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Companies news of 2010-03-22 (page 8)

  • IRS Relaxes Requirements, Opens Offer in Compromise Program to ThousandsIRS Commissioner...
  • Broadcom Powers High Definition Set-Top Boxes to Topway Cable Subscribers in...
  • Leading Economist Forecasts More Jobs Than Workers in Coming YearsProjects Significant...
  • Broadcom Announces DOCSIS(R) VoIP over Cable Portfolio to Support Network Convergence in...
  • BNY Mellon Enterprise Treasury Services Recognized as Best White-Label System Provider for...
  • Puda Coal Announces Conference Call to Discuss Fourth Quarter and Full Year 2009 Results
  • Sierra Wireless first to deliver enhanced mobile broadband experience with Windows 7...
  • Bankers Petroleum Announces 2009 Financial ResultsProvides Outlook for 2010
  • Trident Microsystems Outlines its Strategy to Serve the High-Growth China MarketTrident...
  • Coship Selects Trident Microsystems' Set-Top Box Chipsets to Deliver High-Definition...
  • Varian's ARIA(R) Oncology Information Management Software Ranked #1 in the '2009 Top 20...
  • Unisys Expands Support for Modernized Applications and Mobile Devices on ClearPath...
  • Bankrate Releases First Ever Rewards Checking SurveyBankrate's new 2010 Rewards Checking...
  • Harris Corporation Receives Orders Totaling Approximately $100 Million for Miami-Dade...
  • CaribServe Selects Motorola's WiMAX with ASN 1000 Gateway to Expand, Increase Speed of...
  • ICE TTF Natural Gas Futures Contract Launches With Strong Support
  • Fannie Mae Redemption
  • Rachat de Fannie Mae
  • Blackboard Brings Interactive Teaching and Learning to Mobile DevicesBlackboard Mobile...
  • China ACM Announces Exercise of Over-Allotment Option
  • Navios Maritime Holdings Inc. Announces Sale of Navios Aurora II for $110.0 million to...
  • Micromet Announces Presentations on BiTE Antibody Programs at AACR Annual Meeting
  • Pharmaceutical Industry Veteran Nicholas LaBella Jr., MS, RPh, Joins Insmed as Chief...
  • Broadcom Announces Industry's First Low Cost, High Definition Cable Converter Box Solution...
  • CIBER's Principle Express Pack (PEP) Named an Oracle Accelerate Solution
  • China Biologic Products Schedules Conference Call to Discuss Fourth Quarter and Full Year...
  • China Nutrifruit Group Limited Increases Focus on Core High Margin Products, Upgrades...
  • Motorola Showcases Integrated Voice and Data Communication Solutions at VoiceCon(R)...
  • Sprint Awards Motorola Services Contract for Fifth Consecutive YearMotorola's Intelligent...
  • More Companies Hire Employees Through CareerBuilder Than Other Job Boards, New Independent...



    IRS Relaxes Requirements, Opens Offer in Compromise Program to ThousandsIRS Commissioner Doug Shulman announces 'big shift' in offer in compromise program to accommodate taxpayers impacted by unemployment or financial problems

    HOUSTON, March 22 /PRNewswire-FirstCall/ -- The IRS recently announced several steps it plans to take this tax season to help accommodate taxpayers having difficulty meeting their tax obligations because of unemployment or financial problems. The steps are meant to help the large number of taxpayers impacted by the economic decline facing having to pay looming tax bills.

    With the tax deadline less than a month away, IRS Commissioner Doug Shulman announced that he has extended more flexibility to IRS agents in considering tax settlements. In particular, IRS employees will be permitted to consider a taxpayer's current income and potential for future income when negotiating an offer in compromise. Normally, the standard practice is to judge an offer amount on a taxpayer's earnings in prior years, which can be misleading when unemployment or financial hardship occur. This new step provides greater flexibility when IRS employees consider offers in compromise from the unemployed.

    "This could mark a significant shift in the way the IRS handles tax debt, particularly tax debt brought about by unemployment in a down economy," said Patrick Cox, Founder, President and Board Chairman of TaxMasters, Inc. "In an environment where our client base continues to grow, Shulman's directive to the IRS could mean more offers in compromise being accepted and more taxpayers being eligible to participate in the settlement program. We're very excited about what this announcement means to the U.S. taxpayer and TaxMasters' client base."

    But, some are wary of IRS promises. As Eileen Ambrose reported this week in The Baltimore Sun, "Some doubt just how generous the IRS will be. The agency made similar promises to be more flexible last year." Last year's enforcement actions saw the number of IRS liens increase by 26 percent and the number of rejected offers in compromise stay near the 80 percent range, leading to doubts as to the sincerity of the IRS and Commissioner Shulman.

    If the IRS follows through with Commissioner Shulman's directive to relax its income requirement to qualify for an offer in compromise, it could significantly increase the number of accepted settlement offers in 2010 and beyond. "It's a big shift," Shulman is quoted as saying "This will allow thousands more in the [offer in compromise] program."

    When asked about whether he expects the IRS to follow Shulman's direction, Mr. Cox said, "I certainly hope that will be the case. Regardless, TaxMasters will continue to use proven methods for helping people regain compliance with the IRS and find affordable ways to pay their tax debts. Commissioner Shulman is facing some significant collections issues, evidenced by our growth rate at TaxMasters. He is clearly trying to extend the offer in compromise to more people in an effort to collect revenue owed to the IRS. "

    Cox continued, "At the same time, it's important to understand that there are more options than the offer in compromise to help taxpayers with IRS problems. TaxMasters excels at guiding our clients through this process while helping them pay only what they owe, avoiding unnecessary penalties and interest."

    "We applaud Commissioner Shulman's leadership on behalf of the taxpayer and will do all we can to make sure TaxMasters' clients benefit from the relaxed income requirements for offers in compromise," said Cox.

    About TaxMasters, Inc.

    TaxMasters, Inc. (BULLETIN BOARD: TAXS) , the IRS tax relief company, is the first publicly traded tax resolution firm in the United States. Started by Patrick R. Cox in 2001, TaxMasters offers services and counsel to taxpayers across the country facing seemingly insurmountable tax problems, and relief from substantial federal tax debt.

    Employing over 300 people, TaxMasters leverages the expertise of ex-IRS agents, enrolled agents, attorneys, CPAs, and seasoned tax consultants ready to counsel and assist every day people with their specific tax problems today.

    For more information about TaxMasters, Inc. and its commitment to help taxpayers in the United States solve tax problems, please visit http://www.txmstr.com/.

    Follow TaxMasters on Twitter at http://twitter.com/gotaxmasters. Forward-Looking Statements

    Any forward-looking statements, as defined in the Securities Exchange Act of 1934, in this release (often identified by such words as "believes," "expects," "beginning," "intended," "planned") regarding future expectations, objectives, and plans for TaxMasters, Inc. are based on opinions and estimates of management at the time the statement was made. Various known and unknown factors may cause actual results to be materially different from the expected outcomes. TaxMasters, Inc. does not, as a matter of policy, update or revise forward-looking statements. Actual results may vary materially.

    Company: Investors/Media: TaxMasters, Inc., Houston Gregory FCA Communications DeWayne Logan Paul Johnson 281.497.4226 x2061 610.228.2113

    TaxMasters, Inc.

    CONTACT: DeWayne Logan, TaxMasters, Inc., Houston, +1-281-497-4226
    x2061, or Investors/Media, Paul Johnson, Gregory FCA Communications,
    +1-610-228-2113

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




    Broadcom Powers High Definition Set-Top Boxes to Topway Cable Subscribers in ShenzhenAddressing the Growing Demand for HD Cable TV Services in China, New Generation of STBs Deliver Interactive and Advanced Services including HD DVR and Video-on-Demand

    BEIJING, March 22 /PRNewswire-FirstCall/ -- CCBN 2010 -- Broadcom Corporation , a global leader in semiconductors for wired and wireless communications, today announced a partnership with Coship, a leading Chinese set-top box (STB) manufacturer, to deliver high definition (HD) set-top boxes to Topway, a leading cable service provider in Shenzhen. Coship selected the highly integrated, multi-format Broadcom® BCM7403 HD set-top box system-on-a-chip (SoC) solution that supports interactive and advanced functionality including HD video-on-demand (VoD) and digital video recorder (DVR) capabilities that enable Topway to offer value-added services to its subscribers.

    Broadcom will be demonstrating this industry-leading technology at this week's China Content Broadcasting Network (CCBN) Conference in its booth #3501.

    Highlights/ Key Facts: -- Topway is a leading cable operator in providing HD and interactive services, reaching 126,000 interactive household users at the end of 2009; an increase of 143 percent from 2008, according to BDA market research. Coship was the largest manufacturer of HD STBs in 2009, accounting for approximately 21 percent of the market share estimated by BDA. -- Broadcom's field proven HD set-top box technology enables manufacturers to build next generation HD cable, satellite and IPTV set-top boxes that deliver best-in-class video quality, support multi formats, and include a complete software platform for customizable solutions. -- With advanced and interactive functionality, Broadcom's technology enables service providers to offer HD VoD and DVR services for additional revenue streams and an enhanced TV entertainment experience for subscribers. -- The Broadcom BCM7403 HD STB SoC solution is tailored to meet the unique needs of the Chinese market and features the following: -- Integrates HD AVC (H.264, MPEG-4), MPEG-2, DivX®, and VC-1 digital video decoders that enable manufacturers to cost effectively develop extremely high performance STBs that integrate the most advanced hardware features and functionality to securely decode, store and share multiple types of HDTV, VoD, Internet and digital music content. -- Provides advanced DVR capabilities and advanced playback of digital content from non-traditional sources, such as the Web or PC, directly to the television. -- Combines a data transport processor, HD video decoder technology, an advanced audio decoder, 2D graphics processing, high quality video scaling and motion adaptive de-interlacing, six video DACs, stereo high-fidelity, audio DACs, a 450 DMIPS host CPU, advanced security, dual USB 2.0 ports and HDMI 1.3a. -- Has strong local design engineering support from engineering teams located in Beijing, Shenzhen and Shanghai. -- The BCM7403 is currently available in mass production to set-top box manufacturers. Supporting Quotes: Mr Cao Liqi, Vice Chief Engineer, Topway

    "As a leading provider of high definition and interactive services, we look forward to working with Broadcom to offer our subscribers the very best in video quality, interactivity and advanced services that will enable exciting entertainment experiences in the home."

    Mr Bright Yuan, CEO, Coship

    "We selected Broadcom's HD cable set-top box technology for its interactive and advanced feature set, superior video quality and strong local support, and we are excited to deploy interactive features and cutting-edge technology to Topway subscribers. As one of the largest manufacturers of high definition set-top boxes, we are committed to providing new and innovative services that will significantly improve the TV viewing experience."

    Dan Marotta, Executive Vice President & General Manager, Broadcom's Broadband Communications Group

    "We are pleased to partner with Coship and Topway to deploy high definition programming and advanced services, enabling an enhanced and interactive TV entertainment experience for Topway cable subscribers in Shenzhen."

    Subscribe to RSS Feed: Broadcom Broadband Communications Group http://bit.ly/4BDSLs

    About Broadcom

    Broadcom Corporation is a major technology innovator and global leader in semiconductors for wired and wireless communications. Broadcom products enable the delivery of voice, video, data and multimedia to and throughout the home, the office and the mobile environment. We provide the industry's broadest portfolio of state-of-the-art system-on-a-chip and software solutions to manufacturers of computing and networking equipment, digital entertainment and broadband access products, and mobile devices. These solutions support our core mission: Connecting everything®.

    Broadcom, one of the world's largest fabless communications semiconductor companies, with 2009 revenue of $4.49 billion, holds more than 3,800 U.S. and 1,550 foreign patents, and has more than 7,800 additional pending patent applications, and one of the broadest intellectual property portfolios addressing both wired and wireless transmission of voice, video, data and multimedia.

    A FORTUNE 500® company, Broadcom is headquartered in Irvine, Calif., and has offices and research facilities in North America, Asia and Europe. Broadcom may be contacted at +1.949.926.5000 or at http://www.broadcom.com/.

    Cautions regarding Forward-Looking Statements:

    All statements included or incorporated by reference in this release, other than statements or characterizations of historical fact, are forward-looking statements. These forward-looking statements are based on our current expectations, estimates and projections about our industry and business, management's beliefs, and certain assumptions made by us, all of which are subject to change. Forward-looking statements can often be identified by words such as "anticipates," "expects," "intends," "plans," "predicts," "believes," "seeks," "estimates," "may," "will," "should," "would," "could," "potential," "continue," "ongoing," similar expressions, and variations or negatives of these words. Examples of such forward-looking statements include, but are not limited to, the demand for high definition TV programming in Shenzhen, our position in that market, and the continued collaboration among Broadcom, Coship and Topway. These forward-looking statements are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause our actual results to differ materially and adversely from those expressed in any forward-looking statement.

    Important factors that may cause such a difference for Broadcom in connection with the BCM7403 HD STB SoC solution include, but are not limited to:

    -- competitive pressures and other factors such as the qualification, availability and pricing of competing products and technologies and the resulting effects on sales and pricing of our products; -- the timing of customer-industry qualification and certification of our products and the risks of non-qualification or non-certification; -- the rate at which our present and future customers and end-users adopt Broadcom's technologies and products in the markets for next generation PC, cable, satellite, IPTV and terrestrial set-top box applications; -- the volume of our product sales and pricing concessions on volume sales; and -- the gain or loss of a key customer, design win or order.

    Additional factors that may cause Broadcom's actual results to differ materially from those expressed in forward-looking statements include, but are not limited to the list that can be found at http://www.broadcom.com/press/additional_risk_factors/Q12010.php.

    Our Annual Report on Form 10-K, subsequent Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K, and other Securities and Exchange Commission filings discuss the foregoing risks as well as other important risk factors that could contribute to such differences or otherwise affect our business, results of operations and financial condition. The forward-looking statements in this release speak only as of this date. We undertake no obligation to revise or update publicly any forward-looking statement, except as required by law.

    Broadcom, the pulse logo, Connecting everything, and the Connecting everything logo and are among the trademarks of Broadcom Corporation and/or its affiliates in the United States, certain other countries and/or the EU. DivX® is a trademark of DivX, Inc. Any other trademarks or trade names mentioned are the property of their respective owners.

    Contacts Trade Press Investor Relations Dana Brzozkiewicz T. Peter Andrew Senior Public Relations Vice President, Corporate Representative Communications 949-926-6367 949-926-5663 danabrz@broadcom.com andrewtp@broadcom.com

    Photo: http://www.newscom.com/cgi-bin/prnh/20060609/BROADCOMLOGO
    AP Archive: http://photoarchive.ap.org/
    PRN Photo Desk, photodesk@prnewswire.com Broadcom Corporation; BRCM Broadband

    CONTACT: Trade Press, Dana Brzozkiewicz, Senior Public Relations
    Representative, +1-949-926-6367, danabrz@broadcom.com, Investor Relations, T.
    Peter Andrew, Vice President, Corporate Communications, +1-949-926-5663,
    andrewtp@broadcom.com, both of Broadcom Corporation

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




    Leading Economist Forecasts More Jobs Than Workers in Coming YearsProjects Significant Labor Shortages by 2018; Workers Over 55 Will Be Key to Closing the Gap

    WASHINGTON, March 22 /PRNewswire/ -- As surprising as it sounds in the current employment market, a renowned labor economist projects that there will be more jobs than people to fill them in the United States by 2018.

    Assuming a return to healthy economic growth and no change in immigration or labor force participation rates, Barry Bluestone, Dean of the School of Public Policy and Urban Affairs at Northeastern University, predicts that within the next eight years there could be at least 5 million potential job vacancies in the United States, nearly half of them (2.4 million) in social sector jobs in education, health care, government and nonprofit organizations. The loss in total output could limit the growth of needed services and cost the economy as much as $3 trillion over the five-year period beginning in 2018.

    "If the baby boom generation retires from the labor force at the same rate and age as current older workers, the baby bust generation that follows will likely be too small to fill many of the projected new jobs," states Bluestone's report, After the Recovery: Help Needed - The Coming Labor Shortage and How People in Encore Careers Can Help Solve It.

    Bluestone's research is one of four papers written by independent experts and released today by MetLife Foundation and Civic Ventures, a think tank on boomers, work and social purpose.

    All four papers, which can be found at http://www.encore.org/research, assert that engaging workers over 55 in encore careers will be vital to meeting work force shortages and critical social needs. In addition to the Bluestone research, the three companion papers, written by experts in their fields, examine how creative approaches to staffing can help meet pressing problems in education, health care and the green economy, now and in the future.

    Bluestone's analysis builds on the 2008 MetLife Foundation/Civic Ventures Encore Career Survey conducted by Peter D. Hart and Associates, which shows that most people expect to work longer than previous generations, but that half of those aged 44 to 70 want encore careers that combine personal meaning, continued income and social impact. "Not only will there be jobs for these experienced workers to fill," Bluestone writes, "but the nation will absolutely need older workers to step up and take them."

    Bluestone's paper -- co-authored by Mark Melnik, Deputy Director for Research at the Boston Redevelopment Authority -- is based on official forecasts of population growth from the U.S. Census Bureau; forecasts of job growth and labor force participation from the U.S. Bureau of Labor Statistics; and estimates of the number of jobs in specific occupations based on the Labor Market Assessment Tool developed by the Dukakis Center and the Boston Redevelopment Authority.

    The research identifies 15 jobs that will provide the largest number of potential new encore career opportunities in the coming decade. The list is dominated by seven job categories in health care (registered nurses; home health aides; personal and home care aides; nursing aides, orderlies and attendants; medical assistants; licensed practical and vocational nurses; and medical and health service managers); three in education (teachers, teacher assistants and child care workers); others in nonprofits and government (business operations specialists; general and operations managers; and receptionists and information clerks); plus clergy and social and human service assistants.

    The three papers suggest that those over 55 have the skills and experience to help solve serious problems and to bridge critical labor gaps in education, health care and the green economy.

    In How Boomers Can Help Improve Health Care: Emerging Encore Career Opportunities in Health Care, Partners in Care Foundation outlines new approaches to care and staffing that can help people stay healthier and lower costs. Their research identifies six emerging jobs for experienced workers that have the potential to improve health outcomes: community health workers; chronic illness coaches; medications coaches; patient advocates; home- and community-based service navigators/advocates; and home modification specialists.

    In How Boomers Can Contribute to Student Success: Emerging Encore Career Opportunities in K-12 Education, the National Commission on Teaching and America's Future details how new, team-based approaches to school staffing could improve teacher retention, reduce turnover and increase student achievement. The organization's research identifies emerging jobs that will create learning teams in schools and offer promising opportunities to experienced workers: adjunct teachers, teacher coaches or mentors, content advisers, project coordinators, tutors and an assortment of other skilled jobs, from grant writer to community liaison.

    In How Boomers Can Help the Nation Go Green: Emerging Encore Career Opportunities in the Green Economy, the Council for Adult and Experiential Learning reveals how talent and experience will be key to reversing decades of environmental damage and moving toward energy efficiency. Their research indicates that the green economy must tap existing talent to grow quickly and that certain emerging jobs offer promising opportunities to experienced workers: weatherization installers and crew leaders; energy auditors; solar contractors; solar installation trainers; outreach workers; and conservation and sustainability consultants and advocates.

    "This research makes it clear that interest in encore careers can help solve long-standing social problems and an anticipated labor gap," said Dennis White, president and CEO of MetLife Foundation. "It's time to think creatively about how to encourage and make use of this growing source of human talent."

    About Civic Ventures (http://www.encore.org/)

    Civic Ventures is a national think tank on boomers, work and social purpose.

    About MetLife Foundation (http://www.metlife.org/)

    MetLife Foundation was established in 1976 by MetLife to carry on its long-standing tradition of corporate contributions and community involvement. The Foundation has been involved in a variety of aging-related initiatives addressing issues of caregiving, intergenerational activities, mental fitness, health and wellness programs and civic involvement.

    Contact: Elysha Rom-Povolo, (415) 901-0111, erom-povolo@fenton.com

    Ted Mitchell, (401) 827-3236, tjmitchell@metlife.com

    MetLife Foundation

    CONTACT: Elysha Rom-Povolo for Civic Ventures, +1-415-901-0111,
    erom-povolo@fenton.com; or Ted Mitchell of MetLife, +1-401-827-3236,
    tjmitchell@metlife.com

    Web Site: http://www.metlife.org/




    Broadcom Announces DOCSIS(R) VoIP over Cable Portfolio to Support Network Convergence in ChinaBroadcom's Industry-Leading VoIP Solutions Enable Voice over Cable Services in China

    BEIJING, March 22 /PRNewswire-FirstCall/ -- CCBN 2010 -- Broadcom Corporation , a global leader in semiconductors for wired and wireless communications, today introduced a customized DOCSIS® VoIP (voice over Internet protocol) product portfolio to support China's network convergence. According to Premier Wen Jiabao, as reported by the official Xinhua News Agency, China is ready for the convergence of telecom, broadcasting and Internet networks given its existing technology, network infrastructure and market potential.

    With field proven and high performance cable modem and set-top box (STB) technologies, Broadcom is playing a lead role in enabling the convergence of voice, video and data services in China and will be demonstrating industry-leading VoIP over cable solutions at this week's China Content Broadcasting Network (CCBN) Conference in booth #3501.

    Highlights/ Key Facts: -- With the recent changes in China's legislation, Chinese cable operators can now upgrade their cable plants to handle two-way communications for high-speed Internet and VoIP communications. Network convergence will enable Chinese consumers to only have to subscribe to one service provider for a wide variety of services including making phone calls, watching television and accessing the Internet. -- Broadcom's field proven DOCSIS VoIP technology will enable cable operators in China to quickly deploy voice over cable services. -- Broadcom's STB and cable modem solutions for China support DOCSIS 2.0/3.0 embedded multimedia terminal adapters (eMTAs), Wi-Fi® gateways, and cable STB platforms as follows: -- Set-Top Box Solutions: These cable STB system-on-a-chip (SoC) solutions, which include the Broadcom® BCM7019 and Broadcom BCM7025, offer high levels of integration and performance enabling Chinese service providers to offer VoIP and advanced high definition (HD) STB applications to their subscribers while significantly reducing power requirements, complexity and overall bill-of-materials (BoM) cost. Both the BCM7019 and BCM7025: -- Are designed in a deep sub-micron CMOS process to offer high levels of integration and performance. The main difference is that the BCM7025 includes an integrated MoCA® 1.1 modem that enables whole-home digital media distribution services over existing coax cable. -- Include industry-leading host and DOCSIS CPU performance, 3D graphics, dual integrated 866MHz DVB-C cable tuners, QAM demodulators, and integrated Euro/DOCSIS 2.0 VoIP compatible modems with 3.0 channel bonding over 4 downstream channels. -- Include software support for new compelling subscriber applications that use Adobe® Flash® Platform for the Digital Home, a Webkit HTMLv5 Browser, Digital Living Network Alliance (DLNA®) drivers, DTCP-IP LAN security, and PacketCable(TM) VoIP software modules. This unique and flexible software platform enables appealing interactive digital television, networked digital video recorder (DVR) functionality and IP video over DOCSIS applications. -- Cable Modem Solutions: These cable modem voice SoC solutions are available for both DOCSIS 2.0 and DOCSIS 3.0 specifications, and PacketCable 1.x and 2.0, including both NCS and SIP protocols. -- For DOCSIS 2.0, the single chip Broadcom BCM3378 supports basic eMTAs and integrates a tuner, QAM demodulator, DOCSIS 2.0 media access controller (MAC), a 300 MHz CPU with digital signal processing (DSP) commands and an analog voice interface. The Broadcom BCM3379 offers the same capabilities as the BCM3378 with the addition of a PCI Express® interface for connection to a wireless networking solution. -- For DOCSIS 3.0, the single chip Broadcom BCM3382E supports basic eMTAs and integrates a wide-band tuner, 8 downstream QAM demodulators, 4 upstream modulators with power amplifiers, a DOCSIS 2.0/3.0 MAC, a 300 MHz CPU with DSP commands and analog voice interface. The Broadcom BCM3380Z offers the same capabilities as the BCM3382 with the addition of a PCI Express interface for connection to a wireless networking solution. Supporting Quotes: Cao Junbo, Chief Analyst, iResearch

    "There is huge demand for network convergence around the world, not just in China. With this convergence, users will enjoy more types of services via diversified multifunctional equipment that combines video and telecom services, and new business opportunities will be offered to equipment manufacturers and content providers."

    Dan Marotta, Executive Vice President & General Manager, Broadcom's Broadband Communications Group

    "Our strong position in the global set-top box and cable modem segments uniquely positions us to offer advanced and high performing technologies to address China's network convergence."

    Subscribe to RSS Feed: Broadcom Broadband Communications Group http://bit.ly/4BDSLs

    About Broadcom

    Broadcom Corporation is a major technology innovator and global leader in semiconductors for wired and wireless communications. Broadcom products enable the delivery of voice, video, data and multimedia to and throughout the home, the office and the mobile environment. We provide the industry's broadest portfolio of state-of-the-art system-on-a-chip and software solutions to manufacturers of computing and networking equipment, digital entertainment and broadband access products, and mobile devices. These solutions support our core mission: Connecting everything®.

    Broadcom, one of the world's largest fabless communications semiconductor companies, with 2009 revenue of $4.49 billion, holds more than 3,800 U.S. and 1,550 foreign patents, and has more than 7,800 additional pending patent applications, and one of the broadest intellectual property portfolios addressing both wired and wireless transmission of voice, video, data and multimedia.

    A FORTUNE 500® company, Broadcom is headquartered in Irvine, Calif., and has offices and research facilities in North America, Asia and Europe. Broadcom may be contacted at +1.949.926.5000 or at http://www.broadcom.com/.

    Cautions regarding Forward-Looking Statements:

    All statements included or incorporated by reference in this release, other than statements or characterizations of historical fact, are forward-looking statements. These forward-looking statements are based on our current expectations, estimates and projections about our industry and business, management's beliefs, and certain assumptions made by us, all of which are subject to change. Forward-looking statements can often be identified by words such as "anticipates," "expects," "intends," "plans," "predicts," "believes," "seeks," "estimates," "may," "will," "should," "would," "could," "potential," "continue," "ongoing," similar expressions, and variations or negatives of these words. Examples of such forward-looking statements include, but are not limited to, the demand for DOCSIS VoIP over cable solutions in China, our position in that market, and the functionalities users will enjoy with converged telecom, broadcasting and Internet networks in China. These forward-looking statements are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause our actual results to differ materially and adversely from those expressed in any forward-looking statement.

    Important factors that may cause such a difference for Broadcom in connection with Broadcom's DOCSIS VoIP over cable portfolio include, but are not limited to:

    -- the rate at which our present and future customers and end-users adopt Broadcom's technologies and products in the markets for next generation PC, cable, satellite, IPTV and terrestrial set-top box applications; -- delays in the adoption and acceptance of industry standards in those markets; -- general economic and political conditions and specific conditions in the markets we address, including the volatility in the technology sector and semiconductor industry, trends in the broadband communications markets in various geographic regions, including seasonality in sales of consumer products into which our products are incorporated; -- the risks and uncertainties associated with our international operations; and -- the effects of natural disasters, public health emergencies, international conflicts and other events beyond our control

    Additional factors that may cause Broadcom's actual results to differ materially from those expressed in forward-looking statements include, but are not limited to the list that can be found at http://www.broadcom.com/press/additional_risk_factors/Q12010.php.

    Our Annual Report on Form 10-K, subsequent Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K, and other Securities and Exchange Commission filings discuss the foregoing risks as well as other important risk factors that could contribute to such differences or otherwise affect our business, results of operations and financial condition. The forward-looking statements in this release speak only as of this date. We undertake no obligation to revise or update publicly any forward-looking statement, except as required by law.

    Broadcom, the pulse logo, Connecting everything, and the Connecting everything logo are among the trademarks of Broadcom Corporation and/or its affiliates in the United States, certain other countries and/or the EU. DOCSIS® and PacketCable(TM) are trademarks of Cable Television Laboratories, Inc. Wi-Fi® is a trademark of the Wi-Fi Alliance. MoCA® is a trademark of Multimedia Over Coax Alliance, Inc. Adobe® and Flash® are trademarks of Adobe Systems Incorporated. DLNA® is a trademark of the Digital Living Network Alliance. Any other trademarks or trade names mentioned are the property of their respective owners.

    Contacts Trade Press Investor Relations Dana Brzozkiewicz T. Peter Andrew Senior Public Vice President, Relations Representative Corporate Communications 949-926-6367 949-926-5663 danabrz@broadcom.com andrewtp@broadcom.com

    Photo: http://www.newscom.com/cgi-bin/prnh/20060609/BROADCOMLOGO
    AP Archive: http://photoarchive.ap.org/
    PRN Photo Desk, photodesk@prnewswire.com Broadcom Corporation; BRCM Broadband

    CONTACT: Trade Press, Dana Brzozkiewicz, Senior Public Relations
    Representative, +1-949-926-6367, danabrz@broadcom.com, or Investor Relations,
    T. Peter Andrew, Vice President, Corporate Communications, +1-949-926-5663,
    andrewtp@broadcom.com, both of Broadcom Corporation

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




    BNY Mellon Enterprise Treasury Services Recognized as Best White-Label System Provider for Third Consecutive YearPrivate-label services for bank clients saluted in Global Finance magazine's Best Treasury & Cash Management Awards 2010 feature

    NEW YORK, March 22 /PRNewswire/ -- BNY Mellon has been recognized as Best White-Label System Provider in Global Finance magazine's annual survey of treasury and cash management providers for the scope of its private-label offerings to client banks and strength of its customer satisfaction ratings. This is the third consecutive year the company has earned the top spot in the survey.

    BNY Mellon's Enterprise Treasury Services group provides outsourcing services to client financial institutions in a variety of forms, ranging from private label point solutions to full operations outsourcing. In its coverage of this year's survey, Global Finance said it was impressed by BNY Mellon's high customer satisfaction ratings and the broad range of BNY Mellon's Enterprise Treasury Services offerings. These include wholesale and retail lockbox, electronic bill presentment and payment, positive pay/payee, controlled disbursement, remote check deposit, and other cash management services; letters of credit, open account solutions, and other trade finance services; direct remittance services; item processing, foreign check collections, and other correspondent banking and clearing services; and AP outsourcing and other value added services.

    "As a global leader in the development of treasury services and a key player in the world's correspondent banking network, we can provide client banks with support on two important levels: unsurpassed product and service innovation, and a robust technological infrastructure," said Eric Kamback, chief executive officer of BNY Mellon Treasury Services. "Thanks to our product expertise and technological strengths, BNY Mellon Enterprise Treasury Services clients can enrich their portfolios of product and service offerings while minimizing costs associated with product development and platform and system enhancements."

    Global Finance prepares its rankings for Best Treasury and Cash Management Banks on the basis of input from industry analysts, corporate executives and technology experts. A complete awards listing appears in the magazine's March issue.

    With locations in 34 countries on six continents and a network of more than 2,000 correspondent financial institutions, BNY Mellon Treasury Services delivers high-quality performance in global payments, trade services, cash management, capital markets, foreign exchange and derivatives. It helps clients optimize cash flow, manage liquidity and make payments more efficiently around the world in more than 100 currencies. Processing more than $1.6 trillion in payments transactions on a daily basis, the company is a top-five participant in both the CHIPS and overall funds transfer markets, and is a recognized leader in the delivery of white-label treasury services solutions for banks and other large institutional clients.

    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. BNY Mellon 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 $22.3 trillion in assets under custody and administration, $1.1 trillion in assets under management, services $12.0 trillion in outstanding debt and processes global payments averaging $1.6 trillion per day. Additional information is available at http://www.bnymellon.com/.

    BNY Mellon

    CONTACT: Ron Sommer, +1-412-236-0082, ron.sommer@bnymellon.com

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




    Puda Coal Announces Conference Call to Discuss Fourth Quarter and Full Year 2009 Results

    TAIYUAN, China, March 22 /PRNewswire-Asia-FirstCall/ -- Puda Coal, Inc. (NYSE Amex: PUDA), a supplier of high grade metallurgical coking coal used to produce coke for steel manufacturing in China and consolidator in Shanxi Province of eight coal mines in Pinglu County and four coal mines in Huozhou County, today announced that the Company will conduct a conference call to discuss its fourth quarter and full year 2009 financial results on Wednesday, March 24, 2010 at 9:00 a.m. ET.

    To participate in the live conference call, please dial (877) 409-5558 (international callers dial (706) 679-8017) approximately five to ten minutes prior to the start of the call and enter passcode 645 854 53.

    A replay will be available for 14 days starting on Wednesday, March 24 at 10:00 a.m. ET and can be accessed by dialing (800) 642-1687 (international callers dial (706) 645-9291) and entering passcode 645 854 53.

    About Puda Coal, Inc.

    Puda Coal, through its subsidiaries, supplies premium grade coking coal to the steel making industry in China for use in making coke. The Company currently possesses 3.5 million metric tons of annual coking coal cleaning capacity. Shanxi Province provides 20-25% of China's coal output and supplies nearly 50% of China's coke. For more information, please visit http://www.pudacoalinc.com/ .

    For more information, please contact: Company Contact: Laby Wu, Chief Financial Officer, Director of Investor Relations Puda Coal, Inc. Phone: +86-10-6439-2405 Email: labywu@gmail.com Web: http://www.pudacoalinc.com/ Investor Relations Contact: Crocker Coulson, President CCG Investor Relations Phone: +1-646-213-1915 Email: crocker.coulson@ccgir.com Elaine Ketchmere, VP of Financial Writing Phone: +1-310-954-1345 Email: elaine.ketchmere@ccgir.com Web: http://www.ccgirasia.com/

    Puda Coal, Inc.

    CONTACT: Laby Wu, Chief Financial Officer, Director of Investor Relations,
    Puda Coal, Inc., +86-10-6439-2405, or labywu@gmail.com; Investor Relations
    Contact: Crocker Coulson, President, CCG Investor Relations, +1-646-213-1915,
    or crocker.coulson@ccgir.com; Elaine Ketchmere, VP of Financial Writing, +1-
    310-954-1345, or elaine.ketchmere@ccgir.com

    Web site: http://www.pudacoalinc.com/




    Sierra Wireless first to deliver enhanced mobile broadband experience with Windows 7 Device Stage supportSierra Wireless rolls out support for Windows 7 Device Stage in multiple devices across AirCard(R) product line, providing convenient one-click access to device information and tools

    VANCOUVER, March 22 /PRNewswire-FirstCall/ -- Sierra Wireless (NASDAQ: SWIR; TSX: SW) today announced that the Sierra Wireless AirCard(R) product line now provides a Windows 7 Device Stage experience across multiple devices. Sierra Wireless is the first mobile broadband modem vendor to deploy a Device Stage experience, which provides customers with more convenient, intuitive access to their device and account information. In addition, Device Stage provides network operators selling Sierra Wireless AirCard devices with an opportunity to connect directly with customers through Device Stage in Windows 7.

    With Device Stage support, when customers insert an AirCard mobile broadband modem into a laptop, they get quick access to AirCard modem information and support, including direct access to software and firmware updates. A picture of the Sierra Wireless AirCard device appears automatically in the "Devices and Printers" window accessed from the Start menu. Clicking on this picture opens the Device Stage, presenting a rich home page-type menu that can act as a go-to information center for device specific information such as current status, available network connections, and direct support links.

    "Sierra Wireless has played a leading role in working with Microsoft to improve and enhance the mobile broadband experience for customers, with early support for Windows 7 mobile broadband," said Mark Relph, Senior Director of the Windows Developer and PC Ecosystem Team at Microsoft Corp. "Adding Device Stage support to the Sierra Wireless AirCard product line is a further demonstration of the company's commitment to making increasingly popular mobile broadband connections easy to set up and use."

    For mobile network operators, AirCard product support for Windows 7 Device Stage offers several benefits:

    - Reduced Support Costs - Device Stage acts as a central location for customers to get all the information they need about their specific AirCard devices, including direct links to resources for troubleshooting, frequently asked questions, and downloads, thereby reducing customer support calls and costs. - Visible Connection to Customers - Device Stage provides a highly visible direct connection with customers that can include links to network, account, and billing information for their AirCard devices, reinforcing the network operator's brand and customer relationship. - Marketing Opportunities - Device Stage can be branded and customized according to operator requirements, and can be remotely updated to support marketing campaigns. - Expanded Service Platform - Device Stage can deliver online services that add value to the wireless service for end customers, such as direct input of GPS information from the AirCard modem to mapping applications.

    "By implementing Windows 7 Device Stage with our AirCard devices, we are able to offer a better experience for end customers and provide our network operator customers a valuable platform to help them control costs and enhance customer relationships," said Didier Dutronc, Senior Vice President of Marketing for Sierra Wireless. "The added value this provides for our customers made it a priority for us, and we're extremely pleased to be the first to deliver it on mobile broadband devices."

    Sierra Wireless will demonstrate Windows 7 Device Stage at CTIA Wireless, to be held at the Las Vegas Convention Center from March 23 to 25. The Sierra Wireless exhibit is in the Central Hall at # 3515.

    Windows 7 Device Stage support is available now for 11 generic Sierra Wireless AirCard mobile broadband devices. For more information about the Sierra Wireless AirCard product line and Windows 7 Device Stage support, please visit http://www.sierrawireless.com/windows7.

    To contact the Sierra Wireless Sales Desk, call +1 (604) 232-1488 or email sales@sierrawireless.com.

    Note to editors:

    To view and download images of Sierra Wireless products, please visit http://www.sierrawireless.com/newsroom/productimages.aspx.

    About Sierra Wireless

    Sierra Wireless is expanding the wireless world with a comprehensive offering of hardware, software, and connected services for mobile lifestyles and machine-to-machine communications. Our customers count on us to help them succeed with early access to new wireless technologies and innovative, reliable, high-performing solutions for a broad range of applications. For more information about Sierra Wireless, visit http://www.sierrawireless.com/.

    "AirCard" is a registered trademark of Sierra Wireless. Other product or service names mentioned herein may be the trademarks of their respective owners.

    Forward Looking Statements

    This press release contains forward-looking statements that involve risks and uncertainties. These forward-looking statements relate to, among other things, plans and timing for the introduction or enhancement of our services and products, statements about future market conditions, supply conditions, channel and end customer demand conditions, revenues, gross margins, operating expenses, profits, and other expectations, intentions, and plans contained in this press release that are not historical fact. Our expectations regarding future revenues and earnings depend in part upon our ability to successfully develop, manufacture, and supply products that we do not produce today and that meet defined specifications. When used in this press release, the words "plan", "expect", "believe", and similar expressions generally identify forward-looking statements. These statements reflect our current expectations. They are subject to a number of risks and uncertainties, including, but not limited to, changes in technology and changes in the wireless data communications market. In light of the many risks and uncertainties surrounding the wireless data communications market, you should understand that we cannot assure you that the forward-looking statements contained in this press release will be realized.

    Sierra Wireless, Inc.

    CONTACT: Sharlene Myers, Sierra Wireless, Phone: (604) 232-1445,
    smyers@sierrawireless.com




    Bankers Petroleum Announces 2009 Financial ResultsProvides Outlook for 2010

    CALGARY, March 22 /PRNewswire-FirstCall/ -- Bankers Petroleum Ltd. ("Bankers" or the "Company") (TSX: BNK, AIM: BNK) is pleased to provide its 2009 Financial Results.

    During 2009, Bankers continued to be committed to its strategic priorities of:

    - Increasing reserves and production in the Patos Marinza oilfield in Albania; - Maintaining a strong balance sheet by controlling debt and managing capital expenditures.

    In response to volatility in commodity prices in 2009, Bankers adjusted its capital programs accordingly with minimal activities in the first half and a resumption to normalized levels in the second half. The capital spending adjustments and equity financing completed in 2009 kept the Company's balance sheet strong.

    Despite this reduced capital program, the Company continued to grow its Albanian reserves, production and acreage holdings and was successful in achieving the following results:

    Results at a Glance ($000, except as noted) 2009 2008 ------------------------------------------------------------------------- Oil revenue 86,614 110,253 Net operating income 31,496 51,141 Net loss 150 1,587 Fund generated from operations 25,422 41,713 Capital expenditures 38,324 78,378 December 31 -------------------------- 2009 2008 ------------------------------------------------------------------------- Cash and deposits 68,270 20,107 Working capital (deficiency) 75,414 (7,387) Total assets 304,820 214,675 Bank loans 28,085 28,125 Shareholders' equity 213,960 125,358 Average production (bopd) 6,438 5,875 Average price ($/barrel) 36.86 51.27 Netback ($/barrel) 13.40 23.78 - Average production at Patos Marinza increased 10% to 6,438 bopd from 5,875 bopd in 2008. Exit production at year-end 2009 was 8,100 bopd as compared to 6,960 bopd at year-end 2008. - Reserves in Albania increased at all levels: a 21% increase in Original-Oil-in-Place assessment to 6 billion barrels from 5 billion barrels, a 19% increase to 214 million barrels of proved plus probable reserves and a 36% increase to 422 million barrels of proved, probable and possible reserves. Additionally, the Company's independent reservoir engineers assigned contingent and prospective resource oil estimates of 838 million and 384 million barrels, respectively. - In July 2009, Bankers resumed its horizontal drilling program to build on the success of its first horizontal well drilled in December 2008. A total of 10 horizontal wells were drilled and completed in 2009. - Bankers marketing efforts in 2009 resulted in achieving an average sales price of 60% of the Brent oil price, as compared to 53% in 2008. The netback, after royalties, operating, sales and transportation costs, for the fourth quarter of 2009 represented 42% of the average sales price, a significant increase from 19% in the fourth quarter of 2008. - Bankers exited 2009 with working capital of $75 million, inclusive of a cash position of $68 million. At December 31, 2009, the Company had drawn $28 million of its $141 million credit facilities. - In July 2009, Bankers commenced export operations from the new Port of Vlore export terminal. This facility significantly enhances the Company's export operations, provides 80,000 barrels of storage capacity and plays a key role in Bankers' production growth and additional export capacity. - In December 2009, the main terms and conditions for a petroleum agreement for the Block "F" exploration acreage application was accepted by the National Agency of Natural Resources ("AKBN"). The area contains several seismically defined structural and amplitude anomalies prospective for oil and natural gas. OUTLOOK

    For 2010, the Company will remain focused on achieving its priorities and implementation of its capital programs in Albania:

    - In January 2010, a second drilling rig commenced drilling in the Patos Marinza oilfield and a third rig is being sourced to start drilling in the fourth quarter of 2010. The Company plans to drill 52 horizontal and 4 vertical wells in 2010. - An additional 80,000 barrels storage capacity will be ready by year-end at the Vlore export terminal. Phase one, a 14 kilometre oil pipeline connecting the field by rail to the export terminal is underway and is expected to supplement current truck transport capacity of 15,000 barrels per day with an additional 9,500 barrels per day through rail transport by early 2010. Phase two, a 30 kilometre, 70,000 barrels per day pipeline connecting the field to the export terminal, is planned for 2011. - Quantifying Contingent and Prospective resources at Patos Marinza validates the Company's plans for a thermal pilot proposed for the 2010 capital program. A water flood program is also planned for the Kucova oil field. Success of such initiatives can lead to the conversion of significant volumes of these resources to recoverable reserves and the subsequent implementation of a commercial field expansion in 2012 and beyond. - Bankers expects to fund the $152 million 2010 capital program using funds generated from operations, existing cash resources and a portion of its unutilized $110 million credit facilities. - Current production is approximately 9,000 bopd and the Company expects to release its first quarter 2010 operations update on April 7, 2010. Bankers projects year-end production targets of 15,000 bopd for 2010 and 24,000 bopd for 2011. - Standard & Poor's completed their quarterly review and announced that, effective March 22, 2010, Bankers Petroleum Ltd. will be included in the S&P/TSX Energy Index. --------- Caution Regarding Forward-looking Information

    Information in this news release respecting matters such as the expected future production levels from wells, future prices and netback, work plans, anticipated total oil recovery of the Patos Marinza and Kucova oil fields constitute forward-looking information. Statements containing forward-looking information express, as at the date of this news release, the Company's plans, estimates, forecasts, projections, expectations, or beliefs as to future events or results and are believed to be reasonable based on information currently available to the Company.

    Exploration for oil is a speculative business that involves a high degree of risk. The Company's expectations for its Albanian operations and plans are subject to a number of risks in addition to those inherent in oil production operations, including: that Brent oil prices could fall resulting in reduced returns and a change in the economics of the project; availability of financing; delays associated with equipment procurement, equipment failure and the lack of suitably qualified personnel; the inherent uncertainty in the estimation of reserves; exports from Albania being disrupted due to unplanned disruptions; and changes in the political or economic environment.

    Production and netback forecasts are based on a number of assumptions including that the rate and cost of well takeovers, well reactivations and well recompletions of the past will continue and success rates will be similar to those rates experienced for previous well recompletions/reactivations/development; that further wells taken over and recompleted will produce at rates similar to the average rate of production achieved from wells recompletions/reactivations/development in the past; continued availability of the necessary equipment, personnel and financial resources to sustain the Company's planned work program; continued political and economic stability in Albania; approval of the Addendum to the Plan of Development; the existence of reserves as expected; the continued release by Albpetrol of areas and wells pursuant to the Plan of Development and Addendum; the absence of unplanned disruptions; the ability of the Company to successfully drill new wells and bring production to market; and general risks inherent in oil and gas operations.

    Contingent resources disclosed herein represent those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations, using established technology or technology under development, but which are not currently considered to be commercially recoverable due to one or more contingencies. Prospective resources disclosed herein represent those quantities of petroleum estimated, as of a given date, to be potentially recoverable from undiscovered accumulations, by application of future development projects.

    Forward-looking statements and information are based on assumptions that financing, equipment and personnel will be available when required and on reasonable terms, none of which are assured and are subject to a number of other risks and uncertainties described under "Risk Factors" in the Company's Annual Information Form and Management's Discussion and Analysis, which are available on SEDAR under the Company's profile at http://www.sedar.com/.

    There can be no assurance that forward-looking statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. Readers should not place undue reliance on forward-looking information and forward looking statements.

    Review by Qualified Person

    This release was reviewed by Abdel F. (Abby) Badwi, President & CEO of Bankers Petroleum Ltd., who is a "qualified person" under the rules and policies of AIM in his role with the Company and due to his training as a professional petroleum geologist (member of APEGGA) with over 40 years experience in domestic and international oil and gas operations.

    About Bankers Petroleum Ltd.

    Bankers Petroleum Ltd. is a Canadian-based oil and gas exploration and production company focused on developing large oil and gas reserves. In Albania, Bankers operates and has the full rights to develop the Patos Marinza heavy oil field and has a 100% interest in the Kucova oil field. Bankers' shares are traded on the Toronto Stock Exchange and the AIM Market in London, England under the stock symbol BNK.

    MANAGEMENT'S DISCUSSION AND ANALYSIS

    The following is management's discussion and analysis (MD&A) of Bankers Petroleum Ltd.'s (Bankers or the Company) operating and financial results for the year ended December 31, 2009, compared to the preceding year, as well as information and expectations concerning the Company's outlook based on currently available information. The MD&A should be read in conjunction with the audited consolidated financial statements for the years ended December 31, 2009 and 2008, together with the notes related thereto. Additional information relating to Bankers, including its Annual Information Form (AIF), is on SEDAR at http://www.sedar.com/ or on the Company's website at http://www.bankerspetroleum.com/. All dollar values are expressed in U.S. dollars, unless otherwise indicated, and are prepared in accordance with Canadian generally accepted accounting principles (GAAP). The Company reports its heavy oil production in barrels.

    This MD&A is prepared as of March 22, 2010. NON-GAAP MEASURES

    Netback per barrel and its components are calculated by dividing revenue, royalties, operating and sales and transportation expenses by the gross production volume during the period. Netback per barrel is a non-GAAP measure but it is commonly used by oil and gas companies to illustrate the unit contribution of each barrel produced.

    Net operating income is similarly a non-GAAP measure that represents revenue net of royalties and operating, sales and transportation expenses. The Company believes that net operating income is a useful supplemental measure to analyze operating performance and provides an indication of the results generated by the Company's principal business activities prior to the consideration of other income and expenses.

    Funds generated from operations include all cash from operating activities and are calculated before change in non-cash working capital. Reconciliation to the GAAP measure is as follows:

    ($000s) 2009 2008 ---------------------------------------- -------------------------- Cash provided by operating activities 10,931 49,032 Change in non-cash working capital 14,491 (7,319) -------------------------- Funds generated from operations 25,422 41,713 -------------------------- --------------------------

    The non-GAAP measures referred to above do not have any standardized meaning prescribed by GAAP and therefore may not be comparable to similar measures used by other companies.

    CAUTION REGARDING FORWARD-LOOKING INFORMATION

    This MD&A offers our assessment of the Company's future plans and operations as of March 22, 2010 and contains forward-looking information. Such information is generally identified by the use of words such as "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe" and similar expressions are intended to identify forward-looking statements. Statements relating to "reserves" or "resources" are also forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions that the resources and reserves described can be profitably produced in the future. All such statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Management believes the expectations reflected in those forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this MD&A should not be unduly relied upon. These statements speak only as of the date hereof.

    In particular, this MD&A contains forward-looking statements pertaining to the following:

    - performance characteristics of the Company's oil and natural gas properties; - crude oil production estimates and targets; - the size of the oil and natural gas reserves; - capital expenditure programs and estimates; - projections of market prices and costs; - supply and demand for oil and natural gas; - expectations regarding the ability to raise capital and to continually add to reserves through acquisitions and development; and - treatment under governmental regulatory regimes and tax laws.

    These forward-looking statements are based on a number of assumptions, including but not limited to: those set out herein and in the Company's Form 51-101F1 Statement of Reserves Data and Other Oil and Gas Information (NI 51-101 Report), availability of funds for capital expenditures, a consistent and improving success rate for well re-completions at Patos Marinza, increasing production as contemplated by the Plan of Development (PoD), stable costs, availability of equipment and personnel when required, continuing favourable relations with Albanian governmental agencies and continuing strong demand for oil and natural gas.

    Actual results could differ materially from those anticipated in these forward-looking statements as a result of the risks and uncertainties set forth below:

    - volatility in market prices for oil and natural gas; - risks inherent in oil and gas operations; - uncertainties associated with estimating oil and natural gas reserves; - competition for, among other things, capital, acquisitions of reserves, undeveloped lands and skilled personnel; - the Company's ability to hold existing leases through drilling or lease extensions; - incorrect assessments of the value of acquisitions; - geological, technical, drilling and processing problems; - fluctuations in foreign exchange or interest rates and stock market volatility; - rising costs of labour and equipment; - changes in income tax laws or changes in tax laws and incentive programs relating to the oil and gas industry.

    The Company from time to time, updates its forward-looking information based on the events and circumstances that occurred during the period. As a consequence of the volatility in commodity prices in 2009, the Company has adjusted its capital expenditure program accordingly to ensure that capital expenditures are funded by cash provided by operations, cash on hand and its available credit facility.

    Readers are cautioned that the foregoing lists of factors are not exhaustive. The forward-looking statements contained in this MD&A are expressly qualified by this cautionary statement.

    BUSINESS PROFILE

    Bankers Petroleum Ltd. is a Canadian-based oil exploration and production company focused on maximizing the value of its heavy oil assets in Albania. The Company is targeting growth in production and reserves through application of new and proven technologies by an experienced technical team. All revenue is currently generated from its operations in Albania, which is located northwest of Greece in South Eastern Europe.

    In Albania, Bankers operates and has the full rights to develop the Patos Marinza and Kucova oilfields pursuant to License Agreements with the Albanian National Agency for Natural Resources (AKBN) and Petroleum Agreements with Albpetrol Sh.A (Albpetrol), the state owned oil and gas corporation. The licenses became effective in March 2006 and September 2009, respectively, each having a 25 year term with an option to extend at the Company's election for further five year increments. The Patos Marinza oilfield is the largest onshore oilfield in continental Europe, holding approximately 6 billion barrels of original-oil-in-place (OOIP).

    OVERVIEW & SELECTED ANNUAL INFORMATION Year ended December 31 ------------------------------------------------------------------------- Results at a Glance ($000s, except as noted) 2009 2008 2007 ------------------------------------------------------------------------- Financial Oil revenue 86,614 110,253 61,289 Net operating income 31,496 51,141 31,956 Net loss 150 1,587 1,134 Basic and diluted loss per share 0.001 0.009 0.008 Funds generated from operations 25,422 41,713 24,033 Additions to property, plant and equipment 38,324 78,378 45,810 Operating Average production (bopd) 6,438 5,875 4,724 Average price ($/barrel) 36.86 51.27 35.54 Netback ($/barrel) 13.40 23.78 18.53 December 31 --------------------------------------- 2009 2008 2007 --------------------------------------- Cash and deposits 68,270 20,107 2,599 Working capital (deficiency) 75,414 (7,387) (9,605) Total assets 304,820 214,675 204,295 Bank loans 28,085 28,125 30,805 Shareholders' equity 213,960 125,358 139,036

    In 2009, like most oil and gas companies, Bankers faced various challenges and managed to adopt a series of measures in its battles against the volatile market. During the retrenchment in oil prices that persisted in the first quarter of 2009, Bankers continued its initiative of capital expenditure reduction by suspending its drilling program and reducing the number of operating service rigs. With the improvements in commodity prices and the Company's cash position, Bankers resumed its horizontal drilling program in July 2009, and by the end of 2009, had completed drilling 10 horizontal wells.

    In Albania, the average oil sales price received by the Company during the year was $36.86 per barrel, reduced from $51.27 per barrel in 2008, but improved from $35.54 per barrel in 2007. Despite fluctuations in commodity prices, in 2009 the average oil price received by the Company represented approximately 60% of the Brent oil price, a marked improvement to 53% in 2008. Oil exports increased in 2009, facilitated by construction of the new export terminal brought on stream in July enabling the Company to add new refinery customers in regions further afield, thereby improving the price differential.

    The 2009 netback was $13.40 per barrel, down from $23.78 per barrel in 2008 and $18.53 per barrel in 2007, primarily as a result of global oil price changes, and higher average royalties and sales and transportation costs.

    Consolidated capital expenditures were $38.3 million in 2009 as compared to $78.4 million in 2008 and $45.8 million in 2007.

    Shareholders' equity increased to $214.0 million in 2009 from $125.4 million in 2008 and $139.0 million in 2007. The increase in shareholders' equity in 2009 was due to the new equity issue in May 2009 and exercises of warrants and options throughout the year.

    Highlights Bankers accomplished several key achievements during 2009: - Average production increased 10% to 6,438 bopd from 5,875 bopd in 2008. Exit production at year-end 2009 was 8,100 bopd as compared to 6,960 bopd at year-end 2008. - On May 7, 2009, Bankers completed a bought-deal equity issue with a syndicate of underwriters whereby 25,143,800 common shares of the Company were issued at CAD$1.75 per share, generating gross proceeds of CAD$44.0 million. - On May 8, 2009, Bankers announced it had finalized a $110.0 million reserve-based long-term credit facility with the International Finance Corporation (IFC), a member of the World Bank Group, and the European Bank for Reconstruction and Development (EBRD) to supplement the Company's existing credit facility with Raiffeisen Bank. - In conjunction with the credit facility, IFC and EBRD each received warrants to purchase 8 million common shares of the company at a price of CAD$1.50 per share. The warrants were exercised in July 2009 generating proceeds of CAD$24.0 million. - In July 2009, Bankers commenced export operations from the new Port of Vlore export terminal. This facility significantly enhances the Company's export operations, provides 80,000 barrels of storage capacity and plays a key role in Bankers' production growth and additional export capacity. - The Company continues to maintain a strong balance sheet with cash of $68.3 million and working capital of $75.4 million at December 31, 2009 as compared to cash of $20.1 million and a working capital deficiency of $7.4 million at December 31, 2008. - In July 2009, Bankers resumed its horizontal drilling program to build on the success of its first horizontal well drilled in December 2008. A total of 10 horizontal wells were drilled and completed in 2009. In January 2010, a second drilling rig, with a capacity to reach 3,000 meters total depth, commenced drilling in the Patos Marinza oilfield. - In December 2009, the main terms and conditions for a petroleum agreement for the Block "F" exploration acreage application was accepted by the National Agency of Natural Resources ("AKBN"). The area contains several seismically defined structural and amplitude anomalies prospective for oil and natural gas. - Reserves in Albania increased at all levels: a 21% increase in OOIP assessment to 6 billion barrels from 5 billion barrels, a 19% increase to 214 million barrels of proved plus probable reserves and a 36% increase to 422 million barrels of proved, probable and possible reserves. Additionally, the Company's independent reservoir engineers assigned contingent and prospective resource oil estimates of 838 million and 384 million barrels, respectively. The corresponding net present value (NPV) after tax (discounted at 10%) of the proved plus probable reserves increased by 51% to $1.5 billion from $1.0 billion. GROWTH STRATEGY

    Bankers' strategy is focused on petroleum assets that have long-life reserves with production growth potential. Employing its knowledge base and technical expertise, the Company is working to optimize its existing assets from the application of primary, secondary and enhanced oil recovery (EOR) extraction technologies, creating long-term value for shareholders. This will be accomplished through the attainment of its main objectives: increasing production, reserves, cash provided by operations and net asset value.

    Bankers' strategic priorities are to: - Increase reserves and production; - Maintain a strong balance sheet by controlling debt and managing capital expenditures; - Control costs through efficient management of operations; - Pursue new and proven technology applications to improve operations and assist exploration endeavours; - Expand infrastructure (pipelines, storage, treating capacity) to increase production capacity in a cost-effective manner. - Explore undeveloped acreage to identify and create development opportunities; - Maintain a strong focus on employee, contractor and community health and safety; and - Manage environmental and social performance to minimize negative ecological impacts and ensure continued stakeholder support.

    In pursuing the long-term growth strategy, Bankers is primarily focused on accessing the heavy oil upside from its Albanian assets, which includes the effective implementation of the Patos Marinza development plan as well as applying EOR and secondary extraction techniques to increase the field's recoverable reserves.

    In addition, the Company's strategy involves identifying and acquiring other potential petroleum opportunities in Albania to increase overall value. During the year, Bankers applied for a petroleum agreement for Block "F" exploration acreage and the application has been approved by AKBN. The area contains several seismically defined structure and amplitude anomalies prospective for oil and natural gas.

    With recent volatility in commodity prices, Bankers adjusted its capital programs in 2009 with an objective to remain self funding from cash provided by operations, cash on hand and available credit facilities. Strategic allocation of the work program and budget is designated to provide additional recoverable reserves at the Patos Marinza and Kucova oilfields and still achieve an appropriate growth in production.

    Key Performance Indicators

    Key performance indicators relate to those factors that Bankers can directly affect, and are indicators of the Company's ability to provide long-term value to its shareholders. They include optimizing the cost of operations over time, improving exploration and development and increasing operational performance through technology and best practices. Key measurements include operating costs, production volumes and safety performance. These key performance indicators are continuously reviewed and monitored.

    In addition, strengthening relationships with employees, governments, communities and other stakeholders are important aspects of the business for Bankers. The effective management of these relationships allows the Company to tap into new growth opportunities and efficiently develop operations for the future.

    CAPABILITY TO DELIVER RESULTS

    Activity in the oil industry is subject to a range of external factors that are difficult to actively manage, including commodity prices, resource demand, regulator and environmental regulations and climate conditions. Bankers gives significant consideration to these factors and backs-up its strategy by employing and positioning necessary resources to deliver on its goals and commitment to increase value for shareholders. The Company focuses its capital on opportunities that provide the potential for the best returns. Comprehensive insurance policies are in place to help safeguard its assets, operations and employees. Relationships with stakeholders and key partners are carefully cultivated to assist in the Company's future development and growth. The experience of management and its technical team ensure that the Company can fulfill its commitment to deliver maximum value to its shareholders.

    INDUSTRY & ECONOMIC FACTORS

    Commodity price and foreign exchange benchmarks for the past two years are as follows:

    2009 2008 ------------------------------------------------------------------------- Brent average oil price ($/barrel) 61.67 97.02 U.S./Canadian dollar year-end exchange rate 1.0466 1.2246 U.S./Canadian dollar average exchange rate 1.1420 1.0671

    World crude oil prices have fluctuated significantly in 2009, averaging as low as approximately $43 per barrel in early 2009, but strengthened during the course of the year, averaging close to $75 per barrel in the fourth quarter of 2009.

    In 2009, Bankers generated 82% of its crude oil revenue from sales to international markets. The remaining was sold to ARMO, a petroleum refinery in Albania. Both the domestic and international selling prices are based on the Brent oil price. For every $1.00 per barrel change in Brent crude oil during 2009, the Company's revenues were impacted by approximately $1.4 million on an annualized basis.

    The fluctuation in Canadian dollar mirrored that of oil prices in 2009. The appreciation of Canadian dollar against its U.S. counterpart was most significant in the second part of 2009. At the year end of 2009, Canadian dollar increased 15% in value compared to December 31, 2008.

    The fluctuations in the foreign exchange currencies impacted cash and some short-term investments that are denominated in Canadian dollars. The strengthening of the Canadian dollar after the May equity financing was largely responsible for a foreign exchange gain of $4.6 million in 2009.

    Significant Developments in 2009

    Bankers accomplished several key achievements in 2009 despite the volatile commodity market. These events included capital reduction and cost cutting measures during the first quarter of the year; finalization of a $110.0 million reserved-based long-term credit facility; completion of a bought-deal equity issue in May; issuance of warrants to IFC and EBRD; commencement of new Port of Vlore export terminal operations and the resumption of the horizontal drilling programs in the 3rd and 4th quarters of 2009.

    During the retrenchment in commodity prices that persisted during the first quarter of 2009, Bankers continued its initiative of capital reduction by suspending its drilling program and reducing the number of operating service rigs. The Company also shut down low productivity wells as part of cost cutting measures. Consequently, the Company succeeded in enduring a difficult economic period with minimal balance sheet risks and remained self funding from cash provided from operations, cash on hand and available credit facilities.

    On May 7, Bankers completed a bought-deal equity issue via prospectus with a syndicate of underwriters whereby 25,143,800 common shares of the Company were issued at CAD$1.75 per share, generating gross proceeds of CAD$44.0 million.

    On May 8, Bankers announced it had finalized a $110.0 million reserve-based long-term credit facility with IFC and EBRD to supplement the Company's existing credit facility with Raiffeisen Bank. In conjunction with the credit facility, IFC and EBRD each received warrants to purchase 8 million common shares of the company at a price of CAD$1.50 per share. The warrants were exercised in July 2009 generating proceeds of CAD$24.0 million.

    In July 2009, Bankers resumed export operations from the new Port of Vlore export terminal. This facility significantly enhances the Company's export operations, provides 80,000 barrels of storage capacity and plays a key role in Bankers' production growth and additional export capacity.

    In July 2009, Bankers recommenced its horizontal drilling program to carry on its first successful horizontal well drilled in December 2008. A total of 10 horizontal wells have been drilled and completed in 2009. Subsequent to 2009, a second drilling rig with a capacity to reach 3,000 meters total depth commenced drilling its first well in Patos Marinza oilfield.

    QUARTERLY SUMMARY Below is a summary of Bankers' performance over the last eight quarters. 2009 ------------------------------------------------------ ($000s, except as noted) First Quarter Second Quarter Third Quarter ------------------------------------------------------------------------- $/bbl $/bbl $/bbl ------------------------------------------------------------------------- ------------------------------------------------------------------------- Average production (bopd) 5,864 6,383 6,258 ------------------------------------------------------------------------- Oil revenue 13,052 24.73 20,107 34.63 23,441 40.71 Royalties 3,486 6.61 5,389 9.28 5,368 9.32 Sales and transportation 1,426 2.70 2,003 3.45 2,739 4.76 Operating expenses 5,512 10.44 5,748 9.90 6,083 10.56 ------------------------------------------------------ Net operating income 2,628 4.98 6,967 12.00 9,251 16.07 ------------------------------------------------------ ------------------------------------------------------ 2009 ------------------------------------ ($000s, except as noted) Fourth Quarter Year ------------------------------------------------------- $/bbl $/bbl ------------------------------------------------------- ------------------------------------------------------- Average production (bopd) 7,234 6,438 ------------------------------------------------------- Oil revenue 30,014 45.10 86,614 36.86 Royalties 6,225 9.35 20,468 8.71 Sales and transportation 3,701 5.56 9,869 4.20 Operating expenses 7,438 11.18 24,781 10.55 ------------------------------------ Net operating income 12,650 19.01 31,496 13.40 ------------------------------------ ------------------------------------ 2008 ------------------------------------------------------ ($000s, except as noted) First Quarter Second Quarter Third Quarter ------------------------------------------------------------------------- $/bbl $/bbl $/bbl ------------------------------------------------------------------------- ------------------------------------------------------------------------- Average production (bopd) 5,218 5,826 5,880 ------------------------------------------------------------------------- Oil revenue 24,676 51.96 34,157 64.36 33,543 62.08 Royalties 4,298 9.05 6,601 12.43 7,790 14.40 Sales and transportation 1,664 3.50 1,727 3.27 1,932 3.57 Operating expenses 5,706 12.02 7,693 14.03 7,503 13.32 ------------------------------------------------------ Net operating income 13,008 27.39 18,136 34.63 16,318 30.79 ------------------------------------------------------ ------------------------------------------------------ 2008 ------------------------------------ ($000s, except as noted) Fourth Quarter Year ------------------------------------------------------- $/bbl $/bbl ------------------------------------------------------- ------------------------------------------------------- Average production (bopd) 6,561 5,875 ------------------------------------------------------- Oil revenue 17,877 29.63 110,253 51.27 Royalties 4,163 6.69 22,852 10.63 Sales and transportation 2,192 3.63 7,515 3.49 Operating expenses 7,843 13.54 28,745 13.37 ------------------------------------ Net operating income 3,679 5.77 51,141 23.78 ------------------------------------ ------------------------------------ 2009 ------------------------------------------------- ($000s, except First Second Third Fourth as noted) Quarter Quarter Quarter Quarter Year ------------------------------------------------------------------------- Financial Funds generated from operations 1,265 5,998 7,371 10,788 25,422 Net income (loss) (2,492) (1,679) 1,708 2,313 (150) Basic and diluted earnings (loss) per share(1) (0.014) (0.009) 0.008 0.010 (0.001) General and administrative 1,204 2,079 1,410 1,757 6,450 Total assets 210,674 257,689 292,212 304,820 304,820 Capital expenditures 2,835 6,126 12,104 17,259 38,324 Bank loans 26,948 32,651 31,355 28,085 28,085 ------------------------------------------------- 2008 ------------------------------------------------- ($000s, except First Second Third Fourth as noted) Quarter Quarter Quarter Quarter Year ------------------------------------------------------------------------- Financial Funds generated from operations 9,488 17,091 14,795 339 41,713 Net income (loss) 539 1,005 4,876 (8,007) (1,587) Basic and diluted earnings (loss) 0.027/ per share(1) 0.003 0.006 0.026 (0.044) (0.009) General and administrative 2,091 2,034 2,157 1,089 7,371 Total assets 272,469 315,631 216,978 214,675 214,675 Capital expenditures 13,764 17,101 25,502 22,011 78,378 Bank loans 30,218 29,004 27,583 28,125 28,125 (1) On July 30, 2008, the Company completed the consolidation of its shares on the basis of one (1) new post-consolidation share for each three (3) pre-consolidation shares. The computations of basic and diluted earnings (loss) per share for all the periods presented are based on the new number of shares after giving effect to the share consolidation. DISCUSSION OF OPERATING RESULTS Production, Revenue and Netback 2009 2008 % ------------------------------------------------------------------------- Average production (bopd) 6,438 5,875 10 Oil revenue ($000s) 86,614 110,253 (21) Netback ($/barrel) Average price 36.86 51.27 (28) Royalties 8.71 10.63 (18) Sales and transportation 4.20 3.49 20 Operating 10.55 13.37 (21) Netback 13.40 23.78 (44)

    During 2009, average production increased 10% to 6,438 bopd from 5,875 bopd for 2008. The exit production rate was 8,100 bopd at 2009 year-end compared to 6,960 at the proceding year-end.

    The increase in production was due to success of the 10 well horizontal drilling program, continued well reactivation program and well recompletion program focused on bringing high productivity wells on stream.

    As of December 2009, the Company had 572 wells in inventory, an increase of 90 wells compared to 482 at the end of 2008. Of these 90 wells, 10 were new horizontal wells drilled in the second half of the year and 80 were taken-over from Albpetrol as the area of development was expanded. The majority of the wells taken-over during the year were part of a consolidation effort to reduce Albpetrol activities in the primary focus areas for future Bankers' development; as such, the majority of these wells were not reactivated with progressing cavity pumping systems in 2009. Of the total 572 well inventory, 310 are producing wells, 13 are water disposal wells expanded by 5 wells during the year and 249 are non-active wells at year-end. The producing well count includes 24 wells waiting to be re-activated at the end of the year and 79 wells that have demonstrated oil production potential, but require further service work to bring them back on stream. The non-active well count includes 13 wells that were taken over for surface lease use only, 45 wells as part of the consolidation initiative, and 34 wells for observation purposes to monitor reservoir pressure and temperature; these wells were not attempted as reactivation candidates.

    During the year, the Company expanded its international marketing and completed two new contracts for crude oil export with BP Oil International Ltd., UK, and Vitol S.A., Geneva. The Company also renegotiated its current agreements with the two Italian refineries. In 2009, Bankers exported 82% of its crude at an average price of $39.10 per barrel. The remaining oil was sold to ARMO, a domestic petroleum refinery.

    During 2009, commodity prices fluctuated significantly but remained in retrenchment from an all time high of $140 per barrel in July 2008. The Company received an average of $36.86 per barrel for the year, a reduction of 28% from $51.27 per barrel for the preceding year. This reduction was largely due to the sharp decrease in annual average commodity prices, despite the improvement in the second half of the year. The average Brent oil price for 2009 was $61.67 per barrel, compared to $97.02 per barrel in 2008, a reduction of 36%. Oil revenue for the year was $86.6 million in 2009 compared to $110.3 million in 2008.

    Average production reached a Company record of 7,234 bopd during the fourth quarter of 2009 compared to 6,258 bopd during the preceding quarter and 6,561 bopd during the fourth quarter of 2008. In the fourth quarter of 2009, revenue increased 28% and 68%, respectively, compared to the preceding quarter and the same period in 2008. The increase was mainly due to the improvement of oil prices and increased production. The Company received an average sales price of $45.10 per barrel during the fourth quarter compared to $40.71 per barrel in the third quarter and $29.63 per barrel over the same period in 2008, an increase of 11% and 52%, respectively. The Company exported 100% of its crude oil during the fourth quarter compared to 97% during the preceding quarter and 48% during the same period in 2008.

    The netback during the fourth quarter of 2009 was $19.01 per barrel compared to $16.07 per barrel for the preceding quarter and $5.77 per barrel for the fourth quarter in 2008, an increase of 18% and 229% respectively.

    Royalties

    Royalties in Albania are calculated pursuant to the Petroleum Agreement with Albpetrol and consist of a royalty based on Albpetrol's pre-existing production (PEP), a 1% gross overriding royalty (ORR) on new production and a 10% royalty tax (RT) on net production. Overall royalties for the year represented 24% of oil revenue, as compared to 21% for the preceding year. The increase was due to implementation of the royalty tax during 2008 which was effective for the entire year in 2009. As a percent of revenue, the various royalty components currently represent 15% from PEP, 1% for the ORR and 8% for the RT. Fluctuations in royalty on a per barrel basis are due to changes in the underlying oil prices.

    Royalties for the fourth quarter were $9.35 per barrel (21% of revenue) compared to $9.32 per barrel (23% of revenue) during the preceding quarter and $6.69 per barrel (23% of revenue) for the same period in 2008. The average royalty rate declined during the quarter as more oil was produced from new production compared to the preceding quarter and the same period in 2008. In addition, the increased capital program during the fourth quarter of 2009 resulted in a higher capitalization level for the corresponding PEP royalty.

    Operating Expenses

    Operating expenses for the year decreased to $10.55 per barrel from $13.37 per barrel for the same period in 2008, an improvement of 21%. The reduction in operating expenses was mainly a result of lower prices for fuel costs and the Company's cost efficiency measures. Sales and transportation costs for the year increased to $4.20 per barrel from $3.49 per barrel for 2008, mainly due to the increase in export sales and facility fees during the year and increased use of diesel in blending to alleviate diluent supply limitations.

    Operating expenses during the fourth quarter were $11.18 per barrel compared to $10.56 per barrel during the third quarter and $13.54 per barrel during the same period in 2008. The improvement over the same period in 2008 was mainly due to the Company's initiatives in efficiency on fuel utilization and focus of well servicing activity on higher impact wells. The moderate increase in operating expenses compared to the preceding quarter was a result of increased fuel costs and higher personnel expenses.

    Sales and transportation expenses during the fourth quarter were $5.56 per barrel compared to $4.76 per barrel during the preceding quarter and $3.63 per barrel in the fourth quarter of 2008. The increase primarily reflects costs associated with the new export facility, increased blending costs and higher trucking costs. All crude sales were sold internationally during the fourth quarter of 2009. The export sales were 97% and 48% of total sales for the preceding quarter and the same period in 2008, respectively.

    General and Administrative Expenses

    General and administrative expenses (G&A) for the year were $6.5 million, net of capitalization, compared to $7.4 million in 2008, a reduction of 12%. The reduction in G&A resulted from the absence of employee restructuring costs incurred in 2008 and the favourable impact due to the softening of the Canadian dollar against the U.S. dollar during 2009.

    The 2009 G&A costs represented $2.74 per barrel, a 20% reduction from $3.43 per barrel in 2008. The reduction in G&A on a per barrel basis was attributed to the production increase and overall reduction in G&A in 2009.

    During the year, the Company capitalized $3.9 million of G&A and stock based compensation compared to $3.4 million for the preceding year. These expenses were directly related to acquisition, exploration and development activities.

    Non-cash stock-based compensation expense pertaining to stock options vested and/or granted to officers, directors, employees and service providers were $6.5 million (2008 - $8.8 million). Of this amount, $4.5 million (2008 - $7.3 million) was charged to earnings and $2.0 million (2008 - $1.5 million) was capitalized.

    G&A expenses for the fourth quarter of 2009 were $1.8 million compared to $1.4 million in the preceding quarter and $1.1 million for the same period in 2008. The increase was mainly due to the strengthening of the Canadian dollar against the U.S. dollar compared to the preceding quarter and the same period in 2008.

    Depletion, Depreciation and Accretion

    Depletion, depreciation and accretion expenses (DD&A) for the year were $16.2 million ($6.90 per barrel) compared to $13.7 million ($6.35 per barrel) for 2008. The increase in DD&A expenses reflects higher production in Albania and an increase in depletable assets, inclusive of future capital requirements. The Company's independent reserve evaluation prepared in accordance with the National Instrument NI 51-101 assessed proved gross reserves of 92.8 million barrels at December 31, 2009, compared to 69.4 million barrels at December 31, 2008.

    DD&A costs for the quarter ended December 31, 2009 were $4.4 million, compared to $3.9 million for the preceding quarter and $4.3 million for the same period in 2008. The increase in DD&A reflects the higher depletion base and the increase in production during the quarter. Depletion expenses represented $6.21 per barrel for the quarter compared to $6.79 per barrel and $6.67 per barrel for the preceding quarter and the same period in 2008, respectively.

    Future Income Tax Expense

    Future income tax liabilities result from the temporary differences between the carrying value and tax values of Albanian assets and liabilities. As of December 31, 2009, the net book value of the Albania property, plant and equipment exceeded their tax value by $78.8 million, compared to $63.0 million on December 31, 2008. Applying a tax rate of 50%, the Company recorded a $39.4 million future income tax liability, compared to $31.5 million at the end of 2008. The Company incurred a future income tax expense of $5.9 million for the year compared to $18.1 million for 2008. The reduction was mainly due to the reduction in earnings. On a quarterly basis, the Company recorded a future income tax expense of $2.7 million compared to $2.6 million for the preceding quarter and $80,000 for the same period in 2008. The increase in future income taxes is attributable to an increase in earnings in Albania.

    Bankers is presently not required to pay cash taxes in any jurisdiction. The Company's cost recovery pool in Albania is $101.5 million. In Canada, the Company has non-capital losses of approximately $19.3 million, the benefit of which has not been recognized in the financial statements.

    Net Loss and Cash Provided by Continuing Operations

    The Company recorded a net loss of $0.2 million ($0.001 per share) during the year ended December 31, 2009 and a net loss of $1.6 million ($0.009 per share) for the year ended December 31, 2008.

    The Company realized net income of $2.3 million for the fourth quarter compared to net income of $1.7 million in the preceding quarter and a net loss of $8.0 million for the same period in 2008.

    Funds generated from operations amounted to $25.4 million for the year ended December 31, 2009 compared to $41.7 million in 2008. The reduction in funds generated from operations was mainly due to lower average commodity prices obtained during in the year.

    Funds generated from operations were $10.8 million for the fourth quarter compared to $7.4 million in the third quarter and $339,000 for the same period in 2008.

    OIL RESERVES

    Annually, the Company obtains independent reserves evaluations of its Albanian properties by RPS Energy Canada Ltd. (Patos Marinza oilfield) and by DeGolyer and MacNaughton Canada Ltd. (Kucova oilfield). At December 31, 2009, the reserves have increased in all three categories (proved, probable and possible), along with the corresponding valuations, as shown below. The 2009 finding and development costs for the Albanian properties, inclusive of the 2009 expenditures and change in future capital, represented $7.32 per barrel on a proved basis (1P), $8.43 per barrel on a proved plus probable basis (2P) and $2.14 per barrel on a proved, probable and possible basis (3P).

    Gross Oil Reserves (Mbbls) - using Forecast Prices ----------------------------- ------------------- 2009 2008 ----------------------------- Patos Total Total Marinza Kucova Albania Albania % ----------------------------------------------------- ------------------- Proved Developed Producing 22,900 0 22,900 21,314 7 Developed Non-Producing 0 0 0 - - Undeveloped 66,700 3,239 69,939 48,084 45 ----------------------------- ------------------- Total Proved 89,600 3,239 92,839 69,398 34 Probable 112,900 8,177 121,077 110,593 9 ----------------------------- ------------------- Total Proved Plus Probable 202,500 11,416 213,916 179,991 19 Possible 187,800 20,587 208,387 130,894 59 ----------------------------- ------------------- Total Proved, Probable & Possible 390,300 32,003 422,303 310,885 36 ----------------------------------------------------- ------------------- Net Present Value at 10% - After Tax Using Forecast Prices ($millions) ----------------------------- ------------------- 2009 2008 ----------------------------- Patos Total Total Marinza Kucova Albania Albania % ----------------------------------------------------- ------------------- Proved Developed Producing 149.0 0.0 149.0 133.1 12 Developed Non-Producing 0.0 0.0 0.0 - - Undeveloped 361.0 15.8 376.8 146.7 157 ----------------------------- ------------------- Total Proved 510.0 15.8 525.8 279.8 88 Probable 885.0 108.1 993.1 727.0 37 ----------------------------- ------------------- Total Proved Plus Probable 1,395.0 123.9 1,518.9 1,006.8 51 Possible 1,230.0 283.7 1,513.7 716.4 111 ----------------------------- ------------------- Total Proved, Probable & Possible 2,625.0 407.6 3,032.6 1,723.2 76 ----------------------------------------------------- -------------------

    In the Patos Marinza oilfield, the OOIP at the end of 2009 increased 23% to 5.7 billion barrels from 4.7 billion at the end of 2008. Additionally, the Company's independent reserves engineers assigned contingent and prospective resource oil estimates of 838 million and 384 million barrels, respectively. This represents the initial assessment of such resources attributed to future thermal recovery technologies and secondary water flood recovery methods at the Patos Marinza oilfield.

    The reserves growth is primarily attributable to increased resource levels, improved well performance, the Company's 2009 horizontal development drilling success and increased commodity prices with improved pricing differentials. This is reflected in the upgrade of 2P and 3P reserves into the 1P and 2P reserves categories, respectively, and the expansion of 3P reserves. All of Patos Marinza's 2009 reserves estimates are from primary recovery methods.

    The Company acquired the Kucova asset in 2008 and the OOIP resource estimate is 300 million barrels. This property is currently in the evaluation stage; there was no Company production from the Kucova field in 2009 and only minor field activities were performed. Bankers expects to commence activity in this area in 2010 utilizing a variety of extraction techniques that will lead to creation of a development plan.

    CAPITAL EXPENDITURES ($000s) 2009 2008 ------------------------------------------------------------------------- Well re-activations 6,704 35,344 Drilling programs 16,451 20,472 Property acquisitions 331 5,617 Central treatment facilities 1,277 416 Port facilities 711 2,458 Base program 12,294 6,204 Inventory change 556 7,867 ------------------------ 38,324 78,378 ------------------------ ------------------------

    During the year, Bankers spent $6.7 million on well re-activations compared to $35.3 million in the previous year. The decrease in well-reactivation costs was a direct result of reduction in wells taken over from Albpetrol and the focus on high efficiency wells. In 2009, a total of 80 wells were taken over from Albpetrol, compared to 136 in 2008. Focusing on high efficiency wells for re-activation also decreased cost per well compared to 2008. In July 2009, the Company resumed its drilling programs and a total of 10 horizontal oil wells were drilled in the last half of 2009. Base program expenditures doubled during the year due to water control/disposal initiatives ($4.8 million) and environmental stewardship ($1.3 million). Included in the year-end property, plant and equipment amounts are casing, tubing and capital equipment inventories of $15.2 million at December 31, 2009 (2008 - $14.6 million) to be used for future drilling and re-activation programs in Albania.

    During the fourth quarter of 2009, Bankers incurred $17.3 million in capital expenditures; $6.7 million on drilling operations, $2.7 million on well reactivations and $6.3 million related to the base program. By comparison, in the 2008 fourth quarter, the Company incurred $22.0 million in capital expenditures; $9.4 million on drilling operations, $5.8 million on well reactivations and $1.2 million on export infrastructure. The balance of the expenditures was incurred on miscellaneous expenses and capitalized G&A.

    LIQUIDITY AND CAPITAL RESOURCES

    At December 31, 2009, Bankers had working capital of $75.4 million (including cash and deposits totalling $68.3 million) and long-term debt of $23.4 million. As of December 31, 2008, the Company had a working capital deficiency of $7.4 million and a long-term debt of $6.9 million. The improvement in working capital compared to the same period in 2008 was mainly due to the equity issuances, the exercises of warrants and options throughout the year and the reduction in the current portion of long-term debt resulting from refinancing of the operating loan.

    During the year, the Company received approval from Raiffeisen bank for an $8.0 million increase to its existing credit facility. The existing $16 million operating loan facility was increased by $4.0 million and a new $4.0 million five-year term facility was obtained. The $20 million operating loan is a revolving facility having no scheduled repayments until its maturity on March 31, 2012.

    On May 7, Bankers completed a bought-deal equity issue via prospectus with a syndicate of underwriters whereby 25,143,800 common shares of the Company were issued at CAD$1.75 per share, generating gross proceeds of CAD$44.0 million.

    On May 8, Bankers finalized a $110.0 million reserve-based long-term credit facility with IFC and EBRD to supplement the Company's existing credit facility with Raiffeisen Bank. In conjunction with the credit facility, IFC and EBRD each received warrants to purchase 8 million common shares of the Company at a price of CAD$1.50 per share. The warrants were exercised in July 2009 generating proceeds of CAD$24.0 million.

    Consequently, the Company's total credit facilities increased to $140.7 million on December 31, 2009, compared to $28.1 million as at the same period in 2008. This amount includes a revolving operating loan of $20.0 million, a two-year term loan of $6.88 million and a five-year term loan of $3.85 million and the $110.0 million reserved-based facility, of which no amount has been drawn. Repayments of $3.9 million were made on the two term loans during 2009. Subsequent to 2009 year-end, the operating loan was renewed and the final repayment date for the loan will be March 31, 2012.

    The Company's approach to managing liquidity is to ensure a balance between capital expenditure requirements and cash provided by operations, available credit facilities and working capital.

    On November 10, 2009, warrants to purchase common shares of the Company at a price of CAD $2.49 expired. A total of 3.1 million of these warrants were exercised prior to their expiration date, generating proceeds of $7.4 million.

    With respect to the note receivable from a former subsidiary, BNK Petroleum Inc. (BKX), total repayments of $10.3 million were collected in 2009, reducing the total outstanding balance to $2.7 million as of December 31, 2009, compared to $13.0 million a year ago. BKX is considered a related party as BKX and the Company have common directors. The Company has credit risk with respect to this note receivable and regularly monitors the operations and financial condition of the borrower.

    There were approximately 228 million and 230 million shares outstanding as of December 31, 2009 and March 22, 2010, respectively. In addition, the Company had approximately 13 million stock options and 6 million warrants outstanding as of December 31, 2009. Subsequent to 2009 year-end, 0.9 million stock options and 1.0 million of warrants were exercised, generating proceeds of $4.0 million. On March 22, 2010, Bankers has approximately 15 million stock options and 5 million warrants outstanding.

    Officers and executives of the Company represent approximately 8 percent ownership in the Company on a fully diluted basis. This creates an alignment with shareholders and a team that is dedicated to activities that support future value creation.

    In Albania, the Company considers any amounts greater than 60 days as past due. Of the total receivables of $23.1 million in Albania, $12.8 million is due from one domestic customer of which the entire amount is considered past due. Corresponding to these receivables, the Company has royalty obligations of approximately $7.0 million recorded as accounts payable and accrued liabilities. These royalty payments will be made when the related receivables are collected. In an effort to collect these receivables, the Company has reached an agreement with this customer and a detailed payment plan has been formally approved by both parties. Subsequent to year-end, a total payment of $1.0 million has been paid by this customer. The Albanian government continues to own 15% of this customer; the remainder was privatized in December 2008. The two refineries owned by this customer are the only ones in Albania and are strategically important to the country. Bankers, as the largest supplier of crude oil to these refineries, continues to deliver some oil to this customer and maintains a good working relationship with them and the Albanian government. Bankers' management has confidence that these amounts will be collected and has not recorded a loss provision.

    Plan of Development

    Bankers has no capital expenditure commitment for the Patos Marinza oilfield under the Petroleum Agreement. Bankers annually submits a work program to AKBN which includes the nature and the amount of capital expenditures to be incurred during that year. Significant deviations in this annual program from the Plan of Development will be subject to AKBN approval. The Petroleum Agreement provides that disagreements between the parties will be referred to an independent expert whose decision will be binding. The Company has the right to relinquish a portion or all of the contract area. If only a portion of the contract area is relinquished then the Company will continue to conduct petroleum operations on the portion it retains and the future capital expenditures will be adjusted accordingly.

    Commitments

    The Company has long-term lease commitments in Canada and Albania. The minimum lease payments for the next three years are $640,000 as follows:

    ($000s) Canada Albania Total ------------------------------------------------------------------------- 2010 227 172 399 2011 227 5 232 2012 9 - 9 --------------------------------------- 463 177 640 --------------------------------------- ---------------------------------------

    The Company has two term loans totalling $10.7 million with a European financial institution that is repayable in equal monthly instalments of $0.4 million until November 30, 2011 and $74,100 until April 2014. Of the amount outstanding, $4.6 million is classified as current and $6.1 million as long-term. Principal repayments of the term loan over the next five years are as follows:

    ($000s) ------------------------------------------------------------------------- 2010 4,639 2011 4,014 2012 889 2013 889 2014 296 ------------ 10,727 ------------ ------------ Quarterly Variability

    Fluctuations in quarterly results are due to a number of factors, some of which are not within the Company's control such as seasonality and commodity prices.

    - Seasonality of winter operating conditions combined with the timing of transfer of wells from Albpetrol results in production increases that are typically higher in the second and third quarters. As new wells come on stream, there is a build-up period in production, higher sand production and higher well servicing costs, which is typical for heavy oil wells in the first year of production. In addition, production levels can be affected by water disposal constraints, mechanical wellbore and isolation failures, increased water production coming from shallower and deeper zones, and a shortage of rig workover capacity and specialised well servicing equipment. - The increase in royalties is related to higher oil prices and the greater number of wells being taken over from Albpetrol, which results in higher pre-existing production. - Fluctuations of operating expenses is part of a continuing trend that results from operating efficiencies gained through greater experience in field operations and economies of scale as the proportionate share of fixed operating expenses declines with production increases. CRITICAL ACCOUNTING ESTIMATES

    The Company's financial statements have been prepared in accordance with Canadian generally accepted accounting principles (GAAP). Significant accounting policies are disclosed in Note 2 to the Audited Consolidated Financial Statements. Preparation of financial statements in accordance with GAAP requires that management make estimates that affect the reported amount of assets, liabilities, revenues and expenses. The estimates used in applying these critical accounting policies for property, plant and equipment are as follows:

    Capitalized Costs

    The Company follows the full cost method of accounting for oil and gas operations whereby all costs associated with the exploration for and development of oil and gas reserves are capitalized on a country-by-country basis. Such costs include land acquisition costs, geological and geophysical expenses, carrying charges on non-producing properties, costs of drilling both productive and non-productive wells, production equipment, overhead charges directly related to acquisition, exploration and development activities and asset retirement costs.

    Depletion and Depreciation

    Capitalized costs within each country are depleted and depreciated on the unit-of-production method based on the estimated gross reserves determined by independent petroleum engineers. Depletion and depreciation is calculated using the capitalized costs, plus the estimated future costs to be incurred in developing proved reserves, net of estimated salvage value. Costs of acquiring and evaluating unproved properties are initially excluded from the depletion and depreciation calculation until it is determined whether or not proved reserves can be assigned to such properties.

    Proceeds from the sale of oil properties are applied against capitalized costs, with no gain or loss recognized, unless such a sale would alter the rate of depletion and depreciation by more than 20 per cent in a particular country cost centre, in which case a gain or loss on disposal is recorded.

    Office and computer equipment are depreciated on the declining balance method at rates of 20 to 30 percent.

    Income Taxes

    The determination of income and other tax liabilities requires interpretation of complex laws and regulations. All tax filings are subject to audit and potential reassessment after the lapse of considerable time. The estimation of future tax liabilities includes uncertainty around the reversal of temporary differences. Accordingly, the actual income tax liability may differ significantly from that estimated and recorded by management.

    Ceiling Test

    The Company uses Canadian standards for full cost accounting and for the ceiling test calculation pertaining to the measurement of impairment of petroleum properties. In applying the full cost method, the Company evaluates petroleum assets to determine that the carrying amount in each cost centre is recoverable and does not exceed the fair value of the properties in the cost centre. The carrying amounts are assessed to be recoverable when the sum of the undiscounted cash flows expected from the production of proved reserves, and the lower of cost and the market of unproved properties exceeds the carrying amount of the cost centre. When the carrying amount is not recoverable, an impairment loss is recognized to the extent the carrying amount of the cost centre exceeds the sum of the discounted cash flows expected from the production of proved and probable reserves and the lower of cost and market of unproved properties of the cost centre.

    Asset Retirement Obligations

    The fair value of estimated asset retirement obligations is capitalized to property, plant and equipment when the liability is incurred. Asset retirement obligations include those legal obligations where the Company will be required to retire tangible long-lived assets such as producing well sites and facilities. Asset retirement costs for oil and gas properties are amortized as part of depletion and depreciation using the unit-of-production method. Increases in the asset retirement obligations resulting from the passage of time are recorded as accretion expense. Actual remediation expenditures incurred are charged against the accumulated obligation.

    RELATED PARTY TRANSACTIONS

    The Company has a note receivable from BKX in an amount of $2.7 million. BKX is considered a related party as BKX and the Company have common directors. The above transaction is considered to be in the normal course of business and has been measured at the exchange amount being the amounts agreed to by both the parties.

    The note, which is due in October 2012, accrues interest at LIBOR plus 5.5% and is secured by a floating charge debenture and a general security agreement. At December 31, 2009, no principal or interest amounts were due. The Company is entitled to receive up to 50% of any future equity financing by BKX and 90% of any increase in BKX's borrowing base as repayment of this note. The Company has no further obligation to increase the note.

    NEW ACCOUNTING STANDARDS Financial Instruments - Disclosures

    Effective December 31, 2009, The Company adopted CICA issued amendments to Handbook Section 3862, Financial Instruments - Disclosures. The amendments include enhanced disclosures relating to the fair value of financial instruments and the liquidity risk associated with financial instruments. Section 3862 now requires that all financial instruments measured at fair value be categorized into one of three hierarchy levels. Refer to Note 14 Financial Instruments and Risk Management for enhanced fair value disclosures and liquidity risk disclosures.

    Goodwill and Intangibles

    Effective January 1, 2009, The Company adopted the new Canadian Institute of Chartered Accountants ("CICA") accounting standard "Goodwill and Intangible Assets", Section 3064 which replaced Section 3062 "Goodwill and Other Intangible Assets" and Section 3450, "Research and Development Costs". Section 3064 establishes standards for the recognition, measurement, presentation and disclosure of intangible assets and goodwill subsequent to its initial recognition. The adoption of this standard had no impact on the consolidated financial statements.

    Business combinations

    The CICA Handbook Section 1582 "Business Combinations" is effective for business combinations with an acquisition date after January 1, 2011. This standard was amended to require additional use of fair value measurements, recognition of additional assets and liabilities, and increased disclosure. Adopting the standard is expected to have a material effect on the way the Company accounts for future business combinations. Entities adopting Section 1582 will also be required to adopt CICA Handbook Sections 1601 "Consolidated Financial Statements" and 1602 "Non-Controlling Interests". These standards will require non-controlling interests to be presented as part of Shareholders' Equity on the balance sheet. In addition, the income statement of the controlling parent will include 100 per cent of the subsidiary's results and present the allocation between the controlling and non-controlling interests. These standards will be effective January 1, 2011, with early adoption permitted. The changes resulting from adopting Section 1582 will be applied prospectively and the changes from adopting Sections 1601 and 1602 will be applied retrospectively. The Company is currently assessing the impact of this standard on our financial position and future results.

    Transition to International Financial Reporting Standards ("IFRS")

    In February 2008, the Canadian Accounting Standards Board confirmed that publicly accountable enterprises will be required to adopt IFRS, for interim and annual reporting purposes, beginning on or after January 1, 2011. The adoption date for IFRS of January 1, 2011 will require the restatement of Bankers' consolidated financial statements, for comparative purposes, for the year ended December 31, 2010 and of the opening balance sheet as at January 1, 2010.

    In preparation for the requirement to convert from GAAP to IFRS, management has undertaken a phased approach to conversion with a three step project plan. At a high level the three major steps will include:

    Phase One: - Identification of a project work plan that outlines potential conversion issues unique to the industry. This phase assigns ownership responsibility for each of those issues, estimates the time, duration and costs associated with each major deliverable within the plan, and presents an overall project timeline and in- progress reporting from key deliverable owners and assigned employees. Phase Two: - Identification of the significant accounting policies that relate to each of the major conversion items. This phase identifies the changes to the accounting policies that will be required with IFRS, and adjusts the plan identified in Phase One accordingly. Phase Three: - Management of dual reporting under GAAP and IFRS as required. This phase determines the mapping between the different accounts identified in our chart of accounts and applies this mapping to generate the IFRS reporting.

    To date, management has assigned considerable priority to the conversion project and adopted a structured approach to change management. Executive sponsorship and the assignment of key resources to manage the conversion project internally were also completed. Management has adopted a solution to assist in the development of a project plan specific to our industry, the Energy industry, to identify key steps within the project and to assign key resource responsibility for each of those steps. Hallmarks of the Phase One conversion plan include:

    - Primary conversion requirements - Dependent and subsidiary conversion requirement - Requirements leaders - Subtask owners and responsibilities - Task start and end dates - Estimates as to effort, duration and costs - Measurement and presentation of completion status including Gantt Charting

    From an organization change management perspective, management has thus far:

    - Identified technology changes and tools required to ensure successful project management. - Identified external resources needed to act in an advisory capacity to management in throughout the project. - Consulted with business unit leaders and department heads to educate, identify changes required and assign responsibilities within the project. - Anticipated the phased nature of the conversion required and adopted a tiered approach consistent with the phases.

    Key personnel engaged in the conversion project plan include members of the finance and accounting group. Where necessary, other areas of the Company as well as external advisors are engaged to assist in the IFRS conversion project. The Company has also supported staff training programs on IFRS transition. Regular reports on the IFRS transition status will be made to Management and the Audit Committee on a quarterly basis.

    Detailed analysis of the differences for certain major elements of our financial statements has been completed and the Company is currently working with representatives from the various operational areas to select accounting policies and assess the impact of the differences on the data requirements, business processes, financial systems and internal controls. At this stage in the project, the full impact of adopting IFRS on the Company's financial position and future results cannot be determined; however, the most significantly impacted areas are expected to be property, plant and equipment.

    INTERNAL CONTROLS

    The Company's President and Chief Executive Officer (CEO) and Executive Vice President, Finance and Chief Financial Officer (CFO) are responsible for establishing and maintaining disclosure controls and procedures and internal controls over financial reporting as defined in NI 52-109.

    Disclosure controls and procedures have been designed to ensure that information to be disclosed by the Company is accumulated and communicated to management as appropriate to allow timely decisions regarding required disclosure. The Company's CEO and CFO have evaluated the effectiveness of the disclosure controls and procedures as at December 31, 2009 and have concluded that they provide reasonable assurance that all material information relating to the Company is disclosed in a timely manner.

    Internal controls over financial reporting are designed to provide reasonable assurance regarding the reliability of the Company's financial reporting and compliance with generally accepted accounting principles. The CEO and CFO have evaluated the Company's internal controls over financial reporting as at December 31, 2009 based on the framework in "Internal Control Over Financial Reporting - Guidance for Smaller Public Companies" issued by the Committee of Sponsoring Organizations of the Treadway Commission ("COSO") and have concluded they are designed and operating effectively to provide reasonable assurance regarding the reliability of financial reporting and the preparation of the financial statements for external purposes in accordance with GAAP. During 2009, there have been no changes to the Company's internal controls over financial reporting that have materially, or are reasonably likely to, materially affect the internal controls over financial reporting.

    Because of their inherent limitations, disclosure controls and procedures and internal controls over financial reporting may not prevent or detect misstatements, errors or fraud. Control systems, no matter how well conceived or operated, can provide only reasonable, not absolute assurance that the objectives of the control systems are met.

    OUTLOOK

    For 2010, the Company will remain focused on achieving its priorities and implementation of its capital programs in Albania:

    - In January 2010, a second drilling rig commenced drilling in the Patos Marinza oilfield and a third rig is being sourced to start drilling in the fourth quarter of 2010. The Company plans to drill 52 horizontal and 4 vertical wells in 2010. - An additional 80,000 barrels storage capacity will be ready by year-end at the Vlore export terminal. Phase one, a 14 kilometre oil pipeline connecting the field by rail to the export terminal, is underway and is expected to supplement current truck transport capacity of 15,000 barrels per day with an additional 9,500 barrels per day through rail transport by early 2010. Phase two, a 30 kilometre, 70,000 barrels per day pipeline connecting the field to the export terminal, is planned for 2011. - Quantifying Contingent and Prospective resources at Patos Marinza validates the Company's plans for a thermal pilot proposed for the 2010 capital program. A water flood program is also planned for the Kucova oil field. Success of such initiatives can lead to the conversion of significant volumes of these resources to recoverable reserves and the subsequent implementation of a commercial field expansion in 2012 and beyond. - Bankers expects to fund the $152 million 2010 capital program using funds generated from operations, existing cash resources and a portion of its unutilized $110 million credit facilities. - Current production is approximately 9,000 bopd and the Company expects to release its first quarter 2010 operations update on April 7, 2010. Bankers projects year-end production targets of 15,000 bopd for 2010 and 24,000 bopd for 2011. - Standard & Poor's completed their quarterly review and announced that, effective March 22, 2010, Bankers Petroleum Ltd. will be included in the S&P/TSX Energy Index. BANKERS PETROLEUM LTD. CONSOLIDATED BALANCE SHEETS AS AT DECEMBER 31 (Expressed in thousands of U.S. dollars) ------------------------------------------------------------------------- ASSETS 2009 2008 -------------------------- Current assets Cash and cash equivalents (Note 13) $ 59,495 $ 15,607 Short-term deposits 7,275 3,000 Restricted cash 1,500 1,500 Investments (Note 4) - 134 Accounts receivable 23,358 17,591 Inventory 2,031 1,588 Deposits and prepaid expenses 5,899 1,231 -------------------------- 99,558 40,651 Note receivable (Note 5) 2,749 13,000 Deferred financing costs (Note 7) 14,383 - Property, plant and equipment (Note 6) 188,130 161,024 -------------------------- $ 304,820 $ 214,675 -------------------------- -------------------------- LIABILITIES Current liabilities Accounts payable and accrued liabilities $ 19,505 $ 26,788 Current portion of long-term debt (Note 7) 4,639 21,250 -------------------------- 24,144 48,038 Long-term debt (Note 7) 23,446 6,875 Asset retirement obligations (Note 8) 3,856 2,896 Future income tax liability (Note 11) 39,414 31,508 SHAREHOLDERS' EQUITY Share capital (Note 9) 206,058 121,907 Warrants (Note 9) 1,739 2,088 Contributed surplus (Note 9) 16,812 11,862 Deficit (10,649) (10,499) -------------------------- 213,960 125,358 -------------------------- $ 304,820 $ 214,675 -------------------------- -------------------------- Commitments (Note 12) Subsequent events (Note 7 and 9) See accompanying notes to consolidated financial statements. APPROVED BY THE BOARD "Robert Cross" Director "Eric Brown" Director -------------- ------------ BANKERS PETROLEUM LTD. CONSOLIDATED STATEMENT OF OPERATIONS, COMPREHENSIVE LOSS AND DEFICIT FOR THE YEARS ENDED DECEMBER 31 (Expressed in thousands of U.S dollars, except per share amounts) ------------------------------------------------------------------------- 2009 2008 -------------------------- Revenue Oil revenue $ 86,614 $ 110,253 Royalties (20,468) (22,852) Interest 824 1,501 -------------------------- 66,970 88,902 -------------------------- Expenses Operating 24,781 28,745 Sales and transportation 9,869 7,515 General and administrative 6,450 7,371 Interest and bank charges 648 1,105 Interest on long-term debt 1,858 1,148 Gain on disposal of investments (Note 4) (347) - Foreign exchange (gain) loss (4,586) 4,573 Write down of investments (Note 4) - 986 Stock-based compensation (Note 9) 4,545 7,283 Amortization of deferred financing costs (Note 7) 1,803 - Depletion, depreciation and accretion 16,208 13,655 -------------------------- 61,229 72,381 -------------------------- Income from continuing operations before income tax 5,741 16,521 Future income tax expense (Note 11) (5,891) (18,108) -------------------------- Loss from continuing operations (150) (1,587) Discontinued operations (Note 15) - (188) -------------------------- Net loss and comprehensive loss for the year (150) (1,775) Deficit, beginning of year (10,499) (8,324) Discontinued operations - 2,396 Restructuring costs (Note 15) - (2,796) -------------------------- Deficit, end of year $ (10,649) $ (10,499) -------------------------- -------------------------- Basic and diluted loss per share - continuing operations $ (0.001) $ (0.009) -------------------------- -------------------------- Basic and diluted loss per share - discontinued operations $ - $ (0.001) -------------------------- -------------------------- See accompanying notes to consolidated financial statements. BANKERS PETROLEUM LTD. CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31 (Expressed in thousands of U.S dollars) ------------------------------------------------------------------------- 2009 2008 -------------------------- Cash provided by (used in): Continuing operations: Net loss for the year from continuing operations $ (150) $ (1,587) Items not involving cash: Depletion, depreciation and accretion 16,208 13,655 Amortization of deferred financing costs 1,803 - Future income tax expense 5,891 18,108 Stock-based compensation 4,545 7,283 Unrealized foreign exchange (gain) loss (2,528) 3,268 Gain on disposal of investments (347) - Write down of investments - 986 -------------------------- 25,422 41,713 Change in non-cash working capital (Note 13) (14,491) 7,319 -------------------------- 10,931 49,032 -------------------------- Cash provided by operating activities of discontinued operations - 10,470 -------------------------- Investing activities Additions to property, plant and equipment (38,324) (78,378) Proceeds from disposal of investments 481 - Additions to property, plant and equipment of discontinued operations - (25,465) Increase in restricted cash - (1,500) Change in non-cash working capital (Note 13) (3,670) 5,169 -------------------------- (41,513) (100,174) -------------------------- Financing activities Issue of shares for cash 70,276 79,914 Share issue costs (2,220) (1,490) Note receivable 10,251 (13,000) Short-term deposits (4,275) (3,000) Restructuring costs - (2,796) Financing costs (2,050) - Decrease in long-term debt (40) (2,680) -------------------------- 71,942 56,948 -------------------------- Foreign exchange gain (loss) on cash and cash equivalents held in foreign currencies 2,528 (3,268) -------------------------- Increase in cash and cash equivalents 43,888 13,008 Cash and cash equivalents, beginning of year 15,607 2,599 -------------------------- Cash and cash equivalents, end of year (Note 13) $ 59,495 $ 15,607 -------------------------- -------------------------- See accompanying notes to consolidated financial statements. Notes to the Consolidated Financial Statements (Expressed in U.S. dollars) December 31, 2009 and 2008 ------------------------------------------------------------------------- 1. NATURE OF OPERATIONS Bankers Petroleum Ltd. (Company) is engaged in the exploration for and development and production of oil in Albania. The Company is listed on the Toronto Stock Exchange and the Alternative Investment Market (AIM) of the London Stock Exchange under the symbol BNK. The Company operates in the Albanian oilfields pursuant to petroleum agreements with Albpetrol Sh.A (Albpetrol), the state owned oil company, under Albpetrol's existing license with the Albanian National Agency for Natural Resources (AKBN). The Patos Marinza agreement and Kucova agreement became effective in March 2006 and September 2007 respectively and have a 25 year term with an option to extend at the Company's election for further five year increments. 2. SIGNIFICANT ACCOUNTING POLICIES These consolidated financial statements have been prepared in accordance with Canadian generally accepted accounting principles. The principal accounting policies are outlined below: (a) Basis of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries: Bankers Petroleum International Ltd., Bankers Petroleum Albania Ltd. (BPAL) and Sherwood International Petroleum Ltd. (b) Financial instruments All financial instruments including all derivatives are recognized on the balance sheet initially at fair value. Subsequent measurement of all financial assets and liabilities except those held-for-trading and available-for-sale are measured at amortized cost determined using the effective interest rate method. Held-for-trading financial assets are measured at fair value with changes in fair value recognized in earnings. Available-for-sale financial assets are measured at fair value with changes in fair value recognized in comprehensive income and reclassified to earnings when impaired. Cash and cash equivalents and short-term deposits are held-for- trading investments and the fair values approximate their carrying value due to their short-term nature. Accounts receivable is classified as loans and receivables and the fair value approximates their carrying value due to the short-term nature of these instruments. The note receivable is classified as other financial assets and its fair value approximates the carrying value as it bears interest at market rate. The accounts payable and accrued liabilities are classified as other financial liabilities and the fair value approximates their carrying value due to the short-term nature of these instruments. The operating and term loans are classified as other financial liabilities and their fair value approximates their carrying value, as they bear interest at market rates. The Company has elected to expense transaction costs as incurred. (c) Foreign currency translation The Company and its wholly-owned subsidiaries have a United States dollar functional currency. Transactions denominated in foreign currencies are translated into United States dollar equivalents at exchange rates approximating those in effect at the transaction dates. Foreign currency denominated monetary assets and liabilities are translated at the year-end exchange rate. Gains and losses arising from foreign currency translation are recognized in the statement of operations and deficit. (d) Use of Estimates Timely preparation of the financial statements in conformity with Canadian generally accepted accounting principles requires that management make estimates and assumptions and use judgment regarding assets, liabilities, revenues and expenses. Such estimates primarily relate to unsettled transactions and events as of the date of the financial statements. Accordingly, actual results may differ from estimated amounts as future confirming events occur. Amounts recorded for depletion, depreciation, asset retirement obligations, future income taxes, and amounts used for asset impairment calculations are based on estimates of oil reserves, future commodity prices and future costs required to develop these reserves. (e) Revenue recognition Revenue associated with the sales of the Company's oil is recognized in income when title and risk pass to the buyer, collection is reasonably assured and the price is determinable. (f) Income taxes Future income taxes are recorded using the asset and liability method. Under the asset and liability method, future tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Future tax assets and liabilities are measured using the enacted or substantively enacted tax rates expected to apply when the asset is realized or the liability settled. The effect on future tax assets and liabilities of a change in tax rates is recognized in income in the period that substantive enactment or enactment occurs. To the extent that the Company does not consider it more likely than not that a future tax asset will be recovered, it provides a valuation allowance against the excess. (g) Per share amounts Basic earnings (loss) per share is calculated using the weighted- average number of common shares outstanding during the year. The Company uses the treasury stock method to compute the dilutive effect of options, warrants and similar instruments. Under this method, the dilutive effect on earnings per share is recognized on the use of the proceeds that could be obtained upon exercise of options, warrants and similar instruments. It assumes that the proceeds would be used to purchase common shares at the average market price during the period. (h) Cash and cash equivalents Cash and cash equivalents include cash and highly liquid investments with original maturities of three months or less. (i) Inventory Inventory comprises of crude oil, solar and diesel stock. Inventory is valued at the lower of average cost of production and net realizable value. (j) Property, plant and equipment Capitalized Costs ----------------- The Company follows the full cost method of accounting for its oil operations whereby all costs associated with the exploration for and development of oil reserves are capitalized on a country basis. Such costs include land acquisition costs, geological and geophysical expenses, carrying charges on non-producing properties, costs of drilling both productive and non-productive wells, production equipment, overhead charges directly related to acquisition, exploration and development activities and asset retirement costs. Depletion and Depreciation -------------------------- Capitalized costs within each country are depleted and depreciated on the unit-of-production method based on the estimated gross proved reserves determined by independent petroleum engineers. Depletion and depreciation is calculated using the capitalized costs, plus the estimated future costs to be incurred in developing proved reserves, net of estimated salvage value. Costs of acquiring and evaluating unproved properties are initially excluded from the depletion and depreciation calculation until it is determined whether or not proved reserves can be assigned to such properties. Proceeds from the sale of oil properties are applied against capitalized costs, with no gain or loss recognized, unless such a sale would alter the rate of depletion and depreciation by more than 20 per cent in a particular country cost centre, in which case a gain or loss on disposal is recorded. Office and computer equipment are depreciated on the declining balance method at rates of 20 to 30 percent. Ceiling test ------------ The Company uses Canadian standards for full cost accounting and for the ceiling test calculation pertaining to the recognition and measurement of impairment of petroleum properties. In applying the full cost method, the Company evaluates its petroleum assets to determine that the carrying amount in each cost centre is recoverable and does not exceed the fair value of the properties in the cost centre. The carrying amounts are assessed to be recoverable when the sum of the undiscounted cash flows expected from the production of proved reserves and the lower of cost and the market of unproved properties exceeds the carrying amount of the cost centre. When the carrying amount is not recoverable, an impairment loss is recognized to the extent the carrying amount of the cost centre exceeds the sum of the discounted cash flows expected from the production of proved and probable reserves and the lower of cost and market of unproved properties of the cost centre. Asset retirement obligations ---------------------------- The fair value of estimated asset retirement obligations is capitalized to property, plant and equipment in the period in which the liability is incurred. Asset retirement obligations include those legal obligations where the Company will be required to retire tangible long-lived assets such as producing well sites and facilities. Asset retirement costs for oil properties are amortized as part of depletion and depreciation using the unit-of-production method. Increases in the asset retirement obligations resulting from the passage of time are recorded as accretion expense. Actual abandonment expenditures incurred are charged against the accumulated obligation. (k) Stock-based compensation Compensation costs attributable to all stock options granted to employees, directors and service providers are measured at fair value at the date of grant using the Black Scholes option pricing model and expensed over the vesting period with a corresponding increase to contributed surplus. Upon exercise of the option, consideration received, together with the amount previously recognized in contributed surplus, is recorded as an increase to share capital. (l) Comparative figures The consolidated financial statements include the accounts of the Company and its wholly-owned operating subsidiary - BPAL. Effective July 1, 2008, the operations of Bankers Petroleum (U.S.) Inc., a former wholly-owned subsidiary of the Company, were transferred into a new, independent company, BNK Petroleum Inc. (BKX). As a result, certain prior period figures have been re-classified as discontinued operations to conform to the current period's presentation. Unless otherwise noted, the consolidated financial statements and their accompanying notes are presented in United States dollars. 3. ACCOUNTING CHANGES (a) Current Year Accounting Changes Financial Instruments - Disclosures Effective December 31, 2009, the Company adopted CICA issued amendments to Handbook Section 3862, Financial Instruments - Disclosures. The amendments include enhanced disclosures relating to the fair value of financial instruments and the liquidity risk associated with financial instruments. Section 3862 now requires that all financial instruments measured at fair value be categorized into one of three hierarchy levels. Refer to note 14 for enhanced fair value disclosures and liquidity risk disclosures. Goodwill and Intangibles Effective January 1, 2009, the Company adopted the new Canadian Institute of Chartered Accountants ("CICA") accounting standard "Goodwill and Intangible Assets", Section 3064 which replaced Section 3062 "Goodwill and Other Intangible Assets" and Section 3450, "Research and Development Costs". Section 3064 establishes standards for the recognition, measurement, presentation and disclosure of intangible assets and goodwill subsequent to its initial recognition. The adoption of this standard had no impact on the consolidated financial statements. (b) Future Accounting Changes Business Combinations, Consolidated Financial Statements and Non- Controlling Interests The CICA Handbook Section 1582 ''Business Combinations'' is effective for business combinations with an acquisition date after January 1, 2011. This standard was amended to require additional use of fair value measurements, recognition of additional assets and liabilities, and increased disclosure. Adopting the standard is expected to have a material effect on the way the Company accounts for future business combinations. Entities adopting Section 1582 will also be required to adopt CICA Handbook Sections 1601 ''Consolidated Financial Statements'' and 1602 ''Non-Controlling Interests''. These standards will require non-controlling interests to be presented as part of Shareholders' Equity on the balance sheet. In addition, the income statement of the controlling parent will include 100 per cent of the subsidiary's results and present the allocation between the controlling and non-controlling interests. These standards will be effective January 1, 2011, with early adoption permitted. The changes resulting from adopting Section 1582 will be applied prospectively and the changes from adopting Sections 1601 and 1602 will be applied retrospectively. International Financial Reporting Standards ("IFRS") In February 2008, the CICA Accounting Standards Board ("ASB") announced that Canadian public reporting issuers will be required to report under International Financial Reporting Standards ("IFRS") commencing January 1, 2011 which will require comparative IFRS information for the 2010 year end. We will begin reporting under IFRS as of January 1, 2011, but given the current stage of the Company's IFRS project the full impact of adopting IFRS on The Company's financial position and future results cannot be determined. 4. INVESTMENTS 2009 2008 --------------------------------------------------------------------- Marketable securities $ - $ 134 -------------------------- -------------------------- During the year, the Company disposed certain marketable securities which were designated as available-for-sale financial instruments and realized a gain on the disposal of investments of $0.3 million (2008 - nil). As at December 31, 2008, the fair value of these investments was $0.1 million and the decline in the value of the investments was determined to be "other-than-temporary". Accordingly, the investments were written down to their market value with the unrealized loss charged to earnings. 5. NOTE RECEIVABLE The note receivable of $2.7 million (2008 - $13.0 million) represents the residual amount due from BKX. The note, which is due on October 2012, accrues interest at LIBOR plus 5.5% and is secured by a floating charge debenture and a general security agreement. At December 31, 2009, no principal or interest amounts were due. The Company is entitled to receive up to 50% of any future equity financing by BKX and 90% of any increase in BKX's borrowing base as repayment of this note. The Company has no further obligation to increase the note. BKX is considered a related party as BKX and the Company have common directors. The above transaction is considered to be in the normal course of business and has been measured at the exchange amount being the amounts agreed to by both the parties. 6. PROPERTY, PLANT AND EQUIPMENT The following table summarizes the Company's property, plant and equipment as at December 31: 2009 --------------------------------------- Accumulated Depletion and Net Book Cost Depreciation Value --------------------------------------- Oil properties $ 229,230 $ 43,217 $ 186,013 Equipment, furniture and fixtures 3,830 1,713 2,117 --------------------------------------- $ 233,060 $ 44,930 $ 188,130 --------------------------------------- --------------------------------------- 2008 --------------------------------------- Accumulated Depletion and Net Book Cost Depreciation Value --------------------------------------- Oil properties $ 186,650 $ 27,812 $ 158,838 Equipment, furniture and fixtures 3,400 1,214 2,186 --------------------------------------- $ 190,050 $ 29,026 $ 161,024 --------------------------------------- --------------------------------------- Depletion for the year ended December 31, 2009 included $382.0 million (2008 - $294.0 million) for estimated future development costs associated with proved reserves in Albania. The depletion expense calculation for the year ended December 31, 2009 excluded nil (2008 - $3.9 million) relating to unproved properties in Albania. The Company capitalized general and administrative expenses and stock-based compensation of $3.9 million (2008 - $3.4 million) that were directly related to exploration and development activities in Albania. The Company's ceiling test calculation for the Albania cost centre, as at December 31, 2009 resulted in no impairment loss. The future prices used by the Company in estimating cash flows were based on forecasts by independent reserves evaluators, adjusted for the Company's quality and transportation differentials. The following table summarizes the benchmark prices used in the calculation: --------------------------------------------------------------------- Brent Price Year (US$/barrel) --------------------------------------------------------------------- 2010 78.00 2011 83.00 2012 86.00 2013 88.00 2014 90.65 Average annual increase, thereafter 2% --------------------------------------------------------------------- --------------------------------------------------------------------- Bankers has no capital commitments for the Patos Marinza oilfield under the Petroleum Agreement. The Petroleum Agreement stipulates that the Company annually submit to AKBN a work program which includes the nature and the amount of capital expenditures to be incurred in that year. Significant deviations in this annual program from the Plan of Development will be subject to AKBN approval. Disagreements between the parties will be referred to an independent expert whose decision will be binding. The Company has the right to relinquish a portion or all of the contract area. If only a portion of the contract area is relinquished, the Company will continue to conduct petroleum operations on the portion retained and the future capital expenditures will be adjusted accordingly. The Company has secured $1.5 million (2008 - $1.5 million) for certain capital projects in the Kucova field. These projects are expected to be completed in 2010. 7. LONG-TERM DEBT The Company has credit facilities with three international banks, including Raiffeisen Bank, the European Bank for Reconstruction and Development (EBRD) and the International Finance Corporation (IFC), as summarized below: Facility ($000s) Amount Outstanding Amount --------------------------------------------------------------------- December 31, December 31, 2009 2008 -------------------------- Raiffeisen Bank --------------- Operating loan (a) $ 20,000 $ 17,358 $ 17,500 Term loan - 2006 (b) 6,875 6,875 10,625 Term loan - 2009 (c) 3,852 3,852 - EBRD and IFC* -------------- Environmental term loan (d) 10,000 - - Revolving loan - Tranche 1 (e) 50,000 - - Revolving loan - Tranche 2 (e) 50,000 - - --------------------------------------- $ 140,727 $ 28,085 $ 28,125 --------------------------------------- --------------------------------------- * all facilities are equally funded These facilities are secured by all of the assets of BPAL, assignment of proceeds from the Albanian domestic and export crude oil sales contracts, a pledge of the common shares of BPAL and a guarantee by the Company. The credit facilities are subject to certain covenants requiring the maintenance of certain financial ratios, all of which were met as at December 31, 2009. (a) Operating Loan The operating loan is a revolving facility, has no scheduled repayments and bears interest at a rate relative to the bank's refinancing rate plus 3.5%. Subsequent to year end, this facility was renewed and the repayment date for the loan will be March 31, 2012. (b) Term Loan - 2006 This term loan bears interest at the bank's financing rate plus 4.5% and is repayable in equal monthly instalments of $0.3 million ending on October 31, 2011. As at December 31, 2009 the entire term loan was utilized. Of the amount outstanding, $3.8 million is classified as current and $3.1 million as long-term. Principal repayments of the term loan over the next two years are: ($000s) --------------------------------------------------------------------- 2010 $ 3,750 2011 3,125 ------------- $ 6,875 ------------- ------------- (c) Term Loan - 2009 In March 2009, the Company obtained a new $4.0 million five-year term facility bearing interest at the bank's refinancing rate plus 4.65%. Principal repayments commenced in November 2009 in equal monthly instalments of $74,100 for a 54-month period. As at December 31, 2009, the entire facility was utilized. Of the amount outstanding, $0.9 million is classified as current and $3.0 million as long-term. Principal repayments of the term loan over the next five years are: ($000s) --------------------------------------------------------------------- 2010 $ 889 2011 889 2012 889 2013 889 2014 296 ------------- $ 3,852 ------------- ------------- (d) Environmental Term Loan An eight-year $10.0 million term loan was finalized in May 2009, funded equally by IFC and EBRD and is available for environmental and social programs pertinent to the Company's activities in Albania. The interest rate is based on London Inter-Bank Offer Rate (LIBOR) plus 4.5%. A standby fee of 0.5% is charged on the unutilized portion. At December 31, 2009 none of the facility was drawn. Principal repayments commence in April 2013 in bi-annual instalments of $0.5 million with maturity on October 15, 2017. (e) Revolving loans In May 2009, the Company finalized a six-year revolving facility, funded equally by EBRD and IFC, that consists of two $50.0 million tranches. Tranche I is currently available to the Company and Tranche II becomes available subject to mutual agreement among the Company, IFC and EBRD, when production exceeds 10,000 barrels of oil per day and the Brent oil price exceeds $62 per barrel for twenty consecutive trading days. The interest rate is based on LIBOR plus 4.5%. A standby fee of 2.0% is charged on the unutilized Tranche I portion and Tranche II portion, when it becomes available. At December 31, 2009 none of the facility was drawn. For each of Tranche I and Tranche II, the amounts decline to $16.5 million on October 15, 2013, $8.3 million on October 14, 2014 with final repayment due on October 15, 2015. Setup costs of $16.2 million (December 31, 2008 - nil) pertaining to these facilities, including the value attributed to the share purchase warrants (note 9(b)), have been recorded as deferred financing costs and are amortized over the life of the revolving facilities. 8. ASSET RETIREMENT OBLIGATIONS In Albania, the Company estimated the total undiscounted amount required to settle the asset retirement obligations at $24.7 million (2008 - $15.1 million). These obligations will be settled at the end of the Company's 25-year license of which 21 years are remaining. The liability has been discounted using a credit-adjusted risk-free interest rate of 10% (2008 - 10%) and an inflation rate of 2.5% to arrive at asset retirement obligations of $3.9 million as at December 31, 2009. ($000s) 2009 2008 --------------------------------------------------------------------- Asset retirement obligation, beginning of year $ 2,896 $ 2,177 Liabilities incurred during the year 656 481 Accretion 304 238 -------------------------- Asset retirement obligation, end of year $ 3,856 $ 2,896 -------------------------- -------------------------- 9. SHAREHOLDERS' EQUITY (a) Share capital Authorized Unlimited number of common shares with no par value. Issued Number of Amount Common Shares ($000) --------------------------------------------------------------------- Balance, December 31, 2007 452,509,492 $ 136,513 Consolidation adjustment * (301,672,997) - Discontinued operations (Note 15) - (97,472) Private placement 22,222,222 59,749 Stock options exercised 6,179,624 15,038 Warrants exercised 3,301,838 9,569 Share issue costs - (1,490) -------------------------- Balance, December 31, 2008 182,540,179 121,907 Prospectus issue 25,143,800 38,349 Warrants exercised 19,144,502 43,731 Stock options exercised 1,443,684 4,291 Share issue costs - (2,220) -------------------------- Balance, December 31, 2009 228,272,165 $ 206,058 -------------------------- -------------------------- * On July 30, 2008, the Company's shares, warrants and options were consolidated on a one-for-three (1:3) basis, as approved by the shareholders. In May 2009, the Company completed an equity offering with a syndicate of underwriters and issued an aggregate of 25,143,800 common shares at a price of CAD$1.75 per common share on a bought- deal basis, resulting in proceeds of $36.1 million, net of commissions and share issue expenses. In July 2009, EBRD and IFC exercised warrants to purchase 16 million common shares of the Company at a price of CAD$1.50 per share, for proceeds of approximately $21.9 million. On November 10, 2009, warrants to purchase common shares of the Company at a price of CAD $2.49 were expired. A total of 3.1 million such warrants were exercised prior to their expiration date, generating proceeds of $7.4 million. The weighted average number of common shares used in the calculation of basic and diluted loss per share was 206,999,279 in 2009 (2008 - 176,334,158). In computing diluted loss per share for the year ended December 31, 2009, 4,965,300 common shares were excluded as the effect would be anti-dilutive (2008 - 232,422). Subsequent to year end, approximately 0.9 million of stock options and 1.0 million of warrants were exercised, generating proceeds of $4.0 million. (b) Warrants A summary of the changes in warrants is presented below: Number of Amount Warrants ($000) --------------------------------------------------------------------- Balance, December 31, 2007 38,323,452 $ 2,539 Consolidation adjustment * (25,548,968) - -------------------------- 12,774,484 2,539 Issued 240,729 255 Transferred to share capital on exercise (3,301,838) (706) -------------------------- Balance, December 31, 2008 9,713,375 2,088 Issued 16,000,000 14,136 Transferred to share capital on exercise (19,144,502) (14,485) Forfeited (428,540) - -------------------------- Balance, December 31, 2009 6,140,333 $ 1,739 -------------------------- -------------------------- * On July 30, 2008, the Company's shares, warrants and options were consolidated on a one-for-three (1:3) basis, as approved by the shareholders In May 2009, the Company reserved for issuance 16 million common share purchase warrants, 8 million for each of EBRD and IFC in relation to the long-term facility described in note 7(e). Each warrant entitled the holder to purchase one common share of the Company at a price of CAD$1.50 when the Brent oil price is above $55 per barrel for ten consecutive trading days until the earlier of i) one year from such date or ii) 45 days after the date on which the Company has notified that its common shares close at or above the exercise price for twenty consecutive trading days. The Company determined the fair value of the warrants as CAD$1.01 per warrant using the Black-Scholes option pricing model. As a result, a value of $14.1 million was allocated to warrants. All the above warrants were exercised during the year. The following table summarizes the outstanding and exercisable warrants at December 31, 2009: --------------------------------------------------------------------- Number of Weighted Warrants Average Outstanding Exercise and Price Expiry Date Exercisable (CAD $) --------------------------------------------------------------------- November 15, 2010 1,266,667 2.63 March 1, 2012 4,873,666 2.37 -------------------------- 6,140,333 2.42 -------------------------- -------------------------- (c) Stock Options The Company has established a "rolling" Stock Option Plan. The number of shares reserved for issuance may not exceed 10% of the total number of issued and outstanding shares and, to any one optionee, may not exceed 5% of the issued and outstanding shares on a yearly basis or 2% if the optionee is engaged in investor relations activities or is a consultant. The exercise price of each option shall not be less than the market price of the Company's stock at the date of grant. Options issued vest one-third immediately, one-third after one year following the date of the grant, and one-third two years following the date of grant. A summary of the changes in stock options is presented below: Weighted Average Exercise Number of Price Options (CAD $) --------------------------------------------------------------------- Balance, December 31, 2008 11,936,128 2.26 Granted 3,710,000 2.43 Exercised (1,443,684) 2.02 Forfeited (1,372,442) 2.77 -------------------------- Balance, December 31, 2009 12,830,002 2.39 -------------------------- -------------------------- The following table summarizes the outstanding and exercisable options at December 31: 2009 2008 ----------------------------- ----------------------------- Weighted Weighted Average Average Remaining Remaining Range of Contrac- Contrac- Exercise tual tual Price Out- Exer- Life Out- Exer- Life (CAD$) standing cisable (years) standing cisable (years) ------------------------------------------- ----------------------------- 0.50 - 1.00 - - - 46,291 46,291 0.4 1.01 - 1.50 3,144,444 2,210,930 3.7 3,737,500 1,502,777 4.6 1.51 - 2.00 4,577,390 2,557,391 3.8 1,939,612 1,365,298 3.4 2.01 - 3.00 903,168 630,939 2.8 1,218,390 538,686 3.7 3.01 - 3.50 1,300,000 1,300,000 1.1 2,649,334 2,649,334 2.1 3.51 - 4.00 150,000 116,666 2.3 166,667 100,000 3.4 4.01 - 4.50 1,775,000 1,183,331 3.3 1,878,333 626,111 4.3 4.51 - 5.00 300,000 200,000 3.5 300,000 100,000 4.5 5.01 - 5.50 680,000 226,669 4.9 - - - ---------------------- ---------------------- 12,830,002 8,425,926 11,936,128 6,928,498 ---------------------- ---------------------- ---------------------- ---------------------- (d) Stock-based Compensation Using the fair value method for stock-based compensation, the Company calculated stock-based compensation expense for the year ended December 31, 2009 as $6.5 million (2008 - $8.8 million) for the stock options vested and/or granted to officers, directors, employees and service providers. Of this amount $4.5 million (2008 - $7.3 million) was charged to earnings and $2.0 million (2008 - $1.5 million) was capitalized. The Company determined these amounts using the Black-Scholes option pricing model assuming a risk free interest rate range of 1.80% - 2.59% (2008 - 2.67% to 3.50%), a dividend yield of 0%(2008 - 0%), a forfeiture rate of 0% (2008 - 0%), an expected volatility range of 103% - 126% (2008 - 69% to 101%) and expected lives of the stock options of five years (2008 - five) from the date of grant. (e) Contributed Surplus The following table summarizes the change in contributed surplus as of December 31: ($000s) 2009 2008 --------------------------------------------------------------------- Balance, beginning of year $ 11,862 $ 8,308 Stock-based compensation 6,560 9,136 Discontinued operations (Note 15) - (1,591) Transferred to share capital on exercise (1,610) (3,991) -------------------------- Balance, end of year $ 16,812 $ 11,862 -------------------------- -------------------------- 10. SEGMENTED INFORMATION The Company defines its reportable segments based on geographic locations. Year ended December 31, 2009 ($000s) Albania Canada Total --------------------------------------------------------------------- Revenue Oil revenue $ 86,614 $ - $ 86,614 Royalties (20,468) - (20,468) Interest 1 823 824 --------------------------------------- 66,147 823 66,970 --------------------------------------- Expenses Operating 24,781 - 24,781 Sales and transportation 9,869 - 9,869 General and administrative 3,055 3,395 6,450 Interest and bank charges 648 - 648 Interest on long-term debt 1,858 - 1,858 Gain on disposal of investments - (347) (347) Foreign exchange gain (5) (4,581) (4,586) Stock-based compensation 831 3,714 4,545 Amortization of deferred financing costs 1,803 - 1,803 Depletion, depreciation and accretion 16,083 125 16,208 --------------------------------------- 58,923 2,306 61,229 --------------------------------------- Net income (loss) for the year before income taxes 7,224 (1,483) 5,741 Future income tax expense (5,891) - (5,891) --------------------------------------- Net income (loss) for the year $ 1,333 $ (1,483) $ (150) --------------------------------------- --------------------------------------- Assets, December 31, 2009 $ 221,503 $ 83,317 $ 304,820 --------------------------------------- --------------------------------------- Additions to property, plant and equipment $ 38,190 $ 134 $ 38,324 --------------------------------------- --------------------------------------- During the year, the Albania segment recorded domestic sales of $15.5 million (2008 - $54.4 million) and export sales of $71.1 million (2008 - $55.9 million). Year ended December 31, 2008 ($000s) Albania Canada Total --------------------------------------------------------------------- Revenue Oil revenue $ 110,253 $ - $ 110,253 Royalties (22,852) - (22,852) Interest - 1,501 1,501 --------------------------------------- 87,401 1,501 88,902 --------------------------------------- Expenses Operating 28,745 - 28,745 Sales and transportation 7,515 - 7,515 General and administrative 3,036 4,335 7,371 Interest and bank charges 1,105 - 1,105 Interest on long-term debt 1,148 - 1,148 Foreign exchange (gain) loss (649) 5,222 4,573 Write down of investments - 986 986 Stock-based compensation 784 6,499 7,283 Depletion, depreciation and accretion 13,507 148 13,655 --------------------------------------- 55,191 17,190 72,381 --------------------------------------- Income (loss) from continuing operations before income taxes 32,210 (15,689) 16,521 Future income tax expense (18,108) - (18,108) --------------------------------------- Income (loss) from continuing operations $ 14,102 $ (15,689) (1,587) -------------------------- -------------------------- Discontinued operations (188) ------------- Net loss for the year $ (1,775) ------------- ------------- Assets, December 31, 2008 $ 181,505 $ 33,170 $ 214,675 --------------------------------------- --------------------------------------- Additions to property, plant and equipment $ 78,315 $ 63 $ 78,378 --------------------------------------- --------------------------------------- 11. INCOME TAXES Future income tax expense relates to the Albanian operations and results from the following as of December 31: ($000s) 2009 2008 --------------------------------------------------------------------- Net book value of property, plant and equipment, net of asset retirement obligations $ 180,280 $ 151,972 Cost recovery pool (101,452) (88,956) -------------------------- Timing difference $ 78,828 $ 63,016 -------------------------- -------------------------- Future income tax liability at 50% $ 39,414 $ 31,508 -------------------------- -------------------------- The cost recovery pool represents deductions for income taxes in Albania. The provision for income taxes reported differs from the amounts computed by applying the cumulative Canadian federal and provincial income tax rates to the loss before tax provision due to the following: ($000s) 2009 2008 --------------------------------------------------------------------- Earnings before income taxes $ 5,741 $ 16,521 Statutory tax rate 29.00% 29.50% -------------------------- 1,665 4,874 Difference in tax rates between Albania and Canada 2,453 6,603 Non-deductible expenses 595 3,092 Taxable gain on discontinued operations - 1,857 Foreign exchange differences (1,890) 3,619 Valuation allowance and other 3,068 (1,937) -------------------------- Future income tax expense $ 5,891 $ 18,108 -------------------------- -------------------------- The significant components of the Company's future income tax assets and liabilities are as follows: ($000s) 2009 2008 --------------------------------------------------------------------- Future income tax assets: Non-capital loss carry forwards $ 4,456 $ 2,633 Capital loss 1,124 (22) Share issue costs 392 766 Property, plant and equipment (771) (855) Less: valuation allowances (5,201) (2,522) -------------------------- Future income tax assets $ - $ - -------------------------- -------------------------- Future income tax liabilities: Property, plant and equipment - Albania $ 39,414 $ 31,508 -------------------------- Future income tax liability $ 39,414 $ 31,508 -------------------------- -------------------------- The Company has available for deduction against future Canadian taxable income non-capital losses of approximately $19.3 million. These losses, if not utilized, will expire commencing in 2010 as follows: ($000s) --------------------------------------------------------------------- 2010 $ 251 2011 1,475 2015 3,959 2026 2,195 2027 5,555 2028 183 2029 5,698 ------------- $ 19,316 ------------- ------------- The potential income tax benefits of these future income tax assets have been offset by a valuation allowance and have not been recorded in these financial statements. Future income tax liabilities result from the temporary differences between the carrying value and tax values of its Albanian assets and liabilities. 12. COMMITMENTS The Company leases office premises, of which the minimum lease payments for the next three years are: ($000s) Canada Albania Total --------------------------------------------------------------------- 2010 $ 227 $ 172 $ 399 2011 227 5 232 2012 9 - 9 --------------------------------------- $ 463 $ 177 $ 640 --------------------------------------- --------------------------------------- The Company has debt repayment commitments as disclosed in note 7(a), 7(b) and 7(c). 13. SUPPLEMENTAL CASH FLOW INFORMATION ($000s) 2009 2008 --------------------------------------------------------------------- Operating activities Increase in current assets Accounts receivable $ (5,767) $ (2,213) Inventory (443) (603) Deposits and prepaid expenses (4,668) (381) Increase (decrease) in current liabilities Accounts payable and accrued liabilities (3,613) 10,516 -------------------------- $ (14,491) $ 7,319 -------------------------- -------------------------- Investing activities Increase (decrease) in current liabilities Accounts payable and accrued liabilities $ (3,670) $ 5,169 -------------------------- -------------------------- Cash and cash equivalents Cash $ 3,895 $ 933 Fixed income investments 55,600 14,674 -------------------------- $ 59,495 $ 15,607 -------------------------- -------------------------- Interest paid $ 2,506 $ 2,253 -------------------------- -------------------------- Interest received $ 1,210 $ 1,047 -------------------------- -------------------------- 14. FINANCIAL INSTRUMENTS Financial risk management Overview The Company has exposure to credit, liquidity and market risk. This note presents information about the Company's exposure to each risk, the Company's objectives, policies and processes for measuring and managing risk, and management of capital. The Board of Directors of the Company has the overall responsibility for the establishment and oversight of the Company's risk management framework. The Board has implemented and monitors compliance with risk management policies. The Company's risk management policies are established to identify and analyze the risks faced, to set appropriate risk limits and controls, and to monitor risks and adherence to market conditions and the Company's activities. Fair Value Measurement The Company adopted a new fair value measurement standard which define fair value, establish a framework for measuring fair value under the existing accounting pronouncements that require fair value measurements and expands fair value measurement disclosures. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The standard characterizes inputs used in determining fair value according to a hierarchy that prioritizes inputs based upon the degree to which they are observable. The Company's financial assets and liabilities recorded at fair value have been classified according to the following hierarchy based on the amount of observable inputs used to value the instrument. Level 1 - Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2 - Pricing inputs are other than quoted prices in active markets included in Level 1. Prices in Level 2 are either directly or indirectly observable as of the reporting date. Level 2 valuations are based on inputs, including quoted forward prices for commodities, time value and volatility factors, which can be substantially observed or corroborated in the marketplace. Level 3 - Valuations in this level are those with inputs for the asset or liability that are not based on observable market data. The Company's cash and cash equivalents and short-term deposits have been assessed on the fair value hierarchy described above and have been classified as Level 1. Credit risk Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the Company's receivables from petroleum refineries relating to accounts receivable. As at December 31, 2009, the Company's receivables consisted of $23.1 million (2008 - $16.9 million) of receivables from petroleum refineries and $0.2 million (2008 - $0.7 million) of other trade receivables, as summarized below: 30-60 61-90 Over 90 ($000s) Current days days days Total --------------------------------------------------------------------- Albania $10,294 $ - $ - $12,838 $23,132 Canada 226 - - - 226 ------------------------------------------------- $10,520 $ - $ - $12,838 $23,358 ------------------------------------------------- ------------------------------------------------- In Albania, the Company considers any amounts greater than 60 days as past due. The accounts receivable, included in the table, past due or not past due are not impaired. They are from counterparties with whom the Company has a history of timely collection and the Company considers the accounts receivable collectible. Domestic receivables are due by the end of the month following production and export receivables are collected within 30 days from the date of the shipment. The Company's policy to mitigate credit risk associated with these balances is to establish marketing relationships with a variety of purchasers. Of the total receivables of $23.1 million (2008 - 16.9 million) in Albania, approximately $12.8 million (2008 - $13.6 million) is due from one domestic customer of which the entire amount is past due. A payment of $1.0 million was received from this customer subsequent to year end. The customer has confirmed the outstanding amount and the Company is in the process of finalizing a repayment plan. In Canada, no amounts are considered past due or impaired. The carrying amount of accounts receivable represents the maximum credit exposure. As of December 31, 2009 and December 31, 2008, the Company does not have an allowance for doubtful accounts and did not provide for any doubtful accounts nor was it required to write-off any receivables. The Company also has credit risk with respect to the $2.7 million note receivable from BKX and regularly monitors the operations and financial condition of the borrower (See note 5). At December 31, 2009, no principal or interest amounts were due. Cash and cash equivalents consist of cash and bank balances. The Company manages the credit exposure related to short-term investments by selecting counter parties based on credit ratings and monitors all investments to ensure a stable return, avoiding complex investment vehicles with higher risk such as asset backed commercial paper. Liquidity risk Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they are due. The Company's approach to managing liquidity is to plan that it will have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions without incurring unacceptable losses or risking harm to the Company's reputation. The timing of cash flows relating to financial liabilities as at December 31, 2009, is as follows: ($000s) 2010 2011 2012 2013 2014 --------------------------------------------------------------------- Accounts payable and accrued liabilities $19,505 $ - $ - $ - $ - Operating loan - - 17,358 - - Term loans 4,639 4,014 889 889 296 ------------------------------------------------- Total $24,144 $ 4,014 $18,247 $ 889 $ 296 ------------------------------------------------- ------------------------------------------------- The Company prepares annual capital expenditure budgets, which are regularly monitored and modified as considered necessary. Further, the Company utilizes authorizations for expenditures on both operated and non-operated projects to further manage capital expenditures. To facilitate the capital expenditure program, the Company has a revolving credit facility with a European financial institution based in Albania, as disclosed in note 7, which is reviewed annually by the lender. The Company also attempts to match its payment cycle with collection of petroleum revenues. The Company maintains a close working relationship with the European bank that provides its credit facility and the increase in the existing credit facility has been approved during the year (note 7(d) and note 7(e)). Market risk Market risk is the risk that changes in market prices, such as foreign exchange rates, commodity prices, and interest rates will affect the Company's net income. The objective of market risk management is to manage and control market risk exposures within acceptable limits, while maximizing returns. Foreign currency exchange rate risk Foreign currency exchange rate risk is the risk that the fair value of future cash flows will fluctuate as a result of changes in foreign exchange rates. As at December 31, 2009, a 10% change in the foreign exchange rate of the Canadian dollar against the United States dollar, with all other variables held constant, would affect after tax net income for the year by $3.8 million (2008 - $1.5 million). The sensitivity is higher in 2009 as compared to 2008 because of an increase in Canadian dollar cash and cash equivalents outstanding. As at December 31, 2009, a 10% change in the foreign exchange rate of the Albanian Lek against the United States dollar, with all other variables held constant, would affect after tax net income for the year by $2,000 (2008 - $14,000). The sensitivity is lower in 2009 compared to 2008 because of a decrease in Albania Lek cash and cash equivalents outstanding. The Company had no forward foreign exchange rate contracts in place as at or during the year ended December 31. Commodity price risk Commodity price risk is the risk that the value of future cash flows will fluctuate as a result of changes in commodity prices. Commodity prices for petroleum and natural gas are impacted by world economic events that dictate the levels of supply and demand. The Company's primary revenues are from heavy oil sales in Albania, priced on a quality differential basis, to the US dollar-based Brent oil price. As at December 31, 2009, a $1 per barrel change in the Brent oil price, with all other variables held constant, would affect after tax net income for the year by $0.5 million (2008 - $0.5 million). Interest rate risk Interest rate risk is the risk that future cash flows will fluctuate as a result of changes in market interest rates. The Company is exposed to interest rate fluctuations on its bank debt which bears a floating rate of interest. As at December 31, 2009, a 10% change in the interest rate, with all other variables held constant, would affect after tax net income for the year by $0.3 million (2008 - $0.3 million). Capital management The Company's policy is to maintain a strong capital base thereby establishing investor, creditor and market confidence and to sustain future business development. The Company manages its capital structure and makes necessary adjustments in light of changes in economic conditions and the risk characteristics of the underlying petroleum and natural gas assets. The Company's capital structure included shareholders' equity, bank debt and working capital. In order to maintain the capital structure, the Company may from time to time issue shares and adjust capital spending to manage current and projected debt levels. The Company monitors capital based on the ratio of debt to annualized cash flow. This ratio is calculated as net debt (outstanding bank debt plus or minus working capital) divided by cash provided by operating activities before changes in non-cash working capital for the most recent quarter, annualized. The Company's strategy is to maintain a debt/cash flow ratio of no more than 1.5 to 1. This ratio may increase at certain times as a result of acquisitions. In order to monitor this ratio, the Company prepares annual capital expenditure budgets, which are updated as necessary depending on varying factors including current and forecast prices, successful capital deployment and general industry conditions. The annual and updated budgets are approved by the Board of Directors. The debt-to-annualized cash flow ratios as at December 31, 2009 and December 31, 2008 were as follows: ($000s) 2009 2008 --------------------------------------------------------------------- Total Debt $ 28,085 $ 28,125 Less: working capital before debt (80,053) (13,863) -------------------------- Net debt (surplus) (51,968) 14,262 Annualized cash flow $ 10,931 $ 49,032 Debt (surplus)-to-annualized cash flow ratio (4.75) 0.29 The improvement in the debt-to-annualized cash flow during 2009 resulted primarily from the reduction in net debt. The Company's share capital is not subject to external restrictions; however, the bank debt facility is based on certain covenants, all of which were met as at December 31, 2009. The Company has not paid or declared any dividends since the date of incorporation, nor are any contemplated in the foreseeable future. 15. DISCONTINUED OPERATIONS Pursuant to shareholders' approval at the Annual and Special General Meeting on June 27, 2008, the Company completed a plan of arrangement, effective July 1, 2008, which resulted in all of the Company's US operations and assets being transferred into a new, independent company: BNK Petroleum Inc. (BKX). Accordingly, the operations of BKX have been classified as discontinued operations. Total restructuring costs amounted to $2,796 for the year ended December 31, 2008. The following table provides additional information with respect to amounts included in the results of discontinued operations: 2009 2008 --------------------------------------------------------------------- Revenue $ - $ 3,144 Expenses - 3,332 -------------------------- Discontinued operations $ - $ (188) -------------------------- -------------------------- The following table summarizes the assets, liabilities and shareholders' equity transferred to BKX effective July 1, 2008 as a result of the discontinued operations: Current assets Cash and cash equivalents $ 351 Accounts receivable 16,451 Deposits and prepaid expenses 2,441 ------------- 19,243 Property, plant and equipment 105,830 ------------- $ 125,073 ------------- ------------- Current liabilities Notes payable $ 10,535 Accounts payable and accrued liabilities 17,262 ------------- 27,797 Asset retirement obligations 609 Share capital 97,472 Contributed surplus 1,591 Deficit (2,396) ------------- 96,667 ------------- $ 125,073 ------------- -------------

    Bankers Petroleum Ltd.

    CONTACT: Abby Badwi, President and Chief Executive Officer, (403)
    513-2694; Doug Urch, Executive VP, Finance and Chief Financial Officer, (403)
    513-2691; Email: investorrelations@bankerspetroleum.com, Website:
    http://www.bankerspetroleum.com/; AIM NOMAD: Canaccord Adams Limited, Ryan Gaffney,
    Henry Fitzgerald-O'Connor, +44 20 7050 6500; AIM JOINT BROKERS: Canaccord
    Adams Limited, Ryan Gaffney, Henry Fitzgerald-O'Connor, +44 20 7050 6500;
    Macquarie Capital Advisors, Paul Connolly, Ben Colegrave, +44 (0) 20 3037
    2000




    Trident Microsystems Outlines its Strategy to Serve the High-Growth China MarketTrident President Hosts Press Conference in Beijing to Kick off this Week's China Content Broadcasting Network (CCBN) Conference

    SANTA CLARA, Calif., March 22 /PRNewswire-FirstCall/ -- Trident Microsystems, Inc. , a leader in high-performance semiconductor system solutions for the connected home, today unveiled its China strategy and outlined how it plans to help Chinese manufacturers compete in the global market as well as in the aggressive and high-volume local China market. With more than 400 million TV households, China represents the fastest-growing TV and set-top box market in the world and Trident is uniquely positioned to serve that market as a top-three industry player in both market segments.

    "The China market is experiencing its second major IT revitalization and the government is spearheading major initiatives to bring digital TV and triple services throughout the region," said Sylvia Summers, CEO of Trident Microsystems. "Trident is uniquely positioned to serve this massive IT convergence because we hold the enabling technologies for both TV and STB and have strong relationships with the government, telecommunications operators and TV broadcast suppliers."

    The China Market: Two Major Initiatives Underway

    At a press conference today in Beijing, Trident's president Christos Lagomichos unveiled the company's China strategy to more than 25 technology and business reporters. There are two major government-funded initiatives currently taking place in China that are aimed at delivering digital TV and triple play services (voice, video, data) to households across the country. Trident's current product roadmaps and core expertise deliver the enabling technologies to address both of these markets today and in the future. Trident is the only IC supplier in the world that holds top three positions in the TV and STB markets and this technology strength and synergy can help Chinese customers win the high-volume designs.

    -- Direct-to-Home (DTH) - This is the first satellite broadcast network in China aimed at delivering digital TV services to approximately 200 million users across the region, including remote areas without cable. Trident is one of three STB silicon providers chosen to deliver the MPEG solution for the initial DTH phase, which represents approximately 9 million units. -- Next Generation Broadcasting - This is a government-funded initiative to construct a new converged Infrastructure throughout China. Services to be offered include interactive TV (video on demand, pay-per view), videophone, streaming music and video, and broadcast TV, among existing services in today's telecom and Internet markets. Given the number of households in China, NGB will provide enormous revenue/growth opportunities for local operators, manufacturers, content providers, etc. Trident's DTV and STB roadmap, which include the industry first 45nm designs, are NGB ready today and the Company is working with local Chinese manufacturers to ensure they continue to meet the requirements in the future.

    Added Christos Lagomichos, president of Trident "As demonstrated today in our Beijing press conference, Trident is committed to the China market. We are in a position to help local companies compete globally and locally by offering the best STB and TV technologies in the industry and delivering strong local support with global resources. We look forward to working with our many customers in China and helping them succeed in the future."

    About Trident Microsystems, Inc.

    Trident Microsystems, Inc., with headquarters in Santa Clara, California, is a leading force in the digital home entertainment market, delivering an extensive range of innovative multimedia semiconductor solutions for digital televisions and set-top boxes -- at the heart of today's digital home. Trident has been making bold moves to expand its market, deepen and more fully leverage its Intellectual Property (IP) portfolio, and drive the evolution of the "connected home." Its acquisition of NXP Semiconductors' set-top box and television product lines in 2010 establishes Trident as one of the top three semiconductor providers to both the TV and set-top box markets. For further information about Trident and its products, please consult the Company's web site: http://www.tridentmicro.com/.

    Forward-Looking Information

    This press release contains forward-looking statements concerning our ability to serve the growing Chinese TV and STB markets, the capabilities and functionality of our products and the benefits our products will provide to our customers, particularly in China. These forward-looking statements are subject to certain risks and uncertainties, and actual results could vary materially depending on a number of factors. These risks include, the rate of growth of China's TV and STB markets, the timing of product introductions, the ability to obtain design wins among Chinese OEMs and manufacturers for Trident's products, and competitive pressures, including pricing and competitors' new product introductions, the impact of the uncertain global macroeconomic environment, and the increasingly competitive DTV market. Additional factors that may affect Trident's business are described in detail in Trident's filings with the Securities and Exchange Commission available at http://www.sec.gov/. Such forward-looking statements should not be relied upon as representing Trident's views or expectations as of any subsequent date and Trident does not undertake any obligation to revise or update any such forward-looking statement to reflect events or circumstances that may arise after the statement was made.

    NOTE: Trident is a trademark of Trident Microsystems, Inc. All other company and product names are trademarks and/or registered trademarks of their respective owners. Features, pricing, availability and specifications are subject to change without notice.

    Trident Microsystems, Inc.

    CONTACT: Kelly Karr of Tanis Communications, +1-408-718-9350,
    kelly.karr@taniscomm.com for Trident Microsystems, Inc.; or John Swenson,
    +1-408-764-8899, john.swenson@tridentmicro.com of Trident Microsystems, Inc.

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




    Coship Selects Trident Microsystems' Set-Top Box Chipsets to Deliver High-Definition Television Services to The High-Volume China MarketTrident's CX24500 Chipset Series Delivers the Features, Reliability, High Integration, and Cost Competitiveness that Coship Needs to Drive HD Capabilities Throughout China

    SANTA CLARA, Calif., March 22 /PRNewswire-FirstCall/ -- Trident Microsystems, Inc. , a leader in high-performance semiconductor system solutions for the connected home, today announced that its CX24500 series of high-definition set-top box (STB) chipsets have been designed into Shenzhen Coship Electronics' next generation audio/video STB units. Coship, the leading STB manufacturer in China, and Trident have been working very closely with leading Chinese manufacturers to ensure that these next generation HD STBs deliver the cost, features, and functionality needed to drive HD services to millions of homes throughout China in 2010.

    Trident will be demonstrating the Coship HD STB as well as its full suite of set-top box and television chipset solutions at the China Content Broadcasting Network (CCBN) Conference in Beijing, China on March 23-25, 2010. The Trident booth is located in booth 1B in the China International Exhibition Center.

    "By incorporating Trident's STB solutions, Coship can deliver new levels of digital TV experiences while continually outperforming the competition on price, performance and time-to-market," said Bright Yuan, CEO of Coship Electronics. "We are pleased to form a long-term relationship with Trident and look forward to taking advantage of their high-quality SoC designs as we grow our business throughout China."

    Christos Lagomichos, president of Trident, added, "There is enormous growth potential in China's digital TV market and Trident is committed to delivering the right features, product specifications and price that our customers need to win. Our global resources combined with our strong local support teams will enable customers such as Coship to maintain their leadership positions and deliver exciting and new HD capabilities into million of homes throughout China."

    About Trident's CX24500 Chipset Series

    The CX24500 is a highly-integrated, ARM-based MPEG-2/H.264/VC-1/DIRECTV/DVB compliant, back-end decoder IC solution for high-definition digital TV systems. It is available in configurations with and without PVR functionality. The chipset series satisfies all advanced conditional access systems throughout China and around the world.

    About Shenzhen Coship Electronics

    Founded in 1994 and through years of rapid development, Coship Electronics has been a leading enterprise specializing in R&D, manufacture, sales and services of digital video, and the only provider of an advanced one-stop solution and service in digital TV.

    About Trident Microsystems, Inc.

    Trident Microsystems, Inc., with headquarters in Santa Clara, California, is a leading force in the digital home entertainment market, delivering an extensive range of innovative multimedia semiconductor solutions for digital televisions and set-top boxes -- at the heart of today's digital home. Trident has been making bold moves to expand its market, deepen and more fully leverage its Intellectual Property (IP) portfolio, and drive the evolution of the "connected home." Its acquisition of NXP Semiconductors' set-top box and television product lines in 2010 establishes Trident as one of the top three semiconductor providers to both the TV and set-top box markets. For further information about Trident and its products, please consult the Company's web site: http://www.tridentmicro.com/.

    Forward-Looking Information

    This press release contains forward-looking statements concerning the capabilities and functionality of Trident's next generation HD STBs, the ability of the products to enable customers to deliver digital TV experiences while outperforming the competition on price, performance and time-to-market, the growth potential in China's digital TV market and the ability of Trident to gain share in such market.

    These forward-looking statements are subject to certain risks and uncertainties, and actual results could vary materially depending on a number of factors. These risks include, the timing of product introductions, the ability to obtain design wins among major OEMs for Trident's products, and competitive pressures, including pricing and competitors' new product introductions, the impact of the uncertain global macroeconomic environment, and the increasingly competitive DTV market. Additional factors that may affect Trident's business are described in detail in Trident's filings with the Securities and Exchange Commission available at http://www.sec.gov/. Such forward-looking statements should not be relied upon as representing Trident's views or expectations as of any subsequent date and Trident does not undertake any obligation to revise or update any such forward-looking statement to reflect events or circumstances that may arise after the statement was made.

    NOTE: Trident is a trademark of Trident Microsystems, Inc. All other company and product names are trademarks and/or registered trademarks of their respective owners. Features, pricing, availability and specifications are subject to change without notice.

    Trident Microsystems, Inc.

    CONTACT: Kelly Karr of Tanis Communications, +1-408-718-9350,
    kelly.karr@taniscomm.com for Trident Microsystems, Inc.; or John Swenson,
    +1-408-764-8899, john.swenson@tridentmicro.com of Trident Microsystems, Inc.

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




    Varian's ARIA(R) Oncology Information Management Software Ranked #1 in the '2009 Top 20 Best in KLAS Awards: Software & Professional Services' ReportARIA System Receives Category Leader Award in Report Based on User Evaluations

    PALO ALTO, Calif., March 22 /PRNewswire-FirstCall/ -- Varian Medical Systems today announced that the company's ARIA® Oncology Information System was ranked #1 and designated the Category Leader for the Oncology market segment, in the 2009 Top 20 Best in KLAS Awards: Software and Professional Services.

    KLAS is an independent research firm that specializes in monitoring and reporting on the performance of healthcare vendors. The Top 20 Best in KLAS Awards report is a high-level overview of performance ratings for vendors offering software, professional services, and medical equipment to the healthcare industry. Ratings are compiled from evaluations received during the 12-month period prior to its publication from healthcare professionals in North America. Data is collected from healthcare providers. Each vendor product or service has been categorized into a market segment so that like products can be compared and ranked against each other.

    A "Category Leader" designation identifies top-rated vendor products in the Top 20 Best in KLAS Awards report for each market segment.

    Varian was also ranked #1 among Oncology IT Vendors in 2008, in an independent oncology report released by KLAS in June of that year, having earned top scores in categories including: ease of use and compatibility with third party products, and tying with another vendor for the top score on quality of releases and updates.

    About KLAS

    KLAS' mission is to improve delivery, by independently measuring vendor performance for the benefit of our healthcare provider partners, consultants, investors, and vendors. Working together with executives from over 4500 hospitals and over 2500 clinics, KLAS delivers timely reports, trends, and statistics, which provide a solid overview of vendor performance in the industry. KLAS measures performance of software, professional services, and medical equipment vendors. For more information, go to http://www.klasresearch.com/, e-mail marketing@KLASresearch.com, or call 1-800-920-4109 to speak with a KLAS representative. ©2010 KLAS Enterprises, LLC. All rights reserved.

    About Varian Medical Systems

    Varian Medical Systems, Inc., of Palo Alto, California, is the world's leading manufacturer of medical devices and software for treating cancer and other medical conditions with radiotherapy, radiosurgery, proton therapy, and brachytherapy. The company supplies informatics software for managing comprehensive cancer clinics, radiotherapy centers and medical oncology practices. Varian is a premier supplier of tubes and digital detectors for X-ray imaging in medical, scientific, and industrial applications and also supplies X-ray imaging products for cargo screening and industrial inspection. Varian Medical Systems employs approximately 5,000 people who are located at manufacturing sites in North America, Europe, and China and approximately 79 sales and support offices around the world. For more information, visit http://www.varian.com/.

    FOR INFORMATION CONTACT: Meryl Ginsberg, (650) 424-6444 meryl.ginsberg@varian.com

    Varian Medical Systems

    CONTACT: Meryl Ginsberg of Varian Medical Systems, Inc.,
    +1-650-424-6444, meryl.ginsberg@varian.com

    Web Site: http://www.varian.com/
    http://www.klasresearch.com/




    Unisys Expands Support for Modernized Applications and Mobile Devices on ClearPath MainframesNew capabilities help clients make it easier for workers to use smartphones and consumer devices to access and manage ClearPath systems

    BLUE BELL, Pa., March 22 /PRNewswire-FirstCall/ -- Unisys Corporation today announced significant enhancements to its ClearPath family of mainframe servers. These enhancements are designed to make it easier for clients to modernize their application environments and to enable workers to access and manage ClearPath systems more efficiently through smartphones and other end-user devices.

    (Photo: http://www.newscom.com/cgi-bin/prnh/20100322/PH73621 )

    Key enhancements include: integrated support for the Apple iPhone and iPod Touch, plus enhanced mobile security; support for additional open-source development tools to extend ClearPath applications; and ClearPath Libra Model 750, a new mid-range system.

    "Today's mainframe environments can't be confined to data centers," said Bill Maclean, vice president, ClearPath portfolio management, Unisys. "They need to extend out to where mobile workers are, supporting transactions on-the-go. We've made it a priority to build those capabilities into our ClearPath servers to provide what we believe is the most modern, secure, open mainframe platform on the market and to help our clients extend their long-term investments in strategic applications and IT infrastructure."

    New, Secure Ways to Support Mobile Workers

    The new Release 13.0 of the ClearPath MCP software environment provides secure support for the Apple iPhone and iPod Touch, with planned support for additional mobile devices. This feature enhances the utility of the ClearPath ePortal Specialty Engine, a co-processor that manages web services and mobile-device access.

    The new capabilities include dynamic application support, which makes it easier for mainframe applications to handle mobile workers' frequent logging on and off. Also, MCP now provides enhanced support for hybrid applications, giving mobile-device users a single, graphical view of data from multiple ClearPath transaction sources and making it easier for IT executives to view and manage system resources remotely.

    To enrich support for users on-the-go, Unisys also plans an optional help desk service so support representatives can remotely resolve service incidents on mobile devices connected to the ClearPath system.

    New mobile security enhancements to MCP include encryption to protect data crossing the network from being accessed by unauthorized users. Also, support for the Locum RealTime Monitor, from Unisys solution partner Locum Software Services Limited, enables system managers to react quickly to security violations based on data from multiple systems - a crucial requirement for mobile environments. This minimizes potential risk to business information and improves regulatory compliance and management reporting.

    Open Development Tools Help Modernize ClearPath Applications

    The MCP environment now supports the open-source scripting language PHP, making it easier to create Web-based applications that can interact with ClearPath DMSII databases. PHP and other open development tools, such as Java and XML, enable ClearPath clients to create a modernized application environment that bridges technology generations and extends the value of their investments in strategic software.

    To accelerate application modernization, ClearPath clients can also take advantage of Unisys Application Advisory Services. These help determine how best to streamline the environment for maximum return on investment - answering questions such as which applications to enable for SOA, wireless or web access; which to modernize with enhanced functionality such as social-media or smartphone access; and which to consolidate on-premises or outsource.

    ClearPath Libra Model 750: New Entry Point in Mid-range Line

    Based on a Unisys proprietary CMOS processor, the ClearPath Libra Model 750 provides a new entry point in the mid-range ClearPath Libra 700 series. It is designed to accommodate medium-to-large transaction processing environments - especially those requiring continuous availability. It provides a 35-percent improvement in single-processor performance over the predecessor Libra Models 585/595.

    Like other members of the ClearPath family, the ClearPath Libra Model 750 provides metering, a pay-for-use system software licensing capability that enables clients to match IT resources to business requirements and pay for the processing power they use, as they use it.

    Base configurations of the ClearPath Libra Model 750 are priced from $1.3 million.

    To access a photo of the ClearPath Libra Model 750, click on the following link: http://www.unisys.com/unisys/news/press/index.jsp?id=302&pid=203. Then click on "Photos" and "Products."

    For more information on ClearPath systems and solutions, click on the following link: http://www.unisys.com/unisys/theme/index.jsp?id=16000034#tab3

    About Unisys

    Unisys is a worldwide information technology company. We provide a portfolio of IT services, software, and technology that solves critical problems for clients. We specialize in helping clients secure their operations, increase the efficiency and utilization of their data centers, enhance support to their end users and constituents, and modernize their enterprise applications. To provide these services and solutions, we bring together offerings and capabilities in outsourcing services, systems integration and consulting services, infrastructure services, maintenance services, and high-end server technology. With approximately 26,000 employees, Unisys serves commercial organizations and government agencies throughout the world. For more information, visit http://www.unisys.com/.

    RELEASE NO.: 0322/8958

    Unisys is a registered trademark of Unisys Corporation. All other brands and products referenced herein are acknowledged to be trademarks or registered trademarks of their respective holders.

    Photo: http://www.newscom.com/cgi-bin/prnh/20100322/PH73621
    PRN Photo Desk, photodesk@prnewswire.com Unisys Corporation

    CONTACT: Brian Daly of Unisys, +1-215-986-2214, brian.daly@unisys.com;
    Mary McCeney of Weber Shandwick for Unisys, +1-212-445-8160,
    mmcceney@webershandwick.com

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




    Bankrate Releases First Ever Rewards Checking SurveyBankrate's new 2010 Rewards Checking Survey takes a look at the growing high-yield offering and what requirements consumers must meet

    NEW YORK, March 22 /PRNewswire-FirstCall/ -- With rewards checking accounts projected to become a more popular option for deposits in coming years, Bankrate.com is releasing its first annual 2010 Rewards Checking Survey. The survey takes a look at what to expect if opening a rewards checking account from a bank or credit union as well as what to look for to make sure the account gets the maximum yield. The results of the survey can be found here: http://bankrate.com/finance/checking/high-yield-checking-perks-have-strings-1. aspx.

    (Logo: http://www.newscom.com/cgi-bin/prnh/20040122/FLTHLOGO)

    Among the findings, including requirements for the highest yield that consumers should know:

    -- The average Annual Percentage Yield for rewards checking accounts maxed out at 3.3%; -- The average default APY if not keeping up with the minimum requirements was 0.16%, a significant drop-off; -- The balance cap for earning the high APY was, most commonly, $25,000; -- Of the accounts surveyed, 95% have a requirement for a certain number of debit card transactions to be made each month in order to receive the highest APY. The average amount of debit card transactions required was 11, but the most common requirement was 10 per month; -- The majority (91%) of the rewards checking accounts surveyed have requirements for direct deposit and/or bill pay but 48% only require one or the other. One direct deposit per month is the standard requirement; -- A mandatory bill pay requirement is demanded by 35%, ranging from logging in to as many as four bill payments per month. One bill payment per month is the most common requirement.

    "Consumers are looking for ways to boost their interest earnings in this low rate environment," said Greg McBride, CFA, senior financial analyst for Bankrate.com. "Rewards checking accounts offer very compelling yields, so long as consumers are able to meet each of the account requirements on a monthly basis."

    Bankrate surveyed 211 institutions for this study. Fifty-eight of those surveyed offer high-yield checking accounts, 41 of which are nationally available.

    About Bankrate, Inc.

    The Bankrate network of companies includes Bankrate.com, Interest.com, Mortgage-calc.com, Nationwide Card Services, Savingforcollege.com, Fee Disclosure, InsureMe CreditCardGuide.com and Bankaholic. Each of these businesses helps consumers to make informed decisions about their personal finance matters. The company's flagship brand, Bankrate.com is a destination site of personal finance channels, including banking, investing, taxes, debt management and college finance. Bankrate.com is the leading aggregator of rates and other information on more than 300 financial products, including mortgages, credit cards, new and used auto loans, money market accounts and CDs, checking and ATM fees, home equity loans and online banking fees. Bankrate.com reviews more than 4,800 financial institutions in 575 markets in 50 states. In 2008, Bankrate.com had nearly 72 million unique visitors. Bankrate.com provides financial applications and information to a network of more than 75 partners, including Yahoo! , America Online , The Wall Street Journal and The New York Times . Bankrate.com's information is also distributed through more than 500 newspapers. Bankrate, Inc. was acquired by Apax Partners, one of the world's leading private equity investment group, in September 2009. Apax operates across the United States, Europe and Asia and has more than 30 years of investing experience. For more information on Apax, visit: http://www.apax.com/.

    For more information contact: Chris Spagnuolo Public Relations Manager cspagnuolo@bankrate.com (917) 368-8671

    Photo: http://www.newscom.com/cgi-bin/prnh/20040122/FLTHLOGO
    AP Archive: http://photoarchive.ap.org/
    PRN Photo Desk, photodesk@prnewswire.com Bankrate, Inc.

    CONTACT: Chris Spagnuolo, Public Relations Manager, +1-917-368-8671,
    cspagnuolo@bankrate.com

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




    Harris Corporation Receives Orders Totaling Approximately $100 Million for Miami-Dade County Public Safety Communications System Upgrade

    MIAMI and BOSTON, March 22 /PRNewswire-FirstCall/ -- Miami-Dade County, Florida, has selected Harris Corporation , an international communications and information technology company, to upgrade the county's public safety and public service communications system as part of an overall communications project for the county.

    The project will provide the county with a new Harris P25^IP (Project 25 to the power of Internet Protocol) 800 MHz radio communications system, and also includes radio terminals for the county to comply with the FCC's (Federal Communications Commission) rebanding mandate (FCC 04-168). The new standards-based system will bring the county greater functionality on a flexible system platform.

    "When this project is complete, the county will have a modern, standards-based digital radio communications system that will last us well into the future and provide considerable cost-savings," said Felix Perez, Division Director, Radio, Enterprise Technology Services Department, Miami-Dade County. "Our current EDACS® system has served us well for more than 18 years, but the FCC mandate and the trend towards P25 standard equipment led us to upgrade and modernize our radio communications infrastructure. Harris is the ideal partner for this project because its solution ensures a seamless transition with minimal downtime. Miami-Dade will have a reliable, modern P25 800 MHz radio system that will improve interoperability among our first responders and other radio system users."

    The new Harris P25^IP system will serve more than 80 agencies and 31,000 users throughout the county, including the Miami-Dade Police Department, Miami-Dade Water and Sewer Department, and Miami International Airport. The new system will continue to interoperate with Miami-Dade Fire Rescue's conventional UHF system. The P25^IP system will operate in parallel with the county's existing EDACS system, providing a smooth transition for the county's users during the upgrade to the digital system. The Harris customized migration plan allows for the reuse of existing shelters, towers and generators.

    "We are proud that Harris has been a strong partner with Miami-Dade County," said Dana Mehnert, group president, Harris RF Communications. "Our technology and support has kept their radio system operational with extremely high system reliability. Through this system migration, we will be able to leverage the county's existing radio assets, providing both advanced capabilities and real cost-savings to Miami-Dade."

    Harris Public Safety and Professional Communications is a leading supplier of assured communications® systems and equipment for public safety, federal, utility, commercial and transportation markets -- with products ranging from the most advanced IP voice and data networks, to industry leading multiband, multimode radios, to public safety-grade broadband video and data solutions. With more than 80 years of experience, Harris Public Safety and Professional Communications supports over 500 systems around the world.

    About Harris Corporation

    Harris is an international communications and information technology company serving government and commercial markets in more than 150 countries. Headquartered in Melbourne, Florida, the company has approximately $5 billion of annual revenue and more than 15,000 employees -- including nearly 7,000 engineers and scientists. Harris is dedicated to developing best-in-class assured communications® products, systems, and services. Additional information about Harris Corporation is available at http://www.harris.com/.

    Background The Harris P25^IP System Meeting the Needs of Miami-Dade County

    With a population of more than 2.4 million, Miami-Dade County is comprised of 35 municipalities. The county is bounded by Biscayne Bay and the Atlantic Ocean to the east, Everglades National Park to the west, the Florida Keys to the south, and Broward County to the north.

    Miami-Dade's new scalable P25^IP system is based on a unified IP-network architecture that brings many benefits to the county's public safety and public service communications users.

    -- Inter-networking to provide Miami-Dade users with advanced features such as emergency services, unit-to-unit calls, caller ID, end-to-end encryption and inter-system roaming across existing, emerging and future airlinks. -- Integration of voice and data via Harris P25^IP technology and the Harris VIDA® (Voice, Interoperability, Data, Access) network, as well 4.9 GHz broadband via Harris VIDA Broadband solution. -- Enhancement of radio coverage through two, P25 simulcast systems with advanced, linear simulcast modulation for improved radio system performance. -- Reuse of the county's Harris NetworkFirst gateways, EDACS IP Gateways, and eventually the Harris P25 Inter Subsystem Interface (ISSI) server for interoperability. -- Reuse of 80 percent of the current dispatch consoles and associated equipment.

    Harris multi-mode M7300 mobile and P7300 portable radios will operate on both Miami-Dade's EDACS legacy system and its new P25 system, so that only a single radio type is needed throughout the program implementation. Harris radios will continue to connect seamlessly with the Florida State Law Enforcement Radio System (SLERS) for mutual-aid communications. Harris operates and maintains SLERS - a system consisting of nearly 200 radio sites throughout the State of Florida that supports the operation of more than 16,000 user radios.

    Rebanding requirements will be met through Sprint Nextel replacement of the county's existing 18-year old radios with 24,000 backward- and forward-compatible mobile and portable radios (Harris M7300 mobile and P7300 portable radios) to support the system's seamless migration. The county's current radios will operate on the existing EDACS system as well as on the new P25^IP system.

    The P25^IP network is based on the Harris IP-based VIDA network. The VIDA network is a cost-effective, interoperable radio communications technology that supports OpenSky®, P25 and other IP-based systems. It addresses voice and data communications needs of transportation, utility and public safety radio users around the world. It provides a full, IP-management platform for the P25 Phase 1 industry standard and P25 Phase 2, the next-generation emerging technical standard for mission-critical communications.

    Harris Corporation

    CONTACT: Victoria Dillon, Public Safety & Professional Communications,
    +1-978-442-5304, Victoria.Dillon@harris.com; Jim Burke, Corporate
    Headquarters, +1-321-727-9131, Jim.Burke@harris.com

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




    CaribServe Selects Motorola's WiMAX with ASN 1000 Gateway to Expand, Increase Speed of Existing Broadband Service in St. Maarten

    LAS VEGAS, March 22 /PRNewswire-FirstCall/ -- CTIA WIRELESS 2010 -- The Networks business of Motorola, Inc. , the worldwide leader in developing and deploying WiMAX 802.16e networks and consumer devices, today announced that CaribServe, a wireless broadband service provider based on the island of St. Maarten / St. Martin in the Northeastern Caribbean, has signed a two-year agreement with Motorola for WiMAX infrastructure, devices and services. The island-based operator plans to launch WiMAX service later this year to deliver higher throughput via fixed, portable and nomadic data services to its subscribers.

    CaribServe is a long-time Motorola customer that has been providing fixed wireless broadband service in St. Maarten / St. Martin using Motorola's point-to-multipoint wireless broadband access network solutions since 2004. CaribServe is also Motorola's first customer to select the recently-announced Motorola ASN 1000 WiMAX gateway.

    CaribServe also selected Motorola's NBBS remote device management software platform to manage the customer premises equipment (CPE) that its customers will use with the new WiMAX service. NBBS is a solution that allows service providers to expand broadband service revenues while reducing operational and support costs through automated service provisioning and comprehensive device management.

    "When Motorola developed its ASN 1000 WiMAX gateway, it gave us the opportunity to offer faster WiMAX-based services to our customers at a low-cost entry point to build-out the new network and provide an even greater broadband experience to our island's residents and tourists," said Roy Richardson, CaribServe's co-founder and general manager.

    CaribServe plans to offer WiMAX service in the 3.5GHz band on the Dutch-side of the island later this year with service to follow in 2011 for the French-side of the island. CaribServe will offer a selection of Motorola CPEs - including the CPEo 450, CPEi 750, CPEi 775 and the USBw 200 dongle. Motorola will deploy the network using the WiMAX Access Point (WAP) 35450.

    "Motorola continues to innovate in designing new products like the ASN 1000 WiMAX gateway that help our customers profitably deliver wireless broadband service," said Flavio Cardoso, senior director, Motorola Networks, Latin America. "We're seeing growing interest and momentum for WiMAX in the Caribbean and around the world, and this new WiMAX contract with CaribServe is just another example of how our portfolio can accommodate the many different business models for WiMAX operators."

    The Motorola ASN 1000, an industry-first solution for deployments of 24,000 subscribers or less, is a compact five-unit rack that can manage up to 200 access points. It delivers the same rich features of Motorola's larger-capacity, one million-user WiMAX ASN gateway that supports up to 1,000 sites. The ASN 1000 also interoperates with Motorola's larger-capacity ASN gateway and will be upgradeable to accommodate up to 200,000 subscribers.

    Motorola now has 40 WiMAX contracts with operators worldwide. The business cases and usage models are as varied as the geographies they serve. Some operators are using a wholesale model, others are bridging the digital divide and providing connectivity where there was none, and still others are bringing "on the go" connectivity to commuters on mass transit trains. As product innovation continues and the ecosystem of WiMAX-embedded devices continues to grow, operators are finding more possibilities and ways to monetize their investment to profitably launch WiMAX services.

    Motorola is leading the industry with award winning, end-to-end WiMAX solutions that address the full scope of operators' deployment needs, including a new tier of products for operators wishing to deploy WiMAX networks in less populated markets or in those previously deemed unprofitable to enter. Motorola's new WiMAX ASN 1000 gateway lowers the initial cost of deploying a smaller network or in low teledensity areas while the indoor desktop CPEi 090, optimized for effective fixed data service with a low product cost, allows operators to pursue new market segments.

    The Motorola WiMAX solutions portfolio includes access, core, devices, network management and services. Motorola's best-in-class quality assurance processes, along with a track record of WiMAX commercial deployments worldwide, offer service providers the confidence that they are getting a high-quality, reliable solution. Motorola's CPE and device portfolio includes models in 2.3GHz, 2.5GHz and 3.5GHz across a selection of outdoor and indoor desktop CPEs with capabilities ranging from data-only to combinations that include voice, data, and WiFi, as well as USB dongles for WiMAX on the go. Motorola's WiMAX CPEs and devices are also available for deployment on non-Motorola WiMAX networks worldwide.

    Motorola Networks business delivers fully integrated and customizable media solutions enabling operators to offer personalized, rich media experiences to their subscribers. As a global wireless infrastructure leader, Motorola is committed to 4G with WiMAX and LTE solutions that provide a way for operators to profitably meet the ever-growing demand for mobile broadband today while giving 2G and 3G customers a future path as we continue to support their legacy networks. Motorola brings its services, fourth-generation orthogonal frequency division multiplexing (OFDM) platform and 25 years of wireless data systems innovation, experience and expertise to bear as operators - wireline, wireless, cable and telco -seek to evolve their networks for the future.

    For more information about Motorola's 4G solutions please visit our 4G Digital Press Kit. For more information about Motorola's WiMAX solutions please visit http://www.motorola.com/wimax.

    Visit Motorola at CTIA WIRELESS 2010 in the Central Hall, Booth #409. Follow us @ http://www.twitter.com/MotoMedia2Go Follow us on our blog: http://www.mediaexperiences2go.com/ About CaribServe

    CaribServe.NET, a subsidiary of United Telecommunication Service (UTS), is the leader of high-speed, broadband Internet access connectivity on the island of St. Maarten/St. Martin in the Northeastern Caribbean.

    For more information, please visit http://www.caribserve.net/ About Motorola

    Motorola is known around the world for innovation in communications and is focused on advancing the way the world connects. From broadband communications infrastructure, enterprise mobility and public safety solutions to high-definition video and mobile devices, Motorola is leading the next wave of innovations that enable people, enterprises and governments to be more connected and more mobile. Motorola had sales of US $22 billion in 2009. For more information, please visit http://www.motorola.com/.

    Media Contacts: Kathi Haas Motorola +1-480-748-6456 Kathi.haas@motorola.com Industry Analyst Contact: Kathy Wiesner Office: +1 847-576-1638 k.wiesner@motorola.com Motorola, Inc. Analysts Relations

    MOTOROLA and the Stylized M Logo are registered in the US Patent & Trademark Office. All other product or service names are the property of their respective owners. © Motorola, Inc. 2010. All rights reserved.

    Photo: http://www.newscom.com/cgi-bin/prnh/20020307/MOTLOGO
    AP Archive: http://photoarchive.ap.org/
    PRN Photo Desk, photodesk@prnewswire.com Motorola, Inc.

    CONTACT: Media, Kathi Haas, Motorola, +1-480-748-6456,
    Kathi.haas@motorola.com; or Industry Analyst, Kathy Wiesner, Office:
    +1-847-576-1638, k.wiesner@motorola.com, Motorola, Inc. Analysts Relations

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




    ICE TTF Natural Gas Futures Contract Launches With Strong Support

    LONDON, March 22, 2010 /PRNewswire/ --

    ICE Futures Europe, a leading regulated London-based futures exchange for global energy markets, today announced strong volumes in the first week of trading of the ICE TTF Natural Gas futures contract. ICE Futures Europe introduced the contract on 15 March.

    (Logo: http://www.newscom.com/cgi-bin/prnh/20090727/CL51999LOGO )

    TTF Natural Gas futures volume in the first week were 1,560 lots, equivalent to over 1 million megawatt hours. As of close of trading on 19 March, the front-month April contract, the May contract, summer 2010, calendar 2011 and calendar 2012 all traded and established open interest. Over ten companies have been active in the market to date. Open interest was 810 contracts at close of business on Friday.

    The first trade was executed by Total Gas and Power and Credit Suisse. The counterparties confirmed their participation in the first trade at the request of ICE Futures Europe.

    Meindert Witteveen, Head of European energy and freight for Credit Suisse, commented: "The continental gas markets are growing in importance, and we are happy that ICE recognises this by launching the TTF product in this early stage. The ability to trade and clear TTF Dutch gas suits our clients and Credit Suisse' growth into these markets."

    David Peniket, President and COO of ICE Futures Europe, said: "We are delighted with the level of activity on the ICE TTF contract and foresee continued growth opportunities with this market. Not only is the volume of trading impressive, but we have also had a diverse group of participants, including producers, suppliers and banks. Participants have recognised immediately the benefits of cross margining with the liquid ICE NBP futures, along with our competitive pricing."

    The ICE TTF Natural Gas futures contract is based on the Title Transfer Facility (TTF) in the Netherlands. The contract trades alongside ICE's U.K. NBP Natural Gas futures contract, bringing together two of the most liquid European gas hubs on a single, globally distributed platform for the first time. The ICE NBP Natural Gas futures contract is the leading benchmark for U.K. natural gas, with record volume in excess of 2.7 million contracts in 2009.

    About IntercontinentalExchange

    IntercontinentalExchange(R) (NYSE: ICE) is a leading operator of regulated futures exchanges and over-the-counter markets for agricultural, credit, currency, emissions, energy and equity index contracts. ICE Futures Europe(R) hosts trade in half of the world's crude and refined oil futures. ICE Futures U.S.(R) and ICE Futures Canada(R) list agricultural, currencies and Russell Index markets. ICE(R) is also a leading operator of central clearing services for the futures and over-the-counter markets, with five regulated clearing houses across North America and Europe. ICE serves customers in more than 55 countries. http://www.theice.com

    The following are trademarks of IntercontinentalExchange, Inc. and/or its affiliated companies: IntercontinentalExchange, IntercontinentalExchange & Design, ICE, ICE and block design, ICE Processing and Creditex. All other trademarks are the property of their respective owners. For more information regarding registered trademarks owned by IntercontinentalExchange, Inc. and/or its affiliated companies, see https://www.theice.com/terms.jhtml

    Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 - Statements in this press release regarding IntercontinentalExchange's business that are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ICE's Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors in ICE's Annual Report on Form 10-K for the year ended December 31, 2009, as filed with the SEC on February 10, 2010.

    ICE Futures Europe

    Investor & Media, Kelly Loeffler, VP, Investor Relations & Corp. Communications, IntercontinentalExchange, +1-770-857-4726, kelly.loeffler@theice.com, or Sarah Stashak, Director, Investor & Public Relations, IntercontinentalExchange, +1-770-857-0340, sarah.stashak@theice.com




    Fannie Mae Redemption

    WASHINGTON, March 22, 2010 /PRNewswire/ --

    Fannie Mae (NYSE: FNM) 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:

    (All amounts in U.S. dollars unless otherwise noted) Principal Security Interest Maturity CUSIP Redemption Amount Type Rate Date Date $150,000,000 MTN 1.500% April 1, 2011 3136FHFA8 April 1, 2010 $55,000,000 MTN 1.500% April 1, 2011 3136FHFW0 April 1, 2010 $25,000,000 MTN 1.500% April 1, 2011 3136FHFX8 April 1, 2010 $150,000,000 MTN 1.780% April 1, 2011 3136FHHQ1 April 1, 2010 $2,000,000,000 MTN 2.000% April 1, 2011 31398AVW9 April 1, 2010 $1,000,000,000 MTN 2.050% April 1, 2011 31398AWA6 April 1, 2010 $110,000,000 MTN 2.320% Oct. 1, 2012 3136FHHJ7 April 1, 2010 $15,000,000 MTN 4.010% April 1, 2014 3136F9EC3 April 1, 2010 $25,000,000 MTNR 4.150% April 1, 2015 3136F9EG4 April 1, 2010 $25,000,000 MTN 4.200% April 1, 2015 3136F9EY5 April 1, 2010 $50,000,000 MTN 5.080% July 1, 2019 3136FHE68 April 1, 2010 $25,000,000 MTNR 5.000% Oct. 1, 2020 3136F9DV2 April 1, 2010 $14,530,000 FINP 6.500% Aug. 10, 2034 3135A0WR6 April 1, 2010

    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

    Katherine Constantinou, +1-202-752-5403




    Rachat de Fannie Mae

    WASHINGTON, March 22, 2010 /PRNewswire/ --

    Fannie Mae (NYSE : FNM) rachtera les montants en principal des valeurs mises aux dates de rachat indiques ci-dessous un prix gal 100 % des montants en principal auxquels on ajoutera l'intrêt couru aux dates de rachat :

    (Tous les montants sont en dollars amricains, sauf si spcifi diffremment) Montant en Type de Taux Date CUSIP Date du principal valeur d'intrêt d'chance rachat 150 000 000 $ MTN 1,500 % 1 avril 2011 3136FHFA8 1 avril 2010 55 000 000 $ MTN 1,500 % 1 avril 2011 3136FHFW0 1 avril 2010 25 000 000 $ MTN 1,500 % 1 avril 2011 3136FHFX8 1 avril 2010 150 000 000 $ MTN 1,780 % 1 avril 2011 3136FHHQ1 1 avril 2010 2 000 000 000 $ MTN 2,000 % 1 avril 2011 31398AVW9 1 avril 2010 1 000 000 000 $ MTN 2,050 % 1 avril 2011 31398AWA6 1 avril 2010 110 000 000 $ MTN 2,320 % 1 oct. 2012 3136FHHJ7 1 avril 2010 15 000 000 $ MTN 4,010 % 1 avril 2014 3136F9EC3 1 avril 2010 25 000 000 $ MTNR 4,150 % 1 avril 2015 3136F9EG4 1 avril 2010 25 000 000 $ MTN 4,200 % 1 avril 2015 3136F9EY5 1 avril 2010 50 000 000 $ MTN 5,080 % 1 juillet 2019 3136FHE68 1 avril 2010 25 000 000 $ MTNR 5,000 % 1 oct. 2020 3136F9DV2 1 avril 2010 14 530 000 $ FINP 6,500 % 10 août 2034 3135A0WR6 1 avril 2010

    Fannie Mae existe pour dvelopper les logements abordables et pour apporter des capitaux mondiaux dans les communauts locales afin de servir le march du logement amricain. Fannie Mae a une charte fdrale et volue sur le march hypothcaire secondaire amricain pour amliorer les liquidits du march hypothcaire en fournissant des fonds aux instituts de crdit foncier et autres prêteurs pour qu'ils puissent prêter aux acqureurs de logement. Notre mission consiste aider ceux qui logent l'Amrique.

    Le prsent communiqu de presse ne constitue pas une offre de vente ni la sollicitation d'une offre d'achat des titres de Fannie Mae. Rien dans ce communiqu de presse ne constitue un conseil quant aux avantages de l'achat ou de la vente d'un investissement particulier. Toute dcision d'investissement relative l'achat des titres mentionns dans ce communiqu doit être uniquement fonde sur les informations contenues dans le prospectus d'mission de Fannie Mae qui s'applique. Il ne faut pas tenir pour acquis que les informations contenues dans ce communiqu sont d'une exactitude ou d'une exhaustivit absolue.

    Vous ne devez ngocier des valeurs que si vous comprenez leur nature ainsi que l'ampleur des risques que vous prenez. Assurez-vous que ces valeurs vous conviennent dans les circonstances qui sont les vtres et par rapport votre situation financire. Si vous avez quelque doute que ce soit, veuillez consulter un conseiller financier qualifi.

    Fannie Mae

    Katherine Constantinou, +1-202-752-5403




    Blackboard Brings Interactive Teaching and Learning to Mobile DevicesBlackboard Mobile Learn Offers Two-Way Mobile Learning Experience

    WASHINGTON, March 22 /PRNewswire-FirstCall/ -- Blackboard Inc. today announced plans for Blackboard Mobile Learn(TM), an application that will bring two-way teaching and learning to mobile devices, creating an interactive mobile learning experience for students and teachers on the go.

    Blackboard's existing Blackboard Mobile Central(TM) application already delivers a mobile campus experience that includes news, events, maps and sports among a range of student life and service options. Blackboard Mobile Learn will take the next step by bringing the classroom experience and learning content to the mobile environment, arming campuses with a high quality option to quickly meet the growing demand from students who want to do more with their smartphones and other Web-enabled devices.

    With Blackboard Mobile Learn, students will be able to check grades and assignments, add comments to discussion boards, email instructors and classmates and post comments on blogs - all from their mobile devices.

    "We're seeing greater interest in education focused mobile applications, and this is the first to give students such a robust teaching and learning experience," said Michael L. Chasen, Blackboard's President and CEO. "We see mobile as a transformative technology in engaging students, and we're rolling out options that let institutions get started quickly and in some cases without any additional investment."

    Blackboard Mobile Learn will recreate and enrich the course experience of Blackboard Learn(TM), the leading Web-based teaching and learning platform, in native mobile applications that in June will support a selection of the world's most popular mobile platforms including iPhone® OS, Android and BlackBerry®. Like Blackboard Mobile Central, Blackboard Mobile Learn is available through an annual license, will be branded under the school's name, and can be downloaded by students and faculty at mobile application stores.

    Schools that are interested in experimenting with mobile learning on their campus for no additional charge can enable Wi-Fi access to Blackboard Mobile Learn on devices such as the iPhone and iPod touch® and, through a special partnership with Sprint , on select smartphones powered by the Now Network(TM). The no cost options are intended to help institutions get started quickly without extra investments.

    "Mobile adoption is happening faster than we expected, and it is being driven by changes in the way students want to consume information," said Brice Bible, Chief Information Officer at Ohio University. "Bringing the classroom experience to mobile devices is something that students and faculty are clearly looking for, and as we develop our strategy I'm excited about the possibilities of Blackboard Mobile Learn. Blackboard's ideas for mobile learning have a lot of merit."

    Blackboard Mobile Learn will be available initially for U.S. and Puerto Rico higher education and professional education clients on Blackboard Learn Releases 8, 9 and higher. Details on availability for K-12 and international markets, as well as for previous versions of Blackboard Learn and the WebCT and ANGEL platforms, will follow. Blackboard Mobile Learn will be enabled with the free Blackboard Mobile Web Services Building Block(TM), which is available for download today at Blackboard's client support Web site, Behind the Blackboard(TM).

    For more information about Blackboard Mobile Learn, please visit http://blackboard.com/Mobile/Overview.aspx.

    About Blackboard Inc.

    Blackboard Inc. is a global leader in enterprise technology and innovative solutions that improve the experience of millions of students and learners around the world every day. Blackboard's solutions allow thousands of higher education, K-12, professional, corporate, and government organizations to extend teaching and learning online, facilitate campus commerce and security, and communicate more effectively with their communities. Founded in 1997, Blackboard is headquartered in Washington, D.C., with offices in North America, Europe, Asia and Australia.

    Any statements in this press release about future expectations, plans and prospects for Blackboard and other statements containing the words "believes," "anticipates," "plans," "expects," "will," and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including the factors discussed in the "Risk Factors" section of our Form 10-K filed on February 17, 2010 with the SEC. In addition, the forward-looking statements included in this press release represent the Company's views as of March 22, 2010. The Company anticipates that subsequent events and developments will cause the Company's views to change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company's views as of any date subsequent to March 22, 2010.

    Blackboard Inc.

    CONTACT: Matthew Maurer, Blackboard Inc., +1-202-463-4860 ext. 2637,
    matthew.maurer@blackboard.com

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




    China ACM Announces Exercise of Over-Allotment Option

    BEIJING, March 22 /PRNewswire-FirstCall/ -- China Advanced Construction Materials Group, Inc. (NASDAQ GM: CADC) ("China ACM" or the "Company"), a leading provider of ready-mix concrete in China, announced today that it has closed the sale of an additional 300,000 shares of common stock at the recent public offering price of $4.60 per share for proceeds of $1,380,000, pursuant to the over-allotment option exercised by the underwriter in connection with the Company's public offering that closed on March 1, 2010.

    The exercise of the over-allotment option brings the total number of shares sold by China ACM in its registered public offering to 2,300,000 and the gross proceeds to $10.58 million.

    The Company plans to use most of the offering proceeds to purchase 2 additional portable concrete mixing plants as a part of its growth strategy. In addition, the Company intends to use a portion of the proceeds for working capital and general corporate purposes.

    Roth Capital Partners, LLC acted as the sole manager for the offering.

    The shares were sold under the Company's previously filed shelf registration statement, which was declared effective by the U.S. Securities and Exchange Commission ("SEC") on January 11, 2010. The Company has filed certain documents with the SEC, including the Registration Statement on Form S-3 that included the base prospectus, which was filed on December 28, 2009 and declared effective by the U. S. Securities and Exchange Commission on January 11, 2010, a prospectus supplement that was originally distributed on February 22, 2010 and filed on March 1, 2010, the final prospectus supplement, which was filed on February 24, 2010, and a Current Report on Form 8-K, with related exhibits, which was filed on March 1, 2010. An electronic copy of such documents is available on the web site of the SEC at http://www.sec.gov/. This press release shall not constitute an offer to sell or a solicitation of an offer to buy any of the securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

    About China ACM

    China ACM, founded in 2002 and based in Beijing, China, is a leading producer of advanced construction materials for large scale infrastructure, commercial and residential developments. The Company is primarily focused on producing and supplying a wide range of advanced ready-mix concrete materials for highly technical, large scale, and environmental construction projects. The Company also aims to develop and produce new and innovative energy efficient and environmentally conscious construction materials.

    China ACM provides materials and services through its five ready-mix concrete plant network covering the Beijing metropolitan area. China ACM owns one plant and leases four plants in Beijing and has technical services and preferred procurement agreements with five other independently-owned plants across China. The Company presently owns 12 portable plants deployed in 10 provinces across China. China ACM is ISO 9001 (product quality), ISO 14001 (environmental safety), and ISO 18001 (employment environment safety) certified. Additional information about the Company is available at http://www.china-acm.com/.

    This press release contains "forward-looking statements" within the meaning of the "safe-harbor" provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve known and unknown risks, uncertainties and other factors that could cause the actual results of the Company to differ materially from the results expressed or implied by such statements, including changes from anticipated levels of sales, future national or regional economic and competitive and regulatory conditions, changes in relationships with customers, access to capital, difficulties in developing and marketing new products, marketing existing products, customer acceptance of existing and new products, and other factors. Additional Information regarding risks can be found in the Company's Annual Report on Form 10K and in the Company's recent report on Form 8K filed with the SEC. Accordingly, although the Company believes that the expectations reflected in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. The Company has no obligation to update the forward-looking information contained in this press release.

    Contact: Kevin Theiss Grayling 646-284-9409 kevin.theiss@grayling.com

    China Advanced Construction Materials Group, Inc.

    CONTACT: Kevin Theiss, Grayling, +1-646-284-9409,
    kevin.theiss@grayling.com

    Web Site: http://www.china-acm.com/




    Navios Maritime Holdings Inc. Announces Sale of Navios Aurora II for $110.0 million to Navios Maritime Partners L.P.

    PIRAEUS, Greece, March 22 /PRNewswire-FirstCall/ -- Navios Maritime Holdings Inc. ("Navios Holdings") , a global, vertically integrated seaborne shipping and logistics company, announced today that on March 18, 2010, it has sold the Navios Aurora II, a 2009 South Korean-built Capesize vessel with a capacity of 169,031 dwt to Navios Maritime Partners L.P. ("Navios Partners") for $110.0 million.

    The $110.0 million purchase price is being paid as follows: $90.0 million in cash and the $20.0 million balance through the receipt of 1,174,219 common units of Navios Partners.

    Navios Holdings intends to use the proceeds from the sale of this vessel for operating purposes, such as repayment of indebtedness or reinvestment in vessels.

    About Navios Maritime Holdings Inc.

    Navios Maritime Holdings Inc. is a global, vertically integrated seaborne shipping and logistics company focused on the transport and transshipment of drybulk commodities including iron ore, coal and grain. For more information please visit our website: http://www.navios.com/.

    Navios Holdings may, from time to time, be required to offer certain owned Capesize and Panamax vessels to Navios Maritime Partners L.P. ("Navios Partners") for purchase at fair market value according to the terms of the Omnibus Agreement. For more information please visit its website: http://www.navios-mlp.com/.

    Forward-Looking Statements

    This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events and Navios Holdings' growth strategy and measures to implement such strategy; including expected vessel acquisitions and entering into further time charters. Words such as "expects," "intends," "plans," "believes," "anticipates," "hopes," "estimates," and variations of such words and similar expressions are intended to identify forward-looking statements. Such statements include comments regarding expected revenues and time charters. Although Navios Holdings believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates which are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of Navios Holdings. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to changes in the demand for drybulk vessels, competitive factors in the market in which Navios Holdings operates; risks associated with operations outside the United States; and other factors listed from time to time in Navios Holdings' filings with the Securities and Exchange Commission. Navios expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Navios Holdings' expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

    Navios Maritime Holdings Inc.

    CONTACT: Public & Investor Relations: Navios Maritime Holdings Inc.,
    +1-212-279-8820, investors@navios.com

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




    Micromet Announces Presentations on BiTE Antibody Programs at AACR Annual Meeting

    BETHESDA, Md., March 22 /PRNewswire-FirstCall/ -- Micromet, Inc. , a biopharmaceutical company focused on the development and commercialization of next-generation antibodies for the treatment of cancer, announced today that 11 presentations will be made by the Company and its collaborators at the American Association for Cancer Research (AACR) 101st Annual Meeting to be held April 17-21, 2010 in Washington, DC.

    Presentation details: Poster Title: "Validation of Cynomolgus monkeys as relevant species for safety assessment of a novel human BiTE antibody platform for cancer therapy" Presentation Date/Time: Monday, April 19, 2010, 2 - 5 PM ET Presenter: Benno Rattel, Micromet Abstract Number: 2435 Location: Exhibit Hall A - C, Poster Session 18 Poster Title: "Evidence of a therapeutic window with a T cell- engaging BiTE antibody based on monoclonal antibody cetuximab (Erbitux)" Presentation Date/Time: Monday, April 19, 2010, 2 - 5 PM ET Presenter: Ralf Lutterbuese, Micromet Abstract Number: 2429 Location: Exhibit Hall A - C, Poster Session 18 Poster Title: "Novel primate-crossreactive BiTE antibodies that eliminate cancer cells expressing cMet, IGFR-1, FAP-alpha, PSCA, endosialin, CAIX or Her2/neu" Presentation Date/Time: Monday, April 19, 2010, 2 - 5 PM ET Presenter: Tobias Raum, Micromet Abstract Number: 2434 Location: Exhibit Hall A - C, Poster Session 18 Poster Title: "Eradication of established pancreatic tumors in mice by engagement of extra-tumoral human T cells with BiTE antibody MT110" Presentation Date/Time: Monday, April 19, 2010, 2 - 5 PM ET Presenter: Matthias Friedrich, Micromet Abstract Number: 2433 Location: Exhibit Hall A - C, Poster Session 18 Poster Title: "The CEA/CD3-bispecific antibody MEDI-565 (MT111) binds a nonlinear epitope present in the full-length but not a short splice variant of CEA" Presentation Date/Time: Monday, April 19, 2010, 2 - 5 PM ET Presenter: Li Peng, MedImmune Abstract Number: 2584 Location: Exhibit Hall A - C, Poster Session 24 Poster Title: "Inhibition of breast cancer cell proliferation and unique epitope recognition by EpCAM-specific human monoclonal antibody adecatumumab" Presentation Date/Time: Wednesday, April 21, 2010, 8 - 11 AM ET Presenter: Markus Muenz, Micromet Abstract Number: 5339 Location: Exhibit Hall A - C, Poster Session 19 Poster Title: "Impact of binding epitope and antigen size on the cytotoxic activity of MCSP-specific BiTE antibodies for treatment of melanoma" Presentation Date/Time: Wednesday, April 21, 2010, 8 - 11 AM ET Presenter: Claudia Bluemel, Micromet Abstract Number: 5340 Location: Exhibit Hall A - C, Poster Session 19 Poster Title: "Metastatic colorectal cancer cells from patients previously treated with chemotherapy are sensitive to T cell killing mediated by CEA/CD3-bispecific T cell-engaging BiTE antibody" Presentation Date/Time: Wednesday, April 21, 2010, 8 - 11 AM ET Presenter: Takuya Osada, Duke University Abstract Number: 5338 Location: Exhibit Hall A - C, Poster Session 19 Poster Title: "MCSP/CD3 bispecific single-chain antibody construct engages CD4+ and CD8+ T cells for lysis of MCSP-expressing human uveal melanoma cells" Presentation Date/Time: Wednesday, April 21, 2010, 8 - 11 AM ET Presenter: Jacobus Bosch, Erlangen University Abstract Number: 5621 Location: Exhibit Hall A - C, Poster Session 31 Poster Title: "In vitro and in vivo pharmacology of MEDI-565 (MT111), a novel CEA/CD3-bispecific single-chain BiTE antibody for the treatment of gastrointestinal adenocarcinomas" Presentation Date/Time: Wednesday, April 21, 2010, 8 - 11 AM ET Presenter: Stacey Fuhrmann, MedImmune, LLC Abstract Number: 5625 Location: Exhibit Hall A - C, Poster Session 31 Poster Title: "Single-chain bispecific BiTE antibody specific for CD3 and melanoma-associated chondroitin sulfate proteoglycan: In vitro and in vivo anti-melanoma activity" Presentation Date/Time: Wednesday, April 21, 2010, 8 - 11 AM ET Presenter: Hans Schoellhammer, John Wayne Cancer Center Abstract Number: 5626 Location: Exhibit Hall A - C, Poster Session 31

    Abstracts can be accessed through the AACR website, http://www.aacr.org/. All posters will be accessible from Micromet's website at http://www.micromet-inc.com/ after they are presented.

    About BiTE Antibodies

    BiTE® antibodies are designed to direct the body's cytotoxic, or cell-destroying, T cells against tumor cells, and represent a new therapeutic approach to cancer therapy. Typically, antibodies cannot engage T cells because T cells lack the appropriate receptors for binding antibodies. BiTE antibodies have been shown to bind T cells to tumor cells, ultimately inducing a self-destruction process in the tumor cells referred to as apoptosis, or programmed cell death. In the presence of BiTE antibodies, T cells have been demonstrated to serially eliminate tumor cells, which explains the activity of BiTE antibodies at very low concentrations. Through the killing process, T cells start to proliferate, which leads to an increased number of T cells at the site of attack.

    About Micromet

    Micromet, Inc. is a biopharmaceutical company focused on the discovery, development and commercialization of antibody-based therapies for the treatment of cancer. Its product development pipeline includes novel antibodies generated with its proprietary BiTE® technology, as well as conventional monoclonal antibodies. Two of Micromet's BiTE antibodies and three of its conventional antibodies are currently in clinical trials. Micromet has collaborations with a number of leading pharmaceutical and biotechnology companies, including sanofi-aventis, Bayer Schering Pharma, Merck Serono, MedImmune and Nycomed. Additional information can be found at http://www.micromet-inc.com/

    Micromet, Inc.

    CONTACT: Jennifer Neiman, Director, Corporate Communications, Micromet,
    Inc., +1-240-235-0246, Jennifer.neiman@micromet-inc.com; or Susan Noonan,
    Managing Partner, S.A. Noonan Communications, +1-212-966-3650,
    susan@sanoonan.com

    Web Site: http://www.micromet-inc.com/




    Pharmaceutical Industry Veteran Nicholas LaBella Jr., MS, RPh, Joins Insmed as Chief Scientific Officer

    RICHMOND, Va., March 22 /PRNewswire-FirstCall/ -- Insmed Inc. , a biopharmaceutical company, today announced that Nicholas A. LaBella Jr., MS, RPh, has joined Insmed, effective immediately, as Chief Scientific Officer, a newly-created position on the executive team. Mr. LaBella's primary responsibility will be to oversee the scientific and regulatory analysis related to the Company's ongoing strategic review. He will report directly to Dr. Melvin Sharoky, Insmed's Chairman.

    Mr. LaBella, 54, has approximately 30 years of pharmaceutical industry experience in various functions, including drug development, clinical operations and regulatory affairs. Most recently, Mr. LaBella served as the Vice President of Development and Regulatory Affairs at Cardiokine, Inc., a privately-held specialty pharmaceutical company, from 2004-2009. In this position, he played a key role in the design, execution, management, and positioning of the development program for the company's sole product candidate. Prior to this, he served as Vice President, Operations, in the Phase IV Division of PharmaNet, a global drug development services company, from 2001-2004. In this capacity, Mr. LaBella led the Phase IV Clinical Research staff in the design, development and execution of certain Phase IV clinical studies. From 1997-2001, he served in increasingly senior positions, ending with Chief Information Officer in charge of operations, at Medex Clinical Trial Services, a full-service contract research organization that was acquired by PharmaNet in 2001. In this role, he managed all operational aspects of the company, and led a staff of over 180 clinical trial personnel.

    In addition, Mr. LaBella has held a number of senior-level positions within drug development and regulatory affairs at several other leading pharmaceutical companies, including Watson Laboratories, Inc. and the former Sandoz Research Institute.

    "Nick's extensive track record in drug development, clinical operations and regulatory affairs should significantly benefit our strategic review process," said Dr. Melvin Sharoky, Insmed's Chairman. "Nick recently served as a scientific consultant to Insmed and his counsel has been instrumental in our scientific evaluations. As we continue our review of late-stage development assets, adding Nick to the internal management team should further streamline the review process and add greater efficiency to the scientific and regulatory analysis of each asset."

    "I am pleased to be joining the Insmed management team and look forward to significantly contributing to the strategic review," said Mr. LaBella.

    Mr. LaBella received his Masters of Science from the Arnold & Marie Schwartz College of Pharmacy at Long Island University, and his Bachelor of Science in Pharmacy at the University of Connecticut. He has co-authored a variety of published scientific papers in leading journals, including US Pharmacist, and American Journal of Hospital Pharmacy.

    About Insmed

    Insmed Inc. is a biopharmaceutical company with unique protein development experience and a proprietary protein platform principally aimed at niche markets with unmet medical needs. For more information, please visit http://www.insmed.com/.

    Forward-Looking Statements

    This release contains forward-looking statements which are made pursuant to provisions of Section 21E of the Securities Exchange Act of 1934. Investors are cautioned that such statements in this release, including statements relating to business strategies, plans and objectives of management and our strategic review process, constitute forward-looking statements which involve risks and uncertainties that could cause actual results to differ materially from those anticipated by the forward-looking statements. The risks and uncertainties include, without limitation, we may be unsuccessful in identifying or reaching agreement with acquisition or merger candidates' our expenses may be higher than anticipated and other risks and challenges detailed in our filings with the U.S. Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2009. Readers are cautioned not to place undue reliance on any forward-looking statements which speak only as of the date of this release. We undertake no obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect events or circumstances that occur after the date of this release or to reflect the occurrence of unanticipated events.

    Investor Relations Contact: Brian Ritchie - FD 212-850-5683 brian.ritchie@fd.com Media Relations Contact: Irma Gomez-Dib - FD 212-850-5761 irma.gomez-dib@fd.com

    Insmed Inc.

    CONTACT: Investor Relations, Brian Ritchie, +1-212-850-5683,
    brian.ritchie@fd.com, or Media Relations, Irma Gomez-Dib, +1-212-850-5761,
    irma.gomez-dib@fd.com, both of FD for Insmed

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




    Broadcom Announces Industry's First Low Cost, High Definition Cable Converter Box Solution with Integrated DVB-C TunerEnables Chinese Cable Providers to Cost-Effectively Transition Customers to HD Digital Broadcasting

    BEIJING, March 22 /PRNewswire-FirstCall/ -- CCBN 2010 -- Broadcom Corporation , a global leader in semiconductors for wired and wireless communications, today announced the industry's first low cost, high definition (HD) DVB-C digital cable converter box system-on-a-chip (SoC) solution featuring an integrated DVB-C tuner and QAM demodulator, and HD advanced video coding (AVC) support covering MPEG2, VC-1 and China's audio/video coding standard (AVS). As the momentum to deploy HD programming in China intensifies, the Broadcom® BCM7580 DVB-C HD cable converter box solution enables Chinese cable providers to more cost-effectively offer subscribers HD TV programming and two-way interactive services.

    With AVS support, the new BCM7580 SoC solution further supports China's advanced video decoding format in low cost HD set-top box (STB) platforms. Broadcom will be demonstrating the BCM7580 cable converter box solution at this week's China Content Broadcasting Network (CCBN) Conference in its booth #3501.

    Highlights/Key Facts: -- The Chinese government plans to convert 174 million households to digital programming before 2015, paving the way for the expanded network capacity needed to provide additional HD content and advanced services, according to BDA market research. -- In July 2009, China's Ministry of Science and Technology (MOST) and the State Administration of Radio, Film and Television (SARFT) established a model network for the Next Generation Broadcasting (NGB) initiative (a broadcasting network based on digital cable TV and mobile broadcasting technology that is expected to support 200 million subscribers by 2020, according to iSuppli market research). -- SARFT offered 9 additional full HD channels in September of 2009, increasing the HD channels on China's mainland to 12. This has paved the way for HD market takeoff in China in terms of content, according to BDA. -- With a highly integrated, scalable and cost-effective design, the BCM7580 reduces design complexity, size, and overall system costs to enable greater deployment of HD digital cable converter boxes throughout China. -- Broadcom's BCM7580 is the industry's first HD digital cable SoC solution to combine an integrated DVB-C radio frequency (RF) tuner, dynamic power management, an MPEG2/AVC/AVS HD decoder, HDMI, Ethernet and USB, connectivity, a smartcard interface, FLASH and DDR2/3 functions. -- The integrated DVB-C tuner features the latest RF tuner technology that is based on prior generations of Broadcom's field proven set-top box solutions targeted for China. -- The integrated HD AVC/AVS support is based on Broadcom's industry-leading HD decoder technology. -- The integrated dynamic and very efficient power management controllers are capable of managing and turning off unused system components in real-time. -- The integrated USB ports support FLASH/HDD drives and digital video recorder (DVR) functions using external hard disks (with time-shift functionality) while also supporting pushed video-on-demand (VoD) services. -- The integrated Ethernet port supports Chinese cable interactive services, either as the interface to Broadcom's DOCSIS® modems or to Ethernet Over Cable (EOC) modems. -- The integrated HDMI and component output supports HD displays. -- The BCM7580 is sampling to set-top box manufacturers. Supporting Quotes:

    Mr. Zhang Zhijian, Former Vice Chief Engineer of SARFT, Honored President of the Technical Research Committee, China Radio and TV Association

    "We expect to nearly double the number of free HD channels available in China by the end of this year, and we look forward to significantly increasing the subscriber base for HD programming in China in the next 2 to 3 years. With cost-effective and highly integrated HD digital converter box technology, such as Broadcom's BCM7580, we can provide the best possible performance-to-cost ratio and accelerate the time-to-market for HD TV broadcasts."

    Flora Wu, Principal Analyst, BDA

    "As China makes a huge push for high definition TV programming and services, the country's digital transition will free up the frequency spectrum for increased content and quality broadcast. We expect over 17 million digital cable converter boxes to ship this year in response to the demand for HD digital broadcast."

    Charlie Lou, Product Line Manager, Broadcom's Cable Broadband line of business

    "The BCM7580 digital converter box solution leverages our proven track record and leadership in designing and deploying advanced RF tuner technology and high definition solutions in China and throughout the world. By achieving very high levels of integration, including a cable tuner, AVS support and interactivity in a single-chip, we are enabling Chinese cable providers to cost-effectively transition their subscribers directly to HD digital TV programming for a high quality entertainment experience."

    Subscribe to RSS Feed: Broadcom Broadband Communications Group http://bit.ly/4BDSLs

    About Broadcom

    Broadcom Corporation is a major technology innovator and global leader in semiconductors for wired and wireless communications. Broadcom products enable the delivery of voice, video, data and multimedia to and throughout the home, the office and the mobile environment. We provide the industry's broadest portfolio of state-of-the-art system-on-a-chip and software solutions to manufacturers of computing and networking equipment, digital entertainment and broadband access products, and mobile devices. These solutions support our core mission: Connecting everything®.

    Broadcom, one of the world's largest fabless communications semiconductor companies, with 2009 revenue of $4.49 billion, holds more than 3,800 U.S. and 1,550 foreign patents, and has more than 7,800 additional pending patent applications, and one of the broadest intellectual property portfolios addressing both wired and wireless transmission of voice, video, data and multimedia.

    A FORTUNE 500® company, Broadcom is headquartered in Irvine, Calif., and has offices and research facilities in North America, Asia and Europe. Broadcom may be contacted at +1.949.926.5000 or at http://www.broadcom.com/.

    Cautions regarding Forward-Looking Statements:

    All statements included or incorporated by reference in this release, other than statements or characterizations of historical fact, are forward-looking statements. These forward-looking statements are based on our current expectations, estimates and projections about our industry and business, management's beliefs, and certain assumptions made by us, all of which are subject to change. Forward-looking statements can often be identified by words such as "anticipates," "expects," "intends," "plans," "predicts," "believes," "seeks," "estimates," "may," "will," "should," "would," "could," "potential," "continue," "ongoing," similar expressions, and variations or negatives of these words. Examples of such forward-looking statements include, but are not limited to, the demand for high definition TV programming in China, our position in that market, and the functionality we can provide to Chinese cable providers to transition their subscribers to HD digital TV programming. These forward-looking statements are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause our actual results to differ materially and adversely from those expressed in any forward-looking statement.

    Important factors that may cause such a difference for Broadcom in connection with the BCM7580 cable converter box solution include, but are not limited to:

    -- the rate at which our present and future customers and end-users adopt Broadcom's technologies and products in the markets for next generation PC, cable, satellite, IPTV and terrestrial set-top box applications; -- delays in the adoption and acceptance of industry standards in those markets; -- general economic and political conditions and specific conditions in the markets we address, including the volatility in the technology sector and semiconductor industry, trends in the broadband communications markets in various geographic regions, including seasonality in sales of consumer products into which our products are incorporated; -- the risks and uncertainties associated with our international operations; and -- the effects of natural disasters, public health emergencies, international conflicts and other events beyond our control

    Additional factors that may cause Broadcom's actual results to differ materially from those expressed in forward-looking statements include, but are not limited to the list that can be found at http://www.broadcom.com/press/additional_risk_factors/Q12010.php.

    Our Annual Report on Form 10-K, subsequent Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K, and other Securities and Exchange Commission filings discuss the foregoing risks as well as other important risk factors that could contribute to such differences or otherwise affect our business, results of operations and financial condition. The forward-looking statements in this release speak only as of this date. We undertake no obligation to revise or update publicly any forward-looking statement, except as required by law.

    Broadcom, the pulse logo, Connecting everything, and the Connecting everything logo and are among the trademarks of Broadcom Corporation and/or its affiliates in the United States, certain other countries and/or the EU. Any other trademarks or trade names mentioned are the property of their respective owners.

    Contacts Trade Press Investor Relations Dana Brzozkiewicz T. Peter Andrew Senior Public Vice President, Relations Representative Corporate Communications 949-926-6367 949-926-5663 danabrz@broadcom.com andrewtp@broadcom.com

    Photo: http://www.newscom.com/cgi-bin/prnh/20060609/BROADCOMLOGO
    AP Archive: http://photoarchive.ap.org/
    PRN Photo Desk, photodesk@prnewswire.com Broadcom Corporation; BRCM Broadband

    CONTACT: Trade Press, Dana Brzozkiewicz, Senior Public Relations
    Representative, +1-949-926-6367, danabrz@broadcom.com, or Investor Relations,
    T. Peter Andrew, Vice President, Corporate Communications, +1-949-926-5663,
    andrewtp@broadcom.com, both of Broadcom Corporation

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




    CIBER's Principle Express Pack (PEP) Named an Oracle Accelerate Solution

    GREENWOOD VILLAGE, Colo., March 22 /PRNewswire-FirstCall/ -- CIBER, Inc. , announced its Principle Express Pack (PEP) is now the first Oracle Accelerate solution in North America for the food and beverage industry that leverages Oracle's JD Edwards EnterpriseOne. CIBER's PEP is an affordable, adaptable and rapid Enterprise Resource Planning (ERP) solution designed specifically for the food and beverage industry. CIBER is both an Oracle Accelerate and Platinum Partner in the Oracle® PartnerNetwork.

    (Logo: http://www.newscom.com/cgi-bin/prnh/20010927/CBRLOGO)

    PEP is a comprehensive enterprise foundation, built on Oracle's JD Edwards solution, which allows companies to add applications as their business grows. Providing pre-configured functionality from harvest and field management to complex pricing, including quality-based pricing, CIBER's PEP is a robust enterprise solution with the capability to operate an organization's entire ERP needs.

    "Oracle Accelerate solutions combine our world-class applications with Oracle Business Accelerators and knowledgeable partners to deliver complete, industry focused solutions that are affordable for midsize organizations," said Mark Keever, Group Vice President, Oracle Midsize Applications Program. "CIBER's industry expertise and reach is critical for companies looking to own specially tailored solutions for the food and beverage industry."

    "With PEP, CIBER's bundled food and beverage enterprise solution, our clients can experience lower total cost of ownership and rapid realization of business value," expressed Mike Dillon, Senior Vice President of CIBER's Oracle Practice. "This industry pack leverages our food and beverage expertise and industry best practices to provide the customizations that are typically required within the food and beverage industry. This solution provides unique pre-configurations and can be implemented globally, offering multi-language, currency and localizations."

    CIBER was one of the first firms to develop a fully ERP-integrated solution to help manage grower relationships and one of the first to apply principles of lean manufacturing to companies in the food and beverage industry. CIBER leverages its expertise in the food and beverage industry by helping clients improve the entire span of the value chain including suppliers, growers and ranchers, packers and processors, brokers and distributors, as well as retailers and food service.

    About Oracle Accelerate

    Oracle Accelerate for Midsize Companies combines Oracle Applications and Business Accelerators with industry- and geography-specific deployment expertise to solve business problems in highly targeted and rapidly deployable packages. Oracle Business Accelerators are rapid implementation tools, templates and industry- and geography-specific leading practice process flows provided by Oracle to partners to help dramatically reduce implementation time, complexity, cost and risk.

    About Oracle PartnerNetwork

    Oracle PartnerNetwork (OPN) Specialized is the latest version of Oracle's partner program that provides partners with tools to better develop, sell and implement Oracle solutions. OPN Specialized offers resources to train and support specialized knowledge of Oracle products and solutions and has evolved to recognize Oracle growing product portfolio, partner base and business opportunity. Key to the latest enhancements to OPN is the ability for partners to differentiate through Specializations. Specializations are achieved through competency development, business results, expertise and proven success. To find out more visit http://www.oracle.com/partners.

    About CIBER, Inc.

    CIBER, Inc. is a pure-play international IT outsourcing and software implementation and integration consultancy with superior value-priced services and reliable delivery for both private and government sector clients. CIBER's services are offered globally on a project- or strategic-staffing basis, in both custom and enterprise resource planning (ERP) package environments, and across all technology platforms, operating systems and infrastructures. Founded in 1974 and headquartered in Greenwood Village, Colo., CIBER now serves client businesses from over 40 U.S. offices, 25 European offices and seven offices in Asia/Pacific. Operating in 18 countries, with more than 8,000 employees and annual revenue in excess of $1 billion, CIBER and its IT specialists continuously build and upgrade clients' systems to "competitive advantage status." CIBER is included in the Russell 2000 Index and the S&P Small Cap 600 Index. CIBER, the Reliable Global IT Services Partner. http://www.ciber.com/.

    Trademarks

    Oracle and Java are registered trademarks of Oracle and/or its affiliates. Other names may be trademarks of their respective owners.

    CIBER Forward-Looking and Cautionary Statements

    Statements contained in this release may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially, as discussed in the company's filings with the Securities and Exchange Commission. CIBER undertakes neither intention nor obligation to publicly update or revise any forward-looking statements. CIBER and the CIBER logo are trademarks or registered trademarks of CIBER, Inc. Copyright© 2010.

    Photo: http://www.newscom.com/cgi-bin/prnh/20010927/CBRLOGO
    AP Archive: http://photoarchive.ap.org/
    PRN Photo Desk, photodesk@prnewswire.com/ CIBER, Inc.

    CONTACT: Robin Caputo, Media Relations of CIBER, Inc., +1-303-220-0100,
    rcaputo@ciber.com

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




    China Biologic Products Schedules Conference Call to Discuss Fourth Quarter and Full Year 2009 Results

    TAI'AN, China, March 22 /PRNewswire-Asia-FirstCall/ -- China Biologic Products, Inc. ("China Biologic," or the "Company"), a leading plasma-based biopharmaceutical company in China, today announced that it will host a conference call at 9:00 a.m. EDT on Wednesday, March 24, 2010, to discuss the fourth quarter and full year 2009 financial results.

    Hosting the call will be Mr. Colin Zhao, Chief Executive Officer, and Mr. Tristan Kuo, Chief Financial Officer. The Company plans to distribute its earnings press release prior to the call.

    To participate in the live conference call, please dial the following number five to ten minutes prior to the scheduled conference call time: 877-409-5468. International callers should dial +1-702-894-2400. The pass code for the call is 64404888.

    If you are unable to participate in the call at this time, a replay will be available for 14 days starting on Wednesday, March 24, 2010 at 10:00 a.m. EDT. To access the replay, dial 800-642-1687, international callers should dial +1-706-645-9291. The conference pass code is 64404888.

    About China Biologic Products, Inc.

    China Biologic Products, Inc. (the "Company"), through its indirect majority-owned subsidiaries, Shandong Taibang Biological Products Co. Ltd. and Guiyang Dalin Biologic Technologies Co., Ltd, and its equity investment in Xi'an Huitian Blood Products Co., Ltd., is currently the largest non-state-owned plasma-based biopharmaceutical company in China. The Company is a fully integrated biologic products company with plasma collection, production and manufacturing, research and development, and commercial operations. The Company's plasma-based biopharmaceutical products are irreplaceable during medical emergencies, and are used for the prevention and treatment of various diseases. The Company sells its products to hospitals and other healthcare facilities in China.

    For more information, please contact: Company Contact: Mr. Y. Tristan Kuo Chief Financial Officer China Biologic Products, Inc. Tel: +86-538-6202206 Email: IR@chinabiologic.com Web: http://www.chinabiologic.com/ Investor Relations Contact: Ms. Lei Huang, Account Manager CCG Investor Relations Phone: +1-646-833-3417 Email: lei.huang@ccgir.com Web: http://www.ccgirasia.com/ Mr. Crocker Coulson, President Phone: +1-646-213-1915 Email: crocker.coulson@ccgir.com

    China Biologic Products, Inc.

    CONTACT: Mr. Y. Tristan Kuo, Chief Financial Officer of China Biologic
    Products, Inc., +86-538-6202206, IR@chinabiologic.com; or Ms. Lei Huang,
    Account Manager, +1-646-833-3417, lei.huang@ccgir.com, or Crocker Coulson,
    President, +1-646-213-1915, crocker.coulson@ccgir.com, both of CCG Investor
    Relations

    Web site: http://www.chinabiologic.com/




    China Nutrifruit Group Limited Increases Focus on Core High Margin Products, Upgrades Production Lines

    DAQING, China, March 22 /PRNewswire-Asia-FirstCall/ -- China Nutrifruit Group Limited (NYSE Amex: CNGL) ("China Nutrifruit" or "the Company"), a leading producer of premium specialty fruit based products in China ("PRC"), today announced the Company's decision to cease production of its beverage products, effective immediately, and plans to utilize the additional space at its Daqing facility for production of its core high-margin products.

    China Nutrifruit has a beverage production line with a total annual production capacity of 10,800 tons at its headquarters in Daqing, Heilongjiang Province. The Company's beverage products contributed approximately 6.0% of the most recent nine months revenue, generating a gross margin of approximately 29.0%. After careful evaluation and long-term analysis of the product mix, the Company's management team and Board concluded that the added pressure from high production costs, space constraints, and increasing market competition have significantly reduced the attractiveness and margins in the beverage segment. Therefore, it was determined that terminating production of beverages would be in the best interest of the Company and its shareholders. The Company plans to sell all equipment used for production of beverages to unrelated third parties, resulting in availability of free space at the Daqing facility to improve the production efficiency of its new glazed fruit production line. The Company timeline for adding new production lines will depend upon market demand and availability of raw materials.

    In addition, China Nutrifruit is currently upgrading all of its fruit concentrate production lines at the Company's facilities in Daqing and Mu Dan Jiang, which have a total fruit concentrate annual production capacity of 9,960 tons. The upgrade will include purchase of additional equipment and implementation of advanced production techniques, resulting in efficient use of raw materials and a favorable impact on gross margins. As the upgrades will be completed before the production season begins in July 2010, any improvements will be reflected in financial results in fiscal 2011. China Nutrifruit estimates the total capital expenditure for the upgrade to be approximately $1.5 million to $1.8 million (RMB10.0 million to RMB12.0 million).

    "By exiting the beverage production business, we can now turn our full attention to producing our more profitable and high growth products. We will utilize the free space from the beverage lines to improve the efficiency of production lines for our high-margin glazed fruit products, positively impacting our overall gross margins," commented Mr. Changjun Yu, Chairman of China Nutrifruit.

    About China Nutrifruit Group Limited

    Through its subsidiary Daqing Longheda Food Company Limited, China Nutrifruit, is engaged in developing, processing, marketing and distributing a variety of food products processed primarily from premium specialty fruits grown in Northeast China, including golden berry, crab apple, blueberry and raspberry. The Company's processing facility possesses ISO9001 and HACCP series qualifications. Currently, the Company has established an extensive nationwide sales and distribution network throughout 20 Provinces in China. For more information, please visit http://www.chinanutrifruit.com/ .

    Forward-Looking Statements

    This press release contains 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 (the "Exchange Act""). Such statements include, among others, those concerning the Company's expected financial performance and strategic and operational plans, the Company's plans to cease production of the beverage production lines, upgrade the Company's fruit concentrate production lines and its favorable impact on gross margins, as well as all assumptions, expectations, predictions, intentions or beliefs about future events. You are cautioned that any such forward-looking statements are not guarantees of future performance and that a number of risks and uncertainties could cause actual results of the Company to differ materially from those anticipated, expressed or implied in the forward-looking statements. The words "believe," "expect," "anticipate," "project," "targets," "optimistic," "intend," "aim," "will" or similar expressions are intended to identify forward-looking statements. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. Risks and uncertainties that could cause actual results to differ materially from those anticipated include risks related to new and existing products; any projections of sales, earnings, revenue, margins or other financial items; any statements of the plans, strategies and objectives of management for future operations; any statements regarding future economic conditions or performance; uncertainties related to conducting business in China; any statements of belief or intention; any of the factors mentioned in the "Risk Factors" section of our filling, and other risks and uncertainties mentioned in our other reports filed with the Securities and Exchange Commission. The Company assumes no obligation and does not intend to update any forward-looking statements, except as required by law.

    For more information, please contact: Company Contact: Mr. Colman Cheng, Chief Financial Officer China Nutrifruit Group Limited Tel: +852-9039-8111 Email: zsj@longheda.net Web: http://www.chinanutrifruit.com/ Investor Relations Contact: Mr. Crocker Coulson, President CCG Investor Relations Tel: +1-646-213-1915 (NY office) Email: crocker.coulson@ccgir.com Web: http://www.ccgirasia.com/ Elaine Ketchmere, Partner Tel: +1-310-954-1345 (LA office) Email: elaine.ketchmere@ccgir.com

    China Nutrifruit Group Limited

    CONTACT: Mr. Colman Cheng, Chief Financial Officer of China Nutrifruit
    Group Limited, +852-9039-8111, zsj@longheda.net; or Crocker Coulson, President,
    +1-646-213-1915 (NY office), crocker.coulson@ccgir.com, or Elaine Ketchmere,
    Partner, +1-310-954-1345 (LA office), elaine.ketchmere@ccgir.com, both of CCG
    Investor Relations

    Web site: http://www.chinanutrifruit.com/




    Motorola Showcases Integrated Voice and Data Communication Solutions at VoiceCon(R) Orlando 2010Seamless Communications Among Mobile Work Teams Using Different Devices Help Transform Operations with Faster Responses, Better Decisions and Higher Productivity

    ORLANDO, Fla., March 22 /PRNewswire-FirstCall/ -- VOICECON® (Booth #1201) -- The Enterprise Mobility Solutions business of Motorola, Inc. will be demonstrating its latest integrated voice and data communication solutions, including the award-wining Total Enterprise Access and Mobility (TEAM) portfolio, Motorola AirDefense network assurance and management solutions, business-critical two-way radios and mobile computers, during the VoiceCon® Orlando 2010 Conference and Exhibition.

    Recently recognized with the 2010 iF Product Design Award and the 2009 Internet Telephony Product of the Year Award, Motorola's TEAM Voice-over-WLAN (VoWLAN) solution takes VoWLAN beyond voice with mobile email, calendar/contact sync, text messaging, Internet/intranet access and the flexibility of Windows Mobile® for line-of-business applications. In addition to offering toll-quality telephony services integrated with the PBX and enterprise-grade push-to-talk (PTT), the TEAM solution can also interoperate with existing two-way radio systems. Following best practices in networking, the TEAM solution can be easily integrated into existing wireless LAN (WLAN) and PBX infrastructure, creating a single common platform for the delivery of integrated voice and data services in healthcare, hospitality, manufacturing or retail environments.

    "There are three guiding principles behind TEAM. First, provide workforce access to the right information at the right time. Second, equip them with the right device, and third, enable them to talk to customers or with each other regardless of the device they are using," said Imran Akbar, vice president and general manager for Converged Enterprise Communications, Motorola Enterprise Mobility Solutions. "TEAM solutions, combined with the industry's broadest end-to-end portfolio of mobile devices and wireless networks, improve customer responsiveness, worker productivity and capital efficiency."

    At VoiceCon Orlando 2010, Motorola will showcase the TEAM VoWLAN solution and also demonstrate the recently announced TEAM Radio Link Solution (RLS) and TEAM Radio Link Solution Express (RLS Express). Building on Motorola's expertise in reliable PTT technologies, these easy-to-deploy solutions enable enterprises with business-critical two-way radio systems to enhance their communications capabilities with PTT interoperability. TEAM RLS provides unmatched PTT interoperability between TEAM VoWLAN smartphones, TEAM badges or mobile computers equipped with TEAM Express voice clients, and two-way radios. The TEAM RLS Express is a standalone version of TEAM RLS, ideal for organizations that do not require full VoWLAN and telephony integration, providing basic group PTT between TEAM Express-enabled devices and two-way radios.

    Motorola will also preview the new EWP3100 device, a TEAM VoWLAN smartphone with an imager that can read 1D/2D bar codes and take pictures. Expected to be available in early third quarter of 2010, this semi-rugged device extends the capabilities and use cases for the TEAM VoWLAN solution. EWP3100 also features a wipe-able keypad and BioCote® surface protection. It opens a new world of opportunity to organizations looking for enterprise-class integrated voice and data communications coupled with world-class data capture solutions.

    Finally, during VoiceCon Orlando 2010 Motorola will demonstrate AirDefense Network Assurance - the industry's leading solution to optimize WLAN performance, ensure network reliability and provide remote troubleshooting and monitoring.

    At the conference, Motorola speakers will discuss emerging voice and data communications technologies and how mobility improves operations and increases productivity and also will provide insights into key trends shaping the industry today and into the future:

    Wednesday, March 24 -- 1 - 1:45 p.m.: Unified Communications Leadership Roundtable: How Far Have We Come? What's Next? Pat Narendra, Ph.D., director of product management for Converged Enterprise Communications, Motorola Enterprise Mobility Solutions, will provide insights into the current state of unified communications and offer outlook on future direction. -- 1 - 1:45 p.m.: Hardphones, Softphones & Next-Gen Systems. Mario DiPrizio, senior director of engineering and architecture for Converged Enterprise Communications, Motorola Enterprise Mobility Solutions, will discuss the evolution of devices and systems, as well as voice and data interoperability in the enterprise.

    Visit Motorola's booth #1201 to learn more about Motorola's integrated voice and data communications solutions, see the TEAM portfolio in action, and participate in demonstrations that showcase business applications from several TEAM partners, highlight Fixed Mobile Convergence and unveil the future capabilities of the TEAM portfolio to extend communications outside the enterprise.

    To get a fresh perspective on key trends in wireless networking, join Motorola technologists and industry experts on the Wireless Insights blog community.

    The TEAM portfolio is part of Motorola's Wireless Network Solutions business, which delivers seamless connectivity that puts real-time information in the hands of users to give customers the agility they need to grow their business or better serve and protect the public. Working seamlessly together with Motorola's world-class devices, its unrivaled wireless network solutions include indoor wireless LAN, outdoor wireless mesh, point-to-multipoint, point-to-point networks and voice-over-WLAN solutions. Combined with powerful software tools for wireless network design, best-of-breed security, management and troubleshooting, Motorola's solutions deliver trusted networking and access anywhere to organizations across the globe.

    About Motorola

    Motorola is known around the world for innovation in communications and is focused on advancing the way the world connects. From broadband communications infrastructure, enterprise mobility and public safety solutions to high-definition video and mobile devices, Motorola is leading the next wave of innovations that enable people, enterprises and governments to be more connected and more mobile. Motorola had sales of US $22 billion in 2009. For more information, please visit http://www.motorola.com/.

    Media Contact: Bart Lipinski Motorola Enterprise Mobility Solutions business +1 847-576-6931 bart.lipinski@motorola.com Analyst Contact: Shirley Schroedl Motorola Enterprise Mobility Solutions business +1 631-738-4823 shirley.schroedl@motorola.com

    MOTOROLA and the stylized M Logo are registered in the US Patent & Trademark Office. All other product or service names are the property of their respective owners. © Motorola, Inc. 2010. All rights reserved.

    Photo: http://www.newscom.com/cgi-bin/prnh/20020307/MOTLOGO
    AP Archive: http://photoarchive.ap.org/
    PRN Photo Desk, photodesk@prnewswire.com Motorola, Inc.

    CONTACT: Media, Bart Lipinski, +1-847-576-6931,
    bart.lipinski@motorola.com, or Analysts, Shirley Schroedl, +1-631-738-4823,
    shirley.schroedl@motorola.com, both of Motorola Enterprise Mobility Solutions
    business

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




    Sprint Awards Motorola Services Contract for Fifth Consecutive YearMotorola's Intelligent Optimization Service (IOS) improves network quality and performance

    LAS VEGAS, March 22 /PRNewswire-FirstCall/ -- CTIA WIRELESS 2010 -- The Networks business of Motorola, Inc. has been awarded its fifth consecutive annual contract by Sprint to provide Intelligent Optimization Service (IOS) for its iDEN® network. Since using Motorola's professional services, Sprint has improved the performance of its iDEN network and managed its available spectrum - both of which are key to delivering a high-quality service to its subscribers while minimizing operational costs and capital expenditures.

    "Our customers are our top priority and we are constantly striving to improve the end-user experience. By teaming with Motorola over the past four years, we've been able to increase the performance and capacity of our iDEN network and deliver the consistently outstanding service that our Nextel customers depend on," said Danny Bowman, president, Sprint Integrated Solutions Group."

    Motorola's IOS solution is a comprehensive mix of expert resource, market-leading analytical tools and a proven optimization methodology for achieving efficient and measurable improvement results in network performance. Motorola's IOS utilizes data-reporting features generated by the network and subscribers as they use their phones. Motorola's service virtually eliminates the need for manual resource intensive drive-testing.

    "Motorola has built a strong relationship and a proven track record with Sprint in delivering network optimization services that have a direct impact on the efficiency and performance of Sprint's iDEN network," said Bruce Brda, senior vice president, Motorola Networks. "Services are a significant portion of Motorola Networks' annual sales and are also an important contributor to the success of the operators who contract with us for our services expertise. By working with Motorola to integrate, optimize and manage their networks, operators can deliver reliable and enriched end-user experiences to their customers while effectively managing their bottom lines."

    Combining the best features of traditional optimization with state-of-the-art user-generated data analysis, this process allows a consistent, repeatable and cost-effective approach to network optimization. Motorola's IOS has helped to generate improvements in both coverage and capacity by improved management of interference within the network and enabling optimal reuse of existing spectrum.

    Leveraging best practice methodologies, tools and global delivery expertise, Motorola professional services personnel team works with network operators to maximize system performance that enriches subscriber experiences, manages network integration complexity and reduces operational costs and risk. Motorola delivers professional, integration, managed and support services to an extensive customer base around the world with its newest products designed for 4G technologies, helping customers understand data in a wireless IP world.

    Motorola Networks business delivers fully integrated and customizable media solutions enabling operators to offer personalized, rich media experiences to their subscribers. As a global wireless infrastructure leader, Motorola is committed to 4G with WiMAX and LTE solutions that provide a way for operators to profitably meet the ever-growing demand for mobile broadband today while giving 2G and 3G customers a future path as we continue to support their legacy networks. Motorola brings its services, fourth-generation orthogonal frequency division multiplexing (OFDM) platform and 25 years of wireless data systems innovation, experience and expertise to bear as operators - wireline, wireless, cable and telco -seek to evolve their networks for the future.

    For more information about Motorola's Services, please visit: http://www.motorola.com/services

    Visit Motorola at CTIA WIRELESS 2010 in the Central Hall, Booth #409. Follow us @ http://www.twitter.com/MotoMedia2Go Follow us on our blog: http://www.mediaexperiences2go.com/ About Motorola

    Motorola is known around the world for innovation in communications and is focused on advancing the way the world connects. From broadband communications infrastructure, enterprise mobility and public safety solutions to high-definition video and mobile devices, Motorola is leading the next wave of innovations that enable people, enterprises and governments to be more connected and more mobile. Motorola had sales of US $22 billion in 2009. For more information, please visit http://www.motorola.com/.

    Media Contacts: Kathi Haas Motorola +1-480-748-6456 Kathi.haas@motorola.com Industry Analyst Contact: Kathy Wiesner Office: +1 847-576-1638 k.wiesner@motorola.com Motorola, Inc. Analysts Relations

    MOTOROLA and the Stylized M Logo are registered in the US Patent & Trademark Office. All other product or service names are the property of their respective owners. © Motorola, Inc. 2010. All rights reserved.

    Photo: http://www.newscom.com/cgi-bin/prnh/20020307/MOTLOGO
    AP Archive: http://photoarchive.ap.org/
    PRN Photo Desk, photodesk@prnewswire.com Motorola, Inc.

    CONTACT: Media, Kathi Haas, Motorola, +1-480-748-6456,
    Kathi.haas@motorola.com; or Industry Analyst, Kathy Wiesner, Office:
    +1-847-576-1638, k.wiesner@motorola.com, Motorola, Inc. Analysts Relations

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




    More Companies Hire Employees Through CareerBuilder Than Other Job Boards, New Independent Research Shows

    CHICAGO, March 22 /PRNewswire/ -- CareerBuilder's leadership in helping employers find top quality job candidates is underscored by a new independent report. In CareerXroads' 9th Annual Source of Hire Study, U.S. employers said referrals, career sites and job boards accounted for the majority of their new external hires in 2009 (62.2 percent) and, of the job boards, employers hired more employees through CareerBuilder than its competitors.

    According to the study, career sites and job boards accounted for 35.5 percent of new external hires in the U.S. in 2009. CareerBuilder was ranked as the No. 1 source of hire within the job board category at 41.6 percent compared to 11.6 percent for its largest competitor.

    "Knowing which recruitment resources produce the best return on investment is especially critical in a time of leaner budgets," said Matt Ferguson, CEO of CareerBuilder. "CareerBuilder remains the category leader because we pair the most effective matching technology with a consultative approach and global reach. We help businesses and employees build their futures and we take that job very seriously."

    CareerBuilder continues to widen the revenue gap between itself and top competitors. In 2009, CareerBuilder outpaced its largest rival by $135 million in North American network revenue, which includes revenue sold by its newspaper partners. Excluding its newspaper partners, CareerBuilder still outsold its largest competitor by $45 million.

    CareerBuilder has a presence on over 9,000 Web sites worldwide. The company has evolved beyond just a job board and offers a suite of human capital solutions including talent consulting, targeted email campaigns, in-depth data analysis to track talent flow to and from organizations, social media brand management, outplacement services and more. The company owns and operates a variety of niche sites and launched its own professional networking site, which currently has more than 2.6 million members.

    In 2004, the company launched a revolutionary job matching technology that produces the most relevant search results for employers and job seekers. This recommendation engine accounts for more than half of applications received through CareerBuilder on average and is unparalleled in the industry.

    CareerBuilder is building on this success overseas. In Europe, CareerBuilder experienced a 61 percent increase in applications to its jobs in 2009 compared to the previous year. Today, the company operates in 15 markets in Europe as well as in Asia and Canada.

    About CareerBuilder®

    CareerBuilder is the global leader in human capital solutions, helping companies target and attract their most important asset - their people. Its online career site, CareerBuilder.com®, is the largest in the United States with more than 23 million unique visitors, 1 million jobs and 32 million resumes. CareerBuilder works with the world's top employers, providing resources for everything from employment branding and data analysis to recruitment support. More than 9,000 websites, including 140 newspapers and broadband portals such as MSN and AOL, feature CareerBuilder's proprietary job search technology on their career sites. Owned by Gannett Co., Inc. , Tribune Company, The McClatchy Company and Microsoft Corp. , CareerBuilder and its subsidiaries operate in the United States, Europe, Canada and Asia. For more information, visit http://www.careerbuilder.com/.

    Media Contact: Jennifer Grasz 773-527-1164 jennifer.grasz@careerbuilder.com

    CareerBuilder

    CONTACT: Jennifer Grasz of CareerBuilder, +1-773-527-1164,
    jennifer.grasz@careerbuilder.com

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

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