Sagent Pharmaceuticals (SGNT) Announces First Quarter 2011 Financial Results Teleconference and Webcast

SCHAUMBURG, Ill., May 5, 2011 (GLOBE NEWSWIRE) — Sagent Pharmaceuticals, Inc. (Nasdaq:SGNT) today announced that it will host a teleconference and webcast to provide a general business overview and discuss first quarter 2011 financial results on Friday, May 13, 2011 at 10 a.m. ET. Financial results for first quarter ended March 31, 2011 will be released earlier that day.

Interested parties may access a live webcast of the presentation on the company’s website at: http://investor.sagentpharma.com/events.cfm.

A replay of the presentation will be available on the Sagent website or by dialing:

The replay will be available until May 27, 2011.

About Sagent Pharmaceuticals

Sagent Pharmaceuticals, Inc., founded in 2006, is a specialty pharmaceutical company focused on developing, manufacturing, sourcing and marketing pharmaceutical products, with a specific emphasis on injectable products. Sagent has created a unique, global network of resources, comprised of rapid development capabilities, sophisticated manufacturing and innovative drug-delivery technologies, quickly yielding an extensive portfolio of pharmaceutical products that fulfills the evolving needs of patients.

CONTACT: Sagent Contact:
         Ron Pauli
         (847) 908-1604

         Media Contact:
         Geoff Curtis, WCG
         (312) 646-6298

CPI Aerostructures (CVU) Announces First Quarter Results

May 4, 2011 (Business Wire) — CPI Aerostructures, Inc. (“CPI Aero^®”) (NYSE Amex: CVU) today announced results for the 2011 first quarter ended March 31, 2011.

First Quarter 2011 vs. 2010

• Revenue increased 45% to $16,009,608 from $11,005,529;
• Gross margin was 24%, compared to 25%;
• Pretax income increased 54% to $2,012,050, compared to $1,303,815;
• Net income increased 59% to $1,368,050, or $0.19 per diluted share, compared to $860,815, or $0.14 per diluted share*; and,
• Unawarded solicitations remain at a high level with open solicitations as of March 31, 2011 totaling a maximum realizable value of approximately $499 million.

* Diluted earnings per share for the current first quarter were calculated on 15.7% more shares than in the prior year period due to the Company’s 500,000 share public offering completed in April 2010.

Edward J. Fred, CPI Aero’s President & CEO, stated, “We started 2011 on a strong note with revenue and net income increasing by 45% and 59%, respectively, compared to the first quarter of 2010. In addition, revenue for the three months ended March 31, 2011 made the current quarter our best ever quarter in terms of revenue. The increase in revenue is primarily due to work performed for the Boeing Company on the A-10 attack jet and for Northrop Grumman Corporation on the E-2D surveillance airplane.”

Mr. Fred continued, “As of April 22, 2011, new contract awards totaled $46.8 million, which included $8.0 million of government prime contract awards, $12.7 million of government subcontract awards and $26.1 million of commercial subcontract awards, compared to a total of $8.1 million of new contract awards, of all types, in the same period last year.

“The most important orders we received since the beginning of the year are as follows:

• A $17.7 million long-term contract for structural assemblies and kits to be supplied to Sikorsky Aircraft Corp. The contract includes seventeen different deliverable items for the S-92 helicopter.
• A $7.9 million order from the U.S. Air Force for a variety of spoilers and wing tips under our C-5 TOP contract. Orders under this program have totaled $44.9 million since the inception of the contract.
• A $7.5 million order from Northrop Grumman under a previously awarded purchase order for Outer Wing Panel (OWP) Kits for use in the manufacture of complete wings for the E-2D Hawkeye and the C-2A Greyhound aircraft. Since June 2008, when CPI Aero began work on OWP Kits, orders totaled approximately $31.8 million.
• An initial purchase order from our new customer, Bell Helicopter for the manufacture of various structural panel assemblies for the AH-1Z ZULU attack helicopter. While the initial order requirement is small, it should lead to more sizable orders as the aircraft transitions to full scale production.”

Mr. Fred added, “We look forward to additional orders from existing contracts as well as from the unawarded solicitations of approximately $499 million on which we have bid.”

Affirms Long-Term Guidance

Mr. Fred concluded, “We are once again confirming our 2011 guidance which calls for revenue to be in the range of $78 million to $81 million, a 77% to 84% increase over 2010, primarily due to increased work on our three major long-term programs: A-10, E-2D and G650. Net income for 2011 is expected to be in the range of $9.2 million to $9.5 million. Our gross margin for the year should be in the range of 25% to 27%. In addition, we continue to expect that for 2012, revenue should be in the range of $88 million to $91 million, with resulting net income of between $11 million and $12 million.”

Conference Call

CPI Aero’s President and CEO, Edward J. Fred, and CFO, Vincent Palazzolo, will host a conference call today, Wednesday, May 4, 2011 at 11:00 am ET to discuss first quarter results as well as recent corporate developments. After opening remarks, there will be a question and answer period. Interested parties may participate in the call by dialing (201) 689-8337. Please call in 10 minutes before the scheduled time and ask for the CPI Aero call. The conference call will also be broadcast live over the Internet. To listen to the live call, please go to www.cpiaero.com and click on the “Investor Relations” section, then click on “Event Calendar”. Please access the website 15 minutes prior to the call to download and install any necessary audio software. The conference call will be archived and can be accessed for approximately 90 days. We suggest listeners use Microsoft Explorer as their browser.

About CPI Aero

CPI Aero is engaged in the contract production of structural aircraft parts for leading prime defense contractors, the U.S. Air Force, and other branches of the armed forces. CPI Aero also acts as a subcontractor to prime aircraft manufacturers in the production of commercial aircraft parts. In conjunction with its assembly operations, CPI Aero provides engineering, technical and program management services. Among the key programs that CPI Aero supplies are the E-2D Hawkeye surveillance aircraft, the UH-60 BLACK HAWK helicopter, the S-92® helicopter, the MH-60S mine countermeasure helicopter, MH-53 and CH-53 variant helicopters, the Gulfstream G650, C-5A Galaxy cargo jet, the A-10 Thunderbolt attack jet, and the E-3 Sentry AWACS jet. CPI Aero is included in the Russell Microcap® Index.

The above statements include forward looking statements that involve risks and uncertainties, which are described from time to time in CPI Aero’s SEC reports, including CPI Aero’s Form 10-K for the year ended December 31, 2010.

CPI Aero^® is a registered trademark of CPI Aerostructures, Inc.

CPI Aero

Vincent Palazzolo, 631-586-5200

Chief Financial Officer

www.cpiaero.com

or

Investor Relations Counsel:

The Equity Group Inc.

Lena Cati, 212-836-9611

Linda Latman, 212-836-9609

www.theequitygroup.com

Intellicheck Mobilisa (IDN) Announces Strategic Partnership with Workspeed to Deliver Enhanced Visitor Security Solution

May 4, 2011 (Business Wire) — Intellicheck Mobilisa, Inc. (NYSE Amex:IDN) a leader in ID Verification and Wireless Technology, today announced a strategic partnership with Workspeed, the leading provider of real estate management applications, to deliver the industry’s most advanced visitor security solution.

The two companies have worked in conjunction to integrate Intellicheck Mobilisa’s patented-ID reading technology with Workspeed’s building access control product. Through this integration, Workspeed Visitor Management customers will now benefit from increased security and flexibility by allowing visitors to swipe a driver’s license for building access. While the security guard on duty will continue to perform a visual check of the visitor’s ID, the electronic swipe will also verify that the ID is authentic, and produce a date and time-stamped visitor log.

“Workspeed is the leader in building management and security systems, with a wide-range of products offered to over 2,000 buildings they manage throughout the US,” stated Steve Williams, CEO of Intellicheck Mobilisa. “This partnership will afford Workspeed with increased security and improved ease of use, while providing us with increased revenue from a market we have not previously entered. This is a great opportunity for both our companies and we look forward to growing this partnership.”

“This alliance provides customers with a unique opportunity to continue to increase efficiencies and security in one comprehensive offering,” said Derrick Chen, Workspeed CEO. “Intellicheck Mobilisa’s renowned reputation and cutting-edge technology offerings were a perfect fit for this important partnership.”

About Workspeed

Workspeed is the leading provider of real estate management software solutions designed to optimize operations and to promote sustainability. The patented Workspeed solution enables property owners and managers, building staff, facility professionals, vendors and tenants to collaborate efficiently on a single, flexible and intuitive rule-based platform. Over 250,000 users in over 800 million square feet of commercial and residential properties leverage Workspeed’s wide range of solutions. For further details visit www.workspeed.com or call 917-369-9025.

About Intellicheck Mobilisa

Intellicheck Mobilisa is a leading technology company, developing and marketing wireless technology and identity systems for various applications including: mobile and handheld wireless devices for the government, military and commercial sectors. Products include the Defense ID system, an advanced ID card access control product currently protecting over 80 military and federal locations, and ID-Check, patented technology that instantly reads, analyzes, and verifies encoded data in magnetic stripes and barcodes on government-issue IDs from U.S. and Canadian jurisdictions for the financial, hospitality and retail sectors.

Safe Harbor Statement

Certain statements in this press release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. When used in this press release, words such as “will,” “believe,” “expect,” “anticipate,” “encouraged” and similar expressions, as they relate to the company or its management, as well as assumptions made by and information currently available to the company’s management identify forward-looking statements. Actual results may differ materially from the information presented here. Additional information concerning forward looking statements is contained under the heading of risk factors listed from time to time in the company’s filings with the SEC. We do not assume any obligation to update the forward-looking information.

Intellicheck Mobilisa

Kenna Pope, 360-344-3233

Kenna.Pope@icmobil.com

or

The Investor Relations Group

James Carbonara, 212-825-3210

Extorre Drilling (XG) at Union Domes and Cerro Puntudo Projects

Extorre Gold Mines Limited
VP Corporate Communications
604.681.9512 or Toll Free: 1.888.688.9512
604.688.9532 (FAX)

Extorre Gold Mines Limited
Vancouver, BC Canada V6C 2W2
extorre@extorre.com

www.extorre.com

Great Wolf Resorts (WOLF) Reports 2011 First Quarter Results

May 4, 2011 (Business Wire) — Great Wolf Resorts, Inc. (NASDAQ: WOLF), North America’s largest family of indoor waterpark resorts, reported results today for the first quarter ended March 31, 2011.

First Quarter 2011 Highlights

• Adjusted EBITDA increased 19.6 percent to $18.5 million from the prior year quarter.
• Same store revenue per available room (RevPAR) increased 5.2 percent over the prior year, and approximately 10 percent on a four-month basis of January through April (to normalize for the shift between 2011 and 2010 in Easter and school spring breaks in the calendars).
• Same store average daily rate (ADR) increased by 1.7 percent.
• Same store occupancy increased by 210 basis points.
• Completed the sale of the Company’s Blue Harbor Resort in Sheboygan, Wisconsin.

For the first quarter ended March 31, 2011, the Company reported a net loss of $(6.0) million, or $(0.19) per share, compared to a net loss of $(8.1) million, or $(0.26) per share, for the same period a year earlier. The results for the 2011 first quarter include the effects of the Company’s sale of its Blue Harbor Resort in Sheboygan, Wisconsin, including a $6.7 million gain on sale of the property and a $4.8 million charge to income tax expense due to an increase in the valuation allowance on deferred tax assets.

“For Great Wolf Resorts, 2011 has kicked off with strength, even as the economy is still trying to find sustainable stable footing,” said Kim Schaefer, chief executive officer. “By providing our guests with a fun family destination at a great value, we continue to attract both new and repeat guests to our resorts, driving solid RevPAR growth. The growth is even more pronounced, up approximately 10%, when looking at results on a four-month basis (that is, January through April) to normalize the shift in Easter and spring break in the calendars on a year-over-year basis. This RevPAR growth, when combined with the operating leverage in our business model, translates into substantial earnings growth. This momentum seems to be continuing and we are therefore increasing our RevPAR and earnings guidance for full year 2011.”

Operating Results

Total revenues increased 4.4 percent to $71.9 from $68.8 million in the first quarter of 2010, due primarily to increased demand at the Company’s resorts. Adjusted EBITDA in the quarter increased 19.6 percent to $18.5 million from $15.4 million in the first quarter of 2010.

As a percentage of total revenue, Adjusted EBITDA was 25.7 percent, up 326 basis points from 22.4 percent in the first quarter of 2010. As a percentage of total revenues, resort departmental expenses, property operating costs and SG&A costs combined decreased 232 basis points in the 2011 first quarter as compared to the 2010 period.

Brand Results

Same store RevPAR in the first quarter of 2011 was up 5.2 percent (4.6 percent increase using constant dollars, which normalizes the foreign currency translation effect on operating statistics of the Company’s Canadian resort). Same store occupancy was up 210 basis points. Same store ADR increased 1.7 percent (1.1 percent increase using constant dollars) compared to the 2010 quarter. Total same store revenue per occupied room (Total RevPOR), which includes revenue from rooms, food and beverage, and other amenities, increased 1.0 percent (0.4 percent increase using constant dollars).

On a year-over-year basis the Company’s results were impacted by the timing of the Easter holiday and many schools’ spring break periods, both of which are traditionally strong demand generators, which fell in the second quarter of 2011. To normalize for the shift in Easter and spring break in the calendars, the Company believes looking at year-over-year RevPAR results for the four months ended April 30 is meaningful. Over that four-month period, the Company’s same-store 2011 RevPAR increased over the prior year by approximately 10 percent.

Same store RevPAR for Great Wolf’s Generation II resorts, which are generally larger resorts that better represent the Company’s current resort development model and contribute about 80 percent of the Company’s Adjusted EBITDA, increased 4.1 percent (3.3 percent increase using constant dollars) in the 2011 first quarter versus 2010. Same store occupancy increased 120 basis points and same store ADR increased 2.2 percent (1.5 percent using constant dollars), while same store Total RevPOR for Generation II resorts increased 1.5 percent (0.7 percent using constant dollars) compared to the 2010 quarter.

Over the four-month period ended April 30, the Company’s Generation II resorts’ 2011 same-store RevPAR increased over the prior year by approximately 10 percent.

Balance Sheet and Liquidity

The Company has no debt maturities until April 2012 and no significant long-term capital commitments for construction or development of new properties. Over the near term, the Company intends to utilize the substantial portion of its free cash flow to manage its balance sheet leverage. The Company has reduced its ratio of net debt (defined as total debt less unrestricted cash) to trailing twelve-month Adjusted EBITDA to 6.8 times as of March 31, 2011 as compared to 7.8 times as of March 31, 2010.

As of March 31, 2011, the Company had:

Unrestricted cash and cash equivalents: $46.9 million

Total debt: $540.0 million

Total secured debt: $459.5 million

Total unsecured debt: $80.5 million

Weighted average cost of total debt: 8.5 percent

Weighted average debt maturity: 6.7 years

Portfolio Activity

During the first quarter the Company completed the sale of its Blue Harbor Resort in Sheboygan, Wisconsin. The 182-room resort was sold to Claremont New Frontier Resort LLC for $4.2 million.

As part of the sales transaction, the Company also made a payment of $2.5 million to the City of Sheboygan. This payment relieved the Company of all obligations under the terms of its original agreements with the City, consisting of minimum guaranteed amounts of room tax payments to be made through 2028, and real and personal property tax payments to be made through 2018. The carrying value of the liabilities associated with those minimum payment obligations was $11.6 million as of the sale date of the property.

Outlook and Guidance

The Company is introducing the following outlook and earnings guidance for the second quarter and is increasing its outlook for full year 2011. Based on its current operating outlook, the Company is increasing the midpoint of its guidance for full year Adjusted EBITDA from $73.5 million to $76.5 million. The outlook and earnings guidance information is based on the Company’s current assessment of business conditions, including a forecast of consumer demand and discretionary spending trends. The Company may update any portion of its business outlook at any time as conditions dictate:

The forecast above projects second quarter 2011 same store RevPAR growth in the range of approximately 13 percent to 15 percent in constant dollars versus second quarter 2010 and full year 2011 same store RevPAR growth in the range of approximately 6 percent to 10 percent.

Adjusted EBITDA is a non-GAAP financial measure. See the discussion below in the “Non-GAAP Financial Measure” section of this press release. A reconciliation of net income (loss) to Adjusted EBITDA is provided in the tables of this press release.

Conference Call

Great Wolf Resorts will hold a 2011 first quarter results conference call today at 9:00 a.m. Eastern Time. The conference call will be hosted by Chief Executive Officer Kim Schaefer and Chief Financial Officer Jim Calder. Stockholders and other interested parties may listen to a simultaneous webcast of the conference call on the Internet by logging onto the Company’s Corporate Web site at, http://corp.greatwolfresorts.com, then going to the “Investor Relations” tab and selecting “Event Calendar.” Interested parties may also call 1-877-407-4018, or for international callers 1-201-689-8471. A recording of the call will be available by telephone until midnight on May 11, 2011 by dialing 1-877-870-5176, or for international callers 1-858-384-5517, and using the conference ID 371371.

Non-GAAP Financial Measure

Included in this press release is Adjusted EBITDA, which is a “non-GAAP financial measure,” which is a measure of the Company’s historical or future performance that is different from measures calculated and presented in accordance with GAAP that Great Wolf Resorts believes is useful to investors. The following discussion defines Adjusted EBITDA and presents the reasons the Company believes it is a useful measure of the Company’s performance. Great Wolf Resorts defines Adjusted EBITDA as net income (loss) plus (a) interest expense, net, (b) income taxes, (c) depreciation and amortization, (d) non-cash employee and director compensation, (e) costs associated with early extinguishment of debt or postponement of capital markets offerings, (f) opening costs of projects under development, (g) equity in earnings (loss) of unconsolidated related parties, (h) gain or loss on disposition of property or investments, (i) separation payments to senior executives, (j) environmental liability costs, (k) asset impairment charges, (l) non-controlling interests, (m) acquisition-related expenses, and (n) other unusual or non-recurring items. Adjusted EBITDA as calculated by the Company is not necessarily comparable to similarly titled measures by other companies. In addition, Adjusted EBITDA (a) does not represent net income or cash flows from operations as defined by GAAP, (b) is not necessarily indicative of cash available to fund the Company’s cash flow needs, and (c) should not be considered as an alternative to net income, operating income, cash flows from operating activities or the Company’s other financial information as determined under GAAP.

Management uses Adjusted EBITDA: (i) as a measurement of operating performance because it assists in comparing the Company’s operating performance on a consistent basis by removing the impact of items directly resulting from the Company’s asset base (primarily depreciation and amortization) from its operating results; (ii) for planning purposes, including the preparation of the Company’s annual operating budget; (iii) as a valuation measure for evaluating the Company’s operating performance and its capacity to incur and service debt, fund capital expenditures and expand its business; and (iv) as one measure in determining the value of other acquisitions and dispositions.

Adjusted EBITDA is an operating performance measure, and not a liquidity measure, that provides investors and analysts with a measure of operating results unaffected by differences in capital structures, capital investment cycles and ages of related assets among otherwise comparable companies. The Company also presents Adjusted EBITDA because it is used by some investors as a way to measure its ability to incur and service debt, make capital expenditures and meet working capital requirements. The Company believes Adjusted EBITDA is useful to an investor in evaluating the Company’s operating performance because: (i) a significant portion of the Company’s assets consists of property and equipment that are depreciated over their remaining useful lives in accordance with GAAP; (ii) it is widely used in the hospitality and entertainment industries to measure operating performance without regard to items such as depreciation and amortization; and (iii) the Company believes it helps investors meaningfully evaluate and compare the results of the Company’s operations from period to period by removing the impact of items directly resulting from its asset base (primarily depreciation and amortization) from the Company’s operating results. Adjusted EBITDA is a measure commonly used in the Company’s industry, and the Company presents EBITDA to enhance investors’ understanding of its operating performance. The Company uses Adjusted EBITDA as one criterion for evaluating its performance relative to that of its peers. The compensation committee of the Company’s board of directors determines the annual variable compensation for certain members of the Company’s management based in part on Adjusted EBITDA.

The Company also believes Adjusted EBITDA is a useful performance measure because it also eliminates a number of non-cash items and other items that do not reflect the Company’s core operating performance on a consolidated basis, which allows investors to more easily compare the Company’s performance over various reporting periods on a consistent basis. Although the Company believes that Adjusted EBITDA can make an evaluation of the Company’s operating performance more consistent because it removes items that do not reflect its core operations, other companies in the hospitality industry may define Adjusted EBITDA differently than the Company does. As a result, it may be difficult to compare the performance of other companies to the Company’s performance by using Adjusted EBITDA or similarly named non-GAAP measures that other companies may use.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbor created by the Private Securities Litigation Act of 1995. All statements, other than statements of historical facts, including, among others, statements regarding the Company’s future financial results or position, business strategy, projected levels of growth, projected costs and projected financing needs, are forward-looking statements. Those statements include statements regarding the intent, belief or current expectations of Great Wolf Resorts, Inc. and members of its management team, as well as the assumptions on which such statements are based, and generally are identified by the use of words such as “may,” “might,” “will,” “could,” “plan,” “objective,” “predict,” “project,” “potential,” “continue,” “ongoing,” “seeks,” “anticipates,” “believes,” “estimates,” “expects,” “plans,” “intends,” “should” or similar expressions. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that actual results may differ materially from those contemplated by such forward-looking statements. Many of these factors are beyond the Company’s ability to control or predict. Such factors include, but are not limited to, competition in the Company’s markets, changes in family vacation patterns and consumer spending habits, regional or national economic downturns, the Company’s ability to attract a significant number of guests from its target markets, economic conditions in its target markets, the impact of fuel costs and other operating costs, the Company’s ability to develop new resorts in desirable markets or further develop existing resorts on a timely and cost efficient basis, the Company’s ability to manage growth, including the expansion of the Company’s infrastructure and systems necessary to support growth, the Company’s ability to manage cash and obtain additional cash required for growth, the general tightening in the U.S. lending markets, potential accidents or injuries at its resorts, decreases in travel due to pandemic or other widespread illness, its ability to achieve or sustain profitability, downturns in its industry segment and extreme weather conditions, reductions in the availability of credit to indoor waterpark resorts generally or to the Company and its subsidiaries, increases in operating costs and other expense items and costs, uninsured losses or losses in excess of the Company’s insurance coverage, the Company’s ability to protect its intellectual property, trade secrets and the value of its brands, current and possible future legal restrictions and requirements. A further description of these risks, uncertainties and other matters can be found in the Company’s annual report and other reports filed from time to time with the Securities and Exchange Commission, including but not limited to the Company’s Annual Report on Form 10-K for the year ended December 31, 2010. Great Wolf Resorts cautions that the foregoing list of important factors is not complete and assumes no obligation to update any forward-looking statement that it may make.

Management believes these forward-looking statements are reasonable; however, undue reliance should not be placed on any forward-looking statements, which are based on current expectations. All written and oral forward-looking statements attributable to the Company or persons acting on its behalf are qualified in their entirety by these cautionary statements. Further, forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time unless otherwise required by law. Past financial or operating performance is not necessarily a reliable indicator of future performance and investors should not use the Company’s historical performance to anticipate results or future period trends.

About Great Wolf Resorts, Inc.

Great Wolf Resorts, Inc.^® (NASDAQ: WOLF), Madison, Wis., is North America’s largest family of indoor waterpark resorts, and, through its subsidiaries and affiliates, owns, licenses and/or operates its family resorts under the Great Wolf Lodge^® brand. Great Wolf Resorts is a fully integrated resort company with Great Wolf Lodge locations in: Wisconsin Dells, Wis.; Sandusky, Ohio; Traverse City, Mich.; Kansas City, Kan.; Williamsburg, Va.; the Pocono Mountains, Pa.; Niagara Falls, Ontario; Mason, Ohio; Grapevine, Texas; Grand Mound, Wash.; and Concord, N.C.

The Company’s resorts are family-oriented destination facilities that generally feature 300 to 600 rooms and a large indoor entertainment area measuring 40,000 to 100,000 square feet. The all-suite properties offer a variety of room styles, arcade/game rooms, fitness rooms, themed restaurants, spas, supervised children’s activities and other amenities. The Company’s consolidated subsidiary, Creative Kingdoms, LLC, is a developer and operator of technology-based, interactive quest adventure experiences such as MagiQuest^®.

Additional information may be found on the Company’s Web site at www.greatwolf.com.

The company defines its operating statistics as follows:

Occupancy is calculated by dividing total occupied rooms by total available rooms.

Average daily rate (ADR) is the average daily room rate charged and is calculated by dividing total rooms revenue by total occupied rooms.

Revenue per available room (RevPAR) is the product of (a) occupancy and (b) ADR.

Total revenue per occupied room (Total RevPOR) is calculated by dividing total resort revenue (including revenue from rooms, food and beverage, and other amenities) by total occupied rooms.

Total revenue per available room (Total RevPAR) is the product of (a) occupancy and (b) Total RevPOR.

Great Wolf Resorts, Inc.

Investors:

Alex Lombardo or Nikki Sacks, 608-662-4791

or

Media:

Steve Shattuck, 608-662-4731

SGI (SGI) to Present at Upcoming Investor Conferences

Metropolitan Health Networks (MDF) Earns $0.20 Per Share; Increases Share Repurchase Program

May 3, 2011 (Business Wire) — Metropolitan Health Networks, Inc. (NYSE AMEX: MDF), a leading provider of health care services in Florida, today announced the financial results for their first quarter ended March 31, 2011. Highlights for the quarter include the following:

• Net income of $8 million or $0.20 per basic share, compared to $7.1 million or $0.18 per basic share for the same quarter last year;
• revenue of $94.7 million, compared to $93 million in the first quarter of 2010;
• medical expense ratio of 79.7% compared to 81.7% in first quarter of 2010; and
• the integration of two recently acquired primary care practices, with a third acquisition closed in April.

First Quarter Financial Highlights:

The Company recognized revenue of $94.7 million for the first quarter of 2011 compared to $93 million in the first quarter of 2010, a 1.8% increase. Total medical expense decreased from $76.0 million to $75.5 million in the first quarter of 2011 as compared to the same period in 2010. The Company’s MER was 79.7% in the first quarter of 2011 compared to 81.7% in the same quarter of 2010.

Operating income was $12.8 million in the 2011 first quarter compared to $11.2 million for the same period in 2010. Net income for the 2011 first quarter was $8.0 million or $0.20 per basic share and $0.19 diluted, as compared to $7.1 million or $0.18 per basic share and $0.17 diluted for the same quarter last year.

The Company realized favorable claims development in the first quarter of 2011 of $2.6 million, as compared to favorable claims development of $814,000 in the first quarter of 2010. Adjusted for the favorable claims development, our MER would have been 82.5% in the first quarter of 2011 and 82.6% in the first quarter of 2010.

Customer Information:

Medicare Advantage customers totaled 34,200 at March 31, 2011 as compared to 35,400 customers at March 31, 2010. Total customer months, the combined total customers for each month of the quarter, was 102,800 in 2011, down from 106,700 in 2010.

Balance Sheet Highlights:

Cash, cash equivalents and short-term investments at March 31, 2011 totaled $48.3 million compared to $49.5 million at December 31, 2010. The Company had a working capital surplus of $62.2 million as of March 31, 2011, compared to a surplus of $54.2 million as of December 31, 2010. Stockholders’ equity increased $9.0 million from $67.8 million at December 31, 2010 to $76.8 million at March 31, 2011.

Primary Care Practice Acquisitions:

In the last of quarter of the 2010, the company announced that it had entered into definitive agreements to acquire three primary care practices. During the first quarter of 2011, two of the three acquisitions were completed and integrated, with the third acquisition closed in April. All three of the acquisitions were existing affiliated providers to Metropolitan and provided benefits to approximately 960 customers that are included in the number of Medicare Advantage customers the Company cared for at March 31, 2011. With these additions, the company now owns and operates 13 primary care practices which care for approximately 31% of its Medicare Advantage customers compared to 28% at March 31, 2010.

Share Repurchase Program:

On May 2, 2011, the Company’s Board of Directors approved a 5 million share increase to its previously announced share repurchase program bringing the total number of shares of common stock authorized for repurchase under the program to 25 million shares. Since October 2008, the company has had a share repurchase program in place, from the inception of the program through March 31, 2011 the Company has repurchased 13.9 million shares of its common stock as well as options exercisable to purchase 684,200 shares of its common stock. The Company did not purchase any additional stock under the program during the first quarter of 2011. With the increased authorization, approximately 10.6 million shares remain available for purchase under the plan. The number of shares to be repurchased and the timing of the purchases will be influenced by a number of factors, including the then prevailing market price of the common stock of the Company, other perceived opportunities that may become available to the Company, and regulatory requirements.

“2011 marks the year where our focus is outward on growth,” states Michael Earley.

Commenting on the results of the quarter, Michael Earley, Chairman and Chief Executive Officer of Metropolitan Health Networks, Inc., stated, “On the heels of a great 2010, we started 2011 with another exceptional quarter. 2011 is a year where we are focusing on growth initiatives. As such, we are deploying resources in this area as we work to identify and secure additional practices, move ahead with plans to build new practices, and examine other expansion opportunities. Unlike the previous two years where our focus was on inward investment and improvement, 2011 marks the year where our focus is outward on growth. The work we have undertaken at all operational levels to bring us to this point has served us well and has set the stage for the next phase of the execution of our strategic plans. All in all we are pleased with the progress we are making and are looking forward to what lies ahead for us this year.”

Conference Call Information:

Metropolitan Health Networks will hold a conference call to review its first quarter 2011 results on Tuesday, May 3, 2011 at 11:00 a.m. Eastern. The call will be hosted by Michael Earley, Chairman and Chief Executive Officer. Interested parties may access the conference call by dialing the following numbers: (888) 679-8035 (domestic) or (617) 213-4848 (international), pass code # 11917867. The call will also be available via web cast at www.metcare.com,http://www.streetevents.com, or http://www.fulldisclosure.com.

Participants may pre-register for the call at: https://www.theconferencingservice.com/prereg/key.process?key=PCFUTBQMK

Pre-registrants will be issued a pin number to use when dialing into the live call which will provide quick access to the conference by bypassing the operator upon connection.

If you are unable to participate, an audio replay of the call will be available beginning two hours after the call and will be available until 11:59 p.m. on May 10, 2011, by dialing (888) 286-8010 (domestic) or (617) 801-6888 (international) using confirmation pass code 85984316.

About Metropolitan Health Networks, Inc.:

Metropolitan is a growing health care organization that provides comprehensive health care services for Medicare Advantage members and other patients in Florida. To learn more about Metropolitan Health Networks, Inc. please visit its website at www.metcare.com.

GAAP to Non-GAAP RECONCILIATION

Non-GAAP income from operations is a non-GAAP financial measure under Section 101 of Regulation G under the Securities Exchange Act of 1934, as amended. Non-GAAP income from operations is calculated by excluding certain GAAP financial items we believe have less significance to the day-to-day operations of our business.

Forward Looking Statements:

Except for historical matters contained herein, statements made in this press release are forward-looking and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Without limiting the generality of the foregoing, words such as “may”, “will”, “to”, “plan”, “expect”, “believe”, “anticipate”, “intend”, “could”, “would”, “estimate”, or “continue” or the negative other variations thereof or comparable terminology are intended to identify forward-looking statements.

Investors and others are cautioned that a variety of factors, including certain risks, may affect our business and cause actual results to differ materially from those set forth in the forward-looking statements. These risk factors include, without limitation, (i) our ability to meet our cost projections under various provider agreements with Humana; (ii) our failure to accurately estimate incurred but not reported medical benefits expense; (iii) pricing pressures exerted on us by managed care organizations and the level of payments we indirectly receive under governmental programs or from other payors; (iv) our still limited ability to predict the direct and indirect effects of the healthcare reform laws adopted in 2010; (v) future legislation and changes in governmental regulations; (vi) the impact of Medicare Risk Adjustments on payments we receive for our managed care operations; (vi) a loss of any of our significant contracts or our ability to increase the number of Medicare eligible patient lives we manage under these contracts. The Company is also subject to the risks and uncertainties described in its filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2010, and its Quarterly Report on Form 10-Q for the quarter ended March 31, 2011, which is expected to be filed shortly.

Metropolitan Health Networks, Inc.

Michael Earley, 561-805-8500

Chairman & CEO

mearley@metcare.com

or

Al Palombo, 561-805-8511

S.V.P. Corporate Communications

apalombo@metcare.com

FuelCell Energy (FCEL) Team Awarded $11.7 Million Contract to Further Develop Clean-Coal Fuel Cell Power Plant

DANBURY, Conn., May 3, 2011 (GLOBE NEWSWIRE) — FuelCell Energy, Inc. (Nasdaq:FCEL) a leading manufacturer of ultra-clean, efficient and reliable power plants using renewable and other fuels for commercial, industrial, government, and utility customers, today announced an $11.7 million cost share award from the U.S. Department of Energy (DOE) for Phase III of the Solid State Energy Conversion Alliance (SECA) coal-based systems program. The SECA program is a collaboration among the Federal Government, private industry, and academia to develop megawatt-class solid oxide fuel cell (SOFC) power plants that use coal syngas to generate electricity. Power generation from coal syngas advances the nation’s energy security while reducing greenhouse gas emissions. The total Phase III program cost is $11.7 million, of which $8.2 million will be funded by the DOE.

The objective for this Phase III award is to build and operate an SOFC module with output of 60 kilowatts (kW) utilizing the cell and stack designs of Versa Power Systems, Inc., the technology partner of FuelCell Energy. The design of the 60 kW SOFC module is scalable, allowing a building block approach to create 250 kW modules or larger. The SOFC module is fuel flexible, capable of operating on many fuels including natural gas, coal syngas or renewable biogas. This award will help to accelerate the development of affordable SOFC modules with enhanced performance and endurance.

“Clean power generated from coal addresses both environmental and domestic energy security concerns,” said Chris Bentley, Executive Vice President, Government R&D Operations, Strategic Manufacturing Development, FuelCell Energy, Inc. “The ability to continue development, although on a limited scale, is vital for achieving the goal of providing the nation with clean power from an abundant domestic resource.”

The USA has approximately one quarter of the world’s recoverable coal deposits, the largest of any nation. Almost half of the power generated in the USA is from coal and this coal generated power contributes over one quarter of the nation’s total greenhouse gas emissions. Fuel cells operating on coal syngas can generate clean power with virtually zero pollutants and significant reductions in greenhouse gas emissions.

The 60 kW SOFC module is expected to begin operating in the summer of 2012 at the Company’s facility in Danbury, CT and the award concludes in the fall of 2012. FuelCell Energy will continue to partner with Versa Power Systems, Inc., managing the project and developing and testing the stack module and power plant designs. Versa Power Systems will continue to develop the core SOFC technology.

Versa Power Systems, Inc. is a leading developer of environmentally friendly solid oxide fuel cells, a clean-tech source of power to generate electricity for a range of applications. Headquartered in Littleton, Colorado, the Company has built systems integral to research projects conducted by partners including Fortune 500 industrial manufacturers, government agencies and associations focused on energy research. FuelCell Energy, Inc. owns approximately 39 percent of Versa Power Systems, Inc.

About FuelCell Energy

DFC® fuel cells are generating power at over 60 locations worldwide. The Company’s power plants have generated over 700 million kWh of power using a variety of fuels including renewable wastewater gas, biogas from beer and food processing, as well as natural gas and other hydrocarbon fuels. FuelCell Energy has partnerships with major power plant developers and power companies around the world. The Company also receives funding from the U.S. Department of Energy and other government agencies for the development of leading edge technologies such as fuel cells. For more information please visit our website at www.fuelcellenergy.com

This news release contains forward-looking statements, including statements regarding the Company’s plans and expectations regarding the continuing development, commercialization and financing of its fuel cell technology and business plans. All forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected. Factors that could cause such a difference include, without limitation, general risks associated with product development, manufacturing, changes in the regulatory environment, customer strategies, potential volatility of energy prices, rapid technological change, competition, and the Company’s ability to achieve its sales plans and cost reduction targets, as well as other risks set forth in the Company’s filings with the Securities and Exchange Commission. The forward-looking statements contained herein speak only as of the date of this press release. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statement to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which any such statement is based.

Direct FuelCell, DFC, DFC/T, DFC-H2 and FuelCell Energy, Inc. are all registered trademarks of FuelCell Energy, Inc. DFC-ERG is a registered trademark jointly owned by Enbridge, Inc. and FuelCell Energy, Inc.

CONTACT: FuelCell Energy, Inc.
         Kurt Goddard, Vice President Investor Relations
         203-830-7494
         ir@fce.com

Kulicke & Soffa (KLIC) Fiscal 2Q 2011 Results Exceed High-End of Guidance

May 3, 2011 (Business Wire) — Kulicke & Soffa Industries, Inc. (NASDAQ: KLIC) (“K&S” or the “Company”) today announced results for its second fiscal quarter ended April 2, 2011.

For its second quarter of fiscal 2011, the Company reported net revenue of $206.7 million and net income of $39.9 million, or $0.54 per diluted share.

Bruno Guilmart, Kulicke & Soffa’s President and Chief Executive Officer, said, “Our results exceeded the high-end of prior guidance, with revenue increasing approximately 39% compared to the prior quarter led by our OSAT customers. We continue to benefit from strong demand from both our ball and wedge bonder equipment lines from a wide range of customers.

“Momentum continued in the gold to copper transition, with approximately 71% of our ball bonder shipments in the most recent quarter sold as copper capable bonders. We also continue to benefit from ongoing replacement demand for our latest generation of gold only ball bonders. We have also seen an increased demand for large area bondable options, which enable our customers to gain added efficiencies and reduce the cost of packaging. We believe we are maintaining our leadership position by offering the best equipment and tools solutions available on the market, backed by a flexible and efficient manufacturing model that allows us to ramp up production to meet customer demand.”

Key Product Trends

• Ball bonder equipment net revenue increased 57.7% over the December quarter. This sequential change was predominantly driven by increased OSAT customer demand.
• 71% of ball bonder equipment shipments were sold as copper capable bonders.
• Wedge bonder equipment net revenue increased 19.4% over the December quarter.

Financial Highlights

• Net revenue increased sequentially to $206.7 million, exceeding the high end of guidance.
• Gross margin remained strong at 47.9%.
• Operating margin was up 630 bps from the prior quarter to 21.1%.
• Net income was $39.9 million.
• Diluted EPS was $0.54.
• Cash and cash equivalents increased to $275.7 million up $78.1 million from the prior quarter.

Third Quarter Fiscal 2011 Outlook

The Company expects net revenue for the third quarter of fiscal 2011 to be approximately $255 million to $275 million.

Looking forward, Bruno Guilmart, commented, “We continue to position our business to leverage our R&D leadership and innovation and to focus our efforts to mitigate volatility, improve profitability and ensure our longer-term growth. We expect our overall ball and wedge bonding businesses to remain strong through the third quarter.”

Earnings Conference Call Details

A conference call to discuss these results will be held today, May 3, 2011 beginning at 8:00 am (ET). To access the conference call, interested parties may call +1-877-407-8037 or internationally +1-201-689-8037, or can access the live webcast at www.kns.com/investors/events.

A replay will be available from approximately one hour after the completion of the call through May 10, 2011 by calling toll-free +1-877-660-6853 or internationally +1-201-612-7415 and using the following replay access codes: 5521 (account number) and 370466 (replay ID number). A webcast replay will also be available at www.kns.com/investors/events.

About Kulicke & Soffa

Kulicke & Soffa (NASDAQ: KLIC) is a global leader in the design and manufacture of semiconductor and LED assembly equipment. As a pioneer in this industry, K&S has provided customers with market leading packaging solutions for decades. In recent years, K&S has expanded its product offerings through strategic acquisitions, adding die and wedge bonders and a broader range of expendable tools to its core ball bonding products. Combined with its extensive expertise in process technology, K&S is well positioned to help customers meet the challenges of assembling the next-generation semiconductor and LED devices. (www.kns.com)

Caution Concerning Forward Looking Statements

In addition to historical statements, this press release contains statements relating to future events and our future results. These statements are “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995, and include, but are not limited to, statements that relate to our future revenue, sustained, increasing, continuing or strengthening demand for our products, the continuing transition from gold to copper wire bonding, replacement demand and improving OSAT volumes. While these forward-looking statements represent our judgments and future expectations concerning our business, a number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from our expectations. These factors include, but are not limited to: the risk that customer orders already received may be postponed or canceled, generally without charges; the risk that anticipated customer orders may not materialize; the risk that our suppliers may not be able to meet our demands on a timely basis; the volatility in the demand for semiconductors and our products and services; volatile global economic conditions, which could result in, among other things, sharply lower demand for products containing semiconductors and for the Company’s products, and disruption of capital and credit markets; the risk of failure to successfully manage our operations; acts of terrorism and violence; risks, such as changes in trade regulations, currency fluctuations, political instability and war, which may be associated with a substantial non-U.S. customer and supplier base and substantial non-U.S. manufacturing operations; and the factors listed or discussed in Kulicke and Soffa Industries, Inc. 2010 Annual Report on Form 10-K and our other filings with the Securities and Exchange Commission. Kulicke & Soffa Industries, Inc is under no obligation to (and expressly disclaims any obligation to) update or alter its forward-looking statements whether as a result of new information, future events or otherwise.

Kulicke & Soffa Industries, Inc.

Joseph Elgindy

Investor Relations

P: +1-215-784-7518

F: +1-215-784-6180

jelgindy@kns.com

or

Global IR Partners

David Pasquale

P: +1-914-337-8801

klic@globalirpartners.com

BioScrip (BIOS) Reports 2011 First Quarter Financial Results

May 3, 2011 (Business Wire) — BioScrip, Inc. (NASDAQ: BIOS) today announced 2011 first quarter financial results. First quarter revenue for the period ended March 31, 2011, was $439.3 million with net income of $2.9 million, or $0.05 per diluted share. Adjusted EBITDA for the first quarter was $16.6 million.

First Quarter Highlights

• Revenue was $439.3 million, an increase of $104.2 million or 31.1% compared to prior year;
• Gross profit was $77.3 million or 17.6% of sales, compared to $38.9 million or 11.6% of sales in the prior year;
• Adjusted EBITDA generated by the segments before allocation of corporate expenses was $25.1 million, compared to $10.8 million last year;
• Adjusted EBITDA was $16.6 million, compared to $2.7 million in the prior year;
• Net income was $2.9 million, or $0.05 per diluted share, compared to prior year net loss of $7.2 million, or $0.18 per share;
• Reduced debt by $28.8 million in the first quarter and in compliance with all debt covenants;
• Cash provided by operating activities was $31.7 million.

Rick Smith, President and Chief Executive Officer of BioScrip, stated, “We are beginning to realize early results of the restructuring efforts put in place last year, particularly in reducing our overall expenses. As a result, the first quarter benefited from operating cash flow of $31.7 million and a reduction in debt of $28.8 million. Margins were up sequentially as a result of the actions taken under our strategic assessment, including focusing on improving revenue mix, supply chain initiatives and other cost reductions measures. While there is still more work to do, we believe that we are making progress in the right direction.”

Results of Operation

First Quarter 2011 versus First Quarter 2010

Revenue for the first quarter of 2011 totaled $439.3 million, compared to $335.1 million for the same period a year ago, an increase of $104.2 million or 31.1%, primarily as a result of the CHS acquisition. Infusion/Home Health Services revenue for the first quarter of 2011 was $110.5 million compared to $46.1 million in the prior year, an increase of $64.4 million or 139.6%. CHS revenue contributed an incremental $63.3 million during the first quarter of 2011. Excluding CHS revenue, Infusion/Home Health Services revenue increased 2.4% or $1.1 million. Pharmacy Services revenue for the first quarter of 2011 was $328.8 million, compared to $289.0 million for the prior year period, an increase of $39.9 million or 13.8%.

Consolidated gross profit for the first quarter of 2011 was $77.3 million, or 17.6% of revenue, compared to $38.9 million, or 11.6% of revenue, for the first quarter of 2010. The increase in gross profit percentage from 2010 to 2011 was primarily the result of the CHS acquisition and purchasing synergies generated post-acquisition, as well as our continued focus on revenue mix, which contributed positively to gross margin improvement.

First quarter 2011 operating income was $10.4 million, compared to an operating loss of $6.3 million for the first quarter of 2010.

During the first quarter of 2011, BioScrip generated $25.1 million of segment Adjusted EBITDA, or 5.7% of total revenue, compared to $10.8 million, or 3.2% of total revenue in the prior year. The Infusion/Home Health segment generated $11.5 million of Adjusted EBITDA, or 10.4% of segment revenue. This compares to $2.9 million, or 6.2% of segment revenue in the prior year. The Pharmacy Services segment generated $13.7 million of segment Adjusted EBITDA, or 4.2% of segment revenue. This compares to $8.0 million, or 2.8% of segment revenue in the prior year.

On a consolidated basis, BioScrip reported $16.6 million of Adjusted EBITDA during the first quarter of 2011, or 3.8% of total revenue, compared to $2.7 million, or 0.8% of total revenue, in the prior year.

Interest expense in the first quarter of 2011 was $7.3 million, compared to $3.2 million for the same period in 2010. The increase reflects a full quarter of interest on the debt structure which financed the CHS acquisition.

Net income for the first quarter of 2011 was $2.9 million, or $0.05 per diluted share, compared to a net loss of $7.2 million, or $0.18 per basic share, in the prior year period.

Liquidity and Capital Resources

As of March 31, 2011, BioScrip had working capital of $55.5 million compared to $50.1 million at December 31, 2010. The increase was primarily due to a decrease in the current portion of long-term debt, as working capital needs were funded by cash provided by operating activities. Cash expected to be provided by operating activities, along with funds available under the $150.0 million revolving credit facility, will be sufficient to fund working capital, information technology investments, scheduled interest repayments and other cash needs for at least the next twelve months.

As of March 31, 2011, the Company had outstanding borrowings under its senior secured revolving credit facility of $52.4 million compared to $81.2 million as of December 31, 2010.

Conference Call

BioScrip will host a conference call to discuss its first quarter 2011 financial results on May 3, 2011 at 8:30 a.m. Eastern Time. Interested parties may participate in the conference call by dialing 800-920-2968 (US), or 212-231-2906 (International), 5-10 minutes prior to the start of the call. A replay of the conference call will be available for 48 hours after the call’s completion by dialing 800-633-8284 (US) or 402-977-9140 (International) and entering conference call ID number 21521052. An audio web cast and archive of the conference call will also be available under the “Investor Relations” section of the BioScrip website at www.bioscrip.com.

About BioScrip, Inc.

BioScrip, Inc. (www.bioscrip.com) (NASDAQ: BIOS) is a national provider of pharmacy and home health services that partners with patients, physicians, hospitals, healthcare payors and pharmaceutical manufacturers to provide clinical management solutions and delivery of cost-effective access to prescription medications and home health services. Our services are designed to improve clinical outcomes to patients with chronic and acute healthcare conditions while controlling overall healthcare costs.

Forward Looking Statements – Safe Harbor

This press release may contain statements which constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the intent, belief or current expectations of the Company, its directors, or its officers with respect to the future operating performance of the Company. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those in the forward-looking statements as a result of various factors. Important factors that could cause such differences are described in the Company’s periodic filings with the Securities and Exchange Commission.

Reconciliation to Non-GAAP Financial Measures

Earnings before interest expense, income tax expense, depreciation and amortization of intangibles (“EBITDA”), Adjusted EBITDA and segment Adjusted EBITDA, which excludes stock-based compensation expense, acquisition, integration and non-restructuring related severance expenses, restructuring expense and the write-off of receivables related to the CAP contract, are non-GAAP financial measures as defined under U.S. Securities and Exchange Commission Regulation G. As required by Regulation G, BioScrip has provided on Schedule 4 a reconciliation of this measure to the most comparable GAAP financial measure. The non-GAAP measure presented provides important insight into the ongoing operations and a meaningful benchmark to evidence the Company’s continuing profitability trend.

In-Site Communications, Inc.

Lisa Wilson, 917-543-9932

or

Joele Frank, Wilkinson Brimmer Katcher

Sharon Stern or Bryan Darrow, 212-335-4449

ARCA biopharma (ABIO) Signs Global Rights Agreement with Large Pharma Company

May 3, 2011 (Business Wire) — ARCA biopharma, Inc. (Nasdaq: ABIO), a biopharmaceutical company developing genetically-targeted therapies for cardiovascular diseases, today announced that it has entered into an agreement with Novartis pursuant to which Novartis is acquiring global patent rights to an undisclosed molecular target. ARCA will receive an upfront payment of $2.0 million and is eligible to receive clinical, regulatory and commercial milestones totaling $17.5 million. Additional terms of the transaction were not disclosed.

ARCA is also currently seeking or evaluating business development opportunities for multiple additional compounds in various stages of development which are outside the Company’s core focus area of cardiovascular disease. These business development efforts do not include ARCA’s lead compound, Gencaro^TM (bucindolol hydrochloride), which is being developed for cardiovascular disease and for which the Company is seeking strategic partners.

About ARCA biopharma

ARCA biopharma is dedicated to developing genetically-targeted therapies for cardiovascular diseases. The Company’s lead product candidate, Gencaro^TM (bucindolol hydrochloride), is an investigational, pharmacologically unique beta-blocker being developed for atrial fibrillation and heart failure. ARCA has identified common genetic variations that it believes predict individual patient response to Gencaro, giving it the potential to be the first genetically-targeted atrial fibrillation prevention and/or heart failure treatment. ARCA is collaborating with Laboratory Corporation of America to develop the companion genetic test for Gencaro.

For more information please visit www.arcabiopharma.com.

Safe Harbor Statement

This press release contains “forward-looking statements” for purposes of the safe harbor provided by the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements regarding the ability of genetic variations to predict individual patient response to Gencaro and the potential for Gencaro to be the first genetically-targeted atrial fibrillation prevention and/or heart failure treatment. Such statements are based on management’s current expectations and involve risks and uncertainties. Actual results and performance could differ materially from those projected in the forward-looking statements as a result of many factors, including, without limitation, the risks and uncertainties associated with: the Company’s financial resources and whether they will be sufficient to meet the Company’s business objectives and operational requirements; the protection and market exclusivity provided by the Company’s intellectual property; risks related to the drug discovery and the regulatory approval process; and, the impact of competitive products and technological changes. These and other factors are identified and described in more detail in ARCA’s filings with the SEC, including without limitation the Company’s annual report on Form 10-K for the year ended December 31, 2010 and subsequent filings. The Company disclaims any intent or obligation to update these forward-looking statements.

ARCA biopharma, Inc.

Derek Cole

Vice President, Investor Relations & Corporate Communications

720.940.2163

derek.cole@arcabiopharma.com