Uncategorized
Reed’s Inc. (REED) and Jones Soda Co. (JSDA) Enter Into Letter of Intent Regarding Potential Merger
Mar. 9, 2010 (Business Wire) — Reed’s, Inc. (NASDAQ:REED), maker of top-selling sodas in natural food stores nationwide, and Jones Soda Co. (NASDAQ: JSDA), a leader in the premium soda category and known for its unique branding and innovative marketing, announced today that the two companies have entered into a Letter of Intent (LOI) regarding a merger, with Reed’s as the surviving company. The combination would unite a number of leading premium soda brands, such as Reed’s Ginger Brew, Virgil’s, and Jones Soda. The proposed merger would also provide the two companies with the opportunity to realize the potential benefits of increased size and scale, as well as cost efficiencies in several aspects of the combined business, including administration, operations, and customer interface. The strength of the Reed’s portfolio in the direct selling channel combined with Jones Soda’s strong national distributor structure allows for future growth opportunities for each company’s brands across these channels.
The non-binding provisions of the LOI contemplate a merger transaction in which Reed’s would acquire Jones Soda for a combination of cash and Reed’s common stock. The shareholders of Jones Soda would receive an aggregate of 4.5 million shares of Reed’s common stock (or approximately 0.17 of a share of Reed’s common stock per share of Jones Soda common stock based on current Jones Soda shares outstanding) and cash of $0.10 per share of Jones Soda common stock (or an aggregate of approximately $2.56 million based on current shares outstanding). There is no financing contingency as Reed’s would use its best efforts to secure the cash portion of the consideration, and if it is unable to secure all or part of this cash, any deficit would instead be paid in additional shares of Reed’s common stock, with the aggregate number of shares equal to the amount of the cash deficit divided by $1.70.
Mr. Chris Reed, Founder, Chairman and CEO of Reed’s stated, “We have watched Jones for years and have been impressed with its innovative marketing programs, strong brand recognition, and loyal customer following. I am confident that our portfolio of brands will benefit from Jones Soda’s marketing savvy as well as its organization’s deep mainstream distribution relationships. At the same time, we believe our strong infrastructure and operational capabilities will help drive important efficiencies through Jones Soda’s supply chain. With minimal customer and demographic overlap between our combined brands, we believe this transaction also provides us with compelling merchandising and growth opportunities in the years ahead.”
Jones Soda retained North Point Advisors in February 2009 to assist in evaluating the company’s strategic alternatives. Since that time, Jones has reviewed a broad range of strategic alternatives to enhance shareholder value.
Rick Eiswirth, Chairman of the Board of Jones Soda Co., stated, “Over the past year we have taken numerous steps to reduce our expenses and reinvigorate our top line in order to return to profitability. Unfortunately, the challenging economic environment combined with our current capitalization has made it extremely difficult to operate on a standalone basis. After evaluating a range of strategies aimed at improving our outlook, our Board of Directors determined that the proposed merger with Reed’s offers our shareholders the most compelling long-term benefits of the available alternatives. We believe the combination of Jones and Reed’s will create a substantially larger beverage business with a more powerful operating platform and a brighter future. We are especially pleased that the Jones shareholders will be able to participate in the potential upside of the combined business, as a meaningful portion of the consideration is in the form of Reed’s stock.”
Jones Soda also announced that Joth Ricci will be stepping down as Chief Executive Officer effective April 2, 2010 in order to pursue other business opportunities. Joth Ricci commented, “I have truly enjoyed my time at Jones Soda and I’m pleased with the work our team has done to improve many aspects of our business. Unfortunately, due to the current market conditions, it has taken longer than anticipated to produce the necessary top line results to effectively return to profitability and stem our cash burn. However, I remain confident in the strength of the Jones Soda brand and believe the proposed merger with Reed’s provides Jones Soda an improved platform from which to capitalize on its future prospects and is in the best interests of its shareholders.”
Under the binding provisions of the LOI, Reed’s and Jones Soda have until April 5, 2010 to negotiate a definitive agreement on an exclusive basis. If Jones Soda receives an unsolicited acquisition, financing or other strategic transaction proposal that the Board of Directors of Jones Soda determines is superior to the proposed merger transaction with Reed’s, then Jones Soda may terminate the LOI and reimburse Reed’s for its third party out-of-pocket expenses (not to exceed $75,000).
Since the transaction terms of the LOI are non-binding, they are subject to the negotiation, execution and delivery of a definitive agreement approved by the respective Boards of Directors of each company. Accordingly, the proposed terms of the transaction are subject to change, and there can be no assurance that Reed’s and Jones Soda will enter into a definitive agreement on the terms outlined above, if at all, or that any transaction between the parties will ultimately be consummated. The companies do not intend to disclose developments with respect to negotiation of the definitive agreement until their respective Boards of Directors deem it appropriate.
The transaction would also be subject to approval of the shareholders of both Jones Soda and Reed’s.
About Reed’s, Inc.
Reed’s, Inc. makes top selling sodas in natural food markets nationwide and is currently selling in 10,500 supermarkets in natural foods and mainstream. Its six award-winning non-alcoholic Ginger Brews are unique in the beverage industry, being brewed, not manufactured and using fresh ginger, spices and fruits in a brewing process that predates commercial soft drinks.
In addition, the Company owns a top selling root beer line in natural foods, the Virgil’s Root Beer product line, and a top selling cola line in natural foods, the China Cola product line. Recently, Reed’s added the Sonoma Sparkler brands to its line, a celebration drink with an established customer base. Other product lines include: Reed’s Ginger Candies and Reed’s Ginger Ice Creams.
Reed’s products are sold through specialty gourmet and natural food stores, mainstream supermarket chains, retail stores and restaurants nationwide, and in Canada. For more information about Reed’s, please visit the company’s website at: http://www.reedsgingerbrew.com or call 800-99-REEDS.
Follow Reed’s on Twitter at: http://www.twitter.com/reedsgingerbrew
Reed’s Facebook Fan Page at: http://www.facebook.com/pages/Reeds-Ginger-Brew-and-Virgils-Natural-Sodas/57143529039?ref=nf
Subscribe to Reed’s RSS feed at: http://www.irthcommunications.com/REED_rss.xml
More information can be found at: http://www.irthcommunications.com/clients_REED.php
About Jones Soda Co.
Headquartered in Seattle, Washington, Jones Soda Co. ® markets and distributes premium beverages under the Jones Soda, Jones Pure Cane Soda™, Jones 24C™, Jones GABA®, Jones Organics™, Jones Naturals® and Whoopass Energy Drink® brands and sells through its distribution network in markets primarily across North America. A leader in the premium soda category, Jones is known for its variety of flavors and innovative labeling technique that incorporates always-changing photos sent in from its consumers. Jones Soda is sold through traditional beverage retailers. For more information visit www.jonessoda.com, www.myjones.com, and www.jonesGABA.com.
Additional Information and Where to Find It
If Reed’s and Jones enter into a definitive agreement relating to the proposed merger, Reed’s plans to file with the SEC a Registration Statement on Form S 4 in connection with the transaction, and Jones Soda plans to file with the SEC and mail to its shareholders a Proxy Statement/Prospectus in connection with the transaction. The Registration Statement and the Proxy Statement/Prospectus will contain important information about Reed’s, Jones Soda, the transaction and related matters. Investors and shareholders are urged to read the Registration Statement and the Proxy Statement/Prospectus carefully when they are available. Investors and shareholders will be able to obtain free copies of the Registration Statement and the Proxy Statement/Prospectus and other documents filed with the SEC by Reed’s and Jones Soda through the web site maintained by the SEC at www.sec.gov. In addition, investors and shareholders will be able to obtain free copies of the Registration Statement and the Proxy Statement/Prospectus from Reed’s by contacting Andrew W. Haag at IRTH Communications at (866) 976-4784, or from Jones Soda by contacting Michael O’Brien at (206)-624-3357.
Reed’s and its directors and executive officers, and Jones Soda and its directors and officers, may be deemed to be participants in the solicitation of proxies from the shareholders of Jones Soda in connection with the transaction described herein. Information regarding the special interests of these directors and executive officers in the transaction described herein will be included in the Proxy Statement/Prospectus described above. Additional information regarding the directors and executive officers of Jones Soda is also included in Jones Soda’s annual report on Form 10-K filed with the SEC on March 16, 2009. Additional information regarding the directors and executive officers of Reed’s is also included in Reed’s annual report on Form 10-K filed with the SEC on March 27, 2009, as amended.
Forward-Looking Statements Disclosure
Certain statements in this press release are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, statements regarding the potential future benefits of the proposed merger, including growth opportunities for each company’s brands, the combined company’s ability to realize cost efficiencies, and the ability of Reed’s infrastructure and operational capabilities to drive efficiencies through Jones Soda’s supply chain. Forward-looking statements include all passages containing words such as “aims,” “anticipates,” “becoming,” “believes,” “continue,” “estimates,” “expects,” “future,” “intends,” “plans,” “predicts,” “projects,” “targets,” or “upcoming,” variations of such words, and similar expressions. Forward-looking statements also include any other passages that are primarily relevant to expected future events or that can only be evaluated by events that will occur in the future. Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those anticipated in the forward-looking statements. The risks and uncertainties that may affect forward-looking statements include, among others, the inability of the parties to reach a definitive agreement on the terms outlined in this press release, if all, or to consummate the transaction for any reason, including as a result of the failure to satisfy any condition to closing set forth in the definitive agreement; the inability of the combined business to achieve levels of revenue and cost reductions that are adequate to support its capital and operating requirements, or to generate sufficient cash flow from operations, or to obtain funds through additional financing, to support its business plan; the impact of current and any future adverse economic conditions; the inability of the combined business to establish distribution arrangements with distributors, retailers or national retail accounts, or to maintain relationships with its co-packers or third party brewers, or to maintain a consistent and cost-effective supply of raw materials, or to maintain brand image and product quality, or to protect its intellectual property; the impact of increasing costs of fuel and freight; the impact of competition; and other factors detailed from time to time in Jones Soda’s and Reed’s most recent annual reports on Form 10-K and quarterly reports on Form 10-Q filed with the Securities and Exchange Commission. You should not place undue reliance upon any such forward-looking statements, which are based on management’s beliefs and opinions at the time the statements are made, and neither Jones Soda nor Reed’s undertakes any obligations to update forward-looking statements should circumstances or management’s beliefs or opinions change.
RFM (RFMI) Secures Multi-Year Agreement with a Major Medical Equipment Manufacturer
Mar. 9, 2010 (Business Wire) — RF Monolithics, Inc. (NASDAQ: RFMI) (“RFM”) a leader in machine-to-machine (M2M) wireless communications announced today that it has secured a multi-year agreement with a major medical equipment manufacturer for its ultra-low power short-range radio, the Virtual Wire™ transceiver. The product has taken several years to attain various levels of qualification and is now in volume production. The agreement sets forth the customer’s intent to continue use of this product, in volume, for the next 5 years. The terms of this supply agreement, including the name of the customer, are covered under a confidentiality agreement.
“RFM’s ultra-low power short-range radio, Virtual Wire™, has been designed into various medical devices in recent years. This business, along with our custom modules, specific to medical applications, has driven this market segment to as much as 24% of our total business in recent quarters. There are multiple applications for RFM’s enabling products ranging from diagnostic communication devices to patient monitoring equipment. These applications give us a solid footprint into a rapidly growing wireless market for years to come. We continue to seek additional innovative opportunities as M2M standards emerge in the medical market,” said David M. Kirk, President and CEO of RFM.
These wireless systems, meet Federal Communications Commission (FCC) and Medical Implant Communications Services (MICS) guidelines. The ultra-low power Virtual Wire™ transceiver is an enabling technology. Other medical industry standards, such as the Continua Health Alliance standards and the Wireless Medical Telemetry Standard (WMTS), are also opportunities for RFM’s broad product portfolio.
About RFM
RF Monolithics, Inc., headquartered in Dallas, Texas, is a provider of solutions-driven, technology-enabled wireless connectivity for a broad range of wireless applications—from individual standardized and custom components to modules for comprehensive industrial wireless sensor networks and machine-to-machine (M2M) technology. For more information on RF Monolithics, Inc., please visit the Company’s website at http://www.RFM.com.
About MICS
Medical Implant Communications Service (MICS) is an ultra-low power, unlicensed, mobile radio service for transmitting data in support of diagnostic or therapeutic functions associated with implanted medical devices. The MICS permits individuals and medical practitioners to utilize ultra-low power medical implant devices, such as cardiac pacemakers and defibrillators, without causing interference to other users of the electromagnetic radio spectrum. MICS transmitters may not operate with an effective isotropic radiated power (EIRP) greater than 25 microwatts. MICS transmitter emissions are limited to an authorized bandwidth of 300 kHz and must maintain a frequency stability of +/-100 ppm of the operating frequency. Operations rules and technical regulations applicable to MICS transmitters are found within 47 CFR 95.601-95.673 Subpart E.
About WMTS
The wireless medical telemetry standard (WMTS) was officially adopted by the Federal Communications Commission (FCC) on June 8, 2000. The service rules for the equipment and use of the WMTS include limitations on transmitter output power, out of band emissions, and protection of other services. WMTS designated frequency ranges are 608 to 614 MHz; 1395 to 1400 MHz; and 1429 to 1432 MHz. WMTS generally is the remote monitoring of a patient’s health through radio technology. The use of wireless medical telemetry gives patients greater mobility and increased comfort by freeing them from the need to be connected to hospital equipment that would otherwise be required to monitor their condition. Wireless medical telemetry also serves the goal of reducing health care costs because it permits the remote monitoring of several patients simultaneously. All types of communications except voice and video are permitted on both a bi-directional and unidirectional basis, provided that all communications are related to the provision of medical care.
About Continua
Continua Health Alliance is a non-profit, open industry coalition of health care and technology companies joining together in collaboration to improve the quality of personal health care. With more than 220 member companies around the world, Continua is dedicated to establishing a system of interoperable personal health solutions with the knowledge that extending those solutions into the home fosters independence, empowers individuals and provides the opportunity for personalized health and wellness management.
Forward-Looking Statements
This news release contains forward-looking statements, made pursuant to the Safe Harbor Provision of the Private Securities Litigation Reform Act of 1995, that involve risks and uncertainties. Statements of the plans, objectives, expectations and intentions of RFM and/or its wholly-owned subsidiaries (collectively, the “Company” or “we”) involve risks and uncertainties. Statements containing terms such as “believe,” “expect,” “plan,” “anticipate,” “may” or similar terms are considered to contain uncertainty and are forward-looking statements. Such statements are based on information available to management as of the time of such statements and relate to, among other things, expectations of the business environment in which we operate, projections of future performance, perceived opportunities in the market and statements regarding our mission and vision, future financial and operating results. Such statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions, including risks related to economic conditions as related to our customer base, collection of receivables from customers who may be affected by economic conditions, maintaining favorable terms of sales with customers and suppliers, the highly competitive market in which we operate, rapid changes in technologies that may displace products sold by us, declining prices of products, our reliance on distributors, delays in product development efforts, uncertainty in customer acceptance of our products, changes in our level of sales or profitability, manufacturing and sourcing risks, availability of materials, cost of components for our products, product defects and returns, as well as the other risks detailed from time to time in our SEC reports, including the report on Form 10-K for the year ended August 31, 2009. We do not assume any obligation to update any information contained in this release.
ExlService Holdings, Inc. (EXLS) to Expand Operations in India
NEW YORK and NEW DELHI, March 8 /PRNewswire-FirstCall/ — ExlService Holdings, Inc., a leading provider of outsourcing and transformation services, today announced plans to set up two new delivery centers in Noida and Jaipur in India. These centers will expand EXL’s global services capacity, support new client acquisitions and enable greater flexibility to meet client requirements. It will also strengthen EXL’s ability to provide a stronger business continuity framework.
The new facilities are located in Special Economic Zones (SEZ). The cost and tax structures of SEZ facilities would help sustain EXL’s competitiveness in the global market. With the addition of these two facilities, EXL will have 16 delivery centers and offices spread across ten locations in six countries.
“It is essential for EXL to provide our clients with a world-class infrastructure that meets their multi-shore global delivery requirements. The expanded service delivery will effectively sustain our leadership position while creating new value propositions for our clients,” said Rohit Kapoor, President and Chief Executive Officer of EXL. ”Noida and Jaipur are strategic locations because both these regions offer rich talent pools, robust support infrastructure and are in close proximity to several other EXL delivery centers.”
The new Noida facility will have a capacity of over 800 seats spread over 100,000 square feet in the first phase and another 1400 spread over 120,000 square feet in the second phase. The first phase is expected to be operational in the third quarter of 2010. Noida is currently home to six delivery centers of EXL.
The Jaipur facility will be EXL’s first center in a tier two Indian location. Jaipur is located approximately 250 kilometers from New Delhi. It is an attractive location due to lower operating costs and ease of access to a qualified talent pool. This facility will have a capacity of approximately 500 seats spread over 38,000 square feet and is expected to be operational in the second quarter of 2010. EXL will focus on providing finance and accounting and transaction processing services from this facility.
About ExlService Holdings, Inc.
ExlService Holdings, Inc. (Nasdaq: EXLS) is a leading provider of outsourcing and transformation services. EXL’s outsourcing services include a full spectrum of business process outsourcing services from offshore delivery centers requiring ongoing process management skills. Transformation services enable continuous improvement of client processes by bringing together EXL’s capabilities in decision analytics, risk and financial management and operations and process excellence services. Headquartered in New York, EXL primarily serves the needs of Global 1000 companies in the insurance, utilities, financial services, transportation and travel sectors. Find additional information about EXL at www.exlservice.com.
This press release contains forward-looking statements. You should not place undue reliance on those statements because they are subject to numerous uncertainties and factors relating to the Company’s operations and business environment, all of which are difficult to predict and many of which are beyond the Company’s control. Forward-looking statements include information concerning the Company’s possible or assumed future results of operations, including descriptions of its business strategy. These statements may include words such as “may,” “will,” “should,” “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate” or similar expressions. These statements are based on assumptions that we have made in light of management’s experience in the industry as well as its perceptions of historical trends, current conditions, expected future developments and other factors it believes are appropriate under the circumstances. You should understand that these statements are not guarantees of performance or results. They involve known and unknown risks, uncertainties and assumptions. Although the Company believes that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect the Company’s actual financial results or results of operations and could cause actual results to differ materially from those in the forward-looking statements. These factors are discussed in more details in the Company’s filings with the Securities and Exchange Commission, including the Company’s Annual Report on Form 10-K for the year ended December 31, 2008. These risks could cause actual results to differ materially from those implied by forward-looking statements in this release.
You should keep in mind that any forward-looking statement made herein, or elsewhere, speaks only as of the date on which it is made. New risks and uncertainties come up from time to time, and it is impossible to predict these events or how they may affect the Company. The Company has no obligation to update any forward-looking statements after the date hereof, except as required by federal securities laws.
BioSpecifics Technologies Corp. (BSTC) Announces Availability of XIAFLEX(TM)
LYNBROOK, N.Y., March 8 /PRNewswire-FirstCall/ — BioSpecifics Technologies Corp. (Nasdaq: BSTC), a biopharmaceutical company developing first in class collagenase-based products, today announced that XIAFLEX™ is now available in the U.S. by prescription, for the treatment of adult Dupuytren’s contracture patients with a palpable cord. Dupuytren’s contracture is a debilitating disease resulting from excessive collagen deposition that causes contractures of the fingers.
“We’re excited that XIAFLEX is now available to Dupuytren’s contracture patients after many years of hard work,” said Thomas Wegman, President of BioSpecifics. “In addition our shareholders will benefit as we begin to receive royalties, as well as a markup on cost of goods sold and other payments. We look forward to XIAFLEX’s future success.”
The Company’s partner, Auxilium Pharmaceuticals Inc., announced earlier today that the Company has established a distribution system that will allow health care providers to access XIAFLEX in an office setting through specialty distributors and specialty pharmacies or, in the institutional setting, through selected wholesalers. Physicians can receive XIAFLEX after they have undergone training on XIAFLEX, and enrolled themselves and their site of care in the distribution network.
About BioSpecifics Technologies Corp.
BioSpecifics Technologies Corp. is a biopharmaceutical company that has developed injectable collagenase for eleven clinical indications, three of which include: Dupuytren’s contracture, Peyronie’s disease, and frozen shoulder (adhesive capsulitis). Its strategic partner Auxilium has announced the approval of XIAFLEX by the FDA in the U.S. for the treatment of Dupuytren’s contracture. Pfizer, Inc. is responsible for marketing XIAFLEX in Europe. More information about the company may be found on its website at www.biospecifics.com.
Forward-Looking Statements
This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements, other than statements of historical fact, including statements regarding the company’s strategy, future operations, future financial position, future revenues, projected costs, prospects, plans and objectives of management, its expected revenue growth, and any other statements containing the words “believes”, “expects”, “anticipates”, “plans”, “estimates” and similar expressions, are forward-looking statements. There are a number of important factors that could cause its actual results to differ materially from those indicated by such forward-looking statements, including the ability of its partner Auxilium to achieve a successful launch of XIAFLEX for Dupuytren’s in the United States, obtain regulatory approval of XIAFLEX™ in the United States for Peyronie’s disease and the ability of Pfizer to obtain regulatory approval of XIAFLEX™ in its territory for Dupuytren’s contracture and Peyronie’s disease, which will determine the amount of milestone, royalty and sublicense income payments it may receive; the amount of earn out payments it may receive from DFB Biotech Inc. and its affiliates; whether Auxilium exercises its option under the Company’s license and development agreement for additional indications; the potential benefits of its existing license and development agreements; its estimates regarding expenses, future revenue, capital requirements and needs for additional financing; and other factors identified in the Company’s Form 10-K for the year ended December 31, 2008 and the Form 10-Q for the quarter ended September 30, 2009 and any subsequent reports filed with the SEC. The Company disclaims any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this press release.
Ballard (BLDP) to Receive DOE Funding to Advance Non-Automotive Fuel Cell Commercialization
Mar. 8, 2010 (PR Newswire) –
- $6.2 million in funding to Ballard for fuel cell research and
development projects
- Ballard will collaborate with leading U.S. technology partners
- Projects will focus on fuel cell durability and cost to enable
widespread commercialization of fuel cells for diverse applications
VANCOUVER, March 8 /PRNewswire-FirstCall/ – Ballard Power Systems (TSX: BLD; NASDAQ: BLDP) announced today that it has $6.2 million in project funding from the U.S. Department of Energy (DOE) under contract over a four year period. Ballard Material Products, a U.S. subsidiary of Ballard Power Systems, was awarded $4.1 million as prime for a contract that will focus on improvements in fuel cell durability and cost. Additionally, Ballard will be sub-contractor to leading U.S. technology organizations for several other fuel cell research and development projects funded by the DOE.
“We are excited to be working with a technology leader such as Ballard Power Systems,” said Dr. Rod Borup, Fuel Cell Program Manager, Institute for Hydrogen and Fuel Cell Research at Los Alamos National Laboratory, one of Ballard’s project partners. “This is important work in support of the DOE goal to move fuel cell technology closer to large scale commercialization. Our collaborations with Ballard are in the areas of understanding and improving fuel cell durability and reducing technology cost, which are the primary enablers to rapid market adoption of fuel cell systems.”
Over eighty percent of the announced DOE funding has been allocated to projects aimed at increased durability and cost reduction, with the remaining funds focused on water management modeling. The project for which Ballard Material Products will be prime is meant to improve the understanding of fuel cell materials and components degradation, leading to recommended mitigation strategies to facilitate further commercialization. Resulting advancements will facilitate commercialization of fuel cells for a range of applications, including stationary power generation.
In addition to Los Alamos National Laboratory, Ballard will be partnering with other leading U.S. technology organizations, including Lawrence Berkeley National Laboratory, Sandia National Laboratory, Georgia Institute of Technology, Michigan Technical University, University of Hawaii at Manoa and University of New Mexico.
“The receipt of significant funding from the DOE clearly demonstrates the Department of Energy’s interest in fuel cell market adoption,” said Dr. Christopher Guzy, Chief Technology Officer at Ballard Power Systems. “This funding is completely aligned with Ballard’s plans to continue investing in strategic enhancements of non-automotive fuel cell products.”
About Ballard Power Systems
Ballard Power Systems (TSX: BLD; NASDAQ: BLDP) provides clean energy fuel cell products enabling optimized power systems for a range of applications. To learn more about Ballard, please visit www.ballard.com.
CONTACT: Investor Relations: Lori Rozali, (604) 412-3195, investors@ballard.com; Public Relations: Guy McAree, (604) 412-7919, media@ballard.com
Xyratex Ltd. (XRTX) Reports Preliminary Results for the First Quarter Fiscal Year 2010
HAVANT, United Kingdom, March 8 /PRNewswire-FirstCall/ — Xyratex Ltd (Nasdaq: XRTX), a leading provider of enterprise class data storage subsystems and storage process technology, today announced preliminary results for its fiscal 2010 first quarter, which ended February 28, 2010.
Xyratex expects to report revenues for the first quarter of fiscal 2010 in the range of $313 to $318 million. This compares to the Company’s guidance of revenues between $245 and $285 million.
Xyratex expects GAAP earnings per diluted share for the first quarter of fiscal 2010 to be in the range of $0.77 to $0.87. This compares to guidance of between $0.24 and $0.52.
“We have continued to see an improvement in demand in both our businesses and across all of our major customers. The actions we undertook with regard to the supply chain have helped mitigate the component constraints that impacted our fourth quarter revenue within our Networked Storage Solutions (”NSS”) business. Our upside in revenue this quarter is primarily attributable to the NSS business and reflects the shipment of fourth quarter backlog as well as incremental demand during the quarter,” said Steve Barber, CEO of Xyratex. “We are confident that the fundamentals within the markets we serve will continue to improve into our second quarter.”
Conference Call/Webcast Information
The company will report final fiscal first quarter results on Wednesday, March 31, 2010, and will host a conference call to discuss the results at 1:30 p.m. PT/4:30 p.m. ET on that day.
The conference call can be accessed online via the company's
website www.xyratex.com/investors, or by telephone as follows:
United States (866) 700-6293
Outside the United States (617) 213-8835
Passcode 21461915
A replay will be available via the company's website
www.xyratex.com/investors, or can be accessed by telephone
through April 7, 2010 as follows:
United States (888) 286-8010
Outside the United States (617) 801-6888
Passcode 58870632
Safe Harbor Statement
This press release contains forward-looking statements. These statements relate to future events or our future financial performance, including our projected revenue and fully diluted earnings per share data (on a GAAP basis) for the first quarter. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to differ materially from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Factors that might cause such a difference include our inability to compete successfully in the competitive and rapidly changing marketplace in which we operate, failure to retain key employees, changes in our customers volume requirements, cancellation or delay of projects and adverse general economic conditions in the United States and internationally. These risks and other factors include those listed under “Risk Factors” and elsewhere in our Annual Report on Form 20-F as filed with the Securities and Exchange Commission (File No. 000-50799). In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential,” “continue,” or the negative of these terms or other comparable terminology. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements.
About Xyratex
Xyratex is a leading provider of enterprise class data storage subsystems and storage process technology. The company designs and manufactures enabling technology that provides OEM and disk drive manufacturers with data storage products to support high-performance storage and data communication networks. Xyratex has over 25 years of experience in research and development relating to disk drives, storage systems and high-speed communication protocols.
Founded in 1994 in an MBO from IBM, and with headquarters in the UK, Xyratex has an established global base with R&D and operational facilities in Europe, the United States and South East Asia.
Travelzoo (TZOO) to Present at Wedbush Securities 8th Annual New York Management Access Conference
Mar. 8, 2010 (Business Wire) — Travelzoo Inc. (NASDAQ: TZOO), a global Internet media company, will present at the Wedbush Securities 8th Annual New York Management Access Conference on Wednesday, March 10, 2010. Travelzoo Chief Executive Officer Holger Bartel is scheduled to present at 2:45 PM ET. The conference is being held at the Le Parker Meridien Hotel in New York City. Attendance to the conference is by invitation only.
About Travelzoo
Travelzoo is a global Internet media company. With more than 18 million subscribers in North America, Europe, and Asia Pacific and 20 offices worldwide, Travelzoo® publishes deals from more than 2,000 travel and entertainment companies. Travelzoo’s deal experts review offers to find the best deals and confirm their true value. In Asia Pacific, Travelzoo is independently owned and operated by Travelzoo (Asia) Ltd. and Travelzoo Japan K.K. under a license agreement with Travelzoo Inc.
Certain statements contained in this press release that are not historical facts may be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities and Exchange Act of 1934. These forward-looking statements may include, but are not limited to, statements about our plans, objectives, expectations, prospects and intentions, markets in which we participate and other statements contained in this press release that are not historical facts. When used in this press release, the words “expect”, “predict”, “project”, “anticipate”, “believe”, “estimate”, “intend”, “plan”, “seek” and similar expressions are generally intended to identify forward-looking statements. Because these forward-looking statements involve risks and uncertainties, there are important factors that could cause actual results to differ materially from those expressed or implied by these forward-looking statements, including changes in our plans, objectives, expectations, prospects and intentions and other factors discussed in our filings with the SEC. We cannot guarantee any future levels of activity, performance or achievements. Travelzoo undertakes no obligation to update forward-looking statements to reflect events or circumstances occurring after the date of this press release. Travelzoo and Top 20 are registered trademarks of Travelzoo. All other names are trademarks and/or registered trademarks of their respective owners.
Identive Group (INVE) Announces Fourth Quarter 2009 and Year End Results
SANTA ANA, Calif. and ISMANING, Germany, March 5 /PRNewswire-FirstCall/ — SCM Microsystems, Inc. d.b.a. Identive Group (Nasdaq: INVE; Frankfurt Stock Exchange: INV), a provider of products, services and solutions for the security, identification and RFID industries, today announced final results for its 2009 fiscal fourth quarter (Q4) and year (FY).
Q4 2009 Results
On April 30, 2009, the Company completed its merger with Hirsch Electronics Corporation, and the Company’s financial results have included operating results for the Hirsch subsidiary since the date of acquisition. All figures are reported in accordance with U.S. GAAP.
Revenue in Q4 2009 was $11.9 million, in line with the estimate provided on January 21, 2010 and up 32% from $9.0 million in Q4 2008. The increase in Q4 2009 revenues was due to the inclusion of revenue from the Hirsch business unit, partially offset by lower revenues from the SCM smart card reader and digital media reader businesses.
Gross profit margin was 37% in Q4 2009, compared with 46% in the Q4 2008, as a result of a $0.8 million write-off of inventory related to terminals for the stalled German eHealth program, as the government authorities in Germany have indefinitely halted broad implementation of the project.
Operating expenses were $11.3 million in Q4 2009, up 111% from $5.4 million in Q4 2008. The increase primarily was due to the inclusion of operating expenses relating to the Hirsch business, as well as $1.3 million in transaction costs primarily related to the acquisition of Bluehill ID, which were above the estimate of $1.0 million provided on January 21, 2010. Operating loss was $(6.9) million in Q4 2009, compared with operating loss of $(1.2) million in Q4 2008.
Loss from continuing operations in Q4 2009 was $(8.5) million, or $(0.34) per share, compared with loss from continuing operations of $(3.7) million, or $(0.23) per share in Q4 2008. Included in Q4 2009 is a $1.4 million impairment charge related to the write off of equity investments related to the Company’s investment in TranZfinity, Inc. and a related impairment charge of $0.6 million for the exclusivity fees paid to TranZfinity, which was recorded as an intangible asset in the consolidated balance sheet.
Cash and cash equivalents at the end of Q4 2009 were $4.8 million, down from $6.2 million at the end of the previous quarter.
FY 2009 Full Year Results
Total revenue was $41.3 million in FY 2009, in line with the estimate provided January 21, 2010 and up 46% compared with $28.4 million in FY 2008. The increase in FY 2009 revenues was due to the inclusion of eight months of revenue from the Hirsch business unit, partially offset by lower revenues from the SCM smart card reader and digital media reader businesses.
Gross profit margin in FY 2009 was 45% of revenue, compared to gross profit margin of 44% in FY 2008. During FY 2009, gross profit margin was positively impacted by the inclusion of sales of higher-margin Hirsch products in the second, third and fourth quarters, offset by the Q4 2009 inventory write-off described above.
Operating expenses were $32.0 million in FY 2009, up 59% compared with operating expenses of $20.1 million in FY 2008, primarily due to transaction costs and the addition of eight months of expenses for the Hirsch business in FY 2009. Operating loss was $(13.5) million in FY 2009, compared with ($7.6) million in FY 2008.
The Company reported a loss from continuing operations in FY 2009 of $(14.6) million, compared with a loss from continuing operations of $(10.5) million in FY 2008.
“The 2009 merger with Hirsch Electronics was a true transformation for SCM, moving the Company into a leadership position in the area of convergence of physical and logical access control. With the January 2010 business combination with Bluehill ID, we now have the critical components with which to begin to build the signature company in the secure ID market,” said Ayman S. Ashour, CEO and Chairman of Identive. “Our focus now is on vigorous cost reduction to bring down the inflated overhead costs of the Company and to stabilize our financial base. Going forward, we aim to capitalize on our unique position in the market with strong organic growth and continued execution of our acquisition strategy in a more economic manner that reduces the historically high transaction costs. Ultimately, the executive management and the Board are committed to completing the transformation of the company into profit driven growth that delivers value to our stakeholders.”
About Identive Group
Identive Group (Nasdaq: INVE; Frankfurt Stock Exchange: INV) is an international technology group focused on building the world’s signature company in secure identification-based technologies. Through its group of recognized brands, Identive provides leading-edge products and solutions in the areas of physical and logical access control, identity management and RFID systems to governments, commercial and industrial enterprises and consumers. The organization’s growth model is based on a combination of disciplined acquisitive development and strong technology-driven organic growth from its member companies. For additional info visit: www.identive-group.com
NOTE: This press 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. These include, without limitation, the statements by Ayman S. Ashour, including statements about our focus on cost reduction to reduce our expense overhead, reducing the transaction costs of acquisitions, achieving strong organic growth, achieving profit driven growth and building the signature company in secure ID. These statements are based on current expectations or beliefs, as well as a number of assumptions about future events that are subject to risks and uncertainties that may cause actual results to differ materially from those contemplated herein. Our financial results may not meet expectations, we may not become profitable and we may not be successful in our strategy of pursuing both organic and acquisitive growth. Readers should not unduly rely on these forward-looking statements, which are not a guarantee of future performance and are subject to a number of risks and uncertainties, many of which are outside our control, that could cause our actual business and operating results to differ, including, but not limited to, our ability to successfully integrate the Bluehill ID business into ours; our ability to effect significant reductions in our expense base; we may not be able to reduce the transaction costs associated with mergers and acquisitions; our ability to grow the Company based on a strategy of providing products, components and services for the identification systems value chain; our ability to complete additional acquisitions that add to the value of our Company; our ability to complete transactions for mergers and acquisitions at a lower cost than in the past; our ability to grow market share and revenues based on participation in early stage markets for contactless products; our ability to successfully develop and introduce new products that satisfy the evolving and increasingly complex requirements of customers; the markets in which we participate or target may not grow, converge or standardize at anticipated rates or at all, including the identification and identity markets that we are targeting; and we may not successfully compete in the markets in which we participate or target. For a discussion of further risks and uncertainties related to our business, please refer to our public company reports, including our Annual Report on Form 10-K for the year ended December 31, 2008 and subsequent reports filed with the U.S. Securities and Exchange Commission.
|
All trade names are trademarks or registered trademarks of their respective holders. |
|
|
– FINANCIALS FOLLOW – |
|
SCM MICROSYSTEMS, INC. d.b.a. IDENTIVE GROUP
Condensed Consolidated Statements of Operations
(In thousands, except per share data)
(unaudited)
Three months ended Twelve months ended
December 31, December 31,
------------ ------------
2009 2008 2009 2008
---- ---- ---- ----
Revenues $11,865 $8,985 $41,315 $28,362
Cost of revenues 7,432 4,856 22,804 15,817
----- ----- ------ ------
Gross profit 4,433 4,129 18,511 12,545
----- ----- ------ ------
Operating expenses:
Research and development 1,286 844 5,062 3,902
Sales and marketing 4,949 2,611 15,584 9,620
General and administrative 4,426 3,356 12,091 8,075
Impairment of intangibles 647 - 647 -
Gain on sale of assets - (1,455) (1,417) (1,455)
--- ------ ------ ------
Total operating expenses 11,308 5,356 31,967 20,142
------ ----- ------ ------
Income (loss) from operations (6,875) (1,227) (13,456) (7,597)
Loss and impairment on equity
investments (1,449) (256) (2,244) (256)
Interest and other, net (406) (1,588) (411) (1,881)
---- ------ ---- ------
Loss from continuing operations
before income taxes (8,730) (3,071) (16,111) (9,734)
Benefit (provision) for income
taxes 242 (601) 1,549 (752)
--- ---- ----- ----
Loss from continuing
operations (8,488) (3,672) (14,562) (10,486)
Gain (loss) from
discontinued operations 36 (486) 226 (213)
Gain (loss) on sale of
discontinued operations 41 36 157 589
--- --- --- ---
Net loss $(8,411) $(4,122) $(14,179) $(10,110)
======= ======= ======== ========
Loss per share from continuing
operations:
Basic and diluted $(0.34) $(0.23) $(0.66) $(0.66)
Gain (loss) per share from
discontinued operations:
Basic and diluted $0.00 $(0.03) $0.02 $0.02
----- ------ ----- -----
Net loss per share:
Basic and diluted $(0.34) $(0.26) $(0.64) $(0.64)
------ ------ ------ ------
Shares used in computing loss
per share:
Basic and diluted 25,135 15,744 22,013 15,743
----------------- ------ ------ ------ ------
Note: Financial results contained in this release reflect continuing
operations of the Company's Security and Identity Products and Digital
Media and Connectivity businesses only. The Company completed the sale of
its Digital TV solutions business in May 2006; therefore, financial
results for the Digital TV solutions business are being accounted for as
discontinued operations.
SCM MICROSYSTEMS, INC. d.b.a. IDENTIVE GROUP
Condensed Consolidated Balance Sheets
(in thousands)
December 31, December 31,
ASSETS 2009 2008
------ ---- ----
Current assets:
Cash and cash equivalents $4,836 $20,550
Accounts receivable, net 6,739 8,665
Inventories, net 5,379 5,065
Other current assets 1,921 1,139
----- -----
Total current assets 18,875 35,419
Equity investments - 2,244
Property, equipment and other assets, net 1,719 3,168
Goodwill 21,895 -
Intangibles, net 22,082 307
------ ---
Total assets $64,571 $41,138
======= =======
LIABILITIES AND STOCKHOLDERS' EQUITY
------------------------------------
Current liabilities:
Accounts payable $5,530 $3,555
Accrued expenses and other current liabilities 9,231 7,933
----- -----
Total current liabilities 14,761 11,488
Long-term income taxes payable 456 184
Long-term liabilities to related parties 7,899 -
Deferred tax liability 3,515 1,340
Stockholders' equity 37,940 28,126
------ ------
Total liabilities and stockholders'
equity $64,571 $41,138
======= =======
ATS Corporation (ATSC) Announces New Contract Awards Totaling $28.6 million
MCLEAN, Va., March 4 /PRNewswire-FirstCall/ — ATS Corporation (”ATSC” or the “Company”) (NYSE Amex: ATSC), a leading information technology company that delivers innovative technology solutions to government and commercial organizations, today announced that it has been awarded several new and follow-on contracts totaling $28.6 million with the U.S. Nuclear Regulatory Commission (”NRC”), the Federal Housing Finance Agency (”FHFA”) and several large insurance customers.
The new NRC contract totals $21.4 million over a five-year term. With this award, ATSC will continue to support the NRC’s Program Management Methodology (PMM), the major NRC Program Offices, and will maintain the NRC’s Rational Tools Suite.
The new FHFA contract totals $1.4 million over an 18 month term. Under this award, ATSC will support the agency’s efforts to consolidate and modernize its IT infrastructure, which include network design, management and continuity of operations. The FHFA regulates Fannie Mae, Freddie Mac and the 12 Federal Home Loan Banks and was formed in 2008 by the merger of the Office of Federal Housing Enterprise Oversight (”OFHEO”), the Federal Housing Finance Board (”FHFB”) and the U.S. Department of Housing and Urban Development (”HUD”) government-sponsored enterprise (”GSE”) mission team.
ATSC Chairman and Chief Executive Officer Dr. Edward H. Bersoff commented on the two new government awards, “ATSC has been a trusted service provider to the NRC for the past five years. With this new award, we look forward to continuing our relationship and plan on further assisting the NRC in other business areas in the future. ATSC has provided application development and IT support to the predecessor organizations that merged into the FHFA for the last six years. Our longstanding relationship with this customer is a testament to our expertise and ability to provide the tools necessary to support the mission of this recently established organization.”
The Company also received an award totaling $4.5 million over 12 months from a large health insurance provider, representing an extension of our current assignment to provide application development support for the organization’s claims modernization project. The remaining $1.3 million in new awards came from several different property and casualty insurance customers, including Arbella Insurance Group, Minnesota Fair Plan, and Michigan Basic Property Insurance Association. ATSC’s insurance practice leverages its domain expertise to deliver technology solutions that improve the efficiency of business operations.
Bersoff added, “We are very pleased to see our commercial business starting the year with these important wins. Each of these awards represents extension of our current work, demonstrating our strong track record of performance with our customers.”
About ATS Corporation
ATSC is a leading provider of software and systems development, systems integration, infrastructure management and outsourcing, information sharing, training and consulting to the Department of Defense, Federal civilian agencies, public safety and national security customers, as well as commercial enterprises. Headquartered in McLean, Virginia, the Company has more than 600 employees at 10 locations across the country.
Any statements in this press release about future expectations, plans, and prospects for ATSC, including statements about the estimated value of the contract and work to be performed, and other statements containing the words “estimates,” “believes,” “anticipates,” “plans,” “expects,” “will,” and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including: our dependence on our contracts with federal government agencies for the majority of our revenue, our dependence on our GSA schedule contracts and our position as a prime contractor on government-wide acquisition contracts to grow our business, and other factors discussed in our latest annual report on Form 10-K filed with the Securities and Exchange Commission on March 16, 2009, as amended on February 24, 2010. In addition, the forward-looking statements included in this press release represent our views as of March 4, 2010. We anticipate that subsequent events and developments will cause our views to change. However, while we may elect to update these forward-looking statements at some point in the future, we specifically disclaim any obligation to do so. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to March 4, 2010.
Fronteer (FRG) Drilling Returns 1.23 Ounces Per Ton Gold Over 24.8 Feet at Sandman, Nevada
VANCOUVER, BRITISH COLUMBIA–(Marketwire – 03/05/10) – Fronteer (TSX:FRG – News)(AMEX:FRG – News) announces today that drilling by Newmont USA Limited (”Newmont”), a wholly owned subsidiary of Newmont Mining Corporation, has intersected additional bonanza-grade, near-surface oxide gold at Sandman, one of three high-quality Nevada gold projects in Fronteer’s future production platform.
Newmont has provided drill results from six holes at Sandman’s Silica Ridge deposit. Hole NSM-137, starting at a depth of 20 metres, returned:
- 42.28 grams per tonne gold (1.23 ounces per ton) over 7.56 metres (24.8 feet), including 98.24 g/t gold (2.86 oz/ton) over 2.65 metres; and
- 26.52 g/t gold (0.77 oz/ton) over 0.61 metres.
The remaining five holes provided by Newmont all intersected oxide gold mineralization starting within 15 metres of surface, including:
- 1.36 g/t gold (0.04 oz/ton) over 7.25 metres in NSM-125;
- 1.43 g/t gold (0.04 oz/ton) over 11.09 metres, in NSM-130.
Importantly, the high-grade style of gold intersected in NSM-137 is a consistent component of the mineralization at Sandman, reinforcing the high-quality nature of this epithermal system. Specifically, since Newmont began drilling at Sandman in 2008, 24% of all holes (26 out of 110) have returned intercepts of greater than 10 g/t gold over more than 1.0 metres. By way of example, some of these intercepts, which have been previously published, are tabulated below.
--------------------------------------------------------------------
From To Intercept Au
Hole ID (metres) (metres) (metres) Au (g/t) (oz/ton) Ag (g/t)
--------------------------------------------------------------------
NSM-57 24.78 27.13 2.35 139.03 4.06 47.58
--------------------------------------------------------------------
NSM-69 38.01 39.96 1.95 120.75 3.52 20.39
--------------------------------------------------------------------
NSM-142 57.79 61.26 3.47 90.28 2.63 126.54
--------------------------------------------------------------------
NSM-141 47.15 48.34 1.19 86.91 2.53 67.89
--------------------------------------------------------------------
NSM-55 29.60 31.46 1.86 72.36 2.11 48.16
--------------------------------------------------------------------
NSM-147 12.92 13.93 1.01 52.45 1.53 34.11
--------------------------------------------------------------------
NSM-148 31.76 32.77 1.01 50.55 1.47 2,067.45
--------------------------------------------------------------------
NSM-53 32.58 34.53 1.95 65.69 1.92 57.97
--------------------------------------------------------------------
NSM-110 17.86 20.48 2.62 32.14 0.94 42.92
--------------------------------------------------------------------
NSM-44 37.06 38.89 1.83 29.17 0.85 8.68
--------------------------------------------------------------------
NSM-51 118.57 120.64 2.07 28.90 0.84 69.31
--------------------------------------------------------------------
The true width of the mineralized zones is estimated to be
approximately 90% of those stated. Drill composites were calculated
using a cut-off of 2.0 g/t.
For a comprehensive table of new and previously reported drill results, please click (note: due to the length of the URL, you may need to copy and paste it into your internet browser): http://www.fronteergroup.com/sites/files/fronteer_admin/SandmanDrillResults1010.pdf
Results are pending from additional holes from Newmont’s 2009 work-program.
Newmont has met its annual earn-in obligations and has continued to advance the project, completing more than 12,000 metres of drilling since 2008. As part of this year’s program, Newmont is preparing an expanded Plan of Operations for 2010, which will include exploration drilling to test up to eight new targets, ongoing development drilling and additional geotechnical and metallurgical work.
Sandman is within trucking distance to Newmont’s Twin Creeks mine, potentially eliminating the need for a stand-alone milling facility and other significant capital expenditures if the project were to proceed to production.
Northumberland, Sandman and Long Canyon comprise Fronteer’s future production platform based in Nevada. All three gold deposits have high-grade gold starting at- or near-surface, are potentially open-pit mineable and have encouraging production attributes. Fronteer aims to build regional production by advancing these projects sequentially over the near-term, and funding the company’s growth with low-risk of dilution. In the near-term, Fronteer anticipates ongoing deposit growth to add significant gold ounces to its ledger and pending results from a variety of development activities to clearly define the economic strength of the company’s projects.
Drill samples and analytical data for the Sandman project are being collected under the supervision of Newmont, Fronteer’s joint venture partner and project operator, using industry standard QA-QC protocols. Fronteer’s James Ashton P.E., who is the QP responsible for compiling the data contained in this release, has not verified all the data; however, the grades and widths reported here agree well with the Company’s past results on the project and correspondence with the operator and review of portions of the data has given him no reason to doubt their authenticity. The true width of the mineralized zones is estimated by Fronteer to be approximately 90% of those stated. Primary composite intervals stated in this release were calculated using a cut-off of 0.3 g/t Au, 0.5 g/t Au and 2.0 g/t Au for the higher grade internal intervals. No gold values below the 0.30 g/t Au cut-off were included as internal dilution. The lower 0.3 g/t cut off is used to conform with the 43-101 compliant resources previously calculated on the Sandman Project. For further details on Sandman, please view the technical report prepared by Mine Development Associates (”MDA”), as of May 31, 2007, on SEDAR at http://www.sedar.com.
ABOUT FRONTEER
We intend to become a significant gold producer. Our solid financial position and strengthened operational team give us the ability to advance our key gold projects through to production. Our future potential production platform includes our Long Canyon, Sandman and Northumberland projects – all located in Nevada, one of the friendliest gold-mining jurisdictions in the world. For further information on Fronteer visit http://www.fronteergroup.com/.
Except for the statements of historical fact contained herein, certain information presented constitutes “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and Canadian securities laws. Such forward-looking statements, including but not limited to, those with respect to potential expansion of mineralization, potential size of mineralized zone, and size and timing of exploration and development programs, estimated project capital and other project costs and the timing of submission and receipt and availability of regulatory approvals involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievement of Fronteer to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, risks related to international operations and joint ventures, the actual results of current exploration activities, conclusions of economic evaluations, uncertainty in the estimation of mineral resources, changes in project parameters as plans continue to be refined, future prices of uranium, environmental risks and hazards, increased infrastructure and/or operating costs, labour and employment matters, and government regulation and permitting requirements as well as those factors discussed in the section entitled “Risk Factors” in Fronteer’s Annual Information form and Fronteer’s latest Form 40-F on file with the United States Securities and Exchange Commission in Washington, D.C. Although Fronteer has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Fronteer disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, other than as required pursuant to applicable securities laws. Accordingly, readers should not place undue reliance on forward-looking statements.
TraderPower Featured Stocks
Top Small Cap Market News
- Abbott Enhances Pharmaceutical Pipeline with Acquisition of Facet Biotech (FACT)
- FDA Advisory Committee Recommends Approval of InterMune’s (ITMN) Esbriet(R) (pirfenidone)
- Oculus Innovative Sciences (OCLS) Receives First FDA Clearance for Microcyn(R)-Based HydroGel
- Harbin Electric (HRBN) Reports Record Fourth Quarter and Full Year 2009 Results
- Perma-Fix (PESI) Reports Fourth Quarter and 2009 Results