Sequenom (SQNM) Major Recommendations For Noninvasive Prenatal Testing for Fetal Aneuploidy

The American College of Obstetricians and Gynecologists Committee on Genetics and the Society for Maternal-Fetal Medicine Publications Committee Recommend Noninvasive Prenatal Testing for Fetal Aneuploidy

SAN DIEGO, Nov. 21, 2012 /PRNewswire/ — Sequenom, Inc. (NASDAQ: SQNM), a life sciences company providing innovative diagnostic testing and genetic analysis solutions, today announced that the American College of Obstetricians and Gynecologists (ACOG) Committee on Genetics and the Society for Maternal-Fetal Medicine (SMFM) Publications Committee issued a joint Committee Opinion on November 20, 2012, recommending that cell-free fetal DNA testing be offered to patients at increased risk of aneuploidy.  It can also be used as a follow-up test for women with a positive first-trimester or second-trimester screening test result.

Previously, the ACOG recommended that women, regardless of maternal age, be offered prenatal assessment for aneuploidy by screening or invasive prenatal diagnosis. The ACOG Committee on Genetics and the SMFM Publications Committee now recommend that women at increased risk of aneuploidy be offered cell-free fetal DNA as an option that can be used as a primary screening test based on the following indications:

• Maternal age 35 years or older at delivery.
• Fetal sonographic findings indicating an increased risk of aneuploidy.
• History of a prior pregnancy with a trisomy.
• Positive test result for aneuploidy, including first trimester, sequential, or integrated screen, or a quadruple screen.
• Parental balanced robertsonian translocation with increased risk for fetal trisomy 13 or 21.

The Committee Opinion also recommended that “cell-free fetal DNA testing should not be offered to low-risk women or women with multiple gestations because it has not been sufficiently evaluated in these groups.” Further, the Committee Opinion stated that “pre-test counseling should be an informed patient choice after pre-test counseling and should not be part of routine prenatal laboratory assessment.  A patient with a positive test result should be referred for genetic counseling and offered invasive prenatal diagnosis for confirmation of test results.”

“The issuance of the ACOG/SMFM opinion on the use of cell-free fetal DNA testing represents a major step forward for the integration of this valuable technology into pregnancy care programs” said Allan Bombard, MD, Sequenom’s Chief Medical Officer. “We fully support the indications for considering the use of cell-free fetal DNA outlined in the Committee Opinion and believe this will be a valuable tool to help guide physicians and their patients in the most appropriate prenatal care.”

ACOG is the nation’s leading group of physicians providing health care for women. The College strongly advocates for quality health care for women, maintains the highest standards of clinical practice and continuing education of its members, promotes patient education, and increases awareness among its members and the public of the changing issues facing women’s health care.

SMFM is a non-profit membership group for obstetricians/gynecologists who have additional formal education and training in maternal-fetal medicine. The society is devoted to reducing high-risk pregnancy complications by providing continuing education to its 2,000 members on the latest pregnancy assessment and treatment methods. It also serves as an advocate for improving public policy, and expanding research funding and opportunities for maternal-fetal medicine.

The full text of the Committee Opinion can be found at: Noninvasive prenatal testing for fetal aneuploidy. Committee Opinion No. 545. American College of Obstetricians and Gynecologists. Obstet Gynecol 2012: 120:1532-4.

About the MaterniT21 PLUS Test

The MaterniT21 PLUS test analyzes the relative amount of 21, 18, 13 and Y chromosomal material in cell-free DNA.  The test is intended for use in pregnant women at increased risk for fetal aneuploidy and can be used as early as 10 weeks gestation. Estimates suggest there are about 750,000 pregnancies at high risk for fetal aneuploidy each year in the United States. The MaterniT21 PLUS test is available exclusively through the Sequenom Center for Molecular Medicine (Sequenom CMM) as a testing service provided to physicians. To learn more about the test, please visit www.Sequenomcmm.com.

About Sequenom

Sequenom, Inc. (NASDAQ: SQNM) is a life sciences company committed to improving healthcare through revolutionary genetic analysis solutions. Sequenom develops innovative technology, products and diagnostic tests that target and serve discovery and clinical research, and molecular diagnostics markets. The company was founded in 1994 and is headquartered in San Diego, California. Sequenom maintains a Web site at www.sequenom.com to which Sequenom regularly posts copies of its press releases as well as additional information about Sequenom. Interested persons can subscribe on the Sequenom Web site to email alerts or RSS feeds that are sent automatically when Sequenom issues press releases, files its reports with the Securities and Exchange Commission or posts certain other information to the Web site.

Sequenom CMM, LLC

Sequenom Center for Molecular Medicine® (Sequenom CMM), a CAP accredited and CLIA-certified molecular diagnostics laboratory, is developing a broad range of laboratory developed tests with a focus on prenatal and ophthalmic diseases and conditions. These laboratory-developed tests provide beneficial patient management options for obstetricians, geneticists and maternal fetal medicine specialists, and retinal specialists. Sequenom CMM is changing the landscape in genetic disorder diagnostics using proprietary cutting edge technologies.

Forward-Looking Statements

Except for the historical information contained herein, the matters set forth in this press release, including statements regarding the integration of cell-free fetal DNA testing into pregnancy care programs, the expected impact and benefits of the new guidelines on physicians and patients, and Sequenom CMM changing the landscape in genetic disorder diagnostics using proprietary cutting edge technologies, are forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including the risks and uncertainties associated with market demand for and acceptance and use of technology and tests such as the MaterniT21 PLUS test, reliance upon the collaborative efforts of other parties including without limitation any international distributors or licensees, the Company or third parties obtaining or maintaining regulatory approvals that impact the Company’s business, government regulation particularly with respect to diagnostic products and laboratory developed tests, publication processes, the performance of designed product enhancements, the Company’s ability to develop and commercialize technologies and products, particularly new technologies such as noninvasive prenatal diagnostics, laboratory developed tests, and genetic analysis platforms, the Company’s financial position, the Company’s ability to manage its existing cash resources or raise additional cash resources, competition, intellectual property protection and intellectual property rights of others, litigation involving the Company, and other risks detailed from time to time in the Company’s filings with the Securities and Exchange Commission, including without limitation its Quarterly Report on Form 10-Q for the quarter ended September 30, 2012 and its Annual Report on Form 10-K for the year ended December 31, 2011. These forward-looking statements are based on current information that may change and you are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement, and the Company undertakes no obligation to revise or update any forward-looking statement to reflect events or circumstances after the issuance of this press release.

(Logo:  http://photos.prnewswire.com/prnh/20040415/SQNMLOGO)

Groupon (GRPN) and SCORE Unite to Help Small Businesses

Today Groupon (http://www.groupon.com) (NASDAQ: GRPN) announced a partnership with SCORE (http://www.score.org), a nonprofit association dedicated to encouraging the formation, growth and success of small businesses. As part of the new alliance, Groupon and SCORE have developed a series of online educational resources about customer acquisition, retention and marketing for small businesses.

“Joining forces with SCORE is a great way for Groupon to help small businesses grow and become more successful,” said Sanjay Gupta, VP of Merchant Marketing, Groupon. “Given SCORE’s thousands of daily interactions with local businesses, we’re able to reach and impact a wide cross section of merchants.”

SCORE and Groupon have begun work on a pragmatic toolkit, which will serve as a resource for small businesses starting out or looking to grow. The toolkit will contain an e-guide on multiple topics of interest to small businesses across all industries, including hospitality and health and beauty. The educational toolkit will reside on SCORE’s website (http://www.score.org/groupon-toolkit) and Groupon’s merchant blog (https://www.grouponworks.com/merchant-blog/) – a dedicated a resource offering tips and best practices to help local merchants grow their businesses.

“We’re thrilled to have to the opportunity to align ourselves with Groupon, which has worked with hundreds of thousands of local businesses around the world,” said Ken Yancey, CEO, SCORE. “Their innovative merchant products and services and knowledge of marketing best practices are huge assets to our network of small business owners and volunteer mentors.”

SCORE and Groupon will collaborate on research and development, seminars and merchant workshops geared towards entrepreneurs and small business owners.

About Groupon

Groupon (NASDAQ: GRPN) is a global leader in local commerce, making it easy for people around the world to search and discover great businesses at unbeatable prices. Groupon is reinventing the traditional small business world by providing merchants with a suite of products and services, including customizable deal campaigns, credit card payments processing capabilities and point-of-sale solutions to help them attract more customers and run their operations more effectively. By leveraging the company’s global relationships and scale, Groupon offers consumers incredible deals on the best stuff to eat, see, do, and buy in 48 countries. With Groupon, shoppers discover the best a city has to offer with Groupon Local, enjoy vacations with Groupon Getaways, and find a curated selection of electronics, fashion, home furnishings and more with Groupon Goods. To subscribe to Groupon emails, visit www.Groupon.com. To learn more about the company’s merchant solutions and how to work with Groupon, visit www.GrouponWorks.com.

About SCORE

Since 1964, SCORE has helped more than 9 million aspiring entrepreneurs. Each year SCORE helps launch 58,000 new businesses and create 71,000 jobs. SCORE provides small business mentoring and workshops to more than 375,000 new and growing small businesses annually. For more information about starting or operating a small business, call 1-800/634-0245 for the SCORE chapter nearest you. Visit SCORE at www.score.org. Connect with SCORE at www.facebook.com/SCOREFans and www.twitter.com/SCOREMentors.

Astex (ASTX) Announces Oral Presentation of SGI-110 Results

DUBLIN, Calif., Nov. 20, 2012 (GLOBE NEWSWIRE) — Astex Pharmaceuticals, Inc. (Nasdaq:ASTX), a pharmaceutical company dedicated to the discovery and development of novel small molecule therapeutics, announced that results from the dose escalation part of a randomized Phase 1/2 first-in-human clinical trial of subcutaneous SGI-110, a novel hypomethylating agent, in patients with relapsed/refractory intermediate or high-risk myelodysplastic syndromes (MDS) or acute myelogenous leukemia (AML) will be presented during the American Society of Hematology (ASH) Annual Meeting in Atlanta, Georgia on Monday, December 10, 2012 at 11:45 am ET. The oral presentation will be made by Hagop M. Kantarjian, MD, professor and department chair, department of leukemia, cancer medicine division, The University of Texas MD Anderson Cancer Center, Houston, TX. The accepted abstract is available on the ASH website at: https://ash.confex.com/ash/2012/webprogram/Paper49626.html

The dose escalation part of the study demonstrated that SGI-110 is well tolerated at doses higher than the biologically effective dose (BED); subcutaneous (SQ) administration achieved efficient conversion to decitabine resulting in an improved pharmacokinetic (PK) profile over intravenous (IV) Dacogen formulation; and clinical responses were observed in this heavily pretreated population which seem to correlate with the extent of LINE-1 hypomethylation.

“Following the preliminary presentation at AACR, this is the second oral presentation of clinical data for SGI-110 this year in which the full data set of the phase 1 part of the trial will be discussed. We are pleased with the progress of SGI-110 in the treatment of these difficult to treat hematological malignancies,” said Mohammad Azab, MD, chief medical officer of Astex Pharmaceuticals.

Additionally, a preclinical data presentation on SGI-110 titled, “SGI-110, a novel hypomethylating agent, induces the WNT inhibitor Secreted Frizzled Related Protein-2 (SFRP2), and down regulates beta-catenin in acute myeloid leukemia (AML) cells,” will occur in a poster session on Saturday, December 8, 2012 from 5:30 – 7:30 pm ET.

About the Study

The SGI-110 study enrolled 78 patients (64 AML, 14 MDS), in the dose escalation part of this randomized Phase 1/2 first-in-human trial with 44 patients receiving drug daily for 5 days (dailyx5 regimen) and 34 patients receiving drug once weekly for 3 consecutive weeks (weeklyx3 regimen). Median age was 69 years, and 82% had ECOG PS of 0-1. Median number of prior regimens was 3 (range 1-9), 59% of patients had prior hypomethylation agent (HMA) treatment (50% of AML patients, and 100% of MDS patients). Clinical responses were observed in this heavily pretreated AML and MDS patients.

The study has progressed to the dose expansion part and is actively accruing patients.

A copy of the 2012 ASH presentation, “Results From the Dose Escalation Phase of a Randomized Phase 1-2 First-in-Human (FIH) Study of SGI-110, a Novel Low Volume Stable Subcutaneous (SQ) Second Generation Hypomethylating Agent (HMA) in Patients with Relapsed/Refractory MDS and AML,” will be available following the conclusion of the oral presentation on the Astex Pharmaceuticals website, www.astx.com, in the pipeline, presentations and publications section.

About Astex Pharmaceuticals

Astex Pharmaceuticals is dedicated to the discovery and development of novel small molecule therapeutics with a focus on oncology. The Company is developing a proprietary pipeline of novel therapies and is creating de-risked products for partnership with leading pharmaceutical companies. Astex Pharmaceuticals developed DACOGEN® (decitabine) for Injection and receives significant royalties on global sales.

The Astex Pharmaceuticals, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=12273

For more information about Astex Pharmaceuticals, Inc., please visit http://www.astx.com.

Forward-Looking Statements

This press release contains “forward-looking” statements within the meaning of Section 21A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and is subject to the safe harbor created thereby. These statements are typically preceded by words such as “believes,” “expects,” “anticipates,” “intends,” “will,” “may,” “should,” or similar expressions. Actual results could differ materially from those projected in the forward-looking statements as a result of a number of risks and uncertainties.  These forward-looking statements include, but are not limited to, expectations regarding the advancement of drug candidates in the clinic; the Company’s ability to develop the current and future pipeline into commercially viable drugs; the expectations regarding our clinical trials including the timing of clinical proof of concept data from these trials. Important factors that could cause actual results to differ materially from the expectations reflected in the forward-looking statements include, but are not limited to: the outcomes of the on-going clinical trials; risks and uncertainties related to the research and development of SGI-110. References made to the discussion of risk factors are detailed in the Company’s filings with the Securities and Exchange Commission including reports on its most recently filed Form 10-K and Form 10-Q. These forward-looking statements are made only as of the date hereof, and we disclaim any obligation to update or revise the information contained in any such forward-looking statements, whether as a result of new information, future events or otherwise.

CONTACT: Timothy L. Enns
         Astex Pharmaceuticals, Inc.
         Senior Vice President
         Corporate Communications & Marketing
         Tel:  +1 (925) 560-2810
         E-mail:  tim.enns@astx.com

         Susanna Chau
         Astex Pharmaceuticals, Inc.
         Manager
         Investor Relations
         Tel:  +1 (925) 560-2845
         E-mail:  susanna.chau@astx.com

         Alan Roemer
         The Trout Group
         Managing Director
         Tel:  +1 (646) 378-2945
         E-mail: aroemer@troutgroup.com

         Kari Watson
         MacDougall Biomedical Communications
         Senior Vice President
         Tel: +1 (781) 235-3060
         E-mail: kwatson@macbiocom.com

School Specialty (SCHS) Announces Fiscal 2013 Second Quarter Results

–  Reports Revenue of $236.9 Million and Net Income of $14.1 Million
–  Operating Income Increases 17 Percent to $25.3 Million
–  Gross Margin Improves in Quarter and Six Months Results

GREENVILLE, Wis., Nov. 20, 2012 (GLOBE NEWSWIRE) — School Specialty (Nasdaq:SCHS), a leading K-12 education company with the broadest array of products in the market, today reported second quarter and six months results for the period ending October 27, 2012. Revenue for the second quarter of fiscal 2013 was $236.9 million, compared with $251.4 million in the prior year, a decline of 5.8 percent. Net income for the second quarter of fiscal 2013 was $14.1 million or $0.75 per diluted earnings per share compared with $8.9 million or $0.47 per diluted share last year.

Revenue for the six months of fiscal 2013 was $489.0 million compared with $527.5 million last year, a decline of 7.3 percent. Net income for the six months increased to $32.5 million or $1.72 per diluted share, versus $22.4 million or $1.18 per diluted share in the comparable period last year.

“Despite the challenging marketplace, we continued to make progress on our turnaround strategy and mid and long term initiatives while staying focused on managing costs,” said Michael P. Lavelle, President and Chief Executive Officer. “Revenue declines in the second quarter were reduced from earlier this year with continued improvement in our operating performance. Our immediate priorities remain improving EBITDA and working capital while we focus our marketing and sales strategies to support our revenue goals,” he added.

Second Quarter Financial Results

• Revenue for fiscal 2013 second quarter was $236.9 million, compared with $251.4 million in fiscal 2012, a decline of 5.8 percent. The decline in sales reflects the continued impact of industry-wide soft educational spending on curriculum products.
• Educational Resources revenue was $171.1 million in the quarter compared with $173.2 million in the prior year and Accelerated Learning revenue declined 15.9 percent to $65.6 million from $78.0 million last year.
• Gross profit was $92.7 million compared with $95.1 million last year, a decline of 2.5 percent. Consolidated gross margin improved to 39.1 percent, an increase of 130 basis points, primarily due to margin improvement in both Educational Resources and Accelerated Learning.
• Selling, general and administrative (SG&A) expenses were $67.4 million compared with $73.4 million in the prior year’s second quarter, a decline of 8.2 percent, reflecting strong cost controls. Lower overall sales levels also reduced the variable cost component which reduced expenses.
• During the second quarter, the company also recorded a $1.4 million impairment charge related to the receipt of $3 million in settlement of a note issued to the company with the divestiture of a business in 2008.
• Interest expense for the second quarter was $9.3 million compared with $6.9 million in the previous year. This increase is largely driven by higher interest rates on our term loan and a prepayment charge on a term loan principal payment.
• The provision for income taxes in the second quarter of fiscal 2013 was $0.3 million compared with $6.0 million in the previous year. The decline in taxes was related to projected annual tax losses for fiscal 2013.
• Earnings before interest, taxes, depreciation, amortization and impairment charges (EBITDA) improved 9.3 percent to $34.2 million compared with $31.3 million in the previous year.
• Net income was $14.1 million compared with $8.9 million last year. Diluted earnings per share increased 59.7 percent in this year’s second quarter to $0.75 from $0.47 in the comparable period last year.
• The second quarter of fiscal 2013 included the previously mentioned impairment charge of $1.4 million or $0.07 per diluted share. The prior year included restructuring charges of $0.9 million or $0.05 per diluted share. Excluding these charges, adjusted net income for this year’s second quarter was $15.5 million or $0.82 per diluted share compared with $9.7 million or $0.51 per diluted share in the prior year’s second quarter.

Six Months Results

• Revenue for the first six months of fiscal 2013 was $489.0 million, compared with $527.5 million in the same period of the prior year, a decline of 7.3 percent.
• Educational Resources revenue in the first six months of fiscal 2013 declined 4.0 percent to $344.8 million compared with $359.3 million in fiscal 2012. Accelerated Learning revenue declined 14.3 percent to $143.9 million in the first six months of fiscal 2013 compared with $167.8 million in the prior year.
• Gross profit for the first six months of the fiscal year was $196.3 million compared with $206.3 million last year.  The consolidated gross margin increased 100 basis points to 40.1 percent from 39.1 percent in the comparable six month period of fiscal 2012.
• SG&A expenses declined 7.0 percent to $142.5 million compared with the prior year’s $153.2 million. The decline is due to a combination of decreased variable costs associated with the revenue decline and lower compensation costs.
• Interest expense in the six months of the current fiscal year was $19.3 million compared with last year’s $14.8 million. Fiscal 2013 interest expense was higher due to costs related to the debt refinancing, higher interest rates on our term loan and a prepayment charge on term loan principal.
• During the first half of fiscal 2012, $57.5 million of outstanding 3.75% convertible subordinated debentures were exchanged and refinanced with new debentures. Expenses of $1.1 million associated with this convertible debt exchange were recognized in last year’s first six months.
• EBITDA for the six months was $71.8 million compared with $71.7 million in the previous year’s six month period.
• Net income was $32.5 million or $1.72 per diluted share in the first half of fiscal 2013, compared with net income of $22.4 million or $1.18 per diluted share last year.
• For the first six months of fiscal 2013, one-time costs included the previously mentioned $1.4 million or $0.07 per diluted share impairment charge, $2.5 million or $0.13 per diluted share related to debt refinancing expenses, and $1.1 million or $0.06 per diluted share in restructuring charges. For the six month comparable period last year, results included a $0.7 million or $0.04 per diluted share expense associated with the exchange of convertible debt and $0.9 million or $0.05 per diluted share from restructuring charges. On an adjusted basis for the six months, fiscal 2013 adjusted net income would have been $37.5 million or $1.98 per diluted share compared with $23.9 million or $1.26 per diluted share in fiscal 2012.
• Free cash flow in the first half of fiscal 2013 increased $28.1 million to $13.9 million compared to negative free cash flow of $14.2 million in fiscal 2012’s first half.

Financial Outlook

“We believe that given the challenging market this school season, fiscal year 2013 revenues are likely to decline in the mid-single digit range compared with fiscal 2012. Although revenue is softer than our previously anticipated performance levels for fiscal 2013, given our margin and cost reduction actions, we continue to believe that fiscal 2013 will look similar to fiscal 2012 actual results in terms of EBITDA,” said Lavelle.

Conference Call

The second quarter earnings conference call is scheduled for today at 11 a.m. ET/10 a.m. CT. The live audio webcast will include accompanying slides and is available on the Investors section of School Specialty’s web site at www.schoolspecialty.com under Presentations.  The presentation will be archived on the company’s website and available later in the day.

About School Specialty, Inc.

School Specialty is a leading education company that provides innovative and proprietary products, programs and services to help educators engage and inspire students of all ages and abilities to learn. The company designs, develops, and provides preK-12 educators with the latest and very best curriculum, supplemental learning resources, and school supplies. Working in collaboration with educators, School Specialty reaches beyond the scope of textbooks to help teachers, guidance counselors and school administrators ensure that every student reaches his or her full potential.

Accelerated Learning’s major products include: Wordly Wise 3000^®, Premier^™ Agenda, Delta Education^™, FOSS^®, CPO Science ^™, Frey Scientific ^®, Educator’s Publishing Service, Academy of Reading^®, Think Math!^™, MCI^®, S.P.I.R.E.^® and SPARK^™. Educational Resources proprietary brands include: Education Essentials^®, Sportime^®, Childcraft^®, Sax^® Arts & Crafts, Califone^®, abc^®, Abilitations^®, School Smart^®, Classroom Select^™ and Projects by Design^®.

For more information about School Specialty, visit www.schoolspecialty.com.

Cautionary Statement Concerning Forward-Looking Information

Any statements made in this press release about future results of operations, expectations, plans, or prospects, including but not limited to statements included under the heading “Financial Outlook,” constitute forward-looking statements. Forward-looking statements also include those preceded or followed by the words “anticipates,” “believes,” “could,” “estimates,” “expects,” “intends,” “may,” “should,” “plans,” “targets” and/or similar expressions. These forward-looking statements are based on School Specialty’s current estimates and assumptions and, as such, involve uncertainty and risk. Forward-looking statements are not guarantees of future performance, and actual results may differ materially from those contemplated by the forward-looking statements because of a number of factors, including the factors described in Item 1A of School Specialty’s Annual Report on Form 10-K for the fiscal year ended April 28, 2012, which factors are incorporated herein by reference. Except to the extent required under the federal securities laws, School Specialty does not intend to update or revise the forward-looking statements.

CONTACT: David Vander Ploeg
         Executive VP and CFO
         920-882-5854

         Elizabeth M. Higashi, CFA
         Investor Relations
         920-243-5392

Eltek (ELTK) Sets Earnings Release Date, Q3 Financials Conference Call

Eltek Ltd. (NASDAQ:ELTK – News), the leading Israeli manufacturer of advanced circuitry solutions, will release its financial results for the quarter ended September 30, 2012, on Wednesday, November 28, 2012, before the market opens. Eltek’s financial results will be released over the news wires and will also be posted on its corporate website.

On Wednesday, November 28, 2012, at 09:00 a.m. Eastern Time, Eltek will conduct a conference call to discuss the third quarter results. The call will feature Arieh Reichart, Chief Executive Officer, and Amnon Shemer, Chief Financial Officer.

To participate, please call the following teleconference numbers. Please begin placing your calls 10 minutes before the hour:

A replay of the call will be available on Eltek’s corporate website at http://www.eltekglobal.com approximately 48 hours after the conference call is completed and will be archived for 30 days.

About the Company

Eltek is Israel’s leading manufacturer of printed circuit boards, the core circuitry of most electronic devices. It specializes in the complex high-end of PCB manufacturing, i.e., HDI, multi-layered and flex-rigid boards. Eltek’s technologically advanced circuitry solutions are used in today’s increasingly sophisticated and compact electronic products. For more information, visit Eltek’s website at www.eltekglobal.com.

Forward Looking Statements.

Certain matters discussed in this news release are forward-looking statements that involve a number of risks and uncertainties including, but not limited to statements regarding expected results in future quarters, risks in product and technology development and rapid technological change, product demand, the impact of competitive products and pricing, market acceptance, the sales cycle, changing economic conditions and other risk factors detailed in the Company’s filings with the United States Securities and Exchange Commission.

AirMedia (AMCN) Announces Unaudited Third Quarter 2012 Financial Results

BEIJING, Nov. 19, 2012 /PRNewswire/ — AirMedia Group Inc. (“AirMedia” or the “Company”) (Nasdaq: AMCN), a leading operator of out-of-home advertising platforms in China targeting mid-to-high-end consumers, today announced its unaudited financial results for the third quarter ended September 30, 2012.

Third Quarter 2012 Financial Highlights

• Total revenues increased by 4.3% year-over-year to US$73.1 million.
• Net loss attributable to AirMedia’s shareholders was US$27.3 million. Basic and diluted net loss attributable to AirMedia’s shareholders per American Depositary Share (“ADS”) were both US$0.44.
• Adjusted net income attributable to AirMedia’s shareholders (non-GAAP), which is net loss attributable to AirMedia’s shareholders excluding share-based compensation expenses, amortization of acquired intangible assets, impairment of goodwill, and impairment of intangible assets, was US$4.3 million. Adjusted basic net income attributable to AirMedia’s shareholders per ADS (non-GAAP), which is adjusted net income attributable to AirMedia’s shareholders (non-GAAP) divided by the number of ADSs outstanding, was US$0.07. Adjusted diluted net income attributable to AirMedia’s shareholders per ADS (non-GAAP), which is adjusted net income attributable to AirMedia’s shareholders (non-GAAP) divided by the number of ADSs outstanding as adjusted for dilution after taking into account option grants under the Company’s current Share Incentive Plan, was US$0.07.

“Despite the negative impact on advertising from certain recent anti-Japan protests in China, we were still able to beat the high end of our revenue guidance in the third quarter of 2012. Our results for the third quarter of 2012 primarily benefitted from the continued growth of our digital frames in airports. We are excited to see the rapid growth of our mega-size LED screens, which received very strong demand from advertisers. We expect mega-size LED screens to be a larger part of the Company’s future revenues and become one of our growth drivers in the coming quarters,” commented Herman Guo, chairman and chief executive officer of AirMedia.

“In the third quarter of 2012, we made improvements on gross profit as a percentage of net revenues and non-GAAP adjusted net income. Gross profit as a percentage of net revenues for the third quarter was 12.3%, up from 10.2% in the same period one year ago and 10.1% in the previous quarter. Non-GAAP adjusted net income expanded to US$4.3 million. If not for the impairment of goodwill and impairment of intangible assets of total US$30.2 million, we would have been able to achieve US-GAAP net income in the third quarter. These impairment charges are non-cash charges, which we do not expect to be recurring,” Henry Ho, AirMedia’s chief financial officer, commented.

Third Quarter 2012 Financial Results

Revenues

Total revenues by product line (numbers in US$ 000’s except for percentages):

Total revenues for the third quarter of 2012 reached US$73.1 million, representing a year-over-year increase of 4.3% from US$70.1 million and a quarter-over-quarter increase of 7.3% from US$68.1 million. The year-over-year and quarter-over-quarter increases were primarily due to increases in revenues from digital frames in airports, other media, and the gas station media network, partially offset by decreases in revenues from digital TV screens in airports, digital TV screens on airplanes and traditional media in airports.

Revenues from digital frames in airports

Revenues from digital frames in airports for the third quarter of 2012 increased by 14.0% year-over-year and by 18.0% quarter-over-quarter to US$35.0 million. The year-over-year and quarter-over-quarter increases were due to the Company’s continued sales efforts and additional revenues from the rapidly growing product line of mega-size LED screens.

Revenues from digital TV screens in airports

Revenues from digital TV screens in airports for the third quarter of 2012 decreased by 20.5% year-over-year and by 19.7% quarter-over-quarter to US$2.7 million. The year-over-year and quarter-over-quarter decreases were primarily due to a drop in demand from advertisers.

Revenues from digital TV screens on airplanes

Revenues from digital TV screens on airplanes for the third quarter of 2012 decreased by 3.2% year-over-year and by 7.9% quarter-over-quarter to US$6.6 million, primarily due to the fact that when advertisers have limited advertising budgets during the current economic environment, they tend to move budgets to media which they think can generate higher returns.

Revenues from traditional media in airports

Revenues from traditional media in airports for the third quarter of 2012 decreased by 5.8% year-over-year and 3.1% quarter-over-quarter to US$20.1 million. The year-over-year and quarter-over-quarter decreases were primarily due to the reduced availability as a result of a media format upgrade, in which AirMedia was upgrading 18 light boxes at prime locations in Beijing Capital International Airport to a better advertising format. The Company finished upgrading two of these light boxes in September 2012, and expects to complete upgrading the rest by the end of the year.

Revenues from the gas station media network

Revenues from the gas station media network for the third quarter of 2012 increased by 3.6% year-over-year and by 70.7% quarter-over-quarter to US$3.9 million. The year-over-year increase was primarily due to the Company’s continued sales efforts and advertisers’ continually growing acceptance of AirMedia’s gas station media network. The quarter-over-quarter increase was primarily due to breakthrough on certain key advertising accounts.

Revenues from other media

Revenues from other media were primarily revenues from unipole signs and other outdoors media. Revenues from other media for the third quarter of 2012 increased by 31.5% year-over-year and increased by 6.2% quarter-over-quarter to US$3.0 million. The year-over-year and quarter-over-quarter increases were primarily due to an increase in real estate advertising in the third quarter of 2012.

Business tax and other sales tax

Business tax and other sales tax for the third quarter of 2012 were US$1.7 million, compared to US$1.4 million in the same period one year ago and US$1.6 million in the previous quarter. For purposes of calculating the amount of business and other sales tax, concession fees are deducted from total revenues, as permitted under applicable PRC tax law.

Net revenues

Net revenues for the third quarter of 2012 reached US$71.4 million, representing a year-over-year increase of 3.9% from US$68.7 million and a quarter-over-quarter increase of 7.2% from US$66.6 million.

Cost of Revenues

Cost of revenues for the third quarter of 2012 was US$62.6 million, representing a year-over-year increase of 1.3% from US$61.7 million and a quarter-over-quarter increase of 4.6% from US$59.8 million. The year-over-year increase was primarily due to higher concession fees, which were partially offset by lower agency fees for third-party advertising agencies. The quarter-over-quarter increase was primarily due to higher agency fees for third-party advertising agencies, which were partially offset by lower concession fees. Cost of revenues as a percentage of net revenues in the third quarter of 2012 was 87.7%, down from 89.8% in the same period one year ago and down from 89.9% in the previous quarter.

AirMedia incurs concession fees to airports for placing and operating digital frames, digital TV screens, traditional media and other displays in airports, to airlines for playing programs on their digital TV screens, to Sinopec for placing outdoors media in its gas stations and to other media resources owners for placing unipole signs and other outdoors media.

Concession fees for the third quarter of 2012 increased by 7.2% year-over-year and decreased by 0.9% quarter-over-quarter to US$44.5 million. The year-over-year increase was primarily due to newly signed or renewed concession rights contracts during the period. Concession fees as a percentage of net revenues in the third quarter of 2012 was 62.4%, increasing from 60.4% in the same period one year ago and decreasing from 67.5% in the previous quarter. The year-over-year increase of concession fees as a percentage of net revenues was primarily due to the fact concession fees grew at a faster pace than net revenues. The quarter-over-quarter decrease of concession fees as a percentage of net revenues was primarily due to the fact that net revenues grew at a faster pace than concession fees.

Gross Profit

Gross profit for the third quarter of 2012 was US$8.8 million, compared to gross profit of US$7.0 million in the same period one year ago and gross profit of US$6.8 million in the previous quarter.

Gross profit as a percentage of net revenues for the third quarter of 2012 was 12.3%, compared to gross profit as a percentage of net revenues of 10.2% in the same period one year ago and gross profit as a percentage of net revenues of 10.1% in the previous quarter. The year-over-year and quarter-over-quarter increases in gross profit as a percentage of net revenues were due to the fact that net revenues grew at a faster pace than cost of revenues.

Operating Expenses

Operating expenses (numbers in US$ 000’s except for percentages):

Total operating expenses for the third quarter of 2012 were US$39.9 million, representing a year-over-year increase of 299.2% from US$10.0 million and a quarter-over-quarter increase of 332.7% from US$9.2 million. The year-over-year and quarter-over-quarter increases were primarily due to impairment of goodwill of US$20.6 million and an impairment of intangible asset of US$9.6 million in the third quarter of 2012.

Share-based compensation expenses included in the total operating expenses for the third quarter of 2012 were US$713,000, compared to share-based compensation expenses of US$2.4 million in the same period one year ago and share-based compensation expenses of US$993,000 in the previous quarter. The year-over-year decrease in share-based compensation expenses was primarily due to a re-pricing of stock options on August 23, 2011, which resulted in additional one-time share-based compensation expenses in the third quarter of 2011, and the fact that stock options granted on July 10, 2009 all became fully vested on July 10, 2012. The quarter-over-quarter decrease in share-based compensation expenses was primarily due to the fact that stock options granted on July 10, 2009 all became fully vested on July 10, 2012.

Adjusted operating expenses (non-GAAP), which excluded share-based compensation expenses, amortization of acquired intangible assets, impairment of goodwill, and impairment of intangible assets, were US$8.3 million for the third quarter of 2012, representing a year-over-year increase of 24.0% from US$6.7 million and a quarter-over-quarter increase of 11.4% from US$7.4 million. Adjusted operating expenses as a percentage of net revenues (non-GAAP), which is calculated by dividing adjusted operating expenses (non-GAAP) by net revenues, was 11.6% in the third quarter of 2012, compared to 9.7% in the same period one year ago and 11.1% in the previous quarter.

Please refer to the attached table captioned “Reconciliation of GAAP Operating Expenses to Non-GAAP Adjusted Operating Expenses” for a reconciliation of operating expenses under U.S. GAAP to adjusted operating expenses (non-GAAP).

Selling and marketing expenses for the third quarter of 2012 were US$4.5 million, including share-based compensation expenses of US$174,000. This represented a year-over-year increase of 0.7% from US$4.4 million and a quarter-over-quarter increase of 7.2% from US$4.2 million. The quarter-over-quarter increase was primarily due to higher sales commissions for direct sales force.

General and administrative expenses for the third quarter of 2012 were US$5.2 million, including share-based compensation expenses of US$539,000. This represented a year-over-year decrease of 6.0% from US$5.6 million and a quarter-over-quarter increase of 3.4% from US$5.1million. The year-over-year decrease was primarily due to lower share-based compensation expenses and lower amortization of acquired intangible assets, which were partially offset by higher bad-debt provision.

As the Company’s stock price continued to underperform and because of the negative economic sentiment in China and its effect on marketing and advertising budgets, the Company’s management thought it was prudent to perform an assessment regarding the recoverability of its goodwill and intangible assets balances as of September 30, 2012. As a result of management’s analyses, it was determined that the carrying amount of goodwill and certain intangible assets, all initially recognized in connection with certain business acquisitions in previous years, were impaired. The Company recorded an impairment expense of US$20.6 million for the full impairment of goodwill and US$9.6 million of the partial impairment of certain intangible assets. All such impairment of goodwill and intangible assets are non-cash charges.

Income/Loss from Operations

Loss from operations for the third quarter of 2012 was US$31.1 million, compared to loss from operations of US$3.0 million in the same period one year ago and loss from operations of US$2.5 million in the previous quarter. Loss from operations as a percentage of net revenues for the third quarter of 2012 was negative 43.5%, compared to negative 4.4% in the same period one year ago and negative 3.7% in the previous quarter.

Adjusted income from operations (non-GAAP), which excluded share-based compensation expenses, amortization of acquired intangible assets, impairment of goodwill and impairment of intangible assets, was US$557,000 for the third quarter of 2012, compared to adjusted income from operations (non-GAAP) of US$333,000 in the same period one year ago and adjusted loss from operations (non-GAAP) of US$657,000 in the previous quarter. Adjusted operating margin (non-GAAP), which excluded the effect of share-based compensation expenses, amortization of acquired intangible assets, impairment of goodwill, and impairment of intangible assets, was 0.8% for the third quarter of 2012, compared to 0.5% in the same period one year ago and negative 1.0% in the previous quarter.

Please refer to the attached table captioned “Reconciliation of GAAP Loss from Operations to Non-GAAP Adjusted Loss from Operations” for a reconciliation of loss from operations under U.S. GAAP to adjusted loss from operations (non-GAAP).

Income Tax Benefits/Expenses

Income tax benefits for the third quarter of 2012 were US$3.0 million, compared to income tax benefits of US$205,000 in the same period one year ago and income tax benefits of US$664,000 in the previous quarter.

Net Loss/Income Attributable to AirMedia’s Shareholders

Net loss attributable to AirMedia’s shareholders for the third quarter of 2012 was US$27.3 million, compared to net loss attributable to AirMedia’s shareholders of US$1.7 million in the same period one year ago and net loss attributable to AirMedia’s shareholders of US$1.5 million in the previous quarter. The basic net loss attributable to AirMedia’s shareholders per ADS for the third quarter of 2012 was US$0.44, compared to basic net loss attributable to AirMedia’s shareholders per ADS of US$0.03 in the same period one year ago and basic net loss attributable to AirMedia’s shareholders per ADS of US$0.02 in the previous quarter. The diluted net loss attributable to AirMedia’s shareholders per ADS for the third quarter of 2012 was US$0.44, compared to diluted net loss attributable to AirMedia’s shareholders per ADS of US$0.03 in the same period one year ago and diluted net loss attributable to AirMedia’s shareholders per ADS of US$0.02 in the previous quarter.

Adjusted net income attributable to AirMedia’s shareholders (non-GAAP), which is net loss attributable to AirMedia’s shareholders excluding share-based compensation expenses, amortization of acquired intangible assets, impairment of goodwill, and impairment of intangible assets, was US$4.3 million for the third quarter of 2012, compared to adjusted net income attributable to AirMedia’s shareholders (non-GAAP) of US$1.6 million in the same period one year ago and adjusted net income attributable to AirMedia’s shareholders (non-GAAP) of US$339,000 in the previous quarter. Adjusted basic net income attributable to AirMedia’s shareholders per ADS (non-GAAP), which is adjusted net income attributable to AirMedia’s shareholders (non-GAAP) divided by the number of ADSs outstanding, was US$0.07 for the third quarter of 2012, compared to adjusted basic net income attributable to AirMedia’s shareholders per ADS (non-GAAP) of US$0.03 in the same period one year ago and adjusted basic net income attributable to AirMedia’s shareholders per ADS (non-GAAP) of US$0.01 in the previous quarter. Adjusted diluted net income attributable to AirMedia’s shareholders per ADS (non-GAAP), which is adjusted net income attributable to AirMedia’s shareholders (non-GAAP) divided by the number of ADSs as adjusted for dilution after taking into account option grants under the Share Incentive Plan, was US$0.07 for the third quarter of 2012, compared to adjusted diluted net income attributable to AirMedia’s shareholders per ADS (non-GAAP) of US$0.03 in the same period one year ago and adjusted diluted net income attributable to AirMedia’s shareholders per ADS (non-GAAP) of US$0.01 in the previous quarter.

Please refer to the attached table captioned “Reconciliation of GAAP Net Income (Loss) and EPS to Non-GAAP Adjusted Net Income (Loss) and EPS” for a reconciliation of net income (loss) attributable to AirMedia’s shareholders and basic and diluted net income (loss) attributable to AirMedia’s shareholders per ADS under U.S. GAAP to adjusted net income (loss) attributable to AirMedia’s shareholders (non-GAAP) and adjusted basic and diluted net income (loss) attributable to AirMedia’s shareholders per ADS (non-GAAP).

Cash, Restricted Cash and Short-term Investments

Cash, restricted cash and short-term investments totaled US$124.2 million as of September 30, 2012, compared to US$119.1 million as of December 31, 2011. The increase in cash, restricted cash and short-term investments from December 31, 2011 was primarily due to positive cash flow from operations.

ADS Repurchases and Expansion of Share Repurchase Program

On March 21, 2011, AirMedia’s board of directors authorized AirMedia to repurchase up to US$20 million of its own outstanding ADSs within two years from March 21, 2011. On September 24, 2012, AirMedia’s board of directors approved to increase the size of the share repurchase program to US$40 million from US$20 million and to extend the termination date of the share repurchase program to March 20, 2014 from March 20, 2013. As of November 18, 2012, AirMedia had repurchased an aggregate of 4,744,910  ADSs on the open market for a total consideration of US$13.9  million.

Other Recent Developments

AirMedia’s board of directors (the “Board”) approved a share capital increase of Beijing Weimei Shengjing Advertising Co., Ltd. (“Weimei Shengjing”) and a share purchase by certain members of the senior management of Weimei Shengjing. Weimei Shengjing, a wholly owned subsidiary of Beijing AirMedia UC Advertising Co., Ltd. (“AirMedia UC”), one of the VIEs of the Company, is currently the primary operating entity of AirMedia’s gas station media network. As part of  the share capital increase, Weimei Shengjing will increase its share capital by issuing new registered capital to AirMedia UC for a total cash consideration of RMB38.0 million and to Beijing Zhongshi Aoyou Advertising Co., Ltd. (Zhongshi Aoyou) for a total cash consideration of RMB15.0 million (the “Share Capital Increase”). After the proposed Share Capital Increase, AirMedia UC and Zhongshi Aoyou will hold 78% and 22% equity interest in Weimei Shengjing, respectively. Certain members of the senior management of Weimei Shengjing intend to purchase shares of Weimei Shengjing or shares of Zhongshi Aoyou within 30 business days after the proposed Share Capital Increase, for cash consideration per share equal to the fair values of the shares purchased as set out in the valuation report of Weiming Shengjing (the “Share Purchase”). After the proposed Share Purchase, these purchasers will directly or indirectly hold 22% of the equity interest in Weimei Shengjing. The Audit Committee of the Board deliberated on the proposed Share Capital Increase and the Share Purchase and recommended them to the Board for approval. The Share Capital Increase and the Share Purchase were approved by the Board on November 16, 2012.

On November 12, 2012, AirMedia obtained concession rights contract to install and operate two mega-size LED screens above the security check areas in Sanya Fenghuang International Airport in Hainan province from December 1, 2012 to February 28, 2017.

Starting from November 1, 2012, AirMedia extended the advertising cycle time of its mega-size LED screens in Changsha Huanghua International Airport to 12-minute cycles from 6-minute cycles, which reduced the frequency of the 15-second advertising time slots to 80 times a day from 160 times a day, while maintaining the same listing price per time slot. This approach, a response to strong demand from advertisers, doubled the capacity to sell the Company’s mega-size LED Screens in Changsha Huanghua International Airport to 48 time slots from 24 time slots available for sale per week.

Starting from October 23, 2012, after approximately 40-day operation, AirMedia completed the upward adjustment of the listing price of its mega-size LED screens at Terminals 2 of Chengdu Shuangliu International Airport by approximately 75%; the price adjustment was due to  strong demand from advertisers.

On September 27, 2012, AirMedia obtained concession rights contract to install and operate two mega-size LED screens next to the airport highway of Chengdu Shuangliu International Airport for eight years starting from the commencement of operations, which is expected to be before December 1, 2012.

On September 13, 2012, AirMedia commenced operations of its mega-size LED screens above the security check areas at Terminal 2 of Chengdu Shuangliu International Airport.

On September 5, 2012, AirMedia obtained rights to be a selling agent of the three mega-size LED screens above the security check areas of Hangzhou Xiaoshan International Airport in Zhejiang province from October 1, 2012 to February 28, 2015.

On September 3, 2012, AirMedia commenced operations of eight sets of newly-built stand-alone digital frames at the baggage claim areas of Changchun Longjia International Airport in Jilin province.

On September 1, 2012, AirMedia’s Board of Directors granted options to an employee to purchase an aggregate of 1,857,538 ordinary shares (928,769 ADSs) of the Company, at an exercise price of US$0.72 per ordinary share (US$1.43 per ADS). The term of these options is five years; one twelfth of these options will vest at the beginning of each quarter from September 4, 2012 to June 3, 2015.

On August 21, 2012, AirMedia commenced operations of 37 sets of newly-built stand-alone digital frames in Sanya Fenghuang International Airport (“Sanya Airport”) in Hainan province, which significantly increased AirMedia’s media presence in Sanya Airport. In addition to the original 15 sets of stand-alone digital frames it already operates in Sanya Airport, AirMedia currently has 52 sets of stand-alone digital frames in Sanya Airport.

On July 15, 2012, AirMedia obtained concession rights contract to operate a mega-size LED screen above the security check areas in Changchun Longjia International Airport in Jilin province from July 15, 2012 to December 31, 2014.

AirMedia’s PRC subsidiaries and variable interest entities have engaged in and may be subject to various legal proceedings relating to commercial arrangements and other matters in the ordinary course of its business. In August 2012, the Company received arbitral awards from Beijing Arbitration Commission concerning some of these legal proceedings, which resulted in an additional payable of US$1.1 million in the third quarter.

Business Outlook

Due to China’s replacement of Business Tax by the recently implemented Value Added Tax in AirMedia’s key regions of operations, the difference between AirMedia’s total revenues and net revenues will be minimal in the future. As a result, starting from the fourth quarter of 2012, AirMedia will give guidance of its net revenues instead of total revenues. AirMedia currently expects its net revenues for the fourth quarter of 2012 to range from US$77.0 million to US$80.0 million, representing a year-over-year decrease of 5.9% to 9.4% from the same period in 2011 and a quarter-over-quarter increase of 7.9% to 12.1% from the previous quarter.

AirMedia currently expects its concession fees to be approximately US$46.0 million in the fourth quarter of 2012. The quarter-over-quarter increase from the third quarter of 2012 will be primarily due to the concession fee commitments under concession rights contracts that were newly signed or renewed or are expected to be signed or renewed.

The above forecast reflects AirMedia’s current and preliminary view and is therefore subject to change. Please refer to the Safe Harbor Statement below for the factors that could cause actual results to differ materially from those contained in any forward-looking statement.

Summary of Selected Operating Data

Notes:

(1) A time slot is defined as a 30-second equivalent advertising time unit for digital TV screens in airports and digital TV screens on airplanes, which is shown during each advertising cycle on a weekly basis in a given airport or on a monthly basis on the routes of a given airline, respectively. AirMedia’s airport advertising programs are shown repeatedly on a daily basis during a given week in one-hour cycles and each hour of programming includes 20 minutes of advertising content, which allows the Company to sell a maximum of 40 time slots per week. The number of time slots available for sale for the digital TV screens in airports during the period presented is calculated by multiplying the time slots available for sale per week per airport by the number of weeks during the period presented when AirMedia had operations in each airport and then calculating the sum of all the time slots available for sale for each of the Company’s network airports. The length of AirMedia’s in-flight programs typically ranges from approximately 45 minutes to an hour per flight, approximately five to 13 minutes of which consist of advertising content. The number of time slots available for sale for our digital TV screens on airplanes during the period presented is calculated by multiplying the time slots per airline per month by the number of months during the period presented when AirMedia had operations on each airline and then calculating the sum of all the time slots available for sale for each of its network airlines.

(2) A time slot is defined as a 12-second equivalent advertising time or 6-second equivalent advertising time units for digital frames in airports, which is shown during each standard advertising cycle on a weekly basis in a given airport. AirMedia’s standard airport advertising programs are shown repeatedly on a daily basis during a given week in 10-minute cycles or 5-minute cycles, which allows the Company to sell a maximum of 50 time slots per week. The length of time slot and advertising program cycle of some digital frames in several airports are different from the standard ones. The number of time slots available for sale for the digital frames in airports during the period presented is calculated by multiplying the time slots per week per airport by the number of weeks during the period presented when the Company had operations in each airport and then calculating the sum of all the time slots available for each of its network airports.

(3) Number of time slots sold refers to the number of 30-second equivalent advertising time units for digital TV screens in airports and digital TV screens on airplanes or 12-second equivalent advertising time units or 6-second equivalent advertising time units for digital frames in airports sold during the period presented.

(4) Utilization rate for digital TV screens in airports, digital TV screens on airplanes and digital frames in airports refers to total time slots sold as a percentage of total time slots available for sale during the relevant period.

(5) Average advertising revenue per time slot sold for digital TV screens in airports, digital TV screens on airplanes and digital frames in airports are calculated by dividing each of the Company’s revenues derived from digital TV screens in airports, digital TV screens on airplanes and digital frames in airports by the respective number of time slots sold.

(6) The number of locations available for sale in traditional media is defined as the sum of (1) the number of light boxes and billboards in Beijing, Shenzhen, Wenzhou and certain other airports (light boxes and billboards), and (2) the number of gate bridges in certain airports (gate bridges).

(7) The number of locations sold is defined as the sum of (1) the number of light boxes and billboards sold and (2) the number of gate bridges sold. To calculate the number of light boxes and billboards sold in a given airport,  the “utilization rates of light boxes and billboards” in such airport is first calculated by dividing the “total value of light boxes and billboards sold” in such airport by the “total value of light boxes and billboards” in such airport.  The “total value of light box and billboard sold” in a given airport is calculated as the daily listing prices of each light boxes and billboards sold in such airport multiplied by their respective number of days sold during the period presented.  The “total value of light boxes and billboards” in a given airport is calculated as the sum of quarterly listing prices of all the light boxes and billboards in such airport during the period presented. The number of light boxes and billboards sold in a given airport is then calculated as the number of light boxes and billboards available for sale in such airport multiplied by the utilization rates of light boxes and billboards in such airport. The number of gate bridges sold in a given airport is counted based on numbers in the relevant contracts.

(8)  Utilization rate for traditional media in airports refers to total locations sold as a percentage of total locations available for sale during the period presented.

(9)  Average advertising revenue per location sold is calculated by dividing the revenues derived from all the locations sold by the number of locations sold during the period presented.

Earnings Conference Call Details

AirMedia will hold a conference call to discuss the third quarter 2012 earnings at 8:00 PM U.S. Eastern Time on November 19, 2012 (5:00 PM U.S. Pacific Time on November 19, 2012; 9:00 AM Beijing/Hong Kong time on November 20, 2012). AirMedia’s management team will be on the call to discuss financial results and operational highlights and answer questions.

Conference Call Dial-in Information

U.S.: +1 866 519 4004
U.K.: 08082346646
Hong Kong: +852 2475 0994
International: +1 718 354 1231
Pass code: AMCN

A replay of the call will be available for 1 week between 11:00 p.m. on November 19, 2012 and 11:59 p.m. on November 26, 2012, Eastern Time.

Replay Dial-in Information

U.S.: +1 855 452 5696
International: +1 646 254 3697
Pass code: 64803942

Additionally, a live and archived webcast of this call will be available on the Investor Relations section of AirMedia’s corporate website at http://ir.airmedia.net.cn.

Use of Non-GAAP Financial Measures

AirMedia’s management uses non-GAAP financial measures to gain an understanding of AirMedia’s comparative operating performance and future prospects. AirMedia’s non-GAAP financial measures exclude the following non-cash items: (1) share-based compensation expenses, (2) amortization of acquired intangible assets, (3) impairment of goodwill, and (4) impairment of intangible assets.

Non-GAAP financial measures are used by AirMedia’s management in their financial and operating decision-making, because management believes they reflect AirMedia’s ongoing business and operating performance in a manner that allows meaningful period-to-period comparisons. AirMedia’s management believes that these non-GAAP financial measures provide useful information to investors and others in understanding and evaluating AirMedia’s operating performance in the same manner as management does, if they so choose. Specifically, AirMedia believes the non-GAAP financial measures provide useful information to both management and investors by excluding certain charges that the Company believes are not indicative of its core operating results.

The non-GAAP financial measures have limitations. They do not include all items of income and expense that affect AirMedia’s income from operations. Specifically, these non-GAAP financial measures are not prepared in accordance with GAAP, may not be comparable to non-GAAP financial measures used by other companies and, with respect to the non-GAAP financial measures that exclude certain items under GAAP, do not reflect any benefit that such items may confer to AirMedia. Management compensates for these limitations by also considering AirMedia’s financial results as determined in accordance with GAAP. The presentation of this additional information is not meant to be considered superior to, in isolation from or as a substitute for results prepared in accordance with US GAAP. For more information on these non-GAAP financial measures, please see the table captioned “Reconciliation of GAAP Net (Loss) Income and EPS and Non-GAAP Adjusted Net (Loss) Income and EPS”, “Reconciliation of GAAP Operating Expenses to Non-GAAP Adjusted Operating Expenses” and “Reconciliation of GAAP (Loss) Income from Operations to Non-GAAP Adjusted (Loss) Income from Operations” set forth at the end of this release.

About AirMedia Group Inc.

AirMedia Group Inc. (Nasdaq: AMCN) is a leading operator of out-of-home advertising platforms in China targeting mid-to-high-end consumers. AirMedia operates the largest digital media network in China dedicated to air travel advertising. AirMedia operates digital frames in 34 major airports and digital TV screens in 34 major airports, including most of the 30 largest airports in China. In addition, AirMedia sells advertisements on the routes operated by nine airlines, including the four largest airlines in China. In selected major airports, AirMedia also operates traditional media platforms, such as billboards and light boxes, and other digital media, such as mega LED screens.

In addition, AirMedia has obtained exclusive contractual concession rights until the end of 2014 to develop and operate outdoor advertising platforms at Sinopec’s service stations located throughout China.

For more information about AirMedia, please visit http://www.airmedia.net.cn.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expect,” “anticipate,” “future,” “intend,” “plan,” “believe,” “estimate,” “confident” and similar statements. Among other things, the Business Outlook section and the quotations from management in this announcement, as well as AirMedia Group Inc.’s strategic and operational plans, contain forward-looking statements. AirMedia may also make written or oral forward-looking statements in its reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about AirMedia’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to: if advertisers or the viewing public do not accept, or lose interest in, AirMedia’s air travel advertising network, AirMedia may be unable to generate sufficient cash flow from its operating activities and its prospects and results of operations could be negatively affected; AirMedia derives most of its revenues from the provision of air travel advertising services, and any slowdown in the air travel advertising industry in China may materially and adversely affect its revenues and results of operations; AirMedia’s strategy of expanding its advertising network by building new air travel media platforms and expanding into traditional media in airports may not succeed, and its failure to do so could materially reduce the attractiveness of its network and harm its business, reputation and results of operations; if AirMedia does not succeed in its expansion into gas station and other outdoors media advertising, its future results of operations and growth prospects may be materially and adversely affected; if AirMedia’s customers reduce their advertising spending or are unable to pay AirMedia in full, in part or at all for a period of time due to an economic downturn in China and/or elsewhere or for any other reason, AirMedia’s revenues and results of operations may be materially and adversely affected; AirMedia faces risks related to health epidemics, which could materially and adversely affect air travel and result in reduced demand for its advertising services or disrupt its operations; if AirMedia is  unable to retain existing concession rights contracts or obtain new concession rights contracts on commercially advantageous terms that allow it to operate its advertising platforms, AirMedia may be unable to maintain or expand its network coverage and its business and prospects may be harmed; a significant portion of AirMedia’s revenues has been derived from the six largest airports and four largest airlines in China, and if any of these airports or airlines experiences a material business disruption, AirMedia’s ability to generate revenues and its results of operations would be materially and adversely affected; AirMedia’s limited operating history makes it difficult to evaluate its future prospects and results of operations; and other risks outlined in AirMedia’s filings with the U.S. Securities and Exchange Commission. AirMedia does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

Investor Contact:

Raymond Huang
Senior Director of Investor Relations
AirMedia Group Inc.
Tel: +86-10-8460-8678
Email: ir@airmedia.net.cn

Note: 1) The Non-GAAP adjusted net income per share and per ADS are computed using Non-GAAP adjusted net income and number of shares and ADSs used in GAAP basic and diluted EPS calculation, where the number of shares and ADSs is adjusted for dilution due to the share-based compensation plan.

Trio-Tech (TRT) Q1 Revenue Up 10.8% to $9.7 Million, Net Loss Down to $17k From $804k

Trio-Tech International (NYSE MKT:TRT) today announced financial results for the first quarter of fiscal 2013, highlighted by higher revenue and a sharply reduced net loss compared to the first quarter of fiscal 2012.

For the three months ended September 30, 2012, revenue increased 10.8% to $9,747,000 compared to revenue of $8,799,000 for the first quarter of the prior fiscal year. The net loss attributable to Trio-Tech common shareholders for the first quarter of fiscal 2013 narrowed to $17,000, or $0.01 per share. This compares to a net loss for the first quarter of fiscal 2012 of $804,000, or $0.24 per share.

“Our first quarter results continue the trend of improved performance in our core semiconductor test equipment manufacturing and testing services businesses that began in the third quarter of fiscal 2012. While these businesses can be volatile and difficult to predict, we are confident we will be able to address any challenges in our testing and manufacturing operations during fiscal 2013. The company also is benefiting from our close attention to costs, as evidenced by the sharp reduction in operating expenses in the first quarter,” said SW Yong, Trio-Tech’s CEO.

Revenue from product sales increased to $5,636,000 for this year’s first quarter compared to $3,116,000 for the first quarter of fiscal 2012. Revenue from testing services increased to $3,909,000 for the first quarter of fiscal 2012 compared to $3,291,000 for the prior fiscal year. Revenue in the real estate segment decreased to $30,000 for the first quarter of fiscal 2013 compared to $47,000 for the first quarter of fiscal 2012.

Revenue from the Company’s oil and gas equipment fabrication business decreased to $172,000 for the first quarter of fiscal 2013 compared to $2,345,000 for the same period last year. During October 2012, the subsidiary served notice to terminate the lease on the fabrication yard in Batam, Indonesia.

Overall gross margin as a percentage of revenue for the first quarter of fiscal 2013 increased to 18.1% compared to 15.9% for the first quarter of fiscal 2012. Product segment gross margin decreased to 10.8% compared to 16.3% for the first quarter of fiscal 2012. Gross margin in the real estate segment decreased to negative 10.0% compared to 44.7% for the first quarter of fiscal 2012. Gross margin in fabrication services was negative 43.6% for the first quarter of fiscal 2013 compared to 9.1% for the first quarter of fiscal 2012.

General and administrative expenses decreased 13.1% to $1,824,000 for the first quarter of fiscal 2013 compared to $2,098,000 for the first quarter of fiscal 2012. Total operating expenses decreased 12.7% to $2,026,000 compared to $2,321,000 last year.

The loss from operations for the first quarter of fiscal 2013 was $262,000 compared to a loss from operations of $921,000 for the first quarter of fiscal 2012.

Balance Sheet Highlights

As of September 30, 2012, Trio-Tech reported cash and cash equivalents, restricted term deposits and short-term deposits of $5,868,000, working capital of $4,782,000, short-term lines of credit and short-term and long-term loans payable of $8,940,000, and shareholders’ equity of $21,042,000, or $6.40 per outstanding share.

In comparison, at June 30, 2012 Trio-Tech reported cash and cash equivalents, restricted term deposits and short-term deposits of $5,267,000, working capital of $5,196,000, short-term lines of credit and short-term and long-term loans payable of $7,744,000, and shareholders’ equity of $20,556,000, or $6.25 per outstanding share.

About Trio-Tech

Established in 1958 and headquartered in Van Nuys, California, Trio-Tech International is a diversified business group with interests in semiconductor testing services, manufacturing and distribution of semiconductor testing equipment, oil and gas equipment fabrication and real estate. Further information about Trio-Tech’s semiconductor products and services can be obtained from the Company’s Web site at www.triotech.com, www.universalfareast.com, www.shi-international.com and www.ttsolar.com.

Forward-Looking Statements

This press release contains statements that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and assumptions regarding future activities and results of operations of the Company. In light of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, the following factors, among others, could cause actual results to differ materially from those reflected in any forward-looking statements made by or on behalf of the Company: market acceptance of Company products and services; changing business conditions or technologies and volatility in the semiconductor industry, which could affect demand for the Company’s products and services; the impact of competition; problems with technology; product development schedules; delivery schedules; changes in military or commercial testing specifications which could affect the market for the Company’s products and services; difficulties in profitably integrating acquired businesses, if any, into the Company; risks associated with conducting business internationally and especially in Southeast Asia, including currency fluctuations and devaluation, currency restrictions, local laws and restrictions and possible social, political and economic instability; changes in U.S. and global financial and equity markets, including market disruptions and significant interest rate fluctuations; and other economic, financial and regulatory factors beyond the Company’s control. Other than statements of historical fact, all statements made in this Quarterly Report are forward-looking, including, but not limited to, statements regarding industry prospects, future results of operations or financial position, and statements of our intent, belief and current expectations about our strategic direction, prospective and future financial results and condition. In some cases, you can identify forward-looking statements by the use of terminology such as “may,” “will,” “expects,” “plans,” “anticipates,” “estimates,” “potential,” “believes,” “can impact,” “continue,” or the negative thereof or other comparable terminology. Forward-looking statements involve risks and uncertainties that are inherently difficult to predict, which could cause actual outcomes and results to differ materially from our expectations, forecasts and assumptions.

CAMAC Energy (CAK) Chairman and CEO Adopts 10b5-1 Trading Plan

HOUSTON, Nov. 19, 2012 /PRNewswire/ — CAMAC Energy Inc. (NYSE MKT: CAK) (“the Company”) today announced that the Company’s Chairman and CEO, Dr. Kase Lawal, has adopted a prearranged trading plan (the “Plan”) in accordance with guidelines specified by Rule 10b5-1 under the Securities Exchange Act of 1934, as amended.

Pursuant to the Plan, commencing on November 19, 2012 and continuing through February 2013, Dr. Lawal will purchase up to 2 million shares of the Company’s common stock from time to time on the open market at prevailing market prices and subject to conditions and restrictions relating to volume, price and timing.

Commenting on the Plan, Dr. Lawal stated “As the Company enters into this critical phase of value creation, I am initiating the Plan to reiterate my strong confidence in the Company’s ability to execute its strategic program of increased Nigerian oil production and accelerated exploration activities in Gambia and Kenya over the next twelve months.”

Rule 10b5-1 allows officers and directors of public companies, at a time when they are not aware of material nonpublic information, to adopt predetermined plans for trading shares of company stock. The transactions under the plan will be disclosed publicly through Form 4 filings with the Securities and Exchange Commission.

About CAMAC Energy Inc.

CAMAC Energy Inc. (NYSE MKT:  CAK) is a U.S.-based energy company engaged in the exploration, development and production of oil and gas.   The Company’s principal assets include interests in OML 120 and OML 121, offshore oil and gas leases in deep water Nigeria which include the currently producing Oyo Oilfield, and six recently acquired exploration blocks in Kenya and Gambia. The Company is currently pursuing further additions to its exploration portfolio in East and West Africa.  The Company was founded in 2005 and has offices in Houston, Texas and Lagos, Nigeria.

Forward-Looking Statements

This press release contains certain statements that may include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, are “forward-looking statements,” including statements regarding the Company’s proposed transactions, business strategy, plans and objectives and statements of non-historical information. These forward-looking statements are often identified by the use of forward-looking terminology such as “will,” “should,” “believes,” “expects,” “anticipates” or similar expressions, and involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of their respective dates. In addition, the Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of other factors including those discussed in the Company’s periodic reports that are filed with and available from the Securities and Exchange Commission (“SEC”). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.

Contacts

Media:
CAMAC Energy Inc.
Cristy Taylor, 713-797-2940
PR@camacenergy.com

or

Investor Relations:
Jason Lee
832-209-1419
IR@camacenergy.com

Liviakis Financial Communications, Inc.
John Liviakis,CEO
415-389-4670

China Yida (CNYD) Announces One-For-Five Stock Split

FUZHOU, China, Nov. 19, 2012 /PRNewswire/ — China Yida Holding Company (Nasdaq: CNYD) (“China Yida” or the “Company”), a diversified tourism and entertainment enterprise in China, today announced that its Board of Directors has approved a one (1) -for- five (5) reverse stock split of the Company’s issued and outstanding common stock, par value $0.001 per share. Written consent was received as according to Delaware law for this action from holders of a majority of the Company’s common stock.

The reverse stock split will be effective at the market opening on November 19, 2012, at which time the Company’s common stock will begin trading on the NASDAQ Stock Market on a split-adjusted basis. The Company’s common stock will continue to trade under the symbol “CNYD” (although NASDAQ will add the letter “D” to the end of the trading symbol for a period of 20 trading days to indicate that the reverse split has occurred) but under a new CUSIP number, 16945D303.

The Company is implementing the reverse stock split to regain compliance with NASDAQ continued listing standards. Following the reverse stock split, the Company will have approximately 3.9 million shares of common stock issued and outstanding. The number of the Company’s authorized shares of common stock will remain unaffected at 100 million shares.

For further information regarding the reverse stock split, please refer to the Company’s Form 8-K to be filed with the Securities and Exchange Commission and available on the SEC website at http://www.sec.gov following effectiveness of the reverse stock split.

About China Yida
China Yida is a leading tourism and media enterprise focused on China’s fast-growing leisure industry and headquartered in Fuzhou City, Fujian province of China.  The Company provides tourism management services and specializes in the development, management and operation of natural, cultural and historic scenic sites.

China Yida currently operates the Great Golden Lake tourist destination (Global Geopark), Hua’An Tulou tourist destination (World Culture Heritage) and China Yunding Park (National Park).  China Yida is also developing three additional tourism projects, Ming Dynasty Entertainment World, China Yang-sheng (Nourishing Life) Tourism Project and the City of Caves.

The Company’s media business provides operations management services including content and advertising management for the Fujian Education Television Station (“FETV”), and “Journey through China on the Train”, an advertisement-embedded travel program.

For further information, please contact the Company directly, or visit its Web site at http://www.yidacn.net.

Safe Harbor Statement
Certain statements in this press release that are not historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by the use of words such as “anticipate, “believe,” “expect,” “future,” “may,” “will,” “would,” “should,” “plan,” “projected,” “intend,” and similar expressions. Such forward-looking statements, involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of China Yida Holding Co., Inc. (the “Company”) to be materially different from those expressed or implied by such forward-looking statements. The Company’s future operating results are dependent upon many factors, including but not limited to: (i) the Company’s ability to obtain sufficient capital or a strategic business arrangement; (ii) the Company’s ability to build and maintain the management and human resources and infrastructure necessary to support the anticipated growth of its business; (iii) competitive factors and developments beyond the Company’s control; and (iv) other risk factors discussed in the Company’s periodic filings with the Securities and Exchange Commission, which are available for review at www.sec.gov.

Cardium (CXM) Patent Award In Gene Therapy for Coronary Heart Disease

Resolves Long-standing Competition with Boston Scientific Corporation Over Rights to Cardiovascular Gene Therapy in the U.S. and Europe

SAN DIEGO, Nov. 19, 2012 /PRNewswire/ — Cardium Therapeutics (NYSE MKT: CXM) today announced a winning patent decision in Europe and successful resolution of a long-standing competition between Cardium and its licensor the University of California, and Boston Scientific Corporation (NYSE: BSX) and its licensor Arch Development, over rights to key methods for the application of cardiovascular gene therapy to the treatment of coronary heart disease, as is employed in Cardium’s Generx^® gene therapy candidate currently in late-stage clinical studies. Following a decision by the European Patent Office, Cardium’s patent portfolio now includes allowed and issued patents covering its gene therapy approach both in Europe and in the United States, with competing patent applications licensed and pursued by Boston Scientific having been successfully overcome in both Europe and the U.S.

(Logo: http://photos.prnewswire.com/prnh/20051018/CARDIUMLOGO)

The competing patent applications licensed by Boston Scientific Corporation had been filed by Dr. Jeffrey Leiden et al., currently President & CEO of Vertex Pharmaceuticals, and had been the subject of opposition proceedings in Europe and interference proceedings in the United States, both of which were ultimately resolved in favor of Cardium. Following resolution of the opposition proceedings and further examination of Cardium’s case, the European Patent Office has now approved Cardium’s patent application for grant in Europe. Three corresponding U.S. Patents that had been challenged by Boston Scientific Corporation (in decisions that were appealed to the United States Court of Appeals for the Federal Circuit), have been affirmed in Cardium’s favor.

Cardium has additional patents and patent applications directed to its methods of cardiovascular gene therapy in the U.S., Europe, Russia and elsewhere, and the company recently filed new patent applications directed to certain improved techniques for the treatment of heart disease that are currently the subject of a Phase 3 registration trial based in Moscow, which is designed to generate additional safety and effectiveness data for the Russian Federation and other jurisdictions. Generx^® (alferminogene tadenovec) is intended to stimulate the growth of collateral blood vessels to effectively bypass coronary artery atherosclerotic blockages without the need for surgical procedures or angioplasty and stents; and its safety and effectiveness have been the subject of clinical studies involving more than 650 patients in the U.S., Europe and elsewhere. Generx has been assigned the trade name Cardionovo™ for planned commercialization in the Russian Federation. Cardium believes that its Generx clinical database represents the largest and most complete gene therapy dossier – and is directed to a major medical indication that is a leading cause of death throughout the developed world.

“The resolution of these important reviews of our gene therapy patents, and the consistent decisions in our favor including rulings by the U.S. courts of appeal, underscore the value of our patent portfolio, which we believe reflects a breakthrough approach to the treatment of coronary heart disease,” said Dr. Tyler M. Dylan-Hyde, Chief Business Officer and General Counsel of Cardium Therapeutics.

Recently-published findings demonstrate that Cardium’s innovative technique employing transient cardiac ischemia can be used to dramatically enhance gene delivery and transfection efficiency after one-time intracoronary administration of adenovector in mammalian hearts. Two consecutive but brief periods of coronary artery occlusion combined with co-administration of nitroglycerin increased both adenovector presence (measured by PCR) and transgene expression (assessed by luciferase activity) by over two orders of magnitude (>100 fold) in the heart, as compared to prior intracoronary artery delivery methods.

The research results published in Human Gene Therapy Methods extend those findings and demonstrate that Cardium’s new technique for adenovector gene delivery in the heart can be used to dramatically boost adenovector delivery. By enhancing uptake even in patients with less severe forms of disease and ischemia, it would be expected to reduce response variability and allow for the potential treatment of patients with a broader range of associated coronary artery disease. The new treatment protocols for Cardium’s recently-initiated ASPIRE clinical study have been developed to use this improved knowledge about induced transient ischemia techniques to enhance the non-surgical, catheter-based delivery of Generx to the heart.

Cardium has also been actively advancing its Generx product candidate’s engineering and process technology in preparation for commercialization.  The Company successfully transferred a refined, improved and fully-validated manufacturing process to SAFC^®, the custom manufacturing and services business unit of Sigma-Aldrich Corporation (NASDAQ: SIAL), a top global specialty chemicals and biologics supplier, located in Carlsbad, California.  As a result of the rigorous technical transfer process, important process improvements were achieved enabling much higher manufacturing process yields.  Generx’s long-term product stability has been established at a minimum of six years making it possible to manufacture product in large, cost effective batch sizes.  The dose preparation process for Generx has been simplified through the integration of a fully-validated, closed-system drug transfer process incorporating the use of PhaSeal^® System passive safety technology to streamline and simplify the cath-lab preparation and eliminating the need to prepare Generx in a sterile, biological safety hood.  The Company has also developed a new and unique, fully-validated bio-activity release assay to measure and evaluate the pro-angiogenic potency of each newly manufactured batch of Generx.

The European Commission’s recent approval of uniQure’s Glybera^® (alipogene tiparvovec) – the first gene therapy approval by a major health regulatory authority – is considered to represent a significant milestone and validation for the gene therapy industry.

About Generx and the ASPIRE Study

Generx (Ad5FGF-4) is a disease-modifying regenerative medicine biologic that is being developed to offer a one-time, non-surgical option for the treatment of myocardial ischemia in patients with stable angina due to coronary artery disease, who might otherwise require surgical and mechanical interventions, such as coronary artery by-pass surgery or balloon angioplasty and stents.  Similar to surgical/mechanical revascularization approaches, the goal of Cardium’s Generx product candidate is to improve blood flow to the heart muscle – but to do so non-surgically, following a single administration from a standard balloon angioplasty catheter.  The video “Cardium Generx Cardio-Chant” provides an overview Generx and can be viewed at http://www.youtube.com/watch?v=pjUndFhJkjM.

In March 2012, Cardium reported on the ASPIRE Phase 3 registration study to evaluate the therapeutic effects of its lead product candidate Generx in patients with myocardial ischemia due to coronary artery disease. The ASPIRE study, a 100-patient, randomized and controlled multi-center study to be conducted at up to eight leading cardiology centers in the Russian Federation, is designed to further evaluate the safety and effectiveness of Cardium’s Generx DNA-based angiogenic product candidate, which has already been tested in clinical studies involving 650 patients at more than one hundred medical centers in the U.S., Europe and elsewhere.  The efficacy of Generx will be quantitatively assessed using rest and stress SPECT (Single-Photon Emission Computed Tomography) myocardial imaging to sensitively measure improvements in microvascular cardiac perfusion following a one-time, non-surgical, catheter-based administration of Generx.  A recent article, “Cardium’s Heart Disease Gene Therapy Advancing with New Discoveries”, outlining the history of the Generx clinical development program is available at http://sandiegobiotechnology.com/topics/4705/cardiums-heart-disease-gene-therapy-moving-toward-commercialization/.

About Cardium

Cardium is an asset-based health sciences and regenerative medicine company focused on the acquisition and strategic development of innovative products and businesses with the potential to address significant unmet medical needs and having definable pathways to commercialization, partnering or other economic monetizations. Cardium’s current portfolio includes the Tissue Repair Company, Cardium Biologics, and the Company’s newly-acquired To Go Brands^® healthy nutraceutical supplement business. The Company’s lead commercial product Excellagen^® topical gel for wound care management has received FDA clearance for marketing and sale in the United States.  Cardium’s lead clinical development product candidate Generx^® is a DNA-based angiogenic biologic intended for the treatment of patients with myocardial ischemia due to coronary artery disease. To Go Brands develops, markets and sells dietary supplements through established regional and national retailers.  In addition, consistent with its capital-efficient business model, Cardium continues to actively evaluate new technologies and business opportunities. News from Cardium is located at www.cardiumthx.com.

Forward-Looking Statements

Except for statements of historical fact, the matters discussed in this press release are forward looking and reflect numerous assumptions and involve a variety of risks and uncertainties, many of which are beyond our control and may cause actual results to differ materially from stated expectations.  For example, there can be no assurance that our intellectual property will be effectively enforceable or that rights to commercialize our products will not be challenged by others; that enhancements in the uptake of adenovectors can be successfully applied to improve the uptake, applicability or therapeutic effects of Generx in human patients; that Generx can be successfully advanced in clinical studies outside of the U.S.; that results or trends observed in one clinical study or procedure will be reproduced in subsequent studies or procedures, or that clinical studies even if successful will lead to product advancement or partnering; that improvements in the formulation or use of Generx will be commercially practicable, or that Generx could be successfully advanced as a therapeutic in developing markets or that the results of studies in such markets could be used to advance or broaden the regulatory or commercialization activities of Generx in the U.S. or other markets; that the ASPIRE clinical study will be successful or will lead to approval of Generx by the Russian Health Authority for marketing and sales in Russia or lead to approvals in other countries of the Commonwealth of Independent States; that additional clinical evidence regarding the safety and effectiveness of Generx that might be obtained in Russia would be useful for optimizing and broadening commercial development pathways in other industrialized countries; that our products or product candidates will not be unfavorably compared to competitive products that may be regarded as safer, more effective, easier to use or less expensive; that FDA or other regulatory clearances or other certifications, or other commercialization efforts will be successful or will effectively enhance our businesses or their market value; that our products or product candidates will prove to be sufficiently safe and effective after introduction into a broader patient population; or that third parties on whom we depend will perform as anticipated.

Actual results may also differ substantially from those described in or contemplated by this press release due to risks and uncertainties that exist in our operations and business environment, including, without limitation, risks and uncertainties that are inherent in the development of complex biologics and in the conduct of human clinical trials, including the timing, costs and outcomes of such trials, our ability to obtain necessary funding, regulatory approvals and expected qualifications, our dependence upon proprietary technology, our history of operating losses and accumulated deficits, our reliance on collaborative relationships and critical personnel, and current and future competition, as well as other risks described from time to time in filings we make with the Securities and Exchange Commission.  We undertake no obligation to release publicly the results of any revisions to these forward-looking statements to reflect events or circumstances arising after the date hereof.

Copyright 2012 Cardium Therapeutics, Inc.  All rights reserved.
For Terms of Use Privacy Policy, please visit www.cardiumthx.com.

Cardium Therapeutics^®, Generx^®,Cardionovo™, Tissue Repair™, Gene Activated Matrix™, GAM™, Excellagen^®, Excellarate™, Osteorate™, MedPodium^®, Appexium^®, Linée^®, Alena^®, Cerex^®, D-Sorb™, Neo-Energy^®, Neo-Carb Bloc^®, Neo-Chill^™, and Nutra-Apps^® are trademarks of Cardium Therapeutics, Inc. or Tissue Repair Company.

To Go Brands^®, Acai Natural Energy Boost™, Green Tea Energy Fusion™, Trim Energy^®, Healthy Belly^®, Smoothie Complete^®, High Octane^®, VitaRocks^®, Trim Green Coffee Bean™ and Glucoberry™ are trademarks of To Go Brands, Inc.

(Other trademarks belong to their respective owners)

China Sunergy (CSUN) to Announce 2012 Third Quarter Financial Results

NANJING, China, Nov. 16, 2012 /PRNewswire/ — China Sunergy Co., Ltd. (Nasdaq: CSUN) (“China Sunergy” or the “Company”), a specialized solar cell and module manufacturer, today announced that it would report its financial results for the third quarter ended September 30, 2012 on Tuesday, November 27, 2012, before the market opens in the United States.

China Sunergy’s management will host an earnings conference call on Tuesday, November 27, 2012 at 8:00 a.m. Eastern Time (Tuesday, November 27, 2012 at 9:00 p.m. Beijing/Hong Kong time). The management team will be on the call to discuss financial highlights of the third quarter in 2012, provide business outlook and answer questions.

To access the conference call, please dial:

Please ask to be connected to Q3 2012 China Sunergy Co., Ltd. Earnings Conference Call and provide the following passcode: 70980470.

China Sunergy will also broadcast a live audio webcast of the conference call. The broadcast will be available for 7 days by visiting the “Investor Relations” section of the company’s web site at http://www.chinasunergy.com

Following the earnings conference call, an archive of the call will be available by dialing:

The passcode for replay participants is: 70980470. The telephone replay also will be archived on the “Investor Relations” section of the company’s website for seven days following the earnings announcement.

About China Sunergy Co., Ltd.

China Sunergy Co., Ltd. is a specialized manufacturer of solar cell and module products in China. China Sunergy manufactures solar cells from silicon wafers, which utilize crystalline silicon solar cell technology to convert sunlight directly into electricity through a process known as the photovoltaic effect, and assembles solar cells into solar modules. China Sunergy sells these solar products to Chinese and overseas module manufacturers, system integrators, and solar power systems for use in various markets. For more information, please visit our website at http://www.chinasunergy.com.

Investor and Media Contacts:

China Sunergy Co., Ltd.

Brunswick Group

Safe Harbor Statement

This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts in this announcement are forward-looking statements. These forward-looking statements are based on current expectations, assumptions, estimates and projections about the Company and the industry, and involve known and unknown risks and uncertainties, including but not limited to, the Company’s ability to raise additional capital to finance the Company’s activities; the effectiveness, profitability, and the marketability of its products; litigations and other legal proceedings, including any decisions by the US International Trade Committee and Department of Commerce on the petitions filed; the economic slowdown in China and elsewhere and its impact on the Company’s operations; demand for and selling prices of the Company’s products, execution of our strategy to expand into downstream solar power businesses, the future trading of the common stock of the Company; the ability of the Company to operate as a public company; the period of time for which its current liquidity will enable the Company to fund its operations; the Company’s ability to protect its proprietary information; general economic and business conditions; the volatility of the Company’s operating results and financial condition; the Company’s ability to attract or retain qualified senior management personnel and research and development staff; future shortage or availability of the supply of raw materials; impact on cost-competitiveness as a result of entering into long-term arrangements with raw material suppliers and other risks detailed in the Company’s filings with the Securities and Exchange Commission. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or to changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward looking statements are reasonable, it cannot assure you that its expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results.

Biostar Pharma (BSPM) To Announce 2012 Third Quarter Financial Results

XIANYANG, China, Nov. 16, 2012 /PRNewswire/ — Biostar Pharmaceuticals, Inc. (NASDAQ GM: BSPM) (“Biostar” or “the Company”), a PRC-based manufacturer and marketer of pharmaceutical and health supplement products in China for a variety of diseases and conditions, today announced that it will issue its financial results for the third quarter ended September 30, 2012 on Monday, November 19, 2012 before the open of the market, well within the Quarterly Report filing extension permitted under the applicable rules and regulations.

Biostar’s Chairman and CEO, Ronghua Wang and CFO, Zack Pan will host a conference call on Monday, November 19, 2012 at 9:30 am ET / 10:30 pm China time to discuss these results as well as recent corporate developments.

Live conference call details
Interested parties may participate in the call by dialing (480) 629-9712.  Please call in 10 minutes before the conference is scheduled to begin and ask for the Biostar call or use pass code 4576907.  After opening remarks, there will be a question and answer period.  Questions may be asked during the live call, or alternatively, you may e-mail questions in advance to lcati@equityny.com.

Webcast
The conference call will also be broadcast live over the Internet.  To listen to the webcast, please go to http://public.viavid.com/index.php?id=102669 or visit Biostar’s website http://www.biostarpharmaceuticals.com and then to the Event Calendar page where the conference call is posted.  Please go to the website at least 15 minutes early to register, and download and install any necessary audio software.  If you are unable to listen live, the conference call will be archived and can be accessed for approximately 90 days.  We suggest listeners use Microsoft Internet Explorer as their web browser.

Replay
A replay will be available until 11:59 pm E.T. on November 26, 2012. To listen, please call (858) 384-5517 and use pass code 4576907.

About Biostar Pharmaceuticals, Inc.
Biostar Pharmaceuticals, Inc., through its wholly owned subsidiary and controlled affiliate in China, develops, manufactures and markets pharmaceutical and health supplement products for a variety of diseases and conditions. The Company’s most popular product is its Xin Ao Xing Oleanolic Acid Capsule, an over-the-counter (“OTC”) medicine for chronic hepatitis B, a disease affecting approximately 10% of the Chinese population. For more information please visit: http://www.biostarpharmaceuticals.com.

SearchMedia (IDI) Announces Offer for Warrant Price Reduction

On November 15, 2012, SearchMedia Holdings Limited (“SearchMedia” or the “Company”) (NYSE MKT: IDI) (NYSE MKT: IDI.WS), one of China’s leading nationwide multi-platform media companies, extended an offer (the “Offer”) to holders of the Company’s Public Warrants, Insider Warrants, and Underwriter Warrants (collectively, the “Warrants”). Pursuant to the Offer, the Company is providing the holders of the Warrants with an opportunity to extend the term and reduce the exercise price of their Warrants.

In order to participate in the Offer, a holder of Warrants must exercise up to one-third of the Warrants held by them at a reduced exercise price ($1.25 per share with respect to the Public Warrants and Insider Warrants and $1.46 per share with respect to the Underwriter Warrants). In exchange for the partial exercise of such Warrants, the expiration date of a participating holder’s remaining Warrants equal to two times the number of Warrants exercised will be extended to December 26, 2013 (the “Extended Warrants”) and the exercise price of the Extended Warrants will be reduced to $2.50 for the Public Warrants and Insider Warrants and $2.92 for the Underwriter Warrants. From the close of the Offer until February 19, 2013, the Extended Warrants will be held in escrow and will not trade on the NYSE MKT during this time. On February 20, 2013, the Extended Warrants will be released from escrow for continued trading on the NYSE MKT under the symbol “IDI.WS”.

The Offer begins on December 5, 2012 for all Warrant holders of record on such date and ends at 4:00 p.m., Eastern Time, on December 26, 2012. No exceptions will be made to this deadline, unless the Company extends the deadline.

The temporary exercise price of $1.25 per share for the Public Warrants and Insider Warrants and $1.46 per share for the Underwriter Warrants will be available beginning December 5, 2012 until the Offer expires on December 26, 2012. Warrants that do not participate in the Offer will continue to trade on the NYSE MKT and will remain outstanding under their current terms until such non-participating Warrants expire on February 19, 2013.

Except for the reduction in the Warrant exercise prices as herein provided and the extension of the Warrant expiration dates, all of the terms and conditions contained in the applicable Warrant instruments will continue in full force and effect.

SearchMedia’s agent for exercising any of the Warrants is Continental Stock Transfer & Trust Company and the agent may be contacted at 17 Battery Place – 8^th Floor, New York, New York 10004, Attention: Compliance Department. Additionally, the agent may be contacted by calling (800) 509-5586 and requesting the Compliance Department.

Forward-Looking Statements

Any statements contained in this press release that do not describe historical facts, including statements about SearchMedia’s beliefs and expectations, may constitute forward-looking statements as that term is defined by the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expect,” “anticipate,” “future,” “intend,” “plan,” “believe,” “estimate,” “confident” and similar statements. Any forward-looking statements contained herein are based on current expectations, but are subject to a number of risks and uncertainties that may cause actual results to differ materially from expectations.

Potential risks and uncertainties include the risks outlined in the Company’s filings with the U.S. Securities and Exchange Commission. SearchMedia cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. The Company does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking 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.

Swisher Hygiene (SWSH) Sells Waste Collection Business

Pays Senior Credit Facility and Equipment Financing in Full

CHARLOTTE, N.C., Nov. 16, 2012 (GLOBE NEWSWIRE) — Swisher Hygiene Inc. (“Swisher Hygiene”) (Nasdaq:SWSH) (TSX:SWI), a leading provider of essential hygiene and sanitation products and services, today announced that it has completed the sale of its Choice Environmental Services subsidiary (“Choice”) to Waste Services of Florida, Inc., a subsidiary of Progressive Waste Solutions Ltd., for approximately $123.3 million in cash. Under the terms of the agreement, the purchase price can be increased by up to $1.75 million upon achievement of a predetermined revenue target and is also subject to customary purchase price adjustments, including revenue and EBITDA metrics. Ten percent of the purchase price is subject to a holdback and adjustment upon the delivery of audited financial statements to the buyer.

“We have been pleased with the operations of our Choice subsidiary over the past year and a half and we will miss having the Choice team as a part of the Swisher Hygiene family,” said Thomas Byrne, Interim President and Chief Executive Officer of Swisher Hygiene. “However, during this period we determined that we could provide our customers with the same benefits through a less capital intensive, more cost-effective approach by partnering with other service providers to cross-sell waste services on a national scale. In the meantime, we remain dedicated to serving our customers nationwide on a day-to-day basis with our comprehensive core chemical program as well as our complementary hygiene and sanitation services.”

In conjunction with the closing of the transaction, Swisher Hygiene will pay off its Wells Fargo credit facility for $17.2 million, as well as equipment leases associated with the operations of Choice totaling $13.2 million and an outstanding note in the amount of $2 million. After these payments, Swisher Hygiene’s remaining debt will be approximately $13 million, consisting primarily of seller notes. The remainder of the proceeds from the sale will provide Swisher Hygiene with financial flexibility and support in executing Swisher Hygiene’s full-service strategy.

Choice has been in business since 2004 and serves more than 150,000 residential and 7,500 commercial customers in the Southeastern, Southwestern and Central Florida regions through its 320 employees and over 150 collection vehicles by offering a complete range of solid waste and recycling collection, transportation, processing and disposal services. Choice operates six hauling operations, three transfer and materials recovery facilities and annually processes more than 150,000 tons of material.

Cautionary Statement on Forward-Looking Information

All statements other than statements of historical fact contained in this press release constitute “forward-looking information” or “forward-looking statements” within the meaning of the U.S. federal securities laws and the Securities Act (Ontario) and are based on the expectations, estimates and projections of management as of the date of this press release, unless otherwise stated. All statements other than historical facts are, or may be, deemed to be forward looking statements. The words “plans,” “expects,” “is expected,” “scheduled,” “estimates,” or “believes,” or similar words or variations of such words and phrases or statements that certain actions, events or results “may,” “could,” “would,” “might,” or “will be taken,” “occur,” and similar expressions identify forward-looking statements.

Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by Swisher Hygiene as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. The estimates and assumptions of Swisher Hygiene contained in this press release, which may prove to be incorrect, include but are not limited to, the various assumptions set forth herein. All of these assumptions have been derived from information currently available to Swisher Hygiene including information obtained by Swisher Hygiene from third-party sources. These assumptions may prove to be incorrect in whole or in part. All of the forward-looking statements made in this press release are qualified by the above cautionary statements and those made in the “Risk Factors” section of Swisher Hygiene’s 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 June 30, 2011, both filed with the Securities and Exchange Commission, available on www.sec.gov, and with Canadian securities regulators available on Swisher Hygiene’s SEDAR profile at www.sedar.com, and Swisher Hygiene’s other filings with the Securities and Exchange Commission and with Canadian securities regulators available on Swisher Hygiene’s SEDAR profile at www.sedar.com. The forward-looking information set forth in this press release is subject to various assumptions, risks, uncertainties and other factors that are difficult to predict and which could cause actual results to differ materially from those expressed or implied in the forward-looking information. Swisher Hygiene disclaims any intention or obligation to update or revise any forward-looking statements to reflect subsequent events and circumstances, except to the extent required by applicable law.

About Swisher Hygiene Inc.

Swisher Hygiene Inc. is a NASDAQ and TSX listed company that provides essential hygiene and sanitation solutions to customers throughout much of North America and internationally through its global network of company-owned operations, franchises and master licensees operating in countries across Europe and Asia. These essential solutions include cleaning and sanitizing chemicals, foodservice and laundry products, restroom hygiene programs and a full range of related products and services. This broad set of offerings is designed to promote superior cleanliness and sanitation in all commercial environments, enhancing the safety, satisfaction and well-being of employees and patrons. Swisher Hygiene’s customers include a wide range of commercial enterprises, with a particular emphasis on the foodservice, hospitality, retail, industrial and healthcare industries.

CONTACT: Swisher Hygiene Inc.

         Investor Contact:
         Amy Simpson
         Phone: (704) 602-7116

         Garrett Edson, ICR
         Phone: (203) 682-8331

         Media Contact:
         Alecia Pulman, ICR
         Phone: (203) 682-8224

Sprint (SMSI) Picks QuickLink MiTile from Smith Micro for Windows 8 Mobile Broadband

Smith Micro Software, Inc. (NASDAQ: SMSI) announced today that Sprint selected the QuickLink® MiTile™ solution to manage their broadband functionality on Windows 8 devices. The solution includes a customized connection management tile application for the Windows 8 home screen that extends Sprint branding and provides enhanced roaming controls and usage monitoring features for subscribers.

“The QuickLink MiTile solution allows Sprint customers to benefit from advanced features related to their Sprint broadband account along with the inherent broadband features of Windows 8,” said David Owens, Vice President of Product Management & Logistics at Sprint. “Working with Smith Micro, this solution delivers simplicity and added value for Sprint customers.”

“Smith Micro has been supporting broadband connectivity for Sprint for many years, across many different devices, and we’re always excited to work with Sprint on new initiatives,” said Von Cameron, Executive Vice President of Worldwide Sales for Smith Micro Software. “A top-notch user experience for customers is a primary focus for both of us, and QuickLink MiTile will allow Sprint to deliver that on Windows 8 and other platforms that leverage our standards-based connectivity solutions.”

Advanced features that are enabled by QuickLink MiTile include the ability for subscribers to monitor usage between billing cycles and receive proactive alerts when thresholds are met. Sprint is also able to dynamically change Preferred Roaming Lists and device configuration updates over the air, making device support and mobile connections more efficient and reliable.

QuickLink MiTile is a component of the QuickLink family of connectivity solutions, and part of Smith Micro’s Mobile Experience Platform that helps Mobile Operators, Device Manufacturers and Enterprises simplify and enhance the mobile experience while optimizing network and device resources. For more information visit:

• QuickLink
• Solutions for Mobile and Cable Operators

About Smith Micro Software, Inc.:

Smith Micro Software provides solutions that simplify, secure and enhance the mobile experience. Our product and services portfolio spans Connectivity, Policy Management, Network Control, Communications and Hosting solutions. With 30 years of experience developing world-class client and server software applications, Smith Micro helps the leading mobile network operators, device manufacturers and enterprises increase efficiency and develop high-value relationships with their customers. For more information, visit smithmicro.com.

Safe Harbor Statement:

This release contains forward-looking statements that involve risks and uncertainties, including without limitation forward-looking statements relating to the company’s quarterly revenues guidance, its financial prospects and other projections of its performance, the company’s ability to increase its business and the anticipated timing and financial performance of its new products and services and potential acquisitions. Among the important factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements are changes in demand for the company’s products from its customers and their end-users, new and changing technologies and mobile communications products, customer acceptance and timing of deployment of those technologies and products, new and continuing adverse economic conditions, and the company’s ability to compete effectively with other software providers. These and other factors discussed in the company’s filings with the Securities and Exchange Commission, including its filings on Forms 10-K and 10-Q, could cause actual results to differ materially from those expressed or implied in any forward-looking statements. The forward-looking statements contained in this release are made on the basis of the views and assumptions of management regarding future events and business performance as of the date of this release, and the company does not undertake any obligation to update these statements to reflect events or circumstances occurring after the date of this release.

Smith Micro, QuickLink, MiTile, and the Smith Micro logo are registered trademarks or trademarks of Smith Micro Software, Inc. All other trademarks and product names are the property of their respective companies.

NTS (NTS) Reports 3Q 2012 EBITDAS Increase of 31% to $3.1 Million

NTS, Inc., f/k/a Xfone, Inc. (NYSE MKT/TASE: NTS) (“NTS” or the “Company”) announces results for the three and nine months ended September 30, 2012.

Revenues

Consolidated revenues for the quarter ended September 30, 2012 were $14.9 million, a 2.2% increase compared to $14.6 million in the quarter ended September 30, 2011, mainly attributed to the growth of the Company’s Fiber-To-The-Premises (“FTTP”) business.

Revenues from the Company’s FTTP business grew 39.2% to $4.8 million in the third quarter ended September 30, 2012, as compared to $3.4 million for the same prior year period. FTTP revenues represented 31.9% of consolidated revenues for the third quarter of 2012, as compared to 23.4% of consolidated revenues for the third quarter of 2011. Sequentially, FTTP revenues grew 5.4% in the third quarter of 2012 as compared to FTTP revenues of $4.5 million in the second quarter of 2012.

For the first nine months of 2012, revenues from the Company’s FTTP business grew 41.9% to $13.3 million from $9.4 million in the first nine months of 2011. Consolidated revenues for the nine months ended September 30, 2012 were $44.9 million, an increase of 4.6% compared to consolidated revenues of $42.9 million for the nine months ended September 30, 2011.

Customer Expansion

The Company’s total number of FTTP customers as of September 30, 2012 was 9,104 compared to 6,620 FTTP customers as of September 30, 2011, representing an increase of 37.5%.

Average Revenue Per User for all of the Company’s fiber markets is approximately $418 per month for business customers and approximately $99 per month for residential customers.

The FTTP network build out is financed by $99.9 million in funds from the Federal Broadband Stimulus Program, of which 45.9% is in the form of grants and 54.1% is in the form of low cost long-term loans.

New Market Progress

During the third quarter, NTS expanded its fiber network to select areas of Wichita Falls, Texas and began its sales launch targeting more than 1,000 potential business customers in that market. Additionally, during the third quarter, NTS began signing up fiber customers in Plainview, Texas. The Company now has a fiber presence in 14 communities in Texas and continues to make solid progress marketing and signing up new subscribers in the communities it enters. During the quarter, NTS continued construction on its FTTP network in southern Louisiana. As the build out progresses, the fiber network will eventually include residential and business customers in the communities of Hammond, Ponchatoula, Natalbany, Tickfaw, Independence and Amite, Louisiana, adding approximately 11,500 FTTP passings.

Click Here to View FTTP Trendline Charts

EBITDAS

EBITDAS for the third quarter of 2012 was $3.1 million, a 31% increase over EBITDAS of $2.4 million in the same quarter last year and a 7.8% increase sequentially when compared to the second quarter of 2012. EBITDAS margin in the quarter ended September 30, 2012 was 20.7% compared to EBITDAS margin of 16.2% for the quarter ended September 30, 2011. This is mainly attributed to the increase in higher margin FTTP revenues. The Company uses EBITDAS to measure its profitability as the component of stock based compensation is a non-cash expense.

Net Income

For the quarter ended September 30, 2012, the Company reported a net loss from continued operations of $32 thousand or less than 1 cent per basic and diluted share, assuming 41,186,596 shares outstanding compared to net income of $1 million or $0.04 per basic and diluted share, assuming 21,119,488 shares outstanding for the quarter ended September 30, 2011.

For the quarter ended September 30, 2012, NTS recorded a net financing expense of $1.3 million compared to a net financing income of $421 thousand for the quarter ended September 30, 2011. The increase in the financial expenses was related to new advances of long-term loan from the United State Department of Agriculture and the valuation of the U.S. Dollar to the New Israeli Shekel.

For the nine months ended September 30, 2012, NTS reported a net loss of $298 thousand or a loss of $0.01 per basic and diluted share, assuming 41,186,596 shares outstanding compared to a net loss of $580 thousand or $0.03 per basic and diluted share, assuming 21,119,488 shares outstanding for the nine months ended September 30, 2011.

Mr. Guy Nissenson, Chairman, President and CEO of NTS commented, “Our strong third quarter results reflect our continued progress expanding our fiber network and most importantly, our ability to quickly add new customers as the network is established. As our high margin FTTP revenues increase, we are achieving higher consolidated revenues and improved margins resulting in significant growth in our EBITDAS. Our fiber network is currently in 14 communities in Texas and during the third quarter, we launched our sales effort for our Wichita Falls ‘metro build’ specifically targeting more than 1,000 business customers.

“We are very pleased with our progress to date and are excited about the opportunities we see in the marketplace. During the third quarter, we began to transition our focus to building our FTTP network in underserved areas of southern Louisiana where our FTTP network will add approximately 11,500 passings. We look forward to bringing our products and service offerings to these new communities.”

Conference Call

The Company will host a conference call today, November 15, 2012 at 10:00 a.m. Eastern Time to discuss its financial results. The conference call may be accessed in the U.S. and Canada by dialing toll-free 1-877-407-8035. International callers may access the call by dialing 1-201-689-8035.

A replay of the teleconference will be available for 30 days after the call and may be accessed domestically by dialing 1-877-660-6853 and international callers may dial 1-201-612-7415. Callers must enter account number 404002.

To access the live webcast, log onto the NTS website at http://www.ntscom.com. The webcast can also be accessed at http://www.InvestorCalendar.com. An online replay will be available shortly after the call.

About NTS

NTS is a provider of high speed broadband services, including internet access, digital cable TV programming and local and long distance telephone service to residential and business customers in northern Texas and southeastern Louisiana. NTS’ Fiber-To-The-Premise (FTTP) network provides one of the fastest internet connections available. For the Company’s website, please visit: www.ntscom.com.

In addition to disclosing financial measures prepared in accordance with Accounting Principles Generally Accepted in the US (GAAP), this press release and the accompanying tables contain the following non-GAAP financial measures: non-GAAP EBITDAS (non-GAAP earnings before interest, taxes, depreciation, amortization and stock-based compensation, other expenses, acquisition costs and non-recurring loss). The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.

There are a number of limitations related to the use of non-GAAP EBITDAS. First, these non-GAAP financial measures exclude depreciation and amortization expenses that are recurring and significant non-recurring expenses. Depreciation and amortization have been, and will continue to be for the foreseeable future, a significant recurring expense with an impact upon our company notwithstanding the lack of immediate impact upon cash. Second, there is no assurance the components of the costs that we exclude in our calculation of non-GAAP operating loss do not differ from the components that our peer companies exclude when they report their results of operations. Third, there is no assurance we will avoid further non-recurring costs associated with other balance sheet items. Our management compensates for these limitations by providing specific reconciliation of GAAP amounts to these non-GAAP financial EBITDAS and evaluating these non-GAAP financial measures together with their most directly comparable financial measures calculated in accordance with GAAP. Readers should note the chart at the end of this release which sets forth how we calculate the non-GAAP EBITDAS.

This press release contains forward-looking statements. The words or phrases “would be,” “will allow,” “intends to,” “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimate,” “project,” or similar expressions are intended to identify “forward-looking statements.” NTS’ financial and operational results reflected above should not be construed by any means as representative of the current or future value of its common stock. All information set forth in this news release, except historical and factual information, represents forward-looking statements. This includes all statements about the Company’s plans, beliefs, estimates and expectations. These statements are based on current estimates and projections, which involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. These risks and uncertainties include issues related to: rapidly changing technology and evolving standards in the industries in which the Company and its subsidiaries operate; the ability to obtain sufficient funding to continue operations, maintain adequate cash flow, profitably exploit new business, license and sign new agreements; the unpredictable nature of consumer preferences; and other factors set forth in the Company’s most recently filed annual report and registration statement. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management’s analysis only as of the date hereof. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof. Readers should carefully review the risks and uncertainties described in other documents that the Company files from time to time with the U.S. Securities and Exchange Commission.

* represent amount less than $0.01.

Recon (RCON) Reports Q1 Fiscal Year 2013 Financial Results

Q1 FY ‘2013 Revenue Up 83%, Net Loss Decreases by 31%

BEIJING, Nov. 15, 2012 /PRNewswire-FirstCall/ — Recon Technology, Ltd (Nasdaq: RCON), an oilfield services provider that operates primarily in the People’s Republic of China (the “Company”), today announced its financial results for first quarter fiscal year 2013 ended September 30, 2012.

Q1 FY ’13 Highlights

• Total revenues for Q1 FY ’13 increased by 83.19% to RMB 9.05 million ($1.49 million), due mainly to increased demands of furnaces.
• Gross profits for Q1 FY ’13 were RMB2.45 million ($386 thousand),compared to RMB 2.48 million of Q1 FY ’12.
• Comprehensive loss attributable to ordinary shareholders for Q1 FY ’13 was RMB2.34 million ($370 thousand), a 31.16% decrease from Q1 FY ’12. Diluted losses per share attributable to ordinary shareholders for Q1 FY ’13 was RMB0.59 ($0.09), an improvement of 31.39% from diluted losses per share of RMB0.86 in Q1 FY ’12.
• Adjust EBITDA in Q1 FY ’13 was a loss of RMB1.45 million ($229 thousand), an improvement of 48.26% from Q1 FY ’12.

The company’s quarterly report on Form 10-Q is available for public viewing at http://www.sec.gov.

“Our first quarter is usually a slow quarter for our business, but this year revenues have grown early,” said Mr. Yin. Shenping, Recon’s Chief Executive Officer, “Benefited from our good reputation and long-term cooperation with our clients, we achieved more orders from our clients when they launched a new round replacement of furnaces and related accessories. We will continue our R&D activities to maintain stronger competitiveness and higher margin to secure our business. Besides, our other businesses like automation business and fracturing services, are all progressing smoothly. We will continue to make full use of our advantages and professional experience on oilfield automation and production stimulation-related services to achieve better and faster development”.

About Recon Technology, Ltd.

Recon Technology, Ltd. is a non-state-owned oil field service company in China. The company has been providing software, equipment and services designed to increase the efficiency and automation in oil and gas exploration, extraction, production and refinery for Chinese oil and gas fields for more than 10 years. More information may be found at http://www.recon.cn or via e-mail at info@recon.cn.

This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, product and service demand and acceptance, changes in technology, economic conditions, the impact of competition and pricing, government regulation, and other risks contained in reports filed by the company with the Securities and Exchange Commission.

All such forward-looking statements, whether written or oral, and whether made by or on behalf of the company, are expressly qualified by the cautionary statements and any other cautionary statements which may accompany the forward-looking statements. In addition, the company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.

Investor Contact:
Recon Technology, Ltd.
Tel: +86-10-8494-5799