Companies news of 2009-10-17 (page 1)

  • Interline Brands, Inc. to Hold Third Quarter 2009 Conference Call
  • Universal Travel Group to Adopt EITF 07-05
  • U.S. Venture Capital Recovery Stalls as 3Q Investment Slumps; Trends Point to a Prolonged...
  • Cardiome Pharma Corp. Announces Final Results of Tender OfferNASDAQ: CRME TSX: COM



    Interline Brands, Inc. to Hold Third Quarter 2009 Conference Call

    JACKSONVILLE, Fla., Oct. 17 /PRNewswire-FirstCall/ -- Interline Brands, Inc. ("Interline" or the "Company"), a leading distributor and direct marketer of maintenance, repair and operations products, will hold a conference call October 30, 2009, at 9:00 a.m. Eastern Time to discuss its third quarter 2009 financial results. Michael Grebe, Chairman and Chief Executive Officer, will host the conference call and answer questions pertaining to the financial and operating results. The company expects to release third quarter 2009 results before the market opens on October 30, 2009 prior to the conference call.

    Interested parties may listen to the call toll free by dialing 1-800-427-0638 or 1-706-634-1170. A digital recording will be available for replay two hours after the completion of the conference call by calling 1-800-642-1687 or 1-706-645-9291 and referencing Conference I.D. Number 36222460. This recording will expire on November 13, 2009.

    About Interline

    Interline Brands, Inc. is a leading national distributor and direct marketer with headquarters in Jacksonville, Florida. Interline provides maintenance, repair and operations (MRO) products to a diversified customer base made up of professional contractors, facilities maintenance professionals, and specialty distributors across North America and Central America.

    CONTACT: Tom Tossavainen

    PHONE: (904) 421-1441

    Interline Brands, Inc.

    CONTACT: Tom Tossavainen, Interline Brands, Inc., +1-904-421-1441

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




    Universal Travel Group to Adopt EITF 07-05

    SHENZHEN, China, Oct. 16 /PRNewswire-Asia-FirstCall/ -- Universal Travel Group (NYSEAmex: UTA) (the "Company"), a growing travel services provider in China offering packaged tours, air ticketing, and hotel reservation services both online and via customer service representatives, today announced that the Company expects to restate its previously issued financial statements for the first two quarters of fiscal 2009 to reflect the proper adoption of non-cash related accounting treatment of warrants the Company issued in connection with the "Securities Purchase Agreement" dated August 28, 2008, based on Emerging Issues Task Force Issue No. 07-05, "Determining Whether an Instrument (or Embedded Feature) Is Indexed to an Entity's Own Stock" ("EITF 07-05").

    EITF 07-05 requires issuers to record as liabilities financial instruments which provide "down round" protection in the form of a "hard ratchet" adjustment mechanism to the relevant exercise or conversion price, which was originally designed to protect holders from dilutive issuances of a company's stock. EITF 07-05 was implemented for fiscal years beginning after December 15, 2008 and requires that warrants with such provisions no longer be recorded as equities and instead be recorded as liabilities since a hard ratchet provision may be considered a type of guarantee provided to the holder of the financial instrument. Universal Travel Group adopted EITF 07-05 to properly account for the value of warrants the Company issued in August 2008.

    As a result of this change in accounting treatment, the Company anticipates making a positive non-cash adjustment to its income statement of $113,000 for the first quarter of fiscal 2009 and a negative non-cash adjustment of $5.7 million for the second quarter of fiscal 2009. The Company also expects to record non-cash adjustments in subsequent reporting periods, depending on the changes in the fair value of the Company's warrants, which will be subject to, among other factors, changes in the Company's share price.

    Upon completing its assessment of the adoption of EITF 07-05, the Company expects to file amendments to its Form 10-Q for the affected quarterly periods as soon as possible.

    About Universal Travel Group

    Universal Travel Group, a growing travel services provider in China, is engaged in providing reservation, booking, and domestic and international travel and tourism services via the Internet and through customer service representatives. Under the theme "Wings towards a more colorful life" the company's core services include package tours for customers and reservation services for airline tickets and hotels. In 2007, Universal Travel Group completed the acquisitions of Shenzhen Speedy Dragon, specializing in air cargo transportation; Xi'an Golden Net, specializing in travel packaged tours; Shanghai LanBao, specializing in hotel reservation and Foshan Overseas International, a China-based company that handles domestic and international travel inquiries. In 2009, Universal Travel Group sold Shenzhen Speedy Dragon to focus on more profitable travel related businesses and its cost effective TRIPEASY Kiosks expansion. Universal Travel Group's goal is to become China's leading travel services provider in all fields of the tourism industry. For more information about the Company, please visit us.cnutg.com.

    Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995

    This press release contains certain statements that may include "forward-looking statements" within the meaning of federal securities laws. All statements, other than statements of historical facts, included herein are "forward-looking statements". Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including the Company's ability to successfully expand its market presence and those discussed in the Company's periodic reports that are filed with and available from the Securities and Exchange Commission. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.

    Company Contact: Mr. Jing Xie Secretary of Board and Vice President Universal Travel Group Phone: +86-755-8366-8489 Email: 06@cnutg.cn us.cnutg.com Investor Relations Contact: Mr. Crocker Coulson, President CCG Investor Relations Phone: +1-646-213-1915 (NY office) E-mail: crocker.coulson@ccgir.com http://www.ccgirasia.com/

    Universal Travel Group Inc.

    CONTACT: Company Contact: Mr. Jing Xie, Secretary of Board and Vice
    President of Universal Travel Group, +86-755-8366-8489, or 06@cnutg.cn;
    Investor Relations Contact: Mr. Crocker Coulson, President of CCG Investor
    Relations, +1-646-213-1915, or crocker.coulson@ccgir.com

    Web Site: http://us.cnutg.com/




    U.S. Venture Capital Recovery Stalls as 3Q Investment Slumps; Trends Point to a Prolonged Correction, ShakeoutDow Jones VentureSource: Venture Capital Investment Down 6% From Previous Quarter; IT Outpaces Health Care, But Only Slightly; Investors Favor Later Stage Deals

    Following an uptick in the second quarter, investments in U.S. venture-backed companies have stalled in the third quarter, putting 2009 on track to be the worst investment year since 2003, according to new data from industry tracker Dow Jones VentureSource. Venture capitalists invested $5.1 billion in 616 deals in the third quarter of 2009, down 6% from the $5.4 billion put into 595 deals during the second quarter of this year.

    This quarter's total is down 38% from the $8.2 billion invested in 663 deals during the third quarter of 2008.

    "The slow recovery we've seen for venture capital has faltered," said Jessica Canning, director of global research for Dow Jones VentureSource. "As liquidity and fundraising lag after the economic meltdown in 2008, investors have no choice but to keep a tight rein on investments until the industry is on more solid ground."

    Scott Austin, editor of Dow Jones VentureWire said: "The current investment pace will likely persist right through 2010, as long as limited partners -- the pension funds, university endowments and other suppliers of capital to venture firms -- continue to scale back their commitment levels to venture funds. With fewer dollars to put to work, venture firms will only invest in the most promising and capital-efficient companies going forward."

    IT Takes Back Reins From Health Care

    Information Technology (IT) is back on top after Health Care outpaced the sector for the first time on record in the second quarter of 2009. IT companies raised $1.9 billion in 270 deals during the third quarter of 2009 while Health Care saw $1.7 billion invested in 184 deals.

    "For the first time, Web 2.0 investments surpassed the software sector," said Ms. Canning. "Although the IT recovery has been sluggish, this quarter's investments in the Web-heavy information services sector are nearly double the investments made in the first quarter of this year."

    According to VentureSource, the U.S. software sector saw $581 million invested in 106 deals during the third quarter, a 55% decline from the $1.3 billion invested in 143 deals during the same period last year. This is the sector's lowest quarterly investment total since 1996.

    The information services sector, which includes most of today's Web 2.0 companies, saw investment of $627 million in 86 deals, a 11% increase from the $567 million invested in 74 deals in the third quarter of 2008.

    Medical Device Investments Nearly Match Biopharmaceuticals

    While Health Care came in a close second to IT, investment in the industry is down 25% over the same period last year.

    "Surprisingly, health care investment dropped significantly this quarter," said Ms. Canning. "After several years of growth, 2009 could end with the lowest amount invested in this space since 2000."

    The number of biopharmaceutical deals rose, but investment dropped 32% from last year. In the third quarter, investment in biopharmaceutical companies totaled $811 million across 83 deals, down from $1.2 billion raised through 73 deals last year.

    Investments in the medical devices sector were close behind. In the most recent quarter, venture capitalists invested $774 million in 77 deals, down 3% from $796 million raised in 63 deals in the third quarter last year.

    Energy Investment Plummets From Year Ago, But Up Over 2Q

    The Energy & Utilities industry raised just $415 million in 23 deals during the third quarter, down 70% from the $1.4 billion invested in 34 deals during the same period last year. Investments in the third quarter were up over the previous quarter which saw $310 million invested in 27 deals in the sector.

    Investment in the renewable energy sector fell substantially as 14 deals raised $343 million, 73% less than the $1.3 billion invested in 23 deals during the same quarter last year.

    Elsewhere, the Business and Financial Services industry attracted $560 million in 81 deals, down 32% from the $821 million invested in 91 deals during the third quarter last year. The Consumer Goods industry had a strong quarter with $207 million put into 14 deals, a slight increase from the $202 million invested in 15 deals last year. The Consumer Services industry saw $125 million invested in 20 deals, a 35% drop from the $192 million put into 24 deals last year. The Industrial Goods & Materials industry garnered $169 million in 17 deals, a 27% decrease from the $231 million put to work in 25 deals last year.

    Corporations Invest Instead of Acquire

    Corporations may be making fewer acquisitions, but they're stepping up their investing. During the third quarter, venture-backed companies raised 11 corporate rounds garnering $178 million, a 16% increase over the $153 million raised in the same number of rounds last year. This brings the year-to-date total to $650 million, well above the $541 million raised in 2008.

    VCs Favor Later Stage Deals, Deal Sizes Shrink

    In the most recent quarter, later stage companies accounted for 40% of deals while first-round deals accounted for 27% of the total deal count. During the same period last year, later stage companies accounted for 33% of deals while first-round deals accounted for 35% of the total deal count.

    By investment, later stage deals garnered 59% of venture dollars in the third quarter of 2009, up from 52% last year. The proportion of the quarter's investment total going to seed and first rounds was 16%, down from 18% last year. The proportion going to second rounds dropped to 22% from 27%. Recapitalizations accounted for roughly 3% of investments in the third quarter of 2009, on par with last year.

    The data also shows that median deal size fell to $5 million in the third quarter from the $7 million median seen a year ago. The $5 million median is consistent with the previous two quarters and is the lowest median deal size since 1999.

    Regional Perspectives

    As usual, California dominated venture capital activity in the third quarter, representing 41% of the nation's deal flow and 54% of the capital invested. By major region, the VentureSource data showed that:

    -- Investment in the San Francisco Bay Area fell 33% compared to the third quarter of 2008 with $2.2 billion with 183 deals completed. -- Texas garnered $192 million in venture capital with 29 deals done, up 44% from a year ago. -- New England garnered $526 million in 76 deals, a 37% decline from investment in the region during the third quarter of 2008. -- Venture capitalists invested 48% less capital in Southern California during the third quarter with $458 million put into 66 deals. -- The New York Metro region attracted $268 million in 56 deals, down 51% from a year ago. -- Investors put just $100 million into 16 deals in Colorado during the third quarter, after investing a record $300 million in the previous quarter. -- Investment in Washington dropped 47% from one year ago to $148 million with 18 deals completed. -- With seven venture deals, North Carolina's Research Triangle received $56 million in venture financing in the third quarter, 35% less than during the same period last year. -- The Potomac region attracted 39% less capital in the third quarter with $175 million going into 27 deals. About Dow Jones VentureSource's Research Methodology

    The investment figures included in this release were collected by surveying professional venture capital firms, through in-depth interviews with portfolio company CEOs and CFOs, and from a number of secondary sources. These statistics represent equity investments into early-stage, innovative companies only and do not include companies receiving funding solely from corporate, individual, and/or government investors, or from buyout or other non-VC investment firms.

    For deeper analysis, download the complete report from Dow Jones VentureSource at http://fis.dowjones.com/VS/3QUSFinancing.html. You can also follow the story at http://www.twitter.com/djventurewire. For general information about VentureSource, visit http://venturecapital.dowjones.com/.

    No statement herein is to be construed as a recommendation to buy or sell securities or to provide investment advice. Copyright © 2009, Dow Jones VentureSource About Dow Jones

    Dow Jones & Company (http://www.dowjones.com/) is a subsidiary of News Corporation (Nasdaq: NWS, NWS.A; ASX: NWS, NWSLV; http://www.newscorp.com/). Dow Jones is a leading provider of global business news and information services. Its Consumer Media Group publishes The Wall Street Journal, Barron's, MarketWatch and the Far Eastern Economic Review. Its Enterprise Media Group includes Dow Jones Newswires, Factiva, Dow Jones Client Solutions, Dow Jones Indexes and Dow Jones Financial Information Services. Its Local Media Group operates community-based information franchises. Dow Jones owns 50% of SmartMoney and 33% of Stoxx Ltd. and provides news content radio stations in the U.S.

    Dow Jones & Company

    CONTACT: Kim Gagliardi, Dow Jones & Company, +1-603-864-8873,
    kimberly.gagliardi@dowjones.com

    Web Site: http://www.venturecapital.dowjones.com/




    Cardiome Pharma Corp. Announces Final Results of Tender OfferNASDAQ: CRME TSX: COM

    VANCOUVER, Oct. 16 /PRNewswire-FirstCall/ -- Cardiome Pharma Corp. ("Cardiome" or the "Company") announced the final results of its modified "Dutch Auction" tender offer to purchase for cancellation up to US$27.5 million of its common shares (the "Offer"), which expired at 5:00 p.m. (Eastern time) on October 13, 2009. Cardiome has accepted 6,470,588 of its common shares for purchase and cancellation at a purchase price of US$4.25 per share (the "Purchase Price"), for an aggregate purchase price of US$27.5 million. The purchased shares represent approximately 9.7% of the outstanding common shares of the Company as of October 13, 2009. Following the cancellation of the common shares purchased under the Offer, 60,163,885 common shares of the Company will remain issued and outstanding.

    Based on the final report of the Depository, 7,209,211 common shares were properly tendered to the Offer at or below the Purchase Price. Subject to certain limited exceptions described in the offer to purchase and issuer bid circular for the Offer filed with securities regulatory authorities in Canada and the United States on September 1, 2009, shareholders who tendered their common shares to the Offer at a price equal to or less than the Purchase Price will have approximately 90% of their deposited common shares purchased by the Company. Payment for all common shares accepted for purchase under the Offer will be carried out promptly by the Depository. Because the paid up capital per common share exceeds the Purchase Price, shareholders will not be deemed to receive a dividend upon payment for their common shares.

    Common shares tendered to the Offer but not purchased, including common shares deposited at prices greater than the Purchase Price and common shares not purchased because of pro-ration or because the tendering shareholder's minimum conditional tender conditions were not met, will be returned to shareholders as promptly as possible.

    Oppenheimer & Co. and Canaccord Capital Corporation (the "Dealer Managers") served as dealer managers for the Offer in the United States and Canada, respectively, and Computershare Investor Services, Inc. (the "Depository") acted as depository.

    About Cardiome Pharma Corp.

    Cardiome Pharma Corp. is a product-focused drug development company dedicated to the advancement and commercialization of novel treatments for disorders of the heart and circulatory system. Cardiome is traded on the NASDAQ Global Market (CRME) and the Toronto Stock Exchange (COM). For more information, please visit our web site at http://www.cardiome.com/.

    Forward-Looking Statement Disclaimer

    Certain statements in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 or forward-looking information under applicable Canadian securities legislation that may not be based on historical fact, including without limitation statements containing the words "believe", "may", "plan", "will", "estimate", "continue", "anticipate", "intend", "expect" and similar expressions. Such forward-looking statements or information involve known and unknown risks, uncertainties and other factors that may cause our actual results, events or developments, or industry results, to be materially different from any future results, events or developments expressed or implied by such forward-looking statements or information. Such factors include, among others, our stage of development, lack of product revenues, additional capital requirements, risk associated with the completion of clinical trials and obtaining regulatory approval to market our products, the ability to protect our intellectual property, dependence on collaborative partners and the prospects for negotiating additional corporate collaborations or licensing arrangements and their timing. Specifically, certain risks and uncertainties that could cause such actual events or results expressed or implied by such forward-looking statements and information to differ materially from any future events or results expressed or implied by such statements and information include, but are not limited to, the risks and uncertainties that: we, together with our collaborative partners, may not be able to successfully develop and obtain regulatory approval for vernakalant (iv) or vernakalant (oral) in the treatment of atrial fibrillation or any other current or future products in our targeted indications; our future operating results are uncertain and likely to fluctuate; we may not be able to raise additional capital; we may not be successful in establishing additional corporate collaborations or licensing arrangements; we may not be able to establish marketing and sales capabilities and the costs of launching our products may be greater than anticipated; we rely on third parties for the continued supply and manufacture of vernakalant (iv) and vernakalant (oral) and we have no experience in commercial manufacturing; we may face unknown risks related to intellectual property matters; we face increased competition from pharmaceutical and biotechnology companies; and other factors as described in detail in our filings with the Securities and Exchange Commission available at http://www.sec.gov/ and the Canadian securities regulatory authorities at http://www.sedar.com/. Given these risks and uncertainties, you are cautioned not to place undue reliance on such forward-looking statements and information, which are qualified in their entirety by this cautionary statement. All forward-looking statements and information made herein are based on our current expectations and we undertake no obligation to revise or update such forward-looking statements and information to reflect subsequent events or circumstances, except as required by law.

    Cardiome Pharma Corp.

    CONTACT: Peter K. Hofman, Senior Director, Investor Relations, (604)
    676-6993 or Toll Free: 1-800-330-9928, Email: phofman@cardiome.com

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