM-3:00PM
ECONOMIC AGENDA AWARDS LUNCHEON
Is there a future for minority investment professionals in corporate, private equity and initial public offerings?
KEYNOTE SPEAKER: Alfred A. Edmond, Jr., Editor-in-Chief, Black Enterprise and Senior Vice President, Earl G. Graves Publishing Co.
SPEAKER: Congressman Gregory Meeks (D-NY)
HONOREES: Gregory B. Calhoun, CEO & President, Calhoun Enterprises (“Excellence in Business Award”) Chester C. Davenport, Managing Director, Georgetown Partners LLC (“Excellence in Business Award”); R. Donahue Peebles, Chairman, Peebles Corp. (“Entrepreneur of the Year Award”)
Afternoon Sessions
1:00PM-5:00PM
THE BULL & BEAR INVESTMENT CAMP (By Registration Only – Ages 14-19)
This session, designed for youth, will discuss learning how to budget, save and invest in stocks, bonds and mutual funds and more.
Instructor: Douglas Coe, Moody Reid Financial Services
3:30PM-5:00PM
SESSION I: COLLECTIVE APPROACH TO CHURCH GROWTH AND EMPOWERMENT
In this inter-active session, our panelists share their church and community’s successes, challenges and opportunities as they recount the benefits of employing a collective approach to banking, building and development, multi-level community capacity building and public policy initiatives as follows:
* Collective Banking (Borrowing and Investments – to include a perspective on the present US mortgage concern)
* Collective Building and Development
* Collective Empowerment (education, training…utilizing all of the resources of the church and community including its impact via public policy approaches)
MODERATOR: Rev. Dr. Clyde Anderson, Executive Director/CEO, United Methodist City Society
PANELISTS: Rev. Charles Jenkins, PUSH Board Chair; Rev. Calvin McKinney, Calvary Baptist Church of North Jersey at Garfield; Rev. Edwin C. Reed, CEO, Greater Allen Development Corporation; Rev. Stephen John Thurston, President, National Baptist Convention of America; Bishop J. Douglas Wiley, Life Center Full Gospel Baptist Cathedral, LA;
SESSION II - MEDIA AND TELECOMMUNICATIONS POLICY
Discussions on the current state of media and telecommunications policy and its impact on civic engagement and community, specifically focusing on women, children, and minorities. The discussion will consider how to ensure that democratic concerns are a priority in media and telecommunications policy, and how to promote valued civic and cultural principles in a coarse consumer environment. An important topic of discussion will be the Digital TV transition and the adequacy of federal and private sector initiatives to ensure that low income, minority and rural Americans whom are reliant on over the air broadcasting will not be left behind when the analog stations sign off in February, 2009.
MODERATOR: Wanda Townsend, Vice President, Government Relations, NCTA
PANELISTS: Payne Brown, Vice President, Strategic Initiatives, Comcast Corporation; Myra Dandridge, Director of Public Affairs Digital Television Transition, NAB; Jeffrey Davis, Vice President, Communications Association of Public Television Stations (APTS); Parul P. Desai, Associate Director, Media Access Project (MAP); Marc Pearl, Executive Director, Consumer Electronics Retailers Coalition (CERC)
3:30PM-5:00PM
SESSION III - AFRICA, THE LAST ECONOMIC FRONTIER: THE ROLE OF THE DIASPORA
This panel will focus on the role the Diaspora can play in Africa's economic resurgence and growth. While foreign investors and governments and major and minor corporations across all sectors are actively engaging and reaping the benefits of doing business with and in Africa, the Diaspora is still significantly absent. Business opportunities are growing in not only the obvious industries like oil and gas and other natural resources, but also in energy, telecommunications, technology, entertainment (movies and music), construction, financial services, hospitality/tourism, insurance, and trade. Africa's tremendous economic growth merits attention and participation from its Diaspora, especially African Americans who should not overlook investment opportunities. The last great economic frontier awaits our involvement.
PANELISTS: Mr. Fredrick Amos Hughes, Chief Executive Officer, Hughes Hospitality; Tom Iseghohi, GMD/CEO of Transcorp; Ambassador Zd Muburi-Muita, Permanent Mission of the Republic of Kenya to the United Nations; Euvin Naidoo, President & CEO, South African Chamber of Commerce in America
SESSION IV - COMMUNITY EXCELLENCE: FOSTERING PARTNERSHIPS BETWEEN PROFESSIONAL ATHLETES AND CORPORATE AMERICA
This session will discuss ways that corporations can work with the community through the efforts of professional athletes.
PANELISTS: Maury W. Bradsher, Managing Partner, District Equity Group, LLC; Kris Jenkins, Defensive Tackle, Carolina Panthers; Lamell McMorris, Founder, Perennial Sports and Entertainment; Anthony D. Owens, Director, Media Relations & Issues Management, Sodexho; Tony Paige; Senior Partner, Perennial Sports and Entertainment; Leigh Torrence, Cornerback, Washington Redskins; Kathy Wilson, Founder & President Unlimited Success Sports
3:30PM-6:30PM
SESSION V- THE URBAN AGENDA: TRANSITIONING FROM HIP HOP TO WALL STREET
The Hip Hop generation generates 500 Billion dollars a year. How much of that benefits the community the artist came from and why don’t we see it? This session will address the use of Hip Hop’s collective voice and power to ensure its growth in political, social and economical structures as well as bringing together business leaders and professionals in the Hip Hop Industry to address, recognize and connect to issues stifling businesses in the Hip Hop community.
MODERATOR: Londell McMillan, Attorney
PANELISTS: Jineea Butler, Founder, Social Services of Hip Hop; Dres from Black Sheep; Doug E. Fresh, Entertainer, Entrepreneur; Jehmu Greene; Lin Que, Partner & Creative Director, Queb, Inc.; Anthony Marshall, Host & Creative Executive, Current TV; Ernie Paniccioli, Hip Hop Photographer/Historian; Sway, TV Host, MTV
6:30PM-9:30PM
ENTERTAINMENT SHOWCASE RECEPTION
Doug E. Fresh, Entertainer, Entrepreneur
ENTERTAINMENT: Cheri Dennis, Bad Boy Recording Artist
WEDNESDAY, JANUARY 9, 2008
DAY FOCUS
LABOR/HEALTH
DAY THEME
THE BUSINESS OF LABOR
7:00AM-7:00PM
SUMMIT REGISTRATION
7:30AM-9:30AM
LABOR BREAKFAST
Mortgages, Pensions & Healthcare
Corporations are declaring bankruptcy at alarming rates. As they recognize, they are putting hard earned employees’ pension funds -from coal miners to steel workers, from airlines and auto workers- at risk. A pension fund crisis is emerging, threatening to turn the dream of retirement into a new American nightmare. What can be done to prevent corporations from turning their backs on retired and retiring workers, and to secure employee pensions in the next era?
SPEAKER: Carol Nixon, Director, New York Office, AFL-CIO Housing Investment Trust
Morning Sessions
9:00AM-12:00PM
HEALTH SCREENING, EDUCATION AND PREVENTION
During this session health care and service providers, sponsors, partners and supporters send their representatives to meet conference delegates, exhibit resource materials, perform screenings and share innovative developments in their respective areas: Health Focus: Health Coverage; Medicare D; HIV AIDS; Breast, Ovarian, and Colon Cancer; Heart Disease; Nutrition & Obesity; Depression, and Senior Care.
EXHIBITORS: American Cancer Society, American Diabetes Association; Centers for Medicare & Medicaid Services (CMS); VITAS; National Black Leadership Commission on AIDS, Inc. (NBLCA); United Health Group
Screenings/Complementary Services: Flu Shots, Blood Pressure and Glucose (Diabetes) testing
10:00AM-12:00PM
SESSION I - TAKING HER PLACE AT THE LEADERSHIP TABLE: CHANGING THE GAME
Women Leaders have traditionally had to navigate a complex labyrinth of challenges, including vestiges of prejudice, issues of leadership style, life family and family responsibilities. It is no wonder that many women leaders feel they are caught in a game where winning is only remotely possibility. The long-term legacy of this losing game has led to a pronounced lack of women in positions of power and authority. Recent research indicates that in the Fortune 500 companies only 15% of the Boards, six % of senior managers, and merely two percent of the CEOs are women. With a looming talent shortage, especially in the area of leadership, it is time to change the game. And now the ball is in the women’s court since by some calculations the “Women’s Economy” is the third largest in the world. Our panelists will discuss the implications and how are women using this power to achieve corporate, social, political goals.
MODERATOR: Dr. Glenda Glover, Board Member, Citibank Student Loan Corp.
PANELISTS: Lily Klebanoff Blake, President, Financial Women’s Association; Barbara Bowles, Vice Chairman, Profit Investment Management; SoVonna Day-Goines, Managing Director, Credit Suisse; Carol Frohlinger, Managing Director, Negotiating Women, Inc.; Dr. Dennis J. Garritan, Chair of the Department of Leadership and Human Capital Management at New York University; Janice L. Mathis; Vice President & Executive Director, Rainbow PUSH; Racquel Oden, Managing Director, UBS Financial Services Inc.; Rachelle Pachtman, President, Pachtman Communications and NYC Friend of Boardroom Bound
SESSION II - THE HEALTH INDUSTRY: A NEW PERSPECTIVE TOWARD
MAXIMIZING BENEFITS AND OPPORTUNITIES
This session will speak to innovative approaches to “the healing of America” and the impact of HMOs, Medicare (Part D), health and hospice education and disease prevention programs.
PANELISTS: Dr. Alfred Ashford, M.D., Director of Medicine at the Harlem Hospital Center and Professor of Clinical Medicine at Columbia University; Dr. Denise Christian, UnitedHealth Group; Philip Coleman, Director of Hospice Education, VITAS; Lynda Curtis, SVP and Executive Director of Bellevue Medical Center, NY; Nilsa Gutierrez, MD, MPH, Chief Medical Officer, Centers for Medicare & Medicaid Services (CMS);George Hulse, Vice President of External Affairs, HealthFirst Health Plan; Dr. Lucille C. Norville Perez, M.D., President & CEO of The Cave Institute and former National Health Director for the NAACP
10:00AM-12:00PM
SESSION III – LEGAL SESSION
Willie Gary & Team
SESSION IV – ENERGY POLICY SESSION: ALTERNATIVE ENERGY: OPTIONS AND OPPORTUNITIES
Panelists will discuss emerging trends in the development of alternatives to fossil fuels. They will examine the options that appear most viable as well identify business and investment opportunities that merit investigation by minority entrepreneurs interested in the energy sector.
PANELISTS: D'Juan Hernandez, President & CEO, Sun Energy Group; John Quincy Moaning, CEO & President, Blue Diamond Ventures, Inc.; Frank Stewart, President, AABE National
10:00AM-12:00PM
SESSION V – THE ECONOMICS OF THE TRANSPORTATION INDUSTRY
This panel will focus on both the opportunities and challenges in obtaining contracts in the transportation industry for small and disadvantaged business enterprises. Odes to be discussed include: public transportation, heavy highway transportation and ports. The panel will also detail the financial opportunities outlined in the SAFE-TEA-LU Authorization.
MODERATOR: Julie Cunningham, President and CEO, Conference of Minority Transportation Officials
PANELISTS: Judith A. Burrell, President, Burrell Project Consult, LLC; Ken Neel, MTA; Andrew Tucker, Virginia Department of Rail and Public Transportation; Lester Wood, External Civil Rights Administrator, Missouri Department of Transportation
SESSION VI –US NAVY COMMAND PROCUREMENT SESSION
What opportunities are there for minority-owned businesses to secure contracts and conduct business with the US Navy? These and other supplier diversity opportunities will be discussed.
12:30PM-2:00PM
WALL STREET PROJECT WOMEN’S LUNCHEON
This Luncheon will spotlight phenomenal women leaders that have made outstanding benchmarks and inroads toward the “holistic” health and prosperity of today’s women, their families and their communities. We will celebrate the exemplary accomplishments and generosity of spirit of stellar women that are addressing “head-on” a woman’s right to total health and well being in the medical, hospice, financial, spiritual, social justice and community-capacity development and building sectors.
KEYNOTE SPEAKER: Dr. Julianne Malveaux, President, Bennett College for Women
MODERATOR: Michelle Miller, CBS News Correspondent
PANELISTS: Lily Klebanoff Blake, President, Financial Women’s Association (FWA); Congresswoman Yvette D. Clarke, State Representative (NY-11); Hazel Dukes,President, NAACP New York State Conference; Debra Fraser-Howze, President and CEO, National Black Leadership Commission on AIDS; Cheryle Robinson Jackson, President and CEO, Chicago Urban League; Veronica T. White, Director of Sanitation, New Orleans, LA; Debra A. Williams, President, Her Game 2, Inc.
6:30PM-7:30PM
11TH ANNUAL VIP RECEPTION
Sheraton NY Hotel & Towers, NYC
7:30PM-10:30PM
11TH GALA FUNDRAISER RECEPTION
Sheraton NY Hotel & Towers, NYC
ENTERTAINMENT: Angie Stone
Howdy neighbor!
Cash Systems, Inc. to Announce First Quarter 2008 Results on May 12, 2008
Tuesday May 6, 4:01 pm ET
LAS VEGAS--(BUSINESS WIRE)--Cash Systems, Inc. (NASDAQ:CKNN - News), a provider of cash access solutions for the gaming industry, today announced that it will host a conference call to discuss first quarter 2008 financial results on Monday May 12, 2008 at 5:00 pm ET. A press release with first quarter 2008 financial results will be issued after the market close that same day.
The conference call can be accessed live over the phone by dialing (888) 208-1427 or for international callers by dialing (913) 312-1398. A simultaneous webcast of the call will be available by visiting http://www.cashsystemsinc.com/. A replay will be available at 8:00 pm ET and can be accessed by dialing (888) 203-1112 or (719) 457-0820 for international callers; the pin number is 6643217. The replay will be available until May 19, 2008.
About Cash Systems, Inc.
Cash Systems, Inc., located in Las Vegas, with additional offices in San Diego and Minneapolis, is a provider of cash-access and related services to the retail and gaming industries. Cash Systems' products include its proprietary cash advance systems, ATMs and check cashing solutions. Please visit http://www.cashsystemsinc.com for more information.
Contact:
Integrated Corporate Relations
Don Duffy, 203-682-8200
Source: Cash Systems, Inc.
Conf call today.
BUCA, Inc. Announces First Quarter 2008 Earnings Call
Monday May 5, 10:05 am ET
MINNEAPOLIS--(BUSINESS WIRE)--BUCA, Inc. (Nasdaq: BUCA - News) announced today that it will release its financial results for its first quarter of fiscal 2008 (ended March 30, 2008) after the market close on Tuesday, May 6, 2008.
Management will host a conference call on the same day at 4:30 p.m. Eastern Time (3:30 p.m. Central Time). The conference call will be webcast and can be accessed by cutting the following link into your browser: http://viavid.net/dce.aspx?sid=00004FE3.
A telephone replay will also be available for one week beginning at 7:30 p.m. Eastern Time on Tuesday, May 6, 2008, and can be accessed by dialing 888-203-1112, or 719-457-0820 for international callers, and entering pin number 5821244. For those who are unable to listen to the webcast live, an indexed recording of the call will be available for one year at: http://viavid.net/dce.aspx?sid=00004FE3.
About the Company:
BUCA, Inc. owns and operates 89 highly acclaimed Italian restaurants under the name Buca di Beppo in 25 states and the District of Columbia.
Contact:
Investor Relations:
ICR
Kathleen Heaney, 203-803-3585
Source: BUCA, Inc.
Energy Biosciences Institute Funds First 49 Research Projects on Cellulosic Biofuels
6 May 2008
The Energy Biosciences Institute (earlier post), the world’s largest public/private consortium dedicated to the application of biosciences to the energy sector, has announced an initial set of 49 research projects for funding during the first year of EBI’s 10-year program.
Projects are being supported at all three of the public partner institutions—the University of California, Berkeley; the University of Illinois at Urbana-Champaign; and Lawrence Berkeley National Laboratory. BP is funding the decade of work with $500 million, about $20 million of which is supporting the first package of projects.
Research is being pursued in four categories related to exploring the opportunities for production of cellulosic biofuels: feedstock development; biomass depolymerization; biofuels production; and the socio-economic impacts of cellulosic biofuels development. A second initiative, concerned with fossil fuel bioprocessing, is expected to receive funding later this year.
An initial thrust of EBI research will be the development of environmentally benign transportation fuels from non-food biomass (cellulosic biofuels). This involves identifying the most suitable species of plants for use as energy crops, and improving methods of breeding, propagation, harvesting, storage and processing of biomass to next-generation fuels. A central objective is to ensure that this is done in a sustainable way without negative impacts on food production or the environment.
From an initial list of more than 250 pre-proposals from researchers at the three institutions, EBI management employed a competitive peer review system to narrow the field to 49 high-priority research efforts that have received funding. Awards were divided into two categories: programs and projects.
Programs are typically large integrated multi-investigator efforts with a single major target, funded at anywhere from about $400,000 per year up to about $1 million per year, and may continue for the 10-year life of the Institute. Projects are smaller activities of 2-3 years in duration that are either too speculative at this stage to be a program or are on a single fixed task. These average about $150,000 per year.
Program research is conducted mostly within the EBI, so that the post-doctoral and graduate student researchers from different disciplines will work side-by-side. This will ensure synergy across fields and will provide a training environment and a broad appreciation of the scientific, technological, environmental, economic and policy issues that must all be addressed to achieve the Institute’s goal of environmentally sustainable bioenergy.
The initial programs and projects are:
FEEDSTOCK DEVELOPMENT. Eight projects and programs are seeking to identify and breed plant species that can maximize cellulosic biomass production on a global scale and to learn how to grow and harvest them sustainably. A primary goal is to discover plants that can produce more biomass, using minimal land, water and energy.
Programs
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Assessing the Potential Impact of Insect Pests and Plant Pathogens on Biomass Production of Miscanthus x Giganteus and Switchgrass: These two plant species are highly promising biomass sources, and insects and pathogens can cause diseases that can have a serious impact on production. This project seeks to identify such threats and to study possible control strategies. Principal Investigator: Michael E. Gray, University of Illinois.
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Genomics-Enabled Improvement of Andropogoneae Grasses as Feedstocks for Enhanced Biofuel Production: Four related plant species are leading biomass candidates due to their efficiencies in photosynthesis, nitrogen economy, and water use—sugar cane, Miscanthus, switchgrass and sorghum. Through genetic sequencing and bioinformatics, investigations into gene structure and function will seek ways to improve crop yield, quality and sustainability. Principal Investigator: Stephen Moose, University of Illinois.
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Engineering Solutions for Biomass Feedstock Production: This project will study pre-harvest crop production, harvesting, transport, storage, and systems to develop the operational machinery, databases, and decision support tools required in the successful production of biomass feedstocks. Principal Investigator: K. C. Ting, University of Illinois.
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Feedstock Production/Agronomy Program: Through field studies in Illinois and other locations around the globe, researchers will provide statistical information on feedstock yields, geographic variations, and agronomic requirements. The goal is to find the best combination of conditions and practices for high yield and sustainability. Principal Investigator: Thomas Voigt, University of Illinois.
Projects
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Reproductive Barriers in Miscanthussinensis and Other Biofuel Plants: “Self-incompatibility” is a condition in many plant species, including grasses, which limits opportunities to improve productivity through breeding. Scientists will study the genetic basis of incompatibility in Miscanthus. Principal Investigator: Sheila McCormick, UC Berkeley.
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Model Development to Predict Feedstock Production of Miscanthus and Switchgrass as Affected by Climate, Soils and Nitrogen: This mathematical modeling project will refine current knowledge about how crops are affected by environmental factors. For Miscanthus, in particular, such experimental data can more accurately assess its performance in the United States. Principal Investigator: German A. Bollero, University of Illinois.
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Collection, Nutrient Cycling, Cold Hardiness, Photosynthetic Capacity, and Flowering Phenology of Miscanthussacchariflorus, Miscanthussinensis, and Their Natural Hybrids in Native Stands Ranging from Central to Northern Japan: Miscanthus, a promising biofuel crop, is native to Asia. It has its limitations, disadvantages and information gaps as a cultivar, so this project will study nutrient uptake and carbon sequestration of Japanese strains, some of which have been managed for hundreds of years. Thus long-term impacts of Miscanthus on biological sequestration and fertilizer requirements can be projected. Principal Investigators: J. Ryan Stewart and Fabian G. Fernandez, University of Illinois.
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Genetic Improvement of Bionergy Crops: This project will develop tissue culture and stable genetic transformation systems for the sterile hybrid, but highly productive, Giant Miscanthus (Miscanthus x giganteus). This will provide a test-bed allowing the EBI to determine if specific genetic changes are of benefit—for example, altered lignin contents. Principal Investigator: Jack Widholm, University of Illinois.
BIOMASS DEPOLYMERIZATION. Fashioning fuel from plants requires the use of individual sugar molecules that make up most of a plant’s body. Biofuel production requires isolating these molecules by severing the chemical bond that holds them together, among the most critical and difficult steps in the process. Today’s practices are costly and inefficient. These 19 projects are determined to find a less costly but effective depolymerization method, a requirement for ensuring that biofuels can be reasonably priced.
Programs
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Chemical Imaging of Plant Biomass with Micro- and Nano-Raman Spectroscopy: One of the most expensive steps in biofuels processing is the conversion of cellulosic materials in plant cell walls, and critical to this conversion is the costly pretreatment of the biomass to make it amenable to generation of constituent sugar units. This work intends to create a high-resolution chemical map of plant cell walls, details of which will allow researchers to visualize the chemical and physical obstacles to the breakdown – vital to developing better pretreatment methods. Principal Investigator: Paul Adams, Berkeley Lab.
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Cell Wall 3D Architecture at Nanometer Resolution Using Correlative Raman and Electron Tomography Imaging: This project seeks to obtain a comprehensive model of the cell wall, which is required to improve the efficiency of the conversion of plant material to biofuels. The molecular identity of the cell wall will be determined via the use of multiple complementary microscopy approaches. Principal Investigator: Manfred Auer, Berkeley Lab.
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Biomass Pretreatment and Chemical Synthesis of Transportation Fuels: The highly ordered structure of cellulose in the plant cell wall, plus the linkages between lignin and hemicellulose, make the breakdown of the material into sugars, and subsequent conversion to fuels, extremely difficult. This project uses ionic liquids, a new class of solvents, for the dissolution and pretreatment of cellulose. Principal Investigator: Alexis T. Bell, UC Berkeley.
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Cellulosomes Optimized for Biofuel Production: Understanding the molecular mechanisms of cellulose hydrolysis by cellulosomes is the goal of this work. This understanding may provide key insights needed to reconstruct designer cellulosomes optimized for depolymerization of the complex plant biomass envisioned as the feedstock for biofuels. Principal Investigator: Jamie H. D. Cate, UC Berkeley and Berkeley Lab.
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Enhanced Conversion of Lignocellulose to Biofuels—Bioprocess Optimization from Cellulose Hydrolysis to Product Fermentation: This research addresses several bottlenecks impeding the production of biofuels and their potential solutions via microbe discovery and development. Goals include new organisms as effective enzyme sources, protein engineering of improved cellulases, and cell and bioprocess engineering for better solvent tolerance and fermentation. Principal Investigator: Douglas S. Clark, UC Berkeley.
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Discovery and Characterization of Hydrolytic Enzymes to Improve Biocatalysis and Conversion of Plant Cell Wall Polysaccharides to Biofuels: A major limitation of microorganisms used in fermentation of carbohydrates to ethanol is their lack of enzymes required for the efficient conversion of cellulose to sugars. Nature, however, has evolved such enzymes that degrade cell walls in places like the stomach of cows. This work will identify the genes that encode for such enzymes, with a view to development of more highly active enzyme systems for use in the bioenergy-crops-to-fuels conversion. Principal Investigator: Isaac Cann, University of Illinois.
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Biochemistry, Structure and Engineering of Enzymes and Metabolic Pathways to Overcome Biomass Recalcitrance: A major challenge in biofuel development is to reduce the energy expended in releasing cell wall polysaccharides so that the energy-rich cellulose and hemicellulose in plant cell walls can be more efficiently converted to fuels. This project will focus on the development of novel pathways for lignin hydrolysis. Genomes of bacteria that use lignocellulose as a carbon source will be sequenced and studied. Principal Investigator: John Gerlt, University of Illinois.
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Enzyme-Inspired Catalysts for Enhancing Biofuels Production: Scientists will work on synthesizing new composite materials that are useful in the catalytic aspects of biofuels processing, such as hydrolysis and deoxygenation. Principal Investigator: Alexander Katz, UC Berkeley.
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Development of Novel Catalysts: This program is aimed at the development of chemical catalysts for cellulose and lignin breakdown and modification. It incorporates high-throughput catalyst screening technology to discover and optimize these catalysts. Principal Investigator: Dean Toste, UC Berkeley.
Projects
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Fungi and Deconstruction of Lignin and Other Components of Miscanthus Cell Walls: The objective is to identify novel cell wall deconstruction enzymes from the fungi that are best suited to decay Miscanthus cell walls, and to understand how the fungi coordinate their genomes to do this. This project seeks to identify new fungi that are capable of degrading lignocellulose and exploring the biochemical mechanisms used by these fungi. Principal Investigator: John W. Taylor, UC Berkeley.
*
Biomass to Transportation Fuel via Hydrodeoxygenation: New and efficient methods are needed to convert heavily oxygenated lignocellulosic biomass to higher energy-density hydrocarbon fuels. Catalysis research will be applied to develop new catalysts for this conversion and to better understand the mechanisms involved in transformations. Principal Investigator: Jonathan A. Ellman, UC Berkeley.
*
Enzyme Discovery in Grass-Feeding Termites for the Depolymerization of Lignocellulosic Biomass: Studying the natural systems that have evolved to decompose plant cell wall polymers—for example, the termite hindgut, which efficiently transforms plant biomass into sugars, fatty acids, hydrogen and methane—will offer insight into what is required for an effective synthetic process. The termite’s digestive system is like a miniature bioreactor, in which bacteria and archaea enable the energy transformation. Principal Investigator: Philip Hugenholtz, Berkeley Lab.
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Surface Kinetic Mechanisms of Enzymatic Cellulose Deconstruction: The goal of this research is to provide an understanding of the cellulose decomposition in plant cell walls that leads to sugar production. Through the understanding of the molecular events that trigger key catalyzing enzymes, a framework can be developed upon which improved enzymes can be designed and synthesized. Principal Investigator: C. J. Radke, UC Berkeley.
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Analysis of Bovine Rumen Microbiota Under Different Dietary Regimens for Identification of Feedstock-Targeted Cellulolytic Genes: Just as the termite is a model organism for the processing of plants into fuel, so the stomachs of cows and sheep offer a dense microbial community that enables the rapid digestion of high-fiber plants. This work will identify the enzymes produced by the microbes responsible for degradation of the plant cell wall polymers. This system can perhaps be co-opted for cellulose biomass conversion. Principal Investigator: Eddy Rubin, Joint Genome Institute (Berkeley Lab).
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Detoxification of Miscanthus Hydrolysates With a New Phase Separation Method: This project will explore new methods for physically extracting chemicals which are toxic to the fermenting organisms on which biofuel processing depend. These degrading chemicals result from pretreatment of biomass and other processes. Principal Investigator: Hao Feng, University of Illinois.
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Fractionating Recalcitrant Miscanthus by a Two-Stage Treatment Under Mild Reaction Conditions: A two-step process will first extract hemicellulose in Miscanthus and study it for value-added products following its separation from the plant, and then cellulose-rich solid byproducts will be pretreated for analysis of inhibiting compounds. The work seeks an environmentally friendly liquid for removal of lignin in biomass processing. Principal Investigator: Hao Feng, University of Illinois.
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Ecology and Exploitation of Endophytic Diazotropic Bacteria in Biofuel Crops: This project will study the contribution of nitrogen-fixing bacteria to bioenergy crops and will design strategies to promote colonization of these bacteria. Methods are desired to increase the potential for plant-microbe interactions to enhance productivity and sustainability of biofuel crops. Principal Investigator: Angela Kent, University of Illinois.
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Organometallic Chemistry Relevant to Delignification: The goal of this research is to uncover new transformations that will translate into improved process technologies either at the biomass pre-treatment stage or later. Organometallic chemistry focuses on the interaction of organic compounds with metal ions. The properties of organometallic catalysts that play major roles in biofuel processing will be the targets of analysis. Principal Investigator: Thomas B. Rauchfuss, University of Illinois.
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New Approaches to Lignin Depolymerization: Biochemical studies will be conducted to understand how complex pathways interact with each other as lignin is deconstructed in plant cell walls. Environmental organisms with unique metabolism will be studied to guide the design and help describe the new chemistry that evolves inside the cell. The goal is to engineer living cells to carry out the synthesis of target compounds. Principal Investigator: Michelle Chang, UC Berkeley.
BIOFUELS PRODUCTION. More productive ways of converting lignocellulose-derived sugars to fuels is the subject of these five projects. Methods used for biofuels today are similar to the fermentation practices used to make beer and wine, but they are not adequate for the large-scale production of cellulosic biofuels. EBI researchers seek ways to boost the concentration of fuel produced by the biofuel fermenting process. This could lead to a significant reduction in the cost of making biofuels.
Programs
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Microbial Characterization Facility: Bacteria are an attractive alternative to yeast for industrial-level fuel production, and they can be engineered to greatly increase output. This requires a thorough systems-level understanding of how the bacterial metabolism, gene regulation, and stress response influence the process. This new facility will include an experimental and computational comparative microbial systems biology infrastructure that can identify, understand and engineer the central pathways in bacteria and fungi. Principal Investigator: Adam P. Arkin, UC Berkeley and Berkeley Lab.
Projects
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Bioengineering and Selection for Biodiesel Production in Bacteria: The goal here is to improve the bio-oil production in engineered microbes, integrating introduced genes and pathways into their new genomic and cellular systems. The model organisms E. coli and Acinetobacter will be used. Principal Investigator: Nikos Kyrpides, Joint Genome Institute (Berkeley Lab).
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Improvement of Xylose Fermentation By Recombinant Saccharomyces cerevisiae Through Systematic and Combinatorial Approaches: Cellulosic biomass consists primarily of two fermentable sugars, glucose and xylose, and there is no optimal microorganism that can ferment both with high yield and productivity. Xylose utilization is essential for commercial bioconversion of lignocellulose into ethanol or other biofuels. This work seeks to understand regulation and control of xylose fermentation and to construct a yeast strain capable of enhancing biofuel production. Principal Investigator: Yong-Su Jin, University of Illinois.
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Engineering a Yeast Strain that Efficiently Utilizes C5/C6 Sugars: Yeasts are currently used in fermentation of sugars to biofuel. This effort will focus on optimizing the pathways for sugar utilization by yeast, and studying the properties of strains currently used in fermentation in the production of ethanol. Principal Investigator: Huimin Zhao, University of Illinois.
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Robustness to Environmental Heterogeneity—Engineering Strains Optimized for Large-Scale Fermentation: This work is focused on constructing a computational model of multiple-sugar utilization, which will facilitate the design of strains capable of efficiently metabolizing three sugars involved in plant fermentation. The dynamics of gene expression of cells as they transition from one sugar to the next will be characterized. Principal Investigator: Christopher V. Rao, University of Illinois.
ENVIRONMENTAL, SOCIAL AND ECONOMIC DIMENSIONS. The EBI will seek to understand the potential environmental, economic and societal impacts of meeting a growing portion of the world’s energy needs through biofuels. This includes answering questions surrounding the amount of land globally available for biofuel production, the consequences of using land to grow biofuel crops, the effect of a biofuel industry on food crops, and the effects of production on the environment. The answers may assist policymakers as they attempt to regulate this transitioning industry. Seventeen projects have been funded to begin to find those answers.
Programs
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Life-Cycle Environmental and Economic Decision-Making for Alternative Biofuels: The goal of this study is to analyze issues of cost, resource limitations, health risks, climate impacts, nutrient-cycle disruption, and other potential impacts of biofuel development. The results will inform key decisions in biofuels research and strategies for biofuels regulation. Principal Investigators: Arpad Horvath and Thomas McKone, UC Berkeley and Berkeley Lab.
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Economics of Biofuel Adoption and Impacts: An economic understanding of fundamental issues associated with the introduction of biofuels is essential in order to develop tools to address them. This work will analyze impacts on the global economy, biofuel systems, energy resources and utilization, water allocation, and investment risk mitigation. Principal Investigator: David Zilberman, UC Berkeley.
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Environmental Impact and Sustainability of Feedstock Production: Researchers will determine short- and long-term ecological impacts and sustainability issues of potential lignocellulosic feedstocks. Through studies of Miscanthus and other plants, they will describe the environmental consequences of land conversion; capacity of feedstocks to sequester carbon, retain nitrogen and minimize water contamination; and effects of climate variables on ecosystem processes. Principal Investigator: Evan H. DeLucia, University of Illinois.
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Biofuels: Law and Regulation: A comprehensive analysis of current legal and regulatory requirements (local, regional, international) will help determine potential hurdles to commercialization of biofuels in law and policy. This understanding is critical to developing a legal structure to support the industry. Principal Investigator: Jay P. Kesan, University of Illinois.
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Economic and Environmental Impacts of Biofuels; Implications for Land Use and Policy: The project will examine the optimal allocation of existing cropland for feedstock production under several scenarios, site-specific impacts on yield and resources for each feedstock, biorefinery and transportation requirements, trade and subsidy policies, and impacts on farmers of crop transition. Principal Investigator: Madhu Khanna, University of Illinois.
Projects
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Development of Biofuel Productivity Potentials for Economic Analysis Under Changing Climate, Land Use, and Societal Demands: Using economic analysis and numerical simulation of multiple scenarios, scientists will determine the most suitable biogeographic regions for biofuels, impacts of changes in soils and climate, impacts of the production to biofuels on natural habitats and food cropland, and impacts on economic and environmental conditions as cellulosic crops become widespread. Principal Investigator: Norman L. Miller, UC Berkeley and Berkeley Lab.
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Explaining, Contextualizing and Comparing Bioenergy Life-Cycles in Brazil: Since Brazil has been an active producer of biofuels for 35 years and will greatly increase its production in the next decade, its biofuels model can be instructive to other nations. This work will assemble the first history of the Brazil program that links technological research and planning with environmental outcomes. Out of this analysis will come best practices to guide future activities in the industry. Principal Investigator: Dick Norgaard, UC Berkeley.
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A Realistic Technology and Engineering Assessment of Algae Biofuel Production: This project evaluates the prospects for large-scale cultivation of algae, followed by its conversion to various biofuels. Scientists will make an assessment of the technological, engineering, and environmental aspects of algae-based biofuels and form recommendations about further research. Principal Investigator: Nigel W. T. Quinn, Berkeley Lab, UC Merced.
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Food Security Management in an Era of Biofuels: Biofuels promise to change and expand the nature of the risks faced by food consumers. Modeling will help respond to the challenge of the integrated energy-biofuels market. Estimates will be developed for the world sugar market, and those will be applied to other agricultural crops. Policy alternatives, such as food storage enhancement and regional cooperation, will be assessed. Principal Investigator: Brian Wright, UC Berkeley.
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Intellectual Property Protection and Contractual Relations for Biofuels Innovations: This survey of the global intellectual property (IP) landscape will provide information about the novelty of research outputs as they emerge from the project. It will include an assessment of the evolving effects of IP protection on scientists and their research as the biofuel industry matures. Principal Investigator: Brian Wright, UC Berkeley.
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Regional Environmental Impacts of Biofuel Feedstock Production—Scaling Bio-geochemical Cycles in Space and Time: This work will evaluate the impact of large-scale land conversion to biofuel feedstock production on energy, water and carbon resources. Numerical modeling will be applied to develop a global vegetation model, in particular studying feedstock production within the Amazon and Mississippi River basins. It will also identify hot spots in the United States and South America where feedstock production may maximize yield or where conditions may not be ideal for this land use. Principal Investigator: Carl J. Bernacchi, University of Illinois.
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Regional Socioeconomic and Environmental Impacts of Alternative Biofuel Pathways: The goal here is to identify the mix of pathways that best balances economic and environmental considerations. A model will be applied that separates the world into four regions, each different in terms of biofuels, feedstocks, water quality, policies, and costs. From this analysis, decisions on the most efficient mix of biofuels and feedstocks, with sensitivity to policy measures and technological change, can be made. Principal Investigator: John B. Braden, University of Illinois.
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The Impact of Global Trade in Biofuels on Water Scarcity and Food Security in the World: This research focuses on the food vs. fuel debate. It seeks to address which policies, technologies and investments are necessary to ensure that bioenergy is developed in ways that are economically efficient as well as compatible with reducing poverty and global warming. The modeling analysis will also study how large-scale biofuels production will influence water availability. Principal Investigator: Ximing Cai, University of Illinois.
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Interactions Between Bioenergy, Carbon Allowances, and Water Quality BMPs: A Case Study of the Lake Bloomington Watershed: This central Illinois site will be used to gather useful information on how incentive-based water quality systems, energy crop production pressures, and opportunities for carbon sequestration interact to influence producers’ management decisions. This is especially applicable to corn, which is expected to be the primary biofuel feedstock over the next decade as other feedstocks are developed. Environmental impacts during the transition will be projected. Principal Investigator: Ximing Cai, University of Illinois.
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Market Context for Biofuels Microeconomics: Researchers will develop a political economy framework for temporal variation of global energy and agriculture markets, which can then support studies of the economic realities of applying biotechnology to liquid fuel production. Included will be projected market price fluctuations of energy sources in different regions of the world, as well as relevant government policy considerations. Principal Investigator: Hadi Esfahani, University of Illinois.
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Biofuels Research Initiatives and Extension: Synergizing Engagement With Stakeholders: A “learning community” that facilitates communication and collaborative problem-solving is desirable as the biofuel industry grows, and this work hopes to facilitate such a network between growers, consumers and researchers. A perceptions survey will be created, and data will be collected and disseminated broadly to stakeholders. Principal Investigator: Anne Heinze Silvis, University of Illinois.
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From a Global Oil Economy to a Global Biofuel Economy: The goal of this project is to understand the international economic and political implications of even a partial shift to biofuels. Using historical examples such as the shift from coal to oil, the research will identify possible global consequences of a shift in fuel sources, which will be useful in formulating US policy. Principal Investigator: Steve Weber, UC Berkeley.
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