Archive for July, 2014
(IMGN) Announces Conference Call to Discuss Q4 Data
ImmunoGen, Inc. (Nasdaq: IMGN), a biotechnology company that develops novel anticancer therapeutics using its antibody-drug conjugate (ADC) technology, today announced that the Company will host a conference call at 8:00 a.m. ET on Friday, August 1, 2014, to discuss ImmunoGen’s financial results for the three-month period and fiscal year ended June 30, 2014 and its guidance for its 2015 fiscal year. Management also will provide an update on the Company.
To access the live call by phone, dial 913-905-3226; the conference ID is 2600176. The call also may be accessed through the Investor Information section of the Company’s website, www.immunogen.com. Following the live webcast, a replay of the call will be available at the same location through August 15, 2014.
About ImmunoGen, Inc.
ImmunoGen, Inc. develops targeted anticancer therapeutics. The Company’s ADC technology uses tumor-targeting antibodies to deliver an ImmunoGen cell-killing agent specifically to cancer cells; the Company has also developed antibodies with anticancer activity of their own. The first product approved with ImmunoGen’s ADC technology is Roche’s Kadcyla®. ImmunoGen has three wholly owned product candidates in clinical testing with additional compounds in the clinic through the Company’s partnerships with Amgen, Bayer HealthCare, Biotest and Sanofi. More information about ImmunoGen can be found at www.immunogen.com.
Kadcyla® is a registered trademark of Genentech, Inc., a member of the Roche Group.
(ADGE) Announces Pricing is Insufficient for Its Public Offering of Common Stock
WALTHAM, Mass., July 18, 2014 — American DG Energy Inc. (NYSE MKT: ADGE), a leading On-Site Utility offering clean electricity, heat, hot water and cooling solutions to hospitality, healthcare, housing and athletic facilities, announced today that due to poor market conditions, it cannot accept the pricing of its common stock from the offering.
This press release is neither an offer to sell nor a solicitation of an offer to buy any of the Company’s securities. No offer, solicitation, or sale will be made in any jurisdiction in which such offer, solicitation, or sale is unlawful. The shares of Common Stock have been offered by the Company pursuant to an effective shelf registration statement on Form S-3. A prospectus supplement and the accompanying prospectus relating to the offering has been filed with the SEC and will be available at the SEC’s website located at www.sec.gov or may be obtained from Aegis Capital Corp. Prospectus Department, 810 Seventh Avenue, 18th Floor, New York, NY 10019, telephone: 212-813-1010, e-mail: prospectus@aegiscap.com.
On-Site Utility
American DG Energy sells the energy produced from an onsite energy system to an individual property as an alternative to the outright sale of energy equipment. On-Site Utility customers only pay for the energy produced by the system and receive a guaranteed discount rate on the price of the energy. All system capital, installation and operating expenses are paid by American DG Energy.
About American DG Energy
American DG Energy supplies low-cost energy to its customers through distributed power generating systems. The Company is committed to providing institutional, commercial and small industrial facilities with clean, reliable power, cooling, heat and hot water at lower costs than charged by local utilities – without any capital or start-up costs to the energy user – through its On-Site Utility energy solutions. American DG Energy is headquartered in Waltham, Massachusetts. Learn more about how American DG Energy (NYSE MKT: ADGE) reduces energy costs at www.americandg.com or follow us on Facebook and Twitter.
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements under the Private Securities Litigation Reform Act of 1995 that involve a number of risks and uncertainties. Important factors could cause actual results to differ materially from those indicated by such forward-looking statements, as disclosed on the Company’s website and in Securities and Exchange Commission filings. This press release does not constitute an offer to buy or sell securities by the Company, its subsidiaries or any associated party and is meant purely for informational purposes. The statements in this press release are made as of the date of this press release, even if subsequently made available by the Company on its website or otherwise. The Company does not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.
(TISA) Launches Software Buyback Program For Upgrading Customers
NEW YORK and TEL AVIV, Israel, July 17, 2014 — Top Image Systems, Ltd. (Nasdaq:TISA), a leading Enterprise Content Management (ECM) and Business Process Management (BPM) solutions and Mobile Imaging Platform (MIP) provider, today launches a new program designed for companies who have not achieved the results expected after investing hundreds of thousands of dollars in a document capture solution that has yet to live up to its promises.
“We are seeing companies who have implemented intelligent capture solutions two and three times, either due to their desire for a newer generation of technology or because they have not achieved the value they expected from the ‘market leading’ enterprise capture solutions they invested in,” commented Michael Schrader, COO of TIS. “These companies often experience further bottlenecks post-implementation when the software proves to be non-responsive to their business needs, and they start to look for a way out without having to spend on additional license fees. We want to offer companies caught in this scenario a chance to upgrade to the most modern capture technology available in a manner that is easy for them.”
TIS is a leading data capture and processing software provider that also offers the most advanced mobile image processing platform on the market today. The company’s solutions enable enterprises of any size to realize straight-through processing of mission-critical information while at the same time lower operational costs.
When benchmarked against competitive solutions, TIS’ flagship product eFLOW® has been awarded the highest rating by Forrester Research in the areas of intelligent data capture, OCR support, language support, document classification, multi-tiered architecture, and mobile capture. eFLOW’s state-of-the-art technology provides shorter ROIs than other solutions on the market.
TIS is offering to buy back competitive software and replace it with TIS’ innovative technology for no additional license investment.
Companies who have invested in competitive software are eligible for the Buyback Program which consists of four components:
- A complimentary advanced capture discovery session with expert technical consultants;
- Competitive software buyback for the cost of a three-year commitment of existing maintenance and support;
- Co-marketing agreement in exchange for competitive software swap out;
- Any necessary scoping and statement of work issued by TIS professional services.
Extremely accurate recognition and classification technology have contributed to the 1,000+ satisfied enterprise customers using eFLOW across the globe. TIS’ Software Buyback Program gives interested companies the chance to experience the superior recognition rates and straight-through processing they deserve.
About Top Image Systems
Top Image Systems™ (TIS™) Ltd. is a leading innovator of enterprise solutions for capturing and validating structured and unstructured content entering organizations from various sources and managing content-driven business processes. Whether originating from mobile, electronic, paper or other sources, TIS solutions automatically capture, process and deliver content across enterprise applications. TIS’ flagship eFLOW platform and diverse business process and mobile image processing solutions are marketed in more than 40 countries through a multi-tier network of distributors, system integrators, value-added resellers and strategic partners. Visit the company’s website at http://www.TopImageSystems.com for more information.
Top Image Systems Caution Concerning Forward-Looking Statements
Certain matters discussed in this news release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results to be materially different from any future results expressed or implied in those forward looking statements. Words such as “will,” “expects,”, “anticipates,” “estimates,” and words and terms of similar substance in connection with any discussion of future operating or financial performance identify forward-looking statements. These statements are based on management’s current expectations or beliefs and are subject to a number of risks and uncertainties that could cause actual results to differ materially including, but not limited to, risks in product development, approval and introduction plans and schedules, rapid technological change, customer acceptance of new products, the impact of competitive products and pricing, the lengthy sales cycle, proprietary rights of TIS and its competitors, risk of operations in Israel, government regulation, litigation, general economic conditions and other risk factors detailed in the Company’s most recent annual report on Form 20-F and other subsequent filings with the United States Securities and Exchange Commission. We are under no obligation to, and expressly disclaim any obligation to, update or alter our forward-looking statements, whether as a result of new information, future events or otherwise.
CONTACT: TIS Company Contact:
Shelli Zargary
Director of Corporate Marketing and Investor Relations
shelli.zargary@topimagesystems.com
+972 3 767 9114
TIS Investors:
James Carbonara
Regional Vice President,
Hayden IR james@haydenir.com
+ 1 646 755 7412
(SBGI) To Launch The American Sports Network
BALTIMORE, July 17, 2014 — Sinclair Broadcast Group, Inc. (Nasdaq: SBGI) (the “Company” or “Sinclair”) announced today that it has launched the American Sports Network (“ASN”), a collegiate sports initiative to be broadcast on a number of Sinclair’s broadcast television stations, and has entered into comprehensive sports rights agreements with a number of distinguished NCAA Division I conferences including Conference USA, the Colonial Athletic Association, Big South Conference, Southern Conference, and Patriot League. The initiative will be led by Doron Gorshein, Chief Operating Officer of Sinclair Networks, a division of Sinclair, who joined the Company in January 2014. The announcement was made by David Smith, President and CEO of Sinclair.
Under these agreements, Sinclair will premiere an extensive slate of live, local sporting events, including football, basketball, soccer, and other sports with the opening of this year’s college football season. The initial launch will include over 50 universities and colleges. These local, live, exclusive games will be broadcast in different regions of the country, including where the conferences are located. Sinclair’s broadcast stations will either be carrying the games and original content as part of the primary program line-up (generally on the Company’s CW and MyNet affiliates) or as part of second channels (sub-channels of the primary station’s signal), complimented by access and distribution on digital platforms. Subject, among other things, to successfully securing carriage agreements with distributors in the future, the Company’s plans may include potential development of new cable networks and digital platforms focused on these new content initiatives. In addition, other television broadcasters have expressed an interest in distributing the games in their markets. Additional content and distribution elements will include programming that showcases the colleges, students, and student-athletes, focusing on their aspirations and achievements.
“Broadcasters serve and are closely connected to their communities, of which the colleges and universities are an integral part,” commented Sinclair Networks COO, Doron Gorshein. “We believe there is significant value and consumer appeal for live sporting events from these important institutions, and we can offer expanded distribution through our broadcast platforms, as well as on potential new platforms, deepening our connection to our communities. We’re proud to be working with the Conferences on this initiative, which combines compelling local sports and related content, with enhanced localism, diversity, and positive social purpose.”
“This is another example of our foray into the content creation business,” stated David Smith, President and CEO of Sinclair. “We have a history of producing large amounts of successful, first-run, original content through our local newscasts, high school sports presentations and Ring of Honor wrestling and have demonstrated our ability to brand content and build audience share. The launch of ASN will provide important and valuable content that is directed at serving our local communities, while improving the value of our CW and MyNet affiliates. We are confident in Doron’s ability to lead this endeavor, given his acumen in this arena.”
“Sinclair is a strategic new outlet for Conference USA programming,” C-USA Commissioner, Britton Banowsky, said. “This alliance provides new and differentiated exposure, which will benefit our member institutions, athletic programs, students, alumni, and communities. We are excited about this new development to the media sector.”
“Sinclair’s entry into the college sports market is important, particularly given their unique connection to local communities and ability to serve consumers in the CAA markets,” said Tom Yeager, Commissioner of the Colonial Athletic Association. “In addition, in conjunction with our Colonial Academic Alliance, Sinclair’s platforms can become outlets for important content about the achievements and public service of our students and student-athletes.”
“Our new relationship with Sinclair provides opportunities to substantially enhance exposure for Big South Conference live sporting events in our communities,” said Kyle Kallander, Commissioner of the Big South Conference. “This is clearly a positive development for our college sports programs, our communities, and especially our student-athletes. Their stories of accomplishment, service, and leadership are compelling and inspire us on a daily basis.”
“The relationship will provide the Southern Conference, its schools and student-athletes with enhanced exposure,” said Southern Conference commissioner, John Iamarino. “We are excited to share our sports programs and our stories about our country’s leaders in the making. The opportunity to develop unique content showcasing our student-athletes holds great potential to promote the Southern Conference, and contribute to local and national discourse. We look forward to helping to make this important new initiative a success.”
“Sinclair’s initiative is an exciting new development for the Patriot League and its member institutions,” commented Patriot League Executive Director, Carolyn Schlie Femovich. “This initiative serves the Patriot League’s mission of excellence in academics and athletics, and allows us to showcase our schools and student-athletes across the country.”
Mr. Gorshein has extensive business development, legal, Federal legislative and regulatory experience in the media sector. He founded The America Channel in 2003, a planned cable network, which acquired one of the largest NCAA Division I sports rights holdings in the nation, as well as distribution commitments. From 2005 to 2007, Mr. Gorshein was founder and CEO of Association of Independent Programming Networks, a trade association for 20 independent content companies, which advocated for competition in the media sector. From 2001 to 2003, he was VP/General Counsel at Speechworks International, Inc. Prior to that and from 1999, Mr. Gorshein was VP/Associate General Counsel at EchoStar Communications/DISH Network. Commencing in the 1990’s he held senior positions at public companies in the software/tech sectors. He began his career at Turner Broadcasting System, where he was responsible for the business affairs of CNN International and its related services throughout most of the world. Mr. Gorshein received his Juris Doctor from Emory University and Bachelor of Arts from Tulane University.
About Sinclair:
Sinclair Broadcast Group, Inc. is the largest and one of the most diversified television broadcasting companies with affiliations with all the major networks. Sinclair’s television group will reach approximately 38.9% of U.S. television households, including pending transactions. The Company regularly uses its website as a key source of Company information which can be accessed at www.sbgi.net.
Forward-Looking Statement
The matters discussed in this news release, include forward-looking statements regarding, among other things, future operating results. When used in this news release, the words “outlook,” “intends to,” “believes,” “anticipates,” “expects,” “achieves,” “estimates,” and similar expressions are intended to identify forward-looking statements. Such statements are subject to a number of risks and uncertainties. Actual results in the future could differ materially and adversely from those described in the forward-looking statements as a result of various important factors, including, but not limited to, the impact of changes in national and regional economies, the volatility in the U.S. and global economies and financial credit markets which impact our ability to forecast, our ability to integrate acquired businesses and maximize operating synergies, our ability to obtain necessary governmental approvals and financing for announced acquisitions, successful execution of outsourcing agreements, pricing and demand fluctuations in local and national advertising, volatility in programming costs, the market’s acceptance of new programming, including local sports, and performance of, the CW Television Network and MyNetworkTV programming, our news share strategy, our local sales initiatives, the execution of retransmission consent agreements, our ability to identify and consummate investments in attractive non-television assets and to achieve anticipated returns on those investments once consummated, and any other risk factors set forth in the Company’s most recent reports on Form 10-Q, Form 10-K and Form 8-K, as filed with the Securities and Exchange Commission. There can be no assurances that the assumptions and other factors referred to in this release will occur. The Company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements except as required by law.
(NCBC) Added To The Russell Index
DUNN, N.C., July 17, 2014 — New Century Bancorp, Inc. (NASDAQ: NCBC), the holding company for New Century Bank, reported that it has been added to the Russell Global, Russell 3000 and Russell 1000 stock market indexes.
The company was included in the three indexes after Russell completed its annual reconstitution of the indexes in June.
“New Century Bancorp is very pleased to be included in the Russell stock market indexes,” said William L. Hedgepeth II, New Century Bank president and CEO. “It is gratifying for the employees and shareholders of our company to be included in the Russell Indexes,” stated Hedgepeth. “Recognition by the financial community for our strong performance is a satisfying accomplishment.”
Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for passive and active investment strategies. The annual reconstitution of the Russell 3000 captures the 3,000 largest U.S. stocks as of the end of May ranking them by total market capitalization. The largest 1,000 companies in this ranking make up the Russell 1000 and the next largest 2,000 companies comprise the Russell 2000. The Russell 3000 also serves as the U.S. component to the Russell Global Index.
New Century Bancorp, Inc.
New Century Bancorp, Inc. is a bank holding company headquartered in Dunn, North Carolina whose wholly-owned subsidiary, New Century Bank, is a state chartered commercial bank insured by the Federal Deposit Insurance Corporation (FDIC). New Century Bank operates eight banking offices located in Clinton, Dunn, Fayetteville (2), Goldsboro, Lillington, Lumberton, and Raleigh and a loan production office in Greenville, North Carolina. New Century Bancorp, Inc. stock can be found on the NASDAQ Global Market trading under the symbol NCBC. Investors can access additional corporate information, product descriptions and online services through the Bank’s website at www.NewCenturyBankNC.com.
(GTIV) Board Unanimously Rejects Kindred’s Tender Offer
Gentiva Health Services, Inc. (NASDAQ:GTIV) announced today that its Board of Directors (the “Board”), after careful consideration and consultation with its financial and legal advisors, unanimously determined to reject the partial tender offer from Kindred Healthcare, Inc. (“Kindred”) (NYSE: KND) to acquire 14.9% of the outstanding shares of Gentiva for a price of $16.00 per share in cash (the “Offer”). The Board determined that the Offer significantly undervalues Gentiva’s shares, is coercive and not in the best interests of Gentiva stockholders. Accordingly, the Board recommends that Gentiva stockholders reject the Offer and not tender their shares into the Offer.
In addition, the Board said it has received today a proposal from a recognized owner, operator and investor in the sector to acquire all of the outstanding shares of Gentiva common stock for $17.25 per share in cash (the “Alternative Proposal”). The Alternative Proposal is based on publicly available information and is subject to financing and due diligence, as well as final internal approvals and the execution of a definitive transaction agreement. The Board will review the Alternative Proposal carefully, in consultation with its financial and legal advisors, in due course. The Alternative Proposal was accompanied by support letters from major financial institutions, subject to customary conditions.
“Regarding Kindred’s amended partial Offer, the Board concluded based on thorough analysis that it still leaves a significant gap between the true value of Gentiva and the consideration being offered and is not in the best interests of Gentiva stockholders,” said Rod Windley, Executive Chairman of Gentiva.
Mr. Windley continued, “The Board further believes that Kindred’s partial offer is coercive, because Gentiva stockholders are being asked to tender subject to proration, and Kindred is providing no assurances as to a price at which it might seek to acquire any remaining shares in Gentiva. In the Board’s view, the stake Kindred hopes to acquire would only be used as an irritant designed to distract Gentiva from executing on its value-creating strategic plan or a potential impediment to any alternative transactions that the Board may believe to be in the best interests of Gentiva stockholders.”
In reaching its determination with respect to the Offer, the Board relied, among other things, on the oral opinions of Barclays and Edge Healthcare Partners that, as of July 17, 2014 and based upon and subject to various assumptions and limitations, the consideration offered to Gentiva’s stockholders (other than Kindred and its affiliates) pursuant to the Offer was inadequate from a financial point of view to such holders. Barclays and Edge Healthcare Partners provided their respective oral opinions and advice for the information and assistance of the Board in connection with its consideration of the Offer, and neither opinion is a recommendation as to whether or not any holder of Gentiva shares should tender such shares in connection with the Offer or any other matter.
Copies of the Schedule 14D-9A and solicitation/recommendation statement will be available on the SEC’s website at www.sec.gov and on the Company’s website at www.gentiva.com. Stockholders may also request additional copies of the Schedule 14D-9A by contacting the Company’s information agent, MacKenzie Partners, Inc. Toll-Free 800-322-2885 or 212-929-5500 (call collect).
Barclays and Edge Healthcare Partners are serving as financial advisors to Gentiva and Greenberg Traurig, LLP is serving as legal advisor.
About Gentiva Health Services, Inc.
Gentiva Health Services, Inc. is one of the nation’s largest providers of home health, hospice and community care services, delivering innovative, high quality care to patients across the United States. Gentiva is a single source for skilled nursing; physical, occupational, speech and neurorehabilitation services; hospice services; social work; nutrition; disease management education; help with daily living activities; and other therapies and services. GTIV-G
Forward-Looking Statements
This press release contains statements that are forward looking. Forward-looking statements include all statements that do not relate solely to historical or current facts, and can be identified by the use of words such as “expect,” “intend,” “plan,” “believe,” “project,” “anticipate,” “seek,” “will,” “likely,” “estimate,” “may,” “continue,” “deliver,” and similar expressions of a future or forward-looking nature. These statements include, but are not limited to: the long-term value of strategic investments including One Gentiva and GentivaLink; the effects of scale and market position in the healthcare industry; the home health and hospice industry’s being poised for growth due to a rapidly expanding base of Medicare-eligible and dual-eligible patients and a return to more stable reimbursement trends; our prospects for continued growth and stockholder value creation; and the view that under the terms of Kindred’s offer, our stockholders would sacrifice real value and opportunity. All forward-looking statements are based on current expectations regarding important risk factors and should not be regarded as a representation by us or any other person that the results expressed therein will be achieved. However, such statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Gentiva to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Gentiva assumes no obligation to revise or update any forward-looking statements for any reason, except as required by law. Important factors that could cause actual results to differ materially from those contained in any forward-looking statement include: general economic and business conditions; demographic changes; changes in, or failure to comply with, existing governmental regulations; impact on Gentiva of healthcare reform legislation and its implementation through governmental regulations; legislative proposals for healthcare reform; changes in Medicare, Medicaid and commercial payer reimbursement levels; the outcome of any inquiries into Gentiva’s operations and business practices by governmental authorities; compliance with any corporate integrity agreement affecting Gentiva’s operations; effects of competition in the markets in which Gentiva operates; liability and other claims asserted against Gentiva; ability to attract and retain qualified personnel; ability to access capital markets; availability and terms of capital; loss of significant contracts or reduction in revenues associated with major payer sources; ability of customers to pay for services; business disruption due to severe weather conditions, natural disasters, pandemic outbreaks, terrorist acts or cyber attacks; availability, effectiveness, stability and security of Gentiva’s information technology systems; ability to successfully integrate the operations of acquisitions Gentiva may make and achieve expected synergies and operational efficiencies within expected time-frames; ability to maintain compliance with financial covenants under Gentiva’s credit agreement; effect on liquidity of Gentiva’s debt service requirements; changes in estimates and judgments associated with critical accounting policies and estimates; and other factors described in other documents filed by Gentiva with the SEC.
Additional Information
This press release does not constitute an offer to buy or a solicitation of an offer to sell any securities. In response to the tender offer for the shares of Gentiva commenced by Kindred Healthcare Development 2, Inc. and Kindred Healthcare, Inc., Gentiva has filed a solicitation/recommendation statement on Schedule 14D-9 with the SEC. INVESTORS AND STOCKHOLDERS OF GENTIVA ARE URGED TO READ THE SOLICITATION / RECOMMENDATION STATEMENT AND OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY IN THEIR ENTIRETY BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Investors and stockholders may obtain free copies of the solicitation / recommendation statement and other documents filed with the SEC by Gentiva free of charge through the website maintained by the SEC at www.sec.gov. In addition, Gentiva has made information relating to the tender offer available online at http://investors.gentiva.com/sec.cfm.
(BLFS) Announces Manufacturing Agreement With Somahlution LLC
Company to Produce DuraGraft® Tissue Preservation Solution for Storage of Harvested Veins
BOTHELL, Wash., July 17, 2014 — BioLife Solutions, Inc. (NASDAQ: BLFS), a leading developer, manufacturer and marketer of proprietary clinical grade hypothermic storage and cryopreservation freeze media and precision thermal shipping products for cells and tissues (“BioLife” or the “Company”), today announced the execution of a long-term contract manufacturing services agreement with Somahlution LLC, a Jupiter, Florida-based biotechnology company.
Under the terms of the three-year agreement, BioLife will manufacture DuraGraft, a tissue preservation solution for storage of harvested veins used in coronary artery bypass graft (CABG) and other vascular access surgeries. Unlike existing potentially cyotocidal and clinically-unproven solutions, DuraGraft is the first Endothelial Damage Inhibitor (EDI) that uniquely protects vascular endothelium and its associated architecture. Financial terms of the agreement were not disclosed.
DuraGraft was marketed for several years under a different brand in more than 10,000 patients and Somahlution has compiled a significant body of clinical literature on its use.
“We are pleased to announce this new contract manufacturing agreement with Somahlution,” said Mike Rice, BioLife President and CEO. “Their requirements and demand forecast are highly aligned with our manufacturing capacity and core expertise in aseptic formulation, fill, and finish of biopreservation media products. We understand their critical requirements and will work very hard to meet and exceed their expectations.”
BioLife expects to complete process engineering and manufacturing validation to support product deliveries to Somahlution starting in the fourth quarter of 2014.
“DuraGraft is the pivotal success factor in bypass and vascular surgery and we felt that we needed to partner with a specialty CMO that understands our space and products,” said Satish Chandran, Ph.D., Somahlution Chief Executive Officer. “BioLife’s industry and product knowledge, customer relationship approach, and core expertise in aseptic media manufacturing are all factors that supported our decision to execute this important agreement with them. The potential addressable market for DuraGraft is very large and it was critical that we selected a partner that could meet our initial and anticipated future product demand.”
The worldwide market potential for DuraGraft is based on CABG and Peripheral Vascular Bypass rates that are currently more than 0.1% of the population. Annually, 600,000 CABG and more than 500,000 peripheral vascular surgeries are performed in the US and EU.
About Somahlution
Somahlution is a privately-held development-stage life science company focused on advancing the science of organ and surgical conduit transplantation. Led by a highly experienced team of executives, transplant researchers and surgeons, Somahlution’s products and technologies have the potential to profoundly impact the landscape of transplant medicine. For more information please visit www.somahlution.com
About BioLife Solutions
BioLife Solutions develops, manufactures and markets hypothermic storage and cryopreservation solutions and precision thermal shipping products for cells, tissues, and organs. BioLife also performs contract aseptic media formulation, fill, and finish services. The Company’s proprietary HypoThermosol® and CryoStor® platform of solutions are highly valued in the biobanking, drug discovery, and regenerative medicine markets. BioLife’s biopreservation media products are serum-free and protein-free, fully defined, and are formulated to reduce preservation-induced cell damage and death. BioLife’s enabling technology provides commercial companies and clinical researchers significant improvement in shelf life and post-preservation viability and function of cells, tissues, and organs. For more information please visit www.biolifesolutions.com, and follow BioLife on Twitter.
This press release contains forward-looking statements, including, but not limited to, statements concerning our potential revenue growth, market size and market expansion. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. These statements are based on management’s current expectations and beliefs and are subject to a number of risks, uncertainties and assumptions that could cause actual results to differ materially from those described in the forward-looking statements, including among other things, uncertainty regarding market adoption of our products; market volatility; competition; litigation; and those other factors described in our risk factors set forth in our filings with the Securities and Exchange Commission from time to time, including our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. We undertake no obligation to update the forward-looking statements contained herein or to reflect events or circumstances occurring after the date hereof, other than as may be required by applicable law.
Media & Investor Relations
Daphne Taylor
Senior Vice President, Chief Financial Officer
(425) 402-1400
dtaylor@biolifesolutions.com
(PRAN) Alzheimer’s disease Development Program Update
MELBOURNE, Australia, July 17, 2014 — Prana Biotechnology (NASDAQ: PRAN; ASX: PBT) has today provided an update on its clinical development program for Alzheimer’s disease.
Professor Colin Masters, the Florey Institute of Neuroscience and Mental Health, The University of Melbourne, will today include data from Prana’s Phase 2 IMAGINE and EURO trials in his presentation at the Alzheimer’s Association International Conference in Copenhagen, Denmark.
The presentation is entitled: “How to change and monitor the rates of ABeta amyloid accumulation and cognitive decline in Alzheimer’s disease”. The presentation can be viewed here: AAIC Panel Presentation_Colin Masters
The IMAGINE trial top-line draft results were released on 31 March 2014. Further sub-analyses of the top line imaging data have been performed, including PiB-PET, MRI and FDG analysis of the effects of a once daily, 250 mg dose of PBT2 over 12 months. IMAGINE enrolled 42 patients, 27 in the PBT2 group and 15 in placebo.
The primary objective of the IMAGINE trial was to explore whether amyloid burden, as measured by PiB-PET would decrease in participants treated with PBT2 relative to placebo. However, in contrast to published literature, the average amyloid burden in the placebo group fell during the trial.
Prana conducted a sub-analysis to better understand the behaviour of the placebo group and what can be learned in the trial about the utility of such exploratory biomarkers for future trials.
In Professor Masters’ presentation, he noted that the starting amyloid burden level (baseline) in the PBT2 treated participant group had an important bearing on the decrease of amyloid over time in that participant (p=0.035), whereas there was no such correlation in the placebo group.
Prof Masters further investigated the response of participants with baseline amyloid burden levels above and below the mean for the IMAGINE cohort (SUVR of 2.5). He showed that in the subgroup of PBT2 treated participants with a baseline of SUVR above 2.5, there was a significant decrease in amyloid burden that was not observed in participants on placebo nor PBT2 participants with a SUVR less than 2.5. In summary, whilst the utility of PiB in small trials may be questioned, it was interesting to note the impact of baseline SUVR amyloid burden level on the response of a cohort, for future trial design.
Separately, Prana has confirmed the top line finding that there is a very promising trend towards the preservation of brain volume (as measured by MRI) in PBT2 treated patients compared to placebo patients.
Mechanism of action of PBT2 in AD
PBT2 prevents formation and toxicity of pathological ABeta species (primarily soluble oligomers) and promotes their clearance. In Professor Masters’ presentation he proposes the observed effect upon amyloid burden is due to increased clearance by PBT2 of pools of PIB-detectable non-fibrillar soluble and membrane bound ABeta.
Through its metal chaperone activity, PBT2 activates intracellular signalling pathways which promote neuronal health and plasticity and suppress pathobiological processes including the abnormal phosphorylation of tau. The trend towards reduced hippocampal atrophy seen in the PBT2 treatment group mirrors the Company’s preclinical observations and reinforces a similar trend observed in the Reach2HD Huntington’s disease study.
“Understanding the limitations of a small trial, the atypical placebo group response, previous clinical findings (the EURO trial), the strong body of peer reviewed science, along with the sub-analyses of IMAGINE, the company remains enthusiastic about the prospects of a large trial statistically powered to demonstrate cognitive benefit,” Prof. Masters said.
IMAGINE EXTENSION TRIAL UPDATE
Patients who completed the full 12-month term of the IMAGINE trial were eligible for participation in an open-label Extension study. All participants in the Extension study receive a 250mg once daily oral dose of PBT2 for an additional 12 months during which PiB-PET and MRI imaging will continue.
Thirty three patients elected to join the Extension trial and of these, 30 remain on the trial. Of those participants, 21 have now been identified as being randomized to the PBT2 treatment arm in the IMAGINE study. Of these, all 21 patients have completed 14 months of PBT2 administration, 20 have completed 18 months of PBT2 administration and nine have completed 21 months of PBT2 administration.
We are very pleased with the continuing safety profile of the drug. The data safety monitoring board has met a further two times and has not expressed any concerns in relation to adverse events.
Contacts:
Investor Relations
Rebecca Wilson,
T: +61 3 8866 1216,
E: rwilson@buchanwe.com.au
Media Relations
Ben Oliver,
T: +61 3 8866 1233
, E: boliver@buchanwe.com.au
About Prana Biotechnology Limited
Prana Biotechnology was established to commercialise research into Alzheimer’s disease, Huntington disease and other neurodegenerative and movement disorders. The Company was incorporated in 1997 and listed on the Australian Stock Exchange in March 2000 and listed on NASDAQ in September 2002. Researchers at prominent international institutions including The University of Melbourne, The Mental Health Research Institute (Melbourne) and Massachusetts General Hospital, a teaching hospital of Harvard Medical School, contributed to the discovery of Prana’s technology.
Forward Looking Statements
This press release contains “forward-looking statements” within the meaning of section 27A of the Securities Act of 1933 and section 21E of the Securities Exchange Act of 1934. The Company has tried to identify such forward-looking statements by use of such words as “expects,” “intends,” “hopes,” “anticipates,” “believes,” “could,” “may,” “evidences” and “estimates,” and other similar expressions, but these words are not the exclusive means of identifying such statements. Such statements include, but are not limited to any statements relating to the Company’s drug development program, including, but not limited to the initiation, progress and outcomes of clinical trials of the Company’s drug development program, including, but not limited to, PBT2, and any other statements that are not historical facts. Such statements involve risks and uncertainties, including, but not limited to, those risks and uncertainties relating to the difficulties or delays in financing, development, testing, regulatory approval, production and marketing of the Company’s drug components, including, but not limited to, PBT2, the ability of the Company to procure additional future sources of financing, unexpected adverse side effects or inadequate therapeutic efficacy of the Company’s drug compounds, including, but not limited to, PBT2, that could slow or prevent products coming to market, the uncertainty of patent protection for the Company’s intellectual property or trade secrets, including, but not limited to, the intellectual property relating to PBT2, and other risks detailed from time to time in the filings the Company makes with Securities and Exchange Commission including its annual reports on Form 20-F and its reports on Form 6-K. Such statements are based on management’s current expectations, but actual results may differ materially due to various factions including those risks and uncertainties mentioned or referred to in this press release. Accordingly, you should not rely on those forward-looking statements as a prediction of actual future results.
(GNCA) Elects Not to Pursue Public Offering
Genocea Biosciences, Inc. (NASDAQ:GNCA), a clinical-stage biopharmaceutical company developing T cell-enabled vaccines and immunotherapies, today announced that, due to market conditions, it has elected not to proceed at this time with its previously announced plans to pursue an underwritten public offering of 3,400,000 shares of its common stock.
Genocea remains well capitalized and expects that its existing cash and cash equivalents will be sufficient to fund its operating expenses and capital expenditure requirements until at least the end of 2015.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Genocea Biosciences, Inc.
Genocea is harnessing the power of T cell immunity to develop life-changing vaccines and immunotherapies. T cells are increasingly recognized as a critical element of protective immune responses to a wide range of diseases, but traditional discovery methods have proven unable to identify the targets of such protective immune response. Using ATLAS™, its proprietary technology platform, Genocea identifies these targets to potentially enable the rapid development of medicines to address critical patient needs. Genocea’s pipeline of novel clinical stage T cell-enabled product candidates includes GEN-003 for HSV-2 therapy, GEN-004 to prevent infections caused by pneumococcus, and earlier-stage programs in chlamydia, HSV-2 prophylaxis, malaria and cancer immunotherapy.
Forward-Looking Statements
This press release includes forward-looking statements, including statements relating to the proposed underwritten public offering. Such forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such statements. Genocea cautions that these forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Applicable risks and uncertainties include those identified under the heading “Risk Factors” included in the preliminary prospectus related to the proposed offering filed with the Securities and Exchange Commission (the “SEC”) on July 14, 2014, and in other filings that Genocea may make with the SEC in the future. These forward-looking statements speak only as of the date of this press release and Genocea assumes no duty to update forward-looking statements.
(IPDN) Announces Randi Zuckerberg Will be Joining Its Board of Directors
CHICAGO, July 16, 2014 — Professional Diversity Network, Inc. (Nasdaq:IPDN) (“PDN”) announced today that Ms. Randi Zuckerberg will be joining the Professional Diversity Network Board of Directors upon the completion of the pending merger with National Association of Professional Women (“NAPW).
“Ms. Zuckerberg is one of the true generational leaders of our time and is shaping the socioeconomic character of our nation in very powerful and positive ways. Having a director with Randi’s intellect, character and creativity is incredibly valuable to our core mission of providing professional opportunity to diverse Americans,” commented Jim Kirsch, CEO of Professional Diversity Network.
“As a passionate leader, visionary and extraordinary businesswoman, Randi embodies the characteristics, cutting-edge mindset and trailblazing attitude of a new generation of leaders,” said Star Jones, NAPW President and National Spokesperson. “As a featured speaker at our NAPW National Networking Conferences, Randi exuded the entrepreneurial spirit and unabashed confidence that empowered all of the professional women in attendance. With Randi, a long-time friend, colleague and supporter of NAPW on the PDN Board of Directors, we can truly further expand and promote the importance of diversity in the workplace.”
“I truly believe that any organization benefits from having a greater diversity of voices at the table. I am honored to join the Professional Diversity Network’s board of directors, as their work is paving the way for a more accepting and diverse workplace,” said Randi Zuckerberg. “We have come a long way in bringing cultural, gender, and sexual orientation equality to the professional setting, but there is so much more we can do. I hope that by lending my voice and background to the already impressive group that makes up the board, we can truly make a difference in creating more job opportunity, bringing greater diversity to the workplace, and removing the glass ceiling once and for all, for anyone currently facing it.”
The merger agreement with NAPW provides that at the effective time of the merger, PDN will appoint four new individuals designated by NAPW to its board, one of whom will be Ms. Zuckerberg. Ms. Zuckerberg’s appointment to PDN’s board will take effect when the current board acts to appoint her and the merger closes.
About Professional Diversity Network
Professional Diversity Network (PDN) develops and operates online professional networking communities dedicated to serving diverse professionals in the United States and employers seeking to hire diverse talent. PDN’s networking communities harness its relationship recruitment methodology to facilitate and empower professional networking within common affinities. PDN believes that those within a common affinity often are more aggressive in helping others within their respective group progress professionally. PDN operates these relationship recruitment affinity groups within the following sectors: Women, Hispanic Americans, African Americans, Asian Americans, Disabled, Military Professionals, Lesbians, Gay, Bisexual and Transgender (LGBT), and Student and Graduates seeking to transition from education to career. The online platform of PDN provides employers a means to identify and acquire diverse talent and assist them with their efforts to comply with the Equal Employment Opportunity Office of Federal Contract Compliance Program.
About National Association of Professional Women
NAPW defines success as “owning your own power.” As the largest, most-recognized organization of professional women in the country, spanning virtually every industry and profession, National Association of Professional Women (NAPW) is a powerfully vibrant networking community with over 600,000 members and nearly 300 Local Chapters. NAPW members have diverse backgrounds, beliefs, perspectives and lifestyles with one common bond – their ability to succeed.
NAPW’s mission is to provide an exclusive, highly advanced networking forum to successful women executives, professionals and entrepreneurs where they can aspire, connect and achieve. By providing seminars, podcasts, webinars, speakers, and educational tools, NAPW helps to foster the critical skills needed for its members to achieve personal and career success. Through innovative resources, unique tools and progressive benefits, professional women interact, exchange ideas, advance their knowledge and empower each other.
About Randi Zuckerberg
Randi Zuckerberg is a New York Times best-selling Author, the founder and CEO of Zuckerberg Media, a media and production company, and Editor-in-Chief of Dot Complicated, an online community helping us navigate and “untangle” our wired, wonderful lives. Randi recently released her first books with HarperCollins, The New York Times best-seller, Dot Complicated, which addresses the multifaceted complications of our socially transparent world, and a children’s picture book, titled Dot. As an early executive at Facebook, Randi created and ran the social media pioneer’s marketing programs and was nominated for an Emmy Award in 2011 for her innovative coverage of the 2010 mid-term elections. Since starting Zuckerberg Media, Randi has produced shows and digital content for PayPal, the Clinton Global Initiative, Cirque du Soleil, The United Nations, Bravo and Condé Nast, with many other projects in the works.
Forward-Looking Statements
This document includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may be identified by words such as “may,” “will,” “expect,” “intend,” “anticipate,” “believe,” “estimate,” “plan,” “project,” “could,” “should,” “would,” “continue,” “seek,” “target,” “guidance,” “outlook,” “forecast,” and other similar words. These forward-looking statements are based on the current objectives, beliefs, and expectations of PDN and NAPW, and they are subject to significant risks and uncertainties that may cause actual results and timing of certain events to differ materially from the information in the forward-looking statements. The following factors, among others, could cause actual results to differ from such statements: the occurrence of any event, change, or other circumstances that could give rise to the termination of the Merger Agreement; the risk that a closing condition to the proposed Merger may not be satisfied; synergies and other benefits from the proposed merger may not be realized within the expected time frames; costs or difficulties related to integration matters might be greater than expected; unanticipated changes and competition in the online recruitment market; and other economic, business, competitive, and regulatory factors affecting the businesses of the PDN and NAPW generally, including those set forth in the filings of PDN with the SEC, especially in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of its annual reports on Form 10-K and quarterly reports on Form 10-Q, current reports on Form 8-K, and other SEC filings. Any forward-looking statements speak only as of the date hereof or as of the dates indicated in the statements. Neither PDN or NAPW assumes any obligation to publicly update or supplement any forward-looking statement to reflect actual results, changes in assumptions or changes in other factors affecting these forward-looking statements except as required by law. The parties currently anticipate that the closing of the merger will occur in the third quarter of 2014, however, PDN cannot predict the actual date on which the merger will be completed, if at all, because completion is subject to conditions beyond PDN’s control.
CONTACT: PDN:
David Mecklenburger, CFO
312-614-0944
dmecklenburger@prodivnet.com
Capital Markets Advisor
Merriman Capital, Inc.
Douglas Rogers, Managing Director
Head of Capital Markets Advisory Group
415-248-5612
drogers@merrimanco.com
NAPW:
Chris Wesser
General Counsel
(516) 659-8560
cwesser@napw.com
(KEYW) Prices Offering of $130 Million of Convertible Senior Notes Due 2019
HANOVER, Md., July 16, 2014 — The KEYW Holding Corporation (Nasdaq:KEYW) announced today that it has agreed to sell $130 million aggregate principal amount of its 2.50% convertible senior notes due July 15, 2019 (the “notes”) in an underwritten public offering. The conversion rate of the notes will initially be 67.4093 shares of common stock per $1,000 principal amount of the notes equivalent to an initial conversion price of approximately $14.83 per share of common stock. The Company granted the underwriters an option to purchase up to an additional $19.5 million aggregate principal amount of the notes solely to cover overallotments (or $149.5 million principal amount in the aggregate). RBC Capital Markets and BofA Merrill Lynch are acting as joint book-running managers for the notes offering. SunTrust Robinson Humphrey is acting as co-manager. The Company expects that the offering will be completed, subject to customary closing conditions, on July 21, 2014.
In connection with the pricing of the notes, the Company has entered into privately negotiated capped call transactions with certain of the underwriters or their respective affiliates. If the underwriters exercise their over-allotment option, the Company may enter into additional capped call transactions.
The capped call transactions are expected generally to reduce the potential dilution and/or offset cash payments due upon conversion of the notes in the event that the market price per share of the Company’s common stock, as measured under the terms of the capped call transactions, is greater than the strike price of the capped call transactions, which is expected to initially correspond to the conversion price of the notes and be subject to anti-dilution adjustments substantially similar to those applicable to the conversion rate of the notes. If, however, the market price per share of the Company’s common stock, as measured under the terms of the capped call transactions, exceeds the cap price of the capped call transactions, there would nevertheless be dilution and/or there would not be an offset of such potential cash payments, in each case, to the extent that such market price exceeds the cap price of the capped call transactions.
The Company intends to use a portion of the net proceeds from the notes offering to repay the outstanding balances under the Company’s existing credit facility and to pay the cost of the capped call transactions. The balance of the net proceeds will be used for working capital, capital expenditures and other general corporate purposes, including potential acquisitions.
The registration statement pursuant to which this offering is being made is effective pursuant to the Securities Act of 1933. Offers and sales of the notes may be made only by the prospectus and related prospectus supplement, which, when available, may be obtained from RBC Capital Markets, Attention: Equity Syndicate, Three World Financial Center, 200 Vesey Street, 8th Floor, New York, NY 10281 or by calling (877) 822-4089 or from BofA Merrill Lynch, Attention: Prospectus Department, 222 Broadway, New York, NY 10038 or by emailing dg.prospectus_requests@baml.com.
This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of these securities, in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
About KEYW
KEYW provides agile cyber superiority, cybersecurity, and geospatial intelligence solutions for U.S. Government intelligence and defense customers and commercial enterprises. We create our solutions by combining our services and expertise with hardware, software, and proprietary technology to meet our customers’ requirements. For more information contact KEYW Corporation, 7740 Milestone Parkway, Suite 400, Hanover, Maryland 21076; Phone 443-733-1600; Fax 443-733-1601; E-mail investors@keywcorp.com.
Forward-Looking Statements: Statements made in this press release that are not historical facts constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include but are not limited to statements regarding the proposed public offering of convertible notes, the expected terms of the offering, the capped call transactions, the intended use of the net proceeds, statements about our future expectations, plans and prospects, and other statements containing the words “estimates,” “believes,” “anticipates,” “plans,” “expects,” “will,” “potential,” “opportunities”, and similar expressions. Our actual results, performance or achievements or industry results may differ materially from those expressed or implied in these forward-looking statements. These statements involve numerous risks and uncertainties, including but not limited to those risk factors set forth in our Annual Report on Form 10-K, dated and filed March 10, 2014 with the SEC as required under the Securities Act of 1934, and other filings that we make with the SEC from time to time, including the risk that the offering of the convertible notes cannot be successfully completed. Due to such uncertainties and risks, readers are cautioned not to place undue reliance on such forward-looking statements. KEYW is under no obligation to (and expressly disclaims any such obligation to) update or alter its forward-looking statements whether as a result of new information, future events or otherwise. All forward-looking statements in this press release are qualified in their entirety by this cautionary statement.
CONTACT: Chris Donaghey
443-733-1600
(XTLB) hCDR1 Compound Highlighted in Lupus Treatment Article
HERZLIYA, Israel, July 16, 2014 — XTL Biopharmaceuticals Ltd. (NASDAQ: XTLB, TASE: XTL) (“XTL” or the “Company”), a clinical-stage biopharmaceutical company focused on the acquisition, development and commercialization of pharmaceutical products for the treatment of unmet clinical needs, announced today that an overview of its hCDR1 peptide to treat patients with systemic lupus erythematosus (SLE) is included in an article titled, Novel Approaches to the Development of Targeted Therapeutic Agents for Systemic Lupus Erythematosus. The article was written by Zev Sthoeger, Amir Sharabi and Edna Mozes. The article has been published in the Journal of Autoimmunity.
The article summarizes the information available on the four most actively studied peptides based on their ability to suppress lupus manifestations, which includes pCONS, Nucleosomal Peptides, P140 (LUPUZOR) and hCDR1. The common denominator for these peptides is being tolerogenic T cell epitopes that down-regulate specifically lupus associated autoimmune responses.
“We are extremely pleased that Prof. Mozes’ review of our hCDR1 peptide for the treatment of lupus was included in the recent article published in the Journal of Autoimmunity,” stated Josh Levine, Chief Executive Officer of XTL. “According to the article, out of the four peptides studied, hCDR1 was identified as one of the synthetic peptides to demonstrate highly beneficial effects in experimental and human SLE trials. As a result, hCDR1 was referred to as one of the few attractive potential candidates for the specific and safe treatment of lupus patients.”
About XTL Biopharmaceuticals Ltd. (“XTL”)
XTL Biopharmaceuticals Ltd., a biopharmaceutical company, focuses on the acquisition, development, and commercialization of pharmaceutical products for the treatment of unmet clinical needs. XTL is focused on late stage clinical development of drugs for the treatment of lupus, multiple myeloma and schizophrenia.
XTL is a public company traded on the Nasdaq Capital Market (NASDAQ: XTLB) and the Tel Aviv Stock Exchange (TASE: XTL). XTL shares are included in the following indices: Tel-Aviv Biomed, Tel-Aviv MidCap, and Tel-Aviv Bluetech-50.
Cautionary Statement
Some of the statements included in this press release may be forward-looking statements that involve a number of risks and uncertainties. For those statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.
Investor Contacts:
Jeffrey Goldberger / Garth Russell
KCSA Strategic Communications
Phone: 212-896-1249 / 212-896-1250
Email: jgoldberger@kcsa.com / grussell@kcsa.com
(TSEM) Announces Q2 FY14 Financial Results Release and Conference Call
TowerJazz (NASDAQ: TSEM)(TASE: TSEM), the global specialty foundry leader, will hold a conference call to discuss its second quarter of 2014 financial results, third quarter 2014 guidance and its business outlook on Monday, August 04, 2014, at 10:00 a.m. Eastern Time (09:00 a.m. Central, 08:00 a.m. Mountain, 07:00 a.m. Pacific and 17:00 Israel Time). TowerJazz will issue the second quarter 2014 earnings release earlier in the day, on Monday, August 04, 2014.
This call will be webcast and can be accessed through the Investor Relations section on TowerJazz’s website at ir.towerjazz.com, or can also be accessed in the U.S. and in Israel by calling a domestic number:
1-888-668-9141 (U.S. Toll-Free)
03-918-0609 (Israel)
+972-3-918-0609 (International)
Following the live event, an archived version of the webcast will be available on the TowerJazz website.
About TowerJazz
Tower Semiconductor Ltd. (NASDAQ: TSEM, TASE: TSEM) and its fully owned U.S. subsidiary Jazz Semiconductor, Inc. operate collectively under the brand name TowerJazz, the global specialty foundry leader. TowerJazz manufactures integrated circuits, offering a broad range of customizable process technologies including: SiGe, BiCMOS, Mixed-Signal/CMOS, RF CMOS, CMOS Image Sensor, integrated Power Management (BCD & 700V), and MEMS. TowerJazz also provides a world-class design enablement platform for a quick and accurate design cycle as well as Transfer Optimization and development Process Services (TOPS) to IDMs and fabless companies that need to expand capacity.
To provide multi-fab sourcing and extended capacity for its customers, TowerJazz operates two manufacturing facilities in Israel (150mm & 200mm), one in the U.S. (200mm) and three additional facilities in Japan (two 200mm and one 300mm) through TowerJazz Panasonic Semiconductor Company (TPSCo), established with Panasonic Corporation of which TowerJazz has the majority holding. Through TPSCo, TowerJazz provides leading edge 45nm CMOS, 65nm RF CMOS and 65nm 1.12um pixel technologies. For more information, please visit www.towerjazz.com.
(AMTX) SeeThruEquity Initiates Research Coverage on Aemetis, Target Price of $26.11
New York, NY / July 16, 2014 / SeeThruEquity, a leading independent equity research and corporate access firm focused on smallcap and microcap public companies, today announced that it has initiated coverage on Aemetis, Inc. (NASDAQ: AMTX).
“We are intrigued by the prospects of the company as it is an international renewable fuels and biochemicals company that focuses on the development and deployment of patented industrial biotechnology to convert first generation ethanol and biodiesel plants into advanced second generation biorefineries. Through two plants in North America and India, Aemetis has combined production capacity of 110 million gallons per year. We look forward to following the company’s progress and are initiating coverage with a price target of $26.11 per share.”
Additional investment highlights are as follows:
– Advantageous Strategic Locations. Aemetis owns and operates plants that are strategically located to cost effectively serve three large target markets: renewable fuels, food & feed, and biochemicals. In the U.S., the company owns an ethanol plant in Keyes, CA that is close to major transportation hubs, providing easy access to key domestic and international feedstock markets. California is a 1.3 billion gallon per year (BGY) ethanol market that provides favorable economics for biofuel producers, including higher selling prices and comparatively advantageous feedstock shipping costs. Wet distillers grains (WDG) represents another $120 million market in the state, due to population growth and increasing demand for meat and milk. Given its favorable location, the Keyes plant sells all of its ethanol and distillers grains (an ethanol by-product) within 80 miles of its location. In India, Aemetis’ Kakinada plant benefits from a large local supply of waste fats and oils, which are the lowest cost feedstock for producing renewable fuels. In addition, as government subsidies for diesel are phased out, biofuel producers such as Aemetis should benefit.
– Favorable Industry Dynamics. The biofuels market is supported by several tailwinds. On the demand side, U.S. environmental regulations mandate the use of renewable fuels, with the Environmental Protection Agency (EPA) requiring gasoline to use a certain amount of ethanol and other biofuels. The renewable fuel standard (RFS) of the Energy Independence and Security Act of 2007 mandates increasing consumption of biofuels. Ethanol demand is also driven by higher oil prices, which allows refiners to increase the use of the biofuel to moderate gasoline price increases. Development of the biofuel industry would also aid in increasing energy independence of the U.S. as well as benefiting the economy, especially in rural areas where new sources of jobs are scarce. On the supply side, there are 211 ethanol plants in the U.S. with annual capacity of 15.2 BGY. However, new construction of additional facilities has been slow, with only four plants representing aggregate annual production capacity of 158 million gallons under construction or expansion.
– Next Generation Technology. To develop and commercialize advanced biofuel technology, Aemetis operates an R&D lab and was awarded five patents related to enzyme and microbe technology. In addition, the company was the first to receive an advanced biofuel pathway from the EPA, indicating its interest in adopting advanced fuel and specialty chemical technology. We look forward to technological announcements that should improve Aetemis’ profitability while planting the seeds for its long-term future.
The report is available here: AMTX Initiation Report. SeeThruEquity is an approved equity research contributor on Thomson First Call, Capital IQ, FactSet, and Zack’s. The report will also be available on these platforms.
Please review important disclosures on our website at http://www.seethruequity.com/.
About Aemetis, Inc.
Aemetis, Inc. operates as an international renewable fuels and specialty chemical company focused on the production of advanced fuels and chemicals, as well as the acquisition, development, and commercialization of innovative technologies that replace traditional petroleum-based products and convert first-generation ethanol and biodiesel plants into advanced biorefineries. It operates in two reportable geographic segments, North America and India. The company owns and operates a biodiesel plant in Kakinada, India; and an ethanol plant in Keyes, California. Aemetis, Inc. sells biodiesel and glycerin to resellers, distributors, and refiners through its sales force and independent sales agents, as well as to brokers who resell the product to end-users. It also provides ethanol, wet distiller grains, corn oil, and condensed distillers soluble. The company was formerly known as AE Biofuels, Inc. and changed its name to Aemetis, Inc. in November 2011. Aemetis, Inc. was founded in 2005 and is headquartered in Cupertino, California.
For more information, please go to http://www.aemetis.com/.
About SeeThruEquity
SeeThruEquity is an equity research and corporate access firm focused on companies with less than $1 billion in market capitalization. The research is not paid for and is unbiased. We do not conduct any investment banking or commission based business. We are approved to contribute our research to Thomson One Analytics (First Call), Capital IQ, FactSet, Zacks and distribute our research to our database of opt-in investors. We also contribute our estimates to Thomson Estimates, the leading estimates platform on Wall Street.
For more information visit http://www.seethruequity.com/.
Contact:
Ajay Tandon
SeeThruEquity
(646) 495-0939
(UBIC) Major Asian Smartphone Manufacturer Adopts “Lit i View EMAIL AUDITOR”
AI-Based Tool Supports Email Audit
TOKYO, July 16, 2014 — UBIC, Inc. (Nasdaq:UBIC) (TSE:2158), a leading provider of international litigation support and big-data analysis services, announced today that the Company has begun providing a major Asian smartphone manufacturer with the “Lit i View EMAIL AUDITOR” service, which features AI technology.
The adoption of “Lit i View EMAIL AUDITOR” greatly helps to prevent corporate fraud, including intellectual property theft, by facilitating routine email audits.
“Lit i View EMAIL AUDITOR” is effective in preventing fraud because it makes it possible to routinely monitor emails and detect telltale signs of fraud at an early stage, rather than examining emails after fraud has been discovered.
When using keyword-based search to sift through masses of emails, it can be difficult to quickly determine an exhaustive list of keywords that identifies suspicious correspondence. A crucial but cumbersome component of this process is continuously updating the keywords so as to accurately identify relevant email correspondence.
“Lit i View EMAIL AUDITOR” is equipped with UBIC‘s AI software program, Virtual Data Scientist. Virtual Data Scientist efficiently manages the keyword selection process by taking advantage of the auditing techniques of experienced human auditors, which are incorporated into the software and updated through its automated learning function. Routine updating ensures constant improvement of the selection accuracy. As a result, the cost and labor of email auditing can be dramatically reduced.
In a trial run of “Lit i View EMAIL AUDITOR” with the aforementioned smartphone manufacturer, the AI-based email auditing service reduced the time of the auditing process to just four days, a significant improvement from the usual two or more months. The smartphone manufacturer’s legal affairs officer praised “Lit i View EMAIL AUDITOR” for its high accuracy and noted that human auditors can be liberated from the burden of sifting through emails so that they may concentrate on more intuitive work.
Adopting “Lit i View EMAIL AUDITOR” can have a similar effect to employing a capable, around-the-clock auditor to sift through masses of emails. Through the adoption of this solution, we believe that the smartphone manufacturer has taken a step towards a more strategic approach to the management of legal affairs and audits that is essential to global expansion.
“Lit i View EMAIL AUDITOR” also provides effective solutions in terms of legal compliance. UBIC will continue to support the auditing activities of its Japanese and global clients, and develop and provide technologies that facilitate efficient and accurate audits.
About UBIC
UBIC, Inc. (Nasdaq:UBIC) (TSE:2158) is a leading provider of e-discovery and digital forensic services for Asia and the world. UBIC has extensive experience working with electronically stored information composed in Chinese, Japanese and Korean (CJK) languages and utilizes that expertise for clients involved in cross-border litigation, corporate investigations, intellectual property disputes and much more. At the forefront of e-discovery innovation, UBIC‘s proprietary Lit i View® platform is moving the industry from “fact discovery” to “future discovery” by allowing clients to analyze e-mail messages and digital communications found in big data to reveal patterns in human thought and behavior.
For more information about UBIC, contact usinfo@ubicna.com or visit http://www.ubicna.com.
Safe Harbor Statement
This announcement contains forward-looking statements. These forward-looking statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Among other things, the amount of data that UBIC expects to manage this year and the potential uses for UBIC’s new service in intellectual property-related litigation, contain forward-looking statements. UBIC may also make written or oral forward-looking statements in its reports filed with, or furnished to, the U.S. Securities and Exchange Commission, in its annual reports 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 UBIC’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: UBIC’s goals and strategies; UBIC’s expansion plans; the expected growth of the data center services market; expectations regarding demand for, and market acceptance of, UBIC’s services; UBIC’s expectations regarding keeping and strengthening its relationships with customers; UBIC’s plans to invest in research and development to enhance its solution and service offerings; and general economic and business conditions in the regions where UBIC provides solutions and services. Further information regarding these and other risks is included in UBIC’s reports filed with, or furnished to the Securities and Exchange Commission. UBIC does not undertake any obligation to update any forward-looking statement, except as required under applicable law. All information provided in this press release and in the attachments is as of the date of this press release, and UBIC undertakes no duty to update such information, except as required under applicable law.
CONTACT: Sasha Hefler
UBIC North America, Inc.
Tel: (650) 868-2623
sasha_hefler@ubicna.com
(AMSC) to Partner with ComEd on Superconductor-based Resilient Electric Grid System
AMSC (NASDAQ: AMSC), a global energy solutions provider serving wind and power grid industry leaders, today announced that ComEd, a unit of Chicago-based Exelon Corporation (NYSE: EXC) and one of the nation’s largest electric utilities, has agreed to develop a deployment plan for AMSC’s high temperature superconductor technology to build a superconducting cable system that will strengthen Chicago’s electric grid. The Resilient Electric Grid (REG) effort is part of the U.S. Department of Homeland Security (DHS) Science and Technology Directorate’s work to secure the nation’s electric power grids and improve resiliency against extreme weather, acts of terrorism, or other catastrophic events.
“Modernizing our region’s electric grid is part of ComEd’s vision to strengthen power reliability and to connect our customers and this region to the 21st century digital economy,” said Anne R. Pramaggiore, President and CEO, ComEd. “We view this project as a natural extension of the infrastructure improvements and technological upgrades that have been under way for the past two years as we develop and deploy the smart grid. Linking our critical urban infrastructure to this superconductor system would provide added reliability, resiliency and security to Chicago’s Central Business District, an essential economic engine for the state and region.”
The current design of the grid infrastructure in many U.S. cities makes restoration of power after a catastrophic event time-consuming, costly, and unpredictable. Led by the DHS Science and Technology Directorate, the Resilient Electric Grid is a self-healing solution that provides resiliency in the event that portions of the grid are lost for any reason. The ComEd installation would be the first commercial application of this advanced technology in the United States.
“We greatly value our partnership with ComEd. As one of the nation’s largest utilities, this project establishes ComEd as the lead utility in our program with DHS and speaks to the unique benefits of AMSC’s technology in addressing critical challenges facing the power grid,” said AMSC President and CEO Daniel P. McGahn. “As provided in the DHS contract, AMSC will initiate a similar deployment plan with at least two other U.S. utilities.”
McGahn continued, “Utilities around the world are investing tens of billions of dollars on smart grid technology designed in part to create a more redundant and resilient grid. We believe that the Resilient Electric Grid system, which is enabled by AMSC’s unique high temperature superconductor technology, has the potential to play a significant role in protecting the infrastructure assets so vital to our electrical systems. Together with the leadership from DHS and ComEd, we believe AMSC is now in a position to offer this system solution to cities in America and around the world.”
“In addition to providing reliable power and increased security, this installation of more than three miles of superconductor cable would create the most extensive superconductor project of this nature in the world,” said Terence R. Donnelly, ComEd’s Chief Operating Officer. “ComEd’s transformation of our business relies heavily on technology and innovation. In this era of increasingly intense weather events and other potential catastrophic occurrences, this project will not only support the City of Chicago but can serve as a model to enable widespread implementation of the superconductor technology nationally and globally.”
ComEd provides service to approximately 3.8 million customers across Northern Illinois, or 70 percent of the state’s population including the City of Chicago.
For additional information on this arrangement, please see the Current Report on Form 8-K that AMSC filed with the Securities and Exchange Commission (SEC) today.
In a typical urban infrastructure, power is produced at plants that are located outside of the city limits. Power from those plants travels through high voltage transmission lines until it reaches a substation, where it is “stepped down” to distribution voltages before being delivered to homes and businesses. Each substation supplies power to an entire section of a city and, in many U.S. cities, the substations are not connected to each other and therefore cannot back up one another. Furthermore, each substation can handle only a limited amount of capacity. Serving additional load requires either substation expansions or the construction of costly new substations. The Resilient Electric Grid system offers a solution. The system provides the dual benefit of increasing grid reliability while simultaneously increasing grid capacity by accessing existing but previously underutilized substation assets. The key component to the REG system is AMSC’s breakthrough HTS cable system that combines with other system design elements to increase the reliability, redundancy, and resiliency of urban power grids, greatly reducing the impact of equipment failure due to aging or cyber-, physical-, or weather-related disasters.
AMSC generates the ideas, technologies and solutions that meet the world’s demand for smarter, cleaner … better energy™. Through its Windtec™ Solutions, AMSC provides wind turbine electronic controls and systems, designs and engineering services that reduce the cost of wind energy. Through its Gridtec™ Solutions, AMSC provides the engineering planning services and advanced grid systems that optimize network reliability, efficiency and performance. The Company’s solutions are now powering gigawatts of renewable energy globally and are enhancing the performance and reliability of power networks in more than a dozen countries. Founded in 1987, AMSC is headquartered near Boston, Massachusetts with operations in Asia, Australia, Europe and North America. For more information, please visit www.amsc.com.
Commonwealth Edison Company (ComEd) is a unit of Chicago-based Exelon Corporation (NYSE: EXC), the nation’s leading competitive energy provider, with approximately 6.6 million customers. ComEd provides service to approximately 3.8 million customers across northern Illinois, or 70 percent of the state’s population. For more information visit ComEd.com, and connect with the company on Facebook, Twitter and YouTube.
AMSC, Windtec, Gridtec, and Smarter, Cleaner … Better Energy are trademarks or registered trademarks of American Superconductor Corporation. All other brand names, product names, trademarks or service marks belong to their respective holders.
AMSC Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Any statements in this release about future expectations, plans and prospects for AMSC, including, without limitation, statements regarding our beliefs regarding the expected benefits of the REG system; our belief that AMSC is in a position to offer the REG system to cities in America and around the world; our expectation that the REG system would create the most extensive superconductor project of this nature in the world; and other statements containing the words “believes,” “anticipates,” “plans,” “expects,” “will” and similar expressions, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements represent management’s current expectations and are inherently uncertain. Actual results may differ materially from what management currently expects because of many risks and uncertainties, including the failure to achieve the expected benefits of the REG system; the failure to successfully complete the REG project; the risk that AMSC is not or will not be in a position to offer the REG solution to cities in America and around the world; the risk that other superconductor projects are or will be more extensive than the REG project; and the risk that the funding provided by DHS for the project will be less than currently anticipated or will not cover the portion of AMSC’s costs that it currently anticipates. These and other important factors discussed in the “Risk Factors” section of AMSC’s most recent quarterly or annual report filed with the SEC, among others, could cause actual results to differ materially from those indicated by forward-looking statements made herein and presented elsewhere by management from time to time. In addition, any forward-looking statements included in this press release represent AMSC’s expectations as of the date of this press release. While AMSC anticipates that subsequent events and developments may cause its views to change, it specifically disclaims any obligation to update these forward-looking statements. These forward-looking statements should not be relied upon as representing AMSC’s views as of any date subsequent to the date of this press release.
(ULTR) Southern Cross Group to Acquire SIPSA Interest in Ultrapetrol
NASSAU, Bahamas, July 13, 2014 — The major shareholders of Ultrapetrol (Bahamas) Limited (Nasdaq:ULTR) (“Ultrapetrol” or the “Company”), an industrial transportation company serving marine transportation needs in three markets (River Business, Offshore Supply Business and Ocean Business), entered into a share purchase agreement with respect to the sale of shares of Ultrapetrol and of certain affiliates of the major shareholders between such shareholders. Under the agreement, Sparrow Capital Investments Ltd. (“Sparrow”) a subsidiary of Southern Cross Latin America Private Equity Funds III and IV (“Southern Cross”), reached an agreement with Hazels (Bahamas) Investments Inc. (“Hazels”) and Inversiones Los Avellanos S.A. (“Los Avellanos”), each a subsidiary of SIPSA S.A (“SIPSA”) to purchase all of Hazels’ and Los Avellanos’ outstanding equity interests in the Company, increasing Southern Cross’ interest in the Company from 67% to 85%.
Under the terms of the agreement, Sparrow will acquire from Hazels, Los Avellanos, and certain entities affiliated with them, the rights to 25,326,821 shares of common stock of the Company (“Common Stock”). The price has been agreed at the equivalent of $4.00 per share of Common Stock. Upon completion of the transaction, the capital of the Company will be comprised exclusively of single voting shares.
The transaction is expected to close in the next 60 days and the agreement sets forth certain customary closing conditions, including having SIPSA and Los Avellanos receive approval from its shareholders for the transaction and the receipt of certain waivers from lenders of Ultrapetrol. The agreement also provides Hazels with the opportunity to offer to purchase Ultrapetrol’s Ocean Business for a price to be determined, subject to terms and conditions including the approval of the independent director of Ultrapetrol.
In connection with the transaction, it has been agreed with Felipe Menéndez and Ricardo Menéndez that the Company will terminate their respective employment and consulting agreements upon closing and enter into new employment and consulting agreements. Felipe Menéndez and Ricardo Menéndez will remain with Ultrapetrol as directors. The terms of the new employment and consulting agreements will be for up to six months. The vesting of unvested options and restricted stock awards will be accelerated so that they will be exercisable and vested immediately before the termination of the agreements. Under certain of the Company’s existing loan agreements, it will need to receive a waiver from the applicable lender before Messrs. Felipe and Ricardo Menendez leave their management positions with the Company. A new Chief Executive Officer of Ultrapetrol is expected to be appointed effective as of the closing of the transaction.
The Company also announced today that it has appointed Rodrigo Lowndes to its board of directors, effective immediately, following the resignation of Fernando Barros. Mr. Lowndes, a Brazilian national, is a partner with Southern Cross in the Sao Paolo office and has been with the firm since 2009. Prior to joining Southern Cross, Mr. Lowndes co-founded Emerging Capital, a Brazilian asset management company. Before then, he worked for Morgan Stanley in New York and Brazil where he was President and Head of Investment Banking. He has served on the board of several Southern Cross portfolio companies.
Mr. Horacio Reyser, Chairman of Ultrapetrol and a Southern Cross partner, said, “We are pleased to have Mr. Lowndes join the Board and look forward to his contributions to the Company. I would also like to thank Mr. Barros for his service as a Board member and his dedication to the Company over the years.”
About Ultrapetrol
Ultrapetrol is an industrial transportation company serving the marine transportation needs of its clients in the markets on which it focuses. It serves the shipping markets for containers, grain and soya bean products, forest products, minerals, crude oil, petroleum, and refined petroleum products, as well as the offshore oil platform supply market with its extensive and diverse fleet of vessels. These include river barges and pushboats, platform supply vessels, tankers and two container feeder vessels. More information on Ultrapetrol can be found at www.ultrapetrol.net.
About Southern Cross Group
Southern Cross is one of the largest private equity firms in Latin America. Southern Cross´ investment strategy is based on investing in companies that have significant potential for improved performance and growth. Since inception, Southern Cross has raised over $2.5 billion and has invested in over 30 companies in a wide range of industries, including energy, oil & gas, logistics, consumer goods, retail, homebuilding, entertainment public services, IT, and telecom. Southern Cross seeks to deliver superior returns by the optimization of companies’ strategic direction and operating performance. As a result of its extensive regional experience, Southern Cross is well-positioned to identify and capitalize on high quality investment opportunities in Latin America.
Forward-Looking Language
The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management’s examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections.
In addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include future operating or financial results; pending or recent acquisitions, business strategy and expected capital spending or operating expenses, including dry docking and insurance costs; general market conditions and trends, including charter rates, vessel values, and factors affecting vessel supply and demand; our ability to obtain additional financing; our financial condition and liquidity, including our ability to obtain financing in the future to fund capital expenditures, acquisitions and other general corporate activities; our expectations about the availability of vessels to purchase, the time that it may take to construct new vessels, or vessels’ useful lives; our dependence upon the abilities and efforts of our management team; changes in governmental rules and regulations or actions taken by regulatory authorities; adverse weather conditions that can affect production of the goods we transport and navigability of the river system; the highly competitive nature of the oceangoing transportation industry; the loss of one or more key customers; fluctuations in foreign exchange rates and devaluations; potential liability from future litigation; and other factors. Please see our filings with the Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties.
CONTACT: Leon Berman
212-477-8438
lberman@igbir.com
or
Bryan Degnan
646-673-9701
bdegnan@igbir.com
(SCOK) and Coke Chemical Industries Name Change to Clean Synthetic Technologies
PINGDINGSHAN, CHINA–(Jul 14, 2014) – SinoCoking Coal and Coke Chemical Industries, Inc. (NASDAQ: SCOK) (“the Company” or “SinoCoking”), a vertically-integrated coal and coke processor, today said that, subject to shareholder approval and satisfaction of applicable laws, it intends to change its name to Clean Synthetic Technologies Corp. The name reflects the Company’s new emphasis on the large-scale production of clean-burning synthetic gas and other clean energy products. Concurrent with the name change, the Company expects to change its stock trading symbol on Nasdaq.
SinoCoking is currently in construction on a green facility for the conversion of carbon dioxide into synthetic gas (syngas), a fuel utilized to produce clean energy and a wide range of fertilizers, solvents and other industrial products. This facility, which is scheduled to begin operations in the fourth quarter, will produce as much as 25,000 cubic meters of syngas per hour, among the highest outputs in China.
“Clean Synthetic Technologies is more than just a new name. It is a new identity,” said Chairman and CEO, Mr. Jianhua Lv.
“Going forward, we have two primary objectives. First, we will strive to become one of China’s leading producers of clean energy products — products capable of generating new streams of high-margin revenue for our Company and allowing it to grow and prosper as never before.
“Second, and no less important, we are determined to help our nation alleviate the pressing air pollution and global warming problems we face. As President Xi has stated, the time has come for China to begin replacing coal with a cleaner energy source. The clean-burning syngas we will soon be producing at our new facility has the potential to do exactly that. The result, we believe, will be a healthier environment for our citizens and their children for decades to come.”
Mr. Lv said the Company will shortly issue an update on construction progress at the new facility.
About SinoCoking Coal and Coke Chemical Industries, Inc.
SinoCoking Coal and Coke Chemical Industries, Inc. (www.scokchina.com), a Florida corporation, is a vertically-integrated coal and coke processor that uses coal from both its own mines and that of third-party mines to produce basic and value-added coal products for steel manufacturers, power generators, and various industrial users. SinoCoking has been producing metallurgical coke since 2002, and acts as a key supplier to regional steel producers in central China. The company also produces and supplies thermal coal to its customers in central China. SinoCoking currently owns its assets and conducts its operations through its subsidiaries, Top Favour Limited and Pingdingshan Hongyuan Energy Science and Technology Development Co., Ltd., and its affiliated companies, Henan Province Pingdingshan Hongli Coal & Coke Co., Ltd., Baofeng Coking Factory, Baofeng Hongchang Coal Co., Ltd., Baofeng Hongguang Environment Protection Electricity Generating Co., Ltd., Zhonghong Energy Investment Company, Henan Hongyuan Coal Seam Gas Engineering Technology Co., Ltd., Baofeng Shuangri Coal Mining Co., Ltd., and Baofeng Xingsheng Coal Mining Co., Ltd.
For further information about SinoCoking Coal and Coke Chemical Industries, Inc., please refer to our periodic reports filed with the Securities and Exchange Commission.
Forward Looking Statements
This press release contains forward-looking statements, particularly as related to, among other things, the business plans of the Company, statements relating to goals, plans and projections regarding the Company’s financial position and business strategy. The words or phrases “plans”, “would be,” “will allow,” “intends to,” “may result,” “are expected to,” “will continue,” “anticipates,” “expects,” “estimate,” “project,” “indicate,” “could,” “potentially,” “should,” “believe,” “think”, “considers” or similar expressions are intended to identify “forward-looking statements.” These forward-looking statements fall within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934 and are subject to the safe harbor created by these sections. Actual results could differ materially from those projected in the forward-looking statements as a result of a number of risks and uncertainties. Such forward-looking statements are based on current expectations, involve known and unknown risks, a reliance on third parties for information, transactions or orders that may be cancelled, and other factors that may cause our actual results, performance or achievements, or developments in our industry, to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from anticipated results include risks and uncertainties related to the fluctuation of local, regional, and global economic conditions, the performance of management and our employees, our ability to obtain financing, competition, general economic conditions and other factors that are detailed in our periodic reports and on documents we file from time to time with the Securities and Exchange Commission. Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date. The Company cautions readers not to place undue reliance on such statements. The Company does not undertake, and the Company specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences, developments, unanticipated events or circumstances after the date of such statement. Actual results may differ materially from the Company’s expectations and estimates.
The Company provides no assurances that any potential acquisitions will actually be consummated, or if consummated that such acquisitions will be on terms and conditions anticipated on the date of this press release, and the Company makes no assurances with regard to any results of any such acquisitions.
Contact:
SinoCoking Coal and Coke Chemical Industries, Inc.
Song Lv
Chief Financial Officer
+ 86-375-2882-999
Email Contact
www.scokchina.com
Investor Relations Counsel:
Lena Cati
The Equity Group Inc.
(212) 836-9611
Email Contact
www.theequitygroup.com
(EXEL) Positive Top-Line Results Phase 3 Cobimetinib Study In Advanced Melanoma
– Study met primary endpoint of significantly improving progression-free survival – – Data will be presented at an upcoming medical meeting – – Roche and Genentech plan to submit data to health authorities around the world – – First of four phase 3 data sets for Exelixis-discovered compounds expected in 2014 –
Exelixis, Inc. (NASDAQ:EXEL) today announced positive top-line results from coBRIM, the phase 3 pivotal trial evaluating cobimetinib, a specific MEK inhibitor discovered by Exelixis, in combination with vemurafenib in previously untreated patients with unresectable locally advanced or metastatic melanoma harboring the BRAFV600 mutation. Exelixis’ collaborator Genentech, a member of the Roche Group, informed the company that coBRIM met its primary endpoint, delivering a statistically significant increase in progression-free survival (PFS) for the combination of cobimetinib plus vemurafenib as compared to vemurafenib alone. Adverse events were consistent with those observed in a previous study of the combination. Genentech will present these coBRIM data at an upcoming medical meeting and plans to initiate regulatory filings before year end.
“These positive top-line results from coBRIM represent an important milestone for melanoma patients and their physicians, and are the first of four anticipated phase 3 pivotal trial read-outs for Exelixis-discovered compounds in 2014,” said Michael M. Morrissey, Ph.D., president and chief executive officer of Exelixis. “Despite recent therapeutic innovations, BRAFV600 mutation-positive advanced melanoma can be difficult to treat due to the emergence of resistance. We look forward to the full presentation of the data later this year. If ultimately approved, we will execute on our collaborative U.S. co-promotion effort with Genentech and work alongside our partner to bring this important new therapeutic option to melanoma patients in need.”
In addition to the coBRIM results just announced, Exelixis anticipates delivering on the following key clinical development initiatives before the end of 2014:
- Top-line results from pivotal phase 3 studies COMET-1 (overall survival endpoint) and COMET-2 (pain palliation endpoint) of cabozantinib in metastatic castration-resistant prostate cancer;
- Top-line results from the overall survival analysis of EXAM, the phase 3 pivotal trial of cabozantinib in progressive, metastatic medullary thyroid cancer; and
- Completing enrollment in METEOR, the phase 3 pivotal trial of cabozantinib in metastatic renal cell cancer.
About the Phase 3 Pivotal Trial coBRIM
coBRIM is an international, randomised, double-blind, placebo-controlled phase 3 study evaluating the safety and efficacy of cobimetinib in combination with vemurafenib, compared to vemurafenib alone, in 495 patients with BRAFV600 mutation-positive unresectable locally advanced or metastatic melanoma, previously untreated in the metastatic setting. The primary endpoint for coBRIM is progression-free survival. Secondary endpoints include overall survival, objective response rate, duration of response, and other safety, pharmacokinetic and quality of life measures.
About the Collaboration
Exelixis discovered cobimetinib internally and advanced the compound to investigational new drug (IND) status. In late 2006, Exelixis entered into a worldwide co-development agreement with Genentech, under which Exelixis received initial upfront and milestone payments for signing the agreement and submitting the IND. Exelixis was responsible for development of cobimetinib through the end of phase 1, at which point Genentech exercised its option to further develop the compound.
In November 2013, Exelixis exercised its option to co-promote cobimetinib, if approved, in the United States. Exelixis is entitled to an initial equal share of U.S. profits and losses, which will decrease as sales increase, and will share equally in the U.S. marketing and commercialization costs. Exelixis is eligible to receive royalties on any sales of the product outside the United States.
About the Combination of Cobimetinib and Vemurafenib
Cobimetinib is a selective inhibitor that blocks the activity of MEK, a protein kinase that is part of a key pathway (the RAS-RAF-MEK-ERK pathway) that promotes cell division and survival. This pathway is frequently activated in human cancers including melanoma, where mutation of one of its components (BRAF) causes abnormal activation in about 50% of tumors. Tumors with BRAF mutations may develop resistance and subsequently progress after treatment with a BRAF inhibitor. In preclinical melanoma models, co-treatment with vemurafenib and the MEK inhibitor cobimetinib may delay the emergence of resistant tumors. In addition to the combination with vemurafenib in melanoma, cobimetinib is also being investigated in combination with several investigational medicines, including an immunotherapy, in several tumor types, including non-small cell lung cancer and colorectal cancer.
About Melanoma and its BRAFV600 Mutation-Positive Form
Melanoma is the less common, but more serious category of skin cancer that starts in the skin’s pigment producing cells known as melanocytes. According to the American Cancer Society, approximately five percent of skin cancer diagnoses are melanoma, but melanoma accounts for a large majority of skin cancer deaths. Cases of melanoma have been increasing for at least 30 years, and in 2014, it is estimated that in the United States, more than 76,100 people will be diagnosed with melanoma and more than 9,700 people will die from the disease. It is thought that approximately half of all melanomas, and eight percent of solid tumors, contain a mutation of the BRAF protein. BRAF is a key component of the RAS-RAF-MEK-ERK pathway involved in normal cell growth and survival. However, mutations that keep the BRAF protein in an active state may cause excessive signaling in the pathway, leading to uncontrolled cell growth and survival. The BRAFV600 mutation-positive form of melanoma is associated with high-risk characteristics of the disease, including early onset, the absence of chronic skin damage, and decreased survival.
About Cabozantinib
Cabozantinib inhibits the activity of tyrosine kinases including MET, VEGFRs and RET. These receptor tyrosine kinases are involved in both normal cellular function and in pathologic processes such as oncogenesis, metastasis, tumor angiogenesis, and maintenance of the tumor microenvironment. Exelixis markets cabozantinib for the treatment of progressive, metastatic medullary thyroid cancer, and the compound is the subject of a broad clinical development program encompassing more than fifty clinical trials conducted either by Exelixis, independent investigators, or through the company’s collaboration with the National Cancer Institute’s Cancer Therapy Evaluation Program (NCI-CTEP). For more information on cabozantinib, please visit www.exelixis.com. For information on cabozantinib’s commercial applications, including Important Safety Information and Boxed Warnings, please visit www.cometriq.com.
About Exelixis
Exelixis, Inc. is a biopharmaceutical company committed to developing small molecule therapies for the treatment of cancer. Exelixis is focusing its development and commercialization efforts primarily on COMETRIQ® (cabozantinib), its wholly-owned inhibitor of multiple receptor tyrosine kinases. Another Exelixis-discovered compound, cobimetinib, a highly selective inhibitor of MEK, is being evaluated by Roche and Genentech (a member of the Roche Group) in a broad development program under a collaboration with Exelixis. For more information, please visit the company’s web site at www.exelixis.com.
Forward-Looking Statements
This press release contains forward-looking statements, including, without limitation, statements related to: the continued development and clinical, therapeutic and commercial potential of cobimetinib in combination with vemurafenib and other investigational medicines; future coBRIM data presentations; future regulatory filings and potential approvals; Exelixis’ future U.S. co-promotion efforts with Genentech; the plan of Genentech and Exelixis to share U.S. profits and losses for cobimetinib and U.S. marketing and commercialization costs for cobimetinib; Exelixis’ potential receipt of royalties on net sales of cobimetinib products outside the United States; and the anticipated delivery by Exelixis of key clinical development initiatives with respect to cabozantinib before the end of 2014, including the completion of enrollment and availability of top-line data from the referenced phase 3 pivotal trials of cabozantinib. Words such as “will,” “plan,” “submit,” “initiate,” “represent,” “look forward,” “execute,” “work,” “bring,” “new,” “option,” “anticipates,” “delivering,” “initiatives,” “entitled,” “share,” “estimated,” “eligible,” or other similar expressions, identify forward-looking statements, but the absence of these words does not necessarily mean that a statement is not forward-looking. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances are forward-looking statements. These forward-looking statements are based upon Exelixis’ current plans, assumptions, beliefs, expectations, estimates and projections. Forward-looking statements involve risks and uncertainties. Exelixis’ actual results and the timing of events could differ materially from those anticipated in the forward-looking statements as a result of these risks and uncertainties, which include, without limitation: risks related to the potential failure of cobimetinib or cabozantinib to demonstrate safety and efficacy in clinical testing; the availability of data at the expected times; the clinical, therapeutic and commercial value of cobimetinib and cabozantinib; Exelixis’ dependence on its relationship with Genentech/Roche with respect to cobimetinib and Exelixis’ ability to maintain its rights under the collaboration; the uncertainty of regulatory approval processes; the sufficiency of Exelixis’ capital and other resources; the uncertain timing and level of expenses associated with the development of cabozantinib; market competition; changes in economic and business conditions; and other factors discussed under the caption “Risk Factors” in Exelixis’ quarterly report on Form 10-Q filed with the Securities and Exchange Commission (SEC) on May 1, 2014 and in Exelixis’ other filings with the SEC. The forward-looking statements made in this press release speak only as of the date of this press release. Exelixis expressly disclaims any duty, obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Exelixis’ expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based.
Exelixis, the Exelixis logo, and COMETRIQ are registered U.S. trademarks.
(KNDI) Announces Its JV’s Sale of 4,114 Kandi Brand EV, up 238% In Q2 Over Q1
JINHUA, China, July 14, 2014 — Kandi Technologies Group, Inc. (the “Company” or “Kandi”) (Nasdaq:KNDI), today announced that Kandi Electric Vehicles Group Co., Ltd. (the “JV Company”), which is a 50/50 joint venture between the Company and Shanghai Maple Guorun Automobile Co., Ltd., a 99% owned subsidiary of Geely Automobile Holdings Ltd., sold 4,114 Kandi brand Electric Vehicles (“EVs”) during second quarter of 2014, a 238% increase from 1,215 EVs in the first quarter of 2014. Kandi expects to report its second quarter financial results on August 11, 2014.
Mr. Hu Xiaoming, Chairman & Chief Executive Officer of Kandi commented, “The demand for EVs continues to grow significantly. We are extremely pleased that the JV Company has been able to accelerate its EV sales in the second quarter. We have not only achieved success in implementing the Hangzhou Public EV Sharing System, or the ‘Carshare’ Program, but also in growing our group leasing model.”
Furthermore, on July 7 at the State Council Meeting, Li Keqiang, China’s Prime Minister, spoke about the recently passed government’s policy in waiving a 10% sales tax on electric cars, plug-in hybrids, and fuel-cell vehicles, beginning September 1, 2014 and lasting through the end of 2017, to spur consumers’ demand for electric vehicles. The Chinese government has identified EVs as a strategic industry that can help it gain global leadership, reduce energy dependence and cut emissions that have contributed to worsening air pollution. Mr. Hu commented, “We are really excited about the government’s policy to waive the sales tax on EVs. This will help lower the cost to consumers, in addition to boosting EV sales.”
About Kandi Technologies Group, Inc.
Kandi Technologies Group, Inc. (Nasdaq:KNDI), headquartered in Jinhua, Zhejiang Province, is engaged in the research and development, manufacturing and sales of various vehicles. Kandi has established itself as one of the world’s largest manufacturers of pure electric vehicles (EVs), Go-Kart vehicles, and tricycle and utility vehicles (UTVs), among others. More information can be viewed at its corporate website is http://www.kandivehicle.com. Kandi routinely posts important information on its website.
Safe Harbor Statement
This press release contains certain statements that may include “forward-looking statements.” All statements other than statements of historical fact included herein are “forward-looking statements.” These forward-looking statements are often identified by the use of forward-looking terminology such as “believes,” “expects” or similar expressions, involving known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do 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 the date of this press release. The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including the risk factors discussed in the Company’s periodic reports that are filed with the Securities and Exchange Commission and available on the SEC’s website (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these risk factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
CONTACT: Kandi Technologies Group, Inc.
Ms. Kewa Luo
Phone: 1-212-551-3610
Email: IR@kandigroup.com
(CDXS) Announces Technology Collaboration and License Agreement With GSK
Codexis to Receive Up to $25 Million of Initial Payments, Plus Additional Milestone and Royalty Opportunities
Codexis to Host a Conference Call on July 15, 2014 at 8:30 a.m. ET / 5:30 a.m. PT
REDWOOD CITY, Calif., July 14, 2014 — Codexis, Inc. (Nasdaq:CDXS), a leading developer of biocatalysts for the pharmaceutical and fine chemical industries, today announced the signing of a platform technology license agreement with GlaxoSmithKline (GSK).
Under the terms of the agreement, Codexis granted GSK a license to use Codexis’ proprietary CodeEvolver® protein engineering platform technology in the field of human healthcare. The license allows GSK to use Codexis’ platform technology to develop novel enzymes for use in the manufacture of GSK’s pharmaceutical and health care products. GSK may also use the licensed technology to develop new therapeutic, diagnostic and prophylactic products in the human health field. Upon completion of technology transfer, GSK will have Codexis’ state-of-the-art CodeEvolver protein engineering platform installed at its Upper Merion, Pennsylvania research and development site.
Codexis is eligible to receive up to $25 million over approximately the next two years, $6 million of which will be paid upfront shortly after signing and an additional $19 million subject to satisfactory completion of technology transfer milestones. Codexis also has the potential to receive numerous additional milestone payments that range from $5.75 million to $38.5 million per project based on GSK’s successful application of the licensed technology. In addition, Codexis will be eligible to receive royalties based on net sales, if any, of a limited set of products developed by GSK using Codexis’ CodeEvolver protein engineering platform technology.
The agreement marks the first time that Codexis has licensed its protein engineering platform technology to any party in the healthcare field, and reinforces both companies’ belief that biocatalysts, engineered by Codexis’ CodeEvolver technology, may increasingly be deployed to reduce the cost and increase the efficiency of pharmaceutical manufacturing. The use of biocatalysts to manufacture pharmaceuticals has the potential to reduce the number of manufacturing steps, reduce the use of hazardous chemicals and the production of toxic waste, and reduce the energy intensity of the process.
John Nicols, President and CEO of Codexis, stated that, “We are very pleased that GSK has selected our CodeEvolver platform technology to support innovation and reduce costs in its manufacturing and product development organizations. We look forward to replicating this new technology licensing model with other potential partners and expanding the network of innovative companies that may select our CodeEvolver technology to accelerate their in-house protein engineering capabilities.”
“We look forward to our collaboration with Codexis and deploying their protein engineering technology at GSK,” said John Baldoni, Senior Vice President, Platform Technology and Science of GSK. “Our goal is to manufacture small molecules more efficiently and sustainably and this platform will assist us to do that.”
Conference Call and Webcast
Codexis will hold a live conference call and audio webcast on, July 15, 2014 at 8:30 a.m. Eastern time / 5:30 a.m. Pacific time to discuss today’s announcement of the strategic collaboration and license agreement with GSK. The conference call dial-in numbers are 866-515-2912 for domestic and 617-399-5126 for international. Please use the pass code 24529887 and call approximately 10 minutes prior to start time. A live webcast of the call will also be available from the Investors section of www.codexis.com. A recording of the call will be available by calling 888-286-8010 for domestic or 617-801-6888 for international, beginning approximately two hours after the call, and will be available for up to seven days. Please use the pass code 54057727 to access the replay. A webcast replay will also be available from the Investors section of www.codexis.com approximately two hours after the call, and will be available for up to 30 days.
About CodeEvolver ® Protein Engineering Platform Technology
CodeEvolver is Codexis’ proprietary protein engineering platform, which enables rapid development of custom-designed enzymes that are highly optimized for efficient manufacturing processes. The CodeEvolver platform is comprised of proprietary methods for the optimization of proteins through the design and generation of diverse genetic libraries, automated screening techniques, algorithms for the interpretation of screening data and predictive modelling. The Codexis CodeEvolver platform technology is covered by more than 150 issued patents and pending patent applications worldwide.
About Codexis, Inc.
Codexis, Inc. is a leading developer of biocatalysts for pharmaceutical and fine chemical production. Codexis’ proven technology enables scale-up and implementation of biocatalytic solutions to meet customer needs for rapid, cost-effective and sustainable process development – from research to manufacturing. For more information, see www.codexis.com.
Forward-Looking Statements
This press release contains forward-looking statements relating to Codexis’ expectation that it will receive up to $25 million over approximately the next two years under the GSK agreement, the potential for Codexis to receive project-based milestone payments from GSK that range from $5.75 million to $38.5 million per project, the potential for Codexis to receive royalties from GSK for net sales of a limited set of GSK products developed using the CodeEvolver platform technology, the ability of biocatalysts developed using the CodeEvolver technology to reduce the cost and increase the efficiency of pharmaceutical manufacturing, the ability of biocatalysts to reduce the number of manufacturing steps, reduce the use of hazardous chemicals and the production of toxic waste, and reduce the energy intensity of pharmaceutical manufacturing processes, Codexis’ ability to transfer successfully the CodeEvolver platform technology to GSK, and Codexis’ ability to replicate a new CodeEvolver platform technology licensing model with other partners. You should not place undue reliance on these forward-looking statements because they involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond Codexis’ control and that could materially affect actual results. Factors that could materially affect actual results include Codexis’ dependence on its collaborators; Codexis’ dependence on a limited number of products and customers; potential adverse effects to Codexis’ business if its customers’ pharmaceutical products are not received well in the markets; Codexis’ ability to retain key personnel; Codexis’ reliance on customers to provide timely information in order for Codexis to report accurately and timely its financial results; Codexis’ ability to compete may decline if it loses some of its intellectual property rights; third party claims that Codexis infringes third party intellectual property rights; and Codexis could face increased competition if third parties misappropriate Codexis biocatalysts. Additional factors that could materially affect actual results can be found in Codexis’ Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 13, 2014, including under the caption “Risk Factors.” Codexis expressly disclaims any intent or obligation to update these forward-looking statements, except as required by law.
CONTACT: Codexis Contacts:
Investors:
Mike Rice, 646-597-6987
mrice@lifesciadvisors.com
Media:
Kate Whelan, +44 161 817 5008
kate.whelan@notchcommunications.co.uk
(ASMB) Ventrus Biosciences Becomes Assembly Biosciences Post Merger
Stockholders Approve Issuance of Common Stock in Connection With the Merger, a Reverse Stock Split and Company Name Change
NEW YORK, July 14, 2014 — Ventrus Biosciences, Inc. (Nasdaq:VTUS) today announced that its stockholders have approved the issuance of common stock in connection with the merger between Ventrus and Assembly Pharmaceuticals, Inc. in an all-stock transaction. The merger was effective at 5:00 p.m. ET on July 11, 2014.
Ventrus stockholders also approved a 1-for-5 reverse stock split and the change of the name of the company to Assembly Biosciences, Inc., both of which were effective at 5:01 p.m. ET on July 11, 2014. On Monday, July 14, 2014, the common stock of Assembly Biosciences, Inc. will begin trading under the ticker “ASMB.”
Assembly Biosciences is focusing on the development of its novel Core Protein Allosteric Modulators (CpAMs), small molecules to treat, and potentially cure, hepatitis B infection (HBV). HBV is an underappreciated global epidemic with more than 350 million people worldwide chronically infected. Chronic HBV causes cirrhosis and liver failure and is a leading cause of liver cancer, contributing to an estimated 600,000 deaths each year. Current treatments can suppress the infection but require lifelong therapy since fewer than 10% of infections are currently cured. The company is also developing novel microbiome-based approaches to treat intractable infections of the gastrointestinal (GI) tract, such as C. difficile infections.
“We believe that the strong support of our shareholders for this merger reflects the potential of the novel antiviral technology that is the scientific foundation of our new company,” said Dr. Russell Ellison, Chief Executive Officer and Chairman of Ventrus Biosciences and now of Assembly Biosciences. “The combined companies bring a wealth of talent and experience to the development and commercialization of our potentially curative approach to hepatitis B, an underserved disease that afflicts hundreds of millions of people worldwide.”
“Joining forces with the experienced Ventrus team offered us the best opportunity to enlarge and accelerate our ambitious plans to develop our potentially breakthrough HBV program,” said Derek Small, co-founder and former Chief Executive Officer of Assembly Pharmaceuticals and President and Chief Operating Officer of Assembly Biosciences. “The combined teams are already working as one, and we look forward to advancing the CpAM program into human clinical trials as expeditiously as possible.”
About Assembly Biosciences
Assembly Biosciences, Inc. is a biopharmaceutical company developing novel therapies for infectious diseases and other disorders of the gastrointestinal (GI) system. Assembly’s proprietary Core Protein Allosteric Modulators (CpAMs) are small molecule, oral agents for the treatment of viral infections. The company’s lead program focuses on hepatitis B (HBV), which infects an estimated 350 million people worldwide and is associated with 600,000 deaths annually. CpAMs alter the HBV core protein, a unique target that is essential to the functioning of the virus. Unlike current therapies that only suppress HBV, CpAMs may have curative potential. Assembly also is developing novel microbiome-based technology for targeted oral delivery of therapeutic bacteria, complex proteins, viral antigens and small molecules to treat intractable infectious diseases of the GI tract, such as C. difficile infections.
Cautionary Statement Regarding Forward-Looking Statements
Please Note: The information provided herein contains estimates and other forward-looking statements regarding future events. Such statements are just predictions and are subject to risks and uncertainties that could cause the actual events or results to differ materially. These risks and uncertainties include, among others: the benefits of the Assembly merger; the risk that the businesses will not be integrated successfully; the components, timing, cost and results of clinical trials and other development activities involving our product candidates; the unpredictability of the clinical development of our product candidates and of the duration and results of regulatory review of those candidates by the FDA and foreign regulatory authorities;; the unpredictability of the size of the markets for, and market acceptance of, any of our products; our anticipated capital expenditures, our estimates regarding our capital requirements, and our need for future capital; our ability to retain and hire necessary employees and to staff our operations appropriately; and the possible impairment of, or inability to obtain, intellectual property rights and the costs of obtaining such rights from third parties. The reader is referred to the documents that we file from time to time with the Securities and Exchange Commission.
CONTACT: Corporate:
Assembly Biosciences, Inc.
David Barrett
646-706-5208
dbarrett@assemblybio.com
Media:
BLL Partners, LLC
Barbara Lindheim
212 584-2276
barbara@assemblybio.com
(BAMM) to Open New Store in Merrillville
Heading into this year’s holiday season, Books-A-Million, Inc. (NASDAQ/:BAMM) shoppers in Merrillville will find all their favorite books, toys and tech in a new location.
In August, Books-A-Million’s new store in Merrillville’s Southlake Mall will offer the high-quality products and neighborly service which its customers have come to expect from their favorite local bookstore.
“Merrillville residents have shown constant support for their Books-A-Million since the store opened in 2011,” Books-A-Million District Manager Andy Anderson said. “This new site is a token of our dedication to serving the book lovers of this incredible community.”
Among the vast selection of best-sellers, books for kids and bargains, Books-A-Million is home for hundreds of toys, games and puzzles for all ages. It’s also the best place to pick up the NOOK HD+ and other entertainment accessories including Lifeproof smartphone protectors and Skullcandy earbuds.
“We know our Merrillville customers will enjoy everything we have planned for the new location,” said Jeff Skipper, Vice President of Marketing. “Books-A-Million is excited to be their go-to store for books, toys, tech and more for years to come.”
About Books-A-Million, Inc.
Books-A-Million, Inc. is one of the nation’s leading book retailers and sells on the Internet at www.booksamillion.com. The Company presently operates 258 stores in 33 states and the District of Columbia. The Company operates large superstores under the names Books-A-Million (BAM!), Books & Co. and 2nd & Charles and traditional bookstores operating under the names Bookland and Books-A-Million. Also included in the Company’s retail operations is the operation of Yogurt Mountain Holding, LLC, a retailer and franchisor of self-serve frozen yogurt stores with 43 locations. The Company also develops and manages commercial real estate investments through its subsidiary, Preferred Growth Properties. The common stock of Books-A-Million, Inc. is traded on the NASDAQ Global Select Market under the symbol BAMM. For more information, visit the Company’s corporate website at www.booksamillioninc.com.
Follow Books-A-Million on Twitter (http://twitter.com/booksamillion) and like us on Facebook (http://facebook.com/booksamillion).
(CECO) Bleu Ribbon Kitchen Website Transforms into Foodie Destination
Bleu Ribbon Kitchen, offering enthusiast cooking classes taught in the professional kitchens of Le Cordon Bleu North America, is launching a fresh new website to bring more cooking resources to culinary enthusiasts. The revamped website offers foodies a digital hub for everything from recipes and blog posts to cooking videos.
“Our new website is a true extension of the Bleu Ribbon Kitchen workshops, providing a go-to destination for food lovers to learn new skills and gain valuable culinary knowledge,” said Laura Lyons, director of consumer education at Le Cordon Bleu. “With more robust content and an easier to navigate layout, the site offers exciting features for home chefs who are looking to enhance their skills.”
The user-friendly site – www.bleuribbonkitchen.com – makes it simple for visitors to roll up their sleeves and get cooking all while learning from the same Le Cordon Bleu North America professional chefs who train today’s inspiring culinarians. Foodies will find recipes straight from the kitchens of Le Cordon Bleu North America and a daily dose of tips and tricks will keep folks coming back for more insights. Additionally, Bleu Ribbon Kitchen has provided video tutorials that provide step-by-step instructions allowing users to whip up culinary creations from the comfort of their own homes. The Bleu Ribbon Kitchen blog features helpful recipes and tips, from how to grill the perfect steak to how to seed a cucumber, helping any culinary enthusiast take their skills to the next level.
“Much like the classes, the new Bleu Ribbon Kitchen website is committed to providing an interactive experience and helping students achieve their own level of perfection, whether that’s learning the proper way to chop an onion or hosting a dinner party,” said Lyons.
A new online shopping feature makes it easy to purchase a gift card for your friends or register for one of our culinary experiences with just a few clicks. Food aficionados will spend less time signing up for Bleu Ribbon Kitchen classes and more time doing what they love most – cooking.
The Bleu Ribbon Kitchen workshops were created as a way to share the tips and techniques of professional chefs with food enthusiasts, giving those passionate about cooking an opportunity to enhance their skills. Le Cordon Bleu, the number one culinary educator*, designed the Bleu Ribbon Kitchen workshops to fit busy lifestyles and interests.
Offering five, three, two day or Petit Workshops for just a few hours, anyone can explore world cuisines or concentrate on specific techniques and special feasts. Available at 15 Le Cordon Bleu campuses across the country, all workshops are taught by Le Cordon Bleu professional chefs in the same commercial kitchens used to teach the next generation of great cooks.
About Le Cordon Bleu
Le Cordon Bleu North America is a leading provider of quality culinary arts education in North America. The network of 16 schools in the United States offers culinary and baking students a hands-on training alongside faculty dedicated to providing students with the necessary skills, knowledge, support and guidance to pursue career opportunities in the culinary and hospitality industry. Find disclosures on employment rates, student financial obligations and more disclosures at www.chefs.com.disclosure. Le Cordon Bleu cannot guarantee employment or salary. Le Cordon Bleu is a member of the Career Education Corporation (NASDAQ:CECO) network of universities, colleges and schools. For more information about Le Cordon Bleu, visit www.Chefs.edu.
Le Cordon Bleu® and the Le Cordon Bleu logo are registered trademarks of Career Education Corporation in North America for educational services. Bleu Ribbon Kitchen® and the Bleu Ribbon Kitchen logo are registered trademarks of Career Education Corporation.
* Le Cordon Bleu in North America had more culinary graduates in the USA than any other national network of culinary schools, for the years 2006 to 2011. Source: IPEDS. Le Cordon Bleu cannot guarantee employment or salary.
(GPRC) Director Resigns Post on Guanwei Recycling Board
FUQING CITY, CHINA–(Jul 11, 2014) – Guanwei Recycling Corp. (the “Company” of “Guanwei”) (NASDAQ: GPRC), China’s leading clean tech manufacturer of recycled low density polyethylene (LDPE), today announced that Mr. Howard S. Barth, CPA CA, has stepped down from the Guanwei Board of Directors (the “board”).
Mr. Barth, who served on the Company’s board since 2009, was chairman of the audit committee and one of four independent Guanwei Recycling directors on a board composed of a total of seven directors. He said his departure was for personal reasons and not in connection with any known material disagreement with the board or the Company.
Mr. Chen Min, Guanwei’s Chairman and CEO, said the Company has begun a search for a new board member to head the audit committee. He added, “On behalf of the board, I want to thank Mr. Barth for his many years of service to the Company and wish him well going forward.”
Description of Guanwei Recycling Corp.
Adhering to the highest “green” standards, Guanwei Recycling Corp. (the “Company”) has generated rapid growth producing recycled low density polyethylene (LDPE) from plastic waste procured mostly in Europe. The Company sells the recycled LDPE to more than 300 customers (including over 150 active recurring customers) in more than ten different industries in China. The Company is licensed by Chinese authorities and also has been issued a Compliance Certificate by TÜV Rheinland, which issues certificates of approval for certain plastics manufacturers that meet Germany’s strict environmental standards. This enables the Company to procure high quality plastic waste directly from Germany and other European countries with no middlemen, and permits highly economic production of the highest grades of LDPE. Additional information regarding Guanwei Recycling Corp. is available at www.guanweirecycling.com.
Information Regarding Forward-Looking Statements
Except for historical information contained herein, the statements in this press release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause our actual results in future periods to differ materially from forecasted results. These risks and uncertainties include, among other things, product demand, market competition, and risks inherent in our operations. These and other risks are described in our filings with the U.S. Securities and Exchange Commission.
CONTACT:
Richard Sun
guanweirecycling@gmail.com
Ken Donenfeld
DGI Investor Relations
kdonenfeld@dgiir.com
Tel: 212-425-5700
Fax: 646-381-9727
(ANV) Preliminary Q2 Production and Sales; On Track to Meet Annual Guidance
RENO, NEVADA–(Jul 11, 2014) – Allied Nevada Gold Corp. (“Allied Nevada” or the “Company”) (TSX:ANV) (NYSE MKT:ANV) reports that second quarter 2014 production and sales targets were achieved at its wholly owned Hycroft mine in Nevada. Preliminary second quarter and year to date 2014 production and sales, as compared with production and sales in the comparative 2013 periods, were as follows:
| Three months ended June 30, |
Six months ended June 30, |
||||
| 2014 | 2013 | 2014 | 2013 | ||
| Ounces produced | Gold | 56,864 | 39,195 | 116,978 | 77,214 |
| Silver | 481,151 | 132,841 | 893,657 | 320,841 | |
| Ounces sold | Gold | 57,050 | 41,512 | 116,520 | 68,768 |
| Silver | 474,832 | 146,303 | 881,066 | 321,069 | |
Hycroft continues to benefit from the increased mining capacity and process improvements that have been implemented to the heap leach operation over the last few years. As announced on June 16, 2014, the crushing system became operational in early June and, to date, we have crushed and placed more than 400,000 tons of ore on the heap leach pads.
Gold production and sales were 51% and 69% higher in the first half of 2014 when compared with the same period in 2013. The largest contributor to the recent production and related sales improvements was the increased processing capacity of the new Merrill-Crowe plant. Gold sales volumes generated from the carbon columns represented approximately 15% of the total gold sales volumes during the first half of 2014 compared with 27% of the total gold sales volumes for the first half of 2013. Silver production and sales in the first half of 2014 were not only more than double that of the same period in 2013, but also more than in all of 2013. We continue to be on track to meet our full year 2014 guidance estimates for both gold and silver.
We expect to issue second quarter 2014 financial results on August 4, 2014, after close of market. We plan on holding a conference call and webcast on August 5, 2014, to discuss these results followed by a question and answer session. A link to the listen-only webcast link can be accessed at www.alliednevada.com. To participate in the conference call, please dial:
Toll-Free in North America: 1-866-233-4585 / International: 416-640-5946
Cautionary Statement Regarding Forward Looking Information
This press release contains forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, Section 21E of the U.S. Securities Exchange Act of 1934, as amended (and the equivalent under Canadian securities laws) and the Private Securities Litigation Reform Act or in releases made by the U.S. Securities and Exchange Commission (the “SEC”), as all may be amended from time to time. All statements, other than statements of historical fact, included herein or incorporated by reference, that address activities, events or developments that we expect or anticipate will or may occur in the future, are forward-looking statements. The words “estimate”, “plan”, “anticipate”, “expect”, “intend”, “believe”, “project”, “target”, “budget”, “may”, “can”, “will”, “would”, “could”, “should”, “seeks”, or “scheduled to”, or other similar words, or negatives of these terms or other variations of these terms or comparable language or any discussion of strategy or intentions identify forward-looking statements. Such forward-looking statements include, without limitation, statements regarding the ability to achieve increased recoveries and the processing capacity of the Merrill-Crowe plant; the potential for confirming, upgrading and expanding gold and silver mineralized material at Hycroft; reserve and resource estimates and the timing of the release of updated estimates; estimates of gold and silver grades; anticipated costs, anticipated sales, project economics, the realization of expansion and construction activities and the timing thereof; production estimates and other statements that are not historical facts.
Forward-looking statements address activities, events or developments that Allied Nevada expects or anticipates will or may occur in the future, and are based on current expectations and assumptions. Although Allied Nevada management believes that its expectations are based on reasonable assumptions, it can give no assurance that these expectations will prove correct. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, among others, risks that Allied Nevada’s exploration and property advancement efforts will not be successful; risks relating to fluctuations in the price of gold and silver; the inherently hazardous nature of mining-related activities; uncertainties concerning reserve and resource estimates; uncertainties relating to obtaining approvals and permits from governmental regulatory authorities; and availability and timing of capital for financing the Company’s exploration and development activities, including the uncertainty of being able to raise capital on favorable terms or at all; as well as those factors discussed in Allied Nevada’s filings with the SEC including Allied Nevada’s latest Annual Report on Form 10-K and its other SEC filings (and Canadian filings) including, without limitation, its latest Quarterly Report on Form 10-Q (which may be secured from us, either directly or from our website at www.alliednevada.com or at the SEC website www.sec.gov). The Company does not intend to publicly update any forward-looking statements, whether as a result of new information, future events, or otherwise, except as may be required under applicable securities laws.
Allied Nevada Gold Corp.
Randy Buffington
President & CEO
(775) 358-4455
Allied Nevada Gold Corp.
Tracey Thom
Vice President, Investor Relations
(775) 789-0119
www.alliednevada.com
(ICLD) Adds Over $8 Million in Next Generation Network Solution Sales
SHREWSBURY, N.J., July 11, 2014 — InterCloud Systems, Inc. (Nasdaq:ICLD) has seen an influx of new purchase orders for WiFi, DAS, small cell and other next generation network wireless solutions. Including the previously announced $4.9 Million Chicago commercial project, in the last 90 days InterCloud has seen more than $3.1 Million in additional purchase orders from existing clients for new wireless network expansion.
“These new purchase orders demonstrate the growth of wireless network solutions necessary to handle the massive increase in wireless data usage within our customers’ network infrastructure. As we see these continued opportunities in next-generation network expansion we are increasing our professional team to service this demand,” stated Mark Munro, CEO of InterCloud. “We continue to scale our sales organization to meet these growing demands.”
About InterCloud Systems, Inc.:
InterCloud Systems, Inc. is a single-source provider of end-to-end information technology (IT) and next-generation network solutions to the telecommunications service provider (carrier) and corporate enterprise markets through cloud platforms and professional services. InterCloud offers cloud and managed services, professional consulting and staffing services, and voice, data and optical solutions to assist its customers in meeting their changing technology demands. Additional information regarding InterCloud may be found on the Company’s website at www.intercloudsys.com.
Forward-looking statements:
The above news release contains forward-looking statements. The statements contained in this document that are not statements of historical fact, including but not limited to, statements identified by the use of terms such as “anticipate,” “appear,” “believe,” “could,” “estimate,” “expect,” “hope,” “indicate,” “intend,” “likely,” “may,” “might,” “plan,” “potential,” “project,” “seek,” “should,” “will,” “would,” and other variations or negative expressions of these terms, including statements related to expected market trends and the Company’s performance, are all “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and involve a number of risks and uncertainties. These statements are based on assumptions that management believes are reasonable based on currently available information, and include statements regarding the intent, belief or current expectations of the Company and its management. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performances, and are subject to a wide range of external factors, uncertainties, business risks, and other risks identified in filings made by the company with the Securities and Exchange Commission. Actual results may differ materially from those indicated by such forward-looking statements. The Company expressly disclaims any obligation or undertaking to update or revise any forward-looking statement contained herein to reflect any change in the company’s expectations with regard thereto or any change in events, conditions or circumstances upon which any statement is based except as required by applicable law and regulations.
CONTACT: Investor Relations
RedChip Companies, Inc.
Mike Bowdoin, Vice President
800-733-2447, ext.110
Mike@redchip.com
(AMS) Has No Comment on Trading Activity
AMERICAN SHARED HOSPITAL SERVICES (NYSE MKT:AMS), a leading provider of turnkey technology solutions for advanced radiosurgical and radiation therapy services, announced today that the NYSE MKT has notified the Company about unusual trading activity in its stock. It is the Company’s policy to not comment on unusual trading activity.
About AMS
American Shared Hospital Services provides turnkey technology solutions for advanced radiosurgical and radiation therapy services. AMS is the world leader in providing Gamma Knife radiosurgery equipment, a non-invasive treatment for malignant and benign brain tumors, vascular malformations and trigeminal neuralgia (facial pain). The Company also offers the latest IGRT and IMRT systems, as well as its proprietary Operating Room for the 21st CenturySM concept. AMS owns a common stock investment in Mevion Medical Systems, Inc., developer of the compact MEVION S250 Proton Therapy System.
Safe Harbor Statement
This press release may be deemed to contain certain forward-looking statements with respect to the financial condition, results of operations and future plans of American Shared Hospital Services, which involve risks and uncertainties including, but not limited to, the risks of the Gamma Knife and radiation therapy businesses, the risks of developing The Operating Room for the 21st Century program, and the risks of investing in a development-stage company, Mevion Medical Systems, Inc. Further information on potential factors that could affect the financial condition, results of operations and future plans of American Shared Hospital Services is included in the filings of the Company with the Securities and Exchange Commission, including the Company’s Annual Report on Form 10-K for the year ended December 31, 2013, the Quarterly Report on Form 10-Q for the quarter ended on March 31, 2014, and the definitive Proxy Statement for the Annual Meeting of Shareholders held on June 10, 2014.
(JOEZ) Reports 56% Increase in Net Sales to $48.2 Million for Q2 FY14
Joe’s Jeans Inc. (the “Company”) (NASDAQ: JOEZ) today announced financial results for the second quarter ended May 31, 2014. Highlights were:
- Second quarter net sales increased 56% to $48.2 million;
- Wholesale net sales increased 66%;
- Retail store net sales increased 19%; and
- Operating income increased 55% to $3.3 million compared to $2.1 million in the prior year period.
For the second quarter ended May 31, 2014, overall net sales were $48.2 million compared to $30.9 million in the prior year comparative period, or a 56% increase. We completed our acquisition of Hudson Clothing Holdings, Inc. (“Hudson”) on September 30, 2013 and our results for the second quarter of fiscal 2014 reflect the operation of Hudson as one of our wholly-owned subsidiaries.
Our overall gross profit for the quarter increased to $22.6 million from $13.5 million in the prior year comparative period, or a 67% increase. Our overall gross margin in the second quarter of fiscal 2014 was 47% compared to 44% in the second quarter of fiscal 2013. Operating expense in the second quarter of fiscal 2014 was $19.3 million compared to $11.4 million a year ago. Our operating income was $3.3 million compared to $2.1 million in the prior year comparative period. We had net income of $2.3 million compared to $1.2 million in the prior year period. As a result, our fully diluted earnings per share was $0.01 for the second quarter of fiscal 2014 compared to $0.02 in same period a year ago.
Marc Crossman, President and Chief Executive Officer, commented, “We have been working these past two quarters to position both companies to realize the cost savings benefits from our acquisition of Hudson. We expect to begin to see the benefit of that work in the third quarter of fiscal 2014. We expect the savings to continue to ramp up during the fourth quarter and by year end, we expect to be running at an annualized cost savings rate in excess of $10 million per year.” Mr. Crossman concluded, “Furthermore, we expect our core results, excluding these cost savings, to pick up in the back half of the year, as we are already seeing improvement in our same store sales comps at our company owned retail stores.”
Wholesale
Net sales for our wholesale segment in the second quarter of fiscal 2014 increased 66% to $40.4 million compared to $24.4 million in the year ago period. Wholesale net sales for the second quarter of fiscal 2014 included $17.9 million in wholesale net sales from Hudson®. Gross margin percentages for our wholesale segment were 43% for the second quarter of fiscal 2014 compared to 37% in the prior year comparable quarter. For the second quarter, wholesale operating expense increased to $5.7 million compared to $3.2 million in the year ago period. Our wholesale operating income increased to $11.6 million in the second quarter of fiscal 2014 compared to $5.7 million in the prior year comparative period.
Retail
Net sales from our retail segment in the second quarter increased 19% to $7.8 million compared to $6.5 million in the prior year comparative period. The growth in retail sales was driven by revenue contribution of $837,000 from Hudson’s® e-shop as well as growing our store base by three stores in the comparative period. In addition, our same store sales, which includes Joe’s® stores open at least 12 months and our Joe’s® e-shop, increased 1% during the quarter. Gross margin percentages for our retail segment decreased to 69% from 70% in the year ago period and were impacted by increased promotional activity at our retail outlet stores as our competitors were more promotional. Retail operating expense increased as a result of additional expenses associated with expanding our store base compared to the prior year period and the addition of the operation of Hudson’s® e-shop. Overall, for the second quarter, we had an operating income of $103,000 compared to $132,000 in the year ago period for our retail segment.
Corporate and Other
For the second quarter of fiscal 2014, our corporate and other expenses were $8.4 million compared to $3.7 million in the second quarter a year ago. Corporate and other expenses increased due to $4.2 million of expenses associated with Hudson’s corporate operations for the second quarter of fiscal 2014.
The Company will host a conference call on Thursday, July 10, 2014 at 4:30 p.m. Eastern Time with the Company’s Chief Executive Officer, Marc Crossman, and its Chief Financial Officer, Hamish Sandhu, to discuss financial results for the second quarter ended May 31, 2014.
To access the live call, please dial 1(800) 264-7882 or 1(847) 413-3708. The conference ID number and participant passcode is 37590829 and is titled the “Q2 2014 Joe’s Jeans Inc. Earnings Conference Call.” The information provided on the teleconference is only accurate at the time of the conference call, and the Company will take no responsibility for providing updated information. A telephone replay of the conference call will be available beginning at 7:00 p.m. Eastern Time on July 10, 2014 until 2:59 a.m. Eastern Time on July 19, 2014 by dialing 1(888) 843-7419 or 1(630) 652-3042 and using the conference passcode 37590829#. In addition, the conference call will be archived for two weeks on the Company’s website at www.joesjeans.com.
| JOE’S JEANS INC. AND SUBSIDIARIES | ||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF NET (LOSS) INCOME AND COMPREHENSIVE (LOSS) INCOME | ||||||||
| (in thousands, except per share data) | ||||||||
| Three months ended | ||||||||
| May 31, 2014 | May 31, 2013 | |||||||
| (unaudited) | ||||||||
| Net sales | $ | 48,167 | $ | 30,874 | ||||
| Cost of goods sold | 25,594 | 17,369 | ||||||
| Gross profit | 22,573 | 13,505 | ||||||
| Operating expenses | ||||||||
| Selling, general and administrative | 18,125 | 10,840 | ||||||
| Depreciation and amortization | 1,160 | 542 | ||||||
| 19,285 | 11,382 | |||||||
| Operating income | 3,288 | 2,123 | ||||||
| Interest expense | 3,355 | 127 | ||||||
| Other income | (4,818) | – | ||||||
| Income before provision for taxes | 4,751 | 1,996 | ||||||
| Income tax expense | 2,412 | 823 | ||||||
| Net income and comprehensive income | $ | 2,339 | $ | 1,173 | ||||
| Earnings per common share – basic | $ | 0.03 | $ | 0.02 | ||||
| Earnings per common share – diluted | $ | 0.01 | $ | 0.02 | ||||
| Weighted average shares outstanding: | ||||||||
| Basic | 68,148 | 67,047 | ||||||
| Diluted | 87,096 | 68,411 | ||||||
The following table sets forth certain segment information for the three months ended May 31, 2014 and 2013, respectively:
| JOE’S JEANS INC. AND SUBSIDIARIES | ||||||||
| SEGMENT RESULTS | ||||||||
| (in thousands) | ||||||||
| Three months ended | ||||||||
| May 31, 2014 | May 31, 2013 | |||||||
| (unaudited) | ||||||||
| Net sales: | ||||||||
| Wholesale | $ | 40,401 | $ | 24,366 | ||||
| Retail | 7,766 | 6,508 | ||||||
| $ | 48,167 | $ | 30,874 | |||||
| Gross profit: | ||||||||
| Wholesale | $ | 17,218 | $ | 8,955 | ||||
| Retail | 5,355 | 4,550 | ||||||
| $ | 22,573 | $ | 13,505 | |||||
| Operating income: | ||||||||
| Wholesale | $ | 11,560 | $ | 5,716 | ||||
| Retail | 103 | 132 | ||||||
| Corporate and other | (8,375) | (3,725) | ||||||
| $ | 3,288 | $ | 2,123 | |||||
About Joe’s Jeans Inc.
Joe’s Jeans Inc. designs, produces and sells apparel and apparel-related products to the retail and premium markets under the Joe’s® brand and related trademarks. The Company also acquired in September 2013 Hudson Clothing Holdings, Inc., a leading global designer and marketer of women’s and men’s premium branded denim apparel bearing the Hudson® brand name, and operates it as a wholly owned subsidiary. Visit: joesjeans.com or facebook.com/joesjeans and hudsonjeans.com or facebook.com/HudsonJeans.
This release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. The matters discussed in this document involved estimates, projections, goals, forecasts, assumptions, risks and uncertainties that could cause actual results or outcomes to differ materially from those expressed in the forward-looking statements. All statements in this news release that are not purely historical facts are forward-looking statements, including statements containing the words “intend,” “believe,” “estimate,” “project,” “expect” or similar expressions. Any forward-looking statement inherently involves risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to: our ability to successfully integrate the business of Hudson Clothing Holdings, Inc., or Hudson, and realize cost savings and any other synergies; the ability to generate significant cost savings in the third and fourth fiscal quarters of 2014; the ability to increase our core results; unexpected costs or unexpected liabilities that may arise from the transaction or the operation of our business; the inability to retain key personnel; the diversion of management’s time and attention from our ongoing business during this time period, the impact of the acquisition on our stock price, the anticipated benefits of the acquisition on our financial results, business performance and product offerings, the risk that the credit ratings of the combined company or its subsidiaries may be different from what the companies expect, continued acceptance of our product, product demand, competition, capital adequacy, general economic conditions and the potential inability to raise additional capital, if required, the risk that the Company will be unsuccessful in gauging fashion trends and changing customer preferences; the risk that changes in general economic conditions, consumer confidence, or consumer spending patterns will have a negative impact on the Company’s financial performance or strategies; the highly competitive nature of the Company’s business in the United States and internationally and its dependence on consumer spending patterns, which are influenced by numerous other factors; the Company’s ability to respond to the business environment and fashion trends; continued acceptance of the Company’s brands in the marketplace; the ability to generate positive cash flow from operations; competitive factors, including the possibility of major customers sourcing product overseas in competition with our products; the risk that acts or omissions by the Company’s first party vendors could have a negative impact on the Company’s reputation; a possible oversupply of denim in the marketplace; and other risks. The Company discusses certain of these factors more fully in its additional filings with the SEC, including its last annual report on Form 10-K filed with the SEC, and this release should be read in conjunction with that annual report together with all of the Company’s other filings made with the SEC through the date of this release. The Company urges you to consider all of these risks, uncertainties and other factors carefully in evaluating the forward-looking statements contained in this release.
Any forward-looking statement is based on information current as of the date of this document and speaks only as of the date on which such statement is made, and the Company undertakes no obligation to update these statements to reflect events or circumstances after the date on which such statement is made. Readers are cautioned not to place undue reliance on forward-looking statements.
(CRAY) Awarded $174M Supercomputer Contract From National Nuclear Security Admin
SEATTLE, WA–(Jul 10, 2014) – Global supercomputer leader Cray Inc. (NASDAQ: CRAY) today announced the Company has been awarded one of the largest contracts in Cray’s history — a $174 million deal to provide the National Nuclear Security Administration (NNSA) with a next generation Cray® XC™ supercomputer and a Cray Sonexion® storage system.
The next-generation Cray XC supercomputer will provide the NNSA with a world-class supercomputing system to advance the mission for the agency’s stockpile stewardship program. The system, named “Trinity” by the NNSA, is a joint effort between the New Mexico Alliance for Computing at Extreme Scale (ACES) at the Los Alamos National Laboratory and Sandia National Laboratories as part of the NNSA Advanced Simulation and Computing Program (ASC). The new Cray supercomputer will be used to ensure the safety, security and effectiveness of the United States’ nuclear stockpile.
“Both Los Alamos and Sandia have a long history with Cray, going back to the beginning of the supercomputing era and most recently with the Cielo platform,” said Gary Grider, High Performance Computing Division Leader at Los Alamos. “That history continues with the Trinity platform that will provide next generation supercomputing in support of the U. S. nuclear security enterprise.”
“We look forward to working with Cray to create a significant increase in supercomputing capability for key NNSA national security applications,” said Bruce Hendrickson, Sr. Manager of the Extreme-scale Computing group at Sandia National Laboratories. “Trinity will target the largest and most demanding simulations for NNSA.”
The Trinity system will support all three of the NNSA national laboratories, which include Los Alamos National Laboratory, Sandia National Laboratories and Lawrence Livermore National Laboratory. The NNSA’s current supercomputer sited at Los Alamos is a Cray XE6™ system named “Cielo.” The new Trinity system is expected to deliver more than eight times greater applications performance than the Cielo system.
“It is a real honor that one of the largest contracts in our Company’s history has come from one of our most important customers,” said Peter Ungaro, president and CEO of Cray. “Our partnership and collaboration with the NNSA has led to the development of groundbreaking supercomputing systems, including the Cray XT3 system that resulted from the Red Storm project. The NNSA has consistently deployed the world’s most advanced supercomputing systems to support their critical mission of ensuring the health of our nation’s nuclear stockpile. We couldn’t be more proud that, once again, the NNSA has placed its trust in Cray to provide them with the computational tools needed to support their important mission.”
Through a phased deployment, Cray will provide the NNSA with a multi-petaflop supercomputing system and a multi-petabyte Cray Sonexion storage system. The Trinity system will be a next-generation version of the Cray XC30™ supercomputer, and will include future Intel® Xeon® processors code-named “Haswell” and future Intel® Xeon Phi™ processors code-named “Knights Landing.” Trinity will be located at Los Alamos National Laboratory.
“NNSA’s selection of the Cray XC supercomputer, powered by future Intel Xeon and Intel Xeon Phi processors, will deliver great application performance for a wide set of codes while the binary compatibility between the processors will allow the NNSA to reuse existing codes,” said Charles Wuischpard, vice president and general manager of Workstations and HPC at Intel. “Intel is excited to build upon our longstanding and successful collaboration with Cray to deliver this vanguard HPC system to the NNSA.”
The Cray Sonexion storage solution at NNSA will include 82 petabytes of capacity and 1.7 terabytes per-second of sustained performance. Cray’s Sonexion storage system combines Cray’s Lustre® expertise with a unique design that allows scalability from five gigabytes per-second to more than a terabyte per-second in a single file system — and performs optimally at scale. Management is simplified through an appliance design with all storage components including software, storage and infrastructure.
Previously code-named “Cascade,” the Cray XC30 series of supercomputers is engineered to meet the performance challenges of today’s most demanding high performance computing (HPC) users. The Cray XC30 and Cray XC30-AC™ supercomputers include: the Aries system interconnect; a Dragonfly network topology that frees applications from locality constraints; innovative cooling systems to lower customers’ total cost of ownership; the next-generation of the scalable, high performance Cray Linux Environment supporting a wide range of applications; Cray’s HPC optimized programming environment, and the ability to handle a wide variety of processor types.
Consisting of products and services, the multi-year, multi-phase contract is valued at more than $174 million in total, with substantial system acceptances expected to occur in both late-2015 and 2016.
About the National Nuclear Security Administration
Established by Congress in 2000, NNSA is a semi-autonomous agency within the U.S. Department of Energy responsible for enhancing national security through the military application of nuclear science. NNSA maintains and enhances the safety, security, reliability, and performance of the U.S. nuclear weapons stockpile without nuclear testing; works to reduce global danger from weapons of mass destruction; provides the U.S. Navy with safe and effective nuclear propulsion; and responds to nuclear and radiological emergencies in the U.S. and abroad.
About Cray Inc.
Global supercomputing leader Cray Inc. (NASDAQ: CRAY) provides innovative systems and solutions enabling scientists and engineers in industry, academia and government to meet existing and future simulation and analytics challenges. Leveraging 40 years of experience in developing and servicing the world’s most advanced supercomputers, Cray offers a comprehensive portfolio of supercomputers and Big Data storage and analytics solutions delivering unrivaled performance, efficiency and scalability. Cray’s Adaptive Supercomputing vision is focused on delivering innovative next-generation products that integrate diverse processing technologies into a unified architecture, allowing customers to meet the market’s continued demand for realized performance. Go to www.cray.com for more information.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 and Section 27A of the Securities Act of 1933, including, but not limited to, statements related to Cray’s ability to deliver the system required by the NNSA when required and that meets the NNSA’s needs. These statements involve current expectations, forecasts of future events and other statements that are not historical facts. Inaccurate assumptions and known and unknown risks and uncertainties can affect the accuracy of forward-looking statements and cause actual results to differ materially from those anticipated by these forward-looking statements. Factors that could affect actual future events or results include, but are not limited to, the risk that the system required by the NNSA is not delivered in a timely fashion or does not perform as expected, the risk that Cray is not able to successfully complete its planned product development efforts in a timely fashion or at all, the risk that processors planned for the next generation Cray XC system are not available or incorporated into the Cray XC system when expected or at all and such other risks as identified in the Company’s quarterly report on Form 10-Q for the quarter ended March 31, 2014, and from time to time in other reports filed by Cray with the U.S. Securities and Exchange Commission. You should not rely unduly on these forward-looking statements, which apply only as of the date of this release. Cray undertakes no duty to publicly announce or report revisions to these statements as new information becomes available that may change the Company’s expectations.
Cray and Sonexion are registered trademarks of Cray Inc. in the United States and other countries, and XC, XE6, XT3, XC30 and XC30-AC are trademarks of Cray Inc. Other product and service names mentioned herein are the trademarks of their respective owners.
Cray Media:
Nick Davis
206/701-2123
pr@cray.com
Cray Investors:
Paul Hiemstra
206/701-2044
ir@cray.com
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