Companies news of 2009-07-01 (page 4)
CBIZ Acquires Employee Benefits Firm Egan, Amato & O'Connor
Notification of Late Filing of Annual Report on Form 20-F and Revisions to Unaudited...
Nordic Investment Bank Implements Misys Opics Plus for Enhanced Treasury Management Across...
CenturyTel and EMBARQ Complete MergerServes Approximately 7.5 Million Customers in 33...
Nordic Investment Bank Implements Misys Opics Plus for Enhanced Treasury Management Across...
LDK Solar Partners With SAEM-Kerself Group for Development of PV Plants in Italy
AT&T Unveils Embedded Netbook and Laptop Offers Targeted at Small BusinessesPortfolio...
Qiao Xing Mobile Announces Revised Financial Results for the Fourth Quarter and the Full...
Qiao Xing Mobile Announces Filing 2008 Annual Report on Form 20-F with the SEC
Oracle Prices $4.5 Billion of Investment Grade Notes
CBIZ Acquires Employee Benefits Firm Egan, Amato & O'Connor
CLEVELAND, July 1 /PRNewswire-FirstCall/ -- CBIZ, Inc. today announced the acquisition of EAO Consultants, LLC (d.b.a. Egan, Amato & O'Connor), an employee benefits firm located in Manasquan, NJ, effective July 1, 2009.
EAO was founded in 2004 and focuses exclusively on employee health benefits, retirement programs, and executive benefits for a diverse client base ranging from small family-owned businesses to large corporations. EAO recorded $2.9 million in revenue during the past twelve months.
Steven L. Gerard, CBIZ Chairman and CEO, stated, "Expanding our capabilities to better serve our clients' needs in the Northeast is a priority for CBIZ. EAO has experienced solid growth since its inception and has a client-centric service focus consistent with the CBIZ culture. I look forward to welcoming this talented team to CBIZ."
Commenting on becoming part of the CBIZ organization, EAO's Jim O'Connor, stated, "Our success has been driven by our focus on becoming a valuable extension of our clients' human resource departments. We believe by joining with CBIZ we will be able to expand our suite of services while maintaining our hands-on entrepreneurial culture."
CBIZ, Inc. provides professional business services that help clients better manage their finances, employees and technology. As the largest benefits specialist, one of the largest accounting, valuation and medical practice management companies in the United States, CBIZ provides its clients with financial services including accounting and tax, internal audit, merger and acquisition advisory, and valuation. Employee services include group benefits, property and casualty insurance, payroll, HR consulting and wealth management. CBIZ also provides information technology, hardware and software solutions, healthcare consulting and medical practice management. These services are provided through more than 140 Company offices in 36 states.
Forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. Such risks and uncertainties include, but are not limited to, the Company's ability to adequately manage its growth; the Company's dependence on the current trend of outsourcing business services; the Company's dependence on the services of its CEO and other key employees; competitive pricing pressures; general business and economic conditions; and changes in governmental regulation and tax laws affecting its insurance business or its business services operations. A more detailed description of such risks and uncertainties may be found in the Company's filings with the Securities and Exchange Commission.
For further information regarding CBIZ, call our Investor Relations Office at (216) 447-9000 or visit our web site at http://www.cbiz.com/.
CBIZ, Inc.
CONTACT: Lori Novickis, Director, Corporate Relations of CBIZ, Inc., +1-216-447-9000
Web Site: http://www.cbiz.com/
Notification of Late Filing of Annual Report on Form 20-F and Revisions to Unaudited Financial Information in Prior 6-K by The9 Limited
SHANGHAI, July 1 /PRNewswire-Asia-FirstCall/ -- The9 Limited ("The9"or the "Company") filed a Form 12b-25, Notification of Late Filing, with the United States Securities and Exchange Commission today regarding the late filing of its annual report on Form 20-F for the year ended December 31, 2008.
On April 16, 2009, The9 announced that it had learned that Blizzard Entertainment's World of Warcraft would be licensed to another China-based online game company following the expiration of the license agreement between Blizzard Entertainment and the Company on June 7, 2009. World of Warcraft accounts for a substantial majority of The9's revenue. The Company is finalizing its financial reporting treatment and related disclosures resulting from the non-renewal as reflected in its financial statements as of and for the year ended December 31, 2008.
As a result of the non-renewal of the World of Warcraft license agreement, as well as taking into consideration certain other events that occurred subsequent to year-end in connection with certain other licensed games and lower than expected operating performance of one of its games, the Company will record impairment and certain other charges in its financial statements for the year ended December 31, 2008. As a result of these charges, net income for the year ended December 31, 2008 presented in its annual report on Form 20-F is expected to be between 55% and 75% lower than net income for the same period presented in the Form 6-K filed by the Company on February 24, 2009. The Company intends to file the Form 20-F on or before July 15, 2009.
About The9 Limited
The9 Limited is a leading online game operator and developer in China. The9's business is primarily focused on operating and developing high-quality games for the Chinese online game market. The9 directly or through affiliates operates licensed MMORPGs and advanced casual game including Soul of The Ultimate Nation(TM), Granado Espada, EA SPORTS(TM) FIFA Online 2 and Atlantica in mainland China. It has also obtained exclusive licenses to operate other games in mainland China, including Audition 2, Hellgate: London, Ragnarok Online 2, Emil Chronicle Online, Huxley(TM) and Field of Honor. In addition, The9 is also developing various proprietary games, including Ming Jiang San Guo, Jiu Zhou Zhan Ji and other MMORPGs and advanced causal games.
For further information, please contact:
Ms. Phyllis Sai
IR Manager, Investor Relations
The9 Limited
Tel: +86-21-5172-9990
Fax: +86-21-5172-9903
Email: IR@corp.the9.com
Web: http://www.corp.the9.com/
The9 Limited
CONTACT: Ms. Phyllis Sai, IR Manager, Investor Relations of The9 Limited, +86-21-5172-9990, fax, +86-21-5172-9903, or IR@corp.the9.com
Web Site: http://www.corp.the9.com/
Nordic Investment Bank Implements Misys Opics Plus for Enhanced Treasury Management Across All Asset Classes
LONDON, July 1 /PRNewswire/ -- Nordic Investment Bank (NIB), an international financial
institution (IFI) owned by eight Nordic countries, has gone live with Misys
Opics Plus. The Misys solution will cover the entire bank's requirement for
bank proprietary treasury trading and corporate activity and will operate
across all asset classes in the treasury back office.
At a time when financing is particularly difficult to arrange,
IFIs are looking to play a critical role in ensuring that infrastructure
projects continue the modernisation and competitiveness of a region.
Headquartered in Helsinki, NIB is an important financing vehicle for projects
that are deemed to strengthen competitiveness and enhance the environment of
its member countries (Denmark, Estonia, Finland, Iceland, Latvia, Lithuania,
Norway and Sweden). Formed in the mid 1970s and expanded in 2005, NIB soon
started looking for a leading back-office treasury solution to replace the
ageing technology previously being used.
NIB selected Opics Plus; an award winning front-to-back-office
treasury and capital markets solution across a wide range of instruments
including derivatives, fixed income, equities and treasury trades. The new
treasury system will enable the bank to process higher volumes of treasury
instruments and provide clients with more sophisticated products, whilst
providing sound risk management and the infrastructure for growth in the
future.
Jouni Järvenpää, Information and Communication Technology, NIB
comments: "We wanted to put in place the most up-to-date solutions that would
improve our broad capabilities and that would grow with us. We carefully
evaluated the best options and Misys was the clear leader in its field. We
are very excited about the improved services that will be derived from this
flexible solution."
Stephen Mitchell, Regional Sales Manager CEE and Scandinavia,
Misys, adds: "NIB is an important financing vehicle to help drive the
infrastructure development of the region and is a good corporate citizen both
through its commitment to responsible operations and its strong environmental
credentials. Misys Opics Plus is a proven solution and we are confident that
by modernising its central transaction processing solutions, it will be able
to realise significant gains in efficiency and profitability in the years to
come."
Misys Solutions for Treasury & Capital Markets has 19 years of
market experience and unrivalled software development expertise. It creates
integrated, comprehensive solutions for financial institutions to manage
their capital market activities across multiple asset classes.
About Misys plc
Misys plc (LSE: MSY), provides integrated, comprehensive solutions
that deliver significant results to organisations in the financial services
and healthcare industries. We maximise value for our customers by combining
our deep knowledge of their business with our commitment to their success.
In banking and treasury & capital markets, Misys is a market leader, with
over 1,200 customers, including all of the world's top 50 banks. In
healthcare, Misys plc owns a controlling stake in NASDAQ listed
Allscripts-Misys Healthcare Solutions, Inc, a clear leader in the provision
of healthcare technology, serving more than 150,000 physicians, 700 hospitals
and nearly 7,000 post-acute and homecare organisations. Misys employs around
6,000 people who serve customers in more than 120 countries.
We aspire to be the world's best application software and services
company, delivering results for the most important industries in the world.
Misys: experience, solutions, results
Contact us today, visit: http://www.misys.com
For further information please contact
Edward Taylor
Global Head of Public Relations
Misys
Solutions for Banking
Solutions for Treasury & Capital Markets
+44-(0)20-3320-5530
edward.taylor@misys.com
Sebastian Mathews
Financial Dynamics
+44-(0)207-269-7158
sebastian.mathews@fd.com
Misys plc
For further information please contact: Edward Taylor, Global Head of Public Relations, Misys, Solutions for Banking, Solutions for Treasury & Capital Markets, +44-(0)20-3320-5530, edward.taylor@misys.com. Sebastian Mathews, Financial Dynamics, +44-(0)207-269-7158, sebastian.mathews@fd.com
CenturyTel and EMBARQ Complete MergerServes Approximately 7.5 Million Customers in 33 States; Expects $400 Million in Annual Synergies
MONROE, La., July 1 /PRNewswire-FirstCall/ -- CenturyTel, Inc. and Embarq Corporation announced today that they have completed their merger. The combined company, which will be known as CenturyLink, serves more than 2.1 million broadband customers, more than 440,000 video subscribers and approximately 7.5 million access lines in 33 states, based on operating results as of March 31, 2009.
"The completion of this merger is a significant event for our customers, communities, investors and employees," said Glen F. Post III, president and chief executive officer. "CenturyLink has the advanced networks, the people and the financial stability to deliver the reliable and innovative services that our customers want and need. We look forward to this exciting new chapter in our company's history."
CenturyLink expects to generate annual full run-rate operating and capital synergies of approximately $400 million by 2011. Based on this synergy level and operating results of the two companies for the twelve months ended Dec. 31, 2008, CenturyTel would have had combined revenue of more than $8 billion, combined operating cash flow of over $4.2 billion and combined free cash flow of approximately $1.9 billion. The company expects to continue its current annual dividend of $2.80 per share. The company anticipates the combination to be accretive to free cash flow per share in 2010, the first full year post-closing. All figures and statements in this paragraph exclude the impact of one-time integration costs.
In accordance with the terms of the Merger Agreement, EMBARQ stockholders received 1.37 CenturyTel shares for each share of EMBARQ common stock they owned at closing. The transaction was structured as a tax-free stock-for-stock exchange. Other than assuming EMBARQ's existing debt, the combined company has incurred neither any incremental debt nor any change to debt maturity schedules.
While the company's corporate identity will immediately change to CenturyLink, customer-facing operations and communications will continue under the CenturyTel and EMBARQ brand names until a full brand conversion occurs later this year. The company intends to formally change its name to "CenturyLink, Inc." upon receipt of shareholder approval, which it expects to solicit in May 2010. The company's stock continues to trade on the New York Stock Exchange under the ticker symbol "CTL."
The corporate headquarters of the company will remain in Monroe, La. Regional operating headquarters will be located in Las Vegas, Nev., Wentzville, Mo., Orlando, Fla., Wake Forest, N.C., and La Crosse, Wis. The company also maintains a significant presence in the Overland Park, Kan. area, the former location of EMBARQ's corporate headquarters.
About CenturyLink
CenturyLink is a leading provider of high-quality voice, broadband and video services over its advanced communications networks to consumers and businesses in 33 states. CenturyLink, headquartered in Monroe, La., is an S&P 500 Company and expects to be listed in the Fortune 500 list of America's largest corporations. For more information on CenturyLink, visit http://www.centurylink.com/.
Forward Looking Statements
Except for the historical and factual information contained herein, the matters set forth in this document, including statements as to the expected benefits of the acquisition such as efficiencies, cost savings, enhanced revenues, cash flow accretion, growth potential, market profile and financial strength, and the competitive ability and position of the combined company, and other statements identified by words such as "estimates," "expects," "projects," "plans," "intends" and similar expressions are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including the possibility that the anticipated benefits from the acquisition cannot be fully realized or may take longer to realize than expected, the possibility that costs or difficulties related to the integration of EMBARQ operations into CenturyTel will be greater than expected, the ability of the combined company to retain and hire key personnel, the possibility that our brand conversion could take longer than expected, the impact of regulatory, competitive and technological changes and other risk factors relating to our industry as detailed from time to time in our reports filed with the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date hereof. Unless legally required, we undertake no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
CenturyTel, Inc.
CONTACT: Analysts & Investors, Tony Davis, +1-318-388-9525, tony.davis@centurytel.com, or Media, Annmarie Sartor, +1-318-388-9671, annmarie.sartor@centurytel.com, both of CenturyTel, Inc.; or Media, Debra Peterson of EMBARQ, +1-913-323-4881, Debra.D.Peterson@embarq.com
Web Site: http://www.centurytel.com/ http://www.centurylink.com/
Nordic Investment Bank Implements Misys Opics Plus for Enhanced Treasury Management Across All Asset Classes
LONDON, July 1 /PRNewswire-FirstCall/ -- Nordic Investment Bank (NIB), an international financial institution (IFI) owned by eight Nordic countries, has gone live with Misys Opics Plus. The Misys solution will cover the entire bank's requirement for bank proprietary treasury trading and corporate activity and will operate across all asset classes in the treasury back office.
At a time when financing is particularly difficult to arrange, IFIs are looking to play a critical role in ensuring that infrastructure projects continue the modernisation and competitiveness of a region. Headquartered in Helsinki, NIB is an important financing vehicle for projects that are deemed to strengthen competitiveness and enhance the environment of its member countries (Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway and Sweden). Formed in the mid 1970s and expanded in 2005, NIB soon started looking for a leading back-office treasury solution to replace the ageing technology previously being used.
NIB selected Opics Plus; an award winning front-to-back-office treasury and capital markets solution across a wide range of instruments including derivatives, fixed income, equities and treasury trades. The new treasury system will enable the bank to process higher volumes of treasury instruments and provide clients with more sophisticated products, whilst providing sound risk management and the infrastructure for growth in the future.
Jouni Järvenpää, Information and Communication Technology, NIB comments: "We wanted to put in place the most up-to-date solutions that would improve our broad capabilities and that would grow with us. We carefully evaluated the best options and Misys was the clear leader in its field. We are very excited about the improved services that will be derived from this flexible solution."
Stephen Mitchell, Regional Sales Manager CEE and Scandinavia, Misys, adds: "NIB is an important financing vehicle to help drive the infrastructure development of the region and is a good corporate citizen both through its commitment to responsible operations and its strong environmental credentials. Misys Opics Plus is a proven solution and we are confident that by modernising its central transaction processing solutions, it will be able to realise significant gains in efficiency and profitability in the years to come."
Misys Solutions for Treasury & Capital Markets has 19 years of market experience and unrivalled software development expertise. It creates integrated, comprehensive solutions for financial institutions to manage their capital market activities across multiple asset classes.
About Misys plc
Misys plc , provides integrated, comprehensive solutions that deliver significant results to organisations in the financial services and healthcare industries. We maximise value for our customers by combining our deep knowledge of their business with our commitment to their success.
In banking and treasury & capital markets, Misys is a market leader, with over 1,200 customers, including all of the world's top 50 banks. In healthcare, Misys plc owns a controlling stake in NASDAQ listed Allscripts-Misys Healthcare Solutions, Inc, a clear leader in the provision of healthcare technology, serving more than 150,000 physicians, 700 hospitals and nearly 7,000 post-acute and homecare organisations. Misys employs around 6,000 people who serve customers in more than 120 countries.
We aspire to be the world's best application software and services company, delivering results for the most important industries in the world.
Misys: experience, solutions, results
Contact us today, visit: http://www.misys.com/
For further information please contact
Edward Taylor
Global Head of Public Relations
Misys
Solutions for Banking
Solutions for Treasury & Capital Markets
+44-(0)20-3320-5530
edward.taylor@misys.com
Sebastian Mathews
Financial Dynamics
+44-(0)207-269-7158
sebastian.mathews@fd.com
Misys plc
CONTACT: For further information please contact: Edward Taylor, Global Head of Public Relations, Misys, Solutions for Banking, Solutions for Treasury & Capital Markets, +44-(0)20-3320-5530, edward.taylor@misys.com. Sebastian Mathews, Financial Dynamics, +44-(0)207-269-7158, sebastian.mathews@fd.com
LDK Solar Partners With SAEM-Kerself Group for Development of PV Plants in Italy
XINYU CITY, China and SUNNYVALE, Calif., July 1 /PRNewswire-FirstCall/ -- LDK Solar Co., Ltd. , a leading manufacturer of multicrystalline solar wafers, today announced that it has signed an agreement with SAEM Srl ("SAEM"), a primary system integrator within the PV sector, to build five one-megawatt ("MW") PV plants in the Apulia region of Italy. Construction will start in July and is expected to be completed by November of this year. LDK Solar will supply wafers for the PV project and SAEM will provide engineering, procurement, and construction services and system integration.
"We are very eager to increase LDK Solar's presence in Italy," stated Xiaofeng Peng, Chairman and CEO of LDK Solar. "The Italian PV market continues to be one of the most interesting in Europe and is forecasted to grow significantly over the next three years. Our agreement with SAEM is another noteworthy achievement for us as we work to strengthen our position in the PV power plants market in Europe and continue to build our foundation to capture future opportunities."
"We are proud to work with LDK Solar on the development of PV plants," stated Francesco Maggi, CEO of SAEM group. "We believe that this partnership with LDK Solar reinforces the connection between SAEM and the world of PV manufacturing in a market that has strong potential. We look forward to working together on future projects to further capitalize on the growing opportunities in this market."
About LDK Solar
LDK Solar Co., Ltd. is a leading manufacturer of multicrystalline solar wafers, which are the principal raw material used to produce solar cells. LDK Solar sells multicrystalline wafers globally to manufacturers of photovoltaic products, including solar cells and solar modules. In addition, LDK Solar provides wafer processing services to monocrystalline and multicrystalline solar cell and module manufacturers. LDK Solar's headquarters and manufacturing facilities are located in Hi-Tech Industrial Park, Xinyu City, Jiangxi Province in the People's Republic of China. LDK Solar's office in the United States is located in Sunnyvale, California.
About SAEM - Kerself S.p.A. group
SAEM, is a leading Italian company operating in the PV sector since 1998. The work of research and design of a team of 10 engineers supported by 80 highly skilled installers, has rapidly made SAEM the reference point of photovoltaic systems in Italy. The nominal power of plants, designed and already installed by SAEM throughout the national territory, today exceeds several MWs, all equipped with surveillance and monitoring apparatus. The SAEM business success led Kerself Group, listed in Milan stock exchange (KRS), to acquire 55% of SAEM property.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this press release are forward-looking statements, including but not limited to, LDK Solar's ability to raise additional capital to finance its operating activities, the effectiveness, profitability and marketability of its products, the future trading of its securities, the ability of LDK Solar to operate as a public company, the period of time during which its current liquidity will enable LDK Solar to fund its operations, its ability to protect its proprietary information, the general economic and business environment and conditions, the volatility of LDK Solar's operating results and financial condition, its ability to attract and retain qualified senior management personnel and research and development staff, its ability to timely and efficiently complete its ongoing construction projects, including its polysilicon plants, and other risks and uncertainties disclosed in LDK Solar's filings with the Securities and Exchange Commission. These forward-looking statements involve known and unknown risks and uncertainties and are based on information available to LDK Solar's management as of the date hereof and on its current expectations, assumptions, estimates and projections about LDK Solar and the solar industry. Actual results may differ materially from the anticipated results because of such and other risks and uncertainties. LDK Solar undertakes no obligation to update forward-looking statements to reflect subsequent events or circumstances, or changes in its expectations, assumptions, estimates and projections except as may be required by law.
LDK Solar Co., Inc.
CONTACT: Lisa Laukkanen of The Blueshirt Group, +1-415-217-4967, lisa@blueshirtgroup.com, for LDK Solar; or Jack Lai, Executive VP and CFO of LDK Solar Co., Ltd., +1-408-245-8801, IR@ldksolar.com; or Francesco Maggi, CEO of SAEM s.r.l., +39-080-3161196, direzione@saem.biz
Web Site: http://www.ldksolar.com/
AT&T Unveils Embedded Netbook and Laptop Offers Targeted at Small BusinessesPortfolio Features Lightweight 3G Devices and Ruggedized Solutions from Leading Manufacturers, Boosting Productivity for Businesses 'On-the-Go'
DALLAS, July 1 /PRNewswire-FirstCall/ -- Contrary to conventional wisdom, netbooks aren't just for consumers. AT&T* today announced another way for small businesses to enjoy access to the nation's fastest 3G network in 350 major U.S. metropolitan areas.
Small business customers nationwide can now purchase Acer, HP and Panasonic netbooks and laptops, featuring AT&T's embedded wireless technology, through the company's relationship with CDW, a provider of technology solutions. The effort is part of AT&T's initiative to introduce wireless capabilities into a wide variety of emerging devices beyond traditional handsets or smartphones and to enhance productivity for small businesses virtually wherever their business takes them.
These integrated devices come with AT&T 3G wireless connectivity built-in, offering a convenient option in lieu of external cards or antennas. Based on the global GSM standard, the devices enable small businesses to not only connect from coast to coast in the United States, but in more than 170 countries around the world, including more than 80 countries with 3G networks. With AT&T Communication Manager, small businesses purchasing embedded netbooks and laptops also have access to AT&T Wi-Fi hot spots, totaling some 20,000 domestically and more than 90,000 worldwide.
Purchasing AT&T embedded devices through CDW offers small businesses additional benefits, including:
-- Customization and configuration of devices to meet unique business
needs
-- Dedicated small business sales force to help determine which devices
will best serve a particular business
-- Ability to purchase as many units as needed
-- Convenient access via one source to a number of AT&T embedded devices
from leading manufacturers
-- 24/7 hardware tech support
"Today's small businesses want the best of both worlds - mobility and access speed - so they can keep connected virtually wherever they live and work," said Dan Walsh, senior vice president of Business Segment Marketing for AT&T. "Our mobile broadband offerings enable small business customers - whether they're at home, in the office or in the field - to get the most out of quality devices from leading netbook and laptop manufacturers. And with convenience of being able to purchase online or via a toll-free number, they're able to devote more time to taking care of their businesses."
With a two-year AT&T LaptopConnect 5GB monthly service plan, small business customers can purchase netbooks from CDW, starting as low as $199. In addition, laptops and, for customers that require more durable equipment, rugged Panasonic Toughbook(R) computers also are available, with up to $150 off of select models.
AT&T's 3G service allows small business customers to send and receive e-mail, including large attachments, while on the go; access the Internet, including corporate intranets or VPN's; and perform business applications, almost anywhere they can make a wireless phone call. Small businesses with existing netbooks or laptops can enjoy the same seamless access to the AT&T wireless network with the purchase of an AT&T LaptopConnect card and data plan.
Industry research firm IDC recently reported that worldwide shipments of mininotebooks (netbooks) in 2008 were 11.6 million units and projected that it would grow at a double-digit rate in the coming years.**
"With small businesses increasingly using technology to keep costs down and improve productivity, these devices are becoming more popular all the time," Walsh said. "Our goal is to offer a lineup of devices with superior connectivity that enable small businesses to fully access the Internet and company information 24/7, providing the best possible 'virtual office' experience."
Today's news reinforces AT&T's commitment to small business customers, coming on the heels of the company's June 3 "All for Less" announcement, highlighting the industry's first bundled offer targeted at small businesses that includes wireless, wired and high speed Internet services, starting at less than $100 a month. The bundle is available to qualifying small business customers (one to four lines in a single location) across AT&T's 22-state footprint. To qualify, customers must already have wireless service or purchase new wireless service from AT&T in addition to new or existing local voice, long distance voice and broadband services.
"We're delighted to provide our small business customers with several new options for selecting certified AT&T embedded notebooks, netbooks and Toughbook computing devices," said Kathleen Else, Mobility Practice manager for CDW. "Additionally, we can assist with any configuration needs to help customers save time and ensure that their units are ready to go, right out of the box."
Small businesses interested in AT&T embedded devices from Acer, HP or Panasonic, should contact CDW by calling toll-free 1-800-549-4CDW or by going online at http://www.cdw.com/attcorp.
Small businesses looking to find information about all AT&T products and services or free business resources such as webinars, white papers, training, case studies and best practices can visit att.com/onwardsmallbusiness.
*AT&T products and services are provided or offered by subsidiaries and affiliates of AT&T Inc. under the AT&T brand and not by AT&T Inc.
** IDC, Mininotebook Forecast and Analysis, 2007-2013, Doc # 218972, June 2009
About AT&T
AT&T Inc. is a premier communications holding company. Its subsidiaries and affiliates - AT&T operating companies - are the providers of AT&T services in the United States and around the world. With a powerful array of network resources that includes the nation's fastest 3G network, AT&T is a leading provider of wireless, Wi-Fi, high speed Internet and voice services. AT&T offers the best wireless coverage worldwide, offering the most wireless phones that work in the most countries. It also offers advanced TV services under the AT&T U-verse(SM) and AT&T |DIRECTV(SM) brands. The company's suite of IP-based business communications services is one of the most advanced in the world. In domestic markets, AT&T's Yellow Pages and YELLOWPAGES.COM organizations are known for their leadership in directory publishing and advertising sales. In 2009, AT&T again ranked No. 1 in the telecommunications industry on FORTUNE(R) magazine's list of the World's Most Admired Companies. Additional information about AT&T Inc. and the products and services provided by AT&T subsidiaries and affiliates is available at http://www.att.com/.
(C) 2009 AT&T Intellectual Property. All rights reserved. 3G service not available in all areas. AT&T, the AT&T logo and all other marks contained herein are trademarks of AT&T Intellectual Property and/or AT&T affiliated companies.
Note: This AT&T news release and other announcements are available as part of an RSS feed at http://www.att.com/rss. For more information, please review this announcement in the AT&T newsroom at http://www.att.com/newsroom.
AT&T Inc.
CONTACT: Brian Westrich of AT&T Inc., +1-314-982-9109, bwestric@attnews.us
Web Site: http://www.att.com/
Qiao Xing Mobile Announces Revised Financial Results for the Fourth Quarter and the Full Year Ended December 31, 2008
BEIJING, June 30 /PRNewswire-Asia-FirstCall/ -- Qiao Xing Mobile Communication Co., Ltd. ("Qiao Xing Mobile" or the "Company") , a domestic manufacturer of mobile handsets in China, today announced its revised financial results for the fourth quarter and the full year ended December 31, 2008.
After the Company's earnings release on May 12, 2009, Qiao Xing Mobile continued to finalize its full year 2008 financial results and determined that it was necessary to record a non-cash intangible asset impairment charge to write-down the value of its CECT brand due to the Company's strategic shift to focus more on its high-end VEVA brand.
The impairment charge resulted in a RMB22.3 million decrease in the Company's full year net income from the previously reported RMB446.1 million to RMB423.8 million and a RMB0.39 decrease in its diluted earnings per share from RMB7.38 to RMB6.99. For the fourth quarter ended December 31, 2008, the impairment charge reduced the Company's net income from RMB56.3 million to RMB34.0 million while diluted earnings per share decreased from RMB0.93 to RMB0.56. The full impact of the impairment charge on the Company's financial statements is set out in the attached statements.
About Qiao Xing Mobile Communication Co., Ltd.
Qiao Xing Mobile Communication Co., Ltd. is a domestic manufacturer of mobile handsets in China. The Company manufactures and sells mobile handsets based primarily on GSM, TD-SCDMA and WCDMA standards. It operates its business primarily through CEC Telecom Co., Ltd., or CECT, its 96.6%-owned subsidiary in China. In 2008, Qiao Xing Mobile introduced the VEVA series of mobile phones and began to open its own retail stores to target mid-income consumers in major cities throughout China. Through its manufacturing facility in Huizhou, Guangdong Province, China, and two research and development centers in Huizhou and Beijing, the Company develops, produces and markets a wide range of mobile handsets, with increasing focus on differentiated products that generate higher profit margins. For more information, please visit http://www.qxmc.com/ .
Qiao Xing Mobile Communication Co., Ltd. and Subsidiaries
Unaudited Condensed Consolidated Balance Sheets
(Amounts in thousands)
December 31, 2008
Previously
Revised announced
RMB RMB
Assets
Cash 2,907,148 2,907,148
Restricted cash 136,299 136,299
Accounts receivable, net 462,282 462,282
Bills receivable 43,516 43,516
Inventories 183,169 183,169
Prepayments to suppliers 363,907 363,907
Prepaid expenses and other current assets 38,996 38,996
Deferred income taxes 6,994 6,994
Deferred debt issuance costs, net 34,689 34,689
Total current assets 4,177,000 4,177,000
Property, machinery and equipment, net 167,233 167,233
Land use rights 35,304 35,304
Equity investment 7,803 7,803
Goodwill 112,814 112,814
Other intangible assets, net 22,766 49,001
Total assets 4,522,920 4,549,155
Liabilities, minority interests
and shareholders' equity
Short-term borrowings 983,950 983,950
Accounts payable 52,047 52,047
Prepayments from customers 42,551 42,551
Accrued liabilities 50,014 50,014
Amounts due to related parties 11,155 11,155
Other payables and current liabilities 7,227 7,227
Income taxes payable 38,462 38,462
Embedded derivative liability 124,130 124,130
Convertible notes 206,211 206,211
Total current liabilities 1,515,747 1,515,747
Deferred income taxes 320 4,255
Total liabilities 1,516,067 1,520,002
Minority interests 92,065 92,065
Shareholders' equity 2,914,788 2,937,088
Total liabilities, 4,522,920 4,549,155
minority interests and
shareholders' equity
Qiao Xing Mobile Communication Co., Ltd. and Subsidiaries
Unaudited Condensed Consolidated Statements of Operations
(Amounts in thousands, except share and per share data)
Year ended Three months ended
December 31, 2008 December 31, 2008
Previously Previously
Revised announced Revised announced
RMB RMB RMB RMB
Revenues 2,153,873 2,153,873 557,847 557,847
Cost of goods sold (1,287,096) (1,287,096) (336,749) (336,749)
Gross profit 866,777 866,777 221,098 221,098
Selling and distribution
expenses (146,551) (146,551) (35,388) (35,388)
General and administrative
expenses (44,231) (44,231) (8,838) (8,838)
Research and development
expenses (29,242) (29,242) (8,545) (8,545)
Amortization of intangible
assets (11,727) (11,727) (1,190) (1,190)
Impairment of intangible
assets (26,235) -- (26,235) --
Operating income 608,791 635,026 140,902 167,137
Interest income 24,405 24,405 4,658 4,658
Interest expense (165,506) (165,506) (65,783) (65,783)
Foreign exchange gain
(loss), net (5,142) (5,142) 1,700 1,700
Gain (loss) on
remeasurement of
embedded derivatives 144,939 144,939 (7,774) (7,774)
Loss on extinguishment of
convertible debts (10,634) (10,634) -- --
Other income (loss), net (1,431) (1,431) 1,642 1,642
Income before income tax
expense, minority
interests and
extraordinary item 595,422 621,657 75,345 101,580
Income tax expense (155,717) (159,652) (37,395) (41,330)
Income before minority
interests and
extraordinary item 439,705 462,005 37,950 60,250
Minority interests (15,901) (15,901) (3,901) (3,901)
Income before
extraordinary item 423,804 446,104 34,049 56,349
Extraordinary item - gain
on acquisition
of additional equity
interest in CECT -- -- -- --
Net income 423,804 446,104 34,049 56,349
Earnings per share:
- Basic 7.52 7.91 0.56 0.93
- Diluted 6.99 7.38 0.56 0.93
Weighted average number of
shares outstanding:
- Basic 49,216,000 49,216,000 47,610,000 47,610,000
- Diluted 56,386,000 56,386,000 47,610,000 47,610,000
For further information, contact:
Ms. Shi Heng
Qiao Xing Mobile Communication Co., Ltd.
Tel: +86-10-8219-3706
Email: shiheng@cectelecom.com
Qiao Xing Mobile Communication Co., Ltd.
CONTACT: Ms. Shi Heng of Qiao Xing Mobile Communication Co., Ltd., +86-10-8219-3706, or shiheng@cectelecom.com
Web site: http://www.qxmc.com/
Qiao Xing Mobile Announces Filing 2008 Annual Report on Form 20-F with the SEC
BEIJING, June 30 /PRNewswire-Asia-FirstCall/ -- Qiao Xing Mobile Communication Co., Ltd. (''Qiao Xing Mobile'' or ''the Company'') , a domestic manufacturer of mobile handsets in China, today announced that it has filed its annual report on Form 20-F for the year ended December 31, 2008 with the Securities and Exchange Commission on June 30, 2009. The annual report can be accessed on the Company's investor relations website at http://www.qxmc.com/ . Qiao Xing Mobile will provide a hard copy of the annual report on Form 20-F for the year ended December 31, 2008, which contains its audited consolidated financial statements, free of charge, to its shareholders upon request. Requests should be directed in writing to
Qiao Xing Mobile Communication Co., Ltd.
10th Floor CEC Building
6 Zhongguancun South Street
Beijing 100086, People's Republic of China.
About Qiao Xing Mobile Communication Co., Ltd.
Qiao Xing Mobile Communication Co., Ltd. is a domestic manufacturer of mobile handsets in China. The Company manufactures and sells mobile handsets based primarily on GSM, TD-SCDMA and WCDMA standards. It operates its business primarily through CEC Telecom Co., Ltd., or CECT, its 96.6%-owned subsidiary in China. In 2008, Qiao Xing Mobile introduced the VEVA series of mobile phones and began to open its own retail stores to target mid-income consumers in major cities throughout China. Through its manufacturing facility in Huizhou, Guangdong Province, China, and two research and development centers in Huizhou and Beijing, the Company develops, produces and markets a wide range of mobile handsets, with increasing focus on differentiated products that generate higher profit margins. For more information, please visit http://www.qxmc.com/ .
Safe Harbor Statement
This announcement contains forward-looking statements, as defined in the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. In some cases, these forward-looking statements can be identified by words or phrases such as "aim," "anticipate," "believe," "continue," "estimate," "expect," "intend," "is /are likely to," "may," "plan," "potential," "will" or other similar expressions. Statements that are not historical facts, including statements about Qiao Xing Mobile's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward- looking statement. Information regarding these factors is included in our filings with the Securities and Exchange Commission. Qiao Xing Mobile does not undertake any obligation to update any forward-looking statement, except as required under applicable law. All information provided in this press release is as of June 30, 2009, and Qiao Xing Mobile undertakes no duty to update such information, except as required under applicable law.
For further information, contact:
Ms. Shi Heng
Qiao Xing Mobile Communication Co., Ltd.
Tel: +86-10-8219-3706
Email: shiheng@cectelecom.com
Qiao Xing Mobile Communication Co., Ltd.
CONTACT: Ms. Shi Heng of Qiao Xing Mobile Communication Co., Ltd., +86-10-8219-3706, or shiheng@cectelecom.com
Web site: http://www.qxmc.com/
Oracle Prices $4.5 Billion of Investment Grade Notes
REDWOOD SHORES, Calif., June 30 /PRNewswire-FirstCall/ -- Oracle Corporation today announced the pricing of its sale of $1.5 billion of 3.750% Notes due 2014 (the "2014 Notes"), $1.75 billion of 5.000% Notes due 2019 (the "2019 Notes") and $1.25 billion of 6.125% Notes due 2039 (the "2039 Notes"). The offering is expected to settle on July 8, 2009.
(Logo: http://www.newscom.com/cgi-bin/prnh/20020718/ORCLLOGO)
The 2014 Notes will bear interest at the rate of 3.750% per year, the 2019 Notes will bear interest at the rate of 5.000% per year and the 2039 Notes will bear interest at the rate of 6.125% per year. Interest will be payable semi-annually on January 8 and July 8 for each of the 2014 Notes, the 2019 Notes and the 2039 Notes, commencing on January 8, 2010.
Oracle intends to use the net proceeds from the offering for general corporate purposes and future acquisitions, including the proposed acquisition of Sun Microsystems, Inc. and acquisition-related expenses.
The offering is being made through an underwriting syndicate led by Banc of America Securities LLC, Morgan Stanley & Co. Incorporated and Wachovia Capital Markets, LLC.
The offering of these securities is made only by means of a prospectus, copies of which may be obtained by contacting: Banc of America Securities LLC, Prospectus Department, 100 West 33rd Street, 3rd Floor, New York, New York 10001, Telephone: (800) 294-1322; Morgan Stanley & Co. Incorporated, 180 Varick Street, New York, NY 10014, Attention: Prospectus Department, Telephone: (866) 718-1649; or Wachovia Capital Markets, LLC, Wachovia Customer Information Center, 1525 West W.T. Harris Boulevard, Charlotte, NC 28262-0675, Telephone: (800) 326-5897.
The notes are being offered pursuant to an automatically effective shelf registration statement filed with the Securities and Exchange Commission on May 10, 2007.
Important Information
This press release does not constitute an offer to sell or the solicitation of an offer to buy securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful.
Photo: http://www.newscom.com/cgi-bin/prnh/20020718/ORCLLOGO http://photoarchive.ap.org/ PRN Photo Desk photodesk@prnewswire.com
Oracle Corporation
CONTACT: Ken Bond, Oracle Investor Relations, +1-650-607-0349, ken.bond@oracle.com, or Karen Tillman, Oracle Corporate Communications, +1-650-607-0326, karen.tillman@oracle.com
Web Site: http://www.oracle.com/
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