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JoeHall

04/05/10 7:30 AM

#77 RE: DrStockAlert #76

MVIS news

Microvision Receives $8.5 Million Purchase Order for New PicoP Laser Projection Display Engine

REDMOND, Wash.--(BUSINESS WIRE)--Microvision (NASDAQ:MVIS), a leading developer of ultra-miniature projection display products, announced today that it has received an $8.5 million purchase order for its new ultra-miniature PicoP® laser projection display engine from a consumer electronics customer. The OEM plans to embed the PicoP engine inside a high-end mobile media player for release in late 2010 and plans to announce its launch at that time.

“This embedded application in a high-end mobile media player is part of our strategy to develop multiple premium distribution channels as we continue to advance the PicoP engine design and mature production capacity to meet anticipated demand across a variety of consumer electronic products including handsets.”

Microvision recently announced the completion and shipment of initial samples of its new display engine that incorporates a proprietary ASIC chipset half the original size and weight and that consumes one third less power than its predecessor while delivering uniformly bright, vivid color WVGA (848 X 480) images up to 200 inches. It also provides a 5000:1 contrast ratio – 5 times greater than other pico projector engines in the market today and is always in focus without the need for focusing dials or optics - an especially desirable benefit for mobile consumers.

“We are very pleased to receive the first purchase order for our new display engine,” said Alexander Tokman, President and CEO of Microvision. “This embedded application in a high-end mobile media player is part of our strategy to develop multiple premium distribution channels as we continue to advance the PicoP engine design and mature production capacity to meet anticipated demand across a variety of consumer electronic products including handsets.”

About Microvision (www.microvision.com)

Microvision provides the PicoP display technology platform designed to enable next-generation display and imaging products for pico projectors, vehicles displays, and wearable displays that interface to mobile devices. The company’s projection display engine uses highly efficient laser light sources which can create vivid images with high contrast and brightness. For more information, visit the company’s website (www.microvision.com) and corporate blog (www.microvision.com/displayground).

Forward-Looking Statements Disclaimer

Certain statements contained in this release, including those relating to OEM new product introduction are forward-looking statements that involve a number of risks and uncertainties. Factors that could cause actual results to differ materially from those projected in the Company's forward-looking statements include the following: our ability to raise additional capital when needed; our financial and technical resources relative to those of our competitors; our ability to keep up with rapid technological change; government regulation of our technologies; our ability to enforce our intellectual property rights and protect our proprietary technologies; the ability to obtain additional contract awards; the timing of commercial product launches and delays in product development; the ability to achieve key technical milestones in key products; dependence on third parties to develop, manufacture, sell and market our products; and potential product liability claims and other risk factors identified from time to time in the Company's SEC reports, including the Company's Annual Report on Form 10-K filed with the SEC. Except as expressly required by the federal securities laws, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, changes in circumstances or any other reason.

Contacts

Microvision
Media:
Matt Nichols, 206-940-4318
or
Maria Vetrano, 617-876-2770
or
Investors:
Tiffany Bradford, 425-936-6847
or

JoeHall

04/05/10 7:33 AM

#78 RE: DrStockAlert #76

HDNG news, PM

Hardinge’s Board of Directors Unanimously Recommends Rejection of Romi’s Tender Offer

Reiterates That Romi’s Unsolicited Bid is Grossly Inadequate and Opportunistic Files 14D-9 with SEC Detailing Reasons for Board’s Recommendation

ELMIRA, N.Y.--(BUSINESS WIRE)--Hardinge Inc. (NASDAQ: HDNG) (“Hardinge”) today announced that its Board of Directors voted unanimously to recommend that Hardinge shareholders reject Indústrias Romi S.A.’s (Bovespa: ROMI3) (“Romi”) $8.00 per common share cash tender offer (the “Offer”) as grossly inadequate, opportunistic, and not in the best interests of Hardinge and its shareholders.

“or any other merger or other similar business combination with the Company”

The Board noted that it unanimously rejected a proposal from Romi at the same price on February 18, 2010. The Company has filed a Schedule 14D-9 with the Securities and Exchange Commission (“SEC”) detailing the reasons for its rejection of Romi’s offer. The full text of the filing will be available in the Investor Relations section of Hardinge’s website at http://www.hardinge.com and on the SEC website at http://www.sec.gov/.

Kyle H. Seymour, Non-Executive Chairman of the Board of Directors of Hardinge, said, “Our Board’s position remains clear and unanimous – this is an opportunistic attempt by Romi to acquire Hardinge at a grossly inadequate price that fails to reflect the value of our significant industry position, global market presence, and future growth prospects. The Hardinge Board strongly urges shareholders to reject Romi’s offer and not tender their shares.”

Richard L. Simons, President & Chief Executive Officer of Hardinge, added, “Over the past year, we have made substantial progress positioning Hardinge for significantly improved performance, including taking steps that have generated annual fixed cost savings of approximately $30 million. Management and the Board believe that the Company is poised to reap the benefits of its streamlined operating structure and to outperform market improvements as the machine tool industry recovers.”

In making its determination, the Hardinge Board, taking into account advice received from its legal and financial advisors and senior management of the Company, considered numerous factors, including their belief that:

Hardinge is well-positioned to emerge strongly from the current economic downturn and to benefit significantly as the machine tool industry recovers.

* The Board believes that Hardinge and its shareholders are poised to realize significant benefits as the economy emerges from the recession and as industrial production rebounds in Hardinge’s key geographical markets.
* A successful acquisition of Hardinge by Romi at this time would enable Romi, instead of Hardinge shareholders, to capture the benefits of Hardinge’s improved financial performance in such a recovery.

Romi’s Offer is grossly inadequate.

* The Board does not believe that the $8.00 per share price offered by Romi reflects the underlying value of Hardinge’s assets, operations and growth prospects, and the significant additional value that the Board and senior management believe would result from the continued implementation of Hardinge’s strategic plan.
* Various value-creating and cost-saving initiatives have provided additional value to Hardinge and its shareholders that is not reflected in Romi’s Offer. Several initiatives undertaken by Hardinge in 2008 and 2009 have significantly improved the Company’s operating cost structure, working capital levels and business model, generating annual fixed cost savings of approximately $30 million and a significantly reduced breakeven point in U.S. operations.

Romi’s Offer is opportunistic.

* The Board believes that Romi, a fellow industry participant, recognizes the significant medium- and long-term value creation potential of Hardinge’s assets and strategic plan, recent value-creation and cost-saving initiatives and potential returns from the pursuit of new marketplace opportunities, and has opportunistically timed its Offer to acquire Hardinge before the full impact of these factors and the industry’s recovery can be reflected in Hardinge’s results of operations and share price.
* The Board also notes that, even though after Romi first made its $8.00 per share proposal Hardinge announced an approximate $27 million improvement in the funded status of its pension plans, Romi commenced its tender offer at the same $8.00 price previously proposed and rejected without giving any credit for this increased value.

Romi’s Offer values Hardinge at a price significantly below historical valuations.

* Prior to the fourth quarter of 2008, when the economic recession took a significant toll on Hardinge and the machine tool industry as a whole, the market price of Hardinge common stock regularly traded in the double digits, ranging from the mid-teens to significantly higher trading levels in previous periods.
* The Board believes that a return to a double digit stock price for Hardinge’s common shares is realistically attainable in the medium term if management projections are met, with the key variables being how soon the industry will turn upward and the strength of the rebound.

Romi’s Offer is highly conditional.

* The Offer includes over 20 conditions to the obligations of Romi, several of which are vague, have very low thresholds or give Romi broad discretion to determine whether or not they are satisfied, resulting in substantial uncertainty as to whether Romi would be obligated to consummate the Offer.

Romi’s Offer is coercive.

* The Board believes that a tender offer for a small-cap company like Hardinge is structurally coercive. In the Offer, Romi specifically states that shareholders who do not tender their shares may be left holding illiquid securities, because of the small public float and the risk that the issuer is delisted.
* The terms of the Offer further validate this concern and justify the Board’s prior actions. In the Offer, Romi indicates that even if the Offer is consummated, it reserves the right not to propose the second-step merger “or any other merger or other similar business combination with the Company” in the Offer.

Jefferies & Company, Inc. is acting as financial advisor to Hardinge and Wachtell, Lipton, Rosen & Katz is providing legal advice. Questions and requests for assistance regarding the tender offer may be directed to Hardinge’s Information Agent, Okapi Partners LLC, toll-free at (877) 279-2311.

About Hardinge Inc.

Hardinge is a global designer, manufacturer and distributor of machine tools, specializing in SUPER PRECISION™ and precision CNC Lathes, high performance Machining Centers, high-end cylindrical and jig Grinding Machines, and technologically advanced Workholding & Rotary Products. The Company’s products are distributed to most of the industrialized markets around the world with approximately 70% of the 2009 sales outside of North America. Hardinge has a very diverse international customer base and serves a wide variety of end-user markets. This customer base includes metalworking manufacturers which make parts for a variety of industries, as well as a wide range of end users in the aerospace, agricultural, transportation, basic consumer goods, communications and electronics, construction, defense, energy, pharmaceutical and medical equipment, and recreation industries, among others. The Company has manufacturing operations in the United States, Switzerland, Taiwan, and China. Hardinge’s common stock trades on NASDAQ Global Select Market under the symbol, “HDNG.” For more information, please visit http://www.hardinge.com.

This news release contains forward-looking statements (within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended). Such statements are based on management’s current expectations that involve risks and uncertainties. Any statements that are not statements of historical fact or that are about future events may be deemed to be forward-looking statements. For example, words such as "may," "will," "should," "estimates," "predicts," "potential," "continue," "strategy," "believes," "anticipates," "plans," "expects," "intends," and similar expressions are intended to identify forward-looking statements. Hardinge’s actual results or outcomes and the timing of certain events may differ significantly from those discussed in any forward-looking statements due to a variety of factors, including those described in Hardinge’s SEC reports, including its March 15, 2010 Form 10-K. Hardinge undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise. Hardinge notes that forward-looking statements made in connection with a tender offer are not subject to the safe harbors created by the Private Securities Litigation Reform Act of 1995. Hardinge is not waiving any other defenses that may be available under applicable law.

Contacts

Investors:
Hardinge Inc.
Ed Gaio, 607-378-4207
VP & Chief Financial Officer
or
Okapi Partners
Bruce H. Goldfarb / Patrick McHugh
212-297-0720 or 877-279-2311
or
Media:
Sard Verbinnen & Co
Denise DesChenes / Nat Garnick
212-687-8080
Permalink: http://www.businesswire.com/news/home/20100405005555/en/Hardinge%E2%80%99s-Board-Directors-Unanimously-Recommends-Rejection-Romi%E2%80%99s

JoeHall

04/05/10 7:35 AM

#79 RE: DrStockAlert #76

DYAX news PM

First-Ever Published Study Underscores Significant Economic Burden of Hereditary Angioedema on Patients, Families and the Healthcare System

CAMBRIDGE, Mass.--(BUSINESS WIRE)--Dyax Corp. (NASDAQ: DYAX) announced the publication of a first-ever comprehensive examination of the economic burden associated with the treatment of acute attacks and chronic management of hereditary angioedema (HAE). The results, published today in the Annals of Allergy, Asthma, and Immunology, bring to light the substantial direct and indirect medical costs of the disease on patients, payers and society. The economic study is one component of a larger survey-based Burden of Illness (BOI) study which assessed both the economic and humanistic burden of HAE. The BOI study was conducted by Dyax in conjunction with the United States Hereditary Angioedema Association (HAEA) and United Biosource Corporation (UBC).

“I have made several sacrifices in my career and personal life because of HAE. The unpredictability and frequency of my laryngeal attacks have made it impossible for me to continue working as a computer operator and, as a result, I’ve been out of work for twelve years”

Monetizable and non-monetizable costs were captured in the study and highlighted HAE’s costly and detrimental impact for patients, payers and society. Monetizable costs averaged $42,000 annually per HAE patient. Costs included direct costs associated with emergency care, physician visits, hospital stays, tests and procedures, and medications, as well as indirect costs such as missed work days and reduced productivity. Costs increased with disease severity. Patients who reported their most recent attack as severe amassed an estimated $96,000 in annual per patient costs. The largest cost component, accounting for approximately 48% of total costs for the average HAE patient, is emergency room visits and hospital stays for managing acute attacks.

Additional non-monetizable costs were reflected in the study yet were not part of the quantifiable analysis. These costs, which further exacerbate the economic burden on patients, payers and society, included the burden of increased depression, reduced income potential and missed opportunities. These non-monetizable costs consist of the cost of managing depression (42.5% percent of patients showed signs of at least mild depression and 19.5% reported that they were taking psychotropic or antidepressant medication), and the financial consequence of common activities being impacted such as driving, exercising and studying. Other costs that were not part of the analyses include the expense of improper procedures and medications as well as indirect costs related to non-paid caregivers. As such, these compounding costs underestimate the total costs associated with HAE.

“I have made several sacrifices in my career and personal life because of HAE. The unpredictability and frequency of my laryngeal attacks have made it impossible for me to continue working as a computer operator and, as a result, I’ve been out of work for twelve years,” said Joan Angert, who was not officially diagnosed with HAE until nine years ago, though she suffered from its symptoms for 30 years.

HAE is a rare genetic disease characterized by unpredictable acute episodes of severe, often painful swelling affecting the extremities, abdomen and the larynx. On average, participants experienced 26.9 acute attacks per year. HAE is estimated to affect 1:10,000 to 1:50,000 individuals. More than half (56.5%) of the respondents from the study reported that they experienced painful abdominal symptoms for their most recent attacks while 24.5% reported laryngeal symptoms. Laryngeal attacks pose the greatest risk with the potential for asphyxiation.

“Our study provides a comprehensive survey of the burden patients with HAE live with,” explained lead author David Wilson, MA, Assistant Professor, MGH Institute of Health Professions. “The breadth of the economic consequences highlighted in this study hopefully will raise people’s understanding of the disease and inform them of the value of having new therapies available for the people with HAE.”

Study Methodology

The Burden of Illness study, developed in consultation with expert health economists, HAE experts, and HAE patients, was conducted from November 2007 to January 2008. Study participants were recruited using the HAEA database of HAE patients. The study collected responses from 457 HAE patients via an Institutional Review Board-approved, web-based survey that solicited information on attack characterization, acute attack treatment, chronic disease management, impact on work and patient costs. A standardized instrument, the Work Productivity and Activity Impairment (WPAI) tool, was included to assess impact on work and productivity. Standard medical costs and U.S. average wage costs were assigned to survey items to assess direct medical and indirect costs, respectively.

About HAE

Hereditary angioedema (HAE) is a rare acute inflammatory condition characterized by episodes of severe, often painful swelling affecting the extremities, the gastrointestinal tract, the genitalia, and in the larynx. HAE is caused by low or dysfunctional levels of C1 esterase inhibitor (C1-INH), a naturally occurring molecule that inhibits plasma kallikrein, a key mediator of inflammation, and other serine proteases in the blood. HAE is estimated to affect 1:10,000 to 1:50,000 individuals. Learn more at www.HAEHope.com.

About Dyax

Dyax is a fully integrated biopharmaceutical company focused on discovering, developing and commercializing novel biotherapeutics for unmet medical needs, with an emphasis on inflammatory and oncology indications. The Company utilizes its proprietary drug discovery technology, phage display, to identify antibody, small protein and peptide compounds for clinical development. Dyax also leverages this technology broadly with over 70 revenue generating licenses and collaborations for therapeutic discovery, as well as in non-core areas such as affinity separations, diagnostic imaging, and research reagents. Dyax is headquartered in Cambridge, Massachusetts. For online information about Dyax Corp., please visit www.dyax.com.

Contacts

Dyax Corp.
Ivana Magovcevic-Liebisch, 617-250-5759
Executive Vice President Corporate Development and General Counsel
imagovcevic@dyax.com
or
Nicole Jones, 617-250-5744
Director, Investor Relations and Corporate Communications
njones@dyax.com

Permalink: http://www.businesswire.com/news/home/20100405005194/en/First-Ever-Published-Study-Underscores-Significant-Economic-Burden

JoeHall

04/05/10 7:36 AM

#80 RE: DrStockAlert #76

CDCS news PM

CDC Software’s Cloud-Based On-Demand eCommerce Platform to Integrate with Bidz.com’s Premier Auction Marketplace

Integration Part of Strategic Partnership with One of North America’s Leading Jewelry Auctioneers

ATLANTA & SHANGHAI--(BUSINESS WIRE)--CDC Software (NASDAQ: CDCS), a global provider of enterprise software applications and services, today announced it plans to integrate its cloud-based on-demand eCommerce platform with one of North America’s premier auction marketplaces as part of a strategic partnership with Bidz.com (NASDAQ: BIDZ), a leading online jewelry auctioneer in North America.

“Customers can utilize this new channel to help increase their sales and ultimately grow their bottom line.”

This partnership is expected to help CDC eCommerce customers, that include some of the world’s leading brand manufacturers and retailers, increase sales volume, as well as leverage an alternate channel of distribution for their products. As part of this partnership, customers can list items, like consumer electronics, computers and sports related products, which are not specialities of this jewelry auctioneer, exclusively into Bidz.com through its CDC cloud-based eCommerce system. This will help CDC eCommerce customers’ help increase online sales though auctioning off excess inventory into a highly visible distribution channel. In turn, CDC eCommerce customers also will provide Bidz.com with access to products beyond jewelry which helps them expand in the growing online auction marketplace.

CDC eCommerce is a cloud-based on-demand eCommerce platform based on a 100 percent multi-tenant architecture that helps retailers and manufacturers effectively sell products through multiple online sales channels and across international boundaries. CDC eCommerce powers more than 150 ecommerce sites in 10 countries that include some of the world’s leading brands such as Sirius XM Satellite Radio, Dell Financial Services, Philips, Major League Baseball, Wolford, Genco, American Airlines, National Football League (NFL), Sears, Starwood, United Airlines and National Hockey League (NHL).

Bidz.com offers live auctions on its website 24 hours a day, seven days a week. Bidz.com also features a unique live auction process where bidding ends at a preset deadline, unlike other sites where auctions can last for days. Bidz.com auctions are fast-paced with auctions that last as long as there are bidding, and close if there has not been a bid in 15 seconds.

“This partnership provides CDC Software with a new exclusive distribution channel for customers while adding additional opportunities for transactional revenue,” said Gary Black, general manager of CDC eCommerce product line of CDC Software. “Customers can utilize this new channel to help increase their sales and ultimately grow their bottom line.”

“We are delighted to partner with CDC Software and provide their world class customers exclusive access to our unique auction marketplace,” said Leon Kuperman, president of Bidz.com. “We believe that Bidz.com can help bring these customers’ excess inventory into a highly visible distribution channel that has bidders from as many as 130 countries. CDC eCommerce customers also will provide us with access to products beyond jewelry that will help us expand even further in the growing online auction marketplace.”

About Bidz.com

Bidz.com, founded in 1998, is a leading online retailer of jewelry. Bidz offers its products through a live auction format as well as a fixed price online retail store, Buyz.com. Bidz.com's auctions are also available in Arabic, German and Spanish. To learn more about Bidz.com visit its website at www.bidz.com, which is not part of this press release. Bidz also operates Modnique, a division of Bidz.com, an exclusive private sale shopping site for members-only, offering authentic premium brand name merchandise. Modnique offers its members exclusive access to 24-72 hour sales events on designer apparel, accessories, shoes, and houseware and much more at price points up to 85 percent below traditional retail prices. To learn more about Modnique visit its website at www.modnique.com, which is not part of this press release.

About CDC eCommerce

CDC eCommerce (www.cdcecommerce.com) is a leading cloud-based on-demand eCommerce platform for retailers and manufacturers that helps them effectively sell products through multiple online sales channels and across international boundaries. Powering more than 150 ecommerce sites in 10 countries, CDC eCommerce provides its client base with a unique combination of technology and professional services, allowing these organizations to effectively outsource core elements of their eCommerce operations. Many of the most well respected brands in the world, such as Sirius Satellite Radio, Major League Baseball, and Dell Financial Services, use CDC eCommerce.

About CDC Software

CDC Software (NASDAQ: CDCS), The Customer-Driven Company™, is a provider of enterprise software applications and a full range of services designed to help organizations deliver a superior customer experience, while increasing efficiencies and profitability. Leveraging a service-oriented architecture (SOA), CDC Software offers multiple delivery options for their solutions including on-premise, hosted, cloud-based Software as a Service (SaaS) or blended-hybrid deployment offerings. CDC Software’s solutions include enterprise requirements planning (ERP), manufacturing operations management, enterprise manufacturing intelligence, supply chain management (demand management, order management and warehouse and transportation management), e-Commerce, human capital management, customer relationship management (CRM), complaint management and aged care solutions.

CDC Software’s recent acquisitions are part of its “acquire, integrate, innovate and grow” strategy. Fueling the success of this strategy is the company’s global scalable business and technology infrastructure featuring multiple complementary applications and services, domain expertise in vertical markets, cost effective product engineering centers in India and China, a highly collaborative and fast product development process utilizing Agile methodologies, and a worldwide network of direct sales and channel operations. This strategy has helped CDC Software deliver innovative and industry-specific solutions to more than 6,000 customers worldwide within the manufacturing, distribution, transportation, retail, government, real estate, financial services, health care, and not-for-profit industries. For more information, please visit www.cdcsoftware.com.

Cautionary Note Regarding Forward-Looking Statements

This press release includes "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements regarding our and bidz.com expectations regarding this strategic partnership and relationship and the potential benefits of this relationship to each party and their respective customers including potential increases in sales volumes, our beliefs and expectations regarding this partnership to target markets, our beliefs regarding the intentions and beliefs of both parties relating to market expansion and penetration and performance under this strategic partnership, our beliefs relating to the leveraging of the Bidz.com auction marketplace by CDC eCommerce customers, our expectations and those of bidz.com with respect to market and customer needs, demands and preferences, and other statements that are not historical fact, the achievement of which involve risks, uncertainties and assumptions. If any such risks or uncertainties materialize or if any of the assumptions proves incorrect, our results could differ materially from the results expressed or implied by the forward-looking statements we make. These statements are based on management's current expectations and are subject to risks and uncertainties and changes in circumstances. There are important factors that could cause actual results to differ materially from those anticipated in the forward looking statements, including the following: (a) the ability to realize strategic objectives by taking advantage of market opportunities; (b) the ability to make changes in business strategy, development plans and product offerings to respond to the needs of current, new and potential customers, in the process manufacturing industries; (c) the ability to address technological changes and developments including the development and enhancement of products; (d) the fulfillment of contractual obligations by our partners. Further information on risks or other factors that could cause results to differ is detailed in our filings or submissions with the United States Securities and Exchange Commission, and those of our ultimate parent company, CDC Corporation, located at www.sec.gov. All forward-looking statements included in this press release are based upon information available to management as of the date of the press release, and you are cautioned not to place undue reliance on any forward looking statements which speak only as of the date of this press release. The company assumes no obligation to update or alter the forward looking statements whether as a result of new information, future events or otherwise. Historical results are not indicative of future performance.
Contacts

CDC Corporation
Investor Relations:
Monish Bahl, 678-259-8510
mbahl@cdcsoftware.com
or
Media Relations:
CDC Software
Lorretta Gasper, 678-259-8631
lgasper@cdcsoftware.com
or
Bidz Investor Relations:
Addo Communications, Inc.
Andrew Greenebaum, 310-829-5400
andrewg@addocommunications.com
Permalink: http://www.businesswire.com/news/home/20100405005519/en/CDC-Software%E2%80%99s-Cloud-Based-On-Demand-eCommerce-Platform-Integrate

JoeHall

04/05/10 5:07 PM

#82 RE: DrStockAlert #76

CFW news AH

Cano Announces Mid-Year Fiscal 2010 Reserves

FORT WORTH, Texas--(BUSINESS WIRE)--Cano Petroleum, Inc. (NYSE Amex:CFW) today announced the results of a mid-year Fiscal 2010 Reserves review as prepared by Haas Petroleum Engineering Services, Inc. (Haas), its new independent petroleum engineer. Haas prepared 100% of the reserves for the properties. The Company replaced approximately 300% of estimated mid-year 2010 fiscal year production of 197.5 MBOE at an estimated reserve replacement cost of $15.84/BOE (including extensions and discoveries, excluding asset sales and production, and capital expenditures of $9.4 million). Over a two-and-one-half-year period, Cano had an estimated reserve replacement cost of $16.30/BOE.

Haas estimates Cano’s proved oil and gas reserves at December 31, 2009 to be 43.0 MMBOE, of which Proved Developed reserves were 8.8 MMBOE, down 6.3% as compared to 10.1 MMBOE at June 30, 2009, including property sales (510.6 MBOE) and production (197.5 MBOE). Reserves by property are as follows:
(in MBOE) FY 2009 Mid-Year 2010
Properties PDP PDNP PUD Proved PDP PDNP PUD Proved
Panhandle 3,440 - 25,433 28,873 2,462 383 20,990 23,835
Cato 1,858 530 13,582 15,970 1,095 724 13,216 15,035
Nowata 1,547 - - 1,547 1,584 53 - 1,637
Davenport 744 565 - 1,309 685 507 - 1,192
Desdemona 147 1,251 - 1,398 419 888 16 1,323
Total 7,736 2,346 39,015 49,097 6,245 2,555 34,222 43,022

Proved reserves declined 10.9%, net of asset sales and production, to 43.0 MMBOE. The majority of the reduction was due to a reduction in the PUD waterflood secondary to primary ratio at 15 of our 33 leases in the Panhandle Properties. All reserves associated with the Panhandle PUD reduction were reclassified into the probable reserve category. A divestiture at our Panhandle properties (containing 18 gas wells and one oil well) accounted for a reduction in PDP reserves of 510.6 MBOE. The sale was closed in January 2010, with an effective date of December 31, 2009. Net of the PUD reclassification and asset sales at the Panhandle Properties, all other Proved reserves declined 2.1%.

The estimates above do not include the effects of the SEC’s final rule, “Modernization of Oil and Gas Reporting,” issued in December 2008. This final rule is effective for annual reports on Forms 10-K for years ending on or after December 31, 2009. Haas utilized pricing at December 31, 2009 of $79.39 per barrel of oil and $5.82 per mcf of gas. Since early adoption of the final rule is prohibited, the final rule will be fully applied in the Company’s annual report on Form 10-K for the year ending June 30.

Oil reserves account for 77% (versus 79% at June 30, 2009) of Proved reserves and Proved Developed reserves account for 20% (versus 21% at June 30, 2009) of Proved reserves. Pre-tax PV-10 of our Proved reserves as of December 31, 2009 is $513.4 million (versus $471.3 million at June 30, 2009), of which $99.7 million is associated with Proved Developed reserves (versus $78.4 million at June 30, 2009).

The 593.0 MBOE of Extensions and Discoveries include newly identified behind-pipe opportunities at the Cato and Panhandle Properties. Additionally, approximately 311 MBOE of previously categorized PDNP reserves at Desdemona were reclassified to PDP as we re-activated prior shut-in Duke Sand gas production.
Summary of Changes in Proved Reserves MBOE
Reserves at June 30, 2009 49,097
Extensions and Discoveries 593
Producing Property Sales (511 )
Forecast Revisions (5,959 )
Estimated Production (198 )
Reserves at December 31, 2009 43,022

Reserve replacement is calculated by dividing the sum of reserve extensions, discoveries and acquisitions by production. Reserve replacement cost is calculated by dividing the sum of reserve extensions, discoveries and acquisitions by capital expenditures.

ABOUT CANO PETROLEUM:

Cano Petroleum Inc. is an independent Texas-based energy producer with properties in the midcontinent region of the United States. Led by an experienced management team, Cano’s primary focus is on increasing domestic production from proven fields using enhanced recovery methods. Cano trades on the American Stock Exchange under the ticker symbol CFW. Additional information is available at www.canopetro.com.

Safe-Harbor Statement -- Except for the historical information contained herein, the matters set forth in this news release are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company intends that all such statements be subject to the “safe-harbor” provisions of those Acts. Many important risks, factors and conditions may cause the Company’s actual results to differ materially from those discussed in any such forward-looking statement. These risks include, but are not limited to, estimates or forecasts of reserves, estimates or forecasts of production, future commodity prices, exchange rates, interest rates, geological and political risks, drilling risks, product demand, transportation restrictions, the ability of Cano Petroleum, Inc. to obtain additional capital, and other risks and uncertainties described in the Company’s filings with the Securities and Exchange Commission. The historical results achieved by the Company are not necessarily indicative of its future prospects. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Contacts

Cano Petroleum, Inc.
Ben Daitch, 877-698-0900
Senior Vice President & CFO
INFO@canopetro.com

JoeHall

05/05/10 7:25 AM

#84 RE: DrStockAlert #76

CNU solid earnings...


Continucare Corporation Reports Record Financial Results for Third Quarter of Fiscal 2010
Last update: 5/5/2010 7:02:00 AM
MIAMI, May 05, 2010 (BUSINESS WIRE) -- Continucare Corporation (CNU) today reported financial results for its third quarter of fiscal 2010. Financial highlights for the quarter include:
-- Total revenue of $80.3 million, a 6% increase compared to $75.4 million for the same period last year;
-- Income from operations of $9.7 million, a 38% increase compared to $7.0 million for the same period last year;
-- Net income of $5.9 million, a 36% increase compared to $4.3 million for the same period last year; and
-- Earnings per diluted share increased to $0.09 compared to $0.07 per diluted share for the same period last year.
For the nine-months ended March 31, 2010, total revenue increased 12% to $231.5 million compared to $206.0 million for the same period last year. Income from operations during the nine-month period increased 59% to $27.0 million compared to $17.0 million for the same period last year. Net income for the nine-month period increased 57% to $16.5 million, or $0.27 per diluted share, compared to $10.5 million, or $0.17 per diluted share, for the same period last year.
Continucare's cash and cash equivalents increased to $32.8 million at March 31, 2010 compared to $13.9 million at June 30, 2009, while working capital increased to $42.8 million at March 31, 2010 compared to $25.5 million at June 30, 2009. Total liabilities were $15.9 million at March 31, 2010 compared to $14.1 million at June 30, 2009. Shareholders' equity was $130.0 million at March 31, 2010 compared to $111.2 million at June 30, 2009.
"We are extremely pleased with our third quarter performance which represents our 12th consecutive quarter of year-over-year improvement," said Richard C. Pfenniger, Jr., Continucare's Chairman and Chief Executive Officer. "Record revenues and improved utilization outcomes yielded an improved medical loss ratio and increased operating profits. Continued strong operating results further strengthened our financial position as evidenced by our quarter-end cash and working capital positions which were at record levels and our balance sheet which remained virtually free of long-term indebtedness."
About Continucare Corporation
Continucare provides primary care physician services on an outpatient basis through a network of medical facilities and independent physician affiliates (IPAs) in the State of Florida. Continucare has 18 medical offices equipped with state-of-the-practice technology and staffed with experienced physicians and a comprehensive support staff. In addition, Continucare provides health practice management services to IPAs who practice primary care medicine in South Florida. Continucare assists these physicians with medical utilization and pharmacy management and specialist network development, freeing them to devote more time to patient care. Also, through its subsidiary, Seredor Corporation, Continucare operates sleep diagnostic centers in seven states. For more information on Continucare please visit , and for more information on Seredor please visit .
Except for historical matters contained herein, statements made in this press release are forward-looking and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors and others are cautioned that forward-looking statements are subject to risks and uncertainties that may affect our business and prospects and cause our actual results to differ materially from those set forth in the forward-looking statements including the following: our operations are dependent on three health maintenance organizations; under our most important contracts we are responsible for the cost of medical services to our patients in return for a capitated fee; our revenues will be affected by the Medicare Risk Adjustment program; if we are unable to manage medical benefits expense effectively, our profitability will likely be reduced; a failure to estimate incurred but not reported medical benefits expense accurately will affect our profitability; we compete with many health care providers for patients and HMO affiliations; we may not be able to successfully recruit or retain existing relationships with qualified physicians and medical professionals; our business exposes us to the risk of medical malpractice lawsuits; we primarily operate in Florida; a significant portion of our voting power is concentrated; we are dependent on our executive officers and other key employees; we depend on the management information systems of our affiliated HMOs; we depend on our information processing systems; the volatility of our stock price; a failure to successfully implement our business strategy could materially and adversely affect our operations and growth opportunities; our intangible assets represent a substantial portion of our total assets; competition for acquisition targets and acquisition financing and other factors may impede our ability to acquire other businesses and may inhibit our growth; our acquisitions could result in integration difficulties, unexpected expenses, diversion of management's attention and other negative consequences; enacted health care reform could adversely affect our business; a decrease to our Medicare capitation payments may have a material adverse effect on our results of operations, financial position and cash flows; we are subject to government regulation; the health care industry is subject to continued scrutiny; our insurance coverage may not be adequate, and rising insurance premiums could negatively affect our profitability; deficit spending and economic downturns could negatively impact our results of operations; and many factors that increase health care costs are largely beyond our ability to control. These and other applicable risks, cautionary statements and factors that could cause actual results to differ from our forward-looking statements are included in our most recent annual report on Form 10-K and other filings with the SEC and we urge you to read those documents. We undertake no obligation to update or revise these forward-looking statements to reflect events or circumstances after the date hereof except as required by law.

C ONTINUCARE CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) ASSETS March 31, June 30, 2010 2009 ----------------- -----------------Current assets: Cash and cash equivalents $ 32,778,393 $ 13,895,823 6 - Certificate of deposit 66,418 Due from HMOs, net of a liability for incurred but not reported 1 1 medical claims expense of approximately $23,105,000 and $23,719,000 6,474,615 7,323,599 at March 31, 2010 and June 30, 2009, respectively Prepaid expenses and other current assets 1,682,126 812,970 Deferred income tax assets 140,584 141,420 ----------- ----------- Total current assets 51,742,136 32,173,812Certificates of deposit, restricted - 1,233,653Property and equipment, net 12,519,657 10,489,383Goodwill 74,021,585 73,204,582Intangible assets, net of accumulated amortization of approximately 4 5$4,379,000 and $3,406,000 at March 31, 2010 and June 30, 2009, ,623,274 ,253,666respectivelyDeferred income tax assets 2,869,348 2,795,588Other assets, net 89,614 152,702 ----------- -----------Total assets $ 145,865,614 $ 125,303,386 ====== =========== ====== =========== LIABILITIES AND SHAREHOLDERS' EQUITYCurrent liabilities: Accounts payable $ 868,379 $ 652,305 Accrued expenses and other current liabilities 6,973,009 4,455,675 Income taxes payable 1,084,566 1,575,511 ----------- -----------Total current liabilities 8,925,954 6,683,491Deferred income tax liabilities 6,714,894 6,435,732Other liabilities 217,969 981,640 ----------- ----------- Total liabilities 15,858,817 14,100,863Commitments and contingenciesShareholders' equity: Common stock, $0.0001 par value: 100,000,000 shares authorized; 6 5 60,077,299 shares issued and outstanding at March 31, 2010 and ,008 ,939 59,391,049 shares issued and outstanding at June 30, 2009 Additional paid-in capital 107,517,094 105,210,519 Accumulated earnings 22,483,695 5,986,065 ----------- ----------- Total shareholders' equity 130,006,797 111,202,523 ----------- ----------- Total liabilities and shareholders' equity $ 145,865,614 $ 125,303,386 ====== =========== ====== ===========

C ONTINUCARE CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) Three Months Ended March 31, ---------------------------------- 2010 2009 -------------------- --------------------Revenue $ 80,274,545 $ 75,395,799Operating expenses: Medical services: Medical claims 52,081,382 53,217,866 Other direct costs 8,052,068 7,232,634 ---------- ---------- Total medical services 60,133,450 60,450,500 ---------- ---------- Administrative payroll and employee benefits 5,208,903 3,539,646 General and administrative 5,194,384 4,364,000 ---------- ---------- Total operating expenses 70,536,737 68,354,146 ---------- ----------Income from operations 9,737,808 7,041,653Other income (expense): Interest income 13,509 27,843 Interest expense (104,614 ) (9,087 ) ---------- - ---------- -Income before income tax provision 9,646,703 7,060,409Income tax provision 3,746,092 2,733,906 ---------- ----------Net income $ 5,900,611 $ 4,326,503 ====== ========== ====== ==========Net income per common share: Basic $ .10 $ .07 ====== ========== ====== ========== Diluted $ .09 $ .07 ====== ========== ====== ==========Weighted average common shares outstanding: Basic 59,984,393 59,904,532 ========== ========== Diluted 62,186,634 60,848,054 ========== ==========

C ONTINUCARE CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) Nine Months Ended March 31, ------------------------------------ 2010 2009 --------------------- ---------------------Revenue $ 231,503,010 $ 206,000,328Operating expenses: Medical services: Medical claims 155,062,089 145,683,860 Other direct costs 23,425,011 21,534,562 ----------- ----------- Total medical services 178,487,100 167,218,422 ----------- ----------- Administrative payroll and employee benefits 12,260,742 9,393,652 General and administrative 13,771,529 12,410,761 ----------- ----------- Total operating expenses 204,519,371 189,022,835 ----------- -----------Income from operations 26,983,639 16,977,493Other income (expense): Interest income 46,692 151,634 Interest expense (111,120 ) (17,184 ) ----------- - ----------- -Income before income tax provision 26,919,211 17,111,943Income tax provision 10,421,581 6,629,498 ----------- -----------Net income $ 16,497,630 $ 10,482,445 ====== =========== ====== ===========Net income per common share: Basic $ .28 $ .17 ====== =========== ====== =========== Diluted $ .27 $ .17 ====== =========== ====== ===========Weighted average common shares outstanding: Basic 59,657,867 62,059,381 =========== =========== Diluted 61,531,035 63,119,454 =========== ===========

C ONTINUCARE CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) Nine Months Ended March 31, ----------------------------------- 2010 2009 -------------------- ---------------------CASH FLOWS FROM OPERATING ACTIVITIES Net income $ 16,497,630 $ 10,482,445 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 2,114,468 1,660,956 Loss on disposal of fixed assets 10,946 64,586 Loss on impairment of fixed assets 96,000 - Compensation expense related to issuance of stock options 1,125,443 908,954 Excess tax benefits related to exercise of stock options (336,288 ) - Deferred income tax expense 206,238 (161,856 ) Changes in operating assets and liabilities: Due from HMOs, net 848,984 1,153,491 Prepaid expenses and other current assets (253,450 ) (148,336 ) Other assets, net 79,498 93,555 Accounts payable 205,799 498,004 Accrued expenses and other current liabilities 1,209,457 (1,079,590 ) Income taxes payable (154,657 ) (188,646 ) ---------- - ----------- -Net cash provided by operating activities 21,650,068 13,283,563CASH FLOWS FROM INVESTING ACTIVITIES Proceeds from sales of certificates of deposit 575,603 - Purchase of certificates of deposit (8,368 ) (19,888 ) Acquisition of sleep diagnostic centers, net of cash acquired (1,592,346 ) - Purchase of property and equipment (2,672,866 ) (2,161,231 ) ---------- - ----------- -Net cash used in investing activities (3,697,977 ) (2,181,119 )CASH FLOWS FROM FINANCING ACTIVITIES Principal repayments under capital lease obligations (250,722 ) (83,092 ) Proceeds from exercise of stock options 844,913 10,625 Excess tax benefits related to exercise of stock options 336,288 - Repurchase of common stock - (10,608,315 ) ---------- ----------- -Net cash provided by (used in) financing activities 930,479 (10,680,782 ) ---------- ----------- -Net increase in cash and cash equivalents 18,882,570 421,662Cash and cash equivalents at beginning of period 13,895,823 9,905,740 ---------- -----------Cash and cash equivalents at end of period $ 32,778,393 $ 10,327,402 ====== ========== ====== ===========SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCINGACTIVITIES: Purchase of property and equipment with proceeds of capital lease $ 222,172 $ 103,667 obligations ====== ========== = ====== =========== = Retirement of treasury stock $ - $ 10,608,315 ====== ========== ====== ===========SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: Cash paid for taxes $ 10,370,000 $ 6,980,000 ====== ========== ====== =========== Cash paid for interest $ 14,120 $ 12,184 ====== ========== ====== ===========

SOURCE: Continucare Corporation

Continucare Corporation Fernando L. Fernandez, Senior Vice President -- Finance, 305-500-2105

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