Companies news of 2010-03-22 (page 1)
Canadian Equipment Rental Fund Limited Partnership Announces Distribution of $0.06 per...
First Uranium updates MWS technical reportAll amounts are in US dollars unless otherwise...
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Canadian Equipment Rental Fund Limited Partnership Announces Distribution of $0.06 per UnitTSX Venture Symbol: CFL.UN
CALGARY, March 22 /PRNewswire-FirstCall/ -- The board of directors of the general partner for Canadian Equipment Rental Fund Limited Partnership (the "Partnership" or "CERF LP") announces that they have approved a cash distribution to the Partnership unitholders of $0.06 per unit for the first quarter of 2010. If continued, this will represent $0.24 per unit on an annualized basis. Payment will be made on or about April 15, 2010, to unitholders of record as of the close of business on March 31, 2010.
Investors are cautioned that future distributions are always subject to approval from the board of directors of the general partner and may be increased, decreased or suspended by the board at any time.
Partners are reminded that taxes based on the income of the Partnership are the responsibility of the individual partners. Each unitholder is responsible for reporting their share of the Partnership's taxable income on their individual tax returns. Taxable income is unrelated to the amount of distributions paid in the year and differs from book income.
Each partner who was a unitholder of record at any of the distribution dates, during a given year, will receive, by mail in March of the following year, a form T5013 from the Partnership's Transfer Agent or the unitholder's brokerage firm. The T5013 indicates the amount of taxable income the unitholder is responsible to report.
CERF LP is a Canadian limited partnership engaged in the rental, sale and service of industrial and construction equipment. CERF LP trades on the TSX Venture Exchange under the symbol "CFL.UN" and currently has 6,096,450 units issued and outstanding.
FORWARD LOOKING STATEMENTS
This press release contains forward looking statements subject to various risk factors and uncertainties, which may cause the actual results, performances, cash flows or the ability to pay distributions to be materially different from the results, performances, cash flows or the ability to pay distributions expressed or implied by such forward looking statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Canadian Equipment Rental Fund Limited Partnership
CONTACT: Wayne Wadley, President & CEO at (403) 850-4095, by email at wwadley@cerflp.com; or Ken Stephens, CFO at (403) 298-8695, by fax at (403) 269-3540, by email at kstephens@cerflp.com
First Uranium updates MWS technical reportAll amounts are in US dollars unless otherwise noted.MWS Updated NPV (8%) $211M, IRR 34% -----------------------------------
TORONTO and JOHANNESBURG, March 22 /PRNewswire-FirstCall/ -- First Uranium Corporation (TSX:FIU, JSE:FUM) (ISIN:CA33744R1029) ("First Uranium" or the "Company") has updated the technical report for the Mine Waste Solutions tailings recovery operation ("MWS") in South Africa.
The updated technical report was developed as a consequence of the uncertainties and delays precipitated by the withdrawal of the environmental authorization for the MWS tailings storage facility ("TSF") and the resultant financial pressure placed on the Company. On February 25, 2010, the Company announced the reinstatement of the environmental authorization. Also, on March 12, 2010, the Company announced a refinancing package of up to $150 million. The economic model for the updated technical report was used to calculate the peak funding requirements disclosed in regard to the financing discussed above.
The updated economic valuation for MWS yields a net present value ("NPV") of $211 million, at an 8% discount rate, and an internal rate of return ("IRR") of 34.2% based on the following broad assumptions:
- Operations being scaled back from the two currently operating gold
plants to one gold plant at the end of March 2010 with an expected
throughput of 600,000 tonnes per month, which will enable use of the
existing tailings deposition site, MWS 5 dam, until December 2011;
- Construction of the new TSF commencing in November 2010 for
commissioning by May 2011;
- Restart of the second gold plant and the commissioning of the third
gold plant in May 2011 at an expected throughput of 1.83 million
tonnes per month;
- Operation of the uranium plant modules and all three flotation plants
commencing in August 2011; and
- Construction of the pressure leach circuit of the uranium plant by
April 2013, which is expected to increase gold recovery from 58% to
68% and uranium leach efficiency from 75% to 82%.
The updated technical report for MWS has been filed on SEDAR.
Economic and Commodity Price Assumptions
The following tables show the Company's commodity price assumptions for March 2008 (the date of the previous technical report for MWS) and March 2010 (the current assumptions). The March 2010 assumptions are based on an average nominal consensus forecast from equity research analysts, adjusted downward by the US inflation rate for the period covering the construction of the projects.
Table 1: MARCH 2008 ECONOMIC AND COMMODITY PRICE ASSUMPTIONS
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Technical report March 2008 2010 2011 2012 2013 2014 2015
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Gold (US$/oz) 907 874 797 711 711 711
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Uranium (US$/lb) 92 79 75 50 50 50
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ZAR/US$ 7.36 7.50 7.45 7.57 7.57 7.57
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Table 2: MARCH 2010 ECONOMIC AND COMMODITY PRICE ASSUMPTIONS
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Technical report March 2010 2010 2011 2012 2013 2014 2015
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Gold (US$/oz) 1105 1080 1129 1011 984 820
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Uranium (US$/lb) 42 50 63 63 63 56
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ZAR/US$ 7.57 7.55 8.44 8.52 8.53 9.33
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Revised Project Economics
The following table summarizes the revised mine plan for MWS. More details of the project economics from the financial models upon which the information in Table 3 is based, will be posted to the Company's web site (http://www.firsturanium.com/) in due course.
Table 3: REVISED PROJECT ECONOMICS FOR MWS
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March 2008 March 2010
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Life of mine average co-product operating costs
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Gold operating cost/tonne reclaimed ($/tonne) $2.12 $2.53
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Uranium operating cost/concentrate
tonne ($/tonne) $9.82 $17.25
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Uranium cash costs ($/pound) $22 $33
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Gold cash cost ($/ounce) $347 $427
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Capital expenditures ($ millions) $241 $188
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Average annual life of mine production
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Uranium (pounds) 1,317,000 916,000
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Gold (ounces) 130,000 109,000
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NPV ($ millions) $419 $211
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IRR 75% 34%
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Notes:
1. Co-product costs assume that operating cash costs are split in
proportion to the revenue earned from each product.
2. NPV is calculated using a real discount rate of 8%.
3. Uranium operating cost/concentrate tonne has increased compared to the
March 2008 technical report due to a general increase in operating
costs, mainly reagents, water, power and general administration costs.
4. Uranium operating cost/lb has increased due to the aforementioned
operating cost increase as well as fewer uranium pounds recovered due
to an average of 4% lower resource grade compared to the 2008
technical report, as well as 94% MCF applied to the uranium resource
based on reconciled modifying factors as well as the average pressure
leach theoretical leach recovery being reduced from 90% to 81.75% due
to hybrid pressure leach circuit.
5. Fewer concentrate tonnes get processed as the third uranium module
will not be commissioned resulting in the average life of mine mass
pull being reduced from 13% to 8% when processing 3 streams.
6. Gold operating cost increase is in line with annual RSA inflation rate
in the years 2008 through 2010.
7. The average annual life of mine production reflects the longer mine
life which has been extended from 2023 to 2026.
8. The effective date of the technical report is January 1, 2010.
MWS Water Use License
MWS held a water license (# 23050323), which was valid until October 20, 2008. As required in terms of the National Water Act 1998, MWS submitted an amended Integrated Water Use License ("IWULA") application to the Department of Water and Environment ("DWAE") in January of 2009. The application incorporated all defined 'water uses' associated with the extended activities of MWS as addressed in the EMP. The application submitted was evaluated by the regional office of DWAE with a positive recommendation and forwarded to the national office of DWAE for processing and issuing. Preliminary indications are that the license should be issued in May 2010.
Estimated Mineral Reserves
The differences between the estimated Mineral Reserves declared in March 2008 and the updated declaration are due to the following factors:
1. Tonnage and gold content differences for Buffels 2 dam due to
depletion.
2. Additional tonnage for the Buffels 3 dam due to the updated
allocation of the Reserve between Buffels 3 and Buffels 4 where the
two dams abut.
3. Lower tonnage and gold content on Buffels 4 due to depletion, as well
as the updated allocation of the Reserve between Buffels 3 and
Buffels 4 dams.
4. Conversion of Probable to Proven Reserves for Harties 1 and Harties 2
dams and an updated allocation of the Reserve between these two dams
where they abut.
5. Tonnage differences on Harties 5 and 6 dams due to the updated
allocation of the Reserve between these two dams where they abut.
6. Lower tonnages for Buffels 5 dam as a result of a much more detailed
survey.
7. Increased tonnage for MWS 4 dam as a result of more accurate
perimeter modelling by means of sub-celling in the resource models.
8. Increased tonnage on MWS 5 deposited from the re-mining of the
Buffels 2, Buffels 4, MWS 2 and NKGE dams.
9. The additional gold content on the MWS 5 dam is also attributed to
this additional material that was added to the dam.
10. Gold mine call factor ("MCF") of 106% was applied to all Resources
converting to Reserves other than the Buffels 2 and Buffels 4 dams
where the actual reconciliation to the end of December 2010 was
applied. A tonnage factor of 97% was applied to all Resource tonnage
in the process of converting to Reserves. The MCF applied for uranium
based on historical reconciliation was 94%.
11. The gold content variance for MWS 4 dam is due to the entire dam
having been converted to Reserves in 2010, whereas only the Domain 2
portion of MWS 4 was converted in 2008, with the other portion having
been considered below the pay limit.
Table 4: MWS MARCH 2008 MINERAL RESERVES STATEMENT
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Tonnage Gold Uranium
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Surface Reclaimed Grade Content Grade Content
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Category Dam (Mt) (g/t) (000 ozs) (kg/t) (000 lbs)
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Proven Buffels 2 23.2 0.36 267 0.09 4,608
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Buffels 3 24.9 0.30 280 0.10 5,437
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Buffels 4 14.1 0.37 170 0.10 3,172
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Harties 5 23.9 0.21 163 0.06 3,261
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Harties 6 13.3 0.20 85 0.06 1,850
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Total Proven Mineral
Reserve 99.4 0.30 965 0.08 18,327
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Probable Buffels 5 47.6 0.24 360 0.06 6,616
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Harties 1 74.4 0.26 624 0.06 10,166
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Harties 2 43.8 0.26 369 0.06 5,789
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Harties 7 1.3 0.27 11 0.16 465
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NKGE 1.2 0.50 19 0.18 472
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MWS 4 17.4 0.28 157 0.13 5,119
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MWS 5 40.3 0.31 402 0.09 7,811
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Total Probable Mineral
Reserve 226.0 0.27 1,941 0.07 36,440
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Grand Total 325.4 0.28 2,907 0.08 54,767
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Notes:
1. Mineral Reserves are quoted as fully diluted delivered to plant
estimates.
2. Based on assumptions of a gold price of $711 per ounce, a uranium
price of $49 per pound and ZAR/$ exchange rate of 7.57, which are
long-term forecast figures.
3. A Reserve COG of 0.28g/t gold equivalent was used. Uranium grades were
converted to gold equivalent using a conversion factor of 1 gram per
tonne, which equals 0.503 kilograms per tonne on an extracted metal
basis.
4. Rows and columns may not add exactly due to rounding.
5. The average life of mine gold recovery applied was 68% and 34%
effective recovery for uranium.
Table 5: MWS JANUARY 2010 MINERAL RESERVES STATEMENT
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Tonnage Gold Uranium
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Surface Reclaimed Grade Content Grade Content
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Category Dam (Mt) (g/t) (000 ozs) (kg/t) (000 lbs)
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Proven Buffels 2 10.4 0.41 137 0.08 1,940
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Buffels 3 29.1 0.39 362 0.10 6,171
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Buffels 4 11.6 0.35 131 0.09 2,376
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Harties 1 80.7 0.26 680 0.07 11,600
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Harties 2 32.3 0.21 216 0.07 4,779
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Harties 5 22.2 0.21 153 0.06 3,172
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Harties 6 9.8 0.23 73 0.07 1,455
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Total Proven Mineral
Reserve 196.0 0.28 1,751 0.07 31,494
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Probable Buffels 5 37.7 0.28 335 0.07 5,512
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MWS 4 26.0 0.25 209 0.10 5,554
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MWS 5 60.9 0.30 578 0.09 11,488
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Harties 7 1.3 0.29 12 0.16 439
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NKGE 0.9 0.60 17 0.18 336
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Total Probable Mineral
Reserve 126.8 0.28 1,150 0.08 23,328
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Grand Total 322.8 0.28 2,901 0.08 54,822
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Notes:
1. Mineral Reserves are quoted as fully diluted delivered to plant
estimates.
2. Based on assumptions of a gold price of $820 per ounce, a uranium
price of $56 per pound and ZAR/$ exchange rate of 9.33, which are
long-term forecast figures.
3. A Reserve COG of 0.221g/t to 0.300g/t gold equivalent was used.
Uranium grades were converted to gold equivalent using a conversion
factor of 1 gram per tonne which equals 0.650 kilograms per tonne on
an extracted metal basis.
4. The Mineral Reserves gold ounces exceed the Mineral Resource gold
ounces due to the use of a 106% mine call factor.
5. Rows and columns may not add exactly due to rounding.
6. The average life of mine gold recovery applied was 65.38% and 23.14%
for uranium. Gold recovery achieves steady state from April 2013
onward at 68% when pressure leach incepts.
7. March 2010 Resources have considered depletion from Buffels dam 2,
Buffels dam 4 and NKGE for 2008 and 2009.
For more information, see the Technical Report on the Mine Waste Solutions Tailings Recovery Project, North West Province, South Africa, dated 1 January 2010 and filed on SEDAR on 19 March 2010.
Technical Disclosure
All technical disclosure in this news release relating to the Mine Waste Solutions tailings recovery project, formerly named the Buffelsfontein tailings recovery project, has been prepared in accordance with National Instrument 43-101 ("NI 43-101") by Daan van Heerden, B.Sc. (Min. Eng.), M.Comm. (Bus.Admin), Charles Muller, B.Sc, Hons. (Geol) Pr.Sci.Nat, and Johan Odendaal, B.Sc. (Geol), B.Sc. (Hons) (Min. Econ.), M.Sc. (Min.Eng.), Pr.Sci.Nat. all of Minxcon Pty Ltd. ("Minxcon"), each of whom is a "qualified person" under NI 43-101 and is independent of First Uranium.
About First Uranium Corporation
First Uranium Corporation (TSX:FIU, JSE:FUM) is focused on its goal of becoming a significant low-cost producer of uranium and gold through the expansion of the underground development to feed the new uranium and gold plants at the Ezulwini Mine and through the expansion of the plant capacity of the Mine Waste Solutions tailings recovery facility, both operations situated in South Africa.
Cautionary Language Regarding Forward-Looking Information
This news release contains and refers to forward-looking information based on current expectations. All other statements other than statements of historical fact included in this release including, without limitation, statements regarding the refinancing transaction, capital project timelines, operating and capital cost estimates, reserve and resource estimates, metal prices, exchange rates, discount rates, the timing and receipt of required permits, the timing and amount of estimated future production, processing and development plans and future plans and objectives of First Uranium are forward-looking statements (or forward-looking information) that involve various estimates, assumptions, risks and uncertainties. For more details on these estimates, assumptions, risks and uncertainties, see the Company's most recent Annual Information Form and Management's Discussion and Analysis on file with the Canadian provincial securities regulatory authorities on SEDAR at http://www.sedar.com/. No assurance can be given that the refinancing transaction will be concluded. These forward-looking statements are made as of the date hereof and there can be no assurance that such statements will prove to be accurate, such statements are subject to significant risks and uncertainties, and actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements that are included herein, except in accordance with applicable securities laws.
First Uranium Corporation
CONTACT: Bob Tait, Vice President, Investor Relations at bob@firsturanium.ca, (416) 342-5639 (office) or (416) 558-3858 (mobile), 1240-155 University Avenue, Toronto, ON, M5H 3B7
Access to Money's Adjusted EBITDA for 2009 Increases 70.9% Year-Over-Year- Financial Results include Dramatic Improvements in Gross Profit Margins, Gross Profits, Cash Flow and Reduced Expenses - - Improvements in Operational Management and Efficiencies Demonstrate Strength of Business Model -
CHERRY HILL, N.J., March 22 /PRNewswire-FirstCall/ -- Access to Money, Inc. (BULLETIN BOARD: AEMI) , one of the largest providers and non-bank operators of ATMs in the United States, reports a significant increase in Adjusted EBITDA, as defined below, select financial results and other operational metrics for the fourth quarter and full year ended December 31, 2009.
Highlights for the Fourth Quarter 2009
-- Adjusted EBITDA improved by 30.8% to $1.7 million from $1.3 million in
the fourth quarter of 2008
-- Gross profit increased 14.0% to $3.7 million from $3.2 million during
the fourth quarter of 2008
-- Gross profit margins improved 600 basis points to 53.6% compared to
47.6% during the fourth quarter 2008
-- Cost of sales decreased 10.3% to $3.2 million from $3.5 million in the
fourth quarter of 2008
-- Transaction-based sales decreased 3.0% to $19.8 million in the current
quarter compared to $20.4 million in the fourth quarter of 2008 due to
the selective removal of non-profitable ATMs
-- Average gross sale per withdrawal increased to $2.45 from $2.38 in the
fourth quarter of 2008 as a result of merchants increasing surcharge
fees rates on ATMs
-- Average commission per withdrawal transaction remained constant at
$1.71
-- Average net sale per withdrawal increased 121.2% to $0.74 compared to
$0.66 during the fourth quarter of 2008
-- Average number of transacting machines was 11,071 compared to 11,676
in the fourth quarter of 2008 due to the elimination of
underperforming machines
Highlights for the Full Year 2009
-- Adjusted EBITDA improved 70.9% to $6.1 million from $3.6 million in
2008
-- Gross profit increased 12.0% to $14.8 million from $13.2 million in
2008
-- Gross profit margins increased approximately 880 basis points to 50.3%
compared to 41.5% in 2008
-- Cost of sales decreased 21.6% to $14.6 million compared to $18.6
million in 2008
-- Transaction-based sales improved 3.7% to $84.3 million from $81.2
million in 2008
-- Average gross sale per withdrawal improved to $2.43 from $2.36 in 2008
as a result of merchants increasing surcharge fees rates on ATMs
-- Average net sale per withdrawal remained relatively constant at $0.70
compared to $0.71 in 2008
-- Average commission per withdrawal transaction increased to $1.73 from
$1.65 in 2008 due to a larger percentage of merchant-owned machines to
the total number of transacting machines
-- Average number of transacting machines increased 3.8% to 11,265 in
2009 compared to 10,857 in 2008 primarily due to the acquisition of
LJR Consulting
Management Discussion
Richard Stern, President and CEO of Access to Money, said, "2009's financial results were extremely gratifying to us. Our significant improvement in Adjusted EBITDA was a direct result of the restructuring and rebranding that we implemented in mid-2008. We will continue to review all aspects of our business in order to further improve our results in the coming year."
"Some of the significant events during the year that we believe will provide lasting benefits include our exclusive distribution agreement with the Select-A-Branch ATM Network. Through this program, we can provide a surcharge-free experience for customers of many different financial institutions while still deriving a revenue stream from the ATM. We began deploying these machines with some of our largest customers during the third quarter of 2009 and we have already seen positive results in the way of significant increases in transactions. We look forward to expanding this roll out and expect to reap further benefits as we bring this program to additional customers," he added.
"Another significant win for us was the agreement we signed with Dunkin' Donuts. We started to deploy machines in December 2009, and it has been well-received by the franchisees. The opportunity with Dunkin' Donuts is enormous and we are excited about the potential. We look forward to growing this relationship and adding new sites in 2010."
He continued, "We are also encouraged by our student loan business. We have been actively processing student loan applications for our credit union customers throughout the latter part of 2009. While we rolled this program out during the end of the peak 2009 lending season, we are optimistic about the upcoming year as students begin to receive college acceptances for the Fall 2010 semester. In addition, the student loan business has proven to be a beneficial lead generator for our ATM business. We were successful in winning a bid to place 10 ATMs on the campus of The University of California at Berkeley through a partnership with our student loan lending partner."
He added, "In February 2010, we became aware that one of the industry's armored car vendors had to discontinue its operations as a result of illegal activities by the owner. As a result, we have discontinued doing business with this vendor, which supplied cash to 365 of our ATMs, and have transitioned the cash replenishment of the ATMs to a new armored car carrier. Although there was not a material loss directly attributable to the service provider's illegal activities, we are evaluating the impact this event could have on our 2010 first quarter and full year financial results."
Mr. Stern concluded, "Over the past 18 months we have implemented a number of programs and initiatives that have contributed to our reporting improved results. We are committed to continuing this effort as we look to increase the depth and breadth of our customer base by opening new sales channels and providing enhanced financial services to our clients. These programs and initiatives, we believe, will position us for a solid future."
2009 Fourth Quarter Financial Results
For the quarter ended December 31, 2009, net sales were $6.8 million compared with $6.8 million in the fourth quarter of 2008. Transaction-based sales for the quarter were $19.8 million compared to $20.4 million in the 2008 fourth quarter.
Commissions for the quarter decreased approximately $900,000 or 6.0% to $13.8 million compared to $14.7 million in the fourth quarter of 2008 as a result of fewer transactions.
Cost of sales decreased to $3.2 million in the current fourth quarter from $3.5 million in the fourth quarter 2008.
Total Selling, general and administrative expense was $2.5 million for the current fourth quarter compared to $22.7 million in the fourth quarter of 2008. Excluding a goodwill impairment charge of $19.8 million in the fourth quarter of 2008, SG&A would have been $2.9 million in the fourth quarter of 2008. The decrease in SG&A after excluding the impairment charge was approximately $400,000 or 13.8%, a significant portion of which was attributed to the reversal of accrued incentive compensation.
Operating income for the fourth quarter 2009 was $1.2 million compared to an operating loss of $19.5 million in the fourth quarter 2008. Excluding the aforementioned impairment charge, operating income for the fourth quarter of 2008 would have been $270,000. The increase in operating income excluding the impairment charge was $900,000 or 335.0%.
Net loss for the fourth quarter 2009 was $165,000, or $(0.01) per basic and diluted share, compared with a net loss of $20.9 million, or $(0.97) per basic and diluted share in 2008. Excluding the aforementioned impairment charge and a $600,000 loss related to the early extinguishment of debt, the net loss for the fourth quarter 2008 would have been $500,000, or $(0.02) per basic and diluted share in comparison to 2009 which was adjusted for the impact of change in warrant value.
2009 Full Year Financial Results
Due to the acquisition of LJR Consulting Corp. occurring after the first quarter of 2008, the Company's operating results for full year 2009 are not directly comparable to the results for 2008.
For the year ended December 31, 2009, net sales were $29.4 million compared to $31.9 million in 2008. Transaction-based sales were $84.3 million compared to $81.2 million in 2008. The increase in transaction-based sales was primarily the result of increased transaction volume associated with the acquisition of LJR Consulting.
Commission payments to merchants for 2009 were $59.9 million compared with $56.7 million in 2008. The increase in commissions for the year was the result of a larger percentage of merchant-owned machines to the total number of transacting machines and larger amount of commissions paid to merchants due to higher surcharge fees.
Cost of sales decreased 21.6% to $14.6 million or to 49.7% of net sales from $18.7 million, or 58.5% of net sales in 2008. The reduction in costs was principally due to decreases in cost of vault cash resulting from a change in providers, as well as reduced processing fees and telecommunications costs resulting from renegotiated contracts.
Total Selling, general and administrative expense, excluding a $19.8 million impairment charge and a $1.5 million charge for share-based compensation expense in 2008 associated with the acquisition of LJR Consulting Corp., decreased by $1.7 million or 13.8% to $10.8 million in 2009 from $12.5 million in 2008. Total SG&A as a percentage of sales improved to 36.7% in 2009 from 39.3% in 2008, excluding the adjustments noted above.
Operating income for 2009 was $4.0 million compared with an operating loss of $20.6 million in 2008. After the adjustment for the aforementioned goodwill impairment charge in 2008, operating income increased by $4.8 million or 394.0%.
Net loss for the year was $6.6 million, or $(0.30) per share, compared with a net loss of $26.1 million or $(1.29) per share in 2008. Net loss for 2009 included a $5.0 million non-cash charge associated with the revaluation of our outstanding warrants. Excluding a $19.8 million goodwill impairment charge, a $1.5 million charge for accelerated non-cash share-based compensation, a $1.5 million charge for a loss on debt redemption related to the acquisition of LJR Consulting in 2008, and the $5.0 million non-cash charge in 2009 for the loss on warrant value, the 2009 net loss decreased by $1.9 million, or 57.8%, to $1.4 million in 2009 compared to $3.3 million in 2008 (see reconciliation of GAAP to Non-GAAP net loss table below).
Use of Non-GAAP Measures
This earnings release includes financial information in accordance with U.S. generally accepted accounting principles ("GAAP"), as well as non-GAAP financial measures for the three months and full year ended December 31, 2009.
To supplement its condensed consolidated financial statements presented in accordance with GAAP, the Company uses the following non-GAAP financial measures: non-GAAP net loss, non-GAAP loss per basic and diluted shares, and Adjusted EBITDA. The presentation of this financial information is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. In addition, the non-GAAP financial measures included in this press release may be different from, and, therefore, not comparable to, similar measures used by other companies. The non-GAAP measure of Adjusted EBITDA removes the impact of its capital structure (interest expense), fair value adjustment of warrants, asset base (amortization and depreciation), share-based compensation expenses, taxes, and certain non-recurring expenses from its results of operations.
Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding its performance by excluding certain expenses and expenditures that may not be indicative of its core business operating results. It believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing its performance when planning, forecasting and analyzing future periods. These non-GAAP financial measures also facilitate management's internal comparisons to its historical performance and its competitors' operating results. Management believes that these non-GAAP measures are useful to investors in allowing for greater transparency with respect to supplemental information used by management in its financial and operational decision making.
The tables below present a reconciliation of the non-GAAP net loss, loss per basic and diluted share amounts, and adjusted EBITDA to the GAAP net loss and loss per basic and diluted share amounts, the most directly comparable GAAP measures for the three months and full year ended December 31, 2009.
About Access to Money, Inc.
Access to Money, Inc. is one of the largest providers and non-bank operators of ATMs in the United States. With more than 11,000 terminals under contract, its customers range from national specialty stores, retailers and credit unions to individual convenience stores, and are located throughout all 50 states. Access to Money also provides student loan outsourcing services to university credit unions throughout the United States.
FORWARD-LOOKING STATEMENTS
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). All statements other than statements of historical facts included herein, including without limitation, statements regarding our future financial position, business strategy, budgets, projected sales, projected costs and plans and objective of management for future operations, are forward-looking statements. In addition, forward-looking statements generally can be identified by the use of forward-looking terminology such as "may," "will," "expects," "intends," "plans," "projects," "estimates," "anticipates," or "believes" or the negative thereof or any variation there on or similar terminology or expressions. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from results proposed in such statements. Although we believe that the expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such expectations will prove to have been correct. Important factors that could cause actual results to differ materially from our expectations include, but are not limited to: a decline in ATM transaction volume or fees, changes in technology standards, regulatory changes, increases in interest rates, the inability to obtain cash for our ATMs, market acceptance of our student loan processing services, demand for student loans, availability of credit, changes in regulations regarding student loans and financial institutions, and statements of assumption underlying any of the foregoing, as well as other factors set forth under the caption "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2009 filed with the Securities and Exchange Commission and other filings with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements which speak only as of the date of this press release. All written and oral forward-looking statements attributable to us, or persons acting on our behalf, are expressly qualified in their entirety by the foregoing. We assume no duty to update or revise our forward-looking statements based on changes in internal estimates, expectations, or otherwise or to reflect events or circumstances after the date hereof.
Access to Money, Inc.
Consolidated Balance Sheets
(in thousands)
December
31, December 31,
2009 2008
---- ----
Assets
Current assets:
Cash $5,770 $4,535
Restricted cash 800 2,012
Accounts receivable, net 2,494 2,998
Leases receivable, net 109 176
Inventories 767 505
Prepaid expenses and other 289 308
Deferred financing costs 259 259
--- ---
Total current assets 10,488 10,793
Property and equipment, net 3,220 2,815
Non-current leases receivable,
net - 786
Intangible assets, net 1,711 2,120
Goodwill 10,559 10,657
Deferred financing costs, long
term 78 337
Other assets 319 593
--- ---
Total assets $26,375 $28,101
======= =======
Liabilities and Shareholders'
Deficit
Current liabilities:
Accounts payable $5,639 $6,851
Accrued expenses 5,691 5,369
Term loans 1,092 2,067
----- -----
Total current liabilities 12,422 14,287
Long term liabilities:
Term loans and other debt 18,406 17,032
Warrants 6,747 -
----- ---
Total liabilities 37,575 31,319
Shareholders' deficit:
Common stock 135,981 145,938
Additional paid-in capital 63 63
Accumulated deficit (147,154) (149,219)
-------- --------
Total shareholders' deficit (11,200) (3,218)
------- ------
Total liabilities and
shareholders' deficit $26,375 $28,101
======= =======
Access to Money, Inc.
Consolidated Statements of Operations
(in thousands, except per share data)
Three months ended Twelve months ended
December 31, December 31,
(Unaudited)
2009 2008 2009 2008
---- ---- ---- ----
Sales $20,654 $21,455 $89,348 $88,613
Commission 13,817 14,703 59,926 56,744
------ ------ ------ ------
Net sales 6,837 6,752 29,422 31,869
Cost of sales:
Cost of vault cash 469 732 1,931 3,762
Other 2,705 2,807 12,682 14,884
----- ----- ------ ------
Total cost of sales 3,174 3,539 14,613 18,646
Gross profit 3,663 3,213 14,809 13,223
Selling, general and
administrative expense 2,445 2,926 10,665 12,390
Share-based compensation
expense 42 16 138 1,644
Impairment of goodwill
charges - 19,800 - 19,800
--- ------ --- ------
Total SG&A 2,487 22,742 10,803 33,834
Operating income (loss) 1,176 (19,529) 4,006 (20,611)
Interest expense and
amortization of debt
issuance costs 1,493 801 5,366 4,140
Loss on early extinguishment
of debt - 565 - 1,456
Other expense (income), net (13) (319) (112) (622)
Provision (benefit) for
income taxes - - - -
Loss on asset disposal 53 357 122 550
Change in fair value of
warrants (192) - 5,253 -
---- --- ----- ---
Total Other 1,341 1,404 10,629 5,524
Net loss $(165) $(20,933) $(6,623) $(26,135)
===== ======== ======= ========
Weighted average common
shares outstanding 21,923 21,486 21,731 20,213
Basic and diluted net loss
per share: $(0.01) $(0.97) $(0.30) $(1.29)
Reconciliation of Adjusted EBITDA to Net Loss
(Unaudited)
($ millions)
Three Months
Ended Twelve Months Ended
December 31, December 31,
------------ ------------
2009 2008 2009 2008
---- ---- ---- ----
Net loss $(0.2) $(20.9) $(6.6) $(26.1)
Add:
Interest expense 1.5 1.4 5.4 4.1
Depreciation and amortization 0.5 0.7 1.9 2.1
Loss on early extinguishment of
debt - - - 1.5
Non-cash share-based
compensation expense - - 0.1 1.6
Loss on asset disposal 0.1 0.3 0.1 0.6
Warrant liability, mark to
market (0.2) - 5.2 -
Goodwill impairment - 19.8 - 19.8
--- ---- --- ----
Adjusted EBITDA $1.7 $1.3 $6.1 $3.6
==== ==== ==== ====
Reconciliation of GAAP to Non-GAAP Net Loss and Per Share Earnings
(Unaudited)
($ millions, except per share amounts)
Three Months Twelve Months
Ended Ended
December 31, December 31,
------------ ------------
2009 2008 2009 2008
---- ---- ---- ----
GAAP net loss $(0.2) $(20.9) $(6.6) $(26.1)
Goodwill impairment - 19.8 - 19.8
Loss on early extinguishment of
debt - 0.6 - 1.5
Accelerated share- based - - - 1.5
compensation
Change in warrant valuation 0.2 - 5.2 -
--- --- --- ---
Non-GAAP net loss $0.0 $(0.5) $(1.4) $(3.3)
Three Months Twelve Months
Ended Ended
December 31, December 31,
------------ ------------
2009 2008 2009 2008
---- ---- ---- ----
GAAP earnings per basic and
diluted share $(0.01) $(0.97) $(0.30) $(1.29)
Change in warrant value 0.01 0.00 0.24 0.00
---- ---- ---- ----
Non-GAAP earnings per basic and
diluted share $0.00 $(0.97) $(0.06) $(1.29)
Access to Money, Inc.
CONTACT: Richard Stern, President & CEO of Access to Money, Inc., +1-856-414-9100; or investors, Linda Decker, Vice President of Porter, LeVay & Rose, Inc., +1-212-564-4700, for Access to Money, Inc.
Web Site: http://www.accesstomoney.com/
China ACM Appointed Jeremy Goodwin To Be Chief Financial Officer
BEIJING, March 22 /PRNewswire-FirstCall/ -- China Advanced Construction Materials Group, Inc. , ("China ACM" or the "Company") a leading provider of ready-mix concrete in China, announced that Mr. Jeremy Goodwin, has been appointed as the Company's Chief Financial Officer.
Mr. Goodwin has been a member of China ACM's Board of Directors since October 2008, and recently assumed the position as acting President of the Company on January 25, 2010. As the President and Chief Financial Officer, he now oversees the public company activities, financial reporting, internal controls, as well as assisting the CEO in procuring and deploying domestic contracts, and expanding the Company's involvement in international projects, and strategic and financial partnerships going forward.
Jeremy Goodwin has extensive experience in advising multi-national and Asian companies on key corporate initiatives such as business expansion, project management, strategic partnership, mergers & acquisitions, and financial management and reporting. Mr. Goodwin has experience working with Chinese building material companies, Chinese government agencies and various financial institutions.
Mr. Goodwin received his Bachelor of Science from Cornell University and completed advanced degree studies both in International Finance at the Graduate Institute of International Studies in Geneva Switzerland as well as in Chinese affairs from Princeton University and the Johns Hopkins School of Advanced International Studies in Nanjing, China. He is fluent in Mandarin Chinese and French.
Mr. Xianfu Han, Chairman and Chief Executive Officer of China ACM, commented, "Jeremy Goodwin quickly assumed the responsibilities as our new President and CFO as well as his other ongoing duties as a Director. He spearheaded our recent financing which in a few short weeks, provided the capital for our further growth. This financing has brought our first significant institutional shareholders and coverage while broadening our shareholder base. We look forward to additional contributions from Jeremy as China ACM continues to address the growing need for technically advanced concrete to meet the demands of building out key landmark Chinese infrastructure projects and to build long-term value for our shareholders. "
About China ACM
China ACM, founded in 2002 and based in Beijing, China, is a leading producer of advanced construction materials for large scale infrastructure, commercial and residential developments. The Company is primarily focused on producing and supplying a wide range of advanced ready-mix concrete materials for highly technical, large scale, and environmental construction projects. The Company also aims to develop and produce new and innovative energy efficient and environmentally conscious construction materials.
China ACM provides materials and services through its five ready-mix concrete plant network covering the Beijing metropolitan area. China ACM owns one plant and leases four plants in Beijing and has technical services and preferred procurement agreements with five other independently-owned plants across China. The company presently owns 12 portable plants deployed in 10 provinces across China. China ACM is ISO 9001 (product quality), ISO 14001 (environmental safety), and ISO 18001 (employment environment safety) certified. Additional information about the company is available at http://www.china-acm.com/.
This press release contains "forward-looking statements" within the meaning of the "safe-harbor" provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve known and unknown risks, uncertainties and other factors that could cause the actual results of the Company to differ materially from the results expressed or implied by such statements, including changes from anticipated levels of sales, future national or regional economic and competitive and regulatory conditions, changes in relationships with customers, access to capital, difficulties in developing and marketing new products, marketing existing products, customer acceptance of existing and new products, and other factors. Additional Information regarding risks can be found in the Company's Annual Report on Form 10K and in the Company's recent report on Form 8K filed with the SEC. Accordingly, although the Company believes that the expectations reflected in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. The Company has no obligation to update the forward-looking information contained in this press release.
Contact:
Kevin Theiss
Grayling
646-284-9409
kevin.theiss@us.grayling.com
China Advanced Construction Materials Group, Inc.
CONTACT: Kevin Theiss, Grayling, +1-646-284-9409, kevin.theiss@us.grayling.com
Web Site: http://www.china-acm.com/
PepsiCo Unveils Global Nutrition, Environment and Workplace GoalsCompany sets goals to reduce added sugar, sodium and saturated fat across its food and beverage portfolio while increasing whole grains, fruits and vegetables
BRONX, N.Y., March 22 /PRNewswire-FirstCall/ -- PepsiCo , the world's second-largest food and beverage company, today announced new global goals in the areas of nutrition, the environment, and workplace practices at its investor conference here at the Legends Suite Club in Yankee Stadium.
The goals are designed to advance PepsiCo's commitment to deliver sustainable growth and they apply to the company's food and beverage businesses around the world, including Frito-Lay, Quaker, Pepsi-Cola, Tropicana and Gatorade. PepsiCo calls this commitment Performance with Purpose.
To encourage people to live healthier lives - and to address growing consumer desire for healthier, great-tasting products - PepsiCo is committing to achieve industry-leading nutrition goals, including:
-- Increasing the whole grains, fruits and vegetables, nuts, seeds and
low-fat dairy in its product portfolio
-- Reducing the average sodium per serving in key global food brands in
key markets by 25 percent by 2015
-- Reducing the average saturated fat per serving in key global food
brands in key markets by 15 percent by 2020
-- Reducing the average added sugar per serving in key global beverage
brands in key markets by 25 percent by 2020
"We believe that a healthier future for all people and our planet means a more successful future for PepsiCo," said Indra Nooyi, PepsiCo chairman and chief executive officer. "These commitments are shared by all of our businesses and reflect our focus on profitable, long-term growth and will guide us as we continue to build a portfolio of enjoyable and wholesome foods and beverages for consumers around the world."
PepsiCo is among 10 leading food and beverage companies to sign the "Global Commitment to Action on the Global Strategy on Diet, Physical Activity and Health," a commitment addressed to the World Health Organization in 2008. The company's new global goals are action steps that directly address the key WHO commitments.
Following is a sample of some of PepsiCo's commitments:
Human Sustainability/Health and Wellness
-- Display calorie count and key nutrients on food and beverage packaging
by 2012
-- Eliminate the direct sale of full-sugar soft drinks to primary and
secondary schools around the globe by 2012
-- Expand PepsiCo Foundation and PepsiCo corporate contribution
initiatives to promote healthier communities, including enhancing diet
and physical activity programs
-- Invest in business and research and development to expand offerings of
more affordable, nutritionally relevant products for underserved and
lower-income communities
Environmental Sustainability
-- Provide access to safe water to three million people in developing
countries by the end of 2015
-- Reduce packaging weight by 350 million pounds -- avoiding the creation
of 1 billion pounds of landfill waste by 2012
-- Work to eliminate all solid waste to landfills from PepsiCo's
production facilities
-- Commit to an absolute reduction in GHG emissions across global
operations
Talent Sustainability
-- Ensure a safe workplace by continuing to reduce lost time injury
rates, while striving to improve other occupational health and safety
metrics through best practices
-- Encourage associates to lead healthier lives by offering workplace
wellness programs globally
-- Match eligible associate charitable contributions globally, dollar for
dollar, through the PepsiCo Foundation
For more information and a full list of PepsiCo's global goals and commitments please go to http://www.pepsico.com/goalsandcommitments.
About PepsiCo
PepsiCo offers the world's largest portfolio of billion-dollar food and beverage brands, including 19 different product lines that each generates more than $1 billion in annual retail sales. Our main businesses - Frito-Lay, Quaker, Pepsi-Cola, Tropicana and Gatorade - also make hundreds of other nourishing, tasty foods and drinks that bring joy to our consumers in more than 200 countries. With annualized revenues of nearly $60 billion, PepsiCo's people are united by our unique commitment to sustainable growth, called Performance with Purpose. By dedicating ourselves to offering a broad array of choices for healthy, convenient and fun nourishment, reducing our environmental impact, and fostering a diverse and inclusive workplace culture, PepsiCo balances strong financial returns with giving back to our communities worldwide. In recognition of its continued sustainability efforts, PepsiCo was named for the third time to the Dow Jones Sustainability World Index (DJSI World) and for the fourth time to the Dow Jones Sustainability North America Index (DJSI North America) in 2009. For more information, please visit http://www.pepsico.com/.
Cautionary Statement
Statements in this communication that are "forward-looking statements" are based on currently available information, operating plans and projections about future events and trends. They inherently involve risks and uncertainties that could cause actual results to differ materially from those predicted in such forward-looking statements. Such risks and uncertainties include, but are not limited to: changes in demand for PepsiCo's products, as a result of changes in consumer preferences and tastes or otherwise; damage to PepsiCo's reputation; trade consolidation, the loss of any key customer, or failure to maintain good relationships with PepsiCo's bottling partners; PepsiCo's ability to hire or retain key employees or a highly skilled and diverse workforce; unstable political conditions, civil unrest or other developments and risks in the countries where PepsiCo operates; changes in the legal and regulatory environment; PepsiCo's ability to build and sustain proper information technology infrastructure, successfully implement its ongoing business process transformation initiative or outsource certain functions effectively; unfavorable economic conditions and increased volatility in foreign exchange rates; PepsiCo's ability to compete effectively; increased costs, disruption of supply or shortages of raw materials and other supplies; disruption of PepsiCo's supply chain; climate change or changes in legal, regulatory or market measures to address climate change; PepsiCo's ability to realize the anticipated cost savings and other benefits expected from the mergers with The Pepsi Bottling Group, Inc. (PBG) and PepsiAmericas, Inc. (PAS); failure to renew collective bargaining agreements or strikes or work stoppages; and any downgrade of PepsiCo's credit rating resulting in an increase of its future borrowing costs.
For additional information on these and other factors that could cause PepsiCo's actual results to materially differ from those set forth herein, please see PepsiCo's filings with the SEC, including its most recent annual report on Form 10-K and subsequent reports on Forms 10-Q and 8-K. Investors are cautioned not to place undue reliance on any such forward-looking statements, which speak only as of the date they are made. PepsiCo undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
PepsiCo
CONTACT: Investor , Lynn A. Tyson, Senior Vice President, Investor Relations, +1-914-253-3035, lynn.tyson@pepsi.com, Media, Dave DeCecco, Director, Media Bureau, +1-914-253-2655, email: david.dececco@pepsi.com
Web Site: http://www.pepsico.com/
Elliott Welcomes Novell Decision To Sell CompanyMajor Shareholder Looks Forward to Process and Acquiring the Company
NEW YORK, March 22 /PRNewswire/ -- Elliott Associates, L.P. (together with funds under common management), issued the following statement in response to the decision by the Board of Directors of Novell, Inc. to put the Company up for sale:
"We welcome the Board's decision to conduct a sale of the company, which we believe is the best way to maximize shareholder value. Our goal is to acquire Novell, and our cash offer to acquire all of the company's shares for $5.75 per share provides shareholders with a substantial premium of 109% to the company's equity value net of cash on January 4, the day before we commenced actively acquiring Novell shares. We look forward to the process and to actively pursuing an acquisition of the Company."
About Elliott
Elliott's two funds, Elliott Associates, L.P. and Elliott International, L.P., together have more than $16 billion of assets under management. The funds' investors include institutions, foundations, endowments, pensions, high net worth individuals, and family offices. The 33-year-old trading firm is one of the oldest of its kind under continuous management.
Elliott Associates, L.P.
CONTACT: Scott Tagliarino, +1-212-974-6000, +1-917-922-2364 (cell)
The Pepsi Refresh Project Awards $1.3 Million to Support the Public's Favorite Ideas to Refresh the World32 Ideas to Receive Immediate Refresh Grant Funding For more information, go to: http://pepsico.presslift.com/pepsi-refresh-grant-winners
PURCHASE, N.Y., March 22 /PRNewswire-FirstCall/ -- The first Pepsi Refresh Grant recipients - who developed the 32 refreshing ideas voted most likely to move our communities forward - have been awarded $1.3 million from the Pepsi Refresh Project, a ground-breaking initiative designed to fund good ideas, big and small, that help refresh our world.
"The Pepsi Refresh Project was developed with the belief that great ideas can come from anyone, anywhere, anytime," said Jill Beraud, CMO and president of joint ventures, PepsiCo Beverages Americas. "The first group of winners proves it's true. Each of them is a testament to how someone from any walk of life can produce powerful, creative and fun ideas that can make a difference."
From improving the energy efficiency of school buses to promoting financial literacy among high school students, the top 32 vote-getters in six categories (Health, Arts & Culture, Food & Shelter, The Planet, Neighborhoods and Education) caught the public's attention by making a compelling case for why they deserved a Pepsi Refresh Grant. Refresh Grant recipients include:
-- The American Legion of Indianapolis, IN, intends to use a $250,000
Refresh Grant to provide comfort items for U.S. military troops
recovering from wounds (Neighborhoods);
-- The Economic Empowerment Initiative of Atlanta, GA, will receive a
$50,000 grant to provide financial literacy seminars for high school
and college students (Education);
-- The Frank Broulliet Elementary School PTA will use $50,000 to complete
a community playground in Puyallup, WA (Neighborhoods);
-- All-Ages Music, a network of music organizations based in Seattle, WA,
will receive $50,000 to increase access to all-ages music in
underserved areas (Arts & Culture);
-- The Hugs Project of Edmond, OK, will use a $50,000 to send care
packages to troops overseas (Food & Shelter);
-- The Belleville Farmer's Market plans to use a $25,000 Refresh Grant to
grow fresh produce to help fight childhood obesity in southern
Illinois schools (Health);
-- 14-year old Jonny Cohen of Highland Park, IL, will receive $25,000 for
GreenShields, a group he formed with his sister to make school buses
more energy efficient (The Planet);
-- Glenmont Elementary School of Delmar, NY, will receive a $25,000
Refresh Grant to build its community through swing dance (Arts &
Culture);
-- The Sparkle Effect of Bettendorf, IA, will use a $25,000 Refresh Grant
to help high school kids across the country form cheerleading squads
made up of special needs students (Neighborhoods); and
-- Because We Are Sisters of Richmond, VA, will receive $5,000 to support
seven families in need as they prepare for the arrival of a baby (Food
& Shelter).
In January, the Pepsi Refresh Project invited individuals and organizations to submit beneficial, achievable, constructive and "shovel-ready" ideas that would make a positive impact on communities. From February 1 through February 28, Americans voted for their favorite ideas at http://www.refresheverything.com/.
"It's an honor to collaborate with Pepsi and their partners to conceive and execute such an impactful program," said Ben Goldhirsh, CEO and co-founder of GOOD, a lead partner in the Pepsi Refresh Project. "It's very exciting to feel the Pepsi Refresh Project as a new and significant pulse in this shift that is upon us -- where individuals, businesses, and non-profits are working together to push toward our potential."
In total, the Pepsi Refresh Project awarded two $250,000, ten $50,000, ten $25,000 and ten $5,000 grants. Other Pepsi Refresh Grant recipients include:
$250,000
-- Teach for America, New York, NY (Education)
$50,000
-- The Foundry for Art Design + Culture, Cohoes, NY (Arts & Culture)
-- Active Minds, Inc., Laurel, MD (Health)
-- Darren Riskedal, Leland, IL (Neighborhoods)
-- Atlas Corps, Washington, DC (Education)
-- ServeNext.org, Washington, DC (Neighborhoods)
-- World Leadership Corps, New York, NY (Education)
$25,000
-- APO Mu Alpha Alumni, Washington, DC (Neighborhoods)
-- STRIVE-New Haven, Inc., New Haven, CT (Education)
-- myImpact.org, Washington, DC (Neighborhoods)
-- New York Needs You, Stamford, CT (Education)
-- Social Studies Department, Springfield Middle School, Toledo, OH
(Education)
-- Patrick Nelson, Mankato, MN (Health)
$5,000
-- Military Connections Corporation, Pittsburgh, PA (Food & Shelter)
-- Quad City Animal Welfare Center, East Moline, IL (Neighborhoods)
-- Nancy Nelson, Cherokee, IA (The Planet)
-- The Detroit Area Diaper Bank, Canton, MI (Health)
-- Blake Hammond, 6th grade science teacher, Merrill Middle School, Des
Moines, IA (Education)
-- Homespun: Modern Handmade Goods, Indianapolis, IN (Arts & Culture)
-- Sharif Morad, Bike & Build, Charlottesville, VA (Food & Shelter)
-- Crow Elementary School, Arlington, TX (Education)
-- Easter Seals New Hampshire, Manchester, NH (Food & Shelter)
New Round of Voting Begins April 1
In 2010, the Pepsi Refresh Project will give away more than $20 million to refresh the world, one idea at a time. Each month, Pepsi will award up to $1.3 million in grants to the ideas with the most votes. Pepsi will accept up to 1,000 new ideas every month and the public decides who wins. Vote for your favorite ideas now at http://www.refresheverything.com/.
To support the project, Pepsi is partnering with three organizations dedicated to making a positive difference in the world: GOOD, a leading platform for thought and action revolving around pushing the world forward; Global Giving, an online marketplace that connects people who have community and world-changing ideas with people who can support them; and Do Something, the largest non-profit teen charity.
The Pepsi Refresh Project can be found at http://www.refresheverything.com/, on Facebook at http://www.facebook.com/refresheverything or on Twitter, @Pepsi or #pepsirefresh.
Pepsi Refresh Project
In an effort to support those who generate innovative, optimistic ideas, the Pepsi Refresh Project (http://www.refresheverything.com/) will award more than $20 million in 2010 to move communities forward. Individuals can apply for grants to benefit a variety of projects and site visitors can vote for the best ideas for funding. The Pepsi Refresh Project is an evolution of the Refresh Everything initiative Pepsi launched in 2009, which showed the brand as an optimistic catalyst for idea creation, leading to an ever-refreshing world. Pepsi will fund projects that make a difference in six categories: Health, Arts & Culture, Food & Shelter, The Planet, Neighborhoods and Education.
About Pepsi
Pepsi is a product of PepsiCo Beverages Americas (PBA). In addition to the Pepsi trademark, the PBA portfolio includes the Mountain Dew, Sierra Mist and Mug trademarks in the carbonated soft drink category. PBA is a division of PepsiCo, which offers the world's largest portfolio of billion-dollar food and beverage brands, including 19 different product lines that each generates more than US$1 billion in annual retail sales. Our main businesses - Frito-Lay, Quaker, Pepsi-Cola, Tropicana and Gatorade - also make hundreds of other nourishing, tasty foods and drinks that bring joy to our consumers in More than 200 countries. With annualized revenues of nearly US$60 billion, PepsiCo's people are united by our unique commitment to sustainable growth, called Performance with Purpose. By dedicating ourselves to offering a broad array of choices for healthy, convenient and fun nourishment, reducing our environmental impact, and fostering a diverse and inclusive workplace culture, PepsiCo balances strong financial returns with giving back to our communities worldwide. In recognition of its continued sustainability efforts, PepsiCo was named for the third time to the Dow Jones Sustainability World Index (DJSI World) and for the fourth time to the Dow Jones Sustainability North America Index (DJSI North America) in 2009. For more information, please visit http://www.pepsico.com/.
Pepsi Cola Company
CONTACT: Nicole Bradley, Pepsi-Cola North America Beverages, +1-914-253-2964, nicole.bradley@pepsi.com; or Lindsay Anthony, Edelman, +1-212-704-4585, lindsay.anthony@edelman.com (National Media); or Adrienne Caruso, Weber Shandwick +1-202-585-2024, acaruso@webershandwick.com (Digital and Local Media)
Web Site: http://www.pepsi.com/
Verizon to Turn Off Lights in Company Facilities Around the World in Support of Earth HourCompany Expects to Conserve More Than 40,000 Kilowatt Hours of Energy
NEW YORK, March 22 /PRNewswire/ -- To support Earth Hour and help raise employee awareness of energy-efficiency opportunities, Verizon will turn off all nonessential lighting for one hour at more than 450 company locations around the world on Saturday (March 27).
Verizon expects to conserve more than 40,000 kilowatt hours of energy as a result of darkening approximately 30 million square feet from 8:30 p.m. to 9:30 p.m. local time.
Sponsored by the World Wildlife Fund, Earth Hour is an event in which millions of Americans will turn out their lights for one hour to support action on climate change and creating a cleaner, safer and more secure future. Now in its third year, the event in 2009 attracted more than 80 million participants in the U.S. and nearly a billion people around the world, as lights dimmed on such global icons as the Eiffel Tower in Paris, Sydney's Opera House, the Great Pyramids of Gaza and New York's Empire State Building.
(NOTE: A video prepared by the World Wildlife Fund provides more information about Earth Hour.)
"Our ultra-fast broadband and wireless networks are playing increasingly important roles in helping our residential and business customers cut their carbon footprints, and we're equally committed to reducing our own," said James Gowen, chief sustainability officer for Verizon. "That's why we're asking our employees and our customers to join us not just for Earth Hour but throughout the year to find ways to reduce energy and recycle at work and at home."
Reducing Verizon's Carbon Footprint
The company remains committed to finding practical and innovative ways to increase energy efficiency and bolster conservation efforts. For example, Verizon operates the largest fuel cell site of its kind in the nation. Using seven fuel cells, the company's Energy Star Award-winning facility in Garden City, N.Y., can generate enough electrical power per hour to meet the energy needs of 400 single-family homes.
Another of Verizon's ENERGY STAR rated facilities, Verizon's operations center in Basking Ridge, N.J., has earned the U.S. Green Building Council's LEED® Silver certification for the center's environmentally friendly design and energy efficiency. The company operates nearly 46 Energy Star-rated facilities, including many retail stores across the country.
Other Verizon initiatives include:
-- Creating an industry standard - Verizon was the first
telecommunications company to require that the network equipment it
purchases be 20 percent more energy efficient.
-- Employees have reduced engine idling, which has cut fuel consumption
by more than 2 million gallons (equivalent to taking some 3,400 cars
off the road for a year).
-- Electronically delivering approximately 100 million bills to
customers.
For more information on Verizon's commitment to the environment, visit the company's Green Press Kit at http://newscenter.verizon.com/kit/green-press-kit/.
Verizon Communications Inc. , headquartered in New York, is a global leader in delivering broadband and other wireless and wireline communications services to mass market, business, government and wholesale customers. Verizon Wireless operates America's most reliable wireless network, serving more than 91 million customers nationwide. Verizon also provides converged communications, information and entertainment services over America's most advanced fiber-optic network, and delivers innovative, seamless business solutions to customers around the world. A Dow 30 company, Verizon employs a diverse workforce of approximately 222,900 and last year generated consolidated revenues of more than $107 billion. For more information, visit http://www.verizon.com/.
VERIZON'S ONLINE NEWS CENTER: Verizon news releases, executive speeches and biographies, media contacts, high-quality video and images, and other information are available at Verizon's News Center on the World Wide Web at http://www.verizon.com/news. To receive news releases by e-mail, visit the News Center and register for customized automatic delivery of Verizon news releases.
Verizon
CONTACT: Alberto Canal, +1-908-559-6367, alberto.c.canal@verizon.com
Web Site: http://www.verizon.com/
Company News On-Call: http://www.prnewswire.com/comp/094251.html
CONSOL Energy Update on Low-Vol Met Contracting Position
PITTSBURGH, March 22 /PRNewswire-FirstCall/ -- CONSOL Energy Inc. , a producer of both low-volatile and high-volatile metallurgical coal, high-Btu thermal coal, and natural gas, has concluded the majority of its low-vol coking coal negotiations for fiscal year 2010-2011. CONSOL's Buchanan Mine, located in southwestern Virginia, produces a premium low-volatile coking coal for the global steel industry. Negotiations covered nearly 3.0 million (short) tons at a selling price of $165 to $175 per ton, FOB mine. The coal is destined for customers in the North America, Europe, and Asia.
CONSOL Energy Inc., a high-Btu bituminous coal and natural gas company, is a member of the Standard & Poor's 500 Equity Index and the Fortune 500. It has 11 bituminous coal mining complexes in six states and reports proven and probable coal reserves of 4.5 billion tons. It is also a majority owner of CNX Gas Corporation, a leading Appalachian gas producer, with proved reserves of over 1.9 trillion cubic feet. Additional information about CONSOL Energy can be found at its web site: http://www.consolenergy.com/.
CONSOL Energy Inc.
CONTACT: Investor Contact: Chuck Mazur, +1-724-485-4340; or Media Contact: Joe Cerenzia, +1-724-485-4062
Web Site: http://www.consolenergy.com/
CNX Gas Achieves Record Production From Latest Marcellus Shale Well
PITTSBURGH, March 22 /PRNewswire-FirstCall/ -- CNX Gas Corporation , a leading Appalachian gas producer, announced production results from its latest horizontal well targeting the Marcellus Shale, the GH2BCV well in central Greene County, PA. This well has been producing for 16 days, at an average production rate of 4.9 MMcf per day. The peak daily production rate was 5.7 MMcf, and the current daily production rate is 5.5 MMcf. The well was drilled with a horizontal lateral of 2,035 feet and was hydraulically fractured with a 7-stage frac.
"Our latest horizontal Marcellus Shale well is achieving record company results," commented J. Brett Harvey, chief executive officer.
The previous highest producing well was the CNX 3 well, which came on line in October 2008. That well had cumulative production of 1 Bcf through February 2010.
CNX Gas's current daily net Marcellus Shale production is 21 MMcf from 16 horizontal wells. The Company has budgeted $110 million in 2010 for Marcellus Shale drilling out of a total capital budget of $400 million. A second horizontal drilling rig for the Company's Marcellus Shale program will be arriving in April. CNX Gas has an option to obtain a third rig later in the year.
CNX Gas Corporation
CONTACT: Investor Contact: Chuck Mazur, +1-724-485-4340; or Media Contact: Joe Cerenzia, +1-724-485-4062
Crystal Light(R) and Sheryl Crow Make a Splash to Benefit The Nature ConservancyConsumers can support U.S. conservation of clean, fresh drinking water by purchasing Crystal Light powdered drink mix products on World Water Day*
TARRYTOWN, N.Y., March 22 /PRNewswire/ -- "Water is at the heart of Crystal Light, which is why we've selected today, World Water Day, to launch some very exciting programs in support of one of our greatest natural resources," said Steve Yucknut, Vice President, Sustainability, Kraft Foods. "We want to raise awareness across the country about the need to protect rivers and lakes right here in the U.S., key sources of clean, fresh drinking water."
To view the multimedia assets associated with this release, please click: http://multivu.prnewswire.com/mnr/crystal-light/42616/
(Photo: http://www.newscom.com/cgi-bin/prnh/20100322/MM73138)
Crystal Light powdered beverages is collaborating with The Nature Conservancy (http://www.nature.org/), a leading conservation organization working around the world to protect nature, to help preserve fresh drinking water sources around the country. "We've designed our programs so everyone can dive in and do their part," said Yucknut, the ideal person to announce the collaboration.
Crystal Light Pledges World Water Day Profits
-- Roughly half of the people in the United States receive their drinking
water from surface water sources like rivers and lakes, yet these
vital national resources are threatened in many places.
-- By 2015, a majority of U.S. states may face water shortages.
-- The average American uses 100 gallons of water a day.
These facts are alarming and Crystal Light recognizes the vital need to do something to conserve fresh water and engage others in the cause, as well. Today, World Water Day, Crystal Light will give to The Nature Conservancy 100 percent of the net profits from Crystal Light powdered drink mix products sold today -- no less than $350,000 and up to $750,000. The funds from Crystal Light will support priority river and lake projects across the U.S.
"There are practical solutions that can help us strike a balance between meeting our needs today and preserving nature's ability to continue meeting our needs in the future," said Nicole Silk, Managing Director, Global Freshwater Team, The Nature Conservancy. "The collaboration with Crystal Light will support five major freshwater conservation projects for some of America's most celebrated bodies of water." Projects include the Colorado River, Great Lakes Basin, Meramec River, Potomac River and Southern Rivers. See details at http://www.facebook.com/CrystalLight.
Sheryl Crow Devotes Her Talent to the Cause
In support of protecting fresh water and to celebrate World Water Day, Crystal Light is offering fans an unforgettable experience - an exclusive, one-night-only, World Water Day Celebration Concert with internationally acclaimed recording artist and nine-time Grammy winner Sheryl Crow.
The concert will be held today, March 22, at 8 p.m., at the Hammerstein Ballroom, an intimate concert venue in New York City. Crystal Light will give 100 percent of the ticket price for this fantastic event to The Nature Conservancy to support river and lake projects across the U.S.
"Fresh water is a precious resource many of us take for granted. Knowing it's threatened in some areas of our country is an issue we can't ignore. I'm really proud to take part in this special benefit concert sponsored by Crystal Light in support of their collaboration with The Nature Conservancy," said Sheryl Crow.
After the concert, fans can view clips and photos on the Crystal Light Facebook fan page (http://www.facebook.com/CrystalLight).
Everyone Can Dive In and Help
Even if they can't attend the concert, consumers can mark today -- World Water Day -- and help Crystal Light reach its goal of contributing up to $750,000 by buying Crystal Light when 100 percent of the net profits from Crystal Light powdered drink mix products sold today will be given to the Conservancy.
For information on the World Water Day Celebration Concert, become a fan of Crystal Light on Facebook at http://www.facebook.com/CrystalLight. Follow @CrystalLight on Twitter (http://www.twitter.com/CrystalLight) for more news and information.
*Purchase does not constitute a tax-deductible gift. The Nature Conservancy, 4245 North Fairfax Drive, Suite 100, Arlington, VA 22203.
About Crystal Light
With most flavors containing as few as five calories per serving, Crystal Light offers naturally and artificially sweetened, great-tasting beverage options, which provide the benefits of hydration. Crystal Light is available in 28 refreshing flavors and comes in a variety of convenient forms, including both single- and multi-serve packets. Crystal Light could be an excellent beverage option for people living with diabetes, because many flavors contain three grams or less of carbohydrates per serving and are considered a FREE exchange. For more information about Crystal Light, become a fan on Facebook (http://www.facebook.com/CrystalLight), follow us on Twitter @CrystalLight (http://www.twitter.com/CrystalLight) or visit http://www.crystallight.com/.
About The Nature Conservancy
The Nature Conservancy is a leading conservation organization working around the world to protect nature. To date, the Conservancy and its more than one million members have been responsible for the protection of more than 18 million acres in the United States and have helped preserve more than 117 million acres in Latin America, the Caribbean, Asia and the Pacific. Visit The Nature Conservancy on the Web at http://www.nature.org/.
About Kraft Foods
The combination of Kraft Foods and Cadbury creates a global powerhouse in snacks, confectionery and quick meals. With annual revenues of approximately $50 billion, the combined company is the world's second largest food company, making delicious products for billions of consumers in more than 160 countries. The combined company's portfolio includes 11 iconic brands with revenues exceeding $1 billion -- Oreo, Nabisco and LU biscuits; Milka and Cadbury chocolates; Trident gums; Jacobs and Maxwell House coffees; Philadelphia cream cheeses; Kraft cheeses, dinners and dressings; and Oscar Mayer meats. Another 70+ brands generate annual revenues of more than $100 million. Kraft Foods (http://www.kraftfoodscompany.com/) is a member of the Dow Jones Industrial Average, Standard & Poor's 500, Dow Jones Sustainability Index and Ethibel Sustainability Index.
Photo: http://www.newscom.com/cgi-bin/prnh/20100322/MM73138 PRN Photo Desk, photodesk@prnewswire.com
Video: http://multivu.prnewswire.com/mnr/crystal-light/42616
Crystal Light
CONTACT: Jessica Frost, +1-202-835-7297, jessica.frost@ketchum.com; or Bridget MacConnell, +1-914-425-6979, bmacconnell@kraft.com, both for Crystal Light
Web Site: http://www.crystallight.com/
The Coca-Cola Company and USAID Expand Global Water Partnership
WASHINGTON, March 22 /PRNewswire-USNewswire/ -- Today, the U.S. Agency for International Development (USAID) and The Coca-Cola Company announce an additional joint investment of US$12.7 million in their global partnership, the Water and Development Alliance (WADA). Through this investment, WADA will support eight new multi-year programs throughout sub-Saharan Africa in Angola, Burundi, Ghana, Malawi, Mozambique, Senegal, South Africa, and Tanzania. These programs will begin as 3-year initiatives, representing a shift toward longer-term efforts and exemplifying each organization's shared commitment to lasting, sustainable solutions to global water challenges. With this new investment, USAID and The Coca-Cola Company will have committed a total of $28.1 million since 2005 to support 32 projects in 22 countries worldwide in Africa, Latin America, the Middle East, and Southeast Asia.
(Logo: http://www.newscom.com/cgi-bin/prnh/20091022/USAIDLOGO)
Water scarcity, degraded water quality, and lack of basic water and sanitation services present severe global challenges, especially to the world's poor. More than one billion people live without access to safe drinking water, and 2.6 billion people have no access to basic sanitation. The growing water shortage impedes human needs for food and economic activity and threatens the sustainability of communities and critical ecosystems. USAID and The Coca-Cola Company established WADA to help tackle these enormous challenges.
USAID Administrator Rajiv Shah emphasized the importance of the public-private partnership: "As it enters its fifth year, USAID's partnership with Coca-Cola showcases the potential of the U.S. Government to partner with the private sector to make a long-term impact on pressing global challenges. By matching USAID's development expertise with the resources, capacities, and commitment of The Coca-Cola Company, we are making a positive impact on community water issues throughout the developing world."
Working with local partners in each country, WADA has addressed a myriad of local water challenges, helping more than 300,000 people gain access to sustainable sources of water for health and livelihoods.
"We recognize that no single organization can solve the global water crisis, but by partnering with organizations like USAID we can make a positive difference in the lives of the people in need of safe water and sanitation," said William Asiko, President of The Coca-Cola Africa Foundation.
WADA focuses on four objectives: watershed management, water supply and sanitation, hygiene promotion, and productive water use. The partnership capitalizes on the strengths and experience of its partner institutions, USAID, The Coca-Cola Company, and the Global Environment & Technology Foundation, which work collaboratively to demonstrate how government, business, and the non-governmental community can innovatively engage to solve global water challenges.
For more information on WADA, visit:
http://www.thecoca-colacompany.com/citizenship/community_initiatives/USAID .html.
About The Coca-Cola Company
The Coca-Cola Company is the world's largest beverage company, refreshing consumers with more than 500 sparkling and still brands. Together with Coca-Cola®, recognized as the world's most valuable brand, the Company's portfolio includes 14 billion dollar brands, including Diet Coke®, Fanta®, Sprite®, Coca-Cola Zero®, vitaminwater, Powerade®, Minute Maid®, Simply® and Georgia® Coffee. Globally, we are the No. 1 provider of sparkling beverages, juices and juice drinks and ready-to-drink teas and coffees. Through the world's largest beverage distribution system, consumers in more than 200 countries enjoy the Company's beverages at a rate of 1.6 billion servings a day. With an enduring commitment to building sustainable communities, our Company is focused on initiatives that protect the environment, conserve resources and enhance the economic development of the communities where we operate. For more information about our Company, please visit our web site at http://www.thecoca-colacompany.com/.
United States Agency for International Development (USAID) is an independent federal government agency that receives overall foreign policy guidance from the Secretary of State. Our work supports long-term and equitable economic growth and advances U.S. foreign policy objectives by supporting economic growth, agriculture and trade, global health, democracy, conflict prevention and humanitarian assistance. USAID provides assistance in five regions of the world: Sub-Saharan Africa, Asia, Latin America and the Caribbean, Europe and Eurasia, and the Middle East.
With headquarters in Washington, D.C., USAID's strength is its field offices around the world. We work in close partnership with private voluntary organizations, indigenous organizations, universities, American businesses, international agencies, other governments, and other U.S. Government agencies. USAID has working relationships with more than 3,500 American companies and over 300 U.S.-based private voluntary organizations.
Photo: http://www.newscom.com/cgi-bin/prnh/20091022/USAIDLOGO AP Archive: http://photoarchive.ap.org/ PRN Photo Desk, photodesk@prnewswire.com
U.S. Agency for International Development
CONTACT: Lisa Manley, The Coca-Cola Company, +1-404-676-4571, lmanley@na.ko.com; or Gina Jackson, USAID, +1-202-712-4320, gjackson@usaid.gov
Web Site: http://www.usaid.gov/
China TransInfo Announces Record Unaudited Fourth Quarter and Full Year 2009 Results; Anticipates Robust Growth for 2010
BEIJING, March 22 /PRNewswire-Asia-FirstCall/ -- China TransInfo Technology Corp., , ("China TransInfo" or "the Company"), a leading provider of public transportation information systems technology and comprehensive solutions in the People's Republic of China ("PRC"), today reported its unaudited financial results for the fourth quarter and year ended December 31, 2009.
Fourth Quarter 2009 Highlights
-- Revenue increased 166.1% year-over-year to $28.4 million
-- Gross profit expanded 64.9% year-over-year to $10.0 million
-- Operating income grew 26.1% year-over-year to $5.1 million
-- Adjusted net income increased 22.3% year-over-year to $5.1 million, or
$0.23 per fully diluted share
-- Appointed BDO Guangdong Dahua Delu as New Independent Auditor
-- Launched three new real-time traffic mobile phone applications and
expanded real-time traffic application coverage to Shenzhen, Tianjin
and Changzhou
-- Awarded a provincial highway toll settlement and billing system
contract in Shanxi Province valued at approximately RMB 26 million, or
approximately USD $3.8 million
-- Awarded an intelligent transportation system contract in Hubei Province
valued at approximately RMB 114 million, or approximately USD $16.7
million
Fiscal 2009 Highlights
-- Revenue increased 116.8% year-over-year to a record $63.7 million
-- Gross profit expanded 53.8% year-over-year to $25.4 million
-- Operating income grew 20.0% year-over-year to $13.7 million
-- Adjusted net income increased 19.7% to $13.6 million, or $0.60 per
fully diluted share
-- As of December 31, 2009, cash and cash equivalents totaled $27.4
million
"During 2009, we generated record revenue and earnings results, solidified our industry leading market position with numerous successful new product launches, and completed a highly accretive acquisition," commented Mr. Shudong Xia, Chief Executive Officer of China TransInfo. "Our acquisition of UNISITS, a leader in China's intelligent transportation systems industry, marked a major milestone for us in 2009, as we now leverage UNISITS' technology, market share and customer relationships to further drive new market opportunities."
Unaudited Fourth Quarter 2009 Results
For the quarter ended December 31, 2009, revenue increased 166.1% to $28.4 million, as compared to $10.7 million in the comparable period of 2008. Products and applications in the transportation business sector accounted for 91.7% of total revenue in the quarter with the remainder derived from the digital city, land & resources, and other sectors.
The Company's gross profit increased 64.9% to $10.0 million in the fourth quarter of 2009, compared to $6.1 million in the same period of 2008. Gross margin was 35.2%, compared to 56.9% during the same period of 2008. The decrease in gross margin resulted from the consolidation of UNISITS' financials into those of China TransInfo, since UNISITS' business involves more hardware components, which have much lower margin than does the Company's legacy transportation business.
Selling, general and administrative expenses were $4.9 million, as compared to $2.0 million in the fourth quarter of 2008. The increase was primarily due to the Company's expansion initiatives, including higher marketing, staffing, and professional fees.
Operating income increased 26.1% to $5.1 million, as compared to $4.1 million in the fourth quarter of 2008.
Other income was $1.4 million, as compared to $0.2 million in the fourth quarter of 2008. The significant increase is mostly attributable to a $1.4 million increase in governmental subsidy income.
Net income attributable to the Company increased 15.3% to $4.8 million, or $0.21 per fully diluted share, as compared to net income of $4.2 million, or $0.20 per fully diluted share, in the same period in 2008. Adjusted net income attributable to the Company excluding non-cash stock based compensation expense and amortization expense of intangibles from acquisitions increased 22.3% to $5.1 million, or $0.23 per fully diluted share, as compared to $4.2 million, or $0.20 per fully diluted share, in the comparable period of 2008. Weighted average fully diluted shares outstanding increased to 22.5 million shares in the fourth quarter of 2009 from 20.9 million shares in the fourth quarter of 2008.
Unaudited Full Year 2009 Results
Revenue for 2009 increased 116.8% to $63.7 million, as compared to $29.4 million in 2008. Gross profit expanded 53.8% to $25.4 million from $16.5 million in 2008. Operating income grew 20.0% to $13.7 million from $11.4 million in 2008. Net income attributable to the Company increased 17.0% to $13.0 million, or $0.58 per fully diluted share, as compared to net income of $11.1 million, or $0.53 per fully diluted share, in 2008. Adjusted net income attributable to the Company excluding non-cash expenses increased 19.7% to $13.6 million, or $0.60 per fully diluted share, as compared to $11.3 million, or $0.54 per fully diluted share, in 2008. Weighted average fully diluted shares outstanding increased to 22.5 million shares in 2009 from 20.9 million shares in 2008.
Financial Condition
As of December 31, 2009, cash and cash equivalents totaled $27.4 million, up from $16.1 million at December 31, 2008. Working capital increased to $44.4 million, as compared to $32.7 million at the end of 2008. Stockholders' equity was $77.8 million, as compared to $47.6 million at the end of 2008. Cash flow from operating activities increased 251.7% to $8.8 million from $2.5 million in 2008, primarily as a result of the increase in sales and net profit for 2009 as well as the Company receiving customer payments on some contracts ahead of schedule.
Recent Events
On March 22, 2010, the Company and the Company's variable interest entity, China TransInfo Technology Group Co., Ltd. (the "Group Company") entered into equity transfer agreements (the "Equity Transfer Agreements") with several individual shareholders (the "Transferors") of Beijing UNISITS Technology Co. Ltd. ("UNISITS"), pursuant to which the Group Company acquired 30.85% equity interest in UNISITS from the Transferors. Pursuant to the Equity Transfer Agreements, the Group Company purchased approximately 16.23 million shares of UNISITS from the Transferors in exchange for RMB 4.41 million (approximately USD $0.65 million) in cash (the "Cash Consideration"), 40% of which is payable within seven days after the effective date of the Equity Transfer Agreements, and approximately 1.16 million shares of the Company's common stock, which are issuable within 30 days of the effective date of the Equity Transfer Agreements. The Equity Transfer Agreements contain "make good" provisions, under which the Transferors agree to deposit a total of 697,162 shares of the Company's common stock with an escrow agent designated by the Company that they will receive as partial consideration for the acquisition. Specifically, if UNISITS' 2010 after-tax net income under Chinese GAAP is less than RMB 37.50 million (approximately USD $5.50 million) or its 2011 after-tax net income under Chinese GAAP is less than RMB 46.88 million (approximately USD $6.86 million), then 50% of the shares of the Company's common stock deposited by the Transferors in escrow will be returned to the Company for cancellation for each applicable year. In addition, for each applicable year as described above, the Company will not be required to pay the remainder of the Cash Consideration, which represents RMB 1.323 million (approximately USD $0.19 million), or 30% of the total Cash Consideration, per year if UNISITS fails to meet the respective performance targets.
On February 24, 2010, the Company issued and sold 1,564,945 shares of its common stock at a price of $6.39 per share to SAIF Partners III L.P. for an aggregate purchase price of $10 million. The Company intends to use the net proceeds from the offering for general corporate purposes, expansion of current business development and potential acquisitions.
On January 25, 2010, China TransInfo announced that the Company was awarded an intelligent transportation system contract in Zhejiang Province valued at approximately RMB 156 million, or approximately USD $22.9 million, through its VIE subsidiary Beijing UNISITS Technology Co., Ltd. ("UNISITS").
On January 21, 2010, the Company announced that it was ranked 11th on the 2010 Forbes China list of small-to-medium sized Chinese companies with the most potential. China TransInfo was the only transportation information technology company selected.
Business Outlook
"We remain very confident that intelligent transportation systems, our core business, will provide us with strong prospects in 2010, given China's extensive expressway construction plans, rapidly expanding automobile market, and growing traffic density," commented Mr. Xia. "As a result, we believe that the Company will continue to generate organic growth from winning follow-on contracts from existing clients, while bringing in new revenue sources from strategic acquisition opportunities. In addition, by leveraging UNISITS' large presence in China's expressway market with our leadership in the urban transportation market, we expect to further penetrate China's inter-city information services segment, which offers a significantly larger market for our products and services."
For 2010, the Company expects revenues to increase to approximately $120 million and adjusted net income attributable to the Company excluding non-cash expenses to be approximately $18 million. GAAP net income attributable to the Company is projected to be approximately $16 million.
Conference Call
China TransInfo will host a conference call at 8:00 a.m. Eastern Time on Monday, March 22, 2010 at 8:00 a.m. Eastern Time to discuss its unaudited financial results for the fourth quarter and full year of 2009. To participate in the live conference call, please dial the following number five to ten minutes prior to the scheduled conference call time: (877) 406-6165. International callers should dial (706) 902-4263. When prompted by the operator, enter conference pass code 625 186 46.
If you are unable to participate in the call at this time, a replay will be available for 14 days starting on Monday, March 22, 2010 at 10:00 a.m. Eastern Time and can be accessed by dialing (800) 642-1687. International callers should dial (706) 645-9291. When prompted, enter conference pass code 625 186 46.
Use of Non-GAAP Financial Information
GAAP results for the three month and the year ended December 31, 2009 include non-cash share based compensation and amortization of intangible assets from acquisitions. To supplement the Company's condensed consolidated financial statements presented on a GAAP basis, the Company has provided non-GAAP financial information, which is adjusted net income and adjusted earnings per share, excluding the impact of these items in this release. The Company's management believes that these non-GAAP measures provide investors with a better understanding of how the results relate to the Company's historical performance. The additional adjusted information is not meant to be considered in isolation or as a substitute for GAAP financials. The adjusted financial information that the Company provides also may differ from the adjusted information provided by other companies. Management believes that these adjusted financial measures are useful to investors because they exclude non-cash expenses that management excludes when it internally evaluates the performance of the Company's business and makes operating decisions, including internal budgeting, and performance measurement, as these measures provide a consistent method of comparison to historical periods. As a result, the provision of these adjusted measures allows investors to evaluate the Company's performance using the same methodology and information as that used by the Company's management. Moreover, management believes that these adjusted measures reflect the essential operating activities of the Company. Non-GAAP measures are subject to inherent limitations because they do not include all of the expenses included under GAAP and because they involve the exercise of judgment of which charges are excluded from the adjusted financial measure. However, the Company's management compensates for these limitations by providing the relevant disclosure of the items excluded. A reconciliation of adjustments to GAAP results appears below.
CHINA TRANSINFO TECHNOLOGY CORP. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL DATA
For the three months ended
31-Dec-09 31-Dec-08
Net Income Diluted EPS Net Income Diluted EPS
Adjusted Amount 5,117,597 0.23 4,185,241 0.20
Adjustments
Amortization of
intangible assets
from acquisitions(1) 47,111 0.00 4,379 0.00
Non-cash share
based compensation 319,993 0.01 60,987 0.00
Amount per unaudited
consolidated
statement of
operations 4,750,493 0.21 4,119,875 0.20
For the twelve months ended
31-Dec-09 31-Dec-08
Net Income Diluted EPS Net Income Diluted EPS
Adjusted
Amount 13,550,458 0.60 11,318,415 0.54
Adjustments
Amortization of
intangible assets
from acquisitions (1) 74,426 0.00 10,182 0.00
Non-cash share
based compensation 501,933 0.02 217,756 0.01
Amount per unaudited
consolidated
statement of
operations 12,974,099 0.58 11,090,477 0.53
About China TransInfo
China TransInfo, through its affiliate, China TransInfo Technology Group Co., Ltd., (the "Group Company") and the Group Company's PRC operating subsidiaries, is primarily focused on providing transportation information services and comprehensive solutions based on GIS technologies. The Company aims to become the largest transportation information products and comprehensive solutions provider, as well as the largest real time transportation information platform operator and provider in China. In addition, the Company is developing its transportation system to include Electronic Toll Collection (ETC) technology. As the co-formulator of several transportation technology national standards, the Company owns software copyrights for 89 software products and has won 5 of the 10 model cases sponsored by the PRC Ministry of Communications. The Company's affiliation with Peking University provides the Company access to the University's GeoGIS Research Laboratory, including over 30 Ph.D. researchers. As a result, the Company is playing a key role in setting the standards for electronic transportation information solutions. For more information, please visit the Company's website at http://www.chinatransinfo.com/ .
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, involve 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 those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its 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 factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
-FINANCIAL TABLES FOLLOW-
CHINA TRANSINFO TECHNOLOGY CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
For three months ended For twelve months ended
December 31, December 31,
2009 2008 2009 2008
unaudited unaudited
Revenues 28,429,252 10,684,650 63,686,121 29,370,463
Cost of revenues 18,413,493 4,609,121 38,310,183 12,867,258
Gross profit 10,015,759 6,075,529 25,375,938 16,503,205
Selling, general
and admini-
strative expenses 4,870,077 1,995,510 11,667,895 5,081,502
Income from
operations 5,145,682 4,080,019 13,708,043 11,421,703
Other income
(expense):
Interest income 58,352 18,023 109,744 68,782
Interest expense (112,547) (59,137) (244,574) (135,120)
Subsidy income 1,422,178 224,296 1,730,291 530,100
Other income - net 32,138 32,168 91,439 32,168
Total other
income 1,400,121 215,350 1,686,900 495,930
Income before
income taxes,
noncontrolling
interest, and
equity investments 6,545,803 4,295,369 15,394,943 11,917,633
Income tax expense 567,409 12,984 677,355 62,955
Net income before
noncontrolling
interest and gain
on equity invest-
ments in affiliates 5,978,394 4,282,385 14,717,588 11,854,678
Gain on equity
investments in
affiliates due to
proportional shares
of the affiliates'
net income 1,793,387 -- 1,793,387 --
Net income before
noncontrolling
interest 7,771,781 4,282,385 16,510,975 11,854,678
Noncontrolling
interests in
net income of
subsidiary 3,021,288 162,510 3,536,876 764,201
Net income 4,750,493 4,119,875 12,974,099 11,090,477
Weighted average
number of common
shares of
outstanding -
Basic 22,333,765 20,678,693 22,333,765 20,678,693
Diluted 22,505,641 20,883,951 22,505,641 20,883,951
Earnings per share -
Basic 0.21 0.20 0.58 0.54
Diluted 0.21 0.20 0.58 0.53
CHINA TRANSINFO TECHNOLOGY CORP. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
December 31,
2009 2008
ASSETS unaudited
Current Assets:
Cash and cash equivalents $27,400,420 $16,122,464
Restricted cash 1,591,076 1,209,542
Accounts receivable, net of
allowance for doubtful accounts
of $38,209 and $32,439,
respectively 14,968,778 7,735,742
Inventory 482,286 23,775
Cost and estimated earnings in
excess of billings on
incomplete contracts 33,853,708 11,912,285
Prepayments 5,871,997 3,647,731
Other receivables 8,416,096 2,940,404
Deferred tax assets 28,715 211,708
Total current assets 92,613,076 43,803,651
Long-term investments 8,027,122 --
Property and equipment, net 10,541,486 9,874,005
Intangible assets, net 4,494,781 1,490,807
Goodwill 9,979,631 3,095,017
Other assets 826,671 426,337
Total assets $126,482,767 $58,689,817
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Accounts payable $20,728,539 $5,518,402
Short term borrowings from banks 7,481,700 2,934,000
Loans payable to related parties -- 528,485
Billings in excess of costs and
estimated earnings on
incomplete contracts 17,021,936 846,971
Accrued liabilities 3,022,140 1,608,560
Total current liabilities 48,254,315 11,072,880
Other long-term liability 389,489 --
Total liabilities 48,643,804 11,072,880
Commitments and contingencies
Stockholders' equity:
Preferred stock, par value
$0.001 per share, 10,000,000
shares authorized and 0 shares
issued and outstanding -- --
Common stock, par value $0.001
per share, 150,000,000 shares
authorized , 22,452,745 and
22,187,314 issued and
outstanding, respectively 22,453 22,187
Additional paid-in capital 25,253,666 24,654,890
Retained earnings 31,948,323 18,974,224
Noncontrolling interests 18,499,475 1,465,743
Accumulated other comprehensive
income 2,115,046 2,499,893
Total stockholders' equity 77,838,963 47,616,937
Total liabilities and stockholders'
equity $126,482,767 $58,689,817
CHINA TRANSINFO TECHNOLOGY CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
2009 2008
unaudited
Cash flows from operating activities:
Net income, including noncontrolling
interest $12,974,099 $11,090,477
Adjustments to reconcile net income
to net cash provided by (used in)
operating activities:
Noncontrolling interests 3,536,876 764,201
Depreciation and amortization
expenses 1,320,031 200,746
Stock-based compensation 505,464 217,756
Gain on equity investments in
affiliates due to proportional
shares of the affiliates' net
income (1,793,387) --
Loss on disposal of property and
equipment 9,164 11,747
Allowance for doubtful accounts 5,767 31,571
Deferred income tax 189,586 55,531
(Increase) Decrease in assets:
Restricted cash 634,402 (932,126)
Accounts receivable (1,793,525) (2,634,838)
Prepayments 3,944,172 (1,035,964)
Other receivables (1,194,154) (1,852,411)
Cost and estimated earnings
in excess of billings on
uncompleted contracts (16,350,203) (8,088,233)
Inventory (414,369) 185,993
Other current assets 24,403 234,892
Other non-current assets (678,646) (147,489)
Decrease (Increase) in
liabilities:
Accounts payable 3,687,044 4,471,898
Billings in excess of costs
and estimated earnings on
uncompleted contracts 3,974,128 (613,988)
Deferred revenue 138,228 66,382
Other payable (435,267) (55,029)
Accrued liabilities 730,625 393,312
Customer deposits (190,593) 144,150
Net cash provided by (used in)
operating activities 8,823,845 2,508,578
Cash flows from investing activities:
Cash from acquisitions $12,210,500 $294,872
Proceeds from disposal of property
and equipment 5,412 26,072
Refund from prepayment of building 1,217,457 --
Purchases of property and equipment (2,669,035) (6,547,901)
Payments for acquisition of
companies (6,545,403) (2,702,813)
Purchases of intangible assets (2,543,933) (1,324,577)
Net cash provided by (used in)
investing activities 1,674,998 (10,254,347)
Cash flows from financing activities:
Proceeds from short-term borrowings 4,398,300 2,883,000
Payable for acquiring subsidiary -- 86,490
Minority shareholders' capital
contribution 87,960 300,775
Payment of dividends from
subsidiaries' and variable
interest entity (2,791,434) --
Proceeds from issuing shares -- 15,000,000
Paid transaction cost debit to APIC (32,500) (1,794,660)
Proceeds from (payments to) related
parties (528,161) 250,859
Net cash provided by financing
activities 1,134,165 16,726,464
Effect of foreign currency exchange
translation (355,052) 299,531
Net increase in cash 11,277,956 9,280,226
Cash and cash equivalents - beginning 16,122,464 6,842,238
Cash and cash equivalents - ending $27,400,420 $16,122,464
Supplemental disclosures:
Interest paid $228,899 $135,120
Income taxes paid $21,819 $847
For more information, please contact:
Company Contact:
Ms. Fan Zhou, Investor Relations Director
China TransInfo Technology Corp.
Phone: +86-10-5169-1657
Email: ir@ctfo.com
Investor Relations Contact:
CCG Investor Relations
Web: http://www.ccgirasia.com/
Mr. Shaun Smolarz, Financial Writer
Phone: +1-646-701-7444
Email: shaun.smolarz@ccgir.com
Mr. Crocker Coulson, President
Phone: +1-646-213-1915
Email: crocker.coulson@ccgir.com
China TransInfo Technology Corp.
CONTACT: Fan Zhou, Investor Relations Director of China TransInfo Technology Corp., ir@ctfo.com, +86-10-5169-1657; or Investors, Shaun Smolarz, Financial Writer, shaun.smolarz@ccgir.com, +1-646-701-7444, or Crocker Coulson, President, crocker.coulson@ccgir.com, +1-646-213-1915, both of CCG Investor Relations
Web site: http://www.chinatransinfo.com/
China Gengsheng Minerals Announces Sales Contracts for Refractory Products Valued at $1.56M
GONGYI, China, March 22 /PRNewswire-Asia-FirstCall/ -- China Gengsheng Minerals, Inc. (NYSE Amex: CHGS), a high-tech industrial materials company in China with products capable of withstanding high temperatures, reducing energy consumption, and boosting productivity in industries such as steel and oil, today announced that it has entered two new sales contracts totaling approximately $1.56 million (RMB10.65 million) for refractory products with two new customers.
The company has signed two separate contracts for its refractory products with the two new customers, Shandong Resource Development Company and Xin Jiang Red Star Company, respectively. The contract with Shandong Resource Development Company is expected to generate revenues of US$0.68 million (RMB4.65 million), while the contract with Xin Jiang Red Star Company is expected to generate revenues of US$0.88 million (RMB6.0 million).
Mr. Shunqing Zhang, the Chairman and Chief Executive Officer, commented, "We are excited to announce these additional sales contracts for the refractories segment, as these two new sales contracts are a direct result of our heavy focus on R&D and our ability to develop the specialized and advanced products our clients require." Mr. Zhang added, "We believe that quality is the best advertising, and that the reputation of our products will continue to result in new orders and new clients."
About China Gengsheng Minerals, Inc.
China Gengsheng Minerals, Inc. ("Gengsheng") develops, manufactures and markets a broad range of high-tech industrial material products, including monolithic refractories, industrial ceramics and fracture proppants. A market leader offering customized solutions, Gengsheng sells its products primarily to the iron-and-steel industry as heat-resistant components for steel-making furnaces, industrial kilns and other high-temperature vessels to guarantee and improve the productivity of those expensive pieces of equipment while reducing their consumption of energy. Founded in 1986 and based in China's Henan province, Gengsheng currently has over 200 customers in the iron, steel, oil, glass, cement, aluminum and chemical businesses in China and other countries. Gengsheng conducts business through Gengsheng International Corporation, a British Virgin Islands company, and its Chinese subsidiaries, Henan Gengsheng Refractories Co., Ltd.; Zhengzhou Duesail Fracture Proppant Co., Ltd.; and Henan Gengsheng High Temperature Materials Co., Ltd.
For more information about the Company, please visit http://www.gengsheng.com/ .
This press release may contain certain "forward-looking statements" relating to the business of China Gengsheng Minerals, Inc., and its subsidiary companies. All statements, other than statements of historical fact included herein are "forward-looking statements" including statements regarding the Company's ability to meet its obligations under its full-service contracts; the profit margin, timely payments and other economic benefits the Company expects to receive under such contracts, the Company's ability to maintain its customer relations; the general ability of the Company to achieve its commercial objectives; the business strategy, plans and objectives of the Company and its subsidiaries; and any other statements of non-historical information. These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involve 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. Investors 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 those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website at 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 factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
For more information, please contact:
In China:
China Gengsheng Minerals, Inc.
Ms. Wendy Sun
Finance Manager and Investor Relations
Tel: +86-159-3870-8666
Email: wendyshure@gmail.com
Mr. Shuai Zhang
Investor Relations
Tel: +86-135-2551-0415
Email: shuai298@126.com
In the U.S.:
RedChip Companies, Inc.
Mr. Dave Gentry/Jon Cunningham
President
Tel: +1-407-644-4256 x104
Email: info@redchip.com
China Gengsheng Minerals, Inc.
CONTACT: In China, Wendy Sun, Finance Manager and Investor Relations, +86-159-3870-8666, wendyshure@gmail.com, or Mr. Shuai Zhang, Investor Relations, +86-135-2551-0415, shuai298@126.com, both of China Gengsheng Minerals, Inc.; or in the U.S., Dave Gentry or Jon Cunningham, President of RedChip Companies, Inc., +1-407-644-4256 x104 info@redchip.com
Web site: http://www.gengsheng.com/
Northern Oil & Gas to Present at the 38th Annual Howard Weil Energy Conference
WAYZATA, Minn., March 22 /PRNewswire-FirstCall/ -- Northern Oil and Gas, Inc. (NYSE/AMEX: NOG), announced today that it has been selected to present at the 38th Annual Howard Weil Energy Conference in New Orleans, Louisiana.
Michael Reger, Chief Executive Officer, is scheduled to present on Wednesday, March 24, 2010 at 11:35 am CST. The presentation will not be webcast, but the presentation slides will be made available at http://www.northernoil.com/.
ABOUT NORTHERN OIL AND GAS
Northern Oil and Gas, Inc. is an exploration and production company based in Wayzata, Minnesota. Northern Oil's core area of focus is the Williston Basin Bakken and Three Forks trend in North Dakota and Montana.
More information about Northern Oil and Gas, Inc. can be found at http://www.northernoil.com/.
SAFE HARBOR
This press release contains forward-looking statements regarding future events and our future results that are subject to the safe harbors created under the Securities Act of 1933 (the "Securities Act") and the Securities Exchange Act of 1934 (the "Exchange Act"). All statements other than statements of historical facts included in this report regarding our financial position, business strategy, plans and objectives of management for future operations, industry conditions, and indebtedness covenant compliance are forward-looking statements. When used in this report, forward-looking statements are generally accompanied by terms or phrases such as "estimate," "project," "predict," "believe," "expect," "anticipate," "target," "plan," "intend," "seek," "goal," "will," "should," "may" or other words and similar expressions that convey the uncertainty of future events or outcomes. Items contemplating or making assumptions about, actual or potential future sales, market size, collaborations, and trends or operating results also constitute such forward-looking statements.
Forward-looking statements involve inherent risks and uncertainties, and important factors (many of which are beyond our Company's control) that could cause actual results to differ materially from those set forth in the forward-looking statements, including the following, general economic or industry conditions, nationally and/or in the communities in which our Company conducts business, changes in the interest rate environment, legislation or regulatory requirements, conditions of the securities markets, our ability to raise capital, changes in accounting principles, policies or guidelines, financial or political instability, acts of war or terrorism, other economic, competitive, governmental, regulatory and technical factors affecting our Company's operations, products, services and prices.
We have based these forward-looking statements on our current expectations and assumptions about future events. While our management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control.
CONTACT:
Investor Relations
772-219-7525
Northern Oil and Gas, Inc.
CONTACT: Investor Relations, +1-772-219-7525
Web Site: http://www.northernoil.com/
Virgin Mobile Presents The Monster Ball Tour Starring Lady Gaga - Lady Gaga's Monster 1st Weekend Sales an Overwhelming SuccessNew York - Madison Square Garden - 3 shows sold out! Los Angeles - Staples Center - 2 shows sold out! Toronto - Air Canada Centre - SOLD OUT / 2nd show added Vancouver - General Motors Place - SOLD OUT / 2nd show added San Jose - SOLD OUT / 2nd show added.
LOS ANGELES, March 22 /PRNewswire/ -- Live Nation, the international tour promoter for Lady Gaga's The Monster Ball tour presented by Virgin Mobile, has confirmed due to exuberant fan demand, an additional 6 Monster Ball concert dates have been added to the previously announced North American itinerary. On Friday, sales were so brisk that a 3rd and final show was added in New York. Quick to follow were sell outs in Toronto, Vancouver and San Jose who have also now confirmed 2nd and final shows in each city. In Los Angeles, to ensure Lady Gaga fans had the best possible access to tickets a 2nd performance was announced prior to Saturday's on sale and both Staples Center concerts are also now completely sold out.
(Logo: http://www.newscom.com/cgi-bin/prnh/20081203/LAW048LOGO-b )
With Lady Gaga's flair for the theatrical, combined with her innovative and creative spirit, The Monster Ball Tour promises to push the limits of the live concert experience, bringing fans a spectacle even more eye-popping than what they experienced before.
"It's still called Monster Ball, but it's more of a musical and less of a concert," Lady Gaga said in a February interview with KIIS-FM's Ryan Seacrest. "It has a New York theme, it's a story, and the story is that me and my friends are in New York and we're going to the Monster Ball, and we get lost."
Lady Gaga is touring in support of The Fame Monster, which was released on November 18th, 2009, by Streamline/Konlive/Cherrytree/Interscope. The album is the follow-up to 2008's Grammy Award-winning album The Fame, which spawned the No. 1 singles "Just Dance" and "Poker Face." Combined, The Fame and The Fame Monster have sold 10 million albums worldwide, while Lady Gaga's five singles, "Just Dance," "Poker Face," "Lovegame," "Paparazzi," and "Bad Romance," have sold more than 30 million singles worldwide. The video for "Bad Romance" has racked up more than 125 million online views. Lady Gaga recently premiered the video for her new single "Telephone," featuring Beyonce, on the E! television network and entertainment website VEVO.
As sponsor of the North American Monster Ball Tour, Virgin Mobile customers will have access to presale tickets. "We are excited to take our partnership with Lady Gaga and The Monster Ball Tour to another level," said Bob Stohrer, VP of Marketing for Virgin Mobile USA. "We'll also build on our partnership around combating youth homelessness and continue to enhance the tour experience for fans and our customers." For details visit http://www.virginmobileusa.com/.
Citi® cardmembers will also have access to presale tickets through Citi's Private Pass® Program. For complete presale details visit http://www.citiprivatepass.com/.
For complete tour and ticket information, visit: http://www.ladygaga.com/ and http://www.livenation.com/
Virgin Mobile Presents
THE MONSTER BALL TOUR
STARRING LADY GAGA
North American
Tour
Itinerary
June 28 Montreal, QC Bell Centre On sale TBA
July 01 Boston, MA TD Garden On sale March 22
July 04 Atlantic City, NJ Boardwalk Hall On sale March 27
Madison Square
July 06 New York, NY Garden SOLD OUT
Madison Square
July 07 New York, NY Garden SOLD OUT
Madison Square
July 09 New York, NY Garden SOLD OUT
July 11 Toronto, ON Air Canada Centre SOLD OUT
July 12 Toronto, On Air Canada Centre 2nd show added!
July 14 Cleveland, OH Quicken Loans Arena On sale March 26
July 15 Indianapolis, IN Conseco Fieldhouse On sale TBA
July 17 St. Louis, MO Scottrade Center On sale TBA
July 20 Oklahoma City, OK Ford Center On sale March 27
American Airlines
July 22 Dallas, TX Center On sale TBA
July 25 Houston, TX Toyota Center On sale TBA
July 28 Denver, CO Pepsi Center On sale March 29
July 31 Phoenix, AZ US Airways Center On sale TBA
August 03 Kansas City, MO Sprint Center On sale March 29
August 11 Los Angeles, CA Staples Center SOLD OUT
August 12 Los Angeles, CA Staples Center SOLD OUT
August 13 Las Vegas, NV MGM Grand On sale TBA
August 16 San Jose, CA HP Pavilion SOLD OUT
August 17 San Jose, CA HP Pavilion 2nd show added!
August 19 Portland, OR Rose Garden On sale March 26
August 21 Tacoma, WA Tacoma Dome On sale March 26
General Motors
August 23 Vancouver, BC Place SOLD OUT
General Motors
August 26 Vancouver, BC Place On sale March 26
August 26 Edmonton, AB Rexall Place On sale TBA
August 30 St. Paul, MN Xcel Energy Center On sale TBA
September 02 Milwaukee, WI Bradley Center On sale TBA
The Palace Of
September 04 Detroit, MI Auburn Hills On sale TBA
Consol Energy
September 05 Pittsburgh, PA Center On sale TBA
September 07 Washington, DC Verizon Center On sale TBA
John Paul Jones
September 08 Charlottesville, VA Arena On sale TBA
September 14 Philadelphia, PA Wachovia Center On sale March 27
September 16 Hartford, CT XL Center On sale TBA
Time Warner Cable
September 18 Charlotte, NC Arena On sale TBA
September 19 Raleigh, NC RBC Center On sale TBA
Additional cities and venues and on-sale information to be announced. Itinerary subject to change.
For complete tour and ticket information visit: http://www.ladygaga.com/
About Live Nation
Live Nation Entertainment is the largest live entertainment company in the world, consisting of five businesses: concert promotion and venue operations, sponsorship, ticketing solutions, e-commerce and artist management. Live Nation seeks to innovate and enhance the live entertainment experience for artists and fans: before, during and after the show.
In 2009, Live Nation sold 140 million tickets, promoted 21,000 concerts, partnered with 850 sponsors and averaged 25 million unique monthly users of its e-commerce sites. For additional information, visit http://www.livenation.com/investors.
About Virgin Mobile USA
Virgin Mobile USA, one of Sprint 's Prepaid brands, offers millions of customers control, flexibility and connectivity through Virgin Mobile's Plans Without Annual Contracts for mobile phone service and prepaid Broadband2Go high-speed Web access. Virgin Mobile USA also offers Pink Slip Protection *, which provides eligible monthly customers who lose their jobs free service for up to three months. Virgin Mobile Top-Up cards are available at approximately 150,000 locations nationwide and can be used for Assurance Wireless and Broadband2Go services. For more information, visit http://www.virginmobileusa.com/
* Subject to certain terms and conditions.
Photo: http://www.newscom.com/cgi-bin/prnh/20081203/LAW048LOGO-b AP Archive: http://photoarchive.ap.org/ PRN Photo Desk, photodesk@prnewswire.com
Live Nation
CONTACT: LADY GAGA, Dave Tomberlin, +1-310-663-7268, Davetomberlin@gmail.com, or LIVE NATION, Liz Morentin, +1-310-975-6860, lizmorentin@livenation.com
Web Site: http://www.livenation.com/
Astec Industries, Inc. To Present at BB&T Capital Markets Commercial and Industrial Conference 2010
CHATTANOOGA, Tenn., March 22 /PRNewswire-FirstCall/ -- Astec Industries, Inc. announces today that it will participate in the BB&T Capital Markets Commercial and Industrial Conference in New York City, New York on Wednesday, March 24, 2010. The meeting will include a presentation by Dr. J. Don Brock, Chairman and Chief Executive Officer and Stephen C. Anderson, Corporate Secretary and Director of Investor Relations.
Astec Industries, Inc., (http://www.astecindustries.com/), is a manufacturer of specialized equipment for building and restoring the world's infrastructure. Astec's manufacturing operations are divided into four primary business segments: asphalt production equipment, mobile asphalt paving equipment, aggregate processing and mining equipment, and underground boring, directional drilling and trenching equipment. Additionally, the Other Group contains one subsidiary that manufactures equipment used for wood processing and recycling and one that is a company-owned dealership located in Australia.
Astec Industries, Inc.
CONTACT: Stephen C. Anderson, Corporate Secretary and Director of Investor Relations, +1-423-553-5934, Fax: +1-423-899-4456, sanderson@astecindustries.com
Web Site: http://www.astecindustries.com/
BLOCKBUSTER On Demand(R) to be Available on the Latest Samsung Connected HDTVs, Blu-ray Players and Home Theater SystemsGet the hottest new releases on the hottest new devices
DALLAS, March 22 /PRNewswire-FirstCall/ -- Blockbuster Inc. announced that BLOCKBUSTER On Demand® will reach millions more homes across America through the latest models of Samsung connected HDTVs, Blu-ray players and Blu-ray integrated home theater systems. Consumers now have even more ways to enjoy the hottest new releases from BLOCKBUSTER.
BLOCKBUSTER On Demand is part of the newly-launched Samsung Apps, the first HDTV-based application store where users can download applications from select 2010 Samsung HDTVs, Blu-ray players and home theater systems via the upgraded Internet@TV - Content Service.
"BLOCKBUSTER On Demand brings you instant access to the latest movies, with new releases available the same day as DVD/Blu-ray," said Bruce Anderson, BLOCKBUSTER On Demand's senior vice president and general manager. "We're bringing our customers the movies they want, when and where they want them."
Customers may select from thousands of movies including the hottest new releases and classic movies, directly on their TV set and with no monthly fee. This allows for a more personalized and easy to use in-home movie watching experience. Powered by Sonic's Roxio CinemaNow(TM) technology, BLOCKBUSTER On Demand offers a seamless experience across Samsung's entire line of Internet@TV products.
About Blockbuster Inc.
Blockbuster Inc. is a leading global provider of rental and retail movie and game entertainment. The company provides customers with convenient access to media entertainment anywhere, any way they want it - whether in-store, by-mail, through vending kiosks or digitally to their homes and mobile devices. With a highly recognized brand and a library of more than 125,000 movie and game titles, Blockbuster leverages its multichannel presence to serve nearly 47 million global customers annually. The company may be accessed worldwide at http://www.blockbuster.com/.
Blockbuster Inc.
CONTACT: Michelle Metzger of Pierpont, +1-214-217-7300, mmetzger@piercom.com, for Blockbuster Inc.
Web Site: http://www.blockbuster.com/
Deer Consumer Products, Inc. Launches Espresso Machine Product Line and Announces Sales to a Leading European Brand
NEW YORK, March 22 /PRNewswire-FirstCall/ -- Deer Consumer Products, Inc. ("Deer") (website: http://www.deerinc.com/), one of the world's largest designers and OEM/ODM manufacturers of home and kitchen electronics marketing to both global and China domestic consumers, announced today that Deer has launched a high end, automatic espresso machine product line and has initiated shipments to the European markets. Deer is pleased to have passed stringent quality testing standards for the EU markets under this top global brand name which dominates the espresso machine market in Europe.
In addition to satisfying strong international market demand for these products, Deer intends to launch a similar product line in select premium segments of the Chinese domestic markets in 2010.
Bill He, Chairman & Chief Executive Officer of Deer commented: "As an integrated manufacturer and designer of these innovative, high margin products, Deer benefits from our strong internal R&D capabilities accumulated over the last 15 years of our corporate history. Thanks to our internal design and engineering resources, Deer has the advantage of being able to quickly develop and market both OEM and ODM based products to Deer's expanding global and China domestic markets. As we approach the end of the first quarter of 2010, we are pleased with our performance during the quarter as a result of record product shipments and strong customer demand."
About Deer Consumer Products, Inc.
Deer Consumer Products, Inc. (http://www.deerinc.com/) is a NASDAQ Global Market listed U.S. registered public company headquartered in China. Deer has a 15-year operating business as well as a strong balance sheet. Supported by more than 103 patents, trademarks, copyrights and approximately 2,000 company-trained seasonal and full-time staff, Deer is a leading designer, ODM/OEM manufacturer and global marketer of quality small home and kitchen electric appliances. Deer's product lines include blenders, juicers, soy milk makers and a large variety of other home appliances designed to make today's lifestyles simpler and healthier. With more than 100 global clients/branded products such as Black & Decker, Ariete, Disney, Toastmaster, Magic Bullet, Back to Basics and Wal-Mart, and rapidly expanding China domestic market footprint, Deer has enjoyed rapid sales and earnings growth in recent years.
Safe Harbor Statement
All statements in this press release that are not historical are forward-looking statements made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. There can be no assurance that actual results will not differ from the company's expectations. You are cautioned not to place undue reliance on any forward-looking statements in this press release as they reflect Deer's current expectations with respect to future events and are subject to risks and uncertainties that may cause actual results to differ materially from those contemplated. Potential risks and uncertainties include, but are not limited to, the risks described in Deer's filings with the Securities and Exchange Commission.
Contact Information:
Corporate Contact:
Ms. Helen Wang
Deer Consumer Products, Inc.
Tel: 011-86-755-86028285
Email: investors@deerinc.com
Deer Consumer Products, Inc.
CONTACT: Ms. Helen Wang, Deer Consumer Products, Inc., Tel: 011-86-755-86028285. investors@deerinc.com
Web Site: http://www.deerinc.com/
China TransInfo Acquires Majority Interest in UNISITS
BEIJING, March 22 /PRNewswire-Asia-FirstCall/ -- China TransInfo Technology Corp., , ("China TransInfo" or the "Company"), a leading provider of public transportation information systems technology and comprehensive solutions in the People's Republic of China ("PRC"), today announced that the Company and its variable interest entity, China TransInfo Technology Group Co., Ltd. (the "Group Company") entered into certain equity transfer agreements (the Equity Transfer Agreements") with several individual shareholders (the "Transferors") of Beijing UNISITS Technology Co. Ltd. ("UNISITS"), pursuant to which the Group Company acquired 30.85% equity interest in UNISITS from the Transferors.
Pursuant to the Equity Transfer Agreements, the Group Company purchased approximately 16.23 million shares of UNISITS from the Transferors in exchange for RMB 4.41 million (approximately US$0.65 million) in cash (the "Cash Consideration"), 40% of which is payable within seven days after the effective date of the Equity Transfer Agreements, and approximately 1.16 million shares of the Company's common stock, which are issuable within 30 days of the effective date of the Equity Transfer Agreements.
The Equity Transfer Agreements contain "make good" provisions, under which the Transferors agree to deposit a total of 697,162 shares of the Company's common stock with an escrow agent designated by the Company that they will receive as partial consideration for the acquisition. Specifically, if UNISITS's 2010 after-tax net income under Chinese GAAP is less than RMB 37.50 million (approximately US$5.50 million) or its 2011 after-tax net income under Chinese GAAP is less than RMB 46.88 million (approximately US$6.86 million), then 50% of the shares of the Company's common stock deposited by the Transferors in escrow will be returned to the Company for cancellation for each applicable year. In addition, for each applicable year as described above, the Company will not be required to pay the remainder of the Cash Consideration, which represents RMB 1.323 million (approximately US$0.19 million), or 30% of the total Cash Consideration, per year if UNISITS fails to meet the respective performance targets. The Company believes that the "make good" provisions will incentivize UNISITS management team to meet its performance targets.
Prior to this acquisition, as the Company previously announced on September 15, 2009, Mr. Shudong Xia, the Company's Chairman and Chief Executive Officer, entered into an agreement to acquire a 35.17% equity interest in UNISITS and granted to the Group Company a perpetual option to acquire all of Mr. Xia's equity interest in UNISITS upon the expiration of a five-year lock-up period. Following the execution of the Equity Transfer Agreements and the exercise of the option, the Group Company will own an aggregate of 66.02% equity interest in UNISITS.
"With the Group Company's majority ownership of UNISITS, we look forward to collaborating closely with UNISITS' management team to develop more synergies in technology and product marketing, as well as to build clear market leadership with a broad product portfolio and unrivaled technological resources," commented Mr. Xia. "We are excited by the profitable growth opportunities that UNISITS provides China TransInfo, including in the expressway intelligent transportation systems market and our real-time traffic platforms."
UNISITS primarily provides traffic engineering electronics and machinery (E&M) systems for expressways in China. Presently, UNISITS has a presence in more than 20 provinces with a total coverage of over 8,000 kilometers of expressways in China. Through its close cooperation with Tsinghua University, UNISITS has developed an expressway weigh-in-motion system and lighting control system, both of which have been widely applied in a number of provinces in China. In addition, UNISITS provides intelligent transportation products and services to railways and urban transportation markets in China.
About China TransInfo
China TransInfo, through its affiliate, China TransInfo Technology Group Co., Ltd., (the "Group Company") and the Group Company's PRC operating subsidiaries, is primarily focused on providing transportation information services and comprehensive solutions based on GIS technologies. The Company aims to become the largest transportation information products and comprehensive solutions provider, as well as the largest real time transportation information platform operator and provider in China. In addition, the Company is developing its transportation system to include Electronic Toll Collection (ETC) technology. As the co-formulator of several transportation technology national standards, the Company owns software copyrights for 89 software products and has won 5 of the 10 model cases sponsored by the PRC Ministry of Communications. The Company's affiliation with Peking University provides the Company access to the University's GeoGIS Research Laboratory, including 30 Ph.D. researchers. As a result, the Company is playing a key role in setting the standards for electronic transportation information solutions. For more information, please visit the Company's website at http://www.chinatransinfo.com/ .
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, involve 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 those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its 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 factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
For more information, please contact:
Company Contact:
Ms. Fan Zhou, Investor Relations Director
China TransInfo Technology Corp.
Phone: +86-10-5169-1657
Email: ir@ctfo.com
Investor Relations Contact:
CCG Investor Relations
Web: http://www.ccgirasia.com/
Mr. Shaun Smolarz, Financial Writer
Phone: +1-646-701-7444
Email: shaun.smolarz@ccgir.com
Mr. Crocker Coulson, President
Phone: +1-646-213-1915
Email: crocker.coulson@ccgir.com
China TransInfo Technology Corp.
CONTACT: Fan Zhou, Investor Relations Director of China TransInfo Technology Corp., ir@ctfo.com, +86-10-5169-1657; or Investors, Shaun Smolarz, Financial Writer, shaun.smolarz@ccgir.com, +1-646-701-7444, or Crocker Coulson, President, crocker.coulson@ccgir.com, +1-646-213-1915, both of CCG Investor Relations
Web site: http://www.chinatransinfo.com/
Points International to Present at RBC Capital Markets' 2010 Growth Technology & Communications Conference
TORONTO, March 22 /PRNewswire-FirstCall/ -- Points International Ltd. (TSX: PTS; OTCBB: PTSEF), the owner and operator of Points.com, the world's leading reward program management Web site, where users can manage their reward point programs - today announced that CEO, Rob MacLean, and President, Christopher Barnard, will present to the investment community at RBC Capital Markets' 2010 Growth Technology & Communications Conference on Monday, March 29, 2010 at 1:00 p.m. Eastern Time. The conference will be held at the Royal Bank Plaza in Toronto, Ontario.
About Points International Ltd
Points International Ltd. is the owner and operator of Points.com, the world's leading reward program management Web site which was recently named one of the 28 Best Travel Sites by Kiplinger's. At Points.com consumers can Swap, Earn, Buy, Gift, Share and Redeem miles and points from more than 25 of the world's leading reward programs. Participating programs include American Airlines AAdvantage(R) program, Aeroplan(R), AsiaMiles(TM), British Airways Executive Club, Wyndham Rewards(R), Delta SkyMiles(R) and InterContinental Hotels Group's Priority Club(R) Rewards. Redemption partners include Amazon.com(R) and Starbucks. For more information, visit http://www.points.com/.
Points International Ltd.
CONTACT: Anthony Lam, Chief Financial Officer, (416) 596-6382, anthony.lam@points.com; Investor Contact: Alex Wellins, The Blueshirt Group, (415) 217-5861, alex@blueshirtgroup.com; Media Contact: Jordan Fischler, Allison & Partners, (646) 428-0604, jordan@allisonpr.com
Roxio CinemaNow Continues to Expand Premium Entertainment LibraryNew Agreement with Warner Bros. Digital Distribution for the Electronic Sell Through of High Definition Next-Day TV Episodes
NOVATO, Calif., March 22 /PRNewswire-FirstCall/ -- Sonic Solutions® , today announced a new content agreement with Warner Bros. Digital Distribution to digitally distribute commercial-free TV episodes the day after they air on networks. Sonic has secured Electronic Sell Through (EST) rights for distributing standard and high-definition versions of popular TV shows including Fringe and Human Target. The agreement helps further expand the broad content library available through Roxio CinemaNow(TM) powered services and consumer electronic devices. Select TV episodes are now available starting at $1.99.
"We want to be the first choice for consumers whether they are looking to instantly access the latest new movie release or catch up on a favorite TV show in stunning high definition," said Dave Habiger, president and CEO, Sonic Solutions. "We will continue to expand the entertainment selection available to consumers through the Roxio CinemaNow platform and across an ever growing network of consumer electronic devices."
Next-day EST TV shows coming to Roxio CinemaNow also include Batman: The Brave and the Bold, The Bachelor, The Closer, The New Adventures of Old Christine, Two and a Half Men, and Past Life. Sonic plans to release additional content from Warner Bros. Digital Distribution as well as other major Studios throughout the year.
The Roxio CinemaNow entertainment platform serves a broad range of premium content to a growing, multi-manufacturer ecosystem of home and mobile electronics including PCs, connected TVs, set-top DVRs, Blu-ray Disc players, smart phones, and mobile media devices. The platform enables retailers and consumer electronics companies to participate in the entertainment supply chain, add value to product offerings and form ongoing relationships with customers. Roxio CinemaNow-powered stores enable consumers to instantly rent and purchase high-quality entertainment on their favorite device and, through Roxio CinemaNow the flexibility to playback content ordered on additional consumer electronics devices. As well as being available on a range of consumer electronics, Roxio CinemaNow powers digital entertainment delivery for Best Buy and Blockbuster.
About Sonic Solutions
Sonic Solutions® is powering the digital media ecosystem through its complete range of Hollywood to Home(TM) applications, services, and technologies. Sonic's Roxio® products enable consumers to easily manage and enjoy personal digital media content and, through Roxio CinemaNow(TM), access premium Hollywood entertainment on a broad range of connected devices. A wide array of leading technology firms, professionals, and developers rely on Sonic to bring innovative digital media functionality to next-generation devices and platforms. Sonic Solutions is headquartered in Marin County, California.
Forward Looking Statements
This release may contain forward looking statements that are based upon current expectations, including the launch, distribution, and market acceptance of Roxio CinemaNow. Actual results could differ materially from those projected in the forward looking statements as a result of various risks and uncertainties, including those discussed in Sonic Solutions' annual and quarterly reports on file with the Securities and Exchange Commission. This press release should be read in conjunction with Sonic Solutions' most recent annual report on Form 10-K, Form 10-Q and other reports on file with the Securities and Exchange Commission, which contain a more detailed discussion of the Company's business including risks and uncertainties that may affect future results. Sonic Solutions does not undertake to update any forward looking statements.
Sonic, the Sonic logo, Sonic Solutions, Roxio, Roxio CinemaNow, and Hollywood to Home, are trademarks or registered trademarks owned by Sonic Solutions in the United States and/or other countries. All other company or product names are trademarks of their respective owners and, in some cases, are used by Sonic Solutions under license. Specifications, pricing and delivery schedules are subject to change without notice.
Sonic Solutions
CONTACT: Chris Taylor of Sonic Solutions, +1-408-367-5231, chris_taylor@sonic.com
Web Site: http://www.sonic.com/
Kimberly-Clark Reviews Global Business Plan Progress and Long-Term Objectives Through 2015 at Investor MeetingReaffirms Previous Guidance for 2010 Adjusted EPS of $4.80 to $5.00 Marketing Spending to Continue to Increase Faster Than Sales to Support Product Innovation, Targeted Growth Initiatives and Brand Equity; Significant Ramp-Up in 2010 Behind Numerous Innovation Launches New Three-Year Ongoing Cost Savings Target of $400 to $500 Million Established Further Improvement in Return On Invested Capital Expected; Working Capital Efficiency Expected to Improve at Least 15 Percent by 2015; Long-Term Capital Spending Target Lowered Maintaining Top-Tier Dividend Objective
NEW YORK, March 22 /PRNewswire-FirstCall/ -- Kimberly-Clark Corporation today updated its long-range Global Business Plan, calling for consistent top- and bottom-line growth, increased strategic marketing spending, robust ongoing cost savings, and additional improvements in working capital and overall return on invested capital. The company also said that it will continue to use cash generated by the Plan in shareholder-friendly ways, including maintaining its top-tier dividend payout.
The above announcements were made in connection with the company's Investor Day meeting, held here this morning. Members of Kimberly-Clark's senior leadership team met with investors and analysts to review progress on the company's Global Business Plan and further plans to achieve sustainable growth and improve shareholder returns through 2015.
"We have made excellent progress since we originally launched our Global Business Plan in 2003," said Thomas J. Falk, Chairman and CEO. "We have strengthened our brands, increased our exposure to faster-growing, higher-margin businesses and markets, generated significant cost savings, improved our capital efficiency and returned cash to shareholders. Our updated Global Business Plan represents our strategies and plans to achieve our existing top- and bottom-line growth objectives. We will manage our portfolio to drive growth, margin and cash flow. Moreover, we will continue to invest to support our brands, innovations and growth initiatives while we develop our key capabilities to sustain our growth. At the same time, we will remain financially disciplined, with a strong focus on delivering ongoing cost reductions and increases in ROIC. We will continuously improve the effectiveness and efficiency of our organization as we create a leaner, stronger and faster company. All-in-all, we are clearly focused on achieving our company vision, which is to lead the world in essentials for a better life, and we firmly believe that successful execution of our Global Business Plan will deliver long-term value for our shareholders."
During his presentation, Falk reviewed several new and improved products that K-C will introduce in the first half of 2010. Noteworthy items include several launches in baby and child care, new Poise and Depend incontinence offerings, a premium line extension to the Kotex feminine care brand, a disposable Kleenex hand towel, improvements to Cottonelle bathroom tissue and Viva paper towels, safety and wiper product upgrades in K-C Professional, and plans for continued innovation in K-C's International operations (KCI) in Asia, Latin America, the Middle East, Eastern Europe and Africa.
In addition, Falk shared plans to continue to generate strong growth in KCI, which has delivered double-digit compound annual increases in net sales and operating profit since 2003. The company expects KCI to continue to deliver rapid growth ahead of category rates, as it focuses on high-potential, fast-growing markets like China, Russia and Latin America. Falk also reviewed the company's targeted approach to growth and focus on improving margins in its consumer tissue business. Lastly, Falk discussed strategies to continue to shift mix to higher margin segments within its K-C Professional (KCP) and health care businesses, including safety and wiper offerings in KCP and medical devices in health care.
The company reconfirmed its previous guidance for 2010 adjusted earnings per share of $4.80 to $5.00. Adjusted earnings per share in 2010 exclude an anticipated loss for the remeasurement of the local currency balance sheet in Venezuela following the January 2010 currency devaluation. Additional detail on this item and further information about adjusted earnings per share and why the company uses this non-GAAP financial measure are provided later in this news release.
Additional highlights from the meeting follow.
Leveraging the power of K-C's brands
During his presentation, Chief Marketing Officer Tony Palmer shared how the company has increased strategic marketing spending by 70 basis points as a percent of sales from 2004 to 2009 to support product innovation, growth in K-C International, and to further improve brand equity and market share. Going forward, K-C plans to continue to raise spending at a faster rate than net sales through 2015. Palmer also discussed how the company has been deploying an integrated marketing planning process and reviewed several examples of where marketing innovation has been executed successfully. Finally, Palmer noted that higher levels of research and development spending going forward will be focused on delivering insight-driven innovations, improving margins and product mix and expanding the company's brands.
Becoming more efficient
Chief Strategy Officer Chris Brickman reviewed the company's progress in 2009 to improve organization efficiency, generate cost savings and reduce working capital. Brickman noted that savings from K-C's ongoing FORCE (Focused On Reducing Costs Everywhere) program for the three-year period from 2008 through 2010 are expected to total $400 to $450 million compared with an original target of $350 to $450 million. Brickman also outlined a new three-year plan to deliver an additional $400 to $500 million of FORCE savings from 2011 to 2013, with expected benefits from the continued rollout of lean manufacturing and supply chain practices and from the formation of a global procurement organization. Moreover, the company is beginning to implement lean practices in its business processes and functions as part of its plan to establish a continuous improvement capability throughout the enterprise and to ensure that overhead spending rises slower than sales. Finally, Brickman noted that K-C continues to focus on working capital efficiency and expects to improve cash conversion cycle at least 15 percent by 2015 compared to full-year performance in 2009.
Continued financial discipline
Chief Financial Officer Mark Buthman outlined the company's primary financial objectives through 2015 as follows (stated in terms of average annual improvements):
-- Sales growth 3 to 5 percent.
-- Operating margin improvement 30 to 50 basis points.
-- Earnings per share growth of mid- to high-single digits.
-- Improvement in ROIC of 20 to 40 basis points.
-- Dividend increases in line with growth in earnings per share.
Buthman also reviewed the progress the company has made improving adjusted return on invested capital by 200 basis points since 2003. Going forward, the company expects earnings growth and asset efficiencies to lead to further improvements in ROIC. Buthman indicated that K-C's capital spending has averaged less than 5 percent of sales since 2004 compared to 7 percent in the 2001 to 2003 time period. Based on this success and plans going forward, the company has lowered its long-term spending target to 4 1/2 to 5 1/2 percent of net sales compared to its previous target of 5 to 6 percent. Buthman also discussed the company's overall capital allocation philosophy, its commitment to return excess cash flow to shareholders, and its plan to maintain a top-tier dividend among consumer packaged goods companies.
Non-GAAP financial measures
This press release includes adjusted earnings per share, which is a financial measure that has not been calculated in accordance with accounting principles generally accepted in the U.S., or GAAP, and is therefore referred to as a nonGAAP financial measure.
This non-GAAP financial measure excludes certain items that are included in the company's earnings and earnings per share calculated in accordance with GAAP. A detailed explanation of the adjustment to the comparable GAAP financial measure is given below. In accordance with the SEC's requirements, a reconciliation of the non-GAAP financial measure to the comparable GAAP financial measure is attached.
The company provides this non-GAAP financial measure as supplemental information to our GAAP financial measures. Management and the company's Board of Directors use adjusted earnings and adjusted earnings per share to (a) evaluate the company's historical and prospective financial performance and its performance relative to its competitors, (b) allocate resources and (c) measure the operational performance of the company's business units and their managers. Additionally, the Management Development and Compensation Committee of the company's Board of Directors has used the non-GAAP financial measure when setting and assessing achievement of incentive compensation goals.
In addition, Kimberly-Clark management believes that investors' understanding of the company's performance is enhanced by including this non-GAAP financial measure as a reasonable basis for comparing the company's ongoing results of operations. Many investors are interested in understanding the performance of our businesses by comparing our results from ongoing operations from one period to the next. By providing this non-GAAP financial measure, together with a reconciliation, we believe we are enhancing investors' understanding of our businesses and our results of operations. Also, many financial analysts who follow our company focus on and publish both historical results and future projections based on non-GAAP financial measures. We believe that it is in the best interests of our investors for us to provide this information to analysts so that those analysts accurately report the non-GAAP financial information.
We began accounting for Venezuela as hyper-inflationary effective January 1, 2010 and anticipate recording a one-time loss for the expected remeasurement of the local currency balance sheet in that country as a result of the recent currency devaluation. We calculated estimated adjusted earnings per share for 2010 by excluding from the comparable GAAP measures the impacts of that loss.
This non-GAAP financial measure is not meant to be considered in isolation or as a substitute for the comparable GAAP measure. There are limitations to this non-GAAP financial measure because it is not prepared in accordance with GAAP and may not be comparable to similarly titled measures of other companies due to potential differences in methods of calculation and items being excluded. The company compensates for these limitations by using this non-GAAP financial measure as a supplement to the GAAP measures and by providing a reconciliation of the non-GAAP and the comparable GAAP financial measure. The non-GAAP financial measure should be read only in conjunction with the company's consolidated financial statements prepared in accordance with GAAP.
About Kimberly-Clark
Kimberly-Clark and its well-known global brands are an indispensable part of life for people in more than 150 countries. Every day, 1.3 billion people - nearly a quarter of the world's population - trust K-C brands and the solutions they provide to enhance their health, hygiene and well-being. With brands such as Kleenex, Scott, Huggies, Pull-Ups, Kotex and Depend, Kimberly-Clark holds No. 1 or No. 2 share positions in more than 80 countries. To keep up with the latest K-C news and to learn more about the company's 138-year history of innovation, visit http://www.kimberly-clark.com/.
Copies of Kimberly-Clark's Annual Report to Stockholders and its proxy statements and other SEC filings, including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, are made available free of charge on the company's Web site on the same day they are filed with the SEC. To view these filings, visit the Investors section of the company's Web site.
Certain matters contained in this news release concerning the business outlook, including marketing spending, innovation and new products, anticipated financial and operating results, cash flow and uses of cash, capital spending, cost savings, organizational effectiveness and efficiency, research and development spending, anticipated currency rates and exchange risk, contingencies and anticipated transactions of the company constitute forward-looking statements and are based upon management's expectations and beliefs concerning future events impacting the company. There can be no assurance that these future events will occur as anticipated or that the company's results will be as estimated. For a description of certain factors that could cause the company's future results to differ materially from those expressed in any such forward-looking statements, see Item 1A of the company's Annual Report on Form 10-K for the year ended December 31, 2009 entitled "Risk Factors."NON-GAAP RECONCILIATION SCHEDULE
The table below presents the reconciliation of a non-GAAP financial measure to a GAAP financial measure.
OUTLOOK FOR 2010
Estimated Full-Year 2010 Diluted
Earnings Per Share:
Adjusted Earnings Per Share $4.80 - $5.00
Adjustment for Venezuelan
Balance Sheet Remeasurement (.22) - (.14)
---- ----
Earnings Per Share - Diluted $4.58 - $4.86
===== =====
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Kimberly-Clark Corporation
CONTACT: Investors, Paul Alexander, +1-972-281-1440, palexand@kcc.com, or Media, Kay Jackson, +1-972-281-1486, kay.jackson@kcc.com, both for Kimberly-Clark Corporation
Web Site: http://www.kimberly-clark.com/
The9 Limited Announces Acquisition of Majority Interest in Red 5 Studios
SHANGHAI, March 22 /PRNewswire-Asia-FirstCall/ -- The9 Limited ("The9"), an online game developer and operator in China, and Red 5 Studios, Inc. ("Red 5"), an online game developer in the United States, today jointly announced that they have entered into a definitive investment agreement pursuant to which The9 will invest a total amount of approximately US$20 million for a majority interest in Red 5.
Mr. Jun Zhu, The9's Chairman and Chief Executive Officer, commented, "Red 5 is a creator of innovative entertainment software, designing games that focus on ease of play and fun. With the acquisition, The9's global strategy is beginning to take shape. It will further enhance our game development capability and diversify our game portfolio and pipeline. I believe our collaboration will create new and exciting entertainment content for people around the world."
Mark Kern, the Chief Executive Officer of Red 5, said, "We are very excited to welcome The9 as our key investor and to announce that they are making a commitment to us with the equity infusion. The investment recognizes the hard work of the Red 5 team and the strong potential of the game we are working on, as well as our ability, in the future, to become a multi-game studio. By leveraging The9's outstanding expertise in the operation of online games, we will have a great advantage in bringing our games to millions of online gamers around the world. We look forward to a long and fruitful partnership with The9."
About The9 Limited
The9 Limited is an online game operator and developer in China. The9's business is primarily focused on developing and operating high-quality games for online game market. The9 directly, or through affiliates, operates licensed MMORPGs and advanced casual games including Soul of The Ultimate Nation(TM), Granado Espada, EA SPORTS(TM) FIFA Online 2 and Atlantica, as well as its proprietary games World of Fighter and Jiu Zhou Zhan Ji, in mainland China. It has also obtained exclusive licenses to operate other games in mainland China, including Audition 2 and Kingdom Heroes 2 Online. In addition, The9 is developing various proprietary games, including Miracles: Ultimate X, Tiny Tribe, Monster of War and other MMORPGs and advanced causal games.
About Red 5 Studios, Inc.
Red 5 Studios is an online game developer located in California, formed in 2006 by former executives and developers from Blizzard Entertainment(R). Red 5 Studios is dedicated to bringing together millions of gamers across the world by creating immersive worlds, intriguing stories and compelling characters and believes that online games and persistent worlds are the future of video games.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the business outlook and quotations from management in this press release contain forward-looking statements. The9 may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission on Forms 20-F and 6-K, etc., in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about The9's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, The9's limited operating history as an online game operator, political and economic policies of the Chinese government, the laws and regulations governing the online game industry, information disseminated over the Internet and Internet content providers in China, intensified government regulation of Internet cafes, The9's ability to retain existing players and attract new players, license, develop or acquire additional online games that are appealing to users, anticipate and adapt to changing consumer preferences and respond to competitive market conditions, and other risks and uncertainties outlined in The9's filings with the U.S. Securities and Exchange Commission, including its annual reports on Form 20-F. The9 does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
For more information, please contact:
Ms. Phyllis Sai
IR Manager, Investor Relations
The9 Limited
Tel: +86-21-5172-9990
Email: IR@corp.the9.com
The9 Limited
CONTACT: Ms. Phyllis Sai, IR Manager, Investor Relations of The9 Limited, +86-21-5172-9990, or IR@corp.the9.com
ATS Medical Receives Approval to Commercialize the ATS Simulus Annuloplasty Products in CanadaProducts will be introduced by New Canadian Distribution Partner
MINNEAPOLIS, March 22 /PRNewswire-FirstCall/ -- ATS Medical, Inc. , manufacturer and marketer of state-of-the-art cardiac surgery products and services today announced that Health Canada-Medical Device Bureau, Therapeutic Products Programme has approved commercialization of the ATS Simulus® Annuloplasty Product Line for valve repair.
(Logo: http://www.newscom.com/cgi-bin/prnh/20040202/ATSILOGO)
The Simulus product portfolio includes flexible, semi-rigid and adjustable annuloplasty rings and bands for use in mitral and tricuspid valve repair. Valve repair, as opposed to valve replacement, has been established as the gold standard of therapy for diseased or damaged mitral valves. Simulus annuloplasty products are unique in that they are designed to provide physiologic support for the repaired valve, adapting to the natural movement of the heart in the cardiac cycle. In addition, the Simulus product line provides excellent handling characteristics that are recognized and appreciated by cardiac surgeons.
This approval expands the growth opportunity for ATS Medical in Canada and is further complemented by the addition of a new distribution partner, Canadian Hospital Specialties, Limited. This privately owned firm has established a significant base of business in the healthcare market throughout Canada. They have formed a new cardiac surgery division and have added three experienced cardiac surgery specialists focused on driving the adoption of the ATS product portfolio.
"ATS looks forward to collaboration with Canadian Hospital Specialties to introduce the ATS Simulus product line to the Canadian surgical community," stated Michael Dale, President and CEO of ATS Medical. "This new partnership will allow us reach key opinion leaders in cardiac surgery and more fully penetrate the Canadian marketplace," he concluded.
About ATS Medical
ATS Medical, Inc. is dedicated to 'Advancing The Standards' of cardiac surgery through the development, manufacturing and marketing of innovative products and services for the treatment of structural heart disease. ATS Medical serves the cardiac surgery community by focusing on two distinct but operationally synergistic market segments: heart valve disease therapy and surgical ablation of cardiac arrhythmias.
ATS was originally founded to develop the ATS Open Pivot® Heart Valve as a new mechanical heart valve standard of care. Today the ATS Open Pivot Heart Valve is the preferred mechanical heart valve in many markets around the world and the fastest growing mechanical prosthesis in the market. Building on this legacy and addressing the largest market segment in heart valve therapy, the ATS 3f® brand encompasses an innovative tissue heart valve portfolio to address conventional open surgery requirements as well as the growing demand for less invasive sutureless based procedures. The ATS 3f® portfolio includes offerings at various stages including early product development, pivotal clinical trials, and market commercialization. Completing the portfolio in heart valve therapy is the ATS Simulus® annuloplasty product line. Simulus products assist the surgeon in repairing a patient's native heart valve as an alternative to replacement. Continuing ATS Medical's focus on serving the cardiac surgery community are the ATS CryoMaze® products for surgical cryoablation of cardiac arrhythmias. ATS CryoMaze® products are used by surgeons to treat patients suffering from cardiac arrhythmias, the largest and fastest growing form of structural heart disease in populations over 60 years of age. The ATS Medical web site is http://www.atsmedical.com/.
Cautionary Statements
This Press Release contains forward-looking statements that may include statements regarding intent, belief or current expectations of the Company and its management. Actual results could differ materially from those projected in the forward-looking statements as a result of a number of important factors, including the results of clinical trials, the timing of regulatory approvals, the impact of pending healthcare reforms, regulatory actions, competition, pricing pressures, supplier actions and management of growth. For a discussion of these and other risks and uncertainties that could affect the Company's activities and results, please refer to the Company's filings with the Securities and Exchange Commission, including its Form 10-K for the year ended December 31, 2009.
Photo: http://www.newscom.com/cgi-bin/prnh/20040202/ATSILOGO AP Archive: http://photoarchive.ap.org/ PRN Photo Desk, photodesk@prnewswire.com
ATS Medical, Inc.
CONTACT: Michael Dale, President/CEO, +1-763-553-7736, or Michael Kramer, CFO, +1-763-557-2222, both of ATS Medical, Inc.; or Investors, Parice Halbert, CFA of Westwicke Partners, LLC, +1-443-213-0500
Web Site: http://www.atsmedical.com/
Cogo Announces Design Wins for New PTN Network at China Mobile
SHENZHEN, China, March 22 /PRNewswire-FirstCall/ -- Cogo Group, Inc. , a leading platform services provider for the technology and industrial sectors in China, today announced embedded solution design wins within the deployment of China Mobile's new Packet Transmission Network ("PTN"). Cogo already has PTN solution design wins with several leading domestic telecom equipment manufacturers.
PTN is China Mobile's next-generation technology based on Internet Protocol ("IP") and will replace the operator's existing SONET network. It is designed to address the continued increase of data traffic by solving bottlenecks on the back-end. China Mobile anticipates that the growth of TD-SCDMA (3G) subscribers will accelerate data traffic in 2010 and beyond. USB Modems, net-books, e-readers, mobile home gateways and video surveillance systems are also expected to increase data traffic.
In the first quarter of 2010, China Mobile began deployment of its PTN network with domestic telecom equipment vendors, winning the majority of the total contract value. To date, China Mobile is the only mobile operator in China to begin its PTN deployment; however, China Unicom and China Telecom are expected to follow suit over time. Various estimates indicate that ultimately, the three mobile operators will spend around RMB 3bn ($440m) to deploy their PTN networks nationally.
"We are proud to work hand in hand with some of our oldest and strongest partners in China, including ZTE and Huawei, for the deployment of China Mobile's cutting edge network," commented Jeffrey Kang, CEO of Cogo. "We believe that the deployment of the PTN network for China Mobile will be a key driver in generating revenue growth for our telecom equipment business in 2010."
"The economic environment in China has continued to improve in 2010, and we are very encouraged by our business pipeline for the first half of this year, "added Mr. Kang. "We continue to believe that Cogo's overall revenue growth will accelerate meaningfully in 2010 versus 2009 and we expect to see our operating margin expand. We anticipate new revenue opportunities across all of our business segments, most notably in the areas of Auto Electronics and Smart Meters. Our growth will also be driven by an improved 3G handset environment and the expected HDTV roll-out."
About Cogo Group, Inc.:
Cogo Group, Inc. is a leading provider of customized module and subsystem design solutions in China. The Company believes it acts as a proxy to China's technology industry as it works with virtually all the major ODMs and OEMs in China. Cogo leverages these relationships and combines their IP to create designs that Cogo then sells to electronic manufacturers. These designs allow manufacturers to reduce their time to market for new products and ultimately increase sales. Cogo focuses on the telecommunications equipment, digital media and industrial applications end-markets for their embedded solutions while also offering business and engineering services to their large telecommunications equipment vendor customers. Over the last fifteen years, Cogo has grown its customer list to include over 1,400 manufacturers across the telecommunications equipment, digital media and industrial applications markets, covering both multinational Chinese subsidiaries and Chinese domestic companies.
For further information:
Investor Relations
http://www.cogo.com.cn/investorinfo.html
communications@cogo.com.cn
will.davis@cogo.com.cn
H.K.: +852 2730 1518
U.S.: +1 (646) 291 8998
Fax: +86 755 2674 3522
Safe Harbor Statement:
This press release includes certain statements that are not descriptions of historical facts, but are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities and Exchange Act of 1934. These forward-looking statements may include statements about our proposed discussions related to our business or growth strategy such as growth in telecommunications equipment businesses and businesses with ZTE and Huawei, which are subject to change. Such information is based upon expectations of our management that were reasonable when made, but may prove to be incorrect. All such assumptions are inherently subject to uncertainties and contingencies beyond our control and upon assumptions with respect to future business decisions, which are subject to change. For further descriptions of other risks and uncertainties, see our most recent Annual Report filed with the Securities and Exchange Commission (SEC) on Form 10-K, and our subsequent SEC filings. Copies of filings made with the SEC are available through the SEC's electronic data gathering analysis retrieval system (EDGAR) at http://www.sec.gov/.
Cogo Group, Inc.
CONTACT: Cogo Group, Inc. Investor Relations, H.K., +852 2730 1518, U.S., +1-646-291-8998, Fax, +86 755 2674 3522, communications@cogo.com.cn, or will.davis@cogo.com.cn
Web Site: http://www.cogo.com.cn/investorinfo.html
PepsiCo to Share Outlook and Growth Strategies at Two-Day Investor MeetingConfirms Guidance of 11-13% Core Constant Currency EPS Growth for 2010 and Low Double-Digit Core Constant Currency EPS Growth for 2011 and 2012; Outlines goals to support long-term financial performance
NEW YORK, March 22 /PRNewswire-FirstCall/ -- PepsiCo senior executives will offer perspective on the company's strategies to achieve sustainable, long-term growth across its expanding global portfolio of foods and beverages at a two-day investor meeting starting here at 8 a.m. (EDT) today at the Legends Suite Club in Yankee Stadium.
In advance of the meeting, PepsiCo, the world's second-largest food and beverage company, confirmed its guidance of 11-13% core constant currency EPS growth for 2010 and low-double-digit core constant currency EPS growth for 2011 and 2012. (Please refer to the glossary for definitions of core and constant currency. Core results and core constant currency results are non-GAAP financial measures that exclude certain items. Please refer to "Reconciliation of GAAP and Non-GAAP Information" for a description of these items.) It also outlined several broad goals intended to support its long-term financial performance.
"There are many exciting growth opportunities available to PepsiCo around the world, and we look forward to sharing with investors the strategies we have in place to capture those opportunities," said Chairman and CEO Indra Nooyi. "Today we have a diversified portfolio of muscular food and beverage brands, broad distribution reach and a variety of operational advantages which we believe we can leverage to build an even stronger, more successful company over the next several years.
"Equally important, we are refreshing and growing our company to adapt to a changing environment and to evolving consumer needs. We are stepping up our science-based innovation to serve increasingly health-conscious consumers and develop products tailored to key cohort groups, like women and boomers."
Confirms Guidance, Sets Performance Goals
"Our business fundamentals remain strong," said Chief Financial Officer Richard Goodman. "We are reconfirming our expectation that we will return to historic levels of performance - including 11-13% core constant currency EPS growth in 2010 as well as low-double-digit core constant currency EPS growth in 2011 and 2012. We are well equipped to deliver on growth opportunities in both developed and developing markets, thanks to our proven operating culture, our brand-building expertise and our ability to share best practices, products and platforms across our many markets."
PepsiCo announced several performance goals it has set to drive top-line and bottom-line growth:
-- Grow international revenues at two times real global GDP growth rate
-- Grow savory snacks and liquid refreshment beverage market share in the
top 20 markets
-- Sustain or improve brand equity scores for PepsiCo's 19 billion-dollar
brands in the top 10 markets
-- Continue to expand division operating margins
-- Increase cash flow in proportion to net income growth over three year
windows
-- Deliver total shareholder returns in the top quartile of its industry
group
Competitive Advantages, Investment Potential
With the completion last month of transformative mergers with its two largest bottlers, PepsiCo is well positioned to drive growth by capitalizing on a range of competitive advantages:
-- 19 food and beverage brands with retail sales over $1 billion
-- Advantaged position as a key driver of cash flow for retail customers
-- Leading share positions across about 35 savory snack markets around
the world
-- Flexible distribution networks that include direct-store-delivery
(DSD) as well as warehouse systems
-- An international footprint aligned to capitalize on GDP and population
growth trends, and on low per-capita consumption in developing markets
-- Proven ability to tailor snack and beverage brands to meet local
tastes around the world and to tap into growing consumer interest in
health and wellness
Yankee Stadium Event
The meeting will open with Chairman and CEO Indra Nooyi sharing her long-term vision for PepsiCo, and over the two days senior leaders will offer perspective on key strategic priorities, including:
-- Building PepsiCo's global macrosnack portfolio
-- Responsibly and profitably growing the beverage business
-- Building its nutrition business, in dairy, grains, fruits and
vegetables
-- Leveraging the power of "Power of One" efforts across its various
businesses, its customers and third-party partners.
-- Delivering on environmental sustainability commitments to use water
and energy more efficiently and reduce packaging weight
-- Strengthening and refreshing the organization to prosper in a changing
environment. And
-- Ensuring prudent, responsible financial management.
Meeting participants also will have access to interactive "experience stations," country-focused environments and brand demonstrations.
Webcast Information
The event will be webcast live beginning at approximately 8 a.m. (EDT) on both days. PepsiCo invites investors and the media to view the live webcast and slides from the event at http://www.pepsico.com/Investors.html. The webcast also will be available for replay and the slides will be archived. An audio replay in downloadable MP3 format will also be available within 24 hours after the event on the company's Web site.
About PepsiCo
PepsiCo offers the world's largest portfolio of billion-dollar food and beverage brands, including 19 different product lines that each generates more than $1 billion in annual retail sales. Our main businesses - Frito-Lay, Quaker, Pepsi-Cola, Tropicana and Gatorade - also make hundreds of other nourishing, tasty foods and drinks that bring joy to our consumers in more than 200 countries. With annualized revenues of nearly $60 billion, PepsiCo's people are united by our unique commitment to sustainable growth, called Performance with Purpose. By dedicating ourselves to offering a broad array of choices for healthy, convenient and fun nourishment, reducing our environmental impact, and fostering a diverse and inclusive workplace culture, PepsiCo balances strong financial returns with giving back to our communities worldwide. In recognition of its continued sustainability efforts, PepsiCo was named for the third time to the Dow Jones Sustainability World Index (DJSI World) and for the fourth time to the Dow Jones Sustainability North America Index (DJSI North America) in 2009. For more information, please visit http://www.pepsico.com/.
Cautionary Statement
Statements in this communication that are "forward-looking statements" are based on currently available information, operating plans and projections about future events and trends. They inherently involve risks and uncertainties that could cause actual results to differ materially from those predicted in such forward-looking statements. Such risks and uncertainties include, but are not limited to: changes in demand for PepsiCo's products, as a result of changes in consumer preferences and tastes or otherwise; damage to PepsiCo's reputation; trade consolidation, the loss of any key customer, or failure to maintain good relationships with PepsiCo's bottling partners; PepsiCo's ability to hire or retain key employees or a highly skilled and diverse workforce; unstable political conditions, civil unrest or other developments and risks in the countries where PepsiCo operates; changes in the legal and regulatory environment; PepsiCo's ability to build and sustain proper information technology infrastructure, successfully implement its ongoing business process transformation initiative or outsource certain functions effectively; unfavorable economic conditions and increased volatility in foreign exchange rates; PepsiCo's ability to compete effectively; increased costs, disruption of supply or shortages of raw materials and other supplies; disruption of PepsiCo's supply chain; climate change or changes in legal, regulatory or market measures to address climate change; PepsiCo's ability to realize the anticipated cost savings and other benefits expected from the mergers with The Pepsi Bottling Group, Inc. (PBG) and PepsiAmericas, Inc. (PAS); failure to renew collective bargaining agreements or strikes or work stoppages; and any downgrade of PepsiCo's credit rating resulting in an increase of its future borrowing costs.
For additional information on these and other factors that could cause PepsiCo's actual results to materially differ from those set forth herein, please see PepsiCo's filings with the SEC, including its most recent annual report on Form 10-K and subsequent reports on Forms 10-Q and 8-K. Investors are cautioned not to place undue reliance on any such forward-looking statements, which speak only as of the date they are made. PepsiCo undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
Glossary
Core: Core results are non-GAAP financial measures. PepsiCo's fiscal 2009 core EPS was $3.71. 2009 core results exclude the commodity mark-to-market net impact included in corporate unallocated expenses, certain restructuring actions, costs associated with our mergers with PBG and PAS, as well as our share of PBG's and PAS's respective merger costs included in bottling equity income. Core EPS guidance for the full-years 2010-2012 excludes the commodity mark-to-market net impact included in corporate unallocated expenses, estimated one-time costs to achieve synergies and any additional restructuring or integration costs related to the mergers with PBG and PAS. Core EPS guidance for 2010 also excludes the gain or loss on previously held equity interests in PBG and PAS, the post-merger one-time impact to earnings of fair value adjustments to acquired inventory, the one-time charge related to the change to hyperinflationary accounting and devaluation in Venezuela, a contribution to the PepsiCo Foundation, Inc., any additional restructuring or impairment costs and transaction costs related to the mergers with PBG and PAS. For more details and reconciliations of our 2009 core results and 2010-2012 core constant currency EPS guidance, see "Reconciliation of GAAP and Non-GAAP Information."
Constant currency: Financial results (historical and projected) assuming constant foreign currency exchange rates used for translation based on the rates in effect for the comparable prior-year period. In addition, the impact on EPS growth is computed by adjusting core EPS growth by the after-tax foreign currency translation impact on core operating profit growth using PepsiCo's core effective tax rate.
Reconciliation of GAAP and Non-GAAP Information
(unaudited)
Core constant currency EPS growth is a non-GAAP financial measure as it excludes certain items noted below. However, we believe investors should consider this measure as it is more indicative of our ongoing performance and with how management evaluates our operational results and trends.
In the year ended December 26, 2009, we recognized $274 million of mark-to-market net gains on commodity hedges in corporate unallocated expenses. We centrally manage commodity derivatives on behalf of our divisions. Certain of these commodity derivatives do not qualify for hedge accounting treatment and are marked to market with the resulting gains and losses recognized in corporate unallocated expenses. These gains and losses are subsequently reflected in division results when the divisions take delivery of the underlying commodity.
In the year ended December 26, 2009, we incurred $50 million of costs associated with our mergers with PBG and PAS, as well as an additional $11 million of costs representing our share of the respective merger costs of PBG and PAS, recorded in bottling equity income.
As a result of our previously initiated Productivity for Growth program, we recorded restructuring and impairment charges of $36 million in the year ended December 26, 2009. The program includes actions in all segments of the business, including the closure of six plants that we believe will increase cost competitiveness across the supply chain, upgrade and streamline our product portfolio and simplify the organization for more effective and timely decision-making.
We believe investors should consider our 2009 diluted EPS excluding the impact of restructuring and impairment charges, costs associated with our mergers with PBG and PAS and the mark-to-market net gains on commodity hedges.
We are not able to reconcile our full-year projected 2010-2012 core constant currency EPS to our full-year projected 2010-2012 reported results because we are unable to predict the 2010-2012 full-year impact of foreign exchange or the mark-to-market net gains or losses on commodity hedges due to the unpredictability of future changes in foreign exchange rates and commodity prices. Additionally, with respect to our mergers with PBG and PAS, we are unable to predict the amounts or timing of any additional restructuring or integration costs. Therefore, we are unable to provide a reconciliation of this measure.
Diluted EPS Reconciliation
FY 2009
-------
Reported Diluted EPS $3.77
Mark-to-Market Net Gains (0.11)
Restructuring and Impairment Charges 0.02
PBG/PAS Merger Costs 0.03
----
Diluted EPS Excluding above Items $3.71
=====
PepsiCo
CONTACT: Investor: Lynn A. Tyson, Senior Vice President, Investor Relations, +1-914-253-3035, lynn.tyson@pepsi.com; or Media: Dave DeCecco, Director, Media Bureau, +1-914-253-2655, david.dececco@pepsi.com
Web Site: http://www.pepsico.com/
CONSOL Energy Inc. Commences Public Offering of Common Stock
PITTSBURGH, March 22 /PRNewswire-FirstCall/ -- CONSOL Energy Inc. , a producer of high-BTU thermal coal, metallurgical coal and natural gas, announced today that it is commencing an offering of approximately $1.75 billion of its common stock. In connection with the offering, the Company will grant the underwriters an option for 30 days to purchase up to an additional $263 million of its common stock to cover over-allotments, if any. The offering is being made pursuant to the Company's automatic shelf registration statement on Form S-3 filed previously with the Securities and Exchange Commission (SEC) and a preliminary prospectus supplement, filed with the Securities and Exchange Commission on March 22, 2010.
The company plans to use the net proceeds of the offering to finance a portion of the $3.475 billion purchase price for the previously announced acquisition of the Appalachian oil and gas exploration and production business of Dominion Resources, Inc. except for certain assets located in natural gas storage fields and a portion of the cost for the previously announced acquisition of shares which it does not own of CNX Gas Corporation, its 83.3% subsidiary. The acquisition is expected to close by April 30, 2010, subject to regulatory approvals and customary closing conditions. If either of these acquisitions is not completed, the company intends to use the net proceeds from the offering for general corporate purposes, which may include the financing of future acquisitions, capital expenditures, additions to working capital, repurchases, repayment or refinancing of debt or stock repurchases.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy any securities.
BofA Merrill Lynch, PNC Capital Markets LLC, Scotia Capital, and Stifel Nicolaus are the joint book-runners for the common stock offering.
The company has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and the applicable prospectus supplement and other documents the company has filed or will file with the SEC for more complete information about the company and this offering. You may get these documents for free by visiting EDGAR on the SEC website at http://www.sec.gov/. The preliminary prospectus supplement and the final prospectus supplement relating to the offering, when available, may be obtained from BofA Merrill Lynch, 4 World Financial Center, New York, New York 10080, Attn: Preliminary Prospectus Department or email Prospectus.Requests@ml.com.
About CONSOL Energy
CONSOL Energy, a high-Btu bituminous coal and natural gas company, is a member of the Standard & Poor's 500 Equity Index and the Fortune 500. At year-end 2009, it had 11 bituminous coal mining complexes in six states and reports proven and probable coal reserves of 4.5 billion tons. It also is a majority owner of CNX Gas, a leading Appalachian gas producer, with proved reserves of more than 1.9 trillion cubic feet. Additional information about CONSOL Energy can be found at its Web site: http://www.consolenergy.com/.
Forward-Looking Statements
Various statements in this document, including those that express a belief, expectation, or intention, as well as those that are not statements of historical fact, are forward-looking statements (as defined in Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995). The forward-looking statements may include projections and estimates concerning the timing and success of specific projects, our future production, revenues, income and capital spending. When we use the words "believe," "intend," "expect," "may," "should," "anticipate," "could," "would," "will," "estimate," "plan," "predict," "project," or their negatives, or other similar expressions, the statements which include those words are usually forward-looking statements. When we describe strategy that involves risks or uncertainties, we are making forward-looking statements. The forward-looking statements in this document speak only as of the date of this document; we disclaim any obligation to update these statements unless required by securities law, and we caution you not to rely on them unduly. We have based these forward-looking statements on our current expectations and assumptions about future events. While our management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control. These risks, uncertainties and contingencies include, but are not limited to: the deteriorating economic conditions; an extended decline in prices we receive for our coal and gas affecting our operating results and cash flows; reliance on customers honoring existing contracts, extending existing contracts or entering into new long-term contracts for coal; reliance on major customers; our inability to collect payments from customers if their creditworthiness declines; the disruption of rail, barge and other systems that deliver our coal; a loss of our competitive position because of the competitive nature of the coal industry and the gas industry, or a loss of our competitive position because of overcapacity in these industries impairing our profitability; our inability to hire qualified people to meet replacement or expansion needs; coal users switching to other fuels in order to comply with various environmental standards related to coal combustion; the inability to produce a sufficient amount of coal to fulfill our customers' requirements which could result in our customers initiating claims against us; foreign currency fluctuations could adversely affect the competitiveness of our coal abroad; the risks inherent in coal mining being subject to unexpected disruptions, including geological conditions, equipment failure, timing of completion of significant construction or repair of equipment, fires, accidents and weather conditions which could impact financial results; increases in the price of commodities used in our mining operations could impact our cost of production; obtaining, maintaining, and renewing governmental permits and approvals for our operations; the effects of proposals to regulate greenhouse gas emissions; the effects of government regulation; the effects of stringent federal and state employee health and safety regulations; the effects of mine closing, reclamation and certain other liabilities; the effects of subsidence from longwall mining operations on surface structures, water supplies, streams and surface land; uncertainties in estimating our economically recoverable coal and gas reserves; the outcomes of various legal proceedings, which proceedings are more fully described in our reports filed under the Securities Exchange Act of 1934; increased exposure to employee related long-term liabilities; minimum funding requirements by the Pension Protection Act of 2006 (the Pension Act) coupled with the significant investment and plan asset losses suffered during the current economic decline has exposed us to making additional required cash contributions to fund the pension benefit plans which we sponsor and the multi-employer pension benefit plans in which we participate; lump sum payments made to retiring salaried employees pursuant to our defined benefit pension plan; our ability to comply with laws or regulations requiring that we obtain surety bonds for workers' compensation and other statutory requirements; acquisitions that we recently have made or may make in the future including the accuracy of our assessment of the acquired businesses and their risks, achieving any anticipated synergies, integrating the acquisitions and unanticipated changes that could affect assumptions we may have made; the anti-takeover effects of our rights plan could prevent a change of control; risks in exploring for and producing gas; new gas development projects and exploration for gas in areas where we have little or no proven gas reserves; the disruption of pipeline systems which deliver our gas; the availability of field services, equipment and personnel for drilling and producing gas; replacing our natural gas reserves which if not replaced will cause our gas reserves and gas production to decline; costs associated with perfecting title for gas rights in some of our properties; location of a vast majority of our gas producing properties in three counties in southwestern Virginia, making us vulnerable to risks associated with having our gas production concentrated in one area; other persons could have ownership rights in our advanced gas extraction techniques which could force us to cease using those techniques or pay royalties; our ability to acquire water supplies needed for drilling, or our ability to dispose of water used or removed from strata at a reasonable cost and within applicable environmental rules; the coalbeds and other strata from which we produce methane gas frequently contain impurities that may hamper production; the enactment of Pennsylvania severance tax on natural gas may impact results of existing operations and impact the economic viability of exploiting new gas drilling and production opportunities in Pennsylvania; our hedging activities may prevent us from benefiting from price increases and may expose us to other risks; and other factors discussed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2009 under "Risk Factors," as updated by any subsequent Form 10-Qs, which are on file at the Securities and Exchange Commission.
CONSOL Energy Inc.
CONTACT: Investor Contact: Chuck Mazur, +1-724-485-4340; or Media Contact: Joe Cerenzia, +1-724-485-4062
Web Site: http://www.consolenergy.com/
CONSOL Energy Inc. Commences Offering of $2.75 Billion of Senior Notes
PITTSBURGH, March 22 /PRNewswire-FirstCall/ -- CONSOL Energy Inc. today announced that it has commenced an offering in accordance with Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), of $2.75 billion of senior notes (the "Notes"). The Notes will be divided between a tranche of senior notes due 2017 and a tranche of senior notes due 2020 in amounts to be determined. The Notes will be guaranteed by substantially all of the company's existing and future domestic restricted subsidiaries.
The company plans to use the net proceeds of the offering to finance a portion of the $3.475 billion purchase price for the previously announced acquisition of the Appalachian oil and gas exploration and production business of Dominion Resources, Inc. except for certain assets located in natural gas storage fields. The net proceeds from the offering will be placed in escrow pending the closing of acquisition. The acquisition is expected to close by April 30, 2010, subject to regulatory approvals and customary closing conditions. If the acquisition is not completed, the company will be required to redeem all of the Notes.
The Notes are being offered only to qualified institutional buyers in reliance on Rule 144A under the Securities Act and outside the United States, only to non-U.S. investors pursuant to Regulation S. The Notes will not be initially registered under the Securities Act or any state securities laws and may not be offered or sold in the United States absent an effective registration statement or an applicable exemption from registration requirements or a transaction not subject to the registration requirements of the Securities Act or any state securities laws.
This press release does not constitute an offer to sell or the solicitation of an offer to sell or a solicitation of an offer to buy any securities.
About CONSOL Energy
CONSOL Energy, a high-Btu bituminous coal and natural gas company, is a member of the Standard & Poor's 500 Equity Index and the Fortune 500. At year-end 2009, it had 11 bituminous coal mining complexes in six states and reports proven and probable coal reserves of 4.5 billion tons. It also is a majority owner of CNX Gas, a leading Appalachian gas producer, with proved reserves of more than 1.9 trillion cubic feet. Additional information about CONSOL Energy can be found at its Web site: http://www.consolenergy.com/.
Forward-Looking Statements
Various statements in this document, including those that express a belief, expectation, or intention, as well as those that are not statements of historical fact, are forward-looking statements (as defined in Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995). The forward-looking statements may include projections and estimates concerning the timing and success of specific projects, our future production, revenues, income and capital spending. When we use the words "believe," "intend," "expect," "may," "should," "anticipate," "could," "would," "will," "estimate," "plan," "predict," "project," or their negatives, or other similar expressions, the statements which include those words are usually forward-looking statements. When we describe strategy that involves risks or uncertainties, we are making forward-looking statements. The forward-looking statements in this document speak only as of the date of this document; we disclaim any obligation to update these statements unless required by securities law, and we caution you not to rely on them unduly. We have based these forward-looking statements on our current expectations and assumptions about future events. While our management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control. These risks, uncertainties and contingencies include, but are not limited to: the deteriorating economic conditions; an extended decline in prices we receive for our coal and gas affecting our operating results and cash flows; reliance on customers honoring existing contracts, extending existing contracts or entering into new long-term contracts for coal; reliance on major customers; our inability to collect payments from customers if their creditworthiness declines; the disruption of rail, barge and other systems that deliver our coal; a loss of our competitive position because of the competitive nature of the coal industry and the gas industry, or a loss of our competitive position because of overcapacity in these industries impairing our profitability; our inability to hire qualified people to meet replacement or expansion needs; coal users switching to other fuels in order to comply with various environmental standards related to coal combustion; the inability to produce a sufficient amount of coal to fulfill our customers' requirements which could result in our customers initiating claims against us; foreign currency fluctuations could adversely affect the competitiveness of our coal abroad; the risks inherent in coal mining being subject to unexpected disruptions, including geological conditions, equipment failure, timing of completion of significant construction or repair of equipment, fires, accidents and weather conditions which could impact financial results; increases in the price of commodities used in our mining operations could impact our cost of production; obtaining, maintaining, and renewing governmental permits and approvals for our operations; the effects of proposals to regulate greenhouse gas emissions; the effects of government regulation; the effects of stringent federal and state employee health and safety regulations; the effects of mine closing, reclamation and certain other liabilities; the effects of subsidence from longwall mining operations on surface structures, water supplies, streams and surface land; uncertainties in estimating our economically recoverable coal and gas reserves; the outcomes of various legal proceedings, which proceedings are more fully described in our reports filed under the Securities Exchange Act of 1934; increased exposure to employee related long-term liabilities; minimum funding requirements by the Pension Protection Act of 2006 (the Pension Act) coupled with the significant investment and plan asset losses suffered during the current economic decline has exposed us to making additional required cash contributions to fund the pension benefit plans which we sponsor and the multi-employer pension benefit plans in which we participate; lump sum payments made to retiring salaried employees pursuant to our defined benefit pension plan; our ability to comply with laws or regulations requiring that we obtain surety bonds for workers' compensation and other statutory requirements; acquisitions that we recently have made or may make in the future including the accuracy of our assessment of the acquired businesses and their risks, achieving any anticipated synergies, integrating the acquisitions and unanticipated changes that could affect assumptions we may have made; the anti-takeover effects of our rights plan could prevent a change of control; risks in exploring for and producing gas; new gas development projects and exploration for gas in areas where we have little or no proven gas reserves; the disruption of pipeline systems which deliver our gas; the availability of field services, equipment and personnel for drilling and producing gas; replacing our natural gas reserves which if not replaced will cause our gas reserves and gas production to decline; costs associated with perfecting title for gas rights in some of our properties; location of a vast majority of our gas producing properties in three counties in southwestern Virginia, making us vulnerable to risks associated with having our gas production concentrated in one area; other persons could have ownership rights in our advanced gas extraction techniques which could force us to cease using those techniques or pay royalties; our ability to acquire water supplies needed for drilling, or our ability to dispose of water used or removed from strata at a reasonable cost and within applicable environmental rules; the coalbeds and other strata from which we produce methane gas frequently contain impurities that may hamper production; the enactment of Pennsylvania severance tax on natural gas may impact results of existing operations and impact the economic viability of exploiting new gas drilling and production opportunities in Pennsylvania; our hedging activities may prevent us from benefiting from price increases and may expose us to other risks; and other factors discussed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2009 under "Risk Factors," as updated by any subsequent Form 10-Qs, which are on file at the Securities and Exchange Commission.
CONSOL Energy Inc.
CONTACT: Investors: Chuck Mazur, +1-724-485-4340; Media: Joe Cerenzia, +1-724-485-4062
Web Site: http://www.consolenergy.com/
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