WOODBURY, NY — (Marketwire) — 02/07/11 — Research Frontiers Inc. (NASDAQ: REFR) has scheduled a conference call at 4:15 pm EST on Wednesday, February 9, 2011 to discuss their announcement today that its patented SPD-Smart light-control technology was selected by Daimler AG for the MAGIC SKY CONTROL panoramic glass roof offered on the new Mercedes-Benz SLK that debuted on January 29, 2011.
Shareholders and other interested parties may participate in the conference call by dialing 877-317-6789 (domestic) or 412-317-6789 (international) and request to be connected to the “Research Frontiers Conference Call.”
To cover as many topics of interest as possible, we encourage participants to email their questions to questions@SmartGlass.com by 1:00 pm EST February 9, 2011.
A replay of the conference call will be available one hour after the call concludes through Wednesday, February 16, 2011 at 9:00 am EST by dialing 877-344-7529 (domestic) or 412-317-0088 (international) and entering the conference ID Number 447641.
About Research Frontiers Inc.
Research Frontiers Inc. is the developer of SPD-Smart light-control technology which allows users to instantly, precisely and uniformly control the shading of glass or plastic, either manually or automatically. Having spent over $80 million to date to develop its technology, Research Frontiers currently holds approximately 500 patents and patent applications and has built an infrastructure of 39 licensed companies that collectively are capable of serving the growing global demand for smart glass products in automobiles, homes, buildings, aircraft and boats. Further information about SPD-Smart technology, Research Frontiers and its licensees can be found at www.SmartGlass.com.
Note: From time to time Research Frontiers may issue forward-looking statements which involve risks and uncertainties. This press release may contain forward-looking statements. Actual results could differ and are not guaranteed. Any forward-looking statements should be considered accordingly. “SPD-Smart” and “SPD-SmartGlass” are trademarks of Research Frontiers Inc. “MAGIC SKY CONTROL” and “Mercedes-Benz” are trademarks of Daimler AG.
For further information, please contact:
Seth L. Van Voorhees
Vice President-Business Development and Chief Financial Officer
(516) 364-1902
info@SmartGlass.com
Monday, February 7th, 2011UncategorizedComments Off on Research Frontiers (REFR) to Host Investor Conference Call
China Electric Motor Inc. is a China-based company that engages in the design, production, marketing and sale of micro motor products through its subsidiaries, Shenzhen YuePengCheng Motor Co., Ltd. and Ningbo Heng Bang Long Electrical Equipment Co., Ltd. The Company’s products are incorporated into consumer electronics, automobiles, power tools, toys and household appliances.
Despite 48.90% year-over-year growth in revenues and continued profitability, CELM is now trading at a P/E of less than 6 (the average for the industry is approximately 28). The company is also undervalued by P/S, PEG, Price/Book and Price/Cash Flow. Currently two analysts cover the stock, one with a “Strong Buy” rating and one with a “Buy” rating. The average of their price targets is $9.50.
As of last report, the company had a very strong balance sheet with $75.9 million in total assets and $9.5 million in total liabilities. The management team has also shown great strength in efficiency, returning 28.1% on equity, 24.1% on assets and 28.1% on capital.
In most recent news, the company announced that through an indirect wholly owned subsidiary it will acquire Shenzhen Guofa Optoelectronics Co., Ltd. Through this acquisition, CELM will gain new production lines and expertise focused on high-end DC micro motors as well as a blue chip customer base. The acquisition is expected to be accretive immediately upon the closing.
Key statistics (2/4/11):
Market cap: $91.72 Million
P/E Ratio: 6.1 versus industry average of 28.0
P/S Ratio: 0.90 versus industry average of 2.33
Debt/Equity Ratio: 0.00 versus industry average of 0.67
Current Ratio:6.5 versus industry average of 1.9
Quick Ratio: 5.6 versus industry average of 1.5
Return on Equity: 28.1% versus industry average of 1.7%
Return on Assets: 24.1% versus industry average of 3.3%
Return on Capital: 28.1% versus industry average of 2.4%
Saturday, February 5th, 2011UncategorizedComments Off on China Electric Motor Inc. (CELM)
VANCOUVER, BRITISH COLUMBIA — (Marketwire) — 02/01/11 — Endeavour Silver Corp. (TSX: EDR)(NYSE Amex: EXK)(DBFrankfurt: EJD) released today its review of exploration results in 2010 and its exploration plans for 2011. The Company’s exploration drilling programs in Mexico met with continued success in 2010, highlighted by the discovery of new, high grade silver-gold mineralized zones near Endeavour’s two silver mining operations, Guanacevi Mines in Durango State, and Guanajuato Mines in Guanajuato State.
Barry Devlin, Vice President of Exploration, commented, “Last year, our talented exploration team once again delivered some exciting new silver-gold vein discoveries which will be included in our next NI 43-101 reserve/resource estimate expected in a few weeks time. Endeavour drilled approximately 41,400 meters (136,000 feet) in 148 drill holes testing multiple exploration targets in five separate mining districts in order to make new discoveries and expand silver resources.”
“At Guanacevi, our focus last year moved north into the San Pedro area, where we received encouraging sample and drill results from a number of recently discovered mineralized zones on historic mine properties. Two exciting new finds, Epsilon and La Blanca, are in the vicinity of historic high grade silver mines along the western side of San Pedro, and two more, San Joachin and Santa Isabel, lie along strike to the north of historic high grade silver mines that occupy the east-bounding faults of the Guanacevi horst block (Endeavour’s Santa Cruz, Porvenir Norte, Porvenir Dos and Porvenir Cuatro mines are all located along the west-bounding fault of the Guanacevi horst block).”
“At Guanajuato, we enjoyed significant exploration success in 2010 extending high grade silver-gold mineralization within the Lucero vein for more than 800 meters along strike and more importantly, Endeavour discovered three new mineralized veins parallel to and in the footwall of Lucero, the Karina, Fernanda and Daniela veins. Two drill rigs are working full time to extend these mineralized zones and several compelling new vein targets will also be drilled this year. As a result, Endeavour has commenced a major expansion of the Guanajuato plant to 1000 tonnes per day in the 3rd Quarter, 2011.”
Guanacevi District
Endeavour currently holds 100% interests in 1,072 hectares (2,649 acres) within the historic silver district of Guanacevi which produced over 450 million ounces (oz) of silver according to SGM, the Mexican Geological Service. Since acquiring Guanacevi in 2004, Endeavour has found five high-grade silver ore-bodies along a five kilometer (3 mile) length of the prolific Santa Cruz silver vein (see Guanacevi maps on website, http://www.edrsilver.com/s/Guanacevi.asp).
In 2010, Endeavour drilled 7,000 meters in 23 holes in the San Pedro area resulting in two exciting new finds, Epsilon and La Blanca. Recent drill results not previously announced include 3,319 grams per tonne (gpt) silver and 7.1 gpt gold over a 2.0 meter (m) true width in the Epsilon area (hole EPS1-2), and 3,000 gpt silver and 7.7 gpt gold over a 2.1 m true width in the La Blanca area (hole BC-03).
Endeavour continued to expand its land position at Guanacevi in 2010 with the addition of the 3 properties totaling 25 hectares. Many of the old silver mining properties in Guanacevi had histories of small high grade mine production but very few of them were ever systematically explored and drilled.
Previously unreleased highlights of the 2010 drilling programs at Guanacevi were as follows:
Endeavour currently holds 100% interests in 2,314 hectares (5,719 acres) within the historic silver district of Guanajuato which produced over 1.2 billion oz silver according to the SGM. Since acquiring Guanajuato in 2007, Endeavour has discovered three high-grade silver-gold ore-bodies, one along the Veta Madre ore-bearing structure northwest of the Cebada mine and two along the La Luz mineralized veins southeast of the Lucero/Bolanitos mine (see Guanajuato maps on website, http://www.edrsilver.com/s/BolanitosMine.asp).
In 2010, Endeavour drilled 18,000 meters in 61 holes in the Lucero area resulting in three exciting new finds, Karina, Fernanda and Daniela. Recent drill results not previously announced include 158 gpt silver and 6.7 gpt gold over an 8.1 m true width in the Daniela vein (hole KA-27), and 367 gpt silver and 1.9 gpt gold over a 1.8 m true width in the Karina vein (hole KA-29).
Like Guanacevi, Endeavour continued to expand its land position at Guanajuato in 2010 with the addition of the 4 properties totaling 243 hectares. Many of the old silver mining properties in Guanajuato also had histories of small high grade mine production but few of them were systematically explored and drilled.
Previously unreleased highlights of the 2010 drilling programs at Guanajuato were as follows:
In 2010, Endeavour drilled 10,000 meters in 34 holes at the San Juanico property in order to extend the known silver-gold-lead-zinc mineralization on Endeavour’s adjacent El Cometa property. Both properties are located within the historic silver district of Parral, Chihuahua, which produced more than 250 million oz silver according to the SGM.
As of March 2009, Endeavour reported an NI 43-101 indicated resource at Cometa of 1.5 million oz silver and inferred resources totaling 1.0 million oz plus significant gold, lead and zinc resources (see Parral maps on website, http://www.edrsilver.com/s/ParralMine.asp). An updated combined resource estimate is anticipated for El Cometa and San Juanico shortly.
Recent drill results not previously announced include 52 gpt silver, 0.7 gpt gold, 4.2% lead and 1.9% zinc over an 4.8 m true width in the Cometa vein (hole SJ0-2), and 267 gpt silver, 1.2 gpt gold, 0.4% lead and 0.4% zinc over a 2.0 m true width also in the Cometa vein (hole SJ1-1). Once the resource estimate is completed, management will review the economic mining potential of the Parral project.
An additional 1200 meters of drilling in 12 holes was carried out at Endeavour’s 1,215 hectare (3,002 acre) Arroyo Seco project in Michoacan to try and extend the previously discovered manto-style silver-lead-zinc mineralization along strike and down dip.
Recent drill results not previously announced include 864 gpt silver and 0.82% lead over an 1.1 m true width in hole AS-14, and 311 gpt silver and 0.94% copper over a 2.0 m true width in hole AS-13. Management has decided to seek a partner or buyer for the Arroyo Seco properties as they do not have sufficient silver potential to be of interest to Endeavour.
2011 Exploration Plans
In 2011, Endeavour plans an aggressive $9.2 million, 47,000 meter, 175-hole exploration drill program to test multiple exploration targets within three of the mining districts where Endeavour is currently active in Mexico plus any new targets within new districts the Company may acquire during the year.
The first priorities will be to follow up the new discoveries made near Endeavour’s two mining operations at Guanacevi and Guanajuato as highlighted above and to test several new prospective targets within those two districts. Management is confident that the potential to discover and develop new silver-gold resources at both Guanacevi and Guanajuato remains high.
Endeavour will also commence surface exploration drilling on the San Sebastian properties acquired last year in Jalisco state, Mexico. Surface sampling has identified numerous high-grade silver and gold mineralized zones at San Sebastian that will be tested in 2011.
Significant sample results are as follows:
SIGNIFICANT SAN SEBASTIAN SAMPLE RESULTS
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Width Ag Au Pb Zn
Sample ID Zone (m) (gpt) (gpt) (ppm) (ppm)
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ESA 10014 Los Pollos Grab 1,185 0.74 1,370 355
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ESA 10027 La Obra 1.15 1,120 1.06 547 124
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ESA 10037 Ocote Alto 0.80 821 0.69 371 98
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ESA 10045 San Martin 0.30 364 1.23 1,130 734
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ESA 10058 La Obra 0.40 370 0.13 71 86
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ESA 10060 Guadalupe 0.35 647 2.51 34 105
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ESA 10066 La Obra 1.00 548 0.38 631 281
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ESA 10069 La Obra 0.20 429 0.07 724 535
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ESA 10075 El Tajo Grab 1,295 2.82 11,150 500
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ESA 10076 El Porvenir Grab 5,040 18.80 4,920 4,610
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ESA 10089 El Culebro Grab 534 1.94 1,160 63
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ESA 10096 El Tajo 0.55 673 0.64 18,800 227
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ESA 10098 El Tajo 0.50 581 1.16 13,200 5,240
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ESA 10099 El Tajo 0.56 1,295 2.02 25,100 3,630
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ESA 10903 El Tajo 1.50 414 0.37 897 293
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ESA 10904 El Tajo 1.50 474 0.78 449 366
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ESA 10907 San Agustin 0.50 603 0.23 2,050 1,755
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ESA 10912 El Rosario 0.30 634 0.68 740 164
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ESA 10926La Carbonera Grab 4,010 14.75 11,800 743
----------------------------------------------------------------------
Barry Devlin, M.Sc., P.Geo. Vice President, Exploration is the Qualified Person who reviewed this news release and supervised the surface drilling and sampling programs at the Parral, Guanacevi and Guanajuato Projects. Godfrey Walton, M.Sc. P.Geo. President and Chief Operating Officer is the Qualified Person who reviewed this news release and supervised the mine surface and underground drilling programs at the Guanacevi and Guanajuato Mines. A Quality Control sampling program of reference standards, blanks and duplicates has been instituted to monitor the integrity of all assay results. All core samples are split at the Parral, Guanajuato, or Guanacevi field offices and shipped to ALS-Chemex Labs, where they are dried, crushed, split and 50 gram pulp samples are prepared for analysis. Gold and silver are determined by fire assay with an atomic absorption (AA) finish and lead, zinc and copper are determined by AA.
Endeavour Silver Corp. is a mid-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 six consecutive years of growing silver production, reserves 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.
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 future performance, 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.
The TSX Exchange has neither approved nor disapproved the contents of this news release.
TravelCenters of America LLC Announces Amendments to Lease Agreements with Hospitality Properties Trust and Settlement of Litigation
TravelCenters of America LLC Announces Amendments to Lease Agreements with Hospitality Properties Trust and Settlement of Litigation
Feb. 1, 2011 (Business Wire) — TravelCenters of America LLC (NYSE Amex: TA) today announced that it has entered amendments to its lease agreements with Hospitality Properties Trust (NYSE: HPT) as follows:
Historical Agreements:
TA has two historical leases with HPT:
One lease for 145 travel centers located in 39 states operated under the “TA” or “Travel Centers” brands extends to 2022 and requires annual rent of $165.1 million/year, increasing to $170.1 million/ year on February 1, 2011, increasing to $175.1 million/year on February 1, 2012, plus increases based upon percentages of increases in gross revenues starting in 2012 (the “TravelCenters Lease”).
One lease for 40 travel centers located in 25 states operated under the “Petro” brand extends to 2024 and requires annual rent of $66.2 million/year plus increases starting in 2013 based upon percentages of increases in gross revenues (the “Petro Lease”).
The total contractual rent payable by TA to HPT under these two leases currently is approximately $231.3 million/year (i.e., $165.1 million plus $66.2 million). Effective July 1, 2008, in consideration of the impact of market conditions upon TA’s business, TA and HPT entered into a rent deferral arrangement whereby TA was permitted to defer up to $5.0 million /month of its combined rents due to HPT through December 31, 2010, and that required the amount of any such deferred rent, plus any unpaid interest, would be due from TA to HPT on or before July 1, 2011. Pursuant to that agreement TA has deferred a total of $150.0 million of rent, and all interest due with respect to such deferrals has been paid through December 31, 2010.
New Agreements:
The amended terms which have been agreed between TA and HPT are as follows:
The TravelCenters Lease is modified effective January 1, 2011 so that the current rent is reduced from $165.1 million/year to $135.1 million/year. The rent will increase to $140.1 million/year effective February 1, 2012, plus increases thereafter based upon percentages of increases in gross revenues.
The Petro Lease is modified effective January 1, 2011 so that the current rent is reduced from $66.2 million/year to $54.2 million/ year plus increases starting in 2013 based upon percentages of increases in gross revenues which exceed a threshold amount; and the first $2.5 million of percentage rent which becomes due under the Petro Lease shall be waived provided the settlement of certain litigation pending against TA, HPT and others is approved (see below).
The $150.0 million of previously deferred rent due from TA to HPT is further deferred, without interest, so that $107.1 million will be due in 2022 and $42.9 million shall be due in 2024. These deferred amounts will become due and interest may begin to accrue in certain circumstances set forth in the amended leases, including a change of control of TA.
Litigation Settlement:
In February 2008, a shareholder derivative litigation was begun against TA and its directors which, among other matters, disputes the rent payable by TA under one of its leases with HPT. Counsel for the plaintiff in that case participated in aspects of the negotiations between TA and HPT that resulted in certain of the lease modifications announced today. Specifically, in exchange for settling the litigation, HPT agreed to waive payment of the first $2.5 million of percentage rent that becomes due under the Petro Lease. This settlement is subject to approval by the Delaware Court of Chancery where this case is pending. Further details of this proposed settlement will be provided to TA shareholders in accordance with the Court of Chancery rules.
TA’s travel centers are operated under the “TravelCenters of America”, “TA”, and “Petro Stopping Centers” brand names and offer diesel and gasoline fueling services, restaurants, heavy truck repair facilities, stores and other services. TA’s nationwide business includes travel centers located in 41 U.S. states and in Canada.
WARNING REGARDING FORWARD LOOKING STATEMENTS
THIS PRESS RELEASE CONTAINS FORWARD LOOKING STATEMENTS WITHIN THE MEANING OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 AND OTHER SECURITIES LAWS. THESE FORWARD LOOKING STATEMENTS ARE BASED UPON TA’S CURRENT BELIEFS AND EXPECTATIONS, BUT THEY ARE NOT GUARANTEED TO OCCUR AND MAY NOT OCCUR FOR VARIOUS REASONS, INCLUDING SOME REASONS BEYOND TA’S CONTROL. FOR EXAMPLE:
THIS PRESS RELEASE DESCRIBES TA RENT REDUCTIONS AND DEFERRALS WHICH HAVE BEEN AGREED WITH HPT. AN IMPLICATION OF THIS DESCRIPTION MAY BE THAT TA WILL BE ABLE TO OPERATE PROFITABLY IN THE FUTURE. IN FACT, THERE ARE MANY FACTORS WHICH WILL IMPACT THE PROFITABILITY OF TA’ S FUTURE OPERATIONS IN ADDITION TO RENTS, INCLUDING SOME FACTORS WHICH ARE BEYOND TA’S CONTROL SUCH AS THE CONDITION OF THE U.S. ECONOMY GENERALLY AND THE FUTURE DEMAND FOR TA’S GOODS AND SERVICES, AND COMPETITION IN TA’S BUSINESS. TA HAS REPORTED OPERATING PROFITS IN ONLY A FEW QUARTERLY REPORTING PERIODS SINCE IT BECAME A SEPARATE PUBLICLY OWNED COMPANY IN 2007 AND TA HAS ACCUMULATED SIGNIFICANT LOSSES SINCE THAT TIME. THERE IS NO ASSURANCE THAT TA WILL BE ABLE TO PRODUCE FUTURE OPERATING PROFITS.
THIS PRESS RELEASE STATES THAT THE PARTIES INVOLVED IN A DERIVATIVE LITIGATION HAVE AGREED TO SETTLE THAT LITIGATION. AS NOTED ABOVE, THIS SETTLEMENT IS SUBJECT TO APPROVAL BY THE DELAWARE COURT OF CHANCERY. LITIGATION AND A COURT APPROVAL PROCESS SOMETIMES PRODUCE UNEXPECTED RESULTS. TA CAN PROVIDE NO ASSURANCE THAT THE REQUIRED COURT APPROVAL WILL BE OBTAINED OR THAT THIS SETTLEMENT WILL BE CONCLUDED.
FOR MORE INFORMATION ABOUT THE FORMER AND CURRENT RELATIONSHIPS WHICH EXIST BETWEEN TA AND HPT AND ABOUT THE RISKS WHICH MAY ARISE FROM THESE RELATIONSHIPS OR OTHER RISKS WHICH MAY AFFECT TA’S ABILITY TO OPERATE PROFITABLY, PLEASE SEE THE FORM 8-K DATED FEBRUARY 1, 2011 FILED WITH THE SEC IN CONNECTION WITH THE EVENTS DESCRIBED IN THIS PRESS RELEASE, TA’S ANNUAL REPORT ON FORM 10 K FOR THE YEAR ENDED DECEMBER 31, 2009, ESPECIALLY THE SECTIONS ENTITLED “BUSINESS”, “RISK FACTORS” (AS UPDATED IN TA’S QUARTERLY REPORT ON FORM 10 Q FOR THE PERIOD ENDED JUNE 30, 2010) AND “MANAGEMENT DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS — RELATED PERSONS TRANSACTIONS” (AS UPDATED IN OUR QUARTERLY REPORT ON FORM 10Q FOR THE PERIOD ENDED SEPTEMBER 30, 2010), IN TA’S PROXY STATEMENT DATED FEBRUARY 24, 2010 RELATED TO ITS 2010 ANNUAL MEETING OF SHAREHOLDERS, ESPECIALLY THE INFORMATION REGARDING TA’S DIRECTORS AND OFFICERS AND THE SECTION ENTITLED “RELATED PERSON TRANSACTIONS AND COMPANY REVIEW OF SUCH TRANSACTIONS”, AND OUR CURRENT REPORT ON FORM 8 K FILED WITH THE SEC ON JANUARY 28, 2010, ITEM 1.01; ALL OF WHICH DOCUMENTS ARE AVAILABLE AT THE SEC WEBSITE: WWW.SEC.GOV.
FOR THE FOREGOING REASONS, AMONG OTHERS, INVESTORS ARE CAUTIONED NOT TO PLACE UNDUE RELIANCE UPON FORWARD LOOKING STATEMENTS IN THIS PRESS RELEASE OR THEIR IMPLICATIONS.
TravelCenters of America LLC
Timothy A. Bonang, 617-796-8251
Vice President, Investor Relations
or
Carlynn Finn, 617-796-8251
Manager, Investor Relations
www.tatravelcenters.com
Tuesday, February 1st, 2011UncategorizedComments Off on TravelCenters of America LLC (TA) Announces Amendments to Lease Agreements
GONGYI, China, Feb. 1, 2011 /PRNewswire-Asia/ — China GengSheng Minerals, Inc. (“GengSheng”) (AMEX: CHGS), a leading China-based high-tech industrial materials manufacturer producing heat resistant, energy efficient materials for a variety of industrial applications, today announced that GengSheng has signed a full-service refractories supply contract with Fushun New Steel Corporation. Shipments under the contract began in January 2011, and are expected to continue through December 2012. Revenue contribution from this new client is expected to begin in the first quarter of 2011.
Under the agreement, GengSheng will provide refractory materials, as well as installation and on site support services. Revenue will be recognized based on Fushun New Steel’s production volume. Based on Fushun’s current manufacturing capacity, GengSheng expects revenue of approximately $10 million over the two-year term of the contract.
GengSheng launched full-service programs for refractory customers in late 2003. These programs include refractory product installation, testing, maintenance, repair and replacement, in addition to traditional products sales. These full service programs, which are generally carried out under one- to- two-year contracts, generate stable and recurring revenue streams and have higher margins than product sales alone. GengSheng currently has nine full service clients. The full service programs contributed approximately 52% of GengSheng’s refractories total sales in the first nine months of 2010.
“Our full service programs are an ideal solution for steel manufacturers who face an increasingly challenging market environment, as they are able to adjust purchasing and implementation based on output,” said Shunqing Zhang, CEO of China GengSheng Minerals. “This offering has been well received by customers since its introduction, allowing GengSheng to build additional brand equity and grow our share of the refractories market. In addition, full service programs enable us to develop deeper relationships with customers, allowing us to better understand their needs and increase the value we bring to the industry.”
About China GengSheng Minerals, Inc.
China GengSheng Minerals, Inc. (“GengSheng”) develops, manufactures and markets a broad range of high-tech industrial material products, including monolithic refractories, industrial ceramics and fracture proppants. A market leader offering customized solutions, GengSheng sells its products primarily to the iron-and-steel industry as heat-resistant components for steel-making furnaces, industrial kilns and other high-temperature vessels to guarantee and improve the productivity of those expensive pieces of equipment while reducing their consumption of energy. Founded in 1986 and based in China‘s Henan province, GengSheng currently has over 200 customers in the iron, steel, oil, glass, cement, aluminum and chemical businesses located in China and other countries. GengSheng conducts business through GengSheng International Corporation, a British Virgin Islands company, and its Chinese subsidiaries, which are Henan GengSheng Refractories Co., Ltd., Zhengzhou Duesail Fracture Proppant Co., Ltd., Henan GengSheng Micronized Powder Materials Co., Ltd, Guizhou SouthEast Prefecture Co., Ltd., GengSheng New Materials Co., Ltd, and Henan GengSheng High Temperature Materials Co., Ltd.
For more information about GengSheng, please visit http://www.gengsheng.com .
To be added to GengSheng’s email distribution for future press releases, please send your request to gengsheng@tpg-ir.com.
Note Regarding Forward-Looking Statements
This press release contains statements that are forward-looking within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate, or imply future results, performance or achievements, and may contain the words “estimate,” “project,” “intend,” “forecast,” “anticipate,” “plan,” “planning,” “expect,” “believe,” “will,” “will likely,” “should,” “could,” “would,” “may” or words or expressions of similar meaning. Such forward-looking statements are only predictions and are not guarantees of future performance. Investors are cautioned that any such forward-looking statements are and will be, as the case may be, subject to many risks, uncertainties, certain assumptions and factors relating to the operations and business environments of China GengSheng Minerals, Inc. and its subsidiaries that may cause the actual results of the companies to be materially different from any future results expressed or implied in such forward-looking statements. Although China GengSheng Minerals, Inc. believes that the expectations and assumptions reflected in the forward-looking statements are reasonable based on information currently available to its management, China GengSheng Minerals, Inc. cannot guarantee future results or events. China GengSheng Minerals, Inc. expressly disclaims a duty to update any of the forward-looking statement.
For more information, please contact:
The Piacente Group, Inc.
Investor Relations
Brandi Floberg or Lee Roth
Tel: 1+212-481-2050
Email: gengsheng@tpg-ir.com
China GengSheng Minerals, Inc.
Investor Relations
Mr. Shuai Zhang
Email: gszs@gengsheng.com
Tel: +86-135-2551-0415
Tuesday, February 1st, 2011UncategorizedComments Off on China GengSheng Minerals (CHGS) Signs 2-Year $10 Million Refractories Contract
SANTA BARBARA, Calif., Feb. 1, 2011 (GLOBE NEWSWIRE) — Superconductor Technologies Inc. (Nasdaq:SCON) (“STI”), a world leader in the development and production of high temperature superconducting (HTS) materials and associated technologies, has successfully produced second generation (2G) HTS wire samples that meet requirements specified by customers for HTS AC power cable, superconducting fault current limiter (SFCL) and HTS wind turbine applications. Delivery of the samples for customer testing is expected to begin shortly. STI’s strategic 2G HTS wire program utilizes its specialized HTS material deposition processes and volume manufacturing expertise to produce energy efficient, cost-effective and high performance HTS wire for next generation power applications and other attractive new markets.
Jeff Quiram, STI’s president and chief executive officer, said, “Achieving our goal of completing all three wire samples is an enormous accomplishment for STI’s 2G HTS wire initiative. Each application has demanding technical requirements and our team worked very hard over the recent months to meet these wire performance objectives. We look forward to building on this success as we move closer to establishing future commercial relationships with our valued customers.”
STI’s 2G HTS wire product development is focused on large markets where the advantages of HTS wire are recognized by the industry. STI’s initial product roadmap targets three important applications:
Superconducting High Power Transmission Cables: HTS advanced power transmission cable transmits five to twenty times the electrical power of traditional copper or aluminum cables with much improved efficiency.
Superconducting Fault Current Limiters (SFCL): SFCLs act like powerful surge protectors, preventing harmful faults from taking down costly substation equipment. SFCLs enable the energy efficient connections of distributed power sources to the grid, fast reliable grid protection, and utilize smart grid design criteria.
Superconducting Wind Turbine Generators: Superconducting wind turbines allow utilities to add more “power per tower” by significantly reducing turbine size and weight and improving power generation efficiency.
About Superconductor Technologies Inc. (STI)
Superconductor Technologies Inc., headquartered in Santa Barbara, CA, has been a world leader in HTS materials since 1987, developing more than 100 patents as well as proprietary trade secrets and manufacturing expertise. For more than a decade, STI has been providing innovative interference elimination and network enhancement solutions to the commercial wireless industry. The company is currently leveraging its key enabling technologies, including RF filtering, HTS materials and cryogenics to develop energy efficient, cost-effective and high performance second generation (2G) HTS wire for existing and emerging power applications, to develop applications for advanced RF wireless solutions and innovative adaptive filtering, and for government R&D. Superconductor Technologies Inc.’s common stock is listed on the NASDAQ Capital Market under the ticker symbol “SCON.” For more information about STI, please visit http://www.suptech.com.
The Superconductor Technologies Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3963
Safe HarborStatement
“Safe Harbor” statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding our business that are not historical facts are “forward-looking statements” that involve risks and uncertainties, including without limitation, the risk that this offering will not close. Forward-looking statements are not guarantees of future performance and are inherently subject to uncertainties and other factors which could cause actual results to differ materially from the forward-looking statements. These factors and uncertainties include, but are not limited to: our limited cash and a history of losses; the limited number of potential customers; the limited number of suppliers for some of our components; there being no significant backlog from quarter to quarter; our market being characterized by rapidly advancing technology; fluctuations in product demand from quarter to quarter; the impact of competitive filter products, technologies and pricing; manufacturing capacity constraints and difficulties; and local, regional, and national and international economic conditions and events and the impact they may have on us and our customers, such as the current worldwide recession.
Forward-looking statements can be affected by many other factors, including, those described in the “Business” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of STI’s Annual Report on Form 10-K for the year ended December 31, 2009 and in STI’s other public filings. These documents are available online at STI’s website, www.suptech.com, or through the SEC’s website, www.sec.gov. Forward-looking statements are based on information presently available to senior management, and STI has not assumed any duty to update any forward-looking statements.
Contact
For further information please contact Investor Relations, invest@suptech.com, Cathy Mattison or Mary Magnani of Lippert / Heilshorn & Associates, +1-415-433-3777, for Superconductor Technologies Inc.
Tuesday, February 1st, 2011UncategorizedComments Off on Superconductor Technologies Inc. (SCON) Produces 2G HTS Wire Samples
