Archive for July, 2010
Chairman Liu of China Marine Food Group (CMFO) Accumulates Shares of Company Stock
SHISHI, China, July 12 /PRNewswire-Asia-FirstCall/ — China Marine Food Group Limited (NYSE Amex: CMFO) (“China Marine” or the “Company”), a manufacturer of Mingxiang(R) seafood-based snack foods, “Hi-Power” marine algae-based beverages and a distributor of frozen marine catch, today reported that its Chairman and CEO, Mr. Pengfei Liu, has purchased a total of 245,500 shares of his own Company’s stock from the open market.
On July 2 and July 8, China Marine filed two separate SEC Form 4 documents detailing Chairman Liu’s share purchases of a total of 245,500 shares between at average of $3.91 and $4.34. SEC Form 4 documents must be filed with the SEC when any 10% or greater shareholder purchases or sells shares. The number of shares and price of shares are detailed on each Form 4 in addition to the name and address of the shareholder. As a result of the Chairman’s purchase of shares, Mr. Liu’s ownership in the Company increased from 41.4% to 42.3%.
“I am very confident in the long-term growth of our Company and firmly believe that our Company’s shares are always an excellent investment,” Pengfei Liu, Chairman and CEO of China Marine stated. “I am confident that equity markets in the US will improve over time while our business will also grow at a very fast rate this year and next. We have forecasted revenues from our seafood snack food business will increase more than 30% in 2010. The organic growth of our snack food segment will be accompanied by meaningful revenues and earnings contributions from our algae-based beverage, ‘Hi-Power’. In the first couple of weeks of July, we have been informed that the pace of our distributors re-orders has continued into the third quarter. Our CFO and I have made a commitment to update our investors on a regular basis and look forward to detailing our upcoming orders for our beverage segment and the expansion of our distributor network in the near future.”
China Marine is presenting at the Global Hunter Securities China Investment Conference held in San Francisco, California July 11-13. After the conference, the management team of China Marine is hosting a series of investors and analysts site visits to the Company’s headquarters and production facilities in Shi Shi. Investors have been encouraged to tour China Marine’s seafood manufacturing lines, their third-party bottling facilities of “Hi-Power” beverages and re-sale locations in Fujian including Wal-Mart store locations, major supermarket chains, and smaller corner-shop locations that comprise the Company’s reported 10,000 plus retail sales network of “Hi-Power” algae-based beverages.
About China Marine
China Marine Food Group Ltd. is a food and beverage manufacturer of Mingxiang(R) seafood-based snack foods, “Hi-Power” marine algae-based health drinks, and a wholesaler of frozen marine catch in seven provinces in the PRC. Founded in 1994, China Marine has grown steadily and positioned its Mingxiang(R) branded products as a category leader in 2,900 retail sales points in the PRC. The Company has received “The Famous Brand” and “Green Food” awards. Located in the Fujian province, it is one of the largest coastal provinces in the PRC and a vital navigation hub between the East China Sea and the South China Sea. The Company is committed to the highest standard of quality control with the ISO9001, ISO14001, HACCP certification and EU export registration.
Forward Looking Statements
This release contains certain “forward-looking statements” relating to the business of China Marine Food Group Limited and its subsidiary companies, which can be identified by the use of forward-looking terminology such as “believes, expects” or similar expressions. Such forward looking statements involve known and unknown risks and uncertainties, including all business uncertainties relating to product development, marketing, concentration in a single customer, raw material costs, market acceptance, future capital requirements, competition in general and other factors that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. Certain of these risks and uncertainties are or will be described in greater detail in our filings with the Securities and Exchange Commission. China Marine Food Group Limited is under no obligation to (and expressly disclaims any such obligation to) update or alter its forward-looking statements whether as a result of new information, future events or otherwise. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.
For more information, please contact:
COMPANY
Marco Hon Wai Ku, CFO
Suite 815, 8th Floor
Ocean Centre, Harbour City
Kowloon, HONG KONG
Tel: +852-2111-8768
Email: marco.ku@china-marine.cn
Web: http://www.china-marine.cn
INVESTOR RELATIONS
John Mattio, SVP
HC International, East Coast
Tel: +1-203-616-5144 (U.S.)
Email: john.mattio@hcinternational.net
Web: http://www.hcinternational.net
China MediaExpress Holdings, Inc. (CCME) Revises Its 2010 Net Income Guidance
FUJIAN, China–(BUSINESS WIRE)–China MediaExpress Holdings, Inc. (NASDAQ GS: CCME) (“CME” or “Company”), China’s largest television advertising operator on inter-city and airport express buses, today announced that based on the latest developments, including the expanded geographic coverage, increased number of inter-city buses, and higher margins from the airport express buses platform, it is revising its 2010 net income guidance.
The revised guidance calls for 2010 net income to be in the range of $82 million to $85 million (on a non-GAAP basis, exclusive of non-cash charges for (i) share based compensation in connection with grants under the Company’s share incentive plan expected to be adopted later in 2010 and (ii) deemed dividends on outstanding convertible preferred shares), compared to the initial 2010 net income guidance of $71 million to $75 million.
Jacky Lam, CME’s Chief Financial Officer stated, “Our revised 2010 net income guidance reflects the continued growth of our business from existing revenue sources, and excludes the impact of any possible acquisitions, additional new buses, new revenue streams and any new investments in other media projects in 2010.
“We expect to continue to benefit from China’s rapid increase in advertising spending – which is projected to remain one of the fastest growing advertising markets in the world – sustained economic growth, and increases in disposable income and domestic consumption. We plan to continue to grow our business organically and we are also actively looking for acquisition opportunities within our core business platform. Furthermore, we are working hard to finalize several new projects which we believe will further enhance CME’s shareholder value. We have sufficient resources to fund our business expansion plans, including internal growth initiatives as well as potential acquisitions.”
About CME
CME, through contractual arrangements with Fujian Fenzhong, an entity majority owned by CME’S former majority shareholder, operates the largest television advertising network on inter-city and airport express buses in China. While CME has no direct equity ownership in Fujian Fenzhong, through the contractual agreements CME receives the economic benefits of Fujian Fenzhong’s operations. Fujian Fenzhong generates revenue by selling advertisements on its network of television displays installed on over 22,700 express buses originating in fifteen of China’s most prosperous regions, including the four municipalities of Beijing, Shanghai, Tianjin and Chongqing and eleven economically prosperous regions, namely Guangdong, Jiangsu, Jiangxi, Fujian, Sichuan, Hebei, Anhui, Hubei, Shandong, Shanxi and Inner Mongolia which generate over half of China’s GDP.
CME is included in the Russell Global Index. For more information visit: www.ccme.tv.
Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 (the “Securities Act”), as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements include, but are not limited to statements regarding expectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements in this report may include, for example, statements about:
- The Company’s goals and strategies;
- The Company’s future prospects and market acceptance of its advertising network;
- The Company’s future business development, financial condition and results of operations;
- Projected changes in revenue, costs, expense items, profits, earnings, and other estimated financial information;
- The Company’s ability to manage the growth of its existing advertising network on inter-city express buses and expansion to prospective advertising network on high speed railways;
- Trends and competition in the out-of-home advertising media market in China;
- Changes in general economic and business conditions in China; and
- Chinese laws, regulation and policies, including those applicable to the advertising industry.
Manhattan Bridge Capital (LOAN) Engages Avalon Group, Ltd. to Explore Strategic Initiatives
NEW YORK, July 12, 2010 (GLOBE NEWSWIRE) — Manhattan Bridge Capital, Inc. (Nasdaq:LOAN – News) (“Manhattan Bridge Capital” or the “Company”), today announces that it has engaged Avalon Group, Ltd., a New York City based investment banking firm, as a financial advisor to explore strategic initiatives including capital formation, business development and growth aimed at enhancing shareholder value.
Assaf Ran, CEO of Manhattan Bridge Capital, said, “We are excited to explore multiple initiatives with our financial advisor, Avalon Group, that will maximize shareholder value.” The strategic initiatives may include operating partnerships and other collaborative arrangements. The exploration of strategic alternatives may not result in any agreement or transaction and, if completed, any agreement or transaction may not be successful or on attractive terms. Manhattan Bridge Capital does not intend to disclose developments with respect to this process unless and until evaluation of strategic alternatives has been completed or it enters into definite agreements for a specific, material transaction.
Ariel Imas, Avalon Group’s Co-President of Capital Markets, said, “Manhattan Bridge Capital is currently trading at a 40% discount to cash and cash equivalents and we look forward to working with management to unlock shareholder value.”
Manhattan Bridge Capital, Inc. provides short term, secured, non-banking, commercial loans to small businesses. We operate the web site: http://www.manhattanbridgecapital.com.
Avalon Group, Ltd. is a leading, boutique investment bank and strategic advisory firm which provides clients the quality and technical expertise of a major investment bank while maintaining the confidential personal service and efficiency of a boutique firm. Avalon’s services include arranging private investments, registered direct offerings, and PIPEs; as well as providing fairness opinions, mergers and acquisitions, restructuring, and strategic advisory services. Since 1992, Avalon has worked with high caliber, committed corporate leaders to expand their businesses, re-capitalize or re-organize firms, sell or purchase divisions, and arrange liquidity events. Our clients have ranged from mid-market, private companies and Fortune 500 companies to multi-national entities and early stage ventures. For more information on Avalon Group and Avalon Securities, its affiliated FINRA, SIPC and SEC registered broker-dealer, please visit www.avalongroupltd.com.
Forward-looking statements in this release are made pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including, without limitation, the risks with marketing of its new on-line software solution, the continued acceptance of the Company’s new and existing products, increased levels of competition, new products introduced by competitors, changes in the rates of subscriber acquisition and retention, and other risks detailed from time to time in the Company’s periodic reports filed with the Securities and Exchange Commission.
U.S. Army Awards $9.8 Million Order to Procure TeleCommunication Systems (TSYS) SNAP Deployable Satellite Systems Equipment and Maintenance
ANNAPOLIS, MD, Jul 09, 2010 (MARKETWIRE via COMTEX) — TeleCommunication Systems, Inc. (TCS) , a world leader in highly reliable and secure mobile communication technology, today announced that it has received a $9.8 million order from the U.S. Army for support equipment and maintenance of Secret Internet Protocol Router (SIPR) and Non-secure Internet Protocol Router (NIPR) Access Point (SNAP) Very Small Aperture Terminal (VSAT) Satellite Systems.
The order is initially funded at $1.7 million and will be funded up to a total of $9.8 million if the options are fully exercised through August 2011. This new order will provide support equipment and maintenance of TCS’ highly reliable SwiftLink(R) deployable communications products, as previously awarded through other delivery orders for SNAP equipment. The U.S. Army Project Manager for the Warfighter Information Network-Tactical (PM WIN-T) Commercial Satellite Terminal Program (CSTP) is funding these procurements through the Army’s $5 billion World-Wide Satellite Systems (WWSS) contract vehicle.
“It is imperative that today’s warfighter be equipped with technology that is reliable and accessible in the most remote locations,” said Michael Bristol, senior vice president and general manager of government solutions for TCS. “TCS is focused on providing best-in-class solutions and services that fit the needs of our combat troops and enable steady communications. This contract from the U.S. Army further validates our successful track record working with the military as well as our dedication in creating innovative and trustworthy equipment.”
The TCS SwiftLink VSAT systems used to fulfill SNAP program requirements provide multimedia communications capabilities which convey encrypted voice, video and data. TCS SwiftLink products are highly transportable and ruggedized, with a graphical user interface that facilitates easy set-up and operation. The modularity and “plug and play” interfaces between all RF and Baseband configurations inherent in the SwiftLink product line result in communication solutions tailored to the end-user’s specific needs.
For more information on the SwiftLink(R) SNAP Suite of deployable satellite communication products visit: http://www.telecomsys.com/government/swiftlink/SwiftLink_SNAP_Overview.cfm
About TeleCommunication Systems, Inc. TeleCommunication Systems, Inc. (TCS) /quotes/comstock/15*!tsys/quotes/nls/tsys (TSYS 4.08, +0.20, +5.07%) is a world leader in highly reliable and secure mobile communication technology. TCS infrastructure forms the foundation for market leading solutions in E9-1-1, text messaging, commercial location and deployable wireless communications. TCS is at the forefront of new mobile cloud computing services providing wireless applications for navigation, hyper-local search, asset tracking, social applications and telematics. Millions of consumers around the world use TCS wireless apps as a fundamental part of their daily lives. Government agencies utilize TCS’ cyber security expertise and professional services. Headquartered in Annapolis, MD, TCS maintains technical, service and sales offices around the world. To learn more about emerging and innovative wireless technologies, visit www.telecomsys.com.
Except for the historical information contained herein, this news release contains forward-looking statements as defined within Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended. These statements are subject to risks and uncertainties and are based upon TCS’ current expectations and assumptions that if incorrect would cause actual results to differ materially from those anticipated. Risks include without limitation the possibility that the contract options will not be exercised, or that the total value of the order will not be fully funded, and those detailed from time to time in the Company’s SEC reports, including the reports on Form 10-K for the year ended December 31, 2009, and on Form 10-Q for the quarter ended March 31, 2010.
Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to update or revise the information in this press release, whether as a result of new information, future events or circumstances, or otherwise.
Taseko (TGB) Announces Strong Production Results
VANCOUVER, July 9 /PRNewswire-FirstCall/ – Taseko Mines Limited (TSX: TKO; NYSE Amex: TGB) (“Taseko” or the “Company”) reports unaudited second quarter production results for the Gibraltar Mine.
For the second quarter of 2010, Gibraltar produced 20.1 million pounds of copper and 218 thousand pounds of molybdenum.
A quarter over quarter production comparison is below:
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Q4 2009 Q1 2010 Q2 2010
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Mill Throughput (millions, tons) 3.2 3.6 3.6
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Copper Recoveries (%) 84.1 89.8 88.7
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Copper Production (millions, lbs) 17.4 23.2 20.1
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The Gibraltar concentrator continued to perform very well during the quarter with all circuits stabilized and operating at budgeted levels. Metal production for the period was slightly lower than the first quarter as a result of decreased copper head grade, a typical fluctuation as mining advances through the pit. The lower grade ore also had a minor effect on copper recoveries. Grade and recoveries are expected to trend higher for the third quarter.
Construction continues on the remaining modernization projects. During the second quarter the in-pit primary crusher and conveyor system was commissioned. This new system will reduce the mine’s haul truck requirement by two trucks as a result of a decrease in ore haul distance of two kilometres (a 40% shorter haul). Additionally, the original primary crusher will act as a backup to the new system providing reliability for planned and unplanned shutdowns of the in-pit crusher.
The final concentrator upgrades are expected to be completed during the third quarter and construction of the new SAG mill feed system will commence shortly.
Russell Hallbauer, President and CEO of Taseko, commented, “Copper production for the first half of 2010 was 38% higher than the second half of 2009. This is a reflection of the operational improvements which have been made at Gibraltar. Anticipating a further increase to mill throughput in the coming months, we are in the process of purchasing additional haul trucks for the mine, complementing the arrival of a new 495HR Bucyrus shovel. These new trucks will replace older haul trucks, reducing operating and maintenance costs.”
Note: Gibraltar is a Joint Venture owned by Taseko Mines Limited (75%) and Cariboo Copper Corp. (25%). All figures are reported on a 100% basis.
Russell Hallbauer
President and CEO
No regulatory authority has approved or disapproved of the information contained in this news release.
CAUTION REGARDING FORWARD-LOOKING INFORMATION
This document contains “forward-looking statements” that were based on Taseko’s expectations, estimates and projections as of the dates as of which those statements were made. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “outlook”, “anticipate”, “project”, “target”, “believe”, “estimate”, “expect”, “intend”, “should” and similar expressions.
Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. These included but are not limited to:
- uncertainties and costs related to the Company's exploration and
development activities, such as those associated with continuity of
mineralization or determining whether mineral resources or reserves
exist on a property;
- uncertainties related to the accuracy of our estimates of mineral
reserves, mineral resources, production rates and timing of
production, future production and future cash and total costs of
production and milling;
- uncertainties related to feasibility studies that provide estimates of
expected or anticipated costs, expenditures and economic returns from
a mining project;
- uncertainties related to our ability to complete the mill upgrade on
time estimated and at the scheduled cost;
- uncertainties related to the ability to obtain necessary licenses
permits for development projects and project delays due to third party
opposition;
- uncertainties related to unexpected judicial or regulatory
proceedings;
- changes in, and the effects of, the laws, regulations and government
policies affecting our exploration and development activities and
mining operations, particularly laws, regulations and policies;
- changes in general economic conditions, the financial markets and in
the demand and market price for copper, gold and other minerals and
commodities, such as diesel fuel, steel, concrete, electricity and
other forms of energy, mining equipment, and fluctuations in exchange
rates, particularly with respect to the value of the U.S. dollar and
Canadian dollar, and the continued availability of capital and
financing;
- the effects of forward selling instruments to protect against
fluctuations in copper prices and exchange rate movements and the
risks of counterparty defaults, and mark to market risk;
- the risk of inadequate insurance or inability to obtain insurance to
cover mining risks;
- the risk of loss of key employees; the risk of changes in accounting
policies and methods we use to report our financial condition,
including uncertainties associated with critical accounting
assumptions and estimates;
- environmental issues and liabilities associated with mining including
processing and stock piling ore; and
- labour strikes, work stoppages, or other interruptions to, or
difficulties in, the employment of labour in markets in which we
operate mines, or environmental hazards, industrial accidents or other
events or occurrences, including third party interference that
interrupt the production of minerals in our mines.
For further information on Taseko, investors should review the Company’s annual Form 40-F filing with the United States Securities and Exchange Commission www.sec.com and home jurisdiction filings that are available at www.sedar.com.
Aerosonic (AIM) Announces New Air Data Test Equipment Order from Korean Aerospace Industries
CLEARWATER, Fla.–(BUSINESS WIRE)–Aerosonic Corporation (NYSE Amex: AIM), a leading supplier of precision flight products for commercial, business and military aircraft, announced today that the Company has received a contract to build complex Aerodynamic Test Equipment for Korean Aerospace Industries (KAI).
This deployment of highly engineered test equipment from the Company’s growing Air Data Test Equipment product line will further expand global support for Aerosonic’s Air Data sensor products. The company recently announced a contract with Hindustan Industries for similar equipment. The contract with KAI includes hardware, software and training. Once operational, the new equipment will allow KAI to provide in-country support of the Aerosonic Air Data components used on the T-50 Jet trainer. Aerosonic manufactures and supplies the Integrated Multi-function Probe and other air data products for the T 50 aircraft.
Aerosonic Corporation, headquartered in Clearwater, Florida, is principally engaged in the manufacture of aviation products. Locations of the Company include Clearwater, Florida and Earlysville, Virginia. For additional information, visit the Company’s website at www.aerosonic.com.
This document contains statements that constitute “forward-looking” statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. “Forward-looking” statements contained in this document include the intent, belief or current expectations of the Company and its senior management team with respect to future actions by officers and directors of the Company, prospects of the Company’s operations, profits from future operations, overall future business prospects and long term stockholder value, as well as the assumptions upon which such statements are based.
Investors are cautioned that any such forward-looking statements are not guarantees of future performance, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors that could cause actual results to differ materially from those contemplated by the forward-looking statements in this document include, but are not limited to, adverse developments involving operations of the Company’s business units, failure to meet operating objectives or to execute the business plan, and the failure to reach revenue or profit projections. The Company undertakes no obligation to update or revise the forward-looking statements contained in this document to reflect changed assumptions, the occurrence of unanticipated events, or changes to future operating results over time.
Aviat Networks (AVNW) Provides Updated Revenue Guidance for Fourth Quarter of Fiscal 2010
SANTA CLARA, Calif., July 9 /PRNewswire-FirstCall/ — Aviat Networks, Inc. (Nasdaq: AVNW), a wireless expert in advanced IP network migration, today updated its revenue guidance for the fiscal fourth quarter ending July 2, 2010.
The Company expects revenue to be in the range of $115 – $120 million. The revenue shortfall from previous expectations is primarily due to component shortages and unexpected delays during the transition from in-house to contract manufacturing, both of which affected our ability to make shipments at the end of the quarter. Aviat Networks’ fourth quarter results are subject to completion of the Company’s closing process and preparation of its financial statements. Final fourth quarter and year-end results are planned to be announced in late August.
Chuck Kissner, Chairman and CEO of Aviat Networks, commented, “The Board of Directors and I are not satisfied with the Company’s operational and financial performance in recent quarters. Since being appointed as CEO two weeks ago, I have initiated a comprehensive review of our business in order to develop a focused strategic and operational plan. With this in place, we plan to move promptly and decisively to put Aviat Networks on track to restore profitability and establish a platform to drive sustainable revenue growth.”
Mr. Kissner continued, “Our Board has been focused for some time on actions to reduce costs, refocus the product portfolio and optimize our business model. We expect to announce a number of key actions on or before our next earnings call. In addition, management is moving forward to complete our comprehensive strategic plan, and commence taking the necessary actions to drive sustainable, profitable growth.”
About Aviat Networks, Inc.
Aviat Networks, Inc. (NASDAQ: AVNW), previously known as Harris Stratex Networks, Inc. is a leading wireless expert in advanced IP network migration, building the foundation for the 4G/LTE broadband future. We offer best-of-breed transformational wireless solutions, including LTE-ready microwave backhaul, WiMAX access and a complete portfolio of essential service options that enable wireless public and private telecommunications operators to deliver advanced data, voice and video and mobility services around the world. Aviat Networks is agile and adaptive to anticipate what’s coming to help our customers make the right choices, and our products and services are designed for flexible evolution, no matter what the future brings. With global reach and local presence on the ground we work by the side of our customers, allowing them to quickly and cost effectively seize new market and service opportunities, while managing migration toward an all- IP future. For more information, please visit www.aviatnetworks.com or join the dialogue at www.twitter.com/aviatnetworks.
Forward-Looking Statements
The information contained in this document includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 21E of the Securities Exchange Act and Section 27A of the Securities Act. All statements, trend analyses and other information contained herein about the markets for the services and products of Aviat Networks and trends in revenue, as well as other statements identified by the use of forward-looking terminology, including “anticipated”, “believe”, “plan”, “estimate”, “expect”, “goal”, “will”, “see”, “continues”, “delivering”, “view”, and “intend”, or the negative of these terms or other similar expressions, constitute forward-looking statements. These forward-looking statements are based on estimates reflecting the current beliefs of the senior management of Aviat Networks. These forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. Forward-looking statements should therefore be considered in light of various important factors, including those set forth in this document. Important factors that could cause actual results to differ materially from estimates or projections contained in the forward-looking statements include the following:
- continued weakness in the global economy affecting customer spending;
- continued price erosion as a result of increased competition in the microwave transmission industry;
- the volume, timing and customer, product and geographic mix of our product orders may have an impact on our operating results;
- the ability to maintain projected product rollouts, product functionality, anticipated cost reductions or market acceptance of planned products;
- the ability to retain key personnel;
- the ability to achieve business plans for Aviat Networks;
- the ability to manage and maintain key customer relationships;
- uncertain economic conditions in the telecommunications sector combined with operator and supplier consolidation which makes it difficult to estimate growth;
- future costs or expenses related to litigation;
- the ability of our subcontractors to perform or our key suppliers to manufacture or deliver material;
- customers may not pay for products or services in a timely manner, or at all;
- the failure of Aviat Networks to protect its intellectual property rights and its ability to defend itself against intellectual property infringement claims by others;
- currency and interest rate risks;
- the impact of political, economic and geographic risks on international sales.
For more information regarding the risks and uncertainties for our business, see “Risk Factors” in our form 10-K filed with the U.S. Securities and Exchange Commission (“SEC”) on September 4, 2009 as well as other reports filed by Aviat Networks, Inc., previously known as Harris Stratex Networks, Inc., with the SEC from time to time. Aviat Networks undertakes no obligation to update publicly any forward-looking statement for any reason, except as required by law, even as new information becomes available or other events occur in the future.
Hudson Technologies, Inc. (HDSN) Closes $5.5 Million Registered Direct Offering
PEARL RIVER, N.Y.–(BUSINESS WIRE)–Hudson Technologies, Inc. (NASDAQ: HDSN) announced the closing of its previously announced registered direct offering for gross proceeds of approximately $5.5 million.
Kevin J. Zugibe, Chairman and Chief Executive Officer of Hudson Technologies, stated, “We expect to look back at 2010 as a turning point in our growth. Near-term, hot temperatures across the U.S. have increased demand for refrigerants, particularly when compared to last year’s record cool summer. Medium-term, the federally mandated phase out of R-22 refrigerants, which commenced in 2010, will create a supply gap that will need to be filled with reclaimed gas. Long-term, we anticipate continued phase outs of next generation refrigerants and ongoing growth in our refrigerants business. The augmentation of our balance sheet with the proceeds of this offering further strengthens our ability to pursue emerging opportunities in our industry.”
The company sold an aggregate of 2,737,500 shares of its common stock and warrants to purchase an aggregate of 1,368,750 shares of common stock in the offering. The warrants are exercisable at an exercise price of $2.60 per share beginning January 7, 2011 and expire January 7, 2016. Each unit, consisting of one share of common stock and a warrant to purchase 0.50 of a share of common stock, was sold for a purchase price of $2.00.
Canaccord Genuity Inc. acted as the sole placement agent for the offering.
A shelf registration statement relating to these securities (File No. 333-151973) previously was filed and declared effective by the Securities and Exchange Commission. A prospectus supplement relating to the offering was filed with the Securities and Exchange Commission. A copy of the base prospectus and prospectus supplement can be obtained at the Securities and Exchange Commission’s website http://www.sec.gov or by sending a request to the offices of Canaccord Genuity Inc., Attn: Syndicate Department, 99 High Street, 12th Floor, Boston, MA 02110, phone: (800) 225-6201.
About Hudson Technologies
Hudson Technologies, Inc. is a leading provider of innovative solutions to recurring problems within the refrigeration industry. Hudson’s proprietary RefrigerantSide® Services increase operating efficiency and energy savings, and remove moisture, oils and other contaminants frequently found in the refrigeration circuits of large comfort cooling and process refrigeration systems. Performed at a customer’s site as an integral part of an effective scheduled maintenance program or in response to emergencies, RefrigerantSide® Services offer significant savings to customers due to their ability to be completed rapidly and at higher purity levels, and can be utilized while the customer’s system continues to operate. In addition, the Company sells refrigerants and provides traditional reclamation services to the commercial and industrial air conditioning and refrigeration markets.
Safe Harbor Statements under the Private Securities Litigation Act of 1995 Statements contained herein, which are not historical facts, constitute forward-looking statements and involve a number of known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, but are not limited to the risks detailed in the Company’s periodic reports filed with the Securities and Exchange Commission. The words “believe”, “expect”, “anticipate”, “may”, and similar expressions identify forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statement was made.
CVD Equipment Corporation (CVV) 2010 Orders Increase by 70%
RONKONKOMA, N.Y.–(BUSINESS WIRE)–CVD Equipment Corporation (Nasdaq: CVV) announced that it received over $6.0 million in new orders during the three (3) months ended June 30, 2010 and approximately $9.3 million in new orders for the six (6) months ended June 30, 2010. This surpasses the $2.8 and $5.5 million of new orders received during the three (3) and six (6) months ended June 30, 2009 by 125% and 70% respectively. The orders received during this period also exceeded all January through June periods in the history of CVD.
Most of the orders received were with the CVD/FirstNano division for equipment solution offerings designed to accelerate the commercialization of tomorrow’s technologies in solar/energy generation, energy saving and nanotechnology fields.
Orders received by the CVD/FN division during the first six (6) months of 2010 increased by 72% when compared to 2009 order levels. The CVD/FN division benefited from the increased interest in energy generation, energy savings and nanotechnology fields. We anticipate that this trend will continue to increase during the 2nd half of this year.
Orders received by the Conceptronic division increased by 103% when compared to 2009 order levels. The Conceptronic division benefited from a partial recovery from the significant downturn in the electronics industry during 2009.
The large demand for energy savings, energy generation materials and products needed to address rising energy and environmental costs creates a growing demand for manufacturing solutions using nanotechnology and thin film coatings on glass, wafers and other substrates. Using our Application Laboratory, we continue to perfect and expand the multiple areas where our process solutions can be applied. The solar, energy and nanotechnology markets offers us significant growth opportunities for technologies that deliver favorable cost benefits. These fields will benefit further from a renewed drive for energy savings and ecologically safe energy generation.
About CVD Equipment Corporation
CVD Equipment Corporation (NASDAQ: CVV) is a designer and manufacturer of standard and custom state-of-the-art equipment used in the development, design and manufacture of advanced electronic components, materials and coatings for research and industrial applications. CVD offers a broad range of chemical vapor deposition, gas control, and other equipment that is used by customers to research, design and manufacture semiconductors, solar cells, carbon nanotubes, nanowires, LEDs, MEMS, industrial coatings and equipment for surface mounting of components onto printed circuit boards.
The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward-looking statements. Certain information included in this press release by CVD Equipment Corporation (CVD), as well as information included in oral or other written statements made or to be made by CVD, contains statements that are forward-looking. All statements other than statements of historical fact are hereby identified as “forward-looking statements,” as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward looking information involves a number of known and unknown risks and uncertainties that could cause actual results to differ materially from those discussed or anticipated by management. Potential risks and uncertainties include, among other factors, industry specific and general business conditions, competitive market conditions, success of CVD’s growth and sales strategies, possible customer changes in delivery schedules, cancellation of orders, delays in product shipments, delays in obtaining parts from suppliers, failure to satisfy customer acceptance requirements and other risk factors described in CVD’s SEC filings. All forward-looking statements are based on management’s estimates, projections and assumptions as of the date hereof and CVD assumes no obligation to update this press release.
Ballantyne (BTN) Strong Secures New Order for 60 NEC Digital Cinema Projectors in China
BEIJING & SHANGHAI, CHINA & OMAHA, Neb.–(BUSINESS WIRE)–Ballantyne Strong, Inc. (NYSE Amex: BTN), a provider of digital cinema projection equipment and services, cinema screens and other cinema products, announced today that it has received a new order to provide 60 NEC digital cinema projectors to Beijing SunWah World Management Co., Ltd, China for theatres located throughout the People’s Republic of China (PRC). Initial projector shipments are expected to commence in Q3 ‘10, with the order slated for completion by early 2011.
Ballantyne Strong also announced that it has completed the opening of a new office in Shanghai, its second office in the PRC. The office supports Ballantyne’s sales, marketing and customer service efforts for the important Chinese market, which is one of the world’s fastest growing regions for cinema. The Company also has plans to open a Taiwan office in coming months.
John P. Wilmers, President and CEO of Ballantyne, commented, “China continues to be a very strong and accelerating market opportunity for us, and we are pleased to further expand our base of relationships to Beijing SunWah World Management. Our investment in establishing local offices throughout the country, including Ballantyne’s newly opened office in Shanghai, demonstrates a long-term commitment to this important market and has begun to yield substantial benefits such as this new relationship. We are very pleased that our customers in the Far East and other regions we serve have demonstrated a genuine appreciation for NEC’s state-of-the-art digital projection systems, as well as Ballantyne’s turnkey service and related product offerings, which satisfy a full range of digital cinema needs.”
About Beijing SunWah World Management Co., Ltd, China
SunWah Kadokawa Film Industry (Beijing SunWah World Management Co., Ltd) is a wholly owned subsidiary of Hong Kong SunWah Media Group and the Japan Kadokawa Group. Their focus is on further developing the Chinese film industry, including selection of cinema locations, investment, management and operation of their theatres. The SunWah Group of Hong Kong is focused on the establishment of new cinemas and movie production. The Japan Kadokawa Group, a publicly listed Japanese company for over 50 years, operates more than 50 cinemas across the country, and they also have operations in book publishing, multi-media games, TV drama distribution and related areas.
About Ballantyne Strong, Inc. (www.ballantyne-strong.com)
Ballantyne is a provider of motion picture projection, digital cinema projection, cinema screen technology and specialty lighting equipment and services. The Company supplies major theater chains, top arenas, television and motion picture production studios, theme parks and architectural sites around the world.
Except for the historical information in this press release, it includes forward-looking statements that involve risks and uncertainties, including but not limited to, quarterly fluctuations in results; customer demand for the Company’s products; the development of new technology for alternate means of motion picture presentation; domestic and international economic conditions; the management of growth; and other risks detailed from time to time in the Company’s Securities and Exchange Commission filings. Actual results may differ materially from management’s expectations.
Endeavour Silver (EXK) Sets New Record for Quarterly Mine Production
VANCOUVER, BRITISH COLUMBIA–(Marketwire – 07/07/10) – Endeavour Silver Corp. (TSX:EDR – News)(AMEX:EXK – News)(DBFrankfurt: EJD) announced today that it set a new record for quarterly silver and gold production in Q2, 2010 from the Company’s two operating silver mines in Mexico, the Guanacevi Mine in Durango State and the Guanajuato Mine in Guanajuato State.
Silver production totalled 826,439 ounces (oz) and gold production amounted to 4,461 oz in Q2, 2010, up 41% and 61% respectively compared to Q2, 2009. As a result, silver-equivalent production rose to 1,116,404 oz in Q2, 2010, using gold as the only silver equivalent, at a 65:1 silver: gold ratio.
The Second Quarter, 2010 production data are outlined in the following table. To view a short video of today’s news release, click here:
http://www.edrsilver.com/i/video/pressreleases/2010-07-07/Endeavour_Silver_Q2_Production_Update.html
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Tonnes Tonnes Grade Grade Recovery Recovery Silver Gold
Mine Produced per day Ag g/t Au g/t Ag % Au % Oz Oz
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Guanacevi 75,701 841 332 0.80 77.0 82.3 622,385 1,602
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Guanajuato 48,124 535 166 2.14 79.4 86.3 204,054 2,858
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Combined 123,825 1,376 267 1.32 77.6 84.9 826,439 4,461
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Godfrey Walton, President and COO, stated, “Endeavour delivered yet another record for quarterly silver production in Q2, 2010, maintaining our track record for exceptional organic growth. We are now well ahead of our 3.1 million oz silver production forecast for 2010, notwithstanding the fact that our 2010 capital expansion programs have not yet been completed.”
“Once this year’s capital programs (including a plant upgrade and expansion of the crushing, filtration and Merrill Crowe circuits at Guanacevi) are completed this quarter, Guanacevi production should rise to 1,000 tpd as the new Porvenir Cuatro and Santa Cruz mines come into production. In a similar manner, once the new Lucero South access ramp and ventilation shaft are completed this quarter, Guanajuato production should also enjoy incremental improvements in tonnages, grades and recoveries.”
Godfrey Walton, M.Sc., P. Geo., the President and COO for Endeavour, is the Qualified Person who reviewed this news release and oversaw the mining operations.
Endeavour Silver Corp. is a small-cap silver mining company focused on the growth of its silver production, reserves and resources in Mexico. Since start-up in 2004, Endeavour has posted five consecutive years of growing silver production and resources. The organic expansion programs now underway at Endeavour’s two operating silver mines in Mexico combined with its strategic acquisition and exploration programs should help Endeavour achieve its goal to become the next premier mid-tier silver mining company.
ENDEAVOUR SILVER CORP.
Bradford Cooke, Chairman and Chief Executive Officer
Cautionary Note Regarding Forward-Looking Statements
This news release contains “forward-looking statements” within the meaning of the United States private securities litigation reform act of 1995 and “forward-looking information” within the meaning of applicable Canadian securities legislation. Such forward-looking statements and information herein include, but are not limited to, statements regarding Endeavour’s anticipated performance in 2009, including silver and gold production, timing and expenditures to develop new silver mines and mineralized zones, silver and gold grades and recoveries, cash costs per ounce, capital expenditures and sustaining capital and the use of proceeds from the Company’s recent financing. The Company does not intend to, and does not assume any obligation to update such forward-looking statements or information, other than as required by applicable law.
Forward-looking statements or information involve known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Endeavour and its operations to be materially different from those expressed or implied by such statements. Such factors include, among others: fluctuations in the prices of silver and gold, fluctuations in the currency markets (particularly the Mexican peso, Canadian dollar and U.S. dollar); changes in national and local governments, legislation, taxation, controls, regulations and political or economic developments in Canada and Mexico; operating or technical difficulties in mineral exploration, development and mining activities; risks and hazards of mineral exploration, development and mining (including environmental hazards, industrial accidents, unusual or unexpected geological conditions, pressures, cave-ins and flooding); inadequate insurance, or inability to obtain insurance; availability of and costs associated with mining inputs and labour; the speculative nature of mineral exploration and development, diminishing quantities or grades of mineral reserves as properties are mined; the ability to successfully integrate acquisitions; risks in obtaining necessary licenses and permits, and challenges to the company’s title to properties; as well as those factors described in the section “risk factors” contained in the Company’s most recent form 40F/Annual Information Form filed with the S.E.C. and Canadian securities regulatory authorities. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or information, there may be other factors that cause results to be materially different from those anticipated, described, estimated, assessed or intended. There can be no assurance that any forward-looking statements or information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements or information. Accordingly, readers should not place undue reliance on forward-looking statements or information.
Capital Gold Corp. (CGC) and Standard Bank Agree to Amend Credit Agreement
NEW YORK, July 7 /PRNewswire-FirstCall/ — Capital Gold Corporation (NYSE AMEX: CGC; TSX: CGC) announced that yesterday it closed a First Amended and Restated Credit Agreement with Standard Bank Plc., which will increase the Company’s previous line of credit.
The Amended Credit Agreement amends and restates the prior credit agreement between the parties dated July 17, 2008 (the “Credit Agreement”). The Credit Agreement was further amended to increase the aggregate principal of the senior secured revolving credit facility from U.S. $5,000,000 to $7,500,000. Amounts borrowed under the Revolving Facility bear interest at a rate per annum equal to the LIBO Rate, as defined in the Credit Agreement, for the applicable interest period plus the applicable margin. The applicable margin for the Revolving Facility is 3.0% per annum. The Borrowers are to use the proceeds of the Revolving Facility to fund general corporate and working capital requirements in connection with the El Chanate gold mining project and the Saric gold exploration project.
Capital Gold’s Chairman, Stephen M. Cooper, said, “We are pleased to be continuing our relationship with Standard Bank, which will be instrumental to our future growth. We started working with Standard Bank when we began the El Chanate project, and we look forward to maintaining this long and productive relationship as we move ahead to achieve our objectives.”
Ted Kavanagh, Director of Standard Americas, Inc., (a member company of the Standard Bank Group Limited) in New York, said, “The El Chanate mine has surpassed expectations since it began gold production in 2007. We are pleased to continue our relationship with Capital Gold as it grows its business in northern Mexico.”
For more detailed information on the Amended Credit Agreement, please see the disclosure in our Current Report on Form 8-K filed with the Securities and Exchange Commission on July 6, 2010.
About Capital Gold
Capital Gold Corporation (CGC) is a gold production and exploration company. Through its Mexican subsidiaries and affiliates, it owns 100% of the “El Chanate” gold mine located near the town of Caborca in Sonora, Mexico. It also owns and leases mineral concessions near the town of Saric, also in Sonora, that are undergoing preliminary exploration for gold and silver mineralization. Additional information about Capital Gold and the El Chanate Gold Mine is available on the Company’s website, www.capitalgoldcorp.com.
About Standard Bank
Standard Bank is a leading African banking group focused on emerging markets globally. It has been a mainstay of South Africa‘s financial system for over 145 years, and now spans 17 countries across the African continent. Its international expansion has taken it to 16 countries outside Africa including Brazil, Russia and China. Its headquarters are in Johannesburg and it is listed on the Johannesburg Stock Exchange. Standard Bank’s Corporate and Investment Banking division is a leading global emerging markets corporate and investment bank and offers its clients banking, trading, investment, risk management and advisory services in developing economies throughout the world. It has specific sector expertise in industries relevant to its global footprint, with strong sector value propositions in: mining & metals; oil, gas & renewables; telecommunications & media; power & infrastructure and financial institutions. Standard Bank Plc in London is the bank’s principal international subsidiary. It is authorised and regulated by the Financial Services Authority, and is a member of the London Stock Exchange, the London Bullion Market Association, the London Metal Exchange, the London Platinum and Palladium Market and the New York Mercantile Exchange (COMEX Division).
For further information visit: www.standardbank.com/cib.
Statements in this press release, other than statements of historical information, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that forward- looking statements are inherently uncertain. Actual performance and results may differ materially from those projected or suggested due to certain risks and uncertainties, some of which are described below. Such forward- looking statements include comments regarding a national stock exchange listing and future growth of the company. Factors that could cause actual results to differ materially include timing of and unexpected events during construction, expansion and start-up; variations in ore grade, strip ratio, tonnes mined, crushed or milled; delay or failure to receive board, national exchange or government approvals; the availability of adequate water supplies; mining or processing issues, and fluctuations in gold price and costs. There can be no assurance that future developments affecting the Company will be those anticipated by management.
Any forecasts contained in this press release constitute management’s current estimates, as of the date of this press release, with respect to the matters covered thereby. We expect that these estimates will change as new information is received and that actual results will vary from these estimates, possibly by material amounts. While we may elect to update these estimates at any time, we do not undertake to update any estimate at any particular time or in response to any particular event. Investors and others should not assume that any forecasts in this press release represent management’s estimate as of any date other than the date of this press release.
Additional information concerning certain risks and uncertainties that could cause actual, results to differ materially from that projected or suggested is contained in the Company’s filings with the Securities and Exchange Commission (SEC) over the past 12 months, copies of which are available from the SEC or may be obtained upon request from the Company.
Puda Coal (PUDA) Completes Acquisition of Da Wa and Guanyao Coal Mines
TAIYUAN, Shanxi, China, July 6 /PRNewswire-Asia-FirstCall/ — Puda Coal, Inc. (NYSE Amex: PUDA), a supplier of high grade metallurgical coking coal used to produce coke for steel manufacturing in China and a consolidator of twelve coal mines in Shanxi Province, today announced that Shanxi Puda Coal Group Co. Ltd (“Shanxi Coal”), a 90% subsidiary of Puda Coal, closed the mining asset transfers with Pinglu County Da Wa Coal Industry Co., Ltd (“Da Wa Coal”) and Pinglu County Guanyao Coal Industry Co., Ltd (“Guanyao Coal”) on June 25, 2010, representing an aggregate purchase price of $41.7 million.
Pursuant to the Da Wa Coal Agreement, Shanxi Coal will pay Da Wa Coal an aggregate purchase price of $27.8 million in cash, of which approximately $6.8 million is for the tangible assets and approximately $21.0 million for the mining rights and compensation to Da Wa Coal. The first installment of $4.2 million to Da Wa Coal was settled within three days of the execution of the Da Wa Agreement. The second installment of $18.1 million was paid on June 25, 2010, after the registration and ownership certificates of the mining rights and land and property deed were transferred to Shanxi Coal. The remaining purchase price of $5.6 million will be settled upon the one year anniversary of the completion of the transfer.
Pursuant to the Guanyao Agreement, Shanxi Coal agreed to pay Guanyao Coal an aggregate purchase price of $13.9 million in cash, of which approximately $5.5 million is for the tangible assets and approximately $8.4 million for the mining rights and compensation of Guanyao Coal. The first installment of $2.1 million to Guanyao Coal was carried out within three days of the execution of the Guanyao Agreement and the second installment of $9.1 million was paid on June 25, 2010, after the registrations and ownership with respect to the mining rights and land and property deed were transferred to Shanxi Coal. The remaining balance of $2.8 million will be executed upon the one year anniversary of completion of the transfer.
The Yunchen municipal coal mine authority has approved Da Wa Coal and Guanyao Coal to proceed with mine improvements at their current capacity level.
“The closings of the asset transfers of Da Wa and Guanyao coal mines mark an important milestone in our coal consolidation projects,” commented Mr. Liping Zhu, President and CEO of Puda Coal, Inc. “We are diligently negotiating with the owners of the remaining six coal mines and anticipate reaching agreements with them in the near future. We remain in close contact with the Shanxi government to receive additional approvals to fully proceed with our plans to consolidate the eight coal mines in Pinglu County, as well as the four coal mines in Huozhou County.” said Mr. Liping Zhu, President and CEO of Puda Coal.
About Puda Coal, Inc.
Puda Coal, through its subsidiaries, supplies premium high grade metallurgical coking coal used to produce coke for steel manufacturing in China. The Company currently possesses 3.5 million metric tons of annual coking coal capacity. The Company has recently moved upstream into coal mining, as a consolidator and acquirer of coal mines in Shanxi Province, including the Pinglu projects and the Jianhe projects. On September 30, 2009, Shanxi Coal, a 90% indirect subsidiary of the Company, was appointed by the Shanxi provincial government as an acquirer and consolidator of eight thermal coal mines located Pinglu County in southern Shanxi Province. Shanxi Coal plans to consolidate the eight coal mines into five, increasing their total annual capacity from approximately 1.6 million to 3.6 million metric tons. Shanxi Coal received another approval by the Shanxi provincial government to consolidate four additional coking coal mines into one coal mine in Huozhou County. After the completion of the consolidation, the Jianhe project is expected to increase the total annual capacity from 720,000 metric tons to 900,000 metric tons, according to the Shanxi provincial government’s approval. For more information, please visit http://www.pudacoalinc.com .
FORWARD-LOOKING STATEMENTS
The information contained herein includes forward-looking statements. These statements relate to future events or to our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward- looking statements. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. For example, our ability to acquire and consolidate the target coal mines are subject to, among other things, the risks and uncertainties relating to the market and geological condition, due diligence, negotiation for definitive agreements, etc. which are beyond our control, as well as our management’s ability and capacity to execute our coal mine acquisition strategy and manage the coal mine operations. We assume no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.
Entrée Gold (EGI) Receives New Coal Mining Licence, Mongolia
Jul. 6, 2010 (Canada NewsWire Group) — Entrée Gold Inc. (TSX:ETG; NYSE AMEX:EGI; Frankfurt:EKA – “Entrée” or the “Company”) has received a mining licence covering its Nomkhon Bohr coal discovery, outlined through exploration efforts in 2008-2009. The new mining licence comprises approximately 14,030 hectares and covers the northwest corner of the former Togoot exploration licence. The portion of the property included in the mining licence is mainly underlain by Permian sediments which are known to host rich coal deposits in this part of the Gobi Desert.
“We have worked closely with our Mongolian resource consultants and the Minerals Council over the last several months to meet the criteria for a mining licence over our Nomkhon Bohr coal discovery. Our 100%-ownership of the property and 30 year initial term of the licence gives us many strategic options,” said Greg Crowe, President and CEO of Entrée.
The Nomkhon Bohr thermal coal occurrences lie within Permian sedimentary rocks thought to be of similar age to those hosting the multi-billion tonne Tavan Tolgoi thermal and metallurgical coal deposits. Tavan Tolgoi is located approximately 80 kilometres to the northwest. Two groups are currently mining and trucking coal to China along an improved dirt road that passes immediately north of Nomkhon Bohr. This road is in the process of being paved. A railway, which will follow a similar route to the current road, is planned to service both Tavan Tolgoi and Oyu Tolgoi and provide greater access to markets in China.
The outline of the Togoot mining licence can be viewed at www.entreegold.com.
ABOUT ENTRÉE GOLD INC.
Entrée Gold Inc. is a Canadian mineral exploration company focused on the worldwide exploration and development of copper and gold prospects. The Company’s flagship Lookout Hill property in Mongolia completely surrounds the 8,500-hectare Oyu Tolgoi project of Ivanhoe Mines. A portion of the Lookout Hill property is subject to a joint venture with Ivanhoe Mines, through its subsidiary Oyu Tolgoi LLC. The joint venture property hosts the Hugo North Extension copper-gold deposit and the Heruga copper-gold-molybdenum deposit. Excellent exploration potential remains on the joint venture property for the discovery of additional mineralized zones.
Under the terms of the joint venture, Entrée is carried through to production, at its election, by debt financing from Ivanhoe Mines with interest accruing at Ivanhoe Mines’ actual cost of capital or prime +2%, whichever is less, at the date of the advance. Debt repayment may be made in whole or in part from (and only from) 90% of monthly available cash flow arising from its sale of product. Such amounts will be applied first to payment of accrued interest and then to repayment of principal. Available cash flow means all net proceeds of sale of Entrée’s share of products in a month less Entrée’s share of costs of operations for the month.
The Company continues to explore its landholdings in Mongolia while also evaluating new opportunities throughout eastern Asia. Entrée is exploring the Huaixi copper project in Zhejiang Province in China, under the terms of an agreement with the No. 11 Geological Brigade.
In North America, the Company is exploring for porphyry-related copper systems in Arizona and New Mexico under two agreements with Empirical Discovery LLC. In further pursuit of projects in prospective jurisdictions, Entrée optioned two contiguous properties, Blackjack and Roulette, in the Yerington porphyry copper district of Nevada through option agreements with HoneyBadger Exploration Ltd. and Bronco Creek Exploration Inc. The properties are contiguous with the Ann Mason property, recently acquired through the acquisition of PacMag Metals Limited.
In British Columbia, Entrée has the right to earn 100% interest in the early stage copper-molybdenum Crystal property through an agreement with Taiga Consultants Ltd.
The Company is also seeking additional opportunities to utilize its expertise in exploring for deep and/or concealed ore deposits. With a treasury of approximately C$32 million, the Company is well-funded for future activities.
Rio Tinto and Ivanhoe Mines are major shareholders of Entrée, holding approximately 13% and 12% of issued and outstanding shares, respectively.
This News Release contains forward-looking statements. Forward-looking statements are statements which relate to future events. In some cases, you can identify forward-looking statements by terminology such as “may”, “should”, “expects”, “plans”, “anticipates”, “believes”, “estimates”, “predicts”, “potential” or “continue” or the negative of these terms or other comparable terminology. These include, but are not limited to: the ability of the company to make economic discoveries and advance its projects to development or production, the impact of amendments to the laws of countries in which Entrée carries on business; and other statements that are not historical facts. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our or our industry’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements.
While these forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggested herein. Except as required by applicable law, including the securities laws of the United States, the Company does not intend to update any of the forward-looking statements to conform these statements to actual results. Readers are referred to the sections entitled “Risk Factors” in the Company’s periodic filings with the British Columbia Securities Commission, which can be viewed at www.SEDAR.com, and with the United States Securities and Exchange Commission, which can be viewed at www.SEC.gov.
Power-One, Inc. (PWER) Announces Notice of Redemption for 8% Senior Secured Convertible Notes Due 2013
CAMARILLO, Calif., July 6, 2010 (GLOBE NEWSWIRE) — Power-One, Inc. (Nasdaq:PWER – News), a leading provider of renewable energy and energy-efficient power conversion and power management solutions, today announced that it had sent notice to registered holders of its 8% Senior Secured Convertible Notes due 2013 (the “Notes”) that it is calling for redemption all outstanding Notes on August 11, 2010. The Notes were originally issued on June 17, 2008 in the aggregate principal amount of $80 million. As a result of buybacks of a portion of the Notes by Power-One, the principal amount of the outstanding Notes is approximately $34 million.
Holders may deliver a conversion notice to The Bank of New York Mellon Trust Company N.A., as conversion agent, at any time prior to 5 PM Eastern Time on August 10, 2010 (the day prior to the redemption date), in lieu of receiving the cash redemption price. Each holder of Notes has the right to convert the principal amount of such Notes into Power-One’s common stock at a conversion rate of 500 shares of common stock for each $1,000 principal amount of Notes converted. The conversion rate is equivalent to a price of $2.00 per share. Questions and requests for assistance with the redemption or conversion of the notes may be directed to The Bank of New York Mellon Trust Company N.A., attention Randolph Holder, at (212) 815-5098.
Upon redemption, Power-One will pay holders of the Notes that have not been converted into common stock an amount of cash equal to $1,139.29, which includes accrued and unpaid interest through the day prior to the redemption date, per $1,000 principal amount of Notes. Payment of the redemption price will be made by The Bank of New York Mellon Trust Company N.A., as trustee, upon presentation and surrender of the Notes on or after the redemption date by hand or by mail at the address for the paying agent.
About Power-One
Power-One designs and manufactures energy-efficient power conversion and power management solutions, including inverters for alternative/renewable energy (solar and wind) and products for routers, data storage and servers, wireless communications, optical networking, semiconductor test equipment, industrial markets and custom applications. Power-One, with headquarters in Camarillo, California, has global sales offices, manufacturing, and R&D operations in Asia, Europe, and the Americas. Power-One is a public company listed on NASDAQ under the ticker symbol PWER. For more information about the Company, please visit www.Power-One.com.
The Power-One, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=7338
Gamesa Selects Towers from Broadwind Energy (BWEN) for U.S. Wind Projects
Jul. 6, 2010 (Business Wire) — Gamesa Technology Corp., a wholly owned U.S. subsidiary of Gamesa Corporación Tecnológica, a global manufacturer of wind turbine generators with headquarters in Spain and operations in the U.S., Europe, China and India has selected Tower Tech, Inc., a subsidiary of Broadwind Energy, Inc. (NASDAQ:BWEN), to supply structural wind towers for wind sites in the United States for installation in the second half of 2010.
Jim Buddelmeyer, vice president of purchasing at Gamesa stated, “Proven experience, flexibility and well-established competencies were key elements in our decision to select Broadwind’s Tower Tech subsidiary to construct our next-generation towers for these projects.”
“Tower Tech specializes in the production of heavier and more complex wind towers, with which turbine manufactures like Gamesa seek to expand the geographic footprint of wind power,” said Jess Collins, group president at Broadwind Energy. “We are delighted to extend our long, successful supply relationship with Gamesa through this project.”
Tower Tech expects to deliver these towers to Gamesa during fourth-quarter 2010.
About Broadwind Energy, Inc.
Broadwind Energy, Inc., based in Naperville, Illinois, provides technologically advanced high-value products and services to the U.S. wind energy industry. Broadwind’s product and service portfolio provides customers, including wind turbine manufacturers, wind farm developers and wind farm operators, with access to a broad array of wind component and service offerings. These product and service offerings include wind turbine gearing systems, wind turbine structural towers, industrial products, technical services, Precision Repair and Engineering services, and logistics. For more information on Broadwind Energy, please visit http://www.bwen.com
Forward-Looking Statements
This news release includes “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995 — that is, statements related to future, not past, events. Forward-looking statements are based on current expectations and include any statement that does not directly relate to a current or historical fact. In this context, forward-looking statements often address our expected future business and financial performance, and often contain words such as “anticipate,” “believe,” “intend,” “expect,” “plan,” “will” or other similar words. These forward-looking statements involve certain risks and uncertainties that ultimately may not prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. The Company’s forward looking statements may include or relate to the Company’s plans to grow its business and its expectations regarding its operations and the business of its customers; the sufficiency of the Company’s working capital; and the Company’s expectations regarding the state of the wind energy market generally, as well as the Company’s expectations relating to the economic downturn and the potential impact on its business and the business of its customers. For further discussion of risks and uncertainties, individuals should refer to the Company’s SEC filings. The Company undertakes no obligation and does not intend to update these forward-looking statements to reflect events or circumstances occurring after this news release. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release. All forward-looking statements are qualified in their entirety by this cautionary statement.
Hawk Corporation (HWK) to Consider Strategic Alternatives
CLEVELAND, OH–(Marketwire – 07/01/10) – Hawk Corporation (AMEX:HWK – News) announced today that to enhance stockholder value, its Board of Directors has commenced a process to explore and consider possible strategic alternatives, including a possible sale of the Company. A Special Committee of the Board has been formed and has retained Harris Williams & Co., as its financial advisor to assist and advise the Special Committee.
Ronald E. Weinberg, Chairman and Chief Executive Officer, said, “We believe that this is an opportune time for us to explore alternatives for enhancing stockholder value. However, as we participate in this process, we will continue to focus on the long-term strategic initiatives we have previously identified to ensure continued growth opportunities for the Company.”
The Company has not set a definitive timetable for completion of its evaluation and there can be no assurance that this process will lead to the approval or completion of any definitive agreement or other transaction. Hawk does not intend to disclose developments regarding this process unless and until its Board of Directors approves a specific transaction or otherwise concludes the review of strategic alternatives. Management of the Company has not scheduled a conference call in conjunction with this announcement.
The Company
Hawk Corporation is a leading supplier of friction materials for brakes, clutches and transmissions used in airplanes, trucks, construction and mining equipment, farm equipment, recreational and performance automotive vehicles. The Company also manufactures fuel cell components. Headquartered in Cleveland, Ohio, Hawk has approximately 1,200 employees at 12 manufacturing, research, sales and international rep offices and administrative sites in 6 countries.
Forward-Looking Statements
This press release includes forward-looking statements. These forward-looking statements are based upon management’s expectations and beliefs concerning future events. Forward-looking statements are necessarily subject to risks, uncertainties and other factors, many of which are outside the control of the Company and which could cause actual results to differ materially from such statements. These risks and uncertainties include the Company’s ability to enter into or consummate a transaction as a result of the exploration and consideration of possible strategic alternatives or the Company’s ability to enhance stockholder value through this process.
Actual results and events may differ significantly from those projected in the forward-looking statements. Reference is made to Hawk’s filings with the Securities and Exchange Commission, including its annual report on Form 10-K for the year ended December 31, 2009, its quarterly reports on Form 10-Q, and other periodic filings, for a description of the foregoing and other factors that could cause actual results to differ materially from those in the forward-looking statements. Any forward-looking statement speaks only as of the date on which such statement is made, and the Company undertakes no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise
ChinaNet Online Holdings, Inc. (CNET) Continues Employment Initiative Efforts through Public Service Programs
BEIJING, July 1 /PRNewswire-Asia-FirstCall/ — ChinaNet Online Holdings, Inc. (NYSE AMEX: CNET) (“ChinaNet” or the “Company”), a leading Internet services and media technology company providing online advertising and brand management solutions for small- and medium-sized enterprises (SMEs) in the People’s Republic of China (China), is continuing its commitment to help China’s college students develop entrepreneurial skills and spur growth of small and medium enterprises in China while expanding the Company’s “www.28.com” brand recognition.
ChinaNet co-founded the “Entrepreneurship Fund for Chinese College Students”, which will make resources available to attract successful entrepreneurs for guiding students and providing active assistance for developing business plans. Mr. Cheng Handong, President and CEO of ChinaNet, confirms the company’s commitment to support this public activity and plans continued assistance for undergraduates’ startups and ventures. Small- and medium-sized enterprises make up 75% of the urban employment in China and are a popular destination for recent college graduates.
In appreciation of this initiative, www.28.com, a subsidiary of ChinaNet, recently sponsored an opening ceremony commencing the Chinese College Students Startup Forum (“Forum”), which was jointly sponsored by six government agencies, including China Federation of Industry and Commerce, Ministry of Education, Central Committee of the Communist Young League, United Front Work Department of CPC Central Committee, Ministry of Human Resources and Social Security, and Ministry of Civil Affairs. The opening ceremony of the Forum was held in the Great Hall of People in Beijing with more than 200 participants, including Chinese government officials, mainstream media reporters and student delegates. In addition, 28.com, a subsidiary of ChinaNet, made the first donation of approximately $735,000 to the Entrepreneurship Fund for Chinese College Students.
ChinaNet also recently sponsored the first “28.com Business Opportunity Cup”. This competition is designed to allow Chinese college students the opportunity to showcase their entrepreneur skills and teach them the process of starting a business. The successful event attracted over 2,000 student applicants and received 322 projects. Future competitions are planned to be held regularly.
“These programs have increased the presence and awareness of ChinaNet among China’s universities, industry and venture communities, as we continue to provide meaningful assistance to undergraduates’ startup and job hunting activities,” stated Mr. Handong Cheng, Chairman and CEO of the Company. “ChinaNet’s web portal, www.28.com, is the leading networking website in China for matching entrepreneurs with business opportunities. ChinaNet anticipates these programs could yield an additional 50 to 100 branded clients annually who would utilize the portal to advertise to this population of college students and graduates, their products, services and business opportunities over the internet. The company estimates that each new client would contribute approximately $15,000 to $22,000 in annual revenues.”
About ChinaNet Online Holdings, Inc.
The Company, a parent company of ChinaNet Online Media Group Ltd., incorporated in the BVI (“ChinaNet” or “Zhong Wang Zai Xian”), is a leading Internet services and media technology company providing online advertising and brand management solutions for small and medium-sized enterprises (SME) in China. The Company, through its certain contractual arrangements with operating companies in the PRC, provides Internet advertising and other services for Chinese SMEs via its portal website 28.com, TV commercials and program production via China-Net TV, and in-house LCD advertising on banking kiosks targeting Chinese banking patrons. Website: http://www.chinanet-online.com .
Safe Harbor Statement
This release contains certain “forward-looking statements” relating to the business of ChinaNet Online Holdings, Inc., which can be identified by the use of forward-looking terminology such as “believes,” “expects,” “anticipates,” “estimates” or similar expressions. Such forward-looking statements involve known and unknown risks and uncertainties, including business uncertainties relating to government regulation of our industry, market demand, reliance on key personnel, future capital requirements, competition in general and other factors that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. Certain of these risks and uncertainties are or will be described in greater detail in our filings with the Securities and Exchange Commission. These forward-looking statements are based on ChinaNet’s current expectations and beliefs concerning future developments and their potential effects on the company. There can be no assurance that future developments affecting ChinaNet will be those anticipated by ChinaNet. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond the control of the Company) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by such forward-looking statements. ChinaNet undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
AutoNavi Holdings Limited (AMAP) Announces Pricing of Initial Public Offering on the NASDAQ Global Select Market
BEIJING, July 1, 2010 (GLOBE NEWSWIRE) — AutoNavi Holdings Limited, (“AutoNavi” or the “Company”) (Nasdaq:AMAP – News), a leading provider of digital map content and navigation and location-based solutions in China, today announced that its initial public offering of 8,625,000 American depositary shares (”ADSs”), each representing four ordinary shares of the Company, was priced at $12.50 per ADS. The ADSs will begin trading on the NASDAQ Global Select Market on July 1, 2010 under the symbol “AMAP.”
Of the 8,625,000 ADSs being offered, 7,500,000 ADSs are offered by AutoNavi, and 1,125,000 ADSs are offered by the selling shareholders. The underwriters have been granted a 30-day option to purchase up to an additional 1,293,750 ADSs from AutoNavi.
Goldman Sachs (Asia) L.L.C. acted as sole bookrunner, and Oppenheimer & Co. Inc. and Pacific Crest Securities LLC acted as co-managers for the offering.
AutoNavi’s registration statement relating to these securities has been declared effective by the United States Securities and Exchange Commission. This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
The offering of the securities is made only by means of a prospectus forming a part of the effective registration statement. A copy of the prospectus relating to the offering may be obtained by contacting Goldman, Sachs & Co., 200 West Street, New York, NY 10282. Attention: Prospectus Department (+1 212-902-1171)
About AutoNavi Holdings Limited
AutoNavi Holdings Limited (Nasdaq:AMAP – News) is a leading provider of digital map content and navigation and location-based solutions in China. At the core of its business is a comprehensive nationwide digital map database that covers approximately 2.8 million kilometers of roadway and over 12.5 million points of interest across China. Through its digital map database and proprietary technology platform, AutoNavi provides comprehensive, integrated navigation and location-based solutions optimized for the Chinese market and users, including automotive navigation solutions, public sector and enterprise applications, wireless location-based solutions and Internet location-based solutions. For more information on AutoNavi, please visit http://www.autonavi.com.
The AutoNavi Holdings Limited logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=7693
| For investor and media inquiries please contact: |
| In China: |
| Serena Shi |
| AutoNavi Holdings Limited |
| Tel: +86-10-5985-9538 |
| Email: serena.shi@autonavi.com |
| Flora Tian |
| Ogilvy Financial, Beijing |
| Tel: +86-10-8520-6524 |
| Email: amap@ogilvy.com |
| In the U.S.: |
| Jessica Barist Cohen |
| Ogilvy Financial, New York |
| Phone: +1-646-460-9989 |
| E-mail: jessica.cohen@ogilvypr.com |
Eisai to Market Arena Pharmaceuticals’ (ARNA) Lorcaserin for Obesity and Weight Management
SAN DIEGO, July 1, 2010 /PRNewswire-FirstCall/ — Arena Pharmaceuticals, Inc. (Nasdaq: ARNA) today announced that Eisai Inc. will market lorcaserin for obesity and weight management in the United States following U.S. Food and Drug Administration (FDA) approval under the terms of a marketing and supply agreement between Arena Pharmaceuticals GmbH, a wholly owned subsidiary of Arena Pharmaceuticals, Inc., and Eisai. Lorcaserin, which Arena discovered and has developed for weight management, is intended for obese patients as well as overweight patients who have at least one weight-related co-morbid condition.
(Photo: http://photos.prnewswire.com/prnh/20100701/LA29624)
(Photo: http://www.newscom.com/cgi-bin/prnh/20100701/LA29624)
As part of the marketing and supply agreement, Arena has granted Eisai exclusive U.S. rights to commercialize lorcaserin. Arena will manufacture lorcaserin at its facility in Switzerland and sell finished product to Eisai for marketing and distribution in the United States.
“Through this agreement, we believe Eisai has an opportunity to bring a new option to market to address the significant and growing need for obesity treatments,” said Lonnel Coats, President and Chief Executive Officer of Eisai Inc. “Additionally, by building on our expertise and success in the primary care and specialty areas, with strong synergy in our gastrointestinal franchise, this arrangement for the marketing of lorcaserin will enable Eisai to establish a strong presence in the United States for the medical management of obesity.”
Under the terms of the agreement, Arena will receive an upfront payment of $50 million from Eisai and, upon regulatory approval and the delivery of product supply for launch, up to an additional $90 million in milestone payments. Arena will sell lorcaserin to Eisai for a purchase price starting at 31.5% of Eisai’s annual net product sales, and the purchase price will increase on a tiered basis to as high as 36.5% on the portion of annual net product sales exceeding $750 million. Arena is also eligible to receive $1.16 billion in one-time purchase price adjustment payments based on annual sales levels of lorcaserin and up to an additional $70 million in regulatory and development milestone payments.
“Execution of this commercial agreement is a major milestone in our plans for lorcaserin,” said Jack Lief, Arena’s President and Chief Executive Officer. “We believe in Eisai’s human health care mission to satisfy unmet medical needs and increase benefits to patients and their families. With Eisai, we have the right company to market lorcaserin in the United States, the right type of agreement to optimize lorcaserin’s medical and commercial potential and the shared recognition that it is the right time to enter into this agreement to prepare for launch following FDA approval.”
Conference Call & Webcast Scheduled for July 1, 2010, at 8:30 a.m. Eastern Time
Arena will host a conference call and webcast to discuss the agreement on Thursday, July 1, 2010, at 8:30 a.m. Eastern Time (5:30 a.m. Pacific Time). Jack Lief, Dominic P. Behan, Ph.D., Arena’s Senior Vice President and Chief Scientific Officer, and William R. Shanahan, M.D., Arena’s Senior Vice President and Chief Medical Officer, will host the conference call and webcast.
The conference call may be accessed by dialing 877.303.6132 for domestic callers and 678.809.1062 for international callers. Please specify to the operator that you would like to join the Arena Pharmaceuticals’ conference call. The conference call will be webcast live under the investor relations section of Arena’s website at www.arenapharm.com, and will be archived there for 30 days following the call. Please connect to Arena’s website several minutes prior to the start of the broadcast to ensure adequate time for any software download that may be necessary.
About Lorcaserin
Lorcaserin is a novel single agent that represents the first in a new class of selective serotonin 2C receptor agonists. The serotonin 2C receptor is expressed in the brain, including the hypothalamus, an area involved in the control of appetite and metabolism. Stimulation of this receptor is strongly associated with feeding behavior and satiety. Arena has patents that cover lorcaserin in the United States and other jurisdictions, which in most cases are capable of continuing into 2023 without taking into account any patent term extensions or other exclusivity Arena might obtain.
Phase 3 Program Overview
The pivotal Phase 3 clinical trial program, BLOOM (Behavioral modification and Lorcaserin for Overweight and Obesity Management) and BLOSSOM (Behavioral modification and LOrcaserin Second Study for Obesity Management), evaluated nearly 7,200 patients treated for up to two years. In both trials, lorcaserin was well tolerated and produced statistically significant weight loss. These double-blind, randomized, placebo-controlled trials evaluated obese patients, BMI 30 to 45, with or without co-morbid conditions and overweight patients, BMI 27 to 29.9, with at least one co-morbid condition, such as hypertension, cardiovascular diseases or glucose intolerance.
In addition to the pivotal program, Arena is evaluating lorcaserin for weight management in obese and overweight patients with type 2 diabetes in its BLOOM-DM (Behavioral modification and Lorcaserin for Overweight and Obesity Management in Diabetes Mellitus) trial. Results of BLOOM-DM are expected late this year, and Arena plans to file the results as a supplement to the New Drug Application (NDA).
About Eisai Inc.
Eisai Inc. was established in 1995 and is ranked among the top-20 U.S. pharmaceutical companies (based on retail sales). The company began marketing its first product in the United States in 1997 and has rapidly grown to become a fully integrated pharmaceutical business with fiscal year 2009 (year ended March 31, 2010) sales of approximately $3.9 billion. Eisai’s areas of commercial focus include neurology, gastrointestinal disorders and oncology/critical care. The company serves as the U.S. pharmaceutical operation of Eisai Co., Ltd.
Eisai has a global product creation organization that includes U.S.-based R&D facilities in Maryland, Massachusetts, New Jersey, North Carolina and Pennsylvania as well as manufacturing facilities in Maryland and North Carolina. The company’s areas of R&D focus include neuroscience; oncology; vascular, inflammatory and immunological reaction; and antibody-based programs. For more information about Eisai, please visit www.eisai.com.
About Eisai Co., Ltd.
Eisai Co., Ltd. is a research-based human health care (hhc) company that discovers, develops and markets products throughout the world. Through a global network of research facilities, manufacturing sites and marketing subsidiaries, Eisai actively participates in all aspects of the worldwide health care system. Eisai employs approximately 11,000 employees worldwide.
About Arena Pharmaceuticals
Arena is a clinical-stage biopharmaceutical company focused on discovering, developing and commercializing oral drugs that target G protein-coupled receptors, an important class of validated drug targets, in four major therapeutic areas: cardiovascular, central nervous system, inflammatory and metabolic diseases. Arena’s most advanced drug candidate, lorcaserin, is intended for weight management and has completed a pivotal Phase 3 clinical trial program. Arena has filed an NDA for lorcaserin with the FDA, and the FDA has assigned a PDUFA date of October 22, 2010, for the review of the application. Arena Pharmaceuticals GmbH, a wholly owned subsidiary of Arena Pharmaceuticals, Inc., has granted Eisai Inc. exclusive rights to market and distribute lorcaserin in the United States.
Arena Pharmaceuticals(R) and Arena(R) are registered service marks of the company.
Forward-Looking Statements
Certain statements in this press release are forward-looking statements that involve a number of risks and uncertainties. Such forward-looking statements include statements about rights and obligations under the marketing and supply agreement; expectations, goals and future activities related to such agreement, including the potential commercialization of lorcaserin, manufacture of lorcaserin, sale of finished product and future development; upfront, milestone, purchase price and other payments that may be received or paid in connection with such agreement; the need for obesity treatments; the potential of lorcaserin; the significance of the execution of the marketing and supply agreement with Eisai; the advancement, therapeutic indication and use, safety, efficacy and tolerability of lorcaserin; regulatory review and potential regulatory approval and commercial launch of lorcaserin; lorcaserin’s patent coverage; the BLOOM-DM trial, including the results of such trial; and Arena’s focus, goals, strategy, research and development programs, and ability to develop compounds and commercialize drugs. For such statements, Arena claims the protection of the Private Securities Litigation Reform Act of 1995. Actual events or results may differ materially from Arena’s expectations. Factors that could cause actual results to differ materially from the forward-looking statements include, but are not limited to, risks related to the implementation and continuation of the marketing and supply agreement with Eisai and dependence on Eisai; regulatory authorities or advisors may not find data from Arena’s clinical trials and other studies sufficient for regulatory approval; the timing and ability of Arena to receive regulatory approval for its drug candidates; the ability to enter into agreements to develop or commercialize lorcaserin and other of Arena’s compounds or programs; Eisai’s and Arena’s ability to commercialize lorcaserin; the timing, success and cost of the lorcaserin program and other of Arena’s research and development programs; results of clinical trials and other studies are subject to different interpretations and may not be predictive of future results; clinical trials and other studies may not proceed at the time or in the manner Arena or others expect or at all; Arena’s ability to obtain adequate funds; Arena’s ability to obtain and defend its patents; and the timing and receipt of payments and fees, if any, from Eisai and Arena’s collaborators. Additional factors that could cause actual results to differ materially from those stated or implied by Arena’s forward-looking statements are disclosed in Arena’s filings with the Securities and Exchange Commission. These forward-looking statements represent Arena’s judgment as of the time of this release. Arena disclaims any intent or obligation to update these forward-looking statements, other than as may be required under applicable law.
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