Optelecom-NKF Project Update: Providing Safety and Security at Bawadi Mall in Al Ain, United Arab Emirates

GERMANTOWN, Md., March 16 /PRNewswire-FirstCall/ -- Optelecom-NKF, Inc. , manufacturer of Siqura(R) surveillance products and solutions, today provided an update of their ongoing video surveillance project at the Bawadi Mall in Al Ain, United Arab Emirates.

The Bawadi Mall opened its first phase of development to visitors on January 29th of this year. At 861,000 square feet the two-level shopping mall, when completed, will be the largest in the eastern region of Abu Dhabi, United Arab Emirates. Designed as a premiere shopping and entertainment destination, the mall is easily accessed through Al Ain City's main network of highways.

The mall's unique architecture welcomes visitors to a shopping and entertainment experience unlike any other in the region. Natural light floods the space by day. Special lighting showcases the mall's center court and design features at night. Combining traditional shopping venues with the new, the Bawadi Mall, offers attractions for everyone in the family.

Providing a safe shopping environment

Security for visitors to the Bawadi Mall is a key element of its design. Al-Futtaim Engineering Security & LV Systems Division, the project's integrator, chose Optelecom-NKF to supply the data transmission equipment for the mall's CCTV video and data transmission system. The fiber-based system incorporates 203 cameras, including 133 for mall's common grounds, 43 for the Heritage Village -- which consists of traditional shops, an entertainment stage and much more -- 16 cameras in District Cooling Plant and an additional 11 outdoor high-end PTZ perimeter cameras.

Mr. Azeem Aziz, Sales Engineer of Al Futtaim Engineering commented, "We worked very closely with Optelecom-NKF to work out a very cost effective solution for this project. The wide and comprehensive range of products from Optelecom-NKF allowed us to design an advanced and robust system architecture. The high fidelity & quality of Optelecom-NKF's equipment, as well as local sales support available in this region, helped meet all of our needs. Optelecom-NKF's range of products is second to none."

Optelecom-NKF's range of proven fiber-optics transmitters and receivers like the Octa, Tetra, VBS, PSA and MC11 were incorporated to transmit video, data and alarm contacts for the Mall's CCTV cameras.

Building a strong partnership

With the first phase of the Bawadi Mall security system up and running to specification, Al-Futtaim Engineering again called on Optelecom-NKF to supply Fiber Optic Transmission equipment for the project's next stage of development. An additional 70 cameras will be added to the security network, connected and controlled by Optelecom-NKF technologies.

Optelecom-NKF works diligently to build strong partnerships with system integrators working on projects -- like the Bawadi Mall to ensure delivery of high quality, cost efficient solutions.

About Optelecom-NKF

Optelecom-NKF, Inc. , manufacturer of Siqura(R) advanced video surveillance solutions, provides a full range of cameras, video servers/codec's, network video recorders, fiber transmission equipment, video content analysis applications and video management software based on an open technology platform that simplifies integration and installation.

Our Siqura(R) solutions offer a perfect blend of ease of use and processing power, enabling end-users to optimize the effectiveness of their surveillance systems while reducing the total cost of ownership. All products and solutions are developed and tested for professional and mission critical applications.

We deliver complete solutions for the Traffic Monitoring, Public Transport, Industrial and Commercial Security, and Government markets. Our systems are deployed by professionals at highway departments, airports, seaports, casinos, public transport authorities, hospitals, city centers, shopping centers, and corporate, military and government campuses.

Founded in 1972, Optelecom-NKF is committed to providing its customers with expert technical advice and support. Corporate headquarters are in Germantown, Maryland, USA. The Company's European corporate offices are located in Gouda, The Netherlands. Optelecom-NKF has sales offices or support covering Latin America, France, Spain, the UK, Germany, Italy, Dubai, and Singapore.

Investor inquiries should be directed to Mr. Rick Alpert at +1 301-948-7872.

For more information please visit our website: http://www.optelecom-nkf.com/

Optelecom-NKF, Inc.

CONTACT: Investor: Rick Alpert of Optelecom-NKF, +1-301-948-7872, or
Europe, Middle East, Africa and Asia: Jolanda Medendorp, +31-182-592-470,
jmedendorp@optelecom-nkf.com, or North and Latin America: Betsy Lanning,
+1-301-444-2276, blanning@optelecom-nkf.com

Web Site: http://www.optelecom-nkf.com/

SINA Reports Preliminary Fourth Quarter and Fiscal Year 2008 Financial Results

SHANGHAI, March 16 /PRNewswire-Asia/ -- SINA Corporation (Nasdaq GS: SINA), a leading online media company and mobile value-added service (MVAS) provider for China and for the global Chinese communities, today announced its preliminary, unaudited financial results for the fourth quarter and fiscal year ended December 31, 2008.

Fourth Quarter 2008 Highlights -- Net revenues increased 44% year-over-year and declined 4% quarter-over-quarter to $101.5 million, exceeding the Company's previous guidance between $98.0 million and $101.0 million. -- Advertising revenues grew 39% year-over-year and decreased 9% quarter-over-quarter to $69.5 million, within the Company's previous guidance between $69.0 million and $71.0 million. -- Non-advertising revenues increased 56% year-over-year and 10% quarter-over-quarter to $32.0 million, exceeding the Company's previous guidance between $29.0 million and $30.0 million. -- GAAP net income increased 46% year-over-year and 17% quarter-over-quarter to $25.6 million. Diluted net income per share was $0.42, compared to $0.29 for the same period last year and $0.36 last quarter. -- Non-GAAP* net income increased 44% year-over-year and 10% quarter-over-quarter to $29.6 million. Non-GAAP diluted net income per share was $0.49, compared to $0.34 for the same period last year and $0.44 last quarter. Fiscal 2008 Highlights -- Net revenues increased 50% year-over-year to $369.6 million. -- Advertising revenues grew 53% year-over-year to $258.5 million. -- Non-advertising revenues increased 44% year-over-year to $111.1 million. -- GAAP net income increased 54% year-over-year to $88.8 million. Diluted net income per share was $1.47, compared to $0.97 for fiscal 2007. -- Non-GAAP net income increased 52% year-over-year to $102.3 million. Non-GAAP diluted net income per share was $1.69, compared to $1.12 for fiscal 2007. * Non-GAAP measures are disclosed below and reconciled to the corresponding GAAP measures in the section below titled "Reconciliation of Non-GAAP to GAAP Results."

"I am pleased to report a solid fourth quarter. For the year 2008, we have achieved outstanding results with record revenues and profits," said Charles Chao, CEO of SINA. "The spill-over of the global financial crisis into post-Olympic China has had a negative impact on the Chinese brand advertising market. Such impact has been severe in the first quarter of 2009, as many of our advertising customers have experienced delays in their budgeting process or advertising campaigns. Although we have seen significant rebound in market demand since the end of February, it is too soon to assess the overall growth trend for brand advertising in China for the rest of 2009. By leveraging our past experience in managing business cycles and our scale to afford critical, long-term investments, we believe we are well positioned for the market volatility and the opportunities beyond. In addition, our in-process merger with Focus Media's digital out-of-home business will further magnify SINA's scale, reach and market influence in China's new media space."

Preliminary Results May Be Subject to Material Adjustments

The Company's preliminary results for the fourth quarter of 2008 and for fiscal 2008 include $1.1 million and $12.6 million of foreign exchange gains mainly related to liquidation dividend distributions and capital repatriation from the closing of certain subsidiaries in the PRC ("foreign exchange gains"), which the Company recognized as other income under non-operating income. The Company and its independent accountant have recently determined that it is necessary to review the accounting treatment for the foreign exchange gains. If the Company concludes that the requirements for releasing cumulative translation adjustments of liquidated foreign subsidiaries and recognizing foreign exchange gains under Statement of Financial Accounting Standards No. 52, Foreign Currency Translation ("SFAS 52") and FASB Interpretation 37, Accounting for Translation Adjustments upon Sale of Part of an Investment in a Foreign Entity-an interpretation of FASB Statement No. 52 ("FIN 37") were not met, the Company will be required to defer such gains from non-operating income and net income in the current fiscal year.

Excluding the foreign exchange gains, fourth quarter 2008 and fiscal 2008 net income were $24.5 million and $76.2 million, respectively, and diluted net income per share were $0.41 and $1.26, respectively. Excluding the foreign exchange gains, fourth quarter 2008 and fiscal 2008 non-GAAP net income were $28.5 million and $89.7 million, respectively, and non-GAAP diluted net income per share were $0.47 and $1.48, respectively. Since the $12.6 million in foreign exchange gains for 2008 have been settled in US dollars as of December 31, 2008, the adjustments, if made, will not impact the Company's cash position, revenues or income from operations.

Because the requirements for releasing cumulative translation adjustments of liquidated foreign subsidiaries and recognizing foreign exchange gains are complex and the amount of work required to address such issue is time consuming, the Company has not yet reached a conclusion on such accounting treatment. There can be no assurance that any of the foreign exchange gains for 2008 will be recognized in the current fiscal year under SFAS 52 and FIN 37. The Company expects to disclose its conclusion on accounting for the foreign exchange gains by the filing of the Company's report on Form 20-F for fiscal 2008.

Financial Results

For the fourth quarter of 2008, SINA reported net revenues of $101.5 million, compared to $70.7 million in the same period in 2007 and $105.4 million for the third quarter of 2008. Advertising revenues for the fourth quarter of 2008 totaled $69.5 million, representing a 39% increase from the same period last year and a 9% decline from last quarter. Advertising revenues in China in the fourth quarter of 2008 reached $68.7 million, an increase of 40% year over year and a decline of 9% sequentially.

Non-advertising revenues for the fourth quarter of 2008 totaled $32.0 million, a 56% increase from the same period in 2007 and a 10% increase over the previous quarter. MVAS revenues amounted to $30.0 million for the fourth quarter of 2008, representing a 61% increase from the same period in 2007 and an 11% increase quarter over quarter.

For fiscal 2008, SINA reported net revenues of $369.6 million, compared to $246.1 million in 2007. Advertising revenues for fiscal 2008 totaled $258.5 million, an increase of 53% from 2007. Advertising revenues from China reached $255.1 million for fiscal 2008, representing a year-over-year growth of 54%. Non-advertising revenues for fiscal 2008 amounted to $111.1 million, an increase of 44% from 2007. The growth in non-advertising revenues came mostly from MVAS, which generated $103.3 million in revenues for fiscal 2008, representing a 47% increase year-over-year.

Gross margin for the fourth quarter of 2008 was 60%, down from 62% for the same period last year and up from 57% last quarter. Advertising gross margin for the fourth quarter of 2008 was 64%, compared to 64% in the same period last year and 58% for the previous quarter. Non-GAAP advertising gross margin for the fourth quarter of 2008 was 65%, flat over the same period last year and up from 59% last quarter. Lower advertising gross margin in the third quarter of 2008 can be mainly attributed to incremental increases in content and labor costs associated with the coverage of the 2008 Beijing Olympic Games. MVAS gross margin for the fourth quarter of 2008 was 50%, compared to 56% for the same period in 2007 and 53% last quarter. The decline in MVAS gross margin was primarily due to increased costs related to revenue sharing arrangements.

Gross margin for fiscal 2008 was 59%, down from 62% for fiscal 2007. Advertising gross margin for fiscal 2008 was 61%, compared to 62% for fiscal 2007. Non-GAAP advertising gross margin was 63% for fiscal 2008, flat over fiscal 2007. MVAS gross margin for fiscal 2008 was 54%, compared to 58% in the prior year. The decline in MVAS gross margin was primarily due to increased costs related to revenue sharing arrangements.

Operating expenses for the fourth quarter of 2008 totaled $39.3 million, an increase of 39% from the same period last year and a decline of 2% from last quarter. Non-GAAP operating expenses, which exclude stock-based compensation and amortization of intangible assets, were $36.2 million for the fourth quarter of 2008, an increase of 40% from the fourth quarter of 2007 and a decline of 2% from last quarter. The year-over-year increase in operating expenses was mainly due to increases in headcount, bonus and other payroll-related expenses as well as higher marketing expenditures.

Operating expenses for fiscal 2008 were $144.7 million, an increase of 44% from fiscal 2007. Non-GAAP operating expenses were $132.3 million for 2008, an increase of 43% from fiscal 2007. The year-over-year increase in operating expenses primarily relates to higher market expenditures and higher headcount, bonus and other payroll-related expenses.

Income from operations for the fourth quarter of 2008 was $21.5 million, compared to $15.7 million for the same period last year and $20.1 million from last quarter. Non-GAAP income from operations for the fourth quarter of 2008 was $25.6 million, compared to $18.7 million for the same period last year and $24.2 million from last quarter.

Income from operations for 2008 was $74.6 million, compared to $51.0 million last year. Non-GAAP income from operations for 2008 was $90.5 million, compared to $60.9 million last year.

Interest and other income for the fourth quarter of 2008 was $5.9 million, compared to $3.7 million from the same period last year and $7.1 million from last quarter. Other income for the fourth quarter of 2008 included $1.1 million in foreign exchange gains as described above.

Interest and other income for fiscal 2008 was $25.9 million, compared to $12.7 million last year. Other income for 2008 included $12.6 million in foreign exchange gains as described above.

For the fourth quarter of 2008, provision for income taxes was $1.8 million, compared to $1.9 million from the same period last year and $4.4 million from last quarter. On January 1, 2008, a new Enterprise Income Tax ("EIT") Law came into effect in China. For the first three quarters of 2008, the Company made an income tax provision without considering the tax benefits as a qualified new or high technology enterprise, because the Company was uncertain whether it was entitled to such tax benefits under the new EIT. During the fourth quarter of 2008, certain subsidiaries of the Company were reaffirmed as qualified new or high technology enterprises under the new EIT. Consequently, the Company made a provision for income taxes based on its reaffirmed status for fiscal 2008 and recorded the preferential tax benefits of certain subsidiaries in the fourth quarter of 2008.

For fiscal 2008, provision for income taxes was $14.0 million, compared to $6.5 million for fiscal 2007. The increase in provision for income taxes was mainly due to higher income earned in 2008 as well as higher effective tax rate due to expired tax holidays. Effective tax rate for fiscal 2008 was 14%, compared to 10% for fiscal 2007.

Net income for the fourth quarter of 2008 was $25.6 million, an increase of 46% from the same period last year and 17% from last quarter. Diluted net income per share for the fourth quarter of 2008 was $0.42 compared to $0.29 in the same period last year and $0.36 last quarter. Non-GAAP net income was $29.6 million for the fourth quarter of 2008, an increase of 44% from the same period last year and 10% from the previous quarter. Non-GAAP diluted net income per share for the fourth quarter of 2008 was $0.49, compared to $0.34 in the same period last year and $0.44 last quarter.

Net income for fiscal 2008 totaled $88.8 million or $1.47 diluted net income per share, compared to $57.7 million or $0.97 diluted net income per share for fiscal 2007. Non-GAAP net income was $102.3 million for fiscal 2008 or $1.69 non-GAAP diluted net income per share, compared to $67.1 million or $1.12 non-GAAP diluted net income per share for fiscal 2007.

As of December 31, 2008, SINA's cash, cash equivalents and short-term investments totaled $603.8 million, compared to $478.0 million at the end of last year. Cash flow from operating activities for the fourth quarter of 2008 was $46.9 million, compared to $31.9 million for the same period last year and $26.9 million for last quarter. For fiscal 2008, cash flow from operating activities was $124.1 million, compared to $89.1 million for fiscal 2007.

Business Outlook

The Company estimates that its total revenues for the first quarter of 2009 will be between $73 million and $77 million, with advertising revenues to be between $43 million and $46 million and non-advertising revenues to be between $30 million and $31 million. The foregoing estimates take into account, among other considerations, the recent slow down of the Chinese economy, the current global financial and credit market crisis and its current and anticipated impact on the Chinese economy and the low visibility that the Company currently has on its advertising business.

Excluding any new shares that may be granted, the Company estimates its stock-based compensation for the first quarter of 2009 to be between $3 million to $4 million.

Announced Merger

On December 22, 2008, the Company announced that it entered into a definitive agreement with Focus Media Holding Limited ("FMCN") to acquire substantially all of the assets of FMCN's digital out-of-home advertising networks, including LCD display network, poster frame network and certain in-store network. The transaction is intended to combine the new media platform of the two companies in China to provide more effective and integrated marketing solutions to customers. The transaction is subject to customary closing conditions and certain regulatory approvals and is expected to be completed in the first half of 2009. Based on the December 22, 2008 announcement, SINA will issue 47 million newly issued ordinary shares to FMCN as consideration for the acquired assets. FMCN will then distribute SINA shares to its shareholders shortly after the closing.

Share Repurchase Program

Under the $100 million share repurchase program approved by the Company's Board of Directors, as of March 16, 2009, the Company has purchased approximately 2.5 million shares in the open market at an average price of $20.37 for a total consideration of $50.0 million. The Company expects to continue the repurchase program with the remaining $50.0 million on an opportunistic basis.

Non-GAAP Measures

This release contains non-GAAP financial measures. These non-GAAP financial measures, which are used as measures of the Company's performance, should be considered in addition to, not as a substitute for, measures of the Company's financial performance prepared in accordance with United States Generally Accepted Accounting Principles ("GAAP"). The Company's non-GAAP financial measures may be defined differently than similar terms used by other companies. Accordingly, care should be exercised in understanding how the Company defines its non-GAAP financial measures.

Reconciliations of the Company's non-GAAP measures to the nearest GAAP measures are set forth in the section below titled "Reconciliation of Non-GAAP to GAAP Results." These non-GAAP measures include non-GAAP gross profit, non-GAAP operating expenses, non-GAAP income from operations, non-GAAP net income, non-GAAP diluted net income per share and non-GAAP advertising gross margin.

The Company's management uses non-GAAP financial measures to gain an understanding of the Company's comparative operating performance (when comparing such results with previous periods or forecasts) and future prospects. The Company's non-GAAP financial measures exclude certain special items, including stock-based compensation charge, amortization of intangible assets, amortization of convertible debt issuance costs, gain/loss on the sale/purchase of business/investment and gain/loss on the sale of minority interest in subsidiary from its internal financial statements for purposes of its internal budgets. Non-GAAP financial measures are used by the Company's management in their financial and operating decision-making, because management believes they reflect the Company's ongoing business in a manner that allows meaningful period-to-period comparisons. The Company's management believes that these non-GAAP financial measures provide useful information to investors and others in the following ways: 1) in understanding and evaluating the Company's current operating performance and future prospects in the same manner as management does, if they so choose, and 2) in comparing in a consistent manner the Company's current financial results with the Company's past financial results. The Company's management further believes the non-GAAP financial measures provide useful information to both management and investors by excluding certain expenses, gains and losses (i) that are not expected to result in future cash payments or (ii) that are non-recurring in nature or may not be indicative of its core operating results and business outlook.

The Company's management believes excluding stock-based compensation from its non-GAAP financial measures is useful for itself and investors, as such expense will not result in future cash payment and is not indicative of the Company's core operating results and business outlook.

The Company's management believes excluding the non-cash amortization expense of intangible assets from its non-GAAP financial measures is useful for itself and investors, because they enable a more meaningful comparison of the Company's cash performance between reporting periods. In addition, such charges will not result in cash settlement in the future.

The Company's management believes excluding non-cash amortization expense of issuance cost relating to convertible bonds from its non-GAAP financial measure of net income is useful for itself and investors as such expense does not have any impact on cash earnings.

The Company's management believes excluding gain/loss on the sale/purchase of a business/ investment and gain/loss on the sale of minority interest in subsidiary from its non-GAAP financial measure of net income is useful for itself and investors, because such gains/losses are not indicative of the Company's core operating results.

The non-GAAP financial measures have limitations. They do not include all items of income and expense that affect the Company's operations. Specifically, these non-GAAP financial measures are not prepared in accordance with GAAP, may not be comparable to non-GAAP financial measures used by other companies and, with respect to the non-GAAP financial measures that exclude certain items under GAAP, do not reflect any benefit that such items may confer to the Company. Management compensates for these limitations by also considering the Company's financial results as determined in accordance with GAAP.

Conference Call

SINA will host a conference call at 9:00 p.m. Eastern Time on March 16, 2009 to present an overview of the Company's financial performance and business operations. A live Webcast of the call will be available from 9:00 p.m. - 10:00 p.m. ET on Monday, March 16, 2009 (9:00 a.m. - 10:00 a.m. Beijing Time on March 17, 2009). The call can be accessed through the Company's corporate web site at http://corp.sina.com/ . A dial-in to the conference is also available. The number is +1-866-770-7051 (US) or +1-617-213-8064 (International) and the pass code is 65315821. A replay of the conference call will be available through March 23, 2009 at midnight Eastern Time. The dial-in number is +1-888-286-8010 (US) or +1-617-801-6888 (International). The pass code for the replay is 30870407.

About SINA

SINA Corporation (NASDAQ GS: SINA) is a leading online media company and mobile value-added service provider for China and for the global Chinese communities. With a branded network of localized websites targeting Greater China and overseas Chinese, the Company provides services through five major business lines including SINA.com (online news and content), SINA Mobile (MVAS), SINA Community (Web 2.0-based services and games), SINA.net (search and enterprise services) and SINA E-Commerce (online shopping). Together these business lines provide an array of services, including region-focused online portals, MVAS, social networking service (SNS), blog, audio and video streaming, album, online games, email, search, classified listings, fee-based services, e-commerce and enterprise e-solutions. The Company generates the majority of its revenues from online advertising and MVAS offerings, and, to a lesser extent, from search and other fee-based services.

Safe Harbor Statement

This announcement contains forward-looking statements that relate to, among other things, SINA's expected financial performance and SINA's strategic and operational plans (as described without limitation in the "Business Outlook" section and in quotations from management in this press release). SINA may also make forward-looking statements in the Company's periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in its proxy statements, in its offering circulars and prospectuses, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. SINA assumes no obligation to update the forward-looking statements in this release and elsewhere. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, SINA's limited operating history, the current global financial and credit market crisis and its impact on the Chinese economy, the recent slower growth of the Chinese economy during the latter half of 2008, the uncertain regulatory landscape in the People's Republic of China, including the changes by mobile operators in China to their policies for MVAS, the Company's ability to develop and market other MVAS products, fluctuations in the Company's quarterly operating results, the Company's reliance on online advertising sales and MVAS for a majority of its revenues, the Company's reliance on mobile operators in China to provide MVAS, any failure to successfully develop and introduce new products and any failure to successfully integrate acquired businesses. Further information regarding these and other risks is included in SINA's Annual Report on Form 20-F for the year ended December 31, 2007 and its other filings with the Securities and Exchange Commission.

SINA CORPORATION UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (U.S. Dollar in thousands, except per share data) Three months ended Twelve months ended September December 31, 30, December 31, 2008 2007 2008 2008 2007 Net revenues: Advertising $69,518 $50,130 $76,205 $258,499 $168,926 Non-advertising 32,020 20,559 29,209 111,088 77,201 101,538 70,689 105,414 369,587 246,127 Cost of revenues: Advertising (a) 25,152 18,017 32,138 100,008 63,466 Non-advertising 15,566 8,735 13,117 50,327 31,236 40,718 26,752 45,255 150,335 94,702 Gross profit 60,820 43,937 60,159 219,252 151,425 Operating expenses: Sales and marketing (a) 21,421 15,198 22,264 79,784 50,555 Product development (a) 8,279 5,905 8,693 30,371 21,942 General and administrative (a) 9,235 6,903 8,709 33,179 26,738 Amortization of intangibles 411 258 411 1,337 1,176 39,346 28,264 40,077 144,671 100,411 Income from operations 21,474 15,673 20,082 74,581 51,014 Non-operating income: Interest and other income, net 5,910 3,748 7,089 25,923 12,731 Investment gains (loss) -- -- (779) 2,358 830 Amortization of convertible debt issuance cost -- -- -- -- (342) 5,910 3,748 6,310 28,281 13,219 Income before income taxes 27,384 19,421 26,392 102,862 64,233 Provision for income taxes (1,788) (1,910) (4,429) (14,042) (6,504) Net income $25,596 $17,511 $21,963 $88,820 $57,729 Basic net income per share $0.46 $0.32 $0.39 $1.59 $1.05 Diluted net income per share $0.42 $0.29 $0.36 $1.47 $0.97 Shares used in computing basic net income per share 56,100 55,477 55,964 55,821 55,038 Shares used in computing diluted net income per share 60,277 60,545 60,639 60,474 60,020 Net income used for diluted net income per share calculation: Net income $25,596 $17,511 $21,963 $88,820 $57,729 Amortization of convertible debt issuance cost -- -- -- -- 342 $25,596 $17,511 $21,963 $88,820 $58,071 (a) Stock-based compensation included under SFAS 123R was as follows: Cost of revenues - advertising $839 $543 $834 $3,251 $1,788 Sales and marketing 509 350 482 2,107 1,234 Product development 514 352 428 1,984 1,593 General and administrative 1,718 1,515 1,887 6,967 4,097 SINA CORPORATION RECONCILIATION OF NON-GAAP TO GAAP RESULTS (U.S. Dollar in thousands, except per share data) Three months ended December 31, 2008 Non-GAAP Actual Adjustments Results 839 (a) 89 (b) Gross profit $60,820 $928 $61,748 (2,741) (a) (411) (b) Operating expenses $39,346 $(3,152) $36,194 3,580 (a) 500 (b) Income from operations $21,474 $4,080 $25,554 3,569 (a) 470 (b) Net income $25,596 $4,039 $29,635 Diluted net income per share $0.42 $0.49 Shares used in computing diluted net income per share 60,277 60,277 Net income used in computing diluted net income per share: Net income $25,596 $29,635 Amortization of convertible debt issuance costs -- -- $25,596 $29,635 Gross margin - advertising 64% 1% 65% Three months ended December 31, 2007 Non-GAAP Actual Adjustments Results 543 (a) Gross profit $43,937 $543 $44,480 (2,217)(a) (258)(b) Operating expenses $28,264 $(2,475) $25,789 2,760 (a) 258 (b) Income from operations $15,673 $3,018 $18,691 2,760 (a) 258 (b) Net income $17,511 $3,018 $20,529 Diluted net income per share $0.29 $0.34 Shares used in computing diluted net income per share 60,545 60,545 Net income used in computing diluted net income per share: Net income $17,511 $20,529 Amortization of convertible debt issuance costs -- -- $17,511 $20,529 Gross margin - advertising 64% 1% 65% Three months ended September 30, 2008 Non-GAAP Actual Adjustments Results 834 (a) 88 (b) Gross profit $60,159 $922 $61,081 (2,797) (a) (411) (b) Operating expenses $40,077 $(3,208) $36,869 3,631 (a) 499 (b) Income from operations $20,082 $4,130 $24,212 3,628 (a) 469 (b) 779 (d) Net income $21,963 $4,876 $26,839 Diluted net income per share $0.36 $0.44 Shares used in computing diluted net income per share 60,639 60,639 Net income used in computing diluted net income per share: Net income $21,963 $26,839 Amortization of convertible debt issuance costs -- -- $21,963 $26,839 Gross margin - advertising 58% 1% 59% Twelve months ended December 31, 2008 Non-GAAP Actual Adjustments Results 3,251 (a) 266 (b) Gross profit $219,252 $3,517 $222,769 (11,058)(a) (1,337)(b) Operating expenses $144,671 $(12,395) $132,276 14,309 (a) 1,603 (b) Income from operations $74,581 $15,912 $90,493 14,295 (a) 1,513 (b) 779 (d) (3,137)(e) Net income $88,820 $13,450 $102,270 Diluted net income per share $1.47 $1.69 Shares used in computing diluted net income per share 60,474 60,474 Net income used in computing diluted net income per share: Net income $88,820 $102,270 Amortization of convertible debt issuance costs -- -- $88,820 $102,270 Gross margin - advertising 61% 2% * 63% Twelve months ended December 31, 2007 Non-GAAP Actual Adjustments Results 1,788 (a) Gross profit $151,425 $1,788 $153,213 (6,924)(a) (1,176)(b) Operating expenses $100,411 $(8,100) $92,311 8,712 (a) 1,176 (b) Income from operations $51,014 $9,888 $60,902 8,712 (a) 1,176 (b) 342 (c) (830)(d) Net income $57,729 $9,400 $67,129 Diluted net income per share $0.97 $1.12 Shares used in computing diluted net income per share 60,020 60,020 Net income used in computing diluted net income per share: Net income $57,729 $67,129 Amortization of convertible debt issuance costs 342 -- $58,071 $67,129 Gross margin - advertising 62% 1% 63%

Below are reconciliations of non-GAAP net income to GAAP net income, Excluding foreign exchange gains as described in the "Preliminary Results May Be Subject to Material Adjustments section of the press release:

Three months ended December 31, 2008 Non-GAAP Actual Adjustments Results 3,569 (a) 470 (b) Net income $24,496 $4,039 $28,535 Diluted net income per share $0.41 $0.47 Shares used in computing diluted net income per share 60,277 60,277 Twelve months ended December 31, 2008 Non-GAAP Actual Adjustments Results 14,295 (a) 1,513 (b) 779 (d) (3,137)(e) Net income $76,212 $13,450 $89,662 Diluted net income per share $1.26 $1.48 Shares used in computing diluted net income per share 60,474 60,474 (a) To adjust stock-based compensation charges (b) To adjust amortization of intangible assets (c) To adjust amortization of convertible debt issuance cost (d) To adjust gain/loss on the sale/purchase of business and investments (e) To adjust gain on the sale of minority interest in subsidiary * Rounding SINA CORPORATION UNAUDITED SEGMENT INFORMATION (U.S. Dollar in thousands) Three months ended Twelve months ended September December 31, 30, December 31, 2008 2007 2008 2008 2007 Net revenues Advertising $69,518 $50,130 $76,205 $258,499 $168,926 Mobile related 29,993 18,635 27,117 103,318 70,489 Others 2,027 1,924 2,092 7,770 6,712 $101,538 $70,689 $105,414 $369,587 $246,127 Cost of revenues Advertising $25,152 $18,017 $32,138 $100,008 $63,466 Mobile related 14,930 8,111 12,622 48,005 29,339 Others 636 624 495 2,322 1,897 $40,718 $26,752 $45,255 $150,335 $94,702 SINA CORPORATION UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (U.S. Dollar in thousands) December 31, December 31, 2008 2007 Assets Current assets: Cash and cash equivalents $383,320 $271,666 Short -term investments 220,504 206,333 Accounts receivable, net 79,183 56,719 Other current assets 9,424 8,840 Total current assets 692,431 543,558 Property and equipment, net 34,111 26,846 Goodwill and intangible assets, net 94,527 89,358 Other assets 1,425 2,501 Total assets $822,494 $662,263 Liabilities and Shareholders' Equity Current liabilities: Accounts payable $1,397 $940 Accrued liabilities 80,162 56,931 Income taxes payable 17,391 9,079 Convertible debt 99,000 99,000 Total current liabilities 197,950 165,950 Other long-term liabilities 4,039 1,337 Total liabilities 201,989 167,287 Shareholders' equity 620,505 494,976 Total liabilities and shareholders' equity $822,494 $662,263 For more information, please contact: Cathy Peng SINA Corporation Phone: +86-10-8262-8888 x3112 Email: ir@staff.sina.com.cn

SINA Corporation

CONTACT: Cathy Peng, SINA Corporation at +86-10-8262-8888 x3112 or
ir@staff.sina.com.cn

Web site: http://corp.sina.com/

ISSI to Present at B. Riley & Co. Las Vegas Investor Conference

SAN JOSE, Calif., March 16 /PRNewswire-FirstCall/ -- Integrated Silicon Solution, Inc. today announced that John Cobb, CFO, will speak at the B. Riley & Co. 10th Annual Las Vegas Investor Conference at 9:30 a.m. PDT on Wednesday, March 18, 2009. The Conference is being held in Las Vegas, Nevada at the Palms Casino Resort. Interested parties may access the live webcast of the presentation by visiting the ISSI website at http://www.issi.com/.

About the Company

ISSI is a fabless semiconductor company that designs and markets high performance integrated circuits for the following key markets: (i) digital consumer electronics, (ii) networking, (iii) mobile communications, (iv) automotive electronics, and (v) industrial. The Company's primary products are high speed and low power SRAM and low and medium density DRAM. The Company also designs and markets EEPROM, SmartCards and is developing selected non-memory products focused on its key markets. ISSI is headquartered in Silicon Valley with worldwide offices in Taiwan, China, Europe, Hong Kong, India, Korea, Singapore, and Japan. Visit our web site at http://www.issi.com/.

Integrated Silicon Solution, Inc.

CONTACT: John M. Cobb, Vice President & CFO of Investor Relations of
Integrated Silicon Solution, Inc., +1-408-969-6600, ir@issi.com

Web Site: http://www.issi.com/

Allin Interactive High-Definition ITV Selected by Royal Caribbean for World's Largest Cruise Ships

PITTSBURGH, March 16 /PRNewswire/ -- Allin Corporation announced that it has secured an agreement with Royal Caribbean International to install Allin's DigiHD(TM) ITV solution on Oasis of the Seas, the world's largest and most revolutionary cruise ship ever built to be launched in November 2009. In addition, Allin has obtained a letter of intent to install the solution on sister-ship Allure of the Seas to be launched in 2010. The new vessels are currently under construction by STX Europe in Turku, Finland.

"We are honored and excited to be selected by Royal Caribbean International to deliver high-definition entertainment and passenger service on the Oasis of the Seas and Allure of the Seas," stated Richard Talarico, Chairman and CEO of Allin Corporation. "Royal Caribbean is taking a coordinated, integrated approach to the onboard interactive experience, and we are proud that our DigiHD(TM) solution will be a component of the Royal Caribbean onboard media strategy going forward."

"With the wide range of choices and activities aboard every Royal Caribbean ship, it is our goal to provide guests with accurate and timely information in order to encourage participation and help create lasting cruise vacation memories," said Lisa Bauer, senior vice-president for hotel operations at Royal Caribbean International. "Oasis of the Seas and Allure of the Seas will offer unprecedented onboard options and experiences. Allin ITV will help provide our guests with the ability to view current and upcoming activities, shows, and other dining and entertainment options from the comfort of their staterooms, as well as give them the ability to seamlessly make dining, shore excursion and other onboard reservations."

Oasis of the Seas and Allure of the Seas will each span 16 decks, encompass 220,000 gross registered tons (GRT), carry 5,400 guests at double occupancy, and feature 2,700 staterooms. They will feature the cruise line's new neighborhood concept of seven distinct themed areas, which will offer guests of every age the widest array of onboard vacation experiences that cater to their personal styles, preferences or moods. New categories of onboard accommodations made possible by the ship's cutting-edge design include bi-level, urban-style Loft Suites; two bedroom/two bathroom AquaTheater Suites; and Central Park- and Boardwalk-facing exterior staterooms with balconies. Both will be home ported at Port Everglades in Fort Lauderdale, Florida. More information about both ships' exciting, first-at-sea onboard amenities can be found at http://www.oasisoftheseas.com/.

Royal Caribbean International recently announced two additional sailings for Oasis of the Seas' inaugural season: a seven-night inaugural Eastern Caribbean itinerary, sailing on December 5, 2009; and a special four-night voyage -- departing December 1, 2009 -- to celebrate the launch of an all-new Labadee, Royal Caribbean's private beach paradise in Haiti.

About Allin Corporation

Allin Corporation is a leading provider of solutions-oriented application development, technology consulting and systems integration services. Allin specializes in interactive media and Microsoft-based technologies. Allin leverages its experience in these areas to work with clients through a disciplined project delivery framework to ensure that solutions are delivered on time and on budget. Allin delivers these services through the trade names Allin Interactive, Allin Consulting and the CodeLab Technology Group. The Company maintains offices in Pittsburgh, Pennsylvania; Ft. Lauderdale, Florida; and Wakefield, Massachusetts. For additional information about Allin, visit the Company's Internet sites on the World Wide Web at http://www.allin.com/ and http://www.codelabtech.com/.

About Royal Caribbean International

Royal Caribbean International, a wholly owned and operated cruise brand of Royal Caribbean Cruises Ltd. , is a global cruise brand with 20 ships currently in service and two under construction. The line also offers unique cruisetour vacations in Alaska, Asia, Australia, Canada, Europe, South America and New Zealand. For additional information or to make reservations, call your travel agent, visit http://www.royalcaribbean.com/ or call (800) ROYAL-CARIBBEAN. For travel professionals, go to http://www.cruisingpower.com/ or call (800) 327-2056.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which are subject to the safe harbors created thereby. These forward-looking statements are based on current expectations and projections about future events and financial trends. The words or phrases "going forward" and similar words or expressions are intended to identify forward-looking statements. In addition, any statements that refer to expectations or other characterizations of future events or circumstances are forward-looking statements. The forward-looking statements are subject to risks, uncertainties and assumptions that could cause actual results to differ materially from those described in the forward-looking statements, including, among other things, a concentration in the Company's revenue from certain services and clients, a limited backlog, the Company's ability to expand its markets, limited financial resources, dependence on key personnel and competitive market conditions. These are representative of factors which could affect the outcome of the forward-looking statements. In addition, such statements could be affected by general industry and market conditions and growth rates, general domestic and international economic conditions and future incidents of terrorism or other events that may negatively impact the markets where the Company competes. The Company undertakes no obligation to publicly update or revise any forward-looking statements because of new information, future events or otherwise.

Allin Corporation

CONTACT: Dean C. Praskach, Chief Financial Officer of Allin Corporation,
+1-412-928-2022, or Telefax, +1-412-928-0225, Dean.Praskach@allin.com

Web Site: http://www.allin.com/

Cenveo Announces Full Year 2008 ResultsStrong operational performance highlighted by record financial results across a number of metrics2008 Cash flow from continuing operations of $209.8 million, up 143.4% from prior year

STAMFORD, Conn., March 16 /PRNewswire-FirstCall/ -- Cenveo, Inc. today announced results for the three months and full year ended January 3, 2009.

(Logo: http://www.newscom.com/cgi-bin/prnh/20070618/CENVEOLOGO)

For the fourth quarter ended January 3, 2009, net sales were $517.2 million compared to $584.4 million for the same period in the previous year. For the quarter ended January 3, 2009, the Company recorded a net loss of $309.6 million, or ($5.71) per share, compared to net income of $18.8 million, or $0.34 per diluted share, in the quarter ended December 29, 2007. The fourth quarter 2008 results include non-cash goodwill impairment charges of $372.8 million resulting from reductions in the fair value of reporting units in connection with the Company's annual impairment test. On a non-GAAP basis, income from continuing operation was $26.0 million, or $0.48 per diluted share. Non-GAAP income from continuing operations excludes restructuring, impairment and other charges, integration, acquisition and other charges, stock-based compensation provision, (gain) loss on early extinguishment of debt, (gain) loss on sale of non-strategic business and income tax expense (benefit). A reconciliation of income from continuing operations to non-GAAP income from continuing operations for these adjustments is presented in the attached tables. Adjusted EBITDA in the fourth quarter of 2008 was $75.1 million. Adjusted EBITDA is defined as earnings before interest, taxes, depreciation and amortization, excluding integration, acquisition and other charges, stock-based compensation provision, restructuring, impairment and other charges, (gain) loss on early extinguishment of debt, (gain) loss on sale of non-strategic business and income (loss) from discontinued operations, net of taxes. An explanation of the Company's use of Adjusted EBITDA is detailed below and a reconciliation of net income to Adjusted EBITDA is provided in the attached tables.

For the year ended January 3, 2009, net sales increased 2.5% to $2.1 billion compared to $2.0 billion in the previous year. For the year ended January 3, 2009, the Company recorded a net loss of $298.0 million, or ($5.53) per diluted share, compared to net income of $40.8 million, or $0.75 per diluted share, in the year ended December 29, 2007. The 2008 results include non-cash goodwill impairment charges of $372.8 million. On a non-GAAP basis, income from continuing operations was $88.1 million, or $1.63 per diluted share, for the year ended January 3, 2009. Adjusted EBITDA for the full year of 2008 was $280.3 million.

In 2008 the Company generated cash flows from continuing operations of $209.8 million compared to $86.2 million in 2007, representing a 143.4% increase. During the fourth quarter of 2008, the Company repurchased an aggregate $48.5 million principal amount of its outstanding 7 7/8% Senior Subordinated Notes due 2013 and its 8 3/8% Senior Subordinated Notes due 2014 (collectively the "Notes"). In connection with these repurchases of the Notes, the Company recognized a gain of approximately $18.5 million in the fourth quarter of 2008, representing the difference between the net carrying amount and the total repurchase price of the Notes.

Financial highlights: -- For the full year cash flow from continuing operations was $209.8 million, up $123.6 million from the full year of 2007 -- Non-GAAP operating income margin was 9.8% for the full year -- Total debt decreased $138.3 million for 2008 and $69.6 million in the quarter to $1.3 billion -- At the end of the quarter, approximately 90% of the Company's debt was subject to fixed interest rates resulting in a quarterly weighted interest rate of 7.3% Robert G. Burton, Chairman and Chief Executive Officer stated:

"Despite the most challenging economic and market conditions that I have encountered in my entire business career, Cenveo was able to deliver strong operational performance highlighted by record financial results across a number of key metrics. By matching our costs with our revenue stream, and focusing on our customers' needs, we were able to grow our revenues 2.5%, deliver non-GAAP operating margin of 9.8%, and increased our Adjusted EBITDA to $280.3 million. We continue to generate strong cash flow from operations. For the full year of 2008, we generated $209.8 million of cash flows from continuing operations, up 143.4% from the same period last year. In 2008, we were able to pay down almost $140 million in debt, while at the same time growing the Company through small strategic acquisitions and prudent investments of capital. These strong operating results and market share gains have shown that our operational game plan is working and demonstrates that our business can outperform the competition even in the most difficult of times."

Capital Structure:

"We are in compliance with all of our debt covenants, as we ended 2008, with a reasonable level of debt-covenant cushion. Our management team is implementing a game plan to allow the Company to remain in compliance with our covenants going forward. However after much deliberation, and given the unprecedented uncertainty in the financial markets coupled with limited sales visibility, we have decided that exploring an amendment to our credit agreement is a prudent course of action. We are currently in discussions with our lead bank about modifying the terms of our credit facility to give the Company flexibility during this period of unprecedented economic uncertainty and volatility."

Mr. Burton concluded:

"One of my primary responsibilities is to build an exceptional company - well-managed, well-equipped to thrive in any environment, regardless of economic or industry conditions. I believe we are well on our way to achieving that goal. With that being said and given the economic realities of today, we will use financial discipline to focus on rightsizing our cost and manufacturing platform. We continue to strive to be a low-cost provider of products and services, while at the same time delivering for our customers. We will also continue to invest in our diverse and specialized product offerings which focus on the custom and short-run end markets. Our goal for these markets remains the same: we want to be in the strongest competitive position in each of our niche markets and to grow and expand our diversified customer base. These factors combined with our seasoned management team that understands today's industry dynamics will allow us to better weather this storm than the competition. In 2009, we are capitalizing on these strengths and look to grow in our markets when our competition is unable to do so."

Conference Call:

Cenveo will host a conference call tomorrow, Tuesday, March 17, 2009, at 10:00 a.m. Eastern Time. The conference call will be available via webcast, which can be accessed via the Internet at http://www.cenveo.com/.

Cenveo, Inc. and Subsidiaries Consolidated Statements of Operations (in thousands, except per share data) (Unaudited) Three Months Ended Year Ended January December January December 3, 2009 29, 2007 3, 2009 29, 2007 Net sales $517,160 $584,441 $2,098,694 $2,046,716 Cost of sales 410,573 457,844 1,671,185 1,628,706 Selling, general and administrative 58,160 61,788 242,981 229,961 Amortization of intangible assets 2,261 3,168 9,008 10,413 Restructuring, impairment and other charges 377,019 7,992 399,066 40,086 Operating income (loss) (330,853) 53,649 (223,546) 137,550 Gain on sale of non-strategic business - - - (189) Interest expense, net 27,373 28,376 107,321 91,467 (Gain) loss on early extinguishment of debt (18,513) - (14,642) 9,256 Other (income) expense, net (1,066) 1,066 (637) 3,131 Income (loss) from continuing operations before income taxes (338,647) 24,207 (315,588) 33,885 Income tax expense (benefit) (28,961) 7,083 (18,612) 9,900 Income (loss) from continuing operations (309,686) 17,124 (296,976) 23,985 Income (loss) from discontinued operations, net of taxes 63 1,655 (1,051) 16,796 Net income (loss) $ (309,623) $ 18,779 $(298,027) $40,781 Income (loss) per share - basic: Continuing operations $ (5.71) $ 0.32 $ (5.51) $ 0.45 Discontinued operations - 0.03 (0.02) 0.31 Net income (loss) $ (5.71) $ 0.35 $ (5.53) $ 0.76 Income (loss) per share-diluted: Continuing operations $ (5.71) $ 0.31 $ (5.51) $ 0.44 Discontinued operations - 0.03 (0.02) 0.31 Net income (loss) $ (5.71) $ 0.34 $ (5.53) $ 0.75 Weighted average shares: Basic 54,204 53,700 53,904 53,584 Diluted 54,204 54,749 53,904 54,645 Cenveo, Inc. and Subsidiaries Reconciliation of Income (Loss) from Continuing Operations to Non-GAAP Income from Continuing Operations and Related Per Share Data (in thousands, except per share data) (Unaudited) Three Months Ended Year Ended January December January December 3, 2009 29, 2007 3, 2009 29, 2007 Income (loss) from continuing operations $(309,686) $17,124 $(296,976) $ 23,985 Integration, acquisition and other charges 4,159 7,346 11,989 14,120 Stock-based compensation provision 5,200 3,114 18,140 10,280 Restructuring, impairment and other charges 377,019 7,992 399,066 40,086 Gain on sale of non-strategic business - - - (189) (Gain) loss on early extinguishment of debt (18,513) - (14,642) 9,256 Income tax (expense) benefit (32,175) 2,281 (29,498) (2,028) Non-GAAP income from continuing operations $26,004 $ 37,857 $88,079 $ 95,510 Income (loss) per share - diluted: Continuing operations $ (5.70) $ 0.31 $ (5.49) $ 0.44 Integration, acquisition and other charges 0.08 0.13 0.22 0.26 Stock-based compensation provision 0.10 0.06 0.34 0.19 Restructuring, impairment and other charges 6.93 0.15 7.38 0.73 Gain on sale of non-strategic business - - - - (Gain) loss on early extinguishment of debt (0.34) - (0.27) 0.17 Income tax (expense) benefit (0.59) 0.04 (0.55) (0.04) Non-GAAP income from continuing operations $ 0.48 $ 0.69 $ 1.63 $ 1.75 Weighted average shares-diluted 54,378 54,749 54,064 54,645 Cenveo, Inc. and Subsidiaries Reconciliation of Operating Income (Loss) to Non-GAAP Operating Income (in thousands) (Unaudited) Three Months Ended Year Ended January December January December 3, 2009 29, 2007 3, 2009 29, 2007 Operating income (loss) $(330,853) $53,649 $(223,546) $137,550 Integration, acquisition and other charges 4,159 7,346 11,989 14,120 Stock-based compensation provision 5,200 3,114 18,140 10,280 Restructuring, impairment and other charges 377,019 7,992 399,066 40,086 Non-GAAP operating income $55,525 $72,101 $205,649 $202,036 Cenveo, Inc. and Subsidiaries Reconciliation of Net Income (Loss) to Adjusted EBITDA (in thousands) Three Months Ended Year Ended January December January December 3, 2009 29, 2007 3, 2009 29, 2007 Net Income (loss) $(309,623) $18,779 $(298,027) $40,781 Interest expense 27,373 28,376 107,321 91,467 Income taxes (benefit) expense (28,961) 7,083 (18,612) 9,900 Depreciation 16,233 15,913 65,001 55,095 Amortization of intangible assets 2,261 3,168 9,008 10,413 Integration, acquisition and other charges 4,159 7,346 11,989 14,120 Stock-based compensation provision 5,200 3,114 18,140 10,280 Restructuring, impairment and other charges 377,019 7,992 399,066 40,086 Gain on sale of non-strategic businesses - - - (189) (Gain) loss on early extinguishment of debt (18,513) - (14,642) 9,256 (Income) loss from discontinued operations, net of taxes (63) (1,655) 1,051 (16,796) Adjusted EBITDA, as defined $75,085 $90,116 $280,295 $264,413 Cenveo, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (in thousands) (Unaudited) January 3, 2009 December 29, 2007 Assets Current assets: Cash and cash equivalents $ 10,444 $ 15,882 Accounts receivable, net 270,145 344,634 Inventories 159,569 162,908 Prepaid and other current assets 74,890 73,358 Total current assets 515,048 596,782 Property, plant and equipment, net 420,457 428,341 Goodwill 311,183 669,802 Other intangible assets, net 276,944 270,622 Other assets, net 28,482 37,175 Total assets $1,552,114 $2,002,722 Liabilities and Shareholders' Equity (Deficit) Current liabilities: Current maturities of long-term debt $24,314 $18,752 Accounts payable 174,435 165,458 Accrued compensation and related liabilities 37,319 47,153 Other current liabilities 88,870 79,554 Total current liabilities 324,938 310,917 Long-term debt 1,282,041 1,425,885 Deferred income taxes 26,772 55,181 Other liabilities 139,318 111,413 Shareholders' equity (deficit): Preferred stock - - Common stock 542 537 Paid-in capital 271,821 254,241 Retained deficit (446,966) (148,939) Accumulated other comprehensive loss (46,352) (6,513) Total shareholders' equity (deficit) (220,955) 99,326 Total liabilities and shareholders' equity (deficit) $1,552,114 $2,002,722 Cenveo, Inc. and Subsidiaries Condensed Consolidated Statements of Cash Flows (in thousands) (Unaudited) Year Ended January 3, December 29, 2009 2007 Cash flows from operating activities: Net income (loss) $ (298,027) $ 40,781 Adjustments to reconcile net income to net cash provided by operating activities: Gain on sale of discontinued operations, net of taxes - (17,007) Loss from discontinued operations, net of taxes 1,051 211 Depreciation 65,001 55,095 Amortization of other intangible assets 9,008 10,413 Non-cash interest expense, net 1,773 1,410 Deferred income taxes (24,287) 8,763 Non-cash restructuring, impairment and other charges, net 378,688 19,729 (Gain) loss on early extinguishment of debt (14,642) 9,256 Provisions for bad debts 4,660 5,363 Provisions for inventory obsolescence 902 2,851 Stock-based compensation provision 18,140 10,280 (Gain) loss on disposal of assets (4,364) (369) (Gain) loss on sale of non-strategic businesses - (189) Other non-cash charges, net 3,350 - Changes in operating assets and liabilities, excluding the effects of acquired businesses: Accounts receivable 70,376 (6,086) Inventories 5,198 1,193 Accounts payable and accrued compensation and related liabilities (2,928) (9,101) Other working capital changes 1,454 (36,580) Other, net (5,505) (9,805) Net cash provided by continuing operating activities 209,848 86,208 Net cash provided by discontinued operating activities - 2,198 Net cash provided by operating activities 209,848 88,406 Cash flows from investing activities: Cost of business acquisitions, net of cash acquired (47,412) (627,304) Capital expenditures (49,243) (31,538) Acquisition payments (3,653) (3,653) Proceeds from sale of property, plant and equipment 18,258 8,949 Proceeds from divestitures, net - 431 Net cash used in investing activities of continuing operations (82,050) (653,115) Proceeds from the sale of discontinued operations - 73,628 Net cash provided by investing activities of discontinued operations - 73,628 Net cash (used in) provided by investing activities (82,050) (579,487) Cash flows from financing activities: Repayments of senior unsecured loan (175,000) - (Repayment) borrowings under revolving credit facility, net (83,200) 75,700 Repayment of 8 3/8% senior subordinated notes (19,567) (20,880) Repayments of other long-term debt (18,933) (29,053) Repayment of 7 7/8% senior subordinated notes (10,561) - Repayment of term loans (7,200) (4,900) Repayment of debt issuance costs (5,297) (5,906) Purchase and retirement of common stock upon vesting of RSUs (1,054) (1,302) Tax (liability) asset from stock - based compensation (1,377) 67 Payment of refinancing fees, redemption, premiums and expenses (130) (8,045) Proceeds from issuance of 10 1/2% senior notes 175,000 - Proceeds from issuance of other long-term debt 12,927 - Proceeds from exercise of stock options 1,876 304 Proceeds from issuance of term loans - 720,000 Proceeds from senior unsecured loan - 175,000 Repayment of term loan B - (324,188) Repayment of Cadmus revolving senior bank credit facility - (70,100) Repayment of 9 5/8% senior notes - (10,498) Net cash (used in) provided by financing activities (132,516) 496,199 Effect of exchange rate changes on cash and cash equivalents of continuing operations (720) 206 Net (decrease) increase in cash and cash equivalents (5,438) 5,324 Cash and cash equivalents at beginning of year 15,882 10,558 Cash and cash equivalents at end of year $ 10,444 $ 15,882

In addition to results presented in accordance with generally accepted accounting principles in the U.S. ("GAAP"), included in this release are certain Non-GAAP financial measures, including Adjusted EBITDA, Non-GAAP income from continuing operations and Non-GAAP operating income. These Non-GAAP financial measures are defined herein, and should be read in conjunction with GAAP financial measures. Non-GAAP income from operations excludes integration, acquisition and other charges, stock based compensation provision and restructuring, impairment and other charges. A reconciliation of operating income to Non-GAAP income from operations is presented in the attached tables. These Non-GAAP financial measures are not presented as an alternative to cash flow from operations, as a measure of our liquidity or as an alternative to reported net income as an indicator of our operating performance. The Non-GAAP financial measures as used herein may not be comparable to similarly titled measures reported by competitors.

We believe the use of Adjusted EBITDA, Non-GAAP income from continuing operations and non-GAAP operating income along with GAAP financial measures enhances the understanding of our operating results and may be useful to investors in comparing our operating performance with that of our competitors and estimating our enterprise value. Adjusted EBITDA is also a useful tool in evaluating the core operating results of the Company given the significant variation that can result from, for example, the timing of capital expenditures, the amount of intangible assets recorded or the differences in assets' lives. We also use Adjusted EBITDA internally to evaluate operating performance of our segments, to allocate resources and capital to such segments, to measure performance for incentive compensation programs, and to evaluate future growth opportunities. The Non-GAAP financial measures included in this press release are reconciled to their most directly comparable GAAP financial measures in the tables included herein.

Cenveo, headquartered in Stamford, Connecticut, is a leader in the management and distribution of print and related product offerings. The Company provides its customers with low-cost solutions within its core businesses of commercial printing and packaging, envelope, form, and label manufacturing, and publisher services; offering one-stop solutions from design through fulfillment. With approximately 10,000 employees worldwide, Cenveo delivers everyday for its customers through a network of production, fulfillment, content management, and distribution facilities across the globe.

Statements made in this release, other than those concerning historical financial information, may be considered "forward-looking statements," which are based upon current expectations and involve a number of assumptions, risks and uncertainties that could cause the actual results to differ materially from such forward-looking statements. In view of such uncertainties, investors should not place undue reliance on our forward-looking statements. Such statements speak only as of the date of this release, and we undertake no obligation to update any forward-looking statements made herein. Factors that could cause actual results to differ materially from management's expectations include, without limitation: (1) our substantial indebtedness impairing our financial condition and limiting our ability to incur additional debt; (2) the terms of our indebtedness imposing significant restrictions on our operating and financial flexibility; (3) the potential to incur additional indebtedness, exacerbating the above factors; (4) cross default provisions in our indebtedness, which could cause all of our debt to become due and payable as a result of a default under an unrelated debt instrument; (5) our ability to successfully integrate acquisitions; (6) intense competition in our industry; (7) the general absence of long-term customer agreements in our industry, subjecting our business to fluctuations; (8) factors affecting the U.S. postal services impacting demand for our products; (9) increases in paper costs and decreases in its availability; (10) the availability of the Internet and other electronic media affecting demand for our products; (11) our labor relations; (12) compliance with environmental rules and regulations; (13) dependence on key management personnel; and (14) general economic, business and labor conditions. This list of factors is not exhaustive, and new factors may emerge or changes to the foregoing factors may occur that would impact the Company's business. Additional information regarding these and other factors can be found in Cenveo, Inc.'s periodic filings with the SEC, which are available at http://www.cenveo.com/.

Inquiries from analysts and investors should be directed to Robert G. Burton, Jr. at (203) 595-3005.

Photo: http://www.newscom.com/cgi-bin/prnh/20070618/CENVEOLOGO
http://photoarchive.ap.org/
PRN Photo Desk, photodesk@prnewswire.com Cenveo, Inc.

CONTACT: Robert G. Burton, Jr. of Cenveo, Inc., +1-203-595-3005

Web Site: http://www.cenveo.com/

Siemens Appoints Kathleen Ambrose to Head Government Affairs OfficeVeteran Attorney Brings Broad Public and Private Sector Experience to Key Post

WASHINGTON, March 16 /PRNewswire-FirstCall/ -- Siemens today appointed Kathleen A. Ambrose as Senior Vice President of its Government Affairs Office. Effective April 6, Ambrose will be responsible for the legislative, regulatory and political operations of Siemens' Washington office, which represents the company's healthcare, energy, transportation and lighting businesses at the local, state and federal levels.

(Logo: http://www.newscom.com/cgi-bin/prnh/20070904/SIEMENSLOGO )

"Kathleen brings a wealth of valuable experience about the executive and legislative branches of government, international trade issues and the need today for the public and private sector to work more closely than ever to drive economic growth in America," said George Nolen, President and CEO of Siemens Corporation. "She is also well versed on major issues such as energy, climate change and sustainability, which are very important for Siemens. We are delighted to have her on board."

Ambrose joins Siemens from Rio Tinto, where she leads the mining concern's Government Affairs Office in Washington. At Rio Tinto, Ambrose is the company's principal adviser on climate change strategy, including working with congressional staff and coalitions to develop climate change/energy legislation, and legislative proposals such as tax incentives.

"I am excited to join Siemens, a dynamic company with a legacy of innovation and a strong U.S. presence. I look forward to drawing on my political and public policy experience to advance Siemens' interests on increasingly important domestic policy issues such as energy, healthcare and U.S. competitiveness," Ambrose said. "I am also enthusiastic about working with the well-respected and knowledgeable team in place at Siemens' Washington Office and am confident that together we will accomplish much during this extraordinary period of economic and political challenges."

Prior to Rio Tinto, Ambrose held various government, industry, and international affairs roles in the chemical industry. During the Clinton Administration, Ambrose served both in the Commerce Department as Deputy Assistant Secretary and Deputy General Counsel and in the White House as Special Advisor for major international summits.

Kathleen earned her B.A. from the University of Maryland and her law degree from the American University in Washington, D.C.

About Siemens

Siemens AG is a global powerhouse in electronics and electrical engineering, and operates in the industry, energy and healthcare sectors. For more than 160 years, Siemens has built a reputation for leading-edge innovation and the quality of its products, services and solutions. With 428,000 employees in 190 countries, Siemens reported worldwide sales of $116.6 billion in fiscal 2008. With its U.S. corporate headquarters in New York City, Siemens in the USA reported sales of $22.4 billion and employs approximately 69,000 people throughout all 50 states and Puerto Rico. For more information on Siemens in the United States, visit http://www.usa.siemens.com/

Photo: http://www.newscom.com/cgi-bin/prnh/20070904/SIEMENSLOGO Siemens Corporation

CONTACT: Fred Pieretti, +1-732-906-3855, fred.pieretti@siemens.com

Web Site: http://www.usa.siemens.com/

Webcast Alert: Pacific Gas and Electric Company Senior Vice President to Speak at Jefferies 7th Global Clean Technology Conference

SAN FRANCISCO, March 16 /PRNewswire-FirstCall/ -- Fong Wan, Senior Vice President, Energy Procurement, of Pacific Gas and Electric Company will make a presentation to investors at the Jefferies 7th Global Clean Technology Conference in New York on Tuesday, March 17, 2009 at 9:30a.m. Eastern Time. The presentation will be webcast at:

http://www.pgecorp.com/investors/investor_info/conference/index.shtml Who: Fong Wan, Senior Vice President, Pacific Gas and Electric Company What: Jefferies 7th Global Clean Technology Conference When: Tuesday, March 17, 2009 at 9:30 a.m. Eastern Time Where: http://www.pgecorp.com/investors/investor_info/conference/index.shtml How: Live over the Internet - log on to the web at the address above. Contact: Corporate Relations 800-743-6397 Investor Relations 415-267-7080

If you are unable to participate during the live webcast, the call will be archived at http://www.pgecorp.com/investors/investor_info/conference/index.shtml

PG&E Corporation is a Fortune 200 energy-based holding company, headquartered in San Francisco. With assets valued at $38 billion, its operations include electric and gas distribution, natural gas and electric transmission, and electric generation. It is the parent company of Pacific Gas and Electric Company, California's largest investor-owned utility. PG&E serves more than 15 million Californians throughout a 70,000 square-mile service area in northern and central California. For more information, visit the Web site at http://www.pgecorp.com/.

PG&E Corporation

CONTACT: Corporate Relations, 1-800-743-6397, or Investor Relations,
+1-415-267-7080, both of PG&E Corporation

Web Site: http://www.pgecorp.com/

Sauer-Danfoss Inc. Reports Preliminary Fourth Quarter 2008 Results- Fourth Quarter Sales and Earnings Impacted by Global Recession and Cost Reduction Actions- Impairment and Restructuring Costs of $1.56 per Share also Impact Fourth Quarter and Full-Year Loss- Debt Refinancing Secured- Board Approves Suspension of Cash Dividends

CHICAGO, March 16 /PRNewswire-FirstCall/ -- Sauer-Danfoss Inc. today announced its preliminary financial results for the fourth quarter ended December 31, 2008. As a result of ongoing impairment analysis relating to long-lived asset values, the financial results are not yet final and the Company is delaying the release of its Annual Report on Form 10-K.

Fourth Quarter Review

Net sales for the fourth quarter declined 25 percent to $371.4 million, compared with net sales of $494.2 million for the fourth quarter of 2007. Excluding the impact of changes in currency translation rates, sales in the fourth quarter declined 16 percent over the same quarter last year. Sales for the fourth quarter dropped 23 percent in Europe, 11 percent in the Americas, and 1 percent in the Asia-Pacific region, excluding the impact of currency. Sales decreased 18 percent in the Controls segment, 16 percent in the Propel segment, and 14 percent in the Work Function segment, excluding currency.

Subject to the results of the ongoing impairment analysis, the Company reported a net loss of $100.6 million, or $2.09 per share, for the fourth quarter 2008, compared to net income of $8.7 million, or $0.18 per share, for the fourth quarter of 2007. Results for 2008 were impacted by one-time restructuring and severance costs of $24.9 million, or $0.37 per share, compared to restructuring costs in 2007 of $1.6 million, or $0.02 per share. Included in the 2008 costs is the previously announced loss on the sale of the AC motor business of $8.4 million, or $0.13 per share. In addition, the unusually high cost of certain product field recall activities, primarily related to the Controls segment, impacted fourth quarter 2008 results by $7.5 million, or $0.11 per share, compared with $2.6 million, or $0.04 per share, in the fourth quarter 2007.

Sven Ruder, President and Chief Executive Officer, commented, "The fourth quarter results reflect the effects of the global economic downturn in our business resulting in a rapid and steep drop in almost all of our markets. As a result, we incurred significant costs related to reducing our workforce along with the loss on the sale of the AC motor business, as previously announced."

Non-Cash Goodwill and Long-Lived Asset Impairment Charges

In connection with its annual goodwill and long-lived asset impairment testing for 2008, the Company incurred a fourth quarter and full-year charge related to goodwill impairment of $22.9 million, or $0.44 per share, impacting the Work Function and Controls segments. The goodwill relates to the acquisition of the Danfoss Fluid Power business in 2000 and subsequent acquisitions made over the past seven years. The Company has not completed its long-lived asset impairment analysis and has recorded a preliminary estimate of its long-lived asset impairment charge of $49.3 million, or $0.75 per share impacting the Work Function segment. The Company will release its final audited financial statements upon the completion of the analysis of long-lived asset impairment.

Ruder explained, "As a result of the challenging market conditions and the resulting decline in the Company's market capitalization, we were required by accounting rules to record a non-cash goodwill and long-lived asset impairment charge in the fourth quarter. With the continued decline in our markets and market capitalization, the goodwill and long-lived assets remaining on our books are at risk of further write-down as we move through 2009."

Twelve Month Review

Sauer-Danfoss had net sales of $2,090.5 million for the twelve months ended December 31, 2008, an increase of 6 percent compared to net sales of $1,972.5 million for 2007. Net sales for the twelve months of 2008, excluding currency translation rate changes and divestitures, rose 3 percent over the prior year period. The Company's sales for full year 2008 increased 23 percent in the Asia-Pacific region and 3 percent in the Americas, while remaining level in Europe, excluding the impact of currency and divestitures. Sales in the Propel segment increased 4 percent, sales in the Work Function segment increased 2 percent, and sales in the Controls segment increased 1 percent, excluding currency and divestitures.

Pending completion of the ongoing impairment analysis, the Company's net loss for full year 2008 totaled $39.1 million, or $0.81 per share, compared to net income of $47.2 million, or $0.98 per share, for the same period last year. Results for 2008 were impacted by restructuring and severance costs of $23.5 million, or $0.35 per share, compared to restructuring costs in 2007 of $19.4 million, or $0.32 per share. In addition, 2008 results were impacted by $15.6 million, or $0.23 per share, of certain product field recall costs, primarily related to the Controls segment, compared with $5.2 million, or $0.07 per share, in 2007.

New Orders and Backlog Decline

The Company received new orders of $222.5 million for the fourth quarter of 2008, a decrease of 66 percent from the fourth quarter 2007. Excluding currency translation rate changes, orders were down 62 percent.

Total backlog at December 31, 2008 was $743.7 million, a 19 percent decline from the same period last year. Excluding currency translation rate changes, backlog decreased 18 percent.

Ruder added, "The decrease in new orders for the quarter and the resulting decline in our backlog reflect the sudden and dramatic downturn we have seen in almost all markets and regions. There is a lot of uncertainty in our markets, causing customers to extend their year-end plant shutdowns and move out orders on short notice."

Cash Flow from Operations

Sauer-Danfoss' cash flow from operations for full year 2008 was $185.2 million, compared to $98.1 million for full year 2007. Capital expenditures were $198.6 million for full year 2008 compared to $135.6 million for the same period last year. The Company's debt to total capital ratio, or leverage ratio, was 51 percent at December 31, 2008, compared to 43 percent at December 31, 2007.

Debt Refinancing

On March 12, 2009, the Company entered into a lending agreement with Danfoss A/S pursuant to which the Company can borrow up to $490 million on a line of credit from Danfoss A/S. The proceeds of this borrowing will be used to retire the Company's existing indebtedness under the $300 million multi-currency credit facility and other credit agreements. Danfoss A/S is the Company's majority stockholder.

In conducting its annual financial audit and reviewing its borrowing covenants, the Company determined that it will likely fall out of compliance with the debt-to-trailing EBITDA ratio covenants in its existing credit agreements by the end of the first quarter 2009. The Company carefully weighed its options for seeking a waiver of the projected covenant violation or refinancing its debt and determined that the terms offered by Danfoss A/S were superior to the terms the Company could obtain from other sources in today's market.

"We believe that our relationship with Danfoss will be extremely beneficial as we navigate through the present worldwide economic crisis," Ruder observed. "Our new credit agreement should put us in position to move forward in 2009 and beyond despite the challenging market conditions we anticipate."

Actions to Reduce Expenses and Conserve Cash

In response to the challenges the Company is facing in the current economic downturn, the Company has and is taking various actions to reduce expenses and conserve cash, including:

-- Closing its Hillsboro, Oregon valve operations with operations to be relocated to the Company's Easley, South Carolina plant. -- Exiting from the unprofitable electric drive business. -- Aggressively reducing travel and similar costs. -- Curtailing all but the most critical capital investments. -- Reducing its workforce by 2,200 or 23 percent since mid-2008. -- Instituting temporary plant shutdowns and shortened work weeks. -- Freezing salaries for the year. -- Suspending management incentive plans. -- Reducing all senior leadership salaries by 10 to 15 percent for the year.

"We will continue to take aggressive actions as needed in response to the changing environment. While these actions are difficult and affect our employees, they are necessary to keep Sauer-Danfoss competitive through this global recession. We believe we will emerge as a much stronger company when the economy and our markets recover," said Ruder.

Suspension of Dividends

On March 13, 2009, the Company's Board of Directors voted to suspend the Company's quarterly cash dividend until further notice.

Ruder commented, "In light of the high cost of capital and current uncertainties in the global markets, we feel it is prudent to conserve cash to further strengthen our balance sheet and enhance our financial flexibility."

2009 Outlook

"Based on the uncertainties in the world economies and our markets and the continuing actions we will take to address any further declines in our business, it is very difficult to forecast the outlook for 2009. We do not expect an upturn in our markets in 2009. Based on our current rather unclear view of our markets, along with our ongoing cost reduction actions, we expect a loss for full year 2009 in the range of $1.60 to $2.40 per share, including workforce reduction and restructuring costs of $0.40 to $0.60 per share, with annual sales declining 30 to 40 percent from 2008 levels. Capital expenditures will not exceed $60.0 million," concluded Ruder.

Webcast Information

Members of Sauer-Danfoss' management team will host a Webcast on March 17 at 10 AM Eastern Time to discuss 2008 fourth quarter results. The call is open to all interested parties on listen-only mode via an audio webcast and can be accessed through the Investor Relations page of the Company's website at http://ir.sauer-danfoss.com/. A replay of the call will be available at that site through March 31, 2009.

About Sauer-Danfoss

Sauer-Danfoss Inc. is a worldwide leader in the design, manufacture, and sale of engineered hydraulic, electric and electronic systems and components for use primarily in applications of mobile equipment. Sauer-Danfoss had revenues of $2.1 billion in 2008 and has sales, manufacturing, and engineering capabilities in Europe, the Americas, and the Asia-Pacific region. The Company's executive offices are located near Chicago in Lincolnshire, Illinois.

More details online at http://www.sauer-danfoss.com/.

This press release contains certain statements that constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. All statements regarding future performance, growth, sales and earnings projections, conditions or developments are forward-looking statements. Words such as "anticipates," "in the opinion," "believes," "intends," "expects," "may," "will," "should," "could," "plans," "forecasts," "estimates," "predicts," "projects," "potential," "continue," and similar expressions may be intended to identify forward-looking statements.

Actual future results may differ materially from those described in the forward-looking statements due to a variety of factors. Readers should bear in mind that past experience may not be a good guide to anticipating actual future results. The economies in the U.S., Europe, and Asia-Pacific are suffering from the shockwaves of the worldwide credit crisis, continued weakness in the housing and residential construction markets, growing weakness in the commercial and public-sector construction markets, and uncertainty surrounding job creation, interest rates, and crude oil prices. At this point, it appears that the worldwide economic downturn will continue throughout 2009. Any downturn in the Company's business segments could adversely affect the Company's revenues and results of operations. Other factors affecting forward-looking statements include, but are not limited to, the following: specific economic conditions in the agriculture, construction, road building, turf care, material handling and specialty vehicle markets and the impact of such conditions on the Company's customers in such markets; the cyclical nature of some of the Company's businesses; the ability of the Company to win new programs and maintain existing programs with its original equipment manufacturer (OEM) customers; the highly competitive nature of the markets for the Company's products as well as pricing pressures that may result from such competitive conditions; the continued operation and viability of the Company's significant customers; the Company's execution of internal performance plans; difficulties or delays in manufacturing; cost-reduction and productivity efforts; competing technologies and difficulties entering new markets, both domestic and foreign; changes in the Company's product mix; future levels of indebtedness and capital spending; the ability and willingness of Danfoss A/S, the Company's majority stockholder, to lend money to the Company at sufficient levels and on terms favorable enough to enable the Company to meet its capital needs; the Company's ability to access the capital markets or traditional credit sources to supplement or replace the Company's borrowings from Danfoss A/S if the need should arise; claims, including, without limitation, warranty claims, field retrofit claims, product liability claims, charges or dispute resolutions; ability of suppliers to provide materials as needed and the Company's ability to recover any price increases for materials in product pricing; the Company's ability to attract and retain key technical and other personnel; labor relations; the failure of customers to make timely payment; any inadequacy of the Company's intellectual property protection or the potential for third-party claims of infringement; global economic factors, including currency exchange rates; the sub-prime credit market crisis, credit market disruptions, and significant changes in capital market liquidity and funding costs affecting the Company and its customers; general economic conditions, including interest rates, the rate of inflation, and commercial and consumer confidence; energy prices; the impact of new or changed tax and other legislation and regulations in jurisdictions in which the Company and its affiliates operate; actions by the U.S. Federal Reserve Board and the central banks of other nations; actions by other regulatory agencies, including those taken in response to the global credit crisis; actions by rating agencies; changes in accounting standards; worldwide political stability; the effects of terrorist activities and resulting political or economic instability; natural catastrophes; U.S. military action overseas; and the effect of acquisitions, divestitures, restructurings, product withdrawals, and other unusual events.

The Company cautions the reader that these lists of cautionary statements and risk factors may not be exhaustive. The Company expressly disclaims any obligation or undertaking to release publicly any updates or changes to these forward-looking statements that may be made to reflect any future events or circumstances. The foregoing risks and uncertainties are further described in Item 1A (Risk Factors) in the Company's latest annual report on Form 10-K filed with the SEC, which should be reviewed in considering the forward-looking statements contained in this press release.

Internet: http://www.sauer-danfoss.com/ CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Three Months Ended Year Ended (Dollars in thousands December December December December except per share data) 31, 2008 31, 2007 31, 2008 31, 2007 Net sales 371,388 494,173 2,090,513 1,972,548 Cost of sales 333,375 397,572 1,654,903 1,544,846 Gross profit 38,013 96,601 435,610 427,702 Research and development 20,732 20,014 82,915 70,552 Selling, general and administrative 55,357 57,218 258,184 233,809 Loss on sale of businesses and asset disposals 10,289 177 9,604 9,412 Impairment charges 72,168 -- 72,168 -- Total operating expenses 158,546 77,409 422,871 313,773 Income (loss) from operations (120,533) 19,192 12,739 113,929 Nonoperating income (expenses): Interest expense, net (5,318) (6,022) (24,628) (22,741) Minority interest in income of consolidated companies (1,901) (6,051) (17,811) (21,562) Other, net 4,695 (140) 967 (3,589) Income (loss) before income taxes (123,057) 6,979 (28,733) 66,037 Income taxes 22,450 1,718 (10,406) (18,839) Net income (loss) (100,607) 8,697 (39,139) 47,198 Net income (loss) per share: Basic net income (loss) per common share (2.09) 0.18 (0.81) 0.98 Diluted net income (loss) per common share (2.09) 0.18 (0.81) 0.98 Weighted average shares outstanding Basic 48,237 48,099 48,226 48,094 Diluted 48,237 48,493 48,226 48,327 Cash dividends declared per common share 0.18 0.18 0.72 0.72 BUSINESS SEGMENT INFORMATION Three Months Ended Year Ended December December December December (Dollars in thousands) 31, 2008 31, 2007 31, 2008 31, 2007 Net sales Propel 184,225 233,327 1,016,609 940,692 Work Function 99,748 134,697 561,416 534,040 Controls 87,415 126,149 512,488 497,816 Total 371,388 494,173 2,090,513 1,972,548 Segment Income (Loss) Propel 9,501 35,371 156,805 146,617 Work Function (87,168) (5,164) (79,659) (2,886) Controls (37,182) 985 (21,386) 17,740 Global Services and Other Expenses, net (989) (12,140) (42,054) (51,131) Total (115,838) 19,052 13,706 110,340 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS Year Ended December 31, December 31, (Dollars in thousands) 2008 2007 Cash flows from operating activities: Net income (loss) (39,139) 47,198 Depreciation and amortization 112,962 102,303 Impairment Charges 72,168 -- Minority interest in income of consolidated companies 17,811 21,562 Net change in receivables, inventories, and payables 40,385 (64,033) Other, net (18,990) (8,890) Net cash provided by operating activities 185,197 98,140 Cash flows from investing activities: Purchases of property, plant and equipment (198,634) (135,633) Proceeds from sale of property, plant and equipment 11,141 6,496 Proceeds from sale of businesses -- 6,932 Net cash used in investing activities (187,493) (122,205) Cash flows from financing activities: Net borrowings on notes payable and debt instruments 51,799 71,436 Performance unit compensation excess tax deduction (145) 145 Cash dividends (34,728) (33,636) Distribution to minority interest partners (13,881) (15,889) Net cash provided by financing activities 3,045 22,056 Effect of exchange rate changes (4,393) (314) Net decrease in cash and cash equivalents (3,644) (2,323) Cash and cash equivalents at beginning of year 26,789 29,112 Cash and cash equivalents at end of year 23,145 26,789 CONDENSED CONSOLIDATED BALANCE SHEETS December 31, December 31, (Dollars in thousands) 2008 2007 ASSETS Current assets: Cash and cash equivalents 23,145 26,789 Accounts receivable, net 239,881 318,152 Inventories 326,688 318,836 Other current assets 50,754 56,365 Total current assets 640,468 720,142 Property, plant and equipment, net 584,476 562,818 Other assets 232,427 217,462 Total assets 1,457,371 1,500,422 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Notes payable and bank overdrafts 65,512 59,415 Long-term debt due within one year 58,006 208,819 Accounts payable 149,512 168,015 Other accrued liabilities 146,863 128,358 Total current liabilities 419,893 564,607 Long-term debt 367,922 175,811 Long-term pension liability 90,966 70,777 Deferred income taxes 44,243 40,930 Other liabilities 66,728 62,253 Minority interest in net assets of consolidated companies 67,655 60,544 Stockholders' equity 399,964 525,500 Total liabilities and stockholders' equity 1,457,371 1,500,422 Debt to total capital ratio (1) 51% 43% (1) The debt to total capital ratio is calculated by dividing total interest bearing debt by total capital. Total interest bearing debt is the sum of notes payable and bank overdrafts, long-term debt due within one year, and long-term debt. Total capital is the sum of total interest bearing debt, minority interest in net assets of consolidated companies, and stockholders' equity.

Sauer-Danfoss Inc.

CONTACT: Investor Relations, Kenneth D. McCuskey, Vice President and
Chief Accounting Officer of Sauer-Danfoss Inc., +1-515-239-6364, or Fax,
+1-515-956-5364, kmccuskey@sauer-danfoss.com, or John N. Langrick, Director of
Finance Europe of Sauer-Danfoss Inc., +49-4321-871-190, or Fax,
+49-4321-871-121, jlangrick@sauer-danfoss.com

Web Site: http://www.sauer-danfoss.com/

Environmental Tectonics Corporation Announces Participation at APWCA National Conference

SOUTHAMPTON, Pa., March 16 /PRNewswire-FirstCall/ -- Environmental Tectonics Corporation ("ETC" or the "Company") today announced that their BioMedical Division will be exhibiting at the upcoming APWCA 2009 National Conference.

The American Professional Wound Care Association (APWCA) 2009 National Conference will be held April 2 - 4 in Philadelphia, at the Sheraton, Philadelphia, Center City. The APWCA provides cutting-edge education and is legislatively active on wound care issues.

ETC's goal is to keep our equipment and customers at the forefront of hyperbaric medicine and the APWCA National Conference provides an excellent forum for this purpose.

ETC prides itself on being an ISO 9001:2000 certified leader in the manufacture, installation, and service of hyperbaric chamber systems. ETC is the only manufacturer of a computerized monoplace hyperbaric chamber.

The BARA-MED(R) XD includes a 4th generation Windows(TM) based operating system named O.S.C.A.R. (TM) (Operating System for Control And Recordkeeping).

O.S.C.A.R. (TM) is the integrated computerized basis of our monoplace hyperbaric chambers. The technology in O.S.C.A.R. (TM) offers a comprehensive Electronic Medical Record (EMR) of the Hyperbaric Oxygen Therapy (HBO) treatment received by each patient.

Our computerized system eliminates the need for operator dive time management and paper recordkeeping while ensuring comprehensive documentation of the procedure. These features enable technicians to focus their attention on patient care and management, making them more effective and efficient.

For more information regarding APWCA 2009 conference you can visit their website at http://www.apwca.org/apwca2009/index.cfm

ETC designs, develops, installs and maintains aircrew training systems (aeromedical, tactical combat and general), disaster management training systems and services, entertainment products, sterilizers (steam and gas), environmental testing products, hyperbaric chambers and related products for domestic and international customers.

This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on ETC's current expectations and projections about future events. These forward-looking statements are subject to known and unknown risks, uncertainties and assumptions about ETC's and its subsidiaries that may cause 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. These forward-looking statements include statements with respect to the Company's vision, mission, strategies, goals, beliefs, plans, objectives, expectations, anticipations, estimates, intentions, financial condition, results of operations, future performance and business of the company, including but not limited to, (i) the potential delisting of the Company's common stock from the American Stock Exchange as a result of the Company's failure to comply with the AMEX listing standards, (ii) the completion of additional financing transactions to support the Company's operation, (iii) projections of revenues, costs of materials, income or loss, earnings or loss per share, capital expenditures, growth prospects, dividends, capital structure, other financial items and the effects of currency fluctuations, (iv) statements of our plans and objectives of the Company or its management or Board of Directors, including the introduction of new products, or estimates or predictions of actions of customers, suppliers, competitors or regulatory authorities, (v) statements of future economic performance, (vi) statements of assumptions and other statements about the Company or its business, (vii) statements made about the possible outcomes of litigation involving the Company, and (viii) statements preceded by, followed by or that include the words, "may," "could," "should," "looking forward," "would," "believe," "expect," "anticipate," "estimate," "intend," "plan," or the negative of such terms or similar expressions. These forward-looking statements involve risks and uncertainties which are subject to change based on various important factors. Some of these risks and uncertainties, in whole or in part, are beyond the Company's control. Factors that might cause or contribute to such a material difference include, but are not limited to, those discussed in the Company's Annual Report on Form 10-K for the fiscal year ended February 29, 2008, in the section entitled "Risks Particular to Our Business." Shareholders are urged to review these risks carefully prior to making an investment in the Company's common stock.

The Company cautions that the foregoing list of important factors is not exclusive. Except as required by federal securities law, the Company does not undertake to update any forward-looking statement, whether written or oral, that may be made from time to time by or on behalf of the Company.

Contact: Duane D. Deaner, CFO Tel: 215-355-9100 (ext. 1203) Fax: 215-357-4000 ETC - Internet Home Page: http://www.etcusa.com/

Environmental Tectonics Corporation

CONTACT: Duane D. Deaner, CFO of ETC, +1-215-355-9100, ext. 1203, or
Fax, +1-215-357-4000

Web Site: http://www.etcusa.com/

Siemens Appoints James Whaley as VP of Corp CommExperienced Communicator to Lead Broad Marketing Effort in U.S.

NEW YORK, March 16 /PRNewswire-FirstCall/ -- Siemens Corporation today appointed James Whaley as its new Vice President of Communications and Marketing, effective immediately. Whaley will report to Siemens Corp. President and CEO, George Nolen.

(Logo: http://www.newscom.com/cgi-bin/prnh/20070904/SIEMENSLOGO )

"Corporate communications and marketing plays a vital role at Siemens and Jim brings a strong set of skills and leadership qualities to the position," Nolen said. "Over the course of his more than two decades in management and communications, Jim has proved time and again that he can be both creative and strategic as well as a gifted team leader."

Whaley's new duties will include developing communications strategy for Siemens in the U.S., the company's largest market, as well as leading the branding, advertising and marketing efforts.

"I am very excited about the new challenges of leading the communications and marketing effort at Siemens and I would like to thank Siemens for giving me this opportunity," Whaley said. "Most important, I look forward to working with one of the best corporate communication teams in America to make the Siemens brand even more successful."

Whaley joined Siemens in 2004 as a senior director of public affairs. Prior to that, Whaley was Director of Communications for the United States Military Academy at West Point, where he organized an award winning communications program celebrating West Point's 200th anniversary. He has more than 20 years of management experience in communications and retired after 20 years in the U.S. Army.

Whaley will also continue in his role of President of the Siemens Foundation.

He has an MBA from Embry Riddle Aeronautical University in Frankfurt, Germany, and an undergraduate degree from Lock Haven University.

About Siemens

Siemens AG is a global powerhouse in electronics and electrical engineering, and operates in the industry, energy and healthcare sectors. For more than 160 years, Siemens has built a reputation for leading-edge innovation and the quality of its products, services and solutions. With 428,000 employees in 190 countries, Siemens reported worldwide sales of $116.6 billion in fiscal 2008. With its U.S. corporate headquarters in New York City, Siemens in the USA reported sales of $22.4 billion and employs approximately 69,000 people throughout all 50 states and Puerto Rico. For more information on Siemens in the United States, visit http://www.usa.siemens.com/.

Photo: http://www.newscom.com/cgi-bin/prnh/20070904/SIEMENSLOGO Siemens Corporation

CONTACT: Fred Pieretti, +1-732-906-3855, fred.pieretti@siemens.com

Web Site: http://www.usa.siemens.com/

SkillSoft Reports Fourth Quarter and Fiscal 2009 Results- FOURTH QUARTER REVENUE OF $80.5 MILLION AND ANNUAL REVENUE OF $328.5 MILLION- FOURTH QUARTER NET INCOME OF $18.8 MILLION AND ANNUAL NET INCOME OF $50.8 MILLION- ANNUAL ADJUSTED EBITDA OF $109.7 MILLION- REPURCHASED APPROXIMATELY 5.4 MILLION SHARES FOR $35.4 MILLION IN THE FOURTH QUARTER- REDUCED DEBT APPROXIMATELY $20.3 MILLION IN THE FOURTH QUARTER- CASH, RESTRICTED CASH AND INVESTMENTS OF $42.7 MILLIONFINANCIAL TARGETS FOR FISCAL 2010 ANNOUNCED- TARGETED ANNUAL REVENUE OF $300M - $312M- TARGETED CONTINUING OPERATIONS ANNUAL EPS GROWTH OF 20%- 26%- TARGETED ANNUAL ADJUSTED NET INCOME OF $55M - $58M- TARGETED ANNUAL ADJUSTED EBITDA OF $100M - $105M

NASHUA, N.H., March 16 /PRNewswire-FirstCall/ -- SkillSoft PLC , a leading Software as a Service (SaaS) provider of on-demand e-learning and performance support solutions for global enterprises, government, education and small to medium-sized businesses, today announced financial results for its fourth quarter of fiscal 2009 and its fiscal year ended January 31, 2009.

Fiscal 2009 Fourth Quarter Results

The Company reported total revenue of $80.5 million for its fourth quarter ended January 31, 2009 of its fiscal year ended January 31, 2009 (fiscal 2009), which represented a 4% increase over the $77.5 million reported in its fourth quarter of the fiscal year ended January 31, 2008 (fiscal 2008).

On a US generally accepted accounting principles (US GAAP) basis, the Company's net income was $18.8 million, or $0.19 per basic share and $0.18 per diluted share, for the fourth quarter of fiscal 2009 as compared to net income of $34.3 million, or $0.33 per basic share and $0.31 per diluted share, for the fourth quarter of fiscal 2008. Net income for the fourth quarter of fiscal 2009 includes a tax benefit from the reduction of the Company's deferred tax asset valuation allowance in Ireland of approximately $5.1 million, or $0.05 per basic share and diluted share. Net income for the same period in fiscal 2008 includes a tax benefit of $27.8 million or $0.27 per basic share and $0.25 per diluted share. The tax benefits in fiscal 2008 were the result of a reduction of the Company's deferred tax asset valuation allowance in the US and a reduction in the Company's effective tax rate.

Adverse changes in currency exchange rates during the fourth quarter of fiscal 2009 as compared to the rates on October 31, 2008 negatively impacted fourth quarter revenue and net income by approximately $1.1 million and $0.3 million, respectively.

The Company's fourth quarter US GAAP net income includes the following non-cash charges:

-- Stock-based compensation expense of $1.6 million in the fourth quarter of fiscal 2009 as compared to $1.9 million in the fourth quarter of fiscal 2008. -- Depreciation and amortization expense of $1.4 million in the fourth quarter of fiscal 2009 as compared to $1.5 million in the fourth quarter of fiscal 2008. -- Amortization of intangible assets of $2.8 million in the fourth quarter of fiscal 2009 as compared to $5.0 million in the fourth quarter of fiscal 2008. -- Amortization of deferred financing costs of $0.3 million in the fourth quarter of both fiscal 2009 and fiscal 2008. -- Non-cash benefit for income tax of $0.6 million in the fourth quarter of fiscal 2009 as compared to a non-cash $25.0 million income tax benefit in the fourth quarter of fiscal 2008.

"As expected, we continued to experience a cautious customer environment in our fourth quarter due to the current challenging business climate that started, for SkillSoft, towards the end of our third quarter. As a result, we continued to see some existing customer upgrades and renewals and new customer sales cycles come in more slowly than expected, and we also saw more customer budget reductions impacting the contract dollar size we were able to close in the fourth quarter. At the same time, the volatile foreign currency market reduced international revenue and contract value in our fourth quarter. We are pleased, however, that our fourth quarter net income (even without the tax benefit) exceeded the high end of our fourth quarter targeted range and, together with the impact of our share repurchase program, resulted in our EPS being above the high end of our targeted range," said Chuck Moran, President and Chief Executive Officer. "We have proactively taken a number of actions to adjust our cost structure and intend to continue to monitor our costs in light of the difficult economic conditions and make adjustments as necessary to protect our fiscal 2010 goal of growing EPS from continuing operations 20% to 26% over fiscal 2009," commented Moran.

Gross margin increased 4% points to 90% in the fiscal 2009 fourth quarter from 86% for its fiscal 2008 fourth quarter. Included in cost of revenues in each quarter is the amortization of intangible assets related to acquired technology and capitalized software development costs. Approximately half of our increase in gross margin for the fiscal 2009 fourth quarter is due to an approximate $1.7 million decrease in amortization of intangible assets related to acquired technology and capitalized software development costs as compared to the fiscal 2008 fourth quarter. The remaining increase in gross margin during the fiscal fourth quarter was due to the mix of royalty-bearing content and the lower costs incurred to augment the hosting capacity needed to meet our existing and new customer solution requirements.

Research and development expenses decreased to $11.4 million in the fiscal 2009 fourth quarter from $14.3 million in the fiscal 2008 fourth quarter, and decreased as a percentage of revenue to 14% in the fourth quarter of fiscal 2009 as compared to 18% in the fourth quarter of fiscal 2008. The decrease in research and development expenses was primarily due to lower expenses related to contractors and outsource partners, lower performance bonuses and changes in currency exchange rates which impacted our non-US based operations as compared to the prior year.

Sales and marketing expenses increased to $26.2 million in the fiscal 2009 fourth quarter from $26.0 million in the fiscal 2008 fourth quarter, and decreased as a percentage of revenue to 33% in the fourth quarter of fiscal 2009 as compared to 34% in the fourth quarter of fiscal 2008. The dollar increase in sales and marketing expenses was primarily due to the addition of direct sales, telesales and sales support personnel to support our larger customer base as well as higher commission expense.

General and administrative expenses increased to $9.3 million in the fiscal 2009 fourth quarter from $9.1 million in the fiscal 2008 fourth quarter, and remained unchanged as a percentage of revenue at 12% in both the fourth quarter of fiscal 2009 and fiscal 2008. The increase in general and administrative expenses was primarily due to an increase in legal fees as well as professional expenses incurred in connection with the feasibility analysis related to the Company's business realignment strategy, which was partially offset by a reduction of accounting and tax services as well as insurance expenses.

Restructuring expenses of $1.5 million were incurred in the fiscal 2009 fourth quarter due to personnel reductions as explained in the Company's Form 8-K filed with the SEC on January 20, 2009.

Operating expenses in the fiscal 2009 fourth quarter include approximately $1.6 million of stock-based compensation expense. The allocation of such stock-based compensation expense for the fiscal 2009 fourth quarter was as follows: cost of revenue, $62,000; research and development, $231,000; sales and marketing, $543,000; and general and administrative, $792,000. Operating expenses for the fiscal 2008 fourth quarter also included approximately $1.9 million of stock-based compensation expense which was allocated as follows: cost of revenue, $84,000; research and development, $299,000; sales and marketing, $602,000; and general and administrative, $958,000.

The Company's interest and other income decreased to $1.0 million in the fiscal 2009 fourth quarter as compared to interest and other income of $1.8 million in the fourth quarter of fiscal 2008. This decrease was primarily due to lower cash balances and lower interest rates in the fourth quarter of fiscal 2009 as compared to fiscal 2008. The Company's interest expense decreased to $3.2 million for the fiscal 2009 fourth quarter as compared to $4.4 million for the fourth quarter of fiscal 2008. This decrease was primarily due to principal payments made during fiscal 2009 resulting in a reduction in the Company's outstanding debt.

Adjusted EBITDA for the fiscal 2009 fourth quarter was $27.7 million. Adjusted EBITDA for the fiscal 2009 fourth quarter is calculated by taking net income ($18.8 million) and adding back depreciation and amortization ($1.4 million), amortization of intangible assets and capitalized software development costs ($2.8 million), stock-based compensation ($1.6 million), feasibility expense associated with the Company's business realignment strategy ($0.7 million), interest expense ($3.2 million), and the provision for income taxes ($0.2 million), and deducting interest and other income ($1.0 million).

In order to adequately assess the Company's collection efforts, taking into account the seasonality of the Company's business, the Company believes that it is most useful to compare current period days sales outstanding (DSOs) to the prior year period. Given the quarterly seasonality of bookings, the deferral from revenue of subscription billings may increase or decrease the DSOs on sequential quarterly comparisons.

SkillSoft's DSOs were in the targeted range for the fiscal 2009 fourth quarter. On a net basis, which considers only receivable balances for which revenue has been recorded, DSOs were 9 days in the fiscal 2009 fourth quarter as compared to 16 days in the year ago period and 10 days in the third quarter of fiscal 2009. On a gross basis, which considers all items billed as receivables, DSOs were 159 days in the fiscal 2009 fourth quarter as compared to 208 days in the year ago quarter and 80 days in the third quarter of fiscal 2009.

Fiscal 2009 Full Year Results

For the fiscal year ended January 31, 2009, the Company reported revenue of $328.5 million, which represented a 17% increase over the $281.2 million reported for the fiscal year ended January 31, 2008.

Net income for fiscal 2009 was $50.8 million, or $0.49 per basic share and $0.47 per diluted share, compared to net income of $60.0 million, or $0.57 per basic share and $0.55 per diluted share, for fiscal 2008. Net income for fiscal 2009 includes an income tax benefit from the reduction of the Company's deferred tax asset valuation allowance in Ireland of approximately $5.1 million, or $0.05 per basic share and diluted share. Net income for fiscal 2008 includes an income tax benefit from the reduction in the Company's deferred tax asset valuation allowance predominately in the US of $42.6 million, or $0.41 per basic share and $0.39 per diluted share. The Company's US GAAP net income includes restatement expenses of less than $0.1 million for fiscal 2009 as compared to $1.3 million for fiscal 2008, as well as the following merger and integration related expenses, restructuring expenses, income from discontinued operations and non-cash charges in fiscal 2009:

Merger and integration related expenses / restructuring expenses / income from discontinued operations:

-- Merger and integration related expenses of $0.8 for fiscal 2009 as compared to $12.3 million for fiscal 2008. -- Restructuring expenses relating to personnel reductions of $1.5 million for fiscal 2009 as compared to $34 thousand for fiscal 2008. -- Income from discontinued operations, net of tax of $1.9 million for fiscal 2009 as compared to $0.3 million for fiscal 2008. Non-Cash Charges: -- Stock-based compensation expense of $6.1 million for fiscal 2009 as compared to $6.0 million for fiscal 2008. -- Amortization of intangible assets and capitalized software development costs of $16.4 million for fiscal 2009 as compared to $16.7 million for fiscal 2008. -- Amortization of deferred financing costs of $1.2 million for fiscal 2009 as compared to $0.7 million for fiscal 2008. -- Depreciation and amortization of $5.3 million for fiscal 2009 as compared to $6.9 million for fiscal 2008. -- Non-cash provision for income tax of $15.1 million for fiscal 2009 as compared to a $34.0 million non-cash income tax benefit for fiscal 2008.

Gross margin increased as a percentage of revenue to 87% in fiscal 2009 as compared to 86% in fiscal 2008. The amortization decreased gross margin by 2% for fiscal 2009 and fiscal 2008. The gross margin is also impacted by the mix of royalty-bearing content and SkillSoft hosting capacity needed to meet our existing and new customer solution requirements.

Research and development expenses remained relatively flat at $49.5 million in fiscal 2009 as compared to $49.6 million for fiscal 2008 and decreased as a percentage of revenue to 15% in fiscal 2009 as compared to 18% in fiscal 2008.

Sales and marketing expenses increased to $108.4 million for fiscal 2009 from $97.5 million for fiscal 2008 but decreased as a percentage of revenue to 33% in fiscal 2009 as compared to 35% in fiscal 2008. This increase in sales and marketing expense was primarily due to additional direct sales, tele-sales, and sales support personnel, as well as incremental commission and marketing expenses.

General and administrative expenses increased to $36.8 million for fiscal 2009 from $34.6 million for fiscal 2008 but decreased as a percentage of revenue to 11% in fiscal 2009 as compared to 12% in fiscal 2008. The increase in general and administrative expenses was primarily due to professional expenses incurred in connection with the feasibility analysis related to the Company's business realignment strategy.

Restructuring expenses of $1.5 million were incurred in fiscal 2009 due to personnel reductions in the fourth quarter as explained in the Company's Form 8-K filed with the SEC on January 20, 2009.

Merger and integration related expenses for fiscal 2009 were $0.8 million as compared to $12.3 million for fiscal 2008.

Operating expenses for fiscal 2009 include approximately $6.1 million of stock-based compensation expense. The allocation of stock-based compensation expense for fiscal 2009 was as follows: Cost of revenue $225,000, Research and development, $926,000, Sales and marketing, $1,977,000, and General and administrative, $3,004,000. By comparison, operating expenses for fiscal 2008 included approximately $6.0 million of stock-based compensation expense. The allocation of stock-based compensation expense for fiscal 2008 was as follows: Cost of revenue, $203,000, Research and development, $958,000; Sales and marketing, $1,911,000, and General and administrative, $2,879,000.

The Company's interest and other income decreased to $3.0 million for fiscal 2009 as compared to $4.2 million for fiscal 2008. This decrease was primarily due to lower cash balances as a result of the use of cash for share repurchases and debt reduction and lower interest rates. The Company's interest expense increased to $14.2 million for fiscal 2009 as compared to $12.6 million for fiscal 2008. This increase relates to interest on the debt incurred in connection with the NETg acquisition for a full twelve months in fiscal 2009 compared to approximately nine months in fiscal 2008, which was partially offset by reduced interest expense due to additional principal payments made during fiscal 2009.

SkillSoft had approximately $42.7 million in cash, cash equivalents, short-term investments and restricted cash as of January 31, 2009 as compared to $93.5 million as of January 31, 2008. This decrease primarily reflects long term debt repayments of $24.5 million, $30.4 million, $0.4 million and $20.3 million in the first, second, third and fourth quarter of fiscal 2009, respectively, and payments made to repurchase shares under our shareholder approved share repurchase program of $12.2 million, $15.0 million, $29.3 million and $35.4 million in the first, second, third and fourth quarters of fiscal 2009, respectively. In addition, investments of $19.6 million and purchases of property and equipment of $5.7 million in the twelve months ended January 31, 2009 contributed to our decrease in cash. These uses of cash were partially offset by cash provided by continuing operations of $97.7 million; proceeds from the exercise of stock options and employee stock purchase activity of $19.5 million; net maturities and redemptions of $12.5 million; and cash provided from discontinued operations of $6.9 million, which is primarily comprised of proceeds received from the sale of NETg Press.

The Company's effective tax rate was 28.0% for the fiscal year ended January 31, 2009, consisting of a cash tax provision of approximately $3.9 million (5.7%) and a non-cash tax provision of approximately $15.1 million (22.3%). This compares to an effective tax rate benefit of 112.5% for the fiscal year ended January 31, 2008, consisting of a cash tax provision of approximately $2.4 million (8.5%) and a non-cash tax benefit of approximately $34.0 million (121%). The difference between the fiscal 2009 and fiscal 2008 tax provision is primarily related to the non-cash tax benefit of approximately $42.6 million from the reduction in the Company's U.S. deferred tax valuation allowance in fiscal 2008, as compared to the Company's non-cash tax benefit of approximately $5.1 million from the reduction in the Company's international deferred tax valuation allowance in fiscal 2009. The dollar increase in the current year cash tax provision is primarily due to geographic distribution of earnings throughout the United States.

Income from discontinued operations, net of tax, of $1.9 million in fiscal 2009 was primarily due to proceeds received from the Company's sale of the assets related to the NETg Press business as compared to income from discontinued operations, net of tax, of $0.3 million in fiscal 2008.

At January 31, 2009, the Company had deferred revenue of approximately $201.5 million as compared to approximately $219.2 million at January 31, 2008. The decrease in deferred revenue was primarily due to adverse changes in currency exchange rates during fiscal 2009 as compared to the rates at January 31, 2008, which contributed approximately $14.6 million of the decrease, and an approximate $3.0 reduction in order intake and billings from SkillSoft's core business which primarily consists of courseware, referenceware and platform hosting.

The Company's 12-month non-cancelable revenue backlog at January 31, 2009 was approximately $239 million (which includes deferred revenue and committed contracts), representing approximately 78% of the mid-point of the Company's targeted revenue range for fiscal 2010 of $300 million to $312 million. This compares to a 12-month non-cancelable revenue backlog at January 31, 2008 of approximately $255 million, which represented approximately 78% of SkillSoft revenue recognized for fiscal 2009 of $328.5 million. Virtually all of the $16 million decrease in 12-month non-cancelable revenue backlog is attributable to adverse changes in currency exchange rates during fiscal 2009 as compared to the rates at January 31, 2008.

As a reminder, backlog is calculated by combining the amount of deferred revenue at each fiscal year end with the amounts to be added to deferred revenue throughout the next twelve months from billings under committed customer contracts and determining how much of these amounts are scheduled to amortize into revenue during the upcoming fiscal year. The amount scheduled to amortize into revenue during the upcoming fiscal year is disclosed as "backlog" as of the end of the preceding fiscal year. Amounts to be added to deferred revenue during the upcoming fiscal year include subsequent installment billings for ongoing contract periods as well as billings for committed contract renewals. We have included this disclosure due to the fact that it is directly related to our subscription based revenue recognition policy. This is a key annual business metric, which factors into our forecasting and planning activities and provides visibility into revenue for the upcoming fiscal year.

An important leverage covenant in our credit facility is based on Adjusted EBITDA. The Company's adjusted EBITDA for fiscal 2009 was $109.7 million, which equates to a debt leverage ratio of 1.1 as of January 31, 2009. The debt leverage ratio is derived by dividing the outstanding debt balance by the trailing 12 month adjusted EBITDA. Adjusted EBITDA for fiscal 2009 is calculated by taking net income ($50.8 million) and adding back depreciation and amortization ($5.3 million), amortization of intangible assets and capitalized software development costs ($16.4 million), stock-based compensation ($6.1 million), restatement and merger and integration related expenses ($0.8 million), business realignment strategy expense ($2.0 million), interest expense ($14.2 million), and provision for income taxes ($19.0 million), and deducting interest and other income ($3.0 million), and income from discontinued operations ($1.9 million).

The Company's average contract length was 17 months as of January 31, 2009 and January 31, 2008. The Company's 12-month average contract value as of January 31, 2009 decreased to $105,000 as compared to $127,000 as of January 31, 2008. SkillSoft's average total contract value as of January 31, 2009 decreased to $148,000 as compared to $180,000 as of January 31, 2008. The decreases are primarily the result of existing customer budget reductions impacting the contract size and our new customer acquisition activity, as the initial contract value with a new customer is generally smaller, as well as the negative impact of changes in currency exchange rates during fiscal 2009.

The Company's combined dollar renewal rate decreased to 97% in fiscal 2009 as compared to 102% in fiscal 2008. This metric excludes the custom business since that business isn't considered renewable year to year. The combined dollar renewal rate metric combines the dollar renewal rate on expiring customers and the dollar upgrade rate on all existing customers (committed and expiring) to provide a single metric that compares existing customer contract dollars spent with SkillSoft year over year.

Fiscal 2010 Outlook

For fiscal 2010, the Company is currently anticipating revenue to be in the range of $300.0 million to $312.0 million as compared to the Company's total revenue for fiscal 2009 of $328.5 million. This represents a $22.5 million decrease (or 7%) between fiscal 2009 revenue and the midpoint of our fiscal 2010 target revenue range ($306.0 million). Approximately $15.3 million of this decrease (or 5%) is a result of the difference between actual currency exchange rates in fiscal 2009 and the rates in effect as of January 31, 2009, which are the rates used in fiscal 2010 guidance. The remainder of the decrease (or 2%) is primarily attributable to a projected reduction in order intake and billings from SkillSoft's core business. While it is the Company's practice not to take into account the impact of future changes in foreign exchange rates when setting its financial targets, the Company believes it is appropriate to forecast fiscal 2010 applying foreign exchange rates as of January 31, 2009. Among other factors, a change in currency exchange rates from the January 31, 2009 rates could impact international revenues to the degree that the Company's revenues could be outside the targeted range for fiscal 2010 and the first quarter of fiscal 2010.

The Company's 12-month non-cancelable revenue backlog at January 31, 2009 was approximately $239 million, which represents approximately 78% of the midpoint of the Company's revenue expectations ($306 million) for fiscal 2010 as discussed above.

The Company currently anticipates that it will achieve adjusted net income for fiscal 2010 of between $55.0 million and $58.0 million, or $0.55 to $0.58 per basic and diluted share, respectively. Adjusted net income represents GAAP net income, excluding foreign exchange gains or losses. The most significant non-cash items included in projected adjusted net income are the following: (1) depreciation and amortization of approximately $5.0 million to $6.0 million; (2) amortization of intangible assets and capitalized software development costs of approximately $8.0 million to $8.5 million; (3) stock-based compensation expense of approximately $6.0 million to $6.5 million; (4) amortization of deferred financing costs of approximately $0.8 million to $1.2 million; and (5) a non-cash tax provision of approximately $13.0 million to $14.0 million.

The Company expects gross margin to be 88% to 89% of revenue for fiscal 2010, which includes $0.2 million to $0.3 million of stock-based compensation expense in cost of revenue. Research and development expenses are expected to be $38.0 million to $41.0 million, of which $0.9 million to $1.0 million is stock-based compensation expense. Sales and marketing expenses are expected to be $105.0 million to $110.0 million, of which $2.0 million to $2.5 million is stock-based compensation expense. General and administrative expenses are expected to be $31.5 million to $32.5 million, of which $2.5 million to $3.0 million is stock-based compensation expense. Amortization of intangible assets is expected to be approximately $8.0 million to $8.5 million. Interest and other income is expected to be $0.5 million to $1.0 million. Interest expense is expected to be $8.0 million to $9.0 million, assuming we do not undertake any debt restructuring. The provision for income taxes is expected to be $19.0 million to $21.0 million, or approximately 25% to 27% of pre-tax net income. Only $6.0 million to $7.0 million of this amount is expected to be represented by actual cash tax payments. The remainder of the provision ($13 million to $14.0 million) is non-cash due to the utilization of net operating loss carry forwards acquired in the merger with SmartForce and from SkillSoft historic net operating loss carry forwards. The non-cash portion of the provision for income tax will reduce deferred tax assets on the Company's balance sheet. Additionally, capital expenditures are expected to be $6.0 million to $8.0 million, and depreciation expense is expected to be $5.0 million to $6.0 million.

The Company anticipates that it will have 100 million to 101 million diluted shares outstanding for EPS calculation purposes in fiscal 2010, before the effects of any future option issuances or share repurchases.

The Company's adjusted EBITDA target range for fiscal 2010 is $100.0 million to $105.0 million. This represents a $7.2 million decrease between the fiscal 2009 level of $109.7 million and the midpoint of the fiscal 2010 range. Approximately $6.2 million of this reduction is a result of the difference between foreign currency exchange rates used in fiscal 2010 guidance and actual fiscal 2009 foreign currency exchange rates. The adjusted EBITDA targeted range for fiscal 2010 is calculated by taking targeted net income ($55.0 million to $58.0 million) and adding back depreciation and amortization ($5.0 million to $6.0 million), amortization of intangible assets and capitalized software development costs ($8.0 million to $8.5 million), stock-based compensation ($6.0 million to $6.5 million), interest expense ($8.0 million to $9.0 million) and the provision for income taxes ($19.0 million to $21.0 million), and deducting interest and other income ($0.5 million to $1.0 million).

For the first quarter of fiscal 2010 ending April 30, 2009, the Company currently anticipates revenue to be in the range of $74.5 million to $77.5 million. This range considers the current cautious customer environment and is based on currency exchange rates as of January 31, 2009. The Company does not take into account any subsequent changes in currency exchange rates when setting its targets. Among other factors, foreign exchange rate volatility in the first quarter could impact international revenues to the degree that the Company's first quarter revenues could be outside the targeted range. The Company, in line with the above revenue targets, also anticipates adjusted net income (excluding foreign exchange gains and losses) for the fiscal 2010 first quarter to be between $12.0 million and $13.0 million, or $0.12 to $0.13 per basic and diluted share. The most significant non-cash items included in targeted adjusted net income are the following: (1) depreciation and amortization of approximately $1.3 million to $1.5 million; (2) amortization of intangible assets and capitalized software development costs of approximately $2.5 million to $2.6 million; (3) stock-based compensation expense of approximately $1.5 million to $1.6 million; (4) amortization of deferred financing costs of approximately $0.3 million to $0.4 million; and (5) a non-cash tax provision of approximately $2.5 million to $3.0 million.

Adjusted net income and adjusted EBITDA are non-GAAP financial measures within the meaning of applicable SEC regulations. SkillSoft is presenting adjusted net income and adjusted EBITDA for fiscal 2009 and fiscal 2010, as well as adjusted net income for the fiscal 2010 first quarter. The Company believes that these measures present investors and debt holders with meaningful information about the Company's historical and projected operating performance.

The first quarter and fiscal 2010 earnings outlook also does not take into account the potential positive or negative impact from changes in currency exchange rates after January 31, 2009, the potential negative impact of the resolution of litigation matters, potential restructuring charges or the potential impact of any future acquisitions or divestitures, including potential non-recurring acquisition related expenses and the amortization of any purchased intangibles and deferred compensation charges resulting from a future acquisition transaction. The outlook also does not take into account the effect of a public offering or other financing arrangement, our share buyback program or debt restructuring that could impact interest income/expenses and/or outstanding shares and thereby the Company's EPS outlook.

Supplemental financial information will be available on SkillSoft's web site http://www.skillsoft.com/ at the time of our earnings call.

Conference Call

In conjunction with the release, management will conduct a conference call on Monday, March 16, 2009 at 5:00 p.m. ET to discuss the Company's fiscal 2009 operating results and fiscal 2010 outlook. Chuck Moran, President and Chief Executive Officer, and Tom McDonald, Chief Financial Officer, will host the call.

To participate in the conference call, local and international callers can dial 800-322-9079. The live conference call will be available via the Internet by accessing the SkillSoft Web site at http://www.skillsoft.com/. Please go to the Web site at least fifteen minutes prior to the call to register, download and install any necessary audio software.

A replay will be available from 12:01 a.m. ET on March 17, 2009 until 11:59 p.m. ET on March 24, 2009. The replay number is 800-642-1687, passcode: 88935904. A webcast replay will also be available on SkillSoft's Web site at http://www.skillsoft.com/. The Company will post Supplementary Financial Schedules to the investor relations section of its web site following the conference call.

About SkillSoft

SkillSoft PLC is a leading SaaS provider of on-demand e-learning and performance support solutions for global enterprises, government, education and small to medium-sized businesses. SkillSoft enables business organizations to maximize business performance through a combination of comprehensive e-learning content, online information resources, flexible learning technologies and support services.

Content offerings include business, IT, desktop, compliance and consumer/SMB courseware collections, as well as complementary content assets such as Leadership Development Channel video products, KnowledgeCenter(TM) portals, virtual instructor-led training services and online mentoring services. SkillSoft's Books24x7(R) product offering includes access to more than 18,000 digitized IT and business books, as well as book summaries and executive reports. Technology offerings include the SkillPort(R) learning management system, Search-and-Learn(R), SkillSoft(R) Dialogue(TM) and virtual classroom.

SkillSoft courseware content described herein is for information purposes only and is subject to change without notice. SkillSoft has no obligation or commitment to develop or deliver any future release, upgrade, feature, enhancement or function described in this press release except as specifically set forth in a written agreement.

SkillSoft, the SkillSoft logo, SkillPort, Search-and-Learn, SkillChoice, Books24x7, ITPro, BusinessPro, OfficeEssentials, GovEssentials, EngineeringPro, FinancePro, AnalystPerspectives, ExecSummaries, ExecBlueprints, Express Guide and Dialogue are trademarks or registered trademarks of SkillSoft PLC in the United States and certain other countries. All other trademarks are the property of their respective owners, countries.

This release includes information that constitutes forward-looking statements made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. Any such forward-looking statements involve risk and uncertainties that could cause actual results to differ materially from those indicated by such forward-looking statements. Factors that could cause or contribute to such differences include competitive pressures, changes in customer demands or industry standards, adverse economic conditions, loss of key personnel, litigation and other risk factors disclosed under the heading "Risk Factors" in SkillSoft's Quarterly Report on Form 10-Q for the quarterly period ended October 31, 2008 as filed with the Securities and Exchange Commission. The forward-looking statements provided by the Company in this press release represent the Company's views as of March 16, 2009. The Company anticipates that subsequent events and developments may cause the Company's views to change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company's views as of any date subsequent to the date of this release.

SkillSoft PLC and Subsidiaries Condensed Consolidated Statements of Income (Unaudited, In Thousands Except Share and Per Share Data) Three Months Ended Twelve Months Ended January 31, January 31, 2009 2008 2009 2008 ---- ---- ---- ---- Revenues $80,455 $77,490 $328,494 $281,223 Cost of revenues (1) 7,979 8,809 35,992 32,637 Cost of revenues - amortization of capitalized software development costs 33 1,740 5,203 5,423 -- ----- ----- ----- Gross profit 72,443 66,941 287,299 243,163 Operating expenses: Research and development 11,404 14,297 49,540 49,612 Selling and marketing 26,231 26,004 108,416 97,493 General and administrative 9,320 9,057 36,774 34,630 Amortization of intangible assets 2,737 3,282 11,212 11,237 Merger and integration related expenses - 1,173 761 12,283 Restructuring 1,523 - 1,523 34 SEC investigation - 19 49 1,346 - -- -- ----- Total operating expenses 51,215 53,832 208,275 206,635 Other income (expense), net 864 737 1,480 295 Interest income 110 1,063 1,550 3,948 Interest expense (3,204) (4,409) (14,218) (12,630) ------ ------ ------- ------- Income before provision for income taxes from continuing operations 18,998 10,500 67,836 28,141 Provision for income taxes - cash 794 1,272 3,857 2,371 Provision for income taxes - non-cash (625) (24,972) 15,102 (33,958) ------ ------ ------ ------ Income from continuing operations 18,829 34,200 48,877 59,728 ------ ------ ------ ------ Income (loss) from discontinued operations, net of income tax (benefit) expense (2) (25) 97 1,912 270 --- -- ----- --- Net income $18,804 $34,297 $50,789 $59,998 ======= ======= ======= ======= Net income, per share, basic - continuing operations $0.19 $0.33 $0.47 $0.57 Net income, per share, basic - discontinued operations $- $- $0.02 $- -- -- ----- -- $0.19 $0.33 $0.49 $0.57 ===== ===== ===== ===== Basic weighted average common shares outstanding 101,158,502 105,059,220 103,869,585 104,390,807 =========== =========== =========== =========== Net income, per share, diluted - continuing operations $0.18 $0.31 $0.46 $0.55 Net income (loss), per share, diluted - discontinued operations $- $- $0.02 $- -- -- ----- -- $0.18 $0.31 $0.47 $0.55 ===== ===== ===== ===== Diluted weighted average common shares outstanding 102,395,390 109,248,809 107,033,733 108,288,908 =========== =========== =========== =========== (1) The following summarizes the departmental allocation of the stock- based compensation Cost of revenues $62 $84 $225 $203 Research and development 231 299 926 958 Selling and marketing 543 602 1,977 1,911 General and administrative 792 958 3,004 2,879 --- --- ----- ----- $1,628 $1,943 $6,132 $5,951 ====== ====== ====== ====== (2) Discontinued operations income tax (benefit) expense $(25) $104 $1,281 $180 ==== ==== ====== ==== SkillSoft PLC Condensed Consolidated Balance Sheets (Unaudited, In Thousands) January 31, January 31, 2009 2008 ASSETS CURRENT ASSETS: Cash, cash equivalents and short-term investments $38,952 $89,584 Restricted cash 3,790 3,963 Accounts receivable, net 146,362 171,708 Deferred tax assets 26,444 13,476 Prepaid expenses and other current assets 18,286 29,061 ------ ------ Total current assets 233,834 307,792 Property and equipment, net 7,661 7,210 Goodwill 238,550 256,196 Acquired intangible assets, net 13,472 29,887 Deferred tax assets 78,223 87,866 Other assets 3,360 7,730 ----- ----- Total assets $575,100 $696,681 ======== ======== LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Current maturities of long term debt $1,253 $2,000 Accounts payable 5,648 2,139 Accrued expenses 37,273 54,084 Deferred revenue 201,518 219,161 ------- ------- Total current liabilities 245,692 277,384 Long term debt 122,131 197,000 Other long term liabilities 3,221 9,209 ----- ----- Total long-term liabilities 125,352 206,209 Total stockholders' equity 204,056 213,088 ------- ------- Total liabilities and stockholders' equity $575,100 $696,681 ======== ======== SkillSoft PLC Condensed Consolidated Statements of Cash Flows (Unaudited, In Thousands) Twelve Months Ended January 31, 2009 2008 ---- ---- Cash flows from operating activities: Net income $50,789 $59,998 Adjustments to reconcile net income to net cash provided by operating activities: Stock-based compensation 6,132 5,951 Depreciation and amortization 5,277 6,935 Amortization of acquired intangible assets and capitalized software development costs 16,415 16,660 Recovery of bad debts (130) 237 Provision for income taxes - non-cash 15,102 (33,958) Gain on sale of business segment from discontinued operations (3,386) - Non-cash interest expense 1,197 735 Tax benefit related to exercise of non- qualified stock options (1,494) (413) Realized loss on sale of assets, net - (58) Changes in current assets and liabilities, net of acquisitions Accounts receivable 17,006 (43,261) Prepaid expenses and other current assets 8,494 884 Accounts payable 3,446 (2,584) Accrued expenses (including long-term): Accrued merger (3,708) (9,384) Accrued restructuring (1,372) (24) Accrued other (9,191) (8,443) Payment of litigation settlement - (15,250) Deferred revenue (6,890) 45,490 Discontinued Operations - (1,357) --- ------ Net cash provided by operating activities 97,687 22,158 Cash flows from investing activities: Purchases of property and equipment (5,748) (2,968) Cash paid for business acquisitions (250) (261,330) Purchases of investments (19,645) (18,437) Maturity of investments 32,137 63,928 Release of restricted cash 173 16,138 Cash received from sale of discontinued operations 6,903 - ----- --- Net cash provided by (used in) investing activities 13,570 (202,669) Cash flows from financing activities: Exercise of stock options 16,455 9,120 Proceeds from employee stock purchase plan 3,063 2,783 Borrowings under long-term debt, net of debt financing costs - 194,133 Principal payment on long term debt (75,616) (1,000) Tax benefit related to exercise of non- qualified stock options 1,494 413 Payments to acquire treasury stock (91,860) - ------- --- Net cash (used in) provided by financing activities (146,464) 205,449 Effect of exchange rate changes on cash and cash equivalents (2,999) 2,509 ------ ----- Net (decrease) increase in cash and cash equivalents (38,206) 27,447 Cash and cash equivalents, beginning of period 76,059 48,612 ------ ------ Cash and cash equivalents, end of period $37,853 $76,059 ======= ======= FOR: SKILLSOFT PLC COMPANY CONTACT: Tom McDonald Chief Financial Officer (603) 324-3000, x4232 INVESTOR CONTACTS: Geoff Grande Financial Dynamics (617) 747-1721

SkillSoft PLC

CONTACT: Tom McDonald, Chief Financial Officer, +1-603-324-3000, x4232;
or Investors, Geoff Grande of Financial Dynamics, +1-617-747-1721

Web Site: http://www.skillsoft.com/

McGraw-Hill Professional Announces Launch of AccessEngineering

NEW YORK, March 16 /PRNewswire/ -- For more than a century, McGraw-Hill has served the engineering community with authoritative and up-to-date information. Today, McGraw-Hill Professional continues that tradition with the launch of AccessEngineering (http://www.accessengineeringlibrary.com/), a comprehensive aggregation of the best engineering content published in the past decade. Derived from a selection of more than 250 engineering handbooks, monographs, and textbooks, AccessEngineering supports multiple levels of scientific and technical research in the academic, corporate, industrial, and government sectors. Developed from the highly successful Digital Engineering Library, AccessEngineering will also feature a popular Pay-Per-View (PPV) access for 48 hours for individuals, in addition to one-year subscriptions to institutions.

AccessEngineering offers a broad and deep repository of fully searchable engineering content from industry-leading books that engineers have trusted and depended on for years. Updated biweekly with all new content, the site delivers authoritative information that accelerates research, innovation, and problem-solving, while featuring content from a broad range of must-have McGraw-Hill Professional engineering publications, including the latest editions of classics such as Marks' Standard Handbook for Mechanical Engineers, Perry's Chemical Engineers Handbook, Standard Handbook for Electrical Engineers, Roark's Formulas for Stress and Strain, and many others.

In order to accommodate the needs of engineers to have access to a broad and growing body of technical knowledge, AccessEngineering focuses on 14 major subject areas, ranging from Mechanical and Civil Engineering to Green and Optical Engineering. Subscribers to the service will also gain access to the world-renowned McGraw-Hill Dictionary of Engineering, which is embedded on all search pages, offering access to more than 18,000 entries containing synonyms, acronyms, abbreviations, and a pronunciation guide.

"With engineering professionals and students increasingly pressured to work as fast and as accurately as possible, AccessEngineering provides an ideal platform for them to quickly and easily find the exact technical content they need within McGraw-Hill's industry-leading engineering titles," said Steve Chapman, publisher at McGraw-Hill Professional.

Features include: -- A new graphical user interface with state-of-the art functionality that streamlines access to book content -- A new taxonomy book view that allows faster access to the entire engineering collection, title by title -- An improved intuitive content search platform that ensures fast delivery of accurate and comprehensive results, saving time and money -- More content as AccessEngineering now adds five new books to the collection every month -- The site includes sophisticated personalization tools that allow content to be easily integrated into user workflow: -- The bookmark feature enables users to quickly return to content of interest at a later date -- Highlighting lets users mark material of particular importance -- The annotation tool makes it possible for users to add their personal notes and comments to the text -- The customizable home page can reflect an institution's name and logo -- The "email to a friend" feature allows users to email content that may interest a colleague -- The Librarian Resource Center contains valuable tips and tools for librarians About McGraw-Hill Professional

McGraw-Hill Professional is a unit of McGraw-Hill Education, a leading global provider of print and digital instructional, assessment and reference solutions that empower professionals and students of all ages. McGraw-Hill Education, a division of The McGraw-Hill Companies , has offices in 33 countries and publishes in more than 65 languages. Additional information is available at http://www.mheducation.com/.

McGraw-Hill Professional

CONTACT: Bettina Faltermeier, Senior Publicity Manager, McGraw-Hill
Professional, +1-212-904-3604, bettina_faltermeier@mcgraw-hill.com; Tom
Stanton, Director of Communications, McGraw-Hill Education, +1-212-904-3214,
tom_stanton@mcgraw-hill.com

Web Site: http://www.accessengineeringlibrary.com/
http://www.mheducation.com/

DISH Network(R) Launches Fandango iTV Application on Set-Top BoxesCustomers Can Now Order Movie Tickets from the Comfort of Their Couches

ENGLEWOOD, Colo., March 16 /PRNewswire-FirstCall/ -- DISH Network(R) just made buying movie tickets a lot easier. Now, customers of the digital satellite television service who tune into DISH Network Ch. 100 will find an interactive Fandango application, which allows them to purchase movie tickets using their DISH Network remote control.

The new Fandango application, powered by OpenTV middleware, automatically uses customers' zip codes to search for nearby theater listings and show times. Subscribers with phone lines connected to their set-top boxes can use their DISH Network remote control and credit card to purchase tickets at Fandango-enabled theaters through a secure connection.

To redeem tickets, customers present their credit card at the movie theater as proof of purchase. No confirmation code is required. DISH Network subscribers can also search theater listings and show times outside of their set-top box zip code.

"Once again, DISH Network is leading the pack in interactivity through our award-winning set-top boxes, and with the addition of applications like Fandango, we are creating new value for our subscribers," said Michael Kelly, executive vice president for DISH Network. "Remote movie ticket purchasing via the set-top box is only the first step. In the future, we envision banner ads for upcoming titles, movie trailers and more for our interactive advertising clients."

"Partnering with DISH Network is a great opportunity for Fandango to extend our ticketing service to a new platform and to continue to provide consumers with even faster and more convenient ways to escape to the movies," Ted Hong, chief marketing officer for Fandango, said.

"We are very excited to be powering DISH Network's set-top box based movie ticket purchasing application for DISH Network and Fandango," said Tracy Geist, OpenTV's senior vice president of Market Development. "This application further demonstrates the robustness of our middleware and the advanced capabilities it can offer in launching innovative and value-added interactive services."

DISH Network's iTV service features more than 30 interactive channels, DishGAMES, DishHOME Ch. 100's six-channel mosaic and a variety of games and other features. There are more than 20 million iTV enabled DISH Network set-top boxes in the U.S.

About DISH Network Corporation

DISH Network Corporation provides approximately 13.678 million satellite TV customers as of Dec. 31, 2008 with the highest quality programming and technology at the best value, including the lowest all-digital price nationwide. Customers have access to hundreds of video and audio channels, the most international channels in the U.S., state-of-the-art interactive TV applications, and award-winning HD and DVR technology including 1080p Video on Demand and the DuoDVR(TM) ViP(R) 722 DVR, a CNET and PC Magazine "Editors' Choice." DISH Network is included in the Nasdaq-100 Index (NDX) and is a Fortune 250 company. Visit http://www.dishnetwork.com/.

DISH Network Corporation

CONTACT: Parker McConachie of DISH Network Corp., +1-720-514-5351,
press@dishnetwork.com

Web Site: http://www.dishnetwork.com/

Spansion Appoints Chief Restructuring OfficerJohn Brincko to Spearhead Restructuring Efforts

SUNNYVALE, Calif., March 16 /PRNewswire-FirstCall/ -- Spansion Inc. , the world's largest pure-play provider of Flash memory solutions, today announced that it has retained John P. Brincko as Chief Restructuring Officer (CRO). Brincko's firm, Brincko Associates, Inc., has been listed as one of the "Outstanding Turnaround Firms" for ten of the past ten years by Turnarounds and Workouts, a leading publication dedicated to restructuring.

(Logo: http://www.newscom.com/cgi-bin/prnh/20060118/SFW077LOGO)

As CRO, Brincko will oversee negotiations with Spansion's creditors, including debt-holders, to restructure the company's approximately $1.5 billion in secured and unsecured debt. On March 1, 2009, Spansion voluntarily filed for reorganization under chapter 11 of the U.S. Bankruptcy Code to strengthen its capital structure and focus its business for long-term success.

"The decision to retain John is one more indication of how committed we are to creating a more manageable debt structure so that we can focus on building a sustainable and profitable business," said Spansion President and CEO John Kispert. "John has a tremendous track record and we are expecting him to play a key role in revitalizing Spansion."

Brincko has more than 35 years of executive, financial and operational management experience. His major assignments have included: CEO of CalComp Technology (Lockheed Martin publicly held subsidiary); president and COO of Barneys New York; CEO of Mossimo, Inc.; CEO of Knudsen Foods, Inc. and Foremost Dairies; CEO of Consolidated Freightways; CEO of Strouds, Sun World International, Inc., Globe Security, PCL Industries, Ltd.; and CRO of Franchise Pictures, VANS and many others.

Brincko has also held executive management positions with Max Factor, American Home Products, International Paper Company, Peat, Marwick, Mitchell and Grey Advertising.

Spansion, Spansion LLC, Spansion Technology LLC, Spansion International, Inc. and Cerium Laboratories LLC filed their voluntary petitions for relief under chapter 11 in the U.S. Bankruptcy Court for the District of Delaware.

About Spansion

Spansion is a leading Flash memory solutions provider, dedicated to enabling, storing and protecting digital content in wireless, automotive, networking and consumer electronics applications. Spansion, previously a joint venture of AMD and Fujitsu, is the largest company in the world dedicated exclusively to designing, developing, manufacturing, marketing, selling and licensing Flash memory solutions. For more information, visit http://www.spansion.com/.

Spansion(R), the Spansion logo, MirrorBit(R), MirrorBit(R) Eclipse(TM), ORNAND(TM), ORNAND2(TM), HD-SIM(TM), Spansion(R) EcoRAM(TM) and combinations thereof, are trademarks of Spansion LLC in the United States and other countries. Other names used are for informational purposes only and may be trademarks of their respective owners.

Cautionary Statement

This release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that these forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those statements. The risks and uncertainties related to Chapter 11 filings include: any negative impacts on Spansion's business, results of operations, financial position or cash management arrangements; the inability to freely deploy its cash resources throughout the company; the negative impact on relationships with employees, customers, suppliers and contract manufacturers and other stakeholders; the failure of Spansion to obtain initial court orders substantially on the terms applied for, including the approval of any DIP financing; the ability to successfully negotiate and obtain DIP financing; the adequacy of Spansion's cash on hand and DIP financing to fund its ongoing operations or ability to arrange for sufficient alternate DIP financing during the bankruptcy proceeding; actions or orders taken by the U.S. Bankruptcy Court that may impact Spansion operations; the failure of Spansion to obtain the requisite approvals of affected creditors or the courts for any restructuring plan, or to successfully implement such a plan or obtain sufficient exit financing, if required, within the time granted by any court, leading to the likely liquidation of Spansion's assets; that Spansion's common stock could have no value in and following the approval of a restructuring plan and could be cancelled and the potential that the Nasdaq Stock Market may suspend trading or delist any of Spansion's securities on or from such exchange as a result of the proceeding. In addition, risks and uncertainties relating to the company's ability to restructure successfully include Spansion and Spansion Japan's ability to continue their operations while in their respective Chapter 11 or corporate reorganization proceedings, respectively; the ability to capture anticipated cost savings related to the previously- announced reduction in force and other measures taken by the company; and the implementation and success of Spansion's plan to narrow its focus on profitable business segments. In addition, the instability of the global economy and tight credit markets could continue to adversely impact Spansion's business in several respects, including adversely impacting credit quality and insolvency risk of the company and its customers and business partners, including suppliers and distributors; bookings; and reductions and deferrals of demand for Spansion products. In addition, the company urges investors to review in detail the risks and uncertainties discussed in the company's Securities and Exchange Commission filings, including but not limited to the company's Annual Report on Form 10-K for the fiscal year ended December 30, 2007 and the company's Quarterly Report on Form 10-Q for the fiscal quarter ended September 28, 2008. Unless otherwise required by applicable laws, the company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Photo: http://www.newscom.com/cgi-bin/prnh/20060118/SFW077LOGO
AP Archive: http://photoarchive.ap.org/
PRN Photo Desk, photodesk@prnewswire.com Spansion Inc.

CONTACT: Press, Courtney Brigham, +1-408-306-8927, or Investors, Ken
Tinsley, +1-408-616-7837, both of Spansion Inc.

Web Site: http://www.spansion.com/

Raven Industries Board Announces Cash Dividend of $0.13 Cents Payable on April 15, 2009

SIOUX FALLS, S.D., March 16 /PRNewswire-FirstCall/ -- Raven Industries, Inc. announced today that its board of directors has approved the regular quarterly cash dividend of $0.13 cents per share, payable April 15, 2009, to shareholders of record on March 31, 2009.

About Raven Industries, Inc.

Raven is an industrial manufacturer that provides electronic precision-agriculture products, reinforced plastic sheeting, electronics manufacturing services and specialty aerostats and sewn products to niche markets.

On the Internet, information is available at the company's website, http://www.ravenind.com/.

Raven Industries, Inc.

CONTACT: Tom Iacarella, Chief Financial Officer of Raven Industries,
Inc., +1-605-336-2750; or Analyst/Media Inquiries, Leslie Loyet of Financial
Relations Board, +1-312-640-6672, for Raven Industries, Inc.

Web Site: http://www.ravenind.com/

DayStar Technologies Announces 2008 Fourth Quarter and Year End Financial Results

SANTA CLARA, Calif., March 16 /PRNewswire-FirstCall/ -- DayStar Technologies, Inc. , a developer of solar photovoltaic products based on CIGS thin-film deposition technology, today announced financial results for its fourth quarter and full year ended December 31, 2008.

Net loss for the fourth quarter of 2008 was $7.8 million or $0.23 per share, compared with a net loss of $8.0 million or $0.29 per share in the fourth quarter of 2007. Net loss for the full year ended December 31, 2008 was $26.3 million or $0.79 per share, compared with a net loss of $36.1 million or $2.09 per share in 2007. The lower net loss reflects a significant reduction in non-recurring, non-cash expenses, primarily related to the restructuring of a convertible note and other changes in business strategy in 2007. This reduction in non-cash expenses was partially offset by increased operating expenses incurred during 2008 for CIGS-on-glass module and manufacturing process development. The per share losses were calculated on the weighted average common shares outstanding of 33.4 and 33.2 million for the fourth quarter and year ended December 31, 2008, respectively, compared with 27.5 and 17.3 million for the fourth quarter and year ended December 31, 2007, respectively, reflecting the sale of shares in connection with Daystar's follow on public offering in October 2007.

DayStar had cash and cash equivalents of $17.1 million at December 31, 2008, compared with $61.4 million at December 31, 2007. Net property and equipment was $37.1 million at the end of 2008 compared to $9.1 million at the end of 2007, reflecting DayStar's investment in equipment and improvements during 2008. As of December 31, 2008, DayStar had total liabilities of $11.4 million, and total stockholders' equity was $43.5 million.

Conference Call

DayStar will hold its year end conference call today, Monday, March 16, 2009, at 2 pm Pacific time. To listen to the call, dial (412) 858-4600 approximately 10 minutes prior to the start of the call. The pass code is DayStar. A taped replay will be made available approximately one hour after the conclusion of the call and will remain available for one week. To access the replay, dial (412) 317-0088. The pass code is 428596.

About DayStar Technologies, Inc.

DayStar Technologies, Inc. is engaged in the development, manufacturing and marketing of solar photovoltaic products based upon CIGS thin film deposition technology. For more information, visit the DayStar website at http://www.daystartech.com/.

Contact: DayStar Technologies, Inc. William S. Steckel Patrick J. Forkin III Chief Financial Officer Vice President - Corporate Development 408/582.7100 408/907.4633 investor@daystartech.com investor@daystartech.com DAYSTAR TECHNOLOGIES, INC. (A DEVELOPMENT STAGE ENTERPRISE) BALANCE SHEETS December 31, December 31, 2008 2007 ASSETS Current Assets: Cash and cash equivalents $17,120,401 $61,365,559 Other current assets 543,357 666,511 Total current assets 17,663,758 62,032,070 Property and Equipment, at cost 46,022,825 14,911,021 Less accumulated depreciation and amortization (8,942,105) (5,774,823) Net property and equipment 37,080,720 9,136,198 Other Assets: Other assets 204,108 72,427 Total Assets $54,948,586 $71,240,695 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable and accrued expenses $7,554,814 $2,620,635 Notes and capital leases payable, current portion 171,983 174,996 Deferred rent, current portion 175,212 - Deferred revenue and gain 420,000 2,333 Total current liabilities 8,322,009 2,797,964 Long-Term Liabilities: Notes and capital leases payable - 171,983 Deferred revenue - 420,000 Deferred rent 2,951,557 - Stock warrants 125,481 2,771,090 Total long-term liabilities 3,077,038 3,363,073 Commitments and Contingencies - - Stockholders' Equity: Preferred stock, $.01 par value; 3,000,000 shares authorized; 0 shares issued and outstanding - - Common stock, $.01 par value; 120,000,000 shares authorized; 33,438,862 and 32,621,262 shares issued and outstanding at December 31, 2008 and December 31, 2007, respectively 334,389 326,213 Additional paid-in capital 140,179,025 135,387,049 Accumulated deficit (10,145,391) (10,145,391) Deficit accumulated during the development stage (86,818,484) (60,488,213) Total stockholders' equity 43,549,539 65,079,658 Total Liabilities and Stockholders' Equity $54,948,586 $71,240,695 DAYSTAR TECHNOLOGIES, INC. (A DEVELOPMENT STAGE ENTERPRISE) STATEMENTS OF OPERATIONS (Unaudited) For the Three Months For the Years Ended December 31, Ended December 31, 2008 2007 2008 2007 Revenue: Research and development contract revenue $- $60,000 $- $60,000 Total revenue - 60,000 - 60,000 Costs and Expenses: Research and development 5,687,197 3,260,965 17,678,212 10,420,541 Selling, general and administrative 2,057,746 2,589,295 8,864,142 6,875,610 Restructuring - 1,084,776 - 2,840,996 Depreciation and amortization 934,832 786,067 3,242,504 3,013,149 Total costs and expenses 8,679,775 7,721,103 29,784,858 23,150,296 Other Income (Expense): Other income 132,244 437,211 848,409 566,533 Interest expense (7,392) (272,530) (39,431) (523,355) Amortization of note discount and financing costs - (13,826) - (4,176,138) Gain (loss) on derivative liabilities 730,827 (522,843) 2,645,609 (2,828,136) Loss on extinguishment of debt - - - (6,091,469) Total other income (expense) 855,679 (371,988) 3,454,587 (13,052,565) Net Loss $(7,824,096) $(8,033,091) $(26,330,271) $(36,142,861) Weighted Average Common Shares Outstanding (Basic And Diluted) 33,438,862 27,462,346 33,164,993 17,302,763 Net Loss Per Share (Basic and Diluted) $(0.23) $(0.29) $(0.79) $(2.09)

DayStar Technologies, Inc.

CONTACT: William S. Steckel, Chief Financial Officer, +1-408-582-7100,
or Patrick J. Forkin III, Vice President - Corporate Development,
+1-408-907-4633, both of DayStar Technologies, Inc., investor@daystartech.com

Web Site: http://www.daystartech.com/

Cogo Group, Inc. Reports Highest Annual Revenue Ever for 2008- 2008 full year revenue of $287.2 million grew 25.7% from 2007, with Q4 revenue up 16.1% year-over-year- Management reiterates Q1 2009 guidance of $60-65 million in revenue and Non-GAAP EPS Diluted estimated at $0.12-13.- The Company continues to target gross margins of 15% and operating margins of 10%

SHENZHEN, China, March 16 /PRNewswire-FirstCall/ -- Cogo Group, Inc. , a leading provider of customized design solutions for the technology manufacturing sector in China, today announced unaudited financial results for its fourth quarter and full year ended December 31, 2008. The Company reported record quarterly revenue of $82.3 million, up 16.1% year-over-year - compared to $70.9 million reported in the fourth quarter of 2007.

Net income for the fourth quarter of 2008 was $0.8 million, down 87.5% from $6.1 million in the same period last year, with Non-GAAP net income down 24.1% over the same period last year. Earnings per share ("EPS") Diluted on a U.S. GAAP basis was $0.02, and Non-GAAP EPS Diluted (excluding share-based compensation expense and acquisition related costs including amortization and impairment of intangible assets, in-process research and development, recognized deferred taxation and impairment of goodwill) was $0.18, down from $0.22 reported for the fourth quarter of 2007.

For the full year 2008, the Company reported revenues of $287.2 million, a 25.7% increase compared to $228.5 million reported for 2007. 2008 net income was $14.1 million, down 32.7% from $20.9 million in 2007 and EPS Diluted on a U.S. GAAP basis was $0.36 down from $0.55 reported for the prior year.

Key Financial Indicators (all numbers in USD thousands, except share data) Q4 2008(1) Q4 2007(1) Percent Change (unaudited) (unaudited) Net Revenue $82,336 $70,902 16.1% Cost of Sales $70,611 $57,069 23.7% Gross Profit $11,725 $13,833 -15.2% Operating Expenses $11,941 $8,303 43.8% Net Income(2) $759 $6,059 -87.5% EPS Diluted $0.02 $0.15 -86.7% Non-GAAP EPS Diluted(2) $0.18 $0.22 -18.2% (1) The US dollar amounts are calculated based on the conversion rate of US $1 to RMB 6.8225 as of December 31, 2008 and US $1 to RMB 7.2946 as of December 31, 2007. (2) Included in the Q4 2008 net income was an amount of $1.5 million in respect of share-based compensation expense in accordance with Statement of Financial Accounting Standards No. 123 (revised 2004), Share-Based Payment ("SFAS 123R") and $4.3 million acquisition related costs including amortization and impairment of purchased intangible assets, in-process research and development, recognized deferred taxation and impairment of goodwill. Non-GAAP net income, excluding the effects of share-based compensation expense and acquisition related costs, was $6.6 million. Financial Results

Revenue for the fourth quarter was $82.3 million, an increase of 16.1% compared to $70.9 million reported for the same period in 2007. The revenue breakdown was as follows: $26.3 million, or 32.0% of total sales for mobile handsets, representing a 6.7% decrease year-over-year; $23.8 million, or 28.9% of total sales for telecommunications equipment, representing a 10.2% increase year-over-year, $24.4 million, or 29.6% of total sales for digital media products, representing a significant increase of 35.3% year-over-year. The Company's service business contributed $0.8 million in revenues for the fourth quarter and accounted for 1% of total sales. During the quarter, Cogo generated revenue of $7.0 million from component sales relating to the Industrial Application Business, which management believes is among the fastest growing market in China. The Company currently targets opportunities in the electrical grid and railway sectors, and over time expects to expand into other verticals with the Industrial sector, such as cleantech, automotive, medical and security.

Cost of sales, which includes the aggregate purchase of components from suppliers and the direct cost of services, was $70.6 million compared to $57.1 million, representing an increase of 23.6% year-over-year. Gross profit for the fourth quarter was $11.7 million, down 15.2% compared to $13.8 million during the fourth quarter of last year. Gross margin for the fourth quarter was 14.2% compared to 19.5% reported during the fourth quarter of 2007 due to the unfavorable product mix reflecting growing demand in the lower gross margin low-end segment of the handset market.

Operating expenses, including selling, general and administrative expenses, research and development (R&D) expenses and impairment loss of goodwill and intangible assets totaled $11.9 million, up 48.0%, compared to $8.3 million reported for the fourth quarter of last year. The increase was attributable to acquisition related costs including amortization and impairment of purchased intangible assets and impairment of goodwill resulted by slowing economic environment and an increase in R&D personnel related costs and additional expenditure for new market development.

Net income for the fourth quarter was $0.8 million or EPS Diluted of $0.02 on a U.S. GAAP basis, compared to net income of $6.1 million, or EPS Diluted of $0.15 in the fourth quarter of 2007. Included in the fourth quarter 2008 net income was an amount of $1.5 million for share-based compensation expense and $4.3 million for acquisition related costs including amortization and impairment of purchased intangible assets, in-process research and development, recognized deferred taxation and impairment of goodwill. Excluding the stock-based compensation expense and acquisition related costs including amortization and impairment of purchased intangible assets, recognized deferred taxation and impairment of goodwill, the Company would have reported net income of $6.6 million or $0.18 Non-GAAP EPS Diluted for the fourth quarter. The weighted average number of shares used in the calculation of diluted EPS was 36.7 million compared to 40.3 million in the fourth quarter of 2007.

For the full year 2008, the Company reported revenue of $287.2 million, or 25.7% higher than the year ended 2007. Cost of sales was $240.8 million, an increase of 30.7% compared to the $184.2 million reported last year. Gross profit was $46.4 million, an increase of 4.9% from $44.3 million in 2007. Gross margin was 16.2% of sales, compared to 19.4% for last year.

Operating expenses, including selling, general and administrative expenses, research and development expenses and impairment loss of goodwill and intangible assets, totaled $35.8 million, as compared to $24.2 million for last year. Income from operations was $10.6 million, a decrease of 47.0% from $20.1 million reported the prior year.

The Company had an effective tax rate of 2.2% as compared to 8.4% last year. Included in the income tax expense for the year ended December 31, 2008 was a deferred income tax benefit of RMB10.8 million as a result of the amortization of intangible assets and impairment of goodwill and intangible assets of RMB28.7 million and RMB33.8 million, respectively. There was $0.2 million minority interests' income during the year, compared to $0.4 million for 2007. Net income for 2008 decreased by 32.7% to $14.1 million, or $0.36 per fully diluted share compared to $20.9 million or $0.55 per fully diluted share for the same period last year.

Balance Sheet

The Company completed fiscal year end 2008 with cash of $100.6 million, down from $126.1 million at the end of 2007, attributable to the Company's stock repurchase program, acquisition payments and increase in pledged bank deposits from $7.1 million as of December 31, 2007 to $17.0 million as of December 31, 2008. The increased pledged bank deposit was attributable to the $26.0 million increase in bank credit facilities from $20.0 million in 2007 to $46.0 million in 2008. Inventory decreased from $17.8 million at the end of 2007 to $14.1 million as of December 31, 2008. The decrease in inventory was attributable to better inventory control. Accounts receivable increased from $57.3 million at the end of 2007 to $73.0 million as of December 31, 2008, and accounts payable decreased from $23.9 million to $15.8 million. Accounts receivable increased due to the increase in sales, but accounts payable decreased due to some payments made near the end of 2008. Intangible assets decreased from $20.4 million at the end of 2007 to $17.7 million as of December 31, 2008, and goodwill increased from $13.6 million at the end of 2007 to $17.1 million as of December 31, 2008. The Company had no bank borrowings at the end of 2008 as compared to $1.2 million of bank borrowings reported as of December 31, 2007. Shareholders' equity was $205.8 million as of December 31, 2008, an increase of 3.3% from $199.3 million as of December 31, 2007.

Business Outlook

As announced on February 12, 2009, management's guidance for the first quarter of 2009 is $60-65 million in revenue and Non-GAAP EPS Diluted estimated at $0.12-13. The Company continues to target gross margins of 15% and operating margins of 10%.

Mr. Kang remarked, "During Cogo's 13 years of operation, we have weathered numerous challenges including downturns in our industry, interruptions in supply, cell phone inventory problems, and tough financial markets during slowdowns in the global telecom industry and the Asian financial crisis. Our broad and diversified customer base and multi-industry coverage have enabled us to avoid the cyclical impact of a single industry. As highlighted on our conference call on February 12, 2009, the outlook for 2009 appears to be challenging and although the financial crisis and slowdown in demand will likely impact Cogo's end-markets, we see great opportunities. We remain encouraged by a softened monetary policy in China and the government's administrative measures to stimulate the economy. Cogo plans to continue its growth by further penetrating into its existing mobile handsets and digital media end-markets, participating in the build-out of 3G networks in China, developing various industrial verticals and aggressively expanding into new end-markets through acquisitions."

Mr. Kang continued, "In addition to our existing supplier partnerships, the Company has agreements with other suppliers including Microsoft and Maxim. We will continue to increase the number of supplier partnerships to enrich our solution portfolios. Cogo expects that the combination of share gains, the ramp up of both China 3G and domestic China spending on its infrastructure will drive organic growth in all four product offerings for Cogo in 2009 as compared to 2008. In the event of a prolonged economic downturn, Cogo aims to take advantage of weakened competition and leverage its unique business model and large net cash position to support sustainable growth in 2009."

Currency Exchange Rates Impacts on Annual Results

The audited annual revenue for the full year 2008 was $287.2 million. Total revenue normalized by adding the results of the four quarters together would have been $285.5 million*. Normalized Non-GAAP EPS Diluted based on the addition of the results of the four quarters would have been $0.72. Because the Chinese Yuan has appreciated significantly against the US dollar during 2008, the full year audited revenue was $1.7 million higher than the normalized revenue.

* The US dollar amounts are calculated based on the conversion rates of USD 1 to RMB 7.0120 as of March 31, 2008 for the first quarter, USD 1 to RMB 6.8591 as of June 30, 2008 for the second quarter, USD 1 to RMB 6.7899 as of September 30, 2008 for the third quarter and US $1 to RMB 6.8225 as of December 31, 2008 for the fourth quarter and the consolidated 2008 full year.

About Cogo Group, Inc.:

Cogo Group, Inc. is a leading provider of customized module and subsystem design solutions in China. The Company believes it acts as a proxy to China's technology industry as it works with virtually all the major ODMs and OEMs in China. Cogo leverages these relationships and combines their IP to create designs that Cogo then sells to electronic manufacturers. These designs allow manufacturers to reduce their time to market for new products and ultimately increase sales. Cogo Group focuses on the mobile handset, telecommunications equipment and digital media end-markets for its customized design modules while also offering business and engineering services to their large telecommunications equipment vendor customers. Over the last twelve years, Cogo has grown its customer list to include more than 1,200 manufacturers across the mobile handset, telecommunications equipment, industrial and consumer markets, covering both multinational Chinese subsidiaries and Chinese domestic companies.

Safe Harbor Statement:

This press release includes certain statements that are not descriptions of historical facts, but are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities and Exchange Act of 1934. These forward-looking statements may include statements about our proposed discussions related to our business or growth strategy such as growth in digital media, mobile handset and telecommunications businesses, such as business with Microsoft and Maxim, as well as our potential acquisitions which are subject to change. Such information is based upon expectations of our management that were reasonable when made, but may prove to be incorrect. All such assumptions are inherently subject to uncertainties and contingencies beyond our control and upon assumptions with respect to future business decisions, which are subject to change. For further descriptions of other risks and uncertainties, see our most recent Annual Report filed with the Securities and Exchange Commission (SEC) on Form 10-K, and our subsequent SEC filings, including our most recent Forms S-1 and/or S-3. Copies of filings made with the SEC are available through the SEC's electronic data gathering analysis retrieval system (EDGAR) at http://www.sec.gov/.

About Non-GAAP Financial Measures:

To supplement Cogo's consolidated financial results presented in accordance with GAAP, Cogo uses the following measures defined as Non-GAAP financial measures by the SEC: 1) Non-GAAP net income, which is net income excluding share-based compensation expenses and acquisition related costs such as amortization and impairment of purchased intangible assets, in-process research and development, recognized deferred taxation and impairment of goodwill and 2) Non-GAAP basic and diluted earnings per share, which is basic and diluted earnings per share excluding share-based compensation expenses and acquisition related costs such as amortization and impairment of purchased intangible assets, in-process research and development, recognized deferred taxation and impairment of goodwill. The presentation of these Non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. For more information on these Non-GAAP financial measures, please see the table captioned "Reconciliations of Non-GAAP measures to the most comparable GAAP measures" set forth at the end of this release.

Cogo believes that these Non-GAAP financial measures provide meaningful supplemental information regarding its performance and liquidity by excluding share-based expenses and acquisition related costs such as amortization and impairment of purchased intangible assets that may not be indicative of its operating performance from a cash perspective. Cogo believes that both management and investors benefit from referring to these Non-GAAP financial measures in assessing its performance and when planning and forecasting future periods. These Non-GAAP financial measures also facilitate management's internal comparisons to Cogo's historical performance and liquidity. Cogo computes its Non-GAAP financial measures using the same consistent method from quarter to quarter. Cogo believes these Non-GAAP financial measures are useful to investors in allowing for greater transparency with respect to supplemental information used by management in its financial and operational decision making. A limitation of using Non-GAAP net income, Non-GAAP basic and diluted earnings per share, Non-GAAP income from operation and Non-GAAP operating margin is that these Non-GAAP measures exclude share-based compensation charge and acquisition related costs such as amortization and impairment of purchased intangible assets, in-process research and development, recognized deferred taxation and impairment of goodwill that have been and will continue to be for the foreseeable future a recurring expense in our business. Management compensates for these limitations by providing specific information regarding the GAAP amounts excluded from each Non-GAAP measure. The accompanying tables have more details on the reconciliations between GAAP financial measures that are most directly comparable to Non-GAAP financial measures.

Tables Attached COGO GROUP, INC. UNAUDITED CONSOLIDATED BALANCE SHEETS AS OF DECEMBER 31, 2008 AND 2007 (in thousands, except share data) December 31, 2008 2008 2007 $'000 RMB'000 RMB'000 ASSETS Current assets: Cash 100,605 686,379 919,650 Pledged bank deposits 17,000 115,983 51,603 Accounts receivable, net 72,993 497,992 418,329 Bills receivable 1,987 13,555 35,300 Inventories 14,050 95,855 129,892 Prepaid expenses and other receivables 2,962 20,211 18,306 Total current assets 209,597 1,429,975 1,573,080 Property and equipment, net 2,637 17,993 17,848 Intangible assets, net 17,677 120,602 148,659 Goodwill 17,095 116,632 99,474 Investment in an affiliated company 61 416 416 Other assets 175 1,192 1,063 TOTAL ASSETS 247,242 1,686,810 1,840,540 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable 15,758 107,512 174,628 Bank borrowings - - 9,080 Amounts due to a related party - - 1,403 Income taxes payable 1,206 8,225 6,957 Accrued expenses and other liabilities 20,802 141,925 169,046 Total current liabilities 37,766 257,662 361,114 Deferred tax liabilities 2,886 19,693 25,558 Total liabilities 40,652 277,355 386,672 Minority interest 808 5,511 - Stockholders' equity: Common stock Par value: USD0.01 Authorized: 200,000,000 shares Issued: 39,176,072 shares Outstanding: 35,231,661 shares in 2008 38,796,167 shares in 2007 468 3,196 3,150 Additional paid in capital 168,097 1,146,840 1,085,459 Retained earnings 76,840 524,240 428,333 Accumulated other comprehensive loss (15,777) (107,645) (63,074) 229,628 1,566,631 1,453,868 Less cost of common stock in treasury, 3,944,411 shares in 2008 (23,846) (162,687) - Total stockholders' equity 205,782 1,403,944 1,453,868 Commitments and contingencies TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 247,242 1,686,810 1,840,540 COGO GROUP, INC. UNAUDITED CONSOLIDATED STATEMENT OF INCOME FOR THE YEARS ENDED DECEMBER 31, 2008 AND 2007 (in thousands, except share data) 2008 2008 2007 ---- ---- ---- $'000 RMB'000 RMB'000 Net revenue Product sales 283,158 1,931,845 1,597,818 Services revenue 4,059 27,695 68,690 ----- ------ ------ 287,217 1,959,540 1,666,508 Cost of sales Cost of goods sold (238,050) (1,624,101) (1,297,225) Cost of services (2,736) (18,664) (46,368) ------- -------- -------- (240,786) (1,642,765) (1,343,593) --------- ----------- ----------- Gross profit 46,431 316,775 322,915 Selling, general and administrative expenses (23,415) (159,745) (135,631) Research and development expenses (7,467) (50,947) (40,973) Impairment loss of goodwill and intangible assets (4,948) (33,759) - Other operating income 31 214 170 -- --- --- Income from operations 10,632 72,538 146,481 Gain on disposal of a subsidiary - - - Interest expense (155) (1,056) (2,335) Interest income 4,089 27,895 25,637 ----- ------ ------ Earnings before income taxes and minority interest 14,566 99,377 169,783 Income tax expense (325) (2,215) (14,275) ----- ------- -------- Earnings before minority interest 14,241 97,162 155,508 Minority interest (184) (1,255) (3,065) ----- ------- ------- Net income 14,057 95,907 152,443 ====== ====== ======= Earnings per share $ RMB RMB Basic 0.37 2.49 4.12 ==== ==== ==== Diluted 0.36 2.42 3.98 ==== ==== ==== Weighted average number of common shares outstanding # # Basic 38,488,861 36,974,100 ========== ========== Diluted 39,585,921 38,306,969 ========== ========== COGO GROUP, INC. UNAUDITED RECONCILIATION OF NON-GAAP MEASURES TO THE MOST COMPARABLE GAAP MEASURES FOR THE QUARTERS ENDED DECEMBER 31, 2008 AND 2007 (in thousands, except share data) Three Months Ended December 31 ------------------------------ 2008 2007 ---- ---- $'000 $'000 Net Income GAAP net income 759 6,059 Share-based compensation expense 1,504 1,675 Acquisition related costs - amortization and impairment loss of purchased intangible assets, impairment loss of goodwill, in-process research and development and recognized deferred taxation 4,332 982 Non-GAAP net income 6,595 8,716 Earnings per share $ $ GAAP net income per share- Basic 0.02 0.16 GAAP net income per share- Diluted 0.02 0.15 Non-GAAP net income per share- Basic 0.18 0.22 Non-GAAP net income per share- Diluted 0.18 0.22 Weighted average number of shares outstanding # # Non-GAAP net income per share- Basic 36,173,842 38,979,312 Non-GAAP net income per share- Diluted 36,744,797 40,282,435 COGO GROUP, INC. UNAUDITED RECONCILIATION OF NON-GAAP MEASURES TO THE MOST COMPARABLE GAAP MEASURES FOR THE QUARTERS ENDED MARCH 31, JUNE 30, SEPTEMBER 30 AND DECEMBER 31, 2008 (in thousands, except share data) Quarters Ended -------------- Mar 31 Jun 30 Sep 30 Dec 31 Total ------ ------ ------ ------ ----- $'000 $'000 $'000 $'000 $'000 Revenue 60,189 68,218 74,794 82,336 285,537 Net Income GAAP net income 5,281 6,466 1,377 759 13,883 Share-based compensation expense 1,617 1,297 1,506 1,504 5,924 Acquisition related costs - amortization and impairment loss of purchased intangible assets, impairment loss of goodwill, in-process research and development and recognized deferred taxation 775 605 2,487 4,332 8,199 Non-GAAP net income 7,673 8,368 5,370 6,595 28,006 Earnings per share $ $ $ $ $ GAAP net income per share- Basic 0.14 0.17 0.04 0.02 0.37 GAAP net income per share- Diluted 0.13 0.16 0.04 0.02 0.35 Non-GAAP net income per share- Basic 0.20 0.21 0.14 0.18 0.73 Non-GAAP net income per share- Diluted 0.19 0.21 0.14 0.18 0.72 Weighted average number of shares outstanding # # # # - Basic 39,056,811 39,035,887 38,869,625 36,173,842 - Diluted 39,961,321 40,094,428 39,233,125 36,744,797

Cogo Group, Inc.

CONTACT: Investor Relations of Cogo Group, Inc., H.K., +852 2730 1518,
U.S., +1-646-291-8998, Fax, +86 755 2674 3522, communications@cogo.com.cn

ParkerVision Reports Fourth Quarter 2008 and Year-End Results

JACKSONVILLE, Fla., March 16 /PRNewswire-FirstCall/ -- ParkerVision, Inc. , a developer and marketer of semiconductor technology solutions for wireless applications, announced a net loss for the fourth quarter of 2008 of $5.7 million, or $0.22 per share, compared to a net loss of $4.7 million or $0.19 per share during the fourth quarter of 2007. For the year ended December 31, 2008, ParkerVision reported a net loss of $23.1 million, or $0.88 per share, compared to a net loss of $18.2 million, or $0.74 per share for the same period in 2007.

The increase in the net loss from 2007 to 2008 is largely a result of increased product development costs and an increase in non-cash share-based compensation expense. A significant portion of the increased product development cost was for outsourced engineering design services with a number of firms to assist in the layout of certain ICs and circuits that are peripheral to the company's fundamental technology under programs that were substantially completed by the end of 2008.

The company is currently working with its customers to complete product designs and/or transition their designs into production, which is expected to result in initial royalty revenues in 2009.

The Company ended 2008 with $4.8 million in cash and cash equivalents. Subsequent to the end of the year, the company completed three concurrent offerings under a shelf registration statement for the sale of approximately 6 million shares of its common stock and warrants to purchase an additional 0.4 million shares of common stock. The net proceeds from these offerings, after deduction of underwriter discounts, placement fees, legal and other related expenses, were approximately $9.4 million.

The Company used approximately $18.9 million in cash in 2008 for operations and investments in intellectual property and other assets. The Company expects its overall operating costs in 2009 to be reduced from those incurred in 2008 as a result of elimination of certain non-recurring product development expenditures and other cost-reduction measures that have been implemented. The Company believes its current capital resources are sufficient for its working capital needs in 2009.

Chairman and Chief Executive Officer, Jeffrey Parker commented, "In 2008, we focused on providing collaborative support to our licensees in their product design efforts. In addition, we secured a customer relationship with LG Innotek ("LGI") late in 2008 for the development of a HEDGE module for high-growth 3G mobile handset applications. LGI lists LG Electronics, Nokia, Sony, Sharp and Motorola among its customers. We expect the LGI relationship to result in product revenue in 2010.

We believe that 2009 will be a year of initial royalty revenue as our technology is introduced into mobile handset products by our chipset customer announced in December 2007. Additionally, we expect to complete our product offerings for LGI which will allow them to begin sampling their HEDGE module to customers in 2009. We fully expect these key milestones will help ParkerVision accelerate its expansion with both current and new customers during the coming year and beyond."

Mr. Parker continued, "We recently completed a financing, managed by Roth Capital Partners, the proceeds of which, combined with our reductions in operational expenses, will provide the working capital we need to support our customers and their product deployments."

The company will host a live broadcast of its 2008 fourth quarter and year-end financial results via conference call on March 16, 2009 at 4:30 PM Eastern time. The conference call will be accessible by telephone at 888-337-8165 (no passcode required) and participants are advised to dial-in at least five minutes before the scheduled start time. The replay of the conference call will be available for seven days by telephone at 888-203-1112 or 719-457-0820 using passcode 3750848 and accessible by webcast via the Internet at http://www.parkervision.com/ for a period of 90 days.

About ParkerVision

ParkerVision, Inc. designs, develops and sells its proprietary RF technologies which enable advanced wireless communications for current and next generation mobile communications networks. Its solutions for wireless transfer of radio frequency (RF) waveforms enable significant advancements in wireless products, addressing the needs of the cellular industry for efficient use of power, reduced cost and size, greater design simplicity and enhanced performance in mobile handsets as the industry migrates to next generation networks. ParkerVision is headquartered in Jacksonville, Florida. (PRKR-I)

Safe Harbor Statement

This press release contains forward-looking information. Readers are cautioned not to place undue reliance on any such forward-looking statements, each of which speaks only as of the date made. Such statements are subject to certain risks and uncertainties which are disclosed in the Company's SEC reports, including the Form 10K for the year ended December 31,2008. These risks and uncertainties could cause actual results to differ materially from those currently anticipated or projected.

Summary of Results of Operations (in thousands except for per share amounts) Three months ended Year ended December 31, December 31, 2008 2007 2008 2007 Service revenue $- $- $- $283 Cost of goods sold - - - 251 Gross margin - - - 32 Research and development 3,688 2,627 14,619 10,700 Marketing and selling 563 715 2,594 2,693 General and administrative 1,487 1,544 6,219 5,729 Total operating expense 5,738 4,886 23,432 19,122 Interest and other income 10 213 358 877 Net loss $(5,728) $(4,673) $(23,074) $(18,213) Basic and diluted loss per common share $(0.22) $(0.19) $(0.88) $(0.74) Balance Sheet Highlights (in thousands) December 31, December 31, 2008 2007 Cash and cash equivalents $4,815 $13,401 Other current assets 855 1,029 Property and equipment, net 1,377 1,828 Other assets, net 10,929 10,319 Total assets $17,976 $26,577 Current liabilities $1,627 $1,818 Deferred rent 239 344 Shareholders' equity 16,110 24,415 Total liabilities and shareholders' equity $17,976 $26,577

ParkerVision, Inc.

CONTACT: Paul Henning, Cameron Associates, +1-212-245-8800,
paul@cameronassoc.com; or Carolyn Wrenn, ParkerVision, Inc., 1-888-690-7110,
cwrenn@parkervision.com

Web Site: http://www.parkervision.com/

Autoscope(R) Selected for Hong Kong Journey Time System

ST. PAUL, Minn., March 16 /PRNewswire-FirstCall/ -- Image Sensing Systems, Inc. , world leading developer of Intelligent Transportation Systems (ITS) computer-enabled detection and traffic control technology, announced today the Hong Kong Transport Department has selected the Autoscope video vehicle detection system for expansion of the Journey Time Indication System.

(Logo: http://www.newscom.com/cgi-bin/prnh/20050512/CGISSLOGO)

The Hong Kong system displays estimated travel times in real-time at key diversion points in the roadway, allowing drivers to select the optimal cross harbor routes to and from Kowloon peninsula and Hong Kong Island. The travel time data is calculated through a sophisticated algorithm using traffic data detected by the Autoscope system. Overhead roadway signs clearly display the estimated times making it convenient and safe for route selection. The new expansion includes 20 units of Autoscope Solo(R) Terra, increasing the total deployment of Autoscope in this application to 41 units.

Johan Billow, Managing Director of Flow Traffic Ltd., ISS' wholly owned Hong Kong-based subsidiary, commented, "We were very pleased Autoscope has yet again been chosen for an important contract in Hong Kong. The consistently accurate and reliable performance of our system has already been proven for several years in the first stage of this Journey Time project. The continued use of Autoscope tells us that we have managed to satisfy the very stringent requirements of this city."

About Image Sensing Systems

Image Sensing Systems, Inc. is a technology company focused in infrastructure productivity improvement through the development of software-based detection solutions for the Intelligent Transportation Systems (ITS) sector and adjacent overlapping markets. ISS' industry leading computer-enabled detection (CED) products, including the Autoscope(R) machine-vision family and the RTMS(R) radar family, combine embedded software signal processing with sophisticated sensing technologies for use in transportation, environmental and safety/surveillance management. CED is a group of technologies in which software, rather than humans, examines the outputs of complex sensors to determine what is happening in the field of view in real-time. With more than 90,000 instances sold in over 60 countries worldwide, our depth of experience coupled with breadth of product portfolio uniquely positions us to provide powerful hybrid technology solutions and to exploit the convergence of the traffic, security and environmental management markets. We are headquartered in St. Paul, Minnesota. Visit us on the web at imagesensing.com.

Photo: http://www.newscom.com/cgi-bin/prnh/20050512/CGISSLOGO
http://photoarchive.ap.org/
PRN Photo Desk, photodesk@prnewswire.com Image Sensing Systems, Inc.

CONTACT: Erik Wood, Marketing Specialist of Image Sensing Systems, Inc.,
+1-651-603-7700

Web Site: http://www.imagesensing.com/

China Valves Technology, Inc. Launches New Website

KAIFENG, China, March 16 /PRNewswire-Asia-FirstCall/ -- China Valves Technology, Inc. (BULLETIN BOARD: CVVT) ("China Valves'' or the ''Company"), a leading metal valve manufacturer with operations in the People's Republic of China (the ''PRC''), today announced the launch of its new corporate and investor relations website with the domain address http://www.cvalve.com/ .

The new website presents a corporate overview of China Valves and profiles of the Company's management and board of directors. There are descriptions of products and services, manufacturing facilities and operations, the sales network, and research and development capabilities and activities. Corporate news and events, and industry information are included. There is a section dedicated to investor relations. The website is designed to provide users with easy access to information about the Company and strengthen China Valves' communications with its investors and customers. Content on the website is currently available only in English, and the Company plans to introduce a Chinese version of the website within the next few months.

''We are pleased to have launched a new website. We view the website as an important means of presenting information about China Valves to customers and investors who are interested in our company,'' commented Mr. Siping Fang, Chairman and CEO of China Valves. ''As a U.S. publicly listed company, we are committed to enhancing the transparency of our company in the marketplace, and we will regularly update the contents on our website.''

About China Valves Technology, Inc.

China Valves Technology, Inc. through its subsidiaries, Zhengzhou Zhengdie Valve Co, Ltd. and Henan Kaifeng High Pressure Valve Co., Ltd., is engaged in the development, manufacture and sale of high-quality metal valves for the electricity, petroleum, chemical, water, gas and metallurgy industries. One of the best known brand names in China's valve industry, the Company's history can be traced back to when it was formed as a state-owned enterprise in 1959. The Company's products are the result of extensive research and development which also led to a number of patented products and manufacturing processes. China Valves has significant market shares of valve sales to a number of domestic industries, and exports to the rest of Asia and Europe.

Safe Harbor Statement

Certain statements set forth in this press release constitute "forward-looking statements." Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate, or imply future results, performance or achievements, and may contain the words "estimate," "project," "intend," "forecast," "anticipate," "plan," "planning," "expect," "believe," "will likely," "should," "could," "would," "may" or words or expressions of similar meaning. Such statements are not guarantees of future performance and are subject to risks and uncertainties that could cause the company's actual results and financial condition to differ materially from what is included within the forward-looking statements. Forward-looking statements involve risks and uncertainties, including those relating to the Company's ability to achieve its after tax net income targets, expand its market share and complete strategic acquisitions. Actual results may differ materially from the results predicted and reported results should not be considered as an indication of future performance. Potential risks and uncertainties include, among others, our failure to implement acquisition growth strategy, difficulty to defend our intellectual property rights from infringement, currently unknown and unforeseeable constraints on the Company's ability to continue operations, domestic or global economic conditions -- especially those relating to China, activities of competitors and the presence of new or additional competition, and changes in United States Federal or State laws, restrictions and regulations on doing business in a foreign country, in particular China, and conditions in equity markets. All of such assumptions are inherently subject to uncertainties and contingencies beyond our control and upon assumptions with respect to future business decisions, which are subject to change. We do not undertake to update the forward-looking statements contained in this press release. For a description of the risks and uncertainties that may cause actual results to differ from the forward-looking statements contained in this press release, see our most recent Annual Report filed with the Securities and Exchange Commission (SEC) on Form 10-K, and our subsequent SEC filings. Copies of filings made with the SEC are available through the SEC's electronic data gathering analysis retrieval system (EDGAR) at http://www.sec.gov/ .

For more information, please contact: China Valves Technology, Inc. Ray Chen, VP of Investor Relations Tel: +1-650-281-8375 +86-139-2527-9478 Email: raychen@cvalve.net Web: http://www.cvalve.net/en/ CCG Investor Relations Crocker Coulson, President Tel: +1-646-213-1915 Email: crocker.coulson@ccgir.com Web: http://www.ccgirasia.com/

China Valves Technology, Inc.

CONTACT: Ray Chen, VP of Investor Relations, China Valves Technology, Inc.
at +1-650-281-8375, +86-139-2527-9478 or raychen@cvalve.net; Or Crocker
Coulson, President, CCG Investor Relations at +1-646-213-1915 or
crocker.coulson@ccgir.com for China Valves

Web site: http://www.cvalve.net/en

DATATRAK International, Inc. Announces Fourth Quarter and Full Year Results for 2008

CLEVELAND, March 16 /PRNewswire-FirstCall/ -- DATATRAK International, Inc. , a technology and services company focused on global eClinical solutions for the clinical trials industry, today announced its operating results for the fourth quarter and full year of 2008.

Revenue for the fourth quarter of 2008 increased 15% to $2,122,000 compared to $1,839,000 in the same period of 2007. Gross profit margin improved to 80% for the three months ended December 31, 2008 compared to 48% for the last three months of 2007. The improvement in the Company's gross margin reflects the increase in revenue, coupled with a 55% reduction in direct costs.

For the three months ended December 31, 2008, DATATRAK's loss from operations was $(109,000) compared to $(2,632,000) in the fourth quarter of the prior year. Net income in the fourth quarter of 2008 was $3,035,000 and reflects the forgiveness of a $3 million debt obligation during the quarter. The net (loss) in the fourth quarter of 2007 was $(2,486,000).

For the year ended December 31, 2008, revenue decreased 16% to $8,826,000 compared to $10,562,000 in the same period of 2007. Direct cost and selling, general and administrative expenses decreased a combined $4,668,000, or 26%, for full year 2008 compared to full year 2007. Gross profit margin improved to 68% for the twelve months ended December 31, 2008 compared to 57% for the same time period of 2007. The improvement in margin reflects the decrease in revenue coupled with a 38% reduction in direct cost.

For the year ended December 31, 2008, DATATRAK's loss from operations was $(19,473,000) compared to $(10,968,000) for the year ended December 31, 2007. The 2008 loss from operations of $(19,473,000) includes: (i) non-cash asset impairment charges of $12,788,000; (ii) severance expense of $775,000; and (iii) legal expense of $750,000 related to the ClickFind litigation. The 2007 full year loss from operations of $(10,968,000) included severance expense of $915,000. Net loss for the year ended December 31, 2008 was $(16,797,000) and reflects the forgiveness of a $3 million debt obligation during 2008. The net loss for the year ended December 31, 2007 was $(10,854,000).

"During the last 18 months, we made great strides to strengthen DATATRAK's positioning through the reorganization of leadership, right-sizing of our business and renewed focus on our customers. We are pleased to say that many of these initiatives began to bear fruit in the fourth quarter, driving a 15% increase in revenues, while concurrently reducing direct costs by 55% and reporting a substantial improvement in our operating loss both sequentially and over the fourth quarter of 2007. While we realize there is still work ahead of us, we are encouraged by our progress to date," commented Raymond J. Merk, Chief Financial Officer and Chief Operating Officer of DATATRAK International.

"This past year was a game changer for DATATRAK. We are pleased to note that in 2008 we completed the heavy-lifting stage of our reorganization efforts, which bolstered DATATRAK's financial position, matching its cost structure with current backlog levels and anticipated revenues, as well as strengthening our management team," commented Laurence P. Birch, Chairman of the Board and interim-Chief Executive Officer of the Company. "Looking ahead, 2009 will be focused solely on maximizing operational performance. At the heart of this shift will be re-establishing and strengthening our relationships with existing and potential clients with the goal of addressing their needs in electronic data collection. While the current economic climate has impacted the clinical trial industry, we are a leaner organization today than we have been historically, and believe we have the agility to navigate through this difficult environment. We are confident that the strength of our team and offering will enable us to capitalize on the large opportunity that exists for DATATRAK once the market begins to recover."

Accomplishments during the past 12 months include: -- Revamped management team including the appointment of Laurence P. Birch as Chairman of the Board and interim-CEO along with the promotion of Raymond J. Merk, the Company's CFO, to COO in addition to his CFO role. -- On February 19, 2008, DATATRAK announced the signing of its second global Enterprise Agreement, a three-year, $800,000 subscription license with a European pharmaceutical company. -- On February 28, 2008, the Company announced the signing of six Cardiac Safety Projects with COResearch, a business unit of Duke Medical Strategies, Inc., for contracts totaling $800,000. -- On June 17, 2008, DATATRAK announced the closure of its German office and the consolidation of the Company's Help Desk services into its Cleveland, Ohio office. The cost to fund DATATRAK's German office was approximately $10 million over the past three years. -- On October 1, 2008, DATATRAK announced the newest release of its DATATRAK eClinical(TM) product suite which includes significant incremental advancements including the ease with which extensively detailed information about clinical trials can be obtained. -- On December 18, 2008, DATATRAK announced the settlement of its litigation with certain former shareholders of ClickFind, Inc. resulting in the entire forgiveness of the $3 million balloon payment obligation originally due February 1, 2009. -- On March 2, 2009, DATATRAK announced the return of Chris Wilke as Vice President of Research and Development. In his role as DATATRAK's Vice President of R&D, Mr. Wilke will be integrally involved in the development of the DATATRAK eClinical platform. Mr. Wilke originally joined DATATRAK in February 2006 as part of the ClickFind acquisition and left the Company in August 2008.

DATATRAK's backlog at December 31, 2008 was $11.4 million and backlog currently stands at approximately $10.1 million. This compares to a backlog of $13.0 million at December 31, 2007. Backlog is defined as the remaining value of signed contracts or authorization letters to commence services. The Company does not include in its backlog potential contracts or authorization letters that have passed the verbal stage, but have not been signed. All contracts are subject to possible delays or cancellation or can change in scope in a positive or negative direction. Therefore, current backlog is not necessarily indicative of the Company's future quarterly or annual revenue. Historically, backlog has been a poor predictor of the Company's short-term revenue.

The Company, in compliance with NASDAQ Marketplace Rule 4350(b)(1)(B), also announced that the audit report included in DATATRAK's Annual Report on Form 10-K for the fiscal year ended December 31, 2008 expresses an unqualified opinion from its independent registered public accounting firm, Ernst & Young, LLP, but contains an explanatory paragraph relating to the Company's ability to continue as a going concern. The Company discusses the matter further in its Form 10-K, which will be filed later today.

"In 2008, we implemented and largely completed a substantial reorganization and right-sizing initiative, and as a result, we believe we are well positioned to withstand the increasingly difficult operating environment. The impact of these changes aided in our ability to maintain a small operating loss of only $109,000 in the fourth quarter of 2008 versus an operating loss of $2.6 million in last year's fourth quarter," continued Mr. Merk. "Like many businesses today, our 2009 financial results rely significantly on how the current economy impacts our clients, and their ability to continue existing trials and contract for new business; a sentiment which is reflected in the explanatory paragraph in our Form 10-K. In Japan, our value added reseller, NTT DATA Company, has just begun the second year of our $2.1 million 5-year agreement and has already sold 8 trials to 4 different clients. This is just another example of the power of our software in a fragile world economy. While raising additional capital may be a possible avenue in 2009, our improved performance, coupled with our virtually debt-free balance sheet, makes DATATRAK a much stronger company financially then it was twelve months ago."

In addition, the Company announced that Mr. Matt Delaney, DATATRAK's Interim President since May 2008, has decided to step down from his position with the Company to pursue other opportunities. Mr. Birch commented, "We want to thank Matt for his contribution through this evolutional period in DATATRAK's operating history. We wish him well in his future endeavors."

About DATATRAK International, Inc.

DATATRAK International, Inc. is a worldwide technology company focused on the provision of multi-component eClinical solutions and related services for the clinical trials industry. The Company delivers a complete portfolio of software products that were created in order to accelerate clinical research data from investigative sites to clinical trial sponsors and ultimately the FDA, faster and more efficiently than manual methods or loosely integrated technologies. DATATRAK's eClinical software suite can be deployed worldwide through an ASP offering or in a licensed Enterprise Transfer model that fully empowers its clients. The DATATRAK software suite and its earlier versions have successfully supported hundreds of international clinical trials involving thousands of clinical research sites and encompassing tens of thousands of patients in 59 countries. DATATRAK International, Inc.'s product suite has been utilized in some aspect of the clinical development of 16 drugs and one medical device that have received regulatory approval from either the United States Food and Drug Administration or counterpart European bodies. DATATRAK International, Inc. has offices located in Cleveland, Ohio, and Bryan, Texas. Its common stock is listed on the NASDAQ Stock Market under the ticker symbol "DATA". Visit the DATATRAK International, Inc. web site at http://www.datatrak.net/.

Except for the historical information contained in this press release, the statements made in this release are forward-looking statements. These forward-looking statements are made based on management's expectations, assumptions, estimates and current beliefs concerning the operations, future results and prospects of the Company and are subject to uncertainties and factors (including those specified below) which are difficult to predict and, in many instances, are beyond the control of the Company. Factors that may cause actual results to differ materially from those in the forward-looking statements include the limited operating history on which the Company's performance can be evaluated; the ability of the Company to continue to enhance its software products to meet customer and market needs; fluctuations in the Company's quarterly results; the viability of the Company's business strategy and its early stage of development; the timing of clinical trial sponsor decisions to conduct new clinical trials or cancel or delay ongoing trials; the Company's dependence on major customers; government regulation associated with clinical trials and the approval of new drugs; the ability of the Company to compete in the emerging EDC market; losses that potentially could be incurred from breaches of contracts or loss of customer data; the inability to protect intellectual property rights or the infringement upon other's intellectual property rights; the Company's success in integrating its acquisition's operations into its own operations and the costs associated with maintaining and/or developing two product suites; delisting of the Company's common shares from the Nasdaq Capital Market; and general economic conditions such as the rate of employment, inflation, interest rates and the condition of capital markets. This list of factors is not all-inclusive. In addition, the Company's success depends on the outcome of various strategic initiatives it has undertaken, all of which are based on assumptions made by the Company concerning trends in the clinical research market and the health care industry. The Company undertakes no obligation to update publicly or revise any forward-looking statement whether as a result of new information, future events or otherwise.

DATATRAK International, Inc. and Subsidiaries Condensed Consolidated Balance Sheet Data (Unaudited) December 31, 2008 December 31, 2007 Cash and investments $2,372,294 $8,514,361 Restricted cash - current 218,276 --- Accounts receivable, net 927,490 1,070,688 Property & equipment, net 785,549 3,534,799 Deferred tax assets 145,400 1,399,000 Intangible assets, net --- 520,458 Goodwill --- 10,856,113 Other 198,131 577,792 Total assets $4,647,140 $26,473,211 Accounts payable and other current liabilities $2,878,831 $3,971,883 Long-term liabilities 1,446,923 5,931,962 Shareholders' equity 321,386 16,569,366 Total liabilities and shareholders' equity $4,647,140 $26,473,211 DATATRAK International, Inc. and Subsidiaries Condensed Consolidated Statements of Operations (Unaudited) For the Three Months Ended December 31, 2008 2007 Revenue $2,121,895 $1,838,730 Direct costs 432,309 964,970 Gross profit 1,689,586 873,760 Selling, general and administrative expenses 1,134,411 2,770,640 Severance expense 123,611 191,688 Depreciation and amortization 135,146 542,980 Liquidation of foreign subsidiary 380,798 --- Impairment loss 24,689 --- Loss from operations (109,069) (2,631,548) Interest income 9,244 89,830 Interest (expense) benefit 141,446 (84,139) Other expense (6,935) --- Settlement of ClickFind lawsuit 3,000,000 --- Income (loss) before income taxes 3,034,686 (2,625,857) Income tax benefit --- (139,600) Net income (loss) $3,034,686 $(2,486,257) Net income (loss) per share: Basic: Net income (loss) per share $0.22 $(0.18) Weighted average shares outstanding 13,681,901 13,681,901 Diluted: Net income (loss) per share $0.22 $(0.18) Weighted average shares outstanding 13,751,901 13,681,901 DATATRAK International, Inc. and Subsidiaries Condensed Consolidated Statements of Operations (Unaudited) For the Twelve Months Ended December 31, 2008 2007 Revenue $8,826,060 $10,561,868 Direct costs 2,832,971 4,582,829 Gross profit 5,993,089 5,979,039 Selling, general and administrative expenses 10,178,631 13,096,953 Severance expense 775,361 915,117 Depreciation and amortization 1,343,298 2,721,966 Liquidation of foreign subsidiary 380,798 --- Impairment loss 12,787,834 213,209 Loss from operations (19,472,833) (10,968,206) Interest income 115,967 440,158 Interest expense (34,044) (369,755) Other expense (20,695) (1,700) Settlement of ClickFind lawsuit 3,000,000 --- Loss before income taxes (16,411,605) (10,899,503) Income tax expense (benefit) 385,000 (46,000) Net loss $(16,796,605) $(10,853,503) Net loss per share: Basic: Net loss per share $(1.23) $(0.82) Weighted average shares outstanding 13,681,901 13,197,706 Diluted: Net loss per share $(1.23) $(0.82) Weighted average shares outstanding 13,681,901 13,197,706

DATATRAK International, Inc.

CONTACT: Raymond J. Merk, Chief Financial Officer and Chief Operating
Officer of DATATRAK International, Inc., +1-440-443-0082 x181

Web site: http://www.datatrak.net/

Electronic Game Card Reports Full Year and Fourth Quarter 2008 Earnings- Company achieves 76 percent year over year revenue increase and delivers $0.10 fully diluted earnings per share- Electronic Game Card Board of Directors Authorizes Share Repurchase of up to 5 Percent Common Shares Outstanding

NEW YORK and LONDON, March 16 /PRNewswire-FirstCall/ -- Electronic Game Card, Inc. (BULLETIN BOARD: EGMI) ("EGC"), today reported financial results for its full year and fourth quarter ended December 31, 2008. During the course of the last twelve months the company has delivered four profitable quarters and increased shareholder equity by $12 million, achieved cash balances net of all debt and convertible preferred of $3.5 million, expanded its software library from 25 to 32 titles, was awarded two patents, received GLI approval, and appointed senior executive management and board talent to deliver on the next phase of profitable revenue growth. In 2009, Electronic Game Card's management team expects to deliver continued strong growth with revenue in excess of $17 million and earnings per share of $0.14 per diluted share, as it continues to develop its product range to address new markets.

Revenues for the full year 2008 increased over 76 percent to $10.6 million from $6.0 million in 2007. The 76% revenue growth in 2008 was achieved despite adverse currency fluctuations impacting the reporting of the company's sales in the United Kingdom and Continental Europe. The British Pound declined by 26% against the dollar and the Euro declined by 6% against the dollar during 2008.

The Company reported an 81 percent year-over-year increase in net income applicable to common stockholders for 2008 of $6.3 million or $0.11 per basic share or $0.10 per diluted share, versus net income of $3.4 million or $0.07 per basic share or $0.06 per diluted share for 2007. Operating income was $6.0 million in 2008 compared to $3.0 million in the previous year. Electronic Game Card's gross profit on revenue was $8.1 million or 76 percent in 2008. As the Company moves into new markets led by new products such as the Know-It-All QuizCard, the gross margin percentage may decline due to an increase in high volume direct product sales into large consumer markets. It is anticipated that these sales will achieve higher volumes with lower margins than the company currently achieves, and although this has the effect of reducing the company's overall gross margin percentage the actual effect on the company's overall business would be accretive to earnings per share.

In line with increased revenues, total operating expenses increased 35 percent during 2008 to $2.1 million, and represented 19.5 percent of revenues, which is down from 25.5 percent of revenue incurred in 2007. Selling, general and administrative expenses increased by approximately $105,000 during 2008 to $760,000 as a result of an increase in marketing activity. Salaries and wages increased slightly during the twelve month period, while consulting expenses increased approximately 58 percent to $927,000 as the Company sought advice of regional gaming industry experts to support its market expansion. Company management expects to continue the use of regional consultants in the interim as it develops new markets, both in terms of products and geography. Interest expense for 2008 decreased by $61,000 to $591,000 due to the conversion of 3.1 million shares of Series A preferred stock to common stock during the year.

For the fourth quarter ended December 31, 2008, Electronic Game Card reported revenues of $2.8 million, a 58 percent increase over the prior year fourth quarter of $1.8 million, and compares to third quarter 2008 revenues of $3.0 million. The decrease in revenue from third quarter to the fourth quarter is predominately the result of adverse currency movements. A significant percentage of the Company's fourth quarter sales were denominated in British Pound Sterling, which witnessed a 25 percent decline in valuation in the final three months of 2008. The Company reported comprehensive net income applicable to common stockholders for the fourth quarter of $1.8 million or $0.03 per basic and diluted share and versus net income of $1.6 million or $0.03 per basic and diluted share for the fourth quarter 2007 and net income of $1.7 million or $0.03 per basic and diluted share for the third quarter 2008.

Cash and equivalents on December 31, 2008 were $9.2 million, an increase of $4.4 million from the December 31, 2007 level, and an increase of $1.3 million from the prior third quarter 2008 level. Accounts receivable increased year-over-year by $434,000 to $2.8 million, representing a DSO (Days Sales Outstanding) of 94 days, which compares to a DSO of 140 days for the previous year. At year end 2008, the Company's current ratio was 11.9-to-1, compared to 6.1-to-1 for the previous year level. The Company achieved positive shareholder equity for the first time on December 31, 2007, which has consistently grown through December 31, 2008 to $13.3 million.

As of December 31, 2008, Electronic Game Card had approximately 56.8 million shares of common stock outstanding, an increase of approximately 3.5 million shares from September 30, 2008 predominately reflecting the conversion of the Series A 6% Convertible Redeemable Preferred Stock during December 2008. The weighted average number of fully diluted common shares used in the calculation of the 2008 fully diluted earnings per share was 63.1 million shares, reflecting the use of the treasury stock method and the exclusion of options, warrants and the convertible preferred, if anti-dilutive. During the most recent Board of Directors meeting held February 23, 2009, the company has elected to authorize a 5 percent share repurchase program subject to convertible preferred shareholder approval. As of December 31, 2008 the Company had net operating tax loss carry forwards of $11.9 million in the United States and $7.2 million in the United Kingdom that may be used to offset future taxable income through 2023.

"2008 marked the Company's second successful profitable growth year. Our balance sheet is strong and our net cash balance is building consistently. Our company's technology platform is robust and has been prepared to quickly evolve into the next stage of the Company's growth. Electronic Game Card is securely positioned to achieve its earnings guidance of $0.14 per share for 2009," commented Kevin Donovan, CEO of Electronic Game Card, Inc. "The arrival of new management with new, innovative ideas, enthusiasm and key business relationships, will mark an inflection point in the growth of EGC, which should add to growth during 2009 as new opportunities in each of the company's three core business segments of gaming, promotions, and education materialize."

CONFERENCE CALL Date/Time: Monday, March 16, 2009--4:30 p.m. (ET) Telephone Number: 888-679-8034 International Dial-In Number: 617-213-4847 Participant Pass code: 73153638 Internet Access: http://www.electronicgamecard.com/ or http://www.earnings.com/

It is recommended that participants phone-in at least 10 minutes before the call is scheduled to begin. Participants may pre-register for the call at -https://www.theconferencingservice.com/prereg/key.process?key=P8G437EPW

Pre-registrants will be issued a pin number to use when dialing into the live call which will provide quick access to the conference by bypassing the operator upon connection. A replay of the conference call in its entirety will be available approximately one hour after its completion by dialing 888-286-8010 (U.S.), 617-801-6888 (International) and entering the pass code 88853143 and on the Internet at http://www.earnings.com/.

Contact: Yvonne L. Zappulla Managing Director Grannus Financial Advisors, Inc. (212) 681-4108 yvonne@grannusfinancial.com or Kevin Donovan Chief Executive Officer Electronic Game Card, Inc. (888) 341-3421 investor.relations@electronicgamecard.com About Electronic Game Card, Inc.

Electronic Game Card Inc., (BULLETIN BOARD: EGMI) , develops, produces and markets innovative games to the promotional industry worldwide, toys and games, casinos and lottery. The Company's lead product is the EGC Electronic GameCard(TM), a unique credit card-sized pocket game combining patent and patent-pending proprietary technology of interactive capability with "instant win" excitement. The "EGC Electronic GameCard(TM)" can be programmed to suit a variety of gaming and promotion applications.

EGMI's client base is across the $100 billion global market of, sales promotion, gaming and casinos, Indian gaming and state and national lotteries markets. EGMI develops sales and marketing relationships with agents and distributors globally and currently has agents and distributors in North America, United Kingdom, Ireland, Mexico, Italy, Sweden, Norway, Denmark, Finland, South Africa Australia, New Zealand and Japan.

For further information please visit http://www.electronicgamecard.com/

February 2008, Electronic GameCard(TM) received Gaming Laboratory International approval for security and product robustness. In July 2005, the Public Gaming Research Institute (PGRI) named the Electronic GameCard(TM) as a 2005 Lottery Product of the Year.

Certain statements in this news release may constitute "forward-looking" statements within the meaning of section 21E of the Securities and Exchange Act of 1934. The Company believes that its expectations, as expressed in these statements are based on reasonable assumptions regarding the risks and uncertainties inherent in achieving those expectations. These statements are not, however, guarantees of future performance and actual results may differ materially. Risk factors are listed in the most recent Annual Report on Form 10-KSB and Quarterly Report on Form 10-QSB filed with the Securities and Exchange Commission.

Financial Statements Follow ELECTRONIC GAME CARD, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS December 31, December 31, 2008 2007 ASSETS CURRENT ASSETS $ $ Cash 8,281899 4,753,040 Cash equivalents 876,186 - Accounts receivable 2,757,685 2,323,543 Deposit on inventory 51,833 70,071 Other receivables 120,109 92,100 Deferred charges 38,119 190,595 Value Added Tax receivable 25,916 31,531 TOTAL CURRENT ASSETS 12,151,747 7,460,880 PROPERTY AND EQUIPMENT Plant and equipment, net 68,900 76,073 Office equipment 58,078 66,965 Furniture & fixtures 1,016 1,402 Less accumulated depreciation (106,398) (100,390) PROPERTY AND EQUIPMENT, NET $21,596 $44,050 OTHER ASSETS Patents 258,321 183,034 Investments 6,497,470 2,886,427 TOTAL ASSETS $18,929,135 $10,574,391 LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) CURRENT LIABILITIES Accounts payable $749,118 $659,891 Accrued expenses 268,748 560,046 TOTAL CURRENT LIABILITIES 1,017,866 1,219,937 NON-CURRENT LIABILITIES Deferred license fees 279,625 779,625 TOTAL LIABILITIES 1,297,491 1,999,562 Series A 6% Convertible Redeemable Preferred Stock $.001 par value; 10,000,000 shares authorized; 4,420,404 issued and outstanding in 2008 and 7,507,729 in 2007. 4,464,628 7,582,806 STOCKHOLDERS' EQUITY (DEFICIT) Preferred stock; $0.001 par value; 10,000,000 shares authorized - - Common stock; $0.001 par value; 100,000,000 shares authorized; 57,109 48,012 57,109,428 and 48,011,851 shares issued and outstanding in 2008 and 2007, Respectively Additional paid in capital 33,321,352 27,264,272 Accumulated other comprehensive loss (1,018,738) (856,693) Accumulated deficit (19,192,707) (25,463,568) TOTAL STOCKHOLDERS' EQUITY (DEFICIT) 13,277,402 992,023 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) $18,929,135 $10,574,391 ELECTRONIC GAME CARD, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME For the Three For the Twelve Months Ended Months Ended December 31, December 31, 2008 2007 2008 2007 Revenues 2,824,726 1,787,834 $10,640,596 $6,038,058 Cost of sales 644,558 343,460 2,550,147 1,474,312 Gross margin 2,180,168 1,444,375 8,098,449 4,563,747 Operating expenses Sales and marketing 24,221 23,286 79,175 28,489 General and Administrative 229,398 104,200 680,635 535,740 Consulting expenses 366,940 302,015 926,954 584,600 Salaries and wages 106,435 58,498 383,832 370,633 Loss from joint venture - - - 18,638 Total operating expenses 726,994 497,999 2,070,595 1,538,100 Income (loss) from Operations 1,453,175 956,376 6,027,854 3,025,647 Other income (expense) Interest income 81,806 48,877 291,865 196,546 Interest expense (147,747) (162,924) (590,988) (651,790) Gain on termination of joint venture - - - 31,127 Gain on sale of investments 419,231 855,860 542,131 855,860 Total other income (expense) 353,290 741,813 243,008 431,743 Provision for income taxes - - - - Net income (loss) 1,806,265 1,698,189 $6,270,862 $3,355,256 Foreign currency translation loss (11,147) (43,613) (159,162) (102,133) Comprehensive income / (loss) 1,795,118 1,654,576 $6,111,700 $3,355,256 Net income per share - basic $.03 $0.03 $0.11 $0.07 Net income per share - diluted $.03 $0.03 $0.10 $0.06 Comprehensive income per share - basic $.03 $0.03 $0.11 $0.06 Comprehensive income per share - diluted $.03 $0.03 $0.10 $0.06 Weighted average shares outstanding - basic 56,851,000 48,011,851 56,851,000 48,011,851 Weighted average shares outstanding - diluted 63,102,255 51,761,851 63,102,255 51,761,851

Electronic Game Card, Inc.

CONTACT: Yvonne L. Zappulla, +1-212-681-4108,
yvonne@grannusfinancial.com, for Electronic Game Card, Inc.; or Kevin Donovan,
Chief Executive Officer, Electronic Game Card, Inc., +1-888-341-3421,
investor.relations@electronicgamecard.com

Web Site: http://www.electronicgamecard.com/

GibbsCAM 2009 Featured at WESTEC 2009New 3D High Speed Machining Enhancements to be Demonstrated

MOORPARK, California, March 16 /PRNewswire-FirstCall/ -- Cimatron Limited , a leading provider of integrated CAD/CAM solutions for the toolmaking and manufacturing industries, announced that Gibbs and Associates, developer of GibbsCAM(R), its software for programming CNC machine tools, will demonstrate its latest version of GibbsCAM at WESTEC 2009, in exhibit #3268, at the Los Angeles Convention Center in Los Angeles, California, from March 30 - April 2, 2009.

"We have incorporated many new features and enhancements across the GibbsCAM product line, but the most significant are those we made for Advanced 3D High Speed Machining" says Bill Gibbs, founder and president of Gibbs and Associates. "All the additions are geared for ease of use and productivity, with interface, interoperability, programming, verification and machine simulation features that decrease programming and prove-out time for even the most complex machine-tool configurations."

Significant capabilities were added to the lathe modules, but the greatest enhancement for GibbsCAM 2009 was the addition of machining methods for multi-surface hard milling and high speed machining in SolidSurfacer(R), to provide high quality surface finishes that reduce or eliminate polishing.

Advanced 3D HSM (High Speed Machining) Enhancements - These offer machining styles for smooth entries, exits and cutting motions, with steep or shallow angle limits, rest passes, tool-holder collision checking, and options to change cutting style, all applicable to multiple applications.

- Constant Step Over Cut - User-specified step distance drives this routine to generate 3D passes with constant separation along a part's surface, from the outside in, to achieve extremely smooth finishes through user-controlled steps. - Flats Cut - This routine automatically recognizes and machines flat areas, using minimal distance retraction when moving from one section of a work piece to another, avoiding work piece features while minimizing non-cutting motion. - Contour - For finishing and semi-finishing passes, Contour computes equal Z increments and generates toolpaths at the various levels, automatically providing clean transitions with smooth entries and exits from one level to the next. - Lace Cut - Like Constant Step, but cutting in a single direction, this provides consistently smoother cuts. By using the toolpath filleting option, also available within other HSM routines, users optimize smoothness in cutting motion. - Intersections - This automatically identifies seams of a part surface and generates toolpath along those seams, following and conforming to the part's 3D shape. Additional offset passes generated from the original seam pass provide a superior surface finish. - Automatic Core Detection - For machining cores, this automated routine machines from the outside in, always climb cutting to protect inserted cutters. Toolpath direction changes automatically from inside to outside when internal pockets are detected, minimizing need of full- width or helical ramp-in cuts. - Improved Pocketing - Like Automatic Core Detection, but specially geared for cavities, it works from the center outward. By computing equal Z increments on the model, it generates toolpaths for each level and removes large areas of material rapidly. - Extensive New Lathe Features - These provide greater efficiency through tool control, and take advantage of newer high-tech cutting tools to turn harder materials and machine smoother surfaces. They include advanced entries and exits, entry feed rates, enhanced no-drag, clean- up pass, multi-pass plunge roughing, notch ramp roughing, offset contour and tool edge path contour, threading entry and tapping tools, and groove-tool deflection compensation.

MTM Enhancements to Sync Manager - New additions to Sync Mgr and Op List and new Op Mgr associativity make multi-task machining easier and more efficient with the added flexibility.

Additional Enhancements - GibbsCAM 2009 incorporates multiple ease-of-use and productivity enhancements, including faster toolpath simulation, visualization features for multiple perspectives, hot keys for quick viewing options in Cut Part Rendering, updated certification for Windows Vista and Solid Edge v20, and many additional interoperability and interface features.

GibbsCAM 2009 shipped to domestic customers at the end of 2008, while the international version, with localized documentation and additional enhancements for simultaneous 5-axis machining, will be shipping through the first quarter of 2009.

For more information about GibbsCAM and the GibbsCAM 2009 release, or to locate your local GibbsCAM reseller, go to http://www.gibbscam.com/, call 1-800-654-9399, or email info@GibbsCAM.com.

About Gibbs and Associates and GibbsCAM

For over twenty years, Gibbs and Associates has been a leader in providing cutting edge CAD/CAM technology, while maintaining its signature ease-of-use and productivity. Powerfully Simple, Simply Powerful is the guiding philosophy at Gibbs. Gibbs believes in empowering the NC programmer, machinist, and manufacturing engineer, not eliminating them. Gibbs' goal is to introduce manufacturers to new technologies and new ways of working that makes their machining easier and their businesses more profitable. To achieve this goal, Gibbs creates tools that are naturally intuitive, graphically interactive, extremely visual, associative, and just plain enjoyable to use. Gibbs provides a total quality solution with the service and support successful customers require.

The current GibbsCAM product line supports 2- through 5-axis milling, turning, mill/turning, multi-task simultaneous machining and wire-EDM. GibbsCAM also provides fully integrated manufacturing modeling capabilities that include 2D, 2.5D, 3D wireframe, surface, and solid modeling. GibbsCAM has received Microsoft's "Certified for Windows Vista" certifications. GibbsCAM's data exchange capabilities are able to access the broadest range of native and industry standard CAD data formats. GibbsCAM is certified under the Autodesk Inventor Certified Application Program, is a Solid Edge Certified Select Product, and is a SolidWorks Certified CAM Product. GibbsCAM is either offered or endorsed by a number of leading worldwide control and machine tool manufacturers, including GE Fanuc, Infimatic, Siemens, Doosan Infracore, Haas, Index, MAG Fadal, Mazak, Mitsubishi, Mori Seiki, and Tornos. Gibbs and Associates distributes its products worldwide through a network of international Resellers.

In January 2008, Gibbs and Associates merged with Cimatron Ltd, and is now operating as a wholly owned subsidiary. For more information about Gibbs and Associates and its CAM software packages, call 1-800-654-9399, or visit the company on-line at http://www.gibbscam.com/.

About Cimatron

With over 25 years of experience and more than 40,000 installations worldwide, Cimatron is a leading provider of integrated, CAD/CAM solutions for mold, tool and die makers as well as manufacturers of discrete parts. Cimatron is committed to providing comprehensive, cost-effective solutions that streamline manufacturing cycles, enable collaboration with outside vendors, and ultimately shorten product delivery time.

The Cimatron product line includes the CimatronE and GibbsCAM brands with solutions for mold design, die design, electrodes design, 2.5 to 5 axes milling, wire EDM, turn, Mill-turn, rotary milling, multi-task machining, and tombstone machining. Cimatron's subsidiaries and extensive distribution network serve and support customers in the automotive, aerospace, medical, consumer plastics, electronics, and other industries in over 40 countries worldwide.

Cimatron is publicly traded on the NASDAQ exchange under the symbol CIMT. For more information, please visit the company web site at http://www.cimatron.com/.

The Gibbs logo, GibbsCAM, GibbsCAM logo, Virtual Gibbs, Gibbs SFP, SolidSurfacer, MTM and "Powerfully Simple. Simply Powerful." are either trademark(s) or registered trademark(s) of Gibbs and Associates in the United States and/or other countries. Microsoft, Windows, and the Windows logo are trademarks, or registered trademarks of Microsoft Corporation in the United States and/or other countries. All other brand or product names are trademarks or registered trademarks of their respective owners.

Safe Harbor Statement

This press release includes forward looking statements, within the meaning of the Private Securities Litigation Reform Act Of 1995, which are subject to risk and uncertainties that could cause actual results to differ materially from those anticipated. Such statements may relate to the company's plans, objectives and expected financial and operating results. The words "may," "could," "would," "will," "believe," "anticipate," "estimate," "expect," "intend," "plan," and similar expressions or variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of the future performance and involve risks and uncertainties, many of which are beyond the company's ability to control. The risks and uncertainties that may affect forward looking statements include, but are not limited to: currency fluctuations, global economic and political conditions, marketing demand for Gibbs and Associates or Cimatron products and services, long sales cycle, new product development, assimilating future acquisitions, maintaining relationships with customers and partners, and increased competition. For more details about the risks and uncertainties of the business, refer to the Cimatron's filings with the Securities and Exchanges Commission. The company cannot assess the impact of or the extent to which any single factor or risk, or combination of them, may cause. Gibbs and Associates and Cimatron undertake no obligation to publicly update or revise any forward looking statements, whether as a result of new information, future events or otherwise.

Editors, Please Note: Electronic image available upon request. For More Information Contact: Yvonne Anderson Marketing Communications Manager Gibbs and Associates Phone: +1-805-523-0004 Fax: +1-805-523-0006 Email: yvonnea@GibbsCAM.com Ilan Erez Chief Financial Officer Cimatron Ltd. Phone: +972-3-531-2121 Email: ilane@cimatron.com Yael Nevat Commitment-IR.com Phone: +972-3-611-4466 +972-50-762-6215 Email: yael@commitment-IR.com

Cimatron Ltd

CONTACT: For More Information Contact: Yvonne Anderson, Marketing
Communications Manager, Gibbs and Associates, Phone: +1-805-523-0004, Fax:
+1-805-523-0006, Email: yvonnea@GibbsCAM.com; Ilan Erez, Chief Financial
Officer, Cimatron Ltd., Phone: +972-3-531-2121, Email: ilane@cimatron.com;
Yael Nevat, Commitment-IR.com, Phone: +972-3-611-4466, +972-50-762-6215,
Email: yael@commitment-IR.com

SpectrumDNA's The Addictionary Takes First Prize in the Amusement Category at the 12th Annual SXSW Interactive Web Awards CeremonyThe Addictionary word play engine is recognized as industry innovator alongside Hulu and Flickr.

AUSTIN, Texas, March 16 /PRNewswire-FirstCall/ -- SpectrumDNA, Inc. (OTC Bulletin Board: SPXA), a leading provider of embeddable social media applications, took home the SXSW Web Award in the Amusement category at the 12th annual South by Southwest (SXSW) Interactive Web Awards for their work on The Addictionary (http://www.addictionary.org/). Sponsored by Adobe, the SXSW Web Awards honored 20 of the top Web developers and designers chosen from hundreds of entries submitted across the world.

SpectrumDNA's flagship product, The Addictionary, is a highly flexible and programmable engine of engagement (or "Enginet") with constantly evolving features and functions that can be easily configured and re-branded - for use by any affinity group, major media outlet, or advertiser looking to capture-and-nurture their community. The Addictionary is designed to increase traffic, extend audience engagement and deliver long-term ROI through earned media.

"Having The Addictionary recognized by SXSW, side-by-side with the likes of Hulu and Flickr, is an extreme honor," said Kelly McCrystal, Chief Product Officer at SpectrumDNA. "The Addictionary Network, which now has an audience of more than 2.5 million unique visitors per month, and several licensing deals with major media brands, is meeting and exceeding our expectations. This award further validates our belief that social media applications must be evolutionary by-design and should seek to capture-and-nurture user behavior in meaningful or, in this case, humorous ways."

"As the Interactive festival sees exciting growth year after year, we are continually amazed by the highly innovative companies that submit entries for the Web Awards," explained SXSW Web Awards Producer, Shawn O'Keefe. "We would like to applaud all the 2009 Web Awards winners and are thrilled to see what the future holds for each of these companies."

About SpectrumDNA, Inc.

SpectrumDNA, Inc. is a social media studio that creates Digital Network Applications and engines of engagement (or "Enginets") for media outlets and advertisers looking to cost-effectively capture specific audience behaviors and develop advertiser-safe user-generated and user-marketed content. Enginets are branded web and wireless-based network experiences - Web 2.0 (and beyond) applications - that empower users to take active roles in their community. More at http://www.spectrumdna.com/.

About SXSW Interactive Festival

Scheduled March 13-17 in Austin, Texas, the 2009 SXSW Interactive Festival provides practical how-to information as well as unparalleled career inspiration, bringing together some of emerging technology's most creative thinkers. The event features five days of keynote sessions, more than 200 panels, the SXSW Web Awards, the Interactive and Film Trade Show & Exhibition, the ScreenBurn Arcade, the Microsoft BizSpark Accelerator at SXSW, and dozens of exciting evening events. Attracting digital creatives as well as visionary technology entrepreneurs, the event celebrates the best minds and the brightest personalities of emerging technology. For more information on SXSW Interactive, see http://www.sxsw.com/interactive.

SpectrumDNA, Inc.

CONTACT: Carrie Morris of SpectrumDNA, Inc., +1-425-681-5165,
cmorris@spectrumdna.com

Web Site: http://www.spectrumdna.com/

Buongiorno S.p.A: Preliminary Financial Results

LONDON and MILAN, March 16 /PRNewswire/ -- The Board of Directors of Buongiorno S.p.A. (MTA STAR, Borsa Italiana: BNG), a leading multinational in digital entertainment, have today approved the preliminary financial statements for 2008, prepared in accordance with the IAS/IFRS.

Financial Highlights - Revenues of EUR316 million in 2008 (2007: EUR175 million), with a positive consolidated normalised EBITDA, up 84%, to EUR39.8 million (2007: EUR21.6 million). - Consolidated Profit for 2008 of EUR8.4 million (2007: EUR13.7 million). - Value of Production up 80% to EUR318.9 million (2007: EUR177.3 million). - Q4 2008 was the best in Buongiorno's history, with revenues of EUR83 million (Q4 2007: EUR46 million), and EBITDA before extraordinary expenses of EUR13.1 million (Q4 2007: EUR7 million). - The Board of Directors puts forward a proposal to the forthcoming General Shareholders' Meeting to authorize buy back for 10,000,000 ordinary shares.

Overview

Overall 2008 revenue and EBITDA figures were in line with the 2007 pro-forma data, calculated as the sum of the results of the Buongiorno Group and iTouch Group (combined revenues of EUR319 million and EBITDA of EUR40 million). The Q4 results were also in line with the pro-forma data for Q4 2007, with a marginal improvement in profitability: revenues amounted to EUR83.8 million and EBITDA to EUR12.7 million.

In 2008 Buongiorno significantly strengthened its presence in markets already served by the Company. It also expanded into markets not previously covered, the most important of which being South Africa, Australia (part of UK International), and Argentina. Please visit http://www.buongiorno.com/investors/investors_6.html for the announcement in full, including a detailed breakdown of revenues and EBITDA by each geographical area and business line.

Share Buy Back Plan

The Board of Directors today resolved to put forward a proposal to the forthcoming General Meeting of Shareholders to authorize the Board to buy back, or, sell the Company shares.

The proposal aims at enabling the Company to: offer shares to operators who might be interested in M&A transactions with Buongiorno, without the need for capital increases, intervene in trough trading, hedging and arbitrage transactions so as to use this tool during abnormal fluctuations in the share price and to invest liquidity balances.

The proposal envisages that the Board be empowered to acquire up to 10,000,000 Ordinary shares of a nominal value of EUR0.26 each (equivalent in total to 9.4% of the current share capital), in one or more tranches, and on a rotational basis through to the approval of the financial statements for the year ending December 31, 2009, and in any event, within a period of no more than 18 months following the date of the related General Meeting resolution. Pursuant to Section 2357 of the Italian Civil Code, it is noted that the Company's share capital currently stands at EUR27,651,955.50 divided into 106,353,675 Ordinary shares of a nominal value of EUR0.26 each.

For further information, please contact: BUONGIORNO Eleonora Villanova Global PR & IR Executive Tel. +39-02-582131 Email: eleonora.villanova@buongiorno.com ICIS UK Financial Press and Financial Analysts Fiona Conroy Tel: +44-207-651-8688 Email: Fiona.Conroy@icisnet.com

Buongiorno S.p.A

BUONGIORNO, Eleonora Villanova, Global PR & IR Executive, Tel. +39-02-582131, Email: eleonora.villanova@buongiorno.com; ICIS, UK Financial Press and Financial, Analysts, Fiona Conroy, Tel: +44-207-651-8688, Email: Fiona.Conroy@icisnet.com

/C O R R E C T I O N -- USF Health; Allscripts/In the news release, Tampa Bay Becomes First Community to Jump-Start America's E-Health Revolution, issued March 16, 2009 by USF Health and Allscripts over PR Newswire, we are advised by the company that the ticker symbol for Allscripts was inadvertently left off the original distribution of this press release. That ticker symbol is NASDAQ: MDRX and is included in this revised version: Tampa Bay Becomes First Community to Jump-Start America's E-Health RevolutionPaperFree Tampa Bay to Convert 10,000 Regional Physicians to E-Prescribing as First Step Toward Connected Electronic Health Records

TAMPA, Fla., March 16 /PRNewswire/ -- A new public/private partnership called PaperFree Tampa Bay, armed with strong Congressional support, today launched a plan to jump-start America's electronic health revolution. PaperFree Tampa Bay will deploy more than 100 "electronic healthcare ambassadors" with a goal to convert 100 percent of physicians in the Tampa Bay area from paper prescriptions, known to be the cause of costly medical errors, to electronic prescribing. The effort is a first step toward the implementation of Connected Electronic Health Records (EHR) to improve patient safety and reduce costs, and intends to leverage funding from the American Recovery and Reinvestment Act.

U.S. Rep. Kathy Castor (D-Tampa) voiced her support for the funding at a press conference announcing the initiative which was attended by a broad array of healthcare, business and government leaders from across the Bay area.

"The intent of the Recovery Act is jobs, jobs, jobs," Congresswoman Castor said. "The Recovery Act calls for the creation of short-term jobs in the community while providing long-term economic stability. If funded, this University of South Florida electronic prescriptions project will create more than a hundred jobs for people who will work alongside physicians in the 10-county area. That will help in the long term as well, especially by improving our healthcare system."

"Our community will thrive in the long run with these high-wage health industry jobs," Castor said. "Through this project, we also are reinvesting in the future in science and technology."

Castor indicated she felt the partnership is positioned to receive funding from a portion of the $2 billion in discretionary funds available to the Secretary of Health and Human Services under the Recovery Act. A number of key stakeholders, including USF Health and Allscripts , will fund the initial phase, which will target Hillsborough County's 3,200 physicians. Once the recovery dollars become available, the program will be expanded to the entire 10-county Tampa Bay region, including the counties of DeSoto, Hardee, Hernando, Highlands, Manatee, Pasco, Pinellas, Polk and Sarasota, which will allow additional hiring to occur.

PaperFree Tampa Bay anticipates that the program will create 132 new jobs: 111 trainers and 21 support staff.

Stephen Klasko, MD, MBA, Chief Executive Officer of USF Health and Dean of the USF College of Medicine, commented, "We are taking President Obama's vision of an interoperable electronic healthcare system that provides higher quality healthcare more cost-effectively and making it a reality today in Tampa Bay." Dr. Klasko added, "It's not about the hardware or the software - it's about changing the DNA of healthcare. We're talking about transforming the healthcare system one doctor's office at a time."

Glen Tullman, Chief Executive Officer of Allscripts, the leading provider of Electronic Health Records with a client base of nearly one-third of the nation's practicing physicians and the largest electronic prescribing vendor, called PaperFree Tampa Bay "the first program in a U.S. metropolitan area to implement the promise of President Obama's vision of safe, efficient 21st century electronic care." He added that discussions are underway with other communities in Connecticut, Pennsylvania and Iowa that are planning to follow PaperFree Tampa Bay's lead, and Allscripts is actively enrolling other client partners and cities across the nation in similar programs. "This will be a proof of concept that can become a model for the entire nation to help physicians quickly and easily transition from paper-based care to electronic health records and in so doing take advantage of federal incentives for their adoption," said Tullman.

Federal law empowers the Centers for Medicare and Medicaid Services (CMS) to pay physicians between $44,000 and $64,000 over five years, beginning in 2011, for deploying and using a certified Electronic Health Record to care for patients. In addition, federal law provides approximately $3,500 in annual financial incentives for doctors who e-prescribe now and will impose penalties on those who do not e-prescribe by 2012.

Electronic prescribing is a key component of EHR technology, and stand-alone e-prescribing solutions are widely viewed as the quickest and easiest means for physicians to transition from paper medical records to fully electronic records. "It's a relatively easy first step for physicians and a logical place to start because of the huge cost - in dollars and human lives - of our current system of handwritten prescriptions that are hand-delivered to the pharmacy," said Dr. Klasko.

Less than 10 percent of physicians in the U.S. currently write prescriptions electronically. PaperFree Tampa Bay will aim to get physicians on board by providing Allscripts web-based ePrescribe(TM) software free of charge and offering personalized outreach and one-on-one training to help doctors make the transition. The training curriculum will draw on groundbreaking research conducted at USF Health on how physicians respond to change.

Dr. Klasko noted that PaperFree Tampa Bay has set a bold goal - 100 percent physician participation - for an important reason. "The time to transform healthcare is now - we can't afford to wait," he said. "No doctor should feel comfortable that they are practicing the highest quality medicine in Tampa Bay if they are still hand-writing prescriptions." PaperFree Tampa Bay's vision for the region-wide program is that by the end of the effort, 100 percent of Bay-area physicians will be registered and trained on ePrescribe, 60 percent of eligible prescriptions will be written electronically, and 100 percent of physicians will be introduced to EHR technology.

Tullman added, "We hope the combination of our offering, onsite training, and the new Medicare incentives will eliminate the obstacles and help Tampa Bay physicians embrace electronic prescriptions. This initiative will transform the entire region into one in which all prescriptions can be wirelessly transmitted to the pharmacy, delivering a simple yet comprehensive solution to a key public safety issue, and providing an on-ramp to a complete Electronic Health Record."

According to an Institute of Medicine study, 1.5 million Americans are injured each year and 7,000 die from preventable medication errors. Benefits of e-prescribing include eliminating errors due to illegible handwriting, creating electronic records to ensure prescription information is not lost, checking for allergies and drug interactions, and reducing costs by improving efficiency and identifying less-expensive drug options.

Allscripts ePrescribe is a Web-based solution that requires no download, no new hardware, and minimal training. The product, currently used by more than 30,000 prescribers nationwide to write millions of prescriptions annually, can quickly generate secure electronic prescriptions and deliver them to the patient's pharmacy of choice.

This new partnership builds on the foundation laid by the National ePrescribing Patient Safety Initiative (NEPSI), a broad-based national coalition led by Dell Computers and Allscripts. NEPSI (http://www.nationalerx.com/) is comprised of healthcare, technology and provider companies dedicated to positively impacting the national prescribing process through electronic prescribing delivery. USF Health is a regional supporter of NEPSI.

About USF Health

USF Health is dedicated to creating a model of healthcare based on understanding the full spectrum of health. It includes the University of South Florida's colleges of medicine, nursing, and public health; the schools of biomedical sciences as well as physical therapy & rehabilitation sciences; and the USF Physicians Group. With more than $360 million in research grants and contracts last year, USF is one of the nation's top 63 public research universities and one of 39 community-engaged, four-year public universities designated by the Carnegie Foundation for the Advancement of Teaching. For more information, visit http://www.health.usf.edu/.

About Allscripts

Allscripts uses innovation technology to bring health to healthcare. More than 150,000 physicians, 700 hospitals and nearly 7,000 post-acute and homecare organizations utilize Allscripts to improve the health of their patients and their bottom line. The company's award-winning solutions include electronic health records, electronic prescribing, revenue cycle management, practice management, document management, medication services, hospital care management, emergency department information systems and homecare automation. Allscripts is the brand name of Allscripts-Misys Healthcare Solutions, Inc. To learn more, visit http://www.allscripts.com/.

This news release may contain forward-looking statements within the meaning of the federal securities laws. Statements regarding future events, developments, the Company's future performance, as well as management's expectations, beliefs, intentions, plans, estimates or projections relating to the future are forward-looking statements within the meaning of these laws. These forward-looking statements are subject to a number of risks and uncertainties, some of which are outlined below. As a result, actual results may vary materially from those anticipated by the forward-looking statements. Among the important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are: the volume and timing of systems sales and installations; length of sales cycles and the installation process; the possibility that products will not achieve or sustain market acceptance; the timing, cost and success or failure of new product and service introductions, development and product upgrade releases; competitive pressures including product offerings, pricing and promotional activities; our ability to establish and maintain strategic relationships; undetected errors or similar problems in our software products; compliance with existing laws, regulations and industry initiatives and future changes in laws or regulations in the healthcare industry; possible regulation of the Company's software by the U.S. Food and Drug Administration; the possibility of product-related liabilities; our ability to attract and retain qualified personnel; our ability to identify and complete acquisitions, manage our growth and integrate acquisitions; the ability to recognize the benefits of the merger with Misys Healthcare Systems, LLC ("MHS"); the integration of MHS with the Company and the possible disruption of current plans and operations as a result thereof; maintaining our intellectual property rights and litigation involving intellectual property rights; risks related to third-party suppliers; our ability to obtain, use or successfully integrate third-party licensed technology; breach of our security by third parties; and the risk factors detailed from time to time in our reports filed with the Securities and Exchange Commission, including our 2007 Annual Report on Form 10-K available through the Web site maintained by the Securities and Exchange Commission at http://www.sec.gov/. The Company undertakes no obligation to update publicly any forward-looking statement, whether as a result of new information, future events or otherwise.

An electronic media kit is available at http://www.health.usf.edu/paperfree.

Broadcast quality b-roll will be available by approximately 2:30 p.m. March 16th following the press conference at http://www.mindclay.tv/clients/paperfreetampabay/download.htm

USF Health; Allscripts

CONTACT: Susanna Martinez Tarokh, USF Health, +1-813-974-2776,
smartin1@health.usf.edu; Todd Stein, Allscripts, +1-916-452-1652, Cell:
+1-510-417-0612, todd.stein@allscripts.com; Laura Mulhern, Hill & Knowlton,
Cell: +1-813-468-9397, laura.mulhern@hillandknowlton.com

Web Site: http://www.health.usf.edu/

Oberthur Technologies Chosen as the Exclusive Supplier For S2p - The Banking Subsidiary of Carrefour - for the Dual Interface Contactless Payment Card ProjectProviding Benefits to Customers by Cutting Transaction Times and Waiting Lines Through Innovative and Faster Payment Methods

PARIS, March 16 /PRNewswire-FirstCall/ -- Oberthur Technologies, one of the world's leading suppliers of contactless payment cards began delivery of its next generation Chrysalis Fly dual interface payment card to S2P as part of its new "Universal Payment Card" project, the first of its kind in France and one of Europe's largest contactless projects to-date.

For S2P, the Chrysalis Fly card represents a way to increase the use of payment cards, replacing cash for low value payment transactions which represent the majority of transactions in Europe. Contactless payment technology allows customers to pay by simply waving their card in front of a reader. The Chrysalis Fly product also combines the proven security of an EMV chip interface with Oberthur Technologies' state-of-the-art contactless applications, offering a vastly accelerated transaction time twice the speed of other payment cards.

For customers, transaction times are shorter, and so are the lines at the checkout, creating critical time savings for shoppers. Contactless payment brings both ease and convenience to the consumer and is a powerful tool to increase their discretionary spending in-store.

The Chrysalis Fly product is the latest addition to Oberthur Technologies' Chrysalis EMV smart card product range. As the sole supplier for the project with S2P, Oberthur Technologies leveraged its broad experience engineering contactless cards to provide several key advantages. Oberthur Technologies' dedicated investment in the production process, from chip, antenna and card shape evolution as well as in the manufacture and personalization of contactless cards providing S2P with a key partner in the development of a contactless device that would meet their specifications. From the inception of the project, Oberthur Technologies' award-winning R&D teams had a clear objective to develop a product that combined high security with both performance and robustness to help S2P take maximum advantage of the Chrysalis Fly product's exemplary security levels and unrivalled transaction speeds.

"We are extremely pleased to launch our new Chrysalis Fly contactless card solution. Throughout our project, Oberthur Technologies provided us with the responsiveness, expertise and high level of service that we have come to rely on" declared Frederic Mazurier, Financial Director for S2P and Head of the project for the new PASS cards.

"Contactless cards represent the future of the payment card," said Eric Duforest, Managing Director Europe for the Card Systems Division at Oberthur Technologies. "With millions of contactless cards already delivered, and the launch of innovative contactless projects like S2P, Oberthur Technologies has confirmed its leadership in this strategic market. With a complete range of products for contactless payment, Oberthur provides financial institutions with a unique choice of cards to enable them to differentiate their offer while providing the best technology for their customers".

About Oberthur Technologies

With sales of 879 million Euros in 2008, Oberthur Technologies is a world leader in the field of secure technologies. Innovation and high quality services ensure Oberthur Technologies' strong positioning in its main target markets:

Card Systems: One of the world's leading providers of security and identification based on smart card technology and associated services for mobile, payment, transport, digital TV and convergence markets.

Identity: International player for the manufacture and personalization of secure identity documents such as passport, identity card, driving license or health care card - traditional and electronic - and associated services for both governmental and corporate markets.

Fiduciary printing: World's third largest private security printer specialized in high security for the production of banknotes, checks and other fiduciary documents in more than fifty countries.

Cash protection: World leader in the emerging market of intelligent systems to secure cash-in-transit and ATM.

Close to its customers, Oberthur Technologies benefits from an industrial and commercial presence across all five continents.

Oberthur Technologies S.A. is a limited liability company (societe anonyme) registered in France with its registered office at 50 quai Michelet 92 532 Levallois Perret, France. Oberthur Technologies S.A.'s corporate registration number is 340 709 534 R.C.S. Paris.

Website: http://www.oberthur.com/

Oberthur Technologies

CONTACT: Press Contact: Matthew Stroud, Telephone: +33-1-47-85-58-06,
Email: m.stroud@oberthur.com; Press Contact for S2P (Carrefour Hypermarches
France): Euro RSCG C&O, Telephone: +33(0)1-58-47-98-88, Email:
hypermarchecarrefour@eurorscg.fr

Oberthur Technologies fournisseur exclusif de S2P, filiale bancaire du groupe Carrefour, pour son projet de nouvelles cartes de paiement permettant de payer avec et sans contact

PARIS, March 16 /PRNewswire/ --

- Pour le porteur de la carte, c'est la garantie d'un gain de temps en caisse grâce à un moyen de paiement simple et innovant

Oberthur Technologies, l'un des premiers fournisseurs mondiaux de cartes de paiement sans contact a démarré la livraison à S2P des cartes Chrysalis Fly ; nouvelle génération de cartes sans contact pour le projet << Carte de Paiement Universelle>>, le premier projet de ce type en France et l'un des plus importants en Europe.

Pour S2P (Société des Paiements PASS), la carte Chrysalis Fly représente une source d'utilisation additionnelle de ses cartes de paiement, en remplaçant les paiements de faibles montants réglés en espèces. Les paiements en espèces représentent la majorité des transactions effectuées en Europe.

La technologie sans contact permet de régler ses achats en passant simplement sa carte devant un terminal de paiement. Chrysalis Fly associe à l'interface classique EMV d'une carte à puce, une interface sans contact ; qui permet d'exécuter un paiement complet, à une vitesse deux fois plus rapide à celle des cartes équivalentes.

En apportant cette nouvelle fonctionnalité aux porteurs des Cartes PASS, S2P souhaite renforcer son offre de service et développer la satisfaction de ses clients. En effet, le paiement sans contact va apporter plus de simplicité à l'acte de paiement et diminuer ainsi le temps d'attente en caisse, ce qui permet un gain de temps appréciable.

La carte Chrysalis Fly d'Oberthur Technologies est la dernière née de la gamme Chrysalis. Seul fournisseur de cartes sans contact pour S2P, Oberthur Technologies a su mettre à profit son expérience dans l'ingénierie des cartes sans contact pour proposer un produit aux avantages significatifs. Dès l'initiation du projet, les équipes R&D d'Oberthur Technologies ont eu pour objectif de développer un produit alliant sécurité, performance et fiabilité. Grâce au développement réalisé sur le processus de fabrication de la puce, sur l'antenne et sur la personnalisation, Oberthur Technologies a su répondre aux exigences et spécifications de S2P filiale bancaire du groupe Carrefour.

"Nous sommes heureux de lancer notre nouvelle offre avec les cartes Chrysalis Fly. Tout au long de notre projet, nous avons pu compter sur la réactivité, la compétence et le sens du service d'Oberthur Technologies, a déclaré Frédéric Mazurier, Directeur Financier de S2P et Responsable du projet nouvelles cartes PASS

"Les cartes dotées d'une interface sans contact sont l'avenir des cartes de paiement. Avec déjà plusieurs millions de cartes sans contact livrées dans le monde, et le démarrage de projets innovants tels que celui de S2P, Oberthur Technologies confirme sa position de leader sur ce marché stratégique, déclare Eric Duforest, Directeur de la région Europe pour la Division Card Systems d'Oberthur Technologies. Avec une large gamme de cartes de paiement sans contact, Oberthur nous offrons aux institutions financières un choix unique de cartes pour leur permettre de proposer le meilleur de la technologie à leurs clients".

A propos d'Oberthur Technologies

Avec un chiffre d'affaires de EUR 879 millions en 2008, Oberthur Technologies est l'un des tout premiers fournisseurs mondiaux de technologies de sécurité. Son sens de l'innovation et la haute qualité de ses services lui assurent des positions fortes sur ses principaux marchés :

Card Systems : un des tout premiers fournisseurs mondiaux de sécurité et d'identification par cartes à puce et de services associés pour les segments de la téléphonie mobile, du paiement, du transport, de la télévision à péage et de la convergence.

Identité : acteur international dans la fabrication et la personnalisation de documents d'identité sécurisés tels que passeport, carte d'identité, permis de conduire ou carte santé - traditionnels et électroniques - et des services associés, à l'intention tant des administrations publiques que du secteur privé.

Fiduciaire : Troisième imprimeur fiduciaire mondial privé et spécialisé dans la fabrication et la gestion de billets de banques, de chèques et autres documents fiduciaires dans plus de cinquante pays.

Cash Protection : leader mondial sur le marché naissant des équipements pour la protection des billets de banque lors de leur transport et dans les distributeurs automatiques.

Proche de ses clients, Oberthur Technologies bénéficie d'une présence industrielle et commerciale sur les cinq continents.

Oberthur Technologies S.A. est une société anonyme dont le siège social est situé 50 quai Michelet 92 532 Levallois Perret, France. Elle est immatriculée au registre du commerce et des sociétés de Paris sous le No. 340 709 534.

A propos de la Société des Paiements PASS

Créée en 1981, la Société des Paiements PASS, avec ses 1 500 collaborateurs, est la filiale bancaire de Carrefour. Elle a pour objectif la démocratisation de l'offre de services financiers et bancaires en France. La Société des Paiements PASS compte 2,8 millions de clients détenteurs d'une carte de paiement, avec 360 millions de transactions traitées, et 400 000 clients épargnants. Elle gère 2,3 milliards d'euros d'encours de crédit.

Société

Société des paiements PASS - 1 place Copernic - 91 051 Evry Cedex

Site Web : PASS.fr

Site web: http://www.oberthur.com

Oberthur Technologies

Press Contact pour S2P (Carrefour Hypermarchés France): Euro RSCG C&O, Téléphone: +33(0)1-58-47-98-88, Email: hypermarchecarrefour@eurorscg.fr; Press Contact: Matthew Stroud, Telephone: +33-1-47-85-58-06, Email: m.stroud@oberthur.com

Kenya Poised for Huge Growth in Mobile Services, Pyramid Research Projects

CAMBRIDGE, Massachusetts, March 16 /PRNewswire/ --

Mobile penetration in Kenya's telecom market will grow by 95 percent over the next five years, a market growth that will reflect intense competition among network operators and lead to a rapid uptake of mobile data services, according to a new report from Pyramid Research (www.pyr.com), the telecom research arm of the Light Reading Communications Network (www.lightreading.com).

"Communications Markets in Kenya" offers a precise profile of the country's converged telecommunications, media, and technology sectors based on proprietary data from Pyramid's research in the Kenyan market. This 22-page report provides detailed competitive analysis of both the fixed and mobile sectors, tracks the market shares of technologies and services, and monitors the introduction and spread of new technologies such as WiMax, IPTV, and VoIP. This executive study provides a holistic view of the Kenyan communications market by analyzing key trends, evaluating near-term opportunities, and assessing upcoming risks factors. Download an excerpt of this new report here: http://www.pyramidresearch.com/downloads.htm?id=18&sc=PR031609_CIRK

"Kenya shows impressive growth rates with significant opportunity," notes Dearbhla McHenry, analyst at Pyramid Research and author of the report. "By the end of 2008, Kenya had more than 15.0 million mobile subscribers, with a mobile penetration rate of 39 percent. The subscriber base is expected to rise to 29.28 million, or 66.7 percent penetration, by year-end 2013."

Increased competition is helping to fuel demand for mobile services in Kenya, McHenry says. "Until 2008, the Kenyan mobile market was a duopoly consisting of Safaricom and Zain. That has now changed with the entry of two new players - Econet and Orange. Since their entry, there has been a fierce price war with operators slashing tariffs and introducing new air time promotions, making their services more affordable for the wider population."

Total revenue of Kenya's telecom market is forecast to grow by 42 percent from US$1.39 billion in 2008 to US$1.98 billion by 2013, with 78 percent of the total revenue to be generated by the mobile sector. "Mobile data will be the telecom sector's fastest-growing revenue stream, increasing in revenue from US$62 million in 2008 to US$224 million in 2013, partly due to the launch of 3G services but also to the explosive growth of low-tech, low-margin mobile data services, particularly mobile money transfers," says McHenry.

"Communications Markets in Kenya" is part of Pyramid Research's Africa and Middle East Country Intelligence Report Series. Pyramid Research's premium Country Intelligence Reports are the industry's best available analysis on market trends, regulatory environments, and competitive dynamics for 60 countries worldwide.

Download an excerpt of this new report here: http://www.pyramidresearch.com/downloads.htm?id=18&sc=PR031609_CIRK

"Communications Markets in Kenya" is priced at US$990 and can be purchased online here: http://www.pyramidresearch.com/store/CIRKENYA.htm?sc=PR031609_CIRK or through Dave Williams via email at dave.williams@pyr.com or telephone at +1-858-485-8870.

For more information about Pyramid Research's products and services, please visit www.pyr.com or contact us at info@pyr.com.

About Pyramid Research

Pyramid Research (http://www.pyr.com) offers practical solutions to the complex demands our clients face in the telecommunications, media, and technology industries. Our analysis is uniquely positioned at the intersection of emerging markets, emerging technologies, and emerging business models, powered by the bottom-up methodology of our market forecasts for over 100 countries - a distinction that has remained unmatched for more than 25 years. As the telecom research arm of the Light Reading Communications Network, Pyramid Research works with Heavy Reading, providing the communications industry's most comprehensive market data, trusted research, and insightful technology analysis.

About Light Reading

Founded in 2000, Light Reading (http://www.lightreading.com) is the leading online media, research, and focused event company serving the US$3 trillion worldwide communications market. Lightreading.com is the ultimate source for technology and financial analysis of the communications industry, leading the media sector in terms of traffic, content, and reputation. Light Reading's research arms, Heavy Reading and Pyramid Research, provide the most comprehensive communications research, market data, and technology analysis in close to 100 markets around the world. Light Reading produces nearly 20 targeted communications events including TelcoTV, Ethernet Expo New York and Ethernet Expo London, The Tower Summit @ CTIA, and Optical Expo, as well as focused one-day events tailored for cable, mobile, and wireline executives. Light Reading was acquired by United Business Media in August 2005 and operates as a unit of TechWeb.

About TechWeb

TechWeb (http://techweb.com/aboutus), the global leader in business technology media, is an innovative business focused on serving the needs of technology decision-makers and marketers worldwide. TechWeb produces the most respected and consumed media brands in the business technology market. Today, more than 13.3 million* business technology professionals actively engage in our communities created around our global face-to-face events, Interop, Web 2.0, Black Hat, and VoiceCon; online resources such as the TechWeb Network, Light Reading, Intelligent Enterprise, InformationWeek.com, bMighty.com, and The Financial Technology Network; and the market leading, award-winning InformationWeek, TechNet Magazine, MSDN Magazine, and Wall Street & Technology magazines. TechWeb also provides end-to-end services including next-generation performance marketing, integrated media, research, and analyst services. TechWeb is a division of United Business Media, a global provider of news distribution and specialist information services with a market capitalization of more than US$2.5 billion.

*13.3 million business decision-makers: based on number of monthly connections

About United Business Media Limited

UBM (UBM.L) focuses on two principal activities: worldwide information distribution, targeting and monitoring; and, the development and monetization of B2B communities and markets. UBM's businesses inform markets and serve professional commercial communities - from doctors to game developers, from journalists to jewelry traders, from farmers to pharmacists - with integrated events, online, print and business information products. Our 6,500 staff in more than 30 countries are organized into specialist teams that serve these communities, bringing buyers and sellers together, helping them to do business and their markets to work effectively and efficiently. For more information, go to http://www.unitedbusinessmedia.com.

Press contact: Jennifer Baker +1-617-871-1910 jbaker@pyr.com

Pyramid Research

Jennifer Baker of Pyramid Research, +1-617-871-1910, jbaker@pyr.com

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