Companies news of 2008-03-25 (page 4)
Avensys Tech and ITF Labs Expand Sales and Support Network in Israel and ChinaAppletec...
BPO Management Services Sells Southern Poverty Law Center, Montgomery, AL, Human Resources...
China Public Security Technology, Inc. Successfully Completes Phase I and Prepares for...
China's MP3 Market Slows Down; Rm/Rmvb Format Video Products Come into Being
EGIL Launches Eight New Retail Partner Locations in South Florida
Rentrak Corporation to Present at B. Riley & Co. 9th Annual Las Vegas Investor Conference
Jersey Telecom Revitalizes Fixed Voice Network With Migration to UTStarcom NGNDeployment...
MIPSolutions, Inc. Retains MindShare Consulting Group
ASAT Holdings Limited Announces Date for Third Quarter Fiscal Year 2008 Financial Results...
FiberNet Reports Fourth Quarter and Full Year 2007 ResultsFourth Quarter of 2007 Revenues...
Webcast Alert: FiberNet Announces Conference Call to Discuss Fourth Quarter Results, March...
WD(R) Expands Best-Selling Portable Storage Family With Top-of-the-Line My Passport(R)...
Flow International Corporation Receives Multi-Million Dollar Aerospace Contract With...
Exar Launches 1.5 MHz, 600mA Step-Down Inductive Converter - Supports Systems with...
China Digital TV Displays Leading Digital TV Technologies at 16th Annual China Content...
DigitalFX International Announces the Restructuring of Previously Announced Financing...
Measurement Specialties to Present at the Sidoti Investor Forum Conference - Provides FY09...
International Game Technology Management to Present at the JPMorgan Gaming, Lodging and...
ServiceMagic.com Revolutionizes Battle Against Home Improvement FraudIn Time for Spring...
WSP Holdings Announces Fourth Quarter and Full Year 2007 Results
Xilinx Appoints Bottom Line Technologies to Authorized Training Provider Program in North...
The Portland Group Adds IMSL Fortran Numerical Library for WindowsPopular Visual Numerics...
Bosley Chooses UCN's inContact as Strategic Platform for GrowthGlobal leader in hair...
MPC Computers Wins Defense Logistics Agency Contract
China Fire Security Group to Present at the Brean Murray, Carret 4th Investor Tour of...
Focus Media to Present at 11th Credit Suisse Asian Investment Conference
China Automotive Systems Reports 40% Increase in Revenue and 84% Increase in Net Income...
Orbitz Worldwide Names Richard P. Fox to Its Board of DirectorsDuties to likely include...
Mattson Technology Receives Multiple Orders for Suprema(TM) Strip System From New...
SmartCard Marketing Systems Inc. (Pink Sheets: SMKG) Signs Supply and Fulfillment...
Avensys Tech and ITF Labs Expand Sales and Support Network in Israel and ChinaAppletec Ltd. and Luster LightTech Corp. Join International Support Team to Provide High-Power Laser and Telecom Component
MONTREAL, March 25 /PRNewswire-FirstCall/ -- Avensys Corporation (OTC Bulletin Board: AVNY; FRANKFURT WKN: A0M9YA) today announced that Avensys Tech, a division of its wholly-owned subsidiary Avensys Inc., and ITF Laboratories Inc. (ITF Labs), its partly owned R&D partner, have named Appletec Ltd. and Luster LightTech Corp. as distributors in Israel and China, respectively. Appletec and Luster will provide sales and support for Avensys Tech and ITF Labs' complete line of fiber laser and telecom components throughout Israel and China.
"Both Appletec and Luster have extensive telecom and photonics expertise and a proven track record of superb customer support in their markets," said Christian Lafrance, Director of Sales and Marketing for Avensys Tech. "We believe that by joining our worldwide sales network this will enable Avensys Inc. to tap into the local markets and provide support to the rapidly growing fiber lasers and advanced demodulation systems which are manufactured in both Israel and China."
About Appletec Ltd.
Established in 1990, Appletec is an electronics and optical components distributor that is focused on serving the local Israel communications, industrial, medical and defence markets. Appletec's forte is to provide customers with non-commodity products and solutions from five distinct component technologies, and in the integration of electronic and optical subsystems.
About Luster LightTech Corp.
Luster LightTech Corp. is the leading specialist distributor of telecom components for the 10G and 40G market and EDFA solutions for the Chinese Market. With offices in Beijing, Shanghai, Shenzhen, Hong-Kong and Chengdu, Luster is the perfect partner to support our customers across China.
About Avensys Corporation
Avensys Corporation operates Avensys Inc., its wholly-owned core subsidiary. Avensys Inc., through its manufacturing division Avensys Technologies, designs, manufactures, distributes, and markets high reliability optical components and modules as well as FBGs for the telecom market and high power devices and sub-assemblies for the industrial market. Avensys Technologies is also a pioneer in the development of packaged fiber-based sensors and possesses leading edge intellectual property. Avensys Environmental Solutions, also a division of Avensys Inc., is an industry leader in providing environmental monitoring solutions for air, water and soil in the Canadian marketplace. To find out more about Avensys Technologies, please visit website http://www.avensystech.com/. For more information on ITF Labs, please visit http://www.itflabs.com/. For Avensys Corporation company news and updates you can also visit http://www.avensyscorporation.com/.
Forward-Looking Statements
Except for historical information contained herein, the statements in this news release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause a company's actual results, performance and achievement in the future to differ materially from forecasted results, performance, and achievement. These risks and uncertainties are described in the Company's periodic filings with the Securities and Exchange Commission. The Company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof, or to reflect the occurrence of unanticipated events or changes in the Company's plans or expectations.
For more information, please contact:
Truc Nguyen or Christopher Chu
The Global Consulting Group
T: +1-646-284-9400
E: tnguyen@hfgcg.com | E: cchu@hfgcg.com
Avensys Corporation
CONTACT: Truc Nguyen, tnguyen@hfgcg.com, or Christopher Chu, cchu@hfgcg.com, both of The Global Consulting Group, +1-646-284-9400, for Avensys Corporation
Web site: http://www.avensyscorporation.com/ http://www.avensystech.com/ http://www.itflabs.com/
BPO Management Services Sells Southern Poverty Law Center, Montgomery, AL, Human Resources Outsourcing SoftwareAgreement Expands BPOMS's Legal Client Footprint
ANAHEIM, Calif., March 25 /PRNewswire-FirstCall/ -- BPO Management Services, Inc., (BULLETIN BOARD: BPOM.OB) a leading full-service business process outsourcing company for middle-market companies, today announced that the Southern Poverty Law Center, Montgomery, AL, has purchased its human resources outsourcing software and signed an annual maintenance contract
Founded in 1971, the Southern Poverty Law Center is a nonprofit law firm dedicated to seeking justice for the most vulnerable members of our society. In the past decade, growth in staff and programs fueled its need to automate its HR services.
After comparing human resource programs offered by many different vendors at a trade show, the SPLC decided to purchase an HR Advocate Information System that integrates with its other business applications. The systems will be used for applicant tracking, providing employee and manager self-service, maintaining employee data, performing compliance reporting, tracking benefits among other HR functions for its 160 employees.
Patrick Dolan, chief executive officer, BPO Management Services, said, "BPOMS's human resource systems have features that are very important to nonprofit organizations. We are pleased to add the Southern Poverty Law Center to our long and growing list of legal clients."
"BPOMS's ability to provide a solution that is tailored to the specific needs of the enterprise, particularly nonprofit organizations with unique requirements, gives us a strong competitive edge," he said.
SPLC found that the BPOMS human resource package suited its particular information technology environment. Unlike most other human resource programs, SPLC employees using Apple computers could access it and the program also interfaced with the organization's Microsoft Great Plains accounting and payroll system.
Samuel Whalum director of human resources said, "The program's ability to link with both the Apple and Microsoft environments was a key consideration in our decision to purchase the HR Advocate Information System."
About BPO Management Services, Inc.
BPO Management Services (BPOMS) is a business process outsourcing (BPO) service provider that offers a diversified range of on-demand services, including human resources, information technology, enterprise content management, and finance and accounting, to support the back-office business functions of middle-market enterprises on an outsourced basis. BPOMS supports middle-market businesses new to the BPO market, established businesses that already outsource, and businesses seeking to maximize return-on-investment from their in-house workforce. For more information, please visit http://www.bpoms.com/.
Forward Looking Statements
Certain statements in this press release that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by the use of words such as "anticipate, "believe," "expect," "future," "may," "will," "would," "should," "plan," "projected," "intend," and similar expressions. Such forward-looking statements, involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Astrata Group Incorporated (the "Company") to be materially different from those expressed or implied by such forward-looking statements. The Company's future operating results are dependent upon many factors, including but not limited to: (i) the Company's ability to obtain sufficient capital or a strategic business arrangement to fund its current operational or expansion plans; (ii) the Company's ability to build and maintain the management and human resources and infrastructure necessary to support the anticipated growth of its business; (iii) competitive factors and developments beyond the Company's control; and (iv) other risk factors discussed in the Company's periodic filings with the Securities and Exchange Commission, which are available for review at http://www.sec.gov/ under "Search for Company Filings."
PR/Media Relations Contact:
Richard Stern
Stern & Co.
richstern@sternco.com
Tel: 212-888-0044
Stephanie Stern
Stern & Co.
sstern@sternco.com
Tel: 212-888-0044
IR Contact:
Arun Chakraborty
achakrab@sternco.com
212-888-0044
Company Contact:
BPO Management Services, Inc.
Patrick Dolan, Chairman & CEO
patrick.dolan@bpoms.com
BPO Management Services, Inc.
CONTACT: PR|Media Relations, Richard Stern, richstern@sternco.com, or Stephanie Stern, sstern@sternco.com, or IR, Arun Chakraborty, achakrab@sternco.com, all of Stern & Co., +1-212-888-0044; or Company, Patrick Dolan, Chairman & CEO of BPO Management Services, Inc., patrick.dolan@bpoms.com
Web site: http://www.bpoms.com/
China Public Security Technology, Inc. Successfully Completes Phase I and Prepares for Phase II Bidding of Shenzhen Residence Card Information Management System Project
SHENZHEN, China, March 25 /Xinhua-PRNewswire-FirstCall/ -- China Public Security Technology, Inc., (BULLETIN BOARD: CPBY) (''China Public Security'' or the ''Company''), a leading provider of public security information technology and Geographic Information Systems (''GIS'') software services, today announced that the Company has successfully completed construction of Phase I of the Shenzhen City Residence Card Information Management System Project and is actively preparing for the Phase II bidding process.
The Shenzhen Residence Card program is the one of the pilot projects advocated by China's Ministry of Public Security to reform the nation's household registration system. Construction of the entire Shenzhen Residence Card program is expected to take three years, with a total investment of approximately $390 million, an estimated $39 million of which has been set aside for the development and implementation of the Information Management System.
The Shenzhen Residence Card Information Management System is an integral part of the entire Shenzhen Residence Card program. Through an integrated information transfer platform, the new system will facilitate several social programs in Shenzhen, including social welfare management, one-child policy family planning management, education management, and house rental management. The system will enable various government agencies to access information regarding immigrant populations and improve public management capabilities. In the near future, the Shenzhen Residence Card Information Management System may be expanded to be compatible with other applications, such as Trans Card (an e-currency card widely used as a payment vehicle in Shenzhen for buses, subways and other small purchases), and could be used to access medical history, personal credit history, and driving records.
China's Ministry of Public Security plans to first deploy the Residence Card Information Management System in China's largest cities, including in Shanghai and Shenzhen, and if successful, the system may be extended to 660 cities across China. The Residence Card Information Management System is designed to provide better visibility and control of the large scale urbanization and internal immigration associated with China's economic development. According to national statistics, there are over 150 million internal immigrants in China, and in many large and medium-sized cities, the population of recent immigrants from rural areas now exceeds the resident population.
The Company has completed Phase I of the Shenzhen Residence Card Information Management System, valued at approximately $2.2 million dollars, and to date, the system has accepted nearly 200,000 applications for residence cards. The system has also improved public security through the identification and capture of several criminals who had previously escaped detection.
The bidding process for Phase II, which has an estimated value of $7 million, is expected to commence in the first half of 2008. The Company believes that the successful completion of Phase I of the Shenzhen Residence Card Information Management System has made the Company a strong contender for the Phase II contract win.
''We are very proud to have completed Phase I of the Shenzhen Residence Card Information Management System Project,'' said Mr. Jiang Huai Lin, the Company's CEO. ''We believe that our performance on this project further showcases our technology prowess and large scale execution capability in the public security sector. We remain excited about the bidding process for Phase II and our prospects for winning additional follow-on contracts when the pilot system is extended to other cities across China.''
About China Public Security Technology, Inc.
Through its wholly-owned Chinese subsidiary, China Public Security is focused on the development and implementation of large scale, high-tech public security and GIS related projects. The Company provides a broad portfolio of fully integrated solutions and services, including public security information technology (First Responder Coordination Platform, Intelligent Border Control and Intelligent Security Surveillance), Geographic Information System (Police- use GIS and Civil-use GIS), and e-Government Platform services, software sales and maintenance. Through its exclusive contractual arrangement with Shenzhen iASPEC Software Engineering Company Limited (iASPEC), China Public Security has the licenses to 16 registered and copyrighted software applications in China. In addition, iASPEC is considered the Company's variable interest entity, and its financial data and information is consolidated into the Company's accounts. To learn more about the Company, please visit the corporate website at http://www.chinacpby.com/ .
Safe Harbor Statement
This press release may contain certain ''forward-looking statements" relating to the business of China Public Security Technology, Inc., and its subsidiary companies. All statements, other than statements of historical fact included herein are ''forward-looking statements'' including statements regarding: the general ability of the Company to win Phase II of the Shenzhen Residence Card Information Management System Project, win additional follow-on contracts when the Residence Card system is extended to other cities across China or otherwise achieve its commercial objectives; the business strategy, plans and objectives of the Company and its subsidiaries; and any other statements of non-historical information. These forward-looking statements are often identified by the use of forward-looking terminology such as ''believes,'' ''expects'' or similar expressions, involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website ( http://www.sec.gov/ ). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
For more information, please contact:
Company Contact:
Mr. Michael Lin
Vice President, Investor Relations
China Public Security Technology, Inc.
Tel: +1-949-743-0868
Email: mlin@chinacpby.com
Investor Relations Contact:
Mr. Crocker Coulson
President
CCG Elite Investor Relations
Tel: +1-646-213-1915 (NY office)
Email: crocker.coulson@ccgir.com
China Public Security Technology, Inc.
CONTACT: Company Contact - Mr. Michael Lin, Vice President of Investor Relations, China Public Security Technology, Inc., +1-949-743-0868, or mlin@chinacpby.com; Investor Relations Contact - Mr. Crocker Coulson, President of CCG Elite Investor Relations, +1-646-213-1915 (NY office), or crocker.coulson@ccgir.com
Web site: http://www.chinacpby.com/
China's MP3 Market Slows Down; Rm/Rmvb Format Video Products Come into Being
BEIJING, March 25 /Xinhua-PRNewswire/ -- CCID Consulting Co., Ltd., China's leading research, consulting and IT outsourcing service provider, and the first Chinese consulting firm listed in Hong Kong (Hong Kong: 8235), released the 2007-2008 Annual Report on China's MP3 Player Market at the Consumer Electronics Market China 2008. The report shows that in 2007, China's MP3 market maintained a steady growth momentum. Total sales volume for the whole year reached 8.75 million sets, while sales revenue amounted to 4.26 billion Yuan, up by 17.0% and 2.7% over 2006, respectively.
The continuous enrichment and diversification of MP3 functions are a logical outcome of market growth. The market leads consumption. As portable MP3 players diversify and consumers show more diversified demands, MP3 players with only basic functions can no longer meet consumer demand. Many vendors will therefore shift their efforts to the video MP3 field. Pure audio MP3 has gradually reached the small mass market. However, it still has growth potential and room for market growth.
In 2007, big screen, big capacity and multifunctional video MP3 players were still the MP3 market segment of greatest attention in China. User groups further segmented. Market competition also gradually shifted from solely price wars to competition based on brand strength.
Fig. 1 Sales Volume and Its Growth in China's MP3 Player Market, 2005-2007
http://www.ccidconsulting.com/upload/12880.GIF
Source: CCID Consulting, Jan. 2008
As the market of 2007 closed its curtain and the more promising year of 2008 entered, China's overall MP3 player market showed the following major features in 2007:
The pure audio MP3 market is highly concentrated; foreign brands have the advantage
In 2007, 49.8% of China's pure audio MP3 player market was concentrated in the hands of the top 5 brands, namely Samsung, Apple, OPPO, Sony and UNIbit. Of these 5 brands, foreign brands accounted for 36.3%. These figures fully show that in the pure audio MP3 field, foreign brands have advantages.
In the face of a declining pure audio MP3 market and increasingly thin product profits, differentiation is the key to MP3 brands' survival. In essence, the process of differentiation is a process of innovation. Its key lies in the ability to look for blank spots in the market, tapping potential personalized demand, innovating product functions and added service values by innovating brand values and providing users with new consumption experiences. This will allow enterprises to expand their differentiation through continuous innovations and establish greater competitive advantages. As the origin of marketing, product differentiation directly affects the survival of brands.
Though the pure audio MP3 market in China has been gradually shrinking, foreign brands such as Samsung and Apple continue to introduce new products with their own styles in an effort to meet consumers' diversified demand. Their differentiated competition have all won them good performances in the market.
Fig. 2 Sales Volume in China's Pure Audio MP3 Market in 2007 by Brand
http://www.ccidconsulting.com/upload/12881.GIF
Source: CCID Consulting, Jan. 2008
"Small size, elegant appearance and fashion" become the development directions for pure audio MP3 players
In 2007, the hot sales of video MP3 players caused a major impact on pure audio MP3. However, enterprises such as Apple and Samsung still adhered to their long culture and continued to create a "music culture" for their products. In terms of appearance, small size, elegant appearance and fashion became the marketing spots for pure audio player products.
Fundamentally speaking, if a product or an industry does not want to be replaced or eliminated by the market, it must have a unique competitive edge. In addition, clear positioning is needed for the product. For pure audio MP3 player vendors, creating more "music" culture attached to their products and brands is very important. Listening anywhere at anytime should be the primary function of their products. "Small size, elegance and beautification" should become the future development directions for pure audio MP3 player products.
Big screen video MP3 is the mainstream; HD becomes the development direction
Video MP3 players make up the main part of MP3 player sales. As technology continues to advance, video MP3 players have seen their screen size grow from 1.0 inch at the beginning to 1.8 inches and then topping 3 inches. As screen size continues to hit new records, the mainstream products in the market have also changed. CCID Consulting's monitoring data shows that 2.0-2.4 inch video MP3 products have gradually gained a mainstream position, accounting for 60.2% of the overall sales volume.
Major MP3 vendors have never given up making screen improvements. This is not only reflected in screen size upgrading. In terms of selection of screen texture materials, they have also more tailored to consumers' desire for a high-quality digital life. Big screen and HD are the development directions in the whole video MP3 market.
Fig. 3 Sales Volume in China's Video MP3 Market in 2007 by Screen Size
http://www.ccidconsulting.com/upload/12882.GIF
Source: CCID Consulting, Jan. 2008
Products under 500 Yuan dominated in the market
With the overall drop in MP3 prices, low-end models priced under 500 Yuan gradually become the mainstream in the market. Meanwhile, low-price models also have a growing capacity. Middle- and high-end models priced over 800 Yuan are only limited to a few high-end products from domestic and international brands. Due to their lack of effective differentiation from low-end products and together with pressures from the PMP player market, the middle- and high- end MP3's market share has remained less than 10%.
Table 1 Quarterly Sales Volume of China's MP3 Player Market in 2007 by Price Segment
Price
Segment 2007Q1 2007Q2 2007Q3 2007Q4
(Yuan)
500 67.2% 69.6% 67.1% 67.2%
501-800 24.0% 22.1% 24.5% 24.6%
801-1,000 3.5% 2.9% 3.2% 3.4%
1,001-1,500 4.6% 4.8% 4.2% 4.3%
1,501-2,000 0.5% 0.4% 0.5% 0.3%
2001 0.2% 0.2% 0.5% 0.2%
Total 100.0% 100.0% 100.0% 100.0%
Source: CCID Consulting, Jan. 2008
Video players now supporting Rm/Rmvb format
Video format conversion has long been a baffling problem for MP3 vendors and consumers. Due to different video compression standards and coding methods, solution developers usually only provide several common coding files for direct playing, while other formats must be converted into those supported by the video conversion software. However, video file conversion, falling picture quality, complicated operation processes and a long conversion time have deterred many consumers. In addition, lack of sufficient video resources has also become an important factor that restricts its development.
Today, there are very rich online video resources. Rm and Rmvb formats introduced by Real Company account for almost 80% of all online video formats, with huge market and user groups. Promoting people's ready use of these free resources has long been a goal pursued by player vendors. In such a situation, video players supporting Rm/Rmvb format have come into being. The year 2007 was a year of big growth for them. It is believed that the era of Real player has arrived. In 2008, MP3 products that support full Rm/Rmvb specifications will become a new center of competition in the MP3 market.
In the next 5 years, China's MP3 player market will grow steadily, with a drop in annual growth rate
Summing up MP3 vendors' market strategy tendencies, balance between upstream resources, supply and demand, features of market and user demand, and market status, China's MP3 player market will continue to maintain a steady growth momentum in the next 5 years. But, its growth rate will drop year by year. In the next 5 years, sales volume will have a CAGR of 7.9%, while sales revenue will achieve a CAGR of 5.9%.
Fig. 4 Sales Volume and Growth in China's MP3 Player Market, 2008-2012
http://www.ccidconsulting.com/upload/12884.GIF
Source: CCID Consulting, Jan. 2008
Fig. 5 Sales Revenue and Growth in China's MP3 Player Market, 2008-2012
http://www.ccidconsulting.com/upload/12885.GIF
Source: CCID Consulting, Jan. 2008
For more information, please contact:
Cynthia Liu
Coordinating Manager
CCID Consulting Co., Ltd.
Tel: +86-10-8855-9080
Email: liuyan@ccidconsulting.com
CCID Consulting Co., Ltd.
CONTACT: Cynthia Liu of CCID Consulting Co., Ltd., +86-10-8855-9080, or liuyan@ccidconsulting.com
Web site: http://en.ccidconsulting.com/
EGIL Launches Eight New Retail Partner Locations in South Florida
LAUDERDALE BY THE SEA, Fla., March 25 /PRNewswire-FirstCall/ -- Edgetech International, Inc. (together with its wholly-owned subsidiary, "Edgetech" or the "Company") is pleased to announce that the Company has launched eight new retail locations for the sale of The PC Edge. The new locations are as follows:
-- Positively Wireless, 70437 State Road 7, Boca Raton, FL 561-488-8038
-- C & K Wireless, 483 NE 20th St, Boca Raton, FL 561-347-9220
-- Smart Communications, 7036 W Palmetto Rd, Boca Raton, FL 561-417-2444
-- Computer Sights, 2408 N Federal Hwy, Ft Lauderdale, FL 954-564-9700
-- PC World, 17100 Collins Ave, Sunny Isles, FL 786-347-6123
-- S & P Electronics, 7234 NW 31st St, Miami, FL 305-597-5486
-- Country-Corner Communications, 17443 Central Blvd, Jupiter, FL
954-275-9630
-- Cellular Phones USA, 301 N Federal Hwy, Boca Raton, FL 561-395-5000
"The PC Edge" is a robust, handheld wireless internet access device which delivers High Speed Internet Access, displaying full content HTML, web pages, graphics and java script. "The PC Edge" offers a full desktop web experience, together with a larger functional keyboard than competitive products.
Edgetech Vice President of Sales, Keith R. Jones, stated, "Adding new retail partner locations where customers can view, use, and purchase The PC Edge is critical to meeting our sales goals. We look forward to adding more retail partner locations in markets throughout the U.S."
About Edgetech International:
We are an authorized distributor of "The PC Edge". "The PC Edge" is a robust, handheld wireless internet access device which delivers High Speed Internet Access, displaying full content HTML, web pages, graphics and java script. "The PC Edge" offers a full desktop web experience, together with a larger functional keyboard than competitive products.
The Company's executive office facility is located at 218 E. Commercial Blvd., Suite 208 I, Lauderdale by the Sea, Florida 33308. Its telephone number is 954-772-7782 and its website address is http://www.thepcedge.com/.
Except for historical information, the matters discussed in this press release are "forward looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward looking statements are subject to risks and uncertainties that could cause actual results to be materially different from historical results or from any results expressed or implied by such forward looking statements. Any forward looking statements speak only as of the date on which such statement is made, are not guarantees of future performance, and involve certain risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in such forward looking statements, whether as result of new information, future events or otherwise. Factors that could cause such results to differ materially from the results discussed in such forward looking statements include, without limitation: uncertain continued ability to meet our operational needs in view of continued severe ongoing working capital constraints; need for substantial additional capital to fully implement our plan of operations; no assurances of and uncertainty of profitability; no assurances of the Company's ability to effect sufficient product sales so as to maintain exclusivity in certain territorial markets, the result of which could materially adversely effect the Company's results of operations; need for additional management, sales and marketing personnel, which is contingent upon our receipt of additional capital; competition from companies having substantially greater financial, marketing and other resources than the Company, including name and brand recognition; the impact of competitive services and pricing; changing consumer tastes and trends; and the legal, auditing and administrative cost of compliance associated with the Sarbanes Oxley Act. Many of such risk factors are beyond the Company's control. New factors emerge from time to time and it is not possible for management to predict all of such factors, nor can it assess the impact of each such factor on the business of the Company or the extent to which any factor, or combination of factors may cause actual results to differ materially from those contained in any forward looking statements. In light of these risks and uncertainties, there can be no assurance that the results anticipated in these forward looking statements will in fact occur. The Company undertakes no obligation to update any such forward looking statements.
Edgetech International, Inc.
CONTACT: Gabriel Goldfine of Southeastern Financial Holdings LLC, +1-786-629-0334; or Keith R. Jones, Vice President of Sales of Edgetech International, Inc., +1-954-772-7782
Web site: http://www.thepcedge.com/
Rentrak Corporation to Present at B. Riley & Co. 9th Annual Las Vegas Investor Conference
PORTLAND, Ore., March 25 /PRNewswire-FirstCall/ -- Rentrak Corp. today announced that Paul Rosenbaum, Chairman and Chief Executive Officer, will present at the B. Riley & Co. 9th Annual Las Vegas Investor Conference on Wednesday, April 2, 2008 at 9:30 a.m. PT at the Palms Casino Resort in Las Vegas.
In conjunction with this conference, Rentrak's presentation will be available via webcast through the Investor Relations section of Rentrak Corporation's web site at http://www.rentrak.com/.
About Rentrak Corporation
Rentrak Corporation, based in Portland, Oregon, is an information management company serving clients in the media, entertainment, retail, advertising and manufacturing industries. The company's Entertainment Essentials(TM) suite of services is redefining media measurement in the digital broadband era. Entertainment Essentials provides customers with near-real-time, actionable insight into performance of content distributed over a wide variety of modern media technologies. Available by license or subscription, each Entertainment Essentials application allows executives to analyze detailed industry-wide and title-specific data to make decisions that enhance the bottom line and provide competitive advantage. For further information, please visit Rentrak's corporate Web site at http://www.rentrak.com/.
CONTACT:
Investors
PondelWilkinson Inc.
Laurie Berman
310-279-5962
lberman@pondel.com
Rentrak Corporation
CONTACT: Laurie Berman of PondelWilkinson Inc., +1-310-279-5962, lberman@pondel.com, for Rentrak Corporation
Web site: http://www.rentrak.com/
Jersey Telecom Revitalizes Fixed Voice Network With Migration to UTStarcom NGNDeployment to integrate UTStarcom's SoftSwitch
ALAMEDA, Calif., March 25 /PRNewswire-FirstCall/ -- UTStarcom, Inc. , a global leader in IP-based, end-to-end networking solutions and services, today announced a signed agreement with Jersey Telecom to architect and deploy a new end-to-end, all-IP fixed voice network that will replace the telecom operator's current PSTN network in Europe.
(Logo: http://www.newscom.com/cgi-bin/prnh/20051013/SFTH063LOGO)
Upon completion of the migration, Jersey Telecom, whose current fixed line system supports more than 65,000 subscribers, will have the ability to extend its current services to a larger subscriber base and deploy a new lineup of voice and data services previously unattainable with the PSTN network.
"The replacement of our PSTN network with an IP based Next Generation Network solution is a major milestone in the continuing development of the JT Group," said Bob Lawrence, managing director of JT Group Ltd. "UTStarcom is a global leader in its field and we are delighted to be working with them on this exciting project."
UTStarcom will integrate its complete suite of next generation IP-based network solutions into a single network architecture to provide Jersey Telecom with a core network, independent service access and voice mail solutions under one common management platform. This will enable Jersey Telecom's migration from a PSTN network to an all-IP network for its fixed line and broadband services.
"We are pleased to count Jersey Telecom as one of the thought leaders in Europe and around the world that has decided to better serve its customers and shareholders by implementing this flexible and cost effective next-generation architecture from UTStarcom," said Youssef Kassissia, vice president of UTStarcom's EMEA region. "Once UTStarcom completes this end-to-end network build out later this year, Jersey Telecom expects to significantly increase its productivity and its time to market with new services to capitalize on many new opportunities in the highly dynamic telecommunications market for voice data and multi-media services.
UTStarcom's end-to-end all-IP network design will deliver full geographic redundancy for Jersey Telecom and will provide operational advantages as a result of the coherent implementation of the access solution, core network and corresponding applications integrated into this system.
About Jersey Telecom
Jersey Telecom Group is the principal licensed public telecommunications provider in the Channel Islands, employing a team of over 450 highly skilled people who are dedicated to delivering leading edge communications solutions, both locally and globally. The JT Group is made up of Jersey Telecom and two subsidiary companies; Wave Telecom, in the Island of Guernsey, and Navitas Telecom, a maritime telecommunications provider. Together, the JT Group offers an in-depth knowledge and expertise across a full range of fixed and mobile telecommunications. The strength of the JT Group's infrastructure and breadth of expertise puts them firmly on the map as a global communications provider. For further information, please visit: http://www.jerseytelecom.com/.
About UTStarcom, Inc.
UTStarcom is a global leader in IP-based, end-to-end networking solutions and international service and support. The company sells its broadband, wireless, and handset solutions to operators in both emerging and established telecommunications markets around the world. UTStarcom enables its customers to rapidly deploy revenue-generating access services using their existing infrastructure, while providing a migration path to cost-efficient, end-to-end IP networks. Founded in 1991 and headquartered in Alameda, California, the company has research and development operations in the United States, Canada, China, Korea and India. For more information about UTStarcom, visit the company's Web site at http://www.utstar.com/.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
The statements contained in this press release that are not purely historical are forward-looking statements within the meaning of Section 21E of the Securities and Exchange Act of 1934, as amended, including statements regarding UTStarcom's expectations, beliefs, intentions or strategies regarding the future and including, without limitation, the anticipated deployment of the UTStarcom products in the Jersey Telecom network; number of expected subscribers; possible delays in system deployments; the termination of new contracts, partnerships or alliances; and changes in government regulation and licensing requirements in the Channel Islands.
All forward-looking statements included in this document are based upon information available to UTStarcom as of the date hereof, and UTStarcom assumes no obligation to update any such forward-looking statements. Forward-looking statements involve risks and uncertainties, which could cause actual results to differ materially from those projected. These risks and other risks relating to UTStarcom's business are set forth in the documents filed by UTStarcom with the Securities and Exchange Commission, specifically its most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, and amendments thereto.
Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20051013/SFTH063LOGO AP Archive: http://photoarchive.ap.org/ PRN Photo Desk, photodesk@prnewswire.com
UTStarcom, Inc.
CONTACT: Brian Caskey, Vice President of Worldwide Marketing of UTStarcom, Inc., +1-510-769-2850, brian.caskey@utstar.com; or Sara Zavala, Senior Account Executive of Edelman, +1-702-644-2465, sara.zavala@edelman.com, for UTStarcom, Inc.
Web site: http://www.utstar.com/ http://www.jerseytelecom.com/
MIPSolutions, Inc. Retains MindShare Consulting Group
SPOKANE, Wash., Mar. 25 /PRNewswire-FirstCall/ -- MIPSolutions, Inc. (BULLETIN BOARD: MSOL) a Nevada corporation with offices in Spokane, WA, today announced that it has entered into a partnership agreement with MindShare Consulting Group. MindShare will provide services to MIPSolutions for marketing, business development, grant writing and engineering, allowing the company to focus on key business growth objectives while leveraging MindShare's technical capabilities and resources.
David Tilton, MindShare Principal, commented, "We are very excited about our relationship with MIPSolutions, the advantages of their technology are immediately evident. Being able to selectively capture target molecules has a wide range of applications from processing mine tailings to environmental cleanup applications, and we believe the potential is practically limitless."
"Using MindShare will allow MIPSolutions to utilize highly skilled professionals to effectively achieve our objectives and manage our cash flow," said Jeff Lamberson, President of MIPSolutions. Lamberson went on to say, "The level of expertise and the flexibility of their resources mean we will have access to the right skill set at the right time."
Initially MindShare will focus on investigating opportunities in the Federal and State grant/contract areas as well as marketing and branding efforts. "MindShare has secured over $13 Million in Federal and State grants and contracts for our existing clients in the last 6 months," said Mr. Tilton, "and we see many opportunities for MIPSolutions."
About MindShare
MindShare Consulting Group is a network of industry experts that are dedicated to assisting small to medium size businesses create and sustain competitive advantage by providing clear and compelling value. MindShare covers a broad range of services to include Business Development, Marketing & Branding, IT, Engineering and Human Resources. Our Resource Solutions lower costs to our clients while providing a flexible, fast and experienced workforce. Founded in 2006, MindShare is located in Spokane, WA. For additional information, visit http://www.consultmindshare.com/.
About MIPSolutions
MIPSolutions is focused on the development of technologies to be deployed in the mining, environmental, medical, and potable water markets. Our technology is supported by a License Agreement with The Johns Hopkins University Applied Physics Laboratory and our own Intellectual Property. The technology incorporates a process to selectively capture target molecules which, after being isolated, can be released and concentrated into a pure saleable product. The process enables the advancement of products designed to focus on toxic, problematic, and/or valuable elements. Founded in 2005, MIP Solutions, Inc. is a public corporation headquartered in Spokane, Washington with laboratory facilities and offices in Salt Lake City, Utah.
For more information please contact Jeff Lamberson at 509-279-0836 or visit http://www.mipsolutionsinc.com/.
"Safe Harbor" Statement under Private Securities Litigation Reform Act of 1995: Certain statements contained herein constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Information contained herein contains "forward-looking statements" which can be identified by the use of forward-looking terminology such as "believe", "expect", "may", "should", "up to", "approximately", "likely", or "anticipates" or the negative thereof or given that the future results covered by such forward looking statements will be achieved. Such forward-looking statements involve a number of known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.
MIPSolutions, Inc.
CONTACT: Jeff Lamberson of MIPSolutions, Inc., +1-509-279-0836
Web site: http://www.consultmindshare.com/ http://www.mipsolutionsinc.com/
ASAT Holdings Limited Announces Date for Third Quarter Fiscal Year 2008 Financial Results Conference Call
HONG KONG and MILPITAS, Calif., March 25 /PRNewswire-FirstCall/ -- ASAT Holdings Limited , a global provider of semiconductor package design, assembly and test services, today announced it will hold a conference call to discuss the financial results for its third quarter fiscal year 2008, ended January 31, 2008, on Thursday, March 27, 2008, at 8:30 a.m. ET.
(Logo: http://www.newscom.com/cgi-bin/prnh/20080325/AQTU023LOGO)
Date: Thursday, March 27, 2008
Time: 8:30 a.m. ET/5:30 a.m. PT
Dial-in: (480) 248-5085
Passcode: None required
Replay: (303) 590-3030
Passcode: 3859640
Duration: Through April 3, 2008
Webcast: http://www.asat.com/
About ASAT Holdings Limited
ASAT Holdings Limited is a global provider of semiconductor package design, assembly and test services. With 19 years of experience, the Company offers a definitive selection of semiconductor packages and world-class manufacturing lines. ASAT's advanced package portfolio includes standard and high thermal performance ball grid arrays, leadless plastic chip carriers, thin array plastic packages, system-in-package and flip chip. ASAT was the first company to develop moisture sensitive level one capability on standard leaded products. Today the Company has operations in the United States, Asia and Europe. For more information, visit http://www.asat.com/.
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ASAT Holdings Limited
CONTACT: Jim Fanucchi of Summit IR Group Inc., +1-408-404-5400, ir@asat.com, for ASAT Holdings Limited
Web site: http://www.asat.com/
FiberNet Reports Fourth Quarter and Full Year 2007 ResultsFourth Quarter of 2007 Revenues Increase 21.4% and EBITDA Increases 47.0% Over Comparable Period in 2006
NEW YORK, March 25 /PRNewswire-FirstCall/ -- FiberNet Telecom Group, Inc. , a leading provider of complex interconnection services, today announced its results for the fourth quarter and fiscal year ended December 31, 2007.
Revenues for the fourth quarter of 2007 increased to $13.6 million, up 21.4% from $11.2 million for the fourth quarter of 2006 and up 8.6% from $12.5 million for the third quarter of 2007. Included in revenues for the fourth quarter of 2007 were $0.3 million in non-recurring revenues from an early termination fee collected from a customer. Excluding this fee, revenues for the fourth quarter of 2007 were $13.2 million, up 18.4% from the fourth quarter of 2006 and up 6.0% from the third quarter of 2007.
EBITDA (as defined) for the fourth quarter of 2007 was $2.5 million, up 47.0% from $1.7 million for the fourth quarter of 2006 and up 20.6% from $2.1 million for the third quarter of 2007. Included in EBITDA (as defined) for the fourth quarter of 2007 was the early termination fee and $0.1 million of bad debt expense. During the fourth quarter of 2007, FiberNet did not record any write-off of its allowance for doubtful accounts, however. Excluding these items, EBITDA (as defined) for the fourth quarter of 2007 was $2.3 million, up 30.7% from the fourth quarter of 2006 and up 7.2% from the third quarter of 2007.
FiberNet continued to achieve consistent revenue growth in its core product offerings of transport and colocation services. For the fourth quarter of 2007, revenues from transport and colocation services (excluding revenues from access management services) grew by 21.8% over the fourth quarter of 2006 and by 8.5% over the third quarter of 2007.
Transport services remained the most significant component of FiberNet's revenues, accounting for 77.5% of the total revenues generated in the fourth quarter of 2007. On-net transport revenues were 46.1%, and off-net transport revenues were 31.4% of the total revenues. Off-net transport revenues continued to be the fastest growing area for the Company in the fourth quarter of 2007, increasing by 42.3% from the fourth quarter of 2006 and by 16.8% from the third quarter of 2007.
Colocation services and access management services represented 21.3% and 1.2% of total revenue generated in the fourth quarter, respectively. FiberNet's customer count also increased to 254 as of December 31, 2007, up from 243 at the end of the fourth quarter of 2006 and 247 at the end of the third quarter of 2007.
For the full year 2007, revenues were $49.8 million, up 24.2% from $40.1 million in 2006. For the full year 2007, on-net transport, off-net transport, colocation and access management services represented 48.4%, 29.5%, 20.8% and 1.3% of the total revenues, respectively. EBITDA (as defined) for the full year 2007 was $8.3 million, an increase of 58.2% over $5.3 million in 2006.
Jon A. DeLuca, President and Chief Executive Officer, stated, "We finished 2007 with a strong fourth quarter. All of the key elements of our business performed well, and we are benefiting from the investments we made in 2007. As we head into 2008, we believe that FiberNet is very well positioned for another solid year. We have a sound, long-term capital structure and the liquidity to continue to expand our business."
Cost of services for the fourth quarter of 2007 was $6.9 million, compared to $5.8 million for the fourth quarter of 2006 and $6.5 million for the third quarter of 2007. Cost of services for the full year 2007 was $25.5 million, compared to $20.2 million in 2006. These increases were due, in part, to increased off-net connectivity costs and increased occupancy costs from our colocation expansion projects.
Selling, general and administrative expenses for the fourth quarter of 2007 were $4.5 million, compared to $3.9 million in the fourth quarter of 2006 and $4.2 million in the third quarter of 2007. Selling, general and administrative expenses for the full year 2007 were $17.0 million, compared to $15.4 million in 2006. Included in selling, general and administrative expenses for the fourth quarter of 2007 is $0.1 million of bad debt expense.
The net loss applicable to common stockholders for the fourth quarter of 2007 was $(0.6) million, or $(0.08) per share, compared to $(1.3) million, or $(0.18) per share, for the fourth quarter of 2006. The net loss applicable to common stockholders for the third quarter of 2007 was $(0.9) million, or $(0.12) per share. For the full year 2007, FiberNet's net loss applicable to common stockholders was $(4.9) million, or $(0.66) per share, compared to $(6.9) million in 2006, or $(1.09) per share.
Capital expenditures for the fourth quarter of 2007 were $1.0 million, compared to $1.2 million in the third quarter of 2007 and $0.7 million in the fourth quarter of 2006. For the full year 2007, capital expenditures were $3.8 million, compared to $2.9 million recorded in 2006. In 2007, $2.9 million of capital expenditures were made primarily for the implementation of customer specific orders and the implementation of network infrastructure to support new initiatives, and $0.9 million were invested in colocation expansion projects. For 2008 the Company expects to invest $3.0 million to $4.0 million in general capital expenditures and approximately $3.0 million in its colocation expansion projects, which is a carryover from 2007.
As of December 31, 2007, FiberNet had total assets of $70.9 million and total stockholders' equity of $39.3 million. As of March 21, 2008, the Company had approximately 7.6 million shares of common stock outstanding, or 8.3 million shares of common stock outstanding on a fully-diluted basis, assuming the exercise of all outstanding options and warrants. Of the approximately 0.7 million outstanding options and warrants, 0.1 million are out-of-the-money as of March 21, 2008.
The Company presents the financial metric EBITDA (as defined) because it is utilized in the determination of the majority of the financial covenants in its credit agreement, and the metric is calculated in accordance with its credit agreement. As of December 31, 2007, FiberNet was in full compliance with all of the financial covenants in its credit agreement.
FiberNet Teleconference:
FiberNet will hold a teleconference today, Tuesday, March 25, 2008, at 11:00 a.m. EDT. To participate in the teleconference please call: 866-578- 5771 and enter pass code 86168380, and from outside the U.S. call 617-213-8055 and enter the pass code.
A replay of the teleconference will be available beginning Tuesday, March 25, 2008 at 1:00 p.m. EDT through Tuesday, April 08, 2008. To listen to the replay by phone, call 888-286-8010 and enter pass code 45681257, and from outside the U.S. call 617-801-6888 and enter the pass code.
About FiberNet Telecom Group, Inc.
FiberNet Telecom Group, Inc. owns and operates integrated interconnection facilities and diverse transport routes in the two gateway markets of New York/New Jersey and Los Angeles, designed to provide comprehensive broadband interconnectivity enabling the exchange of traffic over multiple networks. FiberNet's customized connectivity infrastructure provides an advanced, high bandwidth, fiber-optic solution to support the demand for network capacity and to facilitate the interconnection of multiple carriers' and customers' networks. For additional information about FiberNet, visit the company's website at http://www.ftgx.com/.
Financial Information and Forward Looking Statements:
This partial discussion of the statements of financial condition and operations of the Company should be read in conjunction with the consolidated financial statements and related notes contained in the Company's annual report on Form 10-K for the year ended December 31, 2007 to be filed with the Securities and Exchange Commission.
Investors are cautioned that EBITDA (as defined) is not a financial measure under generally accepted accounting principles. EBITDA (as defined) is defined as net loss before income taxes, net interest expense, depreciation and amortization, stock related expense and other non-cash or non-recurring charges. The Company does not, nor does it suggest investors should, consider such a non-GAAP financial measure in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. EBITDA (as defined) should not be construed as an alternative to operating income or cash flows from operating activities, both of which are determined in accordance with GAAP, or as a measure of liquidity. Because it is not calculated under GAAP, FiberNet's EBITDA (as defined) may not be comparable to similarly titled measures used by other companies. EBITDA (as defined) is commonly used in the communications industry and by financial analysts, and others who follow the industry, as a measure of operating performance. The Company believes that it is appropriate to present this financial measure because certain of the financial covenants in the Company's credit agreement are based upon it.
Various remarks about the Company's future expectations, plans and prospects constitute forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Such remarks are valid only as of today, and the Company disclaims any obligation to update this information. Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors, including those discussed in the Company's most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission.
Reconciliation of Non-GAAP Financial Metric:
Consolidated Financial Data
(in thousands)
(unaudited)
Three Months Ended
December 31, December 31, September 30,
2007 2006 2007
Calculation of EBITDA
(as defined):
Net loss $ (581) $ (1,284) $ (919)
Plus:
Operating expenses:
Stock related expense for
selling, general, and
administrative matters 347 229 307
Depreciation and amortization 2,411 2,256 2,369
Interest expense, net 367 550 352
Less:
Other income -- (21) --
EBITDA (as defined) $ 2,544 $ 1,730 $ 2,109
Consolidated Financial Data
(in thousands)
(unaudited)
Year Ended December 31,
2007 2006
Calculation of EBITDA (as defined):
Net loss $(4,938) $(6,925)
Plus:
Operating expenses:
Stock related expense for selling,
general, and administrative matters 1,108 801
Depreciation and amortization 9,419 8,998
Credit facility amendment expenses (included in
selling, general, and administrative expenses) -- 51
Interest expense, net 1,597 2,362
Extraordinary loss on early extinguishment of debt 1,146 --
Less:
Other income -- (21)
EBITDA (as defined) $ 8,332 $ 5,266
FIBERNET TELECOM GROUP, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
Three Months
Year Ended December 31, Ended December 31,
(Audited) (Unaudited)
2007 2006 2007 2006
Revenues $49,777 $40,080 $13,581 $11,187
Operating expenses:
Cost of services
(exclusive of items
shown separately below) 25,519 20,224 6,865 5,769
Selling, general and
administrative expense 17,034 15,441 4,519 3,917
Depreciation and amortization
9,419 8,998 2,411 2,256
Total operating expenses 51,972 44,663 13,795 11,942
Loss from operations (2,195) (4,583) (214) (755)
Other income -- 21 -- 21
Extraordinary loss on early
extinguishment of debt (1,146) -- -- --
Interest income 226 159 49 60
Interest expense (1,823) (2,522) (416) (610)
Net loss $(4,938) $(6,925) $ (581) $(1,284)
Net loss per share -
basic and diluted $ (0.66) $ (1.09) $ (0.08) $ (0.18)
Weighted average common shares
outstanding - basic and diluted 7,428 6,359 7,616 7,081
FIBERNET TELECOM GROUP, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except per share amounts)
December 31, December 31,
2007 2006
ASSETS
Current Assets:
Cash and cash equivalents $8,220 $6,802
Accounts receivable, net of allowance of
$361 and $452 3,818 3,208
Prepaid expenses 612 656
Total current assets 12,650 10,666
Property, plant and equipment, net 54,921 59,534
Other Assets:
Deferred charges, net of accumulated
amortization of $160 and $2,722 845 755
Goodwill 1,613 --
Other assets 883 777
Total other assets 3,341 1,532
TOTAL ASSETS $70,912 $71,732
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable $3,553 $3,482
Accrued expenses 7,227 4,719
Notes payable -current portion 700 -
Deferred revenues-current portion 1,282 1,746
Total current liabilities 12,762 9,947
Long-Term Liabilities:
Notes payable, less original issue discount
of $0 and $432 13,300 13,729
Deferred revenues, long-term 3,351 3,728
Other long-term liabilities 2,201 1,308
Total Long-Term Liabilities 18,852 18,765
Total liabilities 31,614 28,712
Stockholders' Equity:
Common stock, $0.001 par value, 2,000,000,000
shares authorized and 7,554,309 and 7,144,464
shares issued and outstanding 8 7
Additional paid-in-capital 445,368 444,327
Deferred rent (warrants) (1,386) (1,559)
Accumulated deficit (404,692) (399,755)
Total stockholders' equity 39,298 43,020
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $70,912 $71,732
FIBERNET TELECOM GROUP, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Year Ended December 31,
2007 2006 2005
Cash flows from operating activities:
Net loss $(4,938) $(6,925) $(13,935)
Adjustments to reconcile net loss to
net cash provided by operating
activities:
Depreciation and amortization 9419 8,998 8,840
Stock related expense 1,109 801 513
Impairment of property, plant and equipment -- -- 2,812
Deferred rent expense (warrants) 173 173 173
Loss on early extinguishment of debt 1,146 -- --
Other non-cash expenses 460 1,203 1,285
Change in assets and liabilities:
(Increase) decrease in accounts receivable (710) (908) 1,976
Decrease (increase) in prepaid expenses 44 (206) 227
Decrease in other assets 58 751 362
(Decrease) increase in accounts payable (535) 84 (591)
Increase in accrued expenses and other
long-term liabilities 1,475 911 1,222
(Decrease) increase in deferred revenues (841) 494 (1,708)
Cash provided by operating activities 6,860 5,376 1,176
Cash flows from investing activities:
Capital expenditures (3,798) (2,875) (2,665)
FiberNet stock repurchases (693) -- --
Long-term investment (250) -- --
Decrease in restricted cash -- -- 1,881
Cash used in investing activities
(4,741) (2,875) (784)
Cash flows from financing activities:
Proceeds from warrants exercise 626 358 --
Payment of financing costs of debt
financings (1,167) (9) (427)
Repayment of debt financing (14,160) -- (1,975)
Proceeds from debt financing 14,000 -- 1,000
Payment of financing costs of equity
financings -- (152) --
Proceeds from issuance of equity securities -- 2,205 --
Cash (used in) provided by financing
activities (701) 2,402 (1,402)
Net increase (decrease) in cash and cash
equivalents 1,418 4,903 (1,010)
Cash and cash equivalents at beginning of
year 6,802 1,899 2,909
Cash and cash equivalents at end of year $8,220 $6,802 $1,899
Supplemental disclosures of cash flow
information:
Interest paid $1,435 $1,421 $873
FiberNet Telecom Group, Inc.
CONTACT: Norma I. Salcido, Director, Marketing and Communications, FiberNet Telecom Group, Inc., +1-212-405-6200 or norma.salcido@ftgx.com
Web site: http://www.ftgx.com/
Webcast Alert: FiberNet Announces Conference Call to Discuss Fourth Quarter Results, March 25, 2008 at 11am EDT
NEW YORK, Mar. 25 /PRNewswire-FirstCall/ -- FiberNet Telecom Group, Inc. announces the following Webcast:
What: FiberNet Telecom Group, Inc. Webcast
When: March 25, 2008 at 11am EDT
Where: http://www.videonewswire.com/event.asp?id=46753
How: Live over the Internet -- Simply log on to the web at the
address above.
Contact: Norma Salcido of FiberNet Telecom Group, Inc., +1-212-405-6210.
If you are unable to participate during the live webcast, the call will be archived on the Web site http://www.ftgx.com/.
FiberNet Telecom Group, Inc. owns and operates integrated interconnection facilities and diverse transport routes in the two gateway markets of New York/New Jersey and Los Angeles, designed to provide comprehensive broadband interconnectivity enabling the exchange of traffic over multiple networks. FiberNet's customized connectivity infrastructure provides an advanced, high bandwidth, fiber-optic solution to support the demand for network capacity and to facilitate the interconnection of multiple carriers' and customers' networks. For additional information about FiberNet, visit the company's website at http://www.ftgx.com/.
Audio: http://www.videonewswire.com/event.asp?id=46753
FiberNet Telecom Group, Inc.
CONTACT: Norma Salcido of FiberNet Telecom Group, Inc., +1-212-405-6210
Web site: http://www.ftgx.com/
WD(R) Expands Best-Selling Portable Storage Family With Top-of-the-Line My Passport(R) Elite(TM) USB Hard DrivesPacked With Features, New Portable Storage Devices Cater to Discriminating Consumers On-the-go
LAKE FOREST, Calif., March. 25 /PRNewswire-FirstCall/ -- Expanding on its popular portable storage offerings, WD(R) today introduced its new My Passport(TM) Elite(TM) Portable USB Drives which are designed to make it easy to securely carry thousands of songs, videos or photos in style. Available now at select retailers and at WD's online store (http://www.shopwd.com/), the new fully-featured My Passport Elite Portable USB Drives include a luxurious, soft-touch finish that makes these drives easy to grip, comfortable to hold, and fashionable to carry.
Weighing in at less than 5 ounces and available in capacities of 320 and 250 GB, the new My Passport Elite drives are small enough to fit in a pocket for consumers on-the-go. Adding to the small footprint, these drives are USB-bus powered, which eliminates the need for an external power adapter (1).
"Your digital content is as personal today as photos in shoeboxes and racks of CDs were yesterday," said Jim Welsh, vice president and general manager of WD's branded products and consumer electronics groups. "The device that securely holds your content should be just as personal. Having listened to our customers, we are expanding the options available on our WD Passport family of personal storage devices with more features, content management functions and fashionable design."
Unique features of the new My Passport Elite Portable USB Drives include:
-- Capacity gauge that enables users to know at-a-glance how much space
is available;
-- Powerful automatic backup software lets users designate files and
folders for automatic and continuous backup;
-- Synchronization software that lets users sync their changes and
protect their information with 128-bit encryption;
-- Retrieve forgotten files from any MioNet(R)-enabled PC (compatible
with Windows(R) only) and copy them to My Passport Elite with
MioNet installed allowing users to retrieve forgotten files from
the road using the unique MioNet Key(TM) software;
-- Available in four elegant, soft-touch colors: bronze, titanium,
westminster blue and cherry red;
-- Industry-leading 5-year limited warranty; and,
-- Plug-and-play capability with gaming consoles(2) to make it easy to
play music and view photos and video files on a TV.
WD's My Passport Elite USB Drives are available now at select retail stores and from WD's online store (http://www.shopwd.com/). MSRP for the My Passport Elite USB Drive with 250 GB capacity is $169.99 USD and the My Passport Elite 320 GB is $199.99 USD.
Product information and photos of My Passport Elite Portable Drives are available on the company's Web site at http://www.westerndigital.com/en/products/Products.asp?DriveID=408.
About WD
WD, one of the storage industry's pioneers and long-time leaders, provides products and services for people and organizations that collect, manage and use digital information. The company produces reliable, high-performance hard drives that keep users' data accessible and secure from loss. WD applies its storage expertise to consumer products for external, portable and shared storage applications.
WD was founded in 1970. The company's storage products are marketed to leading systems manufacturers, selected resellers and retailers under the Western Digital and WD brand names. Visit the Investor section of the company's Web site (http://www.westerndigital.com/) to access a variety of financial and investor information.
Western Digital, WD, the WD logo and WD Passport are registered trademarks in the U.S. and other countries; My Passport Elite, MioNet and MioNet Key are trademarks of Western Digital Technologies, Inc. All other brand and product names that may be mentioned herein are the property of their respective companies. One gigabyte (GB) = 1 billion bytes. One terabyte (TB) = one trillion bytes. Total accessible capacity varies depending on operating environment.
(1) An optional cable is available for the few computers that limit bus
power.
(2) Microsoft(R) Xbox 360 and Sony(R) PS3 gaming consoles
EDITOR'S NOTES:
Western Digital product photos:
http://www.westerndigital.com/en/company/branding/digitalphotos.asp#
Product Spec Sheets:
http://www.westerndigital.com/en/products/Products.asp?DriveID=408
Editorial review samples of WD Passport may be requested via WD's Web site: http://www.westerndigital.com/en/company/pr/eval_request.asp
Photo: http://www.newscom.com/cgi-bin/prnh/20080325/LATU504
Logo: http://www.newscom.com/cgi-bin/prnh/20000711/WDCLOGO
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Western Digital
CONTACT: Constance A. Griffiths, WD Press Relations, +1-949-672-7891, Constance.Griffiths@wdc.com, or Bob Blair, WD Investor Relations, +1-949-672-7834, Robert.Blair@wdc.com, both of Western Digital
Web site: http://www.westerndigital.com/ http://www.shopwd.com/
Flow International Corporation Receives Multi-Million Dollar Aerospace Contract With Mitsubishi Heavy IndustriesMitsubishi purchases second round of Flow waterjets to cut wing skins for major commercial aircraft composite wing manufacturer
KENT, Wash., March 25 /PRNewswire-FirstCall/ -- Flow International Corporation , the world's leading developer and manufacturer of ultrahigh-pressure (UHP) waterjet technology, today announced that Mitsubishi Heavy Industries (MHI) has awarded the company a second multi-million dollar contract to supply MHI with Flow's Composite Machining Center (CMC) waterjet machine tools to cut the carbon fiber wing skins for a major commercial jet aircraft program.
Flow's CMC waterjet machining system for carbon fiber composite wings will measure 118 feet long and 21 feet wide. The CMC will be utilized for cutting the composite wing skins which are part of the composite wing structure. The CMC system will be built and tested in Jeffersonville, Ind., one of Flow's four worldwide manufacturing plants. The UHP pumps that provide the ultrahigh-pressure water will be made at the Kent, Wash. headquarters.
"The award of Flow's second CMC commercial wing machining system proves the effectiveness of Flow's waterjet technology and its ability to create 'state of the art' aircraft parts in a cost-effective manner," said Charley Brown, CEO of Flow International Corporation.
Traditionally, conventional cutting tools -- handheld diamond or carbide-tipped routers, bandsaws, cutoff saws and abrasive wheels -- were used to cut composites. However, due to the composition and fiber orientation of advanced composites, these traditional cutting tools can damage the composites either by over heating, or by leaving frayed or delaminated edges. Frequent delamination and fraying requires costly rework. In addition, these slow processes allowed parts to be cut only one at a time.
Waterjets eliminate cutting problems associated with advanced aerospace composites, because abrasive waterjets cut by erosive action rather than friction and shearing. To cut carbon composite aircraft parts, a thin stream of water moving at three times the speed of sound is emitted from a tiny, jeweled orifice in the tool head of Flow's machine. The one gallon-per-minute water flow draws in a separate stream of fine garnet particles that slice into the surface being cut. They produce exceptional edge quality -- free of frayed or delaminated areas, which minimizes costly secondary finishing. The waterjets' low operating temperature doesn't affect the material being cut. Furthermore, because waterjets exert far less lateral force on the material than conventional machines, tooling and fixturing requirements are simpler and less expensive.
Flow waterjets have been used to increase productivity at leading aerospace companies such as Boeing, Airbus, Rockwell, Teledyne Ryan, General Dynamics, Lockheed, Raytheon, Bell Helicopter, Northrop and other firms that provide composite machining services.
About Flow International
Flow International Corporation is the world's leading developer and manufacturer of ultrahigh-pressure waterjet cutting technology to industries including automotive, aerospace, job shop, surface preparation, and more. For more information, visit http://www.flowcorp.com/.
This press release contains forward-looking statements relating to future events or future financial performance that involve risks and uncertainties. The words "believe," "expect," "intend," "anticipate," variations of such words and similar expressions identify forward-looking statements but their absence does not mean that the statement is not forward-looking. These statements are only predictions and actual results could differ materially from those anticipated in these statements based on a number of risk factors, including those set forth in the April 30, 2007, Flow International Corporation Form 10-K Report filed with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date of this announcement.
Contact:
Flow Investor Relations
Geoffrey Buscher
253-813-3286
investors@flowcorp.com
Flow International Corporation
CONTACT: Geoffrey Buscher of Flow Investor Relations, +1-253-813-3286, investors@flowcorp.com
Web site: http://www.flowcorp.com/
Exar Launches 1.5 MHz, 600mA Step-Down Inductive Converter - Supports Systems with Universal Serial Bus (USB) InterfaceAn Ideal Solution for Portable Battery-Powered Applications at up to 95% Efficiency
FREMONT, Calif., March 25 /PRNewswire-FirstCall/ -- Exar Corporation introduced today a new synchronous inductive step-down converter, the SP6669. It is capable of delivering up to 600mA, and achieving output voltages as low as 0.6V. The device is ideally suited for portable devices with a USB interface including digital cameras, portable media players, and wireless networking amongst others.
"The SP6669 represents an evolutionary step for Exar by extending proven converter technology to new USB specific-based designs," said Eric Pittana, director of marketing, Power Product Line. "Based on a highly integrated design, the device is offered in a small form factor that can eliminate several discrete components giving system architects maxim flexibility for developing solutions for space constrained environments."
Key Product Features
Operating at a fixed internal switching frequency of 1.5MHz, the SP6669 can reach 95% efficiency while providing up to 600mA of output current capability. Its output voltage can be set as low as 0.6V or 1.5V and 1.8V for the fixed output versions, which can be achieved from any input voltages from 2.5V to 5.5V. This synchronous converter offers tight 0.4%/V and 0.5% of line and load regulations.
Power Management Products
Highly reliable, accurate, power management is a critical part of any technology system. Exar has a broad array of high-performance and industry-proven power management solutions including handset and lighting controls, power conversion, and standard linear devices.
Prices, Packages, Availability and Additional Information
Samples of the SP6669 are available now in a -40 degrees C to +85 degrees C temperature range. In 1,000 piece quantities in a SOT-23-5 package, the SP6669 is $0.49. Additional information on this product can be found at http://www.exar.com/Common/Content/ProductDetails.aspx?ID=SP6669. Additional information on Exar's other buck regulators can be found at http://www.exar.com/Common/Content/Product.aspx?Parent=2&ID=116#20.
About Exar
Exar Corporation is Powering Connectivity by delivering highly differentiated silicon solutions empowering products to connect. With distinctive knowledge in analog and digital technologies, Exar enables a wide array of applications such as portable devices, home media gateways, communications systems, and industrial automation equipment. Exar has locations worldwide providing real-time system-level support to drive rapid product innovation. For more information about Exar visit: http://www.exar.com/.
Exar Corporation
CONTACT: Greg Kaufman, Marketing Communications of Exar Corporation, +1-510-668-7000
Web site: http://www.exar.com/
China Digital TV Displays Leading Digital TV Technologies at 16th Annual China Content Broadcasting Network Conference
BEIJING, March 25 /Xinhua-PRNewswire/ -- China Digital TV Holding Co., Ltd. , the leading provider of conditional access systems to China's rapidly growing digital television market, exhibited its newest products and services at the 16th Annual China Content Broadcasting Network (CCBN) Conference at the China International Exhibition Center, in Beijing from Friday, March 21st to Sunday, March 23rd, 2008.
China Digital TV displayed a variety of products developed over the past year, including two-way conditional access systems, HD Set-top Box (STB) solutions, an HD PC STB, an Electronic Program Guide (EPG) advertising system and several other new platforms for media content. A detailed presentation and on-site demonstrations were given by China Digital TV engineers, allowing the audience to become familiar with the company's new offerings. The company also hosted an awards ceremony to recognize outstanding partnerships with STB manufacturers on March 21st. On March 22nd, company representatives and guests gathered to acknowledge China Digital TV's rewarding partnerships with Intel, Microsoft, Panasonic and ViXS.
Mr. Jianhua Zhu, chief executive officer of China Digital TV commented, "As we've mentioned to the investment community before, it is vital that we that participate in this conference to show potential customers the products and services we offer and to further our relationships with existing customers. It is also important for the industry as a whole to see how our products and services will impact the future of digital television in China. The CCNB conference is the largest show in our industry, and success at this event is a key component in our marketing efforts. We are pleased to report another triumphant showing this year."
Dr. Zengxiang Lu, chairman and chief strategy officer noted, "Our goal is to build on our innovation and customer relationships to expand into greater value-added offerings in digital TV and all content protected media. The response to our products and services at this conference was very positive, a strong affirmation of our marketing strategy. Beyond marketing benefits, the event also gives our research and development team the chance to encounter new offerings from the global market. This exposure allows the team to determine possible technology partners and direct China Digital TV's innovation efforts."
About the 16th China Content Broadcasting Network Annual Conference
Organized by the State Administration of Radio, Film and Television (SARFT), the CCBN conference is the largest exhibition of its kind in the Asia Pacific region and is the event of the year for the DTV and broadband network industries. CCBN's conference has become an annual platform for knowledge sharing on innovation and market dynamics. In 2007, more than 60,000 professionals and 1,000 companies and organizations from over 30 countries participated in the CCBN conference and approximately US$1.12 billion of goods and services were purchased at the event.
About China Digital TV
Founded in 2004, China Digital TV is the leading provider of conditional access ("CA") systems to China's rapidly growing digital television market. CA systems enable television network operators to manage the delivery of customized content and services to their subscribers. China Digital TV conducts its CA-related business through its subsidiary, Beijing Super TV Co., Ltd., and its affiliate, Beijing Novel-Super Digital TV Technology Co., Ltd. and its value-added services business through its subsidiary, Beijing Novel- Super Media Investment Co., Ltd.
For more information please visit the Investor Relations section of China Digital TV's website at http://ir.chinadtv.cn/ .
For investor and media inquiries, please contact:
In China:
Helen Plummer
Ogilvy Public Relations Worldwide (Beijing)
Tel: +86-10-8520-3090
Email: helen.plummer@ogilvy.com
In the United States:
Jessica Cohen
Ogilvy Public Relations Worldwide (New York)
Tel: +1-646-460-9989
Email: jessica.cohen@ogilvy.com
China Digital TV Holding Co., Ltd.
CONTACT: In China: Helen Plummer of Ogilvy Public Relations Worldwide (Beijing), +86-10-8520-3090, or helen.plummer@ogilvy.com; Or In the United States: Jessica Cohen of Ogilvy Public Relations Worldwide (New York), +1-646- 460-9989, or jessica.cohen@ogilvy.com
DigitalFX International Announces the Restructuring of Previously Announced Financing Agreement
LAS VEGAS, March 25 /PRNewswire-FirstCall/ -- DigitalFX International, Inc. a digital communications company, today announced that it has restructured a previously announced $7 million financing agreement, of which $5 million was available to the company, to $3 million.
The proceeds will be used for strategic initiatives and general working capital purposes.
In explaining the restructuring, Craig Ellins, DigitalFX CEO said, "We did not want to unnecessarily burden the company with the debt and carrying costs of the original $7 million agreement. Many new initiatives, including an upcoming infomercial, have allowed us to refine and lessen our need for outside capital. The restructuring will allow DigitalFX to prudently realize the necessary capital to support our continuing product development, marketing and growth initiatives. We were also able to improve certain of the financial covenants included in the notes."
Ellins further explained that, "Another reason for the restructuring was that $2 million of the $4 million that is being returned would not have been available in the near term."
"In other words," said Ellins, "DigitalFX would have been paying for capital it could not access."
Under the terms of the Amendment and Exchange Agreements, signed on March 24, 2008, DigitalFX and the investors have agreed to restructure the financing consummated under the Securities Purchase Agreement dated November 29, 2007. DigitalFX will exchange the investors' existing notes for a combination of amended and restated senior secured convertible notes and an aggregate of 1,000,000 shares of Common Stock, and will exchange the investors' existing warrants for amended and restated warrants.
The amended and restated notes will convert into approximately 1,500,000 shares, based on a conversion price equal to $2.00 per share. The amended and restated warrants are exercisable for an aggregate of 750,002 shares and will have an exercise price of $0.959 per share. The conversion price and the number of shares issuable upon conversion of the amended and restated notes, and the exercise price and number of shares issuable upon exercise of the amended and restated warrants, are subject to adjustment as provided in the amended and restated notes and warrants, including pursuant to economic anti- dilution adjustments.
The company said that in connection with the restructuring transaction, VM Investors, LLC, DigitalFX's majority shareholder (whose members include Craig Ellins, the Registrant's Chief Executive Officer, and Amy Black, the President of DigitalFX's subsidiary, VMdirect, L.L.C.), will enter into an Amended and Restated Lock-Up Letter Agreement in favor of the investors pursuant to which VM Investors, LLC will agree not to offer, sell, pledge or otherwise dispose of any shares of common stock of DigitalFX until the date that none of the amended and restated notes remain outstanding, subject to specified limited exceptions, including the transfer of 1,000,000 shares of Common Stock to DigitalFX in connection with the restructuring transaction.
Also in connection with the restructuring transaction, DigitalFX agreed to reimburse the fund manager of one of the investors for its out-of-pocket expenses incurred in connection with the transactions contemplated by the Securities Purchase Agreement, including the actual and reasonable fees and disbursements of the fund manager's legal counsel, up to an aggregate amount of $20,000.
The transaction is expected to close on March 26, 2008. Complete details are contained in the 8K filed by DigitalFX International.
About DigitalFX International, Inc.
DigitalFX International 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 Digital FX 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
FORWARD-LOOKING STATEMENTS
The information contained herein includes forward-looking statements. These statements relate to future events or to our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward- looking statements. Forward-looking statements include statements related to the prudent realization of necessary capital and the timing of, and actions that will occur upon, the closing of the restructuring transaction. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward- looking statement reflects our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. We assume no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. The safe harbor for forward-looking statements contained in the Securities Litigation Reform Act of 1995 protects companies from liability for their forward looking statements if they comply with the requirements of the Act.
Contact Info:
Alison Simard
Media Relations
Stern & Co.
323-650-7117
Investor Relations:
Mike Flanigan or Ted Tackaberry
Communication Initiatives
888-724-0208
IR@digitalfx.com
Corporate Development
Amy Black
Founder and President VMdirect
702-743-9412
DigitalFX International, Inc.
CONTACT: 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, IR@digitalfx.com; or Corporate Development, Amy Black, Founder and President VMdirect, +1-702-743-9412, all for DigitalFX International, Inc.
Web site: http://www.digitalfx.com/ http://www.helloworld.com/ http://www.b2i.us/irpass.asp?BzID=1407&to=ea&s=0
Measurement Specialties to Present at the Sidoti Investor Forum Conference - Provides FY09 Guidance
HAMPTON, Va., March 25 /PRNewswire-FirstCall/ -- Measurement Specialties, Inc. , a global designer and manufacturer of sensors and sensor- based systems, announced that it will be presenting at the Sidoti Investor Forum Conference today in New York City.
The Company maintained its latest Fiscal Year 2008 sales guidance of $227 to $228 million ($223 to $225 million excluding sales from the Intersema acquisition) and EPS of $1.15 to $1.20, excluding the impact of deferred tax items associated with tax law changes.
Frank Guidone, Company CEO commented, "We expect sales to grow to approximately $255 million in FY09, which represents 8% - 12% organic growth in the non-Sensata business. We expect EBITDA to increase to $45 to $50 million, excluding stock compensation expense and foreign exchange translation gains/losses, and are estimating full-year EPS of $1.30."
Please visit the Company's website at http://www.meas-spec.com/myMeas/investor/index.asp to view the latest investor presentation, which includes information on recent acquisitions and updated guidance for fiscal 2009.
About Measurement Specialties. Measurement Specialties, Inc. (MEAS) designs and manufactures sensors and sensor-based systems to measure precise ranges of physical characteristics such as pressure, temperature, position, force, vibration, humidity and photo optics. MEAS uses multiple advanced technologies - including piezoresistive, electro-optic, electro-magnetic, capacitive, application specific integrated circuits (ASICs), micro- electromechanical systems (MEMS), piezoelectric polymers and strain gauges - to engineer sensors that operate precisely and cost effectively.
This release includes forward looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended. Forward looking statements may be identified by such words or phrases "should", "intends", " is subject to", "expects", "will", "continue", "anticipate", "estimated", "projected", "may", "we believe", "future prospects", or similar expressions. The forward- looking statements above involve a number of risks and uncertainties. Factors that might cause actual results to differ include, but are not limited to, success of any reorganization; ability to raise additional funds; conditions in the general economy and in the markets served by the Company; competitive factors, such as price pressures and the potential emergence of rival technologies; interruptions of suppliers' operations affecting availability of component materials at reasonable prices; timely development and market acceptance, and warranty performance of new products; success in integrating prior acquisitions; changes in product mix, costs and yields, fluctuations in foreign currency exchange rates; uncertainties related to doing business in Hong Kong and China; and the risk factors listed from time to time in the Company's SEC reports. The Company from time-to-time considers acquiring or disposing of business or product lines. Forward-looking statements do not include the impact of acquisitions or dispositions of assets, which could affect results in the near term. Actual results may differ materially. The Company assumes no obligation to update the information in this issue.
Company Contact: Mark Thomson, CFO, (757) 766-4224
Measurement Specialties, Inc.
CONTACT: Mark Thomson, CFO, of Measurement Specialties, +1-757-766-4224
Web site: http://www.meas-spec.com/ http://www.meas-spec.com/myMeas/investor/index.asp
International Game Technology Management to Present at the JPMorgan Gaming, Lodging and Restaurants Conference
RENO, Nev., March 25 /PRNewswire-FirstCall/ -- International Game Technology management will present at the JPMorgan Gaming, Lodging and Restaurants Conference on March 27, 2008 in Las Vegas, NV. A link to the webcast and a copy of the presentation can be found at our website at http://www.igt.com/InvestorRelations.
International Game Technology (http://www.igt.com/) is a global company specializing in the design, development, manufacturing, distribution and sales of computerized gaming machines and systems products.
International Game Technology
CONTACT: Patrick Cavanaugh, Vice President, Corporate Finance and Investor Relations, of International Game Technology, 1-866-296-4232
Web site: http://www.igt.com/
ServiceMagic.com Revolutionizes Battle Against Home Improvement FraudIn Time for Spring Home Improvements, ServiceMagic Introduces a Free Tool to Screen Contractors and Help Consumers Protect their Most Valuable Investments
GOLDEN, Colo., March 25 /PRNewswire/ -- ServiceMagic.com, the nation's leading online resource for consumers looking for screened and rated home service professionals, is launching a next generation online tool to combat one of the most frequent consumer complaints: home improvement and contractor fraud. This free service, called ScreenAPro, is now available to homeowners nationwide.
(Logo: http://www.newscom.com/cgi-bin/prnh/20050810/LASERVMAGLOGO)
At http://www.screenapro.com/, ServiceMagic will give homeowners the ability to check the background of any home service professional in the U.S., not just those already in the ServiceMagic network. It is a completely free service that offers people the reassurance they need to protect their homes. With contractor fraud seemingly always in the headlines, the new site allows consumers to find out what they need to know about a home improvement professional before letting them into their lives.
"Now more than ever, as the economy struggles to stay afloat, people want to know that their investments are secure," said Craig Smith, ServiceMagic.com's CEO. "A home is typically the most valuable investment people own and of great emotional importance. ScreenAPro.com is an essential tool to help homeowners need to protect their most valuable assets."
ScreenAPro.com is a major step forward in helping to vet the industry of those who are most dangerous -- fraudulent home service professionals working without required state-level licensing or insurance and who might have a dubious legal background. In addition to the obvious help to the consumer, ScreenAPro.com will also benefit the many reputable home service professionals who are in the industry.
"We believe that quality home service professionals should encourage potential clients to do the necessary due diligence before making a hiring decision," Smith said. "It's a way for the legitimate businesses to get involved and promote good business practices."
"For far too long, people posing as licensed contractors have been giving the home improvement industry a black eye by trying to work outside of the regulations. A tool like ScreenAPro.com will go a long way in preventing these all-too-common home improvement scams," said David Lupberger, a former remodeling contractor who now serves as ServiceMagic.com's Home Improvement Expert.
ScreenAPro.com collects identifying information on a given contractor, including name, company affiliation and phone number from the consumer and then runs that contractor through the same 10-point screening process ServiceMagic uses to determine eligibility for those contractors wishing to join its nationwide network. The detailed screening includes searches for applicable state-level licensing, insurance or bonding information, criminal records searches, recent civil judgments and more. ServiceMagic employees handle all aspects of the screening process, including obtaining the contractor's consent where required.
"Information leads to confidence," said Lupberger. "Homeowners need to know exactly who they're hiring and if that person is really someone they want to have around their homes and their families."
Since 1999, ServiceMagic.com has made more than 8 million matches between homeowners and members of its nationwide network of 52,000 prescreened contractors and other types of home service professionals, such as plumbers, electricians, landscapers, maids, and many more.
ABOUT SERVICEMAGIC(R), INC.
ServiceMagic(R), Inc., headquartered in Golden, Colo., is the nation's leading online marketplace connecting homeowners with prescreened and customer-rated home service professionals. Using proprietary technology to match consumer service requests with local service professionals in real time, the company addresses more than 500 different home service needs that range from simple home repairs and maintenance to complete home remodeling projects. In addition, its 52,000 home service professionals are prescreened to help consumers connect with licensed and insured home service professionals. ServiceMagic is an operating business of IAC . For more information, visit http://www.servicemagic.com/.
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ServiceMagic.com
CONTACT: Public Relations of ServiceMagic, Inc., +1-303-963-8028, smpr2@servicemagic.com
Web site: http://www.servicemagic.com/
WSP Holdings Announces Fourth Quarter and Full Year 2007 Results
WUXI, China, March 25 /Xinhua-PRNewswire-FirstCall/ -- WSP Holdings Limited ("WSP Holdings" or the "Company"), a leading Chinese manufacturer of API (American Petroleum Institute) and non-API certified seamless casing, tubing and drill pipes used in oil and natural gas exploration, drilling and extraction ("Oil Country Tubular Goods" or "OCTG") and other pipes and connectors, today announced its unaudited financial results for its fourth quarter and fiscal year ended December 31, 2007.
Fourth Quarter 2007 Highlights
-- Net revenue was $129.9 million, an increase of 18.2% year-over-year
from the fourth quarter of 2006
-- Gross profit was $33.2 million, an increase of 33.8% from the fourth
quarter of 2006
-- Gross profit margin was 25.6%, up from 22.6% in the fourth quarter of
2006
-- Income from operations was $23.0 million, an increase of 11.4% from the
fourth quarter of 2006
-- Net income was $16.7 million, up 6.5% from $15.7 million in the fourth
quarter of 2006
-- Successfully completed an initial public offering that generated
approximately $212.5 million in gross proceeds, before deduction of
underwriting discounts and commissions and offering expenses
-- Non-API (American Petroleum Institute) product sales revenue increased
137.2% year-over-year from the fourth quarter of 2006
-- Drill pipe production capacity was expanded from 12,000 tonnes to
24,000 tonnes per year in December 2007
Full Year 2007 Highlights
-- Net revenue was $483.8 million, an increase of 32.0% from 2006
-- Gross profit was $125.8 million, an increase of 47.4% from 2006
-- Gross profit margin was 26.0%, up from 23.3% in 2006
-- Income from operations was $103.6 million, an increase of 46.0% from
2006
-- Net income was $74.6 million, an increase of 26.6% from 2006
-- Basic and diluted earnings per American Depositary Share ("ADS", each
ADS represents two ordinary shares) were both $0.97 compared to $0.81
in 2006
-- Non-API product sales increased 268.9% from 2006
Fourth Quarter 2007 Results
"This was a very important quarter for WSP Holdings in terms of financial performance and further development of our key business strategies. Increased sales of sophisticated non-API products drove our net revenue growth and improvement in gross margin," said Mr. Longhua Piao, Chairman and CEO of WSP Holdings Limited. "The successful completion of our initial public offering and listing on the New York Stock Exchange were important milestones in our Company's development. The public offering provided us with the capital necessary to expand our manufacturing capacity and begin executing our overseas marketing expansion plans."
WSP Holdings' net revenue in the fourth quarter of 2007 was $129.9 million, an increase of 18.2% year-over-year from $109.8 million in the fourth quarter of 2006. Sales volume in tonnes for the fourth quarter of 2007 increased 11.8% from the fourth quarter of 2006.
The increase in net revenue was the result of selling more higher priced non-API products than API products. Non-API products accounted for 34.4% of the Company's revenues in the fourth quarter of 2007, up from 17.1% in the fourth quarter of 2006. Sales of non-API products were $44.7 million in the fourth quarter of 2007, an increase of 137.2% from sales of $18.8 million in the fourth quarter of 2006. API product sales were $65.6 million in the fourth quarter of 2007, a 20.0% decrease from $82.0 million in the fourth quarter of 2006. Non-API product sales volume was 24,368 tonnes in the fourth quarter of 2007, an increase of 108.6% from 11,680 tonnes sold in the fourth quarter of 2006. API product sales volume was 58,406 tonnes in the fourth quarter of 2007, a 19.7% decrease from 72,693 tonnes sold in the fourth quarter of 2006. Sales of other products, mostly green pipe, were $19.6 million in the fourth quarter of 2007, up 117.8% from $9.0 million in the fourth quarter of 2006.
Gross profit in the fourth quarter of 2007 was $33.2 million, an increase of 33.8% year-over-year from $24.8 million in the fourth quarter of 2006. Gross profit margin was 25.6%, up from 22.6% in the fourth quarter of 2006. Gross margin improved mainly because the Company continued to improve the profitability of its sales mix while increasing output and controlling production costs.
Operating expenses in the fourth quarter of 2007 were $10.1 million, an increase of 107.9% year-over-year from $4.9 million in the fourth quarter of 2006. The increase in fourth quarter of 2007 operating expenses was due to higher general and administrative expenses related to becoming a public company, higher non-API product marketing and sales expenses, and share-based compensation expenses of $0.59 million, which did not occur in the fourth quarter of 2006. General and administrative expenses are expected to increase moderately going forward because of expanding operations, professional fees and share compensation expenses.
Operating income in the fourth quarter of 2007 was $23.0 million, an increase of 11.4% from the fourth quarter of 2006. Operating margin was 17.7% in the fourth quarter of 2007, down 1.1% from 18.8% in the fourth quarter of 2006.
Net interest expense was $2.8 million in the fourth quarter of 2007 compared to $0.8 million in the fourth quarter of 2006. The increase was due to increased short-term and long-term bank loans used for working capital.
Net foreign exchange loss in the fourth quarter was $1.6 million, compared to a loss of $0.2 million in the fourth quarter of 2006.
Net income was $16.7 million in the fourth quarter of 2007, an increase of 6.5% year-over-year from $15.7 million in the fourth quarter of 2006.
Basic and diluted earnings per ADS were both $0.20 for the three months ended December 31, 2007.
Full Year 2007 Results
For the full year 2007, net revenue was $483.8 million, up 32.0% from $366.5 million in 2006. In 2007, the Company focused on higher margin non-API products and exports. Domestic sales to Chinese customers increased by 13.9% from $180.0 million in 2006 to $205.1 million in 2007. Exports increased by 49.4% from $186.5 million in 2006 to $278.7 million in 2007. While revenues from API products fell 3.5% from $299.2 million to $288.6 million, revenues from non-API products grew 268.9% from $41.3 million in 2006 to $152.4 million in 2007.
Gross profit for the full year 2007 was $125.8 million, an increase of 47.3% from $85.4 million in 2006. Gross margin improved to 26.0% in 2007, an increase of 2.7% from 23.3% in 2006. Income from operations for 2007 was $103.6 million, up 46.0% from $70.9 million in 2006. Operating margin was 21.4% in 2007, compared to 19.4% in 2006. Net income for the full year 2007 was $74.6 million, an increase of 26.6% from $58.9 million in 2006. Basic and diluted earnings per ADS were both $0.97 in 2007, compared to $0.81 in 2006.
Financial Condition
As of December 31, 2007, the Company had $300.9 million in cash and cash equivalents and bank balances, up from $79.2 million as of December 31, 2006. This includes approximately $212.5 million in gross proceeds from the Company's initial public offering of 25,000,000 ADSs, before deduction of underwriting discounts and commissions and offering expenses.
Working capital was $203.0 million as of December 31, 2007. Total shareholders' equity was $341.1 million, up from $96.2 million as of December 31, 2006.
Outlook for 2008
WSP Holdings expects to generate net revenue between $110 million and $130 million in the first quarter of 2008, and net income in a range of $14 million to $17 million.
For the full year 2008, the Company estimates net revenues to be in a range of $600 million to $700 million, and net income in a range of $80 million to $95 million. These estimates are based on the Company's existing manufacturing capacity and expectations for continuing geographic expansion in domestic and international markets for its non-API, API and other product sales.
Recent Developments
In January 2008, WSP Holdings' subsidiary Wuxi Seamless Oil Pipes Company Limited ("WSP China") was awarded "AAA" grade supplier certification by Daqing Oilfield Materials and Equipment Group, which procures production materials and equipment for Daqing Oilfield Company Limited ("Daqing Oilfield"), a subsidiary of PetroChina Company Limited, the largest oil and natural gas producer in China. This certification means WSP China's products and services meet the high standards set by Daqing Oilfield for suppliers.
In January 2008, China Petroleum & Chemical Corporation Northwest Oilfield Branch ("SINOPEC Northwest") placed an initial order for 3,700 tonnes of non- API products from WSP China for delivery in 2008 after WSP China's casing and tubing passed SINOPEC Northwest's three trial wells test, an industry standard test for new products. The Company also signed an agreement with PetroChina Tarim Oilfield Company, a subsidiary of PetroChina Company Limited, for testing the Company's non-API products in a separate three trial wells test.
In February 2008, the Company was informed by the Canada Border Services Agency ("CBSA") of its final determination regarding its investigation into dumping and subsidization of certain oil and gas well casings exported to Canada from China. The final determination imposed anti-dumping and countervailing duties on the Company's products imported into Canada subsequent to CBSA's initial determination in November 2007. In March 2008, the Canadian International Trade Tribunal did not find present material injury, instead reached a conclusion that the domestic industry is threatened with injury by future imports. Therefore, any anti-dumping and countervailing duties paid by the importers on exports by the Company of oil and gas well casing from China subsequent to November 2007 will be refunded to importers. The Company did not make any sales to Canada in 2008, and so was not affected by CBSA's determination. Moreover, should the Company seek to sell products into Canada in the future, the Company plans to comply with price guidance provided by the CBSA.
In March 2008, the Company's subsidiary, Jiangsu Fanli Pipe Co., Ltd. ("Jiangsu Fanli"), obtained a manufacturing license to produce high-quality non-API seamless pressure pipes used in boiler manufacturing. With this manufacturing license, Jiangsu Fanli can immediately start producing seamless pressure pipes.
In March 2008, the Board appointed Mr. Anthony J. Walton, an independent director, to serve on the Company's Audit Committee.
WSP Holdings plans on expanding its production capacity in China. The Company's plans call for developing a manufacturing plant in Liaoyang, Liaoning province for hot rolling, threading and heat treatment lines. The Company also plans to set up a threading line with a planned capacity of 60,000 tonnes in Songyuan, Jilin province.
"In 2008, we will continue to expand both our domestic and international manufacturing and sales capabilities. We are pursuing opening representative offices in key markets and continue to expand direct sales to international customers, along with China's oil and gas companies that are expanding into international markets. We will continue to focus on research and development to broaden our product offerings, especially with respect to non-API products, and improve the quality of our existing products," Mr. Longhua Piao concluded.
Conference Call
WSP Holdings' management will host a conference call at 9:00 a.m. Eastern Time on Tuesday, March 25, 2008 to discuss results for its fiscal quarter and year ended December 31, 2007. To participate in this live conference call, please dial the following number five to ten minutes prior to the scheduled conference call time: (888) 713-4218. International callers should call (617) 213-4870. The Conference Pass Code is 16821472. A replay of the conference call will be available from 11:00 a.m. Eastern Time on Tuesday, March 25 to Tuesday, April 1, 2008. To access the replay, call (888) 286-8010. International callers should call (617) 801-6888. The Conference Pass Code is 15761758. This conference call will also be broadcast live over the Internet and can be accessed by all interested parties on WSP Holdings' website: http://www.wsphl.com/ . To listen to the live webcast, please go to WSP Holdings' website at least fifteen minutes prior to the start of the call to register, download, and install any necessary audio software. For those unable to participate during the live broadcast, a replay will be available shortly after the call on WSP Holdings' website for 90 days.
About WSP Holdings Limited
WSP Holdings develops and manufactures seamless Oil Country Tubular Goods (OCTG), including seamless casing, tubing and drill pipes used for on-shore and off-shore oil and gas exploration, drilling and extraction. Founded as WSP China in 1999, the Company offers a wide range of API and non-API seamless OCTG products, including products that are used in extreme drilling and extraction conditions, other pipes and connectors. The Company's products are used in China's major oilfields and are exported to oil producing regions throughout the world. The Company's website is: http://www.wsphl.com/ .
Safe Harbor Statements
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: Any statements set forth above that are not historical facts are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such factors include, but are not limited to, the Company's ability to develop and market new products, the ability to access capital for expansion, changes from anticipated levels of sales, changes in national or regional economic and competitive conditions, changes in relationships with customers, changes in principal product profits and other factors detailed from time to time in the Company's filings with the United States Securities and Exchange Commission and other regulatory authorities. The Company undertakes no obligation to update or revise to the public any forward-looking statements, whether as a result of new information, future events or otherwise. This press release was developed by WSP Holdings, and is intended solely for informational purposes and is not to be construed as an offer or solicitation of an offer to buy or sell the Company's stock. This press release is based upon information available to the public, as well as other information from sources which management believes to be reliable, but it is not guaranteed by WSP Holdings to be accurate, nor does WSP Holdings purport it to be complete. Opinions expressed herein are those of management as of the date of publication and are subject to change without notice.
-- Financial Tables --
WSP HOLDINGS LIMITED
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except for share and share-related data)
Three
Three Months Months
Ended Ended Years Ended
December 31, December 31, December 31,
2007 2006 2007 2006
Net revenues $129,882 $109,849 $483,783 $366,501
Cost of revenues (96,640) (85,002) (357,997) (281,106)
Gross profit 33,242 24,847 125,786 85,395
Selling and marketing
expenses (4,273) (1,382) (8,578) (4,102)
General and administrative
expenses (5,855) (3,490) (13,591) (9,799)
Other operating (expenses)
income (160) 625 (32) (549)
Income from operations 22,954 20,600 103,585 70,945
Interest income 952 312 2,074 888
Interest expenses (3,737) (1,134) (12,615) (2,623)
Other income (expenses) 58 4 212 4
Exchange differences (1,593) (202) (1,898) 357
Income from continuing
operations before provision
for income taxes,
earnings in equity
investments, and
minority interests 18,634 19,580 91,358 69,571
Provision for income taxes (1,167) (2,989) (15,188) (10,582)
Net income from continuing
operations before earnings
in equity investments and
minority interests 17,467 16,591 76,170 58,989
Earnings in equity
investments -- 77 -- 67
Minority interests (735) (275) (1,609) (371)
Net income from continuing
operations $16,732 $16,393 $74,561 $58,685
Discontinued operations:
Income from discontinued
operations net of tax -- -- -- 572
Minority interests in
discontinued operations -- (679) -- (339)
Net (loss) income on
discontinued operations -- (679) -- 233
Net income $16,732 $15,714 $74,561 $58,918
Earnings per share
Basic $0.10 $0.10 $0.49 $0.40
Diluted $0.10 $0.10 $0.48 $0.40
Weighted average ordinary
shares used in computation
of earnings per share
Basic 164,130,435 150,000,000 153,561,644 145,954,406
Diluted 164,836,391 150,000,000 153,738,133 145,954,406
Note: Each ADS represents two ordinary shares
WSP HOLDINGS LIMITED
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
December 31, December 31,
2007 2006
Assets
Current Assets:
Cash and cash equivalents and bank
balances $300,889 $79,162
Accounts and bills receivable, net 137,497 56,947
Other current assets 187,656 112,610
Total Current Assets 626,042 248,719
Property and equipment, net 185,136 153,143
Land use rights 9,553 8,865
Other non-current assets 6,490 2,607
Total Assets $827,221 $413,334
Current liabilities $423,032 $259,859
Other liabilities 59,063 54,512
Total Liabilities 482,095 314,371
Minority interests 4,002 2,813
Total shareholders' equity 341,124 96,150
Total Liabilities and Stockholders'
Equity $827,221 $413,334
For more information, please contact:
WSP Holdings Limited
Mr. Thi Yip Kok, Chief Financial Officer
Tel: +86-510-8536-0401
Email: info@wsphl.com
CCG Elite Investor Relations, Inc.
Mr. Crocker Coulson, President
Tel: +1-646-213-1915 (New York)
Email: crocker.coulson@ccgir.com
WSP Holdings Limited
CONTACT: Mr. Thi Yip Kok, Chief Financial Officer of WSP Holdings Limited, +86-510-8536-0401, or info@wsphl.com; Or Mr. Crocker Coulson, President of CCG Elite Investor Relations, Inc., +1-646-213-1915 (New York), or crocker.coulson@ccgir.com
Xilinx Appoints Bottom Line Technologies to Authorized Training Provider Program in North American Region
SAN JOSE, Calif., March 25 /PRNewswire/ -- Xilinx, Inc. today announced the expansion of its Authorized Training Provider (ATP) program to include Bottom Line Technologies, Inc. (Pennsylvania) as its exclusive training provider for the Northeast U.S. region, including Connecticut, New Jersey, New York, Delaware, Maryland, Virginia, Eastern Pennsylvania and the District of Columbia.
(Logo: http://www.newscom.com/cgi-bin/prnh/20020822/XLNXLOGO)
Bottom Line Technologies (http://www.bltinc.com/) now offers more than 20 courses to customers in the Northeast U.S., including FPGA design/architecture, embedded processing, DSP, HDL (VHDL/Verilog), and PCI(TM) solutions.
The ATP program offers engineers a broad network of local providers certified to deliver high quality training in Xilinx(R) programmable logic and system-level design. Today, the company's worldwide ATP network includes 23 providers empowered to train engineers on the latest Xilinx programmable silicon solutions, including its flagship Virtex(TM)-5 and Spartan(TM)-3 FPGA families.
"We're pleased to extend our longtime relationship with Xilinx, equipping FPGA designers with best practice design skills and methodologies to tackle increasingly complex projects faster, cheaper and with optimal performance," said Bottom Line Technologies President Ed McCauley. "Time and again, our clients tell us that their investment in training pays long-term dividends. To maximize that investment, we now offer follow-on coaching to designers to reinforce lessons learned during coursework. We've found this to be a great supplement to training for experienced and novice designers alike."
"We're delighted to welcome Bottom Line Technologies to our ATP network," said Xilinx North American ATP Manager Jason Fegley. "BLT has a solid working relationship with our sales organization and a proven track record of delivering high-quality, flexible, affordable design services to our customers for nearly 20 years. A former Xilinx field applications engineer, Ed has a keen understanding of our customers' design challenges and Xilinx solutions. I'm confident that he and his team will continue to deliver tremendous value to our customers in the Northeast U.S. region."
The Xilinx ATP program delivers training to engineers interested in learning how to develop low-cost, efficient programmable logic and system-level designs. Customers can enroll in Xilinx Education Services directly with their local ATP, or they can register for classes using training credits, if their company has purchased a Xilinx Productivity Advantage (XPA) package. For the latest course details and schedules or to register for instructor-led classes, visit http://www.xilinx.com/education.
About Bottom Line Technologies, Inc.
Founded in 1985, Bottom Line Technologies, Inc. offers premium quality design services on aggressive schedules at a competitive price. For more information about Bottom Line Technologies, go to http://www.bltinc.com/XilinxTraining, email xilinx.training@bltinc.com or call 908-479-1200.
About Xilinx
Xilinx is the worldwide leader in complete programmable logic solutions. For more information, visit http://www.xilinx.com/.
Editorial Contact:
Lisa Washington
Xilinx, Inc.
408-626-6272
lisa.washington@xilinx.com
#0827c
Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20020822/XLNXLOGO AP Archive: http://photoarchive.ap.org/ PRN Photo Desk, photodesk@prnewswire.com
Xilinx, Inc.
CONTACT: Lisa Washington of Xilinx, Inc., +1-408-626-6272, lisa.washington@xilinx.com
Web site: http://www.xilinx.com/ http://www.bltinc.com/
The Portland Group Adds IMSL Fortran Numerical Library for WindowsPopular Visual Numerics library now available as an option with PGI multi-core optimizing parallel Fortran compilers
PORTLAND, Ore., March 25 /PRNewswire-FirstCall/ -- The Portland Group(TM), a wholly-owned subsidiary of STMicroelectronics and a leading supplier of compilers and development tools for High-Performance Computing, today announced that the IMSL(R) Fortran Numerical Library from Visual Numerics(R), Inc. is available from The Portland Group for PGI's line of multi-core optimizing parallel Fortran compilers running under the Microsoft Windows operating systems.
The IMSL Fortran Library is a comprehensive set of popular mathematical and statistical functions. Software developers can use the pre-written functions included within the library as building blocks in their software applications. This library frees programmers from the necessity of developing their own equivalent functions. Both the library and numerical algorithms within it have a reputation for quality and performance across an extensive range of compilers and operating system environments.
"The IMSL Fortran Library is one of the most widely used math libraries for technical computing applications on Windows and is very popular with our Linux customers," said Douglas Miles, director, The Portland Group. "We've been working with Visual Numerics to bring this valuable resource to PGI's complete line of Windows compilers including support on native Windows, the Windows Subsystem for Unix Applications (SUA), and within applications built using PGI Visual Fortran."
"We are pleased to be working closely with The Portland Group to bring the IMSL Fortran Library to their latest generation of Windows Fortran compilers," said Tim Leite, Director of Corporate Development at Visual Numerics. "PGI compilers are popular in technical and high-performance computing, a key target market segment for the IMSL Libraries. With this new product we extend to PGI and HPC developers on Windows the same high standards for quality and reliability that IMSL Libraries are known for worldwide."
PGI compilers and tools are used predominantly on 64-bit and 32-bit Linux, Mac OS X and Microsoft Windows workstations, servers, and clusters based on microprocessors from AMD and Intel. The Portland Group's flagship product suite, PGI Workstation, includes compilers and tools for building, debugging and profiling parallel 64-bit and 32-bit Fortran, C and C++ applications within a UNIX- and Linux-compatible development environment. Key compiler features include automatic and user-directed parallelization and optimizations for extracting maximum performance from the new generation of multi-core processors. In addition to extensive UNIX migration features, the PGI Visual Fortran compiler is available fully integrated with Microsoft's Visual Studio 2005 development environment. The key advantages of PGI compilers and tools can be found on The Portland Group web site at http://www.pgroup.com/about/why_pgi.htm. A trial version of PGI compilers is available for download at http://www.pgroup.com/support/downloads.php. Registration is required.
The IMSL Numerical Libraries have been the cornerstone of high-performance and deep computing as well as predictive analytics applications in science, technical and business environments for well over three decades. These embeddable mathematical and statistical algorithms, written in C, C#, Java(TM), and Fortran, are used in a broad range of applications. The IMSL Libraries are regarded as the most sophisticated, flexible, scalable and highly accessible technology available for numerical analysis in the most important mainstream programming environments in use today.
About The Portland Group
The Portland Group, a wholly-owned subsidiary of STMicroelectronics, is the premier supplier of high-performance Fortran, C, and C++ compilers and tools for high-end computing systems and X86 processor-based workstations, servers, and clusters. Further information on The Portland Group products can be found at http://www.pgroup.com/, by calling Sales at (503) 682-2806,
About STMicroelectronics
STMicroelectronics is a global leader in developing and delivering semiconductor solutions across the spectrum of microelectronics applications. An unrivalled combination of silicon and system expertise, manufacturing strength, Intellectual Property (IP) portfolio and strategic partners positions the Company at the forefront of System-on-Chip (SoC) technology and its products play a key role in enabling today's convergence markets. The Company's shares are traded on the New York Stock Exchange, on Euronext Paris and on the Milan Stock Exchange. In 2007, the Company's net revenues were $10 billion. Further information on ST can be found at http://www.st.com/.
All trademarks, trade names, service marks, and logo referenced herein belong to their respective companies. For further information, please contact:
STMicroelectronics
CONTACT: Michael Markowitz of STMicroelectronics, Inc., +1-212-821-8959, michael.markowitz@st.com
Web site: http://www.st.com/ http://www.pgroup.com/ http://www.pgroup.com/about/why_pgi.htm http://www.pgroup.com/support/downloads.php
Bosley Chooses UCN's inContact as Strategic Platform for GrowthGlobal leader in hair restoration turns to off-premises, hosted technology to improve customer satisfaction while lowering cost
SALT LAKE CITY, March 25 /PRNewswire-FirstCall/ -- UCN, Inc. , the leading provider of network-based integrated customer contact center solutions today announced that Beverly Hills' Bosley, a world leader in hair restoration, has successfully implemented inContact(R) throughout its 120 agent contact center system. Bosley's selection focused on inContact's ability to easily deploy remote agents and its advanced CTI (Computer Telephony Integration) capabilities that makes possible Bosley's world-class localized service.
"Through inContact, our virtual consultations have become increasingly more effective in delivering the personalized, high-touch service that sets Bosley apart," said Brian Liebenthal, director of call center operations for Bosley. "Now, we can route calls from prospective clients to Bosley consultants working at home or in our local area offices. This local touch instantly increases the customer's comfort level and satisfaction," adds Liebenthal.
Bosley is now able to quickly pinpoint areas of frustration for customers using the platform's real-time reporting tools. "The first thing we noticed after implementing inContact, was a high rate of abandoned calls we didn't know we were missing," said Liebenthal. "Knowing that many of these callers actually call us back a few minutes or sometimes hours later is very reassuring to us."
"If you go with traditional systems, it's really going to cost you," explained Liebenthal. "UCN provides all the benefits without the high cost of ownership. For example, now we can address the challenges of calculating the ROI for marketing media buys spread over many toll-free numbers and regions. With UCN, for the first time we have 100 percent accuracy with our media codes. That's extremely important since media is our largest single expense and lever for growth. Additionally, agent handle time has dropped by one minute per call with improved efficiency, reduced costs and increased customer satisfaction."
Strategic Asset
According to Liebenthal, "UCN's inContact solution is much more than just a great call center system. The team of contact center professionals is now an integral part of who we are, where we want to go and how we plan to get there. 'inContact' has actually become a Bosley company acronym."
Said Paul Jarman, UCN CEO, "It is exciting to team up with companies like Bosley who are using our products and our experience to help transform their contact centers from cost centers to strategic assets that drive the bottom-line. Our company is looking forward to helping Bosley further improve its operations with a suite of additional agent performance optimization services available from our network-based platform."
To learn more about inContact, visit http://www.ucn.net/
About UCN
UCN is the leading provider of Software as a Service (SaaS) applications for multi-site contact centers and distributed workforces. UCN's inContact(R) platform intelligently routes multi-media contacts to agents anywhere while improving management visibility, agent productivity and agent retention. UCN's patented software includes an enterprise-grade ACD with skills-based routing, IVR, speech recognition and CTI. Agent performance optimization features include customer experience surveys and agent scoring analysis, call monitoring, call recording, workforce scheduling and forecasting, hiring tools to reduce attrition, and targeted training delivered to the agent desktop. inContact's all-in-one on-demand platform delivers rapid application development tools for IT control, no capex, Fortune 500-compliant security, and a 24/7/365 managed network with carrier-grade redundancy. To learn more about UCN, visit http://www.ucn.net/.
About Bosley
Bosley is a world leader in hair loss and medical hair restoration having performed almost 200,000 hair transplant procedures on men and women from 60 different nations who suffered from hair loss and progressive baldness. For 32 years, Bosley has been a world leader in medical hair restoration. To learn more about Bosley, go to http://www.bosley.com/.
Safe Harbor Statement: The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking information made on the Company's behalf. All statements, other than statements of historical facts which address the Company's expectations of sources of capital or which express the Company's expectation for the future with respect to financial performance or operating strategies, can be identified as forward-looking statements. Such statements made by the Company are based on knowledge of the environment in which it operates, but because of the factors previously listed, as well as other factors beyond the control of the Company, actual results may differ materially from the expectations expressed in the forward-looking statements. (For the complete statement, please click to: http://www.ucn.net/safeharbor.)
UCN, Inc.
CONTACT: Aaron Glauser, Marketing of UCN, Inc., 1-801-320-3468, aaron.glauser@ucn.net; or investors, Scott Liolios or Ron Both, both of Liolios Group Inc., +1-949-574-3860, info@liolios.com, for UCN, Inc.
Web site: http://www.ucn.net/
MPC Computers Wins Defense Logistics Agency Contract
NAMPA, Idaho, March 25 /PRNewswire-FirstCall/ -- MPC Corporation today announced that it has been awarded a government contract to supply the Defense Logistics Agency (DLA) with desktop, notebook and tablet computers. The contract award positions MPC as a sole-source OEM supporting DLA users in the US and abroad.
The DLA contract is set up as an IDIQ (Indefinite Delivery, Indefinite Quantity) with additional one-year options, and is currently anticipated to average approximately $10 million a year in purchases. The computer products to be delivered include desktop and portable PCs from both the MPC and Gateway Pro product lines. MPC acquired Gateway's professional business in October 2007.
"This contract speaks to the strength of the relationships that both MPC and Gateway have formed throughout the government sector," noted Mark Cox, MPC Computer's sales area vice president of federal sales. "As a combined entity, we look forward to better serving our government customers through an even broader set of products and services."
About MPC Corporation
MPC Corporation , a major US PC vendor since 1991, provides enterprise IT hardware solutions to mid-size businesses, government agencies and education organizations. With its October 2007 acquisition of Gateway's Professional business, MPC became the only top-10 US PC vendor focused exclusively on the $20 billion Professional PC market. For more information, visit MPC online at http://www.mpccorp.com/.
Cautionary Statement
Certain statements in this press release are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements involve a number of risks, uncertainties and other factors that could cause actual results, performance or achievements of MPC Corporation to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. Other factors that could materially affect such forward-looking statements can be found in MPC Corporation's filings with the Securities and Exchange Commission, including risk factors, at http://www.sec.gov/. Investors, potential investors and other readers are urged to consider these risk factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on forward-looking statements. Forward-looking statements in this press release include statements with regard potential sales under the DLA contract. Under an IDIQ contract, the customer is not required to purchase any specific amount of product. It is possible that the amount of product purchased under the DLA contract will be significantly less than presently anticipated. The forward-looking statements made herein are only made as of the date of this press release and MPC Corporation undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.
MPC Corporation
CONTACT: media, Michael Boss, +1-208-893-1057, mjboss@mpccorp.com, or IR, Marlys Johnson, +1-605-232-7456, marlys.johnson@mpccorp.com, both of MPC Corporation
Web site: http://www.mpccorp.com/
China Fire Security Group to Present at the Brean Murray, Carret 4th Investor Tour of China
BEIJING, March 25 /Xinhua-PRNewswire-FirstCall/ -- China Fire & Security Group, Inc. ("China Fire" or "the Company"), a leading industrial fire protection products and solutions provider in China, announced today that the Company is scheduled to present at the Brean Murray, Carret 4th Investor Tour of China.
The Company's presentation will be at 12:45 PM on April 1 (Tuesday) at Level LG of the Grand Hyatt Hotel in Beijing.
Representing the Company at the conference will be Mr. Brian Lin, China Fire's CEO and Mr. Robert Yuan, Chief Accounting Officer. Management is available for one-on-one meetings during the conference.
About China Fire & Security Group, Inc.
China Fire & Security Group, Inc. , through its wholly owned subsidiaries, Sureland Industrial Fire Safety Limited ("Sureland") and Tianjin Tianxiao Fire Safety Equipment ("Tianxiao"), is a leading total solution provider of industrial fire protection systems in China. Leveraging on its proprietary technologies, China Fire is engaged primarily in the design, manufacture, sale and maintenance services of a broad product portfolio including the detection, controller, and fire extinguishers. Via its nationwide direct sales force, China Fire has built a solid client base including major companies in the iron and steel, power and petrochemical industries throughout China. China Fire has a seasoned management team with strong focus on standards and technologies. Currently, China Fire has 52 issued patents covering fire detection, system control and fire extinguishing technologies. Founded in 1995, China Fire is headquartered in Beijing with about 500 employees in more than 30 sales offices throughout China.
Cautionary Statement Regarding Forward-looking Information
This presentation may contain forward-looking information about China Fire & Security Group, Inc. and its wholly owned subsidiary Sureland which are intended to be covered by the safe harbor for forward-looking statements provided by the Private Securities Litigation Reform Act of 1995. Forward- looking statements are statements that are not historical facts. These statements can be identified by the use of forward-looking terminology such as "believe," "expect," "may," "will," "should," "project," "plan," "seek," "intend," or "anticipate" or the negative thereof or comparable terminology, and include discussions of strategy, and statements about industry trends and China Fire & Security Groups' future performance, operations and products. This and other "Risk Factors" contained in China Fire & Security Groups' public filings with the SEC.
For more information, please contact:
China Fire & Security Group, Inc.
Robert Yuan, Chief Accounting Officer
Tel: +86-10-84417848
Email: ir@chinafiresecurity.com
Web: http://www.chinafiresecurity.com/
China Fire & Security Group, Inc.
CONTACT: Robert Yuan, Chief Accounting Officer of China Fire & Security Group, Inc., +86-10-84417848, or ir@chinafiresecurity.com
Web site: http://www.chinafiresecurity.com/
Focus Media to Present at 11th Credit Suisse Asian Investment Conference
SHANGHAI, China, March 25 /Xinhua-PRNewswire/ -- Focus Media Holding Limited , China's largest digital media group today announced that it will present at the 11th Credit Suisse Asian Investment Conference which will be held during March 31 - April 3, 2008 at the Island Shangri-la Hotel in Hong Kong, China. Chief Financial Officer, Daniel Wu, will present at 10:30 a.m. on Thursday, April 3, 2008.
About Focus Media Holding Limited
Focus Media Holding Limited is China's leading multi- platform digital media company, operating the largest out-of-home advertising network in China using audiovisual digital displays, based on the number of locations and number of flat-panel television displays in our network, and is also a leading provider of mobile handset advertising and Internet marketing solutions in China. Through Focus Media's multi-platform digital advertising network, the company reaches urban consumers at strategic locations and point- of-interests over a number of media formats, including audiovisual television displays in buildings and stores, advertising poster frames and other new and innovative media, such as outdoor light-emitting diode or LED digital billboard, mobile handset advertising networks and Internet advertising platforms. As of December 31, 2007, Focus Media's digital out-of-home advertising network had approximately 112,298 LCD display in its commercial location network, approximately 49,452 LCD displays in its in-store network and over 190,000 advertising in-elevator poster / digital frames, installed in over 90 cities throughout China, and approximately 200 outdoor LED billboard displays in Shanghai. For more information about Focus Media, please visit our website at http://ir.focusmedia.cn/ .
SAFE HARBOR: FORWARD-LOOKING STATEMENTS
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the Business Outlook section and quotations from management in this press release, as well as Focus Media's strategic and operational plans, contain forward-looking statements. Focus Media may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission on forms 20-F and 6-K., in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Focus Media's beliefs and expectations, are forward-looking statements. Forward- looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, risks outlined in Focus Media's filings with the U.S. Securities and Exchange Commission, including its registration statements on Form F-1, F-3, F-6 and 20-F. Focus Media does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
For more information, please contact:
Jie Chen
Focus Media Holding Ltd
Tel: +86-21-3212-4661 x6607
Email: ir@focusmedia.cn
Focus Media Holding Limited
CONTACT: Jie Chen of Focus Media Holding Ltd, +86-21-3212-4661 x6607, or ir@focusmedia.cn
Web site: http://ir.focusmedia.cn/
China Automotive Systems Reports 40% Increase in Revenue and 84% Increase in Net Income for Fiscal Year 2007
4th Quarter Revenue Grew 36% YoY And net Income Expanded by 52%
WUHAN, Hubei, China, March 25 /Xinhua-PRNewswire-FirstCall/ -- China Automotive Systems, Inc. , a leading power steering components and systems supplier in China, today announced 2007 fourth quarter and year financial results for the period ended December 31, 2007.
2007 Fourth Quarter Highlights:
-- Net sales increased to US$37.7 million, reflecting 36.3% year-over-year
growth;
-- Net income was US$2.2 million, reflecting 52.6% year-over-year growth;
and
-- Diluted earnings per share were US$0.09, reflecting 48% year-over-year
growth.
2007 Full Year Highlights:
-- Net sales increased to US$133.6 million, reflecting 39.5% year-over-
year growth;
-- Net sales from steering components for passenger and light-duty
vehicles increased to US$83.9 million, reflecting 39.3% year-over-year
growth;
-- Net sales from steering components for commercial vehicles increased to
US$35.8 million, reflecting 42.3% year-over-year growth;
-- Net income was US$8.9 million, reflecting 84.1% year-over-year growth;
and
-- Diluted earnings per share were US$0.37, reflecting 76.2% year-over-
year growth.
Mr. Qizhou Wu, Chief Executive Officer of China Automotive Systems, commented, "2007 was a strong year for China Automotive Systems as we demonstrated our ability to continue to grow revenue and expand market share, and also achieved scalability and increased our bottom line at a faster pace than revenues. With the established economies-of-scale, expanded tier 1 customer portfolio and the arrival of new capital, we are confident we can continue to leverage our state-of-the-art manufacturing facility to generate strong results and further build shareholders' value in 2008.''
Fourth Quarter 2007:
Total net sales for the fourth quarter of 2007 were US$37.7 million as compared with US$27.7 million reported in the same period for 2006 and US$31.2 million for the third quarter of 2007. This sales increase reflects 36.3% year-over-year growth and 20.8% quarter-over-quarter growth, respectively.
Gross profit for the fourth quarter of 2007 increased to US$12.7 million compared with US$8.5 million in the same period for 2006, and US$11.4 million for the third quarter of 2007, reflecting a 48% increase year-over-year and a 11.5% quarter-over-quarter growth, respectively. Operating income for the fourth quarter of 2007 was US$3.5 million, compared with US$3.6 million reported in the same period of 2006 and US$6.6 million for the third quarter of 2007, reflecting a decrease of 2.8% year-over-year and a decrease of 47.2% quarter-over-quarter, respectively. Higher fourth quarter operating expenses included R & D of $756,759 compared with $321,533 in the third quarter of 2007. Selling expenses rose due to a greater number of products shipped as well as higher fuel costs, and greater after sales service costs. General and Administrative expenses were also above last year's quarter due to more travel costs, more supplies to support a larger organization, bonuses to management and one-time repair fees for the 10th anniversary of Henglong, one of the Company's subsidiaries.
Net income for the fourth quarter of 2007 was US$2.2 million, or US$0.09 per diluted share as compared with US$1.4 million, or US$0.06 per diluted share in the same period a year ago and US$2.6 million, or US$0.11 per diluted share, for the third quarter of 2007.
Fiscal Year 2007:
2007 2006 Increase
Amount Amount Amount
(US$m) (US$m) (US$m) Percentage
Steering gears for commercial
vehicles 35.8 25.2 10.6 42.3%
Steering gears for passenger
vehicles 83.9 60.3 23.6 39.3%
Others 13.9 10.3 3.6 34.9%
Total Net sales 133.6 95.8 37.8 39.5%
Net Income 8.9 4.8 4 84.1%
Diluted earnings per share US$0.37 US$0.21 US$0.16 76.2%
Total net sales for the year 2007 increased to US$133.6 million, compared with US$95.8 million for the 2006 year, reflecting a 39.5% year-over-year growth. The Company's sales growth reflected China's rising economy and income levels generating a greater number of passenger and commercial vehicle sales in China during 2007.
Gross profit for the year 2007 increased to US$45.3 million compared with US$32.9 million for the year 2006, reflecting a 37.7% year-over-year growth. Operating income for the year 2007 was US$21.3 million, compared with US$12.8 million for the year 2006, reflecting a 66.6% year-over-year growth.
Net income for the year 2007 was US$8.9 million as compared with US$4.8 million, reflecting an 84.1% year-over-year growth. Diluted earnings per share for year 2007 were US$0.37 as compared with US$0.21, reflecting 76.2% year-over-year growth. There were an additional 748,000 diluted shares used in the calculation for the 2007 earnings per share compared with 2006.
Total cash and cash equivalents as of December 31, 2007 totaled US$19.5 million as compared to US$27.4 million as of December 31, 2006. Net cash flow from operations during the 2007 year was US$11.3 million compared with US$8.0 million for the 2006 period. Stockholder's equity increased to US$67.2 million as of December 31, 2007 from US$53.4 million as of December 31, 2006.
Key Establishments in 2007:
On February 6, 2007, the Company announced the establishment of its first office in North America. The US operation is based in Troy, Michigan, and will focus on market development, R&D and after-sales service in North America.
In May 2007, the Company announced that its subsidiary, Jingzhou Henglong Automotive Parts Co., entered into an agreement with FAW Volkswagen to supply high-quality power steering products. The agreement commenced immediately, with a term of one year and an option to extend for a further two years. The power steering products are being installed in Volkswagen's Jetta vehicles manufactured in China. The first commercial shipment was delivered on May 21, 2007. With this supply agreement, China Automotive Systems has entered into Volkswagen's global sourcing system and became a tier 1 supplier to one of the largest auto makers in China.
In October 2007, the Company announced it formed a new wholly owned subsidiary, Jingzhou Hengsheng Automotive Systems Co. Ltd., to focus on opportunities with Sino-foreign joint venture OEMs in China and OEMs in international markets. Hengsheng is based in Jingzhou City, Hubei Province, and the Company expects to invest approximately US$30 million in Hengsheng over the next 3 years. As a wholly owned foreign enterprise, Hengsheng will benefit from an income tax exemption through 2010 followed by preferential tax treatment (at a 15% rate) for the following 3 years thereafter. The first phase of the new facilities, with a capacity of 700,000 power steering units, is expected to be fully constructed by the end of 2008. Hengsheng will gradually install new equipment, complete testing and ramp up production capacity in the next 3 years to reach a designed capacity of 1.3 million units by 2010. This expansion will more than double China Automotive Systems' current capacity of approximately 1.1 million units. Hengsheng will focus its quality assurance to meet the stringent standards required by many global OEMs.
In December 2007, China Automotive Systems announced its plan to consolidate an additional 36.5% of Jingzhou Henglong Automotive Parts Co., Ltd. ("Henglong"). Henglong, currently 44.5% owned by China Automotive Systems, is engaged in manufacturing power steering systems and components for China's rapidly growing passenger vehicle market. Henglong's main customers include Chery Auto, Brilliance Auto, BYD Auto, Geely Auto and FAW Volkswagen. When completed, management expects that the acquisition will be immediately accretive to net earnings. This transaction is expected to be completed in the first quarter of 2008.
In December, the Company entered into its first aftermarket supply contract in the United States with R&B, a major aftermarket supplier. China Automotive Systems has officially entered the U.S. auto parts aftermarket. R&B conducted a strict selection process in China before entering into the agreement with China Automotive Systems. Since May 2006, both companies' engineering teams collaborated closely on the design and development of two power steering models. One model is intended as a replacement power steering product for the Volvo S40 automobile.
Mr. Hanlin Chen, Chairman of China Automotive Systems said, "During 2007, we made some major breakthroughs and important strategic moves to increase our competitiveness and strengthen our shareholders' value. With our momentum in attracting global auto makers' joint ventures to install our superior products in China, we are aiming at a higher goal in 2008 -- to break into the global OEM market. Our total attention is focused on improving our margins which will pay off in the long run. Our mission is to establish a world-class automotive steering powerhouse."
Recent Developments
In February 2008, China Automotive Systems announced that it closed a previously reported transaction for senior convertible notes with warrants in a private placement. The Company received funding from Lehman Brothers for US$30 million and from YA Global Investments for US$5 million. The proceeds are planned to support the Company's acquisitions, capital expenditures for expansion and working capital for future growth.
Also in February 2008, China Automotive Systems announced that its subsidiary, Jingzhou Henglong Automotive Parts Co., passed Dongfeng Peugeot Citroen Automobile Company Ltd.'s safety test and road test for its power steering gears and started preparing its initial shipment of model Dongfeng Peugeot 206 to DPCA. The power steering gears for the Dongfeng Peugeot 206 have already passed the French UTAC safety test. Trial production has begun in March 2008 and commercial production is expected to commence in May 2008. The Dongfeng Citroen Elysee and Dongfeng Citroen new Xsara Picasso steering gears are currently undergoing inspections. We expect to receive commercial orders for the Dongfeng Citroen Elysee power steering gears by June 2008 and for the Dongfeng Citroen new Xsara Picasso power steering gears beginning in October 2008.
Management will conduct a conference call on at 8:00 a.m. Eastern Daylight Time today to discuss these results. A question and answer session will follow management's presentation.
To participate, please call the following numbers 10 minutes before the call start time and ask to be connected to the China Automotive Systems conference call:
Phone Number: +1-877-407-9205 (North America)
Phone Number: +1-201-689-8054 (International)
In addition, the conference call will be broadcast live over the Internet at: http://www.caasauto.com/ or http://investor.shareholder.com/media/eventdetail.cfm?mediaid=30330&c=CAAS&med iakey=5FFBFE7DAB7A4250B716FB3D67283F0D&e=0
Please go to the web site at least 15 minutes early to register, download and install any necessary software.
A telephone replay of the call will be available after the conclusion of the conference call through 11:59 PM Eastern Time on April 8, 2008. The dial- in details for the replay are: U.S. Toll Free Number +1-877-660-6853, International dial-in number +1-201-612-7415; using Account "286" and Conference ID "279088" to access the replay. The internet audio stream will also be available until 11:59 pm Eastern Time on Tuesday, April 8, 2008.
About CAAS Based in Hubei Province, People's Republic of China, China Automotive Systems, Inc. is a leading supplier of power steering components and systems to the Chinese automotive industry, operating through seven Sino- foreign joint ventures. The Company offers a full range of steering system parts for passenger automobiles and commercial vehicles. The Company currently offers 4 separate series of power steering and 307 models of power steering with an annual production capacity of 1.1 million sets, steering columns, steering oil pumps and steering hoses. Its customer base is comprised of leading Chinese auto manufacturers such as China FAW Group, Corp., Donfeng Auto Group Co., Ltd., Brilliance China Automotive Holdings Ltd., Beiqi Foton Motor Co., Ltd. and Chery Automobile Co., Ltd., etc. For more information, please visit: http://www.caasauto.com/
Safe Harbor Statement
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward- looking statements are based on current expectations or beliefs, including, but not limited to, statements concerning the Company's operations, financial performance and, condition and the impact of acquisitions on its financial performance. For this purpose, statements that are not statements of historical fact may be deemed to be forward-looking statements. The Company cautions that these statements by their nature involve risks and uncertainties, and actual results may differ materially depending on a variety of important factors, including, among others, the impact of competitive products, pricing and new technology; changes in demand for the Company's products; changes in consumer preferences and tastes; and effectiveness of marketing; changes in laws and regulations; fluctuations in costs of production, delays and cost overruns related to developing and opening new production facilities; and other factors as those discussed in the Company's reports filed with the Securities and Exchange Commission from time to time.
(Tables to follow)
China Automotive Systems, Inc. and Subsidiaries Consolidated Balance Sheets December 31, 2007 and 2006 (audited, U.S. dollars)
December 31,
2007 2006
ASSETS
Current assets:
Cash and cash equivalents $19,487,159 $27,418,500
Pledged cash deposits 4,645,644 3,484,335
Accounts and notes receivable, net, including
$1,869,480 and $1,770,933 from related
parties at December 31, 2007 and 2006,
net of an allowance for doubtful accounts
of $3,827,838 and $4,086,218 at December
31, 2007 and 2006 82,022,643 57,234,383
Advance payments and other, including
$55,323 and $487,333 to related parties
at December 31, 2007 and 2006 922,578 837,014
Inventories 20,193,286 15,464,571
Total current assets $127,271,310 $104,438,803
Long-term Assets:
Property, plant and equipment, net $46,585,041 $40,848,046
Intangible assets, net 589,713 3,140,548
Other receivables, net, including $638,826
and $738,510 from related parties at
December 31, 2007 and 2006, net of an
allowance for doubtful accounts of
$652,484 and $898,203 at December 31,
2007 and 2006 888,697 966,715
Advance payment for property, plant and
equipment, including $1,560,378 and
$488,873 to related parties at December
31, 2007 and 2006 6,260,443 2,640,708
Long-term investments 73,973 73,718
Deferred income taxes assets 1,315,510 --
Total assets $182,984,687 $152,108,538
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Bank loans $13,972,603 $15,384,615
Accounts and notes payable, including
$1,134,817 and $640,405 to related
parties at December 31, 2007 and 2006 47,530,383 37,647,913
Customer deposits 135,627 146,171
Accrued payroll and related costs 2,664,464 1,506,251
Accrued expenses and other payables 14,938,055 11,078,186
Accrued pension costs 3,622,729 3,266,867
Taxes payable 9,080,493 5,914,362
Amounts due to shareholders/directors 304,601 358,065
Total current liabilities $92,248,955 $75,302,430
Long-term liabilities:
Advances payable 334,600 313,151
Total liabilities $92,583,555 $75,615,581
Minority interests $23,166,270 $23,112,667
Stockholders' equity:
Preferred stock, $0.0001 par value - Authorized
- 20,000,000 shares Issued and Outstanding
- None $-- $--
Common stock, $0.0001 par value - Authorized -
80,000,000 shares Issued and Outstanding -
23,959,702 shares and 23,851,581 shares
at December 31, 2007 and 2006, respectively 2,396 2,385
Additional paid-in capital 30,125,951 28,651,959
Retained earnings-
Appropriated 7,525,777 6,209,909
Unappropriated 23,591,275 16,047,237
Accumulated other comprehensive income 5,989,463 2,468,800
Total stockholders' equity $67,234,862 $53,380,290
Total liabilities and stockholders' equity $182,984,687 $152,108,538
China Automotive Systems, Inc. and Subsidiaries Consolidated Statements of Operations Years Ended December 31, 2007 and 2006 (audited, U.S. dollars)
Year Ended December 31
2007 2006
Net product sales, including $5,472,509 and
$3,278,444 to related parties at years
ended December 31, 2007 and 2006 $133,597,003 $95,766,439
Cost of product sold, including $5,472,595
and $2,850,283 purchased from related
parties at December 31, 2007 and 2006 88,273,955 62,856,625
Gross profit $45,323,048 $32,909,814
Add: Gain on other sales 554,150 279,216
Less: Operating expenses
Selling expenses 9,674,476 7,772,068
General and administrative expenses 9,026,717 7,810,187
R&D expenses 1,666,274 1,066,050
Depreciation and amortization 4,243,930 3,776,003
Total Operating expenses 24,611,397 20,424,308
Income from operations $21,265,801 $12,764,722
Add: Other income, net 38,462 94,257
Financial (expenses) (566,986) (832,844)
Income before income taxes 20,737,277 12,026,135
Less: Income taxes 2,231,032 1,669,081
Income before minority interests 18,506,245 10,357,054
Less: Minority interests 9,646,339 5,545,350
Net income $8,859,906 $4,811,704
Net income per common share -
Basic and diluted $0.37 $0.21
Weighted average number of common shares
outstanding -
Basic 23,954,370 23,198,113
Diluted 23,958,705 23,210,675
China Automotive Systems, Inc. and Subsidiaries Consolidated Statements of Comprehensive Income Years Ended December 31, 2007 and 2006
Year Ended December 31
2007 2006
Net income $8,859,906 $4,811,704
Other comprehensive income:
Foreign currency translation gain 3,520,663 1,136,116
Comprehensive income $12,380,569 $5,947,820
For further information, please contact:
Jie Li
Chief Financial Officer
China Automotive Systems
Email: jieli@chl.com.cn
Kevin Theiss
Investor Relations
The Global Consulting Group
Tel: +1-646-284-9409
Email: ktheiss@hfgcg.com
China Automotive Systems, Inc.
CONTACT: Jie Li, Chief Financial Officer of China Automotive Systems, jieli@chl.com.cn; or Kevin Theiss, Investor Relations of The Global Consulting Group, +1-646-284-9409, or ktheiss@hfgcg.com
Web Site: http://www.caasauto.com/
Orbitz Worldwide Names Richard P. Fox to Its Board of DirectorsDuties to likely include leadership of the company's audit committee
CHICAGO, March 25 /PRNewswire-FirstCall/ -- Orbitz Worldwide, Inc. , a leading global online travel company, today announced the appointment of Richard P. Fox to its board of directors.
(Logo: http://www.newscom.com/cgi-bin/prnh/20070813/AQM125LOGO)
Mr. Fox was appointed to fill the vacancy on the board created by the resignation of David Weiss, and will serve for the term expiring at the 2008 Annual Meeting of Shareholders. The board has nominated Mr. Fox for election at the 2008 Annual Meeting. If re-elected by the company's shareholders at the 2008 Annual Meeting, Mr. Fox would serve for the three-year term expiring at the 2011 Annual Meeting. Mr. Fox is also expected to be appointed by the board to serve as the Chairman of the Audit Committee and a member of the Compensation Committee.
"We want our shareholders to benefit from the most talented directors available. Rick Fox exemplifies the qualities and experiences that define successful corporate leaders," said Jeff Clarke, chairman, Orbitz Worldwide. "I am confident that Rick will be a great asset to the management team at Orbitz as the company works to deliver future growth."
Mr. Fox has served as a consultant and outside board member since 2001 to entrepreneurs and businesses within the financial services industry. He was President and Chief Operating Officer of CyberSafe Corporation from 2000 to 2001, responsible for the overall financial services and operations of the company. Prior to joining CyberSafe, he was Chief Financial Officer and a member of the board of directors of Wall Data, Incorporated. Additionally, he spent 28 years at Ernst & Young LLP, last serving as Managing Partner of its Seattle office.
Mr. Fox also serves on the board of directors of PREMERA, a Blue Cross managed-care provider; Univar Inc., an international chemical distribution company; and Flow International , a machine tool manufacturer. He also serves on the boards of several private equity financed technology companies.
"The online travel space is an exciting vertical within e-commerce with tremendous growth potential on a global scale," said Rick Fox, director, Orbitz Worldwide. "I look forward to my relationship with this management team, led by Steve Barnhart, as we work to continue the growth of Orbitz Worldwide's portfolio of brands."
"Rick will bring valued expertise to our board of directors, and our management team will benefit from his leadership," said Steve Barnhart, CEO and president, Orbitz Worldwide. "I look forward to his counsel as we continue to expand the limits of what we accomplish within this organization."
In addition to his corporate service, Mr. Fox is a member of the Board of Trustees of the Seattle Foundation and is on the Board of Visitors of the Fuqua School of Business at Duke University. He received a Bachelor of Arts degree in Business Administration from Ohio University and an M.B.A. from the Fuqua School of Business at Duke University. He is a Certified Public Accountant.
About Orbitz Worldwide
Orbitz Worldwide is a leading global online travel company that uses innovative technology to enable leisure and business travelers to research, plan and book a broad range of travel products. Orbitz Worldwide owns and operates a portfolio of consumer brands that includes Orbitz (http://www.orbitz.com/), CheapTickets (http://www.cheaptickets.com/), ebookers.com (http://www.ebookers.com/), HotelClub (http://www.hotelclub.com/), RatesToGo (http://www.ratestogo.com/), the Away Network (http://www.away.com/), and corporate travel brand Orbitz for Business (http://www.orbitzforbusiness.com/). If you want to work with Orbitz Worldwide, visit http://corp.orbitz.com/ for more information.
Photo: http://www.newscom.com/cgi-bin/prnh/20070813/AQM125LOGO AP Archive: http://photoarchive.ap.org/ PRN Photo Desk, photodesk@prnewswire.com
Orbitz Worldwide, Inc.
CONTACT: Media, Brian Hoyt, +1-312-894-6890, bhoyt@orbitz.com, or Investors, Shannon Burns, +1-312-260-2550, shannon.burns@orbitz.com, both of Orbitz Worldwide, Inc.
Web site: http://www.orbitz.com/
Mattson Technology Receives Multiple Orders for Suprema(TM) Strip System From New CustomerExpands Company Presence into Singapore Market for Advanced Technology
FREMONT, Calif., March 25 /PRNewswire-FirstCall/ -- Mattson Technology, Inc. , a leading supplier of advanced semiconductor process equipment used to manufacture Integrated Circuits (or "IC's"), today announced that the Company has received multiple orders for its Suprema(TM) photoresist strip system from a leading 300 mm manufacturing facility in Singapore.
Mattson noted that the Suprema continues to displace competitors, and is winning in both established and new accounts. This success is attributable to the system's advanced technical performance and compelling Cost of Ownership gains for Mattson's customers. The Suprema has been installed and is operational at 8 of the top 10 global semiconductor companies, and is being used for high volume production as well as sub-45nm process development.
"We are extremely pleased with the multiple orders for the Suprema system," noted Neal Holmlund, senior vice president and general manager of Mattson Technology's Surface Cleaning Group. "These orders continue our technology leadership with photoresist strip products, and further position Mattson to outperform the industry. It is a validation of the Company's superior technology and competitive advantages, which we believe will drive market share gains for Mattson. We look forward to supporting our customer's growth strategy to meet their customers' anticipated demand for leading-edge computing, consumer, networking and mobile products in 2008 and beyond."
About Suprema(TM)
The Suprema(TM) product was first introduced by Mattson Technology on January 30, 2006. The system combines Mattson's proprietary inductively coupled plasma (ICP) technology with an innovative handling architecture. The ICP technology has been successfully adopted by 17 of the 20 top semiconductor manufacturers in volume production and advanced product development. The Suprema has been designed to provide the greatest productivity per square meter of fab space with the lowest Cost of Ownership to meet industry's requirement for higher efficiency with productivity as well as the best defect performance for bulk strip applications, maximum process performance for high- dose implant strip (HDIS) and descum processes to meet manufacturers' high device yield targets. The Suprema has been installed and is operational at 8 of the top 10 global semiconductor companies, and is being used for high volume production as well as sub-45nm process development. Suprema enjoys Process Tool of Record (PTOR) status at device makers in all major worldwide geographies, and in all device maker segments (memory, logic, and foundry).
About Mattson Technology, Inc.
Mattson Technology, Inc. is a leading supplier of dry strip equipment and the second largest supplier of rapid thermal processing equipment in the global semiconductor industry. The company's strip and RTP equipment utilize innovative technology to deliver advanced processing performance and productivity gains to semiconductor manufacturers worldwide for the fabrication of current- and next-generation devices. For more information, please contact Mattson Technology, Inc., 47131 Bayside Parkway, Fremont, Calif. 94538. Telephone: (800) MATTSON/(510) 657-5900. Fax: (510) 492-5911. Internet: http://www.mattson.com/.
"Safe Harbor" Statement Under the Private Securities Litigation Reform Act of 1995:
This news release contains forward-looking statements regarding the Company's future prospects. Forward-looking statements address matters that are subject to a number of risks and uncertainties that can cause actual results to differ materially. Such risks and uncertainties include, but are not limited to: end-user demand for semiconductors; customer demand for semiconductor manufacturing equipment; the timing of significant customer orders for the Company's products; customer acceptance of delivered products and the Company's ability to collect amounts due upon shipment and upon acceptance; the Company's ability to timely manufacture, deliver and support ordered products; the Company's ability to bring new products to market and to gain market share with such products; customer rate of adoption of new technologies; risks inherent in the development of complex technology; the timing and competitiveness of new product releases by the Company's competitors; the Company's ability to align its cost structure with market conditions; and other risks and uncertainties described in the Company's Forms 10-K, 10-Q and other filings with the Securities and Exchange Commission. The Company assumes no obligation to update the information provided in this news release.
Mattson Technology Contact Investor & Media Contact
Kerem Kapkin Laura Guerrant
tel +1-(510) 492-2765 Guerrant Associates
fax +1-(510) 474-1449 tel 808-882-1467
Kerem.Kapkin@mattson.com fax 808-882-1417
lguerrant@guerrantir.com
Mattson Technology, Inc.
CONTACT: Kerem Kapkin of Mattson Technology, +1-510-492-2765, fax, +1-510-474-1449, Kerem.Kapkin@mattson.com; or Investors & Media, Laura Guerrant of Guerrant Associates, +1-808-882-1467, fax, +1-808-882-1417, lguerrant@guerrantir.com, for Mattson Technology, Inc.
Web site: http://www.mattson.com/
SmartCard Marketing Systems Inc. (Pink Sheets: SMKG) Signs Supply and Fulfillment Agreement with Direct World Convenience Card Inc. of Alberta
SAN ANTONIO, March 25 /PRNewswire-FirstCall/ -- As stated by SmartCard Marketing Systems Inc. (Pink Sheets: SMKG) "We are pleased to have signed an important supply and fulfillment agreement with DWC (http://www.directworld.net/) and its President Mr. Nando Covelli of Alberta, Canada.
This is an important relationship for SmartCard Marketing Systems Inc. in the Canadian market as it will drastically improve supply and fulfillment of prepaid instant issue and re-loadable cards to an existing base of merchants and consumers for payroll, travel, expense, gift cards and money transmitter uses.
In addition this continues to expand the usage an integral part of Velocitymoney.com and Velocitymerchant.com as an important business aggregator in a vibrant market with increasing demand and need for specialized applications to manage product and customers activity in North America."
Velocitymoney.com
SmartCard Marketing Systems Inc. management continues its focus on developing brand awareness through its Velocitymoney.com offering as well as building its brick and mortar business in the retail market gaining market position.
We seek safe harbor.
SmartCard Marketing Systems Inc.
CONTACT: Max Barone of Smart Card Marketing Systems Inc., +1-866-774-2555, maxbarone@gosmartcard.com
Web site: http://www.gosmartcard.com/ http://www.directworld.net/
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