Kaleidescape Delivers Online System Dashboards and Automatic Notifications
Kaleidescape Alerts Provide Early Notice Of Potential Problems
SUNNYVALE, Calif., March 31 -- Kaleidescape, Inc., the leader in movie servers, today announced the availability of online system dashboards for customer movie servers coupled with automatic email Kaleidescape Alerts that provide immediate notification to a customer's dealer when service is required. The new online dashboards provide a graphical depiction of the status of each component, making it easier to diagnose the cause of a problem and schedule preventative maintenance.
"With this expanded service offering, our customers can rest assured that their movie library, movie servers and other home entertainment components are safe," said Michael Malcolm, Kaleidescape Founder, Chairman and CEO. "Our dashboards and alerts offer a variety of diagnostic information to dealers about the Kaleidescape movie servers they install."
KEAOS 3.8, the current version of the Kaleidescape Entertainment Appliance Operating System, continually analyzes the temperatures of Kaleidescape components. If a component gets too hot or too cold, an email alert is automatically sent to the customer's dealer. Temperature alerts help dealers reduce the number of equipment failures and the risk of unplanned downtime for their clients. These tools also indirectly monitor the temperatures of surrounding environments, which can help protect other equipment.
"Kaleidescape has always been renowned for providing excellent product design, elegant user interfaces, and an unmatched movie-watching experience for our customers," said Arthur Mayo, President of S3 Entertainment in Park City, Utah. "With these new utilities, we can provide an extraordinary level of support to go along with it."
The online dashboards are available on the Kaleidescape Extranet. Dealers can use them to view current and historical component temperatures, remaining storage capacity, disk failures, Internet connection state, and KEAOS version.
Kaleidescape delivers KEAOS software updates automatically via the Internet, without the need for any dealer or user intervention. KEAOS 3.8 was delivered automatically to all dealer and customer movie servers worldwide effective March 8, 2010.
About Kaleidescape
The Kaleidescape movie server redefines home entertainment by transforming the way movies are enjoyed throughout the home. The Kaleidescape movie server delivers a powerful and entertaining movie-watching experience for the family, and provides peace of mind to the owner. Kaleidescape, Inc. was founded in 2001 and is based in Sunnyvale, California. Kaleidescape products are available through custom-installation dealers and distributors throughout the world. For additional information, please visit http://www.kaleidescape.com.
Kaleidescape and the Kaleidescape logo are trademarks of Kaleidescape, Inc.; they are registered in the United States and certain other jurisdictions. Other trademarks and trade names are owned by third parties and may be registered in some jurisdictions.
Dot Hill Takes Remote Replication Mainstream, Delivers Complete Suite of Disaster Recovery Applications Standard with Latest AssuredSAN Storage Systems Lineup
Company broadens portfolio of solutions for expanded, award-winning channel program; AssuredSAN 3000 Series brings midrange-featured solutions to entry-level customers
LONGMONT, Colo., March 31 -- Dot Hill Systems Corp. (NASDAQ:HILL), a provider of world-class storage solutions and software for OEMs, open storage partners and system integrators, today expanded its award-winning channel program with the introduction of its next-generation AssuredSAN(TM) disk-to-disk data protection appliances targeted at small-to-medium businesses (SMBs).
The Dot Hill AssuredSAN 3000 Series, based on the company's new 3000 Series storage platform announced in February, features a suite of disaster recovery applications, including Dot Hill's new AssuredRemote(TM) remote replication software. By including robust volume copy, snapshot and remote replication as standard in the AssuredSAN 3000 Series, Dot Hill makes affordable, comprehensive disaster recovery solutions available to the entry level space through its growing base of channel partners.
The latest addition to Dot Hill's powerful suite of advanced data management offerings, Dot Hill AssuredRemote is completely integrated into Dot Hill AssuredSAN 3000 storage appliances, providing easy-to-use, remote office data protection and eliminating the need for expensive, third party, host-based software. The combination of AssuredSnap(TM) snapshot, AssuredCopy(TM) volume copy, and AssuredRemote functionality, together in the AssuredSAN 3000 line, enables Dot Hill channel partners to deliver a complete disaster recovery offering for SMBs. This low maintenance, cost-effective approach to remote data protection, recovery, and migration, significantly reduces the burden of meeting modern data retention policies and compliance testing associated with government regulations such as the Sarbanes-Oxley and HIPAA acts.
With embedded-in-the-array remote replication of snapshot volumes, AssuredRemote offloads backup operations from critical application servers, thereby creating little to no impact to production servers by asynchronously copying and synchronizing data for up to 16 volumes simultaneously, directly between two AssuredSAN 3000R appliances via the local storage area network (SAN) or wide area networks (WANs). Replication can operate via the Fibre Channel ports and/or the iSCSI ports in the case of the dual protocol AssuredSAN 3900 models, and fully supports high-availability failover using dual controllers.
"The arrival of the AssuredSAN 3000 Series gives us an incredible opportunity to bolster our professional services offerings," said Howie Evans, vice president of Dallas Digital Services. "By introducing affordable, turnkey data protection solutions into the SMB space, Dot Hill presents us with new opportunities to enhance this additional revenue stream."
"Building on the success of Dot Hill's AssuredSAN 2000 Series, the addition of enhanced snapshot and AssuredRemote features to the new AssuredSAN 3000 Series helps to create a reliable disaster recovery solution at a competitive price point. The new 8Gb Fibre Channel connectivity and an option for multiprotocol Fibre Channel and iSCSI hosts within the same solution will also put this system at the forefront of the industry," states Paul Hickingbotham, solutions manager at Hammer plc.
"The response to our AssuredSAN launch in September was extremely positive," said David Zimmer, vice president of worldwide channel sales and marketing, Dot Hill. "Customers told us that they would like to see more data protection features such as AssuredSnap and AssuredCopy in future-generation products. The AssuredSAN 3000 Series is the result; by adding AssuredRemote to our new 8Gb Fibre Channel-based 3000 Series architecture, we're providing SMB customers with affordable, midrange-featured data protection appliances."
The AssuredSAN 3000 Series bolsters the award-winning Dot Hill Authorized Partner Program by arming Dot Hill channel partners with a broad portfolio of storage solutions, extended warranties and professional services opportunities. Dot Hill provides extensive resources, tools and support to enable channel partners' success, including lead generation, marketing assistance, opportunity registration discounts, and in-field sales support. Backed by a three-year warranty, Dot Hill AssuredSAN 3000 Series storage systems are available in a wide variety of configurations including AssuredSAN "R" models with AssuredRemote, AssuredSnap and AssuredCopy; AssuredSAN "S" models with AssuredSnap and AssuredCopy; and AssuredSAN "C" base models with free 60-day trial access to data protection software. Flagship configurations include:
-- AssuredSAN 3930R Hybrid 8Gb Fibre Channel/iSCSI with 12 3.5-inch disk
drives
-- AssuredSAN 3920R Hybrid 8Gb Fibre Channel/iSCSI with 24 2.5-inch disk
drives
-- AssuredSAN 3730R 8Gb Fibre Channel with 12 3.5-inch disk drives
-- AssuredSAN 3720R 8Gb Fibre Channel with 24 2.5-inch disk drives
Additional Information and Availability
The Dot Hill AssuredSAN 3000 Series is available through Dot Hill channel partners now. List prices are expected to start at $20,200 for a dual controller Fibre Channel system fully populated with 500GB SATA drives.
Delivering innovative technology and global support, Dot Hill empowers OEMs and resellers to bring unique storage solutions to market, quickly, easily and cost-effectively. Offering high performance and industry-leading uptime, Dot Hill's RAID technology is the foundation for best-in-class storage solutions offering enterprise-class security, availability and data protection. The company's products are in use today by the world's leading service and equipment providers, common carriers, advanced technology and telecommunications companies as well as government agencies. Dot Hill solutions are certified to meet rigorous industry standards and military specifications, as well as RoHS and WEEE international environmental standards. Headquartered in Longmont, Colo., Dot Hill has offices and/or representatives in China, Germany, Israel, Japan, United Kingdom and the United States.
Certain statements contained in this press release regarding matters that are not historical fact are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by the statements. Forward-looking statements include statements regarding: the size and timing of orders for Dot Hill's new AssuredSAN 3000 Series products; any improvement in Dot Hill's financial results due to the availability of the new products; the benefits and cost savings provided by the AssuredSAN 3000 series; the performance of the AssuredSAN 3000 Series in particular environments; and the dates and continued availability of the AssuredSAN 3000 Series. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such statements. The risks that contribute to the uncertain nature of the forward-looking statements include: the fact that no Dot Hill customer has committed to any mandatory minimum purchase requirements for the AssuredSAN 3000 series; that series is new and therefore Dot Hill has limited experience with it both technologically and with respect to market acceptance; changing customer preferences in the open systems computing market; and unforeseen supply, technological, intellectual property or engineering issues. However, there are many other risks not listed here that may affect the future business of Dot Hill, as well as the forward-looking statements contained herein. To learn about such risks and uncertainties, you should read the risk factors set forth in the company's public filings with the SEC, including the Forms 8-K, 10-K and 10-Q most recently filed by Dot Hill. All forward-looking statements contained in this press release speak only as of the date on which they were made. Dot Hill undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made.
Contact:
Steve Sturgeon
Lutz PR
858-472-5669
ssturgeon@san.rr.com
Company Contact:
Ruth Macdonald
Marketing Communications Manager
720-839-6614
Source: Dot Hill Systems Corp.
CONTACT: Steve Sturgeon of Lutz PR, +1-858-472-5669,
ssturgeon@san.rr.com, for Dot Hill; or Ruth Macdonald, Marketing
Communications Manager of Dot Hill, +1-720-839-6614
Guitar Hero(R) 5 and Band Hero(TM) Roll Into April With Hot New Rock Additions to the Guitar Hero Music Library
Gamers to Get Black Sabbath Master Tracks for the First Time Ever, as Well as Music from Lynyrd Skynyrd, Fall Out Boy, Blur, The All-American Rejects, Saving Abel and Phoenix
SANTA MONICA, Calif., March 31 -- Activision Publishing, Inc.'s (NASDAQ:ATVI) April lineup of downloadable songs is sure to satisfy with huge rock bands and popular tracks for Guitar Hero® 5 and Band Hero(TM) players this month. With the addition of tracks from Lynyrd Skynyrd, Fall Out Boy, Blur, The All-American Rejects, Saving Abel, Phoenix and Black Sabbath, the Guitar Hero music library continues to evolve and expand, providing hours of entertainment for fans of all music genres.
Southern rock band Lynyrd Skynyrd kicks off the month of downloadable music on April 1, with a three song track pack featuring the rock anthem that first brought the band national attention, "Free bird." In addition, gamers will also get the popular singles "Simple Man" and "Gimme Three Steps" off Lynyrd Skynyrd's 1973 debut album.
On April 8, gamers can let the good times roll with the Fall Out Boy Track Pack, which contains three hits from their certified-platinum album Infinity on High. "Thnks fr th Mmrs," "This Ain't a Scene, It's an Arms Race" and "The Take Over, The Breaks Over" will have players rocking out to the creative lyrics and catchy tunes that helped garner the band mainstream success.
Gamers looking for more great songs to expand their music libraries are in for a treat as Guitar Hero throws three hot singles into the mix. "Gives You Hell," the 2008 hit single by The All-American Rejects, "There's No Other Way" by alternative rock band Blur and "Addicted" off Saving Abel's debut self-titled album will be available as downloadable singles starting April 15.
On April 22, the stage is set for Grammy Award winning French alternative rock band, Phoenix, to make their Guitar Hero debut. "Everything Is Everything" from Phoenix's 2005 album, Alphabetical, will join "Lisztomania" and "1901," from their award winning 2009 album, Wolfgang Amadeus Phoenix, to give fans of the band a new way to experience the music they know and love.
Driving home the broad selection of rockin' Guitar Hero 5 and Band Hero downloadable music is heavy metal pioneer and Rock and Roll Hall of Fame inductee, Black Sabbath, on April 29. The unforgettable and intense experience that is Black Sabbath comes to music gaming fans, as master tracks, for the first time, featuring "After Forever," "Into The Void" and "Sweet leaf," three tracks off their double-platinum album Master of Reality
The Lynyrd Skynyrd, Fall Out Boy, Phoenix and Black Sabbath track packs will be available on Xbox LIVE® Marketplace for the Xbox 360® video game and entertainment system from Microsoft for 440 Microsoft Points, on the PlayStation®Store for the PlayStation®3 computer entertainment system for $5.49 and for Wii(TM) for 550 Wii Points(TM). All songs in each track pack, as well as The All-American Rejects, Blur and Saving Abel tracks, will also be released as downloadable singles for the Xbox 360® video game and entertainment system from Microsoft for 160 Microsoft Points, PlayStation 3 system for $1.99 and Wii for 200 Wii Points each. In addition to the in-game music store and the Xbox LIVE Marketplace for Xbox 360, Xbox 360 owners can expand their Guitar Hero music library using the Guitar Hero VIP Pass Music Store, available exclusively on Xbox LIVE® online entertainment network.
For more information about Guitar Hero 5, Band Hero and their entire line-up of downloadable songs, please visit http://www.guitarhero.com.
About Activision Publishing, Inc.
Headquartered in Santa Monica, California, Activision Publishing, Inc. is a leading worldwide developer, publisher and distributor of interactive entertainment and leisure products.
Activision maintains operations in the U.S., Canada, the United Kingdom, France, Germany, Ireland, Italy, Sweden, Spain, Norway, Denmark, the Netherlands, Australia, Russia, Japan, South Korea, China and the region of Taiwan. More information about Activision and its products can be found on the company's website, http://www.activision.com.
Cautionary Note Regarding Forward-looking Statements: Information in this press release that involves Activision Publishing's expectations, plans, intentions or strategies regarding the future are forward-looking statements that are not facts and involve a number of risks and uncertainties. Activision Publishing generally uses words such as "outlook," "will," "could," "would," "might," "remains," "to be," "plans," "believes," "may," "expects," "intends," "anticipates," "estimate," future," "plan," "positioned," "potential," "project," "remain," "scheduled," "set to," "subject to," "upcoming" and similar expressions to identify forward-looking statements. Factors that could cause Activision Publishing's actual future results to differ materially from those expressed in the forward-looking statements set forth in this release include, but are not limited to, sales levels of Activision Publishing's titles, shifts in consumer spending trends, the impact of the current macroeconomic environment, the seasonal and cyclical nature of the interactive game market, Activision Publishing's ability to predict consumer preferences among competing hardware platforms, declines in software pricing, product returns and price protection, product delays, retail acceptance of Activision Publishing's products, adoption rate and availability of new hardware (including peripherals) and related software, industry competition, rapid changes in technology, industry standards and consumer preferences, protection of proprietary rights, litigation against Activision Publishing, maintenance of relationships with key personnel, customers, licensees, licensors, vendors and third-party developers, counterparty risks relating to customers, licensees, licensors and manufacturers, domestic and international economic, financial and political conditions and policies, foreign exchange rates and tax rates, integration of recent acquisitions and the identification of suitable future acquisition opportunities, and the other factors identified in the risk factors section of Activision Blizzard's most recent annual report on Form 10-K and any subsequent quarterly reports on Form 10-Q. The forward-looking statements in this release are based upon information available to Activision Publishing and Activision Blizzard as of the date of this release, and neither Activision Publishing nor Activision Blizzard assumes any obligation to update any such forward-looking statements. Forward-looking statements believed to be true when made may ultimately prove to be incorrect. These statements are not guarantees of the future performance of Activision Publishing or Activision Blizzard and are subject to risks, uncertainties and other factors, some of which are beyond its control and may cause actual results to differ materially from current expectations.
"PlayStation" is a registered trademark of Sony Computer Entertainment Inc. Microsoft, Xbox, Xbox 360, Xbox LIVE, and the Xbox logos are trademarks of the Microsoft group of companies. Wii is a trademark of Nintendo. All rights reserved.
Industry Pioneers Launch SimpleGeo, the Easiest Way to Add Location-Based Services to Any Application
More than 4,000 Partners Already Developing Location-Based Applications with SimpleGeo
SAN JOSE, Calif., March 31 -- With location-based services clearly on the rise, SimpleGeo today formally introduced the SimpleGeo location services infrastructure to provide the foundation for a whole new level of intelligent, location-aware applications. The ready-to-use location infrastructure makes it easy and cost-effective to add geo-aware features to applications.
Founder and CEO Matt Galligan will unveil the platform today at 12:10, at the O'Reilly Where 2.0 Conference 2010, in the Launch Pad session, where chosen entrepreneurs will debut their companies or launch new products onstage.
Built with developers in mind, SimpleGeo eliminates the excessive time and money spent to build and scale location infrastructure. For the first time, easy-to-use technology and tools will allow customers to have location-based services operational in minutes. SimpleGeo provides client libraries and SDKs that enable app developers to get up and running quickly on the platform. The SimpleGeo iPhone SDK makes it easy to build an augmented reality interface in dramatically less time.
At launch, the company already has more than 4,000 developers utilizing the SimpleGeo platform for new and existing applications, including major innovators such as Bump Technologies and ngmoco. More than 1,000 additional developers are awaiting the product's formal launch. The company is introducing two major products today:
-- The scalable, cloud-based SimpleGeo Storage Engine is a pay-as-you-go
system that allows users to store location data and perform geospatial
and temporal queries efficiently.
-- The SimpleGeo Marketplace allows developers to discover a wealth of
geodata from numerous sources, all normalized and available in one
location. The SimpleGeo Marketplace creates a new economy for geodata
providers, putting them directly in touch with developers that want to
use their data. Currently there are billions of points of geodata in
the market that customers can access, and it continues to grow. Data
is accessed through a per-use or monthly subscription, or a limited
free version.
"With the prevalence of location-aware mobile devices and faster mobile connections, location-based services will not only be the next big thing, the use of location will be leveraged in every application," said Matt Galligan, co-founder and CEO of SimpleGeo. "SimpleGeo is at the nexus of location technology, providing all of the tools and data necessary for developers to make their apps location-aware in a matter of minutes."
Industry analysts believe geo-location will profoundly affect the evolution of the Internet, wireless communications and applications.
"Almost any mobile application can benefit from the use of location intelligence data," said Ted Morgan, co-founder and CEO of Skyhook Wireless. "SimpleGeo will help grow the use of location within apps by making it easier than ever to integrate smart location services like Skyhook's SpotRank."
The company recently announced a major partnership with Skyhook Wireless to leverage SpotRank to tap into the data from the company's positioning technology used in tens of millions of devices around the globe. Also announced today are key partnerships with deCarta, ESRI, Localeze, MetaCarta, Quova, Skyhook Wireless, Stamen Design, and Weather Decision Technologies. These partnerships expand the possibilities and reach of SimpleGeo, increasing the capability of the platform.
S.J. Camarata, a director of ESRI, stated, "ESRI looks forward to forging a new relationship with SimpleGeo. Their technology is complementary with our ArcGIS platform and we anticipate that many of the SimpleGeo users and developers will benefit from the easy to use and very powerful capabilities that we provide in our new Cloud-Ready release of ArcGIS 10. Developers using the SimpleGeo Marketplace will also be able to take advantage of the upcoming ArcGIS.com by registering and providing data to the ESRI user base and will gain access to the vast array of content from many of the world's most authoritative geospatial content providers."
SimpleGeo has raised over $1.5 million seed round funding to date, led by First Round Capital and angel investors including Ron Conway, Kevin Rose, Chris Sacca and Shawn Fanning. Founded by Socialthing founder Matt Galligan and former Digg Chief Architect Joe Stump, the company has already generated significant industry buzz through the launch of Vicarious.ly, a sample app that uses a visual representation of real-time location-based stream of information to showcase the company's technology and data. Vicarious.ly also highlights the company's strong application partners, including BlockChalk, Brightkite, Bump Technologies, Flickr, Fwix, Foursquare, Gowalla, and Twitter.
SimpleGeo is headquartered in Boulder, CO, and recently opened a new office in San Francisco to house key hires for the company, including:
-- GIS expert Schuyler Erle as Geographer
-- Seth Fitzsimmons as Cartographer, location pioneer formerly of Yahoo's
Fire Eagle, and Flickr
-- Andrew Mager as Developer Advocate, formerly of Ning and CNET
-- Ben Standefer as Systems Engineer, formerly of EventBrite and Digg
-- Kim Vogt as Systems Engineer, formerly of Lawrence Livermore
Labs/Hadoop
SimpleGeo provides a ready-to-use platform that makes it easy to store, scale and discover geodata for use on the web and applications. Founded in May 2009 by Joe Stump and Matt Galligan, SimpleGeo has raised over $1.5 million seed round funding to date led by First Round Capital and other influential angel investors. SimpleGeo has offices in both Boulder, CO and San Francisco, CA.
Source: SimpleGeo
CONTACT: Niko Felix of Sparkpr, +1-415-321-1885, Niko@sparkpr.com, for
SimpleGeo
QlikTech Responds to Enterprise Demand with Launch of Global QlikView Scalability Center
Enterprise Customers and Partners Test Performance for Expanding Deployments with Powerful Multi-core Intel Processors
RADNOR, Pa., March 31 -- QlikTech, a leading business intelligence company, today announced the launch of the QlikView Scalability Center in Lund, Sweden. The Scalability Center is designed to help global enterprise customers understand how their QlikView environment will perform with large data sets and user numbers in enterprise deployments. As an Intel ISV partner, QlikTech has the opportunity to test its performance on the latest chipsets before they are brought to market. QlikTech R&D and its newly formed Scalability Center will continue to keep pace with the significant advances in computing speed, including leveraging the "Nehalem" chip design in the Intel® Xeon® 7500 processor series launched yesterday.
The QlikView Scalability Center has been instrumental in allowing key customers to establish metrics needed to optimize enterprise wide deployment of a QlikView application. These metrics include the performance profiles of individual deployments, hardware requirement forecasting, and the impact of adding more users or analysis areas and alternative configuration and deployment scenarios.
QlikView's highly scalable in-memory architecture benefits greatly from hardware advances because its in-memory associative technology leverages two important computer hardware trends: 64-bit computing, which increases memory capacity, and multi-core central processing units (CPUs) which allow for parallel processing of complex calculations. Because of these capabilities, QlikView is able to store data in-memory and perform real-time calculations on a massive volume of data from disparate sources at unprecedented speed. The platform integrates with nearly all data sources and can scale from a single user to enterprise deployments without requiring significant additional infrastructure.
"The QlikView Scalability Center was formed as it became clear that the testing needs of our enterprise customers now demand a dedicated resource," said Henrik Been, Executive Director, Products. "Here we are able to show how we can scale linearly with Intel's latest multi-core offerings, and prove why industry analysts often call QlikView the most performant Business Intelligence platform."
QlikView has been specifically optimized to provide end users with a high-speed, click-as-you-think, analytic experience. This is achieved by:
-- spreading the calculation load across all available CPU cores rather
than simply running algorithms in a sequence
-- optimizing work load across many concurrent users, with each user's
calculations using the full power of the underlying server
-- caching results across users so the most commonly used calculations
are performed the least number of times making the application smarter
and faster over time
"In-memory BI eliminates the disk input/output bottleneck, and additional speed improvements will come from widening the next bottleneck: overloaded CPUs. Processor clock speeds are no longer increasing -- modern CPUs have more cores, but the individual cores are not much faster than their predecessors. So throughput is improving, but the performance available for individual tasks is no longer improving dramatically," said Barney Finucane analyst at BARC, publisher of The BI Verdict. "Taking maximum advantage of multi-core CPUs -- with eight or more cores per CPU -- is a good way for in-memory BI tools to increase performance, allowing BI applications to harness the entire power of the CPU. A customer test center is a good way for QlikView to prove its performance claims of getting to data so unusually fast by optimizing performance of the newest releases of CPU power."
About QlikTech
QlikTech pioneered the in-memory business intelligence space on the premise that meaningful analysis belongs in the hands of the users who need the information, when they need it. Its QlikView product is designed to deliver immediate business answers and enable users to easily explore their data without limits. Unlike traditional BI, QlikView can deliver value with payback measured in days or weeks rather than months, years, or not at all. It can be deployed on premise, in the cloud, or on a laptop or mobile device--from a single user to the largest global enterprise. QlikTech has more than 12,000 customers in 95 countries and over 800 partners worldwide. For more information, please visit http://www.qlikview.com.
QlikTech and QlikView are trademarks or registered trademarks of QlikTech International AB. Other company names, product names and company logos mentioned herein are the trademarks, or registered trademarks of their respective owners.
Triangle Game Conference Announces Keynotes, Event Schedule and Game Development University Syllabus
Still Time to Register for Immersive Learning Exchange
RALEIGH, N.C., March 31 -- The Triangle Game Conference (TGC), scheduled for April 7-8, 2010 at the Raleigh Convention Center and Marriott City Center, today announced the conference will feature keynote addresses by Chad Dezern, Studio Director at Insomniac Games, and John Zuur Platten, co-founder of the Bureau of Film & Games. TGC has also announced the schedule of events for panels and lectures, including speaker selections for Game Development University, a syllabus of lectures recommended for attending students and aspiring game developers.
Chad Dezern's keynote address, entitled, "The Portable Culture: Inside Insomniac's Expansion," will explore the genesis of Insomniac's move to the Triangle in 2009, the philosophy behind the studio's string of worldwide hits and how the company translated that philosophy to a new team in a new state.
Dezern will provide insight into Insomniac's approach to making games, including team structure and collaboration, design methods, idea generation, and production schedule. He will also share studio best practices and lessons learned.
Dezern oversees all aspects of development and content creation at Insomniac's studio in Durham, N.C. Prior to heading up the studio, he served as an Art Director, Environment Art Director, Senior Artist and Production Artist during his tenure at Insomniac. His credits include 15 shipped titles from Insomniac, DreamWorks Interactive and Disney Interactive.
John Zuur Platten will share his experiences as a pioneer at the forefront of immersive technology video games and cinema in his keynote address, "To Me, it's a Table: The Craftsmanship of Creativity." From humble beginnings as a tour guide at Universal Studios to producing blockbuster entertainment and cutting edge games including Avatar, The Chronicles of Riddick and Transformers, Platten will weave a vision of the past, present and future of immersive entertainment.
Early in his career, Platten was a production coordinator as well as post-production and visual effects supervisor for a variety of videogame series. Platten's early work as Visual Effects Producer on the Sega CD's Ground Zero Texas and Double Switch led to a relationship with Sega, where he designed, produced and wrote the highly successful Sega CD, Tomcat Alley.
Platten's projects released last year include: Wanted: Weapons of Fate, Ghostbusters, Project: Origin (sequel to F.E.A.R.), Dark Athena (the next chapter in the Riddick saga) and Wheelman. In development is Sin City, based on the cult graphic novels of Frank Miller, I Am Alive and HAWx for Ubisoft, Nuts for Square/Enix and Real Fighter for AMA. Other recent video game projects include Fantastic Four, Space Chimps, Scooby-Doo: Unmasked, Teen Titans and Constantine.
Speaker Tracks and Game Development University
As previously announced, TGC 2010 will offer attendees five extensive tracks comprised of panels, lectures and discussions on top industry issues and trends. Speaker sessions will run Wednesday, April 7 and Thursday, April 8 from 9:30 a.m. - 5:00 p.m.
The five tracks include:
-- Game Development
-- Engines and Middleware
-- Immersive Learning
-- Business of Games
-- Games and Media
Attending students and aspiring developers are encouraged to follow the "Game Development University" (GDU) program, a hand-picked selection of lectures and panels designed for helping attendees tap into education resources and make connections with industry leaders.
The GDU program recommendations include:
-- "Monetizing Your Flash Game" by Christopher Gregorio, XDragonX10
Productions
-- "Unity Indie Development" by Zachariah Inks and Stephen Cooney,
Digital Roar Studios
-- "Breaking into the Games Industry" by John Austin, Emergent Game
Technologies
-- "Indie Game Studio on a Shoe String Budget" by John Lyons, Digital
Roar Studios
-- "Level Design Using Unreal" by Brad Swearingen, Epic Games
-- "Challenges and Solutions in Building Browser Based Games" by Jobe
Makar, Electrotank
-- "Physics for Game Programmers" by Jim Van Verth, Insomniac Games
-- "Unreal Engine 3: Current Status and Latest Features" by Alan Willard,
Epic Games
-- "What Video Game Designers Can Learn from Tabletop Games" by Lewis
Pulsipher, Fayetteville Technical Community College
For students who follow the GDU syllabus and are thirsting for more, TGC encourages visits to the TGC Career Lounge, which will feature 45-minute roundtables with industry professionals discussing critical topics such as:
-- Navigating the shifting landscape of the industry,
-- Preparing for interviews,
-- A day in the life at work, and
-- Starting your own company.
Roundtable hosts will include experts such as Joseph Drust, Senior Character Artist for Vicious Cycle; Demond Rogers, Level Designer for Epic Games; Garner Halloran, Tools Programmer for Insomniac Games; and Chris Deavellar, Art Director for Icarus Studios.
In the TGC Career Lounge, attendees will have access to local companies currently hiring and the ability to apply electronically for posted positions through on-site computer kiosks. Attendees are encouraged to bring electronic files of their resumes for posting.
For those interested in receiving a critique of their work, a demo kiosk will be set up to review portfolios via the Web, disk or drive.
About Triangle Game Conference
Held in Raleigh, North Carolina, the Triangle Game Conference is the East Coast forum for networking, career building and sharing gaming industry expertise. The conference presents a program of lectures by industry experts, a Career Fair and Expo at the Raleigh Convention Center and Marriott City Center. For more information, please visit http://www.trianglegameconference.com or check out TGC on Facebook and Twitter to get the most up-to-date information on the conference.
Breakthrough Simplicity Makes Wireless Accessible for Everyone
SAN FRANCISCO, March 31 -- Cisco is pairing its wireless technology leadership with Flip Video's simplicity-in-design approach to launch Valet(TM) -- a breakthrough new product line that makes home wireless simple and accessible for everyone. Valet is designed to transform how families use the Internet in their homes so they can enjoy the freedom of wireless access without the traditional frustration and complexity of setting up a home network.
"Valet is home wireless made easy," said Jonathan Kaplan, senior vice president and general manager of Cisco Consumer Products. "With complementary backgrounds and expertise, our Cisco and Flip teams have combined forces to change the rules for home wireless with a product line that empowers consumers to easily set up, enjoy and manage all of their wireless devices anywhere in their homes."
Untapped Home Wireless Market
While consumer demand for wireless products is on the rise with a tremendous array of new devices in the market, research from IDC(1) reveals that only one-third of US homes are currently set up for wireless use. This surprisingly slow adoption of home wireless is largely due to the complexity of current offerings that are too technical for the average consumer to install and manage on their own. At the same time, the demand for wireless-enabled products - such as mobile phones, gaming systems, and music players - is extremely strong according to ABI Research data that reports more than 264 million of these types of devices shipped worldwide in 2009.
"Consumers have felt powerless and frustrated with the entire process of home wireless, but with Valet we are tearing down the walls and opening it up to everyone," added Kaplan. "The market for wireless-enabled products is exploding and now mainstream users will be able to take full advantage of all the new opportunities."
Quick Set-Up and Simple Management
Valet is the first wireless product line to make it simple for anyone to set up and manage their own home wireless network. Consumers simply insert the included Easy Setup Key right into a USB port in their PC or Mac and the Cisco Connect software takes over. Unlike other wireless products that require 20 to 30 complicated steps to set up a single computer, Cisco Connect takes you through three steps from start to finish. The Easy Setup Key retains all setup information and can be easily inserted into additional home computers to seamlessly add them to the home's wireless network.
Personalized Wireless Experience
Once set up, Valet gives consumers a simple way to manage their family's home wireless experience. The included Cisco Connect software makes it easy to: 1) add additional devices to the network, 2) set parental controls, 3) provide Internet access for guests on a separate guest network and 4) customize personal security settings such as passwords.
Valet also provides a new level of control for parents with simple tools to manage their family's online experience. Valet's Cisco Connect software lets parents easily set controls on the fly, so they can modify web usage for certain days and times of the week, or even for temporary periods. For example, if teens are spending too much time on social networks or gaming systems, parents can modify their wireless access so that they cannot go online after 9:00 pm on weeknights. Internet access for each personal device connected to a Valet - from a computer, to a gaming system, to a smartphone - can be individually controlled or changed as needed for the particular child or teen, including blocking inappropriate web content.
In addition, Valet makes it easy to set up guest wireless access when friends or family come to visit. With a completely separate wireless connection, guests can use their laptops or mobile phones around the house, while the main Valet home network remains secure and private.
Price and Availability
The new Valet line is offered in two models - Valet and Valet Plus - based on the size of the home and the mix of wired and wireless devices. In addition, there is a simple Valet Connector to update older computers without built-in wireless capabilities or to upgrade to Wireless-N. Valet users have access to Cisco's award-winning 24/7 phone support in the unlikely event they have a question or problem. The Valet product line is available immediately at Amazon, Staples, thevalet.com and soon at Best Buy, Target, Wal-Mart and other leading retailers.
For small to medium-sized homes with primarily wireless
-- Valet devices. MSRP: $99.99
--------
For medium to large-sized homes with a mix of wireless
-- Valet Plus and wired devices. MSRP: $149.99
-------------
Upgrades an older computer to wireless and ideal
-- Valet Connector complement to Valet or Valet Plus. MSRP: $79.99
------------------
Cisco (NASDAQ:CSCO) is the worldwide leader in networking that transforms how people connect, communicate and collaborate, this year celebrates 25 years of technology innovation, operational excellence and corporate social responsibility. Cisco's vision for the consumer is to enable people to live a connected life that is more personal, more social, and more visual. Further information about Valet can be found at http://www.thevalet.com. Further information about Cisco and its full line of consumer products including Linksys and Flip Video can be found at http://www.linksys.com, http://www.theflip.com, and http://www.cisco.com/consumer.
Editor's Note: Cisco is also announcing a new line of Linksys routers for tech enthusiasts today. More information can be found at http://www.linksys.com.
(1) IDC, Worldwide Home Networking 2010-2014 Forecast, Doc # 222355, March 2010
Cisco, the Cisco logo, Linksys and Cisco Systems are registered trademarks or trademarks of Cisco Systems, Inc. and/or its affiliates in the United States and certain other countries. All other trademarks mentioned in this document are the property of their respective owners. The use of the word partner does not imply a partnership relationship between Cisco and any other company. This document is Cisco Public Information.
CONTACT: Press, Karen Sohl of Cisco, +1-949-823-1578, Mobile,
+1-949-302-3470, ksohl@cisco.com; or Wynne Ahern Kokka of CommStrat Public
Relations, +1-510-658-8870, Mobile, +1-510-206-2161, wynne@commstrat.com, for
Cisco Consumer; or Analyst, Lisa Soto, Analyst Relations, +1-949-823-4778,
lisoto@cisco.com, or Matt Tractenberg, Investor Relations, +1-408-525-3170,
matthew2@cisco.com, both of Cisco
RTL Belgium and Vringo Mobilize European Television Content With Strategic Alliance
Partnership Brings New Mobile Personalization Platform To Belgian Fans of Europe's Leading Broadcast Production Company
NEW YORK, March 31 -- In a new alliance announced today, Vringo, the video ringtone application provider, has developed a mobile personalization platform with RTL Belgium, member of RTL Group, the leading production company for television and radio in Europe. As part of the new service, which will launch in Belgium, some of the world's largest and best-known content producers will mobilize their broadcast content using Vringo.
This partnership enables RTL Belgium to offer Vringo's video ringtones, mobile application and social caller ID service to all 11 million mobile subscribers in Belgium.
When the service launches next month, all Belgian mobile users will have access to Vringo's collection of thousands of original video ringtones. Further, users can access Vringo's award-winning video ringtone application, available for more than 300 handsets on Android, BlackBerry, J2ME, Symbian, and Windows Mobile operating systems. By using Vringo's mobile application, users can select their own video ringtones as well as select which clips play on their buddies' phones when they call thanks to Vringo's VringForward(TM) technology.
To introduce users to the service, a free one-week trial offer is available to all new subscribers. Subscribers then are charged a nominal weekly fee that includes access to all Vringo features.
"As the largest entertainment provider in Belgium, it makes perfect sense for us to add video applications to mobile phones, further extending the expertise we already bring to television and radio," said Stephane Coruble, New Business Operations Director of RTL Belgium. "Partnering with Vringo gives Belgium's mobile users an exciting new way to access video applications, while improving our ability to offer outstanding products and services to our customers."
"This partnership with RTL in Belgium enables us to develop a platform that gives content producers the ability to mobilize their broadcast content in a new, exciting way in one of Europe's most important markets," said Jon Medved, CEO of Vringo. "It continues Vringo's dedication to delivering innovative applications for mobile users."
Founded in 2006, Vringo is bringing about the evolution of ringtones. With its award-winning video ringtone application, Vringo takes a sledgehammer to the traditional call signature, transforming the basic act of making and receiving mobile phone calls into a highly visual, social experience.
By installing Vringo's application, which is compatible with more than 200 handsets, users can create or take video, images and slideshows from virtually anywhere, including Vringo's library of 4,000-and-counting video ringtone clips or the Web, and make it into their personal call signature. In a first for the mobile industry, Vringo has introduced VringForward(TM), a technology that lets its users select which video ringtone their friends will see when they call.
Vringo is backed by Warburg Pincus and by private investors. The company has been heralded by The New York Times as "the next big thing in ringtones" and by USA Today as having "to be seen to be believed." To witness the next generation of ringtones and see a list of supported handsets, please visit http://www.vringo.com/.
About RTL Belgium
RTL Belgium is the first private audio-visual group in French-speaking Belgium and is owned 66% by CLT UFA (a subsidiary of the first European audio-visual group, RTL Group) and 34% by Audiopresse (an editor association).
RTL Belgium delivers its content through three synergistic poles. The Television pole includes three channels: RTL TVI Family, a general interest TV channel; CLUB RTL, a channel addressed to different public-targets depending on programming schedules; and Plug RTL, an offering intended for a lifestyle-oriented, younger public.
The Radio pole consists of Bel RTL, a general interest station mixing information, proximity and entertainment, and Radio Contact, a station focused primarily on music.
The New Media pole brings together RTL Belgium's main website, http://www.rtlinfo.be/, with all its associated brands (rtltvi.be, clubrtl.be, plugrtl.be, belrtl.be, radiocontact.be).
CONTACT: Danielle Ross of Comunicano, Inc., +1-858-356-7310,
dross@comunicano.com, for Vringo; or Josh Shabtai of Vringo, +1-646-448-8210,
josh.shabtai@vringo.com
Matias Myllyrinne, Managing Director of Remedy, Joins Advisory Board for 2010 Game Developers Conference Europe
Key Figure Behind the Highly Anticipated Alan Wake and the Bestselling Max Payne Series to Contribute Expertise to Europe's Leading Game Industry Event for Developers
BERLIN, March 31 -- The advisory board of the Game Developers Conference Europe (GDC Europe) 2010, the leading industry-only game event in Europe, is proud to welcome Matias Myllyrinne to the advisory board.
As the executive director of Remedy Entertainment, Myllyrinne, who has been at the studio since 1999, is responsible for the rise of the Finnish development studio to become one of the most important European game developers. Remedy developed international blockbusters such as Max Payne (2001) and Max Payne 2: The Fall of Max Payne (2003) and is set to release the much-awaited Alan Wake, a mature action thriller game, at the end of May 2010 for Xbox 360.
GDC Europe 2010 takes place Monday through Wednesday August 16-18, 2010 at the Cologne Congress Center East in Cologne, Germany, and will run alongside the major gamescom event to present the leading game industry gathering for developers, consumers, publishers and trade professionals. The event is soliciting session proposals now through Friday, April 23 via the official GDC Europe website: http://www.GDCEurope.com.
"We are glad to have added Matias Myllyrinne, another key figure in the international games industry, to our advisory board," said Frank Sliwka, VP European Business Development of the UBM TechWeb Game Network and Event Director of GDC Europe. "He epitomizes the successful symbiosis between creative game development and successful marketing."
"GDC Europe is the region's leading developer conference for a reason -- it features the latest trends and plays a pioneering role for the future of this industry," says Matias Myllyrinne, "It's an honor to be a part of a conference that highlights the incredible talents of Europe's best developers. We look forward to seeing what the industry's leaders will present at the conference when the event begins on August 16th, 2010."
The advisory board of GDC Europe, which consists of leading developers, marketing professionals and entrepreneurs, unites top executives of the international games industry. Making up the top-class committee in addition to Myllyrinne are the notable industry veterans Bob Bates (formerly of Infocom & Legend Entertainment) and Don Daglow (Emmy-winning founder of Stormfront Studios), as well as Alexander Fernandez (CEO, Streamline Studios), Sean Kauppinen (CEO, International Digital Entertainment Agency), Harald Riegler (CEO, Sproing), Frank Sliwka (VP European Business Development, UBM TechWeb Game Network and Event Director, GDC Europe), Robert Wallace (Principal, Strategic Alternatives) and Avni Yerli (Managing Director, Crytek).
A core provider of essential information to the professional game industry, the UBM TechWeb Game Network - formerly known as the Think Services Game Group - offers market-defining content, and drives community through its award winning lineup of print, online, event and research products and services. These include the Game Developers Conference®, the Webby Award-winning Gamasutra.com and network of sites, the Game Advertising Online ad network, the Game Developers Conference® Online, the Game Developers Conference(TM) Europe, the Game Developers Conference(TM) China, the Game Developers Conference(TM) Canada, Game Developer Magazine, Game Developer Research, the Game Career Seminars and GameCareerGuide.com, the Independent Games Festival and Summit, and the Game Developers Choice Awards.
About UBM TechWeb, a division of United Business Media
UBM TechWeb, the global leader in technology media and professional information, enables people and organizations to harness the transformative power of technology. Through its core businesses - media solutions, marketing services and professional information - UBM TechWeb produces the most respected and consumed brands, applications and services in the technology market. More than 14.5 million business and technology professionals (CIOs, IT and IT Support managers, Web & Digital professionals, Software and Game developers, Government decision makers, and Telecom providers) actively participate in UBM TechWeb's communities. UBM TechWeb brands includes: global face-to-face events such as Interop, Game Developers Conference (GDC), Web 2.0, Black Hat and VoiceCon; large-scale online networks such as InformationWeek, Light Reading and Gamasutra; research, training, and certification services, including HDI, Pyramid Research, and InformationWeek Analytics; and market-leading magazines such as InformationWeek and Wall Street & Technology. UBM TechWeb is part of UBM, a global provider of media and information services for professional B2B communities and markets.
MEDIA CONTACT:
Brian Rubin
fortyseven communications
(212) 391-4707
brian@fortyseven.com
Susanne Tenzler-Heusler, Europe
+49 (0)173 3786601
kontakt@brandvorwerk-pr.de
GDC EUROPE CONTACT:
Frank Sliwka, VP European Business Development
+49 (0)171 1288898
frank.sliwka@ubm.com
Ben Veechai, North America
+1-415-947-6280
ben.veechai@ubm.com
Source: UBM TechWeb Game Network
CONTACT: Brian Rubin of fortyseven communications, +1-212-391-4707,
brian@fortyseven.com, or Susanne Tenzler-Heusler, Europe, +49 (0)173 3786601,
kontakt@brandvorwerk-pr.de, both for UBM TechWeb Game Network, or Frank
Sliwka, VP European Business Development, +49 (0)171 1288898,
frank.sliwka@ubm.com, or Ben Veechai, North America, +1-415-947-6280,
ben.veechai@ubm.com, both for GDC Europe
Line of Powerful Wireless-N Routers Provides Tech Enthusiasts with the Ultimate Customization and Control of their Home Networking Experience
SAN FRANCISCO, March 31 -- -- Cisco today unveiled a new line of Linksys® wireless routers, designed to let its core audience of tech experts and enthusiasts take their home networking experience to the next level. The new, streamlined product lineup sets a new precedent for simplicity, power, and performance and makes it easy for consumers to find the right technology to fit their needs. The line also includes new Cisco Connect software, which gives users tools for easier customization and control of their home wireless experience.
"Linksys pioneered the first home router 10 years ago, and 50 million units later is the world's leading provider of home wireless routers," said Jonathan Kaplan, senior vice president and general manager of Cisco Consumer Products. "The new E-Series caters to Linksys' core technology-minded consumer base, with a simplified product line-up that is ideal for today's sophisticated home network user."
Cisco Connect Software: Simple Setup with Advanced Capabilities
With the addition of the new Cisco Connect software, the new Linksys E-Series is designed to make it easier for users to customize and control their wireless network settings to match their preferences. With a quick and easy setup, the software auto-assigns the WPA security passkey and SSID. Once configured, users can use Cisco Connect to easily manage their wireless home network by:
-- Adding multiple Internet-capable devices to the network
-- Setting parental controls for each computer or device
-- Giving visitors password-protected Internet access on a separate guest
network
-- Customizing advanced settings and changing the network SSID and
password
For the advanced user, Linksys' advanced features are still available through the default IP address (192.168.1.1).
Product Descriptions and Pricing
The new Linksys E-Series line offers a full range of technology options to help users find what works best for them. The new line, including a USB Wireless-N Adapter, is available immediately at Amazon, Staples, Linksys.com, and soon at Best Buy, Target, Wal-Mart and other leading retailers.
Linksys E1000 Wireless-N Router (MSRP: $79.99)
-- Wirelessly connects computers and other devices at transfer speeds up
to 300 Mbps
-- Uses four Fast Ethernet (10/100 Mbps) ports to directly connect wired
devices
-- Ideal for general wireless Internet usage and home office productivity
Linksys E2000 Advanced Wireless-N Router (MSRP: $119.99)
-- Includes four Gigabit Ethernet (10/100/1000 Mbps) ports for faster
file sharing with other Gigabit-enabled devices, including computers,
hard drives, and servers
-- Features selectable dual-band (2.4 GHz or 5 GHz) technology to help
avoid interference, allowing for smoother file transfers and media
streaming
-- Ideal for connecting computers, gaming consoles, Internet-enabled
HDTVs and Blu-Ray players, and other wireless devices at transfer
speeds up to 300 Mbps
Linksys E2100L Advanced Wireless-N Router with Linux OS: (MSRP: $119.99)
-- Utilizes the Linux operating system for flexibility to customize the
network
-- Uses four Fast Ethernet (10/100 Mbps) ports to directly connect wired
devices
-- Built-in UPnP AV Media Server streams entertainment content to an Xbox
360, PS3 or other compatible device
-- USB port provides connectivity to storage devices for file sharing at
home or over the Internet
-- Features simultaneous dual-band (2.4 GHz and 5 GHz), high-performance
Wireless-N technology for smoother HD video streaming, wireless gaming
and file transfers
-- Includes four Gigabit Ethernet (10/100/1000 Mbps) ports for faster
file sharing with other USB port and provides connectivity to storage
devices for file sharing at home or over the Internet
-- Built-in UPnP AV media server enables streaming of entertainment
content to an Xbox 360, PS3 or other compatible device
-- Optimized for entertainment, ideal for connecting computers, gaming
consoles, Internet-enabled HDTVs and Blu-Ray players, and other
wireless devices at transfer speeds up to 300 Mbps
Linksys AE1000 High-Performance Wireless-N USB Adapter: (MSRP: $69.99)
-- Provides Wireless-N capability to Windows desktop computers and
laptops
-- Selectable dual-band wireless-N - connects to either a 2.4 GHz or 5
GHz wireless network
-- Includes USB extension cable and adapter base for improved wireless
connectivity - ideal for hard-to-reach USB ports
Cisco (NASDAQ:CSCO) is the worldwide leader in networking that transforms how people connect, communicate and collaborate, this year celebrates 25 years of technology innovation, operational excellence and corporate social responsibility. Cisco's vision for the consumer is to enable people to live a connected life that is more personal, more social, and more visual. More information about Cisco and its line of consumer products including Linksys and Flip Video(TM) can be found at http://www.linksys.com, http://www.theflip.com or http://www.cisco.com/consumer.
Editor's Note: Cisco is also announcing a new consumer line of home wireless products called Valet today. More information can be found at http://www.thevalet.com.
*The maximum performance for wireless is derived from IEEE Standard 802.11 specifications. Actual performance can vary, including lower wireless network capacity, data throughput rate, range and coverage. Performance depends on many factors, conditions and variables, including distance from the access point, volume of network traffic, building materials and construction, operating system used, mix of wireless products used, interference and other adverse conditions.
CONTACT: Press, Karen Sohl of Cisco, +1-949-823-1578, mobile,
+1-949-302-3470, ksohl@cisco.com; or Krista Van Lewen of CommStrat Public
Relations, +1-303-963-5530, mobile, +1-415-608-0263, krista@commstrat.com; or
Analysts, Analyst Relations, Lisa Soto, +1-949-823-4778, lisoto@cisco.com, or
Investor Relations, Matt Tractenberg, +1-408-525-3170, matthew2@cisco.com,
both of Cisco
Huntkey Launches Whole Line-up of 80PLUS Certified PSUs -- JUMPER Series; New Forward Circuit Design Brings More Stability and Higher Efficiency
SHENZHEN, China, March 31 -- Huntkey Enterprise Group launches a series of brand-new, structure design power supply units from 350W to 600W that are dedicated to mainstream users worldwide -- called JUMPER. All have passed 80PLUS or 80PLUS bronze certification. "Forward Circuit design brings more stability and higher efficiency to your system," said Villa Li, Huntkey Product Manager.
Considering environmental protection efforts to prevent global warming, more and more electronic devices manufacturers undertake big efforts to improve product efficiency in order to reduce power consumption as much as possible. Not only developed countries have realized the importance of high efficiency, but also many developing countries are now laying down laws to restrict energy-wasting electronic devices.
In the PSU field, "80PLUS" certification is the recognized evaluation criteria for energy efficiency worldwide. It comprises FIVE different levels, including "Platinum," "Gold," "Silver," "Bronze" and "Standard," depending on different efficiency levels. Take 80PLUS Standard for example; its efficiency must be no less than 80% from 20% to 100% load, which means the power consumption is only 20%. 80PLUS Platinum is the highest level which is dedicated to special PSU areas such as server PSU.
As one of the largest PSU manufacturers in the world, Huntkey launched its first 80PLUS PSU as early as 2007. Three years have now passed, and the technologies have become more mature, causing the production costs to reduce to a more acceptable range. Huntkey launches a whole range of 80PLUS products from Gold level to Standard level one by one. "Devoting ourselves to combining environment protection concepts with most end-users' actual needs is what Huntkey concerns itself with," said Alva Li, Global Marketing Manager said. "JUMPER series PSU is what Huntkey dedicates for mainstream users."
Rated power 350W, 400W, 450W, 550W, 600W comprise Huntkey JUMPER Series which complies with Intel ATX12V V2.31 (SSI EPS12V V2.92 for JUMPER 550) providing the best compatibility with the most updated Multi-Core CPUs and supporting SLI & Crossfire multi-GPU VGA cards. They are certified by 80PLUS. JUMPER 450B and JUMPER 600B reach 80PLUS Bronze level. The input voltages from 100V to 240V ensure their worldwide usage.
Huntkey JUMPER power supplies are power supplies with a reasonable price and can be afforded by common users.
Huntkey Enterprise Group, one of the top 5 power supply providers, founded in 1992, is a professional provider specialized in the development, design, manufacturing and marketing of power supplies. The products of Huntkey cover a wide variety, including power supplies (1W-250KW), power systems, computer cases, universal notebook adapters, chargers, power supply converters, power strip etc. The industrial parks of Huntkey in Shenzhen, Heyuan and Hefei, which cover a total area of over 750,000 square meters, are now the largest IT manufacturing base in China's mainland. Huntkey with over 7,000 employees has set up its branch companies in Hong Kong, Japan and Europe. Its clients are found all over the world in more than 30 countries and regions, including Lenovo, DELL, etc.
For more information, please contact:
Alva Li
Email: markets@huntkey.com
Web: http://www.huntkeydiy.com/
Source: Huntkey Enterprise Group
CONTACT: Alva Li of Huntkey Enterprise Group, +86-755-8960-6654, or
markets@huntkey.com
SinoHub, Inc. Reports Record Fourth Quarter and Full-year 2009 Financial Results; Provides Guidance for Full-year 2010
-- Fourth quarter 2009 revenues increased 61.6% to $42.8 million; net income increased 24.5 % to $3.7 million, with EPS of $0.13
-- 2009 revenues increased 61.6% to $128.4 million; net income increased 45.8% to $12.4 million, with EPS of $0.48
-- Full-year 2010 revenue guidance of $180 million, an increase of 40% Year-Over-Year
SANTA CLARA, Calif. and SHENZHEN, China, March 31 -- SinoHub, Inc. (NYSE Amex: SIHI), a leading provider of supply chain management services for participants in the electronic components supply chain in China, today reported financial results for the fourth quarter and year ended December 31, 2009 and provided full-year revenue guidance for 2010.
Sales $42.8 million $26.5 million +61.6%
Gross Profit $6.4 million $6.3 million +1.9%
Net Income $3.7 million $2.9 million +24.5%
Fully diluted EPS $0.13 $0.12 +8.3%
Sales $128.4 million $79.5 million +61.6%
Gross Profit $22.4 million $16.2 million +38.1%
Net Income $12.4 million $8.5 million +45.8%
Fully diluted EPS $0.48 $0.40 +20.0%
Fourth Quarter 2009 Results
Sales -- Total revenues for fourth quarter 2009 advanced 61.6% to $42.8 million from $26.5 million for the fourth quarter of 2008. Revenues from electronic component sales, including procurement-fulfillment and spot component sales, increased more than 68.2% to $40.1 million for fourth quarter 2009 from $23.9 million for the same period last year. Revenues from the Company's supply chain management services business were $2.6 million for the 2009 fourth quarter, and flat compared to the fourth quarter of 2008.
Fourth Quarter 2009 Revenue Breakdown By Segment (USD in thousands)
(unaudited)
(three months ended December 31,) 2009 2008 CHANGE
Supply Chain Mgmt. Services $2.6 million $2.6 million +1.1%
% of Sales 6.2% 9.9%
Electronic Component Revenues $40.1 million $23.8 million +68.2%
% of Sales 93.8% 90.1%
Total Sales $42.8 million $26.5 million +61.6%
"We are pleased with our strong financial results for the fourth quarter of 2009, which continues to validate our strategy of providing electronic component purchasing and world-class supply chain management (SCM) solutions to the growing electronic marketplace in China," said Harry Cochran, Chief Executive Officer of SinoHub. "We continue to add new customers due to our proprietary SCM software platform, which substantially decreases production cycles and inventory levels for manufacturers, while improving their working capital position. Additionally, we are pleased to experience robust growth in our electronic component purchasing (ECP) business unit by leveraging the information gained through our SCM platform."
Cost of Sales -- Cost of goods sold totaled $36.4 million in the fourth quarter of 2009, up 80.2% from $20.2 million in the fourth quarter of 2008.
Gross Profit and Gross Margin - Gross profit for the fourth quarter of 2009 totaled $6.4 million an increase of 1.9% over $6.3 million in the fourth quarter of 2008. Gross profit margin for the fourth quarter of 2009 decreased to 15% from 23.8% in the same period of 2008, primarily due to an increase of electronic component sales as a percentage of total sales. Going forward, the Company anticipates an increase in sales from its new virtual contract manufacturing (VCM) business, which is expected to bring higher margins, on average.
Operating Expenses -- Total operating expenses were $1.6 million, or 3.8% of revenues in the fourth quarter of 2009, compared to $2.6 million, or 9.8% of revenues in the same period in 2008. Selling, general and administrative expenses increased 40% to $1.4 million in the fourth quarter of 2009 from $1 million in the fourth quarter of 2008, representing approximately 3.2% of revenues in the fourth quarter of 2009 compared to 3.6% in the same period of 2008. Professional services expenses increased to $508,000 in the fourth quarter of 2009, compared to $181,000 in the fourth quarter of 2008, with the increase due primarily to legal fees and non-recurring Sarbanes-Oxley consulting expenses. Stock compensation expenses were $138,000 in the fourth quarter of 2009 compared to $110,000 in the fourth quarter of 2008. In the fourth quarter of 2009 we reduced the provision for doubtful debts by $572,000 due primarily to improved conditions in the global economy, as compared to an increase in the allowance for doubtful debts of $1.2 million in the fourth quarter of 2008.
Income from Operations -- Income from operations was $4.8 million in the fourth quarter of 2009, or 11.2% of sales, as compared to operating income of $3.7 million, or 14% of sales in the fourth quarter of 2008.
Net Income -- Net income for the fourth quarter of 2009 increased 24.5% to $3.7 million, or $0.13 per fully diluted share, compared to $2.9 million, or $0.12 per fully diluted share, in the fourth quarter of 2008, based on 27.3 million and 24.5 million shares outstanding, respectively.
Full-year 2009 Results
Sales -- Revenues for the year ended December 31, 2009 were $128.4 million, up 61.6% from $79.5 million in 2008. Electronic component revenues, consisting of procurement-fulfillment and spot component sales, grew 60.8% to $119.8 million for 2009 from $74.5 million in 2008, due primarily to increased sales resulting primarily from the Company's ability to obtain advantageous pricing from its suppliers on behalf of its manufacturing customers. Revenues from the Company's supply chain management services business rose 72.6% to $8.6 million from $5.0 million in 2008, driven by demand for its proprietary SCM platform and an increase in new manufacturer customers.
Full-year 2009 Revenue Breakdown By Activity (USD in thousands)
(years ended December 31,) 2009 2008 CHANGE
Supply Chain Mgmt. $8,585 $4,973 +72.6%
Services 6.7% 6.3%
% of Sales
Electronic Component $119,823 $74,511 +60.8%
Revenues 93.3% 93.7%
% of Sales
Total Sales $128,408 $79,484 +61.6%
Cost of Sales -- Cost of goods sold totaled $106.0 million in 2009, up 67.6% from $63.3 million in 2008, slightly higher than the 61.6% rate of increase in total sales.
Gross Profit and Gross Margin - Gross profit for 2009 totaled $22.4 million, an increase of 38.1% over $16.2 million in 2008. Gross profit margins were 17.4% for 2009 compared to 20.4% in 2008.
Operating Expenses -- Total operating expenses were $6.2 million or 4.8% of revenues in 2009, compared to $5.4 million, or 6.8% of revenues in 2008. Selling, general and administrative expenses increased to $5.0 million in 2009 from $3.0 million in 2008, representing approximately 3.9% of revenues in 2009 compared to 3.8% in 2008. The largest factor in the increase in selling, general and administrative expenses from 2008 to 2009 was salaries and fringe benefits which increased by $1.5 million due to the large increase in headcount. Other significant factors in the increase were customs clearance and management fees, logistics fees, staff travel, and office and warehouse rent to support the general growth in sales and expanded operations. Professional services expenses were $1.1 million in 2009, compared to $692,000 in 2008 with the increase due primarily to legal fees and non-recurring Sarbanes-Oxley consulting expenses. Stock compensation expenses were $436,000 in 2009 compared to $110,000 in 2008 due to an increase in stock option and restricted stock grants. We reduced the provision for doubtful accounts by $890,000 in 2009 due primarily to improved conditions in the global economy, as compared with an increase of $1.2 million in 2008.
Income from Operations -- Income from operations was $16.2 million in 2009, or 12.8% of sales, as compared to operating income of $10.8 million, or 13.6% of sales in 2008.
Net Income -- Net income for the year ended December 31, 2009 increased 45.8% to $12.4 million from $8.5 million with corresponding fully diluted earnings per share of $0.48 compared to $0.40 in 2008 based on 25.7 million and 21.5 million fully diluted shares, in each respective period.
Liquidity and Capital Resources
SinoHub's cash and cash equivalents grew to $8.3 million at December 31, 2009 from $5.9 million at December 31, 2008. The Company had working capital of $39.4 million on December 31, 2009, up from $22.8 million at the end of 2008, and a current ratio of 3.2 to 1 at December 31, 2009 compared to a current ratio of 4.5 to 1 at December 31, 2008. Inventories were approximately $11.6 million and accounts receivables were $28.8 million on December 31, 2009, compared to approximately $0.44 million and $22.3 million on December 31, 2008, respectively. During 2009, the Company used $3.1 million in cash in operations versus $6.4 million used in operations in 2008. The variance between cash flow and net income for 2009 was mainly related to inventory purchases as the company prepares to ramp up its virtual contract manufacturing business unit to deliver mobile phones to developing markets outside China.
Full-year 2010 Revenue Guidance
For full fiscal year 2010, SinoHub is providing revenue guidance of $180 million, representing anticipated year-over-year growth of 40% over 2009. 2010 guidance provided assumes a substantial increase in sales from its new virtual contract manufacturing (VCM) business.
Business Outlook for 2010
SinoHub has built a successful business in China based around its proprietary supply chain management (SCM) SaaS software platform that services the Chinese electronics market -- the world's largest consumer of electronic components (in 2009, China used over $100 billion of electronic components to produce over $400 billion of electronics products). SinoHub believes the outlook for continued growth in 2010 is strong.
In response to the dynamic operating challenges facing electronic companies today, SinoHub employs a Web-based SCM platform which offers a free, open and seamless network for design houses, manufacturers, suppliers and product resellers. This platform provides the entire electronic component supply chain with transparency, resulting in decreased production cycles and inventory levels, while improving operating performance for its customers. SinoHub leverages the information it obtains through its SCM platform, including its proprietary database of over 50,000 electronics components, to identify opportunities to lower client costs and to generate sales for its electronic component purchasing (ECP) business unit, which comprises the majority of the Company's current revenue base.
Due largely to the benefits of using SinoHub's SCM platform, a number of new major manufacturing companies, including Hua Qin -- the fourth largest mobile phone design house in China, elected to become SinoHub customers in 2009. These new customers join more than 120 enterprises currently utilizing SinoHub's SCM platform, including some of the largest electronic components distributors in the world. Despite the global economic slowdown which continued in many parts of the world in 2009, SinoHub expects to experience continued strong growth in 2010 based on the fact that 90% of the products its customers make are sold in China and are products that are in high demand.
New Virtual Contract Manufacturing (VCM) Business
In a new growth initiative launched in late 2009, SinoHub is leveraging its industry knowledge and relationships through the development of a new virtual contract manufacturing (VCM) business to serve mobile phone distributors in emerging markets outside of China. Developing country markets, according to a report from JP Morgan Global Equity Research, account for two- thirds of all mobile phone sales in the world. It is estimated that over 797 million handsets were sold in developing countries in 2009, compared to 335 million in developed countries, with sales to developing countries expected to rise to over 1 billion in 2011 compared to 373 million in developed countries. Due to the price-sensitive, feature-specific nature of mobile phone users in developing country markets, SinoHub believes that traditional large, brand- name manufacturers are not well suited to meet this demand, leaving a significant opportunity in this vast market to thousands of smaller, more nimble distributors who can deliver feature rich mobile phones for niche markets. SinoHub believes that a disconnect exists however between these smaller distributors, which require feature-rich phones in smaller quantities, and the larger design houses and manufacturers they need to access in China. SinoHub is strategically positioned to bridge this gap as a flexible and cost effective contract manufacturer, due to its ability to leverage design information and manufacturing capacity information from its SCM customers and by achieving low breakeven volume because of the relatively small investment required in R&D and manufacturing. SinoHub's SCM platform also permits it to achieve a relatively low cost of goods through the use of its database to achieve cost-effective procurement of component parts.
Other Planned Initiatives
In 2010 and beyond, SinoHub plans to achieve additional growth through the implementation of a number of strategic initiatives that will capitalize on the huge market opportunities available to the Company. These include growing its customer base by further enhancing its SaaS SCM services, using its expertise to grow its VCM business and opening additional offices and warehouses in key locations to support expected customer growth. At the end of 2009, for example, SinoHub tripled the size of its Hong Kong warehouse which will enable the Company to handle $200 million per month worth of electronics orders per month. The Company also plans to expand its existing customer relationships by converting more SCM customers into ECP customers and by increasing the number of products per VCM customer. Assuming access to sufficient working capital, SinoHub will also seek to increase its presence in the networking equipment market and expand into other verticals through acquisition, and to enter adjacent markets through its VCM platform for mobile phones in Vietnam, Malaysia, Indonesia, and India. The Company is also evaluating additional international expansion of its VCM business for mobile phones in the US, including possible sales to Mobile Virtual Network Operators and through the acquisition of overseas ECP and VCM distribution channels.
Conference Call and Webcast
SinoHub will hold a conference call on Wednesday March 31, 2010 at 10:00 a.m. ET to discuss the Company's fourth quarter and year-end 2009 financial results. Interested participants should call 1-877-941-4774 when calling within the United States or 1-480-629-9764 when calling internationally.
A playback will be available through April 7, 2010. To listen to the replay, please call 1-800-406-7325 within the United States or 1-303-590-3030 when calling internationally. Utilize the pass code 4276647 for the replay. An archived version of the teleconference will also be available on the Company's Web site at http://www.sinohub.com/ under the Investors tab at Online Audio Files.
The call is being webcast by ViaVid Broadcasting and can be accessed by clicking on this link http://viavid.net/dce.aspx?sid=000072C2 , or visiting ViaVid's website at http://www.viavid.net/ , where the webcast can be accessed through April 7, 2010.
About SinoHub, Inc.
SinoHub, Inc., founded in 2000 by veteran entrepreneur Harry Cochran and electronics industry veteran Lei Xia to play a part in the electronics revolution in China, provides world-class supply chain management services with transparent information access for participants in the electronic components supply chain in China. SinoHub conducts substantially all of its operations through its wholly-owned subsidiary SinoHub Electronics Shenzhen Limited in the People's Republic of China and its wholly-owned B2B Chips subsidiary in Hong Kong, which offers electronic component purchasing and virtual contract manufacturing services currently focusing on the mobile phone market. For more information, visit the Company's Web site at http://www.sinohub.com/ and the B2B Chips Web site at http://www.b2bchips.com/ .
Cautionary Statement Regarding Forward-looking Information
Some of the statements contained in this press release that are not historical facts constitute forward-looking statements under the federal securities laws. Forward-looking statements can be identified by the use of the words "may," "will," "should," "could," "expects," "plans," "anticipates," "believes," "estimates," "predicts," "intends," "potential," "proposed," or "continue" or the negative of those terms. These statements involve risks known to the Company, significant uncertainties, and other factors, many of which cannot be predicted with accuracy and some of which may not even be anticipated, which may cause actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance, or achievements expressed or implied by those forward- looking statements. Such risks, uncertainties and factors include, but are not limited to, the Company's ability to expand its customer base, the ability to access capital for such expansion, assumptions concerning future economic and competitive conditions and other factors detailed from time to time in the Company's filings with the United States Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements. The Company undertakes no obligation to update or revise any forward looking statements, whether as a result of new information, future events or otherwise.
In the US:
HC International, Inc.
Ted Haberfield
Tel: +1-760-755-2716
Email: thaberfield@hcinternational.net
(Financial Tables Follow)
SINOHUB, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
ASSETS December December
31, 2009 31, 2008
CURRENT ASSETS
Cash and cash equivalents $ 8,347,000 $ 5,860,000
Restricted cash 7,595,000 374,000
Accounts receivable, net of allowance 28,828,000 22,282,000
Inventories, net 11,647,000 435,000
Prepaid expenses and other current
assets 650,000 370,000
Total current assets 57,067,000 29,321,000
PROPERTY AND EQUIPMENT, NET 2,271,000 703,000
TOTAL ASSETS $ 59,338,000 $ 30,024,000
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable $ 1,209,000 $ 764,000
Customer deposits 1,348,000 --
Accrued expenses and other current
liabilities 731,000 234,000
Bank borrowings 11,793,000 2,123,000
Income and other taxes payable 2,605,000 3,391,000
Total current liabilities 17,686,000 6,512,000
STOCKHOLDERS' EQUITY
Preferred stock, $0.001 par value,
5,000,000 shares authorized;
no shares issued -- --
Common stock, $0.001 par value,
100,000,000 shares authorized;
26,669,605 shares and 24,501,989
shares issued and outstanding
as of December 31, 2009 and
December 31, 2008, respectively 27,000 25,000
Additional paid-in capital 17,239,000 11,529,000
Retained earnings
Unappropriated 22,725,000 10,424,000
Appropriated 787,000 724,000
Accumulated other comprehensive
income 874,000 810,000
Total stockholders' equity 41,652,000 23,512,000
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY $ 59,338,000 $ 30,024,000
SINOHUB, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
Year ended December 31,
2009 2008
NET SALES
Supply chain management services $ 8,585,000 $ 4,973,000
Electronic components 119,823,000 74,511,000
Total net sales 128,408,000 79,484,000
COST OF SALES
Supply chain management services 447,000 1,444,000
Electronic components 105,573,000 61,830,000
Total cost of sales 106,020,000 63,274,000
GROSS PROFIT 22,388,000 16,210,000
OPERATING EXPENSES
Selling, general and administrative 4,982,000 2,990,000
Professional services 1,122,000 692,000
Stock compensation expense 436,000 110,000
Depreciation 553,000 389,000
(Write back of) / Allowance for
doubtful debts (890,000) 1,237,000
Total operating expenses 6,203,000 5,418,000
INCOME FROM OPERATIONS 16,185,000 10,792,000
OTHER INCOME (EXPENSE)
Interest expense (122,000) (251,000)
Interest income 20,000 66,000
Other, net 5,000 27,000
Total other income (expense) (96,000) (158,000)
INCOME BEFORE INCOME TAXES 16,089,000 10,634,000
Income tax expense 3,725,000 2,151,000
NET INCOME 12,364,000 8,483,000
OTHER COMPREHENSIVE INCOME
Foreign currency translation gain 64,000 541,000
COMPREHENSIVE INCOME $ 12,428,000 $ 9,024,000
SHARE AND PER SHARE DATA
Net income per share-basic $ 0.49 $ 0.41
Weighted average number of
shares-basic 25,079,000 20,925,000
Net income per share-diluted $ 0.48 $ 0.40
Weighted average number of
shares-diluted 25,677,000 21,460,000
SINOHUB, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
Year ended December 31,
2009 2008
CASH FLOWS FROM OPERATING ACTIVITIES
Net income $ 12,364,000 $ 8,483,000
Adjustments to reconcile net income
to cash provided by (used in)
operation:
Depreciation 553,000 389,000
(Write back of) / Allowance
for doubtful accounts (890,000) 1,237,000
Loss on disposal of property
and equipment -- 5,000
Stock compensation expense 184,000 53,000
Stock option compensation
amortization 252,000 50,000
Stock issued for professional
services 60,000 434,000
Changes in operating assets and
liabilities:
Accounts receivable (5,597,000) (12,934,000)
Inventories (11,204,000) 468,000
Prepaid expenses and other
current assets (279,000) 84,000
Accounts payable 442,000 (6,367,000)
Customer deposits 1,348,000 --
Accrued expenses and other
current liabilities 496,000 (93,000)
Income and other taxes payable (794,000) 1,808,000
Net cash used in
operating activities (3,065,000) (6,383,000)
CASH FLOWS FROM INVESTING ACTIVITIES
(Increase) Release of restricted
cash (7,221,000) 5,135,000
Purchase of property and equipment (2,140,000) (172,000)
Proceed from disposal of property
and equipment -- 10,000
Net cash (used in) provided by
investment activities (9,361,000) 4,973,000
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of common
stock , net of costs 2,650,000 6,482,000
Proceeds from exercise of warrants
and options, net of costs 2,567,000 8,000
Bank borrowing proceeds 21,529,000 2,123,000
Bank borrowing repayments (11,859,000) (7,286,000)
Notes payable repayments -- (251,000)
Related company proceeds -- 1,568,000
Net cash provided by financing
activities 14,887,000 2,644,000
EFFECT OF EXCHANGE RATES ON CASH 26,000 344,000
NET INCREASE IN CASH AND CASH
EQUIVALENTS 2,487,000 1,578,000
CASH AND CASH EQUIVALENTS AT BEGINNING
OF YEAR 5,860,000 4,282,000
CASH AND CASH EQUIVALENTS AT END OF YEAR$ 8,347,000 $ 5,860,000
SUPPLEMENTAL DISCLOSURE OF CASH FLOW
INFORMATION
Cash paid for interest expense $ 122,000 $ 251,000
Cash paid for income tax $ 3,672,000 $ 409,000
Source: SinoHub, Inc.
CONTACT: Falicia Cheng of SinoHub, Inc., +86-755-2661-1080,
falicia@sinohub.com, or in the US, Ted Haberfield of HC International, Inc.,
+1-760-755-2716, thaberfield@hcinternational.net
China Power Equipment Reports Higher Revenues and Net Income
XI'AN, China, March 31 -- China Power Equipment, Inc. ("China Power Equipment" or the "Company") (BULLETIN BOARD: CPQQ) , the manufacturer of a new generation of energy saving electric transformers and transformer cores in the People's Republic of China, today reported higher revenues and net income for the year ended December 31, 2009.
Year 2009 Highlights
-- Net revenues increased 154.0% to $23.87 million in 2009 from $9.39
million in 2008.
-- Gross profit increased 143.1% to $5.70 million in 2009 from $2.34
million in 2008.
-- Net income increased 190.0% to $4.22 million in 2009 from $1.46 million
in 2008.
-- Diluted earnings per common share decreased 357.1% to $(0.32) per share
in 2009 from $(0.07) per share in 2008, mainly due to a deemed dividend
from the beneficial conversion feature of preferred stock and higher
average common shares outstanding.
Net revenues increased $14.47 million or 154.0 percent to $23.87 million for the year ended December 31, 2009 from $9.39 million in the year 2008, mainly due to higher volumes of amorphous alloy cores and transformers sold. Net income increased $2.76 million or 190.0 percent to $4.22 million in 2009 from $1.46 million in 2008, mainly due to the higher revenues and continuing good control of expenses. Diluted earnings per share decreased 357.1 percent to $(0.32) per common share in 2009 from $(0.07) per share in 2008, mainly due to a deemed dividend from the beneficial conversion feature of preferred stock and higher average common shares outstanding that increased 35.1 percent in 2009 from 2008.
Mr. Yong Xing Song, Chairman of the Board of China Power Equipment, said, "Our strong increases in revenues and net income for the year 2009 reflect the high demand in the Chinese market for our energy-efficient amorphous alloy electric transformer equipment."
Looking at the company's products, revenues from amorphous alloy cores were up $10.84 million or 202.1 percent to $16.21 million in 2009 from $5.37 million in 2008. Revenues from amorphous alloy transformers were up $4.05 million or 115.4 percent to $7.56 million in 2009 from $3.51 million in 2008. Revenues from traditional silicon steel transformers and cores were down $0.42 million or (81.1) percent to $0.10 million in 2009 from $0.52 million in 2008 because the Company exited that business entirely in 2009.
To help fulfill the large increase in customers' orders for amorphous alloy transformers and cores, the Company subcontracted out some of the production to another manufacturer in 2009.
Operating expenses remained under good control, with its gross profit margin declining just 1 percentage point to 23.9 percent in 2009 from 24.9 percent in 2008 on somewhat higher prices for its primary raw material. The Company's operating profit margin increased to 18.9 percent in 2009 from 16.7 percent in 2008.
Total other income increased $0.32 million or 197.4 percent to $0.48 million in 2009 from $0.16 million in 2008, mainly due to higher consulting income for technical support work performed in 2009 that was not offered in 2008 and due to lower interest expense on lower average borrowings in 2009 compared with 2008. The Company's effective income tax rate was down a little to 15.3 percent in 2009 from 15.7 percent in 2008.
As a result, China Power Equipment's net income increased $2.76 million or 190.0 percent to $4.22 million in 2009 from $1.46 million in 2008. Its net profit margin improved to 17.68 percent in 2009 from 15.50 percent in 2008.
Net cash flow provided by operating activities was $5.38 million in 2009, net cash flow used in investing activities was $(2.51) million, mostly in support of capacity expansion, and net cash flow provided from financing activities was $4.94 million, with nearly all of that provided by the net proceeds the Company received from issuing preferred stock in 2009. Adding in a small cash flow benefit due to foreign currency exchange rate changes, China Power Equipment's net cash flow in 2009 resulted in a net increase in cash of $7.81 million. The Company's cash outstanding on December 31, 2009 was $8.88 million.
The Company's debt leverage at yearend 2009 was very modest at 0.3 percent, since it had only one small interest-bearing note payable.
Mr. Song continued, "I believe our results in 2009 represent a very good performance in a very high growth year. With our good cash position, internal cash generation, modest debt leverage, and financing flexibility, we believe we have sufficient financial strength to continue to invest in new product development, capacity expansion, and working capital to support good sales growth in our amorphous alloy cores and amorphous alloy transformers."
Mr. Song continued, "We expect that a new source of amorphous alloy strip will soon be available from Beijing Advanced Technology & Science Materials Co., Ltd. ("AT&M"). We have signed an agreement with AT&M in which we have been given priority to purchase amorphous alloy strip products.
"In September 2009, AT&M completed their test production of amorphous alloy strip, using their facility that has an annual capacity of 10,000 metric tons. We have used some of AT&M's test strip to manufacture test cores and transformers and are pleased to be the first company to do so. Our test cores and transformers are permitting electric power grid organizations and other transformer makers to test and to validate that our cores and transformers using AT&M's amorphous alloy will perform as expected, are essentially equivalent in quality and performance to production that uses Hitachi's amorphous alloy, and are qualified for production purchases. We believe that this second source for amorphous alloy strip, when approved for production, is likely to help alleviate the raw material constraint that has been a concern in the global transformer industry. AT&M's alloy is likely to be quite cost competitive and may accelerate the use of amorphous alloy transformers by China's electric power grid companies."
Mr. Song concluded, "China's economic outlook continues to be encouraging, and China's adoption of amorphous alloy electric transformers in both urban and rural areas appears to be increasing at an increasing rate. As a result, we believe that the high demand for amorphous alloy cores and transformers should continue for several years."
Financial statements follow.
China Power Equipment, Inc.
Consolidated Statements of Operations
Year Ended December 31,
2009 2008
Revenue, net $23,866,239 $9,394,491
Cost of goods sold (18,167,768) (7,050,739)
Gross profit 5,698,471 2,343,752
Operating expenses:
Selling, general, and administrative
expenses 1,170,932 779,350
Stock-based compensation 25,697 --
Total operating expenses 1,196,629 779,350
Net income from operations 4,501,842 1,564,402
Other income (expenses)
Gain on investment 89,755 67,505
Other income 393,224 279,436
Interest income 12,902 3,119
Interest expense (14,268) (188,110)
Total other income 481,613 161,950
Net income before income taxes 4,983,455 1,726,352
Income taxes 763,455 270,559
Net income $4,220,000 $1,455,793
Deemed dividend from beneficial
conversion feature of preferred
stocks (9,045,005) (2,193,483)
Net loss applicable to common
shareholders $(4,825,005) $(737,690)
Loss per share - basic $(0.32) $(0.07)
Loss per share - diluted $(0.32) $(0.07)
Weighted average common shares
outstanding:
Basic 14,908,313 11,036,692
Diluted 14,908,313 11,036,692
The accompanying notes are an integral part of these consolidated
financial statements.
China Power Equipment, Inc.
Consolidated Balance Sheets
December 31, December 31,
2009 2008
Assets
Current Assets
Cash $8,883,188 $1,071,038
Accounts receivable, net 1,949,818 2,013,305
Advance to suppliers -- 771,407
Inventory, net (Note 3) 363,312 461,634
Prepaid expenses and other
receivables 220,939 257,700
Total Current Assets 11,417,257 4,575,084
Related party receivables (Note 11) 731 97,248
Property, plant and equipment, net
(Note 4) 4,593,068 3,116,422
Intangible assets, net (Note 6) 391,513 220,742
Long-term investment (Note 5) 282,897 236,384
Deposit on contract rights (Note 12) 1,316,328 1,313,064
Deposit for purchase of equipment 767,858 --
Prepaid capital lease (Note 9) 111,482 116,694
Total Assets $18,881,134 $9,675,638
Liabilities and Stockholders' Equity
Current Liabilities
Accounts payable $549,065 $710,480
Accrued liabilities and other
payables 395,486 409,040
Advance from customers 32,760 142,156
Lease payable - current portion (Note 9) 2,156 1,944
Note payable (Note 8) 58,503 58,358
Value-added tax payable 219,398 64,686
Income taxes payable (Note 7) 365,751 235,262
Related party payable (Note 11) 1,170 1,167
Total Current Liabilities 1,624,289 1,623,093
Long-term Liabilities
Lease payable - non current portion
(Note 9) 115,463 117,327
Total Long-term Liabilities 115,463 117,327
Stockholders' Equity
Series B convertible preferred stock,
$0.001 par value, 5,000,000 shares
authorized,
4,166,667 shares and Nil issued and
outstanding at December 31, 2009 and
2008 4,167 --
Common stock: par value $0.001 per
share, 100,000,000 shares
authorized;
14,908,313 shares issued and
outstanding at December 31, 2009 and
2008 14,908 14,908
Additional paid-in capital 21,182,026 7,176,041
Statutory surplus reserve fund (Note
10) 642,819 202,665
Retained earnings (Accumulated
deficit) (5,728,130) (462,971)
Accumulated other comprehensive
income 1,025,592 1,004,575
Total stockholders' equity 17,141,382 7,935,218
Total Liabilities and Stockholders'
Equity $18,881,134 $9,675,638
The accompanying notes are an integral part of these consolidated
financial statements.
China Power Equipment, Inc.
Consolidated Statements of Cash Flows
Year Ended December 31,
2009 2008
Cash Flows from Operating Activities
Net income $4,220,000 $1,455,793
Adjustments to reconcile net income
to net cash:
Depreciation and amortization
expense 249,592 232,607
Stock-based compensation 25,697 --
Provision of bad debts 90,594 40,467
Provision of impairment loss of
advance to suppliers -- 107,885
Gain on investment (89,755) (67,505)
Changes in operating assets and
liabilities:
Accounts receivable (22,138) (210,710)
Advance to suppliers 772,909 83,518
Inventory 99,416 (92,297)
Prepaid expenses and other
receivables 37,380 17,051
Accounts payable (163,094) (442,875)
Accrued expenses and other payables (14,558) (39,973)
VAT tax payable 154,468 (36,449)
Income taxes payable 129,834 105,293
Advance from customers (109,690) (17,473)
Net cash provided by (used in)
operating activities 5,380,655 1,135,332
Cash Flows from Investing Activities
Acquisitions of property, plant, and
equipment (18,422) (49,266)
Addition in construction in progress (1,620,844) --
Acquisitions of intangible assets (219,270) --
Deposit for purchase of equipment (767,445) --
Repayment from related parties 72,913 65,724
Dividend from equity interest
subsidiary 43,854 71,816
Net cash provided by (used in)
investing activities (2,509,214) 88,274
Cash Flows from Financing Activities
Principal payments on capital lease (1,948) (1,731)
Repayment to related parties -- (186,575)
Proceeds from issuing preferred
stock 4,939,450 --
Repayment to short-term loans -- (1,098,783)
Net cash provided by (used in)
financing activities 4,937,502 (1,287,089)
Effect of exchange rate changes on
cash and cash equivalents: 3,207 60,626
Increase (decrease) in cash and cash
equivalents 7,812,150 (2,857)
Cash and cash equivalents, beginning
of period 1,071,038 1,073,895
Cash and cash equivalents, end of
period $8,883,188 $1,071,038
Supplemental disclosure of cash flow
information
Interest paid in cash $14,268 $188,110
Income taxes paid in cash $633,621 $165,265
Non-cash investing and financing
activities:
Issuance of stocks for advance from
investor $-- $100,000
Reclass long-term investment to
advance to suppliers $-- $706,823
Conversion of preferred stock to
common stock $-- $93
Construction in progress in lieu of
repayment from related party $23,794 $--
The accompanying notes are an integral part of these consolidated
financial statements."
China Power Equipment, Inc.
Consolidated Statements Of Stockholders' Equity
Additional
Preferred Stock Capital Stock Paid-in
Shares Amount Shares Amount Capital
BALANCE, JANUARY 1,
2008 92,500 $93 10,451,613 $10,452 $4,886,921
Conversion of
Series A preferred
stock (92,500) (93) 4,021,900 4,022 (3,929)
Deemed dividend on
preferred stock -- -- -- -- 2,193,483
Issuance of common
stock -- -- 434,800 434 99,566
Transfer to
statutory reserve -- -- -- -- --
Comprehensive
income:
Net income -- -- -- -- --
Foreign currency
translation
adjustment -- -- -- -- --
Total comprehensive
income
BALANCE, DECEMBER 31,
2008 -- -- 14,908,313 14,908 7,176,041
Issuance of
preferred stock 4,166,667 4,167 -- -- 4,935,283
Deemed dividend on
preferred stock -- -- -- -- 9,045,005
Stock-Based
Compensation -- -- -- -- 25,697
Transfer to
statutory reserve -- -- -- -- --
Comprehensive
income:
Net income -- -- -- -- --
Foreign currency
translation
adjustment -- -- -- -- --
Total comprehensive
income
BALANCE, DECEMBER 31,
2009 4,166,667 $4,167 14,908,313 $14,908 $21,182,026
China Power Equipment, Inc.
Consolidated Statements Of Stockholders' Equity
Accumulated
Retained Other
Statutory Earnings Compre- Total
Surplus (Accumulated hensive Stockholders'
Reserve deficit) Income (Loss) Equity
BALANCE, JANUARY 1, 2008 $38,629 $438,755 $585,381 $5,960,231
Conversion of Series A
preferred stock -- -- -- --
Deemed dividend on
preferred stock -- (2,193,483) -- --
Issuance of common stock -- -- -- 100,000
Transfer to statutory
reserve 164,036 (164,036) -- --
Comprehensive income:
Net income -- 1,455,793 -- 1,455,793
Foreign currency
translation adjustment -- -- 419,194 419,194
Total comprehensive
income 1,874,987
BALANCE, DECEMBER 31,
2008 202,665 (462,971) 1,004,575 7,935,218
Issuance of preferred
stock -- -- -- 4,939,450
Deemed dividend on
preferred stock -- (9,045,005) -- --
Stock-Based Compensation -- -- -- 25,697
Transfer to statutory
reserve 440,154 (440,154) -- --
Comprehensive income:
Net income -- 4,220,000 -- 4,220,000
Foreign currency
translation adjustment -- -- 21,017 21,017
Total comprehensive
income 4,241,017
BALANCE, DECEMBER 31, 2009 $642,819 $(5,728,130) $1,025,592 $17,141,382
The accompanying notes are an integral part of these consolidated
financial statements.
About China Power Equipment, Inc.
China Power Equipment, Inc., is a U.S. corporation, which through its wholly-owned subsidiary, An Sen (Xi'an) Power Science & Technology Co., Ltd. and its affiliated operating company, Xi'an Amorphous Zhongxi Co., Ltd., designs, manufactures, and distributes amorphous alloy transformer cores and amorphous alloy core electricity transformers in the People's Republic of China. The company currently manufactures 59 different products, primarily amorphous alloy cores and amorphous alloy core transformers.
Safe harbor
Certain statements in this release concerning our future growth prospects are forward-looking statements, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements.
The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding the success of our investments, risks and uncertainties regarding fluctuations in earnings, our ability to sustain our previous levels of profitability including on account of our ability to manage growth, intense competition, wage increases in China, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, our ability to successfully complete and integrate potential acquisitions, withdrawal of governmental fiscal incentives, political instability and regional conflicts and legal restrictions on raising capital or acquiring companies outside China.
Additional risks that could affect our future operating results are more fully described in our filings with United States Securities and Exchange Commission. These filings are available at http://www.sec.gov.
We may, from time to time, make additional written and oral forward- looking statements, including statements contained in our filings with the Securities and Exchange Commission and our reports to shareholders. We do not undertake to update any forward-looking statements that may be made from time to time by or on our behalf.
China Power Equipment, Inc.
Phone: +1-646-623-6999 in the USA
Email: xa-fj@xa-fj.com
or
Christensen
Mr. Yuanyuan Chen (English and Chinese)
Mobile: +86-139-2337-7882 in Beijing
Email: ychen@christensenir.com
Mr. Tom Myers (English)
Mobile: +86-139-1141-3520 in Beijing
Email: tmyers@christensenir.com
Ms. Kathy Li (English and Chinese)
Telephone +1-212-618-1978 in the USA
Email: kli@christensenir.com
Source: China Power Equipment, Inc.
CONTACT: China Power Equipment, Inc., +1-646-623-6999 in the USA, or
xa-fj@xa-fj.com; Christensen - Mr. Yuanyuan Chen (English and Chinese), mobile
+86-139-2337-7882 in Beijing, or ychen@christensenir.com; Mr. Tom Myers
(English), mobile +86-139-1141-3520 in Beijing, or tmyers@christensenir.com;
Ms. Kathy Li (English and Chinese), +1-212-618-1978 in the USA, or
kli@christensenir.com
Government Recommendations for Technology and Innovation Centres May Fall Short
CAMBRIDGE, England, March 31, 2010-- PraxisUnico, the UK's leading research commercialisation organisation,
invites comment on a statement from the organisation's Chairman, Professor
David Secher, on Government policy on knowledge transfer. Lord Mandelson has
accepted the recommendations of the recent Hauser Report. This report
proposes development of a network of technology and innovation centres that
will help deliver the industries and jobs of the future.
In his statement Professor Secher assesses the significance of the Hauser
Report to knowledge transfer and research commercialisation, "It is clear
that Lord Mandelson, who commissioned the report, favours the German system
of Fraunhofer Institutes. Previous attempts to copy that system in the UK
(e.g. Faraday Centres) have failed and Hauser is careful to explain that what
works in Germany may not be appropriate here. He notes that in the UK since
2008 the Regional Development Agencies and devolved governments have invested
more than GBP150m in over 50 Technology Innovation Centres. Whilst some of
these have already shown signs of success and sustainability (e.g. advanced
manufacturing in Sheffield), many have been constrained by insufficient
funding, duplication and a too narrow geographical focus. They have also been
constrained by the dimensions of the existing UK industrial base."
Secher concludes, "Is there a danger that the biggest breakthroughs might
fall through such a network? When César Milstein invented monoclonal
antibodies or Fred Sanger DNA sequencing, these would not have met Hauser's
criteria. The recognition of the importance of serendipity and the ability
flexibly to set up (and close down!) centres, as science develops, must be
taken into account. It is the ability to create demand which marks some of
the greatest developments, not simply being a narrow servant of the market.
Most importantly, the investment needs to add to university knowledge
transfer and improve the demand from British industry for new research (as
identified so clearly by Richard Lambert in his 2003 report). To build a
knowledge economy we need, not a reinforcement of old industries, but an
industrial base that is aligned with our research potential; that can build
on the success of university knowledge transfer; and that fosters a demand
creation agenda."
(Due to the length of this URL, it may be necessary to copy and paste
this hyperlink into your Internet browser's URL address field. Remove the
space if one exists.)
3. The Hauser Report proposes a national network of sector-based centres
to "close the gap between universities and industry though a 'translational
infrastructure' to provide a business-focused capacity and capability that
bridges research and technology commercialisation."
4. Secher also proposes that the centres should be called "Hawking
Centres" or "Hauser Centres", rather than "Clark Maxwell Centres", as
suggested by Hauser.
About PraxisUnico
PraxisUnico is a not-for-profit educational organisation set up to
support innovation and commercialisation of public sector and charity
research for social and economic impact. PraxisUnico encourages innovation
and acts as a voice for the research commercialisation profession,
facilitating the interaction between the public sector research base,
business and government. PraxisUnico provides a forum for best practice
exchange, underpinned by first-class training and development programmes.
Verizon Helps Government Agencies Take Complexity out of Going Mobile
New Solution for Public Agencies Helps Track, Manage and Secure Devices for Workforces On-the-Go
NEW YORK, March 31 -- More than ever, government agencies are providing their workers with mobile communications tools such as smart phones, laptops and other wireless devices. A tailored managed mobility solution from Verizon helps agencies manage and secure those mobile assets.
The solution, Verizon's Mobility Management for Government (MMG), helps agencies protect physical and intellectual assets while meeting the unique security mandates of federal agencies and other public institutions.
Verizon MMG, an expansion of Verizon's comprehensive Managed Mobility portfolio for enterprises, is available immediately under the U.S. General Services Administration's Washington Interagency Telecommunications System (WITS 3) contract and as an IT solution using the Alliant contract. The solution complies with the Federal Information Processing Standard (FIPS) Publication 140-2 and applicable Security Technical Implementation Guide security guidelines for federal agencies.
One federal agency already is taking advantage of the government mobility solution. The U.S. Geological Survey, a bureau within the U.S. Department of the Interior, recently signed a new contract for Verizon Business to provide mobile infrastructure and device management for approximately 1,500 smart phones.
"The business of government has moved beyond the traditional four walls, and public agencies are providing their mobile workers with the tools they need to be more flexible and productive," said Susan Zeleniak, group president, Verizon Federal. "This solution is designed with public agencies' strict security requirements in mind, enabling them to deploy advanced mobility tools with confidence."
The MMG offering is carrier-neutral and enables federal and state agencies to securely deploy smart mobile devices while avoiding the complexity of managing those devices in-house.
Specific components of the MMG solution include:
-- Mobile Security Shield - Anti-virus and spam security protection for
mobile PDAs and mobile operating systems.
-- Mobile Virtual Private Network - The VPN is compliant with FIPS 140-2
and provides secure connectivity back to agency applications.
-- Mobile Infrastructure and Device Management - Manages mobile devices
for the agency, delivering tools, applications and data to employees,
where and when required, while creating and enforcing flexible mobile
policies across the agency.
-- Wireless Expense and Asset Management System - Tracks mobile assets,
usage and spending, delivering consolidated and departmental reports.
The platform, a fully hosted solution, allows agencies to order or
disconnect devices as well as track wireline telecom spending.
Agencies also have the option of help desk support round-the-clock, seven days a week.
Verizon Communications Inc. (NYSE:VZ)(NASDAQ:VZ) , headquartered in New York, is a global leader in delivering broadband and other wireless and wireline communications services to mass market, business, government and wholesale customers. Verizon Wireless operates America's most reliable wireless network, serving more than 91 million customers nationwide. Verizon also provides converged communications, information and entertainment services over America's most advanced fiber-optic network, and delivers innovative, seamless business solutions to customers around the world. A Dow 30 company, Verizon employs a diverse workforce of approximately 222,900 and last year generated consolidated revenues of more than $107 billion. For more information, visit http://www.verizon.com.
VERIZON'S ONLINE NEWS CENTER: Verizon news releases, executive speeches and biographies, media contacts, high-quality video and images, and other information are available at Verizon's News Center on the World Wide Web at http://www.verizon.com/news. To receive news releases by e-mail, visit the News Center and register for customized automatic delivery of Verizon news releases.
Source: Verizon
CONTACT: Stefanie Scott of Verizon, +1-512-495-6730,
stefanie.scott@verizon.com
Diguang International Announces Fourth Quarter and Full Year 2009 Results
SHENZHEN, China, March 31 -- Diguang International Development Co., Ltd. (BULLETIN BOARD: DGNG) ("Diguang" or the "Company") today announced financial results for the fourth quarter and the year ended December 31, 2009.
Fourth Quarter Highlights
-- Net revenue increased 65.0% year-over-year to $14.4 million
-- Gross profit totaled $1.6 million, or 11.0% of sales, compared to gross
loss of $1.0 million a year ago
-- Net loss improved to $2.9 million, or $0.13 cents per diluted share,
compared to a loss of $3.7 million, or $0.17 per diluted share, a year
ago
-- Non-GAAP net income was $0.4 million, or $0.02 per share, compared to a
non-GAAP net loss of $1.6 million, or $0.07 per diluted share, a year
ago
-- In December 2009, Diguang commenced construction of its new production
facility in Shenzhen to manufacture large sized LED back light products
and LED TVs
-- In October 2009, Diguang featured its LED lighting products at the Hong
Kong International Lighting Fair
-- In November 2009, Diguang featured its LED products at the China
Hi-Tech Fair in Shenzhen
"Demand for our LED backlights continued to increase in the fourth quarter of 2009. As a result, revenue increased 7.1% over the third quarter of 2009 and jumped 65.0% on a year-over-year basis," said Mr. Song Yi, the President and Chief Executive Officer of Diguang. "In 2009, our product mix reflects our focus on the rapidly growing market for LED products. For the first time, sales of our LED products, including LED backlights, LED LCM, mini-notebooks, LED general lighting products and LED monitors, represented a majority of our total sales. We successfully introduced our LED TV backlight and LCM to major TV manufacturers and added 10 new customers, which accounted for approximately 19.0% of our total revenue for fiscal year 2009. During the year, we also delivered our 19" LED energy saving monitors, along with several LED general lighting products. While margin improved across LED product lines, most notably, large sized LED backlights recorded higher revenue and gross margin.
"We believe our LED TVs and TV assembly offerings will continue to gain momentum as consumers seek environmentally friendly, power-saving and superior quality products at affordable prices. This is especially true for the domestic market, and we are working to expand our network of agents within China," added Mr. Song
Highlights for the Three Months Ended December 31, 2009
Net revenue totaled approximately $14.4 million for the three months ended December 31, 2009, a significant increase of 65.0%, compared to $8.7 million for the three months ended December 31, 2008. On a sequential basis revenue increased 6.0% from $13.6 million in the third quarter of 2009 as a result of growing market demand for the Company's LED TV backlights and CCFL backlights. The fourth quarter of 2009 represents second consecutive quarter of expanded sales for the Company's traditional CCFL products and newly developed large size LED backlights and LED monitors, which benefited from continued economic recovery.
Gross profit for the fourth quarter of 2009 totaled $1.6 million, or 11.0% of net sales, compared with gross loss of $1.0 million for the same period of 2008. The turnaround in gross profit was largely attributable to upgrades to its small and mid size LED backlight products which generated negative margins in the year ago period, combined with the ability to generate high gross margin from sales of its large sized LED products. On a sequential basis, gross margin increased 4.0 percentage points from 7.0% in the third quarter of 2009.
Operating expenses totaled approximately $4.2 million for the fourth quarter of 2009, up 56.6% from $2.8 million in the fourth quarter of 2008. As a percentage of net revenue, fourth quarter 2009 total operating expenses amounted to 29.1%, compared to fourth quarter 2008 operating expenses at 56.6% of net revenue. This was largely attributable to a significant increase in R&D expenses as the Company aggressively upgraded its existing products and invested into product development initiatives and increase in selling expenses due to promotion activities for new products, which were partially offset by decline in general and administrative expenses as a result of management's disciplined efforts to control costs.
The Company's net loss attributable to common shares during the three months ended December 31, 2009 was $2.9 million, down from net loss attributable to common shares of $3.7 million for the three months ended December 31, 2008.
The loss per basic and diluted share was ($0.13) for the three months ended December 31, 2009, improving from loss per basic and diluted share of ($0.17) for the three months ended December 31, 2008.
Excluding non-cash items, net income for the fourth quarter of fiscal 2009 on a non-GAAP basis would have been $0.4 million, or $0.02 per basic and diluted share. Excluding non-cash items, net loss for the fourth quarter of 2008 on a non-GAAP basis would have been $1.6 million, or ($0.07) per basic and diluted share. Please see the reconciliation table below.
Reconciliation of GAAP Net Income and Earnings per Share to Non-GAAP Net
Income and Earnings per Share
Three Months Ended Years Ended
December 31, December 31,
2009 2008 2009 2008
GAAP net income (loss) (2,935,282) (3,730,896) (7,200,452) (4,718,370)
Non-cash items:
Non controlling interest 202,927 (74,007) (45,682) 195,925
Depreciation 381,998 415,979 1,601,616 1,833,219
Bad debt allowance 869,079 220,720 869,079 220,720
Inventory provision 1,181,258 1,183,932 1,749,523 1,239,816
Impairment of long-term
investments 720,698 157,108 720,698 157,108
Loss on disposal of
assets 2 3,726 30,489 3,726
Share-based
compensation (20,305) 144,127 281,175 571,505
Deferred tax assets -- 53,522 28,485 53,522
Non GAAP net income
(loss) 400,375 (1,625,789) (1,965,069) (442,869)
GAAP net income (loss) (0.13) (0.17) (0.33) (0.21)
Non-cash items:
Non controlling interest 0.01 (0.00) (0.00) 0.01
Depreciation 0.02 0.02 0.07 0.08
Bad debt allowance 0.04 0.01 0.04 0.01
Inventory provision 0.05 0.05 0.08 0.06
Impairment of long-term
investments 0.03 0.01 0.03 0.01
Loss on disposal of
assets 0.00 0.00 0.00 0.00
Share-based
compensation (0.00) 0.01 0.01 0.03
Deferred tax assets 0.00 0.00 0.00 0.00
Non GAAP net income
(loss) 0.02 (0.07) (0.09) (0.02)
Weighted average shares
outstanding -
basic and diluted 22,200,822 22,072,000 22,072,000 22,155,882
Fiscal Year 2009 Results
Total revenue for 2009 was approximately $44.1 million, down 20.5% from $55.4 million in fiscal year 2008. Gross profit for 2009 was $3.6 million, down 25.1% from gross profit of $4.7 million a year ago. Gross margin was 8.1% for 2009, down from 8.6% for 2008. The Company recorded an operating loss of $7.0 million, compared with operating loss of $3.9 million in 2008. Net loss attributable to common shares for 2009 was $7.2 million, compared with net loss attributable to common shares of $4.7 million in 2008. Basic and diluted loss per share were ($0.33) for 2009 compared to ($0.21) in 2008.
Excluding non-cash items, net loss for 2009 on a non-GAAP basis would have been $2.0 million, or ($0.09) per share. Excluding non-cash items, net loss for 2008 on a non-GAAP basis would have been $0.4 million, or ($0.02) per share. Please see the reconciliation table above.
Financial Condition
As of December 31, 2009, Diguang had $6.2 million in cash and cash equivalents, $4.3 million in restricted cash and approximately $2.8 million in working capital. As of December 31, 2009, shareholders' equity was $51.7 million.
Recent Events
On March 9, 2010, Diguang's management team presented at the Rodman & Renshaw China Investment Conference in Beijing.
Business Outlook
Diguang continues to anticipate strong growth driven by increased demand in its LED backlight, LED TV, and general lighting product segments. According to DisplayBank's projections Global LED market will reach $14 billion in 2013, reflecting a five-year compound annual growth rate 18.7%. The Company has rolled out its 32", 42" and 52" LED TVs in small batches in the first quarter of 2010 and expects to deliver large orders in the second quarter of 2010. Diguang expects to launch its 24-inch ultra-thin monitor in the second quarter of 2010.
Diguang's new production facility in Shenzhen will be used to manufacture large size LED backlights and LED TVs. This new facility will house ten production lines with a total annual production capacity of 1.0 million units. The Company expects to complete construction in the third quarter of 2010 and anticipates the facility to commence production by the first quarter of 2011. With the additional capacity from the Shenzhen facility, the Company expects total capacity to expand to 6.6 million backlight units, 320,000 LED TV and monitor units, and 50,000 LED lighting units, an increase of 45.6%, 88.2% and 150%, respectively.
General lighting products, represent a longer term growth opportunity. According to DisplaySearch projections, the LED lighting market could reach $2 billion by 2013. Diguang employs sales agents to expand its geographic reach and has shipped samples of its LED general lighting products to the US, UK, France, Netherland and Singapore. The Company has received favorable response and is working on initial trial orders from customers in US, UK, and France.
The Company estimates fiscal 2010 revenue to be in the range of $60 million to $80 million.
"With distinguishing features such as superior quality, slimmer profiles, lower energy consumption and higher color contrast gaining consumers' attention, the global LED TV market is rapidly gaining momentum and we expect it to be a strong catalyst for our growth in the year ahead. We are also excited about the emerging LED general lighting segment with increasing government support and rising global environmental consciousness," commented Mr. Song. "Our new production facility in Shenzhen will enable us to capitalize on the long term growth opportunities in the LED industry. With strategically located manufacturing bases in China's vital electronics manufacturing regions, Diguang is well positioned to effectively meet increasing demand from both domestic and international customers."
Use of Non-GAAP Financial Measures
GAAP results for the three months and years ended December 31, 2009 and 2008 include non-cash expenses such as depreciation, share based compensation, bad debt allowance, inventory provisions, loss on the disposal of assets, and deferred tax assets. To supplement the Company's condensed consolidated financial statements presented on a GAAP basis, the Company has provided non- GAAP financial information excluding the impact of these items in this release, which are non-GAAP net income and non-GAAP diluted earnings per share. The Company's management believes that these non-GAAP measures provide investors with a better understanding of how the results related to the Company's historical performance. The additional adjusted information is not meant to be considered in isolation or as a substitute for GAAP financials. The adjusted financial information that the Company provides also may differ from the adjusted information provided by other companies. Management believes that these adjusted financial measures are useful to investors because they exclude non-cash expenses that management excludes when it internally evaluates the performance of the Company's business and makes operating decisions, including internal budgeting, and performance measurement, as these measures provide a consistent method of comparison to historical periods. As a result, the provision of these adjusted measures allows investors to evaluate the Company's performance using the same methodology and information as that used by the Company's management. Moreover, management believes that these adjusted measures reflect the essential operating activities of the Company. Adjusted measures are subject to inherent limitations because they do not include all of the expenses included under GAAP and because they involve the exercise of judgment of which charges are excluded from the adjusted financial measure. However, the Company's management compensates for these limitations by providing the relevant disclosure of the items excluded. A reconciliation of each adjusted measures to the nearest GAAP measure appears in the table above.
Teleconference and Webcast Information
Management will host a conference call and webcast to the 2009 fourth quarter and year-end financial results. The conference call will take place at 9:00 a.m. Eastern Time on Thursday, April 1, 2010.
To participate in the live conference call, please dial the following number five to ten minutes prior to the scheduled conference call time: +1 (877) 833-3695. International callers should dial +1 (706) 679-8022. When prompted, please enter the conference ID number 645 864 20.
A replay will be available for 14 days starting at 10:00 a.m. Eastern Time on Thursday, April 1, 2010, and can be accessed by dialing +1 (800) 642-1687. International callers should dial +1 (706) 645-9291. When prompted, please enter the conference ID number 645 864 20.
About Diguang International Development Co., Ltd.
Through its subsidiaries, Diguang develops and produces CCFL and LED backlights for a wide range of TFT-LCD products. A backlight is the typical light source of a liquid crystal display (LCD), with applications spanning televisions, computer monitors, cellular phones, digital cameras, DVDs and other home appliances. Leveraging its LED expertise, the Company also creates and markets energy-saving technologies and solutions for rapidly growing markets such as LED backlight monitors and LED general lighting. For more information, contact CCG Investor Relations directly or go to Diguang's website at http://www.diguangintl.com/ .
Safe Harbor Statements
This press release contains forward-looking statements made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward looking statements are based upon the current plans, estimates and projections of Diguang's management and are subject to risks and uncertainties, which could cause actual results to differ from the forward looking statements. Therefore, you should not place undue reliance on these forward-looking statements. The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: business conditions in China, weather and natural disasters, changing interpretations of generally accepted accounting principles; outcomes of government reviews; inquiries and investigations and related litigation; continued compliance with government regulations; legislation or regulatory environments, requirements or changes adversely affecting the businesses in which Diguang is engaged; fluctuations in customer demand; management of rapid growth; intensity of competition from other providers of backlights; timing approval and market acceptance of new product introductions; general economic conditions; geopolitical events and regulatory changes, as well as other relevant risks, including but not limited to risks outlined in the Company's periodic filings with the U.S. Securities and Exchange Commission. Diguang does not assume any obligation to update the information contained in this press release.
For more information, please contact:
Company Contact:
Viola Tse
Diguang International Development Co., Ltd.
Phone: +1-626-593-5486
Email: viola@diguang.com
DIGUANG INTERNATIONAL DEVELOPMENT CO., LTD.
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
FOR THE YEARS ENDED DECEMBER 31, 2008 AND 2009
(In US Dollars)
Three Months Ended Years Ended
December 31, December 31,
2009 2008 2009 2008
Revenues:
Revenues, net 14,415,893 8,734,623 $44,075,249 $55,430,680
Cost of sales 12,824,018 9,696,293 40,523,868 50,690,610
Selling expense 683,374 589,551 2,336,476 1,854,369
Research and
development 1,563,326 327,636 3,049,703 1,163,830
General and
administrative 1,226,559 1,742,804 4,411,902 5,509,517
Loss on disposing
assets 2 157,108 30,489 3,726
Impairment loss 720,698 -- 720,698 157,108
Loss from
operations (2,602,084) (3,778,769) (6,997,887) (3,948,480)
Interest income
expense, net (81,369) (89,062) (367,128) (259,666)
Investment
income (loss) -- 1,471 800 67,523
Other income
(loss) (37,478) 137,674 160,459 (190,513)
Loss before
income taxes (2,720,931) (3,728,686) (7,203,756) (4,331,136)
Income tax
provision 11,424 76,217 42,351 191,309
Net loss (2,732,355) (3,804,903) (7,246,107) (4,522,445)
Net income (loss)
attributable to
non-controlling
interest 202,927 (74,007) (45,682) 195,925
Net income (loss)
attributable to
common shares (2,935,282) (3,730,896) $(7,200,425) $(4,718,370)
Weighted average
common shares
outstanding -
basic 22,200,822 22,072,000 22,072,000 22,155,882
Losses per share
- basic (0.13) (0.17) (0.33) (0.21)
Weighted average
common shares
outstanding -
diluted 22,200,822 22,072,000 22,072,000 22,155,882
Losses per
shares -
diluted (0.13) (0.17) (0.33) (0.21)
DIGUANG INTERNATIONAL DEVELOPMENT CO., LTD.
CONSOLIDATED BALANCE SHEETS
(In US Dollars)
December 31,
2009 2008
ASSETS
Current assets:
Cash and cash equivalents $6,190,513 $15,024,363
Restricted cash 4,341,112 --
Accounts receivable, net
of allowance for
doubtful accounts
$ 655,893 and $1,529,505 13,972,086 9,944,208
Inventories, net of
provision $2,081,334
and $3,519,124 7,439,287 7,285,860
Other receivables, net
of provision $ 101,020
and $ 69,032 465,013 535,493
VAT recoverable 82,497 112,842
Advance to suppliers 900,328 602,017
Deferred tax asset -- 28,485
Total current assets 33,390,836 33,533,268
Investment, net of
impairment $779,302 and
$ 1,500,000 -- 720,698
Plant, property and
equipment, net 17,868,845 19,369,200
Long-term prepayments 439,502 --
Total assets $51,699,183 $53,623,166
LIABILITIES AND
SHAREHOLDERS' EQUITY
Current liabilities:
Bank loans $10,213,683 $4,397,215
Accounts payable 15,446,721 15,643,476
Advance from customers 325,165 561,282
Accruals and other
payables 2,510,206 2,337,800
Accrued payroll and
related expense 712,206 626,277
Income tax payable 394,989 401,260
Amount due to related
parties -- 674,548
Amount due to
stockholders - current 943,378 1,005,480
Total current
liabilities 30,546,348 25,647,338
Research funding
advanced 952,255 644,925
Total non-current
liabilities 952,255 644,925
Total liabilities 31,498,603 26,292,263
Equity
Common stock, par value $0.001
per share, 50 million shares
authorized, 22,593,000 and
22,593,000 shares issued,
22,072,000 and 22,072,000 shares
outstanding 22,593 22,593
Additional paid-in
capital 20,881,635 20,600,460
Treasury stock at cost (674,455) (674,455)
Appropriated earnings 802,408 802,408
Accumulated deficit (7,644,254) (443,829)
Translation adjustment 4,338,891 4,503,022
Total stockholders'
equity 17,726,818 24,810,199
Non-controlling
interest 2,473,762 2,520,704
Total equity 20,200,580 27,330,903
Total liabilities and
stockholders' equity $51,699,183 $53,623,166
DIGUANG INTERNATIONAL DEVELOPMENT CO., LTD.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Increase (Decrease) in Cash and Cash Equivalents
(In US Dollars)
Years Ended December 31,
2009 2008
Cash flows from
operating activities:
Net income $(7,246,107) $(4,522,445)
Adjustments to reconcile net
income to net cash provided
by (used in) operating
activities:
Depreciation 1,601,616 1,833,219
Bad debts allowance 869,079 220,720
Inventory provision 1,749,523 1,239,816
Impairment of long-term
investment 720,698 157,108
Loss on disposing
assets 30,489 3,726
Share-based
compensation 281,175 571,505
Deferred tax asset 28,485 53,522
Changes in operating
assets and
liabilities:
Accounts receivable (4,898,836) 3,079,557
Inventory (1,903,493) (1,073,437)
Other receivables 70,470 (134,174)
VAT recoverable 30,347 291,740
Prepayments and other
assets (298,422) 586,062
Accounts payable (196,458) (4,012,725)
Accruals and other
payable 258,294 (1,273,957)
Advance from customers (236,042) 79,739
Accrued interest
payable to related
parties 64,629 --
Taxes payable (6,268) (23,295)
Net cash used in
operating activities (9,080,821) (2,923,319)
Cash flows from
investing activities:
Purchase of fixed
assets (160,094) (2,607,743)
Cash paid for
acquisition of
entities (109,670) (1,194,520)
Proceeds from disposal
of fixed assets 29,154 9,161
Net cash used in
investing activities (240,610) (3,793,102)
Cash flows from
financing activities:
Stock repurchase -- (245,160)
Due to related parties (691,273) (727,161)
Capital infused by
minority interest in
North Diamond -- 737,500
Proceeds from
short-term bank
facilities 5,813,568 4,397,215
Restricted cash pledged
for import facilities (4,341,112) --
Prepaid deposit for
long-term credit
facilities (439,502) --
Research funding
advanced 307,731 391,882
Net cash received from
financing activities 649,412 4,554,276
Effect of changes in
foreign exchange rates (161,831) 935,781
Net increase (decrease)
in cash and cash
equivalents (8,833,850) (1,226,364)
Cash and cash
equivalents, beginning
of the year 15,024,363 16,250,727
Cash and cash
equivalents, end of
the year $6,190,513 $15,024,363
CONTACT: Viola Tse of Diguang International Development Co., Ltd.,
viola@diguang.com, +1-626-593-5486; or Elaine Ketchmere, Partner, CCG Investor
Relations, Elaine.ketchmere@ccgir.com, +1-310-954-1345
GoNoni.com Launched by Tahitian Noni International
A One-Stop-Shop for All Tahitian Noni Communication and Media Needs
PROVO, Utah, March 31 -- Tahitian Noni International (TNI) announced the creation of GoNoni.com, a one-stop-shop for all Tahitian Noni communication and media needs. The site went live on February 25, after revealing it to thousands of Independent Product Consultants (IPCs) at its International Leadership Conference in Anaheim, CA. Since that time, traffic for the new site has exploded by pulling in over 5,300% more visits than the previous TNI blog site.
The decision was made to consolidate the news and information where the distributors were mostly like to go every day into one site. GoNoni.com replaced the distributors' account login screen, so that the thousands who visit their accounts each day are now able to get involved with the latest company news.
The web development team built the entire site from scratch, rather than utilize the resources of a third-party site. They built a content management system that allowed TNI authors to control articles, comments, media, calendar items, and a File Store application that made it easy for any author to upload documents and other files. The team scoured the site from top to bottom to make sure each color, graphic, icon, and thumbnail conformed to all-new branding and color standards set forth by the TNI marketing department.
The result was a cutting edge, simple, comprehensive web site where TNI distributors and visitors alike can go for TNI news, events, media, and training. It has become the perfect place for everyone's Tahitian Noni needs.
Tahitian Noni International is a global, research-driven bioactive products company that was the first to introduce the health benefits of the noni plant--a bioactive-rich, adaptogenic plant, containing iridoid compounds--to the world outside of Tahiti. Tahitian Noni International is the leader in the discovery, development, manufacturing, and marketing of noni-based bioactive products. Tahitian Noni International has a presence in over 70 markets around the world, and is the worldwide leader in bioactive beverages.
Contact:
Andre Peterson
Director, Public Relations
(801) 234-1401
andre_peterson@tni.com
Source: Tahitian Noni International
CONTACT: Andre Peterson, Director, Public Relations of Tahitian Noni
International, +1-801-234-1401, andre_peterson@tni.com
Verizon and IBM Launch Private Cloud-Based Managed Data Protection Solution
New Backup-as-a-Service Offering Helps Businesses Overcome Limitations of Transporting Backup Tapes by Trucks, Dramatically Reduces Risk of Lost Data
BASKING RIDGE, N.J. and ARMONK, N.Y., March 31 -- With businesses looking more closely than ever at the economics of cloud computing, Verizon and IBM have expanded their relationship to deliver Managed Data Vault - a new private cloud service that provides secure, quick and reliable daily backups, and fast recovery of enterprise information.
Available from both companies, the new solution is designed to automatically transfer data from a client location to a specially designed off-site data center via Verizon's secure high-speed private network. With Managed Data Vault, businesses can realize off-site data protection at on-site speeds while taking advantage of usage-based utility to meet data growth without limits.
Many companies today still transport their backup tapes by truck to an off-site location - a process that has proven to be a slow and unreliable approach to archiving - adding security concerns, time, complexity and cost to the data protection process.
"Through this exclusive relationship with IBM we are meeting a void in the online data protection market," said Kerry Bailey, chief marketing officer for Verizon Business. "We know that enterprise clients struggle with how to efficiently back up and restore data securely while mitigating the inherent risks such as loss of data. By working with IBM as part of our overall cloud strategy, we are bringing to market an innovative solution that will help our clients maintain the stability of their business."
Don DeMarco, IBM vice president of Business Continuity and Resiliency Services, said: "Managed Data Vault offers a broad array of enterprise data protection, not just for files, but for very large data stores and transactional data base content. Today, enterprises have different ways to address specific scenarios. Managed Data vault is a single, secure solution to help clients retrieve a file, restore a device, or recover from a serious outage emergency. Working with Verizon, we are addressing the needs of enterprise users with large data footprints, whether it's 15, 50, 150 terabytes or even more."
According to industry experts, the global backup and restore market will grow by about 4 percent annually and is currently sized at nearly $3 billion.
Managed Data Vault Ideal for Discriminating Companies
Verizon and IBM will leverage each other's complementary capabilities to deliver the new solution. Verizon will provide its suite of leading global private data network solutions along with data center expertise, IT consulting services and application-aware capabilities, which give visibility into utilization and latency. IBM will supply backup infrastructure and management capabilities, supported by its extensive information protection expertise and more than 40 years experience in business continuity and resiliency.
"Partnerships are truly strategic when each party brings a different value proposition to the table," said Melanie Posey, research director at IDC. "The combination of Verizon's secure networking expertise and data center capabilities and IBM's long history of providing electronic data management and protection solutions yields a unique end-to-end backup and recovery solution that is integrated with an enterprise's existing wide-area network environment and fully managed in the cloud."
Ideal for global enterprises with stringent security and performance requirements, Managed Data Vault is an excellent match for the financial, retail and health care services markets. The service is well-suited to a diverse mixture of applications, databases and operating system (OS) support services and comes complete with IT consulting services support to help organizations manage through this process.
This solution will initially be available to Verizon and IBM clients in the New York City metropolitan area.
Converged IP and IT Services Via a Cloud-Based Model
Verizon is leading the industry toward an "everything-as-a-service" (EaaS) model where cloud-based converged solutions are securely delivered through managed and professional services over the company's global IP network. Verizon is assembling the key components of that unique and powerful approach to serving enterprises, and its new agreement with IBM is one more step in that evolution. The EaaS platform - with Verizon's global IP network and data centers as its foundation -- will enable enterprises to do business better by getting what they need, when they need it, where they need it.
Verizon Business, a unit of Verizon Communications (NYSE:VZ)(NASDAQ:VZ), is a global leader in communications and IT solutions. We combine professional expertise with one of the world's most connected IP networks to deliver award-winning communications, IT, information security and network solutions. We securely connect today's extended enterprises of widespread and mobile customers, partners, suppliers and employees - enabling them to increase productivity and efficiency and help preserve the environment. Many of the world's largest businesses and governments - including 96 percent of the Fortune 1000 and thousands of government agencies and educational institutions - rely on our professional and managed services and network technologies to accelerate their business. Find out more at http://www.verizonbusiness.com.
VERIZON'S ONLINE NEWS CENTER: Verizon news releases, executive speeches and biographies, media contacts, high-quality video and images, and other information are available at Verizon's News Center on the World Wide Web at http://www.verizon.com/news. To receive news releases by e-mail, visit the News Center and register for customized automatic delivery of Verizon news releases.
Source: Verizon
CONTACT: Janet Brumfield, +1-614-723-1060, janet.brumfield@verizon.com;
or Clare Ward, +44-(0)-118-905-3501, clare.ward@uk.verizonbusiness.com; or
Junaidah Dahlan, +65-6248-6827, junaidah.dahlan@sg.verizonbusiness.com; or
Jennifer Knecht, IBM, +1-917-472-3607, knechtj@us.ibm.com
the Fourth Quarter and Full Year Ended December 31, 2009
MIME-Version: 1.0
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Mobile TeleSystems Announces Financial Results for the Fourth Quarter and Full Year Ended December 31, 2009
MOSCOW, March 31, 2010-- Mobile TeleSystems OJSC ("MTS" - NYSE: MBT), the leading
telecommunications provider in Russia and the CIS, today announces its
unaudited US GAAP financial results for the three months and full year ended
December 31, 2009.
Key Financial Highlights for the FY 2009[1]
- Consolidated revenues up 3.8% q-o-q to $2,719 million and
down 17.5% y-o-y to $9,824 million
- Consolidated OIBDA[2] down 1.9% q-o-q to $1,193 million with 43.9%
OIBDA margin and down 23.5% y-o-y to $4,474 million with 45.5% OIBDA
margin
- Consolidated net loss[3] of 26 million in Q4 2009 and a net
income of $1,004 million for FY 2009
- Quarterly net income impacted by a series of one-time and periodic
charges, including the write off of $368 million in investments, most
of which is attributable to the re-valuation of our investment in
Svyazinvest held on the Comstar-UTS level, the charges of $86 million
related to the write-off of obsolete equipment and expenses related
to our acquisition of Comstar-UTS and higher non-cash tax provisions
related to our anticipated upstreaming of dividends from our foreign
subsidiary companies as their markets mature.
- Free cash-flow[4] positive with $1,071 million for the full year 2009
Key Corporate and Industry Highlights for the FY 2009
- Acquisition of mobile retailers Telefon.Ru (February), Eldorado
(April) and Teleforum (October) with 1,075 stores in total; signing of
an agreement with a management team affiliated with Svyaznoy, the
leading Russian mobile phone retailer, to oversee MTS' distribution
network (March)
- Placement of two ruble-denominated bonds worth RUB 15 billion each
(May, July)
- Placement of new syndicated loan facility to restructure $630 million
loan (May, July); the loan has since been voluntarily repaid in
advance in February 2010
- Securing of financing from Sberbank through two loans in the amount of
RUB 47 billion and RUB 12 billion (August-September)
- Payment of annual dividends of RUB 20.15[5] per ordinary MTS share
(approximately $2.96 per ADR[6]) for the 2008 fiscal year, amounting to
a total of RUB 39.40 billion ($1,158.3 million) or approximately
60%[7] of US GAAP net income
- Launch of 3G in Armenia (April) and full 3G roll-out in Moscow
(December)
- Acquisition of a 50.91% stake in Comstar-UTS for 39.15 billion rubles
($1.32 billion)[8] or RUB 184.02 ($6.21) per Global Depositary Receipt
(GDR) by a subsidiary of MTS in October; the Company increased its
direct ownership of Comstar-UTS to 61.97%[9] through an exchange of
shares.
- Acquisition of a 100% stake in Eurotel (December), one of the leading
federal transit operators in Russia, with an extensive optical fiber
network of 19.5 thousand kilometers
- Securing of vendor financing during the year for network development
from various export credit agencies and financial institutions
totaling $1,504.9 million and EUR 413 million
- MTS continues to see sustained macroeconomic volatility in its markets
of operations that may impact the financial and operational performance
throughout the Group
Commentary
Remarked Mikhail Shamolin, President and Chief Executive Officer, "The
year 2009 has been a transformative year for MTS. As our markets were in
transition due to macroeconomic developments, we began to take a number of
steps to better change our organization to meet the challenges of our
evolving markets and realize the goals of our 3i Strategy. In the past year,
MTS has evolved to an integrated operator through our acquisitions of the
leading fixed-line operator, Comstar-UTS, and a leading transit operator,
Eurotel. We are realizing our strategic need for a strong proprietary network
of MTS-owned and operated distribution points, increasing our sales of
handsets and expanding our retail reach. We have launched the region's first
comprehensive online destination - Omlet.ru - for the latest in digital
media, an important step towards delivering the necessary content and
applications to our customers that will define usage in the coming years.
"Despite the challenges we faced in 2009, MTS has delivered a strong set
of results that showed relative revenue growth to the market in each of our
core markets and business streams. Total cash flows from operations were
nearly $3.6 billion for 2009, underlying the health of the business despite
the macroeconomic uncertainty in our regions of operations.
"Looking ahead, forecasted economic growth in Russia and the CIS could
translate into definitive improvements in our markets of operation. We
currently forecast mid to high single-digit revenue growth in local currency,
driven by increased usage among our fixed and mobile subscribers, as well as
the increased sale of handsets, in our key market in Russia. We expect Group
OIBDA margin to be in the range of 43-45% depending on competitive factors
and handset sales in our markets. And capital expenditures should fall within
the range of 22-24% of revenues, most of which will be spent expanding our 3G
and backbone networks in Russia and Central Asia."
This press release provides a summary of some of the key financial and
operating indicators for the period ended December 31, 2009. For full
disclosure materials, please visit http://www.mtsgsm.com/resources/reports/.
Learn more about MTS. Visit the official blog of the Investor Relations
Department at http://www.mtsgsm.com/blog/
Mobile TeleSystems OJSC ("MTS") is the leading telecommunications group
in Russia, Eastern Europe and Central Asia, offering mobile and fixed voice,
broadband, pay TV as well as content and entertainment services in one of the
world's fastest growing regions. Including its subsidiaries, the Group
services over 97.76 million mobile subscribers in Russia, Ukraine,
Uzbekistan, Turkmenistan, Armenia and Belarus, a region that boasts a total
population of more than 230 million. Since June 2000, MTS' Level 3 ADRs have
been listed on the New York Stock Exchange (ticker symbol MBT). Additional
information about the MTS Group can be found at http://www.mtsgsm.com.
Some of the information in this press release may contain
projections or other forward-looking statements regarding future events or
the future financial performance of MTS, as defined in the safe harbor
provisions of the U.S. Private Securities Litigation Reform Act of 1995. You
can identify forward looking statements by terms such as "expect," "believe,"
"anticipate," "estimate," "intend," "will," "could," "may" or "might," and
the negative of such terms or other similar expressions. We wish to caution
you that these statements are only predictions and that actual events or
results may differ materially. We do not undertake or intend to update these
statements to reflect events and circumstances occurring after the date
hereof or to reflect the occurrence of unanticipated events. We refer you to
the documents MTS files from time to time with the U.S. Securities and
Exchange Commission, specifically the Company's most recent Form 20-F. These
documents contain and identify important factors, including those contained
in the section captioned "Risk Factors" that could cause the actual results
to differ materially from those contained in our projections or
forward-looking statements, including, among others, the severity and
duration of current economic and financial conditions, including volatility
in interest and exchange rates, commodity and equity prices and the value of
financial assets; the impact of Russian, U.S. and other foreign government
programs to restore liquidity and stimulate national and global economies,
our ability to maintain our current credit rating and the impact on our
funding costs and competitive position if we do not do so, strategic actions,
including acquisitions and dispositions and our success in integrating
acquired businesses, including Comstar-UTS, potential fluctuations in
quarterly results, our competitive environment, dependence on new service
development and tariff structures, rapid technological and market change,
acquisition strategy, risks associated with telecommunications
infrastructure, governmental regulation of the telecommunications industries
and other risks associated with operating in Russia and the CIS, volatility
of stock price, financial risk management and future growth subject to risks.
---------------------------------
[1] Because Comstar-UTS was acquired from JSC Sistema, the majority owner
of both MTS and Comstar, the acquisition was accounted for as a
transaction between entities under common control. Similar to a
pooling of interest, whereby the assets and liabilities of Comstar
were recorded at Sistema's carrying value, MTS' historical financial
information was recast to include the acquired entity for all periods
presented. In addition, given the scale of the transaction, MTS has
reallocated its headquarters' costs more equitably to its business
units according to international practices.
[2] See Attachment A for definitions and reconciliation of OIBDA and
OIBDA margin to their most directly comparable US GAAP financial
measures.
[3] Attributable to the Group.
[4] See Attachment B for reconciliation of free cash-flow to net cash
provided by operating activity.
[5] The dividend yield per share is 8.0%. No dividend was paid on the
37,762,257 shares that were acquired by MTS as part of the mandatory
buyback in September 2008.
[6] According to the Russian Central Bank exchange rate of 34.0134
RUB/USD as of March 31, 2009. The dividend amount is set in Russian
rubles by the Board of Directors; U.S. dollar amounts provided for
reference using the foreign exchange rates as of March 31, 2009.
[7] Dividend payout ratio based on MTS only.
[8] As transactions between Russian entities must be carried out in
rubles, MTS hedged the final amount due on completion of the
transaction with 50% of the sale price pegged at 31.9349
rubles:dollar rate, while the balance has been calculated at 29.6090,
the official rate of the Central Bank of Russia on the date of
signing.
[9] Through cross-holdings between Comstar-UTS, Svyazinvest and MGTS,
MTS' effective stake is 65.19%.
For further information, please contact in Moscow:
Joshua B. Tulgan
Director, Investor Relations
Mob: +7-985-220-4208
Department of Investor Relations
Mobile TeleSystems OJSC
Tel: +7-495-223-2025
E-mail: ir@mts.ru
Source: Mobile TeleSystems OJSC
For further information, please contact in Moscow: Joshua B. Tulgan, Director, Investor Relations, Mob: +7-985-220-4208, Department of Investor Relations, Mobile TeleSystems OJSC, Tel: +7-495-223-2025, E-mail: ir@mts.ru
Ceragon Networks'(R) First Quarter 2010 Financial Results Scheduled for Release on April 26, 2010
TEL AVIV, Israel, March 31, 2010-- Ceragon Networks Ltd. (NASDAQ & TASE: CRNT), the provider of
high-capacity, LTE/4G-ready wireless backhaul networks, provides today
details of the conference call for first quarter 2010 financial results.
The Company plans to issue a press release announcing its results during
pre-market hours on Monday, April 26, 2010.
A conference call will follow, beginning at 9:00 a.m. EDT. Investors are
invited to join the Company's teleconference by calling: (800)230-1092, or
international: +1-651-291-0561 at 8:50 a.m. EDT. The call-in lines will be
available on a first-come, first-serve basis.
Investors can also listen to the call live via the Internet by accessing
Ceragon Networks' website at the investors' page: http://www.ceragon.com/ir_events.asp?lang=0 selecting the webcast link,
and following the registration instructions.
If you are unable to join us live, the replay numbers are: (800)475-6701
or International: +1-320-365-3844, Access Code: 152070
A replay of both the call and the webcast will be available through May
26, 2010.
About Ceragon Networks Ltd.
Ceragon Networks Ltd. (NASDAQ and TASE: CRNT) provides high capacity,
LTE/4G-ready wireless backhaul solutions that enable wireless service
providers to deliver voice and premium data services, such as Internet
browsing, music and video applications. Ceragon's wireless backhaul
solutions use microwave technology to transfer large amounts of network
traffic between base stations and the infrastructure at the core of the
mobile network. Ceragon designs solutions to provide fiber-like
connectivity for circuit-switched, or SONET/SDH, networks, next generation
Ethernet/Internet Protocol, or IP-based, networks, and hybrid networks
that combine circuit-switched and IP-based networks. Ceragon's solutions
support all wireless access technologies, including GSM, CDMA, EV-DO and
WiMAX. These solutions address wireless service providers' need to
cost-effectively build-out and scale their infrastructure to meet the
increasing demands placed on their networks by growing numbers of
subscribers and the increasing demand for premium data services. Ceragon
also provides its solutions to businesses and public institutions that
operate their own private communications networks. Ceragon's solutions are
deployed by more than 150 service providers of all sizes, as well as in
hundreds of private networks, in nearly 100 countries. More information is
available at http://www.ceragon.com
Ceragon Networks(R), CeraView(R), FibeAir(R) and the FibeAir(R) design
mark are registered trademarks of Ceragon Network s Ltd., and Ceragon(TM),
PolyView(TM), ConfigAir(TM), CeraMon(TM), EtherAir(TM), QuickAir(TM),
QuickAir Partner Program(TM), QuickAir Partner Certification Program(TM),
QuickAir Partner Zone(TM), EncryptAir(TM) and Microwave Fiber(TM) are
trademarks of Ceragon Networks Ltd.
Company and Investor Contact:
Yoel Knoll
Ceragon Networks Ltd.
+972-3-766-6419
yoelk@ceragon.com
Source: Ceragon Networks Ltd
Company and Investor Contact: Yoel Knoll, Ceragon Networks Ltd., +972-3-766-6419, yoelk@ceragon.com
ProVenue(R) Ticketing Platform from Tickets.com Triumphs in Primary and Secondary Market Ticketing at Vancouver 2010
Successful Fan-To-Fan Ticket Reselling Initiative was an Olympic First
COSTA MESA, Calif., March 31 -- Tickets.com--a leading global provider of integrated, high-performance ticketing solutions--employed its proprietary, web-based ProVenue Ticketing Management System to handle 100-percent of the ticketing for the Vancouver 2010 Olympic and Paralympic Winter Games. ProVenue efficiently and successfully facilitated all primary sales for Olympic and Paralympic events--and in December of 2009, Tickets.com also established the first-ever officially sanctioned secondary ticketing platform in Olympic history.
"Ticketing operations ran smoothly throughout the Games," said Caley Denton, Vice President, Ticketing and Consumer Marketing for the Vancouver Organizing Committee for the 2010 Olympic and Paralympic Winter Games (VANOC). "Tickets.com was an exceptional partner and the ProVenue Ticketing System was easy to understand and convenient to use. It served fans across Canada and around the world, handling extreme volume with no complications. We consider it a great success."
The fan-to-fan secondary ticket marketplace implemented in ProVenue for the Vancouver 2010 Olympic Games exceeded all sales expectations. The innovative platform allowed fans to post their tickets for resale or donate their tickets to charities and community organizations--It also had the functionality to provide sponsors the ability to consign available ticket inventory for resale at face value to Olympic fans. By making these transactions through the official and secure Vancouver 2010 ticketing website, all parties involved had the assurance that their tickets were genuine.
"We were pleased that the introduction of official secondary ticketing for the Games enjoyed such robust sales. Since this type of operation hadn't been done before at the Olympic level, we weren't sure what to forecast in terms of budget numbers, ticket price ceilings, or transaction volume," said Larry Witherspoon, Chief Executive Officer, Tickets.com. "The fact that we were able to rise to the challenge in handling the extraordinary demand is extremely gratifying and a major milestone for our ProVenue product."
The fan-to-fan marketplace enabled ticket holders and sponsors to sign into their Vancouver 2010 ticketing account and post their tickets for resale to other fans. Sellers could name their own price, and buyers benefited from a wide range of ticket options. The variety of ticketing options helped to ensure that venues were full of cheering spectators during the Games.
The Vancouver 2010 experience builds on a longstanding record of Olympic ticketing success for Tickets.com, including involvement with the Atlanta 1996 Summer Games, the Sydney 2000 Summer Games and the Salt Lake 2002 Winter Games. Tickets.com continues its support of the Olympic movement as an official supplier of the Canadian Olympic team through 2012.
About Tickets.com
Tickets.com is a leading provider of fully integrated event ticketing technologies, solutions, and services for thousands of top arts, entertainment, and sports organizations worldwide. Delivering the latest in ticketing technology, Tickets.com offers the advanced ProVenue® ticketing platform, which serves the core of a comprehensive web-based suite of integrated features, products, and services that help clients enhance ticket sales, marketing efforts, and overall customer experience. A privately held subsidiary of MLB Advanced Media, LP, since 2005, Tickets.com is headquartered in Costa Mesa, CA, and has regional offices across the U.S. and around the world. The company also sells tickets directly to consumers at http://www.tickets.com.
Media Contact:
Chaeli Walker
Tickets.com
Tel (714) 327-5492
cwalker@tickets.com
Source: Tickets.com
CONTACT: Chaeli Walker of Tickets.com, +1-714-327-5492,
cwalker@tickets.com
Monetize Web Video for the iPad and other HTML5-compliant Devices
BURBANK, Calif., March 31 -- Today, MeFeedia unveiled support for video advertising on HTML5 Video, the latest standard being used for next generation web browsers and devices such as the Apple iPad.
Powered by All Player(TM) (a patent-pending technology), the MeFeedia platform is the first to enable advertisers and site publishers to monetize this new HTML5 standard. Currently, the All Player(TM) platform powers over 50 million monthly video ads across web and mobile devices (including where flash is not supported).
"Advertisers need a consistent, easy way to monetize and measure their message - no matter what device, video player, or platform. That is what the All Player(TM) is about," states Frank Sinton, CEO of MeFeedia. "Adding support for HTML5 Video gives immediate access to serve video ads to new generation web browsers, including the iPad."
The All Player(TM) for HTML5 is the latest in a series of MeFeedia innovations that deliver consistent, high-quality video ads across any screen - including Web, Internet-connected TV platforms, and mobile devices.
Advertisers, site publishers and ad networks can try All Player(TM) with HTML5 Video support here:
MeFeedia helps you to search, discover and stay updated with the latest videos from thousands of video sites. MeFeedia's combination of media technology and ad tools provide an easy way for people to engage with media online that interests them. MeFeedia is a privately held company based in Burbank, California. Find more at
STMicroelectronics Demonstrates Complete System Solution for Laser Printers
GENEVA, March 31 -- STMicroelectronics (NYSE:STM), a world leader in system-on-chip technology, today unveiled a complete system solution for laser-printer applications, based on the Company's SPEAr® embedded microprocessor technology. The working-prototype formatter board(1) comprises all hardware, firmware and software components, reducing development time and required resources for printer manufacturers.
ST's laser-printer controller board integrates the high-performance SPEAr600 device with two ARM9 cores, connectivity peripherals -- DDR2 memory, USB 2.0, Giga Ethernet -- and an FPGA (field-programmable gate array)(2). This is complemented with laser-printer specific IPs, firmware subsystems and a simplified user interface based on the Windows Software Development Kit.
The application-specific features include a laser video output and LVDS (Low Voltage Differential Signaling) buffers that directly drive the four-color laser beams, four direct memory-access channels for data management, and a serial interface that sends commands and receives status information from the laser engines.
Tested and benchmarked with best-in-class printers, ST's prototype board provides a complete system solution aimed at a wide application range, from entry-level single-function laser printers to mid-range and high-end multi-function models. Cutting costs, time-to-market and system know-how requirements, the ready-to-implement solution enables laser-printer manufacturers to build high-quality products with minimum development efforts.
Manufactured in state-of-the-art low-power 90nm and 65nm HCMOS (high-speed CMOS) process technologies, ST's SPEAr (Structured Processor Enhanced Architecture) embedded microprocessors provide high levels of computing power and connectivity, targeting embedded-control applications across market segments from computer peripherals and communication to industrial automation. Based on the latest ARM® core technology, the SPEAr devices enable equipment manufacturers to develop complex yet flexible digital engines at a fraction of the time and cost required by a full-custom design approach.
About STMicroelectronics
STMicroelectronics is a global leader serving customers across the spectrum of electronics applications with innovative semiconductor solutions. ST aims to be the undisputed leader in multimedia convergence and power applications leveraging its vast array of technologies, design expertise and combination of intellectual property portfolio, strategic partnerships and manufacturing strength. In 2009, the Company's net revenues were $8.51 billion. Further information on ST can be found at http://www.st.com.
(1) Formatter or controller board processes and formats data before printing inside a multifunction laser printer.
(2) Field-programmable gate array (FPGA) is an integrated circuit designed to be configured by the customer or designer after manufacturing.
Source: STMicroelectronics
CONTACT: Michael Markowitz of STMicroelectronics, +1-781-591-0354,
michael.markowitz@st.com
PLANO, Texas, March 31 -- ViewCast Corporation (OTC Bulletin Board: VCST), a developer of industry-leading solutions for the transformation, management and delivery of digital media over IP and mobile networks, today reported its results for the fourth quarter and full year ended December 31, 2009.
Results for the fourth quarter included the return to positive sequential revenue growth, sales increases in all product categories over the 2009 third quarter, important product advancements and the continued establishment of key distribution partnerships in strategic global markets.
Fourth Quarter Financial Results
Revenues for the 2009 fourth quarter were $3.4 million compared to $4.3 million in the fourth quarter 2008, but sequentially up 16 percent from the 2009 third quarter sales of $3.0 million. Sales were down from the prior year period due to generally soft economic conditions that adversely affected all of the Company's global regions and channels as customers cancelled or delayed plans for business expansion or new media initiatives.
ViewCast President and Chief Executive Officer Dave Stoner said, "Our sales volume reversed its trend back to positive growth during the fourth quarter of 2009 and we expect that trend to continue for the 2010 year. We can now see evidence of increases in sales of all product lines taking hold, as we have seen a greater than 30 percent increase in booked orders received in the first quarter of 2010 compared to the fourth quarter of 2009 providing us backlog into the second quarter. Although Q4 is typically a higher sales quarter than Q1, we expect sequential growth in the first quarter of 2010."
Gross profit was $2.2 million, or 63 percent of revenues, in the fourth quarter 2009, compared to $3.0 million, or 69 percent of revenues, in fourth quarter 2008. The decline in gross profit percentage was principally due to a change in revenue mix with lower Osprey sales, a higher percentage of sales derived from OEM system products and additional revenue coming from licenses, support and professional services related to Ancept digital asset management customers.
Operating expenses for fourth quarter 2009 were $2.4 million, compared to $3.0 million for fourth quarter 2008. The operating loss for the fourth quarter 2009 was $275,000, compared to operating loss of $2,100 for fourth quarter 2008. Total operating expenses for the fourth quarter of 2009 declined by $223,000 from the third quarter of 2009 and by $516,000 from the fourth quarter of 2008 due to reductions in expenses and headcount initiated during the second quarter of 2009. These second quarter actions along with other recent expense reductions saved the Company approximately $1.2 million over the second half of the year compared to the first half of 2009.
Net loss for fourth quarter 2009 was $301,000 compared to net loss of $42,000 in the fourth quarter of 2008. After preferred dividends, the fourth quarter 2009 net loss per share applicable to the common shareholders was $(0.01) per share on a fully diluted basis compared to net loss per share applicable to the common shareholders of $(0.01) per share on a fully diluted basis, in the fourth quarter of 2008.
EBITDA (earnings before interest, taxes, depreciation and amortization) for the 2009 fourth quarter was $(56,000), compared to $127,000 in the 2008 fourth quarter. EBITDA is a non-GAAP measure that ViewCast management believes can be helpful in assessing the Company's overall performance and considers as an indicator of operating efficiency and earnings quality. The Company suggests that EBITDA be viewed in conjunction with the Company's reported financial results or other financial information prepared in accordance with GAAP.
Highlights of the Quarter
Important operational progress made in the fourth quarter and subsequent weeks included:
-- Initial customer shipment of the Niagara 7500 high definition encoder,
supporting delivery of high definition content over broadband networks
in Microsoft Windows Media and Adobe H.264 Flash formats.
-- The release of Niagara SCX 6.1 Streaming Media Management Software,
supporting H.264 Flash encoding across the Niagara product line.
-- TVTI Video Technologies Inc. selection of ViewCast's award-winning
Osprey® 700e HD video capture cards to underpin the company's video
analytics solutions and services for professional sports teams.
-- The selection by French-German cultural channel ARTE (Association
Relative a la Television Europeenne) of the ViewCast Media Platform
(VMp(TM)) to manage its growing media assets.
-- Streaming Media magazine's 2009 Readers' Choice Awards in the Hardware
Encoder (SD) category for the Niagara® Pro II.
-- ViewCast further extended its presence in India by designating Rahul
Commerce, a leading distributor of multimedia technology in India and
previously a ViewCast reseller, as a master distributor of ViewCast
solutions.
Year-End Financial Results
Revenues for 2009 were $13.9 million compared to $17.4 million for 2008. Gross profit was $8.8 million, or 63 percent of revenues, in 2009, compared to $11.9 million, or 69 percent of revenues, in 2008.
Operating expenses for 2009 were $11.4 million, compared to $11.2 million for the year-earlier. The operating loss for 2009 was $2.7 million, compared to operating income of $693,000 for the prior year.
Net loss for 2009 was $2.8 million compared to net income of $531,000 in 2008. After preferred dividends, the net loss per share applicable to the common shareholders for 2009 was $(0.10) per share on a fully diluted basis compared to a net loss of $(0.01) for the prior year.
EBITDA for 2009 was $(1.9) million, compared to $1.2 million in 2008.
ViewCast President and Chief Executive Officer Dave Stoner said, "The fourth quarter marked an important milestone in the Company's recovery as the product development and marketing infrastructure advancements we made during the past 18 months began to bear fruit and as our key markets began to show an uptick. We believe we are well positioned to return to regular quarterly growth and improving financial results. Our goal in the first part of 2010 is to further capitalize on positive trends as we launch new sales initiatives, introduce the product advancements necessary to stay ahead of the competition and seek new products and technologies to better utilize our distribution network."
CFO Laurie Latham said that the Company had working capital of $2.1 million at December 31, 2009, compared to $4.8 million at the end of 2008 and with increasing sales and lower expense levels entering 2010, expects to see growth in working capital assets supplemented by access to the Company's line of credit.
Conference Call Information
A conference call with management is scheduled today at 11:00 a.m. EDT to discuss the Company's financial results, business strategy and outlook. The call may be accessed by dialing 877-941-8416 five minutes prior to the scheduled start time and referencing ViewCast. Callers outside the United States may dial +1-480-629-9808 for access. In addition, a live audio webcast of the call will be available at http://www.viewcast.com/irconferencecall. An archive of the webcast will be available at the same web page beginning approximately 30 minutes after the end of the call.
About ViewCast Corporation
ViewCast's award-winning solutions simplify the complex workflows required for the Web-based streaming of news, sports, music and other video content to computers and mobile devices, empowering broadcasters, businesses and governments to easily and effectively reach and expand their audiences. With more than 350,000 video capture cards deployed globally, ViewCast sets the standard in the streaming media industry. ViewCast Niagara® streaming appliances, Osprey® video capture cards, and Niagara SCX® encoding and management software provide the highly reliable technology required to deliver the multi-platform experiences driving today's digital media market.
ViewCast, Niagara, Niagara SCX, and SimulStream are trademarks or registered trademarks of ViewCast Corporation or its subsidiaries. All other trademarks appearing herein are the property of their respective owners.
Safe Harbor Statement
Certain statements in this release are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995 and reflect the Company's current outlook. Such statements apply to future events and are therefore subject to risks and uncertainties that could cause actual results to differ materially. Important factors that could cause actual results to differ materially from forward-looking statements include, but are not limited to, changes in market and business conditions, demand for the Company's products and services, technological change, the ability of the Company to develop and market new products, increased competition, the ability of the Company to obtain and enforce its patent and avoid infringing other parties' patents, changes in government regulations and whether the acquisition of Ancept's assets is successfully integrated. All written and verbal forward-looking statements attributable to ViewCast and any person acting on its behalf are expressly qualified in their entirety by the cautionary statements set forth herein. ViewCast does not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date on which the forward-looking statements are made. For a detailed discussion of these and other cautionary statements and factors that could cause actual results to differ from the Company's forward-looking statements, please refer to the company's reports on Form 10-K and 10-Q on file with the U.S. Securities and Exchange Commission.
CONTACT: Laurie L. Latham, Chief Financial Officer of ViewCast
Corporation, +1-972-488-7200; or PR Agency, Jessie Glockner of Rainier
Communications, +1-508-475-0025, ext. 140, jglockner@rainierco.com; or
Investors, Matt Clawson of Allen & Caron, +1-949-474-4300,
matt@allencaron.com, both for ViewCast Corporation
New Match.com Mobile Application Now Available for Android
Match.com apps now available on all major smartphone platforms
DALLAS, March 31 -- Match.com, an operating business of IAC (NASDAQ:IACI), today announced its new mobile application for Android(TM) enabled devices, expanding its extensive mobile presence to include all major smartphones. The Match.com application for Android follows up on the success of Match.com mobile apps developed for BlackBerry, Palm Pre/Pixi, iPhone(TM) and iPod touch users making it easier for singles to search for and view matches, wink at members, and access their favorite site features.
"Our goal is to continue to make it easier for our members to create meaningful relationships, wherever they are," said Greg Blatt, CEO of Match.com. "The launch of our Android app gives Match.com coverage across all major smartphone platforms on the market. No other dating site comes close to that coverage."
The Match.com Android application allows members to view their matches, their favorites, and members who have viewed their profile. The application also allows members to take and upload pictures directly to their Match.com profiles.
The new Match.com Android application is currently available in the U.S. and Canada and can be downloaded for free by visiting http://m.match.com/ on the Android Internet browser. For singles that do not have a smartphone, they can access Match.com on the go by visiting http://m.match.com/ on their mobile phone Internet browser. For more information, please visit http://www.match.com/mobile.
About Match.com
Match.com pioneered online dating when it launched on the Web in 1995 and continues to lead this exciting and evolving category after more than a decade. Throughout its 15-year history, Match.com has helped millions of singles meet and fall in love. Match.com provides a rich tapestry of ethnicities, interests, goals, ambitions, quirks, looks and personalities from which to choose. Match.com operates some of the leading subscription-based online dating sites in 25 countries, in 8 languages and spanning five continents, as well as oversees its ongoing investment in Meetic. Match.com also powers online dating on MSN across Asia, Australia, the United States and Latin America. Match.com is an operating business of IAC.
*Android is a trademark of Google Inc. Use of this trademark is subject to Google Permissions.
Largest European Operators are Confident of Mobile Advertising Potential
SAINT-PETERSBURG, Russia, March 31, 2010-- The largest Eastern European mobile advertising conference,
Mobile Advertising Congress Bucharest, was held under the aegis of The
Marketer magazine and the Romanian branch of Vodafone Holdings at the end of
February. The event, which featured a varied program with a wide variety of
speakers from across the sector, focused heavily on geotargeting.
What makes geotargeted broadcasting so appealing is the
opportunity to deliver advertising messages which take into account a
subscriber's preferences, location and time, which considerably increases the
value of obtained information. For an advertiser, the value of such a contact
is substantially higher, as opposed to traditional promotion tools.
Conferees confirmed viability and potential of mobile
advertising in mature markets. For example, Marco Kind, Chief Marketing
Officer at Vodafone Romania, the most successful telco in this area in
Eastern Europe, reported that over 50% of subscribers had already subscribed
to mobile advertising services.
Evgeniy Zubakov, Business Development Office Director at
Bercut Ltd., commented: "It is quite natural that market players show
interest in geotargeting as a source of extra income based on existing
technological and marketing resources. But when developing an interaction
scheme, it is important to take into account interests of all parties,
including a telco, a media agency and a direct advertiser, as well as market
trends and features of a specific operator. I am grateful to Vodafone for
giving us an opportunity to share our experience in this area in our speech
at the conference. We keep on developing the services based on geotargeting
in order to guarantee the stable growth in incomes from mobile advertising
for telcos."
AU Optronics Signs MOU with Toshiba Mobile Display to Acquire its Subsidiary in Singapore
HSINCHU, Taiwan, March 31 -- AU Optronics Corp. ("AUO" or the "Company") (TAIEX: 2409; NYSE: AUO) announced today that AUO has signed an MOU with Toshiba Mobile Display Co., Ltd. ("TMD") to purchase 100% shares of AFPD Pte., Ltd. ("AFPD"), a subsidiary of TMD in Singapore and a leading manufacturer of LCD panels based on low temperature polysilicon (LTPS) technology.
Meanwhile, AUO and TMD intend to enter into certain agreements relating to each party's intellectual property rights. This acquisition, when it becomes effective, will hopefully help AUO to gain business opportunities in high-end notebook and smart phone market.
"AUO has devoted to developing LTPS technologies for a long time," AUO's CEO and President, Dr. L. J. Chen said, "With AFPD's fab, capacity, talents and technologies, AUO's competence in high-end display market is further strengthened. In addition, the acquisition could help to place AUO in a special strategic position in slim notebook and smart phone for the high-end markets and new application markets such as tablet PC. We expect AUO to soon provide value-added LTPS technologies to our customers and to the end consumers."
Having demonstrated numerous achievements in LTPS technologies, Toshiba Mobile Display has long held a leading position in the high end notebook display sector. Currently, the world's latest generation fab capable of producing LTPS is G4.5. The G4.5 fab of AFPD has a capacity of approximately 45,000 sheets per month.
The acquisition of AFPD in Singapore will allow AUO to establish a new operating manufacturing base in Asia in addition to Taiwan and China. With its outstanding geographic location and logistics for resources, the new site will hopefully be able to serve the high-end display markets in South Asia, the Middle East, Australia and New Zealand. In meeting the future trend for smart phones equipped with LTPS technologies, AUO will not only be a step faster but also be ready for better visibility and competitiveness in the high-end cell phone market.
The proposed transaction is subject to the signing of definitive agreements between AUO and TMD, as well as to any necessary approvals.
ABOUT AU OPTRONICS
AU Optronics Corp. (AUO) is a global leader of thin film transistor liquid crystal display panels (TFT-LCD). AUO is able to provide customers with a full range of panel sizes and comprehensive applications, offering TFT-LCD panels in sizes ranging from 1.2 inches to greater than 65 inches. AUO generated NT$359.6 billion (US$11.3 billion) in sales revenue in 2009 and now houses a staff of more than 42,000 employees throughout its global operations in Taiwan, Mainland China, Japan, Singapore, South Korea, the U.S., and Europe. Additionally, AUO is the first pure TFT-LCD manufacturer to successfully list at the New York Stock Exchange (NYSE). AUO extended its market to green energy industry in the end of 2008, and formally founded The Solar Photovoltaic Business Unit in October, 2009. For more information, please visit AUO.com.
About Toshiba Mobile Display
Toshiba Mobile Display Co., Ltd. (TMD) is positioned as one of the world leaders in thin film transistor liquid crystal display panels (TFT-LCD) based on its advanced technology. TMD has based its strategy on furthering the development of leading-edge technology, such as precision mounting and high- resolution, as well as employing the design and production expertise. TMD offers TFT-LCD panels with high added-value, especially in the field of small and medium sized displays. TMD has strong positions for displays for mobile telephones, PDF, car navigation systems, notebook PCs, and other displays. TMD provides the most advanced display that has vivid, high-resolution, thin and energy-saving features based on the low temperature polysilicon technology. TMD generated 256 billion Japanese Yen in sales revenue in 2008 and houses a staff of 2,700 employees in 2009. For more information, please visit TMD's home page ( http://www.tmdisplay.com/ ).
Safe Harbour Notice
AU Optronics Corp. ("AUO" or the "Company") (TAIEX: 2409; NYSE: AUO), a global leader of large-size TFT-LCD panels, today announced the above news. Except for statements regarding historical matters, the statements contained in this Release are "forward-looking statements" within the meaning of Section 27A of the U.S. Securities Act of 1933 and Section 21E of the U.S. Securities Exchange Act of 1934. These forward-looking statements were based on our management's expectations, projections and beliefs at the time, regarding matters including, among other things, future revenues and costs, financial performance, technology changes, capacity, utilization rates, yields, process and geographical diversification, future expansion plans and business strategy. Such forward looking statements are subject to a number of known and unknown risks and uncertainties that can cause actual results to differ materially from those expressed or implied by such statements, including risks related to the flat panel display industry, the TFT-LCD market, acceptance and demand for our products, technological and development risks, competitive factors, and other risks described in the section entitled "Risk Factors" in our Form 20-F filed with the United States Securities and Exchange Commission on May 27th, 2009.
Source: AU Optronics Corp.
CONTACT: Freda Lee, +886-3-500-8800 x3206, Fax +886-3-577-2730,
freda.lee@auo.com, or Yawen Hsiao, +886-3-500-8800 x3211, Fax +886-3-577-2730,
yawen.hsiao@auo.com, both of AU Optronics Corp., Corporate Communications
Division
Singapore's Location-based Provider ShowNearby Releases First Business Intelligence Tool Using OneMap
SINGAPORE, March 31 -- Singapore's location-based service provider, ShowNearby, launches its Analytics tool to provide business intelligence solutions for Singapore's private, people and public sectors. Using web 2.0 technologies and OneMap, ShowNearby Analytics packages geospatial content to provide businesses and individuals with location search, and assessment solutions. Public data from Singapore Department of Statistics forms the tool's underlying demographic input.
ShowNearby Analytics is also part of a Call-for-Collaboration by the Infocomm Development Authority of Singapore (IDA) to invite companies to propose innovative services for a pilot initiative known as i-Singapore. Through i-Singapore, IDA aims to catalyse the development of innovative services that will create new business opportunities, improve lifestyle choices and decision-making.
"ShowNearby is committed to provide location-based services and solutions for the community - business and individual users. It has always been our in- depth interest to integrate our innovative capabilities for location-based services," said Douglas Gan, ShowNearby's CEO and Founder.
"We believe our beta offerings will help users to obtain relevant data to solve their critical needs. Incorporating OneMap, ShowNearby Analytics is essentially a location-based, business intelligence tool which was developed as part of IDA's i-Singapore initiative to encourage greater use for geo- data," added Douglas.
This web-based tool provides intelligent, geo-spatial content from which the users gather online, and it allows business users to evaluate complementary and competing businesses especially for the education, food and beverage industries, and health industries. Business owners can rely on this analytical tool to monitor and evaluate nearby businesses, amenities, and demographics as well.
Business owners can use ShowNearby Analytics as a location search tool to plan and set up their next restaurants (including fast food chains), petrol stations, convenience stores, childcare branches, medical clinics, dental clinics, and nursing homes. Using the predefined filters, these users can scan neighborhoods or specific areas to survey existing businesses to determine competitiveness and compatibility, and plan subsequent business development efforts.
Users will also find the database of automated teller machines, and public transport stations (i.e., Mass Rapid Transit (MRT), and bus interchanges) critical to help them determine customer traffic flow. Such criteria or filters are designed to provide a comprehensive, layering search. Users can also rely on demographic input from Singapore's public data to understand breakdowns in terms of education, employment, population, and household income.
Home buyers use ShowNearby Analytics to scan neighbourhoods before making investment decisions. These users can preset their criteria or filters like bus stops, car parks, electronic road pricing (ERP) gantries, hospitals, hotels, MRT, police posts, and schools to generate a report for specific geo- location or see a list of recommended areas. In addition, this tool provides location accessibility details.
ShowNearby also offers customized solutions for businesses that aim to leverage on location-based intelligence technology to enhance customer experience, targeted marketing and location analysis.
About ShowNearby Pte Ltd
ShowNearby Pte Ltd (ShowNearby), positioned as the worldwide company to define prevalent location-based services and information, developed its name from its deep interest to show people what's nearby. From the friendly, fun, and outgoing concepts, the company facilitates the development of content to connect users.
ShowNearby serves to help consumers and businesses tap into its vast knowledge of location-based information, and suite of services. More details about ShowNearby Analytics and ShowNearby can be found on http://analytics.shownearby.com/ , and http://www.shownearby.com/press-room/ respectively.
Chrysler Group LLC Showcases Complete Collection of Infotainment Features in 'Connected' 2010 Dodge Grand Caravan at the New York International Auto Show
NEW YORK, March 31 -- -- Connected Dodge Grand Caravan features intuitive, life-simplifying
technology from Chrysler Group infotainment engineering
-- Drivers can safely communicate, navigate and select entertainment
options using advanced voice recognition controls
-- Services from FLO TV(TM), SIRIUS | XM Satellite Radio and Uconnect®
keep passengers entertained with live TV, surfing the web and online
gaming
-- Infotainment features work in harmony to safely keep consumers in
control and in touch while on the road
A delight for the driver and passengers, Chrysler Group LLC is showcasing the company's available infotainment features on the 2010 Connected Dodge Grand Caravan at the 2010 New York International Auto Show. The technologies displayed in this connected minivan allow drivers to safely communicate, navigate and select entertainment options using advance voice recognition controls. At the same time, passengers can stay entertained with a multitude of features, including FLO TV(TM), SIRIUS Satellite Radio(TM), SIRIUS Backseat TV(TM) and Uconnect® Web.
"The 'Connected' Dodge Grand Caravan is not a concept or a prototype; every feature highlighted in the vehicle is available for order today," said Ralph Gilles, President and CEO - Dodge Car Brand and Senior Vice President - Design, Chrysler Group LLC. "For more than 25 years, the Dodge Grand Caravan has anticipated the needs of our customers and their families, and this connected minivan shows that we plan to stay on the cutting-edge."
The 'Connected' Dodge Grand Caravan is packed with all the latest in communication and entertainment technology. Chrysler Group offers a variety of infotainment options, providing customers with the ability to do more with the automobile than ever before.
"The 'Connected' Dodge Grand Caravan has something for everyone in the family, including a Wi-Fi hotspot, voice recognition and as many as 20 live television channels with FLO TV," said Marios Zenios, Head of Connectivity and Infotainment, Chrysler Group LLC. "With all of our available technology, customers are more likely to hear 'can you drive around the block one more time so I can finish my show?' rather than 'are we there yet?'"
The following available features and options are on display in the 2010 'Connected' Dodge Grand Caravan:
Voice Command
Voice Command enables the driver to place and receive calls hands-free using a Bluetooth enabled phone. This feature allows the driver to select radio stations, choose satellite radio channels, navigation destinations and record memos, hands-free and in control of the vehicle. Voice Command recognizes English, French and Spanish and is capable of learning words for inputting addresses.
Uconnect Media Center
The innovative Uconnect Media Center offers touch screen and voice command for convenient control of the multiple media sources and outputs. Owners can create a personalized in-vehicle media experience with iPod integration, auxiliary jack for MP3 player input, FLO TV, SIRIUS Satellite Radio and SIRIUS Backseat TV. The Media Center also includes a 30-gigabyte hard drive where music, photos and voice messages can be stored via a USB port interface. In addition to navigation software and mapping, the hard drive holds approximately 2,400 songs - more than 150 hours of music. Finally, for the driver who needs efficiency, a voice-memo recorder feature allows convenient reminders up to 3 minutes long.
FLO TV
Chrysler Group LLC is the first automaker in the United States to offer live mobile TV to consumers with the capacity for as many as 20 channels through FLO TV Auto Entertainment. The system offers something for everyone: college and professional sports, breaking news, children's shows, primetime sitcoms, reality TV and daytime dramas, including CBS Mobile, CNBC, Comedy Central, Fox News, MSNBC, MTV, NBC 2Go, Nickelodeon and more. FLO TV is available on Chrysler, Jeep®, Dodge and Ram vehicles as a Mopar® option. The Manufacturer's Suggested Retail Price (MSRP) for FLO TV Auto Entertainment is $629 plus installation and includes a one-year subscription.
Dual-Screen Rear Seat Entertainment and Swivel Screen
Already featuring the industry's most capable and sophisticated second- and third-row rear-seat entertainment system, the Chrysler Group enhances the feature with an exclusive swivel third-row screen to allow passengers facing to the rear of the vehicle, via Chrysler Group's Swivel 'n Go(TM) seating system, to view the screen. Chrysler's Vehicle Entertainment System includes dual DVD players and screens that deliver a variety of programming choices, with ports to connect games and media players with audio and/or video output capability, including iPods. The driver and front-seat passenger have the ability to access all video sources using Uconnect Media Center and each screen can play something different from a different source. The exclusive Chrysler Group third-row rear-seat swivel screen is available on the Chrysler Town & Country and Dodge Grand Caravan, while the Chrysler Group's Vehicle Entertainment System is available on the Chrysler 300, Sebring, Jeep Grand Cherokee, Commander and Dodge Charger, Journey, Avenger Nitro and Ram 1500.
SIRIUS XM Radio
SIRIUS satellite radio offers you more of what you love. Get more than 130 channels of commercial-free music, plus all your favorite sports, news, talk and entertainment. Hear every NFL game, every NASCAR® race, college sports and more. The biggest and most compelling names in talk with Howard Stern and Martha Stewart, laugh-out-loud comedy with Jamie Foxx's The Foxxhole and Blue Collar Comedy, plus kids' programming, world-class news, local traffic and weather. All of this with crystal clear, coast-to-coast coverage. Everything worth listening to is on SIRIUS XM. A one-year SIRIUS satellite radio subscription is included. SIRIUS is available on most Chrysler Group vehicles.
SIRIUS Backseat TV(TM)
SIRIUS Backseat TV offers Chrysler, Ram, Jeep and Dodge customers this pioneering service that delivers programming from the biggest names in family TV: Nickelodeon(TM), Disney Channel(TM) and Cartoon Network Mobile(TM) to the backseat of your vehicle 24/7. Your kids will always find new shows to watch. Keep life simple with SIRIUS Backseat TV. Your first year of SIRIUS Backseat TV programming is included. For added flexibility, rear-seat passengers may enjoy SIRIUS Backseat TV while front-seat occupants listen to SIRIUS satellite radio. The system may be operated from the rear-seat entertainment unit or the radio head unit. In addition, when the vehicle is in park, programming may be displayed on the Uconnect Media Center screen for front-seat viewing.
Uconnect Web
Uconnect Web provides high-speed data transfer and flexibility, combining Wi-Fi and 3G cellular connectivity for a new level of wireless technology. The system transforms the vehicle into a "hot spot" to deliver the Internet directly to the vehicle for instant access to Web sites, e-mail, personalized music, online gaming, photo albums and more. The Good Housekeeping Research Institute gave Uconnect Web a 2009 VIP (Very Innovative Product) Award. The U.S. MSRP for the router module is $499. Dealer installation is estimated at $35-50. Autonet Mobile offers wireless Internet account service at $29 a month, available in 12-, 24- and 36-month service plans. There is a one-time $35 service activation fee. Customer support assistance for hardware and service is available.
Uconnect Navigation
Uconnect Navigation combines the features of a Global Positioning System (GPS), points of interest, SIRIUS Traffic and Voice Command. Chrysler Group LLC's Voice Command and touch screen allow easy operation. If the vehicle is in motion, Voice Command will recognize three languages and is capable of learning words for inputting addresses. The robust Points of Interest database makes it easy to find nearby restaurants, shopping, hospitals or other local destinations. Also avoid traffic jams with SIRIUS Traffic. Uconnect Navigation offers customers reliable, seamless use of what has become a necessary technology.
Uconnect Phone
Uconnect Phone is an in-vehicle, voice-activated communication system that allows you to talk on your Bluetooth compatible phone with your hands on the wheel and eyes on the road. The built-in phonebook sync feature automatically downloads as many as 1,000 phone book entries from supported phones, which can then be selected by simply saying their name. The hands-free option promotes safety, freedom, value and flexibility.
About Chrysler Group LLC
Headquartered in Auburn Hills, Mich., Chrysler Group LLC's product lineup features some of the world's most recognizable vehicles, including the Chrysler 300, Jeep Wrangler and Ram Truck. Fiat will contribute world-class technology, platforms and powertrains for small- and medium-sized cars, allowing Chrysler Group to offer an expanded product line including environmentally friendly vehicles.
CONTACT: Nick Cappa, +1-248-512-4266 (office), +1-248-202-8039 (cell),
nickcappa@chrysler.com, or Kristin Starnes, +1-248-512-0889 (office),
+1-248-202-9906 (cell), kristin.starnes@chrysler.com, both of Chrysler Group
LLC
Additional Capacity and Bandwidth Added to Cell Site Near Portland Expo Center in advance of President's April 1st Visit
PORTLAND, Maine, March 31 -- In anticipation of higher than average wireless usage, AT&T* is giving its Portland wireless network an extra boost in preparation for tomorrow's Presidential visit, adding bandwidth to increase cell site capacity in the area of the Portland Expo Center, where President Obama is scheduled to speak on Thursday.
By permanently adding additional radios and deploying state of the art software upgrades to the cell sites in the area around the Center, AT&T's wireless network is expected to be able to handle additional voice and data traffic for this historic event.
These additions build upon AT&T's overall wireless network 2010 investment plans in Maine, which call for more than 20 new cell sites and the upgrade of nearly 100 additional cell sites to 3G throughout the state this year.
Wireless data traffic on the AT&T network has grown more than 5,000 percent over the past three years, largely attributed to the increasing popularity of advanced smartphones and the performance of AT&T's 3G network, the nation's fastest.
AT&T recently completed a software upgrade at 3G cell sites nationwide that prepares the nation's fastest 3G network for even faster speeds. The deployment of High-Speed Packet Access (HSPA) 7.2 technology is the first of multiple initiatives in AT&T's network enhancement strategy designed to provide customers with an enhanced mobile broadband experience, both today and well into the future. Faster 3G speeds are scheduled to become available this year and in 2011 as AT&T combines the new technology with the increased deployment of high-speed backhaul connections to cell sites, primarily with fiber-optic technology.
AT&T's 3G mobile broadband network is based on the 3rd Generation Partnership Project (3GPP) family of technologies that includes GSM and UMTS, the most open and widely used wireless network platforms in the world. AT&T has the best international coverage of any U.S. wireless provider, delivering voice service in over 220 countries and data service in more than 190 countries. AT&T also offers voice and data roaming coverage on 130 major cruise ships, as well as 3G services in 115 countries.
For more information about AT&T's wireless coverage in Maine or anywhere in the United States, consumers can go to http://www.wireless.att.com/coverageviewer/. The online tool provides up-to-date wireless coverage information for specific locations. The tool can measure the quality of coverage based on a street address, intersection, ZIP code or even a landmark.
*AT&T products and services are provided or offered by subsidiaries and affiliates of AT&T Inc. under the AT&T brand and not by AT&T Inc.
About AT&T
AT&T Inc. (NYSE:T) is a premier communications holding company. Its subsidiaries and affiliates - AT&T operating companies - are the providers of AT&T services in the United States and around the world. With a powerful array of network resources that includes the nation's fastest 3G network, AT&T is a leading provider of wireless, Wi-Fi, high speed Internet and voice services. A leader in mobile broadband, AT&T also offers the best wireless coverage worldwide, offering the most wireless phones that work in the most countries. It also offers advanced TV services under the AT&T U-verse(SM) and AT&T |DIRECTV(SM) brands. The company's suite of IP-based business communications services is one of the most advanced in the world. In domestic markets, AT&T Advertising Solutions and AT&T Interactive are known for their leadership in local search and advertising. In 2010, AT&T again ranked among the 50 Most Admired Companies by FORTUNE® magazine.
Additional information about AT&T Inc. and the products and services provided by AT&T subsidiaries and affiliates is available at http://www.att.com/. This AT&T news release and other announcements are available at http://www.att.com/newsroom and as part of an RSS feed at http://www.att.com/rss. Or follow our news on Twitter at @ATTNews. Find us on Facebook at http://www.Facebook.com/ATT to discover more about our consumer and wireless services or at http://www.Facebook.com/ATTSmallBiz to discover more about our small business services.