Febuary 7th, 2008-- Red Branch Technologies, Inc. (Pink Sheets: RBTI) announced the launch of its new mTravel Assistant(r) 'personal agent technology' for business travelers, a first in the business travel industry. Designed specifically to provide business travelers with round-the-clock access to all the services and insights of a personal travel assistant, the mTravel Assistant(r) will be fully integrated into the Company's online my/mTravel(r) service for the independent business travelers in addition to its mTravel(r) product for deployment in large and medium-sized corporate environments.
Phil Wherry, RBTI CTO, commented, ''Now, the same system that we designed from the ground-up to maximize utility and minimize waste associated with individual and corporate business travel can actually make the comparison, booking and ongoing notification and update process virtually effortless.'' He continued, ''The mTravel Assistant(r) knows your ''likes'' and ''dislikes'', such as preferred hours of travel, and how to optimize your travel arrangements for such things as flight duration versus preferred airline or ticket price versus airport convenience. The mTravel Assistant(r) even watches how the travel selections you make change over time and adjusts the scoring of your travel arrangements accordingly, just as a personal assistant would.''
Using proprietary adaptive algorithms developed by the Red Branch technology team, mTravel Assistant(r) scores, or ''ranks'' all travel options presented to the traveler, the highest scoring arrangements appearing first based on a rich set of initial preferences and ongoing ''learned preferences'' observed over time. The system even features a ''single click'' search and booking option that presents the optimum itinerary Air, Car and Hotel, in a travel universe of seemingly limitless options, all in less than 35 seconds.
''Red Branch Technologies takes the business traveler's perspective into account for every product or feature we build,'' says Doug Foran, President/CEO. ''The mTravel Assistant(r) embodies that commitment and uses a new technology to make business travel easier. Optimizing an itinerary requires the consideration of countless variables. Most travel tools, online or off, have built-in ''biases'' that favor particular vendors and/or factors. The mTravel Assistant(r) is truly adaptive, works exclusively for the travelers' best interests and gets the arrangements they want at the prices they need.'' He continued, ''We are excited at the finalization and implementation of the baseline mTravel Assistant(r) functionality and expect to introduce new capabilities on an ongoing basis as part of our commitment to be ''With You All the Way.''
About Red Branch Technologies, Inc. (Other OTC:RBTI.PK - News)
Red Branch Technologies, Inc. makes business travel easier, more secure and more responsive for both the hard-charging business traveler and the corporation by meeting travel needs at each point in the travel cycle. The company's innovative my/mTravel(r) and mTravel(r) products automate the business travel process from planning and booking to en route services and support, through post travel reporting and unused ticket redemption. Red Branch's Magellan360, provides agency and net-delivered back office services to independent professional travel marketers. For more information, please visit: http://www.redbranchtechnologies.com.
Febuary 11th, 2008-- In response to the recent comments by certain plaintiff law firms regarding their filing of class action lawsuits, CellCyte Genetics Corporation (the "Company") (OTC Bulletin Board: CCYG) asserts that the pending claims are without merit and will be shown to be so in a court of law. To that end, CellCyte has retained the international law firm of Duane Morris LLP as its counsel and will defend itself vigorously in these matters. Concurrently, the Company will continue its commitment to and pursuit of its policy of ensuring that its operations comply with all applicable laws.
"CellCyte is founded on patented technology discovered by and licensed from the US Department of Veteran Affairs. We continue a solid and aggressive development plan for this important technology for the delivery of adult stem cells to the human heart," said Gary A. Reys, Chairman and CEO of CellCyte. "Our highly skilled management and scientific team are committed to developing our technologies to their fullest potential and we continue to be actively involved in collaborations with the Cleveland Clinic and other research leaders".
"Further," Reys said, "CellCyte is actively moving its intellectual properties through the US patent and Trademark office to insure that our technologies are well protected, which is one of the cornerstones of any biotechnology company which helps insure our shareholders a solid and protected technology base. Our most recent patent was issued in November 2007 that covers CellCyte's lead composition. This most recent patent milestone gives CellCyte three fully issued patents."
CellCyte Genetics continues to be actively engaged in carrying out its business plan and corporate objectives as stated in the company's literature and filings. This fact is further evidenced by such major advances as its move to the Company's new 26,000 foot facility and corporate offices in Bothell Washington and its continued business development efforts headed by Tony Colasin, who was previously Senior Director of Business Development at ICOS, which was recently acquired by Lilly.
About CellCyte Genetics
CellCyte Genetics, a Washington State company, is an emerging biotechnology company engaged in the principal business of the discovery, development and commercialization of breakthrough stem cell enabling therapeutic products for use in regenerative medicine. The Company also has a medical device division being developed to grow and expand a variety of cells including Islet cells for diabetes and eventually proteins.
- Including our pending acquisition, fiscal 2008 annual revenue guidance is estimated at $265 - $285 million, an increase of 25% from our previously provided revenue guidance and a 60% increase when compared to prior year annual revenue of $170 million; - Including our pending acquisition, calendar year 2008 revenue guidance is estimated at $340 million; - Quarterly revenue increased 21% year-over-year to approximately $47 million; - Quarterly gross margin increased from 14% to 21% year-over-year; - Including our pending acquisition, 2nd quarter revenue guidance is estimated at $56-57 million;
February 7th, 2008-- RCC/IWS is involved in Over Sixty Million Dollars worth of Waste Water Systems Projects' and Contracts in the State of Montana. These are projects and contracts where RCC/IWS has received the initial monetary deposits for work to be completed.
Additional contracts and revenue is expected to be generated in the State of Montana in the very short term.
There are seven (7) other States that are currently in the final stages of completion. The shareholders will be updated as the various States are completed and will include revenue figures.
RCC/IWS is also pleased to announce that on the International front that they are currently working on the completion of projects for four (4) different countries. This is the start of overseas projects which again should be announced in the short term.
The current RCC website will be updated. The IWS website is under construction and should be available in the near future.
The RCC Board of Directors is committed to keeping the shareholders updated to all events, domestic and International, as they occur.
February 7th, 2008- Winning Brands Corporation reports that field evaluations have now commenced for its new KIND(TM) Laundry Products line in settings where laundry products are currently sold by vending machine or can be sold by vending machines. The new class of sizes is illustrated by the rectangular 5-6 fl.oz. package range shown in the photo. Industry watchers have speculated whether Winning Brands will approach the laundry detergent sector as a niche brand or mainstream. Snr VP Lorne Kelly says that nothing prevents KIND(TM) laundry products from becoming a favourite in any households that discover the friendly new brand; "We are not confined to settings where people are already looking for green products -- we are going to go out there to be available where people shop for laundry products in general, even including Laundromats."
An evaluation relationship has been established with a leading manufacturer in the vending machine sector and real-world tests will now be applied to performance of the packages, distributor supply chain delivery details and confirming final consumer response. The purpose of this final pre-launch stage for the KIND(TM) vending machine SKU variant is to identify and remove obstacles to commercial order volumes for this size range, estimated to be in standard batches of 166,000 bottles per run. The retail value of each such batch in consumers' hands is approximately $500,000. It is estimated that existing vending machine small-dose package sales in powder and liquid form for all brands is between 50-100 million units per year. Final production of KIND(TM) will take place at the Grand Rapids, Michigan facilities of Surefil LLC where the most recent additions to the plant have increased capacity for its brand partners to a new threshold of 75 million units per year.
Winning Brands CEO, Eric Lehner, points out that a systematic approach is what Winning Brands prefers. "We make this announcement because the testing phase is the last one before implementation. The program commitment is now in place for this initiative to become a reality."
Point Blank Solutions, Inc. (Pink Sheets: PBSO - http://finance.yahoo.com/q?s=PBSO.PK ) (Fri, February 8th, 2008, 9:21am ET) Steel Partners II, L.P. ("Steel Partners") announced today that it has nominated a slate of five highly qualified director nominees for election to the Board of Directors of Point Blank Solutions, Inc. ("PBSI" or the "Company") at the Company's 2008 Annual Meeting of Shareholders. Steel Partners, which beneficially owned 3,441,922 shares of common stock of the Company as of February 7, 2008, constituting approximately 6.7% of the Shares outstanding, detailed its intention in a written notice to the Corporate Secretary of Point Blank.
On October 30, 2007, Steel issued a letter to the Company stating its willingness to enter into negotiations to acquire all of the common stock of PBSI it does not already own for no less than $5.50 per share in cash, representing at least a 23% premium to PBSI's closing price on October 29, 2007. PBSI management subsequently rejected Steel's offer.
Steel stressed at the time its extensive experience working with and maximizing the value of other public companies in the defense industry, including United Industrial Corporation, Aydin Corp., ECC International Corp. and Tech-Sym Corp. PBSI's core business is the manufacturing of body armor and protective clothing for the military and law enforcement.
Feb 06, 2008-- EMCORE Corporation (Nasdaq: EMKR), a leading provider of compound semiconductor-based components and subsystems for the broadband, fiber optic, satellite, and terrestrial solar power markets, today announced preliminary unaudited financial results for its first quarter ended December 31, 2007.
Consolidated revenue for the quarter ended December 31, 2007 totaled approximately $47 million. This represents a revenue increase of approximately 21% from $38.6 million reported last year and flat when compared to the prior quarter. Fiber Optics revenue totaled $34.0 million, which represents an increase of 34% from $25.3 million reported last year and an increase of 9% from $31.2 million reported from the prior quarter. The increase in revenue was primarily related to sales of our broadband products, as well as a recovery of 10G products that serve the digital fiber optics sector, which increased 13% year-over-year and 16% from the prior quarter. Photovoltaics revenue totaled approximately $13 million, which represents a decrease of 3% from $13.3 million reported last year and a decrease of 18% from $15.8 million reported from the prior quarter. Our Photovoltaics division experienced delivery and installation delays on capital equipment purchased for its new concentrator photovoltaics (CPV) solar cell and receiver manufacturing line. The delayed equipment caused a shortfall of approximately $3.0 million in revenue associated with scheduled CPV receiver shipments. All required capital equipment is expected to be on line in the current quarter and shipment of CPV receivers should commence shortly. We expect to make up the revenue shortfall in the current fiscal year with no impact to fiscal 2008 revenue guidance.
Consolidated gross profit for the quarter ended December 31, 2007 totaled $9.8 million, which represents an increase from $5.5 million reported last year and from $8.2 million reported in the prior quarter. Consolidated gross margin was approximately 21%, which represents an increase from 14% gross margin reported in the prior year and from 17% gross margin reported in the prior quarter. On a segment basis, Fiber Optics gross margins were 23% for the first quarter ended December 31, 2007, an improvement from 18% gross margin reported in both the prior year and the prior quarter. The increase in Fiber Optics gross margins is primarily due to increased revenue and restructuring efforts completed by the Company in the prior year. Photovoltaics gross margins were 14% for the first quarter ended December 31, 2007. Photovoltaics gross margin on a quarterly basis improved from 8% gross margin as reported in the prior year and decreased from 17% gross margin as reported in the prior quarter. The sequential decrease in Photovoltaics gross margin was a result of deferred revenue and unfavorable product mix.
Excluding stock-based compensation expense, professional fees incurred associated with our review of historical stock option granting practices, non- recurring legal expenses, and severance and restructuring-related expenses (later referred to as "Adjusted Expenses" and disclosed in detail in the attached non-GAAP tables), operating expenses for the quarter ended December 31, 2007 totaled $16.0 million. This represents an increase of $1.9 million of operating expense when compared to the prior year. This annual increase was primarily related to increased SG&A spending in our new Terrestrial Solar Power Systems division, as well as in our other divisions to support revenue increases. On a GAAP basis, operating expenses for the quarter ended December 31, 2007 totaled $23.4 million, which represents an increase from $19.2 million reported last year and a decrease from $24.8 million reported in the prior quarter. A significant portion of the year-over-year increase in operating expenses was due to non-cash stock-based compensation expense. The Company incurred approximately $4.4 million in additional non-cash stock-based compensation expense related to the modification of stock options issued to former employees.
Excluding Adjusted Expenses, our adjusted operating loss for the quarter ended December 31, 2007 totaled $6.0 million. This represents a decrease in operating loss of 28% or $2.3 million when compared to the prior year. On a GAAP basis, operating loss for the quarter ended December 31, 2007 totaled $13.6 million.
Excluding Adjusted Expenses, our adjusted net loss for the quarter ended December 31, 2007 totaled $6.8 million or $0.13 loss per share. This represents a decrease in net loss of 13% or $1.0 million when compared to the prior year. On a GAAP basis, net loss for the quarter ended December 31, 2007 totaled $14.5 million, or $0.28 loss per share.
As of December 31, 2007, the Company had an order backlog of approximately $156 million as compared to a backlog of approximately $149 million as of September 30, 2007. The December 31, 2007 order backlog is comprised of $142 million for our Photovoltaics segment and $14 million for our Fiber Optics segment. Within our Photovoltaics segment, $53 million relates to our satellite solar power business and $89 million relates to our terrestrial solar power business.
Cash, cash equivalents and marketable securities at December 31, 2007 totaled approximately $30 million, a decrease of $11.5 million from the prior quarter. The decrease was primarily due to payment of professional fees incurred associated with our review of historical stock option granting practices, legal costs associated with our patent infringement lawsuits against Optium Corporation, interest payments on our convertible subordinated notes, capital expenditures, and various other increases in net working capital requirements. The Company has plans to improve its liquidity position through additional equity financing, as well as potential asset sales.
Management Discussion and Outlook:
"Fiscal 2008 has started on a positive note with our recent success in developing large CPV solar power system opportunities to be deployed in the Canadian, South Korean and Spanish markets. We are also very excited about the opportunity to supply up to 700 MW of solar power systems in the southwestern region of the United States. Our order backlog for CPV components continues to increase. Our Fiber Optics divisions continue to experience significant revenue growth both year-over-year and quarterly and the recently announced acquisition of Intel's telecom assets compliment our digital fiber optic product portfolio. We are pleased with the improvement in operating margins and we remain confident that 2008 will be a year of solid earnings improvement and profitability for the Company. Calendar year 2008 revenue is expected to exceed $340 million, and the progress in each of our business segments continues to point towards the path of separating EMCORE into two separate companies," stated Reuben F. Richards, Jr., Chief Executive Officer.
Company & Quarterly Highlights:
December 12, 2007 - EMCORE announced that it signed a memorandum of understanding for the supply of 60 Megawatts (MW) of solar power systems that are scheduled for deployment in Ontario, Canada over the next three years. EMCORE will supply and install turn-key solar power systems in the Sault Ste Marie area utilizing EMCORE's CPV systems developed at its Albuquerque, NM facility. EMCORE also has the right to substitute other solar technologies in portions of the projects. The project developer, Pod Generating Group (PGG), has secured the licenses and permits for the project through the Ontario Power Authority Standard Offer Program and system deployment is expected to begin in mid-2008. PGG is a developer of photovoltaics-based power generation facilities in Northern Ontario, Canada.
December 17, 2007 - EMCORE announced that it has received a purchase order to supply 5.7 MW of EMCORE's CPV systems for alternative energy projects in South Korea, along with a letter of intent for follow-on projects of 14.3 MW, expected to be released within the next six months. EMCORE also signed an agreement with DI Semicon, a semiconductor packaging company in Seoul, Korea, regarding the formation of a joint venture among DI Semicon, EMCORE and other parties. This joint venture, when fully established and commenced operations, will manufacture CPV systems in Korea for EMCORE, including systems for the 14.3 MW follow-up projects described above and will also involve a minimum purchase commitment of 15 MW annually of EMCORE CPV systems to be deployed in South Korea.
December 18, 2007 - EMCORE announced a definitive agreement to acquire the telecom-related portion of Intel's Optical Platform Division for $85 million. The purchase price will be paid $75 million in cash and $10 million in cash or common stock of EMCORE, at EMCORE's option. The telecom assets to be acquired include intellectual property, assets and technology relating to tunable lasers and assemblies, tunable transponders and 300-pin transponders. The acquisition will enhance EMCORE's presence in the telecommunications market segment and expand its fiber optics product portfolio, allowing EMCORE to provide telecom customers with a more complete product offering. The transaction is subject to regulatory review and certain other closing conditions, and is expected to close by March 2008.
January 23, 2008 - EMCORE announced that it will supply its solar CPV components and systems to the Spanish market through several agreements.
-- EMCORE was awarded a 300-kilowatt (kW) CPV system contract by Spain's Institute of Concentrator Photovoltaics Systems (ISFOC). EMCORE expects to have its CPV systems installed in Castilla-La Mancha, Spain by December 2008.
-- EMCORE reached an agreement to construct an 850-kW solar power park in Extremadura, Spain. EMCORE will be utilizing its CPV solar power system and provide a turn-key solution with a scope of work including engineering, procurement, and construction (EPC). This project is expected to be completed before July 2008 in order to take advantage of the current high feed-in tariff.
-- EMCORE received a purchase order for one million CPV components from a prominent CPV system integrator. This order is expected to be completed by March 2009 with CPV products being deployed in projects within the Spanish market.
January 29, 2008 - EMCORE, in privately negotiated transactions, entered into separate agreements with holders of approximately 97.5%, or approximately $83.3 million aggregate principal amount, of its outstanding 5.50% convertible senior subordinated notes due 2011 (the "Notes") pursuant to which the holders converted their Notes into the Company's common stock. Upon conversion of the Notes, the Company issued 11.9 million shares of its common stock, based on a conversion price of $7.01, in accordance with the terms of the Notes. The issuance of the Company's common stock upon conversion of the Notes was made in reliance on the exemption from the registration requirements provided under Section 3(a)(9) of the Securities Act of 1933, which exempts the issuance of any security by an issuer with its existing security holders exclusively where no commission or other remuneration is paid or given directly or indirectly for soliciting such exchange. To incentivize the holders to convert their Notes, the Company made cash payments to such holders equal to 4% of the principal amount of the Notes converted, plus accrued interest. In addition, on January 29, 2008, the Company called for redemption all of its remaining outstanding Notes. The redemption date is February 20, 2008 (the "Redemption Date"), and the redemption price, which will be paid in cash, is 100% of the principal amount of the Notes redeemed, plus accrued and unpaid interest to, but not including, the Redemption Date. The Notes are convertible at any time at the option of the note holders at a conversion price of $7.01 per share. The closing price of the Company's common stock on January 29, 2008 was $11.77. Note holders who wish to convert their Notes must do so by the close of business on February 19, 2008.
January 31, 2008 - EMCORE announced that it has signed a memorandum of understanding for the supply of between 200 MW and 700 MW of solar power systems that are scheduled for deployment in utility scale solar power projects under development in the southwestern region of the United States. EMCORE will supply and install turn-key solar power systems utilizing EMCORE's CPV systems developed at its Albuquerque, NM facility. The project developer, SunPeak Solar, is securing land and grid access throughout 2008 and project construction is expected to begin in early 2009. This agreement is not expected to contribute revenues until 2009 and is dependant on the renewal of the federal investment tax credit (ITC) extending into 2009 and beyond.
EMCORE will discuss its quarterly results on a conference call to be held on Thursday, February 7, 2008, at 9:00 a.m. ET. To participate in the conference call, U.S. callers should dial (toll free) 866-710-0179 and international callers should dial 334-323-9871. The access code for the call is 39197. A replay of the call will be available beginning February 7, 2008 at 12:00 p.m. ET until February 14, 2008 at 11:59 p.m. ET. The replay call-in number for U.S. callers is 877-656-8905, for international callers it is 334-323-9859 and the access code is 37247359. The call also will be web cast via the Company's web site at http://www.emcore.com. Please go to the site beforehand to download any necessary software.
About EMCORE
EMCORE Corporation is a leading provider of compound semiconductor-based components and subsystems for the broadband, fiber optic, satellite and terrestrial solar power markets. EMCORE's Fiber Optics segment offers optical components, subsystems and systems that enable the transmission of video, voice and data over high-capacity fiber optic cables for high-speed data and telecommunications, cable television (CATV) and fiber-to-the-premises (FTTP) networks. EMCORE's Solar Power segment provides solar products for satellite and terrestrial applications. For satellite applications, EMCORE offers high- efficiency compound semiconductor-based gallium arsenide (GaAs) solar cells, covered interconnect cells and fully integrated solar panels. For terrestrial applications, EMCORE offers concentrating photovoltaic (CPV) systems for utility scale solar applications as well as offering its high-efficiency GaAs solar cells and CPV components for use in solar power concentrator systems. For specific information about our company, our products or the markets we serve, please visit our website at http://www.emcore.com.
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