Companies news of 2009-11-03 (page 8)
UTStarcom Announces SOFTBANK TELECOM as First NetRing(TM) TN Customer
Fannie Mae Redemption
MinuteClinic Becomes Participating Provider With Blue Cross and Blue Shield of Oklahoma
Raytheon Wins Workforce Management Magazine's 2009 Optimas AwardGlobal innovation enables...
Private Media Group Completes Acquisition of Leading Online Distribution Platform Sureflix
CityCenter Introduces Vdara Health & Beauty, An Intimate Spa Focused on Holistic Health...
SGD Holdings, Ltd. Subsidiary, Ecopaper, Inc., Provides Shareholder Update
Magellan Midstream Announces Third-Quarter ResultsOperating Profit from Core Fee-based...
Sinotel Technologies Ltd. Obtains American Depository Receipt Ticker 'SNOXY'
Xinyuan Real Estate Co., Ltd. Acquires Parcels of Land in Xuzhou and Jinan
Spectra Energy to Host Analyst/ Investor Meeting in New York on November 10
Goodrich to Address Oppenheimer's 4th Annual Industrials ConferenceAddress to be webcast...
Synopsys TetraMAX ATPG Cuts Test Development Schedule at Arrow ElectronicsMulticore...
Webcast Alert: Tractebel Energia S.A. Announces Third Quarter 2009 Results Conference Call...
GenVec to Present at Merriman Curhan Ford's Investor Summit 2009
Greenscape Portfolio Companies Announce New Contracts, Momentum Grows
Good Life China Corp (GLCC) Narrows Targeted Merger Candidate To Organic Agricultural...
Global General (GLGT) ITI Bio Tech Agreement with Marketing Company in Florida for...
Greenscape portfolio companies announce new contracts, momentum growsAnnouncement...
Wound Management Technologies Announces Cytokine Study Presentation at the Tri-Society...
ZIM Corporation announces investment and licensing agreement with Seregon Solutions Inc.
Parker Scheduled to Present at Goldman Sachs Global Industrials Conference on November 4...
Marathon Oil Corporation Reports Third Quarter 2009 Results
Smart Balance Announces Nationwide Milk Rollout- Strong performance in lead markets in...
Merszei Named President of Dow Europe, Middle East and Africa, and Chairman of Dow...
Borders Launches New Holiday In-Stock Guarantee -- If Your Book is Not in the Store,...
SEI Named Best Funds of Hedge Funds Administrator at HFMWeek Service Provider AwardsPoints...
Retailers to Give Thousands of New Winter Coats to Underprivileged Elementary School...
Video: Band Hero(TM), The Biggest Music Event To Hit Living Rooms This Holiday Season, Is...
Heartland, Inc. Announces Grand Opening of Heartland Steel's New Manufacturing and...
UTStarcom Announces SOFTBANK TELECOM as First NetRing(TM) TN Customer
ALAMEDA, Calif., Nov. 3 /PRNewswire-FirstCall/ -- UTStarcom, Inc. announced that SOFTBANK TELECOM Corp. a wholly owned subsidiary of SOFTBANK Corp., will be the first customer to commercially deploy its NetRing(TM) Transport Network product portfolio (NetRing(TM) TN). NetRing(TM) TN includes new multiprotocol label switching - transport profile (MPLS-TP) solutions designed to overhaul existing mobile backhaul networks, provide Ethernet services and deliver broadband aggregation applications.
(Logo: http://www.newscom.com/cgi-bin/prnh/20051013/SFTH063LOGO)
"Our recent announcement of the expanded TN portfolio highlighted our new offerings and we're delighted to have SOFTBANK TELECOM as our first customer deployment," said Peter Blackmore, CEO and president of UTStarcom. "In addition to aiding network efficiency, our TN portfolio will help SOFTBANK TELECOM realize revenue generating opportunities in Japan."
SOFTBANK TELECOM will use UTStarcom's NetRing(TM) TN products to help realize significant operating expense savings by offering a power efficient and space-optimized design with enhanced operation and maintenance capabilities. The NetRing(TM) TN solution also includes a powerful service-oriented network management that will enable SOFTBANK TELECOM to create new services rapidly.
"We are migrating to a network solution which unifies enterprise, consumer and mobile networks, with the aim of realizing the efficient utilization of the network and a reduction in operating costs," said Junichi Miyakawa, executive vice president, director of SOFTBANK TELECOM Corp. "We have confidence that the introduction of UTStarcom's NetRing TN series will enable us to meet those goals, being an effective solution for responding flexibly to a diverse range of new business needs and thus greatly contributing to the further expansion of the SOFTBANK Group's business and an increase in our profitability."
Specifically, SOFTBANK TELECOM will use UTStarcom's NetRing(TM) TN platform to migrate its existing aggregation network from legacy Synchronous digital hierarchy/ asynchronous transfer mode (SDH/ATM) to a packet based network for the delivery of high-speed services. This will enable SOFTBANK TELECOM to offer new Ethernet-based Enterprise services - in addition to high-speed broadband, voice, video services - in the Tokyo, Osaka and Nagoya regions.
For more information about the NetRing(TM) TN solutions portfolio, please visit http://www.utstar.com/Products/Optical_Transport_Networks/MPLS-TP/.
About SOFTBANK TELECOM Corp.
SOFTBANK TELECOM Corp., who as part of the SOFTBANK Group are targeting fixed communications and network services for corporations, are presenting a unified Corporate ICT solution that exploits to a maximum the group synergy between SOFTBANK MOBILE Corp. and SOFTBANK BB Corp. in order to not only provide and operate a stable infrastructure as a carrier, but also with the objective of improving the productivity of their customers and contributing to business improvement.
About UTStarcom, Inc.
UTStarcom is a global leader in IP-based, end-to-end networking solutions and international service and support. The company sells its solutions to operators in both emerging and established telecommunications markets around the world. UTStarcom enables its customers to rapidly deploy revenue-generating access services using their existing infrastructure, while providing a migration path to cost-efficient, end-to-end IP networks. The company was founded in 1991 and is headquartered in Alameda, California. For more information about UTStarcom, visit the company's Web site at http://www.utstar.com/.
Forward-Looking Statements
This press release contains forward-looking statements regarding UTStarcom's future strategy, including statements regarding the company's transport network product portfolios. These statements are forward-looking in nature and subject to risks and uncertainties that may cause actual results to differ materially. Factors that could cause actual results to differ materially from those contained in our forward-looking statements include: risks associated with delays in product development or customer acceptance and implementation of new products and technologies; economic issues in the identified geographic markets; and changes in government regulation and licensing requirements. Please also refer to UTStarcom's periodic reports that are filed from time to time with the Securities and Exchange commission, including our latest Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. UTStarcom assumes no obligation to, and does not currently intend to, update these forward-looking statements.
Photo: http://www.newscom.com/cgi-bin/prnh/20051013/SFTH063LOGO http://photoarchive.ap.org/ photodesk@prnewswire.com
UTStarcom, Inc.
CONTACT: Barry Hutton, Senior Director, Investor Relations of UTStarcom, Inc., +1-510-769-2807, barry.hutton@utstar.com; or Sara Zavala, Account Supervisor of Edelman, +1-702-644-2465, sara.zavala@edelman.com, for UTStarcom, Inc.
Web Site: http://www.utstar.com/
Fannie Mae Redemption
WASHINGTON, Nov. 3 /PRNewswire-FirstCall/ -- Fannie Mae will redeem the principal amounts indicated for the following securities issues on the redemption dates indicated below at a redemption price equal to 100 percent of the principal amount redeemed, plus accrued interest thereon to the date of redemption:
Principal Security Interest Maturity Date CUSIP Redemption Date
Amount Type Rate
$145,000,000 MTN 4.733% August 13, 2012 3136F8WT8 November 13, 2009
$30,000,000 MTN 2.250% February 13, 2014 3136F96K4 November 13, 2009
$75,000,000 MTN 5.500% November 13, 2017 3136F8WZ4 November 13, 2009
Fannie Mae exists to expand affordable housing and bring global capital to local communities in order to serve the U.S. housing market. Fannie Mae has a federal charter and operates in America's secondary mortgage market to enhance the liquidity of the mortgage market by providing funds to mortgage bankers and other lenders so that they may lend to home buyers. Our job is to help those who house America.
This press release does not constitute an offer to sell or the solicitation of an offer to buy securities of Fannie Mae. Nothing in this press release constitutes advice on the merits of buying or selling a particular investment. Any investment decision as to any purchase of securities referred to herein must be made solely on the basis of information contained in Fannie Mae's applicable Offering Circular, and that no reliance may be placed on the completeness or accuracy of the information contained in this press release.
You should not deal in securities unless you understand their nature and the extent of your exposure to risk. You should be satisfied that they are suitable for you in the light of your circumstances and financial position. If you are in any doubt you should consult an appropriately qualified financial advisor.
Fannie Mae
CONTACT: Latressa Cox of Fannie Mae, +1-202-752-6707
Web Site: http://www.fanniemae.com/
MinuteClinic Becomes Participating Provider With Blue Cross and Blue Shield of Oklahoma
MINNEAPOLIS, Nov. 3 /PRNewswire/ -- MinuteClinic, the pioneer and largest provider of retail health care in the United States, announced that it has become a participating provider with Blue Cross and Blue Shield of Oklahoma, the state's oldest and largest private health insurer.
Blue Cross and Blue Shield of Oklahoma provides health care benefit plans for more than 600,000 Oklahomans. Those members will now have access to MinuteClinic health care centers located inside select CVS/pharmacy stores in the Oklahoma City market.
"This is an important development in the growth of our business in Oklahoma as we expand access to care to thousands of new customers," said Andrew Sussman, MD, MinuteClinic President and Chief Operating Officer. "By offering high quality treatment in a convenient setting, we can work with Blue Cross and Blue Shield of Oklahoma to help reduce health care insurance expenses for its members as well as time spent away from members' families and the workplace."
MinuteClinic health care centers are staffed by nurse practitioners who specialize in family health care and are trained to diagnose, treat and write prescriptions for common family illnesses such as strep throat and ear, eye, sinus, bladder and bronchial infections. Minor wounds, abrasions and joint sprains are treated, and common vaccinations such as influenza, tetanus, MMR, and Hepatitis A & B are available at all locations. In addition, MinuteClinic administers a series of wellness services designed to help consumers identify lifestyle changes needed to improve their current and future health, including screenings for diabetes, hypertension and obesity.
MinuteClinic nurse practitioners utilize nationally recognized medical protocols to diagnose and treat health conditions. With the patient's consent, treatment information is shared with his or her primary care physician to facilitate continuity of care. In addition, patients can also download their MinuteClinic visit summary to an electronic personal health record.
In Oklahoma, MinuteClinic health care centers are open seven days a week with extended weekday evening hours. No appointment is necessary.
About MinuteClinic
Minneapolis-based MinuteClinic is a subsidiary of CVS Caremark Corporation , the No. 1 provider of prescriptions and related health care services in the nation. MinuteClinic launched the first retail health care centers in the United States in 2000 and is the first provider to establish a national presence with about 500 locations in 25 states. By creating a health care delivery model that responds to consumer demand, MinuteClinic makes access to high-quality medical treatment easier for more Americans. The company has generated more than 5 million patient visits, with a 95 percent customer satisfaction rating. A recognized leader in the patient-centric health care movement, MinuteClinic consistently brings innovation to the marketplace and sets new standards for clinical quality that exceed the national guidelines established for store-based clinics by the American Medical Association (AMA) and the American Academy of Family Physicians (AAFP). MinuteClinic is the first retail health care provider to receive accreditation from The Joint Commission, the national evaluation and certifying agency for nearly 15,000 health care organizations and programs in the United States. For more information, visit http://www.minuteclinic.com/.
MinuteClinic
CONTACT: Brent Burkhardt for MinuteClinic, +1-410-986-1303, bburkhardt@tbc.us, or Christine Cramer for CVS Caremark, +1-401-770-3317, ckcramer@cvs.com
Web Site: http://www.minuteclinic.com/
Raytheon Wins Workforce Management Magazine's 2009 Optimas AwardGlobal innovation enables successful learning solutions for clients worldwide
DALLAS, Nov. 3, 2009 /PRNewswire/ -- Raytheon Professional Services LLC, a subsidiary of Raytheon Company , has won Workforce Management magazine's 2009 Optimas Award in the Global Outlook category.
The annual Optimas Awards recognize companies whose workforce management initiatives achieve business results and streamline global operations and efficiencies. RPS won for the success of its global training operations that support clients worldwide.
"Our investment in developing best-in-class tools and processes, coupled with our integrated learning systems approach, has enabled our global clients to realize greater business results," said David Letts, RPS vice president and general manager. "It's gratifying when these program advances are recognized by organizations such as Workforce Management."
The Global Outlook Optimas Award recognized RPS initiatives including implementation of common learning systems and tools; alignment of common standards; and execution of common design and development processes. These resulted in RPS working more effectively as a global organization, while enabling enhanced support and adding greater value to the learning solutions provided to global clients.
A business unit of Raytheon Technical Services Company LLC, RPS is a global leader in training services and outsourcing. With more than 1,000 learning professionals serving clients in more than 100 countries and 39 languages, RPS improves clients' business performance by redesigning how they train their employees, customers and partners; implementing their new training design; and managing their training engagements.
Raytheon Company, with 2008 sales of $23.2 billion, is a technology and innovation leader specializing in defense, homeland security and other government markets throughout the world. With a history of innovation spanning 87 years, Raytheon provides state-of-the-art electronics, mission systems integration and other capabilities in the areas of sensing; effects; and command, control, communications and intelligence systems, as well as a broad range of mission support services. With headquarters in Waltham, Mass., Raytheon employs 73,000 people worldwide.
Raytheon Company
CONTACT: Peg Albert of Raytheon Company, +1-972-205-5200, peg.albert@raytheon.com
Web Site: http://www.raytheon.com/
Company News On-Call: http://www.prnewswire.com/comp/149999.html http://www.prnewswire.com/comp/742575 .html
Private Media Group Completes Acquisition of Leading Online Distribution Platform Sureflix
BARCELONA, Spain, Nov. 3 /PRNewswire-FirstCall/ -- Private Media Group, Inc. announced today that on October 29 it finalized the acquisition of Sureflix Digital Distribution ("Sureflix"), the world leader in digital distribution of premium gay content and owners of maleflixxx .tv, splashshots .com. The acquisition provides Private with a leadership position in the lucrative gay market.
Commenting on the Company's decision to make this acquisition, Ilan Bunimovitz, Chief Executive Officer of Private explained: "With Sureflix, we extend our platform into yet another new market and broaden our leading position in the adult industry into the gay space. Together, we offer the most comprehensive catalog to affiliates and consumers. This is an accretive acquisition and it will act as a strategic accelerator for both parties, enabling growth into new markets and territories while opening up new business relationships."
Speaking about the synergies between Sureflix and Private, Eric Jonson, President of Sureflix, said: "It is hard to imagine a better fit. As part of Private, we will be able to offer members of the industry the best distribution network. This deal opens many revenue channels and allows us to deliver the distribution muscle of a storied international brand to our premium catalog."
The acquisition agreement was signed on October 9, 2009 and the agreement provides for the issuance of 3,900,000 unregistered shares, or 6% of total shares outstanding following issuance, of Private common stock to the owners of Sureflix and related companies upon completion of the acquisition, and up to an additional 2,100,000 shares of Private common stock based on earnout targets.
The combined pro-forma revenue of the two entities for the six months ending June 30, 2009 was USD 19.3 million compared to USD 16.0 million in revenue for the same period for Private alone, a 21% difference.
About Sureflix
Sureflix is a leading global supplier of adult programming. Sureflix operates a vast network of pay-per-view VOD Websites and has a North American broadcast presence. Sureflix represents premium production studios in the various worldwide television broadcast markets (cable, satellite), mobile, IPTV as well as the various Internet VOD markets. Sureflix has not only in-depth knowledge of adult programming, but also significant VOD technology and marketing expertise. Sureflix launched its flagship site in 2001 and has continued, with steady growth across all markets since this point.
Visit sureflix.com for more information.
About Private Media Group
Founded in 1965, NASDAQ listed Private Media Group (PRVT) is a brand-driven world leader in adult entertainment, operating a global content distribution network with a wide range of platforms including mobile telephone handsets via 85 network operators in 36 countries, digital TV via 35 platforms in 18 countries, broadband Internet, television broadcasting, DVDs and magazines. Private Media Group owns the worldwide rights to its extensive archive of high-quality content, and also licenses its Private and "Silver Girls" trademarks internationally for a select range of luxury consumer products. Private is the world's preferred content provider of adult entertainment to consumers anywhere, at any time and across all distribution platforms and devices.
Corporate site: prvt.com, consumer site: private .com
Disclaimer
This release contains, in addition to historical information, 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, which reflect the Company's current judgments of those issues. Forward-looking statements in this press release include expectations about the timing of the merger and the satisfaction of closing conditions to the transaction, including the receipt of regulatory approvals. Actual results may differ materially from those contained in the forward-looking statements in this press release. Private undertakes no obligation to, and does not intend to, update these forward-looking statements to reflect events or circumstances occurring after this press release. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. In addition, because those statements are forward-looking and apply to future events, they are subject to such risks and uncertainties, which could lead to results materially different than anticipated by the Company.
For further information please contact:
Simon Jordan
Marketing Department
Private Media Group
Tel +34 93-620 80 90
simon.jordan@private.com
Private Media Group
CONTACT: Simon Jordan, Marketing Department of Private Media Group, +34 93-620 80 90, simon.jordan@private.com
Web Site: http://www.prvt.com/
CityCenter Introduces Vdara Health & Beauty, An Intimate Spa Focused on Holistic Health and Well-BeingReservations Now Being Accepted
LAS VEGAS, Nov. 3 /PRNewswire/ -- Vdara Hotel & Spa at CityCenter introduces Vdara Health & Beauty, a sensuous spa sanctuary that spotlights holistic health and well-being in an intimate environment. Opening December 1, Vdara Health & Beauty will be an 18,000-square-foot, two-level spa, salon and fitness center celebrating the calming power of water. The spa will present a thoughtfully orchestrated journey, personalized to maximize each guest's experience.
Committed to sustainable luxury, Vdara Health & Beauty will be the first Las Vegas spa in the Green Spa Network and has carefully chosen retail partners that share its concern for the environment. The spa also will be committed to using organic or wild-crafted, paraben-free products; the implementation of a recycling program and use of recycled paper for spa materials; and will provide natural nail services using a vegan treatment line.
All are invited to experience Vdara Health & Beauty's personalized service. The Spa and Salon now are accepting reservations via (866) 391-7111 or (702) 590-2030.
SPA ELEMENTS
Design
-- Spa guests will have easy access to Vdara Health & Beauty; the
elevator will open directly into the spa reception area on the second
level of the hotel. As guests enter, they will be welcomed by a
two-story waterfall comprised of shimmering strings of beads that
glisten as water cascades down them into the reflective pool below.
Sapele wood floors with mink marble and river-stone floor accents will
create a sleek and modern look throughout the space.
-- Each level of the spa will express a distinct atmosphere laced with
luxury. The first level will be a light, social space where patrons
can mingle in the main reception lobby, enter the fitness center and
salon, browse the spa boutique or enjoy a glass of bubbly at the
Champagne Bar. The wellness spa on the second level will inspire a
calm and soothing energy.
Wellness Spa
-- Vdara Health & Beauty's wellness spa will feature 11 private treatment
rooms, men's and women's retreats, and serene lounges. As guests relax
in their respective retreats, they will unwind with a selection of
herbal teas and apothecary-infused water, and enjoy redwood saunas and
eucalyptus steam rooms. Intimate lounges will feature inviting soaking
tubs and dramatic circular waterfalls that spill over into the pools
of water.
-- The Relaxation Lounge and Meditation Lounge each will provide quiet
getaways where guests can unwind amongst soothing water features and
lighting. In the Meditation Lounge, a metallic mosaic sheathed in
iridescent blue and gold tones will illuminate a curtain of water that
flows behind a candlelit ledge.
Spa Treatments
-- Treatments will be both classic and creative with a focus on holistic
health and will incorporate high-grade and organic ingredients derived
from fruits, herbs, flowers, vegetables and oils. The spa menu will be
comprised of a variety of massages, body treatments and skin care
services.
-- Vdara Health & Beauty is the first resort spa in Las Vegas to launch
Dr. Obagi's new line, ZO Skin Health, for facial services and home
care. The philosophy of this line is to create change at the cellular
level, to re-energize aging skin and constantly stimulate cellular
function by saturating skin with stabilized retinol, advanced peptides
and powerful antioxidants.
-- Also featured at Vdara Health & Beauty, Naturopathica Holistic
Health's signature products will inspire healthy lifestyles through
innovative natural products. The products contain no petroleum-based
ingredients, artificial dyes or fragrances and are fortified with the
highest-quality therapeutic essential oils and herbs.
-- Other spa treatment lines will include Akhassa, Chocolate Sun, Red
Flower and Peter Thomas Roth.
Salon Services
-- The salon at Vdara Health & Beauty will boast a full menu of services
for men and women including professional hair design, spa manicures
and pedicures, and makeup artistry. Professional hair care products
from Morrocanoil and Kerastase will offer a variety of options for
conditioning treatments and styling.
-- Aveda also will be included as one of the lush options for hair
treatment. Aveda was founded with the goal of providing beauty
industry professionals with high-performance, botanically based
products that are better for guests, and the planet. Aveda is one of
the largest purchasers of organic ingredients in the personal care
industry.
-- SpaRitual, known for creating eco-friendly products, will be Vdara
Health & Beauty's nail care line. SpaRitual has developed a collection
of sophisticated nail elixirs to nourish cuticles, build strong nails
and establish a flawless environment for color. SpaRitual also is the
first to offer DBP, formaldehyde and toluene-free nail elixirs in the
professional nail care industry and the first spa treatment line of
vegan nail care products.
-- Makeup artistry will incorporate BeingTRUE cosmetics, truly modern
makeup that features ideal color palettes for every skin tone and
promises all-day flawlessness. Surpassing the long-acknowledged
benefits of traditional mineral makeup, BeingTRUE offers additional
aging defense with super antioxidant Idebenone.
Fitness Center
-- A variety of cardio equipment with individual entertainment centers,
exercise machines and free weights will be available in the fitness
center. Fitness classes will include strength training and yoga, with
personal trainers and yoga instructors available for individual or
group instruction. A registered dietician also will be available for
nutritional consultation.
Champagne Bar
-- Located in the lobby of Vdara Health & Beauty, the Champagne Bar will
include a thoughtful selection of champagne and wine for guests to
enjoy while relaxing in the lobby or experiencing a manicure, pedicure
or hair service in the salon.
Spa Boutique
-- The spa boutique will carry a discerning selection of products that
support the spa lifestyle including wellness books, bath and body
products, skin care, cosmetics, hair care, sun care and apparel. To
complement the spa treatment menu, products from Akhassa, Aveda,
BeingTRUE, Chocolate Sun, Moroccanoil, Naturopathica, SpaRitual,
Kerastase, Peter Thomas Roth, Red Flower and ZO Skin Health also will
be available for purchase.
Spa Cabanas at Sky Pool & Lounge
-- Guests also will be able to enjoy spa and salon treatments poolside at
Sky Pool & Lounge, located on Vdara's third level. Sky Pool & Lounge
will boast six spa cabanas with interior seating, outdoor chaise
lounges and private plunge pools. Poolside spa treatments will feature
Akhassa, a line inspired by spa rituals from Thailand with properties
of lemongrass, Kaffir lime, jasmine and hibiscus flower. Spa cabana
rentals are available seasonally.
Vdara is an all-suite hotel and spa designed for those who love the excitement of Las Vegas but prefer to enjoy it in an exclusive, non-gaming and smoke-free environment. Solidifying CityCenter's commitment to sustainability, Vdara has achieved LEED®* Gold certification by the U.S. Green Building Council. Designed by RV Architecture, LLC, led by Rafael Vinoly, Vdara's distinctive crescent shape and unique skin of patterned glass will create one of the most striking design statements in the city. Physically connected to Bellagio and adjacent to ARIA Resort & Casino, Vdara will offer access to all of the entertainment, gaming, shopping, dining and nightlife at CityCenter and throughout Las Vegas, while also providing a retreat from it all.
Vdara is located at CityCenter, a dazzling vertical city located between Bellagio and Monte Carlo resorts on the Las Vegas Strip. Nightly rates will range from $159 to $2,000. Reservations are available via http://www.vdara.com/ or 866-745-7767 for December 1 and beyond.
* The LEED® (Leadership in Energy and Environmental Design) Green Building Rating System is the nationally accepted benchmark for the design, construction, and operation of high-performance green buildings. The 'LEED Certification Mark' is a registered trademark owned by the U.S. Green Building Council and is used by permission.
MGM MIRAGE
CONTACT: Natalie Mounier, Kirvin Doak Communications, +1-702-737-3100; nmounier@kirvindoak.com
Web Site: http://www.vdara.com/
SGD Holdings, Ltd. Subsidiary, Ecopaper, Inc., Provides Shareholder Update
VENTURA, Calif., Nov. 3 /PRNewswire-FirstCall/ -- SGD Holdings, Ltd. (Pink Sheets: SGDH), announced today that its wholly-owned subsidiary, Ecopaper, Inc., has hired 7 new employees to focus on the growth of sales and customer care of current accounts. With product demand increasing, it was necessary to hire more people.
To prepare for customer growth, Ecopaper, Inc. has fully re-designed its website to be faster, scalable for growth, feature-rich, more user friendly and attractive.
The company is currently working on the preparation of its financial statements and plans to distribute them for viewing in the near future. "We are happy to report that the company's current operations are profitable, and we believe our potential for future revenue growth is very promising. We are strategically lining ourselves with big players, and the "green" market seems to be endless," stated Harry Johansing, President of SGD.
The company is also announcing that Ian Ratowsky has been named Creative Director of Ecopaper, Inc. Mr. Ratowsky developed the original concept for the industrial manufacture of banana, coffee, lemon, and mango natural fiber papers. He now joins his former partner, Harry Johansing, to advance Ecopaper in creating a global natural fiber paper and products corporation. Prior to joining Ecopaper, Inc., Mr. Ratowsky was the founding partner in the Costa Rica Natural Paper Company, as well as founder and CEO of an eco-based, all natural hair and body care company, also based in Costa Rica. "Mr. Ratowsky brings extensive international tree free paper experience to the company as well as experience in natural fiber procurement, paper designs, mill alliances and successful product marketing and design. He spent 8 years as President of Principal Material, S.A. where he sourced, acquired and produced proprietary chemicals for the environmental industry. We are very excited he has joined our team," stated Harry Johansing.
About Ecopaper, Inc.
Ecopaper, Inc. is the first company in the history of the paper industry to create and market treeless paper of a superior quality. Every page of Ecopaper is smooth, acid-free, durable, chemical-free, and made in Costa Rica. Ecopaper, Inc. has developed an innovative and economically feasible option for the removal of 230,000 tons of agro-industrial waste that are dumped yearly in Costa Rica alone. The company's challenge is to invent new processes and create paper from exotic tropical fibers from waste materials in new textures and tones for consumers. The results of processing these exotic tropical fibers are items that both appeal to the consumer and positively impact the environment.
About SGD Holdings, LTD.
SGD Holdings, LTD. Is a holding company which owns and operates through its wholly-owned subsidiary, Ecopaper, Inc. (http://www.ecopaper.com/). Its goal is to acquire new technologies which can positively impact the environment either though internal development or by acquisition.
Safe Harbor Act Disclaimer
Forward-looking statements in this release are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to certain risks, and uncertainties and actual results could differ from those discussed. This material is information only and is not an offer or solicitation to buy or sell the securities.
SGD Holdings, Ltd.
CONTACT: Bryce Boucher, +1-805-644-4462, bryce@ecopaper.com, for SGD Holdings, Ltd.
Magellan Midstream Announces Third-Quarter ResultsOperating Profit from Core Fee-based Transportation and Terminals Activities Increased 25% Between Periods
TULSA, Okla., Nov. 3 /PRNewswire-FirstCall/ -- Magellan Midstream Partners, L.P. today reported financial results for third quarter 2009. Third-quarter 2009 operating profit was $74.8 million compared to $83.4 million for third quarter 2008. The 2008 period benefited from unusually high product margin (defined as product sales revenues less product purchases). Excluding product margin, operating profit from the partnership's core fee-based transportation and terminals activities increased $11.2 million, or 25%, in the 2009 period.
Net income was $54.2 million for third quarter 2009 compared to $69.4 million for third quarter 2008. Excluding product margin, net income increased in the current quarter by $4.6 million, or 15%.
Net income per limited partner unit was 43 cents for third quarter 2009 compared to 46 cents for third quarter 2008. The number of units used for this calculation is primarily based on the 62.6 million historical units of Magellan Midstream Holdings, L.P. (MGG) multiplied by the 0.6325 simplification exchange ratio for periods prior to Sept. 28, 2009, when the new MMP units were deemed issued, and on the post-simplification total MMP unit count of 106.6 million units thereafter.
Previous net income per limited partner unit guidance did not include the impact of the simplification. Excluding the accounting implications of the simplification, net income per limited partner unit would have been 58 cents for third quarter 2009 compared to previous guidance of 50 cents. A reconciliation of reported net income and net income per limited partner unit for third quarter 2009 to these financial results excluding the accounting implications of the simplification accompanies this news release.
The simplification of the partnership's capital structure closed on Sept. 30, 2009, at which time MGG unitholders received 0.6325 MMP units for each MGG unit held on that date and MGG was dissolved. However, for accounting purposes, MGG is deemed to be the surviving entity. As a result, the current period and all historical periods shown have been restated as if MMP were MGG from an accounting perspective. The primary differences between the two accounting entities are additional general and administrative (G&A) expense and depreciation that were specifically associated with MGG, which MMP will now report as part of its consolidated results, and the calculation of net income per limited partner unit.
"Magellan continues to benefit from higher results from our core transportation and terminals assets even during the current challenging economic environment," said Don Wellendorf, chief executive officer. "Record quarterly gasoline shipments and record results from our terminals segment, driven in part from expansion projects, have helped to offset the negative impact of lower commodity prices and lower diesel fuel shipments this year."
An analysis of variances by segment comparing third quarter 2009 to third quarter 2008 is provided below based on operating margin, a non-generally accepted accounting principles (non-GAAP) financial measure that reflects operating profit before G&A expense and depreciation and amortization:
Petroleum products pipeline system. Pipeline operating margin was $94.1 million, a decrease of $0.4 million. Excluding product margin, all other operating margin from this segment was $78.7 million, an increase of $15 million.
Transportation and terminals revenues increased between periods primarily due to higher leased storage and more additive and ethanol blending fees. Lower average transportation rates resulting from shippers building inventory in the partnership's pipeline system during third quarter 2009 were offset by 2% higher transportation volumes. Gasoline shipments established a new quarterly record for the partnership in the current period and were up about 7% compared to the same period last year, excluding the negative impact of Hurricane Ike during third quarter 2008. The record gasoline volumes were partially offset by a 13% decline in diesel fuel volumes compared to the same period last year, excluding the estimated hurricane impact.
Operating expenses declined between periods due to timing of system integrity projects, reduced power costs, lower property tax assessments and favorable product overages, which reduce operating expenses, partially offset by additional costs related to the 700-mile Texas pipeline system the partnership acquired on July 29, 2009.
Product margin decreased $15.4 million between periods primarily due to significantly lower gasoline prices in 2009 that impacted the financial results from the partnership's petroleum products blending activities. Timing of mark-to-market (MTM) adjustments for New York Mercantile Exchange (NYMEX) positions used to economically hedge the partnership's petroleum products blending activities also produced lower financial results during the 2009 quarter.
Petroleum products terminals. Terminals operating margin was $27.7 million, an increase of $0.6 million and a quarterly record for this segment. Excluding product margin, all other operating margin from this segment was $25.4 million, an increase of $5.3 million. The current period benefited from higher revenues at the partnership's marine and inland terminals primarily due to expansion projects, including additional marine storage and ethanol blending, higher marine storage rates and increased inland volumes. Operating expenses increased primarily due to higher property taxes and personnel costs in the 2009 period. Product margin declined due to the sale of fewer product overages at lower prices in 2009.
Ammonia pipeline system. Ammonia operating margin was a loss of $3.4 million, a decrease of $3.7 million. Both revenues and expenses were negatively impacted by additional maintenance work performed on the pipeline during the third quarter of 2009.
Other items. Depreciation and amortization increased due to recent capital spending, and G&A increased due to higher personnel expenses. Net interest expense increased in the current quarter as a result of additional borrowings for expansion capital expenditures, including the 700-mile Texas pipeline system acquired on July 29, 2009.
Expansion capital expectations
Management continues to pursue expansion capital opportunities to grow the partnership's future cash flow and expects to spend approximately $510 million during 2009 on growth capital projects, with an additional $160 million required in future years to complete these projects. These combined estimates are $80 million higher than previous expansion capital guidance due to the addition of incremental projects and cost savings on a number of projects already underway.
New projects include the construction of 0.6 million barrels of storage at the partnership's Galena Park, Texas marine terminal and the Oct. 2009 acquisition of a terminal in Marrero, Louisiana, which will be consolidated with the partnership's adjacent marine facility and will provide more space for future growth. Through Sept. 30, $395.7 million of growth capital has been spent in 2009, including the third-quarter acquisitions of a 700-mile Texas pipeline system and an Oklahoma terminal already connected to the partnership's petroleum products pipeline system, which also had not been included in the previous expansion capital guidance.
In addition, the partnership continues to analyze more than $500 million of potential organic growth projects in earlier stages of development, which have been excluded from these spending estimates.
Guidance for 2009
Management currently estimates 2009 net income per limited partner unit of $2.25 inclusive of the accounting impact of the simplification, with fourth-quarter guidance of 78 cents. Because of the significant increase in the number of outstanding MMP units following the simplification, quarterly net income per unit will not sum to the annual guidance. Guidance assumes no NYMEX MTM adjustments for the remainder of the year.
Management currently expects distributable cash flow (DCF) of approximately $310 million for full year 2009, or 1.1 times the amount needed to pay distributions for 2009 at the current quarterly rate of 71 cents per unit. DCF guidance is $5 million lower than provided previously primarily due to postponing the sale of petroleum products related to the partnership's blending activities from 2009 into 2010 to capture higher economic value. Management continues to believe that 15% or less of the partnership's operating margin will come from its commodity-related activities, with the large majority of its operating margin generated by fee-based transportation and terminals services.
Earnings call details
An analyst call with management regarding third-quarter earnings is scheduled today at 1:30 p.m. Eastern. To participate, dial (800) 334-8065 and provide code 7492235. Investors also may listen to the call via the partnership's web site at http://www.magellanlp.com/webcasts.asp.
Audio replays of the conference call will be available from 4:30 p.m. Eastern today through midnight on Nov. 9. To access the replay, dial (888) 203-1112 and provide code 7492235. The replay also will be available at http://www.magellanlp.com/.
Non-GAAP financial measures
Management believes that investors benefit from having access to the same financial measures utilized by the partnership. As a result, this news release and supporting schedules include the non-GAAP financial measures of operating margin and DCF, which are important performance measures used by management to evaluate the economic success of the partnership's operations.
Operating margin reflects operating profit before G&A expense and depreciation and amortization. This measure forms the basis of the partnership's internal financial reporting and is used by management in deciding how to allocate capital resources between segments.
DCF is important in determining the amount of cash generated from the partnership's operations that is available for distribution to its unitholders. Management uses this measure as a basis for recommending to the board of directors the amounts of distributions to be paid each period.
Reconciliations of operating margin to operating profit and DCF to net income accompany this news release.
Because the non-GAAP measures presented in this news release include adjustments specific to the partnership, they may not be comparable to similarly-titled measures of other companies.
About Magellan Midstream Partners, L.P.
Magellan Midstream Partners, L.P. is a publicly traded partnership formed to own, operate and acquire a diversified portfolio of energy assets. The partnership primarily transports, stores and distributes refined petroleum products. More information is available at http://www.magellanlp.com/.
Portions of this document constitute forward-looking statements as defined by federal law. Although management believes any such statements are based on reasonable assumptions, there is no assurance that actual outcomes will not be materially different. Among the key risk factors that may have a direct impact on the partnership's results of operations and financial condition are: (1) its ability to identify growth projects or to complete identified projects on time and at projected costs; (2) price fluctuations for natural gas liquids and refined petroleum products; (3) overall demand for natural gas liquids, refined petroleum products, natural gas, oil and ammonia in the United States; (4) changes in the partnership's tariff rates implemented by the Federal Energy Regulatory Commission, the United States Surface Transportation Board and state regulatory agencies; (5) shut-downs or cutbacks at major refineries, petrochemical plants, ammonia production facilities or other businesses that use or supply the partnership's services; (6) changes in the throughput or interruption in service on petroleum products pipelines owned and operated by third parties and connected to the partnership's petroleum products terminals or petroleum products pipeline system; (7) the occurrence of an operational hazard or unforeseen interruption for which the partnership is not adequately insured; (8) the treatment of the partnership as a corporation for federal or state income tax purposes or if the partnership becomes subject to significant forms of other taxation; (9) an increase in the competition the partnership's operations encounter; (10) continued disruption in the debt and equity markets that negatively impacts the partnership's ability to finance its capital spending and (11) failure of customers to meet or continue contractual obligations to the partnership. Additional information about issues that could lead to material changes in performance is contained in the partnership's filings with the Securities and Exchange Commission. The partnership undertakes no obligation to revise its forward-looking statements to reflect events or circumstances occurring after today's date.
Contact: Paula Farrell
(918) 574-7650
paula.farrell@magellanlp.com
MAGELLAN MIDSTREAM PARTNERS, L.P.
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per unit amounts)
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
2008 2009 2008 2009
Transportation and
terminals revenues $164,470 $173,504 $471,855 $495,227
Product sales revenues 127,540 66,076 439,622 165,119
Affiliate management fee
revenue 183 190 549 570
Total revenues 292,193 239,770 912,026 660,916
Costs and expenses:
Operating 81,626 73,863 193,845 195,178
Product purchases 89,523 47,902 342,383 141,522
Depreciation and
amortization 21,563 24,613 63,847 70,928
General and administrative 17,754 20,002 55,104 61,386
Total costs and expenses 210,466 166,380 655,179 469,014
Gain on assignment of
supply agreement - - 26,492 -
Equity earnings 1,722 1,368 3,504 2,826
Operating profit 83,449 74,758 286,843 194,728
Interest expense 15,033 20,837 40,726 52,198
Interest income (351) (225) (950) (652)
Interest capitalized (1,322) (874) (3,734) (2,752)
Debt placement fee
amortization expense 211 331 548 775
Other (income)/expense - 11 (254) (636)
Income before provision for
income taxes 69,878 54,678 250,507 145,795
Provision for income taxes 524 463 1,469 1,272
Net income $69,354 $54,215 $249,038 $144,523
Allocation of net income:
Non-controlling owners'
interest $51,707 $36,054 $182,868 $99,729
Limited partners' interest 18,052 18,161 67,384 44,794
General partner's interest (405) - (1,214) -
Net income $69,354 $54,215 $249,038 $144,523
Basic and diluted net
income per limited partner
unit $0.46 $0.43 $1.70 $1.11
Weighted average number of
limited partner units
outstanding used for basic
and diluted net income per
unit calculation 39,631 41,831 39,629 40,377
MAGELLAN MIDSTREAM PARTNERS, L.P.
OPERATING STATISTICS
Three Months Ended Nine Months Ended
September 30, September 30,
2008 2009 2008 2009
Petroleum products pipeline
system:
Transportation revenue per
barrel shipped $1.266 $1.248 $1.197 $1.199
Volume shipped (million
barrels) 74.4 75.8 220.6 221.4
Petroleum products
terminals:
Marine terminal average
storage utilized (million
barrels per month) 23.8 26.4 23.1 25.9
Inland terminal throughput
(million barrels) 26.2 28.3 81.6 82.2
Ammonia pipeline system:
Volume shipped (thousand tons) 177 125 624 420
MAGELLAN MIDSTREAM PARTNERS, L.P.
OPERATING MARGIN RECONCILIATION TO OPERATING PROFIT
(Unaudited, in thousands)
Three Months Ended Nine Months Ended
September 30, September 30,
2008 2009 2008 2009
Petroleum products pipeline
system:
Transportation and
terminals revenues $125,746 $128,979 $353,664 $365,886
Less: Operating expenses 63,977 51,814 145,944 139,864
Transportation and
terminals margin 61,769 77,165 207,720 226,022
Product sales revenues 118,979 62,447 414,461 154,571
Less: Product purchases 88,169 47,050 336,367 138,552
Product margin 30,810 15,397 78,094 16,019
Add: Affiliate management
fee revenue 183 190 549 570
Equity earnings 1,722 1,368 3,504 2,826
Gain on assignment
of supply agreement - - 26,492 -
Operating margin $94,484 $94,120 $316,359 $245,437
Petroleum products terminals:
Transportation and
terminals revenues $34,472 $41,755 $104,043 $120,623
Less: Operating expenses 14,320 16,341 42,473 46,703
Transportation and
terminals margin 20,152 25,414 61,570 73,920
Product sales revenues 8,561 3,629 25,161 10,548
Less: Product purchases 1,606 1,349 6,528 4,455
Product margin 6,955 2,280 18,633 6,093
Operating margin $27,107 $27,694 $80,203 $80,013
Ammonia pipeline system:
Transportation and
terminals revenues $5,128 $4,017 $16,534 $12,494
Less: Operating expenses 4,766 7,392 9,825 13,732
Operating margin (loss) $362 $(3,375) $6,709 $(1,238)
Segment operating margin $121,953 $118,439 $403,271 $324,212
Add: Allocated corporate
depreciation costs 813 934 2,523 2,830
Total operating margin 122,766 119,373 405,794 327,042
Less: Depreciation and
amortization 21,563 24,613 63,847 70,928
Affiliate general and
administrative 17,754 20,002 55,104 61,386
Total operating profit $83,449 $74,758 $286,843 $194,728
Note: Amounts may not sum to figures shown on the consolidated statement
of income due to intersegment eliminations and allocated corporate
depreciation costs.
MAGELLAN MIDSTREAM PARTNERS, L.P.
DISTRIBUTABLE CASH FLOW RECONCILIATION TO NET INCOME
(Unaudited, in millions)
Three Months Ended Nine Months Ended
September 30, September 30, 2009
2008 2009 2008 2009 Estimate
Net income $69.4 $54.2 $249.0 $144.5 $228
Add: Depreciation and
amortization (1) 21.8 24.9 64.4 71.7 98
Equity-based
incentive
compensation (2) 1.5 2.2 0.5 3.9 5
Expenses indemnified
by former
affiliate 3.7 4.1 (3.9) 6.0 6
Asset retirements
and impairments 2.1 0.8 3.8 3.0 4
NYMEX contract
adjustment (3) (12.2) (6.1) (12.2) 25.0 14
Less: Maintenance
capital (net
of expected
reimbursements
and indemnified
spending) (4) 10.6 10.2 25.4 30.5 45
Gain on
assignment
of supply
agreement - - 26.5 - -
Other 1.6 0.3 3.3 0.1 -
Distributable cash
flow (5) $74.1 $69.6 $246.4 $223.5 $310
(1) Depreciation and amortization includes debt placement fee
amortization.
(2) Because the partnership intends to satisfy vesting of units under its
equity-based incentive compensation program with the issuance of
limited partner units, expenses related to this program generally are
deemed non-cash and added back for distributable cash flow purposes.
Total equity-based incentive compensation expense for the nine months
ended September 30, 2008 and 2009 was $4.4 million and $7.4 million,
respectively. However, the figures above include an adjustment for
minimum statutory tax withholdings paid by the partnership during
first quarter 2008 and 2009 of $3.9 million and $3.5 million,
respectively, for equity-based incentive compensation units that
vested on the previous year end.
(3) Represents margins realized in the current quarter on the physical
sales of products that were hedged using New York Mercantile Exchange
("NYMEX") contracts. Because certain of these NYMEX contracts do not
qualify for hedge accounting treatment, $3.9 million of losses and
$20.2 million of gains for the three and nine months ended September
30, 2009, respectively, were recognized in previous accounting
periods when the NYMEX contracts were marked to market. The
partnership adjusted these accounting profits out of its
distributable cash flows in those earlier periods. Additionally,
the three and nine month periods ended September 30, 2009 include
$2.2 million of mark-to-market gains and $4.8 million of mark-to-
market losses, respectively, on NYMEX contracts associated with
products that will be physically sold in future periods.
(4) During the three months ended September 30, 2008 and 2009, the
partnership paid $0.7 million and $1.3 million, respectively, and for
the nine months ended September 30, 2008 and 2009, the partnership
paid $4.2 million and $3.4 million, respectively, for indemnified
maintenance capital projects related to its indemnification settlement
or for costs which it expects to be reimbursed by insurance proceeds.
(5) Distributable cash flow does not include fluctuations related to
working capital or spending for which the partnership has received,
or expects to receive, reimbursement through third party
indemnifications. Through September 30, 2009, the partnership has
either paid or accrued liabilities totaling $90.9 million of the
$117.5 million indemnification settlement amount it has received,
including $24.8 million for capital projects.
MAGELLAN MIDSTREAM PARTNERS, L.P.
NET INCOME EXCLUDING ACCOUNTING IMPLICATIONS OF SIMPLIFICATION
RECONCILIATION TO NET INCOME
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2009
(Unaudited, in thousands except per unit amounts)
Net income, as reported $54,215
Adjustments:
MGG depreciation expense (1) 3,263
MGG stand-alone general and administrative
expense 1,029
Other (52)
Net income excluding accounting implications
of simplification $58,455
Allocation of net income excluding accounting
implications of simplification:
Limited partners $39,223
General partner 19,232
Net income excluding accounting implications
of simplification $58,455
Basic and diluted net income per unit
excluding accounting implications of
simplification $0.58
Basic and diluted weighted-average units
outstanding excluding accounting
implications of simplification 67,129
(1) At the time Magellan Midstream Holdings, L.P. (MGG) acquired the
general and limited partner interests in the partnership in June 2003,
MGG recorded a stepped-up basis in the partnership's property, plant
and equipment to reflect its 55% ownership interest at the time, which
results in higher depreciation expense.
Photo: http://www.newscom.com/cgi-bin/prnh/20031107/DAMAGELOGO http://photoarchive.ap.org/ PRN Photo Desk photodesk@prnewswire.com
Magellan Midstream Partners, L.P.
CONTACT: Paula Farrell of Magellan Midstream Partners, L.P., +1-918-574-7650, paula.farrell@magellanlp.com
Web Site: http://www.magellanlp.com/
Sinotel Technologies Ltd. Obtains American Depository Receipt Ticker 'SNOXY'
BEIJING, Nov. 3 /PRNewswire-Asia/ -- Sinotel Technologies, Ltd. (Singapore Exchange: D3W and ADR: SNOXY) ("Sinotel" or "the Company"), an innovator of wireless telecommunications infrastructure and solutions in China, has selected BNY Mellon as the depositary bank for its American Depositary Receipt ("ADR") program. Each Sinotel ADR represents 20 ordinary shares and trades on the over-the-counter (OTC) market under symbol "SNOXY." Additional information of Sinotel's ADR profile can be retrieved on BNY Mellon's website, under http://www.bnymellon.com/dr .
Mr. Li Zhen Yu, CEO of Sinotel, said, "After several months of hard work, this maiden transaction finally marks the successful quoting of our ADRs in the US. We are pleased to participate on this level with US investors and look forward to expanding our investor base in the US."
About Sinotel Technologies Ltd.
Founded in 2002, Sinotel Technologies was listed on the Main Board of the SGX-ST on November 12, 2007. The Company is a wireless telecommunications innovator that provides a wide range of customized applications and solutions across the telecommunication value chain in eight major provinces. Sinotel Technologies services the major telecommunications companies including China Unicom and China Mobile. The Group's key Network Infrastructure Solution is its proprietary multi-carrier wireless system, which enhances customers' wireless telecommunication networks and is compatible with various communication networks such as GSM, CDMA, PHS and WLAN as well as 3G networks such as WCDMA and CDMA2000. The Company's Network Support Solutions can be integrated into existing telecommunication network infrastructure to deploy new and enhanced voice communication services for wireless communication users and manage provision of increasingly popular value-added data services. For more information, please visit its website at http://www.sinotel.com.sg/ .
About BNY Mellon
BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation . BNY Mellon is a global financial services company focused on helping clients manage and service their financial assets, operating in 34 countries and serving more than 100 markets. The company is a leading provider of financial services for institutions, corporations and high-net-worth individuals, providing superior asset management and wealth management, asset servicing, issuer services, clearing services and treasury services through a worldwide client-focused team. It has $20.7 trillion in assets under custody and administration, $926 billion in assets under management, services $11.8 trillion in outstanding debt, and processes global payments averaging $1.8 trillion per day. Additional information is available at http://www.bnymellon.com/ .
For further information, please contact:
Company:
Ben Ng, VP, Corporate Communications
Tel: +65-9168-9988
Email: ben@sinotel.com.sg
Investor Relations:
John Mattio
HC International, Inc.
Tel: +1-914-669-5340 (US)
Email: john.mattio@hcinternational.net
Web: http://www.hcinternational.net/
Sinotel Technologies, Ltd.
CONTACT: Ben Ng, VP, Corporate Communications, +65-9168-9988, ben@sinotel.com.sg; Investor Relations: John Mattio, HC International, Inc., +1-914-669-5340 (US), john.mattio@hcinternational.net
Web site: http://www.sinotel.com.sg/ http://www.bnymellon.com/ http://www.bnymellon.com/dr
Xinyuan Real Estate Co., Ltd. Acquires Parcels of Land in Xuzhou and Jinan
BEIJING, Nov. 3 /PRNewswire-Asia/ -- Xinyuan Real Estate Co., Ltd. ("Xinyuan" or "the Company") , a residential real estate developer with a focus on high growth, strategic Tier II cities in China, today announced that it has acquired two parcels of land in the cities of Xuzhou and Jinan, respectively.
Xinyuan paid a total of RMB212 million (approximately US$31 million) for the unencumbered land use rights for the Xuzhou parcel, which offers a total site area of approximately 46,777 square meters. Based on pre-planning of the proposed development projects, consisting of sub-high rise and multi-layer residential apartments of 70-140 square meters, the parcel of land located near the Quanshan district of Xuzhou is expected to generate an estimated gross floor area of approximately 93,600 square meters. The Company expects to begin construction on this parcel in April 2010 with pre-sales starting in July 2010.
Xinyuan paid a total of RMB1.1 billion (approximately US$167 million) for the unencumbered land use rights for the Jinan parcel, which offers a total site area of approximately 200,180 square meters. Based on pre-planning of the proposed development projects, consisting of high rise and multi-layer residential apartments of 80-150 square meters, the parcel of land located in the Tianqiao district of Jinan is expected to generate an estimated gross floor area of approximately 536,000 square meters. The Company expects to begin construction on this parcel in April 2010 with pre-sales starting in July 2010.
"With these land acquisitions in Xuzhou and Jinan, we have now added four promising projects to our growth pipeline since September," said Mr. Yong Zhang, Xinyuan's Chairman and Chief Executive Officer. "The Xuzhou parcel adds to our existing presence in the Jiangsu province, where we currently have developments in Kunshan and Suzhou. Xuzhou is a strategically important city for the Jiangsu province as it is situated in the connection belt of the eastern coastal, middle, and west development areas. The acquired parcel is located near the Quanshan district, which had the highest GDP growth of any area in Xuzhou during 2008."
Mr. Zhang continued, "The Jinan parcel is the largest land acquisition we have completed this year. This mid-level development is located in the district of Tianqiao, where economic development has increased 12.8% in the first half of 2009 compared to 10.5% for Jinan overall. While the Jinan parcel will not contribute to our revenue until 2010, the local government is developing a green belt around the area during this time, which should benefit future sales in this project. We are pleased with our success thus far as we continue to seek attractive locations in high-growth markets to position our Company for profitable growth in 2010 and beyond."
About Xinyuan Real Estate Co., Ltd.
Xinyuan Real Estate Co., Ltd. ("Xinyuan") is a developer of large scale, high quality residential real estate projects aimed at providing middle-income consumers with a comfortable and convenient community lifestyle. Xinyuan focuses on China's Tier II cities, characterized as larger, more developed urban areas with above average GDP and population growth rates. Xinyuan has expanded its network to cover a total population of over 34.5 million people in six strategically selected Tier II cities, comprising Hefei, Jinan, Kunshan, Suzhou, Zhengzhou and Chengdu. Xinyuan is the first real estate developer from China to be listed on the New York Stock Exchange. For more information, please visit http://www.xyre.com/ .
Safe Harbor Statement
This press release contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Statements that are not historical facts, including statements concerning our beliefs, forecasts, estimates and expectations, are forward- looking statements. Forward-looking statements involve inherent risks and uncertainties that could cause actual results to differ materially from those projected or anticipated, including, but not limited to, the risk that: our financing costs are subject to changes in interest rates; our results of operations may fluctuate from period to period; the recognition of our real estate revenue and costs relies on our estimation of total project sales value and costs; we may be unable to complete our property developments on time or at all; any construction delays, or failure to complete a project according to our planned specifications or budget, may delay our property sales, which could harm our revenues, cash flows and our reputation; the recognition of our real estate revenue and costs relies upon our estimation of total project sales value and costs; we may forfeit land to the PRC government if we fail to comply with procedural requirements applicable to land grants from the government or the terms of the land use rights grant contracts; we may fail to obtain, or may experience material delays in obtaining, necessary government approvals for any major property development, which will adversely affect our business; increases in the price of raw materials may increase our cost of sales and reduce our earnings; we are heavily dependent on the performance of the residential property market in China, which is at a relatively early development stage; PRC economic, political and social conditions as well as government policies can affect our business, and other risks outlined in our public filings with the Securities and Exchange Commission, including our annual report on Form 20-F for the year ended December 31, 2008. All information provided in this press release is as of November 3rd, 2009. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.
For more information, please contact:
In China:
Mr. Tom Gurnee
Chief Financial Officer
Tel: +86-10-8588-9390
Email: tom.gurnee@xyre.com
Ms. Helen Zhang
Director of Investor Relations
Tel: +86-10-8588-9255
Email: yuan.z@xyre.com
In the United States:
Mr. Bill Zima
ICR, LLC
Tel: +1-203-682-8200
Email: Bill.zima@icrinc.com
Ms. Kate Messmer
ICR, LLC
Tel: +1-203-682-8338
Email: kate.messmer@icrinc.com
Xinyuan Real Estate Co., Ltd.
CONTACT: In China: Mr. Tom Gurnee, Chief Financial Officer, +86-10-8588- 9390, or tom.gurnee@xyre.com; or Ms. Helen Zhang, Director of Investor Relations, +86-10-8588-9255, or yuan.z@xyre.com; In the United States: Mr. Bill Zima, ICR, LLC, +1-203-682-8200, or Bill.zima@icrinc.com; or Ms. Kate Messmer, ICR, LLC, +1-203-682-8338, or kate.messmer@icrinc.com
Spectra Energy to Host Analyst/ Investor Meeting in New York on November 10
HOUSTON, Nov. 3 /PRNewswire-FirstCall/ -- Spectra Energy Corp will host an analyst/ investor lunch meeting at the Le Parker Meridien Hotel, Azekka Room, in New York on Tuesday, November 10, 2009.
(Logo: http://www.newscom.com/cgi-bin/prnh/20061030/CLM051LOGO )
Spectra Energy's president and chief executive officer, Greg Ebel, and chief financial officer, Pat Reddy, will deliver brief prepared remarks regarding the company's third quarter 2009 results and will then address audience questions.
The session will be webcast with the presentation scheduled to begin at 12:15 p.m. ET. The webcast can be accessed via the Investors Section of Spectra Energy's Web site at http://www.spectraenergy.com/. Interested parties also have the option to call into the discussion by dialing (888) 252-3715 in the United States/Canada or (706) 634-8942 outside the United States. The conference ID is 35078460. An audio replay will be available following the event by dialing (800) 642-1687 or (706) 645-9291 with the same conference ID.
Spectra Energy Corp , a FORTUNE 500 company, is one of North America's premier natural gas infrastructure companies serving three key links in the natural gas value chain: gathering and processing, transmission and storage, and distribution. For nearly a century, Spectra Energy and its predecessor companies have developed critically important pipelines and related infrastructure connecting natural gas supply sources to premium markets. Based in Houston, Texas, the company operates in the United States and Canada approximately 19,100 miles of transmission pipeline, more than 285 billion cubic feet of storage, as well as natural gas gathering and processing, natural gas liquids operations and local distribution assets. The company also has a 50 percent ownership in DCP Midstream, one of the largest natural gas gatherers and processors in the United States. Spectra Energy was recently ranked by FORTUNE as the world's "most admired" pipeline company. For more information, visit http://www.spectraenergy.com/.
Photo: http://www.newscom.com/cgi-bin/prnh/20061030/CLM051LOGO
Spectra Energy Corp
CONTACT: Media: Wendy Olson, +1-713-627-4072, or 24-hour media line, +1-713-627-4747; Analysts: John Arensdorf, +1-713-627-4600, both of Spectra Energy Corp
Web Site: http://www.spectraenergy.com/
Goodrich to Address Oppenheimer's 4th Annual Industrials ConferenceAddress to be webcast on Goodrich website
CHARLOTTE, N.C., Nov. 3, 2009 /PRNewswire-FirstCall/ -- Marshall Larsen, Chairman, President and Chief Executive Officer of Goodrich Corporation , will address Oppenheimer's 4th Annual Industrials Conference on Nov. 17, 2009, in New York City. The presentation is scheduled to begin at 8:00 a.m. Eastern time.
A live audio webcast will be available on http://www.goodrich.com/ -- see "Oppenheimer Industrials Conf." link. Following the conference, the archived webcast will be available for replay. The presentation used during the conference will also be available on our website under the Investor Relations page.
Goodrich Corporation, a Fortune 500 company, is a global supplier of systems and services to aerospace, defense and homeland security markets. With one of the most strategically diversified portfolios of products in the industry, Goodrich serves a global customer base with significant worldwide manufacturing and service facilities. For more information visit http://www.goodrich.com/.
Goodrich Corporation
CONTACT: Lisa Bottle, +1-704-423-7060 and Laurie Tardif, +1-704-423-7048; or Investor Relations: Paul Gifford, +1-704-423-5517, all of Goodrich Corporation
Web Site: http://www.goodrich.com/
Synopsys TetraMAX ATPG Cuts Test Development Schedule at Arrow ElectronicsMulticore Processing Speeds Runtime by 3X, Accelerates Time-to-Quality
MOUNTAIN VIEW, Calif., Nov. 3 /PRNewswire-FirstCall/ -- Synopsys, Inc. , a world leader in software and IP for semiconductor design, verification and manufacturing, today announced that Arrow Electronics successfully deployed Synopsys' TetraMAX® automatic test pattern generation (ATPG) with multicore processing to significantly reduce the time needed to generate high-quality manufacturing tests. Stringent quality goals combined with increasing design complexity stimulated the need to improve ATPG performance at Arrow. By utilizing TetraMAX ATPG's multicore processing capability on their quad-core compute servers, Arrow's Custom Logic Solution (CLS) ASIC design engineers cut more than a week from their test development time for a 30 million-gate system-on-chip, meeting their test quality goals ahead of schedule.
"To meet Arrow's quality goals, our CLS ASIC designers rely on at-speed manufacturing tests that can take days to generate," said Erich Van Stralen, ASIC test team manager at Arrow Electronics. "For our latest project, we used TetraMAX ATPG running on quad-core machines, which reduced test pattern generation time to less than 24 hours with no impact on fault coverage. We now consider the Synopsys multicore ATPG capability essential to meeting our quality goals on time."
Generating deep-submicron tests on a single processor core can take weeks or longer, especially for very large designs. TetraMAX's multicore processing capability employs algorithms to ensure that runtime performance scales well with the number of processor cores used, speeding ATPG runtime on eight cores, for example, by six times or more. Built into the Galaxy(TM) Implementation Platform to eliminate time-consuming iterations between synthesis, scan insertion and physical implementation, DFTMAX(TM) compression and TetraMAX ATPG provide designers with a comprehensive solution for meeting their most challenging quality and cost goals for test.
"Design engineers are under pressure to deliver increasingly complex products to market in less time but with higher quality," said Gal Hasson, senior director of marketing for synthesis and test at Synopsys. "TetraMAX's multicore processing capability accelerates test pattern generation, enabling customers, such as Arrow Electronics, to meet their test development schedules in the presence of increasingly challenging test requirements."
About Synopsys
Synopsys, Inc. is a world leader in electronic design automation (EDA), supplying the global electronics market with the software, intellectual property (IP) and services used in semiconductor design, verification and manufacturing. Synopsys' comprehensive, integrated portfolio of implementation, verification, IP, manufacturing and field-programmable gate array (FPGA) solutions helps address the key challenges designers and manufacturers face today, such as power and yield management, software-to-silicon verification and time-to-results. These technology-leading solutions help give Synopsys customers a competitive edge in bringing the best products to market quickly while reducing costs and schedule risk. Synopsys is headquartered in Mountain View, California, and has more than 65 offices located throughout North America, Europe, Japan, Asia and India. Visit Synopsys online at http://www.synopsys.com/.
Synopsys, Galaxy, TetraMAX, and DFTMAX are registered trademarks or trademarks of Synopsys, Inc. Any other trademarks mentioned in this release are the intellectual property of their respective owners.
Editorial Contacts:
Sheryl Gulizia
Synopsys, Inc.
650-584-8635
sgulizia@synopsys.com
Lisa Gillette-Martin
MCA, Inc.
650-968-8900 ext. 115
lgmartin@mcapr.com
Synopsys, Inc.
CONTACT: Sheryl Gulizia of Synopsys, Inc., +1-650-584-8635, sgulizia@synopsys.com; or Lisa Gillette-Martin of MCA, Inc., +1-650-968-8900, ext. 115, lgmartin@mcapr.com, for Synopsys, Inc.
Web Site: http://www.synopsys.com/
Webcast Alert: Tractebel Energia S.A. Announces Third Quarter 2009 Results Conference Call Webcast
FLORIANOPOLIS, Brazil, Nov. 3 /PRNewswire-FirstCall/ -- Tractebel Energia S.A. (BOVESPA: TBLE3) (TRACTEBEL) announces the following webcast:
What: Tractebel Energia S.A.'s Third Quarter 2009 Results Conference Call. To ensure fair disclosure of the 3Q09 results, Tractebel Energia S.A. is in a Quiet Period from October 22 to November 5. Thus, during this period, the Company will not comment on its financial statements. However, during this period, the Company does not restrict communication of any routine information.
When: Friday, November 6, 2009 at 09:00 AM ET
Where: http://prnewswire.mediatown.com.br/player/?id=128
How: Live over the Internet -- Simply log on to the web at the address above.
Contact: Antonio Previtali Jr. of Tractebel Energia S.A., +55 48 3221-7221, or e-mail, previtali@tractebelenergia.com.br
If you are unable to participate during the live webcast, the call will be archived at http://www.tractebelenergia.com.br . To access the replay, click on the Investor section.
Tractebel Energia has its registered offices in Florianopolis in the state of Santa Catarina, Brazil. It is the largest private sector electric energy generator in Brazil. The Company's generating complex has 19 hydroelectric, thermoelectric and alternative energy sources plants in the states of Parana, Santa Catarina, Rio Grande do Sul, Mato Grosso, Mato Grosso do Sul, Goias, Tocantins, Ceara and Piaui, with an installed capacity of 6,432 MW, around 6% of Brazil's total. A Company belonging to GDF SUEZ Group, Tractebel Energia has over 900 employees in Brazil. The Company's main customers are electricity distributors and traders, in addition to large industries. It also supplies energy-related services, such as installation of co-generation, operation and maintenance of energy production equipment as well as monitoring of energy quality.
Audio: http://prnewswire.mediatown.com.br/player/?id=128
Tractebel Energia S.A.
CONTACT: Antonio Previtali Jr., Tractebel Energia, +011-55-48-3221-7221, previtali@tractebelenergia.com.br
Web site: http://www.tractebelenergia.com.br/
GenVec to Present at Merriman Curhan Ford's Investor Summit 2009
GAITHERSBURG, Md., Nov. 3 /PRNewswire-FirstCall/ -- Today GenVec, Inc. announced that Paul H. Fischer, Ph.D., President and CEO, will present a company overview highlighting recent developments at the Merriman Curhan Ford's 6th Annual Investor Summit on Tuesday, November 10, 2009 at 9:20 am EST at Sofitel Hotel in New York, NY.
(Logo: http://www.newscom.com/cgi-bin/prnh/20081205/DC50112LOGO )
A webcast of Dr. Fischer's presentation will be available both live and on replay. To access either the live or archived webcast, log on to GenVec's website at http://www.genvec.com/, click on "Investor Relations," and proceed to "Webcasts & Data." The replay will be available 24 hours after the live presentation and will be accessible for 30 days.
More information about the conference can be found at: http://www.mcfco.com/.
About GenVec
GenVec, Inc. is a biopharmaceutical company developing novel therapeutic drugs and vaccines. GenVec's lead product, TNFerade(TM), is currently in a pivotal clinical study (PACT) in locally advanced pancreatic cancer. TNFerade has also been and is currently being evaluated for its potential use in the treatment of several other cancers, including esophageal cancer, rectal cancer, and head and neck cancer. GenVec also uses its proprietary adenovector technology to develop vaccines for infectious diseases including HIV, malaria, foot-and-mouth disease, respiratory syncytial virus (RSV), and HSV-2. Additional information about GenVec is available at http://www.genvec.com/ and in the company's various filings with the Securities and Exchange Commission.
About Merriman Curhan Ford
Merriman Curhan Ford is a financial services firm focused on fast-growing companies and the institutions that invest in them. The company offers high-quality investment banking, equity research, institutional services and corporate & venture services, and specializes in five growth industry sectors: CleanTech, Consumer, Media & Internet, Health Care, Natural Resources and Technology. For more information, please go to http://www.mcfco.com/.
Investor Contact: Media Contact:
GenVec, Inc. Tiberend Strategic Advisors, Inc.
Danielle M. DiPirro Andrew Mielach
(301) 944-1877 (212) 827-0020
ddipirro@genvec.com amielach@tiberendstrategicadvisors.com
Photo: http://www.newscom.com/cgi-bin/prnh/20081205/DC50112LOGO AP Archive: http://photoarchive.ap.org/ PRN Photo Desk photodesk@prnewswire.com
GenVec, Inc.
CONTACT: Investors, Danielle M. DiPirro of GenVec, Inc., +1-301-944-1877, ddipirro@genvec.com; or Media, Andrew Mielach of Tiberend Strategic Advisors, Inc., +1-212-827-0020, amielach@tiberendstrategicadvisors.com
Web Site: http://www.genvec.com/
Greenscape Portfolio Companies Announce New Contracts, Momentum Grows
VANCOUVER, November 3 /PRNewswire-FirstCall/ --
Announcement Highlights:
- SheFinds Media (formerly White Cat Media) Signs Contract with
Bank of America and Founder to Appear on Martha Stewart Show
- Lela Designs Announces 40 New Retailers To Carry Line Including Two
New Golf Town Locations
- Open Sundaes Signs Chinese Distribution Agreement with Biomedic
- Contemporary Organic Products Launches in Western United States
Greenscape Capital Group Inc. (TSXV: - GRN) is pleased to announce the following updates from its portfolio of companies.
Greenscape, in addition to its eco-consultancy operation which assists multiple companies in a wide range of industries seeking to green their operations, has equity ownership interests in four companies; Lela Designs, Contemporary Organic Products, Open Sundaes, and SheFinds Media. Greenscape will provide regular updates to shareholders on the fundamental progress on these holdings.
SheFinds Media ("SheFinds") has recently signed an agreement with Bank of America, one of the world's largest financial institutions, serving more than 53 million consumers and small businesses. The contract is the largest single transaction completed to date by SheFinds which includes an ad buy on SheFinds.com and MomFinds.com as well as sponsored posts, newsletter exposure, content creation and an extensive series of promotions for Bank of America's "Add-It-Up" product. Additionally, through this transaction, SheFinds is working with the producer of the Martha Stewart Show on a future Martha Stewart Show segment which will feature Michelle Madhok, founder of SheFinds. SheFinds has just launched a number of eco-friendly consumer guides online, highlighting their favorite organic and eco-friendly clothing and products.
Lela Designs ("Lela"), the eco-friendly clothing company that is wholly-owned by Greenscape, is finishing its Spring 2010 selling season and has confirmed that the line will appear in 40 new retailers this upcoming season. Prior to the Spring 2010 selling season, a total of 115 retailers in four different countries, were carrying the fashion-forward, eco-friendly line that can also be found on some of the world's top golfers on the LPGA Tour. Included in the 40 new stores carrying the line are two new Golf Town locations. Prior to this season, Lela could be found in eight Golf Town locations. Golf Town, founded in 1999, has grown to be Canada's golf superstore and is one of the most prominent golf retailers in the world and one of the largest golf retailers in North America.
Contemporary Organic Products ("COP"), Greenscape's wholly owned manufacturer and wholesaler of all natural and organic food products, is pleased to announce that it has launched its products into the Western United States on the back of its strong presence in the Western Canadian market. COP will be unveiling multiple new organic and all natural food products, in new packaging, at The National Association for the Specialty Food Trade's semi-annual show, taking place in San Francisco, CA. The show attracts 2,500 exhibitors and 24,000 attendees from 81 countries.
Open Sundaes, the sweets inspired bath and beauty company has just launched in China. To facilitate this launch, Open Sundaes has engaged Biomedic as a distribution partner. The initial roll out will take place in Beijing, Guangzhou and Chendu once SFDA regulatory approval is secured. Test samples were shipped out on October 27th to initiate this approval process. In 2008, Greenscape assisted Open Sundaes to launch a new, environmentally friendly packaging initiative, resulting in an immediate reduction in plastics used by the company, and a move to 100% use of recycled material in all new packaging. Greenscape identified potential packaging improvements while conducting an environmental audit of the company, made recommendations for change, and then financed the implementation of these changes. Greenscape continues to work with Open Sundaes to further green their operations. Open Sundaes products are sold in more than 230 retailers in Canada including 30 Hudson Bay locations.
About Greenscape Capital
Greenscape Capital Group identifies and invests in companies in the eco-friendly consumer space. Greenscape provides strategic capital and business advisory services to these companies to assist them in achieving their corporate and environmental goals. Additionally, Greenscape operates an eco-consulting company, working to help outside companies make their operations more environmentally sustainable, socially responsible and profitable.
ON BEHALF OF THE BOARD
"Bryan Slusarchuk"
CEO and Director
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Disclaimer for Forward-Looking Information
Certain statements in this release are forward-looking statements, which reflect the expectations of management regarding the future operations of the Company's subsidiaries. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur (including whether any of the contracts or business transactions contemplated above will occur, the value of such contracts or business transactions, and whether any of the same will prove to be viable or profitable) or, what benefits the Company will obtain from them.
For further information: Greenscape Capital Group Inc., Suite 501 - 525 Seymour Street, Vancouver, British Columbia, Canada, V6B 3H7, info@greenscapecapital.com, Tel. +1-604-687-7130, http://www.greenscapecapital.com/; Investor Relations Contact, KIN communications, ir@kincommunications.com, Toll Free: 1-866-684-6730
Greenscape Capital Group Inc.
CONTACT: For further information: Greenscape Capital Group Inc., Suite 501 - 525 Seymour Street, Vancouver, British Columbia, Canada, V6B 3H7, info@greenscapecapital.com, Tel. +1-604-687-7130; Investor Relations Contact, KIN communications, ir@kincommunications.com, Toll Free: 1-866-684-6730
Good Life China Corp (GLCC) Narrows Targeted Merger Candidate To Organic Agricultural Industry
BEIJING, Nov. 3 /PRNewswire-FirstCall/ -- Good Life China Corp. (GLCC; http://www.goodlifechina.com/) has targeted a Chinese agricultural company for a merger. GLCC sees great opportunity in this merger as discussions continue to progress.
The newly targeted company has a great potential for GLCC's infrastructure and distribution expansion. This company operates substantial agricultural assets in rural China and produces various commodities for Chinese growing market. GLCC management foresees the merger as a great opportunity to raise value of GLCC's distribution and boost GLCC's production sector. GLCC operating subsidiaries Haorizi and Miluga already operate a well-developed distribution network, and the company would benefit greatly from a merger with this agricultural giant. Detailed talks about the possibility of further expansions are well underway.
All details of the proceedings will be reported, and documentation that might be of interest to public will be filed on Pink Sheets.
In Other company news, Garr Winters who has been instrumental in this possible merger has resigned as a Secretary of Good Life China Corp. GLCC values Mr. Winters' experience he had brought to the company. The news about his successor will also be announced on Pink Sheets shortly.
To receive future updates, via email including quarterly newsletters and company updates which may not be newsworthy however important to the reader and followers of the company please sign up today free at http://www.minamargroup.com/updates
Safe Harbor Statement
Information in this news release may contain statements about future expectations, plans, prospects or performance of Good Life China Corp. that constitute forward-looking statements for purposes of the Safe Harbor Provisions under the Private Securities Litigation Reform Act of 1995. The words or phrases "can be", "expects", "may affect", "believed", "estimate", "project" and similar words and phrases are intended to identify such forward-looking statements. Good Life China Corp. cautions you that any forward-looking information provided by or on behalf of Good Life China Corp. is not a guarantee of future performance. None of the information in this press release constitutes or is intended as an offer to sell securities or investment advice of any kind. Good Life China Corp.'s actual results may differ materially from those anticipated in such forward-looking statements as a result of various important factors, some of which are beyond Good Life China Corp.'s control. In addition to those discussed in Good Life China Corp.'s press releases, public filings, and statements by Good Life China Corp.'s management, including, but not limited to, Good Life China Corp.'s estimate of the sufficiency of its existing capital resources, Good Life China Corp.'s ability to raise additional capital to fund future operations, Good Life China Corp.'s ability to repay its existing indebtedness, the uncertainties involved in estimating market opportunities, and in identifying contracts which match Good Life China Corp.'s capability to be awarded contracts. All such forward-looking statements are current only as of the date on which such statements were made. Good Life China Corp. does not undertake any obligation to publicly update any forward-looking statement to reflect events or circumstances after the date on which any such statement is made or to reflect the occurrence of unanticipated events.
CONTACT: For any investor relations matters, please contact http://www.minamargroup.net/helpdesk; Investor Relations Department Inquiry, http://www.minamargroup.net/ (IR); For (M&A) and Corporate Matters, http://www.minamargroup.com/
Good Life China Corporation
CONTACT: For any investor relations matters, please contact http://www.minamargroup.net/helpdesk; Investor Relations Department Inquiry, http://www.minamargroup.net/ (IR); For (M&A) and Corporate Matters, http://www.minamargroup.com/
Global General (GLGT) ITI Bio Tech Agreement with Marketing Company in Florida for Distribution of Sport Product to USA Universities
MONTREAL, Nov. 3 /PRNewswire-FirstCall/ -- Global General Technologies (GLGT:PK) (http://www.glgt-corporate.com/) subsidiary ITI signs agreement with marketing company in Florida for distribution of their sport product to the US Universities. ITI Bio Tech focuses on improvement of the air quality in the residential, commercial and industrial sectors and the management sees great market potential for their effective and convenient product. Management believes that this product will strike a cord with the university management and students.
ITI Bio Tech products offer unparalleled efficiency in odor elimination. For over 10 years ITI has been manufacturing their own formulas that are biodegradable and environmentally safe. All ITI's products are tested and certified by independent laboratories.
In other company news GLGT is using this opportunity to update its followers and shareholders that the merger with the China Plastic wood manufacturing and distributing company continues to proceed. Both sides are progressing with their due diligence stage and the completion of this step is set for Dec 4, 2009. The merger should be finalized shortly thereafter soon after the due diligence stage completion and well ahead of the yearend holiday season.
The merger-targeted company, China Plastic Wood Company enjoys revenues of about $3 million USD annually, and shows a pretax profit margin of about 20%. China Plastic Wood Company is a manufacturer and a distributor, occupying approximately 15,000 sq feet of operating and manufacturing facilities. It employs approximately 100 full and part time employees, manufacturing the environmentally friendly and recyclable "Plastic Wood". The end product is sold as park benches, storage sheds and various outdoor durable gardening utilities and similar, to name a few.
To receive future updates, via email including quarterly newsletters and company updates which may not be newsworthy however important to the reader and followers of the company please sign up today free at http://www.minamargroup.com/updates
Safe Harbor Statement
Information in this news release may contain statements about future expectations, plans, prospects or performance of Global General Technologies, Inc. that constitute forward-looking statements for purposes of the safe harbor Provision's under the Private Securities Litigation Reform Act of 1995. The words or phrases "can be," "expects," "may affect," "believed," "estimate," "project," and similar words and phrases are intended to identify such forward-looking statements. Global General Technologies, Inc. cautions you that any forward-looking information provided by or on behalf of Global General Technologies, Inc. is not a guarantee of future performance. None of the information in this press release constitutes or is intended as an offer to sell securities or investment advice of any kind. Global General Technologies Inc.'s actual results may differ materially from those anticipated in such forward-looking statements as a result of various important factors, some of which are beyond Global General Technologies Inc.'s control. In addition to those discussed in Global General Technologies Inc.'s press releases, public filings, and statements by Global General Technologies, Inc.'s management, including, but not limited to, Global General Technologies, Inc.'s estimate of the sufficiency of its existing capital resources, Global General Technologies Inc.'s ability to raise additional capital to fund future operations, Global General Technologies Inc.'s ability to repay its existing indebtedness, the uncertainties involved in estimating market opportunities and, in identifying contracts which match Global General Technologies Inc.'s capability to be awarded contracts. All such forward-looking statements are current only as of the date on which such statements were made. Global General Technologies, Inc. does not undertake any obligation to publicly update any forward-looking statement to reflect events or circumstances after the date on which any such statement is made or to reflect the occurrence of unanticipated events.
CONTACT: http://www.glgt-corporate.com/; For any investor relations matters, please contact http://www.minamargroup.net/helpdesk; Inquiry, http://www.minamargroup.net/ (IR); For (M&A) and Corporate Matters, http://www.minamargroup.com/
Global General Technologies, Inc
CONTACT: http://www.glgt-corporate.com/; For any investor relations matters, please contact http://www.minamargroup.net/helpdesk; Inquiry, http://www.minamargroup.net/ (IR); For (M&A) and Corporate Matters, http://www.minamargroup.com/
Greenscape portfolio companies announce new contracts, momentum growsAnnouncement Highlights:- SheFinds Media (formerly White Cat Media) Signs Contract with Bank of America and Founder to Appear on Martha Stewart Show - Lela Designs Announces 40 New Retailers To Carry Line Including Two New Golf Town Locations - Open Sundaes Signs Chinese Distribution Agreement with Biomedic - Contemporary Organic Products Launches in Western United States
VANCOUVER, Nov. 3 /PRNewswire-FirstCall/ -- Greenscape Capital Group Inc. (TSXV: - GRN) is pleased to announce the following updates from its portfolio of companies.
Greenscape, in addition to its eco-consultancy operation which assists multiple companies in a wide range of industries seeking to green their operations, has equity ownership interests in four companies; Lela Designs, Contemporary Organic Products, Open Sundaes, and SheFinds Media. Greenscape will provide regular updates to shareholders on the fundamental progress on these holdings.
SheFinds Media ("SheFinds") has recently signed an agreement with Bank of America, one of the world's largest financial institutions, serving more than 53 million consumers and small businesses. The contract is the largest single transaction completed to date by SheFinds which includes an ad buy on SheFinds.com and MomFinds.com as well as sponsored posts, newsletter exposure, content creation and an extensive series of promotions for Bank of America's "Add-It-Up" product. Additionally, through this transaction, SheFinds is working with the producer of the Martha Stewart Show on a future Martha Stewart Show segment which will feature Michelle Madhok, founder of SheFinds. SheFinds has just launched a number of eco-friendly consumer guides online, highlighting their favorite organic and eco-friendly clothing and products.
Lela Designs ("Lela"), the eco-friendly clothing company that is wholly-owned by Greenscape, is finishing its Spring 2010 selling season and has confirmed that the line will appear in 40 new retailers this upcoming season. Prior to the Spring 2010 selling season, a total of 115 retailers in four different countries, were carrying the fashion-forward, eco-friendly line that can also be found on some of the world's top golfers on the LPGA Tour. Included in the 40 new stores carrying the line are two new Golf Town locations. Prior to this season, Lela could be found in eight Golf Town locations. Golf Town, founded in 1999, has grown to be Canada's golf superstore and is one of the most prominent golf retailers in the world and one of the largest golf retailers in North America.
Contemporary Organic Products ("COP"), Greenscape's wholly owned manufacturer and wholesaler of all natural and organic food products, is pleased to announce that it has launched its products into the Western United States on the back of its strong presence in the Western Canadian market. COP will be unveiling multiple new organic and all natural food products, in new packaging, at The National Association for the Specialty Food Trade's semi-annual show, taking place in San Francisco, CA. The show attracts 2,500 exhibitors and 24,000 attendees from 81 countries.
Open Sundaes, the sweets inspired bath and beauty company has just launched in China. To facilitate this launch, Open Sundaes has engaged Biomedic as a distribution partner. The initial roll out will take place in Beijing, Guangzhou and Chendu once SFDA regulatory approval is secured. Test samples were shipped out on October 27th to initiate this approval process. In 2008, Greenscape assisted Open Sundaes to launch a new, environmentally friendly packaging initiative, resulting in an immediate reduction in plastics used by the company, and a move to 100% use of recycled material in all new packaging. Greenscape identified potential packaging improvements while conducting an environmental audit of the company, made recommendations for change, and then financed the implementation of these changes. Greenscape continues to work with Open Sundaes to further green their operations. Open Sundaes products are sold in more than 230 retailers in Canada including 30 Hudson Bay locations.
About Greenscape Capital
Greenscape Capital Group identifies and invests in companies in the eco-friendly consumer space. Greenscape provides strategic capital and business advisory services to these companies to assist them in achieving their corporate and environmental goals. Additionally, Greenscape operates an eco-consulting company, working to help outside companies make their operations more environmentally sustainable, socially responsible and profitable.
ON BEHALF OF THE BOARD
"Bryan Slusarchuk"
CEO and Director
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Disclaimer for Forward-Looking Information
Certain statements in this release are forward-looking statements, which reflect the expectations of management regarding the future operations of the Company's subsidiaries. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur (including whether any of the contracts or business transactions contemplated above will occur, the value of such contracts or business transactions, and whether any of the same will prove to be viable or profitable) or, what benefits the Company will obtain from them.
Greenscape Capital Group Inc.
CONTACT: Greenscape Capital Group Inc., Suite 501 - 525 Seymour Street, Vancouver, British Columbia, Canada, V6B 3H7, info@greenscapecapital.com, Tel. (604) 687-7130, http://www.greenscapecapital.com/; Investor Relations Contact, KIN communications, ir@kincommunications.com, Toll Free: 1-866-684-6730
Wound Management Technologies Announces Cytokine Study Presentation at the Tri-Society Annual Conference 2009 in Lisbon, Portugal
FORT WORTH, Texas, Nov. 3 /PRNewswire-FirstCall/ -- Wound Care Innovations, LLC, a subsidiary of Wound Management Technologies, Inc., (WNDM), announced today that a clinical study, "Activated Collagen Accelerates Wound Repair and Modulates Cytokine Production in Whole Blood and PBMC Cultures" was presented at the Tri-Society Annual Conference 2009 of the Society for Leukocyte Biology, International Cytokine Society, & International Society for Interferon and Cytokine Research, Cellular and Cytokine Interactions in Health and Disease in Lisbon, Portugal, October 18-21, 2009.
The abstract was presented by authors Gregory B. Pott, K. Scott Beard, and Leland Shapiro, of the Department of Medicine, University of Colorado Denver, Aurora, Colorado and included data of patients with lower extremity diabetic ulcers by Matthew Regulski, Wound Care Center of Ocean County, New Jersey.
The study suggests that activated collagen (CellerateRx) alone was a potent inducer of IL-6 and the neutrophil chemo-attractant, IL-8, which are important for the acute response to injury and bacterial infection. The study showed that treatment of diabetic ulcers with activated collagen (CellerateRx) and standard therapy significantly accelerated wound healing compared to standard therapy alone. As well, activated collagen (CellerateRx) significantly increased spontaneous (unstimulated) levels of IL-8, IL-6, and IL-10. These results suggest that CellerateRx enhances wound healing, and a possible mechanism involves specific modulation of the cytokine response in bacteria-containing wounds.
Briefly, this groundbreaking research suggests:
-- Treatment of diabetic ulcers with activated collagen (CellerateRx) and
standard therapy significantly accelerated wound healing compared to
standard therapy alone
-- Activated collagen (CellerateRx) significantly increased spontaneous
(unstimulated) levels of IL-8, IL-6, and IL-10
-- A biphasic activated collagen (CellerateRx) effect on TNF(alpha) and
IL-1(beta) was shown
"This is a very exciting study for us," stated Cathy Bradshaw, President of Wound Care Innovations. "Dr. Shapiro is a leading authority with worldwide recognition and has published extensively on this subject. These results suggest a scientifically rational mode of action which addresses the results clinicians have seen with CellerateRx."
CellerateRx is FDA cleared for use on acute and chronic wounds which include but are not limited to pressure ulcers (stages I-IV), traumatic wounds, diabetic ulcers, surgical wounds, venous stasis ulcers, ulcers due to arterial insufficiency, superficial wounds, and 1st and 2nd degree burns.
About Wound Management Technologies, Inc.
Wound Management Technologies, Inc. (BULLETIN BOARD: WNDM) , with its corporate headquarters in Fort Worth, Texas, and regional offices in Ft. Lauderdale, Florida is a rapidly growing provider of specialty medical products and advanced biotechnology solutions. The Company is leveraging its existing technology and infrastructure to develop opportunities within the International Biotechnology and Genetic Engineering. WNDM also believes it is positioned to develop its technology in Cancer Treatment. For more information on the Company please visit http://www.woundmanagementtechnologies.com/ or call our shareholder information department at 1817 820 7080.
"Safe Harbor" Statement: Under The Private Securities Litigation Reform Act of 1995: The statements in the press release that relate to the company's expectations with regard to the future impact on the company's results from new products in development are "forward-looking statements," within the meaning of the Private Securities Litigation Reform Act of 1995. Since this information may contain statements that involve risk and uncertainties and are subject to change at any time, the company's actual results may differ materially from expected results. This document may contain forward-looking statements concerning the Company's operations, current and future performance and financial condition. These items involve risks and uncertainties such as product demand, market and customer acceptance, the effect of economic conditions, competition, pricing, the ability to consummate and integrate acquisitions, and other risks and uncertainties detailed in the Company's SEC filings. The Company undertakes no obligation to revise any of these statements to reflect the future circumstances or the occurrence of unanticipated events.
For Further Information:
Product Information Shareholder Relations
Cathy Bradshaw Ronnie Ambrose
President 954-357-0614
954-357-0614
Wound Management Technologies, Inc.
CONTACT: Product information, Cathy Bradshaw, President, +1-954-357-0614; or Shareholder Relations, Ronnie Ambrose, +1-954-357-0614, both of Wound Management Technologies, Inc.
Web Site: http://www.woundmanagementtechnologies.com/
ZIM Corporation announces investment and licensing agreement with Seregon Solutions Inc.
OTTAWA, Nov. 3 /PRNewswire-FirstCall/ -- ZIM Corporation (OTCBB: ZIMCF), today announced an investment and licensing agreement with Seregon Solutions Inc., an application development platform provider for mobile devices.
ZIM is participating in Seregon's first round of financing which also includes participation from investment group Purple Angel and Ontario Centers of Excellence - Center for Commercialization of Research. Specific terms of the investment were not disclosed however, ZIM will be the single largest outside shareholder in Seregon.
Under the terms of the licensing agreement Seregon will provide its Mobile Application Platform(TM) (MAP) to ZIM. ZIM will promote the product as ZIM Mobile! and offer it in conjunction with its enterprise database products to its global customer base providing them with a complete solution to their critical business application needs.
"We are very excited with this investment and product announcement as the Seregon product line is a natural fit with our enterprise database and mobile product strategy," said Dr. Michael Cowpland, ZIM President and CEO. "ZIM Mobile! enables our customers to rapidly develop and deploy ZIM or other database applications to BlackBerry(R), Windows Mobile(TM) and soon Android(TM) and Symbian OS(TM) based smart phones extending the value of their applications to mobile workers. By taking advantage of the major shift towards mobile computing, industries such as Insurance, Healthcare, Dispatch, Transportation, Emergency Services, Retail and many others will benefit by mobilizing their database applications and providing real time data synchronization with field workers."
"We are pleased to add ZIM to our growing cadre of business partners that are using Seregon MAP to develop and deploy mobile business applications," commented Julian White, founder and CEO of Seregon Solutions Inc. "Our Mobile Application Platform has revolutionized the creation of mobile business applications by dramatically reducing the time, cost and risk of development. This investment by ZIM and others will enable us to elevate our marketing profile and ramp up sales activity to meet rapidly growing demand. The market for Enterprise Mobility is seeing extraordinary growth and our business partnership with ZIM positions both companies to capitalize on the opportunity."
In support of this announcement the company has launched a new web site dedicated to its enterprise database and mobile products and customers http://www.zim.biz/
About ZIM
ZIM is a provider of software products and services for the database and mobile markets. ZIM products and services are used by enterprises in the design, development and management of business, database and mobile applications. Certain of ZIM's mobile products are also provided to the consumer market. For more information on ZIM and its customers, partners and products, visit: http://www.zim.biz/.
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including statements related to the success of ZIM's aggregation services and ZIM's ability to enter the mobile content market. All forward-looking statements made in this press release relating to expectations about future events or results are made as of, and are based upon information available to ZIM as of, the date hereof. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those described or implied by any forward-looking statements. Factors that might cause such a difference include, but are not limited to, ZIM's limited operating history, ZIM's history of operating losses and expected future operating losses, ZIM's ability to obtain additional financing when needed, ZIM's ability to continue as a going concern, ZIM's reliance on wireless carriers to market and use its applications and services, possible fee increases by third party service providers, the potential loss of services of Dr. Michael Cowpland and other key personnel, rapid developments in technology, including developments by competitors, possible internal controls deficiencies and possible accounting adjustments resulting from our year-end accounting and review procedures, ZIM's ability to maintain current reporting under the Securities Exchange Act of 1934, and ZIM's ability to successfully integrate any acquisition. Please refer to ZIM's filings with the SEC for additional information regarding risks and uncertainties. Copies of these filings are available through the SEC's website at http://www.sec.gov/. ZIM assumes no obligation to revise or update publicly the forward-looking statements included in this news release, other than as required by law.
About Seregon Solutions Inc.
Seregon's Mobile Application Platform (MAP) is a rapid application development environment for mobile business applications that dramatically reduces the time, cost and risk of application creation, deployment, maintenance and administration. Seregon-powered applications run on BlackBerry(R) and a variety of other Smartphone's and synchronize with all backend systems and databases. Seregon MAP has been adopted by leading Independent Software Vendors for the development of mobile business applications for Public Safety, Enterprise Resource Planning, Transportation, Computer Aided Facilities Management and other market sectors.
For more information on Seregon and its MAP product visit: http://www.seregon.com/
About Ontario Centers of Excellence (OCE) Inc.
Ontario Centres of Excellence (OCE) Inc. which is supported by the federal government through a Networks of Centers of Excellence program drives the commercialization of cutting-edge research across key market sectors to build the economy of tomorrow and secure Ontario's global competitiveness. In doing this, OCE fosters the training and development of the next generation of innovators and entrepreneurs and is a key partner with Ontario's industry, universities, colleges, research hospitals, investors and governments. OCE's Centres work in communications and information technology, earth and environmental technologies, energy, materials and manufacturing and photonics. OCE is funded by the government of Ontario and is a key partner in delivering Ontario's Innovation Agenda. OCE through its Centre for Commercialization of Research (CCR), an initiative supported by the Networks of Centres of Excellence of Canada, also acts as a catalyst which allows innovative businesses to grow and achieve sustainable, commercial success and global competitiveness.
For more information on The Ontario Centres of Excellence visit: http://www.oce-ontario.org/
About Purple Angel
Purple Angel was formed in 2001 by a group of former Bell Northern Research (BNR) alumni, the color purple being the BNR colour. Since 2001 the group has helped launch 25 companies, mostly in the National Capital Region of Canada, the most recent being Seregon.
BlackBerry is a registered trademark of Research In Motion. Windows Mobile is a trademark of Microsoft Corporation. Android is a trademark of Google Inc. Use of this trademark is subject to Google Permissions. Symbian OS is a trademark of the Symbian Foundation.
ZIM CORPORATION
CONTACT: investorrelations@zim.biz, ZIM Corporation
Parker Scheduled to Present at Goldman Sachs Global Industrials Conference on November 4 at 8:00 a.m. Eastern Time
CLEVELAND, Nov. 3 /PRNewswire-FirstCall/ -- Parker Hannifin Corporation , the global leader in motion and control technologies, today announced that it is scheduled to present at the Goldman Sachs Global Industrials Conference in New York City on Wednesday, November 4, 2009 at 8:00 a.m. Eastern time.
(Logo: http://www.newscom.com/cgi-bin/prnh/19990816/PHLOGO)
Parker's scheduled presenter is Don Washkewicz, Chairman, Chief Executive Officer and President. A live webcast of the presentation will be accessible on Parker's investor information website at http://www.phstock.com/ and will be archived on the site.
With annual sales exceeding $10 billion in fiscal year 2009, Parker Hannifin is the world's leading diversified manufacturer of motion and control technologies and systems, providing precision-engineered solutions for a wide variety of mobile, industrial and aerospace markets. The company employs approximately 52,000 people in 48 countries around the world. Parker has increased its annual dividends paid to shareholders for 53 consecutive years, among the top five longest-running dividend-increase records in the S&P 500 index. For more information, visit the company's web site at http://www.parker.com/, or its investor information site at http://www.phstock.com/.
Photo: http://www.newscom.com/cgi-bin/prnh/19990816/PHLOGO
Parker Hannifin Corporation
CONTACT: Media: Christopher M. Farage - Vice President, Communications & External Affairs , +1-216-896-2750, cfarage@parker.com, or Financial Analysts, Pamela Huggins, Vice President - Treasurer, +1-216-896-2240, phuggins@parker.com
Web Site: http://www.phstock.com/
Marathon Oil Corporation Reports Third Quarter 2009 Results
HOUSTON, Nov. 3 /PRNewswire-FirstCall/ -- Marathon Oil Corporation today reported third quarter 2009 net income of $413 million, or $0.58 per diluted share. Net income in the third quarter 2008 was $2.064 billion, or $2.90 per diluted share. For the third quarter 2009, adjusted net income was $436 million, or $0.61 per diluted share, compared to adjusted net income of $1.963 billion, or $2.76 per diluted share, for the third quarter of 2008.
Three Months Ended
September 30
(In millions, except per diluted share data) 2009 2008 (b)
-------------------------------------------- ---- --------
Adjusted net income (a) $436 $1,963
Adjustments for special items (net of income taxes):
Gain (loss) on U.K. natural gas contracts (7) 101
Loss on disposal of assets (16) -
--- ---
Net income $413 $2,064
---------- ---- ------
Adjusted net income (a) - per diluted share $0.61 $2.76
Net Income - per diluted share $0.58 $2.90
Revenues and other income $14,477 $23,301
Weighted average shares - diluted 711 711
---------------------------------- --- ---
(a) Adjusted net income is a non-GAAP financial measure and should not be
considered a substitute for net income as determined in accordance
with accounting principles generally accepted in the United States.
See below for further discussion of adjusted net income.
(b) Previously reported revenues and other income have been revised to
reflect the presentation of Marathon's Irish and Gabonese businesses
as discontinued operations.
"Marathon's strong and balanced portfolio of businesses performed well in the third quarter, despite ongoing uncertainties throughout the global economy," said Clarence P. Cazalot, Jr., president and CEO of Marathon. "In our Exploration and Production segment, production available for sale rose 5 percent from the year-ago quarter, and the Company made progress on development projects in Norway, the Gulf of Mexico and elsewhere. Our Refining, Marketing and Transportation segment once again out-performed its peers in the domestic market that saw significantly lower gross margins versus a year ago. Another bright spot was our Speedway SuperAmerica LLC business, which recorded higher same-store gasoline sales volumes and merchandise sales in the third quarter of 2009 from the year-ago period. The Garyville Major Expansion project is nearing completion, and we look forward to an on-schedule startup by year's end."
Segment Results
Total segment income was $687 million in the third quarter of 2009, compared to $1.993 billion in the third quarter of 2008.
Three Months Ended
September 30
(In millions) 2009 2008(b)
------------- ---- -------
Segment Income
Exploration and Production
United States $32 $285
International 459 584
--- ---
Total E&P 491 869
Oil Sands Mining 25 288
Refining, Marketing and Transportation 158 771
Integrated Gas 13 65
--- ---
Segment Income (a) $687 $1,993
------------------ ---- ------
(a) See Preliminary Supplemental Statistics below for a reconciliation of
segment income to net income as reported under generally accepted
accounting principles.
(b) Previously reported Exploration and Production segment income has been
revised to reflect the presentation of Marathon's Irish and Gabonese
businesses as discontinued operations.
Exploration and Production
Exploration and Production (E&P) segment income totaled $491 million in the third quarter of 2009, compared to $869 million in the third quarter of 2008. The decrease was primarily a result of lower liquid hydrocarbon and natural gas price realizations, partially offset by lower operating expenses.
Reflecting Marathon's continued focus on controlling costs, the Company achieved a 10 percent reduction in operating costs per barrel of oil equivalent (boe) for the first nine months of 2009 compared to the same period in 2008, excluding production taxes and depreciation, depletion and amortization (DD&A).
Third quarter 2009 sales volumes, which exclude the Company's Gabonese operations now reported as discontinued operations, averaged 366,000 barrels of oil equivalent per day (boepd). Production available for sale was up 5 percent to 393,000 boepd from 375,000 boepd in the same quarter of 2008. The primary difference between recorded sales volumes and production volumes available for sale is due to the timing of international oil liftings.
For the first nine months of 2009, production available for sale from continuing operations averaged 405,000 boepd, up 11 percent compared to 365,000 boepd in the same period last year. Production increases for the third quarter and the first nine months of the year were primarily a result of the Alvheim/Vilje developments in Norway, which started production in mid 2008.
Including production from Gabon, as it was in the Company's interim guidance, total volumes available for sale were 399,000 boepd in the third quarter 2009, at the top end of the Company's previous guidance of 380,000 to 400,000 boepd. For the first nine months of 2009, total volumes available for sale were 413,000 boepd, a 9 percent increase over the same period in 2008. The Company has narrowed its full year 2009 projection for production available for sale to be between 405,000 and 410,000 boepd, from its previous guidance of 390,000 to 410,000 boepd. Both the current and the previous guidance include almost 6,000 boepd of production from Gabon, now reported as a discontinued operation.
International E&P income was $459 million in the third quarter of 2009, compared to $584 million in the third quarter of 2008. While international volumes were up, the decrease in income was primarily the result of lower price realizations - 42 percent lower for liquid hydrocarbons and 55 percent lower for natural gas. These decreases were partially offset by lower operating and exploration costs. Additionally, during the third quarter of 2009, the Company began to credit certain foreign taxes that were previously deducted. Partially offsetting this positive effect was a valuation allowance recorded on certain deferred tax assets that the Company does not expect to realize.
U.S. E&P reported income of $32 million in the third quarter of 2009, compared to income of $285 million in the third quarter of 2008. The decrease was primarily the result of lower price realizations - 43 percent lower for liquid hydrocarbons and 53 percent lower for natural gas - partially offset by reduced operating costs due to lower ad valorem and severance taxes. Additionally, exploration expenses decreased $45 million from the same period of 2008.
Three Months Ended
September 30
2009 2008
---- ----
Key E&P Production Statistics
Net Sales
United States - Liquids (mbpd) 63 63
United States - Natural Gas (mmcfpd) 339 426
International - Liquids (mbpd) 159 149
International - Natural Gas (mmcfpd) 528 499
Worldwide Net Sales from Continuing Operations (mboepd) 366 367
Worldwide Net Sales from Discontinued Operations (mboepd) 10 12
Worldwide Net Sales (mboepd) 376 379
----------------------------- --- ---
During the quarter, Marathon announced with its partners that the Volund development off the coast of Norway achieved first production ahead of schedule, marking completion of Marathon's next major field development project in Norway, which complements the Alvheim/Vilje developments. Due to the exceptional utilization of the Alvheim floating, production, storage and offloading (FPSO) vessel, the first Volund well is functioning as a swing producer until there is some natural decline in the Alvheim fields. The Volund field is expected to reach peak oil production of approximately 25,000 bpd (16,000 bpd net to Marathon), the timing of which is subject to available processing capacity on the Alvheim FPSO. Marathon holds a 65 percent working interest in Volund and serves as operator.
Also in Norway, Marathon and its partners announced the Marihone discovery, which is the first of several prospects near the Alvheim FPSO with tieback potential. The Marihone oil discovery is located in license PL340, about 12 miles south of the Volund and Alvheim fields. Marathon holds a 65 percent working interest in Marihone and serves as operator.
The Company also announced the deepwater Tebe discovery well on Block 31 offshore Angola. The well test results confirmed a flow rate in excess of 5,000 bpd. Marathon holds a 10 percent outside-operated working interest in Block 31.
In the Gulf of Mexico, the Company continued to make progress on well completions for its Droshky development on Green Canyon Block 244. Work is under way to install flowlines that will tie back the Droshky wells to the third-party operated Bullwinkle platform. First production from Droshky, in which Marathon holds a 100 percent operated working interest, is targeted for mid-2010.
Marathon currently has three rigs running in its Bakken program with plans to add a fourth rig late in the fourth quarter of 2009. Net production at the end of the third quarter amounted to approximately 11,000 boepd, compared to 7,300 boepd at the end of the third quarter 2008. Marathon's total Bakken leasehold in North Dakota is approximately 335,000 net acres.
As part of the Company's targeted expansion into key North America resource plays, Marathon spud its first well in the Marcellus Shale play in West Virginia during the third quarter of 2009. The Company plans to spud three additional wells in the Marcellus play by the end of the year. In the Marcellus Shale play, Marathon currently holds approximately 70,000 net acres in West Virginia and Pennsylvania.
Oil Sands Mining
Oil Sands Mining (OSM) segment income was $25 million for the third quarter of 2009 compared to $288 million in the third quarter of 2008 that included a $190 million after-tax gain on derivative instruments. Income was adversely affected by a 45 percent decrease in average synthetic crude oil realizations, partially offset by lower blendstock and energy costs.
Three Months Ended
September 30
2009 2008
---- ----
Key Oil Sands Mining Statistics
Net Bitumen Production (mbpd) 27 28
Net Synthetic Crude Oil Sales (mbpd) 33 32
Synthetic Crude Oil Average Realization (per bbl)(a) $62.08 $113.42
---------------------------------------------------- ------ -------
(a) Excludes gains and losses on derivative instruments.
The Athabasca Oil Sands Project (AOSP) Expansion 1 is on track and anticipated to begin mining operations in the second half of 2010, and upgrader operations in late 2010 or early 2011. The AOSP Expansion 1 includes construction of mining and extraction facilities at the Jackpine mine, expansion of treatment facilities at the existing Muskeg River mine, expansion of the Scotford upgrader and development of related infrastructure.
In October, the Government of Canada and Government of Alberta jointly announced their intent to partially fund AOSP's Quest Carbon Capture and Storage (CCS) project. Under the terms of their Letters of Intent, the Government of Alberta would contribute CAD$745 million and the Government of Canada would provide CAD$120 million toward the project's development. A final investment decision on the Quest CCS project will be made at a later date, and is subject to regulatory approvals, stakeholder engagement, detailed engineering studies, as well as a final joint venture partner agreement. Marathon has a 20 percent interest in AOSP along with partners Shell Canada (60 percent and operator) and Chevron Canada Limited (20 percent).
Refining, Marketing and Transportation
Refining, Marketing and Transportation (RM&T) segment income was $158 million in the third quarter of 2009 compared to $771 million in the third quarter of 2008. The third quarter 2009 refining and wholesale marketing gross margin decreased to 7.62 cents per gallon from 25.19 cents in the third quarter of 2008. The gross margin decline was consistent with the declines in crack spreads as reflected in the relevant market indicators [Light Louisiana Sweet (LLS) 6-3-2-1 crack spreads] in the Midwest (Chicago) and Gulf Coast, and the substantial reduction in the sweet-sour differential. Marathon's third quarter 2009 refining and wholesale marketing gross margin included a pretax derivative loss of $17 million. The third quarter 2008 gross margin included pretax derivative gains of $156 million.
Crude oil refined during the third quarter of 2009 averaged 1,019,000 bpd, compared to 955,000 bpd in the third quarter of 2008, and total refinery throughputs were 1,190,000 bpd, approximately 4 percent higher than the 1,144,000 bpd in the third quarter of 2008.
Marathon's RM&T segment achieved operating costs reductions of approximately 9 percent for the first nine months of 2009 compared to the same period 2008, excluding changes in crude and product purchases, depreciation, energy prices and other variable expenses.
Three Months Ended
September 30
2009 2008
---- ----
Key Refining, Marketing & Transportation Statistics
Crude Oil Refined (mbpd) 1,019 955
Other Charge and Blend Stocks (mbpd) 171 189
--- ---
Total Refinery Inputs (mbpd) 1,190 1,144
Refined Products Sales Volumes (mbpd) 1,400 1,357
Refining and Wholesale Marketing Gross Margin ($/gallon) $0.0762 $0.2519
-------------------------------------------------------- ------- -------
Speedway SuperAmerica LLC (SSA) gasoline and distillate gross margin per gallon averaged 14 cents in the third quarter of 2009, compared to 16.9 cents in the third quarter of 2008. SSA third quarter 2009 same store gasoline sales volumes increased approximately 3 percent over the third quarter of 2008, while same store merchandise sales increased approximately 12 percent for the same period.
As of Oct. 31, the Garyville Major Expansion project was approximately 98 percent complete with an on-schedule startup expected late in the fourth quarter 2009. This expansion will increase the Garyville refinery's crude oil refining capacity by 180,000 bpd, improving scale efficiencies and feedstock flexibility. In early January 2010, Marathon plans to commence an extended turnaround at the existing 256,000 bpd base refinery in Garyville. The entire facility (existing base and expansion) is expected to reach full refining capacity by the second quarter of 2010.
Integrated Gas
Integrated Gas segment income was $13 million in the third quarter of 2009 compared to $65 million in the third quarter of 2008. The decrease was primarily a result of lower liquefied natural gas (LNG) price realizations. The LNG sales contract in Equatorial Guinea has a Henry Hub basis so the approximately 67 percent decline in this index had a dramatic effect on LNG profitability. During the third quarter of 2009 the LNG plant was down 14 days for planned maintenance, versus the original 18-day schedule, but higher plant reliability had a positive impact on year-over-year volumes. Marathon holds a 60 percent interest in the facility. Marathon's methanol realizations were also down during the third quarter of 2009, in line with global methanol prices.
Three Months Ended
September 30
2009 2008
---- ----
Key Integrated Gas Statistics
Net Sales (metric tonnes per day)
LNG 6,372 6,048
Methanol 1,145 757
---------- ----- -----
Corporate
Marathon has certain income tax balances denominated in foreign currencies. Fluctuations in currency exchange rates cause the U.S. dollar value of these tax balances to change with the related currency gains and losses reflected within the provision for income taxes. For the third quarter of 2009, Marathon's provision for income taxes included a $114 million foreign currency remeasurement loss primarily related to its income tax balances in Canada, compared to a $76 million foreign currency remeasurement benefit in the same period of 2008.
Marathon expects the overall corporate effective income tax rate on adjusted pretax income to be between 54 and 59 percent for the full year 2009, excluding the effect of foreign currency remeasurement of tax balances. For the third quarter 2009, the effective income tax rate on adjusted pretax income was 47 percent, excluding the foreign currency remeasurement loss described above.
During the third quarter of 2009, Marathon entered into a definitive agreement with Perenco S.A., under which Perenco will purchase Marathon's wholly owned subsidiary, Marathon Oil Gabon Limited, for $282 million excluding any purchase price adjustments at closing. The companies expect to close the transaction, subject to consultation with the Gabonese Government, during the fourth quarter of 2009 with an effective date of Jan. 1, 2009. Marathon's net production available for sale from Gabon for the third quarter 2009 averaged approximately 6,000 boepd. With the pending transaction, Marathon plans to exit its existing Gabon business, and as discussed under the E&P segment results, the activities of this business have been presented as discontinued operations and excluded from E&P segment income for all periods presented.
Since launching its asset review and divestiture program in March 2008, Marathon's announced asset sales, including the Gabon transaction, amount to approximately $3.5 billion in transaction values.
Special Items
Marathon had two natural gas sales contracts in the United Kingdom that were accounted for as derivative instruments. Mark-to-market changes in the valuation of these contracts were required to be recognized in earnings. In the third quarter of 2009, the non-cash after-tax mark-to-market loss on these contracts related to sales of natural gas from the Brae field complex totaled $7 million. Due to the volatility in the fair value of these contracts, Marathon has consistently excluded these non-cash gains and losses from adjusted net income. These contracts expired in September 2009.
Adjustments to the gains and losses on certain previously reported asset sales were recorded in the third quarter of 2009 and have been excluded from adjusted net income.
The Company will conduct a conference call and webcast today, Nov. 3, at 2:00 p.m. EST during which it will discuss third quarter results. The webcast will include synchronized slides. To listen to the webcast of the conference call and view the slides, visit the Marathon website at http://www.marathon.com/. Replays of the webcast will be available through Nov. 17, 2009. Quarterly financial and operational information is also provided on Marathon's Web site at http://ir.marathon.com/ in the Quarterly Investor Packet.
In addition to net income determined in accordance with generally accepted accounting principles, Marathon has provided supplementally "adjusted net income," a non-GAAP financial measure which facilitates comparisons to earnings forecasts prepared by stock analysts and other third parties. Such forecasts generally exclude the effects of items that are considered non-recurring, are difficult to predict or to measure in advance or that are not directly related to Marathon's ongoing operations. A reconciliation between GAAP net income and "adjusted net income" is provided in a table on page 1 of this release. "Adjusted net income" should not be considered a substitute for net income as reported in accordance with GAAP. Management, as well as certain investors, uses "adjusted net income" to evaluate Marathon's financial performance between periods. Management also uses "adjusted net income" to compare Marathon's performance to certain competitors.
This release contains forward-looking statements with respect to timing and levels of future production, anticipated future drilling activity, the Volund development, the Droshky development, the AOSP Phase 1 expansion, the Garyville Major Expansion project, the anticipated sale of a wholly owned subsidiary and the overall corporate effective income tax rate. Factors that could potentially affect timing and levels of future production, the anticipated future drilling activity, the Volund development and the Droshky development include pricing, supply and demand for petroleum products, the amount of capital available for exploration and development, regulatory constraints, timing of commencing production from new wells, drilling rig availability, unforeseen hazards such as weather conditions, acts of war or terrorist acts and the governmental or military response thereto, and other geological, operating and economic considerations. Factors that could affect the AOSP Phase 1 expansion, and the Garyville Major Expansion project include transportation logistics, availability of materials and labor, unforeseen hazards such as weather conditions, delays in obtaining or conditions imposed by necessary government and third-party approvals, and other risks customarily associated with construction projects. The AOSP Phase 1 expansion could be further affected by commissioning and start-up risks associated with proto-type equipment and new technology. The sale of a wholly owned subsidiary is subject to customary closing conditions and consultation with the Gabonese Government. The foregoing factors (among others) could cause actual results to differ materially from those set forth in the forward-looking statements. The overall corporate effective income tax rate is a preliminary estimate and is subject to change. Actual results may differ materially from this estimate. In accordance with the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, Marathon Oil Corporation has included in its Annual Report on Form 10-K for the year ended December 31, 2008, and subsequent Forms 10-Q and 8-K, cautionary language identifying other important factors, though not necessarily all such factors, that could cause future outcomes to differ materially from those set forth in the forward-looking statements.
Media Relations Contacts: Lee Warren 713-296-4103
John Porretto 713-296-4102
Investor Relations Contacts: Howard Thill 713-296-4140
Chris Phillips 713-296-3213
Condensed Consolidated Statements of Income (Unaudited)
Three Months Ended Nine Months Ended
September 30 September 30
(In millions, except per share data) 2009 2008 2009 2008
------------------------------------ ---- ---- ---- ----
Revenues and other income:
Sales and other operating revenues
(including consumer excise taxes) $14,335 $22,332 $37,509 $60,641
Sales to related parties 27 637 68 1,865
Income from equity method investments 75 270 184 735
Net gain on disposal of assets 5 15 200 37
Other income 35 47 112 151
--- --- --- ---
Total revenues and other income 14,477 23,301 38,073 63,429
Costs and expenses:
Cost of revenues (excludes
items below) 10,963 16,978 28,080 49,342
Purchases from related parties 133 244 338 609
Consumer excise taxes 1,258 1,273 3,658 3,784
Depreciation, depletion and
amortization 630 584 1,988 1,513
Selling, general and administrative
expenses 323 349 935 1,008
Other taxes 98 126 296 376
Exploration expenses 55 108 181 367
--- --- --- ---
Total costs and expenses 13,460 19,662 35,476 56,999
Income from operations 1,017 3,639 2,597 6,430
Net interest and other
financing costs (35) (46) (63) (48)
--- --- --- ---
Income from continuing operations
before income taxes 982 3,593 2,534 6,382
Provision for income taxes 590 1,601 1,549 2,949
--- ----- ----- -----
Income from continuing operations 392 1,992 985 3,433
Discontinued operations 21 72 123 136
--- --- --- ---
Net income $413 $2,064 $1,108 $3,569
---------- ---- ------ ------ ------
Per Share Data
Basic:
Income from continuing operations $0.55 $2.82 $1.39 $4.84
Discontinued operations $0.03 $0.10 $0.17 $0.19
Net income $0.58 $2.92 $1.56 $5.03
Diluted:
Income from continuing operations $0.55 $2.80 $1.39 $4.81
Discontinued operations $0.03 $0.10 $0.17 $0.19
Net income $0.58 $2.90 $1.56 $5.00
Dividends paid $0.24 $0.24 $0.72 $0.72
-------------- ----- ----- ----- -----
Weighted Average Shares:
Basic 709 707 709 710
Diluted 711 711 711 714
---------- --- --- --- ---
Preliminary Supplemental Statistics (Unaudited)
Three Months Ended Nine Months Ended
September 30 September 30
(Dollars in millions) 2009 2008 2009 2008
--------------------- ---- ---- ---- ----
SEGMENT INCOME (LOSS)
Exploration and Production
United States $32 $285 $(61) $888
International 459 584 843 1,428
--- --- --- -----
E&P segment 491 869 782 2,316
Oil Sands Mining 25 288 3 158
Refining, Marketing and Transportation 158 771 482 854
Integrated Gas 13 65 53 266
--- --- --- ---
Segment Income 687 1,993 1,320 3,594
Items not allocated to segments, net
of income taxes:
Corporate and other unallocated items (159) (178) (299) (253)
Foreign currency remeasurement
of taxes (114) 76 (180) 111
Gain (loss) on U.K. natural gas
contracts (7) 101 37 (19)
Gain (loss) on disposal of assets (15) - 107 -
Gain (loss) on disposal of
discontinued operations (1) - 37 -
Discontinued operations 22 72 86 136
--- --- --- ---
Net income $413 $2,064 $1,108 $3,569
CAPITAL EXPENDITURES
Exploration and Production $516 $686 $1,490 $2,281
Oil Sands Mining 267 271 834 781
Refining, Marketing and Transportation 634 765 2,007 1,978
Integrated Gas - 3 1 4
Discontinued Operations 3 52 66 106
Corporate 10 9 18 18
--- --- --- ---
Total $1,430 $1,786 $4,416 $5,168
EXPLORATION EXPENSES
United States $23 $68 $88 $173
International 32 40 93 194
--- --- --- ---
Total $55 $108 $181 $367
----- --- ---- ---- ----
Preliminary Supplemental Statistics (Unaudited)
Three Months Ended Nine Months Ended
September 30 September 30
2009 2008 2009 2008
---- ---- ---- ----
E&P OPERATING STATISTICS
Net Liquid Hydrocarbon Sales (mbpd)
United States 63 63 64 63
Europe 76 66 87 43
Africa 83 83 87 86
--- --- --- ---
Total International 159 149 174 129
--- --- --- ---
Worldwide Continuing Operations 222 212 238 192
Discontinued Operations 10 12 6 7
--- --- --- ---
Worldwide 232 224 244 199
Net Natural Gas Sales (mmcfpd)(a)
United States 339 426 376 446
Europe 119 153 143 164
Africa 409 346 427 379
--- --- --- ---
Total International 528 499 570 543
--- --- --- ---
Worldwide Continuing Operations 867 925 946 989
Discontinued Operations - 3 22 31
--- --- --- ---
Worldwide 867 928 968 1,020
Total Worldwide Sales (mboepd)
Continuing Operations 366 367 396 357
Discontinued Operations 10 12 9 12
--- --- --- ---
Worldwide 376 379 405 369
Average Realizations (b)
Liquid Hydrocarbons (per bbl)
United States $61.07 $106.81 $50.19 $100.27
Europe 70.58 118.52 60.10 115.15
Africa 60.50 107.47 49.67 101.33
Total International 65.32 112.33 54.88 105.90
Worldwide Continuing
Operations 64.12 110.69 53.62 104.05
Discontinued Operations 67.77 123.06 56.27 112.37
Worldwide $64.27 $111.33 $53.68 $104.33
Natural Gas (per mcf)
United States $3.63 $7.70 $3.94 $7.70
Europe 4.87 8.76 4.89 7.94
Africa (c) 0.25 0.25 0.25 0.25
Total International 1.29 2.86 1.41 2.57
Worldwide Continuing Operations 2.20 5.09 2.42 4.88
Discontinued Operations - 13.79 8.54 8.98
Worldwide $2.20 $5.11 $2.56 $5.00
--------- ----- ----- ----- -----
(a) Includes natural gas acquired for injection and subsequent resale of
18 mmcfpd and 2 mmcfpd in the third quarters of 2009 and 2008, and 20
mmcfpd and 21 mmcfpd for the first nine months of 2009 and 2008.
(b) Excludes gains and losses on derivative instruments (including the
unrealized effects of U.K. natural gas sales contracts that are
accounted for as derivatives).
(c) Primarily represents fixed prices under long-term contracts with Alba
Plant LLC, Atlantic Methanol Production Company LLC (AMPCO) and
Equatorial Guinea LNG Holdings Limited (EGHoldings), which are equity
method investees. Marathon includes its share of Alba Plant LLC's
income in the Exploration and Production segment and its share of
AMPCO's and EGHoldings' income in the Integrated Gas segment.
Preliminary Supplemental Statistics (Unaudited) (continued)
Three Months Ended Nine Months Ended
September 30 September 30
(Dollars in millions, except as noted) 2009 2008 2009 2008
------------------------------------- ---- ---- ---- ----
OSM OPERATING STATISTICS
Net Bitumen Production (mbpd) 27 28 26 25
Net Synthetic Crude Oil Sales (mbpd) 33 32 31 31
Synthetic Crude Oil Average
Realization (per bbl) (d) $62.08 $113.42 $52.02 $106.37
------------------------------ ------ ------- ------ -------
RM&T OPERATING STATISTICS
Refinery Runs (mbpd)
Crude oil refined 1,019 955 943 941
Other charge and blend stocks 171 189 197 201
--- --- --- ---
Total 1,190 1,144 1,140 1,142
Refined Product Yields (mbpd)
Gasoline 687 586 655 598
Distillates 330 358 319 336
Propane 23 21 23 22
Feedstocks and special products 75 95 66 104
Heavy fuel oil 22 20 23 24
Asphalt 70 79 70 75
--- --- --- ---
Total 1,207 1,159 1,156 1,159
Refined Products Sales Volumes
(mbpd)(e) 1,400 1,357 1,353 1,335
Refining and Wholesale Marketing
Gross
Margin (per gallon) (f) $0.0762 $0.2519 $0.0808 $0.1137
Speedway SuperAmerica
Retail outlets 1,610 1,620 - -
Gasoline and distillate sales
(millions of gallons) 818 796 2,408 2,376
Gasoline and distillate gross
margin (per gallon) $0.1399 $0.1690 $0.1175 $0.1235
Merchandise sales $842 $764 $2,341 $2,133
Merchandise gross margin $207 $197 $577 $541
------------------------ ---- ---- ---- ----
IG OPERATING STATISTICS
Net Sales (metric tonnes per day)(g)
LNG 6,372 6,048 6,583 6,453
Methanol 1,145 757 1,220 1,024
--------- ----- --- ----- -----
(d) Excludes gains and losses on derivative instruments.
(e) Total average daily volumes of all refined product sales to wholesale,
branded and retail customers.
(f) Sales revenue less cost of refinery inputs, purchased products and
manufacturing expenses, including depreciation.
(g) Includes both consolidated sales volume and Marathon's share of sales
volumes of equity method investees. LNG sales from Alaska are
conducted through a consolidated subsidiary. LNG and methanol sales
from Equatorial Guinea are conducted through equity method investees.
Marathon Oil Corporation
CONTACT: Media Relations: Lee Warren, +1-713-296-4103; John Porretto, +1-713-296-4102; Investor Relations: Howard Thill, +1-713-296-4140; Chris Phillips, +1-713-296-3213
Web Site: http://www.marathon.com/
Smart Balance Announces Nationwide Milk Rollout- Strong performance in lead markets in 2009 - Supply chain established for national distribution
PARAMUS, N.J., Nov. 3 /PRNewswire-FirstCall/ -- Smart Balance, Inc. today announced plans for the nationwide rollout of the Company's line of enhanced milk products.
Following the successful test market launch in Florida in 2008 and the introduction in markets in the Northeast in 2009, a decision has been made to expand distribution of Smart Balance(TM) Milk. The Company has identified strategic dairy partners and developed a high quality, cost effective, supply network to distribute nationally. Initial shipments will begin during the first quarter of 2010.
"We are ready to leverage our lead market success across the $12 billion(1) U.S. milk category with a national milk supply chain that can deliver the great-tasting, heart healthier products that consumers have come to expect from Smart Balance," said Stephen B. Hughes, Smart Balance, Inc. Chairman and CEO. "We have built the foundation that we stated was needed for a national expansion of milk: our core spreads business was firmly established, consumer and customer feedback on our milk products was positive, and the overall business had the financial strength to weather the introduction costs and future commodity variations.
"Our performance to-date confirms for us the potential this business holds as a key driver of accelerated brand awareness and sales growth across our portfolio," added Hughes.
Milk products expected to be introduced nationally include:
-- Smart Balance(TM) Fat Free Milk and Omega-3s* & Vitamin E
-- Smart Balance(TM) Low Fat Milk and Omega-3s* & Vitamin E
-- Smart Balance(TM) HeartRight(TM) Fat Free Milk and Omega-3s*, Vitamin
E & Natural Plant Sterols
-- Smart Balance(TM) Fat Free Milk and Antioxidant Vitamin E.
"Smart Balance(TM) Milks are rich and creamy, characteristics not common in most fat free or low fat milk," said Tammi Hancock, a registered dietician. Three of the varieties of Smart Balance(TM) Milks offer an excellent source of Omega-3s EPA/DHA which are essential for supporting cardiovascular health, healthy brain function and overall health maintenance. "They provide your body with heart healthy nutrition while satisfying your taste buds," Hancock added.
Smart Balance(TM) HeartRight milk also contains a unique blend of heart healthy ingredients, including natural plant sterols that are clinically proven to help support healthy cholesterol levels** when used as part of a diet low in saturated fat and cholesterol. HeartRight(TM) also contains 25 percent more calcium and protein than whole milk.
All of the Smart Balance(TM) Milks are hormone and antibiotic free.***
(1) Category and share data according to Information Resources Inc.
*All Omega-3 varieties contain 1g of fat from the Omega-3 Oil Blend.
**Foods containing at least 400mg per serving of plant sterols eaten twice a day with meals for a daily total intake of at least 800mg, as part of a diet low in saturated fat and cholesterol, may reduce the risk of heart disease. A serving of Smart Balance(TM) Heart Right(TM) supplies 400mg of plant sterols.
***Smart Balance uses milk produced from cows not treated with rBST. The FDA has found no significant difference from milk derived from rBST-treated cows and those not treated.
Forward-looking Statements
Statements made in this press release that are not historical facts, including statements about the Company's plans, strategies, beliefs and expectations, are forward-looking and subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements may include use of the words "expect", "anticipate", "plan", "intend", "project", "may", "believe" and similar expressions. Forward-looking statements speak only as of the date they are made, and, except for the Company's ongoing obligations under the U.S. federal securities laws, the Company undertakes no obligation to publicly update any forward-looking statement, whether to reflect actual results of operations, changes in financial condition, changes in general economic or business conditions, changes in estimates, expectations or assumptions, or circumstances or events arising after the issuance of this press release. Actual results may differ materially from such forward-looking statements for a number of reasons, including those risks and uncertainties set forth in the Company's filings with the SEC and the Company's ability to:
-- raise prices as fast as commodity costs increase;
-- introduce and expand distribution of new products;
-- meet marketing and infrastructure needs;
-- meet long-term debt covenants; and
-- increase volume in case shipments in a competitive environment with
rising costs and an increasingly price sensitive consumer.
About Smart Balance, Inc.
Smart Balance, Inc. is committed to providing superior tasting heart healthier alternatives in every category it enters by avoiding trans fats naturally, balancing fats and/or reducing saturated fats, total fat and cholesterol. The Company's products include Smart Balance® Buttery Spreads, Milk, Butter Blend Sticks, Sour Cream, Peanut Butter, Microwave Popcorn, Cooking Oil, Mayonnaise, Non-Stick Cooking Spray and Cheese. For more information about products and the Smart Balance(TM) Food Plan, visit http://www.smartbalance.com/.
Smart Balance
CONTACT: Media: Brent Burkhardt, Executive Vice President, Managing Director of TBC Public Relations, +1-410-986-1303, bburkhardt@tbc.us, for Smart Balance, Inc.; or Investors: John Mintz, Vice President Finance & Investor Relations of Smart Balance, Inc., +1-201-568-9300, investor@smartbalance.com
Web Site: http://www.smartbalance.com/
Merszei Named President of Dow Europe, Middle East and Africa, and Chairman of Dow EuropeWeideman Named Interim Chief Financial Officer
MIDLAND, Mich., Nov. 3 /PRNewswire-FirstCall/ -- In an effort to further strengthen its geographic presence and connection with key markets and customers, The Dow Chemical Company announced today that Geoffery E. Merszei, Executive Vice President and Chief Financial Officer, will move to a new role as President of Dow Europe, Middle East and Africa, while also serving as Chairman of Dow Europe, and Executive Vice President of The Dow Chemical Company, reporting to Andrew N. Liveris, Chairman and Chief Executive Officer. Merszei has served as the Company's Chief Financial Officer for the past five years. He will relocate to the Company's European Headquarters in Horgen, Switzerland.
Merszei will also assume additional responsibility as chair of the Company's newly established Geographic Leadership Council. The Council's function is to ensure Dow builds upon its robust global franchise by building strong relationships with partners and customers and continuing its track-record of making growth investments throughout world. Membership of this Council will be announced shortly.
Managing the Company's global footprint is becoming even more important and this new role will help ensure Dow is better able to capture growth opportunities in important markets around the world. Reporting to Merszei will be Henry Roth, President of Middle East Region, Earl Shipp President of Africa Region, Kostas Katsoglou, President of Eastern Europe /Russia Region, and John Dearborn, President of the Ras Tanura Integrated Project in Saudi Arabia as well as the European leadership team.
William H. Weideman, Vice President and Controller, will assume the role of interim CFO while the Company conducts a global search for a replacement for Merszei.
Merszei first joined Dow in 1977, and spent two-thirds of his career in locations outside the United States, including multiple assignments in Europe and Asia. He returned to the Company in July 2005 as Executive Vice President and CFO after serving four years as Executive Vice President and Chief Financial Officer of Alcan, Inc.
"Dow has a long and storied history of growing successfully in many parts of the world with more than two thirds of our business transacted outside of the United States, but as we focused more on global businesses and functions over the last decade, our geographic emphasis changed," said Andrew N. Liveris, Chairman and Chief Executive Officer. "We are fortunate to have someone of Geoffery's knowledge and experience available to step up and take on these new responsibilities. In addition, Geoffery has also played a very strong role working with me and the rest of the senior management team to ensure that we delivered on our commitments in several key areas, exceeding our financial goals and surpassing key milestones on all fronts."
Weideman has more than 30 years of Finance experience with the Company, and has held a variety of accounting and controller roles for various Dow businesses.
"We are also fortunate to have someone of Bill's caliber to step into the role of interim CFO while we conduct the global search for Geoffery's replacement," said Liveris. "Bill knows and understands the Company extremely well and has the confidence of everyone in the organization having performed extremely well as Vice President and Controller working directly alongside Geoffery for the past number of years."
These appointments are effective immediately.
About Dow
Dow is a diversified chemical company that combines the power of science and technology with the "Human Element" to constantly improve what is essential to human progress. The Company delivers a broad range of products and services to customers in approximately 160 countries, connecting chemistry and innovation with the principles of sustainability to help provide everything from fresh water, food and pharmaceuticals to paints, packaging and personal care products. In 2008, Dow had annual sales of $57.4 billion and employed approximately 46,000 people worldwide. The Company has 150 manufacturing sites in 35 countries and produces approximately 3,300 products. On April 1, 2009, Dow acquired Rohm and Haas Company, a global specialty materials company with sales of $10 billion in 2008, 98 manufacturing sites in 30 countries and approximately 15,000 employees worldwide. References to "Dow" or the "Company" mean The Dow Chemical Company and its consolidated subsidiaries unless otherwise expressly noted. More information about Dow can be found at http://www.dow.com/.
The Dow Chemical Company
CONTACT: Bob Plishka, +1-989-638-2288, bplishka@dow.com
Web Site: http://www.dow.com/
Borders Launches New Holiday In-Stock Guarantee -- If Your Book is Not in the Store, Borders Will Get it and the Shipping is FreeFree Wi-Fi Now Available In Borders Stores Nationwide
ANN ARBOR, Mich., Nov. 3 /PRNewswire/ -- Borders is introducing an innovative new program for the holiday season designed to guarantee a satisfying shopping experience for customers. Beginning today, Borders launches the industry's first-ever "In-Stock Guarantee," promising customers that if they do not find an item in stock in a Borders store, and that item is among the more than one million titles available on Borders.com, Borders will find it and pay the shipping costs to the customer's home.
(Logo: http://www.newscom.com/cgi-bin/prnh/20060208/BORDERSLOGO )
Borders' "In-Stock Guarantee" applies not only to books - any item carried on Borders.com is eligible. There is no per-customer limit on the number of items eligible for this program. The "In-Stock Guarantee" program runs through most of the holiday season, with Dec. 16 as the final date items can be located and reach customers in time for Christmas.
"Our goal is to have every single customer leave our stores happy this holiday season," said Mike Edwards, executive vice president and chief merchandising officer for Borders. "We have stocked our shelves to the rafters. As a result, we hope to have exactly what customers are looking for among the hundreds of thousands of items we have in stock, but if there is something we don't have on the shelf, we are going to get it in their hands within days, and pay the shipping costs.
"We believe that no bookseller has done this before and we are excited to break new ground in customer service this holiday season," said Edwards. "We want customers to know that there is a new and very compelling reason to do their holiday shopping with us. At Borders, shoppers are guaranteed a satisfying shopping trip. No one else can promise them that!"
The "In-Stock Guarantee" applies only to Borders bricks and mortar stores, but there is also a free shipping program available online at Borders.com as well. Generally, orders over $25 purchased on Borders.com will be shipped for free. Orders placed on the site before Dec. 16 will reach customers in time for the holiday.
Free Wi-Fi and free customer loyalty program
In addition to the new "In-Stock Guarantee," most Borders superstores nationwide are now equipped with free Wi-Fi, giving customers the added convenience of accessing the Internet at no charge while shopping in a Borders store.
When customers log on, they are given the option to join the free Borders Rewards® program, a leading customer loyalty program with more than 35 million members. Borders Rewards members enjoy special pricing and exclusive weekly offers not available to the general public. Not only is the program free, but it's also easy and hassle-free because members never need to show their cards to redeem their savings offers. Importantly, Rewards members earn $5 in "Borders Bucks" for every $150 of annual qualifying purchases made both in-store and online at Borders.com. And, when customers sign up now to join the Rewards program, they will receive a coupon for $5 off a future purchase. Borders will continue to provide additional exclusive offers to Borders Rewards members throughout the holiday season.
New kids' toys and games and teen sections
Borders has made a number of enhancements to its superstores that will give shoppers even more gift options this season. Borders has expanded its Children's Department to include hundreds of high-quality educational toys and games. In addition, Borders has also created the Borders Ink Teen Shops, boutique-like sections that feature a large selection of Young Adult, Graphic and Manga titles as well as related products that appeal to the teen audience. The current merchandise assortment includes an extensive collection of Twilight-themed items like journals, T-shirts, jewelry, pajamas and more. Borders has also developed "Teaching Zones," special sections dedicated to the needs of teachers that include a rich assortment of professional development books, educational titles and other materials.
About Borders Group, Inc.
Headquartered in Ann Arbor, Mich., Borders Group, Inc. is a leading specialty retailer of books as well as other educational and entertainment items. The company employs approximately 25,000 throughout the U.S., primarily in its Borders® and Waldenbooks® stores. Online shopping is offered through borders.com. Find author interviews and vibrant discussions of the products we and our customers are passionate about online at facebook.com/borders, twitter.com/bordersmedia and youtube.com/bordersmedia. For more information about the company, visit borders.com/media.
Photo: http://www.newscom.com/cgi-bin/prnh/20060208/BORDERSLOGO
Borders
CONTACT: Mary Davis, +1-734-477-1374, mdavis4@bordersgroupinc.com
Web Site: http://www.borders.com/
SEI Named Best Funds of Hedge Funds Administrator at HFMWeek Service Provider AwardsPoints to Company's Ability to Deliver Transparency, Efficiency, And Strategic Focus Amid Increased Outsourcing
OAKS, Pa., Nov. 3 /PRNewswire-FirstCall/ -- SEI today announced that it was named Best Funds of Hedge Funds Administrator in the 2009 HFMWeek US Service Provider Awards. The award, presented by industry publication HFMWeek, points to SEI's ongoing leadership in the funds of hedge funds space. It demonstrates the industry's recognition of SEI's innovative technology and best-in-class processes. These areas are critical as funds increasingly turn to outsourcing to achieve greater transparency and efficiencies in the face of changing investor and regulatory demands.
"We are honored to be nominated and win this award. Most importantly to us, however, was that this was in large part due to recommendations from our clients and indicative of the strategic partnerships we have built over the life of our relationships. We have always said that our success is solely based on that of our clients, and we continue to strive to help them achieve their business objectives now and in the future," said Steve Meyer, Executive Vice President and head of SEI's Investment Manager Services division. "We have invested significant resources to ensure we have leading-edge technologies and processes that make us an invaluable outsourcing partner for our clients, regardless of their investment product structure, asset classes in which they invest, or portfolio strategy. We continue to push for innovations that aid in our clients' success."
Through its comprehensive outsourcing solution, SEI provides a wide variety of services including fund accounting, administration, and investor servicing using best-in-class technology solutions. SEI's innovative Dashboard tool is used by funds of hedge funds to create greater levels of efficiency, increased collaboration, and daily transparency in delivering timely accurate valuation and reporting. Through the use of workflow processes, it also enables real-time approval processing and task management in a user-friendly online format.
SEI was selected for the prestigious award from a group of nominees that included some of the industry's largest and most notable providers. Among the reasons SEI was selected was the fact that its alternative assets under administration had grown by over 30 percent in 18 months.
About SEI's Investment Manager Services Division
SEI's Investment Manager Services division provides total operations outsourcing solutions to global investment managers focused on mutual funds, hedge and private equity funds, exchange traded funds, collective trusts, separately managed accounts and institutional and private client services. The division applies operating services, technologies, and business and regulatory knowledge to each client's business objectives. Its resources enable clients to meet the demands of the marketplace and sharpen business strategies by focusing on their core competencies. For more information, visit http://www.seic.com/enUS/im/334.htm.
About SEI
SEI is a leading global provider of outsourced asset management, investment processing and investment operations solutions. The company's innovative solutions help corporations, financial institutions, financial advisors, and affluent families create and manage wealth. As of September 30, 2009, through its subsidiaries and partnerships in which the company has a significant interest, SEI administers $383 billion in mutual fund and pooled assets and manages $156 billion in assets. SEI serves clients, conducts or is registered to conduct business and/or operations, from numerous offices worldwide. For more information, visit http://www.seic.com/.
SEI
CONTACT: Dana Grosser of SEI, +1-610-676-2459, dgrosser@seic.com; or Media, Jason Rocker of Braithwaite Communications for SEI, +1-215-564-3200 x 110, jrocker@gobraithwaite.com
Web Site: http://www.seic.com/
Retailers to Give Thousands of New Winter Coats to Underprivileged Elementary School StudentsThe Keeping Kids Warm Program to Donate 10,000 Coats Nationwide
BALTIMORE, Nov. 3 /PRNewswire/ -- In an effort to make the winter season warmer for underprivileged children, the Keeping Kids Warm® program is donating new winter coats to 3 schools in the city of Baltimore. The Keeping Kids Warm program is supported by the Charming Shoppes, Inc. family of brands, Lane Bryant, Fashion Bug, and Catherines. Baltimore Coat Distributions will take place at Dr. Bernard Harris Elementary School on November 4th; Alexander Hamilton Elementary School on November 5th; and at Eutaw-Marshburn Elementary School on November 5th. All events begin at 9:30am.
Starting this October, employees volunteer to organize coat distributions, order and pack coats, and present them in person to children in their communities. Each child chooses a brand new, warm winter coat and winter accessories.
"To see our associates come together to give back to local children in need is very rewarding," says Jim Fogarty, President and Chief Executive Officer of Charming Shoppes, Inc. "Our family of brands are in the business of profiting from the sale of clothing, so giving back to the communities we serve by clothing those in need is a natural extension. We also appreciate the support we receive from our vendor base, which assists in the smooth execution of our program," says Jim Fogarty.
This is the Keeping Kids Warm program's 14th year. To date, the retailers have donated nearly 115,000 winter coats to elementary students all over America in such cities as Minneapolis, Cleveland, Chicago, Columbus, Cincinnati, Philadelphia, Milwaukee, Syracuse, Newark and many others. This fall, Keeping Kids Warm will visit close to 20 schools and give away nearly 10,000 coats. At the end of this season, the program will have donated close to 125,000 coats in 75 communities across the country, a truly inspiring accomplishment.
Crews are invited to attend the Baltimore Coat Presentation Day events at Dr. Bernard Harris Elementary School located at 1400 North Caroline Street; Alexander Hamilton Elementary School located at 800 Poplar Grove Street; and Eutaw-Marshburn Elementary School located at 624 Eutaw Place.
Keeping Kids Warm is an endeavor of CSI Charities, Inc., a 501(c) 3 non-profit organization. Lane Bryant, Fashion Bug, and Catherines operate under the parent company Charming Shoppes, Inc. Charming Shoppes operates more than 2,200 retail apparel stores in 48 states. The Charming Shoppes family of brands offers the latest styles for in apparel, accessories, and footwear for women of all sizes. For more information on Charming Shoppes, Inc., please visit http://www.charmingshoppes.com/. For more information about Lane Bryant, please visit http://www.lanebryant.com/. For more information about Fashion Bug, please visit http://www.fashionbug.com/. For more information about Catherines, please visit http://www.catherines.com/.
Charming Shoppes, Inc.
CONTACT: Ilana Bagell of Charming Shoppes, Inc., +1-215-245-9100, ext. 5452, ilana.bagell@charming.com
Web Site: http://www.charmingshoppes.com/
Video: Band Hero(TM), The Biggest Music Event To Hit Living Rooms This Holiday Season, Is Available At Retail Outlets NationwideSet List Features Top 40 and Most Popular Music from Favorite Bands Including Taylor Swift, Fall Out Boy, Lily Allen, The All-American Rejects, Jackson 5 and More Band Hero for Nintendo DS(TM) Lite Introduces Innovative Drum and Vocal Gameplay Allowing Players to Take their Band's Performance On the Road
SANTA MONICA, Calif., Nov. 3 /PRNewswire-FirstCall/ -- Hitting store shelves throughout North America today, Activision Publishing, Inc.'s Band Hero(TM) for Wii(TM), Xbox 360® video game and entertainment system from Microsoft, PlayStation®3 and PlayStation®2 computer entertainment systems and Nintendo DS(TM) Lite explodes onto the scene with the most exciting and accessible set lists everyone can enjoy at home or on the road, featuring chart-topping tracks from the most popular bands of yesterday and today. With the console versions, up-and-coming pop superstars can create the band of their dreams with any combination of multiple guitarists, bassists, drummers and vocalists or hit all the high notes together in the new karaoke-style Sing-Along mode. Fans can also step into the spotlight as their favorite popular music stars with Taylor Swift and Maroon 5's Adam Levine making appearances as playable characters.
To view the Multimedia News Release, go to: http://multivu.prnewswire.com/mnr/bandhero/40848/
(Photo: http://www.newscom.com/cgi-bin/prnh/20091103/NY03876 )
"Band Hero takes the critically acclaimed Guitar Hero® 5 game features to new heights and delivers the most popular artists into your living room," said Dan Rosensweig, president and chief executive officer of Guitar Hero®. "As our first E10+ rated console game, Band Hero will become the new soundtrack to family game night."
Hit the road with Band Hero as Nintendo DS Lite owners join the band with an all-new gameplay experience that allows full band play on-the-go for any combination of guitar, bass, drums and vocals. Featuring an exclusive set list, Band Hero for Nintendo DS Lite extends the renowned guitar-only gameplay from the Guitar Hero® On Tour® series to full band play with the introduction of the innovative Drum Grip(TM) and use of the built-in microphone for vocal play. Band Hero for Nintendo DS Lite players can also connect to the Wii version to unlock extra gameplay and content including Fan Request challenges.
Band Hero for Wii also features multiple exclusive game modes for Nintendo fans that will allow living room rock stars to interact with their music and friends in a new social gameplay experience. While players and their bands are rocking away on the Wii version of Band Hero, family and friends who own Nintendo DS or Nintendo DSi can update and change the band's set list on the fly giving them the ability to experience the performance they want in DS Party Play. Nintendo DS fans can virtually live the life of a band roadie thanks to Roadie Battle mode which allows up to two Nintendo DS players to connect with two Band Hero Wii guitarists for an intense competition of navigating from one side of the stage to the other trying to sabotage opponents' equipment while repairing any damage to their own. Band Hero also features Mii(TM) Freestyle Mode made popular in Guitar Hero 5. In addition, an all-new drum kit controller featuring a slimmer, more sturdy design and quiet 'floating' drum heads will be available at launch, bundled exclusively with the Wii band kit version of Band Hero.
Band Hero also offers a great value to owners of multiple Guitar Hero games by allowing players to import select songs from Guitar Hero® 5, Guitar Hero® Smash Hits and Guitar Hero® World Tour. In addition, Guitar Hero fans can play most of their purchased Guitar Hero World Tour or Guitar Hero 5 downloadable content in Band Hero, for a music library that consists of hundreds of tracks.
Brought to you by the makers of Guitar Hero, one of the best-selling video game franchises of all time, Band Hero features the hottest chart-topping hits from everyone's favorite bands including Fall Out Boy, Nelly Furtado, Lily Allen, The All-American Rejects and Jackson 5. Band Hero is the ultimate party game where friends and family can choose to join the band or "take five" at any time without interrupting the performance in Party Play mode. Band Hero allows fans to create the band of their dreams, using any combination of vocals and guitar or drum controllers, providing budding pop stars the chance to customize how they interact with and experience their favorite music.
In addition, Band Hero players can step into the spotlight as their own Xbox Avatar in the Xbox 360 version of the game. Taking full advantage of the latest technology available from Xbox LIVE® online entertainment network, pop hopefuls can create the ultimate pop super-group and mix and match their Xbox Avatars with all-new character Quincy Styles, redesigned Guitar Hero favorites like Judy Nails, Midori and Axel Steel, or even alongside in-game talent.
Band Hero was developed by Neversoft Entertainment for Xbox 360 and PlayStation 3 system, by Vicarious Visions for the Nintendo DS Lite and Wii and by Budcat for the PlayStation 2 system. The game is rated "E10+" (Everyone 10 years and older - Mild Lyrics, Mild Suggestive Themes). Become a fan of Band Hero on Facebook at facebook.com/bandhero and for more information about Band Hero, please visit bandhero.com. For a chance to win a trip to meet Taylor Swift and see her in concert as well as other Band Hero prizing, enter at http://www.bandhero.com/MeetTaylorSwift.
Activision Publishing Broadcast Media Center
Members of the media can visit Activision Publishing's Broadcast Media Center to download broadcast quality video and web-ready video and high-resolution images. Members of the media using Pathfire can take advantage of a Pathfire enabled video download.
Broadcast Media Center: http://usngondemand.com/index.php
About Activision Publishing, Inc.
Headquartered in Santa Monica, California, Activision Publishing, Inc. is a leading worldwide developer, publisher and distributor of interactive entertainment and leisure products.
Activision maintains operations in the U.S., Canada, the United Kingdom, France, Germany, Ireland, Italy, Sweden, Spain, Norway, Denmark, the Netherlands, Australia, Russia, Japan, South Korea, China and the region of Taiwan. More information about Activision and its products can be found on the company's website, http://www.activision.com/.
Cautionary Note Regarding Forward-looking Statements: Information in this press release that involves Activision Publishing's expectations, plans, intentions or strategies regarding the future are forward-looking statements that are not facts and involve a number of risks and uncertainties. Activision Publishing generally uses words such as "outlook," "will," "could," "would," "might," "remains," "to be," "plans," "believes," "may," "expects," "intends," "anticipates," "estimate," future," "plan," "positioned," "potential," "project," "remain," "scheduled," "set to," "subject to," "upcoming" and similar expressions to identify forward-looking statements. Factors that could cause Activision Publishing's actual future results to differ materially from those expressed in the forward-looking statements set forth in this release include, but are not limited to, sales levels of Activision Publishing's titles, shifts in consumer spending trends, the impact of the current macroeconomic environment, the seasonal and cyclical nature of the interactive game market, Activision Publishing's ability to predict consumer preferences among competing hardware platforms (including next-generation hardware), declines in software pricing, product returns and price protection, product delays, retail acceptance of Activision Publishing's products, adoption rate and availability of new hardware and related software, industry competition, rapid changes in technology and industry standards, protection of proprietary rights, litigation against Activision Publishing, maintenance of relationships with key personnel, customers, vendors, licensees, licensors and third-party developers, counterparty risks relating to customers, licensees, licensors and manufacturers, domestic and international economic, financial and political conditions and policies, foreign exchange rates, integration of recent acquisitions and the identification of suitable future acquisition opportunities, Activision Blizzard's success in completing the integration of the operations of Activision Publishing and Vivendi Games in a timely manner, or at all, and the combined company's ability to realize the anticipated benefits and synergies of the transaction to the extent, or in the timeframe, anticipated, and the other factors identified in the risk factors section of Activision Blizzard's most recent annual report on Form 10-K and any subsequent quarterly reports on Form 10-Q. The forward-looking statements in this release are based upon information available to Activision Publishing and Activision Blizzard as of the date of this release, and neither Activision Publishing nor Activision Blizzard assumes any obligation to update any such forward-looking statements. Forward-looking statements believed to be true when made may ultimately prove to be incorrect. These statements are not guarantees of the future performance of Activision Publishing or Activision Blizzard and are subject to risks, uncertainties and other factors, some of which are beyond its control and may cause actual results to differ materially from current expectations.
© 2009 Activision Publishing, Inc. Guitar Hero and Activision are registered trademarks and Band Hero is a trademark of Activision Publishing, Inc. All other trademarks and trade names are the properties of their respective owners. All rights reserved.
"PlayStation" is a registered trademark of Sony Computer Entertainment America Inc. Microsoft, Xbox, Xbox 360, Xbox LIVE, and the Xbox logos are trademarks of the Microsoft group of companies. Wii and Nintendo DS are trademarks of Nintendo.
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Video: http://multivu.prnewswire.com/mnr/bandhero/40848
Activision Publishing, Inc.
CONTACT: Natalie Salzman DaRosa, PR Manager, Guitar Hero, +1-424-744-5732, ndarosa@guitarhero.com
Web Site: http://www.activision.com/
Company News On-Call: http://www.prnewswire.com/comp/007396.html
Heartland, Inc. Announces Grand Opening of Heartland Steel's New Manufacturing and Warehousing Facility
MIDDLEBORO, Ky., Nov. 3 /PRNewswire-FirstCall/ -- Heartland, Inc. (OTC Bulletin Board: HTLJ) today announced that Heartland Steel, the company's steel warehousing subsidiary, celebrated the grand opening of its new state-of-the-art warehousing and distribution facility and office space in Washington Court House, Ohio. On October 29th the Company hosted an open house which allowed the community and local business leaders to tour the 58,000 square foot facility.
"The grand opening of our new headquarters was a tremendous event for Heartland and the local community and marked the successful end to a year long process," said Randy W. Frevert, President, of Heartland Steel. "This facility in its fully operational form is an impressive site that we are proud to display. Given the success that Heartland Steel has enjoyed to date in 2009, we are excited to see how this versatile facility further contributes to our growth in this region. With our marketing and sales initiatives now fully deployed we are well positioned to expand our service reach and accelerate towards profitability.
"Our exceptional team is committed to establishing Heartland Steel as the best in service, support and quick response to the needs of our customers," concluded Mr. Frevert. "We'd like to thank this Washington Court House community for their support and we look forward to serving them as a leading local business."
About Heartland, Inc.
Heartland, Inc. is a diversified company with businesses in steel warehousing and fabrication and petroleum retail and wholesale operations. Mound Technologies is a full service structural and miscellaneous steel fabricator located in Springboro, Ohio. Lee Oil Company services and sells over 40 million gallons of petroleum product annually through a combination of retail and wholesale operations. Heartland Steel, Inc. is a new venture which operates a structural steel service center in Washington Court House, Ohio.
Forward-Looking Statements
Statements contained in this news release, which are not historical facts, are forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995. Amounts herein could vary as a result of market and other factors. Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from those currently anticipated due to a number of factors, which include, but are not limited to, factors discussed in documents filed by the Company with the Securities and Exchange Commission from time to time.
Heartland, Inc.
CONTACT: Investor Relations, Paul G. Henning, Cameron Associates, +1-212-554-5462, Paul@cameronassoc.com
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