Companies news of 2008-05-19 (page 1)
Advanced Energy to Webcast Presentation at the JPMorgan Annual Technology Conference
Streamline Health Solutions, Inc. Reports First Quarter 2008 Operating Results
China GrenTech Corporation Limited Announces First Quarter 2008 Results
Informatica to Present at Wedbush Morgan NY Management Access Conference
Mark Morelli, Energy Conversion Devices President and CEO, to Present at JPMorgan 36th...
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Quest Diagnostics and Google Empower Patients and Physicians to Share Diagnostic Test...
Communications & Power Industries Receives Defense Contracts Totaling up to $14.8 Million
New EMC Backup Offerings Control Data Growth and Increase Efficiency Using Latest...
/C O R R E C T I O N -- Spare Backup, Inc./In the news release, SpareBackup Begins...
Agilysys Fiscal 2008 Fourth Quarter Conference Call to be Broadcast Live Over the Internet...
Perot Systems Selected to Provide IT Infrastructure Services to Moody's...
Tasker Products Receives Authorization from USDA for its Tasker Clear for use in Meat and...
Baker Energy and Huber Receive First-of-its-Kind Award from Wyoming Department of...
Level 3 Enables Independent Cable Operators' Growth NationwideBroad Geographic Reach...
Marvell Pledges Aid to Victims of Sichuan Earthquake and Cyclone Nargis
TRX Releases RESX v8.1TRX's RESX Expands Comparison Shopping Options for US State...
American Airlines Cargo Honored 'Customer Excellence and Innovation Award' by Descartes...
Townsend and Pepperell, Massachusetts Residents to Benefit from Verizon Wireless Network...
Worlds.com: Pioneer of 3D Virtual Worlds Announces New Board Member From GoogleNew Board...
VIASPACE CEO Reports on Sharp Corporation Progress on Direct Methanol Fuel Cells
Wi-Tron, Inc. and Cellvine, Ltd. Sign Definitive Merger Agreement
Cascade Microtech Announces Strategic Initiative to Maximize Lab and Fab Investments via...
/C O R R E C T I O N -- The9 Limited/
FBI Awards General Dynamics $83 Million IT Management Contract
Cascade Microtech Offers Industry's First Fully Integrated Flicker Noise Measurement...
SpareBackup Begins Shipping Software in DSG International PLC Private Label PC'sSpare...
AT&T Awards $75,000 Contribution to Improve Educational Opportunities for Disadvantaged...
/C O R R E C T I O N -- Virgin Mobile USA/
Advanced Energy to Webcast Presentation at the JPMorgan Annual Technology Conference
FORT COLLINS, Colo., May 19 /PRNewswire-FirstCall/ -- Advanced Energy Industries, Inc. is pleased to announce its participation in the upcoming JPMorgan 36th Annual Technology Conference. Lawrence D. Firestone, Executive Vice President and Chief Financial Officer, will deliver a group presentation on Wednesday, May 21, 2008, at 10:00 AM Eastern Time. The live and archived webcast will be available over Advanced Energy's investor relations website, http://ir.advanced-energy.com/.
About Advanced Energy(R)
Advanced Energy(R) develops innovative power and control technologies that drive high-growth, plasma thin-film manufacturing processes worldwide, including semiconductors, flat panel displays, data storage products, solar cells, architectural glass, and other advanced product applications. Advanced Energy(R) also develops grid connect inverters for the solar energy market.
AE is a publicly held company traded on Nasdaq Global Market under the symbol AEIS. For more information, go to http://www.advanced-energy.com/.
Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20030825/AEISLOGO AP Archive: http://photoarchive.ap.org/ PRN Photo Desk, photodesk@prnewswire.com
Advanced Energy Industries, Inc.
CONTACT: Annie Leschin or Brooke Deterline, both of StreetSmart Investor Relations, +1-970-407-6555, ir@aei.com, for Advanced Energy Industries, Inc.
Web site: http://www.advanced-energy.com/ http://ir.advanced-energy.com/
Streamline Health Solutions, Inc. Reports First Quarter 2008 Operating Results
CINCINNATI, May 19 /PRNewswire-FirstCall/ -- Streamline Health Solutions, Inc. , today announced the financial results for the first quarter of fiscal year 2008 ended April 30, 2008.
Revenues for the first quarter were $3.6 million, compared with $3.8 million in the first quarter of fiscal year 2007. The Company reported a net loss of $814,662, or $(0.09) per fully diluted share, compared with a net loss of $443,312, or $(0.05) per fully diluted share in the first quarter of the previous year.
Professional services revenues increased by 43% as we began to install several systems from our backlog. The Company expects professional services revenues to continue to increase in the coming quarters. As expected, there was one major system sale that closed during the first quarter of 2008; however, it did not impact revenues, as this transaction involves the future deliverable of multi-language capabilities. We anticipate an announcement regarding this major system sale sometime within our second quarter. As a result of the deferral of the software license revenue for this transaction, software license sales were lower. The comparable quarter last year included software license revenue of approximately $300,000.
During the quarter the Company expanded its direct sales force and added two new Account Executives in order to more fully develop our reach within the hospital information technology market and compliment the sales achieved through our two primary distribution partners. The hiring of these additional personnel brings to nine (9) the numbers of sales professionals in the Company's direct sales force, which is supported by an additional eight (8) sales support personnel. The Company also continues to pursue the expansion of our solutions to address the document management and workflow requirements in other market segments such as state and local governments.
Brian Patsy, president and chief executive officer of Streamline Health, commented, "We are pleased with the results of the quarter as they were in- line with our expectations. Historically, the first two quarters of our fiscal year are not the strongest quarters primarily because software license purchases traditionally tend to skew toward the end of the year, and the results of this quarter certainly reflected that pattern."
"However, looking ahead, we are beginning to see indications, in conjunction with our distribution partners, that a number of system sales to new customers will close during the second quarter and subsequently have a beneficial impact to our first half results. We continue to be very pleased with the relationships that we have with our primary distribution partners, GE Healthcare and Emergis. They are doing a great job at proposing and integrating our workflow solutions into the systems they install for their customers. We could not have a better set of partners."
"As it relates to product development, we continue to invest in an architecture platform that enhances the capabilities of our solutions to seamlessly integrate into the healthcare enterprise," continued Mr. Patsy. "The first version of our next generation architecture, which includes six key architectural elements, has been completed, and we are currently building multiple workflow solutions on this new architectural platform. The first of these workflow solutions, Financial Screening Workflow(TM), is complete and is in Beta testing with our Beta partner. Later in the year we expect to introduce an upgraded version of our flagship "accessANYware(TM)" system that will provide greater functionality, and will eventually feature multi-language capabilities as early as fiscal year 2009. This will be critical in expanding into international markets in the coming years."
Mr. Patsy concluded, "In addition to enabling the linkage of documents with clinical, financial and administrative systems within the healthcare enterprise, we expect that our continuing investment in developing our next generation architecture will realize shorter development cycles, better productivity, and more frequent product releases in the Workflow solution family. We are dedicated to maintaining a strong research and development effort as we expect to expand our product offerings to address the needs of other market segments, both domestically and internationally. We believe this new architecture will set the stage for improved operating and financial performance going forward. We expect 2008 to be a solid year and we look forward to the opportunities ahead in the coming years."
CONFERENCE CALL INFORMATION
The first quarter conference call will be held at 10:00 a.m. Eastern Time, on Tuesday May 20, 2008. The call will feature remarks from J. Brian Patsy, Chief Executive and Paul W. Bridge, Jr., Chief Financial Officer.
To listen to the call via the webcast, go to http://www.streamlinehealth.net/ approximately twenty minutes before the call is scheduled to begin. You will need to register as well as download the necessary audio software. The webcast will also be available on the web site for 30 days.
ABOUT STREAMLINE HEALTH(R)
Streamline Health is a leading supplier of workflow and document management tools, applications and services that assist healthcare organizations and strategic business partner's customers to improve operational efficiencies through business process optimization. The Company provides integrated tools and technologies for automating document-intensive environments, including document workflow, document management, e-forms, portal connectivity, optical character recognition (OCR) and interoperability.
The Company's workflow-based services offer solutions to inefficient and labor-intensive healthcare business processes throughout the revenue cycle, such as chart coding, abstracting and completion, remote physician order processing, pre-admission registration scanning and signature capture, insurance verification, secondary billing services, explanation of benefits processing and release of information processing. The Company's solutions also address the document workflow needs of the Human Resource and Supply Chain Management processes of the healthcare enterprise. All solutions are available for purchase or through a remote hosting services model that better matches customers' capital or operating budget needs.
Streamline Health's solutions create a permanent document-based repository of historical health information that is complementary and can be seamlessly integrated with existing disparate clinical, financial and administrative information systems, providing convenient electronic access to all forms of patient information from any location, including secure web-based access. These integrated solutions allow providers and administrators to link existing systems with documents, which can dramatically improve the availability of patient information while decreasing direct costs associated with document retrieval, work-in-process, chart processing, document retention and archiving. For additional information, please visit our website at http://www.streamlinehealth.net/.
Safe Harbor statement under the Private Securities Litigation Reform Act of 1995
Statements made by Streamline Health Solutions, Inc. that are not historical facts are forward-looking statements that are subject to risks and uncertainties. The forward-looking statements contained herein are subject to certain risks and uncertainties that could cause actual results to differ materially from those reflected in the forward-looking statements, included herein. These risks and uncertainties include, but are not limited to, the expectations and timing of the execution of new licensing agreements and the related timing of the revenue recognition related thereto, the impact that increased expenditures on infrastructure and products could have on operations which may not result in projected increases in revenues, the impact of competitive products and pricing, product demand and market acceptance, new product development, key strategic alliances with vendors that resell Streamline Health products, the ability of the Company to control costs, availability of products produced from third party vendors, the healthcare regulatory environment, healthcare information systems budgets, availability of healthcare information systems trained personnel for implementation of new systems, as well as maintenance of legacy systems, fluctuations in operating results and other risks detailed from time to time in the Streamline Health Solutions, Inc. filings with the U. S. Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management's analysis only as of the date hereof. The Company undertakes no obligation to publicly release the results of any revision to these forward-looking statements, which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
TABLES ATTACHED
STREAMLINE HEALTH SOLUTIONS, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF OPERATIONS
UNAUDITED
Three Months Ended
April 30,
2008 2007
Revenues:
Systems sales $309,491 $763,124
Services, maintenance and support 2,402,766 2,129,489
Application-hosting services 891,493 886,787
Total revenues 3,603,750 3,779,400
Operating expenses:
Cost of systems sales 750,971 783,307
Cost of services, maintenance and
support 1,059,148 943,588
Cost of application-hosting services 288,191 275,429
Selling, general and administrative 1,599,423 1,417,334
Product research and development 719,255 806,455
Total operating expenses 4,416,988 4,226,113
Operating ( loss ) (813,238) (446,713)
Other income (expense):
Interest income 5,554 14,090
Interest (expense) (438) (10,689)
Loss before income taxes (808,122) (443,312)
Provision for income taxes (6,500) -
Net (loss) $(814,622) $(443,312)
Basic net (loss) per common share $(0.09) $(0.05)
Diluted net (loss) per common share $(0.09) $(0.05)
Number of shares used in basic
per common share computation 9,260,320 9,211,534
Number of shares used in diluted
per common share computation 9,260,320 9,211,534
STREAMLINE HEALTH SOLUTIONS, INC. AND SUBSIDIARY
CONDENSED CONSOLIDATED BALANCE SHEETS
UNAUDITED
April 30,
Assets 2008 2007
Current assets:
Cash $1,246,151 $749,003
Accounts receivable, net of allowance for
doubtful accounts of $100,000 and
$200,000, respectively 1,763,443 2,210,871
Unbilled receivables 1,456,801 1,160,361
Prepaid expenses 1,249,587 657,252
Deferred tax assets 185,000 625,000
Total current assets 5,900,982 5,402,487
Property and equipment:
Computer equipment 2,423,579 2,265,007
Computer software 1,147,123 928,413
Office furniture, fixtures and equipment 736,441 737,524
Leasehold improvements 574,257 572,048
4,881,400 4,502,992
Accumulated depreciation and amortization (3,323,950) (2,877,874)
1,557,450 1,625,118
Non-current unbilled receivables - 554,888
Capitalized software development costs, net of
accumulated amortization of $7,162,568
and $5,498,234, respectively 5,259,361 3,871,693
Other, including deferred tax assets of
$1,690,000 and $1,250,000, respectively $14,448,224 $12,743,747
Liabilities and stockholders' equity
Current liabilities:
Accounts payable $1,135,141 $531,274
Accrued expenses 922,258 859,729
Deferred revenues 4,850,352 2,762,717
Current portion of capitalized leases - 92,581
Total current liabilities 6,907,751 4,246,301
Non-current portion of capitalized leases - 32,303
Non-current lease incentives 122,104 203,494
Stockholders' equity:
Preferred stock, $0.01 par value per share,
5,000,000 shares authorized, no shares
issued - -
Common stock, $0.01 par value per share,
25,000,000 shares authorized, 9,260,320
and 9,212,899 shares issued, respectively 92,603 92,129
Capital in excess of par value 35,582,276 35,319,159
Accumulated (deficit) (28,256,510) (27,149,639)
Total stockholders' equity 7,418,369 8,261,649
$14,448,224 $12,743,747
STREAMLINE HEALTH SOLUTIONS, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS
UNAUDITED
Three Months ended April 30,
2008 2007
Operating activities:
Net (Loss) $(814,622) $(443,312)
Adjustments to reconcile net loss to net
cash provided by (used for) operating
activities:
Depreciation and amortization 689,609 555,212
Share-based compensation expense 40,054 29,998
Cash provided by (used for) assets and
liabilities:
Accounts, contract and installment
receivables 1,446,450 267,514
Other assets (263,537) (111,822)
Accounts payable and accrued expenses (519,091) (174,615)
Deferred revenues (332,982) (930,951)
Net cash provided by (used for) operating
activities 245,881 (807,976)
Investing activities:
Purchases of property and equipment (254,002) (221,393)
Capitalization of software development costs (900,000) (499,998)
Other (34,738) (19,015)
Net cash (used for) investing activities (1,188,740) (740,406)
Financing activities:
Repayment of long term debt - (1,000,000)
Payment of capitalized leases - (22,167)
Exercise of stock options and stock
purchase plan - 2,938
Net cash (used for) financing activities - (1,019,229)
Decrease in cash (942,859) (2,567,611)
Cash at beginning of period 2,189,010 3,316,614
Cash at end of period $1,246,151 $749,003
Supplemental cash flow disclosures:
Interest paid $438 $7,893
Income taxes paid $8,740 $4,705
At April 30, 2008, Streamline Health has master agreements, purchase orders or royalty reports from remarketing partners for systems and related services which have not been delivered, installed and accepted which, if fully performed, will generate future revenues of $15,315,390 as follows:
Streamline Health Software Licenses $1,988,165
Custom Software 335,250
Hardware and Third Party Software 1,408,891
Professional Services 5,189,164
Application Hosting Services 2,355,997
Recurring Maintenance 4,037,923
The backlog at the end of the fiscal year January 31, 2008 was $15,966,816. The first quarter 2008 decrease was only $651, 426. The decrease is net of significant additions on new contracts which have not yet been publicly announced and add on sales to existing customers.
Streamline Health Solutions, Inc.
CONTACT: Paul W. Bridge, Jr., Chief Financial Officer, Streamline Health Solutions, Inc., +1-513-794-7100; or Joe Diaz, Joe Dorame, or Robert Blum, all of Lytham Partners, LLC, +1-602-889-9700
Web site: http://www.streamlinehealth.net/
China GrenTech Corporation Limited Announces First Quarter 2008 Results
SHENZHEN, China, May 19 /Xinhua-PRNewswire-FirstCall/ -- China GrenTech Corporation Limited (Nasdaq: GRRF, "the Company", or "GrenTech"), a leading China-based radio frequency ("RF") technology and product developer and a leading wireless coverage products and services provider, today announced its unaudited financial results for the first quarter ended March 31, 2008.
First Quarter 2008 Financial Highlights
-- Total revenue increased by 128.2% over the first quarter 2007 to
RMB71.4 million (US$10.2 million)(1)
Revenue from wireless coverage products and services was RMB52.1
million (US$7.4 million), an increase of 149.1% over the first quarter
2007
Revenue from base station RF products increased 86.1% over the first
quarter 2007 to RMB19.3 million (US$2.8 million)
-- Gross profit was RMB22.0 million (US$3.1 million), an increase of
69.2% over the first quarter 2007
-- Operating loss was RMB36.3 million (US$5.2 million), a decrease of
14.0% from the first quarter 2007
-- Net loss was RMB41.5 million (US$5.9 million), a decrease of 7.3% from
the first quarter 2007
-- Net loss per ADS(2) was RMB1.69 (US$0.24)
(1) The Company's reporting currency is Renminbi ("RMB"). The
translation of amounts from RMB to United States dollars is solely for
the convenience of the reader. RMB numbers included in this press
release have been translated into U.S. dollars at the noon buying rate
for U.S. Dollars in effect on March 31, 2008 in the City of New York
for cable transfers in RMB per U.S. dollar as certified for customs
purposes by the Federal Reserve Bank of New York, which was
US$1.00=RMB7.0120. No representation is made that RMB amounts could
have been, or could be, converted into U.S. Dollars at that rate or at
any other rate on March 31, 2008.
(2) Each ADS represents 25 of our ordinary shares.
Mr. Yingjie Gao, Chairman and Chief Executive Officer of GrenTech, commented, "I am proud to announce strong top line year-over-year growth from both our wireless coverage and our base station RF businesses. In the first quarter of 2008, we obtained additional wireless coverage business from China Mobile and China Unicom, and played a key role in China Mobile's construction of WLAN networks for the 2008 Beijing Olympic cities. We also recognized revenue from China Mobile derived from the construction projects commenced in the fourth quarter 2007, which collectively enhanced our wireless coverage segment. Our RF business also grew in this quarter, primarily due to increased demand for our base station RF modules from a domestic base station manufacturer.
"Traditionally, the first quarter is seasonally lowest for our Company in terms of revenues, as Chinese telecommunications operators tend to plan their equipment spending for the year during the first quarter. We are working to minimize the seasonal impact by diversifying our product and consumer base and we expect to see gradual improvements over the medium term."
Mr. Gao continued, "During this first quarter, we fully participated in the centralized bids for equipment supply orders with China Mobile, China Unicom and China Telecom. I am delighted to report that we won several bids, including a bid with China Mobile to provide GSM wireless coverage equipment in 2008. This would potentially make our company one of the most important wireless coverage equipment suppliers for China Mobile in 2008. Additionally, we won a bid from China Unicom to provide wireless coverage equipment in 2008, which, we believe, will strengthen our position as China Unicom's key wireless coverage equipment supplier. We also won bids with China Mobile and China Telecom to provide WLAN equipment.
"While the adoption of centralized bidding policies by our major customers has lowered the gross margin on equipment sales, it has also, however, increased the gross margin of integration services, which are expected to make up a larger share of total project fees than previously. With our enhanced sales and marketing efforts, we are confident that we would enter more of China Mobile's regional integration service markets. China Unicom's move to implement centralized bidding in 2008 would also result in additional integrated services revenue for our Company, which would offset the adverse effect of lower equipment sales margin on our overall margin. In addition, the adoption of centralized bidding policies for equipment procurement may help shorten our equipment revenue recognition and payment collection cycle, and reduce our sales and marketing expenses.
"In the first quarter, we won bids to supply Huawei and ZTE with base station RF modules for six months in 2008. We also commenced shipments of RF module products to an international base station manufacturer on a trial basis. In addition, we successfully completed customer testing of our amplifier modules, filter modules and remote radio units ("RRU") for Phase II TD-SCDMA network construction, and we are well-prepared to supply base station RF modules and RRU products for Phase II TD-SCDMA network construction," concluded Mr. Gao.
First Quarter 2008 Unaudited Financial Results
Revenue
Revenue for the first quarter 2008 was RMB71.4 million (US$10.2 million), an increase of RMB40.1 million (US$5.7 million), or 128.2%, over RMB31.3 million in the first quarter of 2007. This was primarily due to increased revenue generated from sales to China Mobile and increased sales of base station RF modules to a domestic base station manufacturer.
Revenue from wireless coverage products and services increased by 149.1%, from RMB20.9 million in the first quarter 2007 to RMB52.1 million (US$7.4 million) in the first quarter 2008, mainly due to the recognition of integration service fees from China Mobile, and increased WLAN revenue generated from China Mobile's network construction in the Olympic cities. Our revenue from China Mobile in the first quarter 2008 increased by RMB24.0 million, or 342.8%, compared with the first quarter 2007.
Revenue from RF products increased by 86.1%, from RMB10.4 million in the first quarter 2007 to RMB19.3 million in the first quarter 2008, primarily due to increased demand from a base station manufacturer in China.
Three Months Ended March 31,
2007 2008
Revenues Revenues Revenues % of Total
(RMB'000) (RMB'000) (US$'000) Revenues
Wireless Coverage
Products & Services
China Mobile 7,003 31,010 4,422 43.4 %
China Unicom 8,736 16,102 2,296 22.6 %
China Telecom 1,378 1,859 265 2.6 %
China Netcom 999 775 111 1.1 %
Overseas 376 2,273 324 3.2 %
Non-operators 2,412 48 7 0.1 %
Subtotal 20,904 52,067 7,425 73.0 %
RF Products
OEMs 10,382 19,322 2,756 27.0 %
Total 31,286 71,389 10,181 100 %
Cost of Revenue
Cost of revenue in the first quarter 2008 was RMB49.4 million (US$7.0 million). The year-over-year cost of revenue increase of 170.0% was driven primarily by a higher volume of sales at lower price levels during the first quarter of 2008 versus the same period in 2007.
Operating Expenses
Total operating expenses increased by RMB3.1 million (US$0.4 million), or 5.6%, from RMB55.2 million in the first quarter 2007 to RMB58.3 million (US$8.3 million) in the first quarter 2008. This was due to increased research and development expenses.
Research and development expenses increased by RMB2.1 million (US$0.3 million), or 16.1%, to RMB15.3 million (US$2.2 million) in the first quarter 2008. This was due to increased research material costs and the increased fixed asset amortization expenses related to the additional research equipment.
Sales and distribution expenses were RMB28.8 million (US$4.1 million), which remained stable compared to RMB28.6 million in the same period last year. Due to the implementation of centralized bidding policies by our major customers, the Company has shifted its sales focus away from provincial operators, which has reduced sales expenses.
General and administrative expenses were RMB14.2 million (US$2.0 million) for the first quarter 2008, an increase of RMB0.8 million (US$0.1 million), or 5.6%, from RMB13.4 million in the first quarter 2007. The year-over-year increase was primarily due to increased fixed asset amortization related to the ERP system implementation. This was partially offset by a decrease in other administrative expenses, such as travelling fees and personnel costs.
Other Expenses/Income
Total other expenses were RMB12.5 million (US$1.8 million), an increase of 98.8% compared with RMB6.3 million in the first quarter 2007. This was mainly due to increased interest expenses and foreign exchange loss.
Interest income increased from RMB2.5 million in the first quarter 2007 to RMB5.5 million (US$0.8 million) in the first quarter 2008, which was primarily due to the increase in effective interest income related to long-term accounts receivable.
Interest expense increased by 118.4% year-over-year to RMB13.2 million (US$1.9 million), which included RMB3.1 million in interest expenses related to increased bank loans and RMB3.4 million in expenses related to the sales of accounts receivable to banks in the fourth quarter 2007.
The foreign currency exchange loss was RMB7.0 million (US$1.0 million) in the first quarter 2008, compared with a loss of RMB2.8 million in the same period of the previous year. The Company has kept a portion of its foreign currency in offshore accounts, causing increased exchange losses as the RMB appreciated. The Company is in the process of obtaining approval from the Chinese government to exchange its foreign currency to RMB.
Earnings
Gross profit of RMB22.0 million (US$3.1 million) in the first quarter 2008 represented an increase of RMB9.0 million, or 69.2%. Gross margin was 30.8%, compared to 41.5% in the first quarter 2007. The decrease in gross margin was mainly due to decreased equipment sales prices, and was partially offset by an improved integrated services gross margin.
Operating loss decreased from RMB42.2 million in the first quarter 2007 to RMB36.3 million (US$5.2 million) in the first quarter 2008. The Company has typically reported an operating loss in the first quarter of each year due to seasonality in wireless coverage spending trends among Chinese telecom operators, and this year was no exception. However, the Company's results for the first quarter 2008 improved over its the first quarter 2007 results due to increased revenue and tighter control of sales and marketing expenses.
Net loss decreased from RMB44.8 million in the first quarter 2007 to RMB41.5 million (US$5.9 million) in the first quarter 2008.
Net loss per ADS was RMB1.69 (US$0.24). There are no dilutive potential ordinary shares in existence for the period ended March 31, 2008.
Balance Sheet
Cash, cash equivalents and pledged time deposits decreased from RMB576.6 million as of December 31, 2007 to RMB432.8 million (US$61.7 million) as of March 31, 2008, a decrease of RMB143.8 million, or 24.9%. This decrease was mainly attributable to the use of cash for working capital outlays for raw materials and operating overhead, as well as capital expenditures for plant and equipment purchases.
Total accounts receivable decreased by 4.3%, from RMB1,315.3 million as of December 31, 2007 to RMB1,259.4 million (US$179.6 million) as of March 31, 2008. This decrease was mainly attributable to improved wireless coverage receivable collections and shortened RF business receivable timelines.
Inventories increased from RMB542.1 million as of December 31, 2007 to RMB647.7 million (US$92.4 million) as of March 31, 2008, an increase of 19.5%. The increase was mainly due to increased RF product raw materials and an increase in the amount of wireless coverage product finished goods that have been shipped to customers but have not yet been recognized as revenue.
Total assets decreased by RMB55.9 million, or 1.9%, from RMB2,997.3 million as of December 31, 2007 to RMB2,941.4 million (US$419.5 million) as of March 31, 2008, mainly due to decreases in total cash and total accounts receivable.
Total liabilities decreased by RMB14.2 million, or 1.0%, from RMB1,405.0 million as of December 31, 2007 to RMB1,390.8 million (US$198.4 million) as of March 31, 2008. Current liabilities decreased by 1.1% to RMB1,234.9 million (US$176.1 million) as of March 31, 2008, primarily due to a decrease in accounts payable. Long-term debt as of March 31, 2008 was RMB150.0 million (US$21.4 million), unchanged from December 31, 2007.
Business Outlook and Guidance for the Second Quarter 2008
Base Station RF Products
GrenTech believes that in the second quarter, revenue from the RF business will increase over the first quarter 2008, as the Company has won the bids from the two largest Chinese base station manufacturers and expects customer demand to increase in the second quarter 2008. Additionally, the Company will continue to supply RF modules to international base station manufacturers on a trial basis. Furthermore, following the successful completion of customer tests of its TD-SCDMA amplifier modules, RRU products and filter products, GrenTech is ready to support Phase II TD-SCDMA network construction.
Wireless Coverage Products and Services
The Company believes that second quarter wireless coverage revenue will increase significantly over the first quarter 2008, due to expected increased investments by China Mobile and China Unicom in wireless coverage network construction, as well as the Company's China Mobile and China Unicom contract wins for GSM wireless coverage equipment. The Company also believes that as it enters China Mobile's additional regional markets, including Guangxi and Heilongjiang provinces, it will increase integration service revenues in the second quarter. In addition, China Mobile will complete its WLAN network coverage construction for the six 2008 Beijing Olympic cities during the second quarter 2008, which, GrenTech believes would lead to revenue growth in the second quarter with a substantial increase in revenue from China Mobile.
Conference Call and Webcast
The Company's management team will conduct a conference call on Tuesday, May 20, 2008 at 5:00 am (Pacific) / 8:00 am (Eastern) / 8:00 pm (Beijing/Hong Kong). A webcast of the conference call will be available on the Company's website at: http://www.grentech.com.cn/ .
About China GrenTech
China GrenTech is a leading developer of radio frequency ("RF") technology in China and a leading provider of wireless coverage products and services in China. The Company uses RF technology to design and manufacture wireless coverage products, which enable telecommunication operators to expand the reach of their wireless communication networks to indoor and outdoor areas, such as buildings, highways, railways, tunnels and remote regions. China GrenTech's wireless coverage services include design, installation and project warranty services. The Company also tailors the design and configuration of its wireless coverage products to the specific requirements of its customers.
Based on its in-house RF technology platform, the Company also develops and produces base station RF parts and components sold to base station manufacturers. China GrenTech is a qualified supplier of RF parts and components to six major base station manufacturers including Huawei Technologies and ZTE Corporation. For more information, please visit http://www.grentech.com.cn/
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995
Statements contained in this press release that are not historical facts are forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements, including financial projections and forecasts, involve risks and uncertainties that could cause the Company's actual results to differ materially from its current expectations. Factors that could cause the Company's results to differ materially from those set forth in these forward-looking statements include the Company's reliance on business relationships with the Chinese telecom operators and base station manufacturers; the risk that the Company will continue to experience downward pressure on the pricing of its products and services due to the telecom operators' bidding policies or other factors; the risk that the telecom operators in China will not expand or maintain their spending on 2G, 3G, WLAN or other network projects; uncertainty as to the future demand for base station RF products by domestic or international base station manufacturers, including the risk that demand in China or elsewhere for base stations may not grow as the Company's management anticipates; risks associated with large accounts receivable, long collection periods and accounts receivable cycles; fierce competition in the wireless communication industry; growth of, and risks inherent in, the wireless communication industry in China, including uncertainties regarding the timing and nature of any future restructuring of the telecom operators in China and the risks that such restructuring will not result in expanded investments to expand network coverage or quality; uncertainty as to future profitability and the Company's ability to obtain adequate financing for its planned capital expenditure requirements; its reliance on third parties to carry out the installation of its wireless coverage products; uncertainty as to its ability to continuously develop and manufacture new RF technologies and keep up with changes in RF technologies; risks associated with possible defects and errors in its wireless coverage products or RF products; uncertainty as to the Company's ability to protect and enforce its intellectual property rights; and uncertainty as to the Company's ability to attract and retain qualified executives and personnel, particularly in its research and development department. Other factors that may causes the Company's actual results to differ from those set forth in the forward-looking statements contained in this press release and that may affect its prospects in general are described in the Company's filings with the Securities and Exchange Commission, including its Registration Statement on Form F-1 related to its initial public offering and its annual reports on Form 20-F. The Company undertakes no obligation to update or revise forward-looking statements to reflect subsequent events or changed assumptions or circumstances.
For more information, please contact:
Investor Contact:
Qingchang Liu, Vice President
China GrenTech Corp Ltd.
Tel: +86-755-8350-1527
Email: liuqingchang@grentech.com.cn
Investor Relations (US):
Delia Cannan
Taylor Rafferty
Tel: +1-212-889-4350
Email: GrenTech@Taylor-Rafferty.com
Investor Relations (HK):
Ruby Yim
Taylor Rafferty
Tel: +852-3196-3712
Email: GrenTech@Taylor-Rafferty.com
Media Contact:
Jason Marshall
Taylor Rafferty
Tel: +1-212-889-4350
Email: GrenTech@Taylor-Rafferty.com
- FINANCIAL TABLES TO FOLLOW -
China GrenTech Corporation Limited and Subsidiaries
Unaudited Condensed Consolidated Balance Sheets
As of December 31, 2007 and March 31, 2008
(RMB and US$ expressed in thousands)
December March March
31, 2007 31, 2008 31, 2008
RMB RMB US$
Assets
Current assets
Cash and cash equivalents 316,778 216,193 30,832
Pledged time deposits 259,786 216,602 30,890
Accounts receivable, net 925,838 890,095 126,939
Inventories 542,094 647,662 92,365
Other current assets 63,195 76,976 10,978
Total current assets 2,107,691 2,047,528 292,004
Long-term accounts receivable 389,505 369,329 52,671
Other non-current assets 500,103 524,498 74,799
Total assets 2,997,299 2,941,355 419,474
Liabilities
Short-term bank loans 456,050 506,050 72,169
Other current liabilities 793,031 728,841 103,942
Total current liabilities 1,249,081 1,234,891 176,111
Long-term debt 150,000 150,000 21,392
Other non-current liabilities 5,938 5,938 847
Total liabilities 1,405,019 1,390,829 198,350
Minority interests 5,763 5,537 790
Total shareholders' equity 1,586,517 1,544,989 220,334
Total liabilities and shareholders'
equity 2,997,299 2,941,355 419,474
China GrenTech Corporation Limited and Subsidiaries Unaudited Condensed Consolidated Statements of Income for Three-month Periods
Ended March 31, 2007 and 2008
(RMB and US$ expressed in thousands, except share and per share data)
For Three Months Ended March 31,
2007 2008 2008
RMB RMB US$
Revenues 31,286 71,389 10,181
Cost of revenues (18,300) (49,420) (7,048)
Gross profit 12,986 21,969 3,133
Operating expenses:
Research and development costs (13,201) (15,328) (2,186)
Sales and distribution expenses (28,599) (28,810) (4,109)
General and administrative
expenses (13,405) (14,158) (2,019)
Total operating expenses (55,205) (58,296) (8,314)
Operating loss (42,219) (36,327) (5,181)
Other (expense)/income:
Interest income 2,456 5,472 780
Interest expense (6,062) (13,242) (1,888)
Investment income - 296 42
Foreign currency exchange loss (2,788) (7,029) (1,002)
Grant income 120 2,030 290
Total other expense (6,274) (12,473) (1,778)
Loss before income tax benefit
and minority interests (48,493) (48,800) (6,959)
Income tax benefit 3,441 7,046 1,005
Loss before minority interests (45,052) (41,754) (5,954)
Minority interests, net of tax 241 226 32
Net loss (44,811) (41,528) (5,922)
Net loss available to ordinary
shareholders (44,811) (41,528) (5,922)
Net loss per share available
to ordinary shareholders:
- Basic (0.07) (0.07) (0.01)
Weighted average number of
outstanding ordinary shares:
- Basic 625,000,000 614,064,000 614,064,000
China GrenTech Corporation Limited and Subsidiaries
Unaudited Condensed Consolidated Statements of Cash Flows
For Three-month Periods ended March 31, 2007 and 2008
(RMB and US$ expressed in thousands)
For Three Months Ended March 31,
2007 2008 2008
RMB RMB US$
Net cash used in operating
activities (132,963) (150,035) (21,397)
Net cash (used in)/provided by
investing activities (13,418) 3,865 551
Net cash (used in)/provided by
financing activities (29,449) 46,961 6,697
Effect of exchange rate changes on
cash (1,247) (1,376) (196)
Net decrease in cash and cash
equivalents (177,077) (100,585) (14,345)
China GrenTech
CONTACT: Qingchang Liu, Vice President, China GrenTech Corp Ltd. at +86- 755-8350-1527 or liuqingchang@grentech.com.cn; Delia Cannan at +1-212-889-4350 or GrenTech@Taylor-Rafferty.com; Ruby Yim at +852-3196-3712 or GrenTech@Taylor-Rafferty.com; Jason Marshall at +1-212-889-4350 or GrenTech@Taylor-Rafferty.com all three for Taylor Rafferty
Web site: http://www.grentech.com.cn/
Informatica to Present at Wedbush Morgan NY Management Access Conference
REDWOOD CITY, Calif., May 19 /PRNewswire-FirstCall/ -- Informatica Corporation , the leading independent provider of data integration software, today announced that Earl Fry, executive vice president and CFO, and Chris Boorman, senior vice president and chief marketing officer, will present a corporate overview at the Wedbush Morgan NY Management Access Conference on Wednesday, May 21, 2008 at 9:30 a.m. EDT.
A live audio Web cast of the event will be available at http://www.informatica.com/investor. An audio Web cast archive of the events will be available until 12:00 p.m. PDT on May 28, 2008.
About Informatica
Informatica Corporation is the leading independent provider of enterprise data integration software. Using Informatica products, companies can access, integrate, migrate and consolidate enterprise data across systems, processes and people to reduce complexity, ensure consistency and empower the business. More than 3,000 companies worldwide rely on Informatica for their end-to-end enterprise data integration needs. For more information, call 650-385-5000 (800-653-3871 in the U.S.), or visit http://www.informatica.com/.
Note: Informatica is a registered trademark of Informatica Corporation in the United States and in jurisdictions throughout the world. All other company and product names may be trade names or trademarks of their respective owners.
Informatica Corporation
CONTACT: Deborah Wiltshire, Public Relations, +1-650-385-5360, dwiltshire@informatica.com, or Stephanie Wakefield, Investor Relations, +1-650-385-5261, swakefield@informatica.com, both of Informatica Corporation
Web site: http://www.informatica.com/
Mark Morelli, Energy Conversion Devices President and CEO, to Present at JPMorgan 36th Annual Technology Conference on May 20
ROCHESTER HILLS, Mich., May 19 /PRNewswire-FirstCall/ -- Energy Conversion Devices, Inc. (ECD) , the leading global manufacturer of thin-film flexible solar laminate products for the building integrated and commercial rooftop markets, announced today that Mark Morelli, President and CEO, will present at the JPMorgan 36th Annual Technology Conference on May 20, 2008.
A live audio webcast of the presentation can be accessed in the Investor Relations - Events and Presentations - section of the company's website at http://www.ovonic.com/ or at http://metameetings.com/webcasts/jpmorgan/technology08/directlink?ticker=ENER.
About Energy Conversion Devices:
Energy Conversion Devices, Inc. (ECD) is the leader in building integrated and commercial rooftop photovoltaics, one of the fastest growing segments of the solar power industry. The company manufactures and sells thin-film solar laminates that convert sunlight to energy using proprietary technology. ECD's UNI-SOLAR(R) brand products are unique because of their flexibility, light weight, ease of installation, durability, and real-world efficiency. ECD also pioneers other alternative technologies, including a new type of nonvolatile digital memory technology that is significantly faster, less expensive, and ideal for use in a variety of applications including cell phones, digital cameras and personal computers. For more information, please visit http://www.ovonic.com/.
Energy Conversion Devices, Inc.
CONTACT: Mark Trinske, Vice President Investor Relations & Corporate Communications of Energy Conversion Devices, Inc., +1-248-299-6063
Web site: http://www.ovonic.com/
CVS Caremark Partners with Google on the Launch of Google HealthCollaboration Provides Consumers with Secure Access to their Health Information and the Ability to Manage their Information Online
WOONSOCKET, R.I., May 19 /PRNewswire-FirstCall/ -- CVS Caremark today announced a partnership with Google Health, a new product launched today by Google, which allows users to securely store, organize and manage their medical records and health care information online. This partnership will facilitate and enhance communications between consumers and health care providers by providing individuals with secure access to their medication history and personal health care information.
"In today's health care environment, information related to an individual's overall health is often fragmented, creating gaps in the availability of data and missed opportunities to coordinate care," said Helena Foulkes, Senior Vice President, Health Services at CVS Caremark. "At CVS Caremark, given our presence across the health care continuum as a retail pharmacy, pharmacy benefits manager and retail clinic provider, we can help bring together key health information of importance to our consumers and provide them with a holistic view of their health status."
By integrating on the Google Health platform, patients who receive treatment at MinuteClinic, the retail-based health clinic subsidiary of CVS Caremark, will be able to securely import their visit summaries into their Google Health Accounts. As of today, this function will be immediately available to MinuteClinic patients in Knoxville and Chattanooga, Tennessee and will roll out nationally to the more than 500 MinuteClinic locations in 25 states during the course of the next several weeks. In addition, within the next several months, consumers who fill their prescriptions at a CVS/pharmacy or have prescription coverage from CVS Caremark will also be able to securely import their prescription and medication histories into Google Health
"We believe that Personal Health Records, or PHRs, show great promise as a tool to enable patients to engage in their own health care and we are committed to working with industry leaders to further develop and advance the utility of PHRs," said Jon Roberts, Senior Vice President and Chief Information Officer at CVS Caremark. "Given our commitment to facilitating greater consumer engagement in health care and our mission to make innovative and high-quality health and pharmacy services safe, affordable and easy to access, we are excited to partner with Google at the launch of Google Health."
About CVS Caremark
CVS Caremark is the largest provider of prescriptions and related health care services in the nation. The Company fills or manages more than one billion prescriptions annually. Through its unmatched breadth of service offerings, CVS Caremark is transforming the delivery of health care services in the U.S. The Company is uniquely positioned to effectively manage costs and improve health care outcomes through its 6,300 CVS/pharmacy stores; its pharmacy benefit management, mail order and specialty pharmacy division, Caremark Pharmacy Services; its retail-based health clinic subsidiary, MinuteClinic; and its online pharmacy, CVS.com.
Media Contacts:
Eileen Howard Dunn Nancy Christal
Senior Vice President Senior Vice President
Corporate Communications Investor Relations
(401) 770-4561 (914) 722-4704
CVS Caremark
CONTACT: Eileen Howard Dunn, Senior Vice President, Corporate Communications, +1-401-770-4561, or Nancy Christal, Senior Vice President, Investor Relations, +1-914-722-4704, both of CVS Caremark
Web site: http://www.cvs.com/
Quest Diagnostics and Google Empower Patients and Physicians to Share Diagnostic Test Results Online With Launch of Google Health
MADISON, N.J., May 19 /PRNewswire-FirstCall/ -- Patients and physicians have a new way to share diagnostic laboratory data online, thanks to Quest Diagnostics and Google Health, a product launched today by Google. More than 100,000 physicians in the U.S. who use Quest Diagnostics' family of Care360(TM) connectivity products will be able to securely provide diagnostic data with a brief explanation of test results to a patient's Google Health Account, where a patient can maintain medical records and personal health information online. The new product is expected to empower patients and physicians to collaborate more closely in making more well-informed health care decisions based on diagnostic information. Quest Diagnostics Incorporated is the nation's leading provider of diagnostic testing, information and services, serving half of all physicians and hospitals in the U.S. and analyzing test results for more than 500,000 patients every day. Quest Diagnostics is the only diagnostic testing company collaborating with Google to launch Google Health.
"Diagnostic testing is the foundation of a patient's health record and a key driver of the health care decisions physicians make on behalf of their patients," said Stephen C. Suffin, M.D., interim chief laboratory officer and corporate medical director, clinical pathology, Quest Diagnostics. "Using Google Health, physicians will be able to more efficiently share important diagnostic data with their patients. As patients become better informed and proactive in managing their health care, they may be more likely to practice preventive care, adopt healthful behaviors and practice other measures that promote improved medical outcomes."
Google Health allows users to store, organize and manage their medical records and personal health information online. The collaboration will enable physicians who use Quest Diagnostics' Care360(TM) patient-centric physician portal to securely transfer, at a patient's request, diagnostic data in a HIPAA-compliant format into the patient's protected Google Health Account. Using Google's secure technology platform, patients will be able to use their account to access current and historical diagnostic laboratory records that include brief electronic messages from their physicians about test results.
Quest Diagnostics and Google established their collaboration because the companies share the same vision of giving patients greater access to personal health information so they can make more informed decisions about their care. The companies first announced their collaboration in February 2008, when Google announced a pilot of Google Health with a large delivery system. The product is publicly available to all U.S. users starting today.
According to The Markle Foundation, two in three Americans (65 percent) would like to access all of their medical information electronically to ensure accuracy, improve doctor-patient communications and help prevent medical errors. Two-thirds (68 percent) also said having health and medical information accessible online gives them more control over their own health.
Google Health complements Quest Diagnostics' commitment to physician- and patient-focused solutions. These include an option for patients to schedule diagnostic testing online and access to a comprehensive health library, available at http://www.questdiagnostics.com/. In addition, its Care360 family of connectivity products allow physicians to access diagnostic test results online, share clinically relevant information in a HIPAA-compliant manner and electronically prescribe medications.
About Quest Diagnostics
Quest Diagnostics is the leading provider of diagnostic testing, information and services that patients and doctors need to make better healthcare decisions. The company offers the broadest access to diagnostic testing services through its national network of laboratories and patient service centers, and provides interpretive consultation through its extensive medical and scientific staff. Quest Diagnostics is a pioneer in developing innovative new diagnostic tests and advanced healthcare information technology solutions that help improve patient care. Additional company information is available at: http://www.questdiagnostics.com/.
The statements in this press release that are not historical facts or information may be forward-looking statements. These forward-looking statements involve risks and uncertainties that could cause actual results and outcomes to be materially different. Certain of these risks and uncertainties may include, but are not limited to, competitive environment, changes in government regulations, changing relationships with customers, payers, suppliers and strategic partners and other factors described in the Quest Diagnostics Incorporated 2007 Form 10-K and subsequent SEC filings.
Quest Diagnostics Contacts:
Laure Park (Investors): 973-520-2900
Wendy Bost (Media): 973-520-2800
Quest Diagnostics
CONTACT: Laure Park, Investors, +1-973-520-2900, or Wendy Bost, Media, +1-973-520-2800, both of Quest Diagnostics
Web site: http://www.questdiagnostics.com/
Communications & Power Industries Receives Defense Contracts Totaling up to $14.8 Million
PALO ALTO, Calif., May 19 /PRNewswire-FirstCall/ -- Communications & Power Industries, Inc. (CPI), a leading provider of microwave, radio frequency, power and control solutions for critical defense, communications, medical, scientific and other applications, has received two contracts totaling up to $14.8 million for products to support defense systems. Work on both firm-fixed-price contracts will be performed at CPI's Microwave Power Products Division in Palo Alto, Calif. CPI is a subsidiary of CPI International, Inc. .
(Logo: http://www.newscom.com/cgi-bin/prnh/20060426/CPILOGO)
CPI has been awarded a $12.8 million indefinite-delivery/ indefinite-quantity contract from the U.S. Navy for major repair/remanufacture and production of new traveling wave tubes to support the AN/SLQ-32 Electronic Countermeasures System. Work on the contract, which was awarded to CPI by the Crane Division of the Naval Surface Warfare Center in Crane, Ind., is expected to be completed by May 2013.
CPI has also been awarded a $2.0 million, one-year contract for the production of klystrons to support the radar systems on the HAWK surface-to-air missile system. This is the second significant contract that CPI has received in fiscal 2008 to support this system. In December, CPI received a $3.9 million order from a different customer for products for the HAWK missile system.
"CPI has provided traveling wave tubes for the AN/SLQ-32 Electronic Countermeasures System and klystrons for the HAWK missile system since the inception of both programs, and we are proud of our continued, long-term involvement in these important defense programs," said Bob Fickett, president and chief operating officer of CPI.
The AN/SLQ-32 Electronic Countermeasures System is the principal electronic countermeasures system on major U.S. Navy surface ships, and the traveling wave tube is an integral part of the system. The AN/SLQ-32 performs deception jamming of missile seekers and noise jamming of targeting radars, providing early warning, identification and direction finding capability for simultaneous multiple threats.
The HAWK surface-to-air missile system provides medium-range, low-to-medium-altitude air defense against several types of targets, including jet and rotary wing aircraft, unmanned aerial vehicles, cruise missiles and short-range tactical ballistic missiles. The HAWK missile system is used by several NATO countries.
About CPI International, Inc.
CPI International, Inc., headquartered in Palo Alto, California, is the parent company of Communications & Power Industries, Inc., a leading provider of microwave, radio frequency, power and control solutions for critical defense, communications, medical, scientific and other applications. Communications & Power Industries, Inc. develops, manufactures and distributes products used to generate, amplify and transmit high-power/high-frequency microwave and radio frequency signals and/or provide power and control for various applications. End-use applications of these systems include the transmission of radar signals for navigation and location; transmission of deception signals for electronic countermeasures; transmission and amplification of voice, data and video signals for broadcasting, Internet and other types of commercial and military communications; providing power and control for medical diagnostic imaging; and generating microwave energy for radiation therapy in the treatment of cancer and for various industrial and scientific applications.
Certain statements included above constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements provide our current expectations, beliefs or forecasts of future events. Forward-looking statements are subject to known and unknown risks and uncertainties, which could cause actual events or results to differ materially from the results projected, expected or implied by these forward-looking statements. These factors include, but are not limited to, our ability to consummate the described bank financing on reasonable terms, competition in our end markets; our significant amount of debt; changes or reductions in the U.S. defense budget; U.S. government contracts laws and regulations; changes in technology; the impact of unexpected costs; inability to obtain raw materials and components; and currency fluctuations. These and other risks are described in more detail in our periodic filings with the Securities and Exchange Commission. As a result of these uncertainties, you should not place undue reliance on these forward-looking statements. All future written and oral forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. New risks and uncertainties arise from time to time, and it is impossible for us to predict these events or how they may affect us. We undertake no duty or obligation to publicly revise any forward-looking statement to reflect circumstances or events occurring after the date hereof or to reflect the occurrence of unanticipated events or changes in our expectations.
Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20060426/CPILOGO AP Archive: http://photoarchive.ap.org/ PRN Photo Desk, photodesk@prnewswire.com
CPI International, Inc.
CONTACT: Amanda Mogin, investor relations of Communications & Power Industries, Inc., +1-650-846-3998, amanda.mogin@cpii.com
Web site: http://www.cpii.com/
New EMC Backup Offerings Control Data Growth and Increase Efficiency Using Latest TechnologiesNew Data De-Duplication, Disk Drive Spin Down Capabilities and Low Power Drives Help Lower Costs and Reduce Backup and Recovery Challenges
LAS VEGAS, May 19 /PRNewswire/ -- EMC WORLD -- EMC Corporation , the world leader in information infrastructure solutions, today unveiled a number of new backup offerings that help ease the burden that data centers are facing in dealing with the ever expanding digital universe. These new solutions, introduced to thousands of attendees at EMC World, leverage the latest technologies including data de-duplication, disk drive spin down and low-power disk drives, and continue to help dramatically lower the cost of disk-based backup versus tape. EMC offers the industry's broadest set of hardware, software, and services that meet the world's digital backup, recovery and archiving needs, from individual consumers to the world's largest data centers.
The new products and capabilities include:
-- EMC Disk Library 3D 1500 and 3000 -- New local area network (LAN)
backup-to-disk systems targeted at midsize businesses and featuring
policy-based data de-duplicated backup, EMC five-9s (99.999%) storage
platform and IP replication to help customers ensure availability,
reduce the amount of backup data and meet off-site protection
requirements without physically transporting tapes.
-- EMC Disk Library 4000 -- EMC's market leading open systems virtual tape
library (VTL) now features data de-duplication, spin down and the
latest high-capacity, low-power disk drives to reduce power and
cooling by up to 47%.
-- EMC Avamar(R) Data Store Gen 2 and EMC Avamar 4.0 -- The newest
versions of EMC's next generation backup and recovery solution,
featuring global source-based data de-duplication technology, provide a
host of new scale, support, and ease-of-use features, including a
doubling of backup capacity per system. Now, customers use up to 43%
less energy per terabyte backed up and reduce total cost of ownership
by up to 25% compared to the first generation solution -- and by up to
75% relative to tape. This makes it easier to manage more information
and eliminate the strain on the infrastructure caused by backing up
duplicate copies of data on a regular basis.
-- EMC NetWorker(R) Fast Start -- A new, simplified package of EMC's
leading NetWorker backup software designed for growing midsize
businesses that cuts deployment time by as much as 75% and decreases
the number of installation steps by up to 80%. The software provides a
single backup solution for one price, with one model, and one simple
installation.
Norton Healthcare, the largest healthcare system in Kentucky and one of the top 100 integrated healthcare delivery systems in the U.S., is a large user of EMC's backup, recovery and archive portfolio. Sean O'Mahoney, Norton's Manager of Client/Server Information Systems, said, "Today's announcement demonstrates why EMC is a leader in the backup, recovery and archive market. They have set a tremendous foundation by delivering market and industry leading solutions like EMC Disk Library, EMC NetWorker and EMC Backup Advisor and EMC Centera."
O'Mahoney added, "Now, by adding key cost-saving features like data de-duplication, spin-down and low power drives to an already robust portfolio, EMC continues to make it easy for us to be proactive and not reactive in the management of our data protection environment. EMC understands it's not one size fits all and that's why they've had a crucial relationship with Norton for years -- and will continue to -- as they help us transform and evolve our backup, recovery and archive infrastructure one byte at a time."
Lauren Whitehouse, Analyst, Enterprise Strategy Group, said, "Backup poses a number of different customer challenges depending on the use case, service level requirements and what's currently implemented in the environment. EMC's strategy of delivering new features like de-dupe that can be performed at the client through the backup solution stack and at the target storage destination will help them address a number of customer requirements where their competitors are left flat footed -- either with no solution or a solution that isn't tailored for a specific use case. Today's announcement emphasizes the strength of their portfolio and that they can deliver data protection solutions to customers of all sizes and environments."
EMC Disk Library 3D 1500 and 3000 -- New LAN Backup-to-Disk Platforms Leveraging Data De-duplication
The EMC Disk Library 3D (DL3D) 1500 and 3000 are new backup-to-disk libraries with data de-duplication, targeted at midsize, LAN-based environments. The DL3D 1500 provides up to 36 TB of usable capacity, while the DL3D 3000 provides up to 148 TB of usable capacity. Both systems use 1 TB SATA disks with RAID 6 protection and include optional Fibre Channel ports for storage area network (SAN) connectivity.
All data de-duplication is policy-based, and can take place during the backup process or be shut off for a defined time period to speed ingest rates, helping customers tailor de-duplication policies to meet the needs of their different applications. Replication of de-duplicated data saves on bandwidth costs, providing customers an affordable and secure way to implement offsite protection and recovery.
EMC Disk Library 4000 -- New De-duplication and Disk Drive Spin Down Options with Low Power Drives
As the industry's leader in VTLs -- with more than 245 PB shipped to 1,350 customers (through the end of Q1 2008) -- the EMC Disk Library (DL) 4000 series is targeted at environments that require the highest performance for larger SAN environments. The new policy-based data de-duplication option allows Disk Library 4000 customers to maintain performance service levels for backups, while reducing backup storage growth and lowering the costs of backup data residing on disk. This new option provides an opportunity to increase utilization and reduce replication costs, making the elimination of tape more practical for DL 4000 customers.
The new disk drive spin down option for the DL 4000 series is free and enables customers to reduce their overall power and cooling costs in a typical environment by 19% by putting idle drives in sleep mode. In addition, new and existing DL 4000 customers can take advantage of the new low power 5400 rpm 1 TB SATA drives which require 32% less energy than 7,200 rpm drives. Combining both spin down with the low power drives in a new DL 4000 system will consume up to 47% less energy.
These new features and options are backwards compatible to previous DL4000 models, enhancing investment protection for current customers.
EMC Avamar Data Store Gen 2 and EMC Avamar 4.0 -- Increased Capacity Helps Reduce Energy Costs and Improves TCO
Ideal for VMware, large file servers, remote offices and other environments where the backup process is hampered by network or other resource bottlenecks, the new versions of Avamar help customers shrink their backup requirements while reducing power and cooling costs per terabyte by up to 43% compared to the first generation solution. In its first full year under EMC, the Avamar business tripled its customer base and is playing a significant role in EMC's Backup, Recovery and Archive practice as the leading backup solution for source-based data de-duplication.
The new Avamar Data Store Gen 2 is a fully integrated product consisting of the new Avamar V4.0 source-based data de-duplication backup and recovery software running on a new-generation, pre-configured, EMC-certified hardware platform. Avamar Data Store Gen 2 is available in several models, ranging from single node to scalable, multi-node. The new solution provides twice the capacity per server node of the previous generation. For example, a fully configured Avamar Data Store Gen 2 can provide enough capacity to store the equivalent of 1 Petabyte of non-de-duplicated, traditional backup capacity. Doubling the capacity per system helps customers use fewer systems, consequently driving smaller data center footprint and reducing overall total cost of ownership by up to 25% over the previous generation of Avamar and by up to 75% relative to tape.
In addition, the new Avamar software now supports 64-bit Red Hat Enterprise Linux 4 and offers expanded client support for Microsoft SQL Server 2005; Microsoft Vista; Native Netware client backup and restore (Netware V6.5); and Novell Storage Servers (NSS) volumes on Novell Open Enterprise Server (OES) SLES 10.
EMC NetWorker Fast Start -- Full Version of NetWorker for Midsize Customers
NetWorker Fast Start is an integrated, packaged offering designed to simplify licensing, installation, and set-up for midsize customers. NetWorker Fast Start is ideal for mid-tier customers who want to start out with a basic deployment of an enterprise-class backup application -- at an affordable price -- that can scale to support other integrated features such as de-duplication, CDP, backup analytics and more. NetWorker Fast Start offers one part number that delivers a NetWorker server (Linux or Windows), 20 clients, support for five applications modules for hot backups (choice of Microsoft SQL Server and Exchange, and Oracle), 10 TB backup-to-disk or backup to EMC Disk Library, 40 slot Autochanger, and 40 hours of video instructor-led training.
Mark Sorenson, Senior Vice President of EMC's Information Management Software Group, said, "Today's announcement continues EMC's momentum in the backup and recovery market, allowing us to offer customers both integrated backup and recovery solutions and best-of-breed standalone products. By adding key features like data de-duplication across our portfolio, customers can eliminate redundant data, move more easily to disk backup, and strengthen the management of their backup infrastructures. This differentiates EMC from other vendors who must 'force-fit' a single product across a range of de- duplication use cases. As data growth continues to create challenges for customers of any size, the breadth of the EMC portfolio ensures that customers will have the right solution for their backup and recovery needs."
Availability
-- EMC Disk Library 3D 1500 will be generally available May 28, 2008 from
EMC and its authorized partners.
-- EMC Disk Library 3D 3000 will be generally available May 28, 2008 from
EMC and its authorized partners.
-- EMC Disk Library 3D 4000 option will be generally available in July
from EMC and its authorized partners.
-- EMC Disk Library 4000 with spin down and low power drives will be
generally available May 28, 2008 from EMC and its authorized partners.
-- EMC Avamar V4.0 is immediately available from EMC and its authorized
partners.
-- EMC Avamar Data Store Gen 2 will be generally available on May 23, 2008
from EMC and its authorized partners.
-- EMC NetWorker Fast Start is immediately available from EMC and its
authorized partners.
For more information on EMC's new backup offerings, visit http://www.emc.com/backup. For up-to-the-minute news on EMC World, please visit http://www.emc.com/news/emcworld.
About EMC
EMC Corporation is the world's leading developer and provider of information infrastructure technology and solutions that enable organizations of all sizes to transform the way they compete and create value from their information. Information about EMC's products and services can be found at http://www.emc.com/.
Additional Customer and Partner Quotes
EMC Customer -- Tiger Direct
Tiger Direct, a provider of computer and IT equipment, is a beta tester and early adopter of the EMC Disk Library 3D 1500. Mark Pacetti, Vice President of Information Technology, Tiger Direct, said, "After reviewing a number of different LAN backup-to-disk solutions, we were blown away by the overall performance of the EMC Disk Library 3D 1500. The way EMC has developed this solution -- leveraging policy-based data de-dupe on the front end with an EMC CLARiiON(R) -- makes a lot of sense as we need a platform that can provide simple and easy-to-use backup and recovery management, with the highest levels of availability. We are excited about our continued use of this product and look forward to working with EMC on its next-generation backup, recovery and archive portfolio."
EMC Customer -- Orange
"For years, we've turned to EMC NetWorker and EMC Backup Advisor for our backup and recovery needs, and are now looking forward to leveraging EMC Disk Library with its new de-dupe and spin down options," said Douglas Bovie, Head of Backup & Archive Engineering Worldwide, Orange. "By adding Disk Library to our already powerful EMC backup deployment, we believe we can continue improving service levels, stabilize information growth on disk, and reduce energy consumption in our data center. EMC does a great job of integrating new and exciting technologies in their tried-and-true products, without disrupting current investments in the data center."
EMC Customer -- Brown Forman
"As an independent, publicly-traded producer and marketer of premium spirits and wines, including Jack Daniel's Tennessee Whisky, it's paramount for us to be able to centrally manage our backup and recovery efforts for 31 remote sites across the Unites States and 24 countries," said Greg Tinnell, Senior IT Manager at Brown Forman. "Since leveraging EMC Avamar's backup and recovery solutions and de-duplication technology in our remote offices and VMware environments, we've been able to improve our backup success rate to almost 100% while decreasing backup windows from hours to minutes. The latest additions in the Avamar family continue to reinforce our commitment to EMC's backup and recovery strategy as they help us reduce backup infrastructure costs, improve backup and restore reliability and performance, and reduce our storage footprint."
EMC Customer -- The CharacterShop
"As an award-winning U.K. animation studio and production company, our business is based on the creation of digital assets which are growing rapidly due to the adoption of high definition broadcasting," said Mark Vale, Production Director at The CharacterShop. "We needed a backup and recovery solution that was not only easy to implement and use, but would allow us to scale as our business and digital assets grew. EMC NetWorker Fast Start was not only easy to install, but had an immediate return on performance and scalability. In addition, NetWorker Fast Start's built in web-based reporting gives us a good measurement of backup success and for the first time allows us to monitor performance and growth. This solution gives us a high degree of confidence that our value to customers will be protected as the business evolves."
EMC Partner -- AdvizeX
"EMC has really raised the bar again with these new Avamar offerings," said C.R. Howdyshell, Vice President/General Manager, Midwest Region at AdvizeX. "Customers need to maximize the effectiveness of their resources and by doubling the de-duplicated storage capacity in the Avamar Data Store Gen 2 and expanding supported client operating systems, we have powerful solutions to meet this demand."
EMC Partner -- ICI
"We are very excited about the new sales opportunities EMC NetWorker Fast Start brings to our business in the midsize and small business space," said Jamie Shepard, Vice President, Technology Solutions at ICI. "The technology, overall package and price point are very attractive and game changing to customers who want the proven technology that NetWorker offers but don't have the resources to manage complex installations and configurations. The default settings allow customers the luxury of set it and forget it, eliminating the need for a NetWorker administrator to effectively manage their backup environment."
EMC, Avamar, CLARiiON and NetWorker are registered trademarks of EMC Corporation. VMware is a registered trademark of VMware, Inc. All other trademarks are the property of their respective owners.
This release contains "forward-looking statements" as defined under the Federal Securities Laws. Actual results could differ materially from those projected in the forward-looking statements as a result of certain risk factors, including but not limited to: (i) adverse changes in general economic or market conditions; (ii) delays or reductions in information technology spending; (iii) risks associated with acquisitions and investments, including the challenges and costs of integration, restructuring and achieving anticipated synergies; (iv) competitive factors, including but not limited to pricing pressures and new product introductions; (v) the relative and varying rates of product price and component cost declines and the volume and mixture of product and services revenues; (vi) component and product quality and availability; (vii) the transition to new products, the uncertainty of customer acceptance of new product offerings and rapid technological and market change; (viii) insufficient, excess or obsolete inventory; (ix) war or acts of terrorism; (x) the ability to attract and retain highly qualified employees; (xi) fluctuating currency exchange rates; and (xii) other one-time events and other important factors disclosed previously and from time to time in EMC's filings with the U.S. Securities and Exchange Commission. EMC disclaims any obligation to update any such forward-looking statements after the date of this release.
EMC Corporation
CONTACT: Todd Cadley of EMC Corporation, +1-843-569-2715, cadley_todd@emc.com
Web site: http://www.emc.com/ http://www.emc.com/news/emcworld
/C O R R E C T I O N -- Spare Backup, Inc./In the news release, SpareBackup Begins Shipping Software in DSG International PLC Private Label PC's, issued earlier today by Spare Backup, Inc. over PR Newswire, we are advised by the company that the third paragraph, first sentence, should read "We are extremely focused on our existing channels of distribution" rather than "We are extremely focused on our exiting channels of distribution" as originally issued inadvertently. Complete, corrected release follows:SpareBackup Begins Shipping Software in DSG International PLC Private Label PC'sSpare Software Expected to be Embedded in over One Million PC's Throughout the Year
PALM DESERT, Calif., May 19 /PRNewswire-FirstCall/ -- Spare Backup, Inc., (BULLETIN BOARD: SPBU) : Spare Backup, Inc., an industry leading provider of automated, online backup applications for home users and small businesses, today announced today that DSG International has started shipping its SpareBackup software in its private label PC's. The SpareBackup offer, which enables users to back their files up to a secure online server for a small monthly fee, will be launched upon the initialization of the new computer. Users will have the option to select Spare Switch, Spare Backup or both, and may also opt out if they wish. The offer will be bundled on all DSGi private label computers pursuant to the terms of the current agreements between the two companies.
Spare anticipates that its software will be available to over one million customers as a result of the arrangement with DSG. This agreement is another step forward in the ongoing relationship between the two companies. DSG distributes its OEM PC's throughout its customer network and through its 1,450 stores and online stores, spanning 27 countries.
Commenting on the event, Cery Perle, CEO of SpareBackup, Inc. stated, "We are extremely focused on our existing channels of distribution, as each channel has the opportunity to reach millions of potential users at an attractive cost of acquisition. Spare will continue to focus on its existing partnerships, defining each partner's needs and working closely with management to achieve their goals as seen in this launch. The ability to transfer data from your old PC to your new at set up is another positive experience for the customer, which makes backing up all your data even more compelling and critical."
About Spare Backup, Inc.
Spare Backup, Inc. specializes in helping consumers, small office/home office users, and small to mid-sized businesses protect their computer data quickly, automatically and cost-effectively. The company's flagship Spare Backup product is the first totally automated online backup service that intelligently selects, secures and stores files without any user intervention, automatically backing up documents, email, music, photos and other PC files on a continuous basis or according to the schedule of the user's choice. The company is headquartered in Palm Desert, Calif.
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 statement.
Spare Backup, Inc.
Agilysys Fiscal 2008 Fourth Quarter Conference Call to be Broadcast Live Over the Internet
BOCA RATON, Fla., May 19 /PRNewswire-FirstCall/ -- Agilysys, Inc. announced today it will release fiscal 2008 fourth quarter results before the market opens on Thursday, May 29, 2008. The news release will be followed by a conference call at 11:00 a.m. ET, which will be broadcast live over the Internet and will be accessible from the Investor Relations section of http://www.agilysys.com/ . In addition, a replay of the call will be archived on the Web site.
(Logo: http://www.newscom.com/cgi-bin/prnh/20030915/AGLSLOGO )
Those interested in listening to the call over the telephone should dial 412-858-4600 or 800-860-2442 and ask for Agilysys. A replay of the call will be available beginning at 2:00 p.m. ET on May 29 until 11:59 p.m. ET on June 12. The replay can be accessed by dialing either 412-317-0088 or 877-344-7529 and entering passcode 419288.
About Agilysys, Inc.
Agilysys is a leading provider of innovative IT solutions to corporate and public-sector customers, with special expertise in select markets, including retail and hospitality. The company uses technology - including hardware, software and services - to help customers resolve their most complicated IT needs. The company possesses expertise in enterprise architecture and high availability, infrastructure optimization, storage and resource management, identity management and business continuity; and provides industry-specific software, services and expertise to the retail and hospitality markets. Headquartered in Boca Raton, Fla., Agilysys operates extensively throughout North America, with additional sales offices in the United Kingdom and China. For more information, visit http://www.agilysys.com/ .
Contact:
Martin Ellis
Executive Vice President, Treasurer, and Chief Financial Officer
Agilysys, Inc.
561-999-8780
Martin.ellis@agilysys.com
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Agilysys, Inc.
CONTACT: Martin Ellis, Executive Vice President, Treasurer, and Chief Financial Officer, Agilysys, Inc., +1-561-999-8780, Martin.ellis@agilysys.com
Web site: http://www.agilysys.com/
Perot Systems Selected to Provide IT Infrastructure Services to Moody's CorporationSix-Year Agreement Extends Presence In the Financial Services Industry
PLANO, Texas, May 19 /PRNewswire-FirstCall/ -- Perot Systems Corporation announced today that it has entered into a six-year agreement to provide infrastructure services to Moody's Corporation , an essential component of the global capital markets, providing credit ratings, research, tools and analysis that contribute to transparent and integrated financial markets.
Perot Systems will provide leading-edge processes, standards and technology to help Moody's achieve greater efficiencies and cost savings. By utilizing improved infrastructure and data management tools, Perot Systems will help advance Moody's to a best-in-class technology operation.
"Through this agreement, we will provide Moody's with flexible solutions to meet their needs and help them achieve operational excellence," said Eric Hutto, vice president of commercial solutions for Perot Systems. "We look forward to working with them to achieve greater results through availability of advanced technology."
"Choosing Perot Systems was a logical choice given there was such a strong cultural fit between the two organizations. In addition, the solutions being implemented by Perot Systems will help us achieve a new level of efficiency, allowing my team to focus on enabling Moody's growth through the strategic use of technology," said Perry Rotella, Senior Vice President and Chief Information Officer of Moody's Corporation.
About Moody's Corporation
Moody's is an essential component of the global capital markets, providing credit ratings, research, tools and analysis that contribute to transparent and integrated financial markets. Moody's Corporation is the parent company of Moody's Investors Service, which provides credit ratings and research covering debt instruments and securities and Moody's Analytics, which encompasses the growing array of Moody's non-ratings businesses, including Moody's KMV, a provider of quantitative credit analysis tools, Moody's Economy.com, which provides economic research and data services, and Moody's Wall Street Analytics, a provider of software for structured finance analytics. The corporation, which reported revenue of $2.3 billion in 2007, employs approximately 3,600 people worldwide and maintains a presence in 29 countries. Further information is available at http://www.moodys.com/.
About Perot Systems
Perot Systems is a worldwide provider of information technology services and business solutions. Through its flexible and collaborative approach, Perot Systems integrates expertise from across the company to deliver custom solutions that enable clients to accelerate growth, streamline operations and create new levels of customer value. Headquartered in Plano, Texas, Perot Systems reported 2007 revenue of $2.6 billion. The company has more than 23,000 associates located in North America, Europe, MENA and Asia. Additional information on Perot Systems is available at http://www.perotsystems.com/.
This press release contains forward-looking statements that are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. For factors that could affect our business and cause actual results to differ materially, please refer to our Annual Report on Form 10-K for the fiscal year ended December 31, 2007, as filed with the U.S. Securities and Exchange Commission and available at http://www.sec.gov/, as updated in our Quarterly Reports on Form 10-Q filed after such Form 10-K, for additional information regarding risk factors. We disclaim any intention or obligation to revise any forward-looking statements whether as a result of new information, future developments, or otherwise.
MEDIA CONTACTS:
PEROT SYSTEMS CORPORATION
Karen Modlin
+1 972 577 3597
karen.modlin@ps.net
Perot Systems Corporation
CONTACT: Karen Modlin of Perot Systems Corporation, +1-972-577-3597, karen.modlin@ps.net
Web site: http://www.perotsystems.com/ http://www.moodys.com/
Company News On-Call: http://www.prnewswire.com/comp/122686.html
Tasker Products Receives Authorization from USDA for its Tasker Clear for use in Meat and Pork IndustriesCompany can now market product to poultry, red meat and pork processing industries
FAIR LAWN, N.J., May 19 /PRNewswire-FirstCall/ -- Tasker Products Corp. (BULLETIN BOARD: TKER) , a distributor and marketer of proprietary technology effective in inhibiting pathogenic bacteria, today announced that it has received authorization from the Food Safety and Inspection Service ("FSIS") of the United States Food and Drug Administration ("USDA") to market its Tasker Clear product as a processing aid in the red meat and pork processing industries. This comes on the heels of receiving similar authorization to market Tasker Clear to the poultry industry.
Tasker Clear is a liquid application that aids in the control of pH levels in water used in various protein (meat, poultry and pork) processing. The product is considered "safe and suitable", according to the FSIS, when used in the processing of red and white meats. Tasker Clear, when used in combination with Chlorine as an acidifier, becomes an acidified chlorine, which is a safe and widely used antimicrobial. The Company intends to market Tasker Clear in multiple sections of meat processing, from pre-carcass treatment to rapid chilling and in the ensuing "secondary processing" sections during which meat is separated into primal sections, finished product, tenderized, marinated, or ground.
Lanny Dacus, Tasker's president and CEO, commented, "This authorization extends Tasker marketing efforts to include red meat, poultry and pork processors, while working through testing processes of Tasker Blue for other meat processing applications. We have already received an order for Tasker Clear from a red meat processor. Tasker Clear applications for red meat and poultry processing are effective and cost competitive. Because of the existing worldwide use of acidifiers in meat processing, we intend to expand our market boundaries beyond the United States. We also intend to vertically expand our line of applications similar to what we did with our dairy line of products."
Mr. Dacus added, "It is estimated that the meat and pork market opportunity alone exceeds $200 million in annual revenue in the United States. As we announced yesterday, our goal is to establish Tasker products as a leading player in the food processing and dairy industries. Our goal is to gain a 20% market share in each category we enter."
About Tasker Products
Tasker is a manufacturer, distributor and marketer of acid-based eco-chemistry products. The Company currently markets Unifresh(R) Footbath products for dairy cows, Tasker Blue(R) and Tasker Clear, antibacterial solutions for use in processing poultry, and Pacific Blue(TM) Seafood Spray, an antibacterial spray for retail seafood counters. Tasker Products Corp. is headquartered in Fair Lawn, New Jersey. To be added to the news distribution list or to present any questions, send an email to tasker@grannusfinancial.com. Additional information about Tasker is also available at http://www.taskerproducts.com/.
This release contains forward-looking statements that involve risks and uncertainties, such as statements about our plans, objectives, expectations, assumptions or future events. These statements involve estimates, assumptions, known and unknown risks, uncertainties and performances, or achievements expressed or implied by the forward-looking statement. Actual future results and trends may differ materially from those made in or suggested by any forward-looking statements due to a variety of factors, including, for example, our ability to obtain new financing and/or generate revenue growth in the near future; our history of losses; our limited experience in the marketing of our products; our ability to compete with other products in our market space; and the risk of unfavorable federal regulation. Consequently, you should not place undue reliance on these forward-looking statements. We discuss these and other risks and uncertainties in greater detail in the filings we make with the Securities and Exchange Commission, including under the section entitled, "Risk Factors" in the Company's Annual Report on Form 10-K, as amended, for the year ended December 31, 2006 and our most recent report on Form 10-Q.
Investor Contact:
Grannus Financial Advisors, Inc. (212-681-4100)
or
taskerproducts@grannusfinancial.com
Tasker Products Corp.
CONTACT: Investors, Grannus Financial Advisors, Inc., +1-212-681-4100, or taskerproducts@grannusfinancial.com
Web site: http://www.taskerproducts.com/
Baker Energy and Huber Receive First-of-its-Kind Award from Wyoming Department of Environmental Quality
SHERIDAN, Wyo., May 19 /PRNewswire-FirstCall/ -- Baker Energy, a unit of Michael Baker Corporation , announced today that the Wyoming State Department of Environmental Quality (DEQ) has recognized Baker and its client, J.M. Huber Corporation (Huber), with a first-of-its-kind award for their joint commitment and excellence in protecting Wyoming's water quality.
(Logo: http://www.newscom.com/cgi-bin/prnh/20061214/BAKERLOGO )
Wyoming DEQ Storm Water Program Coordinator Barbara Sahl presented the 2007 Construction Storm Water Recognition Award for Industrial Construction Activities at the companies' joint monthly safety meeting in Sheridan on April 15, 2008. The DEQ recognized Huber and Baker for their consistency and innovation in complying with Wyoming Water Quality Rules and Regulations. Most notable was the advanced technologies implemented to enhance efficiency and promote accurate data retrieval.
"The DEQ is impressed with the exceptional nature and organization of the companies' permit records and inspection reports, as well as the diligent monitoring of the diverse control measures and procedures employed," said Jim Eisenhauer, DEQ inspection program coordinator. "It was apparent that the personnel of Huber and Baker are serious about storm water management and professional in their application of their environmental program."
"The DEQ Award exemplifies the proactive partnership that Huber and Baker have established over many years of working together for a common goal," said Dennis Higgins, operations manager for Baker Energy's Northern Business Unit. "Both companies are fully committed to ensuring that we consider the environment in our planning and make every possible effort to minimize the effect of our operational footprint."
Jay Stewart, director of environmental, health, safety and compliance for Huber, agrees. "Our approach to business focuses on such principles as environmental stewardship and respect for people," he said. "It is gratifying to receive recognition from the DEQ for the commitment Huber and Baker have made to protecting water quality."
The Wyoming DEQ began the program last year and presented awards to both an industrial and a residential construction project. DEQ inspectors or public persons nominate companies that they feel exhibit excellence in storm water management. Once nominated, DEQ regulatory inspectors conduct field inspections and submit their recommendations to the DEQ.
Baker Energy works with oil and gas companies worldwide to provide total asset management solutions. By integrating its diverse operating and management skills, Baker has evolved into a single source supplier of competency-based personnel recruiting and training, comprehensive pre-operations, operations and maintenance services, and supply chain and logistics management services.
Michael Baker Corporation (http://www.mbakercorp.com/) provides engineering, operations, and maintenance services for its clients' most complex challenges worldwide. The firm's primary business areas are aviation, environmental, facilities, geospatial information technologies, pipelines and utilities, transportation, water/wastewater, and oil & gas. With more than 4,200 employees in over 50 offices across the United States and internationally, Baker is focused on creating value by delivering innovative and sustainable solutions for infrastructure and the environment.
J.M. Huber Corporation provides a broad range of industries with innovative products and services in three sectors: Engineered Materials, Natural Resources and Technology-Based Services. Energy, which includes Huber's oil & gas business, focuses on developing properties and selling them to industry or financial buyers. Energy operates wells primarily in the Powder River Basin in Wyoming. In addition, Energy seeks to invest in other North American basins.
Michael Baker Corporation
CONTACT: David Higie of Michael Baker Corporation, +1-412-269-6449
Web site: http://www.mbakercorp.com/
Level 3 Enables Independent Cable Operators' Growth NationwideBroad Geographic Reach Supports Expanding Cable Operators' Business Needs
NEW ORLEANS, May 19 /PRNewswire-FirstCall/ -- Level 3 Communications, Inc. today announced that it is enabling customer growth for a variety of cable operators across the nation. Leveraging its scalable nationwide network, Level 3 offers a broad suite of services to Independent Cable Operators serving residential and business customers to support the traffic growth that these cable operators are experiencing.
At the foundation of Level 3's offering are three core services which include Level 3's Transport Network, High Speed Internet Protocol (HSIP), and a full suite of local and long distance voice services. Serving a variety of Independent Cable Operators as a neutral provider, Level 3 continues to develop innovative solutions based on the three core services to enhance these cable operators' commercial services offerings to their customers.
"Level 3 is a proven, reliable provider for BroadRiver as we continue to evolve our network," said Joe Sheehan, chief executive officer of BroadRiver Communication Corp, sister company of KLiP Interactive, LLC. "Level 3's robust and feature rich nationwide network helps us deliver the most cutting-edge communication services to our existing and future customers. We currently provide total communications solutions needs to over 3,000 small- and medium- sized business customers and over 20,000 residential customers, including a full suite of IP-based communications and managed services as well as traditional wireline telecom services."
"Level 3 has been our premiere service provider since 2003, and we recently launched Level 3's Enhanced Local Service in various markets throughout the East Coast," said Kristin Johnson, president of Hotwire Communications. "The breadth and depth of Level 3's network reach in both the metro and long haul space makes Level 3 a clear choice, and we look forward to continuing to evolve our relationship."
"As a neutral provider, Level 3 is an attractive provider for Independent Cable Operators that are looking for cost-effective, collaborative and innovative solutions," said Andrew Crouch, president of Wholesale Markets Group for Level 3. "Leveraging our extensive experience and expertise within the cable industry, we look forward to continuing our work with a variety of customers within this segment of the cable industry."
Level 3 is a leading provider of transport, data and voice services to the cable industry and is the underlying provider for numerous cable, commercial and residential voice offerings. With expansive geographic reach, Level 3 provides extensive coverage across the nation, including reach into smaller markets and remote areas. This network reach, along with Level 3's leading network performance, reliability and connectivity, enables Level 3 to facilitate its Independent Cable Operator customers' needs as they continue to grow and expand their businesses.
About Level 3 Communications
Level 3 Communications, Inc. is a leading international provider of fiber-based communications services. Enterprise, content, wholesale and government customers rely on Level 3 to deliver services with an industry-leading combination of scalability and value over an end-to-end fiber network. Level 3 offers a portfolio of metro and long-haul services, including transport, data, Internet, content delivery and voice. For more information, visit http://www.level3.com/.
Level 3 Communications, Level 3, the red 3D brackets and the Level 3 Communications logo are registered service marks of Level 3 Communications, LLC and/or its affiliates in the United States and/or other countries. Level 3 services are provided by wholly owned subsidiaries of Level 3 Communications, Inc. Any other service, product or company names recited herein are trademarks or service marks of their respective owners.
Forward-Looking Statement
Some of the statements made in this press release are forward looking in nature. These statements are based on management's current expectations or beliefs. These forward looking statements are not a guarantee of performance and are subject to a number of uncertainties and other factors, many of which are outside Level 3's control, which could cause actual events to differ materially from those expressed or implied by the statements. The most important factors that could prevent Level 3 from achieving its stated goals include, but are not limited to the company's ability to: successfully integrate acquisitions; increase the volume of traffic on the network; defend intellectual property and proprietary rights; develop new products and services that meet customer demands and generate acceptable margins; successfully complete commercial testing of new technology and information systems to support new products and services; attract and retain qualified management and other personnel; and meet all of the terms and conditions of debt obligations. Additional information concerning these and other important factors can be found within Level 3's filings with the Securities and Exchange Commission. Statements in this press release should be evaluated in light of these important factors. Level 3 is under no obligation to, and expressly disclaims any such obligation to, update or alter its forward-looking statements, whether as a result of new information, future events, or otherwise.
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Level 3 Communications
CONTACT: media, Jennifer Daumler, +1-720-888-3356, or Tarra Ryerson, +1-720-888-1214, or investors, Valerie Finberg, +1-720-888-2501, or Mark Stoutenberg, +1-720-888-2518, all of Level 3 Communications
Web site: http://www.level3.com/
Marvell Pledges Aid to Victims of Sichuan Earthquake and Cyclone Nargis
SANTA CLARA, Calif., May 19 /PRNewswire-FirstCall/ -- Marvell today announced it will match employee donations with a company contribution of up to $1 million for victims of the disastrous Sichuan earthquake and the cyclone in Burma, also known as Myanmar. The Company, with close ties to and operations in China, expressed its deep concern for the two countries' citizens.
(Logo: http://www.newscom.com/cgi-bin/prnh/20070411/SFW034LOGO)
"Many of our employees are deeply worried about relatives and friends in China, and about the tragic effects of Cyclone Nargis," said Sehat Sutardja, Marvell CEO. "We have developed a plan to enable employees to make donations to the relief work in China and Burma, and we will match these donations with a company contribution up to $1 million. We send our thoughts and prayers to all those touched by these disasters."
Marvell has Asia-Pacific operations in China, Hong Kong, India, Korea, Japan, Malaysia, Singapore and Taiwan.
About Marvell
Marvell is a leader in the development of storage, communications, and consumer silicon solutions. The company's diverse product portfolio includes switching, transceiver, communications controller, wireless, and storage solutions that power the entire communications infrastructure including enterprise, metro, home, and storage networking. As used in this release, the terms "company" and "Marvell" refer to Marvell Technology Group Ltd. and its subsidiaries. For more information, visit http://www.marvell.com/.
Marvell(R) is a registered trademark of Marvell or its affiliates.
Other names and brands may be claimed as the property of others.
For Further Information Contact:
Marvell Media Relations
Diane Vanasse
Tel: 408.242.0027
dvanasse@marvell.com
Ogilvy PR
Ian Yellin
Tel: 415.677.2714
ian.yellin@ogilvypr.com
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Marvell
CONTACT: Diane Vanasse of Marvell Media Relations, +1-408-242-0027, dvanasse@marvell.com; or Ian Yellin of Ogilvy PR, +1-415-677-2714, ian.yellin@ogilvypr.com, for Marvell
Web site: http://www.marvell.com/
TRX Releases RESX v8.1TRX's RESX Expands Comparison Shopping Options for US State Government Travelers
ATLANTA, May 19 /PRNewswire-FirstCall/ -- TRX, Inc. , a global technology company that develops and hosts software applications to process data records and automate manual processes, today announced the release of RESX v8.1.
RESX is a leading online booking tool allowing corporate travelers to create policy-compliant and on-budget travel reservations via a hosted Web interface.
"RESX has greatly enhanced US state government employees' ability to shop and compare prices, as the latest version of RESX brings government contracted rates into the travel booking process," said Shane Hammond, President, RESX Technologies. "Now state government users can determine whether it makes sense to book the lowest fare available or choose a government fare, if there is a difference in price."
"We specialize in providing best-in-class travel management services to state and municipal government clients," said Tony Fuerte, Corporate Account Manager, Azumano Travel. "RESX's addition of state government fares is an important component of our service portfolio, as it helps Azumano drive additional savings to our government clients and achieve vital contract compliance."
Access to US state government fares is instantly available to travel agencies who support RESX and corporate direct clients using the Apollo, Galileo, or Sabre GDS.
Other features in RESX v8.1 include, new trip approval triggers based on an administrator defined advance purchase requirements, and modification of user interface controls designed to improve overall site performance.
About TRX
TRX is a global technology company. We develop and host software applications that process data records and automate manual processes, enabling our clients to optimize performance and control costs. We are a leading provider to the travel industry. We deliver our technology applications in an on-demand environment to travel agencies, corporations, travel suppliers, government agencies, credit card associations, credit card issuing banks, and third-party administrators. TRX is headquartered in Atlanta with operations and associates in North America, Europe, and Asia. Please visit the company's Website at http://www.trx.com/ .
TRX, Inc.
CONTACT: Kira Perdue of Trevelino-Keller Communications Group for TRX, Inc., +1-404-214-0722, Extension 101, kperdue@trevelinokeller.com
Web site: http://www.trx.com/
American Airlines Cargo Honored 'Customer Excellence and Innovation Award' by Descartes Systems Group
FORT WORTH, Texas, May 19 /PRNewswire-FirstCall/ -- American Airlines Cargo Division (AA Cargo) has announced that it received the "Customer Excellence and Innovation" award from Descartes Systems Group, a global on- demand software-as-a-service (SaaS) logistics solutions provider. American Airlines was recognized for its excellence and innovation in the implementation of the company's electronic cargo booking system.
The award for Excellence and Innovation was presented to American Airlines Cargo at the Descartes' Global User Group Conference on April 16 in Atlanta. Each year, this and other awards are bestowed to innovative Descartes customers and partners who are driving value for their business using leading logistics solutions.
"AA Cargo aims to implement the latest logistics technology solutions to streamline and expedite the shipping process for our customers," said Dave Brooks, President of AA Cargo. "We are honored that Descartes has recognized our dedication to implementing a best-in-class online cargo booking and tracking product."
About American Airlines Cargo
American Airlines Cargo(SM), a division of American Airlines, Inc., provides over 100 million pounds of weekly cargo lift capacity to major cities in the United States, Europe, Canada, Mexico, the Caribbean, Latin America and Asia. American, American Eagle and the AmericanConnection regional airlines serve more than 250 cities in over 40 countries with more than 4,000 daily flights. The combined network fleet numbers more than 1,000 aircraft. American provides one of the largest cargo networks in the world, with cargo terminals and interline connections available around the globe. For more information, visit http://www.aacargo.com/.
About American Airlines
American, American Eagle and the AmericanConnection(R) airlines serve 250 cities in over 40 countries with more than 4,000 daily flights. The combined network fleet numbers more than 1,000 aircraft. American's award-winning Web site, AA.com, provides users with easy access to check and book fares, plus personalized news, information and travel offers. American Airlines is a founding member of the oneworld(R) Alliance, which brings together some of the best and biggest names in the airline business, enabling them to offer their customers more services and benefits than any airline can provide on its own. Together, its members serve nearly 700 destinations in over 140 countries and territories. American Airlines, Inc. and American Eagle Airlines, Inc. are subsidiaries of AMR Corporation. AmericanAirlines, American Eagle, the AmericanConnection(R) airlines, AA.com and AAdvantage are registered trademarks of American Airlines, Inc.
AmericanAirlines(R) We know why you fly(R)
Current AMR Corp. releases can be accessed on the Internet.
The address is http://www.aa.com
American Airlines Cargo
CONTACT: Jennifer Pemberton of American Airlines Cargo, +1-817-967-1577, corp.comm@aa.com
Web site: http://www.aacargo.com/ http://www.aa.com/
Townsend and Pepperell, Massachusetts Residents to Benefit from Verizon Wireless Network ExpansionInvesting to Stay Ahead of Growing Demand for Wireless Voice, Multimedia and Internet Access
TOWNSEND, Mass., May 19 /PRNewswire/ -- In a continuing effort to provide the best wireless service for local residents in Middlesex County, Verizon Wireless has activated a new cell site. The new site increases wireless voice and data coverage and capacity along Routes 113 and 119 in Townsend and Pepperell, Massachusetts, as well as the surrounding area.
Verizon Wireless has invested more than $45 billion since it was formed to increase the coverage and capacity of its national network and to add new services like BroadbandAccess and V CAST. Regionally the company has invested nearly $2.2 billion into its New England network, including over $292 million in 2007 alone. As a result of these investments, every Verizon Wireless cell site in New England offers wireless broadband connectivity.
BroadbandAccess offers computer users the nation's most reliable high- speed wireless mobile broadband network, operating at average upload speeds between 500 and 800 kbps, and download speeds between 600 kbps and 1.4 mbps over Verizon Wireless' BroadbandAccess with EV-DO Revision A network. V CAST brings video clips of TV shows, music on demand and other multimedia services to wireless phones.
Strong demand for Verizon Wireless services continued during the first quarter of 2008 as the company added 1.5 million net new customers and, for the fourteenth consecutive quarter, reported the lowest customer turnover (highest customer loyalty) rate in the wireless industry.
The company's 'nation's most reliable wireless network' reputation is based on network studies performed by real-life test men and test women throughout the country who inspired the "can you hear me now" national advertising campaign. Nationally, these test men and women drive nearly 100 specially equipped vehicles almost 1,000,000 miles annually on Interstate, U.S. and state highways as well as major roads and surface streets in high- population areas, based upon U.S. Census counts, to confirm that voice calls and data connections are successful on the first attempt and stay connected. Vehicles are equipped with computers that automatically make more than three million voice call attempts and more than 16 million data tests annually on Verizon Wireless' network and the networks of other carriers.
About Verizon Wireless
Verizon Wireless operates the nation's most reliable wireless voice and data network, serving 67.2 million customers. Headquartered in Basking Ridge, N.J., with 69,000 employees nationwide, Verizon Wireless is a joint venture of Verizon Communications and Vodafone (NYSE and LSE: VOD). For more information, go to: http://www.verizonwireless.com/ . To preview and request broadcast-quality video footage and high-resolution stills of Verizon Wireless operations, log on to the Verizon Wireless Multimedia Library at http://www.verizonwireless.com/multimedia .
Verizon Wireless
CONTACT: Michael Murphy of Verizon Wireless, +1-781-932-1213, Michael.murphy@verizonwireless.com; or Anne Elise O'Connor of Thomson Communications for Verizon Wireless, +1-617-548-2765, Aeoc@thomsoncommunications.com
Web site: http://www.verizonwireless.com/ http://www.verizonwireless.com/multimedia
Worlds.com: Pioneer of 3D Virtual Worlds Announces New Board Member From GoogleNew Board Member Expected to Help Drive Growth
BOSTON, May 19 /PRNewswire/ -- Worlds (http://www.worlds.com/) , the pioneer platform in 3D virtual communities announced today the appointment of a new non-executive board member; Thomas Duterme. Mr. Duterme is currently a New Business Development Manager who assesses new business opportunities at Google. Joining Worlds' board, it is expected that he will help to drive the expansion of the Company's pioneering patented 3D technology.
Founded in 1994, Worlds is preparing to release its newly updated and enhanced 3D platform, with a new rendering engine and micro-economy platform. In Worlds, users create avatars that navigate through virtual worlds as well as build their own worlds on a P2P network. The Company is building on existing formats to improve entertainment, socializing, and marketing capabilities in the 3D online environment.
"Tom's addition to the board adds a new perspective and strategic position for the Company," stated Thom Kidrin, CEO of Worlds.com. "Tom's broad knowledge and experience in China will add insight and value to an explosive growth market that Worlds is preparing to enter. Tom has a unique understanding of how the 3D market is evolving as well as exposure to new business opportunities that will enhance Worlds value proposition in the expansion and development of 3D virtual worlds."
"I have joined Worlds' board after careful consideration and review of their pioneering legacy in 3D, their patents and long-term growth opportunities. I see a number of clear points of differentiation in what Worlds offers in respect to other competitors and how to leverage their technology with a range of existing relationships and strategic opportunities for 3D around the world," said Tom Duterme.
Mr. Duterme has an MBA from MIT Sloan and is fluent in Mandarin and French, and has lived in China, Japan, France, Belgium, and the U.S.
Worlds holds US patents, 6,219,045 and 7,181,690 B1, for multi-user server technology for 3D applications which provides a highly scalable architecture for a three-dimensional graphical, multi-user, interactive virtual world system.
About Worlds:
Worlds.com was founded in 1994 and utilizes its patented 3D technology in partnership with brand leaders in specific market segments to offer 3D multi-user environments that have interactive Avatars, rich media graphics, text chat, voice-to-voice chat, video and e-commerce. The 3D communities allow visitors to interact with each other, teleport throughout the Worlds environment as well as participate in shared experiences. Besides partnering with existing content providers that have strong brands and an existing following, Worlds also encourages individuals to create their own virtual spaces, communities and unique Avatars with easy-to-use tools. Worlds was, and remains, true "social networking" well before the term became mainstream.
Forward Looking Statements
This release contains certain forward-looking statements and information relating to Worlds that are based on the beliefs of Worlds' management, as well as assumptions made by and information currently available to the Company. Such statements reflect the current views of the Company with respect to future events including estimates and projections about its business based on certain assumptions of its management, including those described in this Release. These statements are not guarantees of future performance and involve risk and uncertainties that are difficult to predict, including, among other factors, changes in demand for the Company's services and products, changes in technology, competition and liquidity problems. Additional risk factors are included in the Company's public filings with the SEC. Should one or more of these underlying assumptions prove incorrect, actual results may vary materially from those described herein as hoped, anticipated, believed, estimated, preparing or expected. The Company does not intend to update these forward-looking statements.
Press Contact: Lauren Monroe 212.584.4330 lmonroe@5wpr.com
Worlds.com
CONTACT: Lauren Monroe, +1-212-584-4330, lmonroe@5wpr.com, for Worlds.com
Web site: http://www.worlds.com/
VIASPACE CEO Reports on Sharp Corporation Progress on Direct Methanol Fuel Cells
PASADENA, Calif., May 19 /PRNewswire-FirstCall/ -- VIASPACE Inc. (BULLETIN BOARD: VSPC) CEO, Dr. Carl Kukkonen, reports that Sharp Corporation claims to have achieved the world's highest power density for a direct methanol fuel cell for mobile equipment. The press release on the Sharp website (http://sharp-world.com/corporate/news/080515.html) states, "This new technology enables efficient power generation from a small cell volume. Thus, the use of this technology can make it possible to develop fuel cells that have almost the same volume but a longer continuous-use lifespan than lithium-ion batteries, which are the main type currently in use. Sharp will promote further research and development for the practical application of fuel cells for mobile equipment such as PDAs, electronic dictionaries, and notebook computers." Dr. Kukkonen reported on Sony and Samsung progress on direct methanol fuel cells on May 15, 2008, and this update is from the 15th Fuel Cell Symposium in Tokyo where Sharp released the information. Sharp has emerged as another significant OEM player in the direct methanol fuel cell sector of the $55 Billion clean energy market.
VIASPACE subsidiary Direct Methanol Fuel Cell Corporation (DMFCC) manufactures disposable fuel cartridges for portable electronics applications. Fuel cells are the electrochemical engine that converts the fuel into electricity that powers the notebook computer or mobile phone. The fuel cartridges are the consumable part of the fuel cell business and represent recurring revenue. VIASPACE also manufactures fuel cell and battery test equipment, and sells high-quality and safe rechargeable lithium-based batteries.
About VIASPACE: Originally founded in 1998 with the objective of transforming proven space and defense technologies from NASA and the Department of Defense into hardware and software solutions that solve today's complex problems, VIASPACE benefits from important patent and software licenses from Caltech, which manages NASA's Jet Propulsion Laboratory. For more information, please visit our website at http://www.viaspace.com/, or contact for Investor Relations, Dr. Jan Vandersande, Director of Communications at 800-517-8050, or IR@VIASPACE.com.
This news release includes forward-looking statements. These forward-looking statements relate to future events or our future 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. Such factors include the risks outlined in our periodic filings with the U.S. Securities and Exchange Commission, including our Annual Report on Form 10-KSB, for the fiscal year ended December 31, 2007, as well as general economic and business conditions, the ability to acquire and develop specific projects and technologies, the ability to fund operations, changes in consumer and business consumption habits, and other factors over which VIASPACE has little or no control.
VIASPACE Inc.
CONTACT: investor relations, Dr. Jan Vandersande, Director of Communications, 1-800-517-8050, IR@VIASPACE.com, or press, Carl Kukkonen, +1-626-768-3360, both of VIASPACE Inc.
Web site: http://www.viaspace.com/
Wi-Tron, Inc. and Cellvine, Ltd. Sign Definitive Merger Agreement
RARITAN, N.J., May 19 /PRNewswire-FirstCall/ -- WI-TRON, INC. (BULLETIN BOARD: WTRO) , a manufacturer of power amplifiers announced today that it has signed a definitive merger agreement with Cellvine, Ltd., a private Israeli corporation that develops and markets coverage and capacity solutions for the wireless telecommunications industry. The merger will enable the companies to combine their technologies to promote efficient and effective delivery of power amplifiers and coverage systems to the wireless market.
Cellvine Ltd., an Israeli company with investors including Peregrine Ventures, Stratum Wealth Management and U.S. entrepreneur Dr. Phillip Frost, offers a broad range of cellular coverage enhancement products and solutions based on its exclusive technology for improving cellular signals for in- building, urban and rural over-ground and subterranean environments.
Upon completion of the transaction, the ratio between the shareholding of current shareholders of Cellvine and current shareholders of Wi-Tron will be 85 to 15, on a fully diluted basis.
The transaction is subject to various conditions, including obtaining the approval of shareholders of each of the companies, obtaining required financing, certain other Israeli government and third party consents as well as customary closing deliveries.
John Chase Lee, CEO and Chairman of Wi-Tron, commented, "We believe this merger strengthens Wi-Tron as a leading amplifier innovator allowing us access to the multiple markets that Cellvine serves. We have jointly developed products with Cellvine in the past and are confident in our belief that this merger has great synergies."
Yoni Schiff, CEO of Cellvine Ltd, added, "Cellvine has developed a leading suite of wireless coverage products and adding Wi-Tron's strong amplifier technology will allow us to provide unique and cutting edge outdoor coverage solutions to the civilian and defense markets. We are excited at the prospect of having Wi-Tron as part of our team."
About the Participating Companies:
Wi-Tron:
Wi-Tron, Inc. designs, manufactures and sells ultra linear single and multi-channel power amplifiers and broadband high-speed wireless products to the worldwide wireless telecommunications market. The single and multi- carrier linear power amplifiers, which are a key component in cellular base stations, increase the power of radio frequency and microwave signals with low distortion. Wi-Tron's products are marketed to the cellular, PCS, X-band, wireless local loop segments of the wireless telecommunications industry.
Cellvine:
Cellvine Ltd. is a vendor of wireless coverage solutions for the cellular industry. Cellvine provides a comprehensive set of products for advanced outdoor and in-building cellular coverage with industry leading remote management capabilities, eliminating the need for costly infrastructure replacement. Cellvine supports all the cellular technologies and has a full suite of both standard devices as well as leading edge DSP technology solutions.
About Forward-Looking Statements:
Certain information contained in this press release is forward-looking. Actual results might differ materially from the forward-looking statements contained in this press release. All forward-looking statements involve known and unknown risks, uncertainties and other unknown factors. Any of these factors could cause Wi-Tron's actual results to be materially different from any future results expressed or implied by any forward-looking statement contained in this press release. In addition to statements which explicitly describe these risks and uncertainties, readers are urged to consider statements labeled with the terms "believes," "belief," "expects," "intends," "anticipates," "plans," or "proposes," to be uncertain and forward-looking. Forward-looking statements represent Wi-Tron's judgment as of the date of this release. Actual results depend on Wi-Tron's ability to, among other things, generate revenue, reduce operating losses, and successfully develop and market its products. Factors that could cause actual events or results to differ materially include, among others, the following: rapid technological change that can adversely affect the demand for Wi-Tron's amplifiers, shifts in customer demand, shifts in strategic relationships, delays in Wi-Tron's ability to deliver its products to its customers, and Wi-Tron's ability to market and distribute its amplifiers in Asia and other markets. These and other risks may be described from time to time in Wi-Tron's periodic reports filed with the Securities and Exchange Commission, including, but not limited to, its latest Annual Report on Form 10-K and its latest Quarterly Report on Form 10-Q, copies of which may be obtained from http://www.sec.gov/. Wi-Tron is under no obligation to (and expressly disclaims any such obligation to) update or alter its forward-looking statements whether as a result of new information, future events or otherwise. Information contained in our website is not incorporated by reference in, or made part of this press release.
Wi-Tron, Inc.
CONTACT: Tochi Bains of Wi-Tron, Inc., +1-908-253-6870, ext 106, tbains@wi-tron.com
Cascade Microtech Announces Strategic Initiative to Maximize Lab and Fab Investments via Fully Integrated Measurement SystemsNew approach includes measurement accuracy assurance
BEAVERTON, Ore., May 19 /PRNewswire-FirstCall/ -- In response to the ever-increasing cost associated with developing new process nodes, today Cascade Microtech announced a new initiative to develop integrated measurement systems for on-wafer semiconductor device characterization and process development. This innovative approach results in increased performance and accuracy as well as better, faster service and support and renders obsolete the traditional practice of bolting together system elements from multiple vendors.
Because each system is designed from the ground up to optimize measurement capability, Cascade Microtech's integrated measurement systems offer the industry's only certified measurement accuracy. The first such system, also being announced today, is the EDGE Flicker Noise Measurement System (see press release dated May 19, 2008: Cascade Microtech Offers Industry's First Fully Integrated Flicker Noise Measurement System).
"When it comes to highly sensitive measurements, the traditional approach of piecing together a system is simply not good enough," said Cascade Microtech CEO Geoff Wild. "Our customers need solutions that are going to solve their problems, not create new ones. Only truly integrated measurement systems can give our customers the peace-of-mind that comes with knowing they are going to get accurate and repeatable results."
"Chartered sees potential benefit in fully integrated measurement systems, such as guaranteed measurement accuracy and single-vendor support, which would translate into a more secure investment for companies like Chartered," said Dr. Sanford Chu, vice president, device technology division, Chartered Semiconductor Manufacturing. "We applaud Cascade Microtech for taking the initiative to bring a more integrated approach to on-wafer semiconductor device characterization and process development."
Cascade Microtech's first integrated measurement system, the EDGE Flicker Noise Measurement System, tackles the very difficult challenge of accurately identifying flicker noise, an illusive measurement to obtain. In addition, Cascade Microtech has identified a number of other critical measurement challenges it believes are best solved via integrated measurement systems, which it will roll out in the coming months.
About Cascade Microtech
Cascade Microtech, Inc. is a worldwide leader in the precise electrical measurement and test of integrated circuits (ICs) and other small structures. For technology businesses and scientific institutions that need to evaluate small structures, Cascade Microtech delivers access to, and extraction of, electrical data from wafers, integrated circuits (ICs), IC packages, circuit boards and modules, MEMS, biological structures, electro-optic devices and more.
Cascade Microtech's leading-edge semiconductor production test consumables include unique probe cards and test sockets that reduce manufacturing costs of high-speed and high-density semiconductor chips. Information about Cascade Microtech can be found on the Web at http://www.cascademicrotech.com/.
Cascade Microtech, Inc.
CONTACT: Kerry McClenahan of McClenahan Bruer Communications, +1-503-546-1000, kerry@mcbru.com, for Cascade Microtech, Inc.; or Cali Sartor of Cascade Microtech, Inc., +1-503-601-1000, cali_sartor@cmicro.com
Web site: http://www.cascademicrotech.com/
/C O R R E C T I O N -- The9 Limited/
In the news release, "The9 Limited Suspends Game Operations for 3 Days of Mourning for the Earthquake Tragedy in Southeast China," issued earlier today by The9 Limited over Xinhua PR Newswire, we are advised by the Company that in the headline and the body of the release, "Southeast China" should read "Southwest China."
The9 Limited
FBI Awards General Dynamics $83 Million IT Management Contract
FAIRFAX, Va., May 19 /PRNewswire-FirstCall/ -- General Dynamics Information Technology, a business unit of General Dynamics , has been awarded a task order by the Federal Bureau of Investigation (FBI) to provide information technology (IT) management services at its headquarters and field offices. The contract has an initial value of $13.7 million with a one-year period of performance. The total potential value of the award if all options are exercised is $83 million over five years.
Under the contract, General Dynamics will provide help desk support, program management, enterprise operations services and IT field audit support. General Dynamics team members include Innovative Management and Technology Approaches (IMTAS), ZeNETeX, and BAE Systems.
"General Dynamics will provide the FBI with efficient and effective IT management support through the use of IT infrastructure best practice process implementations and continuous improvement frameworks, such as Information Technology Infrastructure Library (ITIL)," said Ivan Abbott, vice president and general manager of Civilian Solutions for General Dynamics Information Technology. "General Dynamics is pleased to deliver our innovative technology and proven services in support of the FBI's vital counterterrorism and law enforcement mission."
The task order was awarded under the General Dynamics GSA Information Technology Schedule contract.
As a trusted systems integrator for more than 50 years, General Dynamics Information Technology provides information technology (IT), systems engineering and professional services to customers in the defense, intelligence, homeland security, federal civil, international and commercial sectors. With 15,000 professionals worldwide, the company manages large-scale, mission-critical IT programs delivering IT services and enterprise solutions. More information about General Dynamics Information Technology is available at http://www.gdit.com/.
General Dynamics, headquartered in Falls Church, Va., employs approximately 84,000 people worldwide and reported 2007 revenues of $27.2 billion. The company is a market leader in business aviation; land and expeditionary combat systems, armaments and munitions; shipbuilding and marine systems; and information systems and technologies. More information about the company is available on the Internet at http://www.generaldynamics.com/.
General Dynamics Information Technology
CONTACT: Mark Meudt of General Dynamics Information Technology, +1-703-246-0525, Fax: +1-703-246-0206, Mark.Meudt@gdit.com
Web site: http://www.gdit.com/ http://www.generaldynamics.com/
Cascade Microtech Offers Industry's First Fully Integrated Flicker Noise Measurement SystemEDGE Flicker Noise Measurement System is Certified Accurate from 1Hz to 30 MHz
BEAVERTON, Ore., May 19 /PRNewswire-FirstCall/ -- With the cost of developing each new semiconductor manufacturing process node escalating dramatically and time to market pressures increasing, there is no longer room for error in measuring critical parameters such as flicker noise. Recognizing these market realities and their impact on semiconductor manufacturers, Cascade Microtech today introduced the EDGE Flicker Noise Measurement System, the only flicker noise measurement system that is certified to provide accurate measurements from 1Hz to 30 MHz.
In addition, the EDGE Flicker Noise Measurement System is the industry's only fully integrated measurement system. In contrast to traditional flicker noise measurement solutions, which are bolted-together systems comprising system elements from up to five different vendors, the EDGE Flicker Noise Measurement System is a true turn-key solution. Seamless integration of the wafer probe station, instruments, software and accessories is overlaid with unprecedented service and support in the form of site surveys, pre- and post-measurement optimization and continuing application support. The result is a worry-free, accurate flicker noise measurement.
"Flicker noise is a particularly intricate parameter to characterize. Having worked closely with Cascade Microtech on the first deployment of its EDGE Flicker Noise Measurement system, we can have confidence in the measurements this system produces," said Dr. Michael Cheng, senior director, device technology division at Chartered Semiconductor Manufacturing. "This enables us to provide our customers with substantially more information on the devices' flicker noise performance, which is critical in the design of low-noise, high-performance circuits."
Why Flicker Matters
Flicker, or 1/f, noise occurs in all semiconductors and can compromise device performance by causing jitter or phase noise in communications devices, which results in high bit error rates. It can also cause random retention errors in flash memory or soft errors in SRAM. In fact, Flicker noise is such a problem for device developers that in 2003, the International Technology Roadmap for Semiconductors was revised to forecast increased minimum device operating voltage as geometries shrink. Flicker noise, a major contributor to device noise, is the gating barrier to reducing device operating voltages. Unfortunately, today's market pressures result in even less room for the types of performance degradation flicker noise can cause. For instance, higher serial data rates means less jitter margin, and the low standby power demanded by handhelds results in lower signal to noise ratios.
Flicker noise is characterized by a corner frequency beyond which other types of noise become dominant. Because extrinsic background noise often obscures the ultra-low noise frequency corner, measurement and extraction tasks are typically difficult to achieve with precision.
Ironically, such background noise is often introduced by the very systems attempting to measure flicker. Unlike Cascade Microtech's fully integrated EDGE Flicker Noise Measurement System, other flicker measurement solutions are bolted together from multiple instruments and probes from multiple vendors and are virtually impossible to imbue with the noise immunity a fully integrated system can attain.
Integrated Measurement System Approach
A turn-key, one-vendor system, the EDGE Flicker Noise Measurement System provides simple access to flicker noise data over the widest frequency range -- up to 30 MHz -- with the lowest background noise, typically less than 1.2nV/rtHz at 100 KHz and above. This wide frequency range and low background noise allows customers to increase device performance, command higher margins and reduce time to market.
Because it is fully integrated, the EDGE Flicker Noise Measurement System eliminates the need for custom fixturing or instrumentation. In addition, it has been designed to switch between flicker and DC measurements with push-button automation, providing both sets of measurements, over-temperature, in one system. This eliminates risky transfer of the wafer from one measurement station to another, and removes the risk of error associated with reconfiguring bolted-together solutions to change their functionality.
Service and Support
The EDGE Flicker Noise Measurement System comes with full support, both pre- and post-sale, and expert advice. This includes device and lab site evaluation, pre- and post-sale training and 100 hours of ongoing application and technical support for the complete system from one vendor.
Price and availability
Cascade Microtech's EDGE Flicker Noise Management System is available immediately for $1.2 million.
About Cascade Microtech
Cascade Microtech, Inc. is a worldwide leader in the precise electrical measurement and test of integrated circuits (ICs) and other small structures. For technology businesses and scientific institutions that need to evaluate small structures, Cascade Microtech delivers access to, and extraction of, electrical data from wafers, integrated circuits (ICs), IC packages, circuit boards and modules, MEMS, biological structures, electro-optic devices and more.
Cascade Microtech's leading-edge semiconductor production test consumables include unique probe cards and test sockets that reduce manufacturing costs of high-speed and high-density semiconductor chips. Information about Cascade Microtech can be found on the Web at http://www.cascademicrotech.com/.
Cascade Microtech, Inc.
CONTACT: Cali Sartor of Cascade Microtech, Inc., +1-503-601-1000, cali_sartor@cmicro.com; or Kerry McClenahan of McClenahan Bruer Communications, +1-503-546-1000, kerry@mcbru.com, for Cascade Microtech, Inc.
Web site: http://www.cascademicrotech.com/
SpareBackup Begins Shipping Software in DSG International PLC Private Label PC'sSpare Software Expected to be Embedded in over One Million PC's Throughout the Year
PALM DESERT, Calif., May 19 /PRNewswire-FirstCall/ -- Spare Backup, Inc., (BULLETIN BOARD: SPBU) : Spare Backup, Inc., an industry leading provider of automated, online backup applications for home users and small businesses, today announced today that DSG International has started shipping its SpareBackup software in its private label PC's. The SpareBackup offer, which enables users to back their files up to a secure online server for a small monthly fee, will be launched upon the initialization of the new computer. Users will have the option to select Spare Switch, Spare Backup or both, and may also opt out if they wish. The offer will be bundled on all DSGi private label computers pursuant to the terms of the current agreements between the two companies.
Spare anticipates that its software will be available to over one million customers as a result of the arrangement with DSG. This agreement is another step forward in the ongoing relationship between the two companies. DSG distributes its OEM PC's throughout its customer network and through its 1,450 stores and online stores, spanning 27 countries.
Commenting on the event, Cery Perle, CEO of SpareBackup, Inc. stated, "We are extremely focused on our exiting channels of distribution, as each channel has the opportunity to reach millions of potential users at an attractive cost of acquisition. Spare will continue to focus on it exiting partnerships, defining each partner's needs and working closely with management to achieve their goals as seen in this launch. The ability to transfer data from your old PC to your new at set up is another positive experience for the customer, which makes backing up all your data even more compelling and critical."
About Spare Backup, Inc.
Spare Backup, Inc. specializes in helping consumers, small office/home office users, and small to mid-sized businesses protect their computer data quickly, automatically and cost-effectively. The company's flagship Spare Backup product is the first totally automated online backup service that intelligently selects, secures and stores files without any user intervention, automatically backing up documents, email, music, photos and other PC files on a continuous basis or according to the schedule of the user's choice. The company is headquartered in Palm Desert, Calif.
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 statement.
Spare Backup, Inc.
CONTACT: Heather Schroeder of Corporate Advocates, +1-713-791-0041, hschroeder@corporateadvocates.net, for Spare Backup, Inc.
Web site: http://www.sparebackup.com/
AT&T Awards $75,000 Contribution to Improve Educational Opportunities for Disadvantaged Orlando Youth
ORLANDO, Fla., May 19 /PRNewswire-FirstCall/ -- AT&T Inc. today announced a $75,000 donation to the Parramore Kidz Zone (PKZ) to assist the nonprofit organization's efforts to boost the school performance of disadvantaged youth in the Parramore area in Orlando.
"Investing in programs that can make a true difference in the quality of life for Floridians, especially our children, is a real priority for the AT&T team," said Marshall Criser III, president of AT&T Florida. "We are committed to helping indispensable community-based organizations like the Parramore Kidz Zone by providing them with the tools needed to help the wonderful kids who participate in the program."
PKZ will use the AT&T contribution to enhance the computer capabilities at its Homework Room sites throughout the community and increase access for neighborhood children to the University of Central Florida's Digital U program. The money will also be used to expand tutoring services and academic-enrichment activities for all youth, develop and launch workshops to teach parents how to best interact with schools and teachers, and to expand peer-support activities to improve youth's attitudes toward succeeding in school and life.
PKZ, a grass-roots project launched in 2006 by Orlando Mayor Buddy Dyer, provides Parramore children with pre-kindergarten education, health care, jobs, mentoring, tutoring and after-school programs -- such as sports, arts and technology programs -- to help ensure a smooth transition to adulthood.
The mission of PKZ, which is patterned after the nationally acclaimed Harlem Children's Zone in New York, is to transform Orlando's most distressed neighborhoods into a healthy place for children.
"Our goal is to engage every child in Parramore in positive, quality programming," Dyer said. "That doesn't happen without support from responsible community partners like AT&T. Their generous contributions will help transform the lives of Orlando's most at-risk youth."
The Parramore Heritage Community, a 1.4-square-mile neighborhood in the heart of downtown Orlando, is home to 2,066 children, with 73 percent of them living in poverty. Children living in poverty are more likely than other children to perform below grade level in school, have high truancy and dropout rates, become teen parents and end up in child abuse and juvenile crime systems.
About AT&T
AT&T Inc. is a premier communications holding company. Its subsidiaries and affiliates, AT&T operating companies, are the providers of AT&T services in the United States and around the world. Among their offerings are the world's most advanced IP-based business communications services and the nation's leading wireless, high speed Internet access and voice services. In domestic markets, AT&T is known for the directory publishing and advertising sales leadership of its Yellow Pages and YELLOWPAGES.COM organizations, and the AT&T brand is licensed to innovators in such fields as communications equipment. As part of its three-screen integration strategy, AT&T is expanding its TV entertainment offerings. In 2008, AT&T again ranked No. 1 on Fortune magazine's World's Most Admired Telecommunications Company list and No. 1 on America's Most Admired Telecommunications Company list. Additional information about AT&T Inc. and the products and services provided by AT&T subsidiaries and affiliates is available at http://www.att.com/.
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AT&T Inc.
CONTACT: Don Sadler of AT&T, +1-305-347-5320, cell, +1-305-965-7680, ds4400@att.com
Web site: http://www.att.com/
/C O R R E C T I O N -- Virgin Mobile USA/
In the news release, Virgin Mobile USA Welcomes First Samsung Handset to Wireless Phone Lineup, issued earlier today by Virgin Mobile USA over PR Newswire, we are advised by the company that the eighth paragraph should read:
Light and compact, Slash by Samsung weighs in at just 3-ounces and measures 3.8" by 1.8" by 0.7". Its battery life offers customers up to 3.5 hours of talk time and a week of standby time (approximately 170 hours). More information on this newest addition to the full lineup of Virgin Mobile USA handsets may be viewed online at: http://www.virginmobileusa.com/phones/phoneDetail.do?skuId=VMM310 . Slash is currently available at retailers and is coming soon to http://www.virginmobileusa.com/.
Also, the Virgin Mobile USA boiler plate for this news release should read:
About Virgin Mobile USA:
Virgin Mobile USA offers more than five million customers control, flexibility and choice in wireless service, rich data content and innovative products without annual contracts. Voice pricing plans range from monthly options with unlimited nights and weekends to by-the-minute offers, allowing consumers to adjust how and what they pay according to their needs. Virgin Mobile USA's smart, stylish and affordable handsets, including the Wild Card, Super Slice and Flare, are available at top retailers in more than 40,000 locations nationwide and online at http://www.virginmobileusa.com/ , with Top-Up cards available at more than 140,000 locations.
J.D. Power and Associates ranked Virgin Mobile US highest in customer satisfaction among wireless prepaid services in both 2006 and 2007, and its customers report a 90% satisfaction rate. Virgin Mobile US contributes a portion of profits from downloadable content to The RE*Generation, its pro-social initiative to help homeless youth, and provides postage-paid return envelopes in every new phone package for customers to recycle old phones. Virgin Mobile USA's national coverage is powered by the nationwide Sprint PCS network.
Virgin Mobile USA
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