Companies news of 2008-03-10 (page 1)
Suntech Announces Proposed Offering of US$425 Million Convertible Senior Notes
Spectrum Control to Release First Quarter Results and Host Conference Call on March 27,...
Belmont, Massachusetts Residents to Benefit From Verizon Wireless Network...
TI updates first-quarter 2008 business outlook- Revenue expected between $3.21 billion and...
East Kingston, New Hampshire Residents to Benefit from Verizon Wireless Network...
North Providence and Providence, Rhode Island Residents to Benefit from Verizon Wireless...
EMC Acquires Leading IT Service Management (ITSM) Software Provider, InfraFurther...
SCI Engineered Materials, Inc. Reports Fourth Quarter 2007 and Full-Year Results
Mission West Properties Switches to The NASDAQ Stock Market'We build the buildings for the...
Bloggers Are Heavy Consumers of Content at News and Entertainment Web SitesContent from...
China Security & Surveillance Technology Reports Fourth Quarter and Full Year 2007...
Neonode Inc. Reports Fourth Quarter and Fiscal 2007 Financial ResultsCompany Shipped $10...
Curtiss-Wright Awarded $4.3M ContractRadar Processing Subsystems for the U.S. Marine...
BIO-key(R) Announces Fourth Quarter and Full Year 2007 Earnings Release and Conference...
Fancast Tops 100 Video Content Providers Offering Content from Top Networks
Diebold Integrated Services(R) Symposium Hits the RoadDiebold Discusses Total Outsourcing...
DigitalFX International to Launch National Infomercial Campaign To Increase Brand...
Lodgian Sets New Standard for Wi-Fi in the Hospitality Industry With Ruckus Wireless Smart...
Lockheed Martin Submits Proposal to Provide GOES-R SpacecraftProposal Continues Five...
Social Networking Threats Addressed at MAAWG Meeting; Industry Advances to Combat Other...
Telanetix to Hold Fourth Quarter and Year-End 2007 Conference Call on March 25, 2008
Oracle(R) Database 11g Sets World Record TPC-H 10 Terabyte Non-Clustered Benchmark Result...
Sun and Microsoft Expand Investment in Interoperability With New Center in Redmond,...
Pressure BioSciences, Inc. Announces Move to New Corporate Offices
XM Satellite Radio to Air Men's College Basketball Tournaments for All Six Major...
Delphax Technologies Annual Meeting Scheduled for March 13
Central European Media Enterprises Closes Successful Offering of $475 Million of...
New Tech Opportunities: Wall Street Reporter Talks to Globecomm Systems Inc., Visteon...
VoIP-PAL.com, Inc. (Pink Sheets: VPLM.PK - News) UPDATE: Announces First Award Recipient...
Suntech Announces Proposed Offering of US$425 Million Convertible Senior Notes
WUXI, China, March 10 /Xinhua-PRNewswire/ -- Suntech Power Holdings Co., Ltd. announced today that it intends, subject to market and other conditions, to offer an aggregate of US$425 million convertible senior notes due 2013, in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the ''Securities Act''). In some circumstances, the notes will be convertible into, at Suntech's election, cash, American depositary shares (''ADSs'') representing Suntech's ordinary shares or a combination of cash and ADSs. The interest rate, conversion price and other terms of the notes will be determined at the time of pricing of the offering. Suntech intends to grant to the initial purchasers a 30-day option to purchase up to an additional US$75 million of the notes to cover over-allotments, if any.
Suntech currently expects to use approximately $300 million of the net proceeds from the offering of the notes for procuring upstream supplies and the balance for production capacity expansion and new technology commercialization. Suntech will use any additional net proceeds received from the initial purchasers' exercise of their option to purchase additional notes, if any, for general corporate purposes and for potential acquisitions of, or investments in, businesses and technologies that it believes will complement its current operations and its expansion strategies.
The convertible senior notes and Suntech's ordinary shares represented by the ADSs, if any, issuable upon conversion of the notes have not been registered under the Securities Act or the securities laws of any other jurisdiction. Suntech will file a shelf registration statement for resale of the notes and Suntech's ordinary shares represented by the ADSs, if any, issuable upon conversion of the notes and use its reasonable best efforts to cause such registration statement to become effective under the Securities Act by the 180th day after the notes are issued. Unless they are registered, these notes may be offered or sold only in transactions that are exempt from registration under the Securities Act and the securities laws of any other jurisdiction.
This press release does not constitute an offer to sell or the solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful. Any offers of the notes will be made only by means of a private offering memorandum.
Forward Looking Statements
This press release contains forward-looking statements. The matters discussed herein, including Suntech's intention to complete the notes offering, are based on current management expectations. Completion of the proposed notes offering is subject to market conditions and other factors.
For more information, please contact:
In China:
Rory Macpherson
Investor Relations Manager
Suntech Power Holdings Co., Ltd.
Tel: +86-510-8531-8922
Email: rory@suntech-power.com
In the United States:
Sanjay M. Hurry
Vice President
The Piacente Group, Inc.
Tel: +1-212-481-2050
Email: suntech@tpg-ir.com
Suntech Power Holdings Co., Ltd.
CONTACT: In China, Rory Macpherson, Investor Relations Manager of Suntech Power Holdings Co., Ltd., +86-510-8531-8922, or rory@suntech-power.com; or in the United States, Sanjay M. Hurry, Vice President of The Piacente Group, Inc., +1-212-481-2050, or suntech@tpg-ir.com, for Suntech
Spectrum Control to Release First Quarter Results and Host Conference Call on March 27, 2008
FAIRVIEW, Pa., March 10 /PRNewswire-FirstCall/ -- Spectrum Control, Inc. , a leading designer and manufacturer of electronic control products and systems, announced today that it will release its first quarter results on Thursday, March 27, 2008, after the close of the market. Following the release, Spectrum Control will host a conference call at 4:45 PM, Eastern Time, to discuss the Company's operating results for the quarter ended February 29, 2008 and the current business outlook.
The call will be available as a live web cast via the Internet at http://www.spectrumcontrol.com/ or http://www.vcall.com/. Please allow 15 minutes to register, download and install any necessary audio software. A replay of the conference call will be available through March 28, 2008, at 877-660-6853, access account 286, conference 278454 or for 30 days over the Internet at the Company's website.
Spectrum Control is a leading designer and manufacturer of components and systems used to condition, regulate, transmit, receive, or govern electronic performance. The Company's largest markets are military/defense and communications equipment, with applications in secure communications, smart weapons and munitions, countermeasures for improvised explosive devices, radar systems, missile defense systems, military vehicles, wireless base stations, broadband switching equipment, global positioning systems, Wi-Fi, and optical networks. Automotive represents an emerging market for the Company's products, with significant applications in DC motors, telematics, and electronic safety controls. Other markets for the Company's products include medical instrumentation, industrial equipment, commercial aerospace, computers, and storage devices.
For more information, please visit our website at http://www.spectrumcontrol.com/.
Spectrum Control, Inc.
CONTACT: Mary Beth Himes of Spectrum Control, Inc., +1-814-474-4360
Web site: http://www.spectrumcontrol.com/ http://www.vcall.com/
Belmont, Massachusetts Residents to Benefit From Verizon Wireless Network ExpansionInvesting to Stay Ahead of Growing Demand for Wireless Voice, Multimedia and Internet Access
BELMONT, Mass., March 10 /PRNewswire/ -- In a continuing effort to provide the best wireless service for local residents in Middlesex County, Verizon Wireless has activated a new cell site. The new site increases wireless voice and data coverage and capacity along Route 60 and Trapelo Road in the Waverly section of Belmont, Massachusetts, as well as the surrounding area.
Verizon Wireless has invested nearly $44 billion since it was formed to increase the coverage and capacity of its national network and to add new services like BroadbandAccess and V CAST. Regionally the company has invested nearly $2.2 billion into its New England network, including over $292 million in 2007 alone.
BroadbandAccess offers computer users the nation's most reliable high- speed wireless mobile broadband network, operating at average upload speeds between 500 and 800 kbps, and download speeds between 600 kbps and 1.4 mbps over Verizon Wireless' BroadbandAccess with EV-DO Revision A network. V CAST brings video clips of TV shows, music on demand and other multimedia services to wireless phones.
Strong demand for Verizon Wireless services continued during the fourth quarter of 2007 as the company added two million net new customers and, for the thirteenth consecutive quarter, reported the lowest customer turnover (highest customer loyalty) rate in the wireless industry.
The company's 'nation's most reliable wireless network' reputation is based on network studies performed by real-life test men and test women throughout the country who inspired the "can you hear me now" national advertising campaign. Nationally, these test men and women drive nearly 100 specially equipped vehicles almost 1,000,000 miles annually on Interstate, U.S. and state highways as well as major roads and surface streets in high- population areas, based upon U.S. Census counts, to confirm that voice calls and data connections are successful on the first attempt and stay connected. Vehicles are equipped with computers that automatically make more than three million voice call attempts and more than 16 million data tests annually on Verizon Wireless' network and the networks of other carriers.
About Verizon Wireless
Verizon Wireless operates the nation's most reliable wireless voice and data network, serving 65.7 million customers. Headquartered in Basking Ridge, N.J., with 69,000 employees nationwide, Verizon Wireless is a joint venture of Verizon Communications and Vodafone (NYSE and LSE: VOD). For more information, go to: http://www.verizonwireless.com/. To preview and request broadcast- quality video footage and high-resolution stills of Verizon Wireless operations, log on to the Verizon Wireless Multimedia Library at http://www.verizonwireless.com/multimedia.
BroadbandAccess speed claim is based on stationary tests with 5 MB FTP data files w/o compression and requires compatible EV-DO Rev. A device. Actual throughput speed varies. BroadbandAccess is available to more than 240 million people in 248 major metros in the U.S. V CAST Music phone & per song charges required; airtime may apply for music downloads. Additional charges required for other V CAST services. Offers & coverage, varying by service, are not available everywhere. Network details and coverage maps at http://vzw.com/.
Verizon Wireless
CONTACT: Michael Murphy of Verizon Wireless, +1-781-932-1213, Michael.Murphy@verizonwireless.com; or Anne Elise O'Connor of Thomson Communications, +1-617-548-2765, Aeoc@thomsoncommunications.com, for Verizon Wireless
Web site: http://www.verizonwireless.com/
TI updates first-quarter 2008 business outlook- Revenue expected between $3.21 billion and $3.35 billion- EPS expected between $0.41 and $0.45Conference call on TI web site at 4 p.m. Central time today www.ti.com/ir
DALLAS, March 10 /PRNewswire-FirstCall/ -- In a scheduled update to its business outlook for the first quarter of 2008, Texas Instruments Incorporated (TI) today lowered its expected ranges for revenue and earnings per share (EPS).
The company's expectations for revenue are:
-- Total revenue between $3.21 billion and $3.35 billion, compared with
the prior range of $3.27 billion to $3.55 billion;
-- Semiconductor revenue between $3.14 billion and $3.26 billion, compared
with the prior range of $3.20 billion to $3.46 billion; and
-- Education Technology revenue between $70 million and $90 million,
unchanged from the prior range.
TI expects EPS between $0.41 and $0.45, compared with the previous range of $0.43 to $0.49.
The company will hold a conference call at 4 p.m. Central time today to discuss this update. This conference call will be available live at http://www.ti.com/. TI's original first-quarter outlook was published in the company's fourth-quarter and year-end 2007 earnings release on Jan. 22, available at http://www.ti.com/. TI's first quarter ends on March 31.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995:
This release includes forward-looking statements intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally can be identified by phrases such as TI or its management "believes," "expects," "anticipates," "foresees," "forecasts," "estimates" or other words or phrases of similar import. Similarly, statements herein that describe TI's business strategy, outlook, objectives, plans, intentions or goals also are forward-looking statements. All such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those in forward-looking statements.
We urge you to carefully consider the following important factors that could cause actual results to differ materially from the expectations of TI or its management:
-- Market demand for semiconductors, particularly for analog chips and
digital signal processors in key markets such as communications,
entertainment electronics and computing;
-- TI's ability to maintain or improve profit margins, including its
ability to utilize its manufacturing facilities at sufficient levels to
cover its fixed operating costs, in an intensely competitive and
cyclical industry;
-- TI's ability to develop, manufacture and market innovative products in
a rapidly changing technological environment;
-- TI's ability to compete in products and prices in an intensely
competitive industry;
-- TI's ability to maintain and enforce a strong intellectual property
portfolio and obtain needed licenses from third parties;
-- Expiration of license agreements between TI and its patent licensees,
and market conditions reducing royalty payments to TI;
-- Economic, social and political conditions in the countries in which TI,
its customers or its suppliers operate, including security risks,
health conditions, possible disruptions in transportation networks and
fluctuations in foreign currency exchange rates;
-- Natural events such as severe weather and earthquakes in the locations
in which TI, its customers or its suppliers operate;
-- Availability and cost of raw materials, utilities, manufacturing
equipment, third-party manufacturing services and manufacturing
technology;
-- Changes in the tax rate applicable to TI as the result of changes in
tax law, the jurisdictions in which profits are determined to be earned
and taxed, the outcome of tax audits and the ability to realize
deferred tax assets;
-- Losses or curtailments of purchases from key customers and the timing
and amount of distributor and other customer inventory adjustments;
-- Customer demand that differs from our forecasts;
-- The financial impact of inadequate or excess TI inventory that results
from demand that differs from projections;
-- TI's ability to access its bank accounts and lines of credit or
otherwise access the capital markets;
-- Product liability or warranty claims, claims based on epidemic or
delivery failure or recalls by TI customers for a product containing a
TI part;
-- TI's ability to recruit and retain skilled personnel; and
-- Timely implementation of new manufacturing technologies, installation
of manufacturing equipment and the ability to obtain needed third-party
foundry and assembly/test subcontract services.
For a more detailed discussion of these factors see the Risk Factors discussion in Item 1A of our most recent Form 10-K. The forward-looking statements included in this release are made only as of the date of this release and TI undertakes no obligation to update the forward-looking statements to reflect subsequent events or circumstances.
About Texas Instruments
Texas Instruments helps customers solve problems and develop new electronics that make the world smarter, healthier, safer, greener and more fun. A global semiconductor company, TI innovates through manufacturing, design and sales operations in more than 25 countries. For more information, go to http://www.ti.com/.
Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20010105/NEF016LOGO AP Archive: http://photoarchive.ap.org/ PRN Photo Desk, photodesk@prnewswire.com
Texas Instruments Incorporated
CONTACT: Media, Chris Rongone, +1-214-480-6868, c-rongone@ti.com, or Renee Fancher, +1-214-567-7447, rfancher@ti.com, or Investor Relations, Ron Slaymaker, +1-214-480-6388, rslaymaker@ti.com, or Dave Pahl, +1-214-480-4629, dpahl@ti.com, or Scott Roller, +1-214-567-0288, sroller@ti.com, all of Texas Instruments Incorporated (Please do not publish these numbers or e-mail addresses.)
Web site: http://www.ti.com/
East Kingston, New Hampshire Residents to Benefit from Verizon Wireless Network ExpansionInvesting to Stay Ahead of Growing Demand for Wireless Voice, Multimedia and Internet Access
EAST KINGSTON, N.H., March 10 /PRNewswire/ -- In a continuing effort to provide the best wireless service for local residents in Rockingham County, Verizon Wireless has activated a new cell site. The new site increases wireless voice and data coverage and capacity along Routes 107 and 108 in East Kingston, New Hampshire, as well as the surrounding area.
Verizon Wireless has invested nearly $44 billion since it was formed to increase the coverage and capacity of its national network and to add new services like BroadbandAccess and V CAST. Regionally the company has invested nearly $2.2 billion into its New England network, including over $292 million in 2007 alone.
BroadbandAccess offers computer users the nation's most reliable high- speed wireless mobile broadband network, operating at average upload speeds between 500 and 800 kbps, and download speeds between 600 kbps and 1.4 mbps over Verizon Wireless' BroadbandAccess with EV-DO Revision A network. V CAST brings video clips of TV shows, music on demand and other multimedia services to wireless phones.
Strong demand for Verizon Wireless services continued during the fourth quarter of 2007 as the company added two million net new customers and, for the thirteenth consecutive quarter, reported the lowest customer turnover (highest customer loyalty) rate in the wireless industry.
The company's 'nation's most reliable wireless network' reputation is based on network studies performed by real-life test men and test women throughout the country who inspired the "can you hear me now" national advertising campaign. Nationally, these test men and women drive nearly 100 specially equipped vehicles almost 1,000,000 miles annually on Interstate, U.S. and state highways as well as major roads and surface streets in high- population areas, based upon U.S. Census counts, to confirm that voice calls and data connections are successful on the first attempt and stay connected. Vehicles are equipped with computers that automatically make more than three million voice call attempts and more than 16 million data tests annually on Verizon Wireless' network and the networks of other carriers.
About Verizon Wireless
Verizon Wireless operates the nation's most reliable wireless voice and data network, serving 65.7 million customers. Headquartered in Basking Ridge, N.J., with 69,000 employees nationwide, Verizon Wireless is a joint venture of Verizon Communications and Vodafone (NYSE and LSE: VOD). For more information, go to: http://www.verizonwireless.com/. To preview and request broadcast-quality video footage and high-resolution stills of Verizon Wireless operations, log on to the Verizon Wireless Multimedia Library at http://www.verizonwireless.com/multimedia.
BroadbandAccess speed claim is based on stationary tests with 5 MB FTP data files w/o compression and requires compatible EV-DO Rev. A device. Actual throughput speed varies. BroadbandAccess is available to more than 240 million people in 248 major metros in the U.S. V CAST Music phone & per song charges required; airtime may apply for music downloads. Additional charges required for other V CAST services. Offers & coverage, varying by service, are not available everywhere. Network details and coverage maps are at http://vzw.com/.
Verizon Wireless
CONTACT: Michael Murphy of Verizon Wireless, +1-781-932-1213, Michael.Murphy@verizonwireless.com; or Anne Elise O'Connor of Thomson Communications, +1-617-548-2765, Aeoc@thomsoncommunications.com, for Verizon Wireless
Web site: http://www.verizonwireless.com/
North Providence and Providence, Rhode Island Residents to Benefit from Verizon Wireless Network ExpansionInvesting to Stay Ahead of Growing Demand for Wireless Voice, Multimedia and Internet Access
PROVIDENCE, R.I., March 10 /PRNewswire/ -- In a continuing effort to provide the best wireless service for local residents in Providence County, Verizon Wireless has activated a new cell site. The new site increases wireless voice and data coverage and capacity along Routes 7, 15, and 146 in North Providence and Providence, Rhode Island, as well as the surrounding area.
Verizon Wireless has invested nearly $44 billion since it was formed to increase the coverage and capacity of its national network and to add new services like BroadbandAccess and V CAST. Regionally the company has invested nearly $2.2 billion into its New England network, including over $292 million in 2007 alone.
BroadbandAccess offers computer users the nation's most reliable high-speed wireless mobile broadband network, operating at average upload speeds between 500 and 800 kbps, and download speeds between 600 kbps and 1.4 mbps over Verizon Wireless' BroadbandAccess with EV-DO Revision A network. V CAST brings video clips of TV shows, music on demand and other multimedia services to wireless phones.
Strong demand for Verizon Wireless services continued during the fourth quarter of 2007 as the company added two million net new customers and, for the thirteenth consecutive quarter, reported the lowest customer turnover (highest customer loyalty) rate in the wireless industry.
The company's 'nation's most reliable wireless network' reputation is based on network studies performed by real-life test men and test women throughout the country who inspired the "can you hear me now" national advertising campaign. Nationally, these test men and women drive nearly 100 specially equipped vehicles almost 1,000,000 miles annually on Interstate, U.S. and state highways as well as major roads and surface streets in high-population areas, based upon U.S. Census counts, to confirm that voice calls and data connections are successful on the first attempt and stay connected. Vehicles are equipped with computers that automatically make more than three million voice call attempts and more than 16 million data tests annually on Verizon Wireless' network and the networks of other carriers.
About Verizon Wireless
Verizon Wireless operates the nation's most reliable wireless voice and data network, serving 65.7 million customers. Headquartered in Basking Ridge, N.J., with 69,000 employees nationwide, Verizon Wireless is a joint venture of Verizon Communications and Vodafone (NYSE and LSE: VOD). For more information, go to: http://www.verizonwireless.com/. To preview and request broadcast-quality video footage and high-resolution stills of Verizon Wireless operations, log on to the Verizon Wireless Multimedia Library at http://www.verizonwireless.com/multimedia.
BroadbandAccess speed claim is based on stationary tests with 5 MB FTP data files w/o compression and requires compatible EV-DO Rev. A device. Actual throughput speed varies. BroadbandAccess is available to more than 240 million people in 248 major metros in the U.S. V CAST Music phone & per song charges required; airtime may apply for music downloads. Additional charges required for other V CAST services. Offers & coverage, varying by service, are not available everywhere. Network details and coverage maps are at http://vzw.com/.
Verizon Wireless
CONTACT: Michael Murphy of Verizon Wireless, +1-781-932-1213, Michael.Murphy@verizonwireless.com; or Anne Elise O'Connor of Thomson Communications, +1-617-548-2765, Aeoc@thomsoncommunications.com, for Verizon Wireless
Web site: http://www.verizonwireless.com/ http://www.verizonwireless.com/multimedia http://vzw.com/
EMC Acquires Leading IT Service Management (ITSM) Software Provider, InfraFurther Solidifies EMC's 'Closed-Loop Service Orchestration' Strategy
HOPKINTON, Mass., March 10 /PRNewswire/ -- EMC Corporation , the world leader in information infrastructure solutions, today announced that it has acquired privately-held Infra Corporation Pty Limited -- a market- leading provider of IT Service Management (ITSM) software. This acquisition further solidifies EMC's "Closed Loop Service Orchestration" strategy, designed to automate data center operations and return visibility and control to IT management. The acquisition is not expected to have a material impact on revenues or EPS for 2008.
Infra provides a Web-based, ITIL (IT Infrastructure Library)-verified solution that automates IT Service Management processes in enterprise organizations. Infra's service desk, with its ability to manage the full lifecycle of IT services, complements EMC's automated discovery, rich analytics, native dependency mapping and model-based approach -- better enabling customers to manage service delivery end-to-end.
"With the introduction of virtualization and web-based technologies, our customers are looking for a dynamic IT service environment that can keep pace with this rapid rate of change and growing complexity," said Chris Gahagan, EMC's Senior Vice President, Resource Management Software. "The combination of Infra's service management and EMC's existing infrastructure management capabilities delivers practical and innovative solutions for today's IT service delivery challenges."
Infra's infraEnterprise is a 100 percent Web-based solution for automating IT Service Management processes on a local or global scale across the enterprise. The infraEnterprise solution includes a Service Desk with Incident, Problem, Change, Configuration, Release, Service Level and Availability Management processes, all of which have been verified to an enhanced level of ITIL compatibility by Pink Elephant(TM). All processes are fully integrated into the single infraEnterprise service management solution, ensuring seamless workflow between processes.
"Today's business CIO's are increasingly required to justify technology expenditures by demonstrating benefits to the overall business rather than just keeping up with the latest technology. Since 1991, infraEnterprise has built a growing reputation as a market leading solution that provides this necessary visibility into core business services," said Andy Wade, Managing Director of Infra. "Our acquisition by EMC makes perfect sense, as it allows us to take this vision one step further -- providing the financial and technology resources of a proven leader in information management to further cement our market leadership."
Infra will report into EMC's Resource Management Software business unit, providing IT Service Management solutions that allow customers to automate their data center operations. The infraEnterprise team will continue to be led by Andy Wade, who will report directly to Chris Gahagan.
About Infra Corporation
Infra Corporation Pty Limited is the international developer of infraEnterprise, a 100 percent Web solution that automates IT Service Management processes. infraEnterprise supports industry best practice methodology such as ITIL and KCS (Knowledge-Centered Support) and delivers the best upfront and ongoing value for comparative depth of functionality. Established in 1991, Infra has regional head offices in the UK, North America and Australia and a worldwide network of partners and distributors. For more information on our products and services visit http://www.infra-corp.com/.
About EMC
EMC Corporation is the world's leading developer and provider of information infrastructure technology and solutions that enable organizations of all sizes to transform the way they compete and create value from their information. Information about EMC's products and services can be found at http://www.emc.com/.
EMC is a registered trademark of EMC Corporation. All other product and company names herein may be trademarks of their respective owners.
This release contains "forward-looking statements" as defined under the Federal Securities Laws. Actual results could differ materially from those projected in the forward-looking statements as a result of certain risk factors, including but not limited to: (i) adverse changes in general economic or market conditions; (ii) delays or reductions in information technology spending; (iii) our ability to protect our proprietary technology; (iv) risks associated with managing the growth of our business, including risks associated with acquisitions and investments and the challenges and costs of integration, restructuring and achieving anticipated synergies; (v) fluctuations in VMware, Inc.'s operating results and risks associated with trading of VMware stock; (vi) competitive factors, including but not limited to pricing pressures and new product introductions; (vii) the relative and varying rates of product price and component cost declines and the volume and mixture of product and services revenues; (viii) component and product quality and availability; (ix) the transition to new products, the uncertainty of customer acceptance of new product offerings and rapid technological and market change; (x) insufficient, excess or obsolete inventory; (xi) war or acts of terrorism; (xii) the ability to attract and retain highly qualified employees; (xiii) fluctuating currency exchange rates; and (xiv) other one- time events and other important factors disclosed previously and from time to time in EMC's filings with the U.S. Securities and Exchange Commission. EMC disclaims any obligation to update any such forward-looking statements after the date of this release.
EMC Corporation
CONTACT: United States: Craig Librett, +1-508-293-7298, librett_craig@emc.com, or UK: Suhela Dighe, +44 (0)208 758 6754, Dighe_suhela@emc.com, or Australia: Caroline Francis, +61299257942, Francis_caroline@emc.com, all of EMC Corporation
Web site: http://www.emc.com/ http://www.infra-corp.com/
SCI Engineered Materials, Inc. Reports Fourth Quarter 2007 and Full-Year Results
COLUMBUS, Ohio, March 10 /PRNewswire-FirstCall/ -- SCI Engineered Materials, Inc. (BULLETIN BOARD: SCCI) , a manufacturer of high quality sputtering targets for select growth markets in the physical vapor deposition industry, today announced results for the three months and twelve months ended December 31, 2007.
Dan Rooney, Chairman, President and Chief Executive Officer, said, "Our 2007 results included a 35% increase in total revenues, a 15% increase in gross profit and an 11% increase in income applicable to common shares compared to 2006. This performance benefited from increased sales to existing customers as well as initial sales to new customers within niche markets of large industries that have attractive, long-term growth opportunities. During 2007 we focused considerable attention on our entry into these new markets as well as developing new and expanded applications for our customers. These efforts are anticipated to accelerate product development, commercialization activities, and their time-to-market and also provide them with innovative materials for their products.
In 2008 we plan to continue developing our infrastructure as well as the company's production capacity, and research and development capabilities. Consistent with our growth strategy, we also expect to increase capabilities to support customers as we increase our presence in new markets."
Fourth Quarter 2007 Results
Total revenues decreased 34% to $2,384,993 for the fourth quarter 2007 from $3,622,238 for the same period a year ago. This was attributable to a decline in revenue for Photonics products. The Company's backlog was $1.0 million at December 31, 2007.
Gross profit declined to $596,442 for the fourth quarter 2007 from $765,724 for the prior year. This difference was principally due to a high value raw material whose price fluctuates. The Company's gross profit margin increased to 25.0% of total revenues for the fourth quarter 2007 from 21.1% for the same period in 2006.
General and administrative expense declined to $215,348 for the fourth quarter 2007 from $261,493 a year ago, primarily due to lower professional expenses. Selling expense was $125,986 for the fourth quarter 2007 versus $144,447 a year ago.
Research and development ("R&D") expense increased 70% to $114,991 for the fourth quarter 2007 from $67,533 the prior year. There was increased expense in the fourth quarter 2007 related to increased staff and activities associated with applications for customers in the Photonic, Solar, Thin Film Battery and Semiconductor markets.
Income applicable to common shares was $120,976, or $0.03 per diluted share, for the three months ended December 31, 2007, versus net income of $268,620, or $0.07 per diluted share, for the same period in 2006. The weighted average number of diluted shares outstanding increased 5% to 4,185,929 for the fourth quarter 2007 from 3,986,814 for the same period last year.
2007 Results
Total revenue increased 35% to $10,832,682 for the year ended December 31, 2007 from $8,045,792 for the same period in 2006. This was primarily due to higher sales of Photonics products, which included purchases of a high value raw material, plus increased sales to Thin Film Battery customers.
Gross profit rose 15% to $2,057,823 compared to $1,788,244 in 2006. Gross profit margin declined to 19.0% of total revenues for 2007 from 22.2% last year, reflecting the substantial increase in the price of a high value raw material, whose products have lower margins than SCI's other products.
General and administrative expenses declined to $884,771 in 2007 compared to $928,506 in 2006. Selling expense rose to $457,689 for 2007 from $354,609 a year ago due to additional marketing staff, higher travel expense and SCI's participation in three industry tradeshows, including two in the United States and one in Europe, in 2007.
Research and development expenses increased 74% to $368,971 for 2007 from $212,507 for 2006. This was primarily due to staff additions and expenses related to development of products, including Thin Film Solar, targeted at new and expanding markets for the company.
Income applicable to common shares increased 11% to $307,682 for the year ended December 31, 2007 compared to $277,083 for the year 2006. Net income was $0.07 per diluted share for both years due to the 6% increase in the weighted average number of diluted shares outstanding to 4,217,936 in 2007 compared to 3,982,905 in 2006.
About SCI Engineered Materials, Inc.
SCI Engineered Materials, Inc. manufactures ceramics and metals for advanced applications such as optical, photonics including solar, thin film batteries, and superconductors. SCI Engineered Materials is a global materials supplier with clients in more than 40 countries. Additional information is available at http://www.sciengineeredmaterials.com/.
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created thereby. Those statements include, but are not limited to, all statements regarding intent, beliefs, expectations, projections, forecasts, and plans of the Company and its management, and specifically include statements regarding efforts to help customers accelerate product development, commercialization activities, and their time-to-market and also provide them with innovative materials for their products (paragraph 2), plans to continue developing the company's infrastructure as well as its production capacity, research and development capabilities and capabilities to support customers (paragraph 3). These forward-looking statements involve numerous risks and uncertainties, including, without limitation, other risks and uncertainties detailed from time to time in the Company's Securities and Exchange Commission filings, including the Company's Annual Report on Form 10- KSB for the year ended December 31, 2006. One or more of these factors have affected, and could in the future affect, the Company's projections. Therefore, there can be no assurances that the forward-looking statements included in this press release will prove to be accurate. In light of the significant uncertainties in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by the Company, or any other persons, that the objectives and plans of the company will be achieved. All forward-looking statements made in this press release are based on information presently available to the management of the Company. The Company assumes no obligation to update any forward-looking statements.
SCI Engineered Materials, Inc.
CONTACT: Robert Lentz, for SCI Engineered Materials, Inc., +1-614-876-2000
Web site: http://www.sciengineeredmaterials.com/
Mission West Properties Switches to The NASDAQ Stock Market'We build the buildings for the high tech companies that build the internet'
CUPERTINO, Calif., March 10 /PRNewswire-FirstCall/ -- Mission West Properties, Inc. announced today that its board of directors has approved the decision to switch the listing of its common stock from the American Stock Exchange to the NASDAQ Stock Market LLC. Effective March 24, 2008, the company will trade under the symbol NASDAQ: MSW.
"This decision was reached after careful consideration of capital market alternatives and analysis of the electronic market model, which provides added visibility to our investors," said Carl E. Berg, Chairman and CEO of Mission West Properties. "We believe that NASDAQ's electronic multiple market maker structure will provide our company with enhanced exposure and liquidity, while at the same time providing investors with the best prices, the fastest execution, and the lowest cost per trade. As the world's largest electronic stock market, NASDAQ promotes innovation and attracts leading growth companies from a diverse group of sectors. We are proud to be a part of NASDAQ.
About NASDAQ
NASDAQ is the largest U.S. electronic stock market. With approximately 3200 companies, it lists more companies and, on average, its systems trade more shares per day than any other U.S. market. NASDAQ is home to companies that are leaders across all areas of business including technology, retail, communications, financial services, transportation, media and biotechnology. NASDAQ is the primary market for trading NASDAQ-listed stocks. For more information about NASDAQ, visit the NASDAQ website at http://www.nasdaq.com/ or the NASDAQ newsroom at http://www.nasdaq.com/newsroom.
Company Profile
Mission West Properties, Inc. operates as a self-managed, self-administered and fully integrated REIT engaged in the management, leasing, marketing, development and acquisition of commercial R&D properties, primarily located in the Silicon Valley portion of the San Francisco Bay Area. Currently, the Company manages 109 properties totaling approximately 7.9 million rentable square feet, which includes approximately 854,000 rentable square feet (or 16 buildings) that are in the process of being rezoned for residential development. For additional information, please contact Investor Relations at 408-725-0700.
The matters described herein contain forward-looking statements. Such statements can be identified by the use of forward-looking terminology such as "will," "anticipate," "estimate," "expect," "intends," or similar words. Forward-looking statements involve a number of risks, uncertainties or other factors beyond the Company's control, which may cause material differences in actual results, performance or other expectations. These factors include, but are not limited to, the ability to complete acquisitions under the Berg Land Holdings Option Agreement with the Berg Group and other factors detailed in the Company's registration statements, and periodic filings with the Securities & Exchange Commission.
Mission West Properties, Inc.
CONTACT: Investor Relations of Mission West Properties, Inc., +1-408-725-0700
Web site: http://www.missionwest.com/ http://www.nasdaq.com/
Bloggers Are Heavy Consumers of Content at News and Entertainment Web SitesContent from Digg.com and PerezHilton.com Consumed by Heavy Bloggers
RESTON, Va., March 10 /PRNewswire-FirstCall/ -- comScore, Inc. , a leader in measuring the digital world, today released the results of a study using its comScore Segment Metrix tool, which showed that heavy users of U.S. blog sites (i.e. "heavy bloggers") are significantly more likely than the average Internet user to consume news and entertainment content online.
(Logo: http://www.newscom.com/cgi-bin/prnh/20080115/COMSCORELOGO)
"As blogs continue to grow in both quality and audience size, both traditional and non-traditional advertisers are increasingly putting their online ad dollars towards reaching this group of consumers," said Jack Flanagan, executive vice president of comScore. "This highly informed, tech savvy, and entertainment-oriented consumer segment is consistent with the profile of an 'influencer,' which is of course a particularly attractive audience to reach."
Heavy Bloggers are Heavy Consumers of News and Entertainment Content
For purposes of this study, heavy bloggers are defined as the heaviest 20 percent of blog visitors who account for 84 percent of all the time spent on blogging sites. Given that blogs can often be described as both informative and entertaining, it is not surprising that heavy users of blog sites are more likely than the average Internet user to consume news and entertainment content online. They are significantly more likely to consume content at politics and general news sites, and also consume a disproportionate amount of content on entertainment news, humor, movies and photo-sharing sites.
Highest Site Category Engagement Among Heavy Bloggers
January 2008
Total U.S. -- Home/Work/University Locations
Source: comScore Segment Metrix
Composition
Site Category Index --
Page Views*
Total Internet 100
Blogs 428
Politics 240
Web Hosting 224
Entertainment -- News 199
Humor 158
Reference 153
Entertainment -- Movies 147
Books 146
General News 141
Photos 139
*Composition Index -- Page Views = number of page views among heavy
bloggers/number of page views among total Internet audience x 100; Index
of 100 represents parity.
Heavy Bloggers are Heavy Consumers of Content at Digg.com and PerezHilton.com
Consistent with the site category findings, heavy bloggers are heavy consumers of content from several individual news and entertainment sites. Heavy bloggers consumed more than three times as much content on social news ranking site Digg.com as the average Internet user, and also exhibited well above average consumption of content at other news sites, including CTVGlobeMedia, DrudgeReport.com, HuffingtonPost.com, Salon.com and ABC News Digital. On the entertainment side, heavy bloggers skewed towards content at PerezHilton.com and CollegeHumor Network. Heavy usage of webhosting sites Rapidshare AG and Megaupload.com also suggest that heavy bloggers are tech savvy and online do-it-yourselfers.
Highest Site Engagement among Heavy Bloggers
(Excluding Sites in the Blogs Category)
January 2008
Total U.S. -- Home/Work/University Locations
Source: comScore Segment Metrix
Composition
Category Index -
Page Views*
Total Internet 100
DIGG.COM 358
PEREZHILTON.COM 320
CTVGlobeMedia 310
RapidShare AG 303
DRUDGEREPORT.COM 295
MEGAUPLOAD.COM 288
HUFFINGTONPOST.COM 285
SALON.COM 283
ABCNEWS DIGITAL 278
CollegeHumor Network 270
*Composition Index -- Page Views = number of page views among heavy
bloggers/number of page views among total Internet audience x 100; Index
of 100 represents parity.
About comScore
comScore, Inc. is a global leader in measuring the digital world. For more information, please visit http://www.comscore.com/boilerplate.
Photo: http://www.newscom.com/cgi-bin/prnh/20080115/COMSCORELOGO AP Archive: http://photoarchive.ap.org/ PRN Photo Desk, photodesk@prnewswire.com
comScore, Inc.
CONTACT: Andrew Lipsman of comScore, Inc., +1-312-775-6510, press@comscore.com
Web site: http://www.comscore.com/
China Security & Surveillance Technology Reports Fourth Quarter and Full Year 2007 Financial Results
-- 4Q07 Revenue Increases 106% to $84.2 Million Compared to 4Q06
-- 4Q07 Net Income increases 124% to $14.82 Million
-- Full Year 2007 Revenue increases 124% to $240.2 Million
--Full Year Net Income increases 54% to $35 Million
SHENZHEN, China, March 10 /Xinhua-PRNewswire/ -- China Security & Surveillance Technology, Inc. ("China Security" or the "Company") , a leading provider of digital surveillance technology in China, today reported its financial results for the fourth quarter and full year ending December 31, 2007.
Full Year 2007
The Company reported GAAP earnings per diluted share of $0.91 for the full year of 2007 compared to $0.85 in the full year 2006. GAAP results for the full year of 2007 include: (1) approximately $13.7 million, or $0.35 per diluted share, of non-cash expense related to the redemption accretion on convertible notes (as described below under the caption "Explanation of Redemption Accretion"); (2) approximately $5.0 million, or $0.13 per diluted share, of non-cash expense related to depreciation and amortization of long- lived assets due to our acquisition of subsidiaries, and (3) approximately $4.2 million, or $0.11 per diluted share, of non-cash expense related to employee stock compensation recognized pursuant to SFAS 123 (R). Additionally, the Company realized a one-time pre-tax gain of $13.63 million, or $0.30 per diluted share (after tax effect), related to the disposal of properties and land use rights during the year. Excluding these non-cash expenses and one- time gain, diluted earnings per share was $1.20, compared to $0.89 per diluted share in 2006 (see the "Reconciliation of GAAP to non-GAAP Measures" toward the end of this release). Diluted share count increased 44% in 2007 to 38.8 million from 26.9 million in 2006. Shares associated with the Company's convertible bond are not included in the GAAP fully diluted share count, as the corresponding increase in net income associated with the accruals would impact earnings per share in an anti-dilutive manner.
Revenue increased 124% to $240.2 million compared to $106.9 million in 2006. Revenue growth continues to be positively impacted by the increasing size of Safe City government contracts, as well as growth from smaller corporate contracts. Historically, the average contract size for safe city projects was $1-1.5 million. The Company is still receiving other contract awards sized well below that average, but recent contracts from Safe City projects have ranged from $5-8 million. These larger Safe City contracts tend to have longer time duration to fulfill -- in some cases as long as 22-25 weeks, versus historical durations of 6-12 weeks. Organic revenue during 2007 was approximately $190.7 million, or 79.4% or total revenue (which included the 2007 fourth quarter revenue contribution from Cheng Feng). Non-organic revenue, or revenue of acquired companies was approximately $49.5 million or 20.6% of total revenue in 2007 (which included the three quarters' revenue contribution from Cheng Feng). As a result, organic revenues grew during the year by $86.3 million, or 83% from $104.4 million in 2006.
Full year 2007 gross profits increased $38.5 million, or 124%, to $69.5 million from $31.0 million for 2006. Gross margin for the year was 28.9%, flat with 2006.
Income from operations in 2007 increased 68.8% to $42.7 million from $25.3 million in the prior year. Operating margin decreased to 17.7% from 23.6% in 2006. Such decrease was primarily due to the increase of our selling and marketing expenses as well as the general and administrative expenses. Net income in 2007 increased 54% to $35.3 million, up from $22.9 million in 2006. Net income per share was $0.91 versus $0.85 in 2006.
Fourth Quarter 2007
For the fourth quarter 2007, the Company reported GAAP earnings per diluted share of $0.35 compared to $0.20 in the fourth quarter 2006. GAAP results for the fourth quarter of 2007 include: (1) approximately $4.4 million, or $0.09 per diluted share, of non-cash expense related to the redemption accretion on convertible notes; (2) approximately $1.7 million, or $0.04 per diluted share, of non-cash expense related to depreciation and amortization of long-lived assets due to our acquisition of subsidiaries, and (3) approximately $2.2 million, or $0.05 per diluted share, of non-cash expense related to employee stock compensation recognized pursuant to SFAS 123 (R). Additionally, in the fourth quarter of 2007, the Company realized a one-time pre-tax gain of $8.11 million, or $0.16 per diluted share (after tax effect), related to the disposal of property and land use right during the year. Excluding these non-cash expenses and the one-time gain, diluted earnings per share was $0.38, compared to $0.22 per diluted share in the fourth quarter 2006 (see "About Non-GAAP Financial Measures" toward the end of this release). Diluted share count increased 28% in the fourth quarter 2007 to 42.15 million from 33.17 million in the fourth quarter of 2006.
Fourth quarter revenue increased 106% to $84.2 million compared to $40.9 million in the fourth quarter 2006. Organic revenue during the fourth quarter was approximately $69.3 million, or 82.3% of total revenue (which included the fourth quarter 2007 revenue contribution from Cheng Feng). Non-organic revenue, or revenue of acquired companies totaled approximately $14.9 million or 17.7% of total revenue in the fourth quarter 2007. As a result, organic revenues grew during the fourth quarter by $28.4 million, or 69.3% from $40.9 for the same period last year.
In the fourth quarter gross profits increased $14 million, or 130%, to $24.7 million from $10.7 million for the same period last year. Gross margin for the fourth quarter was 29.3%, as compared to 26.2% for the same period last year. The increase in gross margin reflected the growing recognition of sales of some higher-margin Safe City projects.
Income from operations in the fourth quarter increased 63.9% to $13.6 million from $8.3 million for the same period in 2006. Operating margin decreased to 16.1% from 20.2% in the fourth quarter last year. Net income in the fourth quarter of 2007 increased 124% to $14.8 million, up from $6.6 million in the same quarter last year. Net income per share was $0.35 versus $0.20 in the fourth quarter 2006.
The Company's cash position at the end of the year was $89.1 million, up from $79.8 million at the end of the third quarter. Total debt at the end of 2007 was $137.2 million, up from $130.5 million at the end of the third quarter of 2007.
Mr. Guo Shen Tu, Chief Executive Officer of China Security, commented, "We are encouraged by the integration of our 2007 acquisitions and partnerships, which are contributing nicely to our revenue growth, while providing synergies to our overall business. In the fourth quarter we continued to see significant demand from government Safe-City contracts, and importantly, the size, duration, and potential margins of the contracts we are signing are continuing to increase. Over the next four quarters, we will continue to focus our energies on integrating our acquisitions and generating revenue from the manufacturing and systems integration businesses, while building our operating services and international products divisions to prepare them to contribute more substantially to overall revenue growth in 2009."
Financial Outlook
For the first quarter of 2008, the Company expects to achieve revenues between $68-$70 million. Excluding the non-cash charges related to the redemption amount payable on convertible notes, the accrual of performance based employee compensation, and the depreciation and amortization of long lived assets related to the Company's recent acquisitions. The Company expects to achieve an adjusted net income of $13-$14 million and adjusted diluted earnings per share of $0.31-$0.34 in the first quarter of 2008.
The Company estimates that non-cash interest expenses associated with the redemption accretion on convertible notes, the employee stock compensation and the depreciation and amortization of long lived assets related to the Company's recent acquisitions for the first quarter of 2008, will be approximately $4.4 million, $3.1 million and $1.9 million, respectively.
For the full year 2008, the Company expects to achieve revenues between $350-$370 million. The Company expects to achieve an adjusted net income of $65-$75 million and adjusted diluted earnings per share of $1.50-$1.75. The major contributors to results should continue to be system installation and manufacturing of security and safety products with marginal contribution coming from operating services and international products. The Company expects non-cash expense related to the redemption amount payable on convertible notes will be approximately $17.6 million in 2008. Going forward, we expect to continue to incur accrual non cash stock compensation for 2008. We also expect higher depreciation and amortization costs related to the intangible assets from an increasing number of acquisitions.
Mr. Tu concluded, "We are more excited than ever about the future of China Security. We believe we have built the strongest foundation among our recent acquisitions and partnerships to make us a market leader in manufacturing and equipment. We will continue to deploy our resources and our efforts to build these segments of our business, while at the same time increasing our focus on our burgeoning operating services and international products divisions. We believe that the security expertise of our operating team will enable us to grow those businesses over time much the same way we've successfully grown the manufacturing and systems integration businesses. Demand for our products and our expertise continues to grow, and we plan to be ready with solutions to all security needs.
In the coming year, we expect to strengthen our foothold as a market leader and consolidator in our business. We believe we have the best possible strategy for growing internally and through strategic acquisitions in order to position China Security as the leader in providing turnkey security solutions. We expect that as our spectrum of products and services grows, we will become the logical choice for customers seeking comprehensive security solutions. We're confident that our focus on sophisticated security needs in the Chinese marketplace will enable us to stay ahead of demand and continue to report strong financial results."
Explanation of Redemption Accretion
The Company raised $60 million and $50 million through two guaranteed senior unsecured convertible note financings with Citadel in February 2007 and April 2007, respectively. These notes bear interest at a rate of 1% per annum and are due in 2012. Under the indentures, if the notes are not converted before their respectively maturities, the notes are to be redeemed by the Company on the maturity date at a redemption price equal to 100% of the principal amount of the notes then outstanding plus an additional amount of 15% per annum, calculated on a quarterly compounded basis, plus any accrued and unpaid interest.
As of December 31st, the Company accrued $13.7 million as a redemption amount payable under the notes, which was included in interest expense in the income statement of 2007. Unlike the annual interest rate of 1% that the Company is actually paying out to the note holders under the note on a semi- annual basis, the Company would only pay the accrued redemption amount under the notes if the notes are not converted into the Company's common stock before their respective maturities and are redeemed in accordance with its terms. Nevertheless, the Company believes that it must accrue the entire redemption amount under U.S. generally accepted accounting principles. This accrual will result in non-cash expense of approximately $17.6 million annually beginning in 2008.
Conference Call
The Company will hold a conference call to discuss the financial results at 5:00 p.m. ET today. The Company invites you to join the call by dialing 913-312-1235. A live webcast of the conference call will be available at http://www.csst.com/ . A replay of the call will be available from March 10, 2008 to March 17, 2008. Listeners may access the replay by dialing 719-457- 0820, passcode: 4517900.
About China Security & Surveillance Technology, Inc.
Based in Shenzhen, China, China Security manufactures, distributes, installs and maintains security and surveillance systems throughout China. China Security has manufacturing facilities in China and a R&D facility which maintains an exclusive collaboration agreement with Beijing University. China Security has built a diversified customer base through its extensive sales and service network throughout China. To learn more about the Company visit http://www.csst.com/ .
About Non-GAAP Financial Measures
This press release contains non-GAAP financial measures for earnings that exclude the accrual for the redemption amount payable under certain outstanding convertible notes issued by the Company and certain other non-cash charges. China Security believes that these non-GAAP financial measures are useful to investors because they exclude non-cash charges that China Security's management excludes when it internally evaluates the performance of China Security's business and makes operating decisions, including internal budgeting, and performance measurement, because these measures provide a consistent method of comparison to historical periods. Moreover, management believes these non-GAAP measures reflect the essential operating activities of China Security. Accordingly, management excludes the expense arising from the accrual of redemption amounts payable under its outstanding convertible notes and certain other non-cash charges when making operational decisions. China Security believes that providing the non-GAAP measures that management uses to its investors is useful to investors for a number of reasons. The non-GAAP measures provide a consistent basis for investors to understand China Security's financial performance in comparison to historical periods. In addition, it allows investors to evaluate China Security's performance using the same methodology and information as that used by China Security's management. 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 non- GAAP financial measure. However, China Security's management compensates for these limitations by providing the relevant disclosure of the items excluded.
The following table provides the non-GAAP financial measure and the related GAAP measure and provides a reconciliation of the non-GAAP measure to the equivalent GAAP measure.
Reconciliation of GAAP to non-GAAP Measures, Table 1 (Unaudited)
Exclude non cash items and one time gain
(All amounts in millions of dollars, except for per share figures)
Twelve Months Ended Three Months Ended
December December December December
31, 2007 31, 2006 31, 2007 31, 2006
GAAP Net Income $35.32 $22.93 $14.82 $6.63
Add:
Depreciation and
amortization 5.04 1.12 1.70 0.55
Non-cash employee
compensation 4.16 -- 2.10 --
Redemption accretion on
convertible notes 13.70 -- 4.36 --
Less:
Gain on disposal of land
use rights and properties
(net of tax) (11.59) -- (6.89) --
Adjusted Net Income
(Excludes all
non-cash items) $46.63 $24.05 $16.09 $7.18
GAAP Diluted EPS $0.91 $0.85 $0.35 $0.20
Add:
Depreciation and
amortization 0.13 0.04 0.04 0.02
Non-cash employee
compensation 0.11 -- 0.05 --
Redemption accretion on
convertible notes 0.35 -- 0.10 --
Less:
Gain on disposal of land
use rights and properties
(net of tax) (0.30) -- (0.16) --
Adjusted Diluted EPS
(Excludes all
non-cash items) $1.20 $0.89 $0.38 $0.22
Diluted weighted average
number of shares
outstanding 38.80 26.94 42.15 33.17
Reconciliation of GAAP to non-GAAP Measures, Table 2 (Unaudited)
Assuming conversion of Citadel notes, and exclude one time gain
(All amounts in millions of dollars, except for per share figures)
Twelve Months Ended Three Months Ended
December 31, 2007 December 31, 2007
GAAP Net Income $35.32 $14.82
Add:
Redemption accretion on
convertible notes 13.70 4.36
Less:
Gain on disposal of land use
rights and properties (11.59) (6.89)
Adjusted Net Income (Assuming
conversion of
Citadel notes and adjust for the
Gain on disposal of land use
rights and properties) $37.43 $12.29
Net Income Diluted EPS (Assuming
conversion) $0.81 $0.31
Add:
Redemption accretion on
convertible notes 0.31 0.09
Less:
Gain on disposal of land use
rights (net of tax) (0.27) (0.14)
Adjusted Diluted EPS (assuming
conversion of Citadel notes
and adjust for the Gain on
disposal of land use rights and
properties) $0.85 $0.26
Diluted weighted average number of
shares outstanding (assuming
conversion of Citadel notes) 43.50 47.60
* There were no convertible notes outstanding in the three and twelve
months ended December 31, 2006.
Safe Harbor Statement
This press release includes certain statements that are not descriptions of historical facts, but are forward-looking statements. Such statements include, among others, those concerning our expected financial performance and strategic and operational plans, our future operating results, our expectations regarding the market for security and surveillance products, our expectations regarding the continued growth of the security and surveillance market, as well as all assumptions, expectations, predictions, intentions or beliefs about future events. You are cautioned that any such forward-looking statements are not guarantees of future performance and that a number of risks and uncertainties could cause our actual results to differ materially from those anticipated, expressed or implied in the forward-looking statements. These risks and uncertainties include, but not limited to, the factors mentioned in the "Risk Factors" section of our Annual Report on Form 10-K for the year ended December 31, 2007, and other risks mentioned in our other reports filed with the Securities Exchange Commission, or SEC. Copies of filings made with the SEC are available through the SEC's electronic data gathering analysis retrieval system (EDGAR) athttp://www.sec.gov/. The words "believe," "expect," "anticipate," "project," "targets," "optimistic," "intend," "aim," "will" or similar expressions are intended to identify forward-looking statements. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. The Company assumes no obligation and does not intend to update any forward- looking statements, except as required by law.
For more information, please contact:
Company Contact:
Kewa Luo
Tel: +1-212-588-0885
Email: ir@cssr.com
Investor Contact:
ICR: Bill Zima & Ashley Ammon MacFarlane
Tel: +1-203-682-8200
CHINA SECURITY & SURVEILLANCE TECHNOLOGY, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
FOR THE QUARTERS ENDED DECEMBER 31, 2007 AND 2006
Expressed in thousands of U.S. dollars
(Except for share and per share amounts)
Three Months Ended December 31,
2007 2006
Revenues $ 84,174 $ 40,932
Cost of goods sold 59,384 30,213
Gross profit 24,790 10,719
Selling and marketing 2,709 825
General and administrative 7,047 1,061
Depreciation and amortization 1,498 552
Income from operations 13,536 8,281
Rental income received from
related party 103 123
Interest income 60 63
Interest expense (4,819) (108)
Gain on disposal of fixed assets 8,115 --
Equity in net loss of affiliated
companies -- 314
Other income, net 1,483 148
Income before income taxes and
minority interest 18,478 8,821
Minority interest in income of
consolidated subsidiaries (33) (15)
Income taxes (3,620) (2,173)
Net income $ 14,825 $ 6,633
Foreign currency translation gain 4,917 739
COMPREHENSIVE INCOME $ 19,742 $ 7,372
NET INCOME PER SHARE
BASIC $ 0.35 $ 0.22
DILUTED $ 0.35 $ 0.20
WEIGHTED AVERAGE NUMBER OF
SHARES OUTSTANDING
BASIC 41,922,449 30,370,550
DILUTED 42,149,873 33,867,478
CHINA SECURITY & SURVEILLANCE TECHNOLOGY, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
FOR THE YEARS ENDED DECEMBER 31, 2007, 2006 and 2005
Expressed in thousands of U.S. dollars
(Except for share and per share amounts)
2007 2006 2005
Revenues $ 240,188 $ 106,989 $ 32,688
Cost of goods sold
(including depreciation
and amortization for the
years ended December 31,
2007, 2006 and 2005 of
$216, $0 and $0, respectively) 170,649 75,976 23,473
Gross profit 69,539 31,013 9,215
Selling and marketing 5,622 1,511 288
General and administrative
(including non-cash employee
compensation for the years
ended December 31, 2007, 2006
and 2005 of $4,157, $0 and $0,
respectively) 16,442 3,036 1,189
Depreciation and amortization 4,824 1,124 260
Income from operations 42,651 25,342 7,478
Rental income from related parties 483 496 439
Interest income 374 63 9
Interest expense (15,011) (108) --
Gain on sale of affiliated
company -- 307 --
Gain on disposal of land use
rights and properties 13,632 -- --
Other income (expense), net 2,530 711 120
Income before income taxes and
minority interest 44,659 26,811 8,046
Minority interest in (income)
loss of consolidated subsidiaries (49) 9 --
Income taxes (9,291) (3,889) (780)
Net income 35,319 22,931 7,266
Foreign currency translation gain 9,664 1,664 545
COMPREHENSIVE INCOME $ 44,983 $ 24,595 $ 7,811
NET INCOME PER SHARE
BASIC $ 0.95 $ 0.88 $ 0.39
DILUTED $ 0.91 $ 0.85 $ 0.39
WEIGHTED AVERAGE NUMBER OF
SHARES OUTSTANDING
BASIC 37,368,549 26,052,519 18,521,479
DILUTED 38,795,241 26,940,215 18,521,479
CHINA SECURITY & SURVEILLANCE TECHNOLOGY, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS AS OF DECEMBER 31, 2007 AND 2006
Expressed in thousands of U.S. dollars
(Except for share and per share amounts)
ASSETS
2007 2006
CURRENT ASSETS
Cash and cash equivalents $ 89,071 $ 30,980
Accounts receivable, net 63,206 26,754
Related party receivables 549 440
Inventories, net 40,606 19,721
Prepayment and deposits 3,225 3,533
Advances to suppliers 2,877 2,889
Other receivables 13,171 1,697
Tax refundable 92 --
Deferred tax assets - current 137 41
Total current assets 212,934 86,055
Deposits paid for acquisition of 46,443 --
Plant and equipment, net 24,066 8,339
Land use rights, net 1,379 1,152
Intangible assets 39,800 9,997
Investment, at cost -- 12
Goodwill 52,369 8,426
Deferred financing cost 150 --
Deferred tax assets - non-current 262 462
TOTAL ASSETS $ 377,403 $ 114,443
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Notes payable - short term $ 12,814 $ 2,272
Accounts payable 21,864 4,000
Accrued expenses 5,108 749
Advances from customers 8,352 5,432
Taxes payable 4,153 1,660
Payable for acquisition of business -- 7,500
Deferred income 915 831
Due to director -- 76
Total current liabilities 53,206 22,520
LONG TERM LIABILITIES
Notes payable - long term 698 2,010
Convertible notes payable 123,701 --
Total liabilities 177,605 24,530
MINORITY INTEREST IN CONSOLIDATED 61 94
SHAREHOLDERS' EQUITY
Common stock, $0.0001 par value;
100,000,000 shares authorized 4 3
Additional paid-in capital 110,254 45,320
Retained earnings 76,802 41,483
Statutory surplus reserve fund 804 804
Accumulated other comprehensive 11,873 2,209
Total shareholders' equity 199,737 89,819
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $ 377,403 $ 114,443
CHINA SECURITY & SURVEILLANCE TECHNOLOGY, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED DECEMBER 31, 2007, 2006 and 2005
Expressed in thousands of U.S. dollars
(Except for share and per share amounts)
2007 2006 2005
CASH FLOWS FROM OPERATING
ACTIVITIES:
Net income $ 35,319 $ 22,931 $ 7,266
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depreciation and amortization 5,040 1,124 260
Allowance for doubtful accounts 74 113 --
Provision for obsolete inventories 8 230 --
Deferred income taxes 7 107 (590)
Amortization of loan origination
fees -- 37 --
Common stock issued for services -- 250 --
Amortization of consultancy services 122 -- --
Amortization of deferred financing
cost 26 -- --
Non-cash compensation expense 4,157 -- --
Redemption accretion on convertible
notes 13,701 -- --
Gain on disposal of land use rights,
properties, plant and equipment (13,632) (15) --
Issue of warrants for investor
relation services -- 185 --
Gain on sale of affiliated company -- (307) --
Minority interest 49 (9) --
Changes in operating assets and
liabilities:
(Increase) decrease in:
Accounts receivable (28,539) (13,992) (7,270)
Related party receivables (80) 3,768 369
Other receivables (6,932) (401) (337)
Inventories (7,851) (13,328) 771
Prepayment & deposits 453 (3,233) --
Advances to suppliers 1,178 (1,323) 1,780
(Decrease) increase in:
Accounts payable and accrued
expenses 10,094 6,300 (3,630)
Advances from customers 1,376 -- --
Payable for acquisition of business -- -- 593
Taxes payable 2,271 582 700
Related party payable -- (9) --
Deferred income 141 (26) 887
Net cash provided by operating
activities 16,982 2,984 799
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to plant and equipment (11,382) (5,114) (49)
Additions to intangible assets,
other than through business
acquisitions (1,016) (107) --
Addition to land use right, other
than through business acquisitions (591) -- --
Deposits paid for acquisition of
subsidiaries (22,545) -- --
Deposits paid for acquisition of
properties and intangible assets (23,898) -- --
Net cash outflow on acquisition of
net assets of businesses acquired
(net of cash acquired) (36,378) (6,539) (30)
Proceeds from dispositions of non
current assets -- 592 --
Proceeds from disposal of land use
rights, properties, plant and
equipments 12,844 -- --
Net cash used in investing
activities (82,966) (11,168) (79)
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash received from (advanced to)
directors (71) 9 1,063
New borrowings, net of issuing
cost 124,883 3,495 --
Repayment of borrowings (8,045) -- --
Warrants exercised 3,905 123 --
Issue of common stock, net of
issuing expenses -- 32,285 --
Net cash provided by financing
activities 120,672 35,912 1,063
NET INCREASE IN CASH AND
CASH EQUIVALENTS 54,688 27,728 1,783
Effect of exchange rate changes on
cash 3,403 975 461
Cash and cash equivalents,
beginning of year 30,980 2,277 33
CASH AND CASH EQUIVALENTS,
END OF YEAR $ 89,071 $ 30,980 $ 2,277
China Security & Surveillance Technology, Inc.
CONTACT: Kewa Luo of China Security & Surveillance Technology, Inc at +1-212-588-0885, ir@cssr.com; Bill Zima & Ashley Ammon MacFarlane at +1-203-682-8200, both of ICR for China Security & Surveillance
Web Site: http://www.csst.com/
Neonode Inc. Reports Fourth Quarter and Fiscal 2007 Financial ResultsCompany Shipped $10 Million of Neonode N2 Mobile Phones
STOCKHOLM, Sweden, March 10 /PRNewswire-FirstCall/ -- Neonode , the Swedish mobile communication company that develops touch screen technologies and designs mobile handsets, today announced its operating results for the fourth quarter and the fiscal year ended December 31, 2007.
Conference call highlights:
* 31,000 Neonode N2 phones with a sales price of $10 million shipped in
2007
* 200,000 units projected to be shipped in 2008
* Sales presence in 13 markets; in India and throughout Europe
Neonode CEO Mikael Hagman commented, "According to IDC, there were about 1.2 billion cell phones sold in 2007, and that is expected to grow by 10 percent or more in 2008 and 2009. We believe our N2 and some of our next-generation handsets have enough uniqueness, style and leading-edge intuitive technology to be a real contributor to that growth curve. In 2008 we are confident that we will ship at least 200,000 handsets, compared to 31,000 in 2007."
"Work continues to expand our geographic reach to North-Latin America and China via our new Neonode USA joint venture. We are very excited to be at the vanguard of touch screen technology at a time when touch screen devices are becoming more diverse and the market for such devices is growing rapidly," Hagman continued. "We also anticipate that our technology licensing will establish a footprint in 2008 and that we will see revenue from the technology business opportunity in 2009," Hagman concluded.
The Company generally recognizes revenue related to the sale of its mobile phones on the sell through basis. This method of accounting for revenue does not affect cash payments by the Company's customers. The 31,000 phones shipped in 2007 have a sales price of almost $10.0 million and as a result of the revenue accounting treatment, a significant amount of the revenue related to the sales has been deferred. The Company ended 2007 with $7.2 million of deferred revenue related to prior sales of Neonode N2 that will be recognized in future periods.
Net revenue for the year ended December 31, 2007 was $3.1 million compared to net revenue of $1.6 million in fiscal 2006. Net revenue for the fourth quarter of fiscal 2007 was $1.5 million. Net revenue for the corresponding quarter in fiscal 2006 was $221,000.
Net loss for the year ended December 31, 2007 amounted to $49.6 million, or $4.37 per share basic and diluted, compared to a net loss for fiscal 2006 of $5.2 million, or $0.51 per share basic and diluted. The net loss for the year ended December 31, 2007 includes non-cash charges totaling $37.0 million related to various accounting valuations; the amortization of deferred financing fees, debt discount, loss on extinguishment of convertible debt and the valuation of embedded conversions features on debt that was converted to common stock prior to the completion of the merger transaction.
Net loss for the fourth quarter of 2007 amounted to $2.3 million, or $0.10 per share basic and diluted, compared to a net loss for the fourth quarter of 2006 of $1.5 million, or $0.14 per share basic and diluted. The net loss for the fourth quarter ended December 31, 2007 includes non-cash benefits totaling $2.0 million related to various quarterly revaluations including the amortization of deferred financing fees and debt discounts.
David Brunton, CFO of Neonode Inc. also said that the Company's gross profit margins, which stood at approximately 13.7% for the latest quarter, will improve as larger volumes of handsets are shipped. Based on the Company's projections for 2008 the gross profit margins should improve to between 28% and 30%.
Conference Call Information
The company's year-end and fourth quarter conference call will be held Tuesday, March 11, 2008 at 16:00 p.m. CET/10:00 a.m. EST/7:00 a.m. PST. The call can be accessed via the Internet at http://www.neonode.com/ or http://www.vcall.com/.
Web participants are encouraged to go to either website at least 15 minutes prior to the start of the call to register, download, and install any necessary audio software.
A telephonic replay of the conference call will be available by dialing 877 660-6853 (from the US and Canada) or +1 201 612-7415 (from outside the US and Canada) and by entering account number 286 and conference ID number 276148. An online archive will also be available immediately following the call at the sites noted above. Both are available for one week, through March 18, 2007.
About Neonode Inc.
Neonode designs and develops intuitive technologies and products. The company´s focus is on solutions that increase the user experience of complex or monotonous devices. With offices in Stockholm, Sweden, San Ramon, USA, Shanghai and Hong Kong, China, Neonode Inc. is a publicly traded company with licenses and products sold worldwide through both direct web sales and local distribution partners. For more information, visit http://www.neonode.com/.
About Neonode USA
Neonode USA, formed by Neonode, Inc. the Swedish mobile communication company that designs and develops intuitive technologies and products, and Distribution Management Consolidators LLC (DMC), a sales channel development and supply chain management company, markets and sells Neonode branded products within North America, Latin America and China. The company is also the worldwide licensor for Neonode Inc.'s technology, including its patented "zforce" optical touch screen and "neno" user interface.
Contacts:
David W. Brunton, Chief Financial Officer (925) 355-7700
david.brunton@neonode.com
Karin Lehmann Nilsson, Information Manager
Tel: +46 708 25 40 91
karin.lehmann@neonode.com
Allen & Caron Inc
Tel: +1 212 691 8087
Media: Brian Kennedy (brian@allencaron.com)
Investors: Rudy Barrio (r.barrio@allencaron.com)
Forward-Looking Statements
This news release contains certain forward-looking statements that involve risks and uncertainties, including statements regarding future products and technology developments. Such statements are only predictions and the company's actual results may differ materially from those anticipated in these forward-looking statements. Factors that may cause such differences include, but are not limited to, the ability of Neonode to develop and sell new products and technologies. These factors and others are more fully discussed in the documents the company files from time to time with the Securities and Exchange Commission, particularly, the company's most recent Form 10-K and Form 10-Q. Neonode and the Neonode logo are registered trademarks of Neonode Inc. All other brand or product names are trademarks or registered.
NEONODE INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
For the three months and years ended December 31, 2007 and 2006
(In thousands, except per share amounts)
(Unaudited)
Three months ended Years ended
December 31, December 31,
2007 2006 2007 2006
Net sales $1,464 $221 $3,132 $1,644
Cost of Sales 1,264 27 2,317 1,297
Gross Profit 200 194 815 347
Operating expenses:
Research and development 1,329 678 4,449 2,226
Sales and marketing 1,507 331 3,147 746
General and
administrative 1,600 533 5,080 1,846
Total operating
expenses 4,436 1,542 12,676 4,818
Operating loss (4,236) (1,348) (11,861) (4,471)
Other income (expense):
Interest income 307 17 731 117
Interest expense (537) (140) (1,464) (559)
Amortization of debt
discounts (1,176) (50) (4,936) (199)
Loss on convertible debt
and changes in fair
values of embedded
conversion feature and
warrant liabilities 3,304 (17) (32,079) (6)
Total other income
(expense) 1,898 (190) (37,478) (647)
Net loss before
inducement charge (2,338) (1,538) (49,609) (5,118)
Non-cash inducement
charge related to
corporate
reorganization on
Feb. 26, 2006 --- --- --- 106
Net loss $(2,338) $(1,538) $(49,609) $(5,224)
Net loss per common
share:
Basic and diluted $(0.10) $(0.14) $(4.37) $(0.51)
Shares used in per share
calculation:
Basic and diluted 23,469 10,852 11,361 10,315
NEONODE INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
December 31, December 31,
2007 2006
Current assets:
Cash and cash equivalents $1,147 $369
Restricted cash 5,702 ---
Trade accounts receivable, net 5,132 46
Inventories 6,610 ---
Prepaid expense and accrued income 1,406 621
Other 650 117
Total current assets 20,647 1,153
Property, plant and equipment, net 375 65
Intangible assets, net 95 155
Total assets $21,117 $1,373
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Current portion of long-term debt $132 $5,112
Trade accounts payable 5,065 245
Accrued expense 1,482 893
Deferred product revenue 7,243 462
Other liabilities 10,098 437
Total current liabilities 24,011 7,149
Long-term debt 1,067 854
Total liabilities 25,078 8,003
Stockholders' equity:
Common stock and additional paid in capital 55,429 3,509
Accumulated other comprehensive income 446 88
Accumulated deficit (59,836) (10,227)
Total stockholders' equity (3,961) (6,630)
Total liabilities and stockholders'
equity $21,117 $1,373
Neonode Inc.
CONTACT: David W. Brunton, Chief Financial Officer, +1-925-355-7700, david.brunton@neonode.com, or Karin Lehmann Nilsson, Information Manager, +46 708 25 40 91, karin.lehmann@neonode.com, both of Neonode Inc.; or Media, Brian Kennedy, brian@allencaron.com, or Investors, Rudy Barrio, r.barrio@allencaron.com, both of Allen & Caron Inc, for Neonode Inc., +1-212-691-8087
Web site: http://www.neonode.com/
Curtiss-Wright Awarded $4.3M ContractRadar Processing Subsystems for the U.S. Marine Corps' G/ATOR Program
ROSELAND, N.J., March 10 /PRNewswire-FirstCall/ -- Curtiss-Wright Corporation announced today that it has received a contract from Northrop Grumman to provide radar processing subsystems for use in the U.S. Marine Corps' Ground/Air Task Oriented Radar (G/ATOR) Program. The initial contract, valued at $4.3 million, is for development which is expected to be completed in 2010. The production phase of the program will be executed as an option under the current contract, and is planned to start in 2010.
"Curtiss-Wright is excited to apply its expertise in embedded computing to support the Marine Corps for this innovative new radar system," said Martin R. Benante, Chairman and Chief Executive Officer of Curtiss-Wright. "Our high density digital signal processing products and optimized software tools are ideal, cost-effective building blocks for this important multi-mission expeditionary radar system. Curtiss-Wright has a long, proven track record as a successful partner with Northrop Grumman, and we are pleased to be working with them on this program."
Curtiss-Wright will supply Northrop Grumman Electronic Systems with a rugged air-flow-through radar processing subsystem. Curtiss Wright's solution uses open architecture-based standards and software to provide a high- performance, modular, scalable solution for the G/ATOR Processor. Curtiss- Wright's new VPX boards and subsystems deliver the high performance and advanced ruggedization that the G/ATOR program requires, with the additional cost and design advantages of an open architecture structure.
This subsystem will be designed and manufactured at Curtiss-Wright's motion control facility in San Diego, CA, and will include the latest digital signal processing (DSP), field programmable gate array (FPGA) and single board computer products from its Leesburg, VA and Ottawa, Canada locations. The production phase of the program will be executed as an option under the current contract, and is planned to start in 2010.
Ground/Air Task Oriented Radar (G/ATOR)
The High Mobility Multipurpose Wheeled Vehicle (HMMWV)-mounted Ground/Air Task Oriented Radar (G/ATOR) uses active electronically scanned array (AESA) technology to provide aircraft detection and tracking, cruise-missile detection and tracking, ground-weapon location, and air-traffic control. G/ATOR's lightweight and modular architecture allows for great operational flexibility and the ability to incorporate new processing platforms and technologies as they become available.
The G/ATOR team, led by prime contractor Northrop Grumman, includes Curtiss-Wright, Sensis Corporation, CEA Technologies, Inc., Stanley-Techrizon (formally Telos) and Caterpillar Logistics.
About Curtiss-Wright
Curtiss-Wright Corporation is a diversified company headquartered in Roseland, N.J. The company designs, manufactures and overhauls products for motion control and flow control applications, and provides a variety of metal treatment services. The firm employs approximately 7,500 people worldwide. More information on Curtiss-Wright can be found at http://www.curtisswright.com/.
About Curtiss-Wright Controls, Inc.
Headquartered in Charlotte, North Carolina, Curtiss-Wright Controls is the Motion Control segment of Curtiss-Wright Corporation. With manufacturing facilities around the world, Curtiss-Wright Controls is a leading technology- based organization providing niche motion control products, subsystems and services internationally for the aerospace and defense markets. For more information, visit http://www.cwcontrols.com/.
This press release contains forward-looking statements made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements, including statements relating to Curtiss-Wright Corporation's expectations of future performance of our development work, the value of the contract, the continued relationship with an existing customer, the successful implementation of this government program and future opportunities associated with this program, are not considered historical facts and are considered forward-looking statements under the federal securities laws. Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those expressed or implied. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Such risks and uncertainties include, but are not limited to: a reduction in anticipated orders; an economic downturn; changes in competitive marketplace and/or customer requirements; a change in US and Foreign government spending; an inability to perform customer contracts at anticipated cost levels; and other factors that generally affect the business of aerospace, defense contracting, marine, electronics and industrial companies. Please refer to the Company's current SEC filings under the Securities and Exchange Act of 1934, as amended, for further information.
Curtiss-Wright Corporation
CONTACT: Alexandra M. Deignan of Curtiss-Wright Corporation, +1-973-597-4734
Web site: http://www.curtisswright.com/ http://www.cwcontrols.com/
BIO-key(R) Announces Fourth Quarter and Full Year 2007 Earnings Release and Conference Call Schedule
WALL, N.J., March 10 /PRNewswire-FirstCall/ -- BIO-key International, Inc. (BULLETIN BOARD: BKYI) today announced plans to release fourth quarter and full year 2007 financial results on Monday, March 17, 2008 after the market close. In conjunction with the release, BIO-key has scheduled a conference call, which will be broadcast live over the Internet on Tuesday, March 18, 2008 at 9:00 a.m. Eastern Time.
What: BIO-key International, Inc. Fourth Quarter and Full Year 2007
Earnings Conference Call
When: Tuesday, March 18, 2008 - 9:00 a.m. Eastern Time
Where: Live via phone by dialing 303-205-0066 and asking for the BIO-key
call at least 10 minutes prior to the start time. Or live over
the Internet by logging on to the web address below.
Where: http://www.bio-key.com/
A telephonic replay of the conference call will be available through 11:59 p.m. Eastern Time on March 26, 2008 and may be accessed by calling 303-590-3000 and using the passcode 11110477#. Also, an archive of the webcast will be available shortly after the call on http://www.bio-key.com/ for a period of three months.
About BIO-key
BIO-key International, Inc., headquartered in Wall, New Jersey, develops and delivers advanced identification solutions and information services to law enforcement departments, public safety agencies, and government and private sector customers. BIO-key's mobile wireless technology provides first responders with critical, reliable, real-time data and images from local, state and national databases. BIO-key's high performance, scalable, cost-effective and easy-to-deploy biometric finger identification technology accurately identifies and authenticates users of wireless and enterprise data to improve security, convenience and privacy and to reduce identity theft. Over 750 police departments in North America use BIO-key solutions, making BIO-key the leading supplier of mobile and wireless solutions for law enforcement. (http://www.bio-key.com/)
Contacts: BIO-key International, Inc.
Mike DePasquale, CEO
732-359-1111
DRG&E
Gus Okwu, Managing Director
404-532-0086
BIO-key International, Inc.
CONTACT: Mike DePasquale, CEO of BIO-key International, Inc., +1-732-359-1111; or Gus Okwu, Managing Director of DRG&E, +1-404-532-0086, for BIO-key International, Inc.
Web site: http://www.bio-key.com/
Fancast Tops 100 Video Content Providers Offering Content from Top Networks
PHILADELPHIA, March 10 /PRNewswire-FirstCall/ -- Fancast (http://www.fancast.com/), Comcast Interactive Media's (CIM) online destination that enables users to watch, manage and find entertainment content wherever it is available, today announced that it has video content from over 100 content providers.
(Logo: http://www.newscom.com/cgi-bin/prnh/20080310/NEM120LOGO )
On Fancast, users can not only watch free content from top networks and studios, but also manage their entertainment experience through the site's specialized "Watch It" feature. The feature helps viewers learn where their favorite TV show and movie content is playing, and how they can access it.
"Fancast is a one-stop online personal entertainment guide whose mission is to provide the widest selection of content from the most partners, and allow fans to truly manage their own entertainment experience," said Amy Banse, President of CIM. "As consumers continue to embrace content across multiple platforms, Comcast is leading the way to provide content where viewers want to see it, on TV, on demand, online and on Fancast."
Fancast, which launched in January at the Consumer Electronics Show in Las Vegas, will continue to add content and functionally to provide new and unique ways that consumers can manage their entertainment experience.
On Fancast:
-- Watch more than 20,000 free long and short form TV and movie videos
from top networks and movie studios at any time, with an average of
5,000 new videos a month.
-- Find entertainment information on one of the largest entertainment
databases with over 11 million pages of information on 50,000
television shows, 75,000 photos, 80,000 movies and 1.2 million actors,
cast and crew.
-- Manage their viewing experience starting later this year by programming
their DVR recordings in advance, from their computers, and creating a
"Watch List" which will organize and catalogue upcoming programming,
set a personalized play list and send reminders to users about what
they should watch in the future.
Watch These Full Length Episodes on Fancast TODAY:
http://www.fancast.com/full_episodes
24
30 Days
30 Rock
Adam-12
Airwolf
Alfred Hitchcock Presents
Alias Smith and Jones
American Dad
American Gladiators
American Gothic
American Misfits
Amnesia
Andy Barker, P.I.
Are You Smarter Than a 5th Grader?
Arrested Development
As the World Turns
Back to You
Battlestar Galactica
Big Brother 9
Bionic Woman
Bones
Boo!
Brother's Keeper
Buck Rogers in the 25th Century
Buffy, the Vampire Slayer
Campus Cops
Celine Dion: That's Just the Woman In Me
Chicago Hope
Chuck
Cleopatra 2525
Comanche Moon
Conviction (NBC)
Cops
Corkscrewed: The Wrath of Grapes
Cover Me: Based on the True Life on an FBI Family
CSI: Crime Scene Investigation
CSI: Miami
CSI: New York
Damages
Deadline
Doogie Howser, M.D.
Dr. Steve-O
Dragnet
Dream On
Emergency!
Equal Justice
Eureka
Exosquad
Extreme Championship Wrestling
Fame
Family Guy
Firefly
Firsthand
Flash Gordon
Flipper: The New Adventures
Friday Night Lights
Fudge
Ghost Hunters
Guiding Light
Hawaii Five-O
Heroes
Hill Street Blues
Hogan Knows Best
House
How I Met Your Mother
It's Always Sunny In Philadelphia
Jack of All Trades
Jail
Jericho
Jerry Springer
John Doe
Johnny Sokko and His Flying Robot
Journeyman
K-Ville
King of the Hill
Kitchen Confidential
Kitchen Nightmares
Knight Rider
Kojak (CBS)
Kojak (USA)
L.A. Dragnet
Laguna Beach: The Real Orange County
Land of the Giants
Las Vegas
Late Night With Conan O'Brien
Life
Life After Film School
Lipstick Jungle
Lost in Space
Lou Grant
MacGyver
Mad TV
Major Dad
Make Me a Supermodel
Manhattan, AZ
McHale's Navy
Medium
Meet the Press
Melrose Place
Miami Vice
Monk
Moonlight
Mrs. Piggle-Wiggle
Murder One
My Bare Lady
My Dad is Better Than Your Dad
My Name is Earl
Nanny and the Professor
NCIS
New Amsterdam
Night Gallery
Numb3rs
Peacemakers
Perry Mason
Picket Fences
Power of 10
Prison Break
Psych
Quarterlife
Raines
Remington Steele
Reno 911!
Rob and Amber: Against The Odds
Roswell
Scott Baio is 46...and...Pregnant
She Spies
Simon & Simon
Sitting Ducks
Solitary
St. Elsewhere
Stacked
Standoff
Star Trek
Surface
Survivor: Micronesia - Fans vs. Favorites
Swamp Thing
Talkshow With Spike Feresten
Team Knight Rider
Tequila and Bonetti
Terminator: The Sarah Connor Chronicles
The 14th Annual Screen Actors Guild Awards
The 50th Annual Grammy Awards
The 80th Annual Academy Awards
The A-Team
The Alfred Hitchcock Hour
The Apprentice
The Bob Newhart Show
The Bold and the Beautiful
The Captain and Casey Show
The Celebrity Look Alike Show
The Crow: Stairway to Heaven
The Hills
The Invisible Man
The Loop
The Mary Tyler Moore Show
The Moment of Truth
The Office
The Outer Limits
The Practice
The Pretender 2001
The Price Is Right
The Price is Right $1,000,000 Spectacular
The Real Housewives of New York City
The Riches
The Salt-N-Pepa Show
The Shield
The Simpsons
The Starter Wife
The Tonight Show With Jay Leno
The Woody Woodpecker Show
The Young and the Restless
Today
Tom Brokaw Reports: In the Shadow of the American Dream
Tom Brokaw Reports: The Greatest Generation
Tom Brokaw Reports: The Long War
Tom Brokaw Reports: To War and Back
Total Recall 2070
Tremors: The Series
Trick My Truck
Twilight Zone
Unhitched
Vanished
Voyage to the Bottom of the Sea
Weird Science
Welcome to the Captain
WKRP in Cincinnati
WWE Monday Night RAW
About Fancast
Fancast.com: Fancast (http://www.fancast.com/), created by Comcast Interactive Media, is the first online destination that enables users to watch, manage and find entertainment content wherever it is available - on Fancast, on television, online, on DVD or in theaters. On Fancast, users can view an expanding free library of full episodes and clips from movie partners and top networks, find the content they are looking for across multiple platforms and create a personalized entertainment experience. Fancast features like the "Watch It" tool make it easy to access content wherever it lives while "Six Degrees" helps them explore the connections between TV shows, movies, cast and crew. Shortly, Fancast will enable users to set their DVR from their computer, receive email reminders about what they should tune-in to based on previous preferences and set designated "Watch Lists" of their favorite shows.
About Comcast Interactive Media
Comcast Interactive Media (CIM), a division of Comcast Corporation , develops and operates Internet businesses focused on entertainment, information and communication, including Comcast.net. CIM's products include Fandango.com, a top movie and entertainment destination, selling movie tickets at over 15,000 screens; Fancast.com, a national online entertainment site; Ziddio.com, a national multi-platform user-generated site; GameInvasion.net, a national online site offering for hardcore gaming enthusiasts; and thePlatform, the industry-leading provider of digital media publishing solutions over broadband and wireless networks.
Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20080310/NEM120LOGO AP Archive: http://photoarchive.ap.org/ PRN Photo Desk, photodesk@prnewswire.com
Comcast Interactive Media
CONTACT: Kate Noel of Comcast Interactive Media, +1-215-286-8793, Kate_Noel@Comast.com
Web site: http://www.fancast.com/ http://www.fancast.com/full_episodes http://www.comcast.com/
Diebold Integrated Services(R) Symposium Hits the RoadDiebold Discusses Total Outsourcing Solutions Across the Country
NORTH CANTON, Ohio, March 10 /PRNewswire-FirstCall/ -- Diebold, Incorporated , the global leader in integrated self-service delivery, is taking its Integrated Services(R) outsourcing offerings on the road with its upcoming Integrated Services Symposium. Recognized for the second consecutive year as one of the world's top outsourcing companies by the International Association of Outsourcing Professionals (IAOP), Diebold is offering the Integrated Services Symposium in several regions across the nation. Symposium sessions are designed to allow current and prospective customers to engage in personalized, in-depth discussions to learn more about Diebold Integrated Services solutions.
Diebold Integrated Services incorporates cross-disciplinary functions into comprehensive, integrated turnkey outsourcing solutions. Outsourcing provides financial institutions solutions that directly address their need to increase productivity and to reduce operational costs. This is critical in today's economic environment. Diebold Integrated Services Symposium sessions will focus on how Diebold can customize a complete outsourcing solution for customers that will help them achieve their strategic initiatives.
"Retail and financial institutions look to outsourcing for more than just cost reduction; however, today, outsourcing is a business strategy that enables them to provide their customers with the most innovative products and services available on a continuing basis," said Greg Steffy, senior director, Diebold Integrated Services. "The purpose of the traveling symposium is to showcase the myriad of products and services that Diebold outsources in customized, turnkey packages. We want to bring these outsourcing solutions and case studies right to their door."
Integrated Services Symposiums will take place throughout March and April in California, Massachusetts and Illinois. Customer symposium sessions consist of presentations by Diebold subject matter experts, key capability demonstrations and individual consultation opportunities. Additional discussions for prospective customers include industry overviews, demonstrations and presentations focusing on deposit automation and check imaging as well as teller automation solutions. "In addition to educating current and prospective customers about Diebold's outsourcing solution offerings, we're excited to have the opportunity to answer specific questions customers may have and take part in discussions focused on how we can help financial institutions ensure top quality services for their customers," Steffy said.
For more information on Diebold Integrated Services, visit http://www.diebold.com/gssssps/integrated/.
About Diebold
Diebold, Incorporated is a global leader in providing integrated self- service delivery and security systems and services. Diebold employs more than 17,000 associates with representation in nearly 90 countries worldwide and is headquartered in Canton, Ohio, USA. Diebold reported revenue of $2.9 billion in 2006 and is publicly traded on the New York Stock Exchange under the symbol 'DBD.' For more information, visit the company's Web site at http://www.diebold.com/.
Diebold, Incorporated
CONTACT: Media Relations, DeAnn Zackeroff, +1-330-490-5220, deann.zackeroff@diebold.com, Investor Relations, Christopher Bast, +1-330-490-6908, christopher.bast@diebold.com, both of Diebold, Incorporated
Web site: http://www.diebold.com/ http://www.diebold.com/gssssps/integrated
DigitalFX International to Launch National Infomercial Campaign To Increase Brand Recognition and Expand Affiliate Marketing Sales Force
LAS VEGAS, March 10 /PRNewswire-FirstCall/ -- DigitalFX International, Inc. , an emerging world leader in digital communications and streaming video, today announced it is producing an infomercial for cable television that is expected to expand brand recognition and attract new members to its affiliate marketing sales team.
"Make It Happen Productions", an award-winning production company, is developing the thirty-minute infomercial, the company said.
The infomercial, aimed at people who want to own their own home-based business, describes the tremendous money-making opportunity that can result from marketing the company's superior web offerings, including live and on demand streaming video, digital storage, and video e-mail; all of which can be used by individuals as well as small and medium-sized businesses.
The company will begin market testing the infomercial later this month. Leads generated from the infomercial will be distributed among its current network of independent affiliates, or personal coaches, who have achieved a certain level of success.
"We look forward to educating the public about the incredible opportunity that our affiliate marketing program offers," said Craig Ellins, CEO of DigitalFX. "This show will highlight many of our independent affiliates who are already earning a full-time income with the VMdirect opportunity marketing; our cost-effective, robust, all-in-one streaming video product suite featured on http://www.helloworld.com/. VMdirect offers a business opportunity for those desiring to be their own boss, and take their financial destiny into their own hands."
Ellins added, "According to industry analysts, such as Forrester Research, the emerging streaming video industry is expected to grow to more than $12 billion in the next few years. This demand creates a tremendous opportunity for those who want to take advantage of a new emerging marketplace and earn additional income with our innovative and cost-effective solutions."
About DigitalFX International, Inc.
DigitalFX International, Inc. is a creator of digital communications and social networking solutions, as showcased on its social network http://www.helloworld.com/. The company develops and markets proprietary communication and collaboration services, and social networking software applications, including video email, video instant messaging and live webcasting. DigitalFX International, Inc. is democratizing the world of online streaming video and digital media archiving with its flagship product, called "The Studio". "The Studio" is an affordable, cross digital platform web-based solution. Only the DigitalFX "Studio" brings together all this capability, simply and in one place.
For more information about DigitalFX please visit us at http://www.digitalfx.com/.
To receive public information, including press releases, conference calls, SEC filings, profiles, investor kits, News Alerts and other pertinent information, please click on the following link: http://www.b2i.us/irpass.asp?BzID=1407&to=ea&s=0
DigitalFX International, Inc.
CONTACT: Corporate Development, Amy Black of DigitalFX, +1-702-743-9412; or Media Relations, Alison Simard of Stern & Co., +1-323-650-7117; or Investor Relations, Mike Flanigan, or Ted Tackaberry, both of Communication Initiatives, +1-888-724-0208, or IR@digitalfx.com
Web site: http://www.digitalfx.com/ http://www.helloworld.com/
Lodgian Sets New Standard for Wi-Fi in the Hospitality Industry With Ruckus Wireless Smart Wi-FiLodgian Undertakes Massive Wi-Fi Project and Standardizes 40 U.S. Properties on Ruckus ZoneFlex Smart Wireless LAN Systems; First 34 Hotels to be Completed in 90 Days
SUNNYVALE, Calif., March 10 /PRNewswire/ -- Ruckus Wireless announced today that Lodgian, Inc., , one of the largest independent owners and operators of full-service hotels in the United States, has standardized on and is deploying Ruckus Wireless' ZoneFlex Smart Wireless LAN (WLAN) systems at 40 hotel and resort properties nationwide. Lodgian properties include nationally-recognized brands like Marriott, Four Points by Sheraton, Crowne Plaza, Courtyard by Marriott, Residence Inn by Marriott, Radisson, Springhill Suites by Marriott, and Holiday Inn.
Setting a new standard for Wi-Fi deployment and guest services within the hospitality industry, Lodgian is radically improving the user experience by blanketing every square inch of its hotel properties with Ruckus Smart Wi-Fi access. Ruckus' patented Smart Wi-Fi uses advanced techniques to provide longer range and more reliable connectivity and support the most bandwidth-intensive and stringent delay-sensitive applications.
Ruckus ZoneFlex systems are being used to provide ubiquitous Wi-Fi access across nearly 7,400 guest rooms, 279 conference rooms, and outdoor areas such as beaches, pools and restaurants. The Ruckus Smart Wi-Fi system uniquely enables Lodgian to offer guests advanced multimedia services, such as support for voice, video and gaming services, while providing the fastest and most reliable Wi-Fi connections possible from anywhere on hotel premises.
Recognized as the leader in leveraging sophisticated technology to enhance the guest experience at its hotels, Lodgian was one of the first companies to offer in-room Wi-Fi connectivity. Lodgian is now advancing the state of Wi-Fi in its hotels by replacing first generation 3Com Wi-Fi systems with Ruckus ZoneFlex smart wireless LAN systems.
"Lodgian is undergoing an aggressive roll-out to complete the installation of more than 1,000 Ruckus ZoneFlex APs in less than 90 days," according to Dan Webber, Lodgian interim vice president of information technology.
"Working with One Media Wireless, we configured the first of several Ruckus ZoneFlex systems in less than 30 minutes ... "
This is a partial excerpt of the full Ruckus Wireless press release that can
be found in its entirety at http://www.ruckuswireless.com/press/ (no
registration required).
Media Contacts
David Callisch
Ruckus Wireless
david@ruckuswireless.com
+1-408-504-5487 mobile
Nancy MacGregor Hill
RealTime Communications
nancy@realtime-comm.com
+1-510-733-6228 office
+1-415-309-5185 mobile
Ruckus Wireless
CONTACT: David Callisch of Ruckus Wireless, mobile, +1-408-504-5487, david@ruckuswireless.com; or Nancy MacGregor Hill of RealTime Communications, +1-510-733-6228, mobile, +1-415-309-5185, nancy@realtime-comm.com, for Ruckus Wireless
Web site: http://www.ruckuswireless.com/
Lockheed Martin Submits Proposal to Provide GOES-R SpacecraftProposal Continues Five Decades of Partnership with NASA & NOAA
DENVER, March 10 /PRNewswire/ -- Lockheed Martin today submitted its proposal to the National Aeronautics and Space Administration (NASA) to design and build the spacecraft for the Geostationary Operational Environmental Satellite - Series R (GOES-R), the next generation geostationary environmental satellites for the National Oceanic and Atmospheric Administration (NOAA).
The proposal builds upon Lockheed Martin's 48 years of successful partnership with NASA and NOAA providing reliable weather and environmental satellite systems on schedule including TIROS, NIMBUS, UARS, Terra and Landsat. In addition, the proposal incorporates knowledge from Lockheed Martin's successful GOES-R Program Definition and Risk Reduction contract.
"By working closely with our customer, our GOES-R team has developed a strong, low-risk proposal that will considerably expand the capability of our nation's weather sentinel," said Joanne Maguire, executive vice president of Lockheed Martin Space Systems Company. "We appreciate the significant value GOES brings to the citizens of our country on a daily basis, and we look forward to partnering with NASA and NOAA to ensure continuity of this valuable asset."
Lockheed Martin's solution builds upon the renowned A2100 geosynchronous spacecraft bus and proven precision imaging capabilities from past remote sensing programs such as IKONOS and the Mars Reconnaissance Orbiter.
"We are the recognized industry leader in space-based sensor integration for Earth remote sensing, planetary, astronomical and intelligence missions, and low-risk, reliable geostationary spacecraft," said Jim Crocker, vice president of Sensing and Exploration Systems at Lockheed Martin Space Systems Company. "Our team is ready to seamlessly transition into the implementation phase of this critical national system."
Data from NOAA's GOES spacecraft provide accurate real-time advance weather warning products to the commercial, educational, and public sectors to protect lives, property and the environment, and to foster economic growth and promote educational research. The future GOES-R mission will improve the quality and timeliness of its forecasts, thereby generating significant economic benefits to the nation in the areas of weather and water, climate, ecosystems monitoring and management, and commerce and transportation.
The contract is scheduled to be awarded by NASA Goddard Space Flight Center in late 2008, and will include two GOES-R satellites -- with first delivery in 2014 -- and options for two more spacecraft. The total program value is expected to exceed one billion dollars.
Lockheed Martin Space Systems Company, a major operating unit of Lockheed Martin Corporation, designs, develops, tests, manufactures and operates a full spectrum of advanced-technology systems for national security, civil and commercial customers. Chief products include human space flight systems; a full range of remote sensing, navigation, meteorological and communications satellites and instruments; space observatories and interplanetary spacecraft; laser radar; fleet ballistic missiles; and missile defense systems.
Headquartered in Bethesda, Md., Lockheed Martin employs about 140,000 people worldwide and is principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services. The Corporation reported 2007 sales of $41.9 billion.
MEDIA CONTACT:
Gary Napier, Lockheed Martin Space Systems Company; (303) 971-4012;
gary.p.napier@lmco.com
Lockheed Martin
CONTACT: Gary Napier of Lockheed Martin Space Systems Company, +1-303-971-4012, gary.p.napier@lmco.com
Web site: http://www.lockheedmartin.com/
Social Networking Threats Addressed at MAAWG Meeting; Industry Advances to Combat Other Online Abuse
SAN FRANCISCO, March 10 /PRNewswire/ -- Initiating a dialogue with ISPs on how to protect social sites from exploitation, Craig Newmark, founder of Craigslist, asked network operators to trust that users will voluntarily report abuse and to cooperate with sites in building a safe online environment at the Messaging Anti-Abuse Working Group (MAAWG) general meeting in San Francisco held Feb. 18-20. Over the course of the event, MAAWG committees completed a white paper on email authentication and updated best practices for volume email senders, both of which will be released to the industry within the next few weeks.
(Logo: http://www.newscom.com/cgi-bin/prnh/20070124/CLW180LOGO )
A new subcommittee formed at the meeting began work focusing on DNS abuse and port 53 management, and the event also featured panels and committee discussions on filtering, monitoring outbound traffic, and other topics, according to Jerry Upton, MAAWG executive director. The MAAWG 12th General Meeting, attended by 300 industry professionals from over 20 countries, was the first of three meetings the organization will have this year to advance the technology, public policy and collaborative work necessary to fight messaging abuse and spam.
The organization's 2008 officers also were named at the meeting with Michael O'Reirdan, a distinguished engineer in national engineering and technical operations at Comcast, elected MAAWG chair. MAAWG vice-chairs for the year are Jonathan Curtis, sr. security architect, technology development at Bell Canada; and Charles Stiles, Goodmail Systems vice president of worldwide business development. Laurie Jill Wood, director of enterprise security at Charter Communications, continues as treasurer. All have been actively promoting cooperation among ISPs and vendors.
On the social networking panel, Newmark stressed the value of trusting users to report abuse of his or any other popular site, a theme reiterated by the other panelists from Google and Six Apart. At the same time, Newmark recognized the need for increased collaboration between ISPs and socially oriented sites to improve the experience for all users.
The social networking panel was one of more than 25 sessions and committee meetings organized during the event. The discussions between ISPs and social networking site operators will continue at the upcoming 13th MAAWG General Meeting, June 10-12 in Heidelberg, Germany, along with presentations on vital technical and public policy issues. More information is available at the MAAWG Web site, http://www.maawg.org/.
About the Messaging Anti-Abuse Working Group (MAAWG)
The Messaging Anti-Abuse Working Group (MAAWG) is where the messaging industry comes together to work against spam, viruses, denial-of-service attacks and other online exploitation. MAAWG (http://www.maawg.org/) represents almost one billion mailboxes from some of the largest network operators worldwide. It is the only organization addressing messaging abuse holistically by systematically engaging all aspects of the problem, including technology, industry collaboration and public policy. MAAWG leverages the depth and experience of its global membership to tackle abuse on existing networks and new emerging services. Headquartered in San Francisco, Calif., MAAWG is an open forum driven by market needs and supported by major network operators and messaging providers.
Media Contact: Linda Marcus, APR, 714-974-6356, lmarcus@astra.cc, Astra Communications
MAAWG Board of Directors: AOL; AT&T ; Bell Canada; Charter Communications ; Cloudmark; Comcast ; Cox Communications; EarthLink ; France Telecom (NYSE and Euronext: FTE); Goodmail Systems; Google Inc.; Openwave Systems ; Return Path, Inc. (Full-Member representative to the Board); Time Warner Cable; Verizon Communications; and Yahoo! Inc.
MAAWG Full Members: 1&1 Internet AG; AG Interactive; Bizanga LTD; Internet Initiative Japan, (IIJ Nasdaq: IIJI); IronPort Systems; McAfee Inc.; MX Logic; Outblaze LTD; Return Path, Inc.; Sprint; Sun Microsystems, Inc.; Symantec; and Telefonica SA.
Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20070124/CLW180LOGO AP Archive: http://photoarchive.ap.org/ PRN Photo Desk, photodesk@prnewswire.com
Messaging Anti-Abuse Working Group
CONTACT: Linda Marcus, APR, of Astra Communications, +1-714-974-6356, lmarcus@astra.cc, for Messaging Anti-Abuse Working Group
Web site: http://www.maawg.org/
Telanetix to Hold Fourth Quarter and Year-End 2007 Conference Call on March 25, 2008
SAN DIEGO, March 10 /PRNewswire-FirstCall/ -- Telanetix, Inc. (OTCBB: TNXI) a leading IP solutions provider offering telepresence and VoIP services to the SMB and SME markets, is scheduled to host a conference call to discuss the company's fourth quarter and year-end 2007 results on Tuesday, March 25, 2008 at 1:30 p.m. PT (4:30 p.m. ET). Tom Szabo, chief executive officer, and Rick Ono, chief operating officer, will deliver prepared remarks and conduct a question and answer session.
To access the call in the United States, dial 888-679-8033 and enter passcode 26676432. To access the call internationally, dial 617-213-4846 and enter passcode 26676432. The call will also be broadcast live over the Internet and will be available for replay for 90 days at http://www.telanetix.com/. A telephone replay will be available two hours after the call through March 27, 2008 by dialing 888-286-8010. International callers should dial 617-801-6888. All parties will need the following replay pass code 61157171.
About Telanetix, Inc.
Telanetix is a leading IP solutions provider offering telepresence and advanced communication services to the SMB and SME markets. By leveraging on ubiquitous network infrastructures, Telanetix's solutions meet the real-world communications demands of its customers. The company's core technologies include a Telepresence offering, called Digital Presence(TM), designed to create fully immersive and interactive meeting environments that incorporate voice, video and data from multiple locations into a single environment; and IP enabled enhanced services that give companies flexible calling solutions at a fraction of the price of traditional telecom providers. Additional information can be found at the Telanetix corporate website, http://www.telanetix.com/.
Telanetix, Inc.
CONTACT: Company, Rick Ono of Telanetix, Inc., +1-858-362-2250, rick@telanetix.com; or investors, Dahlia Bailey , or Kirsten Chapman, +1-415-433-3777, ir@telanetix.com, both of Lippert-Heilshorn & Associates, for Telanetix, Inc.; or media, Todd Barrish of Dukas PR, +1-212-704-7385, todd@dukaspr.com, for Telanetix, Inc.
Web site: http://www.telanetix.com/
Oracle(R) Database 11g Sets World Record TPC-H 10 Terabyte Non-Clustered Benchmark Result on HP Integrity Superdome Server and HP StorageWorks ArraysShowcases Superior Data Warehousing Performance with Record Price-Performance
REDWOOD SHORES, Calif., March 10 /PRNewswire-FirstCall/ -- Oracle today announced a new world record TPC-H 10 Terabyte (TB) benchmark result for Oracle(R) Database 11g(1), representing the fastest performance result for a non-clustered configuration and leadership price-performance overall. Along with this achievement, Oracle Database also holds world record performance results for the Three TB(2) and 30 TB(3) TPC-H scale factors, showcasing the software's superior data warehousing capabilities.
(Logo: http://www.newscom.com/cgi-bin/prnh/20020718/ORCLLOGO)
Running on an HP Integrity Superdome server with 64 Dual-Core Intel(R) Itanium(R) 1.6 GHz processors using the HP-UX 11i v3 operating environment and HP StorageWorks Arrays, Oracle Database 11g achieved a world record non-clustered performance of 208,457.7 QphH@10000GB with a record-setting price-performance ratio of $27.97/QphH@10000GB.
"These latest benchmark results on the HP Integrity Superdome further validate Oracle's leadership in data warehousing," said Juan Loaiza, senior vice president, Systems Technology, Oracle. "Oracle Database 11g provides a comprehensive foundation for data warehousing that combines industry-leading scalability and performance, integrated analytics and embedded integration and data-quality capabilities."
About Oracle Database 11g
Oracle Database is the only database designed for grid computing. With more than 400 new features, 36,000 person-months of development, and 15 million test hours, Oracle Database 11g is making the management of enterprise information easier than ever, enabling customers to know more about their business and innovate more quickly. Oracle Database 11g delivers superior performance, scalability, availability, security and ease of management on a low-cost grid of industry standard storage and servers.
About TPC-H
TPC-H is a decision support benchmark consisting of a suite of business-oriented ad-hoc queries and concurrent data modifications. The performance metric is called the TPC-H Composite Query-per-Hour Performance Metric (QphH@Size) and reflects multiple aspects of the capability of the system to process queries. More information is available at http://www.tpc.org/.
About Oracle
Oracle is the world's largest enterprise software company. For more information about Oracle, visit our Web site at http://www.oracle.com/
Trademarks
Oracle is a registered trademark of Oracle Corporation and/or its affiliates. Other names may be trademarks of their respective owners.
For more information on TPC-H and TPC-C benchmarks, please visit http://www.tpc.org/. TPC is a registered trademark by the Transaction Processing Council.
Source: Transaction Processing Performance Council (TPC), http://www.tpc.org/
As of March 10, 2008:
(1) On an HP Integrity Superdome server 208,457.7 QphH@10000GB
$27.97/QphH@10000GB, available 09/10/08. (world record non-clustered
and price/performance TPC-H 10TB result)
(2) On a Sun Fire E25K Server, 114,713 QphH@3000GB, $36.68/QphH@3000GB,
available 4/9/07. (world record TPC-H 3TB result)
(3) On an HP Integrity Superdome server, 150,960 QphH@10000GB,
$46.69/QphH@10000GB, available 6/18/07. (world record TPC-H 30TB
result).
Photo: http://www.newscom.com/cgi-bin/prnh/20020718/ORCLLOGO AP Archive: http://photoarchive.ap.org/ PRN Photo Desk, photodesk@prnewswire.com
Oracle Corporation
CONTACT: Teri Whitaker of Oracle, +1-650-506-9914, teri.whitaker@oracle.com; or Kristin Reeves of Blanc and Otus, +1-415-856-5145, kreeves@bando.com, for Oracle
Web site: http://www.oracle.com/ http://www.tpc.org/
Sun and Microsoft Expand Investment in Interoperability With New Center in Redmond, Wash.Companies announce availability of Sun Infrastructure Solution for Microsoft Exchange Server 2007.
SANTA CLARA, Calif. and REDMOND, Wash., March 10 /PRNewswire-FirstCall/ -- Sun Microsystems Inc. and Microsoft Corp. today announced two new milestones in their ongoing alliance: the official opening of the Sun/Microsoft Interoperability Center on Microsoft's Redmond campus for optimizing Microsoft applications on Sun Fire(TM) x64 server systems storage, and the availability of the Sun Infrastructure Solution for Microsoft Exchange Server 2007. More information on the Sun Infrastructure Solutions for Microsoft Exchange Server 2007 is available at http://www.sun.com/exchange and http://technet.microsoft.com/en-us/exchange/bb412164.aspx.
(Logo: http://www.newscom.com/cgi-bin/prnh/20000822/MSFTLOGO)
"Our customers and partners want to maximize their business efficiency, and we are helping them do that by opening the new Sun/Microsoft Interoperability Center," said Bob Kelly, corporate vice president of infrastructure server marketing at Microsoft. "The center will provide a setting for hands-on testing and tuning of Sun/Microsoft solutions, and will help our joint customers achieve outstanding performance results for their standardized and homegrown solutions. It is consistent with our recently announced interoperability principles, which guide steps that we are taking to enhance interoperability in the marketplace for the benefit of customers."
"The new Sun/Microsoft Interoperability Center will help provide our joint customers with a testbed for running key Microsoft applications on Sun's x64 servers and help ensure more seamless integration between the technologies," said Lisa Sieker, vice president of Systems Marketing, Sun Microsystems. "Additionally, with the new Infrastructure Solution for Microsoft Exchange Server 2007, Sun's expertise in x64 servers, storage and 64-bit database architectures will enable customers to significantly reduce e-mail TCO and ease the transition to the new 64-bit product."
Objectives of the Sun/Microsoft Interoperability Center will include optimization of Microsoft applications on Sun x64 systems and storage, and promotion of full interoperability in application areas such as virtualization, Java(TM) technology, systems management and identity. In addition, the center will collaborate with authorized Sun Solution Centers to support customers in running their own proof-of-concept testing. Customers can minimize their risk and shorten time to deployment by simulating their own environment, with access to top architects from both Sun and Microsoft.
The Sun/Microsoft Interoperability Center serves as a working lab for tuning, benchmarking and interoperability solutions creation. It will be designed to include the following:
-- A demonstration and testing area for Windows on Sun x64 systems and
storage
-- A lab space for customer proofs-of-concept focused on Windows Server
2008 on Sun x64 systems and storage
-- The ability to certify Java Platform Enterprise Edition (Java EE) and
Java Platform Standard Edition (Java SE), including Sun's Java Runtime
Environment (JRE(TM)) software for and with Microsoft operating
environments and applications
-- Joint work to help enable cross-platform server virtualization,
including Windows Server 2008 Hyper-V and Sun xVM
-- Cross-company collaboration to allow Sun Ray thin client software to
provide a first-rate virtual desktop for the Windows environment and
support Windows technologies
One of the first results of the recently increased collaboration is the availability of the Sun Infrastructure Solution for Microsoft Exchange Server 2007. This solution will help enable enterprise customers to better manage e-mail growth and realize the benefits of Exchange Server 2007. Pre-tested end-to-date system and storage configurations allow customers to easily migrate to Exchange Server 2007 -- achieving up to 85 percent savings in rack space, power and cooling, and reducing total cost of ownership (TCO) for e-mail by up to 70 percent over three years.
The Interoperability Center expands Sun's three-year presence on the Microsoft main campus, focused on testing customer scenarios on Sun's systems in the Microsoft Enterprise Engineering Center. Microsoft and Sun have collaborated in a number of interoperability areas including Web services, identity management, thin clients, systems management and Windows Server engineering.
The two companies have also created a basis for tighter interoperability between Java(TM) Platform, Enterprise Edition (Java EE), the Microsoft .NET Framework 3.0 and Windows Communication Foundation in Sun's Web services interoperability technologies (Project Tango). Corporations can also evaluate the Sun Fire X4600 server with Microsoft SQL Server 2005 through Sun's Try and Buy program: http://www.sun.com/tryandbuy/specialdetail.jsp?spid=f17eb968- ce40-48c5-9f63-5deb8e339216 [to view this website please highlight and copy the URL, and paste it into your address bar]. Sun became a Windows Server OEM in September 2007 and is also a founding member of the Microsoft Interop Vendor Alliance and a Microsoft Gold Certified Partner.
About Sun Microsystems, Inc.
A singular vision -- "The Network Is The Computer"(TM) -- guides Sun in the development of technologies that power the world's most important markets. Sun's philosophy of sharing innovation and building communities is at the forefront of the next wave of computing: the Participation Age. Sun can be found in more than 100 countries and on the Web at sun.com.
About Microsoft
Founded in 1975, Microsoft is the worldwide leader in software, services and solutions that help people and businesses realize their full potential.
Microsoft, Windows Server and Windows are either registered trademarks or trademarks of Microsoft Corp. in the United States and/or other countries.
Sun, Sun Microsystems, the Sun logo, Solaris, Java, Sun Ray and The Network Is The Computer are trademarks or registered trademarks of Sun Microsystems Inc. in the United States and other countries.
Photo: http://www.newscom.com/cgi-bin/prnh/20000822/MSFTLOGO AP Archive: http://photoarchive.ap.org/ PRN Photo Desk, photodesk@prnewswire.com
Microsoft Corp.
CONTACT: Jacki DeCoster of Sun Microsystems, +1-415-294-4482, jacki.decoster@sun.com; or Rapid Response Team of Waggener Edstrom Worldwide, +1-503-443-7070, rrt@waggeneredstrom.com, for Microsoft Corp.
Web site: http://www.microsoft.com/
Pressure BioSciences, Inc. Announces Move to New Corporate Offices
SOUTH EASTON, Mass., March 10 /PRNewswire-FirstCall/ -- Pressure BioSciences, Inc. today announced that it has moved its corporate offices to 14 Norfolk Avenue in South Easton, Massachusetts. This move was necessary to accommodate the Company's transition from an early-stage, research and development company to a fully commercial operation. Richard T. Schumacher, PBI's Founder, President, and CEO commented: "We now have approximately 5,500 square feet, with sufficient office, conference, engineering lab, and storage space to allow us to better develop our infrastructure to support our PCT product commercialization. In addition, the 18 month lease, with equal term extension, gives us the financial flexibility we require as we continue to grow our business and carefully manage our financial resources". The Company's primary research and development facility continues to be located at 6 Gill Street in Woburn, MA.
Corporate address:
Pressure BioSciences, Inc
14 Norfolk Avenue
South Easton, MA 02375
(t) (508) 230-1828
(f) (508) 230-1829
Research and Development Center
Pressure BioSciences, Inc
6 Gill Street, Suite H
Woburn, MA 01801
(t) (781) 932-9477
(f) (781) 932-9294
About Pressure BioSciences, Inc.
Pressure BioSciences, Inc. (PBI) is a publicly traded company focused on the development of a novel, enabling technology called Pressure Cycling Technology (PCT). PCT uses cycles of hydrostatic pressure between ambient and ultra-high levels (up to 35,000 psi and greater) to control bio-molecular interactions. PBI currently holds 13 US and 6 foreign patents covering multiple applications of PCT in the life sciences field, including such areas as genomic and proteomic sample preparation, pathogen inactivation, the control of chemical reactions, immunodiagnostics, and protein purification.
Forward Looking Statements
Statements contained in this press release regarding the Company's intentions, hopes, beliefs, expectations, or predictions of the future are "forward-looking'' statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based upon the Company's current expectations, forecasts, and assumptions that are subject to risks, uncertainties, and other factors that could cause actual outcomes and results to differ materially from those indicated by these forward-looking statements. These risks, uncertainties, and other factors include, but are not limited to, risks and uncertainties discussed under the heading "Risk Factors" in the Company's Annual Report on Form 10-KSB for the year ended December 31, 2006, and other reports filed by the Company from time to time with the SEC. The Company undertakes no obligation to update any of the information included in this release, except as otherwise required by law.
Visit us at our website http://www.pressurebiosciences.com/
Investor Contacts:
Richard T. Schumacher, President & CEO Pressure BioSciences, Inc.
Edward H. Myles,
Senior Vice President of Finance & CFO (T) 508-230-1828
Pressure BioSciences, Inc.
CONTACT: Richard T. Schumacher, President & CEO or Edward H. Myles, Senior Vice President of Finance & CFO, both of Pressure BioSciences, Inc., +1-508-230-1828
Web site: http://www.pressurebiosciences.com/
XM Satellite Radio to Air Men's College Basketball Tournaments for All Six Major Conferences
WASHINGTON, March 10 /PRNewswire-FirstCall/ -- XM Satellite Radio will air the men's college basketball tournaments for the six major conferences starting March 12 for listeners nationwide.
(Logo: http://www.newscom.com/cgi-bin/prnh/20070313/XMLOGO )
XM is the official satellite radio network for the ACC, Big East, Big Ten, Big 12, Pac-10, and SEC. This year marks the first time that XM has carried all six tournaments.
The Big East and Pac-10 tournaments will air nationwide on XM from March 12 to 15. The ACC, Big Ten, Big 12, and SEC tourneys will air on XM March 13-16. The tournaments can be heard live on ten XM college sports play-by-play channels. A channel guide for tournament week is available online at http://www.xmradio.com/collegesports.
XM, the nation's leading satellite radio company, is heard by more than 9 million subscribers across the U.S.
"Wherever you live, XM is the place to hear the college basketball tournaments for all six power conferences," said Kevin Straley, XM senior vice president of news, sports, and talk programming. "You get more than 60 games in five days. You can turn on XM, listen to a game at Madison Square Garden, then turn the dial to the Staples Center. Then you can switch over to the Georgia Dome, check in on Conseco Fieldhouse, go to the Sprint Center, and wind up at Bobcats Arena."
The number-one seeds in the conference tournaments are North Carolina (ACC), Tennessee (SEC), UCLA (Pac-10), Texas (Big 12), Wisconsin (Big Ten), and Georgetown (Big East).
In addition to the live play-by-play coverage of the tournaments on XM, the XM Sports Nation channel (XM 144) will air talk radio shows from tournament cities. XM Sports Nation host T.J. Rives and analyst Mark Wise will broadcast from SEC FanFare in Atlanta. Scott Jackson will be in Charlotte to report on the ACC tourney. In Los Angeles, Earl Forcey and Dan Redmond will be on hand for the Pac-10. Ari Bykofsky will report on the Big East from New York City, and Kevin Blackistone will be in Kansas City for the Big 12.
About XM
XM is America's number one satellite radio company with more than 9 million subscribers. Broadcasting live daily from studios in Washington, DC, New York City, Chicago, Nashville, Toronto and Montreal, XM's 2008 lineup includes more than 170 digital channels of choice from coast to coast: commercial-free music, premier sports, news, talk radio, comedy, children's and entertainment programming; and the most advanced traffic and weather information.
XM, the leader in satellite-delivered entertainment and data services for the automobile market through partnerships with General Motors, Honda, Hyundai, Nissan, Porsche, Ferrari, Subaru, Suzuki and Toyota, is available in 140 different vehicle models for 2008. XM's industry-leading products are available at consumer electronics retailers nationwide. XM programming is also available through XM Radio Online, the exclusive home on the Internet for XM's commercial-free music channels; as downloads of original XM shows via podcasts from XM's Web site or the Apple's iTunes Store; and as streams of commercial-free XM music channels to AT&T and Alltel wireless customers through XM Radio Mobile. For more information about XM hardware, programming and partnerships, please visit http://www.xmradio.com/.
Factors that could cause actual results to differ materially from those in the forward-looking statements in this press release include demand for XM Satellite Radio's service, the Company's dependence on technology and third party vendors, its potential need for additional financing, as well as other risks described in XM Satellite Radio Holdings Inc.'s Form 10-K filed with the Securities and Exchange Commission on 2-28-08. Copies of the filing are available upon request from XM Radio's Investor Relations Department. All programming is subject to change.
Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20070313/XMLOGO AP Archive: http://photoarchive.ap.org/ PRN Photo Desk, photodesk@prnewswire.com
XM
CONTACT: David Butler of XM, +1-202-380-4317, david.butler@xmradio.com
Web site: http://www.xmradio.com/collegesports http://www.xmradio.com/
Delphax Technologies Annual Meeting Scheduled for March 13
MINNEAPOLIS, March 10 /PRNewswire-FirstCall/ -- Delphax Technologies Inc. , a global provider of high-speed digital printing systems, will hold its annual meeting of shareholders at 3:30 p.m. Thursday, March 13, at the company's headquarters, 6100 West 110th Street, Bloomington, Minn.
Dieter Schilling, Delphax president and chief executive officer, will discuss results and developments for the year ended Sept. 30, 2007, and the first quarter of fiscal 2008, as well as the company's current objectives.
About Delphax Technologies Inc.
Delphax Technologies Inc. is a global leader in the design, manufacture and delivery of advanced digital print production systems based on its patented electron-beam imaging (EBI) technology. Delphax digital presses deliver industry-leading throughput for both roll-fed and cut-sheet printing environments. These flagship products are extremely versatile and handle a wide range of substrates from ultra lightweight paper to heavy stock. Delphax provides digital printing solutions to publishers, direct mailers and other printers that require systems capable of supporting a wide range of commercial printing applications. The company also licenses and manufactures EBI technology for OEM partners that create differentiated product solutions for additional markets. There are currently installations using Delphax EBI technology in more than 50 countries worldwide. The company is headquartered in Minneapolis, with subsidiary offices in Canada, the United Kingdom and France. Its common stock is publicly traded on the Capital Market tier of the NASDAQ Stock Market under the symbol: DLPX. Additional information is available on the company's website at http://www.delphax.com/.
Delphax Technologies Inc.
CONTACT: Gregory S. Furness, Chief Financial Officer of Delphax Technologies Inc., +1-952-939-9000, gfurness@delphax.com; or Tom Langenfeld, +1-952-920-4624, for Delphax Technologies Inc.
Web site: http://www.delphax.com/
Central European Media Enterprises Closes Successful Offering of $475 Million of Convertible Notes Secures Financing for Ambitious Growth Plans in a Period of Grave Financial Uncertainty in the Global Capital Markets- Purchase of call spread option is expected to eliminate any dilution until share price exceeds $151.20 at a cost of capital below current debt -
HAMILTON, Bermuda, March 10 /PRNewswire-FirstCall/ -- Central European Media Enterprises Ltd. ("CME") (Nasdaq/Prague Stock Exchange: CETV) today announced the closing of its offering of $475 million of senior convertible notes. The notes were sold to qualified institutional buyers and bear interest at an annual rate of 3.50%. The notes pay interest semi-annually on March 15 and September 15 of each year, beginning September 15, 2008, and mature on March 15, 2013.
Michael Garin, CEO of CME, commented: "At a time when financing window after financing window appears to be closing and could possibly remain closed for some time to come, I am delighted that CME was able to demonstrate its ability once again to successfully access the capital markets with an offering that provides so many benefits to our shareholders. We now have the capability to fund the ambitious growth plans we have for CME with no dilution expected for current shareholders below a share price of $151.20 and at a lower cost of capital than we are paying on our current debt. In this period of grave financial uncertainty, we all believe this will be an important competitive advantage for CME and will allow us to create significant value for our shareholders."
Wallace Macmillan, CFO of CME, said: "We considered the limited financing options available in the current turbulent financial markets and concluded that a convertible bond offering combined with a call spread overlay was the best option for CME and its shareholders. We are extremely happy that we managed to raise sufficient capital to fund the buyout of our minority partners in Studio 1+1 and to secure the flexibility to finance our plans to expand our business in Ukraine and across our region. We are also pleased that the purchase of a call spread overlay is expected to eliminate dilution for existing shareholders below a share price of $151.20 at a cost of capital below our current debt."
Adrian Sarbu, COO of CME, commented: "Since assuming the position of COO I have focused on maximizing both the current performance of our stations and the incredible growth opportunities we have in front of us. The fact that we have now secured the capital necessary to finance our plans in a period where this clearly will not be true for all companies gives me confidence in our ability to remain one of the fastest growing and best performing multinational broadcasters in the world."
The notes are convertible on the occurrence of certain specified events and at any time after December 15, 2012. CME used a portion of the proceeds to purchase a call spread overlay, which serves to increase the effective conversion price of the notes from $105.00 to $151.20, an 80% premium to the share price of CME's Class A common stock at the pricing of the notes.
At share prices below $151.20, the effective cost of capital of the notes after accounting for the cost of the call spread overlay is approximately 7.2% annually. Upon conversion, CME intends to pay the aggregate principal amount of the notes in cash and issue shares to settle any additional amounts. In purchasing the call spread overlay, CME expects to significantly reduce the potential dilution to existing shareholders from the offering as at maturity it would issue additional shares not covered by the call spread overlay only to settle any amount in excess of a $151.20 share price. (Please see Appendix 1 for assumptions and indicative calculations with respect to share issuances upon conversion of the notes.)
On the occurrence of certain specified events, particularly where early conversion occurs under the notes or the liquidity of shares of CME Class A common stock is dramatically changed (i.e., in the event of corporate mergers, takeovers or other defined events), CME may choose to terminate the call spread overlay at fair market value, in which case the number of shares provided by the call spread overlay may be less than those required by CME for conversion prices between $105.00 and $151.20.
The net proceeds from this offering, after deducting offering expenses and the cost of the call spread overlay, are approximately $400.7 million. CME intends to use these proceeds to acquire additional interests in Studio 1+1 and expects to retain the flexibility to fund further growth with funds available under its revolving facilities.
All $475 million aggregate principal amount of the notes have been sold to investors. The notes and subsidiary guarantees were not registered under the U.S. Securities Act of 1933, as amended, and accordingly the notes and subsidiary guarantees were offered and sold pursuant to an exemption from the registration requirements of the U.S. Securities Act of 1933, as amended.
CME is a TV broadcasting company operating leading networks in six Central and Eastern European countries with an aggregate population of approximately 90 million people. The company's television stations are located in Croatia (Nova TV), Czech Republic (TV Nova, Nova Cinema, Galaxie Sport), Romania (PRO TV, PRO TV International, Acasa, PRO Cinema, Sport.ro and MTV Romania), Slovakia (TV Markiza, Galaxie Sport), Slovenia (POP TV, Kanal A) and Ukraine (Studio 1+1, Studio 1+1 International, Kino, Citi). CME is traded on the NASDAQ and the Prague Stock Exchange under the ticker symbol "CETV".
Forward-Looking Statements
This press release contains certain forward-looking statements regarding future business opportunities. Statements that include the words "intend", "will" and similar statements of a future or forward-looking nature identify forward-looking statements in this press release for purposes of the U.S. federal securities laws or otherwise. For these statements and all other forward-looking statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy or are otherwise beyond our control, including future investments in television broadcast operations in Ukraine and elsewhere, our ability to obtain additional external sources of capital and the volatility of the share price of our Class A common stock, and some of which might not even be anticipated. Forward-looking statements speak only as of the date on which they are made, and CME does not undertake any obligation publicly to update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.
Appendix 1
Here we present a simple example, which should not be read as a forecast of share price performance and assumes no adjustments to the notes or the call spread overlay. Should the share price exceed $151.20 at the maturity date in five years, CME intends to repay $475 million in cash and would issue a certain number shares to the noteholders as specified in the table below. Should the share price remain below $151.20 at maturity, CME will only be required to repay $475 million in cash, as any additional shares required to be issued on conversion of the notes when the conversion price is between $105.00 and $151.20 will be offset by shares acquired from the call spread overlay counterparties. The table below shows potential dilution if the share price exceeds $151.20 in five years time.
Dollars Raised $475,000,000
Conversion price $105.00
Underlying Shares 4,523,809.52
Cap Price Under the Call Spread
Overlay $151.20
Stock Price Number of shares issued upon conversion
$151.20 -
$155 110,906
$160 248,810
$165 378,355
$170 500,280
$175 615,238
$180 723,810
$185 826,512
$190 923,810
$195 1,016,117
$200 1,103,810
$205 1,187,224
$210 1,266,667
$215 1,342,414
$220 1,414,719
$225 1,483,810
Central European Media Enterprises Ltd.
CONTACT: Romana Tomasova, Director of Corporate Communications, Central European Media Enterprises, +44(0)20-7430-5357, romana.tomasova@cme-net.com
Web site: http://www.cetv-net.com/
New Tech Opportunities: Wall Street Reporter Talks to Globecomm Systems Inc., Visteon Corp., and Riptide Worldwide Inc.
NEW YORK, March 10 /PRNewswire/ -- Wall Street Reporter has posted exclusive interviews with top executives from Globecomm Systems Inc. Visteon Corp. and Riptide Worldwide Inc. (BULLETIN BOARD: RTWW) describing how they're transforming their companies to go after some of the world's most exciting high-tech markets.
Investors can listen to all three interviews at http://www.wallstreetreporter.com/.
With a unique focus on adding satellite applications to its network service portfolio, Globecomm Systems Inc. has "been able to really build a good business" with broadcasters, government organizations, and other clients, says Kenneth Miller, the company's president. "We're not IBM, but we've been growing very nicely, and as you can see over the last few years, very profitably."
Highlights of the interview:
-- A look at how the company's integration of satellite has helped it win
contracts worth $200 million a year from GCI, Showtime, NATO and
others.
-- Details on operations in Asia, where the company is building a new
uplink facility to better serve the region's broadcasters. "We've done
a lot of business in Asia."
-- Discussion of how the company's clean balance sheet ($50 million in
cash, no debt) provides a base for potential M&A ahead.
Auto components maker Visteon Corp. is "absolutely on track" to emerge from an ambitious three-year restructuring program with a more global sales footprint and a more cutting-edge product line, CEO Michael F. Johnston tells WSR. "We're moving to a zone of stability; we could call it success."
Highlights of the interview:
-- How the company has "tremendously" reduced its dependence on the North
American market. "I don't see anyone with a better geographic footprint
than we have."
-- Details on a partnership with 3M that has produced new products with
solid revenue potential.
-- Mr. Johnston's view on how commodity pricing is affecting the auto
parts industry. "Folks have adjusted to it."
Riptide Worldwide Inc. (BULLETIN BOARD: RTWW) is aggressively rolling up vendors in the fast-growing business practice management software space, says CEO Frank Wilde. "We want to get to a company that is greater than $100 million in size by the end of this calendar year."
Highlights of the interview:
-- An overview of Mr. Wilde's previous success in the M&A arena, both at
Riptide (which he's already transformed into a $50 million company) and
previously at industry leaders like IBM and Dell.
-- More on the company's solid existing business model, which combines
long-term recurring revenue from blue-chip clients with significant
organic growth. As a result, Mr. Wilde says, "we're better than
breakeven on an EBITDA basis."
-- Discussion of how acquisitions would build the company's technological
base as well as revenue as it evolves into a more full-spectrum BPM
solutions provider.
Wall Street Reporter (Est. 1843) is the premier source of investment information on global public companies in high-growth sectors. Through its magazines, special reports, website, and conferences, WSR presents unique opportunities for discovering stocks before they appear on the radar of Wall Street. Visitors to its website, http://www.wallstreetreporter.com/, can listen to and view exclusive audio and video from an extensive library of CEO interviews, analyst roundtables, and conference webcast presentations, as well as subscribe to WSR's "Smart Money Alert" -- a weekly update of stock picks and timely market insights from top analysts and stock gurus.
About Globecomm Systems Inc.
Globecomm Systems Inc. provides end-to-end value-added satellite-based communication solutions by leveraging its core satellite ground segment systems and network capabilities, with satellite communication services capabilities.
About Visteon Corp.
Visteon is a leading global automotive supplier that designs, engineers and manufactures innovative climate, interior, electronic and lighting products for vehicle manufacturers, and also provides a range of products and services to aftermarket customers.
About Riptide Worldwide Inc.
Riptide Worldwide Inc. (BULLETIN BOARD: RTWW) develops business process automation (BPA) and business process management (BPM) software to integrate, assemble, and optimize available IT assets to drive business process productivity, reliability, and security.
http://www.wallstreetreporter.com/
http://www.globecommsystems.com/
http://www.visteon.com/
http://www.riptide.com/
Wall Street Reporter
CONTACT: Jack Marks, CEO & Publisher, Wall Street Reporter Magazine, +1-212-363-2600, ext. 260; or Kenneth Miller, President, Globecomm Systems Inc., +1-631-231-9800; or Derek Fiebig, Investor Relations, Visteon Corp., +1-734-710-5800; or Rich Connelly, Chief Financial Officer, Riptide Worldwide Inc., +1-214-594-2340
Web site: http://www.wallstreetreporter.com/ http://www.globecommsystems.com/ http://www.visteon.com/ http://www.riptide.com/
Company News On-Call: http://www.prnewswire.com/comp/140599.html
VoIP-PAL.com, Inc. (Pink Sheets: VPLM.PK - News) UPDATE: Announces First Award Recipient of TalkfortheCure(TM) Dollars
SUN VALLEY, Calif., March 10 /PRNewswire-FirstCall/ -- VoIP-PAL.com, Inc. (Pink Sheets: VPLM) recently announced its support of TalkfortheCure(TM) and is pleased to report it has chosen the Carol M. Baldwin Breast Cancer Research Fund, Inc. as its first recipient. Four dollars from each transaction exclusively through VoIP-PAL.com's websites will be donated to this foundation.
VoIP-PAL.com's clients will additionally have the option to donate to the Baldwin Foundation the 300 air miles/points gained through AirIncentives, as their incentive for the purchase of VoIP-PAL products and associated merchandise.
Richard G. Kipping, Chairman and CEO of VoIP-PAL.com, Inc. and co-founder of TalkfortheCure(TM) stated, "We are extremely proud to announce this cause as the first of six 'Cures' that we will be donating to for research. In addition, we will announce the next five foundation recipients later in the month of March."
About Voip-PAL.com, Inc.
VoIP-PAL.com, Inc. is a broadband VoIP telecom company offering local and long distance VoIP services to consumers and business owners. The company offers turnkey solutions for its Partners for the Loyalty Transactional platform. For more information, please contact Richard Kipping at (818) 539-0079 or Richard@voip-pal.com, or visit us at http://www.voip-pal.com/.
Statements contained in this news release, other than those identifying historical facts, constitute "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934 and the Safe Harbor provisions as contained in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements relating to the Company's future expectations, including but not limited to, revenues and earnings, technology efficacy, strategies and plans, are subject to safe harbors protection. Actual Company results and performance may be materially different from any future results, performance, strategies, plans or achievements that may be expressed or implied by any such forward-looking statements. The Company disclaims any obligation to update or revise any forward-looking statements.
Contact: VoIP-PAL.com, Inc.
(310)890-3212
info@voip-pal.com
VoIP-PAL.com, Inc.
CONTACT: VoIP-PAL.com, Inc., +1-310-890-3212, info@voip-pal.com
Web site: http://www.voip-pal.com/
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